Cover Page
Cover Page - shares | 3 Months Ended | |
Mar. 31, 2020 | Apr. 24, 2020 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Document Fiscal Year Focus | 2019 | |
Document Fiscal Period Focus | Q1 | |
Current Fiscal Year End Date | --12-31 | |
Document Period End Date | Mar. 31, 2020 | |
Entity Registrant Name | FIRST FINANCIAL BANKSHARES INC | |
Entity Central Index Key | 0000036029 | |
Entity Filer Category | Large Accelerated Filer | |
Entity Interactive Data Current | Yes | |
Entity Current Reporting Status | Yes | |
Entity File Number | 0-7674 | |
Entity Incorporation, State or Country Code | TX | |
Entity Tax Identification Number | 75-0944023 | |
Entity Address, Address Line One | 400 Pine Street | |
Entity Address, City or Town | Abilene | |
Entity Address, State or Province | TX | |
City Area Code | 325 | |
Local Phone Number | 627-7155 | |
Entity Shell Company | false | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Title of 12(b) Security | Common Stock | |
Trading Symbol | FFIN | |
Security Exchange Name | NASDAQ | |
Entity Address, Postal Zip Code | 79601 | |
Entity Common Stock, Shares Outstanding | 142,051,466 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 | Mar. 31, 2019 |
ASSETS | |||
CASH AND DUE FROM BANKS | $ 191,486 | $ 231,534 | $ 176,278 |
FEDERAL FUNDS SOLD | 0 | 3,150 | 12,825 |
INTEREST-BEARING DEPOSITS IN BANKS | 76,378 | 47,920 | 197,758 |
Total cash and cash equivalents | 267,864 | 282,604 | 386,861 |
INTEREST-BEARING TIME DEPOSITS IN BANKS | 1,458 | ||
SECURITIES AVAILABLE-FOR-SALE, at fair value | 4,107,069 | 3,413,317 | 3,212,812 |
LOANS: | |||
Held for investment | 4,639,389 | 4,194,969 | 3,989,160 |
Less - allowance for loan losses | (60,440) | (52,499) | (51,585) |
Net loans held for investment | 4,578,949 | 4,142,470 | 3,937,575 |
Held for sale ($39,659 at fair value at March 31, 2020; $12,007 at March 31, 2019; and $23,076 at December 31, 2019) | 42,034 | 28,228 | 14,446 |
Net loans | 4,620,983 | 4,170,698 | 3,952,021 |
BANK PREMISES AND EQUIPMENT, net | 139,554 | 131,022 | 135,321 |
INTANGIBLE ASSETS | 319,234 | 173,667 | 174,415 |
OTHER ASSETS | 246,387 | 90,919 | 83,007 |
Total assets | 9,701,091 | 8,262,227 | 7,945,895 |
LIABILITIES AND SHAREHOLDERS' EQUITY | |||
NONINTEREST-BEARING DEPOSITS | 2,288,597 | 2,065,128 | 2,165,745 |
INTEREST-BEARING DEPOSITS | 4,921,869 | 4,538,678 | 4,184,996 |
Total deposits | 7,210,466 | 6,603,806 | 6,350,741 |
DIVIDENDS PAYABLE | 17,060 | 16,306 | 14,244 |
BORROWINGS | 857,871 | 381,356 | 382,711 |
OTHER LIABILITIES | 89,332 | 33,562 | 90,677 |
Total liabilities | 8,174,729 | 7,035,030 | 6,838,373 |
COMMITMENTS AND CONTINGENCIES | |||
SHAREHOLDERS' EQUITY: | |||
Common stock - ($0.01 par value, authorized 200,000,000 shares; 142,314,930, 135,680,420 and 135,891,755 shares issued at March 31, 2020 and 2019 and December 31, 2019, respectively) | 1,423 | 1,359 | 1,356 |
Capital surplus | 673,535 | 450,676 | 445,672 |
Retained earnings | 727,828 | 707,656 | 629,988 |
Treasury stock (shares at cost: 928,417, 928,678 and 927,408 at March 31, 2020 and 2019, and December 31, 2019, respectively) | (8,437) | (8,222) | (7,660) |
Deferred Compensation | 8,437 | 8,222 | 7,660 |
Accumulated other comprehensive earnings (loss) | 123,576 | 67,506 | 30,506 |
Total shareholders' equity | 1,526,362 | 1,227,197 | 1,107,522 |
Total liabilities and shareholders' equity | $ 9,701,091 | $ 8,262,227 | $ 7,945,895 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 | Mar. 31, 2019 |
Statement of Financial Position [Abstract] | |||
Loans held-for-sale, fair value | $ 39,659 | $ 23,076 | $ 12,007 |
Common stock, par value | $ 0.01 | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 200,000,000 | 200,000,000 | 200,000,000 |
Common stock, shares issued | 142,314,930 | 135,891,755 | 135,680,420 |
Treasury stock, shares | 928,417 | 927,408 | 928,678 |
Consolidated Statements of Earn
Consolidated Statements of Earnings - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
INTEREST INCOME: | ||
Interest and fees on loans | $ 62,995 | $ 53,232 |
Interest on investment securities: | ||
Taxable | 14,655 | 13,289 |
Exempt from federal income tax | 9,694 | 9,763 |
Interest on federal funds sold and interest-bearing deposits in banks | 756 | 617 |
Total interest income | 88,100 | 76,901 |
INTEREST EXPENSE: | ||
Interest on deposits | 6,681 | 6,661 |
Other | 517 | 726 |
Total interest expense | 7,198 | 7,387 |
Net interest income | 80,902 | 69,514 |
PROVISION FOR LOAN LOSSES | 9,850 | 965 |
Net interest income after provision for loan losses | 71,052 | 68,549 |
NONINTEREST INCOME: | ||
Trust fees | 7,437 | 6,979 |
Service charges on deposit accounts | 5,915 | 5,176 |
ATM, interchange and credit card fees | 7,400 | 6,840 |
Real estate mortgage operations | 3,852 | 3,474 |
Net gain on sale of available-for-sale securities (includes $2,062 and $- for the three months ended March 31, 2020 and 2019, respectively, related to accumulated other comprehensive earnings reclassifications) | 2,062 | 0 |
Net gain on sale of foreclosed assets | 1 | 69 |
Net gain on sale of assets | 116 | 0 |
Interest on loan recoveries | 265 | 338 |
Other | 1,684 | 1,561 |
Total noninterest income | 28,732 | 24,437 |
NONINTEREST EXPENSE: | ||
Salaries and employee benefits | 29,642 | 27,424 |
Net occupancy expense | 3,027 | 2,763 |
Equipment expense | 2,075 | 2,453 |
FDIC insurance premiums | 45 | 538 |
ATM, interchange and credit card expenses | 2,985 | 2,383 |
Professional and service fees | 2,594 | 1,832 |
Printing, stationery and supplies | 566 | 366 |
Operational and other losses | 576 | 266 |
Software amortization and expense | 2,024 | 1,597 |
Amortization of intangible assets | 509 | 269 |
Other | 11,275 | 7,476 |
Total noninterest expense | 55,318 | 47,367 |
EARNINGS BEFORE INCOME TAXES | 44,466 | 45,619 |
INCOME TAX EXPENSE (includes $433 and $- for the three months ended March 31, 2020 and 2019, respectively, related to income tax expense reclassification) | 7,234 | 7,367 |
NET EARNINGS | $ 37,232 | $ 38,252 |
EARNINGS PER SHARE, BASIC | $ 0.26 | $ 0.28 |
EARNINGS PER SHARE, ASSUMING DILUTION | 0.26 | 0.28 |
DIVIDENDS PER SHARE | $ 0.12 | $ 0.11 |
Consolidated Statements of Ea_2
Consolidated Statements of Earnings (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Income Statement [Abstract] | ||
Reclassifications adjustment for realized gains on investment securities included in net earnings (loss), before income tax | $ 2,062 | $ 0 |
Income tax expense from reclassification items | $ 433 | $ 0 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Earnings - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Statement of Comprehensive Income [Abstract] | ||
NET EARNINGS | $ 37,232 | $ 38,252 |
OTHER ITEMS OF COMPREHENSIVE EARNINGS (LOSS): | ||
Change in unrealized gain on investment securities available-for-sale, before income taxes | 73,037 | 35,014 |
Reclassification adjustment for realized gains on investment securities included in net earnings, before income taxes | (2,062) | 0 |
Total other items of comprehensive earnings (loss) | 70,975 | 35,014 |
Income tax benefit (expense) related to other items of comprehensive earnings | (14,905) | (7,353) |
COMPREHENSIVE EARNINGS | $ 93,302 | $ 65,913 |
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, 2018 | $ 1,053,295 | $ 678 | $ 443,114 | $ 606,658 | $ (7,507) | $ 7,507 | $ 2,845 |
Beginning Balance, Shares at Dec. 31, 2018 | 67,753,133 | ||||||
Treasury Stock, Beginning Balance, Shares at Dec. 31, 2018 | (467,811) | ||||||
Net earnings (unaudited) | 38,252 | 38,252 | |||||
Stock option exercises (unaudited) | 2,246 | $ 0 | 2,246 | ||||
Stock option exercises, Shares | 87,077 | ||||||
Cash dividends declared | (14,244) | (14,244) | |||||
Change in unrealized gain in investment securities available-for-sale, net of related income taxes (unaudited) | 27,661 | 27,661 | |||||
Shares purchased (redeemed) in connection with directors' deferred compensation plan, net (unaudited) | $ (153) | 153 | |||||
Shares purchased (redeemed) in connection with directors' deferred compensation plan, net, Shares | 3,472 | ||||||
Stock option expense (unaudited) | 312 | 312 | |||||
Two-for-one stock spllit in the form of a 100% stock dividend (unaudited) | $ 678 | (678) | $ (464,339) | ||||
Two-for-one stock spllit in the form of a 100% stock dividend (unaudited), shares | 67,840,210 | ||||||
Ending Balance at Mar. 31, 2019 | $ 1,107,522 | $ 1,356 | 445,672 | 629,988 | $ (7,660) | 7,660 | 30,506 |
Ending Balance, Shares at Mar. 31, 2019 | 135,680,420 | ||||||
Treasury Stock, Ending Balance, Shares at Mar. 31, 2019 | (928,678) | (928,678) | |||||
Beginning Balance at Dec. 31, 2019 | $ 1,227,197 | $ 1,359 | 450,676 | 707,656 | $ (8,222) | 8,222 | 67,506 |
Beginning Balance, Shares at Dec. 31, 2019 | 135,891,755 | ||||||
Stock issued in acquisition of Commercial Bancshares, Inc. | $ 220,273 | $ 63 | 220,210 | ||||
Stock issued in acquisition of Commercial Bancshares, Inc, Shares | 6,275,574 | ||||||
Treasury Stock, Beginning Balance, Shares at Dec. 31, 2019 | (927,408) | (927,408) | |||||
Net earnings (unaudited) | $ 37,232 | 37,232 | |||||
Stock option exercises (unaudited) | 2,192 | $ 1 | 2,191 | ||||
Stock option exercises, Shares | 144,188 | ||||||
Restricted stock grant (unaudited) | 118 | 118 | |||||
Restricted stock grant (unaudited), Shares | 3,413 | ||||||
Cash dividends declared | (17,060) | (17,060) | |||||
Change in unrealized gain in investment securities available-for-sale, net of related income taxes (unaudited) | 56,070 | 56,070 | |||||
Shares purchased (redeemed) in connection with directors' deferred compensation plan, net (unaudited) | $ (215) | 215 | |||||
Shares purchased (redeemed) in connection with directors' deferred compensation plan, net, Shares | (1,009) | ||||||
Stock option expense (unaudited) | 340 | 340 | |||||
Ending Balance at Mar. 31, 2020 | $ 1,526,362 | $ 1,423 | $ 673,535 | $ 727,828 | $ (8,437) | $ 8,437 | $ 123,576 |
Ending Balance, Shares at Mar. 31, 2020 | 142,314,930 | ||||||
Treasury Stock, Ending Balance, Shares at Mar. 31, 2020 | (928,417) | (928,417) |
Consolidated Statements of Sh_2
Consolidated Statements of Shareholders' Equity (Parenthetical) - $ / shares | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Cash dividend per share | $ 0.12 | $ 0.11 |
Common Stock Dividend Percentage | 100.00% | |
Retained Earnings [Member] | ||
Cash dividend per share | $ 0.12 | $ 0.11 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | ||
Net earnings | $ 37,232 | $ 38,252 |
Adjustments to reconcile net earnings to net cash provided by operating activities: | ||
Depreciation and amortization | 3,087 | 2,982 |
Provision for credit loss expense | 9,850 | 965 |
Securities premium amortization, net | 7,239 | 6,132 |
Gain (loss) on sale of assets, net | (2,250) | 83 |
Deferred federal income tax benefit | 48 | 0 |
Change in loans held-for-sale | (13,445) | 6,953 |
Change in other assets | (15,046) | 7,927 |
Change in other liabilities | 4,871 | 8,972 |
Total adjustments | (5,646) | 34,014 |
Net cash provided by operating activities | 31,586 | 72,266 |
CASH FLOWS FROM INVESTING ACTIVITIES: | ||
Cash received in acquisition of TB&T Bancshares, Inc. | 61,028 | 0 |
Activity in available-for-sale securities: | ||
Sales | 95,437 | 231 |
Maturities | 1,614,414 | 106,188 |
Purchases | (2,333,332) | (72,142) |
Net increase in loans | 1,012 | (36,070) |
Purchases of bank premises and equipment and other assets | (5,734) | (4,700) |
Proceeds from sale of bank premises and equipment and other assets | 171 | 65 |
Net cash used in investing activities | (567,004) | (6,428) |
CASH FLOWS FROM FINANCING ACTIVITIES: | ||
Net increase (decrease) in noninterest-bearing deposits | (14,356) | 49,638 |
Net increase in interest-bearing deposits | 72,633 | 120,714 |
Net increase (decrease) in borrowings | 476,515 | (85,995) |
Common stock transactions: | ||
Proceeds from stock issuances | 2,192 | 2,246 |
Dividends paid | (16,306) | (14,227) |
Net cash provided by (used in) financing activities | 520,678 | 72,376 |
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | (14,740) | 138,214 |
CASH AND CASH EQUIVALENTS, beginning of period | 282,604 | 248,647 |
CASH AND CASH EQUIVALENTS, end of period | 267,864 | 386,861 |
SUPPLEMENTAL INFORMATION AND NONCASH TRANSACTIONS: | ||
Investment securities purchased but not yet settled | 33,066 | 59,397 |
Investment Securities Sold But Not Yet Settled | 126,119 | |
Interest paid | $ 7,042 | 7,220 |
Transfer of loans and bank premises to other real estate | $ 237 |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 3 Months Ended |
Mar. 31, 2020 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES: Nature of Operations First Financial Bankshares, Inc. (a Texas corporation) (“Company”, “we” or “us”) is a financial holding company which owns all of the capital stock of one bank with 78 locations located in Texas as of March 31, 2020. The Company’s subsidiary bank is First Financial Bank, National Association, Abilene, Texas. The Company’s primary source of revenue is providing loans and banking services to consumers and commercial customers in the market area in which First Financial Bank, National Association, is located. In addition, the Company also owns First Financial Trust & Asset Management Company, National Association, First Financial Insurance Agency, Inc., and First Technology Services, Inc. A summary of significant accounting policies of the Company and its subsidiaries applied in the preparation of the accompanying consolidated financial statements follows. The accounting principles followed by the Company and the methods of applying them are in conformity with both U.S. GAAP and prevailing practices of the banking industry. The Company evaluated subsequent events for potential recognition through the date the consolidated financial statements were issued. Use of Estimates in Preparation of Financial Statements The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. The Company’s significant estimates include its allowance for loan losses and its valuation of financial instruments. Consolidation The accompanying consolidated financial statements include the accounts of the Company and its subsidiaries, all of which are wholly-owned. All significant intercompany accounts and transactions have been eliminated. Stock Split and Increase in Authorized Shares On April 23, 2019, the Company’s Board of Directors declared a two-for-one stock split of the Company’s outstanding common shares effective on June 3, 2019. In addition, the shareholders of the Company approved an amendment to the Amended and Restated Certificate of Formation to increase the number of authorized shares to 200,000,000. All per share amounts in this report have been restated to reflect this stock split. An amount equal to the par value of the additional common shares to be issued pursuant to the stock split was reflected as a transfer from retained earnings to common stock in the consolidated financial statements as of and for the three-months ended March 31, 2019. Stock Repurchase On March 12, 2020, the Company’s Board of Directors authorized the repurchase of up to 4,000,000 common shares through September 30, 2021. Previously, the Board of Directors had authorized the repurchase of up to 2,000,000 common shares through September 30, 2020. The stock repurchase plan authorizes management to repurchase the stock at such time as repurchases are considered beneficial to the Company and stockholders. Any repurchase of stock will be made through the open market, block trades or in privately negotiated transactions in accordance with applicable laws and regulations. Under the repurchase plan, there is no minimum number of shares that the Company is required to repurchase. Through March 31, 2020, no shares were repurchased under this repurchase plan or the prior authorization that was to expire September 30, 2020. Subsequent to March 31, 2020 and through April 21, 2020, the Company has repurchased 263,464 shares totaling $6,480,000. Acquisition On January 1, 2020, the Company acquired 100% of the outstanding capital stock of TB&T Bancshares, Inc. through the merger of a wholly owned subsidiary with and into TB&T Bancshares, Inc. Following such merger, TB&T Bancshares, Inc. and its wholly owned subsidiary, The Bank & Trust of Bryan/College Station, Texas were merged into the Company and First Financial Bank, National Association, respectively. The results of operations of TB&T Bancshares, Inc. subsequent to the acquisition date, are included in the consolidated earnings of the Company. See n Status of New Accounting Standard for Accounting for Allowance for Credit Losses On January 1, 2020, ASU 2016-13, Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments off-balance 2016-13 available-for-sale available-for-sale On March 27, 2020, the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) was signed by the President of the United States that included an option for entities to delay the implementation of ASU 2016-13 COVID-19 2016-13 2016-13. Prior to the CARES Act being signed and our decision to delay the implementation of CECL, we were completing our CECL implementation plan with our cross-functional working group, under the direction of our Chief Credit Officer along with our Chief Accounting Officer, Chief Lending Officer and Chief Financial Officer. The working group also included individuals from various functional areas including credit, risk management, accounting and information technology, among others. Our implementation plan included assessment and documentation of processes, internal controls and data sources; model development, documentation and validation; and system configuration, among other things. We contracted with a third-party vendor to assist us in the implementation of CECL. Other Recently Issued and Effective Authoritative Accounting Guidance ASU 2016-02, “Leases.” 2016-02 right-of-use 2016-02 necessary, lessor accounting with the lessee accounting model. The amended guidance was effective in the first quarter of 2019 and required transition using a modified retrospective approach for leases existing at, or entered into after, the beginning of the earliest comparative period presented in the financial statements. The Company evaluated the provision of the new lease standard and, due to the small dollar amounts and number of lease agreements, all considered operating leases, the effect for the Company on January 1, 2019 was not significant. ASU 2017-08, “Receivables – Nonrefundable Fees and Other Costs Premium Amortization on Purchased Callable Debt Securities.” 2017-08 2017-08 2017-08 ASU 2017-04, “Intangibles – Goodwill and Other.” 2017-04 2017-04 ASU 2018-13, “Fair Value Measurement (Topic 820). – Disclosure Framework - Changes to the Disclosure Requirements for Fair Value Measurement.” 2018-13 2018-13 2018-13 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 available-for-sale Effective January 1, 2018, in accordance with ASU 2016-01 available-for-sale The Company records its available-for-sale When the fair value of a debt 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 state and political subdivisions, mortgage pass-through securities, corporate bonds and general obligation or revenue based municipal bonds. Pricing for such securities is generally readily available and transparent in the market. The Company utilizes independent third-party pricing services to value its investment securities, which the Company reviews as well as the underlying pricing methodologies for reasonableness and to ensure such prices are aligned with pricing matrices. The Company validates prices supplied by the independent pricing services by comparison to prices obtained from other third-party sources on a quarterly basis. Loans Held-for-Investment Loans held for investment are stated at the amount of unpaid principal, reduced by unearned income and an allowance for loan losses. Interest on loans is calculated by using the simple interest method on daily balances of the principal amounts outstanding. The Company defers and amortizes net loan origination fees and costs as an adjustment to yield. The allowance for loan losses is established through a provision for loan losses charged to expense. Loans are charged against the allowance for loan losses when management believes the collectability of the principal is unlikely. The allowance for loan losses is an amount which represents management’s best estimate of probable losses that are inherent in the Company’s loan portfolio as of the balance sheet date. The allowance for loan losses is comprised of three elements: (i) specific reserves determined based on probable losses on specific classified loans; (ii) a historical valuation reserve component that considers historical loss rates and estimated loss emergence periods; and (iii) qualitative reserves based upon general economic conditions and other qualitative risk factors both internal and external to the Company. The allowance for loan losses is increased by charges to income and decreased by charge-offs lending staff, policies and procedures, changes in credit concentrations, changes in the trends and severity of problem loans and changes in trends in volume and terms of loans. This qualitative reserve serves to estimate for additional areas of losses inherent in our portfolio that are not reflected in our historic loss factors. Although we believe we use the best information available to make loan loss allowance determinations, future adjustments could be necessary if circumstances or economic conditions differ substantially from the assumptions used in making our initial determinations. A decline in the economy 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 less cost to sell. Other loan impairments for non-collateral From time to time, the Company modifies its loan agreement with a borrower. A modified loan is considered a troubled debt restructuring when two conditions are met: (i) the borrower is experiencing financial difficulty and (ii) concessions are made by the Company that would not otherwise be considered for a borrower with similar credit risk characteristics. Modifications to loan terms may include a lower interest rate, a reduction of principal, or a longer term to maturity. For all impaired loans, including the Company’s troubled debt restructurings, the Company performs a periodic, well-documented credit evaluation of the borrower’s financial condition and prospects for repayment to assess the likelihood that all principal and interest payments required under the terms of the agreement will be collected in full. When doubt exists about the ultimate collectability of principal and interest, the troubled debt restructuring remains on non-accrual non-accrual The provisions of the CARES Act included an election to not apply the guidance on accounting for troubled debt restructurings to loan modifications, such as extensions or deferrals, related to COVID-19 (ii) COVID-19 only The Company elected to adopt these provisions of the CARES Act. The Company originates certain mortgage loans for sale in the secondary market. Accordingly, these loans are classified as held-for-sale Loans acquired, including loans acquired in a business combination, are initially recorded at fair value with no valuation allowance. Acquired loans are segregated between those considered to be credit impaired and those deemed performing. To make this determination, management considers such factors as past due status, non-accrual Purchased credit impaired loans are those loans that showed evidence of deterioration of credit quality since origination and for which it is probable, at acquisition, that the Company will be unable to collect all amounts contractually owed. Their acquisition fair value, which includes a credit component at the acquisition date, was based on the estimate of cash flows, both principal and interest, expected to be collected or estimated collateral values if cash flows are not estimable, discounted at prevailing market rates of interest. The difference between the discounted cash flows expected at acquisition and the investment in the loan is recognized as interest income on a level-yield method over the life of the loan, unless management was unable to reasonably forecast cash flows in which case the loans were placed on nonaccrual. Subsequent to the acquisition date, increases in expected cash flows will generally result in a recovery of any previously recorded allowance for loan loss, to the extent applicable, and/or a reclassification from the non-accretable Other Real Estate Other real estate owned is foreclosed property held pending disposition and is initially recorded at fair value, less estimated costs to sell. At foreclosure, if the fair value of the real estate, less estimated costs to sell, is less than the Company’s recorded investment in the related loan, a write-down is recognized through a charge to the allowance for loan losses. Any subsequent reduction in value is recognized by a charge to income. Operating and holding expenses of such properties, net of related income, and gains and losses on their disposition are included in net gain (loss) on sale of foreclosed assets as incurred. Bank Premises and Equipment Bank premises and equipment are stated at cost less accumulated depreciation and amortization. Depreciation and amortization are computed principally on a straight-line basis over the estimated useful lives of the related assets. Leasehold improvements are amortized over the life of the respective lease or the estimated useful lives of the improvements, whichever is shorter. Business Combinations, Goodwill and Other Intangible Assets The Company accounts for all business combinations under the purchase method of accounting. Tangible and intangible assets and liabilities of the acquired entity are recorded at fair value. Intangible assets with finite useful lives represent the future benefit associated with the acquisition of the core deposits and are amortized over seven years, utilizing a method that approximates the expected attrition of the deposits. Goodwill with an indefinite life is not amortized, but rather tested annually for impairment as of June 30 each year. There was no impairment recorded for the three-months ended March 31, 2020 or 2019. Securities Sold Under Agreements To Repurchase Securities sold under agreements to repurchase, which are classified as borrowings, generally mature within one to four days from the transaction date. Securities sold under agreements to repurchase are reflected at the amount of the cash received in connection with the transaction. The Company may be required to provide additional collateral based on the estimated fair value of the underlying securities. Segment Reporting The Company has determined that its banking regions meet the aggregation criteria of the current authoritative accounting guidance since each of its banking regions offer similar products and services, operate in a similar manner, have similar customers and report to the same regulatory authority, and therefore operate one line of business (community banking) located in a single geographic area (Texas). Statements of Cash Flows For purposes of reporting cash flows, cash and cash equivalents includes cash on hand, amounts due from banks, including interest-bearing deposits in banks with original maturity of 90 days or less, and federal funds sold. Accumulated Other Comprehensive Income (Loss) Unrealized net gains on the Company’s available-for-sale Income Taxes The Company’s provision for income taxes is based on income before income taxes adjusted for permanent differences between financial reporting and taxable income. Deferred tax assets and liabilities are determined using the liability (or balance sheet) method. Under this method, the net deferred tax asset or liability is determined based on the tax effects of the temporary differences between the book and tax bases of the various balance sheet assets and liabilities and gives current recognition to changes in tax rates and laws. Stock Based Compensation The Company grants stock options for a fixed number of shares to employees with an exercise price equal to the fair value of the shares at the grant date. The Company recorded stock option expense totaling $341,000 and $312,000 for the three-months ended March 31, 2020 and 2019, respectively. The Company also grants restricted stock for a fixed number of shares. The Company recorded expenses associated with its director and officer restricted stock grants totaling $450,000 and $340,000, respectively, for the three-months ended March 31, 2020 and 2019, respectively. See n Advertising Costs Advertising costs are expensed as incurred. Per Share Data Net earnings per share (“EPS”) are computed by dividing net earnings by the weighted average number of common shares outstanding during the period. The Company calculates dilutive EPS assuming all outstanding stock options to purchase common shares have been exercised at the beginning of the year (or the time of issuance, if later.) The dilutive effect of the outstanding options and restricted stock is reflected by application of the treasury stock method, whereby the proceeds from the exercised options and restricted stock are assumed to be used to purchase common shares at the average market price during the respective year. Anti-dilutive shares at March 31, 2020 are excluded from the computation of EPS. There were no such anti-dilutive stock options for the three-months ended March 31, 2019. The following table reconciles the computation of basic EPS to dilutive EPS: Net Earnings Weighted Per Share For the three-months ended March 31, 2020: Net earnings per share, basic $ 37,232 142,118,864 $ 0.26 Effect of stock options and stock grants — 616,344 — Net earnings per share, assuming dilution $ 37,232 142,735,208 $ 0.26 For the three-ended March 31, 2019: Net earnings per share, basic $ 38,252 135,494,254 $ 0.28 Effect of stock options and stock grants — 792,608 — Net earnings per share, assuming dilution $ 38,252 136,286,862 $ 0.28 |
Interest-bearing Time Deposits
Interest-bearing Time Deposits in Banks and Securities | 3 Months Ended |
Mar. 31, 2020 | |
Cash and Cash Equivalents [Abstract] | |
Interest-bearing Time Deposits in Banks and Securities | Note 2 - Interest-bearing Time Deposits in Banks and Securities Interest-bearing time deposits in banks totaled $1,458,000 at March 31, 2019. At March 31, 2020 and December 31, 2019, all interest-bearing time deposits in banks have matured. A summary of the Company’s available-for-sale March 31, 2020 Amortized Gross Gross Estimated U.S. Treasury securities $ 10,039 $ 74 $ — $ 10,113 Obligations of states and political subdivisions 1,731,392 78,996 (2,717 ) 1,807,671 Corporate bonds and other 4,624 133 (6 ) 4,751 Residential mortgage-backed securities 1,617,341 62,659 (20 ) 1,679,980 Commercial mortgage-backed securities 587,114 17,624 (184 ) 604,554 Total securities available-for-sale $ 3,950,510 $ 159,486 $ (2,927 ) $ 4,107,069 March 31, 2019 Amortized Gross Gross Estimated U.S. Treasury securities $ 9,977 $ 14 $ — $ 9,991 Obligations of states and political subdivisions 1,196,111 44,155 (536 ) 1,239,730 Corporate bonds and other 4,874 — (15 ) 4,859 Residential mortgage-backed securities 1,519,004 8,506 (11,222 ) 1,516,288 Commercial mortgage-backed securities 442,569 1,771 (2,396 ) 441,944 Total securities available-for-sale $ 3,172,535 $ 54,446 $ (14,169 ) $ 3,212,812 December 31, 2019 Amortized Gross Gross Estimated U.S. Treasury securities $ 9,997 $ 22 $ — $ 10,019 Obligations of states and political subdivisions 1,231,619 57,764 (400 ) 1,288,983 Corporate bonds and other 4,643 65 — 4,708 Residential mortgage-backed securities 1,586,872 23,139 (1,148 ) 1,608,863 Commercial mortgage-backed securities 494,674 6,356 (286 ) 500,744 Total securities available-for-sale $ 3,327,805 $ 87,346 $ (1,834 ) $ 3,413,317 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 March 31, 2020 were computed by using scheduled amortization of balances and historical prepayment rates. At March 31, 2020 and 2019, and December 31, 2019, 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 Due within one year $ 151,083 $ 152,516 Due after one year through five years 621,902 654,116 Due after five years through ten years 971,325 1,013,634 Due after ten years 1,745 2,269 Mortgage-backed securities 2,204,455 2,284,534 Total $ 3,950,510 $ 4,107,069 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 March 31, 2020 Fair Value Unrealized Fair Value Unrealized Fair Value Unrealized Obligations of states and political subdivisions $ 168,725 $ 2,717 $ — $ — $ 168,725 $ 2,717 Corporate bonds and other 220 6 — — 220 6 Residential mortgage-backed securities 1 — 8,164 21 8,165 21 Commercial mortgage-backed securities 44,724 173 9,630 10 54,354 183 Total $ 213,670 $ 2,896 $ 17,794 $ 31 $ 231,464 $ 2,927 Less than 12 Months 12 Months or Longer Total March 31, 2019 Fair Value Unrealized Fair Value Unrealized Fair Value Unrealized Obligations of states and political subdivisions $ 2,807 $ 13 $ 48,068 $ 523 $ 50,875 $ 536 Corporate bonds and other — — 4,873 15 4,873 15 Residential mortgage-backed securities 2,473 17 854,482 11,205 856,955 11,222 Commercial mortgage-backed securities — — 303,637 2,396 303,637 2,396 Total $ 5,280 $ 30 $ 1,211,060 $ 14,139 $ 1,216,340 $ 14,169 Less than 12 Months 12 Months or Longer Total December 31, 2019 Fair Value Unrealized Fair Value Unrealized Fair Value Unrealized Obligations of state and political subdivisions $ 65,787 $ 400 $ 326 $ — $ 66,113 $ 400 Residential mortgage-backed securities 100,004 306 103,983 842 203,987 1,148 Commercial mortgage-backed securities 74,560 178 35,178 108 109,738 286 Total $ 240,351 $ 884 $ 139,487 $ 950 $ 379,838 $ 1,834 The number of investments in an unrealized loss position totaled 46 at March 31, 2020. 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 March 31, 2020 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 March 31, 2020, 86.82% of our available-for-sale At March 31, 2020, $2,608,731,000 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 three months ended March 31, 2020 and 2019, sales of investment securities that were classified as available-for-sale 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 Credit Losses | 3 Months Ended |
Mar. 31, 2020 | |
Receivables [Abstract] | |
Loans Held for Investment and Allowance for Credit Losses | Note 3 – Loans Held for Investment and Allowance for Credit Losses Loans held-for-investment March 31, December 31, 2020 2019 2019 Commercial $ 869,450 $ 826,886 $ 856,326 Agricultural 99,582 91,336 103,640 Real Estate 3,249,249 2,684,207 2,823,372 Consumer 421,108 386,731 411,631 Total $ 4,639,389 $ 3,989,160 $ 4,194,969 The Company’s non-accrual March 31, December 31, 2020 2019 2019 Non-accrual $ 39,226 $ 28,508 $ 24,582 Loans still accruing and past due 90 days or more 209 97 153 Troubled debt restructured loans** 26 472 26 Total $ 39,461 $ 29,077 $ 24,761 * Includes $7,773,000, $859,000 and $251,000 of purchased credit impaired loans as of March 31, 2020 and 2019, and December 31, 2019, respectively. ** Troubled debt restructured loans of $4,733,000, $4,566,000 and $4,791,000, 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): March 31, 2020 March 31, 2019 December 31, 2019 Recorded Valuation Recorded Valuation Recorded Valuation $ 39,226 $ 3,386 $ 28,508 $ 4,472 $ 24,582 $ 3,228 The Company had $40,444,000, $29,724,000 and $25,770,000 in non-accrual, March 31, December 31, 2020 2019 2019 Commercial $ 5,620 $ 8,897 $ 3,093 Agricultural 1,128 831 1,376 Real Estate 32,156 18,254 19,787 Consumer 322 526 326 Total $ 39,226 $ 28,508 $ 24,582 No significant additional funds are committed to be advanced in connection with impaired loans as of March 31, 2020. The Company’s impaired loans and related allowance are summarized in the following table as of March 31, 2020 and 2019 and December 31, 2019 by class of financing receivables (in thousands). No interest income was recognized on impaired loans subsequent to their classification as impaired. March 31, 2020 Unpaid Principal Balance Recorded Recorded Total Related Three- Commercial $ 7,300 $ 992 $ 4,628 $ 5,620 $ 1,271 $ 6,409 Agricultural 1,340 632 496 1,128 98 1,200 Real Estate 44,208 9,496 22,660 32,156 2,016 36,683 Consumer 436 — 322 322 1 342 Total $ 53,284 $ 11,120 $ 28,106 $ 39,226 $ 3,386 $ 44,634 * Includes $7,773,000 of purchased credit impaired loans. March 31, 2019 Unpaid Principal Balance Recorded Recorded Total Related Three- Commercial $ 10,227 $ 6,129 $ 2,768 $ 8,897 $ 1,184 $ 9,292 Agricultural 892 179 652 831 130 859 Real Estate 26,528 6,444 11,810 18,254 2,901 19,268 Consumer 689 27 499 526 257 577 Total $ 38,336 $ 12,779 $ 15,729 $ 28,508 $ 4,472 $ 29,996 * Includes $859,000 of purchased credit impaired loans. December 31, 2019 Unpaid Principal Balance Recorded Recorded Total Related Three- Commercial $ 4,511 $ 630 $ 2,463 $ 3,093 $ 1,042 $ 3,488 Agricultural 1,603 658 718 1,376 235 1,644 Real Estate 27,366 7,081 12,706 19,787 1,950 21,726 Consumer 469 — 326 326 1 449 Total $ 33,949 $ 8,369 $ 16,213 $ 24,582 $ 3,228 $ 27,307 * Includes 251,000 of purchased credit impaired loans. The Company recognized interest income on impaired loans prior to being recognized as impaired of approximately $750,000 during the year ended December 31, 2019. Such amounts for the three-month periods ended March 31, 2020 and 2019 were not significant. From a credit risk standpoint, the Company rates its loans in one of four categories: (i) pass, (ii) special mention, (iii) substandard or (iv) doubtful. Loans rated as loss are charged-off. The ratings of loans reflect a judgment about the risks of default and loss associated with the loan. The Company reviews the ratings on our credits as part of our on-going 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 March 31, 2020 Pass Special Substandard Doubtful Total Commercial $ 831,385 $ 25,390 $ 12,675 $ — $ 869,450 Agricultural 92,447 5,270 1,865 — 99,582 Real Estate 3,106,100 56,114 87,035 — 3,249,249 Consumer 419,109 325 1,674 — 421,108 Total $ 4,449,041 $ 87,099 $ 103,249 $ — $ 4,639,389 March 31, 2019 Pass Special Substandard Doubtful Total Commercial $ 787,651 $ 23,182 $ 16,053 $ — $ 826,886 Agricultural 87,151 20 4,165 — 91,336 Real Estate 2,611,139 21,827 51,241 — 2,684,207 Consumer 384,786 246 1,699 — 386,731 Total $ 3,870,727 $ 45,275 $ 73,158 $ — $ 3,989,160 December 31, 2019 Pass Special Substandard Doubtful Total Commercial $ 825,775 $ 20,971 $ 9,580 $ — $ 856,326 Agricultural 101,614 64 1,962 — 103,640 Real Estate 2,717,227 42,036 64,109 — 2,823,372 Consumer 409,698 300 1,633 — 411,631 Total $ 4,054,314 $ 63,371 $ 77,284 $ — $ 4,194,969 The Company’s past due loans are as follows (in thousands): March 31, 2020 15-59 Past 60-89 Past Greater Total Past Due Current Total Loans 90 Days Commercial $ 4,807 $ 388 $ 382 $ 5,577 $ 863,873 $ 869,450 $ 116 Agricultural 621 — 62 683 98,899 99,582 — Real Estate 25,788 742 413 26,943 3,222,306 3,249,249 — Consumer 862 116 102 1,080 420,028 421,108 93 Total $ 32,078 $ 1,246 $ 959 $ 34,283 $ 4,605,106 $ 4,639,389 $ 209 March 31, 2019 15-59 Past 60-89 Past Greater 90 Days Total Past Due Current Total Loans 90 Days Commercial $ 4,123 $ 239 $ 885 $ 5,247 $ 821,639 $ 826,886 $ 63 Agricultural 323 17 — 340 90,996 91,336 — Real Estate 15,649 671 1,541 17,861 2,666,346 2,684,207 8 Consumer 1,003 96 26 1,125 385,606 386,731 26 Total $ 21,098 $ 1,023 $ 2,452 $ 24,573 $ 3,964,587 $ 3,989,160 $ 97 December 31, 2019 15-59 Past 60-89 Past Greater 90 Days Total Past Due Current Total Loans 90 Days Commercial $ 3,257 $ 557 $ 722 $ 4,536 $ 851,790 $ 856,326 $ 112 Agricultural 183 44 400 627 103,013 103,640 — Real Estate 12,890 288 195 13,373 2,809,999 2,823,372 — Consumer 572 151 45 768 410,863 411,631 41 Total $ 16,902 $ 1,040 $ 1,362 $ 19,304 $ 4,175,665 $ 4,194,969 $ 153 * 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 March 31, 2020 and 2019, and December 31, 2019. Allocation of a portion of the allowance to one category of loans does not preclude its availability to absorb losses in other categories. March 31, 2020 Commercial Agricultural Real Estate Consumer Total Loans individually evaluated for impairment $ 1,271 $ 98 $ 2,016 $ 1 $ 3,386 Loans collectively evaluated for impairment 10,502 2,056 39,240 5,256 57,054 Total $ 11,773 $ 2,154 $ 41,256 $ 5,257 $ 60,440 March 31, 2019 Commercial Agricultural Real Estate Consumer Total Loans individually evaluated for impairment $ 1,184 $ 130 $ 2,901 $ 257 $ 4,472 Loans collectively evaluated for impairment 11,291 1,300 28,986 5,536 47,113 Total $ 12,475 $ 1,430 $ 31,887 $ 5,793 $ 51,585 December 31, 2019 Commercial Agricultural Real Estate Consumer Total Loans individually evaluated for impairment $ 1,042 $ 235 $ 1,950 $ 1 $ 3,228 Loans collectively evaluated for impairment 11,080 971 32,024 5,196 49,271 Total $ 12,122 $ 1,206 $ 33,974 $ 5,197 $ 52,499 Changes in the allowance for loan losses are summarized as follows by portfolio segment (in thousands): Three months ended March 31, 2020 Commercial Agricultural Real Estate Consumer Total Beginning balance $ 12,122 $ 1,206 $ 33,974 $ 5,197 $ 52,499 Provision for loan losses 794 949 7,921 186 9,850 Recoveries 149 1 76 92 318 Charge-offs (1,292 ) (2 ) (715 ) (218 ) (2,227 ) Ending balance $ 11,773 $ 2,154 $ 41,256 $ 5,257 $ 60,440 Three months ended March 31, 2019 Commercial Agricultural Real Estate Consumer Total Beginning balance $ 11,948 $ 1,446 $ 32,342 $ 5,466 $ 51,202 Provision for loan losses 196 (19 ) 397 391 965 Recoveries 649 3 89 141 882 Charge-offs (318 ) — (941 ) (205 ) (1,464 ) Ending balance $ 12,475 $ 1,430 $ 31,887 $ 5,793 $ 51,585 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 $7,773,000, $859,000 and $251,000 at March 31, 2020 and 2019, and December 31, 2019, respectively, are included in loans individually evaluated for impairment. March 31, 2020 Commercial Agricultural Real Estate Consumer Total Loans individually evaluated for impairment $ 5,620 $ 1,128 $ 32,156 $ 322 $ 39,226 Loans collectively evaluated for impairment 863,830 98,454 3,217,093 420,786 4,600,163 Total $ 869,450 $ 99,582 $ 3,249,249 $ 421,108 $ 4,639,389 March 31, 2019 Commercial Agricultural Real Estate Consumer Total Loans individually evaluated for impairment $ 8,897 $ 831 $ 18,254 $ 526 $ 28,508 Loans collectively evaluated for impairment 817,989 90,505 2,665,953 386,205 3,960,652 Total $ 826,886 $ 91,336 $ 2,684,207 $ 386,731 $ 3,989,160 December 31, 2019 Commercial Agricultural Real Estate Consumer Total Loans individually evaluated for impairment $ 3,093 $ 1,376 $ 19,787 $ 326 $ 24,582 Loans collectively evaluated for impairment 853,233 102,264 2,803,585 411,305 4,170,387 Total $ 856,326 $ 103,640 $ 2,823,372 $ 411,631 $ 4,194,969 The Company’s loans that were modified and considered troubled debt restructurings are as follows (in thousands): Three Months Ended March 31, 2020 Three Months Ended March 31, 2019 Number Pre- Modification Post- Number Pre- Modification Post- Commercial 5 $ 288 $ 288 1 $ 157 $ 157 Agricultural 1 134 134 8 367 367 Real Estate — — — 4 649 649 Consumer 1 14 14 — — — Total 7 $ 436 $ 436 13 $ 1,173 $ 1,173 The balances below provide information as to how the loans were modified as troubled debt restructured loans (in thousands): Three Months Ended March 31, 2020 Three Months Ended March 31, 2019 Adjusted Extended Combined Adjusted Extended Combined Commercial $ — $ 260 $ 28 $ — $ 157 $ — Agricultural — 134 — — 102 265 Real Estate — — — — 201 448 Consumer — 14 — — — — Total $ — $ 408 $ 28 $ — $ 460 $ 713 During the three months ended March 31, 2020 and 2019, no loans were modified as a troubled debt restructured loan within the previous 12 months and for which there was a payment default. A default for purposes of this disclosure is a troubled debt restructured loan in which the borrower is 90 days past due or more or results in the foreclosure and repossession of the applicable collateral. As of March 31, 2020, the Company has no commitments to lend additional funds to loan customers whose terms have been modified in troubled debt restructurings. As discussed in note 1 to these financial statements, the CARES Act provided banks an option to elect to not account for certain loan modifications related to COVID-19 COVID-19 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 March 31, 2020, $2,717,982,000 in loans held by our bank subsidiary were subject to blanket liens as security for this line of credit. At March 31, 2020, there was $446,000,000 outstanding under this line of credit. |
Loans Held for Sale
Loans Held for Sale | 3 Months Ended |
Mar. 31, 2020 | |
Debt Disclosure [Abstract] | |
Loans Held for Sale | Note 4 - 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 six months, or if documentation is determined not to be in compliance with regulations. The Company’s historic losses as a result of these indemnities have been insignificant. Loans held for sale totaled $42,034,000, $14,446,000 and $28,228,000 at March 31, 2020 and 2019, and December 31, 2019, respectively. At March 31, 2020 and 2019, and December 31, 2019, $2,375,000, $2,439,000 and $5,152,000 are valued at the lower of cost or fair value, and the remaining amounts were valued under the fair value option. The change to the fair value option for loans held for sale was effective at June 30, 2018 and 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 5 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 10). 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 ownership in any residential mortgage loans sold. |
Derivative Financial Instrument
Derivative Financial Instruments | 3 Months Ended |
Mar. 31, 2020 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Financial Instruments | Note 5 - 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 10), 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 10). 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): March 31, 2020: Outstanding Notional Balance Asset Derivative Fair Value Liability Derivative Fair Value IRLCs $ 184,747 $ 296 $ — Forward mortgage-backed securities trades 198,000 — 3,200 March 31, 2019: Outstanding Notional Balance Asset Derivative Fair Value Liability Derivative Fair Value IRLCs $ 60,679 $ 1,299 $ — Forward mortgage-backed securities trades 64,500 — 301 December 31, 2019: Outstanding Notional Balance Asset Derivative Fair Value Liability Derivative Fair Value IRLCs $ 47,415 $ 886 $ — Forward mortgage-backed securities trades 78,500 — 152 |
Borrowings
Borrowings | 3 Months Ended |
Mar. 31, 2020 | |
Debt Disclosure [Abstract] | |
Borrowings | Note 6 – Borrowings Borrowings consisted of the following (dollars in thousands): March 31, December 31, 2020 2019 2019 Securities sold under agreements with customers to repurchase $ 410,146 $ 378,161 $ 375,106 Federal funds purchased 1,725 4,550 6,250 Advances from Federal Home Loan Bank of Dallas 446,000 — — Total $ 857,871 $ 382,711 $ 381,356 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 | 3 Months Ended |
Mar. 31, 2020 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Note 7 - Income Taxes Income tax expense was $7,234,000 for the first quarter of 2020 as compared to $7,367,000 for the same period in 2019. The Company’s effective tax rates on pretax income were 16.27% and 16.15% for the first quarters of 2020 and 2019, respectively. The effective tax rates differ from the statutory federal tax rate of 21% 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. |
Stock Option Plan and Restricte
Stock Option Plan and Restricted Stock Plan | 3 Months Ended |
Mar. 31, 2020 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Stock Option Plan and Restricted Stock Plan | Note 8 - Stock Option Plan and Restricted Stock Plan The Company grants incentive stock options for a fixed number of shares with an exercise price equal to the fair value of the shares at the date of grant to employees. On June 26, 2019, the Company granted 398,850 incentive stock options with an exercise price of $29.70 per share. The fair value of the options was $7.31 per share and was estimated using the Black-Scholes options pricing model with the following weighted average assumptions: risk free interest rate of 1.83%; expected dividend yield of 1.62%; expected life of 6.64 years; and expected volatility of 26.69%. On January 28, 2020, the Company granted 11,250 incentive stock options with an exercise price of $34.55 per share. Other stock option disclosures for this grant have not been provided due to insignificance. The Company recorded stock option expense totaling $341,000 and $312,000 for the three-month periods ended March 31, 2020 and 2019, respectively. The additional disclosure requirements under authoritative accounting guidance have been omitted due to the amounts being insignificant. On April 24, 2018, upon re-election non-employee re-election non-employee non-employee On October 25, 2016, the Company granted 30,810 restricted stock shares with a total value of $560,000 to certain officers that are being expensed over the vesting period of three years. On October 24, 2017, the Company granted 28,382 restricted shares with a total value of $655,000 to certain officers that are being expensed over the vesting period of one three three three |
Pension Plan
Pension Plan | 3 Months Ended |
Mar. 31, 2020 | |
Retirement Benefits [Abstract] | |
Pension Plan | Note 9 - Pension Plan The Company had a defined benefit pension plan that was frozen effective January 1, 2004, whereby no new participants were added to the Plan and no additional years of service accrued to participants. 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 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. The Company made no contribution to the plan in 2020 or 2019. In December 2018, due to the rising interest rate environment, the Company determined it was in the best interest of its shareholders to work toward terminating its pension obligation. The Company annuitized approximately 53% of the pension benefit obligation at that time and recorded a loss on settlement totaling $1,546,000 for the year ended December 31, 2018. In 2019, the Company continued to take steps to completely settle and terminate its remaining pension obligation and recorded loss associated with the final termination of $2,673,000. The loss incurred included unrealized loss previously recorded in other comprehensive income and refunding to remaining participants for funding balance overages offset by a gain on hedging instrument entered into to minimize interest rate movement during the termination period. At December 31, 2019, all balances in the pension plan were zero and the Company’s obligation has been extinguished. For the three-month ended March 31, 2019, the Company recorded pension related expense totaling $923,000. |
Fair Value Disclosures
Fair Value Disclosures | 3 Months Ended |
Mar. 31, 2020 | |
Fair Value Disclosures [Abstract] | |
Fair Value Disclosures | Note 10 - Fair Value Disclosures The authoritative accounting guidance for fair value measurements defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. A fair value measurement assumes that the transaction to sell the asset or transfer the liability occurs in the principal market for the asset or liability or, in the absence of a principal market, the most advantageous market for the asset or liability. The price in the principal (or most advantageous) market used to measure the fair value of the asset or liability shall not be adjusted for transaction costs. An orderly transaction is a transaction that assumes exposure to the market for a period prior to the measurement date to allow for marketing activities that are usual and customary for transactions involving such assets and liabilities; it is not a forced transaction. Market participants are buyers and sellers in the principal market that are (i) independent, (ii) knowledgeable, (iii) able to transact, and (iv) willing to transact. The authoritative accounting guidance requires the use of valuation techniques that are consistent with the market approach, the income approach and/or the cost approach. The market approach uses prices and other relevant information generated by market transactions involving identical or comparable assets and liabilities. The income approach uses valuation techniques to convert future amounts, such as cash flows or earnings, to a single present amount on a discounted basis. The cost approach is based on the amount that currently would be required to replace the service capacity of an asset (replacement costs). Valuation techniques should be consistently applied. Inputs to valuation techniques refer to the assumptions that market participants would use in pricing the asset or liability. Inputs may be observable, meaning those that reflect the assumptions market participants would use in pricing the asset or liability developed based on market data obtained from independent sources, or unobservable, meaning those that reflect the reporting entity’s own assumptions about the assumptions market participants would use in pricing the asset or liability developed based on the best information available in the circumstances. In that regard, the authoritative guidance establishes a fair value hierarchy for valuation inputs that gives the highest priority to quoted prices in active markets for identical assets or liabilities and the lowest priority to unobservable inputs. The fair value hierarchy is as follows: • Level 1 Inputs – Unadjusted quoted prices in active markets for identical assets or liabilities that the reporting entity has the ability to access at the measurement date. • Level 2 Inputs – Inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. These include quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the asset or liability (for example, interest rates, volatilities, prepayment speeds, loss severities, credit risks and default rates) or inputs that are derived principally from or corroborated by observable market data by correlation or other means. • Level 3 Inputs – Significant unobservable inputs that reflect an entity’s own assumptions that market participants would use in pricing the assets or liabilities. A description of the valuation methodologies used for assets and liabilities measured at fair value, as well as the general classification of such instruments pursuant to the valuation hierarchy, is set forth below. In general, fair value is based upon quoted market prices, where available. If such quoted market prices are not available, fair value is based upon internally developed models that primarily use, as inputs, observable market-based parameters. Valuation adjustments may be made to ensure that financial instruments are recorded at fair value. While management believes the Company’s valuation methodologies are appropriate and consistent with other market participants, the use of different methodologies or assumptions to determine the fair value of certain financial instruments could result in a different estimate of fair value at the reporting date. Securities classified as available-for-sale See notes 4 and 5 related to the determination of fair value for loans held-for-sale, There were no transfers between Level 1 and Level 2 or Level 2 and Level 3 during the three months ended March 31, 2020 and 2019, and the year ended December 31, 2019. The following table summarizes the Company’s available-for-sale March 31, 2020 Level 1 Inputs Level 2 Inputs Level 3 Inputs Total Fair Value Available-for-sale U.S. Treasury securities $ 10,113 $ — $ — $ 10,113 Obligations of states and political subdivisions — 1,807,671 — 1,807,671 Corporate bonds — 220 — 220 Residential mortgage-backed securities — 1,679,980 — 1,679,980 Commercial mortgage-backed securities — 604,554 — 604,554 Other securities 4,531 — — 4,531 Total $ 14,644 $ 4,092,425 $ — $ 4,107,069 Loans held-for-sale $ — $ 39,659 $ — $ 39,659 IRLCs $ — $ 296 $ — $ 296 Forward mortgage-backed securities trades $ — $ (3,200 ) $ — $ (3,200 ) March 31, 2019 Level 1 Inputs Level 2 Inputs Level 3 Inputs Total Fair Value Available-for-sale U.S. Treasury securities $ 9,991 $ — $ — $ 9,991 Obligations of states and political subdivisions — 1,239,730 — 1,239,730 Corporate bonds — 456 — 456 Residential mortgage-backed securities — 1,516,288 — 1,516,288 Commercial mortgage-backed securities — 441,944 — 441,944 Other securities 4,403 — — 4,403 Total $ 14,394 $ 3,198,418 $ — $ 3,212,812 Loans held-for-sale $ — $ 12,007 $ — $ 12,007 IRLCs $ — $ 1,299 $ — $ 1,299 Forward mortgage-backed securities trades $ — $ (301 ) $ — $ (301 ) December 31, 2019 Level 1 Inputs Level 2 Inputs Level 3 Inputs Total Fair Value Available-for-sale U.S. Treasury securities $ 10,019 $ — $ — $ 10,019 Obligations of states and political subdivisions — 1,288,983 1,288,983 Corporate bonds — 230 — 230 Residential mortgage-backed securities — 1,608,863 — 1,608,863 Commercial mortgage-backed securities — 500,744 — 500,744 Other securities 4,478 — — 4,478 Total $ 14,497 $ 3,398,820 $ — $ 3,413,317 Loans held-for-sale $ — $ 23,076 $ — $ 23,076 IRLCs $ — $ 886 $ — $ 886 Forward mortgage-backed securities trades $ — $ (152 ) $ — $ (152 ) Certain financial assets and financial liabilities are measured at fair value on a nonrecurring basis, that is, the instruments are not measured at fair value on an ongoing basis but are subject to fair value adjustments in certain circumstances (for example, when there is evidence of impairment). Impaired loans are reported at the fair value of the underlying collateral less selling costs if repayment is expected solely from the collateral. Collateral values are estimated using Level 2 inputs based on observable market data. At March 31, 2020, impaired loans with a carrying value of $28,106,000 were reduced by specific valuation reserves totaling $3,386,000 resulting in a net fair value of $24,720,000. Certain non-financial non-financial non-recurring non-financial Non-financial non-recurring re-measured Re-evaluation re-measured At March 31, 2020 and 2019, and December 31, 2019, other real estate owned totaled $982,000, $612,000 and $982,000, 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). March 31, December 31, 2020 2019 2019 Carrying Estimated Carrying Estimated Carrying Estimated Fair Value Cash and due from banks $ 191,486 $ 191,486 $ 176,278 $ 176,278 $ 231,534 $ 231,534 Level 1 Federal Funds Sold — — 12,825 12,825 3,150 3,150 Level 1 Interest-bearing deposits in banks 76,378 76,378 197,758 197,758 47,920 47,920 Level 1 Interest-bearing time deposits in banks — — 1,458 1,458 — — Level 2 Available-for-sale 4,107,069 4,107,069 3,212,812 3,212,812 3,413,317 3,413,317 Levels 1 and 2 Loans held for investment 4,639,389 4,619,017 3,989,160 3,973,329 4,194,969 4,209,826 Level 3 Loans held for sale 42,034 41,953 14,446 14,512 28,228 28,343 Level 2 Accrued interest receivable 34,329 34,329 29,372 29,372 36,894 36,894 Level 2 Deposits with stated maturities 465,808 467,804 441,393 441,433 420,013 421,397 Level 2 Deposits with no stated maturities 6,744,658 6,744,658 5,909,348 5,909,348 6,183,793 6,183,793 Level 1 Borrowings 857,871 857,871 382,711 382,711 381,356 381,356 Level 2 Accrued interest payable 783 783 575 575 628 628 Level 2 IRLCs 296 296 1,299 1,299 886 886 Level 2 Forward mortgage-backed securities trades 3,200 3,200 301 301 152 152 Level 2 |
Acquisition
Acquisition | 3 Months Ended |
Mar. 31, 2020 | |
Business Combinations [Abstract] | |
Acquisition | Note 11 – Acquisition On September 19, 2019, we entered into an agreement and plan of reorganization to acquire TB&T Bancshares, Inc. and its wholly owned bank subsidiary, The Bank & Trust of Bryan/College Station, Texas. On January 1, 2020, the transaction was completed. Pursuant to the agreement, we issued 6,275,574 shares of the Company’s common stock in exchange for all of the outstanding shares of TB&T Bancshares, Inc. In addition, TBT Bancshares, Inc. made a $1,920,000 special dividend to its shareholders prior to closing of the transaction. At closing, TB&T Bancshares, Inc. was merged into the Company and The Bank & Trust of Bryan/College Station, 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 near the Houston market. Factors that contributed to a purchase price resulting in goodwill include their 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, 2020. 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 (6,275,574 shares) $ 220,273 Fair value of identifiable assets acquired: Cash and cash equivalents 61,028 Securities available-for-sale 93,967 Loans 447,702 Identifiable intangible assets 4,798 Other assets 25,215 Total identifiable assets acquired 632,710 Fair value of liabilities assumed: Deposits 548,383 Other liabilities 5,397 Total liabilities assumed 553,780 Fair value of net identifiable assets acquired 78,930 Goodwill resulting from acquisition $ 141,343 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 $447,702,000 at acquisition compared to contractual amounts of $455,181,000. The fair value of purchased credit impaired loans at acquisition was $7,517,000 compared to contractual amounts of $10,061,000. Additional purchased credit impaired loan disclosures were omitted due to immateriality. All other acquired loans were considered performing loans. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2020 | |
Accounting Policies [Abstract] | |
Nature of Operations | Nature of Operations First Financial Bankshares, Inc. (a Texas corporation) (“Company”, “we” or “us”) is a financial holding company which owns all of the capital stock of one bank with 78 locations located in Texas as of March 31, 2020. The Company’s subsidiary bank is First Financial Bank, National Association, Abilene, Texas. The Company’s primary source of revenue is providing loans and banking services to consumers and commercial customers in the market area in which First Financial Bank, National Association, is located. In addition, the Company also owns First Financial Trust & Asset Management Company, National Association, First Financial Insurance Agency, Inc., and First Technology Services, Inc. A summary of significant accounting policies of the Company and its subsidiaries applied in the preparation of the accompanying consolidated financial statements follows. The accounting principles followed by the Company and the methods of applying them are in conformity with both U.S. GAAP and prevailing practices of the banking industry. The Company evaluated subsequent events for potential recognition through the date the consolidated financial statements were issued. |
Use of Estimates in Preparation of Financial Statements | Use of Estimates in Preparation of Financial Statements The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. The Company’s significant estimates include its allowance for loan losses and its valuation of financial instruments. |
Consolidation | Consolidation The accompanying consolidated financial statements include the accounts of the Company and its subsidiaries, all of which are wholly-owned. All significant intercompany accounts and transactions have been eliminated. |
Stock Split and Increase in Authorized Shares | Stock Split and Increase in Authorized Shares On April 23, 2019, the Company’s Board of Directors declared a two-for-one stock split of the Company’s outstanding common shares effective on June 3, 2019. In addition, the shareholders of the Company approved an amendment to the Amended and Restated Certificate of Formation to increase the number of authorized shares to 200,000,000. All per share amounts in this report have been restated to reflect this stock split. An amount equal to the par value of the additional common shares to be issued pursuant to the stock split was reflected as a transfer from retained earnings to common stock in the consolidated financial statements as of and for the three-months ended March 31, 2019. |
Stock Repurchase | Stock Repurchase On March 12, 2020, the Company’s Board of Directors authorized the repurchase of up to 4,000,000 common shares through September 30, 2021. Previously, the Board of Directors had authorized the repurchase of up to 2,000,000 common shares through September 30, 2020. The stock repurchase plan authorizes management to repurchase the stock at such time as repurchases are considered beneficial to the Company and stockholders. Any repurchase of stock will be made through the open market, block trades or in privately negotiated transactions in accordance with applicable laws and regulations. Under the repurchase plan, there is no minimum number of shares that the Company is required to repurchase. Through March 31, 2020, no shares were repurchased under this repurchase plan or the prior authorization that was to expire September 30, 2020. Subsequent to March 31, 2020 and through April 21, 2020, the Company has repurchased 263,464 shares totaling $6,480,000. |
Acquisition | Acquisition On January 1, 2020, the Company acquired 100% of the outstanding capital stock of TB&T Bancshares, Inc. through the merger of a wholly owned subsidiary with and into TB&T Bancshares, Inc. Following such merger, TB&T Bancshares, Inc. and its wholly owned subsidiary, The Bank & Trust of Bryan/College Station, Texas were merged into the Company and First Financial Bank, National Association, respectively. The results of operations of TB&T Bancshares, Inc. subsequent to the acquisition date, are included in the consolidated earnings of the Company. See n |
Status of New Accounting Standard for Accounting for Allowance for Credit Losses | Status of New Accounting Standard for Accounting for Allowance for Credit Losses On January 1, 2020, ASU 2016-13, Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments off-balance 2016-13 available-for-sale available-for-sale On March 27, 2020, the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) was signed by the President of the United States that included an option for entities to delay the implementation of ASU 2016-13 COVID-19 2016-13 2016-13. Prior to the CARES Act being signed and our decision to delay the implementation of CECL, we were completing our CECL implementation plan with our cross-functional working group, under the direction of our Chief Credit Officer along with our Chief Accounting Officer, Chief Lending Officer and Chief Financial Officer. The working group also included individuals from various functional areas including credit, risk management, accounting and information technology, among others. Our implementation plan included assessment and documentation of processes, internal controls and data sources; model development, documentation and validation; and system configuration, among other things. We contracted with a third-party vendor to assist us in the implementation of CECL. |
Other Recently Issued and Effective Authoritative Accounting Guidance | Other Recently Issued and Effective Authoritative Accounting Guidance ASU 2016-02, “Leases.” 2016-02 right-of-use 2016-02 necessary, lessor accounting with the lessee accounting model. The amended guidance was effective in the first quarter of 2019 and required transition using a modified retrospective approach for leases existing at, or entered into after, the beginning of the earliest comparative period presented in the financial statements. The Company evaluated the provision of the new lease standard and, due to the small dollar amounts and number of lease agreements, all considered operating leases, the effect for the Company on January 1, 2019 was not significant. ASU 2017-08, “Receivables – Nonrefundable Fees and Other Costs Premium Amortization on Purchased Callable Debt Securities.” 2017-08 2017-08 2017-08 ASU 2017-04, “Intangibles – Goodwill and Other.” 2017-04 2017-04 ASU 2018-13, “Fair Value Measurement (Topic 820). – Disclosure Framework - Changes to the Disclosure Requirements for Fair Value Measurement.” 2018-13 2018-13 2018-13 |
Investment Securities | Investment Securities Management classifies debt and equity securities as held-to-maturity, available-for-sale, held-to-maturity held-to-maturity available-for-sale Available-for-sale available-for-sale Effective January 1, 2018, in accordance with ASU 2016-01 available-for-sale The Company records its available-for-sale When the fair value of a debt 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 state and political subdivisions, mortgage pass-through securities, corporate bonds and general obligation or revenue based municipal bonds. Pricing for such securities is generally readily available and transparent in the market. The Company utilizes independent third-party pricing services to value its investment securities, which the Company reviews as well as the underlying pricing methodologies for reasonableness and to ensure such prices are aligned with pricing matrices. The Company validates prices supplied by the independent pricing services by comparison to prices obtained from other third-party sources on a quarterly basis. |
Loans and Allowance for Loan Losses | Loans Held-for-Investment Loans held for investment are stated at the amount of unpaid principal, reduced by unearned income and an allowance for loan losses. Interest on loans is calculated by using the simple interest method on daily balances of the principal amounts outstanding. The Company defers and amortizes net loan origination fees and costs as an adjustment to yield. The allowance for loan losses is established through a provision for loan losses charged to expense. Loans are charged against the allowance for loan losses when management believes the collectability of the principal is unlikely. The allowance for loan losses is an amount which represents management’s best estimate of probable losses that are inherent in the Company’s loan portfolio as of the balance sheet date. The allowance for loan losses is comprised of three elements: (i) specific reserves determined based on probable losses on specific classified loans; (ii) a historical valuation reserve component that considers historical loss rates and estimated loss emergence periods; and (iii) qualitative reserves based upon general economic conditions and other qualitative risk factors both internal and external to the Company. The allowance for loan losses is increased by charges to income and decreased by charge-offs lending staff, policies and procedures, changes in credit concentrations, changes in the trends and severity of problem loans and changes in trends in volume and terms of loans. This qualitative reserve serves to estimate for additional areas of losses inherent in our portfolio that are not reflected in our historic loss factors. Although we believe we use the best information available to make loan loss allowance determinations, future adjustments could be necessary if circumstances or economic conditions differ substantially from the assumptions used in making our initial determinations. A decline in the economy 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 less cost to sell. Other loan impairments for non-collateral From time to time, the Company modifies its loan agreement with a borrower. A modified loan is considered a troubled debt restructuring when two conditions are met: (i) the borrower is experiencing financial difficulty and (ii) concessions are made by the Company that would not otherwise be considered for a borrower with similar credit risk characteristics. Modifications to loan terms may include a lower interest rate, a reduction of principal, or a longer term to maturity. For all impaired loans, including the Company’s troubled debt restructurings, the Company performs a periodic, well-documented credit evaluation of the borrower’s financial condition and prospects for repayment to assess the likelihood that all principal and interest payments required under the terms of the agreement will be collected in full. When doubt exists about the ultimate collectability of principal and interest, the troubled debt restructuring remains on non-accrual non-accrual The provisions of the CARES Act included an election to not apply the guidance on accounting for troubled debt restructurings to loan modifications, such as extensions or deferrals, related to COVID-19 (ii) COVID-19 only The Company elected to adopt these provisions of the CARES Act. The Company originates certain mortgage loans for sale in the secondary market. Accordingly, these loans are classified as held-for-sale Loans acquired, including loans acquired in a business combination, are initially recorded at fair value with no valuation allowance. Acquired loans are segregated between those considered to be credit impaired and those deemed performing. To make this determination, management considers such factors as past due status, non-accrual Purchased credit impaired loans are those loans that showed evidence of deterioration of credit quality since origination and for which it is probable, at acquisition, that the Company will be unable to collect all amounts contractually owed. Their acquisition fair value, which includes a credit component at the acquisition date, was based on the estimate of cash flows, both principal and interest, expected to be collected or estimated collateral values if cash flows are not estimable, discounted at prevailing market rates of interest. The difference between the discounted cash flows expected at acquisition and the investment in the loan is recognized as interest income on a level-yield method over the life of the loan, unless management was unable to reasonably forecast cash flows in which case the loans were placed on nonaccrual. Subsequent to the acquisition date, increases in expected cash flows will generally result in a recovery of any previously recorded allowance for loan loss, to the extent applicable, and/or a reclassification from the non-accretable |
Other Real Estate | Other Real Estate Other real estate owned is foreclosed property held pending disposition and is initially recorded at fair value, less estimated costs to sell. At foreclosure, if the fair value of the real estate, less estimated costs to sell, is less than the Company’s recorded investment in the related loan, a write-down is recognized through a charge to the allowance for loan losses. Any subsequent reduction in value is recognized by a charge to income. Operating and holding expenses of such properties, net of related income, and gains and losses on their disposition are included in net gain (loss) on sale of foreclosed assets as incurred. |
Bank Premises and Equipment | Bank Premises and Equipment Bank premises and equipment are stated at cost less accumulated depreciation and amortization. Depreciation and amortization are computed principally on a straight-line basis over the estimated useful lives of the related assets. Leasehold improvements are amortized over the life of the respective lease or the estimated useful lives of the improvements, whichever is shorter. |
Business Combinations, Goodwill and Other Intangible Assets | Business Combinations, Goodwill and Other Intangible Assets The Company accounts for all business combinations under the purchase method of accounting. Tangible and intangible assets and liabilities of the acquired entity are recorded at fair value. Intangible assets with finite useful lives represent the future benefit associated with the acquisition of the core deposits and are amortized over seven years, utilizing a method that approximates the expected attrition of the deposits. Goodwill with an indefinite life is not amortized, but rather tested annually for impairment as of June 30 each year. There was no impairment recorded for the three-months ended March 31, 2020 or 2019. |
Securities Sold Under Agreements To Repurchase | Securities Sold Under Agreements To Repurchase Securities sold under agreements to repurchase, which are classified as borrowings, generally mature within one to four days from the transaction date. Securities sold under agreements to repurchase are reflected at the amount of the cash received in connection with the transaction. The Company may be required to provide additional collateral based on the estimated fair value of the underlying securities. |
Segment Reporting | Segment Reporting The Company has determined that its banking regions meet the aggregation criteria of the current authoritative accounting guidance since each of its banking regions offer similar products and services, operate in a similar manner, have similar customers and report to the same regulatory authority, and therefore operate one line of business (community banking) located in a single geographic area (Texas). |
Statements of Cash Flows | Statements of Cash Flows For purposes of reporting cash flows, cash and cash equivalents includes cash on hand, amounts due from banks, including interest-bearing deposits in banks with original maturity of 90 days or less, and federal funds sold. |
Accumulated Other Comprehensive Income (Loss) | Accumulated Other Comprehensive Income (Loss) Unrealized net gains on the Company’s available-for-sale |
Income Taxes | Income Taxes The Company’s provision for income taxes is based on income before income taxes adjusted for permanent differences between financial reporting and taxable income. Deferred tax assets and liabilities are determined using the liability (or balance sheet) method. Under this method, the net deferred tax asset or liability is determined based on the tax effects of the temporary differences between the book and tax bases of the various balance sheet assets and liabilities and gives current recognition to changes in tax rates and laws. |
Stock Based Compensation | Stock Based Compensation The Company grants stock options for a fixed number of shares to employees with an exercise price equal to the fair value of the shares at the grant date. The Company recorded stock option expense totaling $341,000 and $312,000 for the three-months ended March 31, 2020 and 2019, respectively. The Company also grants restricted stock for a fixed number of shares. The Company recorded expenses associated with its director and officer restricted stock grants totaling $450,000 and $340,000, respectively, for the three-months ended March 31, 2020 and 2019, respectively. |
Advertising Costs | Advertising Costs Advertising costs are expensed as incurred. |
Per Share Data | Per Share Data Net earnings per share (“EPS”) are computed by dividing net earnings by the weighted average number of common shares outstanding during the period. The Company calculates dilutive EPS assuming all outstanding stock options to purchase common shares have been exercised at the beginning of the year (or the time of issuance, if later.) The dilutive effect of the outstanding options and restricted stock is reflected by application of the treasury stock method, whereby the proceeds from the exercised options and restricted stock are assumed to be used to purchase common shares at the average market price during the respective year. Anti-dilutive shares at March 31, 2020 are excluded from the computation of EPS. There were no such anti-dilutive stock options for the three-months ended March 31, 2019. The following table reconciles the computation of basic EPS to dilutive EPS: Net Earnings Weighted Per Share For the three-months ended March 31, 2020: Net earnings per share, basic $ 37,232 142,118,864 $ 0.26 Effect of stock options and stock grants — 616,344 — Net earnings per share, assuming dilution $ 37,232 142,735,208 $ 0.26 For the three-ended March 31, 2019: Net earnings per share, basic $ 38,252 135,494,254 $ 0.28 Effect of stock options and stock grants — 792,608 — Net earnings per share, assuming dilution $ 38,252 136,286,862 $ 0.28 |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Accounting Policies [Abstract] | |
Computation of Basic EPS to Dilutive EPS | The following table reconciles the computation of basic EPS to dilutive EPS: Net Earnings Weighted Per Share For the three-months ended March 31, 2020: Net earnings per share, basic $ 37,232 142,118,864 $ 0.26 Effect of stock options and stock grants — 616,344 — Net earnings per share, assuming dilution $ 37,232 142,735,208 $ 0.26 For the three-ended March 31, 2019: Net earnings per share, basic $ 38,252 135,494,254 $ 0.28 Effect of stock options and stock grants — 792,608 — Net earnings per share, assuming dilution $ 38,252 136,286,862 $ 0.28 |
Interest-bearing Time Deposit_2
Interest-bearing Time Deposits in Banks and Securities (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Cash and Cash Equivalents [Abstract] | |
Summary of Available-for-Sale Securities | A summary of the Company’s available-for-sale March 31, 2020 Amortized Gross Gross Estimated U.S. Treasury securities $ 10,039 $ 74 $ — $ 10,113 Obligations of states and political subdivisions 1,731,392 78,996 (2,717 ) 1,807,671 Corporate bonds and other 4,624 133 (6 ) 4,751 Residential mortgage-backed securities 1,617,341 62,659 (20 ) 1,679,980 Commercial mortgage-backed securities 587,114 17,624 (184 ) 604,554 Total securities available-for-sale $ 3,950,510 $ 159,486 $ (2,927 ) $ 4,107,069 March 31, 2019 Amortized Gross Gross Estimated U.S. Treasury securities $ 9,977 $ 14 $ — $ 9,991 Obligations of states and political subdivisions 1,196,111 44,155 (536 ) 1,239,730 Corporate bonds and other 4,874 — (15 ) 4,859 Residential mortgage-backed securities 1,519,004 8,506 (11,222 ) 1,516,288 Commercial mortgage-backed securities 442,569 1,771 (2,396 ) 441,944 Total securities available-for-sale $ 3,172,535 $ 54,446 $ (14,169 ) $ 3,212,812 December 31, 2019 Amortized Gross Gross Estimated U.S. Treasury securities $ 9,997 $ 22 $ — $ 10,019 Obligations of states and political subdivisions 1,231,619 57,764 (400 ) 1,288,983 Corporate bonds and other 4,643 65 — 4,708 Residential mortgage-backed securities 1,586,872 23,139 (1,148 ) 1,608,863 Commercial mortgage-backed securities 494,674 6,356 (286 ) 500,744 Total securities available-for-sale $ 3,327,805 $ 87,346 $ (1,834 ) $ 3,413,317 |
Amortized Cost and Estimated Fair Value of Available-for-Sale Securities | The amortized cost and estimated fair value of available-for-sale Amortized Estimated Due within one year $ 151,083 $ 152,516 Due after one year through five years 621,902 654,116 Due after five years through ten years 971,325 1,013,634 Due after ten years 1,745 2,269 Mortgage-backed securities 2,204,455 2,284,534 Total $ 3,950,510 $ 4,107,069 |
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 March 31, 2020 Fair Value Unrealized Fair Value Unrealized Fair Value Unrealized Obligations of states and political subdivisions $ 168,725 $ 2,717 $ — $ — $ 168,725 $ 2,717 Corporate bonds and other 220 6 — — 220 6 Residential mortgage-backed securities 1 — 8,164 21 8,165 21 Commercial mortgage-backed securities 44,724 173 9,630 10 54,354 183 Total $ 213,670 $ 2,896 $ 17,794 $ 31 $ 231,464 $ 2,927 Less than 12 Months 12 Months or Longer Total March 31, 2019 Fair Value Unrealized Fair Value Unrealized Fair Value Unrealized Obligations of states and political subdivisions $ 2,807 $ 13 $ 48,068 $ 523 $ 50,875 $ 536 Corporate bonds and other — — 4,873 15 4,873 15 Residential mortgage-backed securities 2,473 17 854,482 11,205 856,955 11,222 Commercial mortgage-backed securities — — 303,637 2,396 303,637 2,396 Total $ 5,280 $ 30 $ 1,211,060 $ 14,139 $ 1,216,340 $ 14,169 Less than 12 Months 12 Months or Longer Total December 31, 2019 Fair Value Unrealized Fair Value Unrealized Fair Value Unrealized Obligations of state and political subdivisions $ 65,787 $ 400 $ 326 $ — $ 66,113 $ 400 Residential mortgage-backed securities 100,004 306 103,983 842 203,987 1,148 Commercial mortgage-backed securities 74,560 178 35,178 108 109,738 286 Total $ 240,351 $ 884 $ 139,487 $ 950 $ 379,838 $ 1,834 |
Loans Held for Investment and_2
Loans Held for Investment and Allowance for Credit Losses (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Receivables [Abstract] | |
Loans Held-for-Investment by Class of Financing Receivables | Loans held-for-investment March 31, December 31, 2020 2019 2019 Commercial $ 869,450 $ 826,886 $ 856,326 Agricultural 99,582 91,336 103,640 Real Estate 3,249,249 2,684,207 2,823,372 Consumer 421,108 386,731 411,631 Total $ 4,639,389 $ 3,989,160 $ 4,194,969 |
Non-Accrual Loans, Loans Still Accruing and Past Due 90 Days or More and Restructured Loans | The Company’s non-accrual March 31, December 31, 2020 2019 2019 Non-accrual $ 39,226 $ 28,508 $ 24,582 Loans still accruing and past due 90 days or more 209 97 153 Troubled debt restructured loans** 26 472 26 Total $ 39,461 $ 29,077 $ 24,761 * Includes $7,773,000, $859,000 and $251,000 of purchased credit impaired loans as of March 31, 2020 and 2019, and December 31, 2019, respectively. ** Troubled debt restructured loans of $4,733,000, $4,566,000 and $4,791,000, 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): March 31, 2020 March 31, 2019 December 31, 2019 Recorded Valuation Recorded Valuation Recorded Valuation $ 39,226 $ 3,386 $ 28,508 $ 4,472 $ 24,582 $ 3,228 |
Schedule of Non-Accrual Loans | Non-accrual loans at March 31, 2020 and 2019, and December 31, 2019, consisted of the following by class of financing receivables (in thousands): March 31, December 31, 2020 2019 2019 Commercial $ 5,620 $ 8,897 $ 3,093 Agricultural 1,128 831 1,376 Real Estate 32,156 18,254 19,787 Consumer 322 526 326 Total $ 39,226 $ 28,508 $ 24,582 |
Schedule of Impaired Loans and Related Allowance | The Company’s impaired loans and related allowance are summarized in the following table as of March 31, 2020 and 2019 and December 31, 2019 by class of financing receivables (in thousands). No interest income was recognized on impaired loans subsequent to their classification as impaired. March 31, 2020 Unpaid Principal Balance Recorded Recorded Total Related Three- Commercial $ 7,300 $ 992 $ 4,628 $ 5,620 $ 1,271 $ 6,409 Agricultural 1,340 632 496 1,128 98 1,200 Real Estate 44,208 9,496 22,660 32,156 2,016 36,683 Consumer 436 — 322 322 1 342 Total $ 53,284 $ 11,120 $ 28,106 $ 39,226 $ 3,386 $ 44,634 * Includes $7,773,000 of purchased credit impaired loans. March 31, 2019 Unpaid Principal Balance Recorded Recorded Total Related Three- Commercial $ 10,227 $ 6,129 $ 2,768 $ 8,897 $ 1,184 $ 9,292 Agricultural 892 179 652 831 130 859 Real Estate 26,528 6,444 11,810 18,254 2,901 19,268 Consumer 689 27 499 526 257 577 Total $ 38,336 $ 12,779 $ 15,729 $ 28,508 $ 4,472 $ 29,996 * Includes $859,000 of purchased credit impaired loans. December 31, 2019 Unpaid Principal Balance Recorded Recorded Total Related Three- Commercial $ 4,511 $ 630 $ 2,463 $ 3,093 $ 1,042 $ 3,488 Agricultural 1,603 658 718 1,376 235 1,644 Real Estate 27,366 7,081 12,706 19,787 1,950 21,726 Consumer 469 — 326 326 1 449 Total $ 33,949 $ 8,369 $ 16,213 $ 24,582 $ 3,228 $ 27,307 * Includes 251,000 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 March 31, 2020 Pass Special Substandard Doubtful Total Commercial $ 831,385 $ 25,390 $ 12,675 $ — $ 869,450 Agricultural 92,447 5,270 1,865 — 99,582 Real Estate 3,106,100 56,114 87,035 — 3,249,249 Consumer 419,109 325 1,674 — 421,108 Total $ 4,449,041 $ 87,099 $ 103,249 $ — $ 4,639,389 March 31, 2019 Pass Special Substandard Doubtful Total Commercial $ 787,651 $ 23,182 $ 16,053 $ — $ 826,886 Agricultural 87,151 20 4,165 — 91,336 Real Estate 2,611,139 21,827 51,241 — 2,684,207 Consumer 384,786 246 1,699 — 386,731 Total $ 3,870,727 $ 45,275 $ 73,158 $ — $ 3,989,160 December 31, 2019 Pass Special Substandard Doubtful Total Commercial $ 825,775 $ 20,971 $ 9,580 $ — $ 856,326 Agricultural 101,614 64 1,962 — 103,640 Real Estate 2,717,227 42,036 64,109 — 2,823,372 Consumer 409,698 300 1,633 — 411,631 Total $ 4,054,314 $ 63,371 $ 77,284 $ — $ 4,194,969 |
Schedule of Past Due Loans | The Company’s past due loans are as follows (in thousands): March 31, 2020 15-59 Past 60-89 Past Greater Total Past Due Current Total Loans 90 Days Commercial $ 4,807 $ 388 $ 382 $ 5,577 $ 863,873 $ 869,450 $ 116 Agricultural 621 — 62 683 98,899 99,582 — Real Estate 25,788 742 413 26,943 3,222,306 3,249,249 — Consumer 862 116 102 1,080 420,028 421,108 93 Total $ 32,078 $ 1,246 $ 959 $ 34,283 $ 4,605,106 $ 4,639,389 $ 209 March 31, 2019 15-59 Past 60-89 Past Greater 90 Days Total Past Due Current Total Loans 90 Days Commercial $ 4,123 $ 239 $ 885 $ 5,247 $ 821,639 $ 826,886 $ 63 Agricultural 323 17 — 340 90,996 91,336 — Real Estate 15,649 671 1,541 17,861 2,666,346 2,684,207 8 Consumer 1,003 96 26 1,125 385,606 386,731 26 Total $ 21,098 $ 1,023 $ 2,452 $ 24,573 $ 3,964,587 $ 3,989,160 $ 97 December 31, 2019 15-59 Past 60-89 Past Greater 90 Days Total Past Due Current Total Loans 90 Days Commercial $ 3,257 $ 557 $ 722 $ 4,536 $ 851,790 $ 856,326 $ 112 Agricultural 183 44 400 627 103,013 103,640 — Real Estate 12,890 288 195 13,373 2,809,999 2,823,372 — Consumer 572 151 45 768 410,863 411,631 41 Total $ 16,902 $ 1,040 $ 1,362 $ 19,304 $ 4,175,665 $ 4,194,969 $ 153 * 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 March 31, 2020 and 2019, and December 31, 2019. Allocation of a portion of the allowance to one category of loans does not preclude its availability to absorb losses in other categories. March 31, 2020 Commercial Agricultural Real Estate Consumer Total Loans individually evaluated for impairment $ 1,271 $ 98 $ 2,016 $ 1 $ 3,386 Loans collectively evaluated for impairment 10,502 2,056 39,240 5,256 57,054 Total $ 11,773 $ 2,154 $ 41,256 $ 5,257 $ 60,440 March 31, 2019 Commercial Agricultural Real Estate Consumer Total Loans individually evaluated for impairment $ 1,184 $ 130 $ 2,901 $ 257 $ 4,472 Loans collectively evaluated for impairment 11,291 1,300 28,986 5,536 47,113 Total $ 12,475 $ 1,430 $ 31,887 $ 5,793 $ 51,585 December 31, 2019 Commercial Agricultural Real Estate Consumer Total Loans individually evaluated for impairment $ 1,042 $ 235 $ 1,950 $ 1 $ 3,228 Loans collectively evaluated for impairment 11,080 971 32,024 5,196 49,271 Total $ 12,122 $ 1,206 $ 33,974 $ 5,197 $ 52,499 |
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 March 31, 2020 Commercial Agricultural Real Estate Consumer Total Beginning balance $ 12,122 $ 1,206 $ 33,974 $ 5,197 $ 52,499 Provision for loan losses 794 949 7,921 186 9,850 Recoveries 149 1 76 92 318 Charge-offs (1,292 ) (2 ) (715 ) (218 ) (2,227 ) Ending balance $ 11,773 $ 2,154 $ 41,256 $ 5,257 $ 60,440 Three months ended March 31, 2019 Commercial Agricultural Real Estate Consumer Total Beginning balance $ 11,948 $ 1,446 $ 32,342 $ 5,466 $ 51,202 Provision for loan losses 196 (19 ) 397 391 965 Recoveries 649 3 89 141 882 Charge-offs (318 ) — (941 ) (205 ) (1,464 ) Ending balance $ 12,475 $ 1,430 $ 31,887 $ 5,793 $ 51,585 |
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 $7,773,000, $859,000 and $251,000 at March 31, 2020 and 2019, and December 31, 2019, respectively, are included in loans individually evaluated for impairment. March 31, 2020 Commercial Agricultural Real Estate Consumer Total Loans individually evaluated for impairment $ 5,620 $ 1,128 $ 32,156 $ 322 $ 39,226 Loans collectively evaluated for impairment 863,830 98,454 3,217,093 420,786 4,600,163 Total $ 869,450 $ 99,582 $ 3,249,249 $ 421,108 $ 4,639,389 March 31, 2019 Commercial Agricultural Real Estate Consumer Total Loans individually evaluated for impairment $ 8,897 $ 831 $ 18,254 $ 526 $ 28,508 Loans collectively evaluated for impairment 817,989 90,505 2,665,953 386,205 3,960,652 Total $ 826,886 $ 91,336 $ 2,684,207 $ 386,731 $ 3,989,160 December 31, 2019 Commercial Agricultural Real Estate Consumer Total Loans individually evaluated for impairment $ 3,093 $ 1,376 $ 19,787 $ 326 $ 24,582 Loans collectively evaluated for impairment 853,233 102,264 2,803,585 411,305 4,170,387 Total $ 856,326 $ 103,640 $ 2,823,372 $ 411,631 $ 4,194,969 |
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 March 31, 2020 Three Months Ended March 31, 2019 Number Pre- Modification Post- Number Pre- Modification Post- Commercial 5 $ 288 $ 288 1 $ 157 $ 157 Agricultural 1 134 134 8 367 367 Real Estate — — — 4 649 649 Consumer 1 14 14 — — — Total 7 $ 436 $ 436 13 $ 1,173 $ 1,173 |
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 March 31, 2020 Three Months Ended March 31, 2019 Adjusted Extended Combined Adjusted Extended Combined Commercial $ — $ 260 $ 28 $ — $ 157 $ — Agricultural — 134 — — 102 265 Real Estate — — — — 201 448 Consumer — 14 — — — — Total $ — $ 408 $ 28 $ — $ 460 $ 713 |
Derivative Financial Instrume_2
Derivative Financial Instruments (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
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): March 31, 2020: Outstanding Notional Balance Asset Derivative Fair Value Liability Derivative Fair Value IRLCs $ 184,747 $ 296 $ — Forward mortgage-backed securities trades 198,000 — 3,200 March 31, 2019: Outstanding Notional Balance Asset Derivative Fair Value Liability Derivative Fair Value IRLCs $ 60,679 $ 1,299 $ — Forward mortgage-backed securities trades 64,500 — 301 December 31, 2019: Outstanding Notional Balance Asset Derivative Fair Value Liability Derivative Fair Value IRLCs $ 47,415 $ 886 $ — Forward mortgage-backed securities trades 78,500 — 152 |
Borrowings (Tables)
Borrowings (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Debt Disclosure [Abstract] | |
Schedule of Borrowings | Borrowings consisted of the following (dollars in thousands): March 31, December 31, 2020 2019 2019 Securities sold under agreements with customers to repurchase $ 410,146 $ 378,161 $ 375,106 Federal funds purchased 1,725 4,550 6,250 Advances from Federal Home Loan Bank of Dallas 446,000 — — Total $ 857,871 $ 382,711 $ 381,356 |
Fair Value Disclosures (Tables)
Fair Value Disclosures (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Fair Value Disclosures [Abstract] | |
Financial Assets and Financial Liabilities Measured at Fair Value on Recurring Basis | The following table summarizes the Company’s available-for-sale March 31, 2020 Level 1 Inputs Level 2 Inputs Level 3 Inputs Total Fair Value Available-for-sale U.S. Treasury securities $ 10,113 $ — $ — $ 10,113 Obligations of states and political subdivisions — 1,807,671 — 1,807,671 Corporate bonds — 220 — 220 Residential mortgage-backed securities — 1,679,980 — 1,679,980 Commercial mortgage-backed securities — 604,554 — 604,554 Other securities 4,531 — — 4,531 Total $ 14,644 $ 4,092,425 $ — $ 4,107,069 Loans held-for-sale $ — $ 39,659 $ — $ 39,659 IRLCs $ — $ 296 $ — $ 296 Forward mortgage-backed securities trades $ — $ (3,200 ) $ — $ (3,200 ) March 31, 2019 Level 1 Inputs Level 2 Inputs Level 3 Inputs Total Fair Value Available-for-sale U.S. Treasury securities $ 9,991 $ — $ — $ 9,991 Obligations of states and political subdivisions — 1,239,730 — 1,239,730 Corporate bonds — 456 — 456 Residential mortgage-backed securities — 1,516,288 — 1,516,288 Commercial mortgage-backed securities — 441,944 — 441,944 Other securities 4,403 — — 4,403 Total $ 14,394 $ 3,198,418 $ — $ 3,212,812 Loans held-for-sale $ — $ 12,007 $ — $ 12,007 IRLCs $ — $ 1,299 $ — $ 1,299 Forward mortgage-backed securities trades $ — $ (301 ) $ — $ (301 ) December 31, 2019 Level 1 Inputs Level 2 Inputs Level 3 Inputs Total Fair Value Available-for-sale U.S. Treasury securities $ 10,019 $ — $ — $ 10,019 Obligations of states and political subdivisions — 1,288,983 1,288,983 Corporate bonds — 230 — 230 Residential mortgage-backed securities — 1,608,863 — 1,608,863 Commercial mortgage-backed securities — 500,744 — 500,744 Other securities 4,478 — — 4,478 Total $ 14,497 $ 3,398,820 $ — $ 3,413,317 Loans held-for-sale $ — $ 23,076 $ — $ 23,076 IRLCs $ — $ 886 $ — $ 886 Forward mortgage-backed securities trades $ — $ (152 ) $ — $ (152 ) |
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). March 31, December 31, 2020 2019 2019 Carrying Estimated Carrying Estimated Carrying Estimated Fair Value Cash and due from banks $ 191,486 $ 191,486 $ 176,278 $ 176,278 $ 231,534 $ 231,534 Level 1 Federal Funds Sold — — 12,825 12,825 3,150 3,150 Level 1 Interest-bearing deposits in banks 76,378 76,378 197,758 197,758 47,920 47,920 Level 1 Interest-bearing time deposits in banks — — 1,458 1,458 — — Level 2 Available-for-sale 4,107,069 4,107,069 3,212,812 3,212,812 3,413,317 3,413,317 Levels 1 and 2 Loans held for investment 4,639,389 4,619,017 3,989,160 3,973,329 4,194,969 4,209,826 Level 3 Loans held for sale 42,034 41,953 14,446 14,512 28,228 28,343 Level 2 Accrued interest receivable 34,329 34,329 29,372 29,372 36,894 36,894 Level 2 Deposits with stated maturities 465,808 467,804 441,393 441,433 420,013 421,397 Level 2 Deposits with no stated maturities 6,744,658 6,744,658 5,909,348 5,909,348 6,183,793 6,183,793 Level 1 Borrowings 857,871 857,871 382,711 382,711 381,356 381,356 Level 2 Accrued interest payable 783 783 575 575 628 628 Level 2 IRLCs 296 296 1,299 1,299 886 886 Level 2 Forward mortgage-backed securities trades 3,200 3,200 301 301 152 152 Level 2 |
Acquisition (Tables)
Acquisition (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Schedule of Preliminary Estimated Fair Value Amounts Assigned to Major Asset and Liability Categories at Acquisition Date | 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 (6,275,574 shares) $ 220,273 Fair value of identifiable assets acquired: Cash and cash equivalents 61,028 Securities available-for-sale 93,967 Loans 447,702 Identifiable intangible assets 4,798 Other assets 25,215 Total identifiable assets acquired 632,710 Fair value of liabilities assumed: Deposits 548,383 Other liabilities 5,397 Total liabilities assumed 553,780 Fair value of net identifiable assets acquired 78,930 Goodwill resulting from acquisition $ 141,343 |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies - Additional Information (Detail) | Apr. 23, 2019shares | Apr. 21, 2020USD ($)shares | Mar. 31, 2020USD ($)Locationshares | Mar. 31, 2019USD ($)shares | Dec. 31, 2019USD ($)shares | Mar. 12, 2020shares | Jan. 01, 2020 | Sep. 02, 2017shares |
Equity, Class of Treasury Stock [Line Items] | ||||||||
Number of locations | Location | 78 | |||||||
Stockholders' Equity Note, Stock Split | two-for-one stock split | |||||||
Common stock, shares authorized | shares | 200,000,000 | 200,000,000 | 200,000,000 | 200,000,000 | ||||
Minimum number of shares that company is required to repurchase | shares | 0 | |||||||
Stock repurchased under authorization | shares | 0 | |||||||
Minimum number of days to consider the loans as non-accrual | 90 days | |||||||
Loans individually evaluated for impairment | $ 39,226,000 | $ 28,508,000 | $ 24,582,000 | |||||
Contractual balance | 53,284,000 | 38,336,000 | 33,949,000 | |||||
Impairment recorded | $ 0 | 0 | ||||||
Other identifiable intangible assets, amortized period (years) | 7 years | |||||||
Securities sold under agreements to repurchase maturity range (in days) | one to four days | |||||||
Interest-bearing time deposits, maturity period (in days) | 90 days or less | |||||||
Unrealized net gains in available-for-sale securities, included in accumulated other comprehensive income | $ 123,576,000 | 31,830,000 | ||||||
Minimum pension liability, included in accumulated other comprehensive income | 0 | (1,324,000) | ||||||
Stock compensation expense | $ 341,000 | 312,000 | ||||||
Treasury Stock, Shares, Acquired | shares | 0 | |||||||
Subsequent Event [Member] | ||||||||
Equity, Class of Treasury Stock [Line Items] | ||||||||
Stock repurchased under authorization | shares | 263,464 | |||||||
Treasury Stock, Shares, Acquired | shares | 263,464 | |||||||
Treasury Stock, Value, Acquired | $ 6,480,000,000 | |||||||
Purchased Credit Impaired Loans [Member] | ||||||||
Equity, Class of Treasury Stock [Line Items] | ||||||||
Loans individually evaluated for impairment | $ 7,773,000 | 859,000 | 251,000 | |||||
Contractual balance | 10,411,000 | 1,196,000 | ||||||
Officers [Member] | ||||||||
Equity, Class of Treasury Stock [Line Items] | ||||||||
Restricted stock expense | $ 450,000 | $ 340,000 | $ 345,000 | |||||
Commercial Bancshares Inc and Commercial State Bank [Member] | ||||||||
Equity, Class of Treasury Stock [Line Items] | ||||||||
Percentage of common stock acquired | 100.00% | |||||||
Maximum [Member] | ||||||||
Equity, Class of Treasury Stock [Line Items] | ||||||||
Stock repurchase program, number of shares authorized to be repurchased | shares | 4,000,000 | 2,000,000 |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies - Computation of Basic EPS to Dilutive EPS (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Earnings Per Share [Abstract] | ||
Net earnings | $ 37,232 | $ 38,252 |
Effect of stock options and stock grants, Net Earnings | 0 | 0 |
Net earnings per share, assuming dilution, Net Earnings | $ 37,232 | $ 38,252 |
Net earnings per share, basic, Weighted Average Shares | 142,118,864 | 135,494,254 |
Effect of stock options and stock grants, Weighted Average Shares | 616,344 | 792,608 |
Net earnings per share, assuming dilution, Weighted Average Shares | 142,735,208 | 136,286,862 |
Net earnings per share, basic, Per Share Amount | $ 0.26 | $ 0.28 |
Effect of stock options and stock grants, Per Share Amount | 0 | |
Net earnings per share, assuming dilution, Per Share Amount | $ 0.26 | $ 0.28 |
Interest-bearing Time Deposit_3
Interest-bearing Time Deposits in Banks and Securities - Additional Information (Detail) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020USD ($)Investment | Mar. 31, 2019USD ($) | |
Interest Bearing Time Deposits In Banks And Securities [Line Items] | ||
INTEREST-BEARING TIME DEPOSITS IN BANKS | $ 1,458 | |
Number of investment positions | Investment | 46 | |
Securities pledged as collateral | $ 2,608,731 | |
Sales of investment securities available-for-sale | 95,437 | 231 |
Gross realized gains from security sales | 2,062,000 | $ 4,000 |
Gross realized losses from security sales or calls | $ 4,000 | |
Obligations of State and Political Subdivisions [Member] | Texas [Member] | ||
Interest Bearing Time Deposits In Banks And Securities [Line Items] | ||
Percentage of securities guaranteed by Texas Permanent School Fund | 48.30% | |
Obligations of State and Political Subdivisions [Member] | Texas [Member] | Available-for-Sale Securities [Member] | Geographic Concentration Risk [Member] | ||
Interest Bearing Time Deposits In Banks And Securities [Line Items] | ||
Concentration risk, percentage | 86.82% |
Interest-bearing Time Deposit_4
Interest-bearing Time Deposits in Banks and Securities - Summary of Available-for-Sale Securities (Detail) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 | Mar. 31, 2019 |
Schedule of Available-for-sale Securities [Line Items] | |||
Available-for-Sale, Amortized Cost Basis, Total | $ 3,950,510 | $ 3,327,805 | $ 3,172,535 |
Securities available-for-sale, Gross Unrealized Holding Gains | 159,486 | 87,346 | 54,446 |
Securities available-for-sale, Gross Unrealized Holding Losses | (2,927) | (1,834) | (14,169) |
Securities available-for-sale, Estimated Fair Value | 4,107,069 | 3,413,317 | 3,212,812 |
U.S. Treasury securities [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Available-for-Sale, Amortized Cost Basis, Total | 10,039 | 9,997 | 9,977 |
Securities available-for-sale, Gross Unrealized Holding Gains | 74 | 22 | 14 |
Securities available-for-sale, Estimated Fair Value | 10,113 | 10,019 | 9,991 |
Obligations of State and Political Subdivisions [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Available-for-Sale, Amortized Cost Basis, Total | 1,731,392 | 1,231,619 | 1,196,111 |
Securities available-for-sale, Gross Unrealized Holding Gains | 78,996 | 57,764 | 44,155 |
Securities available-for-sale, Gross Unrealized Holding Losses | (2,717) | (400) | (536) |
Securities available-for-sale, Estimated Fair Value | 1,807,671 | 1,288,983 | 1,239,730 |
Corporate Bonds and Other [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Available-for-Sale, Amortized Cost Basis, Total | 4,624 | 4,643 | 4,874 |
Securities available-for-sale, Gross Unrealized Holding Gains | 133 | 65 | |
Securities available-for-sale, Gross Unrealized Holding Losses | (6) | (15) | |
Securities available-for-sale, Estimated Fair Value | 4,751 | 4,708 | 4,859 |
Residential Mortgage-Backed Securities [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Available-for-Sale, Amortized Cost Basis, Total | 1,617,341 | 1,586,872 | 1,519,004 |
Securities available-for-sale, Gross Unrealized Holding Gains | 62,659 | 23,139 | 8,506 |
Securities available-for-sale, Gross Unrealized Holding Losses | (20) | (1,148) | (11,222) |
Securities available-for-sale, Estimated Fair Value | 1,679,980 | 1,608,863 | 1,516,288 |
Commercial Mortgage-Backed Securities [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Available-for-Sale, Amortized Cost Basis, Total | 587,114 | 494,674 | 442,569 |
Securities available-for-sale, Gross Unrealized Holding Gains | 17,624 | 6,356 | 1,771 |
Securities available-for-sale, Gross Unrealized Holding Losses | (184) | (286) | (2,396) |
Securities available-for-sale, Estimated Fair Value | $ 604,554 | $ 500,744 | $ 441,944 |
Interest-bearing Time Deposit_5
Interest-bearing Time Deposits in Banks and Securities - Amortized Cost and Estimated Fair Value of Available-for-Sale Securities (Detail) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 | Mar. 31, 2019 |
Investments, Debt and Equity Securities [Abstract] | |||
Available-for-Sale, Amortized Cost Basis, Due within one year | $ 151,083 | ||
Available-for-Sale, Amortized Cost Basis, Due after one year through five years | 621,902 | ||
Available-for-Sale, Amortized Cost Basis, Due after five years through ten years | 971,325 | ||
Available-for-Sale, Amortized Cost Basis, Due after ten years | 1,745 | ||
Available-for-Sale, Amortized Cost Basis, Mortgage-backed securities | 2,204,455 | ||
Available-for-Sale, Amortized Cost Basis, Total | 3,950,510 | $ 3,327,805 | $ 3,172,535 |
Available-for-Sale, Estimated Fair Value, Due within one year | 152,516 | ||
Available-for-Sale, Estimated Fair Value, Due after one year through five years | 654,116 | ||
Available-for-Sale, Estimated Fair Value, Due after five years through ten years | 1,013,634 | ||
Available-for-Sale, Estimated Fair Value, Due after ten years | 2,269 | ||
Available-for-Sale, Estimated Fair Value, Mortgage-backed securities | 2,284,534 | ||
Securities available-for-sale, Estimated Fair Value, Total | $ 4,107,069 | $ 3,413,317 | $ 3,212,812 |
Interest-bearing Time Deposit_6
Interest-bearing Time Deposits in Banks and Securities - Continuous Unrealized-Loss Position of Available-for-Sale Securities (Detail) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 | Mar. 31, 2019 |
Schedule of Available-for-sale Securities [Line Items] | |||
Available-for-sale securities, continuous unrealized loss position Less than 12 Months, Fair Value | $ 213,670 | $ 240,351 | $ 5,280 |
Available-for-sale securities, continuous unrealized loss position Less than 12 Months, Unrealized Loss | 2,896 | 884 | 30 |
Available-for-sale securities, continuous unrealized loss position 12 Months or Longer, Fair Value | 17,794 | 139,487 | 1,211,060 |
Available-for-sale securities, continuous unrealized loss position 12 Months or Longer, Unrealized Loss | 31 | 950 | 14,139 |
Available-for-sale securities, continuous unrealized loss position, Fair Value | 231,464 | 379,838 | 1,216,340 |
Available-for-sale securities, continuous unrealized loss position, Unrealized Loss | 2,927 | 1,834 | 14,169 |
Obligations of State and Political Subdivisions [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Available-for-sale securities, continuous unrealized loss position Less than 12 Months, Fair Value | 168,725 | 65,787 | 2,807 |
Available-for-sale securities, continuous unrealized loss position Less than 12 Months, Unrealized Loss | 2,717 | 400 | 13 |
Available-for-sale securities, continuous unrealized loss position 12 Months or Longer, Fair Value | 326 | 48,068 | |
Available-for-sale securities, continuous unrealized loss position 12 Months or Longer, Unrealized Loss | 523 | ||
Available-for-sale securities, continuous unrealized loss position, Fair Value | 168,725 | 66,113 | 50,875 |
Available-for-sale securities, continuous unrealized loss position, Unrealized Loss | 2,717 | 400 | 536 |
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 | 220 | ||
Available-for-sale securities, continuous unrealized loss position Less than 12 Months, Unrealized Loss | 6 | ||
Available-for-sale securities, continuous unrealized loss position 12 Months or Longer, Fair Value | 4,873 | ||
Available-for-sale securities, continuous unrealized loss position 12 Months or Longer, Unrealized Loss | 15 | ||
Available-for-sale securities, continuous unrealized loss position, Fair Value | 220 | 4,873 | |
Available-for-sale securities, continuous unrealized loss position, Unrealized Loss | 6 | 15 | |
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 | 100,004 | 2,473 |
Available-for-sale securities, continuous unrealized loss position Less than 12 Months, Unrealized Loss | 306 | 17 | |
Available-for-sale securities, continuous unrealized loss position 12 Months or Longer, Fair Value | 8,164 | 103,983 | 854,482 |
Available-for-sale securities, continuous unrealized loss position 12 Months or Longer, Unrealized Loss | 21 | 842 | 11,205 |
Available-for-sale securities, continuous unrealized loss position, Fair Value | 8,165 | 203,987 | 856,955 |
Available-for-sale securities, continuous unrealized loss position, Unrealized Loss | 21 | 1,148 | 11,222 |
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 | 44,724 | 74,560 | |
Available-for-sale securities, continuous unrealized loss position Less than 12 Months, Unrealized Loss | 173 | 178 | |
Available-for-sale securities, continuous unrealized loss position 12 Months or Longer, Fair Value | 9,630 | 35,178 | 303,637 |
Available-for-sale securities, continuous unrealized loss position 12 Months or Longer, Unrealized Loss | 10 | 108 | 2,396 |
Available-for-sale securities, continuous unrealized loss position, Fair Value | 54,354 | 109,738 | 303,637 |
Available-for-sale securities, continuous unrealized loss position, Unrealized Loss | $ 183 | $ 286 | $ 2,396 |
Loans Held for Investment and_3
Loans Held for Investment and Allowance for Credit Losses - Loans Held-for-Investment by Class of Financing Receivables (Detail) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 | Mar. 31, 2019 |
Loans and Leases Receivable Disclosure [Line Items] | |||
Total | $ 4,639,389 | $ 4,194,969 | $ 3,989,160 |
Commercial [Member] | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total | 869,450 | 856,326 | 826,886 |
Agriculture [Member] | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total | 99,582 | 103,640 | 91,336 |
Real Estate [Member] | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total | 3,249,249 | 2,823,372 | 2,684,207 |
Consumer [Member] | |||
Loans and Leases Receivable Disclosure [Line Items] | |||
Total | $ 421,108 | $ 411,631 | $ 386,731 |
Loans Held for Investment and_4
Loans Held for Investment and Allowance for Credit Losses - Non-Accrual Loans, Loans Still Accruing and Past Due 90 Days or More and Restructured Loans (Detail) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 | Mar. 31, 2019 | |
Receivables [Abstract] | ||||
Non-accrual loans | [1] | $ 39,226 | $ 24,582 | $ 28,508 |
Loans still accruing and past due 90 days or more | 209 | 153 | 97 | |
Troubled debt restructured loans | [2] | 26 | 26 | 472 |
Total | $ 39,461 | $ 24,761 | $ 29,077 | |
[1] | Includes $7,773,000, $859,000 and $251,000 of purchased credit impaired loans as of March 31, 2020 and 2019, and December 31, 2019, respectively. | |||
[2] | Troubled debt restructured loans of $4,733,000, $4,566,000 and $4,791,000, whose interest collection, after considering economic and business conditions and collection efforts, is doubtful are included in non-accrual loans at March 31, 2020 and 2019, and December 31, 2019, respectively. |
Loans Held for Investment and_5
Loans Held for Investment and Allowance for Credit Losses - Non-Accrual Loans, Loans Still Accruing and Past Due 90 Days or More and Restructured Loans (Parenthetical) (Detail) - USD ($) | Mar. 31, 2020 | Dec. 31, 2019 | Mar. 31, 2019 | |
Loans and Leases Receivable Disclosure [Line Items] | ||||
Non-accrual loans | [1] | $ 39,226,000 | $ 24,582,000 | $ 28,508,000 |
Troubled debt restructured loans | [2] | 26,000 | 26,000 | 472,000 |
Doubtful [Member] | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Troubled debt restructured loans | 4,733,000 | 4,791,000 | 4,566,000 | |
Purchased Credit Impaired Loans [Member] | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Non-accrual loans | $ 7,773,000 | $ 251,000 | $ 859,000 | |
[1] | Includes $7,773,000, $859,000 and $251,000 of purchased credit impaired loans as of March 31, 2020 and 2019, and December 31, 2019, respectively. | |||
[2] | Troubled debt restructured loans of $4,733,000, $4,566,000 and $4,791,000, whose interest collection, after considering economic and business conditions and collection efforts, is doubtful are included in non-accrual loans at March 31, 2020 and 2019, and December 31, 2019, respectively. |
Loans Held for Investment and_6
Loans Held for Investment and Allowance for Credit Losses - Recorded Investment in Impaired Loans and Related Valuation Allowance (Detail) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 | Mar. 31, 2019 | |
Receivables [Abstract] | ||||
Recorded Investment | [1] | $ 39,226 | $ 24,582 | $ 28,508 |
Valuation Allowance | $ 3,386 | $ 3,228 | $ 4,472 | |
[1] | Includes $7,773,000, $859,000 and $251,000 of purchased credit impaired loans as of March 31, 2020 and 2019, and December 31, 2019, respectively. |
Loans Held for Investment and_7
Loans Held for Investment and Allowance for Credit Losses - Additional Information (Detail) - USD ($) | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2020 | Mar. 31, 2019 | Dec. 31, 2019 | Dec. 31, 2018 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Nonaccrual, past due 90 days or more and still accruing, restructured loans and foreclosed assets | $ 40,444,000 | $ 29,724,000 | $ 25,770,000 | |
Additional funds advanced in connection with impaired loans | 0 | |||
Interest income recognized on impaired loans | 0 | |||
Interest income recognized on impaired loans | 750,000 | |||
Allowance for loan losses | 60,440,000 | 51,585,000 | 52,499,000 | $ 51,202,000 |
Loans individually evaluated for impairment | $ 39,226,000 | $ 28,508,000 | 24,582,000 | |
Default for purposes of this disclosure is a troubled debt restructured loan | 90 days | 90 days | ||
Commitments to lend additional funds to borrowers with loan that have been modified as TDRs | $ 0 | |||
Loans held by subsidiaries subject to blanket liens | 2,717,982,000 | |||
Advances from Federal Home Loan Bank of Dallas | 446,000,000 | |||
Purchased Credit Impaired Loans [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Allowance for loan losses | 0 | $ 0 | ||
Loans individually evaluated for impairment | $ 7,773,000 | $ 859,000 | $ 251,000 |
Loans Held for Investment and_8
Loans Held for Investment and Allowance for Credit Losses - Schedule of Non-Accrual Loans (Detail) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 | Mar. 31, 2019 | |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
Non-accrual loans | [1] | $ 39,226 | $ 24,582 | $ 28,508 |
Commercial [Member] | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
Non-accrual loans | 5,620 | 3,093 | 8,897 | |
Agriculture [Member] | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
Non-accrual loans | 1,128 | 1,376 | 831 | |
Real Estate [Member] | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
Non-accrual loans | 32,156 | 19,787 | 18,254 | |
Consumer [Member] | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
Non-accrual loans | $ 322 | $ 326 | $ 526 | |
[1] | Includes $7,773,000, $859,000 and $251,000 of purchased credit impaired loans as of March 31, 2020 and 2019, and December 31, 2019, respectively. |
Loans Held for Investment and_9
Loans Held for Investment and Allowance for Credit Losses - Schedule of Impaired Loans and Related Allowance (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | Dec. 31, 2019 | |
Financing Receivable, Impaired [Line Items] | |||
Unpaid Contractual Principal Balance | $ 53,284 | $ 38,336 | $ 33,949 |
Recorded Investment With No Allowance | 11,120 | 12,779 | 8,369 |
Recorded Investment With Allowance | 28,106 | 15,729 | 16,213 |
Total Recorded Investment | 39,226 | 28,508 | 24,582 |
Related Allowance | 3,386 | 4,472 | 3,228 |
Average Recorded Investment | 44,634 | 29,996 | 27,307 |
Commercial [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Unpaid Contractual Principal Balance | 7,300 | 10,227 | 4,511 |
Recorded Investment With No Allowance | 992 | 6,129 | 630 |
Recorded Investment With Allowance | 4,628 | 2,768 | 2,463 |
Total Recorded Investment | 5,620 | 8,897 | 3,093 |
Related Allowance | 1,271 | 1,184 | 1,042 |
Average Recorded Investment | 6,409 | 9,292 | 3,488 |
Agriculture [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Unpaid Contractual Principal Balance | 1,340 | 892 | 1,603 |
Recorded Investment With No Allowance | 632 | 179 | 658 |
Recorded Investment With Allowance | 496 | 652 | 718 |
Total Recorded Investment | 1,128 | 831 | 1,376 |
Related Allowance | 98 | 130 | 235 |
Average Recorded Investment | 1,200 | 859 | 1,644 |
Real Estate [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Unpaid Contractual Principal Balance | 44,208 | 26,528 | 27,366 |
Recorded Investment With No Allowance | 9,496 | 6,444 | 7,081 |
Recorded Investment With Allowance | 22,660 | 11,810 | 12,706 |
Total Recorded Investment | 32,156 | 18,254 | 19,787 |
Related Allowance | 2,016 | 2,901 | 1,950 |
Average Recorded Investment | 36,683 | 19,268 | 21,726 |
Consumer [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Unpaid Contractual Principal Balance | 436 | 689 | 469 |
Recorded Investment With No Allowance | 0 | 27 | 0 |
Recorded Investment With Allowance | 322 | 499 | 326 |
Total Recorded Investment | 322 | 526 | 326 |
Related Allowance | 1 | 257 | 1 |
Average Recorded Investment | $ 342 | $ 577 | $ 449 |
Loans Held for Investment an_10
Loans Held for Investment and Allowance for Credit Losses - Schedule of Impaired Loans and Related Allowance (Parenthetical) (Detail) - USD ($) | Mar. 31, 2020 | Dec. 31, 2019 | Mar. 31, 2019 |
Financing Receivable, Impaired [Line Items] | |||
Recorded Investment With No Allowance | $ 11,120,000 | $ 8,369,000 | $ 12,779,000 |
Purchased Credit Impaired Loans [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Recorded Investment With No Allowance | $ 7,773,000 | $ 251,000 | $ 859,000 |
Loans Held for Investment an_11
Loans Held for Investment and Allowance for Credit Losses - Schedule of Internal Ratings of Loans (Detail) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 | Mar. 31, 2019 |
Financing Receivable, Recorded Investment [Line Items] | |||
Internal ratings of loan | $ 4,639,389 | $ 4,194,969 | $ 3,989,160 |
Commercial [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Internal ratings of loan | 869,450 | 856,326 | 826,886 |
Agriculture [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Internal ratings of loan | 99,582 | 103,640 | 91,336 |
Real Estate [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Internal ratings of loan | 3,249,249 | 2,823,372 | 2,684,207 |
Consumer [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Internal ratings of loan | 421,108 | 411,631 | 386,731 |
Pass [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Internal ratings of loan | 4,449,041 | 4,054,314 | 3,870,727 |
Pass [Member] | Commercial [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Internal ratings of loan | 831,385 | 825,775 | 787,651 |
Pass [Member] | Agriculture [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Internal ratings of loan | 92,447 | 101,614 | 87,151 |
Pass [Member] | Real Estate [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Internal ratings of loan | 3,106,100 | 2,717,227 | 2,611,139 |
Pass [Member] | Consumer [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Internal ratings of loan | 419,109 | 409,698 | 384,786 |
Special Mention [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Internal ratings of loan | 87,099 | 63,371 | 45,275 |
Special Mention [Member] | Commercial [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Internal ratings of loan | 25,390 | 20,971 | 23,182 |
Special Mention [Member] | Agriculture [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Internal ratings of loan | 5,270 | 64 | 20 |
Special Mention [Member] | Real Estate [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Internal ratings of loan | 56,114 | 42,036 | 21,827 |
Special Mention [Member] | Consumer [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Internal ratings of loan | 325 | 300 | 246 |
Substandard [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Internal ratings of loan | 103,249 | 77,284 | 73,158 |
Substandard [Member] | Commercial [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Internal ratings of loan | 12,675 | 9,580 | 16,053 |
Substandard [Member] | Agriculture [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Internal ratings of loan | 1,865 | 1,962 | 4,165 |
Substandard [Member] | Real Estate [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Internal ratings of loan | 87,035 | 64,109 | 51,241 |
Substandard [Member] | Consumer [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Internal ratings of loan | $ 1,674 | $ 1,633 | $ 1,699 |
Loans Held for Investment an_12
Loans Held for Investment and Allowance for Credit Losses - Schedule of Past Due Loans (Detail) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 | Mar. 31, 2019 |
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Past Due | $ 34,283 | $ 19,304 | $ 24,573 |
Total Current | 4,605,106 | 4,175,665 | 3,964,587 |
Total Loans | 4,639,389 | 4,194,969 | 3,989,160 |
Total 90 Days Past Due Still Accruing | 209 | 153 | 97 |
Commercial [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 5,577 | 4,536 | 5,247 |
Total Current | 863,873 | 851,790 | 821,639 |
Total Loans | 869,450 | 856,326 | 826,886 |
Total 90 Days Past Due Still Accruing | 116 | 112 | 63 |
Agriculture [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 683 | 627 | 340 |
Total Current | 98,899 | 103,013 | 90,996 |
Total Loans | 99,582 | 103,640 | 91,336 |
Real Estate [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 26,943 | 13,373 | 17,861 |
Total Current | 3,222,306 | 2,809,999 | 2,666,346 |
Total Loans | 3,249,249 | 2,823,372 | 2,684,207 |
Total 90 Days Past Due Still Accruing | 8 | ||
Consumer [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 1,080 | 768 | 1,125 |
Total Current | 420,028 | 410,863 | 385,606 |
Total Loans | 421,108 | 411,631 | 386,731 |
Total 90 Days Past Due Still Accruing | 93 | 41 | 26 |
15-59 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 32,078 | 16,902 | 21,098 |
15-59 Days Past Due [Member] | Commercial [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 4,807 | 3,257 | 4,123 |
15-59 Days Past Due [Member] | Agriculture [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 621 | 183 | 323 |
15-59 Days Past Due [Member] | Real Estate [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 25,788 | 12,890 | 15,649 |
15-59 Days Past Due [Member] | Consumer [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 862 | 572 | 1,003 |
60-89 Days Past Due [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 1,246 | 1,040 | 1,023 |
60-89 Days Past Due [Member] | Commercial [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 388 | 557 | 239 |
60-89 Days Past Due [Member] | Agriculture [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 0 | 44 | 17 |
60-89 Days Past Due [Member] | Real Estate [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 742 | 288 | 671 |
60-89 Days Past Due [Member] | Consumer [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 116 | 151 | 96 |
Greater than 90 Days [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 959 | 1,362 | 2,452 |
Greater than 90 Days [Member] | Commercial [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 382 | 722 | 885 |
Greater than 90 Days [Member] | Agriculture [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 62 | 400 | 0 |
Greater than 90 Days [Member] | Real Estate [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Past Due | 413 | 195 | 1,541 |
Greater than 90 Days [Member] | Consumer [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Past Due | $ 102 | $ 45 | $ 26 |
Loans Held for Investment an_13
Loans Held for Investment and Allowance for Credit Losses - Schedule of Allowance for Loan Losses by Portfolio Segment (Detail) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 | Mar. 31, 2019 | Dec. 31, 2018 |
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Loans individually evaluated for impairment | $ 3,386 | $ 3,228 | $ 4,472 | |
Loan collectively evaluated for impairment | 57,054 | 49,271 | 47,113 | |
Total allowance for loan losses | 60,440 | 52,499 | 51,585 | $ 51,202 |
Commercial [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Loans individually evaluated for impairment | 1,271 | 1,042 | 1,184 | |
Loan collectively evaluated for impairment | 10,502 | 11,080 | 11,291 | |
Total allowance for loan losses | 11,773 | 12,122 | 12,475 | 11,948 |
Agriculture [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Loans individually evaluated for impairment | 98 | 235 | 130 | |
Loan collectively evaluated for impairment | 2,056 | 971 | 1,300 | |
Total allowance for loan losses | 2,154 | 1,206 | 1,430 | 1,446 |
Real Estate [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Loans individually evaluated for impairment | 2,016 | 1,950 | 2,901 | |
Loan collectively evaluated for impairment | 39,240 | 32,024 | 28,986 | |
Total allowance for loan losses | 41,256 | 33,974 | 31,887 | 32,342 |
Consumer [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Loans individually evaluated for impairment | 1 | 1 | 257 | |
Loan collectively evaluated for impairment | 5,256 | 5,196 | 5,536 | |
Total allowance for loan losses | $ 5,257 | $ 5,197 | $ 5,793 | $ 5,466 |
Loans Held for Investment an_14
Loans Held for Investment and Allowance for Credit Losses - Changes in Allowance for Loan Losses (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Beginning balance | $ 52,499 | $ 51,202 |
Provision for loan losses | 9,850 | 965 |
Recoveries | 318 | 882 |
Charge-offs | (2,227) | (1,464) |
Ending balance | 60,440 | 51,585 |
Commercial [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Beginning balance | 12,122 | 11,948 |
Provision for loan losses | 794 | 196 |
Recoveries | 149,000 | 649 |
Charge-offs | (1,292) | (318) |
Ending balance | 11,773 | 12,475 |
Agriculture [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Beginning balance | 1,206 | 1,446 |
Provision for loan losses | 949 | (19) |
Recoveries | 1 | 3 |
Charge-offs | (2) | |
Ending balance | 2,154 | 1,430 |
Real Estate [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Beginning balance | 33,974 | 32,342 |
Provision for loan losses | 7,921 | 397 |
Recoveries | 76 | 89 |
Charge-offs | (715,000) | (941) |
Ending balance | 41,256 | 31,887 |
Consumer [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Beginning balance | 5,197 | 5,466 |
Provision for loan losses | 186 | 391 |
Recoveries | 92 | 141 |
Charge-offs | (218) | (205) |
Ending balance | $ 5,257 | $ 5,793 |
Loans Held for Investment an_15
Loans Held for Investment and Allowance for Credit 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 | Mar. 31, 2020 | Dec. 31, 2019 | Mar. 31, 2019 |
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Loans individually evaluated for impairment | $ 39,226 | $ 24,582 | $ 28,508 |
Loan collectively evaluated for impairment | 4,600,163 | 4,170,387 | 3,960,652 |
Total | 4,639,389 | 4,194,969 | 3,989,160 |
Commercial [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Loans individually evaluated for impairment | 5,620 | 3,093 | 8,897 |
Loan collectively evaluated for impairment | 863,830 | 853,233 | 817,989 |
Total | 869,450 | 856,326 | 826,886 |
Agriculture [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Loans individually evaluated for impairment | 1,128 | 1,376 | 831 |
Loan collectively evaluated for impairment | 98,454 | 102,264 | 90,505 |
Total | 99,582 | 103,640 | 91,336 |
Real Estate [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Loans individually evaluated for impairment | 32,156 | 19,787 | 18,254 |
Loan collectively evaluated for impairment | 3,217,093 | 2,803,585 | 2,665,953 |
Total | 3,249,249 | 2,823,372 | 2,684,207 |
Consumer [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Loans individually evaluated for impairment | 322 | 326 | 526 |
Loan collectively evaluated for impairment | 420,786 | 411,305 | 386,205 |
Total | $ 421,108 | $ 411,631 | $ 386,731 |
Loans Held for Investment an_16
Loans Held for Investment and Allowance for Credit Losses - Schedule of Loans Modified and Considered Troubled Debt Restructurings (Detail) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020USD ($)SecurityLoan | Mar. 31, 2019USD ($)SecurityLoan | |
Financing Receivable, Modifications [Line Items] | ||
Number | SecurityLoan | 7 | 13 |
Pre-Modification Recorded Investment | $ 436 | $ 1,173 |
Post-Modification Recorded Investment | $ 436 | $ 1,173 |
Commercial [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Number | SecurityLoan | 5 | 1 |
Pre-Modification Recorded Investment | $ 288 | $ 157 |
Post-Modification Recorded Investment | $ 288 | $ 157 |
Agriculture [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Number | SecurityLoan | 1 | 8 |
Pre-Modification Recorded Investment | $ 134 | $ 367 |
Post-Modification Recorded Investment | $ 134 | $ 367 |
Real Estate [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Number | SecurityLoan | 4 | |
Pre-Modification Recorded Investment | $ 649 | |
Post-Modification Recorded Investment | $ 649 | |
Consumer [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Number | SecurityLoan | 1 | |
Pre-Modification Recorded Investment | $ 14 | |
Post-Modification Recorded Investment | $ 14 |
Loans Held for Investment an_17
Loans Held for Investment and Allowance for Credit Losses - Schedule of How Loans Were Modified as Troubled Debt Restructured Loans (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Financing Receivable, Modifications [Line Items] | ||
Troubled Debt Restructured Loans | $ 436 | $ 1,173 |
Commercial [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Troubled Debt Restructured Loans | 288 | 157 |
Agriculture [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Troubled Debt Restructured Loans | 134 | 367 |
Real Estate [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Troubled Debt Restructured Loans | 649 | |
Consumer [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Troubled Debt Restructured Loans | 14 | |
Extended Maturity [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Troubled Debt Restructured Loans | 408 | 460 |
Extended Maturity [Member] | Commercial [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Troubled Debt Restructured Loans | 260 | 157 |
Extended Maturity [Member] | Agriculture [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Troubled Debt Restructured Loans | 134 | 102 |
Extended Maturity [Member] | Real Estate [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Troubled Debt Restructured Loans | 201 | |
Extended Maturity [Member] | Consumer [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Troubled Debt Restructured Loans | 14 | |
Combined Rate and Maturity [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Troubled Debt Restructured Loans | 28 | 713 |
Combined Rate and Maturity [Member] | Commercial [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Troubled Debt Restructured Loans | $ 28 | |
Combined Rate and Maturity [Member] | Agriculture [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Troubled Debt Restructured Loans | 265 | |
Combined Rate and Maturity [Member] | Real Estate [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Troubled Debt Restructured Loans | $ 448 |
Loans Held for Sale - Additiona
Loans Held for Sale - Additional Information (Detail) - USD ($) | Mar. 31, 2020 | Dec. 31, 2019 | Mar. 31, 2019 |
Loans Receivables Held For Sale Net [Abstract] | |||
Loans held for sale | $ 42,034,000 | $ 28,228,000 | $ 14,446,000 |
Loans held-for-sale at the lower of cost or fair value | $ 2,375,000 | $ 5,152,000 | $ 2,439,000 |
Derivative Financial Instrume_3
Derivative Financial Instruments - Summary of Outstanding Notional Balances and Fair Values of Outstanding Derivative Positions (Detail) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 | Mar. 31, 2019 |
IRLCs [Member] | |||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||
Outstanding Notional Balance | $ 184,747 | $ 47,415 | $ 60,679 |
Asset Derivative Fair Value | 296 | 886 | 1,299 |
Forward Mortgage-Backed Securities Trades [Member] | |||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||
Outstanding Notional Balance | 198,000 | 78,500 | 64,500 |
Liability Derivative Fair Value | $ 3,200 | $ 152 | $ 301 |
Borrowings - Schedule of Borrow
Borrowings - Schedule of Borrowings (Detail) - USD ($) | Mar. 31, 2020 | Dec. 31, 2019 | Mar. 31, 2019 |
Debt Disclosure [Abstract] | |||
Securities sold under agreements with customers to repurchase | $ 410,146,000 | $ 375,106,000 | $ 378,161,000 |
Federal funds purchased | 1,725,000 | 6,250,000 | 4,550,000 |
Advances from Federal Home Loan Bank of Dallas | 446,000,000 | ||
Total | $ 857,871,000 | $ 381,356,000 | $ 382,711,000 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Income Taxes [Line Items] | ||
Federal statutory tax rate | 21.00% | |
Income tax expense | $ 7,234 | $ 7,367 |
Effective tax rates on pre-tax income | 16.27% | 16.15% |
Stock Option Plan and Restric_2
Stock Option Plan and Restricted Stock Plan - Additional Information (Detail) - USD ($) | Jan. 28, 2020 | Oct. 22, 2019 | Jun. 26, 2019 | Apr. 23, 2019 | Oct. 23, 2018 | Apr. 24, 2018 | Oct. 24, 2017 | Oct. 25, 2016 | Mar. 31, 2020 | Mar. 31, 2019 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Fair value assumptions method used | Black-Scholes options pricing model | |||||||||
Risk-free interest rate | 1.83% | |||||||||
Expected dividend yield | 1.62% | |||||||||
Expected life | 6 years 7 months 20 days | |||||||||
Expected volatility | 26.69% | |||||||||
Weighted-average grant-date fair value of options granted | $ 7.31 | |||||||||
Stock compensation expense | $ 341,000 | $ 312,000 | ||||||||
Granted, Shares | 11,250 | 398,850 | ||||||||
Granted the period exercise price | $ 34.55 | $ 29.70 | ||||||||
Restricted Stock [Member] | Non-Employee Directors [Member] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Restricted shares granted | 434 | 21,714 | 21,420 | |||||||
Restricted shares value | $ 15,000 | $ 660,000 | $ 540,000 | |||||||
Restricted Stock [Member] | Director [Member] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Stock compensation expense | 175,000 | 135,000 | ||||||||
Restricted Stock [Member] | Officers [Member] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Restricted shares vesting period | 0 years | 0 years | 3 years | 0 years | 3 years | |||||
Restricted shares granted | 2,979 | 22,188 | 23,428 | 52,042 | 28,382 | 30,810 | ||||
Restricted shares value | $ 103,000 | $ 785,000 | $ 695,000 | $ 1,440,000 | $ 655,000 | $ 560,000 | ||||
Stock compensation expense | $ 275,000 | $ 205,000 | ||||||||
Restricted Stock [Member] | Officers [Member] | Minimum [Member] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Restricted shares vesting period | 0 years | |||||||||
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 | 12 Months Ended | ||
Mar. 31, 2020 | Mar. 31, 2019 | Dec. 31, 2019 | Dec. 31, 2018 | |
Defined Benefit Plan Disclosure [Line Items] | ||||
Contributions to the plan | $ 0 | $ 0 | ||
Defined benefit plan pension obligation retirement benefit percentage | 53.00% | |||
Defined benefit plan pension obligation, loss on settlement | $ 2,673,000 | $ 1,546,000 | ||
Net periodic benefit costs, total | $ 923,000,000 |
Fair Value Disclosures - Additi
Fair Value Disclosures - Additional Information (Detail) | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2020USD ($) | Mar. 31, 2019USD ($) | Dec. 31, 2019USD ($) | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Assets transfer between Level 2 and Level 3 | $ 0 | $ 0 | $ 0 |
Impaired loans carrying value, recorded investment with allowance | 28,106,000 | 15,729,000 | 16,213,000 |
Impaired loans valuation reserves | 3,386,000 | 4,472,000 | 3,228,000 |
Impaired loans net fair value | 24,720,000 | ||
Other real estate owned, total | $ 982,000 | $ 612,000 | $ 982,000 |
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 - Financ
Fair Value Disclosures - Financial Assets and Financial Liabilities Measured at Fair Value on Recurring Basis (Detail) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 | Mar. 31, 2019 |
Available-for-sale investment securities: | |||
Available-for-sale investment securities, Total Fair Value | $ 4,107,069 | $ 3,413,317 | $ 3,212,812 |
Loans held-for-sale | 42,034 | 28,228 | 14,446 |
U.S. Treasury Securities [Member] | |||
Available-for-sale investment securities: | |||
Available-for-sale investment securities, Total Fair Value | 10,113 | 10,019 | 9,991 |
Obligations of State and Political Subdivisions [Member] | |||
Available-for-sale investment securities: | |||
Available-for-sale investment securities, Total Fair Value | 1,807,671 | 1,288,983 | 1,239,730 |
Residential Mortgage-Backed Securities [Member] | |||
Available-for-sale investment securities: | |||
Available-for-sale investment securities, Total Fair Value | 1,679,980 | 1,608,863 | 1,516,288 |
Commercial Mortgage-Backed Securities [Member] | |||
Available-for-sale investment securities: | |||
Available-for-sale investment securities, Total Fair Value | 604,554 | 500,744 | 441,944 |
IRLCs [Member] | |||
Available-for-sale investment securities: | |||
Asset Derivative Fair Value | 296 | 886 | 1,299 |
Forward Mortgage-Backed Securities Trades [Member] | |||
Available-for-sale investment securities: | |||
Forward mortgage-backed securities trades | 3,200 | 152 | 301 |
Fair Value, Measurements, Recurring [Member] | |||
Available-for-sale investment securities: | |||
Available-for-sale investment securities, Total Fair Value | 4,107,069 | 3,413,317 | 3,212,812 |
Loans held-for-sale | 39,659 | 23,076 | 12,007 |
Fair Value, Measurements, Recurring [Member] | U.S. Treasury Securities [Member] | |||
Available-for-sale investment securities: | |||
Available-for-sale investment securities, Total Fair Value | 10,113 | 10,019 | 9,991 |
Fair Value, Measurements, Recurring [Member] | Obligations of State and Political Subdivisions [Member] | |||
Available-for-sale investment securities: | |||
Available-for-sale investment securities, Total Fair Value | 1,807,671 | 1,288,983 | 1,239,730 |
Fair Value, Measurements, Recurring [Member] | Residential Mortgage-Backed Securities [Member] | |||
Available-for-sale investment securities: | |||
Available-for-sale investment securities, Total Fair Value | 1,679,980 | 1,608,863 | 1,516,288 |
Fair Value, Measurements, Recurring [Member] | Commercial Mortgage-Backed Securities [Member] | |||
Available-for-sale investment securities: | |||
Available-for-sale investment securities, Total Fair Value | 604,554 | 500,744 | 441,944 |
Fair Value, Measurements, Recurring [Member] | IRLCs [Member] | |||
Available-for-sale investment securities: | |||
Asset Derivative Fair Value | 296 | 886 | 1,299 |
Fair Value, Measurements, Recurring [Member] | Forward Mortgage-Backed Securities Trades [Member] | |||
Available-for-sale investment securities: | |||
Forward mortgage-backed securities trades | (3,200) | (152) | (301) |
Fair Value, Measurements, Recurring [Member] | Corporate Bonds [Member] | |||
Available-for-sale investment securities: | |||
Available-for-sale investment securities, Total Fair Value | 220 | 230 | 456 |
Fair Value, Measurements, Recurring [Member] | Other Securities [Member] | |||
Available-for-sale investment securities: | |||
Available-for-sale investment securities, Total Fair Value | 4,531 | 4,478 | 4,403 |
Fair Value, Measurements, Recurring [Member] | Level 1 Inputs [Member] | |||
Available-for-sale investment securities: | |||
Available-for-sale investment securities, Total Fair Value | 14,644 | 14,497 | 14,394 |
Fair Value, Measurements, Recurring [Member] | Level 1 Inputs [Member] | U.S. Treasury Securities [Member] | |||
Available-for-sale investment securities: | |||
Available-for-sale investment securities, Total Fair Value | 10,113 | 10,019 | 9,991 |
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 | 4,531 | 4,478 | 4,403 |
Fair Value, Measurements, Recurring [Member] | Level 2 Inputs [Member] | |||
Available-for-sale investment securities: | |||
Available-for-sale investment securities, Total Fair Value | 4,092,425 | 3,398,820 | 3,198,418 |
Loans held-for-sale | 39,659 | 23,076 | 12,007 |
Fair Value, Measurements, Recurring [Member] | Level 2 Inputs [Member] | Obligations of State and Political Subdivisions [Member] | |||
Available-for-sale investment securities: | |||
Available-for-sale investment securities, Total Fair Value | 1,807,671 | 1,288,983 | 1,239,730 |
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 | 1,679,980 | 1,608,863 | 1,516,288 |
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 | 604,554 | 500,744 | 441,944 |
Fair Value, Measurements, Recurring [Member] | Level 2 Inputs [Member] | IRLCs [Member] | |||
Available-for-sale investment securities: | |||
Asset Derivative Fair Value | 296 | 886 | 1,299 |
Fair Value, Measurements, Recurring [Member] | Level 2 Inputs [Member] | Forward Mortgage-Backed Securities Trades [Member] | |||
Available-for-sale investment securities: | |||
Forward mortgage-backed securities trades | (3,200) | (152) | (301) |
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 | $ 220 | $ 230 | $ 456 |
Fair Value Disclosures - Schedu
Fair Value Disclosures - Schedule of Estimated Fair Values and Carrying Values of All Financial Instruments (Detail) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 | Mar. 31, 2019 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Cash and due from banks | $ 191,486 | $ 231,534 | $ 176,278 |
Federal funds sold | 0 | 3,150 | 12,825 |
Interest-bearing deposits in banks | 76,378 | 47,920 | 197,758 |
Interest-bearing time deposits in banks | 1,458 | ||
Available-for-sale securities | 4,107,069 | 3,413,317 | 3,212,812 |
Loans held for investment | 4,578,949 | 4,142,470 | 3,937,575 |
Loans held for sale | 42,034 | 28,228 | 14,446 |
Borrowings | 857,871 | 381,356 | 382,711 |
IRLCs [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Asset Derivative Fair Value | 296 | 886 | 1,299 |
Forward Mortgage-Backed Securities Trades [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Forward mortgage-backed securities trades | 3,200 | 152 | 301 |
Carrying Value [Member] | Level 1 Inputs [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Cash and due from banks | 191,486 | 231,534 | 176,278 |
Federal funds sold | 3,150 | 12,825 | |
Interest-bearing deposits in banks | 76,378 | 47,920 | 197,758 |
Deposits with no stated maturities | 6,744,658 | 6,183,793 | 5,909,348 |
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 | ||
Loans held for sale | 42,034 | 28,228 | 14,446 |
Accrued interest receivable | 34,329 | 36,894 | 29,372 |
Deposits with stated maturities | 465,808 | 420,013 | 441,393 |
Borrowings | 857,871 | 381,356 | 382,711 |
Accrued interest payable | 783 | 628 | 575 |
Carrying Value [Member] | Level 2 Inputs [Member] | IRLCs [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Asset Derivative Fair Value | 296 | 886 | 1,299 |
Carrying Value [Member] | Level 2 Inputs [Member] | Forward Mortgage-Backed Securities Trades [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Forward mortgage-backed securities trades | 3,200 | 152 | 301 |
Carrying Value [Member] | Levels 1 and 2 Inputs [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Available-for-sale securities | 4,107,069 | 3,413,317 | 3,212,812 |
Carrying Value [Member] | Level 3 Inputs [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Loans held for investment | 4,639,389 | 4,194,969 | 3,989,160 |
Estimated Fair Value [Member] | Level 1 Inputs [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Cash and due from banks | 191,486 | 231,534 | 176,278 |
Federal funds sold | 3,150 | 12,825 | |
Interest-bearing deposits in banks | 76,378 | 47,920 | 197,758 |
Deposits with no stated maturities | 6,744,658 | 6,183,793 | 5,909,348 |
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 | ||
Loans held for sale | 41,953 | 28,343 | 14,512 |
Accrued interest receivable | 34,329 | 36,894 | 29,372 |
Deposits with stated maturities | 467,804 | 421,397 | 441,433 |
Borrowings | 857,871 | 381,356 | 382,711 |
Accrued interest payable | 783 | 628 | 575 |
Asset Derivative Fair Value | 296 | 886 | |
Forward mortgage-backed securities trades | 3,200 | 152 | |
Estimated Fair Value [Member] | Level 2 Inputs [Member] | IRLCs [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Asset Derivative Fair Value | 1,299 | ||
Estimated Fair Value [Member] | Level 2 Inputs [Member] | Forward Mortgage-Backed Securities Trades [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Forward mortgage-backed securities trades | 301 | ||
Estimated Fair Value [Member] | Levels 1 and 2 Inputs [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Available-for-sale securities | 4,107,069 | 3,413,317 | 3,212,812 |
Estimated Fair Value [Member] | Level 3 Inputs [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Loans held for investment | $ 4,619,017 | $ 4,209,826 | $ 3,973,329 |
Acquisition - Additional Inform
Acquisition - Additional Information (Detail) - USD ($) | Jan. 02, 2020 | Sep. 19, 2019 | Mar. 31, 2020 | Dec. 31, 2019 | Mar. 31, 2019 |
Business Acquisition [Line Items] | |||||
Fair value of total loans | $ 447,702,000 | ||||
Fair value of purchased credit impaired loans | 39,226,000 | $ 24,582,000 | $ 28,508,000 | ||
Contractual amounts | 53,284,000 | $ 33,949,000 | 38,336,000 | ||
Purchased Credit Impaired Loans [Member] | |||||
Business Acquisition [Line Items] | |||||
Contractual amounts | 10,411,000 | $ 1,196,000 | |||
FBC Bancshares, Inc. and First Bank, N.A. [Member] | |||||
Business Acquisition [Line Items] | |||||
Payment for all outstanding shares of acquired entity by shares | 6,275,574 | ||||
Fair value of total loans | 447,702,000 | ||||
Total loans of contractual amounts | 455,181,000 | ||||
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 | 7,517,000 | ||||
Contractual amounts | $ 10,061,000 | ||||
Commercial Bancshares, Inc [Member] | |||||
Business Acquisition [Line Items] | |||||
Business acquisition, agreement date | Sep. 19, 2019 | ||||
Payment for all outstanding shares of acquired entity by shares | 6,275,574 | ||||
Business acquisition, special dividend | $ 1,920,000 |
Acquisition - Schedule of Amoun
Acquisition - Schedule of Amounts Recorded on Consolidated Balance Sheet on Acquisition Date (Detail) $ in Thousands | Sep. 19, 2019USD ($) |
FBC Bancshares, Inc. and First Bank, N.A. [Member] | |
Business Acquisition [Line Items] | |
Common stock issued (6,275,574 shares) | $ 220,273 |
Acquisition - Schedule of Amo_2
Acquisition - Schedule of Amounts Recorded on Consolidated Balance Sheet on Acquisition Date (Parenthetical) (Detail) | Sep. 19, 2019shares |
FBC Bancshares, Inc. and First Bank, N.A. [Member] | |
Business Acquisition [Line Items] | |
Common stock issued shares | 6,275,574 |
Acquisition - Schedule of Preli
Acquisition - Schedule of Preliminary Estimated Fair Value Amounts Assigned to Major Asset and Liability Categories at Acquisition Date (Detail) $ in Thousands | Mar. 31, 2020USD ($) |
Business Acquisition [Line Items] | |
Loans | $ 447,702 |
FBC Bancshares, Inc. and First Bank, N.A. [Member] | |
Business Acquisition [Line Items] | |
Cash and cash equivalents | 61,028 |
Securities available-for-sale | 93,967 |
Loans | 447,702 |
Identifiable intangible assets | 4,798 |
Other assets | 25,215 |
Total identifiable assets acquired | 632,710 |
Deposits | 548,383 |
Other liabilities | 5,397 |
Total liabilities assumed | 553,780 |
Fair value of net identifiable assets acquired | 78,930 |
Goodwill resulting from acquisition | $ 141,343 |