Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Jun. 30, 2015 | Jul. 31, 2015 | |
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Jun. 30, 2015 | |
Document Fiscal Year Focus | 2,015 | |
Document Fiscal Period Focus | Q2 | |
Trading Symbol | BANF | |
Entity Registrant Name | BANCFIRST CORP /OK/ | |
Entity Central Index Key | 760,498 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 15,580,827 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
ASSETS | ||
Cash and due from banks | $ 179,190 | $ 203,545 |
Interest-bearing deposits with banks | 1,638,038 | 1,710,350 |
Securities (fair value: $537,387 and $524,861, respectively) | 537,319 | 524,783 |
Loans held for sale | 13,587 | 9,433 |
Loans (net of unearned interest) | 3,858,332 | 3,851,398 |
Allowance for loan losses | (42,621) | (40,889) |
Loans, net of allowance for loan losses | 3,815,711 | 3,810,509 |
Premises and equipment, net | 120,880 | 121,341 |
Other real estate owned | 7,357 | 7,859 |
Intangible assets, net | 9,681 | 10,635 |
Goodwill | 44,594 | 44,962 |
Accrued interest receivable and other assets | 132,541 | 131,555 |
Total assets | 6,498,898 | 6,574,972 |
Deposits: | ||
Noninterest-bearing | 2,321,206 | 2,411,066 |
Interest-bearing | 3,487,015 | 3,493,638 |
Total deposits | 5,808,221 | 5,904,704 |
Short-term borrowings | 2,075 | 3,982 |
Accrued interest payable and other liabilities | 27,554 | 30,168 |
Junior subordinated debentures | 26,804 | 26,804 |
Total liabilities | $ 5,864,654 | $ 5,965,658 |
Commitments and contingent liabilities | ||
Stockholders' equity: | ||
Common stock, $1.00 par, 20,000,000 shares authorized; shares issued and outstanding: 15,562,298 and 15,504,513, respectively | $ 15,562 | $ 15,504 |
Capital surplus | 99,202 | 96,841 |
Retained earnings | 517,028 | 492,776 |
Accumulated other comprehensive income, net of income tax of $1,547, and $2,644, respectively | 2,452 | 4,193 |
Total stockholders' equity | 634,244 | 609,314 |
Total liabilities and stockholders' equity | $ 6,498,898 | $ 6,574,972 |
Senior Preferred Stock [Member] | ||
Stockholders' equity: | ||
Preferred stock, value | ||
Cumulative Preferred Stock [Member] | ||
Stockholders' equity: | ||
Preferred stock, value |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
Securities, fair value | $ 537,387 | $ 524,861 |
Common stock, par value | $ 1 | $ 1 |
Common stock, shares authorized | 20,000,000 | 20,000,000 |
Common stock, shares issued | 15,562,298 | 15,504,513 |
Common stock, shares outstanding | 15,562,298 | 15,504,513 |
Accumulated other comprehensive income, tax | $ 1,547 | $ 2,644 |
Senior Preferred Stock [Member] | ||
Preferred stock, par value | $ 1 | $ 1 |
Preferred stock, shares authorized | 10,000,000 | 10,000,000 |
Preferred stock, shares issued | 0 | 0 |
Cumulative Preferred Stock [Member] | ||
Preferred stock, par value | $ 5 | $ 5 |
Preferred stock, shares authorized | 900,000 | 900,000 |
Preferred stock, shares issued | 0 | 0 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
INTEREST INCOME | ||||
Loans, including fees | $ 46,490 | $ 45,855 | $ 92,439 | $ 88,504 |
Securities: | ||||
Taxable | 1,458 | 1,502 | 2,857 | 2,807 |
Tax-exempt | 235 | 273 | 481 | 553 |
Federal funds sold | 1 | |||
Interest-bearing deposits with banks | 1,066 | 1,096 | 2,128 | 2,190 |
Total interest income | 49,249 | 48,726 | 97,905 | 94,055 |
INTEREST EXPENSE | ||||
Deposits | 2,542 | 2,733 | 5,080 | 5,522 |
Short-term borrowings | 1 | 5 | 2 | 7 |
Long-term borrowings | 7 | 25 | ||
Junior subordinated debentures | 491 | 492 | 982 | 983 |
Total interest expense | 3,034 | 3,237 | 6,064 | 6,537 |
Net interest income | 46,215 | 45,489 | 91,841 | 87,518 |
Provision for loan losses | 1,271 | 3,129 | 2,605 | 4,347 |
Net interest income after provision for loan losses | 44,944 | 42,360 | 89,236 | 83,171 |
NONINTEREST INCOME | ||||
Trust revenue | 2,200 | 2,315 | 4,542 | 4,466 |
Service charges on deposits | 14,312 | 14,360 | 27,664 | 27,818 |
Securities transactions | 5,392 | 85 | 7,121 | 535 |
Income from sales of loans | 549 | 467 | 989 | 818 |
Insurance commissions | 3,120 | 3,262 | 7,188 | 7,228 |
Cash management | 1,886 | 1,703 | 3,705 | 3,288 |
Gain on sale of other assets | 41 | 3 | 81 | 8 |
Other | 1,215 | 1,416 | 2,721 | 3,012 |
Total noninterest income | 28,715 | 23,611 | 54,011 | 47,173 |
NONINTEREST EXPENSE | ||||
Salaries and employee benefits | 27,886 | 27,478 | 55,399 | 53,416 |
Occupancy, net | 2,700 | 2,784 | 5,535 | 5,573 |
Depreciation | 2,449 | 2,375 | 4,913 | 4,724 |
Amortization of intangible assets | 445 | 458 | 889 | 866 |
Data processing services | 1,179 | 1,185 | 2,296 | 2,355 |
Net expense from other real estate owned | (184) | (406) | 130 | 144 |
Marketing and business promotion | 1,401 | 1,661 | 3,080 | 3,377 |
Deposit insurance | 836 | 873 | 1,662 | 1,646 |
Other | 8,717 | 9,449 | 16,448 | 17,592 |
Total noninterest expense | 45,429 | 45,857 | 90,352 | 89,693 |
Income before taxes | 28,230 | 20,114 | 52,895 | 40,651 |
Income tax expense | (9,677) | (5,426) | (18,083) | (11,306) |
Net income | $ 18,553 | $ 14,688 | $ 34,812 | $ 29,345 |
NET INCOME PER COMMON SHARE | ||||
Basic | $ 1.19 | $ 0.94 | $ 2.24 | $ 1.90 |
Diluted | $ 1.17 | $ 0.92 | $ 2.20 | $ 1.86 |
OTHER COMPREHENSIVE INCOME | ||||
Unrealized gains (losses) on securities, net of tax of $261, $(618), $(439) and $(1,021), respectively | $ (417) | $ 980 | $ 694 | $ 1,045 |
Reclassification adjustment for gains included in net income, net of tax of $1,302, $14, $1,536 and $34, respectively | (2,063) | (22) | (2,435) | (54) |
Other comprehensive gain (loss), net of tax of $1,563, $(604), $1,097 and $(987), respectively | (2,480) | 958 | (1,741) | 991 |
Comprehensive income | $ 16,073 | $ 15,646 | $ 33,071 | $ 30,336 |
Consolidated Statements of Com5
Consolidated Statements of Comprehensive Income (Unaudited) (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Income Statement [Abstract] | ||||
Unrealized gains (losses) on securities, tax | $ 261 | $ (618) | $ (439) | $ (1,021) |
Reclassification adjustment for gains included in net income, tax | 1,302 | 14 | 1,536 | 34 |
Other comprehensive gain (loss), tax | $ 1,563 | $ (604) | $ 1,097 | $ (987) |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders' Equity (Unaudited) - USD ($) $ in Thousands | Total | COMMON STOCK [Member] | CAPITAL SURPLUS [Member] | RETAINED EARNINGS [Member] | ACCUMULATED OTHER COMPREHENSIVE INCOME [Member] |
Balance at beginning of period at Dec. 31, 2013 | $ 15,334 | $ 88,803 | $ 448,953 | $ 3,907 | |
Shares issued | 65 | 1,620 | |||
Net income | $ 29,345 | 29,345 | |||
Net change | 991 | 991 | |||
Tax effect of stock options | 248 | ||||
Dividends on common stock | (9,537) | ||||
Stock-based compensation arrangements | 776 | ||||
Balance at end of period at Jun. 30, 2014 | 580,505 | 15,399 | 91,447 | 468,761 | 4,898 |
Balance at beginning of period at Mar. 31, 2014 | 15,364 | 89,951 | 458,857 | 3,940 | |
Shares issued | 35 | 742 | |||
Net income | 14,688 | 14,688 | |||
Net change | 958 | 958 | |||
Tax effect of stock options | 325 | ||||
Dividends on common stock | (4,784) | ||||
Stock-based compensation arrangements | 429 | ||||
Balance at end of period at Jun. 30, 2014 | 580,505 | 15,399 | 91,447 | 468,761 | 4,898 |
Balance at beginning of period at Dec. 31, 2014 | 609,314 | 15,504 | 96,841 | 492,776 | 4,193 |
Shares issued | 58 | 1,316 | |||
Net income | 34,812 | 34,812 | |||
Net change | (1,741) | (1,741) | |||
Tax effect of stock options | 291 | ||||
Dividends on common stock | (10,560) | ||||
Stock-based compensation arrangements | 754 | ||||
Balance at end of period at Jun. 30, 2015 | 634,244 | 15,562 | 99,202 | 517,028 | 2,452 |
Balance at beginning of period at Mar. 31, 2015 | 15,512 | 97,477 | 503,758 | 4,932 | |
Shares issued | 50 | 1,080 | |||
Net income | 18,553 | 18,553 | |||
Net change | (2,480) | (2,480) | |||
Tax effect of stock options | 355 | ||||
Dividends on common stock | (5,283) | ||||
Stock-based compensation arrangements | 290 | ||||
Balance at end of period at Jun. 30, 2015 | $ 634,244 | $ 15,562 | $ 99,202 | $ 517,028 | $ 2,452 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flow (Unaudited) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2015 | Jun. 30, 2014 | |
CASH FLOWS FROM OPERATING ACTIVITIES | ||
Net income | $ 34,812 | $ 29,345 |
Adjustments to reconcile to net cash provided by operating activities: | ||
Provision for loan losses | 2,605 | 4,347 |
Depreciation and amortization | 5,802 | 5,590 |
Net amortization of securities premiums and discounts | 445 | 512 |
Realized securities gains | (7,121) | (535) |
Gain on sales of loans | (989) | (818) |
Cash receipts from the sale of loans originated for sale | 84,029 | 71,074 |
Cash disbursements for loans originated for sale | (87,635) | (73,306) |
Deferred income tax benefit | (1,464) | (2,943) |
Gain on other assets | (65) | (535) |
Increase in interest receivable | (740) | (411) |
Decrease in interest payable | (14) | (316) |
Amortization of stock-based compensation arrangements | 754 | 776 |
Other, net | 343 | (1,619) |
Net cash provided by operating activities | 30,762 | 31,161 |
INVESTING ACTIVITIES | ||
Net decrease in federal funds sold | 4,619 | |
Net cash and due from banks received from acquisitions | 174,283 | |
Purchases of available for sale securities | (30,923) | (203,890) |
Proceeds from maturities, calls and paydowns of held for investment securities | 670 | 2,689 |
Proceeds from maturities, calls and paydowns of available for sale securities | 12,979 | 163,472 |
Proceeds from sales of available for sale securities | 8,576 | 1,951 |
Net change in loans | (10,312) | (166,388) |
Purchases of premises, equipment and computer software | (4,797) | (5,783) |
Proceeds from the sale of other assets | 3,647 | 3,322 |
Net cash used in investing activities | (20,160) | (25,725) |
FINANCING ACTIVITIES | ||
Net change in deposits | (96,483) | 260 |
Net (decrease)/increase in short-term borrowings | (1,907) | 7,727 |
Paydown of long-term borrowings | (6,938) | |
Issuance of common stock, net | 1,665 | 1,933 |
Cash dividends paid | (10,544) | (9,516) |
Net cash used in financing activities | (107,269) | (6,534) |
Net decrease in cash, due from banks and interest-bearing deposits | (96,667) | (1,098) |
Cash, due from banks and interest-bearing deposits at the beginning of the period | 1,913,895 | 1,857,535 |
Cash, due from banks and interest-bearing deposits at the end of the period | 1,817,228 | 1,856,437 |
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION: | ||
Cash paid during the period for interest | 6,078 | 6,853 |
Cash paid during the period for income taxes | 17,230 | 13,770 |
Noncash investing and financing activities: | ||
Unpaid common stock dividends declared | $ 5,281 | $ 4,765 |
Description of Business and Sum
Description of Business and Summary of Significant Accounting Policies | 6 Months Ended |
Jun. 30, 2015 | |
Accounting Policies [Abstract] | |
Description of Business and Summary of Significant Accounting Policies | (1) DESCRIPTION OF BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES The accounting and reporting policies of BancFirst Corporation and its subsidiaries (the “Company”) conform to accounting principles generally accepted in the United State of America (U.S. GAAP) and general practice within the banking industry. A summary of significant accounting policies can be found in Note (1) to the Company’s Annual Report on Form 10-K for the year ended December 31, 2014. Basis of Presentation The accompanying unaudited interim consolidated financial statements include the accounts of BancFirst Corporation, Council Oak Partners, LLC, BancFirst Insurance Services, Inc. and BancFirst and its subsidiaries. The principal operating subsidiaries of BancFirst are Council Oak Investment Corporation, Council Oak Real Estate, Inc. and BancFirst Agency, Inc. All significant intercompany accounts and transactions have been eliminated. Assets held in a fiduciary or agency capacity are not assets of the Company and, accordingly, are not included in the unaudited interim consolidated financial statements. The accompanying unaudited interim consolidated financial statements and notes are presented in accordance with the instructions for Form 10-Q. The information contained in the financial statements and footnotes included in BancFirst Corporation’s Annual Report on Form 10-K for the year ended December 31, 2014, should be referred to in connection with these unaudited interim consolidated financial statements. Operating results for the interim periods disclosed herein are not necessarily indicative of the results that may be expected for a full year or any future period. The unaudited interim consolidated financial statements contained herein reflect all adjustments which are, in the opinion of management, necessary to provide a fair statement of the financial position and results of operations of the Company for the interim periods presented. All such adjustments are of a normal and recurring nature. There have been no significant changes in the accounting policies of the Company since December 31, 2014, the date of the most recent annual report. Reclassifications Certain items in prior financial statements have been reclassified to conform to the current presentation. Such reclassifications had no effect on previously reported cash flows, stockholders’ equity or comprehensive income. Use of Estimates in the Preparation of Financial Statements The preparation of financial statements in conformity with accounting principles generally accepted in the United States inherently involves the use of estimates and assumptions that affect the amounts reported in the financial statements and the related disclosures. These estimates relate principally to the determination of the allowance for loan losses, income taxes, the fair value of financial instruments and the valuation of intangibles. Such estimates and assumptions may change over time and actual amounts realized may differ from those reported. Recent Accounting Pronouncements In February 2015, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2015-02, “Consolidation (Topic 810) – Amendments to the Consolidation Analysis.” ASU 2015-02 implements changes to both the variable interest consolidation model and the voting interest consolidation model. ASU 2015-02 (i) eliminates certain criteria that must be met when determining when fees paid to a decision maker or service provider do not represent a variable interest, (ii) amends the criteria for determining whether a limited partnership is a variable interest entity and (iii) eliminates the presumption that a general partner controls a limited partnership in the voting model. The amendments are effective for annual periods, and interim reporting periods within those annual periods, beginning after December 15, 2015. Adoption of ASU 2015-02 is not expected to have a significant effect on the Company’s financial statements. In August 2014, the FASB issued ASU No. 2014-15, “Presentation of Financial Statements – Going Concern (Topic 205-40).” ASU 2014-15 provides guidance on management’s responsibility in evaluating whether there is substantial doubt about the Company’s ability to continue as a going concern and related footnote disclosures. For each reporting period, management will be required to evaluate whether there are conditions or events that raise substantial doubt about the Company’s ability to continue as a going concern within one year from the date the financial statements are issued. The amendments are effective for annual periods, and interim reporting periods within those annual periods, beginning after December 15, 2016. Early adoption is permitted. Adoption of ASU 2014-15 is not expected to have a significant effect on the Company’s financial statements. In January 2014, the FASB issued Accounting Standards Update ASU No. 2014-04, “Receivables: Reclassification of Residential Real Estate Collateralized Consumer Mortgage Loans upon Foreclosure (Topic 310-40).” ASU 2014-04 clarifies that an in-substance repossession or foreclosure occurs upon either the creditor obtaining legal title to the residential real estate property or the borrower conveying all interest in the residential real estate property to the creditor to satisfy that loan through completion of a deed in lieu of foreclosure or through a similar legal agreement. The amendments were effective for annual periods, and interim reporting periods within those annual periods, beginning after December 15, 2014. Adoption of ASU 2014-04 did not have a significant effect on the Company’s financial statements. In January 2014, the FASB issued ASU No. 2014-01, “Accounting for Investments in Affordable Housing Projects (Topic 323).” ASU 2014-01 revises the necessary criteria that need to be met in order for an entity to account for investments in affordable housing projects net of the provision for income taxes. It also changes the method of recognition from an effective amortization approach to a proportional amortization approach. Additional disclosures were also set forth in this update. The amendments were effective for annual periods, and interim reporting periods within those annual periods, beginning after December 15, 2014. The amendments were required to be applied retrospectively to all periods presented. Early adoption was permitted and adoption of the standard was optional. Adoption of ASU 2014-01 did not have a material impact on the Company's financial statements. |
Recent Developments, Including
Recent Developments, Including Mergers and Acquisitions | 6 Months Ended |
Jun. 30, 2015 | |
Recent Developments Including Mergers And Acquisitions [Abstract] | |
Recent Developments, Including Mergers and Acquisitions | (2) RECENT DEVELOPMENTS, INCLUDING MERGERS AND ACQUISITIONS In January 2015, Council Oak Investment Corporation, a wholly-owned subsidiary of BancFirst, recognized a pretax gain of approximately $1.7 million on one of its investments. In June 2015, Council Oak Partners, LLC, a wholly-owned subsidiary of the Company, recognized a pretax gain of approximately $5.3 million on one of its investments. On July 14, 2015, the Company announced it had entered into an agreement to acquire CSB Bancshares Inc. and its subsidiary bank, Bank of Commerce, with locations in Yukon, Mustang, and El Reno, Oklahoma. See Note (12) Subsequent Event. |
Securities
Securities | 6 Months Ended |
Jun. 30, 2015 | |
Investments Debt And Equity Securities [Abstract] | |
Securities | (3) SECURITIES The following table summarizes securities held for investment and securities available for sale: June 30, 2015 December 31, 2014 (Dollars in thousands) Held for investment, at cost (fair value: $7,991 and $8,671, respectively) $ 7,923 $ 8,593 Available for sale, at fair value 529,396 516,190 Total $ 537,319 $ 524,783 The following table summarizes the amortized cost and estimated fair values of securities held for investment: Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Estimated Fair Value June 30, 2015 (Dollars in thousands) Mortgage backed securities (1) $ 406 $ 26 $ — $ 432 States and political subdivisions 7,517 42 — 7,559 Total $ 7,923 $ 68 $ — $ 7,991 December 31, 2014 Mortgage backed securities (1) $ 471 $ 34 $ — $ 505 States and political subdivisions 8,122 44 — 8,166 Total $ 8,593 $ 78 $ — $ 8,671 The following table summarizes the amortized cost and estimated fair values of securities available for sale: Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Estimated Fair Value June 30, 2015 (Dollars in thousands) U.S. treasuries $ 279,414 $ 1,571 $ — $ 280,985 U.S. federal agencies 165,090 1,055 (28 ) 166,117 Mortgage backed securities (1) 23,793 526 (549 ) 23,770 States and political subdivisions 47,560 1,457 (40 ) 48,977 Other securities (2) 9,540 204 (197 ) 9,547 Total $ 525,397 $ 4,813 $ (814 ) $ 529,396 December 31, 2014 U.S. treasuries $ 248,767 $ 404 $ (178 ) $ 248,993 U.S. federal agencies 171,641 983 (175 ) 172,449 Mortgage backed securities (1) 26,441 602 (586 ) 26,457 States and political subdivisions 51,706 1,716 (49 ) 53,373 Other securities (2) 10,798 4,252 (132 ) 14,918 Total $ 509,353 $ 7,957 $ (1,120 ) $ 516,190 (1) Primarily consists of FHLMC, FNMA, GNMA and mortgage backed securities through U.S. agencies. (2) Primarily consists of equity securities. The unrealized gains decreased in 2015 primarily due to the reclassification of an unrealized gain on one investment of $3.3 million from other comprehensive income to a realized gain by Council Oak Partners, LLC, a wholly-owned subsidiary of the Company. The realized gain is reported as securities transactions within the noninterest income section of the consolidated statement of comprehensive income. The maturities of securities held for investment and available for sale are summarized in the following table using contractual maturities. Actual maturities may differ from contractual maturities due to obligations that are called or prepaid. For purposes of the maturity table, mortgage-backed securities, which are not due at a single maturity date, have been presented at their contractual maturity. June 30, 2015 December 31, 2014 Amortized Cost Estimated Fair Value Amortized Cost Estimated Fair Value (Dollars in thousands) Held for Investment Contractual maturity of debt securities: Within one year $ 1,308 $ 1,317 $ 1,451 $ 1,456 After one year but within five years 6,244 6,277 6,603 6,642 After five years but within ten years 237 249 380 396 After ten years 134 148 159 177 Total $ 7,923 $ 7,991 $ 8,593 $ 8,671 Available for Sale Contractual maturity of debt securities: Within one year $ 166,121 $ 166,327 $ 41,772 $ 41,870 After one year but within five years 256,716 259,037 350,975 352,044 After five years but within ten years 15,810 16,491 21,990 22,717 After ten years 80,657 81,449 87,252 88,132 Total debt securities 519,304 523,304 501,989 504,763 Equity securities 6,093 6,092 7,364 11,427 Total $ 525,397 $ 529,396 $ 509,353 $ 516,190 The following table is a summary of the Company’s book value of securities that were pledged as collateral for public funds on deposit, repurchase agreements and for other purposes as required or permitted by law: June 30, 2015 December 31, 2014 (Dollars Book value of pledged securities $ 463,877 $ 522,190 |
Loans and Allowance for Loan Lo
Loans and Allowance for Loan Losses | 6 Months Ended |
Jun. 30, 2015 | |
Receivables [Abstract] | |
Loans and Allowance for Loan Losses | (4) LOANS AND ALLOWANCE FOR LOAN LOSSES The following is a schedule of loans outstanding by category: June 30, 2015 December 31, 2014 Amount Percent Amount Percent (Dollars in thousands) Commercial and financial: Commercial and industrial $ 741,595 19.22 % $ 745,106 19.35 % Oil & gas production and equipment 88,488 2.29 104,940 2.72 Agriculture 117,729 3.05 132,830 3.45 State and political subdivisions: Taxable 17,884 0.46 20,431 0.53 Tax-exempt 27,687 0.72 20,952 0.54 Real estate: Construction 363,067 9.41 356,621 9.26 Farmland 148,500 3.85 149,507 3.88 One to four family residences 785,170 20.35 766,362 19.90 Multifamily residential properties 64,366 1.67 66,766 1.73 Commercial 1,200,331 31.11 1,191,477 30.94 Consumer 270,172 7.00 267,179 6.94 Other (not classified above) 33,343 0.87 29,227 0.76 Total loans $ 3,858,332 100.00 % $ 3,851,398 100.00 % The Company’s loans are mostly to customers within Oklahoma and over 65% of the loans are secured by real estate. Credit risk on loans is managed through limits on amounts loaned to individual borrowers, underwriting standards and loan monitoring procedures. The amounts and types of collateral obtained, if any, to secure loans are based upon the Company’s underwriting standards and management’s credit evaluation. Collateral varies, but may include real estate, equipment, accounts receivable, inventory, livestock and securities. The Company’s interest in collateral is secured through filing mortgages and liens, and in some cases, by possession of the collateral. Accounting policies related to appraisals, nonaccruals and charge-offs are disclosed in Note (1) to the Company’s Annual Report on Form 10-K for the year ended December 31, 2014. Nonperforming and Restructured Assets The following is a summary of nonperforming and restructured assets: June 30, December 31, 2015 2014 (Dollars in thousands) Past due 90 days or more and still accruing $ 1,311 $ 1,135 Nonaccrual 32,177 16,410 Restructured 15,702 16,515 Total nonperforming and restructured loans 49,190 34,060 Other real estate owned and repossessed assets 7,521 8,079 Total nonperforming and restructured assets $ 56,711 $ 42,139 Nonaccrual loans, accruing loans past due 90 days or more, and restructured loans are shown in the table above. Had nonaccrual loans performed in accordance with their original contractual terms, the Company would have recognized additional interest income of approximately $922,000 for the six months ended June 30, 2015 and approximately $481,000 for the six months ended June 30, 2014. Restructured loans consisted primarily of one relationship restructured to defer principal payments. The relationship was evaluated by management and determined to be well collateralized. Additionally, none of the concessions granted involved a principal reduction or a change from the current market rate of interest. The collateral value is monitored periodically to evaluate possible impairment. The Company charges interest on principal balances outstanding during deferral periods. As a result, the current and future financial effects of the recorded balance of loans considered to be restructured were not considered to be material. Loans are segregated into classes based upon the nature of the collateral and the borrower. These classes are used to estimate the credit risk component in the allowance for loan losses. The following table is a summary of amounts included in nonaccrual loans, segregated by class of loans. Residential real estate refers to one-to-four family real estate. June 30, 2015 December 31, 2014 (Dollars in thousands) Real estate: Non-residential real estate owner occupied $ 192 $ 296 Non-residential real estate other 4,937 5,126 Residential real estate permanent mortgage 777 681 Residential real estate all other 1,479 1,796 Commercial and financial: Non-consumer non-real estate 18,522 1,556 Consumer non-real estate 220 250 Other loans 1,629 1,659 Acquired loans 4,421 5,046 Total $ 32,177 $ 16,410 The following table presents an age analysis of past due loans, segregated by class of loans: Age Analysis of Past Due Loans 30-59 Days Past Due 60-89 Days Past Due 90 Days and Greater Total Past Due Loans Current Loans Total Loans Accruing Loans 90 Days or More Past Due (Dollars in thousands) As of June 30, 2015 Real estate: Non-residential real estate owner occupied $ 235 $ — $ 159 $ 394 $ 492,117 $ 492,511 $ 159 Non-residential real estate other 914 — 825 1,739 961,559 963,298 — Residential real estate permanent mortgage 865 659 487 2,011 320,538 322,549 219 Residential real estate all other 2,954 233 1,122 4,309 638,649 642,958 326 Commercial and financial: Non-consumer non-real estate 16,192 1,671 1,300 19,163 919,622 938,785 357 Consumer non-real estate 1,403 693 317 2,413 252,336 254,749 213 Other loans 891 567 485 1,943 155,372 157,315 — Acquired loans 525 676 1,472 2,673 83,494 86,167 37 Total $ 23,979 $ 4,499 $ 6,167 $ 34,645 $ 3,823,687 $ 3,858,332 $ 1,311 As of December 31, 2014 Real estate: Non-residential real estate owner occupied $ 635 $ — $ 269 $ 904 $ 482,731 $ 483,635 $ 70 Non-residential real estate other 377 317 825 1,519 952,484 954,003 — Residential real estate permanent mortgage 2,010 758 544 3,312 304,267 307,579 172 Residential real estate all other 1,820 194 1,488 3,502 633,586 637,088 387 Commercial and financial: Non-consumer non-real estate 841 71 793 1,705 965,002 966,707 24 Consumer non-real estate 1,914 711 330 2,955 244,810 247,765 215 Other loans 1,858 916 741 3,515 149,469 152,984 — Acquired loans 1,815 997 1,304 4,116 97,521 101,637 267 Total $ 11,270 $ 3,964 $ 6,294 $ 21,528 $ 3,829,870 $ 3,851,398 $ 1,135 Impaired Loans Loans are considered impaired when, based on current information and events, it is probable the Company will be unable to collect the full amount of scheduled principal and interest payments in accordance with the original contractual terms of the loan agreement. If a loan is impaired, a specific valuation allowance may be allocated if necessary so that the loan is reported, net of allowance for loss, at the present value of future cash flows using the loan’s existing rate, or the fair value of collateral if repayment is expected solely from the collateral. The following table presents impaired loans, segregated by class of loans. No material amount of interest income was recognized on impaired loans subsequent to their classification as impaired. Impaired Loans Unpaid Principal Balance Recorded Investment with Allowance Related Allowance Average Recorded Investment (Dollars in thousands) As of June 30, 2015 Real estate: Non-residential real estate owner occupied $ 467 $ 386 $ 14 $ 393 Non-residential real estate other 22,354 20,184 1,316 20,553 Residential real estate permanent mortgage 1,324 1,107 85 941 Residential real estate all other 2,122 1,889 202 2,058 Commercial and financial: Non-consumer non-real estate 19,328 18,879 4,503 6,740 Consumer non-real estate 612 597 119 536 Other loans 2,056 1,628 80 1,699 Acquired loans 8,183 5,153 — 7,120 Total $ 56,446 $ 49,823 $ 6,319 $ 40,040 As of December 31, 2014 Real estate: Non-residential real estate owner occupied $ 521 $ 448 $ 15 $ 453 Non-residential real estate other 23,154 21,164 1,364 21,522 Residential real estate permanent mortgage 1,095 880 85 1,042 Residential real estate all other 2,480 2,270 299 2,273 Commercial and financial: Non-consumer non-real estate 1,895 1,580 431 1,646 Consumer non-real estate 664 648 138 602 Other loans 2,101 1,659 228 1,512 Acquired loans 10,933 7,708 — 8,082 Total $ 42,843 $ 36,357 $ 2,560 $ 37,132 Credit Risk Monitoring and Loan Grading The Company considers various factors to monitor the credit risk in the loan portfolio including volume and severity of loan delinquencies, nonaccrual loans, internal grading of loans, historical loan loss experience and economic conditions. An internal risk grading system is used to indicate the credit risk of loans. The loan grades used by the Company are for internal risk identification purposes and do not directly correlate to regulatory classification categories or any financial reporting definitions. The general characteristics of the risk grades are disclosed in Note (5) to the Company’s Annual Report on Form 10-K for the year ended December 31, 2014. The following table presents internal loan grading by class of loans: Internal Loan Grading Grade 1 2 3 4 5 Total (Dollars in thousands) As of June 30, 2015 Real estate: Non-residential real estate owner occupied $ 407,818 $ 78,987 $ 5,455 $ 251 $ — $ 492,511 Non-residential real estate other 809,293 119,551 29,517 4,937 — 963,298 Residential real estate permanent mortgage 283,951 30,254 7,295 1,049 — 322,549 Residential real estate all other 529,071 101,307 10,608 1,972 — 642,958 Commercial and financial: Non-consumer non-real estate 773,811 133,243 13,080 18,651 — 938,785 Consumer non-real estate 239,719 12,349 2,154 524 3 254,749 Other loans 150,841 3,511 2,677 286 — 157,315 Acquired loans 41,592 30,532 9,277 4,476 290 86,167 Total $ 3,236,096 $ 509,734 $ 80,063 $ 32,146 $ 293 $ 3,858,332 As of December 31, 2014 Real estate: Non-residential real estate owner occupied $ 402,706 $ 75,555 $ 5,008 $ 366 $ — $ 483,635 Non-residential real estate other 795,209 133,542 20,126 5,126 — 954,003 Residential real estate permanent mortgage 272,411 27,855 6,369 944 — 307,579 Residential real estate all other 529,555 99,214 6,146 2,173 — 637,088 Commercial and financial: Non-consumer non-real estate 821,094 117,457 26,550 1,606 — 966,707 Consumer non-real estate 233,424 12,229 1,548 564 — 247,765 Other loans 147,758 4,261 601 173 191 152,984 Acquired loans 46,465 36,951 12,651 5,206 364 101,637 Total $ 3,248,622 $ 507,064 $ 78,999 $ 16,158 $ 555 $ 3,851,398 Allowance for Loan Losses Methodology The allowance for loan losses (“ALL”) methodology is disclosed in Note (5) to the Company’s Annual Report on Form 10-K for the year ended December 31, 2014. The following table details activity in the ALL by class of loans for the period presented. Allocation of a portion of the allowance to one category of loans does not preclude its availability to absorb losses in other categories. ALL Balance at beginning of period Charge- offs Recoveries Net charge-offs Provisions charged to operations Balance at end of period (Dollars in thousands) Three Months Ended June 30, 2015 Real estate: Non-residential real estate owner occupied $ 4,461 $ — $ — $ — $ 42 $ 4,503 Non-residential real estate other 9,898 — 1 1 (19 ) 9,880 Residential real estate permanent mortgage 2,984 (56 ) 5 (51 ) 177 3,110 Residential real estate all other 6,578 (7 ) 4 (3 ) (90 ) 6,485 Commercial and financial: Non-consumer non-real estate 13,068 (16 ) 7 (9 ) 654 13,713 Consumer non-real estate 2,327 (103 ) 40 (63 ) 235 2,499 Other loans 2,241 (50 ) — (50 ) 240 2,431 Acquired loans — (34 ) 2 (32 ) 32 — Total $ 41,557 $ (266 ) $ 59 $ (207 ) $ 1,271 $ 42,621 Six Months Ended June 30, 2015 Real estate: Non-residential real estate owner occupied $ 4,406 $ (1 ) $ 1 $ — $ 97 $ 4,503 Non-residential real estate other 9,616 — 1 1 263 9,880 Residential real estate permanent mortgage 2,948 (96 ) 14 (82 ) 244 3,110 Residential real estate all other 6,269 (75 ) 9 (66 ) 282 6,485 Commercial and financial: Non-consumer non-real estate 12,771 (169 ) 38 (131 ) 1,073 13,713 Consumer non-real estate 2,404 (230 ) 55 (175 ) 270 2,499 Other loans 2,359 (263 ) 9 (254 ) 326 2,431 Acquired loans 116 (194 ) 28 (166 ) 50 — Total $ 40,889 $ (1,028 ) $ 155 $ (873 ) $ 2,605 $ 42,621 ALL Balance at beginning of period Charge- offs Recoveries Net charge-offs Provisions charged to operations Balance at end of period (Dollars in thousands) Three Months Ended June 30, 2014 Real estate: Non-residential real estate owner occupied $ 5,012 $ (18 ) $ 34 $ 16 $ 213 $ 5,241 Non-residential real estate other 10,685 — — — 553 11,238 Residential real estate permanent mortgage 3,237 (32 ) 31 (1 ) 74 3,310 Residential real estate all other 6,485 (44 ) 10 (34 ) 364 6,815 Commercial and financial: Non-consumer non-real estate 9,703 (61 ) 16 (45 ) 2,309 11,967 Consumer non-real estate 2,573 (190 ) 46 (144 ) 216 2,645 Other loans 2,072 (188 ) 110 (78 ) (1 ) 1,993 Acquired loans 157 (148 ) 678 530 (599 ) 88 Total $ 39,924 $ (681 ) $ 925 $ 244 $ 3,129 $ 43,297 Six Months Ended June 30, 2014 Real estate: Non-residential real estate owner occupied $ 4,827 $ (22 ) $ 65 $ 43 $ 371 $ 5,241 Non-residential real estate other 11,026 — 3 3 209 11,238 Residential real estate permanent mortgage 2,825 (162 ) 41 (121 ) 606 3,310 Residential real estate all other 6,708 (93 ) 14 (79 ) 186 6,815 Commercial and financial: Non-consumer non-real estate 8,977 (131 ) 30 (101 ) 3,091 11,967 Consumer non-real estate 2,556 (331 ) 108 (223 ) 312 2,645 Other loans 1,991 (251 ) 127 (124 ) 126 1,993 Acquired loans 124 (165 ) 683 518 (554 ) 88 Total $ 39,034 $ (1,155 ) $ 1,071 $ (84 ) $ 4,347 $ 43,297 The following table details the amount of ALL by class of loans for the period presented, detailed on the basis of the impairment methodology used by the Company. ALL June 30, 2015 December 31, 2014 Individually evaluated for impairment Collectively evaluated for impairment Individually evaluated for impairment Collectively evaluated for impairment (Dollars in thousands) Real estate: Non-residential real estate owner occupied. $ 214 $ 4,289 $ 202 $ 4,204 Non-residential real estate other 1,851 8,029 1,518 8,098 Residential real estate permanent mortgage 448 2,662 407 2,541 Residential real estate all other 935 5,550 743 5,526 Commercial and financial: Non-consumer non-real estate 5,779 7,934 4,671 8,100 Consumer non-real estate 421 2,078 372 2,032 Other loans 56 2,375 214 2,145 Acquired loans — — — 116 Total $ 9,704 $ 32,917 $ 8,127 $ 32,762 The following table details the loans outstanding by class of loans for the period presented, on the basis of the impairment methodology used by the Company. Loans June 30, 2015 December 31, 2014 Individually evaluated for impairment Collectively evaluated for impairment Loans acquired with deteriorated credit quality Individually evaluated for impairment Collectively evaluated for impairment Loans acquired with deteriorated credit quality (Dollars in thousands) Real estate: Non-residential real estate owner occupied $ 5,706 $ 486,805 $ — $ 5,374 $ 478,261 $ — Non-residential real estate other 34,454 928,844 — 25,251 928,752 — Residential real estate permanent mortgage 8,344 314,205 — 7,313 300,266 — Residential real estate all other 12,580 630,378 — 8,319 628,769 — Commercial and financial: Non-consumer non-real estate 31,731 907,054 — 28,156 938,551 — Consumer non-real estate 2,682 252,067 — 2,112 245,653 — Other loans 229 157,086 — 233 152,751 — Acquired loans — 72,124 14,043 — 83,416 18,221 Total $ 95,726 $ 3,748,563 $ 14,043 $ 76,758 $ 3,756,419 $ 18,221 Transfers from Loans Transfers from loans to other real estate owned and repossessed assets are non-cash transactions, and are not included in the statements of cash flow. Transfers from loans to other real estate owned and repossessed assets during the periods presented, are summarized as follows: Six Months Ended June 30, 2015 2014 (Dollars in thousands) Other real estate owned $ 2,522 $ 525 Repossessed assets 424 722 Total $ 2,946 $ 1,247 |
Intangible Assets
Intangible Assets | 6 Months Ended |
Jun. 30, 2015 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |
Intangible Assets | (5) INTANGIBLE ASSETS The following is a summary of intangible assets: Gross Carrying Amount Accumulated Amortization Net Carrying Amount (Dollars in thousands) As of June 30, 2015 Core deposit intangibles $ 13,198 $ (6,720 ) $ 6,478 Customer relationship intangibles 5,699 (2,880 ) 2,819 Mortgage servicing intangibles 595 (211 ) 384 Total $ 19,492 $ (9,811 ) $ 9,681 As of December 31, 2014 Core deposit intangibles $ 13,198 $ (6,013 ) $ 7,185 Customer relationship intangibles 5,699 (2,699 ) 3,000 Mortgage servicing intangibles 643 (193 ) 450 Total $ 19,540 $ (8,905 ) $ 10,635 The following is a summary of goodwill by business segment: Other Executive, Metropolitan Community Financial Operations Banks Banks Services & Support Consolidated (Dollars in thousands) Balance at December 31, 2014 $ 8,078 $ 30,970 $ 5,464 $ 450 $ 44,962 Impairment — (368 ) — — (368 ) Balance at June 30, 2015 $ 8,078 $ 30,602 $ 5,464 $ 450 $ 44,594 In June 2015, the Company recorded an impairment loss of $368,000 after adopting a plan in the second quarter to close a small branch and leave a full-service ATM to serve the community. Additional information for intangible assets can be found in Note (7) to the Company’s Annual Report on Form 10-K for the year ended December 31, 2014. |
Stock-Based Compensation
Stock-Based Compensation | 6 Months Ended |
Jun. 30, 2015 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Stock-Based Compensation | (6) STOCK-BASED COMPENSATION The Company adopted a nonqualified incentive stock option plan (the “BancFirst ISOP”) in May 1986. The Company amended the BancFirst ISOP to increase the number of shares to be issued under the plan to 3,000,000 shares in May 2013. At June 30, 2015, 39,485 shares were available for future grants. The BancFirst ISOP will terminate on December 31, 2019. The options are exercisable beginning four years from the date of grant at the rate of 25% per year for four years. Options expire at the end of fifteen years from the date of grant. Options outstanding as of June 30, 2015 will become exercisable through the year 2022. The option price must be no less than 100% of the fair value of the stock relating to such option at the date of grant. In June 1999, the Company adopted the BancFirst Corporation Non-Employee Directors’ Stock Option Plan (the “BancFirst Directors’ Stock Option Plan”). Each non-employee director is granted an option for 10,000 shares. The Company amended the BancFirst Directors’ Stock Option Plan to increase the number of shares to be issued under the plan to 230,000 shares in May 2014. At June 30, 2015, 20,000 shares were available for future grants. The options are exercisable beginning one year from the date of grant at the rate of 25% per year for four years, and expire at the end of fifteen years from the date of grant. Options outstanding as of June 30, 2015 will become exercisable through the year 2018. The option price must be no less than 100% of the fair value of the stock relating to such option at the date of grant. The Company currently uses newly issued stock to satisfy stock-based exercises, but reserves the right to use treasury stock purchased under the Company’s Stock Repurchase Program (the “SRP”) in the future. The following table is a summary of the activity under both the BancFirst ISOP and the BancFirst Directors’ Stock Option Plan: Wgtd. Avg. Wgtd. Avg. Remaining Aggregate Exercise Contractual Intrinsic Options Price Term Value (Dollars in thousands, except per share data) Six Months Ended June 30, 2015 Outstanding at December 31, 2014 1,029,657 $ 36.55 Options granted 98,000 60.02 Options exercised (57,250 ) 23.64 Options canceled, forfeited, or expired (22,500 ) 37.14 Outstanding at June 30, 2015 1,047,907 39.44 8.88 Yr $ 27,260 Exercisable at June 30, 2015 475,682 31.54 5.21 Yr $ 16,131 The following table has additional information regarding options granted and options exercised under both the BancFirst ISOP and the BancFirst Directors’ Stock Option Plan: Three Months Ended June 30, Six Months Ended June 30, 2015 2014 2015 2014 (Dollars in thousands) Weighted average grant-date fair value per share of options granted $ 12.07 $ 12.33 $ 11.51 $ 12.33 Total intrinsic value of options exercised 1,892 1,301 2,129 2,046 Cash received from options exercised 1,109 776 1,353 1,642 Tax benefit realized from options exercised 731 503 823 791 The fair value of each option grant is estimated on the date of grant using the Black-Scholes option-pricing model and is based on certain assumptions including risk-free rate of return, dividend yield, stock price volatility and the expected term. The fair value of each option is expensed over its vesting period. The following table is a summary of the Company’s recorded stock-based compensation expense: Three Months Ended June 30, Six Months Ended June 30, 2015 2014 2015 2014 (Dollars in thousands) Stock-based compensation expense $ 290 $ 429 $ 754 $ 776 Tax benefit 112 166 292 300 Stock-based compensation expense, net of tax $ 178 $ 263 $ 462 $ 476 The Company will continue to amortize the remaining fair value of stock options over the remaining vesting period of approximately seven years. The following table shows the remaining fair value of stock options: June 30, 2015 (Dollars in thousands) Fair value of stock options $ 4,459 The following table shows the assumptions used for computing stock-based compensation expense under the fair value method during the periods presented: Six Months Ended June 30, 2015 2014 Risk-free interest rate 1.83 to 2.26% 2.54% Dividend yield 2.00% 2.00% Stock price volatility 18.23 to 19.22% 18.98% Expected term 10 Yrs 10 Yrs The risk-free interest rate is determined by reference to the spot zero-coupon rate for the U.S. Treasury security with a maturity similar to the expected term of the options. The dividend yield is the expected yield for the expected term. The stock price volatility is estimated from the recent historical volatility of the Company’s stock. The expected term is estimated from the historical option exercise experience. |
Stockholders' Equity
Stockholders' Equity | 6 Months Ended |
Jun. 30, 2015 | |
Equity [Abstract] | |
Stockholders' Equity | (7) STOCKHOLDERS’ EQUITY In November 1999, the Company adopted a Stock Repurchase Program (the “SRP”). The SRP may be used as a means to increase earnings per share and return on equity, to purchase treasury stock for the exercise of stock options or for distributions under the Deferred Stock Compensation Plan, to provide liquidity for optionees to dispose of stock from exercises of their stock options and to provide liquidity for stockholders wishing to sell their stock. All shares repurchased under the SRP have been retired and not held as treasury stock. The timing, price and amount of stock repurchases under the SRP may be determined by management and approved by the Company’s Executive Committee. The following table is a summary of the shares under the program: Six Months Ended June 30, 2015 2014 Number of shares repurchased — — Average price of shares repurchased — — Shares remaining to be repurchased 194,723 194,723 The Company and BancFirst are subject to risk-based capital guidelines issued by the Board of Governors of the Federal Reserve System and the Federal Deposit Insurance Corporation (“FDIC”). These guidelines are used to evaluate capital adequacy and involve both quantitative and qualitative evaluations of the Company’s and BancFirst’s assets, liabilities and certain off-balance-sheet items calculated under regulatory practices. Failure to meet the minimum capital requirements can initiate certain mandatory or discretionary actions by the regulatory agencies that could have a direct material effect on the Company’s financial statements. Management believes that as of June 30, 2015, the Company and BancFirst met all capital adequacy requirements to which they are subject. The actual and required capital amounts and ratios are shown in the following table: Required To Be Well For Capital Capitalized Under Adequacy Prompt Corrective Actual Purposes Action Provisions Amount Ratio Amount Ratio Amount Ratio (Dollars in thousands) As of June 30, 2015: Total Capital (to Risk Weighted Assets)- BancFirst Corporation $ 652,100 15.61 % $ 334,229 8.00 % N/A N/A BancFirst 598,091 14.40 % 332,259 8.00 % $ 415,324 10.00 % Common Equity Tier 1 Capital (to Risk Weighted Assets)- BancFirst Corporation $ 583,479 13.97 % $ 188,004 4.50 % N/A N/A BancFirst 535,470 12.89 % 186,896 4.50 % $ 269,960 6.50 % Tier 1 Capital (to Risk Weighted Assets)- BancFirst Corporation $ 609,479 14.59 % $ 250,672 6.00 % N/A N/A BancFirst 555,470 13.37 % 249,194 6.00 % $ 332,259 8.00 % Tier 1 Capital (to Total Assets)- BancFirst Corporation $ 609,479 9.45 % $ 259,959 4.00 % N/A N/A BancFirst 555,470 8.62 % 259,366 4.00 % $ 324,207 5.00 % As of June 30, 2015, the most recent notification from the Federal Reserve Bank of Kansas City and the FDIC categorized BancFirst as “well capitalized” under the regulatory framework from prompt corrective action. The Company’s trust preferred securities have continued to be included in Tier 1 capital as the Company’s total assets do not exceed $15 billion. There are no conditions or events since the most recent notifications of BancFirst’s capital category that management believes would materially change its category under capital requirements existing as of the report date. Basel III Capital Rules The Basel III Capital Rules were effective for the Company and BancFirst on January 1, 2015 (subject to a 4-year phase-in period). The Basel III Capital Rules, among other things, (i) introduce a new capital measure called “Common Equity Tier 1” (“CET1”), (ii) specify that Tier 1 capital consist of CET1 and “Additional Tier 1 capital” instruments meeting specified requirements, (iii) define CET1 narrowly by requiring that most deductions/adjustments to regulatory capital measures be made to CET1 and not to the other components of capital and (iv) expand the scope of the deductions/adjustments as compared to existing regulations. Implementation of the deductions and other adjustments to CET1 began on January 1, 2015 and will be phased-in over a 4-year period (beginning at 40% on January 1, 2015 and an additional 20% per year thereafter). Under the new rule, in order to avoid limitations on capital distributions, including dividend payments and certain discretionary bonus payments to executive officers, a banking organization must hold a capital conservation buffer composed of CET1 capital above its minimum risk-based capital requirements. The implementation of the capital conservation buffer will begin on January 1, 2016 at the 0.625% level and be phased in over a four-year period (increasing by that amount on each subsequent January 1, until it reaches 2.5% on January 1, 2019). Management believes that, as of June 30, 2015, the Company and BancFirst would meet all capital adequacy requirements under the Basel III Capital Rules on a fully phased-in basis as if such requirements were currently in effect. |
Net Income Per Common Share
Net Income Per Common Share | 6 Months Ended |
Jun. 30, 2015 | |
Earnings Per Share [Abstract] | |
Net Income Per Common Share | (8) NET INCOME PER COMMON SHARE Basic and diluted net income per common share are calculated as follows: Income (Numerator) Shares (Denominator) Per Share Amount (Dollars in thousands, except per share data) Three Months Ended June 30, 2015 Basic Income available to common stockholders $ 18,553 15,536,325 $ 1.19 Effect of stock options — 328,599 Diluted Income available to common stockholders plus assumed exercises of stock options $ 18,553 15,864,924 $ 1.17 Three Months Ended June 30, 2014 Basic Income available to common stockholders $ 14,688 15,468,511 $ 0.94 Effect of stock options — 363,669 Diluted Income available to common stockholders plus assumed exercises of stock options $ 14,688 15,832,180 $ 0.92 Six Months Ended June 30, 2015 Basic Income available to common stockholders $ 34,812 15,521,916 $ 2.24 Effect of stock options — 330,616 Diluted Income available to common stockholders plus assumed exercises of stock options $ 34,812 15,852,532 $ 2.20 Six Months Ended June 30, 2014 Basic Income available to common stockholders $ 29,345 15,405,847 $ 1.90 Effect of stock options — 353,942 Diluted Income available to common stockholders plus assumed exercises of stock options $ 29,345 15,759,789 $ 1.86 The following table shows the number and average exercise price of options that were excluded from the computation of diluted net income per common share for each period because the options’ exercise prices were greater than the average market price of the common shares: Shares Average Exercise Three Months Ended June 30, 2015 168,065 $ 58.14 Three Months Ended June 30, 2014 59,286 54.89 Six Months Ended June 30, 2015 148,475 $ 57.94 Six Months Ended June 30, 2014 67,155 54.15 |
Fair Value Measurements
Fair Value Measurements | 6 Months Ended |
Jun. 30, 2015 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | (9) FAIR VALUE MEASUREMENTS Accounting standards define fair value as the price that would be received to sell an asset or the price paid to transfer a liability in the principal or most advantageous market available to the entity in an orderly transaction between market participants on the measurement date. FASB ASC Topic 820 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 to the valuation methodology are quoted prices (unadjusted) for identical assets or liabilities in active markets. · Level 2 Inputs to the valuation methodology include quoted prices for similar assets and liabilities in active markets, and inputs that are observable for the asset and liability, either directly or indirectly, for substantially the full term of the financial instrument. · Level 3 Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. Level 3 assets and liabilities include financial instruments whose values are determined using pricing models, discounted cash flow methodologies, or similar techniques, as well as instruments for which the determination of fair value requires significant management judgment or estimation. This category includes certain impaired loans, foreclosed assets, other real estate, goodwill and other intangible assets. Financial Assets and Financial Liabilities Measured at Fair Value on a Recurring Basis A description of the valuation methodologies and key inputs used to measure financial assets and financial liabilities at fair value on a recurring basis, as well as the general classification of such instruments pursuant to the valuation hierarchy, is set forth below. These valuation methodologies were applied to the following categories of the Company’s financial assets and financial liabilities. Securities Available for Sale Securities classified as available for sale are reported at fair value. U.S. Treasuries are valued using Level 1 inputs. Other securities available for sale including U.S. federal agencies, registered mortgage backed securities and state and political subdivisions are valued using prices from an independent pricing service utilizing Level 2 data. The fair value measurements consider observable data that may include dealer quotes, market spreads, cash flows, the U.S. Treasury yield curve, live trading levels, trade execution data, market consensus prepayment speeds, credit information and the bond’s terms and conditions, among other things. The Company also invests in private label mortgage backed securities and equity securities classified as available for sale for which observable information is not readily available. These securities are reported at fair value utilizing Level 3 inputs. For these securities, management determines the fair value based on replacement cost, the income approach or information provided by outside consultants or lead investors. The Company reviews the prices for Level 1 and Level 2 securities supplied by the independent pricing service for reasonableness and to ensure such prices are aligned with traditional pricing matrices. In general, the Company does not purchase investment portfolio securities that are esoteric or that have complicated structures. The Company’s entire portfolio consists of traditional investments including U.S. Treasury obligations, federal agency mortgage pass-through securities, general obligation municipal bonds and a small amount of municipal revenue bonds. Pricing for such instruments is fairly generic and is easily obtained. For in-state bond issues that have relatively low issue sizes and liquidity, the Company utilizes the same parameters for pricing mentioned in the preceding paragraph adjusted for the specific issue. From time to time, the Company will validate, on a sample basis, prices supplied by the independent pricing service by comparison to prices obtained from third party sources. Derivatives Derivatives are reported at fair value utilizing Level 2 inputs. The Company obtains dealer and market quotations to value its oil and gas swaps and options. The Company utilizes dealer quotes and observable market data inputs to substantiate internal valuation models. Loans Held For Sale The Company originates mortgage loans to be sold. At the time of origination, the acquiring bank has already been determined and the terms of the loan, including interest rate, have already been set by the acquiring bank, allowing the Company to originate the loan at fair value. Mortgage loans are generally sold within 30 days of origination. Loans held for sale are valued using Level 2 inputs. Gains or losses recognized upon the sale of the loans are determined on a specific identification basis. Mortgage Servicing Intangibles The Company acquired mortgage servicing intangibles with the acquisition of 1 st The following table summarizes financial assets and financial liabilities measured at fair value on a recurring basis as of the periods presented, segregated by the level of the valuation inputs within the fair value hierarchy utilized to measure fair value: Level 1 Inputs Level 2 Inputs Level 3 Inputs Total Fair Value (Dollars in thousands) June 30, 2015 Securities available for sale: U.S. Treasury $ 280,985 $ — $ — $ 280,985 U.S. federal agencies — 166,117 — 166,117 Mortgage-backed securities — 8,313 15,457 23,770 States and political subdivisions — 48,977 — 48,977 Other securities — 3,455 6,092 9,547 Derivative assets — 2,903 — 2,903 Derivative liabilities — 1,602 — 1,602 Loans held for sale — 13,587 — 13,587 Mortgage servicing intangibles — — 384 384 December 31, 2014 Securities available for sale: U.S. Treasury $ 248,993 $ — $ — $ 248,993 U.S. federal agencies — 172,449 — 172,449 Mortgage-backed securities — 9,425 17,032 26,457 States and political subdivisions — 53,373 — 53,373 Other securities — 3,491 11,427 14,918 Derivative assets — 6,124 — 6,124 Derivative liabilities — 4,756 — 4,756 Loans held for sale — 9,433 — 9,433 Mortgage servicing intangibles — — 450 450 The changes in Level 3 assets measured at estimated fair value on a recurring basis during the periods presented were as follows: Six Months Ended June 30 2015 2014 (Dollars in thousands) Balance at the beginning of the year $ 28,909 $ 32,002 Purchases, issuances and settlements (1,409 ) (2,287 ) Sales (8,593 ) (499 ) Gains included in earnings 7,055 382 Total unrealized losses (4,029 ) 732 Balance at the end of the period $ 21,933 $ 30,330 The Company’s policy is to recognize transfers in and transfers out of Levels 1, 2 and 3 as of the end of the reporting period. During the six months ended June 30, 2015 and 2014, the Company did not transfer any securities between levels in the fair value hierarchy. Financial Assets and Financial Liabilities Measured at Fair Value on a Nonrecurring Basis 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). These financial assets and financial liabilities are reported at fair value utilizing Level 3 inputs. Impaired loans are reported at the fair value of the underlying collateral if repayment is dependent on liquidation of the collateral. In no case does the fair value of an impaired loan exceed the fair value of the underlying collateral. The impaired loans are adjusted to fair value through a specific allocation of the allowance for loan losses or a direct charge-down of the loan. Foreclosed assets, upon initial recognition, are measured and adjusted to fair value through a charge-off to the allowance for possible loan losses based upon the fair value of the foreclosed asset. Other real estate owned is revalued at fair value subsequent to initial recognition, with any losses recognized in net expense from other real estate owned. The following table summarizes assets measured at fair value on a nonrecurring basis and the related losses recognized during the period: Total Fair Value Level 3 Losses (Dollars in thousands) As of and for the Year-to-date Period Ended June 30, 2015 Impaired loans (less specific allowance) $ 43,504 $ — Foreclosed assets 164 — Other real estate owned 7,357 27 As of and for the Year-to-date Period Ended December 31, 2014 Impaired loans (less specific allowance) $ 33,797 $ — Foreclosed assets 220 — Other real estate owned 7,859 730 Estimated Fair Value of Financial Instruments The Company is required under current authoritative accounting guidance to disclose the estimated fair value of their financial instruments that are not recorded at fair value. For the Company, as for most financial institutions, substantially all of its assets and liabilities are considered financial instruments. A financial instrument is defined as cash, evidence of an ownership interest in an entity or a contract that creates a contractual obligation or right to deliver or receive cash or another financial instrument from a second entity. The following methods and assumptions were used to estimate the fair value of each class of financial instruments: Cash and Cash Equivalents Include: Cash and Due from Banks; Federal Funds Sold and Interest-Bearing Deposits The carrying amount of these short-term instruments is a reasonable estimate of fair value. Securities Held for Investment For securities held for investment, which are generally traded in secondary markets, fair values are based on quoted market prices or dealer quotes, if available. If a quoted market price is not available, fair value is estimated using quoted market prices for similar securities making adjustments for credit or liquidity if applicable. Loans For certain homogeneous categories of loans, such as some residential mortgages, fair values are estimated using the quoted market prices for securities backed by similar loans, adjusted for differences in loan characteristics. The fair values of other types of loans are estimated by discounting the future cash flows using the current rates at which similar loans would be made to borrowers with similar credit ratings and for the same remaining maturities. Deposits The fair values of transaction and savings accounts are the amounts payable on demand at the reporting date. The fair values of fixed-maturity certificates of deposit are estimated using the rates currently offered for deposits of similar remaining maturities. Short-term Borrowings The amounts payable on these short-term instruments are reasonable estimates of fair value. Long-term Borrowings The fair values of fixed-rate long-term borrowings are estimated using the rates that would be charged for borrowings of similar remaining maturities. Junior Subordinated Debentures The fair values of junior subordinated debentures are estimated using the rates that would be charged for junior subordinated debentures of similar remaining maturities. Loan Commitments and Letters of Credit The fair values of commitments are estimated using the fees currently charged to enter into similar agreements, taking into account the terms of the agreements. The fair values of letters of credit are based on fees currently charged for similar agreements. The estimated fair values of the Company’s financial instruments that are reported at amortized cost in the Company’s consolidated balance sheets, segregated by the level of valuation inputs within the fair value hierarchy utilized to measure fair value, are as follows: June 30, December 31, 2015 2014 Carrying Amount Fair Value Carrying Amount Fair Value (Dollars in thousands) FINANCIAL ASSETS Level 2 inputs: Cash and cash equivalents $ 1,817,228 $ 1,817,228 $ 1,913,895 $ 1,913,895 Securities held for investment 7,923 7,991 8,593 8,671 Level 3 inputs: Loans, net of allowance for loan losses 3,815,711 3,853,964 3,810,509 3,847,791 FINANCIAL LIABILITIES Level 2 inputs: Deposits 5,808,221 5,131,120 5,904,704 5,945,502 Short-term borrowings 2,075 2,075 3,982 3,982 Junior subordinated debentures 26,804 29,806 26,804 31,200 OFF-BALANCE SHEET FINANCIAL INSTRUMENTS Loan commitments 1,666 1,640 Letters of credit 485 478 Non-financial Assets and Non-financial Liabilities Measured at Fair Value The Company has no non-financial assets or non-financial liabilities measured at fair value on a recurring basis. Certain non-financial assets and non-financial liabilities measured at fair value on a nonrecurring basis include intangible assets (excluding mortgage service rights, which are valued semi-annually) and other non-financial long-lived assets measured at fair value and adjusted for impairment. These items are evaluated at least annually for impairment. The overall levels of non-financial assets and non-financial liabilities measured at fair value on a nonrecurring basis were not considered to be significant to the Company at June 30, 2015 or December 31, 2014. |
Derivative Financial Instrument
Derivative Financial Instruments | 6 Months Ended |
Jun. 30, 2015 | |
Derivative Instruments And Hedging Activities Disclosure [Abstract] | |
Derivative Financial Instruments | (10) DERIVATIVE FINANCIAL INSTRUMENTS The Company enters into oil and gas swaps and options contracts to accommodate the business needs of its customers. Upon the origination of an oil or gas swap or option contract with a customer, the Company simultaneously enters into an offsetting contract with a counterparty to mitigate the exposure to fluctuations in oil and gas prices. These derivatives are not designated as hedged instruments and are recorded on the Company’s consolidated balance sheet at fair value. The Company utilizes dealer quotations and observable market data inputs to substantiate internal valuation models. The notional amounts and estimated fair values of oil and gas derivative positions outstanding are presented in the following table: June 30, 2015 December 31, 2014 Oil and Natural Gas Swaps and Options Notional Units Notional Amount Estimated Fair Value Notional Amount Estimated Fair Value (Notional amounts and dollars in thousands) Oil Derivative assets Barrels 216 $ 1,768 312 $ 4,629 Derivative liabilities Barrels (216 ) (1,426 ) (312 ) (4,271 ) Natural Gas Derivative assets MMBTUs 5,525 1,135 2,010 1,495 Derivative liabilities MMBTUs (5,525 ) (176 ) (2,010 ) (485 ) Total Fair Value Included in Derivative assets Other assets 2,903 6,124 Derivative liabilities Other liabilities (1,602 ) (4,756 ) The following table is a summary of the Company’s recognized income related to the activity, which was included in other noninterest income: Three Months Ended June 30, Six Months Ended June 30, 2015 2014 2015 2014 (Dollars in thousands) Derivative income $ 37 $ 149 $ 192 $ 298 The Company’s credit exposure on oil and gas swaps and options varies based on the current market prices of oil and natural gas. Other than credit risk, changes in the fair value of customer positions will be offset by equal and opposite changes in the counterparty positions. The net positive fair value of the contracts is the profit derived from the activity and is unaffected by market price movements. The Company’s share of total profit is approximately 35%. Customer credit exposure is managed by strict position limits and is primarily offset by first liens on production while the remainder is offset by cash. Counterparty credit exposure is managed by selecting highly rated counterparties (rated A- or better by Standard and Poor’s) and monitoring market information. The following table is a summary of the Company’s net credit exposure relating to oil and gas swaps and options with bank counterparties: June 30, 2015 December 31, 2014 (Dollars in Credit exposure $ 1,503 $ 4,028 Balance Sheet Offsetting Derivatives may be eligible for offset in the consolidated balance sheet and/or subject to master netting arrangements. The Company’s derivative transactions with upstream financial institution counterparties and bank customers are generally executed under International Swaps and Derivative Association (“ISDA”) master agreements which include “right of set-off” provisions. In such cases there is generally a legally enforceable right to offset recognized amounts and there may be an intention to settle such amounts on a net basis. Nonetheless, the Company does not generally offset such financial instruments for financial reporting purposes. |
Segment Information
Segment Information | 6 Months Ended |
Jun. 30, 2015 | |
Segment Reporting [Abstract] | |
Segment Information | (11) SEGMENT INFORMATION The Company evaluates its performance with an internal profitability measurement system that measures the profitability of its business units on a pre-tax basis. The four principal business units are metropolitan banks, community banks, other financial services and executive, operations and support. Metropolitan and community banks offer traditional banking products such as commercial and retail lending and a full line of deposit accounts. Metropolitan banks consist of banking locations in the metropolitan Oklahoma City and Tulsa areas. Community banks consist of banking locations in communities throughout Oklahoma. Other financial services are specialty product business units including guaranteed small business lending, residential mortgage lending, trust services, securities brokerage, electronic banking and insurance. The executive, operations and support groups represent executive management, operational support and corporate functions that are not allocated to the other business units. The results of operations and selected financial information for the four business units are as follows: Metropolitan Banks Community Banks Other Financial Services Executive, Operations & Support Eliminations Consolidated (Dollars in thousands) Three Months Ended June 30, 2015 Net interest income (expense) $ 15,325 $ 29,444 $ 1,900 $ (454 ) $ — $ 46,215 Noninterest income 3,533 12,990 11,387 21,326 (20,521 ) 28,715 Income before taxes 9,800 17,400 6,910 14,604 (20,484 ) 28,230 Three Months Ended June 30, 2014 Net interest income (expense) $ 15,372 $ 28,955 $ 1,568 $ (406 ) $ — $ 45,489 Noninterest income 3,463 12,973 6,329 15,919 (15,073 ) 23,611 Income before taxes 7,484 17,692 2,292 7,680 (15,034 ) 20,114 Six Months Ended June 30, 2015 Net interest income (expense) $ 30,725 $ 58,499 $ 3,518 $ (901 ) $ — $ 91,841 Noninterest income 6,990 25,316 20,114 38,618 (37,027 ) 54,011 Income before taxes 19,689 33,807 11,917 24,408 (36,926 ) 52,895 Six Months Ended June 30, 2014 Net interest income (expense) $ 29,159 $ 56,196 $ 2,944 $ (781 ) $ — $ 87,518 Noninterest income 6,876 25,239 13,385 31,874 (30,201 ) 47,173 Income before taxes 15,274 32,769 5,358 17,359 (30,109 ) 40,651 Total Assets: June 30, 2015 $ 2,262,905 $ 4,093,820 $ 170,089 $ 667,250 $ (695,166 ) $ 6,498,898 December 31, 2014 2,298,828 4,113,783 145,814 679,194 (662,647 ) 6,574,972 The financial information for each business unit is presented on the basis used internally by management to evaluate performance and allocate resources. The Company utilizes a transfer pricing system to allocate the benefit or cost of funds provided or used by the various business units. Certain services provided by the support group to other business units, such as item processing, are allocated at rates approximating the cost of providing the services. Eliminations are adjustments to consolidate the business units and companies. Capital expenditures are generally charged to the business unit using the asset. |
Subsequent Event
Subsequent Event | 6 Months Ended |
Jun. 30, 2015 | |
Subsequent Events [Abstract] | |
Subsequent Event | (12) SUBSEQUENT EVENT On July 14, 2015, the Company announced it had entered into an agreement to acquire CSB Bancshares Inc. and its subsidiary bank, Bank of Commerce, with locations in Yukon, Mustang, and El Reno, Oklahoma. Bank of Commerce has approximately $202 million in total assets, $139 million in loans, $180 million in deposits, and $21 million in equity capital. The transaction is scheduled to be completed during October 2015, and is subject to regulatory approval. The bank will operate under its present name until it is merged into BancFirst, which is expected to be during the fourth quarter of 2015. The acquisition will not have a material effect on the Company’s consolidated financial statements. |
Description of Business and S20
Description of Business and Summary of Significant Accounting Policies (Policies) | 6 Months Ended |
Jun. 30, 2015 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation The accompanying unaudited interim consolidated financial statements include the accounts of BancFirst Corporation, Council Oak Partners, LLC, BancFirst Insurance Services, Inc. and BancFirst and its subsidiaries. The principal operating subsidiaries of BancFirst are Council Oak Investment Corporation, Council Oak Real Estate, Inc. and BancFirst Agency, Inc. All significant intercompany accounts and transactions have been eliminated. Assets held in a fiduciary or agency capacity are not assets of the Company and, accordingly, are not included in the unaudited interim consolidated financial statements. The accompanying unaudited interim consolidated financial statements and notes are presented in accordance with the instructions for Form 10-Q. The information contained in the financial statements and footnotes included in BancFirst Corporation’s Annual Report on Form 10-K for the year ended December 31, 2014, should be referred to in connection with these unaudited interim consolidated financial statements. Operating results for the interim periods disclosed herein are not necessarily indicative of the results that may be expected for a full year or any future period. The unaudited interim consolidated financial statements contained herein reflect all adjustments which are, in the opinion of management, necessary to provide a fair statement of the financial position and results of operations of the Company for the interim periods presented. All such adjustments are of a normal and recurring nature. There have been no significant changes in the accounting policies of the Company since December 31, 2014, the date of the most recent annual report. |
Reclassifications | Reclassifications Certain items in prior financial statements have been reclassified to conform to the current presentation. Such reclassifications had no effect on previously reported cash flows, stockholders’ equity or comprehensive income. |
Use of Estimates in the Preparation of Financial Statements | Use of Estimates in the Preparation of Financial Statements The preparation of financial statements in conformity with accounting principles generally accepted in the United States inherently involves the use of estimates and assumptions that affect the amounts reported in the financial statements and the related disclosures. These estimates relate principally to the determination of the allowance for loan losses, income taxes, the fair value of financial instruments and the valuation of intangibles. Such estimates and assumptions may change over time and actual amounts realized may differ from those reported. |
Recent Accounting Pronouncements | Recent Accounting Pronouncements In February 2015, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2015-02, “Consolidation (Topic 810) – Amendments to the Consolidation Analysis.” ASU 2015-02 implements changes to both the variable interest consolidation model and the voting interest consolidation model. ASU 2015-02 (i) eliminates certain criteria that must be met when determining when fees paid to a decision maker or service provider do not represent a variable interest, (ii) amends the criteria for determining whether a limited partnership is a variable interest entity and (iii) eliminates the presumption that a general partner controls a limited partnership in the voting model. The amendments are effective for annual periods, and interim reporting periods within those annual periods, beginning after December 15, 2015. Adoption of ASU 2015-02 is not expected to have a significant effect on the Company’s financial statements. In August 2014, the FASB issued ASU No. 2014-15, “Presentation of Financial Statements – Going Concern (Topic 205-40).” ASU 2014-15 provides guidance on management’s responsibility in evaluating whether there is substantial doubt about the Company’s ability to continue as a going concern and related footnote disclosures. For each reporting period, management will be required to evaluate whether there are conditions or events that raise substantial doubt about the Company’s ability to continue as a going concern within one year from the date the financial statements are issued. The amendments are effective for annual periods, and interim reporting periods within those annual periods, beginning after December 15, 2016. Early adoption is permitted. Adoption of ASU 2014-15 is not expected to have a significant effect on the Company’s financial statements. In January 2014, the FASB issued Accounting Standards Update ASU No. 2014-04, “Receivables: Reclassification of Residential Real Estate Collateralized Consumer Mortgage Loans upon Foreclosure (Topic 310-40).” ASU 2014-04 clarifies that an in-substance repossession or foreclosure occurs upon either the creditor obtaining legal title to the residential real estate property or the borrower conveying all interest in the residential real estate property to the creditor to satisfy that loan through completion of a deed in lieu of foreclosure or through a similar legal agreement. The amendments were effective for annual periods, and interim reporting periods within those annual periods, beginning after December 15, 2014. Adoption of ASU 2014-04 did not have a significant effect on the Company’s financial statements. In January 2014, the FASB issued ASU No. 2014-01, “Accounting for Investments in Affordable Housing Projects (Topic 323).” ASU 2014-01 revises the necessary criteria that need to be met in order for an entity to account for investments in affordable housing projects net of the provision for income taxes. It also changes the method of recognition from an effective amortization approach to a proportional amortization approach. Additional disclosures were also set forth in this update. The amendments were effective for annual periods, and interim reporting periods within those annual periods, beginning after December 15, 2014. The amendments were required to be applied retrospectively to all periods presented. Early adoption was permitted and adoption of the standard was optional. Adoption of ASU 2014-01 did not have a material impact on the Company's financial statements. |
Securities (Tables)
Securities (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Investments Debt And Equity Securities [Abstract] | |
Summary of Securities Held for Investment and Securities Available for Sale | The following table summarizes securities held for investment and securities available for sale: June 30, 2015 December 31, 2014 (Dollars in thousands) Held for investment, at cost (fair value: $7,991 and $8,671, respectively) $ 7,923 $ 8,593 Available for sale, at fair value 529,396 516,190 Total $ 537,319 $ 524,783 |
Summary of Amortized Cost and Estimated Fair Values of Securities Held for Investment | The following table summarizes the amortized cost and estimated fair values of securities held for investment: Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Estimated Fair Value June 30, 2015 (Dollars in thousands) Mortgage backed securities (1) $ 406 $ 26 $ — $ 432 States and political subdivisions 7,517 42 — 7,559 Total $ 7,923 $ 68 $ — $ 7,991 December 31, 2014 Mortgage backed securities (1) $ 471 $ 34 $ — $ 505 States and political subdivisions 8,122 44 — 8,166 Total $ 8,593 $ 78 $ — $ 8,671 |
Summary of Amortized Cost and Estimated Fair Values of Securities Available for Sale | The following table summarizes the amortized cost and estimated fair values of securities available for sale: Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Estimated Fair Value June 30, 2015 (Dollars in thousands) U.S. treasuries $ 279,414 $ 1,571 $ — $ 280,985 U.S. federal agencies 165,090 1,055 (28 ) 166,117 Mortgage backed securities (1) 23,793 526 (549 ) 23,770 States and political subdivisions 47,560 1,457 (40 ) 48,977 Other securities (2) 9,540 204 (197 ) 9,547 Total $ 525,397 $ 4,813 $ (814 ) $ 529,396 December 31, 2014 U.S. treasuries $ 248,767 $ 404 $ (178 ) $ 248,993 U.S. federal agencies 171,641 983 (175 ) 172,449 Mortgage backed securities (1) 26,441 602 (586 ) 26,457 States and political subdivisions 51,706 1,716 (49 ) 53,373 Other securities (2) 10,798 4,252 (132 ) 14,918 Total $ 509,353 $ 7,957 $ (1,120 ) $ 516,190 (1) Primarily consists of FHLMC, FNMA, GNMA and mortgage backed securities through U.S. agencies. (2) Primarily consists of equity securities. |
Maturity of Securities | The maturities of securities held for investment and available for sale are summarized in the following table using contractual maturities. Actual maturities may differ from contractual maturities due to obligations that are called or prepaid. For purposes of the maturity table, mortgage-backed securities, which are not due at a single maturity date, have been presented at their contractual maturity. June 30, 2015 December 31, 2014 Amortized Cost Estimated Fair Value Amortized Cost Estimated Fair Value (Dollars in thousands) Held for Investment Contractual maturity of debt securities: Within one year $ 1,308 $ 1,317 $ 1,451 $ 1,456 After one year but within five years 6,244 6,277 6,603 6,642 After five years but within ten years 237 249 380 396 After ten years 134 148 159 177 Total $ 7,923 $ 7,991 $ 8,593 $ 8,671 Available for Sale Contractual maturity of debt securities: Within one year $ 166,121 $ 166,327 $ 41,772 $ 41,870 After one year but within five years 256,716 259,037 350,975 352,044 After five years but within ten years 15,810 16,491 21,990 22,717 After ten years 80,657 81,449 87,252 88,132 Total debt securities 519,304 523,304 501,989 504,763 Equity securities 6,093 6,092 7,364 11,427 Total $ 525,397 $ 529,396 $ 509,353 $ 516,190 |
Company's Book Value of Pledged Securities | The following table is a summary of the Company’s book value of securities that were pledged as collateral for public funds on deposit, repurchase agreements and for other purposes as required or permitted by law: June 30, 2015 December 31, 2014 (Dollars Book value of pledged securities $ 463,877 $ 522,190 |
Loans and Allowance for Loan 22
Loans and Allowance for Loan Losses (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Receivables [Abstract] | |
Schedule of Loans Outstanding by Category | The following is a schedule of loans outstanding by category: June 30, 2015 December 31, 2014 Amount Percent Amount Percent (Dollars in thousands) Commercial and financial: Commercial and industrial $ 741,595 19.22 % $ 745,106 19.35 % Oil & gas production and equipment 88,488 2.29 104,940 2.72 Agriculture 117,729 3.05 132,830 3.45 State and political subdivisions: Taxable 17,884 0.46 20,431 0.53 Tax-exempt 27,687 0.72 20,952 0.54 Real estate: Construction 363,067 9.41 356,621 9.26 Farmland 148,500 3.85 149,507 3.88 One to four family residences 785,170 20.35 766,362 19.90 Multifamily residential properties 64,366 1.67 66,766 1.73 Commercial 1,200,331 31.11 1,191,477 30.94 Consumer 270,172 7.00 267,179 6.94 Other (not classified above) 33,343 0.87 29,227 0.76 Total loans $ 3,858,332 100.00 % $ 3,851,398 100.00 % |
Summary of Nonperforming and Restructured Assets | The following is a summary of nonperforming and restructured assets: June 30, December 31, 2015 2014 (Dollars in thousands) Past due 90 days or more and still accruing $ 1,311 $ 1,135 Nonaccrual 32,177 16,410 Restructured 15,702 16,515 Total nonperforming and restructured loans 49,190 34,060 Other real estate owned and repossessed assets 7,521 8,079 Total nonperforming and restructured assets $ 56,711 $ 42,139 |
Summary of Amounts Included in Nonaccrual Loans Segregated by Class of Loans | The following table is a summary of amounts included in nonaccrual loans, segregated by class of loans. Residential real estate refers to one-to-four family real estate. June 30, 2015 December 31, 2014 (Dollars in thousands) Real estate: Non-residential real estate owner occupied $ 192 $ 296 Non-residential real estate other 4,937 5,126 Residential real estate permanent mortgage 777 681 Residential real estate all other 1,479 1,796 Commercial and financial: Non-consumer non-real estate 18,522 1,556 Consumer non-real estate 220 250 Other loans 1,629 1,659 Acquired loans 4,421 5,046 Total $ 32,177 $ 16,410 |
Age Analysis of Past Due Loans Segregated by Class of Loans | The following table presents an age analysis of past due loans, segregated by class of loans: Age Analysis of Past Due Loans 30-59 Days Past Due 60-89 Days Past Due 90 Days and Greater Total Past Due Loans Current Loans Total Loans Accruing Loans 90 Days or More Past Due (Dollars in thousands) As of June 30, 2015 Real estate: Non-residential real estate owner occupied $ 235 $ — $ 159 $ 394 $ 492,117 $ 492,511 $ 159 Non-residential real estate other 914 — 825 1,739 961,559 963,298 — Residential real estate permanent mortgage 865 659 487 2,011 320,538 322,549 219 Residential real estate all other 2,954 233 1,122 4,309 638,649 642,958 326 Commercial and financial: Non-consumer non-real estate 16,192 1,671 1,300 19,163 919,622 938,785 357 Consumer non-real estate 1,403 693 317 2,413 252,336 254,749 213 Other loans 891 567 485 1,943 155,372 157,315 — Acquired loans 525 676 1,472 2,673 83,494 86,167 37 Total $ 23,979 $ 4,499 $ 6,167 $ 34,645 $ 3,823,687 $ 3,858,332 $ 1,311 As of December 31, 2014 Real estate: Non-residential real estate owner occupied $ 635 $ — $ 269 $ 904 $ 482,731 $ 483,635 $ 70 Non-residential real estate other 377 317 825 1,519 952,484 954,003 — Residential real estate permanent mortgage 2,010 758 544 3,312 304,267 307,579 172 Residential real estate all other 1,820 194 1,488 3,502 633,586 637,088 387 Commercial and financial: Non-consumer non-real estate 841 71 793 1,705 965,002 966,707 24 Consumer non-real estate 1,914 711 330 2,955 244,810 247,765 215 Other loans 1,858 916 741 3,515 149,469 152,984 — Acquired loans 1,815 997 1,304 4,116 97,521 101,637 267 Total $ 11,270 $ 3,964 $ 6,294 $ 21,528 $ 3,829,870 $ 3,851,398 $ 1,135 |
Impaired Loans Segregated by Class of Loans | The following table presents impaired loans, segregated by class of loans. No material amount of interest income was recognized on impaired loans subsequent to their classification as impaired. Impaired Loans Unpaid Principal Balance Recorded Investment with Allowance Related Allowance Average Recorded Investment (Dollars in thousands) As of June 30, 2015 Real estate: Non-residential real estate owner occupied $ 467 $ 386 $ 14 $ 393 Non-residential real estate other 22,354 20,184 1,316 20,553 Residential real estate permanent mortgage 1,324 1,107 85 941 Residential real estate all other 2,122 1,889 202 2,058 Commercial and financial: Non-consumer non-real estate 19,328 18,879 4,503 6,740 Consumer non-real estate 612 597 119 536 Other loans 2,056 1,628 80 1,699 Acquired loans 8,183 5,153 — 7,120 Total $ 56,446 $ 49,823 $ 6,319 $ 40,040 As of December 31, 2014 Real estate: Non-residential real estate owner occupied $ 521 $ 448 $ 15 $ 453 Non-residential real estate other 23,154 21,164 1,364 21,522 Residential real estate permanent mortgage 1,095 880 85 1,042 Residential real estate all other 2,480 2,270 299 2,273 Commercial and financial: Non-consumer non-real estate 1,895 1,580 431 1,646 Consumer non-real estate 664 648 138 602 Other loans 2,101 1,659 228 1,512 Acquired loans 10,933 7,708 — 8,082 Total $ 42,843 $ 36,357 $ 2,560 $ 37,132 |
Internal Loan Grading by Class of Loans | The following table presents internal loan grading by class of loans: Internal Loan Grading Grade 1 2 3 4 5 Total (Dollars in thousands) As of June 30, 2015 Real estate: Non-residential real estate owner occupied $ 407,818 $ 78,987 $ 5,455 $ 251 $ — $ 492,511 Non-residential real estate other 809,293 119,551 29,517 4,937 — 963,298 Residential real estate permanent mortgage 283,951 30,254 7,295 1,049 — 322,549 Residential real estate all other 529,071 101,307 10,608 1,972 — 642,958 Commercial and financial: Non-consumer non-real estate 773,811 133,243 13,080 18,651 — 938,785 Consumer non-real estate 239,719 12,349 2,154 524 3 254,749 Other loans 150,841 3,511 2,677 286 — 157,315 Acquired loans 41,592 30,532 9,277 4,476 290 86,167 Total $ 3,236,096 $ 509,734 $ 80,063 $ 32,146 $ 293 $ 3,858,332 As of December 31, 2014 Real estate: Non-residential real estate owner occupied $ 402,706 $ 75,555 $ 5,008 $ 366 $ — $ 483,635 Non-residential real estate other 795,209 133,542 20,126 5,126 — 954,003 Residential real estate permanent mortgage 272,411 27,855 6,369 944 — 307,579 Residential real estate all other 529,555 99,214 6,146 2,173 — 637,088 Commercial and financial: Non-consumer non-real estate 821,094 117,457 26,550 1,606 — 966,707 Consumer non-real estate 233,424 12,229 1,548 564 — 247,765 Other loans 147,758 4,261 601 173 191 152,984 Acquired loans 46,465 36,951 12,651 5,206 364 101,637 Total $ 3,248,622 $ 507,064 $ 78,999 $ 16,158 $ 555 $ 3,851,398 |
Activity in All by Class of Loans | The following table details activity in the ALL by class of loans for the period presented. Allocation of a portion of the allowance to one category of loans does not preclude its availability to absorb losses in other categories. ALL Balance at beginning of period Charge- offs Recoveries Net charge-offs Provisions charged to operations Balance at end of period (Dollars in thousands) Three Months Ended June 30, 2015 Real estate: Non-residential real estate owner occupied $ 4,461 $ — $ — $ — $ 42 $ 4,503 Non-residential real estate other 9,898 — 1 1 (19 ) 9,880 Residential real estate permanent mortgage 2,984 (56 ) 5 (51 ) 177 3,110 Residential real estate all other 6,578 (7 ) 4 (3 ) (90 ) 6,485 Commercial and financial: Non-consumer non-real estate 13,068 (16 ) 7 (9 ) 654 13,713 Consumer non-real estate 2,327 (103 ) 40 (63 ) 235 2,499 Other loans 2,241 (50 ) — (50 ) 240 2,431 Acquired loans — (34 ) 2 (32 ) 32 — Total $ 41,557 $ (266 ) $ 59 $ (207 ) $ 1,271 $ 42,621 Six Months Ended June 30, 2015 Real estate: Non-residential real estate owner occupied $ 4,406 $ (1 ) $ 1 $ — $ 97 $ 4,503 Non-residential real estate other 9,616 — 1 1 263 9,880 Residential real estate permanent mortgage 2,948 (96 ) 14 (82 ) 244 3,110 Residential real estate all other 6,269 (75 ) 9 (66 ) 282 6,485 Commercial and financial: Non-consumer non-real estate 12,771 (169 ) 38 (131 ) 1,073 13,713 Consumer non-real estate 2,404 (230 ) 55 (175 ) 270 2,499 Other loans 2,359 (263 ) 9 (254 ) 326 2,431 Acquired loans 116 (194 ) 28 (166 ) 50 — Total $ 40,889 $ (1,028 ) $ 155 $ (873 ) $ 2,605 $ 42,621 ALL Balance at beginning of period Charge- offs Recoveries Net charge-offs Provisions charged to operations Balance at end of period (Dollars in thousands) Three Months Ended June 30, 2014 Real estate: Non-residential real estate owner occupied $ 5,012 $ (18 ) $ 34 $ 16 $ 213 $ 5,241 Non-residential real estate other 10,685 — — — 553 11,238 Residential real estate permanent mortgage 3,237 (32 ) 31 (1 ) 74 3,310 Residential real estate all other 6,485 (44 ) 10 (34 ) 364 6,815 Commercial and financial: Non-consumer non-real estate 9,703 (61 ) 16 (45 ) 2,309 11,967 Consumer non-real estate 2,573 (190 ) 46 (144 ) 216 2,645 Other loans 2,072 (188 ) 110 (78 ) (1 ) 1,993 Acquired loans 157 (148 ) 678 530 (599 ) 88 Total $ 39,924 $ (681 ) $ 925 $ 244 $ 3,129 $ 43,297 Six Months Ended June 30, 2014 Real estate: Non-residential real estate owner occupied $ 4,827 $ (22 ) $ 65 $ 43 $ 371 $ 5,241 Non-residential real estate other 11,026 — 3 3 209 11,238 Residential real estate permanent mortgage 2,825 (162 ) 41 (121 ) 606 3,310 Residential real estate all other 6,708 (93 ) 14 (79 ) 186 6,815 Commercial and financial: Non-consumer non-real estate 8,977 (131 ) 30 (101 ) 3,091 11,967 Consumer non-real estate 2,556 (331 ) 108 (223 ) 312 2,645 Other loans 1,991 (251 ) 127 (124 ) 126 1,993 Acquired loans 124 (165 ) 683 518 (554 ) 88 Total $ 39,034 $ (1,155 ) $ 1,071 $ (84 ) $ 4,347 $ 43,297 |
Allowance for Loan Losses Outstanding by Impairment Methodology | The following table details the amount of ALL by class of loans for the period presented, detailed on the basis of the impairment methodology used by the Company. ALL June 30, 2015 December 31, 2014 Individually evaluated for impairment Collectively evaluated for impairment Individually evaluated for impairment Collectively evaluated for impairment (Dollars in thousands) Real estate: Non-residential real estate owner occupied. $ 214 $ 4,289 $ 202 $ 4,204 Non-residential real estate other 1,851 8,029 1,518 8,098 Residential real estate permanent mortgage 448 2,662 407 2,541 Residential real estate all other 935 5,550 743 5,526 Commercial and financial: Non-consumer non-real estate 5,779 7,934 4,671 8,100 Consumer non-real estate 421 2,078 372 2,032 Other loans 56 2,375 214 2,145 Acquired loans — — — 116 Total $ 9,704 $ 32,917 $ 8,127 $ 32,762 |
Loans Outstanding by Impairment Methodology | The following table details the loans outstanding by class of loans for the period presented, on the basis of the impairment methodology used by the Company. Loans June 30, 2015 December 31, 2014 Individually evaluated for impairment Collectively evaluated for impairment Loans acquired with deteriorated credit quality Individually evaluated for impairment Collectively evaluated for impairment Loans acquired with deteriorated credit quality (Dollars in thousands) Real estate: Non-residential real estate owner occupied $ 5,706 $ 486,805 $ — $ 5,374 $ 478,261 $ — Non-residential real estate other 34,454 928,844 — 25,251 928,752 — Residential real estate permanent mortgage 8,344 314,205 — 7,313 300,266 — Residential real estate all other 12,580 630,378 — 8,319 628,769 — Commercial and financial: Non-consumer non-real estate 31,731 907,054 — 28,156 938,551 — Consumer non-real estate 2,682 252,067 — 2,112 245,653 — Other loans 229 157,086 — 233 152,751 — Acquired loans — 72,124 14,043 — 83,416 18,221 Total $ 95,726 $ 3,748,563 $ 14,043 $ 76,758 $ 3,756,419 $ 18,221 |
Transfers from Loans to Other Real Estate Owned and Repossessed Assets | Transfers from loans to other real estate owned and repossessed assets during the periods presented, are summarized as follows: Six Months Ended June 30, 2015 2014 (Dollars in thousands) Other real estate owned $ 2,522 $ 525 Repossessed assets 424 722 Total $ 2,946 $ 1,247 |
Intangible Assets (Tables)
Intangible Assets (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |
Summary of Intangible Assets | The following is a summary of intangible assets: Gross Carrying Amount Accumulated Amortization Net Carrying Amount (Dollars in thousands) As of June 30, 2015 Core deposit intangibles $ 13,198 $ (6,720 ) $ 6,478 Customer relationship intangibles 5,699 (2,880 ) 2,819 Mortgage servicing intangibles 595 (211 ) 384 Total $ 19,492 $ (9,811 ) $ 9,681 As of December 31, 2014 Core deposit intangibles $ 13,198 $ (6,013 ) $ 7,185 Customer relationship intangibles 5,699 (2,699 ) 3,000 Mortgage servicing intangibles 643 (193 ) 450 Total $ 19,540 $ (8,905 ) $ 10,635 |
Summary of Goodwill by Business Segment | The following is a summary of goodwill by business segment: Other Executive, Metropolitan Community Financial Operations Banks Banks Services & Support Consolidated (Dollars in thousands) Balance at December 31, 2014 $ 8,078 $ 30,970 $ 5,464 $ 450 $ 44,962 Impairment — (368 ) — — (368 ) Balance at June 30, 2015 $ 8,078 $ 30,602 $ 5,464 $ 450 $ 44,594 |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Summary of Activity Under Stock Option Plan | The following table is a summary of the activity under both the BancFirst ISOP and the BancFirst Directors’ Stock Option Plan: Wgtd. Avg. Wgtd. Avg. Remaining Aggregate Exercise Contractual Intrinsic Options Price Term Value (Dollars in thousands, except per share data) Six Months Ended June 30, 2015 Outstanding at December 31, 2014 1,029,657 $ 36.55 Options granted 98,000 60.02 Options exercised (57,250 ) 23.64 Options canceled, forfeited, or expired (22,500 ) 37.14 Outstanding at June 30, 2015 1,047,907 39.44 8.88 Yr $ 27,260 Exercisable at June 30, 2015 475,682 31.54 5.21 Yr $ 16,131 |
Options Granted and Options Exercised Under Stock Option Plan | The following table has additional information regarding options granted and options exercised under both the BancFirst ISOP and the BancFirst Directors’ Stock Option Plan: Three Months Ended June 30, Six Months Ended June 30, 2015 2014 2015 2014 (Dollars in thousands) Weighted average grant-date fair value per share of options granted $ 12.07 $ 12.33 $ 11.51 $ 12.33 Total intrinsic value of options exercised 1,892 1,301 2,129 2,046 Cash received from options exercised 1,109 776 1,353 1,642 Tax benefit realized from options exercised 731 503 823 791 |
Stock-based Employee Compensation Expense | The following table is a summary of the Company’s recorded stock-based compensation expense: Three Months Ended June 30, Six Months Ended June 30, 2015 2014 2015 2014 (Dollars in thousands) Stock-based compensation expense $ 290 $ 429 $ 754 $ 776 Tax benefit 112 166 292 300 Stock-based compensation expense, net of tax $ 178 $ 263 $ 462 $ 476 |
Remaining Fair Value of Stock Options | The Company will continue to amortize the remaining fair value of stock options over the remaining vesting period of approximately seven years. The following table shows the remaining fair value of stock options: June 30, 2015 (Dollars in thousands) Fair value of stock options $ 4,459 |
Assumptions Used for Computing Stock-Based Compensation Expense | The following table shows the assumptions used for computing stock-based compensation expense under the fair value method during the periods presented: Six Months Ended June 30, 2015 2014 Risk-free interest rate 1.83 to 2.26% 2.54% Dividend yield 2.00% 2.00% Stock price volatility 18.23 to 19.22% 18.98% Expected term 10 Yrs 10 Yrs |
Stockholders' Equity (Tables)
Stockholders' Equity (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Equity [Abstract] | |
Summary of Shares Repurchased Under Stock Purchase Program | The following table is a summary of the shares under the program: Six Months Ended June 30, 2015 2014 Number of shares repurchased — — Average price of shares repurchased — — Shares remaining to be repurchased 194,723 194,723 |
Required Capital Amounts and Company's Respective Ratios | The actual and required capital amounts and ratios are shown in the following table: Required To Be Well For Capital Capitalized Under Adequacy Prompt Corrective Actual Purposes Action Provisions Amount Ratio Amount Ratio Amount Ratio (Dollars in thousands) As of June 30, 2015: Total Capital (to Risk Weighted Assets)- BancFirst Corporation $ 652,100 15.61 % $ 334,229 8.00 % N/A N/A BancFirst 598,091 14.40 % 332,259 8.00 % $ 415,324 10.00 % Common Equity Tier 1 Capital (to Risk Weighted Assets)- BancFirst Corporation $ 583,479 13.97 % $ 188,004 4.50 % N/A N/A BancFirst 535,470 12.89 % 186,896 4.50 % $ 269,960 6.50 % Tier 1 Capital (to Risk Weighted Assets)- BancFirst Corporation $ 609,479 14.59 % $ 250,672 6.00 % N/A N/A BancFirst 555,470 13.37 % 249,194 6.00 % $ 332,259 8.00 % Tier 1 Capital (to Total Assets)- BancFirst Corporation $ 609,479 9.45 % $ 259,959 4.00 % N/A N/A BancFirst 555,470 8.62 % 259,366 4.00 % $ 324,207 5.00 % |
Net Income Per Common Share (Ta
Net Income Per Common Share (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Earnings Per Share [Abstract] | |
Basic and Diluted Net Income Per Common Share | Basic and diluted net income per common share are calculated as follows: Income (Numerator) Shares (Denominator) Per Share Amount (Dollars in thousands, except per share data) Three Months Ended June 30, 2015 Basic Income available to common stockholders $ 18,553 15,536,325 $ 1.19 Effect of stock options — 328,599 Diluted Income available to common stockholders plus assumed exercises of stock options $ 18,553 15,864,924 $ 1.17 Three Months Ended June 30, 2014 Basic Income available to common stockholders $ 14,688 15,468,511 $ 0.94 Effect of stock options — 363,669 Diluted Income available to common stockholders plus assumed exercises of stock options $ 14,688 15,832,180 $ 0.92 Six Months Ended June 30, 2015 Basic Income available to common stockholders $ 34,812 15,521,916 $ 2.24 Effect of stock options — 330,616 Diluted Income available to common stockholders plus assumed exercises of stock options $ 34,812 15,852,532 $ 2.20 Six Months Ended June 30, 2014 Basic Income available to common stockholders $ 29,345 15,405,847 $ 1.90 Effect of stock options — 353,942 Diluted Income available to common stockholders plus assumed exercises of stock options $ 29,345 15,759,789 $ 1.86 |
Average Exercise Price of Options Excluded from Computation of Diluted Net Income Per Common Share | The following table shows the number and average exercise price of options that were excluded from the computation of diluted net income per common share for each period because the options’ exercise prices were greater than the average market price of the common shares: Shares Average Exercise Three Months Ended June 30, 2015 168,065 $ 58.14 Three Months Ended June 30, 2014 59,286 54.89 Six Months Ended June 30, 2015 148,475 $ 57.94 Six Months Ended June 30, 2014 67,155 54.15 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Fair Value Disclosures [Abstract] | |
Fair Value of Financial Assets and Liabilities Measured on Recurring Basis | The following table summarizes financial assets and financial liabilities measured at fair value on a recurring basis as of the periods presented, segregated by the level of the valuation inputs within the fair value hierarchy utilized to measure fair value: Level 1 Inputs Level 2 Inputs Level 3 Inputs Total Fair Value (Dollars in thousands) June 30, 2015 Securities available for sale: U.S. Treasury $ 280,985 $ — $ — $ 280,985 U.S. federal agencies — 166,117 — 166,117 Mortgage-backed securities — 8,313 15,457 23,770 States and political subdivisions — 48,977 — 48,977 Other securities — 3,455 6,092 9,547 Derivative assets — 2,903 — 2,903 Derivative liabilities — 1,602 — 1,602 Loans held for sale — 13,587 — 13,587 Mortgage servicing intangibles — — 384 384 December 31, 2014 Securities available for sale: U.S. Treasury $ 248,993 $ — $ — $ 248,993 U.S. federal agencies — 172,449 — 172,449 Mortgage-backed securities — 9,425 17,032 26,457 States and political subdivisions — 53,373 — 53,373 Other securities — 3,491 11,427 14,918 Derivative assets — 6,124 — 6,124 Derivative liabilities — 4,756 — 4,756 Loans held for sale — 9,433 — 9,433 Mortgage servicing intangibles — — 450 450 |
Changes in Level 3 Assets Measured at Estimated Fair Value on Recurring Basis | The changes in Level 3 assets measured at estimated fair value on a recurring basis during the periods presented were as follows: Six Months Ended June 30 2015 2014 (Dollars in thousands) Balance at the beginning of the year $ 28,909 $ 32,002 Purchases, issuances and settlements (1,409 ) (2,287 ) Sales (8,593 ) (499 ) Gains included in earnings 7,055 382 Total unrealized losses (4,029 ) 732 Balance at the end of the period $ 21,933 $ 30,330 |
Assets Measured at Fair Value on Nonrecurring Basis | The following table summarizes assets measured at fair value on a nonrecurring basis and the related losses recognized during the period: Total Fair Value Level 3 Losses (Dollars in thousands) As of and for the Year-to-date Period Ended June 30, 2015 Impaired loans (less specific allowance) $ 43,504 $ — Foreclosed assets 164 — Other real estate owned 7,357 27 As of and for the Year-to-date Period Ended December 31, 2014 Impaired loans (less specific allowance) $ 33,797 $ — Foreclosed assets 220 — Other real estate owned 7,859 730 |
Estimated Fair Values of Financial Instruments | The estimated fair values of the Company’s financial instruments that are reported at amortized cost in the Company’s consolidated balance sheets, segregated by the level of valuation inputs within the fair value hierarchy utilized to measure fair value, are as follows: June 30, December 31, 2015 2014 Carrying Amount Fair Value Carrying Amount Fair Value (Dollars in thousands) FINANCIAL ASSETS Level 2 inputs: Cash and cash equivalents $ 1,817,228 $ 1,817,228 $ 1,913,895 $ 1,913,895 Securities held for investment 7,923 7,991 8,593 8,671 Level 3 inputs: Loans, net of allowance for loan losses 3,815,711 3,853,964 3,810,509 3,847,791 FINANCIAL LIABILITIES Level 2 inputs: Deposits 5,808,221 5,131,120 5,904,704 5,945,502 Short-term borrowings 2,075 2,075 3,982 3,982 Junior subordinated debentures 26,804 29,806 26,804 31,200 OFF-BALANCE SHEET FINANCIAL INSTRUMENTS Loan commitments 1,666 1,640 Letters of credit 485 478 |
Derivative Financial Instrume28
Derivative Financial Instruments (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Derivative Instruments And Hedging Activities Disclosure [Abstract] | |
Notional Amounts and Estimated Fair Values of Outstanding Derivative Positions | The Company utilizes dealer quotations and observable market data inputs to substantiate internal valuation models. The notional amounts and estimated fair values of oil and gas derivative positions outstanding are presented in the following table: June 30, 2015 December 31, 2014 Oil and Natural Gas Swaps and Options Notional Units Notional Amount Estimated Fair Value Notional Amount Estimated Fair Value (Notional amounts and dollars in thousands) Oil Derivative assets Barrels 216 $ 1,768 312 $ 4,629 Derivative liabilities Barrels (216 ) (1,426 ) (312 ) (4,271 ) Natural Gas Derivative assets MMBTUs 5,525 1,135 2,010 1,495 Derivative liabilities MMBTUs (5,525 ) (176 ) (2,010 ) (485 ) Total Fair Value Included in Derivative assets Other assets 2,903 6,124 Derivative liabilities Other liabilities (1,602 ) (4,756 ) |
Recognized Derivative Income Included in Other Noninterest Income | The following table is a summary of the Company’s recognized income related to the activity, which was included in other noninterest income: Three Months Ended June 30, Six Months Ended June 30, 2015 2014 2015 2014 (Dollars in thousands) Derivative income $ 37 $ 149 $ 192 $ 298 |
Summary of Company's Net Credit Exposure Relating to Oil and Gas Swaps and Options with Bank Counterparties | The following table is a summary of the Company’s net credit exposure relating to oil and gas swaps and options with bank counterparties: June 30, 2015 December 31, 2014 (Dollars in Credit exposure $ 1,503 $ 4,028 |
Segment Information (Tables)
Segment Information (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Segment Reporting [Abstract] | |
Results of Operations and Selected Financial Information | The results of operations and selected financial information for the four business units are as follows: Metropolitan Banks Community Banks Other Financial Services Executive, Operations & Support Eliminations Consolidated (Dollars in thousands) Three Months Ended June 30, 2015 Net interest income (expense) $ 15,325 $ 29,444 $ 1,900 $ (454 ) $ — $ 46,215 Noninterest income 3,533 12,990 11,387 21,326 (20,521 ) 28,715 Income before taxes 9,800 17,400 6,910 14,604 (20,484 ) 28,230 Three Months Ended June 30, 2014 Net interest income (expense) $ 15,372 $ 28,955 $ 1,568 $ (406 ) $ — $ 45,489 Noninterest income 3,463 12,973 6,329 15,919 (15,073 ) 23,611 Income before taxes 7,484 17,692 2,292 7,680 (15,034 ) 20,114 Six Months Ended June 30, 2015 Net interest income (expense) $ 30,725 $ 58,499 $ 3,518 $ (901 ) $ — $ 91,841 Noninterest income 6,990 25,316 20,114 38,618 (37,027 ) 54,011 Income before taxes 19,689 33,807 11,917 24,408 (36,926 ) 52,895 Six Months Ended June 30, 2014 Net interest income (expense) $ 29,159 $ 56,196 $ 2,944 $ (781 ) $ — $ 87,518 Noninterest income 6,876 25,239 13,385 31,874 (30,201 ) 47,173 Income before taxes 15,274 32,769 5,358 17,359 (30,109 ) 40,651 Total Assets: June 30, 2015 $ 2,262,905 $ 4,093,820 $ 170,089 $ 667,250 $ (695,166 ) $ 6,498,898 December 31, 2014 2,298,828 4,113,783 145,814 679,194 (662,647 ) 6,574,972 |
Recent Developments Including M
Recent Developments Including Mergers and Acquisitions - Additional Information (Detail) - USD ($) $ in Millions | 1 Months Ended | |
Jun. 30, 2015 | Jan. 31, 2015 | |
Business Combination Increase Decrease To Reflect Liabilities Acquired At Fair Value [Abstract] | ||
Pretax gain on sale of investments | $ 5.3 | $ 1.7 |
Securities - Summary of Securit
Securities - Summary of Securities Held for Investment and Securities Available for Sale (Detail) - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
Marketable Securities [Abstract] | ||
Held for investment, at cost (fair value: $7,991 and $8,671, respectively) | $ 7,923 | $ 8,593 |
Available for sale, at fair value | 529,396 | 516,190 |
Total | $ 537,319 | $ 524,783 |
Securities - Summary of Secur32
Securities - Summary of Securities Held for Investment and Securities Available for Sale (Parenthetical) (Detail) - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
Marketable Securities [Abstract] | ||
Held for investment at fair value | $ 7,991 | $ 8,671 |
Securities - Summary of Amortiz
Securities - Summary of Amortized Cost and Estimated Fair Values of Securities Held for Investment (Detail) - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized Cost | $ 7,923 | $ 8,593 |
Gross Unrealized Gains | 68 | 78 |
Estimated Fair Value | 7,991 | 8,671 |
Mortgage Backed Securities [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized Cost | 406 | 471 |
Gross Unrealized Gains | 26 | 34 |
Estimated Fair Value | 432 | 505 |
States and Political Subdivisions [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized Cost | 7,517 | 8,122 |
Gross Unrealized Gains | 42 | 44 |
Estimated Fair Value | $ 7,559 | $ 8,166 |
Securities - Summary of Amort34
Securities - Summary of Amortized Cost and Estimated Fair Values of Securities Available for Sale (Detail) - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | $ 525,397 | $ 509,353 |
Gross Unrealized Gains | 4,813 | 7,957 |
Gross Unrealized Losses | (814) | (1,120) |
Estimated Fair Value | 529,396 | 516,190 |
U.S. Treasuries [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 279,414 | 248,767 |
Gross Unrealized Gains | 1,571 | 404 |
Gross Unrealized Losses | (178) | |
Estimated Fair Value | 280,985 | 248,993 |
U.S. Federal Agencies [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 165,090 | 171,641 |
Gross Unrealized Gains | 1,055 | 983 |
Gross Unrealized Losses | (28) | (175) |
Estimated Fair Value | 166,117 | 172,449 |
Mortgage Backed Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 23,793 | 26,441 |
Gross Unrealized Gains | 526 | 602 |
Gross Unrealized Losses | (549) | (586) |
Estimated Fair Value | 23,770 | 26,457 |
States and Political Subdivisions [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 47,560 | 51,706 |
Gross Unrealized Gains | 1,457 | 1,716 |
Gross Unrealized Losses | (40) | (49) |
Estimated Fair Value | 48,977 | 53,373 |
Other Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 9,540 | 10,798 |
Gross Unrealized Gains | 204 | 4,252 |
Gross Unrealized Losses | (197) | (132) |
Estimated Fair Value | $ 9,547 | $ 14,918 |
Securities - Additional Informa
Securities - Additional Information (Detail) $ in Millions | 6 Months Ended |
Jun. 30, 2015USD ($) | |
Investments Debt And Equity Securities [Abstract] | |
Unrealized gain on investment | $ 3.3 |
Securities - Maturity of Securi
Securities - Maturity of Securities (Detail) - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
Held for Investment, Contractual maturity of debt securities, Amortized Cost | ||
Amortized cost, Within one year | $ 1,308 | $ 1,451 |
Amortized cost, After one year but within five years | 6,244 | 6,603 |
Amortized cost, After five years but within ten years | 237 | 380 |
Amortized cost, After ten years | 134 | 159 |
Amortized Cost | 7,923 | 8,593 |
Available for sale, Contractual maturity of debt securities, Amortized Cost | ||
Amortized Cost, Within one year | 166,121 | 41,772 |
Amortized Cost, After one year but within five years | 256,716 | 350,975 |
Amortized Cost, After five years but within ten years | 15,810 | 21,990 |
Amortized Cost, After ten years | 80,657 | 87,252 |
Total debt securities | 519,304 | 501,989 |
Amortized Cost, Equity securities | 6,093 | 7,364 |
Amortized Cost | 525,397 | 509,353 |
Held for Investment, Contractual maturity of debt securities, Estimated Fair Value | ||
Estimated Fair Value, Within one year | 1,317 | 1,456 |
Estimated Fair Value, After one year but within five years | 6,277 | 6,642 |
Estimated Fair Value, After five years but within ten years | 249 | 396 |
Estimated Fair Value, After ten years | 148 | 177 |
Estimated Fair Value | 7,991 | 8,671 |
Available for sale, Contractual maturity of debt securities, Estimated Fair Value | ||
Estimated Fair Value, Within one year | 166,327 | 41,870 |
Estimated Fair Value, After one year but within five years | 259,037 | 352,044 |
Estimated Fair Value, After five years but within ten years | 16,491 | 22,717 |
Estimated Fair Value, After ten years | 81,449 | 88,132 |
Total debt securities | 523,304 | 504,763 |
Estimated Fair Value, Equity securities | 6,092 | 11,427 |
Estimated Fair Value, Total | $ 529,396 | $ 516,190 |
Securities - Company's Book Val
Securities - Company's Book Value of Pledged Securities (Detail) - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
Pledged Financial Instruments Not Separately Reported Securities Pledged By Type Of Security [Abstract] | ||
Book value of pledged securities | $ 463,877 | $ 522,190 |
Loans and Allowance for Loan 38
Loans and Allowance for Loan Losses - Schedule of Loans Outstanding by Category (Detail) - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total loans | $ 3,858,332 | $ 3,851,398 |
Percent | 100.00% | 100.00% |
Taxable [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total loans | $ 17,884 | $ 20,431 |
Percent | 0.46% | 0.53% |
Tax-exempt [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total loans | $ 27,687 | $ 20,952 |
Percent | 0.72% | 0.54% |
Commercial and Industrial [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total loans | $ 741,595 | $ 745,106 |
Percent | 19.22% | 19.35% |
Oil & Gas Production And Equipment [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total loans | $ 88,488 | $ 104,940 |
Percent | 2.29% | 2.72% |
Agriculture [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total loans | $ 117,729 | $ 132,830 |
Percent | 3.05% | 3.45% |
Construction [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total loans | $ 363,067 | $ 356,621 |
Percent | 9.41% | 9.26% |
Farmland [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total loans | $ 148,500 | $ 149,507 |
Percent | 3.85% | 3.88% |
One to Four Family Residences [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total loans | $ 785,170 | $ 766,362 |
Percent | 20.35% | 19.90% |
Multifamily Residential Properties [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total loans | $ 64,366 | $ 66,766 |
Percent | 1.67% | 1.73% |
Commercial [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total loans | $ 1,200,331 | $ 1,191,477 |
Percent | 31.11% | 30.94% |
Consumer [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total loans | $ 270,172 | $ 267,179 |
Percent | 7.00% | 6.94% |
Other (Not Classified Above) [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total loans | $ 33,343 | $ 29,227 |
Percent | 0.87% | 0.76% |
Loans and Allowance for Loan 39
Loans and Allowance for Loan Losses - Additional Information (Detail) | 6 Months Ended | |
Jun. 30, 2015USD ($)SecurityLoan | Jun. 30, 2014USD ($) | |
Receivables [Abstract] | ||
Percentage of loans secured by real estate | 65.00% | |
Interest income recognized | $ 922,000 | $ 481,000 |
Troubled debt restructuring principal deferral | SecurityLoan | 1 |
Loans and Allowance for Loan 40
Loans and Allowance for Loan Losses - Summary of Nonperforming and Restructured Assets (Detail) - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
Summary Of Nonperforming And Restructured Assets [Abstract] | ||
Past due 90 days or more and still accruing | $ 1,311 | $ 1,135 |
Nonaccrual | 32,177 | 16,410 |
Restructured | 15,702 | 16,515 |
Total nonperforming and restructured loans | 49,190 | 34,060 |
Other real estate owned and repossessed assets | 7,521 | 8,079 |
Total nonperforming and restructured assets | $ 56,711 | $ 42,139 |
Loans and Allowance for Loan 41
Loans and Allowance for Loan Losses - Summary of Amounts Included in Nonaccrual Loans Segregated by Class of Loans (Detail) - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Nonaccrual loans, Total | $ 32,177 | $ 16,410 |
Non-residential Real Estate Owner Occupied [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Nonaccrual loans, Total | 192 | 296 |
Non-residential Real Estate Other [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Nonaccrual loans, Total | 4,937 | 5,126 |
Residential Real Estate Permanent Mortgage [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Nonaccrual loans, Total | 777 | 681 |
Residential Real Estate All Other [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Nonaccrual loans, Total | 1,479 | 1,796 |
Non-consumer Non-real Estate [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Nonaccrual loans, Total | 18,522 | 1,556 |
Consumer Non-real Estate [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Nonaccrual loans, Total | 220 | 250 |
Other Loans [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Nonaccrual loans, Total | 1,629 | 1,659 |
Acquired Loans [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Nonaccrual loans, Total | $ 4,421 | $ 5,046 |
Loans and Allowance for Loan 42
Loans and Allowance for Loan Losses - Age Analysis of Past Due Loans Segregated by Class of Loans (Detail) - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due Loans | $ 34,645 | $ 21,528 |
Current Loans | 3,823,687 | 3,829,870 |
Total Loans | 3,858,332 | 3,851,398 |
Accruing Loans 90 Days or More Past Due | 1,311 | 1,135 |
30 to 59 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due Loans | 23,979 | 11,270 |
60 to 89 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due Loans | 4,499 | 3,964 |
90 Days and Greater [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due Loans | 6,167 | 6,294 |
Non-residential Real Estate Owner Occupied [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due Loans | 394 | 904 |
Current Loans | 492,117 | 482,731 |
Total Loans | 492,511 | 483,635 |
Accruing Loans 90 Days or More Past Due | 159 | 70 |
Non-residential Real Estate Owner Occupied [Member] | 30 to 59 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due Loans | 235 | 635 |
Non-residential Real Estate Owner Occupied [Member] | 90 Days and Greater [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due Loans | 159 | 269 |
Non-residential Real Estate Other [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due Loans | 1,739 | 1,519 |
Current Loans | 961,559 | 952,484 |
Total Loans | 963,298 | 954,003 |
Non-residential Real Estate Other [Member] | 30 to 59 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due Loans | 914 | 377 |
Non-residential Real Estate Other [Member] | 60 to 89 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due Loans | 317 | |
Non-residential Real Estate Other [Member] | 90 Days and Greater [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due Loans | 825 | 825 |
Residential Real Estate Permanent Mortgage [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due Loans | 2,011 | 3,312 |
Current Loans | 320,538 | 304,267 |
Total Loans | 322,549 | 307,579 |
Accruing Loans 90 Days or More Past Due | 219 | 172 |
Residential Real Estate Permanent Mortgage [Member] | 30 to 59 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due Loans | 865 | 2,010 |
Residential Real Estate Permanent Mortgage [Member] | 60 to 89 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due Loans | 659 | 758 |
Residential Real Estate Permanent Mortgage [Member] | 90 Days and Greater [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due Loans | 487 | 544 |
Residential Real Estate All Other [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due Loans | 4,309 | 3,502 |
Current Loans | 638,649 | 633,586 |
Total Loans | 642,958 | 637,088 |
Accruing Loans 90 Days or More Past Due | 326 | 387 |
Residential Real Estate All Other [Member] | 30 to 59 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due Loans | 2,954 | 1,820 |
Residential Real Estate All Other [Member] | 60 to 89 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due Loans | 233 | 194 |
Residential Real Estate All Other [Member] | 90 Days and Greater [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due Loans | 1,122 | 1,488 |
Non-consumer Non-real Estate [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due Loans | 19,163 | 1,705 |
Current Loans | 919,622 | 965,002 |
Total Loans | 938,785 | 966,707 |
Accruing Loans 90 Days or More Past Due | 357 | 24 |
Non-consumer Non-real Estate [Member] | 30 to 59 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due Loans | 16,192 | 841 |
Non-consumer Non-real Estate [Member] | 60 to 89 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due Loans | 1,671 | 71 |
Non-consumer Non-real Estate [Member] | 90 Days and Greater [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due Loans | 1,300 | 793 |
Consumer Non-real Estate [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due Loans | 2,413 | 2,955 |
Current Loans | 252,336 | 244,810 |
Total Loans | 254,749 | 247,765 |
Accruing Loans 90 Days or More Past Due | 213 | 215 |
Consumer Non-real Estate [Member] | 30 to 59 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due Loans | 1,403 | 1,914 |
Consumer Non-real Estate [Member] | 60 to 89 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due Loans | 693 | 711 |
Consumer Non-real Estate [Member] | 90 Days and Greater [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due Loans | 317 | 330 |
Other Loans [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due Loans | 1,943 | 3,515 |
Current Loans | 155,372 | 149,469 |
Total Loans | 157,315 | 152,984 |
Other Loans [Member] | 30 to 59 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due Loans | 891 | 1,858 |
Other Loans [Member] | 60 to 89 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due Loans | 567 | 916 |
Other Loans [Member] | 90 Days and Greater [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due Loans | 485 | 741 |
Acquired Loans [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due Loans | 2,673 | 4,116 |
Current Loans | 83,494 | 97,521 |
Total Loans | 86,167 | 101,637 |
Accruing Loans 90 Days or More Past Due | 37 | 267 |
Acquired Loans [Member] | 30 to 59 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due Loans | 525 | 1,815 |
Acquired Loans [Member] | 60 to 89 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due Loans | 676 | 997 |
Acquired Loans [Member] | 90 Days and Greater [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due Loans | $ 1,472 | $ 1,304 |
Loans and Allowance for Loan 43
Loans and Allowance for Loan Losses - Impaired Loans Segregated by Class of Loans (Detail) - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended |
Jun. 30, 2015 | Dec. 31, 2014 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Unpaid Principal Balance | $ 56,446 | $ 42,843 |
Recorded Investment with Allowance | 49,823 | 36,357 |
Related Allowance | 6,319 | 2,560 |
Average Recorded Investment | 40,040 | 37,132 |
Non-residential Real Estate Owner Occupied [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Unpaid Principal Balance | 467 | 521 |
Recorded Investment with Allowance | 386 | 448 |
Related Allowance | 14 | 15 |
Average Recorded Investment | 393 | 453 |
Non-residential Real Estate Other [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Unpaid Principal Balance | 22,354 | 23,154 |
Recorded Investment with Allowance | 20,184 | 21,164 |
Related Allowance | 1,316 | 1,364 |
Average Recorded Investment | 20,553 | 21,522 |
Residential Real Estate Permanent Mortgage [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Unpaid Principal Balance | 1,324 | 1,095 |
Recorded Investment with Allowance | 1,107 | 880 |
Related Allowance | 85 | 85 |
Average Recorded Investment | 941 | 1,042 |
Residential Real Estate All Other [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Unpaid Principal Balance | 2,122 | 2,480 |
Recorded Investment with Allowance | 1,889 | 2,270 |
Related Allowance | 202 | 299 |
Average Recorded Investment | 2,058 | 2,273 |
Non-consumer Non-real Estate [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Unpaid Principal Balance | 19,328 | 1,895 |
Recorded Investment with Allowance | 18,879 | 1,580 |
Related Allowance | 4,503 | 431 |
Average Recorded Investment | 6,740 | 1,646 |
Consumer Non-real Estate [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Unpaid Principal Balance | 612 | 664 |
Recorded Investment with Allowance | 597 | 648 |
Related Allowance | 119 | 138 |
Average Recorded Investment | 536 | 602 |
Other Loans [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Unpaid Principal Balance | 2,056 | 2,101 |
Recorded Investment with Allowance | 1,628 | 1,659 |
Related Allowance | 80 | 228 |
Average Recorded Investment | 1,699 | 1,512 |
Acquired Loans [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Unpaid Principal Balance | 8,183 | 10,933 |
Recorded Investment with Allowance | 5,153 | 7,708 |
Average Recorded Investment | $ 7,120 | $ 8,082 |
Loans and Allowance for Loan 44
Loans and Allowance for Loan Losses - Internal Loan Grading by Class of Loans (Detail) - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total loans | $ 3,858,332 | $ 3,851,398 |
Non-residential Real Estate Owner Occupied [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total loans | 492,511 | 483,635 |
Non-residential Real Estate Other [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total loans | 963,298 | 954,003 |
Residential Real Estate Permanent Mortgage [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total loans | 322,549 | 307,579 |
Residential Real Estate All Other [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total loans | 642,958 | 637,088 |
Non-consumer Non-real Estate [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total loans | 938,785 | 966,707 |
Consumer Non-real Estate [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total loans | 254,749 | 247,765 |
Other Loans [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total loans | 157,315 | 152,984 |
Acquired Loans [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total loans | 86,167 | 101,637 |
Grade 1 [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total loans | 3,236,096 | 3,248,622 |
Grade 1 [Member] | Non-residential Real Estate Owner Occupied [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total loans | 407,818 | 402,706 |
Grade 1 [Member] | Non-residential Real Estate Other [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total loans | 809,293 | 795,209 |
Grade 1 [Member] | Residential Real Estate Permanent Mortgage [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total loans | 283,951 | 272,411 |
Grade 1 [Member] | Residential Real Estate All Other [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total loans | 529,071 | 529,555 |
Grade 1 [Member] | Non-consumer Non-real Estate [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total loans | 773,811 | 821,094 |
Grade 1 [Member] | Consumer Non-real Estate [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total loans | 239,719 | 233,424 |
Grade 1 [Member] | Other Loans [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total loans | 150,841 | 147,758 |
Grade 1 [Member] | Acquired Loans [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total loans | 41,592 | 46,465 |
Grade 2 [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total loans | 509,734 | 507,064 |
Grade 2 [Member] | Non-residential Real Estate Owner Occupied [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total loans | 78,987 | 75,555 |
Grade 2 [Member] | Non-residential Real Estate Other [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total loans | 119,551 | 133,542 |
Grade 2 [Member] | Residential Real Estate Permanent Mortgage [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total loans | 30,254 | 27,855 |
Grade 2 [Member] | Residential Real Estate All Other [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total loans | 101,307 | 99,214 |
Grade 2 [Member] | Non-consumer Non-real Estate [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total loans | 133,243 | 117,457 |
Grade 2 [Member] | Consumer Non-real Estate [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total loans | 12,349 | 12,229 |
Grade 2 [Member] | Other Loans [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total loans | 3,511 | 4,261 |
Grade 2 [Member] | Acquired Loans [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total loans | 30,532 | 36,951 |
Grade 3 [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total loans | 80,063 | 78,999 |
Grade 3 [Member] | Non-residential Real Estate Owner Occupied [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total loans | 5,455 | 5,008 |
Grade 3 [Member] | Non-residential Real Estate Other [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total loans | 29,517 | 20,126 |
Grade 3 [Member] | Residential Real Estate Permanent Mortgage [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total loans | 7,295 | 6,369 |
Grade 3 [Member] | Residential Real Estate All Other [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total loans | 10,608 | 6,146 |
Grade 3 [Member] | Non-consumer Non-real Estate [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total loans | 13,080 | 26,550 |
Grade 3 [Member] | Consumer Non-real Estate [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total loans | 2,154 | 1,548 |
Grade 3 [Member] | Other Loans [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total loans | 2,677 | 601 |
Grade 3 [Member] | Acquired Loans [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total loans | 9,277 | 12,651 |
Grade 4 [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total loans | 32,146 | 16,158 |
Grade 4 [Member] | Non-residential Real Estate Owner Occupied [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total loans | 251 | 366 |
Grade 4 [Member] | Non-residential Real Estate Other [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total loans | 4,937 | 5,126 |
Grade 4 [Member] | Residential Real Estate Permanent Mortgage [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total loans | 1,049 | 944 |
Grade 4 [Member] | Residential Real Estate All Other [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total loans | 1,972 | 2,173 |
Grade 4 [Member] | Non-consumer Non-real Estate [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total loans | 18,651 | 1,606 |
Grade 4 [Member] | Consumer Non-real Estate [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total loans | 524 | 564 |
Grade 4 [Member] | Other Loans [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total loans | 286 | 173 |
Grade 4 [Member] | Acquired Loans [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total loans | 4,476 | 5,206 |
Grade 5 [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total loans | 293 | 555 |
Grade 5 [Member] | Consumer Non-real Estate [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total loans | 3 | |
Grade 5 [Member] | Other Loans [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total loans | 191 | |
Grade 5 [Member] | Acquired Loans [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Total loans | $ 290 | $ 364 |
Loans and Allowance for Loan 45
Loans and Allowance for Loan Losses - Activity in All by Class of Loans (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Balance at beginning of period | $ 41,557 | $ 39,924 | $ 40,889 | $ 39,034 |
Charge- offs | (266) | (681) | (1,028) | (1,155) |
Recoveries | 59 | 925 | 155 | 1,071 |
Net charge- offs | (207) | 244 | (873) | (84) |
Provisions charged to operations | 1,271 | 3,129 | 2,605 | 4,347 |
Balance at end of period | 42,621 | 43,297 | 42,621 | 43,297 |
Non-residential Real Estate Owner Occupied [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Balance at beginning of period | 4,461 | 5,012 | 4,406 | 4,827 |
Charge- offs | (18) | (1) | (22) | |
Recoveries | 34 | 1 | 65 | |
Net charge- offs | 16 | 43 | ||
Provisions charged to operations | 42 | 213 | 97 | 371 |
Balance at end of period | 4,503 | 5,241 | 4,503 | 5,241 |
Non-residential Real Estate Other [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Balance at beginning of period | 9,898 | 10,685 | 9,616 | 11,026 |
Recoveries | 1 | 1 | 3 | |
Net charge- offs | 1 | 1 | 3 | |
Provisions charged to operations | (19) | 553 | 263 | 209 |
Balance at end of period | 9,880 | 11,238 | 9,880 | 11,238 |
Residential Real Estate Permanent Mortgage [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Balance at beginning of period | 2,984 | 3,237 | 2,948 | 2,825 |
Charge- offs | (56) | (32) | (96) | (162) |
Recoveries | 5 | 31 | 14 | 41 |
Net charge- offs | (51) | (1) | (82) | (121) |
Provisions charged to operations | 177 | 74 | 244 | 606 |
Balance at end of period | 3,110 | 3,310 | 3,110 | 3,310 |
Residential Real Estate All Other [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Balance at beginning of period | 6,578 | 6,485 | 6,269 | 6,708 |
Charge- offs | (7) | (44) | (75) | (93) |
Recoveries | 4 | 10 | 9 | 14 |
Net charge- offs | (3) | (34) | (66) | (79) |
Provisions charged to operations | (90) | 364 | 282 | 186 |
Balance at end of period | 6,485 | 6,815 | 6,485 | 6,815 |
Non-consumer Non-real Estate [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Balance at beginning of period | 13,068 | 9,703 | 12,771 | 8,977 |
Charge- offs | (16) | (61) | (169) | (131) |
Recoveries | 7 | 16 | 38 | 30 |
Net charge- offs | (9) | (45) | (131) | (101) |
Provisions charged to operations | 654 | 2,309 | 1,073 | 3,091 |
Balance at end of period | 13,713 | 11,967 | 13,713 | 11,967 |
Consumer Non-real Estate [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Balance at beginning of period | 2,327 | 2,573 | 2,404 | 2,556 |
Charge- offs | (103) | (190) | (230) | (331) |
Recoveries | 40 | 46 | 55 | 108 |
Net charge- offs | (63) | (144) | (175) | (223) |
Provisions charged to operations | 235 | 216 | 270 | 312 |
Balance at end of period | 2,499 | 2,645 | 2,499 | 2,645 |
Other Loans [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Balance at beginning of period | 2,241 | 2,072 | 2,359 | 1,991 |
Charge- offs | (50) | (188) | (263) | (251) |
Recoveries | 110 | 9 | 127 | |
Net charge- offs | (50) | (78) | (254) | (124) |
Provisions charged to operations | 240 | (1) | 326 | 126 |
Balance at end of period | 2,431 | 1,993 | 2,431 | 1,993 |
Acquired Loans [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Balance at beginning of period | 157 | 116 | 124 | |
Charge- offs | (34) | (148) | (194) | (165) |
Recoveries | 2 | 678 | 28 | 683 |
Net charge- offs | (32) | 530 | (166) | 518 |
Provisions charged to operations | $ 32 | (599) | $ 50 | (554) |
Balance at end of period | $ 88 | $ 88 |
Loans and Allowance for Loan 46
Loans and Allowance for Loan Losses - Allowance for Loan Losses Outstanding by Impairment Methodology (Detail) - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Individually evaluated for impairment | $ 9,704 | $ 8,127 |
Collectively evaluated for impairment | 32,917 | 32,762 |
Non-residential Real Estate Owner Occupied [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Individually evaluated for impairment | 214 | 202 |
Collectively evaluated for impairment | 4,289 | 4,204 |
Non-residential Real Estate Other [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Individually evaluated for impairment | 1,851 | 1,518 |
Collectively evaluated for impairment | 8,029 | 8,098 |
Residential Real Estate Permanent Mortgage [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Individually evaluated for impairment | 448 | 407 |
Collectively evaluated for impairment | 2,662 | 2,541 |
Residential Real Estate All Other [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Individually evaluated for impairment | 935 | 743 |
Collectively evaluated for impairment | 5,550 | 5,526 |
Non-consumer Non-real Estate [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Individually evaluated for impairment | 5,779 | 4,671 |
Collectively evaluated for impairment | 7,934 | 8,100 |
Consumer Non-real Estate [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Individually evaluated for impairment | 421 | 372 |
Collectively evaluated for impairment | 2,078 | 2,032 |
Other Loans [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Individually evaluated for impairment | 56 | 214 |
Collectively evaluated for impairment | $ 2,375 | 2,145 |
Acquired Loans [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Collectively evaluated for impairment | $ 116 |
Loans and Allowance for Loan 47
Loans and Allowance for Loan Losses - Loans Outstanding by Impairment Methodology (Detail) - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Individually evaluated for impairment | $ 95,726 | $ 76,758 |
Collectively evaluated for impairment | 3,748,563 | 3,756,419 |
Receivables Acquired with Deteriorated Credit Quality [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans acquired with deteriorated credit quality | 14,043 | 18,221 |
Non-residential Real Estate Owner Occupied [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Individually evaluated for impairment | 5,706 | 5,374 |
Collectively evaluated for impairment | 486,805 | 478,261 |
Non-residential Real Estate Other [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Individually evaluated for impairment | 34,454 | 25,251 |
Collectively evaluated for impairment | 928,844 | 928,752 |
Residential Real Estate Permanent Mortgage [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Individually evaluated for impairment | 8,344 | 7,313 |
Collectively evaluated for impairment | 314,205 | 300,266 |
Residential Real Estate All Other [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Individually evaluated for impairment | 12,580 | 8,319 |
Collectively evaluated for impairment | 630,378 | 628,769 |
Non-consumer Non-real Estate [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Individually evaluated for impairment | 31,731 | 28,156 |
Collectively evaluated for impairment | 907,054 | 938,551 |
Consumer Non-real Estate [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Individually evaluated for impairment | 2,682 | 2,112 |
Collectively evaluated for impairment | 252,067 | 245,653 |
Other Loans [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Individually evaluated for impairment | 229 | 233 |
Collectively evaluated for impairment | 157,086 | 152,751 |
Acquired Loans [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Collectively evaluated for impairment | 72,124 | 83,416 |
Acquired Loans [Member] | Receivables Acquired with Deteriorated Credit Quality [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans acquired with deteriorated credit quality | $ 14,043 | $ 18,221 |
Loans and Allowance for Loan 48
Loans and Allowance for Loan Losses - Transfers from Loans to Other Real Estate Owned and Repossessed Assets (Detail) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2015 | Jun. 30, 2014 | |
Financing Receivable Allowance For Credit Loss Additional Information Transfer From Loans To Other Real Estate Owned And Repossessed Assets [Abstract] | ||
Other real estate owned | $ 2,522 | $ 525 |
Repossessed assets | 424 | 722 |
Total | $ 2,946 | $ 1,247 |
Intangible Assets - Summary of
Intangible Assets - Summary of Intangible Assets (Detail) - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | $ 19,492 | $ 19,540 |
Accumulated Amortization | (9,811) | (8,905) |
Net Carrying Amount | 9,681 | 10,635 |
Core Deposit Intangibles [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 13,198 | 13,198 |
Accumulated Amortization | (6,720) | (6,013) |
Net Carrying Amount | 6,478 | 7,185 |
Customer Relationship Intangibles [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 5,699 | 5,699 |
Accumulated Amortization | (2,880) | (2,699) |
Net Carrying Amount | 2,819 | 3,000 |
Mortgage Servicing Intangibles [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 595 | 643 |
Accumulated Amortization | (211) | (193) |
Net Carrying Amount | $ 384 | $ 450 |
Intangible Assets - Summary o50
Intangible Assets - Summary of Goodwill by Business Segment (Detail) $ in Thousands | 6 Months Ended |
Jun. 30, 2015USD ($) | |
Goodwill [Line Items] | |
Balance at December 31, 2014 | $ 44,962 |
Impairment | (368) |
Balance at June 30, 2015 | 44,594 |
Metropolitan Banks [Member] | |
Goodwill [Line Items] | |
Balance at December 31, 2014 | 8,078 |
Balance at June 30, 2015 | 8,078 |
Community Banks [Member] | |
Goodwill [Line Items] | |
Balance at December 31, 2014 | 30,970 |
Impairment | (368) |
Balance at June 30, 2015 | 30,602 |
Other Financial Services [Member] | |
Goodwill [Line Items] | |
Balance at December 31, 2014 | 5,464 |
Balance at June 30, 2015 | 5,464 |
Executive, Operations & Support [Member] | |
Goodwill [Line Items] | |
Balance at December 31, 2014 | 450 |
Balance at June 30, 2015 | $ 450 |
Intangible Assets - Additional
Intangible Assets - Additional Information (Detail) $ in Thousands | 6 Months Ended |
Jun. 30, 2015USD ($) | |
Goodwill [Line Items] | |
Impairment loss | $ 368 |
Community Banks [Member] | |
Goodwill [Line Items] | |
Impairment loss | $ 368 |
Stock-Based Compensation - Addi
Stock-Based Compensation - Additional Information (Detail) - shares | 6 Months Ended | ||
Jun. 30, 2015 | May. 31, 2014 | May. 31, 2013 | |
Non-Employee [Member] | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Number of options granted for non-employee director | 10,000 | ||
Nonqualified Incentive Stock Option Plan [Member] | Stock Option [ Member] | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Number of shares to be issued under incentive stock option plan | 3,000,000 | ||
Shares for future grants | 39,485 | ||
Stock option plan termination date | Dec. 31, 2019 | ||
Option exercisable rate | 25.00% | ||
Option exercisable period | 4 years | ||
Options expire period | 15 years | ||
Vesting period in years, start | 4 years | ||
Share based compensation options exercisable period | 2,022 | ||
Options vest and exercisable Description | The options are exercisable beginning four years from the date of grant at the rate of 25% per year for four years. Options expire at the end of fifteen years from the date of grant | ||
Vesting period in years | 7 years | ||
Nonqualified Incentive Stock Option Plan [Member] | Stock Option [ Member] | Minimum [Member] | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Stock price percentage to fair value at grant date | 100.00% | ||
Non-Employee Directors Stock Option Plan [ Member] | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Number of shares to be issued under incentive stock option plan | 230,000 | ||
Shares for future grants | 20,000 | ||
Option exercisable rate | 25.00% | ||
Option exercisable period | 1 year | ||
Options expire period | 15 years | ||
Share based compensation options exercisable period | 2,018 | ||
Options vest and exercisable Description | The options are exercisable beginning one year from the date of grant at the rate of 25% per year for four years | ||
Vesting period in years | 4 years | ||
Non-Employee Directors Stock Option Plan [ Member] | Minimum [Member] | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Stock price percentage to fair value at grant date | 100.00% |
Stock-Based Compensation - Summ
Stock-Based Compensation - Summary of Activity Under Stock Option Plan (Detail) - Jun. 30, 2015 - USD ($) $ / shares in Units, $ in Thousands | Total |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Outstanding at beginning period - Options | 1,029,657 |
Options granted | 98,000 |
Options exercised | (57,250) |
Options canceled, forfeited or expired - Options | (22,500) |
Outstanding at ending period - Options | 1,047,907 |
Exercisable at ending period - Options | 475,682 |
Outstanding at beginning period - Wgtd. Avg. Exercise Price | $ 36.55 |
Options granted - Wgtd. Avg. Exercise Price | 60.02 |
Options exercised - Wgtd. Avg. Exercise Price | 23.64 |
Options cancelled, forfeited, or expired - Wgtd. Avg. Exercise Price | 37.14 |
Outstanding at ending period - Wgtd. Avg. Exercise Price | 39.44 |
Exercisable at ending period - Wgtd. Avg. Exercise Price | $ 31.54 |
Outstanding at ending period - Wgtd. Avg. Remaining Contractual Term, years | 8 years 10 months 17 days |
Exercisable at ending period - Wgtd. Avg. Remaining Contractual Term, years | 5 years 2 months 16 days |
Outstanding at ending period - Aggregate Intrinsic Value | $ 27,260 |
Exercisable at ending period - Aggregate Intrinsic Value | $ 16,131 |
Stock-Based Compensation - Opti
Stock-Based Compensation - Options Granted and Options Exercised Under Stock Option Plan (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Share Based Compensation Arrangement By Share Based Payment Award Options Additional Disclosures [Abstract] | ||||
Weighted average grant-date fair value per share of options granted | $ 12.07 | $ 12.33 | $ 11.51 | $ 12.33 |
Total intrinsic value of options exercised | $ 1,892 | $ 1,301 | $ 2,129 | $ 2,046 |
Cash received from options exercised | 1,109 | 776 | 1,353 | 1,642 |
Tax benefit realized from options exercised | $ 731 | $ 503 | $ 823 | $ 791 |
Stock-Based Compensation - Stoc
Stock-Based Compensation - Stock-Based Employee Compensation Expense (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Labor And Related Expense [Abstract] | ||||
Stock-based compensation expense | $ 290 | $ 429 | $ 754 | $ 776 |
Tax benefit | 112 | 166 | 292 | 300 |
Stock-based compensation expense, net of tax | $ 178 | $ 263 | $ 462 | $ 476 |
Stock-Based Compensation - Rema
Stock-Based Compensation - Remaining Fair Value of Stock Options (Detail) $ in Thousands | Jun. 30, 2015USD ($) |
Remaining Fair Value Of Stock Options [Abstract] | |
Fair value of stock options | $ 4,459 |
Stock-Based Compensation - Assu
Stock-Based Compensation - Assumptions Used for Computing Stock-Based Compensation Expense (Detail) | 6 Months Ended | |
Jun. 30, 2015 | Jun. 30, 2014 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Risk-free interest rate | 2.54% | |
Dividend yield | 2.00% | 2.00% |
Stock price volatility | 18.98% | |
Expected term | 10 years | 10 years |
Minimum [Member] | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Risk-free interest rate | 1.83% | |
Stock price volatility | 18.23% | |
Maximum [Member] | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Risk-free interest rate | 2.26% | |
Stock price volatility | 19.22% |
Stockholders' Equity - Summary
Stockholders' Equity - Summary of Shares Repurchased Under Stock Purchase Program (Detail) - shares | Jun. 30, 2015 | Jun. 30, 2014 |
Summary Of Shares Repurchased Under Stock Purchase Program [Abstract] | ||
Shares remaining to be repurchased | 194,723 | 194,723 |
Stockholders' Equity - Required
Stockholders' Equity - Required Capital Amounts and Company's Respective Ratios (Detail) - Jun. 30, 2015 - USD ($) $ in Thousands | Total |
Parent Company [Member] | |
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | |
Total Capital Amount | $ 652,100 |
Total Capital To Risk Weighted Assets Actual Ratio | 15.61% |
Capital Required For Capital Adequacy Amount | $ 334,229 |
Capital Required For Capital Adequacy to Risk Weighted Assets Ratio | 8.00% |
Common Equity Tier 1 Risk Based Capital Amount | $ 583,479 |
Common Equity Tier 1 Risk Based Capital To Risk Weighted Assets Ratio | 13.97% |
Common Equity Tier 1 Risk Based Capital Required For Capital Adequacy Amount | $ 188,004 |
Common Equity Tier 1 Risk Based Capital Required For Capital Adequacy To Risk Weighted Assets Ratio | 4.50% |
Tier 1 Risk Based Capital Amount | $ 609,479 |
Tier 1 Risk Based Capital To Risk Weighted Assets Ratio | 14.59% |
Tier 1 Risk Based Capital Required For Capital Adequacy Amount | $ 250,672 |
Tier 1 Risk Based Capital Required For Capital Adequacy To Risk Weighted Assets Ratio | 6.00% |
Tier 1 Capital Amount | $ 609,479 |
Tier 1 Capital To Average Assets Ratio | 9.45% |
Tier 1 Capital Required For Capital Adequacy Amount | $ 259,959 |
Tier 1 Capital Required For Capital Adequacy To Average Assets Ratio | 4.00% |
BancFirst [Member] | |
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | |
Total Capital Amount | $ 598,091 |
Total Capital To Risk Weighted Assets Actual Ratio | 14.40% |
Capital Required For Capital Adequacy Amount | $ 332,259 |
Capital Required For Capital Adequacy to Risk Weighted Assets Ratio | 8.00% |
Capital Required To Be Well Capitalized Amount | $ 415,324 |
Capital Required To Be Well Capitalized To Risk Weighted Assets Ratio | 10.00% |
Common Equity Tier 1 Risk Based Capital Amount | $ 535,470 |
Common Equity Tier 1 Risk Based Capital To Risk Weighted Assets Ratio | 12.89% |
Common Equity Tier 1 Risk Based Capital Required For Capital Adequacy Amount | $ 186,896 |
Common Equity Tier 1 Risk Based Capital Required For Capital Adequacy To Risk Weighted Assets Ratio | 4.50% |
Common Equity Tier 1 Risk Based Capital Required To Be well Capitalized Amount | $ 269,960 |
Common Equity Tier 1 Risk Based Capital Required To Be well Capitalized Amount | 6.50% |
Tier 1 Risk Based Capital Amount | $ 555,470 |
Tier 1 Risk Based Capital To Risk Weighted Assets Ratio | 13.37% |
Tier 1 Risk Based Capital Required For Capital Adequacy Amount | $ 249,194 |
Tier 1 Risk Based Capital Required For Capital Adequacy To Risk Weighted Assets Ratio | 6.00% |
Tier 1 Risk Based Capital Required To Be well Capitalized Amount | $ 332,259 |
Tier 1 Risk Based Capital Required To Be Well Capitalized To Risk Weighted Assets Ratio | 8.00% |
Tier 1 Capital Amount | $ 555,470 |
Tier 1 Capital To Average Assets Ratio | 8.62% |
Tier 1 Capital Required For Capital Adequacy Amount | $ 259,366 |
Tier 1 Capital Required For Capital Adequacy To Average Assets Ratio | 4.00% |
Tier 1 Capital Required To Be Well Capitalized Amount | $ 324,207 |
Tier 1 Capital Required To Be Well Capitalized To Average assets Ratio | 5.00% |
Stockholders' Equity - Addition
Stockholders' Equity - Additional Information (Detail) - Jun. 30, 2015 - USD ($) | Total |
2015 [Member] | |
Stockholders Equity [Line Items] | |
Implementation of the deductions and other adjustments to CET1 | 4 years |
Implementation of the deductions and other adjustments to CET1, Percentage | 40.00% |
After 2015 [Member] | |
Stockholders Equity [Line Items] | |
Implementation of the deductions and other adjustments to CET1, Additional Percentage | 20.00% |
2016 [Member] | |
Stockholders Equity [Line Items] | |
Implementation of the capital conservation buffer, Percentage | 0.625% |
Capital conservation buffer implementation phase-out period | 4 years |
2019 [Member] | |
Stockholders Equity [Line Items] | |
Capital Conservation Buffer Maximum Level | 2.50% |
Maximum [Member] | |
Stockholders Equity [Line Items] | |
Quantitative limit for trust preferred securities to be included in tier 1 capital | $ 15,000,000,000 |
Net Income Per Common Share - B
Net Income Per Common Share - Basic and Diluted Net Income Per Common Share (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Earnings Per Share Reconciliation [Abstract] | ||||
Income available to common stockholders | $ 18,553 | $ 14,688 | $ 34,812 | $ 29,345 |
Income available to common stockholders plus assumed exercises of stock options | $ 18,553 | $ 14,688 | $ 34,812 | $ 29,345 |
Income available to common stockholders - Shares | 15,536,325 | 15,468,511 | 15,521,916 | 15,405,847 |
Effect of stock options - Shares | 328,599 | 363,669 | 330,616 | 353,942 |
Income available to common stockholders plus assumed exercises of stock options - Shares | 15,864,924 | 15,832,180 | 15,852,532 | 15,759,789 |
Income available to common stockholders - Per Share Amount | $ 1.19 | $ 0.94 | $ 2.24 | $ 1.90 |
Income available to common stockholders plus assumed exercises of stock options - Per Share Amount | $ 1.17 | $ 0.92 | $ 2.20 | $ 1.86 |
Net Income Per Common Share - A
Net Income Per Common Share - Average Exercise Prices of Options Excluded from Computation of Diluted Net Income Per Common Share (Detail) - $ / shares | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Schedule Of Antidilutive Securities Excluded From Computation Of Earnings Per Share [Abstract] | ||||
Shares | 168,065 | 59,286 | 148,475 | 67,155 |
Average Exercise Price | $ 58.14 | $ 54.89 | $ 57.94 | $ 54.15 |
Fair Value Measurements - Addit
Fair Value Measurements - Additional Information (Detail) - USD ($) | 6 Months Ended | 12 Months Ended | |
Jun. 30, 2015 | Jun. 30, 2014 | Dec. 31, 2014 | |
Debt Instrument Fair Value Disclosure [Abstract] | |||
Days from origination after which mortgage loan are sold | 30 days | ||
Transfer of securities between levels of fair value hierarchy | $ 0 | $ 0 | |
Amount of non-financial assets (liabilities) | 0 | $ 0 | |
Non-financial assets or liabilities for which no impairment was provided | $ 0 | $ 0 |
Fair Value Measurements - Fair
Fair Value Measurements - Fair Value of Financial Assets and Liabilities Measured on Recurring Basis (Detail) - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available for sale, at fair value | $ 529,396 | $ 516,190 |
Derivative assets | 2,903 | 6,124 |
Derivative liabilities | 1,602 | 4,756 |
Loans held for sale | 13,587 | 9,433 |
Mortgage servicing intangibles | 384 | 450 |
Level 2 Inputs [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative assets | 2,903 | 6,124 |
Derivative liabilities | 1,602 | 4,756 |
Loans held for sale | 13,587 | 9,433 |
Level 3 Inputs [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Mortgage servicing intangibles | 384 | 450 |
U.S. Treasuries [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available for sale, at fair value | 280,985 | 248,993 |
U.S. Treasuries [Member] | Level 1 Inputs [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available for sale, at fair value | 280,985 | 248,993 |
U.S. Federal Agencies [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available for sale, at fair value | 166,117 | 172,449 |
U.S. Federal Agencies [Member] | Level 2 Inputs [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available for sale, at fair value | 166,117 | 172,449 |
Mortgage Backed Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available for sale, at fair value | 23,770 | 26,457 |
Mortgage Backed Securities [Member] | Level 2 Inputs [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available for sale, at fair value | 8,313 | 9,425 |
Mortgage Backed Securities [Member] | Level 3 Inputs [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available for sale, at fair value | 15,457 | 17,032 |
States and Political Subdivisions [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available for sale, at fair value | 48,977 | 53,373 |
States and Political Subdivisions [Member] | Level 2 Inputs [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available for sale, at fair value | 48,977 | 53,373 |
Other Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available for sale, at fair value | 9,547 | 14,918 |
Other Securities [Member] | Level 2 Inputs [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available for sale, at fair value | 3,455 | 3,491 |
Other Securities [Member] | Level 3 Inputs [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available for sale, at fair value | $ 6,092 | $ 11,427 |
Fair Value Measurements - Chang
Fair Value Measurements - Changes in Level 3 Assets Measured at Estimated Fair Value on Recurring Basis (Detail) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2015 | Jun. 30, 2014 | |
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation Calculation Roll Forward | ||
Balance at the beginning of the year | $ 28,909 | $ 32,002 |
Purchases, issuances and settlements | (1,409) | (2,287) |
Sales | (8,593) | (499) |
Gains included in earnings | 7,055 | 382 |
Total unrealized losses | (4,029) | 732 |
Balance at the end of the period | $ 21,933 | $ 30,330 |
Fair Value Measurements - Asset
Fair Value Measurements - Assets Measured at Fair Value on Nonrecurring Basis (Detail) - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended |
Jun. 30, 2015 | Dec. 31, 2014 | |
Impaired Loans (Less Specific Allowance) [Member] | Level 3 [Member] | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Total Fair Value | $ 43,504 | $ 33,797 |
Foreclosed Assets [Member] | Level 3 [Member] | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Total Fair Value | 164 | 220 |
Other Real Estate Owned [Member] | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Losses | 27 | 730 |
Other Real Estate Owned [Member] | Level 3 [Member] | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Total Fair Value | $ 7,357 | $ 7,859 |
Fair Value Measurements - Estim
Fair Value Measurements - Estimated Fair Values of Company's Financial Instruments (Detail) - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
FINANCIAL ASSETS | ||
Securities held for investment | $ 7,923 | $ 8,593 |
Loans, net of allowance for loan losses | 3,815,711 | 3,810,509 |
FINANCIAL LIABILITIES | ||
Deposits | 5,808,221 | 5,904,704 |
Short-term borrowings | 2,075 | 3,982 |
Junior subordinated debentures | 26,804 | 26,804 |
Carrying Amount [Member] | Level 2 Inputs [Member] | ||
FINANCIAL ASSETS | ||
Cash and cash equivalents | 1,817,228 | 1,913,895 |
Securities held for investment | 7,923 | 8,593 |
FINANCIAL LIABILITIES | ||
Deposits | 5,808,221 | 5,904,704 |
Short-term borrowings | 2,075 | 3,982 |
Junior subordinated debentures | 26,804 | 26,804 |
Carrying Amount [Member] | Level 3 Inputs [Member] | ||
FINANCIAL ASSETS | ||
Loans, net of allowance for loan losses | 3,815,711 | 3,810,509 |
Fair Value [Member] | ||
OFF-BALANCE SHEET FINANCIAL INSTRUMENTS | ||
Loan commitments | 1,666 | 1,640 |
Letters of credit | 485 | 478 |
Fair Value [Member] | Level 2 Inputs [Member] | ||
FINANCIAL ASSETS | ||
Cash and cash equivalents | 1,817,228 | 1,913,895 |
Securities held for investment | 7,991 | 8,671 |
FINANCIAL LIABILITIES | ||
Deposits | 5,131,120 | 5,945,502 |
Short-term borrowings | 2,075 | 3,982 |
Junior subordinated debentures | 29,806 | 31,200 |
Fair Value [Member] | Level 3 Inputs [Member] | ||
FINANCIAL ASSETS | ||
Loans, net of allowance for loan losses | $ 3,853,964 | $ 3,847,791 |
Derivative Financial Instrume68
Derivative Financial Instruments - Notional Amounts and Estimated Fair Values of Outstanding Derivative Positions (Detail) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2015 | Dec. 31, 2014 | |
Derivatives, Fair Value [Line Items] | ||
Derivative assets, Estimated Fair Value | $ 2,903 | $ 6,124 |
Derivative liabilities, Estimated Fair Value | (1,602) | (4,756) |
Other Assets [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative assets, Estimated Fair Value | 2,903 | 6,124 |
Other Liabilities [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative liabilities, Estimated Fair Value | $ (1,602) | (4,756) |
Oil [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Notional Units | Barrels | |
Derivative assets, Notional Amount | $ 216 | 312 |
Derivative assets, Estimated Fair Value | 1,768 | 4,629 |
Derivative liabilities, Notional Amount | (216) | (312) |
Derivative liabilities, Estimated Fair Value | $ (1,426) | (4,271) |
Natural Gas [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Notional Units | MMBTUs | |
Derivative assets, Notional Amount | $ 5,525 | 2,010 |
Derivative assets, Estimated Fair Value | 1,135 | 1,495 |
Derivative liabilities, Notional Amount | (5,525) | (2,010) |
Derivative liabilities, Estimated Fair Value | $ (176) | $ (485) |
Derivative Financial Instrume69
Derivative Financial Instruments - Recognized Derivative Income Included in Other Noninterest Income (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Derivative Gain Loss On Derivative Net [Abstract] | ||||
Derivative income | $ 37 | $ 149 | $ 192 | $ 298 |
Derivative Financial Instrume70
Derivative Financial Instruments - Additional Information (Detail) | 6 Months Ended |
Jun. 30, 2015 | |
Derivative Instruments And Hedging Activities Disclosure [Abstract] | |
Company’s share of total profit | 35.00% |
Derivative Financial Instrume71
Derivative Financial Instruments - Summary of Company's Net Credit Exposure Relating to Oil and Gas Swaps and Options with Bank Counterparties (Detail) - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
Credit Risk Derivatives At Fair Value Net [Abstract] | ||
Credit exposure | $ 1,503 | $ 4,028 |
Segment Information - Additiona
Segment Information - Additional Information (Detail) | 6 Months Ended |
Jun. 30, 2015Business_Unit | |
Segment Reporting [Abstract] | |
Number of principal business units | 4 |
Segment Information - Results o
Segment Information - Results of Operations and Selected Financial Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | Dec. 31, 2014 | |
Segment Reporting Information [Line Items] | |||||
Net interest income (expense) | $ 46,215 | $ 45,489 | $ 91,841 | $ 87,518 | |
Noninterest income | 28,715 | 23,611 | 54,011 | 47,173 | |
Income before taxes | 28,230 | 20,114 | 52,895 | 40,651 | |
Total Assets | 6,498,898 | 6,498,898 | $ 6,574,972 | ||
Operating Segments [Member] | Metropolitan Banks [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Net interest income (expense) | 15,325 | 15,372 | 30,725 | 29,159 | |
Noninterest income | 3,533 | 3,463 | 6,990 | 6,876 | |
Income before taxes | 9,800 | 7,484 | 19,689 | 15,274 | |
Total Assets | 2,262,905 | 2,262,905 | 2,298,828 | ||
Operating Segments [Member] | Community Banks [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Net interest income (expense) | 29,444 | 28,955 | 58,499 | 56,196 | |
Noninterest income | 12,990 | 12,973 | 25,316 | 25,239 | |
Income before taxes | 17,400 | 17,692 | 33,807 | 32,769 | |
Total Assets | 4,093,820 | 4,093,820 | 4,113,783 | ||
Operating Segments [Member] | Other Financial Services [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Net interest income (expense) | 1,900 | 1,568 | 3,518 | 2,944 | |
Noninterest income | 11,387 | 6,329 | 20,114 | 13,385 | |
Income before taxes | 6,910 | 2,292 | 11,917 | 5,358 | |
Total Assets | 170,089 | 170,089 | 145,814 | ||
Operating Segments [Member] | Executive, Operations & Support [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Net interest income (expense) | (454) | (406) | (901) | (781) | |
Noninterest income | 21,326 | 15,919 | 38,618 | 31,874 | |
Income before taxes | 14,604 | 7,680 | 24,408 | 17,359 | |
Total Assets | 667,250 | 667,250 | 679,194 | ||
Eliminations [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Noninterest income | (20,521) | (15,073) | (37,027) | (30,201) | |
Income before taxes | (20,484) | $ (15,034) | (36,926) | $ (30,109) | |
Total Assets | $ (695,166) | $ (695,166) | $ (662,647) |
Subsequent Event - Additional I
Subsequent Event - Additional Information (Detail) - Subsequent Event [Member] - Bank of Commerce $ in Millions | Jul. 14, 2015USD ($) |
Subsequent Event [Line Items] | |
Assets and liabilities purchased | $ 202 |
Loans | 139 |
Deposits | 180 |
Equity capital | $ 21 |
Uncategorized Items - banf-2015
Label | Element | Value |
Gain Loss On Sales Of Loans Net | us-gaap_GainLossOnSalesOfLoansNet | $ 467 |
Gain Loss On Sales Of Loans Net | us-gaap_GainLossOnSalesOfLoansNet | 549 |
Net Income Loss | us-gaap_NetIncomeLoss | 14,688 |
Net Income Loss | us-gaap_NetIncomeLoss | 18,553 |
Gain Loss On Sale Of Securities Net | us-gaap_GainLossOnSaleOfSecuritiesNet | 5,392 |
Gain Loss On Sale Of Securities Net | us-gaap_GainLossOnSaleOfSecuritiesNet | $ 85 |