Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Jun. 30, 2016 | Jul. 29, 2016 | |
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Jun. 30, 2016 | |
Document Fiscal Year Focus | 2,016 | |
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 | 15,583,833 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Jun. 30, 2016 | Dec. 31, 2015 |
ASSETS | ||
Cash and due from banks | $ 223,899 | $ 203,364 |
Interest-bearing deposits with banks | 1,373,923 | 1,394,813 |
Securities (fair value: $419,298 and $553,010, respectively) | 419,238 | 552,949 |
Loans held for sale | 10,427 | 13,725 |
Loans (net of unearned interest) | 4,326,636 | 4,232,048 |
Allowance for loan losses | (46,566) | (41,666) |
Loans, net of allowance for loan losses | 4,280,070 | 4,190,382 |
Premises and equipment, net | 126,343 | 126,813 |
Other real estate owned | 4,123 | 7,984 |
Intangible assets, net | 14,485 | 15,695 |
Goodwill | 54,042 | 54,042 |
Accrued interest receivable and other assets | 176,826 | 133,062 |
Total assets | 6,683,376 | 6,692,829 |
Deposits: | ||
Noninterest-bearing | 2,390,005 | 2,409,769 |
Interest-bearing | 3,553,977 | 3,563,589 |
Total deposits | 5,943,982 | 5,973,358 |
Short-term borrowings | 3,500 | 500 |
Accrued interest payable and other liabilities | 27,105 | 31,502 |
Junior subordinated debentures | 31,959 | 31,959 |
Total liabilities | 6,006,546 | 6,037,319 |
Stockholders' equity: | ||
Common stock, $1.00 par, 20,000,000 shares authorized; shares issued and outstanding: 15,560,271 and 15,597,446, respectively | 15,560 | 15,597 |
Capital surplus | 105,676 | 102,865 |
Retained earnings | 552,991 | 535,521 |
Accumulated other comprehensive income, net of income tax of $1,642 and $962, respectively | 2,603 | 1,527 |
Total stockholders' equity | 676,830 | 655,510 |
Total liabilities and stockholders' equity | 6,683,376 | 6,692,829 |
Senior Preferred Stock [Member] | ||
Stockholders' equity: | ||
Preferred stock, value | ||
Cumulative Preferred Stock [Member] | ||
Stockholders' equity: | ||
Preferred stock, value |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Jun. 30, 2016 | Dec. 31, 2015 |
Securities, fair value | $ 419,298 | $ 553,010 |
Common stock, par value | $ 1 | $ 1 |
Common stock, shares authorized | 20,000,000 | 20,000,000 |
Common stock, shares issued | 15,560,271 | 15,597,446 |
Common stock, shares outstanding | 15,560,271 | 15,597,446 |
Accumulated other comprehensive income, tax | $ 1,642 | $ 962 |
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, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
INTEREST INCOME | ||||
Loans, including fees | $ 51,046 | $ 46,490 | $ 101,241 | $ 92,439 |
Securities: | ||||
Taxable | 1,344 | 1,458 | 2,671 | 2,857 |
Tax-exempt | 243 | 235 | 498 | 481 |
Interest-bearing deposits with banks | 1,852 | 1,066 | 3,654 | 2,128 |
Total interest income | 54,485 | 49,249 | 108,064 | 97,905 |
INTEREST EXPENSE | ||||
Deposits | 3,092 | 2,542 | 6,172 | 5,080 |
Short-term borrowings | 2 | 1 | 3 | 2 |
Junior subordinated debentures | 523 | 491 | 1,045 | 982 |
Total interest expense | 3,617 | 3,034 | 7,220 | 6,064 |
Net interest income | 50,868 | 46,215 | 100,844 | 91,841 |
Provision for loan losses | 2,804 | 1,271 | 6,907 | 2,605 |
Net interest income after provision for loan losses | 48,064 | 44,944 | 93,937 | 89,236 |
NONINTEREST INCOME | ||||
Trust revenue | 2,602 | 2,200 | 5,067 | 4,542 |
Service charges on deposits | 15,485 | 14,312 | 30,195 | 27,664 |
Securities transactions (includes accumulated other comprehensive income reclassifications of $0, $3,306, $100 and $3,912, respectively) | (65) | 5,392 | 35 | 7,121 |
Income from sales of loans | 695 | 549 | 1,257 | 989 |
Insurance commissions | 3,255 | 3,120 | 7,390 | 7,188 |
Cash management | 2,732 | 1,886 | 5,050 | 3,705 |
Gain on sale of other assets | 55 | 41 | 59 | 81 |
Other | 1,298 | 1,215 | 2,621 | 2,721 |
Total noninterest income | 26,057 | 28,715 | 51,674 | 54,011 |
NONINTEREST EXPENSE | ||||
Salaries and employee benefits | 30,008 | 27,886 | 59,365 | 55,399 |
Occupancy, net | 3,071 | 2,700 | 5,898 | 5,535 |
Depreciation | 2,567 | 2,449 | 5,097 | 4,913 |
Amortization of intangible assets | 580 | 445 | 1,161 | 889 |
Data processing services | 1,174 | 1,179 | 2,389 | 2,296 |
Net expense (income) from other real estate owned | 35 | (184) | (1,106) | 130 |
Marketing and business promotion | 1,624 | 1,401 | 3,479 | 3,080 |
Deposit insurance | 855 | 836 | 1,694 | 1,662 |
Other | 7,806 | 8,717 | 16,034 | 16,448 |
Total noninterest expense | 47,720 | 45,429 | 94,011 | 90,352 |
Income before taxes | 26,401 | 28,230 | 51,600 | 52,895 |
Income tax expense | 8,908 | 9,677 | 17,528 | 18,083 |
Net income | $ 17,493 | $ 18,553 | $ 34,072 | $ 34,812 |
NET INCOME PER COMMON SHARE | ||||
Basic | $ 1.12 | $ 1.19 | $ 2.19 | $ 2.24 |
Diluted | $ 1.10 | $ 1.17 | $ 2.15 | $ 2.20 |
OTHER COMPREHENSIVE INCOME | ||||
Unrealized gains (losses) on securities, net of tax of $(345), $284, $(719) and $(416), respectively | $ 546 | $ (453) | $ 1,137 | $ 658 |
Reclassification adjustment for gains included in net income, net of tax of $0, $1,279, $39 and $1,513, respectively | (2,027) | (61) | (2,399) | |
Other comprehensive gains (losses), net of tax of $(345), $1,563, $(680) and $1,097, respectively | 546 | (2,480) | 1,076 | (1,741) |
Comprehensive income | $ 18,039 | $ 16,073 | $ 35,148 | $ 33,071 |
Consolidated Statements of Com5
Consolidated Statements of Comprehensive Income (Unaudited) (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
Income Statement [Abstract] | ||||
Securities transactions accumulated other comprehensive income reclassifications | $ 0 | $ 3,306 | $ 100 | $ 3,912 |
Unrealized gains (losses) on securities, tax | (345) | 284 | (719) | (416) |
Reclassification adjustment for gains included in net income, tax | 0 | 1,279 | 39 | 1,513 |
Other comprehensive gain (losses), tax | $ (345) | $ 1,563 | $ (680) | $ 1,097 |
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, 2014 | $ 15,504 | $ 96,841 | $ 492,776 | $ 4,193 | |
Shares issued, Value | 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, Value | 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 |
Balance at beginning of period at Dec. 31, 2015 | 655,510 | 15,597 | 102,865 | 535,521 | 1,527 |
Shares issued, Value | 63 | 1,867 | |||
Net income | 34,072 | 34,072 | |||
Net change | 1,076 | 1,076 | |||
Tax effect of stock options | 43 | ||||
Dividends on common stock | (11,179) | ||||
Stock-based compensation arrangements | 901 | ||||
Shares acquired and canceled, Value | (100) | (5,423) | |||
Balance at end of period at Jun. 30, 2016 | 676,830 | 15,560 | 105,676 | 552,991 | 2,603 |
Balance at beginning of period at Mar. 31, 2016 | 15,528 | 103,978 | 541,098 | 2,057 | |
Shares issued, Value | 32 | 996 | |||
Net income | 17,493 | 17,493 | |||
Net change | 546 | 546 | |||
Tax effect of stock options | 252 | ||||
Dividends on common stock | (5,600) | ||||
Stock-based compensation arrangements | 450 | ||||
Balance at end of period at Jun. 30, 2016 | $ 676,830 | $ 15,560 | $ 105,676 | $ 552,991 | $ 2,603 |
Consolidated Statements of Sto7
Consolidated Statements of Stockholders' Equity (Unaudited) (Parenthetical) - $ / shares | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
RETAINED EARNINGS [Member] | ||||
Dividend on common stock | $ 0.36 | $ 0.34 | $ 0.72 | $ 0.68 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flow (Unaudited) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2016 | Jun. 30, 2015 | |
CASH FLOWS FROM OPERATING ACTIVITIES | ||
Net income | $ 34,072 | $ 34,812 |
Adjustments to reconcile to net cash provided by operating activities: | ||
Provision for loan losses | 6,907 | 2,605 |
Depreciation and amortization | 6,258 | 5,802 |
Net amortization of securities premiums and discounts | 184 | 445 |
Realized securities gains | (35) | (7,121) |
Gain on sales of loans | (1,257) | (989) |
Cash receipts from the sale of loans originated for sale | 86,121 | 84,029 |
Cash disbursements for loans originated for sale | (81,566) | (87,635) |
Deferred income tax benefit | (1,917) | (1,464) |
Gain on other assets | (1,316) | (65) |
Increase in interest receivable | (1,040) | (740) |
Increase/(decrease) in interest payable | 14 | (14) |
Amortization of stock-based compensation arrangements | 901 | 754 |
Other, net | (4,867) | 343 |
Net cash provided by operating activities | 42,459 | 30,762 |
INVESTING ACTIVITIES | ||
Purchases of held for investment securities | (215) | |
Purchases of available for sale securities | (8,553) | (30,923) |
Proceeds from maturities, calls and paydowns of held for investment securities | 690 | 670 |
Proceeds from maturities, calls and paydowns of available for sale securities | 102,677 | 12,979 |
Proceeds from sales of available for sale securities | 300 | 8,576 |
Net change in loans | (98,555) | (10,312) |
Purchases of premises, equipment and computer software | (5,048) | (4,797) |
Proceeds from the sale of other assets | 7,020 | 3,647 |
Net cash provided by (used in) investing activities | (1,684) | (20,160) |
FINANCING ACTIVITIES | ||
Net change in deposits | (29,376) | (96,483) |
Net increase/(decrease) in short-term borrowings | 3,000 | (1,907) |
Issuance of common stock, net | 1,973 | 1,665 |
Common stock acquired | (5,523) | |
Cash dividends paid | (11,204) | (10,544) |
Net cash used in financing activities | (41,130) | (107,269) |
Net decrease in cash, due from banks and interest-bearing deposits | (355) | (96,667) |
Cash, due from banks and interest-bearing deposits at the beginning of the period | 1,598,177 | 1,913,895 |
Cash, due from banks and interest-bearing deposits at the end of the period | 1,597,822 | 1,817,228 |
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION: | ||
Cash paid during the period for interest | 7,207 | 6,078 |
Cash paid during the period for income taxes | 17,900 | 17,230 |
Noncash investing and financing activities: | ||
Unpaid common stock dividends declared | $ 5,590 | $ 5,281 |
Description of Business and Sum
Description of Business and Summary of Significant Accounting Policies | 6 Months Ended |
Jun. 30, 2016 | |
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, 2015. 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, 2015, 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, 2015, 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 June 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2016-13, “Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments.” ASU 2016-13 requires a financial asset measured at amortized cost basis to be presented at the net amount expected to be collected. The measurement of expected credit losses is based on relevant information about past events, including historical experience, current conditions, and reasonable and supportable forecasts that affect the collectability of the reported amount. ASU 2016-13 requires enhanced disclosures related to the significant estimates and judgements used in estimating credit losses, as well as the credit quality and underwriting standards of an organization’s portfolio. In addition, ASU 2016-13 amends the accounting for credit losses on available-for-sale debt securities and purchased financial assets with credit deterioration. ASU 2016-13 will be effective on January 1, 2020. The Company is currently evaluating the potential impact of ASU 2016-13 on its financial statements. In March 2016, the FASB issued ASU No. 2016-09, “Compensation - Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting.” Under ASU 2016-09 all excess tax benefits and tax deficiencies related to share-based payment awards should be recognized as income tax expense or benefit in the income statement during the period in which they occur. Previously, such amounts were recorded in the pool of excess tax benefits included in additional paid-in capital, if such pool was available. Because excess tax benefits are no longer recognized in additional paid-in capital, the assumed proceeds from applying the treasury stock method when computing earnings per share should exclude the amount of excess tax benefits that would have previously been recognized in additional paid-in capital. Additionally, excess tax benefits should be classified along with other income tax cash flows as an operating activity rather than a financing activity, as was previously the case. ASU 2016-09 also provides that an entity can make an entity-wide accounting policy election to either estimate the number of awards that are expected to vest (current GAAP) or account for forfeitures when they occur. ASU 2016-09 changes the threshold to qualify for equity classification (rather than as a liability) to permit withholding up to the maximum statutory tax rates (rather than the minimum as was previously the case) in the applicable jurisdictions. ASU 2016-09 will be effective on January 1, 2017 and is not expected to have a significant impact on the Company’s financial statements. In February 2016, the FASB issued ASU No. 2016-02, “Leases - (Topic 842).” ASU 2016-02 requires that lessees recognize on the balance sheet the assets and liabilities for the rights and obligations created by leases. The amendments are effective for annual periods, and interim reporting periods within those annual periods, beginning after December 15, 2018. Early adoption is permitted. Adoption of ASU 2016-02 is not expected to have a significant impact on the Company’s financial statements. In January 2016, the FASB issued ASU No. 2016-01, “Financial Instruments - Overall (Subtopic 825-10).” ASU 2016-01 require all equity investments (except those accounted for under the equity method of accounting or those that result in consolidation of the investee) to be measured at fair value with changes in the fair value recognized through net income. In addition, the amendment will require an entity to present separately in other comprehensive income the portion of the total change in the fair value of a liability resulting from a change in the instrument-specific credit risk when the entity has elected to measure the liability at fair value in accordance with the fair value option for financial instruments. The amendments are effective for annual periods, and interim reporting periods within those annual periods, beginning after December 15, 2017. Early adoption is not permitted. Adoption of ASU 2016-01 is not expected to have a significant impact 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 impact on the Company’s financial statements. |
Recent Developments, Including
Recent Developments, Including Mergers and Acquisitions | 6 Months Ended |
Jun. 30, 2016 | |
Recent Developments Including Mergers And Acquisitions [Abstract] | |
Recent Developments, Including Mergers and Acquisitions | (2) RECENT DEVELOPMENTS, INCLUDING MERGERS AND ACQUISITIONS On October 8, 2015, the Company completed its acquisition of CSB Bancshares Inc. and its subsidiary bank, Bank of Commerce, with locations in Yukon, Mustang and El Reno, Oklahoma. Bank of Commerce had approximately $196 million in total assets, $147 million in loans, $175 million in deposits and $22 million in equity capital. The acquisition was accounted for under the acquisition method and the Company acquired 100% of the voting interest. Bank of Commerce operated as a subsidiary of BancFirst Corporation until it was merged into BancFirst on November 13, 2015. As a result of the acquisition, the Company recorded a core deposit intangible of approximately $7.1 million and goodwill of approximately $9.4 million. The effect of this acquisition was included in the consolidated financial statements of the Company from the date of acquisition forward. The acquisition did not have a material effect on the Company’s consolidated financial statements. The acquisition of CSB Bancshares Inc. and its subsidiary bank, Bank of Commerce complemented the Company’s community banking strategy by adding two communities to its banking network throughout Oklahoma. During the quarter ended March 31, 2016, the Company had gains on the sale of other real estate owned totaling $1.2 million that is included in net expense from other real estate owned in the consolidated statements of comprehensive income. |
Securities
Securities | 6 Months Ended |
Jun. 30, 2016 | |
Investments Debt And Equity Securities [Abstract] | |
Securities | (3) SECURITIES The following table summarizes securities held for investment and securities available for sale: June 30, 2016 December 31, 2015 (Dollars in thousands) Held for investment, at cost (fair value: $8,372 and $8,850, respectively) $ 8,312 $ 8,789 Available for sale, at fair value 410,926 544,160 Total $ 419,238 $ 552,949 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, 2016 (Dollars in thousands) Mortgage backed securities (1) $ 301 $ 24 $ — $ 325 States and political subdivisions 7,511 36 — 7,547 Other securities 500 — — 500 Total $ 8,312 $ 60 $ — $ 8,372 December 31, 2015 Mortgage backed securities (1) $ 347 $ 25 $ — $ 372 States and political subdivisions 7,942 36 — 7,978 Other securities 500 — — 500 Total $ 8,789 $ 61 $ — $ 8,850 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, 2016 (Dollars in thousands) U.S. treasuries $ 204,183 $ 2,343 $ — $ 206,526 U.S. federal agencies 125,083 618 (51 ) 125,650 Mortgage backed securities (1) 20,966 403 (555 ) 20,814 States and political subdivisions 46,460 1,644 (67 ) 48,037 Other securities (2) 9,989 142 (232 ) 9,899 Total $ 406,681 $ 5,150 $ (905 ) $ 410,926 December 31, 2015 U.S. treasuries $ 328,965 $ 776 $ (45 ) $ 329,696 U.S. federal agencies 131,522 527 (153 ) 131,896 Mortgage backed securities (1) 21,973 425 (543 ) 21,855 States and political subdivisions 49,521 1,447 (48 ) 50,920 Other securities (2) 9,689 249 (145 ) 9,793 Total $ 541,670 $ 3,424 $ (934 ) $ 544,160 (1) Primarily consists of FHLMC, FNMA, GNMA and mortgage backed securities through U.S. agencies. (2) Primarily consists of equity securities. Realized gains are reported as securities transactions within the noninterest income section of the consolidated statement of comprehensive income. In January 2015, Council Oak Investment Corporation, a wholly-owned subsidiary of BancFirst, recognized a pretax gain of approximately $1.7 million from the sale of one of its equity investments. In June 2015, Council Oak Partners, LLC, a wholly-owned subsidiary of the Company, recognized a pretax gain of approximately $5.3 million from the sale of one of its equity investments. At June 30, 2016, $40.4 million of matured securities, which represent fair value, remained in other assets because of pledging requirements that were cleared the following day and transferred to cash. As of June 30, 2016 these were considered non-cash items and reduced the amount of proceeds from available for sale 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, 2016 December 31, 2015 Amortized Cost Estimated Fair Value Amortized Cost Estimated Fair Value (Dollars in thousands) Held for Investment Contractual maturity of debt securities: Within one year $ 4,987 $ 4,997 $ 5,168 $ 5,174 After one year but within five years 2,543 2,569 2,800 2,829 After five years but within ten years 760 784 795 319 After ten years 22 22 26 528 Total $ 8,312 $ 8,372 $ 8,789 $ 8,850 Available for Sale Contractual maturity of debt securities: Within one year $ 182,254 $ 182,608 $ 272,820 $ 272,779 After one year but within five years 140,232 143,197 178,617 180,145 After five years but within ten years 7,986 8,610 8,483 9,075 After ten years 69,695 70,104 75,522 75,853 Total debt securities 400,167 404,519 535,442 537,852 Equity securities 6,514 6,407 6,228 6,308 Total $ 406,681 $ 410,926 $ 541,670 $ 544,160 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, 2016 December 31, 2015 (Dollars Book value of pledged securities $ 379,267 $ 493,540 |
Loans and Allowance for Loan Lo
Loans and Allowance for Loan Losses | 6 Months Ended |
Jun. 30, 2016 | |
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, 2016 December 31, 2015 Amount Percent Amount Percent (Dollars in thousands) Commercial and financial: Commercial and industrial $ 800,313 18.50 % $ 795,803 18.80 % Oil & gas production and equipment 79,930 1.85 87,304 2.06 Agriculture 142,303 3.29 150,620 3.56 State and political subdivisions: Taxable 33,187 0.77 17,605 0.42 Tax-exempt 42,788 0.99 33,575 0.79 Real estate: Construction 405,417 9.37 403,664 9.54 Farmland 189,820 4.39 184,707 4.36 One to four family residences 843,081 19.48 821,251 19.41 Multifamily residential properties 58,815 1.36 65,477 1.55 Commercial 1,421,075 32.84 1,356,430 32.05 Consumer 272,387 6.29 283,636 6.70 Other (not classified above) 37,520 0.87 31,976 0.76 Total loans $ 4,326,636 100.00 % $ 4,232,048 100.00 % The Company’s commercial and industrial loan category includes a small percentage of loans to companies that provide ancillary services to the oil and gas industry, such as transportation, preparation contractors and equipment manufacturers. The balance of these loans at June 30, 2016 was approximately $52 million. 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, 2015. Nonperforming and Restructured Assets The following is a summary of nonperforming and restructured assets: June 30, December 31, 2016 2015 (Dollars in thousands) Past due 90 days or more and still accruing $ 2,695 $ 1,841 Nonaccrual 30,063 30,096 Restructured 1,974 15,143 Total nonperforming and restructured loans 34,732 47,080 Other real estate owned and repossessed assets 4,469 8,214 Total nonperforming and restructured assets $ 39,201 $ 55,294 Had nonaccrual loans performed in accordance with their original contractual terms, the Company would have recognized additional interest income of approximately $982,000 for the six months ended June 30, 2016 and approximately $922,000 for the six months ended June 30, 2015. Restructured loans at December 31, 2015 consisted primarily of one relationship restructured in prior periods to defer certain principal payments. This relationship was re-evaluated and removed from restructured loans in 2016 due to sustained improvement in financial condition, performance and the commercially reasonable nature of its structure. 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, December 31, 2016 2015 (Dollars in thousands) Real estate: Non-residential real estate owner occupied $ 279 $ 261 Non-residential real estate other 4,179 3,957 Residential real estate permanent mortgage 735 656 Residential real estate all other 6,302 1,833 Commercial and financial: Non-consumer non-real estate 6,246 10,159 Consumer non-real estate 291 312 Other loans 8,910 9,381 Acquired loans 3,121 3,537 Total $ 30,063 $ 30,096 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, 2016 Real estate: Non-residential real estate owner occupied $ 686 $ 170 $ 240 $ 1,096 $ 518,872 $ 519,968 $ 70 Non-residential real estate other 1,248 — 278 1,526 1,140,659 1,142,185 207 Residential real estate permanent mortgage 2,725 418 590 3,733 330,668 334,401 86 Residential real estate all other 2,691 569 5,798 9,058 710,143 719,201 268 Commercial and financial: Non-consumer non-real estate 1,961 608 2,024 4,593 1,000,014 1,004,607 1,477 Consumer non-real estate 1,948 695 573 3,216 273,495 276,711 418 Other loans 1,277 775 3,284 5,336 148,364 153,700 119 Acquired loans 1,407 171 465 2,043 173,820 175,863 50 Total $ 13,943 $ 3,406 $ 13,252 $ 30,601 $ 4,296,035 $ 4,326,636 $ 2,695 As of December 31, 2015 Real estate: Non-residential real estate owner occupied $ 441 $ 179 $ 183 $ 803 $ 502,094 $ 502,897 $ — Non-residential real estate other 1,149 108 568 1,825 1,108,935 1,110,760 521 Residential real estate permanent mortgage 2,840 636 648 4,124 328,477 332,601 493 Residential real estate all other 2,842 609 824 4,275 672,414 676,689 193 Commercial and financial: Non-consumer non-real estate 2,278 161 187 2,626 982,136 984,762 152 Consumer non-real estate 2,237 772 349 3,358 265,511 268,869 278 Other loans 3,565 295 1,761 5,621 156,995 162,616 132 Acquired loans 1,052 71 918 2,041 190,813 192,854 72 Total $ 16,404 $ 2,831 $ 5,438 $ 24,673 $ 4,207,375 $ 4,232,048 $ 1,841 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, 2016 Real estate: Non-residential real estate owner occupied $ 546 $ 457 $ 14 $ 484 Non-residential real estate other 6,420 4,387 164 4,368 Residential real estate permanent mortgage 1,078 878 79 1,131 Residential real estate all other 7,063 6,800 1,517 5,725 Commercial and financial: Non-consumer non-real estate 13,862 8,948 1,900 7,930 Consumer non-real estate 877 843 168 707 Other loans 10,896 9,029 924 8,930 Acquired loans 5,529 3,584 — 3,894 Total $ 46,271 $ 34,926 $ 4,766 $ 33,169 As of December 31, 2015 Real estate: Non-residential real estate owner occupied $ 507 $ 383 $ 14 $ 446 Non-residential real estate other 21,068 19,052 357 19,655 Residential real estate permanent mortgage 1,401 1,209 81 1,125 Residential real estate all other 2,498 2,235 242 1,958 Commercial and financial: Non-consumer non-real estate 13,897 10,312 2,062 11,786 Consumer non-real estate 738 715 181 652 Other loans 10,722 9,513 331 10,335 Acquired loans 6,295 4,248 — 4,564 Total $ 57,126 $ 47,667 $ 3,268 $ 50,521 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, 2015. 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, 2016 Real estate: Non-residential real estate owner occupied $ 429,378 $ 79,044 $ 11,251 $ 295 $ — $ 519,968 Non-residential real estate other 951,915 181,582 4,302 4,386 — 1,142,185 Residential real estate permanent mortgage 295,151 31,233 7,049 968 — 334,401 Residential real estate all other 591,982 111,956 8,566 6,697 — 719,201 Commercial and financial: Non-consumer non-real estate 831,214 139,601 27,372 6,420 — 1,004,607 Consumer non-real estate 258,257 15,094 1,853 1,507 — 276,711 Other loans 144,008 5,577 1,720 2,395 — 153,700 Acquired loans 131,830 28,611 11,985 3,437 — 175,863 Total $ 3,633,735 $ 592,698 $ 74,098 $ 26,105 — $ 4,326,636 As of December 31, 2015 Real estate: Non-residential real estate owner occupied $ 417,529 $ 76,749 $ 8,304 $ 315 $ — $ 502,897 Non-residential real estate other 945,993 156,159 4,580 4,028 — 1,110,760 Residential real estate permanent mortgage 295,265 29,793 6,315 1,228 — 332,601 Residential real estate all other 554,007 111,879 9,109 1,694 — 676,689 Commercial and financial: Non-consumer non-real estate 821,394 140,384 12,687 10,297 — 984,762 Consumer non-real estate 251,994 14,433 1,779 662 1 268,869 Other loans 153,416 5,851 872 2,477 — 162,616 Acquired loans 165,305 12,566 11,049 3,858 76 192,854 Total $ 3,604,903 $ 547,814 $ 54,695 $ 24,559 $ 77 $ 4,232,048 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, 2015. 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, 2016 Real estate: Non-residential real estate owner occupied $ 4,832 $ (9 ) $ — $ (9 ) $ 73 $ 4,896 Non-residential real estate other 10,211 (3 ) 1 (2 ) 93 10,302 Residential real estate permanent mortgage 3,164 (49 ) 21 (28 ) 67 3,203 Residential real estate all other 7,989 (70 ) 7 (63 ) 367 8,293 Commercial and financial: Non-consumer non-real estate 12,813 (502 ) 35 (467 ) 1,095 13,441 Consumer non-real estate 2,553 (134 ) 38 (96 ) 292 2,749 Other loans 2,790 (149 ) 7 (142 ) 729 3,377 Acquired loans 219 (13 ) 11 (2 ) 88 305 Total $ 44,571 $ (929 ) $ 120 $ (809 ) $ 2,804 $ 46,566 Six Months Ended June 30, 2016 Real estate: Non-residential real estate owner occupied $ 4,661 $ (10 ) $ — $ (10 ) $ 245 $ 4,896 Non-residential real estate other 9,921 (4 ) 2 (2 ) 383 10,302 Residential real estate permanent mortgage 3,148 (99 ) 38 (61 ) 116 3,203 Residential real estate all other 6,725 (137 ) 11 (126 ) 1,694 8,293 Commercial and financial: Non-consumer non-real estate 11,754 (1,305 ) 46 (1,259 ) 2,946 13,441 Consumer non-real estate 2,642 (355 ) 76 (279 ) 386 2,749 Other loans 2,648 (282 ) 13 (269 ) 998 3,377 Acquired loans 167 (17 ) 16 (1 ) 139 305 Total $ 41,666 $ (2,209 ) $ 202 $ (2,007 ) $ 6,907 $ 46,566 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 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, 2016 December 31, 2015 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. $ 433 $ 4,463 $ 323 $ 4,338 Non-residential real estate other 436 9,866 323 9,598 Residential real estate permanent mortgage 436 2,767 399 2,749 Residential real estate all other 2,102 6,191 839 5,886 Commercial and financial: Non-consumer non-real estate 4,769 8,672 3,365 8,389 Consumer non-real estate 572 2,177 445 2,197 Other loans 895 2,482 291 2,357 Acquired loans — 305 — 167 Total $ 9,643 $ 36,923 $ 5,985 $ 35,681 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, 2016 December 31, 2015 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 $ 11,546 $ 508,422 $ — $ 8,619 $ 494,278 $ — Non-residential real estate other 8,688 1,133,497 — 8,608 1,102,152 — Residential real estate permanent mortgage 8,016 326,385 — 7,543 325,058 — Residential real estate all other 15,263 703,938 — 10,803 665,886 — Commercial and financial: Non-consumer non-real estate 33,792 970,815 — 22,983 961,779 — Consumer non-real estate 3,282 273,429 — 2,416 266,453 — Other loans 2,235 151,465 — 2,323 160,293 — Acquired loans — 160,443 15,420 — 177,871 14,983 Total $ 82,822 $ 4,228,394 $ 15,420 $ 63,295 $ 4,153,770 $ 14,983 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, 2016 2015 (Dollars in thousands) Other real estate owned $ 1,210 $ 2,522 Repossessed assets 750 424 Total $ 1,960 $ 2,946 |
Intangible Assets
Intangible Assets | 6 Months Ended |
Jun. 30, 2016 | |
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, 2016 Core deposit intangibles $ 18,659 $ (6,892 ) $ 11,767 Customer relationship intangibles 5,699 (3,242 ) 2,457 Mortgage servicing intangibles 506 (245 ) 261 Total $ 24,864 $ (10,379 ) $ 14,485 As of December 31, 2015 Core deposit intangibles $ 20,333 $ (7,586 ) $ 12,747 Customer relationship intangibles 5,699 (3,061 ) 2,638 Mortgage servicing intangibles 538 (228 ) 310 Total $ 26,570 $ (10,875 ) $ 15,695 The following is a summary of goodwill by business segment: Other Executive, Metropolitan Community Financial Operations Banks Banks Services & Support Consolidated (Dollars in thousands) Six month ended June 30, 2016 Balance at beginning and end of period $ 8,078 $ 40,050 $ 5,464 $ 450 $ 54,042 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, 2015. |
Stock-Based Compensation
Stock-Based Compensation | 6 Months Ended |
Jun. 30, 2016 | |
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 3,200,000 shares in May 2016. At June 30, 2016, 205,735 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, 2016 will become exercisable through the year 2023. 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 260,000 shares in May 2016. At June 30, 2016, 40,000 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, 2016 will become exercisable through the year 2020. 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 option data) Six Months Ended June 30, 2016 Outstanding at December 31, 2015 1,018,149 $ 40.69 Options granted 25,000 56.44 Options exercised (61,299 ) 30.61 Options canceled, forfeited, or expired (15,000 ) 51.51 Outstanding at June 30, 2016 966,850 41.57 8.76 Yrs $ 18,125 Exercisable at June 30, 2016 476,175 33.92 5.62 Yrs $ 12,571 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, 2016 2015 2016 2015 (Dollars in thousands except per share data) Weighted average grant-date fair value per share of options granted $ 11.29 $ 12.07 $ 11.40 $ 11.51 Total intrinsic value of options exercised 891 1,892 1,670 2,129 Cash received from options exercised 1,001 1,109 1,876 1,353 Tax benefit realized from options exercised 345 731 646 823 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, 2016 2015 2016 2015 (Dollars in thousands) Stock-based compensation expense $ 450 $ 290 $ 901 $ 754 Tax benefit 174 112 348 292 Stock-based compensation expense, net of tax $ 276 $ 178 $ 553 $ 462 The Company will continue to amortize the unearned stock-based compensation expense over the remaining vesting period of approximately seven years. The following table shows the unearned stock-based compensation expense: June 30, 2016 (Dollars in thousands) Unearned stock-based compensation expense $ 3,462 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, 2016 2015 Risk-free interest rate 1.46 to 2.02% 1.83 to 2.26% Dividend yield 2.00% 2.00% Stock price volatility 20.41 to 20.64% 18.23 to 19.22% 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. In May 1999, the Company adopted the BancFirst Corporation Directors’ Deferred Stock Compensation Plan (the “BancFirst Deferred Stock Compensation Plan”). The Company amended the BancFirst Deferred Stock Compensation Plan to increase the number of shares to be issued under the plan to 111,110 shares in May 2016. Under the plan, directors and members of the community advisory boards of the Company and its subsidiaries may defer up to 100% of their board fees. They are credited for each deferral with a number of stock units based on the current market price of the Company’s stock, which accumulate in an account until such time as the director or community board member terminates serving as a board member. Shares of common stock of the Company are then distributed to the terminating director or community board member based upon the number of stock units accumulated in his or her account. The number of shares of common stock distributed from the BancFirst Deferred Stock Compensation Plan was 1,526 during the six months ended June 30, 2016. A summary of the accumulated stock units is as follows: June 30, December 31, 2016 2015 Accumulated stock units 68,306 66,376 Average price $ 40.65 $ 39.64 |
Stockholders' Equity
Stockholders' Equity | 6 Months Ended |
Jun. 30, 2016 | |
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 may be determined by management within the limitations of the SRP. The following table is a summary of the shares under the program, all share repurchased in 2016 where purchased in the first three months of the year: Six Months Ended June 30, 2016 2015 Number of shares repurchased 100,000 — Average price of shares repurchased $ 55.23 — Shares remaining to be repurchased 66,276 194,723 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, 2016, 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 With Capitalized Under Adequacy Capital Conservation Prompt Corrective Actual Purposes Buffer Action Provisions Amount Ratio Amount Ratio Amount Ratio Amount Ratio (Dollars in thousands) As of June 30, 2016: Total Capital (to Risk Weighted Assets)- BancFirst Corporation $ 689,071 14.46% $ 381,153 8.00% $ 410,931 8.625% N/A N/A BancFirst 629,830 13.23% 380,759 8.00% 410,505 8.625% $ 475,948 10.00% Common Equity Tier 1 Capital (to Risk Weighted Assets)- BancFirst Corporation $ 611,505 12.83% $ 214,399 4.50% $ 244,176 5.125% N/A N/A BancFirst 563,264 11.83% 214,177 4.50% 243,924 5.125% $ 309,366 6.50% Tier 1 Capital (to Risk Weighted Assets)- BancFirst Corporation $ 642,505 13.49% $ 285,865 6.00% $ 315,642 6.625% N/A N/A BancFirst 583,264 12.25% 285,569 6.00% 315,316 6.625% $ 380,759 8.00% Tier 1 Capital (to Total Assets)- BancFirst Corporation $ 642,505 9.65% $ 266,346 4.00% N/A N/A N/A N/A BancFirst 583,264 8.77% 265,942 4.00% N/A N/A $ 332,427 5.00% As of June 30, 2016, 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 Under the Basel III Capital Rules, 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 began on January 1, 2016 at the 0.625% level and will 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, 2016, 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, 2016 | |
Earnings Per Share [Abstract] | |
Net Income Per Common Share | (8) NET INCOME PER COMMON SHARE Basic and diluted net income per common share based on weighted-average shares outstanding are calculated as follows: Income (Numerator) Shares (Denominator) Per Share Amount (Dollars in thousands, except per share data) Three Months Ended June 30, 2016 Basic Income available to common stockholders $ 17,493 15,549,811 $ 1.12 Dilutive effect of stock options — 292,674 Diluted Income available to common stockholders plus assumed exercises of stock options $ 17,493 15,842,485 $ 1.10 Three Months Ended June 30, 2015 Basic Income available to common stockholders $ 18,553 15,536,325 $ 1.19 Dilutive 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 Six Months Ended June 30, 2016 Basic Income available to common stockholders $ 34,072 15,542,114 $ 2.19 Dilutive effect of stock options — 288,563 Diluted Income available to common stockholders plus assumed exercises of stock options $ 34,072 15,830,677 $ 2.15 Six Months Ended June 30, 2015 Basic Income available to common stockholders $ 34,812 15,521,916 $ 2.24 Dilutive 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 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, 2016 241,945 $ 58.52 Three Months Ended June 30, 2015 168,065 58.14 Six Months Ended June 30, 2016 239,198 58.55 Six Months Ended June 30, 2015 148,475 57.94 |
Fair Value Measurements
Fair Value Measurements | 6 Months Ended |
Jun. 30, 2016 | |
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. 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, 2016 Securities available for sale: U.S. Treasury $ 206,526 $ — $ — $ 206,526 U.S. federal agencies — 125,650 — 125,650 Mortgage-backed securities — 5,998 14,816 20,814 States and political subdivisions — 48,037 — 48,037 Other securities — 3,492 6,407 9,899 Derivative assets — 1,624 — 1,624 Derivative liabilities — 1,138 — 1,138 Loans held for sale — 10,427 — 10,427 December 31, 2015 Securities available for sale: U.S. Treasury $ 329,696 $ — $ — $ 329,696 U.S. federal agencies — 131,896 — 131,896 Mortgage-backed securities — 7,039 14,816 21,855 States and political subdivisions — 50,920 — 50,920 Other securities — 3,485 6,308 9,793 Derivative assets — 1,946 — 1,946 Derivative liabilities — 989 — 989 Loans held for sale — 13,725 — 13,725 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, 2016 2015 (Dollars in thousands) Balance at the beginning of the year $ 21,124 $ 28,459 Purchases, issuances and settlements 551 (1,409 ) Sales (300 ) (8,593 ) Gains included in earnings 35 7,121 Total unrealized (losses) gains (187 ) (4,029 ) Balance at the end of the period $ 21,223 $ 21,549 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, 2016 and 2015, 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, 2016 Impaired loans (less specific allowance) $ 30,160 $ — Foreclosed assets 346 2 Other real estate owned 4,123 49 As of and for the Year-to-date Period Ended December 31, 2015 Impaired loans (less specific allowance) $ 44,399 $ — Foreclosed assets 230 — Other real estate owned 7,984 128 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 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. 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, 2016 2015 Carrying Amount Fair Value Carrying Amount Fair Value (Dollars in thousands) FINANCIAL ASSETS Level 2 inputs: Cash and cash equivalents $ 1,597,822 $ 1,597,822 $ 1,598,177 $ 1,598,177 Securities held for investment 7,812 7,872 8,289 8,350 Level 3 inputs: Securities held for investment 500 500 500 500 Loans, net of allowance for loan losses 4,280,070 4,353,453 4,190,382 4,222,153 FINANCIAL LIABILITIES Level 2 inputs: Deposits 5,943,982 5,997,885 5,973,538 6,028,012 Short-term borrowings 3,500 3,500 500 500 Junior subordinated debentures 31,959 33,707 31,959 33,793 OFF-BALANCE SHEET FINANCIAL INSTRUMENTS Loan commitments 1,735 1,681 Letters of credit 426 464 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, 2016 or December 31, 2015. |
Derivative Financial Instrument
Derivative Financial Instruments | 6 Months Ended |
Jun. 30, 2016 | |
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, 2016 December 31, 2015 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 88 $ 356 86 $ 604 Derivative liabilities Barrels (88 ) (269 ) (86 ) (378 ) Natural Gas Derivative assets MMBTUs 3,930 1,268 3,920 1,342 Derivative liabilities MMBTUs (3,930 ) (869 ) (3,920 ) (611 ) Total Fair Value Included in Derivative assets Other assets 1,624 1,946 Derivative liabilities Other liabilities (1,138 ) (989 ) 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, 2016 2015 2016 2015 (Dollars in thousands) Derivative income $ 6 $ 37 $ 11 $ 192 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, 2016 December 31, 2015 (Dollars in Credit exposure $ — $ 37 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, 2016 | |
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, 2016 Net interest income (expense) $ 15,699 $ 33,846 $ 1,591 $ (268 ) $ — $ 50,868 Noninterest income 4,098 14,408 6,646 18,798 (17,893 ) 26,057 Income before taxes 10,240 20,331 2,431 11,247 (17,848 ) 26,401 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 Six Months Ended June 30, 2016 Net interest income (expense) $ 31,542 $ 66,968 $ 3,007 $ (673 ) $ — $ 100,844 Noninterest income 7,886 28,004 14,125 36,476 (34,817 ) 51,674 Income before taxes 19,588 39,425 5,545 21,747 (34,705 ) 51,600 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 Total Assets: June 30, 2016 $ 2,311,639 $ 4,350,115 $ 107,265 $ 653,042 $ (738,685 ) $ 6,683,376 December 31, 2015 2,277,870 4,379,205 128,697 624,428 (717,371 ) 6,692,829 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. |
Description of Business and S20
Description of Business and Summary of Significant Accounting Policies (Policies) | 6 Months Ended |
Jun. 30, 2016 | |
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, 2015, 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, 2015, 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 June 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2016-13, “Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments.” ASU 2016-13 requires a financial asset measured at amortized cost basis to be presented at the net amount expected to be collected. The measurement of expected credit losses is based on relevant information about past events, including historical experience, current conditions, and reasonable and supportable forecasts that affect the collectability of the reported amount. ASU 2016-13 requires enhanced disclosures related to the significant estimates and judgements used in estimating credit losses, as well as the credit quality and underwriting standards of an organization’s portfolio. In addition, ASU 2016-13 amends the accounting for credit losses on available-for-sale debt securities and purchased financial assets with credit deterioration. ASU 2016-13 will be effective on January 1, 2020. The Company is currently evaluating the potential impact of ASU 2016-13 on its financial statements. In March 2016, the FASB issued ASU No. 2016-09, “Compensation - Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting.” Under ASU 2016-09 all excess tax benefits and tax deficiencies related to share-based payment awards should be recognized as income tax expense or benefit in the income statement during the period in which they occur. Previously, such amounts were recorded in the pool of excess tax benefits included in additional paid-in capital, if such pool was available. Because excess tax benefits are no longer recognized in additional paid-in capital, the assumed proceeds from applying the treasury stock method when computing earnings per share should exclude the amount of excess tax benefits that would have previously been recognized in additional paid-in capital. Additionally, excess tax benefits should be classified along with other income tax cash flows as an operating activity rather than a financing activity, as was previously the case. ASU 2016-09 also provides that an entity can make an entity-wide accounting policy election to either estimate the number of awards that are expected to vest (current GAAP) or account for forfeitures when they occur. ASU 2016-09 changes the threshold to qualify for equity classification (rather than as a liability) to permit withholding up to the maximum statutory tax rates (rather than the minimum as was previously the case) in the applicable jurisdictions. ASU 2016-09 will be effective on January 1, 2017 and is not expected to have a significant impact on the Company’s financial statements. In February 2016, the FASB issued ASU No. 2016-02, “Leases - (Topic 842).” ASU 2016-02 requires that lessees recognize on the balance sheet the assets and liabilities for the rights and obligations created by leases. The amendments are effective for annual periods, and interim reporting periods within those annual periods, beginning after December 15, 2018. Early adoption is permitted. Adoption of ASU 2016-02 is not expected to have a significant impact on the Company’s financial statements. In January 2016, the FASB issued ASU No. 2016-01, “Financial Instruments - Overall (Subtopic 825-10).” ASU 2016-01 require all equity investments (except those accounted for under the equity method of accounting or those that result in consolidation of the investee) to be measured at fair value with changes in the fair value recognized through net income. In addition, the amendment will require an entity to present separately in other comprehensive income the portion of the total change in the fair value of a liability resulting from a change in the instrument-specific credit risk when the entity has elected to measure the liability at fair value in accordance with the fair value option for financial instruments. The amendments are effective for annual periods, and interim reporting periods within those annual periods, beginning after December 15, 2017. Early adoption is not permitted. Adoption of ASU 2016-01 is not expected to have a significant impact 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 impact on the Company’s financial statements. |
Securities (Tables)
Securities (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
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, 2016 December 31, 2015 (Dollars in thousands) Held for investment, at cost (fair value: $8,372 and $8,850, respectively) $ 8,312 $ 8,789 Available for sale, at fair value 410,926 544,160 Total $ 419,238 $ 552,949 |
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, 2016 (Dollars in thousands) Mortgage backed securities (1) $ 301 $ 24 $ — $ 325 States and political subdivisions 7,511 36 — 7,547 Other securities 500 — — 500 Total $ 8,312 $ 60 $ — $ 8,372 December 31, 2015 Mortgage backed securities (1) $ 347 $ 25 $ — $ 372 States and political subdivisions 7,942 36 — 7,978 Other securities 500 — — 500 Total $ 8,789 $ 61 $ — $ 8,850 |
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, 2016 (Dollars in thousands) U.S. treasuries $ 204,183 $ 2,343 $ — $ 206,526 U.S. federal agencies 125,083 618 (51 ) 125,650 Mortgage backed securities (1) 20,966 403 (555 ) 20,814 States and political subdivisions 46,460 1,644 (67 ) 48,037 Other securities (2) 9,989 142 (232 ) 9,899 Total $ 406,681 $ 5,150 $ (905 ) $ 410,926 December 31, 2015 U.S. treasuries $ 328,965 $ 776 $ (45 ) $ 329,696 U.S. federal agencies 131,522 527 (153 ) 131,896 Mortgage backed securities (1) 21,973 425 (543 ) 21,855 States and political subdivisions 49,521 1,447 (48 ) 50,920 Other securities (2) 9,689 249 (145 ) 9,793 Total $ 541,670 $ 3,424 $ (934 ) $ 544,160 (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, 2016 December 31, 2015 Amortized Cost Estimated Fair Value Amortized Cost Estimated Fair Value (Dollars in thousands) Held for Investment Contractual maturity of debt securities: Within one year $ 4,987 $ 4,997 $ 5,168 $ 5,174 After one year but within five years 2,543 2,569 2,800 2,829 After five years but within ten years 760 784 795 319 After ten years 22 22 26 528 Total $ 8,312 $ 8,372 $ 8,789 $ 8,850 Available for Sale Contractual maturity of debt securities: Within one year $ 182,254 $ 182,608 $ 272,820 $ 272,779 After one year but within five years 140,232 143,197 178,617 180,145 After five years but within ten years 7,986 8,610 8,483 9,075 After ten years 69,695 70,104 75,522 75,853 Total debt securities 400,167 404,519 535,442 537,852 Equity securities 6,514 6,407 6,228 6,308 Total $ 406,681 $ 410,926 $ 541,670 $ 544,160 |
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, 2016 December 31, 2015 (Dollars Book value of pledged securities $ 379,267 $ 493,540 |
Loans and Allowance for Loan 22
Loans and Allowance for Loan Losses (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Receivables [Abstract] | |
Schedule of Loans Outstanding by Category | The following is a schedule of loans outstanding by category: June 30, 2016 December 31, 2015 Amount Percent Amount Percent (Dollars in thousands) Commercial and financial: Commercial and industrial $ 800,313 18.50 % $ 795,803 18.80 % Oil & gas production and equipment 79,930 1.85 87,304 2.06 Agriculture 142,303 3.29 150,620 3.56 State and political subdivisions: Taxable 33,187 0.77 17,605 0.42 Tax-exempt 42,788 0.99 33,575 0.79 Real estate: Construction 405,417 9.37 403,664 9.54 Farmland 189,820 4.39 184,707 4.36 One to four family residences 843,081 19.48 821,251 19.41 Multifamily residential properties 58,815 1.36 65,477 1.55 Commercial 1,421,075 32.84 1,356,430 32.05 Consumer 272,387 6.29 283,636 6.70 Other (not classified above) 37,520 0.87 31,976 0.76 Total loans $ 4,326,636 100.00 % $ 4,232,048 100.00 % |
Summary of Nonperforming and Restructured Assets | The following is a summary of nonperforming and restructured assets: June 30, December 31, 2016 2015 (Dollars in thousands) Past due 90 days or more and still accruing $ 2,695 $ 1,841 Nonaccrual 30,063 30,096 Restructured 1,974 15,143 Total nonperforming and restructured loans 34,732 47,080 Other real estate owned and repossessed assets 4,469 8,214 Total nonperforming and restructured assets $ 39,201 $ 55,294 |
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, December 31, 2016 2015 (Dollars in thousands) Real estate: Non-residential real estate owner occupied $ 279 $ 261 Non-residential real estate other 4,179 3,957 Residential real estate permanent mortgage 735 656 Residential real estate all other 6,302 1,833 Commercial and financial: Non-consumer non-real estate 6,246 10,159 Consumer non-real estate 291 312 Other loans 8,910 9,381 Acquired loans 3,121 3,537 Total $ 30,063 $ 30,096 |
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, 2016 Real estate: Non-residential real estate owner occupied $ 686 $ 170 $ 240 $ 1,096 $ 518,872 $ 519,968 $ 70 Non-residential real estate other 1,248 — 278 1,526 1,140,659 1,142,185 207 Residential real estate permanent mortgage 2,725 418 590 3,733 330,668 334,401 86 Residential real estate all other 2,691 569 5,798 9,058 710,143 719,201 268 Commercial and financial: Non-consumer non-real estate 1,961 608 2,024 4,593 1,000,014 1,004,607 1,477 Consumer non-real estate 1,948 695 573 3,216 273,495 276,711 418 Other loans 1,277 775 3,284 5,336 148,364 153,700 119 Acquired loans 1,407 171 465 2,043 173,820 175,863 50 Total $ 13,943 $ 3,406 $ 13,252 $ 30,601 $ 4,296,035 $ 4,326,636 $ 2,695 As of December 31, 2015 Real estate: Non-residential real estate owner occupied $ 441 $ 179 $ 183 $ 803 $ 502,094 $ 502,897 $ — Non-residential real estate other 1,149 108 568 1,825 1,108,935 1,110,760 521 Residential real estate permanent mortgage 2,840 636 648 4,124 328,477 332,601 493 Residential real estate all other 2,842 609 824 4,275 672,414 676,689 193 Commercial and financial: Non-consumer non-real estate 2,278 161 187 2,626 982,136 984,762 152 Consumer non-real estate 2,237 772 349 3,358 265,511 268,869 278 Other loans 3,565 295 1,761 5,621 156,995 162,616 132 Acquired loans 1,052 71 918 2,041 190,813 192,854 72 Total $ 16,404 $ 2,831 $ 5,438 $ 24,673 $ 4,207,375 $ 4,232,048 $ 1,841 |
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, 2016 Real estate: Non-residential real estate owner occupied $ 546 $ 457 $ 14 $ 484 Non-residential real estate other 6,420 4,387 164 4,368 Residential real estate permanent mortgage 1,078 878 79 1,131 Residential real estate all other 7,063 6,800 1,517 5,725 Commercial and financial: Non-consumer non-real estate 13,862 8,948 1,900 7,930 Consumer non-real estate 877 843 168 707 Other loans 10,896 9,029 924 8,930 Acquired loans 5,529 3,584 — 3,894 Total $ 46,271 $ 34,926 $ 4,766 $ 33,169 As of December 31, 2015 Real estate: Non-residential real estate owner occupied $ 507 $ 383 $ 14 $ 446 Non-residential real estate other 21,068 19,052 357 19,655 Residential real estate permanent mortgage 1,401 1,209 81 1,125 Residential real estate all other 2,498 2,235 242 1,958 Commercial and financial: Non-consumer non-real estate 13,897 10,312 2,062 11,786 Consumer non-real estate 738 715 181 652 Other loans 10,722 9,513 331 10,335 Acquired loans 6,295 4,248 — 4,564 Total $ 57,126 $ 47,667 $ 3,268 $ 50,521 |
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, 2016 Real estate: Non-residential real estate owner occupied $ 429,378 $ 79,044 $ 11,251 $ 295 $ — $ 519,968 Non-residential real estate other 951,915 181,582 4,302 4,386 — 1,142,185 Residential real estate permanent mortgage 295,151 31,233 7,049 968 — 334,401 Residential real estate all other 591,982 111,956 8,566 6,697 — 719,201 Commercial and financial: Non-consumer non-real estate 831,214 139,601 27,372 6,420 — 1,004,607 Consumer non-real estate 258,257 15,094 1,853 1,507 — 276,711 Other loans 144,008 5,577 1,720 2,395 — 153,700 Acquired loans 131,830 28,611 11,985 3,437 — 175,863 Total $ 3,633,735 $ 592,698 $ 74,098 $ 26,105 — $ 4,326,636 As of December 31, 2015 Real estate: Non-residential real estate owner occupied $ 417,529 $ 76,749 $ 8,304 $ 315 $ — $ 502,897 Non-residential real estate other 945,993 156,159 4,580 4,028 — 1,110,760 Residential real estate permanent mortgage 295,265 29,793 6,315 1,228 — 332,601 Residential real estate all other 554,007 111,879 9,109 1,694 — 676,689 Commercial and financial: Non-consumer non-real estate 821,394 140,384 12,687 10,297 — 984,762 Consumer non-real estate 251,994 14,433 1,779 662 1 268,869 Other loans 153,416 5,851 872 2,477 — 162,616 Acquired loans 165,305 12,566 11,049 3,858 76 192,854 Total $ 3,604,903 $ 547,814 $ 54,695 $ 24,559 $ 77 $ 4,232,048 |
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, 2016 Real estate: Non-residential real estate owner occupied $ 4,832 $ (9 ) $ — $ (9 ) $ 73 $ 4,896 Non-residential real estate other 10,211 (3 ) 1 (2 ) 93 10,302 Residential real estate permanent mortgage 3,164 (49 ) 21 (28 ) 67 3,203 Residential real estate all other 7,989 (70 ) 7 (63 ) 367 8,293 Commercial and financial: Non-consumer non-real estate 12,813 (502 ) 35 (467 ) 1,095 13,441 Consumer non-real estate 2,553 (134 ) 38 (96 ) 292 2,749 Other loans 2,790 (149 ) 7 (142 ) 729 3,377 Acquired loans 219 (13 ) 11 (2 ) 88 305 Total $ 44,571 $ (929 ) $ 120 $ (809 ) $ 2,804 $ 46,566 Six Months Ended June 30, 2016 Real estate: Non-residential real estate owner occupied $ 4,661 $ (10 ) $ — $ (10 ) $ 245 $ 4,896 Non-residential real estate other 9,921 (4 ) 2 (2 ) 383 10,302 Residential real estate permanent mortgage 3,148 (99 ) 38 (61 ) 116 3,203 Residential real estate all other 6,725 (137 ) 11 (126 ) 1,694 8,293 Commercial and financial: Non-consumer non-real estate 11,754 (1,305 ) 46 (1,259 ) 2,946 13,441 Consumer non-real estate 2,642 (355 ) 76 (279 ) 386 2,749 Other loans 2,648 (282 ) 13 (269 ) 998 3,377 Acquired loans 167 (17 ) 16 (1 ) 139 305 Total $ 41,666 $ (2,209 ) $ 202 $ (2,007 ) $ 6,907 $ 46,566 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 |
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, 2016 December 31, 2015 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. $ 433 $ 4,463 $ 323 $ 4,338 Non-residential real estate other 436 9,866 323 9,598 Residential real estate permanent mortgage 436 2,767 399 2,749 Residential real estate all other 2,102 6,191 839 5,886 Commercial and financial: Non-consumer non-real estate 4,769 8,672 3,365 8,389 Consumer non-real estate 572 2,177 445 2,197 Other loans 895 2,482 291 2,357 Acquired loans — 305 — 167 Total $ 9,643 $ 36,923 $ 5,985 $ 35,681 |
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, 2016 December 31, 2015 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 $ 11,546 $ 508,422 $ — $ 8,619 $ 494,278 $ — Non-residential real estate other 8,688 1,133,497 — 8,608 1,102,152 — Residential real estate permanent mortgage 8,016 326,385 — 7,543 325,058 — Residential real estate all other 15,263 703,938 — 10,803 665,886 — Commercial and financial: Non-consumer non-real estate 33,792 970,815 — 22,983 961,779 — Consumer non-real estate 3,282 273,429 — 2,416 266,453 — Other loans 2,235 151,465 — 2,323 160,293 — Acquired loans — 160,443 15,420 — 177,871 14,983 Total $ 82,822 $ 4,228,394 $ 15,420 $ 63,295 $ 4,153,770 $ 14,983 |
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, 2016 2015 (Dollars in thousands) Other real estate owned $ 1,210 $ 2,522 Repossessed assets 750 424 Total $ 1,960 $ 2,946 |
Intangible Assets (Tables)
Intangible Assets (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
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, 2016 Core deposit intangibles $ 18,659 $ (6,892 ) $ 11,767 Customer relationship intangibles 5,699 (3,242 ) 2,457 Mortgage servicing intangibles 506 (245 ) 261 Total $ 24,864 $ (10,379 ) $ 14,485 As of December 31, 2015 Core deposit intangibles $ 20,333 $ (7,586 ) $ 12,747 Customer relationship intangibles 5,699 (3,061 ) 2,638 Mortgage servicing intangibles 538 (228 ) 310 Total $ 26,570 $ (10,875 ) $ 15,695 |
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) Six month ended June 30, 2016 Balance at beginning and end of period $ 8,078 $ 40,050 $ 5,464 $ 450 $ 54,042 |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
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 option data) Six Months Ended June 30, 2016 Outstanding at December 31, 2015 1,018,149 $ 40.69 Options granted 25,000 56.44 Options exercised (61,299 ) 30.61 Options canceled, forfeited, or expired (15,000 ) 51.51 Outstanding at June 30, 2016 966,850 41.57 8.76 Yrs $ 18,125 Exercisable at June 30, 2016 476,175 33.92 5.62 Yrs $ 12,571 |
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, 2016 2015 2016 2015 (Dollars in thousands except per share data) Weighted average grant-date fair value per share of options granted $ 11.29 $ 12.07 $ 11.40 $ 11.51 Total intrinsic value of options exercised 891 1,892 1,670 2,129 Cash received from options exercised 1,001 1,109 1,876 1,353 Tax benefit realized from options exercised 345 731 646 823 |
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, 2016 2015 2016 2015 (Dollars in thousands) Stock-based compensation expense $ 450 $ 290 $ 901 $ 754 Tax benefit 174 112 348 292 Stock-based compensation expense, net of tax $ 276 $ 178 $ 553 $ 462 |
Unearned Stock-based Compensation Expense | The Company will continue to amortize the unearned stock-based compensation expense over the remaining vesting period of approximately seven years. The following table shows the unearned stock-based compensation expense: June 30, 2016 (Dollars in thousands) Unearned stock-based compensation expense $ 3,462 |
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, 2016 2015 Risk-free interest rate 1.46 to 2.02% 1.83 to 2.26% Dividend yield 2.00% 2.00% Stock price volatility 20.41 to 20.64% 18.23 to 19.22% Expected term 10 Yrs 10 Yrs |
Summary of Accumulated Stock Units | A summary of the accumulated stock units is as follows: June 30, December 31, 2016 2015 Accumulated stock units 68,306 66,376 Average price $ 40.65 $ 39.64 |
Stockholders' Equity (Tables)
Stockholders' Equity (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Equity [Abstract] | |
Summary of Shares Repurchased Under Stock Purchase Program | The following table is a summary of the shares under the program, all share repurchased in 2016 where purchased in the first three months of the year: Six Months Ended June 30, 2016 2015 Number of shares repurchased 100,000 — Average price of shares repurchased $ 55.23 — Shares remaining to be repurchased 66,276 194,723 |
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 With Capitalized Under Adequacy Capital Conservation Prompt Corrective Actual Purposes Buffer Action Provisions Amount Ratio Amount Ratio Amount Ratio Amount Ratio (Dollars in thousands) As of June 30, 2016: Total Capital (to Risk Weighted Assets)- BancFirst Corporation $ 689,071 14.46% $ 381,153 8.00% $ 410,931 8.625% N/A N/A BancFirst 629,830 13.23% 380,759 8.00% 410,505 8.625% $ 475,948 10.00% Common Equity Tier 1 Capital (to Risk Weighted Assets)- BancFirst Corporation $ 611,505 12.83% $ 214,399 4.50% $ 244,176 5.125% N/A N/A BancFirst 563,264 11.83% 214,177 4.50% 243,924 5.125% $ 309,366 6.50% Tier 1 Capital (to Risk Weighted Assets)- BancFirst Corporation $ 642,505 13.49% $ 285,865 6.00% $ 315,642 6.625% N/A N/A BancFirst 583,264 12.25% 285,569 6.00% 315,316 6.625% $ 380,759 8.00% Tier 1 Capital (to Total Assets)- BancFirst Corporation $ 642,505 9.65% $ 266,346 4.00% N/A N/A N/A N/A BancFirst 583,264 8.77% 265,942 4.00% N/A N/A $ 332,427 5.00% |
Net Income Per Common Share (Ta
Net Income Per Common Share (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Earnings Per Share [Abstract] | |
Basic and Diluted Net Income Per Common Share Based on Weighted-average Shares Outstanding | Basic and diluted net income per common share based on weighted-average shares outstanding are calculated as follows: Income (Numerator) Shares (Denominator) Per Share Amount (Dollars in thousands, except per share data) Three Months Ended June 30, 2016 Basic Income available to common stockholders $ 17,493 15,549,811 $ 1.12 Dilutive effect of stock options — 292,674 Diluted Income available to common stockholders plus assumed exercises of stock options $ 17,493 15,842,485 $ 1.10 Three Months Ended June 30, 2015 Basic Income available to common stockholders $ 18,553 15,536,325 $ 1.19 Dilutive 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 Six Months Ended June 30, 2016 Basic Income available to common stockholders $ 34,072 15,542,114 $ 2.19 Dilutive effect of stock options — 288,563 Diluted Income available to common stockholders plus assumed exercises of stock options $ 34,072 15,830,677 $ 2.15 Six Months Ended June 30, 2015 Basic Income available to common stockholders $ 34,812 15,521,916 $ 2.24 Dilutive 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 |
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, 2016 241,945 $ 58.52 Three Months Ended June 30, 2015 168,065 58.14 Six Months Ended June 30, 2016 239,198 58.55 Six Months Ended June 30, 2015 148,475 57.94 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
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, 2016 Securities available for sale: U.S. Treasury $ 206,526 $ — $ — $ 206,526 U.S. federal agencies — 125,650 — 125,650 Mortgage-backed securities — 5,998 14,816 20,814 States and political subdivisions — 48,037 — 48,037 Other securities — 3,492 6,407 9,899 Derivative assets — 1,624 — 1,624 Derivative liabilities — 1,138 — 1,138 Loans held for sale — 10,427 — 10,427 December 31, 2015 Securities available for sale: U.S. Treasury $ 329,696 $ — $ — $ 329,696 U.S. federal agencies — 131,896 — 131,896 Mortgage-backed securities — 7,039 14,816 21,855 States and political subdivisions — 50,920 — 50,920 Other securities — 3,485 6,308 9,793 Derivative assets — 1,946 — 1,946 Derivative liabilities — 989 — 989 Loans held for sale — 13,725 — 13,725 |
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, 2016 2015 (Dollars in thousands) Balance at the beginning of the year $ 21,124 $ 28,459 Purchases, issuances and settlements 551 (1,409 ) Sales (300 ) (8,593 ) Gains included in earnings 35 7,121 Total unrealized (losses) gains (187 ) (4,029 ) Balance at the end of the period $ 21,223 $ 21,549 |
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, 2016 Impaired loans (less specific allowance) $ 30,160 $ — Foreclosed assets 346 2 Other real estate owned 4,123 49 As of and for the Year-to-date Period Ended December 31, 2015 Impaired loans (less specific allowance) $ 44,399 $ — Foreclosed assets 230 — Other real estate owned 7,984 128 |
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, 2016 2015 Carrying Amount Fair Value Carrying Amount Fair Value (Dollars in thousands) FINANCIAL ASSETS Level 2 inputs: Cash and cash equivalents $ 1,597,822 $ 1,597,822 $ 1,598,177 $ 1,598,177 Securities held for investment 7,812 7,872 8,289 8,350 Level 3 inputs: Securities held for investment 500 500 500 500 Loans, net of allowance for loan losses 4,280,070 4,353,453 4,190,382 4,222,153 FINANCIAL LIABILITIES Level 2 inputs: Deposits 5,943,982 5,997,885 5,973,538 6,028,012 Short-term borrowings 3,500 3,500 500 500 Junior subordinated debentures 31,959 33,707 31,959 33,793 OFF-BALANCE SHEET FINANCIAL INSTRUMENTS Loan commitments 1,735 1,681 Letters of credit 426 464 |
Derivative Financial Instrume28
Derivative Financial Instruments (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
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, 2016 December 31, 2015 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 88 $ 356 86 $ 604 Derivative liabilities Barrels (88 ) (269 ) (86 ) (378 ) Natural Gas Derivative assets MMBTUs 3,930 1,268 3,920 1,342 Derivative liabilities MMBTUs (3,930 ) (869 ) (3,920 ) (611 ) Total Fair Value Included in Derivative assets Other assets 1,624 1,946 Derivative liabilities Other liabilities (1,138 ) (989 ) |
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, 2016 2015 2016 2015 (Dollars in thousands) Derivative income $ 6 $ 37 $ 11 $ 192 |
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, 2016 December 31, 2015 (Dollars in Credit exposure $ — $ 37 |
Segment Information (Tables)
Segment Information (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
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, 2016 Net interest income (expense) $ 15,699 $ 33,846 $ 1,591 $ (268 ) $ — $ 50,868 Noninterest income 4,098 14,408 6,646 18,798 (17,893 ) 26,057 Income before taxes 10,240 20,331 2,431 11,247 (17,848 ) 26,401 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 Six Months Ended June 30, 2016 Net interest income (expense) $ 31,542 $ 66,968 $ 3,007 $ (673 ) $ — $ 100,844 Noninterest income 7,886 28,004 14,125 36,476 (34,817 ) 51,674 Income before taxes 19,588 39,425 5,545 21,747 (34,705 ) 51,600 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 Total Assets: June 30, 2016 $ 2,311,639 $ 4,350,115 $ 107,265 $ 653,042 $ (738,685 ) $ 6,683,376 December 31, 2015 2,277,870 4,379,205 128,697 624,428 (717,371 ) 6,692,829 |
Recent Developments Including M
Recent Developments Including Mergers and Acquisitions - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | |||
Mar. 31, 2016 | Jun. 30, 2016 | Dec. 31, 2015 | Oct. 08, 2015 | |
Business Combination Separately Recognized Transactions [Line Items] | ||||
Goodwill | $ 54,042 | $ 54,042 | ||
Gains on sale of other real estate owned | $ 1,200 | |||
Bank of Commerce [Member] | ||||
Business Combination Separately Recognized Transactions [Line Items] | ||||
Total assets acquired | $ 196,000 | |||
Loans | 147,000 | |||
Deposits | 175,000 | |||
Equity capital | $ 22,000 | |||
Percentage of voting interests acquired | 100.00% | |||
Intangibles assets, net | $ 7,100 | |||
Goodwill | $ 9,400 |
Securities - Summary of Securit
Securities - Summary of Securities Held for Investment and Securities Available for Sale (Detail) - USD ($) $ in Thousands | Jun. 30, 2016 | Dec. 31, 2015 |
Marketable Securities [Abstract] | ||
Held for investment, at cost (fair value: $8,372 and $8,850, respectively) | $ 8,312 | $ 8,789 |
Available for sale, at fair value | 410,926 | 544,160 |
Total | $ 419,238 | $ 552,949 |
Securities - Summary of Secur32
Securities - Summary of Securities Held for Investment and Securities Available for Sale (Parenthetical) (Detail) - USD ($) $ in Thousands | Jun. 30, 2016 | Dec. 31, 2015 |
Marketable Securities [Abstract] | ||
Held for investment at fair value | $ 8,372 | $ 8,850 |
Securities - Summary of Amortiz
Securities - Summary of Amortized Cost and Estimated Fair Values of Securities Held for Investment (Detail) - USD ($) $ in Thousands | Jun. 30, 2016 | Dec. 31, 2015 |
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized Cost | $ 8,312 | $ 8,789 |
Gross Unrealized Gains | 60 | 61 |
Estimated Fair Value | 8,372 | 8,850 |
Mortgage Backed Securities [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized Cost | 301 | 347 |
Gross Unrealized Gains | 24 | 25 |
Estimated Fair Value | 325 | 372 |
States and Political Subdivisions [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized Cost | 7,511 | 7,942 |
Gross Unrealized Gains | 36 | 36 |
Estimated Fair Value | 7,547 | 7,978 |
Other Securities [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Amortized Cost | 500 | 500 |
Estimated Fair Value | $ 500 | $ 500 |
Securities - Summary of Amort34
Securities - Summary of Amortized Cost and Estimated Fair Values of Securities Available for Sale (Detail) - USD ($) $ in Thousands | Jun. 30, 2016 | Dec. 31, 2015 |
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | $ 406,681 | $ 541,670 |
Gross Unrealized Gains | 5,150 | 3,424 |
Gross Unrealized Losses | (905) | (934) |
Estimated Fair Value | 410,926 | 544,160 |
U.S. Treasuries [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 204,183 | 328,965 |
Gross Unrealized Gains | 2,343 | 776 |
Gross Unrealized Losses | (45) | |
Estimated Fair Value | 206,526 | 329,696 |
U.S. Federal Agencies [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 125,083 | 131,522 |
Gross Unrealized Gains | 618 | 527 |
Gross Unrealized Losses | (51) | (153) |
Estimated Fair Value | 125,650 | 131,896 |
Mortgage Backed Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 20,966 | 21,973 |
Gross Unrealized Gains | 403 | 425 |
Gross Unrealized Losses | (555) | (543) |
Estimated Fair Value | 20,814 | 21,855 |
States and Political Subdivisions [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 46,460 | 49,521 |
Gross Unrealized Gains | 1,644 | 1,447 |
Gross Unrealized Losses | (67) | (48) |
Estimated Fair Value | 48,037 | 50,920 |
Other Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 9,989 | 9,689 |
Gross Unrealized Gains | 142 | 249 |
Gross Unrealized Losses | (232) | (145) |
Estimated Fair Value | $ 9,899 | $ 9,793 |
Securities - Additional Informa
Securities - Additional Information (Detail) - USD ($) $ in Millions | 1 Months Ended | ||
Jun. 30, 2015 | Jan. 31, 2015 | Jun. 30, 2016 | |
Schedule of Available-for-sale Securities [Line Items] | |||
Transfer of matured securities | $ 40.4 | ||
Council Oak Investment Corporation [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Pretax gain on sale of equity investments | $ 1.7 | ||
Council Oak Partners [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Pretax gain on sale of equity investments | $ 5.3 |
Securities - Maturity of Securi
Securities - Maturity of Securities (Detail) - USD ($) $ in Thousands | Jun. 30, 2016 | Dec. 31, 2015 |
Held for Investment, Contractual maturity of debt securities, Amortized Cost | ||
Amortized cost, Within one year | $ 4,987 | $ 5,168 |
Amortized cost, After one year but within five years | 2,543 | 2,800 |
Amortized cost, After five years but within ten years | 760 | 795 |
Amortized cost, After ten years | 22 | 26 |
Amortized Cost | 8,312 | 8,789 |
Available for sale, Contractual maturity of debt securities, Amortized Cost | ||
Amortized Cost, Within one year | 182,254 | 272,820 |
Amortized Cost, After one year but within five years | 140,232 | 178,617 |
Amortized Cost, After five years but within ten years | 7,986 | 8,483 |
Amortized Cost, After ten years | 69,695 | 75,522 |
Total debt securities | 400,167 | 535,442 |
Amortized Cost, Equity securities | 6,514 | 6,228 |
Amortized Cost | 406,681 | 541,670 |
Held for Investment, Contractual maturity of debt securities, Estimated Fair Value | ||
Estimated Fair Value, Within one year | 4,997 | 5,174 |
Estimated Fair Value, After one year but within five years | 2,569 | 2,829 |
Estimated Fair Value, After five years but within ten years | 784 | 319 |
Estimated Fair Value, After ten years | 22 | 528 |
Estimated Fair Value | 8,372 | 8,850 |
Available for sale, Contractual maturity of debt securities, Estimated Fair Value | ||
Estimated Fair Value, Within one year | 182,608 | 272,779 |
Estimated Fair Value, After one year but within five years | 143,197 | 180,145 |
Estimated Fair Value, After five years but within ten years | 8,610 | 9,075 |
Estimated Fair Value, After ten years | 70,104 | 75,853 |
Total debt securities | 404,519 | 537,852 |
Estimated Fair Value, Equity securities | 6,407 | 6,308 |
Estimated Fair Value, Total | $ 410,926 | $ 544,160 |
Securities - Company's Book Val
Securities - Company's Book Value of Pledged Securities (Detail) - USD ($) $ in Thousands | Jun. 30, 2016 | Dec. 31, 2015 |
Pledged Financial Instruments Not Separately Reported Securities Pledged By Type Of Security [Abstract] | ||
Book value of pledged securities | $ 379,267 | $ 493,540 |
Loans and Allowance for Loan 38
Loans and Allowance for Loan Losses - Schedule of Loans Outstanding by Category (Detail) - USD ($) $ in Thousands | Jun. 30, 2016 | Dec. 31, 2015 |
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | $ 4,326,636 | $ 4,232,048 |
Percent | 100.00% | 100.00% |
Taxable [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | $ 33,187 | $ 17,605 |
Percent | 0.77% | 0.42% |
Tax-exempt [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | $ 42,788 | $ 33,575 |
Percent | 0.99% | 0.79% |
Commercial and Financial [Member] | Commercial and Industrial [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | $ 800,313 | $ 795,803 |
Percent | 18.50% | 18.80% |
Commercial and Financial [Member] | Oil & Gas Production And Equipment [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | $ 79,930 | $ 87,304 |
Percent | 1.85% | 2.06% |
Commercial and Financial [Member] | Agriculture [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | $ 142,303 | $ 150,620 |
Percent | 3.29% | 3.56% |
Real Estate [Member] | Construction [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | $ 405,417 | $ 403,664 |
Percent | 9.37% | 9.54% |
Real Estate [Member] | Farmland [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | $ 189,820 | $ 184,707 |
Percent | 4.39% | 4.36% |
Real Estate [Member] | One to Four Family Residences [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | $ 843,081 | $ 821,251 |
Percent | 19.48% | 19.41% |
Real Estate [Member] | Multifamily Residential Properties [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | $ 58,815 | $ 65,477 |
Percent | 1.36% | 1.55% |
Real Estate [Member] | Commercial [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | $ 1,421,075 | $ 1,356,430 |
Percent | 32.84% | 32.05% |
Consumer [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | $ 272,387 | $ 283,636 |
Percent | 6.29% | 6.70% |
Other (Not Classified Above) [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | $ 37,520 | $ 31,976 |
Percent | 0.87% | 0.76% |
Loans and Allowance for Loan 39
Loans and Allowance for Loan Losses - Additional Information (Detail) | 6 Months Ended | 12 Months Ended | |
Jun. 30, 2016USD ($) | Jun. 30, 2015USD ($) | Dec. 31, 2015USD ($)SecurityLoan | |
Financing Receivable Recorded Investment [Line Items] | |||
Total loans | $ 4,326,636,000 | $ 4,232,048,000 | |
Percentage of loans secured by real estate | 65.00% | ||
Interest income that would have been recognized | $ 982,000 | $ 922,000 | |
Troubled debt restructuring principal deferral | SecurityLoan | 1 | ||
Commercial and Industrial [Member] | Ancillary Services [Member] | |||
Financing Receivable Recorded Investment [Line Items] | |||
Total loans | $ 52,000,000 |
Loans and Allowance for Loan 40
Loans and Allowance for Loan Losses - Summary of Nonperforming and Restructured Assets (Detail) - USD ($) $ in Thousands | Jun. 30, 2016 | Dec. 31, 2015 |
Summary Of Nonperforming And Restructured Assets [Abstract] | ||
Past due 90 days or more and still accruing | $ 2,695 | $ 1,841 |
Nonaccrual | 30,063 | 30,096 |
Restructured | 1,974 | 15,143 |
Total nonperforming and restructured loans | 34,732 | 47,080 |
Other real estate owned and repossessed assets | 4,469 | 8,214 |
Total nonperforming and restructured assets | $ 39,201 | $ 55,294 |
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, 2016 | Dec. 31, 2015 |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Nonaccrual Loans, Total | $ 30,063 | $ 30,096 |
Real Estate [Member] | Non-residential Real Estate Owner Occupied [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Nonaccrual Loans, Total | 279 | 261 |
Real Estate [Member] | Non-residential Real Estate Other [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Nonaccrual Loans, Total | 4,179 | 3,957 |
Real Estate [Member] | Residential Real Estate Permanent Mortgage [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Nonaccrual Loans, Total | 735 | 656 |
Real Estate [Member] | Residential Real Estate All Other [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Nonaccrual Loans, Total | 6,302 | 1,833 |
Commercial and Financial [Member] | Non-consumer Non-real Estate [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Nonaccrual Loans, Total | 6,246 | 10,159 |
Consumer Non-real Estate [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Nonaccrual Loans, Total | 291 | 312 |
Other Loans [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Nonaccrual Loans, Total | 8,910 | 9,381 |
Acquired Loans [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Nonaccrual Loans, Total | $ 3,121 | $ 3,537 |
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, 2016 | Dec. 31, 2015 |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due Loans | $ 30,601 | $ 24,673 |
Current Loans | 4,296,035 | 4,207,375 |
Total loans | 4,326,636 | 4,232,048 |
Accruing Loans 90 Days or More Past Due | 2,695 | 1,841 |
30 to 59 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due Loans | 13,943 | 16,404 |
60 to 89 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due Loans | 3,406 | 2,831 |
90 Days and Greater [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due Loans | 13,252 | 5,438 |
Real Estate [Member] | Non-residential Real Estate Owner Occupied [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due Loans | 1,096 | 803 |
Current Loans | 518,872 | 502,094 |
Total loans | 519,968 | 502,897 |
Accruing Loans 90 Days or More Past Due | 70 | |
Real Estate [Member] | Non-residential Real Estate Other [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due Loans | 1,526 | 1,825 |
Current Loans | 1,140,659 | 1,108,935 |
Total loans | 1,142,185 | 1,110,760 |
Accruing Loans 90 Days or More Past Due | 207 | 521 |
Real Estate [Member] | Residential Real Estate Permanent Mortgage [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due Loans | 3,733 | 4,124 |
Current Loans | 330,668 | 328,477 |
Total loans | 334,401 | 332,601 |
Accruing Loans 90 Days or More Past Due | 86 | 493 |
Real Estate [Member] | Residential Real Estate All Other [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due Loans | 9,058 | 4,275 |
Current Loans | 710,143 | 672,414 |
Total loans | 719,201 | 676,689 |
Accruing Loans 90 Days or More Past Due | 268 | 193 |
Real Estate [Member] | 30 to 59 Days Past Due [Member] | Non-residential Real Estate Owner Occupied [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due Loans | 686 | 441 |
Real Estate [Member] | 30 to 59 Days Past Due [Member] | Non-residential Real Estate Other [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due Loans | 1,248 | 1,149 |
Real Estate [Member] | 30 to 59 Days Past Due [Member] | Residential Real Estate Permanent Mortgage [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due Loans | 2,725 | 2,840 |
Real Estate [Member] | 30 to 59 Days Past Due [Member] | Residential Real Estate All Other [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due Loans | 2,691 | 2,842 |
Real Estate [Member] | 60 to 89 Days Past Due [Member] | Non-residential Real Estate Owner Occupied [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due Loans | 170 | 179 |
Real Estate [Member] | 60 to 89 Days Past Due [Member] | Non-residential Real Estate Other [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due Loans | 108 | |
Real Estate [Member] | 60 to 89 Days Past Due [Member] | Residential Real Estate Permanent Mortgage [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due Loans | 418 | 636 |
Real Estate [Member] | 60 to 89 Days Past Due [Member] | Residential Real Estate All Other [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due Loans | 569 | 609 |
Real Estate [Member] | 90 Days and Greater [Member] | Non-residential Real Estate Owner Occupied [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due Loans | 240 | 183 |
Real Estate [Member] | 90 Days and Greater [Member] | Non-residential Real Estate Other [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due Loans | 278 | 568 |
Real Estate [Member] | 90 Days and Greater [Member] | Residential Real Estate Permanent Mortgage [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due Loans | 590 | 648 |
Real Estate [Member] | 90 Days and Greater [Member] | Residential Real Estate All Other [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due Loans | 5,798 | 824 |
Commercial and Financial [Member] | Non-consumer Non-real Estate [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due Loans | 4,593 | 2,626 |
Current Loans | 1,000,014 | 982,136 |
Total loans | 1,004,607 | 984,762 |
Accruing Loans 90 Days or More Past Due | 1,477 | 152 |
Commercial and Financial [Member] | 30 to 59 Days Past Due [Member] | Non-consumer Non-real Estate [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due Loans | 1,961 | 2,278 |
Commercial and Financial [Member] | 60 to 89 Days Past Due [Member] | Non-consumer Non-real Estate [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due Loans | 608 | 161 |
Commercial and Financial [Member] | 90 Days and Greater [Member] | Non-consumer Non-real Estate [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due Loans | 2,024 | 187 |
Consumer Non-real Estate [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due Loans | 3,216 | 3,358 |
Current Loans | 273,495 | 265,511 |
Total loans | 276,711 | 268,869 |
Accruing Loans 90 Days or More Past Due | 418 | 278 |
Consumer Non-real Estate [Member] | 30 to 59 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due Loans | 1,948 | 2,237 |
Consumer Non-real Estate [Member] | 60 to 89 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due Loans | 695 | 772 |
Consumer Non-real Estate [Member] | 90 Days and Greater [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due Loans | 573 | 349 |
Other Loans [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due Loans | 5,336 | 5,621 |
Current Loans | 148,364 | 156,995 |
Total loans | 153,700 | 162,616 |
Accruing Loans 90 Days or More Past Due | 119 | 132 |
Other Loans [Member] | 30 to 59 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due Loans | 1,277 | 3,565 |
Other Loans [Member] | 60 to 89 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due Loans | 775 | 295 |
Other Loans [Member] | 90 Days and Greater [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due Loans | 3,284 | 1,761 |
Acquired Loans [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due Loans | 2,043 | 2,041 |
Current Loans | 173,820 | 190,813 |
Total loans | 175,863 | 192,854 |
Accruing Loans 90 Days or More Past Due | 50 | 72 |
Acquired Loans [Member] | 30 to 59 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due Loans | 1,407 | 1,052 |
Acquired Loans [Member] | 60 to 89 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due Loans | 171 | 71 |
Acquired Loans [Member] | 90 Days and Greater [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due Loans | $ 465 | $ 918 |
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, 2016 | Dec. 31, 2015 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Unpaid Principal Balance | $ 46,271 | $ 57,126 |
Recorded Investment with Allowance | 34,926 | 47,667 |
Related Allowance | 4,766 | 3,268 |
Average Recorded Investment | 33,169 | 50,521 |
Real Estate [Member] | Non-residential Real Estate Owner Occupied [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Unpaid Principal Balance | 546 | 507 |
Recorded Investment with Allowance | 457 | 383 |
Related Allowance | 14 | 14 |
Average Recorded Investment | 484 | 446 |
Real Estate [Member] | Non-residential Real Estate Other [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Unpaid Principal Balance | 6,420 | 21,068 |
Recorded Investment with Allowance | 4,387 | 19,052 |
Related Allowance | 164 | 357 |
Average Recorded Investment | 4,368 | 19,655 |
Real Estate [Member] | Residential Real Estate Permanent Mortgage [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Unpaid Principal Balance | 1,078 | 1,401 |
Recorded Investment with Allowance | 878 | 1,209 |
Related Allowance | 79 | 81 |
Average Recorded Investment | 1,131 | 1,125 |
Real Estate [Member] | Residential Real Estate All Other [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Unpaid Principal Balance | 7,063 | 2,498 |
Recorded Investment with Allowance | 6,800 | 2,235 |
Related Allowance | 1,517 | 242 |
Average Recorded Investment | 5,725 | 1,958 |
Commercial and Financial [Member] | Non-consumer Non-real Estate [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Unpaid Principal Balance | 13,862 | 13,897 |
Recorded Investment with Allowance | 8,948 | 10,312 |
Related Allowance | 1,900 | 2,062 |
Average Recorded Investment | 7,930 | 11,786 |
Consumer Non-real Estate [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Unpaid Principal Balance | 877 | 738 |
Recorded Investment with Allowance | 843 | 715 |
Related Allowance | 168 | 181 |
Average Recorded Investment | 707 | 652 |
Other Loans [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Unpaid Principal Balance | 10,896 | 10,722 |
Recorded Investment with Allowance | 9,029 | 9,513 |
Related Allowance | 924 | 331 |
Average Recorded Investment | 8,930 | 10,335 |
Acquired Loans [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Unpaid Principal Balance | 5,529 | 6,295 |
Recorded Investment with Allowance | 3,584 | 4,248 |
Average Recorded Investment | $ 3,894 | $ 4,564 |
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, 2016 | Dec. 31, 2015 |
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | $ 4,326,636 | $ 4,232,048 |
Real Estate [Member] | Non-residential Real Estate Owner Occupied [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | 519,968 | 502,897 |
Real Estate [Member] | Non-residential Real Estate Other [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | 1,142,185 | 1,110,760 |
Real Estate [Member] | Residential Real Estate Permanent Mortgage [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | 334,401 | 332,601 |
Real Estate [Member] | Residential Real Estate All Other [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | 719,201 | 676,689 |
Commercial and Financial [Member] | Non-consumer Non-real Estate [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | 1,004,607 | 984,762 |
Consumer Non-real Estate [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | 276,711 | 268,869 |
Other Loans [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | 153,700 | 162,616 |
Acquired Loans [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | 175,863 | 192,854 |
Grade 1 [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | 3,633,735 | 3,604,903 |
Grade 1 [Member] | Real Estate [Member] | Non-residential Real Estate Owner Occupied [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | 429,378 | 417,529 |
Grade 1 [Member] | Real Estate [Member] | Non-residential Real Estate Other [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | 951,915 | 945,993 |
Grade 1 [Member] | Real Estate [Member] | Residential Real Estate Permanent Mortgage [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | 295,151 | 295,265 |
Grade 1 [Member] | Real Estate [Member] | Residential Real Estate All Other [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | 591,982 | 554,007 |
Grade 1 [Member] | Commercial and Financial [Member] | Non-consumer Non-real Estate [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | 831,214 | 821,394 |
Grade 1 [Member] | Consumer Non-real Estate [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | 258,257 | 251,994 |
Grade 1 [Member] | Other Loans [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | 144,008 | 153,416 |
Grade 1 [Member] | Acquired Loans [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | 131,830 | 165,305 |
Grade 2 [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | 592,698 | 547,814 |
Grade 2 [Member] | Real Estate [Member] | Non-residential Real Estate Owner Occupied [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | 79,044 | 76,749 |
Grade 2 [Member] | Real Estate [Member] | Non-residential Real Estate Other [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | 181,582 | 156,159 |
Grade 2 [Member] | Real Estate [Member] | Residential Real Estate Permanent Mortgage [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | 31,233 | 29,793 |
Grade 2 [Member] | Real Estate [Member] | Residential Real Estate All Other [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | 111,956 | 111,879 |
Grade 2 [Member] | Commercial and Financial [Member] | Non-consumer Non-real Estate [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | 139,601 | 140,384 |
Grade 2 [Member] | Consumer Non-real Estate [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | 15,094 | 14,433 |
Grade 2 [Member] | Other Loans [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | 5,577 | 5,851 |
Grade 2 [Member] | Acquired Loans [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | 28,611 | 12,566 |
Grade 3 [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | 74,098 | 54,695 |
Grade 3 [Member] | Real Estate [Member] | Non-residential Real Estate Owner Occupied [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | 11,251 | 8,304 |
Grade 3 [Member] | Real Estate [Member] | Non-residential Real Estate Other [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | 4,302 | 4,580 |
Grade 3 [Member] | Real Estate [Member] | Residential Real Estate Permanent Mortgage [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | 7,049 | 6,315 |
Grade 3 [Member] | Real Estate [Member] | Residential Real Estate All Other [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | 8,566 | 9,109 |
Grade 3 [Member] | Commercial and Financial [Member] | Non-consumer Non-real Estate [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | 27,372 | 12,687 |
Grade 3 [Member] | Consumer Non-real Estate [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | 1,853 | 1,779 |
Grade 3 [Member] | Other Loans [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | 1,720 | 872 |
Grade 3 [Member] | Acquired Loans [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | 11,985 | 11,049 |
Grade 4 [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | 26,105 | 24,559 |
Grade 4 [Member] | Real Estate [Member] | Non-residential Real Estate Owner Occupied [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | 295 | 315 |
Grade 4 [Member] | Real Estate [Member] | Non-residential Real Estate Other [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | 4,386 | 4,028 |
Grade 4 [Member] | Real Estate [Member] | Residential Real Estate Permanent Mortgage [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | 968 | 1,228 |
Grade 4 [Member] | Real Estate [Member] | Residential Real Estate All Other [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | 6,697 | 1,694 |
Grade 4 [Member] | Commercial and Financial [Member] | Non-consumer Non-real Estate [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | 6,420 | 10,297 |
Grade 4 [Member] | Consumer Non-real Estate [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | 1,507 | 662 |
Grade 4 [Member] | Other Loans [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | 2,395 | 2,477 |
Grade 4 [Member] | Acquired Loans [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | $ 3,437 | 3,858 |
Grade 5 [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | 77 | |
Grade 5 [Member] | Consumer Non-real Estate [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | 1 | |
Grade 5 [Member] | Acquired Loans [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | $ 76 |
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, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
Financing Receivable Allowance For Credit Losses [Line Items] | ||||
Balance at beginning of period | $ 44,571 | $ 41,557 | $ 41,666 | $ 40,889 |
Charge- offs | (929) | (266) | (2,209) | (1,028) |
Recoveries | 120 | 59 | 202 | 155 |
Net charge- offs | (809) | (207) | (2,007) | (873) |
Provisions charged to operations | 2,804 | 1,271 | 6,907 | 2,605 |
Balance at end of period | 46,566 | 42,621 | 46,566 | 42,621 |
Real Estate [Member] | Non-residential Real Estate Owner Occupied [Member] | ||||
Financing Receivable Allowance For Credit Losses [Line Items] | ||||
Balance at beginning of period | 4,832 | 4,461 | 4,661 | 4,406 |
Charge- offs | (9) | (10) | (1) | |
Recoveries | 1 | |||
Net charge- offs | (9) | (10) | ||
Provisions charged to operations | 73 | 42 | 245 | 97 |
Balance at end of period | 4,896 | 4,503 | 4,896 | 4,503 |
Real Estate [Member] | Non-residential Real Estate Other [Member] | ||||
Financing Receivable Allowance For Credit Losses [Line Items] | ||||
Balance at beginning of period | 10,211 | 9,898 | 9,921 | 9,616 |
Charge- offs | (3) | (4) | ||
Recoveries | 1 | 1 | 2 | 1 |
Net charge- offs | (2) | 1 | (2) | 1 |
Provisions charged to operations | 93 | (19) | 383 | 263 |
Balance at end of period | 10,302 | 9,880 | 10,302 | 9,880 |
Real Estate [Member] | Residential Real Estate Permanent Mortgage [Member] | ||||
Financing Receivable Allowance For Credit Losses [Line Items] | ||||
Balance at beginning of period | 3,164 | 2,984 | 3,148 | 2,948 |
Charge- offs | (49) | (56) | (99) | (96) |
Recoveries | 21 | 5 | 38 | 14 |
Net charge- offs | (28) | (51) | (61) | (82) |
Provisions charged to operations | 67 | 177 | 116 | 244 |
Balance at end of period | 3,203 | 3,110 | 3,203 | 3,110 |
Real Estate [Member] | Residential Real Estate All Other [Member] | ||||
Financing Receivable Allowance For Credit Losses [Line Items] | ||||
Balance at beginning of period | 7,989 | 6,578 | 6,725 | 6,269 |
Charge- offs | (70) | (7) | (137) | (75) |
Recoveries | 7 | 4 | 11 | 9 |
Net charge- offs | (63) | (3) | (126) | (66) |
Provisions charged to operations | 367 | (90) | 1,694 | 282 |
Balance at end of period | 8,293 | 6,485 | 8,293 | 6,485 |
Commercial and Financial [Member] | Non-consumer Non-real Estate [Member] | ||||
Financing Receivable Allowance For Credit Losses [Line Items] | ||||
Balance at beginning of period | 12,813 | 13,068 | 11,754 | 12,771 |
Charge- offs | (502) | (16) | (1,305) | (169) |
Recoveries | 35 | 7 | 46 | 38 |
Net charge- offs | (467) | (9) | (1,259) | (131) |
Provisions charged to operations | 1,095 | 654 | 2,946 | 1,073 |
Balance at end of period | 13,441 | 13,713 | 13,441 | 13,713 |
Consumer Non-real Estate [Member] | ||||
Financing Receivable Allowance For Credit Losses [Line Items] | ||||
Balance at beginning of period | 2,553 | 2,327 | 2,642 | 2,404 |
Charge- offs | (134) | (103) | (355) | (230) |
Recoveries | 38 | 40 | 76 | 55 |
Net charge- offs | (96) | (63) | (279) | (175) |
Provisions charged to operations | 292 | 235 | 386 | 270 |
Balance at end of period | 2,749 | 2,499 | 2,749 | 2,499 |
Other Loans [Member] | ||||
Financing Receivable Allowance For Credit Losses [Line Items] | ||||
Balance at beginning of period | 2,790 | 2,241 | 2,648 | 2,359 |
Charge- offs | (149) | (50) | (282) | (263) |
Recoveries | 7 | 13 | 9 | |
Net charge- offs | (142) | (50) | (269) | (254) |
Provisions charged to operations | 729 | 240 | 998 | 326 |
Balance at end of period | 3,377 | 2,431 | 3,377 | 2,431 |
Acquired Loans [Member] | ||||
Financing Receivable Allowance For Credit Losses [Line Items] | ||||
Balance at beginning of period | 219 | 167 | 116 | |
Charge- offs | (13) | (34) | (17) | (194) |
Recoveries | 11 | 2 | 16 | 28 |
Net charge- offs | (2) | (32) | (1) | (166) |
Provisions charged to operations | 88 | $ 32 | 139 | $ 50 |
Balance at end of period | $ 305 | $ 305 |
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, 2016 | Dec. 31, 2015 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Individually evaluated for impairment | $ 9,643 | $ 5,985 |
Collectively evaluated for impairment | 36,923 | 35,681 |
Real Estate [Member] | Non-residential Real Estate Owner Occupied [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Individually evaluated for impairment | 433 | 323 |
Collectively evaluated for impairment | 4,463 | 4,338 |
Real Estate [Member] | Non-residential Real Estate Other [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Individually evaluated for impairment | 436 | 323 |
Collectively evaluated for impairment | 9,866 | 9,598 |
Real Estate [Member] | Residential Real Estate Permanent Mortgage [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Individually evaluated for impairment | 436 | 399 |
Collectively evaluated for impairment | 2,767 | 2,749 |
Real Estate [Member] | Residential Real Estate All Other [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Individually evaluated for impairment | 2,102 | 839 |
Collectively evaluated for impairment | 6,191 | 5,886 |
Commercial and Financial [Member] | Non-consumer Non-real Estate [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Individually evaluated for impairment | 4,769 | 3,365 |
Collectively evaluated for impairment | 8,672 | 8,389 |
Consumer Non-real Estate [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Individually evaluated for impairment | 572 | 445 |
Collectively evaluated for impairment | 2,177 | 2,197 |
Other Loans [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Individually evaluated for impairment | 895 | 291 |
Collectively evaluated for impairment | 2,482 | 2,357 |
Acquired Loans [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Collectively evaluated for impairment | $ 305 | $ 167 |
Loans and Allowance for Loan 47
Loans and Allowance for Loan Losses - Loans Outstanding by Impairment Methodology (Detail) - USD ($) $ in Thousands | Jun. 30, 2016 | Dec. 31, 2015 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Individually evaluated for impairment | $ 82,822 | $ 63,295 |
Collectively evaluated for impairment | 4,228,394 | 4,153,770 |
Receivables Acquired with Deteriorated Credit Quality [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans acquired with deteriorated credit quality | 15,420 | 14,983 |
Real Estate [Member] | Non-residential Real Estate Owner Occupied [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Individually evaluated for impairment | 11,546 | 8,619 |
Collectively evaluated for impairment | 508,422 | 494,278 |
Real Estate [Member] | Non-residential Real Estate Other [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Individually evaluated for impairment | 8,688 | 8,608 |
Collectively evaluated for impairment | 1,133,497 | 1,102,152 |
Real Estate [Member] | Residential Real Estate Permanent Mortgage [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Individually evaluated for impairment | 8,016 | 7,543 |
Collectively evaluated for impairment | 326,385 | 325,058 |
Real Estate [Member] | Residential Real Estate All Other [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Individually evaluated for impairment | 15,263 | 10,803 |
Collectively evaluated for impairment | 703,938 | 665,886 |
Commercial and Financial [Member] | Non-consumer Non-real Estate [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Individually evaluated for impairment | 33,792 | 22,983 |
Collectively evaluated for impairment | 970,815 | 961,779 |
Consumer Non-real Estate [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Individually evaluated for impairment | 3,282 | 2,416 |
Collectively evaluated for impairment | 273,429 | 266,453 |
Other Loans [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Individually evaluated for impairment | 2,235 | 2,323 |
Collectively evaluated for impairment | 151,465 | 160,293 |
Acquired Loans [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Collectively evaluated for impairment | 160,443 | 177,871 |
Acquired Loans [Member] | Receivables Acquired with Deteriorated Credit Quality [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans acquired with deteriorated credit quality | $ 15,420 | $ 14,983 |
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, 2016 | Jun. 30, 2015 | |
Financing Receivable Allowance For Credit Loss Additional Information Transfer From Loans To Other Real Estate Owned And Repossessed Assets [Abstract] | ||
Other real estate owned | $ 1,210 | $ 2,522 |
Repossessed assets | 750 | 424 |
Total | $ 1,960 | $ 2,946 |
Intangible Assets - Summary of
Intangible Assets - Summary of Intangible Assets (Detail) - USD ($) $ in Thousands | Jun. 30, 2016 | Dec. 31, 2015 |
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | $ 24,864 | $ 26,570 |
Accumulated Amortization | (10,379) | (10,875) |
Net Carrying Amount | 14,485 | 15,695 |
Core Deposit Intangibles [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 18,659 | 20,333 |
Accumulated Amortization | (6,892) | (7,586) |
Net Carrying Amount | 11,767 | 12,747 |
Customer Relationship Intangibles [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 5,699 | 5,699 |
Accumulated Amortization | (3,242) | (3,061) |
Net Carrying Amount | 2,457 | 2,638 |
Mortgage Servicing Intangibles [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 506 | 538 |
Accumulated Amortization | (245) | (228) |
Net Carrying Amount | $ 261 | $ 310 |
Intangible Assets - Summary o50
Intangible Assets - Summary of Goodwill by Business Segment (Detail) $ in Thousands | Jun. 30, 2016USD ($) |
Goodwill [Line Items] | |
Balance at December 31, 2015 | $ 54,042 |
Balance at June 30, 2016 | 54,042 |
Metropolitan Banks [Member] | |
Goodwill [Line Items] | |
Balance at December 31, 2015 | 8,078 |
Balance at June 30, 2016 | 8,078 |
Community Banks [Member] | |
Goodwill [Line Items] | |
Balance at December 31, 2015 | 40,050 |
Balance at June 30, 2016 | 40,050 |
Other Financial Services [Member] | |
Goodwill [Line Items] | |
Balance at December 31, 2015 | 5,464 |
Balance at June 30, 2016 | 5,464 |
Executive, Operations & Support [Member] | |
Goodwill [Line Items] | |
Balance at December 31, 2015 | 450 |
Balance at June 30, 2016 | $ 450 |
Stock-Based Compensation - Addi
Stock-Based Compensation - Additional Information (Detail) - shares | 6 Months Ended | |
Jun. 30, 2016 | May 31, 2016 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Deferred board fees percentage for stock units accumulation | 100.00% | |
Nonqualified Incentive Stock Option Plan [Member] | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Vesting period in years | 7 years | |
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 | 3,200,000 | |
Shares for future grants | 205,735 | |
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 | 2,023 | |
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 | |
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 | 260,000 | |
Shares for future grants | 40,000 | |
Option exercisable rate | 25.00% | |
Option exercisable period | 1 year | |
Options expire period | 15 years | |
Share based compensation options exercisable period | 2,020 | |
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 | |
Number of options granted for non-employee director | 10,000 | |
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% | |
Banc First Deferred Stock Compensation Plan [Member] | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Number of shares authorized for issuance under deferred compensation plan | 111,110 | |
Number of shares of common stock distributed | 1,526 |
Stock-Based Compensation - Summ
Stock-Based Compensation - Summary of Activity Under Stock Option Plan (Detail) $ / shares in Units, $ in Thousands | 6 Months Ended |
Jun. 30, 2016USD ($)$ / sharesshares | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Outstanding at beginning period - Options | shares | 1,018,149 |
Options granted | shares | 25,000 |
Options exercised | shares | (61,299) |
Options canceled, forfeited or expired - Options | shares | (15,000) |
Outstanding at ending period - Options | shares | 966,850 |
Exercisable at ending period - Options | shares | 476,175 |
Outstanding at beginning period - Wgtd. Avg. Exercise Price | $ / shares | $ 40.69 |
Options granted - Wgtd. Avg. Exercise Price | $ / shares | 56.44 |
Options exercised - Wgtd. Avg. Exercise Price | $ / shares | 30.61 |
Options cancelled, forfeited, or expired - Wgtd. Avg. Exercise Price | $ / shares | 51.51 |
Outstanding at ending period - Wgtd. Avg. Exercise Price | $ / shares | 41.57 |
Exercisable at ending period - Wgtd. Avg. Exercise Price | $ / shares | $ 33.92 |
Outstanding at ending period - Wgtd. Avg. Remaining Contractual Term, years | 8 years 9 months 4 days |
Exercisable at ending period - Wgtd. Avg. Remaining Contractual Term, years | 5 years 7 months 13 days |
Outstanding at ending period - Aggregate Intrinsic Value | $ | $ 18,125 |
Exercisable at ending period - Aggregate Intrinsic Value | $ | $ 12,571 |
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, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
Share Based Compensation Arrangement By Share Based Payment Award Options Additional Disclosures [Abstract] | ||||
Weighted average grant-date fair value per share of options granted | $ 11.29 | $ 12.07 | $ 11.40 | $ 11.51 |
Total intrinsic value of options exercised | $ 891 | $ 1,892 | $ 1,670 | $ 2,129 |
Cash received from options exercised | 1,001 | 1,109 | 1,876 | 1,353 |
Tax benefit realized from options exercised | $ 345 | $ 731 | $ 646 | $ 823 |
Stock-Based Compensation - Stoc
Stock-Based Compensation - Stock-Based Employee Compensation Expense (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
Labor And Related Expense [Abstract] | ||||
Stock-based compensation expense | $ 450 | $ 290 | $ 901 | $ 754 |
Tax benefit | 174 | 112 | 348 | 292 |
Stock-based compensation expense, net of tax | $ 276 | $ 178 | $ 553 | $ 462 |
Stock-Based Compensation - Unea
Stock-Based Compensation - Unearned Stock-based Compensation Expense (Detail) $ in Thousands | Jun. 30, 2016USD ($) |
Remaining Fair Value Of Stock Options [Abstract] | |
Unearned stock-based compensation expense | $ 3,462 |
Stock-Based Compensation - Assu
Stock-Based Compensation - Assumptions Used for Computing Stock-Based Compensation Expense (Detail) | 6 Months Ended | |
Jun. 30, 2016 | Jun. 30, 2015 | |
Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions And Methodology [Abstract] | ||
Risk-free interest rate, minimum | 1.46% | 1.83% |
Risk-free interest rate, maximum | 2.02% | 2.26% |
Dividend yield | 2.00% | 2.00% |
Stock price volatility, minimum | 20.41% | 18.23% |
Stock price volatility, maximum | 20.64% | 19.22% |
Expected term | 10 years | 10 years |
Stock - Based Compensation - Su
Stock - Based Compensation - Summary of Accumulated Stock Units (Detail) - $ / shares | Jun. 30, 2016 | Dec. 31, 2015 |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | ||
Accumulated stock units | 68,306 | 66,376 |
Average price | $ 40.65 | $ 39.64 |
Stockholders' Equity - Summary
Stockholders' Equity - Summary of Shares Repurchased Under Stock Purchase Program (Detail) - $ / shares | 6 Months Ended | |
Jun. 30, 2016 | Jun. 30, 2015 | |
Summary Of Shares Repurchased Under Stock Purchase Program [Abstract] | ||
Number of shares repurchased | 100,000 | |
Average price of shares repurchased | $ 55.23 | |
Shares remaining to be repurchased | 66,276 | 194,723 |
Stockholders' Equity - Required
Stockholders' Equity - Required Capital Amounts and Company's Respective Ratios (Detail) $ in Thousands | Jun. 30, 2016USD ($) |
Parent Company [Member] | |
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | |
Total Capital Amount | $ 689,071 |
Total Capital To Risk Weighted Assets Actual Ratio | 14.46% |
Capital Required For Capital Adequacy Amount | $ 381,153 |
Capital Required For Capital Adequacy to Risk Weighted Assets Ratio | 8.00% |
Capital With Capital Conservation Buffer Amount | $ 410,931 |
Capital With Capital Conservation To Risk Based Weighted Assets Buffer Ratio | 8.625% |
Common Equity Tier 1 Risk Based Capital Amount | $ 611,505 |
Common Equity Tier 1 Risk Based Capital To Risk Weighted Assets Ratio | 12.83% |
Common Equity Tier 1 Risk Based Capital Required For Capital Adequacy Amount | $ 214,399 |
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 With Capital Conservation Buffer Amount | $ 244,176 |
Common Equity Tier 1 Risk Based Capital With Capital Conservation Buffer To Risk Weighted Assets Ratio | 5.125% |
Tier 1 Risk Based Capital Amount | $ 642,505 |
Tier 1 Risk Based Capital To Risk Weighted Assets Ratio | 13.49% |
Tier 1 Risk Based Capital Required For Capital Adequacy Amount | $ 285,865 |
Tier 1 Risk Based Capital Required For Capital Adequacy To Risk Weighted Assets Ratio | 6.00% |
Tier 1 Risk Based Capital With Capital Conservation Buffer Amount | $ 315,642 |
Tier 1 Risk Based Capital With Capital Conservation Buffer To Risk Weighted Assets Ratio | 6.625% |
Tier 1 Capital Amount | $ 642,505 |
Tier 1 Capital To Average Assets Ratio | 9.65% |
Tier 1 Capital Required For Capital Adequacy Amount | $ 266,346 |
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 | $ 629,830 |
Total Capital To Risk Weighted Assets Actual Ratio | 13.23% |
Capital Required For Capital Adequacy Amount | $ 380,759 |
Capital Required For Capital Adequacy to Risk Weighted Assets Ratio | 8.00% |
Capital With Capital Conservation Buffer Amount | $ 410,505 |
Capital With Capital Conservation To Risk Based Weighted Assets Buffer Ratio | 8.625% |
Capital Required To Be Well Capitalized Amount | $ 475,948 |
Capital Required To Be Well Capitalized To Risk Weighted Assets Ratio | 10.00% |
Common Equity Tier 1 Risk Based Capital Amount | $ 563,264 |
Common Equity Tier 1 Risk Based Capital To Risk Weighted Assets Ratio | 11.83% |
Common Equity Tier 1 Risk Based Capital Required For Capital Adequacy Amount | $ 214,177 |
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 With Capital Conservation Buffer Amount | $ 243,924 |
Common Equity Tier 1 Risk Based Capital With Capital Conservation Buffer To Risk Weighted Assets Ratio | 5.125% |
Common Equity Tier 1 Risk Based Capital Required To Be well Capitalized Amount | $ 309,366 |
Common Equity Tier 1 Risk Based Capital Required To Be well Capitalized Amount | 6.50% |
Tier 1 Risk Based Capital Amount | $ 583,264 |
Tier 1 Risk Based Capital To Risk Weighted Assets Ratio | 12.25% |
Tier 1 Risk Based Capital Required For Capital Adequacy Amount | $ 285,569 |
Tier 1 Risk Based Capital Required For Capital Adequacy To Risk Weighted Assets Ratio | 6.00% |
Tier 1 Risk Based Capital With Capital Conservation Buffer Amount | $ 315,316 |
Tier 1 Risk Based Capital With Capital Conservation Buffer To Risk Weighted Assets Ratio | 6.625% |
Tier 1 Risk Based Capital Required To Be well Capitalized Amount | $ 380,759 |
Tier 1 Risk Based Capital Required To Be Well Capitalized To Risk Weighted Assets Ratio | 8.00% |
Tier 1 Capital Amount | $ 583,264 |
Tier 1 Capital To Average Assets Ratio | 8.77% |
Tier 1 Capital Required For Capital Adequacy Amount | $ 265,942 |
Tier 1 Capital Required For Capital Adequacy To Average Assets Ratio | 4.00% |
Tier 1 Capital Required To Be Well Capitalized Amount | $ 332,427 |
Tier 1 Capital Required To Be Well Capitalized To Average assets Ratio | 5.00% |
Stockholders' Equity - Addition
Stockholders' Equity - Additional Information (Detail) | 6 Months Ended |
Jun. 30, 2016USD ($) | |
2016 [Member] | |
Stockholders Equity [Line Items] | |
Implementation of the capital conservation buffer, Percentage | 0.625% |
Capital conservation buffer implementation phase-in 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 Based on Weighted-average Shares Outstanding (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
Earnings Per Share Reconciliation [Abstract] | ||||
Income available to common stockholders | $ 17,493 | $ 18,553 | $ 34,072 | $ 34,812 |
Income available to common stockholders plus assumed exercises of stock options | $ 17,493 | $ 18,553 | $ 34,072 | $ 34,812 |
Income available to common stockholders - Shares | 15,549,811 | 15,536,325 | 15,542,114 | 15,521,916 |
Dilutive effect of stock options - Shares | 292,674 | 328,599 | 288,563 | 330,616 |
Income available to common stockholders plus assumed exercises of stock options - Shares | 15,842,485 | 15,864,924 | 15,830,677 | 15,852,532 |
Income available to common stockholders - Per Share Amount | $ 1.12 | $ 1.19 | $ 2.19 | $ 2.24 |
Income available to common stockholders plus assumed exercises of stock options - Per Share Amount | $ 1.10 | $ 1.17 | $ 2.15 | $ 2.20 |
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, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
Schedule Of Antidilutive Securities Excluded From Computation Of Earnings Per Share [Abstract] | ||||
Shares | 241,945 | 168,065 | 239,198 | 148,475 |
Average Exercise Price | $ 58.52 | $ 58.14 | $ 58.55 | $ 57.94 |
Fair Value Measurements - Addit
Fair Value Measurements - Additional Information (Detail) - USD ($) | 6 Months Ended | 12 Months Ended | |
Jun. 30, 2016 | Jun. 30, 2015 | Dec. 31, 2015 | |
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, 2016 | Dec. 31, 2015 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available for sale, at fair value | $ 410,926 | $ 544,160 |
Derivative assets | 1,624 | 1,946 |
Derivative liabilities | 1,138 | 989 |
Loans held for sale | 10,427 | 13,725 |
Level 2 Inputs [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative assets | 1,624 | 1,946 |
Derivative liabilities | 1,138 | 989 |
Loans held for sale | 10,427 | 13,725 |
U.S. Treasuries [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available for sale, at fair value | 206,526 | 329,696 |
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 | 206,526 | 329,696 |
U.S. Federal Agencies [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available for sale, at fair value | 125,650 | 131,896 |
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 | 125,650 | 131,896 |
Mortgage Backed Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available for sale, at fair value | 20,814 | 21,855 |
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 | 5,998 | 7,039 |
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 | 14,816 | 14,816 |
States and Political Subdivisions [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available for sale, at fair value | 48,037 | 50,920 |
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 | 48,037 | 50,920 |
Other Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available for sale, at fair value | 9,899 | 9,793 |
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 | 3,492 | 3,485 |
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 | $ 6,407 | $ 6,308 |
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, 2016 | Jun. 30, 2015 | |
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation Calculation Roll Forward | ||
Balance at the beginning of the year | $ 21,124 | $ 28,459 |
Purchases, issuances and settlements | 551 | (1,409) |
Sales | (300) | (8,593) |
Gains included in earnings | 35 | 7,121 |
Total unrealized (losses) gains | (187) | (4,029) |
Balance at the end of the period | $ 21,223 | $ 21,549 |
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, 2016 | Dec. 31, 2015 | |
Impaired Loans (Less Specific Allowance) [Member] | Level 3 [Member] | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Total Fair Value | $ 30,160 | $ 44,399 |
Foreclosed Assets [Member] | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Losses | 2 | |
Foreclosed Assets [Member] | Level 3 [Member] | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Total Fair Value | 346 | 230 |
Other Real Estate Owned [Member] | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Losses | 49 | 128 |
Other Real Estate Owned [Member] | Level 3 [Member] | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Total Fair Value | $ 4,123 | $ 7,984 |
Fair Value Measurements - Estim
Fair Value Measurements - Estimated Fair Values of Company's Financial Instruments (Detail) - USD ($) $ in Thousands | Jun. 30, 2016 | Dec. 31, 2015 | Jun. 30, 2015 | Dec. 31, 2014 |
FINANCIAL ASSETS | ||||
Cash and cash equivalents, Carrying Amount | $ 1,597,822 | $ 1,598,177 | $ 1,817,228 | $ 1,913,895 |
Securities held for investment, Carrying Amount | 8,312 | 8,789 | ||
Loans, net of allowance for loan losses, Carrying Amount | 4,280,070 | 4,190,382 | ||
Securities held for investment, Fair Value | 8,372 | 8,850 | ||
FINANCIAL LIABILITIES | ||||
Deposits, Carrying Amount | 5,943,982 | 5,973,358 | ||
Short-term borrowings, Carrying Amount | 3,500 | 500 | ||
Junior subordinated debentures, Carrying Amount | 31,959 | 31,959 | ||
OFF-BALANCE SHEET FINANCIAL INSTRUMENTS | ||||
Loan commitments, Fair value | 1,735 | 1,681 | ||
Letters of credit, Fair value | 426 | 464 | ||
Level 2 Inputs [Member] | ||||
FINANCIAL ASSETS | ||||
Cash and cash equivalents, Carrying Amount | 1,597,822 | 1,598,177 | ||
Securities held for investment, Carrying Amount | 7,812 | 8,289 | ||
Cash and cash equivalents, Fair Value | 1,597,822 | 1,598,177 | ||
Securities held for investment, Fair Value | 7,872 | 8,350 | ||
FINANCIAL LIABILITIES | ||||
Deposits, Carrying Amount | 5,943,982 | 5,973,538 | ||
Short-term borrowings, Carrying Amount | 3,500 | 500 | ||
Junior subordinated debentures, Carrying Amount | 31,959 | 31,959 | ||
Deposits, Fair Value | 5,997,885 | 6,028,012 | ||
Short-term borrowings, Fair Value | 3,500 | 500 | ||
Junior subordinated debentures, Fair Value | 33,707 | 33,793 | ||
Level 3 Inputs [Member] | ||||
FINANCIAL ASSETS | ||||
Securities held for investment, Carrying Amount | 500 | 500 | ||
Loans, net of allowance for loan losses, Carrying Amount | 4,280,070 | 4,190,382 | ||
Securities held for investment, Fair Value | 500 | 500 | ||
Loans, net of allowance for loan losses, Fair Value | $ 4,353,453 | $ 4,222,153 |
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, 2016 | Dec. 31, 2015 | |
Derivatives, Fair Value [Line Items] | ||
Derivative assets, Estimated Fair Value | $ 1,624 | $ 1,946 |
Derivative liabilities, Estimated Fair Value | (1,138) | (989) |
Other Assets [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative assets, Estimated Fair Value | 1,624 | 1,946 |
Other Liabilities [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative liabilities, Estimated Fair Value | $ (1,138) | (989) |
Oil [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Notional Units | Barrels | |
Derivative assets, Notional Amount | $ 88 | 86 |
Derivative assets, Estimated Fair Value | 356 | 604 |
Derivative liabilities, Notional Amount | (88) | (86) |
Derivative liabilities, Estimated Fair Value | $ (269) | (378) |
Natural Gas [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Notional Units | MMBTUs | |
Derivative assets, Notional Amount | $ 3,930 | 3,920 |
Derivative assets, Estimated Fair Value | 1,268 | 1,342 |
Derivative liabilities, Notional Amount | (3,930) | (3,920) |
Derivative liabilities, Estimated Fair Value | $ (869) | $ (611) |
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, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
Derivative Gain Loss On Derivative Net [Abstract] | ||||
Derivative income | $ 6 | $ 37 | $ 11 | $ 192 |
Derivative Financial Instrume70
Derivative Financial Instruments - Additional Information (Detail) | 6 Months Ended |
Jun. 30, 2016 | |
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) $ in Thousands | Dec. 31, 2015USD ($) |
Credit Risk Derivatives At Fair Value Net [Abstract] | |
Credit exposure | $ 37 |
Segment Information - Additiona
Segment Information - Additional Information (Detail) | 6 Months Ended |
Jun. 30, 2016Business_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, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | Dec. 31, 2015 | |
Segment Reporting Information [Line Items] | |||||
Net interest income (expense) | $ 50,868 | $ 46,215 | $ 100,844 | $ 91,841 | |
Noninterest income | 26,057 | 28,715 | 51,674 | 54,011 | |
Income before taxes | 26,401 | 28,230 | 51,600 | 52,895 | |
Total Assets | 6,683,376 | 6,683,376 | $ 6,692,829 | ||
Operating Segments [Member] | Metropolitan Banks [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Net interest income (expense) | 15,699 | 15,325 | 31,542 | 30,725 | |
Noninterest income | 4,098 | 3,533 | 7,886 | 6,990 | |
Income before taxes | 10,240 | 9,800 | 19,588 | 19,689 | |
Total Assets | 2,311,639 | 2,311,639 | 2,277,870 | ||
Operating Segments [Member] | Community Banks [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Net interest income (expense) | 33,846 | 29,444 | 66,968 | 58,499 | |
Noninterest income | 14,408 | 12,990 | 28,004 | 25,316 | |
Income before taxes | 20,331 | 17,400 | 39,425 | 33,807 | |
Total Assets | 4,350,115 | 4,350,115 | 4,379,205 | ||
Operating Segments [Member] | Other Financial Services [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Net interest income (expense) | 1,591 | 1,900 | 3,007 | 3,518 | |
Noninterest income | 6,646 | 11,387 | 14,125 | 20,114 | |
Income before taxes | 2,431 | 6,910 | 5,545 | 11,917 | |
Total Assets | 107,265 | 107,265 | 128,697 | ||
Operating Segments [Member] | Executive, Operations & Support [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Net interest income (expense) | (268) | (454) | (673) | (901) | |
Noninterest income | 18,798 | 21,326 | 36,476 | 38,618 | |
Income before taxes | 11,247 | 14,604 | 21,747 | 24,408 | |
Total Assets | 653,042 | 653,042 | 624,428 | ||
Eliminations [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Noninterest income | (17,893) | (20,521) | (34,817) | (37,027) | |
Income before taxes | (17,848) | $ (20,484) | (34,705) | $ (36,926) | |
Total Assets | $ (738,685) | $ (738,685) | $ (717,371) |