x | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
o | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
TEXAS | 75-1848732 | |
(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) | |
1201 S. Beckham Avenue, Tyler, Texas | 75701 | |
(Address of principal executive offices) | (Zip Code) |
Large accelerated filer o | Accelerated filer x |
Non-accelerated filer o | Smaller reporting company o |
(Do not check if a smaller reporting company) |
PART I. FINANCIAL INFORMATION | |
PART II. OTHER INFORMATION | |
EXHIBIT 31.1 – CERTIFICATION PURSUANT TO SECTION 302 | |
EXHIBIT 31.2 – CERTIFICATION PURSUANT TO SECTION 302 | |
EXHIBIT 32 – CERTIFICATION PURSUANT TO SECTION 906 |
SOUTHSIDE BANCSHARES, INC. AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS (UNAUDITED) (in thousands, except share amounts) | ||||||||
March 31, 2016 | December 31, 2015 | |||||||
ASSETS | ||||||||
Cash and due from banks | $ | 52,324 | $ | 54,288 | ||||
Interest earning deposits | 16,130 | 26,687 | ||||||
Total cash and cash equivalents | 68,454 | 80,975 | ||||||
Securities available for sale, at estimated fair value | 1,332,381 | 1,460,492 | ||||||
Securities held to maturity, at carrying value (estimated fair value of $818,108 and $799,763, respectively) | 784,579 | 784,296 | ||||||
FHLB stock, at cost | 47,550 | 51,047 | ||||||
Other investments | 5,501 | 5,462 | ||||||
Loans held for sale | 4,971 | 3,811 | ||||||
Loans: | ||||||||
Loans | 2,443,231 | 2,431,753 | ||||||
Less: Allowance for loan losses | (21,799 | ) | (19,736 | ) | ||||
Net Loans | 2,421,432 | 2,412,017 | ||||||
Premises and equipment, net | 107,556 | 107,929 | ||||||
Goodwill | 91,520 | 91,520 | ||||||
Other intangible assets, net | 6,029 | 6,548 | ||||||
Interest receivable | 16,548 | 22,700 | ||||||
Deferred tax asset | 12,512 | 19,903 | ||||||
Unsettled trades to sell securities | 15,039 | 9,343 | ||||||
Bank owned life insurance | 95,718 | 95,080 | ||||||
Other assets | 9,222 | 10,953 | ||||||
TOTAL ASSETS | $ | 5,019,012 | $ | 5,162,076 | ||||
LIABILITIES AND SHAREHOLDERS’ EQUITY | ||||||||
Deposits: | ||||||||
Noninterest bearing | $ | 698,695 | $ | 672,470 | ||||
Interest bearing | 2,920,673 | 2,782,937 | ||||||
Total deposits | 3,619,368 | 3,455,407 | ||||||
Short-term obligations: | ||||||||
Federal funds purchased and repurchase agreements | 2,501 | 2,429 | ||||||
FHLB advances | 257,145 | 645,407 | ||||||
Total short-term obligations | 259,646 | 647,836 | ||||||
Long-term obligations: | ||||||||
FHLB advances | 561,990 | 502,281 | ||||||
Long-term debt | 60,311 | 60,311 | ||||||
Total long-term obligations | 622,301 | 562,592 | ||||||
Unsettled trades to purchase securities | 23,920 | 19,350 | ||||||
Other liabilities | 36,201 | 32,829 | ||||||
TOTAL LIABILITIES | 4,561,436 | 4,718,014 | ||||||
Off-Balance-Sheet Arrangements, Commitments and Contingencies (Note 12) | ||||||||
Shareholders’ equity: | ||||||||
Common stock ($1.25 par value, 40,000,000 shares authorized, 27,882,740 shares issued at March 31, 2016 and 27,865,798 shares issued at December 31, 2015) | 34,853 | 34,832 | ||||||
Paid-in capital | 424,753 | 424,078 | ||||||
Retained earnings | 49,254 | 41,527 | ||||||
Treasury stock, at cost (2,913,064 at March 31, 2016 and 2,469,638 at December 31, 2015) | (47,891 | ) | (37,692 | ) | ||||
Accumulated other comprehensive loss | (3,393 | ) | (18,683 | ) | ||||
TOTAL SHAREHOLDERS’ EQUITY | 457,576 | 444,062 | ||||||
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY | $ | 5,019,012 | $ | 5,162,076 |
SOUTHSIDE BANCSHARES, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED) (in thousands, except per share data) | |||||||
Three Months Ended | |||||||
March 31, | |||||||
2016 | 2015 | ||||||
Interest income | |||||||
Loans | $ | 27,765 | $ | 23,916 | |||
Investment securities – taxable | 214 | 237 | |||||
Investment securities – tax-exempt | 5,355 | 5,865 | |||||
Mortgage-backed securities | 9,391 | 8,462 | |||||
FHLB stock and other investments | 217 | 93 | |||||
Other interest earning assets | 70 | 34 | |||||
Total interest income | 43,012 | 38,607 | |||||
Interest expense | |||||||
Deposits | 3,256 | 2,529 | |||||
Short-term obligations | 696 | 142 | |||||
Long-term obligations | 2,443 | 2,145 | |||||
Total interest expense | 6,395 | 4,816 | |||||
Net interest income | 36,617 | 33,791 | |||||
Provision for loan losses | 2,316 | 3,848 | |||||
Net interest income after provision for loan losses | 34,301 | 29,943 | |||||
Noninterest income | |||||||
Deposit services | 5,085 | 4,989 | |||||
Net gain on sale of securities available for sale | 2,441 | 2,476 | |||||
Gain on sale of loans | 643 | 377 | |||||
Trust income | 855 | 893 | |||||
Bank owned life insurance income | 674 | 669 | |||||
Brokerage services | 575 | 639 | |||||
Other | 1,323 | 745 | |||||
Total noninterest income | 11,596 | 10,788 | |||||
Noninterest expense | |||||||
Salaries and employee benefits | 17,732 | 18,199 | |||||
Occupancy expense | 3,335 | 3,199 | |||||
Advertising, travel & entertainment | 685 | 657 | |||||
ATM and debit card expense | 712 | 679 | |||||
Professional fees | 1,338 | 742 | |||||
Software and data processing expense | 749 | 1,031 | |||||
Telephone and communications | 484 | 469 | |||||
FDIC insurance | 638 | 638 | |||||
Other | 3,735 | 3,835 | |||||
Total noninterest expense | 29,408 | 29,449 | |||||
Income before income tax expense | 16,489 | 11,282 | |||||
Income tax expense | 2,973 | 1,903 | |||||
Net income | $ | 13,516 | $ | 9,379 | |||
Earnings per common share – basic | $ | 0.54 | $ | 0.37 | |||
Earnings per common share – diluted | $ | 0.54 | $ | 0.37 | |||
Dividends paid per common share | $ | 0.23 | $ | 0.23 |
SOUTHSIDE BANCSHARES, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED) (in thousands) | |||||||
Three Months Ended | |||||||
March 31, | |||||||
2016 | 2015 | ||||||
Net income | $ | 13,516 | $ | 9,379 | |||
Other comprehensive income: | |||||||
Securities available for sale and transferred securities: | |||||||
Net unrealized holding gains on available for sale securities during the period | 27,744 | 9,520 | |||||
Change in net unrealized loss on securities transferred to held to maturity | — | — | |||||
Reclassification adjustment for amortization of unrealized losses on securities transferred to held to maturity | 57 | 282 | |||||
Reclassification adjustment for net gain on sale of available for sale securities, included in net income | (2,441 | ) | (2,476 | ) | |||
Derivatives: | |||||||
Change in net unrealized loss on effective cash flow hedge interest rate swap derivatives | (2,244 | ) | — | ||||
Pension plans: | |||||||
Amortization of net actuarial loss, included in net periodic benefit cost | 411 | 531 | |||||
Amortization of prior service credit, included in net periodic benefit cost | (4 | ) | (4 | ) | |||
Other comprehensive income, before tax | 23,523 | 7,853 | |||||
Income tax expense related to other items of comprehensive income | (8,233 | ) | (2,749 | ) | |||
Other comprehensive income, net of tax | 15,290 | 5,104 | |||||
Comprehensive income | $ | 28,806 | $ | 14,483 |
SOUTHSIDE BANCSHARES, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY (UNAUDITED) (in thousands, except share and per share data) | |||||||||||||||||||||||
Common Stock | Paid In Capital | Retained Earnings | Treasury Stock | Accumulated Other Comprehensive Income (Loss) | Total Shareholders’ Equity | ||||||||||||||||||
Balance at December 31, 2014 | $ | 33,223 | $ | 389,886 | $ | 55,396 | $ | (37,692 | ) | $ | (15,570 | ) | $ | 425,243 | |||||||||
Net income | — | — | 9,379 | — | — | 9,379 | |||||||||||||||||
Other comprehensive income | — | — | — | — | 5,104 | 5,104 | |||||||||||||||||
Issuance of common stock (9,983 shares) | 12 | 292 | — | — | — | 304 | |||||||||||||||||
Stock compensation expense | — | 273 | — | — | — | 273 | |||||||||||||||||
Tax benefits related to stock awards | — | 4 | — | — | — | 4 | |||||||||||||||||
Net issuance of common stock under employee stock plans | 4 | 60 | (11 | ) | — | — | 53 | ||||||||||||||||
Cash dividends paid on common stock ($0.23 per share) | — | — | (5,546 | ) | — | — | (5,546 | ) | |||||||||||||||
Balance at March 31, 2015 | $ | 33,239 | $ | 390,515 | $ | 59,218 | $ | (37,692 | ) | $ | (10,466 | ) | $ | 434,814 | |||||||||
Balance at December 31, 2015 | $ | 34,832 | $ | 424,078 | $ | 41,527 | $ | (37,692 | ) | $ | (18,683 | ) | $ | 444,062 | |||||||||
Net income | — | — | 13,516 | — | — | 13,516 | |||||||||||||||||
Other comprehensive income | — | — | — | — | 15,290 | 15,290 | |||||||||||||||||
Issuance of common stock (12,030 shares) | 15 | 299 | — | — | — | 314 | |||||||||||||||||
Purchase of common stock (443,426 shares) | — | — | — | (10,199 | ) | — | (10,199 | ) | |||||||||||||||
Stock compensation expense | — | 355 | — | — | — | 355 | |||||||||||||||||
Tax expense related to stock awards | — | (12 | ) | — | — | — | (12 | ) | |||||||||||||||
Net issuance of common stock under employee stock plans | 6 | 33 | (15 | ) | — | — | 24 | ||||||||||||||||
Cash dividends paid on common stock ($0.23 per share) | — | — | (5,774 | ) | — | — | (5,774 | ) | |||||||||||||||
Balance at March 31, 2016 | $ | 34,853 | $ | 424,753 | $ | 49,254 | $ | (47,891 | ) | $ | (3,393 | ) | $ | 457,576 |
SOUTHSIDE BANCSHARES, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF CASH FLOW (UNAUDITED) (in thousands) | |||||||
Three Months Ended | |||||||
March 31, | |||||||
2016 | 2015 | ||||||
OPERATING ACTIVITIES: | |||||||
Net income | $ | 13,516 | $ | 9,379 | |||
Adjustments to reconcile net income to net cash provided by operations: | |||||||
Depreciation and net amortization | 2,169 | 2,123 | |||||
Securities premium amortization (discount accretion), net | 4,510 | 5,264 | |||||
Loan (discount accretion) premium amortization, net | (799 | ) | (565 | ) | |||
Provision for loan losses | 2,316 | 3,848 | |||||
Stock compensation expense | 355 | 273 | |||||
Deferred tax benefit | (812 | ) | (1,535 | ) | |||
Tax expense (benefit) related to stock awards | 12 | (4 | ) | ||||
Net gain on sale of securities available for sale | (2,441 | ) | (2,476 | ) | |||
Net (gain) loss on premises and equipment | (19 | ) | 138 | ||||
Gross proceeds from sales of loans held for sale | 17,944 | 15,176 | |||||
Gross originations of loans held for sale | (19,104 | ) | (16,373 | ) | |||
Net loss on other real estate owned | 152 | 272 | |||||
Net change in: | |||||||
Interest receivable | 6,152 | 5,792 | |||||
Other assets | 590 | 3,564 | |||||
Interest payable | 291 | (66 | ) | ||||
Other liabilities | 1,243 | (3,142 | ) | ||||
Net cash provided by operating activities | 26,075 | 21,668 | |||||
INVESTING ACTIVITIES: | |||||||
Securities available for sale: | |||||||
Purchases | (135,648 | ) | (279,911 | ) | |||
Sales | 251,976 | 285,326 | |||||
Maturities, calls and principal repayments | 47,407 | 77,202 | |||||
Securities held to maturity: | |||||||
Purchases | (18,922 | ) | — | ||||
Maturities, calls and principal repayments | 5,168 | 4,061 | |||||
Proceeds from redemption of FHLB stock | 3,644 | — | |||||
Purchases of FHLB stock and other investments | (171 | ) | (20 | ) | |||
Net loans originated | (11,420 | ) | 6,266 | ||||
Purchases of premises and equipment | (1,648 | ) | (1,223 | ) | |||
Proceeds from sales of premises and equipment | 50 | 3 | |||||
Proceeds from sales of other real estate owned | 483 | 548 | |||||
Proceeds from sales of repossessed assets | 311 | 1,088 | |||||
Net cash provided by investing activities | 141,230 | 93,340 | |||||
(continued) |
SOUTHSIDE BANCSHARES, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF CASH FLOW (UNAUDITED) (continued) (in thousands) | |||||||
Three Months Ended | |||||||
March 31, | |||||||
2016 | 2015 | ||||||
FINANCING ACTIVITIES: | |||||||
Net change in deposits | $ | 164,249 | $ | 121,246 | |||
Net increase (decrease) in federal funds purchased and repurchase agreements | 72 | (2,110 | ) | ||||
Proceeds from FHLB advances | 2,916,882 | 5,227,768 | |||||
Repayment of FHLB advances | (3,245,382 | ) | (5,434,204 | ) | |||
Tax (expense) benefit related to stock awards | (12 | ) | 4 | ||||
Net issuance of common stock under employee stock plan | 24 | 53 | |||||
Purchase of common stock | (10,199 | ) | — | ||||
Proceeds from the issuance of common stock | 314 | 304 | |||||
Cash dividends paid | (5,774 | ) | (5,546 | ) | |||
Net cash used in financing activities | (179,826 | ) | (92,485 | ) | |||
Net (decrease) increase in cash and cash equivalents | (12,521 | ) | 22,523 | ||||
Cash and cash equivalents at beginning of period | 80,975 | 84,655 | |||||
Cash and cash equivalents at end of period | $ | 68,454 | $ | 107,178 | |||
SUPPLEMENTAL DISCLOSURES FOR CASH FLOW INFORMATION: | |||||||
Interest paid | $ | 6,104 | $ | 4,881 | |||
Income taxes paid | $ | — | $ | — | |||
SUPPLEMENTAL DISCLOSURES OF NONCASH INVESTING AND FINANCING ACTIVITIES: | |||||||
Loans transferred to other repossessed assets and real estate through foreclosure | $ | 465 | $ | 674 | |||
Adjustment to pension liability | $ | (407 | ) | $ | (527 | ) | |
Unsettled trades to purchase securities | $ | (23,920 | ) | $ | (13,096 | ) | |
Unsettled trades to sell securities | $ | 15,039 | $ | 1,792 |
March 31, 2016 | December 31, 2015 | |||||||
Goodwill | $ | 91,520 | $ | 91,520 |
Three Months Ended March 31, | |||||||
2016 | 2015 | ||||||
Basic and Diluted Earnings: | |||||||
Net income | $ | 13,516 | $ | 9,379 | |||
Basic weighted-average shares outstanding | 25,186 | 25,322 | |||||
Add: Stock awards | 66 | 81 | |||||
Diluted weighted-average shares outstanding | 25,252 | 25,403 | |||||
Basic Earnings Per Share: | $ | 0.54 | $ | 0.37 | |||
Diluted Earnings Per Share: | $ | 0.54 | $ | 0.37 |
Three Months Ended March 31, 2016 | |||||||||||||||||||
Pension Plans | |||||||||||||||||||
Unrealized Gains (Losses) on Securities | Unrealized Gains (Losses) on Derivatives | Net Prior Service (Cost) Credit | Net Gain (Loss) | Total | |||||||||||||||
Beginning balance, net of tax | $ | (239 | ) | $ | — | $ | (44 | ) | $ | (18,400 | ) | $ | (18,683 | ) | |||||
Other comprehensive (loss) income: | |||||||||||||||||||
Other comprehensive income (loss) before reclassifications | 27,744 | (2,244 | ) | — | — | 25,500 | |||||||||||||
Reclassified from accumulated other comprehensive income | (2,384 | ) | — | (4 | ) | 411 | (1,977 | ) | |||||||||||
Income tax (expense) benefit | (8,876 | ) | 785 | 1 | (143 | ) | (8,233 | ) | |||||||||||
Net current-period other comprehensive income (loss), net of tax | 16,484 | (1,459 | ) | (3 | ) | 268 | 15,290 | ||||||||||||
Ending balance, net of tax | $ | 16,245 | $ | (1,459 | ) | $ | (47 | ) | $ | (18,132 | ) | $ | (3,393 | ) |
Three Months Ended March 31, 2015 | |||||||||||||||||||
Pension Plans | |||||||||||||||||||
Unrealized Gains (Losses) on Securities | Unrealized Gains (Losses) on Derivatives | Net Prior Service (Cost) Credit | Net Gain (Loss) | Total | |||||||||||||||
Beginning balance, net of tax | $ | 6,238 | $ | — | $ | 7 | $ | (21,815 | ) | $ | (15,570 | ) | |||||||
Other comprehensive (loss) income: | |||||||||||||||||||
Other comprehensive income before reclassifications | 9,520 | — | — | — | 9,520 | ||||||||||||||
Reclassified from accumulated other comprehensive income | (2,194 | ) | — | (4 | ) | 531 | (1,667 | ) | |||||||||||
Income tax (expense) benefit | (2,564 | ) | — | 1 | (186 | ) | (2,749 | ) | |||||||||||
Net current-period other comprehensive income (loss), net of tax | 4,762 | — | (3 | ) | 345 | 5,104 | |||||||||||||
Ending balance, net of tax | $ | 11,000 | $ | — | $ | 4 | $ | (21,470 | ) | $ | (10,466 | ) |
Three Months Ended March 31, | |||||||
2016 | 2015 | ||||||
Unrealized losses on securities transferred to held to maturity: | |||||||
Amortization of unrealized losses (1) | $ | (57 | ) | $ | (282 | ) | |
Tax benefit | 20 | 99 | |||||
Net of tax | (37 | ) | (183 | ) | |||
Unrealized gains and losses on available for sale securities: | |||||||
Realized net gain on sale of securities (2) | $ | 2,441 | $ | 2,476 | |||
Tax expense | (854 | ) | (867 | ) | |||
Net of tax | 1,587 | 1,609 | |||||
Amortization of pension plan: | |||||||
Net actuarial loss (3) | $ | (411 | ) | $ | (531 | ) | |
Prior service credit (3) | 4 | 4 | |||||
Total before tax | (407 | ) | (527 | ) | |||
Tax benefit | 142 | 185 | |||||
Net of tax | (265 | ) | (342 | ) | |||
Total reclassifications for the period, net of tax | $ | 1,285 | $ | 1,084 |
March 31, 2016 | ||||||||||||||||||||||||||||
Recognized in OCI | Not recognized in OCI | |||||||||||||||||||||||||||
Amortized | Gross Unrealized | Gross Unrealized | Carrying | Gross Unrealized | Gross Unrealized | Estimated | ||||||||||||||||||||||
AVAILABLE FOR SALE | Cost | Gains | Losses | Value | Gains | Losses | Fair Value | |||||||||||||||||||||
Investment Securities: | ||||||||||||||||||||||||||||
State and Political Subdivisions | $ | 270,091 | $ | 10,172 | $ | 471 | $ | 279,792 | $ | — | $ | — | $ | 279,792 | ||||||||||||||
Other Stocks and Bonds | 12,774 | 80 | 45 | 12,809 | — | — | 12,809 | |||||||||||||||||||||
Other Equity Securities | 6,048 | 52 | — | 6,100 | — | — | 6,100 | |||||||||||||||||||||
Mortgage-backed Securities: (1) | ||||||||||||||||||||||||||||
Residential | 553,121 | 12,042 | 153 | 565,010 | — | — | 565,010 | |||||||||||||||||||||
Commercial | 456,552 | 12,118 | — | 468,670 | — | — | 468,670 | |||||||||||||||||||||
Total | $ | 1,298,586 | $ | 34,464 | $ | 669 | $ | 1,332,381 | $ | — | $ | — | $ | 1,332,381 | ||||||||||||||
HELD TO MATURITY | ||||||||||||||||||||||||||||
Investment Securities: | ||||||||||||||||||||||||||||
State and Political Subdivisions | $ | 387,936 | $ | 4,480 | $ | 9,094 | $ | 383,322 | $ | 17,387 | $ | 1,179 | $ | 399,530 | ||||||||||||||
Mortgage-backed Securities: (1) | ||||||||||||||||||||||||||||
Residential | 34,187 | — | 44 | 34,143 | 2,380 | 1 | 36,522 | |||||||||||||||||||||
Commercial | 371,258 | 1,192 | 5,336 | 367,114 | 14,942 | — | 382,056 | |||||||||||||||||||||
Total | $ | 793,381 | $ | 5,672 | $ | 14,474 | $ | 784,579 | $ | 34,709 | $ | 1,180 | $ | 818,108 |
December 31, 2015 | ||||||||||||||||||||||||||||
Recognized in OCI | Not recognized in OCI | |||||||||||||||||||||||||||
Amortized | Gross Unrealized | Gross Unrealized | Carrying | Gross Unrealized | Gross Unrealized | Estimated | ||||||||||||||||||||||
AVAILABLE FOR SALE | Cost | Gains | Losses | Value | Gains | Losses | Fair Value | |||||||||||||||||||||
Investment Securities: | ||||||||||||||||||||||||||||
U.S. Treasury | $ | 103,906 | $ | 61 | $ | 380 | $ | 103,587 | $ | — | $ | — | $ | 103,587 | ||||||||||||||
State and Political Subdivisions | 236,534 | 8,323 | 611 | 244,246 | — | — | 244,246 | |||||||||||||||||||||
Other Stocks and Bonds | 12,772 | 63 | 45 | 12,790 | — | — | 12,790 | |||||||||||||||||||||
Other Equity Securities | 6,052 | — | 36 | 6,016 | — | — | 6,016 | |||||||||||||||||||||
Mortgage-backed Securities: (1) | ||||||||||||||||||||||||||||
Residential | 580,621 | 9,120 | 1,239 | 588,502 | — | — | 588,502 | |||||||||||||||||||||
Commercial | 512,116 | 466 | 7,231 | 505,351 | — | — | 505,351 | |||||||||||||||||||||
Total | $ | 1,452,001 | $ | 18,033 | $ | 9,542 | $ | 1,460,492 | $ | — | $ | — | $ | 1,460,492 | ||||||||||||||
HELD TO MATURITY | ||||||||||||||||||||||||||||
Investment Securities: | ||||||||||||||||||||||||||||
State and Political Subdivisions | $ | 389,997 | $ | 4,772 | $ | 9,273 | $ | 385,496 | $ | 13,061 | $ | 1,363 | $ | 397,194 | ||||||||||||||
Mortgage-backed Securities: (1) | ||||||||||||||||||||||||||||
Residential | 31,430 | — | 51 | 31,379 | 2,018 | 1 | 33,396 | |||||||||||||||||||||
Commercial | 371,727 | 1,233 | 5,539 | 367,421 | 4,232 | 2,480 | 369,173 | |||||||||||||||||||||
Total | $ | 793,154 | $ | 6,005 | $ | 14,863 | $ | 784,296 | $ | 19,311 | $ | 3,844 | $ | 799,763 |
As of March 31, 2016 | |||||||||||||||||||||||
Less Than 12 Months | More Than 12 Months | Total | |||||||||||||||||||||
Fair Value | Unrealized Loss | Fair Value | Unrealized Loss | Fair Value | Unrealized Loss | ||||||||||||||||||
AVAILABLE FOR SALE | |||||||||||||||||||||||
Investment Securities: | |||||||||||||||||||||||
State and Political Subdivisions | $ | 6,134 | $ | 16 | $ | 17,650 | $ | 455 | $ | 23,784 | $ | 471 | |||||||||||
Other Stocks and Bonds | 2,955 | 45 | — | — | 2,955 | 45 | |||||||||||||||||
Mortgage-backed Securities: | |||||||||||||||||||||||
Residential | 57,543 | 147 | 2,699 | 6 | 60,242 | 153 | |||||||||||||||||
Total | $ | 66,632 | $ | 208 | $ | 20,349 | $ | 461 | $ | 86,981 | $ | 669 | |||||||||||
HELD TO MATURITY | |||||||||||||||||||||||
Investment Securities: | |||||||||||||||||||||||
State and Political Subdivisions | $ | 4,197 | $ | 40 | $ | 47,304 | $ | 1,139 | $ | 51,501 | $ | 1,179 | |||||||||||
Mortgage-backed Securities: | |||||||||||||||||||||||
Residential | 540 | 1 | — | — | 540 | 1 | |||||||||||||||||
Total | $ | 4,737 | $ | 41 | $ | 47,304 | $ | 1,139 | $ | 52,041 | $ | 1,180 | |||||||||||
As of December 31, 2015 | |||||||||||||||||||||||
Less Than 12 Months | More Than 12 Months | Total | |||||||||||||||||||||
Fair Value | Unrealized Loss | Fair Value | Unrealized Loss | Fair Value | Unrealized Loss | ||||||||||||||||||
AVAILABLE FOR SALE | |||||||||||||||||||||||
Investment Securities: | |||||||||||||||||||||||
U.S. Treasury | $ | 64,172 | $ | 380 | $ | — | $ | — | $ | 64,172 | $ | 380 | |||||||||||
State and Political Subdivisions | 15,550 | 116 | 19,270 | 495 | 34,820 | 611 | |||||||||||||||||
Other Stocks and Bonds | 2,954 | 45 | — | — | 2,954 | 45 | |||||||||||||||||
Other Equity Securities | 6,016 | 36 | — | — | 6,016 | 36 | |||||||||||||||||
Mortgage-backed Securities: | |||||||||||||||||||||||
Residential | 229,514 | 1,215 | 3,817 | 24 | 233,331 | 1,239 | |||||||||||||||||
Commercial | 422,316 | 7,039 | 5,110 | 192 | 427,426 | 7,231 | |||||||||||||||||
Total | $ | 740,522 | $ | 8,831 | $ | 28,197 | $ | 711 | $ | 768,719 | $ | 9,542 | |||||||||||
HELD TO MATURITY | |||||||||||||||||||||||
Investment Securities: | |||||||||||||||||||||||
State and Political Subdivisions | $ | 24,340 | $ | 214 | $ | 62,240 | $ | 1,149 | $ | 86,580 | $ | 1,363 | |||||||||||
Mortgage-backed Securities: | |||||||||||||||||||||||
Residential | 1,717 | 1 | — | — | 1,717 | 1 | |||||||||||||||||
Commercial | 193,710 | 2,439 | 2,481 | 41 | 196,191 | 2,480 | |||||||||||||||||
Total | $ | 219,767 | $ | 2,654 | $ | 64,721 | $ | 1,190 | $ | 284,488 | $ | 3,844 |
Three Months Ended March 31, | |||||||
2016 | 2015 | ||||||
U.S. Treasury | $ | 127 | $ | 116 | |||
U.S. Government Agency Debentures | — | 32 | |||||
State and Political Subdivisions | 5,355 | 5,870 | |||||
Other Stocks and Bonds | 58 | 52 | |||||
Other Equity Securities | 29 | 32 | |||||
Mortgage-backed Securities | 9,391 | 8,462 | |||||
Total interest income on securities | $ | 14,960 | $ | 14,564 |
March 31, 2016 | |||||||
Amortized Cost | Fair Value | ||||||
AVAILABLE FOR SALE | (in thousands) | ||||||
Investment Securities: | |||||||
Due in one year or less | $ | 18,483 | $ | 18,576 | |||
Due after one year through five years | 21,036 | 22,078 | |||||
Due after five years through ten years | 30,220 | 31,318 | |||||
Due after ten years | 213,126 | 220,629 | |||||
282,865 | 292,601 | ||||||
Mortgage-backed Securities and Other Equity Securities: | 1,015,721 | 1,039,780 | |||||
Total | $ | 1,298,586 | $ | 1,332,381 |
March 31, 2016 | |||||||
Carrying Value | Fair Value | ||||||
HELD TO MATURITY | (in thousands) | ||||||
Investment Securities: | |||||||
Due in one year or less | $ | 5,233 | $ | 5,144 | |||
Due after one year through five years | 22,189 | 22,649 | |||||
Due after five years through ten years | 77,787 | 80,387 | |||||
Due after ten years | 278,113 | 291,350 | |||||
383,322 | 399,530 | ||||||
Mortgage-backed Securities: | 401,257 | 418,578 | |||||
Total | $ | 784,579 | $ | 818,108 |
March 31, 2016 | December 31, 2015 | ||||||
Real Estate Loans: | |||||||
Construction | $ | 464,750 | $ | 438,247 | |||
1-4 Family Residential | 644,826 | 655,410 | |||||
Commercial | 657,962 | 635,210 | |||||
Commercial Loans | 233,857 | 242,527 | |||||
Municipal Loans | 286,217 | 288,115 | |||||
Loans to Individuals | 155,619 | 172,244 | |||||
Total Loans (1) | 2,443,231 | 2,431,753 | |||||
Less: Allowance for Loan Losses | 21,799 | 19,736 | |||||
Net Loans | $ | 2,421,432 | $ | 2,412,017 |
(1) | Includes approximately $525.4 million and $581.1 million of loans acquired with the Omni acquisition as of March 31, 2016 and December 31, 2015, respectively. The allowance for loan loss recorded on acquired loans totaled $519,000 and $629,000 as of March 31, 2016 and December 31, 2015, respectively. |
• | Pass (Rating 1 – 4) – This rating is assigned to all satisfactory loans. This category, by definition, consists of acceptable credit. Credit and collateral exceptions should not be present, although their presence would not necessarily prohibit a loan from being rated Pass, if deficiencies are in process of correction. These loans are not included in the Watch List. |
• | Pass Watch (Rating 5) – These loans require some degree of special treatment, but not due to credit quality. This category does not include loans specially mentioned or adversely classified; however, particular attention must be accorded such credits due to characteristics such as: |
◦ | A lack of, or abnormally extended payment program; |
◦ | A heavy degree of concentration of collateral without sufficient margin; |
◦ | A vulnerability to competition through lesser or extensive financial leverage; and |
◦ | A dependence on a single or few customers or sources of supply and materials without suitable substitutes or alternatives. |
• | Special Mention (Rating 6) – A Special Mention asset has potential weaknesses that deserve management’s close attention. If left uncorrected, these potential weaknesses may result in deterioration of the repayment prospects for the asset or in the institution’s credit position at some future date. Special Mention assets are not adversely classified and do not expose an institution to sufficient risk to warrant adverse classification. |
• | Substandard (Rating 7) – Substandard loans are inadequately protected by the current sound worth and paying capacity of the obligor or of the collateral pledged, if any. Loans so classified must have a well-defined weakness or weaknesses that jeopardize the liquidation of the debt. They are characterized by the distinct possibility that the Bank will sustain some loss if the deficiencies are not corrected. |
• | Doubtful (Rating 8) – Loans classified as Doubtful have all the weaknesses inherent in those classified Substandard with the added characteristic that the weaknesses make collection or liquidation, in full, on the basis of currently known facts, conditions and values, highly questionable and improbable. |
• | Changes in lending policies or procedures, including underwriting, collection, charge-off, and recovery procedures; |
• | Changes in local, regional and national economic and business conditions, including entry into new markets; |
• | Changes in the volume or type of credit extended; |
• | Changes in the experience, ability, and depth of lending management; |
• | Changes in the volume and severity of past due, nonaccrual, restructured, or classified loans; |
• | Changes in charge-off trends; |
• | Changes in loan review or Board oversight; |
• | Changes in the level of concentrations of credit; and |
• | Changes in external factors, such as competition and legal and regulatory requirements. |
Three Months Ended March 31, 2016 | |||||||||||||||||||||||||||
Real Estate | |||||||||||||||||||||||||||
Construction | 1-4 Family Residential | Commercial | Commercial Loans | Municipal Loans | Loans to Individuals | Total | |||||||||||||||||||||
Balance at beginning of period | $ | 4,350 | $ | 2,595 | $ | 4,577 | $ | 6,596 | $ | 725 | $ | 893 | $ | 19,736 | |||||||||||||
Provision (reversal) for loan losses | (42 | ) | (551 | ) | (116 | ) | 2,620 | (5 | ) | 410 | 2,316 | ||||||||||||||||
Loans charged off | — | (19 | ) | — | (273 | ) | — | (848 | ) | (1,140 | ) | ||||||||||||||||
Recoveries of loans charged off | 269 | 130 | 6 | 21 | — | 461 | 887 | ||||||||||||||||||||
Balance at end of period | $ | 4,577 | $ | 2,155 | $ | 4,467 | $ | 8,964 | $ | 720 | $ | 916 | $ | 21,799 |
Three Months Ended March 31, 2015 | |||||||||||||||||||||||||||
Real Estate | |||||||||||||||||||||||||||
Construction | 1-4 Family Residential | Commercial | Commercial Loans | Municipal Loans | Loans to Individuals | Total | |||||||||||||||||||||
Balance at beginning of period (1) | $ | 2,456 | $ | 2,822 | $ | 3,025 | $ | 3,279 | $ | 716 | $ | 994 | $ | 13,292 | |||||||||||||
Provision (reversal) for loan losses | 275 | 573 | 269 | 2,065 | 108 | 558 | 3,848 | ||||||||||||||||||||
Loans charged off | — | (6 | ) | — | (57 | ) | — | (1,023 | ) | (1,086 | ) | ||||||||||||||||
Recoveries of loans charged off | 43 | 11 | 66 | 29 | — | 723 | 872 | ||||||||||||||||||||
Balance at end of period | $ | 2,774 | $ | 3,400 | $ | 3,360 | $ | 5,316 | $ | 824 | $ | 1,252 | $ | 16,926 |
(1) | Loans acquired with the Omni acquisition were measured at fair value on December 17, 2014 with no carryover of allowance for loan loss. |
As of March 31, 2016 | |||||||||||||||||||||||||||
Real Estate | |||||||||||||||||||||||||||
Construction | 1-4 Family Residential | Commercial | Commercial Loans | Municipal Loans | Loans to Individuals | Total | |||||||||||||||||||||
Ending balance – individually evaluated for impairment (1) | $ | 31 | $ | 23 | $ | 56 | $ | 6,422 | $ | 13 | $ | 92 | $ | 6,637 | |||||||||||||
Ending balance – collectively evaluated for impairment | 4,546 | 2,132 | 4,411 | 2,542 | 707 | 824 | 15,162 | ||||||||||||||||||||
Balance at end of period | $ | 4,577 | $ | 2,155 | $ | 4,467 | $ | 8,964 | $ | 720 | $ | 916 | $ | 21,799 |
As of December 31, 2015 | |||||||||||||||||||||||||||
Real Estate | |||||||||||||||||||||||||||
Construction | 1-4 Family Residential | Commercial | Commercial Loans | Municipal Loans | Loans to Individuals | Total | |||||||||||||||||||||
Ending balance – individually evaluated for impairment (1) | $ | 12 | $ | 25 | $ | 137 | $ | 4,599 | $ | 13 | $ | 105 | $ | 4,891 | |||||||||||||
Ending balance – collectively evaluated for impairment | 4,338 | 2,570 | 4,440 | 1,997 | 712 | 788 | 14,845 | ||||||||||||||||||||
Balance at end of period | $ | 4,350 | $ | 2,595 | $ | 4,577 | $ | 6,596 | $ | 725 | $ | 893 | $ | 19,736 |
(1) | There was approximately $519,000 and $629,000 of allowance for loan losses associated with purchased credit impaired (“PCI”) loans as of March 31, 2016 and December 31, 2015, respectively. |
March 31, 2016 | |||||||||||||||||||||||||||
Real Estate | |||||||||||||||||||||||||||
Construction | 1-4 Family Residential | Commercial | Commercial Loans | Municipal Loans | Loans to Individuals | Total | |||||||||||||||||||||
Loans individually evaluated for impairment | $ | 688 | $ | 1,730 | $ | 5,651 | $ | 14,650 | $ | 637 | $ | 235 | $ | 23,591 | |||||||||||||
Loans collectively evaluated for impairment | 463,842 | 636,151 | 649,297 | 211,096 | 285,580 | 155,194 | 2,401,160 | ||||||||||||||||||||
Purchased credit impaired loans | 220 | 6,945 | 3,014 | 8,111 | — | 190 | 18,480 | ||||||||||||||||||||
Total ending loan balance | $ | 464,750 | $ | 644,826 | $ | 657,962 | $ | 233,857 | $ | 286,217 | $ | 155,619 | $ | 2,443,231 |
December 31, 2015 | |||||||||||||||||||||||||||
Real Estate | |||||||||||||||||||||||||||
Construction | 1-4 Family Residential | Commercial | Commercial Loans | Municipal Loans | Loans to Individuals | Total | |||||||||||||||||||||
Loans individually evaluated for impairment | $ | 508 | $ | 1,751 | $ | 3,757 | $ | 14,250 | $ | 637 | $ | 258 | $ | 21,161 | |||||||||||||
Loans collectively evaluated for impairment | 437,518 | 646,590 | 628,405 | 220,199 | 287,478 | 171,782 | 2,391,972 | ||||||||||||||||||||
Purchased credit impaired loans | 221 | 7,069 | 3,048 | 8,078 | — | 204 | 18,620 | ||||||||||||||||||||
Total ending loan balance | $ | 438,247 | $ | 655,410 | $ | 635,210 | $ | 242,527 | $ | 288,115 | $ | 172,244 | $ | 2,431,753 |
March 31, 2016 | |||||||||||||||||||||||
Pass | Pass Watch | Special Mention (1) | Substandard (1) | Doubtful (1) | Total | ||||||||||||||||||
Real Estate Loans: | |||||||||||||||||||||||
Construction | $ | 452,660 | $ | — | $ | 1,943 | $ | 10,031 | $ | 116 | $ | 464,750 | |||||||||||
1-4 Family Residential | 634,028 | 1,390 | 1,622 | 3,943 | 3,843 | 644,826 | |||||||||||||||||
Commercial | 643,504 | 621 | 113 | 12,512 | 1,212 | 657,962 | |||||||||||||||||
Commercial Loans | 197,689 | 1,148 | 4,717 | 10,263 | 20,040 | 233,857 | |||||||||||||||||
Municipal Loans | 284,563 | — | 1,017 | 637 | — | 286,217 | |||||||||||||||||
Loans to Individuals | 153,923 | 1 | — | 436 | 1,259 | 155,619 | |||||||||||||||||
Total | $ | 2,366,367 | $ | 3,160 | $ | 9,412 | $ | 37,822 | $ | 26,470 | $ | 2,443,231 |
December 31, 2015 | |||||||||||||||||||||||
Pass | Pass Watch | Special Mention (1) | Substandard (1) | Doubtful (1) | Total | ||||||||||||||||||
Real Estate Loans: | |||||||||||||||||||||||
Construction | $ | 434,893 | $ | — | $ | 1,754 | $ | 1,576 | $ | 24 | $ | 438,247 | |||||||||||
1-4 Family Residential | 643,498 | 1,403 | 1,636 | 4,915 | 3,958 | 655,410 | |||||||||||||||||
Commercial | 620,117 | — | — | 14,988 | 105 | 635,210 | |||||||||||||||||
Commercial Loans | 204,775 | 716 | 1,738 | 27,681 | 7,617 | 242,527 | |||||||||||||||||
Municipal Loans | 286,415 | — | 1,063 | 637 | — | 288,115 | |||||||||||||||||
Loans to Individuals | 170,558 | 2 | — | 478 | 1,206 | 172,244 | |||||||||||||||||
Total | $ | 2,360,256 | $ | 2,121 | $ | 6,191 | $ | 50,275 | $ | 12,910 | $ | 2,431,753 |
(1) | Includes PCI loans comprised of $95,000 special mention and $3.6 million substandard at both March 31, 2016 and December 31, 2015. Includes PCI loans comprised of $9.8 million and $9.9 million doubtful as of March 31, 2016 and December 31, 2015, respectively. |
At March 31, 2016 | At December 31, 2015 | ||||||
Nonaccrual loans (1) | $ | 21,927 | $ | 20,526 | |||
Accruing loans past due more than 90 days (1) | 7 | 3 | |||||
Restructured loans (2) | 11,762 | 11,143 | |||||
Other real estate owned | 265 | 744 | |||||
Repossessed assets | 85 | 64 | |||||
Total Nonperforming Assets | $ | 34,046 | $ | 32,480 |
(1) | Excludes PCI loans measured at fair value at acquisition. |
(2) | Includes $7.4 million and $7.5 million in PCI loans restructured as of March 31, 2016 and December 31, 2015, respectively. |
Nonaccrual Loans (1) | |||||||
March 31, 2016 | December 31, 2015 | ||||||
Real Estate Loans: | |||||||
Construction | $ | 134 | $ | 508 | |||
1-4 Family Residential | 1,410 | 1,847 | |||||
Commercial | 4,731 | 2,816 | |||||
Commercial Loans | 14,207 | 13,896 | |||||
Loans to Individuals | 1,445 | 1,459 | |||||
Total | $ | 21,927 | $ | 20,526 |
March 31, 2016 | |||||||||||
Unpaid Contractual Principal Balance | Recorded Investment With Allowance | Related Allowance for Loan Losses | |||||||||
Real Estate Loans: | |||||||||||
Construction | $ | 690 | $ | 688 | $ | 31 | |||||
1-4 Family Residential | 1,823 | 1,730 | 23 | ||||||||
Commercial | 6,669 | 6,509 | 56 | ||||||||
Commercial Loans | 30,239 | 21,685 | 6,422 | ||||||||
Municipal Loans | 637 | 637 | 13 | ||||||||
Loans to Individuals | 269 | 235 | 92 | ||||||||
Total (1) | $ | 40,327 | $ | 31,484 | $ | 6,637 |
(1) | Includes $7.9 million of PCI loans that experienced deterioration in credit quality subsequent to the acquisition date. |
December 31, 2015 | |||||||||||
Unpaid Contractual Principal Balance | Recorded Investment With Allowance | Related Allowance for Loan Losses | |||||||||
Real Estate Loans: | |||||||||||
Construction | $ | 1,320 | $ | 508 | $ | 12 | |||||
1-4 Family Residential | 1,842 | 1,751 | 25 | ||||||||
Commercial | 4,756 | 4,636 | 137 | ||||||||
Commercial Loans | 29,844 | 21,385 | 4,599 | ||||||||
Municipal Loans | 637 | 637 | 13 | ||||||||
Loans to Individuals | 288 | 257 | 105 | ||||||||
Total (1) | $ | 38,687 | $ | 29,174 | $ | 4,891 |
(1) | Includes $8.0 million of PCI loans that experienced deterioration in credit quality subsequent to the acquisition date. |
March 31, 2016 | |||||||||||||||||||||||
30-59 Days Past Due | 60-89 Days Past Due | Greater than 90 Days Past Due | Total Past Due | Current (1) | Total | ||||||||||||||||||
Real Estate Loans: | |||||||||||||||||||||||
Construction | $ | 1,156 | $ | — | $ | 93 | $ | 1,249 | $ | 463,501 | $ | 464,750 | |||||||||||
1-4 Family Residential | 3,622 | 39 | 716 | 4,377 | 640,449 | 644,826 | |||||||||||||||||
Commercial | 330 | 35 | 1,318 | 1,683 | 656,279 | 657,962 | |||||||||||||||||
Commercial Loans | 844 | 2,899 | 54 | 3,797 | 230,060 | 233,857 | |||||||||||||||||
Municipal Loans | — | — | — | — | 286,217 | 286,217 | |||||||||||||||||
Loans to Individuals | 1,811 | 208 | 253 | 2,272 | 153,347 | 155,619 | |||||||||||||||||
Total | $ | 7,763 | $ | 3,181 | $ | 2,434 | $ | 13,378 | $ | 2,429,853 | $ | 2,443,231 |
December 31, 2015 | |||||||||||||||||||||||
30-59 Days Past Due | 60-89 Days Past Due | Greater than 90 Days Past Due | Total Past Due | Current (1) | Total | ||||||||||||||||||
Real Estate Loans: | |||||||||||||||||||||||
Construction | $ | 121 | $ | 258 | $ | 208 | $ | 587 | $ | 437,660 | $ | 438,247 | |||||||||||
1-4 Family Residential | 3,703 | 781 | 1,080 | 5,564 | 649,846 | 655,410 | |||||||||||||||||
Commercial | 359 | 1,289 | 361 | 2,009 | 633,201 | 635,210 | |||||||||||||||||
Commercial Loans | 527 | 138 | 335 | 1,000 | 241,527 | 242,527 | |||||||||||||||||
Municipal Loans | — | — | — | — | 288,115 | 288,115 | |||||||||||||||||
Loans to Individuals | 2,457 | 608 | 285 | 3,350 | 168,894 | 172,244 | |||||||||||||||||
Total | $ | 7,167 | $ | 3,074 | $ | 2,269 | $ | 12,510 | $ | 2,419,243 | $ | 2,431,753 |
Three Months Ended | |||||||||||||||
March 31, 2016 | March 31, 2015 | ||||||||||||||
Average Recorded Investment (1) | Interest Income Recognized (1) | Average Recorded Investment (1) | Interest Income Recognized (1) | ||||||||||||
Real Estate Loans: | |||||||||||||||
Construction | $ | 454 | $ | 6 | $ | 2,401 | $ | 23 | |||||||
1-4 Family Residential | 1,865 | 14 | 4,000 | 17 | |||||||||||
Commercial | 5,488 | 21 | 1,945 | 13 | |||||||||||
Commercial Loans | 21,675 | 167 | 4,530 | 8 | |||||||||||
Municipal Loans | 637 | 9 | 761 | 10 | |||||||||||
Loans to Individuals | 247 | 2 | 462 | — | |||||||||||
Total | $ | 30,366 | $ | 219 | $ | 14,099 | $ | 71 |
(1) | Excludes PCI loans measured at fair value at acquisition that have not experienced further deterioration in credit quality subsequent to the acquisition date. |
Three Months Ended March 31, 2016 | ||||||||||||||||||
Extend Amortization Period | Interest Rate Reductions | Combination (1) | Total Modifications | Number of Loans | ||||||||||||||
Real Estate Loans: | ||||||||||||||||||
Construction | $ | 554 | $ | — | $ | — | $ | 554 | 1 | |||||||||
Commercial | 2,118 | — | — | 2,118 | 1 | |||||||||||||
Commercial Loans | 1,176 | — | — | 1,176 | 4 | |||||||||||||
Total | $ | 3,848 | $ | — | $ | — | $ | 3,848 | 6 |
Three Months Ended March 31, 2015 | ||||||||||||||||||
Extend Amortization Period | Interest Rate Reductions | Combination (1) | Total Modifications | Number of Loans | ||||||||||||||
Real Estate Loans: | ||||||||||||||||||
1-4 Family Residential | $ | — | $ | — | $ | 266 | $ | 266 | 2 | |||||||||
Commercial | 31 | — | — | 31 | 1 | |||||||||||||
Commercial Loans | — | — | 762 | 762 | 1 | |||||||||||||
Loans to Individuals | — | — | 27 | 27 | 2 | |||||||||||||
Total | $ | 31 | $ | — | $ | 1,055 | $ | 1,086 | 6 |
(1) | These modifications may include an extension of the amortization period, interest rate reduction, and/or converting the loan to interest-only for a limited period of time. |
March 31, 2016 | December 31, 2015 | ||||||
Outstanding principal balance | $ | 27,005 | $ | 27,644 | |||
Carrying amount | $ | 18,480 | $ | 18,620 |
Three Months Ended March 31, | |||||||
2016 | 2015 | ||||||
Balance at beginning of period | $ | 2,493 | $ | 1,820 | |||
Additions | — | — | |||||
Reclassifications from Nonaccretable Discount | 443 | — | |||||
Accretion | (594 | ) | (524 | ) | |||
Balance at end of period | $ | 2,342 | $ | 1,296 |
March 31, 2016 | December 31, 2015 | ||||||
FHLB Advances (1) | $ | 561,990 | $ | 502,281 | |||
Long-term Debt (2) | |||||||
Southside Statutory Trust III Due 2033 (3) | 20,619 | 20,619 | |||||
Southside Statutory Trust IV Due 2037 (4) | 23,196 | 23,196 | |||||
Southside Statutory Trust V Due 2037 (5) | 12,887 | 12,887 | |||||
Magnolia Trust Company I Due 2035 (6) | 3,609 | 3,609 | |||||
Total Long-term Debt | 60,311 | 60,311 | |||||
Total Long-term Obligations | $ | 622,301 | $ | 562,592 |
(1) | At March 31, 2016, the weighted average cost of these advances was 1.17%. Long-term FHLB Advances have maturities ranging from April 2017 through July 2028. |
(2) | This long-term debt consists of trust preferred securities that qualify under the risk-based capital guidelines as Tier 1 capital, subject to certain limitations. |
(3) | This debt carries an adjustable rate of 3.57085% through June 29, 2016 and adjusts quarterly at a rate equal to three-month LIBOR plus 294 basis points. |
(4) | This debt carried an adjustable rate of 1.9156% through April 29, 2016 and adjusts quarterly at a rate equal to three-month LIBOR plus 130 basis points. |
(5) | This debt carries an adjustable rate of 2.88385% through June 14, 2016 and adjusts quarterly at a rate equal to three-month LIBOR plus 225 basis points. |
(6) | This debt carries an adjustable rate of 2.4182% through May 22, 2016 and adjusts quarterly at a rate equal to three-month LIBOR plus 180 basis points. |
Three Months Ended March 31, | ||||||||||||||||||||||||
Defined Benefit Pension Plan | Defined Benefit Pension Plan Acquired | Restoration Plan | ||||||||||||||||||||||
2016 | 2015 | 2016 | 2015 | 2016 | 2015 | |||||||||||||||||||
Service cost | $ | 368 | $ | 476 | $ | — | $ | — | $ | 47 | $ | 73 | ||||||||||||
Interest cost | 917 | 857 | 53 | 59 | 135 | 135 | ||||||||||||||||||
Expected return on assets | (1,354 | ) | (1,422 | ) | (67 | ) | (73 | ) | — | — | ||||||||||||||
Net loss amortization | 358 | 383 | — | — | 53 | 148 | ||||||||||||||||||
Prior service (credit) cost amortization | (6 | ) | (6 | ) | — | — | 2 | 2 | ||||||||||||||||
Special and contractual termination benefits | 1,520 | — | — | — | — | — | ||||||||||||||||||
Net periodic benefit cost (income) | $ | 1,803 | $ | 288 | $ | (14 | ) | $ | (14 | ) | $ | 237 | $ | 358 |
March 31, 2016 | December 31, 2015 | |||||||||||||||||||||||
Estimated Fair Value | Estimated Fair Value | |||||||||||||||||||||||
Notional Amount (1) | Asset Derivative | Liability Derivative | Notional Amount (1) | Asset Derivative | Liability Derivative | |||||||||||||||||||
Derivatives designated as hedging instruments | ||||||||||||||||||||||||
Interest rate contracts: | ||||||||||||||||||||||||
Swaps-Cash Flow Hedge- receive floating/pay fixed | $ | 190,000 | $ | 350 | $ | 2,594 | $ | 20,000 | $ | — | $ | 1 | ||||||||||||
Gross derivatives | 350 | 2,594 | — | 1 | ||||||||||||||||||||
Offsetting derivative assets/liabilities | (350 | ) | (350 | ) | — | — | ||||||||||||||||||
Cash collateral received/posted | — | (1,740 | ) | — | — | |||||||||||||||||||
Net derivatives included in the consolidated balance sheets (2) | $ | — | $ | 504 | $ | — | $ | 1 |
March 31, 2016 | December 31, 2015 | |||||||||||||||||||||||
Weighted Average | Weighted Average | |||||||||||||||||||||||
Notional Amount | Remaining Maturity (in years) | Receive Rate (1) | Pay Rate | Notional Amount | Remaining Maturity (in years) | Receive Rate (1) | Pay Rate | |||||||||||||||||
Swaps-Cash Flow Hedge-receive floating/pay fixed | ||||||||||||||||||||||||
Medium-and long-term debt designation | $ | 190,000 | 5.9 | 0.44 | % | 1.36 | % | $ | 20,000 | 4.9 | 0.29 | % | 1.53 | % | ||||||||||
As of March 31, 2016 | |||||||||||||||
Fair Value Measurements at the End of the Reporting Period Using | |||||||||||||||
Carrying Amount | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | ||||||||||||
Recurring fair value measurements | |||||||||||||||
Investment Securities: | |||||||||||||||
State and Political Subdivisions | $ | 279,792 | $ | — | $ | 279,792 | $ | — | |||||||
Other Stocks and Bonds | 12,809 | — | 12,809 | — | |||||||||||
Other Equity Securities | 6,100 | 6,100 | — | — | |||||||||||
Mortgage-backed Securities: (1) | |||||||||||||||
Residential | 565,010 | — | 565,010 | — | |||||||||||
Commercial | 468,670 | — | 468,670 | — | |||||||||||
Derivative assets: | |||||||||||||||
Interest rate swaps | 350 | — | 350 | — | |||||||||||
Total asset recurring fair value measurements | $ | 1,332,731 | $ | 6,100 | $ | 1,326,631 | $ | — | |||||||
Derivative liabilities: | |||||||||||||||
Interest rate swaps | $ | 2,594 | $ | — | $ | 2,594 | $ | — | |||||||
Total liability recurring fair value measurements | $ | 2,594 | $ | — | $ | 2,594 | $ | — | |||||||
Nonrecurring fair value measurements | |||||||||||||||
Foreclosed assets | $ | 350 | $ | — | $ | — | $ | 350 | |||||||
Impaired loans (2) | 24,847 | — | — | 24,847 | |||||||||||
Total asset nonrecurring fair value measurements | $ | 25,197 | $ | — | $ | — | $ | 25,197 |
As of December 31, 2015 | |||||||||||||||
Fair Value Measurements at the End of the Reporting Period Using | |||||||||||||||
Carrying Amount | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | ||||||||||||
Recurring fair value measurements | |||||||||||||||
Investment Securities: | |||||||||||||||
U.S. Treasury | $ | 103,587 | $ | 103,587 | $ | — | $ | — | |||||||
State and Political Subdivisions | 244,246 | — | 244,246 | — | |||||||||||
Other Stocks and Bonds | 12,790 | — | 12,790 | — | |||||||||||
Other Equity Securities | 6,016 | 6,016 | — | — | |||||||||||
Mortgage-backed Securities: (1) | |||||||||||||||
Residential | 588,502 | — | 588,502 | — | |||||||||||
Commercial | 505,351 | — | 505,351 | — | |||||||||||
Total asset recurring fair value measurements | $ | 1,460,492 | $ | 109,603 | $ | 1,350,889 | $ | — | |||||||
Nonrecurring fair value measurements | |||||||||||||||
Foreclosed assets | $ | 808 | $ | — | $ | — | $ | 808 | |||||||
Impaired loans (2) | 24,283 | — | — | 24,283 | |||||||||||
Total asset nonrecurring fair value measurements | $ | 25,091 | $ | — | $ | — | $ | 25,091 |
(1) | All mortgage-backed securities are issued and/or guaranteed by U.S. government agencies or U.S. government-sponsored enterprises. |
(2) | Impaired loans represent collateral-dependent loans with a specific valuation allowance. Losses on these loans represent charge-offs which are netted against the allowance for loan losses. |
Estimated Fair Value | |||||||||||||||||||
March 31, 2016 | Carrying Amount | Total | Level 1 | Level 2 | Level 3 | ||||||||||||||
Financial Assets: | |||||||||||||||||||
Cash and cash equivalents | $ | 68,454 | $ | 68,454 | $ | 68,454 | $ | — | $ | — | |||||||||
Investment securities: | |||||||||||||||||||
Held to maturity, at carrying value | 383,322 | 399,530 | — | 399,530 | — | ||||||||||||||
Mortgage-backed securities: | |||||||||||||||||||
Held to maturity, at carrying value | 401,257 | 418,578 | — | 418,578 | — | ||||||||||||||
FHLB stock and other investments, at cost | 53,051 | 53,051 | — | 53,051 | — | ||||||||||||||
Loans, net of allowance for loan losses | 2,421,432 | 2,404,287 | — | — | 2,404,287 | ||||||||||||||
Loans held for sale | 4,971 | 4,971 | — | 4,971 | — | ||||||||||||||
Financial Liabilities: | |||||||||||||||||||
Retail deposits | $ | 3,619,368 | $ | 3,615,409 | $ | — | $ | 3,615,409 | $ | — | |||||||||
Federal funds purchased and repurchase agreements | 2,501 | 2,501 | — | 2,501 | — | ||||||||||||||
FHLB advances | 819,135 | 815,742 | — | 815,742 | — | ||||||||||||||
Long-term debt | 60,311 | 44,996 | — | 44,996 | — |
Estimated Fair Value | |||||||||||||||||||
December 31, 2015 | Carrying Amount | Total | Level 1 | Level 2 | Level 3 | ||||||||||||||
Financial Assets: | |||||||||||||||||||
Cash and cash equivalents | $ | 80,975 | $ | 80,975 | $ | 80,975 | $ | — | $ | — | |||||||||
Investment securities: | |||||||||||||||||||
Held to maturity, at carrying value | 385,496 | 397,194 | — | 397,194 | — | ||||||||||||||
Mortgage-backed securities: | |||||||||||||||||||
Held to maturity, at carrying value | 398,800 | 402,569 | — | 402,569 | — | ||||||||||||||
FHLB stock and other investments, at cost | 56,509 | 56,509 | — | 56,509 | — | ||||||||||||||
Loans, net of allowance for loan losses | 2,412,017 | 2,364,968 | — | — | 2,364,968 | ||||||||||||||
Loans held for sale | 3,811 | 3,811 | — | 3,811 | — | ||||||||||||||
Financial Liabilities: | |||||||||||||||||||
Retail deposits | $ | 3,455,407 | $ | 3,449,002 | $ | — | $ | 3,449,002 | $ | — | |||||||||
Federal funds purchased and repurchase agreements | 2,429 | 2,429 | — | 2,429 | — | ||||||||||||||
FHLB advances | 1,147,688 | 1,143,218 | — | 1,143,218 | — | ||||||||||||||
Long-term debt | 60,311 | 43,695 | — | 43,695 | — |
Three Months Ended March 31, | |||||||
2016 | 2015 | ||||||
Current income tax expense | $ | 3,785 | $ | 3,438 | |||
Deferred income tax (benefit) expense | (812 | ) | (1,535 | ) | |||
Income tax expense | $ | 2,973 | $ | 1,903 |
At March 31, 2016 | At December 31, 2015 | ||||||
Unused commitments: | |||||||
Commitments to extend credit | $ | 530,310 | $ | 546,660 | |||
Standby letters of credit | 8,804 | 7,752 | |||||
Total | $ | 539,114 | $ | 554,412 |
• | general economic conditions, either globally, nationally, in the State of Texas, or in the specific markets in which we operate, including, without limitation, the deterioration of the commercial real estate, residential real estate, construction and development, credit and liquidity markets, which could cause an adverse change in our net interest margin, or a decline in the value of our assets, which could result in realized losses; |
• | current or future legislation, regulatory changes or changes in monetary or fiscal policy that adversely affect the businesses in which we are engaged, including the impact of the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 (“Dodd-Frank Act”), the Federal Reserve’s actions with respect to interest rates, the capital requirements promulgated by the Basel Committee on Banking Supervision (“Basel Committee”) and other regulatory responses to economic conditions; |
• | adverse changes in the status or financial condition of the Government-Sponsored Enterprises (the “GSEs”) impacting the GSEs’ guarantees or ability to pay or issue debt; |
• | adverse changes in the credit portfolio of other U.S. financial institutions relative to the performance of certain of our investment securities; |
• | economic or other disruptions caused by acts of terrorism in the United States, Europe or other areas; |
• | changes in the interest rate yield curve such as flat, inverted or steep yield curves, or changes in the interest rate environment that impact interest margins and may impact prepayments on our mortgage-backed securities (“MBS”) portfolio; |
• | increases in our nonperforming assets; |
• | our ability to maintain adequate liquidity to fund operations and growth; |
• | the failure of our assumptions underlying allowance for loan losses and other estimates; |
• | unexpected outcomes of, and the costs associated with, existing or new litigation involving us; |
• | changes impacting our balance sheet and leverage strategy; |
• | risks related to actual U.S. Agency MBS prepayments exceeding projected prepayment levels; |
• | risks related to U.S. Agency MBS prepayments increasing due to U.S. Government programs designed to assist homeowners to refinance their mortgage that might not otherwise have qualified; |
• | our ability to monitor interest rate risk; |
• | risks related to the price per barrel of crude oil; |
• | significant increases in competition in the banking and financial services industry; |
• | changes in consumer spending, borrowing and saving habits; |
• | technological changes, including potential cyber-security incidents; |
• | our ability to increase market share and control expenses; |
• | the effect of changes in federal or state tax laws; |
• | the effect of compliance with legislation or regulatory changes; |
• | the effect of changes in accounting policies and practices; |
• | credit risks of borrowers, including any increase in those risks due to changing economic conditions; |
• | risks related to loans secured by real estate, including the risk that the value and marketability of collateral could decline; and |
• | other risks and uncertainties discussed in Part I - “Item 1A. Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2015. |
At March 31, 2016 | At December 31, 2015 | ||||||
Unused commitments: | |||||||
Commitments to extend credit | $ | 530,310 | $ | 546,660 | |||
Standby letters of credit | 8,804 | 7,752 | |||||
Total | $ | 539,114 | $ | 554,412 |
AVERAGE BALANCES WITH AVERAGE YIELDS AND RATES | |||||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||||
(unaudited) | |||||||||||||||||||||
Three Months Ended | |||||||||||||||||||||
March 31, 2016 | March 31, 2015 | ||||||||||||||||||||
AVG BALANCE | INTEREST | AVG YIELD/RATE | AVG BALANCE | INTEREST | AVG YIELD/RATE | ||||||||||||||||
ASSETS | |||||||||||||||||||||
INTEREST EARNING ASSETS: | |||||||||||||||||||||
Loans (1) (2) | $ | 2,434,837 | $ | 28,793 | 4.76 | % | $ | 2,189,163 | $ | 24,938 | 4.62 | % | |||||||||
Loans Held For Sale | 3,581 | 32 | 3.59 | % | 1,987 | 28 | 5.71 | % | |||||||||||||
Securities: | |||||||||||||||||||||
Investment Securities (Taxable) (4) | 41,659 | 214 | 2.07 | % | 49,437 | 237 | 1.94 | % | |||||||||||||
Investment Securities (Tax-Exempt) (3) (4) | 635,766 | 8,494 | 5.37 | % | 645,231 | 8,834 | 5.55 | % | |||||||||||||
Mortgage-backed and Related Securities (4) | 1,454,343 | 9,391 | 2.60 | % | 1,392,606 | 8,462 | 2.46 | % | |||||||||||||
Total Securities | 2,131,768 | 18,099 | 3.41 | % | 2,087,274 | 17,533 | 3.41 | % | |||||||||||||
FHLB stock and other investments, at cost | 55,116 | 217 | 1.58 | % | 43,886 | 93 | 0.86 | % | |||||||||||||
Interest Earning Deposits | 51,246 | 70 | 0.55 | % | 58,576 | 34 | 0.24 | % | |||||||||||||
Total Interest Earning Assets | 4,676,548 | 47,211 | 4.06 | % | 4,380,886 | 42,626 | 3.95 | % | |||||||||||||
NONINTEREST EARNING ASSETS: | |||||||||||||||||||||
Cash and Due From Banks | 55,732 | 57,367 | |||||||||||||||||||
Bank Premises and Equipment | 107,941 | 112,635 | |||||||||||||||||||
Other Assets | 262,160 | 282,421 | |||||||||||||||||||
Less: Allowance for Loan Loss | (20,088 | ) | (13,625 | ) | |||||||||||||||||
Total Assets | $ | 5,082,293 | $ | 4,819,684 | |||||||||||||||||
LIABILITIES AND SHAREHOLDERS’ EQUITY | |||||||||||||||||||||
INTEREST BEARING LIABILITIES: | |||||||||||||||||||||
Savings Deposits | $ | 235,492 | 65 | 0.11 | % | $ | 229,946 | 53 | 0.09 | % | |||||||||||
Time Deposits | 915,316 | 1,723 | 0.76 | % | 863,477 | 1,362 | 0.64 | % | |||||||||||||
Interest Bearing Demand Deposits | 1,717,717 | 1,468 | 0.34 | % | 1,699,225 | 1,114 | 0.27 | % | |||||||||||||
Total Interest Bearing Deposits | 2,868,525 | 3,256 | 0.46 | % | 2,792,648 | 2,529 | 0.37 | % | |||||||||||||
Short-term Interest Bearing Liabilities | 413,985 | 696 | 0.68 | % | 272,302 | 142 | 0.21 | % | |||||||||||||
Long-term Interest Bearing Liabilities – FHLB Dallas | 566,825 | 2,039 | 1.45 | % | 576,199 | 1,792 | 1.26 | % | |||||||||||||
Long-term Debt (5) | 60,311 | 404 | 2.69 | % | 60,311 | 353 | 2.37 | % | |||||||||||||
Total Interest Bearing Liabilities | 3,909,646 | 6,395 | 0.66 | % | 3,701,460 | 4,816 | 0.53 | % | |||||||||||||
NONINTEREST BEARING LIABILITIES: | |||||||||||||||||||||
Demand Deposits | 672,865 | 645,573 | |||||||||||||||||||
Other Liabilities | 45,390 | 40,058 | |||||||||||||||||||
Total Liabilities | 4,627,901 | 4,387,091 | |||||||||||||||||||
SHAREHOLDERS’ EQUITY | 454,392 | 432,593 | |||||||||||||||||||
Total Liabilities and Shareholders’ Equity | $ | 5,082,293 | $ | 4,819,684 | |||||||||||||||||
NET INTEREST INCOME | $ | 40,816 | $ | 37,810 | |||||||||||||||||
NET INTEREST MARGIN ON AVERAGE EARNING ASSETS | 3.51 | % | 3.50 | % | |||||||||||||||||
NET INTEREST SPREAD | 3.40 | % | 3.42 | % |
(1) | Interest on loans includes fees on loans that are not material in amount. |
(2) | Interest income includes taxable-equivalent adjustments of $1,060 and $1,050 for the three months ended March 31, 2016 and 2015, respectively. |
(3) | Interest income includes taxable-equivalent adjustments of $3,139 and $2,969 for the three months ended March 31, 2016 and 2015, respectively. |
(4) | For the purpose of calculating the average yield, the average balance of securities is presented at historical cost. |
(5) | Represents issuance of junior subordinated debentures. |
Actual | For Capital Adequacy Purposes | To Be Well Capitalized Under Prompt Corrective Actions Provisions | ||||||||||||||||||
Amount | Ratio | Amount | Ratio | Amount | Amount | |||||||||||||||
March 31, 2016 | (dollars in thousands) | |||||||||||||||||||
Common Equity Tier 1 (to Risk Weighted Assets) | ||||||||||||||||||||
Consolidated | $ | 364,151 | 12.46 | % | $ | 131,509 | 4.50 | % | N/A | N/A | ||||||||||
Bank Only | $ | 410,256 | 14.04 | % | $ | 131,500 | 4.50 | % | $ | 189,944 | 6.50 | % | ||||||||
Tier 1 Capital (to Risk Weighted Assets) | ||||||||||||||||||||
Consolidated | $ | 419,924 | 14.37 | % | $ | 175,345 | 6.00 | % | N/A | N/A | ||||||||||
Bank Only | $ | 410,256 | 14.04 | % | $ | 175,333 | 6.00 | % | $ | 233,778 | 8.00 | % | ||||||||
Total Capital (to Risk Weighted Assets) | ||||||||||||||||||||
Consolidated | $ | 442,988 | 15.16 | % | $ | 233,794 | 8.00 | % | N/A | N/A | ||||||||||
Bank Only | $ | 433,320 | 14.83 | % | $ | 233,778 | 8.00 | % | $ | 292,222 | 10.00 | % | ||||||||
Tier 1 Capital (to Average Assets) (1) | ||||||||||||||||||||
Consolidated | $ | 419,924 | 8.46 | % | $ | 198,613 | 4.00 | % | N/A | N/A | ||||||||||
Bank Only | $ | 410,256 | 8.27 | % | $ | 198,494 | 4.00 | % | $ | 248,117 | 5.00 | % |
Actual | For Capital Adequacy Purposes | To Be Well Capitalized Under Prompt Corrective Actions Provisions | ||||||||||||||||||
Amount | Ratio | Amount | Ratio | Amount | Ratio | |||||||||||||||
December 31, 2015 | (dollars in thousands) | |||||||||||||||||||
Common Equity Tier 1 (to Risk Weighted Assets) | ||||||||||||||||||||
Consolidated | $ | 368,865 | 12.71 | % | $ | 130,549 | 4.50 | % | N/A | N/A | ||||||||||
Bank Only | $ | 416,378 | 14.36 | % | $ | 130,446 | 4.50 | % | $ | 188,422 | 6.50 | % | ||||||||
Tier 1 Capital (to Risk Weighted Assets) | ||||||||||||||||||||
Consolidated | $ | 422,513 | 14.56 | % | $ | 174,065 | 6.00 | % | N/A | N/A | ||||||||||
Bank Only | $ | 416,378 | 14.36 | % | $ | 173,928 | 6.00 | % | $ | 231,904 | 8.00 | % | ||||||||
Total Capital (to Risk Weighted Assets) | ||||||||||||||||||||
Consolidated | $ | 443,106 | 15.27 | % | $ | 232,087 | 8.00 | % | N/A | N/A | ||||||||||
Bank Only | $ | 436,971 | 15.07 | % | $ | 231,904 | 8.00 | % | $ | 289,881 | 10.00 | % | ||||||||
Tier 1 Capital (to Average Assets) (1) | ||||||||||||||||||||
Consolidated | $ | 422,513 | 8.61 | % | $ | 196,347 | 4.00 | % | N/A | N/A | ||||||||||
Bank Only | $ | 416,378 | 8.49 | % | $ | 196,209 | 4.00 | % | $ | 245,261 | 5.00 | % |
(1) | Refers to quarterly average assets as calculated in accordance with policies established by bank regulatory agencies. |
Three Months Ended March 31, | |||||
2016 | 2015 | ||||
Return on Average Assets | 1.07 | % | 0.79 | % | |
Return on Average Shareholders’ Equity | 11.96 | 8.79 | |||
Dividend Payout Ratio – Basic | 42.59 | 62.16 | |||
Dividend Payout Ratio – Diluted | 42.59 | 62.16 | |||
Average Shareholders’ Equity to Average Total Assets | 8.94 | 8.98 |
At March 31, 2016 | At December 31, 2015 | At March 31, 2015 | |||||||||
(in thousands) | |||||||||||
Real Estate Loans: | |||||||||||
Construction | $ | 464,750 | $ | 438,247 | $ | 275,960 | |||||
1-4 Family Residential | 644,826 | 655,410 | 693,137 | ||||||||
Commercial | 657,962 | 635,210 | 470,877 | ||||||||
Commercial Loans | 233,857 | 242,527 | 241,100 | ||||||||
Municipal Loans | 286,217 | 288,115 | 252,756 | ||||||||
Loans to Individuals | 155,619 | 172,244 | 240,784 | ||||||||
Total Loans | $ | 2,443,231 | $ | 2,431,753 | $ | 2,174,614 |
At March 31, 2016 | At December 31, 2015 | At March 31, 2015 | |||||||||
Nonaccrual loans | $ | 21,927 | $ | 20,526 | $ | 20,321 | |||||
Accruing loans past due more than 90 days | 7 | 3 | 1 | ||||||||
Restructured loans | 11,762 | 11,143 | 5,782 | ||||||||
Other real estate owned | 265 | 744 | 985 | ||||||||
Repossessed assets | 85 | 64 | 173 | ||||||||
Total Nonperforming Assets | $ | 34,046 | $ | 32,480 | $ | 27,262 |
At March 31, 2016 | At December 31, 2015 | At March 31, 2015 | ||||||
Asset Quality Ratios: | ||||||||
Nonaccruing loans to total loans | 0.90 | % | 0.84 | % | 0.93 | % | ||
Allowance for loan losses to nonaccruing loans | 99.42 | 96.15 | 83.29 | |||||
Allowance for loan losses to nonperforming assets | 64.03 | 60.76 | 62.09 | |||||
Allowance for loan losses to total loans | 0.89 | 0.81 | 0.78 | |||||
Nonperforming assets to total assets | 0.68 | 0.63 | 0.58 | |||||
Net charge-offs to average loans | 0.04 | 0.09 | 0.04 |
Period | Total Number of Shares Purchased | Average Cost Per Share | Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs | Maximum Number of Shares That May Yet Be Purchased Under the Plans or Programs | |||||||||
January 1, 2016 through January 31, 2016 | — | $ | — | — | 1,269,952 | ||||||||
February 1, 2016 through February 29, 2016 | 421,393 | 22.89 | 421,393 | 848,559 | |||||||||
March 1, 2016 through March 31, 2016 | 22,033 | 25.15 | 22,033 | 826,526 | |||||||||
Total | 443,426 | $ | 23.00 | 443,426 |
SOUTHSIDE BANCSHARES, INC. | |||
DATE: | April 29, 2016 | BY: | /s/ SAM DAWSON |
Sam Dawson, Chief Executive Officer | |||
(Principal Executive Officer) | |||
DATE: | April 29, 2016 | BY: | /s/ LEE R. GIBSON |
Lee R. Gibson, CPA, President | |||
DATE: | April 29, 2016 | By: | /s/ JULIE N. SHAMBURGER |
Julie N. Shamburger, CPA, Executive Vice President and Chief Financial Officer | |||
(Principal Financial Officer) |
Exhibit Number | Description | |
3 (a) | Restated Certificate of Formation of Southside Bancshares, Inc. effective May 2, 2014 (filed as Exhibit 3(a) to the Registrant’s Form 10-Q for the quarter ended March 31, 2014, filed May 9, 2014, and incorporated herein by reference). | |
3 (b)(i) | Amended and Restated Bylaws of Southside Bancshares, Inc. effective November 20, 2014 (filed as Exhibit 3.1 to the Registrant’s Form 8-K, filed November 24, 2014, and incorporated herein by reference). | |
*31.1 | Certification Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. | |
*31.2 | Certification Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. | |
†*32 | Certification Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. | |
*101.INS | XBRL Instance Document. | |
*101.SCH | XBRL Taxonomy Extension Schema Document. | |
*101.CAL | XBRL Taxonomy Extension Calculation Linkbase Document. | |
*101.LAB | XBRL Taxonomy Extension Label Linkbase Document. | |
*101.PRE | XBRL Taxonomy Extension Presentation Linkbase Document. | |
*101.DEF | XBRL Taxonomy Extension Definition Linkbase Document. | |
*Filed herewith. | ||
† The certification attached as Exhibit 32 accompanies this Quarterly Report on Form 10-Q and is “furnished” to the Commission pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 and shall not be deemed “filed” by us for purposes of Section 18 of the Securities Exchange Act of 1934, as amended. |
1. | I have reviewed this Quarterly Report on Form 10-Q of Southside Bancshares, Inc.; |
2. | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
3. | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; |
4. | The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: |
a. | Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
b. | Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
c. | Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and |
d. | Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and |
5. | The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions): |
a. | All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and |
b. | Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting. |
Date: | April 29, 2016 | By: | /s/ SAM DAWSON |
Sam Dawson | |||
Chief Executive Officer |
1. | I have reviewed this Quarterly Report on Form 10-Q of Southside Bancshares, Inc.; |
2. | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
3. | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; |
4. | The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: |
a. | Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
b. | Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
c. | Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and |
d. | Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and |
5. | The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions): |
a. | All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and |
b. | Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting. |
Date: | April 29, 2016 | By: | /s/ JULIE N. SHAMBURGER |
Julie N. Shamburger, CPA | |||
Executive Vice President and Chief Financial Officer |
1. | The Report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended, and |
2. | The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of Registrant. |
Date: | April 29, 2016 | By: | /s/ SAM DAWSON |
Sam Dawson | |||
Chief Executive Officer | |||
Date: | April 29, 2016 | By: | /s/ JULIE N. SHAMBURGER |
Julie N. Shamburger, CPA | |||
Executive Vice President and Chief Financial Officer |
Document and Entity Information - shares |
3 Months Ended | |
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Mar. 31, 2016 |
Apr. 25, 2016 |
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Document and Entity Information [Abstract] | ||
Entity Registrant Name | SOUTHSIDE BANCSHARES INC | |
Entity Central Index Key | 0000705432 | |
Current Fiscal Year End Date | --12-31 | |
Entity Well-known Seasoned Issuer | No | |
Entity Voluntary Filers | No | |
Entity Current Reporting Status | Yes | |
Entity Filer Category | Accelerated Filer | |
Document Type | 10-Q | |
Document Period End Date | Mar. 31, 2016 | |
Document Fiscal Year Focus | 2016 | |
Document Fiscal Period Focus | Q1 | |
Amendment Flag | false | |
Entity Common Stock, Shares Outstanding | 24,969,676 |
CONSOLIDATED BALANCE SHEETS (UNAUDITED) - USD ($) $ in Thousands |
Mar. 31, 2016 |
Dec. 31, 2015 |
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ASSETS | |||||||||
Cash and due from banks | $ 52,324 | $ 54,288 | |||||||
Interest earning deposits | 16,130 | 26,687 | |||||||
Total cash and cash equivalents | 68,454 | 80,975 | |||||||
Securities available for sale, at estimated fair value | 1,332,381 | 1,460,492 | |||||||
Securities held to maturity, at carrying value (estimated fair value of $818,108 and $799,763, respectively) | 784,579 | 784,296 | |||||||
FHLB stock, at cost | 47,550 | 51,047 | |||||||
Other investments | 5,501 | 5,462 | |||||||
Loans held for sale | 4,971 | 3,811 | |||||||
Loans: | |||||||||
Loans | [1] | 2,443,231 | 2,431,753 | ||||||
Less: Allowance for loan losses | (21,799) | (19,736) | |||||||
Net Loans | 2,421,432 | 2,412,017 | |||||||
Premises and equipment, net | 107,556 | 107,929 | |||||||
Goodwill | 91,520 | 91,520 | |||||||
Other intangible assets, net | 6,029 | 6,548 | |||||||
Interest receivable | 16,548 | 22,700 | |||||||
Deferred tax asset | 12,512 | 19,903 | |||||||
Unsettled trades to sell securities | 15,039 | 9,343 | |||||||
Bank owned life insurance | 95,718 | 95,080 | |||||||
Other assets | 9,222 | 10,953 | |||||||
TOTAL ASSETS | 5,019,012 | 5,162,076 | |||||||
Deposits: | |||||||||
Noninterest bearing | 698,695 | 672,470 | |||||||
Interest bearing | 2,920,673 | 2,782,937 | |||||||
Total deposits | 3,619,368 | 3,455,407 | |||||||
Short-term obligations: | |||||||||
Federal funds purchased and repurchase agreements | 2,501 | 2,429 | |||||||
FHLB advances | 257,145 | 645,407 | |||||||
Total short-term obligations | 259,646 | 647,836 | |||||||
Long-term obligations: | |||||||||
FHLB advances | [2] | 561,990 | 502,281 | ||||||
Long-term debt | [3] | 60,311 | 60,311 | ||||||
Total long-term obligations | 622,301 | 562,592 | |||||||
Unsettled trades to purchase securities | 23,920 | 19,350 | |||||||
Other liabilities | 36,201 | 32,829 | |||||||
TOTAL LIABILITIES | $ 4,561,436 | $ 4,718,014 | |||||||
Off-Balance Sheet Arrangements, Commitments and Contingencies | |||||||||
Shareholders’ equity: | |||||||||
Common stock ($1.25 par, 40,000,000 shares authorized, 27,882,740 shares issued at March 31, 2016 and 27,865,798 shares issued at December 31, 2015) | $ 34,853 | $ 34,832 | |||||||
Paid-in capital | 424,753 | 424,078 | |||||||
Retained earnings | 49,254 | 41,527 | |||||||
Treasury stock, at cost (2,913,064 at March 31, 2016 and 2,469,638 at December 31, 2015) | (47,891) | (37,692) | |||||||
Accumulated other comprehensive loss | (3,393) | (18,683) | |||||||
TOTAL SHAREHOLDERS’ EQUITY | 457,576 | 444,062 | |||||||
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY | $ 5,019,012 | $ 5,162,076 | |||||||
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CONSOLIDATED BALANCE SHEETS (UNAUDITED) (Parenthetical) - USD ($) $ in Thousands |
Mar. 31, 2016 |
Dec. 31, 2015 |
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Held-to-maturity Securities, Other Disclosure Items [Abstract] | ||
Securities held to maturity, fair value | $ 818,108 | $ 799,763 |
Shareholders' equity: | ||
Common stock, par value (in dollars per share) | $ 1.25 | $ 1.25 |
Common stock, shares authorized (in shares) | 40,000,000 | 40,000,000 |
Common stock, shares issued (in shares) | 27,882,740 | 27,865,798 |
Treasury stock (in shares) | 2,913,064 | 2,469,638 |
CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY (UNAUDITED) (Parenthetical) - $ / shares |
3 Months Ended | |
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Mar. 31, 2016 |
Mar. 31, 2015 |
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Issuance of common stock (in shares) | 12,030 | 9,983 |
Dividends paid on common stock (in dollars per shares) | $ 0.23 | $ 0.23 |
Purchase of common stock (in shares) | 443,426 |
Summary of Significant Accounting and Reporting Policies |
3 Months Ended |
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Mar. 31, 2016 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation and Significant Accounting Policies [Text Block] | Summary of Significant Accounting and Reporting Policies Basis of Presentation In this report, the words “the Company,” “we,” “us,” and “our” refer to the combined entities of Southside Bancshares, Inc. and its subsidiaries. The words “Southside” and “Southside Bancshares” refer to Southside Bancshares, Inc. The words “Southside Bank” and “the Bank” refer to Southside Bank. “Omni” refers to OmniAmerican Bancorp, Inc., a bank holding company acquired by Southside on December 17, 2014. “SFG” refers to SFG Finance, LLC (formerly Southside Financial Group, LLC), which was a wholly-owned subsidiary of the Bank that was dissolved in April 2015. The consolidated balance sheet as of March 31, 2016, and the related consolidated statements of income, comprehensive income, changes in shareholders’ equity, cash flows and notes to the financial statements for the three-month periods ended March 31, 2016 and 2015 are unaudited; in the opinion of management, all adjustments necessary for a fair statement of such financial statements have been included. Such adjustments consisted only of normal recurring items. All significant intercompany accounts and transactions are eliminated in consolidation. The preparation of these consolidated financial statements in conformity with U.S. generally accepted accounting principles (“GAAP”) requires the use of management’s estimates. These estimates are subjective in nature and involve matters of judgment. Actual amounts could differ from these estimates. Certain prior period amounts have been reclassified to conform to current year presentation and had no impact on net income, equity or cash flows. Interim results are not necessarily indicative of results for a full year. These financial statements should be read in conjunction with the financial statements and notes thereto in our Annual Report on Form 10-K for the year ended December 31, 2015. For a description of our significant accounting and reporting policies, refer to “Note 1- Summary of Significant Accounting and Reporting Policies” in our consolidated financial statements in our Annual Report on Form 10-K for the year ended December 31, 2015. The accounting and reporting policies we follow with respect to our derivative instruments and hedging activities are presented below. Derivative Financial Instruments and Hedging Activities Derivative financial instruments are carried on the consolidated balance sheets as other assets or other liabilities, as applicable, at estimated fair value. The accounting for changes in the fair value (i.e., gains or losses) of a derivative financial instrument is determined by whether it has been designated and qualifies as part of a hedging relationship and, further, by the type of hedging relationship. We present derivative financial instruments at fair value in the consolidated balance sheets on a net basis when a right of offset exists, based on transactions with a single counterparty and any cash collateral paid to and/or received from that counterparty for derivative contracts that are subject to legally enforceable master netting arrangements. For derivative instruments that are designated and qualify as cash flow hedges (i.e., hedging the exposure to variability in expected future cash flows that is attributable to a particular risk), the effective portion of the gain or loss on the derivative instrument is reported as a component of other comprehensive income and reclassified into earnings in the same period or periods during which the hedged transaction affects earnings. The remaining gain or loss on the derivative instrument in excess of the cumulative change in the present value of future cash flows of the hedged item (i.e., the ineffective portion), if any, is recognized in current earnings during the period of change. For derivative instruments not designated as hedging instruments, the gain or loss is recognized in current earnings during the period of change. For derivatives designated as hedging instruments at inception, statistical regression analysis is used at inception and for each reporting period thereafter to assess whether the derivative used has been and is expected to be highly effective in offsetting changes in the fair value or cash flows of the hedged item. All components of each derivative instrument’s gain or loss are included in the assessment of hedge effectiveness. Net hedge ineffectiveness is recorded in “other noninterest income” on the consolidated statements of income. Further information on our derivative instruments and hedging activities is included in “Note 9 - Derivative Financial Instruments and Hedging Activities.” Accounting Pronouncements In February 2016, the FASB issued ASU 2016-02, “Leases (Topic 842).” ASU 2016-02 requires a lessee to recognize assets and liabilities for leases with lease terms of more than 12 months. Consistent with current GAAP, the recognition, measurement, and presentation of expenses and cash flows arising from a lease by a lessee primarily will depend on its classification as a finance or operating lease. However, unlike current GAAP which requires only capital leases to be recognized on the balance sheet, the new ASU will require both types of leases to be recognized on the balance sheet. ASU 2016-02 is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2018. Early adoption is permitted. We have not yet selected a transition method nor have we determined the impact of adoption on our consolidated financial statements. In March 2016, the FASB issued ASU 2016-09, “Compensation - Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting.” ASU 2016-09 simplifies several aspects of the accounting for share-based payment transactions, including the income tax consequences, classification of awards as either equity or liabilities, and classification in the statement of cash flows. The ASU requires that all excess tax benefits and tax deficiencies be recognized as income tax expense or benefit in the income statement and should be classified along with other income tax cash flows as an operating activity instead of a financing activity as currently required under GAAP. The ASU also simplifies accounting for forfeitures by allowing an entity to make an entity-wide accounting policy election either to estimate the number of forfeitures expected to occur or to recognize the effects of forfeitures when they occur in compensation cost. Additionally, cash paid by an employer when directly withholding shares for tax-withholding purposes should be classified as a financing activity, and to qualify for equity classification, an employer can now withhold up to the maximum statutory tax rate instead of the minimum statutory tax rate as currently required by GAAP. ASU 2016-09 is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2016. Early adoption is permitted. We have not yet selected a transition method nor have we determined the impact of adoption on our consolidated financial statements. |
Acquisitions |
3 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2016 | ||||||||||||||||||||||||||||||||||||||||||||||
Business Combinations [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Business Acquisitions, by Acquisition [Table Text Block] | Acquisition On December 17, 2014, we acquired 100% of the outstanding stock of OmniAmerican Bancorp, Inc. and its wholly-owned subsidiary OmniAmerican Bank (collectively, “Omni”) headquartered in Fort Worth, Texas. Omni operated 14 banking offices in Fort Worth, Texas and surrounding areas. We acquired Omni to further expand our presence in the growing Fort Worth market. The total merger consideration for the Omni merger was $298.3 million. The operations of Omni were merged into ours as of the date of the acquisition. The fair value of assets acquired, adjusted for subsequent measurement period adjustments, excluding goodwill, totaled $1.36 billion, including total loans of $763.5 million and total investment securities of $428.4 million. Total fair value of the liabilities assumed, adjusted for subsequent measurement period adjustments, totaled $1.13 billion, including deposits of $801.3 million. We recognized $69.5 million in goodwill associated with the Omni acquisition. The goodwill resulting from the acquisition represents consideration paid in excess of the net assets acquired and the value expected from the opportunities to strategically grow our franchise in the greater Fort Worth market area and to enhance our operations through customer synergies and efficiencies, thereby providing enhanced customer service. Goodwill is not expected to be deductible for tax purposes. We recognized a core deposit intangible of $8.6 million in connection with the Omni acquisition, which will be amortized using an accelerated method over a 10 year period consistent with expected future cash flows. The Omni acquisition was accounted for using the purchase method of accounting and accordingly, purchased assets, including identifiable intangible assets, and assumed liabilities were recorded at their respective acquisition date fair values. For more information concerning the fair value of the assets acquired and liabilities assumed in relation to the acquisition of Omni, see “Note 2 - Acquisition” in our Annual Report on Form 10-K for the year ended December 31, 2015. The following table reflects our goodwill for the periods presented (in thousands).
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Earnings Per Share |
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Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings Per Share | Earnings Per Share Earnings per share on a basic and diluted basis have been calculated as follows (in thousands, except per share amounts):
For the three-month periods ended March 31, 2016 and 2015, there were approximately 95,000 and 10,000 anti-dilutive shares, respectively. |
Accumulated Other Comprehensive (Loss) Income |
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Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accumulated Other Comprehensive (Loss) Income | Accumulated Other Comprehensive (Loss) Income The changes in accumulated other comprehensive (loss) income by component are as follows (in thousands):
The reclassifications out of accumulated other comprehensive loss into net income are presented below (in thousands):
(1) Included in interest income on the consolidated statements of income. (2) Listed as net gain on sale of securities available for sale on the consolidated statements of income. (3) These accumulated other comprehensive income components are included in the computation of net periodic pension cost (income) presented in “Note 8 - Employee Benefit Plans.” |
Securities |
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Investments, Debt and Equity Securities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Securities | Securities The amortized cost, gross unrealized gains and losses, carrying value, and estimated fair value of investment and mortgage-backed securities as of March 31, 2016 and December 31, 2015 are reflected in the tables below (in thousands):
(1) All mortgage-backed securities issued and/or guaranteed by U.S. government agencies or U.S. government-sponsored enterprises. From time to time, we may transfer securities from available for sale (“AFS”) to held to maturity (“HTM”) due to overall balance sheet strategies. Our management has the current intent and ability to hold the transferred securities until maturity. Any net unrealized gain or loss on the transferred securities included in accumulated other comprehensive income at the time of transfer will be amortized over the remaining life of the underlying security as an adjustment of the yield on those securities. AFS securities transferred with losses included in accumulated other comprehensive income continue to be included in management’s assessment for other-than-temporary impairment for each individual security. There were no securities transferred from AFS to HTM during the three months ended March 31, 2016. The following tables represent the fair value and unrealized loss on securities as of March 31, 2016 and December 31, 2015 (in thousands):
We review those securities in an unrealized loss position for significant differences between fair value and the cost basis to evaluate if a classification of other-than-temporary impairment is warranted. In estimating other-than-temporary impairment losses, management considers, among other things, the length of time and the extent to which the fair value has been less than cost and the financial condition and near-term prospects of the issuer. We consider an other-than-temporary impairment to have occurred when there is an adverse change in expected cash flows. When it is determined that a decline in fair value of HTM or AFS securities is other-than-temporary, the carrying value of the security is reduced to its estimated fair value, with a corresponding charge to earnings for the credit portion and the noncredit portion to other comprehensive income. Based upon the length of time and the extent to which fair value is less than cost, we believe that none of the securities with an unrealized loss have other-than-temporary impairment at March 31, 2016. The majority of the unrealized loss positions are comprised of highly rated municipal securities and U.S. Agency mortgage- backed securities (“MBS”) where the unrealized loss is a direct result of the change in interest rates and spreads. For those securities in an unrealized loss position, we do not currently intend to sell the securities and it is not more likely than not that we will be required to sell the securities before the anticipated recovery of their amortized cost basis. To the best of management’s knowledge and based on our consideration of the qualitative factors associated with each security, there were no securities in our investment and MBS portfolio with an other-than-temporary impairment at March 31, 2016. Interest income recognized on securities for the periods presented (in thousands):
Of the approximately $2.4 million in net securities gains from the AFS portfolio for the three months ended March 31, 2016, there were $2.6 million in realized gains and $202,000 in realized losses. Of the $2.5 million in net securities gains from the AFS portfolio for the three months ended March 31, 2015, there were $2.5 million in realized gains and $54,000 in realized losses. There were no sales from the HTM portfolio during the three months ended March 31, 2016 or 2015. We calculate realized gains and losses on sales of securities under the specific identification method. The amortized cost, carrying value and fair value of securities at March 31, 2016, are presented below by contractual maturity. Expected maturities may differ from contractual maturities because issuers may have the right to call or prepay obligations. MBS are presented in total by category due to the fact that MBS typically are issued with stated principal amounts, and the securities are backed by pools of mortgages that have loans with varying maturities. The characteristics of the underlying pool of mortgages, such as fixed-rate or adjustable-rate, as well as prepayment risk, are passed on to the security holder. The term of a mortgage-backed pass-through security thus approximates the term of the underlying mortgages and can vary significantly due to prepayments.
Investment and MBS with carrying values of $1.13 billion and $1.33 billion were pledged as of March 31, 2016 and December 31, 2015, respectively, to collateralize Federal Home Loan Bank of Dallas, (“FHLB”) advances, repurchase agreements, and public funds or for other purposes as required by law. Securities with limited marketability, such as FHLB stock and other investments, are carried at cost, which approximates fair value and are assessed for other-than-temporary impairment. These securities have no maturity date. |
Loans and Allowance for Probable Loan Losses |
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Receivables [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans and Allowance for Probable Loan Losses | Loans and Allowance for Probable Loan Losses Loans in the accompanying consolidated balance sheets are classified as follows (in thousands):
Real Estate Construction Loans Our construction loans are collateralized by property located primarily in the market areas we serve. A majority of our construction loans will be owner-occupied upon completion. Construction loans for speculative projects are financed, but these typically have secondary sources of repayment and collateral. Our construction loans have both adjustable and fixed interest rates during the construction period. Construction loans to individuals are typically priced and made with the intention of granting the permanent loan on the property. Speculative and commercial construction loans are subject to underwriting standards similar to that of the commercial portfolio. Owner occupied 1-4 family residential construction loans are subject to the underwriting standards of the permanent loan. Real Estate 1-4 Family Residential Loans Residential loan originations are generated by our loan officers, in-house origination staff, marketing efforts, present customers, walk-in customers and referrals from real estate agents and builders. We focus our residential lending efforts primarily on the origination of loans secured by first mortgages on owner-occupied, 1-4 family residences. Substantially all of our 1-4 family residential loan originations are secured by properties located in or near our market areas. Our 1-4 family residential loans generally have maturities ranging from five to 30 years. These loans are typically fully amortizing with monthly payments sufficient to repay the total amount of the loan. Our 1-4 family residential loans are made at both fixed and adjustable interest rates. Underwriting for 1-4 family residential loans includes debt-to-income analysis, credit history analysis, appraised value and down payment considerations. Changes in the market value of real estate can affect the potential losses in the portfolio. Commercial Real Estate Loans Commercial real estate consists of $582.8 million of commercial real estate loans, $69.9 million of loans secured by multi-family properties and $5.3 million of loans secured by farm land. Commercial real estate loans primarily include loans collateralized by commercial office buildings, retail, medical facilities and offices, warehouse facilities, hotels and churches. In determining whether to originate commercial real estate loans, we generally consider such factors as the financial condition of the borrower and the debt service coverage of the property. Commercial real estate loans are made at both fixed and adjustable interest rates for terms generally up to 20 years. Commercial Loans Our commercial loans are diversified loan types including short-term working capital loans for inventory and accounts receivable and short- and medium-term loans for equipment or other business capital expansion. Management does not consider there to be a concentration of risk in any one industry type, other than the medical industry. Loans to borrowers in the medical industry include all loan types listed above for commercial loans. Collateral for these loans varies depending on the type of loan and financial strength of the borrower. The primary source of repayment for loans in the medical community is cash flow from continuing operations. In our commercial loan underwriting, we assess the creditworthiness, ability to repay, and the value and liquidity of the collateral being offered. Terms of commercial loans are generally commensurate with the useful life of the collateral offered. Municipal Loans We have a specific lending department that makes loans to municipalities and school districts primarily throughout the state of Texas. Municipal loans outside the state of Texas have been limited to adjoining states. The majority of the loans to municipalities and school districts have tax or revenue pledges and in some cases are additionally supported by collateral. Municipal loans made without a direct pledge of taxes or revenues are usually made based on some type of collateral that represents an essential service. Loans to Individuals Substantially all originations of our loans to individuals are made to consumers in our market areas. The majority of loans to individuals are collateralized by titled equipment, which are primarily automobiles. Loan terms vary according to the type and value of collateral, length of contract and creditworthiness of the borrower. The underwriting standards we employ for consumer loans include an application, a determination of the applicant’s payment history on other debts, with the greatest weight being given to payment history with us, and an assessment of the borrower’s ability to meet existing obligations and payments on the proposed loan. Although creditworthiness of the applicant is a primary consideration, the underwriting process also includes a comparison of the value of the collateral, if any, in relation to the proposed loan amount. Most of our loans to individuals are collateralized, which management believes should assist in limiting our exposure. Allowance for Loan Losses The allowance for loan losses is based on the most current review of the loan portfolio and is a result of multiple processes. First, the bank utilizes historical data to establish general reserve amounts for each class of loans. The historical charge off figure is further adjusted through qualitative factors that include general trends in past dues, nonaccruals and classified loans to more effectively and promptly react to both positive and negative movements. Second, our lenders have the primary responsibility for identifying problem loans based on customer financial stress and underlying collateral. These recommendations are reviewed by senior loan administration, the special assets department, and the loan review department. Third, the loan review department independently reviews the portfolio on an annual basis. The loan review department follows a board-approved annual loan review scope. The loan review scope encompasses a number of considerations including the size of the loan, the type of credit extended, the seasoning of the loan and the performance of the loan. The loan review scope, as it relates to size, focuses more on larger dollar loan relationships, typically aggregate debt of $500,000 or greater. The loan review officer also reviews specific reserves compared to general reserves to determine trends in comparative reserves as well as losses not reserved for prior to charge-off to determine the effectiveness of the specific reserve process. At each review, a subjective analysis methodology is used to grade the respective loan. Categories of grading vary in severity from loans that do not appear to have a significant probability of loss at the time of review to loans that indicate a probability that the entire balance of the loan will be uncollectible. If full collection of the loan balance appears unlikely at the time of review, estimates of future expected cash flows or appraisals of the collateral securing the debt are used to determine the necessary allowances. The internal loan review department maintains a list of all loans or loan relationships that are graded as having more than the normal degree of risk associated with them. In addition, a list of specifically reserved loans or loan relationships of $150,000 or more is updated on a quarterly basis in order to properly determine necessary allowances and keep management informed on the status of attempts to correct the deficiencies noted with respect to the loan. We calculate historical loss ratios for pools of loans with similar characteristics based on the proportion of actual charge-offs experienced to the total population of loans in the pool. The historical gross loss ratios are updated based on actual charge-off experience quarterly and adjusted for qualitative factors. Our pools of similar loans include consumer loans and loans secured by 1-4 residential family loans. Industry and our own experience indicates that a portion of our loans will become delinquent and a portion of the loans will require partial or full charge-off. Regardless of the underwriting criteria utilized, losses may occur as a result of various factors beyond our control, including, among other things, changes in market conditions affecting the value of properties used as collateral for loans and problems affecting the credit of the borrower and the ability of the borrower to make payments on the loan. Our determination of the appropriateness of the allowance for loan losses is based on various considerations, including an analysis of the risk characteristics of various classifications of loans, previous loan loss experience, specific loans which would have loan loss potential, delinquency trends, estimated fair value of the underlying collateral, current economic conditions, and geographic and industry loan concentration. Credit Quality Indicators We categorize loans into risk categories on an ongoing basis based on relevant information about the ability of borrowers to service their debt such as: current financial information, historical payment experience, credit documentation, public information, and current economic trends, among other factors. We use the following definitions for risk ratings:
All accruing loans are reserved for as a group of similar type credits and included in the general portion of the allowance for loan losses. Loans to individuals and 1-4 family residential loans, including loans not accruing, are collectively evaluated and included in the general portion of the allowance for loan losses. All loans considered troubled debt restructurings (“TDR”) are evaluated individually for further impairment. The general portion of the loan loss allowance is reflective of historical charge-off levels for similar loans adjusted for changes in current conditions and other relevant factors. These factors are likely to cause estimated losses to differ from historical loss experience and include:
These factors are also considered for the Omni purchased portfolio specifically in regards to changes in past due, nonaccrual and charge-off trends. The following tables detail activity in the allowance for loan losses by portfolio segment for the periods presented (in thousands):
The following tables present the balance in the allowance for loan losses by portfolio segment based on impairment method (in thousands):
The following tables present the recorded investment in loans by portfolio segment based on impairment method (in thousands):
The following tables set forth loans by credit quality indicator for the periods presented (in thousands):
Nonperforming Assets and Past Due Loans Nonaccrual loans are loans 90 days or more delinquent and collection in full of both the principal and interest is not expected. Additionally, some loans that are not delinquent may be placed on nonaccrual status due to doubts about full collection of principal or interest. When a loan is categorized as nonaccrual, the accrual of interest is discontinued and any accrued balance is reversed for financial statement purposes. Payments received on nonaccrual loans are applied to the outstanding principal balance. Payments of contractual interest are recognized as income only to the extent that full recovery of the principal balance of the loan is reasonably certain. Loans are returned to accrual status when all the principal and interest amounts contractually due are brought current and future payments are reasonably assured. Other factors, such as the value of collateral securing the loan and the financial condition of the borrower, are considered in judgments as to potential loan loss. Nonaccrual loans and accruing loans past due more than 90 days include both smaller balance homogeneous loans that are collectively evaluated for impairment and individually classified impaired loans. PCI loans are recorded at fair value at acquisition date. Although the PCI loans may be contractually delinquent, we do not classify these loans as past due or nonperforming as the loans were written down to fair value at the acquisition date and the accretable yield is recognized in interest income over the remaining life of the loan. However, subsequent to acquisition, we re-assess PCI loans for additional impairment and record additional impairment in the event we conclude it is probable that we will be unable to collect all cash flows originally expected to be collected at acquisition plus any additional cash flows expected to be collected due to changes in estimates after acquisition. All such PCI loans for which we recognize subsequent impairment are reported as impaired loans in the financial statements. The following table sets forth nonperforming assets for the periods presented (in thousands):
Foreclosed assets include other real estate owned and repossessed assets. For 1-4 family residential real estate properties, a loan is recognized as a foreclosed property once legal title to the real estate property has been received upon completion of foreclosure or the borrower has conveyed all interest in the residential property through a deed in lieu of foreclosure. There were $2.9 million and $67,000 loans secured by 1-4 family residential properties for which formal foreclosure proceedings were in process as of March 31, 2016 and December 31, 2015, respectively. The following table sets forth the recorded investment in nonaccrual loans by class of loans for the periods presented (in thousands):
(1) Excludes PCI loans measured at fair value at acquisition. Accruing loans past due more than 90 days were not significant at March 31, 2016 and December 31, 2015. Loans are considered impaired if, based on current information and events, it is probable we will be unable to collect the scheduled payments of principal and interest when due according to the contractual terms of the loan agreement. Impairment is evaluated in total for smaller-balance loans of a similar nature and on an individual loan basis for other loans. The measurement of loss on impaired loans is generally based on the fair value of the collateral if repayment is expected solely from the collateral or the present value of the expected future cash flows discounted at the historical effective interest rate stipulated in the loan agreement. In measuring the fair value of the collateral, in addition to relying on third party appraisals, we use assumptions, such as discount rates, and methodologies, such as comparison to the recent selling price of similar assets, consistent with those that would be utilized by unrelated third parties performing a valuation. Loans that are evaluated and determined not to meet the definition of an impaired loan are reserved for at the general reserve rate for its appropriate class. At the time a loss is probable in the collection of contractual amounts, specific reserves are allocated. Loans are charged off to the liquidation value of the collateral net of liquidation costs, if any, when deemed uncollectible or as soon as collection by liquidation is evident. The following tables set forth impaired loans by class of loans for the periods presented (in thousands):
There were no impaired loans recorded without an allowance as of March 31, 2016 or December 31, 2015. The following tables present the aging of the recorded investment in past due loans by class of loans (in thousands):
(1) Includes PCI loans measured at fair value at acquisition. The following table sets forth average recorded investment and interest income recognized on impaired loans by class of loans for the periods presented (in thousands):
Troubled Debt Restructurings The restructuring of a loan is considered a TDR if both (i) the borrower is experiencing financial difficulties and (ii) the creditor has granted a concession. Concessions may include interest rate reductions or below market interest rates, restructuring amortization schedules and other actions intended to minimize potential losses. The following tables set forth the recorded balance at March 31, 2016 and 2015 of loans considered to be TDRs that were restructured during the periods presented (dollars in thousands):
Loans restructured as TDRs during the three months ended March 31, 2016 were modified with maturity extensions. Interest continues to be charged on principal balances outstanding during the extended term. Therefore, the financial effects of the recorded investment of loans restructured as TDRs during the three months ended March 31, 2016 and 2015 were not significant. Generally, the loans identified as TDRs were previously reported as impaired loans prior to restructuring and therefore the modification did not impact our determination of the allowance for loan losses. On an ongoing basis, the performance of the TDRs is monitored for subsequent payment default. Payment default for TDRs is recognized when the borrower is 90 days or more past due. For the three months ended March 31, 2016, there were $1.4 million of TDRs in default. For the three months ended March 31, 2015, there were no material TDRs in default. Payment defaults for TDRs did not significantly impact the determination of the allowance for loan loss in either period presented. At March 31, 2016 and 2015, there were no commitments to lend additional funds to borrowers whose terms had been modified in TDRs. Purchased Credit Impaired Loans The following table presents the outstanding principal balance and carrying value for PCI loans for the periods presented (in thousands):
The following table presents the changes of the accretable yield during the periods for PCI loans (in thousands):
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Long-term Obligations |
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Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Long-term Obligations | Long-term Obligations Long-term obligations are summarized as follows (in thousands):
During the fourth quarter of 2015 and continuing into the first quarter of 2016, we entered into various variable rate advance agreements with the FHLB. At March 31, 2016, these agreements were $190.0 million with rates ranging from one-month LIBOR plus 0.17% to one-month LIBOR plus 0.277%. In addition, we entered into various interest rate swap contracts that are treated as cash flow hedges under ASC 815 that effectively converted the variable rate advances to fixed interest rates ranging from 0.932% to 1.647% and ranging from four years to nine years. The cash flows of the swaps are expected to be effective in hedging the variability in expected future cash flows attributable to fluctuations in the one-month LIBOR interest rate. Proceeds were used for general corporate purposes. Refer to “Note 9 - Derivative Financial Instruments and Hedging Activities” in our consolidated financial statements included in this report for a detailed description of our hedging policy and methodology related to derivative instruments. |
Employee Benefit Plans |
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Defined Contribution Pension and Other Postretirement Plans Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Employee Benefit Plans | Employee Benefit Plans The components of net periodic benefit cost (income) are as follows (in thousands):
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Derivative Financial Instruments and Hedging Activities Derivatives Financial Instruments and Hedging Activites |
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Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure | Derivative Financial Instruments and Hedging Activities Our hedging policy allows the use of interest rate derivative instruments to manage our exposure to interest rate risk or hedge specified assets and liabilities. These instruments may include interest rate swaps and interest rate caps and floors. All derivative instruments are carried on the balance sheet at their estimated fair value and are recorded in other assets or other liabilities, as appropriate. Derivative instruments may be designated as cash flow hedges of variable rate assets or liabilities, or as forecasted transactions. Derivative instruments designated as cash flow hedges are recorded in accumulated other comprehensive income to the extent they are effective. The amount recorded in other comprehensive income is reclassified to earnings in the same periods as the hedged cash flows impact earnings. The ineffective portion of changes in fair value is reported in current earnings. During the fourth quarter of 2015 and continuing into the first quarter of 2016, we entered into certain interest rate swap contracts on specific variable-rate advance agreements with the FHLB having a total notional amount of $190.0 million at March 31, 2016. These interest rate swap contracts were designated as hedging instruments in cash flow hedges under ASC 815. The objective of the interest rate swap contracts is to manage the expected future cash flows on our $190.0 million of variable-rate advance agreements with the FHLB. The cash flows of the swap are expected to be effective in hedging the variability in expected future cash flows attributable to fluctuations in the one-month LIBOR interest rate. At March 31, 2016, net derivative liabilities included $1.7 million of cash collateral paid to the counterparty related to instruments executed with the same counterparty under a master netting agreement. The notional amounts of the derivative instruments represent the contractual cash flows pertaining to the underlying agreements. These amounts are not exchanged and are not reflected in the consolidated balance sheets. The fair value of the interest rate swaps are presented at net in other assets and other liabilities when a right of offset exists, based on transactions with a single counterparty that are subject to a legally enforceable master netting agreement. The following tables present the notional and estimated fair value amount of derivative positions outstanding for the periods presented (in thousands):
(1) Notional amounts, which represent the extent of involvement in the derivatives market, are used to determine the contractual cash flows required in accordance with the terms of the agreement. These amounts are typically not exchanged, significantly exceed amounts subject to credit or market risk and are not reflected in the consolidated balance sheets. (2) Net derivative assets are included in “other assets” and net derivative liabilities are included in “other liabilities” on the consolidated balance sheets. Included in the fair value of net derivative assets and net derivative liabilities are credit valuation adjustments reflecting counterparty credit risk and our credit risk. The fair value of net derivative liabilities included credit valuation adjustments for our credit exposure of $350,000 at March 31, 2016. We had no credit exposure at December 31, 2015. The summarized expected weighted average remaining maturity of the notional amount of interest rate swaps and the weighted average interest rates associated with the amounts expected to be received or paid on interest rate swap agreements are presented below (in thousands):
(1) Variable rates received on pay fixed swaps are based on one-month LIBOR rates in effect at March 31, 2016 and December 31, 2015. |
Fair Value Measurement |
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Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Measurement | Fair Value Measurement Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. A fair value measurement assumes that the transaction to sell the asset or transfer the liability occurs in the principal market for the asset or liability or, in the absence of a principal market, the most advantageous market for the asset or liability. The price in the principal (or most advantageous) market used to measure the fair value of the asset or liability is not adjusted for transaction costs. An orderly transaction is a transaction that assumes exposure to the market for a period prior to the measurement date to allow for marketing activities that are usual and customary for transactions involving such assets and liabilities; it is not a forced transaction. Market participants are buyers and sellers in the principal market that are (i) independent, (ii) knowledgeable, (iii) able to transact and (iv) willing to transact. Valuation techniques including the market approach, the income approach and/or the cost approach are utilized to determine fair value. Inputs to valuation techniques refer to the assumptions that market participants would use in pricing the asset or liability. Valuation policies and procedures are determined by our investment department and reported to our Asset/Liability Committee (“ALCO”) for review. An entity must consider all aspects of nonperforming risk, including the entity’s own credit standing, when measuring fair value of a liability. Inputs may be observable, meaning those that reflect the assumptions market participants would use in pricing the asset or liability developed based on market data obtained from independent sources, or unobservable, meaning those that reflect the reporting entity’s own assumptions about the assumptions market participants would use in pricing the asset or liability developed based on the best information available in the circumstances. A fair value hierarchy for valuation inputs gives the highest priority to quoted prices in active markets for identical assets or liabilities and the lowest priority to unobservable inputs. The fair value hierarchy is as follows: Level 1 Inputs - Unadjusted quoted prices in active markets for identical assets or liabilities that the reporting entity has the ability to access at the measurement date. Level 2 Inputs - Inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. These might include quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the asset or liability (such as interest rates, volatilities, prepayment speeds, credit risks, etc.) or inputs that are derived principally from or corroborated by market data by correlation or other means. Level 3 Inputs - Unobservable inputs for determining the fair values of assets or liabilities that reflect an entity’s own assumptions about the assumptions that market participants would use in pricing the assets or liabilities. Level 3 assets recorded at fair value on a nonrecurring basis at March 31, 2016 and December 31, 2015, included loans for which a specific allowance was established based on the fair value of collateral and commercial real estate for which fair value of the properties was less than the cost basis. For both asset classes, the unobservable inputs were the additional adjustments applied by management to the appraised values to reflect such factors as non-current appraisals and revisions to estimated time to sell. These adjustments are determined based on qualitative judgments made by management on a case-by-case basis and are not quantifiable inputs, although they are used in the determination of fair value. A description of the valuation methodologies used for assets and liabilities measured at fair value, as well as the general classification of such instruments pursuant to the valuation hierarchy, is set forth below. Certain financial assets are measured at fair value in accordance with GAAP. Adjustments to the fair value of these assets usually result from the application of fair value accounting or write-downs of individual assets. Transfers between levels of the fair value hierarchy are recognized on the actual date of the event or circumstances that caused the transfer, which generally coincides with our monthly and/or quarterly valuation process. There were no transfers between Level 1 and Level 2 during the three months ended March 31, 2016. Securities Available for Sale – U.S. Treasury securities and other equity securities are reported at fair value utilizing Level 1 inputs. Other securities classified as available for sale are reported at fair value utilizing Level 2 inputs. For these securities, we obtain fair value measurements from independent pricing services. 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. We review the prices supplied by the independent pricing services for reasonableness and to ensure such prices are aligned with traditional pricing matrices. In addition, we obtain an understanding of their underlying pricing methodologies and their Statement on Standards for Attestation Engagements-Reporting on Controls of a Service Organization (“SSAE 16”). We validate prices supplied by the independent pricing services by comparison to prices obtained from, in most cases, three additional third party sources. For securities where prices are outside a reasonable range, we further review those securities to determine what a reasonable price estimate is for that security, given available data. Derivatives – Derivatives are reported at fair value utilizing Level 2 inputs. We obtain fair value measurements from three sources including an independent pricing service and the counterparty to the derivatives. The fair value measurements consider observable data that may include dealer quotes, market spreads, the U.S. Treasury yield curve, live trading levels, trade execution data, credit information and the derivatives’ terms and conditions, among other things. We review the prices supplied by the sources for reasonableness. In addition, we obtain a basic understanding of their underlying pricing methodology. We validate prices supplied by the sources by comparison to one another. Certain financial assets and financial liabilities are measured at fair value on a nonrecurring basis, that is, the instruments are not measured at fair value on an ongoing basis but are subject to fair value adjustments in certain circumstances (for example, when there is evidence of impairment). Financial assets and financial liabilities measured at fair value on a nonrecurring basis include the following at March 31, 2016 and December 31, 2015. Foreclosed Assets – Foreclosed assets are initially recorded at fair value less costs to sell. The fair value measurements of foreclosed assets can include Level 2 measurement inputs such as real estate appraisals and comparable real estate sales information, in conjunction with Level 3 measurement inputs such as cash flow projections, qualitative adjustments, and sales cost estimates. As a result, the categorization of foreclosed assets is Level 3 of the fair value hierarchy. In connection with the measurement and initial recognition of certain foreclosed assets, we may recognize charge-offs through the allowance for loan losses. Impaired Loans – Certain impaired loans may be reported at the fair value of the underlying collateral if repayment is expected solely from the collateral. Collateral values are estimated using Level 3 inputs based on customized discounting criteria or appraisals. At March 31, 2016 and December 31, 2015, the impact of loans with specific reserves based on the fair value of the collateral was reflected in our allowance for loan losses. Certain nonfinancial assets and nonfinancial liabilities measured at fair value on a recurring basis include reporting units measured at fair value and tested for goodwill impairment. The following tables summarize assets measured at fair value on a recurring and nonrecurring basis segregated by the level of the valuation inputs within the fair value hierarchy utilized to measure fair value (in thousands):
Disclosure of fair value information about financial instruments, whether or not recognized in the balance sheet, is required when it is practicable to estimate that value. In cases where quoted market prices are not available, fair values are based on estimates using present value or other estimation techniques. Those techniques are significantly affected by the assumptions used, including the discount rate and estimates of future cash flows. Such techniques and assumptions, as they apply to individual categories of our financial instruments, are as follows: Cash and cash equivalents - The carrying amount for cash and cash equivalents is a reasonable estimate of those assets’ fair value. Investment and mortgage-backed securities held to maturity - Fair values for these securities are based on quoted market prices, where available. If quoted market prices are not available, fair values are based on quoted market prices for similar securities or estimates from independent pricing services. FHLB stock and other investments - The carrying amount of FHLB stock and other investments is a reasonable estimate of those assets’ fair value. Loans receivable - For adjustable rate loans that reprice frequently and with no significant change in credit risk, the carrying amounts are a reasonable estimate of those assets’ fair value. The fair value of fixed rate loans is 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. Nonperforming loans are estimated using discounted cash flow analyses or the underlying value of the collateral where applicable. Loans held for sale – The fair value of loans held for sale is determined based on expected proceeds, which are based on sales contracts and commitments. Deposit liabilities - The fair value of demand deposits, savings accounts, and certain money market deposits is the amount on demand at the reporting date, which is the carrying value. Fair values for fixed rate CDs are estimated using a discounted cash flow calculation that applies interest rates currently being offered for deposits of similar remaining maturities. Federal funds purchased and repurchase agreements - Federal funds purchased generally have original terms to maturity of one day and repurchase agreements generally have terms of less than one year, and therefore both are considered short-term borrowings. Consequently, their carrying value is a reasonable estimate of fair value. FHLB advances - The fair value of these advances is estimated by discounting the future cash flows using rates at which advances would be made to borrowers with similar credit ratings and for the same remaining maturities. Long-term debt - The carrying amount for the long-term debt is estimated by discounting future cash flows using estimated rates at which long-term debt would be made to borrowers with similar credit ratings and for the remaining maturities. The following tables present our financial assets, financial liabilities, and unrecognized financial instruments measured on a nonrecurring basis at both their respective carrying amounts and estimated fair value (in thousands):
As discussed earlier, the fair value estimate of financial instruments for which quoted market prices are unavailable is dependent upon the assumptions used. Consequently, those estimates cannot be substantiated by comparison to independent markets and, in many cases, could not be realized in immediate settlement of the instruments. Accordingly, the aggregate fair value amounts presented in the above fair value table do not necessarily represent their underlying value. |
Income Taxes Income Taxes (Notes) |
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Income Tax Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income Taxes | The income tax expense included in the accompanying statements of income consists of the following (in thousands):
Net deferred tax assets totaled $12.5 million at March 31, 2016 and $19.9 million at December 31, 2015. No valuation allowance for deferred tax assets was recorded at March 31, 2016 or December 31, 2015, as management believes it is more likely than not that all of the deferred tax assets will be realized in future years. Unrecognized tax benefits were not material at March 31, 2016 or December 31, 2015. We recognized income tax expense of $3.0 million, for an effective tax rate of 18.0%, for the three months ended March 31, 2016, compared to income tax expense of $1.9 million, for an effective tax rate of 16.9%, for the three months ended March 31, 2015. The higher effective tax rate for the three months ended March 31, 2016 was due to a decrease in tax-exempt income as a percentage of pre-tax income as compared to the same period in 2015. We file federal income tax returns and certain state tax returns. We are no longer subject to U.S. federal income tax examinations by tax authorities for years before 2012. |
Off-Balance-Sheet Arrangements, Commitments and Contingencies |
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Commitments and Contingencies Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Off-Balance-Sheet Arrangements, Commitments and Contingencies | Off-Balance-Sheet Arrangements, Commitments and Contingencies Financial Instruments with Off-Balance-Sheet Risk. In the normal course of business, we are a party to certain financial instruments with off-balance-sheet risk to meet the financing needs of our customers. These off-balance-sheet instruments include commitments to extend credit and standby letters of credit. These instruments involve, to varying degrees, elements of credit and interest rate risk in excess of the amount reflected in the financial statements. The contract or notional amounts of these instruments reflect the extent of involvement and exposure to credit loss that we have in these particular classes of financial instruments. Commitments to extend credit are agreements to lend to a customer provided that the terms established in the contract are met. Commitments generally have fixed expiration dates and may require the payment of fees. Since some commitments are expected to expire without being drawn upon, the total commitment amounts do not necessarily represent future cash requirements. Standby letters of credit are conditional commitments issued to guarantee the performance of a customer to a third party. These guarantees are primarily issued to support public and private borrowing arrangements. The credit risk involved in issuing letters of credit is essentially the same as that involved in extending loan commitments to customers and similarly do not necessarily represent future cash obligations. Financial instruments with off-balance-sheet risk were as follows (in thousands):
We apply the same credit policies in making commitments and standby letters of credit as we do for on-balance-sheet instruments. We evaluate each customer’s creditworthiness on a case-by-case basis. The amount of collateral obtained, if deemed necessary, upon extension of credit is based on management’s credit evaluation of the borrower. Collateral held varies but may include cash or cash equivalents, negotiable instruments, real estate, accounts receivable, inventory, oil, gas and mineral interests, property, plant, and equipment. Lease Commitments. We lease certain branch facilities and office equipment under operating leases. It is expected that certain leases will be renewed, or equipment replaced with new leased equipment, as these leases expire. Securities. In the normal course of business we buy and sell securities. There were $23.9 million and $19.4 million of unsettled trades to purchase securities at March 31, 2016 and December 31, 2015, respectively. There were $15.0 million and $9.3 million of unsettled trades to sell securities as of March 31, 2016 and December 31, 2015, respectively. Deposits. There were no unsettled issuances of brokered CDs at March 31, 2016 or December 31, 2015. Litigation. We are involved with various litigation in the normal course of business. Management, after consulting with our legal counsel, believes that any liability resulting from litigation will not have a material effect on our financial position, results of operations or liquidity. |
Summary of Significant Accounting and Reporting Policies Accounting Policies (Policies) |
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Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation In this report, the words “the Company,” “we,” “us,” and “our” refer to the combined entities of Southside Bancshares, Inc. and its subsidiaries. The words “Southside” and “Southside Bancshares” refer to Southside Bancshares, Inc. The words “Southside Bank” and “the Bank” refer to Southside Bank. “Omni” refers to OmniAmerican Bancorp, Inc., a bank holding company acquired by Southside on December 17, 2014. “SFG” refers to SFG Finance, LLC (formerly Southside Financial Group, LLC), which was a wholly-owned subsidiary of the Bank that was dissolved in April 2015. The consolidated balance sheet as of March 31, 2016, and the related consolidated statements of income, comprehensive income, changes in shareholders’ equity, cash flows and notes to the financial statements for the three-month periods ended March 31, 2016 and 2015 are unaudited; in the opinion of management, all adjustments necessary for a fair statement of such financial statements have been included. Such adjustments consisted only of normal recurring items. All significant intercompany accounts and transactions are eliminated in consolidation. The preparation of these consolidated financial statements in conformity with U.S. generally accepted accounting principles (“GAAP”) requires the use of management’s estimates. These estimates are subjective in nature and involve matters of judgment. Actual amounts could differ from these estimates. Certain prior period amounts have been reclassified to conform to current year presentation and had no impact on net income, equity or cash flows. Interim results are not necessarily indicative of results for a full year. These financial statements should be read in conjunction with the financial statements and notes thereto in our Annual Report on Form 10-K for the year ended December 31, 2015. |
Derivative Financial Instruments and Hedging Activities Policy | Derivative Financial Instruments and Hedging Activities Derivative financial instruments are carried on the consolidated balance sheets as other assets or other liabilities, as applicable, at estimated fair value. The accounting for changes in the fair value (i.e., gains or losses) of a derivative financial instrument is determined by whether it has been designated and qualifies as part of a hedging relationship and, further, by the type of hedging relationship. We present derivative financial instruments at fair value in the consolidated balance sheets on a net basis when a right of offset exists, based on transactions with a single counterparty and any cash collateral paid to and/or received from that counterparty for derivative contracts that are subject to legally enforceable master netting arrangements. For derivative instruments that are designated and qualify as cash flow hedges (i.e., hedging the exposure to variability in expected future cash flows that is attributable to a particular risk), the effective portion of the gain or loss on the derivative instrument is reported as a component of other comprehensive income and reclassified into earnings in the same period or periods during which the hedged transaction affects earnings. The remaining gain or loss on the derivative instrument in excess of the cumulative change in the present value of future cash flows of the hedged item (i.e., the ineffective portion), if any, is recognized in current earnings during the period of change. For derivative instruments not designated as hedging instruments, the gain or loss is recognized in current earnings during the period of change. For derivatives designated as hedging instruments at inception, statistical regression analysis is used at inception and for each reporting period thereafter to assess whether the derivative used has been and is expected to be highly effective in offsetting changes in the fair value or cash flows of the hedged item. All components of each derivative instrument’s gain or loss are included in the assessment of hedge effectiveness. Net hedge ineffectiveness is recorded in “other noninterest income” on the consolidated statements of income. Further information on our derivative instruments and hedging activities is included in “Note 9 - Derivative Financial Instruments and Hedging Activities.” |
Accounting Pronouncements | Accounting Pronouncements In February 2016, the FASB issued ASU 2016-02, “Leases (Topic 842).” ASU 2016-02 requires a lessee to recognize assets and liabilities for leases with lease terms of more than 12 months. Consistent with current GAAP, the recognition, measurement, and presentation of expenses and cash flows arising from a lease by a lessee primarily will depend on its classification as a finance or operating lease. However, unlike current GAAP which requires only capital leases to be recognized on the balance sheet, the new ASU will require both types of leases to be recognized on the balance sheet. ASU 2016-02 is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2018. Early adoption is permitted. We have not yet selected a transition method nor have we determined the impact of adoption on our consolidated financial statements. In March 2016, the FASB issued ASU 2016-09, “Compensation - Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting.” ASU 2016-09 simplifies several aspects of the accounting for share-based payment transactions, including the income tax consequences, classification of awards as either equity or liabilities, and classification in the statement of cash flows. The ASU requires that all excess tax benefits and tax deficiencies be recognized as income tax expense or benefit in the income statement and should be classified along with other income tax cash flows as an operating activity instead of a financing activity as currently required under GAAP. The ASU also simplifies accounting for forfeitures by allowing an entity to make an entity-wide accounting policy election either to estimate the number of forfeitures expected to occur or to recognize the effects of forfeitures when they occur in compensation cost. Additionally, cash paid by an employer when directly withholding shares for tax-withholding purposes should be classified as a financing activity, and to qualify for equity classification, an employer can now withhold up to the maximum statutory tax rate instead of the minimum statutory tax rate as currently required by GAAP. ASU 2016-09 is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2016. Early adoption is permitted. We have not yet selected a transition method nor have we determined the impact of adoption on our consolidated financial statements. |
Acquisitions Acquisitions (Tables) |
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Business Combination, Segment Allocation [Table Text Block] | The following table reflects our goodwill for the periods presented (in thousands).
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Earnings Per Share (Tables) |
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Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings per share on a basic and diluted basis | Earnings per share on a basic and diluted basis have been calculated as follows (in thousands, except per share amounts):
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Accumulated Other Comprehensive (Loss) Income (Tables) |
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Schedule of accumulated other comprehensive income (loss) by component | The changes in accumulated other comprehensive (loss) income by component are as follows (in thousands):
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Reclassifications out of accumulated other comprehensive income | The reclassifications out of accumulated other comprehensive loss into net income are presented below (in thousands):
(1) Included in interest income on the consolidated statements of income. (2) Listed as net gain on sale of securities available for sale on the consolidated statements of income. (3) These accumulated other comprehensive income components are included in the computation of net periodic pension cost (income) presented in “Note 8 - Employee Benefit Plans.” |
Securities (Tables) |
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Mar. 31, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investments, Debt and Equity Securities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Amortized cost and estimated fair value of investment and mortgage-backed securities | The amortized cost, gross unrealized gains and losses, carrying value, and estimated fair value of investment and mortgage-backed securities as of March 31, 2016 and December 31, 2015 are reflected in the tables below (in thousands):
(1) All mortgage-backed securities issued and/or guaranteed by U.S. government agencies or U.S. government-sponsored enterprises. |
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Unrealized loss on securities | The following tables represent the fair value and unrealized loss on securities as of March 31, 2016 and December 31, 2015 (in thousands):
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Interest income recognized on securities | Interest income recognized on securities for the periods presented (in thousands):
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Amortized cost, carrying value and fair value of securities presented by contractual maturity | The amortized cost, carrying value and fair value of securities at March 31, 2016, are presented below by contractual maturity. Expected maturities may differ from contractual maturities because issuers may have the right to call or prepay obligations. MBS are presented in total by category due to the fact that MBS typically are issued with stated principal amounts, and the securities are backed by pools of mortgages that have loans with varying maturities. The characteristics of the underlying pool of mortgages, such as fixed-rate or adjustable-rate, as well as prepayment risk, are passed on to the security holder. The term of a mortgage-backed pass-through security thus approximates the term of the underlying mortgages and can vary significantly due to prepayments.
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Loans and Allowance for Probable Loan Losses (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Receivables [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Classification of loans in the consolidated balance sheets | Loans in the accompanying consolidated balance sheets are classified as follows (in thousands):
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Activity in the allowance for loan losses by portfolio segment | The following tables detail activity in the allowance for loan losses by portfolio segment for the periods presented (in thousands):
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Balance in the allowance for loan losses by portfolio segment based on impairment method | The following tables present the balance in the allowance for loan losses by portfolio segment based on impairment method (in thousands):
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Balance in recorded investments in loans by portfolio segment based on impairment method | The following tables present the recorded investment in loans by portfolio segment based on impairment method (in thousands):
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Summary of loans by credit quality indicators | The following tables set forth loans by credit quality indicator for the periods presented (in thousands):
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Summary of nonperforming assets for the period | The following table sets forth nonperforming assets for the periods presented (in thousands):
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Recorded investment in nonaccrual and accruing loans past due more than 90 days by class of loans | The following table sets forth the recorded investment in nonaccrual loans by class of loans for the periods presented (in thousands):
(1) Excludes PCI loans measured at fair value at acquisition. |
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Summary of impaired loans by class of loans for the period | The following tables set forth impaired loans by class of loans for the periods presented (in thousands):
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Aging of recorded investment in past due loans by class of loans | The following tables present the aging of the recorded investment in past due loans by class of loans (in thousands):
(1) Includes PCI loans measured at fair value at acquisition. |
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Average recorded investment and interest income on impaired loans | The following table sets forth average recorded investment and interest income recognized on impaired loans by class of loans for the periods presented (in thousands):
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Schedule of recorded investment in loans modified | The following tables set forth the recorded balance at March 31, 2016 and 2015 of loans considered to be TDRs that were restructured during the periods presented (dollars in thousands):
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Schedule of acquired PCI Loans | The following table presents the outstanding principal balance and carrying value for PCI loans for the periods presented (in thousands):
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Schedule of changes in accretable yield for pci loans | The following table presents the changes of the accretable yield during the periods for PCI loans (in thousands):
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Long-term Obligations (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of long-term obligation | Long-term Obligations Long-term obligations are summarized as follows (in thousands):
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Employee Benefit Plans (Tables) |
3 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2016 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Defined Contribution Pension and Other Postretirement Plans Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
The components of net periodic benefit cost | The components of net periodic benefit cost (income) are as follows (in thousands):
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Derivative Financial Instruments and Hedging Activities Derivative Financial Instruments (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value [Table Text Block] | The following tables present the notional and estimated fair value amount of derivative positions outstanding for the periods presented (in thousands):
(1) Notional amounts, which represent the extent of involvement in the derivatives market, are used to determine the contractual cash flows required in accordance with the terms of the agreement. These amounts are typically not exchanged, significantly exceed amounts subject to credit or market risk and are not reflected in the consolidated balance sheets. (2) Net derivative assets are included in “other assets” and net derivative liabilities are included in “other liabilities” on the consolidated balance sheets. Included in the fair value of net derivative assets and net derivative liabilities are credit valuation adjustments reflecting counterparty credit risk and our credit risk. The fair value of net derivative liabilities included credit valuation adjustments for our credit exposure of $350,000 at March 31, 2016. We had no credit exposure at December 31, 2015. |
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Weighted Average Maturity And Interest Rates On Risk Management Interest Rate Swaps [Table Text Block] | The summarized expected weighted average remaining maturity of the notional amount of interest rate swaps and the weighted average interest rates associated with the amounts expected to be received or paid on interest rate swap agreements are presented below (in thousands):
(1) Variable rates received on pay fixed swaps are based on one-month LIBOR rates in effect at March 31, 2016 and December 31, 2015. |
Fair Value Measurement (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of fair value measurement on recurring and nonrecurring basis segregated by level of valuation inputs within fair value hierarchy utilized to measure fair value | he following tables summarize assets measured at fair value on a recurring and nonrecurring basis segregated by the level of the valuation inputs within the fair value hierarchy utilized to measure fair value (in thousands):
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Financial assets, financial liabilities, and unrecognized financial instruments at carrying amount and fair value | The following tables present our financial assets, financial liabilities, and unrecognized financial instruments measured on a nonrecurring basis at both their respective carrying amounts and estimated fair value (in thousands):
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Income Taxes Income Taxes (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income Tax Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income Taxes | The income tax expense included in the accompanying statements of income consists of the following (in thousands):
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Off-Balance-Sheet Arrangements, Commitments and Contingencies (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commitments and Contingencies Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Scheduled maturities of unused commitments | Financial instruments with off-balance-sheet risk were as follows (in thousands):
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Earnings Per Share - Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands |
3 Months Ended | |
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Mar. 31, 2016 |
Mar. 31, 2015 |
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Basic and Diluted Earnings: | ||
Net income | $ 13,516 | $ 9,379 |
Basic weighted-average shares outstanding | 25,186 | 25,322 |
Add: Stock awards | 66 | 81 |
Diluted weighted-average shares outstanding | 25,252 | 25,403 |
Basic Earnings Per Share: | ||
Earnings per common share - basic (in dollars per share) | $ 0.54 | $ 0.37 |
Diluted Earnings Per Share: | ||
Earnings per common share - diluted (in dollars per share) | $ 0.54 | $ 0.37 |
Antidilutive securities from non-qualified stock options excluded from calculating earnings | ||
Number of antidilutive options (in shares) | 95 | 10 |
Securities - Schedule of Debt and Equity Securities Components (Details) - USD ($) $ in Thousands |
Mar. 31, 2016 |
Dec. 31, 2015 |
|||
---|---|---|---|---|---|
AVAILABLE FOR SALE | |||||
Amortized cost | $ 1,298,586 | $ 1,452,001 | |||
Gross unrealized gains, in OCI | 34,464 | 18,033 | |||
Gross unrealized losses, in OCI | 669 | 9,542 | |||
Estimated fair value | 1,332,381 | 1,460,492 | |||
HELD TO MATURITY | |||||
Amortized cost | 793,381 | 793,154 | |||
Gross unrealized gains, in OCI | 5,672 | 6,005 | |||
Gross unrealized losses, in OCI | 14,474 | 14,863 | |||
Carrying value | 784,579 | 784,296 | |||
Gross unrealized gains, not in OCI | 34,709 | 19,311 | |||
Gross unrealized losses, not in OCI | 1,180 | 3,844 | |||
Estimated fair value | 818,108 | 799,763 | |||
U.S. Treasury | |||||
AVAILABLE FOR SALE | |||||
Amortized cost | 0 | 103,906 | |||
Gross unrealized gains, in OCI | 0 | 61 | |||
Gross unrealized losses, in OCI | 0 | 380 | |||
Estimated fair value | 0 | 103,587 | |||
State and Political Subdivisions | |||||
AVAILABLE FOR SALE | |||||
Amortized cost | 270,091 | 236,534 | |||
Gross unrealized gains, in OCI | 10,172 | 8,323 | |||
Gross unrealized losses, in OCI | 471 | 611 | |||
Estimated fair value | 279,792 | 244,246 | |||
HELD TO MATURITY | |||||
Amortized cost | 387,936 | 389,997 | |||
Gross unrealized gains, in OCI | 4,480 | 4,772 | |||
Gross unrealized losses, in OCI | 9,094 | 9,273 | |||
Carrying value | 383,322 | 385,496 | |||
Gross unrealized gains, not in OCI | 17,387 | 13,061 | |||
Gross unrealized losses, not in OCI | 1,179 | 1,363 | |||
Estimated fair value | 399,530 | 397,194 | |||
Other Stocks and Bonds | |||||
AVAILABLE FOR SALE | |||||
Amortized cost | 12,774 | 12,772 | |||
Gross unrealized gains, in OCI | 80 | 63 | |||
Gross unrealized losses, in OCI | 45 | 45 | |||
Estimated fair value | 12,809 | 12,790 | |||
Other Equity Securities | |||||
AVAILABLE FOR SALE | |||||
Amortized cost | 6,048 | 6,052 | |||
Gross unrealized gains, in OCI | 52 | 0 | |||
Gross unrealized losses, in OCI | 0 | 36 | |||
Estimated fair value | 6,100 | 6,016 | |||
Residential | |||||
AVAILABLE FOR SALE | |||||
Amortized cost | [1] | 553,121 | 580,621 | ||
Gross unrealized gains, in OCI | [1] | 12,042 | 9,120 | ||
Gross unrealized losses, in OCI | [1] | 153 | 1,239 | ||
Estimated fair value | [1] | 565,010 | 588,502 | ||
HELD TO MATURITY | |||||
Amortized cost | [1] | 34,187 | 31,430 | ||
Gross unrealized gains, in OCI | [1] | 0 | 0 | ||
Gross unrealized losses, in OCI | [1] | 44 | 51 | ||
Carrying value | [1] | 34,143 | 31,379 | ||
Gross unrealized gains, not in OCI | [1] | 2,380 | 2,018 | ||
Gross unrealized losses, not in OCI | [1] | 1 | 1 | ||
Estimated fair value | [1] | 36,522 | 33,396 | ||
Commercial | |||||
AVAILABLE FOR SALE | |||||
Amortized cost | [1] | 456,552 | 512,116 | ||
Gross unrealized gains, in OCI | [1] | 12,118 | 466 | ||
Gross unrealized losses, in OCI | [1] | 0 | 7,231 | ||
Estimated fair value | [1] | 468,670 | 505,351 | ||
HELD TO MATURITY | |||||
Amortized cost | [1] | 371,258 | 371,727 | ||
Gross unrealized gains, in OCI | [1] | 1,192 | 1,233 | ||
Gross unrealized losses, in OCI | [1] | 5,336 | 5,539 | ||
Carrying value | [1] | 367,114 | 367,421 | ||
Gross unrealized gains, not in OCI | [1] | 14,942 | 4,232 | ||
Gross unrealized losses, not in OCI | [1] | 0 | 2,480 | ||
Estimated fair value | [1] | $ 382,056 | $ 369,173 | ||
|
Securities - Unrealized Loss on Securities (Details) - USD ($) |
Mar. 31, 2016 |
Dec. 31, 2015 |
---|---|---|
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value [Abstract] | ||
Less than 12 months, fair value | $ 66,632,000 | $ 740,522,000 |
More than 12 months, fair value | 20,349,000 | 28,197,000 |
Total fair value | 86,981,000 | 768,719,000 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss [Abstract] | ||
Less than 12 months, unrealized loss | 208,000 | 8,831,000 |
More than 12 months, unrealized loss | 461,000 | 711,000 |
Total unrealized loss | 669,000 | 9,542,000 |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Fair Value [Abstract] | ||
Less than 12 months, fair value | 4,737,000 | 219,767,000 |
More than 12 months, fair value | 47,304,000 | 64,721,000 |
Total fair value | 52,041,000 | 284,488,000 |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Accumulated Losses [Abstract] | ||
Held-to-maturity Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | 41,000 | 2,654,000 |
Held-to-maturity Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 1,139,000 | 1,190,000 |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Accumulated Loss | 1,180,000 | 3,844,000 |
State and Political Subdivisions | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value [Abstract] | ||
Less than 12 months, fair value | 6,134,000 | 15,550,000 |
More than 12 months, fair value | 17,650,000 | 19,270,000 |
Total fair value | 23,784,000 | 34,820,000 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss [Abstract] | ||
Less than 12 months, unrealized loss | 16,000 | 116,000 |
More than 12 months, unrealized loss | 455,000 | 495,000 |
Total unrealized loss | 471,000 | 611,000 |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Fair Value [Abstract] | ||
Less than 12 months, fair value | 4,197,000 | 24,340,000 |
More than 12 months, fair value | 47,304,000 | 62,240,000 |
Total fair value | 51,501,000 | 86,580,000 |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Accumulated Losses [Abstract] | ||
Held-to-maturity Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | 40,000 | 214,000 |
Held-to-maturity Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 1,139,000 | 1,149,000 |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Accumulated Loss | 1,179,000 | 1,363,000 |
US Treasury | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value [Abstract] | ||
Less than 12 months, fair value | 0 | 64,172,000 |
More than 12 months, fair value | 0 | 0 |
Total fair value | 0 | 64,172,000 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss [Abstract] | ||
Less than 12 months, unrealized loss | 0 | 380,000 |
More than 12 months, unrealized loss | 0 | 0 |
Total unrealized loss | 0 | 380,000 |
Other Stocks and Bonds | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value [Abstract] | ||
Less than 12 months, fair value | 2,955,000 | 2,954,000 |
More than 12 months, fair value | 0 | 0 |
Total fair value | 2,955,000 | 2,954,000 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss [Abstract] | ||
Less than 12 months, unrealized loss | 45,000 | 45,000 |
More than 12 months, unrealized loss | 0 | 0 |
Total unrealized loss | 45,000 | 45,000 |
Other Equity Securities | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value [Abstract] | ||
Less than 12 months, fair value | 0 | 6,016,000 |
More than 12 months, fair value | 0 | 0 |
Total fair value | 0 | 6,016,000 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss [Abstract] | ||
Less than 12 months, unrealized loss | 0 | 36,000 |
More than 12 months, unrealized loss | 0 | 0 |
Total unrealized loss | 0 | 36,000 |
Residential | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value [Abstract] | ||
Less than 12 months, fair value | 57,543,000 | 229,514,000 |
More than 12 months, fair value | 2,699,000 | 3,817,000 |
Total fair value | 60,242,000 | 233,331,000 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss [Abstract] | ||
Less than 12 months, unrealized loss | 147,000 | 1,215,000 |
More than 12 months, unrealized loss | 6,000 | 24,000 |
Total unrealized loss | 153,000 | 1,239,000 |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Fair Value [Abstract] | ||
Less than 12 months, fair value | 540,000 | 1,717,000 |
More than 12 months, fair value | 0 | 0 |
Total fair value | 540,000 | 1,717,000 |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Accumulated Losses [Abstract] | ||
Held-to-maturity Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | 1,000 | 1,000 |
Held-to-maturity Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 0 | 0 |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Accumulated Loss | 1,000 | 1,000 |
Commercial | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value [Abstract] | ||
Less than 12 months, fair value | 0 | 422,316,000 |
More than 12 months, fair value | 0 | 5,110,000 |
Total fair value | 0 | 427,426,000 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss [Abstract] | ||
Less than 12 months, unrealized loss | 0 | 7,039,000 |
More than 12 months, unrealized loss | 0 | 192,000 |
Total unrealized loss | 0 | 7,231,000 |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Fair Value [Abstract] | ||
Less than 12 months, fair value | 0 | 193,710,000 |
More than 12 months, fair value | 0 | 2,481,000 |
Total fair value | 0 | 196,191,000 |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Accumulated Losses [Abstract] | ||
Held-to-maturity Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | 0 | 2,439,000 |
Held-to-maturity Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 0 | 41,000 |
Held-to-maturity Securities, Continuous Unrealized Loss Position, Accumulated Loss | $ 0 | $ 2,480,000 |
Securities - Interest Income on Securities (Details) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2016 |
Mar. 31, 2015 |
|
Interest income recognized on securities [Abstract] | ||
U.S. Treasury | $ 127 | $ 116 |
U.S. Government Agency Debentures | 0 | 32 |
State and Political Subdivisions | 5,355 | 5,870 |
Other Stocks and Bonds | 58 | 52 |
Other Equity Securities | 29 | 32 |
Mortgage-backed Securities | 9,391 | 8,462 |
Total interest income on securities | $ 14,960 | $ 14,564 |
Securities - Amortized Cost and Estimated Fair Value of Investments in Debt Securities by Contractual Maturity (Details) - USD ($) $ in Thousands |
Mar. 31, 2016 |
Dec. 31, 2015 |
---|---|---|
Available-for-sale Securities, Amortized Cost Basis [Abstract] | ||
Due in one year or less | $ 18,483 | |
Due after one year through five years | 21,036 | |
Due after five years through ten years | 30,220 | |
Due after ten years | 213,126 | |
Total available-for-sale investment securities, amortized cost | 282,865 | |
Mortgage-backed Securities and Other Equity Securities: | 1,015,721 | |
Total | 1,298,586 | |
Available-for-sale Securities, Fair Value, Fiscal Year Maturity [Abstract] | ||
Due in one year or less | 18,576 | |
Due after one year through five years | 22,078 | |
Due after five years through ten years | 31,318 | |
Due after ten years | 220,629 | |
Total available-for-sale investment securities | 292,601 | |
Mortgage-backed Securities and Other Equity Securities: | 1,039,780 | |
Total | 1,332,381 | $ 1,460,492 |
Held to Maturity Securities, Carrying Amount [Abstract] | ||
Due in one year or less | 5,233 | |
Due after one year through five years | 22,189 | |
Due after five years through ten years | 77,787 | |
Due after ten years | 278,113 | |
Total held-to-maturity investment securities | 383,322 | |
Mortgage-backed securities | 401,257 | |
Carrying value | 784,579 | $ 784,296 |
Held to Maturity Securities, Fair Value [Abstract] | ||
Due in one year or less | 5,144 | |
Due after one year through five years | 22,649 | |
Due after five years through ten years | 80,387 | |
Due after ten years | 291,350 | |
Total held-to-maturity investment securities | 399,530 | |
Mortgage-backed Securities | 418,578 | |
Total | $ 818,108 |
Securities - Narrative (Details) - USD ($) $ in Thousands |
3 Months Ended | ||
---|---|---|---|
Mar. 31, 2016 |
Mar. 31, 2015 |
Dec. 31, 2015 |
|
Available-for-sale Securities, Gross Realized Gain (Loss) [Abstract] | |||
Net realized gain on AFS securities | $ 2,400 | $ 2,500 | |
Realized gains | 2,600 | 2,500 | |
Realized losses | 202 | 54 | |
Held-to-maturity Securities, Other Disclosure Items [Abstract] | |||
Proceeds from sale of held-to-maturity securities | 0 | $ 0 | |
Pledged Financial Instruments, Not Separately Reported, Securities | $ 1,130,000 | $ 1,330,000 |
Loans and Allowance for Probable Loan Losses - Loans by Portfolio Segment (Details) - USD ($) $ in Thousands |
Mar. 31, 2016 |
Dec. 31, 2015 |
||
---|---|---|---|---|
Loans and Leases Receivable Disclosure [Abstract] | ||||
Total ending loan balance | [1] | $ 2,443,231 | $ 2,431,753 | |
Less: Allowance for Loan Losses | 21,799 | 19,736 | ||
Net Loans | 2,421,432 | 2,412,017 | ||
Construction | ||||
Loans and Leases Receivable Disclosure [Abstract] | ||||
Total ending loan balance | 464,750 | 438,247 | ||
1-4 Family Residential | ||||
Loans and Leases Receivable Disclosure [Abstract] | ||||
Total ending loan balance | 644,826 | 655,410 | ||
Commercial | ||||
Loans and Leases Receivable Disclosure [Abstract] | ||||
Total ending loan balance | 657,962 | 635,210 | ||
Commercial Loans | ||||
Loans and Leases Receivable Disclosure [Abstract] | ||||
Total ending loan balance | 233,857 | 242,527 | ||
Municipal Loans | ||||
Loans and Leases Receivable Disclosure [Abstract] | ||||
Total ending loan balance | 286,217 | 288,115 | ||
Loans to Individuals | ||||
Loans and Leases Receivable Disclosure [Abstract] | ||||
Total ending loan balance | 155,619 | 172,244 | ||
OmniAmerican Bancorp, Inc. | ||||
Loans and Financing Receivable [Line Items] | ||||
Loans acquired carrying amount | 525,400 | 581,100 | ||
Loans and Leases Receivable Disclosure [Abstract] | ||||
Less: Allowance for Loan Losses | $ 519 | $ 629 | ||
|
Loans and Allowance for Probable Loan Losses - Allowance for Loan Losses Activity by Portfolio Segment (Details) - USD ($) $ in Thousands |
3 Months Ended | ||||
---|---|---|---|---|---|
Mar. 31, 2016 |
Mar. 31, 2015 |
||||
Change in Allowances for Loan Losses [Abstract] | |||||
Balance at beginning of period | $ 19,736 | $ 13,292 | [1] | ||
Provision (reversal) for loan losses | 2,316 | 3,848 | |||
Loans charged off | (1,140) | (1,086) | |||
Recoveries of loans charged off | 887 | 872 | |||
Balance at end of period | 21,799 | 16,926 | |||
Construction | |||||
Change in Allowances for Loan Losses [Abstract] | |||||
Balance at beginning of period | 4,350 | 2,456 | [1] | ||
Provision (reversal) for loan losses | (42) | 275 | |||
Loans charged off | 0 | 0 | |||
Recoveries of loans charged off | 269 | 43 | |||
Balance at end of period | 4,577 | 2,774 | |||
1-4 Family Residential | |||||
Change in Allowances for Loan Losses [Abstract] | |||||
Balance at beginning of period | 2,595 | 2,822 | [1] | ||
Provision (reversal) for loan losses | (551) | 573 | |||
Loans charged off | (19) | (6) | |||
Recoveries of loans charged off | 130 | 11 | |||
Balance at end of period | 2,155 | 3,400 | |||
Commercial | |||||
Change in Allowances for Loan Losses [Abstract] | |||||
Balance at beginning of period | 4,577 | 3,025 | [1] | ||
Provision (reversal) for loan losses | (116) | 269 | |||
Loans charged off | 0 | 0 | |||
Recoveries of loans charged off | 6 | 66 | |||
Balance at end of period | 4,467 | 3,360 | |||
Commercial Loans | |||||
Change in Allowances for Loan Losses [Abstract] | |||||
Balance at beginning of period | 6,596 | 3,279 | [1] | ||
Provision (reversal) for loan losses | 2,620 | 2,065 | |||
Loans charged off | (273) | (57) | |||
Recoveries of loans charged off | 21 | 29 | |||
Balance at end of period | 8,964 | 5,316 | |||
Municipal Loans | |||||
Change in Allowances for Loan Losses [Abstract] | |||||
Balance at beginning of period | 725 | 716 | [1] | ||
Provision (reversal) for loan losses | (5) | 108 | |||
Loans charged off | 0 | 0 | |||
Recoveries of loans charged off | 0 | 0 | |||
Balance at end of period | 720 | 824 | |||
Loans to Individuals | |||||
Change in Allowances for Loan Losses [Abstract] | |||||
Balance at beginning of period | 893 | 994 | [1] | ||
Provision (reversal) for loan losses | 410 | 558 | |||
Loans charged off | (848) | (1,023) | |||
Recoveries of loans charged off | 461 | 723 | |||
Balance at end of period | $ 916 | $ 1,252 | |||
|
Loans and Allowance for Probable Loan Losses - Allowance Balance, by Impairment Method (Details) - USD ($) $ in Thousands |
Mar. 31, 2016 |
Dec. 31, 2015 |
Mar. 31, 2015 |
Dec. 31, 2014 |
[2] | |||||
---|---|---|---|---|---|---|---|---|---|---|
Schedule of Allowance For Loan Losses, Allowance Balance, by Impairment Method [Line Items] | ||||||||||
Ending balance - individually evaluated for impairment | [1] | $ 6,637 | $ 4,891 | |||||||
Ending balance - collectively evaluated for impairment | 15,162 | 14,845 | ||||||||
Balance at end of period | 21,799 | 19,736 | $ 16,926 | $ 13,292 | ||||||
Allowance for credit losses, individually evaluated for impairment, PCI loans | 519 | 629 | ||||||||
Construction | ||||||||||
Schedule of Allowance For Loan Losses, Allowance Balance, by Impairment Method [Line Items] | ||||||||||
Ending balance - individually evaluated for impairment | [1] | 31 | 12 | |||||||
Ending balance - collectively evaluated for impairment | 4,546 | 4,338 | ||||||||
Balance at end of period | 4,577 | 4,350 | 2,774 | 2,456 | ||||||
1-4 Family Residential | ||||||||||
Schedule of Allowance For Loan Losses, Allowance Balance, by Impairment Method [Line Items] | ||||||||||
Ending balance - individually evaluated for impairment | [1] | 23 | 25 | |||||||
Ending balance - collectively evaluated for impairment | 2,132 | 2,570 | ||||||||
Balance at end of period | 2,155 | 2,595 | 3,400 | 2,822 | ||||||
Commercial | ||||||||||
Schedule of Allowance For Loan Losses, Allowance Balance, by Impairment Method [Line Items] | ||||||||||
Ending balance - individually evaluated for impairment | [1] | 56 | 137 | |||||||
Ending balance - collectively evaluated for impairment | 4,411 | 4,440 | ||||||||
Balance at end of period | 4,467 | 4,577 | 3,360 | 3,025 | ||||||
Commercial Loans | ||||||||||
Schedule of Allowance For Loan Losses, Allowance Balance, by Impairment Method [Line Items] | ||||||||||
Ending balance - individually evaluated for impairment | [1] | 6,422 | 4,599 | |||||||
Ending balance - collectively evaluated for impairment | 2,542 | 1,997 | ||||||||
Balance at end of period | 8,964 | 6,596 | 5,316 | 3,279 | ||||||
Municipal Loans | ||||||||||
Schedule of Allowance For Loan Losses, Allowance Balance, by Impairment Method [Line Items] | ||||||||||
Ending balance - individually evaluated for impairment | [1] | 13 | 13 | |||||||
Ending balance - collectively evaluated for impairment | 707 | 712 | ||||||||
Balance at end of period | 720 | 725 | 824 | 716 | ||||||
Loans to Individuals | ||||||||||
Schedule of Allowance For Loan Losses, Allowance Balance, by Impairment Method [Line Items] | ||||||||||
Ending balance - individually evaluated for impairment | [1] | 92 | 105 | |||||||
Ending balance - collectively evaluated for impairment | 824 | 788 | ||||||||
Balance at end of period | $ 916 | $ 893 | $ 1,252 | $ 994 | ||||||
|
Loans and Allowance for Probable Loan Losses - Allowance for Loan Losses, Loan Portfolio, by Impairment Method (Details) - USD ($) $ in Thousands |
Mar. 31, 2016 |
Dec. 31, 2015 |
||
---|---|---|---|---|
Schedule of Allowance For Loan Losses, Loan Balance, by Impairment Method [Line Items] | ||||
Loans individually evaluated for impairment | $ 23,591 | $ 21,161 | ||
Loans collectively evaluated for impairment | 2,401,160 | 2,391,972 | ||
Purchased credit impaired loans | 18,480 | 18,620 | ||
Total ending loan balance | [1] | 2,443,231 | 2,431,753 | |
Construction | ||||
Schedule of Allowance For Loan Losses, Loan Balance, by Impairment Method [Line Items] | ||||
Loans individually evaluated for impairment | 688 | 508 | ||
Loans collectively evaluated for impairment | 463,842 | 437,518 | ||
Purchased credit impaired loans | 220 | 221 | ||
Total ending loan balance | 464,750 | 438,247 | ||
1-4 Family Residential | ||||
Schedule of Allowance For Loan Losses, Loan Balance, by Impairment Method [Line Items] | ||||
Loans individually evaluated for impairment | 1,730 | 1,751 | ||
Loans collectively evaluated for impairment | 636,151 | 646,590 | ||
Purchased credit impaired loans | 6,945 | 7,069 | ||
Total ending loan balance | 644,826 | 655,410 | ||
Commercial | ||||
Schedule of Allowance For Loan Losses, Loan Balance, by Impairment Method [Line Items] | ||||
Loans individually evaluated for impairment | 5,651 | 3,757 | ||
Loans collectively evaluated for impairment | 649,297 | 628,405 | ||
Purchased credit impaired loans | 3,014 | 3,048 | ||
Total ending loan balance | 657,962 | 635,210 | ||
Commercial Loans | ||||
Schedule of Allowance For Loan Losses, Loan Balance, by Impairment Method [Line Items] | ||||
Loans individually evaluated for impairment | 14,650 | 14,250 | ||
Loans collectively evaluated for impairment | 211,096 | 220,199 | ||
Purchased credit impaired loans | 8,111 | 8,078 | ||
Total ending loan balance | 233,857 | 242,527 | ||
Municipal Loans | ||||
Schedule of Allowance For Loan Losses, Loan Balance, by Impairment Method [Line Items] | ||||
Loans individually evaluated for impairment | 637 | 637 | ||
Loans collectively evaluated for impairment | 285,580 | 287,478 | ||
Purchased credit impaired loans | 0 | 0 | ||
Total ending loan balance | 286,217 | 288,115 | ||
Loans to Individuals | ||||
Schedule of Allowance For Loan Losses, Loan Balance, by Impairment Method [Line Items] | ||||
Loans individually evaluated for impairment | 235 | 258 | ||
Loans collectively evaluated for impairment | 155,194 | 171,782 | ||
Purchased credit impaired loans | 190 | 204 | ||
Total ending loan balance | $ 155,619 | $ 172,244 | ||
|
Loans and Allowance for Probable Loan Losses - Loans by Credit Quality Indicator (Details) - USD ($) $ in Thousands |
Mar. 31, 2016 |
Dec. 31, 2015 |
||||||
---|---|---|---|---|---|---|---|---|
Financing Receivable, Recorded Investment, Credit Quality Indicator [Abstract] | ||||||||
Loans | [1] | $ 2,443,231 | $ 2,431,753 | |||||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Carrying Amount, Net | 18,480 | 18,620 | ||||||
Construction | ||||||||
Financing Receivable, Recorded Investment, Credit Quality Indicator [Abstract] | ||||||||
Loans | 464,750 | 438,247 | ||||||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Carrying Amount, Net | 220 | 221 | ||||||
1-4 Family Residential | ||||||||
Financing Receivable, Recorded Investment, Credit Quality Indicator [Abstract] | ||||||||
Loans | 644,826 | 655,410 | ||||||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Carrying Amount, Net | 6,945 | 7,069 | ||||||
Commercial | ||||||||
Financing Receivable, Recorded Investment, Credit Quality Indicator [Abstract] | ||||||||
Loans | 657,962 | 635,210 | ||||||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Carrying Amount, Net | 3,014 | 3,048 | ||||||
Commercial Loans | ||||||||
Financing Receivable, Recorded Investment, Credit Quality Indicator [Abstract] | ||||||||
Loans | 233,857 | 242,527 | ||||||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Carrying Amount, Net | 8,111 | 8,078 | ||||||
Municipal Loans | ||||||||
Financing Receivable, Recorded Investment, Credit Quality Indicator [Abstract] | ||||||||
Loans | 286,217 | 288,115 | ||||||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Carrying Amount, Net | 0 | 0 | ||||||
Loans to Individuals | ||||||||
Financing Receivable, Recorded Investment, Credit Quality Indicator [Abstract] | ||||||||
Loans | 155,619 | 172,244 | ||||||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Carrying Amount, Net | 190 | 204 | ||||||
Pass | ||||||||
Financing Receivable, Recorded Investment, Credit Quality Indicator [Abstract] | ||||||||
Loans | 2,366,367 | 2,360,256 | ||||||
Pass | Construction | ||||||||
Financing Receivable, Recorded Investment, Credit Quality Indicator [Abstract] | ||||||||
Loans | 452,660 | 434,893 | ||||||
Pass | 1-4 Family Residential | ||||||||
Financing Receivable, Recorded Investment, Credit Quality Indicator [Abstract] | ||||||||
Loans | 634,028 | 643,498 | ||||||
Pass | Commercial | ||||||||
Financing Receivable, Recorded Investment, Credit Quality Indicator [Abstract] | ||||||||
Loans | 643,504 | 620,117 | ||||||
Pass | Commercial Loans | ||||||||
Financing Receivable, Recorded Investment, Credit Quality Indicator [Abstract] | ||||||||
Loans | 197,689 | 204,775 | ||||||
Pass | Municipal Loans | ||||||||
Financing Receivable, Recorded Investment, Credit Quality Indicator [Abstract] | ||||||||
Loans | 284,563 | 286,415 | ||||||
Pass | Loans to Individuals | ||||||||
Financing Receivable, Recorded Investment, Credit Quality Indicator [Abstract] | ||||||||
Loans | 153,923 | 170,558 | ||||||
Pass Watch | ||||||||
Financing Receivable, Recorded Investment, Credit Quality Indicator [Abstract] | ||||||||
Loans | 3,160 | 2,121 | ||||||
Pass Watch | Construction | ||||||||
Financing Receivable, Recorded Investment, Credit Quality Indicator [Abstract] | ||||||||
Loans | 0 | 0 | ||||||
Pass Watch | 1-4 Family Residential | ||||||||
Financing Receivable, Recorded Investment, Credit Quality Indicator [Abstract] | ||||||||
Loans | 1,390 | 1,403 | ||||||
Pass Watch | Commercial | ||||||||
Financing Receivable, Recorded Investment, Credit Quality Indicator [Abstract] | ||||||||
Loans | 621 | 0 | ||||||
Pass Watch | Commercial Loans | ||||||||
Financing Receivable, Recorded Investment, Credit Quality Indicator [Abstract] | ||||||||
Loans | 1,148 | 716 | ||||||
Pass Watch | Municipal Loans | ||||||||
Financing Receivable, Recorded Investment, Credit Quality Indicator [Abstract] | ||||||||
Loans | 0 | 0 | ||||||
Pass Watch | Loans to Individuals | ||||||||
Financing Receivable, Recorded Investment, Credit Quality Indicator [Abstract] | ||||||||
Loans | 1 | 2 | ||||||
Special Mention | ||||||||
Financing Receivable, Recorded Investment, Credit Quality Indicator [Abstract] | ||||||||
Loans | [2] | 9,412 | 6,191 | |||||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Carrying Amount, Net | 95 | 95 | ||||||
Special Mention | Construction | ||||||||
Financing Receivable, Recorded Investment, Credit Quality Indicator [Abstract] | ||||||||
Loans | [2] | 1,943 | 1,754 | |||||
Special Mention | 1-4 Family Residential | ||||||||
Financing Receivable, Recorded Investment, Credit Quality Indicator [Abstract] | ||||||||
Loans | [2] | 1,622 | 1,636 | |||||
Special Mention | Commercial | ||||||||
Financing Receivable, Recorded Investment, Credit Quality Indicator [Abstract] | ||||||||
Loans | [2] | 113 | 0 | |||||
Special Mention | Commercial Loans | ||||||||
Financing Receivable, Recorded Investment, Credit Quality Indicator [Abstract] | ||||||||
Loans | [2] | 4,717 | 1,738 | |||||
Special Mention | Municipal Loans | ||||||||
Financing Receivable, Recorded Investment, Credit Quality Indicator [Abstract] | ||||||||
Loans | [2] | 1,017 | 1,063 | |||||
Special Mention | Loans to Individuals | ||||||||
Financing Receivable, Recorded Investment, Credit Quality Indicator [Abstract] | ||||||||
Loans | [2] | 0 | 0 | |||||
Substandard | ||||||||
Financing Receivable, Recorded Investment, Credit Quality Indicator [Abstract] | ||||||||
Loans | [2] | 37,822 | 50,275 | |||||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Carrying Amount, Net | 3,600 | 3,600 | ||||||
Substandard | Construction | ||||||||
Financing Receivable, Recorded Investment, Credit Quality Indicator [Abstract] | ||||||||
Loans | [2] | 10,031 | 1,576 | |||||
Substandard | 1-4 Family Residential | ||||||||
Financing Receivable, Recorded Investment, Credit Quality Indicator [Abstract] | ||||||||
Loans | [2] | 3,943 | 4,915 | |||||
Substandard | Commercial | ||||||||
Financing Receivable, Recorded Investment, Credit Quality Indicator [Abstract] | ||||||||
Loans | [2] | 12,512 | 14,988 | |||||
Substandard | Commercial Loans | ||||||||
Financing Receivable, Recorded Investment, Credit Quality Indicator [Abstract] | ||||||||
Loans | [2] | 10,263 | 27,681 | |||||
Substandard | Municipal Loans | ||||||||
Financing Receivable, Recorded Investment, Credit Quality Indicator [Abstract] | ||||||||
Loans | [2] | 637 | 637 | |||||
Substandard | Loans to Individuals | ||||||||
Financing Receivable, Recorded Investment, Credit Quality Indicator [Abstract] | ||||||||
Loans | [2] | 436 | 478 | |||||
Doubtful | ||||||||
Financing Receivable, Recorded Investment, Credit Quality Indicator [Abstract] | ||||||||
Loans | 26,470 | [2] | 12,910 | |||||
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Carrying Amount, Net | 9,800 | 9,900 | ||||||
Doubtful | Construction | ||||||||
Financing Receivable, Recorded Investment, Credit Quality Indicator [Abstract] | ||||||||
Loans | 116 | [2] | 24 | |||||
Doubtful | 1-4 Family Residential | ||||||||
Financing Receivable, Recorded Investment, Credit Quality Indicator [Abstract] | ||||||||
Loans | 3,843 | [2] | 3,958 | |||||
Doubtful | Commercial | ||||||||
Financing Receivable, Recorded Investment, Credit Quality Indicator [Abstract] | ||||||||
Loans | 1,212 | [2] | 105 | |||||
Doubtful | Commercial Loans | ||||||||
Financing Receivable, Recorded Investment, Credit Quality Indicator [Abstract] | ||||||||
Loans | 20,040 | [2] | 7,617 | |||||
Doubtful | Municipal Loans | ||||||||
Financing Receivable, Recorded Investment, Credit Quality Indicator [Abstract] | ||||||||
Loans | 0 | [2] | 0 | |||||
Doubtful | Loans to Individuals | ||||||||
Financing Receivable, Recorded Investment, Credit Quality Indicator [Abstract] | ||||||||
Loans | $ 1,259 | [2] | $ 1,206 | |||||
|
Loans and Allowance for Probable Loan Losses - Nonperforming Assets by Asset Class (Details) - USD ($) $ in Thousands |
Mar. 31, 2016 |
Dec. 31, 2015 |
|||||
---|---|---|---|---|---|---|---|
Receivables [Abstract] | |||||||
Purchase Credit Impaired Loans Restructured | $ 7,400 | $ 7,500 | |||||
Nonperforming Assets by Asset Class [Abstract] | |||||||
Nonaccrual loans | [1] | 21,927 | 20,526 | ||||
Accruing loans past due more than 90 days | [1] | 7 | 3 | ||||
Restructured loans | [2] | 11,762 | 11,143 | ||||
Other real estate owned | 265 | 744 | |||||
Repossessed assets | 85 | 64 | |||||
Total Nonperforming Assets | $ 34,046 | $ 32,480 | |||||
|
Loans and Allowance for Probable Loan Losses - Nonaccrual and Accruing Loans Past Due More Than 90 Days by Class (Details) - USD ($) $ in Thousands |
Mar. 31, 2016 |
Dec. 31, 2015 |
|||
---|---|---|---|---|---|
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Nonaccrual loans | [1] | $ 21,927 | $ 20,526 | ||
Construction | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Nonaccrual loans | [1] | 134 | 508 | ||
1-4 Family Residential | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Nonaccrual loans | [1] | 1,410 | 1,847 | ||
Commercial | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Nonaccrual loans | [1] | 4,731 | 2,816 | ||
Commercial Loans | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Nonaccrual loans | [1] | 14,207 | 13,896 | ||
Loans to Individuals | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Nonaccrual loans | [1] | $ 1,445 | $ 1,459 | ||
|
Loans and Allowance for Probable Loan Losses - Impaired Loans by Class of Loan (Details) - USD ($) $ in Thousands |
Mar. 31, 2016 |
Dec. 31, 2015 |
||||||
---|---|---|---|---|---|---|---|---|
Impaired Financing Receivable, Recorded Investment [Abstract] | ||||||||
Unpaid Contractual Principal Balance | $ 40,327 | [1] | $ 38,687 | [2] | ||||
Recorded Investment With Allowance | 31,484 | [1] | 29,174 | [2] | ||||
Related Allowance for Loan Losses | 6,637 | [1] | 4,891 | [2] | ||||
Purchase credit impaired loans, with deterioration in dredit quality, after acquisition | 7,900 | 8,000 | ||||||
Construction | ||||||||
Impaired Financing Receivable, Recorded Investment [Abstract] | ||||||||
Unpaid Contractual Principal Balance | 690 | 1,320 | ||||||
Recorded Investment With Allowance | 688 | 508 | ||||||
Related Allowance for Loan Losses | 31 | 12 | ||||||
1-4 Family Residential | ||||||||
Impaired Financing Receivable, Recorded Investment [Abstract] | ||||||||
Unpaid Contractual Principal Balance | 1,823 | 1,842 | ||||||
Recorded Investment With Allowance | 1,730 | 1,751 | ||||||
Related Allowance for Loan Losses | 23 | 25 | ||||||
Commercial | ||||||||
Impaired Financing Receivable, Recorded Investment [Abstract] | ||||||||
Unpaid Contractual Principal Balance | 6,669 | 4,756 | ||||||
Recorded Investment With Allowance | 6,509 | 4,636 | ||||||
Related Allowance for Loan Losses | 56 | 137 | ||||||
Commercial Loans | ||||||||
Impaired Financing Receivable, Recorded Investment [Abstract] | ||||||||
Unpaid Contractual Principal Balance | 30,239 | 29,844 | ||||||
Recorded Investment With Allowance | 21,685 | 21,385 | ||||||
Related Allowance for Loan Losses | 6,422 | 4,599 | ||||||
Municipal Loans | ||||||||
Impaired Financing Receivable, Recorded Investment [Abstract] | ||||||||
Unpaid Contractual Principal Balance | 637 | 637 | ||||||
Recorded Investment With Allowance | 637 | 637 | ||||||
Related Allowance for Loan Losses | 13 | 13 | ||||||
Loans to Individuals | ||||||||
Impaired Financing Receivable, Recorded Investment [Abstract] | ||||||||
Unpaid Contractual Principal Balance | 269 | 288 | ||||||
Recorded Investment With Allowance | 235 | 257 | ||||||
Related Allowance for Loan Losses | $ 92 | $ 105 | ||||||
|
Loans and Allowance for Probable Loan Losses - Aging of Past Due Loans by Class of Loan (Details) - USD ($) $ in Thousands |
Mar. 31, 2016 |
Dec. 31, 2015 |
|||||
---|---|---|---|---|---|---|---|
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||||
Total Past Due | $ 13,378 | $ 12,510 | |||||
Current | [1] | 2,429,853 | 2,419,243 | ||||
Total ending loan balance | [2] | 2,443,231 | 2,431,753 | ||||
30-59 Days Past Due | |||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||||
Total Past Due | 7,763 | 7,167 | |||||
60-89 Days Past Due | |||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||||
Total Past Due | 3,181 | 3,074 | |||||
Greater than 90 Days Past Due | |||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||||
Total Past Due | 2,434 | 2,269 | |||||
Construction | |||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||||
Total Past Due | 1,249 | 587 | |||||
Current | [1] | 463,501 | 437,660 | ||||
Total ending loan balance | 464,750 | 438,247 | |||||
Construction | 30-59 Days Past Due | |||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||||
Total Past Due | 1,156 | 121 | |||||
Construction | 60-89 Days Past Due | |||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||||
Total Past Due | 0 | 258 | |||||
Construction | Greater than 90 Days Past Due | |||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||||
Total Past Due | 93 | 208 | |||||
1-4 Family Residential | |||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||||
Total Past Due | 4,377 | 5,564 | |||||
Current | [1] | 640,449 | 649,846 | ||||
Total ending loan balance | 644,826 | 655,410 | |||||
1-4 Family Residential | 30-59 Days Past Due | |||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||||
Total Past Due | 3,622 | 3,703 | |||||
1-4 Family Residential | 60-89 Days Past Due | |||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||||
Total Past Due | 39 | 781 | |||||
1-4 Family Residential | Greater than 90 Days Past Due | |||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||||
Total Past Due | 716 | 1,080 | |||||
Commercial | |||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||||
Total Past Due | 1,683 | 2,009 | |||||
Current | [1] | 656,279 | 633,201 | ||||
Total ending loan balance | 657,962 | 635,210 | |||||
Commercial | 30-59 Days Past Due | |||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||||
Total Past Due | 330 | 359 | |||||
Commercial | 60-89 Days Past Due | |||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||||
Total Past Due | 35 | 1,289 | |||||
Commercial | Greater than 90 Days Past Due | |||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||||
Total Past Due | 1,318 | 361 | |||||
Commercial Loans | |||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||||
Total Past Due | 3,797 | 1,000 | |||||
Current | [1] | 230,060 | 241,527 | ||||
Total ending loan balance | 233,857 | 242,527 | |||||
Commercial Loans | 30-59 Days Past Due | |||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||||
Total Past Due | 844 | 527 | |||||
Commercial Loans | 60-89 Days Past Due | |||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||||
Total Past Due | 2,899 | 138 | |||||
Commercial Loans | Greater than 90 Days Past Due | |||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||||
Total Past Due | 54 | 335 | |||||
Municipal Loans | |||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||||
Total Past Due | 0 | 0 | |||||
Current | [1] | 286,217 | 288,115 | ||||
Total ending loan balance | 286,217 | 288,115 | |||||
Municipal Loans | 30-59 Days Past Due | |||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||||
Total Past Due | 0 | 0 | |||||
Municipal Loans | 60-89 Days Past Due | |||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||||
Total Past Due | 0 | 0 | |||||
Municipal Loans | Greater than 90 Days Past Due | |||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||||
Total Past Due | 0 | 0 | |||||
Loans to Individuals | |||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||||
Total Past Due | 2,272 | 3,350 | |||||
Current | [1] | 153,347 | 168,894 | ||||
Total ending loan balance | 155,619 | 172,244 | |||||
Loans to Individuals | 30-59 Days Past Due | |||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||||
Total Past Due | 1,811 | 2,457 | |||||
Loans to Individuals | 60-89 Days Past Due | |||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||||
Total Past Due | 208 | 608 | |||||
Loans to Individuals | Greater than 90 Days Past Due | |||||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||||
Total Past Due | $ 253 | $ 285 | |||||
|
Loans and Allowance for Probable Loan Losses - Interest Income on Impaired Loans (Details) - USD ($) $ in Thousands |
3 Months Ended | ||||
---|---|---|---|---|---|
Mar. 31, 2016 |
[1] | Mar. 31, 2015 |
|||
Impaired Financing Receivable, Average Recorded Investment and Interest Income on Impaired Loans [Abstract] | |||||
Average recorded investment | $ 30,366 | $ 14,099 | |||
Interest income recognized | 219 | 71 | |||
Construction | |||||
Impaired Financing Receivable, Average Recorded Investment and Interest Income on Impaired Loans [Abstract] | |||||
Average recorded investment | 454 | 2,401 | |||
Interest income recognized | 6 | 23 | |||
1-4 Family Residential | |||||
Impaired Financing Receivable, Average Recorded Investment and Interest Income on Impaired Loans [Abstract] | |||||
Average recorded investment | 1,865 | 4,000 | |||
Interest income recognized | 14 | 17 | |||
Commercial | |||||
Impaired Financing Receivable, Average Recorded Investment and Interest Income on Impaired Loans [Abstract] | |||||
Average recorded investment | 5,488 | 1,945 | |||
Interest income recognized | 21 | 13 | |||
Commercial Loans | |||||
Impaired Financing Receivable, Average Recorded Investment and Interest Income on Impaired Loans [Abstract] | |||||
Average recorded investment | 21,675 | 4,530 | |||
Interest income recognized | 167 | 8 | |||
Municipal Loans | |||||
Impaired Financing Receivable, Average Recorded Investment and Interest Income on Impaired Loans [Abstract] | |||||
Average recorded investment | 637 | 761 | |||
Interest income recognized | 9 | 10 | |||
Loans to Individuals | |||||
Impaired Financing Receivable, Average Recorded Investment and Interest Income on Impaired Loans [Abstract] | |||||
Average recorded investment | 247 | 462 | |||
Interest income recognized | $ 2 | $ 0 | |||
|
Loans and Allowance for Probable Loan Losses - Troubled Debt Restructurings (Details) $ in Thousands |
3 Months Ended | ||||
---|---|---|---|---|---|
Mar. 31, 2016
USD ($)
contract
|
Mar. 31, 2015
USD ($)
contract
|
||||
Troubled Debt Restructuring [Abstract] | |||||
Extend Amortization Period | $ 3,848 | $ 31 | |||
Interest Rate Reductions | 0 | 0 | |||
Combination | [1] | 0 | 1,055 | ||
Total Modifications | $ 3,848 | $ 1,086 | |||
Number of Loans | contract | 6 | 6 | |||
Construction | |||||
Troubled Debt Restructuring [Abstract] | |||||
Extend Amortization Period | $ 554 | $ 0 | |||
Interest Rate Reductions | 0 | 0 | |||
Combination | [1] | 0 | 0 | ||
Total Modifications | $ 554 | $ 0 | |||
Number of Loans | contract | 1 | 0 | |||
1-4 Family Residential | |||||
Troubled Debt Restructuring [Abstract] | |||||
Extend Amortization Period | $ 0 | $ 0 | |||
Interest Rate Reductions | 0 | 0 | |||
Combination | [1] | 0 | 266 | ||
Total Modifications | $ 0 | $ 266 | |||
Number of Loans | contract | 0 | 2 | |||
Commercial | |||||
Troubled Debt Restructuring [Abstract] | |||||
Extend Amortization Period | $ 2,118 | $ 31 | |||
Interest Rate Reductions | 0 | 0 | |||
Combination | [1] | 0 | 0 | ||
Total Modifications | $ 2,118 | $ 31 | |||
Number of Loans | contract | 1 | 1 | |||
Commercial Loans | |||||
Troubled Debt Restructuring [Abstract] | |||||
Extend Amortization Period | $ 1,176 | $ 0 | |||
Interest Rate Reductions | 0 | 0 | |||
Combination | [1] | 0 | 762 | ||
Total Modifications | $ 1,176 | $ 762 | |||
Number of Loans | contract | 4 | 1 | |||
Loans to Individuals | |||||
Troubled Debt Restructuring [Abstract] | |||||
Extend Amortization Period | $ 0 | $ 0 | |||
Interest Rate Reductions | 0 | 0 | |||
Combination | [1] | 0 | 27 | ||
Total Modifications | $ 0 | $ 27 | |||
Number of Loans | contract | 0 | 2 | |||
|
Loans and Allowance for Probable Loan Losses - Purchased Credit Impaired (Details) - USD ($) $ in Thousands |
3 Months Ended | ||
---|---|---|---|
Mar. 31, 2016 |
Mar. 31, 2015 |
Dec. 31, 2015 |
|
Purchased Credit Impaired [Abstract] | |||
Outstanding principal balance | $ 27,005 | $ 27,644 | |
Purchased credit impaired loans | 18,480 | $ 18,620 | |
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Accretable Yield Movement Schedule [Roll Forward] | |||
Balance at beginning of period | 2,493 | $ 1,820 | |
Additions | 0 | 0 | |
Reclassifications from Nonaccretable Discount | 443 | 0 | |
Accretion | (594) | (524) | |
Balance at end of period | $ 2,342 | $ 1,296 |
Loans and Allowance for Probable Loan Losses - Narrative (Details) - USD ($) |
3 Months Ended | ||
---|---|---|---|
Mar. 31, 2016 |
Mar. 31, 2015 |
Dec. 31, 2015 |
|
Receivables [Abstract] | |||
Commercial Real Estate Loans, Commercial Real Estate | $ 582,800,000 | ||
Commercial Real Estate Loans, Multifamily | 69,900,000 | ||
Commercial Real Estate Loans, Farm Land | 5,300,000 | ||
Accounts, Notes, Loans and Financing Receivable, Gross, Allowance, and Net [Abstract] | |||
Loan review larger dollar loan relationship scope, aggregate debt | 500,000 | ||
Specifically reserved loans or loan relationships threshold | 150,000 | ||
Loans transferred to other repossessed assets and real estate through foreclosure | 2,900,000 | $ 67,000 | |
Material defaults | 1,393,000 | $ 0 | |
Loans and leases receivable, impaired, commitment to lend | $ 0 | $ 0 |
Long-term Obligations - Long-term Obligations (Details) - USD ($) $ in Thousands |
3 Months Ended | |||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2016 |
Dec. 31, 2015 |
|||||||||||||||
Debt Instruments [Abstract] | ||||||||||||||||
FHLB advances | [1] | $ 561,990 | $ 502,281 | |||||||||||||
Long-term debt | [2] | 60,311 | 60,311 | |||||||||||||
Total Long-term Obligations | $ 622,301 | 562,592 | ||||||||||||||
Federal Home Loan Bank Advances | ||||||||||||||||
Advances from Federal Home Loan Banks [Abstract] | ||||||||||||||||
Weighted average cost (in hundredths) | 1.17% | |||||||||||||||
Maturity date range, earliest | Apr. 03, 2017 | |||||||||||||||
Maturity date range, latest | Jul. 03, 2028 | |||||||||||||||
Southside Statutory Trust III | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Maturity date | 2033 | |||||||||||||||
Debt Instruments [Abstract] | ||||||||||||||||
Long-term debt | [2] | $ 20,619 | [3] | 20,619 | ||||||||||||
Long-term Debt, Other Disclosures [Abstract] | ||||||||||||||||
Adjusted rate of debt | 3.57085% | |||||||||||||||
Date of interest rate adjustment | Jun. 29, 2016 | |||||||||||||||
Debt instrument, description of variable rate basis | three-month LIBOR plus 294 basis points | |||||||||||||||
Southside Statutory Trust IV | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Maturity date | 2037 | |||||||||||||||
Debt Instruments [Abstract] | ||||||||||||||||
Long-term debt | [2] | $ 23,196 | [4] | 23,196 | ||||||||||||
Long-term Debt, Other Disclosures [Abstract] | ||||||||||||||||
Adjusted rate of debt | 1.9156% | |||||||||||||||
Date of interest rate adjustment | Apr. 29, 2016 | |||||||||||||||
Debt instrument, description of variable rate basis | three-month LIBOR plus 130 basis points | |||||||||||||||
Southside Statutory Trust V | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Maturity date | 2037 | |||||||||||||||
Debt Instruments [Abstract] | ||||||||||||||||
Long-term debt | [2] | $ 12,887 | [5] | 12,887 | ||||||||||||
Long-term Debt, Other Disclosures [Abstract] | ||||||||||||||||
Adjusted rate of debt | 2.88385% | |||||||||||||||
Date of interest rate adjustment | Jun. 14, 2016 | |||||||||||||||
Debt instrument, description of variable rate basis | three-month LIBOR plus 225 basis points | |||||||||||||||
Magnolia Trust Company I | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Maturity date | 2035 | |||||||||||||||
Debt Instruments [Abstract] | ||||||||||||||||
Long-term debt | [2] | $ 3,609 | [6] | $ 3,609 | ||||||||||||
Long-term Debt, Other Disclosures [Abstract] | ||||||||||||||||
Adjusted rate of debt | 2.4182% | |||||||||||||||
Date of interest rate adjustment | May 22, 2016 | |||||||||||||||
Debt instrument, description of variable rate basis | three-month LIBOR plus 180 basis points | |||||||||||||||
LIBOR | Southside Statutory Trust III | ||||||||||||||||
Long-term Debt, Other Disclosures [Abstract] | ||||||||||||||||
Basis spread on variable rate | 2.94% | |||||||||||||||
LIBOR | Southside Statutory Trust IV | ||||||||||||||||
Long-term Debt, Other Disclosures [Abstract] | ||||||||||||||||
Basis spread on variable rate | 1.30% | |||||||||||||||
LIBOR | Southside Statutory Trust V | ||||||||||||||||
Long-term Debt, Other Disclosures [Abstract] | ||||||||||||||||
Basis spread on variable rate | 2.25% | |||||||||||||||
LIBOR | Magnolia Trust Company I | ||||||||||||||||
Long-term Debt, Other Disclosures [Abstract] | ||||||||||||||||
Basis spread on variable rate | 1.80% | |||||||||||||||
|
Long-term Obligations - Interest Rate Swaps (Details) $ in Millions |
3 Months Ended |
---|---|
Mar. 31, 2016
USD ($)
Rate
| |
Derivative [Line Items] | |
Debt Instrument, Face Amount | $ | $ 190.0 |
Interest Rate Swap | |
Derivative [Line Items] | |
Derivative, Description of Hedged Item | various variable rate advance agreements with the FHLB |
Debt Instrument, Description of Variable Rate Basis | one-month LIBOR |
Derivative, Description of Objective | entered into various interest rate swap contracts that are treated as cash flow hedges under ASC 815 that effectively converted the variable rate advances to fixed interest rates |
Interest Rate Swap | Minimum | |
Derivative [Line Items] | |
Basis spread on variable rate | 0.17% |
Derivative, Fixed Interest Rate | 0.932% |
Derivative, Term of Contract | 4 years |
Interest Rate Swap | Maximum | |
Derivative [Line Items] | |
Basis spread on variable rate | 0.277% |
Derivative, Fixed Interest Rate | 1.647% |
Derivative, Term of Contract | 9 years |
Employee Benefit Plans - Employee Benefit Plans (Details) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2016 |
Mar. 31, 2015 |
|
Defined Benefit Pension Plan | ||
Defined Benefit Plan, Net Periodic Benefit Cost [Abstract] | ||
Service cost | $ 368 | $ 476 |
Interest cost | 917 | 857 |
Expected return on assets | (1,354) | (1,422) |
Net loss amortization | 358 | 383 |
Prior service (credit) cost amortization | (6) | (6) |
Special and contractual termination benefits | 1,520 | 0 |
Net periodic benefit cost (income) | 1,803 | 288 |
Defined Benefit Pension Plan Acquired | ||
Defined Benefit Plan, Net Periodic Benefit Cost [Abstract] | ||
Service cost | 0 | 0 |
Interest cost | 53 | 59 |
Expected return on assets | (67) | (73) |
Net loss amortization | 0 | 0 |
Prior service (credit) cost amortization | 0 | 0 |
Special and contractual termination benefits | 0 | 0 |
Net periodic benefit cost (income) | (14) | (14) |
Restoration Plan | ||
Defined Benefit Plan, Net Periodic Benefit Cost [Abstract] | ||
Service cost | 47 | 73 |
Interest cost | 135 | 135 |
Expected return on assets | 0 | 0 |
Net loss amortization | 53 | 148 |
Prior service (credit) cost amortization | 2 | 2 |
Special and contractual termination benefits | 0 | 0 |
Net periodic benefit cost (income) | $ 237 | $ 358 |
Derivative Financial Instruments and Hedging Activities - Schedule Of Derivative Instruments (Details) - USD ($) |
Mar. 31, 2016 |
Dec. 31, 2015 |
|||||
---|---|---|---|---|---|---|---|
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||||||
Derivative Credit Risk Valuation Adjustment, Derivative Liabilities | $ 350,000 | $ 0 | |||||
Derivatives, Fair Value [Line Items] | |||||||
Derivative, Notional Amount | 190,000,000 | ||||||
Derivative Asset [Abstract] | |||||||
Gross Amounts of Recognized Assets | 350,000 | 0 | |||||
Amounts Offset in the Balance Sheet | (350,000) | 0 | |||||
Collateral Amounts Offset in the Balance Sheet | 0 | 0 | |||||
Net Amounts of Assets Presented in the Balance Sheet | [1] | 0 | 0 | ||||
Derivative Liability [Abstract] | |||||||
Gross Amounts of Recognized Liabilities | 2,594,000 | 1,000 | |||||
Amounts Offset in the Balance Sheet | (350,000) | 0 | |||||
Collateral Amounts Offset in the Balance Sheet | (1,740,000) | 0 | |||||
Net Amounts of Liabilities Presented in the Balance Sheet | [1] | 504,000 | 1,000 | ||||
Designated as Hedging Instrument | Cash Flow Hedging | Interest Rate Swap | |||||||
Derivatives, Fair Value [Line Items] | |||||||
Derivative, Notional Amount | [2] | 190,000,000 | 20,000,000 | ||||
Derivative Asset [Abstract] | |||||||
Gross Amounts of Recognized Assets | 350,000 | 0 | |||||
Derivative Liability [Abstract] | |||||||
Gross Amounts of Recognized Liabilities | $ 2,594,000 | $ 1,000 | |||||
|
Derivative Financial Instruments and Hedging Activities - Weighted Average Remaining Maturity, Lives, and Rates of Interest Rate Swaps (Details) - USD ($) $ in Thousands |
3 Months Ended | 12 Months Ended | |||||
---|---|---|---|---|---|---|---|
Mar. 31, 2016 |
Dec. 31, 2015 |
||||||
Derivative [Line Items] | |||||||
Derivative, Notional Amount | $ 190,000 | ||||||
Cash Flow Hedging | Designated as Hedging Instrument | Interest Rate Swap | |||||||
Derivative [Line Items] | |||||||
Derivative, Notional Amount | [1] | 190,000 | $ 20,000 | ||||
Long-term Debt | Cash Flow Hedging | Designated as Hedging Instrument | Interest Rate Swap | |||||||
Derivative [Line Items] | |||||||
Derivative, Notional Amount | $ 190,000 | ||||||
Swap [Member] | Long-term Debt | Interest Rate Swap | |||||||
Derivative [Line Items] | |||||||
Derivative, Notional Amount | $ 20,000 | ||||||
Derivative, Average Remaining Maturity | 5 years 10 months 25 days | 4 years 10 months 25 days | |||||
Derivative, Average Variable Interest Rate | [2] | 0.44% | 0.29% | ||||
Derivative, Average Fixed Interest Rate | 1.36% | 1.53% | |||||
|
Derivative Financial Instruments and Hedging Activities - Narrative (Details) - USD ($) |
Mar. 31, 2016 |
Dec. 31, 2015 |
---|---|---|
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ||
Derivative, Notional Amount | $ 190,000,000 | |
Debt Instrument, Face Amount | 190,000,000 | |
Collateral Already Posted, Aggregate Fair Value | 1,700,000 | |
Derivative Credit Risk Valuation Adjustment, Derivative Liabilities | $ 350,000 | $ 0 |
Fair Value Measurement - Fair Value Measurements, Recurring and Nonrecurring Basis (Details) - USD ($) $ in Thousands |
Mar. 31, 2016 |
Dec. 31, 2015 |
|||||
---|---|---|---|---|---|---|---|
Level 1 | |||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||
Assets, Fair Value Disclosure, Recurring | $ 6,100 | $ 109,603 | |||||
Liabilities, Fair Value Disclosure, Recurring | 0 | ||||||
Assets, Fair Value Disclosure, Nonrecurring | 0 | 0 | |||||
Level 1 | Foreclosed assets | |||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||
Assets, Fair Value Disclosure, Nonrecurring | 0 | 0 | |||||
Level 1 | Impaired loans | |||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||
Assets, Fair Value Disclosure, Nonrecurring | [1] | 0 | 0 | ||||
Level 1 | Interest rate swaps | |||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||
Assets, Fair Value Disclosure, Recurring | 0 | ||||||
Liabilities, Fair Value Disclosure, Recurring | 0 | ||||||
Level 1 | US Treasury | |||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||
Assets, Fair Value Disclosure, Recurring | 103,587 | ||||||
Level 1 | State and Political Subdivisions | |||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||
Assets, Fair Value Disclosure, Recurring | 0 | 0 | |||||
Level 1 | Other Stocks and Bonds | |||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||
Assets, Fair Value Disclosure, Recurring | 0 | 0 | |||||
Level 1 | Other Equity Securities | |||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||
Assets, Fair Value Disclosure, Recurring | 6,100 | 6,016 | |||||
Level 1 | Residential | |||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||
Assets, Fair Value Disclosure, Recurring | [2] | 0 | 0 | ||||
Level 1 | Commercial | |||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||
Assets, Fair Value Disclosure, Recurring | [2] | 0 | 0 | ||||
Level 2 | |||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||
Assets, Fair Value Disclosure, Recurring | 1,326,631 | 1,350,889 | |||||
Liabilities, Fair Value Disclosure, Recurring | 2,594 | ||||||
Assets, Fair Value Disclosure, Nonrecurring | 0 | 0 | |||||
Level 2 | Foreclosed assets | |||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||
Assets, Fair Value Disclosure, Nonrecurring | 0 | 0 | |||||
Level 2 | Impaired loans | |||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||
Assets, Fair Value Disclosure, Nonrecurring | [1] | 0 | 0 | ||||
Level 2 | Interest rate swaps | |||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||
Assets, Fair Value Disclosure, Recurring | 350 | ||||||
Liabilities, Fair Value Disclosure, Recurring | 2,594 | ||||||
Level 2 | US Treasury | |||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||
Assets, Fair Value Disclosure, Recurring | 0 | ||||||
Level 2 | State and Political Subdivisions | |||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||
Assets, Fair Value Disclosure, Recurring | 279,792 | 244,246 | |||||
Level 2 | Other Stocks and Bonds | |||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||
Assets, Fair Value Disclosure, Recurring | 12,809 | 12,790 | |||||
Level 2 | Other Equity Securities | |||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||
Assets, Fair Value Disclosure, Recurring | 0 | 0 | |||||
Level 2 | Residential | |||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||
Assets, Fair Value Disclosure, Recurring | [2] | 565,010 | 588,502 | ||||
Level 2 | Commercial | |||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||
Assets, Fair Value Disclosure, Recurring | [2] | 468,670 | 505,351 | ||||
Level 3 | |||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||
Assets, Fair Value Disclosure, Recurring | 0 | 0 | |||||
Liabilities, Fair Value Disclosure, Recurring | 0 | ||||||
Assets, Fair Value Disclosure, Nonrecurring | 25,197 | 25,091 | |||||
Level 3 | Foreclosed assets | |||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||
Assets, Fair Value Disclosure, Nonrecurring | 350 | 808 | |||||
Level 3 | Impaired loans | |||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||
Assets, Fair Value Disclosure, Nonrecurring | [1] | 24,847 | 24,283 | ||||
Level 3 | Interest rate swaps | |||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||
Assets, Fair Value Disclosure, Recurring | 0 | ||||||
Liabilities, Fair Value Disclosure, Recurring | 0 | ||||||
Level 3 | US Treasury | |||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||
Assets, Fair Value Disclosure, Recurring | 0 | ||||||
Level 3 | State and Political Subdivisions | |||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||
Assets, Fair Value Disclosure, Recurring | 0 | 0 | |||||
Level 3 | Other Stocks and Bonds | |||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||
Assets, Fair Value Disclosure, Recurring | 0 | 0 | |||||
Level 3 | Other Equity Securities | |||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||
Assets, Fair Value Disclosure, Recurring | 0 | 0 | |||||
Level 3 | Residential | |||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||
Assets, Fair Value Disclosure, Recurring | [2] | 0 | 0 | ||||
Level 3 | Commercial | |||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||
Assets, Fair Value Disclosure, Recurring | [2] | 0 | 0 | ||||
Carrying Amount | |||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||
Assets, Fair Value Disclosure, Recurring | 1,332,731 | 1,460,492 | |||||
Liabilities, Fair Value Disclosure, Recurring | 2,594 | ||||||
Assets, Fair Value Disclosure, Nonrecurring | 25,197 | 25,091 | |||||
Carrying Amount | Foreclosed assets | |||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||
Assets, Fair Value Disclosure, Nonrecurring | 350 | 808 | |||||
Carrying Amount | Impaired loans | |||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||
Assets, Fair Value Disclosure, Nonrecurring | [1] | 24,847 | 24,283 | ||||
Carrying Amount | Interest rate swaps | |||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||
Assets, Fair Value Disclosure, Recurring | 350 | ||||||
Liabilities, Fair Value Disclosure, Recurring | 2,594 | ||||||
Carrying Amount | US Treasury | |||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||
Assets, Fair Value Disclosure, Recurring | 103,587 | ||||||
Carrying Amount | State and Political Subdivisions | |||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||
Assets, Fair Value Disclosure, Recurring | 279,792 | 244,246 | |||||
Carrying Amount | Other Stocks and Bonds | |||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||
Assets, Fair Value Disclosure, Recurring | 12,809 | 12,790 | |||||
Carrying Amount | Other Equity Securities | |||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||
Assets, Fair Value Disclosure, Recurring | 6,100 | 6,016 | |||||
Carrying Amount | Residential | |||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||
Assets, Fair Value Disclosure, Recurring | [2] | 565,010 | 588,502 | ||||
Carrying Amount | Commercial | |||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||
Assets, Fair Value Disclosure, Recurring | [2] | $ 468,670 | $ 505,351 | ||||
|
Fair Value Measurement - Fair Value, Balance Sheet Grouping (Details) - USD ($) $ in Thousands |
Mar. 31, 2016 |
Dec. 31, 2015 |
---|---|---|
Level 1 | ||
Financial Assets: | ||
Cash and cash equivalents | $ 68,454 | $ 80,975 |
Investment securities: | ||
Held to maturity, at carrying value | 0 | 0 |
Mortgage-backed securities: | ||
Held to maturity, at carrying value | 0 | 0 |
FHLB stock and other investments, at cost | 0 | 0 |
Loans, net of allowance for loan losses | 0 | 0 |
Loans held for sale | 0 | 0 |
Financial Liabilities: | ||
Retail deposits | 0 | 0 |
Federal funds purchased and repurchase agreements | 0 | 0 |
FHLB advances | 0 | 0 |
Long-term debt | 0 | 0 |
Level 2 | ||
Financial Assets: | ||
Cash and cash equivalents | 0 | 0 |
Investment securities: | ||
Held to maturity, at carrying value | 399,530 | 397,194 |
Mortgage-backed securities: | ||
Held to maturity, at carrying value | 418,578 | 402,569 |
FHLB stock and other investments, at cost | 53,051 | 56,509 |
Loans, net of allowance for loan losses | 0 | 0 |
Loans held for sale | 4,971 | 3,811 |
Financial Liabilities: | ||
Retail deposits | 3,615,409 | 3,449,002 |
Federal funds purchased and repurchase agreements | 2,501 | 2,429 |
FHLB advances | 815,742 | 1,143,218 |
Long-term debt | 44,996 | 43,695 |
Level 3 | ||
Financial Assets: | ||
Cash and cash equivalents | 0 | 0 |
Investment securities: | ||
Held to maturity, at carrying value | 0 | 0 |
Mortgage-backed securities: | ||
Held to maturity, at carrying value | 0 | 0 |
FHLB stock and other investments, at cost | 0 | 0 |
Loans, net of allowance for loan losses | 2,404,287 | 2,364,968 |
Loans held for sale | 0 | 0 |
Financial Liabilities: | ||
Retail deposits | 0 | 0 |
Federal funds purchased and repurchase agreements | 0 | 0 |
FHLB advances | 0 | 0 |
Long-term debt | 0 | 0 |
Carrying Amount | ||
Financial Assets: | ||
Cash and cash equivalents | 68,454 | 80,975 |
Investment securities: | ||
Held to maturity, at carrying value | 383,322 | 385,496 |
Mortgage-backed securities: | ||
Held to maturity, at carrying value | 401,257 | 398,800 |
FHLB stock and other investments, at cost | 53,051 | 56,509 |
Loans, net of allowance for loan losses | 2,421,432 | 2,412,017 |
Loans held for sale | 4,971 | 3,811 |
Financial Liabilities: | ||
Retail deposits | 3,619,368 | 3,455,407 |
Federal funds purchased and repurchase agreements | 2,501 | 2,429 |
FHLB advances | 819,135 | 1,147,688 |
Long-term debt | 60,311 | 60,311 |
Estimated Fair Value | ||
Financial Assets: | ||
Cash and cash equivalents | 68,454 | 80,975 |
Investment securities: | ||
Held to maturity, at carrying value | 399,530 | 397,194 |
Mortgage-backed securities: | ||
Held to maturity, at carrying value | 418,578 | 402,569 |
FHLB stock and other investments, at cost | 53,051 | 56,509 |
Loans, net of allowance for loan losses | 2,404,287 | 2,364,968 |
Loans held for sale | 4,971 | 3,811 |
Financial Liabilities: | ||
Retail deposits | 3,615,409 | 3,449,002 |
Federal funds purchased and repurchase agreements | 2,501 | 2,429 |
FHLB advances | 815,742 | 1,143,218 |
Long-term debt | $ 44,996 | $ 43,695 |
Income Taxes - Provision for Income Taxes (Details) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2016 |
Mar. 31, 2015 |
|
Income Tax Disclosure [Abstract] | ||
Current income tax expense | $ 3,785 | $ 3,438 |
Deferred income tax (benefit) expense | (812) | (1,535) |
Income tax expense | $ 2,973 | $ 1,903 |
Income Taxes - Narrative (Details) - USD ($) |
3 Months Ended | ||
---|---|---|---|
Mar. 31, 2016 |
Mar. 31, 2015 |
Dec. 31, 2015 |
|
Income Tax Disclosure [Abstract] | |||
Net deferred tax assets | $ 12,500,000 | $ 19,900,000 | |
Deferred tax assets, valuation allowance | 0 | $ 0 | |
Income tax expense | $ 2,973,000 | $ 1,903,000 | |
Effective income tax rate, percent | 18.00% | 16.90% |
Off-Balance-Sheet Arrangements, Commitments and Contingencies (Details) - USD ($) |
Mar. 31, 2016 |
Dec. 31, 2015 |
Mar. 31, 2015 |
---|---|---|---|
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | |||
Financial instruments with off-balance-sheet risk, at fair value | $ 539,114,000 | $ 554,412,000 | |
Securities: | |||
Unsettled trades to purchase securities | 23,920,000 | 19,350,000 | $ 13,096,000 |
Unsettled trades to sell securities | 15,039,000 | 9,343,000 | $ 1,792,000 |
Deposits: | |||
Unsettled issuances of brokered CDs | 0 | 0 | |
Commitments to extend credit | |||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | |||
Financial instruments with off-balance-sheet risk, at fair value | 530,310,000 | 546,660,000 | |
Standby letters of credit | |||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | |||
Financial instruments with off-balance-sheet risk, at fair value | $ 8,804,000 | $ 7,752,000 |
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