Cover
Cover - shares | 6 Months Ended | |
Jun. 30, 2023 | Jul. 21, 2023 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Jun. 30, 2023 | |
Document Transition Report | false | |
Entity File Number | 001-35854 | |
Entity Registrant Name | Independent Bank Group, Inc. | |
Entity Incorporation, State or Country Code | TX | |
Entity Tax Identification Number | 13-4219346 | |
Entity Address, Address Line One | 7777 Henneman Way | |
Entity Address, City or Town | McKinney, | |
Entity Address, State or Province | TX | |
Entity Address, Postal Zip Code | 75070-1711 | |
City Area Code | 972 | |
Local Phone Number | 562-9004 | |
Title of 12(b) Security | Common Stock, par value $0.01 per share | |
Trading Symbol | IBTX | |
Security Exchange Name | NASDAQ | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 41,286,009 | |
Amendment Flag | false | |
Document Fiscal Year Focus | 2023 | |
Document Fiscal Period Focus | Q2 | |
Entity Central Index Key | 0001564618 | |
Current Fiscal Year End Date | --12-31 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
Assets | ||
Cash and due from banks | $ 127,438 | $ 134,183 |
Interest-bearing deposits in other banks | 775,444 | 520,139 |
Cash and cash equivalents | 902,882 | 654,322 |
Certificates of deposit held in other banks | 248 | 496 |
Securities available for sale, at fair value | 1,637,682 | 1,691,784 |
Securities held to maturity, net of allowance for credit losses of $0 and $0, respectively | 206,146 | 207,059 |
Loans held for sale (includes $12,212 and $10,612 carried at fair value, respectively) | 18,624 | 11,310 |
Loans, net of allowance for credit losses of $147,804 and $148,787, respectively | 13,971,311 | 13,760,576 |
Premises and equipment, net | 354,941 | 355,368 |
Other real estate owned | 22,505 | 23,900 |
Federal Home Loan Bank (FHLB) of Dallas stock and other restricted stock | 67,520 | 23,436 |
Bank-owned life insurance (BOLI) | 242,805 | 240,448 |
Deferred tax asset | 97,289 | 78,669 |
Goodwill | 994,021 | 994,021 |
Other intangible assets, net | 56,777 | 62,999 |
Other assets | 147,051 | 154,026 |
Total assets | 18,719,802 | 18,258,414 |
Deposits: | ||
Noninterest-bearing | 3,905,492 | 4,736,830 |
Interest-bearing | 10,968,014 | 10,384,587 |
Total deposits | 14,873,506 | 15,121,417 |
FHLB advances | 875,000 | 300,000 |
Other borrowings | 305,262 | 267,066 |
Junior subordinated debentures | 54,518 | 54,419 |
Other liabilities | 258,474 | 130,129 |
Total liabilities | 16,366,760 | 15,873,031 |
Commitments and contingencies | 0 | 0 |
Stockholders’ equity: | ||
Preferred stock (0 and 0 shares outstanding, respectively) | 0 | 0 |
Common stock (41,279,460 and 41,190,677 shares outstanding, respectively) | 413 | 412 |
Additional paid-in capital | 1,964,341 | 1,959,193 |
Retained earnings | 600,829 | 638,354 |
Accumulated other comprehensive loss | (212,541) | (212,576) |
Total stockholders’ equity | 2,353,042 | 2,385,383 |
Total liabilities and stockholders’ equity | $ 18,719,802 | $ 18,258,414 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) | Jun. 30, 2023 | Dec. 31, 2022 |
Statement of Financial Position [Abstract] | ||
Allowance for credit losses, securities held to maturity | $ 0 | $ 0 |
Loans held for sale, fair value option | 12,212,000 | 10,612,000 |
Allowance for credit losses, loans | $ 147,804,000 | $ 148,787,000 |
Preferred stock, shares outstanding (shares) | 0 | 0 |
Common stock, shares outstanding (shares) | 41,279,460 | 41,190,677 |
Consolidated Statements of Inco
Consolidated Statements of Income - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Interest income: | ||||
Interest and fees on loans | $ 193,612 | $ 138,426 | $ 377,906 | $ 267,605 |
Interest on taxable securities | 7,791 | 8,243 | 15,649 | 16,602 |
Interest on nontaxable securities | 2,586 | 2,741 | 5,189 | 5,074 |
Interest on interest-bearing deposits and other | 11,305 | 1,286 | 17,726 | 2,280 |
Total interest income | 215,294 | 150,696 | 416,470 | 291,561 |
Interest expense: | ||||
Interest on deposits | 78,144 | 8,110 | 140,405 | 13,720 |
Interest on FHLB advances | 18,025 | 164 | 23,849 | 343 |
Interest on other borrowings | 4,361 | 3,869 | 8,440 | 7,351 |
Interest on junior subordinated debentures | 1,157 | 554 | 2,247 | 1,000 |
Total interest expense | 101,687 | 12,697 | 174,941 | 22,414 |
Net interest income | 113,607 | 137,999 | 241,529 | 269,147 |
Provision for credit losses | 220 | 0 | 310 | (1,443) |
Net interest income after provision for credit losses | 113,387 | 137,999 | 241,219 | 270,590 |
Noninterest income: | ||||
Service charges on deposit accounts | 3,519 | 3,050 | 6,868 | 5,802 |
Investment management fees | 2,444 | 2,391 | 4,745 | 4,842 |
Mortgage banking revenue | 2,248 | 2,490 | 3,872 | 5,516 |
Mortgage warehouse purchase program fees | 535 | 731 | 859 | 1,689 |
Loss on sale of loans | (7) | (17) | (7) | (1,501) |
Gain (loss) on sale and disposal of premises and equipment | 354 | (46) | 401 | (209) |
Increase in cash surrender value of BOLI | 1,410 | 1,327 | 2,787 | 2,637 |
Other | 3,592 | 3,951 | 7,324 | 7,986 |
Total noninterest income | 14,095 | 13,877 | 26,849 | 26,762 |
Noninterest expense: | ||||
Salaries and employee benefits | 46,940 | 51,130 | 93,215 | 100,685 |
Occupancy | 11,640 | 10,033 | 23,199 | 20,033 |
Communications and technology | 7,196 | 5,830 | 14,286 | 11,731 |
FDIC assessment | 3,806 | 1,589 | 6,518 | 3,082 |
Advertising and public relations | 1,004 | 703 | 1,608 | 1,159 |
Other real estate owned (income) expenses, net | (185) | 66 | (229) | 66 |
Impairment of other real estate | 1,000 | 0 | 2,200 | 0 |
Amortization of other intangible assets | 3,111 | 3,118 | 6,222 | 6,263 |
Litigation settlement | 0 | 0 | 102,500 | 0 |
Professional fees | 1,785 | 4,094 | 4,850 | 7,533 |
Other | 9,408 | 9,362 | 20,716 | 17,830 |
Total noninterest expense | 85,705 | 85,925 | 275,085 | 168,382 |
Income (loss) before taxes | 41,777 | 65,951 | (7,017) | 128,970 |
Income tax expense (benefit) | 8,700 | 13,591 | (2,584) | 25,870 |
Net income (loss) | $ 33,077 | $ 52,360 | $ (4,433) | $ 103,100 |
Basic (loss) earnings per share (usd per share) | $ 0.80 | $ 1.25 | $ (0.11) | $ 2.44 |
Diluted (loss) earnings per share (usd per share) | $ 0.80 | $ 1.25 | $ (0.11) | $ 2.44 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Statement of Comprehensive Income [Abstract] | ||||
Net income (loss) | $ 33,077 | $ 52,360 | $ (4,433) | $ 103,100 |
Other comprehensive (loss) income before tax: | ||||
Unrealized losses arising during the period, excluding the change attributable to available for sale securities reclassified to held to maturity | (21,009) | (102,411) | (238) | (208,975) |
Tax effect | (4,412) | (21,506) | (50) | (43,885) |
Unrealized losses arising during the period, net of tax, excluding the change attributable to available for sale securities reclassified to held to maturity | (16,597) | (80,905) | (188) | (165,090) |
Change in net unamortized gains on available for sale securities reclassified into held to maturity securities | (5) | (5) | (10) | (10) |
Tax effect | (1) | (1) | (2) | (2) |
Change in net unamortized gains on available for sale securities reclassified into held to maturity securities, net of tax | (4) | (4) | (8) | (8) |
Change in unrealized losses on securities, net of tax | (16,601) | (80,909) | (196) | (165,098) |
Unrealized holding losses arising during the period | (2,567) | (2,055) | (1,627) | (7,020) |
Tax effect | (539) | (432) | (342) | (1,474) |
Unrealized losses arising during the period, net of tax | (2,028) | (1,623) | (1,285) | (5,546) |
Reclassification of amount of losses (gains) recognized into income | 1,025 | (41) | 1,919 | (243) |
Tax effect | 215 | (9) | 403 | (51) |
Reclassification of amount of losses (gains) recognized into income, net of tax | 810 | (32) | 1,516 | (192) |
Change in unrealized (losses) gains on derivative financial instruments | (1,218) | (1,655) | 231 | (5,738) |
Other comprehensive (loss) income, net of tax | (17,819) | (82,564) | 35 | (170,836) |
Comprehensive income (loss) | $ 15,258 | $ (30,204) | $ (4,398) | $ (67,736) |
Consolidated Statements of Chan
Consolidated Statements of Changes in Stockholders' Equity - USD ($) $ in Thousands | Total | Preferred Stock $0.01 Par | Common Stock $0.01 Par Value | Additional Paid in Capital | Retained Earnings | Accumulated Other Comprehensive (Loss) Income |
Beginning balance at Dec. 31, 2021 | $ 2,576,650 | $ 0 | $ 428 | $ 1,945,497 | $ 625,484 | $ 5,241 |
Beginning balance (shares) at Dec. 31, 2021 | 42,756,234 | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net income (loss) | 103,100 | 103,100 | ||||
Other comprehensive income (loss), net of tax | (170,836) | (170,836) | ||||
Common stock repurchased (shares) | (1,679,711) | |||||
Common stock repurchased | (118,111) | $ (17) | (118,094) | |||
Restricted stock forfeited (shares) | (4,546) | |||||
Restricted stock forfeited | 0 | |||||
Restricted stock granted (shares) | 84,284 | |||||
Restricted stock granted | 0 | $ 1 | (1) | |||
Stock based compensation expense | 5,821 | 5,821 | ||||
Cash dividends ($0.38 and $0.76 per share for the three and six months ended June 30, 2023 and $0.38 and $0.76 per share for the three and six months ended June 30, 2022) | (32,289) | (32,289) | ||||
Ending balance at Jun. 30, 2022 | 2,364,335 | 0 | $ 412 | 1,951,317 | 578,201 | (165,595) |
Ending balance (shares) at Jun. 30, 2022 | 41,156,261 | |||||
Beginning balance at Mar. 31, 2022 | 2,522,460 | 0 | $ 428 | 1,947,909 | 657,154 | (83,031) |
Beginning balance (shares) at Mar. 31, 2022 | 42,795,228 | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net income (loss) | 52,360 | 52,360 | ||||
Other comprehensive income (loss), net of tax | (82,564) | (82,564) | ||||
Common stock repurchased (shares) | (1,642,136) | |||||
Common stock repurchased | (115,322) | $ (17) | (115,305) | |||
Restricted stock forfeited (shares) | (3,831) | |||||
Restricted stock forfeited | 0 | |||||
Restricted stock granted (shares) | 7,000 | |||||
Restricted stock granted | 0 | $ 1 | (1) | |||
Stock based compensation expense | 3,409 | 3,409 | ||||
Cash dividends ($0.38 and $0.76 per share for the three and six months ended June 30, 2023 and $0.38 and $0.76 per share for the three and six months ended June 30, 2022) | (16,008) | (16,008) | ||||
Ending balance at Jun. 30, 2022 | 2,364,335 | 0 | $ 412 | 1,951,317 | 578,201 | (165,595) |
Ending balance (shares) at Jun. 30, 2022 | 41,156,261 | |||||
Beginning balance at Dec. 31, 2022 | 2,385,383 | 0 | $ 412 | 1,959,193 | 638,354 | (212,576) |
Beginning balance (shares) at Dec. 31, 2022 | 41,190,677 | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net income (loss) | (4,433) | (4,433) | ||||
Other comprehensive income (loss), net of tax | 35 | 35 | ||||
Common stock repurchased (shares) | (27,263) | |||||
Common stock repurchased | (1,639) | $ 0 | (1,639) | |||
Restricted stock forfeited (shares) | (3,721) | |||||
Restricted stock forfeited | 0 | |||||
Restricted stock granted (shares) | 119,767 | |||||
Restricted stock granted | 0 | $ 1 | (1) | |||
Stock based compensation expense | 5,149 | 5,149 | ||||
Cash dividends ($0.38 and $0.76 per share for the three and six months ended June 30, 2023 and $0.38 and $0.76 per share for the three and six months ended June 30, 2022) | (31,453) | (31,453) | ||||
Ending balance at Jun. 30, 2023 | 2,353,042 | 0 | $ 413 | 1,964,341 | 600,829 | (212,541) |
Ending balance (shares) at Jun. 30, 2023 | 41,279,460 | |||||
Beginning balance at Mar. 31, 2023 | 2,350,857 | 0 | $ 413 | 1,961,637 | 583,529 | (194,722) |
Beginning balance (shares) at Mar. 31, 2023 | 41,281,904 | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net income (loss) | 33,077 | 33,077 | ||||
Other comprehensive income (loss), net of tax | (17,819) | (17,819) | ||||
Common stock repurchased (shares) | (486) | |||||
Common stock repurchased | (22) | $ 0 | (22) | |||
Restricted stock forfeited (shares) | (1,958) | |||||
Restricted stock forfeited | 0 | |||||
Stock based compensation expense | 2,704 | 2,704 | ||||
Cash dividends ($0.38 and $0.76 per share for the three and six months ended June 30, 2023 and $0.38 and $0.76 per share for the three and six months ended June 30, 2022) | (15,755) | (15,755) | ||||
Ending balance at Jun. 30, 2023 | $ 2,353,042 | $ 0 | $ 413 | $ 1,964,341 | $ 600,829 | $ (212,541) |
Ending balance (shares) at Jun. 30, 2023 | 41,279,460 |
Consolidated Statements of Ch_2
Consolidated Statements of Changes in Stockholders' Equity (Parenthetical) - $ / shares | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | Dec. 31, 2022 | Dec. 31, 2021 | |
Statement of Stockholders' Equity [Abstract] | ||||||
Preferred stock par value (usd per share) | $ 0.01 | $ 0.01 | $ 0.01 | $ 0.01 | $ 0.01 | $ 0.01 |
Preferred stock shares authorized (shares) | 10,000,000 | 10,000,000 | 10,000,000 | 10,000,000 | 10,000,000 | 10,000,000 |
Common stock par value (usd per share) | $ 0.01 | $ 0.01 | $ 0.01 | $ 0.01 | $ 0.01 | $ 0.01 |
Common stock shares authorized (shares) | 100,000,000 | 100,000,000 | 100,000,000 | 100,000,000 | 100,000,000 | 100,000,000 |
Dividends paid (usd per share) | $ 0.38 | $ 0.38 | $ 0.76 | $ 0.76 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
Cash flows from operating activities: | ||
Net income (loss) | $ (4,433) | $ 103,100 |
Adjustments to reconcile net (loss) income to net cash provided by operating activities: | ||
Depreciation expense | 8,938 | 6,442 |
Accretion income recognized on loans | (2,042) | (6,678) |
Amortization of other intangibles assets | 6,222 | 6,263 |
Amortization of premium on securities, net | 3,703 | 3,551 |
Amortization of discount and origination costs on borrowings | 795 | 446 |
Stock based compensation expense | 5,149 | 5,821 |
Excess tax expense (benefit) on restricted stock vested | 96 | (352) |
FHLB stock dividends | (1,540) | (52) |
(Gain) loss on sale and disposal of premises and equipment | (401) | 209 |
Loss on sale of loans | 7 | 1,501 |
Impairment of other real estate | 2,200 | 0 |
Impairment of other assets | 955 | 0 |
Deferred tax (benefit) expense | (18,631) | 2,122 |
Provision for credit losses | 310 | (1,443) |
Increase in cash surrender value of BOLI | (2,787) | (2,637) |
Excess benefit claim on BOLI | (318) | (784) |
Net gain on mortgage loans held for sale | (2,606) | (2,627) |
Originations of loans held for sale | (143,621) | (176,220) |
Proceeds from sale of loans held for sale | 138,913 | 184,452 |
Net change in other assets | 13,461 | (1,436) |
Net change in other liabilities | 92,882 | (41,051) |
Net cash provided by operating activities | 97,252 | 80,627 |
Cash flows from investing activities: | ||
Proceeds from maturities, calls and paydowns, AFS | 60,082 | 7,108,419 |
Purchases AFS | (9,018) | (7,277,267) |
Purchases HTM | 0 | (91,065) |
Proceeds from maturities of certificates of deposit held in other banks | 248 | 1,980 |
Proceeds from benefit claim of BOLI | 748 | 1,344 |
Purchases of FHLB stock and other restricted stock | (62,696) | 0 |
Proceeds from redemptions of FHLB stock and other restricted stock | 20,152 | 3,130 |
Proceeds from sale of loans | 1,957 | 19,333 |
Net loans originated held for investment | (3,040) | (1,328,900) |
Originations of mortgage warehouse purchase loans | (5,386,220) | (8,285,502) |
Proceeds from pay-offs of mortgage warehouse purchase loans | 5,207,229 | 8,536,160 |
Additions to premises and equipment | (10,433) | (36,316) |
Proceeds from sale of premises and equipment | 681 | 9 |
Net cash used in investing activities | (180,310) | (1,348,675) |
Cash flows from financing activities: | ||
Net decrease in demand deposits, money market and savings accounts | (2,045,941) | (308,525) |
Net increase (decrease) in time deposits | 1,798,030 | (181,435) |
Proceeds from FHLB advances | 10,050,000 | 75,000 |
Repayments of FHLB advances | (9,475,000) | (50,000) |
Proceeds from other borrowings | 100,000 | 111,000 |
Repayments of other borrowings | (62,500) | (60,000) |
Repurchase of common stock | (1,639) | (118,111) |
Dividends paid | (31,332) | (32,194) |
Net cash provided by (used in) financing activities | 331,618 | (564,265) |
Net change in cash and cash equivalents | 248,560 | (1,832,313) |
Cash and cash equivalents at beginning of period | 654,322 | 2,608,444 |
Cash and cash equivalents at end of period | $ 902,882 | $ 776,131 |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 6 Months Ended |
Jun. 30, 2023 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Note 1. Summary of Significant Accounting Policies Nature of operations: Independent Bank Group, Inc. (IBG) through its subsidiary, Independent Bank, a Texas state banking corporation, doing business as Independent Financial, (Bank) (collectively known as the Company), provides a full range of banking services to individual and corporate customers in the North, Central and Southeast Texas areas and along the Colorado Front Range, through its various branch locations in those areas. The Company is engaged in traditional community banking activities, which include commercial and retail lending, deposit gathering, and investment and liquidity management activities. The Company’s primary deposit products are demand deposits, money market accounts and certificates of deposit and its primary lending products are commercial business and real estate, real estate mortgage and consumer loans. Basis of presentation: The accompanying consolidated financial statements include the accounts of IBG and all other entities in which IBG has controlling financial interest. All material intercompany transactions and balances have been eliminated in consolidation. In addition, the Company wholly-owns nine statutory business trusts that were formed for the purpose of issuing trust preferred securities and do not meet the criteria for consolidation. The consolidated interim financial statements are unaudited, but include all adjustments, which, in the opinion of management, are necessary for a fair presentation of the results of the periods presented. All such adjustments were of a normal and recurring nature. These financial statements should be read in conjunction with the financial statements and the notes thereto in the Company's Annual Report on Form 10-K for the year ended December 31, 2022. The consolidated balance sheet at December 31, 2022 has been derived from the audited financial statements as of that date, but does not include all of the information and footnotes required by accounting principles generally accepted in the United States of America for complete financial statements. Accounting standards codification: The Financial Accounting Standards Board's (FASB) Accounting Standards Codification (ASC) is the officially recognized source of authoritative U.S. generally accepted accounting principles (GAAP) applicable to all public and non-public non-governmental entities. Rules and interpretive releases of the SEC under the authority of federal securities laws are also sources of authoritative GAAP for SEC registrants. All other accounting literature is considered non-authoritative. Segment reporting: The Company has one reportable segment. The Company’s chief operating decision-maker uses consolidated results to make operating and strategic decisions. Reclassifications: Certain prior period financial statement and disclosure amounts have been reclassified to conform to current period presentation. The reclassifications have no effect on net income or stockholders' equity as previously reported. Use of estimates: The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect certain reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Accordingly, actual results could differ from those estimates. The material estimates included in the financial statements relate to the allowance for credit losses, the valuation of goodwill and valuation of assets and liabilities acquired in business combinations. Goodwill assessment : The Company's policy is to test goodwill for impairment annually on December 31 or on an interim basis if an event triggering impairment may have occurred. During the six months ended June 30, 2023, the economic uncertainty and market volatility resulting from the rising interest rate environment and the recent banking crisis resulted in a decrease in the Company's stock price and market capitalization. Management believed such decrease was a triggering indicator requiring an interim goodwill impairment quantitative analysis. Based on an analysis performed, the Company's estimated fair value to a market participant as of June 30, 2023, exceeded its carrying amount resulting in no impairment charge for the period. Management will continue to evaluate the economic conditions at future reporting periods for applicable changes. Subsequent events: Companies are required to evaluate events and transactions that occur after the balance sheet date but before the date the financial statements are issued. They must recognize in the financial statements the effect of all events or transactions that provide additional evidence of conditions that existed at the balance sheet date, including the estimates inherent in the financial statement preparation process. Entities shall not recognize the impact of events or transactions that provide evidence about conditions that did not exist at the balance sheet date but arose after that date. The Company has evaluated subsequent events through the date of filing these financial statements with the Securities and Exchange Commission (SEC) and noted no subsequent events requiring financial statement recognition or disclosure, except as disclosed in Note 13. Subsequent Events . Earnings (loss) per share: Basic earnings (loss) per common share is calculated as net income (loss) available to common shareholders divided by the weighted average number of common shares outstanding during the period. The unvested share-based payment awards that contain rights to non-forfeitable dividends are considered participating securities for this calculation. Diluted earnings (loss) per common share includes the dilutive effect of additional potential common shares issuable under participating nonvested restricted stock awards as well as performance stock units (PSUs). The participating nonvested restricted stock awards were not included in dilutive shares as they were anti-dilutive for the three and six months ended June 30, 2023 and 2022. Proceeds from the assumed exercise of dilutive participating nonvested restricted stock awards and PSUs are assumed to be used to repurchase common stock at the average market price. The following table presents a reconciliation of net income (loss) available to common shareholders and the number of shares used in the calculation of basic and diluted earnings (loss) per common share: Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 Basic earnings (loss) per share: Net income (loss) $ 33,077 $ 52,360 $ (4,433) $ 103,100 Less: Undistributed earnings (loss) allocated to participating securities 35 297 (94) 566 Dividends paid on participating securities 31 129 82 256 Net income (loss) available to common shareholders $ 33,011 $ 51,934 $ (4,421) $ 102,278 Weighted average basic shares outstanding 41,197,433 41,397,584 41,143,461 41,913,218 Basic earnings (loss) per share $ 0.80 $ 1.25 $ (0.11) $ 2.44 Diluted earnings (loss) per share: Net income (loss) available to common shareholders $ 33,011 $ 51,934 $ (4,421) $ 102,278 Total weighted average basic shares outstanding 41,197,433 41,397,584 41,143,461 41,913,218 Add dilutive performance stock units 84,963 75,909 88,795 75,378 Total weighted average diluted shares outstanding 41,282,396 41,473,493 41,232,256 41,988,596 Diluted earnings (loss) per share $ 0.80 $ 1.25 $ (0.11) $ 2.44 Anti-dilutive participating securities 35,671 123,849 45,905 135,953 |
Cash Flows
Cash Flows | 6 Months Ended |
Jun. 30, 2023 | |
Supplemental Cash Flow Elements [Abstract] | |
Statement of Cash Flows | Note 2. Statement of Cash Flows As allowed by the accounting standards, the Company has chosen to report, on a net basis, its cash receipts and cash payments for time deposits accepted and repayments of those deposits, and loans made to customers and principal collections on those loans. The Company uses the indirect method to present cash flows from operating activities. Other supplemental cash flow information is presented below: Six Months Ended June 30, 2023 2022 Cash transactions: Interest expense paid $ 159,459 $ 22,358 Income taxes paid $ 7,251 $ 15,038 Noncash transactions: Deferred dividend equivalents $ 121 $ 95 Transfer of loans to other real estate owned $ — $ 12,900 Transfer of securities available for sale to held to maturity $ — $ 117,583 Right-of-use assets obtained in exchange for lease liabilities $ 6,612 $ 4,012 Loans purchased, not yet settled $ 27,973 $ 30,298 Transfer of bank premises to other real estate $ 805 $ — |
Securities
Securities | 6 Months Ended |
Jun. 30, 2023 | |
Investments, Debt and Equity Securities [Abstract] | |
Securities | Note 3. Securities Securities have been classified in the consolidated balance sheets according to management’s intent. The amortized cost of securities and their approximate fair values at June 30, 2023 and December 31, 2022 are as follows: Amortized Cost (1) Gross Gross Fair Securities Available for Sale June 30, 2023 U.S. treasuries $ 248,939 $ — $ (19,250) $ 229,689 Government agency securities 468,873 — (83,901) 384,972 Obligations of state and municipal subdivisions 254,193 66 (12,362) 241,897 Corporate bonds 43,000 — (7,585) 35,415 Mortgage-backed securities guaranteed by FHLMC, FNMA and GNMA 881,057 4 (135,852) 745,209 Other securities 500 — — 500 $ 1,896,562 $ 70 $ (258,950) $ 1,637,682 December 31, 2022 U.S. treasuries $ 259,675 $ — $ (20,265) $ 239,410 Government agency securities 468,994 — (84,479) 384,515 Obligations of state and municipal subdivisions 264,419 106 (13,294) 251,231 Corporate bonds 43,000 — (5,795) 37,205 Mortgage-backed securities guaranteed by FHLMC, FNMA and GNMA 913,388 9 (134,924) 778,473 Other securities 950 — — 950 $ 1,950,426 $ 115 $ (258,757) $ 1,691,784 Securities Held to Maturity June 30, 2023 Obligations of state and municipal subdivisions $ 206,146 $ 37 $ (39,932) $ 166,251 December 31, 2022 Obligations of state and municipal subdivisions $ 207,059 $ — $ (44,820) $ 162,239 ____________ (1) Excludes accrued interest receivable of $7,446 and $7,702 on available for sale and $2,364 and $2,697 on held to maturity securities at June 30, 2023 and December 31, 2022, respectively, that is recorded in other assets on the accompanying consolidated balance sheets. During 2022, the Company reclassified, at fair value, approximately $117,583 in available for sale obligations of state and municipal subdivisions to the held to maturity category, primarily to limit future volatility in equity due to potential increases in interest rates. The related net unrealized pre-tax gains of approximately $26 remained in accumulated other comprehensive income (loss) and will be amortized over the remaining life of the securities, as an adjustment of the yield on the transferred securities. There have been no transfers of securities in 2023. The amortized cost and estimated fair value of securities at June 30, 2023, by contractual maturity, are shown below. Maturities of mortgage-backed securities will differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties. June 30, 2023 Available for Sale Held to Maturity Amortized Cost (1) Fair Value Amortized Cost (1) Fair Value Due in one year or less $ 81,475 $ 80,021 $ — $ — Due from one year to five years 311,807 288,815 — — Due from five to ten years 446,277 375,993 — — Thereafter 175,946 147,644 206,146 166,251 1,015,505 892,473 206,146 166,251 Mortgage-backed securities guaranteed by FHLMC, FNMA and GNMA 881,057 745,209 — — $ 1,896,562 $ 1,637,682 $ 206,146 $ 166,251 ____________ (1) Excludes accrued interest receivable of $7,446 on available for sale and $2,364 on held to maturity securities at June 30, 2023, that is recorded in other assets on the accompanying consolidated balance sheets. Securities with a fair value of approximately $893,908 and $1,168,006 at June 30, 2023 and December 31, 2022, respectively, were pledged primarily to secure deposits. There were no sales of securities during the three and six months ended June 30, 2023 and 2022. The number of securities, unrealized losses and fair value, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position, as of June 30, 2023 and December 31, 2022, are summarized as follows: Less Than 12 Months Greater Than 12 Months Total Description of Securities Number of Securities Estimated Unrealized Number of Securities Estimated Unrealized Estimated Unrealized Securities Available for Sale June 30, 2023 U.S. treasuries — $ — $ — 35 $ 229,689 $ (19,250) $ 229,689 $ (19,250) Government agency securities — — — 75 384,972 (83,901) 384,972 (83,901) Obligations of state and municipal subdivisions 144 96,861 (1,042) 193 121,687 (11,320) 218,548 (12,362) Corporate bonds 1 1,898 (602) 10 30,517 (6,983) 32,415 (7,585) Mortgage-backed securities guaranteed by FHLMC, FNMA and GNMA 7 9,191 (414) 347 735,550 (135,438) 744,741 (135,852) 152 $ 107,950 $ (2,058) 660 $ 1,502,415 $ (256,892) $ 1,610,365 $ (258,950) December 31, 2022 U.S. treasuries 13 $ 106,849 $ (3,923) 23 $ 132,561 $ (16,342) $ 239,410 $ (20,265) Government agency securities 13 63,451 (7,533) 62 321,064 (76,946) 384,515 (84,479) Obligations of state and municipal subdivisions 339 209,395 (9,068) 9 17,034 (4,226) 226,429 (13,294) Corporate bonds 8 23,584 (4,416) 3 10,621 (1,379) 34,205 (5,795) Mortgage-backed securities guaranteed by FHLMC, FNMA and GNMA 226 266,756 (25,377) 129 511,207 (109,547) 777,963 (134,924) 599 $ 670,035 $ (50,317) 226 $ 992,487 $ (208,440) $ 1,662,522 $ (258,757) Securities Held to Maturity June 30, 2023 Obligations of state and municipal subdivisions 2 $ 6,811 $ (128) 40 $ 152,344 $ (39,804) $ 159,155 $ (39,932) December 31, 2022 Obligations of state and municipal subdivisions 22 $ 98,475 $ (21,210) 21 $ 63,764 $ (23,610) $ 162,239 $ (44,820) The Company's securities classified as available for sale and held to maturity are evaluated for expected credit losses by applying the appropriate expected credit losses methodology in accordance with ASC Topic 326, "Financial Instruments - Credit Losses." At June 30, 2023 , management's review of all securities at an unrealized loss position determined that the losses resulted from factors not related to credit quality. This conclusion is based on management's analysis of the underlying risk characteristics, including credit ratings, and other qualitative factors for each security type in our portfolio. The unrealized losses on available for sale securities are generally due to increases in market interest rates. Furthermore, the Company has the intent to hold the available for sale securities until maturity or a forecasted recovery, and it is more likely than not that the Company will not have to sell the securities before the recovery of their cost basis. The issuers of these securities continue to make timely principal and interest payments under the contractual terms of the securities. As such, there is no allowance for credit losses on available for sale securities recognized as of June 30, 2023 . The Company's held to maturity securities include taxable and tax-exempt municipal securities issued primarily by school districts, utility districts and municipalities. With regard to securities issued by state and municipal subdivisions, management considers issuer bond ratings, historical loss rates for given bond ratings, whether issuers continue to make timely principal and interest payments under the contractual terms of the securities, internal forecasts and whether or not such securities are guaranteed. A significant portion of the Company's held to maturity securities are guaranteed or insured. Furthermore, as of June 30, 2023 , there were no past due principal or interest payments associated with these securities. As such, no allowance for credit losses has been recorded on held to maturity securities as of June 30, 2023 . |
Loans, Net and Allowance for Cr
Loans, Net and Allowance for Credit Losses on Loans | 6 Months Ended |
Jun. 30, 2023 | |
Receivables [Abstract] | |
Loans, Net and Allowance for Loan Losses | Note 4. Loans, Net and Allowance for Credit Losses on Loans Loans, net, at June 30, 2023 and December 31, 2022, consisted of the following: June 30, December 31, 2023 2022 Commercial $ 2,216,957 $ 2,240,959 Mortgage warehouse purchase loans 491,090 312,099 Real estate: Commercial 7,990,123 7,817,447 Commercial construction, land and land development 1,122,400 1,231,071 Residential 1,615,903 1,592,859 Single-family interim construction 483,274 508,839 Agricultural 118,054 124,422 Consumer 81,314 81,667 Total loans (1) 14,119,115 13,909,363 Allowance for credit losses (147,804) (148,787) Total loans, net (1) $ 13,971,311 $ 13,760,576 ____________ (1) Excludes accrued interest receivable of $47,114 and $48,815 at June 30, 2023 and December 31, 2022, respectively, that is recorded in other assets on the accompanying consolidated balance sheets. Loans with carrying amounts of $7,504,737 and $7,246,087 at June 30, 2023 and December 31, 2022, respectively, were pledged to secure Federal Home Loan Bank borrowing capacity and Federal Reserve Bank discount window borrowing capacity. The Company has certain lending policies and procedures in place that are designed to maximize loan income within an acceptable level of risk. Management reviews and approves these policies and procedures on a regular basis. A reporting system supplements the review process by providing management with frequent reports related to loan production, loan quality, concentrations of credit, loan delinquencies and nonperforming and potential problem loans. Commercial loans are underwritten after evaluating and understanding the borrower’s ability to operate profitably and prudently expand its business. The Company’s management examines current and projected cash flows to determine the ability of the borrower to repay their obligations as agreed. Commercial loans are primarily made based on the identified cash flows of the borrower and secondarily on the underlying collateral provided by the borrower. These cash flows, however, may not be as expected and the value of collateral securing the loans may fluctuate. Most commercial loans are secured by the assets being financed or other business assets such as accounts receivable or inventory and may incorporate a personal guarantee; however, some short-term loans may be made on an unsecured basis. The commercial loan portfolio includes loans made to customers in the energy industry, which is a complex, technical and cyclical industry. Experienced bankers with specialized energy lending experience originate our energy loans. Companies in this industry produce, extract, develop, exploit and explore for oil and natural gas. Loans are primarily collateralized with proven producing oil and gas reserves based on a technical evaluation of these reserves. At June 30, 2023 and December 31, 2022, there were approximately $593,289 and $574,698, of energy related loans outstanding, respectively. Under the CARES Act Paycheck Protection Program (PPP) administered by the Small Business Administration (SBA), the Company originated loans to its customers through the program. PPP loans have terms of two The Company has a mortgage warehouse purchase program providing mortgage inventory financing for residential mortgage loans originated by mortgage banker clients across a broad geographic scale. Proceeds from the sale of mortgages is the primary source of repayment for warehouse inventory financing via approved investor takeout commitments. These loans typically have a very short duration ranging between a few days to 15 days. In some cases, loans to larger mortgage originators may be financed for up to 60 days. Warehouse purchase program loans are collectively evaluated for impairment and are purchased under several contractual requirements, providing safeguards to the Company. To date, the Company has not experienced a loss on these loans and no allowance for credit losses has been allocated to them. Commercial real estate loans are subject to underwriting standards and processes similar to commercial loans. These loans are viewed primarily as cash flow loans and secondarily as loans secured by real estate. Commercial real estate lending typically involves higher loan principal amounts, and the repayment of these loans is generally largely dependent on the successful operation of the property or the business conducted on the property securing the loan. Commercial real estate loans may be more adversely affected by conditions in the real estate markets or in the general economy. The properties securing the Company’s commercial real estate portfolio are diverse in terms of type and geographic location. Management monitors the diversification of the portfolio on a quarterly basis by type and geographic location. Management also tracks the level of owner occupied property versus non-owner occupied property. At June 30, 2023, the portfolio consisted of approximately 22% of owner occupied property. Land and commercial land development loans are underwritten using feasibility studies, independent appraisal reviews and financial analysis of the developers or property owners. Generally, borrowers must have a proven track record of success. Commercial construction loans are generally based upon estimates of cost and value of the completed project. These estimates may not be accurate. Commercial construction loans often involve the disbursement of substantial funds with the repayment dependent on the success of the ultimate project. Sources of repayment for these loans may be pre-committed permanent financing or sale of the developed property. The loans in this portfolio are geographically diverse and due to the increased risk are monitored closely by management and the board of directors on a quarterly basis. Residential real estate and single-family interim construction loans are underwritten primarily based on borrowers’ documented income and ability to repay the Bank and other creditors as well as minimum collateral values and credit scores. Relatively small loan amounts are spread across many individual borrowers, which minimizes risk in the residential portfolio. In addition, management evaluates trends in past dues and current economic factors on a regular basis. Agricultural loans are collateralized by real estate and/or agricultural-related assets. Agricultural real estate loans are primarily comprised of loans for the purchase of farmland. Loan-to-value ratios on loans secured by farmland generally do not exceed 80% and have amortization periods limited to twenty years. Agricultural non-real estate loans are generally comprised of term loans to fund the purchase of equipment, livestock and seasonal operating lines to grain farmers to plant and harvest corn and soybeans. Specific underwriting standards have been established for agricultural-related loans including the establishment of projections for each operating year based on industry developed estimates of farm input costs and expected commodity yields and prices. Operating lines are typically written for one year and secured by the crop and other farm assets as considered necessary. Agricultural loans carry credit risks as they involve larger balances concentrated with single borrowers or groups of related borrowers. In addition, repayment of such loans depends on the successful operation or management of the farm property securing the loan or for which an operating loan is utilized. Farming operations may be affected by adverse weather conditions such as drought, hail or floods that can severely limit crop yields. Consumer loans represent less than 1% of the outstanding total loan portfolio. Collateral consists primarily of automobiles and other personal assets. Credit score analysis is used to supplement the underwriting process. Most of the Company’s lending activity occurs within the state of Texas, primarily in the north, central and southeast Texas regions and the state of Colorado, specifically along the Front Range area. As of June 30, 2023, loans in the Colorado region represented about 24% of the total portfolio. A large percentage of the Company’s portfolio consists of commercial and residential real estate loans. As of June 30, 2023 and December 31, 2022, there were no concentrations of loans related to a single industry in excess of 10% of total loans. Under ASC 326, the allowance for credit losses is a valuation account that is deducted from the amortized cost basis of loans to present the net amount expected to be collected on the loans. Loans, or portions thereof, are charged-off against the allowance when they are deemed uncollectible. Recoveries do not exceed the aggregate of amounts previously charged-off and expected to be charged-off. The amount of the allowance represents management's best estimate of current expected credit losses on loans considering available information relevant to assessing collectibility over the loans' contractual terms, adjusted for expected prepayments when appropriate. The contractual term excludes expected extensions, renewals and modifications unless either of the following applies: management has a reasonable expectation that a restructuring will be executed with an individual borrower, or the extension or renewal options are included in the borrower contract and are not unconditionally cancellable by the Company. The Company's allowance balance is estimated using relevant available information, from internal and external sources, relating to past events, current conditions and reasonable and supportable forecasts. Historical credit loss experience provides the basis for the estimation of expected credit losses. Adjustments to historical loss information are made for differences in current loan-specific risk characteristics such as differences in underwriting standards, portfolio mix, credit quality, or term as well as for changes in environmental conditions, such as changes in unemployment rates, gross domestic product, property values, various price indices, and/or other relevant factors. The Company utilizes Moody’s Analytics economic forecast scenarios and assigns probability weighting to those scenarios which best reflect management’s views on the economic forecast. The allowance for credit losses is measured on a collective basis for portfolios of loans when similar risk characteristics exist. Loans that do not share risk characteristics are evaluated for expected credit losses on an individual basis and excluded from the collective evaluation. For determining the appropriate allowance for credit losses on a collective basis, the loan portfolio is segmented into pools based upon similar risk characteristics and a lifetime loss-rate model is utilized. For modeling purposes, loan pools include: commercial and industrial, commercial real estate - construction/land development, commercial real estate - owner occupied, commercial real estate - non-owner occupied, agricultural, residential real estate, HELOCs, single-family interim construction, and consumer. Management periodically reassesses each pool to ensure the loans within the pool continue to share similar characteristics and risk profiles and to determine whether further segmentation is necessary. The measurement of expected credit losses is impacted by loan/borrower attributes and certain macroeconomic variables. Management has determined that they are reasonably able to forecast the macroeconomic variables used in the modeling processes with an acceptable degree of confidence for a total of two years then encompassing a reversion process whereby the forecasted macroeconomic variables are reverted to their historical mean utilizing a rational, systematic basis. Management qualitatively adjusts model results for risk factors that are not considered within the modeling processes but are nonetheless relevant in assessing the expected credit losses within the loan pools. These qualitative factor (Q-Factor) adjustments may increase or decrease management's estimate of expected credit losses by a calculated percentage or amount based upon the estimated level of risk. Loans exhibiting unique risk characteristics and requiring an individual evaluation are measured based on 1) the present value of expected future cash flows discounted at the loan's effective interest rate; 2) the loan's observable market price; or 3) the fair value of collateral if the loan is collateral dependent. Substantially all of the Company’s individually evaluated loans are measured at the fair value of the collateral. Management continually evaluates the allowance for credit losses based upon the factors noted above. Should any of the factors considered by management change, the Company’s estimate of credit losses could also change and would affect the level of future provision for credit losses. Portions of the allowance may be allocated for specific credits; however, the entire allowance is available for any credit that, in management’s judgment, should be charged-off. While the calculation of the allowance for credit losses utilizes management’s best judgment and all the information available, the adequacy of the allowance for credit losses is dependent on a variety of factors beyond the Company’s control, including, among other things, the performance of the entire loan portfolio, the economy, changes in interest rates and the view of regulatory authorities towards loan classifications. Loans requiring an individual evaluation are generally identified at the servicing officer level based on review of weekly past due reports and/or the loan officer’s communication with borrowers. In addition, the status of past due loans are routinely discussed within each lending region as well as credit committee meetings to determine if classification is warranted. The Company’s internal loan review department has implemented an internal risk-based loan review process to identify potential internally classified loans that supplements the independent external loan review. External loan reviews cover a wide range of the loan portfolio, including large lending relationships, specifically targeted loan types, and if applicable recently acquired loan portfolios. These reviews include analysis of borrower’s financial condition, payment histories, review of loan documentation and collateral values to determine if a loan should be internally classified. Generally, once classified, an analysis is completed by the credit department to determine the amount of allocated allowance for credit loss required. Expected credit losses for collateral dependent loans, including loans where the borrower is experiencing financial difficulty but foreclosure is not probable, are based on the fair value of the collateral at the reporting date, adjusted for selling costs as appropriate. Following unprecedented declines caused by the pandemic and volatile energy prices, the Texas economy, specifically in the Company’s lending areas of north, central and southeast Texas, continued to expand modestly through the second quarter of 2023, while the Colorado economy had little change. Revenue in the service and retail sectors grew this quarter while manufacturing output was flat. Energy reports were mixed with oilfield activity steady, but declines seen on the natural gas side. Credit conditions tightened further and loan demand continued to decline. Agricultural conditions and housing market activity improved. Outlooks continued to worsen as uncertainty remains on the rise with concerns over waning demand, rising interest rates and the overall health of the economy. The implications for the U.S. economy are highly uncertain, and the war in Ukraine and related events have created additional upward pressure on inflation and are weighing on economic activity. Inflation remains elevated, reflecting supply and demand imbalances, higher food and energy prices and broader price pressures. The risk of loss associated with all segments of the portfolio could increase due to these factors. The economy and other risk factors are minimized by the Company’s underwriting standards, which include the following principles: 1) financial strength of the borrower including strong earnings, high net worth, significant liquidity and acceptable debt to worth ratio, 2) managerial business competence, 3) ability to repay, 4) loan to value, 5) projected cash flow and 6) guarantor financial statements, as applicable. During the second quarter 2023, the Company updated and performed a recalibration of its credit loss models to enhance model performance reliability. The overall impact of the model changes as described below mainly resulted in reclassifications of provision expense between the loan pools. While the fundamental modeling methodologies remain unchanged, the updates included (1) consolidation of the energy loans into the commercial and industrial risk pool as a result of similarities in risk characteristics observed in recent history, (2) correlation of the loss rate model to new peer group loss history data which resulted in changes to certain loan pool macroeconomic variables further diversifying the variables used in the model, (3) changes to the qualitative factor model to address the volatility of past dues and risk grades by incorporating a four quarter rolling average to the assessed risk level, and (4) adjustment to the unfunded commitments utilization model to bifurcate the single-family residential and commercial construction portfolio loan pools into various sub pools to better correlate their utilization rates. The following is a summary of the activity in the allowance for credit losses on loans by class for the three and six months ended June 30, 2023 and 2022: Commercial Commercial Real Estate Commercial Construction, Residential Single-Family Agricultural Consumer Total Three months ended June 30, 2023 Balance at beginning of period $ 53,122 $ 59,109 $ 17,331 $ 4,780 $ 11,812 $ 231 $ 465 $ 146,850 Provision for credit losses (19,345) (5,030) 16,040 1,267 6,521 599 16 68 Charge-offs (20) — — — — — (9) (29) Recoveries 824 — 91 — — — — 915 Balance at end of period $ 34,581 $ 54,079 $ 33,462 $ 6,047 $ 18,333 $ 830 $ 472 $ 147,804 Six months ended June 30, 2023 Balance at beginning of period $ 54,037 $ 61,078 $ 17,696 $ 3,450 $ 11,817 $ 207 $ 502 $ 148,787 Provision for credit losses (20,240) (6,999) 16,871 2,597 6,516 623 (21) (653) Charge-offs (68) — (1,196) — — — (9) (1,273) Recoveries 852 — 91 — — — — 943 Balance at end of period $ 34,581 $ 54,079 $ 33,462 $ 6,047 $ 18,333 $ 830 $ 472 $ 147,804 Three months ended June 30, 2022 Balance at beginning of period $ 50,485 $ 59,699 $ 25,104 $ 2,770 $ 7,749 $ 132 $ 374 $ 146,313 Provision for credit losses 2,737 (2,881) (918) 344 1,476 (27) 17 748 Charge-offs (12) (2,972) — — — — — (2,984) Recoveries 93 — — — — — — 93 Balance at end of period $ 53,303 $ 53,846 $ 24,186 $ 3,114 $ 9,225 $ 105 $ 391 $ 144,170 Six months ended June 30, 2022 Balance at beginning of period $ 49,747 $ 65,110 $ 23,861 $ 2,192 $ 7,222 $ 106 $ 468 $ 148,706 Provision for credit losses 3,652 (8,292) 325 928 2,003 (1) (67) (1,452) Charge-offs (453) (2,972) — (6) — — (10) (3,441) Recoveries 357 — — — — — — 357 Balance at end of period $ 53,303 $ 53,846 $ 24,186 $ 3,114 $ 9,225 $ 105 $ 391 $ 144,170 The Company will charge-off that portion of any loan which management considers a loss. Commercial and real estate loans are generally considered for charge-off when exposure beyond collateral coverage is apparent and when no further collection of the loss portion is anticipated based on the borrower’s financial condition. The following table presents loans that were evaluated for expected credit losses on an individual basis and the related specific credit loss allocations, by loan class as of June 30, 2023 and December 31, 2022: June 30, 2023 December 31, 2022 Loan Balance Specific Allocations Loan Balance Specific Allocations Commercial $ 21,554 $ 9,369 $ 21,981 $ 8,378 Commercial real estate 12,303 1,209 12,303 1,209 Commercial construction, land and land development — — — — Residential real estate — — — — Single-family interim construction 189 60 189 43 Agricultural — — — — Consumer — — — — $ 34,046 $ 10,638 $ 34,473 $ 9,630 Nonperforming loans by loan class at June 30, 2023 and December 31, 2022 are summarized as follows: Commercial Commercial Commercial Construction, Residential Real Estate Single-Family Agricultural Consumer Total June 30, 2023 Nonaccrual loans (1) $ 21,564 $ 13,290 $ 12 $ 1,262 $ 189 $ — $ 6 $ 36,323 Loans past due 90 days and still accruing 9 — 2 1,580 — — — 1,591 Total nonperforming loans (2) $ 21,573 $ 13,290 $ 14 $ 2,842 $ 189 $ — $ 6 $ 37,914 December 31, 2022 Nonaccrual loans (1) $ 22,565 $ 13,393 $ 15 $ 1,582 $ 189 $ — $ 8 $ 37,752 Loans past due 90 days and still accruing 5 — — 838 — — — 843 Troubled debt restructurings (not included in nonaccrual or loans past due and still accruing) — 1,435 — 59 — — — 1,494 Total nonperforming loans $ 22,570 $ 14,828 $ 15 $ 2,479 $ 189 $ — $ 8 $ 40,089 ____________ (1) There are $2,045 and $125 in loans on nonaccrual without an allowance for credit loss as of June 30, 2023 and December 31, 2022, respectively. Additionally, no interest income was recognized on nonaccrual loans. No significant amounts of accrued interest was reversed during the three and six months ended June 30, 2023 and 2022. (2) With the adoption of ASU 2022-02, effective January 1, 2023, TDR accounting has been eliminated. The accrual of interest is discontinued on a loan when management believes that, after considering collection efforts and other factors, the borrower's financial condition is such that collection of interest is doubtful, as well as when required by regulatory provisions. Regulatory provisions would typically require the placement of a loan on non-accrual status if 1) principal or interest has been in default for a period of 90 days or more unless the loan is both well secured and in the process of collection or 2) full payment of principal and interest is not expected. All interest accrued but not collected for loans that are placed on nonaccrual status or charged-off is reversed against interest income. Cash collections on nonaccrual loans are generally credited to the loan receivable balance, and no interest income is recognized on those loans until the principal balance has been collected. Loans are generally returned to accrual status when all the principal and interest amounts contractually due are brought current and future payments are reasonably assured. Occasionally, the Company modifies loans to borrowers in financial distress by providing certain concessions, such as principal forgiveness, term extension, an other-than-insignificant payment delay, an interest rate reduction, or a combination of such concessions. When principal forgiveness is provided, the amount of forgiveness is charged-off against the allowance for credit losses. Upon the Company's determination that a modified loan (or portion of a loan) has subsequently been deemed uncollectible, the loan (or portion of the loan) is written off. During the three and six months ended June 30, 2023, the Company did not provide any modifications under these circumstances to borrowers experiencing financial difficulty. Loans are considered past due if the required principal and interest payments have not been received as of the date such payments were due. The following table presents information regarding the aging of past due loans by loan class as of June 30, 2023 and as of December 31, 2022: Loans Loans Total Past Current Total June 30, 2023 Commercial $ 1,351 $ 4,651 $ 6,002 $ 2,210,955 $ 2,216,957 Mortgage warehouse purchase loans — — — 491,090 491,090 Commercial real estate 46 12,303 12,349 7,977,774 7,990,123 Commercial construction, land and land development 419 2 421 1,121,979 1,122,400 Residential real estate 2,380 1,782 4,162 1,611,741 1,615,903 Single-family interim construction — 189 189 483,085 483,274 Agricultural — — — 118,054 118,054 Consumer 116 4 120 81,194 81,314 $ 4,312 $ 18,931 $ 23,243 $ 14,095,872 $ 14,119,115 December 31, 2022 Commercial $ 1,005 $ 5,629 $ 6,634 $ 2,234,325 $ 2,240,959 Mortgage warehouse purchase loans — — — 312,099 312,099 Commercial real estate 13,093 449 13,542 7,803,905 7,817,447 Commercial construction, land and land development 2,820 — 2,820 1,228,251 1,231,071 Residential real estate 4,702 1,346 6,048 1,586,811 1,592,859 Single-family interim construction — 189 189 508,650 508,839 Agricultural — — — 124,422 124,422 Consumer 214 8 222 81,445 81,667 $ 21,834 $ 7,621 $ 29,455 $ 13,879,908 $ 13,909,363 The Company’s internal classified report is segregated into the following categories: 1) Pass/Watch, 2) Special Mention, 3) Substandard, 4) Doubtful and 5) Loss. The loans placed in the Pass/Watch category reflect the Company’s opinion that the loans reflect potential weakness that requires monitoring on a more frequent basis. The loans in the Special Mention category reflect the Company’s opinion that the credit contains weaknesses which represent a greater degree of risk and warrant extra attention. These loans are reviewed monthly by officers and senior management to determine if a change in category is warranted. The loans placed in the Substandard category are considered to be potentially inadequately protected by the current debt service capacity of the borrower and/or the pledged collateral. These credits, even if apparently protected by collateral value, have shown weakness related to adverse financial, managerial, economic, market or political conditions, which may jeopardize repayment of principal and interest and may be considered impaired. There is a possibility that some future loss could be sustained by the Company if such weakness is not corrected. The Doubtful category includes loans that are in default or principal exposure is probable and the possibility of loss is extremely high. The Loss category includes loans that are considered uncollectible, with little chance of turnaround. Management considers the guidance in ASC 310-20 when determining whether a modification, extension or renewal of a loan constitutes a current period origination. Generally, current period renewals of credit are re-underwritten at the point of renewal and considered current period originations for purposes of the table below. The following summarizes the amortized cost basis of loans by year of origination/renewal and credit quality indicator by class of loan as of June 30, 2023 and December 31, 2022: Revolving Loans Converted to Term Loans Term Loans by Year of Origination or Renewal Revolving Loans June 30, 2023 2023 2022 2021 2020 2019 Prior Total Commercial Pass $ 100,373 $ 282,844 $ 312,515 $ 105,941 $ 100,025 $ 186,724 $ 1,011,718 $ 121 $ 2,100,261 Pass/Watch 182 672 7,862 138 95 14,271 10,841 — 34,061 Special Mention 225 19 12,796 93 2,102 224 10,112 1,171 26,742 Substandard 7,766 8,081 25,283 339 2,632 757 6,801 3,741 55,400 Doubtful — — 493 — — — — — 493 Loss — — — — — — — — — Total commercial $ 108,546 $ 291,616 $ 358,949 $ 106,511 $ 104,854 $ 201,976 $ 1,039,472 $ 5,033 $ 2,216,957 Current period gross write-offs $ — $ — $ 39 $ 5 $ 4 $ 20 $ — $ — $ 68 Mortgage warehouse purchase loans Pass $ 491,090 $ — $ — $ — $ — $ — $ — $ — $ 491,090 Pass/Watch — — — — — — — — — Special Mention — — — — — — — — — Substandard — — — — — — — — — Doubtful — — — — — — — — — Loss — — — — — — — — — Total mortgage warehouse purchase loans $ 491,090 $ — $ — $ — $ — $ — $ — $ — $ 491,090 Current period gross write-offs $ — $ — $ — $ — $ — $ — $ — $ — $ — Revolving Loans Converted to Term Loans Term Loans by Year of Origination or Renewal Revolving Loans June 30, 2023 2023 2022 2021 2020 2019 Prior Total Commercial real estate Pass $ 424,710 $ 2,612,139 $ 1,984,513 $ 947,487 $ 572,027 $ 945,962 $ 66,499 $ 1,511 $ 7,554,848 Pass/Watch 13,270 79,643 38,916 54,508 20,977 57,068 93 — 264,475 Special Mention 9,249 789 31,731 — 10,765 14,357 — 357 67,248 Substandard — 19,331 58,116 402 3,122 22,581 — — 103,552 Doubtful — — — — — — — — — Loss — — — — — — — — — Total commercial real estate $ 447,229 $ 2,711,902 $ 2,113,276 $ 1,002,397 $ 606,891 $ 1,039,968 $ 66,592 $ 1,868 $ 7,990,123 Current period gross write-offs $ — $ — $ — $ — $ — $ — $ — $ — $ — Commercial construction, land and land development Pass $ 176,103 $ 506,827 $ 318,876 $ 71,270 $ 7,442 $ 19,654 $ 9,962 $ 76 $ 1,110,210 Pass/Watch 1,120 3,360 36 7,096 — 65 1 — 11,678 Special Mention — — — 473 — — — — 473 Substandard — 27 — — — 12 — — 39 Doubtful — — — — — — — — — Loss — — — — — — — — — Total commercial construction, land and land development $ 177,223 $ 510,214 $ 318,912 $ 78,839 $ 7,442 $ 19,731 $ 9,963 $ 76 $ 1,122,400 Current period gross write-offs $ — $ — $ 1,196 $ — $ — $ — $ — $ — $ 1,196 Residential real estate Pass $ 84,103 $ 512,460 $ 370,627 $ 228,728 $ 145,401 $ 199,169 $ 59,917 $ 201 $ 1,600,606 Pass/Watch — 367 866 2,800 1,524 1,965 85 — 7,607 Special Mention — — — — 1,077 1,380 125 — 2,582 Substandard 18 1,141 — 515 218 3,132 84 — 5,108 Doubtful — — — — — — — — — Loss — — — — — — — — — Total residential real estate $ 84,121 $ 513,968 $ 371,493 $ 232,043 $ 148,220 $ 205,646 $ 60,211 $ 201 $ 1,615,903 Current period gross write-offs $ — $ — $ — $ — $ — $ — $ — $ — $ — Single-family interim construction Pass $ 152,093 $ 256,582 $ 41,955 $ — $ — $ — $ 28,805 $ — $ 479,435 Pass/Watch 2,900 749 — — — — 1 — 3,650 Special Mention — — — — — — — — — Substandard — — 189 — — — — — 189 Doubtful — — — — — — — — — Loss — — — — — — — — — Total single-family interim construction $ 154,993 $ 257,331 $ 42,144 $ — $ — $ — $ 28,806 $ — $ 483,274 Current period gross write-offs $ — $ — $ — $ — $ — $ — $ — $ — $ — Revolving Loans Converted to Term Loans Term Loans by Year of Origination or Renewal Revolving Loans June 30, 2023 2023 2022 2021 2020 2019 Prior Total Agricultural Pass $ 8,350 $ 48,779 $ 23,187 $ 11,900 $ 3,578 $ 12,023 $ 7,848 $ — $ 115,665 Pass/Watch — 2,370 — — — — — — 2,370 Special Mention — — — — — — — — — Substandard — — — — — 19 — — 19 Doubtful — — — — — — — — — Loss — — — — — — — — — Total agricultural $ 8,350 $ 51,149 $ 23,187 $ 11,900 $ 3,578 $ 12,042 $ 7,848 $ — $ 118,054 Current period gross write-offs $ — $ — $ — $ — $ — $ — $ — $ — $ — Consumer Pass $ 4,855 $ 5,239 $ 3,729 $ 8,580 $ 1,373 $ 203 $ 57,222 $ 107 $ 81,308 Pass/Watch — — — — — — — — — Special Mention — — — — — — — — — Substandard — — 2 — — 4 — — 6 Doubtful — — — — — — — — — Loss — — — — — — — — — Total consumer $ 4,855 $ 5,239 $ 3,731 $ 8,580 $ 1,373 $ 207 $ 57,222 $ 107 $ 81,314 Current period gross write-offs $ — $ 9 $ — $ — $ — $ — $ — $ — $ 9 Total loans Pass $ 1,441,677 $ 4,224,870 $ 3,055,402 $ 1,373,906 $ 829,846 $ 1,363,735 $ 1,241,971 $ 2,016 $ 13,533,423 Pass/Watch 17,472 87,161 47,680 64,542 22,596 73,369 11,021 — 323,841 Special Mention 9,474 808 44,527 566 13,944 15,961 10,237 1,528 97,045 Substandard 7,784 28,580 83,590 1,256 5,972 26,505 6,885 3,741 164,313 Doubtful — — 493 — — — — — 493 Loss — — — — — — — — — Total loans $ 1,476,407 $ 4,341,419 $ 3,231,692 $ 1,440,270 $ 872,358 $ 1,479,570 $ 1,270,114 $ 7,285 $ 14,119,115 Current period gross write-offs $ — $ 9 $ 1,235 $ 5 $ 4 $ 20 $ — $ — $ 1,273 Revolving Loans Converted to Term Loans Term Loans by Year of Origination or Renewal Revolving Loans December 31, 2022 2022 2021 2020 2019 2018 Prior Total Commercial Pass $ 297,800 $ 347,801 $ 126,390 $ 112,887 $ 51,623 $ 153,435 $ 1,031,483 $ 1,173 $ 2,122,592 Pass/Watch 8 14,790 155 188 1,812 7,934 8,216 5,907 39,010 Special Mention 234 4,821 101 1,485 — 144 8,646 20 15,451 Substandard 394 35,950 398 9,191 55 7,037 10,840 41 63,906 Doubtful — — — — — — — — — Loss — — — — — — — — — Total commercial $ 298,436 $ 403,362 $ 127,044 $ 123,751 $ 53,490 $ 168,550 $ 1,059,185 $ 7,141 $ 2,240,959 Revolving Loans Converted to Term Loans Term Loans by Year of Origination or Renewal Revolving Loans December 31, 2022 2022 2021 2020 2019 2018 Prior Total Mortgage warehouse purchase loans Pass $ 312,099 $ — $ — $ — $ — $ — $ — $ — $ 312,099 Pass/Watch — — — — — — — — — Special Mention — — — — — — — — — Substandard — — — — — — — — — Doubtful — — — — — — — — — Loss — — — — — — — — — Total mortgage warehouse purchase loans $ 312,099 $ — $ — $ — $ — $ — $ — $ — $ 312,099 Commercial real estate Pass $ 2,652,298 $ 1,980,631 $ 998,910 $ 617,664 $ 448,758 $ 640,275 $ 59,184 $ 9,222 $ 7,406,942 Pass/Watch 90,313 25,954 33,664 18,678 53,469 25,831 — — 247,909 Special Mention 10,180 41,193 — 10,870 8,722 10,735 — 26 81,726 Substandard 3,513 40,001 8,574 3,178 8,268 17,336 — — 80,870 Do |
Federal Home Loan Bank Advances
Federal Home Loan Bank Advances | 6 Months Ended |
Jun. 30, 2023 | |
Advance from Federal Home Loan Bank [Abstract] | |
Federal Home Loan Bank Advances | Note 5. Federal Home Loan Bank Advances At June 30, 2023, the Company has advances from the FHLB of Dallas under note payable arrangements with maturities ranging from July 2023 to September 2032. Interest payments on these notes are made monthly. The weighted average interest rate of all notes was 5.15% and 2.42% at June 30, 2023 and December 31, 2022, respectively. The balances outstanding on these advances were $875,000 and $300,000 at June 30, 2023 and December 31, 2022, respectively. Contractual maturities of FHLB advances at June 30, 2023 were as follows: First year $ 800,000 Second year — Third year — Fourth year — Fifth year — Thereafter 75,000 $ 875,000 The advances are secured by $63,564 of FHLB stock owned by the Company and a blanket lien on certain loans along with specific listed loans for an aggregate available carrying value of $6,163,892 at June 30, 2023. The Company had remaining credit available under the FHLB advance program of $3,804,071 at June 30, 2023. At June 30, 2023, the Company had $1,474,515 in undisbursed advance commitments (letters of credit) with the FHLB. As of June 30, 2023, these commitments mature on various dates from July 2023 through February 2025. The FHLB letters of credit were obtained in lieu of pledging securities to secure public fund deposits that are over the FDIC insurance limit. At June 30, 2023, there were no disbursements against the advance commitments. |
Other Borrowings
Other Borrowings | 6 Months Ended |
Jun. 30, 2023 | |
Debt Disclosure [Abstract] | |
Other Borrowings | Note 6. Other Borrowings Other borrowings totaled $305,262 and $267,066 at June 30, 2023 and December 31, 2022, respectively. On March 31, 2023, the Company redeemed $30,000 of its outstanding 5.00% fixed-to-floating rate subordinated debentures due December 31, 2027. There were $67,500 borrowings outstanding as of June 30, 2023 and no borrowings outstanding as of December 31, 2022 against the Company's revolving line of credit. |
Off-Balance Sheet Arrangements,
Off-Balance Sheet Arrangements, Commitments and Contingencies | 6 Months Ended |
Jun. 30, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
Off-Balance Sheet Arrangements, Commitments and Contingencies | Note 7. Off-Balance Sheet Arrangements, Commitments and Contingencies Financial Instruments with Off-Balance Sheet Risk The Company is a party to financial instruments with off-balance sheet risk in the normal course of business to meet the financing needs of its customers. The commitments involve, to varying degrees, elements of credit and interest rate risk in excess of the amount recognized in the balance sheet. The Company’s exposure to credit loss in the event of nonperformance by the other party to the financial instrument for commitments to extend credit is represented by the contractual amount of this instrument. The Company uses the same credit policies in making commitments and conditional obligations as it does for on-balance sheet instruments. At June 30, 2023 and December 31, 2022, the approximate amounts of these financial instruments were as follows: June 30, December 31, 2023 2022 Commitments to extend credit $ 3,028,389 $ 3,291,409 Standby letters of credit 29,848 24,135 $ 3,058,237 $ 3,315,544 Commitments to extend credit are agreements to lend to a customer as long as there is no violation of any condition established in the contract. Commitments generally have fixed expiration dates or other termination clauses and may require payment of a fee. Since many of the commitments are expected to expire without being drawn upon, the total commitment amounts do not necessarily represent future cash requirements. The Company evaluates each customer’s credit worthiness on a case-by-case basis. The amount of collateral obtained if deemed necessary by the Company upon extension of credit is based on management’s credit evaluation of the counterparty. Collateral held varies but may include accounts receivable, inventory, farm crops, property, plant and equipment and income-producing commercial properties. Letters of credit are written conditional commitments used by the Company to guarantee the performance of a customer to a third party. The Company’s policies generally require that letter of credit arrangements contain security and debt covenants similar to those contained in loan arrangements. In the event the customer does not perform in accordance with the terms of the agreement with the third party, the Company would be required to fund the commitment. The maximum potential amount of future payments the Company could be required to make is represented by the contractual amount shown in the table above. If the commitment is funded, the Company would be entitled to seek recovery from the customer. Allowance For Credit Losses on Off-Balance Sheet Credit Exposures The allowance for credit losses on off-balance-sheet credit exposures is calculated under ASC 326, representing expected credit losses over the contractual period for which the Company is exposed to credit risk resulting from a contractual obligation to extend credit. Off-balance sheet credit exposures primarily consist of amounts available under outstanding lines of credit and letters of credit detailed in the table above. The allowance for credit losses on off-balance sheet credit exposures is estimated by loan segment at each balance sheet date using the same methodologies as portfolio loans, taking into consideration the likelihood that funding will occur based on historical utilization rates. The allowance is included in other liabilities on the Company’s consolidated balance sheets. The allowance for credit lo sses on off-balance sheet commitments was as follows: Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 Balance at beginning of period $ 4,755 $ 5,479 $ 3,944 $ 4,722 Provision for off-balance sheet credit exposure 152 (748) 963 9 Balance at end of period $ 4,907 $ 4,731 $ 4,907 $ 4,731 Litigation The Bank is a party to a legal proceeding inherited in connection with its acquisition of BOH Holdings, Inc. and its subsidiary, Bank of Houston (BOH). On February 27, 2023, the Bank entered into a settlement in principle with the plaintiffs and executed a settlement agreement on March 7, 2023. Pending court approval, including entry of certain bar orders as described in the settlement agreement, the Bank will make a one-time cash payment of $100,000 to the court appointed receiver to settle the case and to resolve all current and potential future claims. Such settlement, which is expected to be paid in third quarter 2023, is recognized as litigation settlement expense on the accompanying income statement as well as $2,500 in contingent legal and other fees associated with the litigation and settlement. In addition, the Company is involved in other legal actions arising from normal business activities. Management believes that the outcome of such proceedings will not materially affect the financial position, results of operations or cash flows of the Company. |
Income Taxes
Income Taxes | 6 Months Ended |
Jun. 30, 2023 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Note 8. Income Taxes Income tax expense (benefit) for the three and six months ended June 30, 2023 and 2022 was as follows: Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 Income tax expense (benefit) for the period $ 8,700 $ 13,591 $ (2,584) $ 25,870 Effective tax rate 20.8 % 20.6 % 36.8 % 20.1 % |
Fair Value Measurements
Fair Value Measurements | 6 Months Ended |
Jun. 30, 2023 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | Note 9. Fair Value Measurements The fair value of an asset or liability is the price that would be received to sell that asset or paid to transfer that liability in an orderly transaction occurring in the principal market (or most advantageous market in the absence of a principal market) for such asset or liability. In estimating fair value, the Company utilizes valuation techniques that are consistent with the market approach, the income approach and/or the cost approach. Such valuation techniques are consistently applied. Inputs to valuation techniques include the assumptions that market participants would use in pricing an asset or liability. ASC Topic 820, Fair Value Measurements and Disclosures , establishes a fair value hierarchy for valuation inputs that gives the highest priority to quoted prices in active markets for identical assets or liabilities and the lowest priority to unobservable inputs. The fair value hierarchy is as follows: Level 1 Inputs – Unadjusted quoted prices in active markets for identical assets or liabilities that the reporting entity has the ability to access at the measurement date. Level 2 Inputs – Inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. These 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. The Company elected the fair value option for certain residential mortgage loans held for sale in accordance with ASC 825, Financial Instruments. This election allows for a more effective offset of the changes in fair values of the loans and the derivative instruments used to economically hedge them without the burden of complying with the requirements for hedge accounting under ASC 815, Derivatives and Hedging . The Company has not elected the fair value option for other residential mortgage loans held for sale primarily because they are not economically hedged using derivative instruments. See below and Note 10. Derivative Financial Instruments , for additional information. Assets and Liabilities Measured on a Recurring Basis The following table represents assets and liabilities reported on the consolidated balance sheets at their fair value on a recurring basis as of June 30, 2023 and December 31, 2022 by level within the ASC Topic 820 fair value measurement hierarchy: Fair Value Measurements at Reporting Date Using Assets/ Quoted Prices Significant Significant June 30, 2023 Assets: Investment securities available for sale: U.S. treasuries $ 229,689 $ — $ 229,689 $ — Government agency securities 384,972 — 384,972 — Obligations of state and municipal subdivisions 241,897 — 241,897 — Corporate bonds 35,415 — 35,415 — Mortgage-backed securities guaranteed by FHLMC, FNMA and GNMA 745,209 — 745,209 — Other securities 500 — 500 — Loans held for sale, fair value option elected (1) 12,212 — 12,212 — Derivative financial instruments: Interest rate lock commitments 348 — 348 — Forward mortgage-backed securities trades 93 — 93 — Loan customer counterparty 75 — 75 — Financial institution counterparty 13,188 — 13,188 — Liabilities: Derivative financial instruments: Interest rate swaps - cash flow hedge 10,981 — 10,981 — Forward mortgage-backed securities trades 2 — 2 — Loan customer counterparty 13,060 — 13,060 — Financial institution counterparty 100 — 100 — December 31, 2022 Assets: Investment securities available for sale: U.S. treasuries $ 239,410 $ — $ 239,410 $ — Government agency securities 384,515 — 384,515 — Obligations of state and municipal subdivisions 251,231 — 251,231 — Corporate bonds 37,205 — 37,205 — Mortgage-backed securities guaranteed by FHLMC, FNMA and GNMA 778,473 — 778,473 — Other securities 950 — 950 — Loans held for sale, fair value option elected (1) 10,612 — 10,612 — Derivative financial instruments: Interest rate lock commitments 294 — 294 — Forward mortgage-backed securities trades 98 — 98 — Financial institution counterparty 13,968 — 13,968 — Liabilities: Derivative financial instruments: Interest rate swaps - cash flow hedge 11,283 — 11,283 — Interest rate lock commitments 6 — 6 — Forward mortgage-backed securities trades 11 — 11 — Loan customer counterparty 13,788 — 13,788 — __________ (1) At June 30, 2023 and December 31, 2022, loans held for sale for which the fair value option was elected had an aggregate outstanding principal balance of $11,850 and $10,330, respectively. There were no mortgage loans held for sale under the fair value option that were 90 days or greater past due or on nonaccrual at June 30, 2023. A description of the valuation methodologies used for instruments measured at fair value, as well as the general classification of such instruments pursuant to the valuation hierarchy, is set forth below. Investment securities available for sale Securities classified as available for sale are reported at fair value utilizing Level 1 and Level 2 inputs. Securities are classified within Level 1 when quoted market prices are available in an active market. Inputs include securities that have quoted prices in active markets for identical assets. For securities utilizing Level 2 inputs, the Company obtains fair value measurements from an independent pricing service. The fair value measurements consider observable data that may include dealer quotes, market spreads, cash flows, the U.S. Treasury and other yield curves, live trading levels, trade execution data, market consensus prepayment speeds, credit information and the security’s terms and conditions, among other things. Loans held for sale Certain mortgage loans held for sale are measured at fair value on a recurring basis due to the Company's election to adopt fair value accounting treatment for those loans originated for which the Company has entered into certain derivative financial instruments as part of its mortgage banking and related risk management activities. These instruments include interest rate lock commitments and mandatory forward commitments to sell these loans to investors known as forward mortgage-backed securities trades. This election allows for a more effective offset of the changes in fair values of the assets and the mortgage related derivative instruments used to economically hedge them without the burden of complying with the requirements for hedge accounting under ASC 815, Derivatives and Hedging . Mortgage loans held for sale, for which the fair value option was elected, which are sold on a servicing released basis, are valued using a market approach by utilizing either: (i) the fair value of securities backed by similar mortgage loans, adjusted for certain factors to approximate the fair value of a whole mortgage loan, including the value attributable to mortgage servicing and credit risk, (ii) current commitments to purchase loans or (iii) recent observable market trades for similar loans, adjusted to credit risk and other individual loan characteristics. As these prices are derived from market observable inputs, the Company classifies these valuations as Level 2 in the fair value disclosures. For mortgage loans held for sale for which the fair value option was elected, the earned current contractual interest payment is recognized in interest income, loan origination costs and fees on fair value option loans are recognized in earnings as incurred and not deferred. The Company has no continuing involvement in any residential mortgage loans sold. Derivatives The Company utilizes interest rate swaps to hedge exposure to interest rate risk and variability of cash flows associated to changes in the underlying interest rate of the hedged item. These hedging interest rate swaps are classified as a cash flow hedge. The Company utilizes a third-party vendor for derivative valuation purposes. These vendors determine the appropriate fair value based on a net present value calculation of the cash flows related to the interest rate swaps using primarily observable market inputs such as interest rate yield curves (Level 2 inputs). The estimated fair values of interest rate lock commitments utilize current secondary market prices for underlying loans and estimated servicing value with similar coupons, maturity and credit quality, subject to the anticipated loan funding probability (pull-through rate). The fair value of interest rate lock commitments is subject to change primarily due to changes in interest rates and the estimated pull-through rate. These commitments are classified as Level 2 in the fair value disclosures, as the valuations are based on observable market inputs. Forward mortgage-backed securities trades are exchange-traded or traded within highly active dealer markets. In order to determine the fair value of these instruments, the Company utilized the exchange price or dealer market price for the particular derivative contract; therefore these contracts are classified as Level 2. The estimated fair values are subject to change primarily due to changes in interest rates. The Company also enters into certain interest rate derivative positions. The estimated fair value of these commercial loan interest rate swaps are obtained from a pricing service that provides the swaps' unwind value (Level 2 inputs). See Note 10, Derivative Financial Instruments , for more information. Assets and Liabilities Measured on a Nonrecurring Basis In accordance with ASC Topic 820, certain assets and liabilities are measured at fair value on a nonrecurring basis; that is, the assets and liabilities 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). The following table presents the assets carried on the consolidated balance sheet by caption and by level in the fair value hierarchy at June 30, 2023 and December 31, 2022, for which a nonrecurring change in fair value has been recorded: Fair Value Measurements at Reporting Date Using Assets Quoted Prices Significant Significant Period Ended June 30, 2023 Assets: Individually evaluated loans $ 86 $ — $ — $ 86 $ 18 Other real estate owned 22,505 — — 22,505 2,200 December 31, 2022 Assets: Individually evaluated loans $ 8,527 $ — $ — $ 8,527 $ 3,505 Other real estate owned 23,900 — — 23,900 3,548 Individually evaluated loans are measured at an observable market price (if available) or at the fair value of the loan’s underlying collateral (if collateral dependent). Fair value of the loan’s collateral is determined by appraisals or independent valuation, which is then adjusted for the estimated costs related to liquidation of the collateral. Management’s ongoing review of appraisal information may result in additional discounts or adjustments to valuation based upon more recent market sales activity or more current appraisal information derived from properties of similar type and/or locale. In addition, management's discounting criteria may vary for loans secured by non-real estate collateral such as inventory, oil and gas reserves, accounts receivable, equipment or other business assets. Management reviews the appraisals or valuations for appropriateness and adjusts the value downward to consider selling and closing costs, which typically range from 5% to 8% of the appraised value. Therefore, the Company has categorized its individually evaluated loans as Level 3. Other real estate owned is measured at fair value on a nonrecurring basis (upon initial recognition or subsequent impairment). Other real estate owned is classified within Level 3 of the valuation hierarchy. When transferred from the loan portfolio, other real estate owned is adjusted to fair value less estimated selling costs and is subsequently carried at the lower of carrying value or fair value less estimated selling costs. The fair value is determined using an external appraisal process, discounted based on internal criteria. Management reviews the external appraisals for appropriateness and adjusts the value downward to consider selling and closing costs, which typically range from 5% to 8% of the appraised value. Therefore, the Company has categorized its other real estate as Level 3. In addition, mortgage loans held for sale not recorded under the fair value option are required to be measured at the lower of cost or fair value. The fair value of these loans is based upon binding quotes or bids from third party investors. As of June 30, 2023 and December 31, 2022, all mortgage loans held for sale not recorded under the fair value option were recorded at cost. Fair Value of Financial Instruments not Recorded at Fair Value The carrying amount, estimated fair value and the level of the fair value hierarchy of the Company’s financial instruments that are reported at amortized cost on the Company's consolidated balance sheets were as follows at June 30, 2023 and December 31, 2022: Fair Value Measurements at Reporting Date Using Carrying Estimated Quoted Prices Significant Significant June 30, 2023 Financial assets: Cash and cash equivalents $ 902,882 $ 902,882 $ 902,882 $ — $ — Certificates of deposit held in other banks 248 241 — 241 — Investment securities held to maturity 206,146 166,251 — 166,251 — Loans held for sale, at cost 6,412 6,577 — 6,577 — Loans, net 13,971,311 13,755,821 — — 13,755,821 FHLB of Dallas stock and other restricted stock 67,520 67,520 — 67,520 — Accrued interest receivable 57,076 57,076 — 57,076 — Financial liabilities: Deposits 14,873,506 14,833,748 — 14,833,748 — Accrued interest payable 25,086 25,086 — 25,086 — FHLB advances 875,000 859,743 — 859,743 — Other borrowings 305,262 285,900 — 285,900 — Junior subordinated debentures 54,518 60,948 — 60,948 — Off-balance sheet assets (liabilities): Commitments to extend credit — — — — — Standby letters of credit — — — — — December 31, 2022 Financial assets: Cash and cash equivalents $ 654,322 $ 654,322 $ 654,322 $ — $ — Certificates of deposit held in other banks 496 486 — 486 — Investment securities held to maturity 207,059 162,239 — 162,239 — Loans held for sale, at cost 698 710 — 710 — Loans, net 13,760,576 13,450,582 — — 13,450,582 FHLB of Dallas stock and other restricted stock 23,436 23,436 — 23,436 — Accrued interest receivable 59,214 59,214 — 59,214 — Financial liabilities: Deposits 15,121,417 15,063,025 — 15,063,025 — Accrued interest payable 9,604 9,604 — 9,604 — FHLB advances 300,000 246,519 — 246,519 — Other borrowings 267,066 258,800 — 258,800 — Junior subordinated debentures 54,419 53,969 — 53,969 — Off-balance sheet assets (liabilities): Commitments to extend credit — — — — — Standby letters of credit — — — — — The methods and assumptions used by the Company in estimating fair values of financial instruments as disclosed herein in accordance with ASC Topic 825, Financial Instruments , other than for those measured at fair value on a recurring and nonrecurring basis discussed above, are as follows: Cash and cash equivalents: The carrying amounts of cash and cash equivalents approximate their fair value. Certificates of deposit held in other banks: The fair value of certificates of deposit held in other banks is based upon current market rates. Investment securities held to maturity: For investment securities held to maturity, the Company obtains fair value measurements from an independent pricing service. The fair value measurements consider observable data that may include dealer quotes, market spreads, cash flows, the U.S. Treasury and other yield curves, live trading levels, trade execution data, market consensus prepayment speeds, credit information and the security's terms and conditions, among other things. Loans held for sale, at cost: The fair value of loans held for sale is determined based upon commitments on hand from investors. Loans: A discounted cash flow model is used to estimate the fair value of the loans. The discounted cash flow approach models the credit losses directly in the projected cash flows, applying various assumptions regarding credit, interest and prepayment risks for the loans based on loan types, payment types and fixed or variable classifications. Federal Home Loan Bank of Dallas and other restricted stock: The carrying value of restricted securities such as stock in the Federal Home Loan Bank of Dallas and Independent Bankers Financial Corporation approximates fair value. Deposits: The fair values disclosed for demand deposits are, by definition, equal to the amount payable on demand at the reporting date (that is their carrying amounts). The carrying amounts of variable-rate certificates of deposit (CDs) approximate their fair values at the reporting date. Fair values for fixed-rate CDs are estimated using a discounted cash flow calculation that applies interest rates currently being offered on certificates to a schedule of aggregated expected monthly maturities on time deposits. Federal Home Loan Bank advances, line of credit and federal funds purchased: The fair value of advances maturing within 90 days approximates carrying value. Fair value of other advances is based on the Company’s current borrowing rate for similar arrangements. Other borrowings: The estimated fair value approximates carrying value for short-term borrowings. The fair value of private subordinated debentures are based upon prevailing rates on similar debt in the market place. The subordinated debentures that are publicly traded are valued based on indicative bid prices based upon market pricing observations in the current market. Junior subordinated debentures: The fair value of junior subordinated debentures is estimated using discounted cash flow analyses based on the published Bloomberg US Financials BB rated corporate bond index yield. Accrued interest: The carrying amounts of accrued interest approximate their fair values. Off-balance sheet instruments: Fair values for off-balance sheet, credit-related financial instruments are based on fees currently charged to enter into similar agreements, taking into account the remaining terms of the agreements and the counterparties' credit standing. The fair value of commitments is not material. |
Derivative Financial Instrument
Derivative Financial Instruments | 6 Months Ended |
Jun. 30, 2023 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Financial Instruments | Note 10. Derivative Financial Instruments The Company accounts for its derivative financial instruments in accordance with ASC Topic 815 which requires all derivative instruments to be carried at fair value on the balance sheet. The Company has designated certain derivative instruments used to manage interest rate risk as hedge relationships with certain assets, liabilities or cash flows being hedged. Certain derivatives used for interest rate risk management are not designated in a hedge relationship and are used for asset and liability management related to the Company's mortgage banking activities and commercial customers' financing needs. All derivatives are carried at fair value in either other assets or other liabilities. Derivative instruments designated in a hedge relationship to mitigate exposure to changes in the fair value of an asset, liability, or firm commitment attributable to a particular risk, such as interest rate risk, are considered fair value hedges. Derivative instruments designated in a hedge relationship to mitigate exposure to variability in expected future cash flows, or other types of forecasted transactions, are considered cash flow hedges. The Company formally documents the relationship between derivatives and hedged items, as well as the risk-management objective and the strategy for undertaking hedge transactions at the inception of the hedge relationship. This documentation includes linking the fair value for cash flow hedges to the specific assets and liabilities on the balance sheet or the specific firm commitments or forecasted transaction. The Company assesses, both at the hedge's inception and on an ongoing basis, whether the derivative instruments that are used are highly effective in offsetting changes in fair values or cash flows of the hedged items. The Company discontinues hedge accounting when it determines that the derivative is no longer effective in offsetting changes in the fair value or cash flows of the hedged item, the derivative is settled or terminates, a hedged forecasted transaction is no longer probable, a hedged firm commitment is no longer firm, or treatment of the derivative as a hedge is no longer appropriate or intended. The Company's objectives in using interest rate derivatives are to add stability to interest income and to manage its exposure to interest rate movements. To accomplish this objective, the Company uses interest rate swaps as part of its interest rate risk management strategy. Interest rate swaps designated as cash flow hedges involve the receipt of fixed-rate amounts from a counterparty in exchange for the Company making variable-rate payments over the life of the agreements without exchange of the underlying notional amount. The Company has two interest rate swap derivatives with an aggregated notional amount of $100,000 that were designated as cash flow hedges. The derivatives are intended to hedge the variable cash flows associated with certain existing variable-interest rate loans and were determined to be effective during the three and six months ended June 30, 2023. For derivatives designated and that qualify as cash flow hedges of interest rate risk, the gain or loss on the derivative is recorded in accumulated other comprehensive income (loss) and subsequently reclassified into interest income in the same period that the hedged transaction affects earnings. Amounts of losses recognized in accumulated other comprehensive income related to derivatives was $2,028 and $1,285, net of tax, and the amounts of losses that were reclassified to interest income as interest payments were made on the Company’s variable-rate loans was $810 and $1,516, net of tax, during and for the three and six months ended June 30, 2023, respectively. Amounts of losses recognized in accumulated other comprehensive income related to derivatives was $1,623 and $5,546, net of tax, and the amounts of gains that were reclassified to interest income as interest payments were received on the Company’s variable-rate loans was $32 and $192, net of tax, during and for the three and six months ended June 30, 2022, respectively. During the next twelve months, the Company estimates that $2,042 will be reclassified as a decrease to interest income. Through its mortgage banking division, the Company enters into interest rate lock commitments with consumers to originate mortgage loans at a specified interest rate. These commitments, which contain fixed expiration dates, offer the borrower an interest rate guarantee provided the loan meets underwriting guidelines and closes within the timeframe established by the Company. The Company manages the changes in fair value associated with changes in interest rates related to interest rate lock commitments by using forward sold commitments known as forward mortgage-backed securities trades. These instruments are typically entered into at the time the interest rate lock commitment is made. The Company offers certain derivatives products, primarily interest rate swaps, directly to qualified commercial banking customers to facilitate their risk management strategies. The interest rate swap derivative positions relate to transactions in which the Company enters into an interest rate swap with a customer, while at the same time entering into an offsetting interest rate swap with another financial institution. An interest rate swap transaction allows customers to effectively convert a variable rate loan to a fixed rate. In connection with each swap, the Company agrees to pay interest to the customer on a notional amount at a variable interest rate and receive interest from the customer on a similar notional amount at a fixed interest rate. At the same time, the Company agrees to pay another financial institution the same fixed interest rate on the same notional amount and receive the same variable interest rate on the same notional amount. The following table provides the outstanding notional balances and fair values of outstanding derivative positions at June 30, 2023 and December 31, 2022: Outstanding Notional Balance Asset Derivative Liability Derivative June 30, 2023 Derivatives designated as hedging instruments: Interest rate swaps - cash flow hedge $ 100,000 $ — $ 10,981 Derivatives not designated as hedging instruments: Interest rate lock commitments 19,548 348 — Forward mortgage-backed securities trades 20,000 93 2 Commercial loan interest rate swaps: Loan customer counterparty 204,750 75 13,060 Financial institution counterparty 204,750 13,188 100 December 31, 2022 Derivatives designated as hedging instruments: Interest rate swaps - cash flow hedge $ 100,000 $ — $ 11,283 Derivatives not designated as hedging instruments: Interest rate lock commitments 15,476 294 6 Forward mortgage-backed securities trades 18,500 98 11 Commercial loan interest rate swaps: Loan customer counterparty 183,183 — 13,788 Financial institution counterparty 183,183 13,968 — The commercial loan customer counterparty weighted average received and paid interest rates for interest rate swaps outstanding were as follows: Weighted Average Interest Rate June 30, 2023 December 31, 2022 Received Paid Received Paid Loan customer counterparty 4.52 % 7.60 % 4.12 % 6.72 % The credit exposure related to interest rate swaps is limited to the net favorable value of all swaps by each counterparty, which was approximately $13,263 and $13,968 at June 30, 2023 and December 31, 2022, respectively. In some cases, collateral may be required from the counterparties involved if the net value of the derivative instruments exceeds a nominal amount. Collateral levels are monitored and adjusted on a regular basis for changes in interest rate swap values. At June 30, 2023 and December 31, 2022, cash of $11,177 and $10,394, respectively, and securities of $469 and $509, respectively, were pledged as collateral for these derivatives, respectively, and counterparties had deposited $3,260 of cash with the Company as of June 30, 2023. The Company has entered into credit risk participation agreements with financial institution counterparties for interest rate swaps related to loans in which the Company is either a participant or a lead bank. Risk participation agreements entered into as a participant bank provide credit protection to the financial institution counterparty should the borrower fail to perform on its interest rate derivative contract with that financial institution. The Company is party to no risk participation agreements as a participant bank at June 30, 2023. Risk participation agreements entered into as the lead bank provide credit protection to the Company should the borrower fail to perform on its interest rate derivative contract. The Company is party to one risk participation agreement as the lead bank having a notional amount of $8,945 at June 30, 2023. The changes in the fair value of interest rate lock commitments and the forward sales of mortgage-backed securities are recorded in mortgage banking revenue. These gains and losses were not attributable to instrument-specific credit risk. For commercial interest rate swaps, because the Company acts as an intermediary for our customer, changes in the fair value of the underlying derivative contracts substantially offset each other and do not have a material impact on the results of operations. A summary of derivative activity and the related impact on the consolidated statements of income for the three and six months ended June 30, 2023 and 2022 is as follows: Income Statement Location Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 Derivatives designated as hedging instruments Interest rate swaps - cash flow hedges Interest and fees on loans $ (1,030) $ 36 $ (1,929) $ 233 Derivatives not designated as hedging instruments Interest rate lock commitments Mortgage banking revenue (122) (32) 60 (413) Forward mortgage-backed securities trades Mortgage banking revenue 208 (459) 4 (12) |
Stock Awards
Stock Awards | 6 Months Ended |
Jun. 30, 2023 | |
Share-Based Payment Arrangement [Abstract] | |
Stock Awards | Note 11. Stock Awards The Company grants common stock awards to certain employees of the Company. In May 2022, the shareholders of the Company approved the 2022 Equity Incentive Plan (2022 Plan). Under this plan, the Compensation Committee may grant awards to certain employees of the Company in the form of restricted stock, restricted stock units, stock appreciation rights, qualified and nonqualified stock options, performance share awards and other equity-based awards. Effective with the adoption of the 2022 Plan, no further awards will be granted under the prior 2013 Equity Incentive Plan (2013 Plan). Awards outstanding under the 2013 Plan will remain in effect under the prior plan according to their respective terms and any terminated 2013 Plan awards will be available for awards under the 2022 Plan in accordance with the 2022 Plan's provisions. The 2022 Plan has 1,500,000 reserved shares of common stock to be awarded by the Company’s Compensation Committee. As of June 30, 2023, there were 1,370,295 shares remaining available for grant for future awards. Shares issued under these plans are restricted stock awards and performance stock units at target award level. Restricted stock awarded to employees generally vest evenly over the required employment period and range from one three Restricted Stock Awards The following table summarizes the activity in nonvested restricted stock awards for the six months ended June 30, 2023 and 2022: Restricted Stock Awards Number of Weighted Average Nonvested shares, December 31, 2022 309,015 $ 60.12 Granted during the period 119,767 60.21 Vested during the period (94,734) 64.69 Forfeited during the period (3,721) 63.37 Nonvested shares, June 30, 2023 330,327 $ 58.81 Nonvested shares, December 31, 2021 363,551 $ 53.14 Granted during the period 84,284 73.80 Vested during the period (106,199) 59.80 Forfeited during the period (4,546) 53.61 Nonvested shares, June 30, 2022 337,090 $ 56.20 Compensation expense related to these awards is recorded based on the fair value of the award at the date of grant and totaled $2,105 and $4,064 for the three and six months ended June 30, 2023, respectively, and $2,542 and $4,568 for the three and six months ended June 30, 2022, respectively. Compensation expense is recorded in salaries and employee benefits in the accompanying consolidated statements of income. At June 30, 2023, future compensation expense is estimated to be $14,570 and will be recognized over a remaining weighted average period of 2.28 years. The fair value of common stock awards that vested during the six months ended June 30, 2023 and 2022 was $5,689 and $7,985, respectively. The Company has recorded $11 and $96 in excess tax expense on vested restricted stock to income tax expense for the three and six months ended June 30, 2023, respectively, and $2 and $(352) in excess tax expense (benefit) for the three and six months ended June 30, 2022, respectively. There were no modifications of stock agreements during the six months ended June 30, 2023 and 2022 that resulted in significant additional incremental compensation costs. At June 30, 2023, the future vesting schedule of the nonvested restricted stock awards is as follows: First year 144,012 Second year 115,973 Third year 57,802 Fourth year 12,540 Total nonvested shares 330,327 Performance Stock Units Performance stock units represent shares potentially issuable in the future. The number of shares issued is based upon the measure of the Company's achievement of its relative adjusted return on average tangible common equity, as defined by the Company, over the award's performance period as compared to an identified peer group's achievement over the same performance period. The number of shares issuable under each performance award is the product of the award target and the award payout percentage for the given level of achievement which ranges from 0% to 150% of the target. The following table summarizes the activity in nonvested performance stock units at target award level for the six months ended June 30, 2023 and 2022: Performance-Based Restricted Stock Units Number of Weighted Average Nonvested shares, December 31, 2022 140,240 $ 49.20 Granted during the period 37,938 60.21 Nonvested shares, June 30, 2023 178,178 $ 51.55 Nonvested shares, December 31, 2021 114,498 $ 43.93 Granted during the period 20,742 73.94 Nonvested shares, June 30, 2022 135,240 $ 48.53 Compensation expense related to performance stock units is estimated each period based on the fair value of the target stock unit at the grant date and the most probable level of achievement of the performance condition, adjusted for the passage of time within the vesting periods of the awards. Compensation expense related to these awards was $599 and $1,085 for the three and six months ended June 30, 2023, respectively, and $867 and $1,253 for the three and six months ended June 30, 2022, respectively. As of June 30, 2023, the unrecognized compensation expense assuming the target attainment is estimated to be $4,086, while the estimated maximum payout is $8,946 . The remaining performance period over which the expense will be recognized is 2.11 years. |
Regulatory Matters
Regulatory Matters | 6 Months Ended |
Jun. 30, 2023 | |
Regulated Operations [Abstract] | |
Regulatory Matters | Note 12. Regulatory Matters Under banking law, there are legal restrictions limiting the amount of dividends the Bank can declare. Approval of the regulatory authorities is required if the effect of dividends declared would cause the regulatory capital of the Bank to fall below specified minimum levels. For state banks, subject to regulatory capital requirements, payment of dividends is generally allowed to the extent of net profits. The Company (on a consolidated basis) and the Bank are subject to various regulatory capital requirements administered by federal and state banking agencies. Failure to meet minimum capital requirements can initiate certain mandatory and possibly additional discretionary actions by regulators that, if undertaken, could have a direct material effect on the Company’s consolidated financial statements. Under capital adequacy guidelines and the regulatory framework for prompt corrective action, the Company and the Bank must meet specific capital guidelines that involve quantitative measures of assets, liabilities and certain off-balance sheet items as calculated under regulatory accounting practices. The capital amounts and classification are also subject to qualitative judgments by the regulators about components, risk weightings and other factors. Tier 2 capital for the Company includes permissible portions of the Company's subordinated notes. The permissible portion of qualified subordinated notes decreases 20% per year during the final five years of the term of the notes. The Company is subject to the Basel III regulatory capital framework (the Basel III Capital Rules). The Basel III Capital Rules require that the Company maintain a 2.5% capital conservation buffer above the minimum risk-based capital adequacy requirements. The capital conservation buffer is designed to absorb losses during periods of economic stress and requires increased capital levels for the purpose of capital distributions and other payments. Failure to meet the full amount of the buffer will result in restrictions on the Company's ability to make capital distributions, including dividend payments and stock repurchases and to pay discretionary bonuses to executive officers. In February 2019, the federal bank regulatory agencies issued a final rule that revised certain capital regulations under ASU 2016-13, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments, and included a transition option that allows banking organizations to phase in, over a three year period, the day one adverse effects of adoption on their regulatory capital ratios (three year transition option). In connection with the adoption of ASC 326 on January 1, 2021, the Company recognized an after-tax cumulative effect reduction to retained earnings. The Company elected to adopt the three year transition option and the deferral has been applied in capital ratios presented below. Quantitative measures established by regulation to ensure capital adequacy require the Company and the Bank to maintain minimum amounts and ratios (set forth in the table below) of total, Common Equity Tier 1 (CET1) and Tier 1 capital (as defined in the regulations) to risk weighted assets (as defined), and of Tier 1 capital (as defined) to average assets (as defined). Management believes, as of June 30, 2023 and December 31, 2022, the Company and the Bank meet all capital adequacy requirements to which they are subject, including the capital buffer requirement. As of June 30, 2023 and December 31, 2022, the Bank’s capital ratios exceeded those levels necessary to be categorized as “well capitalized” under the regulatory framework for prompt corrective action. To be categorized as “well capitalized,” the Bank must maintain minimum total risk based, CET1, Tier 1 risk based and Tier 1 leverage ratios as set forth in the table. There are no conditions or events that management believes have changed the Bank’s category. The following table presents actual and required capital ratios under Basel III Capital Rules for the Company and Bank as of June 30, 2023 and December 31, 2022. Capital levels required to be considered well capitalized are based upon prompt corrective action regulations, as amended, to reflect the changes under the Basel III Capital Rules. Actual Minimum Capital Required To Be Considered Well Capitalized (1) Amount Ratio Amount Ratio Amount Ratio June 30, 2023 Total capital to risk weighted assets: Consolidated $ 1,881,098 11.95 % $ 1,652,664 10.50 % $ 1,573,966 10.00 % Bank 2,026,223 12.88 1,652,149 10.50 1,573,475 10.00 Tier 1 capital to risk weighted assets: Consolidated 1,594,522 10.13 1,337,871 8.50 944,380 6.00 Bank 1,891,647 12.02 1,337,454 8.50 1,258,780 8.00 Common equity tier 1 to risk weighted assets: Consolidated 1,538,922 9.78 1,101,776 7.00 N/A N/A Bank 1,891,647 12.02 1,101,433 7.00 1,022,759 6.50 Tier 1 capital to average assets: Consolidated 1,594,522 8.92 714,688 4.00 N/A N/A Bank 1,891,647 10.59 714,511 4.00 893,139 5.00 December 31, 2022 Total capital to risk weighted assets: Consolidated $ 1,936,363 12.35 % $ 1,645,772 10.50 % $ 1,567,402 10.00 % Bank 2,013,874 12.85 1,645,236 10.50 1,566,891 10.00 Tier 1 capital to risk weighted assets: Consolidated 1,637,191 10.45 1,332,291 8.50 940,441 6.00 Bank 1,896,702 12.10 1,331,858 8.50 1,253,513 8.00 Common equity tier 1 to risk weighted assets: Consolidated 1,581,591 10.09 1,097,181 7.00 N/A N/A Bank 1,896,702 12.10 1,096,824 7.00 1,018,479 6.50 Tier 1 capital to average assets: Consolidated 1,637,191 9.49 690,309 4.00 N/A N/A Bank 1,896,702 10.99 690,130 4.00 862,663 5.00 _____________ (1) “Well-capitalized” Common Equity Tier 1 to Risk-Weighted Assets and Tier 1 to Average Assets are not formally defined under applicable banking regulations for bank holding companies. However, the Federal Reserve Board and the FDIC may require the Company to maintain a Tier 1 to Average Assets Ratio above the required minimum. Stock repurchase program: From time to time, the Company's Board of Directors has authorized stock repurchase programs which allow the Company to purchase its common stock generally over a one-year period at various prices in the open market or in privately negotiated transactions. In January 2023, the Company's Board established the 2023 Stock Repurchase Plan (2023 Plan), which provided for the repurchase of up to $125,000 of common stock through December 31, 2023. There were no shares repurchased under the 2023 Plan during the three and six months ended June 30, 2023. The Company repurchased 1,639,792 and 1,651,236 shares at a total cost of $115,153 and $115,966 during the three and six months ended June 30, 2022, respectively, under the prior plan. Federal bank regulators have adopted final rules that, among other things, eliminated the standalone prior approval requirement for any repurchase of common stock. However, the Company remains subject to a Federal Reserve Board guideline that requires consultation with the Federal Reserve Board regarding plans for share repurchases. The Company’s repurchases of its common stock may be subject to a prior approval or notice requirement under other regulations, policies or supervisory expectations of the Federal Reserve Board. Company stock repurchased to settle employee tax withholding related to vesting of stock awards totaled 486 and 27,263 shares at a total cost of $22 and $1,639 for the three and six months ended June 30, 2023, respectively, and 2,344 and 28,475 shares at a total cost of $169 and $2,145 for the three and six months ended June 30, 2022, respectively, and were not included under the repurchase program. |
Subsequent Event
Subsequent Event | 6 Months Ended |
Jun. 30, 2023 | |
Subsequent Events [Abstract] | |
Subsequent Event | Note 13. Subsequent Events Declaration of Dividends On July 20, 2023, the Company declared a quarterly cash dividend in the amount of $0.38 per share of common stock to the stockholders of record on August 3, 2023. The dividend will be paid on August 17, 2023. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 6 Months Ended |
Jun. 30, 2023 | |
Accounting Policies [Abstract] | |
Basis of presentation | Basis of presentation: The accompanying consolidated financial statements include the accounts of IBG and all other entities in which IBG has controlling financial interest. All material intercompany transactions and balances have been eliminated in consolidation. In addition, the Company wholly-owns nine statutory business trusts that were formed for the purpose of issuing trust preferred securities and do not meet the criteria for consolidation. The consolidated interim financial statements are unaudited, but include all adjustments, which, in the opinion of management, are necessary for a fair presentation of the results of the periods presented. All such adjustments were of a normal and recurring nature. These financial statements should be read in conjunction with the financial statements and the notes thereto in the Company's Annual Report on Form 10-K for the year ended December 31, 2022. The consolidated balance sheet at December 31, 2022 has been derived from the audited financial statements as of that date, but does not include all of the information and footnotes required by accounting principles generally accepted in the United States of America for complete financial statements. Accounting standards codification: The Financial Accounting Standards Board's (FASB) Accounting Standards Codification (ASC) is the officially recognized source of authoritative U.S. generally accepted accounting principles (GAAP) applicable to all public and non-public non-governmental entities. Rules and interpretive releases of the SEC under the authority of federal securities laws are also sources of authoritative GAAP for SEC registrants. All other accounting literature is considered non-authoritative. |
Segment reporting | Segment reporting: The Company has one reportable segment. The Company’s chief operating decision-maker uses consolidated results to make operating and strategic decisions. |
Reclassifications | Reclassifications: Certain prior period financial statement and disclosure amounts have been reclassified to conform to current period presentation. The reclassifications have no effect on net income or stockholders' equity as previously reported. |
Use of estimates | Use of estimates: The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect certain reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Accordingly, actual results could differ from those estimates. The material estimates included in the financial statements relate to the allowance for credit losses, the valuation of goodwill and valuation of assets and liabilities acquired in business combinations. |
Goodwill assessment | Goodwill assessment : The Company's policy is to test goodwill for impairment annually on December 31 or on an interim basis if an event triggering impairment may have occurred. During the six months ended June 30, 2023, the economic uncertainty and market volatility resulting from the rising interest rate environment and the recent banking crisis resulted in a decrease in the Company's stock price and market capitalization. Management believed such decrease was a triggering indicator requiring an interim goodwill impairment quantitative analysis. Based on an analysis performed, the Company's estimated fair value to a market participant as of June 30, 2023, exceeded its carrying amount resulting in no impairment charge for the period. Management will continue to evaluate the economic conditions at future reporting periods for applicable changes. |
Subsequent events | Subsequent events: Companies are required to evaluate events and transactions that occur after the balance sheet date but before the date the financial statements are issued. They must recognize in the financial statements the effect of all events or transactions that provide additional evidence of conditions that existed at the balance sheet date, including the estimates inherent in the financial statement preparation process. Entities shall not recognize the impact of events or transactions that provide evidence about conditions that did not exist at the balance sheet date but arose after that date. The Company has evaluated subsequent events through the date of filing these financial statements with the Securities and Exchange Commission (SEC) and noted no subsequent events requiring financial statement recognition or disclosure, except as disclosed in Note 13. Subsequent Events . |
Earnings (loss) per share | Earnings (loss) per share: Basic earnings (loss) per common share is calculated as net income (loss) available to common shareholders divided by the weighted average number of common shares outstanding during the period. The unvested share-based payment awards that contain rights to non-forfeitable dividends are considered participating securities for this calculation. Diluted earnings (loss) per common share includes the dilutive effect of additional potential common shares issuable under participating nonvested restricted stock awards as well as performance stock units (PSUs). The participating nonvested restricted stock awards were not included in dilutive shares as they were anti-dilutive for the three and six months ended June 30, 2023 and 2022. Proceeds from the assumed exercise of dilutive participating nonvested restricted stock awards and PSUs are assumed to be used to repurchase common stock at the average market price. |
Allowance for Credit Losses on Loans | The Company's allowance balance is estimated using relevant available information, from internal and external sources, relating to past events, current conditions and reasonable and supportable forecasts. Historical credit loss experience provides the basis for the estimation of expected credit losses. Adjustments to historical loss information are made for differences in current loan-specific risk characteristics such as differences in underwriting standards, portfolio mix, credit quality, or term as well as for changes in environmental conditions, such as changes in unemployment rates, gross domestic product, property values, various price indices, and/or other relevant factors. The Company utilizes Moody’s Analytics economic forecast scenarios and assigns probability weighting to those scenarios which best reflect management’s views on the economic forecast.The allowance for credit losses is measured on a collective basis for portfolios of loans when similar risk characteristics exist. Loans that do not share risk characteristics are evaluated for expected credit losses on an individual basis and excluded from the collective evaluation. For determining the appropriate allowance for credit losses on a collective basis, the loan portfolio is segmented into pools based upon similar risk characteristics and a lifetime loss-rate model is utilized. For modeling purposes, loan pools include: commercial and industrial, commercial real estate - construction/land development, commercial real estate - owner occupied, commercial real estate - non-owner occupied, agricultural, residential real estate, HELOCs, single-family interim construction, and consumer. Management periodically reassesses each pool to ensure the loans within the pool continue to share similar characteristics and risk profiles and to determine whether further segmentation is necessary. The measurement of expected credit losses is impacted by loan/borrower attributes and certain macroeconomic variables. Management has determined that they are reasonably able to forecast the macroeconomic variables used in the modeling processes with an acceptable degree of confidence for a total of two years then encompassing a reversion process whereby the forecasted macroeconomic variables are reverted to their historical mean utilizing a rational, systematic basis. Management qualitatively adjusts model results for risk factors that are not considered within the modeling processes but are nonetheless relevant in assessing the expected credit losses within the loan pools. These qualitative factor (Q-Factor) adjustments may increase or decrease management's estimate of expected credit losses by a calculated percentage or amount based upon the estimated level of risk. |
Loan charge-off amounts | The Company will charge-off that portion of any loan which management considers a loss. Commercial and real estate loans are generally considered for charge-off when exposure beyond collateral coverage is apparent and when no further collection of the loss portion is anticipated based on the borrower’s financial condition. |
Nonaccrual loan and lease status | The accrual of interest is discontinued on a loan when management believes that, after considering collection efforts and other factors, the borrower's financial condition is such that collection of interest is doubtful, as well as when required by regulatory provisions. Regulatory provisions would typically require the placement of a loan on non-accrual status if 1) principal or interest has been in default for a period of 90 days or more unless the loan is both well secured and in the process of collection or 2) full payment of principal and interest is not expected. All interest accrued but not collected for loans that are placed on nonaccrual status or charged-off is reversed against interest income. Cash collections on nonaccrual loans are generally credited to the loan receivable balance, and no interest income is recognized on those loans until the principal balance has been collected. Loans are generally returned to accrual status when all the principal and interest amounts contractually due are brought current and future payments are reasonably assured. |
Loans past due | Loans are considered past due if the required principal and interest payments have not been received as of the date such payments were due. |
Fair value measurements | The fair value of an asset or liability is the price that would be received to sell that asset or paid to transfer that liability in an orderly transaction occurring in the principal market (or most advantageous market in the absence of a principal market) for such asset or liability. In estimating fair value, the Company utilizes valuation techniques that are consistent with the market approach, the income approach and/or the cost approach. Such valuation techniques are consistently applied. Inputs to valuation techniques include the assumptions that market participants would use in pricing an asset or liability. ASC Topic 820, Fair Value Measurements and Disclosures , establishes a fair value hierarchy for valuation inputs that gives the highest priority to quoted prices in active markets for identical assets or liabilities and the lowest priority to unobservable inputs. The fair value hierarchy is as follows: Level 1 Inputs – Unadjusted quoted prices in active markets for identical assets or liabilities that the reporting entity has the ability to access at the measurement date. Level 2 Inputs – Inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. These 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. The Company elected the fair value option for certain residential mortgage loans held for sale in accordance with ASC 825, Financial Instruments. This election allows for a more effective offset of the changes in fair values of the loans and the derivative instruments used to economically hedge them without the burden of complying with the requirements for hedge accounting under ASC 815, Derivatives and Hedging Investment securities available for sale Securities classified as available for sale are reported at fair value utilizing Level 1 and Level 2 inputs. Securities are classified within Level 1 when quoted market prices are available in an active market. Inputs include securities that have quoted prices in active markets for identical assets. For securities utilizing Level 2 inputs, the Company obtains fair value measurements from an independent pricing service. The fair value measurements consider observable data that may include dealer quotes, market spreads, cash flows, the U.S. Treasury and other yield curves, live trading levels, trade execution data, market consensus prepayment speeds, credit information and the security’s terms and conditions, among other things. Loans held for sale Certain mortgage loans held for sale are measured at fair value on a recurring basis due to the Company's election to adopt fair value accounting treatment for those loans originated for which the Company has entered into certain derivative financial instruments as part of its mortgage banking and related risk management activities. These instruments include interest rate lock commitments and mandatory forward commitments to sell these loans to investors known as forward mortgage-backed securities trades. This election allows for a more effective offset of the changes in fair values of the assets and the mortgage related derivative instruments used to economically hedge them without the burden of complying with the requirements for hedge accounting under ASC 815, Derivatives and Hedging . Mortgage loans held for sale, for which the fair value option was elected, which are sold on a servicing released basis, are valued using a market approach by utilizing either: (i) the fair value of securities backed by similar mortgage loans, adjusted for certain factors to approximate the fair value of a whole mortgage loan, including the value attributable to mortgage servicing and credit risk, (ii) current commitments to purchase loans or (iii) recent observable market trades for similar loans, adjusted to credit risk and other individual loan characteristics. As these prices are derived from market observable inputs, the Company classifies these valuations as Level 2 in the fair value disclosures. For mortgage loans held for sale for which the fair value option was elected, the earned current contractual interest payment is recognized in interest income, loan origination costs and fees on fair value option loans are recognized in earnings as incurred and not deferred. The Company has no continuing involvement in any residential mortgage loans sold. Derivatives The Company utilizes interest rate swaps to hedge exposure to interest rate risk and variability of cash flows associated to changes in the underlying interest rate of the hedged item. These hedging interest rate swaps are classified as a cash flow hedge. The Company utilizes a third-party vendor for derivative valuation purposes. These vendors determine the appropriate fair value based on a net present value calculation of the cash flows related to the interest rate swaps using primarily observable market inputs such as interest rate yield curves (Level 2 inputs). The estimated fair values of interest rate lock commitments utilize current secondary market prices for underlying loans and estimated servicing value with similar coupons, maturity and credit quality, subject to the anticipated loan funding probability (pull-through rate). The fair value of interest rate lock commitments is subject to change primarily due to changes in interest rates and the estimated pull-through rate. These commitments are classified as Level 2 in the fair value disclosures, as the valuations are based on observable market inputs. Forward mortgage-backed securities trades are exchange-traded or traded within highly active dealer markets. In order to determine the fair value of these instruments, the Company utilized the exchange price or dealer market price for the particular derivative contract; therefore these contracts are classified as Level 2. The estimated fair values are subject to change primarily due to changes in interest rates. The Company also enters into certain interest rate derivative positions. The estimated fair value of these commercial loan interest rate swaps are obtained from a pricing service that provides the swaps' unwind value (Level 2 inputs). See Note 10, Derivative Financial Instruments , for more information. Individually evaluated loans are measured at an observable market price (if available) or at the fair value of the loan’s underlying collateral (if collateral dependent). Fair value of the loan’s collateral is determined by appraisals or independent valuation, which is then adjusted for the estimated costs related to liquidation of the collateral. Management’s ongoing review of appraisal information may result in additional discounts or adjustments to valuation based upon more recent market sales activity or more current appraisal information derived from properties of similar type and/or locale. In addition, management's discounting criteria may vary for loans secured by non-real estate collateral such as inventory, oil and gas reserves, accounts receivable, equipment or other business assets. Management reviews the appraisals or valuations for appropriateness and adjusts the value downward to consider selling and closing costs, which typically range from 5% to 8% of the appraised value. Therefore, the Company has categorized its individually evaluated loans as Level 3. Other real estate owned is measured at fair value on a nonrecurring basis (upon initial recognition or subsequent impairment). Other real estate owned is classified within Level 3 of the valuation hierarchy. When transferred from the loan portfolio, other real estate owned is adjusted to fair value less estimated selling costs and is subsequently carried at the lower of carrying value or fair value less estimated selling costs. The fair value is determined using an external appraisal process, discounted based on internal criteria. Management reviews the external appraisals for appropriateness and adjusts the value downward to consider selling and closing costs, which typically range from 5% to 8% of the appraised value. Therefore, the Company has categorized its other real estate as Level 3. The methods and assumptions used by the Company in estimating fair values of financial instruments as disclosed herein in accordance with ASC Topic 825, Financial Instruments , other than for those measured at fair value on a recurring and nonrecurring basis discussed above, are as follows: Cash and cash equivalents: The carrying amounts of cash and cash equivalents approximate their fair value. Certificates of deposit held in other banks: The fair value of certificates of deposit held in other banks is based upon current market rates. Investment securities held to maturity: For investment securities held to maturity, the Company obtains fair value measurements from an independent pricing service. The fair value measurements consider observable data that may include dealer quotes, market spreads, cash flows, the U.S. Treasury and other yield curves, live trading levels, trade execution data, market consensus prepayment speeds, credit information and the security's terms and conditions, among other things. Loans held for sale, at cost: The fair value of loans held for sale is determined based upon commitments on hand from investors. Loans: A discounted cash flow model is used to estimate the fair value of the loans. The discounted cash flow approach models the credit losses directly in the projected cash flows, applying various assumptions regarding credit, interest and prepayment risks for the loans based on loan types, payment types and fixed or variable classifications. Federal Home Loan Bank of Dallas and other restricted stock: The carrying value of restricted securities such as stock in the Federal Home Loan Bank of Dallas and Independent Bankers Financial Corporation approximates fair value. Deposits: The fair values disclosed for demand deposits are, by definition, equal to the amount payable on demand at the reporting date (that is their carrying amounts). The carrying amounts of variable-rate certificates of deposit (CDs) approximate their fair values at the reporting date. Fair values for fixed-rate CDs are estimated using a discounted cash flow calculation that applies interest rates currently being offered on certificates to a schedule of aggregated expected monthly maturities on time deposits. Federal Home Loan Bank advances, line of credit and federal funds purchased: The fair value of advances maturing within 90 days approximates carrying value. Fair value of other advances is based on the Company’s current borrowing rate for similar arrangements. Other borrowings: The estimated fair value approximates carrying value for short-term borrowings. The fair value of private subordinated debentures are based upon prevailing rates on similar debt in the market place. The subordinated debentures that are publicly traded are valued based on indicative bid prices based upon market pricing observations in the current market. Junior subordinated debentures: The fair value of junior subordinated debentures is estimated using discounted cash flow analyses based on the published Bloomberg US Financials BB rated corporate bond index yield. Accrued interest: The carrying amounts of accrued interest approximate their fair values. Off-balance sheet instruments: Fair values for off-balance sheet, credit-related financial instruments are based on fees currently charged to enter into similar agreements, taking into account the remaining terms of the agreements and the counterparties' credit standing. The fair value of commitments is not material. |
Derivatives | Through its mortgage banking division, the Company enters into interest rate lock commitments with consumers to originate mortgage loans at a specified interest rate. These commitments, which contain fixed expiration dates, offer the borrower an interest rate guarantee provided the loan meets underwriting guidelines and closes within the timeframe established by the Company. The Company manages the changes in fair value associated with changes in interest rates related to interest rate lock commitments by using forward sold commitments known as forward mortgage-backed securities trades. These instruments are typically entered into at the time the interest rate lock commitment is made.The Company offers certain derivatives products, primarily interest rate swaps, directly to qualified commercial banking customers to facilitate their risk management strategies. The interest rate swap derivative positions relate to transactions in which the Company enters into an interest rate swap with a customer, while at the same time entering into an offsetting interest rate swap with another financial institution. An interest rate swap transaction allows customers to effectively convert a variable rate loan to a fixed rate. In connection with each swap, the Company agrees to pay interest to the customer on a notional amount at a variable interest rate and receive interest from the customer on a similar notional amount at a fixed interest rate. At the same time, the Company agrees to pay another financial institution the same fixed interest rate on the same notional amount and receive the same variable interest rate on the same notional amount. |
Stock repurchase program | Stock repurchase program: From time to time, the Company's Board of Directors has authorized stock repurchase programs which allow the Company to purchase its common stock generally over a one-year period at various prices in the open market or in privately negotiated transactions. In January 2023, the Company's Board established the 2023 Stock Repurchase Plan (2023 Plan), which provided for the repurchase of up to $125,000 of common stock through December 31, 2023. There were no shares repurchased under the 2023 Plan during the three and six months ended June 30, 2023. The Company repurchased 1,639,792 and 1,651,236 shares at a total cost of $115,153 and $115,966 during the three and six months ended June 30, 2022, respectively, under the prior plan. Federal bank regulators have adopted final rules that, among other things, eliminated the standalone prior approval requirement for any repurchase of common stock. However, the Company remains subject to a Federal Reserve Board guideline that requires consultation with the Federal Reserve Board regarding plans for share repurchases. The Company’s repurchases of its common stock may be subject to a prior approval or notice requirement under other regulations, policies or supervisory expectations of the Federal Reserve Board. |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Accounting Policies [Abstract] | |
Earning Per Share | The following table presents a reconciliation of net income (loss) available to common shareholders and the number of shares used in the calculation of basic and diluted earnings (loss) per common share: Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 Basic earnings (loss) per share: Net income (loss) $ 33,077 $ 52,360 $ (4,433) $ 103,100 Less: Undistributed earnings (loss) allocated to participating securities 35 297 (94) 566 Dividends paid on participating securities 31 129 82 256 Net income (loss) available to common shareholders $ 33,011 $ 51,934 $ (4,421) $ 102,278 Weighted average basic shares outstanding 41,197,433 41,397,584 41,143,461 41,913,218 Basic earnings (loss) per share $ 0.80 $ 1.25 $ (0.11) $ 2.44 Diluted earnings (loss) per share: Net income (loss) available to common shareholders $ 33,011 $ 51,934 $ (4,421) $ 102,278 Total weighted average basic shares outstanding 41,197,433 41,397,584 41,143,461 41,913,218 Add dilutive performance stock units 84,963 75,909 88,795 75,378 Total weighted average diluted shares outstanding 41,282,396 41,473,493 41,232,256 41,988,596 Diluted earnings (loss) per share $ 0.80 $ 1.25 $ (0.11) $ 2.44 Anti-dilutive participating securities 35,671 123,849 45,905 135,953 |
Cash Flows (Tables)
Cash Flows (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Supplemental Cash Flow Elements [Abstract] | |
Other Supplemental Cash Flow Information | Other supplemental cash flow information is presented below: Six Months Ended June 30, 2023 2022 Cash transactions: Interest expense paid $ 159,459 $ 22,358 Income taxes paid $ 7,251 $ 15,038 Noncash transactions: Deferred dividend equivalents $ 121 $ 95 Transfer of loans to other real estate owned $ — $ 12,900 Transfer of securities available for sale to held to maturity $ — $ 117,583 Right-of-use assets obtained in exchange for lease liabilities $ 6,612 $ 4,012 Loans purchased, not yet settled $ 27,973 $ 30,298 Transfer of bank premises to other real estate $ 805 $ — |
Securities (Tables)
Securities (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Investments, Debt and Equity Securities [Abstract] | |
Amortized Cost of Securities and Approximate Fair Values | The amortized cost of securities and their approximate fair values at June 30, 2023 and December 31, 2022 are as follows: Amortized Cost (1) Gross Gross Fair Securities Available for Sale June 30, 2023 U.S. treasuries $ 248,939 $ — $ (19,250) $ 229,689 Government agency securities 468,873 — (83,901) 384,972 Obligations of state and municipal subdivisions 254,193 66 (12,362) 241,897 Corporate bonds 43,000 — (7,585) 35,415 Mortgage-backed securities guaranteed by FHLMC, FNMA and GNMA 881,057 4 (135,852) 745,209 Other securities 500 — — 500 $ 1,896,562 $ 70 $ (258,950) $ 1,637,682 December 31, 2022 U.S. treasuries $ 259,675 $ — $ (20,265) $ 239,410 Government agency securities 468,994 — (84,479) 384,515 Obligations of state and municipal subdivisions 264,419 106 (13,294) 251,231 Corporate bonds 43,000 — (5,795) 37,205 Mortgage-backed securities guaranteed by FHLMC, FNMA and GNMA 913,388 9 (134,924) 778,473 Other securities 950 — — 950 $ 1,950,426 $ 115 $ (258,757) $ 1,691,784 Securities Held to Maturity June 30, 2023 Obligations of state and municipal subdivisions $ 206,146 $ 37 $ (39,932) $ 166,251 December 31, 2022 Obligations of state and municipal subdivisions $ 207,059 $ — $ (44,820) $ 162,239 ____________ (1) Excludes accrued interest receivable of $7,446 and $7,702 on available for sale and $2,364 and $2,697 on held to maturity securities at June 30, 2023 and December 31, 2022, respectively, that is recorded in other assets on the accompanying consolidated balance sheets. |
Amortized Cost and Estimated Fair Value of Securities by Contractual Maturity | The amortized cost and estimated fair value of securities at June 30, 2023, by contractual maturity, are shown below. Maturities of mortgage-backed securities will differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties. June 30, 2023 Available for Sale Held to Maturity Amortized Cost (1) Fair Value Amortized Cost (1) Fair Value Due in one year or less $ 81,475 $ 80,021 $ — $ — Due from one year to five years 311,807 288,815 — — Due from five to ten years 446,277 375,993 — — Thereafter 175,946 147,644 206,146 166,251 1,015,505 892,473 206,146 166,251 Mortgage-backed securities guaranteed by FHLMC, FNMA and GNMA 881,057 745,209 — — $ 1,896,562 $ 1,637,682 $ 206,146 $ 166,251 ____________ (1) Excludes accrued interest receivable of $7,446 on available for sale and $2,364 on held to maturity securities at June 30, 2023, that is recorded in other assets on the accompanying consolidated balance sheets. |
Summary of Unrealized Losses and Fair Value Securities in Continuous Unrealized Loss Position | The number of securities, unrealized losses and fair value, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position, as of June 30, 2023 and December 31, 2022, are summarized as follows: Less Than 12 Months Greater Than 12 Months Total Description of Securities Number of Securities Estimated Unrealized Number of Securities Estimated Unrealized Estimated Unrealized Securities Available for Sale June 30, 2023 U.S. treasuries — $ — $ — 35 $ 229,689 $ (19,250) $ 229,689 $ (19,250) Government agency securities — — — 75 384,972 (83,901) 384,972 (83,901) Obligations of state and municipal subdivisions 144 96,861 (1,042) 193 121,687 (11,320) 218,548 (12,362) Corporate bonds 1 1,898 (602) 10 30,517 (6,983) 32,415 (7,585) Mortgage-backed securities guaranteed by FHLMC, FNMA and GNMA 7 9,191 (414) 347 735,550 (135,438) 744,741 (135,852) 152 $ 107,950 $ (2,058) 660 $ 1,502,415 $ (256,892) $ 1,610,365 $ (258,950) December 31, 2022 U.S. treasuries 13 $ 106,849 $ (3,923) 23 $ 132,561 $ (16,342) $ 239,410 $ (20,265) Government agency securities 13 63,451 (7,533) 62 321,064 (76,946) 384,515 (84,479) Obligations of state and municipal subdivisions 339 209,395 (9,068) 9 17,034 (4,226) 226,429 (13,294) Corporate bonds 8 23,584 (4,416) 3 10,621 (1,379) 34,205 (5,795) Mortgage-backed securities guaranteed by FHLMC, FNMA and GNMA 226 266,756 (25,377) 129 511,207 (109,547) 777,963 (134,924) 599 $ 670,035 $ (50,317) 226 $ 992,487 $ (208,440) $ 1,662,522 $ (258,757) Securities Held to Maturity June 30, 2023 Obligations of state and municipal subdivisions 2 $ 6,811 $ (128) 40 $ 152,344 $ (39,804) $ 159,155 $ (39,932) December 31, 2022 Obligations of state and municipal subdivisions 22 $ 98,475 $ (21,210) 21 $ 63,764 $ (23,610) $ 162,239 $ (44,820) |
Loans, Net and Allowance for _2
Loans, Net and Allowance for Credit Losses on Loans (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Receivables [Abstract] | |
Compositions of Loans | Loans, net, at June 30, 2023 and December 31, 2022, consisted of the following: June 30, December 31, 2023 2022 Commercial $ 2,216,957 $ 2,240,959 Mortgage warehouse purchase loans 491,090 312,099 Real estate: Commercial 7,990,123 7,817,447 Commercial construction, land and land development 1,122,400 1,231,071 Residential 1,615,903 1,592,859 Single-family interim construction 483,274 508,839 Agricultural 118,054 124,422 Consumer 81,314 81,667 Total loans (1) 14,119,115 13,909,363 Allowance for credit losses (147,804) (148,787) Total loans, net (1) $ 13,971,311 $ 13,760,576 ____________ |
Summary of Activity in Allowance for Credit Losses by Loan Class | The following is a summary of the activity in the allowance for credit losses on loans by class for the three and six months ended June 30, 2023 and 2022: Commercial Commercial Real Estate Commercial Construction, Residential Single-Family Agricultural Consumer Total Three months ended June 30, 2023 Balance at beginning of period $ 53,122 $ 59,109 $ 17,331 $ 4,780 $ 11,812 $ 231 $ 465 $ 146,850 Provision for credit losses (19,345) (5,030) 16,040 1,267 6,521 599 16 68 Charge-offs (20) — — — — — (9) (29) Recoveries 824 — 91 — — — — 915 Balance at end of period $ 34,581 $ 54,079 $ 33,462 $ 6,047 $ 18,333 $ 830 $ 472 $ 147,804 Six months ended June 30, 2023 Balance at beginning of period $ 54,037 $ 61,078 $ 17,696 $ 3,450 $ 11,817 $ 207 $ 502 $ 148,787 Provision for credit losses (20,240) (6,999) 16,871 2,597 6,516 623 (21) (653) Charge-offs (68) — (1,196) — — — (9) (1,273) Recoveries 852 — 91 — — — — 943 Balance at end of period $ 34,581 $ 54,079 $ 33,462 $ 6,047 $ 18,333 $ 830 $ 472 $ 147,804 Three months ended June 30, 2022 Balance at beginning of period $ 50,485 $ 59,699 $ 25,104 $ 2,770 $ 7,749 $ 132 $ 374 $ 146,313 Provision for credit losses 2,737 (2,881) (918) 344 1,476 (27) 17 748 Charge-offs (12) (2,972) — — — — — (2,984) Recoveries 93 — — — — — — 93 Balance at end of period $ 53,303 $ 53,846 $ 24,186 $ 3,114 $ 9,225 $ 105 $ 391 $ 144,170 Six months ended June 30, 2022 Balance at beginning of period $ 49,747 $ 65,110 $ 23,861 $ 2,192 $ 7,222 $ 106 $ 468 $ 148,706 Provision for credit losses 3,652 (8,292) 325 928 2,003 (1) (67) (1,452) Charge-offs (453) (2,972) — (6) — — (10) (3,441) Recoveries 357 — — — — — — 357 Balance at end of period $ 53,303 $ 53,846 $ 24,186 $ 3,114 $ 9,225 $ 105 $ 391 $ 144,170 |
Individually Evaluated Loans | The following table presents loans that were evaluated for expected credit losses on an individual basis and the related specific credit loss allocations, by loan class as of June 30, 2023 and December 31, 2022: June 30, 2023 December 31, 2022 Loan Balance Specific Allocations Loan Balance Specific Allocations Commercial $ 21,554 $ 9,369 $ 21,981 $ 8,378 Commercial real estate 12,303 1,209 12,303 1,209 Commercial construction, land and land development — — — — Residential real estate — — — — Single-family interim construction 189 60 189 43 Agricultural — — — — Consumer — — — — $ 34,046 $ 10,638 $ 34,473 $ 9,630 |
Summary of Nonperforming Loans by Loan Class | Nonperforming loans by loan class at June 30, 2023 and December 31, 2022 are summarized as follows: Commercial Commercial Commercial Construction, Residential Real Estate Single-Family Agricultural Consumer Total June 30, 2023 Nonaccrual loans (1) $ 21,564 $ 13,290 $ 12 $ 1,262 $ 189 $ — $ 6 $ 36,323 Loans past due 90 days and still accruing 9 — 2 1,580 — — — 1,591 Total nonperforming loans (2) $ 21,573 $ 13,290 $ 14 $ 2,842 $ 189 $ — $ 6 $ 37,914 December 31, 2022 Nonaccrual loans (1) $ 22,565 $ 13,393 $ 15 $ 1,582 $ 189 $ — $ 8 $ 37,752 Loans past due 90 days and still accruing 5 — — 838 — — — 843 Troubled debt restructurings (not included in nonaccrual or loans past due and still accruing) — 1,435 — 59 — — — 1,494 Total nonperforming loans $ 22,570 $ 14,828 $ 15 $ 2,479 $ 189 $ — $ 8 $ 40,089 ____________ (1) There are $2,045 and $125 in loans on nonaccrual without an allowance for credit loss as of June 30, 2023 and December 31, 2022, respectively. Additionally, no interest income was recognized on nonaccrual loans. No significant amounts of accrued interest was reversed during the three and six months ended June 30, 2023 and 2022. |
Aging of Past Due Loans by Loan Class | The following table presents information regarding the aging of past due loans by loan class as of June 30, 2023 and as of December 31, 2022: Loans Loans Total Past Current Total June 30, 2023 Commercial $ 1,351 $ 4,651 $ 6,002 $ 2,210,955 $ 2,216,957 Mortgage warehouse purchase loans — — — 491,090 491,090 Commercial real estate 46 12,303 12,349 7,977,774 7,990,123 Commercial construction, land and land development 419 2 421 1,121,979 1,122,400 Residential real estate 2,380 1,782 4,162 1,611,741 1,615,903 Single-family interim construction — 189 189 483,085 483,274 Agricultural — — — 118,054 118,054 Consumer 116 4 120 81,194 81,314 $ 4,312 $ 18,931 $ 23,243 $ 14,095,872 $ 14,119,115 December 31, 2022 Commercial $ 1,005 $ 5,629 $ 6,634 $ 2,234,325 $ 2,240,959 Mortgage warehouse purchase loans — — — 312,099 312,099 Commercial real estate 13,093 449 13,542 7,803,905 7,817,447 Commercial construction, land and land development 2,820 — 2,820 1,228,251 1,231,071 Residential real estate 4,702 1,346 6,048 1,586,811 1,592,859 Single-family interim construction — 189 189 508,650 508,839 Agricultural — — — 124,422 124,422 Consumer 214 8 222 81,445 81,667 $ 21,834 $ 7,621 $ 29,455 $ 13,879,908 $ 13,909,363 |
Summary of Loans by Credit Quality Indicator by Class | The following summarizes the amortized cost basis of loans by year of origination/renewal and credit quality indicator by class of loan as of June 30, 2023 and December 31, 2022: Revolving Loans Converted to Term Loans Term Loans by Year of Origination or Renewal Revolving Loans June 30, 2023 2023 2022 2021 2020 2019 Prior Total Commercial Pass $ 100,373 $ 282,844 $ 312,515 $ 105,941 $ 100,025 $ 186,724 $ 1,011,718 $ 121 $ 2,100,261 Pass/Watch 182 672 7,862 138 95 14,271 10,841 — 34,061 Special Mention 225 19 12,796 93 2,102 224 10,112 1,171 26,742 Substandard 7,766 8,081 25,283 339 2,632 757 6,801 3,741 55,400 Doubtful — — 493 — — — — — 493 Loss — — — — — — — — — Total commercial $ 108,546 $ 291,616 $ 358,949 $ 106,511 $ 104,854 $ 201,976 $ 1,039,472 $ 5,033 $ 2,216,957 Current period gross write-offs $ — $ — $ 39 $ 5 $ 4 $ 20 $ — $ — $ 68 Mortgage warehouse purchase loans Pass $ 491,090 $ — $ — $ — $ — $ — $ — $ — $ 491,090 Pass/Watch — — — — — — — — — Special Mention — — — — — — — — — Substandard — — — — — — — — — Doubtful — — — — — — — — — Loss — — — — — — — — — Total mortgage warehouse purchase loans $ 491,090 $ — $ — $ — $ — $ — $ — $ — $ 491,090 Current period gross write-offs $ — $ — $ — $ — $ — $ — $ — $ — $ — Revolving Loans Converted to Term Loans Term Loans by Year of Origination or Renewal Revolving Loans June 30, 2023 2023 2022 2021 2020 2019 Prior Total Commercial real estate Pass $ 424,710 $ 2,612,139 $ 1,984,513 $ 947,487 $ 572,027 $ 945,962 $ 66,499 $ 1,511 $ 7,554,848 Pass/Watch 13,270 79,643 38,916 54,508 20,977 57,068 93 — 264,475 Special Mention 9,249 789 31,731 — 10,765 14,357 — 357 67,248 Substandard — 19,331 58,116 402 3,122 22,581 — — 103,552 Doubtful — — — — — — — — — Loss — — — — — — — — — Total commercial real estate $ 447,229 $ 2,711,902 $ 2,113,276 $ 1,002,397 $ 606,891 $ 1,039,968 $ 66,592 $ 1,868 $ 7,990,123 Current period gross write-offs $ — $ — $ — $ — $ — $ — $ — $ — $ — Commercial construction, land and land development Pass $ 176,103 $ 506,827 $ 318,876 $ 71,270 $ 7,442 $ 19,654 $ 9,962 $ 76 $ 1,110,210 Pass/Watch 1,120 3,360 36 7,096 — 65 1 — 11,678 Special Mention — — — 473 — — — — 473 Substandard — 27 — — — 12 — — 39 Doubtful — — — — — — — — — Loss — — — — — — — — — Total commercial construction, land and land development $ 177,223 $ 510,214 $ 318,912 $ 78,839 $ 7,442 $ 19,731 $ 9,963 $ 76 $ 1,122,400 Current period gross write-offs $ — $ — $ 1,196 $ — $ — $ — $ — $ — $ 1,196 Residential real estate Pass $ 84,103 $ 512,460 $ 370,627 $ 228,728 $ 145,401 $ 199,169 $ 59,917 $ 201 $ 1,600,606 Pass/Watch — 367 866 2,800 1,524 1,965 85 — 7,607 Special Mention — — — — 1,077 1,380 125 — 2,582 Substandard 18 1,141 — 515 218 3,132 84 — 5,108 Doubtful — — — — — — — — — Loss — — — — — — — — — Total residential real estate $ 84,121 $ 513,968 $ 371,493 $ 232,043 $ 148,220 $ 205,646 $ 60,211 $ 201 $ 1,615,903 Current period gross write-offs $ — $ — $ — $ — $ — $ — $ — $ — $ — Single-family interim construction Pass $ 152,093 $ 256,582 $ 41,955 $ — $ — $ — $ 28,805 $ — $ 479,435 Pass/Watch 2,900 749 — — — — 1 — 3,650 Special Mention — — — — — — — — — Substandard — — 189 — — — — — 189 Doubtful — — — — — — — — — Loss — — — — — — — — — Total single-family interim construction $ 154,993 $ 257,331 $ 42,144 $ — $ — $ — $ 28,806 $ — $ 483,274 Current period gross write-offs $ — $ — $ — $ — $ — $ — $ — $ — $ — Revolving Loans Converted to Term Loans Term Loans by Year of Origination or Renewal Revolving Loans June 30, 2023 2023 2022 2021 2020 2019 Prior Total Agricultural Pass $ 8,350 $ 48,779 $ 23,187 $ 11,900 $ 3,578 $ 12,023 $ 7,848 $ — $ 115,665 Pass/Watch — 2,370 — — — — — — 2,370 Special Mention — — — — — — — — — Substandard — — — — — 19 — — 19 Doubtful — — — — — — — — — Loss — — — — — — — — — Total agricultural $ 8,350 $ 51,149 $ 23,187 $ 11,900 $ 3,578 $ 12,042 $ 7,848 $ — $ 118,054 Current period gross write-offs $ — $ — $ — $ — $ — $ — $ — $ — $ — Consumer Pass $ 4,855 $ 5,239 $ 3,729 $ 8,580 $ 1,373 $ 203 $ 57,222 $ 107 $ 81,308 Pass/Watch — — — — — — — — — Special Mention — — — — — — — — — Substandard — — 2 — — 4 — — 6 Doubtful — — — — — — — — — Loss — — — — — — — — — Total consumer $ 4,855 $ 5,239 $ 3,731 $ 8,580 $ 1,373 $ 207 $ 57,222 $ 107 $ 81,314 Current period gross write-offs $ — $ 9 $ — $ — $ — $ — $ — $ — $ 9 Total loans Pass $ 1,441,677 $ 4,224,870 $ 3,055,402 $ 1,373,906 $ 829,846 $ 1,363,735 $ 1,241,971 $ 2,016 $ 13,533,423 Pass/Watch 17,472 87,161 47,680 64,542 22,596 73,369 11,021 — 323,841 Special Mention 9,474 808 44,527 566 13,944 15,961 10,237 1,528 97,045 Substandard 7,784 28,580 83,590 1,256 5,972 26,505 6,885 3,741 164,313 Doubtful — — 493 — — — — — 493 Loss — — — — — — — — — Total loans $ 1,476,407 $ 4,341,419 $ 3,231,692 $ 1,440,270 $ 872,358 $ 1,479,570 $ 1,270,114 $ 7,285 $ 14,119,115 Current period gross write-offs $ — $ 9 $ 1,235 $ 5 $ 4 $ 20 $ — $ — $ 1,273 Revolving Loans Converted to Term Loans Term Loans by Year of Origination or Renewal Revolving Loans December 31, 2022 2022 2021 2020 2019 2018 Prior Total Commercial Pass $ 297,800 $ 347,801 $ 126,390 $ 112,887 $ 51,623 $ 153,435 $ 1,031,483 $ 1,173 $ 2,122,592 Pass/Watch 8 14,790 155 188 1,812 7,934 8,216 5,907 39,010 Special Mention 234 4,821 101 1,485 — 144 8,646 20 15,451 Substandard 394 35,950 398 9,191 55 7,037 10,840 41 63,906 Doubtful — — — — — — — — — Loss — — — — — — — — — Total commercial $ 298,436 $ 403,362 $ 127,044 $ 123,751 $ 53,490 $ 168,550 $ 1,059,185 $ 7,141 $ 2,240,959 Revolving Loans Converted to Term Loans Term Loans by Year of Origination or Renewal Revolving Loans December 31, 2022 2022 2021 2020 2019 2018 Prior Total Mortgage warehouse purchase loans Pass $ 312,099 $ — $ — $ — $ — $ — $ — $ — $ 312,099 Pass/Watch — — — — — — — — — Special Mention — — — — — — — — — Substandard — — — — — — — — — Doubtful — — — — — — — — — Loss — — — — — — — — — Total mortgage warehouse purchase loans $ 312,099 $ — $ — $ — $ — $ — $ — $ — $ 312,099 Commercial real estate Pass $ 2,652,298 $ 1,980,631 $ 998,910 $ 617,664 $ 448,758 $ 640,275 $ 59,184 $ 9,222 $ 7,406,942 Pass/Watch 90,313 25,954 33,664 18,678 53,469 25,831 — — 247,909 Special Mention 10,180 41,193 — 10,870 8,722 10,735 — 26 81,726 Substandard 3,513 40,001 8,574 3,178 8,268 17,336 — — 80,870 Doubtful — — — — — — — — — Loss — — — — — — — — — Total commercial real estate $ 2,756,304 $ 2,087,779 $ 1,041,148 $ 650,390 $ 519,217 $ 694,177 $ 59,184 $ 9,248 $ 7,817,447 Commercial construction, land and land development Pass $ 553,376 $ 465,272 $ 126,704 $ 10,477 $ 23,073 $ 12,188 $ 12,705 $ 4,018 $ 1,207,813 Pass/Watch 8,036 43 10,297 — — 72 — — 18,448 Special Mention 1,313 674 — — — — — — 1,987 Substandard 28 2,771 — 10 — 14 — — 2,823 Doubtful — — — — — — — — — Loss — — — — — — — — — Total commercial construction, land and land development $ 562,753 $ 468,760 $ 137,001 $ 10,487 $ 23,073 $ 12,274 $ 12,705 $ 4,018 $ 1,231,071 Residential real estate Pass $ 525,631 $ 379,789 $ 220,077 $ 155,460 $ 79,437 $ 154,875 $ 59,332 $ 1,238 $ 1,575,839 Pass/Watch 373 918 642 1,743 76 3,312 302 — 7,366 Special Mention 2,267 — — 700 227 1,224 126 — 4,544 Substandard 708 455 538 219 — 2,997 193 — 5,110 Doubtful — — — — — — — — — Loss — — — — — — — — — Total residential real estate $ 528,979 $ 381,162 $ 221,257 $ 158,122 $ 79,740 $ 162,408 $ 59,953 $ 1,238 $ 1,592,859 Single-family interim construction Pass $ 351,031 $ 105,573 $ 18,885 $ — $ 241 $ — $ 16,447 $ — $ 492,177 Pass/Watch 16,471 — — — — — 2 — 16,473 Special Mention — — — — — — — — — Substandard — 189 — — — — — — 189 Doubtful — — — — — — — — — Loss — — — — — — — — — Total single-family interim construction $ 367,502 $ 105,762 $ 18,885 $ — $ 241 $ — $ 16,449 $ — $ 508,839 Revolving Loans Converted to Term Loans Term Loans by Year of Origination or Renewal Revolving Loans December 31, 2022 2022 2021 2020 2019 2018 Prior Total Agricultural Pass $ 52,525 $ 24,743 $ 13,875 $ 3,705 $ 5,847 $ 8,872 $ 10,588 $ — $ 120,155 Pass/Watch 2,700 — — — — — 1,547 — 4,247 Special Mention — — — — — — — — — Substandard — — — — — 20 — — 20 Doubtful — — — — — — — — — Loss — — — — — — — — — Total agricultural $ 55,225 $ 24,743 $ 13,875 $ 3,705 $ 5,847 $ 8,892 $ 12,135 $ — $ 124,422 Consumer Pass $ 7,715 $ 4,909 $ 7,959 $ 1,576 $ 300 $ 81 $ 59,113 $ — $ 81,653 Pass/Watch — — — — — — — — — Special Mention — — — — — — — — — Substandard — 4 — — — 10 — — 14 Doubtful — — — — — — — — — Loss — — — — — — — — — Total consumer $ 7,715 $ 4,913 $ 7,959 $ 1,576 $ 300 $ 91 $ 59,113 $ — $ 81,667 Total loans Pass $ 4,752,475 $ 3,308,718 $ 1,512,800 $ 901,769 $ 609,279 $ 969,726 $ 1,248,852 $ 15,651 $ 13,319,270 Pass/Watch 117,901 41,705 44,758 20,609 55,357 37,149 10,067 5,907 333,453 Special Mention 13,994 46,688 101 13,055 8,949 12,103 8,772 46 103,708 Substandard 4,643 79,370 9,510 12,598 8,323 27,414 11,033 41 152,932 Doubtful — — — — — — — — — Loss — — — — — — — — — Total loans $ 4,889,013 $ 3,476,481 $ 1,567,169 $ 948,031 $ 681,908 $ 1,046,392 $ 1,278,724 $ 21,645 $ 13,909,363 |
Federal Home Loan Bank Advanc_2
Federal Home Loan Bank Advances (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Advance from Federal Home Loan Bank [Abstract] | |
Contractual Maturities of FHLB Advances | Contractual maturities of FHLB advances at June 30, 2023 were as follows: First year $ 800,000 Second year — Third year — Fourth year — Fifth year — Thereafter 75,000 $ 875,000 |
Off-Balance Sheet Arrangement_2
Off-Balance Sheet Arrangements, Commitments and Contingencies (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | At June 30, 2023 and December 31, 2022, the approximate amounts of these financial instruments were as follows: June 30, December 31, 2023 2022 Commitments to extend credit $ 3,028,389 $ 3,291,409 Standby letters of credit 29,848 24,135 $ 3,058,237 $ 3,315,544 |
Commitments Off Balance Sheet Allowance for Credit Losses | The allowance for credit lo sses on off-balance sheet commitments was as follows: Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 Balance at beginning of period $ 4,755 $ 5,479 $ 3,944 $ 4,722 Provision for off-balance sheet credit exposure 152 (748) 963 9 Balance at end of period $ 4,907 $ 4,731 $ 4,907 $ 4,731 |
Income Taxes (Tables)
Income Taxes (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Income Tax Disclosure [Abstract] | |
Schedule of Income Tax Expense | Income tax expense (benefit) for the three and six months ended June 30, 2023 and 2022 was as follows: Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 Income tax expense (benefit) for the period $ 8,700 $ 13,591 $ (2,584) $ 25,870 Effective tax rate 20.8 % 20.6 % 36.8 % 20.1 % |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Fair Value Disclosures [Abstract] | |
Assets at Fair Value on Recurring Basis | The following table represents assets and liabilities reported on the consolidated balance sheets at their fair value on a recurring basis as of June 30, 2023 and December 31, 2022 by level within the ASC Topic 820 fair value measurement hierarchy: Fair Value Measurements at Reporting Date Using Assets/ Quoted Prices Significant Significant June 30, 2023 Assets: Investment securities available for sale: U.S. treasuries $ 229,689 $ — $ 229,689 $ — Government agency securities 384,972 — 384,972 — Obligations of state and municipal subdivisions 241,897 — 241,897 — Corporate bonds 35,415 — 35,415 — Mortgage-backed securities guaranteed by FHLMC, FNMA and GNMA 745,209 — 745,209 — Other securities 500 — 500 — Loans held for sale, fair value option elected (1) 12,212 — 12,212 — Derivative financial instruments: Interest rate lock commitments 348 — 348 — Forward mortgage-backed securities trades 93 — 93 — Loan customer counterparty 75 — 75 — Financial institution counterparty 13,188 — 13,188 — Liabilities: Derivative financial instruments: Interest rate swaps - cash flow hedge 10,981 — 10,981 — Forward mortgage-backed securities trades 2 — 2 — Loan customer counterparty 13,060 — 13,060 — Financial institution counterparty 100 — 100 — December 31, 2022 Assets: Investment securities available for sale: U.S. treasuries $ 239,410 $ — $ 239,410 $ — Government agency securities 384,515 — 384,515 — Obligations of state and municipal subdivisions 251,231 — 251,231 — Corporate bonds 37,205 — 37,205 — Mortgage-backed securities guaranteed by FHLMC, FNMA and GNMA 778,473 — 778,473 — Other securities 950 — 950 — Loans held for sale, fair value option elected (1) 10,612 — 10,612 — Derivative financial instruments: Interest rate lock commitments 294 — 294 — Forward mortgage-backed securities trades 98 — 98 — Financial institution counterparty 13,968 — 13,968 — Liabilities: Derivative financial instruments: Interest rate swaps - cash flow hedge 11,283 — 11,283 — Interest rate lock commitments 6 — 6 — Forward mortgage-backed securities trades 11 — 11 — Loan customer counterparty 13,788 — 13,788 — __________ (1) At June 30, 2023 and December 31, 2022, loans held for sale for which the fair value option was elected had an aggregate outstanding principal balance of $11,850 and $10,330, respectively. There were no mortgage loans held for sale under the fair value option that were 90 days or greater past due or on nonaccrual at June 30, 2023. |
Assets and Liabilities at Fair Value on Nonrecurring Basis | The following table presents the assets carried on the consolidated balance sheet by caption and by level in the fair value hierarchy at June 30, 2023 and December 31, 2022, for which a nonrecurring change in fair value has been recorded: Fair Value Measurements at Reporting Date Using Assets Quoted Prices Significant Significant Period Ended June 30, 2023 Assets: Individually evaluated loans $ 86 $ — $ — $ 86 $ 18 Other real estate owned 22,505 — — 22,505 2,200 December 31, 2022 Assets: Individually evaluated loans $ 8,527 $ — $ — $ 8,527 $ 3,505 Other real estate owned 23,900 — — 23,900 3,548 |
Carrying Amount and Estimated Fair Value of Financial Instruments | The carrying amount, estimated fair value and the level of the fair value hierarchy of the Company’s financial instruments that are reported at amortized cost on the Company's consolidated balance sheets were as follows at June 30, 2023 and December 31, 2022: Fair Value Measurements at Reporting Date Using Carrying Estimated Quoted Prices Significant Significant June 30, 2023 Financial assets: Cash and cash equivalents $ 902,882 $ 902,882 $ 902,882 $ — $ — Certificates of deposit held in other banks 248 241 — 241 — Investment securities held to maturity 206,146 166,251 — 166,251 — Loans held for sale, at cost 6,412 6,577 — 6,577 — Loans, net 13,971,311 13,755,821 — — 13,755,821 FHLB of Dallas stock and other restricted stock 67,520 67,520 — 67,520 — Accrued interest receivable 57,076 57,076 — 57,076 — Financial liabilities: Deposits 14,873,506 14,833,748 — 14,833,748 — Accrued interest payable 25,086 25,086 — 25,086 — FHLB advances 875,000 859,743 — 859,743 — Other borrowings 305,262 285,900 — 285,900 — Junior subordinated debentures 54,518 60,948 — 60,948 — Off-balance sheet assets (liabilities): Commitments to extend credit — — — — — Standby letters of credit — — — — — December 31, 2022 Financial assets: Cash and cash equivalents $ 654,322 $ 654,322 $ 654,322 $ — $ — Certificates of deposit held in other banks 496 486 — 486 — Investment securities held to maturity 207,059 162,239 — 162,239 — Loans held for sale, at cost 698 710 — 710 — Loans, net 13,760,576 13,450,582 — — 13,450,582 FHLB of Dallas stock and other restricted stock 23,436 23,436 — 23,436 — Accrued interest receivable 59,214 59,214 — 59,214 — Financial liabilities: Deposits 15,121,417 15,063,025 — 15,063,025 — Accrued interest payable 9,604 9,604 — 9,604 — FHLB advances 300,000 246,519 — 246,519 — Other borrowings 267,066 258,800 — 258,800 — Junior subordinated debentures 54,419 53,969 — 53,969 — Off-balance sheet assets (liabilities): Commitments to extend credit — — — — — Standby letters of credit — — — — — |
Derivative Financial Instrume_2
Derivative Financial Instruments (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Notional Balances and Fair Values of Outstanding Positions | The following table provides the outstanding notional balances and fair values of outstanding derivative positions at June 30, 2023 and December 31, 2022: Outstanding Notional Balance Asset Derivative Liability Derivative June 30, 2023 Derivatives designated as hedging instruments: Interest rate swaps - cash flow hedge $ 100,000 $ — $ 10,981 Derivatives not designated as hedging instruments: Interest rate lock commitments 19,548 348 — Forward mortgage-backed securities trades 20,000 93 2 Commercial loan interest rate swaps: Loan customer counterparty 204,750 75 13,060 Financial institution counterparty 204,750 13,188 100 December 31, 2022 Derivatives designated as hedging instruments: Interest rate swaps - cash flow hedge $ 100,000 $ — $ 11,283 Derivatives not designated as hedging instruments: Interest rate lock commitments 15,476 294 6 Forward mortgage-backed securities trades 18,500 98 11 Commercial loan interest rate swaps: Loan customer counterparty 183,183 — 13,788 Financial institution counterparty 183,183 13,968 — |
Schedule of Weighted Average Interest Rate Received and Paid | The commercial loan customer counterparty weighted average received and paid interest rates for interest rate swaps outstanding were as follows: Weighted Average Interest Rate June 30, 2023 December 31, 2022 Received Paid Received Paid Loan customer counterparty 4.52 % 7.60 % 4.12 % 6.72 % |
Income on Derivatives | A summary of derivative activity and the related impact on the consolidated statements of income for the three and six months ended June 30, 2023 and 2022 is as follows: Income Statement Location Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 Derivatives designated as hedging instruments Interest rate swaps - cash flow hedges Interest and fees on loans $ (1,030) $ 36 $ (1,929) $ 233 Derivatives not designated as hedging instruments Interest rate lock commitments Mortgage banking revenue (122) (32) 60 (413) Forward mortgage-backed securities trades Mortgage banking revenue 208 (459) 4 (12) |
Stock Awards (Tables)
Stock Awards (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Share-Based Payment Arrangement [Abstract] | |
Summary of nonvested restricted stock awards | The following table summarizes the activity in nonvested restricted stock awards for the six months ended June 30, 2023 and 2022: Restricted Stock Awards Number of Weighted Average Nonvested shares, December 31, 2022 309,015 $ 60.12 Granted during the period 119,767 60.21 Vested during the period (94,734) 64.69 Forfeited during the period (3,721) 63.37 Nonvested shares, June 30, 2023 330,327 $ 58.81 Nonvested shares, December 31, 2021 363,551 $ 53.14 Granted during the period 84,284 73.80 Vested during the period (106,199) 59.80 Forfeited during the period (4,546) 53.61 Nonvested shares, June 30, 2022 337,090 $ 56.20 |
Schedule of future vesting of restricted stock award | At June 30, 2023, the future vesting schedule of the nonvested restricted stock awards is as follows: First year 144,012 Second year 115,973 Third year 57,802 Fourth year 12,540 Total nonvested shares 330,327 |
Nonvested performance stock units | The following table summarizes the activity in nonvested performance stock units at target award level for the six months ended June 30, 2023 and 2022: Performance-Based Restricted Stock Units Number of Weighted Average Nonvested shares, December 31, 2022 140,240 $ 49.20 Granted during the period 37,938 60.21 Nonvested shares, June 30, 2023 178,178 $ 51.55 Nonvested shares, December 31, 2021 114,498 $ 43.93 Granted during the period 20,742 73.94 Nonvested shares, June 30, 2022 135,240 $ 48.53 |
Regulatory Matters (Tables)
Regulatory Matters (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Regulated Operations [Abstract] | |
Schedule of Compliance with Regulatory Capital Requirements | The following table presents actual and required capital ratios under Basel III Capital Rules for the Company and Bank as of June 30, 2023 and December 31, 2022. Capital levels required to be considered well capitalized are based upon prompt corrective action regulations, as amended, to reflect the changes under the Basel III Capital Rules. Actual Minimum Capital Required To Be Considered Well Capitalized (1) Amount Ratio Amount Ratio Amount Ratio June 30, 2023 Total capital to risk weighted assets: Consolidated $ 1,881,098 11.95 % $ 1,652,664 10.50 % $ 1,573,966 10.00 % Bank 2,026,223 12.88 1,652,149 10.50 1,573,475 10.00 Tier 1 capital to risk weighted assets: Consolidated 1,594,522 10.13 1,337,871 8.50 944,380 6.00 Bank 1,891,647 12.02 1,337,454 8.50 1,258,780 8.00 Common equity tier 1 to risk weighted assets: Consolidated 1,538,922 9.78 1,101,776 7.00 N/A N/A Bank 1,891,647 12.02 1,101,433 7.00 1,022,759 6.50 Tier 1 capital to average assets: Consolidated 1,594,522 8.92 714,688 4.00 N/A N/A Bank 1,891,647 10.59 714,511 4.00 893,139 5.00 December 31, 2022 Total capital to risk weighted assets: Consolidated $ 1,936,363 12.35 % $ 1,645,772 10.50 % $ 1,567,402 10.00 % Bank 2,013,874 12.85 1,645,236 10.50 1,566,891 10.00 Tier 1 capital to risk weighted assets: Consolidated 1,637,191 10.45 1,332,291 8.50 940,441 6.00 Bank 1,896,702 12.10 1,331,858 8.50 1,253,513 8.00 Common equity tier 1 to risk weighted assets: Consolidated 1,581,591 10.09 1,097,181 7.00 N/A N/A Bank 1,896,702 12.10 1,096,824 7.00 1,018,479 6.50 Tier 1 capital to average assets: Consolidated 1,637,191 9.49 690,309 4.00 N/A N/A Bank 1,896,702 10.99 690,130 4.00 862,663 5.00 _____________ (1) “Well-capitalized” Common Equity Tier 1 to Risk-Weighted Assets and Tier 1 to Average Assets are not formally defined under applicable banking regulations for bank holding companies. However, the Federal Reserve Board and the FDIC may require the Company to maintain a Tier 1 to Average Assets Ratio above the required minimum. |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies - Additional Information (Details) | 6 Months Ended |
Jun. 30, 2023 USD ($) segment business_trust | |
Accounting Policies [Abstract] | |
Number of wholly owned statutory business trusts | business_trust | 9 |
Number of reportable segments | segment | 1 |
Goodwill, impairment | $ | $ 0 |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies - EPS (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Basic earnings (loss) per share: | ||||
Net income (loss) | $ 33,077 | $ 52,360 | $ (4,433) | $ 103,100 |
Less: Undistributed (loss) earnings allocated to participating securities | 35 | 297 | (94) | 566 |
Less: Dividends paid on participating securities | 31 | 129 | 82 | 256 |
Net income (loss) available to common shareholders | $ 33,011 | $ 51,934 | $ (4,421) | $ 102,278 |
Weighted average basic shares outstanding (shares) | 41,197,433 | 41,397,584 | 41,143,461 | 41,913,218 |
Basic (loss) earnings per share (usd per share) | $ 0.80 | $ 1.25 | $ (0.11) | $ 2.44 |
Diluted earnings (loss) per share: | ||||
Total weighted average diluted shares outstanding (shares) | 41,282,396 | 41,473,493 | 41,232,256 | 41,988,596 |
Diluted (loss) earnings per share (usd per share) | $ 0.80 | $ 1.25 | $ (0.11) | $ 2.44 |
Anti-dilutive participating securities (shares) | 35,671 | 123,849 | 45,905 | 135,953 |
Performance stock units | ||||
Diluted earnings (loss) per share: | ||||
Add dilutive performance stock (shares) | 84,963 | 75,909 | 88,795 | 75,378 |
Cash Flows - Other Supplemental
Cash Flows - Other Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
Cash transactions: | ||
Interest expense paid | $ 159,459 | $ 22,358 |
Income taxes paid | 7,251 | 15,038 |
Noncash transactions: | ||
Deferred dividend equivalents | 121 | 95 |
Transfer of loans to other real estate owned | 0 | 12,900 |
Transfer of securities available for sale to held to maturity | 0 | 117,583 |
Right-of-use assets obtained in exchange for lease liabilities | 6,612 | 4,012 |
Loans purchased, not yet settled | 27,973 | 30,298 |
Transfer of bank premises to other real estate | $ 805 | $ 0 |
Securities - Amortized Cost of
Securities - Amortized Cost of Securities and Approximate Fair Value (Details) - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
Gain (Loss) on Securities [Line Items] | ||
Amortized Cost, AFS | $ 1,896,562 | $ 1,950,426 |
Gross Unrealized Gain, AFS | 70 | 115 |
Gross Unrealized Loss, AFS | (258,950) | (258,757) |
Fair Value, AFS | 1,637,682 | 1,691,784 |
Amortized Cost, HTM | 206,146 | 207,059 |
Fair Value, HTM | 166,251 | |
Accrued Interest, AFS | 7,446 | 7,702 |
Accrued Interest, HTM | 2,364 | 2,697 |
U.S. treasuries | ||
Gain (Loss) on Securities [Line Items] | ||
Amortized Cost, AFS | 248,939 | 259,675 |
Gross Unrealized Gain, AFS | 0 | 0 |
Gross Unrealized Loss, AFS | (19,250) | (20,265) |
Fair Value, AFS | 229,689 | 239,410 |
Government agency securities | ||
Gain (Loss) on Securities [Line Items] | ||
Amortized Cost, AFS | 468,873 | 468,994 |
Gross Unrealized Gain, AFS | 0 | 0 |
Gross Unrealized Loss, AFS | (83,901) | (84,479) |
Fair Value, AFS | 384,972 | 384,515 |
Obligations of state and municipal subdivisions | ||
Gain (Loss) on Securities [Line Items] | ||
Amortized Cost, AFS | 254,193 | 264,419 |
Gross Unrealized Gain, AFS | 66 | 106 |
Gross Unrealized Loss, AFS | (12,362) | (13,294) |
Fair Value, AFS | 241,897 | 251,231 |
Amortized Cost, HTM | 206,146 | 207,059 |
Gross Unrealized Gain, HTM | 37 | 0 |
Gross Unrealized Loss, HTM | (39,932) | (44,820) |
Fair Value, HTM | 166,251 | 162,239 |
Corporate bonds | ||
Gain (Loss) on Securities [Line Items] | ||
Amortized Cost, AFS | 43,000 | 43,000 |
Gross Unrealized Gain, AFS | 0 | 0 |
Gross Unrealized Loss, AFS | (7,585) | (5,795) |
Fair Value, AFS | 35,415 | 37,205 |
Mortgage-backed securities guaranteed by FHLMC, FNMA and GNMA | ||
Gain (Loss) on Securities [Line Items] | ||
Amortized Cost, AFS | 881,057 | 913,388 |
Gross Unrealized Gain, AFS | 4 | 9 |
Gross Unrealized Loss, AFS | (135,852) | (134,924) |
Fair Value, AFS | 745,209 | 778,473 |
Other securities | ||
Gain (Loss) on Securities [Line Items] | ||
Amortized Cost, AFS | 500 | 950 |
Gross Unrealized Gain, AFS | 0 | 0 |
Gross Unrealized Loss, AFS | 0 | 0 |
Fair Value, AFS | $ 500 | $ 950 |
Securities - Additional Informa
Securities - Additional Information (Details) - USD ($) | 6 Months Ended | 12 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | Dec. 31, 2022 | |
Investments, Debt and Equity Securities [Abstract] | |||
Securities transferred from AFS to HTM | $ 117,583,000 | ||
Transfers unrealized pre-tax gains | 26,000 | ||
Carrying value of securities pledged | $ 893,908,000 | 1,168,006,000 | |
Proceeds from sales | 0 | $ 0 | |
Allowance for credit loss, AFS securities | 0 | ||
Allowance for credit loss, HTM securities | $ 0 | $ 0 |
Securities - Amortized Cost and
Securities - Amortized Cost and Estimated Fair Value of Securities by Contractual Maturity (Details) - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
Amortized Cost, AFS | ||
Due in one year or less | $ 81,475 | |
Due from one year to five years | 311,807 | |
Due from five to ten years | 446,277 | |
Thereafter | 175,946 | |
Total | 1,015,505 | |
Mortgage-backed securities guaranteed by FHLMC, FNMA and GNMA | 881,057 | |
Amortized Cost, AFS | 1,896,562 | $ 1,950,426 |
Fair Value, AFS | ||
Due in one year or less | 80,021 | |
Due from one year to five years | 288,815 | |
Due from five to ten years | 375,993 | |
Thereafter | 147,644 | |
Total | 892,473 | |
Mortgage-backed securities guaranteed by FHLMC, FNMA and GNMA | 745,209 | |
Fair Value | 1,637,682 | 1,691,784 |
Amortized Cost, HTM | ||
Due in one year or less | 0 | |
Due from one year to five years | 0 | |
Due from five to ten years | 0 | |
Thereafter | 206,146 | |
Total | 206,146 | |
Mortgage-backed securities guaranteed by FHLMC, FNMA and GNMA | 0 | |
Amortized Cost, HTM | 206,146 | $ 207,059 |
Fair Value, HTM | ||
Due in one year or less | 0 | |
Due from one year to five years | 0 | |
Due from five to ten years | 0 | |
Thereafter | 166,251 | |
Total | 166,251 | |
Mortgage-backed securities guaranteed by FHLMC, FNMA and GNMA | 0 | |
Fair Value | $ 166,251 |
Securities Available for Sale -
Securities Available for Sale - Proceeds, Gross Gains and Gross Losses from Sale (Details) - USD ($) | 6 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
Investments, Debt and Equity Securities [Abstract] | ||
Proceeds from sale | $ 0 | $ 0 |
Securities - Summary of Unreali
Securities - Summary of Unrealized Losses and Fair Value of Securities in Continuous Unrealized Loss Positions (Details) $ in Thousands | Jun. 30, 2023 USD ($) security | Dec. 31, 2022 USD ($) security |
Debt Securities, Available-for-sale [Line Items] | ||
Less than 12 months: number of securities AFS | security | 152 | 599 |
Less than 12 months: estimated fair value AFS | $ 107,950 | $ 670,035 |
Less than 12 months: unrealized losses AFS | $ (2,058) | $ (50,317) |
Greater than 12 months: number of securities AFS | security | 660 | 226 |
Greater than 12 months: estimated fair value AFS | $ 1,502,415 | $ 992,487 |
Greater than 12 months: unrealized losses AFS | (256,892) | (208,440) |
Total: estimated fair value AFS | 1,610,365 | 1,662,522 |
Total: unrealized losses AFS | $ (258,950) | $ (258,757) |
U.S. treasuries | ||
Debt Securities, Available-for-sale [Line Items] | ||
Less than 12 months: number of securities AFS | security | 0 | 13 |
Less than 12 months: estimated fair value AFS | $ 0 | $ 106,849 |
Less than 12 months: unrealized losses AFS | $ 0 | $ (3,923) |
Greater than 12 months: number of securities AFS | security | 35 | 23 |
Greater than 12 months: estimated fair value AFS | $ 229,689 | $ 132,561 |
Greater than 12 months: unrealized losses AFS | (19,250) | (16,342) |
Total: estimated fair value AFS | 229,689 | 239,410 |
Total: unrealized losses AFS | $ (19,250) | $ (20,265) |
Government agency securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Less than 12 months: number of securities AFS | security | 0 | 13 |
Less than 12 months: estimated fair value AFS | $ 0 | $ 63,451 |
Less than 12 months: unrealized losses AFS | $ 0 | $ (7,533) |
Greater than 12 months: number of securities AFS | security | 75 | 62 |
Greater than 12 months: estimated fair value AFS | $ 384,972 | $ 321,064 |
Greater than 12 months: unrealized losses AFS | (83,901) | (76,946) |
Total: estimated fair value AFS | 384,972 | 384,515 |
Total: unrealized losses AFS | $ (83,901) | $ (84,479) |
Obligations of state and municipal subdivisions | ||
Debt Securities, Available-for-sale [Line Items] | ||
Less than 12 months: number of securities AFS | security | 144 | 339 |
Less than 12 months: estimated fair value AFS | $ 96,861 | $ 209,395 |
Less than 12 months: unrealized losses AFS | $ (1,042) | $ (9,068) |
Greater than 12 months: number of securities AFS | security | 193 | 9 |
Greater than 12 months: estimated fair value AFS | $ 121,687 | $ 17,034 |
Greater than 12 months: unrealized losses AFS | (11,320) | (4,226) |
Total: estimated fair value AFS | 218,548 | 226,429 |
Total: unrealized losses AFS | $ (12,362) | $ (13,294) |
Less than 12 months: number of securities HTM | security | 2 | 22 |
Less than 12 months: estimated fair value HTM | $ 6,811 | $ 98,475 |
Less than 12 months: unrealized losses HTM | $ (128) | $ (21,210) |
Greater than 12 months: number of securities HTM | security | 40 | 21 |
Greater than 12 months: estimated fair value HTM | $ 152,344 | $ 63,764 |
Greater than 12 months: unrealized losses HTM | (39,804) | (23,610) |
Total: estimated fair value HTM | 159,155 | 162,239 |
Total: unrealized losses HTM | $ (39,932) | $ (44,820) |
Corporate bonds | ||
Debt Securities, Available-for-sale [Line Items] | ||
Less than 12 months: number of securities AFS | security | 1 | 8 |
Less than 12 months: estimated fair value AFS | $ 1,898 | $ 23,584 |
Less than 12 months: unrealized losses AFS | $ (602) | $ (4,416) |
Greater than 12 months: number of securities AFS | security | 10 | 3 |
Greater than 12 months: estimated fair value AFS | $ 30,517 | $ 10,621 |
Greater than 12 months: unrealized losses AFS | (6,983) | (1,379) |
Total: estimated fair value AFS | 32,415 | 34,205 |
Total: unrealized losses AFS | $ (7,585) | $ (5,795) |
Mortgage-backed securities guaranteed by FHLMC, FNMA and GNMA | ||
Debt Securities, Available-for-sale [Line Items] | ||
Less than 12 months: number of securities AFS | security | 7 | 226 |
Less than 12 months: estimated fair value AFS | $ 9,191 | $ 266,756 |
Less than 12 months: unrealized losses AFS | $ (414) | $ (25,377) |
Greater than 12 months: number of securities AFS | security | 347 | 129 |
Greater than 12 months: estimated fair value AFS | $ 735,550 | $ 511,207 |
Greater than 12 months: unrealized losses AFS | (135,438) | (109,547) |
Total: estimated fair value AFS | 744,741 | 777,963 |
Total: unrealized losses AFS | $ (135,852) | $ (134,924) |
Loans, Net and Allowance for _3
Loans, Net and Allowance for Credit Losses on Loans - Composition of Loans (Details) - USD ($) $ in Thousands | Jun. 30, 2023 | Mar. 31, 2023 | Dec. 31, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Dec. 31, 2021 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Loans | $ 14,119,115 | $ 13,909,363 | ||||
Allowance for credit losses | (147,804) | $ (146,850) | (148,787) | $ (144,170) | $ (146,313) | $ (148,706) |
Total loans, net | 13,971,311 | 13,760,576 | ||||
Accrued Interest Receivable | 47,114 | 48,815 | ||||
Commercial | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Loans | 2,216,957 | 2,240,959 | ||||
Allowance for credit losses | (34,581) | (53,122) | (54,037) | (53,303) | (50,485) | (49,747) |
Mortgage warehouse purchase loans | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Loans | 491,090 | 312,099 | ||||
Real estate | Commercial Real Estate | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Loans | 7,990,123 | 7,817,447 | ||||
Allowance for credit losses | (54,079) | (59,109) | (61,078) | (53,846) | (59,699) | (65,110) |
Real estate | Commercial Construction, Land and Land Development | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Loans | 1,122,400 | 1,231,071 | ||||
Allowance for credit losses | (33,462) | (17,331) | (17,696) | (24,186) | (25,104) | (23,861) |
Real estate | Residential | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Loans | 1,615,903 | 1,592,859 | ||||
Allowance for credit losses | (6,047) | (4,780) | (3,450) | (3,114) | (2,770) | (2,192) |
Real estate | Single-family interim construction | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Loans | 483,274 | 508,839 | ||||
Allowance for credit losses | (18,333) | (11,812) | (11,817) | (9,225) | (7,749) | (7,222) |
Agricultural | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Loans | 118,054 | 124,422 | ||||
Allowance for credit losses | (830) | (231) | (207) | (105) | (132) | (106) |
Consumer | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Loans | 81,314 | 81,667 | ||||
Allowance for credit losses | $ (472) | $ (465) | $ (502) | $ (391) | $ (374) | $ (468) |
Loans, Net and Allowance for _4
Loans, Net and Allowance for Credit Losses on Loans - Additional Information (Details) - USD ($) | 6 Months Ended | |||||
Jun. 30, 2023 | Mar. 31, 2023 | Dec. 31, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Dec. 31, 2021 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Loans pledged | $ 7,504,737,000 | $ 7,246,087,000 | ||||
Commercial Loans | 13,971,311,000 | 13,760,576,000 | ||||
Allowance for credit losses | 147,804,000 | $ 146,850,000 | 148,787,000 | $ 144,170,000 | $ 146,313,000 | $ 148,706,000 |
Commercial | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Allowance for credit losses | $ 34,581,000 | 53,122,000 | 54,037,000 | 53,303,000 | 50,485,000 | 49,747,000 |
Commercial | Paycheck Protection Program | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
PPP interest rate | 1% | |||||
PPP loans outstanding | $ 3,277,000 | 4,958,000 | ||||
PPP deferred loan fees | 69,000 | 101,000 | ||||
Agricultural | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Allowance for credit losses | 830,000 | 231,000 | 207,000 | 105,000 | 132,000 | 106,000 |
Consumer | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Allowance for credit losses | $ 472,000 | $ 465,000 | 502,000 | $ 391,000 | $ 374,000 | $ 468,000 |
Customer Concentration Risk | Consumer | Loans and Leases, Net | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Percentage of the portfolio | 1% | |||||
Geographic Concentration Risk | Loans and Leases, Net | Colorado | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Percentage of the portfolio | 24% | |||||
Minimum | Commercial | Paycheck Protection Program | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
PPP term | 2 years | |||||
Maximum | Commercial | Paycheck Protection Program | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
PPP term | 5 years | |||||
Energy Related Loans | Commercial | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Commercial Loans | $ 593,289,000 | $ 574,698,000 | ||||
Mortgage warehouse purchase loans | Commercial | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Duration of the loans to larger mortgage originators | 60 days | |||||
Allowance for credit losses | $ 0 | |||||
Mortgage warehouse purchase loans | Maximum | Commercial | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Duration of the loans to mortgage bankers | 15 days | |||||
Owner Occupied | Customer Concentration Risk | Loans and Leases, Net | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Percentage of the portfolio | 22% | |||||
Real Estate Loan | Agricultural | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Loan to value ratio (percent) | 80% | |||||
Loan, amortization period | 20 years | |||||
Non-Real Estate Loan | Agricultural | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Period of operating lines | 1 year |
Loans, Net and Allowance for _5
Loans, Net and Allowance for Credit Losses on Loans - Rollforward of Activity in Credit Losses (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Allowance for Credit Loss [Roll Forward] | ||||
Balance at beginning of period | $ 146,850 | $ 146,313 | $ 148,787 | $ 148,706 |
Provision for credit losses | 68 | 748 | (653) | (1,452) |
Charge-offs | (29) | (2,984) | (1,273) | (3,441) |
Recoveries | 915 | 93 | 943 | 357 |
Balance at end of period | 147,804 | 144,170 | 147,804 | 144,170 |
Commercial | ||||
Allowance for Credit Loss [Roll Forward] | ||||
Balance at beginning of period | 53,122 | 50,485 | 54,037 | 49,747 |
Provision for credit losses | (19,345) | 2,737 | (20,240) | 3,652 |
Charge-offs | (20) | (12) | (68) | (453) |
Recoveries | 824 | 93 | 852 | 357 |
Balance at end of period | 34,581 | 53,303 | 34,581 | 53,303 |
Real estate | Commercial Real Estate | ||||
Allowance for Credit Loss [Roll Forward] | ||||
Balance at beginning of period | 59,109 | 59,699 | 61,078 | 65,110 |
Provision for credit losses | (5,030) | (2,881) | (6,999) | (8,292) |
Charge-offs | 0 | (2,972) | 0 | (2,972) |
Recoveries | 0 | 0 | 0 | 0 |
Balance at end of period | 54,079 | 53,846 | 54,079 | 53,846 |
Real estate | Commercial Construction, Land and Land Development | ||||
Allowance for Credit Loss [Roll Forward] | ||||
Balance at beginning of period | 17,331 | 25,104 | 17,696 | 23,861 |
Provision for credit losses | 16,040 | (918) | 16,871 | 325 |
Charge-offs | 0 | 0 | (1,196) | 0 |
Recoveries | 91 | 0 | 91 | 0 |
Balance at end of period | 33,462 | 24,186 | 33,462 | 24,186 |
Real estate | Residential Real Estate | ||||
Allowance for Credit Loss [Roll Forward] | ||||
Balance at beginning of period | 4,780 | 2,770 | 3,450 | 2,192 |
Provision for credit losses | 1,267 | 344 | 2,597 | 928 |
Charge-offs | 0 | 0 | 0 | (6) |
Recoveries | 0 | 0 | 0 | 0 |
Balance at end of period | 6,047 | 3,114 | 6,047 | 3,114 |
Real estate | Single-family interim construction | ||||
Allowance for Credit Loss [Roll Forward] | ||||
Balance at beginning of period | 11,812 | 7,749 | 11,817 | 7,222 |
Provision for credit losses | 6,521 | 1,476 | 6,516 | 2,003 |
Charge-offs | 0 | 0 | 0 | 0 |
Recoveries | 0 | 0 | 0 | 0 |
Balance at end of period | 18,333 | 9,225 | 18,333 | 9,225 |
Agricultural | ||||
Allowance for Credit Loss [Roll Forward] | ||||
Balance at beginning of period | 231 | 132 | 207 | 106 |
Provision for credit losses | 599 | (27) | 623 | (1) |
Charge-offs | 0 | 0 | 0 | 0 |
Recoveries | 0 | 0 | 0 | 0 |
Balance at end of period | 830 | 105 | 830 | 105 |
Consumer | ||||
Allowance for Credit Loss [Roll Forward] | ||||
Balance at beginning of period | 465 | 374 | 502 | 468 |
Provision for credit losses | 16 | 17 | (21) | (67) |
Charge-offs | (9) | 0 | (9) | (10) |
Recoveries | 0 | 0 | 0 | 0 |
Balance at end of period | $ 472 | $ 391 | $ 472 | $ 391 |
Loans, Net and Allowance for _6
Loans, Net and Allowance for Credit Losses on Loans - Individually Evaluated Loans by Loan Class (Details) - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
Financing Receivable, Impaired [Line Items] | ||
Loan Balance | $ 34,046 | $ 34,473 |
Specific Allocations | 10,638 | 9,630 |
Commercial | ||
Financing Receivable, Impaired [Line Items] | ||
Loan Balance | 21,554 | 21,981 |
Specific Allocations | 9,369 | 8,378 |
Real estate | Commercial Real Estate | ||
Financing Receivable, Impaired [Line Items] | ||
Loan Balance | 12,303 | 12,303 |
Specific Allocations | 1,209 | 1,209 |
Real estate | Commercial Construction, Land and Land Development | ||
Financing Receivable, Impaired [Line Items] | ||
Loan Balance | 0 | 0 |
Specific Allocations | 0 | 0 |
Real estate | Residential Real Estate | ||
Financing Receivable, Impaired [Line Items] | ||
Loan Balance | 0 | 0 |
Specific Allocations | 0 | 0 |
Real estate | Single-family interim construction | ||
Financing Receivable, Impaired [Line Items] | ||
Loan Balance | 189 | 189 |
Specific Allocations | 60 | 43 |
Agricultural | ||
Financing Receivable, Impaired [Line Items] | ||
Loan Balance | 0 | 0 |
Specific Allocations | 0 | 0 |
Consumer | ||
Financing Receivable, Impaired [Line Items] | ||
Loan Balance | 0 | 0 |
Specific Allocations | $ 0 | $ 0 |
Loans, Net and Allowance for _7
Loans, Net and Allowance for Credit Losses on Loans - Summary of Non Performing Loans by Loan Class (Details) - USD ($) | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | Dec. 31, 2022 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Nonaccrual, no allowance | $ 2,045,000 | $ 2,045,000 | $ 125,000 | ||
Financing Receivable, Nonaccrual, Interest Income | 0 | $ 0 | 0 | $ 0 | |
Nonperforming Financial Instruments | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Nonaccrual Loans | 36,323,000 | 36,323,000 | 37,752,000 | ||
Loans past due 90 days and still accruing | 1,591,000 | 1,591,000 | 843,000 | ||
Troubled debt restructurings (not included in nonaccrual or loans past due and still accruing) | 1,494,000 | ||||
Total nonperforming loans | 37,914,000 | 37,914,000 | 40,089,000 | ||
Nonperforming Financial Instruments | Commercial | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Nonaccrual Loans | 21,564,000 | 21,564,000 | 22,565,000 | ||
Loans past due 90 days and still accruing | 9,000 | 9,000 | 5,000 | ||
Troubled debt restructurings (not included in nonaccrual or loans past due and still accruing) | 0 | ||||
Total nonperforming loans | 21,573,000 | 21,573,000 | 22,570,000 | ||
Nonperforming Financial Instruments | Real estate | Commercial Real Estate | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Nonaccrual Loans | 13,290,000 | 13,290,000 | 13,393,000 | ||
Loans past due 90 days and still accruing | 0 | 0 | 0 | ||
Troubled debt restructurings (not included in nonaccrual or loans past due and still accruing) | 1,435,000 | ||||
Total nonperforming loans | 13,290,000 | 13,290,000 | 14,828,000 | ||
Nonperforming Financial Instruments | Real estate | Commercial Construction, Land and Land Development | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Nonaccrual Loans | 12,000 | 12,000 | 15,000 | ||
Loans past due 90 days and still accruing | 2,000 | 2,000 | 0 | ||
Troubled debt restructurings (not included in nonaccrual or loans past due and still accruing) | 0 | ||||
Total nonperforming loans | 14,000 | 14,000 | 15,000 | ||
Nonperforming Financial Instruments | Real estate | Residential Real Estate | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Nonaccrual Loans | 1,262,000 | 1,262,000 | 1,582,000 | ||
Loans past due 90 days and still accruing | 1,580,000 | 1,580,000 | 838,000 | ||
Troubled debt restructurings (not included in nonaccrual or loans past due and still accruing) | 59,000 | ||||
Total nonperforming loans | 2,842,000 | 2,842,000 | 2,479,000 | ||
Nonperforming Financial Instruments | Real estate | Single-family interim construction | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Nonaccrual Loans | 189,000 | 189,000 | 189,000 | ||
Loans past due 90 days and still accruing | 0 | 0 | 0 | ||
Troubled debt restructurings (not included in nonaccrual or loans past due and still accruing) | 0 | ||||
Total nonperforming loans | 189,000 | 189,000 | 189,000 | ||
Nonperforming Financial Instruments | Agricultural | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Nonaccrual Loans | 0 | 0 | 0 | ||
Loans past due 90 days and still accruing | 0 | 0 | 0 | ||
Troubled debt restructurings (not included in nonaccrual or loans past due and still accruing) | 0 | ||||
Total nonperforming loans | 0 | 0 | 0 | ||
Nonperforming Financial Instruments | Consumer | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Nonaccrual Loans | 6,000 | 6,000 | 8,000 | ||
Loans past due 90 days and still accruing | 0 | 0 | 0 | ||
Troubled debt restructurings (not included in nonaccrual or loans past due and still accruing) | 0 | ||||
Total nonperforming loans | $ 6,000 | $ 6,000 | $ 8,000 |
Loans, Net and Allowance for _8
Loans, Net and Allowance for Credit Losses on Loans - Aging of Past Due Loans by Loan Class (Details) - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
Financing Receivable, Past Due [Line Items] | ||
Loans | $ 14,119,115 | $ 13,909,363 |
Commercial | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 2,216,957 | 2,240,959 |
Mortgage warehouse purchase loans | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 491,090 | 312,099 |
Real estate | Commercial Real Estate | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 7,990,123 | 7,817,447 |
Real estate | Commercial Construction, Land and Land Development | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 1,122,400 | 1,231,071 |
Real estate | Residential Real Estate | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 1,615,903 | 1,592,859 |
Real estate | Single-family interim construction | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 483,274 | 508,839 |
Agricultural | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 118,054 | 124,422 |
Consumer | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 81,314 | 81,667 |
Loans 30-89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 4,312 | 21,834 |
Loans 30-89 Days Past Due | Commercial | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 1,351 | 1,005 |
Loans 30-89 Days Past Due | Mortgage warehouse purchase loans | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 0 | 0 |
Loans 30-89 Days Past Due | Real estate | Commercial Real Estate | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 46 | 13,093 |
Loans 30-89 Days Past Due | Real estate | Commercial Construction, Land and Land Development | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 419 | 2,820 |
Loans 30-89 Days Past Due | Real estate | Residential Real Estate | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 2,380 | 4,702 |
Loans 30-89 Days Past Due | Real estate | Single-family interim construction | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 0 | 0 |
Loans 30-89 Days Past Due | Agricultural | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 0 | 0 |
Loans 30-89 Days Past Due | Consumer | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 116 | 214 |
Loans 90 Days or More Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 18,931 | 7,621 |
Loans 90 Days or More Past Due | Commercial | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 4,651 | 5,629 |
Loans 90 Days or More Past Due | Mortgage warehouse purchase loans | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 0 | 0 |
Loans 90 Days or More Past Due | Real estate | Commercial Real Estate | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 12,303 | 449 |
Loans 90 Days or More Past Due | Real estate | Commercial Construction, Land and Land Development | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 2 | 0 |
Loans 90 Days or More Past Due | Real estate | Residential Real Estate | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 1,782 | 1,346 |
Loans 90 Days or More Past Due | Real estate | Single-family interim construction | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 189 | 189 |
Loans 90 Days or More Past Due | Agricultural | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 0 | 0 |
Loans 90 Days or More Past Due | Consumer | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 4 | 8 |
Total Past Due Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 23,243 | 29,455 |
Total Past Due Loans | Commercial | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 6,002 | 6,634 |
Total Past Due Loans | Mortgage warehouse purchase loans | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 0 | 0 |
Total Past Due Loans | Real estate | Commercial Real Estate | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 12,349 | 13,542 |
Total Past Due Loans | Real estate | Commercial Construction, Land and Land Development | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 421 | 2,820 |
Total Past Due Loans | Real estate | Residential Real Estate | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 4,162 | 6,048 |
Total Past Due Loans | Real estate | Single-family interim construction | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 189 | 189 |
Total Past Due Loans | Agricultural | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 0 | 0 |
Total Past Due Loans | Consumer | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 120 | 222 |
Current Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 14,095,872 | 13,879,908 |
Current Loans | Commercial | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 2,210,955 | 2,234,325 |
Current Loans | Mortgage warehouse purchase loans | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 491,090 | 312,099 |
Current Loans | Real estate | Commercial Real Estate | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 7,977,774 | 7,803,905 |
Current Loans | Real estate | Commercial Construction, Land and Land Development | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 1,121,979 | 1,228,251 |
Current Loans | Real estate | Residential Real Estate | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 1,611,741 | 1,586,811 |
Current Loans | Real estate | Single-family interim construction | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 483,085 | 508,650 |
Current Loans | Agricultural | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | 118,054 | 124,422 |
Current Loans | Consumer | ||
Financing Receivable, Past Due [Line Items] | ||
Loans | $ 81,194 | $ 81,445 |
Loans, Net and Allowance for _9
Loans, Net and Allowance for Credit Losses on Loans - Loans held for investment by year of origination and internally assigned credit grade (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | Dec. 31, 2022 | |
Financing Receivable, Credit Quality Indicator [Line Items] | |||||
Term Loans by Year of Origination or Renewal, Current | $ 1,476,407 | $ 1,476,407 | $ 4,889,013 | ||
Term Loans by Year of Origination or Renewal, Year 2 | 4,341,419 | 4,341,419 | 3,476,481 | ||
Term Loans by Year of Origination or Renewal, Year 3 | 3,231,692 | 3,231,692 | 1,567,169 | ||
Term Loans by Year of Origination or Renewal, Year 4 | 1,440,270 | 1,440,270 | 948,031 | ||
Term Loans by Year of Origination or Renewal, Year 5 | 872,358 | 872,358 | 681,908 | ||
Term Loans by Year of Origination or Renewal, Prior | 1,479,570 | 1,479,570 | 1,046,392 | ||
Revolving Loans | 1,270,114 | 1,270,114 | 1,278,724 | ||
Revolving Loans Converted to Term Loans | 7,285 | 7,285 | 21,645 | ||
Total Loans | 14,119,115 | 14,119,115 | 13,909,363 | ||
Term Loans by Year of Origination or Renewal, Current write-offs | 0 | ||||
Term Loans by Year of Origination or Renewal, Year 2 write-offs | 9 | ||||
Term Loans by Year of Origination or Renewal, Year 3 write-offs | 1,235 | ||||
Term Loans by Year of Origination or Renewal, Year 4 write-offs | 5 | ||||
Term Loans by Year of Origination or Renewal, Year 5 write-offs | 4 | ||||
Term Loans by Year of Origination or Renewal, Prior write-offs | 20 | ||||
Revolving Loans write-offs | 0 | ||||
Revolving Loans Converted to Term Loans write-offs | 0 | ||||
Total write-offs | 29 | $ 2,984 | 1,273 | $ 3,441 | |
Pass | |||||
Financing Receivable, Credit Quality Indicator [Line Items] | |||||
Term Loans by Year of Origination or Renewal, Current | 1,441,677 | 1,441,677 | 4,752,475 | ||
Term Loans by Year of Origination or Renewal, Year 2 | 4,224,870 | 4,224,870 | 3,308,718 | ||
Term Loans by Year of Origination or Renewal, Year 3 | 3,055,402 | 3,055,402 | 1,512,800 | ||
Term Loans by Year of Origination or Renewal, Year 4 | 1,373,906 | 1,373,906 | 901,769 | ||
Term Loans by Year of Origination or Renewal, Year 5 | 829,846 | 829,846 | 609,279 | ||
Term Loans by Year of Origination or Renewal, Prior | 1,363,735 | 1,363,735 | 969,726 | ||
Revolving Loans | 1,241,971 | 1,241,971 | 1,248,852 | ||
Revolving Loans Converted to Term Loans | 2,016 | 2,016 | 15,651 | ||
Total Loans | 13,533,423 | 13,533,423 | 13,319,270 | ||
Pass/Watch | |||||
Financing Receivable, Credit Quality Indicator [Line Items] | |||||
Term Loans by Year of Origination or Renewal, Current | 17,472 | 17,472 | 117,901 | ||
Term Loans by Year of Origination or Renewal, Year 2 | 87,161 | 87,161 | 41,705 | ||
Term Loans by Year of Origination or Renewal, Year 3 | 47,680 | 47,680 | 44,758 | ||
Term Loans by Year of Origination or Renewal, Year 4 | 64,542 | 64,542 | 20,609 | ||
Term Loans by Year of Origination or Renewal, Year 5 | 22,596 | 22,596 | 55,357 | ||
Term Loans by Year of Origination or Renewal, Prior | 73,369 | 73,369 | 37,149 | ||
Revolving Loans | 11,021 | 11,021 | 10,067 | ||
Revolving Loans Converted to Term Loans | 0 | 0 | 5,907 | ||
Total Loans | 323,841 | 323,841 | 333,453 | ||
Special Mention | |||||
Financing Receivable, Credit Quality Indicator [Line Items] | |||||
Term Loans by Year of Origination or Renewal, Current | 9,474 | 9,474 | 13,994 | ||
Term Loans by Year of Origination or Renewal, Year 2 | 808 | 808 | 46,688 | ||
Term Loans by Year of Origination or Renewal, Year 3 | 44,527 | 44,527 | 101 | ||
Term Loans by Year of Origination or Renewal, Year 4 | 566 | 566 | 13,055 | ||
Term Loans by Year of Origination or Renewal, Year 5 | 13,944 | 13,944 | 8,949 | ||
Term Loans by Year of Origination or Renewal, Prior | 15,961 | 15,961 | 12,103 | ||
Revolving Loans | 10,237 | 10,237 | 8,772 | ||
Revolving Loans Converted to Term Loans | 1,528 | 1,528 | 46 | ||
Total Loans | 97,045 | 97,045 | 103,708 | ||
Substandard | |||||
Financing Receivable, Credit Quality Indicator [Line Items] | |||||
Term Loans by Year of Origination or Renewal, Current | 7,784 | 7,784 | 4,643 | ||
Term Loans by Year of Origination or Renewal, Year 2 | 28,580 | 28,580 | 79,370 | ||
Term Loans by Year of Origination or Renewal, Year 3 | 83,590 | 83,590 | 9,510 | ||
Term Loans by Year of Origination or Renewal, Year 4 | 1,256 | 1,256 | 12,598 | ||
Term Loans by Year of Origination or Renewal, Year 5 | 5,972 | 5,972 | 8,323 | ||
Term Loans by Year of Origination or Renewal, Prior | 26,505 | 26,505 | 27,414 | ||
Revolving Loans | 6,885 | 6,885 | 11,033 | ||
Revolving Loans Converted to Term Loans | 3,741 | 3,741 | 41 | ||
Total Loans | 164,313 | 164,313 | 152,932 | ||
Doubtful | |||||
Financing Receivable, Credit Quality Indicator [Line Items] | |||||
Term Loans by Year of Origination or Renewal, Current | 0 | 0 | 0 | ||
Term Loans by Year of Origination or Renewal, Year 2 | 0 | 0 | 0 | ||
Term Loans by Year of Origination or Renewal, Year 3 | 493 | 493 | 0 | ||
Term Loans by Year of Origination or Renewal, Year 4 | 0 | 0 | 0 | ||
Term Loans by Year of Origination or Renewal, Year 5 | 0 | 0 | 0 | ||
Term Loans by Year of Origination or Renewal, Prior | 0 | 0 | 0 | ||
Revolving Loans | 0 | 0 | 0 | ||
Revolving Loans Converted to Term Loans | 0 | 0 | 0 | ||
Total Loans | 493 | 493 | 0 | ||
Loss | |||||
Financing Receivable, Credit Quality Indicator [Line Items] | |||||
Term Loans by Year of Origination or Renewal, Current | 0 | 0 | 0 | ||
Term Loans by Year of Origination or Renewal, Year 2 | 0 | 0 | 0 | ||
Term Loans by Year of Origination or Renewal, Year 3 | 0 | 0 | 0 | ||
Term Loans by Year of Origination or Renewal, Year 4 | 0 | 0 | 0 | ||
Term Loans by Year of Origination or Renewal, Year 5 | 0 | 0 | 0 | ||
Term Loans by Year of Origination or Renewal, Prior | 0 | 0 | 0 | ||
Revolving Loans | 0 | 0 | 0 | ||
Revolving Loans Converted to Term Loans | 0 | 0 | 0 | ||
Total Loans | 0 | 0 | 0 | ||
Commercial | |||||
Financing Receivable, Credit Quality Indicator [Line Items] | |||||
Term Loans by Year of Origination or Renewal, Current | 108,546 | 108,546 | 298,436 | ||
Term Loans by Year of Origination or Renewal, Year 2 | 291,616 | 291,616 | 403,362 | ||
Term Loans by Year of Origination or Renewal, Year 3 | 358,949 | 358,949 | 127,044 | ||
Term Loans by Year of Origination or Renewal, Year 4 | 106,511 | 106,511 | 123,751 | ||
Term Loans by Year of Origination or Renewal, Year 5 | 104,854 | 104,854 | 53,490 | ||
Term Loans by Year of Origination or Renewal, Prior | 201,976 | 201,976 | 168,550 | ||
Revolving Loans | 1,039,472 | 1,039,472 | 1,059,185 | ||
Revolving Loans Converted to Term Loans | 5,033 | 5,033 | 7,141 | ||
Total Loans | 2,216,957 | 2,216,957 | 2,240,959 | ||
Term Loans by Year of Origination or Renewal, Current write-offs | 0 | ||||
Term Loans by Year of Origination or Renewal, Year 2 write-offs | 0 | ||||
Term Loans by Year of Origination or Renewal, Year 3 write-offs | 39 | ||||
Term Loans by Year of Origination or Renewal, Year 4 write-offs | 5 | ||||
Term Loans by Year of Origination or Renewal, Year 5 write-offs | 4 | ||||
Term Loans by Year of Origination or Renewal, Prior write-offs | 20 | ||||
Revolving Loans write-offs | 0 | ||||
Revolving Loans Converted to Term Loans write-offs | 0 | ||||
Total write-offs | 20 | 12 | 68 | 453 | |
Commercial | Pass | |||||
Financing Receivable, Credit Quality Indicator [Line Items] | |||||
Term Loans by Year of Origination or Renewal, Current | 100,373 | 100,373 | 297,800 | ||
Term Loans by Year of Origination or Renewal, Year 2 | 282,844 | 282,844 | 347,801 | ||
Term Loans by Year of Origination or Renewal, Year 3 | 312,515 | 312,515 | 126,390 | ||
Term Loans by Year of Origination or Renewal, Year 4 | 105,941 | 105,941 | 112,887 | ||
Term Loans by Year of Origination or Renewal, Year 5 | 100,025 | 100,025 | 51,623 | ||
Term Loans by Year of Origination or Renewal, Prior | 186,724 | 186,724 | 153,435 | ||
Revolving Loans | 1,011,718 | 1,011,718 | 1,031,483 | ||
Revolving Loans Converted to Term Loans | 121 | 121 | 1,173 | ||
Total Loans | 2,100,261 | 2,100,261 | 2,122,592 | ||
Commercial | Pass/Watch | |||||
Financing Receivable, Credit Quality Indicator [Line Items] | |||||
Term Loans by Year of Origination or Renewal, Current | 182 | 182 | 8 | ||
Term Loans by Year of Origination or Renewal, Year 2 | 672 | 672 | 14,790 | ||
Term Loans by Year of Origination or Renewal, Year 3 | 7,862 | 7,862 | 155 | ||
Term Loans by Year of Origination or Renewal, Year 4 | 138 | 138 | 188 | ||
Term Loans by Year of Origination or Renewal, Year 5 | 95 | 95 | 1,812 | ||
Term Loans by Year of Origination or Renewal, Prior | 14,271 | 14,271 | 7,934 | ||
Revolving Loans | 10,841 | 10,841 | 8,216 | ||
Revolving Loans Converted to Term Loans | 0 | 0 | 5,907 | ||
Total Loans | 34,061 | 34,061 | 39,010 | ||
Commercial | Special Mention | |||||
Financing Receivable, Credit Quality Indicator [Line Items] | |||||
Term Loans by Year of Origination or Renewal, Current | 225 | 225 | 234 | ||
Term Loans by Year of Origination or Renewal, Year 2 | 19 | 19 | 4,821 | ||
Term Loans by Year of Origination or Renewal, Year 3 | 12,796 | 12,796 | 101 | ||
Term Loans by Year of Origination or Renewal, Year 4 | 93 | 93 | 1,485 | ||
Term Loans by Year of Origination or Renewal, Year 5 | 2,102 | 2,102 | 0 | ||
Term Loans by Year of Origination or Renewal, Prior | 224 | 224 | 144 | ||
Revolving Loans | 10,112 | 10,112 | 8,646 | ||
Revolving Loans Converted to Term Loans | 1,171 | 1,171 | 20 | ||
Total Loans | 26,742 | 26,742 | 15,451 | ||
Commercial | Substandard | |||||
Financing Receivable, Credit Quality Indicator [Line Items] | |||||
Term Loans by Year of Origination or Renewal, Current | 7,766 | 7,766 | 394 | ||
Term Loans by Year of Origination or Renewal, Year 2 | 8,081 | 8,081 | 35,950 | ||
Term Loans by Year of Origination or Renewal, Year 3 | 25,283 | 25,283 | 398 | ||
Term Loans by Year of Origination or Renewal, Year 4 | 339 | 339 | 9,191 | ||
Term Loans by Year of Origination or Renewal, Year 5 | 2,632 | 2,632 | 55 | ||
Term Loans by Year of Origination or Renewal, Prior | 757 | 757 | 7,037 | ||
Revolving Loans | 6,801 | 6,801 | 10,840 | ||
Revolving Loans Converted to Term Loans | 3,741 | 3,741 | 41 | ||
Total Loans | 55,400 | 55,400 | 63,906 | ||
Commercial | Doubtful | |||||
Financing Receivable, Credit Quality Indicator [Line Items] | |||||
Term Loans by Year of Origination or Renewal, Current | 0 | 0 | 0 | ||
Term Loans by Year of Origination or Renewal, Year 2 | 0 | 0 | 0 | ||
Term Loans by Year of Origination or Renewal, Year 3 | 493 | 493 | 0 | ||
Term Loans by Year of Origination or Renewal, Year 4 | 0 | 0 | 0 | ||
Term Loans by Year of Origination or Renewal, Year 5 | 0 | 0 | 0 | ||
Term Loans by Year of Origination or Renewal, Prior | 0 | 0 | 0 | ||
Revolving Loans | 0 | 0 | 0 | ||
Revolving Loans Converted to Term Loans | 0 | 0 | 0 | ||
Total Loans | 493 | 493 | 0 | ||
Commercial | Loss | |||||
Financing Receivable, Credit Quality Indicator [Line Items] | |||||
Term Loans by Year of Origination or Renewal, Current | 0 | 0 | 0 | ||
Term Loans by Year of Origination or Renewal, Year 2 | 0 | 0 | 0 | ||
Term Loans by Year of Origination or Renewal, Year 3 | 0 | 0 | 0 | ||
Term Loans by Year of Origination or Renewal, Year 4 | 0 | 0 | 0 | ||
Term Loans by Year of Origination or Renewal, Year 5 | 0 | 0 | 0 | ||
Term Loans by Year of Origination or Renewal, Prior | 0 | 0 | 0 | ||
Revolving Loans | 0 | 0 | 0 | ||
Revolving Loans Converted to Term Loans | 0 | 0 | 0 | ||
Total Loans | 0 | 0 | 0 | ||
Mortgage warehouse purchase loans | |||||
Financing Receivable, Credit Quality Indicator [Line Items] | |||||
Term Loans by Year of Origination or Renewal, Current | 491,090 | 491,090 | 312,099 | ||
Term Loans by Year of Origination or Renewal, Year 2 | 0 | 0 | 0 | ||
Term Loans by Year of Origination or Renewal, Year 3 | 0 | 0 | 0 | ||
Term Loans by Year of Origination or Renewal, Year 4 | 0 | 0 | 0 | ||
Term Loans by Year of Origination or Renewal, Year 5 | 0 | 0 | 0 | ||
Term Loans by Year of Origination or Renewal, Prior | 0 | 0 | 0 | ||
Revolving Loans | 0 | 0 | 0 | ||
Revolving Loans Converted to Term Loans | 0 | 0 | 0 | ||
Total Loans | 491,090 | 491,090 | 312,099 | ||
Term Loans by Year of Origination or Renewal, Current write-offs | 0 | ||||
Term Loans by Year of Origination or Renewal, Year 2 write-offs | 0 | ||||
Term Loans by Year of Origination or Renewal, Year 3 write-offs | 0 | ||||
Term Loans by Year of Origination or Renewal, Year 4 write-offs | 0 | ||||
Term Loans by Year of Origination or Renewal, Year 5 write-offs | 0 | ||||
Term Loans by Year of Origination or Renewal, Prior write-offs | 0 | ||||
Revolving Loans write-offs | 0 | ||||
Revolving Loans Converted to Term Loans write-offs | 0 | ||||
Total write-offs | 0 | ||||
Mortgage warehouse purchase loans | Pass | |||||
Financing Receivable, Credit Quality Indicator [Line Items] | |||||
Term Loans by Year of Origination or Renewal, Current | 491,090 | 491,090 | 312,099 | ||
Term Loans by Year of Origination or Renewal, Year 2 | 0 | 0 | 0 | ||
Term Loans by Year of Origination or Renewal, Year 3 | 0 | 0 | 0 | ||
Term Loans by Year of Origination or Renewal, Year 4 | 0 | 0 | 0 | ||
Term Loans by Year of Origination or Renewal, Year 5 | 0 | 0 | 0 | ||
Term Loans by Year of Origination or Renewal, Prior | 0 | 0 | 0 | ||
Revolving Loans | 0 | 0 | 0 | ||
Revolving Loans Converted to Term Loans | 0 | 0 | 0 | ||
Total Loans | 491,090 | 491,090 | 312,099 | ||
Mortgage warehouse purchase loans | Pass/Watch | |||||
Financing Receivable, Credit Quality Indicator [Line Items] | |||||
Term Loans by Year of Origination or Renewal, Current | 0 | 0 | 0 | ||
Term Loans by Year of Origination or Renewal, Year 2 | 0 | 0 | 0 | ||
Term Loans by Year of Origination or Renewal, Year 3 | 0 | 0 | 0 | ||
Term Loans by Year of Origination or Renewal, Year 4 | 0 | 0 | 0 | ||
Term Loans by Year of Origination or Renewal, Year 5 | 0 | 0 | 0 | ||
Term Loans by Year of Origination or Renewal, Prior | 0 | 0 | 0 | ||
Revolving Loans | 0 | 0 | 0 | ||
Revolving Loans Converted to Term Loans | 0 | 0 | 0 | ||
Total Loans | 0 | 0 | 0 | ||
Mortgage warehouse purchase loans | Special Mention | |||||
Financing Receivable, Credit Quality Indicator [Line Items] | |||||
Term Loans by Year of Origination or Renewal, Current | 0 | 0 | 0 | ||
Term Loans by Year of Origination or Renewal, Year 2 | 0 | 0 | 0 | ||
Term Loans by Year of Origination or Renewal, Year 3 | 0 | 0 | 0 | ||
Term Loans by Year of Origination or Renewal, Year 4 | 0 | 0 | 0 | ||
Term Loans by Year of Origination or Renewal, Year 5 | 0 | 0 | 0 | ||
Term Loans by Year of Origination or Renewal, Prior | 0 | 0 | 0 | ||
Revolving Loans | 0 | 0 | 0 | ||
Revolving Loans Converted to Term Loans | 0 | 0 | 0 | ||
Total Loans | 0 | 0 | 0 | ||
Mortgage warehouse purchase loans | Substandard | |||||
Financing Receivable, Credit Quality Indicator [Line Items] | |||||
Term Loans by Year of Origination or Renewal, Current | 0 | 0 | 0 | ||
Term Loans by Year of Origination or Renewal, Year 2 | 0 | 0 | 0 | ||
Term Loans by Year of Origination or Renewal, Year 3 | 0 | 0 | 0 | ||
Term Loans by Year of Origination or Renewal, Year 4 | 0 | 0 | 0 | ||
Term Loans by Year of Origination or Renewal, Year 5 | 0 | 0 | 0 | ||
Term Loans by Year of Origination or Renewal, Prior | 0 | 0 | 0 | ||
Revolving Loans | 0 | 0 | 0 | ||
Revolving Loans Converted to Term Loans | 0 | 0 | 0 | ||
Total Loans | 0 | 0 | 0 | ||
Mortgage warehouse purchase loans | Doubtful | |||||
Financing Receivable, Credit Quality Indicator [Line Items] | |||||
Term Loans by Year of Origination or Renewal, Current | 0 | 0 | 0 | ||
Term Loans by Year of Origination or Renewal, Year 2 | 0 | 0 | 0 | ||
Term Loans by Year of Origination or Renewal, Year 3 | 0 | 0 | 0 | ||
Term Loans by Year of Origination or Renewal, Year 4 | 0 | 0 | 0 | ||
Term Loans by Year of Origination or Renewal, Year 5 | 0 | 0 | 0 | ||
Term Loans by Year of Origination or Renewal, Prior | 0 | 0 | 0 | ||
Revolving Loans | 0 | 0 | 0 | ||
Revolving Loans Converted to Term Loans | 0 | 0 | 0 | ||
Total Loans | 0 | 0 | 0 | ||
Mortgage warehouse purchase loans | Loss | |||||
Financing Receivable, Credit Quality Indicator [Line Items] | |||||
Term Loans by Year of Origination or Renewal, Current | 0 | 0 | 0 | ||
Term Loans by Year of Origination or Renewal, Year 2 | 0 | 0 | 0 | ||
Term Loans by Year of Origination or Renewal, Year 3 | 0 | 0 | 0 | ||
Term Loans by Year of Origination or Renewal, Year 4 | 0 | 0 | 0 | ||
Term Loans by Year of Origination or Renewal, Year 5 | 0 | 0 | 0 | ||
Term Loans by Year of Origination or Renewal, Prior | 0 | 0 | 0 | ||
Revolving Loans | 0 | 0 | 0 | ||
Revolving Loans Converted to Term Loans | 0 | 0 | 0 | ||
Total Loans | 0 | 0 | 0 | ||
Real estate | Commercial Real Estate | |||||
Financing Receivable, Credit Quality Indicator [Line Items] | |||||
Term Loans by Year of Origination or Renewal, Current | 447,229 | 447,229 | 2,756,304 | ||
Term Loans by Year of Origination or Renewal, Year 2 | 2,711,902 | 2,711,902 | 2,087,779 | ||
Term Loans by Year of Origination or Renewal, Year 3 | 2,113,276 | 2,113,276 | 1,041,148 | ||
Term Loans by Year of Origination or Renewal, Year 4 | 1,002,397 | 1,002,397 | 650,390 | ||
Term Loans by Year of Origination or Renewal, Year 5 | 606,891 | 606,891 | 519,217 | ||
Term Loans by Year of Origination or Renewal, Prior | 1,039,968 | 1,039,968 | 694,177 | ||
Revolving Loans | 66,592 | 66,592 | 59,184 | ||
Revolving Loans Converted to Term Loans | 1,868 | 1,868 | 9,248 | ||
Total Loans | 7,990,123 | 7,990,123 | 7,817,447 | ||
Term Loans by Year of Origination or Renewal, Current write-offs | 0 | ||||
Term Loans by Year of Origination or Renewal, Year 2 write-offs | 0 | ||||
Term Loans by Year of Origination or Renewal, Year 3 write-offs | 0 | ||||
Term Loans by Year of Origination or Renewal, Year 4 write-offs | 0 | ||||
Term Loans by Year of Origination or Renewal, Year 5 write-offs | 0 | ||||
Term Loans by Year of Origination or Renewal, Prior write-offs | 0 | ||||
Revolving Loans write-offs | 0 | ||||
Revolving Loans Converted to Term Loans write-offs | 0 | ||||
Total write-offs | 0 | 2,972 | 0 | 2,972 | |
Real estate | Commercial Real Estate | Pass | |||||
Financing Receivable, Credit Quality Indicator [Line Items] | |||||
Term Loans by Year of Origination or Renewal, Current | 424,710 | 424,710 | 2,652,298 | ||
Term Loans by Year of Origination or Renewal, Year 2 | 2,612,139 | 2,612,139 | 1,980,631 | ||
Term Loans by Year of Origination or Renewal, Year 3 | 1,984,513 | 1,984,513 | 998,910 | ||
Term Loans by Year of Origination or Renewal, Year 4 | 947,487 | 947,487 | 617,664 | ||
Term Loans by Year of Origination or Renewal, Year 5 | 572,027 | 572,027 | 448,758 | ||
Term Loans by Year of Origination or Renewal, Prior | 945,962 | 945,962 | 640,275 | ||
Revolving Loans | 66,499 | 66,499 | 59,184 | ||
Revolving Loans Converted to Term Loans | 1,511 | 1,511 | 9,222 | ||
Total Loans | 7,554,848 | 7,554,848 | 7,406,942 | ||
Real estate | Commercial Real Estate | Pass/Watch | |||||
Financing Receivable, Credit Quality Indicator [Line Items] | |||||
Term Loans by Year of Origination or Renewal, Current | 13,270 | 13,270 | 90,313 | ||
Term Loans by Year of Origination or Renewal, Year 2 | 79,643 | 79,643 | 25,954 | ||
Term Loans by Year of Origination or Renewal, Year 3 | 38,916 | 38,916 | 33,664 | ||
Term Loans by Year of Origination or Renewal, Year 4 | 54,508 | 54,508 | 18,678 | ||
Term Loans by Year of Origination or Renewal, Year 5 | 20,977 | 20,977 | 53,469 | ||
Term Loans by Year of Origination or Renewal, Prior | 57,068 | 57,068 | 25,831 | ||
Revolving Loans | 93 | 93 | 0 | ||
Revolving Loans Converted to Term Loans | 0 | 0 | 0 | ||
Total Loans | 264,475 | 264,475 | 247,909 | ||
Real estate | Commercial Real Estate | Special Mention | |||||
Financing Receivable, Credit Quality Indicator [Line Items] | |||||
Term Loans by Year of Origination or Renewal, Current | 9,249 | 9,249 | 10,180 | ||
Term Loans by Year of Origination or Renewal, Year 2 | 789 | 789 | 41,193 | ||
Term Loans by Year of Origination or Renewal, Year 3 | 31,731 | 31,731 | 0 | ||
Term Loans by Year of Origination or Renewal, Year 4 | 0 | 0 | 10,870 | ||
Term Loans by Year of Origination or Renewal, Year 5 | 10,765 | 10,765 | 8,722 | ||
Term Loans by Year of Origination or Renewal, Prior | 14,357 | 14,357 | 10,735 | ||
Revolving Loans | 0 | 0 | 0 | ||
Revolving Loans Converted to Term Loans | 357 | 357 | 26 | ||
Total Loans | 67,248 | 67,248 | 81,726 | ||
Real estate | Commercial Real Estate | Substandard | |||||
Financing Receivable, Credit Quality Indicator [Line Items] | |||||
Term Loans by Year of Origination or Renewal, Current | 0 | 0 | 3,513 | ||
Term Loans by Year of Origination or Renewal, Year 2 | 19,331 | 19,331 | 40,001 | ||
Term Loans by Year of Origination or Renewal, Year 3 | 58,116 | 58,116 | 8,574 | ||
Term Loans by Year of Origination or Renewal, Year 4 | 402 | 402 | 3,178 | ||
Term Loans by Year of Origination or Renewal, Year 5 | 3,122 | 3,122 | 8,268 | ||
Term Loans by Year of Origination or Renewal, Prior | 22,581 | 22,581 | 17,336 | ||
Revolving Loans | 0 | 0 | 0 | ||
Revolving Loans Converted to Term Loans | 0 | 0 | 0 | ||
Total Loans | 103,552 | 103,552 | 80,870 | ||
Real estate | Commercial Real Estate | Doubtful | |||||
Financing Receivable, Credit Quality Indicator [Line Items] | |||||
Term Loans by Year of Origination or Renewal, Current | 0 | 0 | 0 | ||
Term Loans by Year of Origination or Renewal, Year 2 | 0 | 0 | 0 | ||
Term Loans by Year of Origination or Renewal, Year 3 | 0 | 0 | 0 | ||
Term Loans by Year of Origination or Renewal, Year 4 | 0 | 0 | 0 | ||
Term Loans by Year of Origination or Renewal, Year 5 | 0 | 0 | 0 | ||
Term Loans by Year of Origination or Renewal, Prior | 0 | 0 | 0 | ||
Revolving Loans | 0 | 0 | 0 | ||
Revolving Loans Converted to Term Loans | 0 | 0 | 0 | ||
Total Loans | 0 | 0 | 0 | ||
Real estate | Commercial Real Estate | Loss | |||||
Financing Receivable, Credit Quality Indicator [Line Items] | |||||
Term Loans by Year of Origination or Renewal, Current | 0 | 0 | 0 | ||
Term Loans by Year of Origination or Renewal, Year 2 | 0 | 0 | 0 | ||
Term Loans by Year of Origination or Renewal, Year 3 | 0 | 0 | 0 | ||
Term Loans by Year of Origination or Renewal, Year 4 | 0 | 0 | 0 | ||
Term Loans by Year of Origination or Renewal, Year 5 | 0 | 0 | 0 | ||
Term Loans by Year of Origination or Renewal, Prior | 0 | 0 | 0 | ||
Revolving Loans | 0 | 0 | 0 | ||
Revolving Loans Converted to Term Loans | 0 | 0 | 0 | ||
Total Loans | 0 | 0 | 0 | ||
Real estate | Commercial Construction, Land and Land Development | |||||
Financing Receivable, Credit Quality Indicator [Line Items] | |||||
Term Loans by Year of Origination or Renewal, Current | 177,223 | 177,223 | 562,753 | ||
Term Loans by Year of Origination or Renewal, Year 2 | 510,214 | 510,214 | 468,760 | ||
Term Loans by Year of Origination or Renewal, Year 3 | 318,912 | 318,912 | 137,001 | ||
Term Loans by Year of Origination or Renewal, Year 4 | 78,839 | 78,839 | 10,487 | ||
Term Loans by Year of Origination or Renewal, Year 5 | 7,442 | 7,442 | 23,073 | ||
Term Loans by Year of Origination or Renewal, Prior | 19,731 | 19,731 | 12,274 | ||
Revolving Loans | 9,963 | 9,963 | 12,705 | ||
Revolving Loans Converted to Term Loans | 76 | 76 | 4,018 | ||
Total Loans | 1,122,400 | 1,122,400 | 1,231,071 | ||
Term Loans by Year of Origination or Renewal, Current write-offs | 0 | ||||
Term Loans by Year of Origination or Renewal, Year 2 write-offs | 0 | ||||
Term Loans by Year of Origination or Renewal, Year 3 write-offs | 1,196 | ||||
Term Loans by Year of Origination or Renewal, Year 4 write-offs | 0 | ||||
Term Loans by Year of Origination or Renewal, Year 5 write-offs | 0 | ||||
Term Loans by Year of Origination or Renewal, Prior write-offs | 0 | ||||
Revolving Loans write-offs | 0 | ||||
Revolving Loans Converted to Term Loans write-offs | 0 | ||||
Total write-offs | 0 | 0 | 1,196 | 0 | |
Real estate | Commercial Construction, Land and Land Development | Pass | |||||
Financing Receivable, Credit Quality Indicator [Line Items] | |||||
Term Loans by Year of Origination or Renewal, Current | 176,103 | 176,103 | 553,376 | ||
Term Loans by Year of Origination or Renewal, Year 2 | 506,827 | 506,827 | 465,272 | ||
Term Loans by Year of Origination or Renewal, Year 3 | 318,876 | 318,876 | 126,704 | ||
Term Loans by Year of Origination or Renewal, Year 4 | 71,270 | 71,270 | 10,477 | ||
Term Loans by Year of Origination or Renewal, Year 5 | 7,442 | 7,442 | 23,073 | ||
Term Loans by Year of Origination or Renewal, Prior | 19,654 | 19,654 | 12,188 | ||
Revolving Loans | 9,962 | 9,962 | 12,705 | ||
Revolving Loans Converted to Term Loans | 76 | 76 | 4,018 | ||
Total Loans | 1,110,210 | 1,110,210 | 1,207,813 | ||
Real estate | Commercial Construction, Land and Land Development | Pass/Watch | |||||
Financing Receivable, Credit Quality Indicator [Line Items] | |||||
Term Loans by Year of Origination or Renewal, Current | 1,120 | 1,120 | 8,036 | ||
Term Loans by Year of Origination or Renewal, Year 2 | 3,360 | 3,360 | 43 | ||
Term Loans by Year of Origination or Renewal, Year 3 | 36 | 36 | 10,297 | ||
Term Loans by Year of Origination or Renewal, Year 4 | 7,096 | 7,096 | 0 | ||
Term Loans by Year of Origination or Renewal, Year 5 | 0 | 0 | 0 | ||
Term Loans by Year of Origination or Renewal, Prior | 65 | 65 | 72 | ||
Revolving Loans | 1 | 1 | 0 | ||
Revolving Loans Converted to Term Loans | 0 | 0 | 0 | ||
Total Loans | 11,678 | 11,678 | 18,448 | ||
Real estate | Commercial Construction, Land and Land Development | Special Mention | |||||
Financing Receivable, Credit Quality Indicator [Line Items] | |||||
Term Loans by Year of Origination or Renewal, Current | 0 | 0 | 1,313 | ||
Term Loans by Year of Origination or Renewal, Year 2 | 0 | 0 | 674 | ||
Term Loans by Year of Origination or Renewal, Year 3 | 0 | 0 | 0 | ||
Term Loans by Year of Origination or Renewal, Year 4 | 473 | 473 | 0 | ||
Term Loans by Year of Origination or Renewal, Year 5 | 0 | 0 | 0 | ||
Term Loans by Year of Origination or Renewal, Prior | 0 | 0 | 0 | ||
Revolving Loans | 0 | 0 | 0 | ||
Revolving Loans Converted to Term Loans | 0 | 0 | 0 | ||
Total Loans | 473 | 473 | 1,987 | ||
Real estate | Commercial Construction, Land and Land Development | Substandard | |||||
Financing Receivable, Credit Quality Indicator [Line Items] | |||||
Term Loans by Year of Origination or Renewal, Current | 0 | 0 | 28 | ||
Term Loans by Year of Origination or Renewal, Year 2 | 27 | 27 | 2,771 | ||
Term Loans by Year of Origination or Renewal, Year 3 | 0 | 0 | 0 | ||
Term Loans by Year of Origination or Renewal, Year 4 | 0 | 0 | 10 | ||
Term Loans by Year of Origination or Renewal, Year 5 | 0 | 0 | 0 | ||
Term Loans by Year of Origination or Renewal, Prior | 12 | 12 | 14 | ||
Revolving Loans | 0 | 0 | 0 | ||
Revolving Loans Converted to Term Loans | 0 | 0 | 0 | ||
Total Loans | 39 | 39 | 2,823 | ||
Real estate | Commercial Construction, Land and Land Development | Doubtful | |||||
Financing Receivable, Credit Quality Indicator [Line Items] | |||||
Term Loans by Year of Origination or Renewal, Current | 0 | 0 | 0 | ||
Term Loans by Year of Origination or Renewal, Year 2 | 0 | 0 | 0 | ||
Term Loans by Year of Origination or Renewal, Year 3 | 0 | 0 | 0 | ||
Term Loans by Year of Origination or Renewal, Year 4 | 0 | 0 | 0 | ||
Term Loans by Year of Origination or Renewal, Year 5 | 0 | 0 | 0 | ||
Term Loans by Year of Origination or Renewal, Prior | 0 | 0 | 0 | ||
Revolving Loans | 0 | 0 | 0 | ||
Revolving Loans Converted to Term Loans | 0 | 0 | 0 | ||
Total Loans | 0 | 0 | 0 | ||
Real estate | Commercial Construction, Land and Land Development | Loss | |||||
Financing Receivable, Credit Quality Indicator [Line Items] | |||||
Term Loans by Year of Origination or Renewal, Current | 0 | 0 | 0 | ||
Term Loans by Year of Origination or Renewal, Year 2 | 0 | 0 | 0 | ||
Term Loans by Year of Origination or Renewal, Year 3 | 0 | 0 | 0 | ||
Term Loans by Year of Origination or Renewal, Year 4 | 0 | 0 | 0 | ||
Term Loans by Year of Origination or Renewal, Year 5 | 0 | 0 | 0 | ||
Term Loans by Year of Origination or Renewal, Prior | 0 | 0 | 0 | ||
Revolving Loans | 0 | 0 | 0 | ||
Revolving Loans Converted to Term Loans | 0 | 0 | 0 | ||
Total Loans | 0 | 0 | 0 | ||
Real estate | Residential Real Estate | |||||
Financing Receivable, Credit Quality Indicator [Line Items] | |||||
Term Loans by Year of Origination or Renewal, Current | 84,121 | 84,121 | 528,979 | ||
Term Loans by Year of Origination or Renewal, Year 2 | 513,968 | 513,968 | 381,162 | ||
Term Loans by Year of Origination or Renewal, Year 3 | 371,493 | 371,493 | 221,257 | ||
Term Loans by Year of Origination or Renewal, Year 4 | 232,043 | 232,043 | 158,122 | ||
Term Loans by Year of Origination or Renewal, Year 5 | 148,220 | 148,220 | 79,740 | ||
Term Loans by Year of Origination or Renewal, Prior | 205,646 | 205,646 | 162,408 | ||
Revolving Loans | 60,211 | 60,211 | 59,953 | ||
Revolving Loans Converted to Term Loans | 201 | 201 | 1,238 | ||
Total Loans | 1,615,903 | 1,615,903 | 1,592,859 | ||
Term Loans by Year of Origination or Renewal, Current write-offs | 0 | ||||
Term Loans by Year of Origination or Renewal, Year 2 write-offs | 0 | ||||
Term Loans by Year of Origination or Renewal, Year 3 write-offs | 0 | ||||
Term Loans by Year of Origination or Renewal, Year 4 write-offs | 0 | ||||
Term Loans by Year of Origination or Renewal, Year 5 write-offs | 0 | ||||
Term Loans by Year of Origination or Renewal, Prior write-offs | 0 | ||||
Revolving Loans write-offs | 0 | ||||
Revolving Loans Converted to Term Loans write-offs | 0 | ||||
Total write-offs | 0 | 0 | 0 | 6 | |
Real estate | Residential Real Estate | Pass | |||||
Financing Receivable, Credit Quality Indicator [Line Items] | |||||
Term Loans by Year of Origination or Renewal, Current | 84,103 | 84,103 | 525,631 | ||
Term Loans by Year of Origination or Renewal, Year 2 | 512,460 | 512,460 | 379,789 | ||
Term Loans by Year of Origination or Renewal, Year 3 | 370,627 | 370,627 | 220,077 | ||
Term Loans by Year of Origination or Renewal, Year 4 | 228,728 | 228,728 | 155,460 | ||
Term Loans by Year of Origination or Renewal, Year 5 | 145,401 | 145,401 | 79,437 | ||
Term Loans by Year of Origination or Renewal, Prior | 199,169 | 199,169 | 154,875 | ||
Revolving Loans | 59,917 | 59,917 | 59,332 | ||
Revolving Loans Converted to Term Loans | 201 | 201 | 1,238 | ||
Total Loans | 1,600,606 | 1,600,606 | 1,575,839 | ||
Real estate | Residential Real Estate | Pass/Watch | |||||
Financing Receivable, Credit Quality Indicator [Line Items] | |||||
Term Loans by Year of Origination or Renewal, Current | 0 | 0 | 373 | ||
Term Loans by Year of Origination or Renewal, Year 2 | 367 | 367 | 918 | ||
Term Loans by Year of Origination or Renewal, Year 3 | 866 | 866 | 642 | ||
Term Loans by Year of Origination or Renewal, Year 4 | 2,800 | 2,800 | 1,743 | ||
Term Loans by Year of Origination or Renewal, Year 5 | 1,524 | 1,524 | 76 | ||
Term Loans by Year of Origination or Renewal, Prior | 1,965 | 1,965 | 3,312 | ||
Revolving Loans | 85 | 85 | 302 | ||
Revolving Loans Converted to Term Loans | 0 | 0 | 0 | ||
Total Loans | 7,607 | 7,607 | 7,366 | ||
Real estate | Residential Real Estate | Special Mention | |||||
Financing Receivable, Credit Quality Indicator [Line Items] | |||||
Term Loans by Year of Origination or Renewal, Current | 0 | 0 | 2,267 | ||
Term Loans by Year of Origination or Renewal, Year 2 | 0 | 0 | 0 | ||
Term Loans by Year of Origination or Renewal, Year 3 | 0 | 0 | 0 | ||
Term Loans by Year of Origination or Renewal, Year 4 | 0 | 0 | 700 | ||
Term Loans by Year of Origination or Renewal, Year 5 | 1,077 | 1,077 | 227 | ||
Term Loans by Year of Origination or Renewal, Prior | 1,380 | 1,380 | 1,224 | ||
Revolving Loans | 125 | 125 | 126 | ||
Revolving Loans Converted to Term Loans | 0 | 0 | 0 | ||
Total Loans | 2,582 | 2,582 | 4,544 | ||
Real estate | Residential Real Estate | Substandard | |||||
Financing Receivable, Credit Quality Indicator [Line Items] | |||||
Term Loans by Year of Origination or Renewal, Current | 18 | 18 | 708 | ||
Term Loans by Year of Origination or Renewal, Year 2 | 1,141 | 1,141 | 455 | ||
Term Loans by Year of Origination or Renewal, Year 3 | 0 | 0 | 538 | ||
Term Loans by Year of Origination or Renewal, Year 4 | 515 | 515 | 219 | ||
Term Loans by Year of Origination or Renewal, Year 5 | 218 | 218 | 0 | ||
Term Loans by Year of Origination or Renewal, Prior | 3,132 | 3,132 | 2,997 | ||
Revolving Loans | 84 | 84 | 193 | ||
Revolving Loans Converted to Term Loans | 0 | 0 | 0 | ||
Total Loans | 5,108 | 5,108 | 5,110 | ||
Real estate | Residential Real Estate | Doubtful | |||||
Financing Receivable, Credit Quality Indicator [Line Items] | |||||
Term Loans by Year of Origination or Renewal, Current | 0 | 0 | 0 | ||
Term Loans by Year of Origination or Renewal, Year 2 | 0 | 0 | 0 | ||
Term Loans by Year of Origination or Renewal, Year 3 | 0 | 0 | 0 | ||
Term Loans by Year of Origination or Renewal, Year 4 | 0 | 0 | 0 | ||
Term Loans by Year of Origination or Renewal, Year 5 | 0 | 0 | 0 | ||
Term Loans by Year of Origination or Renewal, Prior | 0 | 0 | 0 | ||
Revolving Loans | 0 | 0 | 0 | ||
Revolving Loans Converted to Term Loans | 0 | 0 | 0 | ||
Total Loans | 0 | 0 | 0 | ||
Real estate | Residential Real Estate | Loss | |||||
Financing Receivable, Credit Quality Indicator [Line Items] | |||||
Term Loans by Year of Origination or Renewal, Current | 0 | 0 | 0 | ||
Term Loans by Year of Origination or Renewal, Year 2 | 0 | 0 | 0 | ||
Term Loans by Year of Origination or Renewal, Year 3 | 0 | 0 | 0 | ||
Term Loans by Year of Origination or Renewal, Year 4 | 0 | 0 | 0 | ||
Term Loans by Year of Origination or Renewal, Year 5 | 0 | 0 | 0 | ||
Term Loans by Year of Origination or Renewal, Prior | 0 | 0 | 0 | ||
Revolving Loans | 0 | 0 | 0 | ||
Revolving Loans Converted to Term Loans | 0 | 0 | 0 | ||
Total Loans | 0 | 0 | 0 | ||
Real estate | Single-family interim construction | |||||
Financing Receivable, Credit Quality Indicator [Line Items] | |||||
Term Loans by Year of Origination or Renewal, Current | 154,993 | 154,993 | 367,502 | ||
Term Loans by Year of Origination or Renewal, Year 2 | 257,331 | 257,331 | 105,762 | ||
Term Loans by Year of Origination or Renewal, Year 3 | 42,144 | 42,144 | 18,885 | ||
Term Loans by Year of Origination or Renewal, Year 4 | 0 | 0 | 0 | ||
Term Loans by Year of Origination or Renewal, Year 5 | 0 | 0 | 241 | ||
Term Loans by Year of Origination or Renewal, Prior | 0 | 0 | 0 | ||
Revolving Loans | 28,806 | 28,806 | 16,449 | ||
Revolving Loans Converted to Term Loans | 0 | 0 | 0 | ||
Total Loans | 483,274 | 483,274 | 508,839 | ||
Term Loans by Year of Origination or Renewal, Current write-offs | 0 | ||||
Term Loans by Year of Origination or Renewal, Year 2 write-offs | 0 | ||||
Term Loans by Year of Origination or Renewal, Year 3 write-offs | 0 | ||||
Term Loans by Year of Origination or Renewal, Year 4 write-offs | 0 | ||||
Term Loans by Year of Origination or Renewal, Year 5 write-offs | 0 | ||||
Term Loans by Year of Origination or Renewal, Prior write-offs | 0 | ||||
Revolving Loans write-offs | 0 | ||||
Revolving Loans Converted to Term Loans write-offs | 0 | ||||
Total write-offs | 0 | 0 | 0 | 0 | |
Real estate | Single-family interim construction | Pass | |||||
Financing Receivable, Credit Quality Indicator [Line Items] | |||||
Term Loans by Year of Origination or Renewal, Current | 152,093 | 152,093 | 351,031 | ||
Term Loans by Year of Origination or Renewal, Year 2 | 256,582 | 256,582 | 105,573 | ||
Term Loans by Year of Origination or Renewal, Year 3 | 41,955 | 41,955 | 18,885 | ||
Term Loans by Year of Origination or Renewal, Year 4 | 0 | 0 | 0 | ||
Term Loans by Year of Origination or Renewal, Year 5 | 0 | 0 | 241 | ||
Term Loans by Year of Origination or Renewal, Prior | 0 | 0 | 0 | ||
Revolving Loans | 28,805 | 28,805 | 16,447 | ||
Revolving Loans Converted to Term Loans | 0 | 0 | 0 | ||
Total Loans | 479,435 | 479,435 | 492,177 | ||
Real estate | Single-family interim construction | Pass/Watch | |||||
Financing Receivable, Credit Quality Indicator [Line Items] | |||||
Term Loans by Year of Origination or Renewal, Current | 2,900 | 2,900 | 16,471 | ||
Term Loans by Year of Origination or Renewal, Year 2 | 749 | 749 | 0 | ||
Term Loans by Year of Origination or Renewal, Year 3 | 0 | 0 | 0 | ||
Term Loans by Year of Origination or Renewal, Year 4 | 0 | 0 | 0 | ||
Term Loans by Year of Origination or Renewal, Year 5 | 0 | 0 | 0 | ||
Term Loans by Year of Origination or Renewal, Prior | 0 | 0 | 0 | ||
Revolving Loans | 1 | 1 | 2 | ||
Revolving Loans Converted to Term Loans | 0 | 0 | 0 | ||
Total Loans | 3,650 | 3,650 | 16,473 | ||
Real estate | Single-family interim construction | Special Mention | |||||
Financing Receivable, Credit Quality Indicator [Line Items] | |||||
Term Loans by Year of Origination or Renewal, Current | 0 | 0 | 0 | ||
Term Loans by Year of Origination or Renewal, Year 2 | 0 | 0 | 0 | ||
Term Loans by Year of Origination or Renewal, Year 3 | 0 | 0 | 0 | ||
Term Loans by Year of Origination or Renewal, Year 4 | 0 | 0 | 0 | ||
Term Loans by Year of Origination or Renewal, Year 5 | 0 | 0 | 0 | ||
Term Loans by Year of Origination or Renewal, Prior | 0 | 0 | 0 | ||
Revolving Loans | 0 | 0 | 0 | ||
Revolving Loans Converted to Term Loans | 0 | 0 | 0 | ||
Total Loans | 0 | 0 | 0 | ||
Real estate | Single-family interim construction | Substandard | |||||
Financing Receivable, Credit Quality Indicator [Line Items] | |||||
Term Loans by Year of Origination or Renewal, Current | 0 | 0 | 0 | ||
Term Loans by Year of Origination or Renewal, Year 2 | 0 | 0 | 189 | ||
Term Loans by Year of Origination or Renewal, Year 3 | 189 | 189 | 0 | ||
Term Loans by Year of Origination or Renewal, Year 4 | 0 | 0 | 0 | ||
Term Loans by Year of Origination or Renewal, Year 5 | 0 | 0 | 0 | ||
Term Loans by Year of Origination or Renewal, Prior | 0 | 0 | 0 | ||
Revolving Loans | 0 | 0 | 0 | ||
Revolving Loans Converted to Term Loans | 0 | 0 | 0 | ||
Total Loans | 189 | 189 | 189 | ||
Real estate | Single-family interim construction | Doubtful | |||||
Financing Receivable, Credit Quality Indicator [Line Items] | |||||
Term Loans by Year of Origination or Renewal, Current | 0 | 0 | 0 | ||
Term Loans by Year of Origination or Renewal, Year 2 | 0 | 0 | 0 | ||
Term Loans by Year of Origination or Renewal, Year 3 | 0 | 0 | 0 | ||
Term Loans by Year of Origination or Renewal, Year 4 | 0 | 0 | 0 | ||
Term Loans by Year of Origination or Renewal, Year 5 | 0 | 0 | 0 | ||
Term Loans by Year of Origination or Renewal, Prior | 0 | 0 | 0 | ||
Revolving Loans | 0 | 0 | 0 | ||
Revolving Loans Converted to Term Loans | 0 | 0 | 0 | ||
Total Loans | 0 | 0 | 0 | ||
Real estate | Single-family interim construction | Loss | |||||
Financing Receivable, Credit Quality Indicator [Line Items] | |||||
Term Loans by Year of Origination or Renewal, Current | 0 | 0 | 0 | ||
Term Loans by Year of Origination or Renewal, Year 2 | 0 | 0 | 0 | ||
Term Loans by Year of Origination or Renewal, Year 3 | 0 | 0 | 0 | ||
Term Loans by Year of Origination or Renewal, Year 4 | 0 | 0 | 0 | ||
Term Loans by Year of Origination or Renewal, Year 5 | 0 | 0 | 0 | ||
Term Loans by Year of Origination or Renewal, Prior | 0 | 0 | 0 | ||
Revolving Loans | 0 | 0 | 0 | ||
Revolving Loans Converted to Term Loans | 0 | 0 | 0 | ||
Total Loans | 0 | 0 | 0 | ||
Agricultural | |||||
Financing Receivable, Credit Quality Indicator [Line Items] | |||||
Term Loans by Year of Origination or Renewal, Current | 8,350 | 8,350 | 55,225 | ||
Term Loans by Year of Origination or Renewal, Year 2 | 51,149 | 51,149 | 24,743 | ||
Term Loans by Year of Origination or Renewal, Year 3 | 23,187 | 23,187 | 13,875 | ||
Term Loans by Year of Origination or Renewal, Year 4 | 11,900 | 11,900 | 3,705 | ||
Term Loans by Year of Origination or Renewal, Year 5 | 3,578 | 3,578 | 5,847 | ||
Term Loans by Year of Origination or Renewal, Prior | 12,042 | 12,042 | 8,892 | ||
Revolving Loans | 7,848 | 7,848 | 12,135 | ||
Revolving Loans Converted to Term Loans | 0 | 0 | 0 | ||
Total Loans | 118,054 | 118,054 | 124,422 | ||
Term Loans by Year of Origination or Renewal, Current write-offs | 0 | ||||
Term Loans by Year of Origination or Renewal, Year 2 write-offs | 0 | ||||
Term Loans by Year of Origination or Renewal, Year 3 write-offs | 0 | ||||
Term Loans by Year of Origination or Renewal, Year 4 write-offs | 0 | ||||
Term Loans by Year of Origination or Renewal, Year 5 write-offs | 0 | ||||
Term Loans by Year of Origination or Renewal, Prior write-offs | 0 | ||||
Revolving Loans write-offs | 0 | ||||
Revolving Loans Converted to Term Loans write-offs | 0 | ||||
Total write-offs | 0 | 0 | 0 | 0 | |
Agricultural | Pass | |||||
Financing Receivable, Credit Quality Indicator [Line Items] | |||||
Term Loans by Year of Origination or Renewal, Current | 8,350 | 8,350 | 52,525 | ||
Term Loans by Year of Origination or Renewal, Year 2 | 48,779 | 48,779 | 24,743 | ||
Term Loans by Year of Origination or Renewal, Year 3 | 23,187 | 23,187 | 13,875 | ||
Term Loans by Year of Origination or Renewal, Year 4 | 11,900 | 11,900 | 3,705 | ||
Term Loans by Year of Origination or Renewal, Year 5 | 3,578 | 3,578 | 5,847 | ||
Term Loans by Year of Origination or Renewal, Prior | 12,023 | 12,023 | 8,872 | ||
Revolving Loans | 7,848 | 7,848 | 10,588 | ||
Revolving Loans Converted to Term Loans | 0 | 0 | 0 | ||
Total Loans | 115,665 | 115,665 | 120,155 | ||
Agricultural | Pass/Watch | |||||
Financing Receivable, Credit Quality Indicator [Line Items] | |||||
Term Loans by Year of Origination or Renewal, Current | 0 | 0 | 2,700 | ||
Term Loans by Year of Origination or Renewal, Year 2 | 2,370 | 2,370 | 0 | ||
Term Loans by Year of Origination or Renewal, Year 3 | 0 | 0 | 0 | ||
Term Loans by Year of Origination or Renewal, Year 4 | 0 | 0 | 0 | ||
Term Loans by Year of Origination or Renewal, Year 5 | 0 | 0 | 0 | ||
Term Loans by Year of Origination or Renewal, Prior | 0 | 0 | 0 | ||
Revolving Loans | 0 | 0 | 1,547 | ||
Revolving Loans Converted to Term Loans | 0 | 0 | 0 | ||
Total Loans | 2,370 | 2,370 | 4,247 | ||
Agricultural | Special Mention | |||||
Financing Receivable, Credit Quality Indicator [Line Items] | |||||
Term Loans by Year of Origination or Renewal, Current | 0 | 0 | 0 | ||
Term Loans by Year of Origination or Renewal, Year 2 | 0 | 0 | 0 | ||
Term Loans by Year of Origination or Renewal, Year 3 | 0 | 0 | 0 | ||
Term Loans by Year of Origination or Renewal, Year 4 | 0 | 0 | 0 | ||
Term Loans by Year of Origination or Renewal, Year 5 | 0 | 0 | 0 | ||
Term Loans by Year of Origination or Renewal, Prior | 0 | 0 | 0 | ||
Revolving Loans | 0 | 0 | 0 | ||
Revolving Loans Converted to Term Loans | 0 | 0 | 0 | ||
Total Loans | 0 | 0 | 0 | ||
Agricultural | Substandard | |||||
Financing Receivable, Credit Quality Indicator [Line Items] | |||||
Term Loans by Year of Origination or Renewal, Current | 0 | 0 | 0 | ||
Term Loans by Year of Origination or Renewal, Year 2 | 0 | 0 | 0 | ||
Term Loans by Year of Origination or Renewal, Year 3 | 0 | 0 | 0 | ||
Term Loans by Year of Origination or Renewal, Year 4 | 0 | 0 | 0 | ||
Term Loans by Year of Origination or Renewal, Year 5 | 0 | 0 | 0 | ||
Term Loans by Year of Origination or Renewal, Prior | 19 | 19 | 20 | ||
Revolving Loans | 0 | 0 | 0 | ||
Revolving Loans Converted to Term Loans | 0 | 0 | 0 | ||
Total Loans | 19 | 19 | 20 | ||
Agricultural | Doubtful | |||||
Financing Receivable, Credit Quality Indicator [Line Items] | |||||
Term Loans by Year of Origination or Renewal, Current | 0 | 0 | 0 | ||
Term Loans by Year of Origination or Renewal, Year 2 | 0 | 0 | 0 | ||
Term Loans by Year of Origination or Renewal, Year 3 | 0 | 0 | 0 | ||
Term Loans by Year of Origination or Renewal, Year 4 | 0 | 0 | 0 | ||
Term Loans by Year of Origination or Renewal, Year 5 | 0 | 0 | 0 | ||
Term Loans by Year of Origination or Renewal, Prior | 0 | 0 | 0 | ||
Revolving Loans | 0 | 0 | 0 | ||
Revolving Loans Converted to Term Loans | 0 | 0 | 0 | ||
Total Loans | 0 | 0 | 0 | ||
Agricultural | Loss | |||||
Financing Receivable, Credit Quality Indicator [Line Items] | |||||
Term Loans by Year of Origination or Renewal, Current | 0 | 0 | 0 | ||
Term Loans by Year of Origination or Renewal, Year 2 | 0 | 0 | 0 | ||
Term Loans by Year of Origination or Renewal, Year 3 | 0 | 0 | 0 | ||
Term Loans by Year of Origination or Renewal, Year 4 | 0 | 0 | 0 | ||
Term Loans by Year of Origination or Renewal, Year 5 | 0 | 0 | 0 | ||
Term Loans by Year of Origination or Renewal, Prior | 0 | 0 | 0 | ||
Revolving Loans | 0 | 0 | 0 | ||
Revolving Loans Converted to Term Loans | 0 | 0 | 0 | ||
Total Loans | 0 | 0 | 0 | ||
Consumer | |||||
Financing Receivable, Credit Quality Indicator [Line Items] | |||||
Term Loans by Year of Origination or Renewal, Current | 4,855 | 4,855 | 7,715 | ||
Term Loans by Year of Origination or Renewal, Year 2 | 5,239 | 5,239 | 4,913 | ||
Term Loans by Year of Origination or Renewal, Year 3 | 3,731 | 3,731 | 7,959 | ||
Term Loans by Year of Origination or Renewal, Year 4 | 8,580 | 8,580 | 1,576 | ||
Term Loans by Year of Origination or Renewal, Year 5 | 1,373 | 1,373 | 300 | ||
Term Loans by Year of Origination or Renewal, Prior | 207 | 207 | 91 | ||
Revolving Loans | 57,222 | 57,222 | 59,113 | ||
Revolving Loans Converted to Term Loans | 107 | 107 | 0 | ||
Total Loans | 81,314 | 81,314 | 81,667 | ||
Term Loans by Year of Origination or Renewal, Current write-offs | 0 | ||||
Term Loans by Year of Origination or Renewal, Year 2 write-offs | 9 | ||||
Term Loans by Year of Origination or Renewal, Year 3 write-offs | 0 | ||||
Term Loans by Year of Origination or Renewal, Year 4 write-offs | 0 | ||||
Term Loans by Year of Origination or Renewal, Year 5 write-offs | 0 | ||||
Term Loans by Year of Origination or Renewal, Prior write-offs | 0 | ||||
Revolving Loans write-offs | 0 | ||||
Revolving Loans Converted to Term Loans write-offs | 0 | ||||
Total write-offs | 9 | $ 0 | 9 | $ 10 | |
Consumer | Pass | |||||
Financing Receivable, Credit Quality Indicator [Line Items] | |||||
Term Loans by Year of Origination or Renewal, Current | 4,855 | 4,855 | 7,715 | ||
Term Loans by Year of Origination or Renewal, Year 2 | 5,239 | 5,239 | 4,909 | ||
Term Loans by Year of Origination or Renewal, Year 3 | 3,729 | 3,729 | 7,959 | ||
Term Loans by Year of Origination or Renewal, Year 4 | 8,580 | 8,580 | 1,576 | ||
Term Loans by Year of Origination or Renewal, Year 5 | 1,373 | 1,373 | 300 | ||
Term Loans by Year of Origination or Renewal, Prior | 203 | 203 | 81 | ||
Revolving Loans | 57,222 | 57,222 | 59,113 | ||
Revolving Loans Converted to Term Loans | 107 | 107 | 0 | ||
Total Loans | 81,308 | 81,308 | 81,653 | ||
Consumer | Pass/Watch | |||||
Financing Receivable, Credit Quality Indicator [Line Items] | |||||
Term Loans by Year of Origination or Renewal, Current | 0 | 0 | 0 | ||
Term Loans by Year of Origination or Renewal, Year 2 | 0 | 0 | 0 | ||
Term Loans by Year of Origination or Renewal, Year 3 | 0 | 0 | 0 | ||
Term Loans by Year of Origination or Renewal, Year 4 | 0 | 0 | 0 | ||
Term Loans by Year of Origination or Renewal, Year 5 | 0 | 0 | 0 | ||
Term Loans by Year of Origination or Renewal, Prior | 0 | 0 | 0 | ||
Revolving Loans | 0 | 0 | 0 | ||
Revolving Loans Converted to Term Loans | 0 | 0 | 0 | ||
Total Loans | 0 | 0 | 0 | ||
Consumer | Special Mention | |||||
Financing Receivable, Credit Quality Indicator [Line Items] | |||||
Term Loans by Year of Origination or Renewal, Current | 0 | 0 | 0 | ||
Term Loans by Year of Origination or Renewal, Year 2 | 0 | 0 | 0 | ||
Term Loans by Year of Origination or Renewal, Year 3 | 0 | 0 | 0 | ||
Term Loans by Year of Origination or Renewal, Year 4 | 0 | 0 | 0 | ||
Term Loans by Year of Origination or Renewal, Year 5 | 0 | 0 | 0 | ||
Term Loans by Year of Origination or Renewal, Prior | 0 | 0 | 0 | ||
Revolving Loans | 0 | 0 | 0 | ||
Revolving Loans Converted to Term Loans | 0 | 0 | 0 | ||
Total Loans | 0 | 0 | 0 | ||
Consumer | Substandard | |||||
Financing Receivable, Credit Quality Indicator [Line Items] | |||||
Term Loans by Year of Origination or Renewal, Current | 0 | 0 | 0 | ||
Term Loans by Year of Origination or Renewal, Year 2 | 0 | 0 | 4 | ||
Term Loans by Year of Origination or Renewal, Year 3 | 2 | 2 | 0 | ||
Term Loans by Year of Origination or Renewal, Year 4 | 0 | 0 | 0 | ||
Term Loans by Year of Origination or Renewal, Year 5 | 0 | 0 | 0 | ||
Term Loans by Year of Origination or Renewal, Prior | 4 | 4 | 10 | ||
Revolving Loans | 0 | 0 | 0 | ||
Revolving Loans Converted to Term Loans | 0 | 0 | 0 | ||
Total Loans | 6 | 6 | 14 | ||
Consumer | Doubtful | |||||
Financing Receivable, Credit Quality Indicator [Line Items] | |||||
Term Loans by Year of Origination or Renewal, Current | 0 | 0 | 0 | ||
Term Loans by Year of Origination or Renewal, Year 2 | 0 | 0 | 0 | ||
Term Loans by Year of Origination or Renewal, Year 3 | 0 | 0 | 0 | ||
Term Loans by Year of Origination or Renewal, Year 4 | 0 | 0 | 0 | ||
Term Loans by Year of Origination or Renewal, Year 5 | 0 | 0 | 0 | ||
Term Loans by Year of Origination or Renewal, Prior | 0 | 0 | 0 | ||
Revolving Loans | 0 | 0 | 0 | ||
Revolving Loans Converted to Term Loans | 0 | 0 | 0 | ||
Total Loans | 0 | 0 | 0 | ||
Consumer | Loss | |||||
Financing Receivable, Credit Quality Indicator [Line Items] | |||||
Term Loans by Year of Origination or Renewal, Current | 0 | 0 | 0 | ||
Term Loans by Year of Origination or Renewal, Year 2 | 0 | 0 | 0 | ||
Term Loans by Year of Origination or Renewal, Year 3 | 0 | 0 | 0 | ||
Term Loans by Year of Origination or Renewal, Year 4 | 0 | 0 | 0 | ||
Term Loans by Year of Origination or Renewal, Year 5 | 0 | 0 | 0 | ||
Term Loans by Year of Origination or Renewal, Prior | 0 | 0 | 0 | ||
Revolving Loans | 0 | 0 | 0 | ||
Revolving Loans Converted to Term Loans | 0 | 0 | 0 | ||
Total Loans | $ 0 | $ 0 | $ 0 |
Federal Home Loan Bank Advanc_3
Federal Home Loan Bank Advances - Additional Information (Detail) - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
Federal Home Loan Bank, Advances, Branch of FHLB Bank [Line Items] | ||
Weighted average interest rate on advances (percent) | 5.15% | 2.42% |
Outstanding balances of advances | $ 875,000 | $ 300,000 |
Federal Home Loan Bank Stock | 63,564 | |
Loans pledged | 6,163,892 | |
Remaining credit facility under FHLB advances | 3,804,071 | |
Federal Home Loan Bank Advances | ||
Federal Home Loan Bank, Advances, Branch of FHLB Bank [Line Items] | ||
Undisbursed advance commitments (letter of credit) | $ 1,474,515 |
Federal Home Loan Bank Advanc_4
Federal Home Loan Bank Advances - Schedule of Outstanding Balances on Advances (Details) - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
Advance from Federal Home Loan Bank, Fiscal Year Maturity [Abstract] | ||
First year | $ 800,000 | |
Second year | 0 | |
Third year | 0 | |
Fourth year | 0 | |
Fifth year | 0 | |
Thereafter | 75,000 | |
FHLB advances | $ 875,000 | $ 300,000 |
Other Borrowings (Details)
Other Borrowings (Details) - USD ($) | Mar. 31, 2023 | Jun. 30, 2023 | Dec. 31, 2022 |
Debt Instrument [Line Items] | |||
Other borrowings | $ 305,262,000 | $ 267,066,000 | |
5.00% Subordinated Debenture Notes Due December 31, 2027 | |||
Debt Instrument [Line Items] | |||
Repayments of Subordinated Debt | $ 30,000,000 | ||
Stated interest rate (percent) | 5% | ||
Revolving Line of Credit | Line of Credit | Line of Credit | |||
Debt Instrument [Line Items] | |||
Borrowings against line of credit | $ (67,500,000) | $ 0 |
Off-Balance Sheet Arrangement_3
Off-Balance Sheet Arrangements, Commitments and Contingencies (Details) - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Financial instruments with off-balance sheet risk | $ 3,058,237 | $ 3,315,544 |
Commitments to extend credit | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Financial instruments with off-balance sheet risk | 3,028,389 | 3,291,409 |
Standby letters of credit | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Financial instruments with off-balance sheet risk | $ 29,848 | $ 24,135 |
Off-Balance Sheet Arrangement_4
Off-Balance Sheet Arrangements, Commitments and Contingencies - Allowance for Off-Balance Sheet Credit Exposure (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Off-Balance Sheet, Credit Loss, Liability [Roll Forward] | ||||
Balance at beginning of period | $ 4,755 | $ 5,479 | $ 3,944 | $ 4,722 |
Provision for off-balance sheet credit exposure | 152 | (748) | 963 | 9 |
Balance at end of period | $ 4,907 | $ 4,731 | $ 4,907 | $ 4,731 |
Off-Balance Sheet Arrangement_5
Off-Balance Sheet Arrangements, Commitments and Contingencies (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Mar. 07, 2023 | Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Loss Contingencies [Line Items] | |||||
Litigation settlement | $ 0 | $ 0 | $ 102,500 | $ 0 | |
Settlement agreement | |||||
Loss Contingencies [Line Items] | |||||
Litigation settlement | $ 100,000,000 | ||||
Legal fees | $ 2,500,000 |
Income Taxes (Details)
Income Taxes (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Income Tax Disclosure [Abstract] | ||||
Income tax expense (benefit) for the period | $ 8,700 | $ 13,591 | $ (2,584) | $ 25,870 |
Effective tax rate (percent) | 20.80% | 20.60% | 36.80% | 20.10% |
Fair Value Measurements - Asset
Fair Value Measurements - Assets and Liabilities at Fair Value on Recurring Basis (Details) - USD ($) | Jun. 30, 2023 | Dec. 31, 2022 |
Fair Value, Assets and Liabilities Measured on Recurring Basis | ||
Securities available for sale | $ 1,637,682,000 | $ 1,691,784,000 |
Loans held for sale, fair value option | 12,212,000 | 10,612,000 |
Aggregate principal balance of loans held for sale | 11,850,000 | 10,330,000 |
Loans held for sale, 90 days or greater past due | 0 | |
Loans held for sale, non-accrual | 0 | |
Designated as Hedging Instrument | Interest Rate Swap | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis | ||
Derivative financial instruments - Assets | 0 | 0 |
Derivative financial instruments - Liabilities | 10,981,000 | 11,283,000 |
Designated as Hedging Instrument | Interest Rate Swap | Fair Value, Measurements, Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis | ||
Derivative financial instruments - Liabilities | 10,981,000 | 11,283,000 |
Designated as Hedging Instrument | Interest Rate Swap | Quoted Prices in Active Markets for Identical Assets (Level 1) | Fair Value, Measurements, Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis | ||
Derivative financial instruments - Liabilities | 0 | 0 |
Designated as Hedging Instrument | Interest Rate Swap | Significant Other Observable Inputs (Level 2) | Fair Value, Measurements, Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis | ||
Derivative financial instruments - Liabilities | 10,981,000 | 11,283,000 |
Designated as Hedging Instrument | Interest Rate Swap | Significant Unobservable Inputs (Level 3) | Fair Value, Measurements, Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis | ||
Derivative financial instruments - Liabilities | 0 | 0 |
Not designated as hedging | Fair Value, Measurements, Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis | ||
Loans held for sale, fair value option | 12,212,000 | 10,612,000 |
Not designated as hedging | Quoted Prices in Active Markets for Identical Assets (Level 1) | Fair Value, Measurements, Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis | ||
Loans held for sale, fair value option | 0 | 0 |
Not designated as hedging | Significant Other Observable Inputs (Level 2) | Fair Value, Measurements, Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis | ||
Loans held for sale, fair value option | 12,212,000 | 10,612,000 |
Not designated as hedging | Significant Unobservable Inputs (Level 3) | Fair Value, Measurements, Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis | ||
Loans held for sale, fair value option | 0 | 0 |
Not designated as hedging | Interest rate lock commitments | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis | ||
Derivative financial instruments - Assets | 348,000 | 294,000 |
Derivative financial instruments - Liabilities | 0 | 6,000 |
Not designated as hedging | Interest rate lock commitments | Fair Value, Measurements, Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis | ||
Derivative financial instruments - Assets | 348,000 | 294,000 |
Derivative financial instruments - Liabilities | 6,000 | |
Not designated as hedging | Interest rate lock commitments | Quoted Prices in Active Markets for Identical Assets (Level 1) | Fair Value, Measurements, Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis | ||
Derivative financial instruments - Assets | 0 | 0 |
Derivative financial instruments - Liabilities | 0 | |
Not designated as hedging | Interest rate lock commitments | Significant Other Observable Inputs (Level 2) | Fair Value, Measurements, Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis | ||
Derivative financial instruments - Assets | 348,000 | 294,000 |
Derivative financial instruments - Liabilities | 6,000 | |
Not designated as hedging | Interest rate lock commitments | Significant Unobservable Inputs (Level 3) | Fair Value, Measurements, Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis | ||
Derivative financial instruments - Assets | 0 | 0 |
Derivative financial instruments - Liabilities | 0 | |
Not designated as hedging | Forward mortgage-backed securities trades | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis | ||
Derivative financial instruments - Assets | 93,000 | 98,000 |
Derivative financial instruments - Liabilities | 2,000 | 11,000 |
Not designated as hedging | Forward mortgage-backed securities trades | Fair Value, Measurements, Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis | ||
Derivative financial instruments - Assets | 93,000 | 98,000 |
Derivative financial instruments - Liabilities | 2,000 | 11,000 |
Not designated as hedging | Forward mortgage-backed securities trades | Quoted Prices in Active Markets for Identical Assets (Level 1) | Fair Value, Measurements, Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis | ||
Derivative financial instruments - Assets | 0 | 0 |
Derivative financial instruments - Liabilities | 0 | 0 |
Not designated as hedging | Forward mortgage-backed securities trades | Significant Other Observable Inputs (Level 2) | Fair Value, Measurements, Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis | ||
Derivative financial instruments - Assets | 93,000 | 98,000 |
Derivative financial instruments - Liabilities | 2,000 | 11,000 |
Not designated as hedging | Forward mortgage-backed securities trades | Significant Unobservable Inputs (Level 3) | Fair Value, Measurements, Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis | ||
Derivative financial instruments - Assets | 0 | 0 |
Derivative financial instruments - Liabilities | 0 | 0 |
Not designated as hedging | Interest Rate Swap | Loan customer counterparty | Fair Value, Measurements, Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis | ||
Derivative financial instruments - Assets | 75,000 | |
Derivative financial instruments - Liabilities | 13,060,000 | 13,788,000 |
Not designated as hedging | Interest Rate Swap | Loan customer counterparty | Quoted Prices in Active Markets for Identical Assets (Level 1) | Fair Value, Measurements, Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis | ||
Derivative financial instruments - Assets | 0 | |
Derivative financial instruments - Liabilities | 0 | 0 |
Not designated as hedging | Interest Rate Swap | Loan customer counterparty | Significant Other Observable Inputs (Level 2) | Fair Value, Measurements, Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis | ||
Derivative financial instruments - Assets | 75,000 | |
Derivative financial instruments - Liabilities | 13,060,000 | 13,788,000 |
Not designated as hedging | Interest Rate Swap | Loan customer counterparty | Significant Unobservable Inputs (Level 3) | Fair Value, Measurements, Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis | ||
Derivative financial instruments - Assets | 0 | |
Derivative financial instruments - Liabilities | 0 | 0 |
Not designated as hedging | Interest Rate Swap | Financial institution counterparty | Fair Value, Measurements, Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis | ||
Derivative financial instruments - Assets | 13,188,000 | 13,968,000 |
Derivative financial instruments - Liabilities | 100,000 | |
Not designated as hedging | Interest Rate Swap | Financial institution counterparty | Quoted Prices in Active Markets for Identical Assets (Level 1) | Fair Value, Measurements, Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis | ||
Derivative financial instruments - Assets | 0 | 0 |
Derivative financial instruments - Liabilities | 0 | |
Not designated as hedging | Interest Rate Swap | Financial institution counterparty | Significant Other Observable Inputs (Level 2) | Fair Value, Measurements, Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis | ||
Derivative financial instruments - Assets | 13,188,000 | 13,968,000 |
Derivative financial instruments - Liabilities | 100,000 | |
Not designated as hedging | Interest Rate Swap | Financial institution counterparty | Significant Unobservable Inputs (Level 3) | Fair Value, Measurements, Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis | ||
Derivative financial instruments - Assets | 0 | 0 |
Derivative financial instruments - Liabilities | 0 | |
U.S. treasuries | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis | ||
Securities available for sale | 229,689,000 | 239,410,000 |
U.S. treasuries | Fair Value, Measurements, Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis | ||
Securities available for sale | 229,689,000 | 239,410,000 |
U.S. treasuries | Quoted Prices in Active Markets for Identical Assets (Level 1) | Fair Value, Measurements, Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis | ||
Securities available for sale | 0 | 0 |
U.S. treasuries | Significant Other Observable Inputs (Level 2) | Fair Value, Measurements, Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis | ||
Securities available for sale | 229,689,000 | 239,410,000 |
U.S. treasuries | Significant Unobservable Inputs (Level 3) | Fair Value, Measurements, Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis | ||
Securities available for sale | 0 | 0 |
Government agency securities | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis | ||
Securities available for sale | 384,972,000 | 384,515,000 |
Government agency securities | Fair Value, Measurements, Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis | ||
Securities available for sale | 384,972,000 | 384,515,000 |
Government agency securities | Quoted Prices in Active Markets for Identical Assets (Level 1) | Fair Value, Measurements, Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis | ||
Securities available for sale | 0 | 0 |
Government agency securities | Significant Other Observable Inputs (Level 2) | Fair Value, Measurements, Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis | ||
Securities available for sale | 384,972,000 | 384,515,000 |
Government agency securities | Significant Unobservable Inputs (Level 3) | Fair Value, Measurements, Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis | ||
Securities available for sale | 0 | 0 |
Obligations of state and municipal subdivisions | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis | ||
Securities available for sale | 241,897,000 | 251,231,000 |
Obligations of state and municipal subdivisions | Fair Value, Measurements, Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis | ||
Securities available for sale | 241,897,000 | 251,231,000 |
Obligations of state and municipal subdivisions | Quoted Prices in Active Markets for Identical Assets (Level 1) | Fair Value, Measurements, Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis | ||
Securities available for sale | 0 | 0 |
Obligations of state and municipal subdivisions | Significant Other Observable Inputs (Level 2) | Fair Value, Measurements, Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis | ||
Securities available for sale | 241,897,000 | 251,231,000 |
Obligations of state and municipal subdivisions | Significant Unobservable Inputs (Level 3) | Fair Value, Measurements, Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis | ||
Securities available for sale | 0 | 0 |
Corporate bonds | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis | ||
Securities available for sale | 35,415,000 | 37,205,000 |
Corporate bonds | Fair Value, Measurements, Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis | ||
Securities available for sale | 35,415,000 | 37,205,000 |
Corporate bonds | Quoted Prices in Active Markets for Identical Assets (Level 1) | Fair Value, Measurements, Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis | ||
Securities available for sale | 0 | 0 |
Corporate bonds | Significant Other Observable Inputs (Level 2) | Fair Value, Measurements, Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis | ||
Securities available for sale | 35,415,000 | 37,205,000 |
Corporate bonds | Significant Unobservable Inputs (Level 3) | Fair Value, Measurements, Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis | ||
Securities available for sale | 0 | 0 |
Mortgage-backed securities guaranteed by FHLMC, FNMA and GNMA | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis | ||
Securities available for sale | 745,209,000 | 778,473,000 |
Mortgage-backed securities guaranteed by FHLMC, FNMA and GNMA | Fair Value, Measurements, Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis | ||
Securities available for sale | 745,209,000 | 778,473,000 |
Mortgage-backed securities guaranteed by FHLMC, FNMA and GNMA | Quoted Prices in Active Markets for Identical Assets (Level 1) | Fair Value, Measurements, Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis | ||
Securities available for sale | 0 | 0 |
Mortgage-backed securities guaranteed by FHLMC, FNMA and GNMA | Significant Other Observable Inputs (Level 2) | Fair Value, Measurements, Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis | ||
Securities available for sale | 745,209,000 | 778,473,000 |
Mortgage-backed securities guaranteed by FHLMC, FNMA and GNMA | Significant Unobservable Inputs (Level 3) | Fair Value, Measurements, Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis | ||
Securities available for sale | 0 | 0 |
Other securities | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis | ||
Securities available for sale | 500,000 | 950,000 |
Other securities | Fair Value, Measurements, Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis | ||
Securities available for sale | 500,000 | 950,000 |
Other securities | Quoted Prices in Active Markets for Identical Assets (Level 1) | Fair Value, Measurements, Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis | ||
Securities available for sale | 0 | 0 |
Other securities | Significant Other Observable Inputs (Level 2) | Fair Value, Measurements, Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis | ||
Securities available for sale | 500,000 | 950,000 |
Other securities | Significant Unobservable Inputs (Level 3) | Fair Value, Measurements, Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis | ||
Securities available for sale | $ 0 | $ 0 |
Fair Value Measurements - Ass_2
Fair Value Measurements - Assets and Liabilities at Fair Value on Nonrecurring Basis (Details) - USD ($) $ in Thousands | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Dec. 31, 2022 | |
Fair Value, Assets and Liabilities Measured on Nonrecurring Basis [Line Items] | |||
Individually evaluated loans | $ 34,046 | $ 34,473 | |
Fair Value, Measurements, Nonrecurring | |||
Fair Value, Assets and Liabilities Measured on Nonrecurring Basis [Line Items] | |||
Individually evaluated loans | 86 | 8,527 | |
Other real estate owned | 22,505 | 23,900 | |
Fair Value, Measurements, Nonrecurring | Individually evaluated loans | |||
Fair Value, Assets and Liabilities Measured on Nonrecurring Basis [Line Items] | |||
Period Ended Total (Gains) Losses | 18 | $ 3,505 | |
Fair Value, Measurements, Nonrecurring | Other real estate owned | |||
Fair Value, Assets and Liabilities Measured on Nonrecurring Basis [Line Items] | |||
Period Ended Total (Gains) Losses | 2,200 | $ 3,548 | |
Fair Value, Measurements, Nonrecurring | Quoted Prices in Active Markets for Identical Assets (Level 1) | |||
Fair Value, Assets and Liabilities Measured on Nonrecurring Basis [Line Items] | |||
Individually evaluated loans | 0 | 0 | |
Other real estate owned | 0 | 0 | |
Fair Value, Measurements, Nonrecurring | Significant Other Observable Inputs (Level 2) | |||
Fair Value, Assets and Liabilities Measured on Nonrecurring Basis [Line Items] | |||
Individually evaluated loans | 0 | 0 | |
Other real estate owned | 0 | 0 | |
Fair Value, Measurements, Nonrecurring | Significant Unobservable Inputs (Level 3) | |||
Fair Value, Assets and Liabilities Measured on Nonrecurring Basis [Line Items] | |||
Individually evaluated loans | 86 | 8,527 | |
Other real estate owned | $ 22,505 | $ 23,900 |
Fair Value Measurements - Narra
Fair Value Measurements - Narrative (Details) | Jun. 30, 2023 Rate |
Minimum | |
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |
Selling And Closing Costs For Loans As A Percentage Of Appraised Value | 5% |
Selling And Closing Costs For Other Real Estate Owned As A Percentage Of Appraised Value | 5% |
Maximum | |
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |
Selling And Closing Costs For Loans As A Percentage Of Appraised Value | 8% |
Selling And Closing Costs For Other Real Estate Owned As A Percentage Of Appraised Value | 8% |
Fair Value Measurements - Carry
Fair Value Measurements - Carrying Amount and Estimated Fair Value of Financial Instruments (Details) - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
Financial assets: | ||
Investment securities held to maturity | $ 166,251 | |
Off-balance sheet assets (liabilities): | ||
Financial instruments with off-balance sheet risk | 3,058,237 | $ 3,315,544 |
Commitments to extend credit | ||
Off-balance sheet assets (liabilities): | ||
Financial instruments with off-balance sheet risk | 3,028,389 | 3,291,409 |
Standby letters of credit | ||
Off-balance sheet assets (liabilities): | ||
Financial instruments with off-balance sheet risk | 29,848 | 24,135 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Financial assets: | ||
Cash and cash equivalents | 902,882 | 654,322 |
Certificates of deposit held in other banks | 0 | 0 |
Investment securities held to maturity | 0 | 0 |
Loans held for sale, at cost | 0 | 0 |
Loans, net | 0 | 0 |
FHLB of Dallas stock and other restricted stock | 0 | 0 |
Accrued interest receivable | 0 | 0 |
Financial liabilities: | ||
Deposits | 0 | 0 |
Accrued interest payable | 0 | 0 |
FHLB advances | 0 | 0 |
Other borrowings | 0 | 0 |
Junior subordinated debentures | 0 | 0 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | Commitments to extend credit | ||
Off-balance sheet assets (liabilities): | ||
Financial instruments with off-balance sheet risk | 0 | 0 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | Standby letters of credit | ||
Off-balance sheet assets (liabilities): | ||
Financial instruments with off-balance sheet risk | 0 | 0 |
Significant Other Observable Inputs (Level 2) | ||
Financial assets: | ||
Cash and cash equivalents | 0 | 0 |
Certificates of deposit held in other banks | 241 | 486 |
Investment securities held to maturity | 166,251 | 162,239 |
Loans held for sale, at cost | 6,577 | 710 |
Loans, net | 0 | 0 |
FHLB of Dallas stock and other restricted stock | 67,520 | 23,436 |
Accrued interest receivable | 57,076 | 59,214 |
Financial liabilities: | ||
Deposits | 14,833,748 | 15,063,025 |
Accrued interest payable | 25,086 | 9,604 |
FHLB advances | 859,743 | 246,519 |
Other borrowings | 285,900 | 258,800 |
Junior subordinated debentures | 60,948 | 53,969 |
Significant Other Observable Inputs (Level 2) | Commitments to extend credit | ||
Off-balance sheet assets (liabilities): | ||
Financial instruments with off-balance sheet risk | 0 | 0 |
Significant Other Observable Inputs (Level 2) | Standby letters of credit | ||
Off-balance sheet assets (liabilities): | ||
Financial instruments with off-balance sheet risk | 0 | 0 |
Significant Unobservable Inputs (Level 3) | ||
Financial assets: | ||
Cash and cash equivalents | 0 | 0 |
Certificates of deposit held in other banks | 0 | 0 |
Investment securities held to maturity | 0 | 0 |
Loans held for sale, at cost | 0 | 0 |
Loans, net | 13,755,821 | 13,450,582 |
FHLB of Dallas stock and other restricted stock | 0 | 0 |
Accrued interest receivable | 0 | 0 |
Financial liabilities: | ||
Deposits | 0 | 0 |
Accrued interest payable | 0 | 0 |
FHLB advances | 0 | 0 |
Other borrowings | 0 | 0 |
Junior subordinated debentures | 0 | 0 |
Significant Unobservable Inputs (Level 3) | Commitments to extend credit | ||
Off-balance sheet assets (liabilities): | ||
Financial instruments with off-balance sheet risk | 0 | 0 |
Significant Unobservable Inputs (Level 3) | Standby letters of credit | ||
Off-balance sheet assets (liabilities): | ||
Financial instruments with off-balance sheet risk | 0 | 0 |
Carrying Amount | ||
Financial assets: | ||
Cash and cash equivalents | 902,882 | 654,322 |
Certificates of deposit held in other banks | 248 | 496 |
Investment securities held to maturity | 206,146 | 207,059 |
Loans held for sale, at cost | 6,412 | 698 |
Loans, net | 13,971,311 | 13,760,576 |
FHLB of Dallas stock and other restricted stock | 67,520 | 23,436 |
Accrued interest receivable | 57,076 | 59,214 |
Financial liabilities: | ||
Deposits | 14,873,506 | 15,121,417 |
Accrued interest payable | 25,086 | 9,604 |
FHLB advances | 875,000 | 300,000 |
Other borrowings | 305,262 | 267,066 |
Junior subordinated debentures | 54,518 | 54,419 |
Carrying Amount | Commitments to extend credit | ||
Off-balance sheet assets (liabilities): | ||
Financial instruments with off-balance sheet risk | 0 | 0 |
Carrying Amount | Standby letters of credit | ||
Off-balance sheet assets (liabilities): | ||
Financial instruments with off-balance sheet risk | 0 | 0 |
Estimated Fair Value | ||
Financial assets: | ||
Cash and cash equivalents | 902,882 | 654,322 |
Certificates of deposit held in other banks | 241 | 486 |
Investment securities held to maturity | 166,251 | 162,239 |
Loans held for sale, at cost | 6,577 | 710 |
Loans, net | 13,755,821 | 13,450,582 |
FHLB of Dallas stock and other restricted stock | 67,520 | 23,436 |
Accrued interest receivable | 57,076 | 59,214 |
Financial liabilities: | ||
Deposits | 14,833,748 | 15,063,025 |
Accrued interest payable | 25,086 | 9,604 |
FHLB advances | 859,743 | 246,519 |
Other borrowings | 285,900 | 258,800 |
Junior subordinated debentures | 60,948 | 53,969 |
Estimated Fair Value | Commitments to extend credit | ||
Off-balance sheet assets (liabilities): | ||
Financial instruments with off-balance sheet risk | 0 | 0 |
Estimated Fair Value | Standby letters of credit | ||
Off-balance sheet assets (liabilities): | ||
Financial instruments with off-balance sheet risk | $ 0 | $ 0 |
Derivative Financial Instrume_3
Derivative Financial Instruments - Additional Information (Details) | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2023 USD ($) derivative | Jun. 30, 2022 USD ($) | Jun. 30, 2023 USD ($) derivative | Jun. 30, 2022 USD ($) | Dec. 31, 2022 USD ($) | |
Derivative [Line Items] | |||||
Number of interest rate derivatives instruments entered into | derivative | 2 | 2 | |||
Unrealized losses arising during the period, net of tax | $ (2,028,000) | $ (1,623,000) | $ (1,285,000) | $ (5,546,000) | |
Reclassification of amount of losses (gains) recognized into income, net of tax | 810,000 | $ (32,000) | 1,516,000 | $ (192,000) | |
Cash collateral pledged for derivatives | 11,177,000 | 11,177,000 | $ 10,394,000 | ||
Securities collateral pledged for derivatives | 469,000 | 469,000 | 509,000 | ||
Derivative Liability, Subject to Master Netting Arrangement, Collateral, Right to Reclaim Cash Not Offset | 3,260,000 | 3,260,000 | |||
Interest Rate Swap | Loan customer counterparty | |||||
Derivative [Line Items] | |||||
Credit exposure limited to the net favorable value of all swaps | $ 13,263,000 | $ 13,263,000 | 13,968,000 | ||
Risk Participation Agreements Participant Bank | |||||
Derivative [Line Items] | |||||
Number of risk participation agreements | 0 | 0 | |||
Risk Participation Agreements Lead Bank | |||||
Derivative [Line Items] | |||||
Number of risk participation agreements | derivative | 1 | 1 | |||
Credit risk participation | $ 8,945,000 | $ 8,945,000 | |||
Designated as Hedging Instrument | Interest Rate Swap | |||||
Derivative [Line Items] | |||||
Derivative notional amount | 100,000,000 | 100,000,000 | $ 100,000,000 | ||
Cash flow hedge gain (loss), net to be reclassified during next 12 months | $ 2,042,000 | $ 2,042,000 |
Derivative Financial Instrume_4
Derivative Financial Instruments - Notional Balances and Fair Values of Outstanding Positions (Details) - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
Designated as Hedging Instrument | Interest Rate Swap | ||
Derivative [Line Items] | ||
Outstanding Notional Balance | $ 100,000 | $ 100,000 |
Asset Derivative Fair Value | 0 | 0 |
Liability Derivative Fair Value | 10,981 | 11,283 |
Not designated as hedging | Interest Rate Swap | Commercial Loan | Loan customer counterparty | ||
Derivative [Line Items] | ||
Outstanding Notional Balance | 204,750 | 183,183 |
Asset Derivative Fair Value | 75 | 0 |
Liability Derivative Fair Value | 13,060 | 13,788 |
Not designated as hedging | Interest Rate Swap | Commercial Loan | Financial institution counterparty | ||
Derivative [Line Items] | ||
Outstanding Notional Balance | 204,750 | 183,183 |
Asset Derivative Fair Value | 13,188 | 13,968 |
Liability Derivative Fair Value | 100 | 0 |
Not designated as hedging | Interest rate lock commitments | ||
Derivative [Line Items] | ||
Outstanding Notional Balance | 19,548 | 15,476 |
Asset Derivative Fair Value | 348 | 294 |
Liability Derivative Fair Value | 0 | 6 |
Not designated as hedging | Forward mortgage-backed securities trades | ||
Derivative [Line Items] | ||
Outstanding Notional Balance | 20,000 | 18,500 |
Asset Derivative Fair Value | 93 | 98 |
Liability Derivative Fair Value | $ 2 | $ 11 |
Derivative Financial Instrume_5
Derivative Financial Instruments - Schedule of Weighted Average Interest Rates (Details) - Commercial Loan - Not designated as hedging - Loan customer counterparty - Interest Rate Swap | Jun. 30, 2023 | Dec. 31, 2022 |
Interest Rate Received | ||
Derivative [Line Items] | ||
Weighted Average Interest Rate received | 4.52% | 4.12% |
Interest Rate Paid | ||
Derivative [Line Items] | ||
Weighted Average Interest Rate Paid | 7.60% | 6.72% |
Derivative Financial Instrume_6
Derivative Financial Instruments - Income (Loss) on Derivatives (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Interest Rate Swap | Designated as Hedging Instrument | ||||
Derivative [Line Items] | ||||
Derivative, Gain (Loss) on Derivative | $ (1,030) | $ 36 | $ (1,929) | $ 233 |
Interest rate lock commitments | Not designated as hedging | ||||
Derivative [Line Items] | ||||
Derivative, Gain (Loss) on Derivative | (122) | (32) | 60 | (413) |
Forward mortgage-backed securities trades | Not designated as hedging | ||||
Derivative [Line Items] | ||||
Derivative, Gain (Loss) on Derivative | $ 208 | $ (459) | $ 4 | $ (12) |
Stock Awards - Additional Infor
Stock Awards - Additional Information (Details) - USD ($) $ in Thousands | 1 Months Ended | 3 Months Ended | 6 Months Ended | ||
May 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Compensation expense | $ 2,105 | $ 2,542 | $ 4,064 | $ 4,568 | |
Estimated future compensation expense | 14,570 | $ 14,570 | |||
Period for recognition | 2 years 3 months 10 days | ||||
Fair value of common stock awards vested | $ 5,689 | 7,985 | |||
Stock based compensation expense | $ 5,149 | $ 5,821 | |||
Restricted Stock | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Grants (in shares) | 119,767 | 84,284 | |||
Excess tax expense (benefits) on vested restricted stock | 11 | 2 | $ 96 | $ (352) | |
Performance stock units | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Grants (in shares) | 37,938 | 20,742 | |||
Period for recognition | 2 years 1 month 9 days | ||||
Stock based compensation expense | 599 | $ 867 | $ 1,085 | $ 1,253 | |
Unrecognized compensation expense | 4,086 | 4,086 | |||
Maximum | Performance stock units | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Unrecognized compensation expense | $ 8,946 | $ 8,946 | |||
2013 Equity Incentive Plan | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Grants (in shares) | 0 | ||||
2022 Equity Incentive Plan | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Shares reserved for future issuance (shares) | 1,500,000 | ||||
Remaining available for grant for future awards (shares) | 1,370,295 | 1,370,295 | |||
2022 Equity Incentive Plan | Minimum | Restricted Stock | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Common stock vesting period | 1 year | ||||
2022 Equity Incentive Plan | Minimum | Performance stock units | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Common stock vesting period | 3 years | ||||
Stock based compensation, award vesting percentage | 0% | ||||
2022 Equity Incentive Plan | Maximum | Restricted Stock | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Common stock vesting period | 5 years | ||||
2022 Equity Incentive Plan | Maximum | Performance stock units | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Common stock vesting period | 4 years | ||||
Stock based compensation, award vesting percentage | 150% |
Stock Awards - Nonvested Restri
Stock Awards - Nonvested Restricted Stock Awards Activity (Details) - Restricted Stock - $ / shares | 6 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
Number of Shares | ||
Nonvested shares, beginning balance (shares) | 309,015 | 363,551 |
Granted during the period (shares) | 119,767 | 84,284 |
Vested during the period (shares) | (94,734) | (106,199) |
Forfeited during the period (shares) | (3,721) | (4,546) |
Nonvested shares, ending balance (shares) | 330,327 | 337,090 |
Weighted Average Grant Date Fair Value | ||
Nonvested shares, beginning balance (usd per share) | $ 60.12 | $ 53.14 |
Granted during the period (usd per share) | 60.21 | 73.80 |
Vested during the period (usd per share) | 64.69 | 59.80 |
Forfeited during the period (usd per share) | 63.37 | 53.61 |
Nonvested shares, ending balance (usd per share) | $ 58.81 | $ 56.20 |
Stock Awards - Future Vesting S
Stock Awards - Future Vesting Schedule of Nonvested Shares (Details) | Jun. 30, 2023 shares |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Nonvested shares (shares) | 330,327 |
First year | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Nonvested shares (shares) | 144,012 |
Second year | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Nonvested shares (shares) | 115,973 |
Third year | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Nonvested shares (shares) | 57,802 |
Fourth year | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Nonvested shares (shares) | 12,540 |
Stock Awards - Schedule of Nonv
Stock Awards - Schedule of Nonvested Restricted Stock Awards (Details) - Performance stock units - $ / shares | 6 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
Number of Shares | ||
Nonvested shares, beginning balance (shares) | 140,240 | 114,498 |
Granted during the period (shares) | 37,938 | 20,742 |
Nonvested shares, ending balance (shares) | 178,178 | 135,240 |
Weighted Average Grant Date Fair Value | ||
Nonvested shares, beginning balance (usd per share) | $ 49.20 | $ 43.93 |
Granted during the period (usd per share) | 60.21 | 73.94 |
Nonvested shares, ending balance (usd per share) | $ 51.55 | $ 48.53 |
Regulatory Matters - Actual Cap
Regulatory Matters - Actual Capital Amounts and Ratios (Details) $ in Thousands | Jun. 30, 2023 USD ($) | Dec. 31, 2022 USD ($) |
Consolidated | ||
Total capital to risk weighted assets: | ||
Actual Amount | $ 1,881,098 | $ 1,936,363 |
Actual Ratio (percent) | 0.1195 | 0.1235 |
Minimum capital required plus capital conservation buffer amount | $ 1,652,664 | $ 1,645,772 |
Minimum capital required plus capital conservation buffer (percent) | 0.1050 | 0.1050 |
Required to be considered well capitalized amount | $ 1,573,966 | $ 1,567,402 |
Required to be considered well capitalized (percent) | 0.1000 | 0.1000 |
Tier 1 capital to risk weighted assets: | ||
Tier One Risk Based Capital | $ 1,594,522 | $ 1,637,191 |
Actual Ratio (percent) | 0.1013 | 0.1045 |
Minimum capital required plus capital conservation buffer amount | $ 1,337,871 | $ 1,332,291 |
Minimum capital required plus capital conservation buffer (percent) | 0.0850 | 0.0850 |
Required to be considered well capitalized amount | $ 944,380 | $ 940,441 |
Required to be considered well capitalized (percent) | 0.0600 | 0.0600 |
Common equity tier 1 to risk weighted assets: | ||
Actual amount | $ 1,538,922 | $ 1,581,591 |
Actual ratio (percent) | 0.0978 | 0.1009 |
Minimum capital required plus capital conservation buffer amount | $ 1,101,776 | $ 1,097,181 |
Minimum capital required plus capital conservation buffer (percent) | 0.0700 | 0.0700 |
Tier 1 capital to average assets: | ||
Actual Amount | $ 1,594,522 | $ 1,637,191 |
Actual Ratio (percent) | 0.0892 | 0.0949 |
Minimum capital required plus capital conservation buffer amount | $ 714,688 | $ 690,309 |
Minimum capital required plus capital conservation buffer (percent) | 0.0400 | 0.0400 |
Bank | ||
Total capital to risk weighted assets: | ||
Actual Amount | $ 2,026,223 | $ 2,013,874 |
Actual Ratio (percent) | 0.1288 | 0.1285 |
Minimum capital required plus capital conservation buffer amount | $ 1,652,149 | $ 1,645,236 |
Minimum capital required plus capital conservation buffer (percent) | 0.1050 | 0.1050 |
Required to be considered well capitalized amount | $ 1,573,475 | $ 1,566,891 |
Required to be considered well capitalized (percent) | 0.1000 | 0.1000 |
Tier 1 capital to risk weighted assets: | ||
Tier One Risk Based Capital | $ 1,891,647 | $ 1,896,702 |
Actual Ratio (percent) | 0.1202 | 0.1210 |
Minimum capital required plus capital conservation buffer amount | $ 1,337,454 | $ 1,331,858 |
Minimum capital required plus capital conservation buffer (percent) | 0.0850 | 0.0850 |
Required to be considered well capitalized amount | $ 1,258,780 | $ 1,253,513 |
Required to be considered well capitalized (percent) | 0.0800 | 0.0800 |
Common equity tier 1 to risk weighted assets: | ||
Actual amount | $ 1,891,647 | $ 1,896,702 |
Actual ratio (percent) | 0.1202 | 0.1210 |
Minimum capital required plus capital conservation buffer amount | $ 1,101,433 | $ 1,096,824 |
Minimum capital required plus capital conservation buffer (percent) | 0.0700 | 0.0700 |
Required to be considered well capitalized amount | $ 1,022,759 | $ 1,018,479 |
Required to be considered well capitalized (percent) | 0.0650 | 0.0650 |
Tier 1 capital to average assets: | ||
Actual Amount | $ 1,891,647 | $ 1,896,702 |
Actual Ratio (percent) | 0.1059 | 0.1099 |
Minimum capital required plus capital conservation buffer amount | $ 714,511 | $ 690,130 |
Minimum capital required plus capital conservation buffer (percent) | 0.0400 | 0.0400 |
Required to be considered well capitalized amount | $ 893,139 | $ 862,663 |
Required to be considered well capitalized (percent) | 0.0500 | 0.0500 |
Regulatory Matters - Additional
Regulatory Matters - Additional Information (Details) - USD ($) | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | Jan. 31, 2023 | |
Regulatory Assets [Line Items] | |||||
Share repurchase program, period | 1 year | ||||
Common stock repurchased | $ 22,000 | $ 115,322,000 | $ 1,639,000 | $ 118,111,000 | |
Common stock purchased to settle employee tax withholding related to vesting of stock awards (shares) | 486 | 2,344 | 27,263 | 28,475 | |
Common stock purchased to settle employee tax withholding related to vesting of stock awards | $ 22,000 | $ 169,000 | $ 1,639,000 | $ 2,145,000 | |
2022 Share Repurchase Program | |||||
Regulatory Assets [Line Items] | |||||
Common stock repurchased (shares) | 1,639,792 | 1,651,236 | |||
Common stock repurchased | $ 115,153,000 | $ 115,966,000 | |||
2023 Share Repurchase Program | |||||
Regulatory Assets [Line Items] | |||||
Share repurchase program authorized amount | $ 125,000,000 | ||||
Common stock repurchased (shares) | 0 | 0 |
Subsequent Event (Details)
Subsequent Event (Details) | Jul. 20, 2023 $ / shares |
Subsequent Event | |
Subsequent Event [Line Items] | |
Dividends declared (usd per share) | $ 0.38 |