Document and Entity Information
Document and Entity Information - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Feb. 23, 2024 | Jun. 30, 2023 | |
Cover [Abstract] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Annual Report | true | ||
Document Transition Report | false | ||
Document Fiscal Year Focus | 2023 | ||
Document Fiscal Period Focus | FY | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Well-known Seasoned Issuer | Yes | ||
Document Period End Date | Dec. 31, 2023 | ||
Entity Registrant Name | First Financial Bankshares, Inc. | ||
Entity Central Index Key | 0000036029 | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Interactive Data Current | Yes | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity File Number | 0-07674 | ||
Entity Incorporation, State or Country Code | TX | ||
Entity Tax Identification Number | 75-0944023 | ||
Entity Address, Address Line One | 400 Pine Street | ||
Entity Address, City or Town | Abilene | ||
Entity Address, State or Province | TX | ||
City Area Code | 325 | ||
Local Phone Number | 627-7155 | ||
Entity Shell Company | false | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
Title of 12(b) Security | Common Stock, par value $0.01 per share | ||
Trading Symbol | FFIN | ||
Security Exchange Name | NASDAQ | ||
Entity Address, Postal Zip Code | 79601 | ||
Entity Common Stock, Shares Outstanding | 142,751,867 | ||
Entity Public Float | $ 3,900 | ||
ICFR Auditor Attestation Flag | true | ||
Documents Incorporated by Reference | Certain information required by Part III is incorporated by reference to the proxy statement f or our 2024 annual meeting of shareholders, which will be filed with the Securities and Exchange Commission not later than 120 days after December 31, 2023 . | ||
Auditor Location | Fort Worth, Texas | ||
Auditor Name | Ernst & Young LLP | ||
Auditor Firm ID | 42 | ||
Document Financial Statement Error Correction [Flag] | false |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) | Dec. 31, 2023 | Dec. 31, 2022 |
ASSETS | ||
CASH AND DUE FROM BANKS | $ 281,354,000 | $ 293,286,000 |
INTEREST-BEARING DEMAND DEPOSITS IN BANKS | 255,237,000 | 37,392,000 |
Total cash and cash equivalents | 536,591,000 | 330,678,000 |
SECURITIES AVAILABLE-FOR-SALE, at fair value (amortized cost of these securities was $5,243,681 and $6,152,348 as of December 31, 2023 and 2022, respectively) | 4,732,762,000 | 5,474,359,000 |
LOANS: | ||
Held-for-investment, excluding PPP loans | 7,148,682,000 | 6,441,699,000 |
PPP loans | 109,000 | 169,000 |
Total loans held-for-investment | 7,148,791,000 | 6,441,868,000 |
Less - allowance for credit losses | (88,734,000) | (75,834,000) |
Net loans held – for -investment | 7,060,057,000 | 6,366,034,000 |
Held-for-sale ($11,077 and $10,497 at fair value as of December 31, 2023 and 2022, respectively) | 14,253,000 | 11,965,000 |
BANK PREMISES AND EQUIPMENT, net | 151,788,000 | 152,973,000 |
INTANGIBLE ASSETS, net | 314,622,000 | 315,534,000 |
OTHER ASSETS | 295,521,000 | 322,523,000 |
Total assets | 13,105,594,000 | 12,974,066,000 |
LIABILITIES AND SHAREHOLDERS’ EQUITY | ||
Total deposits | 11,138,300,000 | 11,005,507,000 |
NONINTEREST-BEARING DEPOSITS | 3,435,586,000 | 4,061,788,000 |
INTEREST-BEARING DEPOSITS | 7,702,714,000 | 6,943,719,000 |
Total liabilities | 11,606,694,000 | 11,708,329,000 |
BORROWINGS | 22,153,000 | 23,678,000 |
OTHER LIABILITIES | 38,601,000 | 36,037,000 |
REPURCHASE AGREEMENTS | 381,928,000 | 618,829,000 |
DIVIDENDS PAYABLE | 25,712,000 | 24,278,000 |
COMMITMENTS AND CONTINGENCIES | ||
Shareholders' equity: | ||
COMMON STOCK $0.01 par value; authorized 200,000,000 shares; 142,716,939 and 142,657,871 shares issued at December 31, 2023 and 2022, respectively | 1,427,000 | 1,427,000 |
CAPITAL SURPLUS | 681,246,000 | 677,593,000 |
RETAINED EARNINGS | 1,219,525,000 | 1,121,945,000 |
TREASURY STOCK (shares at cost: 930,152 and 929,210 at December 31, 2023 and 2022, respectively) | (11,855,000) | (11,035,000) |
DEFERRED COMPENSATION | 11,855,000 | 11,035,000 |
ACCUMULATED OTHER COMPREHENSIVE EARNINGS, net | (403,298,000) | (535,228,000) |
Total shareholders’ equity | 1,498,900,000 | 1,265,737,000 |
Total liabilities and shareholders’ equity | $ 13,105,594,000 | $ 12,974,066,000 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Statement of Financial Position [Abstract] | ||
Securities, available-for-sale, amortized cost | $ 5,243,681 | $ 6,152,348 |
Loans held-for-sale, fair value | $ 11,077 | $ 10,497 |
Common stock, par value | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 200,000,000 | 200,000,000 |
Common stock, shares issued | 142,716,939 | 142,657,871 |
Treasury stock, shares | 930,152 | 929,210 |
Consolidated Statements of Earn
Consolidated Statements of Earnings - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
INTEREST INCOME: | |||
Interest and fees on loans | $ 405,939 | $ 296,114 | $ 271,638 |
Interest on investment securities: | |||
Taxable | 79,925 | 78,924 | 47,390 |
Exempt from federal income tax | 36,194 | 54,121 | 56,638 |
Interest on federal funds sold and interest-bearing deposits in banks | 6,012 | 3,695 | 739 |
Total interest income | 528,070 | 432,854 | 376,405 |
INTEREST EXPENSE: | |||
Interest on deposits | 124,830 | 26,246 | 5,705 |
Interest on borrowings | 19,431 | 5,194 | 337 |
Total interest expense | 144,261 | 31,440 | 6,042 |
Net interest income | 383,809 | 401,414 | 370,363 |
PROVISION FOR CREDIT LOSSES | 10,631 | 17,427 | (1,139) |
Net interest income after provisions for credit losses | 373,178 | 383,987 | 371,502 |
NONINTEREST INCOME: | |||
Trust fees | 40,456 | 39,995 | 36,145 |
Service charges on deposit accounts | 25,378 | 24,540 | 21,156 |
Debit card fees | 21,721 | 30,280 | 35,905 |
Credit card fees | 2,645 | 2,585 | 2,373 |
Gain on sale and fees on mortgage loans | 11,890 | 19,035 | 33,245 |
Net gain (loss) on sale of available-for-sale securities | (7,119) | 2,144 | 815 |
Net gain on sale of foreclosed assets | 46 | 1,451 | 190 |
Net gain on sale of assets | 1,525 | 520 | 210 |
Interest on loan recoveries | 2,055 | 2,840 | 4,039 |
Other | 9,406 | 8,275 | 8,098 |
Total noninterest income | 108,003 | 131,665 | 142,176 |
NONINTEREST EXPENSE: | |||
Salaries, commissions and employee benefits | 131,915 | 134,133 | 142,042 |
Net occupancy expense | 13,766 | 13,307 | 13,009 |
Equipment expense | 8,545 | 9,052 | 9,173 |
FDIC insurance premiums | 7,749 | 3,711 | 3,130 |
Debit card expense | 12,933 | 12,231 | 11,957 |
Professional and service fees | 9,810 | 8,770 | 9,334 |
Printing, stationery and supplies | 2,454 | 2,114 | 1,910 |
Operational and other losses | 3,842 | 3,229 | 3,293 |
Software amortization and expense | 10,288 | 9,963 | 11,120 |
Amortization of intangible assets | 912 | 1,245 | 1,613 |
Other | 35,668 | 37,023 | 35,127 |
Total noninterest expense | 237,882 | 234,778 | 241,708 |
EARNINGS BEFORE INCOME TAXES | 243,299 | 280,874 | 271,970 |
INCOME TAX EXPENSE | 44,322 | 46,399 | 44,408 |
NET EARNINGS | $ 198,977 | $ 234,475 | $ 227,562 |
NET EARNINGS PER SHARE, BASIC | $ 1.39 | $ 1.64 | $ 1.60 |
NET EARNINGS PER SHARE, DILUTED | 1.39 | 1.64 | 1.59 |
DIVIDENDS PER SHARE | $ 0.71 | $ 0.66 | $ 0.58 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Earnings - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Statement of Comprehensive Income [Abstract] | |||
NET EARNINGS | $ 198,977 | $ 234,475 | $ 227,562 |
OTHER ITEMS OF COMPREHENSIVE EARNINGS (LOSS): | |||
Change in unrealized gain (loss) on investment securities available-for sale, before income taxes | 159,881 | (800,997) | (89,238) |
Reclassification adjustment for realized gains (loss) on investment securities included in net earnings, before income taxes | 7,119 | (2,144) | (815) |
Total other items of comprehensive earnings (losses) | 167,000 | (803,141) | (90,053) |
Income tax benefit (expense) related to: | |||
Change in unrealized gain (loss) on investment securities available-for-sale | (33,575) | 168,210 | 18,740 |
Reclassification adjustment for realized gains (loss) on investment securities included in net earnings | (1,495) | 450 | 171 |
Total income tax benefit (expense) | (35,070) | 168,660 | 18,911 |
COMPREHENSIVE EARNINGS (LOSS) | $ 330,907 | $ (400,006) | $ 118,598 |
Consolidated Statements of Shar
Consolidated Statements of Shareholders' Equity - USD ($) $ in Thousands | Total | Common Stock [Member] | Capital Surplus [Member] | Retained Earnings [Member] | Treasury Stock, Common [Member] | Deferred Compensation [Member] | Accumulated Other Total Comprehensive Earnings, net [Member] |
Beginning Balance at Dec. 31, 2020 | $ 1,678,190 | $ 1,422 | $ 669,644 | $ 836,729 | $ (9,126) | $ 9,126 | $ 170,395 |
Beginning Balance, Shares at Dec. 31, 2020 | 142,161,834 | ||||||
Treasury Stock, Beginning Balance, Shares at Dec. 31, 2020 | (938,591) | ||||||
NET EARNINGS | 227,562 | 227,562 | |||||
Stock option exercises/stock unit conversions/restricted stock activity | 3,985 | $ 3 | 3,982 | ||||
Stock option exercises/stock unit conversions/restricted stock activity, Shares | 370,282 | ||||||
Cash dividends declared | (82,616) | (82,616) | |||||
Change in unrealized gain (loss) in investment securities available-for-sale, net of related income taxes | (71,142) | (71,142) | |||||
Shares purchased in connection with directors’ deferred compensation plan, net | $ (964) | 964 | |||||
Shares purchased in connection with directors’ deferred compensation plan, net, Shares | 1,694 | ||||||
Stock-based compensation expense | 3,245 | 3,245 | |||||
Ending Balance at Dec. 31, 2021 | 1,759,224 | $ 1,425 | 676,871 | 981,675 | $ (10,090) | 10,090 | 99,253 |
Ending Balance, Shares at Dec. 31, 2021 | 142,532,116 | ||||||
Treasury Stock, Ending Balance, Shares at Dec. 31, 2021 | (936,897) | ||||||
NET EARNINGS | 234,475 | 234,475 | |||||
Stock option exercises/stock unit conversions/restricted stock activity | 6,215 | $ 4 | 6,211 | ||||
Stock option exercises/stock unit conversions/restricted stock activity, Shares | 370,314 | ||||||
Cash dividends declared | (94,205) | (94,205) | |||||
Change in unrealized gain (loss) in investment securities available-for-sale, net of related income taxes | (634,481) | (634,481) | |||||
Shares purchased in connection with directors’ deferred compensation plan, net | $ (945) | 945 | |||||
Shares purchased in connection with directors’ deferred compensation plan, net, Shares | 7,687 | ||||||
Stock-based compensation expense | 3,958 | 3,958 | |||||
Shares repurchased and retired under stock repurchase authorization | (9,449) | $ (2) | (9,447) | ||||
Shares repurchased and retired under stock repurchase authorization, shares | (244,559) | ||||||
Ending Balance at Dec. 31, 2022 | $ 1,265,737 | $ 1,427 | 677,593 | 1,121,945 | $ (11,035) | 11,035 | (535,228) |
Ending Balance, Shares at Dec. 31, 2022 | 142,657,871 | ||||||
Treasury Stock, Ending Balance, Shares at Dec. 31, 2022 | 929,210 | (929,210) | |||||
NET EARNINGS | $ 198,977 | 198,977 | |||||
Stock option exercises/stock unit conversions/restricted stock activity | 2,132 | $ 1 | 2,131 | ||||
Stock option exercises/stock unit conversions/restricted stock activity, Shares | 160,405 | ||||||
Cash dividends declared | (101,397) | (101,397) | |||||
Change in unrealized gain (loss) in investment securities available-for-sale, net of related income taxes | 131,930 | 131,930 | |||||
Shares purchased in connection with directors’ deferred compensation plan, net | $ (820) | 820 | |||||
Shares purchased in connection with directors’ deferred compensation plan, net, Shares | 942 | ||||||
Stock-based compensation expense | 4,256 | 4,256 | |||||
Shares repurchased and retired under stock repurchase authorization | (2,735) | $ (1) | (2,734) | ||||
Shares repurchased and retired under stock repurchase authorization, shares | (101,337) | ||||||
Ending Balance at Dec. 31, 2023 | $ 1,498,900 | $ 1,427 | $ 681,246 | $ 1,219,525 | $ (11,855) | $ 11,855 | $ (403,298) |
Ending Balance, Shares at Dec. 31, 2023 | 142,716,939 | ||||||
Treasury Stock, Ending Balance, Shares at Dec. 31, 2023 | 930,152 | (930,152) |
Consolidated Statements of Sh_2
Consolidated Statements of Shareholders' Equity (Parenthetical) - $ / shares | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Cash dividend per share | $ 0.71 | $ 0.66 | $ 0.58 |
Retained Earnings [Member] | |||
Cash dividend per share | $ 0.71 | $ 0.66 | $ 0.58 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | |||
Net earnings | $ 198,977,000 | $ 234,475,000 | $ 227,562,000 |
Adjustments to reconcile net earnings to net cash provided by operating activities: | |||
Depreciation and amortization | 12,578,000 | 12,762,000 | 13,061,000 |
Provision for credit losses | 10,631,000 | 17,427,000 | (1,139,000) |
Securities premium amortization, net | 52,343,000 | 70,788,000 | 68,308,000 |
Discount accretion on purchased loans | 0 | (1,492,000) | (2,362,000) |
Gain on sale of assets, net | 5,548,000 | (4,115,000) | (1,217,000) |
Stock-based compensation | 4,256,000 | 3,958,000 | 3,245,000 |
Net tax benefit from stock-based compensation | (319,000) | (336,000) | (428,000) |
Deferred federal income tax (expense) benefit | (359,000) | (4,205,000) | 3,531,000 |
Change in loans held-for-sale | (2,239,000) | 25,194,000 | 44,098,000 |
Change in other assets | (3,895,000) | (1,281,000) | (11,317,000) |
Change in other liabilities | 6,663,000 | (29,577,000) | 10,953,000 |
Total adjustments | 85,845,000 | 89,795,000 | 127,589,000 |
Net cash provided by operating activities | 284,822,000 | 324,270,000 | 355,151,000 |
Activity in available-for-sale securities and other investments: | |||
Sales | 411,134,000 | 479,273,000 | 10,631,000 |
Maturities | 4,443,813,000 | 4,132,928,000 | 8,495,614,000 |
Purchases | (4,005,743,000) | (4,385,683,000) | (10,887,727,000) |
Net increase in loans held-for-investment | (708,432,000) | (1,049,925,000) | (211,786,000) |
Purchases of bank premises and equipment | (17,251,000) | (15,784,000) | (19,205,000) |
Proceeds from sale of bank premises and equipment and other assets | 3,771,000 | 1,186,000 | 823,000 |
Net cash provided by (used in) investing activities | 127,292,000 | (838,005,000) | (2,611,650,000) |
CASH FLOWS FROM FINANCING ACTIVITIES: | |||
Net increase (decrease) in noninterest-bearing deposits | (626,202,000) | 281,558,000 | 797,533,000 |
Net increase in interest-bearing deposits | 758,995,000 | 157,461,000 | 1,093,138,000 |
Net increase (decrease) in repurchase agreements and borrowings | (238,426,000) | (28,645,000) | 241,059,000 |
Common stock transactions: | |||
Proceeds from stock option exercises/stock unit conversions/restricted stock activity | 2,133,000 | 6,215,000 | 3,985,000 |
Dividends paid | (99,965,000) | (91,315,000) | (79,712,000) |
Repurchase of stock | (2,736,000) | (9,449,000) | 0 |
Net cash provided by (used in) financing activities | (206,201,000) | 315,825,000 | 2,056,003,000 |
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | 205,913,000 | (197,910,000) | (200,496,000) |
Cash, Cash Equivalents, Restricted Cash, and Restricted Cash Equivalents, Beginning Balance | 330,678,000 | 528,588,000 | 729,084,000 |
Cash, Cash Equivalents, Restricted Cash, and Restricted Cash Equivalents, Ending Balance | 536,591,000 | 330,678,000 | 528,588,000 |
SUPPLEMENTAL INFORMATION AND NONCASH TRANSACTIONS: | |||
Interest paid | 135,167,000 | 30,540,000 | 6,198,000 |
Federal income taxes paid | 46,677,000 | 45,430,000 | 39,528,000 |
Schedule of noncash investing and financing activities: | |||
Assets acquired through foreclosure | $ 499,000 | $ 0 | $ 2,711,000 |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2023 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES: Nature of Operations First Financial Bankshares, Inc. (a Texas corporation) (“Bankshares”, “Company”, “we” or “us”) is a financial holding company which owns all of the capital stock of one bank with 79 locations located in Texas as of December 31, 2023 . The Company’s subsidiary bank is First Financial Bank, N.A. The Company’s primary source of revenue is providing loans and banking services to consumers and commercial customers in the market area in which First Financial Bank, N.A. is located. In addition, the Company also owns First Financial Trust & Asset Management Company, N.A., First Financial Insurance Agency, Inc., First Technology Services, Inc., FFB Investment Paris Fund, LLC and FFB Portfolio Management, Inc. Basis of Presentation A summary of significant accounting policies of the Company and its subsidiaries applied in the preparation of the accompanying consolidated financial statements follows. The accounting principles followed by the Company and the methods of applying them are in conformity with both United States generally accepted accounting principles (“GAAP”) and prevailing practices of the banking industry. The Company evaluated subsequent events for potential recognition through the date the consolidated financial statements were issued. Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. The Company’s significant estimates include its allowance for credit losses and its valuation of financial instruments. Consolidation The accompanying consolidated financial statements include the accounts of Bankshares and its subsidiaries, all of which are wholly-owned. All intercompany accounts and transactions have been eliminated. Stock Repurchase On July 27, 2021, the Company’s Board of Directors authorized the repurchase of up to 5,000,000 common shares through July 31, 2023. On July 25, 2023, the Company's Board of Directors renewed the prior authorization through July 31, 2024. The stock repurchase plan authorizes management to repurchase and retire the stock at such time as repurchases and retirements are considered beneficial to the Company and its stockholders. Any repurchase of stock will be made through the open market, block trades, or in privately negotiated transactions in accordance with applicable laws and regulations. Under the repurchase plan, there is no minimum number of shares that the Company is required to repurchase. Under the prior authorization, 244,559 shares were repurchased and retired (all during the months of June and July 2022) at an average price of $ 38.61 per share. Under the current authorization, the Company has repurchased and retired 101,337 shares (all during September 2023) at an average price of $ 26.99 per share. Investment Securities Management classifies debt securities as held-to-maturity, available-for-sale, or trading based on its intent. Securities that management has the positive intent and ability to hold to maturity are classified as held-to-maturity and recorded at amortized cost, adjusted for amortization of premiums and accretion of discounts, which are recognized as adjustments to interest income using the interest method. Securities not classified as held-to-maturity or trading are classified as available-for-sale and recorded at fair value, with unrealized holding gains and losses (those for which no allowance for credit losses are recorded) reported as a component of other comprehensive income, net of tax. Management determines the appropriate classification of securities at the time of purchase. Interest income includes amortization of purchase premiums and discounts over the period to maturity using a level-yield method, except for premiums on callable securities, which are amortized to their earliest call date. Realized gains and losses are recorded on the sale of securities in noninterest income. The Company has made a policy election to exclude accrued interest from the amortized cost basis of securities and report accrued interest separately in other assets on the consolidated balance sheets. A security is placed on nonaccrual status at the time any principal or interest payments become more than 90 days delinquent or if full collection of interest or principal becomes uncertain. Accrued interest for a security placed on nonaccrual is reversed against interest income. There was no accrued interest related to securities reversed against interest income for the years ended December 31, 2023 or 2022. The Company records its available-for-sale securities portfolio at fair value. Fair values of these securities are determined based on methodologies in accordance with current authoritative accounting guidance. Fair values are volatile and may be influenced by a number of factors, including market interest rates, prepayment speeds, discount rates, credit ratings and yield curves. Fair values for securities are based on quoted market prices, where available. If quoted market prices are not available, fair values are based on the quoted prices of similar instruments or an estimate of fair value by using a range of fair value estimates in the market place as a result of the illiquid market specific to the type of security. The Company’s investment portfolio currently consists of obligations of state and political subdivisions, mortgage pass-through securities, corporate bonds and general obligation or revenue based municipal bonds. Pricing for such securities is generally readily available and transparent in the market. The Company utilizes independent third-party pricing services to value its investment securities, which the Company reviews as well as the underlying pricing methodologies for reasonableness and to ensure such prices are aligned with pricing matrices. The Company validates prices supplied by the independent pricing services by comparison to prices obtained from other third-party sources on a quarterly basis. Allowance for Credit Losses – Available-for-Sale Securities For available-for-sale securities in an unrealized loss position, we first assess whether we intend to sell, or it is more likely than not that we will be required to sell the security before recovery of its amortized cost basis. If either of the criteria regarding intent or requirement to sell is met, any previously recognized allowances are charged-off and the security’s amortized cost basis is written down to fair value through income as a provision for credit losses. For available-for-sale securities that do not meet the aforementioned criteria, we evaluate whether the decline in fair value has resulted from credit losses or other factors. In making this assessment, management considers the extent to which fair value is less than amortized cost, any changes to the rating of the security by a rating agency, and adverse conditions specifically related to the security, among other factors. If this assessment indicates that a credit loss exists, the present value of cash flows expected to be collected from the security are compared to the amortized cost basis of the security. If the present value of cash flows expected to be collected is less than the amortized cost basis, a credit loss exists and an allowance for credit losses is recorded for the credit loss, limited by the amount that the fair value is less than the amortized cost basis. Management has made the accounting policy election to exclude accrued interest receivable on available-for-sale securities from the estimate of credit losses. Changes in the allowance for credit losses are recorded as provision for (or reversal of) credit losses. Available-for-sale securities are charged-off against the allowance or, in the absence of any allowance, written down through income when deemed uncollectible by management or when either of the aforementioned criteria regarding intent or requirement to sell is met. At December 31, 2023 and 2022 , no allowance for credit losses on available-for-sale securities was recorded. Allowance for Credit Losses – Held-to-Maturity Securities The allowance for credit losses on held-to-maturity securities is a contra-asset valuation account, calculated in accordance with ASC 326, that is deducted from the amortized cost basis of held-to-maturity securities to present management’s best estimate of the net amount expected to be collected. Held-to-maturity securities are charged-off against the allowance when deemed uncollectible by management. Adjustments to the allowance are reported in our income statement as a component of credit loss expense. Management measures expected credit losses on held-to-maturity securities on a collective basis by major security type with each type sharing similar risk characteristics and considers historical credit loss information that is adjusted for current conditions and reasonable and supportable forecasts. Management has made the accounting policy election to exclude accrued interest receivable on held-to-maturity securities from the estimate of credit losses. At December 31, 2023 and 2022 , the Company held no securities that were classified as held-to-maturity. Loans Held-for-Investment Loans that management has the intent and ability to hold for the foreseeable future or until maturity or payoff are reported at amortized cost, net of the allowance for credit losses. Amortized cost is the principal balance outstanding, net of purchase premiums and discounts, fair value hedge accounting adjustments, deferred loan fees and costs. The Company has made a policy election to exclude accrued interest from the amortized cost basis of loans and report accrued interest separately from the related loan balance in other assets on the condensed consolidated balance sheets. Interest on loans is calculated by using the simple interest method on daily balances of the principal amounts outstanding. The Company defers and amortizes net loan origination fees and costs as an adjustment to yield. Loans are considered past due if the required principal and interest payments have not been received as of the date such payments were due. Loans are placed on nonaccrual status when, in management’s opinion, the borrower may be unable to meet payment obligations as they become due, as well as when required by regulatory provisions. In determining whether or not a borrower may be unable to meet payment obligations for each class of loans, we consider the borrower’s debt service capacity through the analysis of current financial information, if available, and/or current information with regards to our collateral position. Regulatory provisions would typically require the placement of a loan on nonaccrual status if 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 full payment of principal and interest is not expected. Loans may be placed on nonaccrual status regardless of whether or not such loans are considered past due. When interest accrual is discontinued, all unpaid accrued interest is reversed. Interest income on nonaccrual loans is recognized only to the extent that cash payments are received in excess of principal due. A loan may be returned to accrual status when all the principal and interest amounts contractually due are brought current and future principal and interest amounts contractually due are reasonably assured. Further information regarding our accounting policies related to past due loans, nonaccrual loans and troubled-debt restructurings is presented in Note 3. Acquired Loans Loans acquired in connection with acquisitions are recorded at their acquisition-date fair value. The allowance for credit losses related to the acquired loan portfolio is not carried over. Acquired loans are classified into two categories based on the credit risk characteristics of the underlying borrowers as either purchased credit deteriorated (“PCD”) loans, or loans with no evidence of credit deterioration (“non-PCD”). PCD loans are defined as a loan or pool of loans that have experienced more-than-insignificant credit deterioration since the origination date. The Company uses a combination of individual and pooled review approaches to determine if acquired loans are PCD. At acquisition, the Company considers a number of factors to determine if an acquired loan or pool of loans has experienced more-than-insignificant credit deterioration. The initial allowance related to PCD loans that share similar risk characteristics is established using a pooled approach. The Company uses either a discounted cash flow or weighted average remaining life method to determine the required level of the allowance. PCD loans that were classified as nonaccrual as of the acquisition date and are collateral dependent are assessed for allowance on an individual basis. For PCD loans, an initial allowance for credit losses is established on the acquisition date. Subsequent to the acquisition date, the initial allowance for credit losses on PCD loans will increase or decrease based on future evaluations, with changes recognized in the provision for credit losses. Non-PCD loans are pooled into segments together with originated loans that share similar risk characteristics and have an allowance established on the acquisition date, which is recognized in the current period provision for credit losses as well as a fair value adjustment to the amortized cost of the loan and accreted into income over the life of the loan. Determining the fair value of the acquired loans involves estimating the principal and interest payment cash flows expected to be collected on the loans and discounting those cash flows at a market rate of interest. Management considers a number of factors in evaluating the acquisition-date fair value including the remaining life, interest rate profile, market interest rate environment, payment schedules, risk ratings, probability of default and loss given default, and estimated prepayment rates. For PCD loans, the non-credit discount or premium is allocated to individual loans as determined by the difference between the loan’s unpaid principal balance and amortized cost basis. For non-PCD loans, the fair value discount or premium is allocated to individual loans and recognized into interest income on a level yield basis over the remaining expected life of the loan. Allowance for Credit Losses—Loans The allowance for credit losses (“allowance” or “ACL”) is a contra-asset valuation account, calculated in accordance with ASC 326, that is deducted from the amortized cost basis of loans. The ACL represents an amount which, in management’s judgement, is adequate to absorb the lifetime expected credit losses that may be experienced on outstanding loans at the balance sheet date based on the evaluation of the size and current risk characteristics of the loan portfolio, past events, current conditions, reasonable and supportable forecasts of future economic conditions and prepayment experience. The allowance for credit losses is measured and recorded upon the initial recognition of a financial asset. Determination of the adequacy of the allowance is inherently complex and requires the use of significant and highly subjective estimates. Loans are charged-off against the allowance when deemed uncollectible by management. Expected recoveries do not exceed the aggregate of amounts previously charged-off and expected to be charged-off. Adjustments to the allowance are reported in our income statement as a component of the provision for credit losses. Management has made the accounting policy election to exclude accrued interest receivable on loans from the estimate of credit losses. The Company’s methodology for estimating the allowance includes: (1) a collective quantified reserve that reflects the Company’s historical default and loss experience adjusted for expected economic conditions throughout a reasonable and supportable period and the Company’s prepayment and curtailment rates; (2) collective qualitative factors based on the risk perceived in concentrations of the loan portfolio, changes in economic conditions, early delinquencies, and factors related to credit administrations, including, among others, underwriting standards, loan-to-value ratios, and borrowers’ risk rating; and (3) individual allowances on loans where borrowers are experiencing financial difficulty or when the Company determines that the foreclosure is probable. In calculating the allowance for credit losses, most loans are segmented into pools based upon similar characteristics and risk profiles. Common characteristics and risk profiles include the type/purpose of loan, underlying collateral, geographical similarity and historical/expected credit loss patterns. In developing these loan pools for the purposes of modeling expected credit losses, we also analyzed the degree of correlation in how loans within each portfolio respond when subjected to varying economic conditions and scenarios as well as other portfolio stress factors. For modeling purposes, our loan portfolio segments include C&I, Municipal, Agricultural, Construction and Development, Farm, Non-Owner Occupied and Owner Occupied CRE, Residential, Consumer Auto and Consumer Non-Auto. We periodically reassess 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. Refer to Note 3 for more details on the Company’s portfolio segments. The Company applies two methodologies to estimate the allowance on its pooled portfolio segments; discounted cash flows method and weighted average remaining life method. Allowance estimates on the following portfolio segments are calculated using the discounted cash flows method: C&I, Municipal, Construction and Development, Farm, Non-Owner Occupied and Owner Occupied CRE and Residential. Allowance estimates on the following portfolio segments are calculated using the remaining life method: Agriculture, Consumer Auto and Consumer Non-Auto. The models related to these methodologies utilize the Company’s historical default and loss experience adjusted for future economic forecasts. The reasonable and supportable forecast period represents a one-year economic outlook for the applicable economic variables. Following the end of the reasonable and supportable forecast period expected losses revert back to the historical mean over the next two years on a straight-line basis. Economic variables that have the most significant impact on the allowance include; Texas unemployment rate, Texas house price index and Texas retail sales index. Contractual loan level cash flows within the discounted cash flows methodology are adjusted for the Company’s historical prepayment and curtailment rate experience. In some cases, management may determine that an individual loan exhibits unique risk characteristics which differentiate the loan from other loans within our loan pools. In such cases, the loans are evaluated for expected credit losses on an individual basis and excluded from the collective evaluation. Specific allocations of the allowance for credit losses are determined by analyzing the borrower’s ability to repay amounts owed, collateral deficiencies, the relative risk rating of the loan and economic conditions affecting the borrower’s industry, among other things. A loan is considered to be collateral dependent when, based upon management’s assessment, the borrower is experiencing financial difficulty and repayment is expected to be provided substantially through the sale of the collateral. In such cases, expected credit losses are based on the fair value of the collateral at the measurement date, adjusted for estimated selling costs if satisfaction of the loan depends on the sale of the collateral. We reevaluate the fair value of collateral supporting collateral dependent loans on an ongoing basis. Management qualitatively adjusts model results for risk factors that are not considered within our modeling processes but are nonetheless relevant in assessing the expected credit losses within our loan pools. These qualitative factor (“Q-Factor”) adjustments may increase management’s estimate of expected credit losses based upon the estimated level of risk within the risk factor. The various risk factors that may be considered in making Q-Factor adjustments include, among other things, the impact of (i) changes in lending policies and procedures, including changes in underwriting standards and practices for collections, write-offs, and recoveries, (ii) actual and expected changes in national, regional, and local economic and business conditions and developments that affect the collectability of the loan pools, (iii) changes in the nature, volume and size of a loan or the loan pools and in the terms of the underlying loans, (iv) changes in the experience, ability, and depth of our lending management and staff, (v) changes in volume and severity of past due financial assets, the volume of nonaccrual assets, and the volume and severity of adversely classified or graded assets, (vi) changes in the quality of our credit review function, (vii) changes in the value of the underlying collateral for loans that are non-collateral dependent, (viii) the existence, growth, and effect of any concentrations of credit, and (ix) other factors such as the regulatory, legal and technological environments; competition; and events such as natural disasters or health pandemics. Management believes it uses relevant information available to make determinations about the allowance and that it has established the existing allowance in accordance with GAAP. However, the determination of the allowance requires significant judgment, and estimates of expected lifetime losses in the loan portfolio can vary significantly from the amounts actually observed. While management uses available information to recognize expected losses, future additions to the allowance may be necessary based on changes in the loans comprising the portfolio, changes in the current and forecasted economic conditions, changes to the interest rate environment which may directly impact prepayment and curtailment rate assumptions, and changes in the financial condition of borrowers. Allowance for Credit Losses—Off-Balance-Sheet/Reserve for Unfunded Commitments The allowance for credit losses on off-balance-sheet credit exposures is a liability account, calculated in accordance with ASC 326, representing expected credit losses over the contractual period for which we are exposed to credit risk resulting from a contractual obligation to extend credit. These obligations include unfunded lines of credit, commitments to extend credit and federal funds sold to correspondent banks and standby letters of credit. No allowance is recognized if we have the unconditional right to cancel the obligation. The allowance is reported as a component of accrued interest payable and other liabilities in our consolidated balance sheets. Adjustments to the allowance are reported in our income statement as a component of the provision for credit losses. At December 31, 2023 and 2022, the Company’s reserve for unfunded commitments totaled $ 7,903,000 and $ 12,323,000 , respectively, which is included in other liabilities in the consolidated balance sheet. Other Real Estate Other real estate owned is foreclosed property held pending disposition and is initially recorded at fair value, less estimated costs to sell. At foreclosure, if the fair value of the real estate, less estimated costs to sell, is less than the Company’s recorded investment in the related loan, a write-down is recognized through a charge to the ACL. Any subsequent reduction in value is recognized by a charge to income. Operating and holding expenses of such properties, net of related income, and gains and losses on their disposition are included in net gain (loss) on sale of foreclosed assets as incurred. Bank Premises and Equipment Bank premises and equipment are stated at cost less accumulated depreciation and amortization. Depreciation and amortization are computed principally on a straight-line basis over the estimated useful lives of the related assets. Leasehold improvements are amortized over the life of the respective lease or the estimated useful lives of the improvements, whichever is shorter. Business Combinations, Goodwill and Other Intangible Assets The Company accounts for all business combinations under the purchase method of accounting. Tangible and intangible assets and liabilities of the acquired entity are recorded at fair value. Intangible assets with finite useful lives represent the future benefit associated with the acquisition of the core deposits and are amortized over seven years , utilizing a method that approximates the expected attrition of the deposits. Goodwill with an indefinite life is not amortized, but rather tested annually for impairment as of June 30 each year and totaled $ 313,481,000 at both December 31, 2023 and 2022 , respectively. There was no impairment recorded for the years ended December 31, 2023, 2022 and 2021. The carrying amount of goodwill arising from acquisitions that qualify as an asset purchase for federal income tax purposes was $ 8,826,000 a nd $ 11,233,000 at December 31, 2023 and 2022 , respectively, and is deductible for federal income tax purposes. Securities Sold Under Agreements To Repurchase Securities sold under agreements to repurchase, which are classified as borrowings, generally mature within one to four days from the transaction date. Securities sold under agreements to repurchase are reflected at the amount of the cash received in connection with the transaction. The Company may be required to provide additional collateral based on the estimated fair value of the underlying securities. Segment Reporting The Company has determined that its banking regions meet the aggregation criteria of the current authoritative accounting guidance since each of its banking regions offer similar products and services, operate in a similar manner, have similar customers and report to the same regulatory authority, and therefore operate one line of business (community banking) located in a single geographic area (Texas). Statements of Cash Flows For purposes of reporting cash flows, cash and cash equivalents includes cash on hand, amounts due from banks, including interest-bearing deposits in banks with original maturity of 90 days or less , and federal funds sold. Accumulated Other Comprehensive Income (Loss) Unrealized net losses on the Company’s available-for-sale securities, net of applicable income taxes, totaled $ 403,298,000 and $ 535,228,000 at December 31, 2023 and December 31, 2022 , respectively, are included in accumulated other comprehensive earnings (loss) as a separate component of shareholders' equity. Income Taxes The Company’s provision for income taxes is based on income before income taxes adjusted for permanent differences between financial reporting and taxable income. Deferred tax assets and liabilities are determined using the liability (or balance sheet) method. Under this method, the net deferred tax asset or liability is determined based on the tax effects of the temporary differences between the book and tax bases of the various balance sheet assets and liabilities and gives current recognition to changes in tax rates and laws. See note 9 for more information on deferred income taxes. Stock Based Compensation The Company grants stock options for a fixed number of shares to employees with an exercise price equal to the fair value using the Black-Scholes model of the shares at the grant date. The grant date fair value is amortized over the vesting period which generally is three, five or six years. The Company also grants restricted stock and/or units for a fixed number of shares which generally vests over periods of one to three years and performance stock units which vest over a three-year period based on Company performance metrics relative to a defined peer group. For stock option grants, the exercise price is established based on the closing trading price of the Company's common stock and for restricted grants, the fair value of the grant is also measured based on the closing trading price. No adjustments have been necessary to properly value the grant based on the terms or other conditions of the grants. Expense is recognized based on the fair value of the portion of stock-based payment awards that are ultimately expected to vest, reduced for forfeitures based on grant-date fair value. See Note 17 for further information. Advertising Costs Advertising costs are expensed as incurred. Per Share Data Net earnings per share (“EPS”) are computed by dividing net earnings by the weighted average number of common stock shares outstanding during the period. The Company calculates diluted EPS assuming all outstanding stock options to purchase common shares and unvested restricted stock shares have been exercised and/or vested at the beginning of the year (or the time of issuance, if later.) The dilutive effect of the outstanding options and restricted stock is determined by application of the treasury stock method, whereby the proceeds from the exercised options and unearned compensation for restricted stock are assumed to be used to purchase common shares at the average market price during the respective year. Anti-dilutive shares for the years ended December 31, 2023 and 2022 were 473,000 and 1,261,000 , respectively, and were excluded from the computation of EPS. There were no such anti-dilutive stock options for the year ended December 31, 2021 . The following table reconciles the computation of basic EPS to diluted EPS: For the Year Ended December 31, 2023: Net Earnings Weighted Per Share Net earnings per share, basic $ 198,977 142,688,585 $ 1.39 Effect of stock options and stock grants — 250,392 — Net earnings per share, diluted $ 198,977 142,938,977 $ 1.39 For the Year Ended December 31, 2022: Net earnings per share, basic $ 234,475 142,596,252 $ 1.64 Effect of stock options and stock grants — 611,647 — Net earnings per share, diluted $ 234,475 143,207,899 $ 1.64 For the Year Ended December 31, 2021: Net earnings per share, basic $ 227,562 142,291,939 $ 1.60 Effect of stock options and stock grants — 842,281 ( 0.01 ) Net earnings per share, diluted $ 227,562 143,134,220 $ 1.59 Other Recently Issued and Effective Authoritative Accounting Guidance ASU 2020-04, "Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting." ASU 2020-04 provides optional expedients and exceptions for accounting related to contracts, hedging relationships and other transactions affected by reference rate reform if certain criteria are met. ASU 2020-04 applies only to contracts, hedging relationships, and other transactions that reference the London Interbank Offered Rate ("LIBOR") or another reference rate expected to be discontinued because of reference rate reform and do not apply to contract modifications made and hedging relationships entered into or evaluated after December 31, 2022, except for hedging relationships existing as of December 31, 2022, that an entity has elected certain optional expedients for and that are retained through the end of the hedging relationship. ASU 2020-04 was effective upon issuance and generally can be applied through December 31, 2022. The adoption of ASU 2020-04 did not have a significant impact on our financial statements. ASU 2021-01, "Reference Rate Reform (Topic 848): Scope." ASU 2021-01 clarifies that certain optional expedients and exceptions in ASC 848 for contract modifications and hedge accounting apply to derivatives that are affected by the discounting transition. ASU 2021-01 also amends the expedients and exceptions in ASC 848 to capture the incremental consequences of the scope clarification and to tailor the existing guidance to derivative instruments affected by the discounting transition. ASU 2021-01 was effective upon issuance and generally can be applied through December 31, 2022. The adoption of 2021-01 did not have a significant impact on our financial statements. ASU 2022-02, "Financial Instruments - Credit Losses (Topic 326): Troub |
Securities
Securities | 12 Months Ended |
Dec. 31, 2023 | |
Cash and Cash Equivalents [Abstract] | |
Securities | 2. SECURITIES: Debt securities have been classified in the consolidated balance sheets according to management’s intent. The amortized cost, related gross unrealized gains and losses, allowance for credit losses and the fair value of available-for-sale securities are as follows (dollars in thousands): December 31, 2023 Amortized Gross Gross Estimated Securities available-for-sale: U.S. Treasury securities $ 496,975 $ 4 $ ( 14,745 ) $ 482,234 Obligations of state and political subdivisions 1,621,405 934 ( 125,182 ) 1,497,157 Residential mortgage-backed securities 2,716,968 7 ( 352,883 ) 2,364,092 Commercial mortgage-backed securities 295,663 — ( 11,339 ) 284,324 Corporate bonds and other 112,670 — ( 7,715 ) 104,955 Total securities available-for-sale $ 5,243,681 $ 945 $ ( 511,864 ) $ 4,732,762 December 31, 2022 Amortized Gross Gross Estimated Securities available-for-sale: U.S. Treasury securities $ 508,275 $ 11 $ ( 25,737 ) $ 482,549 Obligations of state and political subdivisions 2,104,193 1,217 ( 206,799 ) 1,898,611 Residential mortgage-backed securities 3,034,120 8 ( 417,562 ) 2,616,566 Commercial mortgage-backed securities 392,914 1 ( 18,046 ) 374,869 Corporate bonds and other 112,846 — ( 11,082 ) 101,764 Total securities available-for-sale $ 6,152,348 $ 1,237 $ ( 679,226 ) $ 5,474,359 The Company did no t hold any securities classified as held-to-maturity for the years ended December 31, 2023 and 2022. The Company invests in mortgage-backed securities that have expected maturities that differ from their contractual maturities. These differences arise because borrowers may have the right to call or prepay obligations with or without a prepayment penalty. These securities include collateralized mortgage obligations (CMOs) and other asset backed securities. The expected maturities of these securities at December 31, 2023, were computed by using scheduled amortization of balances and historical prepayment rates. The amortized cost and estimated fair value of available-for-sale securities at December 31, 2023, by contractual maturity, are shown below (in thousands): Amortized Estimated Due within one year $ 360,853 $ 355,802 Due after one year through five years 1,399,375 1,308,406 Due after five years through ten years 2,751,006 2,455,882 Due after ten years 732,447 612,672 Total $ 5,243,681 $ 4,732,762 The following tables disclose, as of December 31, 2023 and 2022 , the Company’s investment securities that have been in a continuous unrealized-loss position for less than 12 months and for 12 or more months (in thousands): Less than 12 Months 12 Months or Longer Total December 31, 2023 Fair Unrealized Fair Unrealized Fair Unrealized U.S. Treasury Securities $ 3,477 $ 7 $ 477,306 $ 14,738 $ 480,783 $ 14,745 Obligations of state and political 11,855 34 1,427,975 125,148 1,439,830 125,182 Residential mortgage-backed securities 1,631 1 2,361,089 352,882 2,362,720 352,883 Commercial mortgage-backed securities — — 284,324 11,339 284,324 11,339 Corporate bonds and other — — 104,955 7,715 104,955 7,715 Total $ 16,963 $ 42 $ 4,655,649 $ 511,822 $ 4,672,612 $ 511,864 Less than 12 Months 12 Months or Longer Total December 31, 2022 Fair Unrealized Fair Unrealized Fair Unrealized U.S. Treasury Securities $ 307,012 $ 11,650 $ 173,105 $ 14,087 $ 480,117 $ 25,737 Obligations of state and political 770,469 55,943 946,571 150,856 1,717,040 206,799 Residential mortgage-backed securities 470,970 37,065 2,143,869 380,497 2,614,839 417,562 Commercial mortgage-backed securities 319,303 11,677 54,862 6,369 374,165 18,046 Corporate bonds and other $ 41,920 $ 1,698 $ 59,844 $ 9,384 101,764 11,082 Total $ 1,909,674 $ 118,033 $ 3,378,251 $ 561,193 $ 5,287,925 $ 679,226 The number of investments in an unrealized loss position totaled 780 at December 31, 2023. Any unrealized losses in the U.S. treasuries and government agencies, state and municipal, mortgage-backed and asset-backed investment securities at December 31, 2023 are due to changes in interest rates and not credit-related events. As such, no allowance for credit losses is required at December 31, 2023. Unrealized losses on investment securities are expected to recover over time as these securities approach maturity. Based on evaluations of impaired securities as of December 31, 2023, the Company does not intend to sell any impaired available for sale securities before fair value recovers to the current amortized cost, and it is more-likely-than-not that the Company will not be required to sell impaired securities before fair value recovers, which may be maturity. Our mortgage related securities are backed by GNMA, FNMA and FHLMC or are collateralized by securities backed by these agencies. At December 31, 2023 and 2022, 66.15 % and 71.86 % , respectively, of our available-for-sale securities that are obligations of states and political subdivisions were issued within the State of Texas, of which 56.16 % and 54.77 % , respectively, were guaranteed by the Texas Permanent School Fund. Securities, carried at approximately $ 2,964,467,000 and $ 4,070,454,000 on December 31, 2023 and 2022, respectively, were pledged as collateral for public or trust fund deposits, repurchase agreements, borrowings and for other purposes required or permitted by law. During 2023, 2022 and 2021, sales of investment securities that were classified as available-for-sale totaled $ 411,134,000 , $ 479,273,000 and $ 10,631,000 . Gross realized gains from 2023, 2022 and 2021 securities sales and calls were $ 1,699,000 , $ 6,618,000 and $ 815,000 , respectively. Gross realized losses from 2023 and 2022 securities sales and calls were $ 8,818,000 and $ 4,474,000 , respectively. There were no gross realized losses from security sales and calls during 2021. The specific identification method was used to determine cost in order to compute the realized gains and losses |
Loans and Allowance for Credit
Loans and Allowance for Credit Losses | 12 Months Ended |
Dec. 31, 2023 | |
Receivables [Abstract] | |
LOANS AND ALLOWANCE FOR CREDIT LOSSES | 3. LOANS AND ALLOWANCE FOR CREDIT LOSSES: For the year ended December 31, 2023, the tables to follow outline the Company’s loan portfolio by the ten portfolio segments where applicable. Loans held-for-investment by portfolio segment are as follows (dollars in thousands): December 31, 2023 2022 Commercial: C&I * $ 1,164,811 $ 917,317 Municipal 214,850 221,090 Total Commercial 1,379,661 1,138,407 Agricultural 84,890 76,947 Real Estate: Construction & Development 963,158 959,426 Farm 344,954 306,322 Non-Owner Occupied CRE 827,969 732,089 Owner Occupied CRE 1,037,281 954,400 Residential 1,834,593 1,575,758 Total Real Estate 5,007,955 4,527,995 Consumer: Auto 521,859 550,635 Non-Auto 154,426 147,884 Total Consumer 676,285 698,519 Total Loans 7,148,791 6,441,868 Less: Allowance for credit losses ( 88,734 ) ( 75,834 ) Loans, net $ 7,060,057 $ 6,366,034 * All disclosures for the C&I loan segment include PPP loan balances, net of deferred fees, as disclosed on the face of the consolidated balance sheet. Outstanding loan balances at December 31, 2023 and 2022, are net of unearned income, including net deferred loan fees. Our subsidiary bank has established a line of credit with the Federal Home Loan Bank of Dallas (“FHLB”) to provide liquidity and meet pledging requirements for those customers eligible to have securities pledged to secure certain uninsured deposits. At December 31, 2023 , this available line of credit was $ 1,858,173,000 . At December 31, 2023 , there was $ 813,000,000 used on the line advance for undisbursed commitments (letters of credit) used to secure public funds. At December 31, 2023, $ 4,980,020,000 in loans held by our bank subsidiary were subject to blanket liens as security for this line of credit. The Company’s nonaccrual loans, loans still accruing and past due 90 days or more and restructured loans are as follows (dollars in thousands): December 31, 2023 2022 Nonaccrual loans $ 33,609 $ 24,325 Loans still accruing and past due 90 days or more 1,004 — Total nonperforming loans (1) $ 34,613 $ 24,325 (1) With the adoption of ASU 2022-02, effective January 1, 2023, troubled debt restructuring ("TDR") accounting has been eliminated. The Company had $ 35,096,000 and $ 24,325,000 in nonaccrual, past due 90 days or more and still accruing, and foreclosed assets at December 31, 2023 and 2022 , respectively. Nonaccrual loans totaled $ 33,609,000 and $ 24,325,000 at December 31, 2023 and 2022, respectively, and consisted of the following (in thousands): December 31, 2023 2022 Commercial: C&I $ 4,132 $ 5,057 Municipal — — Total Commercial 4,132 5,057 Agricultural 155 324 Real Estate: Construction & Development 1,444 1,567 Farm 4,804 85 Non-Owner Occupied CRE 8,022 2,321 Owner Occupied CRE 6,822 7,092 Residential 7,649 7,419 Total Real Estate 28,741 18,484 Consumer: Auto 464 429 Non-Auto 117 31 Total Consumer 581 460 Total $ 33,609 $ 24,325 The Company recognized interest income on nonaccrual loans prior to being recognized as nonaccrual of approximately $ 1,714,000 , $ 1,607,000 and $ 2,122,000 during the years ended December 31, 2023, 2022 and 2021, respectively. No significant additional funds are committed to be advanced in connection with nonaccrual loans as of December 31, 2023. Summary information on the allowance for credit losses for the year ended December 31, 2023 and 2022, are outlined by portfolio segment in the following tables (in thousands): Year-ended December 31, 2023 C&I Municipal Agricultural Construction & Farm Beginning balance $ 16,129 $ 1,026 $ 1,041 $ 26,443 $ 1,957 Provision for loan losses 1,118 ( 831 ) ( 37 ) 2,004 957 Recoveries 267 — 286 106 — Charge-offs ( 1,816 ) — ( 9 ) — — Ending balance $ 15,698 $ 195 $ 1,281 $ 28,553 $ 2,914 Year-ended December 31, 2023 (continued) Non-Owner Owner Residential Auto Non-Auto Total Beginning balance $ 9,075 $ 9,928 $ 9,075 $ 845 $ 315 $ 75,834 Provision for loan losses 4,279 3,668 2,813 573 506 15,050 Recoveries 71 227 24 398 170 1,549 Charge-offs — ( 10 ) ( 258 ) ( 1,006 ) ( 600 ) ( 3,699 ) Ending balance $ 13,425 $ 13,813 $ 11,654 $ 810 $ 391 $ 88,734 Year-ended December 31, 2022 C&I Municipal Agricultural Construction & Farm Beginning balance $ 12,280 $ 348 $ 1,597 $ 17,627 $ 663 Provision for loan losses 3,485 678 ( 702 ) 8,916 1,294 Recoveries 953 — 155 — — Charge-offs ( 589 ) — ( 9 ) ( 100 ) — Ending balance $ 16,129 $ 1,026 $ 1,041 $ 26,443 $ 1,957 Year-ended December 31, 2022 (continued) Non-Owner Owner Residential Auto Non-Auto Total Beginning balance $ 10,722 $ 10,828 $ 8,133 $ 896 $ 371 $ 63,465 Provision for loan losses ( 2,499 ) ( 1,062 ) 1,014 252 164 11,540 Recoveries 852 699 114 293 215 3,281 Charge-offs — ( 537 ) ( 186 ) ( 596 ) ( 435 ) ( 2,452 ) Ending balance $ 9,075 $ 9,928 $ 9,075 $ 845 $ 315 $ 75,834 Additionally, the Company records a reserve for unfunded commitments in other liabilities which totaled $ 7,903,000 and $ 12,323,000 at December 31, 2023 and 2022 , respectively. The $ 15,050,000 provision for loan losses in 2023 above is combined with the reversal of provision for unfunded commitments of $ 4,419,000 and reported in the aggregate under the provision for credit losses in the statement of earnings for the year ended December 31, 2023. The provision for loan losses above of $ 11,540,000 in 2022 is combined with the provision for unfunded commitments of $ 5,887,000 and reported in the aggregate under the provision for credit losses in the statement of earnings for the year ended December 31, 2022. The Company’s loans that are individually evaluated for credit losses (both collateral and non-collateral dependent) and their related allowances as of December 31, 2023 and December 31, 2022, are summarized in the following table by loan segment (in thousands): December 31, 2023 Collateral Collateral Non-Collateral Total Loans Related Related Total Commercial: C&I $ 1,322 $ 2,810 $ 18,633 $ 22,765 $ 1,363 $ 4,495 $ 5,858 Municipal — — 733 733 — — — Total Commercial 1,322 2,810 19,366 23,498 1,363 4,495 5,858 Agricultural 57 98 1,304 1,459 50 700 750 Real Estate: Construction & Development 758 686 22,545 23,989 148 2,253 2,401 Farm — 4,804 1,362 6,166 937 57 994 Non-Owner Occupied CRE 1,919 6,103 29,117 37,139 700 2,984 3,684 Owner Occupied CRE 4,661 2,161 35,746 42,568 232 1,431 1,663 Residential 3,909 3,740 30,257 37,906 360 1,799 2,159 Total Real Estate 11,247 17,494 119,027 147,768 2,377 8,524 10,901 Consumer: Auto — 464 2,125 2,589 1 3 4 Non-Auto — 117 782 899 — 60 60 Total Consumer — 581 2,907 3,488 1 63 64 Total $ 12,626 $ 20,983 $ 142,604 $ 176,213 $ 3,791 $ 13,782 $ 17,573 December 31, 2022 Collateral Collateral Non-Collateral Total Loans Related Related Total Commercial: C&I $ — $ 5,057 $ 24,325 $ 29,382 $ 3,513 $ 4,885 $ 8,398 Municipal — — 58 58 — — — Total Commercial — 5,057 24,383 29,440 3,513 4,885 8,398 Agricultural 116 209 354 679 122 276 398 Real Estate: Construction & Development 577 990 4,873 6,440 193 112 305 Farm — 85 1,578 1,663 2 34 36 Non-Owner Occupied CRE 2,062 259 36,037 38,358 16 2,341 2,357 Owner Occupied CRE 4,363 2,728 29,115 36,206 91 1,509 1,600 Residential 5,132 2,268 28,583 35,983 229 1,215 1,444 Total Real Estate 12,134 6,330 100,186 118,650 531 5,211 5,742 Consumer: Auto — 429 931 1,360 1 1 2 Non-Auto — 31 538 569 — 1 1 Total Consumer — 460 1,469 1,929 1 2 3 Total $ 12,250 $ 12,056 $ 126,392 $ 150,698 $ 4,167 $ 10,374 $ 14,541 The Company’s allowance for loans that are individually evaluated for credit losses and collectively evaluated for credit losses as of December 31, 2023 and December 31, 2022 , are summarized in the following table by loan segment (in thousands). Allocation of a portion of the allowance to one category of loans does not preclude its availability to absorb losses in other categories. December 31, 2023 C&I Municipal Agricultural Construction Farm Loans individually evaluated for credit losses $ 5,858 $ — $ 750 $ 2,401 $ 994 Loans collectively evaluated for credit losses 9,840 195 531 26,152 1,920 Total $ 15,698 $ 195 $ 1,281 $ 28,553 $ 2,914 December 31, 2023 (continued) Non-Owner Owner Residential Auto Non-Auto Total Loans individually evaluated for credit losses $ 3,684 $ 1,663 $ 2,159 $ 4 $ 60 $ 17,573 Loans collectively evaluated for credit losses 9,741 12,150 9,495 806 331 71,161 Total $ 13,425 $ 13,813 $ 11,654 $ 810 $ 391 $ 88,734 December 31, 2022 C&I Municipal Agricultural Construction Farm Loans individually evaluated for credit losses $ 8,398 $ — $ 398 $ 305 $ 36 Loans collectively evaluated for credit losses 7,731 1,026 643 26,138 1,921 Total $ 16,129 $ 1,026 $ 1,041 $ 26,443 $ 1,957 December 31, 2022 (continued) Non-Owner Owner Residential Auto Non-Auto Total Loans individually evaluated for credit losses $ 2,357 $ 1,600 $ 1,444 $ 2 $ 1 $ 14,541 Loans collectively evaluated for credit losses 6,718 8,328 7,631 843 314 61,293 Total $ 9,075 $ 9,928 $ 9,075 $ 845 $ 315 $ 75,834 The Company’s recorded investment in loans as of December 31, 2023 and December 31, 2022, related to the balance in the allowance for credit losses follows below (in thousands). December 31, 2023 C&I Municipal Agriculture Construction & Farm Loans individually evaluated for credit losses $ 22,765 $ 733 $ 1,459 $ 23,989 $ 6,166 Loans collectively evaluated for credit losses 1,142,046 214,117 83,431 939,169 338,788 Total $ 1,164,811 $ 214,850 $ 84,890 $ 963,158 $ 344,954 December 31, 2023 (continued) Non-Owner Owner Residential Auto Non-Auto Total Loans individually evaluated for credit losses $ 37,139 $ 42,568 $ 37,906 $ 2,589 $ 899 $ 176,213 Loans collectively evaluated for credit losses 790,830 994,713 1,796,687 519,270 153,527 6,972,578 Total $ 827,969 $ 1,037,281 $ 1,834,593 $ 521,859 $ 154,426 $ 7,148,791 December 31, 2022 C&I Municipal Agriculture Construction & Farm Loans individually evaluated for credit losses $ 29,382 $ 58 $ 679 $ 6,440 $ 1,663 Loans collectively evaluated for credit losses 887,935 221,032 76,268 952,986 304,659 Total $ 917,317 $ 221,090 $ 76,947 $ 959,426 $ 306,322 December 31, 2022 (continued) Non-Owner Owner Residential Auto Non-Auto Total Loans individually evaluated for credit losses $ 38,358 $ 36,206 $ 35,983 $ 1,360 $ 569 $ 150,698 Loans collectively evaluated for credit losses 693,731 918,194 1,539,775 549,275 147,315 6,291,170 Total $ 732,089 $ 954,400 $ 1,575,758 $ 550,635 $ 147,884 $ 6,441,868 From a credit risk standpoint, the Company rates its loans in one of five categories: (i) pass, (ii) special mention, (iii) substandard, (iv) doubtful or (v) loss (which are charged-off). The ratings of loans reflect a judgment about the risks of default and loss associated with the loan. The Company reviews the ratings on our credits as part of our on-going monitoring of the credit quality of our loan portfolio. Ratings are adjusted to reflect the degree of risk and loss that are felt to be inherent in each credit as of each reporting period. Our methodology is structured so that specific allocations are increased in accordance with deterioration in credit quality (and a corresponding increase in risk and loss) or decreased in accordance with improvement in credit quality (and a corresponding decrease in risk and loss). Credits rated special mention show clear signs of financial weaknesses or deterioration in credit worthiness, however, such concerns are not so pronounced that the Company generally expects to experience significant loss within the short-term. Such credits typically maintain the ability to perform within standard credit terms and credit exposure is not as prominent as credits rated more harshly. Credits rated substandard are those in which the normal repayment of principal and interest may be, or has been, jeopardized by reason of adverse trends or developments of a financial, managerial, economic or political nature, or important weaknesses exist in collateral. A protracted workout on these credits is a distinct possibility. Prompt corrective action is therefore required to strengthen the Company’s position, and/or to reduce exposure and to assure that adequate remedial measures are taken by the borrower. Credit exposure becomes more likely in such credits and a serious evaluation of the secondary support to the credit is performed. Credits rated doubtful are those in which full collection of principal appears highly questionable, and which some degree of loss is anticipated, even though the ultimate amount of loss may not yet be certain and/or other factors exist which could affect collection of debt. Based upon available information, positive action by the Company is required to avert or minimize loss. Credits rated doubtful are generally also placed on nonaccrual. The following tables summarize the Company’s internal ratings of its loans held-for-investment, including the year of origination, by portfolio segments, at December 31, 2023 (in millions): December 31, 2023 2022 2021 2020 2019 Prior Revolving Total C&I Risk rating: Pass $ 720 $ 276 $ 73 $ 36 $ 14 $ 23 $ — $ 1,142 Special mention 1 1 — — 1 — — 3 Substandard 12 2 2 1 1 2 — 20 Doubtful — — — — — — — — Total $ 733 $ 279 $ 75 $ 37 $ 16 $ 25 $ — $ 1,165 Year-to-Date Gross Charge-Offs $ — $ — $ 1 $ — $ — $ — $ — $ 1 December 31, 2023 2022 2021 2020 2019 Prior Revolving Total Municipal Risk rating: Pass $ 25 $ 83 $ 15 $ 10 $ 1 $ 80 $ — $ 214 Special mention — — — — — — — — Substandard — — 1 — — — — 1 Doubtful — — — — — — — — Total $ 25 $ 83 $ 16 $ 10 $ 1 $ 80 $ — $ 215 Year-to-Date Gross Charge-Offs $ — $ — $ — $ — $ — $ — $ — $ — December 31, 2023 2022 2021 2020 2019 Prior Revolving Total Agricultural Risk rating: Pass $ 63 $ 15 $ 4 $ 1 $ 1 $ — $ — $ 84 Special mention — — — — — — — — Substandard 1 — — — — — — 1 Doubtful — — — — — — — — Total $ 64 $ 15 $ 4 $ 1 $ 1 $ — $ — $ 85 Year-to-Date Gross Charge-Offs $ — $ — $ — $ — $ — $ — $ — $ — December 31, 2023 2022 2021 2020 2019 Prior Revolving Total Construction & Development Risk rating: Pass $ 515 $ 311 $ 78 $ 20 $ 9 $ 6 $ — $ 939 Special mention 8 2 — — — — — 10 Substandard 9 4 1 — — — — 14 Doubtful — — — — — — — — Total $ 532 $ 317 $ 79 $ 20 $ 9 $ 6 $ — $ 963 Year-to-Date Gross Charge-Offs $ — $ — $ — $ — $ — $ — $ — $ — December 31, 2023 2022 2021 2020 2019 Prior Revolving Total Farm Risk rating: Pass $ 101 $ 111 $ 73 $ 24 $ 8 $ 22 $ — $ 339 Special mention — — — — — — — — Substandard — — — 5 — 1 — 6 Doubtful — — — — — — — — Total $ 101 $ 111 $ 73 $ 29 $ 8 $ 23 $ — $ 345 Year-to-Date Gross Charge-Offs $ — $ — $ — $ — $ — $ — $ — $ — December 31, 2023 2022 2021 2020 2019 Prior Revolving Total Non-Owner Occupied CRE Risk rating: Pass $ 167 $ 232 $ 172 $ 106 $ 41 $ 73 $ — $ 791 Special mention — 5 1 — — 2 — 8 Substandard 2 1 2 7 13 4 — 29 Doubtful — — — — — — — — Total $ 169 $ 238 $ 175 $ 113 $ 54 $ 79 $ — $ 828 Year-to-Date Gross Charge-Offs $ — $ — $ — $ — $ — $ — $ — $ — December 31, 2023 2022 2021 2020 2019 Prior Revolving Total Owner Occupied CRE Risk rating: Pass $ 154 $ 305 $ 217 $ 114 $ 62 $ 142 $ — $ 994 Special mention 1 1 4 — 1 1 — 8 Substandard 3 6 4 — 7 15 — 35 Doubtful — — — — — — — — Total $ 158 $ 312 $ 225 $ 114 $ 70 $ 158 $ — $ 1,037 Year-to-Date Gross Charge-Offs $ — $ — $ — $ — $ — $ — $ — $ — December 31, 2023 2022 2021 2020 2019 Prior Revolving Total Residential Risk rating: Pass $ 477 $ 415 $ 313 $ 158 $ 67 $ 229 $ 138 $ 1,797 Special mention 1 2 2 2 — 3 1 11 Substandard 4 4 3 3 3 7 3 27 Doubtful — — — — — — — — Total $ 482 $ 421 $ 318 $ 163 $ 70 $ 239 $ 142 $ 1,835 Year-to-Date Gross Charge-Offs $ — $ — $ — $ — $ — $ — $ — $ — December 31, 2023 2022 2021 2020 2019 Prior Revolving Total Auto Risk rating: Pass $ 195 $ 212 $ 74 $ 26 $ 10 $ 2 $ — $ 519 Special mention — — — — — — — — Substandard — 1 1 1 — — — 3 Doubtful — — — — — — — — Total $ 195 $ 213 $ 75 $ 27 $ 10 $ 2 $ — $ 522 Year-to-Date Gross Charge-Offs $ — $ 1 $ — $ — $ — $ — $ — $ 1 December 31, 2023 2022 2021 2020 2019 Prior Revolving Total Non-Auto Risk rating: Pass $ 71 $ 47 $ 22 $ 4 $ 1 $ 1 $ 7 $ 153 Special mention — — — — — — — — Substandard 1 — — — — — — 1 Doubtful — — — — — — — — Total $ 72 $ 47 $ 22 $ 4 $ 1 $ 1 $ 7 $ 154 Year-to-Date Gross Charge-Offs $ — $ — $ — $ — $ — $ — $ — $ — December 31, 2023 2022 2021 2020 2019 Prior Revolving Total Total Loans Risk rating: Pass $ 2,488 $ 2,007 $ 1,041 $ 499 $ 214 $ 578 $ 145 $ 6,972 Special mention 11 11 7 2 2 6 1 40 Substandard 32 18 14 17 24 29 3 137 Doubtful — — — — — — — — Total $ 2,531 $ 2,036 $ 1,062 $ 518 $ 240 $ 613 $ 149 $ 7,149 Year-to-Date Gross Charge-Offs $ — $ 1 $ 1 $ — $ — $ — $ — $ 2 The following tables summarize the Company’s internal ratings of its loans held-for-investment, including the year of origination by portfolio segments, at December 31, 2022 (in millions): December 31, 2022 2021 2020 2019 2018 Prior Revolving Total C&I Risk rating: Pass $ 627 $ 157 $ 52 $ 22 $ 16 $ 13 $ — $ 887 Special mention 4 1 2 1 — — — 8 Substandard 13 5 2 1 1 — — 22 Doubtful — — — — — — — — Total $ 644 $ 163 $ 56 $ 24 $ 17 $ 13 $ — $ 917 December 31, 2022 2021 2020 2019 2018 Prior Revolving Total Municipal Risk rating: Pass $ 79 $ 19 $ 15 $ 4 $ 20 $ 84 $ — $ 221 Special mention — — — — — — — — Substandard — — — — — — — — Doubtful — — — — — — — — Total $ 79 $ 19 $ 15 $ 4 $ 20 $ 84 $ — $ 221 December 31, 2022 2021 2020 2019 2018 Prior Revolving Total Agricultural Risk rating: Pass $ 60 $ 9 $ 3 $ 2 $ 1 $ 1 $ — $ 76 Special mention — — — — — — — — Substandard — 1 — — — — — 1 Doubtful — — — — — — — — Total $ 60 $ 10 $ 3 $ 2 $ 1 $ 1 $ — $ 77 December 31, 2022 2021 2020 2019 2018 Prior Revolving Total Construction & Development Risk rating: Pass $ 638 $ 218 $ 70 $ 13 $ 8 $ 7 $ — $ 954 Special mention 1 — — — — — — 1 Substandard 4 1 — — — — — 5 Doubtful — — — — — — — — Total $ 643 $ 219 $ 70 $ 13 $ 8 $ 7 $ — $ 960 December 31, 2022 2021 2020 2019 2018 Prior Revolving Total Farm Risk rating: Pass $ 147 $ 85 $ 32 $ 11 $ 8 $ 21 $ — $ 304 Special mention — — — — — — — — Substandard 1 — — — — 1 — 2 Doubtful — — — — — — — — Total $ 148 $ 85 $ 32 $ 11 $ 8 $ 22 $ — $ 306 December 31, 2022 2021 2020 2019 2018 Prior Revolving Total Non-Owner Occupied CRE Risk rating: Pass $ 258 $ 191 $ 100 $ 49 $ 21 $ 75 $ — $ 694 Special mention — 1 1 11 — 7 — 20 Substandard 8 1 1 2 1 5 — 18 Doubtful — — — — — — — — Total $ 266 $ 193 $ 102 $ 62 $ 22 $ 87 $ — $ 732 December 31, 2022 2021 2020 2019 2018 Prior Revolving Total Owner Occupied CRE Risk rating: Pass $ 316 $ 224 $ 128 $ 74 $ 63 $ 113 $ — $ 918 Special mention 1 — 1 8 — 1 — 11 Substandard 1 2 1 2 9 10 — 25 Doubtful — — — — — — — — Total $ 318 $ 226 $ 130 $ 84 $ 72 $ 124 $ — $ 954 December 31, 2022 2021 2020 2019 2018 Prior Revolving Total Residential Risk rating: Pass $ 513 $ 355 $ 173 $ 82 $ 64 $ 214 $ 139 $ 1,540 Special mention 1 3 2 — — 3 1 10 Substandard 6 3 2 2 1 9 3 26 Doubtful — — — — — — — — Total $ 520 $ 361 $ 177 $ 84 $ 65 $ 226 $ 143 $ 1,576 December 31, 2022 2021 2020 2019 2018 Prior Revolving Total Auto Risk rating: Pass $ 331 $ 131 $ 55 $ 25 $ 6 $ 2 $ — $ 550 Special mention — — — — — — — — Substandard — — 1 — — — — 1 Doubtful — — — — — — — — Total $ 331 $ 131 $ 56 $ 25 $ 6 $ 2 $ — $ 551 December 31, 2022 2021 2020 2019 2018 Prior Revolving Total Non-Auto Risk rating: Pass $ 85 $ 41 $ 9 $ 3 $ 1 $ 1 $ 7 $ 147 Special mention — — — — — — — — Substandard — 1 — — — — — 1 Doubtful — — — — — — — — Total $ 85 $ 42 $ 9 $ 3 $ 1 $ 1 $ 7 $ 148 December 31, 2022 2021 2020 2019 2018 Prior Revolving Total Total Loans Risk rating: Pass $ 3,054 $ 1,430 $ 637 $ 285 $ 208 $ 531 $ 146 $ 6,291 Special mention 7 5 6 20 — 11 1 50 Substandard 33 14 7 7 12 25 3 101 Doubtful — — — — — — — — Total $ 3,094 $ 1,449 $ 650 $ 312 $ 220 $ 567 $ 150 $ 6,442 At December 31, 2023 and 2022, the Company’s past due loans are as follows (in thousands): December 31, 2023 15-59 60-89 Greater Total Current Total Loans 90 Days Commercial: C&I $ 8,789 $ 1,624 $ 1,700 $ 12,113 $ 1,152,698 $ 1,164,811 $ 141 Municipal 102 — — 102 214,748 214,850 — Total Commercial 8,891 1,624 1,700 12,215 1,367,446 1,379,661 141 Agricultural 850 246 4 1,100 83,790 84,890 — Real Estate: Construction & Development 8,887 2,115 1,856 12,858 950,300 963,158 863 Farm 1,024 195 — 1,219 343,735 344,954 — Non-Owner Occupied CRE 3,565 — — 3,565 824,404 827,969 — Owner Occupied CRE 2,818 240 1,823 4,881 1,032,400 1,037,281 — Residential 12,293 828 2,816 15,937 1,818,656 1,834,593 — Total Real Estate 28,587 3,378 6,495 38,460 4,969,495 5,007,955 863 Consumer: Auto 1,482 251 24 1,757 520,102 521,859 — Non-Auto 341 51 — 392 154,034 154,426 — Total Consumer 1,823 302 24 2,149 674,136 676,285 — Total $ 40,151 $ 5,550 $ 8,223 $ 53,924 $ 7,094,867 $ 7,148,791 $ 1,004 December 31, 2022 15-59 60-89 Greater Total Current Total Loans 90 Days Commercial: C&I $ 3,924 $ 297 $ 1,646 $ 5,867 $ 911,450 $ 917,317 $ — Municipal 76 783 — 859 220,231 221,090 — Total Commercial 4,000 1,080 1,646 6,726 1,131,681 1,138,407 — Agricultural 243 — — 243 76,704 76,947 — Real Estate: Construction & Development 3,751 — 175 3,926 955,500 959,426 — Farm 668 — — 668 305,654 306,322 — Non-Owner Occupied CRE 1,444 160 — 1,604 730,485 732,089 — Owner Occupied CRE 1,151 — — 1,151 953,249 954,400 — Residential 8,720 707 266 9,693 1,566,065 1,575,758 — Total Real Estate 15,734 867 441 17,042 4,510,953 4,527,995 — Consumer: Auto 779 30 — 809 549,826 550,635 — Non-Auto 50 — — 50 147,834 147,884 — Total Consumer 829 30 — 859 697,660 698,519 — Total $ 20,806 $ 1,977 $ 2,087 $ 24,870 $ 6,416,998 $ 6,441,868 $ — * The Company monitors commercial, agricultural and real estate loans after such loans are 15 days past due. Consumer loans are monitored after such loans are 30 days past due. Modifications of receivables to debtors experiencing financial difficulty On January 1, 2023, the Company adopted the accounting guidance in ASU 2022-02, which eliminates the recognition and measurement of a TDR. Due to the removal of the TDR designation, the Company evaluates all loan restructurings according to the accounting guidance for loan modifications to determine if the restructuring results in a new loan or a continuation of the existing loan. Loan modifications to borrowers experiencing financial difficulty that result in a direct change in the timing or amount of contractual cash flows include situations where there is principal forgiveness, term extensions, interest rate reduction, and combinations of the listed modifications. Therefore, the disclosures related to loan restructurings are only for modifications that directly affect cash flows. An assessment of whether a borrower is experiencing financial difficulty is made on the date of a modification. Because the effect of most modifications made to borrowers experiencing financial difficulty is already included in the allowance for credit losses due to the measurement methodologies used to estimate the allowance, a change to the allowance for credit losses is generally not recorded upon modification. During the year ended December 31, 2023, loan modifications made to borrowers experiencing financial difficulty was insignificant. An analysis of the changes in loans to officers, directors, principal shareholders, or associates of such persons for the year ended December 31, 2023 (determined as of each respective year-end) follows (in thousands): Beginning Additional Payments Ending Year Ended December 31, 2023 $ 107,767 $ 104,519 $ 140,242 $ 72,044 In the opinion of management, those loans are on substantially the same terms, including interest rates and collateral requirements, as those prevailing at the time for comparable transactions with unaffiliated persons. |
Loans Held for Sale
Loans Held for Sale | 12 Months Ended |
Dec. 31, 2023 | |
Debt Disclosure [Abstract] | |
Loans Held for Sale | 4. LOANS HELD-FOR-SALE: Loans held-for-sale totaled $ 14,253,000 and $ 11,965,000 at December 31, 2023 and 2022, respectively. At December 31, 2023 and 2022, $ 3,176,000 and $ 1,468,000 , respectively, are valued at the lower of cost or fair value, and the remaining amount are valued under the fair value option. The change to the fair value option for loans held-for-sale was effective at June 30, 2018 and was done in conjunction with the Company’s move to mandatory delivery in the secondary market and the purchase of forward mortgage-backed securities to manage the changes in fair value (see Note 5 for additional information). These loans, which are sold on a servicing released basis, are valued using a market approach by utilizing either: (i) the fair value of the securities backed by similar mortgage loans, adjusted for certain factors to approximate the fair value of a whole mortgage loan, including the value attributable to mortgage servicing and credit risk, (ii) current commitments to purchase loans or (iii) recent observable market trades for similar loans, adjusted for credit risk and other individual loan characteristics. As these prices are derived from market observable inputs, the Company classifies these valuations as Level 2 in the fair value disclosures (see Note 10). Interest income on mortgage loans held-for-sale is recognized based on the contractual rates and reflected in interest income on loans in the consolidated statements of earnings. The Company has no continuing ownership in any of these residential mortgage loans sold. The Company originates certain mortgage loans for sale in the secondary market. The mortgage loan sales contracts contain indemnification clauses should the loans default, generally in the first three to six months, or if documentation is determined not to be in compliance with regulations. The Company’s historic losses as a result of these indemnities have been insignificant. |
Derivative Financial Instrument
Derivative Financial Instruments | 12 Months Ended |
Dec. 31, 2023 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Financial Instruments | 5. DERIVATIVE FINANCIAL INSTRUMENTS : The Company enters into IRLCs with customers to originate residential mortgage loans at a specific interest rate that are ultimately sold in the secondary market. These commitments, which contain fixed expiration dates, offer the borrower an interest rate guarantee provided the loan meets underwriting guidelines and closes within the timeframe established by the Company. The Company purchases forward mortgage-backed securities contracts to manage the changes in fair value associated with changes in interest rates related to a portion of the IRLCs. These instruments are typically entered into at the time the IRLC is made in the aggregate. The fair values of IRLCs are based on current secondary market prices for underlying loans and estimated servicing value with similar coupons, maturity and credit quality, subject to the anticipated loan funding probability (pull-through rate) net of estimated costs to originate the loan. The fair value of IRLCs is subject to change primarily due to changes in interest rates and the estimated pull-through rate. These commitments are classified as Level 2 in the fair value disclosures (see Note 10), as the valuations are based on observable market inputs. Forward mortgage-backed securities contracts are exchange-traded or traded within highly active dealer markets. In order to determine the fair value of these instruments, the Company utilizes the exchange price or dealer market price for the particular derivative contract and these instruments are therefore classified as Level 2 in the fair value disclosures (see Note 10). The estimated fair values are subject to change primarily due to changes in interest rates. The impact of these forward contracts is included in gain on sale and fees on mortgage loans in the statement of earnings. These financial instruments are not designated as hedging instruments for accounting purposes. All derivatives are carried at fair value in either other assets or other liabilities, which changes in fair value recorded through earnings in the statement of earnings. The following table provides the outstanding notional balances and fair values of outstanding derivative positions (in thousands): December 31, 2023: Outstanding Asset Liability IRLCs $ 28,956 $ 427 $ — Forward mortgage-backed securities trades 35,000 — 288 December 31, 2022: Outstanding Asset Liability IRLCs $ 41,664 $ 400 $ — Forward mortgage-backed securities trades 45,000 85 — |
Bank Premises and Equipment
Bank Premises and Equipment | 12 Months Ended |
Dec. 31, 2023 | |
Property, Plant and Equipment [Abstract] | |
Bank Premises and Equipment | 6. BANK PREMISES AND EQUIPMENT : The following is a summary of bank premises and equipment (in thousands): Useful Life December 31, 2023 2022 Land — $ 39,481 $ 38,703 Buildings 20 to 40 years 167,450 164,371 Furniture and equipment 3 to 10 years 62,644 62,715 Leasehold improvements Lesser of lease term 5 to 15 years 2,936 2,949 272,511 268,738 Less: accumulated depreciation and amortization ( 120,723 ) ( 115,765 ) Total bank premises and equipment $ 151,788 $ 152,973 Depreciation expense for the years ended December 31, 2023, 2022 and 2021 amounted to $ 10,842,000 , $ 10,818,000 and $ 10,504,000 , respectively, and is included in the captions net occupancy expense and equipment expense in the accompanying consolidated statements of earnings. The Company is lessor for portions of its banking premises. Total rental income for all leases included in net occupancy expense is approximately $ 2,742,000 , $ 2,665,000 and $ 2,622,000 , for the years ended December 31, 2023, 2022 and 2021 , respectively. |
Deposits and Borrowings
Deposits and Borrowings | 12 Months Ended |
Dec. 31, 2023 | |
Deposits [Abstract] | |
Deposits and Borrowings | 7. DEPOSITS AND BORROWINGS: Time deposits of $ 250,000 or more totaled approximately $ 370,505,000 and $ 194,536,000 at December 31, 2023 and 2022, respectively. At December 31, 2023, the scheduled maturities of time deposits (in thousands) were, as follows: Year ending December 31, 2024 864,669 2025 32,103 2026 14,165 2027 8,803 2028 19,240 Thereafter — $ 938,980 Deposits received from related parties at December 31, 2023 and 2022 totaled $ 101,973,000 and $ 198,096,000 , respectively. Borrowings at December 31, 2023 and 2022 consisted of the following (in thousands): December 31, 2023 2022 Securities sold under agreements with customers to $ 381,928 $ 618,829 Federal funds purchased 1,100 2,625 Other borrowings 21,053 21,053 Total $ 404,081 $ 642,507 Securities sold under repurchase agreements are generally with significant customers of the Company that require short-term liquidity for their funds for which the Company pledges certain securities that have a fair value equal to at least the amount of the borrowings. The agreements mature daily and therefore the risk arising from a decline in the fair value of the collateral pledged is minimal. The securities pledged are mortgage-backed securities. These agreements do not include “right of set-off” provisions and therefore the Company does not offset such agreements for financial reporting purposes. The weighted average interest rate on federal funds purchased, securities sold under repurchase agreements and advances from the FHLB was 3.27 % and 1.96 % at December 31, 2023 and 2022, respectively. During 2021, the Company invested in qualifying Community Development Entities ("CDE") under the federal New Market Tax Credits ("NMTC") program. See Note 9 for further discussion of our activity and related balances on the consolidated balance sheets, including the $ 21,053,000 in other borrowings shown above. |
Line of Credit
Line of Credit | 12 Months Ended |
Dec. 31, 2023 | |
Debt Disclosure [Abstract] | |
Line of Credit | 8. LINE OF CREDIT: The Company renewed its loan agreement, effective June 30, 2023, with Frost Bank. Under the loan agreement, as renewed and amended, we are permitted to draw up to $ 25,000,000 on a revolving line of credit. Prior to June 30, 2025, interest will be paid quarterly at The Wall Street Journal Prime Rate and the line of credit matures June 30, 2025 . If a balance exists at June 30, 2025, the principal balance converts to a term facility payable quarterly over five years and interest is paid quarterly at The Wall Street Journal Prime Rate. The line of credit is unsecured. Among other provisions in the credit agreement, we must satisfy certain financial covenants during the term of the loan agreement, including, without limitation, covenants that require us to maintain certain capital, loan loss reserve, non-performing asset and cash flow coverage ratios. In addition, the credit agreement contains certain operational covenants, which among others, restricts the payment of dividends above 55 % of consolidated net income, limits the incurrence of debt (excluding any amounts acquired in an acquisition) and prohibits the disposal of assets except in the ordinary course of business. Since 1995, we have historically declared dividends as a percentage of our consolidated net income in a range of 36 % (low) in 2021 and 2020 to 53 % (high) in 2003 and 2006. The Company was in compliance with the financial and operational covenants at December 31, 2023 . There was no outstanding balance under the line of credit as of December 31, 2023 or 2022 . |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2023 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 9. INCOME TAXES: The Company files a consolidated federal income tax return. Income tax expense is comprised of the following (in thousands): Year Ended December 31, 2023 2022 2021 Current federal income tax $ 44,335 $ 50,429 $ 40,527 Current state income tax 346 175 350 Deferred federal income tax expense (benefit) ( 359 ) ( 4,205 ) 3,531 Income tax expense $ 44,322 $ 46,399 $ 44,408 Income tax expense, as a percentage of pretax earnings, differs from the statutory federal income tax rate as follows: As a Percent of Pretax Earnings 2023 2022 2021 Statutory federal income tax rate 21.0 % 21.0 % 21.0 % Reductions in tax rate resulting from interest income ( 3.8 ) ( 4.4 ) ( 4.7 ) Other 1.0 ( 0.1 ) 0.0 Effective income tax rate 18.2 % 16.5 % 16.3 % The approximate effects of each type of difference that gave rise to the Company’s deferred tax assets and liabilities at December 31, 2023 and 2022 are as follows (in thousands): 2023 2022 Deferred tax assets: Tax basis of loans in excess of financial statement basis $ 21,546 $ 19,474 Recognized for financial reporting purposes but not yet 3,525 3,303 Net unrealized loss on investment securities available-for- 107,206 142,276 Other deferred tax assets 727 1,038 Total deferred tax assets $ 133,004 $ 166,091 Deferred tax liabilities: Financial statement basis of fixed assets in excess of tax $ 7,164 $ 6,019 Intangible asset amortization deductible for tax purposes, 14,207 13,866 Recognized for financial reporting purposes but not yet 718 644 Other deferred tax liabilities 115 51 Total deferred tax liabilities $ 22,204 $ 20,580 Net deferred tax asset (liability) $ 110,800 $ 145,511 At December 31, 2023 and 2022 , management believes that it is more likely than not that all of the deferred tax assets shown above will be realized and therefore no valuation allowance was recorded. Low Income Housing Tax Credit Investments - During 2021, the Company began investing in an affordable housing fund that will invest in real estate projects that qualify for the federal low income housing tax credit (“LIHTC”) program designed to promote private development of low income housing. The investments made by the fund will generate a return to the Company primarily through the realization of LIHTCs, and also through federal tax deductions generated from the ongoing operating losses from the investees of the fund. The Company’s investment in the fund will be amortized through income tax expense using the proportional amortization method as related tax credits are utilized by the Company. The initial capital contribution commitment to the fund was for up to $ 5,500,000 . Contributions were $ 615,000 and $ 131,000 at December 31, 2023 and 2022, respectively, which is included in other assets. New Market Tax Credits - During 2021, the Company began investing in qualifying CDEs under the federal NMTC program. NMTC investments are made through the third-party CDEs which are qualified through the U.S. Department of the Treasury and receive periodic allocation of amounts under the NMTC program. NMTCs are generated from qualified investments by the CDEs utilizing equity investments made by a taxpayer, like the Company. Through these equity investments, the Company will receive the tax benefits from the NMTCs equal to 39 % of the qualified investment from the CDE to qualifying eligible projects over a seven year period. The Company’s equity investments in the CD Es is amortized using the proportional amortization method and related tax credits are allocated to the Company. At December 31, 2023 and 2022 , the consolidated balance sheet of the Company included an $ 18,000,000 loan to the investee in loans and the $ 21,053,000 leveraged loan from the investee in other borrowings (see Note 7). At December 31, 2023 and 2022 , the consolidated balance sheet of the Company included CDE investments in other assets of $ 25,738,000 and $ 26,825,000 , respectively. Current authoritative accounting guidance prescribes a recognition threshold and a measurement attribute for the financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return. Benefits from tax positions should be recognized in the financial statements only when it is more likely than not that the tax position will be sustained upon examination by the appropriate taxing authority that would have full knowledge of all relevant information. A tax position that meets the more-likely-than-not recognition threshold is measured at the largest amount of cumulative benefit that is greater than fifty percent likely of being realized upon ultimate settlement. Tax positions that previously failed to meet the more-likely-than-not recognition threshold should be recognized in the first subsequent financial reporting period in which that threshold is met. Previously recognized tax positions that no longer meet the more-likely-than-not recognition threshold should be derecognized in the first subsequent financial reporting period in which that threshold is no longer met. Current authoritative accounting guidance also provides guidance on the accounting for and disclosure of unrecognized tax benefits, interest and penalties. The Company concluded the tax benefits of positions taken and expected to be taken on its tax returns should be recognized in the financial statements under this guidance. The Company files income tax returns in the U.S. federal jurisdiction and state margin tax returns in the state of Texas. We are no longer subject to U.S. federal income tax examinations by tax authorities for years before 2019 or Texas state tax examinations by tax authorities for years before 2020. As of December 31, 2023 and 2022 , the Company believes that there are no uncertain tax positions. |
Fair Value Disclosures
Fair Value Disclosures | 12 Months Ended |
Dec. 31, 2023 | |
Fair Value Disclosures [Abstract] | |
Fair Value Disclosures | 10. FAIR VALUE DISCLOSURES: The authoritative accounting guidance for fair value measurements defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. A fair value measurement assumes that the transaction to sell the asset or transfer the liability occurs in the principal market for the asset or liability or, in the absence of a principal market, the most advantageous market for the asset or liability. The price in the principal (or most advantageous) market used to measure the fair value of the asset or liability shall not be adjusted for transaction costs. An orderly transaction is a transaction that assumes exposure to the market for a period prior to the measurement date to allow for marketing activities that are usual and customary for transactions involving such assets and liabilities; it is not a forced transaction. Market participants are buyers and sellers in the principal market that are (i) independent, (ii) knowledgeable, (iii) able to transact, and (iv) willing to transact. The authoritative accounting guidance requires the use of valuation techniques that are consistent with the market approach, the income approach and/or the cost approach. The market approach uses prices and other relevant information generated by market transactions involving identical or comparable assets and liabilities. The income approach uses valuation techniques to convert future amounts, such as cash flows or earnings, to a single present amount on a discounted basis. The cost approach is based on the amount that currently would be required to replace the service capacity of an asset (replacement costs). Valuation techniques should be consistently applied. Inputs to valuation techniques refer to the assumptions that market participants would use in pricing the asset or liability. Inputs may be observable, meaning those that reflect the assumptions market participants would use in pricing the asset or liability developed based on market data obtained from independent sources, or unobservable, meaning those that reflect the reporting entity’s own assumptions about the assumptions market participants would use in pricing the asset or liability developed based on the best information available in the circumstances. In that regard, the authoritative guidance establishes a fair value hierarchy for valuation inputs that gives the highest priority to quoted prices in active markets for identical assets or liabilities and the lowest priority to unobservable inputs. The fair value hierarchy is as follows: • Level 1 Inputs – Unadjusted quoted prices in active markets for identical assets or liabilities that the reporting entity has the ability to access at the measurement date. • Level 2 Inputs – Inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. These include quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the asset or liability (for example, interest rates, volatilities, prepayment speeds, loss severities, credit risks and default rates) or inputs that are derived principally from or corroborated by observable market data by correlation or other means. • Level 3 Inputs – Significant unobservable inputs that reflect an entity’s own assumptions that market participants would use in pricing the assets or liabilities. A description of the valuation methodologies used for assets and liabilities measured at fair value, as well as the general classification of such instruments pursuant to the valuation hierarchy, is set forth below. In general, fair value is based upon quoted market prices, where available. If such quoted market prices are not available, fair value is based upon internally developed models that primarily use, as inputs, observable market-based parameters. Valuation adjustments may be made to ensure that financial instruments are recorded at fair value. While management believes the Company’s valuation methodologies are appropriate and consistent with other market participants, the use of different methodologies or assumptions to determine the fair value of certain financial instruments could result in a different estimate of fair value at the reporting date. Securities classified as available-for-sale and trading are reported at fair value utilizing Level 1 and Level 2 inputs. For these securities, the Company obtains fair value measurements from an independent pricing service. The fair value measurements consider observable data that may include market spreads, cash flows, the United States Treasury yield curve, live trading levels, trade execution data, dealer quotes, market consensus prepayments speeds, credit information and the security’s terms and conditions, among other items. See Notes 4 and 5 related to the determination of fair value for loans held-for-sale, IRLCs and forward mortgage-backed securities trades. There were no transfers between Level 2 and Level 3 during the years ended December 31, 2023, 2022 and 2021. The following table summarizes the Company’s available-for-sale securities, loans held-for-sale, and derivatives which are measured at fair value on a recurring basis as of December 31, 2023 and 2022 segregated by the level of the valuation inputs within the fair value hierarchy utilized to measure fair value (in thousands): December 31, 2023 Level 1 Level 2 Level 3 Total Fair Available-for-sale investment securities: U.S. Treasury securities $ 482,234 $ — $ — $ 482,234 Obligations of state and political subdivisions — 1,497,157 — 1,497,157 Corporate bonds — 100,471 — 100,471 Residential mortgage-backed securities — 2,364,092 — 2,364,092 Commercial mortgage-backed securities — 284,324 — 284,324 Other securities 4,484 — — 4,484 Total $ 486,718 $ 4,246,044 $ — $ 4,732,762 Loans held-for-sale $ — $ 11,077 $ — $ 11,077 IRLCs $ — $ 427 $ — $ 427 Forward mortgage-backed securities traded $ — $ ( 288 ) $ — $ ( 288 ) December 31, 2022 Level 1 Level 2 Level 3 Total Fair Available-for-sale investment securities: U.S. Treasury securities $ 482,549 $ — $ — $ 482,549 Obligations of state and political subdivisions — 1,898,611 — 1,898,611 Corporate bonds — 97,850 — 97,850 Residential mortgage-backed securities — 2,616,566 — 2,616,566 Commercial mortgage-backed securities — 374,869 — 374,869 Other securities 3,914 — — 3,914 Total $ 486,463 $ 4,987,896 $ — $ 5,474,359 Loans held-for-sale $ — $ 10,497 $ — $ 10,497 IRLCs $ — $ 400 $ — $ 400 Forward mortgage-backed securities traded $ — $ 85 $ — $ 85 The following table summarizes the Company’s loans held-for-sale at fair value and the net unrealized gains as of the balance sheet dates shown below (in thousands): December 31, 2023 2022 Unpaid principal balance on loans held-for-sale $ 10,757 $ 10,226 Net unrealized gains on loans held-for-sale 320 271 Loans held-for-sale at fair value $ 11,077 $ 10,497 The following table summarizes the Company’s gains on sale and fees of mortgage loans for the years ended December 31, 2023, 2022 and 2021 (in thousands): Years ended December 31, 2023 2022 2021 Realized gain on sale and fees on mortgage loans* $ 12,116 $ 20,357 $ 37,091 Change in fair value on loans held-for-sale and IRLCs 147 ( 1,554 ) ( 5,259 ) Change in forward mortgage-backed securities trades ( 373 ) 232 1,413 Total gain on sale of mortgage loans $ 11,890 $ 19,035 $ 33,245 * This includes gain on loans held-for-sale carried under the fair value method and lower of cost or market. No residential mortgage loans held-for-sale were 90 days or more past due or considered nonaccrual as of December 31, 2023 or 2022 . No significant credit losses were recognized on mortgage loans held-for-sale for the years ended December 31, 2023, 2022 and 2021. Certain non-financial assets and non-financial liabilities measured at fair value on a nonrecurring basis include other real estate owned, goodwill and other intangible assets and other non-financial long-lived assets. Non-financial assets measured at fair value on a nonrecurring basis during the years ended December 31, 2023 and 2022 include other real estate owned which, subsequent to their initial transfer to other real estate owned from loans, were re-measured at fair value through a write-down included in gain (loss) on sale of foreclosed assets. During the reported periods, all fair value measurements for foreclosed assets utilized Level 2 inputs based on observable market data, generally third-party appraisals, or Level 3 inputs based on customized discounting criteria. These appraisals are evaluated individually and discounted as necessary due to the age of the appraisal, lack of comparable sales, expected holding periods of property or special use type of the property. Such discounts vary by appraisal based on the above factors but generally range from 5 % to 25 % of the appraised value. Re-evaluation of other real estate owned is performed at least annually as required by regulatory guidelines or more often if particular circumstances arise. There were no other real estate owned properties that were re-measured subsequent to their initial transfer to other real estate owned during the years ended December 31, 2023 and 2022. At December 31, 2023 , other real estate owned totaled $ 483,000 . At December 31, 2022, the Company had no other real estate owned. The Company is required under current authoritative accounting guidance to disclose the estimated fair value of their financial instrument assets and liabilities including those subject to the requirements discussed above. For the Company, as for most financial institutions, substantially all of its assets and liabilities are considered financial instruments. Many of the Company’s financial instruments, however, lack an available trading market as characterized by a willing buyer and willing seller engaging in an exchange transaction. The estimated fair value amounts of financial instruments have been determined by the Company using available market information and appropriate valuation methodologies. However, considerable judgment is required to interpret data to develop the estimates of fair value. Accordingly, the estimates presented herein are not necessarily indicative of the amounts the Company could realize in a current market exchange. The use of different market assumptions and/or estimation methodologies may have a material effect on the estimated fair value amounts. In addition, reasonable comparability between financial institutions may not be likely due to the wide range of permitted valuation techniques and numerous estimates that must be made given the absence of active secondary markets for many of the financial instruments. This lack of uniform valuation methodologies also introduces a greater degree of subjectivity to these estimated fair values. Cash and due from banks, federal funds sold, interest-bearing deposits in banks and accrued interest receivable and payable are liquid in nature and considered Levels 1 or 2 of the fair value hierarchy. Financial instruments with stated maturities have been valued using a present value discounted cash flow with a discount rate approximating current market for similar assets and liabilities and are considered Levels 2 and 3 of the fair value hierarchy. Financial instrument liabilities with no stated maturities have an estimated fair value equal to both the amount payable on demand and the carrying value and are considered Level 1 of the fair value hierarchy. The carrying value and the estimated fair value of the Company’s contractual off-balance-sheet unfunded lines of credit, loan commitments and letters of credit, which are generally priced at market at the time of funding, are not material. The estimated fair values and carrying values of all financial instruments under current authoritative guidance at December 31, 2023 and 2022, were as follows (in thousands): 2023 2022 Carrying Estimated Carrying Estimated Fair Value Value Fair Value Value Fair Value Hierarchy Cash and due from banks $ 281,354 $ 281,354 $ 293,286 $ 293,286 Level 1 Interest-bearing demand deposits in banks 255,237 255,237 37,392 37,392 Level 1 Available-for-sale securities 4,732,762 4,732,762 5,474,359 5,474,359 Levels 1 and 2 Loans held-for-investment, net of allowance for 7,060,057 7,036,722 6,366,034 6,372,859 Level 3 Loans held-for-sale 14,253 14,378 11,965 11,965 Level 2 Accrued interest receivable 58,544 58,544 58,162 58,162 Level 2 Deposits with stated maturities 938,980 938,534 524,666 518,811 Level 2 Deposits with no stated maturities 10,199,320 10,199,320 10,480,841 10,480,841 Level 1 Repurchase Agreements 381,928 381,928 618,829 618,829 Level 2 Borrowings 22,153 22,153 23,678 23,678 Level 2 Accrued interest payable 10,215 10,215 1,121 1,121 Level 2 IRLCs 427 427 400 400 Level 2 Forward mortgage-backed securities trades ( 288 ) ( 288 ) 85 85 Level 2 |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 11. COMMITMENTS AND CONTINGENCIES: The Company is engaged in legal actions arising from the normal course of business. In management’s opinion, the Company has adequate legal defenses with respect to these actions, and as of December 31, 2023 the resolution of these matters is not expected to have material adverse effects upon the results of operations or financial condition of the Company. The Company leases a portion of its bank premises and equipment under operating leases. At December 31, 2023 , future minimum lease commitments were: 2024 - $ 605,000 , 2025 - $ 438,000 , 2026 - $ 117,000 , 2027 - $ 63,000 and 2028 - $ 23,000 and no ne thereafter. |
Financial Instruments with Off-
Financial Instruments with Off-Balance-Sheet Risk | 12 Months Ended |
Dec. 31, 2023 | |
Text Block [Abstract] | |
Financial Instruments with Off-Balance-Sheet Risk | 12. FINANCIAL INSTRUMENTS WITH OFF-BALANCE-SHEET RISK: We are a party to financial instruments with off-balance-sheet risk in the normal course of business to meet the financing needs of our customers. These financial instruments include unfunded lines of credit, commitments to extend credit and federal funds sold to correspondent banks and standby letters of credit. Those instruments involve, to varying degrees, elements of credit and interest rate risk in excess of the amount recognized in the consolidated balance sheets. At December 31, 2023 and 2022, the Company’s reserve for unfunded commitments totaled $ 7,903,000 and $ 12,323,000 , respectively, which is recorded in other liabilities. Our exposure to credit loss in the event of nonperformance by the counterparty to the financial instrument for unfunded lines of credit, commitments to extend credit and standby letters of credit is represented by the contractual notional amount of these instruments. We generally use the same credit policies in making commitments and conditional obligations as we do for on-balance sheet instruments. Commitments as of December 31, 2023 and 2022, are shown below (dollars in thousands): December 31, 2023 2022 Financial instruments whose contract amounts represent credit risk: Unfunded lines of credit $ 1,129,645 $ 1,103,286 Unfunded commitments to extend credit 758,351 916,287 Standby letters of credit 35,093 43,698 Total commitments $ 1,923,089 $ 2,063,271 The above table also does not include balances related to the Company’s IRLCs and forward mortgage-backed security trades. Unfunded lines of credit and 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. These 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. We evaluate each customer’s creditworthiness on a case-by-case basis. The amount of collateral obtained, as we deem necessary upon extension of credit, is based on our credit evaluation of the counterparty. Collateral held varies but may include accounts receivable, inventory, property, plant, and equipment and income-producing commercial properties. Standby letters of credit are conditional commitments we issue to guarantee the performance of a customer to a third-party. The credit risk involved in issuing letters of credit is essentially the same as that involved in extending loan facilities to customers. The average collateral value held on letters of credit usually exceeds the contract amount. We believe we have no other off-balance sheet arrangements or transactions with unconsolidated, special purpose entities that would expose us to liability that is not reflected on the face of the financial statements. |
Concentration of Credit Risk
Concentration of Credit Risk | 12 Months Ended |
Dec. 31, 2023 | |
Risks and Uncertainties [Abstract] | |
Concentration of Credit Risk | 13. CONCENTRATION OF CREDIT RISK: The Company grants commercial, retail, agriculture and residential real estate loans to customers primarily in North Central, Southeastern and West Texas. Although the Company has a diversified loan portfolio, a substantial portion of its borrowers’ ability to honor their commitments is dependent upon each local economic sector. In addition, the Company holds mortgage related securities which are guaranteed by GNMA, FNMA or FHLMC or are collateralized by loans backed by these agencies. |
Employee Benefit Plans
Employee Benefit Plans | 12 Months Ended |
Dec. 31, 2023 | |
Retirement Benefits [Abstract] | |
Employee Benefit Plans | 14. EMPLOYEE BENEFIT PLANS: The Company also provides a 401(k) plan and profit sharing plan, a qualified defined contribution plan, which covers substantially all full-time employees. The 401(k) feature allows employees to contribute a percentage of their base annual salary with a corresponding employer match. The profit sharing feature includes an employee stock ownership feature (“ESOP”). Employees are fully vested to the extent of their contributions and become fully vested in the Company’s profit sharing contributions over a six-year vesting period. The Company matches a maximum of 4 % on employee deferrals of 5 % of their employee compensation. Total expense for this match in 2023, 2022 and 2021 was $ 3,750,000 , $ 3,675,000 and $ 3,590,000 , respectively, and is included in salaries and employee benefits in the statements of earnings. Costs related to the Company’s profit sharing plan totaled approximately $ 1,373,000 , $ 4,233,000 and $ 10,134,000 in 2023, 2022 and 2021, respectively, and are included in salaries and employee benefits in the accompanying consolidated statements of earnings. As of December 31, 2023 and 2022, the profit sharing plan’s ESOP assets included First Financial Bankshares, Inc. common stock of 2,061,918 and 2,148,460 shares valued at approximately $ 62,476,000 and $ 73,907,000 , respectively. The Company has a non-qualified “excess benefit” plan where executives, whose Company contributions to the profit sharing plan and employer match under the 401(k) feature are curtailed due to Internal Revenue Service limitations, received contributions from the Company equal to the amount under qualified plans as if there had been no Internal Revenue Service limitations. This plan used the same contribution formula and vesting requirements as the 401(k) and profit sharing plan. This "Make Whole Plan" was frozen to new participants and contributions effective December 31, 2018. As of December 31, 2023 and 2022, the Make Whole Plan held 117,447 and 114,177 shares, respectively, in trust for the Company’s executives. There were no contributions to this plan during the years ended December 31, 2023, 2022 and 2021. The Company adopted a Supplemental Executive Retirement Plan (“SERP”), effective January 1, 2019, which was amended effective January 1, 2022. The SERP benefits certain key senior executives of the Company who are selected by the Board to participate. The SERP is intended to provide a benefit from the Company upon retirement, death, disability or voluntary or involuntary termination of services (other than “for cause”). Under the SERP, the Company may, but is not required to, make discretionary contributions to the executive’s accounts from time to time. The contributions may be fully vested or subject to vesting conditions imposed by the Board of Directors with respect to the contributions; provided, however, that all unvested amounts credited to an executive’s account will become fully vested upon the executive’s death or disability or upon the occurrence of a change of control (as defined in the SERP). Company contributions to the SERP on behalf of an executive are credited with earnings and losses based on the executive’s investment elections. The investment options under the SERP are currently the same as those offered under the Company’s profit sharing plan, except that Company stock is not an available investment option under the SERP. An executive’s vested account is payable to the participant following his or her termination in a single lump sum or installments, as elected by the participant. The SERP as amended allows selected participants to defer base and incentive compensation as well as the receipt of shares from vested restricted and performance stock units into the plan. At December 31, 2023 and 2022, other assets on the consolidated balance sheet include $ 3,518,000 and $ 2,172,000 of SERP balances, respectively. The Company made contributions totaling $ 198,000 , $ 445,000 and $ 1,163,000 to the SERP for the years ended December 31, 2023, 2022 and 2021, subsequent to the respective year ends, for certain executive officers. The Company has a directors’ deferred compensation plan whereby the directors may elect to defer up to 100 % of their directors’ fees. All deferred compensation is invested in the Company’s common stock held in a rabbi trust wherein the funds are used to purchase Company common shares on the open market. The stock is held in nominee name of the trustee, and the principal and earnings of the trust are held separate and apart from other funds of the Company and are used exclusively for the uses and purposes of the deferred compensation agreement. The accounts of the trust have been consolidated in the financial statements of the Company. As of December 31, 2023 and 2022, the rabbi trust held 930,152 and 929,210 shares, respectively, in trust for the Company’s directors and are reflected as treasury shares on the consolidated financial statements. The Company has acquired life insurance policies on certain current and former executives and directors of acquired entities. At December 31, 2023 and 2022, other assets on the consolidated balance sheet include $ 34,136,000 and $ 33,241,000 and reported cash value income (net of related insurance premium expenses) of $ 891,000 , $ 836,000 and $ 814,000 in 2023, 2022 and 2021 , respectively. |
Dividends from Subsidiaries
Dividends from Subsidiaries | 12 Months Ended |
Dec. 31, 2023 | |
Text Block [Abstract] | |
Dividends from Subsidiaries | 15. DIVIDENDS FROM SUBSIDIARIES: At December 31, 2023, $ 387,325,000 was available for the declaration of dividends by the Company’s subsidiaries without the prior approval of regulatory agencies. |
Regulatory Matters
Regulatory Matters | 12 Months Ended |
Dec. 31, 2023 | |
Deposits [Abstract] | |
Regulatory Matters | 16. REGULATORY MATTERS: Banking regulators measure capital adequacy by means of the risk-based capital ratios and the leverage ratio under the Basel III regulatory capital framework and prompt corrective action regulations. The risk-based capital rules provide for the weighting of assets and off-balance-sheet commitments and contingencies according to prescribed risk categories. Regulatory capital is then divided by risk-weighted assets to determine the risk-adjusted capital ratios. The leverage ratio is computed by dividing shareholders’ equity less intangible assets by quarter-to-date average assets less intangible assets. As of January 1, 2019, a 2.5 % capital conservation buffer Basel III was fully phased in. 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 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. As of December 31, 2023 and 2022, we had a total risk-based capital ratio of 19.62 % and 19.29 %, a Tier 1 capital to risk-weighted assets ratio of 18.50 % and 18.22 %; a common equity Tier 1 capital to risk-weighted assets ratio of 18.50 % and 18.22 %, and a Tier 1 leverage ratio of 12.06 % and 10.96 %, respectively. The regulatory capital ratios as of December 31, 2023 and 2022 were calculated under Basel III rules. As of December 31, 2023 and 2022, the regulatory capital ratios of the Company and Bank under the Basel III regulatory capital framework are as follows: Actual Minimum Capital Required to be As of December 31, 2023: Amount Ratio Amount Ratio Amount Ratio Total Capital to Risk-Weighted Assets: Consolidated $ 1,697,999 19.62 % $ 908,870 10.50 % $ 865,590 10.00 % First Financial Bank, N.A $ 1,518,365 17.59 % $ 906,541 10.50 % $ 863,372 10.00 % Tier 1 Capital to Risk-Weighted Assets: Consolidated $ 1,601,361 18.50 % $ 735,752 8.50 % $ 519,354 6.00 % First Financial Bank, N.A $ 1,421,727 16.47 % $ 733,866 8.50 % $ 690,698 8.00 % Common Equity Tier 1 Capital to Risk-Weighted Assets: Consolidated $ 1,601,361 18.50 % $ 605,913 7.00 % — N/A First Financial Bank, N.A $ 1,421,727 16.47 % $ 604,361 7.00 % $ 561,192 6.50 % Leverage Ratio: Consolidated $ 1,601,361 12.06 % $ 346,236 4.00 % — N/A First Financial Bank, N.A $ 1,421,727 10.75 % $ 345,349 4.00 % $ 431,686 5.00 % Actual Minimum Capital Required to be As of December 31, 2022: Amount Ratio Amount Ratio Amount Ratio Total Capital to Risk-Weighted Assets: Consolidated $ 1,586,888 19.29 % $ 863,622 10.50 % $ 822,497 10.00 % First Financial Bank, N.A $ 1,442,902 17.58 % $ 861,860 10.50 % $ 820,819 10.00 % Tier 1 Capital to Risk-Weighted Assets: Consolidated $ 1,498,731 18.22 % $ 699,122 8.50 % $ 493,498 6.00 % First Financial Bank, N.A $ 1,354,745 16.50 % $ 697,696 8.50 % $ 656,655 8.00 % Common Equity Tier 1 Capital to Risk-Weighted Assets: Consolidated $ 1,498,731 18.22 % $ 575,748 7.00 % — N/A First Financial Bank, N.A $ 1,354,745 16.50 % $ 574,573 7.00 % $ 533,532 6.50 % Leverage Ratio: Consolidated $ 1,498,731 10.96 % $ 546,983 4.00 % — N/A First Financial Bank, N.A $ 1,354,745 9.95 % $ 544,886 4.00 % $ 681,107 5.00 % In connection with the adoption of the Basel III regulatory capital framework, our subsidiary bank made the election to continue to exclude accumulated other comprehensive income from available-for-sale securities (“AOCI”) from capital in connection with its quarterly financial filing and, in effect, to retain the AOCI treatment under the prior capital rules. In connection with the First Financial Trust & Asset Management Company, N.A.’s (the “Trust Company”) application to obtain our trust charter, the Trust Company is required to maintain tangible net assets of $ 2,000,000 at all times. As of December 31, 2023, our Trust Company had tangible net assets totaling $ 56,731,000 . Our subsidiary bank may be required at times to maintain reserve balances with the Federal Reserve Bank. At December 31, 2023 and 2022 , there was no subsidiary bank’s reserve balance required, respectively. |
Stock Based Compensation
Stock Based Compensation | 12 Months Ended |
Dec. 31, 2023 | |
Share-Based Payment Arrangement [Abstract] | |
Stock Based Compensation | 17. STOCK BASED COMPENSATION: On April 27, 2021, the Company's shareholders approved the 2021 Omnibus Stock and Incentive Plan ("2021 Plan") and reserved 2,500,000 shares of the Company's common stock for issuance under this plan. At December 31, 2023, the Company had 1,580,195 shares of stock available for issuance under the 2021 Plan. The 2021 Plan supersedes all prior stock option and restricted stock plans with shares previously reserved for issuance under such plans cancelled. Restricted Stock Units Under the 2021 Plan, the Company grants restricted stock units under compensation agreements for the benefit of employees, executive officers and directors. Restricted stock unit grants are subject to time-based vesting. The total number of restricted stock units granted represents the maximum number of restricted stock units eligible to vest based upon the service conditions set forth in the grant agreements. The following table summarizes information about the changes in restricted stock units for the years ended December 31, 2023, 2022 and 2021, respectively. For the year ended For the year ended For the year ended December 31, 2023 December 31, 2022 December 31, 2021 Restricted Weighted Restricted Weighted Restricted Weighted Balance at beginning of period 39,657 $ 47.83 22,597 $ 48.91 — $ — Grants 33,294 29.53 24,833 47.19 22,597 48.91 Vesting ( 14,553 ) 48.00 ( 7,425 ) 48.91 — — Forfeited/expired ( 4,581 ) 41.09 ( 348 ) 48.91 — — Balance at end of period 53,817 $ 37.04 39,657 $ 47.83 22,597 $ 48.91 Performance Stock Units Also under the 2021 Plan, the Company awards performance-based restricted stock units ("PSUs") to executive officers and other officers and employees. Under the terms of the award, the number of units that will vest and convert to shares of common stock will be based on the extent to which the Company achieves specific performance criteria during the fixed three-year performance period. The number of shares issued upon vesting will range from 0 % to 200 % of the PSUs granted. The PSUs vest at the end of a three-year period based 50 % on each average adjusted earnings per share growth and return on average assets as reported, adjusted for unusual gains/losses, merger expenses, and other items as approved by the compensation committee of the Company's board of directors. Performance for each period is measured relative to other U.S. publicly traded banks with $ 10 billion to $ 50 billion in assets. Compensation expense for the PSUs will be estimated each period based on the fair value of the stock at the grant date and the probable outcome of the performance condition, adjusted for passage of time within the vesting period of the awards. The following table summarizes information about the changes in PSUs as of and for the years ended December 31, 2023, 2022 and 2021, respectively. For the year ended For the year ended For the year ended December 31, 2023 December 31, 2022 December 31, 2021 Performance-Based Restricted Weighted Performance-Based Restricted Weighted Performance-Based Restricted Weighted Balance at beginning of period 47,082 $ 48.00 22,597 $ 48.91 — $ — Grants 33,294 29.53 24,833 47.19 22,597 48.91 Vesting — — — — — — Forfeited/expired ( 5,149 ) 41.95 ( 348 ) 48.91 — — Balance at end of period 75,227 $ 40.24 47,082 $ 48.00 22,597 $ 48.91 At December 31, 2023, the vesting period for the PSUs that were granted in 2021 had been satisfied. These shares will not be reflected in the shares vested until the outcome of the peer performance condition is determined and the vesting is settled in the first quarter of 2024. Restricted Stock Awards On April 28, 2015, shareholders of the Company approved the 2015 Restricted Stock Plan (the "2015 Plan") for selected employees, officers, non-employee directors and consultants. On April 27, 2021, the 2015 Plan was superseded by the new 2021 Plan and all shares previously reserved for issuance under the 2015 Plan were cancelled. The following table summarizes information about vested and unvested restricted stock. For the year ended For the year ended For the year ended December 31, 2023 December 31, 2022 December 31, 2021 Restricted Weighted Restricted Weighted Restricted Weighted Balance at beginning of period 24,813 $ 36.21 46,598 $ 35.75 95,888 $ 29.89 Grants 25,190 27.79 15,425 40.89 12,110 49.58 Vesting ( 23,708 ) 36.40 ( 37,010 ) 37.61 ( 60,011 ) 29.25 Forfeited/expired ( 1,105 ) 29.70 ( 200 ) 29.70 ( 1,389 ) 32.76 Balance at end of period 25,190 $ 27.79 24,813 $ 36.21 46,598 $ 35.75 The total fair value of restricted stock vested was $ 1,082,000 , $ 1,861,000 and $ 2,947,000 for the years ended December 31, 2023, 2022 and 2021, respectively. The Company recorded restricted stock unit, performance-based restricted stock unit and restricted stock award expense for employees of $ 1,826,000 , $ 1,887,000 and $ 1,329,000 , respectively, for the years ended December 31, 2023, 2022 and 2021. The Company recorded director expense related to these restricted stock grants of $ 667,000 , $ 631,000 and $ 600,000 for the years ended December 31, 2023, 2022, and 2021, respectively. As of December 31, 2023 and 2022, there were $ 3,258,000 and $ 3,422,000 , respectively, of total unrecognized compensation cost related to consolidated unvested restricted stock units, performance-based restricted stock units and restricted stock awards, which is expected to be recognized over a weighted-average period of 1.19 years and 1.13 years, respectively. At December 31, 2023 and 2022, there was $ 124,000 and $ 74,000 , respectively, accrued in other liabilities related to dividends declared to be paid upon vesting. Stock Option Plan Prior to approval of the 2021 Plan, the 2012 Incentive Stock Option Plan (the "2012 Plan") provided for the granting of options to employees of the Company at prices not less than market value at the date of the grant. The 2012 Plan provided that options granted vest and are exercisable after two years from the date of grant and vest at a rate of 20 % each year thereafter and have a 10-year term. The most recent grants from the 2021 Plan provided that 20 % of the options granted vest and are exercisable after one year from the date of grant and the remaining options vest and are exercisable at a rate of 20 % each year thereafter and have a 10-year term. Shares are issued under the 2012 Plan and the 2021 Plan from available authorized shares. An analysis of stock option activity for the year ended December 31, 2023 is presented in the table and narrative below: Shares Weighted- Weighted- Aggregate Outstanding, beginning of year 1,490,413 $ 29.99 Granted 253,228 29.53 Exercised ( 125,593 ) 17.76 Cancelled ( 65,799 ) 40.79 Outstanding, end of year 1,552,249 30.45 5.81 $ 6,814 Exercisable at end of year 895,121 $ 25.34 4.04 $ 6,550 The options outstanding at December 31, 2023 had exercise prices ranging betwe en $ 16.95 and $ 48.91 . Stock options have been adjusted retroactively for the effects of stock dividends and splits. The following table summarizes information concerning outstanding and vested stock options as of December 31, 2023: Exercise Number Remaining Number Vested $ 16.95 214,981 1.8 214,981 $ 21.18 392,477 3.4 392,477 $ 29.70 293,760 5.5 167,340 $ 34.55 10,200 6.1 3,900 $ 48.91 180,764 7.6 72,841 $ 47.19 215,043 8.6 43,582 $ 29.53 245,024 9.6 — The fair value of the options granted during 2023 were estimated using the Black-Scholes options pricing model with the following weighted-average assumptions: risk-free interest rate of 4.39 % ; expected dividend yield of 2.44 % ; expected life of 5.81 years; and expected volatility of 30.58 % . The fair value of the options granted during 2022 were estimated using the Black-Scholes options pricing model with the following weighted-average assumptions: risk-free interest rate of 2.92 % ; expected dividend yield of 1.44 % ; expected life of 6.02 years; and expected volatility of 28.72 % . The fair value of options granted during 2021 were estimated using the Black-Scholes options pricing model with the following weighted-average assumptions: risk-free interest rate of 0.76 %; expected dividend yield of 1.23 %; expected life of 6.42 years; and expected volatility of 30.11 %. The weighted-average grant-date fair value of options granted during 2023, 2022 and 2021 was $ 8.41 , $ 13.30 and $ 12.99 , respectively. The total intrinsic value of options exercised during the years ended December 31, 2023, 2022 and 2021, was $ 1,585,000 , $ 9,131,000 and $ 9,486,000 , respectively. The Company recorded stock option expense totaling $ 1,763,000 , $ 1,440,000 and $ 1,316,000 for the years ended December 31, 2023, 2022 and 2021, respectively. As of December 31, 2023 , there was $ 5,215,000 of total unrecognized compensation cost related to non-vested share-based compensation arrangements granted under the plans. That cost is expected to be recognized over a weighted-average period of 1.56 years. The total fair value of shares vested during the years ended December 31, 2023, 2022 and 2021 was $ 2,121,000 , $ 1,750,000 and $ 1,648,000 . |
Condensed Financial Information
Condensed Financial Information - Parent Company | 12 Months Ended |
Dec. 31, 2023 | |
Condensed Financial Information Disclosure [Abstract] | |
Condensed Financial Information - Parent Company | 18. CONDENSED FINANCIAL INFORMATION—PARENT COMPANY: Condensed Balance Sheets - December 31, 2023 and 2022 ASSETS 2023 2022 Cash in subsidiary bank (1) $ 92,905 $ 50,204 Cash in unaffiliated banks (1) 2 2 Interest-bearing deposits in subsidiary bank (1) 50,412 69,053 Total cash and cash equivalents 143,319 119,259 Securities available-for-sale, at fair value 2,200 2,235 Investment in and advances to subsidiaries, at equity (1) 1,376,986 1,171,095 Intangible assets 723 723 Other assets 7,044 5,355 Total assets $ 1,530,272 $ 1,298,667 LIABILITIES AND SHAREHOLDERS’ EQUITY Total liabilities $ 31,372 $ 32,930 Shareholders’ equity: Common stock 1,427 1,427 Capital surplus 681,246 677,593 Retained earnings 1,219,525 1,121,945 Treasury stock ( 11,855 ) ( 11,035 ) Deferred compensation 11,855 11,035 Accumulated other comprehensive earnings ( 403,298 ) ( 535,228 ) Total shareholders’ equity 1,498,900 1,265,737 Total liabilities and shareholders’ equity $ 1,530,272 $ 1,298,667 (1) Eliminates in consolidation. Condensed Statements of Earnings - For the Years Ended December 31, 2023, 2022 and 2021 2023 2022 2021 Income: Cash dividends from subsidiaries (1) $ 133,500 $ 67,500 $ 96,500 Excess of earnings over dividends of subsidiaries (1) 72,444 174,741 140,441 Other 1,783 62 279 Total income 207,727 242,303 237,220 Expenses: Salaries and employee benefits 6,129 6,541 7,374 Other operating expenses 4,521 4,106 5,262 Total expense 10,650 10,647 12,636 Earnings before income taxes 197,077 231,656 224,584 Income tax benefit 1,900 2,819 2,978 Net earnings $ 198,977 $ 234,475 $ 227,562 (1) Eliminates in consolidation . Condensed Statements of Cash Flows - For the Years Ended December 31, 2023, 2022 and 2021 2023 2022 2021 Cash flows from operating activities: Net earnings $ 198,977 $ 234,475 $ 227,562 Adjustments to reconcile net earnings to Excess of earnings over dividends of subsidiaries ( 72,444 ) ( 174,741 ) ( 140,441 ) Depreciation and amortization, net 116 188 189 Decrease (increase) in other assets 698 645 ( 693 ) Increase (decrease) in other liabilities ( 2,721 ) 933 2,997 Other 2 — ( 4 ) Net cash provided by operating activities 124,628 61,500 89,610 Cash flows from investing activities: Purchases of bank premises and equipment and software — ( 385 ) ( 106 ) Net cash provided by (used in) investing activities — ( 385 ) ( 106 ) Cash flows from financing activities: Proceeds from stock option exercises 2,132 6,545 5,905 Cash dividends paid ( 99,965 ) ( 91,315 ) ( 79,712 ) Repurchase of stock ( 2,735 ) ( 9,449 ) — Net cash used in financing activities ( 100,568 ) ( 94,219 ) ( 73,807 ) Net increase in cash and cash equivalents 24,060 ( 33,104 ) 15,697 Cash and cash equivalents, beginning of year 119,259 152,363 136,666 Cash and cash equivalents, end of year $ 143,319 $ 119,259 $ 152,363 |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2023 | |
Accounting Policies [Abstract] | |
Nature of Operations | Nature of Operations First Financial Bankshares, Inc. (a Texas corporation) (“Bankshares”, “Company”, “we” or “us”) is a financial holding company which owns all of the capital stock of one bank with 79 locations located in Texas as of December 31, 2023 . The Company’s subsidiary bank is First Financial Bank, N.A. The Company’s primary source of revenue is providing loans and banking services to consumers and commercial customers in the market area in which First Financial Bank, N.A. is located. In addition, the Company also owns First Financial Trust & Asset Management Company, N.A., First Financial Insurance Agency, Inc., First Technology Services, Inc., FFB Investment Paris Fund, LLC and FFB Portfolio Management, Inc. |
Basis of Presentation | Basis of Presentation A summary of significant accounting policies of the Company and its subsidiaries applied in the preparation of the accompanying consolidated financial statements follows. The accounting principles followed by the Company and the methods of applying them are in conformity with both United States generally accepted accounting principles (“GAAP”) and prevailing practices of the banking industry. The Company evaluated subsequent events for potential recognition through the date the consolidated financial statements were issued. |
Use of Estimates | Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. The Company’s significant estimates include its allowance for credit losses and its valuation of financial instruments. |
Consolidation | Consolidation The accompanying consolidated financial statements include the accounts of Bankshares and its subsidiaries, all of which are wholly-owned. All intercompany accounts and transactions have been eliminated. |
Stock Repurchase | Stock Repurchase On July 27, 2021, the Company’s Board of Directors authorized the repurchase of up to 5,000,000 common shares through July 31, 2023. On July 25, 2023, the Company's Board of Directors renewed the prior authorization through July 31, 2024. The stock repurchase plan authorizes management to repurchase and retire the stock at such time as repurchases and retirements are considered beneficial to the Company and its stockholders. Any repurchase of stock will be made through the open market, block trades, or in privately negotiated transactions in accordance with applicable laws and regulations. Under the repurchase plan, there is no minimum number of shares that the Company is required to repurchase. Under the prior authorization, 244,559 shares were repurchased and retired (all during the months of June and July 2022) at an average price of $ 38.61 per share. Under the current authorization, the Company has repurchased and retired 101,337 shares (all during September 2023) at an average price of $ 26.99 per share. |
Investment Securities | Investment Securities Management classifies debt securities as held-to-maturity, available-for-sale, or trading based on its intent. Securities that management has the positive intent and ability to hold to maturity are classified as held-to-maturity and recorded at amortized cost, adjusted for amortization of premiums and accretion of discounts, which are recognized as adjustments to interest income using the interest method. Securities not classified as held-to-maturity or trading are classified as available-for-sale and recorded at fair value, with unrealized holding gains and losses (those for which no allowance for credit losses are recorded) reported as a component of other comprehensive income, net of tax. Management determines the appropriate classification of securities at the time of purchase. Interest income includes amortization of purchase premiums and discounts over the period to maturity using a level-yield method, except for premiums on callable securities, which are amortized to their earliest call date. Realized gains and losses are recorded on the sale of securities in noninterest income. The Company has made a policy election to exclude accrued interest from the amortized cost basis of securities and report accrued interest separately in other assets on the consolidated balance sheets. A security is placed on nonaccrual status at the time any principal or interest payments become more than 90 days delinquent or if full collection of interest or principal becomes uncertain. Accrued interest for a security placed on nonaccrual is reversed against interest income. There was no accrued interest related to securities reversed against interest income for the years ended December 31, 2023 or 2022. The Company records its available-for-sale securities portfolio at fair value. Fair values of these securities are determined based on methodologies in accordance with current authoritative accounting guidance. Fair values are volatile and may be influenced by a number of factors, including market interest rates, prepayment speeds, discount rates, credit ratings and yield curves. Fair values for securities are based on quoted market prices, where available. If quoted market prices are not available, fair values are based on the quoted prices of similar instruments or an estimate of fair value by using a range of fair value estimates in the market place as a result of the illiquid market specific to the type of security. The Company’s investment portfolio currently consists of obligations of state and political subdivisions, mortgage pass-through securities, corporate bonds and general obligation or revenue based municipal bonds. Pricing for such securities is generally readily available and transparent in the market. The Company utilizes independent third-party pricing services to value its investment securities, which the Company reviews as well as the underlying pricing methodologies for reasonableness and to ensure such prices are aligned with pricing matrices. The Company validates prices supplied by the independent pricing services by comparison to prices obtained from other third-party sources on a quarterly basis. |
Allowance for Credit Losses – Available-for-Sale Securities | Allowance for Credit Losses – Available-for-Sale Securities For available-for-sale securities in an unrealized loss position, we first assess whether we intend to sell, or it is more likely than not that we will be required to sell the security before recovery of its amortized cost basis. If either of the criteria regarding intent or requirement to sell is met, any previously recognized allowances are charged-off and the security’s amortized cost basis is written down to fair value through income as a provision for credit losses. For available-for-sale securities that do not meet the aforementioned criteria, we evaluate whether the decline in fair value has resulted from credit losses or other factors. In making this assessment, management considers the extent to which fair value is less than amortized cost, any changes to the rating of the security by a rating agency, and adverse conditions specifically related to the security, among other factors. If this assessment indicates that a credit loss exists, the present value of cash flows expected to be collected from the security are compared to the amortized cost basis of the security. If the present value of cash flows expected to be collected is less than the amortized cost basis, a credit loss exists and an allowance for credit losses is recorded for the credit loss, limited by the amount that the fair value is less than the amortized cost basis. Management has made the accounting policy election to exclude accrued interest receivable on available-for-sale securities from the estimate of credit losses. Changes in the allowance for credit losses are recorded as provision for (or reversal of) credit losses. Available-for-sale securities are charged-off against the allowance or, in the absence of any allowance, written down through income when deemed uncollectible by management or when either of the aforementioned criteria regarding intent or requirement to sell is met. At December 31, 2023 and 2022 , no allowance for credit losses on available-for-sale securities was recorded. |
Allowance for Credit Losses – Held-to-Maturity Securities | Allowance for Credit Losses – Held-to-Maturity Securities The allowance for credit losses on held-to-maturity securities is a contra-asset valuation account, calculated in accordance with ASC 326, that is deducted from the amortized cost basis of held-to-maturity securities to present management’s best estimate of the net amount expected to be collected. Held-to-maturity securities are charged-off against the allowance when deemed uncollectible by management. Adjustments to the allowance are reported in our income statement as a component of credit loss expense. Management measures expected credit losses on held-to-maturity securities on a collective basis by major security type with each type sharing similar risk characteristics and considers historical credit loss information that is adjusted for current conditions and reasonable and supportable forecasts. Management has made the accounting policy election to exclude accrued interest receivable on held-to-maturity securities from the estimate of credit losses. At December 31, 2023 and 2022 , the Company held no securities that were classified as held-to-maturity. |
Loans Held-for-Investment | Loans Held-for-Investment Loans that management has the intent and ability to hold for the foreseeable future or until maturity or payoff are reported at amortized cost, net of the allowance for credit losses. Amortized cost is the principal balance outstanding, net of purchase premiums and discounts, fair value hedge accounting adjustments, deferred loan fees and costs. The Company has made a policy election to exclude accrued interest from the amortized cost basis of loans and report accrued interest separately from the related loan balance in other assets on the condensed consolidated balance sheets. Interest on loans is calculated by using the simple interest method on daily balances of the principal amounts outstanding. The Company defers and amortizes net loan origination fees and costs as an adjustment to yield. Loans are considered past due if the required principal and interest payments have not been received as of the date such payments were due. Loans are placed on nonaccrual status when, in management’s opinion, the borrower may be unable to meet payment obligations as they become due, as well as when required by regulatory provisions. In determining whether or not a borrower may be unable to meet payment obligations for each class of loans, we consider the borrower’s debt service capacity through the analysis of current financial information, if available, and/or current information with regards to our collateral position. Regulatory provisions would typically require the placement of a loan on nonaccrual status if 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 full payment of principal and interest is not expected. Loans may be placed on nonaccrual status regardless of whether or not such loans are considered past due. When interest accrual is discontinued, all unpaid accrued interest is reversed. Interest income on nonaccrual loans is recognized only to the extent that cash payments are received in excess of principal due. A loan may be returned to accrual status when all the principal and interest amounts contractually due are brought current and future principal and interest amounts contractually due are reasonably assured. Further information regarding our accounting policies related to past due loans, nonaccrual loans and troubled-debt restructurings is presented in Note 3. |
Acquired Loans | Acquired Loans Loans acquired in connection with acquisitions are recorded at their acquisition-date fair value. The allowance for credit losses related to the acquired loan portfolio is not carried over. Acquired loans are classified into two categories based on the credit risk characteristics of the underlying borrowers as either purchased credit deteriorated (“PCD”) loans, or loans with no evidence of credit deterioration (“non-PCD”). PCD loans are defined as a loan or pool of loans that have experienced more-than-insignificant credit deterioration since the origination date. The Company uses a combination of individual and pooled review approaches to determine if acquired loans are PCD. At acquisition, the Company considers a number of factors to determine if an acquired loan or pool of loans has experienced more-than-insignificant credit deterioration. The initial allowance related to PCD loans that share similar risk characteristics is established using a pooled approach. The Company uses either a discounted cash flow or weighted average remaining life method to determine the required level of the allowance. PCD loans that were classified as nonaccrual as of the acquisition date and are collateral dependent are assessed for allowance on an individual basis. For PCD loans, an initial allowance for credit losses is established on the acquisition date. Subsequent to the acquisition date, the initial allowance for credit losses on PCD loans will increase or decrease based on future evaluations, with changes recognized in the provision for credit losses. Non-PCD loans are pooled into segments together with originated loans that share similar risk characteristics and have an allowance established on the acquisition date, which is recognized in the current period provision for credit losses as well as a fair value adjustment to the amortized cost of the loan and accreted into income over the life of the loan. Determining the fair value of the acquired loans involves estimating the principal and interest payment cash flows expected to be collected on the loans and discounting those cash flows at a market rate of interest. Management considers a number of factors in evaluating the acquisition-date fair value including the remaining life, interest rate profile, market interest rate environment, payment schedules, risk ratings, probability of default and loss given default, and estimated prepayment rates. For PCD loans, the non-credit discount or premium is allocated to individual loans as determined by the difference between the loan’s unpaid principal balance and amortized cost basis. For non-PCD loans, the fair value discount or premium is allocated to individual loans and recognized into interest income on a level yield basis over the remaining expected life of the loan. |
Allowance for Credit Losses (ACL) - Loans | Allowance for Credit Losses—Loans The allowance for credit losses (“allowance” or “ACL”) is a contra-asset valuation account, calculated in accordance with ASC 326, that is deducted from the amortized cost basis of loans. The ACL represents an amount which, in management’s judgement, is adequate to absorb the lifetime expected credit losses that may be experienced on outstanding loans at the balance sheet date based on the evaluation of the size and current risk characteristics of the loan portfolio, past events, current conditions, reasonable and supportable forecasts of future economic conditions and prepayment experience. The allowance for credit losses is measured and recorded upon the initial recognition of a financial asset. Determination of the adequacy of the allowance is inherently complex and requires the use of significant and highly subjective estimates. Loans are charged-off against the allowance when deemed uncollectible by management. Expected recoveries do not exceed the aggregate of amounts previously charged-off and expected to be charged-off. Adjustments to the allowance are reported in our income statement as a component of the provision for credit losses. Management has made the accounting policy election to exclude accrued interest receivable on loans from the estimate of credit losses. The Company’s methodology for estimating the allowance includes: (1) a collective quantified reserve that reflects the Company’s historical default and loss experience adjusted for expected economic conditions throughout a reasonable and supportable period and the Company’s prepayment and curtailment rates; (2) collective qualitative factors based on the risk perceived in concentrations of the loan portfolio, changes in economic conditions, early delinquencies, and factors related to credit administrations, including, among others, underwriting standards, loan-to-value ratios, and borrowers’ risk rating; and (3) individual allowances on loans where borrowers are experiencing financial difficulty or when the Company determines that the foreclosure is probable. In calculating the allowance for credit losses, most loans are segmented into pools based upon similar characteristics and risk profiles. Common characteristics and risk profiles include the type/purpose of loan, underlying collateral, geographical similarity and historical/expected credit loss patterns. In developing these loan pools for the purposes of modeling expected credit losses, we also analyzed the degree of correlation in how loans within each portfolio respond when subjected to varying economic conditions and scenarios as well as other portfolio stress factors. For modeling purposes, our loan portfolio segments include C&I, Municipal, Agricultural, Construction and Development, Farm, Non-Owner Occupied and Owner Occupied CRE, Residential, Consumer Auto and Consumer Non-Auto. We periodically reassess 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. Refer to Note 3 for more details on the Company’s portfolio segments. The Company applies two methodologies to estimate the allowance on its pooled portfolio segments; discounted cash flows method and weighted average remaining life method. Allowance estimates on the following portfolio segments are calculated using the discounted cash flows method: C&I, Municipal, Construction and Development, Farm, Non-Owner Occupied and Owner Occupied CRE and Residential. Allowance estimates on the following portfolio segments are calculated using the remaining life method: Agriculture, Consumer Auto and Consumer Non-Auto. The models related to these methodologies utilize the Company’s historical default and loss experience adjusted for future economic forecasts. The reasonable and supportable forecast period represents a one-year economic outlook for the applicable economic variables. Following the end of the reasonable and supportable forecast period expected losses revert back to the historical mean over the next two years on a straight-line basis. Economic variables that have the most significant impact on the allowance include; Texas unemployment rate, Texas house price index and Texas retail sales index. Contractual loan level cash flows within the discounted cash flows methodology are adjusted for the Company’s historical prepayment and curtailment rate experience. In some cases, management may determine that an individual loan exhibits unique risk characteristics which differentiate the loan from other loans within our loan pools. In such cases, the loans are evaluated for expected credit losses on an individual basis and excluded from the collective evaluation. Specific allocations of the allowance for credit losses are determined by analyzing the borrower’s ability to repay amounts owed, collateral deficiencies, the relative risk rating of the loan and economic conditions affecting the borrower’s industry, among other things. A loan is considered to be collateral dependent when, based upon management’s assessment, the borrower is experiencing financial difficulty and repayment is expected to be provided substantially through the sale of the collateral. In such cases, expected credit losses are based on the fair value of the collateral at the measurement date, adjusted for estimated selling costs if satisfaction of the loan depends on the sale of the collateral. We reevaluate the fair value of collateral supporting collateral dependent loans on an ongoing basis. Management qualitatively adjusts model results for risk factors that are not considered within our modeling processes but are nonetheless relevant in assessing the expected credit losses within our loan pools. These qualitative factor (“Q-Factor”) adjustments may increase management’s estimate of expected credit losses based upon the estimated level of risk within the risk factor. The various risk factors that may be considered in making Q-Factor adjustments include, among other things, the impact of (i) changes in lending policies and procedures, including changes in underwriting standards and practices for collections, write-offs, and recoveries, (ii) actual and expected changes in national, regional, and local economic and business conditions and developments that affect the collectability of the loan pools, (iii) changes in the nature, volume and size of a loan or the loan pools and in the terms of the underlying loans, (iv) changes in the experience, ability, and depth of our lending management and staff, (v) changes in volume and severity of past due financial assets, the volume of nonaccrual assets, and the volume and severity of adversely classified or graded assets, (vi) changes in the quality of our credit review function, (vii) changes in the value of the underlying collateral for loans that are non-collateral dependent, (viii) the existence, growth, and effect of any concentrations of credit, and (ix) other factors such as the regulatory, legal and technological environments; competition; and events such as natural disasters or health pandemics. Management believes it uses relevant information available to make determinations about the allowance and that it has established the existing allowance in accordance with GAAP. However, the determination of the allowance requires significant judgment, and estimates of expected lifetime losses in the loan portfolio can vary significantly from the amounts actually observed. While management uses available information to recognize expected losses, future additions to the allowance may be necessary based on changes in the loans comprising the portfolio, changes in the current and forecasted economic conditions, changes to the interest rate environment which may directly impact prepayment and curtailment rate assumptions, and changes in the financial condition of borrowers. |
Allowance for Credit Losses—Off-Balance-Sheet/Reserve for Unfunded Commitments | Allowance for Credit Losses—Off-Balance-Sheet/Reserve for Unfunded Commitments The allowance for credit losses on off-balance-sheet credit exposures is a liability account, calculated in accordance with ASC 326, representing expected credit losses over the contractual period for which we are exposed to credit risk resulting from a contractual obligation to extend credit. These obligations include unfunded lines of credit, commitments to extend credit and federal funds sold to correspondent banks and standby letters of credit. No allowance is recognized if we have the unconditional right to cancel the obligation. The allowance is reported as a component of accrued interest payable and other liabilities in our consolidated balance sheets. Adjustments to the allowance are reported in our income statement as a component of the provision for credit losses. At December 31, 2023 and 2022, the Company’s reserve for unfunded commitments totaled $ 7,903,000 and $ 12,323,000 , respectively, which is included in other liabilities in the consolidated balance sheet. |
Other Real Estate | Other Real Estate Other real estate owned is foreclosed property held pending disposition and is initially recorded at fair value, less estimated costs to sell. At foreclosure, if the fair value of the real estate, less estimated costs to sell, is less than the Company’s recorded investment in the related loan, a write-down is recognized through a charge to the ACL. Any subsequent reduction in value is recognized by a charge to income. Operating and holding expenses of such properties, net of related income, and gains and losses on their disposition are included in net gain (loss) on sale of foreclosed assets as incurred. |
Bank Premises and Equipment | Bank Premises and Equipment Bank premises and equipment are stated at cost less accumulated depreciation and amortization. Depreciation and amortization are computed principally on a straight-line basis over the estimated useful lives of the related assets. Leasehold improvements are amortized over the life of the respective lease or the estimated useful lives of the improvements, whichever is shorter. |
Business Combinations, Goodwill and Other Intangible Assets | Business Combinations, Goodwill and Other Intangible Assets The Company accounts for all business combinations under the purchase method of accounting. Tangible and intangible assets and liabilities of the acquired entity are recorded at fair value. Intangible assets with finite useful lives represent the future benefit associated with the acquisition of the core deposits and are amortized over seven years , utilizing a method that approximates the expected attrition of the deposits. Goodwill with an indefinite life is not amortized, but rather tested annually for impairment as of June 30 each year and totaled $ 313,481,000 at both December 31, 2023 and 2022 , respectively. There was no impairment recorded for the years ended December 31, 2023, 2022 and 2021. The carrying amount of goodwill arising from acquisitions that qualify as an asset purchase for federal income tax purposes was $ 8,826,000 a nd $ 11,233,000 at December 31, 2023 and 2022 , respectively, and is deductible for federal income tax purposes. |
Securities Sold Under Agreements To Repurchase | Securities Sold Under Agreements To Repurchase Securities sold under agreements to repurchase, which are classified as borrowings, generally mature within one to four days from the transaction date. Securities sold under agreements to repurchase are reflected at the amount of the cash received in connection with the transaction. The Company may be required to provide additional collateral based on the estimated fair value of the underlying securities. |
Segment Reporting | Segment Reporting The Company has determined that its banking regions meet the aggregation criteria of the current authoritative accounting guidance since each of its banking regions offer similar products and services, operate in a similar manner, have similar customers and report to the same regulatory authority, and therefore operate one line of business (community banking) located in a single geographic area (Texas). |
Statements of Cash Flows | Statements of Cash Flows For purposes of reporting cash flows, cash and cash equivalents includes cash on hand, amounts due from banks, including interest-bearing deposits in banks with original maturity of 90 days or less , and federal funds sold. |
Accumulated Other Comprehensive Income (Loss) | Accumulated Other Comprehensive Income (Loss) Unrealized net losses on the Company’s available-for-sale securities, net of applicable income taxes, totaled $ 403,298,000 and $ 535,228,000 at December 31, 2023 and December 31, 2022 , respectively, are included in accumulated other comprehensive earnings (loss) as a separate component of shareholders' equity. |
Income Taxes | Income Taxes The Company’s provision for income taxes is based on income before income taxes adjusted for permanent differences between financial reporting and taxable income. Deferred tax assets and liabilities are determined using the liability (or balance sheet) method. Under this method, the net deferred tax asset or liability is determined based on the tax effects of the temporary differences between the book and tax bases of the various balance sheet assets and liabilities and gives current recognition to changes in tax rates and laws. |
Stock Based Compensation | Stock Based Compensation The Company grants stock options for a fixed number of shares to employees with an exercise price equal to the fair value using the Black-Scholes model of the shares at the grant date. The grant date fair value is amortized over the vesting period which generally is three, five or six years. The Company also grants restricted stock and/or units for a fixed number of shares which generally vests over periods of one to three years and performance stock units which vest over a three-year period based on Company performance metrics relative to a defined peer group. For stock option grants, the exercise price is established based on the closing trading price of the Company's common stock and for restricted grants, the fair value of the grant is also measured based on the closing trading price. No adjustments have been necessary to properly value the grant based on the terms or other conditions of the grants. Expense is recognized based on the fair value of the portion of stock-based payment awards that are ultimately expected to vest, reduced for forfeitures based on grant-date fair value. See Note 17 for further information. |
Advertising Costs | Advertising Costs Advertising costs are expensed as incurred. |
Per Share Data | Per Share Data Net earnings per share (“EPS”) are computed by dividing net earnings by the weighted average number of common stock shares outstanding during the period. The Company calculates diluted EPS assuming all outstanding stock options to purchase common shares and unvested restricted stock shares have been exercised and/or vested at the beginning of the year (or the time of issuance, if later.) The dilutive effect of the outstanding options and restricted stock is determined by application of the treasury stock method, whereby the proceeds from the exercised options and unearned compensation for restricted stock are assumed to be used to purchase common shares at the average market price during the respective year. Anti-dilutive shares for the years ended December 31, 2023 and 2022 were 473,000 and 1,261,000 , respectively, and were excluded from the computation of EPS. There were no such anti-dilutive stock options for the year ended December 31, 2021 . The following table reconciles the computation of basic EPS to diluted EPS: For the Year Ended December 31, 2023: Net Earnings Weighted Per Share Net earnings per share, basic $ 198,977 142,688,585 $ 1.39 Effect of stock options and stock grants — 250,392 — Net earnings per share, diluted $ 198,977 142,938,977 $ 1.39 For the Year Ended December 31, 2022: Net earnings per share, basic $ 234,475 142,596,252 $ 1.64 Effect of stock options and stock grants — 611,647 — Net earnings per share, diluted $ 234,475 143,207,899 $ 1.64 For the Year Ended December 31, 2021: Net earnings per share, basic $ 227,562 142,291,939 $ 1.60 Effect of stock options and stock grants — 842,281 ( 0.01 ) Net earnings per share, diluted $ 227,562 143,134,220 $ 1.59 |
Other Recently Issued and Effective Authoritative Accounting Guidance | Other Recently Issued and Effective Authoritative Accounting Guidance ASU 2020-04, "Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting." ASU 2020-04 provides optional expedients and exceptions for accounting related to contracts, hedging relationships and other transactions affected by reference rate reform if certain criteria are met. ASU 2020-04 applies only to contracts, hedging relationships, and other transactions that reference the London Interbank Offered Rate ("LIBOR") or another reference rate expected to be discontinued because of reference rate reform and do not apply to contract modifications made and hedging relationships entered into or evaluated after December 31, 2022, except for hedging relationships existing as of December 31, 2022, that an entity has elected certain optional expedients for and that are retained through the end of the hedging relationship. ASU 2020-04 was effective upon issuance and generally can be applied through December 31, 2022. The adoption of ASU 2020-04 did not have a significant impact on our financial statements. ASU 2021-01, "Reference Rate Reform (Topic 848): Scope." ASU 2021-01 clarifies that certain optional expedients and exceptions in ASC 848 for contract modifications and hedge accounting apply to derivatives that are affected by the discounting transition. ASU 2021-01 also amends the expedients and exceptions in ASC 848 to capture the incremental consequences of the scope clarification and to tailor the existing guidance to derivative instruments affected by the discounting transition. ASU 2021-01 was effective upon issuance and generally can be applied through December 31, 2022. The adoption of 2021-01 did not have a significant impact on our financial statements. ASU 2022-02, "Financial Instruments - Credit Losses (Topic 326): Troubled Debt Restructurings and Vintage Disclosures." ASU 2022-02 eliminates the accounting guidance for troubled debt restructurings in ASC Subtopic 310-40, Receivables - Troubled Debt Restructurings by Creditors, while enhancing disclosure requirements for certain loan refinancings and restructurings by creditors when a borrower is experiencing financial difficulty. ASU 2022-02 will also require that an entity disclose current-period gross charge-offs by year of origination for financial receivables and net investment leases within scope of ASC Subtopic 326-20, Financial Instruments - Credit Losses - Measured at Amortized Cost. ASU 2022-02 will become effective for fiscal years beginning after December 15, 2022, including interim periods within those fiscal years, though early adoption is permitted. The adoption of ASU 2022-02 did not have a significant impact on our financial statements. ASU 2022-06, "Reference Rate Reform (Topic 848): Deferral of the Sunset Date of Topic 848." ASU 2022-06 extends the period of time preparers can utilize the reference rate reform relief guidance provided by ASU 2020-04 and ASU 2021-01, which are discussed above. ASU 2022-06, which was effective upon issuance, defers the sunset date of this prior guidance from December 31, 2022 to December 31, 2024, after which entities will no longer be permitted to apply the relief guidance in Topic 848. The adoption of ASU 2022-06 did not have a significant impact on our financial statements. ASU 2023-02, "Investments - Equity Method and Joint Ventures (Topic 323): Accounting for Investments in Tax Credit Structures Using the Proportional Amortization Method." ASU 2023-02 is intended to improve the accounting and disclosures for investments in tax credit structures. ASU 2023-02 allows entities to elect to account for qualifying tax equity investments using the proportional amortization method, regardless of the program giving rise to the related income tax credits. Previously, this method was only available for qualifying tax equity investments in low-income housing tax credit structures. ASU 2023-02 has been early adopted by the Company as it relates to the qualifying investments that are generating New Market Tax Credits. The adoption of ASU 2023-02 did not have a significant impact on our financial statements. ASU 2023-09, “Income Taxes (Topic 740): Improvements to Income Tax Disclosures.” ASU 2023-09 requires entities to disclose more detailed information in their reconciliation of their statutory tax rate to their effective tax rate. Public business entities (PBEs) are required to provide this incremental detail in a numerical, tabular format. The ASU also requires entities to disclose more detailed information about income taxes paid, including by jurisdiction; pretax income (or loss) from continuing operations; and income tax expense (or benefit). PBEs will be required to adopt the new requirements in annual reporting periods beginning after December 15, 2024, and interim periods beginning after December 15, 2025.The adoption of ASU 2023-09 is not expected to have a significant impact on our financial statements. |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Accounting Policies [Abstract] | |
Computation of Basic EPS to Dilutive EPS | The following table reconciles the computation of basic EPS to diluted EPS: For the Year Ended December 31, 2023: Net Earnings Weighted Per Share Net earnings per share, basic $ 198,977 142,688,585 $ 1.39 Effect of stock options and stock grants — 250,392 — Net earnings per share, diluted $ 198,977 142,938,977 $ 1.39 For the Year Ended December 31, 2022: Net earnings per share, basic $ 234,475 142,596,252 $ 1.64 Effect of stock options and stock grants — 611,647 — Net earnings per share, diluted $ 234,475 143,207,899 $ 1.64 For the Year Ended December 31, 2021: Net earnings per share, basic $ 227,562 142,291,939 $ 1.60 Effect of stock options and stock grants — 842,281 ( 0.01 ) Net earnings per share, diluted $ 227,562 143,134,220 $ 1.59 |
Securities (Tables)
Securities (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Cash and Cash Equivalents [Abstract] | |
Summary of Available-for-Sale Securities | The amortized cost, related gross unrealized gains and losses, allowance for credit losses and the fair value of available-for-sale securities are as follows (dollars in thousands): December 31, 2023 Amortized Gross Gross Estimated Securities available-for-sale: U.S. Treasury securities $ 496,975 $ 4 $ ( 14,745 ) $ 482,234 Obligations of state and political subdivisions 1,621,405 934 ( 125,182 ) 1,497,157 Residential mortgage-backed securities 2,716,968 7 ( 352,883 ) 2,364,092 Commercial mortgage-backed securities 295,663 — ( 11,339 ) 284,324 Corporate bonds and other 112,670 — ( 7,715 ) 104,955 Total securities available-for-sale $ 5,243,681 $ 945 $ ( 511,864 ) $ 4,732,762 December 31, 2022 Amortized Gross Gross Estimated Securities available-for-sale: U.S. Treasury securities $ 508,275 $ 11 $ ( 25,737 ) $ 482,549 Obligations of state and political subdivisions 2,104,193 1,217 ( 206,799 ) 1,898,611 Residential mortgage-backed securities 3,034,120 8 ( 417,562 ) 2,616,566 Commercial mortgage-backed securities 392,914 1 ( 18,046 ) 374,869 Corporate bonds and other 112,846 — ( 11,082 ) 101,764 Total securities available-for-sale $ 6,152,348 $ 1,237 $ ( 679,226 ) $ 5,474,359 |
Amortized Cost and Estimated Fair Value of Available-for-Sale Securities | The amortized cost and estimated fair value of available-for-sale securities at December 31, 2023, by contractual maturity, are shown below (in thousands): Amortized Estimated Due within one year $ 360,853 $ 355,802 Due after one year through five years 1,399,375 1,308,406 Due after five years through ten years 2,751,006 2,455,882 Due after ten years 732,447 612,672 Total $ 5,243,681 $ 4,732,762 |
Continuous Unrealized-Loss Position of Available-for-Sale Securities | The following tables disclose, as of December 31, 2023 and 2022 , the Company’s investment securities that have been in a continuous unrealized-loss position for less than 12 months and for 12 or more months (in thousands): Less than 12 Months 12 Months or Longer Total December 31, 2023 Fair Unrealized Fair Unrealized Fair Unrealized U.S. Treasury Securities $ 3,477 $ 7 $ 477,306 $ 14,738 $ 480,783 $ 14,745 Obligations of state and political 11,855 34 1,427,975 125,148 1,439,830 125,182 Residential mortgage-backed securities 1,631 1 2,361,089 352,882 2,362,720 352,883 Commercial mortgage-backed securities — — 284,324 11,339 284,324 11,339 Corporate bonds and other — — 104,955 7,715 104,955 7,715 Total $ 16,963 $ 42 $ 4,655,649 $ 511,822 $ 4,672,612 $ 511,864 Less than 12 Months 12 Months or Longer Total December 31, 2022 Fair Unrealized Fair Unrealized Fair Unrealized U.S. Treasury Securities $ 307,012 $ 11,650 $ 173,105 $ 14,087 $ 480,117 $ 25,737 Obligations of state and political 770,469 55,943 946,571 150,856 1,717,040 206,799 Residential mortgage-backed securities 470,970 37,065 2,143,869 380,497 2,614,839 417,562 Commercial mortgage-backed securities 319,303 11,677 54,862 6,369 374,165 18,046 Corporate bonds and other $ 41,920 $ 1,698 $ 59,844 $ 9,384 101,764 11,082 Total $ 1,909,674 $ 118,033 $ 3,378,251 $ 561,193 $ 5,287,925 $ 679,226 |
Loans and Allowance for Credi_2
Loans and Allowance for Credit Losses (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Receivables [Abstract] | |
Loans Held-for-Investment by Portfolio Segment | Loans held-for-investment by portfolio segment are as follows (dollars in thousands): December 31, 2023 2022 Commercial: C&I * $ 1,164,811 $ 917,317 Municipal 214,850 221,090 Total Commercial 1,379,661 1,138,407 Agricultural 84,890 76,947 Real Estate: Construction & Development 963,158 959,426 Farm 344,954 306,322 Non-Owner Occupied CRE 827,969 732,089 Owner Occupied CRE 1,037,281 954,400 Residential 1,834,593 1,575,758 Total Real Estate 5,007,955 4,527,995 Consumer: Auto 521,859 550,635 Non-Auto 154,426 147,884 Total Consumer 676,285 698,519 Total Loans 7,148,791 6,441,868 Less: Allowance for credit losses ( 88,734 ) ( 75,834 ) Loans, net $ 7,060,057 $ 6,366,034 * All disclosures for the C&I loan segment include PPP loan balances, net of deferred fees, as disclosed on the face of the consolidated balance sheet. |
Non-Accrual Loans, Loans Still Accruing and Past Due 90 Days or More and Restructured Loans | The Company’s nonaccrual loans, loans still accruing and past due 90 days or more and restructured loans are as follows (dollars in thousands): December 31, 2023 2022 Nonaccrual loans $ 33,609 $ 24,325 Loans still accruing and past due 90 days or more 1,004 — Total nonperforming loans (1) $ 34,613 $ 24,325 (1) With the adoption of ASU 2022-02, effective January 1, 2023, troubled debt restructuring ("TDR") accounting has been eliminated. |
Schedule of Non-Accrual Loans | Nonaccrual loans totaled $ 33,609,000 and $ 24,325,000 at December 31, 2023 and 2022, respectively, and consisted of the following (in thousands): December 31, 2023 2022 Commercial: C&I $ 4,132 $ 5,057 Municipal — — Total Commercial 4,132 5,057 Agricultural 155 324 Real Estate: Construction & Development 1,444 1,567 Farm 4,804 85 Non-Owner Occupied CRE 8,022 2,321 Owner Occupied CRE 6,822 7,092 Residential 7,649 7,419 Total Real Estate 28,741 18,484 Consumer: Auto 464 429 Non-Auto 117 31 Total Consumer 581 460 Total $ 33,609 $ 24,325 |
Changes in Allowance for Loan Losses | Summary information on the allowance for credit losses for the year ended December 31, 2023 and 2022, are outlined by portfolio segment in the following tables (in thousands): Year-ended December 31, 2023 C&I Municipal Agricultural Construction & Farm Beginning balance $ 16,129 $ 1,026 $ 1,041 $ 26,443 $ 1,957 Provision for loan losses 1,118 ( 831 ) ( 37 ) 2,004 957 Recoveries 267 — 286 106 — Charge-offs ( 1,816 ) — ( 9 ) — — Ending balance $ 15,698 $ 195 $ 1,281 $ 28,553 $ 2,914 Year-ended December 31, 2023 (continued) Non-Owner Owner Residential Auto Non-Auto Total Beginning balance $ 9,075 $ 9,928 $ 9,075 $ 845 $ 315 $ 75,834 Provision for loan losses 4,279 3,668 2,813 573 506 15,050 Recoveries 71 227 24 398 170 1,549 Charge-offs — ( 10 ) ( 258 ) ( 1,006 ) ( 600 ) ( 3,699 ) Ending balance $ 13,425 $ 13,813 $ 11,654 $ 810 $ 391 $ 88,734 Year-ended December 31, 2022 C&I Municipal Agricultural Construction & Farm Beginning balance $ 12,280 $ 348 $ 1,597 $ 17,627 $ 663 Provision for loan losses 3,485 678 ( 702 ) 8,916 1,294 Recoveries 953 — 155 — — Charge-offs ( 589 ) — ( 9 ) ( 100 ) — Ending balance $ 16,129 $ 1,026 $ 1,041 $ 26,443 $ 1,957 Year-ended December 31, 2022 (continued) Non-Owner Owner Residential Auto Non-Auto Total Beginning balance $ 10,722 $ 10,828 $ 8,133 $ 896 $ 371 $ 63,465 Provision for loan losses ( 2,499 ) ( 1,062 ) 1,014 252 164 11,540 Recoveries 852 699 114 293 215 3,281 Charge-offs — ( 537 ) ( 186 ) ( 596 ) ( 435 ) ( 2,452 ) Ending balance $ 9,075 $ 9,928 $ 9,075 $ 845 $ 315 $ 75,834 |
Schedule of loans that are individually evaluated for credit losses | The Company’s loans that are individually evaluated for credit losses (both collateral and non-collateral dependent) and their related allowances as of December 31, 2023 and December 31, 2022, are summarized in the following table by loan segment (in thousands): December 31, 2023 Collateral Collateral Non-Collateral Total Loans Related Related Total Commercial: C&I $ 1,322 $ 2,810 $ 18,633 $ 22,765 $ 1,363 $ 4,495 $ 5,858 Municipal — — 733 733 — — — Total Commercial 1,322 2,810 19,366 23,498 1,363 4,495 5,858 Agricultural 57 98 1,304 1,459 50 700 750 Real Estate: Construction & Development 758 686 22,545 23,989 148 2,253 2,401 Farm — 4,804 1,362 6,166 937 57 994 Non-Owner Occupied CRE 1,919 6,103 29,117 37,139 700 2,984 3,684 Owner Occupied CRE 4,661 2,161 35,746 42,568 232 1,431 1,663 Residential 3,909 3,740 30,257 37,906 360 1,799 2,159 Total Real Estate 11,247 17,494 119,027 147,768 2,377 8,524 10,901 Consumer: Auto — 464 2,125 2,589 1 3 4 Non-Auto — 117 782 899 — 60 60 Total Consumer — 581 2,907 3,488 1 63 64 Total $ 12,626 $ 20,983 $ 142,604 $ 176,213 $ 3,791 $ 13,782 $ 17,573 December 31, 2022 Collateral Collateral Non-Collateral Total Loans Related Related Total Commercial: C&I $ — $ 5,057 $ 24,325 $ 29,382 $ 3,513 $ 4,885 $ 8,398 Municipal — — 58 58 — — — Total Commercial — 5,057 24,383 29,440 3,513 4,885 8,398 Agricultural 116 209 354 679 122 276 398 Real Estate: Construction & Development 577 990 4,873 6,440 193 112 305 Farm — 85 1,578 1,663 2 34 36 Non-Owner Occupied CRE 2,062 259 36,037 38,358 16 2,341 2,357 Owner Occupied CRE 4,363 2,728 29,115 36,206 91 1,509 1,600 Residential 5,132 2,268 28,583 35,983 229 1,215 1,444 Total Real Estate 12,134 6,330 100,186 118,650 531 5,211 5,742 Consumer: Auto — 429 931 1,360 1 1 2 Non-Auto — 31 538 569 — 1 1 Total Consumer — 460 1,469 1,929 1 2 3 Total $ 12,250 $ 12,056 $ 126,392 $ 150,698 $ 4,167 $ 10,374 $ 14,541 |
Schedule of Allowance for Loan Losses by Portfolio Segment | Allocation of a portion of the allowance to one category of loans does not preclude its availability to absorb losses in other categories. December 31, 2023 C&I Municipal Agricultural Construction Farm Loans individually evaluated for credit losses $ 5,858 $ — $ 750 $ 2,401 $ 994 Loans collectively evaluated for credit losses 9,840 195 531 26,152 1,920 Total $ 15,698 $ 195 $ 1,281 $ 28,553 $ 2,914 December 31, 2023 (continued) Non-Owner Owner Residential Auto Non-Auto Total Loans individually evaluated for credit losses $ 3,684 $ 1,663 $ 2,159 $ 4 $ 60 $ 17,573 Loans collectively evaluated for credit losses 9,741 12,150 9,495 806 331 71,161 Total $ 13,425 $ 13,813 $ 11,654 $ 810 $ 391 $ 88,734 December 31, 2022 C&I Municipal Agricultural Construction Farm Loans individually evaluated for credit losses $ 8,398 $ — $ 398 $ 305 $ 36 Loans collectively evaluated for credit losses 7,731 1,026 643 26,138 1,921 Total $ 16,129 $ 1,026 $ 1,041 $ 26,443 $ 1,957 December 31, 2022 (continued) Non-Owner Owner Residential Auto Non-Auto Total Loans individually evaluated for credit losses $ 2,357 $ 1,600 $ 1,444 $ 2 $ 1 $ 14,541 Loans collectively evaluated for credit losses 6,718 8,328 7,631 843 314 61,293 Total $ 9,075 $ 9,928 $ 9,075 $ 845 $ 315 $ 75,834 |
Schedule of Investment in Loans Related to Balance in Allowance for Loan Losses on Basis of Company's Impairment Methodology | The Company’s recorded investment in loans as of December 31, 2023 and December 31, 2022, related to the balance in the allowance for credit losses follows below (in thousands). December 31, 2023 C&I Municipal Agriculture Construction & Farm Loans individually evaluated for credit losses $ 22,765 $ 733 $ 1,459 $ 23,989 $ 6,166 Loans collectively evaluated for credit losses 1,142,046 214,117 83,431 939,169 338,788 Total $ 1,164,811 $ 214,850 $ 84,890 $ 963,158 $ 344,954 December 31, 2023 (continued) Non-Owner Owner Residential Auto Non-Auto Total Loans individually evaluated for credit losses $ 37,139 $ 42,568 $ 37,906 $ 2,589 $ 899 $ 176,213 Loans collectively evaluated for credit losses 790,830 994,713 1,796,687 519,270 153,527 6,972,578 Total $ 827,969 $ 1,037,281 $ 1,834,593 $ 521,859 $ 154,426 $ 7,148,791 December 31, 2022 C&I Municipal Agriculture Construction & Farm Loans individually evaluated for credit losses $ 29,382 $ 58 $ 679 $ 6,440 $ 1,663 Loans collectively evaluated for credit losses 887,935 221,032 76,268 952,986 304,659 Total $ 917,317 $ 221,090 $ 76,947 $ 959,426 $ 306,322 December 31, 2022 (continued) Non-Owner Owner Residential Auto Non-Auto Total Loans individually evaluated for credit losses $ 38,358 $ 36,206 $ 35,983 $ 1,360 $ 569 $ 150,698 Loans collectively evaluated for credit losses 693,731 918,194 1,539,775 549,275 147,315 6,291,170 Total $ 732,089 $ 954,400 $ 1,575,758 $ 550,635 $ 147,884 $ 6,441,868 |
Schedule of Company's Internal Ratings of its Loans Held-for-Investment, Including The Year of Origination, by Portfolio Segments | The following tables summarize the Company’s internal ratings of its loans held-for-investment, including the year of origination, by portfolio segments, at December 31, 2023 (in millions): December 31, 2023 2022 2021 2020 2019 Prior Revolving Total C&I Risk rating: Pass $ 720 $ 276 $ 73 $ 36 $ 14 $ 23 $ — $ 1,142 Special mention 1 1 — — 1 — — 3 Substandard 12 2 2 1 1 2 — 20 Doubtful — — — — — — — — Total $ 733 $ 279 $ 75 $ 37 $ 16 $ 25 $ — $ 1,165 Year-to-Date Gross Charge-Offs $ — $ — $ 1 $ — $ — $ — $ — $ 1 December 31, 2023 2022 2021 2020 2019 Prior Revolving Total Municipal Risk rating: Pass $ 25 $ 83 $ 15 $ 10 $ 1 $ 80 $ — $ 214 Special mention — — — — — — — — Substandard — — 1 — — — — 1 Doubtful — — — — — — — — Total $ 25 $ 83 $ 16 $ 10 $ 1 $ 80 $ — $ 215 Year-to-Date Gross Charge-Offs $ — $ — $ — $ — $ — $ — $ — $ — December 31, 2023 2022 2021 2020 2019 Prior Revolving Total Agricultural Risk rating: Pass $ 63 $ 15 $ 4 $ 1 $ 1 $ — $ — $ 84 Special mention — — — — — — — — Substandard 1 — — — — — — 1 Doubtful — — — — — — — — Total $ 64 $ 15 $ 4 $ 1 $ 1 $ — $ — $ 85 Year-to-Date Gross Charge-Offs $ — $ — $ — $ — $ — $ — $ — $ — December 31, 2023 2022 2021 2020 2019 Prior Revolving Total Construction & Development Risk rating: Pass $ 515 $ 311 $ 78 $ 20 $ 9 $ 6 $ — $ 939 Special mention 8 2 — — — — — 10 Substandard 9 4 1 — — — — 14 Doubtful — — — — — — — — Total $ 532 $ 317 $ 79 $ 20 $ 9 $ 6 $ — $ 963 Year-to-Date Gross Charge-Offs $ — $ — $ — $ — $ — $ — $ — $ — December 31, 2023 2022 2021 2020 2019 Prior Revolving Total Farm Risk rating: Pass $ 101 $ 111 $ 73 $ 24 $ 8 $ 22 $ — $ 339 Special mention — — — — — — — — Substandard — — — 5 — 1 — 6 Doubtful — — — — — — — — Total $ 101 $ 111 $ 73 $ 29 $ 8 $ 23 $ — $ 345 Year-to-Date Gross Charge-Offs $ — $ — $ — $ — $ — $ — $ — $ — December 31, 2023 2022 2021 2020 2019 Prior Revolving Total Non-Owner Occupied CRE Risk rating: Pass $ 167 $ 232 $ 172 $ 106 $ 41 $ 73 $ — $ 791 Special mention — 5 1 — — 2 — 8 Substandard 2 1 2 7 13 4 — 29 Doubtful — — — — — — — — Total $ 169 $ 238 $ 175 $ 113 $ 54 $ 79 $ — $ 828 Year-to-Date Gross Charge-Offs $ — $ — $ — $ — $ — $ — $ — $ — December 31, 2023 2022 2021 2020 2019 Prior Revolving Total Owner Occupied CRE Risk rating: Pass $ 154 $ 305 $ 217 $ 114 $ 62 $ 142 $ — $ 994 Special mention 1 1 4 — 1 1 — 8 Substandard 3 6 4 — 7 15 — 35 Doubtful — — — — — — — — Total $ 158 $ 312 $ 225 $ 114 $ 70 $ 158 $ — $ 1,037 Year-to-Date Gross Charge-Offs $ — $ — $ — $ — $ — $ — $ — $ — December 31, 2023 2022 2021 2020 2019 Prior Revolving Total Residential Risk rating: Pass $ 477 $ 415 $ 313 $ 158 $ 67 $ 229 $ 138 $ 1,797 Special mention 1 2 2 2 — 3 1 11 Substandard 4 4 3 3 3 7 3 27 Doubtful — — — — — — — — Total $ 482 $ 421 $ 318 $ 163 $ 70 $ 239 $ 142 $ 1,835 Year-to-Date Gross Charge-Offs $ — $ — $ — $ — $ — $ — $ — $ — December 31, 2023 2022 2021 2020 2019 Prior Revolving Total Auto Risk rating: Pass $ 195 $ 212 $ 74 $ 26 $ 10 $ 2 $ — $ 519 Special mention — — — — — — — — Substandard — 1 1 1 — — — 3 Doubtful — — — — — — — — Total $ 195 $ 213 $ 75 $ 27 $ 10 $ 2 $ — $ 522 Year-to-Date Gross Charge-Offs $ — $ 1 $ — $ — $ — $ — $ — $ 1 December 31, 2023 2022 2021 2020 2019 Prior Revolving Total Non-Auto Risk rating: Pass $ 71 $ 47 $ 22 $ 4 $ 1 $ 1 $ 7 $ 153 Special mention — — — — — — — — Substandard 1 — — — — — — 1 Doubtful — — — — — — — — Total $ 72 $ 47 $ 22 $ 4 $ 1 $ 1 $ 7 $ 154 Year-to-Date Gross Charge-Offs $ — $ — $ — $ — $ — $ — $ — $ — December 31, 2023 2022 2021 2020 2019 Prior Revolving Total Total Loans Risk rating: Pass $ 2,488 $ 2,007 $ 1,041 $ 499 $ 214 $ 578 $ 145 $ 6,972 Special mention 11 11 7 2 2 6 1 40 Substandard 32 18 14 17 24 29 3 137 Doubtful — — — — — — — — Total $ 2,531 $ 2,036 $ 1,062 $ 518 $ 240 $ 613 $ 149 $ 7,149 Year-to-Date Gross Charge-Offs $ — $ 1 $ 1 $ — $ — $ — $ — $ 2 The following tables summarize the Company’s internal ratings of its loans held-for-investment, including the year of origination by portfolio segments, at December 31, 2022 (in millions): December 31, 2022 2021 2020 2019 2018 Prior Revolving Total C&I Risk rating: Pass $ 627 $ 157 $ 52 $ 22 $ 16 $ 13 $ — $ 887 Special mention 4 1 2 1 — — — 8 Substandard 13 5 2 1 1 — — 22 Doubtful — — — — — — — — Total $ 644 $ 163 $ 56 $ 24 $ 17 $ 13 $ — $ 917 December 31, 2022 2021 2020 2019 2018 Prior Revolving Total Municipal Risk rating: Pass $ 79 $ 19 $ 15 $ 4 $ 20 $ 84 $ — $ 221 Special mention — — — — — — — — Substandard — — — — — — — — Doubtful — — — — — — — — Total $ 79 $ 19 $ 15 $ 4 $ 20 $ 84 $ — $ 221 December 31, 2022 2021 2020 2019 2018 Prior Revolving Total Agricultural Risk rating: Pass $ 60 $ 9 $ 3 $ 2 $ 1 $ 1 $ — $ 76 Special mention — — — — — — — — Substandard — 1 — — — — — 1 Doubtful — — — — — — — — Total $ 60 $ 10 $ 3 $ 2 $ 1 $ 1 $ — $ 77 December 31, 2022 2021 2020 2019 2018 Prior Revolving Total Construction & Development Risk rating: Pass $ 638 $ 218 $ 70 $ 13 $ 8 $ 7 $ — $ 954 Special mention 1 — — — — — — 1 Substandard 4 1 — — — — — 5 Doubtful — — — — — — — — Total $ 643 $ 219 $ 70 $ 13 $ 8 $ 7 $ — $ 960 December 31, 2022 2021 2020 2019 2018 Prior Revolving Total Farm Risk rating: Pass $ 147 $ 85 $ 32 $ 11 $ 8 $ 21 $ — $ 304 Special mention — — — — — — — — Substandard 1 — — — — 1 — 2 Doubtful — — — — — — — — Total $ 148 $ 85 $ 32 $ 11 $ 8 $ 22 $ — $ 306 December 31, 2022 2021 2020 2019 2018 Prior Revolving Total Non-Owner Occupied CRE Risk rating: Pass $ 258 $ 191 $ 100 $ 49 $ 21 $ 75 $ — $ 694 Special mention — 1 1 11 — 7 — 20 Substandard 8 1 1 2 1 5 — 18 Doubtful — — — — — — — — Total $ 266 $ 193 $ 102 $ 62 $ 22 $ 87 $ — $ 732 December 31, 2022 2021 2020 2019 2018 Prior Revolving Total Owner Occupied CRE Risk rating: Pass $ 316 $ 224 $ 128 $ 74 $ 63 $ 113 $ — $ 918 Special mention 1 — 1 8 — 1 — 11 Substandard 1 2 1 2 9 10 — 25 Doubtful — — — — — — — — Total $ 318 $ 226 $ 130 $ 84 $ 72 $ 124 $ — $ 954 December 31, 2022 2021 2020 2019 2018 Prior Revolving Total Residential Risk rating: Pass $ 513 $ 355 $ 173 $ 82 $ 64 $ 214 $ 139 $ 1,540 Special mention 1 3 2 — — 3 1 10 Substandard 6 3 2 2 1 9 3 26 Doubtful — — — — — — — — Total $ 520 $ 361 $ 177 $ 84 $ 65 $ 226 $ 143 $ 1,576 December 31, 2022 2021 2020 2019 2018 Prior Revolving Total Auto Risk rating: Pass $ 331 $ 131 $ 55 $ 25 $ 6 $ 2 $ — $ 550 Special mention — — — — — — — — Substandard — — 1 — — — — 1 Doubtful — — — — — — — — Total $ 331 $ 131 $ 56 $ 25 $ 6 $ 2 $ — $ 551 December 31, 2022 2021 2020 2019 2018 Prior Revolving Total Non-Auto Risk rating: Pass $ 85 $ 41 $ 9 $ 3 $ 1 $ 1 $ 7 $ 147 Special mention — — — — — — — — Substandard — 1 — — — — — 1 Doubtful — — — — — — — — Total $ 85 $ 42 $ 9 $ 3 $ 1 $ 1 $ 7 $ 148 December 31, 2022 2021 2020 2019 2018 Prior Revolving Total Total Loans Risk rating: Pass $ 3,054 $ 1,430 $ 637 $ 285 $ 208 $ 531 $ 146 $ 6,291 Special mention 7 5 6 20 — 11 1 50 Substandard 33 14 7 7 12 25 3 101 Doubtful — — — — — — — — Total $ 3,094 $ 1,449 $ 650 $ 312 $ 220 $ 567 $ 150 $ 6,442 |
Schedule of Past Due Loans | At December 31, 2023 and 2022, the Company’s past due loans are as follows (in thousands): December 31, 2023 15-59 60-89 Greater Total Current Total Loans 90 Days Commercial: C&I $ 8,789 $ 1,624 $ 1,700 $ 12,113 $ 1,152,698 $ 1,164,811 $ 141 Municipal 102 — — 102 214,748 214,850 — Total Commercial 8,891 1,624 1,700 12,215 1,367,446 1,379,661 141 Agricultural 850 246 4 1,100 83,790 84,890 — Real Estate: Construction & Development 8,887 2,115 1,856 12,858 950,300 963,158 863 Farm 1,024 195 — 1,219 343,735 344,954 — Non-Owner Occupied CRE 3,565 — — 3,565 824,404 827,969 — Owner Occupied CRE 2,818 240 1,823 4,881 1,032,400 1,037,281 — Residential 12,293 828 2,816 15,937 1,818,656 1,834,593 — Total Real Estate 28,587 3,378 6,495 38,460 4,969,495 5,007,955 863 Consumer: Auto 1,482 251 24 1,757 520,102 521,859 — Non-Auto 341 51 — 392 154,034 154,426 — Total Consumer 1,823 302 24 2,149 674,136 676,285 — Total $ 40,151 $ 5,550 $ 8,223 $ 53,924 $ 7,094,867 $ 7,148,791 $ 1,004 December 31, 2022 15-59 60-89 Greater Total Current Total Loans 90 Days Commercial: C&I $ 3,924 $ 297 $ 1,646 $ 5,867 $ 911,450 $ 917,317 $ — Municipal 76 783 — 859 220,231 221,090 — Total Commercial 4,000 1,080 1,646 6,726 1,131,681 1,138,407 — Agricultural 243 — — 243 76,704 76,947 — Real Estate: Construction & Development 3,751 — 175 3,926 955,500 959,426 — Farm 668 — — 668 305,654 306,322 — Non-Owner Occupied CRE 1,444 160 — 1,604 730,485 732,089 — Owner Occupied CRE 1,151 — — 1,151 953,249 954,400 — Residential 8,720 707 266 9,693 1,566,065 1,575,758 — Total Real Estate 15,734 867 441 17,042 4,510,953 4,527,995 — Consumer: Auto 779 30 — 809 549,826 550,635 — Non-Auto 50 — — 50 147,834 147,884 — Total Consumer 829 30 — 859 697,660 698,519 — Total $ 20,806 $ 1,977 $ 2,087 $ 24,870 $ 6,416,998 $ 6,441,868 $ — * The Company monitors commercial, agricultural and real estate loans after such loans are 15 days past due. Consumer loans are monitored after such loans are 30 days past due. |
Analysis of Changes in Loans to Officers, Directors, Principal Shareholders, or Associates of Such Persons | An analysis of the changes in loans to officers, directors, principal shareholders, or associates of such persons for the year ended December 31, 2023 (determined as of each respective year-end) follows (in thousands): Beginning Additional Payments Ending Year Ended December 31, 2023 $ 107,767 $ 104,519 $ 140,242 $ 72,044 |
Derivative Financial Instrume_2
Derivative Financial Instruments (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Summary of Outstanding Notional Balances and Fair Values of Outstanding Derivative Positions | The following table provides the outstanding notional balances and fair values of outstanding derivative positions (in thousands): December 31, 2023: Outstanding Asset Liability IRLCs $ 28,956 $ 427 $ — Forward mortgage-backed securities trades 35,000 — 288 December 31, 2022: Outstanding Asset Liability IRLCs $ 41,664 $ 400 $ — Forward mortgage-backed securities trades 45,000 85 — |
Bank Premises and Equipment (Ta
Bank Premises and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Property, Plant and Equipment [Abstract] | |
Summary of Bank Premises and Equipment | The following is a summary of bank premises and equipment (in thousands): Useful Life December 31, 2023 2022 Land — $ 39,481 $ 38,703 Buildings 20 to 40 years 167,450 164,371 Furniture and equipment 3 to 10 years 62,644 62,715 Leasehold improvements Lesser of lease term 5 to 15 years 2,936 2,949 272,511 268,738 Less: accumulated depreciation and amortization ( 120,723 ) ( 115,765 ) Total bank premises and equipment $ 151,788 $ 152,973 |
Deposits and Borrowings (Tables
Deposits and Borrowings (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Deposits [Abstract] | |
Scheduled Maturities of Time Deposits | At December 31, 2023, the scheduled maturities of time deposits (in thousands) were, as follows: Year ending December 31, 2024 864,669 2025 32,103 2026 14,165 2027 8,803 2028 19,240 Thereafter — $ 938,980 |
Schedule of Borrowings | Borrowings at December 31, 2023 and 2022 consisted of the following (in thousands): December 31, 2023 2022 Securities sold under agreements with customers to $ 381,928 $ 618,829 Federal funds purchased 1,100 2,625 Other borrowings 21,053 21,053 Total $ 404,081 $ 642,507 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Income Tax Disclosure [Abstract] | |
Income Tax Expense | The Company files a consolidated federal income tax return. Income tax expense is comprised of the following (in thousands): Year Ended December 31, 2023 2022 2021 Current federal income tax $ 44,335 $ 50,429 $ 40,527 Current state income tax 346 175 350 Deferred federal income tax expense (benefit) ( 359 ) ( 4,205 ) 3,531 Income tax expense $ 44,322 $ 46,399 $ 44,408 |
Percentage of Pretax Earnings, Differs from Statutory Federal Income Tax Rate | Income tax expense, as a percentage of pretax earnings, differs from the statutory federal income tax rate as follows: As a Percent of Pretax Earnings 2023 2022 2021 Statutory federal income tax rate 21.0 % 21.0 % 21.0 % Reductions in tax rate resulting from interest income ( 3.8 ) ( 4.4 ) ( 4.7 ) Other 1.0 ( 0.1 ) 0.0 Effective income tax rate 18.2 % 16.5 % 16.3 % |
Schedule of Deferred Tax Assets and Liabilities | The approximate effects of each type of difference that gave rise to the Company’s deferred tax assets and liabilities at December 31, 2023 and 2022 are as follows (in thousands): 2023 2022 Deferred tax assets: Tax basis of loans in excess of financial statement basis $ 21,546 $ 19,474 Recognized for financial reporting purposes but not yet 3,525 3,303 Net unrealized loss on investment securities available-for- 107,206 142,276 Other deferred tax assets 727 1,038 Total deferred tax assets $ 133,004 $ 166,091 Deferred tax liabilities: Financial statement basis of fixed assets in excess of tax $ 7,164 $ 6,019 Intangible asset amortization deductible for tax purposes, 14,207 13,866 Recognized for financial reporting purposes but not yet 718 644 Other deferred tax liabilities 115 51 Total deferred tax liabilities $ 22,204 $ 20,580 Net deferred tax asset (liability) $ 110,800 $ 145,511 |
Fair Value Disclosures (Tables)
Fair Value Disclosures (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Fair Value Disclosures [Abstract] | |
Financial Assets and Financial Liabilities Measured at Fair Value on Recurring Basis | The following table summarizes the Company’s available-for-sale securities, loans held-for-sale, and derivatives which are measured at fair value on a recurring basis as of December 31, 2023 and 2022 segregated by the level of the valuation inputs within the fair value hierarchy utilized to measure fair value (in thousands): December 31, 2023 Level 1 Level 2 Level 3 Total Fair Available-for-sale investment securities: U.S. Treasury securities $ 482,234 $ — $ — $ 482,234 Obligations of state and political subdivisions — 1,497,157 — 1,497,157 Corporate bonds — 100,471 — 100,471 Residential mortgage-backed securities — 2,364,092 — 2,364,092 Commercial mortgage-backed securities — 284,324 — 284,324 Other securities 4,484 — — 4,484 Total $ 486,718 $ 4,246,044 $ — $ 4,732,762 Loans held-for-sale $ — $ 11,077 $ — $ 11,077 IRLCs $ — $ 427 $ — $ 427 Forward mortgage-backed securities traded $ — $ ( 288 ) $ — $ ( 288 ) December 31, 2022 Level 1 Level 2 Level 3 Total Fair Available-for-sale investment securities: U.S. Treasury securities $ 482,549 $ — $ — $ 482,549 Obligations of state and political subdivisions — 1,898,611 — 1,898,611 Corporate bonds — 97,850 — 97,850 Residential mortgage-backed securities — 2,616,566 — 2,616,566 Commercial mortgage-backed securities — 374,869 — 374,869 Other securities 3,914 — — 3,914 Total $ 486,463 $ 4,987,896 $ — $ 5,474,359 Loans held-for-sale $ — $ 10,497 $ — $ 10,497 IRLCs $ — $ 400 $ — $ 400 Forward mortgage-backed securities traded $ — $ 85 $ — $ 85 |
Summary of Loans Held-for-Sale at Fair Value | The following table summarizes the Company’s loans held-for-sale at fair value and the net unrealized gains as of the balance sheet dates shown below (in thousands): December 31, 2023 2022 Unpaid principal balance on loans held-for-sale $ 10,757 $ 10,226 Net unrealized gains on loans held-for-sale 320 271 Loans held-for-sale at fair value $ 11,077 $ 10,497 |
Summary of Gain Loss on Sale of Mortgage Loans | The following table summarizes the Company’s gains on sale and fees of mortgage loans for the years ended December 31, 2023, 2022 and 2021 (in thousands): Years ended December 31, 2023 2022 2021 Realized gain on sale and fees on mortgage loans* $ 12,116 $ 20,357 $ 37,091 Change in fair value on loans held-for-sale and IRLCs 147 ( 1,554 ) ( 5,259 ) Change in forward mortgage-backed securities trades ( 373 ) 232 1,413 Total gain on sale of mortgage loans $ 11,890 $ 19,035 $ 33,245 * This includes gain on loans held-for-sale carried under the fair value method and lower of cost or market. |
Schedule of Estimated Fair Values and Carrying Values of All Financial Instruments | The estimated fair values and carrying values of all financial instruments under current authoritative guidance at December 31, 2023 and 2022, were as follows (in thousands): 2023 2022 Carrying Estimated Carrying Estimated Fair Value Value Fair Value Value Fair Value Hierarchy Cash and due from banks $ 281,354 $ 281,354 $ 293,286 $ 293,286 Level 1 Interest-bearing demand deposits in banks 255,237 255,237 37,392 37,392 Level 1 Available-for-sale securities 4,732,762 4,732,762 5,474,359 5,474,359 Levels 1 and 2 Loans held-for-investment, net of allowance for 7,060,057 7,036,722 6,366,034 6,372,859 Level 3 Loans held-for-sale 14,253 14,378 11,965 11,965 Level 2 Accrued interest receivable 58,544 58,544 58,162 58,162 Level 2 Deposits with stated maturities 938,980 938,534 524,666 518,811 Level 2 Deposits with no stated maturities 10,199,320 10,199,320 10,480,841 10,480,841 Level 1 Repurchase Agreements 381,928 381,928 618,829 618,829 Level 2 Borrowings 22,153 22,153 23,678 23,678 Level 2 Accrued interest payable 10,215 10,215 1,121 1,121 Level 2 IRLCs 427 427 400 400 Level 2 Forward mortgage-backed securities trades ( 288 ) ( 288 ) 85 85 Level 2 |
Financial Instruments with Of_2
Financial Instruments with Off-Balance-Sheet Risk (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Text Block [Abstract] | |
Schedule of Financial Instruments with Off-Balance-Sheet Risk | We generally use the same credit policies in making commitments and conditional obligations as we do for on-balance sheet instruments. Commitments as of December 31, 2023 and 2022, are shown below (dollars in thousands): December 31, 2023 2022 Financial instruments whose contract amounts represent credit risk: Unfunded lines of credit $ 1,129,645 $ 1,103,286 Unfunded commitments to extend credit 758,351 916,287 Standby letters of credit 35,093 43,698 Total commitments $ 1,923,089 $ 2,063,271 The above table also does not include balances related to the Company’s IRLCs and forward mortgage-backed security trades. |
Regulatory Matters (Tables)
Regulatory Matters (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Deposits [Abstract] | |
Schedule of Regulatory Capital Ratios Under the Basel III Regulatory Capital Framework | As of December 31, 2023 and 2022, the regulatory capital ratios of the Company and Bank under the Basel III regulatory capital framework are as follows: Actual Minimum Capital Required to be As of December 31, 2023: Amount Ratio Amount Ratio Amount Ratio Total Capital to Risk-Weighted Assets: Consolidated $ 1,697,999 19.62 % $ 908,870 10.50 % $ 865,590 10.00 % First Financial Bank, N.A $ 1,518,365 17.59 % $ 906,541 10.50 % $ 863,372 10.00 % Tier 1 Capital to Risk-Weighted Assets: Consolidated $ 1,601,361 18.50 % $ 735,752 8.50 % $ 519,354 6.00 % First Financial Bank, N.A $ 1,421,727 16.47 % $ 733,866 8.50 % $ 690,698 8.00 % Common Equity Tier 1 Capital to Risk-Weighted Assets: Consolidated $ 1,601,361 18.50 % $ 605,913 7.00 % — N/A First Financial Bank, N.A $ 1,421,727 16.47 % $ 604,361 7.00 % $ 561,192 6.50 % Leverage Ratio: Consolidated $ 1,601,361 12.06 % $ 346,236 4.00 % — N/A First Financial Bank, N.A $ 1,421,727 10.75 % $ 345,349 4.00 % $ 431,686 5.00 % Actual Minimum Capital Required to be As of December 31, 2022: Amount Ratio Amount Ratio Amount Ratio Total Capital to Risk-Weighted Assets: Consolidated $ 1,586,888 19.29 % $ 863,622 10.50 % $ 822,497 10.00 % First Financial Bank, N.A $ 1,442,902 17.58 % $ 861,860 10.50 % $ 820,819 10.00 % Tier 1 Capital to Risk-Weighted Assets: Consolidated $ 1,498,731 18.22 % $ 699,122 8.50 % $ 493,498 6.00 % First Financial Bank, N.A $ 1,354,745 16.50 % $ 697,696 8.50 % $ 656,655 8.00 % Common Equity Tier 1 Capital to Risk-Weighted Assets: Consolidated $ 1,498,731 18.22 % $ 575,748 7.00 % — N/A First Financial Bank, N.A $ 1,354,745 16.50 % $ 574,573 7.00 % $ 533,532 6.50 % Leverage Ratio: Consolidated $ 1,498,731 10.96 % $ 546,983 4.00 % — N/A First Financial Bank, N.A $ 1,354,745 9.95 % $ 544,886 4.00 % $ 681,107 5.00 % |
Stock Based Compensation (Table
Stock Based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Share-Based Payment Arrangement [Abstract] | |
Schedule of Change in Restricted Stock Unit | The following table summarizes information about the changes in restricted stock units for the years ended December 31, 2023, 2022 and 2021, respectively. For the year ended For the year ended For the year ended December 31, 2023 December 31, 2022 December 31, 2021 Restricted Weighted Restricted Weighted Restricted Weighted Balance at beginning of period 39,657 $ 47.83 22,597 $ 48.91 — $ — Grants 33,294 29.53 24,833 47.19 22,597 48.91 Vesting ( 14,553 ) 48.00 ( 7,425 ) 48.91 — — Forfeited/expired ( 4,581 ) 41.09 ( 348 ) 48.91 — — Balance at end of period 53,817 $ 37.04 39,657 $ 47.83 22,597 $ 48.91 |
Schedule of Change in Performance Stock Units | The following table summarizes information about the changes in PSUs as of and for the years ended December 31, 2023, 2022 and 2021, respectively. For the year ended For the year ended For the year ended December 31, 2023 December 31, 2022 December 31, 2021 Performance-Based Restricted Weighted Performance-Based Restricted Weighted Performance-Based Restricted Weighted Balance at beginning of period 47,082 $ 48.00 22,597 $ 48.91 — $ — Grants 33,294 29.53 24,833 47.19 22,597 48.91 Vesting — — — — — — Forfeited/expired ( 5,149 ) 41.95 ( 348 ) 48.91 — — Balance at end of period 75,227 $ 40.24 47,082 $ 48.00 22,597 $ 48.91 |
Schedule of Analysis of Stock Option Activity | An analysis of stock option activity for the year ended December 31, 2023 is presented in the table and narrative below: Shares Weighted- Weighted- Aggregate Outstanding, beginning of year 1,490,413 $ 29.99 Granted 253,228 29.53 Exercised ( 125,593 ) 17.76 Cancelled ( 65,799 ) 40.79 Outstanding, end of year 1,552,249 30.45 5.81 $ 6,814 Exercisable at end of year 895,121 $ 25.34 4.04 $ 6,550 |
Schedule of Information Concerning Outstanding and Vested Stock Options | The following table summarizes information concerning outstanding and vested stock options as of December 31, 2023: Exercise Number Remaining Number Vested $ 16.95 214,981 1.8 214,981 $ 21.18 392,477 3.4 392,477 $ 29.70 293,760 5.5 167,340 $ 34.55 10,200 6.1 3,900 $ 48.91 180,764 7.6 72,841 $ 47.19 215,043 8.6 43,582 $ 29.53 245,024 9.6 — |
Summary of Vested and Unvested Restricted Stock Outstanding | The following table summarizes information about vested and unvested restricted stock. For the year ended For the year ended For the year ended December 31, 2023 December 31, 2022 December 31, 2021 Restricted Weighted Restricted Weighted Restricted Weighted Balance at beginning of period 24,813 $ 36.21 46,598 $ 35.75 95,888 $ 29.89 Grants 25,190 27.79 15,425 40.89 12,110 49.58 Vesting ( 23,708 ) 36.40 ( 37,010 ) 37.61 ( 60,011 ) 29.25 Forfeited/expired ( 1,105 ) 29.70 ( 200 ) 29.70 ( 1,389 ) 32.76 Balance at end of period 25,190 $ 27.79 24,813 $ 36.21 46,598 $ 35.75 |
Condensed Financial Informati_2
Condensed Financial Information - Parent Company (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Condensed Financial Information Disclosure [Abstract] | |
Condensed Balance Sheets | Condensed Balance Sheets - December 31, 2023 and 2022 ASSETS 2023 2022 Cash in subsidiary bank (1) $ 92,905 $ 50,204 Cash in unaffiliated banks (1) 2 2 Interest-bearing deposits in subsidiary bank (1) 50,412 69,053 Total cash and cash equivalents 143,319 119,259 Securities available-for-sale, at fair value 2,200 2,235 Investment in and advances to subsidiaries, at equity (1) 1,376,986 1,171,095 Intangible assets 723 723 Other assets 7,044 5,355 Total assets $ 1,530,272 $ 1,298,667 LIABILITIES AND SHAREHOLDERS’ EQUITY Total liabilities $ 31,372 $ 32,930 Shareholders’ equity: Common stock 1,427 1,427 Capital surplus 681,246 677,593 Retained earnings 1,219,525 1,121,945 Treasury stock ( 11,855 ) ( 11,035 ) Deferred compensation 11,855 11,035 Accumulated other comprehensive earnings ( 403,298 ) ( 535,228 ) Total shareholders’ equity 1,498,900 1,265,737 Total liabilities and shareholders’ equity $ 1,530,272 $ 1,298,667 (1) Eliminates in consolidation. |
Condensed Statements of Earnings | Condensed Statements of Earnings - For the Years Ended December 31, 2023, 2022 and 2021 2023 2022 2021 Income: Cash dividends from subsidiaries (1) $ 133,500 $ 67,500 $ 96,500 Excess of earnings over dividends of subsidiaries (1) 72,444 174,741 140,441 Other 1,783 62 279 Total income 207,727 242,303 237,220 Expenses: Salaries and employee benefits 6,129 6,541 7,374 Other operating expenses 4,521 4,106 5,262 Total expense 10,650 10,647 12,636 Earnings before income taxes 197,077 231,656 224,584 Income tax benefit 1,900 2,819 2,978 Net earnings $ 198,977 $ 234,475 $ 227,562 (1) Eliminates in consolidation . |
Condensed Statements of Cash Flows | Condensed Statements of Cash Flows - For the Years Ended December 31, 2023, 2022 and 2021 2023 2022 2021 Cash flows from operating activities: Net earnings $ 198,977 $ 234,475 $ 227,562 Adjustments to reconcile net earnings to Excess of earnings over dividends of subsidiaries ( 72,444 ) ( 174,741 ) ( 140,441 ) Depreciation and amortization, net 116 188 189 Decrease (increase) in other assets 698 645 ( 693 ) Increase (decrease) in other liabilities ( 2,721 ) 933 2,997 Other 2 — ( 4 ) Net cash provided by operating activities 124,628 61,500 89,610 Cash flows from investing activities: Purchases of bank premises and equipment and software — ( 385 ) ( 106 ) Net cash provided by (used in) investing activities — ( 385 ) ( 106 ) Cash flows from financing activities: Proceeds from stock option exercises 2,132 6,545 5,905 Cash dividends paid ( 99,965 ) ( 91,315 ) ( 79,712 ) Repurchase of stock ( 2,735 ) ( 9,449 ) — Net cash used in financing activities ( 100,568 ) ( 94,219 ) ( 73,807 ) Net increase in cash and cash equivalents 24,060 ( 33,104 ) 15,697 Cash and cash equivalents, beginning of year 119,259 152,363 136,666 Cash and cash equivalents, end of year $ 143,319 $ 119,259 $ 152,363 |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies - Additional Information (Detail) | 2 Months Ended | 7 Months Ended | 9 Months Ended | 12 Months Ended | ||
Jul. 31, 2022 $ / shares shares | Jul. 27, 2021 shares | Sep. 30, 2023 shares | Dec. 31, 2023 USD ($) Location $ / shares shares | Dec. 31, 2022 USD ($) shares | Dec. 31, 2021 USD ($) shares | |
Equity Class Of Treasury Stock [Line Items] | ||||||
Number of locations | Location | 79 | |||||
Common stock, shares authorized | shares | 200,000,000 | 200,000,000 | ||||
Minimum number of shares that company is required to repurchase | shares | 0 | |||||
Shares repurchased under stock repurchase authorization, shares | shares | 244,559 | 101,337 | ||||
Retained earnings net of tax after transitional charges | $ 1,219,525,000 | $ 1,121,945,000 | ||||
Minimum number of days to consider the loans as non-accrual | 90 days | |||||
Amount of allowance for credit loss | $ 0 | 0 | ||||
Other identifiable intangible assets, amortized period (years) | 7 years | |||||
Goodwill and intangible assets with indefinite lives | $ 313,481,000 | 313,481,000 | ||||
Impairment recorded | 0 | 0 | $ 0 | |||
Carrying amount of goodwill arising from acquisitions, is deductible for federal income tax purposes | $ 8,826,000 | 11,233,000 | ||||
Securities sold under agreements to repurchase maturity range (in days) | one to four days | |||||
Interest-bearing time deposits, maturity period (in days) | 90 days or less | |||||
Unrealized net gains in available-for-sale securities, included in accumulated other comprehensive income | $ (403,298,000) | $ (535,228,000) | ||||
First financial antidilutive securities excluded from eps computation | shares | 473,000 | 1,261,000 | 0 | |||
Average Price of share repurchase | $ / shares | $ 38.61 | $ 26.99 | ||||
Commitments to Extend Credit [Member] | ||||||
Equity Class Of Treasury Stock [Line Items] | ||||||
Reserve for unfunded commitments | $ 7,903,000 | $ 12,323,000 | ||||
Held-to-maturity Securities [Member] | ||||||
Equity Class Of Treasury Stock [Line Items] | ||||||
Securities held to maturity | $ 0 | $ 0 | ||||
Maximum [Member] | ||||||
Equity Class Of Treasury Stock [Line Items] | ||||||
Stock repurchase program, number of shares authorized to be repurchased | shares | 5,000,000 |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies - Computation of Basic EPS to Dilutive EPS (Detail) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Earnings Per Share [Abstract] | |||
Net earnings per share, basic, Net Earnings | $ 198,977 | $ 234,475 | $ 227,562 |
Effect of stock options and stock grants, Net Earnings | 0 | 0 | 0 |
Net earnings per share, diluted, Net Earnings | $ 198,977 | $ 234,475 | $ 227,562 |
Net earnings per share, basic, Weighted Average Shares | 142,688,585 | 142,596,252 | 142,291,939 |
Effect of stock options and stock grants, Weighted Average Shares | 250,392 | 611,647 | 842,281 |
Net earnings per share, diluted, Weighted Average Shares | 142,938,977 | 143,207,899 | 143,134,220 |
NET EARNINGS PER SHARE, BASIC | $ 1.39 | $ 1.64 | $ 1.60 |
Effect of stock options and stock grants, Per Share Amount | 0 | 0 | (0.01) |
Net earnings per share, diluted, Per Share Amount | $ 1.39 | $ 1.64 | $ 1.59 |
Securities - Summary of Availab
Securities - Summary of Available-for-Sale Securities (Detail) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Schedule Of Available For Sale Securities [Line Items] | ||
Securities available-for-sale, Amortized Cost Basis | $ 5,243,681 | $ 6,152,348 |
Securities available-for-sale, Gross Unrealized Holding Gains | 945 | 1,237 |
Securities available-for-sale, Gross Unrealized Holding Losses | (511,864) | (679,226) |
Securities available-for-sale, at fair value | 4,732,762 | 5,474,359 |
U.S. Treasury securities [Member] | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Securities available-for-sale, Amortized Cost Basis | 496,975 | 508,275 |
Securities available-for-sale, Gross Unrealized Holding Gains | 4 | 11 |
Securities available-for-sale, Gross Unrealized Holding Losses | (14,745) | (25,737) |
Securities available-for-sale, at fair value | 482,234 | 482,549 |
Obligations of State and Political Subdivisions [Member] | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Securities available-for-sale, Amortized Cost Basis | 1,621,405 | 2,104,193 |
Securities available-for-sale, Gross Unrealized Holding Gains | 934 | 1,217 |
Securities available-for-sale, Gross Unrealized Holding Losses | (125,182) | (206,799) |
Securities available-for-sale, at fair value | 1,497,157 | 1,898,611 |
Residential Mortgage-Backed Securities [Member] | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Securities available-for-sale, Amortized Cost Basis | 2,716,968 | 3,034,120 |
Securities available-for-sale, Gross Unrealized Holding Gains | 7 | 8 |
Securities available-for-sale, Gross Unrealized Holding Losses | (352,883) | (417,562) |
Securities available-for-sale, at fair value | 2,364,092 | 2,616,566 |
Commercial Mortgage-Backed Securities [Member] | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Securities available-for-sale, Amortized Cost Basis | 295,663 | 392,914 |
Securities available-for-sale, Gross Unrealized Holding Gains | 0 | 1 |
Securities available-for-sale, Gross Unrealized Holding Losses | (11,339) | (18,046) |
Securities available-for-sale, at fair value | 284,324 | 374,869 |
Corporate Bonds and Other [Member] | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Securities available-for-sale, Amortized Cost Basis | 112,670 | 112,846 |
Securities available-for-sale, Gross Unrealized Holding Gains | 0 | 0 |
Securities available-for-sale, Gross Unrealized Holding Losses | (7,715) | (11,082) |
Securities available-for-sale, at fair value | $ 104,955 | $ 101,764 |
Securities - Additional Informa
Securities - Additional Information (Detail) | 12 Months Ended | ||
Dec. 31, 2023 USD ($) Investment | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | |
Interest Bearing Time Deposits In Banks And Securities [Line Items] | |||
Interest Bearing Time Deposits In Banks | $ 0 | $ 0 | |
Interest-bearing time deposits, maturity period, years | 12 months | ||
Number of investment positions | Investment | 780 | ||
Securities pledged as collateral | $ 2,964,467,000 | 4,070,454,000 | |
Sales of investment securities available-for-sale | 411,134,000 | 479,273,000 | $ 10,631,000 |
Gross realized gains from security sales or calls | 1,699,000 | 6,618,000 | 815,000 |
Gross realized losses from security sales or calls | $ 8,818,000 | $ 4,474,000 | $ 0 |
Obligations of State and Political Subdivisions [Member] | Texas [Member] | |||
Interest Bearing Time Deposits In Banks And Securities [Line Items] | |||
Percentage of securities guaranteed by Texas Permanent School Fund | 56.16% | 54.77% | |
Obligations of State and Political Subdivisions [Member] | Texas [Member] | Geographic Concentration Risk [Member] | Available-for-Sale Securities [Member] | |||
Interest Bearing Time Deposits In Banks And Securities [Line Items] | |||
Concentration risk, percentage | 66.15% | 71.86% |
Securities - Amortized Cost and
Securities - Amortized Cost and Estimated Fair Value of Available-for-Sale Securities (Detail) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Investments, Debt and Equity Securities [Abstract] | ||
Available-for-Sale, Amortized Cost Basis, Due within one year | $ 360,853 | |
Available-for-Sale, Amortized Cost Basis, Due after one year through five years | 1,399,375 | |
Available-for-Sale, Amortized Cost Basis, Due after five years through ten years | 2,751,006 | |
Available-for-Sale, Amortized Cost Basis, Due after ten years | 732,447 | |
Available-for-Sale, Amortized Cost Basis, Total | 5,243,681 | $ 6,152,348 |
Available-for-Sale, Estimated Fair Value, Due within one year | 355,802 | |
Available-for-Sale, Estimated Fair Value, Due after one year through five years | 1,308,406 | |
Available-for-Sale, Estimated Fair Value, Due after five years through ten years | 2,455,882 | |
Available-for-Sale, Estimated Fair Value, Due after ten years | 612,672 | |
Securities available-for-sale, Estimated Fair Value, Total | $ 4,732,762 | $ 5,474,359 |
Securities - Continuous Unreali
Securities - Continuous Unrealized-Loss Position of Available-for-Sale Securities (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Schedule Of Available For Sale Securities [Line Items] | ||
Available-for-sale securities, continuous unrealized loss position Less than 12 Months, Fair Value | $ 16,963 | $ 1,909,674 |
Unrealized Gain (Loss) on Derivatives | 42 | 118,033 |
Available-for-sale securities, continuous unrealized loss position 12 Months or Longer, Fair Value | 4,655,649 | 3,378,251 |
Available-for-sale securities, continuous unrealized loss position 12 Months or Longer, Fair Value | 511,822 | 561,193 |
Available-for-sale securities, continuous unrealized loss position, Fair Value | 4,672,612 | 5,287,925 |
Available-for-sale securities, continuous unrealized loss position, Unrealized Loss | 511,864 | 679,226 |
U.S. Treasury securities [Member] | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Available-for-sale securities, continuous unrealized loss position Less than 12 Months, Fair Value | 3,477 | 307,012 |
Unrealized Gain (Loss) on Derivatives | 7 | 11,650 |
Available-for-sale securities, continuous unrealized loss position 12 Months or Longer, Fair Value | 477,306 | 173,105 |
Available-for-sale securities, continuous unrealized loss position 12 Months or Longer, Fair Value | 14,738 | 14,087 |
Available-for-sale securities, continuous unrealized loss position, Fair Value | 480,783 | 480,117 |
Available-for-sale securities, continuous unrealized loss position, Unrealized Loss | 14,745 | 25,737 |
Obligations of State and Political Subdivisions [Member] | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Available-for-sale securities, continuous unrealized loss position Less than 12 Months, Fair Value | 11,855 | 770,469 |
Unrealized Gain (Loss) on Derivatives | 34 | 55,943 |
Available-for-sale securities, continuous unrealized loss position 12 Months or Longer, Fair Value | 1,427,975 | 946,571 |
Available-for-sale securities, continuous unrealized loss position 12 Months or Longer, Fair Value | 125,148 | 150,856 |
Available-for-sale securities, continuous unrealized loss position, Fair Value | 1,439,830 | 1,717,040 |
Available-for-sale securities, continuous unrealized loss position, Unrealized Loss | 125,182 | 206,799 |
Residential Mortgage-Backed Securities [Member] | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Available-for-sale securities, continuous unrealized loss position Less than 12 Months, Fair Value | 1,631 | 470,970 |
Unrealized Gain (Loss) on Derivatives | 1 | 37,065 |
Available-for-sale securities, continuous unrealized loss position 12 Months or Longer, Fair Value | 2,361,089 | 2,143,869 |
Available-for-sale securities, continuous unrealized loss position 12 Months or Longer, Fair Value | 352,882 | 380,497 |
Available-for-sale securities, continuous unrealized loss position, Fair Value | 2,362,720 | 2,614,839 |
Available-for-sale securities, continuous unrealized loss position, Unrealized Loss | 352,883 | 417,562 |
Commercial Mortgage-Backed Securities [Member] | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Available-for-sale securities, continuous unrealized loss position Less than 12 Months, Fair Value | 0 | 319,303 |
Unrealized Gain (Loss) on Derivatives | 0 | 11,677 |
Available-for-sale securities, continuous unrealized loss position 12 Months or Longer, Fair Value | 284,324 | 54,862 |
Available-for-sale securities, continuous unrealized loss position 12 Months or Longer, Fair Value | 11,339 | 6,369 |
Available-for-sale securities, continuous unrealized loss position, Fair Value | 284,324 | 374,165 |
Available-for-sale securities, continuous unrealized loss position, Unrealized Loss | 11,339 | 18,046 |
Corporate bonds and Other [Member] | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Available-for-sale securities, continuous unrealized loss position Less than 12 Months, Fair Value | 0 | 41,920 |
Unrealized Gain (Loss) on Derivatives | 0 | 1,698 |
Available-for-sale securities, continuous unrealized loss position 12 Months or Longer, Fair Value | 104,955 | 59,844 |
Available-for-sale securities, continuous unrealized loss position 12 Months or Longer, Fair Value | 7,715 | 9,384 |
Available-for-sale securities, continuous unrealized loss position, Fair Value | 104,955 | 101,764 |
Available-for-sale securities, continuous unrealized loss position, Unrealized Loss | $ 7,715 | $ 11,082 |
Loans And Allowance For Credi_3
Loans And Allowance For Credit Losses - Loans Held-for-Investment by Portfolio Segment (Detail) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Loans And Leases Receivable Disclosure [Line Items] | ||||
Total Loans | $ 7,148,791 | $ 6,441,868 | ||
Less - allowance for credit losses | (88,734) | (75,834) | $ (63,465) | |
Net loans held – for -investment | 7,060,057 | 6,366,034 | ||
Commercial [Member] | ||||
Loans And Leases Receivable Disclosure [Line Items] | ||||
Total Loans | 1,379,661 | 1,138,407 | ||
Agricultural [Member] | ||||
Loans And Leases Receivable Disclosure [Line Items] | ||||
Total Loans | 84,890 | 76,947 | ||
Less - allowance for credit losses | (1,281) | (1,041) | (1,597) | |
Real Estate [Member] | ||||
Loans And Leases Receivable Disclosure [Line Items] | ||||
Total Loans | 5,007,955 | 4,527,995 | ||
Consumer [Member] | ||||
Loans And Leases Receivable Disclosure [Line Items] | ||||
Total Loans | 676,285 | 698,519 | ||
C&I [Member] | ||||
Loans And Leases Receivable Disclosure [Line Items] | ||||
Total Loans | 1,164,811 | 917,317 | ||
Less - allowance for credit losses | (15,698) | (16,129) | (12,280) | |
C&I [Member] | Commercial [Member] | ||||
Loans And Leases Receivable Disclosure [Line Items] | ||||
Total Loans | [1] | 1,164,811 | 917,317 | |
Muncipal [Member] | ||||
Loans And Leases Receivable Disclosure [Line Items] | ||||
Total Loans | 214,850 | 221,090 | ||
Less - allowance for credit losses | (195) | (1,026) | (348) | |
Muncipal [Member] | Commercial [Member] | ||||
Loans And Leases Receivable Disclosure [Line Items] | ||||
Total Loans | 214,850 | 221,090 | ||
Construction & Development [Member] | ||||
Loans And Leases Receivable Disclosure [Line Items] | ||||
Total Loans | 963,158 | 959,426 | ||
Less - allowance for credit losses | (28,553) | (26,443) | (17,627) | |
Construction & Development [Member] | Real Estate [Member] | ||||
Loans And Leases Receivable Disclosure [Line Items] | ||||
Total Loans | 963,158 | 959,426 | ||
Farm [Member] | ||||
Loans And Leases Receivable Disclosure [Line Items] | ||||
Total Loans | 344,954 | 306,322 | ||
Less - allowance for credit losses | (2,914) | (1,957) | (663) | |
Farm [Member] | Real Estate [Member] | ||||
Loans And Leases Receivable Disclosure [Line Items] | ||||
Total Loans | 344,954 | 306,322 | ||
Non - Owner Occupied CRE [Member] | ||||
Loans And Leases Receivable Disclosure [Line Items] | ||||
Total Loans | 827,969 | 732,089 | ||
Less - allowance for credit losses | (13,425) | (9,075) | (10,722) | |
Non - Owner Occupied CRE [Member] | Real Estate [Member] | ||||
Loans And Leases Receivable Disclosure [Line Items] | ||||
Total Loans | 827,969 | 732,089 | ||
Owner Occupied CRE [Member] | ||||
Loans And Leases Receivable Disclosure [Line Items] | ||||
Total Loans | 1,037,281 | 954,400 | ||
Less - allowance for credit losses | (13,813) | (9,928) | (10,828) | |
Owner Occupied CRE [Member] | Real Estate [Member] | ||||
Loans And Leases Receivable Disclosure [Line Items] | ||||
Total Loans | 1,037,281 | 954,400 | ||
Residential [Member] | ||||
Loans And Leases Receivable Disclosure [Line Items] | ||||
Total Loans | 1,834,593 | 1,575,758 | ||
Less - allowance for credit losses | (11,654) | (9,075) | (8,133) | |
Residential [Member] | Real Estate [Member] | ||||
Loans And Leases Receivable Disclosure [Line Items] | ||||
Total Loans | 1,834,593 | 1,575,758 | ||
Auto [Member] | ||||
Loans And Leases Receivable Disclosure [Line Items] | ||||
Total Loans | 521,859 | 550,635 | ||
Less - allowance for credit losses | (810) | (845) | (896) | |
Auto [Member] | Consumer [Member] | ||||
Loans And Leases Receivable Disclosure [Line Items] | ||||
Total Loans | 521,859 | 550,635 | ||
Non - Auto [Member] | ||||
Loans And Leases Receivable Disclosure [Line Items] | ||||
Total Loans | 154,426 | 147,884 | ||
Less - allowance for credit losses | (391) | (315) | $ (371) | |
Non - Auto [Member] | Consumer [Member] | ||||
Loans And Leases Receivable Disclosure [Line Items] | ||||
Total Loans | $ 154,426 | $ 147,884 | ||
[1] All disclosures for the C&I loan segment include PPP loan balances, net of deferred fees, as disclosed on the face of the consolidated balance sheet. |
Loans And Allowance For Credi_4
Loans And Allowance For Credit Losses - Additional Information (Detail) - USD ($) | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Accounts Notes And Loans Receivable [Line Items] | |||
Loans held by subsidiaries subject to blanket liens | $ 4,980,020,000 | ||
Line of credit | 0 | $ 0 | |
Nonaccrual, past due 90 days or more and still accruing, restructured loans and foreclosed assets | 35,096,000 | 24,325,000 | |
Nonaccrual loans | 33,609,000 | 24,325,000 | |
Interest income recognized on impaired loans | 1,714,000 | 1,607,000 | $ 2,122,000 |
Additional funds advanced in connection with impaired loans | 0 | ||
Unfunded loan commitments | 7,903,000 | 12,323,000 | |
Provision for loan losses | 15,050,000 | 11,540,000 | |
Total Loans | 7,148,791,000 | 6,441,868,000 | |
Reserve for unfunded commitments (Other liabilities) | 7,903,000 | 12,323,000 | |
Reversal of Provision for credit losses | 11,540,000 | ||
Available line of credit | 1,858,173,000 | ||
Undisbursed Commitments | 813,000,000 | ||
Unfunded Loan Commitment [Member] | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Unfunded loan commitments | $ 4,419,000 | $ 5,887,000 |
Loans And Allowance For Credi_5
Loans And Allowance For Credit Losses - Non-Accrual Loans, Loans Still Accruing and Past Due 90 Days or More and Restructured Loans (Detail) - USD ($) | Dec. 31, 2023 | Dec. 31, 2022 | |
Receivables [Abstract] | |||
Nonaccrual loans | $ 33,609,000 | $ 24,325,000 | |
Total 90 Days Past Due Still Accruing | 1,004,000 | 0 | |
Total | [1] | $ 34,613,000 | $ 24,325,000 |
[1] (1) With the adoption of ASU 2022-02, effective January 1, 2023, troubled debt restructuring ("TDR") accounting has been eliminated. |
Loans And Allowance For Credi_6
Loans And Allowance For Credit Losses - Schedule of Non-Accrual Loans (Detail) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Loans And Leases Receivable Disclosure [Line Items] | ||
Non-accrual loans | $ 33,609 | $ 24,325 |
Commercial [Member] | ||
Loans And Leases Receivable Disclosure [Line Items] | ||
Non-accrual loans | 4,132 | 5,057 |
Commercial [Member] | C&I [Member] | ||
Loans And Leases Receivable Disclosure [Line Items] | ||
Non-accrual loans | 4,132 | 5,057 |
Commercial [Member] | Muncipal [Member] | ||
Loans And Leases Receivable Disclosure [Line Items] | ||
Non-accrual loans | 0 | 0 |
Agricultural [Member] | ||
Loans And Leases Receivable Disclosure [Line Items] | ||
Non-accrual loans | 155 | 324 |
Real Estate [Member] | ||
Loans And Leases Receivable Disclosure [Line Items] | ||
Non-accrual loans | 28,741 | 18,484 |
Real Estate [Member] | Construction & Development [Member] | ||
Loans And Leases Receivable Disclosure [Line Items] | ||
Non-accrual loans | 1,444 | 1,567 |
Real Estate [Member] | Farm [Member] | ||
Loans And Leases Receivable Disclosure [Line Items] | ||
Non-accrual loans | 4,804 | 85 |
Real Estate [Member] | Non - Owner Occupied CRE [Member] | ||
Loans And Leases Receivable Disclosure [Line Items] | ||
Non-accrual loans | 8,022 | 2,321 |
Real Estate [Member] | Owner Occupied CRE [Member] | ||
Loans And Leases Receivable Disclosure [Line Items] | ||
Non-accrual loans | 6,822 | 7,092 |
Real Estate [Member] | Residential [Member] | ||
Loans And Leases Receivable Disclosure [Line Items] | ||
Non-accrual loans | 7,649 | 7,419 |
Consumer [Member] | ||
Loans And Leases Receivable Disclosure [Line Items] | ||
Non-accrual loans | 581 | 460 |
Consumer [Member] | Auto [Member] | ||
Loans And Leases Receivable Disclosure [Line Items] | ||
Non-accrual loans | 464 | 429 |
Consumer [Member] | Non - Auto [Member] | ||
Loans And Leases Receivable Disclosure [Line Items] | ||
Non-accrual loans | $ 117 | $ 31 |
Loan And Allowance For Credit L
Loan And Allowance For Credit Losses - Changes in Allowance for Loan Losses (Detail) - USD ($) | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Loans And Leases Receivable Disclosure [Line Items] | ||
Beginning balance | $ 75,834,000 | $ 63,465,000 |
Provision for loan losses | 15,050,000 | 11,540,000 |
Recoveries | 1,549,000 | 3,281,000 |
Charge-offs | (3,699,000) | (2,452,000) |
Ending balance | 88,734,000 | 75,834,000 |
Agricultural [Member] | ||
Loans And Leases Receivable Disclosure [Line Items] | ||
Beginning balance | 1,041,000 | 1,597,000 |
Provision for loan losses | (37,000) | (702,000) |
Recoveries | 286,000 | 155,000 |
Charge-offs | 9,000 | (9,000) |
Ending balance | 1,281,000 | 1,041,000 |
C&I [Member] | ||
Loans And Leases Receivable Disclosure [Line Items] | ||
Beginning balance | 16,129,000 | 12,280,000 |
Provision for loan losses | 1,118,000 | 3,485,000 |
Recoveries | 267,000 | 953,000 |
Charge-offs | (1,816,000) | (589,000) |
Ending balance | 15,698,000 | 16,129,000 |
Muncipal [Member] | ||
Loans And Leases Receivable Disclosure [Line Items] | ||
Beginning balance | 1,026,000 | 348,000 |
Provision for loan losses | (831,000) | 678,000 |
Recoveries | 0 | 0 |
Charge-offs | 0 | 0 |
Ending balance | 195,000 | 1,026,000 |
Construction & Development [Member] | ||
Loans And Leases Receivable Disclosure [Line Items] | ||
Beginning balance | 26,443,000 | 17,627,000 |
Provision for loan losses | 2,004,000 | 8,916,000 |
Recoveries | 106,000 | 0 |
Charge-offs | 0 | (100,000) |
Ending balance | 28,553,000 | 26,443,000 |
Farm [Member] | ||
Loans And Leases Receivable Disclosure [Line Items] | ||
Beginning balance | 1,957,000 | 663,000 |
Provision for loan losses | 957,000 | 1,294,000 |
Recoveries | 0 | 0 |
Charge-offs | 0 | 0 |
Ending balance | 2,914,000 | 1,957,000 |
Non - Owner Occupied CRE [Member] | ||
Loans And Leases Receivable Disclosure [Line Items] | ||
Beginning balance | 9,075,000 | 10,722,000 |
Provision for loan losses | 4,279,000 | (2,499,000) |
Recoveries | 71,000 | 852,000 |
Charge-offs | 0 | 0 |
Ending balance | 13,425,000 | 9,075,000 |
Owner Occupied CRE [Member] | ||
Loans And Leases Receivable Disclosure [Line Items] | ||
Beginning balance | 9,928,000 | 10,828,000 |
Provision for loan losses | 3,668,000 | (1,062,000) |
Recoveries | 227,000 | 699,000 |
Charge-offs | (10,000) | (537,000) |
Ending balance | 13,813,000 | 9,928,000 |
Residential [Member] | ||
Loans And Leases Receivable Disclosure [Line Items] | ||
Beginning balance | 9,075,000 | 8,133,000 |
Provision for loan losses | 2,813,000 | 1,014,000 |
Recoveries | 24,000 | 114,000 |
Charge-offs | (258,000) | (186,000) |
Ending balance | 11,654,000 | 9,075,000 |
Auto [Member] | ||
Loans And Leases Receivable Disclosure [Line Items] | ||
Beginning balance | 845,000 | 896,000 |
Provision for loan losses | 573,000 | 252,000 |
Recoveries | 398,000 | 293,000 |
Charge-offs | (1,006,000) | (596,000) |
Ending balance | 810,000 | 845,000 |
Non - Auto [Member] | ||
Loans And Leases Receivable Disclosure [Line Items] | ||
Beginning balance | 315,000 | 371,000 |
Provision for loan losses | 506,000 | 164,000 |
Recoveries | 170,000 | 215,000 |
Charge-offs | (600,000) | (435,000) |
Ending balance | $ 391,000 | $ 315,000 |
Loans And Allowance For Credi_7
Loans And Allowance For Credit Losses - Schedule of loans that are individually evaluated for credit losses (Detail) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Financing Receivable Impaired [Line Items] | ||
Related Allowance | $ 17,573 | $ 14,541 |
Total Recorded Investment | 176,213 | 150,698 |
Collateral Pledged [Member] | ||
Financing Receivable Impaired [Line Items] | ||
Recorded Investment With No Allowance | 12,626 | 12,250 |
Recorded Investment With Allowance | 20,983 | 12,056 |
Related Allowance | 3,791 | 4,167 |
Uncollateralized [Member] | ||
Financing Receivable Impaired [Line Items] | ||
Related Allowance | 13,782 | 10,374 |
Total Recorded Investment | 142,604 | 126,392 |
Commercial [Member] | ||
Financing Receivable Impaired [Line Items] | ||
Related Allowance | 5,858 | 8,398 |
Total Recorded Investment | 23,498 | 29,440 |
Commercial [Member] | Collateral Pledged [Member] | ||
Financing Receivable Impaired [Line Items] | ||
Recorded Investment With No Allowance | 1,322 | 0 |
Recorded Investment With Allowance | 2,810 | 5,057 |
Related Allowance | 1,363 | 3,513 |
Commercial [Member] | Uncollateralized [Member] | ||
Financing Receivable Impaired [Line Items] | ||
Related Allowance | 4,495 | 4,885 |
Total Recorded Investment | 19,366 | 24,383 |
Commercial [Member] | C&I [Member] | ||
Financing Receivable Impaired [Line Items] | ||
Related Allowance | 5,858 | 8,398 |
Total Recorded Investment | 22,765 | 29,382 |
Commercial [Member] | C&I [Member] | Collateral Pledged [Member] | ||
Financing Receivable Impaired [Line Items] | ||
Recorded Investment With No Allowance | 1,322 | 0 |
Recorded Investment With Allowance | 2,810 | 5,057 |
Related Allowance | 1,363 | 3,513 |
Commercial [Member] | C&I [Member] | Uncollateralized [Member] | ||
Financing Receivable Impaired [Line Items] | ||
Related Allowance | 4,495 | 4,885 |
Total Recorded Investment | 18,633 | 24,325 |
Commercial [Member] | Municipal [Member] | ||
Financing Receivable Impaired [Line Items] | ||
Related Allowance | 0 | |
Total Recorded Investment | 733 | 58 |
Commercial [Member] | Municipal [Member] | Collateral Pledged [Member] | ||
Financing Receivable Impaired [Line Items] | ||
Related Allowance | 0 | |
Commercial [Member] | Municipal [Member] | Uncollateralized [Member] | ||
Financing Receivable Impaired [Line Items] | ||
Related Allowance | 0 | |
Total Recorded Investment | 733 | 58 |
Agricultural [Member] | ||
Financing Receivable Impaired [Line Items] | ||
Related Allowance | 750 | 398 |
Total Recorded Investment | 1,459 | 679 |
Agricultural [Member] | Collateral Pledged [Member] | ||
Financing Receivable Impaired [Line Items] | ||
Recorded Investment With No Allowance | 57 | 116 |
Recorded Investment With Allowance | 98 | 209 |
Related Allowance | 50 | 122 |
Agricultural [Member] | Uncollateralized [Member] | ||
Financing Receivable Impaired [Line Items] | ||
Related Allowance | 700 | 276 |
Total Recorded Investment | 1,304 | 354 |
Agricultural [Member] | Farm [Member] | ||
Financing Receivable Impaired [Line Items] | ||
Related Allowance | 994 | |
Total Recorded Investment | 6,166 | |
Agricultural [Member] | Farm [Member] | Collateral Pledged [Member] | ||
Financing Receivable Impaired [Line Items] | ||
Recorded Investment With Allowance | 4,804 | |
Related Allowance | 937 | |
Agricultural [Member] | Farm [Member] | Uncollateralized [Member] | ||
Financing Receivable Impaired [Line Items] | ||
Related Allowance | 57 | |
Total Recorded Investment | 1,362 | |
Real Estate [Member] | ||
Financing Receivable Impaired [Line Items] | ||
Related Allowance | 10,901 | 5,742 |
Total Recorded Investment | 147,768 | 118,650 |
Real Estate [Member] | Collateral Pledged [Member] | ||
Financing Receivable Impaired [Line Items] | ||
Recorded Investment With No Allowance | 11,247 | 12,134 |
Recorded Investment With Allowance | 17,494 | 6,330 |
Related Allowance | 2,377 | 531 |
Real Estate [Member] | Uncollateralized [Member] | ||
Financing Receivable Impaired [Line Items] | ||
Related Allowance | 8,524 | 5,211 |
Total Recorded Investment | 119,027 | 100,186 |
Real Estate [Member] | Construction & Development [Member] | ||
Financing Receivable Impaired [Line Items] | ||
Related Allowance | 2,401 | 305 |
Total Recorded Investment | 23,989 | 6,440 |
Real Estate [Member] | Construction & Development [Member] | Collateral Pledged [Member] | ||
Financing Receivable Impaired [Line Items] | ||
Recorded Investment With No Allowance | 758 | 577 |
Recorded Investment With Allowance | 686 | 990 |
Related Allowance | 148 | 193 |
Real Estate [Member] | Construction & Development [Member] | Uncollateralized [Member] | ||
Financing Receivable Impaired [Line Items] | ||
Related Allowance | 2,253 | 112 |
Total Recorded Investment | 22,545 | 4,873 |
Real Estate [Member] | Farm [Member] | ||
Financing Receivable Impaired [Line Items] | ||
Related Allowance | 36 | |
Total Recorded Investment | 1,663 | |
Real Estate [Member] | Farm [Member] | Collateral Pledged [Member] | ||
Financing Receivable Impaired [Line Items] | ||
Recorded Investment With No Allowance | 0 | |
Recorded Investment With Allowance | 85 | |
Related Allowance | 2 | |
Real Estate [Member] | Farm [Member] | Uncollateralized [Member] | ||
Financing Receivable Impaired [Line Items] | ||
Related Allowance | 34 | |
Total Recorded Investment | 1,578 | |
Real Estate [Member] | Non - Owner Occupied CRE [Member] | ||
Financing Receivable Impaired [Line Items] | ||
Related Allowance | 3,684 | 2,357 |
Total Recorded Investment | 37,139 | 38,358 |
Real Estate [Member] | Non - Owner Occupied CRE [Member] | Collateral Pledged [Member] | ||
Financing Receivable Impaired [Line Items] | ||
Recorded Investment With No Allowance | 1,919 | 2,062 |
Recorded Investment With Allowance | 6,103 | 259 |
Related Allowance | 700 | 16 |
Real Estate [Member] | Non - Owner Occupied CRE [Member] | Uncollateralized [Member] | ||
Financing Receivable Impaired [Line Items] | ||
Related Allowance | 2,984 | 2,341 |
Total Recorded Investment | 29,117 | 36,037 |
Real Estate [Member] | Owner Occupied CRE [Member] | ||
Financing Receivable Impaired [Line Items] | ||
Related Allowance | 1,663 | 1,600 |
Total Recorded Investment | 42,568 | 36,206 |
Real Estate [Member] | Owner Occupied CRE [Member] | Collateral Pledged [Member] | ||
Financing Receivable Impaired [Line Items] | ||
Recorded Investment With No Allowance | 4,661 | 4,363 |
Recorded Investment With Allowance | 2,161 | 2,728 |
Related Allowance | 232 | 91 |
Real Estate [Member] | Owner Occupied CRE [Member] | Uncollateralized [Member] | ||
Financing Receivable Impaired [Line Items] | ||
Related Allowance | 1,431 | 1,509 |
Total Recorded Investment | 35,746 | 29,115 |
Real Estate [Member] | Residential [Member] | ||
Financing Receivable Impaired [Line Items] | ||
Related Allowance | 2,159 | 1,444 |
Total Recorded Investment | 37,906 | 35,983 |
Real Estate [Member] | Residential [Member] | Collateral Pledged [Member] | ||
Financing Receivable Impaired [Line Items] | ||
Recorded Investment With No Allowance | 3,909 | 5,132 |
Recorded Investment With Allowance | 3,740 | 2,268 |
Related Allowance | 360 | 229 |
Real Estate [Member] | Residential [Member] | Uncollateralized [Member] | ||
Financing Receivable Impaired [Line Items] | ||
Related Allowance | 1,799 | 1,215 |
Total Recorded Investment | 30,257 | 28,583 |
Consumer [Member] | ||
Financing Receivable Impaired [Line Items] | ||
Related Allowance | 64 | 3 |
Total Recorded Investment | 3,488 | 1,929 |
Consumer [Member] | Collateral Pledged [Member] | ||
Financing Receivable Impaired [Line Items] | ||
Recorded Investment With Allowance | 581 | 460 |
Related Allowance | 1 | 1 |
Consumer [Member] | Uncollateralized [Member] | ||
Financing Receivable Impaired [Line Items] | ||
Related Allowance | 63 | 2 |
Total Recorded Investment | 2,907 | 1,469 |
Consumer [Member] | Auto [Member] | ||
Financing Receivable Impaired [Line Items] | ||
Related Allowance | 4 | 2 |
Total Recorded Investment | 2,589 | 1,360 |
Consumer [Member] | Auto [Member] | Collateral Pledged [Member] | ||
Financing Receivable Impaired [Line Items] | ||
Recorded Investment With Allowance | 464 | 429 |
Related Allowance | 1 | 1 |
Consumer [Member] | Auto [Member] | Uncollateralized [Member] | ||
Financing Receivable Impaired [Line Items] | ||
Related Allowance | 3 | 1 |
Total Recorded Investment | 2,125 | 931 |
Consumer [Member] | Non - Auto [Member] | ||
Financing Receivable Impaired [Line Items] | ||
Related Allowance | 60 | 1 |
Total Recorded Investment | 899 | 569 |
Consumer [Member] | Non - Auto [Member] | Collateral Pledged [Member] | ||
Financing Receivable Impaired [Line Items] | ||
Recorded Investment With Allowance | 117 | 31 |
Related Allowance | 0 | |
Consumer [Member] | Non - Auto [Member] | Uncollateralized [Member] | ||
Financing Receivable Impaired [Line Items] | ||
Related Allowance | 60 | 1 |
Total Recorded Investment | $ 782 | $ 538 |
Loan And Allowance For Credit_2
Loan And Allowance For Credit Losses - Schedule of Allowance for Loan Losses by Portfolio Segment (Detail) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 |
Financing Receivable Allowance For Credit Losses [Line Items] | |||
Loans individually evaluated for credit losses | $ 17,573 | $ 14,541 | |
Loans collectively evaluated for credit losses | 71,161 | 61,293 | |
Total allowance for loan losses | 88,734 | 75,834 | $ 63,465 |
Agricultural [Member] | |||
Financing Receivable Allowance For Credit Losses [Line Items] | |||
Loans individually evaluated for credit losses | 750 | 398 | |
Loans collectively evaluated for credit losses | 531 | 643 | |
Total allowance for loan losses | 1,281 | 1,041 | 1,597 |
C&I [Member] | |||
Financing Receivable Allowance For Credit Losses [Line Items] | |||
Loans individually evaluated for credit losses | 5,858 | 8,398 | |
Loans collectively evaluated for credit losses | 9,840 | 7,731 | |
Total allowance for loan losses | 15,698 | 16,129 | 12,280 |
Muncipal [Member] | |||
Financing Receivable Allowance For Credit Losses [Line Items] | |||
Loans individually evaluated for credit losses | 0 | 0 | |
Loans collectively evaluated for credit losses | 195 | 1,026 | |
Total allowance for loan losses | 195 | 1,026 | 348 |
Construction & Development [Member] | |||
Financing Receivable Allowance For Credit Losses [Line Items] | |||
Loans individually evaluated for credit losses | 2,401 | 305 | |
Loans collectively evaluated for credit losses | 26,152 | 26,138 | |
Total allowance for loan losses | 28,553 | 26,443 | 17,627 |
Farm [Member] | |||
Financing Receivable Allowance For Credit Losses [Line Items] | |||
Loans individually evaluated for credit losses | 994 | 36 | |
Loans collectively evaluated for credit losses | 1,920 | 1,921 | |
Total allowance for loan losses | 2,914 | 1,957 | 663 |
Non - Owner Occupied CRE [Member] | |||
Financing Receivable Allowance For Credit Losses [Line Items] | |||
Loans individually evaluated for credit losses | 3,684 | 2,357 | |
Loans collectively evaluated for credit losses | 9,741 | 6,718 | |
Total allowance for loan losses | 13,425 | 9,075 | 10,722 |
Owner Occupied CRE [Member] | |||
Financing Receivable Allowance For Credit Losses [Line Items] | |||
Loans individually evaluated for credit losses | 1,663 | 1,600 | |
Loans collectively evaluated for credit losses | 12,150 | 8,328 | |
Total allowance for loan losses | 13,813 | 9,928 | 10,828 |
Residential [Member] | |||
Financing Receivable Allowance For Credit Losses [Line Items] | |||
Loans individually evaluated for credit losses | 2,159 | 1,444 | |
Loans collectively evaluated for credit losses | 9,495 | 7,631 | |
Total allowance for loan losses | 11,654 | 9,075 | 8,133 |
Auto [Member] | |||
Financing Receivable Allowance For Credit Losses [Line Items] | |||
Loans individually evaluated for credit losses | 4 | 2 | |
Loans collectively evaluated for credit losses | 806 | 843 | |
Total allowance for loan losses | 810 | 845 | 896 |
Non - Auto [Member] | |||
Financing Receivable Allowance For Credit Losses [Line Items] | |||
Loans individually evaluated for credit losses | 60 | 1 | |
Loans collectively evaluated for credit losses | 331 | 314 | |
Total allowance for loan losses | $ 391 | $ 315 | $ 371 |
Loan And Allowance For Credit_3
Loan And Allowance For Credit Losses - Schedule of Investment in Loans Related to Balance in Allowance for Loan Losses on Basis of Company's Impairment Methodology (Detail) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 | |
Financing Receivable Allowance For Credit Losses [Line Items] | |||
Loans individually evaluated for credit losses | $ 176,213 | $ 150,698 | |
Loans collectively evaluated for credit losses | 6,972,578 | 6,291,170 | |
Total Loans | 7,148,791 | 6,441,868 | |
Agricultural [Member] | |||
Financing Receivable Allowance For Credit Losses [Line Items] | |||
Loans individually evaluated for credit losses | 1,459 | 679 | |
Loans collectively evaluated for credit losses | 83,431 | 76,268 | |
Total Loans | 84,890 | 76,947 | |
Commercial [Member] | |||
Financing Receivable Allowance For Credit Losses [Line Items] | |||
Total Loans | 1,379,661 | 1,138,407 | |
Real Estate [Member] | |||
Financing Receivable Allowance For Credit Losses [Line Items] | |||
Total Loans | 5,007,955 | 4,527,995 | |
Consumer [Member] | |||
Financing Receivable Allowance For Credit Losses [Line Items] | |||
Total Loans | 676,285 | 698,519 | |
C&I [Member] | |||
Financing Receivable Allowance For Credit Losses [Line Items] | |||
Loans individually evaluated for credit losses | 22,765 | 29,382 | |
Loans collectively evaluated for credit losses | 1,142,046 | 887,935 | |
Total Loans | 1,164,811 | 917,317 | |
C&I [Member] | Commercial [Member] | |||
Financing Receivable Allowance For Credit Losses [Line Items] | |||
Total Loans | [1] | 1,164,811 | 917,317 |
Muncipal [Member] | |||
Financing Receivable Allowance For Credit Losses [Line Items] | |||
Loans individually evaluated for credit losses | 733 | 58 | |
Loans collectively evaluated for credit losses | 214,117 | 221,032 | |
Total Loans | 214,850 | 221,090 | |
Muncipal [Member] | Commercial [Member] | |||
Financing Receivable Allowance For Credit Losses [Line Items] | |||
Total Loans | 214,850 | 221,090 | |
Construction & Development [Member] | |||
Financing Receivable Allowance For Credit Losses [Line Items] | |||
Loans individually evaluated for credit losses | 23,989 | 6,440 | |
Loans collectively evaluated for credit losses | 939,169 | 952,986 | |
Total Loans | 963,158 | 959,426 | |
Construction & Development [Member] | Real Estate [Member] | |||
Financing Receivable Allowance For Credit Losses [Line Items] | |||
Total Loans | 963,158 | 959,426 | |
Farm [Member] | |||
Financing Receivable Allowance For Credit Losses [Line Items] | |||
Loans individually evaluated for credit losses | 6,166 | 1,663 | |
Loans collectively evaluated for credit losses | 338,788 | 304,659 | |
Total Loans | 344,954 | 306,322 | |
Farm [Member] | Real Estate [Member] | |||
Financing Receivable Allowance For Credit Losses [Line Items] | |||
Total Loans | 344,954 | 306,322 | |
Non - Owner Occupied CRE [Member] | |||
Financing Receivable Allowance For Credit Losses [Line Items] | |||
Loans individually evaluated for credit losses | 37,139 | 38,358 | |
Loans collectively evaluated for credit losses | 790,830 | 693,731 | |
Total Loans | 827,969 | 732,089 | |
Non - Owner Occupied CRE [Member] | Real Estate [Member] | |||
Financing Receivable Allowance For Credit Losses [Line Items] | |||
Total Loans | 827,969 | 732,089 | |
Owner Occupied CRE [Member] | |||
Financing Receivable Allowance For Credit Losses [Line Items] | |||
Loans individually evaluated for credit losses | 42,568 | 36,206 | |
Loans collectively evaluated for credit losses | 994,713 | 918,194 | |
Total Loans | 1,037,281 | 954,400 | |
Owner Occupied CRE [Member] | Real Estate [Member] | |||
Financing Receivable Allowance For Credit Losses [Line Items] | |||
Total Loans | 1,037,281 | 954,400 | |
Residential [Member] | |||
Financing Receivable Allowance For Credit Losses [Line Items] | |||
Loans individually evaluated for credit losses | 37,906 | 35,983 | |
Loans collectively evaluated for credit losses | 1,796,687 | 1,539,775 | |
Total Loans | 1,834,593 | 1,575,758 | |
Residential [Member] | Real Estate [Member] | |||
Financing Receivable Allowance For Credit Losses [Line Items] | |||
Total Loans | 1,834,593 | 1,575,758 | |
Auto [Member] | |||
Financing Receivable Allowance For Credit Losses [Line Items] | |||
Loans individually evaluated for credit losses | 2,589 | 1,360 | |
Loans collectively evaluated for credit losses | 519,270 | 549,275 | |
Total Loans | 521,859 | 550,635 | |
Auto [Member] | Consumer [Member] | |||
Financing Receivable Allowance For Credit Losses [Line Items] | |||
Total Loans | 521,859 | 550,635 | |
Non - Auto [Member] | |||
Financing Receivable Allowance For Credit Losses [Line Items] | |||
Loans individually evaluated for credit losses | 899 | 569 | |
Loans collectively evaluated for credit losses | 153,527 | 147,315 | |
Total Loans | 154,426 | 147,884 | |
Non - Auto [Member] | Consumer [Member] | |||
Financing Receivable Allowance For Credit Losses [Line Items] | |||
Total Loans | $ 154,426 | $ 147,884 | |
[1] All disclosures for the C&I loan segment include PPP loan balances, net of deferred fees, as disclosed on the face of the consolidated balance sheet. |
Loans And Allowance For Credi_8
Loans And Allowance For Credit Losses - Schedule of Company's Internal Ratings of its Loans Held-for-Investment, Including The Year of Origination, by Portfolio Segments (Detail) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Financing Receivable Recorded Investment [Line Items] | ||
2023 | $ 2,531,000 | $ 3,094,000 |
2022 | 2,036,000 | 1,449,000 |
2021 | 1,062,000 | 650,000 |
2020 | 518,000 | 312,000 |
2019 | 240,000 | 220,000 |
Prior | 613,000 | 567,000 |
Revolving Loans Amort Cost Basis | 149,000 | 150,000 |
Total Past Due | 7,149,000 | 6,442,000 |
Charge off [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
2022 | 1,000 | |
2021 | 1,000 | |
Total Past Due | 2,000 | |
Agricultural [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
2023 | 64,000 | 60,000 |
2022 | 15,000 | 10,000 |
2021 | 4,000 | 3,000 |
2020 | 1,000 | 2,000 |
2019 | 1,000 | 1,000 |
Prior | 1,000 | |
Total Past Due | 85,000 | 77,000 |
Pass [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
2023 | 2,488,000 | 3,054,000 |
2022 | 2,007,000 | 1,430,000 |
2021 | 1,041,000 | 637,000 |
2020 | 499,000 | 285,000 |
2019 | 214,000 | 208,000 |
Prior | 578,000 | 531,000 |
Revolving Loans Amort Cost Basis | 145,000 | 146,000 |
Total Past Due | 6,972,000 | 6,291,000 |
Pass [Member] | Agricultural [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
2023 | 63,000 | 60,000 |
2022 | 15,000 | 9,000 |
2021 | 4,000 | 3,000 |
2020 | 1,000 | 2,000 |
2019 | 1,000 | 1,000 |
Prior | 1,000 | |
Total Past Due | 84,000 | 76,000 |
Special Mention [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
2023 | 11,000 | 7,000 |
2022 | 11,000 | 5,000 |
2021 | 7,000 | 6,000 |
2020 | 2,000 | 20,000 |
2019 | 2,000 | |
Prior | 6,000 | 11,000 |
Revolving Loans Amort Cost Basis | 1,000 | 1,000 |
Total Past Due | 40,000 | 50,000 |
Substandard [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
2023 | 32,000 | 33,000 |
2022 | 18,000 | 14,000 |
2021 | 14,000 | 7,000 |
2020 | 17,000 | 7,000 |
2019 | 24,000 | 12,000 |
Prior | 29,000 | 25,000 |
Revolving Loans Amort Cost Basis | 3,000 | 3,000 |
Total Past Due | 137,000 | 101,000 |
Substandard [Member] | Agricultural [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
2023 | 1,000 | |
2022 | 1,000 | |
Total Past Due | 1,000 | 1,000 |
C&I [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
2023 | 733,000 | 644,000 |
2022 | 279,000 | 163,000 |
2021 | 75,000 | 56,000 |
2020 | 37,000 | 24,000 |
2019 | 16,000 | 17,000 |
Prior | 25,000 | 13,000 |
Revolving Loans Amort Cost Basis | 0 | |
Total Past Due | 1,165,000 | 917,000 |
C&I [Member] | Charge off [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
2021 | 1,000 | |
Total Past Due | 1,000 | |
C&I [Member] | Pass [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
2023 | 720,000 | 627,000 |
2022 | 276,000 | 157,000 |
2021 | 73,000 | 52,000 |
2020 | 36,000 | 22,000 |
2019 | 14,000 | 16,000 |
Prior | 23,000 | 13,000 |
Revolving Loans Amort Cost Basis | 0 | |
Total Past Due | 1,142,000 | 887,000 |
C&I [Member] | Special Mention [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
2023 | 1,000 | 4,000 |
2022 | 1,000 | 1,000 |
2021 | 0 | 2,000 |
2020 | 0 | 1,000 |
2019 | 1,000 | |
Prior | 0 | |
Revolving Loans Amort Cost Basis | 0 | |
Total Past Due | 3,000 | 8,000 |
C&I [Member] | Substandard [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
2023 | 12,000 | 13,000 |
2022 | 2,000 | 5,000 |
2021 | 2,000 | 2,000 |
2020 | 1,000 | 1,000 |
2019 | 1,000 | 1,000 |
Prior | 2,000 | |
Revolving Loans Amort Cost Basis | 0 | |
Total Past Due | 20,000 | 22,000 |
Muncipal [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
2023 | 25,000 | 79,000 |
2022 | 83,000 | 19,000 |
2021 | 16,000 | 15,000 |
2020 | 10,000 | 4,000 |
2019 | 1,000 | 20,000 |
Prior | 80,000 | 84,000 |
Total Past Due | 215,000 | 221,000 |
Muncipal [Member] | Pass [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
2023 | 25,000 | 79,000 |
2022 | 83,000 | 19,000 |
2021 | 15,000 | 15,000 |
2020 | 10,000 | 4,000 |
2019 | 1,000 | 20,000 |
Prior | 80,000 | 84,000 |
Total Past Due | 214,000 | 221,000 |
Muncipal [Member] | Substandard [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
2021 | 1,000 | |
Total Past Due | 1,000 | |
Construction & Development [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
2023 | 532,000 | 643,000 |
2022 | 317,000 | 219,000 |
2021 | 79,000 | 70,000 |
2020 | 20,000 | 13,000 |
2019 | 9,000 | 8,000 |
Prior | 6,000 | 7,000 |
Total Past Due | 963,000 | 960,000 |
Construction & Development [Member] | Pass [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
2023 | 515,000 | 638,000 |
2022 | 311,000 | 218,000 |
2021 | 78,000 | 70,000 |
2020 | 20,000 | 13,000 |
2019 | 9,000 | 8,000 |
Prior | 6,000 | 7,000 |
Total Past Due | 939,000 | 954,000 |
Construction & Development [Member] | Special Mention [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
2023 | 8,000 | 1,000 |
2022 | 2,000 | |
Total Past Due | 10,000 | 1,000 |
Construction & Development [Member] | Substandard [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
2023 | 9,000 | 4,000 |
2022 | 4,000 | 1,000 |
2021 | 1,000 | |
Total Past Due | 14,000 | 5,000 |
Farm [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
2023 | 101,000 | 148,000 |
2022 | 111,000 | 85,000 |
2021 | 73,000 | 32,000 |
2020 | 29,000 | 11,000 |
2019 | 8,000 | 8,000 |
Prior | 23,000 | 22,000 |
Total Past Due | 345,000 | 306,000 |
Farm [Member] | Pass [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
2023 | 101,000 | 147,000 |
2022 | 111,000 | 85,000 |
2021 | 73,000 | 32,000 |
2020 | 24,000 | 11,000 |
2019 | 8,000 | 8,000 |
Prior | 22,000 | 21,000 |
Total Past Due | 339,000 | 304,000 |
Farm [Member] | Substandard [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
2023 | 1,000 | |
2020 | 5,000 | |
Prior | 1,000 | 1,000 |
Total Past Due | 6,000 | 2,000 |
Non - Owner Occupied CRE [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
2023 | 169,000 | 266,000 |
2022 | 238,000 | 193,000 |
2021 | 175,000 | 102,000 |
2020 | 113,000 | 62,000 |
2019 | 54,000 | 22,000 |
Prior | 79,000 | 87,000 |
Total Past Due | 828,000 | 732,000 |
Non - Owner Occupied CRE [Member] | Pass [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
2023 | 167,000 | 258,000 |
2022 | 232,000 | 191,000 |
2021 | 172,000 | 100,000 |
2020 | 106,000 | 49,000 |
2019 | 41,000 | 21,000 |
Prior | 73,000 | 75,000 |
Total Past Due | 791,000 | 694,000 |
Non - Owner Occupied CRE [Member] | Special Mention [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
2022 | 5,000 | 1,000 |
2021 | 1,000 | 1,000 |
2020 | 11,000 | |
Prior | 2,000 | 7,000 |
Total Past Due | 8,000 | 20,000 |
Non - Owner Occupied CRE [Member] | Substandard [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
2023 | 2,000 | 8,000 |
2022 | 1,000 | 1,000 |
2021 | 2,000 | 1,000 |
2020 | 7,000 | 2,000 |
2019 | 13,000 | 1,000 |
Prior | 4,000 | 5,000 |
Total Past Due | 29,000 | 18,000 |
Owner Occupied CRE [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
2023 | 158,000 | 318,000 |
2022 | 312,000 | 226,000 |
2021 | 225,000 | 130,000 |
2020 | 114,000 | 84,000 |
2019 | 70,000 | 72,000 |
Prior | 158,000 | 124,000 |
Total Past Due | 1,037,000 | 954,000 |
Owner Occupied CRE [Member] | Pass [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
2023 | 154,000 | 316,000 |
2022 | 305,000 | 224,000 |
2021 | 217,000 | 128,000 |
2020 | 114,000 | 74,000 |
2019 | 62,000 | 63,000 |
Prior | 142,000 | 113,000 |
Total Past Due | 994,000 | 918,000 |
Owner Occupied CRE [Member] | Special Mention [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
2023 | 1,000 | 1,000 |
2022 | 1,000 | |
2021 | 4,000 | 1,000 |
2020 | 8,000 | |
2019 | 1,000 | |
Prior | 1,000 | 1,000 |
Total Past Due | 8,000 | 11,000 |
Owner Occupied CRE [Member] | Substandard [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
2023 | 3,000 | 1,000 |
2022 | 6,000 | 2,000 |
2021 | 4,000 | 1,000 |
2020 | 0 | 2,000 |
2019 | 7,000 | 9,000 |
Prior | 15,000 | 10,000 |
Total Past Due | 35,000 | 25,000 |
Owner Occupied CRE [Member] | Doubtful [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total Past Due | 0 | |
Residential [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
2023 | 482,000 | 520,000 |
2022 | 421,000 | 361,000 |
2021 | 318,000 | 177,000 |
2020 | 163,000 | 84,000 |
2019 | 70,000 | 65,000 |
Prior | 239,000 | 226,000 |
Revolving Loans Amort Cost Basis | 142,000 | 143,000 |
Total Past Due | 1,835,000 | 1,576,000 |
Residential [Member] | Pass [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
2023 | 477,000 | 513,000 |
2022 | 415,000 | 355,000 |
2021 | 313,000 | 173,000 |
2020 | 158,000 | 82,000 |
2019 | 67,000 | 64,000 |
Prior | 229,000 | 214,000 |
Revolving Loans Amort Cost Basis | 138,000 | 139,000 |
Total Past Due | 1,797,000 | 1,540,000 |
Residential [Member] | Special Mention [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
2023 | 1,000 | 1,000 |
2022 | 2,000 | 3,000 |
2021 | 2,000 | 2,000 |
2020 | 2,000 | |
Prior | 3,000 | 3,000 |
Revolving Loans Amort Cost Basis | 1,000 | 1,000 |
Total Past Due | 11,000 | 10,000 |
Residential [Member] | Substandard [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
2023 | 4,000 | 6,000 |
2022 | 4,000 | 3,000 |
2021 | 3,000 | 2,000 |
2020 | 3,000 | 2,000 |
2019 | 3,000 | 1,000 |
Prior | 7,000 | 9,000 |
Revolving Loans Amort Cost Basis | 3,000 | 3,000 |
Total Past Due | 27,000 | 26,000 |
Auto [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
2023 | 195,000 | 331,000 |
2022 | 213,000 | 131,000 |
2021 | 75,000 | 56,000 |
2020 | 27,000 | 25,000 |
2019 | 10,000 | 6,000 |
Prior | 2,000 | 2,000 |
Total Past Due | 522,000 | 551,000 |
Auto [Member] | Charge off [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
2022 | 1,000 | |
Total Past Due | 1,000 | |
Auto [Member] | Pass [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
2023 | 195,000 | 331,000 |
2022 | 212,000 | 131,000 |
2021 | 74,000 | 55,000 |
2020 | 26,000 | 25,000 |
2019 | 10,000 | 6,000 |
Prior | 2,000 | 2,000 |
Total Past Due | 519,000 | 550,000 |
Auto [Member] | Substandard [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
2022 | 1,000 | |
2021 | 1,000 | 1,000 |
Total Past Due | 3,000 | 1,000 |
Non - Auto [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
2023 | 72 | 85,000 |
2022 | 47,000 | 42,000 |
2021 | 22,000 | 9,000 |
2020 | 4,000 | 3,000 |
2019 | 1,000 | 1,000 |
Prior | 1,000 | 1,000 |
Revolving Loans Amort Cost Basis | 7,000 | 7,000 |
Total Past Due | 154,000 | 148,000 |
Non - Auto [Member] | Pass [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
2023 | 71 | 85,000 |
2022 | 47,000 | 41,000 |
2021 | 22,000 | 9,000 |
2020 | 4,000 | 3,000 |
2019 | 1,000 | 1,000 |
Prior | 1,000 | 1,000 |
Revolving Loans Amort Cost Basis | 7,000 | 7,000 |
Total Past Due | 153,000 | 147,000 |
Non - Auto [Member] | Substandard [Member] | ||
Financing Receivable Recorded Investment [Line Items] | ||
2023 | 1 | |
2022 | 1,000 | |
Total Past Due | $ 1 | $ 1,000 |
Loans And Allowance For Credi_9
Loans And Allowance For Credit Losses - Schedule of Past Due Loans (Detail) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 | |
Financing Receivable Recorded Investment Past Due [Line Items] | |||
Total Past Due | $ 7,149,000 | $ 6,442,000 | |
Total Loans | 7,148,791 | 6,441,868 | |
Total 90 Days Past Due Still Accruing | 1,004 | 0 | |
Financing Receivables15 To59 Days Past Due | |||
Financing Receivable Recorded Investment Past Due [Line Items] | |||
Total Past Due | [1] | 40,151 | 20,806 |
Financial Asset, 60 to 89 Days Past Due | |||
Financing Receivable Recorded Investment Past Due [Line Items] | |||
Total Past Due | 5,550 | 1,977 | |
Financial Asset, Equal to or Greater than 90 Days Past Due | |||
Financing Receivable Recorded Investment Past Due [Line Items] | |||
Total Past Due | 8,223 | 2,087 | |
Financial Asset, Past Due | |||
Financing Receivable Recorded Investment Past Due [Line Items] | |||
Total Past Due | 53,924 | 24,870 | |
Financial Asset, Not Past Due | |||
Financing Receivable Recorded Investment Past Due [Line Items] | |||
Total Past Due | 7,094,867 | 6,416,998 | |
C&I [Member] | |||
Financing Receivable Recorded Investment Past Due [Line Items] | |||
Total Past Due | 1,165,000 | 917,000 | |
Total Loans | 1,164,811 | 917,317 | |
Muncipal [Member] | |||
Financing Receivable Recorded Investment Past Due [Line Items] | |||
Total Past Due | 215,000 | 221,000 | |
Total Loans | 214,850 | 221,090 | |
Construction & Development [Member] | |||
Financing Receivable Recorded Investment Past Due [Line Items] | |||
Total Past Due | 963,000 | 960,000 | |
Total Loans | 963,158 | 959,426 | |
Farm [Member] | |||
Financing Receivable Recorded Investment Past Due [Line Items] | |||
Total Past Due | 345,000 | 306,000 | |
Total Loans | 344,954 | 306,322 | |
Non - Owner Occupied CRE [Member] | |||
Financing Receivable Recorded Investment Past Due [Line Items] | |||
Total Past Due | 828,000 | 732,000 | |
Total Loans | 827,969 | 732,089 | |
Owner Occupied CRE [Member] | |||
Financing Receivable Recorded Investment Past Due [Line Items] | |||
Total Past Due | 1,037,000 | 954,000 | |
Total Loans | 1,037,281 | 954,400 | |
Residential [Member] | |||
Financing Receivable Recorded Investment Past Due [Line Items] | |||
Total Past Due | 1,835,000 | 1,576,000 | |
Total Loans | 1,834,593 | 1,575,758 | |
Auto [Member] | |||
Financing Receivable Recorded Investment Past Due [Line Items] | |||
Total Past Due | 522,000 | 551,000 | |
Total Loans | 521,859 | 550,635 | |
Non - Auto [Member] | |||
Financing Receivable Recorded Investment Past Due [Line Items] | |||
Total Past Due | 154,000 | 148,000 | |
Total Loans | 154,426 | 147,884 | |
Commercial [Member] | |||
Financing Receivable Recorded Investment Past Due [Line Items] | |||
Total Loans | 1,379,661 | 1,138,407 | |
Total 90 Days Past Due Still Accruing | 141 | ||
Commercial [Member] | Financing Receivables15 To59 Days Past Due | |||
Financing Receivable Recorded Investment Past Due [Line Items] | |||
Total Past Due | [1] | 8,891 | |
Total Loans | [1] | 4,000 | |
Commercial [Member] | Financial Asset, 60 to 89 Days Past Due | |||
Financing Receivable Recorded Investment Past Due [Line Items] | |||
Total Past Due | 1,624 | 1,080 | |
Commercial [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due | |||
Financing Receivable Recorded Investment Past Due [Line Items] | |||
Total Past Due | 1,700 | 1,646 | |
Commercial [Member] | Financial Asset, Past Due | |||
Financing Receivable Recorded Investment Past Due [Line Items] | |||
Total Past Due | 12,215 | 6,726 | |
Commercial [Member] | Financial Asset, Not Past Due | |||
Financing Receivable Recorded Investment Past Due [Line Items] | |||
Total Past Due | 1,367,446 | 1,131,681 | |
Commercial [Member] | C&I [Member] | |||
Financing Receivable Recorded Investment Past Due [Line Items] | |||
Total Loans | [2] | 1,164,811 | 917,317 |
Total 90 Days Past Due Still Accruing | 141 | ||
Commercial [Member] | C&I [Member] | Financing Receivables15 To59 Days Past Due | |||
Financing Receivable Recorded Investment Past Due [Line Items] | |||
Total Past Due | [1] | 8,789 | 3,924 |
Commercial [Member] | C&I [Member] | Financial Asset, 60 to 89 Days Past Due | |||
Financing Receivable Recorded Investment Past Due [Line Items] | |||
Total Past Due | 1,624 | 297 | |
Commercial [Member] | C&I [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due | |||
Financing Receivable Recorded Investment Past Due [Line Items] | |||
Total Past Due | 1,700 | 1,646 | |
Commercial [Member] | C&I [Member] | Financial Asset, Past Due | |||
Financing Receivable Recorded Investment Past Due [Line Items] | |||
Total Past Due | 12,113 | 5,867 | |
Commercial [Member] | C&I [Member] | Financial Asset, Not Past Due | |||
Financing Receivable Recorded Investment Past Due [Line Items] | |||
Total Past Due | 1,152,698 | 911,450 | |
Commercial [Member] | Muncipal [Member] | |||
Financing Receivable Recorded Investment Past Due [Line Items] | |||
Total Loans | 214,850 | 221,090 | |
Commercial [Member] | Muncipal [Member] | Financing Receivables15 To59 Days Past Due | |||
Financing Receivable Recorded Investment Past Due [Line Items] | |||
Total Past Due | [1] | 102 | 76 |
Commercial [Member] | Muncipal [Member] | Financial Asset, 60 to 89 Days Past Due | |||
Financing Receivable Recorded Investment Past Due [Line Items] | |||
Total Past Due | 783 | ||
Commercial [Member] | Muncipal [Member] | Financial Asset, Past Due | |||
Financing Receivable Recorded Investment Past Due [Line Items] | |||
Total Past Due | 102 | 859 | |
Commercial [Member] | Muncipal [Member] | Financial Asset, Not Past Due | |||
Financing Receivable Recorded Investment Past Due [Line Items] | |||
Total Past Due | 214,748 | 220,231 | |
Agricultural [Member] | |||
Financing Receivable Recorded Investment Past Due [Line Items] | |||
Total Past Due | 85,000 | 77,000 | |
Total Loans | 84,890 | 76,947 | |
Agricultural [Member] | Financing Receivables15 To59 Days Past Due | |||
Financing Receivable Recorded Investment Past Due [Line Items] | |||
Total Past Due | [1] | 850 | 243 |
Agricultural [Member] | Financial Asset, 60 to 89 Days Past Due | |||
Financing Receivable Recorded Investment Past Due [Line Items] | |||
Total Past Due | 246 | ||
Agricultural [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due | |||
Financing Receivable Recorded Investment Past Due [Line Items] | |||
Total Past Due | 4 | ||
Agricultural [Member] | Financial Asset, Past Due | |||
Financing Receivable Recorded Investment Past Due [Line Items] | |||
Total Past Due | 1,100 | 243 | |
Agricultural [Member] | Financial Asset, Not Past Due | |||
Financing Receivable Recorded Investment Past Due [Line Items] | |||
Total Past Due | 83,790 | 76,704 | |
Real Estate [Member] | |||
Financing Receivable Recorded Investment Past Due [Line Items] | |||
Total Loans | 5,007,955 | 4,527,995 | |
Total 90 Days Past Due Still Accruing | 863 | ||
Real Estate [Member] | Financing Receivables15 To59 Days Past Due | |||
Financing Receivable Recorded Investment Past Due [Line Items] | |||
Total Past Due | [1] | 28,587 | 15,734 |
Real Estate [Member] | Financial Asset, 60 to 89 Days Past Due | |||
Financing Receivable Recorded Investment Past Due [Line Items] | |||
Total Past Due | 3,378 | 867 | |
Real Estate [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due | |||
Financing Receivable Recorded Investment Past Due [Line Items] | |||
Total Past Due | 6,495 | 441 | |
Real Estate [Member] | Financial Asset, Past Due | |||
Financing Receivable Recorded Investment Past Due [Line Items] | |||
Total Past Due | 38,460 | 17,042 | |
Real Estate [Member] | Financial Asset, Not Past Due | |||
Financing Receivable Recorded Investment Past Due [Line Items] | |||
Total Past Due | 4,969,495 | 4,510,953 | |
Real Estate [Member] | Construction & Development [Member] | |||
Financing Receivable Recorded Investment Past Due [Line Items] | |||
Total Loans | 963,158 | 959,426 | |
Total 90 Days Past Due Still Accruing | 863 | ||
Real Estate [Member] | Construction & Development [Member] | Financing Receivables15 To59 Days Past Due | |||
Financing Receivable Recorded Investment Past Due [Line Items] | |||
Total Past Due | [1] | 8,887 | 3,751 |
Real Estate [Member] | Construction & Development [Member] | Financial Asset, 60 to 89 Days Past Due | |||
Financing Receivable Recorded Investment Past Due [Line Items] | |||
Total Past Due | 2,115 | ||
Real Estate [Member] | Construction & Development [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due | |||
Financing Receivable Recorded Investment Past Due [Line Items] | |||
Total Past Due | 1,856 | 175 | |
Real Estate [Member] | Construction & Development [Member] | Financial Asset, Past Due | |||
Financing Receivable Recorded Investment Past Due [Line Items] | |||
Total Past Due | 12,858 | 3,926 | |
Real Estate [Member] | Construction & Development [Member] | Financial Asset, Not Past Due | |||
Financing Receivable Recorded Investment Past Due [Line Items] | |||
Total Past Due | 950,300 | 955,500 | |
Real Estate [Member] | Farm [Member] | |||
Financing Receivable Recorded Investment Past Due [Line Items] | |||
Total Loans | 344,954 | 306,322 | |
Real Estate [Member] | Farm [Member] | Financing Receivables15 To59 Days Past Due | |||
Financing Receivable Recorded Investment Past Due [Line Items] | |||
Total Past Due | [1] | 1,024 | 668 |
Real Estate [Member] | Farm [Member] | Financial Asset, 60 to 89 Days Past Due | |||
Financing Receivable Recorded Investment Past Due [Line Items] | |||
Total Past Due | 195 | ||
Real Estate [Member] | Farm [Member] | Financial Asset, Past Due | |||
Financing Receivable Recorded Investment Past Due [Line Items] | |||
Total Past Due | 1,219 | 668 | |
Real Estate [Member] | Farm [Member] | Financial Asset, Not Past Due | |||
Financing Receivable Recorded Investment Past Due [Line Items] | |||
Total Past Due | 343,735 | 305,654 | |
Real Estate [Member] | Non - Owner Occupied CRE [Member] | |||
Financing Receivable Recorded Investment Past Due [Line Items] | |||
Total Loans | 827,969 | 732,089 | |
Real Estate [Member] | Non - Owner Occupied CRE [Member] | Financing Receivables15 To59 Days Past Due | |||
Financing Receivable Recorded Investment Past Due [Line Items] | |||
Total Past Due | [1] | 3,565 | 1,444 |
Real Estate [Member] | Non - Owner Occupied CRE [Member] | Financial Asset, 60 to 89 Days Past Due | |||
Financing Receivable Recorded Investment Past Due [Line Items] | |||
Total Past Due | 160 | ||
Real Estate [Member] | Non - Owner Occupied CRE [Member] | Financial Asset, Past Due | |||
Financing Receivable Recorded Investment Past Due [Line Items] | |||
Total Past Due | 3,565 | 1,604 | |
Real Estate [Member] | Non - Owner Occupied CRE [Member] | Financial Asset, Not Past Due | |||
Financing Receivable Recorded Investment Past Due [Line Items] | |||
Total Past Due | 824,404 | 730,485 | |
Real Estate [Member] | Owner Occupied CRE [Member] | |||
Financing Receivable Recorded Investment Past Due [Line Items] | |||
Total Loans | 1,037,281 | 954,400 | |
Real Estate [Member] | Owner Occupied CRE [Member] | Financing Receivables15 To59 Days Past Due | |||
Financing Receivable Recorded Investment Past Due [Line Items] | |||
Total Past Due | [1] | 2,818 | 1,151 |
Real Estate [Member] | Owner Occupied CRE [Member] | Financial Asset, 60 to 89 Days Past Due | |||
Financing Receivable Recorded Investment Past Due [Line Items] | |||
Total Past Due | 240 | ||
Real Estate [Member] | Owner Occupied CRE [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due | |||
Financing Receivable Recorded Investment Past Due [Line Items] | |||
Total Past Due | 1,823 | ||
Real Estate [Member] | Owner Occupied CRE [Member] | Financial Asset, Past Due | |||
Financing Receivable Recorded Investment Past Due [Line Items] | |||
Total Past Due | 4,881 | 1,151 | |
Real Estate [Member] | Owner Occupied CRE [Member] | Financial Asset, Not Past Due | |||
Financing Receivable Recorded Investment Past Due [Line Items] | |||
Total Past Due | 1,032,400 | 953,249 | |
Real Estate [Member] | Residential [Member] | |||
Financing Receivable Recorded Investment Past Due [Line Items] | |||
Total Loans | 1,834,593 | 1,575,758 | |
Real Estate [Member] | Residential [Member] | Financing Receivables15 To59 Days Past Due | |||
Financing Receivable Recorded Investment Past Due [Line Items] | |||
Total Past Due | [1] | 12,293 | 8,720 |
Real Estate [Member] | Residential [Member] | Financial Asset, 60 to 89 Days Past Due | |||
Financing Receivable Recorded Investment Past Due [Line Items] | |||
Total Past Due | 828 | 707 | |
Real Estate [Member] | Residential [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due | |||
Financing Receivable Recorded Investment Past Due [Line Items] | |||
Total Past Due | 2,816 | 266 | |
Real Estate [Member] | Residential [Member] | Financial Asset, Past Due | |||
Financing Receivable Recorded Investment Past Due [Line Items] | |||
Total Past Due | 15,937 | 9,693 | |
Real Estate [Member] | Residential [Member] | Financial Asset, Not Past Due | |||
Financing Receivable Recorded Investment Past Due [Line Items] | |||
Total Past Due | 1,818,656 | 1,566,065 | |
Consumer [Member] | |||
Financing Receivable Recorded Investment Past Due [Line Items] | |||
Total Loans | 676,285 | 698,519 | |
Consumer [Member] | Financing Receivables15 To59 Days Past Due | |||
Financing Receivable Recorded Investment Past Due [Line Items] | |||
Total Past Due | [1] | 1,823 | 829 |
Consumer [Member] | Financial Asset, 60 to 89 Days Past Due | |||
Financing Receivable Recorded Investment Past Due [Line Items] | |||
Total Past Due | 302 | 30 | |
Consumer [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due | |||
Financing Receivable Recorded Investment Past Due [Line Items] | |||
Total Past Due | 24 | ||
Consumer [Member] | Financial Asset, Past Due | |||
Financing Receivable Recorded Investment Past Due [Line Items] | |||
Total Past Due | 2,149 | 859 | |
Consumer [Member] | Financial Asset, Not Past Due | |||
Financing Receivable Recorded Investment Past Due [Line Items] | |||
Total Past Due | 674,136 | 697,660 | |
Consumer [Member] | Auto [Member] | |||
Financing Receivable Recorded Investment Past Due [Line Items] | |||
Total Loans | 521,859 | 550,635 | |
Consumer [Member] | Auto [Member] | Financing Receivables15 To59 Days Past Due | |||
Financing Receivable Recorded Investment Past Due [Line Items] | |||
Total Past Due | [1] | 1,482 | 779 |
Consumer [Member] | Auto [Member] | Financial Asset, 60 to 89 Days Past Due | |||
Financing Receivable Recorded Investment Past Due [Line Items] | |||
Total Past Due | 251 | 30 | |
Consumer [Member] | Auto [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due | |||
Financing Receivable Recorded Investment Past Due [Line Items] | |||
Total Past Due | 24 | ||
Consumer [Member] | Auto [Member] | Financial Asset, Past Due | |||
Financing Receivable Recorded Investment Past Due [Line Items] | |||
Total Past Due | 1,757 | 809 | |
Consumer [Member] | Auto [Member] | Financial Asset, Not Past Due | |||
Financing Receivable Recorded Investment Past Due [Line Items] | |||
Total Past Due | 520,102 | 549,826 | |
Consumer [Member] | Non - Auto [Member] | |||
Financing Receivable Recorded Investment Past Due [Line Items] | |||
Total Loans | 154,426 | 147,884 | |
Consumer [Member] | Non - Auto [Member] | Financing Receivables15 To59 Days Past Due | |||
Financing Receivable Recorded Investment Past Due [Line Items] | |||
Total Past Due | [1] | 341 | 50 |
Consumer [Member] | Non - Auto [Member] | Financial Asset, 60 to 89 Days Past Due | |||
Financing Receivable Recorded Investment Past Due [Line Items] | |||
Total Past Due | 51 | ||
Consumer [Member] | Non - Auto [Member] | Financial Asset, Past Due | |||
Financing Receivable Recorded Investment Past Due [Line Items] | |||
Total Past Due | 392 | 50 | |
Consumer [Member] | Non - Auto [Member] | Financial Asset, Not Past Due | |||
Financing Receivable Recorded Investment Past Due [Line Items] | |||
Total Past Due | $ 154,034 | $ 147,834 | |
[1] The Company monitors commercial, agricultural and real estate loans after such loans are 15 days past due. Consumer loans are monitored after such loans are 30 days past due. All disclosures for the C&I loan segment include PPP loan balances, net of deferred fees, as disclosed on the face of the consolidated balance sheet. |
Loans And Allowance For Cred_10
Loans And Allowance For Credit Losses - Analysis of Changes in Loans to Officers, Directors, Principal Shareholders, or Associates of Such Persons (Detail) $ in Thousands | 12 Months Ended |
Dec. 31, 2023 USD ($) | |
Receivables [Abstract] | |
Beginning Balance | $ 107,767 |
Additional Loans | 104,519 |
Payments | 140,242 |
Ending Balance | $ 72,044 |
Loans Held for Sale - Additiona
Loans Held for Sale - Additional Information (Detail) - USD ($) | Dec. 31, 2023 | Dec. 31, 2022 |
Loans Receivables Held For Sale Net [Abstract] | ||
Loans held-for-sale | $ 14,253,000 | $ 11,965,000 |
Loans held-for-sale at the lower of cost or fair value | $ 3,176,000 | $ 1,468,000 |
Derivative Financial Instrume_3
Derivative Financial Instruments - Summary of Outstanding Notional Balances and Fair Values of Outstanding Derivative Positions (Detail) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
IRLCs [Member] | ||
Derivative Instruments And Hedging Activities Disclosures [Line Items] | ||
Outstanding Notional Balance | $ 28,956 | $ 41,664 |
Asset Derivative Fair Value | 427 | 400 |
Liability Derivative Fair Value | 0 | 0 |
Forward Mortgage-Backed Securities Trades [Member] | ||
Derivative Instruments And Hedging Activities Disclosures [Line Items] | ||
Outstanding Notional Balance | 35,000 | 45,000 |
Asset Derivative Fair Value | 0 | 85 |
Liability Derivative Fair Value | $ 288 | $ 0 |
Bank Premises and Equipment - S
Bank Premises and Equipment - Summary of Bank Premises and Equipment (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Property Plant And Equipment [Line Items] | ||
Gross | $ 272,511 | $ 268,738 |
Less: accumulated depreciation and amortization | (120,723) | (115,765) |
Total bank premises and equipment | 151,788 | 152,973 |
Land [Member] | ||
Property Plant And Equipment [Line Items] | ||
Land | 39,481 | 38,703 |
Buildings [Member] | ||
Property Plant And Equipment [Line Items] | ||
Buildings | $ 167,450 | 164,371 |
Buildings [Member] | Minimum [Member] | ||
Property Plant And Equipment [Line Items] | ||
Useful Life in years | 20 years | |
Buildings [Member] | Maximum [Member] | ||
Property Plant And Equipment [Line Items] | ||
Useful Life in years | 40 years | |
Furniture and Equipment [Member] | ||
Property Plant And Equipment [Line Items] | ||
Furniture and equipment | $ 62,644 | 62,715 |
Furniture and Equipment [Member] | Minimum [Member] | ||
Property Plant And Equipment [Line Items] | ||
Useful Life in years | 3 years | |
Furniture and Equipment [Member] | Maximum [Member] | ||
Property Plant And Equipment [Line Items] | ||
Useful Life in years | 10 years | |
Leasehold Improvements [Member] | ||
Property Plant And Equipment [Line Items] | ||
Leasehold improvements | $ 2,936 | $ 2,949 |
Leasehold Improvements [Member] | Minimum [Member] | ||
Property Plant And Equipment [Line Items] | ||
Useful Life in years | 5 years | |
Leasehold Improvements [Member] | Maximum [Member] | ||
Property Plant And Equipment [Line Items] | ||
Useful Life in years | 15 years |
Bank Premises and Equipment - A
Bank Premises and Equipment - Additional Information (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Property, Plant and Equipment [Abstract] | |||
Depreciation expense | $ 10,842,000 | $ 10,818,000 | $ 10,504,000 |
Rental income for leases included in net occupancy expense | $ 2,742,000 | $ 2,665,000 | $ 2,622,000 |
Deposits and Borrowings - Addit
Deposits and Borrowings - Additional Information (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Time deposit threshold amount | $ 250,000 | ||
Time deposits of $250,000 or more totaled | 370,505,000 | $ 194,536,000 | |
Deposits received from related parties | 101,973,000 | 198,096,000 | |
Other borrowings | $ 21,053,000 | $ 21,053,000 | $ 21,053,000 |
Federal Funds Purchased and Securities Sold under Agreements to Repurchase [Member] | |||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Federal Home Loan Bank, Advances, Weighted Average Interest Rate | 3.27% | 1.96% |
Deposits and Borrowings - Sched
Deposits and Borrowings - Scheduled Maturities of Time Deposits (Details) $ in Thousands | Dec. 31, 2023 USD ($) |
Deposits [Abstract] | |
2024 | $ 864,669 |
2025 | 32,103 |
2026 | 14,165 |
2027 | 8,803 |
2028 | 19,240 |
Thereafter | 0 |
Time Deposits | $ 938,980 |
Deposits and Borrowings - Sch_2
Deposits and Borrowings - Schedule of Borrowings (Details) - USD ($) | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 |
Deposits [Abstract] | |||
Securities sold under agreements with customers to repurchase. | $ 381,928,000 | $ 618,829,000 | |
Federal funds purchased | 1,100,000 | 2,625,000 | |
Other borrowings | 21,053,000 | 21,053,000 | $ 21,053,000 |
Total Borrowings | $ 404,081,000 | $ 642,507,000 |
Line of Credit - Additional Inf
Line of Credit - Additional Information (Detail) - USD ($) | 12 Months Ended | |||
Dec. 31, 2023 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2022 | |
Line Of Credit Facility [Line Items] | ||||
Revolving line of credit, permitted | $ 25,000,000 | |||
Line of credit, maturity date | Jun. 30, 2025 | |||
Term facility payable (in years) | five | |||
Percentage of restricted dividend payments | 55% | |||
Line of credit | $ 0 | $ 0 | ||
Minimum [Member] | ||||
Line Of Credit Facility [Line Items] | ||||
Percentage of stock dividend declared | 36% | |||
Maximum [Member] | ||||
Line Of Credit Facility [Line Items] | ||||
Percentage of stock dividend declared | 53% |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Income Tax Contingency [Line Items] | |||
Federal statutory tax rate | 21% | 21% | 21% |
Deferred tax amounts, valuation allowance recorded | $ 0 | $ 0 | |
Uncertain tax positions | 0 | 0 | |
Initial capital contribution commitment | 5,500,000 | ||
Initial contribution included in other assets | $ 615,000 | 131,000 | |
NMTC investments [Member] | |||
Income Tax Contingency [Line Items] | |||
Tax Cuts and Jobs Act, Measurement Period Adjustment, Increase (Decrease) in Effective Tax Rate | 39% | ||
Investments in other assets | $ 25,738,000 | 26,825,000 | |
FFB Paris Investment Fund, LLC [Member] | |||
Income Tax Contingency [Line Items] | |||
Loan investment | 18,000,000 | 18,000,000 | |
Leveraged loan, invest in other borrowings | $ 21,053,000 | $ 21,053,000 |
Income Taxes - Income Tax Expen
Income Taxes - Income Tax Expense (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Income Tax Disclosure [Abstract] | |||
Current federal income tax | $ 44,335 | $ 50,429 | $ 40,527 |
Current state income tax | 346 | 175 | 350 |
Deferred federal income tax expense (benefit) | (359) | (4,205) | 3,531 |
INCOME TAX EXPENSE | $ 44,322 | $ 46,399 | $ 44,408 |
Income Taxes - Percentage of Pr
Income Taxes - Percentage of Pretax Earnings, Differs from Statutory Federal Income Tax Rate (Detail) | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Income Tax Disclosure [Abstract] | |||
Statutory federal income tax rate | 21% | 21% | 21% |
Reductions in tax rate resulting from interest income exempt from federal income tax | (3.80%) | (4.40%) | (4.70%) |
Other | 1% | (0.10%) | 0% |
Effective income tax rate | 18.20% | 16.50% | 16.30% |
Income Taxes - Schedule of Defe
Income Taxes - Schedule of Deferred Tax Assets and Liabilities (Detail) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Deferred tax assets: | ||
Tax basis of loans in excess of financial statement basis | $ 21,546 | $ 19,474 |
Recognized for financial reporting purposes but not yet for tax purposes: Deferred compensation | 3,525 | 3,303 |
Net unrealized loss on investment securities available-for-sale | 107,206 | 142,276 |
Other deferred tax assets | 727 | 1,038 |
Total deferred tax assets | 133,004 | 166,091 |
Deferred tax liabilities: | ||
Financial statement basis of fixed assets in excess of tax basis | 7,164 | 6,019 |
Intangible asset amortization deductible for tax purposes, but not for financial reporting purposes | 14,207 | 13,866 |
Recognized for financial reporting purposes but not yet for tax purposes - accretion on investment securities | 718 | 644 |
Other deferred tax liabilities | 115 | 51 |
Total deferred tax liabilities | 22,204 | 20,580 |
Net deferred tax asset (liability) | $ 110,800 | $ 145,511 |
Fair Value Disclosures - Additi
Fair Value Disclosures - Additional Information (Detail) | 12 Months Ended | ||
Dec. 31, 2023 USD ($) Loans | Dec. 31, 2022 USD ($) Loans | Dec. 31, 2021 USD ($) | |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||
Assets transfer between Level 2 and Level 3 | $ 0 | $ 0 | $ 0 |
Other real estate owned, total | $ 483,000 | $ 0 | |
Minimum [Member] | Measurement Input, Discount Rate [Member] | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||
Debt discounts, percentage | 5 | ||
Maximum [Member] | Measurement Input, Discount Rate [Member] | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||
Debt discounts, percentage | 25 | ||
Residential Mortgage [Member] | Financial Asset, Equal to or Greater than 90 Days Past Due | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||
Number of loans held-for-sale | Loans | Loans | 0 | 0 | |
Recognized credit losses | $ 0 | $ 0 | $ 0 |
Fair Value Disclosures - Financ
Fair Value Disclosures - Financial Assets and Financial Liabilities Measured at Fair Value on Recurring Basis (Detail) - USD ($) | Dec. 31, 2023 | Dec. 31, 2022 |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Securities available-for-sale, at fair value | $ 4,732,762,000 | $ 5,474,359,000 |
Loans held-for-sale | (14,253,000) | (11,965,000) |
Obligations of State and Political Subdivisions [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Securities available-for-sale, at fair value | 1,497,157,000 | 1,898,611,000 |
Residential Mortgage-Backed Securities [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Securities available-for-sale, at fair value | 2,364,092,000 | 2,616,566,000 |
Commercial Mortgage-Backed Securities [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Securities available-for-sale, at fair value | 284,324,000 | 374,869,000 |
IRLCs [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Asset Derivative Fair Value | 427,000 | 400,000 |
Liability Derivative Fair Value | 0 | 0 |
Forward Mortgage-Backed Securities Trades [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Asset Derivative Fair Value | 0 | 85,000 |
Liability Derivative Fair Value | 288,000 | 0 |
U.S. Treasury securities [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Securities available-for-sale, at fair value | 482,234,000 | 482,549,000 |
Level 1 Inputs [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Securities available-for-sale, at fair value | 0 | |
Level 3 Inputs [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Securities available-for-sale, at fair value | 0 | |
Fair Value, Measurements, Recurring [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Securities available-for-sale, at fair value | 4,732,762,000 | 5,474,359,000 |
Loans held-for-sale | (11,077,000) | (10,497,000) |
Fair Value, Measurements, Recurring [Member] | Obligations of State and Political Subdivisions [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Securities available-for-sale, at fair value | 1,497,157,000 | 1,898,611,000 |
Fair Value, Measurements, Recurring [Member] | Residential Mortgage-Backed Securities [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Securities available-for-sale, at fair value | 2,364,092,000 | 2,616,566,000 |
Fair Value, Measurements, Recurring [Member] | Commercial Mortgage-Backed Securities [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Securities available-for-sale, at fair value | 284,324,000 | 374,869,000 |
Fair Value, Measurements, Recurring [Member] | IRLCs [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Asset Derivative Fair Value | 427,000 | 400,000 |
Fair Value, Measurements, Recurring [Member] | Forward Mortgage-Backed Securities Trades [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Liability Derivative Fair Value | (288,000) | 85,000 |
Fair Value, Measurements, Recurring [Member] | U.S. Treasury securities [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Securities available-for-sale, at fair value | 482,234,000 | 482,549,000 |
Fair Value, Measurements, Recurring [Member] | Corporate Bonds [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Securities available-for-sale, at fair value | 100,471,000 | 97,850,000 |
Fair Value, Measurements, Recurring [Member] | Level 1 Inputs [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Securities available-for-sale, at fair value | 486,718,000 | 486,463,000 |
Fair Value, Measurements, Recurring [Member] | Level 1 Inputs [Member] | U.S. Treasury securities [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Securities available-for-sale, at fair value | 482,234,000 | 482,549,000 |
Fair Value, Measurements, Recurring [Member] | Level 2 Inputs [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Securities available-for-sale, at fair value | 4,246,044,000 | 4,987,896,000 |
Loans held-for-sale | (11,077,000) | (10,497,000) |
Fair Value, Measurements, Recurring [Member] | Level 2 Inputs [Member] | Obligations of State and Political Subdivisions [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Securities available-for-sale, at fair value | 1,497,157,000 | 1,898,611,000 |
Fair Value, Measurements, Recurring [Member] | Level 2 Inputs [Member] | Residential Mortgage-Backed Securities [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Securities available-for-sale, at fair value | 2,364,092,000 | 2,616,566,000 |
Fair Value, Measurements, Recurring [Member] | Level 2 Inputs [Member] | Commercial Mortgage-Backed Securities [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Securities available-for-sale, at fair value | 284,324,000 | 374,869,000 |
Fair Value, Measurements, Recurring [Member] | Level 2 Inputs [Member] | IRLCs [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Asset Derivative Fair Value | 427,000 | 400,000 |
Fair Value, Measurements, Recurring [Member] | Level 2 Inputs [Member] | Forward Mortgage-Backed Securities Trades [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Liability Derivative Fair Value | (288,000) | 85,000 |
Fair Value, Measurements, Recurring [Member] | Level 2 Inputs [Member] | Corporate Bonds [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Securities available-for-sale, at fair value | 100,471,000 | 97,850,000 |
Other Securities [Member] | Fair Value, Measurements, Recurring [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Securities available-for-sale, at fair value | 4,484,000 | 3,914,000 |
Other Securities [Member] | Fair Value, Measurements, Recurring [Member] | Level 1 Inputs [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Securities available-for-sale, at fair value | $ 4,484,000 | 3,914,000 |
Other Securities [Member] | Fair Value, Measurements, Recurring [Member] | Level 2 Inputs [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Securities available-for-sale, at fair value | $ 0 |
Fair Value Disclosures - Summar
Fair Value Disclosures - Summary of Loans Held-for-Sale at Fair Value (Detail) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Fairvaluemeasurementsloansheldforsale [Abstract] | ||
Unpaid principal balance on loans held-for-sale | $ 10,757 | $ 10,226 |
Net unrealized gains on loans held-for-sale | 320 | 271 |
Loans held-for-sale at fair value | $ 11,077 | $ 10,497 |
Fair Value Disclosures - Schedu
Fair Value Disclosures - Schedule of Gain Loss on Sale of Mortgage Loans (Detail) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | ||
Scheduleofgainlossonsaleofmortgageloans [Abstract] | ||||
Realized gain on sale and fees on mortgage loans* | [1] | $ 12,116 | $ 20,357 | $ 37,091 |
Change in fair value on loans held-for-sale and IRLCs | 147 | (1,554) | (5,259) | |
Change in forward mortgage-backed securities trades | (373) | 232 | 1,413 | |
Total gain on sale of mortgage loans | $ 11,890 | $ 19,035 | $ 33,245 | |
[1] * This includes gain on loans held-for-sale carried under the fair value method and lower of cost or market. |
Fair Value Disclosures - Sche_2
Fair Value Disclosures - Schedule of Estimated Fair Values and Carrying Values of All Financial Instruments (Detail) - USD ($) | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Cash and due from banks | $ 281,354,000 | $ 293,286,000 |
Interest-bearing demand deposits in banks | 255,237,000 | 37,392,000 |
Securities available-for-sale, at fair value | 4,732,762,000 | 5,474,359,000 |
Loans held-for-investment, net of allowance for credit losses | 7,060,057,000 | 6,366,034,000 |
Loans held-for-sale | 14,253,000 | 11,965,000 |
Deposits with stated maturities | 938,980,000 | |
Borrowings | 22,153,000 | 23,678,000 |
IRLCs [Member] | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Asset Derivative Fair Value | 427,000 | 400,000 |
Liability Derivative Fair Value | 0 | 0 |
Forward Mortgage-Backed Securities Trades [Member] | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Asset Derivative Fair Value | 0 | 85,000 |
Liability Derivative Fair Value | (288,000) | 0 |
Level 1 Inputs [Member] | Carrying Value [Member] | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Cash and due from banks | 281,354,000 | 293,286,000 |
Interest-bearing demand deposits in banks | 255,237,000 | 37,392,000 |
Deposits with no stated maturities | 10,199,320,000 | 10,480,841,000 |
Level 1 Inputs [Member] | Estimated Fair Value [Member] | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Cash and due from banks | 281,354,000 | 293,286,000 |
Interest-bearing demand deposits in banks | 255,237,000 | 37,392,000 |
Deposits with no stated maturities | 10,199,320,000 | 10,480,841,000 |
Level 1 Inputs [Member] | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Securities available-for-sale, at fair value | 0 | |
Levels 1 and 2 Inputs [Member] | Carrying Value [Member] | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Securities available-for-sale, at fair value | 4,732,762,000 | 5,474,359,000 |
Levels 1 and 2 Inputs [Member] | Estimated Fair Value [Member] | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Securities available-for-sale, at fair value | 4,732,762,000 | 5,474,359,000 |
Level 3 Inputs [Member] | Carrying Value [Member] | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Loans held-for-investment, net of allowance for credit losses | 7,060,057,000 | 6,366,034,000 |
Level 3 Inputs [Member] | Estimated Fair Value [Member] | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Loans held-for-investment, net of allowance for credit losses | 7,036,722,000 | 6,372,859,000 |
Level 3 Inputs [Member] | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Securities available-for-sale, at fair value | 0 | |
Level 2 Inputs [Member] | Carrying Value [Member] | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Loans held-for-sale | 14,253,000 | 11,965,000 |
Accrued interest receivable | 58,544,000 | 58,162,000 |
Deposits with stated maturities | 938,980,000 | 524,666,000 |
Repurchase Agreements | 381,928,000 | 618,829,000 |
Borrowings | 22,153,000 | 23,678,000 |
Accrued interest payable | 10,215,000 | 1,121,000 |
Level 2 Inputs [Member] | Estimated Fair Value [Member] | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Loans held-for-sale | 14,378,000 | 11,965,000 |
Accrued interest receivable | 58,544,000 | 58,162,000 |
Deposits with stated maturities | 938,534,000 | 518,811,000 |
Repurchase Agreements | 381,928,000 | 618,829,000 |
Borrowings | 22,153,000 | 23,678,000 |
Accrued interest payable | 10,215,000 | 1,121,000 |
Level 2 Inputs [Member] | IRLCs [Member] | Carrying Value [Member] | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Asset Derivative Fair Value | 427,000 | 400,000 |
Level 2 Inputs [Member] | IRLCs [Member] | Estimated Fair Value [Member] | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Asset Derivative Fair Value | 427,000 | 400,000 |
Level 2 Inputs [Member] | Forward Mortgage-Backed Securities Trades [Member] | Carrying Value [Member] | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Liability Derivative Fair Value | (288,000) | 85,000 |
Level 2 Inputs [Member] | Forward Mortgage-Backed Securities Trades [Member] | Estimated Fair Value [Member] | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Liability Derivative Fair Value | $ (288,000) | $ 85,000 |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Detail) | Dec. 31, 2023 USD ($) |
Commitments and Contingencies Disclosure [Abstract] | |
Future minimum lease commitments, 2024 | $ 605,000 |
Future minimum lease commitments, 2025 | 438,000 |
Future minimum lease commitments, 2026 | 117,000 |
Future minimum lease commitments, 2027 | 63,000 |
Future minimum lease commitments, 2028 | 23,000 |
Future minimum lease commitments, thereafter | $ 0 |
Financial Instruments with Of_3
Financial Instruments with Off-Balance-Sheet Risk - Additional Information (Detail) - USD ($) | Dec. 31, 2023 | Dec. 31, 2022 |
Risks and Uncertainties [Abstract] | ||
Unfunded loan commitments | $ 7,903,000 | $ 12,323,000 |
Financial Instruments with Of_4
Financial Instruments with Off-Balance-Sheet Risk - Schedule of Financial Instruments with Off-Balance-sheet Risk (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Concentration Risk [Line Items] | ||
Financial instruments whose contract amounts represent credit risk | $ 1,923,089 | $ 2,063,271 |
Unfunded Lines of Credit [Member] | ||
Concentration Risk [Line Items] | ||
Financial instruments whose contract amounts represent credit risk | 1,129,645 | 1,103,286 |
Commitments to Extend Credit [Member] | ||
Concentration Risk [Line Items] | ||
Financial instruments whose contract amounts represent credit risk | 758,351 | 916,287 |
Standby Letters of Credit [Member] | ||
Concentration Risk [Line Items] | ||
Financial instruments whose contract amounts represent credit risk | $ 35,093 | $ 43,698 |
Employee Benefit Plans - Additi
Employee Benefit Plans - Additional Information (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Defined Benefit Plan Disclosure [Line Items] | |||
Vesting period | 6 years | ||
Employee deferrals | 4% | ||
Employee compensation | 5% | ||
Defined contribution plan cost | $ 1,373,000 | $ 4,233,000 | $ 10,134,000 |
Common stock, shares issued | 142,716,939 | 142,657,871 | |
Common stock | $ 1,427,000 | $ 1,427,000 | |
Directors' fees | 100% | ||
Other Assets [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan Other Assets Value | $ 34,136,000 | 33,241,000 | |
Cash value included in Other Assets | $ 891,000 | $ 836,000 | 814,000 |
Directors [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan shares held in Trust for Employees | 930,152 | 929,210 | |
Make Whole Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Contributions by Employer | $ 0 | $ 0 | 0 |
Make Whole Plan [Member] | Executive [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan shares held in Trust for Employees | 117,447 | 114,177 | |
Supplemental Executive Retirement Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan Available for Sale Securities And Other Assets | $ 3,518,000 | $ 2,172,000 | |
Supplemental Executive Retirement Plan [Member] | Certain Executive Officers [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Benefit Plan, Plan Assets, Contributions by Employer | $ 198,000 | $ 445,000 | 1,163,000 |
Profit Sharing Plan's Assets [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Common stock, shares issued | 2,061,918 | 2,148,460 | |
Common stock | $ 62,476,000 | $ 73,907,000 | |
Safe Harbor 401(k) Plan [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined contribution plan cost | $ 3,750,000 | $ 3,675,000 | $ 3,590,000 |
Dividends from Subsidiaries - A
Dividends from Subsidiaries - Additional Information (Detail) | Dec. 31, 2023 USD ($) |
Equity [Abstract] | |
Amount available for the declaration of dividends by subsidiary banks without prior approval of regulatory agencies | $ 387,325,000 |
Regulatory Matters - Additional
Regulatory Matters - Additional Information (Detail) | Dec. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) |
Compliance With Regulatory Capital Requirements Under Banking Regulations [Line Items] | ||
Total risk-based capital ratio, Actual Ratio | 0.1962 | 0.1929 |
Tier1 Capital (to Risk-Weighted Assets), Actual Ratio | 0.185 | 0.1822 |
Common Tier1 Capital (to Risk-Weighted Assets), Actual Ratio | 0.185 | 0.1822 |
Tier1 Leverage ratio, Actual Ratio | 0.1206 | 0.1096 |
Required tangible net assets | $ 2,000,000 | |
Tangible net assets, total | 56,731,000 | |
Subsidiary bank's reserve balance | $ 0 | $ 0 |
Maximum [Member] | ||
Compliance With Regulatory Capital Requirements Under Banking Regulations [Line Items] | ||
Capital conservation buffer | 2.50% |
Regulatory Matters - Schedule o
Regulatory Matters - Schedule of Regulatory Capital Ratios Under the Basel III Regulatory Capital Framework (Detail) $ in Thousands | Dec. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) |
Compliance With Regulatory Capital Requirements Under Banking Regulations [Line Items] | ||
Total Capital to Risk-Weighted Assets, Actual Ratio | 0.1962 | 0.1929 |
Tier1 Capital to Risk-Weighted Assets, Actual Ratio | 0.185 | 0.1822 |
Common Equity Tier1 Capital to Risk-Weighted Assets, Actual Ratio | 0.185 | 0.1822 |
Leverage Ratio, Actual Ratio | 0.1206 | 0.1096 |
Consolidated [Member] | ||
Compliance With Regulatory Capital Requirements Under Banking Regulations [Line Items] | ||
Total Capital to Risk-Weighted Assets, Actual Amount | $ 1,697,999 | $ 1,586,888 |
Tier1 Capital to Risk-Weighted Assets, Actual Amount | 1,601,361 | 1,498,731 |
Common Equity Tier1 Capital to Risk-Weighted Assets, Actual Amount | 1,601,361 | 1,498,731 |
Leverage Ratio, Actual Amount | $ 1,601,361 | $ 1,498,731 |
Total Capital to Risk-Weighted Assets, Actual Ratio | 0.1962 | 0.1929 |
Tier1 Capital to Risk-Weighted Assets, Actual Ratio | 0.185 | 0.1822 |
Common Equity Tier1 Capital to Risk-Weighted Assets, Actual Ratio | 0.185 | 0.1822 |
Leverage Ratio, Actual Ratio | 0.1206 | 0.1096 |
Consolidated [Member] | Minimum [Member] | ||
Compliance With Regulatory Capital Requirements Under Banking Regulations [Line Items] | ||
Total Capital to Risk-Weighted Assets, Required To Be Considered Well Capitalized, Amount | $ 865,590 | $ 822,497 |
Tier1 Capital to Risk-Weighted Assets, Required To Be Considered Well Capitalized, Amount | $ 519,354 | $ 493,498 |
Total Capital to Risk-Weighted Assets, Required To Be Considered Well Capitalized , Ratio | 0.10 | 0.10 |
Tier1 Capital to Risk-Weighted Assets, Required To Be Considered Well Capitalized , Ratio | 0.06 | 0.06 |
Consolidated [Member] | Minimum [Member] | Basel III Fully Phased-In [Member] | ||
Compliance With Regulatory Capital Requirements Under Banking Regulations [Line Items] | ||
Total Capital to Risk-Weighted Assets, Minimum Capital Required | $ 908,870 | $ 863,622 |
Tier1 Capital to Risk-Weighted Assets, Minimum Capital Required | 735,752 | 699,122 |
Common Equity Tier1 Capital to Risk-Weighted Assets, Minimum Capital Required | 605,913 | 575,748 |
Leverage Ratio, Minimum Capital Required | $ 346,236 | $ 546,983 |
Total Capital to Risk-Weighted Assets, Minimum Capital Required | 0.105 | 0.105 |
Tier1 Capital to Risk-Weighted Assets, Minimum Capital Required | 0.085 | 0.085 |
Common Equity Tier1 Capital to Risk-Weighted Assets, Minimum Capital Required, Ratio | 0.07 | 0.07 |
Leverage Ratio, Minimum Capital Required, Ratio | 0.04 | 0.04 |
Parent Company [Member] | ||
Compliance With Regulatory Capital Requirements Under Banking Regulations [Line Items] | ||
Total Capital to Risk-Weighted Assets, Actual Amount | $ 1,518,365 | $ 1,442,902 |
Tier1 Capital to Risk-Weighted Assets, Actual Amount | 1,421,727 | 1,354,745 |
Common Equity Tier1 Capital to Risk-Weighted Assets, Actual Amount | 1,421,727 | 1,354,745 |
Leverage Ratio, Actual Amount | $ 1,421,727 | $ 1,354,745 |
Total Capital to Risk-Weighted Assets, Actual Ratio | 0.1759 | 0.1758 |
Tier1 Capital to Risk-Weighted Assets, Actual Ratio | 0.1647 | 0.165 |
Common Equity Tier1 Capital to Risk-Weighted Assets, Actual Ratio | 0.1647 | 0.165 |
Leverage Ratio, Actual Ratio | 0.1075 | 0.0995 |
Parent Company [Member] | Minimum [Member] | ||
Compliance With Regulatory Capital Requirements Under Banking Regulations [Line Items] | ||
Total Capital to Risk-Weighted Assets, Required To Be Considered Well Capitalized, Amount | $ 863,372 | $ 820,819 |
Tier1 Capital to Risk-Weighted Assets, Required To Be Considered Well Capitalized, Amount | 690,698 | 656,655 |
Common Equity Tier1 Capital to Risk-Weighted Assets, Required To Be Considered Well Capitalized, Amount | 561,192 | 533,532 |
Leverage Ratio, Required To Be Considered Well Capitalized, Amount | $ 431,686 | $ 681,107 |
Total Capital to Risk-Weighted Assets, Required To Be Considered Well Capitalized , Ratio | 0.10 | 0.10 |
Tier1 Capital to Risk-Weighted Assets, Required To Be Considered Well Capitalized , Ratio | 0.08 | 0.08 |
Common Equity Tier1 Capital to Risk-Weighted Assets, Required To Be Considered Well Capitalized , Ratio | 0.065 | 0.065 |
Leverage Ratio, Required To Be Considered Well Capitalized , Ratio | 0.05 | 0.05 |
Parent Company [Member] | Minimum [Member] | Basel III Fully Phased-In [Member] | ||
Compliance With Regulatory Capital Requirements Under Banking Regulations [Line Items] | ||
Total Capital to Risk-Weighted Assets, Minimum Capital Required | $ 906,541 | $ 861,860 |
Tier1 Capital to Risk-Weighted Assets, Minimum Capital Required | 733,866 | 697,696 |
Common Equity Tier1 Capital to Risk-Weighted Assets, Minimum Capital Required | 604,361 | 574,573 |
Leverage Ratio, Minimum Capital Required | $ 345,349 | $ 544,886 |
Total Capital to Risk-Weighted Assets, Minimum Capital Required | 0.105 | 0.105 |
Tier1 Capital to Risk-Weighted Assets, Minimum Capital Required | 0.085 | 0.085 |
Common Equity Tier1 Capital to Risk-Weighted Assets, Minimum Capital Required, Ratio | 0.07 | 0.07 |
Leverage Ratio, Minimum Capital Required, Ratio | 0.04 | 0.04 |
Stock Based Compensation - Addi
Stock Based Compensation - Additional Information (Detail) - USD ($) | 12 Months Ended | |||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Apr. 27, 2021 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Vesting period | 6 years | |||
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period | 10 years | |||
Share-based Payment Arrangement, Option, Exercise Price Range, Lower Range Limit | $ 16.95 | |||
Share-based Payment Arrangement, Option, Exercise Price Range, Upper Range Limit | $ 48.91 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Method Used | Black-Scholes options pricing model | |||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate | 4.39% | 2.92% | 0.76% | |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Dividend Rate | 2.44% | 1.44% | 1.23% | |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Term | 5 years 9 months 21 days | 6 years 7 days | 6 years 5 months 1 day | |
Percentage of Option Vesting Rate | 20% | |||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Weighted Average Volatility Rate | 30.58% | 28.72% | 30.11% | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 8.41 | $ 13.3 | $ 12.99 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period, Intrinsic Value | $ 1,585,000 | $ 9,131,000 | $ 9,486,000 | |
Share-based Payment Arrangement, Expense | 1,763,000 | 1,440,000 | 1,316,000 | |
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount | $ 5,215,000 | |||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition | 1 year 6 months 21 days | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Fair Value | $ 2,121,000 | 1,750,000 | 1,648,000 | |
DIVIDENDS PAYABLE | 25,712,000 | 24,278,000 | ||
Other Liabilities [Member] | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
DIVIDENDS PAYABLE | $ 124,000 | 74,000 | ||
Two Thousand Twenty One Omnibus Stock and Incentive Plan [Member] | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Common Stock, Capital Shares Reserved for Future Issuance | 1,580,195 | 2,500,000 | ||
Two Thousand Twenty One Plan [Member] | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Percentage of Option Vesting Rate | 20% | |||
Maximum [Member] | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Performance Measurement Amount In Assets | $ 50,000,000,000 | |||
Minimum [Member] | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Performance Measurement Amount In Assets | $ 10,000,000,000 | |||
Employee Stock Option [Member] | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Vesting period | 2 years | |||
Percentage of Option Vesting Rate | 20% | |||
Restricted Stock Units [Member] | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount | $ 3,258,000 | $ 3,422,000 | ||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition | 1 year 2 months 8 days | 1 year 1 month 17 days | ||
Restricted Stock Units [Member] | Officers [Member] | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Share-based Payment Arrangement, Expense | $ 1,826,000 | $ 1,887,000 | 1,329,000 | |
Restricted Stock Units [Member] | Directors [Member] | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Share-based Payment Arrangement, Expense | 667,000 | 631,000 | 600,000 | |
Restricted Stock [Member] | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Fair Value | $ 1,082,000 | $ 1,861,000 | $ 2,947,000 | |
Performance Shares [Member] | Executives And Other Officers [Member] | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Share-based Compensation Arrangement , Award Requisite Service Period | 3 years | |||
Vesting period | 3 years | |||
Share Based Compensation, Number of Shares Average Adjusted Earnings Per Share Growth Percentage | 50% | |||
Performance Shares [Member] | Maximum [Member] | Executives And Other Officers [Member] | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Share Based Compensation, Number Of Shares Issued Upon Vesting Based On Core Return Percentage | 200% | |||
Performance Shares [Member] | Minimum [Member] | Executives And Other Officers [Member] | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Share Based Compensation, Number Of Shares Issued Upon Vesting Based On Core Return Percentage | 0% |
Stock Based Compensation - Sche
Stock Based Compensation - Schedule of Changes in Restricted Stock Units (Details) - $ / shares | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Balance at beginning of period | 24,813 | 46,598 | 95,888 |
Grants | 25,190 | 15,425 | 12,110 |
Vesting | (23,708) | (37,010) | (60,011) |
Forfeited/expired | (1,105) | (200) | (1,389) |
Balance at end of period | 25,190 | 24,813 | 46,598 |
Balance at beginning of period | $ 36.21 | $ 35.75 | $ 29.89 |
Grants | 27.79 | 40.89 | 49.58 |
Vesting | 36.4 | 37.61 | 29.25 |
Forfeited/expired | 29.7 | 29.7 | 32.76 |
Balance at end of period | $ 27.79 | $ 36.21 | $ 35.75 |
Restricted Stock Units [Member] | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Balance at beginning of period | 39,657 | 22,597 | 0 |
Grants | 33,294 | 24,833 | 22,597 |
Vesting | (14,553) | (7,425) | 0 |
Forfeited/expired | (4,581) | (348) | 0 |
Balance at end of period | 53,817 | 39,657 | 22,597 |
Balance at beginning of period | $ 47.83 | $ 48.91 | $ 0 |
Grants | 29.53 | 47.19 | 48.91 |
Vesting | 48 | 48.91 | 0 |
Forfeited/expired | 41.09 | 48.91 | 0 |
Balance at end of period | $ 37.04 | $ 47.83 | $ 48.91 |
Performance Shares [Member] | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Balance at beginning of period | 47,082 | 22,597 | 0 |
Grants | 33,294 | 24,833 | 22,597 |
Vesting | 0 | 0 | 0 |
Forfeited/expired | (5,149) | (348) | 0 |
Balance at end of period | 75,227 | 47,082 | 22,597 |
Balance at beginning of period | $ 48 | $ 48.91 | $ 0 |
Grants | 29.53 | 47.19 | 48.91 |
Vesting | 0 | 0 | 0 |
Forfeited/expired | 41.95 | 48.91 | 0 |
Balance at end of period | $ 40.24 | $ 48 | $ 48.91 |
Stock Based Compensation - Summ
Stock Based Compensation - Summary of Vested and Unvested Restricted Stock Outstanding (Detail) - $ / shares | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Share-Based Payment Arrangement [Abstract] | |||
Balance at beginning of period | 24,813 | 46,598 | 95,888 |
Grants | 25,190 | 15,425 | 12,110 |
Vesting | (23,708) | (37,010) | (60,011) |
Forfeited/expired | (1,105) | (200) | (1,389) |
Balance at end of period | 25,190 | 24,813 | 46,598 |
Balance at beginning of period | $ 36.21 | $ 35.75 | $ 29.89 |
Grants | 27.79 | 40.89 | 49.58 |
Vesting | 36.4 | 37.61 | 29.25 |
Forfeited/expired | 29.7 | 29.7 | 32.76 |
Balance at end of period | $ 27.79 | $ 36.21 | $ 35.75 |
Stock Based Compensation - Sc_2
Stock Based Compensation - Schedule of Analysis of Stock Option Activity (Detail) $ / shares in Units, $ in Thousands | 12 Months Ended |
Dec. 31, 2023 USD ($) $ / shares shares | |
Share-Based Payment Arrangement [Abstract] | |
Outstanding, beginning of year | shares | 1,490,413 |
Granted | shares | 253,228 |
Exercised | shares | (125,593) |
Cancelled | shares | (65,799) |
Outstanding, end of year | shares | 1,552,249 |
Exercisable at end of year | shares | 895,121 |
Outstanding, beginning of year | $ / shares | $ 29.99 |
Granted | $ / shares | 29.53 |
Exercised | $ / shares | 17.76 |
Cancelled | $ / shares | 40.79 |
Outstanding, end of year | $ / shares | 30.45 |
Exercisable at end of year | $ / shares | $ 25.34 |
Outstanding, end of year | 5 years 9 months 21 days |
Exercisable at end of year | 4 years 14 days |
Outstanding, end of year | $ | $ 6,814 |
Exercisable at end of year | $ | $ 6,550 |
Stock Based Compensation - Sc_3
Stock Based Compensation - Schedule of Information Concerning Outstanding and Vested Stock Options (Detail) | 12 Months Ended |
Dec. 31, 2023 $ / shares shares | |
Exercise Price $16.95 [Member] | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Exercise Price | $ / shares | $ 16.95 |
Number Outstanding | 214,981 |
Remaining Contracted Life (Years) | 1 year 9 months 18 days |
Number Vested | 214,981 |
Exercise Price $21.18 [Member] | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Exercise Price | $ / shares | $ 21.18 |
Number Outstanding | 392,477 |
Remaining Contracted Life (Years) | 3 years 4 months 24 days |
Number Vested | 392,477 |
Exercise Price $29.70 [Member] | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Exercise Price | $ / shares | $ 29.7 |
Number Outstanding | 293,760 |
Remaining Contracted Life (Years) | 5 years 6 months |
Number Vested | 167,340 |
Exercise Price $34.55 [Member] | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Exercise Price | $ / shares | $ 34.55 |
Number Outstanding | 10,200 |
Remaining Contracted Life (Years) | 6 years 1 month 6 days |
Number Vested | 3,900 |
Exercise Price $48.91 [Member] | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Exercise Price | $ / shares | $ 48.91 |
Number Outstanding | 180,764 |
Remaining Contracted Life (Years) | 7 years 7 months 6 days |
Number Vested | 72,841 |
Exercise Price $47.19 [Member] | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Exercise Price | $ / shares | $ 47.19 |
Number Outstanding | 215,043 |
Remaining Contracted Life (Years) | 8 years 7 months 6 days |
Number Vested | 43,582 |
Exercise Price $29.53 [Member] | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Exercise Price | $ / shares | $ 29.53 |
Number Outstanding | 245,024 |
Remaining Contracted Life (Years) | 9 years 7 months 6 days |
Number Vested | 0 |
Condensed Financial Informati_3
Condensed Financial Information - Parent Company - Condensed Balance Sheets (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
ASSETS | |||||
Interest-bearing deposits in subsidiary bank | $ 255,237 | $ 37,392 | |||
Total cash and cash equivalents | 536,591 | 330,678 | |||
Securities available-for-sale, at fair value | 4,732,762 | 5,474,359 | |||
Other assets | 295,521 | 322,523 | |||
Total assets | 13,105,594 | 12,974,066 | |||
LIABILITIES AND SHAREHOLDERS’ EQUITY | |||||
Total liabilities | 11,606,694 | 11,708,329 | |||
Shareholders' equity: | |||||
Common stock | 1,427 | 1,427 | |||
CAPITAL SURPLUS | 681,246 | 677,593 | |||
RETAINED EARNINGS | 1,219,525 | 1,121,945 | |||
Accumulated other comprehensive earnings | (403,298) | (535,228) | |||
Total shareholders’ equity | 1,498,900 | 1,265,737 | $ 1,759,224 | $ 1,678,190 | |
Total liabilities and shareholders’ equity | 13,105,594 | 12,974,066 | |||
Subsidiary Bank [Member] | |||||
ASSETS | |||||
Cash in banks | [1] | 92,905 | 50,204 | ||
Interest-bearing deposits in subsidiary bank | [1] | 50,412 | 69,053 | ||
Unaffiliated Banks [Member] | |||||
ASSETS | |||||
Cash in banks | [1] | 2 | 2 | ||
Parent Company [Member] | |||||
ASSETS | |||||
Total cash and cash equivalents | 143,319 | 119,259 | $ 152,363 | $ 136,666 | |
Securities available-for-sale, at fair value | 2,200 | 2,235 | |||
Investment in and advances to subsidiaries, at equity | [1] | 1,376,986 | 1,171,095 | ||
Intangible assets | 723 | 723 | |||
Other assets | 7,044 | 5,355 | |||
Total assets | 1,530,272 | 1,298,667 | |||
LIABILITIES AND SHAREHOLDERS’ EQUITY | |||||
Total liabilities | 31,372 | 32,930 | |||
Shareholders' equity: | |||||
Common stock | 1,427 | 1,427 | |||
CAPITAL SURPLUS | 681,246 | 677,593 | |||
RETAINED EARNINGS | 1,219,525 | 1,121,945 | |||
Treasury stock | (11,855) | (11,035) | |||
Deferred compensation | 11,855 | 11,035 | |||
Accumulated other comprehensive earnings | (403,298) | (535,228) | |||
Total shareholders’ equity | 1,498,900 | 1,265,737 | |||
Total liabilities and shareholders’ equity | $ 1,530,272 | $ 1,298,667 | |||
[1] Eliminates in consolidation. |
Condensed Financial Informati_4
Condensed Financial Information - Parent Company - Condensed Statements of Earnings (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | ||
Income: | ||||
Total interest income | $ 528,070 | $ 432,854 | $ 376,405 | |
Expenses: | ||||
Salaries, commissions and employee benefits | 131,915 | 134,133 | 142,042 | |
EARNINGS BEFORE INCOME TAXES | 243,299 | 280,874 | 271,970 | |
INCOME TAX EXPENSE | 44,322 | 46,399 | 44,408 | |
NET EARNINGS | 198,977 | 234,475 | 227,562 | |
Parent Company [Member] | ||||
Income: | ||||
Cash dividends from subsidiaries | [1] | 133,500 | 67,500 | 96,500 |
Excess of earnings over dividends of subsidiaries | [1] | 72,444 | 174,741 | 140,441 |
Other | 1,783 | 62 | 279 | |
Total interest income | 207,727 | 242,303 | 237,220 | |
Expenses: | ||||
Salaries, commissions and employee benefits | 6,129 | 6,541 | 7,374 | |
Other operating expenses | 4,521 | 4,106 | 5,262 | |
Total expense | 10,650 | 10,647 | 12,636 | |
EARNINGS BEFORE INCOME TAXES | 197,077 | 231,656 | 224,584 | |
INCOME TAX EXPENSE | 1,900 | 2,819 | 2,978 | |
NET EARNINGS | $ 198,977 | $ 234,475 | $ 227,562 | |
[1] Eliminates in consolidation |
Condensed Financial Informati_5
Condensed Financial Information - Parent Company - Condensed Statements of Cash Flows (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | ||
Cash flows from operating activities: | ||||
Net earnings | $ 198,977 | $ 234,475 | $ 227,562 | |
Adjustments to reconcile net earnings to net cash provided by operating activities: | ||||
Depreciation and amortization | 12,578 | 12,762 | 13,061 | |
Decrease (increase) in other assets | (3,895) | (1,281) | (11,317) | |
Increase (decrease) in other liabilities | 6,663 | (29,577) | 10,953 | |
Cash flows from investing activities: | ||||
Purchases of bank premises and equipment and software | (17,251) | (15,784) | (19,205) | |
Cash flows from financing activities: | ||||
Cash dividends paid | (99,965) | (91,315) | (79,712) | |
Repurchase of stock | (2,736) | (9,449) | 0 | |
Net increase in cash and cash equivalents | 205,913 | (197,910) | (200,496) | |
Cash and cash equivalents, beginning of year | 330,678 | |||
Cash and cash equivalents, end of year | 536,591 | 330,678 | ||
Parent Company [Member] | ||||
Cash flows from operating activities: | ||||
Net earnings | 198,977 | 234,475 | 227,562 | |
Adjustments to reconcile net earnings to net cash provided by operating activities: | ||||
Excess of earnings over dividends of subsidiaries (1) | [1] | (72,444) | (174,741) | (140,441) |
Depreciation and amortization | 116 | 188 | 189 | |
Decrease (increase) in other assets | 698 | 645 | (693) | |
Increase (decrease) in other liabilities | (2,721) | 933 | 2,997 | |
Other | 2 | 0 | (4) | |
Net cash provided by operating activities | 124,628 | 61,500 | 89,610 | |
Cash flows from investing activities: | ||||
Purchases of bank premises and equipment and software | 0 | (385) | (106) | |
Net cash provided by (used in) investing activities | 0 | (385) | (106) | |
Cash flows from financing activities: | ||||
Proceeds from stock option exercises | 2,132 | 6,545 | 5,905 | |
Cash dividends paid | (99,965) | (91,315) | (79,712) | |
Repurchase of stock | (2,735) | (9,449) | 0 | |
Net cash used in financing activities | (100,568) | (94,219) | (73,807) | |
Net increase in cash and cash equivalents | 24,060 | (33,104) | 15,697 | |
Cash and cash equivalents, beginning of year | 119,259 | 152,363 | 136,666 | |
Cash and cash equivalents, end of year | $ 143,319 | $ 119,259 | $ 152,363 | |
[1] Eliminates in consolidation |
Cash Flow Information - Supplem
Cash Flow Information - Supplemental Information on Cash Flows and Noncash Transactions (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Supplemental cash flow information: | |||
Interest paid | $ 135,167 | $ 30,540 | $ 6,198 |
Federal income taxes paid | $ 46,677 | $ 45,430 | $ 39,528 |