Document and Entity Information
Document and Entity Information - $ / shares | 6 Months Ended | ||
Jun. 30, 2019 | Jul. 22, 2019 | Dec. 31, 2018 | |
Entity Information [Line Items] | |||
Document Type | 10-Q | ||
Document Quarterly Report | true | ||
Document Period End Date | Jun. 30, 2019 | ||
Document Transition Report | false | ||
Entity File Number | 001-13221 | ||
Entity Registrant Name | Cullen/Frost Bankers, Inc. | ||
Entity Incorporation, State or Country Code | TX | ||
Entity Tax Identification Number | 74-1751768 | ||
Entity Address, Address Line One | 111 W. Houston Street, | ||
Entity Address, City or Town | San Antonio, | ||
Entity Address, State or Province | TX | ||
Entity Address, Postal Zip Code | 78205 | ||
City Area Code | (210) | ||
Local Phone Number | 220-4011 | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
Entity Shell Company | false | ||
Entity Common Stock, Shares Outstanding | 62,655,881 | ||
Common stock, par value | $ 0.01 | $ 0.01 | |
Amendment Flag | false | ||
Document Fiscal Year Focus | 2019 | ||
Document Fiscal Period Focus | Q2 | ||
Entity Central Index Key | 0000039263 | ||
Current Fiscal Year End Date | --12-31 | ||
Common Stock [Member] | NEW YORK STOCK EXCHANGE, INC. [Member] | |||
Entity Information [Line Items] | |||
Title of 12(b) Security | Common Stock, $.01 Par Value | ||
Trading Symbol | CFR | ||
Security Exchange Name | NYSE | ||
Preferred Class A [Member] | NEW YORK STOCK EXCHANGE, INC. [Member] | |||
Entity Information [Line Items] | |||
Title of 12(b) Security | 5.375% Non-Cumulative Perpetual Preferred Stock, Series A | ||
Trading Symbol | CFR.PRA | ||
Security Exchange Name | NYSE | ||
Former Address [Member] | |||
Entity Information [Line Items] | |||
Entity Address, Address Line One | 100 W. Houston Street, | ||
Entity Address, City or Town | San Antonio, | ||
Entity Address, State or Province | TX | ||
Entity Address, Postal Zip Code | 78205 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Assets: | ||
Cash and due from banks | $ 526,830 | $ 678,791 |
Interest-bearing deposits | 948,862 | 2,641,971 |
Federal funds sold and resell agreements | 469,718 | 635,017 |
Total cash and cash equivalents | 1,945,410 | 3,955,779 |
Securities held to maturity, at amortized cost | 1,035,299 | 1,106,057 |
Securities available for sale, at estimated fair value | 12,279,513 | 11,387,321 |
Trading account securities | 25,482 | 24,086 |
Loans, net of unearned discounts | 14,459,149 | 14,099,733 |
Less: Allowance for loan losses | (134,929) | (132,132) |
Net loans | 14,324,220 | 13,967,601 |
Premises and equipment, net | 915,497 | 552,330 |
Goodwill | 654,952 | 654,952 |
Other intangible assets, net | 3,019 | 3,649 |
Cash surrender value of life insurance policies | 185,303 | 183,473 |
Accrued interest receivable and other assets | 450,168 | 457,718 |
Total assets | 31,818,863 | 32,292,966 |
Liabilities: | ||
Non-interest-bearing demand deposits | 10,136,437 | 10,997,494 |
Interest-bearing deposits | 15,848,586 | 16,151,710 |
Total deposits | 25,985,023 | 27,149,204 |
Federal funds purchased and repurchase agreements | 1,319,507 | 1,367,548 |
Junior subordinated deferrable interest debentures, net of unamortized issuance costs | 136,270 | 136,242 |
Subordinated notes, net of unamortized issuance costs | 98,786 | 98,708 |
Accrued interest payable and other liabilities | 537,970 | 172,347 |
Total liabilities | 28,077,556 | 28,924,049 |
Shareholders’ Equity: | ||
Preferred stock, par value $0.01 per share; 10,000,000 shares authorized; 6,000,000 Series A shares ($25 liquidation preference) issued at June 30, 2019 and December 31, 2018 | 144,486 | 144,486 |
Common stock, par value $0.01 per share; 210,000,000 shares authorized; 64,236,306 shares issued at June 30, 2019 and December 31, 2018 | 642 | 642 |
Additional paid-in capital | 975,322 | 967,304 |
Retained earnings | 2,558,296 | 2,440,002 |
Accumulated other comprehensive income (loss), net of tax | 219,438 | (63,600) |
Treasury stock, at cost; 1,598,222 shares at June 30, 2019 and 1,250,464 shares at December 31, 2018 | (156,877) | (119,917) |
Total shareholders’ equity | 3,741,307 | 3,368,917 |
Total liabilities and shareholders’ equity | $ 31,818,863 | $ 32,292,966 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) | Jun. 30, 2019 | Dec. 31, 2018 |
Preferred stock, par value | $ 0.01 | $ 0.01 |
Preferred stock, shares authorized | 10,000,000 | 10,000,000 |
Preferred stock, shares issued | 6,000,000 | 6,000,000 |
Common stock, par value | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 210,000,000 | 210,000,000 |
Common stock, shares issued | 64,236,306 | 64,236,306 |
Treasury stock, shares | 1,598,222 | 1,250,464 |
Series A Preferred Stock [Member] | ||
Preferred stock liquidation preference value | $ 25 | $ 25 |
Consolidated Statements of Inco
Consolidated Statements of Income - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Interest income: | ||||
Loans, including fees | $ 189,848 | $ 164,133 | $ 375,120 | $ 315,335 |
Securities: | ||||
Taxable | 30,324 | 21,188 | 55,003 | 41,746 |
Tax-exempt | 58,596 | 57,298 | 117,739 | 114,009 |
Interest-bearing deposits | 7,828 | 13,917 | 18,467 | 28,011 |
Federal funds sold and resell agreements | 1,541 | 1,415 | 3,129 | 2,176 |
Total interest income | 288,137 | 257,951 | 569,458 | 501,277 |
Interest expense: | ||||
Deposits | 26,844 | 17,575 | 54,018 | 28,213 |
Federal funds purchased and repurchase agreements | 5,220 | 631 | 10,236 | 1,265 |
Junior subordinated deferrable interest debentures | 1,478 | 1,311 | 2,976 | 2,453 |
Other long-term borrowings | 1,164 | 1,164 | 2,328 | 2,328 |
Total interest expense | 34,706 | 20,681 | 69,558 | 34,259 |
Net interest income | 253,431 | 237,270 | 499,900 | 467,018 |
Provision for loan losses | 6,400 | 8,251 | 17,403 | 15,196 |
Net interest income after provision for loan losses | 247,031 | 229,019 | 482,497 | 451,822 |
Non-interest income: | ||||
Trust and investment management fees | 30,448 | 29,121 | 62,145 | 58,708 |
Service charges on deposit accounts | 21,798 | 21,142 | 42,588 | 41,985 |
Insurance commissions and fees | 10,118 | 10,556 | 28,524 | 26,536 |
Interchange and debit card transaction fees | 3,868 | 3,446 | 7,148 | 6,604 |
Other charges, commissions and fees | 8,933 | 9,273 | 17,995 | 18,280 |
Net gain (loss) on securities transactions | 169 | (60) | 169 | (79) |
Other | 7,304 | 11,588 | 20,854 | 24,477 |
Total non-interest income | 82,638 | 85,066 | 179,423 | 176,511 |
Non-interest expense: | ||||
Salaries and wages | 90,790 | 85,204 | 183,266 | 171,887 |
Employee benefits | 20,051 | 17,907 | 43,577 | 39,902 |
Net occupancy | 21,133 | 19,455 | 40,400 | 39,195 |
Technology, furniture and equipment | 22,157 | 20,459 | 43,821 | 40,138 |
Deposit insurance | 2,453 | 4,605 | 5,261 | 9,484 |
Intangible amortization | 305 | 369 | 630 | 757 |
Other | 46,320 | 40,909 | 88,054 | 84,156 |
Total non-interest expense | 203,209 | 188,908 | 405,009 | 385,519 |
Income before income taxes | 126,460 | 125,177 | 256,911 | 242,814 |
Income taxes | 14,874 | 13,836 | 28,829 | 24,993 |
Net income | 111,586 | 111,341 | 228,082 | 217,821 |
Preferred stock dividends | 2,015 | 2,015 | 4,031 | 4,031 |
Net income available to common shareholders | $ 109,571 | $ 109,326 | $ 224,051 | $ 213,790 |
Earnings per common share: | ||||
Basic | $ 1.73 | $ 1.70 | $ 3.53 | $ 3.33 |
Diluted | $ 1.72 | $ 1.68 | $ 3.51 | $ 3.30 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Net income | $ 111,586 | $ 111,341 | $ 228,082 | $ 217,821 |
Other comprehensive income (loss), before tax: | ||||
Change in net unrealized gain/loss on securities available for sale during the period | 158,140 | (11,884) | 356,286 | (190,788) |
Change in net unrealized gain on securities transferred to held to maturity | (308) | (2,041) | (652) | (4,660) |
Reclassification adjustment for net (gains) losses included in net income | (169) | 60 | (169) | 79 |
Total securities available for sale and transferred securities, before tax amount | 157,663 | (13,865) | 355,465 | (195,369) |
Defined-benefit post-retirement benefit plans: | ||||
Change in the net actuarial gain/loss | 0 | 0 | 0 | 0 |
Reclassification adjustment for net amortization of actuarial gain/loss included in net income as a component of net periodic cost (benefit) | 1,406 | 1,251 | 2,812 | 2,501 |
Total defined-benefit post-retirement benefit plans | 1,406 | 1,251 | 2,812 | 2,501 |
Other comprehensive income (loss), before tax | 159,069 | (12,614) | 358,277 | (192,868) |
Deferred tax expense (benefit) related to other comprehensive income | 33,405 | (2,649) | 75,239 | (40,502) |
Other comprehensive income (loss), net of tax | 125,664 | (9,965) | 283,038 | (152,366) |
Comprehensive income (loss) | $ 237,250 | $ 101,376 | $ 511,120 | $ 65,455 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Shareholders' Equity - USD ($) $ in Thousands | Total | Preferred Stock [Member] | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | AOCI Attributable to Parent [Member] | Treasury Stock [Member] |
Cumulative effect of new accounting principle in period of adoption | $ (2,285) | $ (2,285) | |||||
Total shareholders’ equity at beginning of period at Dec. 31, 2017 | 3,297,863 | $ 144,486 | $ 642 | $ 953,361 | 2,187,069 | $ 79,512 | $ (67,207) |
Total shareholders' equity at beginning of period, as adjusted at Dec. 31, 2017 | 3,295,578 | 144,486 | 642 | 953,361 | 2,184,784 | 79,512 | (67,207) |
Net income | 217,821 | 217,821 | |||||
Other comprehensive income (loss) | (152,366) | (152,366) | |||||
Reclassification of certain income tax effects related to U.S. statutory federal income tax rate under the Tax Cuts and Jobs Act | (9,535) | 9,535 | |||||
Stock option exercises/stock unit conversions (53,035 shares QTD and 153,900 shares YTD in 2019 and 110,489 shares QTD and 428,599 shares YTD in 2018) | 25,448 | (12,312) | 37,760 | ||||
Stock compensation expense recognized in earnings | 6,760 | 6,760 | |||||
Purchase of treasury stock (496,307 shares QTD and 501,658 shares YTD in 2019 and 601 shares both QTD and YTD in 2018) | (70) | (70) | |||||
Cash dividends – preferred stock (approximately $0.33 per share QTD and $0.67 per share YTD in both 2019 and in 2018) | (4,031) | (4,031) | |||||
Cash dividends – common stock ($0.71 per share QTD and $1.38 per share YTD in 2019 and $0.67 per share QTD and $1.24 per share YTD in 2018) | (79,628) | (79,628) | |||||
Total shareholders’ equity at end of period at Jun. 30, 2018 | 3,309,512 | 144,486 | 642 | 960,121 | 2,297,099 | (63,319) | (29,517) |
Total shareholders’ equity at beginning of period at Mar. 31, 2018 | 3,243,430 | 144,486 | 642 | 956,536 | 2,234,301 | (53,354) | (39,181) |
Net income | 111,341 | 111,341 | |||||
Other comprehensive income (loss) | (9,965) | (9,965) | |||||
Stock option exercises/stock unit conversions (53,035 shares QTD and 153,900 shares YTD in 2019 and 110,489 shares QTD and 428,599 shares YTD in 2018) | 6,283 | (3,451) | 9,734 | ||||
Stock compensation expense recognized in earnings | 3,585 | 3,585 | |||||
Purchase of treasury stock (496,307 shares QTD and 501,658 shares YTD in 2019 and 601 shares both QTD and YTD in 2018) | (70) | (70) | |||||
Cash dividends – preferred stock (approximately $0.33 per share QTD and $0.67 per share YTD in both 2019 and in 2018) | (2,015) | (2,015) | |||||
Cash dividends – common stock ($0.71 per share QTD and $1.38 per share YTD in 2019 and $0.67 per share QTD and $1.24 per share YTD in 2018) | (43,077) | (43,077) | |||||
Total shareholders’ equity at end of period at Jun. 30, 2018 | 3,309,512 | 144,486 | 642 | 960,121 | 2,297,099 | (63,319) | (29,517) |
Cumulative effect of new accounting principle in period of adoption | (12,611) | (12,611) | |||||
Total shareholders’ equity at beginning of period at Dec. 31, 2018 | 3,368,917 | 144,486 | 642 | 967,304 | 2,440,002 | (63,600) | (119,917) |
Total shareholders' equity at beginning of period, as adjusted at Dec. 31, 2018 | 3,356,306 | 144,486 | 642 | 967,304 | 2,427,391 | (63,600) | (119,917) |
Net income | 228,082 | 228,082 | |||||
Other comprehensive income (loss) | 283,038 | 283,038 | |||||
Stock option exercises/stock unit conversions (53,035 shares QTD and 153,900 shares YTD in 2019 and 110,489 shares QTD and 428,599 shares YTD in 2018) | 7,841 | (5,718) | 13,559 | ||||
Stock compensation expense recognized in earnings | 8,018 | 8,018 | |||||
Purchase of treasury stock (496,307 shares QTD and 501,658 shares YTD in 2019 and 601 shares both QTD and YTD in 2018) | (50,519) | (50,519) | |||||
Cash dividends – preferred stock (approximately $0.33 per share QTD and $0.67 per share YTD in both 2019 and in 2018) | (4,031) | (4,031) | |||||
Cash dividends – common stock ($0.71 per share QTD and $1.38 per share YTD in 2019 and $0.67 per share QTD and $1.24 per share YTD in 2018) | (87,428) | (87,428) | |||||
Total shareholders’ equity at end of period at Jun. 30, 2019 | 3,741,307 | 144,486 | 642 | 975,322 | 2,558,296 | 219,438 | (156,877) |
Total shareholders’ equity at beginning of period at Mar. 31, 2019 | 3,593,578 | 144,486 | 642 | 970,958 | 2,495,268 | 93,774 | (111,550) |
Net income | 111,586 | 111,586 | |||||
Other comprehensive income (loss) | 125,664 | 125,664 | |||||
Stock option exercises/stock unit conversions (53,035 shares QTD and 153,900 shares YTD in 2019 and 110,489 shares QTD and 428,599 shares YTD in 2018) | 2,956 | (1,717) | 4,673 | ||||
Stock compensation expense recognized in earnings | 4,364 | 4,364 | |||||
Purchase of treasury stock (496,307 shares QTD and 501,658 shares YTD in 2019 and 601 shares both QTD and YTD in 2018) | (50,000) | (50,000) | |||||
Cash dividends – preferred stock (approximately $0.33 per share QTD and $0.67 per share YTD in both 2019 and in 2018) | (2,015) | (2,015) | |||||
Cash dividends – common stock ($0.71 per share QTD and $1.38 per share YTD in 2019 and $0.67 per share QTD and $1.24 per share YTD in 2018) | (44,826) | (44,826) | |||||
Total shareholders’ equity at end of period at Jun. 30, 2019 | $ 3,741,307 | $ 144,486 | $ 642 | $ 975,322 | $ 2,558,296 | $ 219,438 | $ (156,877) |
Consolidated Statements of Ch_2
Consolidated Statements of Changes in Shareholders' Equity (Parenthetical) - $ / shares | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Statement of Stockholders' Equity [Abstract] | ||||
Stock option exercises/stock unit conversions (shares) | 53,035 | 110,489 | 153,900 | 428,599 |
Treasury stock, shares, acquired | 496,307 | 601 | 501,658 | 601 |
Approximate cash dividends declared on preferred stock, per share | $ 0.33 | $ 0.33 | $ 0.67 | $ 0.67 |
Cash dividends declared on common stock, per share | $ 0.71 | $ 0.67 | $ 1.38 | $ 1.24 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2019 | Jun. 30, 2018 | |
Operating Activities: | ||
Net income | $ 228,082 | $ 217,821 |
Adjustments to reconcile net income to net cash from operating activities: | ||
Provision for loan losses | 17,403 | 15,196 |
Deferred tax expense (benefit) | (675) | 22,886 |
Accretion of loan discounts | (7,325) | (6,904) |
Securities premium amortization (discount accretion), net | 56,726 | 48,936 |
Net (gain) loss on securities transactions | (169) | 79 |
Depreciation and amortization | 25,705 | 24,581 |
Net (gain) loss on sale/write-down of assets/foreclosed assets | (5,135) | (5,453) |
Stock-based compensation | 8,018 | 6,760 |
Net tax benefit from stock-based compensation | 1,131 | 3,160 |
Earnings on life insurance policies | (1,830) | (1,663) |
Net change in: | ||
Trading account securities | (1,068) | (2,263) |
Lease right-of-use assets | 9,167 | 0 |
Accrued interest receivable and other assets | (18,107) | (42,959) |
Accrued interest payable and other liabilities | (20,008) | (26,176) |
Net cash from operating activities | 291,915 | 254,001 |
Investing Activities: | ||
Securities held-to-maturity - Purchases | 0 | (1,500) |
Securities held to maturity: Maturities, calls and principal repayments | 60,077 | 183,140 |
Securities available for sale: | ||
Purchases | (4,555,448) | (11,453,662) |
Sales | 3,291,529 | 10,890,388 |
Maturities, calls and principal repayments | 708,273 | 108,316 |
Proceeds from sale of loans | 24,036 | 18,918 |
Net change in loans | (390,452) | (601,101) |
Benefits received on life insurance policies | 0 | 384 |
Proceeds from sales of premises and equipment | 4,677 | 12,844 |
Purchases of premises and equipment | (98,622) | (45,766) |
Proceeds from sales of repossessed properties | 5 | 986 |
Net cash from investing activities | (955,925) | (887,053) |
Financing Activities: | ||
Net change in deposits | (1,164,181) | (875,890) |
Net change in short-term borrowings | (48,041) | (170,354) |
Proceeds from stock option exercises | 7,841 | 25,448 |
Purchase of treasury stock | (50,519) | (70) |
Cash dividends paid on preferred stock | (4,031) | (4,031) |
Cash dividends paid on common stock | (87,428) | (79,628) |
Net cash from financing activities | (1,346,359) | (1,104,525) |
Net change in cash and cash equivalents | (2,010,369) | (1,737,577) |
Cash and equivalents at beginning of period | 3,955,779 | 5,053,047 |
Cash and equivalents at end of period | $ 1,945,410 | $ 3,315,470 |
Significant Accounting Policies
Significant Accounting Policies | 6 Months Ended |
Jun. 30, 2019 | |
Accounting Policies [Abstract] | |
Significant Accounting Policies | Significant Accounting Policies Nature of Operations. Cullen/Frost Bankers, Inc. (“Cullen/Frost”) is a financial holding company and a bank holding company headquartered in San Antonio, Texas that provides, through its subsidiaries, a broad array of products and services throughout numerous Texas markets. The terms “Cullen/Frost,” “the Corporation,” “we,” “us” and “our” mean Cullen/Frost Bankers, Inc. and its subsidiaries, when appropriate. In addition to general commercial and consumer banking, other products and services offered include trust and investment management, insurance, brokerage, mutual funds, leasing, treasury management, capital markets advisory and item processing. Basis of Presentation. The consolidated financial statements in this Quarterly Report on Form 10-Q include the accounts of Cullen/Frost and all other entities in which Cullen/Frost has a controlling financial interest. All significant intercompany balances and transactions have been eliminated in consolidation. The accounting and financial reporting policies we follow conform, in all material respects, to accounting principles generally accepted in the United States and to general practices within the financial services industry. The consolidated financial statements in this Quarterly Report on Form 10-Q have not been audited by an independent registered public accounting firm, but in the opinion of management, reflect all adjustments necessary for a fair presentation of our financial position and results of operations. All such adjustments were of a normal and recurring nature. The consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States for interim financial information and with the instructions to Form 10-Q adopted by the Securities and Exchange Commission (“SEC”). Accordingly, the financial statements do not include all of the information and footnotes required by accounting principles generally accepted in the United States for complete financial statements and should be read in conjunction with our consolidated financial statements, and notes thereto, for the year ended December 31, 2018 , included in our Annual Report on Form 10-K filed with the SEC on February 6, 2019 (the “ 2018 Form 10-K”). Operating results for the interim periods disclosed herein are not necessarily indicative of the results that may be expected for a full year or any future period. Use of Estimates . The preparation of financial statements in conformity with accounting principles generally accepted in the United States 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. Actual results could differ from those estimates. The allowance for loan losses and the fair values of financial instruments and the status of contingencies are particularly subject to change. Cash Flow Reporting . Additional cash flow information was as follows: Six Months Ended 2019 2018 Cash paid for interest $ 66,657 $ 31,962 Cash paid for income taxes 31,858 3,888 Significant non-cash transactions: Unsettled purchases/sales of securities 39,896 2,186 Loans foreclosed and transferred to other real estate owned and foreclosed assets 616 2,656 Loans to facilitate the sale of other real estate owned 847 — Right-of-use lease assets obtained in exchange for lessee operating lease liabilities 295,109 — Accounting Changes, Reclassifications and Restatements. Certain items in prior financial statements have been reclassified to conform to the current presentation. In addition, as of January 1, 2019, we adopted certain accounting standard updates related to accounting for leases (Topic 842 - Leases), primarily Accounting Standards Update (“ASU”) 2016-02 and subsequent updates. Among other things, these updates require lessees to recognize a lease liability, measured on a discounted basis, related to the lessee's obligation to make lease payments arising under a lease contract; and a right-of-use asset related to the lessee’s right to use, or control the use of, a specified asset for the lease term. The updates did not significantly change lease accounting requirements applicable to lessors and did not significantly impact our financial statements in relation to contracts whereby we act as a lessor. We adopted the updates using a modified-retrospective transition approach and recognized right-of-use lease assets and related lease liabilities totaling $170.5 million and $174.4 million , respectively, as of January 1, 2019. We elected to apply certain practical adoption expedients provided under the updates whereby we did not reassess (i) whether any expired or existing contracts are or contain leases, (ii) the lease classification for any expired or existing leases and (iii) initial direct costs for any existing leases. We did not elect to apply the recognition requirements of the updates to any short-term leases (as discussed below). As of June 30, 2019 , right-of-use lease assets and related lease liabilities totaled $284.5 million and $291.7 million , respectively. During the second quarter of 2019, we recognized a right-of-use asset totaling $121.7 million and a related lease liability totaling $121.7 million in connection with the commencement of the lease of our new corporate headquarters facility in downtown San Antonio. See Note 6 - Commitments and Contingencies. We lease certain office facilities and office equipment under operating leases. We also own certain office facilities which we lease to outside parties under operating lessor leases; however, such leases are not significant. We do not apply the recognition requirements of Topic 842 - Leases to short-term operating leases. A short-term operating lease has an original term of 12 months or less and does not have a purchase option that is likely to be exercised. For non-short-term operating leases, we recognized lease right-of-use assets and related lease liabilities on our balance sheet upon commencement of the lease in accordance with Topic 842 - Leases. In recognizing lease right-of-use assets and related lease liabilities, we account for lease and non-lease components (such as taxes, insurance, and common area maintenance costs) separately as such amounts are generally readily determinable under our lease contracts. Lease payments over the expected term are discounted using our incremental borrowing rate referenced to the Federal Home Loan Bank Secure Connect advance rates for borrowings of similar term. We also consider renewal and termination options in the determination of the term of the lease. If it is reasonably certain that a renewal or termination option will be exercised, the effects of such options are included in the determination of the expected lease term. Generally, we cannot be reasonably certain about whether or not we will renew a lease until such time the lease is within the last two years of the existing lease term. However, renewal options related to our regional headquarter facilities or operations centers are evaluated on a case-by-case basis, typically in advance of such time frame. When we are reasonably certain that a renewal option will be exercised, we measure/remeasure the right-of-use asset and related lease liability using the lease payments specified for the renewal period or, if such amounts are unspecified, we generally assume an increase (evaluated on a case-by-case basis in light of prevailing market conditions) in the lease payment over the final period of the existing lease term. We also adopted ASU 2017-08 “Receivables - Nonrefundable Fees and Other Costs (Subtopic 310-20) - Premium Amortization on Purchased Callable Debt Securities” as of January 1, 2019. ASU 2017-08 shortens the amortization period for certain callable debt securities held at a premium to require such premiums to be amortized to the earliest call date unless applicable guidance related to certain pools of securities is applied to consider estimated prepayments. Under prior guidance, entities were generally required to amortize premiums on individual, non-pooled callable debt securities as a yield adjustment over the contractual life of the security. ASU 2017-08 does not change the accounting for callable debt securities held at a discount. Upon adoption, using a modified retrospective transition adoption approach, we recognized a cumulative effect reduction to retained earnings totaling $12.6 million . We expect premium amortization expense for 2019 will be approximately $5.2 million higher than what would have been the case had we continued to amortize the affected securities to their respective maturity dates. |
Securities
Securities | 6 Months Ended |
Jun. 30, 2019 | |
Investments, Debt and Equity Securities [Abstract] | |
Securities | Securities Securities. A summary of the amortized cost and estimated fair value of securities, excluding trading securities, is presented below. June 30, 2019 December 31, 2018 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Estimated Fair Value Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Estimated Fair Value Held to Maturity Residential mortgage-backed securities $ 2,554 $ 13 $ 4 $ 2,563 $ 2,737 $ 8 $ 85 $ 2,660 States and political subdivisions 1,031,245 26,670 — 1,057,915 1,101,820 11,525 552 1,112,793 Other 1,500 — — 1,500 1,500 — — 1,500 Total $ 1,035,299 $ 26,683 $ 4 $ 1,061,978 $ 1,106,057 $ 11,533 $ 637 $ 1,116,953 Available for Sale U.S. Treasury $ 2,907,476 $ 18,187 $ 4,943 $ 2,920,720 $ 3,455,417 $ 1,772 $ 29,500 $ 3,427,689 Residential mortgage-backed securities 2,212,761 36,354 1,403 2,247,712 823,208 13,079 6,547 829,740 States and political subdivisions 6,783,505 287,668 2,872 7,068,301 7,089,132 70,760 72,690 7,087,202 Other 42,780 — — 42,780 42,690 — — 42,690 Total $ 11,946,522 $ 342,209 $ 9,218 $ 12,279,513 $ 11,410,447 $ 85,611 $ 108,737 $ 11,387,321 All mortgage-backed securities included in the above table were issued by U.S. government agencies and corporations. At June 30, 2019 , approximately 99.7% of the securities in our municipal bond portfolio were issued by political subdivisions or agencies within the State of Texas, of which approximately 69.0% are either guaranteed by the Texas Permanent School Fund, which has a “triple A” insurer financial strength rating, or are secured by U.S. Treasury securities via defeasance of the debt by the issuers. Securities with limited marketability and that do not have readily determinable fair values are carried at cost minus impairment, if any, plus or minus changes resulting from observable price changes in orderly transactions for identical or similar securities of the same issuer. These securities include stock in the Federal Reserve Bank and the Federal Home Loan Bank and are reported as other available for sale securities in the table above. The carrying value of securities pledged to secure public funds, trust deposits, repurchase agreements and for other purposes, as required or permitted by law was $3.5 billion at June 30, 2019 and $3.8 billion at December 31, 2018 . During the fourth quarter of 2012, we reclassified certain securities from available for sale to held to maturity. The securities had an aggregate fair value of $2.3 billion with an aggregate net unrealized gain of $165.7 million ( $107.7 million , net of tax) on the date of the transfer. The net unamortized, unrealized gain on the remaining transferred securities included in accumulated other comprehensive income in the accompanying balance sheet as of June 30, 2019 totaled $2.1 million ( $1.6 million , net of tax). This amount will be amortized out of accumulated other comprehensive income over the remaining life of the underlying securities as an adjustment of the yield on those securities. Unrealized Losses. As of June 30, 2019 , securities with unrealized losses, segregated by length of impairment, were as follows: Less than 12 Months More than 12 Months Total Estimated Fair Value Unrealized Losses Estimated Fair Value Unrealized Losses Estimated Fair Value Unrealized Losses Held to Maturity Residential mortgage-backed securities $ — $ — $ 900 $ 4 $ 900 $ 4 Total $ — $ — $ 900 $ 4 $ 900 $ 4 Available for Sale U.S. Treasury $ — $ — $ 1,819,942 $ 4,943 $ 1,819,942 $ 4,943 Residential mortgage-backed securities 12,258 38 116,919 1,365 129,177 1,403 States and political subdivisions 49,020 1,279 186,554 1,593 235,574 2,872 Total $ 61,278 $ 1,317 $ 2,123,415 $ 7,901 $ 2,184,693 $ 9,218 Declines in the fair value of held-to-maturity and available-for-sale securities below their cost that are deemed to be other than temporary are reflected in earnings as realized losses to the extent the impairment is related to credit losses. The amount of the impairment related to other factors is recognized in other comprehensive income. In estimating other-than-temporary impairment losses, management considers, among other things, (i) the length of time and the extent to which the fair value has been less than cost, (ii) the financial condition and near-term prospects of the issuer, and (iii) the intent and our ability to retain our investment in the issuer for a period of time sufficient to allow for any anticipated recovery in cost. Management has the ability and intent to hold the securities classified as held to maturity in the table above until they mature, at which time we expect to receive full value for the securities. Furthermore, as of June 30, 2019 , management does not have the intent to sell any of the securities classified as available for sale in the table above and believes that it is more likely than not that we will not have to sell any such securities before a recovery of cost. Any unrealized losses are due to increases in market interest rates over the yields available at the time the underlying securities were purchased. The fair value is expected to recover as the securities approach their maturity date or repricing date or if market yields for such investments decline. Management does not believe any of the securities are impaired due to reasons of credit quality. Accordingly, as of June 30, 2019 , management believes the impairments detailed in the table above are temporary and no impairment loss has been realized in our consolidated income statement. Contractual Maturities. The amortized cost and estimated fair value of securities, excluding trading securities, at June 30, 2019 are presented below by contractual maturity. Expected maturities may differ from contractual maturities because issuers may have the right to call or prepay obligations. Residential mortgage-backed securities and equity securities are shown separately since they are not due at a single maturity date. Held to Maturity Available for Sale Amortized Cost Estimated Fair Value Amortized Cost Estimated Fair Value Due in one year or less $ 21,334 $ 21,546 $ 1,974,510 $ 1,968,237 Due after one year through five years 128,125 131,517 1,427,453 1,454,226 Due after five years through ten years 534,695 547,279 400,327 421,390 Due after ten years 348,591 359,073 5,888,691 6,145,168 Residential mortgage-backed securities 2,554 2,563 2,212,761 2,247,712 Equity securities — — 42,780 42,780 Total $ 1,035,299 $ 1,061,978 $ 11,946,522 $ 12,279,513 Sales of Securities. Sales of securities available for sale were as follows: Three Months Ended Six Months Ended 2019 2018 2019 2018 Proceeds from sales $ 2,346,626 $ 7,905,521 $ 3,291,529 $ 10,890,388 Gross realized gains 803 3 803 3 Gross realized losses (634 ) (63 ) (634 ) (82 ) Tax (expense) benefit of securities gains/losses (35 ) 13 (35 ) 17 Premiums and Discounts . Premium amortization and discount accretion included in interest income on securities was as follows: Three Months Ended Six Months Ended 2019 2018 2019 2018 Premium amortization $ (29,408 ) $ (26,689 ) $ (59,287 ) $ (52,723 ) Discount accretion 1,378 2,010 2,561 3,787 Net (premium amortization) discount accretion $ (28,030 ) $ (24,679 ) $ (56,726 ) $ (48,936 ) Trading Account Securities. Trading account securities, at estimated fair value, were as follows: June 30, December 31, U.S. Treasury $ 22,642 $ 21,928 States and political subdivisions 2,840 2,158 Total $ 25,482 $ 24,086 Net gains and losses on trading account securities were as follows: Three Months Ended Six Months Ended 2019 2018 2019 2018 Net gain on sales transactions $ 552 $ 434 $ 1,058 $ 939 Net mark-to-market gains (losses) 27 23 31 (13 ) Net gain (loss) on trading account securities $ 579 $ 457 $ 1,089 $ 926 |
Loans
Loans | 6 Months Ended |
Jun. 30, 2019 | |
Receivables [Abstract] | |
Loans | Loans Loans were as follows: June 30, Percentage of Total December 31, Percentage of Total Commercial and industrial $ 5,380,487 37.2 % $ 5,111,957 36.3 % Energy: Production 1,197,717 8.3 1,309,314 9.3 Service 173,473 1.2 168,775 1.2 Other 110,159 0.7 124,509 0.9 Total energy 1,481,349 10.2 1,602,598 11.4 Commercial real estate: Commercial mortgages 4,291,781 29.7 4,121,966 29.2 Construction 1,323,040 9.2 1,267,717 9.0 Land 299,435 2.1 306,755 2.2 Total commercial real estate 5,914,256 41.0 5,696,438 40.4 Consumer real estate: Home equity loans 356,754 2.5 353,924 2.5 Home equity lines of credit 349,061 2.4 337,168 2.4 Other 453,083 3.1 427,898 3.0 Total consumer real estate 1,158,898 8.0 1,118,990 7.9 Total real estate 7,073,154 49.0 6,815,428 48.3 Consumer and other 524,159 3.6 569,750 4.0 Total loans $ 14,459,149 100.0 % $ 14,099,733 100.0 % Concentrations of Credit. Most of our lending activity occurs within the State of Texas, including the four largest metropolitan areas of Austin, Dallas/Ft. Worth, Houston and San Antonio, as well as other markets. The majority of our loan portfolio consists of commercial and industrial and commercial real estate loans. As of June 30, 2019 , there were no concentrations of loans related to any single industry in excess of 10% of total loans other than energy loans, which totaled 10.2% of total loans. Unfunded commitments to extend credit and standby letters of credit issued to customers in the energy industry totaled $1.3 billion and $59.9 million , respectively, as of June 30, 2019 . Foreign Loans. We have U.S. dollar denominated loans and commitments to borrowers in Mexico. The outstanding balance of these loans and the unfunded amounts available under these commitments were not significant at June 30, 2019 or December 31, 2018 . Related Party Loans . In the ordinary course of business, we have granted loans to certain directors, executive officers and their affiliates (collectively referred to as “related parties”). Such loans totaled $291.8 million at June 30, 2019 and $256.1 million at December 31, 2018 . Non-Accrual and Past Due Loans. Non-accrual loans, segregated by class of loans, were as follows: June 30, December 31, Commercial and industrial $ 18,768 $ 9,239 Energy 40,228 46,932 Commercial real estate: Buildings, land and other 10,437 15,268 Construction — — Consumer real estate 669 892 Consumer and other 1,419 1,408 Total $ 71,521 $ 73,739 Had non-accrual loans performed in accordance with their original contract terms, we would have recognized additional interest income, net of tax, of approximately $1.1 million and $2.1 million for the three and six months ended June 30, 2019 , compared to $1.4 million and $2.9 million for the three and six months ended June 30, 2018 . An age analysis of past due loans (including both accruing and non-accruing loans), segregated by class of loans, as of June 30, 2019 was as follows: Loans 30-89 Days Past Due Loans 90 or More Days Past Due Total Past Due Loans Current Loans Total Loans Accruing Loans 90 or More Days Past Due Commercial and industrial $ 28,577 $ 18,751 $ 47,328 $ 5,333,159 $ 5,380,487 $ 6,823 Energy 3,546 20 3,566 1,477,783 1,481,349 20 Commercial real estate: Buildings, land and other 13,516 8,470 21,986 4,569,230 4,591,216 4,808 Construction 14,425 774 15,199 1,307,841 1,323,040 774 Consumer real estate 9,237 1,610 10,847 1,148,051 1,158,898 1,191 Consumer and other 5,015 2,105 7,120 517,039 524,159 2,031 Total $ 74,316 $ 31,730 $ 106,046 $ 14,353,103 $ 14,459,149 $ 15,647 Impaired Loans. Impaired loans are set forth in the following table. No interest income was recognized on impaired loans subsequent to their classification as impaired. Unpaid Contractual Principal Balance Recorded Investment With No Allowance Recorded Investment With Allowance Total Recorded Investment Related Allowance June 30, 2019 Commercial and industrial $ 18,536 $ 4,455 $ 12,267 $ 16,722 $ 6,276 Energy 55,043 5,866 33,946 39,812 9,721 Commercial real estate: Buildings, land and other 10,329 5,196 4,760 9,956 1,420 Construction — — — — — Consumer real estate 293 293 — 293 — Consumer and other 1,532 — 1,419 1,419 1,419 Total $ 85,733 $ 15,810 $ 52,392 $ 68,202 $ 18,836 December 31, 2018 Commercial and industrial $ 9,094 $ 2,842 $ 4,287 $ 7,129 $ 2,558 Energy 67,900 6,817 39,890 46,707 9,671 Commercial real estate: Buildings, land and other 15,774 2,168 12,517 14,685 2,599 Construction — — — — — Consumer real estate 293 293 — 293 — Consumer and other 1,475 — 1,407 1,407 1,407 Total $ 94,536 $ 12,120 $ 58,101 $ 70,221 $ 16,235 The average recorded investment in impaired loans was as follows: Three Months Ended Six Months Ended 2019 2018 2019 2018 Commercial and industrial $ 15,462 $ 15,307 $ 12,684 $ 24,791 Energy 42,643 92,380 43,997 93,001 Commercial real estate: Buildings, land and other 18,139 13,867 16,988 11,376 Construction 205 — 137 — Consumer real estate 789 860 624 978 Consumer and other 1,422 813 1,417 542 Total $ 78,660 $ 123,227 $ 75,847 $ 130,688 Troubled Debt Restructurings . Troubled debt restructurings during the six months ended June 30, 2019 and June 30, 2018 are set forth in the following table. Six Months Ended Six Months Ended Balance at Restructure Balance at Period-End Balance at Restructure Balance at Period-End Commercial and industrial $ 677 $ 555 $ 2,203 $ 843 Energy — — 13,708 — Commercial real estate: Buildings, land and other 7,347 7,308 — — $ 8,024 $ 7,863 $ 15,911 $ 843 Loan modifications are typically related to extending amortization periods, converting loans to interest only for a limited period of time, deferral of interest payments, waiver of certain covenants, consolidating notes and/or reducing collateral or interest rates. The modifications during the reported periods did not significantly impact our determination of the allowance for loan losses. Additional information related to restructured loans as of or for the three months ended June 30, 2019 and June 30, 2018 is set forth in the following table. June 30, 2019 June 30, 2018 Restructured loans past due in excess of 90 days at period-end: Number of loans — — Dollar amount of loans $ — $ — Restructured loans on non-accrual status at period end 3,890 843 Charge-offs of restructured loans: Recognized in connection with restructuring — — Recognized on previously restructured loans — 1,650 Proceeds from sale of restructured loans — 13,350 Credit Quality Indicators. As part of the on-going monitoring of the credit quality of our loan portfolio, management tracks certain credit quality indicators including trends related to (i) the weighted-average risk grade of commercial loans, (ii) the level of classified commercial loans, (iii) the delinquency status of consumer loans (see details above), (iv) net charge-offs, (v) non-performing loans (see details above) and (vi) the general economic conditions in the State of Texas. We utilize a risk grading matrix to assign a risk grade to each of our commercial loans. Loans are graded on a scale of 1 to 14. A description of the general characteristics of the 14 risk grades is set forth in our 2018 Form 10-K. In monitoring credit quality trends in the context of assessing the appropriate level of the allowance for loan losses, we monitor portfolio credit quality by the weighted-average risk grade of each class of commercial loan. Individual relationship managers review updated financial information for all pass grade loans to reassess the risk grade on at least an annual basis. When a loan has a risk grade of 9, it is still considered a pass grade loan; however, it is considered to be on management’s “watch list,” where a significant risk-modifying action is anticipated in the near term. When a loan has a risk grade of 10 or higher, a special assets officer monitors the loan on an on-going basis. The following tables present weighted-average risk grades for all commercial loans by class. June 30, 2019 December 31, 2018 Weighted Loans Weighted Loans Commercial and industrial: Risk grades 1-8 6.13 $ 5,024,193 6.12 $ 4,862,275 Risk grade 9 9.00 200,167 9.00 112,431 Risk grade 10 10.00 43,269 10.00 58,328 Risk grade 11 11.00 94,090 11.00 69,684 Risk grade 12 12.00 12,492 12.00 6,681 Risk grade 13 13.00 6,276 13.00 2,558 Total 6.37 $ 5,380,487 6.30 $ 5,111,957 Energy Risk grades 1-8 5.81 $ 1,305,553 5.76 $ 1,451,673 Risk grade 9 9.00 82,176 9.00 35,565 Risk grade 10 10.00 2,061 10.00 43,001 Risk grade 11 11.00 51,331 11.00 25,427 Risk grade 12 12.00 30,507 12.00 37,261 Risk grade 13 13.00 9,721 13.00 9,671 Total 6.35 $ 1,481,349 6.22 $ 1,602,598 Commercial real estate: Buildings, land and other Risk grades 1-8 6.76 $ 4,290,833 6.76 $ 4,143,264 Risk grade 9 9.00 128,068 9.00 109,660 Risk grade 10 10.00 76,686 10.00 62,353 Risk grade 11 11.00 85,192 11.00 98,176 Risk grade 12 12.00 9,017 12.00 12,669 Risk grade 13 13.00 1,420 13.00 2,599 Total 6.97 $ 4,591,216 6.98 $ 4,428,721 Construction Risk grades 1-8 7.17 $ 1,271,280 7.13 $ 1,177,260 Risk grade 9 9.00 35,453 9.00 60,754 Risk grade 10 10.00 13,355 10.00 24,877 Risk grade 11 11.00 2,952 11.00 4,826 Risk grade 12 12.00 — 12.00 — Risk grade 13 13.00 — 13.00 — Total 7.26 $ 1,323,040 7.29 $ 1,267,717 Net (charge-offs)/recoveries, segregated by class of loans, were as follows: Three Months Ended Six Months Ended 2019 2018 2019 2018 Commercial and industrial $ (2,454 ) $ (3,548 ) $ (4,392 ) $ (11,223 ) Energy (1,971 ) (2,076 ) (1,924 ) (4,925 ) Commercial real estate: Buildings, land and other (531 ) (402 ) (504 ) (321 ) Construction 3 6 6 8 Consumer real estate (286 ) (164 ) (1,975 ) (690 ) Consumer and other (2,582 ) (1,726 ) (5,817 ) (3,183 ) Total $ (7,821 ) $ (7,910 ) $ (14,606 ) $ (20,334 ) In assessing the general economic conditions in the State of Texas, management monitors and tracks the Texas Leading Index (“TLI”), which is produced by the Federal Reserve Bank of Dallas. The TLI, the components of which are more fully described in our 2018 Form 10-K, totaled 128.8 at June 30, 2019 and 126.4 at December 31, 2018 . A higher TLI value implies more favorable economic conditions. Allowance for Loan Losses . The allowance for loan losses is a reserve established through a provision for loan losses charged to expense, which represents management’s best estimate of inherent losses that have been incurred within the existing portfolio of loans. The allowance, in the judgment of management, is necessary to reserve for estimated loan losses and risks inherent in the loan portfolio. Our allowance for loan loss methodology, which is more fully described in our 2018 Form 10-K, follows the accounting guidance set forth in U.S. generally accepted accounting principles and the Interagency Policy Statement on the Allowance for Loan and Lease Losses, which was jointly issued by U.S. bank regulatory agencies. The level of the allowance reflects management’s continuing evaluation of industry concentrations, specific credit risks, loan loss and recovery experience, current loan portfolio quality, present economic, political and regulatory conditions and unidentified losses inherent in the current loan portfolio. Portions of the allowance may be allocated for specific credits; however, the entire allowance is available for any credit that, in management’s judgment, should be charged off. The following table presents details of the allowance for loan losses allocated to each portfolio segment as of June 30, 2019 and December 31, 2018 and detailed on the basis of the impairment evaluation methodology we used: Commercial and Industrial Energy Commercial Real Estate Consumer Real Estate Consumer and Other Total June 30, 2019 Historical valuation allowances $ 31,699 $ 9,087 $ 20,979 $ 2,619 $ 7,592 $ 71,976 Specific valuation allowances 6,276 9,721 1,420 — 1,419 18,836 General valuation allowances 10,227 4,487 4,105 1,560 (397 ) 19,982 Macroeconomic valuation allowances 9,512 2,523 9,410 1,458 1,232 24,135 Total $ 57,714 $ 25,818 $ 35,914 $ 5,637 $ 9,846 $ 134,929 Allocated to loans: Individually evaluated $ 6,276 $ 9,721 $ 1,420 $ — $ 1,419 $ 18,836 Collectively evaluated 51,438 16,097 34,494 5,637 8,427 116,093 Total $ 57,714 $ 25,818 $ 35,914 $ 5,637 $ 9,846 $ 134,929 December 31, 2018 Historical valuation allowances $ 25,351 $ 9,697 $ 20,817 $ 2,688 $ 6,845 $ 65,398 Specific valuation allowances 2,558 9,671 2,599 — 1,407 16,235 General valuation allowances 10,062 6,014 4,366 1,671 (13 ) 22,100 Macroeconomic valuation allowances 10,609 3,670 10,995 1,744 1,381 28,399 Total $ 48,580 $ 29,052 $ 38,777 $ 6,103 $ 9,620 $ 132,132 Allocated to loans: Individually evaluated $ 2,558 $ 9,671 $ 2,599 $ — $ 1,407 $ 16,235 Collectively evaluated 46,022 19,381 36,178 6,103 8,213 115,897 Total $ 48,580 $ 29,052 $ 38,777 $ 6,103 $ 9,620 $ 132,132 Our recorded investment in loans as of June 30, 2019 and December 31, 2018 related to each balance in the allowance for loan losses by portfolio segment and detailed on the basis of the impairment methodology we used was as follows: Commercial and Industrial Energy Commercial Consumer Consumer Total June 30, 2019 Individually evaluated $ 16,722 $ 39,812 $ 9,956 $ 293 $ 1,419 $ 68,202 Collectively evaluated 5,363,765 1,441,537 5,904,300 1,158,605 522,740 14,390,947 Total $ 5,380,487 $ 1,481,349 $ 5,914,256 $ 1,158,898 $ 524,159 $ 14,459,149 December 31, 2018 Individually evaluated $ 7,129 $ 46,707 $ 14,685 $ 293 $ 1,407 $ 70,221 Collectively evaluated 5,104,828 1,555,891 5,681,753 1,118,697 568,343 14,029,512 Total $ 5,111,957 $ 1,602,598 $ 5,696,438 $ 1,118,990 $ 569,750 $ 14,099,733 The following table details activity in the allowance for loan losses by portfolio segment for the three and six months ended June 30, 2019 and 2018 . Allocation of a portion of the allowance to one category of loans does not preclude its availability to absorb losses in other categories. Commercial and Industrial Energy Commercial Real Estate Consumer Real Estate Consumer and Other Total Three months ended: June 30, 2019 Beginning balance $ 58,571 $ 25,343 $ 36,455 $ 5,661 $ 10,320 $ 136,350 Provision for loan losses 1,597 2,446 (13 ) 262 2,108 6,400 Charge-offs (3,389 ) (2,000 ) (557 ) (601 ) (5,103 ) (11,650 ) Recoveries 935 29 29 315 2,521 3,829 Net charge-offs (2,454 ) (1,971 ) (528 ) (286 ) (2,582 ) (7,821 ) Ending balance $ 57,714 $ 25,818 $ 35,914 $ 5,637 $ 9,846 $ 134,929 June 30, 2018 Beginning balance $ 57,733 $ 39,039 $ 38,474 $ 6,349 $ 8,290 $ 149,885 Provision for loan losses 3,528 350 840 151 3,382 8,251 Charge-offs (4,153 ) (2,689 ) (614 ) (482 ) (3,994 ) (11,932 ) Recoveries 605 613 218 318 2,268 4,022 Net charge-offs (3,548 ) (2,076 ) (396 ) (164 ) (1,726 ) (7,910 ) Ending balance $ 57,713 $ 37,313 $ 38,918 $ 6,336 $ 9,946 $ 150,226 Six months ended: June 30, 2019 Beginning balance $ 48,580 $ 29,052 $ 38,777 $ 6,103 $ 9,620 $ 132,132 Provision for loan losses 13,526 (1,310 ) (2,365 ) 1,509 6,043 17,403 Charge-offs (6,077 ) (2,000 ) (617 ) (2,379 ) (10,800 ) (21,873 ) Recoveries 1,685 76 119 404 4,983 7,267 Net charge-offs (4,392 ) (1,924 ) (498 ) (1,975 ) (5,817 ) (14,606 ) Ending balance $ 57,714 $ 25,818 $ 35,914 $ 5,637 $ 9,846 $ 134,929 June 30, 2018 Beginning balance $ 59,614 $ 51,528 $ 30,948 $ 5,657 $ 7,617 $ 155,364 Provision for loan losses 9,322 (9,290 ) 8,283 1,369 5,512 15,196 Charge-offs (13,405 ) (5,539 ) (619 ) (1,201 ) (7,966 ) (28,730 ) Recoveries 2,182 614 306 511 4,783 8,396 Net charge-offs (11,223 ) (4,925 ) (313 ) (690 ) (3,183 ) (20,334 ) Ending balance $ 57,713 $ 37,313 $ 38,918 $ 6,336 $ 9,946 $ 150,226 |
Goodwill and Other Intangible A
Goodwill and Other Intangible Assets | 6 Months Ended |
Jun. 30, 2019 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Other Intangible Assets | Goodwill and Other Intangible Assets Goodwill and other intangible assets are presented in the table below. June 30, December 31, Goodwill $ 654,952 $ 654,952 Other intangible assets: Core deposits $ 2,466 $ 2,959 Customer relationships 547 672 Non-compete agreements 6 18 $ 3,019 $ 3,649 The estimated aggregate future amortization expense for intangible assets remaining as of June 30, 2019 is as follows: Remainder of 2019 $ 537 2020 919 2021 697 2022 481 2023 283 Thereafter 102 $ 3,019 |
Deposits
Deposits | 6 Months Ended |
Jun. 30, 2019 | |
Banking and Thrift [Abstract] | |
Deposits | Deposits Deposits were as follows: June 30, Percentage of Total December 31, Percentage of Total Non-interest-bearing demand deposits: Commercial and individual $ 9,634,530 37.1 % $ 10,305,850 37.9 % Correspondent banks 192,478 0.7 235,748 0.9 Public funds 309,429 1.2 455,896 1.7 Total non-interest-bearing demand deposits 10,136,437 39.0 10,997,494 40.5 Interest-bearing deposits: Private accounts: Savings and interest checking 6,754,027 26.0 6,977,813 25.7 Money market accounts 7,544,621 29.0 7,777,470 28.6 Time accounts of $100,000 or more 674,198 2.6 526,789 2.0 Time accounts under $100,000 344,700 1.3 331,511 1.2 Total private accounts 15,317,546 58.9 15,613,583 57.5 Public funds: Savings and interest checking 456,871 1.8 473,754 1.8 Money market accounts 67,620 0.3 59,953 0.2 Time accounts of $100,000 or more 6,524 — 4,332 — Time accounts under $100,000 25 — 88 — Total public funds 531,040 2.1 538,127 2.0 Total interest-bearing deposits 15,848,586 61.0 16,151,710 59.5 Total deposits $ 25,985,023 100.0 % $ 27,149,204 100.0 % The following table presents additional information about our deposits: June 30, December 31, Deposits from the Certificate of Deposit Account Registry Service (CDARS) deposits $ 356 $ — Deposits from foreign sources (primarily Mexico) 766,942 752,658 Deposits not covered by deposit insurance 11,747,001 13,111,210 |
Commitments and Contingencies
Commitments and Contingencies | 6 Months Ended |
Jun. 30, 2019 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies Financial Instruments with Off-Balance-Sheet Risk . In the normal course of business, we enter into various transactions, which, in accordance with generally accepted accounting principles are not included in our consolidated balance sheets. We enter into these transactions to meet the financing needs of our customers. As more fully discussed in our 2018 Form 10-K, these transactions include commitments to extend credit and standby letters of credit, which involve, to varying degrees, elements of credit risk and interest rate risk in excess of the amounts recognized in the consolidated balance sheets. We minimize our exposure to loss under these commitments by subjecting them to credit approval and monitoring procedures. Financial instruments with off-balance-sheet risk were as follows: June 30, December 31, Commitments to extend credit $ 8,552,270 $ 8,369,721 Standby letters of credit 294,722 271,575 Deferred standby letter of credit fees 1,776 2,069 Lease Commitments . We lease certain office facilities and office equipment under operating leases. Rent expense for all operating leases totaled $9.7 million and $18.3 million during the three and six months ended June 30, 2019 and $8.1 million and $16.3 million during the three and six months ended June 30, 2018 . On January 1, 2019, we adopted a new accounting standard which required the recognition of our operating leases on our balance sheet. See Note 1 - Significant Accounting Policies. As of June 30, 2019 , right-of-use lease assets and related lease liabilities totaled $284.5 million and $291.7 million , respectively, and are included with premises and equipment and accrued interest payable and other liabilities, respectively, on our accompanying consolidated balance sheet. During the second quarter of 2019, we recognized a right-of-use asset totaling $121.7 million and a related lease liability totaling $121.7 million in connection with the commencement of the lease of our new corporate headquarters facility in downtown San Antonio. There has been no significant change in our expected future minimum lease payments since December 31, 2018 . See the 2018 Form 10-K for information regarding these commitments. Litigation. We are subject to various claims and legal actions that have arisen in the course of conducting business. Management does not expect the ultimate disposition of these matters to have a material adverse impact on our financial statements. |
Capital and Regulatory Matters
Capital and Regulatory Matters | 6 Months Ended |
Jun. 30, 2019 | |
Banking and Thrift [Abstract] | |
Capital and Regulatory Matters | Capital and Regulatory Matters Banks and bank holding companies are subject to various regulatory capital requirements administered by state and federal banking agencies. Capital adequacy guidelines and, additionally for banks, prompt corrective action regulations, involve quantitative measures of assets, liabilities, and certain off-balance-sheet items calculated under regulatory accounting practices. Capital amounts and classifications are also subject to qualitative judgments by regulators about components, risk weighting and other factors. Cullen/Frost’s and Frost Bank’s Common Equity Tier 1 capital includes common stock and related paid-in capital, net of treasury stock, and retained earnings. In connection with the adoption of the Basel III Capital Rules, we elected to opt-out of the requirement to include most components of accumulated other comprehensive income in Common Equity Tier 1. Common Equity Tier 1 for both Cullen/Frost and Frost Bank is reduced by goodwill and other intangible assets, net of associated deferred tax liabilities, and subject to transition provisions. Frost Bank's Common Equity Tier 1 is also reduced by its equity investment in its financial subsidiary, Frost Insurance Agency (“FIA”). Tier 1 capital includes Common Equity Tier 1 capital and additional Tier 1 capital. For Cullen/Frost, additional Tier 1 capital at June 30, 2019 and December 31, 2018 includes $144.5 million of 5.375% non-cumulative perpetual preferred stock. Frost Bank did not have any additional Tier 1 capital beyond Common Equity Tier 1 at June 30, 2019 or December 31, 2018 . Total capital includes Tier 1 capital and Tier 2 capital. Tier 2 capital for both Cullen/Frost and Frost Bank includes a permissible portion of the allowance for loan losses. Tier 2 capital for Cullen/Frost also includes $100.0 million of qualified subordinated debt and $133.0 million of trust preferred securities at both June 30, 2019 and December 31, 2018 . The following tables present actual and required capital ratios as of June 30, 2019 and December 31, 2018 for Cullen/Frost and Frost Bank under the Basel III Capital Rules. The Basel III Capital Rules became fully phased-in on January 1, 2019. The minimum required capital amounts presented as of December 31, 2018 include the minimum required capital levels applicable as of that date as well as the minimum required capital levels as of January 1, 2019 when the Basel III Capital Rules became fully phased-in. Capital levels required to be considered well capitalized are based upon prompt corrective action regulations, as amended to reflect the changes under the Basel III Capital Rules. See the 2018 Form 10-K for a more detailed discussion of the Basel III Capital Rules. After a review of risk-weight classifications during the first quarter of 2019, risk-weightings for certain loans were reclassified. Amounts reported as of December 31, 2018 have been revised to reflect these reclassifications. Actual Minimum Capital Required - Basel III Required to be Capital Ratio Capital Ratio Capital Ratio June 30, 2019 Common Equity Tier 1 to Risk-Weighted Assets Cullen/Frost $ 2,733,377 12.29 % $ 1,556,842 7.00 % $ 1,445,639 6.50 % Frost Bank 2,841,165 12.81 1,552,278 7.00 1,441,401 6.50 Tier 1 Capital to Risk-Weighted Assets Cullen/Frost 2,877,863 12.94 1,890,451 8.50 1,779,248 8.00 Frost Bank 2,841,165 12.81 1,884,909 8.50 1,774,032 8.00 Total Capital to Risk-Weighted Assets Cullen/Frost 3,246,292 14.60 2,335,264 10.50 2,224,061 10.00 Frost Bank 2,976,594 13.42 2,328,417 10.50 2,217,540 10.00 Leverage Ratio Cullen/Frost 2,877,863 9.40 1,224,631 4.00 1,530,789 5.00 Frost Bank 2,841,165 9.29 1,223,119 4.00 1,528,899 5.00 Actual Minimum Capital Required - Basel III Phase-In Schedule Minimum Capital Required - Basel III Fully Phased-In Required to be Capital Ratio Capital Ratio Capital Ratio Capital Ratio December 31, 2018 Common Equity Tier 1 to Risk-Weighted Assets Cullen/Frost $ 2,642,475 12.27 % $ 1,372,573 6.375 % $ 1,507,139 7.00 % $ 1,358,171 6.50 % Frost Bank 2,743,973 12.78 1,368,701 6.375 1,502,887 7.00 1,354,222 6.50 Tier 1 Capital to Risk-Weighted Assets Cullen/Frost 2,786,961 12.94 1,695,532 7.875 1,830,098 8.50 1,671,595 8.00 Frost Bank 2,743,973 12.78 1,690,748 7.875 1,824,934 8.50 1,666,735 8.00 Total Capital to Risk-Weighted Assets Cullen/Frost 3,152,593 14.64 2,126,143 9.875 2,260,709 10.50 2,089,494 10.00 Frost Bank 2,876,605 13.40 2,120,144 9.875 2,254,331 10.50 2,083,419 10.00 Leverage Ratio Cullen/Frost 2,786,961 9.06 1,231,028 4.00 1,231,028 4.00 1,538,785 5.00 Frost Bank 2,743,973 8.93 1,229,650 4.00 1,229,650 4.00 1,537,062 5.00 As of June 30, 2019 , capital levels at Cullen/Frost and Frost Bank exceed all capital adequacy requirements under the fully phased-in Basel III Capital Rules. Based on the ratios presented above, capital levels as of June 30, 2019 at Cullen/Frost and Frost Bank exceed the minimum levels necessary to be considered “well capitalized.” Cullen/Frost and Frost Bank are subject to the regulatory capital requirements administered by the Federal Reserve Board and, for Frost Bank, the Federal Deposit Insurance Corporation (“FDIC”). Regulatory authorities can initiate certain mandatory actions if Cullen/Frost or Frost Bank fail to meet the minimum capital requirements, which could have a direct material effect on our financial statements. Management believes, as of June 30, 2019 , that Cullen/Frost and Frost Bank meet all capital adequacy requirements to which they are subject. Stock Repurchase Plans. From time to time, our board of directors has authorized stock repurchase plans. In general, stock repurchase plans allow us to proactively manage our capital position and return excess capital to shareholders. Shares purchased under such plans also provide us with shares of common stock necessary to satisfy obligations related to stock compensation awards. On October 24, 2017 , our board of directors authorized a $150.0 million stock repurchase program, allowing us to repurchase shares of our common stock over a two -year period from time to time at various prices in the open market or through private transactions. We repurchased 496,307 shares at a total cost of $50.0 million under this plan during the second quarter of 2019 while we repurchased 1,027,292 shares at a total cost of $100.0 million during the fourth quarter of 2018. On July 24, 2019 , our board of directors authorized a $100.0 million stock repurchase program, allowing us to repurchase shares of our common stock over a one -year period from time to time at various prices in the open market or through private transactions. Under the Basel III Capital Rules, Cullen/Frost may not repurchase or redeem any of its preferred stock or subordinated notes and, in some cases, its common stock without the prior approval of the Federal Reserve Board. Dividend Restrictions . In the ordinary course of business, Cullen/Frost is dependent upon dividends from Frost Bank to provide funds for the payment of dividends to shareholders and to provide for other cash requirements, including to repurchase its common stock. Banking regulations may limit the amount of dividends that may be paid. Approval by regulatory authorities is required if the effect of dividends declared would cause the regulatory capital of Frost Bank to fall below specified minimum levels. Approval is also required if dividends declared exceed the net profits for that year combined with the retained net profits for the preceding two years. Under the foregoing dividend restrictions and while maintaining its “well capitalized” status, at June 30, 2019 , Frost Bank could pay aggregate dividends of up to $577.3 million to Cullen/Frost without prior regulatory approval. Under the terms of the junior subordinated deferrable interest debentures that Cullen/Frost has issued to Cullen/Frost Capital Trust II and WNB Capital Trust I, Cullen/Frost has the right at any time during the term of the debentures to defer the payment of interest at any time or from time to time for an extension period not exceeding 20 consecutive quarterly periods with respect to each extension period. In the event that we have elected to defer interest on the debentures, we may not, with certain exceptions, declare or pay any dividends or distributions on our capital stock or purchase or acquire any of our capital stock. Under the terms of our Series A Preferred Stock, in the event that we do not declare and pay dividends on our Series A Preferred Stock for the most recent dividend period, we may not, with certain exceptions, declare or pay dividends on, or purchase, redeem or otherwise acquire, shares of our common stock or any of our securities that rank junior to our Series A Preferred Stock. |
Derivative Financial Instrument
Derivative Financial Instruments | 6 Months Ended |
Jun. 30, 2019 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Financial Instruments | Derivative Financial Instruments The fair value of derivative positions outstanding is included in accrued interest receivable and other assets and accrued interest payable and other liabilities in the accompanying consolidated balance sheets and in the net change in each of these financial statement line items in the accompanying consolidated statements of cash flows. Interest Rate Derivatives. We utilize interest rate swaps, caps and floors to mitigate exposure to interest rate risk and to facilitate the needs of our customers. Our objectives for utilizing these derivative instruments are described in our 2018 Form 10-K. The notional amounts and estimated fair values of interest rate derivative contracts are presented in the following table. The fair values of interest rate derivative contracts are estimated utilizing internal valuation models with observable market data inputs, or as determined by the Chicago Mercantile Exchange (“CME”) for centrally cleared derivative contracts. CME rules legally characterize variation margin payments for centrally cleared derivatives as settlements of the derivatives' exposure rather than collateral. As a result, the variation margin payment and the related derivative instruments are considered a single unit of account for accounting and financial reporting purposes. Variation margin, as determined by the CME, is settled daily. As a result, derivative contracts that clear through the CME have an estimated fair value of zero as of June 30, 2019 and December 31, 2018 . June 30, 2019 December 31, 2018 Notional Amount Estimated Fair Value Notional Amount Estimated Fair Value Derivatives designated as hedges of fair value: Financial institution counterparties: Loan/lease interest rate swaps – assets $ 10,143 $ 41 $ 10,941 $ 207 Loan/lease interest rate swaps – liabilities 3,429 (185 ) 3,885 (199 ) Non-hedging interest rate derivatives: Financial institution counterparties: Loan/lease interest rate swaps – assets 134,415 205 496,887 2,384 Loan/lease interest rate swaps – liabilities 983,745 (19,896 ) 691,143 (8,921 ) Loan/lease interest rate caps – assets 144,298 670 122,791 509 Customer counterparties: Loan/lease interest rate swaps – assets 983,745 44,371 691,143 16,706 Loan/lease interest rate swaps – liabilities 134,415 (534 ) 496,887 (8,891 ) Loan/lease interest rate caps – liabilities 144,298 (670 ) 122,791 (509 ) The weighted-average rates paid and received for interest rate swaps outstanding at June 30, 2019 were as follows: Weighted-Average Interest Rate Paid Interest Rate Received Interest rate swaps: Fair value hedge loan/lease interest rate swaps 2.29 % 2.41 % Non-hedging interest rate swaps – financial institution counterparties 4.19 4.03 Non-hedging interest rate swaps – customer counterparties 4.03 4.19 The weighted-average strike rate for outstanding interest rate caps was 2.99% at June 30, 2019 . Commodity Derivatives. We enter into commodity swaps and option contracts that are not designated as hedging instruments primarily to accommodate the business needs of our customers. Upon the origination of a commodity swap or option contract with a customer, we simultaneously enter into an offsetting contract with a third party financial institution to mitigate the exposure to fluctuations in commodity prices. The notional amounts and estimated fair values of non-hedging commodity swap and option derivative positions outstanding are presented in the following table. We obtain dealer quotations and use internal valuation models with observable market data inputs to value our commodity derivative positions. June 30, 2019 December 31, 2018 Notional Units Notional Amount Estimated Fair Value Notional Amount Estimated Fair Value Financial institution counterparties: Oil – assets Barrels 1,745 $ 7,880 2,416 $ 24,332 Oil – liabilities Barrels 1,135 (3,812 ) 415 (646 ) Natural gas – assets MMBTUs 10,197 1,861 5,745 417 Natural gas – liabilities MMBTUs 3,066 (248 ) 9,314 (1,272 ) Customer counterparties: Oil – assets Barrels 1,205 3,919 415 646 Oil – liabilities Barrels 1,675 (7,662 ) 2,416 (24,009 ) Natural gas – assets MMBTUs 3,066 248 10,236 1,373 Natural gas – liabilities MMBTUs 10,197 (1,768 ) 4,823 (393 ) Foreign Currency Derivatives . We enter into foreign currency forward contracts that are not designated as hedging instruments primarily to accommodate the business needs of our customers. Upon the origination of a foreign currency denominated transaction with a customer, we simultaneously enter into an offsetting contract with a third party financial institution to negate the exposure to fluctuations in foreign currency exchange rates. We also utilize foreign currency forward contracts that are not designated as hedging instruments to mitigate the economic effect of fluctuations in foreign currency exchange rates on foreign currency holdings and certain short-term, non-U.S. dollar denominated loans. The notional amounts and fair values of open foreign currency forward contracts were as follows: June 30, 2019 December 31, 2018 Notional Currency Notional Amount Estimated Fair Value Notional Amount Estimated Fair Value Financial institution counterparties: Forward contracts – liabilities CAD 5,339 $ (14 ) 11,003 $ (13 ) Forward contracts – liabilities GBP — — 142 (2 ) Forward contracts – liabilities MXN — — 3,015 (132 ) Customer counterparties: Forward contracts – assets CAD 5,326 27 10,979 40 Forward contracts – assets GBP — — 145 4 Forward contracts – assets MXN — — 3,000 149 Gains, Losses and Derivative Cash Flows . For fair value hedges, the changes in the fair value of both the derivative hedging instrument and the hedged item are included in other non-interest income or other non-interest expense. The extent that such changes in fair value do not offset represents hedge ineffectiveness. Net cash flows from interest rate swaps on commercial loans/leases designated as hedging instruments in effective hedges of fair value are included in interest income on loans. For non-hedging derivative instruments, gains and losses due to changes in fair value and all cash flows are included in other non-interest income and other non-interest expense. Amounts included in the consolidated statements of income related to interest rate derivatives designated as hedges of fair value were as follows: Three Months Ended Six Months Ended 2019 2018 2019 2018 Commercial loan/lease interest rate swaps: Amount of gain (loss) included in interest income on loans $ 28 $ 31 $ 54 $ (11 ) Amount of (gain) loss included in other non-interest expense 1 (1 ) 1 (1 ) As stated above, we enter into non-hedge related derivative positions primarily to accommodate the business needs of our customers. Upon the origination of a derivative contract with a customer, we simultaneously enter into an offsetting derivative contract with a third party financial institution. We recognize immediate income based upon the difference in the bid/ask spread of the underlying transactions with our customers and the third party. Because we act only as an intermediary for our customer, subsequent changes in the fair value of the underlying derivative contracts for the most part offset each other and do not significantly impact our results of operations. Amounts included in the consolidated statements of income related to non-hedging interest rate, commodity and foreign currency derivative instruments are presented in the table below. Three Months Ended Six Months Ended 2019 2018 2019 2018 Non-hedging interest rate derivatives: Other non-interest income $ 387 $ 702 $ 973 $ 2,190 Other non-interest expense — 17 — (4 ) Non-hedging commodity derivatives: Other non-interest income 110 (54 ) 213 36 Non-hedging foreign currency derivatives: Other non-interest income 12 91 29 150 Counterparty Credit Risk. Our credit exposure relating to interest rate swaps, commodity swaps/options and foreign currency forward contracts with bank customers was approximately $44.7 million at June 30, 2019 . This credit exposure is partly mitigated as transactions with customers are generally secured by the collateral, if any, securing the underlying transaction being hedged. Our credit exposure, net of collateral pledged, relating to interest rate swaps, commodity swaps/options and foreign currency forward contracts with upstream financial institution counterparties was approximately $13.6 million at June 30, 2019 . This amount was primarily related to initial margin payments to the CME and excess collateral we posted to counterparties. Collateral levels for upstream financial institution counterparties are monitored and adjusted as necessary. See Note 9 – Balance Sheet Offsetting and Repurchase Agreements for additional information regarding our credit exposure with upstream financial institution counterparties. The aggregate fair value of securities we posted as collateral related to derivative contracts totaled $147 thousand at June 30, 2019 . At such date, we also had $26.9 million in cash collateral on deposit with other financial institution counterparties. |
Balance Sheet Offsetting
Balance Sheet Offsetting | 6 Months Ended |
Jun. 30, 2019 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Balance Sheet Offsetting | Balance Sheet Offsetting and Repurchase Agreements Balance Sheet Offsetting. Certain financial instruments, including resell and repurchase agreements and derivatives, may be eligible for offset in the consolidated balance sheet and/or subject to master netting arrangements or similar agreements. Our derivative transactions with upstream financial institution counterparties are generally executed under International Swaps and Derivative Association (“ISDA”) master agreements which include “right of set-off” provisions. In such cases there is generally a legally enforceable right to offset recognized amounts and there may be an intention to settle such amounts on a net basis. Nonetheless, we do not generally offset such financial instruments for financial reporting purposes. Information about financial instruments that are eligible for offset in the consolidated balance sheet as of June 30, 2019 is presented in the following tables. Gross Amount Recognized Gross Amount Offset Net Amount Recognized June 30, 2019 Financial assets: Derivatives: Loan/lease interest rate swaps and caps $ 916 $ — $ 916 Commodity swaps and options 9,741 — 9,741 Foreign currency forward contracts — — — Total derivatives 10,657 — 10,657 Resell agreements 10,193 — 10,193 Total $ 20,850 $ — $ 20,850 Financial liabilities: Derivatives: Loan/lease interest rate swaps $ 20,081 $ — $ 20,081 Commodity swaps and options 4,060 — 4,060 Foreign currency forward contracts 14 — 14 Total derivatives 24,155 — 24,155 Repurchase agreements 1,308,257 — 1,308,257 Total $ 1,332,412 $ — $ 1,332,412 Gross Amounts Not Offset Net Amount Recognized Financial Instruments Collateral Net Amount June 30, 2019 Financial assets: Derivatives: Counterparty A $ 104 $ (104 ) $ — $ — Counterparty B 3,937 (3,937 ) — — Counterparty C 16 (16 ) — — Other counterparties 6,600 (6,469 ) — 131 Total derivatives 10,657 (10,526 ) — 131 Resell agreements 10,193 — (10,193 ) — Total $ 20,850 $ (10,526 ) $ (10,193 ) $ 131 Financial liabilities: Derivatives: Counterparty A $ 5,706 $ (104 ) $ (5,602 ) $ — Counterparty B 7,224 (3,937 ) (3,287 ) — Counterparty C 184 (16 ) (168 ) — Other counterparties 11,041 (6,469 ) (4,493 ) 79 Total derivatives 24,155 (10,526 ) (13,550 ) 79 Repurchase agreements 1,308,257 — (1,308,257 ) — Total $ 1,332,412 $ (10,526 ) $ (1,321,807 ) $ 79 Information about financial instruments that are eligible for offset in the consolidated balance sheet as of December 31, 2018 is presented in the following tables. Gross Amount Recognized Gross Amount Offset Net Amount Recognized December 31, 2018 Financial assets: Derivatives: Loan/lease interest rate swaps and caps $ 3,100 $ — $ 3,100 Commodity swaps and options 24,749 — 24,749 Foreign currency forward contracts — — — Total derivatives 27,849 — 27,849 Resell agreements 11,642 — 11,642 Total $ 39,491 $ — $ 39,491 Financial liabilities: Derivatives: Loan/lease interest rate swaps $ 9,120 $ — $ 9,120 Commodity swaps and options 1,918 — 1,918 Foreign currency forward contracts 147 — 147 Total derivatives 11,185 — 11,185 Repurchase agreements 1,360,298 — 1,360,298 Total $ 1,371,483 $ — $ 1,371,483 Gross Amounts Not Offset Net Amount Recognized Financial Instruments Collateral Net Amount December 31, 2018 Financial assets: Derivatives: Counterparty A $ 598 $ (598 ) $ — $ — Counterparty B 7,255 (3,380 ) (3,875 ) — Counterparty C 81 (81 ) — — Other counterparties 19,915 (2,084 ) (17,776 ) 55 Total derivatives 27,849 (6,143 ) (21,651 ) 55 Resell agreements 11,642 — (11,642 ) — Total $ 39,491 $ (6,143 ) $ (33,293 ) $ 55 Financial liabilities: Derivatives: Counterparty A $ 4,293 $ (598 ) $ (3,651 ) $ 44 Counterparty B 3,380 (3,380 ) — — Counterparty C 326 (81 ) (245 ) — Other counterparties 3,186 (2,084 ) (725 ) 377 Total derivatives 11,185 (6,143 ) (4,621 ) 421 Repurchase agreements 1,360,298 — (1,360,298 ) — Total $ 1,371,483 $ (6,143 ) $ (1,364,919 ) $ 421 Repurchase Agreements. We utilize securities sold under agreements to repurchase to facilitate the needs of our customers and to facilitate secured short-term funding needs. Securities sold under agreements to repurchase are stated at the amount of cash received in connection with the transaction. We monitor collateral levels on a continuous basis. We may be required to provide additional collateral based on the fair value of the underlying securities. Securities pledged as collateral under repurchase agreements are maintained with our safekeeping agents. The remaining contractual maturity of repurchase agreements in the consolidated balance sheets as of June 30, 2019 and December 31, 2018 is presented in the following tables. Remaining Contractual Maturity of the Agreements Overnight and Continuous Up to 30 Days 30-90 Days Greater than 90 Days Total June 30, 2019 Repurchase agreements: U.S. Treasury $ 946,724 $ — $ — $ — $ 946,724 Residential mortgage-backed securities 361,533 — — — 361,533 Total borrowings $ 1,308,257 $ — $ — $ — $ 1,308,257 Gross amount of recognized liabilities for repurchase agreements $ 1,308,257 Amounts related to agreements not included in offsetting disclosures above $ — December 31, 2018 Repurchase agreements: U.S. Treasury $ 1,334,063 $ — $ — $ — $ 1,334,063 Residential mortgage-backed securities 26,235 — — — 26,235 Total borrowings $ 1,360,298 $ — $ — $ — $ 1,360,298 Gross amount of recognized liabilities for repurchase agreements $ 1,360,298 Amounts related to agreements not included in offsetting disclosures above $ — |
Stock-Based Compensation
Stock-Based Compensation | 6 Months Ended |
Jun. 30, 2019 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Stock-Based Compensation | Stock-Based Compensation A combined summary of activity in our active stock plans is presented in the table. Performance stock units outstanding are presented assuming attainment of the maximum payout rate as set forth by the performance criteria. As of June 30, 2019 , there were 1,265,480 shares remaining available for grant for future stock-based compensation awards. Director Deferred Stock Units Outstanding Non-Vested Stock Awards/Stock Units Outstanding Performance Stock Units Outstanding Stock Options Outstanding Number of Units Weighted- Average Fair Value at Grant Number of Shares/Units Weighted- Average Fair Value at Grant Number of Units Weighted- Average Fair Value at Grant Number of Shares Weighted- Average Exercise Price Balance, January 1, 2019 48,910 $ 71.14 383,797 $ 85.59 125,809 $ 82.55 2,352,008 $ 63.55 Authorized — — — — — — — — Granted 7,592 102.70 1,957 91.96 — — — — Exercised/vested — — (17,800 ) 65.11 — — (136,100 ) 57.61 Forfeited/expired — — (3,877 ) 90.10 — — (6,875 ) 65.11 Balance, June 30, 2019 56,502 $ 75.38 364,077 $ 86.58 125,809 $ 82.55 2,209,033 $ 63.91 Shares issued in connection with stock compensation awards are issued from available treasury shares. If no treasury shares are available, new shares are issued from available authorized shares. Shares issued in connection with stock compensation awards along with other related information were as follows: Three Months Ended Six Months Ended 2019 2018 2019 2018 New shares issued from available authorized shares — — — — Issued from available treasury stock 53,035 110,489 153,900 428,599 Total 53,035 110,489 153,900 428,599 Proceeds from stock option exercises $ 2,956 $ 6,283 $ 7,841 $ 25,448 Stock-based compensation expense is recognized ratably over the requisite service period for all awards. For most stock option awards, the service period generally matches the vesting period. For stock options granted to certain executive officers and for non-vested stock units granted to all participants, the service period does not extend past the date the participant reaches 65 years of age. Deferred stock units granted to non-employee directors generally have immediate vesting and the related expense is fully recognized on the date of grant. For performance stock units, the service period generally matches the three-year performance period specified by the award, however, the service period does not extend past the date the participant reaches 65 years of age. Expense recognized each period is dependent upon our estimate of the number of shares that will ultimately be issued. Stock-based compensation expense and the related income tax benefit is presented in the following table. Three Months Ended Six Months Ended 2019 2018 2019 2018 Stock options $ 379 $ 1,019 $ 761 $ 2,104 Non-vested stock awards/stock units 2,056 1,371 4,191 2,839 Director deferred stock units 780 720 780 720 Performance stock units 1,149 475 2,286 1,097 Total $ 4,364 $ 3,585 $ 8,018 $ 6,760 Income tax benefit $ 732 $ 753 $ 1,316 $ 1,420 Unrecognized stock-based compensation expense at June 30, 2019 is presented in the table below. Unrecognized stock-based compensation expense related to performance stock units is presented assuming attainment of the maximum payout rate as set forth by the performance criteria. Stock options $ 465 Non-vested stock awards/stock units 13,441 Performance stock units 4,241 Total $ 18,147 |
Earnings Per Common Share
Earnings Per Common Share | 6 Months Ended |
Jun. 30, 2019 | |
Earnings Per Share [Abstract] | |
Earnings Per Common Share | Earnings Per Common Share Earnings per common share is computed using the two-class method as more fully described in our 2018 Form 10-K. The following table presents a reconciliation of net income available to common shareholders, net earnings allocated to common stock and the number of shares used in the calculation of basic and diluted earnings per common share. Three Months Ended Six Months Ended 2019 2018 2019 2018 Net income $ 111,586 $ 111,341 $ 228,082 $ 217,821 Less: Preferred stock dividends 2,015 2,015 4,031 4,031 Net income available to common shareholders 109,571 109,326 224,051 213,790 Less: Earnings allocated to participating securities 906 726 1,886 1,431 Net earnings allocated to common stock $ 108,665 $ 108,600 $ 222,165 $ 212,359 Distributed earnings allocated to common stock $ 44,461 $ 42,791 $ 86,699 $ 79,096 Undistributed earnings allocated to common stock 64,204 65,809 135,466 133,263 Net earnings allocated to common stock $ 108,665 $ 108,600 $ 222,165 $ 212,359 Weighted-average shares outstanding for basic earnings per common share 62,789,182 63,836,651 62,898,514 63,743,442 Dilutive effect of stock compensation 764,916 1,062,637 791,513 1,043,712 Weighted-average shares outstanding for diluted earnings per common share 63,554,098 64,899,288 63,690,027 64,787,154 |
Defined Benefit Plans
Defined Benefit Plans | 6 Months Ended |
Jun. 30, 2019 | |
Retirement Benefits [Abstract] | |
Defined Benefit Plans | Defined Benefit Plans The components of the combined net periodic expense (benefit) for our defined benefit pension plans are presented in the table below. Three Months Ended Six Months Ended 2019 2018 2019 2018 Expected return on plan assets, net of expenses $ (2,693 ) $ (2,979 ) $ (5,386 ) $ (5,958 ) Interest cost on projected benefit obligation 1,618 1,474 3,236 2,949 Net amortization and deferral 1,406 1,251 2,812 2,501 Net periodic expense (benefit) $ 331 $ (254 ) $ 662 $ (508 ) Our non-qualified defined benefit pension plan is not funded. No contributions to the qualified defined benefit pension plan were made during the six months ended June 30, 2019 . We do not expect to make any contributions to the qualified defined benefit plan during the remainder of 2019 . |
Income Taxes
Income Taxes | 6 Months Ended |
Jun. 30, 2019 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes Income tax expense was as follows: Three Months Ended Six Months Ended 2019 2018 2019 2018 Current income tax expense (benefit) $ 14,505 $ 1,361 $ 29,504 $ 2,107 Deferred income tax expense (benefit) 369 12,475 (675 ) 22,886 Income tax expense, as reported $ 14,874 $ 13,836 $ 28,829 $ 24,993 Effective tax rate 11.8 % 11.1 % 11.2 % 10.3 % We had a net deferred tax liability totaling $54.8 million at June 30, 2019 and a net deferred tax asset totaling $19.8 million at December 31, 2018 . The change in net deferred taxes was primarily related to unrealized gains on available-for-sale securities during the six months ended June 30, 2019 . No valuation allowance for deferred tax assets was recorded at June 30, 2019 as management believes it is more likely than not that all of the deferred tax assets will be realized against deferred tax liabilities and projected future taxable income. The effective income tax rates differed from the U.S. statutory federal income tax rates of 21% during the comparable periods primarily due to the effect of tax-exempt income from loans, securities and life insurance policies and the income tax effects associated with stock-based compensation. There were no unrecognized tax benefits during any of the reported periods. Interest and/or penalties related to income taxes are reported as a component of income tax expense. Such amounts were not significant during the reported periods. We file income tax returns in the U.S. federal jurisdiction. We are no longer subject to U.S. federal income tax examinations by tax authorities for years before 2015. |
Other Comprehensive Income (Los
Other Comprehensive Income (Loss) | 6 Months Ended |
Jun. 30, 2019 | |
Equity [Abstract] | |
Other Comprehensive Income (Loss) | Other Comprehensive Income (Loss) The before and after tax amounts allocated to each component of other comprehensive income (loss) are presented in the following table. Reclassification adjustments related to securities available for sale are included in net gain (loss) on securities transactions in the accompanying consolidated statements of income. Reclassification adjustments related to defined-benefit post-retirement benefit plans are included in the computation of net periodic pension expense (see Note 12 – Defined Benefit Plans). Three Months Ended Three Months Ended Before Tax Amount Tax Expense, (Benefit) Net of Tax Amount Before Tax Amount Tax Expense, (Benefit) Net of Tax Amount Securities available for sale and transferred securities: Change in net unrealized gain/loss during the period $ 158,140 $ 33,209 $ 124,931 $ (11,884 ) $ (2,496 ) $ (9,388 ) Change in net unrealized gain on securities transferred to held to maturity (308 ) (65 ) (243 ) (2,041 ) (429 ) (1,612 ) Reclassification adjustment for net (gains) losses included in net income (169 ) (35 ) (134 ) 60 13 47 Total securities available for sale and transferred securities 157,663 33,109 124,554 (13,865 ) (2,912 ) (10,953 ) Defined-benefit post-retirement benefit plans: Reclassification adjustment for net amortization of actuarial gain/loss included in net income as a component of net periodic cost (benefit) 1,406 296 1,110 1,251 263 988 Total defined-benefit post-retirement benefit plans 1,406 296 1,110 1,251 263 988 Total other comprehensive income (loss) $ 159,069 $ 33,405 $ 125,664 $ (12,614 ) $ (2,649 ) $ (9,965 ) Six Months Ended Six Months Ended Before Tax Amount Tax Expense, (Benefit) Net of Tax Amount Before Tax Amount Tax Expense, (Benefit) Net of Tax Amount Securities available for sale and transferred securities: Change in net unrealized gain/loss during the period $ 356,286 $ 74,820 $ 281,466 $ (190,788 ) $ (40,066 ) $ (150,722 ) Change in net unrealized gain on securities transferred to held to maturity (652 ) (137 ) (515 ) (4,660 ) (979 ) (3,681 ) Reclassification adjustment for net (gains) losses included in net income (169 ) (35 ) (134 ) 79 17 62 Total securities available for sale and transferred securities 355,465 74,648 280,817 (195,369 ) (41,028 ) (154,341 ) Defined-benefit post-retirement benefit plans: Reclassification adjustment for net amortization of actuarial gain/loss included in net income as a component of net periodic cost (benefit) 2,812 591 2,221 2,501 526 1,975 Total defined-benefit post-retirement benefit plans 2,812 591 2,221 2,501 526 1,975 Total other comprehensive income (loss) $ 358,277 $ 75,239 $ 283,038 $ (192,868 ) $ (40,502 ) $ (152,366 ) Activity in accumulated other comprehensive income (loss), net of tax, was as follows: Securities Available For Sale Defined Benefit Plans Accumulated Other Comprehensive Income Balance January 1, 2019 $ (16,103 ) $ (47,497 ) $ (63,600 ) Other comprehensive income (loss) before reclassifications 280,951 — 280,951 Reclassification of amounts included in net income (134 ) 2,221 2,087 Net other comprehensive income (loss) during period 280,817 2,221 283,038 Balance at June 30, 2019 $ 264,714 $ (45,276 ) $ 219,438 Balance January 1, 2018 $ 117,230 $ (37,718 ) $ 79,512 Other comprehensive income (loss) before reclassifications (154,403 ) — (154,403 ) Reclassification of amounts included in net income 62 1,975 2,037 Net other comprehensive income (loss) during period (154,341 ) 1,975 (152,366 ) Reclassification of certain income tax effects related to the change in the U.S. statutory federal income tax rate under the Tax Cuts and Jobs Act to retained earnings 17,557 (8,022 ) 9,535 Balance at June 30, 2018 $ (19,554 ) $ (43,765 ) $ (63,319 ) |
Operating Segments
Operating Segments | 6 Months Ended |
Jun. 30, 2019 | |
Segment Reporting [Abstract] | |
Operating Segments | Operating Segments We are managed under a matrix organizational structure whereby our two primary operating segments, Banking and Frost Wealth Advisors, overlap a regional reporting structure. See our 2018 Form 10-K for additional information regarding our operating segments. Summarized operating results by segment were as follows: Banking Frost Wealth Advisors Non-Banks Consolidated Revenues from (expenses to) external customers: Three months ended: June 30, 2019 $ 302,747 $ 36,164 $ (2,842 ) $ 336,069 June 30, 2018 290,433 34,526 (2,623 ) 322,336 Six months ended: June 30, 2019 $ 611,360 $ 73,515 $ (5,552 ) $ 679,323 June 30, 2018 578,994 69,607 (5,072 ) 643,529 Net income (loss): Three months ended: June 30, 2019 $ 110,893 $ 4,897 $ (4,204 ) $ 111,586 June 30, 2018 109,276 5,901 (3,836 ) 111,341 Six months ended: June 30, 2019 $ 223,810 $ 11,297 $ (7,025 ) $ 228,082 June 30, 2018 212,917 11,535 (6,631 ) 217,821 |
Fair Value Measurements
Fair Value Measurements | 6 Months Ended |
Jun. 30, 2019 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | Fair Value Measurements The fair value of an asset or liability is the price that would be received to sell that asset or paid to transfer that liability in an orderly transaction occurring in the principal market (or most advantageous market in the absence of a principal market) for such asset or liability. In estimating fair value, we utilize valuation techniques that are consistent with the market approach, the income approach and/or the cost approach. Such valuation techniques are consistently applied. Inputs to valuation techniques include the assumptions that market participants would use in pricing an asset or liability. ASC Topic 820 establishes a three-level 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. See our 2018 Form 10-K for additional information regarding the fair value hierarchy and a description of our valuation techniques. Financial Assets and Financial Liabilities. The table below summarizes financial assets and financial liabilities measured at fair value on a recurring basis as of June 30, 2019 and December 31, 2018 , segregated by the level of the valuation inputs within the fair value hierarchy of ASC Topic 820 utilized to measure fair value. Level 1 Level 2 Level 3 Total Fair June 30, 2019 Securities available for sale: U.S. Treasury $ 2,920,720 $ — $ — $ 2,920,720 Residential mortgage-backed securities — 2,247,712 — 2,247,712 States and political subdivisions — 7,068,301 — 7,068,301 Other — 42,780 — 42,780 Trading account securities: U.S. Treasury 22,642 — — 22,642 States and political subdivisions — 2,840 — 2,840 Derivative assets: Interest rate swaps, caps and floors — 45,287 — 45,287 Commodity swaps and options — 13,908 — 13,908 Foreign currency forward contracts 27 — — 27 Derivative liabilities: Interest rate swaps, caps and floors — 21,285 — 21,285 Commodity swaps and options — 13,490 — 13,490 Foreign currency forward contracts 14 — — 14 December 31, 2018 Securities available for sale: U.S. Treasury $ 3,427,689 $ — $ — $ 3,427,689 Residential mortgage-backed securities — 829,740 — 829,740 States and political subdivisions — 7,087,202 — 7,087,202 Other — 42,690 — 42,690 Trading account securities: U.S. Treasury 21,928 — — 21,928 States and political subdivisions — 2,158 — 2,158 Derivative assets: Interest rate swaps, caps and floors — 19,806 — 19,806 Commodity swaps and options — 26,768 — 26,768 Foreign currency forward contracts 193 — — 193 Derivative liabilities: Interest rate swaps, caps and floors — 18,520 — 18,520 Commodity swaps and options — 26,320 — 26,320 Foreign currency forward contracts 147 — — 147 Certain financial assets and financial liabilities are measured at fair value on a nonrecurring basis; that is, the instruments are not measured at fair value on an ongoing basis but are subject to fair value adjustments in certain circumstances (for example, when there is evidence of impairment). Financial assets measured at fair value on a non-recurring basis during the reported periods include certain impaired loans reported at the fair value of the underlying collateral if repayment is expected solely from the collateral. The following table presents impaired loans that were remeasured and reported at fair value through a specific valuation allowance allocation of the allowance for loan losses based upon the fair value of the underlying collateral during the reported periods. Six Months Ended Six Months Ended Level 2 Level 3 Level 2 Level 3 Carrying value of impaired loans before allocations $ 2,161 $ 33,839 $ 14,359 $ 52,048 Specific valuation allowance (allocations) reversals of prior allocations 1,179 (3,623 ) (799 ) (1,149 ) Fair value $ 3,340 $ 30,216 $ 13,560 $ 50,899 Non-Financial Assets and Non-Financial Liabilities. We do not have any non-financial assets or non-financial liabilities measured at fair value on a recurring basis. Non-financial assets measured at fair value on a non-recurring basis during the reported periods include certain foreclosed assets which, upon initial recognition, were remeasured and reported at fair value through a charge-off to the allowance for loan losses and certain foreclosed assets which, subsequent to their initial recognition, were remeasured at fair value through a write-down included in other non-interest expense. The following table presents foreclosed assets that were remeasured and reported at fair value during the reported periods: Six Months Ended 2019 2018 Foreclosed assets remeasured at initial recognition: Carrying value of foreclosed assets prior to remeasurement $ 616 $ 2,656 Charge-offs recognized in the allowance for loan losses (50 ) — Fair value $ 566 $ 2,656 Foreclosed assets remeasured subsequent to initial recognition: Carrying value of foreclosed assets prior to remeasurement $ — $ 1,823 Write-downs included in other non-interest expense — (473 ) Fair value $ — $ 1,350 Financial Instruments Reported at Amortized Cost. The estimated fair values of financial instruments that are reported at amortized cost in our consolidated balance sheets, segregated by the level of the valuation inputs within the fair value hierarchy utilized to measure fair value, were as follows: June 30, 2019 December 31, 2018 Carrying Amount Estimated Fair Value Carrying Amount Estimated Fair Value Financial assets: Level 2 inputs: Cash and cash equivalents $ 1,945,410 $ 1,945,410 $ 3,955,779 $ 3,955,779 Securities held to maturity 1,035,299 1,061,978 1,106,057 1,116,953 Cash surrender value of life insurance policies 185,303 185,303 183,473 183,473 Accrued interest receivable 188,907 188,907 188,989 188,989 Level 3 inputs: Loans, net 14,324,220 14,345,627 13,967,601 13,933,239 Financial liabilities: Level 2 inputs: Deposits 25,985,023 25,985,025 27,149,204 27,143,572 Federal funds purchased and repurchase agreements 1,319,507 1,319,507 1,367,548 1,367,548 Junior subordinated deferrable interest debentures 136,270 137,115 136,242 137,115 Subordinated notes payable and other borrowings 98,786 103,625 98,708 98,458 Accrued interest payable 10,295 10,295 7,394 7,394 Under ASC Topic 825, entities may choose to measure eligible financial instruments at fair value at specified election dates. The fair value measurement option (i) may be applied instrument by instrument, with certain exceptions, (ii) is generally irrevocable and (iii) is applied only to entire instruments and not to portions of instruments. Unrealized gains and losses on items for which the fair value measurement option has been elected must be reported in earnings at each subsequent reporting date. During the reported periods, we had no financial instruments measured at fair value under the fair value measurement option. |
Accounting Standards Updates
Accounting Standards Updates | 6 Months Ended |
Jun. 30, 2019 | |
Accounting Changes and Error Corrections [Abstract] | |
Accounting Standards Updates | Accounting Standards Updates Information about certain recently issued accounting standards updates is presented below. Also refer to Note 20 - Accounting Standards Updates in our 2018 Form 10-K for additional information related to previously issued accounting standards updates. ASU 2016-02, “Leases (Topic 842).” ASU 2016-02, among other things, requires lessees to recognize a lease liability, which is a lessee's obligation to make lease payments arising from a lease, measured on a discounted basis; and a right-of-use asset, which is an asset that represents the lessee’s right to use, or control the use of, a specified asset for the lease term. We adopted ASU 2016-02, along with several other subsequent codification updates related to lease accounting, as of January 1, 2019. See Note 1 - Significant Accounting Policies for additional information. ASU 2016-13, “Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments.” ASU 2016-13 requires the measurement of all expected credit losses for financial assets held at the reporting date based on historical experience, current conditions, and reasonable and supportable forecasts and requires enhanced disclosures related to the significant estimates and judgments used in estimating credit losses, as well as the credit quality and underwriting standards of an organization’s portfolio. In addition, ASU 2016-13 amends the accounting for credit losses on available-for-sale debt securities and purchased financial assets with credit deterioration. In April 2019, ASU 2019-04, “Codification Improvements to Topic 326, Financial Instruments—Credit Losses, Topic 815, Derivatives and Hedging, and Topic 825, Financial Instruments,” was issued to address certain codification improvements and to provide certain accounting policy electives related to accrued interest as well as disclosure related to credit losses, among other things. In May 2019, ASU 2019-05, “Financial Instruments—Credit Losses (Topic 326): Targeted Transition Relief,” was issued to provide transition relief in connection with the adoption of ASU 2016-03 whereby entities would have the option to irrevocably elect the fair value option for certain financial assets previously measured at amortized cost basis. ASU 2016-13, as updated, will be effective on January 1, 2020. We are currently evaluating the potential impact of ASU 2016-13 on our financial statements. In that regard, we have formed a cross-functional working group, under the direction of our Chief Financial Officer and our Chief Credit Officer. The working group is comprised of individuals from various functional areas including credit, risk management, finance and information technology, among others. We are currently working through our implementation plan which includes assessment and documentation of processes, internal controls and data sources; model development, documentation and validation; and system configuration, among other things. We are also in the process of implementing a third-party vendor solution to assist us in the application of ASU 2016-13. The adoption of ASU 2016-13 could result in an increase in the allowance for loan losses as a result of changing from an “incurred loss” model, which encompasses allowances for current known and inherent losses within the portfolio, to an “expected loss” model, which encompasses allowances for losses expected to be incurred over the life of the portfolio. Furthermore, ASU 2016-13 will necessitate that we establish an allowance for expected credit losses for certain debt securities and other financial assets. While we are currently unable to reasonably estimate the impact of adopting ASU 2016-13, we expect that the impact of adoption will be significantly influenced by the composition, characteristics and quality of our loan and securities portfolios as well as the prevailing economic conditions and forecasts as of the adoption date. ASU 2017-08, “Receivables - Nonrefundable Fees and Other Costs (Subtopic 310-20) - Premium Amortization on Purchased Callable Debt Securities.” ASU 2017-08 shortens the amortization period for certain callable debt securities held at a premium to require such premiums to be amortized to the earliest call date unless applicable guidance related to certain pools of securities is applied to consider estimated prepayments. Under prior guidance, entities were generally required to amortize premiums on individual, non-pooled callable debt securities as a yield adjustment over the contractual life of the security. ASU 2017-08 did not change the accounting for callable debt securities held at a discount. We adopted ASU 2017-08 effective January 1, 2019 and recognized a cumulative effect adjustment reducing retained earnings by $12.6 million . See Note 1 - Significant Accounting Policies. ASU 2017-12, “Derivatives and Hedging (Topic 815) - Targeted Improvements to Accounting for Hedging Activities.” ASU 2017-12 amends the hedge accounting recognition and presentation requirements in ASC 815 to improve the transparency and understandability of information conveyed to financial statement users about an entity’s risk management activities to better align the entity’s financial reporting for hedging relationships with those risk management activities and to reduce the complexity of and simplify the application of hedge accounting. ASU 2017-12 became effective for us on January 1, 2019 and did not have a significant impact on our financial statements. In April 2019, ASU 2019-04 was issued to clarify certain aspects of accounting for hedging activities addressed by ASU 2017-12, among other things. ASU 2018-16, “Derivatives and Hedging (Topic 815) - Inclusion of the Secured Overnight Financing Rate (“SOFR”) Overnight Index Swap (“OIS”) Rate as a Benchmark Interest Rate for Hedge Accounting Purposes.” The amendments in this update permit use of the OIS rate based on SOFR as a U.S. benchmark interest rate for hedge accounting purposes under Topic 815 in addition to the interest rates on direct U.S. Treasury obligations, the LIBOR swap rate, the OIS rate based on the Fed Funds Effective Rate and the Securities Industry and Financial Markets Association (“SIFMA”) Municipal Swap Rate. ASU 2018-16 became effective for us on January 1, 2019 and did not have a significant impact on our financial statements. |
Significant Accounting Polici_2
Significant Accounting Policies (Policies) | 6 Months Ended |
Jun. 30, 2019 | |
Accounting Policies [Abstract] | |
Nature of Operations | Nature of Operations. Cullen/Frost Bankers, Inc. (“Cullen/Frost”) is a financial holding company and a bank holding company headquartered in San Antonio, Texas that provides, through its subsidiaries, a broad array of products and services throughout numerous Texas markets. The terms “Cullen/Frost,” “the Corporation,” “we,” “us” and “our” mean Cullen/Frost Bankers, Inc. and its subsidiaries, when appropriate. In addition to general commercial and consumer banking, other products and services offered include trust and investment management, insurance, brokerage, mutual funds, leasing, treasury management, capital markets advisory and item processing. |
Basis of Presentation | Basis of Presentation. The consolidated financial statements in this Quarterly Report on Form 10-Q include the accounts of Cullen/Frost and all other entities in which Cullen/Frost has a controlling financial interest. All significant intercompany balances and transactions have been eliminated in consolidation. The accounting and financial reporting policies we follow conform, in all material respects, to accounting principles generally accepted in the United States and to general practices within the financial services industry. The consolidated financial statements in this Quarterly Report on Form 10-Q have not been audited by an independent registered public accounting firm, but in the opinion of management, reflect all adjustments necessary for a fair presentation of our financial position and results of operations. All such adjustments were of a normal and recurring nature. The consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States for interim financial information and with the instructions to Form 10-Q adopted by the Securities and Exchange Commission (“SEC”). Accordingly, the financial statements do not include all of the information and footnotes required by accounting principles generally accepted in the United States for complete financial statements and should be read in conjunction with our consolidated financial statements, and notes thereto, for the year ended December 31, 2018 , included in our Annual Report on Form 10-K filed with the SEC on February 6, 2019 (the “ 2018 Form 10-K”). Operating results for the interim periods disclosed herein are not necessarily indicative of the results that may be expected for a full year or any future period. |
Use of Estimates | Use of Estimates . The preparation of financial statements in conformity with accounting principles generally accepted in the United States 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. Actual results could differ from those estimates. The allowance for loan losses and the fair values of financial instruments and the status of contingencies are particularly subject to change. |
Reclassification, Policy [Policy Text Block] | Reclassifications and Restatements. Certain items in prior financial statements have been reclassified to conform to the current presentation. |
New Accounting Pronouncements, Policy [Policy Text Block] | In addition, as of January 1, 2019, we adopted certain accounting standard updates related to accounting for leases (Topic 842 - Leases), primarily Accounting Standards Update (“ASU”) 2016-02 and subsequent updates. Among other things, these updates require lessees to recognize a lease liability, measured on a discounted basis, related to the lessee's obligation to make lease payments arising under a lease contract; and a right-of-use asset related to the lessee’s right to use, or control the use of, a specified asset for the lease term. The updates did not significantly change lease accounting requirements applicable to lessors and did not significantly impact our financial statements in relation to contracts whereby we act as a lessor. We adopted the updates using a modified-retrospective transition approach and recognized right-of-use lease assets and related lease liabilities totaling $170.5 million and $174.4 million , respectively, as of January 1, 2019. We elected to apply certain practical adoption expedients provided under the updates whereby we did not reassess (i) whether any expired or existing contracts are or contain leases, (ii) the lease classification for any expired or existing leases and (iii) initial direct costs for any existing leases. We did not elect to apply the recognition requirements of the updates to any short-term leases (as discussed below). As of June 30, 2019 , right-of-use lease assets and related lease liabilities totaled $284.5 million and $291.7 million , respectively. During the second quarter of 2019, we recognized a right-of-use asset totaling $121.7 million and a related lease liability totaling $121.7 million in connection with the commencement of the lease of our new corporate headquarters facility in downtown San Antonio. See Note 6 - Commitments and Contingencies. We lease certain office facilities and office equipment under operating leases. We also own certain office facilities which we lease to outside parties under operating lessor leases; however, such leases are not significant. We do not apply the recognition requirements of Topic 842 - Leases to short-term operating leases. A short-term operating lease has an original term of 12 months or less and does not have a purchase option that is likely to be exercised. For non-short-term operating leases, we recognized lease right-of-use assets and related lease liabilities on our balance sheet upon commencement of the lease in accordance with Topic 842 - Leases. In recognizing lease right-of-use assets and related lease liabilities, we account for lease and non-lease components (such as taxes, insurance, and common area maintenance costs) separately as such amounts are generally readily determinable under our lease contracts. Lease payments over the expected term are discounted using our incremental borrowing rate referenced to the Federal Home Loan Bank Secure Connect advance rates for borrowings of similar term. We also consider renewal and termination options in the determination of the term of the lease. If it is reasonably certain that a renewal or termination option will be exercised, the effects of such options are included in the determination of the expected lease term. Generally, we cannot be reasonably certain about whether or not we will renew a lease until such time the lease is within the last two years of the existing lease term. However, renewal options related to our regional headquarter facilities or operations centers are evaluated on a case-by-case basis, typically in advance of such time frame. When we are reasonably certain that a renewal option will be exercised, we measure/remeasure the right-of-use asset and related lease liability using the lease payments specified for the renewal period or, if such amounts are unspecified, we generally assume an increase (evaluated on a case-by-case basis in light of prevailing market conditions) in the lease payment over the final period of the existing lease term. We also adopted ASU 2017-08 “Receivables - Nonrefundable Fees and Other Costs (Subtopic 310-20) - Premium Amortization on Purchased Callable Debt Securities” as of January 1, 2019. ASU 2017-08 shortens the amortization period for certain callable debt securities held at a premium to require such premiums to be amortized to the earliest call date unless applicable guidance related to certain pools of securities is applied to consider estimated prepayments. Under prior guidance, entities were generally required to amortize premiums on individual, non-pooled callable debt securities as a yield adjustment over the contractual life of the security. ASU 2017-08 does not change the accounting for callable debt securities held at a discount. Upon adoption, using a modified retrospective transition adoption approach, we recognized a cumulative effect reduction to retained earnings totaling $12.6 million . We expect premium amortization expense for 2019 will be approximately $5.2 million higher than what would have been the case had we continued to amortize the affected securities to their respective maturity dates. Information about certain recently issued accounting standards updates is presented below. Also refer to Note 20 - Accounting Standards Updates in our 2018 Form 10-K for additional information related to previously issued accounting standards updates. ASU 2016-02, “Leases (Topic 842).” ASU 2016-02, among other things, requires lessees to recognize a lease liability, which is a lessee's obligation to make lease payments arising from a lease, measured on a discounted basis; and a right-of-use asset, which is an asset that represents the lessee’s right to use, or control the use of, a specified asset for the lease term. We adopted ASU 2016-02, along with several other subsequent codification updates related to lease accounting, as of January 1, 2019. See Note 1 - Significant Accounting Policies for additional information. ASU 2016-13, “Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments.” ASU 2016-13 requires the measurement of all expected credit losses for financial assets held at the reporting date based on historical experience, current conditions, and reasonable and supportable forecasts and requires enhanced disclosures related to the significant estimates and judgments used in estimating credit losses, as well as the credit quality and underwriting standards of an organization’s portfolio. In addition, ASU 2016-13 amends the accounting for credit losses on available-for-sale debt securities and purchased financial assets with credit deterioration. In April 2019, ASU 2019-04, “Codification Improvements to Topic 326, Financial Instruments—Credit Losses, Topic 815, Derivatives and Hedging, and Topic 825, Financial Instruments,” was issued to address certain codification improvements and to provide certain accounting policy electives related to accrued interest as well as disclosure related to credit losses, among other things. In May 2019, ASU 2019-05, “Financial Instruments—Credit Losses (Topic 326): Targeted Transition Relief,” was issued to provide transition relief in connection with the adoption of ASU 2016-03 whereby entities would have the option to irrevocably elect the fair value option for certain financial assets previously measured at amortized cost basis. ASU 2016-13, as updated, will be effective on January 1, 2020. We are currently evaluating the potential impact of ASU 2016-13 on our financial statements. In that regard, we have formed a cross-functional working group, under the direction of our Chief Financial Officer and our Chief Credit Officer. The working group is comprised of individuals from various functional areas including credit, risk management, finance and information technology, among others. We are currently working through our implementation plan which includes assessment and documentation of processes, internal controls and data sources; model development, documentation and validation; and system configuration, among other things. We are also in the process of implementing a third-party vendor solution to assist us in the application of ASU 2016-13. The adoption of ASU 2016-13 could result in an increase in the allowance for loan losses as a result of changing from an “incurred loss” model, which encompasses allowances for current known and inherent losses within the portfolio, to an “expected loss” model, which encompasses allowances for losses expected to be incurred over the life of the portfolio. Furthermore, ASU 2016-13 will necessitate that we establish an allowance for expected credit losses for certain debt securities and other financial assets. While we are currently unable to reasonably estimate the impact of adopting ASU 2016-13, we expect that the impact of adoption will be significantly influenced by the composition, characteristics and quality of our loan and securities portfolios as well as the prevailing economic conditions and forecasts as of the adoption date. ASU 2017-08, “Receivables - Nonrefundable Fees and Other Costs (Subtopic 310-20) - Premium Amortization on Purchased Callable Debt Securities.” ASU 2017-08 shortens the amortization period for certain callable debt securities held at a premium to require such premiums to be amortized to the earliest call date unless applicable guidance related to certain pools of securities is applied to consider estimated prepayments. Under prior guidance, entities were generally required to amortize premiums on individual, non-pooled callable debt securities as a yield adjustment over the contractual life of the security. ASU 2017-08 did not change the accounting for callable debt securities held at a discount. We adopted ASU 2017-08 effective January 1, 2019 and recognized a cumulative effect adjustment reducing retained earnings by $12.6 million . See Note 1 - Significant Accounting Policies. ASU 2017-12, “Derivatives and Hedging (Topic 815) - Targeted Improvements to Accounting for Hedging Activities.” ASU 2017-12 amends the hedge accounting recognition and presentation requirements in ASC 815 to improve the transparency and understandability of information conveyed to financial statement users about an entity’s risk management activities to better align the entity’s financial reporting for hedging relationships with those risk management activities and to reduce the complexity of and simplify the application of hedge accounting. ASU 2017-12 became effective for us on January 1, 2019 and did not have a significant impact on our financial statements. In April 2019, ASU 2019-04 was issued to clarify certain aspects of accounting for hedging activities addressed by ASU 2017-12, among other things. ASU 2018-16, “Derivatives and Hedging (Topic 815) - Inclusion of the Secured Overnight Financing Rate (“SOFR”) Overnight Index Swap (“OIS”) Rate as a Benchmark Interest Rate for Hedge Accounting Purposes.” The amendments in this update permit use of the OIS rate based on SOFR as a U.S. benchmark interest rate for hedge accounting purposes under Topic 815 in addition to the interest rates on direct U.S. Treasury obligations, the LIBOR swap rate, the OIS rate based on the Fed Funds Effective Rate and the Securities Industry and Financial Markets Association (“SIFMA”) Municipal Swap Rate. ASU 2018-16 became effective for us on January 1, 2019 and did not have a significant impact on our financial statements. |
Accounting Standards Updates Ac
Accounting Standards Updates Accounting Standards Updates (Policies) | 6 Months Ended |
Jun. 30, 2019 | |
Accounting Policies [Abstract] | |
New Accounting Pronouncements, Policy [Policy Text Block] | In addition, as of January 1, 2019, we adopted certain accounting standard updates related to accounting for leases (Topic 842 - Leases), primarily Accounting Standards Update (“ASU”) 2016-02 and subsequent updates. Among other things, these updates require lessees to recognize a lease liability, measured on a discounted basis, related to the lessee's obligation to make lease payments arising under a lease contract; and a right-of-use asset related to the lessee’s right to use, or control the use of, a specified asset for the lease term. The updates did not significantly change lease accounting requirements applicable to lessors and did not significantly impact our financial statements in relation to contracts whereby we act as a lessor. We adopted the updates using a modified-retrospective transition approach and recognized right-of-use lease assets and related lease liabilities totaling $170.5 million and $174.4 million , respectively, as of January 1, 2019. We elected to apply certain practical adoption expedients provided under the updates whereby we did not reassess (i) whether any expired or existing contracts are or contain leases, (ii) the lease classification for any expired or existing leases and (iii) initial direct costs for any existing leases. We did not elect to apply the recognition requirements of the updates to any short-term leases (as discussed below). As of June 30, 2019 , right-of-use lease assets and related lease liabilities totaled $284.5 million and $291.7 million , respectively. During the second quarter of 2019, we recognized a right-of-use asset totaling $121.7 million and a related lease liability totaling $121.7 million in connection with the commencement of the lease of our new corporate headquarters facility in downtown San Antonio. See Note 6 - Commitments and Contingencies. We lease certain office facilities and office equipment under operating leases. We also own certain office facilities which we lease to outside parties under operating lessor leases; however, such leases are not significant. We do not apply the recognition requirements of Topic 842 - Leases to short-term operating leases. A short-term operating lease has an original term of 12 months or less and does not have a purchase option that is likely to be exercised. For non-short-term operating leases, we recognized lease right-of-use assets and related lease liabilities on our balance sheet upon commencement of the lease in accordance with Topic 842 - Leases. In recognizing lease right-of-use assets and related lease liabilities, we account for lease and non-lease components (such as taxes, insurance, and common area maintenance costs) separately as such amounts are generally readily determinable under our lease contracts. Lease payments over the expected term are discounted using our incremental borrowing rate referenced to the Federal Home Loan Bank Secure Connect advance rates for borrowings of similar term. We also consider renewal and termination options in the determination of the term of the lease. If it is reasonably certain that a renewal or termination option will be exercised, the effects of such options are included in the determination of the expected lease term. Generally, we cannot be reasonably certain about whether or not we will renew a lease until such time the lease is within the last two years of the existing lease term. However, renewal options related to our regional headquarter facilities or operations centers are evaluated on a case-by-case basis, typically in advance of such time frame. When we are reasonably certain that a renewal option will be exercised, we measure/remeasure the right-of-use asset and related lease liability using the lease payments specified for the renewal period or, if such amounts are unspecified, we generally assume an increase (evaluated on a case-by-case basis in light of prevailing market conditions) in the lease payment over the final period of the existing lease term. We also adopted ASU 2017-08 “Receivables - Nonrefundable Fees and Other Costs (Subtopic 310-20) - Premium Amortization on Purchased Callable Debt Securities” as of January 1, 2019. ASU 2017-08 shortens the amortization period for certain callable debt securities held at a premium to require such premiums to be amortized to the earliest call date unless applicable guidance related to certain pools of securities is applied to consider estimated prepayments. Under prior guidance, entities were generally required to amortize premiums on individual, non-pooled callable debt securities as a yield adjustment over the contractual life of the security. ASU 2017-08 does not change the accounting for callable debt securities held at a discount. Upon adoption, using a modified retrospective transition adoption approach, we recognized a cumulative effect reduction to retained earnings totaling $12.6 million . We expect premium amortization expense for 2019 will be approximately $5.2 million higher than what would have been the case had we continued to amortize the affected securities to their respective maturity dates. Information about certain recently issued accounting standards updates is presented below. Also refer to Note 20 - Accounting Standards Updates in our 2018 Form 10-K for additional information related to previously issued accounting standards updates. ASU 2016-02, “Leases (Topic 842).” ASU 2016-02, among other things, requires lessees to recognize a lease liability, which is a lessee's obligation to make lease payments arising from a lease, measured on a discounted basis; and a right-of-use asset, which is an asset that represents the lessee’s right to use, or control the use of, a specified asset for the lease term. We adopted ASU 2016-02, along with several other subsequent codification updates related to lease accounting, as of January 1, 2019. See Note 1 - Significant Accounting Policies for additional information. ASU 2016-13, “Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments.” ASU 2016-13 requires the measurement of all expected credit losses for financial assets held at the reporting date based on historical experience, current conditions, and reasonable and supportable forecasts and requires enhanced disclosures related to the significant estimates and judgments used in estimating credit losses, as well as the credit quality and underwriting standards of an organization’s portfolio. In addition, ASU 2016-13 amends the accounting for credit losses on available-for-sale debt securities and purchased financial assets with credit deterioration. In April 2019, ASU 2019-04, “Codification Improvements to Topic 326, Financial Instruments—Credit Losses, Topic 815, Derivatives and Hedging, and Topic 825, Financial Instruments,” was issued to address certain codification improvements and to provide certain accounting policy electives related to accrued interest as well as disclosure related to credit losses, among other things. In May 2019, ASU 2019-05, “Financial Instruments—Credit Losses (Topic 326): Targeted Transition Relief,” was issued to provide transition relief in connection with the adoption of ASU 2016-03 whereby entities would have the option to irrevocably elect the fair value option for certain financial assets previously measured at amortized cost basis. ASU 2016-13, as updated, will be effective on January 1, 2020. We are currently evaluating the potential impact of ASU 2016-13 on our financial statements. In that regard, we have formed a cross-functional working group, under the direction of our Chief Financial Officer and our Chief Credit Officer. The working group is comprised of individuals from various functional areas including credit, risk management, finance and information technology, among others. We are currently working through our implementation plan which includes assessment and documentation of processes, internal controls and data sources; model development, documentation and validation; and system configuration, among other things. We are also in the process of implementing a third-party vendor solution to assist us in the application of ASU 2016-13. The adoption of ASU 2016-13 could result in an increase in the allowance for loan losses as a result of changing from an “incurred loss” model, which encompasses allowances for current known and inherent losses within the portfolio, to an “expected loss” model, which encompasses allowances for losses expected to be incurred over the life of the portfolio. Furthermore, ASU 2016-13 will necessitate that we establish an allowance for expected credit losses for certain debt securities and other financial assets. While we are currently unable to reasonably estimate the impact of adopting ASU 2016-13, we expect that the impact of adoption will be significantly influenced by the composition, characteristics and quality of our loan and securities portfolios as well as the prevailing economic conditions and forecasts as of the adoption date. ASU 2017-08, “Receivables - Nonrefundable Fees and Other Costs (Subtopic 310-20) - Premium Amortization on Purchased Callable Debt Securities.” ASU 2017-08 shortens the amortization period for certain callable debt securities held at a premium to require such premiums to be amortized to the earliest call date unless applicable guidance related to certain pools of securities is applied to consider estimated prepayments. Under prior guidance, entities were generally required to amortize premiums on individual, non-pooled callable debt securities as a yield adjustment over the contractual life of the security. ASU 2017-08 did not change the accounting for callable debt securities held at a discount. We adopted ASU 2017-08 effective January 1, 2019 and recognized a cumulative effect adjustment reducing retained earnings by $12.6 million . See Note 1 - Significant Accounting Policies. ASU 2017-12, “Derivatives and Hedging (Topic 815) - Targeted Improvements to Accounting for Hedging Activities.” ASU 2017-12 amends the hedge accounting recognition and presentation requirements in ASC 815 to improve the transparency and understandability of information conveyed to financial statement users about an entity’s risk management activities to better align the entity’s financial reporting for hedging relationships with those risk management activities and to reduce the complexity of and simplify the application of hedge accounting. ASU 2017-12 became effective for us on January 1, 2019 and did not have a significant impact on our financial statements. In April 2019, ASU 2019-04 was issued to clarify certain aspects of accounting for hedging activities addressed by ASU 2017-12, among other things. ASU 2018-16, “Derivatives and Hedging (Topic 815) - Inclusion of the Secured Overnight Financing Rate (“SOFR”) Overnight Index Swap (“OIS”) Rate as a Benchmark Interest Rate for Hedge Accounting Purposes.” The amendments in this update permit use of the OIS rate based on SOFR as a U.S. benchmark interest rate for hedge accounting purposes under Topic 815 in addition to the interest rates on direct U.S. Treasury obligations, the LIBOR swap rate, the OIS rate based on the Fed Funds Effective Rate and the Securities Industry and Financial Markets Association (“SIFMA”) Municipal Swap Rate. ASU 2018-16 became effective for us on January 1, 2019 and did not have a significant impact on our financial statements. |
Significant Accounting Polici_3
Significant Accounting Policies (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Accounting Policies [Abstract] | |
Additional Cash Flow Information | Additional cash flow information was as follows: Six Months Ended 2019 2018 Cash paid for interest $ 66,657 $ 31,962 Cash paid for income taxes 31,858 3,888 Significant non-cash transactions: Unsettled purchases/sales of securities 39,896 2,186 Loans foreclosed and transferred to other real estate owned and foreclosed assets 616 2,656 Loans to facilitate the sale of other real estate owned 847 — Right-of-use lease assets obtained in exchange for lessee operating lease liabilities 295,109 — |
Securities (Tables)
Securities (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Investments, Debt and Equity Securities [Abstract] | |
Amortized Cost and Estimated Fair Value of Securities, Excluding Trading Securities | A summary of the amortized cost and estimated fair value of securities, excluding trading securities, is presented below. June 30, 2019 December 31, 2018 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Estimated Fair Value Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Estimated Fair Value Held to Maturity Residential mortgage-backed securities $ 2,554 $ 13 $ 4 $ 2,563 $ 2,737 $ 8 $ 85 $ 2,660 States and political subdivisions 1,031,245 26,670 — 1,057,915 1,101,820 11,525 552 1,112,793 Other 1,500 — — 1,500 1,500 — — 1,500 Total $ 1,035,299 $ 26,683 $ 4 $ 1,061,978 $ 1,106,057 $ 11,533 $ 637 $ 1,116,953 Available for Sale U.S. Treasury $ 2,907,476 $ 18,187 $ 4,943 $ 2,920,720 $ 3,455,417 $ 1,772 $ 29,500 $ 3,427,689 Residential mortgage-backed securities 2,212,761 36,354 1,403 2,247,712 823,208 13,079 6,547 829,740 States and political subdivisions 6,783,505 287,668 2,872 7,068,301 7,089,132 70,760 72,690 7,087,202 Other 42,780 — — 42,780 42,690 — — 42,690 Total $ 11,946,522 $ 342,209 $ 9,218 $ 12,279,513 $ 11,410,447 $ 85,611 $ 108,737 $ 11,387,321 |
Securities, with Unrealized Losses Segregated by Length of Impairment | As of June 30, 2019 , securities with unrealized losses, segregated by length of impairment, were as follows: Less than 12 Months More than 12 Months Total Estimated Fair Value Unrealized Losses Estimated Fair Value Unrealized Losses Estimated Fair Value Unrealized Losses Held to Maturity Residential mortgage-backed securities $ — $ — $ 900 $ 4 $ 900 $ 4 Total $ — $ — $ 900 $ 4 $ 900 $ 4 Available for Sale U.S. Treasury $ — $ — $ 1,819,942 $ 4,943 $ 1,819,942 $ 4,943 Residential mortgage-backed securities 12,258 38 116,919 1,365 129,177 1,403 States and political subdivisions 49,020 1,279 186,554 1,593 235,574 2,872 Total $ 61,278 $ 1,317 $ 2,123,415 $ 7,901 $ 2,184,693 $ 9,218 |
Amortized Cost and Estimated Fair Value of Securities, Excluding Trading Securities, Presented by Contractual Maturity | The amortized cost and estimated fair value of securities, excluding trading securities, at June 30, 2019 are presented below by contractual maturity. Expected maturities may differ from contractual maturities because issuers may have the right to call or prepay obligations. Residential mortgage-backed securities and equity securities are shown separately since they are not due at a single maturity date. Held to Maturity Available for Sale Amortized Cost Estimated Fair Value Amortized Cost Estimated Fair Value Due in one year or less $ 21,334 $ 21,546 $ 1,974,510 $ 1,968,237 Due after one year through five years 128,125 131,517 1,427,453 1,454,226 Due after five years through ten years 534,695 547,279 400,327 421,390 Due after ten years 348,591 359,073 5,888,691 6,145,168 Residential mortgage-backed securities 2,554 2,563 2,212,761 2,247,712 Equity securities — — 42,780 42,780 Total $ 1,035,299 $ 1,061,978 $ 11,946,522 $ 12,279,513 |
Sales of Securities Available for Sale | Sales of securities available for sale were as follows: Three Months Ended Six Months Ended 2019 2018 2019 2018 Proceeds from sales $ 2,346,626 $ 7,905,521 $ 3,291,529 $ 10,890,388 Gross realized gains 803 3 803 3 Gross realized losses (634 ) (63 ) (634 ) (82 ) Tax (expense) benefit of securities gains/losses (35 ) 13 (35 ) 17 |
Premium Amortization and Discount Accretion Included in Income on Securities [Table Text Block] | Premium amortization and discount accretion included in interest income on securities was as follows: Three Months Ended Six Months Ended 2019 2018 2019 2018 Premium amortization $ (29,408 ) $ (26,689 ) $ (59,287 ) $ (52,723 ) Discount accretion 1,378 2,010 2,561 3,787 Net (premium amortization) discount accretion $ (28,030 ) $ (24,679 ) $ (56,726 ) $ (48,936 ) |
Trading Account Securities, at Estimated Fair Value | Trading account securities, at estimated fair value, were as follows: June 30, December 31, U.S. Treasury $ 22,642 $ 21,928 States and political subdivisions 2,840 2,158 Total $ 25,482 $ 24,086 |
Net Gains and Losses on Trading Account Securities | Net gains and losses on trading account securities were as follows: Three Months Ended Six Months Ended 2019 2018 2019 2018 Net gain on sales transactions $ 552 $ 434 $ 1,058 $ 939 Net mark-to-market gains (losses) 27 23 31 (13 ) Net gain (loss) on trading account securities $ 579 $ 457 $ 1,089 $ 926 |
Loans (Tables)
Loans (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Receivables [Abstract] | |
Loans | Loans were as follows: June 30, Percentage of Total December 31, Percentage of Total Commercial and industrial $ 5,380,487 37.2 % $ 5,111,957 36.3 % Energy: Production 1,197,717 8.3 1,309,314 9.3 Service 173,473 1.2 168,775 1.2 Other 110,159 0.7 124,509 0.9 Total energy 1,481,349 10.2 1,602,598 11.4 Commercial real estate: Commercial mortgages 4,291,781 29.7 4,121,966 29.2 Construction 1,323,040 9.2 1,267,717 9.0 Land 299,435 2.1 306,755 2.2 Total commercial real estate 5,914,256 41.0 5,696,438 40.4 Consumer real estate: Home equity loans 356,754 2.5 353,924 2.5 Home equity lines of credit 349,061 2.4 337,168 2.4 Other 453,083 3.1 427,898 3.0 Total consumer real estate 1,158,898 8.0 1,118,990 7.9 Total real estate 7,073,154 49.0 6,815,428 48.3 Consumer and other 524,159 3.6 569,750 4.0 Total loans $ 14,459,149 100.0 % $ 14,099,733 100.0 % |
Non-Accrual Loans, Segregated by Class of Loans | Non-accrual loans, segregated by class of loans, were as follows: June 30, December 31, Commercial and industrial $ 18,768 $ 9,239 Energy 40,228 46,932 Commercial real estate: Buildings, land and other 10,437 15,268 Construction — — Consumer real estate 669 892 Consumer and other 1,419 1,408 Total $ 71,521 $ 73,739 |
Age Analysis of Past Due Loans, Segregated by Class of Loans | An age analysis of past due loans (including both accruing and non-accruing loans), segregated by class of loans, as of June 30, 2019 was as follows: Loans 30-89 Days Past Due Loans 90 or More Days Past Due Total Past Due Loans Current Loans Total Loans Accruing Loans 90 or More Days Past Due Commercial and industrial $ 28,577 $ 18,751 $ 47,328 $ 5,333,159 $ 5,380,487 $ 6,823 Energy 3,546 20 3,566 1,477,783 1,481,349 20 Commercial real estate: Buildings, land and other 13,516 8,470 21,986 4,569,230 4,591,216 4,808 Construction 14,425 774 15,199 1,307,841 1,323,040 774 Consumer real estate 9,237 1,610 10,847 1,148,051 1,158,898 1,191 Consumer and other 5,015 2,105 7,120 517,039 524,159 2,031 Total $ 74,316 $ 31,730 $ 106,046 $ 14,353,103 $ 14,459,149 $ 15,647 |
Impaired Loans | Impaired loans are set forth in the following table. No interest income was recognized on impaired loans subsequent to their classification as impaired. Unpaid Contractual Principal Balance Recorded Investment With No Allowance Recorded Investment With Allowance Total Recorded Investment Related Allowance June 30, 2019 Commercial and industrial $ 18,536 $ 4,455 $ 12,267 $ 16,722 $ 6,276 Energy 55,043 5,866 33,946 39,812 9,721 Commercial real estate: Buildings, land and other 10,329 5,196 4,760 9,956 1,420 Construction — — — — — Consumer real estate 293 293 — 293 — Consumer and other 1,532 — 1,419 1,419 1,419 Total $ 85,733 $ 15,810 $ 52,392 $ 68,202 $ 18,836 December 31, 2018 Commercial and industrial $ 9,094 $ 2,842 $ 4,287 $ 7,129 $ 2,558 Energy 67,900 6,817 39,890 46,707 9,671 Commercial real estate: Buildings, land and other 15,774 2,168 12,517 14,685 2,599 Construction — — — — — Consumer real estate 293 293 — 293 — Consumer and other 1,475 — 1,407 1,407 1,407 Total $ 94,536 $ 12,120 $ 58,101 $ 70,221 $ 16,235 |
Average Recorded Investment In Impaired Loans | The average recorded investment in impaired loans was as follows: Three Months Ended Six Months Ended 2019 2018 2019 2018 Commercial and industrial $ 15,462 $ 15,307 $ 12,684 $ 24,791 Energy 42,643 92,380 43,997 93,001 Commercial real estate: Buildings, land and other 18,139 13,867 16,988 11,376 Construction 205 — 137 — Consumer real estate 789 860 624 978 Consumer and other 1,422 813 1,417 542 Total $ 78,660 $ 123,227 $ 75,847 $ 130,688 |
Troubled Debt Restructurings | Troubled debt restructurings during the six months ended June 30, 2019 and June 30, 2018 are set forth in the following table. Six Months Ended Six Months Ended Balance at Restructure Balance at Period-End Balance at Restructure Balance at Period-End Commercial and industrial $ 677 $ 555 $ 2,203 $ 843 Energy — — 13,708 — Commercial real estate: Buildings, land and other 7,347 7,308 — — $ 8,024 $ 7,863 $ 15,911 $ 843 |
Restructured Loans Past Due in Excess of 90 Days on Financing Receivables | Additional information related to restructured loans as of or for the three months ended June 30, 2019 and June 30, 2018 is set forth in the following table. June 30, 2019 June 30, 2018 Restructured loans past due in excess of 90 days at period-end: Number of loans — — Dollar amount of loans $ — $ — Restructured loans on non-accrual status at period end 3,890 843 Charge-offs of restructured loans: Recognized in connection with restructuring — — Recognized on previously restructured loans — 1,650 Proceeds from sale of restructured loans — 13,350 |
Weighted Average Risk Grades for All Commercial Loans by Class | The following tables present weighted-average risk grades for all commercial loans by class. June 30, 2019 December 31, 2018 Weighted Loans Weighted Loans Commercial and industrial: Risk grades 1-8 6.13 $ 5,024,193 6.12 $ 4,862,275 Risk grade 9 9.00 200,167 9.00 112,431 Risk grade 10 10.00 43,269 10.00 58,328 Risk grade 11 11.00 94,090 11.00 69,684 Risk grade 12 12.00 12,492 12.00 6,681 Risk grade 13 13.00 6,276 13.00 2,558 Total 6.37 $ 5,380,487 6.30 $ 5,111,957 Energy Risk grades 1-8 5.81 $ 1,305,553 5.76 $ 1,451,673 Risk grade 9 9.00 82,176 9.00 35,565 Risk grade 10 10.00 2,061 10.00 43,001 Risk grade 11 11.00 51,331 11.00 25,427 Risk grade 12 12.00 30,507 12.00 37,261 Risk grade 13 13.00 9,721 13.00 9,671 Total 6.35 $ 1,481,349 6.22 $ 1,602,598 Commercial real estate: Buildings, land and other Risk grades 1-8 6.76 $ 4,290,833 6.76 $ 4,143,264 Risk grade 9 9.00 128,068 9.00 109,660 Risk grade 10 10.00 76,686 10.00 62,353 Risk grade 11 11.00 85,192 11.00 98,176 Risk grade 12 12.00 9,017 12.00 12,669 Risk grade 13 13.00 1,420 13.00 2,599 Total 6.97 $ 4,591,216 6.98 $ 4,428,721 Construction Risk grades 1-8 7.17 $ 1,271,280 7.13 $ 1,177,260 Risk grade 9 9.00 35,453 9.00 60,754 Risk grade 10 10.00 13,355 10.00 24,877 Risk grade 11 11.00 2,952 11.00 4,826 Risk grade 12 12.00 — 12.00 — Risk grade 13 13.00 — 13.00 — Total 7.26 $ 1,323,040 7.29 $ 1,267,717 |
Net (Charge-Offs)/Recoveries, Segregated by Class of Loans | Net (charge-offs)/recoveries, segregated by class of loans, were as follows: Three Months Ended Six Months Ended 2019 2018 2019 2018 Commercial and industrial $ (2,454 ) $ (3,548 ) $ (4,392 ) $ (11,223 ) Energy (1,971 ) (2,076 ) (1,924 ) (4,925 ) Commercial real estate: Buildings, land and other (531 ) (402 ) (504 ) (321 ) Construction 3 6 6 8 Consumer real estate (286 ) (164 ) (1,975 ) (690 ) Consumer and other (2,582 ) (1,726 ) (5,817 ) (3,183 ) Total $ (7,821 ) $ (7,910 ) $ (14,606 ) $ (20,334 ) |
Unallocated Portion of Allowance for Loan Losses | The following table presents details of the allowance for loan losses allocated to each portfolio segment as of June 30, 2019 and December 31, 2018 and detailed on the basis of the impairment evaluation methodology we used: Commercial and Industrial Energy Commercial Real Estate Consumer Real Estate Consumer and Other Total June 30, 2019 Historical valuation allowances $ 31,699 $ 9,087 $ 20,979 $ 2,619 $ 7,592 $ 71,976 Specific valuation allowances 6,276 9,721 1,420 — 1,419 18,836 General valuation allowances 10,227 4,487 4,105 1,560 (397 ) 19,982 Macroeconomic valuation allowances 9,512 2,523 9,410 1,458 1,232 24,135 Total $ 57,714 $ 25,818 $ 35,914 $ 5,637 $ 9,846 $ 134,929 Allocated to loans: Individually evaluated $ 6,276 $ 9,721 $ 1,420 $ — $ 1,419 $ 18,836 Collectively evaluated 51,438 16,097 34,494 5,637 8,427 116,093 Total $ 57,714 $ 25,818 $ 35,914 $ 5,637 $ 9,846 $ 134,929 December 31, 2018 Historical valuation allowances $ 25,351 $ 9,697 $ 20,817 $ 2,688 $ 6,845 $ 65,398 Specific valuation allowances 2,558 9,671 2,599 — 1,407 16,235 General valuation allowances 10,062 6,014 4,366 1,671 (13 ) 22,100 Macroeconomic valuation allowances 10,609 3,670 10,995 1,744 1,381 28,399 Total $ 48,580 $ 29,052 $ 38,777 $ 6,103 $ 9,620 $ 132,132 Allocated to loans: Individually evaluated $ 2,558 $ 9,671 $ 2,599 $ — $ 1,407 $ 16,235 Collectively evaluated 46,022 19,381 36,178 6,103 8,213 115,897 Total $ 48,580 $ 29,052 $ 38,777 $ 6,103 $ 9,620 $ 132,132 |
Investment in Loans Related to Allowance for Loan Losses by Portfolio Segment Disaggregated Based on Impairment Methodology | Our recorded investment in loans as of June 30, 2019 and December 31, 2018 related to each balance in the allowance for loan losses by portfolio segment and detailed on the basis of the impairment methodology we used was as follows: Commercial and Industrial Energy Commercial Consumer Consumer Total June 30, 2019 Individually evaluated $ 16,722 $ 39,812 $ 9,956 $ 293 $ 1,419 $ 68,202 Collectively evaluated 5,363,765 1,441,537 5,904,300 1,158,605 522,740 14,390,947 Total $ 5,380,487 $ 1,481,349 $ 5,914,256 $ 1,158,898 $ 524,159 $ 14,459,149 December 31, 2018 Individually evaluated $ 7,129 $ 46,707 $ 14,685 $ 293 $ 1,407 $ 70,221 Collectively evaluated 5,104,828 1,555,891 5,681,753 1,118,697 568,343 14,029,512 Total $ 5,111,957 $ 1,602,598 $ 5,696,438 $ 1,118,990 $ 569,750 $ 14,099,733 |
Activity in Allowance for Loan Losses by Portfolio Segment | The following table details activity in the allowance for loan losses by portfolio segment for the three and six months ended June 30, 2019 and 2018 . Allocation of a portion of the allowance to one category of loans does not preclude its availability to absorb losses in other categories. Commercial and Industrial Energy Commercial Real Estate Consumer Real Estate Consumer and Other Total Three months ended: June 30, 2019 Beginning balance $ 58,571 $ 25,343 $ 36,455 $ 5,661 $ 10,320 $ 136,350 Provision for loan losses 1,597 2,446 (13 ) 262 2,108 6,400 Charge-offs (3,389 ) (2,000 ) (557 ) (601 ) (5,103 ) (11,650 ) Recoveries 935 29 29 315 2,521 3,829 Net charge-offs (2,454 ) (1,971 ) (528 ) (286 ) (2,582 ) (7,821 ) Ending balance $ 57,714 $ 25,818 $ 35,914 $ 5,637 $ 9,846 $ 134,929 June 30, 2018 Beginning balance $ 57,733 $ 39,039 $ 38,474 $ 6,349 $ 8,290 $ 149,885 Provision for loan losses 3,528 350 840 151 3,382 8,251 Charge-offs (4,153 ) (2,689 ) (614 ) (482 ) (3,994 ) (11,932 ) Recoveries 605 613 218 318 2,268 4,022 Net charge-offs (3,548 ) (2,076 ) (396 ) (164 ) (1,726 ) (7,910 ) Ending balance $ 57,713 $ 37,313 $ 38,918 $ 6,336 $ 9,946 $ 150,226 Six months ended: June 30, 2019 Beginning balance $ 48,580 $ 29,052 $ 38,777 $ 6,103 $ 9,620 $ 132,132 Provision for loan losses 13,526 (1,310 ) (2,365 ) 1,509 6,043 17,403 Charge-offs (6,077 ) (2,000 ) (617 ) (2,379 ) (10,800 ) (21,873 ) Recoveries 1,685 76 119 404 4,983 7,267 Net charge-offs (4,392 ) (1,924 ) (498 ) (1,975 ) (5,817 ) (14,606 ) Ending balance $ 57,714 $ 25,818 $ 35,914 $ 5,637 $ 9,846 $ 134,929 June 30, 2018 Beginning balance $ 59,614 $ 51,528 $ 30,948 $ 5,657 $ 7,617 $ 155,364 Provision for loan losses 9,322 (9,290 ) 8,283 1,369 5,512 15,196 Charge-offs (13,405 ) (5,539 ) (619 ) (1,201 ) (7,966 ) (28,730 ) Recoveries 2,182 614 306 511 4,783 8,396 Net charge-offs (11,223 ) (4,925 ) (313 ) (690 ) (3,183 ) (20,334 ) Ending balance $ 57,713 $ 37,313 $ 38,918 $ 6,336 $ 9,946 $ 150,226 |
Goodwill and Other Intangible_2
Goodwill and Other Intangible Assets (Tables) | 6 Months Ended | |||||||
Jun. 30, 2019 | ||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ||||||||
Schedule of Goodwill | <div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Goodwill is presented in the table below.</font></div><div style="line-height:120%;text-align:center;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;margin-left:auto;margin-right:auto;width:100%;border-collapse:collapse;text-align:left;"><tr><td colspan="8" rowspan="1"></td></tr><tr><td style="width:63%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:16%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:16%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">June 30, 2019</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;border-bottom:1px solid #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="text-align:center;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;font-weight:bold;">December 31, 2018</font></div></td></tr><tr><td style="vertical-align:top;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Goodwill</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">654,952</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;padding-top:2px;padding-bottom:2px;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">654,952</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;background-color:#cceeff;border-top:1px solid #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr></table></div></div></div> | |||||||
Schedule of Other Intangible Assets | <div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Other intangible assets are presented in the table below.</font></div><div style="line-height:120%;text-align:center;font-size:10pt;"><div style="padding-left:0px;text-indent:0px;line-height:normal;padding-top:10px;"><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;margin-left:auto;margin-right:auto;width:100%;border-collapse:collapse;text-align:left;"><tr><td colspan="8" rowspan="1"></td></tr><tr><td style="width:63%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:16%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td><td style="width:16%;" rowspan="1" colspan="1"></td><td style="width:1%;" rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:top;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Other intangible assets:</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="3" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td></tr><tr><td style="vertical-align:top;background-color:#cceeff;padding-left:28px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Core deposits</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">2,466</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">2,959</font></div></td><td style="vertical-align:bottom;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:top;padding-left:28px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Customer relationship</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">547</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">672</font></div></td><td style="vertical-align:bottom;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:top;background-color:#cceeff;padding-left:28px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Non-compete agreements</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">6</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td colspan="2" style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">18</font></div></td><td style="vertical-align:bottom;border-bottom:1px solid #000000;background-color:#cceeff;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr><tr><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">3,019</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td><td style="vertical-align:bottom;padding-left:2px;padding-top:2px;padding-bottom:2px;padding-right:2px;" rowspan="1" colspan="1"><div style="overflow:hidden;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-left:2px;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">$</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;padding-top:2px;padding-bottom:2px;" rowspan="1" colspan="1"><div style="text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">3,649</font></div></td><td style="vertical-align:bottom;border-bottom:3px double #000000;" rowspan="1" colspan="1"><div style="text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></td></tr></table></div></div></div> | |||||||
Estimated Aggregate Future Amortization Expense for Intangible Assets | The estimated aggregate future amortization expense for intangible assets remaining as of June 30, 2019 is as follows: Remainder of 2019 $ 537 2020 919 2021 697 2022 481 2023 283 Thereafter 102 $ 3,019 |
Deposits (Tables)
Deposits (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Banking and Thrift [Abstract] | |
Schedule of Deposits | Deposits were as follows: June 30, Percentage of Total December 31, Percentage of Total Non-interest-bearing demand deposits: Commercial and individual $ 9,634,530 37.1 % $ 10,305,850 37.9 % Correspondent banks 192,478 0.7 235,748 0.9 Public funds 309,429 1.2 455,896 1.7 Total non-interest-bearing demand deposits 10,136,437 39.0 10,997,494 40.5 Interest-bearing deposits: Private accounts: Savings and interest checking 6,754,027 26.0 6,977,813 25.7 Money market accounts 7,544,621 29.0 7,777,470 28.6 Time accounts of $100,000 or more 674,198 2.6 526,789 2.0 Time accounts under $100,000 344,700 1.3 331,511 1.2 Total private accounts 15,317,546 58.9 15,613,583 57.5 Public funds: Savings and interest checking 456,871 1.8 473,754 1.8 Money market accounts 67,620 0.3 59,953 0.2 Time accounts of $100,000 or more 6,524 — 4,332 — Time accounts under $100,000 25 — 88 — Total public funds 531,040 2.1 538,127 2.0 Total interest-bearing deposits 15,848,586 61.0 16,151,710 59.5 Total deposits $ 25,985,023 100.0 % $ 27,149,204 100.0 % |
Additional Information About Corporation's Deposits | The following table presents additional information about our deposits: June 30, December 31, Deposits from the Certificate of Deposit Account Registry Service (CDARS) deposits $ 356 $ — Deposits from foreign sources (primarily Mexico) 766,942 752,658 Deposits not covered by deposit insurance 11,747,001 13,111,210 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Commitments and Contingencies Disclosure [Abstract] | |
Financial Instruments with Off-Balance-Sheet Risk | Financial instruments with off-balance-sheet risk were as follows: June 30, December 31, Commitments to extend credit $ 8,552,270 $ 8,369,721 Standby letters of credit 294,722 271,575 Deferred standby letter of credit fees 1,776 2,069 |
Capital and Regulatory Matters
Capital and Regulatory Matters (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Banking and Thrift [Abstract] | |
Actual and Required Capital Ratios | The following tables present actual and required capital ratios as of June 30, 2019 and December 31, 2018 for Cullen/Frost and Frost Bank under the Basel III Capital Rules. The Basel III Capital Rules became fully phased-in on January 1, 2019. The minimum required capital amounts presented as of December 31, 2018 include the minimum required capital levels applicable as of that date as well as the minimum required capital levels as of January 1, 2019 when the Basel III Capital Rules became fully phased-in. Capital levels required to be considered well capitalized are based upon prompt corrective action regulations, as amended to reflect the changes under the Basel III Capital Rules. See the 2018 Form 10-K for a more detailed discussion of the Basel III Capital Rules. After a review of risk-weight classifications during the first quarter of 2019, risk-weightings for certain loans were reclassified. Amounts reported as of December 31, 2018 have been revised to reflect these reclassifications. Actual Minimum Capital Required - Basel III Required to be Capital Ratio Capital Ratio Capital Ratio June 30, 2019 Common Equity Tier 1 to Risk-Weighted Assets Cullen/Frost $ 2,733,377 12.29 % $ 1,556,842 7.00 % $ 1,445,639 6.50 % Frost Bank 2,841,165 12.81 1,552,278 7.00 1,441,401 6.50 Tier 1 Capital to Risk-Weighted Assets Cullen/Frost 2,877,863 12.94 1,890,451 8.50 1,779,248 8.00 Frost Bank 2,841,165 12.81 1,884,909 8.50 1,774,032 8.00 Total Capital to Risk-Weighted Assets Cullen/Frost 3,246,292 14.60 2,335,264 10.50 2,224,061 10.00 Frost Bank 2,976,594 13.42 2,328,417 10.50 2,217,540 10.00 Leverage Ratio Cullen/Frost 2,877,863 9.40 1,224,631 4.00 1,530,789 5.00 Frost Bank 2,841,165 9.29 1,223,119 4.00 1,528,899 5.00 Actual Minimum Capital Required - Basel III Phase-In Schedule Minimum Capital Required - Basel III Fully Phased-In Required to be Capital Ratio Capital Ratio Capital Ratio Capital Ratio December 31, 2018 Common Equity Tier 1 to Risk-Weighted Assets Cullen/Frost $ 2,642,475 12.27 % $ 1,372,573 6.375 % $ 1,507,139 7.00 % $ 1,358,171 6.50 % Frost Bank 2,743,973 12.78 1,368,701 6.375 1,502,887 7.00 1,354,222 6.50 Tier 1 Capital to Risk-Weighted Assets Cullen/Frost 2,786,961 12.94 1,695,532 7.875 1,830,098 8.50 1,671,595 8.00 Frost Bank 2,743,973 12.78 1,690,748 7.875 1,824,934 8.50 1,666,735 8.00 Total Capital to Risk-Weighted Assets Cullen/Frost 3,152,593 14.64 2,126,143 9.875 2,260,709 10.50 2,089,494 10.00 Frost Bank 2,876,605 13.40 2,120,144 9.875 2,254,331 10.50 2,083,419 10.00 Leverage Ratio Cullen/Frost 2,786,961 9.06 1,231,028 4.00 1,231,028 4.00 1,538,785 5.00 Frost Bank 2,743,973 8.93 1,229,650 4.00 1,229,650 4.00 1,537,062 5.00 |
Derivative Financial Instrume_2
Derivative Financial Instruments (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Schedule of Notional Amounts and Estimated Fair Values of Interest Rate Derivative Contracts Outstanding | The notional amounts and estimated fair values of interest rate derivative contracts are presented in the following table. The fair values of interest rate derivative contracts are estimated utilizing internal valuation models with observable market data inputs, or as determined by the Chicago Mercantile Exchange (“CME”) for centrally cleared derivative contracts. CME rules legally characterize variation margin payments for centrally cleared derivatives as settlements of the derivatives' exposure rather than collateral. As a result, the variation margin payment and the related derivative instruments are considered a single unit of account for accounting and financial reporting purposes. Variation margin, as determined by the CME, is settled daily. As a result, derivative contracts that clear through the CME have an estimated fair value of zero as of June 30, 2019 and December 31, 2018 . June 30, 2019 December 31, 2018 Notional Amount Estimated Fair Value Notional Amount Estimated Fair Value Derivatives designated as hedges of fair value: Financial institution counterparties: Loan/lease interest rate swaps – assets $ 10,143 $ 41 $ 10,941 $ 207 Loan/lease interest rate swaps – liabilities 3,429 (185 ) 3,885 (199 ) Non-hedging interest rate derivatives: Financial institution counterparties: Loan/lease interest rate swaps – assets 134,415 205 496,887 2,384 Loan/lease interest rate swaps – liabilities 983,745 (19,896 ) 691,143 (8,921 ) Loan/lease interest rate caps – assets 144,298 670 122,791 509 Customer counterparties: Loan/lease interest rate swaps – assets 983,745 44,371 691,143 16,706 Loan/lease interest rate swaps – liabilities 134,415 (534 ) 496,887 (8,891 ) Loan/lease interest rate caps – liabilities 144,298 (670 ) 122,791 (509 ) |
Schedule of Weighted-Average Rates Paid and Received for Interest Rate Swaps Outstanding | The weighted-average rates paid and received for interest rate swaps outstanding at June 30, 2019 were as follows: Weighted-Average Interest Rate Paid Interest Rate Received Interest rate swaps: Fair value hedge loan/lease interest rate swaps 2.29 % 2.41 % Non-hedging interest rate swaps – financial institution counterparties 4.19 4.03 Non-hedging interest rate swaps – customer counterparties 4.03 4.19 |
Schedule of Notional Amounts and Estimated Fair Values of Commodity Derivative Positions | The notional amounts and estimated fair values of non-hedging commodity swap and option derivative positions outstanding are presented in the following table. We obtain dealer quotations and use internal valuation models with observable market data inputs to value our commodity derivative positions. June 30, 2019 December 31, 2018 Notional Units Notional Amount Estimated Fair Value Notional Amount Estimated Fair Value Financial institution counterparties: Oil – assets Barrels 1,745 $ 7,880 2,416 $ 24,332 Oil – liabilities Barrels 1,135 (3,812 ) 415 (646 ) Natural gas – assets MMBTUs 10,197 1,861 5,745 417 Natural gas – liabilities MMBTUs 3,066 (248 ) 9,314 (1,272 ) Customer counterparties: Oil – assets Barrels 1,205 3,919 415 646 Oil – liabilities Barrels 1,675 (7,662 ) 2,416 (24,009 ) Natural gas – assets MMBTUs 3,066 248 10,236 1,373 Natural gas – liabilities MMBTUs 10,197 (1,768 ) 4,823 (393 ) |
Notional Amounts and Fair Values of Open Foreign Currency Forward Contracts | The notional amounts and fair values of open foreign currency forward contracts were as follows: June 30, 2019 December 31, 2018 Notional Currency Notional Amount Estimated Fair Value Notional Amount Estimated Fair Value Financial institution counterparties: Forward contracts – liabilities CAD 5,339 $ (14 ) 11,003 $ (13 ) Forward contracts – liabilities GBP — — 142 (2 ) Forward contracts – liabilities MXN — — 3,015 (132 ) Customer counterparties: Forward contracts – assets CAD 5,326 27 10,979 40 Forward contracts – assets GBP — — 145 4 Forward contracts – assets MXN — — 3,000 149 |
Schedule of Amounts Related to Interest Rate Derivatives Designated as Hedges of Fair Value | Amounts included in the consolidated statements of income related to interest rate derivatives designated as hedges of fair value were as follows: Three Months Ended Six Months Ended 2019 2018 2019 2018 Commercial loan/lease interest rate swaps: Amount of gain (loss) included in interest income on loans $ 28 $ 31 $ 54 $ (11 ) Amount of (gain) loss included in other non-interest expense 1 (1 ) 1 (1 ) |
Schedule of Amounts Related to Non-Hedging Interest Rate and Commodity Derivatives | Amounts included in the consolidated statements of income related to non-hedging interest rate, commodity and foreign currency derivative instruments are presented in the table below. Three Months Ended Six Months Ended 2019 2018 2019 2018 Non-hedging interest rate derivatives: Other non-interest income $ 387 $ 702 $ 973 $ 2,190 Other non-interest expense — 17 — (4 ) Non-hedging commodity derivatives: Other non-interest income 110 (54 ) 213 36 Non-hedging foreign currency derivatives: Other non-interest income 12 91 29 150 |
Balance Sheet Offsetting (Table
Balance Sheet Offsetting (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Financial Instruments Eligible for Offset Consolidated Balance Sheet | Information about financial instruments that are eligible for offset in the consolidated balance sheet as of December 31, 2018 is presented in the following tables. Gross Amount Recognized Gross Amount Offset Net Amount Recognized December 31, 2018 Financial assets: Derivatives: Loan/lease interest rate swaps and caps $ 3,100 $ — $ 3,100 Commodity swaps and options 24,749 — 24,749 Foreign currency forward contracts — — — Total derivatives 27,849 — 27,849 Resell agreements 11,642 — 11,642 Total $ 39,491 $ — $ 39,491 Financial liabilities: Derivatives: Loan/lease interest rate swaps $ 9,120 $ — $ 9,120 Commodity swaps and options 1,918 — 1,918 Foreign currency forward contracts 147 — 147 Total derivatives 11,185 — 11,185 Repurchase agreements 1,360,298 — 1,360,298 Total $ 1,371,483 $ — $ 1,371,483 Information about financial instruments that are eligible for offset in the consolidated balance sheet as of June 30, 2019 is presented in the following tables. Gross Amount Recognized Gross Amount Offset Net Amount Recognized June 30, 2019 Financial assets: Derivatives: Loan/lease interest rate swaps and caps $ 916 $ — $ 916 Commodity swaps and options 9,741 — 9,741 Foreign currency forward contracts — — — Total derivatives 10,657 — 10,657 Resell agreements 10,193 — 10,193 Total $ 20,850 $ — $ 20,850 Financial liabilities: Derivatives: Loan/lease interest rate swaps $ 20,081 $ — $ 20,081 Commodity swaps and options 4,060 — 4,060 Foreign currency forward contracts 14 — 14 Total derivatives 24,155 — 24,155 Repurchase agreements 1,308,257 — 1,308,257 Total $ 1,332,412 $ — $ 1,332,412 |
Financial Instruments Derivative Assets Liabilities and Resell Agreements Net of Amount Not Offset | Gross Amounts Not Offset Net Amount Recognized Financial Instruments Collateral Net Amount December 31, 2018 Financial assets: Derivatives: Counterparty A $ 598 $ (598 ) $ — $ — Counterparty B 7,255 (3,380 ) (3,875 ) — Counterparty C 81 (81 ) — — Other counterparties 19,915 (2,084 ) (17,776 ) 55 Total derivatives 27,849 (6,143 ) (21,651 ) 55 Resell agreements 11,642 — (11,642 ) — Total $ 39,491 $ (6,143 ) $ (33,293 ) $ 55 Financial liabilities: Derivatives: Counterparty A $ 4,293 $ (598 ) $ (3,651 ) $ 44 Counterparty B 3,380 (3,380 ) — — Counterparty C 326 (81 ) (245 ) — Other counterparties 3,186 (2,084 ) (725 ) 377 Total derivatives 11,185 (6,143 ) (4,621 ) 421 Repurchase agreements 1,360,298 — (1,360,298 ) — Total $ 1,371,483 $ (6,143 ) $ (1,364,919 ) $ 421 Gross Amounts Not Offset Net Amount Recognized Financial Instruments Collateral Net Amount June 30, 2019 Financial assets: Derivatives: Counterparty A $ 104 $ (104 ) $ — $ — Counterparty B 3,937 (3,937 ) — — Counterparty C 16 (16 ) — — Other counterparties 6,600 (6,469 ) — 131 Total derivatives 10,657 (10,526 ) — 131 Resell agreements 10,193 — (10,193 ) — Total $ 20,850 $ (10,526 ) $ (10,193 ) $ 131 Financial liabilities: Derivatives: Counterparty A $ 5,706 $ (104 ) $ (5,602 ) $ — Counterparty B 7,224 (3,937 ) (3,287 ) — Counterparty C 184 (16 ) (168 ) — Other counterparties 11,041 (6,469 ) (4,493 ) 79 Total derivatives 24,155 (10,526 ) (13,550 ) 79 Repurchase agreements 1,308,257 — (1,308,257 ) — Total $ 1,332,412 $ (10,526 ) $ (1,321,807 ) $ 79 |
Remaining Contractual Maturity of the Securities Sold Under Agreement [Table Text Block] | The remaining contractual maturity of repurchase agreements in the consolidated balance sheets as of June 30, 2019 and December 31, 2018 is presented in the following tables. Remaining Contractual Maturity of the Agreements Overnight and Continuous Up to 30 Days 30-90 Days Greater than 90 Days Total June 30, 2019 Repurchase agreements: U.S. Treasury $ 946,724 $ — $ — $ — $ 946,724 Residential mortgage-backed securities 361,533 — — — 361,533 Total borrowings $ 1,308,257 $ — $ — $ — $ 1,308,257 Gross amount of recognized liabilities for repurchase agreements $ 1,308,257 Amounts related to agreements not included in offsetting disclosures above $ — December 31, 2018 Repurchase agreements: U.S. Treasury $ 1,334,063 $ — $ — $ — $ 1,334,063 Residential mortgage-backed securities 26,235 — — — 26,235 Total borrowings $ 1,360,298 $ — $ — $ — $ 1,360,298 Gross amount of recognized liabilities for repurchase agreements $ 1,360,298 Amounts related to agreements not included in offsetting disclosures above $ — |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Summary of Activity in Corporation's Active Stock Plans | A combined summary of activity in our active stock plans is presented in the table. Performance stock units outstanding are presented assuming attainment of the maximum payout rate as set forth by the performance criteria. As of June 30, 2019 , there were 1,265,480 shares remaining available for grant for future stock-based compensation awards. Director Deferred Stock Units Outstanding Non-Vested Stock Awards/Stock Units Outstanding Performance Stock Units Outstanding Stock Options Outstanding Number of Units Weighted- Average Fair Value at Grant Number of Shares/Units Weighted- Average Fair Value at Grant Number of Units Weighted- Average Fair Value at Grant Number of Shares Weighted- Average Exercise Price Balance, January 1, 2019 48,910 $ 71.14 383,797 $ 85.59 125,809 $ 82.55 2,352,008 $ 63.55 Authorized — — — — — — — — Granted 7,592 102.70 1,957 91.96 — — — — Exercised/vested — — (17,800 ) 65.11 — — (136,100 ) 57.61 Forfeited/expired — — (3,877 ) 90.10 — — (6,875 ) 65.11 Balance, June 30, 2019 56,502 $ 75.38 364,077 $ 86.58 125,809 $ 82.55 2,209,033 $ 63.91 |
Shares Issued in Connection with Stock Compensation Awards | Shares issued in connection with stock compensation awards along with other related information were as follows: Three Months Ended Six Months Ended 2019 2018 2019 2018 New shares issued from available authorized shares — — — — Issued from available treasury stock 53,035 110,489 153,900 428,599 Total 53,035 110,489 153,900 428,599 Proceeds from stock option exercises $ 2,956 $ 6,283 $ 7,841 $ 25,448 |
Schedule of Compensation Cost for Share-based Payment Arrangements, Allocation of Share-based Compensation Costs by Plan [Table Text Block] | Stock-based compensation expense and the related income tax benefit is presented in the following table. Three Months Ended Six Months Ended 2019 2018 2019 2018 Stock options $ 379 $ 1,019 $ 761 $ 2,104 Non-vested stock awards/stock units 2,056 1,371 4,191 2,839 Director deferred stock units 780 720 780 720 Performance stock units 1,149 475 2,286 1,097 Total $ 4,364 $ 3,585 $ 8,018 $ 6,760 Income tax benefit $ 732 $ 753 $ 1,316 $ 1,420 |
Unrecognized Stock-Based Compensation Expense | Unrecognized stock-based compensation expense at June 30, 2019 is presented in the table below. Unrecognized stock-based compensation expense related to performance stock units is presented assuming attainment of the maximum payout rate as set forth by the performance criteria. Stock options $ 465 Non-vested stock awards/stock units 13,441 Performance stock units 4,241 Total $ 18,147 |
Earnings Per Common Share (Tabl
Earnings Per Common Share (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Earnings Per Share [Abstract] | |
Basic and Diluted Earnings Per Common Share | The following table presents a reconciliation of net income available to common shareholders, net earnings allocated to common stock and the number of shares used in the calculation of basic and diluted earnings per common share. Three Months Ended Six Months Ended 2019 2018 2019 2018 Net income $ 111,586 $ 111,341 $ 228,082 $ 217,821 Less: Preferred stock dividends 2,015 2,015 4,031 4,031 Net income available to common shareholders 109,571 109,326 224,051 213,790 Less: Earnings allocated to participating securities 906 726 1,886 1,431 Net earnings allocated to common stock $ 108,665 $ 108,600 $ 222,165 $ 212,359 Distributed earnings allocated to common stock $ 44,461 $ 42,791 $ 86,699 $ 79,096 Undistributed earnings allocated to common stock 64,204 65,809 135,466 133,263 Net earnings allocated to common stock $ 108,665 $ 108,600 $ 222,165 $ 212,359 Weighted-average shares outstanding for basic earnings per common share 62,789,182 63,836,651 62,898,514 63,743,442 Dilutive effect of stock compensation 764,916 1,062,637 791,513 1,043,712 Weighted-average shares outstanding for diluted earnings per common share 63,554,098 64,899,288 63,690,027 64,787,154 |
Defined Benefit Plans (Tables)
Defined Benefit Plans (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Retirement Benefits [Abstract] | |
Net Periodic Cost (Benefit) | The components of the combined net periodic expense (benefit) for our defined benefit pension plans are presented in the table below. Three Months Ended Six Months Ended 2019 2018 2019 2018 Expected return on plan assets, net of expenses $ (2,693 ) $ (2,979 ) $ (5,386 ) $ (5,958 ) Interest cost on projected benefit obligation 1,618 1,474 3,236 2,949 Net amortization and deferral 1,406 1,251 2,812 2,501 Net periodic expense (benefit) $ 331 $ (254 ) $ 662 $ (508 ) |
Income Taxes (Tables)
Income Taxes (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Income Tax Disclosure [Abstract] | |
Income Tax Expense | Income tax expense was as follows: Three Months Ended Six Months Ended 2019 2018 2019 2018 Current income tax expense (benefit) $ 14,505 $ 1,361 $ 29,504 $ 2,107 Deferred income tax expense (benefit) 369 12,475 (675 ) 22,886 Income tax expense, as reported $ 14,874 $ 13,836 $ 28,829 $ 24,993 Effective tax rate 11.8 % 11.1 % 11.2 % 10.3 % |
Other Comprehensive Income (L_2
Other Comprehensive Income (Loss) (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Equity [Abstract] | |
Component of Other Comprehensive Income (Loss) | The before and after tax amounts allocated to each component of other comprehensive income (loss) are presented in the following table. Reclassification adjustments related to securities available for sale are included in net gain (loss) on securities transactions in the accompanying consolidated statements of income. Reclassification adjustments related to defined-benefit post-retirement benefit plans are included in the computation of net periodic pension expense (see Note 12 – Defined Benefit Plans). Three Months Ended Three Months Ended Before Tax Amount Tax Expense, (Benefit) Net of Tax Amount Before Tax Amount Tax Expense, (Benefit) Net of Tax Amount Securities available for sale and transferred securities: Change in net unrealized gain/loss during the period $ 158,140 $ 33,209 $ 124,931 $ (11,884 ) $ (2,496 ) $ (9,388 ) Change in net unrealized gain on securities transferred to held to maturity (308 ) (65 ) (243 ) (2,041 ) (429 ) (1,612 ) Reclassification adjustment for net (gains) losses included in net income (169 ) (35 ) (134 ) 60 13 47 Total securities available for sale and transferred securities 157,663 33,109 124,554 (13,865 ) (2,912 ) (10,953 ) Defined-benefit post-retirement benefit plans: Reclassification adjustment for net amortization of actuarial gain/loss included in net income as a component of net periodic cost (benefit) 1,406 296 1,110 1,251 263 988 Total defined-benefit post-retirement benefit plans 1,406 296 1,110 1,251 263 988 Total other comprehensive income (loss) $ 159,069 $ 33,405 $ 125,664 $ (12,614 ) $ (2,649 ) $ (9,965 ) Six Months Ended Six Months Ended Before Tax Amount Tax Expense, (Benefit) Net of Tax Amount Before Tax Amount Tax Expense, (Benefit) Net of Tax Amount Securities available for sale and transferred securities: Change in net unrealized gain/loss during the period $ 356,286 $ 74,820 $ 281,466 $ (190,788 ) $ (40,066 ) $ (150,722 ) Change in net unrealized gain on securities transferred to held to maturity (652 ) (137 ) (515 ) (4,660 ) (979 ) (3,681 ) Reclassification adjustment for net (gains) losses included in net income (169 ) (35 ) (134 ) 79 17 62 Total securities available for sale and transferred securities 355,465 74,648 280,817 (195,369 ) (41,028 ) (154,341 ) Defined-benefit post-retirement benefit plans: Reclassification adjustment for net amortization of actuarial gain/loss included in net income as a component of net periodic cost (benefit) 2,812 591 2,221 2,501 526 1,975 Total defined-benefit post-retirement benefit plans 2,812 591 2,221 2,501 526 1,975 Total other comprehensive income (loss) $ 358,277 $ 75,239 $ 283,038 $ (192,868 ) $ (40,502 ) $ (152,366 ) |
Schedule of Accumulated Other Comprehensive Income, Net of Tax | Activity in accumulated other comprehensive income (loss), net of tax, was as follows: Securities Available For Sale Defined Benefit Plans Accumulated Other Comprehensive Income Balance January 1, 2019 $ (16,103 ) $ (47,497 ) $ (63,600 ) Other comprehensive income (loss) before reclassifications 280,951 — 280,951 Reclassification of amounts included in net income (134 ) 2,221 2,087 Net other comprehensive income (loss) during period 280,817 2,221 283,038 Balance at June 30, 2019 $ 264,714 $ (45,276 ) $ 219,438 Balance January 1, 2018 $ 117,230 $ (37,718 ) $ 79,512 Other comprehensive income (loss) before reclassifications (154,403 ) — (154,403 ) Reclassification of amounts included in net income 62 1,975 2,037 Net other comprehensive income (loss) during period (154,341 ) 1,975 (152,366 ) Reclassification of certain income tax effects related to the change in the U.S. statutory federal income tax rate under the Tax Cuts and Jobs Act to retained earnings 17,557 (8,022 ) 9,535 Balance at June 30, 2018 $ (19,554 ) $ (43,765 ) $ (63,319 ) |
Operating Segments (Tables)
Operating Segments (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Segment Reporting [Abstract] | |
Summary of Operating Results by Segment | Summarized operating results by segment were as follows: Banking Frost Wealth Advisors Non-Banks Consolidated Revenues from (expenses to) external customers: Three months ended: June 30, 2019 $ 302,747 $ 36,164 $ (2,842 ) $ 336,069 June 30, 2018 290,433 34,526 (2,623 ) 322,336 Six months ended: June 30, 2019 $ 611,360 $ 73,515 $ (5,552 ) $ 679,323 June 30, 2018 578,994 69,607 (5,072 ) 643,529 Net income (loss): Three months ended: June 30, 2019 $ 110,893 $ 4,897 $ (4,204 ) $ 111,586 June 30, 2018 109,276 5,901 (3,836 ) 111,341 Six months ended: June 30, 2019 $ 223,810 $ 11,297 $ (7,025 ) $ 228,082 June 30, 2018 212,917 11,535 (6,631 ) 217,821 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Fair Value Disclosures [Abstract] | |
Financial Assets and Financial Liabilities Measured at Fair Value on Recurring Basis | The table below summarizes financial assets and financial liabilities measured at fair value on a recurring basis as of June 30, 2019 and December 31, 2018 , segregated by the level of the valuation inputs within the fair value hierarchy of ASC Topic 820 utilized to measure fair value. Level 1 Level 2 Level 3 Total Fair June 30, 2019 Securities available for sale: U.S. Treasury $ 2,920,720 $ — $ — $ 2,920,720 Residential mortgage-backed securities — 2,247,712 — 2,247,712 States and political subdivisions — 7,068,301 — 7,068,301 Other — 42,780 — 42,780 Trading account securities: U.S. Treasury 22,642 — — 22,642 States and political subdivisions — 2,840 — 2,840 Derivative assets: Interest rate swaps, caps and floors — 45,287 — 45,287 Commodity swaps and options — 13,908 — 13,908 Foreign currency forward contracts 27 — — 27 Derivative liabilities: Interest rate swaps, caps and floors — 21,285 — 21,285 Commodity swaps and options — 13,490 — 13,490 Foreign currency forward contracts 14 — — 14 December 31, 2018 Securities available for sale: U.S. Treasury $ 3,427,689 $ — $ — $ 3,427,689 Residential mortgage-backed securities — 829,740 — 829,740 States and political subdivisions — 7,087,202 — 7,087,202 Other — 42,690 — 42,690 Trading account securities: U.S. Treasury 21,928 — — 21,928 States and political subdivisions — 2,158 — 2,158 Derivative assets: Interest rate swaps, caps and floors — 19,806 — 19,806 Commodity swaps and options — 26,768 — 26,768 Foreign currency forward contracts 193 — — 193 Derivative liabilities: Interest rate swaps, caps and floors — 18,520 — 18,520 Commodity swaps and options — 26,320 — 26,320 Foreign currency forward contracts 147 — — 147 |
Impaired Loans Remeasured And Reported At Fair Value Specific Valuation Allowance Allocation Method Of Underlying Collateral [Table Text Block] | The following table presents impaired loans that were remeasured and reported at fair value through a specific valuation allowance allocation of the allowance for loan losses based upon the fair value of the underlying collateral during the reported periods. Six Months Ended Six Months Ended Level 2 Level 3 Level 2 Level 3 Carrying value of impaired loans before allocations $ 2,161 $ 33,839 $ 14,359 $ 52,048 Specific valuation allowance (allocations) reversals of prior allocations 1,179 (3,623 ) (799 ) (1,149 ) Fair value $ 3,340 $ 30,216 $ 13,560 $ 50,899 |
Foreclosed Assets Remeasured and Reported at Fair Value | The following table presents foreclosed assets that were remeasured and reported at fair value during the reported periods: Six Months Ended 2019 2018 Foreclosed assets remeasured at initial recognition: Carrying value of foreclosed assets prior to remeasurement $ 616 $ 2,656 Charge-offs recognized in the allowance for loan losses (50 ) — Fair value $ 566 $ 2,656 Foreclosed assets remeasured subsequent to initial recognition: Carrying value of foreclosed assets prior to remeasurement $ — $ 1,823 Write-downs included in other non-interest expense — (473 ) Fair value $ — $ 1,350 |
Estimated Fair Values of Financial Instruments | The estimated fair values of financial instruments that are reported at amortized cost in our consolidated balance sheets, segregated by the level of the valuation inputs within the fair value hierarchy utilized to measure fair value, were as follows: June 30, 2019 December 31, 2018 Carrying Amount Estimated Fair Value Carrying Amount Estimated Fair Value Financial assets: Level 2 inputs: Cash and cash equivalents $ 1,945,410 $ 1,945,410 $ 3,955,779 $ 3,955,779 Securities held to maturity 1,035,299 1,061,978 1,106,057 1,116,953 Cash surrender value of life insurance policies 185,303 185,303 183,473 183,473 Accrued interest receivable 188,907 188,907 188,989 188,989 Level 3 inputs: Loans, net 14,324,220 14,345,627 13,967,601 13,933,239 Financial liabilities: Level 2 inputs: Deposits 25,985,023 25,985,025 27,149,204 27,143,572 Federal funds purchased and repurchase agreements 1,319,507 1,319,507 1,367,548 1,367,548 Junior subordinated deferrable interest debentures 136,270 137,115 136,242 137,115 Subordinated notes payable and other borrowings 98,786 103,625 98,708 98,458 Accrued interest payable 10,295 10,295 7,394 7,394 |
Significant Accounting Polici_4
Significant Accounting Policies - Additional Cash Flow Information (Detail) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2019 | Jun. 30, 2018 | |
Accounting Policies [Abstract] | ||
Cash paid for interest | $ 66,657 | $ 31,962 |
Cash paid for income taxes | 31,858 | 3,888 |
Unsettled purchases/sales of securities | 39,896 | 2,186 |
Loans foreclosed and transferred to other real estate owned and foreclosed assets | 616 | 2,656 |
Loans to facilitate the sale of other real estate owned | 847 | 0 |
Right-of-use lease assets obtained in exchange for lessee operating lease liabilities | $ 295,109 | $ 0 |
Significant Accounting Polici_5
Significant Accounting Policies Significant Accounting Policies - Additional Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||
Jun. 30, 2019 | Dec. 31, 2019 | Jan. 01, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Operating Lease, Right-of-Use Asset | $ 284,500 | $ 170,500 | |||
Operating Lease, Liability | 291,700 | $ 174,400 | |||
Recognition of right of use asset related to the new corporate headquarters facility | 121,700 | ||||
Recognition of operating lease liability related to the new corporate headquarters facility | $ 121,700 | ||||
Cumulative effect of new accounting principle in period of adoption | $ (12,611) | $ (2,285) | |||
Retained Earnings [Member] | |||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Cumulative effect of new accounting principle in period of adoption | $ (12,611) | $ (2,285) | |||
Two Thousand And Nineteen [Member] | Scenario, Forecast [Member] | |||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Additional premium amortization expense on securities | $ 5,200 |
Securities - Additional Informa
Securities - Additional Information (Detail) - USD ($) $ in Thousands | 6 Months Ended | ||
Jun. 30, 2019 | Dec. 31, 2018 | Dec. 31, 2012 | |
Schedule Of Marketable Securities [Line Items] | |||
Percentage of municipal bond portfolio issued by political subdivision or agencies within the state of Texas | 99.70% | ||
Percentage of municipal bond portfolio issued by political subdivision or agencies within the state of Texas guaranteed by Texas permanent school fund | 69.00% | ||
Carry Value of Securities Pledged | $ 3,500,000 | $ 3,800,000 | |
Available for Sale, Estimated Fair Value | 12,279,513 | $ 11,387,321 | |
Available for sale securities reclassified to held to maturity, unrealized gain | $ 165,700 | ||
Available for sale securities reclassified to held to maturity, unrealized gain net of tax | 107,700 | ||
Net unamortized unrealized gain on transferred securities included in accumulated other comprehensive income Pre Tax | 2,100 | ||
Net unamortized unrealized gain on transferred securities included in accumulated other comprehensive income, net of tax | $ 1,600 | ||
Reclassified To Held To Maturity [Member] | |||
Schedule Of Marketable Securities [Line Items] | |||
Available for Sale, Estimated Fair Value | $ 2,300,000 |
Securities - Amortized Cost and
Securities - Amortized Cost and Estimated Fair Value of Securities, Excluding Trading Securities (Detail) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Schedule of Investments [Line Items] | ||
Held to Maturity, Amortized Cost | $ 1,035,299 | $ 1,106,057 |
Held-to-maturity Securities, Gross Unrealized Gains | 26,683 | 11,533 |
Held-to-maturity Securities, Gross Unrealized Losses | 4 | 637 |
Held to Maturity, Estimated Fair Value | 1,061,978 | 1,116,953 |
Available for Sale, Amortized Cost | 11,946,522 | 11,410,447 |
Available for Sale Securities, Gross Unrealized Gains | 342,209 | 85,611 |
Available for Sale Securities, Gross Unrealized Losses | 9,218 | 108,737 |
Available for Sale, Estimated Fair Value | 12,279,513 | 11,387,321 |
U.S. Treasury [Member] | ||
Schedule of Investments [Line Items] | ||
Available for Sale, Amortized Cost | 2,907,476 | 3,455,417 |
Available for Sale Securities, Gross Unrealized Gains | 18,187 | 1,772 |
Available for Sale Securities, Gross Unrealized Losses | 4,943 | 29,500 |
Available for Sale, Estimated Fair Value | 2,920,720 | 3,427,689 |
Residential mortgage-backed securities [Member] | ||
Schedule of Investments [Line Items] | ||
Held to Maturity, Amortized Cost | 2,554 | 2,737 |
Held-to-maturity Securities, Gross Unrealized Gains | 13 | 8 |
Held-to-maturity Securities, Gross Unrealized Losses | 4 | 85 |
Held to Maturity, Estimated Fair Value | 2,563 | 2,660 |
Available for Sale, Amortized Cost | 2,212,761 | 823,208 |
Available for Sale Securities, Gross Unrealized Gains | 36,354 | 13,079 |
Available for Sale Securities, Gross Unrealized Losses | 1,403 | 6,547 |
Available for Sale, Estimated Fair Value | 2,247,712 | 829,740 |
States and political subdivisions [Member] | ||
Schedule of Investments [Line Items] | ||
Held to Maturity, Amortized Cost | 1,031,245 | 1,101,820 |
Held-to-maturity Securities, Gross Unrealized Gains | 26,670 | 11,525 |
Held-to-maturity Securities, Gross Unrealized Losses | 0 | 552 |
Held to Maturity, Estimated Fair Value | 1,057,915 | 1,112,793 |
Available for Sale, Amortized Cost | 6,783,505 | 7,089,132 |
Available for Sale Securities, Gross Unrealized Gains | 287,668 | 70,760 |
Available for Sale Securities, Gross Unrealized Losses | 2,872 | 72,690 |
Available for Sale, Estimated Fair Value | 7,068,301 | 7,087,202 |
Other [Member] | ||
Schedule of Investments [Line Items] | ||
Held to Maturity, Amortized Cost | 1,500 | 1,500 |
Held-to-maturity Securities, Gross Unrealized Gains | 0 | 0 |
Held-to-maturity Securities, Gross Unrealized Losses | 0 | 0 |
Held to Maturity, Estimated Fair Value | 1,500 | 1,500 |
Available for Sale, Amortized Cost | 42,780 | 42,690 |
Available for Sale Securities, Gross Unrealized Gains | 0 | 0 |
Available for Sale Securities, Gross Unrealized Losses | 0 | 0 |
Available for Sale, Estimated Fair Value | $ 42,780 | $ 42,690 |
Securities - Securities, with U
Securities - Securities, with Unrealized Losses Segregated by Length of Impairment (Detail) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Schedule of Available-for-Sale Securities [Line Items] | ||
Held to Maturity, Less than 12 Months, Estimated Fair Value | $ 0 | |
Debt Securities, Held-to-maturity, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | 0 | |
Held to Maturity, More than 12 Months, Estimated Fair Value | 900 | |
Debt Securities, Held-to-maturity, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 4 | |
Held to Maturity, Total Estimated Fair Value | 900 | |
Held-to-maturity Securities, Gross Unrealized Losses | 4 | $ 637 |
Available for Sale, Less than 12 Months, Estimated Fair Value | 61,278 | |
Available for Sale, Less than 12 Months, Unrealized Losses | 1,317 | |
Available for Sale, More than 12 Months, Estimated Fair Value | 2,123,415 | |
Available for Sale, More than 12 Months, Unrealized Losses | 7,901 | |
Available for Sale, Total Estimated Fair Value | 2,184,693 | |
Available-for-sale Securities, Gross Unrealized Loss, before Tax | 9,218 | 108,737 |
Residential mortgage-backed securities [Member] | ||
Schedule of Available-for-Sale Securities [Line Items] | ||
Held to Maturity, Less than 12 Months, Estimated Fair Value | 0 | |
Debt Securities, Held-to-maturity, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | 0 | |
Held to Maturity, More than 12 Months, Estimated Fair Value | 900 | |
Debt Securities, Held-to-maturity, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 4 | |
Held to Maturity, Total Estimated Fair Value | 900 | |
Held-to-maturity Securities, Gross Unrealized Losses | 4 | 85 |
Available for Sale, Less than 12 Months, Estimated Fair Value | 12,258 | |
Available for Sale, Less than 12 Months, Unrealized Losses | 38 | |
Available for Sale, More than 12 Months, Estimated Fair Value | 116,919 | |
Available for Sale, More than 12 Months, Unrealized Losses | 1,365 | |
Available for Sale, Total Estimated Fair Value | 129,177 | |
Available-for-sale Securities, Gross Unrealized Loss, before Tax | 1,403 | 6,547 |
States and political subdivisions [Member] | ||
Schedule of Available-for-Sale Securities [Line Items] | ||
Held-to-maturity Securities, Gross Unrealized Losses | 0 | 552 |
Available for Sale, Less than 12 Months, Estimated Fair Value | 49,020 | |
Available for Sale, Less than 12 Months, Unrealized Losses | 1,279 | |
Available for Sale, More than 12 Months, Estimated Fair Value | 186,554 | |
Available for Sale, More than 12 Months, Unrealized Losses | 1,593 | |
Available for Sale, Total Estimated Fair Value | 235,574 | |
Available-for-sale Securities, Gross Unrealized Loss, before Tax | 2,872 | 72,690 |
Other Investments [Member] | ||
Schedule of Available-for-Sale Securities [Line Items] | ||
Held-to-maturity Securities, Gross Unrealized Losses | 0 | 0 |
Available-for-sale Securities, Gross Unrealized Loss, before Tax | 0 | 0 |
US Treasury Securities [Member] | ||
Schedule of Available-for-Sale Securities [Line Items] | ||
Available for Sale, Less than 12 Months, Estimated Fair Value | 0 | |
Available for Sale, Less than 12 Months, Unrealized Losses | 0 | |
Available for Sale, More than 12 Months, Estimated Fair Value | 1,819,942 | |
Available for Sale, More than 12 Months, Unrealized Losses | 4,943 | |
Available for Sale, Total Estimated Fair Value | 1,819,942 | |
Available-for-sale Securities, Gross Unrealized Loss, before Tax | $ 4,943 | $ 29,500 |
Securities - Amortized Cost a_2
Securities - Amortized Cost and Estimated Fair Value of Securities, Excluding Trading Securities, Presented by Contractual Maturity (Detail) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Investments, Debt and Equity Securities [Abstract] | ||
Held to Maturity, Due in one year or less, Amortized Cost | $ 21,334 | |
Held to Maturity, Due after one year through five years, Amortized Cost | 128,125 | |
Held to Maturity, Due after five years through ten years, Amortized Cost | 534,695 | |
Held to Maturity, Due after ten years, Amortized Cost | 348,591 | |
Held to Maturity, Residential mortgage-backed securities, Amortized Cost | 2,554 | |
Held-to-maturity Securities, Equity Securities, Amortized cost | 0 | |
Held to Maturity, Amortized Cost | 1,035,299 | $ 1,106,057 |
Held to Maturity, Due in one year or less, Estimated Fair Value | 21,546 | |
Held to Maturity, Due after one year through five years, Estimated Fair Value | 131,517 | |
Held to Maturity, Due after five years through ten years, Estimated Fair Value | 547,279 | |
Held to Maturity, Due after ten years, Estimated Fair Value | 359,073 | |
Held to Maturity, Residential mortgage-backed securities, Estimated Fair Value | 2,563 | |
Held-to-maturity Securities, Equity Securities, Fair Value | 0 | |
Held to Maturity, Estimated Fair Value | 1,061,978 | 1,116,953 |
Available-for-sale Securities, Due in one year or less, Amortized Cost | 1,974,510 | |
Available for Sale, Due after one year through five years, Amortized Cost | 1,427,453 | |
Available for Sale, Due after five years through ten years, Amortized Cost | 400,327 | |
Available for Sale, Due after ten years, Amortized Cost | 5,888,691 | |
Available for Sale, Residential mortgage-backed securities, Amortized Cost | 2,212,761 | |
Available-for-sale Securities, Equity Securities, Amortized cost | 42,780 | |
Available for Sale, Amortized Cost | 11,946,522 | 11,410,447 |
Available for Sale, Due in one year or less, Estimated Fair Value | 1,968,237 | |
Available for Sale, Due after one year through five years, Estimated Fair Value | 1,454,226 | |
Available for Sale, Due after five years through ten years, Estimated Fair Value | 421,390 | |
Available for Sale, Due after ten years, Estimated Fair Value | 6,145,168 | |
Available for Sale, Residential mortgage-backed securities, Estimated Fair Value | 2,247,712 | |
Available For Sale Securities Equity Securities Fair Value | 42,780 | |
Available for Sale, Estimated Fair Value | $ 12,279,513 | $ 11,387,321 |
Securities - Sales of Securitie
Securities - Sales of Securities Available for Sale (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Investments, Debt and Equity Securities [Abstract] | ||||
Proceeds from sales | $ 2,346,626 | $ 7,905,521 | $ 3,291,529 | $ 10,890,388 |
Gross realized gains | 803 | 3 | 803 | 3 |
Gross realized losses | (634) | (63) | (634) | (82) |
Tax (expense)benefit of securities gains/losses | $ (35) | $ 13 | $ (35) | $ 17 |
Securities Securities - Premium
Securities Securities - Premium Amortization and Discount Accretion Included in Income on Securities (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Investments, Debt and Equity Securities [Abstract] | ||||
Premium amortization | $ (29,408) | $ (26,689) | $ (59,287) | $ (52,723) |
Discount accretion | 1,378 | 2,010 | 2,561 | 3,787 |
Net (premium amortization) discount accretion | $ (28,030) | $ (24,679) | $ (56,726) | $ (48,936) |
Securities - Trading Account Se
Securities - Trading Account Securities, at Estimated Fair Value (Detail) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Debt and Equity Securities, FV-NI [Line Items] | ||
Trading account securities | $ 25,482 | $ 24,086 |
U.S. Treasury [Member] | ||
Debt and Equity Securities, FV-NI [Line Items] | ||
Trading account securities | 22,642 | 21,928 |
States and political subdivisions [Member] | ||
Debt and Equity Securities, FV-NI [Line Items] | ||
Trading account securities | $ 2,840 | $ 2,158 |
Securities - Net Gains and Loss
Securities - Net Gains and Losses on Trading Account Securities (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Investments, Debt and Equity Securities [Abstract] | ||||
Net gain on sales transactions | $ 552 | $ 434 | $ 1,058 | $ 939 |
Net mark-to-market gains (losses) | 27 | 23 | 31 | (13) |
Net gain (loss) on trading account securities | $ 579 | $ 457 | $ 1,089 | $ 926 |
Loans - Additional Information
Loans - Additional Information (Detail) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | Dec. 31, 2018 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Concentration of loans in a single industry in excess of ten percent | 0.00% | 0.00% | |||
Maximum percentage loan related to single industry | 10.00% | ||||
Percentage of total energy loans to total loans | 10.20% | 10.20% | 11.40% | ||
Loans and Leases Receivable, Related Parties | $ 291.8 | $ 291.8 | $ 256.1 | ||
Interest income recognized subsequent to classification as impaired | $ 0 | $ 0 | |||
Texas Leading Index economic condition indicator | 128.8 | 128.8 | 126.4 | ||
Non Accrual Loans [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Additional interest that would have been recognized on non-accrual loans, net of tax | $ 1.1 | $ 1.4 | $ 2.1 | $ 2.9 | |
Commitments to Extend Credit [Member] | Commercial and industrial, Energy [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Unfunded balances | 1,300 | 1,300 | |||
Standby Letters of Credit [Member] | Commercial and industrial, Energy [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Unfunded balances | $ 59.9 | $ 59.9 |
Loans - Loans (Detail)
Loans - Loans (Detail) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Commercial and industrial | $ 5,380,487 | $ 5,111,957 |
Energy: | 1,481,349 | 1,602,598 |
Commercial mortgages | 4,291,781 | 4,121,966 |
Construction | 1,323,040 | 1,267,717 |
Land | 299,435 | 306,755 |
Total commercial real estate | 5,914,256 | 5,696,438 |
Home equity loans | 356,754 | 353,924 |
Home equity lines of credit | 349,061 | 337,168 |
Other | 453,083 | 427,898 |
Total consumer real estate | 1,158,898 | 1,118,990 |
Total real estate | 7,073,154 | 6,815,428 |
Consumer and other | 524,159 | 569,750 |
Total loans | $ 14,459,149 | $ 14,099,733 |
Total commercial and industrial percentage of total loans | 37.20% | 36.30% |
Percentage of total energy loans to total loans | 10.20% | 11.40% |
Commercial mortgages percentage of total loans | 29.70% | 29.20% |
Construction percentage of total loans | 9.20% | 9.00% |
Land percentage of total loans | 2.10% | 2.20% |
Total commercial real estate percentage of total loans | 41.00% | 40.40% |
Home equity loans percentage of total loans | 2.50% | 2.50% |
Home equity lines of credit percentage of total loans | 2.40% | 2.40% |
Other percentage of total loans | 3.10% | 3.00% |
Total consumer real estate percentage of total loans | 8.00% | 7.90% |
Total real estate percentage of total loans | 49.00% | 48.30% |
Total consumer and other percentage of total loans | 3.60% | 4.00% |
Total loans percentage | 100.00% | 100.00% |
Energy Production [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Energy: | $ 1,197,717 | $ 1,309,314 |
Percentage of energy production loans to total loans | 8.30% | 9.30% |
Energy Service [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Energy: | $ 173,473 | $ 168,775 |
Percentage of energy service loans to total loans | 1.20% | 1.20% |
Energy Other [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Energy: | $ 110,159 | $ 124,509 |
Percentage of other energy loans to total loans | 0.70% | 0.90% |
Loans - Non-Accrual Loans, Segr
Loans - Non-Accrual Loans, Segregated by Class of Loans (Detail) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Non Accrual Loans Segregated By Class Of Loans [Line Items] | ||
Non-accrual loans | $ 71,521 | $ 73,739 |
Commercial Portfolio Segment [Member] | ||
Non Accrual Loans Segregated By Class Of Loans [Line Items] | ||
Non-accrual loans | 18,768 | 9,239 |
Commercial and industrial, Energy [Member] | ||
Non Accrual Loans Segregated By Class Of Loans [Line Items] | ||
Non-accrual loans | 40,228 | 46,932 |
Commercial real estate, Buildings, land and other [Member] | ||
Non Accrual Loans Segregated By Class Of Loans [Line Items] | ||
Non-accrual loans | 10,437 | 15,268 |
Construction Loans [Member] | ||
Non Accrual Loans Segregated By Class Of Loans [Line Items] | ||
Non-accrual loans | 0 | 0 |
Consumer Real Estate [Member] | ||
Non Accrual Loans Segregated By Class Of Loans [Line Items] | ||
Non-accrual loans | 669 | 892 |
Consumer and Other [Member] | ||
Non Accrual Loans Segregated By Class Of Loans [Line Items] | ||
Non-accrual loans | $ 1,419 | $ 1,408 |
Loans - Age Analysis of Past Du
Loans - Age Analysis of Past Due Loans, Segregated by Class of Loans (Detail) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due Loans | $ 106,046 | |
Current Loans | 14,353,103 | |
Total loans | 14,459,149 | $ 14,099,733 |
Accruing Loans 90 or More Days Past Due | 15,647 | |
Commercial Portfolio Segment [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due Loans | 47,328 | |
Current Loans | 5,333,159 | |
Total loans | 5,380,487 | |
Accruing Loans 90 or More Days Past Due | 6,823 | |
Commercial and industrial, Energy [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due Loans | 3,566 | |
Current Loans | 1,477,783 | |
Total loans | 1,481,349 | |
Accruing Loans 90 or More Days Past Due | 20 | |
Commercial real estate, Buildings, land and other [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due Loans | 21,986 | |
Current Loans | 4,569,230 | |
Total loans | 4,591,216 | |
Accruing Loans 90 or More Days Past Due | 4,808 | |
Construction Loans [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due Loans | 15,199 | |
Current Loans | 1,307,841 | |
Total loans | 1,323,040 | |
Accruing Loans 90 or More Days Past Due | 774 | |
Consumer Real Estate [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due Loans | 10,847 | |
Current Loans | 1,148,051 | |
Total loans | 1,158,898 | |
Accruing Loans 90 or More Days Past Due | 1,191 | |
Consumer and Other [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due Loans | 7,120 | |
Current Loans | 517,039 | |
Total loans | 524,159 | |
Accruing Loans 90 or More Days Past Due | 2,031 | |
Financing Receivables, 30 to 89 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due Loans | 74,316 | |
Financing Receivables, 30 to 89 Days Past Due [Member] | Commercial Portfolio Segment [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due Loans | 28,577 | |
Financing Receivables, 30 to 89 Days Past Due [Member] | Commercial and industrial, Energy [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due Loans | 3,546 | |
Financing Receivables, 30 to 89 Days Past Due [Member] | Commercial real estate, Buildings, land and other [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due Loans | 13,516 | |
Financing Receivables, 30 to 89 Days Past Due [Member] | Construction Loans [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due Loans | 14,425 | |
Financing Receivables, 30 to 89 Days Past Due [Member] | Consumer Real Estate [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due Loans | 9,237 | |
Financing Receivables, 30 to 89 Days Past Due [Member] | Consumer and Other [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due Loans | 5,015 | |
Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due Loans | 31,730 | |
Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | Commercial Portfolio Segment [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due Loans | 18,751 | |
Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | Commercial and industrial, Energy [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due Loans | 20 | |
Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | Commercial real estate, Buildings, land and other [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due Loans | 8,470 | |
Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | Construction Loans [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due Loans | 774 | |
Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | Consumer Real Estate [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due Loans | 1,610 | |
Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | Consumer and Other [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total Past Due Loans | $ 2,105 |
Loans - Impaired Loans (Detail)
Loans - Impaired Loans (Detail) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Unpaid Contractual Principal Balance | $ 85,733 | $ 94,536 |
Recorded Investment With No Allowance | 15,810 | 12,120 |
Recorded Investment With Allowance | 52,392 | 58,101 |
Total Recorded Investment | 68,202 | 70,221 |
Related Allowance | 18,836 | 16,235 |
Commercial Portfolio Segment [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Unpaid Contractual Principal Balance | 18,536 | 9,094 |
Recorded Investment With No Allowance | 4,455 | 2,842 |
Recorded Investment With Allowance | 12,267 | 4,287 |
Total Recorded Investment | 16,722 | 7,129 |
Related Allowance | 6,276 | 2,558 |
Commercial and industrial, Energy [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Unpaid Contractual Principal Balance | 55,043 | 67,900 |
Recorded Investment With No Allowance | 5,866 | 6,817 |
Recorded Investment With Allowance | 33,946 | 39,890 |
Total Recorded Investment | 39,812 | 46,707 |
Related Allowance | 9,721 | 9,671 |
Commercial real estate, Buildings, land and other [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Unpaid Contractual Principal Balance | 10,329 | 15,774 |
Recorded Investment With No Allowance | 5,196 | 2,168 |
Recorded Investment With Allowance | 4,760 | 12,517 |
Total Recorded Investment | 9,956 | 14,685 |
Related Allowance | 1,420 | 2,599 |
Construction Loans [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Unpaid Contractual Principal Balance | 0 | 0 |
Recorded Investment With No Allowance | 0 | 0 |
Recorded Investment With Allowance | 0 | 0 |
Total Recorded Investment | 0 | 0 |
Related Allowance | 0 | 0 |
Consumer Real Estate [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Unpaid Contractual Principal Balance | 293 | 293 |
Recorded Investment With No Allowance | 293 | 293 |
Recorded Investment With Allowance | 0 | 0 |
Total Recorded Investment | 293 | 293 |
Related Allowance | 0 | 0 |
Consumer and Other [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Unpaid Contractual Principal Balance | 1,532 | 1,475 |
Recorded Investment With No Allowance | 0 | 0 |
Recorded Investment With Allowance | 1,419 | 1,407 |
Total Recorded Investment | 1,419 | 1,407 |
Related Allowance | $ 1,419 | $ 1,407 |
Loans - Average Recorded Invest
Loans - Average Recorded Investment In Impaired Loans (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Average recorded investment | $ 78,660 | $ 123,227 | $ 75,847 | $ 130,688 |
Commercial Portfolio Segment [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Average recorded investment | 15,462 | 15,307 | 12,684 | 24,791 |
Commercial and industrial, Energy [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Average recorded investment | 42,643 | 92,380 | 43,997 | 93,001 |
Commercial real estate, Buildings, land and other [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Average recorded investment | 18,139 | 13,867 | 16,988 | 11,376 |
Construction Loans [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Average recorded investment | 205 | 0 | 137 | 0 |
Consumer Real Estate [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Average recorded investment | 789 | 860 | 624 | 978 |
Consumer and Other [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Average recorded investment | $ 1,422 | $ 813 | $ 1,417 | $ 542 |
Loans - Troubled Debt Restructu
Loans - Troubled Debt Restructurings (Detail) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2019 | Jun. 30, 2018 | |
Financing Receivable, Modifications [Line Items] | ||
Balance at time of restructuring | $ 8,024 | $ 15,911 |
Balance at period end | 7,863 | 843 |
Commercial Portfolio Segment [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Balance at time of restructuring | 677 | 2,203 |
Balance at period end | 555 | 843 |
Commercial and industrial, Energy [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Balance at time of restructuring | 0 | 13,708 |
Balance at period end | 0 | 0 |
Commercial real estate, Buildings, land and other [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Balance at time of restructuring | 7,347 | 0 |
Balance at period end | $ 7,308 | $ 0 |
Loans Loans - Restructured Loan
Loans Loans - Restructured Loans Past Due in Excess of 90 Days on Financing Receivables (Details) $ in Thousands | 6 Months Ended | |
Jun. 30, 2019USD ($)Item | Jun. 30, 2018USD ($)Item | |
Financing Receivable, Modifications [Line Items] | ||
Number Of Loans Restructured During The Last Year In Excess of 90 Days Past Due | Item | 0 | 0 |
Dollar amount of previously restructured loans past due | $ 0 | $ 0 |
Restructured loans on non-accrual status at period end | 3,890 | 843 |
Charge-offs of restructured loans recognized in connection with restructuring | 0 | 0 |
Charge-offs of restructured loans recognized on previously restructured loans | 0 | 1,650 |
Proceeds from the sale of restructured loans | $ 0 | $ 13,350 |
Loans - Weighted Average Risk G
Loans - Weighted Average Risk Grades for All Commercial Loans by Class (Detail) $ in Thousands | 6 Months Ended | 12 Months Ended |
Jun. 30, 2019USD ($)Grade | Dec. 31, 2018USD ($)Grade | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans | $ 5,380,487 | $ 5,111,957 |
Loans | 5,914,256 | 5,696,438 |
Loans | $ 1,323,040 | $ 1,267,717 |
Commercial Portfolio Segment [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Weighted Average Risk Grade | Grade | 6.37 | 6.30 |
Loans | $ 5,380,487 | $ 5,111,957 |
Commercial and industrial, Energy [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Weighted Average Risk Grade | Grade | 6.35 | 6.22 |
Loans | $ 1,481,349 | $ 1,602,598 |
Commercial real estate, Buildings, land and other [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Weighted Average Risk Grade | Grade | 6.97 | 6.98 |
Loans | $ 4,591,216 | $ 4,428,721 |
Construction Loans [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Weighted Average Risk Grade | Grade | 7.26 | 7.29 |
Loans | $ 1,323,040 | $ 1,267,717 |
Risk grades 1-8 [Member] | Commercial Portfolio Segment [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Weighted Average Risk Grade | Grade | 6.13 | 6.12 |
Loans | $ 5,024,193 | $ 4,862,275 |
Risk grades 1-8 [Member] | Commercial and industrial, Energy [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Weighted Average Risk Grade | Grade | 5.81 | 5.76 |
Loans | $ 1,305,553 | $ 1,451,673 |
Risk grades 1-8 [Member] | Commercial real estate, Buildings, land and other [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Weighted Average Risk Grade | Grade | 6.76 | 6.76 |
Loans | $ 4,290,833 | $ 4,143,264 |
Risk grades 1-8 [Member] | Construction Loans [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Weighted Average Risk Grade | Grade | 7.17 | 7.13 |
Loans | $ 1,271,280 | $ 1,177,260 |
Risk grade 9 [Member] | Commercial Portfolio Segment [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Weighted Average Risk Grade | Grade | 9 | 9 |
Loans | $ 200,167 | $ 112,431 |
Risk grade 9 [Member] | Commercial and industrial, Energy [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Weighted Average Risk Grade | Grade | 9 | 9 |
Loans | $ 82,176 | $ 35,565 |
Risk grade 9 [Member] | Commercial real estate, Buildings, land and other [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Weighted Average Risk Grade | Grade | 9 | 9 |
Loans | $ 128,068 | $ 109,660 |
Risk grade 9 [Member] | Construction Loans [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Weighted Average Risk Grade | Grade | 9 | 9 |
Loans | $ 35,453 | $ 60,754 |
Risk grade 10 [Member] | Commercial Portfolio Segment [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Weighted Average Risk Grade | Grade | 10 | 10 |
Loans | $ 43,269 | $ 58,328 |
Risk grade 10 [Member] | Commercial and industrial, Energy [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Weighted Average Risk Grade | Grade | 10 | 10 |
Loans | $ 2,061 | $ 43,001 |
Risk grade 10 [Member] | Commercial real estate, Buildings, land and other [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Weighted Average Risk Grade | Grade | 10 | 10 |
Loans | $ 76,686 | $ 62,353 |
Risk grade 10 [Member] | Construction Loans [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Weighted Average Risk Grade | Grade | 10 | 10 |
Loans | $ 13,355 | $ 24,877 |
Risk grade 11 [Member] | Commercial Portfolio Segment [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Weighted Average Risk Grade | Grade | 11 | 11 |
Loans | $ 94,090 | $ 69,684 |
Risk grade 11 [Member] | Commercial and industrial, Energy [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Weighted Average Risk Grade | Grade | 11 | 11 |
Loans | $ 51,331 | $ 25,427 |
Risk grade 11 [Member] | Commercial real estate, Buildings, land and other [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Weighted Average Risk Grade | Grade | 11 | 11 |
Loans | $ 85,192 | $ 98,176 |
Risk grade 11 [Member] | Construction Loans [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Weighted Average Risk Grade | Grade | 11 | 11 |
Loans | $ 2,952 | $ 4,826 |
Risk grade 12 [Member] | Commercial Portfolio Segment [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Weighted Average Risk Grade | Grade | 12 | 12 |
Loans | $ 12,492 | $ 6,681 |
Risk grade 12 [Member] | Commercial and industrial, Energy [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Weighted Average Risk Grade | Grade | 12 | 12 |
Loans | $ 30,507 | $ 37,261 |
Risk grade 12 [Member] | Commercial real estate, Buildings, land and other [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Weighted Average Risk Grade | Grade | 12 | 12 |
Loans | $ 9,017 | $ 12,669 |
Risk grade 12 [Member] | Construction Loans [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Weighted Average Risk Grade | Grade | 12 | 12 |
Loans | $ 0 | $ 0 |
Risk grade 13 [Member] | Commercial Portfolio Segment [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Weighted Average Risk Grade | Grade | 13 | 13 |
Loans | $ 6,276 | $ 2,558 |
Risk grade 13 [Member] | Commercial and industrial, Energy [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Weighted Average Risk Grade | Grade | 13 | 13 |
Loans | $ 9,721 | $ 9,671 |
Risk grade 13 [Member] | Commercial real estate, Buildings, land and other [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Weighted Average Risk Grade | Grade | 13 | 13 |
Loans | $ 1,420 | $ 2,599 |
Risk grade 13 [Member] | Construction Loans [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Weighted Average Risk Grade | Grade | 13 | 13 |
Loans | $ 0 | $ 0 |
Loans - Net (Charge-Offs)_Recov
Loans - Net (Charge-Offs)/Recoveries, Segregated by Class of Loans (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
(Net charge-offs)/Recoveries | $ (7,821) | $ (7,910) | $ (14,606) | $ (20,334) |
Commercial Portfolio Segment [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
(Net charge-offs)/Recoveries | (2,454) | (3,548) | (4,392) | (11,223) |
Commercial and industrial, Energy [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
(Net charge-offs)/Recoveries | (1,971) | (2,076) | (1,924) | (4,925) |
Commercial real estate, Buildings, land and other [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
(Net charge-offs)/Recoveries | (531) | (402) | (504) | (321) |
Construction Loans [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
(Net charge-offs)/Recoveries | 3 | 6 | 6 | 8 |
Consumer Real Estate [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
(Net charge-offs)/Recoveries | (286) | (164) | (1,975) | (690) |
Consumer and Other [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
(Net charge-offs)/Recoveries | $ (2,582) | $ (1,726) | $ (5,817) | $ (3,183) |
Loans - Unallocated Portion of
Loans - Unallocated Portion of Allowance for Loan Losses (Detail) - USD ($) $ in Thousands | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 |
Valuation Allowance for Impairment of Recognized Servicing Assets [Line Items] | ||||||
Portion of allowance for loan losses | $ 134,929 | $ 136,350 | $ 132,132 | $ 150,226 | $ 149,885 | $ 155,364 |
Financing Receivable, Allowance for Credit Losses, Individually Evaluated for Impairment | 18,836 | 16,235 | ||||
Financing Receivable, Allowance for Credit Losses, Collectively Evaluated for Impairment | 116,093 | 115,897 | ||||
Historical Valuation Allowances [Member] | ||||||
Valuation Allowance for Impairment of Recognized Servicing Assets [Line Items] | ||||||
Portion of allowance for loan losses | 71,976 | 65,398 | ||||
Specific Valuation Allowances [Member] | ||||||
Valuation Allowance for Impairment of Recognized Servicing Assets [Line Items] | ||||||
Portion of allowance for loan losses | 18,836 | 16,235 | ||||
General Valuation Allowances [Member] | ||||||
Valuation Allowance for Impairment of Recognized Servicing Assets [Line Items] | ||||||
Portion of allowance for loan losses | 19,982 | 22,100 | ||||
Macroeconomic Valuation Allowances [Member] | ||||||
Valuation Allowance for Impairment of Recognized Servicing Assets [Line Items] | ||||||
Portion of allowance for loan losses | 24,135 | 28,399 | ||||
Commercial Portfolio Segment [Member] | ||||||
Valuation Allowance for Impairment of Recognized Servicing Assets [Line Items] | ||||||
Portion of allowance for loan losses | 57,714 | 58,571 | 48,580 | 57,713 | 57,733 | 59,614 |
Financing Receivable, Allowance for Credit Losses, Individually Evaluated for Impairment | 6,276 | 2,558 | ||||
Financing Receivable, Allowance for Credit Losses, Collectively Evaluated for Impairment | 51,438 | 46,022 | ||||
Commercial Portfolio Segment [Member] | Historical Valuation Allowances [Member] | ||||||
Valuation Allowance for Impairment of Recognized Servicing Assets [Line Items] | ||||||
Portion of allowance for loan losses | 31,699 | 25,351 | ||||
Commercial Portfolio Segment [Member] | Specific Valuation Allowances [Member] | ||||||
Valuation Allowance for Impairment of Recognized Servicing Assets [Line Items] | ||||||
Portion of allowance for loan losses | 6,276 | 2,558 | ||||
Commercial Portfolio Segment [Member] | General Valuation Allowances [Member] | ||||||
Valuation Allowance for Impairment of Recognized Servicing Assets [Line Items] | ||||||
Portion of allowance for loan losses | 10,227 | 10,062 | ||||
Commercial Portfolio Segment [Member] | Macroeconomic Valuation Allowances [Member] | ||||||
Valuation Allowance for Impairment of Recognized Servicing Assets [Line Items] | ||||||
Portion of allowance for loan losses | 9,512 | 10,609 | ||||
Commercial and industrial, Energy [Member] | ||||||
Valuation Allowance for Impairment of Recognized Servicing Assets [Line Items] | ||||||
Portion of allowance for loan losses | 25,818 | 25,343 | 29,052 | 37,313 | 39,039 | 51,528 |
Financing Receivable, Allowance for Credit Losses, Individually Evaluated for Impairment | 9,721 | 9,671 | ||||
Financing Receivable, Allowance for Credit Losses, Collectively Evaluated for Impairment | 16,097 | 19,381 | ||||
Commercial and industrial, Energy [Member] | Historical Valuation Allowances [Member] | ||||||
Valuation Allowance for Impairment of Recognized Servicing Assets [Line Items] | ||||||
Portion of allowance for loan losses | 9,087 | 9,697 | ||||
Commercial and industrial, Energy [Member] | Specific Valuation Allowances [Member] | ||||||
Valuation Allowance for Impairment of Recognized Servicing Assets [Line Items] | ||||||
Portion of allowance for loan losses | 9,721 | 9,671 | ||||
Commercial and industrial, Energy [Member] | General Valuation Allowances [Member] | ||||||
Valuation Allowance for Impairment of Recognized Servicing Assets [Line Items] | ||||||
Portion of allowance for loan losses | 4,487 | 6,014 | ||||
Commercial and industrial, Energy [Member] | Macroeconomic Valuation Allowances [Member] | ||||||
Valuation Allowance for Impairment of Recognized Servicing Assets [Line Items] | ||||||
Portion of allowance for loan losses | 2,523 | 3,670 | ||||
Commercial Real Estate Portfolio Segment [Member] | ||||||
Valuation Allowance for Impairment of Recognized Servicing Assets [Line Items] | ||||||
Portion of allowance for loan losses | 35,914 | 36,455 | 38,777 | 38,918 | 38,474 | 30,948 |
Financing Receivable, Allowance for Credit Losses, Individually Evaluated for Impairment | 1,420 | 2,599 | ||||
Financing Receivable, Allowance for Credit Losses, Collectively Evaluated for Impairment | 34,494 | 36,178 | ||||
Commercial Real Estate Portfolio Segment [Member] | Historical Valuation Allowances [Member] | ||||||
Valuation Allowance for Impairment of Recognized Servicing Assets [Line Items] | ||||||
Portion of allowance for loan losses | 20,979 | 20,817 | ||||
Commercial Real Estate Portfolio Segment [Member] | Specific Valuation Allowances [Member] | ||||||
Valuation Allowance for Impairment of Recognized Servicing Assets [Line Items] | ||||||
Portion of allowance for loan losses | 1,420 | 2,599 | ||||
Commercial Real Estate Portfolio Segment [Member] | General Valuation Allowances [Member] | ||||||
Valuation Allowance for Impairment of Recognized Servicing Assets [Line Items] | ||||||
Portion of allowance for loan losses | 4,105 | 4,366 | ||||
Commercial Real Estate Portfolio Segment [Member] | Macroeconomic Valuation Allowances [Member] | ||||||
Valuation Allowance for Impairment of Recognized Servicing Assets [Line Items] | ||||||
Portion of allowance for loan losses | 9,410 | 10,995 | ||||
Consumer Real Estate [Member] | ||||||
Valuation Allowance for Impairment of Recognized Servicing Assets [Line Items] | ||||||
Portion of allowance for loan losses | 5,637 | 5,661 | 6,103 | 6,336 | 6,349 | 5,657 |
Financing Receivable, Allowance for Credit Losses, Individually Evaluated for Impairment | 0 | 0 | ||||
Financing Receivable, Allowance for Credit Losses, Collectively Evaluated for Impairment | 5,637 | 6,103 | ||||
Consumer Real Estate [Member] | Historical Valuation Allowances [Member] | ||||||
Valuation Allowance for Impairment of Recognized Servicing Assets [Line Items] | ||||||
Portion of allowance for loan losses | 2,619 | 2,688 | ||||
Consumer Real Estate [Member] | Specific Valuation Allowances [Member] | ||||||
Valuation Allowance for Impairment of Recognized Servicing Assets [Line Items] | ||||||
Portion of allowance for loan losses | 0 | 0 | ||||
Consumer Real Estate [Member] | General Valuation Allowances [Member] | ||||||
Valuation Allowance for Impairment of Recognized Servicing Assets [Line Items] | ||||||
Portion of allowance for loan losses | 1,560 | 1,671 | ||||
Consumer Real Estate [Member] | Macroeconomic Valuation Allowances [Member] | ||||||
Valuation Allowance for Impairment of Recognized Servicing Assets [Line Items] | ||||||
Portion of allowance for loan losses | 1,458 | 1,744 | ||||
Consumer and Other [Member] | ||||||
Valuation Allowance for Impairment of Recognized Servicing Assets [Line Items] | ||||||
Portion of allowance for loan losses | 9,846 | $ 10,320 | 9,620 | $ 9,946 | $ 8,290 | $ 7,617 |
Financing Receivable, Allowance for Credit Losses, Individually Evaluated for Impairment | 1,419 | 1,407 | ||||
Financing Receivable, Allowance for Credit Losses, Collectively Evaluated for Impairment | 8,427 | 8,213 | ||||
Consumer and Other [Member] | Historical Valuation Allowances [Member] | ||||||
Valuation Allowance for Impairment of Recognized Servicing Assets [Line Items] | ||||||
Portion of allowance for loan losses | 7,592 | 6,845 | ||||
Consumer and Other [Member] | Specific Valuation Allowances [Member] | ||||||
Valuation Allowance for Impairment of Recognized Servicing Assets [Line Items] | ||||||
Portion of allowance for loan losses | 1,419 | 1,407 | ||||
Consumer and Other [Member] | General Valuation Allowances [Member] | ||||||
Valuation Allowance for Impairment of Recognized Servicing Assets [Line Items] | ||||||
Portion of allowance for loan losses | (397) | (13) | ||||
Consumer and Other [Member] | Macroeconomic Valuation Allowances [Member] | ||||||
Valuation Allowance for Impairment of Recognized Servicing Assets [Line Items] | ||||||
Portion of allowance for loan losses | $ 1,232 | $ 1,381 |
Loans - Investment in Loans Rel
Loans - Investment in Loans Related to Allowance for Loan Losses by Portfolio Segment Disaggregated Based on Impairment Methodology (Detail) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Commercial and industrial | $ 5,380,487 | $ 5,111,957 |
Energy: | 1,481,349 | 1,602,598 |
Total commercial real estate | 5,914,256 | 5,696,438 |
Total consumer real estate | 1,158,898 | 1,118,990 |
Consumer and other | 524,159 | 569,750 |
Total loans | 14,459,149 | 14,099,733 |
Loans Individually Evaluated for Impairment [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Commercial and industrial | 16,722 | 7,129 |
Energy: | 39,812 | 46,707 |
Total commercial real estate | 9,956 | 14,685 |
Total consumer real estate | 293 | 293 |
Consumer and other | 1,419 | 1,407 |
Total loans | 68,202 | 70,221 |
Loans Collectively Evaluated for Impairment [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Commercial and industrial | 5,363,765 | 5,104,828 |
Energy: | 1,441,537 | 1,555,891 |
Total commercial real estate | 5,904,300 | 5,681,753 |
Total consumer real estate | 1,158,605 | 1,118,697 |
Consumer and other | 522,740 | 568,343 |
Total loans | $ 14,390,947 | $ 14,029,512 |
Loans - Activity in Allowance f
Loans - Activity in Allowance for Loan Losses by Portfolio Segment (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Allowance for Loan and Lease Losses [Roll Forward] | ||||
Beginning balance | $ 136,350 | $ 149,885 | $ 132,132 | $ 155,364 |
Provision for loan losses | 6,400 | 8,251 | 17,403 | 15,196 |
Charge-offs | (11,650) | (11,932) | (21,873) | (28,730) |
Recoveries | 3,829 | 4,022 | 7,267 | 8,396 |
Net charge-offs | (7,821) | (7,910) | (14,606) | (20,334) |
Ending balance | 134,929 | 150,226 | 134,929 | 150,226 |
Commercial Portfolio Segment [Member] | ||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||
Beginning balance | 58,571 | 57,733 | 48,580 | 59,614 |
Provision for loan losses | 1,597 | 3,528 | 13,526 | 9,322 |
Charge-offs | (3,389) | (4,153) | (6,077) | (13,405) |
Recoveries | 935 | 605 | 1,685 | 2,182 |
Net charge-offs | (2,454) | (3,548) | (4,392) | (11,223) |
Ending balance | 57,714 | 57,713 | 57,714 | 57,713 |
Commercial and industrial, Energy [Member] | ||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||
Beginning balance | 25,343 | 39,039 | 29,052 | 51,528 |
Provision for loan losses | 2,446 | 350 | (1,310) | (9,290) |
Charge-offs | (2,000) | (2,689) | (2,000) | (5,539) |
Recoveries | 29 | 613 | 76 | 614 |
Net charge-offs | (1,971) | (2,076) | (1,924) | (4,925) |
Ending balance | 25,818 | 37,313 | 25,818 | 37,313 |
Commercial Real Estate Portfolio Segment [Member] | ||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||
Beginning balance | 36,455 | 38,474 | 38,777 | 30,948 |
Provision for loan losses | (13) | 840 | (2,365) | 8,283 |
Charge-offs | (557) | (614) | (617) | (619) |
Recoveries | 29 | 218 | 119 | 306 |
Net charge-offs | (528) | (396) | (498) | (313) |
Ending balance | 35,914 | 38,918 | 35,914 | 38,918 |
Consumer Real Estate [Member] | ||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||
Beginning balance | 5,661 | 6,349 | 6,103 | 5,657 |
Provision for loan losses | 262 | 151 | 1,509 | 1,369 |
Charge-offs | (601) | (482) | (2,379) | (1,201) |
Recoveries | 315 | 318 | 404 | 511 |
Net charge-offs | (286) | (164) | (1,975) | (690) |
Ending balance | 5,637 | 6,336 | 5,637 | 6,336 |
Consumer and Other [Member] | ||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||
Beginning balance | 10,320 | 8,290 | 9,620 | 7,617 |
Provision for loan losses | 2,108 | 3,382 | 6,043 | 5,512 |
Charge-offs | (5,103) | (3,994) | (10,800) | (7,966) |
Recoveries | 2,521 | 2,268 | 4,983 | 4,783 |
Net charge-offs | (2,582) | (1,726) | (5,817) | (3,183) |
Ending balance | $ 9,846 | $ 9,946 | $ 9,846 | $ 9,946 |
Goodwill and Other Intangible_3
Goodwill and Other Intangible Assets - Schedule of Goodwill (Detail) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Goodwill and Intangible Assets Disclosure [Abstract] | ||
Goodwill | $ 654,952 | $ 654,952 |
Goodwill and Other Intangible_4
Goodwill and Other Intangible Assets - Schedule of Other Intangible Assets (Detail) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Finite-Lived Intangible Assets [Line Items] | ||
Intangible Assets, Net (Excluding Goodwill) | $ 3,019 | $ 3,649 |
Core deposits [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Intangible Assets, Net (Excluding Goodwill) | 2,466 | 2,959 |
Customer relationships [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Intangible Assets, Net (Excluding Goodwill) | 547 | 672 |
Non-compete agreements [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Intangible Assets, Net (Excluding Goodwill) | $ 6 | $ 18 |
Goodwill and Other Intangible_5
Goodwill and Other Intangible Assets - Estimated Aggregate Future Amortization Expense for Intangible Assets (Detail) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Goodwill and Intangible Assets Disclosure [Abstract] | ||
Remainder of 2019 | $ 537 | |
2020 | 919 | |
2021 | 697 | |
2022 | 481 | |
2023 | 283 | |
Thereafter | 102 | |
Future Amortization Expense, Total | $ 3,019 | $ 3,649 |
Deposits - Schedule of Deposits
Deposits - Schedule of Deposits (Detail) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Deposit [Line Items] | ||
Total non-interest-bearing demand deposits | $ 10,136,437 | $ 10,997,494 |
Total interest-bearing deposits | 15,848,586 | 16,151,710 |
Total deposits | $ 25,985,023 | $ 27,149,204 |
Total non-interest-bearing demand deposits, Percentage of Total | 39.00% | 40.50% |
Total interest-bearing deposits, Percentage of Total | 61.00% | 59.50% |
Total deposits, Percentage of Total | 100.00% | 100.00% |
Commercial and Individual [Member] | ||
Deposit [Line Items] | ||
Total non-interest-bearing demand deposits | $ 9,634,530 | $ 10,305,850 |
Total non-interest-bearing demand deposits, Percentage of Total | 37.10% | 37.90% |
Correspondent Banks [Member] | ||
Deposit [Line Items] | ||
Total non-interest-bearing demand deposits | $ 192,478 | $ 235,748 |
Total non-interest-bearing demand deposits, Percentage of Total | 0.70% | 0.90% |
Private Accounts [Member] | ||
Deposit [Line Items] | ||
Savings and interest checking | $ 6,754,027 | $ 6,977,813 |
Money market accounts | 7,544,621 | 7,777,470 |
Time accounts of $100,000 or More | 674,198 | 526,789 |
Time accounts under $100,000 | 344,700 | 331,511 |
Total private accounts | $ 15,317,546 | $ 15,613,583 |
Savings and interest checking, Percentage of Total | 26.00% | 25.70% |
Money market accounts, Percentage of Total | 29.00% | 28.60% |
Time accounts of $100,000 or more, Percentage of Total | 2.60% | 2.00% |
Time accounts under $100,000, Percentage of Total | 1.30% | 1.20% |
Total private accounts, Percentage of Total | 58.90% | 57.50% |
Public Funds [Member] | ||
Deposit [Line Items] | ||
Total non-interest-bearing demand deposits | $ 309,429 | $ 455,896 |
Savings and interest checking | 456,871 | 473,754 |
Money market accounts | 67,620 | 59,953 |
Time accounts of $100,000 or More | 6,524 | 4,332 |
Time accounts under $100,000 | 25 | 88 |
Total public funds | $ 531,040 | $ 538,127 |
Total non-interest-bearing demand deposits, Percentage of Total | 1.20% | 1.70% |
Savings and interest checking, Percentage of Total | 1.80% | 1.80% |
Money market accounts, Percentage of Total | 0.30% | 0.20% |
Time accounts of $100,000 or more, Percentage of Total | 0.00% | 0.00% |
Time accounts under $100,000, Percentage of Total | 0.00% | 0.00% |
Total public funds, Percentage of Total | 2.10% | 2.00% |
Deposits - Additional Informati
Deposits - Additional Information About Corporation's Deposits (Detail) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Banking and Thrift [Abstract] | ||
Certificate Of Deposit Account Registry Service Cdars Deposits Held | $ 356 | $ 0 |
Deposits from foreign sources (primarily Mexico) | 766,942 | 752,658 |
Deposits not covered by deposit insurance | $ 11,747,001 | $ 13,111,210 |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Detail) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | Jan. 01, 2019 | |
Rent expense for operating leases | $ 9.7 | $ 8.1 | $ 18.3 | $ 16.3 | |
Operating Lease, Right-of-Use Asset | 284.5 | 284.5 | $ 170.5 | ||
Operating Lease, Liability | 291.7 | $ 291.7 | $ 174.4 | ||
Recognition of right of use asset related to the new corporate headquarters facility | 121.7 | ||||
Recognition of operating lease liability related to the new corporate headquarters facility | $ 121.7 |
Commitments and Contingencies_2
Commitments and Contingencies - Financial Instruments with Off-Balance-Sheet Risk (Detail) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Standby Letters of Credit [Member] | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Financial instruments with off- balance-sheet risk | $ 294,722 | $ 271,575 |
Deferred Standby Letter Of Credit Fees [Member] | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Financial instruments with off- balance-sheet risk | 1,776 | 2,069 |
Commitments to Extend Credit [Member] | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Financial instruments with off- balance-sheet risk | $ 8,552,270 | $ 8,369,721 |
Capital and Regulatory Matter_2
Capital and Regulatory Matters - Additional Information (Detail) $ in Thousands | Jul. 24, 2019USD ($) | Oct. 24, 2017USD ($) | Jun. 30, 2019USD ($)shares | Dec. 31, 2018USD ($)shares | Jun. 30, 2018USD ($)shares | Jun. 30, 2019USD ($)quartershares | Jun. 30, 2018USD ($)shares | Dec. 31, 2018USD ($) |
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||||||||
Stock Repurchase Program, Authorized Amount | $ 100,000 | $ 150,000 | ||||||
Stock Repurchase Program, Period in Force | 1 year | 2 years | ||||||
Treasury stock, shares, acquired | shares | 496,307 | 601 | 501,658 | 601 | ||||
Treasury Stock, Value, Acquired, Cost Method | $ (50,000) | $ (70) | $ (50,519) | $ (70) | ||||
Qualified subordinated debt | 98,786 | $ 98,708 | 98,786 | $ 98,708 | ||||
Maximum dividends available without prior regulatory approval | 577,300 | $ 577,300 | ||||||
Maximum number of quarterly periods by which the corporation has the right to defer interest payments on junior subordinated deferrable interest debentures | quarter | 20 | |||||||
Trust Preferred Securities Tier One Excluded Portion [Member] | ||||||||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||||||||
Trust preferred securities | $ 133,000 | 133,000 | ||||||
Cullen/Frost [Member] | ||||||||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||||||||
Preferred stock value issued include for regulatory tier one capital calculations | 144,500 | 144,500 | $ 144,500 | $ 144,500 | ||||
Preferred stock dividend rate percentage | 5.375% | 5.375% | ||||||
Frost Bank [Member] | ||||||||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||||||||
Additional Tier 1 Capital beyond Common Equity Tier 1 | $ 0 | $ 0 | $ 0 | $ 0 | ||||
Stock Repurchase 2017 Plan | Treasury Stock [Member] | ||||||||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||||||||
Treasury stock, shares, acquired | shares | 496,307 | 1,027,292 | ||||||
Treasury Stock, Value, Acquired, Cost Method | $ (50,000) | $ (100,000) | ||||||
Subordinated Debt [Member] | ||||||||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||||||||
Qualified subordinated debt | $ 100,000 | $ 100,000 | $ 100,000 | $ 100,000 |
Capital and Regulatory Matter_3
Capital and Regulatory Matters - Actual and Required Capital Ratios (Detail) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Cullen/Frost [Member] | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Common Equity Tier 1 to Risk-Weighted Assets, Actual, Capital Amount | $ 2,733,377 | $ 2,642,475 |
Common Equity Tier 1 to Risk-Weighted Assets, Actual , Ratio | 12.29% | 12.27% |
Common Equity Tier 1 to Risk-Weighted Assets, Minimum Capital Required - Basel III Phase-In Schedule, Capital Amount | $ 1,372,573 | |
Common Equity Tier 1 to Risk-Weighted Assets, Minimum Capital Required - Basel III Phase-In Schedule, Ratio | 6.375% | |
Common Equity Tier 1 to Risk-Weighted Assets, Minimum Capital Required - Basel III Fully Phased-In, Capital Amount | $ 1,556,842 | $ 1,507,139 |
Common Equity Tier 1 to Risk-Weighted Assets, Minimum Capital Required - Basel III Fully Phased In, Ratio | 7.00% | 7.00% |
Common Equity Tier 1 to Risk-Weighted Assets, Required To Be Considered Well Capitalized, Capital Amount | $ 1,445,639 | $ 1,358,171 |
Common Equity Tier 1 to Risk-Weighted Assets, Required To Be Considered Well Capitalized, Ratio | 6.50% | 6.50% |
Tier 1 Capital to Risk-Weighted Assets, Actual, Capital Amount | $ 2,877,863 | $ 2,786,961 |
Tier 1 Capital to Risk-Weighted Assets, Actual, Ratio | 12.94% | 12.94% |
Tier 1 Capital to Risk-Weighted Assets, Minimum Capital Required - Basel III Phase-In Schedule, Capital Amount | $ 1,695,532 | |
Tier 1 Capital to Risk-Weighted Assets, Minimum Capital Required - Basel III Phase-In Schedule, Ratio | 7.875% | |
Tier 1 Capital to Risk-Weighted Assets, Minimum Capital Required - Basel III Fully Phased-In, Capital Amount | $ 1,890,451 | $ 1,830,098 |
Tier 1 Capital to Risk-Weighted Assets, Minimum Capital Required - Basel III Fully Phased-In, Ratio | 8.50% | 8.50% |
Tier 1 Capital to Risk-Weighted Assets, Required to be Considered Well Capitalized, Capital Amount | $ 1,779,248 | $ 1,671,595 |
Tier 1 Capital to Risk-Weighted Assets, Required to be Considered Well Capitalized, Ratio | 8.00% | 8.00% |
Total Capital to Risk-Weighted Assets, Actual, Capital Amount | $ 3,246,292 | $ 3,152,593 |
Total Capital to Risk-Weighted Assets, Actual, Ratio | 14.60% | 14.64% |
Total Capital to Risk-Weighted Assets, Minimum Capital Required - Basel III Phase-In Schedule, Capital Amount | $ 2,126,143 | |
Total Capital to Risk-Weighted Assets, Minimum Capital Required - Basel III Phase - In Schedule, Ratio | 9.875% | |
Total Capital to Risk-Weighted Assets, Minimum Capital Required - Basel III Fully Phased-In, Capital Amount | $ 2,335,264 | $ 2,260,709 |
Total Capital to Risk-Weighted Assets, Minimum Capital Required - Basel III Fully Phased-In, Ratio | 10.50% | 10.50% |
Total Capital to Risk-Weighted Assets, Required to be Considered Well Capitalized, Capital Amount | $ 2,224,061 | $ 2,089,494 |
Total Capital to Risk-Weighted Assets, Required to be Considered Well Capitalized, Ratio | 10.00% | 10.00% |
Leverage Ratio, Actual, Capital Amount | $ 2,877,863 | $ 2,786,961 |
Leverage Ratio, Actual, Ratio | 9.40% | 9.06% |
Leverage Ratio, Minimum Capital Required - Basel III Phase-In Schedule, Capital Amount | $ 1,231,028 | |
Leverage Ratio, Minimum Capital Required - Basel III Phase-In Schedule, Ratio | 4.00% | |
Leverage Ratio, Minimum Capital Required - Basel III Fully Phased-In, Capital Amount | $ 1,224,631 | $ 1,231,028 |
Leverage Ratio, Minimum Capital Required - Basel III Fully Phased-In, Ratio | 4.00% | 4.00% |
Leverage Ratio, Required to be Considered Well Capitalized, Capital Amount | $ 1,530,789 | $ 1,538,785 |
Leverage Ratio, Required to be Considered Well Capitalized, Ratio | 5.00% | 5.00% |
Frost Bank [Member] | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Common Equity Tier 1 to Risk-Weighted Assets, Actual, Capital Amount | $ 2,841,165 | $ 2,743,973 |
Common Equity Tier 1 to Risk-Weighted Assets, Actual , Ratio | 12.81% | 12.78% |
Common Equity Tier 1 to Risk-Weighted Assets, Minimum Capital Required - Basel III Phase-In Schedule, Capital Amount | $ 1,368,701 | |
Common Equity Tier 1 to Risk-Weighted Assets, Minimum Capital Required - Basel III Phase-In Schedule, Ratio | 6.375% | |
Common Equity Tier 1 to Risk-Weighted Assets, Minimum Capital Required - Basel III Fully Phased-In, Capital Amount | $ 1,552,278 | $ 1,502,887 |
Common Equity Tier 1 to Risk-Weighted Assets, Minimum Capital Required - Basel III Fully Phased In, Ratio | 7.00% | 7.00% |
Common Equity Tier 1 to Risk-Weighted Assets, Required To Be Considered Well Capitalized, Capital Amount | $ 1,441,401 | $ 1,354,222 |
Common Equity Tier 1 to Risk-Weighted Assets, Required To Be Considered Well Capitalized, Ratio | 6.50% | 6.50% |
Tier 1 Capital to Risk-Weighted Assets, Actual, Capital Amount | $ 2,841,165 | $ 2,743,973 |
Tier 1 Capital to Risk-Weighted Assets, Actual, Ratio | 12.81% | 12.78% |
Tier 1 Capital to Risk-Weighted Assets, Minimum Capital Required - Basel III Phase-In Schedule, Capital Amount | $ 1,690,748 | |
Tier 1 Capital to Risk-Weighted Assets, Minimum Capital Required - Basel III Phase-In Schedule, Ratio | 7.875% | |
Tier 1 Capital to Risk-Weighted Assets, Minimum Capital Required - Basel III Fully Phased-In, Capital Amount | $ 1,884,909 | $ 1,824,934 |
Tier 1 Capital to Risk-Weighted Assets, Minimum Capital Required - Basel III Fully Phased-In, Ratio | 8.50% | 8.50% |
Tier 1 Capital to Risk-Weighted Assets, Required to be Considered Well Capitalized, Capital Amount | $ 1,774,032 | $ 1,666,735 |
Tier 1 Capital to Risk-Weighted Assets, Required to be Considered Well Capitalized, Ratio | 8.00% | 8.00% |
Total Capital to Risk-Weighted Assets, Actual, Capital Amount | $ 2,976,594 | $ 2,876,605 |
Total Capital to Risk-Weighted Assets, Actual, Ratio | 13.42% | 13.40% |
Total Capital to Risk-Weighted Assets, Minimum Capital Required - Basel III Phase-In Schedule, Capital Amount | $ 2,120,144 | |
Total Capital to Risk-Weighted Assets, Minimum Capital Required - Basel III Phase - In Schedule, Ratio | 9.875% | |
Total Capital to Risk-Weighted Assets, Minimum Capital Required - Basel III Fully Phased-In, Capital Amount | $ 2,328,417 | $ 2,254,331 |
Total Capital to Risk-Weighted Assets, Minimum Capital Required - Basel III Fully Phased-In, Ratio | 10.50% | 10.50% |
Total Capital to Risk-Weighted Assets, Required to be Considered Well Capitalized, Capital Amount | $ 2,217,540 | $ 2,083,419 |
Total Capital to Risk-Weighted Assets, Required to be Considered Well Capitalized, Ratio | 10.00% | 10.00% |
Leverage Ratio, Actual, Capital Amount | $ 2,841,165 | $ 2,743,973 |
Leverage Ratio, Actual, Ratio | 9.29% | 8.93% |
Leverage Ratio, Minimum Capital Required - Basel III Phase-In Schedule, Capital Amount | $ 1,229,650 | |
Leverage Ratio, Minimum Capital Required - Basel III Phase-In Schedule, Ratio | 4.00% | |
Leverage Ratio, Minimum Capital Required - Basel III Fully Phased-In, Capital Amount | $ 1,223,119 | $ 1,229,650 |
Leverage Ratio, Minimum Capital Required - Basel III Fully Phased-In, Ratio | 4.00% | 4.00% |
Leverage Ratio, Required to be Considered Well Capitalized, Capital Amount | $ 1,528,899 | $ 1,537,062 |
Leverage Ratio, Required to be Considered Well Capitalized, Ratio | 5.00% | 5.00% |
Derivative Financial Instrume_3
Derivative Financial Instruments - Additional Information (Detail) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2019 | Dec. 31, 2018 | |
Derivative [Line Items] | ||
Weighted-average strike rate for outstanding interest rate caps | 2.99% | |
Approximate credit exposure related to swaps with bank customers | $ 44,700 | |
Aggregate fair value of securities posted as collateral for derivative contracts | 147 | |
Cash collateral for borrowed securities deposited with other financial institutions | 26,900 | |
Interest rate swaps with upstream financial institution counterparties [Member] | ||
Derivative [Line Items] | ||
Approximate credit exposure related to swaps with bank customers | 13,600 | |
Not Designated as Hedging Instrument [Member] | Financial Institution Counterparties Loan Lease Interest Rate Swaps Liabilities [Member] | ||
Derivative [Line Items] | ||
Estimated fair value of derivative contracts cleared through Chicago Mercantile Exchange | $ 0 | $ 0 |
Derivative Financial Instrume_4
Derivative Financial Instruments - Schedule of Notional Amounts and Estimated Fair Values of Interest Rate Derivative Contracts Outstanding (Detail) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Designated as Hedging Instrument [Member] | Financial institution counterparties Loan/lease interest rate swaps assets [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Notional Amount | $ 10,143 | $ 10,941 |
Estimated Fair Value | 41 | 207 |
Designated as Hedging Instrument [Member] | Financial institution counterparties Loan/lease interest rate swaps liabilities [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Notional Amount | 3,429 | 3,885 |
Estimated Fair Value | (185) | (199) |
Non Designated as Hedging Instrument [Member] | Financial institution counterparties Loan/lease interest rate swaps assets [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Notional Amount | 134,415 | 496,887 |
Estimated Fair Value | 205 | 2,384 |
Non Designated as Hedging Instrument [Member] | Financial institution counterparties Loan/lease interest rate swaps liabilities [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Notional Amount | 983,745 | 691,143 |
Estimated Fair Value | (19,896) | (8,921) |
Non Designated as Hedging Instrument [Member] | Financial institution counterparties Loan/lease interest-rate caps assets [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Notional Amount | 144,298 | 122,791 |
Estimated Fair Value | 670 | 509 |
Non Designated as Hedging Instrument [Member] | Customer counterparties Loan/lease interest rate swaps assets [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Notional Amount | 983,745 | 691,143 |
Estimated Fair Value | 44,371 | 16,706 |
Non Designated as Hedging Instrument [Member] | Customer counterparties Loan/lease interest rate swaps liabilities [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Notional Amount | 134,415 | 496,887 |
Estimated Fair Value | (534) | (8,891) |
Non Designated as Hedging Instrument [Member] | Customer counterparties Loan/lease interest rate caps liabilities [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Notional Amount | 144,298 | 122,791 |
Estimated Fair Value | $ (670) | $ (509) |
Derivative Financial Instrume_5
Derivative Financial Instruments - Schedule of Weighted-Average Rates Paid and Received for Interest Rate Swaps Outstanding (Detail) | Jun. 30, 2019 |
Weighted Average Interest Rate Paid [Member] | |
Weighted Average Discount Rate [Line Items] | |
Fair value hedge loan/lease interest rate swaps | 2.29% |
Weighted-Average Interest Rate Received [Member] | |
Weighted Average Discount Rate [Line Items] | |
Fair value hedge loan/lease interest rate swaps | 2.41% |
Financial Institution Counterparties [Member] | Weighted Average Interest Rate Paid [Member] | |
Weighted Average Discount Rate [Line Items] | |
Non-hedging interest rate swaps – financial institution counterparties | 4.19% |
Financial Institution Counterparties [Member] | Weighted-Average Interest Rate Received [Member] | |
Weighted Average Discount Rate [Line Items] | |
Non-hedging interest rate swaps – financial institution counterparties | 4.03% |
Customer Counterparties [Member] | Weighted Average Interest Rate Paid [Member] | |
Weighted Average Discount Rate [Line Items] | |
Non-hedging interest rate swaps – customer counterparties | 4.03% |
Customer Counterparties [Member] | Weighted-Average Interest Rate Received [Member] | |
Weighted Average Discount Rate [Line Items] | |
Non-hedging interest rate swaps – customer counterparties | 4.19% |
Derivative Financial Instrume_6
Derivative Financial Instruments - Schedule of Notional Amounts and Estimated Fair Values of Commodity Derivative Positions (Detail) bbl in Thousands, MMBTU in Thousands, $ in Thousands | Jun. 30, 2019USD ($)MMBTUbbl | Dec. 31, 2018USD ($)MMBTUbbl |
Financial Institution Counterparties [Member] | Oil Commodity Derivative [Member] | ||
Derivative Instruments [Line Items] | ||
Oil/Natural Gas Derivative Assets, Notional Amount | bbl | 1,745 | 2,416 |
Oil/Natural Gas Derivative Liabilities, Notional Amount | bbl | 1,135 | 415 |
Oil/Natural Gas Derivative Assets, Estimated Fair Value | $ 7,880 | $ 24,332 |
Oil/Natural Gas Derivative Liabilities, Estimated Fair Value | $ (3,812) | $ (646) |
Financial Institution Counterparties [Member] | Natural Gas Commodity Derivative [Member] | ||
Derivative Instruments [Line Items] | ||
Oil/Natural Gas Derivative Assets, Notional Amount | MMBTU | 10,197 | 5,745 |
Oil/Natural Gas Derivative Liabilities, Notional Amount | MMBTU | 3,066 | 9,314 |
Oil/Natural Gas Derivative Assets, Estimated Fair Value | $ 1,861 | $ 417 |
Oil/Natural Gas Derivative Liabilities, Estimated Fair Value | $ (248) | $ (1,272) |
Customer Counterparties [Member] | Oil Commodity Derivative [Member] | ||
Derivative Instruments [Line Items] | ||
Oil/Natural Gas Derivative Assets, Notional Amount | bbl | 1,205 | 415 |
Oil/Natural Gas Derivative Liabilities, Notional Amount | bbl | 1,675 | 2,416 |
Oil/Natural Gas Derivative Assets, Estimated Fair Value | $ 3,919 | $ 646 |
Oil/Natural Gas Derivative Liabilities, Estimated Fair Value | $ (7,662) | $ (24,009) |
Customer Counterparties [Member] | Natural Gas Commodity Derivative [Member] | ||
Derivative Instruments [Line Items] | ||
Oil/Natural Gas Derivative Assets, Notional Amount | MMBTU | 3,066 | 10,236 |
Oil/Natural Gas Derivative Liabilities, Notional Amount | MMBTU | 10,197 | 4,823 |
Oil/Natural Gas Derivative Assets, Estimated Fair Value | $ 248 | $ 1,373 |
Oil/Natural Gas Derivative Liabilities, Estimated Fair Value | $ (1,768) | $ (393) |
Derivative Financial Instrume_7
Derivative Financial Instruments - Notional Amount and Fair Value of Foreign Currency Forward Contract (Detail) £ in Thousands, $ in Thousands, $ in Thousands, $ in Thousands | Jun. 30, 2019USD ($) | Jun. 30, 2019CAD ($) | Jun. 30, 2019MXN ($) | Jun. 30, 2019GBP (£) | Dec. 31, 2018USD ($) | Dec. 31, 2018CAD ($) | Dec. 31, 2018MXN ($) | Dec. 31, 2018GBP (£) |
Financial Institution Counterparties [Member] | Other Liabilities [Member] | Non Designated as Hedging Instrument [Member] | ||||||||
Derivative Counter Party [Line Items] | ||||||||
Forward Contracts – Liability Notional Amount | $ 5,339 | $ 0 | £ 0 | $ 11,003 | $ 3,015 | £ 142 | ||
Customer Counterparties [Member] | Other Assets [Member] | Non Designated as Hedging Instrument [Member] | ||||||||
Derivative Counter Party [Line Items] | ||||||||
Forward Contracts – Assets Notional Amount | $ 5,326 | $ 0 | £ 0 | $ 10,979 | $ 3,000 | £ 145 | ||
Foreign Exchange Forward [Member] | Financial Institution Counterparties [Member] | ||||||||
Derivative Counter Party [Line Items] | ||||||||
Forward Contracts – Liability Estimated Fair Value | $ (14) | $ (13) | ||||||
Foreign Exchange Forward [Member] | Customer Counterparties [Member] | ||||||||
Derivative Counter Party [Line Items] | ||||||||
Forward Contracts – Assets Estimated Fair Value | 27 | 40 | ||||||
GBP Foreign Exchange Forward [Member] | Financial Institution Counterparties [Member] | ||||||||
Derivative Counter Party [Line Items] | ||||||||
Forward Contracts – Liability Estimated Fair Value | 0 | (2) | ||||||
GBP Foreign Exchange Forward [Member] | Customer Counterparties [Member] | ||||||||
Derivative Counter Party [Line Items] | ||||||||
Forward Contracts – Assets Estimated Fair Value | 0 | 4 | ||||||
MXN Foreign Exchange Forwards [Member] | Financial Institution Counterparties [Member] | ||||||||
Derivative Counter Party [Line Items] | ||||||||
Forward Contracts – Liability Estimated Fair Value | 0 | (132) | ||||||
MXN Foreign Exchange Forwards [Member] | Customer Counterparties [Member] | ||||||||
Derivative Counter Party [Line Items] | ||||||||
Forward Contracts – Assets Estimated Fair Value | $ 0 | $ 149 |
Derivative Financial Instrume_8
Derivative Financial Instruments - Schedule of Amounts Related to Interest Rate Derivatives Designated as Hedges of Fair Value (Detail) - Designated as Hedging Instrument [Member] - Commercial Loan/Lease Interest Rate Swaps [Member] - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Interest Income on Loans [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Amount of gain (loss) included in income | $ 28 | $ 31 | $ 54 | $ (11) |
Other Non-Interest Expense [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Amount of gain (loss) included in income | $ 1 | $ (1) | $ 1 | $ (1) |
Derivative Financial Instrume_9
Derivative Financial Instruments - Schedule of Amounts Related to Non-Hedging Interest Rate and Commodity Derivatives (Detail) - Non Designated as Hedging Instrument [Member] - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Interest Rate Contract [Member] | Other Non-Interest Income [Member] | ||||
Other Non Interest Income Non Hedging Interest Rate Derivatives [Line Items] | ||||
Amount of gain (loss) included in income (expense) | $ 387 | $ 702 | $ 973 | $ 2,190 |
Interest Rate Contract [Member] | Other Non-Interest Expense [Member] | ||||
Other Non Interest Income Non Hedging Interest Rate Derivatives [Line Items] | ||||
Amount of gain (loss) included in income (expense) | 0 | 17 | 0 | (4) |
Commodity Contract [Member] | Other Non-Interest Income [Member] | ||||
Other Non Interest Income Non Hedging Interest Rate Derivatives [Line Items] | ||||
Amount of gain (loss) included in income (expense) | 110 | (54) | 213 | 36 |
Foreign Currency Derivative Contracts [Member] | Other Non-Interest Income [Member] | ||||
Other Non Interest Income Non Hedging Interest Rate Derivatives [Line Items] | ||||
Amount of gain (loss) included in income (expense) | $ 12 | $ 91 | $ 29 | $ 150 |
Balance Sheet Offsetting - Fina
Balance Sheet Offsetting - Financial Instruments Eligible for Offset Consolidated Balance Sheet (Detail) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Gross Amount Recognized, Derivatives, Financial Assets | $ 10,657 | $ 27,849 |
Gross Amount Offset, Derivatives, Financial assets | 0 | 0 |
Net Amount Recognized, Derivatives, Financial assets | 10,657 | 27,849 |
Gross Amount Recognized, Resell agreements, Financial assets | 10,193 | 11,642 |
Gross Amount Offset, Resell agreements, Financial assets | 0 | 0 |
Net Amount Recognized, Resell agreements, Financial assets | 10,193 | 11,642 |
Gross Amount Recognized, Financial assets | 20,850 | 39,491 |
Gross Amount Offset, Financial assets | 0 | 0 |
Net Amount Recognized, Financial assets | 20,850 | 39,491 |
Gross Amount Recognized, Derivatives, Financial Liabilities | 24,155 | 11,185 |
Gross Amount Offset, Derivatives, Financial liabilities | 0 | 0 |
Net Amount Recognized, Derivatives, Financial liabilities | 24,155 | 11,185 |
Gross Amount Recognized, Repurchase agreements, Financial liabilities | 1,308,257 | 1,360,298 |
Gross Amount Offset, Repurchase agreements, Financial liabilities | 0 | 0 |
Net Amount Recognized, Repurchase agreements, Financial liabilities | 1,308,257 | 1,360,298 |
Gross Amount Recognized, Financial liabilities | 1,332,412 | 1,371,483 |
Gross Amount Offset, Financial liabilities | 0 | 0 |
Net Amount Recognized, Financial Liabilities | 1,332,412 | 1,371,483 |
Loan/lease interest rate swaps and caps [Member] | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Gross Amount Recognized, Derivatives, Financial Assets | 916 | 3,100 |
Gross Amount Offset, Derivatives, Financial assets | 0 | 0 |
Net Amount Recognized, Derivatives, Financial assets | 916 | 3,100 |
Commodity swaps and options [Member] | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Gross Amount Recognized, Derivatives, Financial Assets | 9,741 | 24,749 |
Gross Amount Offset, Derivatives, Financial assets | 0 | 0 |
Net Amount Recognized, Derivatives, Financial assets | 9,741 | 24,749 |
Gross Amount Recognized, Derivatives, Financial Liabilities | 4,060 | 1,918 |
Gross Amount Offset, Derivatives, Financial liabilities | 0 | 0 |
Net Amount Recognized, Derivatives, Financial liabilities | 4,060 | 1,918 |
Foreign currency forward contracts [Member] | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Gross Amount Recognized, Derivatives, Financial Assets | 0 | 0 |
Gross Amount Offset, Derivatives, Financial assets | 0 | 0 |
Net Amount Recognized, Derivatives, Financial assets | 0 | 0 |
Gross Amount Recognized, Derivatives, Financial Liabilities | 14 | 147 |
Gross Amount Offset, Derivatives, Financial liabilities | 0 | 0 |
Net Amount Recognized, Derivatives, Financial liabilities | 14 | 147 |
Loan/lease interest rate swaps [Member] | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Gross Amount Recognized, Derivatives, Financial Liabilities | 20,081 | 9,120 |
Gross Amount Offset, Derivatives, Financial liabilities | 0 | 0 |
Net Amount Recognized, Derivatives, Financial liabilities | $ 20,081 | $ 9,120 |
Balance Sheet Offsetting - Fi_2
Balance Sheet Offsetting - Financial Instruments Derivative Assets Liabilities and Resell Agreements Net of Amount Not Offset (Detail) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Net Amount Recognized, Derivatives, Financial Assets | $ 10,657 | $ 27,849 |
Gross Amounts Not Offset, Financial Instruments, Total Derivatives, Financial Assets | (10,526) | (6,143) |
Gross Amount Not Offset Collateral, Derivatives, Financial Assets | 0 | (21,651) |
Net Amount, Derivatives, Financial Assets | 131 | 55 |
Net Amount Recognized, Resell agreements, Financial Assets | 10,193 | 11,642 |
Gross Amounts Not Offset Financial Instruments, Resell Agreements | 0 | 0 |
Gross Amounts Not Offset Collateral, Resell Agreements, Financial Assets | (10,193) | (11,642) |
Net Amount, Financial Assets, Resell Agreements | 0 | 0 |
Net Amount Recognized, Total Financial Assets | 20,850 | 39,491 |
Gross Amounts Not Offset Collateral, Financial Assets | (10,193) | (33,293) |
Net Amount, Financial Assets | 131 | 55 |
Net Amount Recognized, Derivatives, Financial Liabilities | 24,155 | 11,185 |
Gross Amounts Not Offset Financial Instruments, Total Derivatives, Financial Liabilities | (10,526) | (6,143) |
Gross Amounts Not Offset Collateral, Derivatives, Financial Liabilities | (13,550) | (4,621) |
Net Amount, Derivatives, Financial Liabilities | 79 | 421 |
Net Amount Recognized, Repurchase Agreements, Financial Liabilities | 1,308,257 | 1,360,298 |
Gross Amounts Not Offset Financial Instruments, Repurchase Agreements, Financial Liabilities | 0 | 0 |
Gross Amounts Not Offset Collateral, Repurchase Agreements, Financial Liabilities | (1,308,257) | (1,360,298) |
Net Amount, Repurchase Agreements, Financial Liabilities | 0 | 0 |
Net Amount Recognized, Financial Liabilities | 1,332,412 | 1,371,483 |
Gross Amounts Not Offset Collateral, Financial Liabilities | (1,321,807) | (1,364,919) |
Net Amount, Financial Liabilities | 79 | 421 |
Counterparty A [Member] | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Net Amount Recognized, Derivatives, Financial Assets | 104 | 598 |
Gross Amounts Not Offset, Financial Instruments, Total Derivatives, Financial Assets | (104) | (598) |
Gross Amount Not Offset Collateral, Derivatives, Financial Assets | 0 | 0 |
Net Amount, Derivatives, Financial Assets | 0 | 0 |
Net Amount Recognized, Derivatives, Financial Liabilities | 5,706 | 4,293 |
Gross Amounts Not Offset Financial Instruments, Total Derivatives, Financial Liabilities | (104) | (598) |
Gross Amounts Not Offset Collateral, Derivatives, Financial Liabilities | (5,602) | (3,651) |
Net Amount, Derivatives, Financial Liabilities | 0 | 44 |
Counterparty B [Member] | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Net Amount Recognized, Derivatives, Financial Assets | 3,937 | 7,255 |
Gross Amounts Not Offset, Financial Instruments, Total Derivatives, Financial Assets | (3,937) | (3,380) |
Gross Amount Not Offset Collateral, Derivatives, Financial Assets | 0 | (3,875) |
Net Amount, Derivatives, Financial Assets | 0 | 0 |
Net Amount Recognized, Derivatives, Financial Liabilities | 7,224 | 3,380 |
Gross Amounts Not Offset Financial Instruments, Total Derivatives, Financial Liabilities | (3,937) | (3,380) |
Gross Amounts Not Offset Collateral, Derivatives, Financial Liabilities | (3,287) | 0 |
Net Amount, Derivatives, Financial Liabilities | 0 | 0 |
Counterparty C [Member] | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Net Amount Recognized, Derivatives, Financial Assets | 16 | 81 |
Gross Amounts Not Offset, Financial Instruments, Total Derivatives, Financial Assets | (16) | (81) |
Gross Amount Not Offset Collateral, Derivatives, Financial Assets | 0 | 0 |
Net Amount, Derivatives, Financial Assets | 0 | 0 |
Net Amount Recognized, Derivatives, Financial Liabilities | 184 | 326 |
Gross Amounts Not Offset Financial Instruments, Total Derivatives, Financial Liabilities | (16) | (81) |
Gross Amounts Not Offset Collateral, Derivatives, Financial Liabilities | (168) | (245) |
Net Amount, Derivatives, Financial Liabilities | 0 | 0 |
Other Counterparties [Member] | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Net Amount Recognized, Derivatives, Financial Assets | 6,600 | 19,915 |
Gross Amounts Not Offset, Financial Instruments, Total Derivatives, Financial Assets | (6,469) | (2,084) |
Gross Amount Not Offset Collateral, Derivatives, Financial Assets | 0 | (17,776) |
Net Amount, Derivatives, Financial Assets | 131 | 55 |
Net Amount Recognized, Derivatives, Financial Liabilities | 11,041 | 3,186 |
Gross Amounts Not Offset Financial Instruments, Total Derivatives, Financial Liabilities | (6,469) | (2,084) |
Gross Amounts Not Offset Collateral, Derivatives, Financial Liabilities | (4,493) | (725) |
Net Amount, Derivatives, Financial Liabilities | $ 79 | $ 377 |
Balance Sheet Offsetting Balanc
Balance Sheet Offsetting Balance Sheet Offsetting - Remaining Contractual Maturity of the Securities Sold Under Agreement to Repurchase (Details) - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended |
Jun. 30, 2019 | Dec. 31, 2018 | |
Remaining Contractual Maturity of the Securities Sold Under Agreement to Repurchase [Line Items] | ||
Remaining contractual maturity of the agreements overnight and continuous | $ 1,308,257 | $ 1,360,298 |
Remaining contractual maturity of the agreements up to 30 Days | 0 | 0 |
Remaining contractual maturity of the agreements 30 to 90 Days | 0 | 0 |
Remaining contractual maturity of the agreements greater than 90 Days | 0 | 0 |
Remaining contractual maturity of the agreements total | 1,308,257 | 1,360,298 |
Securities Sold under Agreements to Repurchase, Gross | 1,308,257 | 1,360,298 |
Securities Sold under Agreements to Repurchase, Collateral, Right to Reclaim Securities | 0 | 0 |
US Treasury Securities [Member] | ||
Remaining Contractual Maturity of the Securities Sold Under Agreement to Repurchase [Line Items] | ||
Remaining contractual maturity of the agreements overnight and continuous | 946,724 | 1,334,063 |
Remaining contractual maturity of the agreements up to 30 Days | 0 | 0 |
Remaining contractual maturity of the agreements 30 to 90 Days | 0 | 0 |
Remaining contractual maturity of the agreements greater than 90 Days | 0 | 0 |
Remaining contractual maturity of the agreements total | 946,724 | 1,334,063 |
Residential mortgage-backed securities [Member] | ||
Remaining Contractual Maturity of the Securities Sold Under Agreement to Repurchase [Line Items] | ||
Remaining contractual maturity of the agreements overnight and continuous | 361,533 | 26,235 |
Remaining contractual maturity of the agreements up to 30 Days | 0 | 0 |
Remaining contractual maturity of the agreements 30 to 90 Days | 0 | 0 |
Remaining contractual maturity of the agreements greater than 90 Days | 0 | 0 |
Remaining contractual maturity of the agreements total | $ 361,533 | $ 26,235 |
Stock-Based Compensation Stock-
Stock-Based Compensation Stock-Based Compensation - Narrative (Details) | Jun. 30, 2019shares |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | 1,265,480 |
Stock-Based Compensation - Summ
Stock-Based Compensation - Summary of Activity in Corporation's Active Stock Plans (Detail) - $ / shares | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock options exercised, Number of Shares | (53,035) | (110,489) | (153,900) | (428,599) |
Director deferred stock units outstanding [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Beginning Balance, Number of Shares | 48,910 | |||
Granted, Number of Units | 7,592 | |||
Ending Balance, Number of Shares | 56,502 | 56,502 | ||
Beginning Balance, Director Deferred, Weighted-Average Grant-Date Fair Value | $ 71.14 | |||
Ending Balance, Director Deferred, Weighted-Average Grant-Date Fair Value | $ 75.38 | 75.38 | ||
Granted Weighted-Average Grant-Date Fair Value | $ 102.70 | |||
Non-Vested Stock Awards/Stock Units Outstanding [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Beginning Balance, Number of Shares | 383,797 | |||
Granted, Number of Units | 1,957 | |||
Stock Awards exercised/vested, Number of shares | (17,800) | (17,800) | ||
Forfeited/expired, Number of Shares | (3,877) | |||
Ending Balance, Number of Shares | 364,077 | 364,077 | ||
Beginning Balance, Weighted-Average Grant-Date Fair Value | $ 85.59 | |||
Granted Weighted-Average Grant-Date Fair Value | 91.96 | |||
Stock Award Exercised/Vested, Weighted Average Grant Date Fair Value | 65.11 | |||
Ending Balance, Weighted-Average Grant-Date Fair Value | $ 86.58 | 86.58 | ||
Forfeited/expired, Weighted-Average Exercise Price | $ 90.10 | |||
Stock Options Outstanding [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Beginning Balance, Number of Shares | 2,352,008 | |||
Stock options exercised, Number of Shares | (136,100) | |||
Forfeited/expired, Number of Shares | (6,875) | |||
Ending Balance, Number of Shares | 2,209,033 | 2,209,033 | ||
Beginning Balance, Weighted-Average Exercise Price | $ 63.55 | |||
Stock options exercised, Weighted-Average Exercise Price | 57.61 | |||
Forfeited/expired, Weighted-Average Exercise Price | 65.11 | |||
Ending Balance, Weighted-Average Exercise Price | $ 63.91 | $ 63.91 | ||
Maximum [Member] | Performance Shares [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Beginning Balance, Number of Shares | 125,809 | |||
Ending Balance, Number of Shares | 125,809 | 125,809 | ||
Beginning Balance, Weighted-Average Grant-Date Fair Value | $ 82.55 | |||
Ending Balance, Weighted-Average Grant-Date Fair Value | $ 82.55 | $ 82.55 |
Stock-Based Compensation - Shar
Stock-Based Compensation - Shares Issued in Connection with Stock Compensation Awards (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ||||
New shares issued from available authorized shares | 0 | 0 | 0 | 0 |
Issued from available treasury stock | 53,035 | 110,489 | 153,900 | 428,599 |
Total | 53,035 | 110,489 | 153,900 | 428,599 |
Proceeds from stock option exercises | $ 2,956 | $ 6,283 | $ 7,841 | $ 25,448 |
Stock-Based Compensation - Stoc
Stock-Based Compensation - Stock-Based Compensation Expense (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ||||
Stock options | $ 379 | $ 1,019 | $ 761 | $ 2,104 |
Non-vested stock awards/stock units | 2,056 | 1,371 | 4,191 | 2,839 |
Director deferred stock units | 780 | 720 | 780 | 720 |
Performance stock units | 1,149 | 475 | 2,286 | 1,097 |
Total | 4,364 | 3,585 | 8,018 | 6,760 |
Income tax benefit | $ 732 | $ 753 | $ 1,316 | $ 1,420 |
Stock-Based Compensation - Unre
Stock-Based Compensation - Unrecognized Stock-Based Compensation Expense (Detail) $ in Thousands | Jun. 30, 2019USD ($) |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Stock options | $ 465 |
Non-vested stock awards/stock units | 13,441 |
Performance stock units | 4,241 |
Total | $ 18,147 |
Earnings Per Common Share - Bas
Earnings Per Common Share - Basic and Diluted Earnings Per Common Share (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Earnings Per Share [Abstract] | ||||
Net income | $ 111,586 | $ 111,341 | $ 228,082 | $ 217,821 |
Less: Preferred stock dividends | 2,015 | 2,015 | 4,031 | 4,031 |
Net income available to common shareholders | 109,571 | 109,326 | 224,051 | 213,790 |
Less: Earnings allocated to participating securities | 906 | 726 | 1,886 | 1,431 |
Distributed earnings allocated to common stock | 44,461 | 42,791 | 86,699 | 79,096 |
Undistributed earnings allocated to common stock | 64,204 | 65,809 | 135,466 | 133,263 |
Net earnings allocated to common stock | $ 108,665 | $ 108,600 | $ 222,165 | $ 212,359 |
Weighted-average shares outstanding for basic earnings per common share | 62,789,182 | 63,836,651 | 62,898,514 | 63,743,442 |
Dilutive effect of stock compensation | 764,916 | 1,062,637 | 791,513 | 1,043,712 |
Weighted-average shares outstanding for diluted earnings per common share | 63,554,098 | 64,899,288 | 63,690,027 | 64,787,154 |
Defined Benefit Plans - Net Per
Defined Benefit Plans - Net Periodic Cost (Benefit) (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Retirement Benefits [Abstract] | ||||
Expected return on plan assets, net of expenses | $ (2,693) | $ (2,979) | $ (5,386) | $ (5,958) |
Interest cost on projected benefit obligation | 1,618 | 1,474 | 3,236 | 2,949 |
Net amortization and deferral | 1,406 | 1,251 | 2,812 | 2,501 |
Net periodic expense (benefit) | $ 331 | $ (254) | $ 662 | $ (508) |
Defined Benefit Plans Additiona
Defined Benefit Plans Additional Information (Details) | Jun. 30, 2019USD ($) |
Retirement Benefits [Abstract] | |
Defined Benefit Plan, Expected Future Employer Contributions, Current Fiscal Year | $ 0 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) $ in Millions | 6 Months Ended | |
Jun. 30, 2019 | Dec. 31, 2018 | |
Income Tax [Abstract] | ||
Deferred Tax Liabilities, Net | $ 54.8 | |
Deferred Tax Assets, Net | $ 19.8 | |
Valuation allowance | $ 0 | |
U.S. federal statutory income tax rate, percent | 21.00% | |
Unrecognized tax benefits | $ 0 |
Income Taxes - Income Tax Expen
Income Taxes - Income Tax Expense (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Income Tax Disclosure [Abstract] | ||||
Current income tax expense (benefit) | $ 14,505 | $ 1,361 | $ 29,504 | $ 2,107 |
Deferred income tax expense (benefit) | 369 | 12,475 | (675) | 22,886 |
Income tax expense, as reported | $ 14,874 | $ 13,836 | $ 28,829 | $ 24,993 |
Effective tax rate | 11.80% | 11.10% | 11.20% | 10.30% |
Other Comprehensive Income (L_3
Other Comprehensive Income (Loss) - Component of Other Comprehensive Income (Loss) (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Equity [Abstract] | ||||
Securities available for sale and transferred securities, Change in net unrealized gain/loss during the period, Before Tax Amount | $ 158,140 | $ (11,884) | $ 356,286 | $ (190,788) |
Securities available for sale and transferred securities, Change in net unrealized gain on securities transferred to held to maturity, Before Tax Amount | (308) | (2,041) | (652) | (4,660) |
Securities available for sale and transferred securities, Reclassification adjustment for net (gains) losses included in net income, Before Tax Amount | (169) | 60 | (169) | 79 |
Total securities available for sale and transferred securities, before tax amount | 157,663 | (13,865) | 355,465 | (195,369) |
Change in the net actuarial gain/loss,Before Tax Amount | 0 | 0 | 0 | 0 |
Reclassification adjustment for net amortization of actuarial gain/loss included in net income as a component of net periodic cost (benefit), before tax amount | 1,406 | 1,251 | 2,812 | 2,501 |
Total defined-benefit post-retirement benefit plans | 1,406 | 1,251 | 2,812 | 2,501 |
Total other comprehensive income (loss), before tax | 159,069 | (12,614) | 358,277 | (192,868) |
Securities available for sale and transferred securities, Change in net unrealized gain/loss during the period, Tax Expense (Benefit) | 33,209 | (2,496) | 74,820 | (40,066) |
Securities available for sale and transferred securities, Change in net unrealized gain on securities transferred to held to maturity, Tax Expense (Benefit) | (65) | (429) | (137) | (979) |
Securities available for sale and transferred securities, Reclassification adjustment for net (gains) losses included in net income, Tax Expense (Benefit) | (35) | 13 | (35) | 17 |
Total securities available for sale and transferred securities, Tax Expense (Benefit) | 33,109 | (2,912) | 74,648 | (41,028) |
Reclassification adjustment for net amortization of actuarial gain/loss included in net income as a component of net periodic cost (benefit), Tax Expense (Benefit) | 296 | 263 | 591 | 526 |
Total defined-benefit post-retirement benefit plans, Tax Expense (Benefit) | 296 | 263 | 591 | 526 |
Total other comprehensive income (loss), Tax Expense (Benefit) | 33,405 | (2,649) | 75,239 | (40,502) |
Securities available for sale and transferred securities, Change in net unrealized gain/loss during the period, Net of Tax | 124,931 | (9,388) | 281,466 | (150,722) |
Securities available for sale and transferred securities, Change in net unrealized gain on securities transferred to held to maturity, Net of Tax | (243) | (1,612) | (515) | (3,681) |
Securities available for sale and transferred securities, Reclassification adjustment for net (gains) losses included in net income, Net of Tax | (134) | 47 | (134) | 62 |
Total securities available for sale and transferred securities, Net of Tax | 124,554 | (10,953) | 280,817 | (154,341) |
Reclassification adjustment for net amortization of actuarial gain/lloss included in net income as a component of net periodic cost (benefit), Net of Tax | 1,110 | 988 | 2,221 | 1,975 |
Total defined-benefit post-retirement benefit plans, Net of Tax Amount | 1,110 | 988 | 2,221 | 1,975 |
Other comprehensive income (loss), net of tax | $ 125,664 | $ (9,965) | $ 283,038 | $ (152,366) |
Other Comprehensive Income - Sc
Other Comprehensive Income - Schedule of Accumulated Other Comprehensive Income, Net of Tax (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ||||
Beginning Balance | $ (63,600) | |||
Other comprehensive income (loss), net of tax | $ 125,664 | $ (9,965) | 283,038 | $ (152,366) |
Ending Balance | 219,438 | 219,438 | ||
Securities Available For Sale [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ||||
Beginning Balance | (16,103) | 117,230 | ||
Other comprehensive income (loss) before reclassifications | 280,951 | (154,403) | ||
Reclassification of amounts included in net income | (134) | 62 | ||
Other comprehensive income (loss), net of tax | 280,817 | (154,341) | ||
Reclassification of certain income tax effects related to the change in the U.S. statutory federal income tax rate under the Tax Cuts and Jobs Act to retained earnings | 17,557 | |||
Ending Balance | 264,714 | (19,554) | 264,714 | (19,554) |
Defined Benefit Plans [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ||||
Beginning Balance | (47,497) | (37,718) | ||
Other comprehensive income (loss) before reclassifications | 0 | 0 | ||
Reclassification of amounts included in net income | 2,221 | 1,975 | ||
Other comprehensive income (loss), net of tax | 2,221 | 1,975 | ||
Reclassification of certain income tax effects related to the change in the U.S. statutory federal income tax rate under the Tax Cuts and Jobs Act to retained earnings | (8,022) | |||
Ending Balance | (45,276) | (43,765) | (45,276) | (43,765) |
AOCI Attributable to Parent [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ||||
Beginning Balance | (63,600) | 79,512 | ||
Other comprehensive income (loss) before reclassifications | 280,951 | (154,403) | ||
Reclassification of amounts included in net income | 2,087 | 2,037 | ||
Other comprehensive income (loss), net of tax | 283,038 | (152,366) | ||
Reclassification of certain income tax effects related to the change in the U.S. statutory federal income tax rate under the Tax Cuts and Jobs Act to retained earnings | 9,535 | |||
Ending Balance | $ 219,438 | $ (63,319) | $ 219,438 | $ (63,319) |
Operating Segments - Additional
Operating Segments - Additional Information (Detail) | 6 Months Ended |
Jun. 30, 2019Segment | |
Segment Reporting [Abstract] | |
Number of primary operating segments | 2 |
Operating Segments - Summary of
Operating Segments - Summary of Operating Results by Segment (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Segment Reporting Information [Line Items] | ||||
Revenues from (expenses to) external customers | $ 336,069 | $ 322,336 | $ 679,323 | $ 643,529 |
Net income | 111,586 | 111,341 | 228,082 | 217,821 |
Operating Segments [Member] | Banking [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Revenues from (expenses to) external customers | 302,747 | 290,433 | 611,360 | 578,994 |
Net income | 110,893 | 109,276 | 223,810 | 212,917 |
Operating Segments [Member] | Frost Wealth Advisors [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Revenues from (expenses to) external customers | 36,164 | 34,526 | 73,515 | 69,607 |
Net income | 4,897 | 5,901 | 11,297 | 11,535 |
Operating Segments [Member] | Non-Banks [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Revenues from (expenses to) external customers | (2,842) | (2,623) | (5,552) | (5,072) |
Net income | $ (4,204) | $ (3,836) | $ (7,025) | $ (6,631) |
Fair Value Measurements - Addit
Fair Value Measurements - Additional Information (Detail) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Financial instruments using fair value measurement option | $ 0 | $ 0 |
Fair Value Measurements - Finan
Fair Value Measurements - Financial Assets and Financial Liabilities Measured at Fair Value on Recurring Basis (Detail) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale, estimated fair value | $ 12,279,513 | $ 11,387,321 |
Trading account securities | 25,482 | 24,086 |
Derivative assets | 10,657 | 27,849 |
Derivative liabilities | 24,155 | 11,185 |
Interest rate swaps, caps and floors [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative assets | 45,287 | 19,806 |
Derivative liabilities | 21,285 | 18,520 |
Commodity swaps and options [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative assets | 13,908 | 26,768 |
Derivative liabilities | 13,490 | 26,320 |
Foreign Exchange Forward [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative assets | 27 | 193 |
Derivative liabilities | 14 | 147 |
U.S. Treasury [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale, estimated fair value | 2,920,720 | 3,427,689 |
Trading account securities | 22,642 | 21,928 |
Residential mortgage-backed securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale, estimated fair value | 2,247,712 | 829,740 |
States and political subdivisions [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale, estimated fair value | 7,068,301 | 7,087,202 |
Trading account securities | 2,840 | 2,158 |
Other [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale, estimated fair value | 42,780 | 42,690 |
Level 1 [Member] | Foreign Exchange Forward [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative assets | 27 | 193 |
Derivative liabilities | 14 | 147 |
Level 1 [Member] | U.S. Treasury [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale, estimated fair value | 2,920,720 | 3,427,689 |
Trading account securities | 22,642 | 21,928 |
Level 2 [Member] | Interest rate swaps, caps and floors [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative assets | 45,287 | 19,806 |
Derivative liabilities | 21,285 | 18,520 |
Level 2 [Member] | Commodity swaps and options [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative assets | 13,908 | 26,768 |
Derivative liabilities | 13,490 | 26,320 |
Level 2 [Member] | Residential mortgage-backed securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale, estimated fair value | 2,247,712 | 829,740 |
Level 2 [Member] | States and political subdivisions [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale, estimated fair value | 7,068,301 | 7,087,202 |
Trading account securities | 2,840 | 2,158 |
Level 2 [Member] | Other [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale, estimated fair value | $ 42,780 | $ 42,690 |
Fair Value Measurements - Impai
Fair Value Measurements - Impaired Loans Remeasured and Reported at Fair Value of Underlying Collateral (Detail) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 | Jun. 30, 2018 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Carrying value of impaired loans before allocations | $ 68,202 | $ 70,221 | |
Specific valuation allowance allocations | (18,836) | $ (16,235) | |
Level 2 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Carrying value of impaired loans before allocations | 2,161 | $ 14,359 | |
Specific valuation allowance allocations | 1,179 | (799) | |
Loans receivable, fair value disclosure | 3,340 | 13,560 | |
Level 3 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Carrying value of impaired loans before allocations | 33,839 | 52,048 | |
Specific valuation allowance allocations | (3,623) | (1,149) | |
Loans receivable, fair value disclosure | $ 30,216 | $ 50,899 |
Fair Value Measurements - Forec
Fair Value Measurements - Foreclosed Assets Remeasured and Reported at Fair Value (Detail) - USD ($) $ in Thousands | Jun. 30, 2019 | Jun. 30, 2018 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Foreclosed Assets Remeasured at Initial Recognition Carrying Value Of Foreclosed Assets Prior To Remeasurement | $ 616 | $ 2,656 |
Foreclosed Assets Remeasured at Initial Recognition Charge-offs recognized in the allowance for loan losses | (50) | 0 |
Fair Value of Foreclosed Assets Remeasured at Initial Recognition | 566 | 2,656 |
Foreclosed Assets Remeasured Subsequent to initial Recognition Carrying value of foreclosed assets prior to remeasurement | 0 | 1,823 |
Foreclosed Assets Remeasured Subsequent to Initial Recognition Write-downs included in other non-interest expense | 0 | (473) |
Fair Value of Foreclosed Assets remeasured subsequent to initial recognition | $ 0 | $ 1,350 |
Fair Value Measurements - Estim
Fair Value Measurements - Estimated Fair Values of Financial Instruments (Detail) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 | Jun. 30, 2018 | Dec. 31, 2017 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Cash and cash equivalents | $ 1,945,410 | $ 3,955,779 | $ 3,315,470 | $ 5,053,047 |
Securities held to maturity | 1,035,299 | 1,106,057 | ||
Loans, net | 14,324,220 | 13,967,601 | ||
Deposits | 25,985,023 | 27,149,204 | ||
Federal funds purchased and repurchase agreements | 1,319,507 | 1,367,548 | ||
Junior subordinated deferrable interest debentures, net of unamortized issuance costs | 136,270 | 136,242 | ||
Subordinated notes payable and other borrowings | 98,786 | 98,708 | ||
Carrying Amount [Member] | Level 2 [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Cash and cash equivalents | 1,945,410 | 3,955,779 | ||
Securities held to maturity | 1,035,299 | 1,106,057 | ||
Cash surrender value of life insurance policies | 185,303 | 183,473 | ||
Accrued interest receivable | 188,907 | 188,989 | ||
Deposits | 25,985,023 | 27,149,204 | ||
Federal funds purchased and repurchase agreements | 1,319,507 | 1,367,548 | ||
Junior subordinated deferrable interest debentures, net of unamortized issuance costs | 136,270 | 136,242 | ||
Subordinated notes payable and other borrowings | 98,786 | 98,708 | ||
Accrued interest payable | 10,295 | 7,394 | ||
Carrying Amount [Member] | Level 3 [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Loans, net | 14,324,220 | 13,967,601 | ||
Estimated Fair Value [Member] | Level 2 [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Cash and cash equivalents | 1,945,410 | 3,955,779 | ||
Securities held to maturity | 1,061,978 | 1,116,953 | ||
Cash surrender value of life insurance policies | 185,303 | 183,473 | ||
Accrued interest receivable | 188,907 | 188,989 | ||
Deposits | 25,985,025 | 27,143,572 | ||
Federal funds purchased and repurchase agreements | 1,319,507 | 1,367,548 | ||
Junior subordinated deferrable interest debentures, net of unamortized issuance costs | 137,115 | 137,115 | ||
Subordinated notes payable and other borrowings | 103,625 | 98,458 | ||
Accrued interest payable | 10,295 | 7,394 | ||
Estimated Fair Value [Member] | Level 3 [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Loans, net | $ 14,345,627 | $ 13,933,239 |
Accounting Standards Updates _2
Accounting Standards Updates Accounting Standards Updates - Additional Information (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
Cumulative effect of new accounting principle in period of adoption | $ (12,611) | $ (2,285) |
Retained Earnings [Member] | ||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
Cumulative effect of new accounting principle in period of adoption | $ (12,611) | $ (2,285) |