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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Independent Bank Group Inc | NASDAQ:IBTX | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.94 | 1.66% | 57.66 | 53.53 | 61.50 | 58.30 | 56.28 | 56.34 | 100,105 | 01:00:00 |
ý
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Quarterly Report Pursuant to Section
13 or 15(d) of the Securities Exchange Act of 1934.
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¨
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Transition Report Pursuant to Section
13 or 15(d) of the Securities Exchange Act of 1934.
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Texas
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13-4219346
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(State or other jurisdiction of incorporation or organization)
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(I.R.S. Employer Identification No.)
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1600 Redbud Boulevard, Suite 400
McKinney, Texas
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75069-3257
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(Address of principal executive offices)
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(Zip Code)
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Large accelerated filer
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ý
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Accelerated filer
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¨
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Non-accelerated filer
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¨
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(Do not check if a smaller reporting company)
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Smaller reporting company
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¨
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Emerging growth company
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¨
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PART I.
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Item 1.
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Item 2.
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Item 3.
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Item 4.
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PART II.
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Item 1.
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Item 1A.
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Item 2
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Item 3.
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Item 4.
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Item 5.
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Item 6.
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June 30,
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December 31,
|
||||
Assets
|
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2018
|
|
2017
|
||||
Cash and due from banks
|
|
$
|
321,241
|
|
|
$
|
187,574
|
|
Interest-bearing deposits in other banks
|
|
125,808
|
|
|
243,528
|
|
||
Cash and cash equivalents
|
|
447,049
|
|
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431,102
|
|
||
Certificates of deposit held in other banks
|
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1,225
|
|
|
12,985
|
|
||
Securities available for sale, at fair value
|
|
791,065
|
|
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763,002
|
|
||
Loans held for sale
|
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30,056
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|
|
39,202
|
|
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Loans, net
|
|
7,598,644
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6,432,273
|
|
||
Premises and equipment, net
|
|
155,187
|
|
|
147,835
|
|
||
Other real estate owned
|
|
4,200
|
|
|
7,126
|
|
||
Federal Home Loan Bank (FHLB) of Dallas stock and other restricted stock
|
|
39,003
|
|
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29,184
|
|
||
Bank-owned life insurance (BOLI)
|
|
127,848
|
|
|
113,170
|
|
||
Deferred tax asset
|
|
14,790
|
|
|
9,763
|
|
||
Goodwill
|
|
721,578
|
|
|
621,458
|
|
||
Core deposit intangible, net
|
|
48,052
|
|
|
43,244
|
|
||
Other assets
|
|
38,340
|
|
|
34,119
|
|
||
Total assets
|
|
$
|
10,017,037
|
|
|
$
|
8,684,463
|
|
|
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|
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|
||||
Liabilities and Stockholders’ Equity
|
|
|
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|
||||
Deposits:
|
|
|
|
|
||||
Noninterest-bearing
|
|
$
|
2,170,639
|
|
|
$
|
1,907,770
|
|
Interest-bearing
|
|
5,362,766
|
|
|
4,725,052
|
|
||
Total deposits
|
|
7,533,405
|
|
|
6,632,822
|
|
||
FHLB advances
|
|
750,626
|
|
|
530,667
|
|
||
Other borrowings
|
|
137,098
|
|
|
136,911
|
|
||
Junior subordinated debentures
|
|
27,753
|
|
|
27,654
|
|
||
Other liabilities
|
|
29,886
|
|
|
20,391
|
|
||
Total liabilities
|
|
8,478,768
|
|
|
7,348,445
|
|
||
Commitments and contingencies
|
|
|
|
|
|
|
||
Stockholders’ equity:
|
|
|
|
|
||||
Preferred stock (0 and 0 shares outstanding, respectively)
|
|
—
|
|
|
—
|
|
||
Common stock (30,468,413 and 28,254,893 shares outstanding, respectively)
|
|
305
|
|
|
283
|
|
||
Additional paid-in capital
|
|
1,312,432
|
|
|
1,151,990
|
|
||
Retained earnings
|
|
235,689
|
|
|
184,232
|
|
||
Accumulated other comprehensive loss
|
|
(10,157
|
)
|
|
(487
|
)
|
||
Total stockholders’ equity
|
|
1,538,269
|
|
|
1,336,018
|
|
||
Total liabilities and stockholders’ equity
|
|
$
|
10,017,037
|
|
|
$
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8,684,463
|
|
|
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Three Months Ended June 30,
|
|
Six Months Ended June 30,
|
||||||||||||
|
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2018
|
|
2017
|
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2018
|
|
2017
|
||||||||
Interest income:
|
|
|
|
|
|
|
|
|
||||||||
Interest and fees on loans
|
|
$
|
91,614
|
|
|
$
|
75,194
|
|
|
$
|
174,889
|
|
|
$
|
128,938
|
|
Interest on taxable securities
|
|
3,501
|
|
|
2,303
|
|
|
6,404
|
|
|
3,067
|
|
||||
Interest on nontaxable securities
|
|
1,179
|
|
|
992
|
|
|
2,372
|
|
|
1,533
|
|
||||
Interest on interest-bearing deposits and other
|
|
788
|
|
|
1,394
|
|
|
1,531
|
|
|
2,284
|
|
||||
Total interest income
|
|
97,082
|
|
|
79,883
|
|
|
185,196
|
|
|
135,822
|
|
||||
Interest expense:
|
|
|
|
|
|
|
|
|
||||||||
Interest on deposits
|
|
12,827
|
|
|
6,981
|
|
|
22,626
|
|
|
12,010
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|
||||
Interest on FHLB advances
|
|
2,847
|
|
|
1,351
|
|
|
4,733
|
|
|
2,522
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|
||||
Interest on repurchase agreements and other borrowings
|
|
2,097
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|
|
1,716
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4,199
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|
|
3,421
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|
||||
Interest on junior subordinated debentures
|
|
402
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|
|
335
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|
|
762
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|
|
502
|
|
||||
Total interest expense
|
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18,173
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|
|
10,383
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|
|
32,320
|
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|
18,455
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|
||||
Net interest income
|
|
78,909
|
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|
69,500
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|
152,876
|
|
|
117,367
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|
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Provision for loan losses
|
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2,730
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2,472
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|
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5,425
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|
|
4,495
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|
||||
Net interest income after provision for loan losses
|
|
76,179
|
|
|
67,028
|
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|
147,451
|
|
|
112,872
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|
||||
Noninterest income:
|
|
|
|
|
|
|
|
|
||||||||
Service charges on deposit accounts
|
|
3,533
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|
|
3,760
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|
|
7,018
|
|
|
5,687
|
|
||||
Mortgage banking revenue
|
|
3,609
|
|
|
5,019
|
|
|
7,023
|
|
|
6,286
|
|
||||
Gain (loss) on sale of other real estate
|
|
58
|
|
|
(36
|
)
|
|
118
|
|
|
(36
|
)
|
||||
(Loss) gain on sale of securities available for sale
|
|
(10
|
)
|
|
52
|
|
|
(234
|
)
|
|
52
|
|
||||
(Loss) gain on sale of premises and equipment
|
|
(89
|
)
|
|
1
|
|
|
(97
|
)
|
|
6
|
|
||||
Increase in cash surrender value of BOLI
|
|
758
|
|
|
782
|
|
|
1,497
|
|
|
1,181
|
|
||||
Other
|
|
2,274
|
|
|
1,417
|
|
|
4,263
|
|
|
2,402
|
|
||||
Total noninterest income
|
|
10,133
|
|
|
10,995
|
|
|
19,588
|
|
|
15,578
|
|
||||
Noninterest expense:
|
|
|
|
|
|
|
|
|
||||||||
Salaries and employee benefits
|
|
26,790
|
|
|
27,089
|
|
|
51,958
|
|
|
43,926
|
|
||||
Occupancy
|
|
6,018
|
|
|
6,147
|
|
|
11,682
|
|
|
10,019
|
|
||||
Data processing
|
|
2,467
|
|
|
2,615
|
|
|
4,872
|
|
|
3,903
|
|
||||
FDIC assessment
|
|
712
|
|
|
1,201
|
|
|
1,453
|
|
|
2,079
|
|
||||
Advertising and public relations
|
|
332
|
|
|
317
|
|
|
717
|
|
|
614
|
|
||||
Communications
|
|
793
|
|
|
852
|
|
|
1,734
|
|
|
1,327
|
|
||||
Other real estate owned expenses, net
|
|
119
|
|
|
125
|
|
|
209
|
|
|
162
|
|
||||
Impairment of other real estate
|
|
—
|
|
|
120
|
|
|
85
|
|
|
120
|
|
||||
Core deposit intangible amortization
|
|
1,393
|
|
|
1,410
|
|
|
2,724
|
|
|
1,902
|
|
||||
Professional fees
|
|
1,133
|
|
|
1,166
|
|
|
2,252
|
|
|
1,939
|
|
||||
Acquisition expense, including legal
|
|
3,444
|
|
|
5,673
|
|
|
3,989
|
|
|
5,819
|
|
||||
Other
|
|
5,957
|
|
|
4,613
|
|
|
12,441
|
|
|
7,546
|
|
||||
Total noninterest expense
|
|
49,158
|
|
|
51,328
|
|
|
94,116
|
|
|
79,356
|
|
||||
Income before taxes
|
|
37,154
|
|
|
26,695
|
|
|
72,923
|
|
|
49,094
|
|
||||
Income tax expense
|
|
7,519
|
|
|
8,561
|
|
|
14,324
|
|
|
15,289
|
|
||||
Net income
|
|
$
|
29,635
|
|
|
$
|
18,134
|
|
|
$
|
58,599
|
|
|
$
|
33,805
|
|
Basic earnings per share
|
|
$
|
1.02
|
|
|
$
|
0.65
|
|
|
$
|
2.04
|
|
|
$
|
1.45
|
|
Diluted earnings per share
|
|
$
|
1.02
|
|
|
$
|
0.65
|
|
|
$
|
2.04
|
|
|
$
|
1.44
|
|
|
|
Three Months Ended June 30,
|
|
Six Months Ended June 30,
|
||||||||||||
|
|
2018
|
|
2017
|
|
2018
|
|
2017
|
||||||||
Net income
|
|
$
|
29,635
|
|
|
$
|
18,134
|
|
|
$
|
58,599
|
|
|
$
|
33,805
|
|
Other comprehensive income (loss) before tax:
|
|
|
|
|
|
|
|
|
|
|||||||
Change in net unrealized gains (losses) on available for sale securities during the year
|
|
(1,264
|
)
|
|
5,314
|
|
|
(12,179
|
)
|
|
7,314
|
|
||||
Reclassification for amount realized through sales of securities available for sale included in net income
|
|
10
|
|
|
(52
|
)
|
|
234
|
|
|
(52
|
)
|
||||
Other comprehensive income (loss) before tax
|
|
(1,254
|
)
|
|
5,262
|
|
|
(11,945
|
)
|
|
7,262
|
|
||||
Income tax expense (benefit)
|
|
(263
|
)
|
|
1,842
|
|
|
(2,508
|
)
|
|
2,542
|
|
||||
Other comprehensive income (loss), net of tax
|
|
(991
|
)
|
|
3,420
|
|
|
(9,437
|
)
|
|
4,720
|
|
||||
Comprehensive income
|
|
$
|
28,644
|
|
|
$
|
21,554
|
|
|
$
|
49,162
|
|
|
$
|
38,525
|
|
|
Preferred Stock
$.01 Par Value 10 million shares authorized |
|
Common Stock
$.01 Par Value
100 million shares authorized
|
|
Additional
Paid in Capital
|
|
Retained
Earnings
|
|
Accumulated
Other
Comprehensive
(Loss)
Income
|
|
Total
|
|||||||||||||||
|
|
Shares
|
|
Amount
|
|
|||||||||||||||||||||
Balance, December 31, 2017
|
$
|
—
|
|
|
28,254,893
|
|
|
$
|
283
|
|
|
$
|
1,151,990
|
|
|
$
|
184,232
|
|
|
$
|
(487
|
)
|
|
$
|
1,336,018
|
|
Cumulative effect of accounting change
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
233
|
|
|
(233
|
)
|
|
—
|
|
||||||
Net income
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
58,599
|
|
|
—
|
|
|
58,599
|
|
||||||
Other comprehensive loss, net of tax
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(9,437
|
)
|
|
(9,437
|
)
|
||||||
Stock issued for acquisition of bank, net of offering costs of $209
|
—
|
|
|
2,071,981
|
|
|
21
|
|
|
157,033
|
|
|
—
|
|
|
—
|
|
|
157,054
|
|
||||||
Restricted stock forfeited
|
—
|
|
|
(3,845
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Restricted stock granted
|
—
|
|
|
118,912
|
|
|
1
|
|
|
(1
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Stock based compensation expense
|
—
|
|
|
—
|
|
|
—
|
|
|
2,955
|
|
|
—
|
|
|
—
|
|
|
2,955
|
|
||||||
Exercise of warrants
|
—
|
|
|
26,472
|
|
|
—
|
|
|
455
|
|
|
—
|
|
|
—
|
|
|
455
|
|
||||||
Cash dividends ($0.26 per share)
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(7,375
|
)
|
|
—
|
|
|
(7,375
|
)
|
||||||
Balance, June 30, 2018
|
$
|
—
|
|
|
30,468,413
|
|
|
$
|
305
|
|
|
$
|
1,312,432
|
|
|
$
|
235,689
|
|
|
$
|
(10,157
|
)
|
|
$
|
1,538,269
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Balance, December 31, 2016
|
$
|
—
|
|
|
18,870,312
|
|
|
$
|
189
|
|
|
$
|
555,325
|
|
|
$
|
117,951
|
|
|
$
|
(1,100
|
)
|
|
$
|
672,365
|
|
Net income
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
33,805
|
|
|
—
|
|
|
33,805
|
|
||||||
Other comprehensive income, net of tax
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
4,720
|
|
|
4,720
|
|
||||||
Stock issued for acquisition of bank, net of offering costs of $942
|
|
|
8,804,699
|
|
|
88
|
|
|
565,112
|
|
|
—
|
|
|
—
|
|
|
565,200
|
|
|||||||
Restricted stock granted
|
—
|
|
|
111,930
|
|
|
1
|
|
|
(1
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Stock based compensation expense
|
—
|
|
|
—
|
|
|
—
|
|
|
2,166
|
|
|
—
|
|
|
—
|
|
|
2,166
|
|
||||||
Exercise of warrants
|
—
|
|
|
3,203
|
|
|
—
|
|
|
55
|
|
|
—
|
|
|
—
|
|
|
55
|
|
||||||
Cash dividends ($0.20 per share)
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(4,670
|
)
|
|
—
|
|
|
(4,670
|
)
|
||||||
Balance, June 30, 2017
|
$
|
—
|
|
|
27,790,144
|
|
|
$
|
278
|
|
|
$
|
1,122,657
|
|
|
$
|
147,086
|
|
|
$
|
3,620
|
|
|
$
|
1,273,641
|
|
|
|
Six Months Ended June 30,
|
||||||
|
|
2018
|
|
2017
|
||||
Cash flows from operating activities:
|
|
|
|
|
||||
Net income
|
|
$
|
58,599
|
|
|
$
|
33,805
|
|
Adjustments to reconcile net income to net cash provided by operating activities:
|
|
|
|
|
||||
Depreciation expense
|
|
4,129
|
|
|
4,036
|
|
||
Accretion of income recognized on acquired loans
|
|
(6,177
|
)
|
|
(2,066
|
)
|
||
Amortization of core deposit intangibles
|
|
2,724
|
|
|
1,902
|
|
||
Amortization of premium on securities, net
|
|
2,037
|
|
|
1,635
|
|
||
Amortization of discount and origination costs on borrowings
|
|
315
|
|
|
228
|
|
||
Stock based compensation expense
|
|
2,955
|
|
|
2,166
|
|
||
Excess tax benefit on restricted stock vested
|
|
(613
|
)
|
|
(1,244
|
)
|
||
FHLB stock dividends
|
|
(318
|
)
|
|
(189
|
)
|
||
Loss (gain) on sale of securities available for sale
|
|
234
|
|
|
(52
|
)
|
||
Loss (gain) on sale of premises and equipment
|
|
97
|
|
|
(6
|
)
|
||
(Gain) loss on sale of other real estate owned
|
|
(118
|
)
|
|
36
|
|
||
Impairment of other real estate
|
|
85
|
|
|
120
|
|
||
Deferred tax expense
|
|
770
|
|
|
2,036
|
|
||
Provision for loan losses
|
|
5,425
|
|
|
4,495
|
|
||
Increase in cash surrender value of BOLI
|
|
(1,497
|
)
|
|
(1,181
|
)
|
||
Originations of loans held for sale
|
|
(206,814
|
)
|
|
(191,220
|
)
|
||
Proceeds from sale of loans held for sale
|
|
215,960
|
|
|
188,579
|
|
||
Net change in other assets
|
|
(1,074
|
)
|
|
(6,229
|
)
|
||
Net change in other liabilities
|
|
(141
|
)
|
|
(5,672
|
)
|
||
Net cash provided by operating activities
|
|
76,578
|
|
|
31,179
|
|
||
Cash flows from investing activities:
|
|
|
|
|
||||
Proceeds from maturities, calls and pay downs of securities available for sale
|
|
1,060,297
|
|
|
699,005
|
|
||
Proceeds from sale of securities available for sale
|
|
27,473
|
|
|
16,810
|
|
||
Purchases of securities available for sale
|
|
(1,105,323
|
)
|
|
(778,030
|
)
|
||
Purchases of certificates of deposits held in other banks
|
|
—
|
|
|
(1,960
|
)
|
||
Proceeds from maturities of certificates of deposits held in other banks
|
|
11,760
|
|
|
—
|
|
||
Purchase of bank owned life insurance contracts
|
|
(5,000
|
)
|
|
—
|
|
||
Net (purchases) redemptions of FHLB stock
|
|
(6,144
|
)
|
|
8,907
|
|
||
Net loans originated held for investment
|
|
(513,801
|
)
|
|
(273,256
|
)
|
||
Net originations of mortgage warehouse purchase loans
|
|
(96
|
)
|
|
(19,895
|
)
|
||
Additions to premises and equipment
|
|
(9,937
|
)
|
|
(1,756
|
)
|
||
Proceeds from sale of premises and equipment
|
|
3,139
|
|
|
10
|
|
||
Proceeds from sale of other real estate owned
|
|
2,959
|
|
|
1,235
|
|
||
Capitalized additions to other real estate
|
|
—
|
|
|
(853
|
)
|
||
Cash received from acquired bank
|
|
44,723
|
|
|
148,444
|
|
||
Cash paid in connection with acquisition
|
|
(31,016
|
)
|
|
(17,773
|
)
|
||
Net cash used in investing activities
|
|
(520,966
|
)
|
|
(219,112
|
)
|
||
Cash flows from financing activities:
|
|
|
|
|
||||
Net increase in demand deposits, money market and savings accounts
|
|
240,738
|
|
|
316,272
|
|
||
Net increase (decrease) in time deposits
|
|
66,767
|
|
|
(46,031
|
)
|
||
Proceeds from FHLB advances
|
|
960,000
|
|
|
—
|
|
||
Repayments of FHLB advances
|
|
(800,041
|
)
|
|
(39
|
)
|
||
Net change in repurchase agreements
|
|
—
|
|
|
(1,839
|
)
|
||
Proceeds from exercise of common stock warrants
|
|
455
|
|
|
55
|
|
||
Offering costs paid in connection with acquired bank
|
|
(209
|
)
|
|
(942
|
)
|
||
Dividends paid
|
|
(7,375
|
)
|
|
(4,670
|
)
|
||
Net cash provided by financing activities
|
|
460,335
|
|
|
262,806
|
|
||
Net change in cash and cash equivalents
|
|
15,947
|
|
|
74,873
|
|
||
Cash and cash equivalents at beginning of year
|
|
431,102
|
|
|
505,027
|
|
||
Cash and cash equivalents at end of period
|
|
$
|
447,049
|
|
|
$
|
579,900
|
|
|
Three Months Ended June 30,
|
|
Six Months Ended June 30,
|
||||||||||||
|
2018
|
|
2017
|
|
2018
|
|
2017
|
||||||||
Basic earnings per share:
|
|
|
|
|
|
|
|
||||||||
Net income
|
$
|
29,635
|
|
|
$
|
18,134
|
|
|
$
|
58,599
|
|
|
$
|
33,805
|
|
Less:
|
|
|
|
|
|
|
|
||||||||
Undistributed earnings allocated to participating securities
|
221
|
|
|
134
|
|
|
465
|
|
|
301
|
|
||||
Dividends paid on participating securities
|
35
|
|
|
24
|
|
|
68
|
|
|
48
|
|
||||
Net income available to common shareholders
|
$
|
29,379
|
|
|
$
|
17,976
|
|
|
$
|
58,066
|
|
|
$
|
33,456
|
|
Weighted-average basic shares outstanding
|
28,814,759
|
|
|
27,541,007
|
|
|
28,434,002
|
|
|
23,128,653
|
|
||||
Basic earnings per share
|
$
|
1.02
|
|
|
$
|
0.65
|
|
|
$
|
2.04
|
|
|
$
|
1.45
|
|
Diluted earnings per share:
|
|
|
|
|
|
|
|
||||||||
Net income available to common shareholders
|
$
|
29,379
|
|
|
$
|
17,976
|
|
|
$
|
58,066
|
|
|
$
|
33,456
|
|
Total weighted-average basic shares outstanding
|
28,814,759
|
|
|
27,541,007
|
|
|
28,434,002
|
|
|
23,128,653
|
|
||||
Add dilutive stock warrants
|
92,392
|
|
|
104,901
|
|
|
92,187
|
|
|
106,050
|
|
||||
Total weighted-average diluted shares outstanding
|
28,907,151
|
|
|
27,645,908
|
|
|
28,526,189
|
|
|
23,234,703
|
|
||||
Diluted earnings per share
|
$
|
1.02
|
|
|
$
|
0.65
|
|
|
$
|
2.04
|
|
|
$
|
1.44
|
|
Anti-dilutive participating securities
|
63,003
|
|
|
92,658
|
|
|
111,538
|
|
|
109,465
|
|
|
|
Six Months Ended June 30,
|
||||||
|
|
2018
|
|
2017
|
||||
Cash transactions:
|
|
|
|
|
||||
Interest expense paid
|
|
$
|
31,410
|
|
|
$
|
17,891
|
|
Income taxes paid
|
|
$
|
9,009
|
|
|
$
|
14,511
|
|
Noncash transactions:
|
|
|
|
|
||||
Transfers of loans to other real estate owned
|
|
$
|
—
|
|
|
$
|
750
|
|
Securities purchased, not yet settled
|
|
$
|
—
|
|
|
$
|
33,270
|
|
|
|
Six Months Ended June 30,
|
||||||
|
|
2018
|
|
2017
|
||||
Noncash assets acquired
|
|
|
|
|
||||
Certificates of deposit held in other banks
|
|
$
|
—
|
|
|
$
|
11,025
|
|
Securities available for sale
|
|
24,726
|
|
|
336,540
|
|
||
Restricted stock
|
|
3,357
|
|
|
11,110
|
|
||
Loans
|
|
651,722
|
|
|
1,384,041
|
|
||
Premises and equipment
|
|
4,800
|
|
|
63,561
|
|
||
Other real estate owned
|
|
—
|
|
|
9,976
|
|
||
Goodwill
|
|
100,120
|
|
|
362,993
|
|
||
Core deposit intangibles
|
|
7,532
|
|
|
36,717
|
|
||
Bank owned life insurance
|
|
8,181
|
|
|
53,213
|
|
||
Other assets
|
|
6,416
|
|
|
25,301
|
|
||
Total assets
|
|
$
|
806,854
|
|
|
$
|
2,294,477
|
|
Noncash liabilities assumed:
|
|
|
|
|
||||
Deposits
|
|
$
|
593,078
|
|
|
$
|
1,825,181
|
|
Repurchase agreements
|
|
—
|
|
|
18,003
|
|
||
FHLB advances
|
|
60,000
|
|
|
—
|
|
||
Junior subordinated debt
|
|
—
|
|
|
9,359
|
|
||
Other liabilities
|
|
10,220
|
|
|
6,463
|
|
||
Total liabilities
|
|
$
|
663,298
|
|
|
$
|
1,859,006
|
|
Cash and cash equivalents acquired from acquisitions
|
|
$
|
44,723
|
|
|
$
|
148,444
|
|
Cash paid to shareholders of acquired banks
|
|
$
|
31,016
|
|
|
$
|
17,773
|
|
Fair value of common stock issued to shareholders of acquired bank
|
|
$
|
157,263
|
|
|
$
|
566,142
|
|
|
|
Amortized
Cost
|
|
Gross
Unrealized
Gains
|
|
Gross
Unrealized
Losses
|
|
Fair
Value
|
||||||||
Securities Available for Sale
|
|
|
|
|
|
|
|
|
||||||||
June 30, 2018
|
|
|
|
|
|
|
|
|
||||||||
U.S. treasuries
|
|
$
|
20,420
|
|
|
$
|
—
|
|
|
$
|
(601
|
)
|
|
$
|
19,819
|
|
Government agency securities
|
|
207,403
|
|
|
41
|
|
|
(3,969
|
)
|
|
203,475
|
|
||||
Obligations of state and municipal subdivisions
|
|
212,279
|
|
|
925
|
|
|
(3,481
|
)
|
|
209,723
|
|
||||
Residential pass-through securities guaranteed by FNMA, GNMA, and FHLMC
|
|
364,570
|
|
|
296
|
|
|
(6,818
|
)
|
|
358,048
|
|
||||
|
|
$
|
804,672
|
|
|
$
|
1,262
|
|
|
$
|
(14,869
|
)
|
|
$
|
791,065
|
|
December 31, 2017
|
|
|
|
|
|
|
|
|
||||||||
U.S. treasuries
|
|
$
|
37,480
|
|
|
$
|
—
|
|
|
$
|
(326
|
)
|
|
$
|
37,154
|
|
Government agency securities
|
|
213,649
|
|
|
83
|
|
|
(2,223
|
)
|
|
211,509
|
|
||||
Obligations of state and municipal subdivisions
|
|
228,782
|
|
|
2,118
|
|
|
(1,287
|
)
|
|
229,613
|
|
||||
Residential pass-through securities guaranteed by FNMA, GNMA, FHLMC, FHR and GNR
|
|
274,356
|
|
|
1,229
|
|
|
(1,208
|
)
|
|
274,377
|
|
||||
Other securities
|
|
10,397
|
|
|
—
|
|
|
(48
|
)
|
|
10,349
|
|
||||
|
|
$
|
764,664
|
|
|
$
|
3,430
|
|
|
$
|
(5,092
|
)
|
|
$
|
763,002
|
|
|
|
Three Months Ended June 30,
|
|
Six Months Ended June 30,
|
||||||||||||
|
|
2018
|
|
2017
|
|
2018
|
|
2017
|
||||||||
Proceeds from sale
|
|
$
|
12,672
|
|
|
$
|
16,810
|
|
|
$
|
27,473
|
|
|
$
|
16,810
|
|
Gross gains
|
|
$
|
88
|
|
|
$
|
104
|
|
|
$
|
103
|
|
|
$
|
104
|
|
Gross losses
|
|
$
|
98
|
|
|
$
|
52
|
|
|
$
|
337
|
|
|
$
|
52
|
|
|
|
June 30, 2018
|
||||||
|
|
Securities Available for Sale
|
||||||
|
|
Amortized Cost
|
|
Fair Value
|
||||
Due in one year or less
|
|
$
|
69,055
|
|
|
$
|
68,798
|
|
Due from one year to five years
|
|
173,021
|
|
|
169,719
|
|
||
Due from five to ten years
|
|
98,665
|
|
|
96,477
|
|
||
Thereafter
|
|
99,361
|
|
|
98,023
|
|
||
|
|
440,102
|
|
|
433,017
|
|
||
Residential pass-through securities guaranteed by FNMA, GNMA, and FHLMC
|
|
364,570
|
|
|
358,048
|
|
||
|
|
$
|
804,672
|
|
|
$
|
791,065
|
|
|
|
Less Than 12 Months
|
|
Greater Than 12 Months
|
|
Total
|
||||||||||||||||||||||
Description of Securities
|
|
Number of Securities
|
|
Estimated
Fair Value
|
|
Unrealized
Losses
|
|
Number of Securities
|
|
Estimated
Fair Value
|
|
Unrealized
Losses
|
|
Estimated
Fair Value
|
|
Unrealized
Losses
|
||||||||||||
Securities Available for Sale
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
June 30, 2018
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
U.S. treasuries
|
|
4
|
|
$
|
16,779
|
|
|
$
|
(504
|
)
|
|
1
|
|
$
|
3,040
|
|
|
$
|
(97
|
)
|
|
$
|
19,819
|
|
|
$
|
(601
|
)
|
Government agency securities
|
|
36
|
|
100,388
|
|
|
(1,947
|
)
|
|
34
|
|
85,429
|
|
|
(2,022
|
)
|
|
185,817
|
|
|
(3,969
|
)
|
||||||
Obligations of state and municipal subdivisions
|
|
258
|
|
122,652
|
|
|
(2,183
|
)
|
|
73
|
|
30,519
|
|
|
(1,298
|
)
|
|
153,171
|
|
|
(3,481
|
)
|
||||||
Residential pass-through securities guaranteed by FNMA, GNMA and FHLMC
|
|
181
|
|
309,333
|
|
|
(5,841
|
)
|
|
13
|
|
27,394
|
|
|
(977
|
)
|
|
336,727
|
|
|
(6,818
|
)
|
||||||
|
|
479
|
|
$
|
549,152
|
|
|
$
|
(10,475
|
)
|
|
121
|
|
$
|
146,382
|
|
|
$
|
(4,394
|
)
|
|
$
|
695,534
|
|
|
$
|
(14,869
|
)
|
December 31, 2017
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
U.S. treasuries
|
|
7
|
|
$
|
34,053
|
|
|
$
|
(267
|
)
|
|
1
|
|
$
|
3,101
|
|
|
$
|
(59
|
)
|
|
$
|
37,154
|
|
|
$
|
(326
|
)
|
Government agency securities
|
|
51
|
|
142,991
|
|
|
(1,155
|
)
|
|
27
|
|
60,030
|
|
|
(1,068
|
)
|
|
203,021
|
|
|
(2,223
|
)
|
||||||
Obligations of state and municipal subdivisions
|
|
202
|
|
87,625
|
|
|
(564
|
)
|
|
54
|
|
26,883
|
|
|
(723
|
)
|
|
114,508
|
|
|
(1,287
|
)
|
||||||
Residential pass-through securities guaranteed by FNMA, GNMA, FHLMC, FHR and GNR
|
|
55
|
|
125,970
|
|
|
(834
|
)
|
|
10
|
|
25,398
|
|
|
(374
|
)
|
|
151,368
|
|
|
(1,208
|
)
|
||||||
Other securities
|
|
1
|
|
10,349
|
|
|
(48
|
)
|
|
—
|
|
—
|
|
|
—
|
|
|
10,349
|
|
|
(48
|
)
|
||||||
|
|
316
|
|
$
|
400,988
|
|
|
$
|
(2,868
|
)
|
|
92
|
|
$
|
115,412
|
|
|
$
|
(2,224
|
)
|
|
$
|
516,400
|
|
|
$
|
(5,092
|
)
|
|
|
June 30,
|
|
December 31,
|
||||
|
|
2018
|
|
2017
|
||||
Commercial
|
|
$
|
1,316,420
|
|
|
$
|
1,059,984
|
|
Real estate:
|
|
|
|
|
||||
Commercial
|
|
3,944,306
|
|
|
3,369,892
|
|
||
Commercial construction, land and land development
|
|
919,564
|
|
|
744,868
|
|
||
Residential
|
|
998,709
|
|
|
892,293
|
|
||
Single family interim construction
|
|
347,801
|
|
|
289,680
|
|
||
Agricultural
|
|
81,866
|
|
|
82,583
|
|
||
Consumer
|
|
35,818
|
|
|
34,639
|
|
||
Other
|
|
283
|
|
|
304
|
|
||
|
|
7,644,767
|
|
|
6,474,243
|
|
||
Deferred loan fees
|
|
(2,815
|
)
|
|
(2,568
|
)
|
||
Allowance for loan losses
|
|
(43,308
|
)
|
|
(39,402
|
)
|
||
|
|
$
|
7,598,644
|
|
|
$
|
6,432,273
|
|
|
Commercial
|
Commercial
Real Estate,
Land and Land
Development
|
Residential
Real Estate
|
Single-Family
Interim
Construction
|
Agricultural
|
Consumer
|
Other
|
Unallocated
|
Total
|
||||||||||||||||||
Three Months Ended June 30, 2018
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
Balance at the beginning of period
|
$
|
12,261
|
|
$
|
24,219
|
|
$
|
3,589
|
|
$
|
1,636
|
|
$
|
248
|
|
$
|
180
|
|
$
|
4
|
|
$
|
(177
|
)
|
$
|
41,960
|
|
Provision for loan losses
|
556
|
|
2,310
|
|
(268
|
)
|
7
|
|
(24
|
)
|
8
|
|
29
|
|
112
|
|
2,730
|
|
|||||||||
Charge-offs
|
(1,013
|
)
|
(342
|
)
|
(2
|
)
|
—
|
|
—
|
|
(3
|
)
|
(47
|
)
|
—
|
|
(1,407
|
)
|
|||||||||
Recoveries
|
1
|
|
5
|
|
—
|
|
—
|
|
—
|
|
2
|
|
17
|
|
—
|
|
25
|
|
|||||||||
Balance at end of period
|
$
|
11,805
|
|
$
|
26,192
|
|
$
|
3,319
|
|
$
|
1,643
|
|
$
|
224
|
|
$
|
187
|
|
$
|
3
|
|
$
|
(65
|
)
|
$
|
43,308
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
Six Months Ended June 30, 2018
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
Balance at the beginning of period
|
$
|
10,599
|
|
$
|
23,301
|
|
$
|
3,447
|
|
$
|
1,583
|
|
$
|
250
|
|
$
|
205
|
|
$
|
(32
|
)
|
$
|
49
|
|
$
|
39,402
|
|
Provision for loan losses
|
2,296
|
|
3,236
|
|
(125
|
)
|
60
|
|
(26
|
)
|
(2
|
)
|
100
|
|
(114
|
)
|
5,425
|
|
|||||||||
Charge-offs
|
(1,095
|
)
|
(353
|
)
|
(5
|
)
|
—
|
|
—
|
|
(19
|
)
|
(95
|
)
|
—
|
|
(1,567
|
)
|
|||||||||
Recoveries
|
5
|
|
8
|
|
2
|
|
—
|
|
—
|
|
3
|
|
30
|
|
—
|
|
48
|
|
|||||||||
Balance at end of period
|
$
|
11,805
|
|
$
|
26,192
|
|
$
|
3,319
|
|
$
|
1,643
|
|
$
|
224
|
|
$
|
187
|
|
$
|
3
|
|
$
|
(65
|
)
|
$
|
43,308
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
Three months ended June 30, 2017
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
Balance at the beginning of period
|
$
|
8,005
|
|
$
|
20,467
|
|
$
|
2,828
|
|
$
|
1,402
|
|
$
|
201
|
|
$
|
252
|
|
$
|
34
|
|
$
|
242
|
|
$
|
33,431
|
|
Provision for loan losses
|
675
|
|
1,029
|
|
463
|
|
(15
|
)
|
71
|
|
35
|
|
23
|
|
191
|
|
2,472
|
|
|||||||||
Charge-offs
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
(11
|
)
|
(55
|
)
|
—
|
|
(66
|
)
|
|||||||||
Recoveries
|
20
|
|
1
|
|
1
|
|
—
|
|
—
|
|
12
|
|
10
|
|
—
|
|
44
|
|
|||||||||
Balance at end of period
|
$
|
8,700
|
|
$
|
21,497
|
|
$
|
3,292
|
|
$
|
1,387
|
|
$
|
272
|
|
$
|
288
|
|
$
|
12
|
|
$
|
433
|
|
$
|
35,881
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
Six months ended June 30, 2017
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
Balance at the beginning of period
|
$
|
8,593
|
|
$
|
18,399
|
|
$
|
2,760
|
|
$
|
1,301
|
|
$
|
207
|
|
$
|
242
|
|
$
|
29
|
|
$
|
60
|
|
$
|
31,591
|
|
Provision for loan losses
|
85
|
|
3,077
|
|
530
|
|
220
|
|
65
|
|
99
|
|
46
|
|
373
|
|
4,495
|
|
|||||||||
Charge-offs
|
—
|
|
—
|
|
—
|
|
(134
|
)
|
—
|
|
(67
|
)
|
(77
|
)
|
—
|
|
(278
|
)
|
|||||||||
Recoveries
|
22
|
|
21
|
|
2
|
|
—
|
|
—
|
|
14
|
|
14
|
|
—
|
|
73
|
|
|||||||||
Balance at end of period
|
$
|
8,700
|
|
$
|
21,497
|
|
$
|
3,292
|
|
$
|
1,387
|
|
$
|
272
|
|
$
|
288
|
|
$
|
12
|
|
$
|
433
|
|
$
|
35,881
|
|
|
Commercial
|
Commercial
Real Estate,
Land and Land
Development
|
Residential
Real Estate
|
Single-Family
Interim
Construction
|
Agricultural
|
Consumer
|
Other
|
Unallocated
|
Total
|
||||||||||||||||||
June 30, 2018
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
Allowance for losses:
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
Individually evaluated for impairment
|
$
|
5,020
|
|
$
|
—
|
|
$
|
—
|
|
$
|
—
|
|
$
|
—
|
|
$
|
3
|
|
$
|
—
|
|
$
|
—
|
|
$
|
5,023
|
|
Collectively evaluated for impairment
|
6,785
|
|
26,192
|
|
3,319
|
|
1,643
|
|
224
|
|
184
|
|
3
|
|
(65
|
)
|
38,285
|
|
|||||||||
Loans acquired with deteriorated credit quality
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
|||||||||
Ending balance
|
$
|
11,805
|
|
$
|
26,192
|
|
$
|
3,319
|
|
$
|
1,643
|
|
$
|
224
|
|
$
|
187
|
|
$
|
3
|
|
$
|
(65
|
)
|
$
|
43,308
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
Loans:
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
Individually evaluated for impairment
|
$
|
9,719
|
|
$
|
2,694
|
|
$
|
2,285
|
|
$
|
—
|
|
$
|
—
|
|
$
|
37
|
|
$
|
—
|
|
$
|
—
|
|
$
|
14,735
|
|
Collectively evaluated for impairment
|
1,282,319
|
|
4,774,305
|
|
994,174
|
|
347,801
|
|
78,778
|
|
35,749
|
|
283
|
|
—
|
|
7,513,409
|
|
|||||||||
Acquired with deteriorated credit quality
|
24,382
|
|
86,871
|
|
2,250
|
|
—
|
|
3,088
|
|
32
|
|
—
|
|
—
|
|
116,623
|
|
|||||||||
Ending balance
|
$
|
1,316,420
|
|
$
|
4,863,870
|
|
$
|
998,709
|
|
$
|
347,801
|
|
$
|
81,866
|
|
$
|
35,818
|
|
$
|
283
|
|
$
|
—
|
|
$
|
7,644,767
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
December 31, 2017
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
Allowance for losses:
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
Individually evaluated for impairment
|
$
|
3,500
|
|
$
|
311
|
|
$
|
—
|
|
$
|
—
|
|
$
|
—
|
|
$
|
2
|
|
$
|
—
|
|
$
|
—
|
|
$
|
3,813
|
|
Collectively evaluated for impairment
|
7,099
|
|
22,990
|
|
3,447
|
|
1,583
|
|
250
|
|
203
|
|
(32
|
)
|
49
|
|
35,589
|
|
|||||||||
Loans acquired with deteriorated credit quality
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
—
|
|
|||||||||
Ending balance
|
$
|
10,599
|
|
$
|
23,301
|
|
$
|
3,447
|
|
$
|
1,583
|
|
$
|
250
|
|
$
|
205
|
|
$
|
(32
|
)
|
$
|
49
|
|
$
|
39,402
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
Loans:
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
Individually evaluated for impairment
|
$
|
10,297
|
|
$
|
3,054
|
|
$
|
1,727
|
|
$
|
—
|
|
$
|
—
|
|
$
|
74
|
|
$
|
—
|
|
$
|
—
|
|
$
|
15,152
|
|
Collectively evaluated for impairment
|
1,037,401
|
|
4,039,332
|
|
887,292
|
|
289,680
|
|
78,646
|
|
34,544
|
|
304
|
|
—
|
|
6,367,199
|
|
|||||||||
Acquired with deteriorated credit quality
|
12,286
|
|
72,374
|
|
3,274
|
|
—
|
|
3,937
|
|
21
|
|
—
|
|
—
|
|
91,892
|
|
|||||||||
Ending balance
|
$
|
1,059,984
|
|
$
|
4,114,760
|
|
$
|
892,293
|
|
$
|
289,680
|
|
$
|
82,583
|
|
$
|
34,639
|
|
$
|
304
|
|
$
|
—
|
|
$
|
6,474,243
|
|
|
|
Commercial
|
|
Commercial
Real Estate,
Land and Land
Development
|
|
Residential Real Estate
|
|
Single-Family
Interim
Construction
|
|
Agricultural
|
|
Consumer
|
|
Other
|
|
Total
|
||||||||||||||||
June 30, 2018
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Nonaccrual loans
|
|
$
|
7,469
|
|
|
$
|
2,271
|
|
|
$
|
2,113
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
37
|
|
|
$
|
—
|
|
|
$
|
11,890
|
|
Loans past due 90 days and still accruing
|
|
69
|
|
|
5
|
|
|
3
|
|
|
—
|
|
|
—
|
|
|
2
|
|
|
—
|
|
|
79
|
|
||||||||
Troubled debt restructurings (not included in nonaccrual or loans past due and still accruing)
|
|
—
|
|
|
423
|
|
|
172
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
595
|
|
||||||||
|
|
$
|
7,538
|
|
|
$
|
2,699
|
|
|
$
|
2,288
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
39
|
|
|
$
|
—
|
|
|
$
|
12,564
|
|
December 31, 2017
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Nonaccrual loans
|
|
$
|
10,304
|
|
|
$
|
2,716
|
|
|
$
|
998
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
55
|
|
|
$
|
—
|
|
|
$
|
14,073
|
|
Loans past due 90 days and still accruing
|
|
8
|
|
|
120
|
|
|
8
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
136
|
|
||||||||
Troubled debt restructurings (not included in nonaccrual or loans past due and still accruing)
|
|
—
|
|
|
455
|
|
|
730
|
|
|
—
|
|
|
—
|
|
|
20
|
|
|
—
|
|
|
1,205
|
|
||||||||
|
|
$
|
10,312
|
|
|
$
|
3,291
|
|
|
$
|
1,736
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
75
|
|
|
$
|
—
|
|
|
$
|
15,414
|
|
|
|
Commercial
|
|
Commercial
Real Estate,
Land and Land
Development
|
|
Residential
Real Estate
|
|
Single-Family
Interim
Construction
|
|
Agricultural
|
|
Consumer
|
|
Other
|
|
Total
|
||||||||||||||||
June 30, 2018
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Recorded investment in impaired loans:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Impaired loans with an allowance for loan losses
|
|
$
|
8,790
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
3
|
|
|
$
|
—
|
|
|
$
|
8,793
|
|
Impaired loans with no allowance for loan losses
|
|
929
|
|
|
2,694
|
|
|
2,285
|
|
|
—
|
|
|
—
|
|
|
34
|
|
|
—
|
|
|
5,942
|
|
||||||||
Total
|
|
$
|
9,719
|
|
|
$
|
2,694
|
|
|
$
|
2,285
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
37
|
|
|
$
|
—
|
|
|
$
|
14,735
|
|
Unpaid principal balance of impaired loans
|
|
$
|
9,748
|
|
|
$
|
2,782
|
|
|
$
|
2,373
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
46
|
|
|
$
|
—
|
|
|
$
|
14,949
|
|
Allowance for loan losses on impaired loans
|
|
$
|
5,020
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
3
|
|
|
$
|
—
|
|
|
$
|
5,023
|
|
December 31, 2017
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Recorded investment in impaired loans:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Impaired loans with an allowance for loan losses
|
|
$
|
9,255
|
|
|
$
|
1,793
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
2
|
|
|
$
|
—
|
|
|
$
|
11,050
|
|
Impaired loans with no allowance for loan losses
|
|
1,042
|
|
|
1,261
|
|
|
1,727
|
|
|
—
|
|
|
—
|
|
|
72
|
|
|
—
|
|
|
4,102
|
|
||||||||
Total
|
|
$
|
10,297
|
|
|
$
|
3,054
|
|
|
$
|
1,727
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
74
|
|
|
$
|
—
|
|
|
$
|
15,152
|
|
Unpaid principal balance of impaired loans
|
|
$
|
13,456
|
|
|
$
|
3,124
|
|
|
$
|
1,818
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
197
|
|
|
$
|
—
|
|
|
$
|
18,595
|
|
Allowance for loan losses on impaired loans
|
|
$
|
3,500
|
|
|
$
|
311
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
2
|
|
|
$
|
—
|
|
|
$
|
3,813
|
|
For the three months ended June 30, 2018
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
Average recorded investment in impaired loans
|
|
$
|
9,517
|
|
|
$
|
3,015
|
|
|
$
|
2,205
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
46
|
|
|
$
|
—
|
|
|
$
|
14,783
|
|
Interest income recognized on impaired loans
|
|
$
|
17
|
|
|
$
|
8
|
|
|
$
|
37
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
62
|
|
For the six months ended June 30, 2018
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Average recorded investment in impaired loans
|
|
$
|
9,777
|
|
|
$
|
3,028
|
|
|
$
|
2,045
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
55
|
|
|
$
|
—
|
|
|
$
|
14,905
|
|
Interest income recognized on impaired loans
|
|
$
|
20
|
|
|
$
|
14
|
|
|
$
|
43
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
1
|
|
|
$
|
—
|
|
|
$
|
78
|
|
For the three months ended June 30, 2017
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
Average recorded investment in impaired loans
|
|
$
|
8,189
|
|
|
$
|
2,798
|
|
|
$
|
2,658
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
251
|
|
|
$
|
—
|
|
|
$
|
13,896
|
|
Interest income recognized on impaired loans
|
|
$
|
3
|
|
|
$
|
15
|
|
|
$
|
12
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
3
|
|
|
$
|
—
|
|
|
$
|
33
|
|
For the six months ended June 30, 2017
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Average recorded investment in impaired loans
|
|
$
|
8,032
|
|
|
$
|
4,228
|
|
|
$
|
2,401
|
|
|
$
|
295
|
|
|
$
|
—
|
|
|
$
|
260
|
|
|
$
|
—
|
|
|
$
|
15,216
|
|
Interest income recognized on impaired loans
|
|
$
|
4
|
|
|
$
|
412
|
|
|
$
|
24
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
5
|
|
|
$
|
—
|
|
|
$
|
445
|
|
|
|
Commercial
|
|
Commercial
Real Estate, Land and Land Development |
|
Residential
Real Estate |
|
Single-Family
Interim Construction |
|
Agricultural
|
|
Consumer
|
|
Other
|
|
Total
|
||||||||||||||||
Troubled debt restructurings during the three months ended June 30, 2018
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Number of contracts
|
|
1
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1
|
|
||||||||
Pre-restructuring outstanding recorded investment
|
|
$
|
2,755
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
2,755
|
|
Post-restructuring outstanding recorded investment
|
|
$
|
2,755
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
2,755
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Troubled debt restructurings during the six months ended June 30, 2018
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Number of contracts
|
|
1
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1
|
|
||||||||
Pre-restructuring outstanding recorded investment
|
|
$
|
2,755
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
2,755
|
|
Post-restructuring outstanding recorded investment
|
|
$
|
2,755
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
2,755
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Troubled debt restructurings during the three months ended June 30, 2017
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Number of contracts
|
|
—
|
|
|
—
|
|
|
1
|
|
|
—
|
|
|
—
|
|
|
1
|
|
|
—
|
|
|
2
|
|
||||||||
Pre-restructuring outstanding recorded investment
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
465
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
22
|
|
|
$
|
—
|
|
|
$
|
487
|
|
Post-restructuring outstanding recorded investment
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
465
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
22
|
|
|
$
|
—
|
|
|
$
|
487
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Troubled debt restructurings during the six months ended June 30, 2017
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Number of contracts
|
|
—
|
|
|
—
|
|
|
1
|
|
|
—
|
|
|
—
|
|
|
1
|
|
|
—
|
|
|
2
|
|
||||||||
Pre-restructuring outstanding recorded investment
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
465
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
22
|
|
|
$
|
—
|
|
|
$
|
487
|
|
Post-restructuring outstanding recorded investment
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
465
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
22
|
|
|
$
|
—
|
|
|
$
|
487
|
|
|
|
Loans
30-89 Days
Past Due
|
|
Loans
90 or More
Past Due
|
|
Total Past
Due Loans
|
|
Current
Loans
|
|
Total
Loans
|
||||||||||
June 30, 2018
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Commercial
|
|
$
|
4,668
|
|
|
$
|
6,622
|
|
|
$
|
11,290
|
|
|
$
|
1,280,748
|
|
|
$
|
1,292,038
|
|
Commercial real estate, land and land development
|
|
1,140
|
|
|
832
|
|
|
1,972
|
|
|
4,775,027
|
|
|
4,776,999
|
|
|||||
Residential real estate
|
|
736
|
|
|
1,572
|
|
|
2,308
|
|
|
994,151
|
|
|
996,459
|
|
|||||
Single-family interim construction
|
|
—
|
|
|
—
|
|
|
—
|
|
|
347,801
|
|
|
347,801
|
|
|||||
Agricultural
|
|
612
|
|
|
—
|
|
|
612
|
|
|
78,166
|
|
|
78,778
|
|
|||||
Consumer
|
|
128
|
|
|
29
|
|
|
157
|
|
|
35,629
|
|
|
35,786
|
|
|||||
Other
|
|
—
|
|
|
—
|
|
|
—
|
|
|
283
|
|
|
283
|
|
|||||
|
|
7,284
|
|
|
9,055
|
|
|
16,339
|
|
|
7,511,805
|
|
|
7,528,144
|
|
|||||
Acquired with deteriorated credit quality
|
|
2,525
|
|
|
3,052
|
|
|
5,577
|
|
|
111,046
|
|
|
116,623
|
|
|||||
|
|
$
|
9,809
|
|
|
$
|
12,107
|
|
|
$
|
21,916
|
|
|
$
|
7,622,851
|
|
|
$
|
7,644,767
|
|
December 31, 2017
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Commercial
|
|
$
|
730
|
|
|
$
|
10,300
|
|
|
$
|
11,030
|
|
|
$
|
1,036,668
|
|
|
$
|
1,047,698
|
|
Commercial real estate, land and land development
|
|
4,083
|
|
|
1,944
|
|
|
6,027
|
|
|
4,036,359
|
|
|
4,042,386
|
|
|||||
Residential real estate
|
|
6,269
|
|
|
138
|
|
|
6,407
|
|
|
882,612
|
|
|
889,019
|
|
|||||
Single-family interim construction
|
|
1,436
|
|
|
—
|
|
|
1,436
|
|
|
288,244
|
|
|
289,680
|
|
|||||
Agricultural
|
|
—
|
|
|
—
|
|
|
—
|
|
|
78,646
|
|
|
78,646
|
|
|||||
Consumer
|
|
373
|
|
|
47
|
|
|
420
|
|
|
34,198
|
|
|
34,618
|
|
|||||
Other
|
|
—
|
|
|
—
|
|
|
—
|
|
|
304
|
|
|
304
|
|
|||||
|
|
12,891
|
|
|
12,429
|
|
|
25,320
|
|
|
6,357,031
|
|
|
6,382,351
|
|
|||||
Acquired with deteriorated credit quality
|
|
2,748
|
|
|
4,013
|
|
|
6,761
|
|
|
85,131
|
|
|
91,892
|
|
|||||
|
|
$
|
15,639
|
|
|
$
|
16,442
|
|
|
$
|
32,081
|
|
|
$
|
6,442,162
|
|
|
$
|
6,474,243
|
|
|
|
Pass
|
|
Pass/
Watch
|
|
Special Mention
|
|
Substandard
|
|
Doubtful
|
|
Total
|
||||||||||||
June 30, 2018
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Commercial
|
|
$
|
1,222,866
|
|
|
$
|
20,813
|
|
|
$
|
33,732
|
|
|
$
|
39,009
|
|
|
$
|
—
|
|
|
$
|
1,316,420
|
|
Commercial real estate, construction, land and land development
|
|
4,734,866
|
|
|
74,276
|
|
|
19,701
|
|
|
34,835
|
|
|
192
|
|
|
4,863,870
|
|
||||||
Residential real estate
|
|
985,937
|
|
|
5,363
|
|
|
685
|
|
|
6,724
|
|
|
—
|
|
|
998,709
|
|
||||||
Single-family interim construction
|
|
346,143
|
|
|
1,658
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
347,801
|
|
||||||
Agricultural
|
|
61,876
|
|
|
4,218
|
|
|
13,056
|
|
|
2,716
|
|
|
—
|
|
|
81,866
|
|
||||||
Consumer
|
|
35,600
|
|
|
57
|
|
|
49
|
|
|
112
|
|
|
—
|
|
|
35,818
|
|
||||||
Other
|
|
283
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
283
|
|
||||||
|
|
$
|
7,387,571
|
|
|
$
|
106,385
|
|
|
$
|
67,223
|
|
|
$
|
83,396
|
|
|
$
|
192
|
|
|
$
|
7,644,767
|
|
December 31, 2017
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Commercial
|
|
$
|
989,953
|
|
|
$
|
35,105
|
|
|
$
|
3,737
|
|
|
$
|
31,189
|
|
|
$
|
—
|
|
|
$
|
1,059,984
|
|
Commercial real estate, construction, land and land development
|
|
4,040,385
|
|
|
46,288
|
|
|
11,915
|
|
|
16,172
|
|
|
—
|
|
|
4,114,760
|
|
||||||
Residential real estate
|
|
883,653
|
|
|
2,722
|
|
|
462
|
|
|
5,456
|
|
|
—
|
|
|
892,293
|
|
||||||
Single-family interim construction
|
|
288,020
|
|
|
1,660
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
289,680
|
|
||||||
Agricultural
|
|
59,392
|
|
|
5,762
|
|
|
13,802
|
|
|
3,627
|
|
|
—
|
|
|
82,583
|
|
||||||
Consumer
|
|
34,510
|
|
|
25
|
|
|
4
|
|
|
100
|
|
|
—
|
|
|
34,639
|
|
||||||
Other
|
|
304
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
304
|
|
||||||
|
|
$
|
6,296,217
|
|
|
$
|
91,562
|
|
|
$
|
29,920
|
|
|
$
|
56,544
|
|
|
$
|
—
|
|
|
$
|
6,474,243
|
|
|
|
Pass
|
|
Pass/
Watch |
|
Special Mention
|
|
Substandard
|
|
Doubtful
|
|
Total
|
||||||||||||
June 30, 2018
|
|
$
|
40,118
|
|
|
$
|
34,550
|
|
|
$
|
12,819
|
|
|
$
|
28,944
|
|
|
$
|
192
|
|
|
$
|
116,623
|
|
December 31, 2017
|
|
36,928
|
|
|
32,674
|
|
|
2,662
|
|
|
19,628
|
|
|
—
|
|
|
91,892
|
|
|
|
Acquisition Date
|
||||||
|
|
June 1, 2018
|
|
April 1, 2017
|
||||
|
|
Integrity Bancshares, Inc.*
|
|
Carlile Bancshares, Inc.
|
||||
Outstanding balance
|
|
$
|
40,227
|
|
|
$
|
101,153
|
|
Nonaccretable difference
|
|
(7,864
|
)
|
|
(14,700
|
)
|
||
Accretable yield
|
|
—
|
|
|
(685
|
)
|
||
Carrying amount
|
|
$
|
32,363
|
|
|
$
|
85,768
|
|
|
June 30, 2018
|
|
December 31, 2017
|
||||
Outstanding balance
|
$
|
134,815
|
|
|
$
|
105,685
|
|
Carrying amount
|
116,623
|
|
|
91,892
|
|
|
For the Six Months Ended June 30,
|
||||||
|
2018
|
|
2017
|
||||
Balance at January 1,
|
$
|
1,546
|
|
|
$
|
1,526
|
|
Additions
|
—
|
|
|
944
|
|
||
Accretion
|
(1,121
|
)
|
|
(187
|
)
|
||
Transfers from nonaccretable
|
1,286
|
|
|
—
|
|
||
Balance at June 30,
|
$
|
1,711
|
|
|
$
|
2,283
|
|
|
|
June 30,
|
|
December 31,
|
||||
|
|
2018
|
|
2017
|
||||
Commitments to extend credit
|
|
$
|
1,605,525
|
|
|
$
|
1,286,704
|
|
Standby letters of credit
|
|
15,704
|
|
|
10,532
|
|
||
|
|
$
|
1,621,229
|
|
|
$
|
1,297,236
|
|
|
Three Months Ended June 30,
|
|
Six Months Ended June 30,
|
||||||||||||
|
2018
|
|
2017
|
|
2018
|
|
2017
|
||||||||
Income tax expense for the period
|
$
|
7,519
|
|
|
$
|
8,561
|
|
|
$
|
14,324
|
|
|
$
|
15,289
|
|
Effective tax rate
|
20.2
|
%
|
|
32.1
|
%
|
|
19.6
|
%
|
|
31.1
|
%
|
|
|
|
|
Fair Value Measurements at Reporting Date Using
|
||||||||||||
|
|
Assets/
Liabilities
Measured at
Fair Value
|
|
Quoted Prices
in Active
Markets for
Identical Assets
(Level 1)
|
|
Significant
Other
Observable
Inputs
(Level 2)
|
|
Significant
Unobservable
Inputs
(Level 3)
|
||||||||
June 30, 2018
|
|
|
|
|
|
|
|
|
||||||||
Measured on a recurring basis:
|
|
|
|
|
|
|
|
|
||||||||
Assets:
|
|
|
|
|
|
|
|
|
||||||||
Investment securities available for sale:
|
|
|
|
|
|
|
|
|
||||||||
U.S. treasuries
|
|
$
|
19,819
|
|
|
$
|
—
|
|
|
$
|
19,819
|
|
|
$
|
—
|
|
Government agency securities
|
|
203,475
|
|
|
—
|
|
|
203,475
|
|
|
—
|
|
||||
Obligations of state and municipal subdivisions
|
|
209,723
|
|
|
—
|
|
|
209,723
|
|
|
—
|
|
||||
Residential pass-through securities guaranteed by FNMA, GNMA, and FHLMC
|
|
358,048
|
|
|
—
|
|
|
358,048
|
|
|
—
|
|
||||
December 31, 2017
|
|
|
|
|
|
|
|
|
||||||||
Measured on a recurring basis:
|
|
|
|
|
|
|
|
|
||||||||
Assets:
|
|
|
|
|
|
|
|
|
||||||||
Investment securities available for sale:
|
|
|
|
|
|
|
|
|
||||||||
U.S. treasuries
|
|
$
|
37,154
|
|
|
$
|
—
|
|
|
$
|
37,154
|
|
|
$
|
—
|
|
Government agency securities
|
|
211,509
|
|
|
—
|
|
|
211,509
|
|
|
—
|
|
||||
Obligations of state and municipal subdivisions
|
|
229,613
|
|
|
—
|
|
|
229,613
|
|
|
—
|
|
||||
Residential pass-through securities guaranteed by FNMA, GNMA, FHLMC, FHR and GNR
|
|
274,377
|
|
|
—
|
|
|
274,377
|
|
|
—
|
|
||||
Other securities
|
|
10,349
|
|
|
10,349
|
|
|
—
|
|
|
—
|
|
|
|
|
|
Fair Value Measurements at Reporting Date Using
|
|
|
||||||||||||||
|
|
Assets
Measured
at Fair Value
|
|
Quoted Prices
in Active
Markets for
Identical Assets
(Level 1)
|
|
Significant
Other
Observable
Inputs
(Level 2)
|
|
Significant
Unobservable
Inputs (Level 3)
|
|
Period Ended
Total Losses
|
||||||||||
June 30, 2018
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Measured on a nonrecurring basis:
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Assets:
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Impaired loans
|
|
$
|
3,770
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
3,770
|
|
|
$
|
2,023
|
|
Other real estate
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
|
|
|
|
|
|
|
|
|
|
|
||||||||||
December 31, 2017
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Measured on a nonrecurring basis:
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Assets:
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Impaired loans
|
|
$
|
7,237
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
7,237
|
|
|
$
|
3,719
|
|
Other real estate
|
|
1,726
|
|
|
—
|
|
|
—
|
|
|
1,726
|
|
|
375
|
|
|
|
|
|
|
|
Fair Value Measurements at Reporting Date Using
|
||||||||||||||
|
|
Carrying
Amount
|
|
Estimated
Fair Value
|
|
Quoted Prices
in Active
Markets for
Identical Assets
(Level 1)
|
|
Significant
Other
Observable
Inputs
(Level 2)
|
|
Significant
Unobservable
Inputs
(Level 3)
|
||||||||||
June 30, 2018
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Financial assets:
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Cash and cash equivalents
|
|
$
|
447,049
|
|
|
$
|
447,049
|
|
|
$
|
447,049
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Certificates of deposit held in other banks
|
|
1,225
|
|
|
1,239
|
|
|
—
|
|
|
1,239
|
|
|
—
|
|
|||||
Securities available for sale
|
|
791,065
|
|
|
791,065
|
|
|
—
|
|
|
791,065
|
|
|
—
|
|
|||||
Loans held for sale
|
|
30,056
|
|
|
31,064
|
|
|
—
|
|
|
31,064
|
|
|
—
|
|
|||||
Loans, net
|
|
7,598,644
|
|
|
7,615,524
|
|
|
—
|
|
|
7,611,754
|
|
|
3,770
|
|
|||||
FHLB of Dallas stock and other restricted stock
|
|
39,003
|
|
|
39,003
|
|
|
—
|
|
|
39,003
|
|
|
—
|
|
|||||
Accrued interest receivable
|
|
23,318
|
|
|
23,318
|
|
|
—
|
|
|
23,318
|
|
|
—
|
|
|||||
Financial liabilities:
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Deposits
|
|
7,533,405
|
|
|
7,543,099
|
|
|
—
|
|
|
7,543,099
|
|
|
—
|
|
|||||
Accrued interest payable
|
|
5,565
|
|
|
5,565
|
|
|
—
|
|
|
5,565
|
|
|
—
|
|
|||||
FHLB advances
|
|
750,626
|
|
|
747,142
|
|
|
—
|
|
|
747,142
|
|
|
—
|
|
|||||
Other borrowings
|
|
137,098
|
|
|
140,550
|
|
|
—
|
|
|
140,550
|
|
|
—
|
|
|||||
Junior subordinated debentures
|
|
27,753
|
|
|
29,780
|
|
|
—
|
|
|
29,780
|
|
|
—
|
|
|||||
Off-balance sheet assets (liabilities):
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Commitments to extend credit
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Standby letters of credit
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
December 31, 2017
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Financial assets:
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Cash and cash equivalents
|
|
$
|
431,102
|
|
|
$
|
431,102
|
|
|
$
|
431,102
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Certificates of deposit held in other banks
|
|
12,985
|
|
|
13,049
|
|
|
—
|
|
|
13,049
|
|
|
—
|
|
|||||
Securities available for sale
|
|
763,002
|
|
|
763,002
|
|
|
10,349
|
|
|
752,653
|
|
|
—
|
|
|||||
Loans held for sale
|
|
39,202
|
|
|
40,436
|
|
|
—
|
|
|
40,436
|
|
|
—
|
|
|||||
Loans, net
|
|
6,432,273
|
|
|
6,350,416
|
|
|
—
|
|
|
6,343,179
|
|
|
7,237
|
|
|||||
FHLB of Dallas stock and other restricted stock
|
|
29,184
|
|
|
29,184
|
|
|
—
|
|
|
29,184
|
|
|
—
|
|
|||||
Accrued interest receivable
|
|
20,835
|
|
|
20,835
|
|
|
—
|
|
|
20,835
|
|
|
—
|
|
|||||
Financial liabilities:
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Deposits
|
|
6,632,822
|
|
|
6,637,813
|
|
|
—
|
|
|
6,637,813
|
|
|
—
|
|
|||||
Accrued interest payable
|
|
4,654
|
|
|
4,654
|
|
|
—
|
|
|
4,654
|
|
|
—
|
|
|||||
FHLB advances
|
|
530,667
|
|
|
526,514
|
|
|
—
|
|
|
526,514
|
|
|
—
|
|
|||||
Other borrowings
|
|
136,911
|
|
|
141,650
|
|
|
—
|
|
|
141,650
|
|
|
—
|
|
|||||
Junior subordinated debentures
|
|
27,654
|
|
|
20,008
|
|
|
—
|
|
|
20,008
|
|
|
—
|
|
|||||
Off-balance sheet assets (liabilities):
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Commitments to extend credit
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Standby letters of credit
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
|
Number of
Shares
|
|
Weighted Average
Grant Date
Fair Value
|
|||
Nonvested shares, December 31, 2017
|
|
242,056
|
|
|
$
|
49.17
|
|
Granted during the period
|
|
118,912
|
|
|
72.36
|
|
|
Vested during the period
|
|
(105,385
|
)
|
|
43.78
|
|
|
Forfeited during the period
|
|
(3,845
|
)
|
|
64.47
|
|
|
Nonvested shares, June 30, 2018
|
|
251,738
|
|
|
$
|
62.15
|
|
|
|
|
|
|
|||
Nonvested shares, December 31, 2016
|
|
280,524
|
|
|
$
|
36.88
|
|
Granted during the period
|
|
87,770
|
|
|
62.51
|
|
|
Vested during the period
|
|
(130,819
|
)
|
|
33.96
|
|
|
Nonvested shares, June 30, 2017
|
|
237,475
|
|
|
$
|
47.96
|
|
First year
|
|
104,344
|
|
Second year
|
|
59,487
|
|
Third year
|
|
43,681
|
|
Fourth year
|
|
25,856
|
|
Fifth year
|
|
18,370
|
|
Total nonvested shares
|
|
251,738
|
|
|
|
Actual
|
|
Minimum for Capital
Adequacy Purposes
|
|
To Be Well
Capitalized Under
Prompt Corrective
Action Provisions
|
|||||||||||||||
|
|
Amount
|
|
Ratio
|
|
Amount
|
|
Ratio
|
|
Amount
|
|
Ratio
|
|||||||||
June 30, 2018
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Total capital to risk weighted assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Consolidated
|
|
$
|
999,359
|
|
|
11.85
|
%
|
|
$
|
674,882
|
|
|
8.00
|
%
|
|
N/A
|
|
|
N/A
|
|
|
Bank
|
|
976,485
|
|
|
11.58
|
|
|
674,415
|
|
|
8.00
|
|
|
$
|
843,018
|
|
|
10.00
|
%
|
||
Tier 1 capital to risk weighted assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Consolidated
|
|
816,051
|
|
|
9.67
|
|
|
506,162
|
|
|
6.00
|
|
|
N/A
|
|
|
N/A
|
|
|||
Bank
|
|
933,177
|
|
|
11.07
|
|
|
505,811
|
|
|
6.00
|
|
|
674,415
|
|
|
8.00
|
|
|||
Common equity tier 1 to risk weighted assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Consolidated
|
|
785,451
|
|
|
9.31
|
|
|
379,621
|
|
|
4.50
|
|
|
N/A
|
|
|
N/A
|
|
|||
Bank
|
|
933,177
|
|
|
11.07
|
|
|
379,358
|
|
|
4.50
|
|
|
547,962
|
|
|
6.50
|
|
|||
Tier 1 capital to average assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Consolidated
|
|
816,051
|
|
|
9.71
|
|
|
336,078
|
|
|
4.00
|
|
|
N/A
|
|
|
N/A
|
|
|||
Bank
|
|
933,177
|
|
|
11.12
|
|
|
335,824
|
|
|
4.00
|
|
|
419,780
|
|
|
5.00
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
December 31, 2017
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Total capital to risk weighted assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Consolidated
|
|
$
|
897,760
|
|
|
12.56
|
%
|
|
$
|
572,025
|
|
|
8.00
|
%
|
|
N/A
|
|
|
N/A
|
|
|
Bank
|
|
867,082
|
|
|
12.15
|
|
|
571,142
|
|
|
8.00
|
|
|
$
|
713,928
|
|
|
10.00
|
%
|
||
Tier 1 capital to risk weighted assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Consolidated
|
|
718,358
|
|
|
10.05
|
|
|
429,019
|
|
|
6.00
|
|
|
N/A
|
|
|
N/A
|
|
|||
Bank
|
|
827,680
|
|
|
11.59
|
|
|
428,357
|
|
|
6.00
|
|
|
571,142
|
|
|
8.00
|
|
|||
Common equity tier 1 to risk weighted assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Consolidated
|
|
687,006
|
|
|
9.61
|
|
|
321,764
|
|
|
4.50
|
|
|
N/A
|
|
|
N/A
|
|
|||
Bank
|
|
827,680
|
|
|
11.59
|
|
|
321,268
|
|
|
4.50
|
|
|
464,053
|
|
|
6.50
|
|
|||
Tier 1 capital to average assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Consolidated
|
|
718,358
|
|
|
8.92
|
|
|
322,124
|
|
|
4.00
|
|
|
N/A
|
|
|
N/A
|
|
|||
Bank
|
|
827,680
|
|
|
10.30
|
|
|
321,384
|
|
|
4.00
|
|
|
401,730
|
|
|
5.00
|
|
Assets of acquired bank:
|
|
||
Cash and cash equivalents
|
$
|
44,723
|
|
Securities available for sale
|
24,726
|
|
|
Restricted stock
|
3,357
|
|
|
Loans
|
651,722
|
|
|
Premises and equipment
|
4,800
|
|
|
Goodwill
|
100,120
|
|
|
Core deposit intangible
|
7,532
|
|
|
Bank owned life insurance
|
8,181
|
|
|
Other assets
|
6,416
|
|
|
Total assets acquired
|
$
|
851,577
|
|
|
|
||
Liabilities of acquired bank:
|
|
||
Deposits
|
$
|
593,078
|
|
FHLB advances
|
60,000
|
|
|
Other liabilities
|
10,220
|
|
|
Total liabilities assumed
|
$
|
663,298
|
|
Common stock issued at $75.90 per share
|
$
|
157,263
|
|
Cash paid
|
$
|
31,016
|
|
•
|
our ability to sustain our current internal growth rate and total growth rate;
|
•
|
changes in geopolitical, business and economic events, occurrences and conditions, including changes in rates of inflation or deflation, nationally, regionally and in our target markets, particularly in Texas and Colorado;
|
•
|
worsening business and economic conditions nationally, regionally and in our target markets, particularly in Texas and Colorado, and the geographic areas in those states in which we operate;
|
•
|
our dependence on our management team and our ability to attract, motivate and retain qualified personnel;
|
•
|
the concentration of our business within our geographic areas of operation in Texas and Colorado;
|
•
|
changes in asset quality, including increases in default rates and loans and higher levels of nonperforming loans and loan charge-offs;
|
•
|
concentration of the loan portfolio of Independent Bank, before and after the completion of acquisitions of financial institutions, in commercial and residential real estate loans and changes in the prices, values and sales volumes of commercial and residential real estate, values and dales volumes of commercial and residential real estate;
|
•
|
the ability of Independent Bank to make loans with acceptable net interest margins and levels of risk of repayment and to otherwise invest in assets at acceptable yields and presenting acceptable investment risks;
|
•
|
inaccuracy of the assumptions and estimates that the managements of our Company and the financial institutions that we acquire make in establishing reserves for probable loan losses and other estimates;
|
•
|
lack of liquidity, including as a result of a reduction in the amount of sources of liquidity we currently have;
|
•
|
material increases or decreases in the amount of deposits held by Independent Bank or other financial institutions that we acquire and the cost of those deposits;
|
•
|
our access to the debt and equity markets and the overall cost of funding our operations;
|
•
|
regulatory requirements to maintain minimum capital levels or maintenance of capital at levels sufficient to support our anticipated growth;
|
•
|
changes in market interest rates that affect the pricing of the loans and deposits of each of Independent Bank and the financial institutions that we acquire and the net interest income of each of Independent Bank and the financial institutions that we acquire;
|
•
|
fluctuations in the market value and liquidity of the securities we hold for sale, including as a result of changes in market interest rates;
|
•
|
effects of competition from a wide variety of local, regional, national and other providers of financial, investment and insurance services;
|
•
|
changes in economic and market conditions that affect the amount and value of the assets of Independent Bank and of financial institutions that we acquire;
|
•
|
the institution and outcome of, and costs associated with, litigation and other legal proceedings against one of more of us, Independent Bank and financial institutions that we acquire or to which any of such entities is subject;
|
•
|
the occurrence of market conditions adversely affecting the financial industry generally;
|
•
|
the impact of recent and future legislative and regulatory changes, including changes in banking, securities and tax laws and regulations and their application by our regulators, and changes in federal government policies;
|
•
|
changes in accounting policies and practices, as may be adopted by the bank regulatory agencies, the Financial Accounting Standards Board, the SEC and the Public Company Accounting Oversight Board, as the case may be;
|
•
|
governmental monetary and fiscal policies;
|
•
|
changes in the scope and cost of FDIC insurance and other coverage;
|
•
|
the effects of war or other conflicts, acts of terrorism (including cyber attacks) or other catastrophic events, including storms, droughts, tornadoes, hurricanes and flooding, that may affect general economic conditions;
|
•
|
our actual cost savings resulting from previous or future acquisitions are less than expected, we are unable to realize those cost savings as soon as expected, or we incur additional or unexpected costs;
|
•
|
our revenues after previous or future acquisitions are less than expected;
|
•
|
the liquidity of, and changes in the amounts and sources of liquidity available to, us, before and after the acquisition of any financial institutions that we acquire;
|
•
|
deposit attrition, operating costs, customer loss and business disruption before and after our completed acquisitions, including, without limitation, difficulties in maintaining relationships with employees, may be greater than we expected;
|
•
|
the effects of the combination of the operations of financial institutions that we have acquired in the recent past or may acquire in the future with our operations and the operations of Independent Bank, the effects of the integration of such operations being unsuccessful, and the effects of such integration being more difficult, time-consuming or costly than expected or not yielding the cost savings that we expect;
|
•
|
the impact of investments that we or Independent Bank may have made or may make and the changes in the value of those investments;
|
•
|
the quality of the assets of financial institutions and companies that we have acquired in the recent past or may acquire in the future being different than we determined or determine in our due diligence investigation in connection with the acquisition of such financial institutions and any inadequacy of loan loss reserves relating to, and exposure to unrecoverable losses on, loans acquired;
|
•
|
our ability to continue to identify acquisition targets and successfully acquire desirable financial institutions to sustain our growth, to expand our presence in our markets and to enter new markets;
|
•
|
general business and economic conditions in our markets change or are less favorable than expected;
|
•
|
changes occur in business conditions and inflation;
|
•
|
an increase in the rate of personal or commercial customers’ bankruptcies;
|
•
|
technology-related changes are harder to make or are more expensive than expected;
|
•
|
attacks on the security of, and breaches of, our Independent Bank's digital information systems, the costs we or Independent Bank incur to provide security against such attacks and any costs and liability we or Independent Bank incurs in connection with any breach of those systems;
|
•
|
the potential impact of technology and "FinTech" entities on the banking industry generally; and
|
•
|
the other factors that are described or referenced in Part I, Item 1A. of this Annual Report on Form 10-K under the caption "Risk Factors."
|
|
|
Three Months Ended June 30,
|
||||||||||||||||||||
|
|
2018
|
|
2017
|
||||||||||||||||||
|
|
Average
Outstanding Balance |
|
Interest
|
|
Yield/
Rate (3) |
|
Average
Outstanding Balance |
|
Interest
|
|
Yield/
Rate (3) |
||||||||||
(dollars in thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Interest-earning assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Loans
(1)
|
|
$
|
7,021,447
|
|
|
$
|
91,614
|
|
|
5.23
|
%
|
|
$
|
6,166,878
|
|
|
$
|
75,194
|
|
|
4.89
|
%
|
Taxable securities
|
|
605,009
|
|
|
3,501
|
|
|
2.32
|
|
|
533,690
|
|
|
2,303
|
|
|
1.73
|
|
||||
Nontaxable securities
|
|
183,043
|
|
|
1,179
|
|
|
2.58
|
|
|
161,402
|
|
|
992
|
|
|
2.47
|
|
||||
Interest-bearing deposits and other
|
|
154,986
|
|
|
788
|
|
|
2.04
|
|
|
460,511
|
|
|
1,394
|
|
|
1.21
|
|
||||
Total interest-earning assets
|
|
7,964,485
|
|
|
$
|
97,082
|
|
|
4.89
|
|
|
7,322,481
|
|
|
$
|
79,883
|
|
|
4.38
|
|
||
Noninterest-earning assets
|
|
1,200,430
|
|
|
|
|
|
|
1,155,879
|
|
|
|
|
|
||||||||
Total assets
|
|
$
|
9,164,915
|
|
|
|
|
|
|
$
|
8,478,360
|
|
|
|
|
|
||||||
Interest-bearing liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Checking accounts
|
|
$
|
2,959,101
|
|
|
$
|
6,217
|
|
|
0.84
|
|
|
$
|
2,351,619
|
|
|
$
|
2,560
|
|
|
0.44
|
|
Savings accounts
|
|
284,103
|
|
|
136
|
|
|
0.19
|
|
|
309,369
|
|
|
97
|
|
|
0.13
|
|
||||
Money market accounts
|
|
884,630
|
|
|
3,889
|
|
|
1.76
|
|
|
993,663
|
|
|
1,936
|
|
|
0.78
|
|
||||
Certificates of deposit
|
|
893,931
|
|
|
2,585
|
|
|
1.16
|
|
|
1,153,990
|
|
|
2,388
|
|
|
0.83
|
|
||||
Total deposits
|
|
5,021,765
|
|
|
12,827
|
|
|
1.02
|
|
|
4,808,641
|
|
|
6,981
|
|
|
0.58
|
|
||||
FHLB advances
|
|
563,875
|
|
|
2,847
|
|
|
2.03
|
|
|
460,713
|
|
|
1,351
|
|
|
1.18
|
|
||||
Repurchase agreements and other borrowings
|
|
137,843
|
|
|
2,097
|
|
|
6.10
|
|
|
124,177
|
|
|
1,716
|
|
|
5.54
|
|
||||
Junior subordinated debentures
|
|
27,736
|
|
|
402
|
|
|
5.81
|
|
|
27,506
|
|
|
335
|
|
|
4.89
|
|
||||
Total interest-bearing liabilities
|
|
5,751,219
|
|
|
18,173
|
|
|
1.27
|
|
|
5,421,037
|
|
|
10,383
|
|
|
0.77
|
|
||||
Noninterest-bearing checking accounts
|
|
1,973,582
|
|
|
|
|
|
|
1,787,955
|
|
|
|
|
|
||||||||
Noninterest-bearing liabilities
|
|
21,578
|
|
|
|
|
|
|
26,037
|
|
|
|
|
|
||||||||
Stockholders’ equity
|
|
1,418,536
|
|
|
|
|
|
|
1,243,331
|
|
|
|
|
|
||||||||
Total liabilities and equity
|
|
$
|
9,164,915
|
|
|
|
|
|
|
$
|
8,478,360
|
|
|
|
|
|
||||||
Net interest income
|
|
|
|
$
|
78,909
|
|
|
|
|
|
|
$
|
69,500
|
|
|
|
||||||
Interest rate spread
|
|
|
|
|
|
3.62
|
%
|
|
|
|
|
|
3.61
|
%
|
||||||||
Net interest margin
(2)
|
|
|
|
|
|
3.97
|
|
|
|
|
|
|
3.81
|
|
||||||||
Net interest income and margin (tax equivalent basis)
(4)
|
|
|
|
$
|
79,324
|
|
|
3.99
|
|
|
|
|
$
|
70,201
|
|
|
3.85
|
|
||||
Average interest earning assets to interest bearing liabilities
|
|
|
|
|
|
138.48
|
|
|
|
|
|
|
135.08
|
|
(1)
|
Average loan balances include nonaccrual loans.
|
(2)
|
Net interest margins for the periods presented represent: (i) the difference between interest income on interest-earning assets and the interest expense on interest-bearing liabilities, divided by (ii) average interest-earning assets for the period.
|
(3)
|
Yield and rates for the three month periods are annualized.
|
(4)
|
A tax-equivalent adjustment has been computed using a federal income tax rate of 21% and 35% for the
three months ended June 30, 2018
and
2017
, respectively.
|
|
|
Six Months Ended June 30,
|
||||||||||||||||||||
|
|
2018
|
|
2017
|
||||||||||||||||||
|
|
Average
Outstanding Balance |
|
Interest
|
|
Yield/
Rate (3) |
|
Average
Outstanding Balance |
|
Interest
|
|
Yield/
Rate (3) |
||||||||||
(dollars in thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Interest-earning assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Loans
(1)
|
|
$
|
6,730,278
|
|
|
$
|
174,889
|
|
|
5.24
|
%
|
|
$
|
5,403,638
|
|
|
$
|
128,938
|
|
|
4.81
|
%
|
Taxable securities
|
|
596,779
|
|
|
6,404
|
|
|
2.16
|
|
|
389,060
|
|
|
3,067
|
|
|
1.59
|
|
||||
Nontaxable securities
|
|
186,219
|
|
|
2,372
|
|
|
2.57
|
|
|
121,807
|
|
|
1,533
|
|
|
2.54
|
|
||||
Interest-bearing deposits and other
|
|
161,808
|
|
|
1,531
|
|
|
1.91
|
|
|
399,611
|
|
|
2,284
|
|
|
1.15
|
|
||||
Total interest-earning assets
|
|
7,675,084
|
|
|
$
|
185,196
|
|
|
4.87
|
|
|
6,314,116
|
|
|
$
|
135,822
|
|
|
4.34
|
|
||
Noninterest-earning assets
|
|
1,187,653
|
|
|
|
|
|
|
872,462
|
|
|
|
|
|
||||||||
Total assets
|
|
$
|
8,862,737
|
|
|
|
|
|
|
$
|
7,186,578
|
|
|
|
|
|
||||||
Interest-bearing liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Checking accounts
|
|
$
|
2,938,343
|
|
|
$
|
11,175
|
|
|
0.77
|
|
|
$
|
2,153,035
|
|
|
$
|
4,726
|
|
|
0.44
|
|
Savings accounts
|
|
281,849
|
|
|
250
|
|
|
0.18
|
|
|
232,467
|
|
|
163
|
|
|
0.14
|
|
||||
Money market accounts
|
|
802,540
|
|
|
6,511
|
|
|
1.64
|
|
|
781,427
|
|
|
2,992
|
|
|
0.77
|
|
||||
Certificates of deposit
|
|
878,263
|
|
|
4,690
|
|
|
1.08
|
|
|
1,001,150
|
|
|
4,129
|
|
|
0.83
|
|
||||
Total deposits
|
|
4,900,995
|
|
|
22,626
|
|
|
0.93
|
|
|
4,168,079
|
|
|
12,010
|
|
|
0.58
|
|
||||
FHLB advances
|
|
523,345
|
|
|
4,733
|
|
|
1.82
|
|
|
460,724
|
|
|
2,522
|
|
|
1.10
|
|
||||
Repurchase agreements and other borrowings
|
|
137,821
|
|
|
4,199
|
|
|
6.14
|
|
|
115,813
|
|
|
3,421
|
|
|
5.96
|
|
||||
Junior subordinated debentures
|
|
27,711
|
|
|
762
|
|
|
5.55
|
|
|
22,852
|
|
|
502
|
|
|
4.43
|
|
||||
Total interest-bearing liabilities
|
|
5,589,872
|
|
|
32,320
|
|
|
1.17
|
|
|
4,767,468
|
|
|
18,455
|
|
|
0.78
|
|
||||
Noninterest-bearing checking accounts
|
|
1,871,129
|
|
|
|
|
|
|
1,432,802
|
|
|
|
|
|
||||||||
Noninterest-bearing liabilities
|
|
18,699
|
|
|
|
|
|
|
22,374
|
|
|
|
|
|
||||||||
Stockholders’ equity
|
|
1,383,037
|
|
|
|
|
|
|
963,934
|
|
|
|
|
|
||||||||
Total liabilities and equity
|
|
$
|
8,862,737
|
|
|
|
|
|
|
$
|
7,186,578
|
|
|
|
|
|
||||||
Net interest income
|
|
|
|
$
|
152,876
|
|
|
|
|
|
|
$
|
117,367
|
|
|
|
||||||
Interest rate spread
|
|
|
|
|
|
3.70
|
%
|
|
|
|
|
|
3.56
|
%
|
||||||||
Net interest margin
(2)
|
|
|
|
|
|
4.02
|
|
|
|
|
|
|
3.75
|
|
||||||||
Net interest income and margin (tax equivalent basis)
(4)
|
|
|
|
$
|
153,746
|
|
|
4.04
|
|
|
|
|
$
|
118,472
|
|
|
3.78
|
|
||||
Average interest earning assets to interest bearing liabilities
|
|
|
|
|
|
137.30
|
|
|
|
|
|
|
132.44
|
|
(1)
|
Average loan balances include nonaccrual loans.
|
(2)
|
Net interest margins for the periods presented represent: (i) the difference between interest income on interest-earning assets and the interest expense on interest-bearing liabilities, divided by (ii) average interest-earning assets for the period.
|
(3)
|
Yield and rates for the six month periods are annualized.
|
(4)
|
A tax-equivalent adjustment has been computed using a federal income tax rate of 21% and 35% for the
six months ended June 30, 2018
and
2017
, respectively.
|
|
Three Months Ended June 30,
|
|
Variance
|
|
Six Months Ended June 30,
|
|
Variance
|
||||||||||||||||||
(dollars in thousands)
|
2018
|
2017
|
|
2018 v. 2017
|
|
2018
|
2017
|
|
2018 v. 2017
|
||||||||||||||||
Noninterest Expense
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Salaries and employee benefits
|
$
|
26,790
|
|
$
|
27,089
|
|
|
$
|
(299
|
)
|
(1.1
|
)%
|
|
$
|
51,958
|
|
$
|
43,926
|
|
|
$
|
8,032
|
|
18.3
|
%
|
Occupancy
|
6,018
|
|
6,147
|
|
|
(129
|
)
|
(2.1
|
)
|
|
11,682
|
|
10,019
|
|
|
1,663
|
|
16.6
|
|
||||||
Data processing
|
2,467
|
|
2,615
|
|
|
(148
|
)
|
(5.7
|
)
|
|
4,872
|
|
3,903
|
|
|
969
|
|
24.8
|
|
||||||
FDIC assessment
|
712
|
|
1,201
|
|
|
(489
|
)
|
(40.7
|
)
|
|
1,453
|
|
2,079
|
|
|
(626
|
)
|
(30.1
|
)
|
||||||
Advertising and public relations
|
332
|
|
317
|
|
|
15
|
|
4.7
|
|
|
717
|
|
614
|
|
|
103
|
|
16.8
|
|
||||||
Communications
|
793
|
|
852
|
|
|
(59
|
)
|
(6.9
|
)
|
|
1,734
|
|
1,327
|
|
|
407
|
|
30.7
|
|
||||||
Other real estate owned expenses, net
|
119
|
|
125
|
|
|
(6
|
)
|
(4.8
|
)
|
|
209
|
|
162
|
|
|
47
|
|
29.0
|
|
||||||
Impairment of other real estate
|
—
|
|
120
|
|
|
(120
|
)
|
(100.0
|
)
|
|
85
|
|
120
|
|
|
(35
|
)
|
(29.2
|
)
|
||||||
Core deposit intangible amortization
|
1,393
|
|
1,410
|
|
|
(17
|
)
|
(1.2
|
)
|
|
2,724
|
|
1,902
|
|
|
822
|
|
43.2
|
|
||||||
Professional fees
|
1,133
|
|
1,166
|
|
|
(33
|
)
|
(2.8
|
)
|
|
2,252
|
|
1,939
|
|
|
313
|
|
16.1
|
|
||||||
Acquisition expense, including legal
|
3,444
|
|
5,673
|
|
|
(2,229
|
)
|
(39.3
|
)
|
|
3,989
|
|
5,819
|
|
|
(1,830
|
)
|
(31.4
|
)
|
||||||
Other
|
5,957
|
|
4,613
|
|
|
1,344
|
|
29.1
|
|
|
12,441
|
|
7,546
|
|
|
4,895
|
|
64.9
|
|
||||||
Total noninterest expense
|
$
|
49,158
|
|
$
|
51,328
|
|
|
$
|
(2,170
|
)
|
(4.2
|
)%
|
|
$
|
94,116
|
|
$
|
79,356
|
|
|
$
|
14,760
|
|
18.6
|
%
|
|
|
||||||||||||
(dollars in thousands)
|
June 30, 2018
|
|
December 31, 2017
|
||||||||||
Commercial
(1)
|
$
|
1,316,420
|
|
|
17.1
|
%
|
|
$
|
1,059,984
|
|
|
16.3
|
%
|
Real estate:
|
|
|
|
|
|
|
|
||||||
Commercial
|
3,944,306
|
|
|
51.4
|
|
|
3,369,892
|
|
|
51.7
|
|
||
Commercial construction, land and land development
|
919,564
|
|
|
12.0
|
|
|
744,868
|
|
|
11.5
|
|
||
Residential
(2)
|
1,028,765
|
|
|
13.4
|
|
|
931,495
|
|
|
14.3
|
|
||
Single family interim construction
|
347,801
|
|
|
4.5
|
|
|
289,680
|
|
|
4.4
|
|
||
Agricultural
|
81,866
|
|
|
1.1
|
|
|
82,583
|
|
|
1.3
|
|
||
Consumer
|
35,818
|
|
|
0.5
|
|
|
34,639
|
|
|
0.5
|
|
||
Other
|
283
|
|
|
—
|
|
|
304
|
|
|
—
|
|
||
|
7,674,823
|
|
|
100.0
|
%
|
|
6,513,445
|
|
|
100.0
|
%
|
||
Deferred loan fees
|
(2,815
|
)
|
|
|
|
(2,568
|
)
|
|
|
||||
Allowance for loan losses
|
(43,308
|
)
|
|
|
|
(39,402
|
)
|
|
|
||||
Total loans, net
|
$
|
7,628,700
|
|
|
|
|
$
|
6,471,475
|
|
|
|
(dollars in thousands)
|
|
June 30, 2018
|
|
December 31, 2017
|
||||
Nonaccrual loans
|
|
|
|
|
||||
Commercial
|
|
$
|
7,469
|
|
|
$
|
10,304
|
|
Real estate:
|
|
|
|
|
||||
Commercial real estate, construction, land and land development
|
|
2,271
|
|
|
2,716
|
|
||
Residential real estate
|
|
2,113
|
|
|
998
|
|
||
Consumer
|
|
37
|
|
|
55
|
|
||
Total nonaccrual loans
(1)
|
|
11,890
|
|
|
14,073
|
|
||
Loans delinquent 90 days or more and still accruing
|
|
|
|
|
|
|
||
Commercial
|
|
69
|
|
|
8
|
|
||
Real estate:
|
|
|
|
|
|
|
||
Commercial real estate, construction, land and land development
|
|
5
|
|
|
120
|
|
||
Residential real estate
|
|
3
|
|
|
8
|
|
||
Consumer
|
|
2
|
|
|
—
|
|
||
Total loans delinquent 90 days or more and still accruing
|
|
79
|
|
|
136
|
|
||
Troubled debt restructurings, not included in nonaccrual loans
|
|
|
|
|
|
|
||
Real estate:
|
|
|
|
|
||||
Commercial real estate, construction, land and land development
|
|
423
|
|
|
455
|
|
||
Residential real estate
|
|
172
|
|
|
730
|
|
||
Consumer
|
|
—
|
|
|
20
|
|
||
Total troubled debt restructurings, not included in nonaccrual loans
(2)
|
|
595
|
|
|
1,205
|
|
||
Total nonperforming loans
|
|
12,564
|
|
|
15,414
|
|
||
Other real estate owned and other repossessed assets:
|
|
|
|
|
|
|
||
Commercial real estate, construction, land and land development
|
|
4,200
|
|
|
5,400
|
|
||
Residential real estate
|
|
—
|
|
|
764
|
|
||
Single family interim construction
|
|
—
|
|
|
963
|
|
||
Consumer
|
|
114
|
|
|
114
|
|
||
Total other real estate owned and other repossessed assets
|
|
4,314
|
|
|
7,241
|
|
||
Total nonperforming assets
|
|
$
|
16,878
|
|
|
$
|
22,655
|
|
Ratio of nonperforming loans to total loans held for investment
(3)
|
|
0.17
|
%
|
|
0.24
|
%
|
||
Ratio of nonperforming assets to total assets
|
|
0.17
|
|
|
0.26
|
|
(1)
|
Nonaccrual loans include troubled debt restructurings of
$542 thousand
and
$1.0 million
at
June 30, 2018
and
December 31, 2017
, respectively and excludes loans acquired with deteriorated credit quality of
$10.5 million
and
$7.9 million
as of
June 30, 2018
and
December 31, 2017
, respectively.
|
(2)
|
Excluding loans acquired with deteriorated credit quality of
$2.7 million
and
$0
as of
June 30, 2018
and
December 31, 2017
, respectively.
|
(3)
|
Excluding mortgage warehouse purchase loans of
$164.8
million and
$164.7
million as of
June 30, 2018
and
December 31, 2017
, respectively.
|
|
As of June 30, 2018
|
|||||
|
Actual Consolidated
|
Actual Bank
|
Required to be considered adequately capitalized
|
Required to be considered well capitalized (Bank only)
|
||
|
Ratio
|
Ratio
|
Ratio
|
Ratio
|
||
Tier 1 capital to average assets ratio
|
9.71
|
%
|
11.12
|
%
|
4.00-5.00%
|
≥5.00%
|
Common equity tier 1 capital to risk-weighted assets ratio
|
9.31
|
|
11.07
|
|
4.50-6.50
|
≥6.50
|
Tier 1 capital to risk-weighted assets ratio
|
9.67
|
|
11.07
|
|
6.00-8.00
|
≥8.00
|
Total capital to risk-weighted assets ratio
|
11.85
|
|
11.58
|
|
8.00-10.00
|
≥10.00
|
Hypothetical Shift in
Interest Rates (in bps)
|
% Change in Projected
Net Interest Income
|
200
|
(1.50)%
|
100
|
(0.64)
|
(100)
|
1.06
|
|
|
|
Exhibit 3.1
|
|
|
|
|
|
Exhibit 3.2
|
|
|
|
|
|
Exhibit 3.3
|
|
|
|
|
|
Exhibit 3.4
|
|
|
|
|
|
Exhibit 3.5
|
|
|
|
|
|
Exhibit 3.6
|
|
|
|
|
|
Exhibit 3.7
|
|
|
|
|
|
Exhibit 3.8
|
|
|
|
|
|
Exhibit 3.9*
|
|
|
|
|
|
Exhibit 3.10*
|
|
|
|
|
|
Exhibit 4.1
|
|
|
|
|
|
Exhibit 4.2
|
|
|
|
|
|
Exhibit 4.3
|
|
|
|
|
|
*
|
Filed herewith as an Exhibit.
|
**
|
Furnished herewith as an Exhibit.
|
|
|
Independent Bank Group, Inc.
|
|
|
|
Date: July 26, 2018
|
|
By: /s/ David R. Brooks
|
|
|
|
|
|
David R. Brooks
|
|
|
Chairman, Chief Executive Officer and President
|
Date: July 26, 2018
|
|
By: /s/ Michelle S. Hickox
|
|
|
|
|
|
Michelle S. Hickox
|
|
|
Executive Vice President
|
|
|
Chief Financial Officer
|
1 Year Independent Bank Chart |
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