x | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
o | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
TEXAS | 75-1848732 | |
(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) | |
1201 S. Beckham Avenue, Tyler, Texas | 75701 | |
(Address of principal executive offices) | (Zip Code) |
Large accelerated filer o | Accelerated filer x |
Non-accelerated filer o | Smaller reporting company o |
(Do not check if a smaller reporting company) |
PART I. FINANCIAL INFORMATION | |
PART II. OTHER INFORMATION | |
EXHIBIT 31.1 – CERTIFICATION PURSUANT TO SECTION 302 | |
EXHIBIT 31.2 – CERTIFICATION PURSUANT TO SECTION 302 | |
EXHIBIT 32 – CERTIFICATION PURSUANT TO SECTION 906 |
SOUTHSIDE BANCSHARES, INC. AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS (UNAUDITED) (in thousands, except share amounts) | ||||||||
June 30, 2015 | December 31, 2014 | |||||||
ASSETS | ||||||||
Cash and due from banks | $ | 50,406 | $ | 64,001 | ||||
Interest earning deposits | 26,623 | 20,654 | ||||||
Total cash and cash equivalents | 77,029 | 84,655 | ||||||
Investment securities: | ||||||||
Available for sale, at estimated fair value | 371,019 | 306,706 | ||||||
Held to maturity, at carrying value (estimated fair value of $391,191 and $400,248, respectively) | 387,212 | 388,823 | ||||||
Mortgage-backed securities: | ||||||||
Available for sale, at estimated fair value | 1,094,802 | 1,142,002 | ||||||
Held to maturity, at carrying value (estimated fair value of $362,283 and $261,339, respectively) | 356,669 | 253,496 | ||||||
FHLB stock, at cost | 37,769 | 39,942 | ||||||
Other investments | 5,350 | 3,929 | ||||||
Loans held for sale | 7,431 | 2,899 | ||||||
Loans: | ||||||||
Loans | 2,179,863 | 2,181,133 | ||||||
Less: Allowance for loan losses | (16,822 | ) | (13,292 | ) | ||||
Net Loans | 2,163,041 | 2,167,841 | ||||||
Premises and equipment, net | 110,493 | 112,860 | ||||||
Goodwill | 90,571 | 91,372 | ||||||
Other intangible assets, net | 7,654 | 8,844 | ||||||
Interest receivable | 22,666 | 22,436 | ||||||
Deferred tax asset | 18,906 | 12,707 | ||||||
Unsettled trades to sell securities | — | 57,202 | ||||||
Bank owned life insurance | 93,673 | 92,384 | ||||||
Other assets | 11,733 | 19,163 | ||||||
TOTAL ASSETS | $ | 4,856,018 | $ | 4,807,261 | ||||
LIABILITIES AND SHAREHOLDERS’ EQUITY | ||||||||
Deposits: | ||||||||
Noninterest bearing | $ | 715,966 | $ | 661,014 | ||||
Interest bearing | 2,752,717 | 2,713,403 | ||||||
Total deposits | 3,468,683 | 3,374,417 | ||||||
Short-term obligations: | ||||||||
Federal funds purchased and repurchase agreements | 2,084 | 4,237 | ||||||
FHLB advances | 282,699 | 297,368 | ||||||
Total short-term obligations | 284,783 | 301,605 | ||||||
Long-term obligations: | ||||||||
FHLB advances | 572,254 | 600,052 | ||||||
Long-term debt | 60,311 | 60,311 | ||||||
Total long-term obligations | 632,565 | 660,363 | ||||||
Unsettled trades to purchase securities | 3,453 | 5,982 | ||||||
Other liabilities | 34,860 | 39,651 | ||||||
TOTAL LIABILITIES | 4,424,344 | 4,382,018 | ||||||
Off-Balance-Sheet Arrangements, Commitments and Contingencies (Note 12) | ||||||||
Shareholders' equity: | ||||||||
Common stock ($1.25 par, 40,000,000 shares authorized, 27,821,074 shares issued at June 30, 2015 and 26,578,127 shares issued at December 31, 2014) | 34,776 | 33,223 | ||||||
Paid-in capital | 422,392 | 389,886 | ||||||
Retained earnings | 31,871 | 55,396 | ||||||
Treasury stock (2,469,638 shares at cost) | (37,692 | ) | (37,692 | ) | ||||
Accumulated other comprehensive loss | (19,673 | ) | (15,570 | ) | ||||
TOTAL SHAREHOLDERS' EQUITY | 431,674 | 425,243 | ||||||
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY | $ | 4,856,018 | $ | 4,807,261 |
SOUTHSIDE BANCSHARES, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED) (in thousands, except per share data) | |||||||||||||||
Three Months Ended | Six Months Ended | ||||||||||||||
June 30, | June 30, | ||||||||||||||
2015 | 2014 | 2015 | 2014 | ||||||||||||
Interest income | |||||||||||||||
Loans | $ | 23,887 | $ | 18,305 | $ | 47,803 | $ | 36,668 | |||||||
Investment securities – taxable | 459 | 143 | 696 | 266 | |||||||||||
Investment securities – tax-exempt | 5,644 | 6,021 | 11,509 | 11,979 | |||||||||||
Mortgage-backed securities | 7,666 | 7,557 | 16,128 | 15,239 | |||||||||||
FHLB stock and other investments | 65 | 38 | 158 | 108 | |||||||||||
Other interest earning assets | 29 | 22 | 63 | 65 | |||||||||||
Total interest income | 37,750 | 32,086 | 76,357 | 64,325 | |||||||||||
Interest expense | |||||||||||||||
Deposits | 2,493 | 1,984 | 5,022 | 4,100 | |||||||||||
Short-term obligations | 154 | 56 | 296 | 127 | |||||||||||
Long-term obligations | 2,198 | 2,190 | 4,343 | 4,350 | |||||||||||
Total interest expense | 4,845 | 4,230 | 9,661 | 8,577 | |||||||||||
Net interest income | 32,905 | 27,856 | 66,696 | 55,748 | |||||||||||
Provision for loan losses | 268 | 2,650 | 4,116 | 6,783 | |||||||||||
Net interest income after provision for loan losses | 32,637 | 25,206 | 62,580 | 48,965 | |||||||||||
Noninterest income | |||||||||||||||
Deposit services | 4,920 | 3,794 | 9,909 | 7,432 | |||||||||||
Net gain on sale of securities available for sale | 105 | 498 | 2,581 | 509 | |||||||||||
Gain on sale of loans | 822 | 81 | 1,199 | 161 | |||||||||||
Trust income | 820 | 762 | 1,713 | 1,542 | |||||||||||
Bank owned life insurance income | 653 | 307 | 1,322 | 621 | |||||||||||
Other | 1,099 | 1,073 | 2,743 | 2,056 | |||||||||||
Total noninterest income | 8,419 | 6,515 | 19,467 | 12,321 | |||||||||||
Noninterest expense | |||||||||||||||
Salaries and employee benefits | 16,869 | 13,092 | 35,068 | 26,194 | |||||||||||
Occupancy expense | 2,593 | 1,786 | 6,052 | 3,540 | |||||||||||
Advertising, travel & entertainment | 683 | 605 | 1,340 | 1,148 | |||||||||||
ATM and debit card expense | 750 | 302 | 1,429 | 619 | |||||||||||
Professional fees | 793 | 1,304 | 1,535 | 2,231 | |||||||||||
Software and data processing expense | 1,237 | 486 | 2,268 | 987 | |||||||||||
Telephone and communications | 603 | 320 | 1,072 | 598 | |||||||||||
FDIC insurance | 629 | 434 | 1,267 | 882 | |||||||||||
Other | 3,768 | 2,097 | 7,603 | 4,409 | |||||||||||
Total noninterest expense | 27,925 | 20,426 | 57,634 | 40,608 | |||||||||||
Income before income tax expense | 13,131 | 11,295 | 24,413 | 20,678 | |||||||||||
Income tax expense | 1,967 | 838 | 3,870 | 1,997 | |||||||||||
Net income | $ | 11,164 | $ | 10,457 | $ | 20,543 | $ | 18,681 | |||||||
Earnings per common share – basic | $ | 0.44 | $ | 0.53 | $ | 0.81 | $ | 0.94 | |||||||
Earnings per common share – diluted | $ | 0.44 | $ | 0.53 | $ | 0.81 | $ | 0.94 | |||||||
Dividends paid per common share | $ | 0.23 | $ | 0.21 | $ | 0.46 | $ | 0.42 |
SOUTHSIDE BANCSHARES, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED) (in thousands) | |||||||||||||||
Three Months Ended | Six Months Ended | ||||||||||||||
June 30, | June 30, | ||||||||||||||
2015 | 2014 | 2015 | 2014 | ||||||||||||
Net income | $ | 11,164 | $ | 10,457 | $ | 20,543 | $ | 18,681 | |||||||
Other comprehensive income: | |||||||||||||||
Net unrealized holding (losses) gains on available for sale securities during the period | (14,915 | ) | 8,308 | (5,395 | ) | 18,319 | |||||||||
Change in net unrealized loss on securities transferred to held to maturity | 244 | 278 | 526 | 554 | |||||||||||
Reclassification adjustment for net gain on sale of available for sale securities, included in net income | (105 | ) | (498 | ) | (2,581 | ) | (509 | ) | |||||||
Amortization of net actuarial loss, included in net periodic benefit cost | 614 | 289 | 1,145 | 521 | |||||||||||
Amortization of prior service credit, included in net periodic benefit cost | (4 | ) | (4 | ) | (8 | ) | (7 | ) | |||||||
Other comprehensive (loss) income, before tax | (14,166 | ) | 8,373 | (6,313 | ) | 18,878 | |||||||||
Income tax benefit (expense) related to other items of comprehensive income | 4,959 | (2,930 | ) | 2,210 | (6,607 | ) | |||||||||
Other comprehensive (loss) income, net of tax | (9,207 | ) | 5,443 | (4,103 | ) | 12,271 | |||||||||
Comprehensive income | $ | 1,957 | $ | 15,900 | $ | 16,440 | $ | 30,952 |
SOUTHSIDE BANCSHARES, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY (UNAUDITED) (in thousands, except share and per share data) | |||||||||||||||||||||||
Common Stock | Paid In Capital | Retained Earnings | Treasury Stock | Accumulated Other Comprehensive Income (Loss) | Total Shareholders' Equity | ||||||||||||||||||
Balance at December 31, 2013 | $ | 25,483 | $ | 214,091 | $ | 78,673 | $ | (37,692 | ) | $ | (21,037 | ) | $ | 259,518 | |||||||||
Net income | — | — | 18,681 | — | — | 18,681 | |||||||||||||||||
Other comprehensive income | — | — | — | — | 12,271 | 12,271 | |||||||||||||||||
Issuance of common stock (18,265 shares) | 23 | 500 | — | — | — | 523 | |||||||||||||||||
Stock compensation expense | — | 577 | — | — | — | 577 | |||||||||||||||||
Tax benefits related to stock awards | — | 38 | — | — | — | 38 | |||||||||||||||||
Net issuance of common stock under employee stock plans | 14 | 158 | (103 | ) | — | — | 69 | ||||||||||||||||
Cash dividends paid on common stock ($0.42 per share) | — | — | (7,717 | ) | — | — | (7,717 | ) | |||||||||||||||
Stock dividend declared | 1,124 | 24,941 | (26,065 | ) | — | — | — | ||||||||||||||||
Balance at June 30, 2014 | $ | 26,644 | $ | 240,305 | $ | 63,469 | $ | (37,692 | ) | $ | (8,766 | ) | $ | 283,960 | |||||||||
Balance at December 31, 2014 | $ | 33,223 | $ | 389,886 | $ | 55,396 | $ | (37,692 | ) | $ | (15,570 | ) | $ | 425,243 | |||||||||
Net income | — | — | 20,543 | — | — | 20,543 | |||||||||||||||||
Other comprehensive loss | — | — | — | — | (4,103 | ) | (4,103 | ) | |||||||||||||||
Issuance of common stock (21,499 shares) | 26 | 587 | — | — | — | 613 | |||||||||||||||||
Stock compensation expense | — | 567 | — | — | — | 567 | |||||||||||||||||
Tax benefits related to stock awards | — | 32 | — | — | — | 32 | |||||||||||||||||
Net issuance of common stock under employee stock plans | 15 | 157 | (21 | ) | — | — | 151 | ||||||||||||||||
Cash dividends paid on common stock ($0.46 per share) | — | — | (11,372 | ) | — | — | (11,372 | ) | |||||||||||||||
Stock dividend declared | 1,512 | 31,163 | (32,675 | ) | — | — | — | ||||||||||||||||
Balance at June 30, 2015 | $ | 34,776 | $ | 422,392 | $ | 31,871 | $ | (37,692 | ) | $ | (19,673 | ) | $ | 431,674 |
SOUTHSIDE BANCSHARES, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF CASH FLOW (UNAUDITED) (in thousands) | |||||||
Six Months Ended | |||||||
June 30, | |||||||
2015 | 2014 | ||||||
OPERATING ACTIVITIES: | |||||||
Net income | $ | 20,543 | $ | 18,681 | |||
Adjustments to reconcile net income to net cash provided by operations: | |||||||
Depreciation | 4,052 | 1,615 | |||||
Amortization of premium | 14,286 | 10,750 | |||||
Accretion of discount and loan fees | (4,373 | ) | (1,971 | ) | |||
Provision for loan losses | 4,116 | 6,783 | |||||
Stock compensation expense | 567 | 577 | |||||
Deferred tax benefit | (2,019 | ) | (1,361 | ) | |||
Tax benefit related to stock awards | (32 | ) | (42 | ) | |||
Net gain on sale of securities available for sale | (2,581 | ) | (509 | ) | |||
Net loss (gain) on premises and equipment | 137 | (7 | ) | ||||
Net loss on other real estate owned | 382 | 65 | |||||
Net change in: | |||||||
Interest receivable | (230 | ) | 1,461 | ||||
Other assets | 2,070 | (1,459 | ) | ||||
Interest payable | (52 | ) | (40 | ) | |||
Other liabilities | (3,601 | ) | 3,356 | ||||
Loans originated for sale | (4,532 | ) | (604 | ) | |||
Net cash provided by operating activities | 28,733 | 37,295 | |||||
INVESTING ACTIVITIES: | |||||||
Securities held to maturity: | |||||||
Purchases | (56,752 | ) | — | ||||
Maturities, calls and principal repayments | 11,411 | 14,797 | |||||
Securities available for sale: | |||||||
Purchases | (528,964 | ) | (327,668 | ) | |||
Sales | 336,136 | 252,696 | |||||
Maturities, calls and principal repayments | 158,022 | 153,637 | |||||
Proceeds from redemption of FHLB stock | 5,692 | 8,938 | |||||
Purchases of FHLB stock and other investments | (3,594 | ) | (384 | ) | |||
Net loans originated | 1,235 | (49,047 | ) | ||||
Purchases of premises and equipment | (1,828 | ) | (2,878 | ) | |||
Proceeds from sales of premises and equipment | 6 | 8 | |||||
Proceeds from sales of other real estate owned | 634 | 275 | |||||
Proceeds from sales of repossessed assets | 1,619 | 3,268 | |||||
Net cash (used in) provided by investing activities | (76,383 | ) | 53,642 | ||||
(continued) |
SOUTHSIDE BANCSHARES, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF CASH FLOW (UNAUDITED) (continued) (in thousands) | |||||||
Six Months Ended | |||||||
June 30, | |||||||
2015 | 2014 | ||||||
FINANCING ACTIVITIES: | |||||||
Net increase in demand and savings accounts | 80,540 | 157,322 | |||||
Net increase (decrease) in certificates of deposit | 14,368 | (83,711 | ) | ||||
Net (decrease) increase in federal funds purchased and repurchase agreements | (2,153 | ) | 1,198 | ||||
Proceeds from FHLB advances | 8,447,303 | 6,267,018 | |||||
Repayment of FHLB advances | (8,489,458 | ) | (6,325,689 | ) | |||
Tax benefit related to stock awards | 32 | 42 | |||||
Net issuance of common stock under employee stock plan | 151 | 69 | |||||
Proceeds from the issuance of common stock | 613 | 523 | |||||
Cash dividends paid | (11,372 | ) | (7,717 | ) | |||
Net cash provided by financing activities | 40,024 | 9,055 | |||||
Net (decrease) increase in cash and cash equivalents | (7,626 | ) | 99,992 | ||||
Cash and cash equivalents at beginning of period | 84,655 | 54,431 | |||||
Cash and cash equivalents at end of period | $ | 77,029 | $ | 154,423 | |||
SUPPLEMENTAL DISCLOSURES FOR CASH FLOW INFORMATION: | |||||||
Interest paid | $ | 9,713 | $ | 8,617 | |||
Income taxes paid | $ | 2,000 | $ | 3,550 | |||
SUPPLEMENTAL DISCLOSURES OF NONCASH INVESTING AND FINANCING ACTIVITIES: | |||||||
Loans transferred to other repossessed assets and real estate through foreclosure | $ | 1,073 | $ | 2,807 | |||
Transfer of available for sale securities to held to maturity securities | $ | 57,724 | $ | — | |||
Adjustment to pension liability | $ | (1,137 | ) | $ | (514 | ) | |
5% stock dividend | $ | 32,675 | $ | 26,065 | |||
Unsettled trades to purchase securities | $ | (3,453 | ) | $ | (10,269 | ) | |
Unsettled trades to sell securities | $ | — | $ | 19,183 |
Goodwill | ||||
Balance as of December 31, 2014 | $ | 91,372 | ||
Less: measurement period adjustments | (801 | ) | ||
Balance as of June 30, 2015 | $ | 90,571 |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
2015 | 2014 | 2015 | 2014 | ||||||||||||
Basic and Diluted Earnings: | |||||||||||||||
Net income | $ | 11,164 | $ | 10,457 | $ | 20,543 | $ | 18,681 | |||||||
Basic weighted-average shares outstanding | 25,337 | 19,776 | 25,330 | 19,769 | |||||||||||
Add: Stock awards | 88 | 97 | 84 | 93 | |||||||||||
Diluted weighted-average shares outstanding | 25,425 | 19,873 | 25,414 | 19,862 | |||||||||||
Basic Earnings Per Share: | $ | 0.44 | $ | 0.53 | $ | 0.81 | $ | 0.94 | |||||||
Diluted Earnings Per Share: | $ | 0.44 | $ | 0.53 | $ | 0.81 | $ | 0.94 |
Three Months Ended June 30, 2015 | |||||||||||||||
Unrealized Gains (Losses) on Securities | Pension Plans | ||||||||||||||
Other | Net Prior Service (Cost) Credit | Net Gain (Loss) | Total | ||||||||||||
Beginning balance, net of tax | $ | 11,000 | $ | 4 | $ | (21,470 | ) | $ | (10,466 | ) | |||||
Other comprehensive loss before reclassifications | (14,671 | ) | — | — | (14,671 | ) | |||||||||
Reclassified to income | (105 | ) | (4 | ) | 614 | 505 | |||||||||
Income tax benefit (expense) | 5,172 | 2 | (215 | ) | 4,959 | ||||||||||
Net current-period other comprehensive (loss) income, net of tax | (9,604 | ) | (2 | ) | 399 | (9,207 | ) | ||||||||
Ending balance, net of tax | $ | 1,396 | $ | 2 | $ | (21,071 | ) | $ | (19,673 | ) | |||||
Six Months Ended June 30, 2015 | |||||||||||||||
Unrealized Gains (Losses) on Securities | Pension Plans | ||||||||||||||
Other | Net Prior Service (Cost) Credit | Net Gain (Loss) | Total | ||||||||||||
Beginning balance, net of tax | $ | 6,238 | $ | 7 | $ | (21,815 | ) | $ | (15,570 | ) | |||||
Other comprehensive loss before reclassifications | (4,869 | ) | — | — | (4,869 | ) | |||||||||
Reclassified to income | (2,581 | ) | (8 | ) | 1,145 | (1,444 | ) | ||||||||
Income tax benefit (expense) | 2,608 | 3 | (401 | ) | 2,210 | ||||||||||
Net current-period other comprehensive (loss) income, net of tax | (4,842 | ) | (5 | ) | 744 | (4,103 | ) | ||||||||
Ending balance, net of tax | $ | 1,396 | $ | 2 | $ | (21,071 | ) | $ | (19,673 | ) | |||||
Three Months Ended June 30, 2014 | |||||||||||||||
Unrealized Gains (Losses) on Securities | Pension Plans | ||||||||||||||
Other | Net Prior Service (Cost) Credit | Net Gain (Loss) | Total | ||||||||||||
Beginning balance, net of tax | $ | (1,977 | ) | $ | (14 | ) | $ | (12,218 | ) | $ | (14,209 | ) | |||
Other comprehensive income before reclassifications | 8,586 | — | — | 8,586 | |||||||||||
Reclassified to income | (498 | ) | (4 | ) | 289 | (213 | ) | ||||||||
Income tax (expense) benefit | (2,830 | ) | 1 | (101 | ) | (2,930 | ) | ||||||||
Net current-period other comprehensive income (loss), net of tax | 5,258 | (3 | ) | 188 | 5,443 | ||||||||||
Ending balance, net of tax | $ | 3,281 | $ | (17 | ) | $ | (12,030 | ) | $ | (8,766 | ) | ||||
Six Months Ended June 30, 2014 | |||||||||||||||
Unrealized Gains (Losses) on Securities | Pension Plans | ||||||||||||||
Other | Net Prior Service (Cost) Credit | Net Gain (Loss) | Total | ||||||||||||
Beginning balance, net of tax | $ | (8,656 | ) | $ | (12 | ) | $ | (12,369 | ) | $ | (21,037 | ) | |||
Other comprehensive income before reclassifications | 18,873 | — | — | 18,873 | |||||||||||
Reclassified to income | (509 | ) | (7 | ) | 521 | 5 | |||||||||
Income tax (expense) benefit | (6,427 | ) | 2 | (182 | ) | (6,607 | ) | ||||||||
Net current-period other comprehensive income (loss), net of tax | 11,937 | (5 | ) | 339 | 12,271 | ||||||||||
Ending balance, net of tax | $ | 3,281 | $ | (17 | ) | $ | (12,030 | ) | $ | (8,766 | ) |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
2015 | 2014 | 2015 | 2014 | ||||||||||||
Unrealized gains and losses on available for sale securities: | |||||||||||||||
Realized net gain on sale of securities (1) | $ | 105 | $ | 498 | $ | 2,581 | $ | 509 | |||||||
Tax expense | (36 | ) | (174 | ) | (903 | ) | (178 | ) | |||||||
Net of tax | 69 | 324 | 1,678 | 331 | |||||||||||
Amortization of pension plan: | |||||||||||||||
Net actuarial loss (2) | $ | (614 | ) | $ | (289 | ) | $ | (1,145 | ) | $ | (521 | ) | |||
Prior service credit (2) | 4 | 4 | 8 | 7 | |||||||||||
Total before tax | (610 | ) | (285 | ) | (1,137 | ) | (514 | ) | |||||||
Tax benefit | 213 | 100 | 398 | 180 | |||||||||||
Net of tax | (397 | ) | (185 | ) | (739 | ) | (334 | ) | |||||||
Total reclassifications for the period, net of tax | $ | (328 | ) | $ | 139 | $ | 939 | $ | (3 | ) |
June 30, 2015 | ||||||||||||||||||||||||||||
Recognized in OCI | Not recognized in OCI | |||||||||||||||||||||||||||
Amortized | Gross Unrealized | Gross Unrealized | Carrying | Gross Unrealized | Gross Unrealized | Estimated | ||||||||||||||||||||||
AVAILABLE FOR SALE | Cost | Gains | Losses | Value | Gains | Losses | Fair Value | |||||||||||||||||||||
Investment Securities: | ||||||||||||||||||||||||||||
U.S. Treasury | $ | 101,239 | $ | 198 | $ | 914 | $ | 100,523 | $ | — | $ | — | $ | 100,523 | ||||||||||||||
U.S. Government Agency Debentures | 4,845 | 1 | — | 4,846 | — | — | 4,846 | |||||||||||||||||||||
State and Political Subdivisions | 243,446 | 5,156 | 2,182 | 246,420 | — | — | 246,420 | |||||||||||||||||||||
Other Stocks and Bonds | 13,092 | 111 | — | 13,203 | — | — | 13,203 | |||||||||||||||||||||
Other Equity Securities | 6,058 | — | 31 | 6,027 | — | — | 6,027 | |||||||||||||||||||||
Mortgage-backed Securities: (1) | ||||||||||||||||||||||||||||
Residential | 713,576 | 13,622 | 872 | 726,326 | — | — | 726,326 | |||||||||||||||||||||
Commercial | 372,155 | 874 | 4,553 | 368,476 | — | — | 368,476 | |||||||||||||||||||||
Total | $ | 1,454,411 | $ | 19,962 | $ | 8,552 | $ | 1,465,821 | $ | — | $ | — | $ | 1,465,821 | ||||||||||||||
HELD TO MATURITY | ||||||||||||||||||||||||||||
Investment Securities: | ||||||||||||||||||||||||||||
State and Political Subdivisions | $ | 391,784 | $ | 5,193 | $ | 9,765 | $ | 387,212 | $ | 6,613 | $ | 2,634 | $ | 391,191 | ||||||||||||||
Mortgage-backed Securities: (1) | ||||||||||||||||||||||||||||
Residential | 41,215 | — | 61 | 41,154 | 2,602 | — | 43,756 | |||||||||||||||||||||
Commercial | 320,144 | 1,315 | 5,944 | 315,515 | 4,989 | 1,977 | 318,527 | |||||||||||||||||||||
Total | $ | 753,143 | $ | 6,508 | $ | 15,770 | $ | 743,881 | $ | 14,204 | $ | 4,611 | $ | 753,474 |
December 31, 2014 | ||||||||||||||||||||||||||||
Recognized in OCI | Not recognized in OCI | |||||||||||||||||||||||||||
Amortized | Gross Unrealized | Gross Unrealized | Carrying | Gross Unrealized | Gross Unrealized | Estimated | ||||||||||||||||||||||
AVAILABLE FOR SALE | Cost | Gains | Losses | Value | Gains | Losses | Fair Value | |||||||||||||||||||||
Investment Securities: | ||||||||||||||||||||||||||||
U.S. Treasury | $ | 14,883 | $ | 30 | $ | 7 | $ | 14,906 | $ | — | $ | — | $ | 14,906 | ||||||||||||||
U.S. Government Agency Debentures | 4,835 | — | 7 | 4,828 | — | — | 4,828 | |||||||||||||||||||||
State and Political Subdivisions | 260,535 | 8,055 | 906 | 267,684 | — | — | 267,684 | |||||||||||||||||||||
Other Stocks and Bonds | 13,086 | 153 | — | 13,239 | — | — | 13,239 | |||||||||||||||||||||
Other Equity Securities | 6,061 | — | 12 | 6,049 | — | — | 6,049 | |||||||||||||||||||||
Mortgage-backed Securities:(1) | ||||||||||||||||||||||||||||
Residential | 952,481 | 12,624 | 807 | 964,298 | — | — | 964,298 | |||||||||||||||||||||
Commercial | 176,112 | 1,743 | 151 | 177,704 | — | — | 177,704 | |||||||||||||||||||||
Total | $ | 1,427,993 | $ | 22,605 | $ | 1,890 | $ | 1,448,708 | $ | — | $ | — | $ | 1,448,708 | ||||||||||||||
HELD TO MATURITY | ||||||||||||||||||||||||||||
Investment Securities: | ||||||||||||||||||||||||||||
State and Political Subdivisions | $ | 393,525 | $ | 5,168 | $ | 9,870 | $ | 388,823 | $ | 12,181 | $ | 756 | $ | 400,248 | ||||||||||||||
Mortgage-backed Securities:(1) | ||||||||||||||||||||||||||||
Residential | 52,287 | — | 70 | 52,217 | 2,871 | — | 55,088 | |||||||||||||||||||||
Commercial | 207,624 | — | 6,345 | 201,279 | 5,461 | 489 | 206,251 | |||||||||||||||||||||
Total | $ | 653,436 | $ | 5,168 | $ | 16,285 | $ | 642,319 | $ | 20,513 | $ | 1,245 | $ | 661,587 |
As of June 30, 2015 | |||||||||||||||||||||||
Less Than 12 Months | More Than 12 Months | Total | |||||||||||||||||||||
Fair Value | Unrealized Loss | Fair Value | Unrealized Loss | Fair Value | Unrealized Loss | ||||||||||||||||||
AVAILABLE FOR SALE | |||||||||||||||||||||||
Investment Securities: | |||||||||||||||||||||||
U.S. Treasury | $ | 71,085 | $ | 914 | $ | — | $ | — | $ | 71,085 | $ | 914 | |||||||||||
State and Political Subdivisions | 93,099 | 1,178 | 26,796 | 1,004 | 119,895 | 2,182 | |||||||||||||||||
Other Equity Securities | 6,027 | 31 | — | — | 6,027 | 31 | |||||||||||||||||
Mortgage-backed Securities: | |||||||||||||||||||||||
Residential | 139,161 | 849 | 8,329 | 23 | 147,490 | 872 | |||||||||||||||||
Commercial | 265,182 | 4,553 | — | — | 265,182 | 4,553 | |||||||||||||||||
Total | $ | 574,554 | $ | 7,525 | $ | 35,125 | $ | 1,027 | $ | 609,679 | $ | 8,552 | |||||||||||
HELD TO MATURITY | |||||||||||||||||||||||
Investment Securities: | |||||||||||||||||||||||
State and Political Subdivisions | $ | 119,415 | $ | 986 | $ | 56,247 | $ | 1,648 | $ | 175,662 | $ | 2,634 | |||||||||||
Mortgage-backed Securities: | |||||||||||||||||||||||
Commercial | 137,569 | 1,885 | 6,516 | 92 | 144,085 | 1,977 | |||||||||||||||||
Total | $ | 256,984 | $ | 2,871 | $ | 62,763 | $ | 1,740 | $ | 319,747 | $ | 4,611 | |||||||||||
As of December 31, 2014 | |||||||||||||||||||||||
Less Than 12 Months | More Than 12 Months | Total | |||||||||||||||||||||
Fair Value | Unrealized Loss | Fair Value | Unrealized Loss | Fair Value | Unrealized Loss | ||||||||||||||||||
AVAILABLE FOR SALE | |||||||||||||||||||||||
Investment Securities: | |||||||||||||||||||||||
U.S. Treasury | $ | 4,968 | $ | 7 | $ | — | $ | — | $ | 4,968 | $ | 7 | |||||||||||
U.S. Government Agency Debentures | 4,828 | 7 | — | — | 4,828 | 7 | |||||||||||||||||
State and Political Subdivisions | 28,155 | 90 | 44,269 | 816 | 72,424 | 906 | |||||||||||||||||
Other Equity Securities | 6,049 | 12 | — | — | 6,049 | 12 | |||||||||||||||||
Mortgage-backed Securities: | |||||||||||||||||||||||
Residential | 347,777 | 573 | 27,632 | 234 | 375,409 | 807 | |||||||||||||||||
Commercial | 21,103 | 54 | 10,116 | 97 | 31,219 | 151 | |||||||||||||||||
Total | $ | 412,880 | $ | 743 | $ | 82,017 | $ | 1,147 | $ | 494,897 | $ | 1,890 | |||||||||||
HELD TO MATURITY | |||||||||||||||||||||||
Investment Securities: | |||||||||||||||||||||||
State and Political Subdivisions | $ | 7,843 | $ | 31 | $ | 64,946 | $ | 725 | $ | 72,789 | $ | 756 | |||||||||||
Mortgage-backed Securities: | |||||||||||||||||||||||
Commercial | — | — | 44,144 | 489 | 44,144 | 489 | |||||||||||||||||
Total | $ | 7,843 | $ | 31 | $ | 109,090 | $ | 1,214 | $ | 116,933 | $ | 1,245 |
Three Months Ended June 30, | |||||||
2015 | 2014 | ||||||
U.S. Treasury | $ | 345 | $ | 41 | |||
U.S. Government Agency Debentures | 32 | 41 | |||||
State and Political Subdivisions | 5,645 | 6,031 | |||||
Other Stocks and Bonds | 52 | 51 | |||||
Other Equity Securities | 29 | — | |||||
Mortgage-backed Securities | 7,666 | 7,557 | |||||
Total interest income on securities | $ | 13,769 | $ | 13,721 |
Six Months Ended June 30, | |||||||
2015 | 2014 | ||||||
U.S. Treasury | $ | 461 | $ | 41 | |||
U.S. Government Agency Debentures | 64 | 100 | |||||
State and Political Subdivisions | 11,515 | 12,001 | |||||
Other Stocks and Bonds | 104 | 103 | |||||
Other Equity Securities | 61 | — | |||||
Mortgage-backed Securities | 16,128 | 15,239 | |||||
Total interest income on securities | $ | 28,333 | $ | 27,484 |