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) | ||||||||
September 30, 2015 | December 31, 2014 | |||||||
ASSETS | ||||||||
Cash and due from banks | $ | 52,311 | $ | 64,001 | ||||
Interest earning deposits | 19,583 | 20,654 | ||||||
Total cash and cash equivalents | 71,894 | 84,655 | ||||||
Investment securities: | ||||||||
Available for sale, at estimated fair value | 301,627 | 306,706 | ||||||
Held to maturity, at carrying value (estimated fair value of $395,401 and $400,248, respectively) | 386,385 | 388,823 | ||||||
Mortgage-backed securities: | ||||||||
Available for sale, at estimated fair value | 1,073,368 | 1,142,002 | ||||||
Held to maturity, at carrying value (estimated fair value of $397,572 and $261,339, respectively) | 385,529 | 253,496 | ||||||
FHLB stock, at cost | 43,446 | 39,942 | ||||||
Other investments | 5,446 | 3,929 | ||||||
Loans held for sale | 4,883 | 2,899 | ||||||
Loans: | ||||||||
Loans | 2,239,146 | 2,181,133 | ||||||
Less: Allowance for loan losses | (18,402 | ) | (13,292 | ) | ||||
Net Loans | 2,220,744 | 2,167,841 | ||||||
Premises and equipment, net | 109,087 | 112,860 | ||||||
Goodwill | 91,520 | 91,372 | ||||||
Other intangible assets, net | 7,090 | 8,844 | ||||||
Interest receivable | 17,143 | 22,436 | ||||||
Deferred tax asset | 14,952 | 12,707 | ||||||
Unsettled trades to sell securities | — | 57,202 | ||||||
Bank owned life insurance | 94,303 | 92,384 | ||||||
Other assets | 10,058 | 19,163 | ||||||
TOTAL ASSETS | $ | 4,837,475 | $ | 4,807,261 | ||||
LIABILITIES AND SHAREHOLDERS’ EQUITY | ||||||||
Deposits: | ||||||||
Noninterest bearing | $ | 681,618 | $ | 661,014 | ||||
Interest bearing | 2,646,259 | 2,713,403 | ||||||
Total deposits | 3,327,877 | 3,374,417 | ||||||
Short-term obligations: | ||||||||
Federal funds purchased and repurchase agreements | 2,270 | 4,237 | ||||||
FHLB advances | 442,738 | 297,368 | ||||||
Total short-term obligations | 445,008 | 301,605 | ||||||
Long-term obligations: | ||||||||
FHLB advances | 498,556 | 600,052 | ||||||
Long-term debt | 60,311 | 60,311 | ||||||
Total long-term obligations | 558,867 | 660,363 | ||||||
Unsettled trades to purchase securities | 21,783 | 5,982 | ||||||
Other liabilities | 36,792 | 39,651 | ||||||
TOTAL LIABILITIES | 4,390,327 | 4,382,018 | ||||||
Off-Balance-Sheet Arrangements, Commitments and Contingencies (Note 12) | ||||||||
Shareholders' equity: | ||||||||
Common stock ($1.25 par, 40,000,000 shares authorized, 27,842,166 shares issued at September 30, 2015 and 26,578,127 shares issued at December 31, 2014) | 34,803 | 33,223 | ||||||
Paid-in capital | 423,167 | 389,886 | ||||||
Retained earnings | 37,783 | 55,396 | ||||||
Treasury stock (2,469,638 shares at cost) | (37,692 | ) | (37,692 | ) | ||||
Accumulated other comprehensive loss | (10,913 | ) | (15,570 | ) | ||||
TOTAL SHAREHOLDERS' EQUITY | 447,148 | 425,243 | ||||||
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY | $ | 4,837,475 | $ | 4,807,261 |
SOUTHSIDE BANCSHARES, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED) (in thousands, except per share data) | |||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||
September 30, | September 30, | ||||||||||||||
2015 | 2014 | 2015 | 2014 | ||||||||||||
Interest income | |||||||||||||||
Loans | $ | 23,787 | $ | 17,168 | $ | 71,590 | $ | 53,836 | |||||||
Investment securities – taxable | 475 | 210 | 1,171 | 476 | |||||||||||
Investment securities – tax-exempt | 5,551 | 6,325 | 17,060 | 18,304 | |||||||||||
Mortgage-backed securities | 8,318 | 6,070 | 24,446 | 21,309 | |||||||||||
FHLB stock and other investments | 65 | 36 | 223 | 144 | |||||||||||
Other interest earning assets | 15 | 31 | 78 | 96 | |||||||||||
Total interest income | 38,211 | 29,840 | 114,568 | 94,165 | |||||||||||
Interest expense | |||||||||||||||
Deposits | 2,485 | 1,876 | 7,507 | 5,976 | |||||||||||
Short-term obligations | 354 | 226 | 650 | 353 | |||||||||||
Long-term obligations | 2,087 | 2,018 | 6,430 | 6,368 | |||||||||||
Total interest expense | 4,926 | 4,120 | 14,587 | 12,697 | |||||||||||
Net interest income | 33,285 | 25,720 | 99,981 | 81,468 | |||||||||||
Provision for loan losses | 2,276 | 4,868 | 6,392 | 11,651 | |||||||||||
Net interest income after provision for loan losses | 31,009 | 20,852 | 93,589 | 69,817 | |||||||||||
Noninterest income | |||||||||||||||
Deposit services | 5,213 | 3,860 | 15,122 | 11,292 | |||||||||||
Net gain on sale of securities available for sale | 875 | 1,151 | 3,456 | 1,660 | |||||||||||
Impairment of investment in SFG Finance, LLC | — | (2,239 | ) | — | (2,239 | ) | |||||||||
Gain on sale of loans | 305 | 108 | 1,504 | 269 | |||||||||||
Trust income | 835 | 798 | 2,548 | 2,340 | |||||||||||
Bank owned life insurance income | 661 | 320 | 1,983 | 941 | |||||||||||
Other | 1,227 | 1,021 | 3,970 | 3,077 | |||||||||||
Total noninterest income | 9,116 | 5,019 | 28,583 | 17,340 | |||||||||||
Noninterest expense | |||||||||||||||
Salaries and employee benefits | 15,733 | 12,798 | 50,801 | 38,992 | |||||||||||
Occupancy expense | 3,071 | 1,773 | 9,123 | 5,313 | |||||||||||
Advertising, travel & entertainment | 642 | 489 | 1,982 | 1,637 | |||||||||||
ATM and debit card expense | 617 | 327 | 2,046 | 946 | |||||||||||
Professional fees | 825 | 1,132 | 2,360 | 3,363 | |||||||||||
Software and data processing expense | 819 | 543 | 3,087 | 1,530 | |||||||||||
Telephone and communications | 534 | 292 | 1,606 | 890 | |||||||||||
FDIC insurance | 624 | 437 | 1,891 | 1,319 | |||||||||||
Other | 3,527 | 2,226 | 11,130 | 6,635 | |||||||||||
Total noninterest expense | 26,392 | 20,017 | 84,026 | 60,625 | |||||||||||
Income before income tax expense | 13,733 | 5,854 | 38,146 | 26,532 | |||||||||||
Income tax expense (benefit) | 1,971 | (243 | ) | 5,841 | 1,754 | ||||||||||
Net income | $ | 11,762 | $ | 6,097 | $ | 32,305 | $ | 24,778 | |||||||
Earnings per common share – basic | $ | 0.46 | $ | 0.31 | $ | 1.27 | $ | 1.25 | |||||||
Earnings per common share – diluted | $ | 0.46 | $ | 0.31 | $ | 1.27 | $ | 1.25 | |||||||
Dividends paid per common share | $ | 0.23 | $ | 0.22 | $ | 0.69 | $ | 0.64 |
SOUTHSIDE BANCSHARES, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED) (in thousands) | |||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||
September 30, | September 30, | ||||||||||||||
2015 | 2014 | 2015 | 2014 | ||||||||||||
Net income | $ | 11,762 | $ | 6,097 | $ | 32,305 | $ | 24,778 | |||||||
Other comprehensive income: | |||||||||||||||
Net unrealized holding gains on available for sale securities during the period | 13,446 | 2,751 | 8,051 | 21,070 | |||||||||||
Change in net unrealized loss on securities transferred to held to maturity | 220 | 282 | 746 | 836 | |||||||||||
Reclassification adjustment for net gain on sale of available for sale securities, included in net income | (875 | ) | (1,151 | ) | (3,456 | ) | (1,660 | ) | |||||||
Amortization of net actuarial loss, included in net periodic benefit cost | 691 | 260 | 1,836 | 781 | |||||||||||
Amortization of prior service credit, included in net periodic benefit cost | (4 | ) | (3 | ) | (12 | ) | (10 | ) | |||||||
Other comprehensive income, before tax | 13,478 | 2,139 | 7,165 | 21,017 | |||||||||||
Income tax expense related to other items of comprehensive income | (4,718 | ) | (862 | ) | (2,508 | ) | (7,469 | ) | |||||||
Other comprehensive income, net of tax | 8,760 | 1,277 | 4,657 | 13,548 | |||||||||||
Comprehensive income | $ | 20,522 | $ | 7,374 | $ | 36,962 | $ | 38,326 |
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 | — | — | 24,778 | — | — | 24,778 | |||||||||||||||||
Other comprehensive income | — | — | — | — | 13,548 | 13,548 | |||||||||||||||||
Issuance of common stock (26,894 shares) | 34 | 763 | — | — | — | 797 | |||||||||||||||||
Stock compensation expense | — | 842 | — | — | — | 842 | |||||||||||||||||
Tax benefits related to stock awards | — | 249 | — | — | — | 249 | |||||||||||||||||
Net issuance of common stock under employee stock plans | 90 | 1,025 | (112 | ) | — | — | 1,003 | ||||||||||||||||
Cash dividends paid on common stock ($0.64 per share) | — | — | (11,865 | ) | — | — | (11,865 | ) | |||||||||||||||
Impairment of investment in SFG Finance, LLC. | — | 2,239 | — | — | — | 2,239 | |||||||||||||||||
Stock dividend declared | 1,124 | 24,941 | (26,065 | ) | — | — | — | ||||||||||||||||
Balance at September 30, 2014 | $ | 26,731 | $ | 244,150 | $ | 65,409 | $ | (37,692 | ) | $ | (7,489 | ) | $ | 291,109 | |||||||||
Balance at December 31, 2014 | $ | 33,223 | $ | 389,886 | $ | 55,396 | $ | (37,692 | ) | $ | (15,570 | ) | $ | 425,243 | |||||||||
Net income | — | — | 32,305 | — | — | 32,305 | |||||||||||||||||
Other comprehensive income | — | — | — | — | 4,657 | 4,657 | |||||||||||||||||
Issuance of common stock (33,948 shares) | 42 | 894 | — | — | — | 936 | |||||||||||||||||
Stock compensation expense | — | 981 | — | — | — | 981 | |||||||||||||||||
Tax benefits related to stock awards | — | 61 | — | — | — | 61 | |||||||||||||||||
Net issuance of common stock under employee stock plans | 26 | 182 | (39 | ) | — | — | 169 | ||||||||||||||||
Cash dividends paid on common stock ($0.69 per share) | — | — | (17,204 | ) | — | — | (17,204 | ) | |||||||||||||||
Stock dividend declared | 1,512 | 31,163 | (32,675 | ) | — | — | — | ||||||||||||||||
Balance at September 30, 2015 | $ | 34,803 | $ | 423,167 | $ | 37,783 | $ | (37,692 | ) | $ | (10,913 | ) | $ | 447,148 |
SOUTHSIDE BANCSHARES, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF CASH FLOW (UNAUDITED) (in thousands) | |||||||
Nine Months Ended | |||||||
September 30, | |||||||
2015 | 2014 | ||||||
OPERATING ACTIVITIES: | |||||||
Net income | $ | 32,305 | $ | 24,778 | |||
Adjustments to reconcile net income to net cash provided by operations: | |||||||
Depreciation and amortization | 6,467 | 2,591 | |||||
Securities premium amortization (discount accretion), net | 16,895 | 14,099 | |||||
Accretion of loan (discounts) premium amortization, net | (2,065 | ) | (1,404 | ) | |||
Provision for loan losses | 6,392 | 11,651 | |||||
Stock compensation expense | 981 | 842 | |||||
Deferred tax benefit | (2,714 | ) | (2,322 | ) | |||
Tax benefit related to stock awards | (61 | ) | (253 | ) | |||
Net gain on sale of securities available for sale | (3,456 | ) | (1,660 | ) | |||
Impairment of investment in SFG Finance, LLC. | — | 2,239 | |||||
Net loss on premises and equipment | 211 | 14 | |||||
Net loss on other real estate owned | 387 | 65 | |||||
Net change in: | |||||||
Interest receivable | 5,293 | 7,752 | |||||
Other assets | 2,124 | (2,185 | ) | ||||
Interest payable | 28 | (69 | ) | ||||
Other liabilities | (1,064 | ) | 4,943 | ||||
Loans originated for sale | (1,984 | ) | (533 | ) | |||
Net cash provided by operating activities | 59,739 | 60,548 | |||||
INVESTING ACTIVITIES: | |||||||
Securities held to maturity: | |||||||
Purchases | (80,714 | ) | — | ||||
Maturities, calls and principal repayments | 17,994 | 18,883 | |||||
Securities available for sale: | |||||||
Purchases | (697,879 | ) | (538,361 | ) | |||
Sales | 543,456 | 529,054 | |||||
Maturities, calls and principal repayments | 226,125 | 214,296 | |||||
Proceeds from redemption of FHLB stock | 8,603 | 11,437 | |||||
Purchases of FHLB stock and other investments | (12,248 | ) | (1,841 | ) | |||
Net loans originated | (58,658 | ) | (142,523 | ) | |||
Purchases of premises and equipment | (2,524 | ) | (4,280 | ) | |||
Proceeds from sales of premises and equipment | 10 | 8 | |||||
Proceeds from sales of other real estate owned | 634 | 275 | |||||
Proceeds from sales of repossessed assets | 2,008 | 5,158 | |||||
Net cash (used in) provided by investing activities | (53,193 | ) | 92,106 | ||||
(continued) |
SOUTHSIDE BANCSHARES, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF CASH FLOW (UNAUDITED) (continued) (in thousands) | |||||||
Nine Months Ended | |||||||
September 30, | |||||||
2015 | 2014 | ||||||
FINANCING ACTIVITIES: | |||||||
Net change in deposits | (45,588 | ) | (84,327 | ) | |||
Net (decrease) increase in federal funds purchased and repurchase agreements | (1,967 | ) | 1,257 | ||||
Proceeds from FHLB advances | 13,860,663 | 6,485,983 | |||||
Repayment of FHLB advances | (13,816,377 | ) | (6,530,965 | ) | |||
Tax benefit related to stock awards | 61 | 253 | |||||
Net issuance of common stock under employee stock plan | 169 | 1,003 | |||||
Proceeds from the issuance of common stock | 936 | 797 | |||||
Cash dividends paid | (17,204 | ) | (11,865 | ) | |||
Net cash used in financing activities | (19,307 | ) | (137,864 | ) | |||
Net (decrease) increase in cash and cash equivalents | (12,761 | ) | 14,790 | ||||
Cash and cash equivalents at beginning of period | 84,655 | 54,431 | |||||
Cash and cash equivalents at end of period | $ | 71,894 | $ | 69,221 | |||
SUPPLEMENTAL DISCLOSURES FOR CASH FLOW INFORMATION: | |||||||
Interest paid | $ | 14,558 | $ | 12,766 | |||
Income taxes paid | $ | 5,250 | $ | 4,300 | |||
SUPPLEMENTAL DISCLOSURES OF NONCASH INVESTING AND FINANCING ACTIVITIES: | |||||||
Loans transferred to other repossessed assets and real estate through foreclosure | $ | 1,453 | $ | 4,581 | |||
Loans transferred to held for sale from held for investment | $ | — | $ | 74,752 | |||
Transfer of available for sale securities to held to maturity securities | $ | 57,724 | $ | — | |||
Adjustment to pension liability | $ | (1,824 | ) | $ | (771 | ) | |
5% stock dividend | $ | 32,675 | $ | 26,065 | |||
Unsettled trades to purchase securities | $ | (21,783 | ) | $ | (15,224 | ) | |
Unsettled trades to sell securities | $ | — | $ | 5,120 |
Goodwill | ||||
Balance as of December 31, 2014 | $ | 91,372 | ||
Plus: measurement period adjustments | 148 | |||
Balance as of September 30, 2015 | $ | 91,520 |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||
2015 | 2014 | 2015 | 2014 | ||||||||||||
Basic and Diluted Earnings: | |||||||||||||||
Net income | $ | 11,762 | $ | 6,097 | $ | 32,305 | $ | 24,778 | |||||||
Basic weighted-average shares outstanding | 25,360 | 19,809 | 25,340 | 19,782 | |||||||||||
Add: Stock awards | 85 | 106 | 84 | 99 | |||||||||||
Diluted weighted-average shares outstanding | 25,445 | 19,915 | 25,424 | 19,881 | |||||||||||
Basic Earnings Per Share: | $ | 0.46 | $ | 0.31 | $ | 1.27 | $ | 1.25 | |||||||
Diluted Earnings Per Share: | $ | 0.46 | $ | 0.31 | $ | 1.27 | $ | 1.25 |
Three Months Ended September 30, 2015 | |||||||||||||||
Unrealized Gains (Losses) on Securities | Pension Plans | ||||||||||||||
Other | Net Prior Service (Cost) Credit | Net Gain (Loss) | Total | ||||||||||||
Beginning balance, net of tax | $ | 1,396 | $ | 2 | $ | (21,071 | ) | $ | (19,673 | ) | |||||
Other comprehensive income before reclassifications | 13,666 | — | — | 13,666 | |||||||||||
Reclassified to income | (875 | ) | (4 | ) | 691 | (188 | ) | ||||||||
Income tax (expense) benefit | (4,477 | ) | 1 | (242 | ) | (4,718 | ) | ||||||||
Net current-period other comprehensive income (loss), net of tax | 8,314 | (3 | ) | 449 | 8,760 | ||||||||||
Ending balance, net of tax | $ | 9,710 | $ | (1 | ) | $ | (20,622 | ) | $ | (10,913 | ) | ||||
Nine Months Ended September 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 income before reclassifications | 8,797 | — | 8,797 | ||||||||||||
Reclassified to income | (3,456 | ) | (12 | ) | 1,836 | (1,632 | ) | ||||||||
Income tax (expense) benefit | (1,869 | ) | 4 | (643 | ) | (2,508 | ) | ||||||||
Net current-period other comprehensive income (loss), net of tax | 3,472 | (8 | ) | 1,193 | 4,657 | ||||||||||
Ending balance, net of tax | $ | 9,710 | $ | (1 | ) | $ | (20,622 | ) | $ | (10,913 | ) | ||||
Three Months Ended September 30, 2014 | |||||||||||||||
Unrealized Gains (Losses) on Securities | Pension Plans | ||||||||||||||
Other | Net Prior Service (Cost) Credit | Net Gain (Loss) | Total | ||||||||||||
Beginning balance, net of tax | $ | 3,281 | $ | (17 | ) | $ | (12,030 | ) | $ | (8,766 | ) | ||||
Other comprehensive income before reclassifications | 3,033 | — | — | 3,033 | |||||||||||
Reclassified to income | (1,151 | ) | (3 | ) | 260 | (894 | ) | ||||||||
Income tax (expense) benefit | (589 | ) | 2 | (275 | ) | (862 | ) | ||||||||
Net current-period other comprehensive income (loss), net of tax | 1,293 | (1 | ) | (15 | ) | 1,277 | |||||||||
Ending balance, net of tax | $ | 4,574 | $ | (18 | ) | $ | (12,045 | ) | $ | (7,489 | ) | ||||
Nine Months Ended September 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 | 21,906 | — | — | 21,906 | |||||||||||
Reclassified to income | (1,660 | ) | (10 | ) | 781 | (889 | ) | ||||||||
Income tax (expense) benefit | (7,016 | ) | 4 | (457 | ) | (7,469 | ) | ||||||||
Net current-period other comprehensive income (loss), net of tax | 13,230 | (6 | ) | 324 | 13,548 | ||||||||||
Ending balance, net of tax | $ | 4,574 | $ | (18 | ) | $ | (12,045 | ) | $ | (7,489 | ) |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||
2015 | 2014 | 2015 | 2014 | ||||||||||||
Unrealized gains and losses on available for sale securities: | |||||||||||||||
Realized net gain on sale of securities (1) | $ | 875 | $ | 1,151 | $ | 3,456 | $ | 1,660 | |||||||
Tax expense | (307 | ) | (386 | ) | (1,210 | ) | (564 | ) | |||||||
Net of tax | 568 | 765 | 2,246 | 1,096 | |||||||||||
Amortization of pension plan: | |||||||||||||||
Net actuarial loss (2) | $ | (691 | ) | $ | (260 | ) | $ | (1,836 | ) | $ | (781 | ) | |||
Prior service credit (2) | 4 | 3 | 12 | 10 | |||||||||||
Total before tax | (687 | ) | (257 | ) | (1,824 | ) | (771 | ) | |||||||
Tax benefit | 241 | 82 | 639 | 262 | |||||||||||
Net of tax | (446 | ) | (175 | ) | (1,185 | ) | (509 | ) | |||||||
Total reclassifications for the period, net of tax | $ | 122 | $ | 590 | $ | 1,061 | $ | 587 |
September 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 | $ | 9,971 | $ | 115 | $ | — | $ | 10,086 | $ | — | $ | — | $ | 10,086 | ||||||||||||||
U.S. Government Agency Debentures | 4,849 | 95 | — | 4,944 | — | — | 4,944 | |||||||||||||||||||||
State and Political Subdivisions | 261,987 | 7,113 | 1,449 | 267,651 | — | — | 267,651 | |||||||||||||||||||||
Other Stocks and Bonds | 12,769 | 94 | — | 12,863 | — | — | 12,863 | |||||||||||||||||||||
Other Equity Securities | 6,055 | 28 | — | 6,083 | — | — | 6,083 | |||||||||||||||||||||
Mortgage-backed Securities: (1) | ||||||||||||||||||||||||||||
Residential | 612,400 | 13,880 | 157 | 626,123 | — | — | 626,123 | |||||||||||||||||||||
Commercial | 442,983 | 4,880 | 618 | 447,245 | — | — | 447,245 | |||||||||||||||||||||
Total | $ | 1,351,014 | $ | 26,205 | $ | 2,224 | $ | 1,374,995 | $ | — | $ | — | $ | 1,374,995 | ||||||||||||||
HELD TO MATURITY | ||||||||||||||||||||||||||||
Investment Securities: | ||||||||||||||||||||||||||||
State and Political Subdivisions | $ | 390,904 | $ | 4,913 | $ | 9,432 | $ | 386,385 | $ | 10,515 | $ | 1,499 | $ | 395,401 | ||||||||||||||
Mortgage-backed Securities: (1) | ||||||||||||||||||||||||||||
Residential | 34,803 | — | 55 | 34,748 | 2,415 | — | 37,163 | |||||||||||||||||||||
Commercial | 355,249 | 1,274 | 5,742 | 350,781 | 9,699 | 71 | 360,409 | |||||||||||||||||||||
Total | $ | 780,956 | $ | 6,187 | $ | 15,229 | $ | 771,914 | $ | 22,629 | $ | 1,570 | $ | 792,973 |
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 September 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: | |||||||||||||||||||||||
State and Political Subdivisions | $ | 45,805 | $ | 611 | $ | 26,843 | $ | 838 | $ | 72,648 | $ | 1,449 | |||||||||||
Mortgage-backed Securities: | |||||||||||||||||||||||
Residential | 63,028 | 147 | 3,413 | 10 | 66,441 | 157 | |||||||||||||||||
Commercial | 115,819 | 618 | — | — | 115,819 | 618 | |||||||||||||||||
Total | $ | 224,652 | $ | 1,376 | $ | 30,256 | $ | 848 | $ | 254,908 | $ | 2,224 | |||||||||||
HELD TO MATURITY | |||||||||||||||||||||||
Investment Securities: | |||||||||||||||||||||||
State and Political Subdivisions | $ | 38,890 | $ | 307 | $ | 60,179 | $ | 1,192 | $ | 99,069 | $ | 1,499 | |||||||||||
Mortgage-backed Securities: | |||||||||||||||||||||||
Commercial | 9,956 | 68 | 2,560 | 3 | 12,516 | 71 | |||||||||||||||||
Total | $ | 48,846 | $ | 375 | $ | 62,739 | $ | 1,195 | $ | 111,585 | $ | 1,570 | |||||||||||
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 September 30, | |||||||
2015 | 2014 | ||||||
U.S. Treasury | $ | 360 | $ | 150 | |||
U.S. Government Agency Debentures | 33 | — | |||||
State and Political Subdivisions | 5,550 | 6,332 | |||||
Other Stocks and Bonds | 54 | 53 | |||||
Other Equity Securities | 29 | — | |||||
Mortgage-backed Securities | 8,318 | 6,070 | |||||
Total interest income on securities | $ | 14,344 | $ | 12,605 |
Nine Months Ended September 30, | |||||||
2015 | 2014 | ||||||
U.S. Treasury | $ | 821 | $ | 191 | |||
U.S. Government Agency Debentures | 97 | 100 | |||||
State and Political Subdivisions | 17,065 | 18,333 | |||||
Other Stocks and Bonds | 158 | 156 | |||||
Other Equity Securities | 90 | — | |||||
Mortgage-backed Securities | 24,446 | 21,309 | |||||
Total interest income on securities | $ | 42,677 |