Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Mar. 31, 2019 | Apr. 30, 2019 | |
Document and Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Mar. 31, 2019 | |
Document Fiscal Year Focus | 2019 | |
Document Fiscal Period Focus | Q1 | |
Entity Registrant Name | UNITED BANKSHARES INC/WV | |
Entity Central Index Key | 0000729986 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Large Accelerated Filer | |
Trading Symbol | UBSI | |
Entity Emerging Growth Company | false | |
Entity Small Business | false | |
Entity Common Stock, Shares Outstanding | 102,095,661 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 |
Assets | ||
Cash and due from banks | $ 201,777 | $ 187,886 |
Interest-bearing deposits with other banks | 970,072 | 831,707 |
Federal funds sold | 808 | 803 |
Total cash and cash equivalents | 1,172,657 | 1,020,396 |
Securities available for sale at estimated fair value (amortized cost-$2,386,010 at March 31, 2019 and $2,360,884 at December 31, 2018) | 2,384,055 | 2,337,039 |
Securities held to maturity (estimated fair value-$8,549 at March 31, 2019 and $18,655 at December 31, 2018) | 8,491 | 19,999 |
Equity securities at estimated fair value | 9,921 | 9,734 |
Other investment securities | 190,123 | 176,955 |
Loans held for sale (at fair value-$244,501 at March 31, 2019 and $247,104 at December 31, 2018) | 245,763 | 249,846 |
Loans | 13,578,218 | 13,429,532 |
Less: Unearned income | (5,515) | (7,310) |
Loans net of unearned income | 13,572,703 | 13,422,222 |
Less: Allowance for loan losses | (76,886) | (76,703) |
Net loans | 13,495,817 | 13,345,519 |
Bank premises and equipment | 94,545 | 95,245 |
Operating lease right-of-use assets | 63,119 | 0 |
Goodwill | 1,478,014 | 1,478,014 |
Accrued interest receivable | 64,347 | 60,597 |
Other assets | 438,281 | 457,154 |
TOTAL ASSETS | 19,645,133 | 19,250,498 |
Deposits: | ||
Noninterest-bearing | 4,370,577 | 4,416,815 |
Interest-bearing | 9,788,820 | 9,577,934 |
Total deposits | 14,159,397 | 13,994,749 |
Borrowings: | ||
Federal funds purchased | 0 | 23,400 |
Securities sold under agreements to repurchase | 127,821 | 152,927 |
Federal Home Loan Bank borrowings | 1,603,615 | 1,439,198 |
Other long-term borrowings | 235,220 | 234,905 |
Reserve for lending-related commitments | 1,461 | 1,389 |
Operating lease liabilities | 66,871 | 0 |
Accrued expenses and other liabilities | 163,857 | 152,306 |
TOTAL LIABILITIES | 16,358,242 | 15,998,874 |
Shareholders' Equity | ||
Preferred stock, $1.00 par value; Authorized-50,000,000 shares, none issued | 0 | 0 |
Common stock, $2.50 par value; Authorized-200,000,000 shares; issued-105,399,364 and 105,239,121 at March 31, 2019 and December 31, 2018, respectively, including 3,281,335 and 2,915,633 shares in treasury at March 31, 2019 and December 31, 2018, respectively | 263,498 | 263,098 |
Surplus | 2,135,818 | 2,134,462 |
Retained earnings | 1,040,871 | 1,013,037 |
Accumulated other comprehensive loss | (39,270) | (57,019) |
Treasury stock, at cost | (114,026) | (101,954) |
TOTAL SHAREHOLDERS' EQUITY | 3,286,891 | 3,251,624 |
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | $ 19,645,133 | $ 19,250,498 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 |
Statement of Financial Position [Abstract] | ||
Securities available for sale, amortized cost | $ 2,386,010 | $ 2,360,884 |
Securities held to maturity | 8,549 | 18,655 |
Loans held for sale at fair value | $ 244,501 | $ 247,104 |
Preferred stock, par value | $ 1 | $ 1 |
Preferred stock, shares authorized | 50,000,000 | 50,000,000 |
Preferred stock, shares issued | 0 | 0 |
Common stock, par value | $ 2.50 | $ 2.50 |
Common stock, shares authorized | 200,000,000 | 200,000,000 |
Common stock, shares issued | 105,399,364 | 105,239,121 |
Common stock, shares in treasury | 3,281,335 | 2,915,633 |
Consolidated Statements of Inco
Consolidated Statements of Income - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Interest income | ||
Interest and fees on loans | $ 164,871 | $ 148,928 |
Interest on federal funds sold and other short-term investments | 5,837 | 4,917 |
Interest and dividends on securities: | ||
Taxable | 17,363 | 11,875 |
Tax-exempt | 1,026 | 1,465 |
Total interest income | 189,097 | 167,185 |
Interest expense | ||
Interest on deposits | 32,638 | 15,657 |
Interest on short-term borrowings | 691 | 421 |
Interest on long-term borrowings | 11,600 | 7,064 |
Total interest expense | 44,929 | 23,142 |
Net interest income | 144,168 | 144,043 |
Provision for loan losses | 4,996 | 5,178 |
Net interest income after provision for loan losses | 139,172 | 138,865 |
Other income | ||
Income from bank-owned life insurance | 1,827 | 1,254 |
Net investment securities losses | (159) | (485) |
Other income | 356 | 443 |
Total other income | 31,223 | 31,192 |
Other expense | ||
Employee compensation | 38,949 | 40,836 |
Employee benefits | 9,431 | 9,571 |
Net occupancy expense | 8,751 | 9,427 |
Other real estate owned (OREO) expense | 1,416 | 946 |
Equipment expense | 3,315 | 3,157 |
Data processing expense | 5,162 | 5,850 |
Bankcard processing expense | 480 | 466 |
FDIC insurance expense | 3,300 | 1,848 |
Other expense | 18,621 | 18,351 |
Total other expense | 89,425 | 90,452 |
Income before income taxes | 80,970 | 79,605 |
Income taxes | 17,328 | 17,899 |
Net income | $ 63,642 | $ 61,706 |
Earnings per common share: | ||
Basic | $ 0.62 | $ 0.59 |
Diluted | $ 0.62 | $ 0.59 |
Average outstanding shares: | ||
Basic | 101,894,786 | 104,859,427 |
Diluted | 102,162,704 | 105,162,858 |
Fees From Trust Services [Member] | ||
Other income | ||
Revenue from contract | $ 3,264 | $ 3,091 |
Fees from Brokerage Services [Member] | ||
Other income | ||
Revenue from contract | 2,524 | 2,224 |
Fees from Deposit Services [Member] | ||
Other income | ||
Revenue from contract | 8,053 | 8,230 |
Bankcard Fees and Merchant Discounts [Member] | ||
Other income | ||
Revenue from contract | 1,156 | 1,356 |
Other Service Charges, Commissions, and Fees [Member] | ||
Other income | ||
Revenue from contract | 521 | 509 |
Mortgage Banking [Member] | ||
Other income | ||
Revenue from contract | $ 13,681 | $ 14,570 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Statement of Comprehensive Income [Abstract] | ||
Net income | $ 63,642 | $ 61,706 |
Change in net unrealized gain (loss) on available for sale (AFS) securities, net of tax | 16,789 | (16,773) |
Accretion of the net unrealized loss on the transfer of AFS securities to held to maturity (HTM) securities, net of tax | 0 | 1 |
Change in defined benefit pension plan, net of tax | 910 | 733 |
Comprehensive income, net of tax | $ 81,341 | $ 45,667 |
Consolidated Statement of Chang
Consolidated Statement of Changes in Shareholders' Equity - USD ($) $ in Thousands | Total | Common Stock [Member] | Surplus [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Treasury Stock [Member] |
Beginning Balance at Dec. 31, 2017 | $ 3,240,530 | $ 262,675 | $ 2,129,077 | $ 891,816 | $ (42,025) | $ (1,013) |
Beginning Balance, shares at Dec. 31, 2017 | 105,069,821 | |||||
Cumulative effect of adopting Accounting Standard Update | 0 | $ 0 | 0 | 136 | (136) | 0 |
Reclass due to adopting Accounting Standard Update | 0 | 0 | 0 | 6,353 | (6,353) | 0 |
Net income | 61,706 | 0 | 0 | 61,706 | 0 | 0 |
Other comprehensive income, net of tax | (16,039) | 0 | 0 | 0 | (16,039) | 0 |
Comprehensive income, net of tax | 45,667 | |||||
Stock based compensation expense | 968 | 0 | 968 | 0 | 0 | 0 |
Purchase of treasury stock | (404) | 0 | 0 | 0 | 0 | (404) |
Cash dividends | (35,748) | (35,748) | 0 | 0 | ||
Grant of restricted stock | 0 | $ 243 | (243) | 0 | 0 | 0 |
Grant of restricted stock, shares | 97,004 | |||||
Forfeiture of restricted stock | 0 | $ 0 | 27 | 0 | 0 | (27) |
Common stock options exercised | $ 300 | $ 37 | 263 | 0 | 0 | 0 |
Common stock options exercised, shares | 15,043 | 15,043 | ||||
Ending Balance at Mar. 31, 2018 | $ 3,251,313 | $ 262,955 | 2,130,092 | 924,263 | (64,553) | (1,444) |
Ending Balance, shares at Mar. 31, 2018 | 105,181,868 | |||||
Beginning Balance at Dec. 31, 2018 | 3,251,624 | $ 263,098 | 2,134,462 | 1,013,037 | (57,019) | (101,954) |
Beginning Balance, shares at Dec. 31, 2018 | 105,239,121 | |||||
Cumulative effect of adopting Accounting Standard Update | (1,049) | $ 0 | 0 | (1,049) | 0 | 0 |
Reclass due to adopting Accounting Standard Update | 50 | 0 | 0 | 0 | 50 | 0 |
Net income | 63,642 | 0 | 0 | 63,642 | 0 | 0 |
Other comprehensive income, net of tax | 17,699 | 0 | 0 | 0 | 17,699 | 0 |
Comprehensive income, net of tax | 81,341 | |||||
Stock based compensation expense | 1,113 | 0 | 1,113 | 0 | 0 | 0 |
Purchase of treasury stock | (12,072) | 0 | 0 | 0 | 0 | (12,072) |
Cash dividends | (34,759) | (34,759) | 0 | 0 | ||
Grant of restricted stock | 0 | $ 316 | (316) | 0 | 0 | 0 |
Grant of restricted stock, shares | 126,427 | |||||
Common stock options exercised | $ 643 | $ 84 | 559 | 0 | 0 | 0 |
Common stock options exercised, shares | 33,816 | 33,816 | ||||
Ending Balance at Mar. 31, 2019 | $ 3,286,891 | $ 263,498 | $ 2,135,818 | $ 1,040,871 | $ (39,270) | $ (114,026) |
Ending Balance, shares at Mar. 31, 2019 | 105,399,364 |
Consolidated Statement of Cha_2
Consolidated Statement of Changes in Shareholders' Equity (Parenthetical) - $ / shares | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Cash dividends per share | $ 0.34 | $ 0.34 |
Common stock options exercised, shares | 33,816 | 15,043 |
Common Stock [Member] | ||
Grant of restricted stock, shares | 126,427 | 97,004 |
Forfeiture of restricted stock, shares | 683 | |
Common stock options exercised, shares | 33,816 | 15,043 |
Treasury Stock [Member] | ||
Purchase of treasury stock, shares | (365,702) | 10,842 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
OPERATING ACTIVITIES | ||
NET CASH PROVIDED BY OPERATING ACTIVITIES | $ 93,247 | $ 158,484 |
INVESTING ACTIVITIES | ||
Proceeds from maturities and calls of securities held to maturity | 0 | 1 |
Proceeds from sales of securities available for sale | 133,783 | 36,850 |
Proceeds from maturities and calls of securities available for sale | 62,548 | 66,067 |
Purchases of securities available for sale | (211,217) | (330,031) |
Proceeds from sales of equity securities | 439 | 159 |
Purchases of equity securities | (437) | (181) |
Proceeds from sales and redemptions of other investment securities | 27,766 | 9,046 |
Purchases of other investment securities | (40,934) | (3,672) |
Redemption of bank-owned life insurance policies | 2,147 | 0 |
Purchases of bank premises and equipment | (1,754) | (756) |
Proceeds from sales of bank premises and equipment | 251 | 1 |
Proceeds from the sales of OREO properties | 1,057 | 3,433 |
Net change in loans | (149,572) | 32,091 |
NET CASH USED IN INVESTING ACTIVITIES | (175,923) | (186,992) |
FINANCING ACTIVITIES | ||
Cash dividends paid | (34,974) | (35,713) |
Acquisition of treasury stock | (12,072) | (404) |
Proceeds from exercise of stock options | 643 | 300 |
Repayment of long-term Federal Home Loan Bank borrowings | (960,000) | (625,000) |
Proceeds from issuance of long-term Federal Home Loan Bank borrowings | 1,300,000 | 615,000 |
Repayment of trust preferred issuance | 0 | (9,374) |
Changes in: | ||
Deposits | 164,846 | (184,097) |
Federal funds purchased, securities sold under agreements to repurchase and other short-term borrowings | (223,506) | (259,201) |
NET CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES | 234,937 | (498,489) |
Increase (Decrease) in cash and cash equivalents | 152,261 | (526,997) |
Cash and cash equivalents at beginning of year | 1,020,396 | 1,666,167 |
Cash and cash equivalents at end of period | 1,172,657 | 1,139,170 |
Noncash investing activities: | ||
Transfers of loans to OREO | 2,822 | 527 |
Transfer of held to maturity debt securities to available for sale debt securities | $ 11,544 | $ 0 |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 3 Months Ended |
Mar. 31, 2019 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation The accompanying unaudited consolidated interim financial statements of United Bankshares, Inc. and Subsidiaries (“United” or “the Company”) have been prepared in accordance with accounting principles for interim financial information generally accepted in the United States (GAAP) and with the instructions for Form 10-Q and Article 10 of Regulation S-X. Accordingly, the financial statements do not contain all of the information and footnotes required by accounting principles generally accepted in the United States. In preparing the consolidated financial statements, management is required to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates. The financial statements presented as of March 31, 2019 and 2018 and for the three-month periods then ended have not been audited. The consolidated balance sheet as of December 31, 2018 has been extracted from the audited financial statements included in United’s 2018 Annual Report to Shareholders. The accounting and reporting policies followed in the presentation of these financial statements are consistent with those applied in the preparation of the 2018 Annual Report of United on Form 10-K. In the opinion of management, all adjustments necessary for a fair presentation of financial position and results of operations for the interim periods have been made. Such adjustments are of a normal and recurring nature. The accompanying consolidated interim financial statements include the accounts of United and its wholly owned subsidiaries. United operates in two business segments: community banking and mortgage banking. All significant intercompany accounts and transactions have been eliminated in the consolidated financial statements. Information is presented in these notes to the unaudited consolidated interim financial statements with dollars expressed in thousands, except per share or unless otherwise noted. New Accounting Standards In August 2018, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2018-14 “Compensation – Retirement Benefits - Defined Benefits – General (Topic 715-20): Disclosure Framework – Changes to the Disclosure Requirements for Defined Benefit Plans.” This update amends ASC Topic 715 to add, remove, and clarify disclosure requirements related to defined benefit pension and other post retirement plans. The ASU’s changes related to disclosures are part of the FASB’s disclosure framework project, which the FASB launched in 2014 to improve effectiveness of disclosures in notes to financial statements. ASU No. 2018-14 is effective for public companies for fiscal years, and interim fiscal periods within those fiscal years, beginning after December 15, 2020; early adoption is permitted. ASU No. 2018-14 is not expected to have a material impact on the Company’s financial condition or results of operations. In August 2018, the FASB issued ASU No. 2018-13 “Fair Value Measurement (Topic 820), Disclosure Framework – Changes to the Disclosure Requirements for Fair Value Measurement.” This amendment changes the fair value measurement disclosure requirements of ASC Topic 820 and is the result of a broader disclosure project called FASB Concepts Statement, Conceptual Framework for Financial Reporting – Chapter 8: Notes to Financial Statements, which was finalized in August 2018. ASU No. 2018-13 is effective for all entities for fiscal years, and interim fiscal periods within those fiscal years, beginning after December 15, 2019; early adoption is permitted for any eliminated or modified disclosure upon issuance of this ASU. ASU No. 2018-13 is not expected to have a material impact on the Company’s financial condition or results of operations. In June 2018, the FASB issued Accounting Standards Update (ASU) No. 2018-07 “Compensation-Stock Compensation (Topic 718): Improvements to Nonemployee Share-Based Payment Accounting.” This update has been issued as part of a simplification initiative which will expand the scope of ASC Topic 718 to include share-based payment transactions for acquiring goods and services from non-employees and expands the scope through the amendments to address and improve aspects of the accounting for non-employee share-based payment transactions. Consequently, the accounting for share-based payments to nonemployees and employees will be substantially aligned. ASU No. 2018-07 is effective for public companies for fiscal years, and interim fiscal periods within those fiscal years, beginning after December 15, 2018; early adoption is permitted. ASU No. 2018-07 was adopted by United on January 1, 2019. The adoption did not have a material impact on the Company’s financial condition or results of operations. In August 2017, the FASB issued ASU No. 2017-12, “Targeting Improvement to Accounting for Hedging Activities.” This ASU amends ASC 815 and its objectives are to improve the transparency and understandability of information conveyed to financial statement users about an entity’s risk management activities by better aligning the entity’s financial reporting for hedging relationships with those risk management activities and reduce the complexity and simplify the application of hedge accounting by preparers. This ASU makes certain targeted improvements to simplify the application of the hedge accounting, including to derivative instruments as well as allow a one-time election to reclassify fixed-rate, prepayable debt securities from a held to maturity classification to an available for sale classification. ASU No. 2017-12 is effective for interim and annual reporting periods beginning after December 15, 2018; early adoption is permitted. United adopted the standard on January 1, 2019 using the modified retrospective approach. As part of this adoption, the Company made a one-time election to transfer eligible HTM securities to the AFS category in order to optimize the investment portfolio management for capital and risk management considerations. The Company transferred HTM securities with a carrying amount of $11,544, which resulted in a decrease of $1,098 to AOCI. In July 2017, the FASB issued ASU No. 2017-11, “Part I, Accounting for Certain Financial Instruments with Down Round Features and Part II, Replacement of the Indefinite Deferral for Mandatorily Redeemable Financial Instruments of Certain Nonpublic Entities and Certain Mandatorily Redeemable Noncontrolling interests with a Scope Exception.” Part I of this ASU simplifies the accounting for financial instruments that include down round features while the amendments in Part II, which do not have an accounting effect, address the difficulty of navigating the guidance in ASC 480, “Distinguishing Liabilities from Equity”, due to the existence of extensive pending content in the Codification. ASU No. 2017-11 is effective for interim and annual reporting periods beginning after December 15, 2018. ASU No. 2017-11 was adopted by United on January 1, 2019. The adoption did not have a material impact on the Company’s financial condition or results of operations. In March 2017, the FASB issued ASU No. 2017-08, “Receivables – Nonrefundable Fees and Other Costs (Subtopic 310-20): Premium Amortization on Purchased Callable Debt Securities.” This update amends the amortization period for certain purchased callable debt securities held at a premium. FASB is shortening the amortization period for the premium to the earliest call date. Under current GAAP, entities generally amortize the premium as an adjustment of yield over the contractual life of the instrument. Concerns were raised that current GAAP excludes certain callable debt securities from consideration of early repayment of principal even if the holder is certain that the call will be exercised. As a result, upon the exercise of a call on a callable debt security held at a premium, the unamortized premium is recorded as a loss in earnings. There is diversity in practice (1) in the amortization period for premiums of callable debt securities and (2) in how the potential for exercise of a call is factored into current impairment assessments. The amendments in this update became effective for annual reporting periods beginning after December 15, 2018, including interim reporting periods within those annual reporting periods. ASU No. 2017-08 was adopted by United on January 1, 2019. The adoption did not have a material impact on the Company’s financial condition or results of operations. In January 2017, the FASB issued ASU No. 2017-04, “Intangibles – Goodwill and Other (Topic 350).” ASU 2017-04 eliminates the requirement to calculate the implied fair value of goodwill to measure a goodwill impairment charge. Instead, entities will record an impairment charge based on the excess of a reporting unit’s carrying amount over its fair value. ASU 2017-04 is effective for United on January 1, 2020, with early adoption permitted, and management is currently evaluating the possible impact this standard may have on the Company’s financial condition or results of operations. In June 2016, the FASB issued ASU No. 2016-13, “Financial Instruments – Credit Losses.” ASU No. 2016-13 changes the impairment model for most financial assets and certain other instruments that aren’t measured at fair value through net income. The standard will replace today’s “incurred loss” approach with an “expected loss” model for instruments measured at amortized cost and require entities to record allowances for available for sale debt securities rather than reduce the carrying amount under the current other-than-temporary impairment (OTTI) model. ASU No. 2016-13 also simplifies the accounting model for purchased credit-impaired debt securities and loans. Entities will apply the standard’s provisions as a cumulative-effect adjustment to retained earnings as of the beginning of the first reporting period in which the guidance is effective. ASU No. 2016-13 is effective for United on January 1, 2020, with early adoption permitted. United has completed an initial data gap assessment and loan segmentation procedures, and is currently evaluating the various forecasting and modeling assumptions that will be used to estimate the initial current expected credit loss allowance. United has engaged a third-party service provider to assist with the implementation of the new accounting standard. Management is currently evaluating the possible impact this standard may have on the Company’s financial condition or results of operations. In February 2016, the FASB issued ASU No . 2016 - 02 , “Leases (Topic 842) ”. ASU No. 2016 - 02 includes a lessee accounting model that recognizes two types of leases, finance leases and operating leases, while lessor accounting will remain largely unchanged from the current GAAP. ASU No. 2016 - 02 requires, amongst other things, that a lessee recognize on the balance sheet a right-of-use asset and a lease liability for leases with terms of more than twelve months. The recognition, measurement, and presentation of expenses and cash flows arising from a lease by a lessee will depend on its classification as a finance or operating lease. In July 2018 , the FASB issued ASU No. 2018 - 11 “Leases (Topic 842) , Targeted Improvements.” This update creates an additional transition method, and a lessor practical expedient to not separate lease and non-lease components if specified criteria are met. The new transition method allows companies to use the effective date of the new leases standard as the date of initial application transition. Companies that elect this transition option will not adjust their comparative period financial information for the effect of ASC Topic 842 , nor will they make the new required lease disclosure for periods before the effective date. In addition, these companies will carry forward their ASC Topic 840 disclosures for comparative periods. The practical expedient permits lessors to make an accounting policy election by class of underlying asset to not separate lease and non-lease components if specified criteria are met. In July 2018 , the FASB issued ASU No. 2018 - 10 “Codification Improvements to ASC Topic 842 , Leases.” This update includes narrow amendments to clarify how to apply certain aspects of the new leases standard. The amendments address the rate implicit in the lease, impairment of the net investment in the lease, lessee reassessment of lease classification, lessor reassessment of lease term and purchase options, variable payments that depend on an index or rate and certain transition adjustments. ASU 2018 - 10 does not make any substantive changes to the core provisions or principals of the new leases standard. United adopted the standard using the modified retrospective transition method on January 1 , 2019 . The Company evaluated and elected the package of practical expedients, which allows for existing leases to be accounted for consistent with current guidance, with the exception of the balance sheet recognition for lessees. The Company has also elected the practical expedient on not separating lease and nonlease components and instead treating them as a single lease component. Adoption of the standard resulted in the recognition of additional net lease assets and lease liabilities of $67,040 and $70,692, respectively, as of January 1, 2019. Of the difference between these two amounts, $1,049 was recorded as an adjustment to retained earnings. |
Investment Securities
Investment Securities | 3 Months Ended |
Mar. 31, 2019 | |
Investments, Debt and Equity Securities [Abstract] | |
Investment Securities | 2. INVESTMENT SECURITIES Securities Available for Sale Securities held for indefinite periods of time are classified as available for sale and carried at estimated fair value. The amortized cost and estimated fair values of securities available for sale are summarized as follows. March 31, 2019 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Estimated Fair Value Cumulative OTTI in AOCI (1) U.S. Treasury securities and obligations of U.S. Government corporations and agencies $ 73,348 $ 281 $ 85 $ 73,544 $ 0 State and political subdivisions 194,595 1,802 1,585 194,812 0 Residential mortgage-backed securities Agency 971,182 5,787 7,453 969,516 0 Non-agency 3,782 325 0 4,107 86 Commercial mortgage-backed securities Agency 579,896 3,200 2,758 580,338 0 Asset-backed securities 272,473 25 1,821 270,677 0 Trust preferred collateralized debt obligations 6,176 91 250 6,017 2,586 Single issue trust preferred securities 18,173 174 1,506 16,841 0 Other corporate securities 266,385 1,920 102 268,203 0 Total $ 2,386,010 $ 13,605 $ 15,560 $ 2,384,055 $ 2,672 December 31, 2018 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Estimated Fair Value Cumulative OTTI in AOCI (1) U.S. Treasury securities and obligations of U.S. Government corporations and agencies $ 86,285 $ 35 $ 430 $ 85,890 $ 0 State and political subdivisions 212,670 439 4,121 208,988 0 Residential mortgage-backed securities Agency 1,047,345 3,235 14,930 1,035,650 0 Non-agency 3,927 332 0 4,259 86 Commercial mortgage-backed securities Agency 560,634 996 7,030 554,600 0 Asset-backed securities 272,459 450 939 271,970 0 Trust preferred collateralized debt obligations 6,176 91 350 5,917 2,586 Single issue trust preferred securities 8,754 169 561 8,362 0 Other corporate securities 162,634 118 1,349 161,403 0 Total $ 2,360,884 $ 5,865 $ 29,710 $ 2,337,039 $ 2,672 (1) Non-credit related other-than-temporary impairment in accumulated other comprehensive income. Amounts are before-tax. The following is a summary of securities available for sale which were in an unrealized loss position at March 31, 2019 and December 31, 2018. Less than 12 months 12 months or longer Fair Value Unrealized Losses Fair Value Unrealized Losses March 31, 2019 U.S. Treasury securities and obligations of U.S. Government corporations and agencies $ 2,486 $ 1 $ 11,304 $ 84 State and political subdivisions 611 1 82,395 1,584 Residential mortgage-backed securities Agency 16,753 22 564,012 7,431 Non-agency 0 0 0 0 Commercial mortgage-backed securities Agency 44,978 51 317,211 2,707 Asset-backed securities 256,733 1,763 7,480 58 Trust preferred collateralized debt obligations 0 0 2,250 250 Single issue trust preferred securities 0 0 13,634 1,506 Other corporate securities 23,404 68 11,949 34 Total $ 344,965 $ 1,906 $ 1,010,235 $ 13,654 Less than 12 months 12 months or longer Fair Value Unrealized Losses Fair Value Unrealized Losses December 31, 2018 U.S. Treasury securities and obligations of U.S. Government corporations and agencies $ 66,072 $ 250 $ 7,374 $ 180 State and political subdivisions 53,421 544 94,337 3,577 Residential mortgage-backed securities Agency 195,009 1,597 508,041 13,333 Non-agency 0 0 0 0 Commercial mortgage-backed securities Agency 107,443 1,124 294,129 5,906 Asset-backed securities 151,427 939 0 0 Trust preferred collateralized debt obligations 0 0 2,150 350 Single issue trust preferred securities 0 0 5,163 561 Other corporate securities 129,709 1,233 6,879 116 Total $ 703,081 $ 5,687 $ 918,073 $ 24,023 The following table shows the proceeds from maturities, sales and calls of available for sale securities and the gross realized gains and losses on sales and calls of those securities that have been included in earnings as a result of any sales and calls. Gains or losses on sales and calls of available for sale securities were recognized by the specific identification method. The realized losses relate to sales of securities within a rabbi trust for the payment of benefits under a deferred compensation plan for certain key officers and its subsidiaries. Three Months Ended March 31 2019 2018 Proceeds from sales and calls $ 196,331 $ 99,703 Gross realized gains 15 1,163 Gross realized losses 364 1,312 At March 31, 2019, gross unrealized losses on available for sale securities were $15,560 on 456 securities of a total portfolio of 842 available for sale securities. In determining whether or not a security is other-than-temporarily impaired (OTTI), management considered the severity and the duration of the loss in conjunction with United’s positive intent and the more likely than not ability to hold these securities to recovery of their cost basis or maturity. State and political subdivisions United’s state and political subdivisions portfolio relates to securities issued by various municipalities located throughout the United States. The total amortized cost of available for sale state and political subdivision securities was $194,595 at March 31, 2019. As of March 31, 2019, approximately 78% of the portfolio was supported by the general obligation of the issuing municipality, which allows for the securities to be repaid by any means available to the municipality. The majority of the portfolio was rated AA or higher, and less than one percent of the portfolio was rated below investment grade as of March 31, 2019. In addition to monitoring the credit ratings of these securities, management also evaluates the financial performance of the underlying issuers on an ongoing basis. Based upon management’s analysis and judgment, it was determined that none of the state and political subdivision securities were other-than-temporarily impaired at March 31, 2019. Agency mortgage-backed securities United’s agency mortgage-backed securities portfolio relates to securities issued by Fannie Mae, Freddie Mac, and Ginnie Mae. The total amortized cost of available for sale agency mortgage-backed securities was $1,551,078 $1,551,078 Non-agency residential mortgage-backed securities United’s non-agency residential mortgage-backed securities portfolio relates to securities of various private label issuers. The total amortized cost of available for sale non-agency residential mortgage-backed securities was $3,782 at March 31, 2019. Of the $3,782 amount, $ 45 was rated above investment grade and $3,737 was rated below investment grade. The entire portfolio of the non-agency residential mortgage-backed securities are either the senior or super-senior tranches of their respective structure. Based upon management’s analysis and judgment, it was determined that none of the non-agency mortgage-backed securities were other-than-temporarily impaired at March 31, 2019. Single issue trust preferred securities The majority of United’s single issue trust preferred portfolio consists of obligations from large cap banks (i.e. banks with market capitalization in excess of $10 billion). All single issue trust preferred securities are currently receiving interest payments. The amortized cost of available for sale single issue trust preferred securities as of March 31, 2019 consisted of $4,033 in investment grade bonds, $5,934 in split rated bonds, $2,479 in below investment grade rated bonds, and $5,727 in unrated bonds. Management reviews each issuer’s current and projected earnings trends, asset quality, capitalization levels, and other key factors. Upon completing the review for the first quarter of 2019, it was determined that none of the single issue trust preferred securities were other-than-temporarily impaired. Trust preferred collateralized debt obligations (Trup Cdos) The total amortized cost balance of United’s Trup Cdo portfolio was $6,176 as of March 31, 2019. For any securities in an unrealized loss position, the Company first assesses its intentions regarding any sale of securities as well as the likelihood that it would be required to sell prior to recovery of the amortized cost. As of March 31, 2019, the Company has determined that it does not intend to sell any Trup Cdo and that it is not more likely than not that the Company will be required to sell such securities before recovery of their amortized cost. To determine a net realizable value and assess whether other-than-temporary impairment existed, management performed detailed cash flow analysis to determine whether, in management’s judgment, it was more likely that United would not recover the entire amortized cost basis of the security. Except for the debt securities that have already been deemed to be other-than-temporarily impaired, management does not believe any other individual security with an unrealized loss as of March 31, 2019 is other-than-temporarily impaired. Corporate securities As of March 31, 2019, United’s Corporate securities portfolio had a total amortized cost balance of $266,385. The majority of the portfolio consisted of debt issuances of corporations representing a variety of industries, including financial institutions. Of the $266,385, 92% was investment grade rated and 8% was unrated. For corporate securities, management has evaluated the near-term prospects of the investment in relation to the severity and duration of any impairment. Based upon management’s analysis and judgment, it was determined that none of the other corporate securities were other-than-temporarily impaired at March 31, 2019. Below is a progression of the credit losses on securities which United has recorded other-than-temporary charges. These charges were recorded through earnings and other comprehensive income. Three Months Ended March 31 2019 2018 Balance of cumulative credit losses at beginning of period $ 3,138 $ 18,060 Additions for credit losses recognized in earnings during the period: Additional credit losses on securities for which OTTI was previously recognized 0 0 Reductions for securities sold or paid off during the period 0 (14,861 ) Balance of cumulative credit losses at end of period $ 3,138 $ 3,199 The amortized cost and estimated fair value of securities available for sale at March 31, 2019 and December 31, 2018 by contractual maturity are shown as follows. Expected maturities may differ from contractual maturities because the issuers may have the right to call or prepay obligations without penalties. March 31, 2019 December 31, 2018 Amortized Cost Estimated Fair Value Amortized Cost Estimated Fair Value Due in one year or less $ 112,605 $ 112,304 $ 77,534 $ 77,266 Due after one year through five years 582,295 583,701 518,975 514,734 Due after five years through ten years 513,457 512,919 483,567 477,135 Due after ten years 1,177,653 1,175,131 1,280,808 1,267,904 Total $ 2,386,010 $ 2,384,055 $ 2,360,884 $ 2,337,039 Securities Held to Maturity The amortized cost and estimated fair values of securities held to maturity are summarized as follows: March 31, 2019 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Estimated Fair Value U.S. Treasury securities and obligations of U.S. Government corporations and agencies $ 5,045 $ 58 $ 0 $ 5,103 State and political subdivisions 3,426 0 0 3,426 Residential mortgage-backed securities Agency 0 0 0 0 Single issue trust preferred securities 0 0 0 0 Other corporate securities 20 0 0 20 Total $ 8,491 $ 58 $ 0 $ 8,549 December 31, 2018 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Estimated Fair Value U.S. Treasury securities and obligations of U.S. Government corporations and agencies $ 5,074 $ 90 $ 0 $ 5,164 State and political subdivisions 5,473 7 1 5,479 Residential mortgage-backed securities Agency 20 2 0 22 Single issue trust preferred securities 9,412 0 1,442 7,970 Other corporate securities 20 0 0 20 Total $ 19,999 $ 99 $ 1,443 $ 18,655 Even though the market value of the held to maturity investment portfolio is less than its cost, the unrealized loss has no impact on the net worth or regulatory capital requirements of United. There were no gross realized gains or losses on calls and sales of held to maturity securities included in earnings for the first quarter of 2019 and 2018. The amortized cost and estimated fair value of debt securities held to maturity at March 31, 2019 and December 31, 2018 by contractual maturity are shown below. Expected maturities may differ from contractual maturities because the issuers may have the right to call or prepay obligations without penalties. March 31, 2019 December 31, 2018 Amortized Cost Estimated Fair Value Amortized Cost Estimated Fair Value Due in one year or less $ 7,255 $ 7,312 $ 7,913 $ 8,005 Due after one year through five years 216 217 1,059 1,061 Due after five years through ten years 0 0 8,030 7,134 Due after ten years 1,020 1,020 2,997 2,455 Total $ 8,491 $ 8,549 $ 19,999 $ 18,655 Equity securities at fair value Equity securities consist mainly of equity securities of financial institutions and mutual funds within a rabbi trust for the payment of benefits under a deferred compensation plan for certain key officers of United and its subsidiaries. Three Months Ended March 31, 2019 Three Months Ended March 31, 2018 Net gains (losses) recognized during the period $ 189 $ (36 ) Net gains (losses) recognized during the period on equity securities sold 132 2 Unrealized gains recognized during the period on equity securities still held at period end 58 39 Unrealized losses recognized during the period on equity securities still held at period end 1 77 Other investment securities During the first quarter of 2019 , United evaluated all of its cost method investments to determine if certain events or changes in circumstances during the first quarter of 2019 had a significant adverse effect on the fair value of any of its cost method securities. United determined that there was no individual security that experienced an adverse event during The carrying value of securities pledged to secure public deposits, securities sold under agreements to repurchase, and for other purposes as required or permitted by law, approximated $1,697,239 and $1,887,176 at March 31, 2019 and December 31, 2018, respectively. |
Loans
Loans | 3 Months Ended |
Mar. 31, 2019 | |
Receivables [Abstract] | |
Loans | 3. LOANS Major classes of loans are as follows: March 31, 2019 December 31, 2018 Commercial, financial and agricultural: Owner-occupied commercial real estate $ 1,275,340 $ 1,291,790 Nonowner-occupied commercial real estate 4,266,613 4,303,613 Other commercial loans 1,996,482 1,957,641 Total commercial, financial & agricultural 7,538,435 7,553,044 Residential real estate 3,550,037 3,501,393 Construction & land development 1,487,453 1,410,468 Consumer: Bankcard 9,247 10,203 Other consumer 993,046 954,424 Total gross loans $ 13,578,218 $ 13,429,532 The table above does not include loans held for sale of $245,763 and $249,846 at March 31, 2019 and December 31, 2018, respectively. Loans held for sale consist of single-family residential real estate loans originated for sale in the secondary market. The outstanding balances in the table above include previously acquired impaired loans with a recorded investment of $144,391 or 1.06% of total gross loans at March 31, 2019 and $149,737 or 1.12% of total gross loans at December 31, 2018. The contractual principal in these acquired impaired loans was $186,540 and $195,706 at March 31, 2019 and December 31, 2018, respectively. The balances above do not include future accretable net interest (i.e. the difference between the undiscounted expected cash flows and the recorded investment in the loan) on the acquired impaired loans. Activity for the accretable yield for the first three months of 2019 follows: Accretable yield at the beginning of the period $ 26,289 Accretion (including cash recoveries) (3,052 ) Additions 0 Net reclassifications to accretable from non-accretable 4,223 Disposals (including maturities, foreclosures, and charge-offs) (1,471 ) Accretable yield at the end of the period $ 25,989 United’s subsidiary bank has made loans to the directors and officers of United and its subsidiaries, and to their affiliates. The aggregate dollar amount of these loans was $90,485 and $93,282 at March 31, 2019 and December 31, 2018, respectively. |
Credit Quality
Credit Quality | 3 Months Ended |
Mar. 31, 2019 | |
Text Block [Abstract] | |
Credit Quality | 4. CREDIT QUALITY Management monitors the credit quality of its loans on an ongoing basis. Measurement of delinquency and past due status are based on the contractual terms of each loan. For all loan classes, past due loans are reviewed on a monthly basis to identify loans for nonaccrual status. Generally, when collection in full of the principal and interest is jeopardized, the loan is placed on nonaccrual status. The accrual of interest income on commercial and most consumer loans generally is discontinued when a loan becomes 90 to 120 days past due as to principal or interest. However, regardless of delinquency status, if a loan is fully secured and in the process of collection and resolution of collection is expected in the near term (generally less than 90 days), then the loan will not be placed on nonaccrual status. When interest accruals are discontinued, unpaid interest recognized in income in the current year is reversed, and unpaid interest accrued in prior years is charged to the allowance for loan losses. United’s method of income recognition for loans that are classified as nonaccrual is to recognize interest income on a cash basis or apply the cash receipt to principal when the ultimate collectibility of principal is in doubt. Nonaccrual loans will not normally be returned to accrual status unless all past due principal and interest has been paid and the borrower has evidenced their ability to meet the contractual provisions of the note. A loan is categorized as a troubled debt restructuring (TDR) if a concession is granted and there is deterioration in the financial condition of the borrower. TDRs can take the form of a reduction of the stated interest rate, splitting a loan into separate loans with market terms on one loan and concessionary terms on the other loan, receipts of assets from a debtor in partial or full satisfaction of a loan, the extension of the maturity date or dates at a stated interest rate lower than the current market rate for new debt with similar risk, the reduction of the face amount or maturity amount of the debt as stated in the instrument or other agreement, the reduction of accrued interest or any other concessionary type of renegotiated debt. As of March 31, 2019, United had TDRs of $56,778 as compared to $59,425 as of December 31, 2018. Of the $56,778 aggregate balance of TDRs at March 31, 2019, $47,459 was on nonaccrual and $265 were 90 days or more past due. Of the $59,425 aggregate balance of TDRs at December 31, 2018, $48,899 were on nonaccrual and $690 were 90 days or more past due. All these amounts are included in the appropriate categories in the “Age Analysis of Past Due Loans” table on a subsequent page. As of March 31, 2019, there were no commitments to lend additional funds to debtors owing receivables whose terms have been modified in TDRs. At March 31, 2019, United had restructured loans in the amount of $1,846 that were modified by a reduction in the interest rate, $1,809 that were modified by a combination of a reduction in the interest rate and the principal and $53,123 that were modified by a change in terms. A loan acquired and accounted for under ASC Topic 310-30 “Loans and Debt Securities Acquired with Deteriorated Credit Quality” is reported as an accruing loan and a performing asset unless it does not perform in accordance with its restructured contractual provisions. The following table sets forth United’s troubled debt restructurings that were restructured during the three months ended March 31, 2019, segregated by class of loans. No loans were restructured during the first quarter of 2018. Troubled Debt Restructurings For the Three Months Ended March 31, 2019 Number of Contracts Pre- Outstanding Recorded Investment Post- Modification Outstanding Recorded Investment Commercial real estate: Owner-occupied 0 $ 0 $ 0 Nonowner-occupied 0 0 0 Other commercial 1 265 265 Residential real estate 1 413 409 Construction & land development 0 0 0 Consumer: Bankcard 0 0 0 Other consumer 0 0 0 Total 2 $ 678 $ 674 During the first quarter of 2019, $265 of restructured loans were modified by a reduction in the interest rate and $409 of restructured loans were modified by a change in terms. In some instances, the post-modification balance on the restructured loans is larger than the pre-modification balance due to the advancement of monies for items such as delinquent taxes on real estate property. The loans were evaluated individually for allocation within United’s allowance for loan losses. The modifications had an immaterial impact on the financial condition and results of operations for United. No loans restructured during the twelve-month periods ended March 31, 2019 and 2018 subsequently defaulted, resulting in a principal charge-off during the first quarters of 2019 and 2018. The following table sets forth United’s age analysis of its past due loans, segregated by class of loans: Age Analysis of Past Due Loans As of March 31, 2019 30-89 Days Past Due 90 Days or more Past Due Total Past Due Current & Other (1) Total Financing Receivables Recorded Investment >90 Days & Accruing Commercial real estate: Owner-occupied $ 8,246 $ 16,477 $ 24,723 $ 1,250,617 $ 1,275,340 $ 0 Nonowner-occupied 16,642 20,073 36,715 4,229,898 4,266,613 3,433 Other commercial 5,292 44,467 49,759 1,946,723 1,996,482 1,238 Residential real estate 38,179 27,389 65,568 3,484,469 3,550,037 9,735 Construction & land development 5,986 17,373 23,359 1,464,094 1,487,453 861 Consumer: Bankcard 377 118 495 8,752 9,247 118 Other consumer 6,987 801 7,788 985,258 993,046 452 Total $ 81,709 $ 126,698 $ 208,407 $ 13,369,811 $ 13,578,218 $ 15,837 (1) Other includes loans with a recorded investment of $144,391 acquired and accounted for under ASC Topic 310-30 “Loans and Debt Securities Acquired with Deteriorated Credit Quality”. Age Analysis of Past Due Loans As of December 31, 2018 30-89 Days Past Due 90 Days or more Past Due Total Past Due Current & Other (1) Total Financing Receivables Recorded Investment >90 Days & Accruing Commercial real estate: Owner-occupied $ 9,224 $ 17,742 $ 26,966 $ 1,264,824 $ 1,291,790 $ 629 Nonowner-occupied 16,108 18,092 34,200 4,269,413 4,303,613 1,171 Other commercial 13,556 46,040 59,596 1,898,045 1,957,641 2,850 Residential real estate 37,111 30,278 67,389 3,434,004 3,501,393 9,141 Construction & land development 8,462 19,412 27,874 1,382,594 1,410,468 680 Consumer: Bankcard 657 177 834 9,369 10,203 177 Other consumer 8,909 1,243 10,152 944,272 954,424 893 Total $ 94,027 $ 132,984 $ 227,011 $ 13,202,521 $ 13,429,532 $ 15,541 (1) Other includes loans with a recorded investment of $149,737 acquired and accounted for under ASC Topic 310-30 “Loans and Debt Securities Acquired with Deteriorated Credit Quality”. The following table sets forth United’s nonaccrual loans, segregated by class of loans: Loans on Nonaccrual Status March 31, 2019 December 31, 2018 Commercial real estate: Owner-occupied $ 16,477 $ 17,113 Nonowner-occupied 16,640 16,921 Other commercial 43,229 43,190 Residential real estate 17,654 21,137 Construction & land development 16,512 18,732 Consumer: Bankcard 0 0 Other consumer 349 350 Total $ 110,861 $ 117,443 United assigns credit quality indicators of pass, special mention, substandard and doubtful to its loans. For United’s loans with a corporate credit exposure, United internally assigns a grade based on the creditworthiness of the borrower. For loans with a consumer credit exposure, United internally assigns a grade based upon an individual loan’s delinquency status. United reviews and updates, as necessary, these grades on a quarterly basis. Special mention loans, with a corporate credit exposure, have potential weaknesses that deserve management’s close attention. If left uncorrected, these potential weaknesses may result in deterioration of the repayment prospects for the loans or in the Company’s credit position at some future date. Borrowers may be experiencing adverse operating trends (declining revenues or margins) or an ill proportioned balance sheet (e.g., increasing inventory without an increase in sales, high leverage, tight liquidity). Adverse economic or market conditions, such as interest rate increases or the entry of a new competitor, may also support a special mention rating. Nonfinancial reasons for rating a credit exposure special mention include management problems, pending litigation, an ineffective loan agreement or other material structural weakness, and any other significant deviation from prudent lending practices. For loans with a consumer credit exposure, loans that are past due 30-89 days are generally considered special mention. A substandard loan with a corporate credit exposure is inadequately protected by the current sound worth and paying capacity of the obligor or of the collateral pledged, if any. Loans so classified have a well-defined weakness, or weaknesses, that jeopardize the liquidation of the debt by the borrower. They are characterized by the distinct possibility that the Company will sustain some loss if the deficiencies are not corrected. They require more intensive supervision by management. Substandard loans are generally characterized by current or expected unprofitable operations, inadequate debt service coverage, inadequate liquidity, or marginal capitalization. Repayment may depend on collateral or other credit risk mitigants. For some substandard loans, the likelihood of full collection of interest and principal may be in doubt and thus, placed on nonaccrual. For loans with a consumer credit exposure, loans that are 90 days or more past due or that have been placed on nonaccrual are considered substandard. A loan with corporate credit exposure is classified as doubtful if it has all the weaknesses inherent in one classified as substandard with the added characteristic that the weaknesses make collection in full, on the basis of currently existing facts, conditions, and values, highly questionable and improbable. A doubtful loan has a high probability of total or substantial loss, but because of specific pending events that may strengthen the loan, its classification as loss is deferred. Doubtful borrowers are usually in default, lack adequate liquidity or capital, and lack the resources necessary to remain an operating entity. Pending events can include mergers, acquisitions, liquidations, capital injections, the perfection of liens on additional collateral, the valuation of collateral, and refinancing. Generally, there are not any loans with a consumer credit exposure that are classified as doubtful. Usually, they are charged-off prior to such a classification. Loans classified as doubtful are also considered impaired. The following tables set forth United’s credit quality indicators information, by class of loans: Credit Quality Indicators Corporate Credit Exposure As of March 31, 2019 Commercial Real Estate Owner- occupied Nonowner- occupied Other Commercial Construction & Land Development Grade: Pass $ 1,186,841 $ 4,143,459 $ 1,899,853 $ 1,408,268 Special mention 35,025 37,068 18,688 6,350 Substandard 53,474 86,086 77,130 72,835 Doubtful 0 0 811 0 Total $ 1,275,340 $ 4,266,613 $ 1,996,482 $ 1,487,453 As of December 31, 2018 Commercial Real Estate Owner- Nonowner- Other Construction & Land Development Grade: Pass $ 1,201,387 $ 4,161,149 $ 1,858,821 $ 1,330,899 Special mention 34,487 46,442 14,424 28,629 Substandard 55,916 96,022 81,946 50,940 Doubtful 0 0 2,450 0 Total $ 1,291,790 $ 4,303,613 $ 1,957,641 $ 1,410,468 Credit Quality Indicators Consumer Credit Exposure As of March 31, 2019 Residential Real Estate Bankcard Other Consumer Grade: Pass $ 3,492,494 $ 8,752 $ 985,222 Special mention 12,234 377 6,993 Substandard 45,309 118 831 Doubtful 0 0 0 Total $ 3,550,037 $ 9,247 $ 993,046 As of December 31, 2018 Residential Real Estate Bankcard Other Consumer Grade: Pass $ 3,436,584 $ 9,369 $ 944,241 Special mention 19,051 657 8,914 Substandard 45,758 177 1,269 Doubtful 0 0 0 Total $ 3,501,393 $ 10,203 $ 954,424 Loans are designated as impaired when, in the opinion of management, based on current information and events, the collection of principal and interest in accordance with the loan contract is doubtful. Typically, United does not consider loans for impairment unless a sustained period of delinquency (i.e. 90 days or more) is noted or there are subsequent events that impact repayment probability (i.e. negative financial trends, bankruptcy filings, eminent foreclosure proceedings, etc.). Impairment is evaluated in total for smaller-balance loans of a similar nature and on an individual loan basis for other loans. Consistent with United’s existing method of income recognition for loans, interest on impaired loans, except those classified as nonaccrual, is recognized as income using the accrual method. Impaired loans, or portions thereof, are charged off when deemed uncollectible. The following table sets forth United’s impaired loans information, by class of loans: Impaired Loans March 31, 2019 December 31, 2018 Recorded Investment Unpaid Principal Balance Related Allowance Recorded Investment Unpaid Principal Balance Related Allowance With no related allowance recorded: Commercial real estate: Owner-occupied $ 68,153 $ 69,637 $ 0 $ 63,633 $ 63,798 $ 0 Nonowner-occupied 86,515 86,574 0 98,845 98,904 0 Other commercial 42,198 44,656 0 40,291 50,459 0 Residential real estate 29,603 29,712 0 28,207 29,279 0 Construction & land development 36,440 40,249 0 37,174 40,459 0 Consumer: Bankcard 0 0 0 0 0 0 Other consumer 27 27 0 27 27 0 With an allowance recorded: Commercial real estate: Owner-occupied $ 5,482 $ 5,482 $ 1,485 $ 10,004 $ 10,004 $ 2,542 Nonowner-occupied 14,050 14,050 2,571 15,720 15,720 2,715 Other commercial 48,117 50,327 14,699 61,266 62,812 17,581 Residential real estate 16,889 19,440 3,694 19,623 22,064 3,265 Construction & land development 14,740 19,444 2,225 14,742 19,446 2,254 Consumer: Bankcard 0 0 0 0 0 0 Other consumer 0 0 0 0 0 0 Total: Commercial real estate: Owner-occupied $ 73,635 $ 75,119 $ 1,485 $ 73,637 $ 73,802 $ 2,542 Nonowner-occupied 100,565 100,624 2,571 114,565 114,624 2,715 Other commercial 90,315 94,983 14,699 101,557 113,271 17,581 Residential real estate 46,492 49,152 3,694 47,830 51,343 3,265 Construction & land development 51,180 59,693 2,225 51,916 59,905 2,254 Consumer: Bankcard 0 0 0 0 0 0 Other consumer 27 27 0 27 27 0 Impaired Loans For the Three Months Ended March 31, 2019 March 31, 2018 Average Recorded Investment Interest Income Recognized Average Recorded Investment Interest Income Recognized With no related allowance recorded: Commercial real estate: Owner-occupied $ 65,893 $ 363 $ 76,947 $ 377 Nonowner-occupied 92,680 250 125,863 120 Other commercial 41,244 139 49,693 206 Residential real estate 28,905 182 25,437 83 Construction & land development 36,807 217 50,300 103 Consumer: Bankcard 0 0 0 0 Other consumer 27 0 28 0 With an allowance recorded: Commercial real estate: Owner-occupied $ 7,743 $ 6 $ 7,502 $ 25 Nonowner-occupied 14,885 91 8,170 59 Other commercial 54,692 153 54,297 19 Residential real estate 18,256 92 10,850 0 Construction & land development 14,741 20 1,699 20 Consumer: Bankcard 0 0 0 0 Other consumer 0 0 0 0 Total: Commercial real estate: Owner-occupied $ 73,636 $ 369 $ 84,449 $ 402 Nonowner-occupied 107,565 341 134,033 179 Other commercial 95,936 292 103,990 225 Residential real estate 47,161 274 36,287 83 Construction & land development 51,548 237 51,999 123 Consumer: Bankcard 0 0 0 0 Other consumer 27 0 28 0 At March 31, 2019 and December 31, 2018, other real estate owned (“OREO”) included in other assets in the Consolidated Balance Sheets was $17,465 and $16,865, respectively. OREO consists of real estate acquired in foreclosure or other settlement of loans. Such assets are carried at the lower of the investment in the assets or the fair value of the assets less estimated selling costs. Any adjustment to the fair value at the date of transfer is charged against the allowance for loan losses. Any subsequent valuation adjustments as well as any costs relating to operating, holding or disposing of the property are recorded in other expense in the period incurred. At March 31, 2019 and December 31, 2018, the recorded investment of consumer mortgage loans secured by residential real estate properties for which formal foreclosure proceedings are in process was $263 and $520, respectively. |
Allowance for Credit Losses
Allowance for Credit Losses | 3 Months Ended |
Mar. 31, 2019 | |
Receivables [Abstract] | |
Allowance for Credit Losses | 5. ALLOWANCE FOR CREDIT LOSSES The allowance for loan losses is management’s estimate of the probable credit losses inherent in the loan portfolio. For purposes of determining the general allowance, the loan portfolio is segregated by product type to recognize differing risk profiles among categories. It is further segregated by credit grade for non-homogenous loan pools and delinquency for homogeneous loan pools. The outstanding principal balance within each pool is multiplied by historical loss data, the loss emergence period (which is the period of time between the event that triggers a loss and the confirmation and/or charge off of that loss) and certain qualitative factors to derive the general loss allocation per pool. Specific loss allocations are calculated for commercial loans in excess of $500,000 in accordance with ASC Topic 310. Risk characteristics of owner-occupied commercial real estate loans and other commercial loans are similar in that they are normally dependent upon the borrower’s internal cash flow from operations to service debt. Nonowner-occupied commercial real estate loans differ in that cash flow to service debt is normally dependent on external income from third parties for use of the real estate such as rents, leases and room rates. Residential real estate loans are dependent upon individual borrowers who are affected by changes in general economic conditions, demand for housing and resulting residential real estate valuation. Construction and land development loans are impacted mainly by demand whether for new residential housing or for retail, industrial, office and other types of commercial construction within a given area. Consumer loan pool risk characteristics are influenced by general, regional and local economic conditions. Loans deemed to be uncollectible are charged against the allowance for loan losses, while recoveries of previously charged-off amounts are credited to the allowance for loan losses. For commercial loans, when a loan or a portion of a loan is identified to contain a loss, a charge-off recommendation is directed to management to charge-off all or a portion of that loan. Generally, any unsecured commercial loan more than six months delinquent in payment of interest must be charged-off in full. If secured, the charge-off is generally made to reduce the loan balance to a level equal to the liquidation value of the collateral when payment of principal and interest is six months delinquent. Any commercial loan, secured or unsecured, on which a principal or interest payment has not been made within 90 days, is reviewed monthly for appropriate action. For consumer loans, closed-end retail loans that are past due 120 cumulative days delinquent from the contractual due date and open-end loans 180 cumulative days delinquent from the contractual due date are charged-off. Any consumer loan on which a principal or interest payment has not been made within 90 days is reviewed monthly for appropriate action. For a one-to-four family open-end or closed-end residential real estate loan, home equity loan, or high-loan-to-value loan that has reached 180 or more days past due, management evaluates the collateral position and charges-off any amount that exceeds the value of the collateral. On retail credits for which the borrower is in bankruptcy, all amounts deemed unrecoverable are charged off within 60 days of the receipt of the notification. On retail credits effected by fraud, a loan is charged-off within 90 days of the discovery of the fraud. In the event of the borrower’s death and if repayment within the required timeframe is uncertain, the loan is generally charged-off as soon as the amount of the loss is determined. For loans acquired through the completion of a transfer, including loans acquired in a business combination, that have evidence of deterioration of credit quality since origination and for which it is probable, at acquisition, that United will be unable to collect all contractually required payment receivable are initially recorded at fair value (as determined by the present value of expected future cash flows) with no valuation allowance. The difference between the undiscounted cash flows expected at acquisition and the investment in the loan, or the “accretable yield,” is recognized as interest income on a level-yield method over the life of the loan. Contractually required payments for interest and principal that exceed the undiscounted cash flows expected at acquisition, or the “nonaccretable difference,” are not recognized as a yield adjustment or as a loss accrual or a valuation allowance. Increases in expected cash flows subsequent to the initial investment are recognized prospectively through adjustment of the yield on the loan over its remaining life. Decreases in expected cash flows are recognized as impairment. Valuation allowances on these impaired loans reflect only losses incurred after the acquisition (meaning the present value of all cash flows expected at acquisition that ultimately are not to be received). For the three months ended March 31, 2019 and 2018, the amount of provision for loan losses related to loans acquired that have evidence of deterioration of credit quality resulted in provision for loan losses expense of $1,637 and $1,279, respectively. United maintains an allowance for loan losses and a reserve for lending-related commitments such as unfunded loan commitments and letters of credit. The reserve for lending-related commitments of $1,461 and $1,389 at March 31, 2019 and December 31, 2018, respectively, is separately classified on the balance sheet and is included in other liabilities. The combined allowance for loan losses and reserve for lending-related commitments are referred to as the allowance for credit losses. A progression of the allowance for loan losses, by portfolio segment, for the periods indicated is summarized as follows: Allowance for Loan Losses and Carrying Amount of Loans For the Three Months Ended March 31, 2019 Commercial Real Estate Construction Allowance for Owner- Nonowner- Other Residential Real Estate & Land Consumer Estimated Total Allowance for Loan Losses: Beginning balance $ 5,063 $ 6,919 $ 41,341 $ 12,448 $ 7,992 $ 2,695 $ 245 $ 76,703 Charge-offs 3,737 0 934 441 565 737 0 6,414 Recoveries 904 19 297 85 113 183 0 1,601 Provision 3,934 (220 ) (40 ) 930 (354 ) 607 139 4,996 Ending balance $ 6,164 $ 6,718 $ 40,664 $ 13,022 $ 7,186 $ 2,748 $ 384 $ 76,886 Ending Balance: individually evaluated for impairment $ 1,485 $ 2,571 $ 14,699 $ 3,694 $ 2,225 $ 0 $ 0 $ 24,674 Ending Balance: collectively evaluated for impairment $ 4,679 $ 4,147 $ 25,965 $ 9,328 $ 4,961 $ 2,748 $ 384 $ 52,212 Ending Balance: loans acquired with deteriorated credit quality $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 Financing receivables: Ending balance $ 1,275,340 $ 4,266,613 $ 1,996,482 $ 3,550,037 $ 1,487,453 $ 1,002,293 $ 0 $ 13,578,218 Ending Balance: individually evaluated for impairment $ 26,820 $ 25,300 $ 60,451 $ 20,355 $ 14,740 $ 0 $ 0 $ 147,666 Ending Balance: collectively evaluated for impairment $ 1,219,621 $ 4,181,511 $ 1,911,199 $ 3,518,699 $ 1,452,865 $ 1,002,266 $ 0 $ 13,286,161 Ending Balance: loans acquired with deteriorated credit quality $ 28,899 $ 59,802 $ 24,832 $ 10,983 $ 19,848 $ 27 $ 0 $ 144,391 Allowance for Loan Losses and Carrying Amount of Loans For the Year Ended December 31, 2018 Commercial Real Estate Construction Allowance for Owner- Nonowner- Other Residential Real Estate & Land Consumer Estimated Total Allowance for Loan Losses: Beginning balance $ 5,401 $ 6,369 $ 45,189 $ 9,927 $ 7,187 $ 2,481 $ 73 $ 76,627 Charge-offs 3,225 314 16,424 3,162 2,731 2,750 0 28,606 Recoveries 1,189 563 2,944 1,114 197 662 0 6,669 Provision 1,698 301 9,632 4,569 3,339 2,302 172 22,013 Ending balance $ 5,063 $ 6,919 $ 41,341 $ 12,448 $ 7,992 $ 2,695 $ 245 $ 76,703 Ending Balance: individually evaluated for impairment $ 2,543 $ 2,715 $ 17,581 $ 3,265 $ 2,254 $ 0 $ 0 $ 28,358 Ending Balance: collectively evaluated for impairment $ 2,520 $ 4,204 $ 23,760 $ 9,183 $ 5,738 $ 2,695 $ 245 $ 48,345 Ending Balance: loans acquired with deteriorated credit quality $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 Financing receivables: Ending balance $ 1,291,790 $ 4,303,613 $ 1,957,641 $ 3,501,393 $ 1,410,468 $ 964,627 $ 0 $ 13,429,532 Ending Balance: individually evaluated for impairment $ 27,599 $ 25,231 $ 72,300 $ 21,998 $ 14,807 $ 0 $ 0 $ 161,935 Ending Balance: collectively evaluated for impairment $ 1,234,919 $ 4,215,060 $ 1,860,085 $ 3,468,356 $ 1,374,840 $ 964,600 $ 0 $ 13,117,860 Ending Balance: loans acquired with deteriorated credit quality $ 29,272 $ 63,322 $ 25,256 $ 11,039 $ 20,821 $ 27 $ 0 $ 149,737 |
Intangible Assets
Intangible Assets | 3 Months Ended |
Mar. 31, 2019 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Other Intangibles | 6. INTANGIBLE ASSETS The following is a summary of intangible assets subject to amortization and those not subject to amortization: March 31, 2019 Community Banking Mortgage Banking Total Gross Carrying Amount Accumulated Amortization Gross Carrying Amount Accumulated Amortization Gross Carrying Amount Accumulated Amortization Amortized intangible assets: Core deposit intangible assets $ 98,359 ($ 64,246 ) $ 0 ($ 0 ) $ 98,359 ($ 64,246 ) Non-amortized intangible assets: George Mason trade name $ 0 $ 1,080 $ 1,080 Goodwill not subject to amortization $ 1,472,699 $ 5,315 $ 1,478,014 December 31, 2018 Community Banking Mortgage Banking Total Gross Carrying Amount Accumulated Amortization Gross Carrying Amount Accumulated Amortization Gross Carrying Amount Accumulated Amortization Amortized intangible assets: Core deposit intangible assets $ 98,359 $ (62,492 ) $ 0 $ 0 $ 98,359 $ (62,492 ) Non-amortized intangible assets: George Mason trade name $ 0 $ 1,080 $ 1,080 Goodwill not subject to amortization $ 1,472,699 $ 5,315 $ 1,478,014 The following table provides a reconciliation of goodwill: Community Banking Mortgage Banking Total Goodwill at December 31, 2018 $ 1,472,699 $ 5,315 $ 1,478,014 Addition to goodwill 0 0 0 Goodwill at March 31, 2019 $ 1,472,699 $ 5,315 $ 1,478,014 United incurred amortization expense of $1,754 and $2,010 for the quarters ended March 31, 2019 and 2018, respectively. The following table sets forth the anticipated amortization expense for intangible assets for the years subsequent to 2018: Year Amount 2019 $ 7,016 2020 6,309 2021 5,369 2022 4,581 2023 and thereafter 12,592 |
Leases
Leases | 3 Months Ended |
Mar. 31, 2019 | |
Leases [Abstract] | |
Leases | 7. LEASES United determines if an arrangement is a lease at inception. United and certain subsidiaries have entered into various noncancelable-operating leases for branch and loan production offices as well as operating facilities. Operating leases are included in operating lease right-of-use (“ROU”) assets and operating lease liabilities on the Consolidated Balance Sheets. Operating leases with an initial term of 12 months or less are not recorded on the Consolidated Balance Sheets. Presently, United does not have any finance leases. United’s operating leases are subject to renewal options under various terms. United’s operating leases have remaining terms of 1 to 14 years, some of which include options to extend leases generally for periods of 5 years. United rents or subleases certain real estate to third parties. Our sublease portfolio consists of operating leases to other organizations for former branch offices. ROU assets represent United’s right to use an underlying asset for the lease term and lease liabilities represent United’s obligation to make lease payments arising from the lease. Operating lease ROU assets and liabilities are recognized at commencement date based on the present value of lease payments over the lease term. As most of United’s leases do not provide an implicit rate, the Company uses its incremental borrowing rate based on the information available at commencement date in determining the present value of lease payments. The operating lease ROU asset also includes any lease payments made and excludes lease incentives. Lease terms may include options to extend the lease when it is reasonably certain that United will exercise that option. Lease expense for lease payments is recognized on a straight-line basis over the lease term. The components of lease expense were as follows: Classification Three Months Ended March 31, 2019 Operating lease cost Net occupancy expense $ 4,821 Sublease income Net occupancy expense (276 ) Net lease cost $ 4,545 Supplemental balance sheet information related to leases was as follows: Classification March 31, 2019 Operating lease right-of-use assets Operating lease right-of-use assets $ 63,119 Operating lease liabilities Operating lease liabilities $ 66,871 Other information related to leases was as follows: March 31, 2019 Weighted-average remaining lease term: Operating leases 5.1 years Weighted-average discount rate: Operating leases 3.29% Supplemental cash flow information related to leases was as follows: Three Months Ended March 31, 2019 Cash paid for amounts in the measurement of lease liabilities: Operating cash flows from operating leases $ 4,718 ROU assets obtained in the exchange for lease liabilties 202 Maturities of lease liabilities by year and in the aggregate, under operating leases with initial or remaining terms of one year or more, for years subsequent to December 31, 2018, consists of the following as of March 31, 2019 and December 31, 2018: Amount Year As of March 31, 2019 As of December 31, 2018 2019 $ 14,049 $ 18,590 2020 16,402 16,359 2021 13,894 13,850 2022 10,313 10,269 2023 7,644 7,600 Thereafter 10,654 10,640 Total lease payments 72,956 77,308 Less: imputed interest (6,085 ) (0 ) Total $ 66,871 $ 77,308 |
Short-Term Borrowings
Short-Term Borrowings | 3 Months Ended |
Mar. 31, 2019 | |
Debt Disclosure [Abstract] | |
Short-Term Borrowings | 8. SHORT-TERM BORROWINGS Federal funds purchased and securities sold under agreements to repurchase are a significant source of funds for the Company. United has various unused lines of credit available from certain of its correspondent banks in the aggregate amount of $230,000. These lines of credit, which bear interest at prevailing market rates, permit United to borrow funds in the overnight market, and are renewable annually subject to certain conditions. At March 31, 2019, United did not have any federal funds purchased while total securities sold under agreements to repurchase (REPOs) were $127,821. The securities sold under agreements to repurchase were accounted for as collateralized financial transactions. They were recorded at the amounts at which the securities were acquired or sold plus accrued interest. United has a $20,000 line of credit with an unrelated financial institution to provide for general liquidity needs. The line is an unsecured, revolving line of credit. The line will be renewable on a 360-day basis and will carry an indexed, floating-rate of interest. The line requires compliance with various financial and nonfinancial covenants. At March 31, 2019, United had no outstanding balance under this line of credit. |
Long-Term Borrowings
Long-Term Borrowings | 3 Months Ended |
Mar. 31, 2019 | |
Debt Disclosure [Abstract] | |
Long-Term Borrowings | 9. LONG-TERM BORROWINGS United’s subsidiary bank is a member of the Federal Home Loan Bank (“FHLB”). Membership in the FHLB makes available short-term and long-term borrowings from collateralized advances. All FHLB borrowings are collateralized by a mix of single-family residential mortgage loans, commercial loans and investment securities. At March 31, 2019, United had an unused borrowing amount of approximately $3,696,123 available subject to delivery of collateral after certain trigger points. Advances may be called by the FHLB or redeemed by United based on predefined factors and penalties. At March 31, 2019, $1,603,615 of FHLB advances with a weighted-average interest rate of 2.41% The scheduled maturities of these FHLB borrowings are as follows: Year Amount 2019 $ 1,227,181 2020 41,745 2021 302,581 2022 20,873 2023 and thereafter 11,235 Total $ 1,603,615 At March 31, 2019, United had a total of fourteen statutory business trusts that were formed for the purpose of issuing or participating in pools of trust preferred capital securities (“Capital Securities”) with the proceeds invested in junior subordinated debt securities (“Debentures”) of United. The Debentures, which are subordinate and junior in right of payment to all present and future senior indebtedness and certain other financial obligations of United, are the sole assets of the trusts and United’s payment under the Debentures is the sole source of revenue for the trusts. At March 31, 2019 and December 31, 2018, the outstanding balance of the Debentures was $235,220 and $234,905, respectively, and was included in the category of long-term debt on the Consolidated Balance Sheets entitled “Other long-term borrowings.” The Capital Securities are not included as a component of shareholders’ equity in the Consolidated Balance Sheets. United fully and unconditionally guarantees each individual trust’s obligations under the Capital Securities. Under the provisions of the subordinated debt, United has the right to defer payment of interest on the subordinated debt at any time, or from time to time, for periods not exceeding five years. If interest payments on the subordinated debt are deferred, the dividends on the Capital Securities are also deferred. Interest on the subordinated debt is cumulative. In accordance with the fully-phased in “Basel III Capital Rules” as published by United’s primary federal regulator, the Federal Reserve, United is unable to consider the Capital Securities as Tier 1 capital, but rather the Capital Securities are included as a component of United’s Tier 2 capital. United can include the Capital Securities in its Tier 2 capital on a permanent basis. |
Commitments and Contingent Liab
Commitments and Contingent Liabilities | 3 Months Ended |
Mar. 31, 2019 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingent Liabilities | 10. COMMITMENTS AND CONTINGENT LIABILITIES United is a party to financial instruments with off-balance-sheet risk in the normal course of business to meet the financing needs of its customers and to alter its own exposure to fluctuations in interest rates. These financial instruments include loan commitments, standby letters of credit, and interest rate swap agreements. The instruments involve, to varying degrees, elements of credit and interest rate risk in excess of the amount recognized in the financial statements. United’s maximum exposure to credit loss in the event of nonperformance by the counterparty to the financial instrument for the loan commitments and standby letters of credit is the contractual or notional amount of those instruments. United uses the same policies in making commitments and conditional obligations as it does for on-balance sheet instruments. Collateral may be obtained, if deemed necessary, based on management’s credit evaluation of the counterparty. Commitments to extend credit are agreements to lend to a customer as long as there is no violation of any condition established in the commitment contract. Commitments generally have fixed expiration dates or other termination clauses and may require the payment of a fee. Since many of the commitments are expected to expire without being drawn upon, the total commitment amounts do not necessarily, and historically do not, represent future cash requirements. The amount of collateral obtained, if deemed necessary upon the extension of credit, is based on management’s credit evaluation of the counterparty. United had approximately $4,041,076 and $3,826,370 of loan commitments outstanding as of March 31, 2019 and December 31, 2018, respectively, the majority of which contractually expire within one year. Included in the March 31, 2019 amount are commitments to extend credit of $422,953 related to George Mason’s mortgage loan funding commitments and are of a short-term nature. Commercial and standby letters of credit are agreements used by United’s customers as a means of improving their credit standing in their dealings with others. Under these agreements, United guarantees certain financial commitments of its customers. A commercial letter of credit is issued specifically to facilitate trade or commerce. Typically, under the terms of a commercial letter of credit, a commitment is drawn upon when the underlying transaction is consummated as intended between the customer and a third party. As of March 31, had no outstanding commercial letters of credit. A standby letter of credit is generally contingent upon the failure of a customer to perform according to the terms of an underlying contract with a third party. United has issued standby letters of credit of $131,536 and $141,032 as of March 31, 2019 and December 31, 2018, respectively. In accordance with the Contingencies Topic of the FASB Accounting Standards Codification, United has determined that substantially all of its letters of credit are renewed on an annual basis and the fees associated with these letters of credit are immaterial. George Mason provides for its estimated exposure to repurchase loans previously sold to investors for which borrowers failed to provide full and accurate information on their loan application or for which appraisals have not been acceptable or where the loan was not underwritten in accordance with the loan program specified by the loan investor, and for other exposure to its investors related to loan sales activities. United evaluates the merits of each claim and estimates its reserve based on actual and expected claims received and considers the historical amounts paid to settle such claims. George Mason has a reserve of $636 as of March 31, 2019. United has derivative counter-party risk that may arise from the possible inability of George Mason’s third party investors to meet the terms of their forward sales contracts. George Mason works with third-party investors that are generally well-capitalized, are investment grade and exhibit strong financial performance to mitigate this risk. United does not expect any third-party investor to fail to meet its obligation. United and its subsidiaries are currently involved in various legal proceedings in the normal course of business. Management is vigorously pursuing all its legal and factual defenses and, after consultation with legal counsel, believes that all such litigation will be resolved with no material effect on United’s financial position. |
Derivative Financial Instrument
Derivative Financial Instruments | 3 Months Ended |
Mar. 31, 2019 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Financial Instruments | 11. DERIVATIVE FINANCIAL INSTRUMENTS United uses derivative instruments to help aid against adverse price changes or interest rate movements on the value of certain assets or liabilities and on future cash flows. These derivatives may consist of interest rate swaps, caps, floors, collars, futures, forward contracts, written and purchased options. United also executes derivative instruments with its commercial banking customers to facilitate its risk management strategies. United accounts for its derivative financial instruments in accordance with ASC Topic 815 which requires all derivative instruments to be carried at fair value on the balance sheet. United has designated certain derivative instruments used to manage interest rate risk as hedge relationships with certain assets, liabilities or cash flows being hedged. Certain derivatives used for interest rate risk management are not designated in a hedge relationship. Derivative instruments designated in a hedge relationship to mitigate exposure to changes in the fair value of an asset, liability, or firm commitment attributable to a particular risk, such as interest rate risk, are considered fair value hedges. Derivative instruments designated in a hedge relationship to mitigate exposure to variability in expected future cash flows, or other types of forecasted transactions, are considered cash flow hedges. For a fair value hedge, the fair value of the interest rate swap is recognized on the balance sheet as either a freestanding asset or liability with a corresponding adjustment to the hedged financial instrument. Subsequent adjustments due to changes in the fair value of a derivative that qualifies as a fair value hedge are recorded in income in the same period and in the same income statement line as changes in the fair values of the hedged items that relate to the hedged risk(s). For a cash flow hedge, the fair value of the interest rate swap is recognized on the balance sheet as either a freestanding asset or liability with a corresponding adjustment to other comprehensive income within shareholders’ equity, net of tax. Subsequent adjustments due to changes in the fair value of a derivative that qualifies as a cash flow hedge are recorded as a component of other comprehensive income, net of deferred taxes, and reclassified to earnings when the hedged transaction affects earnings. The portion of a hedge that is ineffective is recognized immediately in earnings. At inception of a hedge relationship, United formally documents the hedged item, the particular risk management objective, the nature of the risk being hedged, the derivative being used, how effectiveness of the hedge will be assessed and how the ineffectiveness of the hedge will be measured. United also assesses hedge effectiveness at inception and on an ongoing basis using regression analysis. Hedge ineffectiveness is measured by using the change in fair value method. The change in fair value method compares the change in the fair value of the hedging derivative to the change in the fair value of the hedged exposure, attributable to changes in the benchmark rate. The portion of a hedge that is ineffective is recognized immediately in earnings. United through George Mason enters into interest rate lock commitments to finance residential mortgage loans with its customers. These commitments, which contain fixed expiration dates, offer the borrower an interest rate guarantee provided the loan meets underwriting guidelines and closes within the timeframe established by United. Interest rate risk arises on these commitments and subsequently closed loans if interest rates change between the time of the interest rate lock and the delivery of the loan to the investor. Market risk on interest rate lock commitments and mortgage loans held for sale is managed using corresponding forward mortgage loan sales contracts. United is a party to these forward mortgage loan sales contracts to sell loans servicing released and short sales of mortgage-backed securities. When the interest rate is locked with the borrower, the rate lock commitment, forward sale agreement, and mortgage-backed security position are undesignated derivatives and marked to fair value through earnings. The fair value of the rate lock derivative includes the servicing premium and the interest spread for the difference between retail and wholesale mortgage rates. Income from mortgage banking activities includes the gain recognized for the period presented and associated elements of fair value. United sells mortgage loans on either a best efforts or mandatory delivery basis. For loans sold on a mandatory delivery basis, United enters into forward mortgage-backed securities (the “residual hedge”) to mitigate the effect of interest rate risk. Both the rate lock commitment under mandatory delivery and the residual hedge are recorded at fair value through earnings and are not designated as accounting hedges. At the closing of the loan, the loan commitment derivative expires and United records a loan held for sale at fair value and continues to mark these assets to market under the election of fair value option. United closes out of the trading mortgage-backed securities assigned within the residual hedge and replaces the securities with a forward sales contract once a price has been accepted by an investor and recorded at fair value. For those loans selected to be sold under best efforts delivery, at the closing of the loan, the rate lock commitment derivative expires and the Company records a loan held for sale at fair value under the election of fair value option and continues to be obligated under the same forward loan sales contract entered into at inception of the rate lock commitment. The derivative portfolio also includes derivative financial instruments not included in hedge relationships. These derivatives consist of interest rate swaps used for interest rate management purposes and derivatives executed with commercial banking customers to facilitate their interest rate management strategies. For derivatives that are not designated in a hedge relationship, changes in the fair value of the derivatives are recognized in earnings in the same period as the change in fair value. Gains and losses on other derivative financial instruments are included in noninterest income and noninterest expense, respectively. The following tables disclose the derivative instruments’ location on the Company’s Consolidated Balance Sheets and the notional amount and fair value of those instruments at March 31, 2019 and December 31, 2018. Asset Derivatives March 31, 2019 December 31, 2018 Balance Sheet Location Notional Amount Fair Value Balance Sheet Location Notional Amount Fair Value Derivatives designated as hedging instruments Fair Value Hedges: Interest rate swap contracts (hedging commercial loans) Other assets $ 67,961 $ 431 Other assets $ 85,623 $ 1,859 Total derivatives designated as hedging instruments $ 67,961 $ 431 $ 85,623 $ 1,859 Derivatives not designated as hedging instruments Interest rate swap contracts Other assets $ 0 $ 0 Other assets $ 0 $ 0 Forward loan sales commitments Other assets 24,608 380 Other assets 21,604 542 Interest rate lock commitments Other assets 181,585 6,684 Other assets 93,955 4,103 Total derivatives not designated as hedging instruments $ 206,193 $ 7,064 $ 115,559 $ 4,645 Total asset derivatives $ 274,154 $ 7,495 $ 201,182 $ 6,504 Liability Derivatives March 31, 2019 December 31, 2018 Balance Sheet Location Notional Amount Fair Value Balance Sheet Location Notional Amount Fair Value Derivatives designated as hedging instruments Fair Value Hedges: Interest rate swap contracts (hedging commercial loans) Other liabilities $ 17,494 $ 146 Other liabilities $ 0 $ 0 Total derivatives designated as hedging instruments $ 17,494 $ 146 $ 0 $ 0 Derivatives not designated as hedging instruments Interest rate swap contracts Other liabilities $ 0 $ 0 Other liabilities $ 0 $ 0 TBA mortgage-backed securities Other liabilities 250,510 2,515 Other liabilities 200,281 3,002 Interest rate lock commitments Other liabilities 0 0 Other liabilities 0 0 Total derivatives not designated as hedging instruments $ 250,510 $ 2,515 $ 200,281 $ 3,002 Total liability derivatives $ 268,004 $ 2,661 $ 200,281 $ 3,002 The following table represents the carrying amount of the hedged assets/(liabilities) and the cumulative amount of fair value hedging adjustment included in the carrying amount of the hedged assets/(liabilities) that are designated as a fair value accounting relationship as of March 31, 2019. March 31, 2019 Derivatives in Fair Value Hedging Relationships Location in the Statement Condition Carrying Amount Cumulative Amount Assets/(Liabilities) Cumulative Amount of Fair Value Hedging Adjustment Remaining for any Hedged Assets/ Hedge Accounting has been Discontinued Interest rate swaps Loans, net of unearned $ 84,574 $ 285 $ 0 Derivative contracts involve the risk of dealing with both bank customers and institutional derivative counterparties and their ability to meet contractual terms. Credit risk arises from the possible inability of counterparties to meet the terms of their contracts. United’s exposure is limited to the replacement value of the contracts rather than the notional amount of the contract. The Company’s agreements generally contain provisions that limit the unsecured exposure up to an agreed upon threshold. Additionally, the Company attempts to minimize credit risk through certain approval processes established by management. The effect of United’s derivative financial instruments on its unaudited Consolidated Statements of Income for the three months ended March 31, 2019 and 2018 are presented as follows: Three Months Ended Income Statement Location March 31, 2019 March 31, 2018 Derivatives in hedging relationships Fair Value Hedges: Interest rate swap contracts Interest and fees on loans $ (30 ) $ (42 ) Total derivatives in hedging relationships $ (30 ) $ (42 ) Derivatives not designated as hedging instruments Forward loan sales commitments Income from Mortgage Banking Activities $ 380 $ 73 TBA mortgage-backed securities Income from Mortgage Banking Activities 488 (450 ) Interest rate lock commitments Income from Mortgage Banking Activities 2,037 (1,269 ) Total derivatives not designated as hedging instruments $ 2,905 $ (1,646 ) Total derivatives $ 2,875 $ (1,688 ) |
Fair Value Measurements
Fair Value Measurements | 3 Months Ended |
Mar. 31, 2019 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | 12. FAIR VALUE MEASUREMENTS United determines the fair values of its financial instruments based on the fair value hierarchy established by ASC Topic 820, which also clarifies that fair value of certain assets and liabilities is an exit price, representing the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. The Fair Value Measurements and Disclosures Topic specifies a hierarchy of valuation techniques based on whether the inputs to those valuation techniques are observable or unobservable. Observable inputs reflect market data obtained from independent sources, while unobservable inputs reflect United’s market assumptions. The three levels of the fair value hierarchy, based on these two types of inputs, are as follows: Level 1 - Valuation is based on quoted prices in active markets for identical assets and liabilities. Level 2 - Valuation is based on observable inputs including quoted prices in active markets for similar assets and liabilities, quoted prices for identical or similar assets and liabilities in less active markets, and model-based valuation techniques for which significant assumptions can be derived primarily from or corroborated by observable data in the market. Level 3 - Valuation is based on prices, inputs and model-based techniques that use one or more significant inputs or assumptions that are unobservable in the market. When determining the fair value measurements for assets and liabilities, United looks to active and observable markets to price identical assets or liabilities whenever possible and classifies such items in Level 1. When identical assets and liabilities are not traded in active markets, United looks to market observable data for similar assets and liabilities and classifies such items as Level 2. Nevertheless, certain assets and liabilities are not actively traded in observable markets and United must use alternative valuation techniques using unobservable inputs to determine a fair value and classifies such items as Level 3. For assets and liabilities that are not actively traded, the fair value measurement is based primarily upon estimates that require significant judgment. Therefore, the results may not be realized in an actual sale or immediate settlement of the asset or liability. Additionally, there are inherent weaknesses in any calculation technique, and changes in the estimates of future cash flows, could significantly affect the results of current or future values. The level within the fair value hierarchy is based on the lowest level of input that is significant in the fair value measurement. In accordance with ASC Topic 820, the following describes the valuation techniques used by United to measure certain financial assets and liabilities recorded at fair value on a recurring basis in the financial statements. Securities available for sale and equity securities : Securities available for sale and equity securities are recorded at fair value on a recurring basis. Fair value measurement is based upon quoted market prices, when available (Level 1). If quoted market prices are not available, fair values are measured utilizing independent valuation techniques of identical or similar securities for which significant assumptions are derived primarily from or corroborated by observable market data. Using a market approach valuation methodology, third party vendors compile prices based on observable market inputs, which include benchmark yields, reported trades, issuer spreads, benchmark securities, and “To Be Announced” prices (Level 2). Management internally reviews the fair values provided by third party vendors on a monthly basis. Management also performs a quarterly price testing analysis at the individual security level which compares the pricing provided by the third party vendors to an independent pricing source’s valuation of the same securities. Variances that are deemed to be material are reviewed by management. Additionally, to further assess the reliability of the information received from third party vendors, management obtains documentation from third party vendors related to the sources, methodologies, and inputs utilized in valuing securities classified as Level 2. Management analyzes this information to ensure the underlying assumptions appear reasonable. Management also obtains an independent service auditor’s report from third party vendors to provide reasonable assurance that appropriate controls are in place over the valuation process. Upon completing its review of the pricing from third party vendors at March 31, 2019, management determined that the prices provided by its third party pricing source were reasonable and in line with management’s expectations for the market values of these securities. Therefore, prices obtained from third party vendors that did not reflect forced liquidation or distressed sales were not adjusted by management at March 31, 2019. Management utilizes a number of factors to determine if a market is inactive, all of which may require a significant level of judgment. Factors that management considers include: a significant widening of the bid-ask spread, a considerable decline in the volume and level of trading activity in the instrument, a significant variance in prices among market participants, and a significant reduction in the level of observable inputs. Any securities available for sale not valued based upon quoted market prices or third party pricing models that consider observable market data are considered Level 3. Currently, United considers its valuation of available for sale Trup Cdos as Level 3. Based upon management’s review of the market conditions for Trup Cdos, it was determined that an income approach valuation technique (present value technique) that maximizes the use of relevant observable inputs and minimizes the use of unobservable inputs is the most representative measurement technique for these securities. The present value technique discounts expected future cash flows of a security to arrive at a present value. Management considers the following items when calculating the appropriate discount rate: the implied rate of return when the market was last active, changes in the implied rate of return as markets moved from very active to inactive, recent changes in credit ratings, and recent activity showing that the market has built in increased liquidity and credit premiums. Management’s internal credit review of each security was also factored in to determine the appropriate discount rate. The credit review considered each security’s collateral, subordination, excess spread, priority of claims, principal and interest. Loans held for sale : For residential mortgage loans sold in the mortgage banking segment, the loans closed are recorded at fair value using the fair value option which is measured using valuations from investors for loans with similar characteristics adjusted for the Company’s actual sales experience versus the investor’s indicated pricing. These valuations fall into the Level 3 category. The unobservable input is the Company’s historical sales prices. The range of historical sales prices increased the investor’s indicated pricing by a range of 0.02% to 0.52% with a weighted average increase of 0.35%. Derivatives : United utilizes interest rate swaps to hedge exposure to interest rate risk and variability of cash flows associated to changes in the underlying interest rate of the hedged item. These hedging interest rate swaps are classified as either a fair value hedge or a cash flow hedge. United’s derivative portfolio also includes derivative financial instruments not included in hedge relationships. These derivatives consist of interest rate swaps used for interest rate management purposes and derivatives executed with commercial banking customers to facilitate their interest rate management strategies. United utilizes third-party vendors for derivative valuation purposes. These vendors determine the appropriate fair value based on a net present value calculation of the cash flows related to the interest rate swaps using primarily observable market inputs such as interest rate yield curves (Level 2). Valuation adjustments to derivative fair values for liquidity and credit risk are also taken into consideration, as well as the likelihood of default by United and derivative counterparties, the net counterparty exposure and the remaining maturities of the positions. Values obtained from third party vendors are typically not adjusted by management. Management internally reviews the derivative values provided by third party vendors on a quarterly basis. All derivative values are tested for reasonableness by management utilizing a net present value calculation. For a fair value hedge, the fair value of the interest rate swap is recognized on the balance sheet as either a freestanding asset or liability with a corresponding adjustment to the hedged financial instrument. Subsequent adjustments due to changes in the fair value of a derivative that qualifies as a fair value hedge are offset in current period earnings either in interest income or interest expense depending on the nature of the hedged financial instrument. For a cash flow hedge, the fair value of the interest rate swap is recognized on the balance sheet as either a freestanding asset or liability with a corresponding adjustment to other comprehensive income within shareholders’ equity, net of tax. Subsequent adjustments due to changes in the fair value of a derivative that qualifies as a cash flow hedge are offset to other comprehensive income, net of tax. The portion of a hedge that is ineffective is recognized immediately in earnings. The Company records its interest rate lock commitments and forward loan sales commitments at fair value determined as the amount that would be required to settle each of these derivative financial instruments at the balance sheet date. In the normal course of business, George Mason enters into contractual interest rate lock commitments to extend credit to borrowers with fixed expiration dates. The commitments become effective when the borrowers “lock-in” a specified interest rate within the timeframes established by the mortgage companies. All borrowers are evaluated for credit worthiness prior to the extension of the commitment. Market risk arises if interest rates move adversely between the time of the interest rate lock by the borrower and the sale date of the loan to the investor. To mitigate the effect of the interest rate risk inherent in providing rate lock commitments to borrowers, George Mason enters into either a forward sales contract to sell loans to investors when using best efforts or a TBA mortgage-backed security under mandatory delivery. As TBA mortgage-backed securities are actively traded in an open market, TBA mortgage-backed securities fall into a Level 1 category. The forward sales contracts lock in an interest rate and price for the sale of loans similar to the specific rate lock commitments. Under the Company’s best efforts model, the rate lock commitments to borrowers and the forward sales contracts to investors through to the date the loan closes are undesignated derivatives and accordingly, are marked to fair value through earnings. These valuations fall into a Level 2 category. For residential mortgage loans sold in the mortgage banking segment, the interest rate lock commitments are recorded at fair value which is measured using valuations from investors for loans with similar characteristics adjusted for the Company’s actual sales experience versus the investor’s indicated pricing. These valuations fall into the Level 3 category. The unobservable input is the Company’s historical sales prices. The range of historical sales prices increased the investor’s indicated pricing by a range of 0.02% to 0.52% with a weighted average increase of 0.35%. For interest rate swap derivatives that are not designated in a hedge relationship, changes in the fair value of the derivatives are recognized in earnings in the same period as the change in the fair value. Unrealized gains and losses due to changes in the fair value of other derivative financial instruments not in hedge relationship are included in noninterest income and noninterest expense, respectively. The following tables present the balances of financial assets and liabilities measured at fair value on a recurring basis as of March 31, 2019 and December 31, 2018, segregated by the level of the valuation inputs within the fair value hierarchy. Fair Value at March 31, 2019 Using Description Balance as of March 31, 2019 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Assets Available for sale debt securities: U.S. Treasury securities and obligations of U.S. Government corporations and agencies $ 73,544 $ 0 $ 73,544 $ 0 State and political subdivisions 194,812 0 194,812 0 Residential mortgage-backed securities Agency 969,516 0 969,516 0 Non-agency 4,107 0 4,107 0 Commercial mortgage-backed securities Agency 580,338 0 580,338 0 Asset-backed securities 270,677 0 270,677 0 Trust preferred collateralized debt obligations 6,017 0 0 6,017 Single issue trust preferred securities 16,841 0 16,841 0 Other corporate securities 268,203 6,785 261,418 0 Total available for sale securities 2,384,055 6,785 2,371,253 6,017 Equity securities: Financial services industry 145 145 0 0 Equity mutual funds (1) 5,084 5,084 0 0 Other equity securities 4,692 4,692 0 0 Total equity securities 9,921 9,921 0 0 Loans held for sale 244,501 0 0 244,501 Derivative financial assets: Interest rate swap contracts 431 0 431 0 Forward sales commitments 380 0 380 0 Interest rate lock commitments 6,684 0 0 6,684 Total derivative financial assets 7,495 0 811 6,684 Liabilities Derivative financial liabilities: Interest rate swap contracts 146 0 146 0 TBA mortgage-backed securities 2,515 0 2,515 0 Total derivative financial liabilities 2,661 0 2,661 0 (1) The equity mutual funds are within a rabbi trust for the payment of benefits under a deferred compensation plan for certain key officers of United and its subsidiaries. Fair Value at December 31, 2018 Using Description Balance as of December 31, 2018 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Assets Available for sale debt securities: U.S. Treasury securities and obligations of U.S. Government corporations and agencies $ 85,890 $ 0 $ 85,890 $ 0 State and political subdivisions 208,988 0 208,988 0 Residential mortgage-backed securities Agency 1,035,650 0 1,035,650 0 Non-agency 4,259 0 4,259 0 Commercial mortgage-backed securities Agency 554,600 0 554,600 0 Asset-backed securities 271,970 0 271,970 0 Trust preferred collateralized debt obligations 5,917 0 0 5,917 Single issue trust preferred securities 8,362 0 8,362 0 Other corporate securities 161,403 6,822 154,581 0 Total available for sale securities 2,337,039 6,822 2,324,300 5,917 Equity securities: Financial services industry 140 140 0 0 Equity mutual funds (1) 4,954 4,954 0 0 Other equity securities 4,640 4,640 0 0 Total equity securities 9,734 9,734 0 0 Loans held for sale 247,104 0 0 247,104 Derivative financial assets: Interest rate swap contracts 1,859 0 1,859 0 Forward sales commitments 542 0 542 0 Interest rate lock commitments 4,103 0 0 4,103 Total derivative financial assets 6,504 0 2,401 4,103 Liabilities Derivative financial liabilities: TBA mortgage-backed securities 3,002 0 3,002 0 Total derivative financial liabilities 3,002 0 3,002 0 (1) The equity mutual funds are within a rabbi trust for the payment of benefits under a deferred compensation plan for certain key officers of United and its subsidiaries. There were no transfers between Level 1 and Level 2 for financial assets and liabilities measured at fair value on a recurring basis during the three months ended March 31, 2019 and the year ended December 31, 2018. The following table presents additional information about financial assets and liabilities measured at fair value at March 31, 2019 and December 31, 2018 on a recurring basis and for which United has utilized Level 3 inputs to determine fair value: Available for sale Securities Trust preferred collateralized debt obligations March 31, 2019 December 31, 2018 Balance, beginning of period $ 5,917 $ 34,269 Total gains or losses (realized/unrealized): Included in earnings (or changes in net assets) 0 28 Included in other comprehensive income 100 920 Purchases, issuances, and settlements 0 0 Sales 0 (29,300 ) Transfers in and/or out of Level 3 0 0 Balance, end of period $ 6,017 $ 5,917 The amount of total gains or losses for the period included in earnings (or changes in net assets) attributable to the change in unrealized gains or losses relating to assets still held at reporting date $ 0 $ 0 Loans held for sale March 31, 2019 December 31, Balance, beginning of period $ 247,104 $ 263,308 Originations 454,588 2,619,454 Sales (473,282 ) (2,676,797 ) Total gains or losses during the period recognized in earnings 16,091 68,555 Transfers in and/or out of Level 3 (0 ) (27,416 ) Balance, end of period $ 244,501 $ 247,104 The amount of total gains or losses for the period included in earnings (or changes in net assets) attributable to the change in unrealized gains or losses relating to assets still held at reporting date $ 0 $ 0 Derivative Financial Assets Interest Rate Lock Commitments March 31, 2019 December 31, Balance, beginning of period $ 4,103 $ 4,559 Transfers other 2,581 (456 ) Balance, end of period $ 6,684 $ 4,103 The amount of total gains or losses for the period included in earnings (or changes in net assets) attributable to the change in unrealized gains or losses relating to assets still held at reporting date $ 0 $ 0 Certain financial assets are measured at fair value on a nonrecurring basis in accordance with GAAP. Adjustments to the fair value of these assets usually result from the application of lower-of-cost-or-market accounting or write-downs of individual assets. Fair Value Option United elected the fair value option for the loans held for sale in its mortgage banking segment to mitigate a divergence between accounting losses and economic exposure. The following table reflects the change in fair value included in earnings of financial instruments for which the fair value option has been elected: Description Three Months Ended March 31, 2019 Three Months Ended March 31, 2018 Assets Loans held for sale Income from mortgage banking activities $ 1,964 $ (1,719 ) The following table reflects the difference between the aggregate fair value and the remaining contractual principal outstanding for financial instruments for which the fair value option has been elected: March 31, 2019 December 31, 2018 Description Unpaid Fair Value Fair Value Over/(Under) Unpaid Principal Balance Unpaid Principal Balance Fair Value Fair Value Principal Balance Assets Loans held for sale $ 239,306 $ 244,501 $ 5,195 $ 241,293 $ 247,104 $ 5,811 Assets and Liabilities Measured at Fair Value on a Nonrecurring Basis The following describes the valuation techniques used by United to measure certain financial assets recorded at fair value on a nonrecurring basis in the financial statements. Loans held for sale Impaired Loans OREO Intangible Assets: The following table summarizes United’s financial assets that were measured at fair value on a nonrecurring basis during the period: Carrying value at March 31, 2019 Description Balance as of March 31, 2019 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) YTD Losses Assets Loans held for sale $ 1,262 $ 0 $ 1,262 $ 0 $ 0 Impaired Loans 99,278 0 88,197 11,081 1,044 OREO 17,465 0 17,465 0 857 Carrying value at December 31, 2018 Description Balance as of December 31, 2018 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) YTD Losses Assets Loans held for sale $ 2,742 $ 0 $ 2,742 $ 0 $ 3 Impaired Loans 121,355 0 108,899 12,456 12,301 OREO 16,865 0 16,865 0 910 Fair Value of Other Financial Instruments The following methods and assumptions were used by United in estimating its fair value disclosures for other financial instruments: Cash and Cash Equivalents: Securities held to maturity and other securities Loans Deposits Short-term Borrowings: Long-term Borrowings: Summary of Fair Values for All Financial Instruments The estimated fair values of United’s financial instruments are summarized below: Fair Value Measurements Carrying Fair Value Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) March 31, 2019 Cash and cash equivalents $ 1,172,657 $ 1,172,657 $ 0 $ 1,172,657 $ 0 Securities available for sale 2,384,055 2,384,055 6,785 2,371,253 6,017 Securities held to maturity 8,491 8,549 0 5,529 3,020 Equity securities 9,921 9,921 9,921 0 0 Other securities 190,123 180,617 0 0 180,617 Loans held for sale 245,763 245,763 0 1,262 244,501 Loans 13,495,817 12,940,089 0 0 12,940,089 Derivative financial assets 7,495 7,495 0 811 6,684 Deposits 14,159,397 14,133,078 0 14,133,078 0 Short-term borrowings 127,821 127,821 0 127,821 0 Long-term borrowings 1,838,835 1,815,824 0 1,815,824 0 Derivative financial liabilities 2,661 2,661 0 2,661 0 December 31, 2018 Cash and cash equivalents $ 1,020,396 $ 1,020,396 $ 0 $ 1,020,396 $ 0 Securities available for sale 2,337,039 2,337,039 6,822 2,324,300 5,917 Securities held to maturity 19,999 18,655 0 15,635 3,020 Equity securities 9,734 9,734 9,734 0 0 Other securities 176,955 168,107 0 0 168,107 Loans held for sale 249,846 249,846 0 2,742 247,104 Loans 13,422,222 12,657,073 0 0 12,657,073 Derivative financial assets 6,504 6,504 0 2,401 4,103 Deposits 13,994,749 13,954,574 0 13,954,574 0 Short-term borrowings 351,327 351,327 0 351,327 0 Long-term borrowings 1,499,103 1,475,237 0 1,475,237 0 Derivative financial liabilities 3,002 3,002 0 3,002 0 |
Stock Based Compensation
Stock Based Compensation | 3 Months Ended |
Mar. 31, 2019 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Stock Based Compensation | 13. STOCK BASED COMPENSATION On May 18, 2016, United’s shareholders approved the 2016 Long-Term Incentive Plan (2016 LTI Plan). The 2016 LTI Plan became effective as of May 18, 2016. An award granted under the 2016 LTI Plan may consist of any non-qualified stock options or incentive stock options, stock appreciation rights (SARs), restricted stock, restricted stock units, performance units or other-stock-based award. These awards all relate to the common stock of United. The maximum number of shares of United common stock which may be issued under the 2016 LTI Plan is 1,700,000 500,000 1,200,000 100,000 10,000 50,000 5,000 Compensation expense of $ 1,113 968 Stock Options United currently has options outstanding from various option plans other than the 2016 LTI Plan (the Prior Plans); however, no common shares of United stock are available for grants under the Prior Plans as these plans have expired. Awards outstanding under the Prior Plans will remain in effect in accordance with their respective terms. The maximum term for options granted under the plans is ten ( 10 A summary of activity under United’s stock option plans as of March 31, 2019, and the changes during the first three months of 2019 are presented below: Three Months Ended March 31, 2019 Weighted Average Shares Aggregate Intrinsic Value Remaining Contractual Term (Yrs.) Exercise Price Outstanding at January 1, 2019 1,730,389 $ 32.43 Granted 240,205 38.49 Exercised (33,816 ) 19.81 Forfeited or expired (3,398 ) 24.67 Outstanding at March 31, 2019 1,933,380 $ 8,688,228 5.9 $ 33.41 Exercisable at March 31, 2019 1,327,929 $ 8,635,343 4.5 $ 30.72 The following table summarizes the status of United’s nonvested stock option awards during the first three months of 2019: Shares Weighted-Average Grant Date Fair Value Per Share Nonvested at January 1, 2019 575,672 $ 7.86 Granted 240,205 7.16 Vested (210,426 ) 7.74 Forfeited or expired (0 ) 0.00 Nonvested at March 31, 2019 605,451 $ 7.62 During the three months ended March 31, 2019 and 2018, 33,816 and 15,043 shares, respectively, were issued in connection with stock option exercises. All shares issued in connection with stock option exercises for the three months ended March 31, 2019 and 2018 were issued from authorized and unissued stock. The total intrinsic value of options exercised under the Plans during the three months ended March 31, 2019 and 2018 was $554 and $246 respectively. Restricted Stock Under the 2011 LTI Plan, United may award restricted common shares to key employees and non-employee directors. Restricted shares granted to participants have a four-year time-based vesting period. Recipients of restricted shares do not pay any consideration to United for the shares, have the right to vote all shares subject to such grant and receive all dividends with respect to such shares, whether or not the shares have vested. Presently, these nonvested participating securities have an immaterial impact on diluted earnings per share. The following summarizes the changes to United’s restricted common shares for the period ended March 31, 2019: Number of Shares Weighted-Average Grant Date Fair Value Per Share Outstanding at January 1, 2019 199,303 $ 39.67 Granted 126,427 38.49 Vested (70,879 ) 39.29 Forfeited (0 ) 00.00 Outstanding at March 31, 2019 254,851 $ 39.19 |
Employee Benefit Plans
Employee Benefit Plans | 3 Months Ended |
Mar. 31, 2019 | |
Retirement Benefits [Abstract] | |
Employee Benefit Plans | 14. EMPLOYEE BENEFIT PLANS United has a defined benefit retirement plan covering qualified employees . Pension benefits are based on years of service and the average of the employee’s highest five consecutive plan years of basic compensation paid during the ten plan years preceding the date of determination. Contributions are intended to provide not only for benefits attributed to service to date, but also for those expected to be earned in the future. During the first quarter of 2018, United made discretionary contributions of $7,000. No discretionary contributions were made during the first quarter of 2019. In September of 2007, after a recommendation by United’s Pension Committee and approval by United’s Board of Directors, the United Bankshares, Inc. Pension Plan (the Plan) was amended to change the participation rules. The decision to change the participation rules for the Plan followed current industry trends, as many large and medium size companies had taken similar steps. The amendment provides that employees hired on or after October 1, 2007, will not be eligible to participate in the Plan. However, new employees will be eligible to participate in United’s Savings and Stock Investment 401(k) plan. This change had no impact on current employees hired prior to October 1, 2007 as they will continue to participate in the Plan, with no change in benefit provisions, and will continue to be eligible to participate in United’s Savings and Stock Investment 401(k) plan. Included in accumulated other comprehensive income at December 31, 2018 are unrecognized actuarial losses of $55,535 ($42,595 net of tax) that have not yet been recognized in net periodic pension cost. The amortization of this item expected to be recognized in net periodic pension cost during the fiscal year ended December 31, 2019 is $4,744 ($3,639 net of tax). Net periodic pension cost for the three months ended March 31, 2019 and 2018 included the following components: Three Months Ended March 31 2019 2018 Service cost $ 555 $ 658 Interest cost 1,442 1,295 Expected return on plan assets (2,330 ) (2,522 ) Amortization of transition asset 0 0 Recognized net actuarial loss 1,171 1,149 Amortization of prior service cost 0 0 Net periodic pension (benefit) cost $ 838 $ 580 Weighted-Average Assumptions: Discount rate 4.52 % 3.83 % Expected return on assets 7.00 % 7.00 % Rate of compensation increase (prior to age 45) 3.50 % 3.50 % Rate of compensation increase 3.00 % 3.00 % |
Income Taxes
Income Taxes | 3 Months Ended |
Mar. 31, 2019 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 15. INCOME TAXES United records a liability for uncertain income tax positions based on a recognition threshold of more-likely-than-not, and a measurement attribute for all tax positions taken on a tax return, in order for those tax positions to be recognized in the financial statements. As of March 31, 2019 and 2018, the total amount of accrued interest related to uncertain tax positions was $700 and $695, respectively. United accounts for interest and penalties related to uncertain tax positions as part of its provision for federal and state income taxes. United is currently open to audit under the statute of limitations by the Internal Revenue Service for the years ended December 31, 2015, 2016 and 2017 and certain State Taxing authorities for the years ended December 31, 2015 through 2017. United’s effective tax rate was 21.40% for the first quarter of 2019 and 22.48% for the first quarter of 2018. |
Comprehensive Income
Comprehensive Income | 3 Months Ended |
Mar. 31, 2019 | |
Equity [Abstract] | |
Comprehensive Income | 16. COMPREHENSIVE INCOME The components of total comprehensive income for the three months ended March 31, 2019 and 2018 are as follows: Three Months Ended March 31 2019 2018 Net Income $ 63,642 $ 61,706 Available for sale (“AFS”) securities: Change in net unrealized gain on AFS securities arising during the period 22,238 (22,017 ) Related income tax effect (5,182 ) 5,130 Net reclassification adjustment for losses (gains) included in net income (348 ) 149 Related income tax (benefit) expense 81 (35 ) 16,789 (16,773 ) Net effect of AFS securities on other comprehensive income 16,789 (16,773 ) Held to maturity (“HTM”) securities: Accretion on the unrealized loss for securities transferred from AFS to the HTM investment portfolio prior to call or maturity 0 2 Related income tax expense 0 (1 ) Net effect of HTM securities on other comprehensive income 0 1 Pension plan: Recognized net actuarial loss 1,171 1,149 Related income tax benefit (261 ) (416 ) Net effect of change in pension plan asset on other comprehensive income 910 733 Total change in other comprehensive income 17,699 (16,039 ) Total Comprehensive Income $ 81,341 $ 45,667 The components of accumulated other comprehensive income for the three months ended March 31, 2019 are as follows: Changes in Accumulated Other Comprehensive Income (AOCI) by Component (a) For the Three Months Ended March 31, 2019 Unrealized Accretion on Defined Items Total Balance at January 1, 2019 $ (18,289 ) $ (50 ) $ (38,680 ) $ (57,019 ) Reclass due to adopting Accounting Standard Update 2017-12 50 50 Other comprehensive income before reclassification 17,056 0 0 17,056 Amounts reclassified from accumulated other comprehensive income (267 ) 0 910 643 Net current-period other comprehensive income, net of tax 16,789 0 910 17,699 Balance at March 31, 2019 $ (1,500 ) $ 0 $ (37,770 ) $ (39,270 ) (a) All amounts are net-of-tax. Reclassifications out of Accumulated Other Comprehensive Income (AOCI) For the Three Months Ended March 31, 2019 Details about AOCI Components Amount Affected Line Item in the Net Income is Presented Available for sale (“AFS”) securities: Reclassification of previous noncredit OTTI to credit OTTI $ 0 Net investment securities (losses) gains Net reclassification adjustment for losses (gains) included in net income (348 ) Net investment securities (losses) gains (348 ) Total before tax Related income tax effect 81 Tax expense (267 ) Net of tax Reclassifications out of Accumulated Other Comprehensive Income (AOCI) For the Three Months Ended March 31, 2019 Details about AOCI Components Amount Reclassified from AOCI Affected Line Item in the Net Income is Presented Pension plan: Recognized net actuarial loss 1,171 (a) 1,171 Total before tax Related income tax effect (261 ) Tax expense 910 Net of tax Total reclassifications for the period $ 643 (a) This AOCI component is included in the computation of net periodic pension cost (see Note 14, Employee Benefit Plans) |
Earnings Per Share
Earnings Per Share | 3 Months Ended |
Mar. 31, 2019 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | 17. EARNINGS PER SHARE The reconciliation of the numerator and denominator of basic earnings per share with that of diluted earnings per share is presented as follows: Three Months Ended March 31 2019 2018 Distributed earnings allocated to common stock $ 34,672 $ 35,679 Undistributed earnings allocated to common stock 28,830 25,919 Net earnings allocated to common shareholders $ 63,502 $ 61,598 Average common shares outstanding 101,894,786 104,859,427 Common stock equivalents 267,918 303,431 Average diluted shares outstanding 102,162,704 105,162,858 Earnings per basic common share $ 0.62 $ 0.59 Earnings per diluted common share $ 0.62 $ 0.59 |
Variable Interest Entities
Variable Interest Entities | 3 Months Ended |
Mar. 31, 2019 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Variable Interest Entities | 18. VARIABLE INTEREST ENTITIES Variable interest entities (VIEs) are entities that either have a total equity investment that is insufficient to permit the entity to finance its activities without additional subordinated financial support or whose equity investors lack the characteristics of a controlling financial interest (i.e., ability to make significant decisions, through voting rights, right to receive the expected residual returns of the entity, and obligation to absorb the expected losses of the entity). VIEs can be structured as corporations, trusts, partnerships, or other legal entities. United’s business practices include relationships with certain VIEs. For United, the business purpose of these relationships primarily consists of funding activities in the form of issuing trust preferred securities. United currently sponsors fourteen statutory business trusts that were created for the purpose of raising funds that originally qualified for Tier I regulatory capital. As previously discussed, these trusts now are considered Tier II regulatory capital. These trusts, of which several were acquired through bank acquisitions, issued or participated in pools of trust preferred capital securities to third-party investors with the proceeds invested in junior subordinated debt securities of United. The Company, through a small capital contribution, owns 100 United does not consolidate these trusts as it is not the primary beneficiary of these entities because United’s wholly owned and indirect wholly owned statutory trust subsidiaries do not have a controlling financial interest in the VIEs. A controlling financial interest is present when an enterprise has both the power to direct the activities of the VIE that most significantly impact the VIE’s economic performance and an obligation to absorb losses or the right to receive benefits that could potentially be significant to the VIE. The enterprise with a controlling financial interest, known as the primary beneficiary, consolidates the VIE. ` Information related to United’s statutory trusts is presented in the table below: Description Issuance Date Amount of Interest Rate Maturity Date United Statutory Trust III December 17, 2003 $ 20,000 3-month LIBOR + 2.85% December 17, 2033 United Statutory Trust IV December 19, 2003 $ 25,000 3-month LIBOR + 2.85% January 23, 2034 United Statutory Trust V July 12, 2007 $ 50,000 3-month LIBOR + 1.55% October 1, 2037 United Statutory Trust VI September 20, 2007 $ 30,000 3-month LIBOR + 1.30% December 15, 2037 Premier Statutory Trust II September 25, 2003 $ 6,000 3-month LIBOR + 3.10% October 8, 2033 Premier Statutory Trust III May 16, 2005 $ 8,000 3-month LIBOR + 1.74% June 15, 2035 Premier Statutory Trust IV June 20, 2006 $ 14,000 3-month LIBOR + 1.55% September 23, 2036 Premier Statutory Trust V December 14, 2006 $ 10,000 3-month LIBOR + 1.61% March 1, 2037 Centra Statutory Trust I September 20, 2004 $ 10,000 3-month LIBOR + 2.29% September 20, 2034 Centra Statutory Trust II June 15, 2006 $ 10,000 3-month LIBOR + 1.65% July 7, 2036 Virginia Commerce Trust II December 19, 2002 $ 15,000 6-month LIBOR + 3.30% December 19, 2032 Virginia Commerce Trust III December 20, 2005 $ 25,000 3-month LIBOR + 1.42% February 23, 2036 Cardinal Statutory Trust I July 27, 2004 $ 20,000 3-month LIBOR + 2.40% September 15, 2034 UFBC Capital Trust I December 30, 2004 $ 5,000 3-month LIBOR + 2.10% March 15, 2035 United, through its banking subsidiary, also makes limited partner equity investments in various low income housing and community development partnerships sponsored by independent third-parties. United invests in these partnerships to either realize tax credits on its consolidated federal income tax return or for purposes of earning a return on its investment. These partnerships are considered VIEs as the limited partners lack a controlling financial interest in the entities through their inability to make decisions that have a significant effect on the operations and success of the partnerships. United’s limited partner interests in these entities is immaterial, however; these partnerships are not consolidated as United is not deemed to be the primary beneficiary. The following table summarizes quantitative information about United’s significant involvement in unconsolidated VIEs: As of March 31, 2019 As of December 31, 2018 Aggregate Assets Aggregate Liabilities Risk Of Loss (1) Aggregate Assets Aggregate Liabilities Risk Of Loss (1) Trust preferred securities $ 258,095 $ 249,016 $ 9,079 $ 257,754 $ 248,741 $ 9,013 (1) Represents investment in VIEs. |
Segment Information
Segment Information | 3 Months Ended |
Mar. 31, 2019 | |
Segment Reporting [Abstract] | |
Segment Information | 19. SEGMENT INFORMATION United operates in two business segments: community banking and mortgage banking. Through its community banking segment, United offers a full range of products and services through various delivery channels. In particular, the community banking segment includes both commercial and consumer lending and provides customers with such products as commercial loans, real estate loans, business financing and consumer loans. In addition, this segment provides customers with several choices of deposit products including demand deposit accounts, savings accounts and certificates of deposit as well as investment and financial advisory services to businesses and individuals, including financial planning, retirement/estate planning, and investment management. The mortgage banking segment engages primarily in the origination and acquisition of residential mortgages for sale into the secondary market though George Mason. The community banking segment provides the mortgage banking segment (George Mason) with short-term funds to originate mortgage loans through a warehouse line of credit and charges the mortgage banking segment interest based on the 30-day LIBOR rate. These transactions are eliminated in the consolidation process. The Company does not have any operating segments other than those reported. The “Other” category consists of financial information not directly attributable to a specific segment, including interest income from investments and net securities gains or losses of parent companies and their non-banking subsidiaries, interest expense related to subordinated notes of unconsolidated subsidiaries as well as the elimination of non-segment related intercompany transactions such as management fees. The “Other” represents an overhead function rather than an operating segment. Information about the reportable segments and reconciliation of this information to the consolidated financial statements at and for the three months ended March 31, 2019 and 2018 is as follows: At and For the Three Months Ended March 31, 2019 Community Banking Mortgage Banking Other Intersegment Eliminations Consolidated Net interest income $ 145,890 $ 55 $ (3,323 ) $ 1,546 $ 144,168 Provision for loans losses 4,996 0 0 0 4,996 Other income 18,689 16,106 201 (3,773 ) 31,223 Other expense 75,994 14,842 (220 ) (1,191 ) 89,425 Income taxes 17,666 282 (620 ) 0 17,328 Net income (loss) $ 65,923 $ 1,037 $ (2,282 ) $ (1,036 ) $ 63,642 Total assets (liabilities) $ 19,549,904 $ 316,106 $ 6,170 $ (227,047 ) $ 19,645,133 Average assets (liabilities) 19,204,107 265,151 (1,848 ) (217,790 ) 19,249,620 At and For the Three Months Ended March 31, 2018 Community Banking Mortgage Banking Other Intersegment Eliminations Consolidated Net interest income $ 145,621 $ 376 $ (2,594 ) $ 640 $ 144,043 Provision for loans losses 5,178 0 0 0 5,178 Other income 17,771 14,883 (822 ) (640 ) 31,192 Other expense 72,491 18,384 (423 ) 0 90,452 Income taxes 19,276 (703 ) (674 ) 0 17,899 Net income (loss) $ 66,447 $ (2,422 ) $ (2,319 ) $ 0 $ 61,706 Total assets (liabilities) $ 18,547,315 $ 289,925 $ 9,831 $ (227,369 ) $ 18,619,702 Average assets (liabilities) 18,507,313 210,172 15,012 (188,700 ) 18,543,797 |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2019 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation The accompanying unaudited consolidated interim financial statements of United Bankshares, Inc. and Subsidiaries (“United” or “the Company”) have been prepared in accordance with accounting principles for interim financial information generally accepted in the United States (GAAP) and with the instructions for Form 10-Q and Article 10 of Regulation S-X. Accordingly, the financial statements do not contain all of the information and footnotes required by accounting principles generally accepted in the United States. In preparing the consolidated financial statements, management is required to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates. The financial statements presented as of March 31, 2019 and 2018 and for the three-month periods then ended have not been audited. The consolidated balance sheet as of December 31, 2018 has been extracted from the audited financial statements included in United’s 2018 Annual Report to Shareholders. The accounting and reporting policies followed in the presentation of these financial statements are consistent with those applied in the preparation of the 2018 Annual Report of United on Form 10-K. In the opinion of management, all adjustments necessary for a fair presentation of financial position and results of operations for the interim periods have been made. Such adjustments are of a normal and recurring nature. The accompanying consolidated interim financial statements include the accounts of United and its wholly owned subsidiaries. United operates in two business segments: community banking and mortgage banking. All significant intercompany accounts and transactions have been eliminated in the consolidated financial statements. Information is presented in these notes to the unaudited consolidated interim financial statements with dollars expressed in thousands, except per share or unless otherwise noted. |
Recent Accounting Pronouncements | New Accounting Standards In August 2018, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2018-14 “Compensation – Retirement Benefits - Defined Benefits – General (Topic 715-20): Disclosure Framework – Changes to the Disclosure Requirements for Defined Benefit Plans.” This update amends ASC Topic 715 to add, remove, and clarify disclosure requirements related to defined benefit pension and other post retirement plans. The ASU’s changes related to disclosures are part of the FASB’s disclosure framework project, which the FASB launched in 2014 to improve effectiveness of disclosures in notes to financial statements. ASU No. 2018-14 is effective for public companies for fiscal years, and interim fiscal periods within those fiscal years, beginning after December 15, 2020; early adoption is permitted. ASU No. 2018-14 is not expected to have a material impact on the Company’s financial condition or results of operations. In August 2018, the FASB issued ASU No. 2018-13 “Fair Value Measurement (Topic 820), Disclosure Framework – Changes to the Disclosure Requirements for Fair Value Measurement.” This amendment changes the fair value measurement disclosure requirements of ASC Topic 820 and is the result of a broader disclosure project called FASB Concepts Statement, Conceptual Framework for Financial Reporting – Chapter 8: Notes to Financial Statements, which was finalized in August 2018. ASU No. 2018-13 is effective for all entities for fiscal years, and interim fiscal periods within those fiscal years, beginning after December 15, 2019; early adoption is permitted for any eliminated or modified disclosure upon issuance of this ASU. ASU No. 2018-13 is not expected to have a material impact on the Company’s financial condition or results of operations. In June 2018, the FASB issued Accounting Standards Update (ASU) No. 2018-07 “Compensation-Stock Compensation (Topic 718): Improvements to Nonemployee Share-Based Payment Accounting.” This update has been issued as part of a simplification initiative which will expand the scope of ASC Topic 718 to include share-based payment transactions for acquiring goods and services from non-employees and expands the scope through the amendments to address and improve aspects of the accounting for non-employee share-based payment transactions. Consequently, the accounting for share-based payments to nonemployees and employees will be substantially aligned. ASU No. 2018-07 is effective for public companies for fiscal years, and interim fiscal periods within those fiscal years, beginning after December 15, 2018; early adoption is permitted. ASU No. 2018-07 was adopted by United on January 1, 2019. The adoption did not have a material impact on the Company’s financial condition or results of operations. In August 2017, the FASB issued ASU No. 2017-12, “Targeting Improvement to Accounting for Hedging Activities.” This ASU amends ASC 815 and its objectives are to improve the transparency and understandability of information conveyed to financial statement users about an entity’s risk management activities by better aligning the entity’s financial reporting for hedging relationships with those risk management activities and reduce the complexity and simplify the application of hedge accounting by preparers. This ASU makes certain targeted improvements to simplify the application of the hedge accounting, including to derivative instruments as well as allow a one-time election to reclassify fixed-rate, prepayable debt securities from a held to maturity classification to an available for sale classification. ASU No. 2017-12 is effective for interim and annual reporting periods beginning after December 15, 2018; early adoption is permitted. United adopted the standard on January 1, 2019 using the modified retrospective approach. As part of this adoption, the Company made a one-time election to transfer eligible HTM securities to the AFS category in order to optimize the investment portfolio management for capital and risk management considerations. The Company transferred HTM securities with a carrying amount of $11,544, which resulted in a decrease of $1,098 to AOCI. In July 2017, the FASB issued ASU No. 2017-11, “Part I, Accounting for Certain Financial Instruments with Down Round Features and Part II, Replacement of the Indefinite Deferral for Mandatorily Redeemable Financial Instruments of Certain Nonpublic Entities and Certain Mandatorily Redeemable Noncontrolling interests with a Scope Exception.” Part I of this ASU simplifies the accounting for financial instruments that include down round features while the amendments in Part II, which do not have an accounting effect, address the difficulty of navigating the guidance in ASC 480, “Distinguishing Liabilities from Equity”, due to the existence of extensive pending content in the Codification. ASU No. 2017-11 is effective for interim and annual reporting periods beginning after December 15, 2018. ASU No. 2017-11 was adopted by United on January 1, 2019. The adoption did not have a material impact on the Company’s financial condition or results of operations. In March 2017, the FASB issued ASU No. 2017-08, “Receivables – Nonrefundable Fees and Other Costs (Subtopic 310-20): Premium Amortization on Purchased Callable Debt Securities.” This update amends the amortization period for certain purchased callable debt securities held at a premium. FASB is shortening the amortization period for the premium to the earliest call date. Under current GAAP, entities generally amortize the premium as an adjustment of yield over the contractual life of the instrument. Concerns were raised that current GAAP excludes certain callable debt securities from consideration of early repayment of principal even if the holder is certain that the call will be exercised. As a result, upon the exercise of a call on a callable debt security held at a premium, the unamortized premium is recorded as a loss in earnings. There is diversity in practice (1) in the amortization period for premiums of callable debt securities and (2) in how the potential for exercise of a call is factored into current impairment assessments. The amendments in this update became effective for annual reporting periods beginning after December 15, 2018, including interim reporting periods within those annual reporting periods. ASU No. 2017-08 was adopted by United on January 1, 2019. The adoption did not have a material impact on the Company’s financial condition or results of operations. In January 2017, the FASB issued ASU No. 2017-04, “Intangibles – Goodwill and Other (Topic 350).” ASU 2017-04 eliminates the requirement to calculate the implied fair value of goodwill to measure a goodwill impairment charge. Instead, entities will record an impairment charge based on the excess of a reporting unit’s carrying amount over its fair value. ASU 2017-04 is effective for United on January 1, 2020, with early adoption permitted, and management is currently evaluating the possible impact this standard may have on the Company’s financial condition or results of operations. In June 2016, the FASB issued ASU No. 2016-13, “Financial Instruments – Credit Losses.” ASU No. 2016-13 changes the impairment model for most financial assets and certain other instruments that aren’t measured at fair value through net income. The standard will replace today’s “incurred loss” approach with an “expected loss” model for instruments measured at amortized cost and require entities to record allowances for available for sale debt securities rather than reduce the carrying amount under the current other-than-temporary impairment (OTTI) model. ASU No. 2016-13 also simplifies the accounting model for purchased credit-impaired debt securities and loans. Entities will apply the standard’s provisions as a cumulative-effect adjustment to retained earnings as of the beginning of the first reporting period in which the guidance is effective. ASU No. 2016-13 is effective for United on January 1, 2020, with early adoption permitted. United has completed an initial data gap assessment and loan segmentation procedures, and is currently evaluating the various forecasting and modeling assumptions that will be used to estimate the initial current expected credit loss allowance. United has engaged a third-party service provider to assist with the implementation of the new accounting standard. Management is currently evaluating the possible impact this standard may have on the Company’s financial condition or results of operations. In February 2016, the FASB issued ASU No . 2016 - 02 , “Leases (Topic 842) ”. ASU No. 2016 - 02 includes a lessee accounting model that recognizes two types of leases, finance leases and operating leases, while lessor accounting will remain largely unchanged from the current GAAP. ASU No. 2016 - 02 requires, amongst other things, that a lessee recognize on the balance sheet a right-of-use asset and a lease liability for leases with terms of more than twelve months. The recognition, measurement, and presentation of expenses and cash flows arising from a lease by a lessee will depend on its classification as a finance or operating lease. In July 2018 , the FASB issued ASU No. 2018 - 11 “Leases (Topic 842) , Targeted Improvements.” This update creates an additional transition method, and a lessor practical expedient to not separate lease and non-lease components if specified criteria are met. The new transition method allows companies to use the effective date of the new leases standard as the date of initial application transition. Companies that elect this transition option will not adjust their comparative period financial information for the effect of ASC Topic 842 , nor will they make the new required lease disclosure for periods before the effective date. In addition, these companies will carry forward their ASC Topic 840 disclosures for comparative periods. The practical expedient permits lessors to make an accounting policy election by class of underlying asset to not separate lease and non-lease components if specified criteria are met. In July 2018 , the FASB issued ASU No. 2018 - 10 “Codification Improvements to ASC Topic 842 , Leases.” This update includes narrow amendments to clarify how to apply certain aspects of the new leases standard. The amendments address the rate implicit in the lease, impairment of the net investment in the lease, lessee reassessment of lease classification, lessor reassessment of lease term and purchase options, variable payments that depend on an index or rate and certain transition adjustments. ASU 2018 - 10 does not make any substantive changes to the core provisions or principals of the new leases standard. United adopted the standard using the modified retrospective transition method on January 1 , 2019 . The Company evaluated and elected the package of practical expedients, which allows for existing leases to be accounted for consistent with current guidance, with the exception of the balance sheet recognition for lessees. The Company has also elected the practical expedient on not separating lease and nonlease components and instead treating them as a single lease component. Adoption of the standard resulted in the recognition of additional net lease assets and lease liabilities of $67,040 and $70,692, respectively, as of January 1, 2019. Of the difference between these two amounts, $1,049 was recorded as an adjustment to retained earnings. |
Investment Securities (Tables)
Investment Securities (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Summary of Amortized Cost and Estimated Fair Values of Available for Sale Securities | The amortized cost and estimated fair values of securities available for sale are summarized as follows. March 31, 2019 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Estimated Fair Value Cumulative OTTI in AOCI (1) U.S. Treasury securities and obligations of U.S. Government corporations and agencies $ 73,348 $ 281 $ 85 $ 73,544 $ 0 State and political subdivisions 194,595 1,802 1,585 194,812 0 Residential mortgage-backed securities Agency 971,182 5,787 7,453 969,516 0 Non-agency 3,782 325 0 4,107 86 Commercial mortgage-backed securities Agency 579,896 3,200 2,758 580,338 0 Asset-backed securities 272,473 25 1,821 270,677 0 Trust preferred collateralized debt obligations 6,176 91 250 6,017 2,586 Single issue trust preferred securities 18,173 174 1,506 16,841 0 Other corporate securities 266,385 1,920 102 268,203 0 Total $ 2,386,010 $ 13,605 $ 15,560 $ 2,384,055 $ 2,672 December 31, 2018 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Estimated Fair Value Cumulative OTTI in AOCI (1) U.S. Treasury securities and obligations of U.S. Government corporations and agencies $ 86,285 $ 35 $ 430 $ 85,890 $ 0 State and political subdivisions 212,670 439 4,121 208,988 0 Residential mortgage-backed securities Agency 1,047,345 3,235 14,930 1,035,650 0 Non-agency 3,927 332 0 4,259 86 Commercial mortgage-backed securities Agency 560,634 996 7,030 554,600 0 Asset-backed securities 272,459 450 939 271,970 0 Trust preferred collateralized debt obligations 6,176 91 350 5,917 2,586 Single issue trust preferred securities 8,754 169 561 8,362 0 Other corporate securities 162,634 118 1,349 161,403 0 Total $ 2,360,884 $ 5,865 $ 29,710 $ 2,337,039 $ 2,672 (1) Non-credit related other-than-temporary impairment in accumulated other comprehensive income. Amounts are before-tax. |
Summary of Securities Available for Sale in an Unrealized Loss Position | The following is a summary of securities available for sale which were in an unrealized loss position at March 31, 2019 and December 31, 2018. Less than 12 months 12 months or longer Fair Value Unrealized Losses Fair Value Unrealized Losses March 31, 2019 U.S. Treasury securities and obligations of U.S. Government corporations and agencies $ 2,486 $ 1 $ 11,304 $ 84 State and political subdivisions 611 1 82,395 1,584 Residential mortgage-backed securities Agency 16,753 22 564,012 7,431 Non-agency 0 0 0 0 Commercial mortgage-backed securities Agency 44,978 51 317,211 2,707 Asset-backed securities 256,733 1,763 7,480 58 Trust preferred collateralized debt obligations 0 0 2,250 250 Single issue trust preferred securities 0 0 13,634 1,506 Other corporate securities 23,404 68 11,949 34 Total $ 344,965 $ 1,906 $ 1,010,235 $ 13,654 Less than 12 months 12 months or longer Fair Value Unrealized Losses Fair Value Unrealized Losses December 31, 2018 U.S. Treasury securities and obligations of U.S. Government corporations and agencies $ 66,072 $ 250 $ 7,374 $ 180 State and political subdivisions 53,421 544 94,337 3,577 Residential mortgage-backed securities Agency 195,009 1,597 508,041 13,333 Non-agency 0 0 0 0 Commercial mortgage-backed securities Agency 107,443 1,124 294,129 5,906 Asset-backed securities 151,427 939 0 0 Trust preferred collateralized debt obligations 0 0 2,150 350 Single issue trust preferred securities 0 0 5,163 561 Other corporate securities 129,709 1,233 6,879 116 Total $ 703,081 $ 5,687 $ 918,073 $ 24,023 |
Summary of Gains or Losses on Proceeds from Maturities, Sales and Calls of Available for Sale Securities by Specific Identification Method | The realized losses relate to sales of securities within a rabbi trust for the payment of benefits under a deferred compensation plan for certain key officers and its subsidiaries. Three Months Ended March 31 2019 2018 Proceeds from sales and calls $ 196,331 $ 99,703 Gross realized gains 15 1,163 Gross realized losses 364 1,312 |
Roll Forward of Credit Losses on Securities | Below is a progression of the credit losses on securities which United has recorded other-than-temporary charges. These charges were recorded through earnings and other comprehensive income. Three Months Ended March 31 2019 2018 Balance of cumulative credit losses at beginning of period $ 3,138 $ 18,060 Additions for credit losses recognized in earnings during the period: Additional credit losses on securities for which OTTI was previously recognized 0 0 Reductions for securities sold or paid off during the period 0 (14,861 ) Balance of cumulative credit losses at end of period $ 3,138 $ 3,199 |
Summary of Amortized Cost and Estimated Fair Values of Securities Held to Maturity | The amortized cost and estimated fair values of securities held to maturity are summarized as follows: March 31, 2019 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Estimated Fair Value U.S. Treasury securities and obligations of U.S. Government corporations and agencies $ 5,045 $ 58 $ 0 $ 5,103 State and political subdivisions 3,426 0 0 3,426 Residential mortgage-backed securities Agency 0 0 0 0 Single issue trust preferred securities 0 0 0 0 Other corporate securities 20 0 0 20 Total $ 8,491 $ 58 $ 0 $ 8,549 December 31, 2018 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Estimated Fair Value U.S. Treasury securities and obligations of U.S. Government corporations and agencies $ 5,074 $ 90 $ 0 $ 5,164 State and political subdivisions 5,473 7 1 5,479 Residential mortgage-backed securities Agency 20 2 0 22 Single issue trust preferred securities 9,412 0 1,442 7,970 Other corporate securities 20 0 0 20 Total $ 19,999 $ 99 $ 1,443 $ 18,655 |
Summary of Equity Securities | Three Months Ended March 31, 2019 Three Months Ended March 31, 2018 Net gains (losses) recognized during the period $ 189 $ (36 ) Net gains (losses) recognized during the period on equity securities sold 132 2 Unrealized gains recognized during the period on equity securities still held at period end 58 39 Unrealized losses recognized during the period on equity securities still held at period end 1 77 |
Available-for-sale Securities [Member] | |
Summary of Maturities of Debt Securities Held to Maturity by Amortized Cost and Estimated Fair Value | Expected maturities may differ from contractual maturities because the issuers may have the right to call or prepay obligations without penalties. March 31, 2019 December 31, 2018 Amortized Cost Estimated Fair Value Amortized Cost Estimated Fair Value Due in one year or less $ 112,605 $ 112,304 $ 77,534 $ 77,266 Due after one year through five years 582,295 583,701 518,975 514,734 Due after five years through ten years 513,457 512,919 483,567 477,135 Due after ten years 1,177,653 1,175,131 1,280,808 1,267,904 Total $ 2,386,010 $ 2,384,055 $ 2,360,884 $ 2,337,039 |
Held-to-maturity Securities [Member] | |
Summary of Maturities of Debt Securities Held to Maturity by Amortized Cost and Estimated Fair Value | Expected maturities may differ from contractual maturities because the issuers may have the right to call or prepay obligations without penalties. March 31, 2019 December 31, 2018 Amortized Cost Estimated Fair Value Amortized Cost Estimated Fair Value Due in one year or less $ 7,255 $ 7,312 $ 7,913 $ 8,005 Due after one year through five years 216 217 1,059 1,061 Due after five years through ten years 0 0 8,030 7,134 Due after ten years 1,020 1,020 2,997 2,455 Total $ 8,491 $ 8,549 $ 19,999 $ 18,655 |
Loans (Tables)
Loans (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Receivables [Abstract] | |
Major Classes of Loans | Major classes of loans are as follows: March 31, 2019 December 31, 2018 Commercial, financial and agricultural: Owner-occupied commercial real estate $ 1,275,340 $ 1,291,790 Nonowner-occupied commercial real estate 4,266,613 4,303,613 Other commercial loans 1,996,482 1,957,641 Total commercial, financial & agricultural 7,538,435 7,553,044 Residential real estate 3,550,037 3,501,393 Construction & land development 1,487,453 1,410,468 Consumer: Bankcard 9,247 10,203 Other consumer 993,046 954,424 Total gross loans $ 13,578,218 $ 13,429,532 |
Activity for Accretable Yield | Activity for the accretable yield for the first three months of 2019 follows: Accretable yield at the beginning of the period $ 26,289 Accretion (including cash recoveries) (3,052 ) Additions 0 Net reclassifications to accretable from non-accretable 4,223 Disposals (including maturities, foreclosures, and charge-offs) (1,471 ) Accretable yield at the end of the period $ 25,989 |
Credit Quality (Tables)
Credit Quality (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Text Block [Abstract] | |
Schedule of Troubled Debt Restructurings, Segregated by Class of Loans | Troubled Debt Restructurings For the Three Months Ended March 31, 2019 Number of Contracts Pre- Outstanding Recorded Investment Post- Modification Outstanding Recorded Investment Commercial real estate: Owner-occupied 0 $ 0 $ 0 Nonowner-occupied 0 0 0 Other commercial 1 265 265 Residential real estate 1 413 409 Construction & land development 0 0 0 Consumer: Bankcard 0 0 0 Other consumer 0 0 0 Total 2 $ 678 $ 674 |
Schedule of Age Analysis of Past Due Loans, Segregated by Class of Loans | Age Analysis of Past Due Loans As of March 31, 2019 30-89 Days Past Due 90 Days or more Past Due Total Past Due Current & Other (1) Total Financing Receivables Recorded Investment >90 Days & Accruing Commercial real estate: Owner-occupied $ 8,246 $ 16,477 $ 24,723 $ 1,250,617 $ 1,275,340 $ 0 Nonowner-occupied 16,642 20,073 36,715 4,229,898 4,266,613 3,433 Other commercial 5,292 44,467 49,759 1,946,723 1,996,482 1,238 Residential real estate 38,179 27,389 65,568 3,484,469 3,550,037 9,735 Construction & land development 5,986 17,373 23,359 1,464,094 1,487,453 861 Consumer: Bankcard 377 118 495 8,752 9,247 118 Other consumer 6,987 801 7,788 985,258 993,046 452 Total $ 81,709 $ 126,698 $ 208,407 $ 13,369,811 $ 13,578,218 $ 15,837 (1) Other includes loans with a recorded investment of $144,391 acquired and accounted for under ASC Topic 310-30 “Loans and Debt Securities Acquired with Deteriorated Credit Quality”. Age Analysis of Past Due Loans As of December 31, 2018 30-89 Days Past Due 90 Days or more Past Due Total Past Due Current & Other (1) Total Financing Receivables Recorded Investment >90 Days & Accruing Commercial real estate: Owner-occupied $ 9,224 $ 17,742 $ 26,966 $ 1,264,824 $ 1,291,790 $ 629 Nonowner-occupied 16,108 18,092 34,200 4,269,413 4,303,613 1,171 Other commercial 13,556 46,040 59,596 1,898,045 1,957,641 2,850 Residential real estate 37,111 30,278 67,389 3,434,004 3,501,393 9,141 Construction & land development 8,462 19,412 27,874 1,382,594 1,410,468 680 Consumer: Bankcard 657 177 834 9,369 10,203 177 Other consumer 8,909 1,243 10,152 944,272 954,424 893 Total $ 94,027 $ 132,984 $ 227,011 $ 13,202,521 $ 13,429,532 $ 15,541 (1) Other includes loans with a recorded investment of $149,737 acquired and accounted for under ASC Topic 310-30 “Loans and Debt Securities Acquired with Deteriorated Credit Quality”. |
Schedule of Nonaccrual Loans, Segregated by Class of Loans | The following table sets forth United’s nonaccrual loans, segregated by class of loans: Loans on Nonaccrual Status March 31, 2019 December 31, 2018 Commercial real estate: Owner-occupied $ 16,477 $ 17,113 Nonowner-occupied 16,640 16,921 Other commercial 43,229 43,190 Residential real estate 17,654 21,137 Construction & land development 16,512 18,732 Consumer: Bankcard 0 0 Other consumer 349 350 Total $ 110,861 $ 117,443 |
Schedule of Credit Quality Indicators Information, by Class of Loans | The following tables set forth United’s credit quality indicators information, by class of loans: Credit Quality Indicators Corporate Credit Exposure As of March 31, 2019 Commercial Real Estate Owner- occupied Nonowner- occupied Other Commercial Construction & Land Development Grade: Pass $ 1,186,841 $ 4,143,459 $ 1,899,853 $ 1,408,268 Special mention 35,025 37,068 18,688 6,350 Substandard 53,474 86,086 77,130 72,835 Doubtful 0 0 811 0 Total $ 1,275,340 $ 4,266,613 $ 1,996,482 $ 1,487,453 As of December 31, 2018 Commercial Real Estate Owner- Nonowner- Other Construction & Land Development Grade: Pass $ 1,201,387 $ 4,161,149 $ 1,858,821 $ 1,330,899 Special mention 34,487 46,442 14,424 28,629 Substandard 55,916 96,022 81,946 50,940 Doubtful 0 0 2,450 0 Total $ 1,291,790 $ 4,303,613 $ 1,957,641 $ 1,410,468 Credit Quality Indicators Consumer Credit Exposure As of March 31, 2019 Residential Real Estate Bankcard Other Consumer Grade: Pass $ 3,492,494 $ 8,752 $ 985,222 Special mention 12,234 377 6,993 Substandard 45,309 118 831 Doubtful 0 0 0 Total $ 3,550,037 $ 9,247 $ 993,046 As of December 31, 2018 Residential Real Estate Bankcard Other Consumer Grade: Pass $ 3,436,584 $ 9,369 $ 944,241 Special mention 19,051 657 8,914 Substandard 45,758 177 1,269 Doubtful 0 0 0 Total $ 3,501,393 $ 10,203 $ 954,424 |
Schedule of Impaired Loans Information by Class of Loans | The following table sets forth United’s impaired loans information, by class of loans: Impaired Loans March 31, 2019 December 31, 2018 Recorded Investment Unpaid Principal Balance Related Allowance Recorded Investment Unpaid Principal Balance Related Allowance With no related allowance recorded: Commercial real estate: Owner-occupied $ 68,153 $ 69,637 $ 0 $ 63,633 $ 63,798 $ 0 Nonowner-occupied 86,515 86,574 0 98,845 98,904 0 Other commercial 42,198 44,656 0 40,291 50,459 0 Residential real estate 29,603 29,712 0 28,207 29,279 0 Construction & land development 36,440 40,249 0 37,174 40,459 0 Consumer: Bankcard 0 0 0 0 0 0 Other consumer 27 27 0 27 27 0 With an allowance recorded: Commercial real estate: Owner-occupied $ 5,482 $ 5,482 $ 1,485 $ 10,004 $ 10,004 $ 2,542 Nonowner-occupied 14,050 14,050 2,571 15,720 15,720 2,715 Other commercial 48,117 50,327 14,699 61,266 62,812 17,581 Residential real estate 16,889 19,440 3,694 19,623 22,064 3,265 Construction & land development 14,740 19,444 2,225 14,742 19,446 2,254 Consumer: Bankcard 0 0 0 0 0 0 Other consumer 0 0 0 0 0 0 Total: Commercial real estate: Owner-occupied $ 73,635 $ 75,119 $ 1,485 $ 73,637 $ 73,802 $ 2,542 Nonowner-occupied 100,565 100,624 2,571 114,565 114,624 2,715 Other commercial 90,315 94,983 14,699 101,557 113,271 17,581 Residential real estate 46,492 49,152 3,694 47,830 51,343 3,265 Construction & land development 51,180 59,693 2,225 51,916 59,905 2,254 Consumer: Bankcard 0 0 0 0 0 0 Other consumer 27 27 0 27 27 0 Impaired Loans For the Three Months Ended March 31, 2019 March 31, 2018 Average Recorded Investment Interest Income Recognized Average Recorded Investment Interest Income Recognized With no related allowance recorded: Commercial real estate: Owner-occupied $ 65,893 $ 363 $ 76,947 $ 377 Nonowner-occupied 92,680 250 125,863 120 Other commercial 41,244 139 49,693 206 Residential real estate 28,905 182 25,437 83 Construction & land development 36,807 217 50,300 103 Consumer: Bankcard 0 0 0 0 Other consumer 27 0 28 0 With an allowance recorded: Commercial real estate: Owner-occupied $ 7,743 $ 6 $ 7,502 $ 25 Nonowner-occupied 14,885 91 8,170 59 Other commercial 54,692 153 54,297 19 Residential real estate 18,256 92 10,850 0 Construction & land development 14,741 20 1,699 20 Consumer: Bankcard 0 0 0 0 Other consumer 0 0 0 0 Total: Commercial real estate: Owner-occupied $ 73,636 $ 369 $ 84,449 $ 402 Nonowner-occupied 107,565 341 134,033 179 Other commercial 95,936 292 103,990 225 Residential real estate 47,161 274 36,287 83 Construction & land development 51,548 237 51,999 123 Consumer: Bankcard 0 0 0 0 Other consumer 27 0 28 0 |
Allowance for Credit Losses (Ta
Allowance for Credit Losses (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Receivables [Abstract] | |
Schedule of Allowance for Loan Losses and Carrying Amount of Loans | A progression of the allowance for loan losses, by portfolio segment, for the periods indicated is summarized as follows: Allowance for Loan Losses and Carrying Amount of Loans For the Three Months Ended March 31, 2019 Commercial Real Estate Construction Allowance for Owner- Nonowner- Other Residential Real Estate & Land Consumer Estimated Total Allowance for Loan Losses: Beginning balance $ 5,063 $ 6,919 $ 41,341 $ 12,448 $ 7,992 $ 2,695 $ 245 $ 76,703 Charge-offs 3,737 0 934 441 565 737 0 6,414 Recoveries 904 19 297 85 113 183 0 1,601 Provision 3,934 (220 ) (40 ) 930 (354 ) 607 139 4,996 Ending balance $ 6,164 $ 6,718 $ 40,664 $ 13,022 $ 7,186 $ 2,748 $ 384 $ 76,886 Ending Balance: individually evaluated for impairment $ 1,485 $ 2,571 $ 14,699 $ 3,694 $ 2,225 $ 0 $ 0 $ 24,674 Ending Balance: collectively evaluated for impairment $ 4,679 $ 4,147 $ 25,965 $ 9,328 $ 4,961 $ 2,748 $ 384 $ 52,212 Ending Balance: loans acquired with deteriorated credit quality $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 Financing receivables: Ending balance $ 1,275,340 $ 4,266,613 $ 1,996,482 $ 3,550,037 $ 1,487,453 $ 1,002,293 $ 0 $ 13,578,218 Ending Balance: individually evaluated for impairment $ 26,820 $ 25,300 $ 60,451 $ 20,355 $ 14,740 $ 0 $ 0 $ 147,666 Ending Balance: collectively evaluated for impairment $ 1,219,621 $ 4,181,511 $ 1,911,199 $ 3,518,699 $ 1,452,865 $ 1,002,266 $ 0 $ 13,286,161 Ending Balance: loans acquired with deteriorated credit quality $ 28,899 $ 59,802 $ 24,832 $ 10,983 $ 19,848 $ 27 $ 0 $ 144,391 Allowance for Loan Losses and Carrying Amount of Loans For the Year Ended December 31, 2018 Commercial Real Estate Construction Allowance for Owner- Nonowner- Other Residential Real Estate & Land Consumer Estimated Total Allowance for Loan Losses: Beginning balance $ 5,401 $ 6,369 $ 45,189 $ 9,927 $ 7,187 $ 2,481 $ 73 $ 76,627 Charge-offs 3,225 314 16,424 3,162 2,731 2,750 0 28,606 Recoveries 1,189 563 2,944 1,114 197 662 0 6,669 Provision 1,698 301 9,632 4,569 3,339 2,302 172 22,013 Ending balance $ 5,063 $ 6,919 $ 41,341 $ 12,448 $ 7,992 $ 2,695 $ 245 $ 76,703 Ending Balance: individually evaluated for impairment $ 2,543 $ 2,715 $ 17,581 $ 3,265 $ 2,254 $ 0 $ 0 $ 28,358 Ending Balance: collectively evaluated for impairment $ 2,520 $ 4,204 $ 23,760 $ 9,183 $ 5,738 $ 2,695 $ 245 $ 48,345 Ending Balance: loans acquired with deteriorated credit quality $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 Financing receivables: Ending balance $ 1,291,790 $ 4,303,613 $ 1,957,641 $ 3,501,393 $ 1,410,468 $ 964,627 $ 0 $ 13,429,532 Ending Balance: individually evaluated for impairment $ 27,599 $ 25,231 $ 72,300 $ 21,998 $ 14,807 $ 0 $ 0 $ 161,935 Ending Balance: collectively evaluated for impairment $ 1,234,919 $ 4,215,060 $ 1,860,085 $ 3,468,356 $ 1,374,840 $ 964,600 $ 0 $ 13,117,860 Ending Balance: loans acquired with deteriorated credit quality $ 29,272 $ 63,322 $ 25,256 $ 11,039 $ 20,821 $ 27 $ 0 $ 149,737 |
Intangible Assets (Tables)
Intangible Assets (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Summary of Intangible Assets | The following is a summary of intangible assets subject to amortization and those not subject to amortization: March 31, 2019 Community Banking Mortgage Banking Total Gross Carrying Amount Accumulated Amortization Gross Carrying Amount Accumulated Amortization Gross Carrying Amount Accumulated Amortization Amortized intangible assets: Core deposit intangible assets $ 98,359 ($ 64,246 ) $ 0 ($ 0 ) $ 98,359 ($ 64,246 ) Non-amortized intangible assets: George Mason trade name $ 0 $ 1,080 $ 1,080 Goodwill not subject to amortization $ 1,472,699 $ 5,315 $ 1,478,014 December 31, 2018 Community Banking Mortgage Banking Total Gross Carrying Amount Accumulated Amortization Gross Carrying Amount Accumulated Amortization Gross Carrying Amount Accumulated Amortization Amortized intangible assets: Core deposit intangible assets $ 98,359 $ (62,492 ) $ 0 $ 0 $ 98,359 $ (62,492 ) Non-amortized intangible assets: George Mason trade name $ 0 $ 1,080 $ 1,080 Goodwill not subject to amortization $ 1,472,699 $ 5,315 $ 1,478,014 |
Reconciliation of Goodwill | The following table provides a reconciliation of goodwill: Community Banking Mortgage Banking Total Goodwill at December 31, 2018 $ 1,472,699 $ 5,315 $ 1,478,014 Addition to goodwill 0 0 0 Goodwill at March 31, 2019 $ 1,472,699 $ 5,315 $ 1,478,014 |
Schedule of Anticipated Amortization Expense | The following table sets forth the anticipated amortization expense for intangible assets for the years subsequent to 2018: Year Amount 2019 $ 7,016 2020 6,309 2021 5,369 2022 4,581 2023 and thereafter 12,592 |
Leases (Tables)
Leases (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Leases [Abstract] | |
Components of Lease Expense | The components of lease expense were as follows: Classification Three Months Ended March 31, 2019 Operating lease cost Net occupancy expense $ 4,821 Sublease income Net occupancy expense (276 ) Net lease cost $ 4,545 |
Supplemental Balance Sheet Information Related to Leases | Supplemental balance sheet information related to leases was as follows: Classification March 31, 2019 Operating lease right-of-use assets Operating lease right-of-use assets $ 63,119 Operating lease liabilities Operating lease liabilities $ 66,871 |
Other Information Related to Leases | Other information related to leases was as follows: March 31, 2019 Weighted-average remaining lease term: Operating leases 5.1 years Weighted-average discount rate: Operating leases 3.29% |
Supplemental Cash Flow Information Related to Leases | Supplemental cash flow information related to leases was as follows: Three Months Ended March 31, 2019 Cash paid for amounts in the measurement of lease liabilities: Operating cash flows from operating leases $ 4,718 ROU assets obtained in the exchange for lease liabilties 202 |
Maturities of Lease Liabilities by Year | Maturities of lease liabilities by year and in the aggregate, under operating leases with initial or remaining terms of one year or more, for years subsequent to December 31, 2018, consists of the following as of March 31, 2019 and December 31, 2018: Amount Year As of March 31, 2019 As of December 31, 2018 2019 $ 14,049 $ 18,590 2020 16,402 16,359 2021 13,894 13,850 2022 10,313 10,269 2023 7,644 7,600 Thereafter 10,654 10,640 Total lease payments 72,956 77,308 Less: imputed interest (6,085 ) (0 ) Total $ 66,871 $ 77,308 |
Long-Term Borrowings (Tables)
Long-Term Borrowings (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Debt Disclosure [Abstract] | |
Schedule of Maturities of Long-term Borrowings | The scheduled maturities of these FHLB borrowings are as follows: Year Amount 2019 $ 1,227,181 2020 41,745 2021 302,581 2022 20,873 2023 and thereafter 11,235 Total $ 1,603,615 |
Derivative Financial Instrume_2
Derivative Financial Instruments (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Schedule of Notional Amount and Fair Value of Derivative Financial Instruments | Asset Derivatives March 31, 2019 December 31, 2018 Balance Sheet Location Notional Amount Fair Value Balance Sheet Location Notional Amount Fair Value Derivatives designated as hedging instruments Fair Value Hedges: Interest rate swap contracts (hedging commercial loans) Other assets $ 67,961 $ 431 Other assets $ 85,623 $ 1,859 Total derivatives designated as hedging instruments $ 67,961 $ 431 $ 85,623 $ 1,859 Derivatives not designated as hedging instruments Interest rate swap contracts Other assets $ 0 $ 0 Other assets $ 0 $ 0 Forward loan sales commitments Other assets 24,608 380 Other assets 21,604 542 Interest rate lock commitments Other assets 181,585 6,684 Other assets 93,955 4,103 Total derivatives not designated as hedging instruments $ 206,193 $ 7,064 $ 115,559 $ 4,645 Total asset derivatives $ 274,154 $ 7,495 $ 201,182 $ 6,504 Liability Derivatives March 31, 2019 December 31, 2018 Balance Sheet Location Notional Amount Fair Value Balance Sheet Location Notional Amount Fair Value Derivatives designated as hedging instruments Fair Value Hedges: Interest rate swap contracts (hedging commercial loans) Other liabilities $ 17,494 $ 146 Other liabilities $ 0 $ 0 Total derivatives designated as hedging instruments $ 17,494 $ 146 $ 0 $ 0 Derivatives not designated as hedging instruments Interest rate swap contracts Other liabilities $ 0 $ 0 Other liabilities $ 0 $ 0 TBA mortgage-backed securities Other liabilities 250,510 2,515 Other liabilities 200,281 3,002 Interest rate lock commitments Other liabilities 0 0 Other liabilities 0 0 Total derivatives not designated as hedging instruments $ 250,510 $ 2,515 $ 200,281 $ 3,002 Total liability derivatives $ 268,004 $ 2,661 $ 200,281 $ 3,002 |
Summary of Carrying Amount Hedged Assets/(Liabilities) | The following table represents the carrying amount of the hedged assets/(liabilities) and the cumulative amount of fair value hedging adjustment included in the carrying amount of the hedged assets/(liabilities) that are designated as a fair value accounting relationship as of March 31, 2019. March 31, 2019 Derivatives in Fair Value Hedging Relationships Location in the Statement Condition Carrying Amount Cumulative Amount Assets/(Liabilities) Cumulative Amount of Fair Value Hedging Adjustment Remaining for any Hedged Assets/ Hedge Accounting has been Discontinued Interest rate swaps Loans, net of unearned $ 84,574 $ 285 $ 0 |
Schedule of Derivative Financial Instruments on Statement of Income | The effect of United’s derivative financial instruments on its unaudited Consolidated Statements of Income for the three months ended March 31, 2019 and 2018 are presented as follows: Three Months Ended Income Statement Location March 31, 2019 March 31, 2018 Derivatives in hedging relationships Fair Value Hedges: Interest rate swap contracts Interest and fees on loans $ (30 ) $ (42 ) Total derivatives in hedging relationships $ (30 ) $ (42 ) Derivatives not designated as hedging instruments Forward loan sales commitments Income from Mortgage Banking Activities $ 380 $ 73 TBA mortgage-backed securities Income from Mortgage Banking Activities 488 (450 ) Interest rate lock commitments Income from Mortgage Banking Activities 2,037 (1,269 ) Total derivatives not designated as hedging instruments $ 2,905 $ (1,646 ) Total derivatives $ 2,875 $ (1,688 ) |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Fair Value Disclosures [Abstract] | |
Schedule of Financial Assets and Liabilities Measured at Fair Value | The following tables present the balances of financial assets and liabilities measured at fair value on a recurring basis as of March 31, 2019 and December 31, 2018, segregated by the level of the valuation inputs within the fair value hierarchy. Fair Value at March 31, 2019 Using Description Balance as of March 31, 2019 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Assets Available for sale debt securities: U.S. Treasury securities and obligations of U.S. Government corporations and agencies $ 73,544 $ 0 $ 73,544 $ 0 State and political subdivisions 194,812 0 194,812 0 Residential mortgage-backed securities Agency 969,516 0 969,516 0 Non-agency 4,107 0 4,107 0 Commercial mortgage-backed securities Agency 580,338 0 580,338 0 Asset-backed securities 270,677 0 270,677 0 Trust preferred collateralized debt obligations 6,017 0 0 6,017 Single issue trust preferred securities 16,841 0 16,841 0 Other corporate securities 268,203 6,785 261,418 0 Total available for sale securities 2,384,055 6,785 2,371,253 6,017 Equity securities: Financial services industry 145 145 0 0 Equity mutual funds (1) 5,084 5,084 0 0 Other equity securities 4,692 4,692 0 0 Total equity securities 9,921 9,921 0 0 Loans held for sale 244,501 0 0 244,501 Derivative financial assets: Interest rate swap contracts 431 0 431 0 Forward sales commitments 380 0 380 0 Interest rate lock commitments 6,684 0 0 6,684 Total derivative financial assets 7,495 0 811 6,684 Liabilities Derivative financial liabilities: Interest rate swap contracts 146 0 146 0 TBA mortgage-backed securities 2,515 0 2,515 0 Total derivative financial liabilities 2,661 0 2,661 0 (1) The equity mutual funds are within a rabbi trust for the payment of benefits under a deferred compensation plan for certain key officers of United and its subsidiaries. Fair Value at December 31, 2018 Using Description Balance as of December 31, 2018 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Assets Available for sale debt securities: U.S. Treasury securities and obligations of U.S. Government corporations and agencies $ 85,890 $ 0 $ 85,890 $ 0 State and political subdivisions 208,988 0 208,988 0 Residential mortgage-backed securities Agency 1,035,650 0 1,035,650 0 Non-agency 4,259 0 4,259 0 Commercial mortgage-backed securities Agency 554,600 0 554,600 0 Asset-backed securities 271,970 0 271,970 0 Trust preferred collateralized debt obligations 5,917 0 0 5,917 Single issue trust preferred securities 8,362 0 8,362 0 Other corporate securities 161,403 6,822 154,581 0 Total available for sale securities 2,337,039 6,822 2,324,300 5,917 Equity securities: Financial services industry 140 140 0 0 Equity mutual funds (1) 4,954 4,954 0 0 Other equity securities 4,640 4,640 0 0 Total equity securities 9,734 9,734 0 0 Loans held for sale 247,104 0 0 247,104 Derivative financial assets: Interest rate swap contracts 1,859 0 1,859 0 Forward sales commitments 542 0 542 0 Interest rate lock commitments 4,103 0 0 4,103 Total derivative financial assets 6,504 0 2,401 4,103 Liabilities Derivative financial liabilities: TBA mortgage-backed securities 3,002 0 3,002 0 Total derivative financial liabilities 3,002 0 3,002 0 (1) The equity mutual funds are within a rabbi trust for the payment of benefits under a deferred compensation plan for certain key officers of United and its subsidiaries. |
Schedule of Additional Information about Financial Assets and Liabilities Measured at Fair Value Utilized Level 3 | The following table presents additional information about financial assets and liabilities measured at fair value at March 31, 2019 and December 31, 2018 on a recurring basis and for which United has utilized Level 3 inputs to determine fair value: Available for sale Securities Trust preferred collateralized debt obligations March 31, 2019 December 31, 2018 Balance, beginning of period $ 5,917 $ 34,269 Total gains or losses (realized/unrealized): Included in earnings (or changes in net assets) 0 28 Included in other comprehensive income 100 920 Purchases, issuances, and settlements 0 0 Sales 0 (29,300 ) Transfers in and/or out of Level 3 0 0 Balance, end of period $ 6,017 $ 5,917 The amount of total gains or losses for the period included in earnings (or changes in net assets) attributable to the change in unrealized gains or losses relating to assets still held at reporting date $ 0 $ 0 Loans held for sale March 31, 2019 December 31, 2018 Balance, beginning of period $ 247,104 $ 263,308 Originations 454,588 2,619,454 Sales (473,282 ) (2,676,797 ) Total gains or losses during the period recognized in earnings 16,091 68,555 Transfers in and/or out of Level 3 (0 ) (27,416 ) Balance, end of period $ 244,501 $ 247,104 The amount of total gains or losses for the period included in earnings (or changes in net assets) attributable to the change in unrealized gains or losses relating to assets still held at reporting date $ 0 $ 0 Derivative Financial Assets Interest Rate Lock Commitments March 31, 2019 December 31, 2018 Balance, beginning of period $ 4,103 $ 4,559 Transfers other 2,581 (456 ) Balance, end of period $ 6,684 $ 4,103 The amount of total gains or losses for the period included in earnings (or changes in net assets) attributable to the change in unrealized gains or losses relating to assets still held at reporting date $ 0 $ 0 |
Schedule of Changes in Fair Value Included in Earnings of Financial Instruments for which Fair Value Option has been Elected | The following table reflects the change in fair value included in earnings of financial instruments for which the fair value option has been elected: Description Three Months Ended March 31, 2019 Three Months Ended March 31, 2018 Assets Loans held for sale Income from mortgage banking activities $ 1,964 $ (1,719 ) |
Summary of Difference Between Aggregate Fair Value and Remaining Contractual Principal Outstanding for Financial Instruments for which Fair Value Option has been Elected | The following table reflects the difference between the aggregate fair value and the remaining contractual principal outstanding for financial instruments for which the fair value option has been elected: March 31, 2019 December 31, 2018 Description Unpaid Principal Balance Fair Value Fair Value Over/(Under) Unpaid Principal Balance Unpaid Principal Balance Fair Value Fair Value Over/(Under) Unpaid Principal Balance Assets Loans held for sale $ 239,306 $ 244,501 $ 5,195 $ 241,293 $ 247,104 $ 5,811 |
Summary of Financial Assets Measured at Fair Value on Nonrecurring Basis | The following table summarizes United’s financial assets that were measured at fair value on a nonrecurring basis during the period: Carrying value at March 31, 2019 Description Balance as of March 31, 2019 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) YTD Losses Assets Loans held for sale $ 1,262 $ 0 $ 1,262 $ 0 $ 0 Impaired Loans 99,278 0 88,197 11,081 1,044 OREO 17,465 0 17,465 0 857 Carrying value at December 31, 2018 Description Balance as of December 31, 2018 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) YTD Losses Assets Loans held for sale $ 2,742 $ 0 $ 2,742 $ 0 $ 3 Impaired Loans 121,355 0 108,899 12,456 12,301 OREO 16,865 0 16,865 0 910 |
Summary of Estimated Fair Values of Financial Instruments | The estimated fair values of United’s financial instruments are summarized below: Fair Value Measurements Carrying Amount Fair Value Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) March 31, 2019 Cash and cash equivalents $ 1,172,657 $ 1,172,657 $ 0 $ 1,172,657 $ 0 Securities available for sale 2,384,055 2,384,055 6,785 2,371,253 6,017 Securities held to maturity 8,491 8,549 0 5,529 3,020 Equity securities 9,921 9,921 9,921 0 0 Other securities 190,123 180,617 0 0 180,617 Loans held for sale 245,763 245,763 0 1,262 244,501 Loans 13,495,817 12,940,089 0 0 12,940,089 Derivative financial assets 7,495 7,495 0 811 6,684 Deposits 14,159,397 14,133,078 0 14,133,078 0 Short-term borrowings 127,821 127,821 0 127,821 0 Long-term borrowings 1,838,835 1,815,824 0 1,815,824 0 Derivative financial liabilities 2,661 2,661 0 2,661 0 December 31, 2018 Cash and cash equivalents $ 1,020,396 $ 1,020,396 $ 0 $ 1,020,396 $ 0 Securities available for sale 2,337,039 2,337,039 6,822 2,324,300 5,917 Securities held to maturity 19,999 18,655 0 15,635 3,020 Equity securities 9,734 9,734 9,734 0 0 Other securities 176,955 168,107 0 0 168,107 Loans held for sale 249,846 249,846 0 2,742 247,104 Loans 13,422,222 12,657,073 0 0 12,657,073 Derivative financial assets 6,504 6,504 0 2,401 4,103 Deposits 13,994,749 13,954,574 0 13,954,574 0 Short-term borrowings 351,327 351,327 0 351,327 0 Long-term borrowings 1,499,103 1,475,237 0 1,475,237 0 Derivative financial liabilities 3,002 3,002 0 3,002 0 |
Stock Based Compensation (Table
Stock Based Compensation (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Summary of Stock Option Plans | A summary of activity under United’s stock option plans as of March 31, 2019, and the changes during the first three months of 2019 are presented below: Three Months Ended March 31, 2019 Weighted Average Shares Aggregate Intrinsic Value Remaining Contractual Term (Yrs.) Exercise Price Outstanding at January 1, 2019 1,730,389 $ 32.43 Granted 240,205 38.49 Exercised (33,816 ) 19.81 Forfeited or expired (3,398 ) 24.67 Outstanding at March 31, 2019 1,933,380 $ 8,688,228 5.9 $ 33.41 Exercisable at March 31, 2019 1,327,929 $ 8,635,343 4.5 $ 30.72 |
Changes to United's Restricted Common Shares | The following table summarizes the status of United’s nonvested stock option awards during the first three months of 2019: Shares Weighted-Average Grant Date Fair Value Per Share Nonvested at January 1, 2019 575,672 $ 7.86 Granted 240,205 7.16 Vested (210,426 ) 7.74 Forfeited or expired (0 ) 0.00 Nonvested at March 31, 2019 605,451 $ 7.62 |
Status of United's Nonvested Stock Option Awards | The following summarizes the changes to United’s restricted common shares for the period ended March 31, 2019: Number of Shares Weighted-Average Grant Date Fair Value Per Share Outstanding at January 1, 2019 199,303 $ 39.67 Granted 126,427 38.49 Vested (70,879 ) 39.29 Forfeited (0 ) 00.00 Outstanding at March 31, 2019 254,851 $ 39.19 |
Employee Benefit Plans (Tables)
Employee Benefit Plans (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Retirement Benefits [Abstract] | |
Net Periodic Pension Cost | Net periodic pension cost for the three months ended March 31, 2019 and 2018 included the following components: Three Months Ended March 31 2019 2018 Service cost $ 555 $ 658 Interest cost 1,442 1,295 Expected return on plan assets (2,330 ) (2,522 ) Amortization of transition asset 0 0 Recognized net actuarial loss 1,171 1,149 Amortization of prior service cost 0 0 Net periodic pension (benefit) cost $ 838 $ 580 Weighted-Average Assumptions: Discount rate 4.52 % 3.83 % Expected return on assets 7.00 % 7.00 % Rate of compensation increase (prior to age 45) 3.50 % 3.50 % Rate of compensation increase 3.00 % 3.00 % |
Comprehensive Income (Tables)
Comprehensive Income (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Equity [Abstract] | |
Components of Total Comprehensive Income | The components of total comprehensive income for the three months ended March 31, 2019 and 2018 are as follows: Three Months Ended March 31 2019 2018 Net Income $ 63,642 $ 61,706 Available for sale (“AFS”) securities: Change in net unrealized gain on AFS securities arising during the period 22,238 (22,017 ) Related income tax effect (5,182 ) 5,130 Net reclassification adjustment for losses (gains) included in net income (348 ) 149 Related income tax (benefit) expense 81 (35 ) 16,789 (16,773 ) Net effect of AFS securities on other comprehensive income 16,789 (16,773 ) Held to maturity (“HTM”) securities: Accretion on the unrealized loss for securities transferred from AFS to the HTM investment portfolio prior to call or maturity 0 2 Related income tax expense 0 (1 ) Net effect of HTM securities on other comprehensive income 0 1 Pension plan: Recognized net actuarial loss 1,171 1,149 Related income tax benefit (261 ) (416 ) Net effect of change in pension plan asset on other comprehensive income 910 733 Total change in other comprehensive income 17,699 (16,039 ) Total Comprehensive Income $ 81,341 $ 45,667 |
Components of Accumulated Other Comprehensive Income | The components of accumulated other comprehensive income for the three months ended March 31, 2019 are as follows: Changes in Accumulated Other Comprehensive Income (AOCI) by Component (a) For the Three Months Ended March 31, 2019 Unrealized Accretion on Defined Items Total Balance at January 1, 2019 $ (18,289 ) $ (50 ) $ (38,680 ) $ (57,019 ) Reclass due to adopting Accounting Standard Update 2017-12 50 50 Other comprehensive income before reclassification 17,056 0 0 17,056 Amounts reclassified from accumulated other comprehensive income (267 ) 0 910 643 Net current-period other comprehensive income, net of tax 16,789 0 910 17,699 Balance at March 31, 2019 $ (1,500 ) $ 0 $ (37,770 ) $ (39,270 ) (a) All amounts are net-of-tax. |
Reclassifications Out of Accumulated Other Comprehensive Income | Reclassifications out of Accumulated Other Comprehensive Income (AOCI) For the Three Months Ended March 31, 2019 Details about AOCI Components Amount Affected Line Item in the Net Income is Presented Available for sale (“AFS”) securities: Reclassification of previous noncredit OTTI to credit OTTI $ 0 Net investment securities (losses) gains Net reclassification adjustment for losses (gains) included in net income (348 ) Net investment securities (losses) gains (348 ) Total before tax Related income tax effect 81 Tax expense (267 ) Net of tax Reclassifications out of Accumulated Other Comprehensive Income (AOCI) For the Three Months Ended March 31, 2019 Details about AOCI Components Amount Reclassified from AOCI Affected Line Item in the Net Income is Presented Pension plan: Recognized net actuarial loss 1,171 (a) 1,171 Total before tax Related income tax effect (261 ) Tax expense 910 Net of tax Total reclassifications for the period $ 643 (a) This AOCI component is included in the computation of net periodic pension cost (see Note 14, Employee Benefit Plans) |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Earnings Per Share [Abstract] | |
Reconciliation of Numerator and Denominator of Basic Earnings Per Share with that of Diluted Earnings Per Share | The reconciliation of the numerator and denominator of basic earnings per share with that of diluted earnings per share is presented as follows: Three Months Ended March 31 2019 2018 Distributed earnings allocated to common stock $ 34,672 $ 35,679 Undistributed earnings allocated to common stock 28,830 25,919 Net earnings allocated to common shareholders $ 63,502 $ 61,598 Average common shares outstanding 101,894,786 104,859,427 Common stock equivalents 267,918 303,431 Average diluted shares outstanding 102,162,704 105,162,858 Earnings per basic common share $ 0.62 $ 0.59 Earnings per diluted common share $ 0.62 $ 0.59 |
Variable Interest Entities (Tab
Variable Interest Entities (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Information Related to Statutory Trusts | Information related to United’s statutory trusts is presented in the table below: Description Issuance Date Amount of Interest Rate Maturity Date United Statutory Trust III December 17, 2003 $ 20,000 3-month LIBOR + 2.85% December 17, 2033 United Statutory Trust IV December 19, 2003 $ 25,000 3-month LIBOR + 2.85% January 23, 2034 United Statutory Trust V July 12, 2007 $ 50,000 3-month LIBOR + 1.55% October 1, 2037 United Statutory Trust VI September 20, 2007 $ 30,000 3-month LIBOR + 1.30% December 15, 2037 Premier Statutory Trust II September 25, 2003 $ 6,000 3-month LIBOR + 3.10% October 8, 2033 Premier Statutory Trust III May 16, 2005 $ 8,000 3-month LIBOR + 1.74% June 15, 2035 Premier Statutory Trust IV June 20, 2006 $ 14,000 3-month LIBOR + 1.55% September 23, 2036 Premier Statutory Trust V December 14, 2006 $ 10,000 3-month LIBOR + 1.61% March 1, 2037 Centra Statutory Trust I September 20, 2004 $ 10,000 3-month LIBOR + 2.29% September 20, 2034 Centra Statutory Trust II June 15, 2006 $ 10,000 3-month LIBOR + 1.65% July 7, 2036 Virginia Commerce Trust II December 19, 2002 $ 15,000 6-month LIBOR + 3.30% December 19, 2032 Virginia Commerce Trust III December 20, 2005 $ 25,000 3-month LIBOR + 1.42% February 23, 2036 Cardinal Statutory Trust I July 27, 2004 $ 20,000 3-month LIBOR + 2.40% September 15, 2034 UFBC Capital Trust I December 30, 2004 $ 5,000 3-month LIBOR + 2.10% March 15, 2035 |
Summary of Quantitative Information Related to Significant Involvement in Unconsolidated Variable Interest Entities | The following table summarizes quantitative information about United’s significant involvement in unconsolidated VIEs: As of March 31, 2019 As of December 31, 2018 Aggregate Assets Aggregate Liabilities Risk Of Loss (1) Aggregate Assets Aggregate Liabilities Risk Of Loss (1) Trust preferred securities $ 258,095 $ 249,016 $ 9,079 $ 257,754 $ 248,741 $ 9,013 (1) Represents investment in VIEs. |
Segment Information (Tables)
Segment Information (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Segment Reporting [Abstract] | |
Summary of Segment Reporting Information | Information about the reportable segments and reconciliation of this information to the consolidated financial statements at and for the three months ended March 31, 2019 and 2018 is as follows: At and For the Three Months Ended March 31, 2019 Community Banking Mortgage Banking Other Intersegment Eliminations Consolidated Net interest income $ 145,890 $ 55 $ (3,323 ) $ 1,546 $ 144,168 Provision for loans losses 4,996 0 0 0 4,996 Other income 18,689 16,106 201 (3,773 ) 31,223 Other expense 75,994 14,842 (220 ) (1,191 ) 89,425 Income taxes 17,666 282 (620 ) 0 17,328 Net income (loss) $ 65,923 $ 1,037 $ (2,282 ) $ (1,036 ) $ 63,642 Total assets (liabilities) $ 19,549,904 $ 316,106 $ 6,170 $ (227,047 ) $ 19,645,133 Average assets (liabilities) 19,204,107 265,151 (1,848 ) (217,790 ) 19,249,620 At and For the Three Months Ended March 31, 2018 Community Banking Mortgage Banking Other Intersegment Eliminations Consolidated Net interest income $ 145,621 $ 376 $ (2,594 ) $ 640 $ 144,043 Provision for loans losses 5,178 0 0 0 5,178 Other income 17,771 14,883 (822 ) (640 ) 31,192 Other expense 72,491 18,384 (423 ) 0 90,452 Income taxes 19,276 (703 ) (674 ) 0 17,899 Net income (loss) $ 66,447 $ (2,422 ) $ (2,319 ) $ 0 $ 61,706 Total assets (liabilities) $ 18,547,315 $ 289,925 $ 9,831 $ (227,369 ) $ 18,619,702 Average assets (liabilities) 18,507,313 210,172 15,012 (188,700 ) 18,543,797 |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies - Additional Information (Detail) - USD ($) $ in Thousands | Jan. 01, 2019 | Aug. 31, 2017 | Mar. 31, 2019 | Mar. 31, 2018 |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Held-to-maturity securities, transferred security, at carrying value | $ 11,544 | $ 0 | ||
Accounting Standards Update 2017-12 [Member] | ||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Held-to-maturity securities, transferred security, at carrying value | $ 11,544 | |||
Decrease in AOCI due to transfer of held to maturity securities | $ 1,098 | |||
Accounting Standards Update 2018-10 [Member] | ||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Net lease assets | $ 67,040 | |||
Net lease liabilities | 70,692 | |||
Effect on retained earnings | $ 1,049 |
Investment Securities - Summary
Investment Securities - Summary of Amortized Cost and Estimated Fair Values of Available for Sale Securities (Detail) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 |
Schedule of Investments [Line Items] | ||
Amortized Cost | $ 2,386,010 | $ 2,360,884 |
Gross Unrealized Gains | 13,605 | 5,865 |
Gross Unrealized Losses | 15,560 | 29,710 |
Estimated Fair Value | 2,384,055 | 2,337,039 |
Cumulative OTTI in AOCI | 2,672 | 2,672 |
U.S. Treasury Securities and Obligations of U.S. Government Corporations and Agencies [Member] | ||
Schedule of Investments [Line Items] | ||
Amortized Cost | 73,348 | 86,285 |
Gross Unrealized Gains | 281 | 35 |
Gross Unrealized Losses | 85 | 430 |
Estimated Fair Value | 73,544 | 85,890 |
Cumulative OTTI in AOCI | 0 | 0 |
State and Political Subdivisions [Member] | ||
Schedule of Investments [Line Items] | ||
Amortized Cost | 194,595 | 212,670 |
Gross Unrealized Gains | 1,802 | 439 |
Gross Unrealized Losses | 1,585 | 4,121 |
Estimated Fair Value | 194,812 | 208,988 |
Cumulative OTTI in AOCI | 0 | 0 |
Residential Mortgage-Backed Securities [Member] | ||
Schedule of Investments [Line Items] | ||
Amortized Cost | 971,182 | 1,047,345 |
Gross Unrealized Gains | 5,787 | 3,235 |
Gross Unrealized Losses | 7,453 | 14,930 |
Estimated Fair Value | 969,516 | 1,035,650 |
Cumulative OTTI in AOCI | 0 | 0 |
Residential Mortgage-Backed Securities, Non-agency [Member] | ||
Schedule of Investments [Line Items] | ||
Amortized Cost | 3,782 | 3,927 |
Gross Unrealized Gains | 325 | 332 |
Gross Unrealized Losses | 0 | 0 |
Estimated Fair Value | 4,107 | 4,259 |
Cumulative OTTI in AOCI | 86 | 86 |
Commercial Mortgage-Backed Securities [Member] | ||
Schedule of Investments [Line Items] | ||
Amortized Cost | 579,896 | 560,634 |
Gross Unrealized Gains | 3,200 | 996 |
Gross Unrealized Losses | 2,758 | 7,030 |
Estimated Fair Value | 580,338 | 554,600 |
Cumulative OTTI in AOCI | 0 | 0 |
Asset-Backed Securities [Member] | ||
Schedule of Investments [Line Items] | ||
Amortized Cost | 272,473 | 272,459 |
Gross Unrealized Gains | 25 | 450 |
Gross Unrealized Losses | 1,821 | 939 |
Estimated Fair Value | 270,677 | 271,970 |
Cumulative OTTI in AOCI | 0 | 0 |
Trust Preferred Collateralized Debt Obligations [Member] | ||
Schedule of Investments [Line Items] | ||
Amortized Cost | 6,176 | 6,176 |
Gross Unrealized Gains | 91 | 91 |
Gross Unrealized Losses | 250 | 350 |
Estimated Fair Value | 6,017 | 5,917 |
Cumulative OTTI in AOCI | 2,586 | 2,586 |
Single Issue Trust Preferred Securities [Member] | ||
Schedule of Investments [Line Items] | ||
Amortized Cost | 18,173 | 8,754 |
Gross Unrealized Gains | 174 | 169 |
Gross Unrealized Losses | 1,506 | 561 |
Estimated Fair Value | 16,841 | 8,362 |
Cumulative OTTI in AOCI | 0 | 0 |
Corporate Bonds [Member] | ||
Schedule of Investments [Line Items] | ||
Amortized Cost | 266,385 | 162,634 |
Gross Unrealized Gains | 1,920 | 118 |
Gross Unrealized Losses | 102 | 1,349 |
Estimated Fair Value | 268,203 | 161,403 |
Cumulative OTTI in AOCI | $ 0 | $ 0 |
Investment Securities - Summa_2
Investment Securities - Summary of Securities Available for Sale in an Unrealized Loss Position (Detail) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 |
Schedule of Investments [Line Items] | ||
Less than 12 months, Fair Value | $ 344,965 | $ 703,081 |
Less than 12 months, Unrealized Losses | 1,906 | 5,687 |
12 months or longer, Fair Value | 1,010,235 | 918,073 |
12 months or longer, Unrealized Losses | 13,654 | 24,023 |
U.S. Treasury Securities and Obligations of U.S. Government Corporations and Agencies [Member] | ||
Schedule of Investments [Line Items] | ||
Less than 12 months, Fair Value | 2,486 | 66,072 |
Less than 12 months, Unrealized Losses | 1 | 250 |
12 months or longer, Fair Value | 11,304 | 7,374 |
12 months or longer, Unrealized Losses | 84 | 180 |
State and Political Subdivisions [Member] | ||
Schedule of Investments [Line Items] | ||
Less than 12 months, Fair Value | 611 | 53,421 |
Less than 12 months, Unrealized Losses | 1 | 544 |
12 months or longer, Fair Value | 82,395 | 94,337 |
12 months or longer, Unrealized Losses | 1,584 | 3,577 |
Residential Mortgage-Backed Securities [Member] | ||
Schedule of Investments [Line Items] | ||
Less than 12 months, Fair Value | 16,753 | 195,009 |
Less than 12 months, Unrealized Losses | 22 | 1,597 |
12 months or longer, Fair Value | 564,012 | 508,041 |
12 months or longer, Unrealized Losses | 7,431 | 13,333 |
Residential Mortgage-Backed Securities, Non-agency [Member] | ||
Schedule of Investments [Line Items] | ||
Less than 12 months, Fair Value | 0 | 0 |
Less than 12 months, Unrealized Losses | 0 | 0 |
12 months or longer, Fair Value | 0 | 0 |
12 months or longer, Unrealized Losses | 0 | 0 |
Commercial Mortgage-Backed Securities [Member] | ||
Schedule of Investments [Line Items] | ||
Less than 12 months, Fair Value | 44,978 | 107,443 |
Less than 12 months, Unrealized Losses | 51 | 1,124 |
12 months or longer, Fair Value | 317,211 | 294,129 |
12 months or longer, Unrealized Losses | 2,707 | 5,906 |
Asset-Backed Securities [Member] | ||
Schedule of Investments [Line Items] | ||
Less than 12 months, Fair Value | 256,733 | 151,427 |
Less than 12 months, Unrealized Losses | 1,763 | 939 |
12 months or longer, Fair Value | 7,480 | 0 |
12 months or longer, Unrealized Losses | 58 | 0 |
Trust Preferred Collateralized Debt Obligations [Member] | ||
Schedule of Investments [Line Items] | ||
Less than 12 months, Fair Value | 0 | 0 |
Less than 12 months, Unrealized Losses | 0 | 0 |
12 months or longer, Fair Value | 2,250 | 2,150 |
12 months or longer, Unrealized Losses | 250 | 350 |
Single Issue Trust Preferred Securities [Member] | ||
Schedule of Investments [Line Items] | ||
Less than 12 months, Fair Value | 0 | 0 |
Less than 12 months, Unrealized Losses | 0 | 0 |
12 months or longer, Fair Value | 13,634 | 5,163 |
12 months or longer, Unrealized Losses | 1,506 | 561 |
Corporate Bonds [Member] | ||
Schedule of Investments [Line Items] | ||
Less than 12 months, Fair Value | 23,404 | 129,709 |
Less than 12 months, Unrealized Losses | 68 | 1,233 |
12 months or longer, Fair Value | 11,949 | 6,879 |
12 months or longer, Unrealized Losses | $ 34 | $ 116 |
Investment Securities - Summa_3
Investment Securities - Summary of Gains or Losses on Proceeds from Maturities, Sales and Calls of Available for Sale Securities by Specific Identification Method (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Investments, Debt and Equity Securities [Abstract] | ||
Proceeds from maturities, sales and calls | $ 196,331 | $ 99,703 |
Gross realized gains | 15 | 1,163 |
Gross realized losses | $ 364 | $ 1,312 |
Investment Securities - Additio
Investment Securities - Additional Information (Detail) $ in Thousands | Mar. 31, 2019USD ($)Securities | Dec. 31, 2018USD ($) |
Schedule of Investments [Line Items] | ||
Gross unrealized losses on available for sale securities | $ 15,560 | $ 29,710 |
Available for sale securities in unrealized loss position | Securities | 456 | |
Available for sale securities in portfolio, number | Securities | 842 | |
Amortized cost of available for sale securities | $ 2,386,010 | 2,360,884 |
Capitalization of banks, equal to or greater than, in the single-issue trust preferred portfolio | 10,000,000 | |
Equity securities at estimated fair value | 9,921 | 9,734 |
Carrying value of securities pledged | 1,697,239 | 1,887,176 |
Investment Grade [Member] | ||
Schedule of Investments [Line Items] | ||
Amortized cost of available for sale single issue trust preferred securities | 4,033 | |
Below Investment Grade [Member] | ||
Schedule of Investments [Line Items] | ||
Amortized cost of available for sale single issue trust preferred securities | 2,479 | |
Split Rated Bonds Investment Grade [Member] | ||
Schedule of Investments [Line Items] | ||
Amortized cost of available for sale single issue trust preferred securities | 5,934 | |
Unrated Bonds Investment Grade [Member] | ||
Schedule of Investments [Line Items] | ||
Amortized cost of available for sale single issue trust preferred securities | 5,727 | |
State and Political Subdivisions [Member] | ||
Schedule of Investments [Line Items] | ||
Gross unrealized losses on available for sale securities | 1,585 | 4,121 |
Amortized cost of available for sale securities | $ 194,595 | 212,670 |
Percent of portfolio with credit support | 78.00% | |
Agency Mortgage Backed Securities [Member] | ||
Schedule of Investments [Line Items] | ||
Amortized cost of available for sale securities | $ 1,551,078 | |
Commercial Mortgage-Backed Securities [Member] | ||
Schedule of Investments [Line Items] | ||
Gross unrealized losses on available for sale securities | 2,758 | 7,030 |
Amortized cost of available for sale securities | 579,896 | 560,634 |
Residential Mortgage-Backed Securities [Member] | ||
Schedule of Investments [Line Items] | ||
Gross unrealized losses on available for sale securities | 7,453 | 14,930 |
Amortized cost of available for sale securities | 971,182 | 1,047,345 |
Residential Mortgage-Backed Securities, Non-agency [Member] | ||
Schedule of Investments [Line Items] | ||
Gross unrealized losses on available for sale securities | 0 | 0 |
Amortized cost of available for sale securities | 3,782 | 3,927 |
Residential Mortgage-Backed Securities, Non-agency [Member] | Investment Grade [Member] | ||
Schedule of Investments [Line Items] | ||
Amortized cost of available for sale securities | 45 | |
Residential Mortgage-Backed Securities, Non-agency [Member] | Below Investment Grade [Member] | ||
Schedule of Investments [Line Items] | ||
Amortized cost of available for sale securities | 3,737 | |
Trust Preferred Collateralized Debt Obligations [Member] | ||
Schedule of Investments [Line Items] | ||
Gross unrealized losses on available for sale securities | 250 | 350 |
Amortized cost of available for sale securities | 6,176 | 6,176 |
Corporate Bonds [Member] | ||
Schedule of Investments [Line Items] | ||
Gross unrealized losses on available for sale securities | 102 | 1,349 |
Amortized cost of available for sale securities | $ 266,385 | $ 162,634 |
Corporate Bonds [Member] | Investment Grade [Member] | ||
Schedule of Investments [Line Items] | ||
Percent of corporate securities portfolio | 92.00% | |
Corporate Bonds [Member] | Below Investment Grade [Member] | ||
Schedule of Investments [Line Items] | ||
Percent of corporate securities portfolio | 8.00% |
Investment Securities - Roll Fo
Investment Securities - Roll Forward of Credit Losses on Securities (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Investments, Debt and Equity Securities [Abstract] | ||
Cumulative credit losses, Beginning Balance | $ 3,138 | $ 18,060 |
Additional credit losses on securities for which OTTI was previously recognized | 0 | 0 |
Reductions for securities sold or paid off during the period | 0 | (14,861) |
Cumulative credit losses, Ending Balance | $ 3,138 | $ 3,199 |
Investment Securities - Summa_4
Investment Securities - Summary of Maturities of Securities Available for Sale by Amortized Cost and Estimated Fair Value (Detail) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 |
Investments, Debt and Equity Securities [Abstract] | ||
Due in one year or less, Amortized Cost | $ 112,605 | $ 77,534 |
Due after one year through five years, Amortized Cost | 582,295 | 518,975 |
Due after five years through ten years, Amortized Cost | 513,457 | 483,567 |
Due after ten years, Amortized Cost | 1,177,653 | 1,280,808 |
Amortized Cost | 2,386,010 | 2,360,884 |
Due in one year or less, Estimated Fair Value | 112,304 | 77,266 |
Due after one year through five years, Estimated Fair Value | 583,701 | 514,734 |
Due after five years through ten years, Estimated Fair Value | 512,919 | 477,135 |
Due after ten years, Estimated Fair Value | 1,175,131 | 1,267,904 |
Total available for sale securities | $ 2,384,055 | $ 2,337,039 |
Investment Securities - Summa_5
Investment Securities - Summary of Amortized Cost and Estimated Fair Values of Securities Held to Maturity (Detail) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 |
Schedule of Investments [Line Items] | ||
Amortized Cost | $ 8,491 | $ 19,999 |
Gross Unrealized Gains | 58 | 99 |
Gross Unrealized Losses | 0 | 1,443 |
Estimated Fair Value | 8,549 | 18,655 |
U.S. Treasury Securities and Obligations of U.S. Government Corporations and Agencies [Member] | ||
Schedule of Investments [Line Items] | ||
Amortized Cost | 5,045 | 5,074 |
Gross Unrealized Gains | 58 | 90 |
Gross Unrealized Losses | 0 | 0 |
Estimated Fair Value | 5,103 | 5,164 |
State and Political Subdivisions [Member] | ||
Schedule of Investments [Line Items] | ||
Amortized Cost | 3,426 | 5,473 |
Gross Unrealized Gains | 0 | 7 |
Gross Unrealized Losses | 0 | 1 |
Estimated Fair Value | 3,426 | 5,479 |
Residential Mortgage-Backed Securities [Member] | ||
Schedule of Investments [Line Items] | ||
Amortized Cost | 0 | 20 |
Gross Unrealized Gains | 0 | 2 |
Gross Unrealized Losses | 0 | 0 |
Estimated Fair Value | 0 | 22 |
Single Issue Trust Preferred Securities [Member] | ||
Schedule of Investments [Line Items] | ||
Amortized Cost | 0 | 9,412 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | 0 | 1,442 |
Estimated Fair Value | 0 | 7,970 |
Corporate Bonds [Member] | ||
Schedule of Investments [Line Items] | ||
Amortized Cost | 20 | 20 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | 0 | 0 |
Estimated Fair Value | $ 20 | $ 20 |
Investment Securities - Summa_6
Investment Securities - Summary of Maturities of Debt Securities Held to Maturity by Amortized Cost and Estimated Fair Value (Detail) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 |
Investments, Debt and Equity Securities [Abstract] | ||
Due in one year or less, Amortized Cost | $ 7,255 | $ 7,913 |
Due after one year through five years, Amortized Cost | 216 | 1,059 |
Due after five years through ten years, Amortized Cost | 0 | 8,030 |
Due after ten years, Amortized Cost | 1,020 | 2,997 |
Amortized Cost | 8,491 | 19,999 |
Due in one year or less, Estimated Fair Value | 7,312 | 8,005 |
Due after one year through five years, Estimated Fair Value | 217 | 1,061 |
Due after five years through ten year, Estimated Fair Value | 0 | 7,134 |
Due after ten years, Estimated Fair Value | 1,020 | 2,455 |
Estimated Fair Value, Total | $ 8,549 | $ 18,655 |
Investment Securities - Summa_7
Investment Securities - Summary of Equity Securities (Detail) - Marketable Equity Securities [Member] - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Debt Securities, Available-for-sale [Line Items] | ||
Net losses recognized during the period | $ 189 | $ (36) |
Net losses recognized during the period on equity securities sold | 132 | 2 |
Unrealized gains recognized during the period on equity securities still held at period end | 58 | 39 |
Unrealized losses recognized during the period on equity securities still held at period end | $ 1 | $ 77 |
Loans - Major Classes of Loans
Loans - Major Classes of Loans (Detail) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 |
Commercial, financial, and agricultural | ||
Total commercial, financial & agricultural | $ 7,538,435 | $ 7,553,044 |
Residential real estate | 3,550,037 | 3,501,393 |
Construction & land development | 1,487,453 | 1,410,468 |
Consumer: | ||
Bankcard | 9,247 | 10,203 |
Other consumer | 993,046 | 954,424 |
Total Financing Receivables | 13,578,218 | 13,429,532 |
Owner-Occupied Commercial Real Estate [Member] | ||
Commercial, financial, and agricultural | ||
Total commercial, financial & agricultural | 1,275,340 | 1,291,790 |
Nonowner-Occupied Commercial Real Estate [Member] | ||
Commercial, financial, and agricultural | ||
Total commercial, financial & agricultural | 4,266,613 | 4,303,613 |
Other Commercial Loans [Member] | ||
Commercial, financial, and agricultural | ||
Total commercial, financial & agricultural | $ 1,996,482 | $ 1,957,641 |
Loans - Additional Information
Loans - Additional Information (Detail) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 |
Loans held for sale | $ 245,763 | $ 249,846 |
Acquired impaired loans from merger | $ 13,578,218 | $ 13,429,532 |
Percentage of acquired impaired loans from merger on total gross loans | 1.06% | 1.12% |
Recorded investment in acquired impaired loans | $ 186,540 | $ 195,706 |
Directors and Officers [Member] | ||
Related party loans | 90,485 | 93,282 |
Loans Acquired with Deteriorated Credit Quality [Member] | ||
Acquired impaired loans from merger | $ 144,391 | $ 149,737 |
Loans - Activity for Accretable
Loans - Activity for Accretable Yield (Detail) $ in Thousands | 3 Months Ended |
Mar. 31, 2019USD ($) | |
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Accretable Yield Movement Schedule [Roll Forward] | |
Accretable yield at the beginning of the period | $ 26,289 |
Accretion (including cash recoveries) | (3,052) |
Additions | 0 |
Net reclassifications to accretable from non-accretable | 4,223 |
Disposals (including maturities, foreclosures, and charge-offs) | (1,471) |
Accretable yield at the end of the period | $ 25,989 |
Credit Quality - Additional Inf
Credit Quality - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended |
Mar. 31, 2019 | Dec. 31, 2018 | |
Minimum days for discontinue of accrual interest on commercial and consumer loan | 90 days | |
Maximum days for discontinue of accrual interest on commercial and consumer loan | 120 days | |
Troubled debt restructuring | $ 56,778 | $ 59,425 |
Restructured loans on nonaccrual status | 56,778 | 48,899 |
Restructured loans modified by reduction in interest | 1,846 | |
Restructured loan and interest | 1,809 | |
Restructured loans modified by change in terms | $ 53,123 | |
Minimum number of days required for special mention | 30 days | |
Maximum number of days required for special mention | 89 days | |
Number of days required for substandard | 90 days | |
OREO | $ 17,465 | 16,865 |
Recorded investment of consumer mortgage loans | 263 | 520 |
Restructured Loans Modified By Reduction InInterest Rate Amount During Period | 265 | |
Restructured Loans Modified By Change In Terms Amount During Period | 409 | |
Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | ||
Restructured loans on nonaccrual status | $ 690 | |
Financing Receivables 30 To 89 Days Past Due [Member] | ||
Restructured loans on nonaccrual status | $ 265 |
Credit Quality - Schedule of Tr
Credit Quality - Schedule of Troubled Debt Restructurings, Segregated by Class of Loans (Detail) $ in Thousands | 3 Months Ended |
Mar. 31, 2019USD ($)Contract | |
Financing Receivable, Modifications [Line Items] | |
Number of Contracts | Contract | 2 |
Pre-Modification Outstanding Recorded Investment | $ 678 |
Post-Modification Outstanding Recorded Investment | $ 674 |
Construction & Land Development [Member] | |
Financing Receivable, Modifications [Line Items] | |
Number of Contracts | Contract | 0 |
Pre-Modification Outstanding Recorded Investment | $ 0 |
Post-Modification Outstanding Recorded Investment | $ 0 |
Commercial Real Estate [Member] | Owner-Occupied [Member] | |
Financing Receivable, Modifications [Line Items] | |
Number of Contracts | Contract | 0 |
Pre-Modification Outstanding Recorded Investment | $ 0 |
Post-Modification Outstanding Recorded Investment | $ 0 |
Commercial Real Estate [Member] | Nonowner-Occupied [Member] | |
Financing Receivable, Modifications [Line Items] | |
Number of Contracts | Contract | 0 |
Pre-Modification Outstanding Recorded Investment | $ 0 |
Post-Modification Outstanding Recorded Investment | $ 0 |
Other Commercial [Member] | |
Financing Receivable, Modifications [Line Items] | |
Number of Contracts | Contract | 1 |
Pre-Modification Outstanding Recorded Investment | $ 265 |
Post-Modification Outstanding Recorded Investment | $ 265 |
Residential Real Estate [Member] | |
Financing Receivable, Modifications [Line Items] | |
Number of Contracts | Contract | 1 |
Pre-Modification Outstanding Recorded Investment | $ 413 |
Post-Modification Outstanding Recorded Investment | $ 409 |
Consumer [Member] | Bankcard [Member] | |
Financing Receivable, Modifications [Line Items] | |
Number of Contracts | Contract | 0 |
Pre-Modification Outstanding Recorded Investment | $ 0 |
Post-Modification Outstanding Recorded Investment | $ 0 |
Consumer [Member] | Other Consumer [Member] | |
Financing Receivable, Modifications [Line Items] | |
Number of Contracts | Contract | 0 |
Pre-Modification Outstanding Recorded Investment | $ 0 |
Post-Modification Outstanding Recorded Investment | $ 0 |
Credit Quality - Schedule of Ag
Credit Quality - Schedule of Age Analysis of its Past Due Loans, Segregated by Class of Loans (Detail) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans, 30-89 Days Past Due | $ 81,709 | $ 94,027 |
Loans, Total Past Due | 208,407 | 227,011 |
Loans, Current & Other | 13,369,811 | 13,202,521 |
Total Financing Receivables | 13,578,218 | 13,429,532 |
Loans, Recorded Investment >90 Days & Accruing | 15,837 | 15,541 |
Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans, Total Past Due | 126,698 | 132,984 |
Construction & Land Development [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans, 30-89 Days Past Due | 5,986 | 8,462 |
Loans, Total Past Due | 23,359 | 27,874 |
Loans, Current & Other | 1,464,094 | 1,382,594 |
Total Financing Receivables | 1,487,453 | 1,410,468 |
Loans, Recorded Investment >90 Days & Accruing | 861 | 680 |
Construction & Land Development [Member] | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans, Total Past Due | 17,373 | 19,412 |
Commercial Real Estate [Member] | Owner-Occupied [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans, 30-89 Days Past Due | 8,246 | 9,224 |
Loans, Total Past Due | 24,723 | 26,966 |
Loans, Current & Other | 1,250,617 | 1,264,824 |
Total Financing Receivables | 1,275,340 | 1,291,790 |
Loans, Recorded Investment >90 Days & Accruing | 0 | 629 |
Commercial Real Estate [Member] | Owner-Occupied [Member] | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans, Total Past Due | 16,477 | 17,742 |
Commercial Real Estate [Member] | Nonowner-Occupied [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans, 30-89 Days Past Due | 16,642 | 16,108 |
Loans, Total Past Due | 36,715 | 34,200 |
Loans, Current & Other | 4,229,898 | 4,269,413 |
Total Financing Receivables | 4,266,613 | 4,303,613 |
Loans, Recorded Investment >90 Days & Accruing | 3,433 | 1,171 |
Commercial Real Estate [Member] | Nonowner-Occupied [Member] | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans, Total Past Due | 20,073 | 18,092 |
Other Commercial [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans, 30-89 Days Past Due | 5,292 | 13,556 |
Loans, Total Past Due | 49,759 | 59,596 |
Loans, Current & Other | 1,946,723 | 1,898,045 |
Total Financing Receivables | 1,996,482 | 1,957,641 |
Loans, Recorded Investment >90 Days & Accruing | 1,238 | 2,850 |
Other Commercial [Member] | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans, 30-89 Days Past Due | 44,467 | |
Loans, Total Past Due | 46,040 | |
Residential Real Estate [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans, 30-89 Days Past Due | 38,179 | 37,111 |
Loans, Total Past Due | 65,568 | 67,389 |
Loans, Current & Other | 3,484,469 | 3,434,004 |
Total Financing Receivables | 3,550,037 | 3,501,393 |
Loans, Recorded Investment >90 Days & Accruing | 9,735 | 9,141 |
Residential Real Estate [Member] | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans, Total Past Due | 27,389 | 30,278 |
Consumer [Member] | Bankcard [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans, 30-89 Days Past Due | 377 | 657 |
Loans, Total Past Due | 495 | 834 |
Loans, Current & Other | 8,752 | 9,369 |
Total Financing Receivables | 9,247 | 10,203 |
Loans, Recorded Investment >90 Days & Accruing | 118 | 177 |
Consumer [Member] | Bankcard [Member] | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans, Total Past Due | 118 | 177 |
Consumer [Member] | Other Consumer [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans, 30-89 Days Past Due | 6,987 | 8,909 |
Loans, Total Past Due | 7,788 | 10,152 |
Loans, Current & Other | 985,258 | 944,272 |
Total Financing Receivables | 993,046 | 954,424 |
Loans, Recorded Investment >90 Days & Accruing | 452 | 893 |
Consumer [Member] | Other Consumer [Member] | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans, Total Past Due | $ 801 | $ 1,243 |
Credit Quality - Schedule of _2
Credit Quality - Schedule of Age Analysis of its Past Due Loans, Segregated by Class of Loans (Parenthetical) (Detail) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Acquired impaired loans from merger | $ 13,578,218 | $ 13,429,532 |
Loans Acquired with Deteriorated Credit Quality [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Acquired impaired loans from merger | 144,391 | 149,737 |
Loans Acquired with Deteriorated Credit Quality [Member] | Loans and Debt Securities Acquired with Deteriorated Credit Quality [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Acquired impaired loans from merger | $ 144,391 | $ 149,737 |
Credit Quality - Schedule of No
Credit Quality - Schedule of Nonaccrual Loans, Segregated by Class of Loans (Detail) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans on Nonaccrual Status | $ 110,861 | $ 117,443 |
Construction & Land Development [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans on Nonaccrual Status | 16,512 | 18,732 |
Commercial Real Estate [Member] | Owner-Occupied [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans on Nonaccrual Status | 16,477 | 17,113 |
Commercial Real Estate [Member] | Nonowner-Occupied [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans on Nonaccrual Status | 16,640 | 16,921 |
Other Commercial [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans on Nonaccrual Status | 43,229 | 43,190 |
Residential Real Estate [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans on Nonaccrual Status | 17,654 | 21,137 |
Consumer [Member] | Bankcard [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans on Nonaccrual Status | 0 | 0 |
Consumer [Member] | Other Consumer [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans on Nonaccrual Status | $ 349 | $ 350 |
Credit Quality - Schedule of Cr
Credit Quality - Schedule of Credit Quality Indicators Information, by Class of Loans (Detail) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 |
Financing Receivable, Recorded Investment [Line Items] | ||
Financing receivable, credit quality indicators information | $ 13,578,218 | $ 13,429,532 |
Residential Real Estate [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing receivable, credit quality indicators information | 3,550,037 | 3,501,393 |
Other Commercial [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing receivable, credit quality indicators information | 1,996,482 | 1,957,641 |
Bankcard [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing receivable, credit quality indicators information | 9,247 | 10,203 |
Other Consumer [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing receivable, credit quality indicators information | 993,046 | 954,424 |
Owner-Occupied [Member] | Commercial Real Estate [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing receivable, credit quality indicators information | 1,275,340 | 1,291,790 |
Nonowner-Occupied [Member] | Commercial Real Estate [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing receivable, credit quality indicators information | 4,266,613 | 4,303,613 |
Construction & Land Development [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing receivable, credit quality indicators information | 1,487,453 | 1,410,468 |
Pass [Member] | Residential Real Estate [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing receivable, credit quality indicators information | 3,492,494 | 3,436,584 |
Pass [Member] | Other Commercial [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing receivable, credit quality indicators information | 1,899,853 | 1,858,821 |
Pass [Member] | Bankcard [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing receivable, credit quality indicators information | 8,752 | 9,369 |
Pass [Member] | Other Consumer [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing receivable, credit quality indicators information | 985,222 | 944,241 |
Pass [Member] | Owner-Occupied [Member] | Commercial Real Estate [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing receivable, credit quality indicators information | 1,186,841 | 1,201,387 |
Pass [Member] | Nonowner-Occupied [Member] | Commercial Real Estate [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing receivable, credit quality indicators information | 4,143,459 | 4,161,149 |
Pass [Member] | Construction & Land Development [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing receivable, credit quality indicators information | 1,408,268 | 1,330,899 |
Special Mention [Member] | Residential Real Estate [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing receivable, credit quality indicators information | 12,234 | 19,051 |
Special Mention [Member] | Other Commercial [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing receivable, credit quality indicators information | 18,688 | 14,424 |
Special Mention [Member] | Bankcard [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing receivable, credit quality indicators information | 377 | 657 |
Special Mention [Member] | Other Consumer [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing receivable, credit quality indicators information | 6,993 | 8,914 |
Special Mention [Member] | Owner-Occupied [Member] | Commercial Real Estate [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing receivable, credit quality indicators information | 35,025 | 34,487 |
Special Mention [Member] | Nonowner-Occupied [Member] | Commercial Real Estate [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing receivable, credit quality indicators information | 37,068 | 46,442 |
Special Mention [Member] | Construction & Land Development [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing receivable, credit quality indicators information | 6,350 | 28,629 |
Substandard [Member] | Residential Real Estate [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing receivable, credit quality indicators information | 45,309 | 45,758 |
Substandard [Member] | Other Commercial [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing receivable, credit quality indicators information | 77,130 | 81,946 |
Substandard [Member] | Bankcard [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing receivable, credit quality indicators information | 118 | 177 |
Substandard [Member] | Other Consumer [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing receivable, credit quality indicators information | 831 | 1,269 |
Substandard [Member] | Owner-Occupied [Member] | Commercial Real Estate [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing receivable, credit quality indicators information | 53,474 | 55,916 |
Substandard [Member] | Nonowner-Occupied [Member] | Commercial Real Estate [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing receivable, credit quality indicators information | 86,086 | 96,022 |
Substandard [Member] | Construction & Land Development [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing receivable, credit quality indicators information | 72,835 | 50,940 |
Doubtful [Member] | Residential Real Estate [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing receivable, credit quality indicators information | 0 | 0 |
Doubtful [Member] | Other Commercial [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing receivable, credit quality indicators information | 811 | 2,450 |
Doubtful [Member] | Bankcard [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing receivable, credit quality indicators information | 0 | 0 |
Doubtful [Member] | Other Consumer [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing receivable, credit quality indicators information | 0 | 0 |
Doubtful [Member] | Owner-Occupied [Member] | Commercial Real Estate [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing receivable, credit quality indicators information | 0 | 0 |
Doubtful [Member] | Nonowner-Occupied [Member] | Commercial Real Estate [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing receivable, credit quality indicators information | 0 | 0 |
Doubtful [Member] | Construction & Land Development [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing receivable, credit quality indicators information | $ 0 | $ 0 |
Credit Quality - Schedule of Im
Credit Quality - Schedule of Impaired Loans Information by Class of Loans (Detail) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2019 | Mar. 31, 2018 | Dec. 31, 2018 | |
Construction & Land Development [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Impaired Loans, Recorded Investment, With no related allowance recorded | $ 36,440 | $ 37,174 | |
Impaired Loans, Unpaid Principal Balance, With no related allowance recorded | 40,249 | 40,459 | |
Impaired Loans, Recorded Investment, With an allowance recorded | 14,740 | 14,742 | |
Impaired Loans, Unpaid Principal Balance, With an allowance recorded | 19,444 | 19,446 | |
Impaired Loans, Related Allowance | 2,225 | 2,254 | |
Impaired Loans, Recorded Investment | 51,180 | 51,916 | |
Impaired Loans, Unpaid Principal Balance | 59,693 | 59,905 | |
Impaired Loans, Related Allowance | 2,225 | 2,254 | |
Impaired Loans, Average Recorded Investment, With no related allowance recorded | 36,807 | $ 50,300 | |
Impaired Loans, Interest Income Recognized, With no related allowance recorded | 217 | 103 | |
Impaired Loans, Average Recorded Investment, With an allowance recorded | 14,741 | 1,699 | |
Impaired Loans, Interest Income Recognized, With an allowance recorded | 20 | 20 | |
Impaired Loans, Average Recorded Investment | 51,548 | 51,999 | |
Impaired Loans, Interest Income Recognized | 237 | 123 | |
Commercial Real Estate [Member] | Owner-Occupied [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Impaired Loans, Recorded Investment, With no related allowance recorded | 68,153 | 63,633 | |
Impaired Loans, Unpaid Principal Balance, With no related allowance recorded | 69,637 | 63,798 | |
Impaired Loans, Recorded Investment, With an allowance recorded | 5,482 | 10,004 | |
Impaired Loans, Unpaid Principal Balance, With an allowance recorded | 5,482 | 10,004 | |
Impaired Loans, Related Allowance | 1,485 | 2,542 | |
Impaired Loans, Recorded Investment | 73,635 | 73,637 | |
Impaired Loans, Unpaid Principal Balance | 75,119 | 73,802 | |
Impaired Loans, Related Allowance | 1,485 | 2,542 | |
Impaired Loans, Average Recorded Investment, With no related allowance recorded | 65,893 | 76,947 | |
Impaired Loans, Interest Income Recognized, With no related allowance recorded | 363 | 377 | |
Impaired Loans, Average Recorded Investment, With an allowance recorded | 7,743 | 7,502 | |
Impaired Loans, Interest Income Recognized, With an allowance recorded | 6 | 25 | |
Impaired Loans, Average Recorded Investment | 73,636 | 84,449 | |
Impaired Loans, Interest Income Recognized | 369 | 402 | |
Commercial Real Estate [Member] | Nonowner-Occupied [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Impaired Loans, Recorded Investment, With no related allowance recorded | 86,515 | 98,845 | |
Impaired Loans, Unpaid Principal Balance, With no related allowance recorded | 86,574 | 98,904 | |
Impaired Loans, Recorded Investment, With an allowance recorded | 14,050 | 15,720 | |
Impaired Loans, Unpaid Principal Balance, With an allowance recorded | 14,050 | 15,720 | |
Impaired Loans, Related Allowance | 2,571 | 2,715 | |
Impaired Loans, Recorded Investment | 100,565 | 114,565 | |
Impaired Loans, Unpaid Principal Balance | 100,624 | 114,624 | |
Impaired Loans, Related Allowance | 2,571 | 2,715 | |
Impaired Loans, Average Recorded Investment, With no related allowance recorded | 92,680 | 125,863 | |
Impaired Loans, Interest Income Recognized, With no related allowance recorded | 250 | 120 | |
Impaired Loans, Average Recorded Investment, With an allowance recorded | 14,885 | 8,170 | |
Impaired Loans, Interest Income Recognized, With an allowance recorded | 91 | 59 | |
Impaired Loans, Average Recorded Investment | 107,565 | 134,033 | |
Impaired Loans, Interest Income Recognized | 341 | 179 | |
Other Commercial [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Impaired Loans, Recorded Investment, With no related allowance recorded | 42,198 | 40,291 | |
Impaired Loans, Unpaid Principal Balance, With no related allowance recorded | 44,656 | 50,459 | |
Impaired Loans, Recorded Investment, With an allowance recorded | 48,117 | 61,266 | |
Impaired Loans, Unpaid Principal Balance, With an allowance recorded | 50,327 | 62,812 | |
Impaired Loans, Related Allowance | 14,699 | 17,581 | |
Impaired Loans, Recorded Investment | 90,315 | 101,557 | |
Impaired Loans, Unpaid Principal Balance | 94,983 | 113,271 | |
Impaired Loans, Related Allowance | 14,699 | 17,581 | |
Impaired Loans, Average Recorded Investment, With no related allowance recorded | 41,244 | 49,693 | |
Impaired Loans, Interest Income Recognized, With no related allowance recorded | 139 | 206 | |
Impaired Loans, Average Recorded Investment, With an allowance recorded | 54,692 | 54,297 | |
Impaired Loans, Interest Income Recognized, With an allowance recorded | 153 | 19 | |
Impaired Loans, Average Recorded Investment | 95,936 | 103,990 | |
Impaired Loans, Interest Income Recognized | 292 | 225 | |
Residential Real Estate [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Impaired Loans, Recorded Investment, With no related allowance recorded | 29,603 | 28,207 | |
Impaired Loans, Unpaid Principal Balance, With no related allowance recorded | 29,712 | 29,279 | |
Impaired Loans, Recorded Investment, With an allowance recorded | 16,889 | 19,623 | |
Impaired Loans, Unpaid Principal Balance, With an allowance recorded | 19,440 | 22,064 | |
Impaired Loans, Related Allowance | 3,694 | 3,265 | |
Impaired Loans, Recorded Investment | 46,492 | 47,830 | |
Impaired Loans, Unpaid Principal Balance | 49,152 | 51,343 | |
Impaired Loans, Related Allowance | 3,694 | 3,265 | |
Impaired Loans, Average Recorded Investment, With no related allowance recorded | 28,905 | 25,437 | |
Impaired Loans, Interest Income Recognized, With no related allowance recorded | 182 | 83 | |
Impaired Loans, Average Recorded Investment, With an allowance recorded | 18,256 | 10,850 | |
Impaired Loans, Interest Income Recognized, With an allowance recorded | 92 | 0 | |
Impaired Loans, Average Recorded Investment | 47,161 | 36,287 | |
Impaired Loans, Interest Income Recognized | 274 | 83 | |
Consumer [Member] | Bankcard [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Impaired Loans, Recorded Investment, With no related allowance recorded | 0 | 0 | |
Impaired Loans, Unpaid Principal Balance, With no related allowance recorded | 0 | 0 | |
Impaired Loans, Recorded Investment, With an allowance recorded | 0 | 0 | |
Impaired Loans, Unpaid Principal Balance, With an allowance recorded | 0 | 0 | |
Impaired Loans, Related Allowance | 0 | 0 | |
Impaired Loans, Recorded Investment | 0 | 0 | |
Impaired Loans, Unpaid Principal Balance | 0 | 0 | |
Impaired Loans, Related Allowance | 0 | 0 | |
Impaired Loans, Average Recorded Investment, With no related allowance recorded | 0 | 0 | |
Impaired Loans, Interest Income Recognized, With no related allowance recorded | 0 | 0 | |
Impaired Loans, Average Recorded Investment, With an allowance recorded | 0 | 0 | |
Impaired Loans, Interest Income Recognized, With an allowance recorded | 0 | 0 | |
Impaired Loans, Average Recorded Investment | 0 | 0 | |
Impaired Loans, Interest Income Recognized | 0 | 0 | |
Consumer [Member] | Other Consumer [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Impaired Loans, Recorded Investment, With no related allowance recorded | 27 | 27 | |
Impaired Loans, Unpaid Principal Balance, With no related allowance recorded | 27 | 27 | |
Impaired Loans, Recorded Investment, With an allowance recorded | 0 | 0 | |
Impaired Loans, Unpaid Principal Balance, With an allowance recorded | 0 | 0 | |
Impaired Loans, Related Allowance | 0 | 0 | |
Impaired Loans, Recorded Investment | 27 | 27 | |
Impaired Loans, Unpaid Principal Balance | 27 | 27 | |
Impaired Loans, Related Allowance | 0 | $ 0 | |
Impaired Loans, Average Recorded Investment, With no related allowance recorded | 27 | 28 | |
Impaired Loans, Interest Income Recognized, With no related allowance recorded | 0 | 0 | |
Impaired Loans, Average Recorded Investment, With an allowance recorded | 0 | 0 | |
Impaired Loans, Interest Income Recognized, With an allowance recorded | 0 | 0 | |
Impaired Loans, Average Recorded Investment | 27 | 28 | |
Impaired Loans, Interest Income Recognized | $ 0 | $ 0 |
Allowance for Credit Losses - A
Allowance for Credit Losses - Additional Information (Detail) - USD ($) | 3 Months Ended | ||
Mar. 31, 2019 | Mar. 31, 2018 | Dec. 31, 2018 | |
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Specific loss allocations are calculated for commercial loans in excess | $ 500,000 | ||
Number of days for collecting principal or interest on consumer loans | 90 days | ||
Minimum collection period for home equity loan or high loan to value loan | 180 days | ||
Retail credits amount deemed unrecoverable charged-off period | 60 days | ||
Retail credits charged off period after discovery of the fraud | 90 days | ||
provision for loan losses related to loans acquired | $ 1,637,000 | $ 1,279,000 | |
Reserve for lending-related commitments | $ 1,461,000 | $ 1,389,000 | |
Closed-End Retail Loans [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Number of days delinquent from contractual due date | 120 days | ||
Open-End Loans [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Number of days delinquent from contractual due date | 180 days |
Allowance for Credit Losses - S
Allowance for Credit Losses - Schedule of Allowance for Loan Losses and Carrying Amount of Loans (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended |
Mar. 31, 2019 | Dec. 31, 2018 | |
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Allowance for Loan Losses Beginning balance | $ 76,703 | $ 76,627 |
Charge-offs | 6,414 | 28,606 |
Recoveries | 1,601 | 6,669 |
Provision | 4,996 | 22,013 |
Allowance for Loan Losses Ending balance | 76,886 | 76,703 |
Allowance for Loan Losses, individually evaluated for impairment | 24,674 | 28,358 |
Allowance for Loan Losses, collectively evaluated for impairment | 52,212 | 48,345 |
Financing receivables | 13,578,218 | 13,429,532 |
Financing receivables, individually evaluated for impairment | 147,666 | 161,935 |
Financing receivables, collectively evaluated for impairment | 13,286,161 | 13,117,860 |
Loans Acquired with Deteriorated Credit Quality [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Allowance for Loan Losses | 0 | 0 |
Financing receivables | 144,391 | 149,737 |
Construction & Land Development [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Allowance for Loan Losses Beginning balance | 7,992 | 7,187 |
Charge-offs | 565 | 2,731 |
Recoveries | 113 | 197 |
Provision | (354) | 3,339 |
Allowance for Loan Losses Ending balance | 7,186 | 7,992 |
Allowance for Loan Losses, individually evaluated for impairment | 2,225 | 2,254 |
Allowance for Loan Losses, collectively evaluated for impairment | 4,961 | 5,738 |
Financing receivables | 1,487,453 | 1,410,468 |
Financing receivables, individually evaluated for impairment | 14,740 | 14,807 |
Financing receivables, collectively evaluated for impairment | 1,452,865 | 1,374,840 |
Construction & Land Development [Member] | Loans Acquired with Deteriorated Credit Quality [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Allowance for Loan Losses | 0 | 0 |
Financing receivables | 19,848 | 20,821 |
Allowance for Estimated Imprecision [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Allowance for Loan Losses Beginning balance | 245 | 73 |
Charge-offs | 0 | 0 |
Recoveries | 0 | 0 |
Provision | 139 | 172 |
Allowance for Loan Losses Ending balance | 384 | 245 |
Allowance for Loan Losses, individually evaluated for impairment | 0 | 0 |
Allowance for Loan Losses, collectively evaluated for impairment | 384 | 245 |
Financing receivables | 0 | 0 |
Financing receivables, individually evaluated for impairment | 0 | 0 |
Financing receivables, collectively evaluated for impairment | 0 | 0 |
Allowance for Estimated Imprecision [Member] | Loans Acquired with Deteriorated Credit Quality [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Allowance for Loan Losses | 0 | 0 |
Financing receivables | 0 | 0 |
Commercial Real Estate [Member] | Owner-Occupied [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Allowance for Loan Losses Beginning balance | 5,063 | 5,401 |
Charge-offs | 3,737 | 3,225 |
Recoveries | 904 | 1,189 |
Provision | 3,934 | 1,698 |
Allowance for Loan Losses Ending balance | 6,164 | 5,063 |
Allowance for Loan Losses, individually evaluated for impairment | 1,485 | 2,543 |
Allowance for Loan Losses, collectively evaluated for impairment | 4,679 | 2,520 |
Financing receivables | 1,275,340 | 1,291,790 |
Financing receivables, individually evaluated for impairment | 26,820 | 27,599 |
Financing receivables, collectively evaluated for impairment | 1,219,621 | 1,234,919 |
Commercial Real Estate [Member] | Owner-Occupied [Member] | Loans Acquired with Deteriorated Credit Quality [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Allowance for Loan Losses | 0 | 0 |
Financing receivables | 28,899 | 29,272 |
Commercial Real Estate [Member] | Nonowner-Occupied [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Allowance for Loan Losses Beginning balance | 6,919 | 6,369 |
Charge-offs | 0 | 314 |
Recoveries | 19 | 563 |
Provision | (220) | 301 |
Allowance for Loan Losses Ending balance | 6,718 | 6,919 |
Allowance for Loan Losses, individually evaluated for impairment | 2,571 | 2,715 |
Allowance for Loan Losses, collectively evaluated for impairment | 4,147 | 4,204 |
Financing receivables | 4,266,613 | 4,303,613 |
Financing receivables, individually evaluated for impairment | 25,300 | 25,231 |
Financing receivables, collectively evaluated for impairment | 4,181,511 | 4,215,060 |
Commercial Real Estate [Member] | Nonowner-Occupied [Member] | Loans Acquired with Deteriorated Credit Quality [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Allowance for Loan Losses | 0 | 0 |
Financing receivables | 59,802 | 63,322 |
Other Commercial [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Allowance for Loan Losses Beginning balance | 41,341 | 45,189 |
Charge-offs | 934 | 16,424 |
Recoveries | 297 | 2,944 |
Provision | (40) | 9,632 |
Allowance for Loan Losses Ending balance | 40,664 | 41,341 |
Allowance for Loan Losses, individually evaluated for impairment | 14,699 | 17,581 |
Allowance for Loan Losses, collectively evaluated for impairment | 25,965 | 23,760 |
Financing receivables | 1,996,482 | 1,957,641 |
Financing receivables, individually evaluated for impairment | 60,451 | 72,300 |
Financing receivables, collectively evaluated for impairment | 1,911,199 | 1,860,085 |
Other Commercial [Member] | Loans Acquired with Deteriorated Credit Quality [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Allowance for Loan Losses | 0 | 0 |
Financing receivables | 24,832 | 25,256 |
Residential Real Estate [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Allowance for Loan Losses Beginning balance | 12,448 | 9,927 |
Charge-offs | 441 | 3,162 |
Recoveries | 85 | 1,114 |
Provision | 930 | 4,569 |
Allowance for Loan Losses Ending balance | 13,022 | 12,448 |
Allowance for Loan Losses, individually evaluated for impairment | 3,694 | 3,265 |
Allowance for Loan Losses, collectively evaluated for impairment | 9,328 | 9,183 |
Financing receivables | 3,550,037 | 3,501,393 |
Financing receivables, individually evaluated for impairment | 20,355 | 21,998 |
Financing receivables, collectively evaluated for impairment | 3,518,699 | 3,468,356 |
Residential Real Estate [Member] | Loans Acquired with Deteriorated Credit Quality [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Allowance for Loan Losses | 0 | 0 |
Financing receivables | 10,983 | 11,039 |
Consumer [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Allowance for Loan Losses Beginning balance | 2,695 | 2,481 |
Charge-offs | 737 | 2,750 |
Recoveries | 183 | 662 |
Provision | 607 | 2,302 |
Allowance for Loan Losses Ending balance | 2,748 | 2,695 |
Allowance for Loan Losses, individually evaluated for impairment | 0 | 0 |
Allowance for Loan Losses, collectively evaluated for impairment | 2,748 | 2,695 |
Financing receivables | 1,002,293 | 964,627 |
Financing receivables, individually evaluated for impairment | 0 | 0 |
Financing receivables, collectively evaluated for impairment | 1,002,266 | 964,600 |
Consumer [Member] | Loans Acquired with Deteriorated Credit Quality [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Allowance for Loan Losses | 0 | 0 |
Financing receivables | $ 27 | $ 27 |
Intangible Assets - Summary of
Intangible Assets - Summary of Intangible Assets (Detail) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 |
Finite-Lived Intangible Assets [Line Items] | ||
Goodwill not subject to amortization | $ 1,478,014 | $ 1,478,014 |
Core Deposit Intangible Assets [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 98,359 | 98,359 |
Accumulated Amortization | 64,246 | (62,492) |
George Mason Trade Name Intangible [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 1,080 | 1,080 |
Community Banking [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Goodwill not subject to amortization | 1,472,699 | 1,472,699 |
Community Banking [Member] | Core Deposit Intangible Assets [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 98,359 | 98,359 |
Accumulated Amortization | 64,246 | (62,492) |
Community Banking [Member] | George Mason Trade Name Intangible [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 0 | 0 |
Mortgage Banking [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Goodwill not subject to amortization | 5,315 | 5,315 |
Mortgage Banking [Member] | Core Deposit Intangible Assets [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 0 | 0 |
Accumulated Amortization | 0 | 0 |
Mortgage Banking [Member] | George Mason Trade Name Intangible [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | $ 1,080 | $ 1,080 |
Intangible Assets - Reconciliat
Intangible Assets - Reconciliation of Goodwill (Detail) $ in Thousands | 3 Months Ended |
Mar. 31, 2019USD ($) | |
Goodwill [Line Items] | |
Goodwill at December 31, 2018 | $ 1,478,014 |
Addition to goodwill | 0 |
Goodwill at March 31, 2019 | 1,478,014 |
Community Banking [Member] | |
Goodwill [Line Items] | |
Goodwill at December 31, 2018 | 1,472,699 |
Addition to goodwill | 0 |
Goodwill at March 31, 2019 | 1,472,699 |
Mortgage Banking [Member] | |
Goodwill [Line Items] | |
Goodwill at December 31, 2018 | 5,315 |
Addition to goodwill | 0 |
Goodwill at March 31, 2019 | $ 5,315 |
Intangible Assets - Additional
Intangible Assets - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Amortization Expense On Intangible Assets | $ 1,754 | $ 2,010 |
Intangible Assets - Schedule of
Intangible Assets - Schedule of Anticipated Amortization Expense (Detail) $ in Thousands | Mar. 31, 2019USD ($) |
Goodwill and Intangible Assets Disclosure [Abstract] | |
2019 | $ 7,016 |
2020 | 6,309 |
2021 | 5,369 |
2022 | 4,581 |
2023 and thereafter | $ 12,592 |
Leases - Additional Information
Leases - Additional Information (Detail) | Mar. 31, 2019 |
Operating lease remaining lease term | 5 years 1 month 6 days |
Operating leases, option to extend term | 0 days |
Maximum [Member] | |
Operating lease remaining lease term | 0 years |
Leases - Components of Lease Ex
Leases - Components of Lease Expense (Detail) $ in Thousands | 3 Months Ended |
Mar. 31, 2019USD ($) | |
Operating lease cost | $ 4,821 |
Sublease income | (276) |
Net lease cost | $ 4,545 |
Leases - Supplemental Balance S
Leases - Supplemental Balance Sheet Information Related to Leases (Detail) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 |
Operating lease right-of-use assets | $ 63,119 | $ 0 |
Operating lease liabilities | $ 66,871 | $ 0 |
Leases - Other Information Rela
Leases - Other Information Related to Leases (Detail) | Mar. 31, 2019 |
Weightedaverage remaining lease term [Abstract] | |
Operating leases | 5 years 1 month 6 days |
Weightedaverage discount rate [Abstract] | |
Operating leases | 3.29% |
Leases - Supplemental Cash Flow
Leases - Supplemental Cash Flow Information Related to Leases (Detail) $ in Thousands | 3 Months Ended |
Mar. 31, 2019USD ($) | |
Cash paid for amounts in the measurement of lease liabilities [Abstract] | |
Operating cash flows from operating leases | $ 4,718 |
ROU assets obtained in the exchange for lease liabilties | $ 202 |
Leases - Maturities of Lease Li
Leases - Maturities of Lease Liabilities by Year (Detail) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 |
2019 | $ 14,049 | $ 18,590 |
2020 | 16,402 | 16,359 |
2021 | 13,894 | 13,850 |
2022 | 10,313 | 10,269 |
2023 | 7,644 | 7,600 |
Thereafter | 10,654 | 10,640 |
Total lease payments | 72,956 | 77,308 |
Less: imputed interest | (6,085) | 0 |
Total | $ 66,871 | $ 77,308 |
Short-Term Borrowings - Additio
Short-Term Borrowings - Additional Information (Detail) - USD ($) | 3 Months Ended | |
Mar. 31, 2019 | Dec. 31, 2018 | |
Short-term Debt [Line Items] | ||
Unused lines of credit | $ 230,000 | |
Federal funds purchased | 0 | $ 23,400,000 |
Repurchase agreements | 0 | |
Unrelated Financial Institution [Member] | ||
Short-term Debt [Line Items] | ||
Unused lines of credit | $ 20,000 | |
Renewal period of line of credit | 360-day | |
Amount of outstanding balance under line of credit | $ 0 |
Long-Term Borrowings - Addition
Long-Term Borrowings - Additional Information (Detail) - USD ($) | 3 Months Ended | |
Mar. 31, 2019 | Dec. 31, 2018 | |
Debt Instrument [Line Items] | ||
Unused borrowing amount | $ 3,696,123 | |
Outstanding balances of debentures | $ 235,220 | $ 234,905 |
Maximum time to defer payment of interest on subordinate debt | 5 years | |
Advances from Federal Home Loan Banks | $ 1,603,615,000 | $ 1,439,198,000 |
Federal Home Loan Bank, Advances, Activity for Year, Average Interest Rate for Year | 2.41% | |
Advances From Federal Home Loan Banks Maximum Maturity Period | 7 years |
Long -Term Borrowings - Schedul
Long -Term Borrowings - Schedule of Maturities of Long-term Borrowings (Detail) $ in Thousands | Mar. 31, 2019USD ($) |
Debt Disclosure [Abstract] | |
2019 | $ 1,227,181 |
2020 | 41,745 |
2021 | 302,581 |
2022 | 20,873 |
2023 and thereafter | 11,235 |
Total | $ 1,603,615 |
Commitments and Contingent Li_2
Commitments and Contingent Liabilities - Additional Information (Detail) - USD ($) | 3 Months Ended | |
Mar. 31, 2019 | Dec. 31, 2018 | |
Loss Contingencies [Line Items] | ||
Loan commitments outstanding | $ 4,041,076 | $ 3,826,370 |
Loan commitments expiry period | 1 year | |
George Mason [Member] | ||
Loss Contingencies [Line Items] | ||
Reserve for possible losses due to the repurchase of loans previously sold to investors | $ 636 | |
Commitments to Extend Credit [Member] | George Mason [Member] | Short-term Contract with Customer [Member] | ||
Loss Contingencies [Line Items] | ||
Additional commitments to extend credit | 422,953 | |
Commercial Letters of Credit [Member] | ||
Loss Contingencies [Line Items] | ||
Letters of credit issued | 5,092 | 0 |
Standby Letters of Credit [Member] | ||
Loss Contingencies [Line Items] | ||
Letters of credit issued | $ 131,536 | $ 141,032 |
Derivative Financial Instrume_3
Derivative Financial Instruments - Schedule of Notional Amount and Fair Value Derivative Financial Instruments (Detail) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 |
Derivative [Line Items] | ||
Asset derivatives, notional amount | $ 274,154 | $ 201,182 |
Asset derivatives designated as hedging instruments | 431 | 1,859 |
Liability derivatives, notional amount | 268,004 | 200,281 |
Asset derivatives not designated as hedging instruments | 7,064 | 4,645 |
Total asset derivatives | 7,495 | 6,504 |
Liability derivatives designated as hedging instruments | 146 | 0 |
Liability derivatives not designated as hedging instruments | 2,515 | 3,002 |
Total liability derivatives | 2,661 | 3,002 |
Designated as Hedging Instrument [Member] | ||
Derivative [Line Items] | ||
Asset derivatives, notional amount | 67,961 | 85,623 |
Liability derivatives, notional amount | 17,494 | 0 |
Not Designated as Hedging Instrument [Member] | ||
Derivative [Line Items] | ||
Asset derivatives, notional amount | 206,193 | 115,559 |
Liability derivatives, notional amount | 250,510 | 200,281 |
Other Assets [Member] | Interest Rate Lock Commitments [Member] | ||
Derivative [Line Items] | ||
Asset derivatives not designated as hedging instruments | 6,684 | 4,103 |
Other Assets [Member] | Not Designated as Hedging Instrument [Member] | Interest Rate Lock Commitments [Member] | ||
Derivative [Line Items] | ||
Asset derivatives, notional amount | 181,585 | 93,955 |
Other Liabilities [Member] | TBA Mortgage Backed Securities [Member] | ||
Derivative [Line Items] | ||
Liability derivatives not designated as hedging instruments | 2,515 | 3,002 |
Other Liabilities [Member] | Interest Rate Lock Commitments [Member] | ||
Derivative [Line Items] | ||
Liability derivatives not designated as hedging instruments | 0 | 0 |
Other Liabilities [Member] | Not Designated as Hedging Instrument [Member] | TBA Mortgage Backed Securities [Member] | ||
Derivative [Line Items] | ||
Liability derivatives, notional amount | 250,510 | 200,281 |
Other Liabilities [Member] | Not Designated as Hedging Instrument [Member] | Interest Rate Lock Commitments [Member] | ||
Derivative [Line Items] | ||
Liability derivatives, notional amount | 0 | 0 |
Interest Rate Contracts [Member] | Other Assets [Member] | Not Designated as Hedging Instrument [Member] | ||
Derivative [Line Items] | ||
Asset derivatives, notional amount | 0 | 0 |
Asset derivatives not designated as hedging instruments | 0 | 0 |
Interest Rate Contracts [Member] | Other Assets [Member] | Fair Value Hedging [Member] | Designated as Hedging Instrument [Member] | Hedged Commercial Loans [Member] | ||
Derivative [Line Items] | ||
Asset derivatives, notional amount | 67,961 | 85,623 |
Asset derivatives designated as hedging instruments | 431 | 1,859 |
Interest Rate Contracts [Member] | Other Liabilities [Member] | Not Designated as Hedging Instrument [Member] | ||
Derivative [Line Items] | ||
Liability derivatives, notional amount | 0 | 0 |
Liability derivatives not designated as hedging instruments | 0 | 0 |
Interest Rate Contracts [Member] | Other Liabilities [Member] | Fair Value Hedging [Member] | Hedged Commercial Loans [Member] | ||
Derivative [Line Items] | ||
Liability derivatives designated as hedging instruments | 146 | 0 |
Interest Rate Contracts [Member] | Other Liabilities [Member] | Fair Value Hedging [Member] | Designated as Hedging Instrument [Member] | Hedged Commercial Loans [Member] | ||
Derivative [Line Items] | ||
Liability derivatives, notional amount | 17,494 | 0 |
Forward Loan Sale Commitments [Member] | Other Assets [Member] | ||
Derivative [Line Items] | ||
Asset derivatives not designated as hedging instruments | 380 | 542 |
Forward Loan Sale Commitments [Member] | Other Assets [Member] | Not Designated as Hedging Instrument [Member] | ||
Derivative [Line Items] | ||
Asset derivatives, notional amount | $ 24,608 | $ 21,604 |
Derivative Financial Instrume_4
Derivative Financial Instruments - Summary of Carrying Amount Hedged Assets/(Liabilities) (Detail) - Designated as Hedging Instrument [Member] - Interest Rate Swap [Member] - Loans Net Of Unearned Income [Member] | Mar. 31, 2019USD ($) |
Carrying Amount of the Hedged Assets/(Liabilities) | $ 84,574 |
Cumulative Amount of Fair Value Hedging Adjustment Included in the Carrying Amount of the Hedged Assets/(Liabilities) | 285 |
Cumulative Amount of Fair Value Hedging Adjustment Remaining for any Hedged Assets/(Liabilities) for which Hedge Accounting has been Discontinued | $ 0 |
Derivative Financial Instrume_5
Derivative Financial Instruments - Schedule of Derivative Financial Instruments on Statements of Income (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Derivative [Line Items] | ||
Derivatives in hedging relationships | $ 2,875 | $ (1,688) |
Designated as Hedging Instrument [Member] | ||
Derivative [Line Items] | ||
Derivatives in hedging relationships | (30) | (42) |
Designated as Hedging Instrument [Member] | Interest And Fees On Loans [Member] | Interest Rate Contracts [Member] | Fair Value Hedging [Member] | ||
Derivative [Line Items] | ||
Derivatives in hedging relationships | (30) | (42) |
Not Designated as Hedging Instrument [Member] | ||
Derivative [Line Items] | ||
Derivatives not designated as hedging instruments | 2,905 | (1,646) |
Not Designated as Hedging Instrument [Member] | Income from Mortgage Banking Activities [Member] | TBA Mortgage Backed Securities [Member] | ||
Derivative [Line Items] | ||
Derivatives not designated as hedging instruments | 488 | (450) |
Not Designated as Hedging Instrument [Member] | Income from Mortgage Banking Activities [Member] | Interest Rate Lock Commitments [Member] | ||
Derivative [Line Items] | ||
Derivatives not designated as hedging instruments | 2,037 | (1,269) |
Not Designated as Hedging Instrument [Member] | Income from Mortgage Banking Activities [Member] | Forward Loan Sale Commitments [Member] | ||
Derivative [Line Items] | ||
Derivatives not designated as hedging instruments | $ 380 | $ 73 |
Fair Value Measurements - Addit
Fair Value Measurements - Additional Information (Detail) - USD ($) | 3 Months Ended | ||
Mar. 31, 2019 | Mar. 31, 2018 | Dec. 31, 2018 | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Transfers from Level 1 to Level 3 for financial assets | $ 0 | $ 0 | |
Transfers from Level 3 to Level 1 for financial assets | 0 | 0 | |
Transfers from Level 2 to Level 3 for financial assets | 0 | 0 | |
Transfers from Level 3 to Level 2 for financial assets | 0 | 0 | |
Transfers from Level 1 to Level 3 for financial liabilities | 0 | 0 | |
Transfers from Level 3 to Level 1 for financial liabilities | 0 | 0 | |
Transfers from Level 2 to Level 3 for financial liabilities | 0 | 0 | |
Transfers from Level 3 to Level 2 for financial liabilities | 0 | 0 | |
Nonrecurring fair value adjustments on loans held for sale | 0 | $ 0 | |
Fair value measurement of intangible assets | $ 0 | $ 0 | |
Loans Held For Sale [Member] | Minimum [Member] | Significant Unobservable Inputs (Level 3) [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Sales price of loans held for sale increase percentage | 0.02% | ||
Loans Held For Sale [Member] | Maximum [Member] | Significant Unobservable Inputs (Level 3) [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Sales price of loans held for sale increase percentage | 0.52% | ||
Loans Held For Sale [Member] | Weighted Average [Member] | Significant Unobservable Inputs (Level 3) [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Sales price of loans held for sale increase percentage | 0.35% | ||
Derivatives [Member] | Minimum [Member] | Significant Unobservable Inputs (Level 3) [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Sales price of loans held for sale increase percentage | 0.02% | ||
Derivatives [Member] | Maximum [Member] | Significant Unobservable Inputs (Level 3) [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Sales price of loans held for sale increase percentage | 0.52% | ||
Derivatives [Member] | Weighted Average [Member] | Significant Unobservable Inputs (Level 3) [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Sales price of loans held for sale increase percentage | 0.35% |
Fair Value Measurements - Sched
Fair Value Measurements - Schedule of Financial Assets and Liabilities Measured at Fair Value (Detail) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Loans held for sale | $ 245,763 | $ 249,846 | |
Derivative financial assets | 7,495 | 6,504 | |
Derivative financial liabilities | 2,661 | 3,002 | |
Fair Value, Measurements, Recurring [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Available for sale debt securities | 2,384,055 | 2,337,039 | |
Available for sale equity securities | 9,921 | 9,734 | |
Loans held for sale | 244,501 | 247,104 | |
Derivative financial assets | 7,495 | 6,504 | |
Derivative financial liabilities | 2,661 | 3,002 | |
U.S. Treasury Securities and Obligations of U.S. Government Corporations and Agencies [Member] | Fair Value, Measurements, Recurring [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Available for sale debt securities | 73,544 | 85,890 | |
State and Political Subdivisions [Member] | Fair Value, Measurements, Recurring [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Available for sale debt securities | 194,812 | 208,988 | |
Residential Mortgage-Backed Securities [Member] | Fair Value, Measurements, Recurring [Member] | Agency [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Available for sale debt securities | 969,516 | 1,035,650 | |
Residential Mortgage-Backed Securities [Member] | Fair Value, Measurements, Recurring [Member] | Non-Agency [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Available for sale debt securities | 4,107 | 4,259 | |
Commercial Mortgage-Backed Securities [Member] | Fair Value, Measurements, Recurring [Member] | Agency [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Available for sale debt securities | 580,338 | 554,600 | |
Asset-Backed Securities [Member] | Fair Value, Measurements, Recurring [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Available for sale debt securities | 270,677 | 271,970 | |
Trust Preferred Collateralized Debt Obligations [Member] | Fair Value, Measurements, Recurring [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Available for sale debt securities | 6,017 | 5,917 | |
Single Issue Trust Preferred Securities [Member] | Fair Value, Measurements, Recurring [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Available for sale debt securities | 16,841 | 8,362 | |
Corporate Bonds [Member] | Fair Value, Measurements, Recurring [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Available for sale debt securities | 268,203 | 161,403 | |
Financial Services Industry [Member] | Fair Value, Measurements, Recurring [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Available for sale equity securities | 145 | 140 | |
Other Equity Securities [Member] | Fair Value, Measurements, Recurring [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Available for sale equity securities | 4,692 | 4,640 | |
Forward Sales Commitments [Member] | Fair Value, Measurements, Recurring [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Derivative financial assets | 380 | 542 | |
Interest Rate Lock Commitments [Member] | Fair Value, Measurements, Recurring [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Derivative financial assets | 6,684 | 4,103 | |
TBA Mortgage Backed Securities [Member] | Fair Value, Measurements, Recurring [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Derivative financial liabilities | 2,515 | 3,002 | |
Interest Rate Contracts [Member] | Fair Value, Measurements, Recurring [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Derivative financial assets | 431 | 1,859 | |
Derivative financial liabilities | 146 | ||
Equity Mutual Funds [Member] | Fair Value, Measurements, Recurring [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Available for sale equity securities | [1] | 5,084 | 4,954 |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Loans held for sale | 0 | 0 | |
Derivative financial assets | 0 | 0 | |
Derivative financial liabilities | 0 | 0 | |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Fair Value, Measurements, Recurring [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Available for sale debt securities | 6,785 | 6,822 | |
Available for sale equity securities | 9,921 | 9,734 | |
Loans held for sale | 0 | 0 | |
Derivative financial assets | 0 | 0 | |
Derivative financial liabilities | 0 | 0 | |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | U.S. Treasury Securities and Obligations of U.S. Government Corporations and Agencies [Member] | Fair Value, Measurements, Recurring [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Available for sale debt securities | 0 | 0 | |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | State and Political Subdivisions [Member] | Fair Value, Measurements, Recurring [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Available for sale debt securities | 0 | 0 | |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Residential Mortgage-Backed Securities [Member] | Fair Value, Measurements, Recurring [Member] | Agency [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Available for sale debt securities | 0 | 0 | |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Residential Mortgage-Backed Securities [Member] | Fair Value, Measurements, Recurring [Member] | Non-Agency [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Available for sale debt securities | 0 | 0 | |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Commercial Mortgage-Backed Securities [Member] | Fair Value, Measurements, Recurring [Member] | Agency [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Available for sale debt securities | 0 | 0 | |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Asset-Backed Securities [Member] | Fair Value, Measurements, Recurring [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Available for sale debt securities | 0 | 0 | |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Trust Preferred Collateralized Debt Obligations [Member] | Fair Value, Measurements, Recurring [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Available for sale debt securities | 0 | 0 | |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Single Issue Trust Preferred Securities [Member] | Fair Value, Measurements, Recurring [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Available for sale debt securities | 0 | 0 | |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Corporate Bonds [Member] | Fair Value, Measurements, Recurring [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Available for sale debt securities | 6,785 | 6,822 | |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Financial Services Industry [Member] | Fair Value, Measurements, Recurring [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Available for sale equity securities | 145 | 140 | |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Other Equity Securities [Member] | Fair Value, Measurements, Recurring [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Available for sale equity securities | 4,692 | 4,640 | |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Forward Sales Commitments [Member] | Fair Value, Measurements, Recurring [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Derivative financial assets | 0 | 0 | |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Interest Rate Lock Commitments [Member] | Fair Value, Measurements, Recurring [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Derivative financial assets | 0 | 0 | |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | TBA Mortgage Backed Securities [Member] | Fair Value, Measurements, Recurring [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Derivative financial liabilities | 0 | 0 | |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Interest Rate Contracts [Member] | Fair Value, Measurements, Recurring [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Derivative financial assets | 0 | 0 | |
Derivative financial liabilities | 0 | ||
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Equity Mutual Funds [Member] | Fair Value, Measurements, Recurring [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Available for sale equity securities | [1] | 5,084 | 4,954 |
Significant Other Observable Inputs (Level 2) [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Loans held for sale | 1,262 | 2,742 | |
Derivative financial assets | 811 | 2,401 | |
Derivative financial liabilities | 2,661 | 3,002 | |
Significant Other Observable Inputs (Level 2) [Member] | Fair Value, Measurements, Recurring [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Available for sale debt securities | 2,371,253 | 2,324,300 | |
Available for sale equity securities | 0 | 0 | |
Loans held for sale | 0 | 0 | |
Derivative financial assets | 811 | 2,401 | |
Derivative financial liabilities | 2,661 | 3,002 | |
Significant Other Observable Inputs (Level 2) [Member] | U.S. Treasury Securities and Obligations of U.S. Government Corporations and Agencies [Member] | Fair Value, Measurements, Recurring [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Available for sale debt securities | 73,544 | 85,890 | |
Significant Other Observable Inputs (Level 2) [Member] | State and Political Subdivisions [Member] | Fair Value, Measurements, Recurring [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Available for sale debt securities | 194,812 | 208,988 | |
Significant Other Observable Inputs (Level 2) [Member] | Residential Mortgage-Backed Securities [Member] | Fair Value, Measurements, Recurring [Member] | Agency [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Available for sale debt securities | 969,516 | 1,035,650 | |
Significant Other Observable Inputs (Level 2) [Member] | Residential Mortgage-Backed Securities [Member] | Fair Value, Measurements, Recurring [Member] | Non-Agency [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Available for sale debt securities | 4,107 | 4,259 | |
Significant Other Observable Inputs (Level 2) [Member] | Commercial Mortgage-Backed Securities [Member] | Fair Value, Measurements, Recurring [Member] | Agency [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Available for sale debt securities | 580,338 | 554,600 | |
Significant Other Observable Inputs (Level 2) [Member] | Asset-Backed Securities [Member] | Fair Value, Measurements, Recurring [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Available for sale debt securities | 270,677 | 271,970 | |
Significant Other Observable Inputs (Level 2) [Member] | Trust Preferred Collateralized Debt Obligations [Member] | Fair Value, Measurements, Recurring [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Available for sale debt securities | 0 | 0 | |
Significant Other Observable Inputs (Level 2) [Member] | Single Issue Trust Preferred Securities [Member] | Fair Value, Measurements, Recurring [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Available for sale debt securities | 16,841 | 8,362 | |
Significant Other Observable Inputs (Level 2) [Member] | Corporate Bonds [Member] | Fair Value, Measurements, Recurring [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Available for sale debt securities | 261,418 | 154,581 | |
Significant Other Observable Inputs (Level 2) [Member] | Financial Services Industry [Member] | Fair Value, Measurements, Recurring [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Available for sale equity securities | 0 | 0 | |
Significant Other Observable Inputs (Level 2) [Member] | Other Equity Securities [Member] | Fair Value, Measurements, Recurring [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Available for sale equity securities | 0 | 0 | |
Significant Other Observable Inputs (Level 2) [Member] | Forward Sales Commitments [Member] | Fair Value, Measurements, Recurring [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Derivative financial assets | 380 | 542 | |
Significant Other Observable Inputs (Level 2) [Member] | Interest Rate Lock Commitments [Member] | Fair Value, Measurements, Recurring [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Derivative financial assets | 0 | 0 | |
Significant Other Observable Inputs (Level 2) [Member] | TBA Mortgage Backed Securities [Member] | Fair Value, Measurements, Recurring [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Derivative financial liabilities | 2,515 | 3,002 | |
Significant Other Observable Inputs (Level 2) [Member] | Interest Rate Contracts [Member] | Fair Value, Measurements, Recurring [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Derivative financial assets | 431 | 1,859 | |
Derivative financial liabilities | 146 | ||
Significant Other Observable Inputs (Level 2) [Member] | Equity Mutual Funds [Member] | Fair Value, Measurements, Recurring [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Available for sale equity securities | [1] | 0 | 0 |
Significant Unobservable Inputs (Level 3) [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Loans held for sale | 244,501 | 247,104 | |
Derivative financial assets | 6,684 | 4,103 | |
Derivative financial liabilities | 0 | 0 | |
Significant Unobservable Inputs (Level 3) [Member] | Fair Value, Measurements, Recurring [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Available for sale debt securities | 6,017 | 5,917 | |
Available for sale equity securities | 0 | 0 | |
Loans held for sale | 244,501 | 247,104 | |
Derivative financial assets | 6,684 | 4,103 | |
Derivative financial liabilities | 0 | 0 | |
Significant Unobservable Inputs (Level 3) [Member] | U.S. Treasury Securities and Obligations of U.S. Government Corporations and Agencies [Member] | Fair Value, Measurements, Recurring [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Available for sale debt securities | 0 | 0 | |
Significant Unobservable Inputs (Level 3) [Member] | State and Political Subdivisions [Member] | Fair Value, Measurements, Recurring [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Available for sale debt securities | 0 | 0 | |
Significant Unobservable Inputs (Level 3) [Member] | Residential Mortgage-Backed Securities [Member] | Fair Value, Measurements, Recurring [Member] | Agency [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Available for sale debt securities | 0 | 0 | |
Significant Unobservable Inputs (Level 3) [Member] | Residential Mortgage-Backed Securities [Member] | Fair Value, Measurements, Recurring [Member] | Non-Agency [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Available for sale debt securities | 0 | 0 | |
Significant Unobservable Inputs (Level 3) [Member] | Commercial Mortgage-Backed Securities [Member] | Fair Value, Measurements, Recurring [Member] | Agency [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Available for sale debt securities | 0 | 0 | |
Significant Unobservable Inputs (Level 3) [Member] | Asset-Backed Securities [Member] | Fair Value, Measurements, Recurring [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Available for sale debt securities | 0 | 0 | |
Significant Unobservable Inputs (Level 3) [Member] | Trust Preferred Collateralized Debt Obligations [Member] | Fair Value, Measurements, Recurring [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Available for sale debt securities | 6,017 | 5,917 | |
Significant Unobservable Inputs (Level 3) [Member] | Single Issue Trust Preferred Securities [Member] | Fair Value, Measurements, Recurring [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Available for sale debt securities | 0 | 0 | |
Significant Unobservable Inputs (Level 3) [Member] | Corporate Bonds [Member] | Fair Value, Measurements, Recurring [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Available for sale debt securities | 0 | 0 | |
Significant Unobservable Inputs (Level 3) [Member] | Financial Services Industry [Member] | Fair Value, Measurements, Recurring [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Available for sale equity securities | 0 | 0 | |
Significant Unobservable Inputs (Level 3) [Member] | Other Equity Securities [Member] | Fair Value, Measurements, Recurring [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Available for sale equity securities | 0 | 0 | |
Significant Unobservable Inputs (Level 3) [Member] | Forward Sales Commitments [Member] | Fair Value, Measurements, Recurring [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Derivative financial assets | 0 | 0 | |
Significant Unobservable Inputs (Level 3) [Member] | Interest Rate Lock Commitments [Member] | Fair Value, Measurements, Recurring [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Derivative financial assets | 6,684 | 4,103 | |
Significant Unobservable Inputs (Level 3) [Member] | TBA Mortgage Backed Securities [Member] | Fair Value, Measurements, Recurring [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Derivative financial liabilities | 0 | 0 | |
Significant Unobservable Inputs (Level 3) [Member] | Interest Rate Contracts [Member] | Fair Value, Measurements, Recurring [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Derivative financial assets | 0 | 0 | |
Derivative financial liabilities | 0 | ||
Significant Unobservable Inputs (Level 3) [Member] | Equity Mutual Funds [Member] | Fair Value, Measurements, Recurring [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Available for sale equity securities | [1] | $ 0 | $ 0 |
[1] | The equity mutual funds are within a rabbi trust for the payment of benefits under a deferred compensation plan for certain key officers of United and its subsidiaries. |
Fair Value Measurements - Sch_2
Fair Value Measurements - Schedule of Additional Information about Financial Assets and Liabilities Measured at Fair Value Utilized Level 3 (Detail) - Fair Value, Measurements, Recurring [Member] - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended |
Mar. 31, 2019 | Dec. 31, 2018 | |
Trust Preferred Collateralized Debt Obligations [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Balance, beginning of period | $ 5,917 | $ 34,269 |
Included in earnings (or changes in net assets) | 0 | 28 |
Included in other comprehensive income | 100 | 920 |
Purchases, issuances, and settlements | 0 | 0 |
Sales | 0 | (29,300) |
Transfers in and/or out of Level 3 | 0 | 0 |
Balance, end of period | 6,017 | 5,917 |
The amount of total gains or losses for the period included in earnings (or changes in net assets) attributable to the change in unrealized gains or losses relating to assets still held at reporting date | 0 | 0 |
Loans Held For Sale [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Balance, beginning of period | 247,104 | 263,308 |
Included in earnings (or changes in net assets) | 16,091 | 68,555 |
Originations | 454,588 | 2,619,454 |
Sales | (473,282) | (2,676,797) |
Transfers in and/or out of Level 3 | 0 | (27,416) |
Balance, end of period | 244,501 | 247,104 |
The amount of total gains or losses for the period included in earnings (or changes in net assets) attributable to the change in unrealized gains or losses relating to assets still held at reporting date | 0 | 0 |
Interest Rate Lock Commitments [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Balance, beginning of period | 4,103 | 4,559 |
Transfers in and/or out of Level 3 | 2,581 | (456) |
Balance, end of period | 6,684 | 4,103 |
The amount of total gains or losses for the period included in earnings (or changes in net assets) attributable to the change in unrealized gains or losses relating to assets still held at reporting date | $ 0 | $ 0 |
Fair Value Measurements - Sch_3
Fair Value Measurements - Schedule of Changes in Fair Value Included in Earnings of Financial Instruments for which Fair Value Option has been Elected (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Mortgage Banking [Member] | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Income from mortgage banking activities | $ 1,964 | $ (1,719) |
Fair Value Measurements - Summa
Fair Value Measurements - Summary of Difference Between Aggregate Fair Value and Remaining Contractual Principal Outstanding for Financial Instruments for which Fair Value Option has been Elected (Detail) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 |
Fair Value Disclosures [Abstract] | ||
Loans held for sale, unpaid principal balance | $ 239,306 | $ 241,293 |
Loans held for sale, fair value | 244,501 | 247,104 |
Loans held for sale, fair value over/(under) unpaid principal balance | $ 5,195 | $ 5,811 |
Fair Value Measurements - Sum_2
Fair Value Measurements - Summary of Financial Assets Measured at Fair Value on Nonrecurring Basis (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended |
Mar. 31, 2019 | Dec. 31, 2018 | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
YTD Losses, Loans held for sale | $ 0 | $ 3 |
YTD Losses, Impaired Loans | 1,044 | 12,301 |
YTD Losses, OREO | 857 | 910 |
Loans held for sale | 244,501 | 247,104 |
OREO | 17,465 | 16,865 |
Fair Value, Measurements, Nonrecurring [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Loans held for sale | 1,262 | 2,742 |
Impaired Loans | 99,278 | 121,355 |
OREO | 17,465 | 16,865 |
Fair Value, Measurements, Nonrecurring [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Loans held for sale | 0 | 0 |
Impaired Loans | 0 | 0 |
OREO | 0 | 0 |
Fair Value, Measurements, Nonrecurring [Member] | Significant Other Observable Inputs (Level 2) [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Loans held for sale | 1,262 | 2,742 |
Impaired Loans | 88,197 | 108,899 |
OREO | 17,465 | 16,865 |
Fair Value, Measurements, Nonrecurring [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Loans held for sale | 0 | 0 |
Impaired Loans | 11,081 | 12,456 |
OREO | $ 0 | $ 0 |
Fair Value Measurements - Sum_3
Fair Value Measurements - Summary of Estimated Fair Values of Financial Instruments (Detail) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 | Mar. 31, 2018 | Dec. 31, 2017 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Cash and cash equivalents | $ 1,172,657 | $ 1,020,396 | $ 1,139,170 | $ 1,666,167 |
Securities available for sale | 2,384,055 | 2,337,039 | ||
Securities held to maturity | 8,491 | 19,999 | ||
Other securities | 190,123 | 176,955 | ||
Loans held for sale | 245,763 | 249,846 | ||
Loans | 13,572,703 | 13,422,222 | ||
Derivative financial assets | 7,495 | 6,504 | ||
Deposits | 14,159,397 | 13,994,749 | ||
Derivative financial liabilities | 2,661 | 3,002 | ||
Carrying Amount [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Cash and cash equivalents | 1,172,657 | 1,020,396 | ||
Securities available for sale | 2,384,055 | 2,337,039 | ||
Securities held to maturity | 8,491 | 19,999 | ||
Other securities | 190,123 | 176,955 | ||
Loans held for sale | 245,763 | 249,846 | ||
Loans | 13,495,817 | 13,422,222 | ||
Derivative financial assets | 7,495 | 6,504 | ||
Deposits | 14,159,397 | 13,994,749 | ||
Short-term borrowings | 127,821 | 351,327 | ||
Long-term borrowings | 1,838,835 | 1,499,103 | ||
Derivative financial liabilities | 2,661 | 3,002 | ||
Carrying Amount [Member] | Marketable Equity Securities [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Equity securities | 9,921 | 9,734 | ||
Fair Value [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Cash and cash equivalents | 1,172,657 | 1,020,396 | ||
Securities available for sale | 2,384,055 | 2,337,039 | ||
Securities held to maturity | 8,549 | 18,655 | ||
Other securities | 180,617 | 168,107 | ||
Loans held for sale | 245,763 | 249,846 | ||
Loans | 12,940,089 | 12,657,073 | ||
Derivative financial assets | 7,495 | 6,504 | ||
Deposits | 14,133,078 | 13,954,574 | ||
Short-term borrowings | 127,821 | 351,327 | ||
Long-term borrowings | 1,815,824 | 1,475,237 | ||
Derivative financial liabilities | 2,661 | 3,002 | ||
Fair Value [Member] | Marketable Equity Securities [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Equity securities | 9,921 | 9,734 | ||
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Cash and cash equivalents | 0 | 0 | ||
Securities available for sale | 6,785 | 6,822 | ||
Securities held to maturity | 0 | 0 | ||
Other securities | 0 | 0 | ||
Loans held for sale | 0 | 0 | ||
Loans | 0 | 0 | ||
Derivative financial assets | 0 | 0 | ||
Deposits | 0 | 0 | ||
Short-term borrowings | 0 | 0 | ||
Long-term borrowings | 0 | 0 | ||
Derivative financial liabilities | 0 | 0 | ||
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Marketable Equity Securities [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Equity securities | 9,921 | 9,734 | ||
Significant Other Observable Inputs (Level 2) [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Cash and cash equivalents | 1,172,657 | 1,020,396 | ||
Securities available for sale | 2,371,253 | 2,324,300 | ||
Securities held to maturity | 5,529 | 15,635 | ||
Other securities | 0 | 0 | ||
Loans held for sale | 1,262 | 2,742 | ||
Loans | 0 | 0 | ||
Derivative financial assets | 811 | 2,401 | ||
Deposits | 14,133,078 | 13,954,574 | ||
Short-term borrowings | 127,821 | 351,327 | ||
Long-term borrowings | 1,815,824 | 1,475,237 | ||
Derivative financial liabilities | 2,661 | 3,002 | ||
Significant Other Observable Inputs (Level 2) [Member] | Marketable Equity Securities [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Equity securities | 0 | 0 | ||
Significant Unobservable Inputs (Level 3) [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Cash and cash equivalents | 0 | 0 | ||
Securities available for sale | 6,017 | 5,917 | ||
Securities held to maturity | 3,020 | 3,020 | ||
Other securities | 180,617 | 168,107 | ||
Loans held for sale | 244,501 | 247,104 | ||
Loans | 12,940,089 | 12,657,073 | ||
Derivative financial assets | 6,684 | 4,103 | ||
Deposits | 0 | 0 | ||
Short-term borrowings | 0 | 0 | ||
Long-term borrowings | 0 | 0 | ||
Derivative financial liabilities | 0 | 0 | ||
Significant Unobservable Inputs (Level 3) [Member] | Marketable Equity Securities [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Equity securities | $ 0 | $ 0 |
Stock Based Compensation - Addi
Stock Based Compensation - Additional Information (Detail) - USD ($) $ in Thousands | May 18, 2016 | Mar. 31, 2019 | Mar. 31, 2018 | Dec. 31, 2018 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Authorized shares of stock, option plan, maximum | 1,700,000 | |||
Aggregate number of shares issued in respect of restricted stock awards | 500,000 | |||
Options available for award each plan year | 1,200,000 | |||
Maximum number of shares of restricted stock or shares subject to a restricted stock units award granted | 50,000 | |||
Maximum number of options and SARs | 100,000 | |||
Maximum number of stock options and SARs awarded | 10,000 | |||
Maximum number of Shares of restricted stock or shares subject to a restricted stock units award granted to individual non-employee director | 5,000 | |||
Vesting period of awards | 1/3 per year | |||
Recognition of compensation expense | $ 1,113 | $ 968 | ||
Maximum term for awards granted (years) | 10 years | |||
Shares issued related stock option exercises | 33,816 | 15,043 | ||
Total intrinsic value of options exercised | $ 554 | $ 246 | ||
Restricted Stock [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Vesting period | 4 years |
Stock Based Compensation - Summ
Stock Based Compensation - Summary of Stock Option Plans (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Disclosure Stock Based Compensation Stock Option Plan [Abstract] | ||
Shares, Outstanding, Beginning balance | 1,730,389 | |
Shares, Granted | 240,205 | |
Shares, Exercised | (33,816) | (15,043) |
Shares, Forfeited or expired | (3,398) | |
Shares, Outstanding, Ending balance | 1,933,380 | |
Shares, Exercisable at March 31, 2019 | 1,327,929 | |
Aggregate Intrinsic Value, Outstanding at March 31, 2019 | $ 8,688,228 | |
Aggregate Intrinsic Value, Exercisable at March 31, 2019 | $ 8,635,343 | |
Weighted Average Remaining Contractual Term, Outstanding at March 31, 2019 | 5 years 10 months 24 days | |
Weighted Average Remaining Contractual Term, Exercisable at March 31, 2019 | 4 years 6 months | |
Weighted Average Exercise Price, Outstanding, Beginning balance | $ 32.43 | |
Weighted Average Exercise Price, Granted | 38.49 | |
Weighted Average Exercise Price, Exercised | 19.81 | |
Weighted Average Exercise Price, Forfeited or expired | 24.67 | |
Weighted Average Exercise Price, Outstanding, Ending balance | 33.41 | |
Weighted Average Exercise Price, Exercisable | $ 30.72 |
Stock Based Compensation - Stat
Stock Based Compensation - Status of United's Nonvested Stock Option Awards (Detail) | 3 Months Ended |
Mar. 31, 2019$ / sharesshares | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Shares, Nonvested, Beginning balance | shares | 575,672 |
Shares, Granted | shares | 240,205 |
Shares, Vested | shares | (210,426) |
Shares, Forfeited or expired | shares | 0 |
Shares, Nonvested, Ending balance | shares | 605,451 |
Weighted-Average Grant Date Fair Value Per Share, Nonvested Beginning balance | $ / shares | $ 7.86 |
Weighted-Average Grant Date Fair Value Per Share, Granted | $ / shares | 7.16 |
Weighted-Average Grant Date Fair Value Per Share, Vested | $ / shares | 7.74 |
Weighted-Average Grant Date Fair Value Per Share, Forfeited or expired | $ / shares | 0 |
Weighted-Average Grant Date Fair Value Per Share, Nonvested Ending balance | $ / shares | $ 7.62 |
Stock Based Compensation - Chan
Stock Based Compensation - Changes to United's Restricted Common Shares (Detail) - Restricted Stock [Member] | 3 Months Ended |
Mar. 31, 2019$ / sharesshares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Number of Shares, Outstanding, Beginning balance | shares | 199,303 |
Shares, Granted | shares | 126,427 |
Shares, Vested | shares | (70,879) |
Shares, Forfeited | shares | 0 |
Number of Shares, Outstanding, Ending balance | shares | 254,851 |
Weighted-Average Grant Date Fair Value Per Share, Outstanding, Beginning balance | $ / shares | $ 39.67 |
Weighted-Average Grant Date Fair Value Per Share, Granted | $ / shares | 38.49 |
Weighted-Average Grant Date Fair Value Per Share, Vested | $ / shares | 39.29 |
Weighted-Average Grant Date Fair Value Per Share, Forfeited | $ / shares | 0 |
Weighted-Average Grant Date Fair Value Per Share, Outstanding, Ending balance | $ / shares | $ 39.19 |
Employee Benefit Plans - Additi
Employee Benefit Plans - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2019 | Mar. 31, 2018 | Dec. 31, 2018 | |
Defined Benefit Plan Disclosure [Line Items] | |||
Unrecognized actuarial gains (losses), before tax | $ 55,535 | ||
Unrecognized actuarial gains (losses), net of tax | $ 42,595 | ||
Amortization expected to be recognized | $ 4,744 | ||
Amortization expected to be recognized, net of tax | 3,639 | ||
Employer discretionary contribution amount | $ 0 | $ 7,000 |
Employee Benefit Plans - Net Pe
Employee Benefit Plans - Net Periodic Pension Cost (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Defined Benefit Plan Disclosure [Line Items] | ||
Service cost | $ 555 | $ 658 |
Interest cost | 1,442 | 1,295 |
Expected return on plan assets | (2,330) | (2,522) |
Amortization of transition asset | 0 | 0 |
Recognized net actuarial loss | 1,171 | 1,149 |
Amortization of prior service asset | 0 | 0 |
Net periodic pension (benefit) cost | $ 838 | $ 580 |
Weighted-Average Assumptions: | ||
Discount rate | 4.52% | 3.83% |
Expected return on assets | 7.00% | 7.00% |
Rate of Compensation Increase | 3.00% | 3.00% |
Prior to Age 45 [Member] | ||
Weighted-Average Assumptions: | ||
Rate of Compensation Increase | 3.50% | 3.50% |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Income Taxes [Line Items] | ||
Accrued interest related to uncertain tax positions | $ 700 | $ 695 |
Effective tax rate | 21.40% | 22.48% |
Comprehensive Income - Componen
Comprehensive Income - Components of Total Comprehensive Income (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Comprehensive Income (Loss), Net of Tax, Attributable to Parent [Abstract] | ||
Net Income | $ 63,642 | $ 61,706 |
Change in net unrealized gain on AFS securities arising during the period | 22,238 | (22,017) |
Related income tax effect | (5,182) | 5,130 |
Net reclassification adjustment for losses (gains) included in net income | (348) | 149 |
Related income tax (benefit) expense | 81 | (35) |
Total AFS securities - all other | 16,789 | (16,773) |
Net effect of AFS securities on other comprehensive income | 16,789 | (16,773) |
Accretion on the unrealized loss for securities transferred from AFS to the HTM investment portfolio prior to call or maturity | 0 | 2 |
Related income tax expense | 0 | (1) |
Net effect of HTM securities on other comprehensive income | 0 | 1 |
Pension plan: | ||
Recognized net actuarial loss | 1,171 | 1,149 |
Related income tax benefit | (261) | (416) |
Net effect of change in pension plan asset on other comprehensive income | 910 | 733 |
Net current-period other comprehensive income, net of tax | 17,699 | (16,039) |
Total Comprehensive Income | $ 81,341 | $ 45,667 |
Comprehensive Income - Compon_2
Comprehensive Income - Components of Accumulated Other Comprehensive Income (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Beginning Balance | $ 3,251,624 | $ 3,240,530 |
Reclass due to adopting Accounting Standard Update 2018-02 | 50 | 0 |
Net current-period other comprehensive income, net of tax | 17,699 | (16,039) |
Ending Balance | 3,286,891 | 3,251,313 |
Pension Plan [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Beginning Balance | (38,680) | |
Other comprehensive income before reclassification | 0 | |
Amounts reclassified from accumulated other comprehensive income | 910 | |
Net current-period other comprehensive income, net of tax | 910 | |
Ending Balance | (37,770) | |
Unrealized Gains/Losses on AFS Securities [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Beginning Balance | (18,289) | |
Other comprehensive income before reclassification | 17,056 | |
Amounts reclassified from accumulated other comprehensive income | (267) | |
Net current-period other comprehensive income, net of tax | 16,789 | |
Ending Balance | (1,500) | |
Accumulated Unrealized Loss On Securities Available For Sale Transferred To Held To Maturity [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Beginning Balance | (50) | |
Reclass due to adopting Accounting Standard Update 2018-02 | 50 | |
Other comprehensive income before reclassification | 0 | |
Amounts reclassified from accumulated other comprehensive income | 0 | |
Net current-period other comprehensive income, net of tax | 0 | |
Ending Balance | 0 | |
Accumulated Other Comprehensive Income (Loss) [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Beginning Balance | (57,019) | (42,025) |
Reclass due to adopting Accounting Standard Update 2018-02 | 50 | (6,353) |
Other comprehensive income before reclassification | 17,056 | |
Amounts reclassified from accumulated other comprehensive income | 643 | |
Net current-period other comprehensive income, net of tax | 17,699 | (16,039) |
Ending Balance | $ (39,270) | $ (64,553) |
Comprehensive Income - Reclassi
Comprehensive Income - Reclassifications Out of Accumulated Other Comprehensive Income (Detail) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2019 | Mar. 31, 2018 | ||
Available for sale ("AFS") securities: | |||
Income before income taxes | $ 80,970 | $ 79,605 | |
Related income tax effect | (17,328) | (17,899) | |
Net income | 63,642 | 61,706 | |
Pension plan: | |||
Income before income taxes | 80,970 | 79,605 | |
Related income tax effect | (17,328) | (17,899) | |
Net income | 63,642 | $ 61,706 | |
Reclassification out of Accumulated Other Comprehensive Income [Member] | |||
Available for sale ("AFS") securities: | |||
Net income | 643 | ||
Pension plan: | |||
Net income | 643 | ||
Reclassification out of Accumulated Other Comprehensive Income [Member] | Unrealized Gains/Losses on AFS Securities [Member] | |||
Available for sale ("AFS") securities: | |||
Reclassification of previous noncredit OTTI to credit OTTI | 0 | ||
Net reclassification adjustment for losses (gains) included in net income | (348) | ||
Income before income taxes | (348) | ||
Related income tax effect | 81 | ||
Net income | (267) | ||
Pension plan: | |||
Income before income taxes | (348) | ||
Related income tax effect | 81 | ||
Net income | (267) | ||
Reclassification out of Accumulated Other Comprehensive Income [Member] | Accumulated Defined Benefit Plans Adjustment [Member] | |||
Available for sale ("AFS") securities: | |||
Income before income taxes | 1,171 | ||
Related income tax effect | (261) | ||
Net income | 910 | ||
Pension plan: | |||
Recognized net actuarial loss | [1] | 1,171 | |
Income before income taxes | 1,171 | ||
Related income tax effect | (261) | ||
Net income | $ 910 | ||
[1] | This AOCI component is included in the computation of net periodic pension cost (see Note 14, Employee Benefit Plans) |
Earnings Per Share - Reconcilia
Earnings Per Share - Reconciliation of Numerator and Denominator of Basic Earnings Per Share with that of Diluted Earnings Per Share (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Earnings Per Share [Abstract] | ||
Distributed earnings allocated to common stock | $ 34,672 | $ 35,679 |
Undistributed earnings allocated to common stock | 28,830 | 25,919 |
Net earnings allocated to common shareholders | $ 63,502 | $ 61,598 |
Average common shares outstanding | 101,894,786 | 104,859,427 |
Common stock equivalents | 267,918 | 303,431 |
Average diluted shares outstanding | 102,162,704 | 105,162,858 |
Earnings per basic common share | $ 0.62 | $ 0.59 |
Earnings per diluted common share | $ 0.62 | $ 0.59 |
Variable Interest Entities - Ad
Variable Interest Entities - Additional Information (Detail) | 3 Months Ended |
Mar. 31, 2019Trust | |
Variable Interest Entity, Not Primary Beneficiary, Disclosures [Abstract] | |
Number of statutory business trusts | 14 |
Percentage of equity shares of each trust owned by the company | 100.00% |
Variable Interest Entities - In
Variable Interest Entities - Information Related to Statutory Trusts (Detail) $ in Thousands | 3 Months Ended |
Mar. 31, 2019USD ($) | |
United Statutory Trust III [Member] | |
Variable Interest Entity [Line Items] | |
Issuance Date | Dec. 17, 2003 |
Amount of Capital Securities Issued | $ 20,000 |
Interest Rate | 3-month LIBOR + 2.85% |
Maturity Date | Dec. 17, 2033 |
United Statutory Trust IV [Member] | |
Variable Interest Entity [Line Items] | |
Issuance Date | Dec. 19, 2003 |
Amount of Capital Securities Issued | $ 25,000 |
Interest Rate | 3-month LIBOR + 2.85% |
Maturity Date | Jan. 23, 2034 |
United Statutory Trust V [Member] | |
Variable Interest Entity [Line Items] | |
Issuance Date | Jul. 12, 2007 |
Amount of Capital Securities Issued | $ 50,000 |
Interest Rate | 3-month LIBOR + 1.55% |
Maturity Date | Oct. 1, 2037 |
United Statutory Trust VI [Member] | |
Variable Interest Entity [Line Items] | |
Issuance Date | Sep. 20, 2007 |
Amount of Capital Securities Issued | $ 30,000 |
Interest Rate | 3-month LIBOR + 1.30% |
Maturity Date | Dec. 15, 2037 |
Premier Statutory Trust II [Member] | |
Variable Interest Entity [Line Items] | |
Issuance Date | Sep. 25, 2003 |
Amount of Capital Securities Issued | $ 6,000 |
Interest Rate | 3-month LIBOR + 3.10% |
Maturity Date | Oct. 8, 2033 |
Premier Statutory Trust III [Member] | |
Variable Interest Entity [Line Items] | |
Issuance Date | May 16, 2005 |
Amount of Capital Securities Issued | $ 8,000 |
Interest Rate | 3-month LIBOR + 1.74% |
Maturity Date | Jun. 15, 2035 |
Premier Statutory Trust IV [Member] | |
Variable Interest Entity [Line Items] | |
Issuance Date | Jun. 20, 2006 |
Amount of Capital Securities Issued | $ 14,000 |
Interest Rate | 3-month LIBOR + 1.55% |
Maturity Date | Sep. 23, 2036 |
Premier Statutory Trust V [Member] | |
Variable Interest Entity [Line Items] | |
Issuance Date | Dec. 14, 2006 |
Amount of Capital Securities Issued | $ 10,000 |
Interest Rate | 3-month LIBOR + 1.61% |
Maturity Date | Mar. 1, 2037 |
Centra Statutory Trust I [Member] | |
Variable Interest Entity [Line Items] | |
Issuance Date | Sep. 20, 2004 |
Amount of Capital Securities Issued | $ 10,000 |
Interest Rate | 3-month LIBOR + 2.29% |
Maturity Date | Sep. 20, 2034 |
Centra Statutory Trust II [Member] | |
Variable Interest Entity [Line Items] | |
Issuance Date | Jun. 15, 2006 |
Amount of Capital Securities Issued | $ 10,000 |
Interest Rate | 3-month LIBOR + 1.65% |
Maturity Date | Jul. 7, 2036 |
Virginia Commerce Trust II [Member] | |
Variable Interest Entity [Line Items] | |
Issuance Date | Dec. 19, 2002 |
Amount of Capital Securities Issued | $ 15,000 |
Interest Rate | 6-month LIBOR + 3.30% |
Maturity Date | Dec. 19, 2032 |
Virginia Commerce Trust III [Member] | |
Variable Interest Entity [Line Items] | |
Issuance Date | Dec. 20, 2005 |
Amount of Capital Securities Issued | $ 25,000 |
Interest Rate | 3-month LIBOR + 1.42% |
Maturity Date | Feb. 23, 2036 |
Cardinal Statutory Trust I [Member] | |
Variable Interest Entity [Line Items] | |
Issuance Date | Jul. 27, 2004 |
Amount of Capital Securities Issued | $ 20,000 |
Interest Rate | 3-month LIBOR + 2.40% |
Maturity Date | Sep. 15, 2034 |
UFBC Capital Trust I [Member] | |
Variable Interest Entity [Line Items] | |
Issuance Date | Dec. 30, 2004 |
Amount of Capital Securities Issued | $ 5,000 |
Interest Rate | 3-month LIBOR + 2.10% |
Maturity Date | Mar. 15, 2035 |
Variable Interest Entities - Su
Variable Interest Entities - Summary of Quantitative Information Related to Significant Involvement in Unconsolidated Variable Interest Entities (Detail) - Trust Preferred Securities [Member] - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 | |
Variable Interest Entity [Line Items] | |||
Aggregate Assets | $ 258,095 | $ 257,754 | |
Aggregate Liabilities | 249,016 | 248,741 | |
Risk Of Loss | [1] | $ 9,079 | $ 9,013 |
[1] | Represents investment in VIEs. |
Segment Information - Additiona
Segment Information - Additional Information (Detail) | 3 Months Ended |
Mar. 31, 2019Segment | |
Segment Reporting [Abstract] | |
Number of business segment | 2 |
Segment Information - Summary o
Segment Information - Summary of Segment Reporting Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Segment Reporting Information [Line Items] | ||
Net interest income | $ 144,168 | $ 144,043 |
Provision for loans losses | 4,996 | 5,178 |
Other income | 31,223 | 31,192 |
Other expense | 89,425 | 90,452 |
Income taxes | 17,328 | 17,899 |
Net income | 63,642 | 61,706 |
Total assets (liabilities) | 19,645,133 | 18,619,702 |
Average assets (liabilities) | 19,249,620 | 18,543,797 |
Operating Segments [Member] | Community Banking [Member] | ||
Segment Reporting Information [Line Items] | ||
Net interest income | 145,890 | 145,621 |
Provision for loans losses | 4,996 | 5,178 |
Other income | 18,689 | 17,771 |
Other expense | 75,994 | 72,491 |
Income taxes | 17,666 | 19,276 |
Net income | 65,923 | 66,447 |
Total assets (liabilities) | 19,549,904 | 18,547,315 |
Average assets (liabilities) | 19,204,107 | 18,507,313 |
Operating Segments [Member] | Mortgage Banking [Member] | ||
Segment Reporting Information [Line Items] | ||
Net interest income | 55 | 376 |
Provision for loans losses | 0 | 0 |
Other income | 16,106 | 14,883 |
Other expense | 14,842 | 18,384 |
Income taxes | 282 | (703) |
Net income | 1,037 | (2,422) |
Total assets (liabilities) | 316,106 | 289,925 |
Average assets (liabilities) | 265,151 | 210,172 |
Other [Member] | ||
Segment Reporting Information [Line Items] | ||
Net interest income | (3,323) | (2,594) |
Provision for loans losses | 0 | 0 |
Other income | 201 | (822) |
Other expense | (220) | (423) |
Income taxes | (620) | (674) |
Net income | (2,282) | (2,319) |
Total assets (liabilities) | 6,170 | 9,831 |
Average assets (liabilities) | (1,848) | 15,012 |
Intersegment Eliminations [Member] | ||
Segment Reporting Information [Line Items] | ||
Net interest income | 1,546 | 640 |
Provision for loans losses | 0 | 0 |
Other income | (3,773) | (640) |
Other expense | (1,191) | 0 |
Income taxes | 0 | 0 |
Net income | (1,036) | 0 |
Total assets (liabilities) | (227,047) | (227,369) |
Average assets (liabilities) | $ (217,790) | $ (188,700) |