Cover Page
Cover Page - USD ($) | 12 Months Ended | ||
Dec. 31, 2020 | Jan. 31, 2021 | Jun. 30, 2020 | |
Cover [Abstract] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Annual Report | true | ||
Document Transition Report | false | ||
Document Fiscal Year Focus | 2020 | ||
Document Period End Date | Dec. 31, 2020 | ||
Document Fiscal Period Focus | FY | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Registrant Name | UNITED BANKSHARES INC/WV | ||
Entity Central Index Key | 0000729986 | ||
Entity Current Reporting Status | Yes | ||
Trading Symbol | UBSI | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Emerging Growth Company | false | ||
Entity Shell Company | false | ||
Entity Small Business | false | ||
Entity Common Stock, Shares Outstanding | 128,975,142 | ||
Entity Public Float | $ 3,433,844,255 | ||
Entity Interactive Data Current | Yes | ||
Title of 12(b) Security | Common Stock | ||
Entity File Number | 002-86947 | ||
Security Exchange Name | NASDAQ | ||
Entity Tax Identification Number | 55-0641179 | ||
Entity Address, Address Line One | 300 United Center | ||
Entity Address, Address Line Two | 500 Virginia Street, East | ||
Entity Address, City or Town | Charleston | ||
Entity Address, State or Province | WV | ||
Entity Address, Postal Zip Code | 25301 | ||
City Area Code | 304 | ||
Local Phone Number | 424-8716 | ||
Entity Incorporation, State or Country Code | WV | ||
Entity Voluntary Filers | No | ||
Entity Well-known Seasoned Issuer | Yes | ||
ICFR Auditor Attestation Flag | true |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Assets | ||
Cash and due from banks | $ 297,369 | $ 185,238 |
Interest-bearing deposits with other banks | 1,910,876 | 651,435 |
Federal funds sold | 823 | 820 |
Total cash and cash equivalents | 2,209,068 | 837,493 |
Securities available for sale at estimated fair value (amortized cost-$2,868,346 at December 31, 2020 and $2,426,924 at December 31, 2019, allowance for credit losses of $0 at December 31, 2020) | 2,953,359 | 2,437,296 |
Securities held to maturity, net of allowance for credit losses of $23 at December 31, 2020 (estimated fair value-$1,212 at December 31, 2020 and $1,447 at December 31, 2019) | 1,212 | 1,446 |
Equity securities at estimated fair value | 10,718 | 8,894 |
Other investment securities | 220,895 | 222,161 |
Loans held for sale (at fair value-$698,341 at December 31, 2020 and $384,375 at December 31, 2019) | 718,937 | 387,514 |
Loans and leases | 17,622,583 | 13,713,548 |
Less: Unearned income | (31,170) | (1,419) |
Loans and leases, net of unearned income | 17,591,413 | 13,712,129 |
Less: Allowance for loan and lease losses | (235,830) | (77,057) |
Net loans and leases | 17,355,583 | 13,635,072 |
Bank premises and equipment | 175,824 | 96,644 |
Operating lease right-of-use assets | 69,520 | 57,783 |
Goodwill | 1,796,848 | 1,478,014 |
Mortgage servicing rights, net of valuation allowance of $1,383 at December 31, 2020 | 20,955 | 0 |
Accrued interest receivable, net of allowance for credit losses of $250 at December 31, 2020 | 66,832 | 58,085 |
Other assets | 584,496 | 441,922 |
TOTAL ASSETS | 26,184,247 | 19,662,324 |
Deposits: | ||
Noninterest-bearing | 7,405,260 | 4,621,362 |
Interest-bearing | 13,179,900 | 9,231,059 |
Total deposits | 20,585,160 | 13,852,421 |
Borrowings: | ||
Securities sold under agreements to repurchase | 142,300 | 124,654 |
Federal Home Loan Bank ("FHLB") borrowings | 584,532 | 1,851,865 |
Other long-term borrowings | 279,837 | 236,164 |
Reserve for lending-related commitments | 19,250 | 1,733 |
Operating lease liabilities | 73,213 | 61,342 |
Accrued expenses and other liabilities | 202,335 | 170,312 |
TOTAL LIABILITIES | 21,886,627 | 16,298,491 |
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-133,809,374 and 105,494,290 at December 31, 2020 and December 31, 2019, respectively, including 4,620,867 and 3,940,619 shares in treasury at December 31, 2020 and December 31, 2019, respectively | 334,523 | 263,736 |
Surplus | 2,894,471 | 2,140,175 |
Retained earnings | 1,205,395 | 1,132,579 |
Accumulated other comprehensive gain (loss) | 22,370 | (34,869) |
Treasury stock, at cost | (159,139) | (137,788) |
TOTAL SHAREHOLDERS' EQUITY | 4,297,620 | 3,363,833 |
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | $ 26,184,247 | $ 19,662,324 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Statement of Financial Position [Abstract] | ||
Securities available for sale, amortized cost | $ 2,868,346 | $ 2,426,924 |
Securities held to maturity | 1,212 | 1,447 |
Loans held for sale at fair value | $ 698,341 | $ 384,375 |
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 | 133,809,374 | 105,494,290 |
Common stock, shares in treasury | 4,620,867 | 3,940,619 |
Allowance for credit losses on securities held for sale | $ 0 | |
Allowances for credit losses on securities held to maturity | 23 | |
Allowance for credit loss on accrued interest receivable | 250 | |
Mortgage servicing rights, net of valuation allowance | $ 1,383 | $ 0 |
Consolidated Statements of Inco
Consolidated Statements of Income - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Interest income | |||
Interest and fees on loans and leases | $ 721,829 | $ 666,950 | $ 636,720 |
Interest on federal funds sold and other short-term investments | 9,780 | 21,338 | 19,268 |
Interest and dividends on securities: | |||
Taxable | 61,808 | 70,789 | 56,273 |
Tax-exempt | 4,965 | 3,485 | 5,454 |
Total interest income | 798,382 | 762,562 | 717,715 |
Interest expense | |||
Interest on deposits | 78,579 | 135,649 | 91,507 |
Interest on short-term borrowings | 1,027 | 2,347 | 2,245 |
Interest on long-term borrowings | 29,003 | 46,644 | 35,318 |
Total interest expense | 108,609 | 184,640 | 129,070 |
Net interest income | 689,773 | 577,922 | 588,645 |
Provision for credit losses | 106,562 | 21,313 | 22,013 |
Net interest income after provision for credit losses | 583,211 | 556,609 | 566,632 |
Other income | |||
Income from bank-owned life insurance | 7,217 | 7,339 | 5,045 |
Mortgage loan servicing income | 6,213 | 0 | 0 |
Net gain on the sale of bank premises | 2,229 | 0 | 2,763 |
Net investment securities gains (losses) | 3,155 | 175 | (2,618) |
Other income | 2,682 | 1,327 | 1,767 |
Total other income | 354,746 | 150,484 | 128,712 |
Other expense | |||
Employee compensation | 274,661 | 173,962 | 164,468 |
Employee benefits | 48,870 | 35,745 | 36,172 |
Net occupancy expense | 41,303 | 34,850 | 36,462 |
Other real estate owned (OREO) expense | 5,748 | 5,336 | 3,444 |
Equipment expense | 20,861 | 14,210 | 13,846 |
Data processing expense | 35,420 | 22,232 | 23,800 |
Mortgage loan servicing expense and impairment | 9,431 | 423 | 271 |
Bankcard processing expense | 1,735 | 1,877 | 1,971 |
FDIC insurance expense | 10,132 | 8,070 | 11,464 |
FHLB prepayment penalties | 10,385 | 5,105 | 0 |
Other expense | 119,671 | 80,844 | 76,281 |
Total other expense | 578,217 | 382,654 | 368,179 |
Income before income taxes | 359,740 | 324,439 | 327,165 |
Income taxes | 70,717 | 64,340 | 70,823 |
Net income | $ 289,023 | $ 260,099 | $ 256,342 |
Earnings per common share: | |||
Basic | $ 2.40 | $ 2.55 | $ 2.46 |
Diluted | 2.40 | 2.55 | 2.45 |
Dividends per common share | $ 1.40 | $ 1.37 | $ 1.36 |
Average outstanding shares: | |||
Basic | 120,017,247 | 101,585,599 | 104,015,976 |
Diluted | 120,090,232 | 101,852,577 | 104,298,825 |
Fees From Trust Services [Member] | |||
Other income | |||
Revenue from contract | $ 13,903 | $ 13,873 | $ 12,930 |
Fees from Brokerage Services [Member] | |||
Other income | |||
Revenue from contract | 11,758 | 10,136 | 9,347 |
Fees from Deposit Services [Member] | |||
Other income | |||
Revenue from contract | 34,833 | 33,768 | 33,973 |
Bankcard Fees and Merchant Discounts [Member] | |||
Other income | |||
Revenue from contract | 4,066 | 4,674 | 5,168 |
Other Service Charges, Commissions, and Fees [Member] | |||
Other income | |||
Revenue from contract | 2,596 | 2,241 | 2,228 |
Mortgage Banking [Member] | |||
Other income | |||
Revenue from contract | $ 266,094 | $ 76,951 | $ 58,109 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Statement of Comprehensive Income [Abstract] | |||
Net income | $ 289,023 | $ 260,099 | $ 256,342 |
Change in net unrealized gain (loss) on available-for-sale ("AFS") securities, net of tax | 57,249 | 26,245 | (9,015) |
Accretion of the net unrealized loss on the transfer of AFS securities to held-to-maturity ("HTM") securities, net of tax | 0 | 0 | 6 |
Change in net unrealized gain on cash flow hedge, net of tax | 3,358 | 0 | 0 |
Change in defined benefit pension plan, net of tax | (3,368) | (4,145) | 504 |
Comprehensive income, net of tax | $ 346,262 | $ 282,199 | $ 247,837 |
Consolidated Statement of Chang
Consolidated Statement of Changes in Shareholders' Equity - USD ($) $ in Thousands | Total | Revision of Prior Period, Reclassification, Adjustment [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | Common Stock [Member] | Common Stock [Member]Revision of Prior Period, Reclassification, Adjustment [Member] | Common Stock [Member]Cumulative Effect, Period of Adoption, Adjustment [Member] | Surplus [Member] | Surplus [Member]Revision of Prior Period, Reclassification, Adjustment [Member] | Surplus [Member]Cumulative Effect, Period of Adoption, Adjustment [Member] | Retained Earnings [Member] | Retained Earnings [Member]Revision of Prior Period, Reclassification, Adjustment [Member] | Retained Earnings [Member]Cumulative Effect, Period of Adoption, Adjustment [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Accumulated Other Comprehensive Income (Loss) [Member]Revision of Prior Period, Reclassification, Adjustment [Member] | Accumulated Other Comprehensive Income (Loss) [Member]Cumulative Effect, Period of Adoption, Adjustment [Member] | Treasury Stock [Member] | Treasury Stock [Member]Revision of Prior Period, Reclassification, Adjustment [Member] | Treasury Stock [Member]Cumulative Effect, Period of Adoption, Adjustment [Member] |
Beginning Balance at Dec. 31, 2017 | $ 3,240,530 | $ 0 | $ 0 | $ 262,675 | $ 0 | $ 0 | $ 2,129,077 | $ 0 | $ 0 | $ 891,816 | $ 6,353 | $ 136 | $ (42,025) | $ (6,353) | $ (136) | $ (1,013) | $ 0 | $ 0 |
Beginning Balance, shares at Dec. 31, 2017 | 105,069,821 | |||||||||||||||||
Net income | 256,342 | $ 0 | 0 | 256,342 | 0 | 0 | ||||||||||||
Other comprehensive income, net of tax | (8,505) | 0 | 0 | 0 | (8,505) | 0 | ||||||||||||
Comprehensive income, net of tax | 247,837 | |||||||||||||||||
Stock based compensation expense | 4,073 | 0 | 4,073 | 0 | 0 | 0 | ||||||||||||
Purchase of treasury stock | (100,724) | 0 | 0 | 0 | 0 | (100,724) | ||||||||||||
Distribution of treasury stock for deferred compensation plan | 1 | 0 | 0 | 0 | 0 | 1 | ||||||||||||
Cash dividends | (141,610) | 0 | 0 | (141,610) | 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 | 218 | 0 | 0 | (218) | ||||||||||||
Common stock options exercised | 1,517 | $ 180 | 1,337 | 0 | 0 | 0 | ||||||||||||
Common stock options exercised, shares | 72,296 | |||||||||||||||||
Ending Balance at Dec. 31, 2018 | 3,251,624 | $ 50 | (1,049) | $ 263,098 | $ 0 | 0 | 2,134,462 | $ 0 | 0 | 1,013,037 | $ 0 | (1,049) | (57,019) | $ 50 | 0 | (101,954) | $ 0 | 0 |
Ending Balance, shares at Dec. 31, 2018 | 105,239,121 | |||||||||||||||||
Net income | 260,099 | $ 0 | 0 | 260,099 | 0 | 0 | ||||||||||||
Other comprehensive income, net of tax | 22,100 | 0 | 0 | 0 | 22,100 | 0 | ||||||||||||
Comprehensive income, net of tax | 282,199 | |||||||||||||||||
Stock based compensation expense | 4,914 | 0 | 4,914 | 0 | 0 | 0 | ||||||||||||
Purchase of treasury stock | (35,673) | 0 | 0 | 0 | 0 | (35,673) | ||||||||||||
Distribution of treasury stock for deferred compensation plan | 1 | 0 | 0 | 0 | 0 | 1 | ||||||||||||
Cash dividends | (139,508) | 0 | 0 | (139,508) | 0 | 0 | ||||||||||||
Grant of restricted stock | 0 | $ 316 | (316) | 0 | 0 | 0 | ||||||||||||
Grant of restricted stock, shares | 126,427 | |||||||||||||||||
Forfeiture of restricted stock | 0 | $ 0 | 162 | 0 | 0 | (162) | ||||||||||||
Common stock options exercised | $ 1,275 | $ 322 | 953 | 0 | 0 | 0 | ||||||||||||
Common stock options exercised, shares | 128,742 | 128,742 | ||||||||||||||||
Ending Balance at Dec. 31, 2019 | $ 3,363,833 | $ (44,331) | $ 263,736 | $ 0 | 2,140,175 | $ 0 | 1,132,579 | $ (44,331) | (34,869) | $ 0 | (137,788) | $ 0 | ||||||
Ending Balance, shares at Dec. 31, 2019 | 105,494,290 | |||||||||||||||||
Accounting Standards Update [Extensible List] | us-gaap:AccountingStandardsUpdate201613Member | |||||||||||||||||
Net income | $ 289,023 | $ 0 | 0 | 289,023 | 0 | 0 | ||||||||||||
Other comprehensive income, net of tax | 57,239 | 0 | 0 | 0 | 57,239 | 0 | ||||||||||||
Comprehensive income, net of tax | 346,262 | |||||||||||||||||
Stock based compensation expense | 5,980 | 0 | 5,980 | 0 | 0 | 0 | ||||||||||||
Acquisition, Values | 817,830 | $ 70,079 | 747,751 | 0 | 0 | 0 | ||||||||||||
Acquisition, Shares | 28,031,501 | |||||||||||||||||
Purchase of treasury stock | (21,317) | $ 0 | 0 | 0 | 0 | (21,317) | ||||||||||||
Distribution of treasury stock for deferred compensation plan | 1 | 0 | 0 | 0 | 0 | 1 | ||||||||||||
Cash dividends | (171,876) | 0 | 0 | (171,876) | 0 | 0 | ||||||||||||
Grant of restricted stock | 0 | $ 457 | (457) | 0 | 0 | 0 | ||||||||||||
Grant of restricted stock, shares | 182,847 | |||||||||||||||||
Forfeiture of restricted stock | 0 | $ 0 | 35 | 0 | 0 | (35) | ||||||||||||
Common stock options exercised | $ 1,238 | $ 251 | 987 | 0 | 0 | 0 | ||||||||||||
Common stock options exercised, shares | 100,736 | 100,736 | ||||||||||||||||
Ending Balance at Dec. 31, 2020 | $ 4,297,620 | $ 334,523 | $ 2,894,471 | $ 1,205,395 | $ 22,370 | $ (159,139) | ||||||||||||
Ending Balance, shares at Dec. 31, 2020 | 133,809,374 |
Consolidated Statement of Cha_2
Consolidated Statement of Changes in Shareholders' Equity (Parenthetical) - $ / shares | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Cash dividends per share | $ 1.40 | $ 1.37 | $ 1.36 |
Common stock options exercised, shares | 100,736 | 128,742 | |
Common Stock [Member] | |||
Cash dividends per share | $ 1.40 | $ 1.37 | $ 1.36 |
Grant of restricted stock, shares | 182,847 | 126,427 | 97,004 |
Forfeiture of restricted stock, shares | 946 | 4,149 | 5,636 |
Common stock options exercised, shares | 100,736 | 128,742 | 72,296 |
Acquisition, Shares | 28,031,501 | ||
Treasury Stock [Member] | |||
Purchase of treasury stock, shares | 679,331 | 1,020,864 | 2,880,855 |
Distribution of treasury stock for deferred compensation plan, shares | 31 | ||
Deferred Compensation Plan [Member] | Treasury Stock [Member] | |||
Distribution of treasury stock for deferred compensation plan, shares | 29 | 27 | |
Carolina Financial Corporation [Member] | Common Stock [Member] | |||
Acquisition, Shares | 28,031,501 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Cash Flows - USD ($) | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
OPERATING ACTIVITIES | |||
Net income | $ 289,023,000 | $ 260,099,000 | $ 256,342,000 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Provision for credit losses | 106,562,000 | 21,313,000 | 22,013,000 |
Amortization and accretion | (29,900,000) | (29,771,000) | (31,316,000) |
Loss (Gain) on sales of bank premises, OREO, leases and equipment | 1,214,000 | 294,000 | (2,079,000) |
Write-downs on bank premises, OREO, leases and equipment | 3,803,000 | 3,618,000 | 1,307,000 |
Depreciation | 13,464,000 | 9,329,000 | 10,255,000 |
(Gain) loss on securities | (3,155,000) | (175,000) | 2,618,000 |
Loans originated for sale | (6,528,080,000) | (2,574,434,000) | (1,994,707,000) |
Proceeds from sales of loans | 6,528,508,000 | 2,513,717,000 | 2,041,508,000 |
Gain on sales of loans | (266,094,000) | (76,951,000) | (58,109,000) |
Mortgage repurchase loan losses paid, net of recoveries | (888,000) | 0 | (59,000) |
Stock-based compensation | 5,980,000 | 4,914,000 | 4,073,000 |
Excess tax benefits from stock-based compensation arrangements | 351,000 | 223,000 | 158,000 |
Deferred income tax (benefit) expense | (174,000) | 14,205,000 | 9,353,000 |
Amortization of tax credit investments | 9,950,000 | 4,271,000 | 1,502,000 |
Originations of mortgage servicing rights | (7,310,000) | 0 | 0 |
Impairment of mortgage servicing rights | 1,383,000 | 0 | 0 |
Increase in cash surrender value of bank-owned life insurance policies | (5,959,000) | (1,458,000) | (5,045,000) |
Contribution to pension plan | (20,000,000) | 0 | (7,000,000) |
Amortization of net periodic pension costs | 3,004,000 | 3,635,000 | 2,566,000 |
Changes in: | |||
Loans held for sale | 0 | 0 | 27,417,000 |
Interest receivable | 1,106,000 | 2,512,000 | (7,782,000) |
Other assets | 46,267,000 | (23,449,000) | 11,824,000 |
Accrued expenses and other liabilities | (8,608,000) | 20,073,000 | 9,196,000 |
NET CASH PROVIDED BY OPERATING ACTIVITIES | 140,447,000 | 151,965,000 | 294,035,000 |
INVESTING ACTIVITIES | |||
Proceeds from maturities and calls of held to maturity securities | 211,000 | 7,000,000 | 328,000 |
Proceeds from sales of securities available for sale | 192,085,000 | 374,764,000 | 171,202,000 |
Proceeds from maturities and calls of securities available for sale | 515,983,000 | 337,793,000 | 270,754,000 |
Purchases of securities available for sale | (596,923,000) | (771,290,000) | (917,907,000) |
Proceeds from sales of equity securities | 1,650,000 | 2,011,000 | 2,005,000 |
Purchases of equity securities | (1,379,000) | (895,000) | (657,000) |
Proceeds from sales and redemptions of other investment securities | 148,766,000 | 80,270,000 | 36,358,000 |
Purchases of other investment securities | (137,395,000) | (129,747,000) | (57,154,000) |
Redemption of bank-owned life insurance policies | 5,729,000 | 2,829,000 | 0 |
Purchases of bank premises and equipment | (19,025,000) | (11,083,000) | (5,776,000) |
Proceeds from sales of bank premises and equipment | 4,354,000 | 251,000 | 8,397,000 |
Acquisition of Carolina Financial Corporation, net of cash paid | 629,107,000 | 0 | 0 |
Proceeds from sales of OREO properties | 14,398,000 | 10,026,000 | 10,816,000 |
Net change in loans and leases | (619,976,000) | (285,248,000) | (391,381,000) |
NET CASH PROVIDED BY (USED IN) INVESTING ACTIVITIES | 137,585,000 | (383,319,000) | (873,015,000) |
FINANCING ACTIVITIES | |||
Cash dividends paid | (162,713,000) | (138,939,000) | (142,350,000) |
Acquisition of treasury stock | (21,317,000) | (35,673,000) | (100,724,000) |
Proceeds from exercise of stock options | 1,241,000 | 1,272,000 | 1,500,000 |
Distribution of treasury stock for deferred compensation plan | 1,000 | 1,000 | 1,000 |
Repayment of long-term Federal Home Loan Bank borrowings | (1,847,000,000) | (1,135,000,000) | (755,000,000) |
Proceeds from issuance of long-term Federal Home Loan Bank borrowings | 500,000,000 | 1,475,000,000 | 950,000,000 |
Repayment of trust preferred issuance | 0 | 0 | (9,374,000) |
Changes in: | |||
Time deposits | 584,175,000 | 28,408,000 | (293,184,000) |
Other deposits | 2,271,510,000 | (169,945,000) | 458,600,000 |
Federal funds purchased, securities sold under agreements to repurchase and other short-term borrowings | (232,354,000) | 23,327,000 | (176,260,000) |
NET CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES | 1,093,543,000 | 48,451,000 | (66,791,000) |
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | 1,371,575,000 | (182,903,000) | (645,771,000) |
CASH AND CASH EQUIVALENTS AT BEGINNING OF YEAR | 837,493,000 | 1,020,396,000 | 1,666,167,000 |
CASH AND CASH EQUIVALENTS AT END OF YEAR | 2,209,068,000 | 837,493,000 | 1,020,396,000 |
Supplemental information | |||
Cash paid for interest on deposits and borrowed funds | 115,347,000 | 182,549,000 | 124,679,000 |
Cash paid for income taxes | 65,378,000 | 56,459,000 | 55,336,000 |
Noncash investing activities: | |||
Transfers of loans to OREO | 28,038,000 | 13,185,000 | 1,840,000 |
Transfers of held to maturity debt securities to available for sale debt securities | 0 | 11,544,000 | 0 |
Carolina Financial [Member] | |||
Acquisition of Carolina Financial: | |||
Assets acquired, net of cash | 4,172,611,000 | 0 | 0 |
Liabilities assumed | 4,302,722,000 | 0 | 0 |
Goodwill | $ 318,834,000 | $ 0 | $ 0 |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2020 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | NOTE A—SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Nature of Operations: Operating Segments: Basis of Presentation: United determines whether it has a controlling financial interest in an entity by first evaluating whether the entity is a voting interest entity or a variable interest entity (“VIE”) under U.S. generally accepted accounting principles. Voting interest entities are entities in which the total equity investment at risk is sufficient to enable the entity to finance itself independently and provides the equity holders with the obligation to absorb losses, the right to receive residual returns and the right to make decisions about the entity’s activities. United consolidates voting interest entities in which it has all, or at least a majority of, the voting interest. As defined in applicable accounting standards, VIEs are entities that lack one or more of the characteristics of a voting interest entity. A controlling financial interest in a VIE 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. United’s wholly owned and indirect wholly owned statutory trust subsidiaries are VIEs for which United is not the primary beneficiary. Accordingly, its accounts are not included in United’s consolidated financial statements. The accounting and reporting policies of United conform with U.S. generally accepted accounting principles. 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. To conform to the 2020 presentation, certain reclassifications have been made to prior period amounts, which had no impact on net income, comprehensive income or shareholders’ equity. In the opinion of management, all adjustments necessary for a fair presentation of financial position and results of operations have been made. Such adjustments are of a normal and recurring nature. The Company has evaluated events and transactions subsequent to December 31, 2020 through the date these financial statements were issued. Based on definitions and requirements of generally accepted accounting principles for “Subsequent Events,” the Company has not identified any events that would require adjustments to, or disclosure in the financial statements. Cash and Cash Equivalents: Debt securities held-to-maturity available-for-sale HTM securities are accounted for at amortized cost, but the Company must have both the positive intent and the ability to hold those securities to maturity. There are very limited circumstances under which securities in the HTM category can be sold without jeopardizing the cost basis of accounting for the remainder of the securities in this category. Substantially all of the Company’s HTM debt securities are issued by state and political subdivisions (municipalities). As of December 31, 2020, United considers its HTM debt securities portfolio to be immaterial. AFS securities are accounted for at fair value. Gains and losses realized on the sale of these securities are accounted for based on the specific identification method. Unrealized gains and losses for AFS securities are excluded from earnings and reported net of the related tax effect in the accumulated other comprehensive income component of shareholders’ equity. Allowance for Credit Losses (HTM Debt Securities) held-to-maturity losses (“CECL”) methodology to estimate expected credit losses. As of December 31, 2020, the Company recorded an allowance for credit losses of $23,000 on its HTM debt securities portfolio. Allowance for Credit Losses (AFS Debt Securities) available-for-sale no Equity securities: Other investment securities: (non-marketable) Securities Purchased Under Resale Agreements and Securities Sold Under Agreements to Repurchase: Loans: 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. A loan classified as a TDR will generally retain such classification until the loan is paid in full. However, a one-to-four-family six months TDRs can take the form of a reduction of the stated interest rate, splitting a loan into separate loans and leases 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, or the reduction of accrued interest or any other concessionary type of renegotiated debt. Under United’s current loan policy, a loan is not recognized as a TDR until it becomes probable that the loan will be a TDR. In response to the coronavirus (“COVID-19”) COVID-19 COVID-19 Loans Acquired Through Transfer: rate reflecting the Company’s assessment of risk inherent in the cash flow estimates. Certain purchased loans are individually evaluated while certain purchased loans are grouped together according to similar risk characteristics and are treated in the aggregate when applying various valuation techniques. These cash flow evaluations are inherently subjective as they require material estimates, all of which may be susceptible to significant change. Prior to January 1, 2020, loans acquired in a business combination that had evidence of deterioration of credit quality since origination and for which it was probable, at acquisition, that the Company would be unable to collect all contractually required payments receivable were considered purchased credit impaired (“PCI”). PCI loans were individually evaluated and recorded at fair value at the date of acquisition with no initial valuation allowance based on a discounted cash flow methodology that considered various factors including the type of loan and related collateral, classification status, fixed or variable interest rate, term of loan and whether or not the loan was amortizing, and a discount rate reflecting the Company’s assessment of risk inherent in the cash flow estimates. The difference between the undiscounted cash flows expected at acquisition and the investment in the loan, or the “accretable yield,” was 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,” were not recognized on the balance sheet and did not result in any yield adjustments, loss accruals or valuation allowances. Increases in expected cash flows, including prepayments, subsequent to the initial investment were recognized prospectively through adjustment of the yield on the loan over its remaining life. Decreases in expected cash flows were recognized as impairment. Valuation allowances on PCI loans reflected only losses incurred after the acquisition (meaning the present value of all cash flows expected at acquisition that ultimately were not to be received). Subsequent to January 1, 2020, loans acquired in a business combination that have experienced more-than-insignificant deterioration in credit quality since origination are considered purchased credit deteriorated (“PCD”) loans. At the acquisition date, an estimate of expected credit losses is made for groups of PCD loans with similar risk characteristics and individual PCD loans without similar risk characteristics. This initial allowance for credit losses is allocated to individual PCD loans and added to the purchase price or acquisition date fair values to establish the initial amortized cost basis of the PCD loans. As the initial allowance for credit losses is added to the purchase price, there is no credit loss expense recognized upon acquisition of a PCD loan. Any difference between the unpaid principal balance of PCD loans and the amortized cost basis is considered to relate to noncredit factors and results in a discount or premium. Discounts and premiums are recognized through interest income on a level-yield method over the life of the loans. All loans and leases considered to be PCI prior to January 1, 2020 were converted to PCD on that date. For loans and leases acquired after the adoption of ASC Topic 326, United will likely take several factors into consideration when determining if loans and leases meet the definition of PCD. ASC Topic 326 lists some, but not all, factors for consideration in the bifurcation of PCD versus non-PCD · Financial assets that are delinquent as of the acquisition date · Financial assets that have been downgraded since origination · Financial assets that have been placed on nonaccrual status For acquired loans not deemed purchased credit deteriorated at acquisition, the differences between the initial fair value and the unpaid principal balance are recognized as interest income on a level-yield basis over the lives of the related loans. Loans Held for Sale: one-to-four Loans held for sale within the mortgage banking segment are recorded under the fair value option at a fair value measured using valuations from investors for loans with similar characteristics adjusted for the Company’s actual sales experience versus the investor’s indicated pricing. Loans held for sale within the community banking segment are carried at the lower of cost or fair value. The fair value is based on the price secondary markets are currently offering for similar loans using observable market data which is not materially different than cost due to the short duration between origination and sale. Gains and losses on sale of loans are recorded within income from mortgage banking activities. Allowance for Loan and Lease Losses: 2016-13, charged-off, charged-off, United made a policy election to present the accrued interest receivable balance separately in its consolidated balance sheets from the amortized cost of a loan. United estimates the allowance balance using relevant available information, from internal and external sources, relating to past events, current conditions and reasonable and supportable forecasts. Historical credit loss experience provides the basis for the estimation of expected credit losses. Adjustments to historical loss information are made for differences in current loan-specific risk characteristics such as differences in underwriting standards, portfolio mix, delinquency level or term as well as for changes in environmental conditions, such as changes in unemployment rates, property values or other relevant factors. A reversion to historical loss data occurs via a straight-line method during the year following the one-year United pools its loans and leases based on similar risk characteristics in estimating expected credit losses. United has identified the following portfolio segments and measures the allowance for credit losses using the following methods: · Method: Probability of Default/Loss Given Default (PD/LGD) Ø Commercial Real Estate Owner-Occupied Ø Commercial Real Estate Nonowner-Occupied Ø Commercial Other · Method: Cohort Ø Residential Real Estate Ø Construction & Land Development Ø Consumer Ø Bankcard Risk characteristics of commercial real estate owner-occupied loans and commercial other loans and leases are similar in that they are normally dependent upon the borrower’s internal cash flow from operations to service debt. Commercial real estate nonowner-occupied 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 that do not share risk characteristics are evaluated on an individual basis. Loans evaluated individually are not also included in the collective evaluation. When management determines that foreclosure is probable or when the borrower is experiencing financial difficulty at the reporting date and repayment is expected to be provided substantially through the operation or sale of the collateral, but may also include other non-performing Expected credit losses are estimated over the contractual term of the loans and leases, adjusted for expected prepayments when appropriate. The contractual term excludes expected extensions, renewals and modifications unless either of the following applies: management has a reasonable expectation at the reporting date that a troubled debt restructuring will be executed with an individual borrower or the extension or renewal options are included in the original or modified contract at the reporting date and are not unconditionally cancelable by United. For past loans and leases acquired through the completion of a transfer, including loans and leases acquired in a business combination, that had evidence of deterioration of credit quality since origination (“PCI”) and accounted for under ASC Topic 310, an entity did not have to reassess whether any loans and leases previously accounted for as PCI meet the definition of purchased credit deteriorated (“PCD”) loans and leases upon adoption of ASC Topic 326. Any changes in the allowance for credit losses for these loans and leases were accounted for as an adjustment to the loan’s amortized cost basis and not as a cumulative-effect adjustment to an entity’s beginning retained earnings. Non-PCI non-PCD discount At the acquisition date, an initial allowance for expected credit losses is estimated and recorded as credit loss expense. The subsequent measurement of expected credit losses for all acquired loans is the same as the subsequent measurement of expected credit losses for originated loans. For allowance for credit losses under ASC Topic 326 calculation purposes, United includes its acquired loans and leases in their relevant pool unless they meet the criteria for specific review. Prior to January 1, 2020, the allowance for loan losses calculation as well as the provision for loan losses was based on the incurred loss methodology. Under the incurred loss model, management estimated the losses on loans and leases when it was “probable” that the Company had already incurred losses based on information available at that time. Once a loss was probable, then the expected value of the estimated loss given default was calculated and incorporated into the allowance. Bank Premises and Equipment: three five Other Real Estate Owned Intangible Assets: one ten-year Goodwill and intangible assets with indefinite lives (such as a trade name intangible) are not amortized, but are tested for impairment at least annually or sooner if indicators of impairment exist. Intangible assets with definite useful lives (such as core deposit intangibles) are amortized over their respective estimated useful lives to their estimated residual values, and reviewed for impairment at least annually or as indicators of impairment are identified. Based on the most recent goodwill impairment test, no impairment was noted. As of December 31, 2020, and 2019, total goodwill approximated $1,796,848,000 and $1,478,014,000, respectively. Mortgage Servicing Rights, Fees and Costs: MSRs are amortized in proportion to, and over the period of, estimated net servicing income. The amortization of the MSRs is analyzed periodically and is adjusted to reflect changes in prepayment rates and other estimates. The Company evaluates potential impairment of MSRs based on the difference between the carrying amount and current estimated fair value of the servicing rights. In determining impairment, the Company aggregates all servicing rights and stratifies them into tranches based on predominant risk characteristics. If impairment exists, a valuation allowance is established for any excess of amortized cost over the current estimated fair value by a charge to income. If the Company later determines that all or a portion of the impairment no longer exists for a particular tranche, a reduction of the allowance may be recorded as an increase to income. Service fee income is recorded for fees earned for servicing mortgage loans under servicing agreements with the Federal national Mortgage Association (“FNMA”), the Federal home loan Mortgage Corporation (“FHLMC”), Government national Mortgage Association (“GNMA”) and certain private investors. The fees are based on a contractual percentage of the outstanding principal balance of the loans serviced and are recorded in noninterest income. Amortization of MSRs and mortgage servicing costs are charged to expense when incurred. Accrued interest receivable • Presenting accrued interest receivable balances separately from their underlying instruments within the consolidated statements of financial condition. • Excluding accrued interest receivable that is included in the amortized cost of financing receivables from related disclosure requirements. • Continuing our policy to write off accrued interest receivable by reversing interest income in cases where the Company does not reasonably expect to receive payment. • Generally, not measuring an allowance for credit losses for accrued interest receivable due to the Company’s policy of writing off uncollectible accrued interest receivable balances in a timely manner. However, due to loan interest payment deferrals on certain loans and leases granted by United under the CARES Act, United assessed the collectability of the accrued interest receivables on these deferring loans and leases. As a result of this assessment, United recorded an allowance for credit losses of $250,000 for accrued interest receivables not expected to be collected as of December 31, 2020. Revenue Recognition Descriptions of our revenue-generating activities that are within the scope of ASC Topic 606, which are presented in our Consolidated Statements of Income as components of Other Income are discussed below. There are no significant judgements relating to the amount and timing of revenue recognition for those revenue streams under the scope of ASC Topic 606. Fees from Trust Services Revenue from trust services primarily is comprised of fees earned from the management and administration of trusts and other customer assets. Trust services include custody of assets, investment management, escrow services, and similar fiduciary activities. The Company’s performance obligation is generally satisfied over time and the resulting fees are recognized monthly, based upon the month-end Fees from Brokerage Services Revenue from brokerage services are recorded as the income is earned at the time the related service is performed. In return for such services, the Company charges a commission for the sales of various securities products primarily consisting of investment company shares, annuity products, and corporate debt and equity securities, for its selling and administrative efforts. For account supervision, advisory and administrative services, revenue is recognized over a period of time as earned based on customer account balances and activity. Fees from Deposit Services Service charges on deposit accounts consist of account analysis fees (i.e., net fees earned on analyzed business and public checking accounts), monthly service fees, check orders, ATM activity fees, debit card fees, and other deposit account related fees. Revenue is recognized when our performance obligation is completed which is generally monthly for account maintenance services or when a transaction has been completed (ATM or debit card activity). Bankcard Fees and Merchant Discounts Bankcard fees and merchant discounts are primarily comprised of credit card income and merchant services income. Credit card income is primarily comprised of interchange fees earned whenever the Company’s credit cards are processed through card payment networks such as Visa. Merchant services income mainly represents fees charged to merchants to process their credit card transactions. The Company’s performance obligation for bankcard fees and interchange are largely satisfied, and related revenue recognized at the time services are rendered. Payment is typically received immediately or in the following month. Advertising Costs: Income Taxes: For uncertain income tax positions, United records a liability based on a recognition threshold of more-likely-than-not, United files a consolidated income tax return with its subsidiaries. Federal income tax expense or benefit has been allocated to subsidiaries on a separate return basis. Derivative Financial Instruments: 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 offset in current period earnings. 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 accumulated 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 accumulated other comprehensive income, net of tax and reclassified into earnings in the same line associated with the forecasted transaction when the forecasted transaction affects earnings. Prior to 2019, any ineffective portion of a cash flow hedge was 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. United is subject to the Dodd-Frank Act clearing requirement for eligible derivatives. United has executed and cleared eligible derivatives through the London Clearing House (“LCH”). Variation margin at the LCH is distinguished as settled-to-market collateralized-to-market. United through its mortgage banking subsidiaries 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. 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 the fair value. Off-balance-sheet : off-balance Stock-Based Compensation Stock-based compensation expense was $5,980,000 in 2020, $4,914,000 in 2019, and $4,073,000 in 2018. Treasury Stock Trust Assets and Income: Earnings Per Common Share: Under the two-class method, basic earnings per common share is computed by dividing net earnings allocated to common stock by the weighted-average number of common shares outstanding during the applicable period, excluding outstanding participating securities. Diluted earnings per common share is computed using the weighted-average number of shares determined for the basic earnings per common share computation plus the dilutive effect of stock compensation using the treasury stock method. The reconciliation of the numerator and denominator of basic earnings per share with that of diluted earnings per share is presented as follows: Year Ended December 31 (Dollars in thousands, except per share) 2020 2019 2018 Distributed earnings allocated to common stock $ 171,403 $ 139,167 $ 141,336 Undistributed earnings allocated to common stock 116,879 120,337 114,542 Net earnings allocated to common shareholders $ 288,282 $ 259,504 $ 255,878 Average common shares outstanding 120,017,247 101,585,599 104,015,976 Dilutive effect of stock compensation 72,985 266,978 282,849 Average diluted shares outstanding 120,090,232 101,852,577 104,298,825 Earnings per basic common share $ 2.40 $ 2.55 $ 2.46 Earnings per diluted common share $ 2.40 $ 2.55 $ 2.45 Fair Value Measurements a ASC Topic 820 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 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 underlying assumptions used, including discount rates and 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. Recent Accounting Pronouncements In August 2020, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2020-06, 470-20) 815-40).” earnings-per-share No. 2020-06 No. 2020-06 In March 2020, the FASB issued ASU No. 2020-04, No. 2020-04 No. 2020-04 In February 2020, FASB issued ASU No. 2020-03, No. 2020-03 No. 2020-03 In January 2020, the FASB issued ASU No. 2020-01, No. 2020-01 No. 2020-01 In November 2019, the FASB issued ASU No. 2019-08, No. 2019-08 No. 2019-08 In April 2019, the FASB issued ASU No. 2019-04, No. 2019-04 In August 2018, the FASB issued ASU No. 2018-14, 715-20): No. 2018-14 No. 2018-14 In August 2018, the FASB issued ASU No. 2018-13, No. 2018-13 No. 2018-13 In June 2018, the FASB issued Accounting Standards Update (ASU) No. 2018-07, non-employees non-employee No. 2018-07 No. 2018-07 In February 2018, the FASB issued ASU No. 2018-03, 825-10): 2018-03 No. 2018-03 No. 2018-03 In February 2018, the FASB issued ASU No. 2018-02, within those fiscal years. Early adoption is permitted. Organizations should apply the proposed amendments either in the period of adoption or retrospectively to each period (or periods) in which the effect of the change in the U.S. federal corporate income tax rate in the Tax Act is recognized. United adopted ASU No. 2018-02 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. A |
Mergers and Acquisitions
Mergers and Acquisitions | 12 Months Ended |
Dec. 31, 2020 | |
Business Combinations [Abstract] | |
Mergers and Acquisitions | NOTE B—MERGERS AND ACQUISITIONS On May 1, 2020 (“Acquisition Date”), United acquired 100% of the outstanding shares of Carolina Financial Corporation (“Carolina Financial”), a Delaware corporation headquartered in Charleston, South Carolina. Carolina Financial was merged with and into United (the “Merger”), pursuant to the terms of the Agreement and Plan of Merger, dated November 17, 2019, by and between United and Carolina Financial (the “Merger Agreement”). Upon completion of the Merger, Carolina Financial ceased to exist and United survived and continues to exist as a West Virginia corporation. Under the terms of the Merger Agreement, each outstanding share of common stock of Carolina Financial was converted into the right to receive 1.13 shares of United common stock, par value $2.50 per share. Also pursuant to the Merger Agreement, as of the effective time of the Merger, each outstanding Carolina Financial stock option, whether vested or unvested as of the date of the Merger, at such option holder’s election, (i) vested and converted into an option to acquire United common stock adjusted based on the 1.13 exchange ratio, or (ii) was entitled to receive cash consideration equal to the difference between (a) the option’s exercise price and (b) $28.99, representing the volume weighted average trading price of the Carolina Financial common stock on NASDAQ for the twenty full trading days ending on the second trading day immediately preceding the closing date (the “CFC Closing Price”) multiplied by the number of shares of Carolina Financial common stock subject to such stock option. Also, at the effective time of the Merger, each restricted stock grant, restricted stock unit grant or any other award of a share of Carolina Financial common stock subject to vesting, repurchase or other lapse restriction under a Carolina Financial stock plan (other than a stock option) (each, a “Stock Award”) that was outstanding immediately prior to the effective time of the Merger, vested in accordance with the terms of the Carolina Financial stock plan and at the election of the holder (i) converted into the right to receive shares of United common stock based on the 1.13 exchange ratio or (ii) converted into cash in an amount equal to the CFC Closing Price multiplied by the shares of Carolina Financial common stock subject to the Stock Award. Immediately following the Merger, CresCom Bank, a wholly-owned subsidiary of Carolina Financial, merged with and into United Bank, a wholly-owned subsidiary of United (the “Bank Merger”). United Bank survived the Bank Merger and continues to exist as a Virginia banking corporation. CresCom Bank owned and operated Crescent Mortgage Company (“Crescent”), which is based in Atlanta, Georgia. As a result of the Bank Merger, Crescent is now a wholly-owned subsidiary of United Bank. For the years of 2020 and 2019, United recorded acquisition-related costs of $54,240,000 and $589,000, respectively. The Merger was accounted for under the acquisition method of accounting. The results of operations of Carolina Financial are included in the consolidated results of operations from the Acquisition Date. The acquisition of Carolina Financial affords United the opportunity to expand its existing footprint in North Carolina and South Carolina. Carolina Financial had banking locations in North Carolina and South Carolina. As of the Acquisition Date, Carolina Financial had $ ,000 in total assets, $ ,000 in loans and leases, net of unearned income and $ ,000 in deposits. The aggregate purchase price was approximately $817,877,000, including common stock valued at $815,997,000, stock options assumed valued at $1,833,000, and cash paid for fractional shares of $47,000. The number of shares issued in the transaction was 28,031,501, which were valued based on the closing market price of $29.11 for United’s common shares on May 1, 2020. The preliminary purchase price has been allocated to the identifiable tangible and intangible assets resulting in preliminary additions to goodwill, core deposit intangibles and the Crescent trade name intangible of $318,834,000, $3,408,000 and $196,000, respectively. The goodwill recognized results from the expected synergies and potential earnings from the combination of United and Carolina Financial. The core deposit intangible is expected to be amortized on an accelerated basis over ten years. The Crescent trade name provides a source of market recognition to attract potential clients and retain existing relationships. United believes the Crescent trade name provides a competitive advantage and is likely going to be used into perpetuity and thus will not be subject to amortization, but rather be evaluated for impairment. Because the consideration paid was greater than the net fair value of the acquired assets and liabilities, the Company recorded goodwill as part of the acquisition. None of the goodwill from the Carolina Financial acquisition is expected to be deductible for tax purposes. United used an independent third party to help determine the fair values of the assets and liabilities acquired from Carolina Financial. As a result of the merger, United recorded preliminary fair value discounts of $47,425,000 on the loans and leases acquired, $620,000 on investment securities, $272,000 on OREO, $4,831,000 on trust preferred issuances and $135,000 on subordinated notes, respectively, and premiums of $5,908,000 on buildings acquired, $4,357,000 on land acquired, $12,818,000 on interest-bearing deposits, and $468,000 on long-term FHLB advances, respectively. United also recorded an allowance for credit losses, including a reserve for unfunded commitments, of $50,562,000 on the loans and commitments acquired split between $19,797,000 for purchased credit deteriorated (“PCD”) loans and $30,765,000 for non-PCD The discounts and premium amounts, except for discount on the land and OREO acquired, are being accreted or amortized on an accelerated or straight-line basis, based on the type of asset or liability, over each asset’s or liability’s estimated remaining life at the time of acquisition. At December 31, 2020, the discounts on subordinated debt and trust preferred issuances had an average estimated remaining life of 6.00 years and 16.25 years, respectively, and the premiums on the buildings, interest-bearing deposits each had an average estimated remaining life of 31.00 years, and 4.60 years, respectively. The estimated fair values of the acquired assets and assumed liabilities, including identifiable intangible assets are preliminary as of December 31, 2020 and are subject to refinement as additional information relative to closing date fair values becomes available. Any subsequent adjustments to the fair values of acquired assets and liabilities assumed, identifiable intangible assets, or other purchase accounting adjustments will result in adjustments to goodwill within the measurement period following the date of acquisition. Portfolio loans and leases acquired from Carolina Financial were recorded at their fair value at the Acquisition Date based on a discounted cash flow methodology. The estimated fair value incorporates adjustments related to market loss assumptions and prevailing market interest rates for comparable assets and other market factors such as liquidity from the perspective of a market participant. Also, acquired portfolio loans and leases were evaluated upon acquisition and classified as either PCD, which indicates that the loan has experienced a more-than-insignificant deterioration in credit quality since origination, or non-PCD. United considered a variety of factors in evaluating the acquired loans and leases for a more-than-insignificant deterioration in credit quality, including but not limited to risk grades, delinquency, nonperforming status, current or previous troubled debt restructurings or bankruptcies, watch list credits and other qualitative factors that indicated a deterioration in credit quality since origination. For PCD loans and leases, an initial allowance is determined based on the same methodology as other portfolio loans and leases. This initial allowance for credit losses is allocated to individual PCD loans and leases and added to the acquisition date fair values to establish the initial amortized cost basis for the PCD loans and leases. The difference between the unpaid principal balance (“UPB”), or par value, of PCD loans and leases and the amortized cost basis is considered to relate to noncredit factors and resulted in a discount of $ ,000 at Acquisition Date. This discount will be recognized through interest income on a level-yield method over the life of the loans which is estimated to be a weighted-average of 4.6 years. For non-PCD non-PCD non-PCD The following table provides a reconciliation of the difference between the purchase price and the par value of portfolio PCD loans and leases acquired from Carolina Financial as of the Acquisition Date: (Dollars in thousands) Purchase price of PCD loans and leases at acquisition $ 1,023,531 Allowance for credit losses at acquisition 18,635 Non-credit 7,212 Par value (UPB) of acquired PCD loans and leases at acquisition $ 1,049,378 The consideration paid for Carolina Financial’s common equity and the preliminary amounts of acquired identifiable assets and liabilities assumed as of the Carolina Financial Acquisition Date were as follows: (Dollars in thousands) Purchase price: Value of common shares issued (28,031,501 shares) $ 815,997 Fair value of stock options assumed 1,833 Cash for fractional shares 47 Total purchase price 817,877 Identifiable assets: Cash and cash equivalents 629,154 Investment securities 580,791 Loans held for sale 65,757 Net loans and leases 3,246,940 Premises and equipment 79,127 Operating lease right-of-use 9,861 Crescent trade name intangible 196 Core deposit intangible 3,408 Mortgage servicing rights 20,123 Other assets 166,408 Total identifiable assets $ 4,801,765 Identifiable liabilities: Deposits $ 3,884,977 Short-term borrowings 332,000 Long-term borrowings 42,738 Operating lease liability 9,861 Other liabilities 33,146 Total identifiable liabilities 4,302,722 Preliminary fair value of net assets acquired including identifiable intangible assets 499,043 Preliminary resulting goodwill $ 318,834 The operating results of United for the year ended December 31, 2020 include operating results of acquired assets and assumed liabilities subsequent to the Carolina Financial Acquisition Date. The operations of United’s North Carolina and South Carolina geographic area, which includes the acquired operations of Carolina Financial, and Crescent provided $158,413,000 in total revenues (net interest income plus other income), and $82,829,000 in net income from the period from the Carolina Financial Acquisition Date to December 31, 2020. These amounts are included in United’s consolidated financial statements as of and for the year ended December 31, 2020. Carolina Financial’s results of operations prior to the Carolina Financial Acquisition Date are not included in United’s consolidated results of operations. The following table presents certain unaudited pro forma information for the results Proforma Year Ended December 31 (Dollars in thousands) 2020 2019 Total Revenues (1) $ 1,095,981 $ 938,477 Net Income 269,032 343,444 (1) Represents net interest income plus other income |
Investment Securities
Investment Securities | 12 Months Ended |
Dec. 31, 2020 | |
Investments, Debt and Equity Securities [Abstract] | |
Investment Securities | NOTE C—INVESTMENT 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. December 31, 2020 Gross Gross Allowance Estimated (Dollars in thousands) Amortized Unrealized Unrealized For Credit Fair Cost Gains Losses Losses Value U.S. Treasury securities and obligations of U.S. Government corporations and agencies $ 65,804 $ 543 $ 3 $ 0 $ 66,344 State and political subdivisions 538,082 27,330 252 0 565,160 Residential mortgage-backed securities Agency 905,230 24,134 473 0 928,891 Non-agency 21,639 137 0 0 21,776 Commercial mortgage-backed securities Agency 644,774 31,009 638 0 675,145 Asset-backed securities 297,834 204 3,415 0 294,623 Single issue trust preferred securities 18,230 167 1,370 0 17,027 Other corporate securities 376,753 7,648 8 0 384,393 Total $ 2,868,346 $ 91,172 $ 6,159 $ 0 $ 2,953,359 December 31, 2019 Gross Gross Estimated Cumulative (Dollars in thousands) Amortized Unrealized Unrealized Fair OTTI in Cost Gains Losses Value AOCI (1) U.S. Treasury securities and obligations of U.S. $ 58,127 $ 555 $ 6 $ 58,676 $ 0 State and political subdivisions 272,014 3,644 3,296 272,362 0 Residential mortgage-backed securities Agency 826,857 10,923 1,246 836,534 0 Non-agency 3,429 404 0 3,833 86 Commercial mortgage-backed securities Agency 609,461 8,319 2,807 614,973 0 Asset-backed securities 284,390 0 8,251 276,139 0 Trust preferred collateralized debt obligations 6,045 0 1,342 4,703 842 Single issue trust preferred securities 18,196 170 1,592 16,774 0 Other corporate securities 348,405 4,897 0 353,302 0 Total $ 2,426,924 $ 28,912 $ 18,540 $ 2,437,296 $ 928 (1) Non-credit before-tax. United has made a policy election to exclude accrued available-for-sale Available-for-sale non-accrual non-accrual available-for-sale receivable The following is a summary of securities available for sale which were in an unrealized loss position Less than 12 months 12 months or longer Total (Dollars in thousands) Fair Unrealized Fair Unrealized Fair Unrealized Value Losses Value Losses Value Losses December 31, 2020 U.S. Treasury securities and obligations of U.S. Government corporations and agencies $ 297 $ 3 $ 0 $ 0 $ 297 $ 3 State and political subdivisions 30,480 252 0 0 30,480 252 Residential mortgage-backed securities Agency 131,114 467 3,867 6 134,981 473 Non-agency 0 0 0 0 0 0 Commercial mortgage-backed securities Agency 83,395 638 0 0 83,395 638 Asset-backed securities 0 0 266,104 3,415 266,104 3,415 Trust preferred collateralized debt obligations 0 0 0 0 0 0 Single issue trust preferred securities 0 0 13,804 1,370 13,804 1,370 Other corporate securities 8,494 8 0 0 8,494 8 Total $ 253,780 $ 1,368 $ 283,775 $ 4,791 $ 537,555 $ 6,159 Less than 12 months 12 months or longer Total (Dollars in thousands) Fair Unrealized Fair Unrealized Fair Unrealized Value Losses Value Losses Value Losses December 31, 2019 U.S. Treasury securities and obligations of U.S. Government corporations and agencies $ 1,415 $ 6 $ 0 $ 0 $ 1,415 $ 6 State and political subdivisions 144,307 3,291 885 5 145,192 3,296 Residential mortgage-backed securities Agency 108,072 502 71,736 744 179,808 1,246 Non-agency 0 0 0 0 0 0 Commercial mortgage-backed securities Agency 173,039 2,676 45,251 131 218,290 2,807 Asset-backed securities 135,174 3,252 140,965 4,999 276,139 8,251 Trust preferred collateralized debt obligations 2,703 842 2,000 500 4,703 1,342 Single issue trust preferred securities 0 0 13,562 1,592 13,562 1,592 Other corporate securities 0 0 0 0 0 0 Total $ 564,710 $ 10,569 $ 274,399 $ 7,971 $ 839,109 $ 18,540 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. Year Ended (In thousands) 2020 2019 2018 Proceeds from maturities, sales and calls $ 708,068 $ 712,557 $ 441,956 Gross realized gains 4,618 1,542 1,594 Gross realized losses 2,116 1,445 2,364 At December 31, 2020, gross unrealized losses on available for sale securities were $6,159 ,000 on 71 securities of a total portfolio of 987 available for sale securities. Securities with the most significant gross unrealized losses at December 31, 2020 consisted primarily of asset-backed securities and single issue trust preferred securities. The asset-backed securities relate mainly to securities that are backed by Federal Family Education Loan % government repayment guaranty, as well as additional credit support and subordination in excess of the government guaranteed portion. The single issue trust preferred securities relate to securities of financial institutions. In determining whether or not a security is impaired, management considered the severity 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 $538,082,000 at December 31, 2020. As of December 31, 2020, approximately 60 % 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 no securities within the portfolio were rated below investment grade as of December 31, 2020. 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 had credit losses at December 31, 2020. 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 $1,550,004,000 at December 31, 2020. Of the $1,550,004,000 amount, $644,774,000 was related to agency commercial mortgage-backed securities and $905,230,000 was related to agency residential mortgage-backed securities. Each of the agency mortgage-backed securities provides a guarantee of full and timely payments of principal and interest by the issuing agency. Based upon management’s analysis and judgment, it was determined that none of the agency mortgage-backed securities had credit losses at December 31, 2020. Non-agency United’s non-agency non-agency at December 31, 2020. Of the $21,639,000, 94 % was rated AAA and 6 % was unrated. As of December 31, 2020, none of the non-agency have credit losses. Asset-backed securities As of December 31, 2020, United’s asset-backed securities portfolio had a total amortized cost balance of $297,834,000 . Of the $297,834,000, 93 % was rated AA+ or better and 7 % was unrated. The majority of the portfolio relates to securities that are backed by Federal Family Education Loan Program (“FFELP”) student loan collateral which includes a minimum of a 97 % government repayment guaranty, as well as additional credit support and subordination in excess of the government guaranteed portion. Upon reviewing this portfolio for the fourth quarter of 2020, it was determined that none of the asset-backed securities ha d 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 December 31, 2020 consisted of $11,503,000 in investment grade bonds, $978,000 in split rated bonds, and $5,749,000 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 fourth quarter of 2020, it was determined that none of the single issue trust preferred securities ha d Corporate securities As of December 31, 2020, United’s Corporate securities portfolio had a total amortized cost balance of $376,753,000 . The majority of the portfolio consisted of debt issuances of corporations representing a variety of industries, including financial institutions. Of the $376,753,000 , 86 % was investment grade rated and 14 % was unrated. For corporate securities, management has evaluated the near-term prospects of the investment in relation to the severity of any unrealized loss. Based upon management’s analysis and judgment, it was determined that none of the corporate securities ha d The amortized cost and estimated fair value of securities available for sale at December 31, 2020 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. Maturities of mortgage-backed securities with an amortized cost of $1,571,643,000 and an estimated fair value of $1,625,812,000 at December 31, 2020 are included below based upon contractual maturity. Estimated (In thousands) Amortized Fair Cost Value Due in one year or less $ 150,575 $ 151,651 Due after one year through five years 495,922 514,441 Due after five years through ten years 688,264 714,416 Due after ten years 1,533,585 1,572,851 Total $ 2,868,346 $ 2,953,359 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. The fair value of United’s equity securities was $10,718,000 at December 31, 2020 and $8,894,000 at December 31, 2019. Year Ended (In thousands) December 31, 2020 December 31, 2019 Net gains recognized during the period $ 651 $ 276 Net gains recognized during the period on equity securities sold 579 133 Unrealized gains recognized during the period on equity securities still held at period end 147 177 Unrealized losses recognized during the period on equity securities still held at period end (75 ) (34) Other investment securities During the fourth quarter of 2020, United evaluated all of its cost method investments to determine if certain events or changes in circumstances during the fourth quarter of 2020 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 fourth quarter. There were no other events or changes in circumstances during the fourth quarter which would have an adverse effect on the fair value of its cost method securities. 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 $1,942,087,000 and $1,540,717,000 at December 31, 2020 and December 31, 2019, respectively. The fair value of mortgage-backed at December 31, 2020 and a net unrealized gain of at December 31, 2019 on all mortgage-backed securities. The following table sets forth the maturities of all securities (based on amortized cost) at December 31, 2020, and the weighted-average yields of such securities (calculated on the basis of the cost and the effective yields weighted for the scheduled maturity of each security). After 1 But After 5 But (Dollars in thousands) Within 1 Year Within 5 Years Within 10 Years After 10 Years Amount Yield Amount Yield Amount Yield Amount Yield U.S. Treasury and other U.S. Government agencies and corporations $ 49,994 2.42 % $ 2,103 1.25 % $ 13,707 1.91 % $ 0 0.00 % States and political subdivisions (1) 1,545 4.23 % 14,011 2.58 % 109,611 2.74 % 414,129 2.70 % Residential mortgage-backed securities Agency 0 0.00 % 13,448 2.33 % 169,612 2.39 % 722,170 1.94 % After 1 But After 5 But (Dollars in thousands) Within 1 Year Within 5 Years Within 10 Years After 10 Years Amount Yield Amount Yield Amount Yield Amount Yield Non-agency 0 0.00 % 0 0.00 % 0 0.00 % 21,639 3.01 % Commercial mortgage-backed Agency 41,103 2.40 % 250,340 2.65 % 289,452 1.78 % 63,879 2.52 % Asset-backed securities 0 0.00 % 0 0.00 % 0 0.00 % 297,834 0.89 % Single issue trust preferred securities 0 0.00 % 0 0.00 % 10,503 3.51 % 7,727 2.48 % Other corporate securities 58,148 2.64 % 216,020 1.85 % 96,378 3.64 % 6,227 0.01 % Equity securities 0 0.00 % 0 0.00 % 0 0.00 % 10,718 1.03 % Other investment securities 0 0.00 % 100 2.55 % 1,250 2.05 % 219,545 1.57 % (1) Tax-equivalent There are no securities with a single issuer, other than the U.S. government and its agencies and corporations, the book value of which in the aggregate exceeds 10% of United’s total shareholders’ equity. |
Loans and Leases
Loans and Leases | 12 Months Ended |
Dec. 31, 2020 | |
Receivables [Abstract] | |
Loans and Leases | NOTE D—LOANS AND LEASES Major classes of loans and leases are as follows: December 31 (In thousands) 2020 2019 Commercial, financial, and agricultural Owner-occupied $ 1,622,687 $ 1,201,652 Nonowner-occupied 5,017,727 3,965,960 Other commercial 4,054,418 2,285,037 Total commercial, financial & agricultural 10,694,832 7,452,649 Residential real estate 3,899,885 3,686,401 Construction & land development 1,826,349 1,408,205 Consumer: Bankcard 8,937 10,074 Other Consumer 1,192,580 1,156,219 Less: Unearned income (31,170 ) (1,419 ) Total Loans and Leases, net of unearned income $ 17,591,413 $ 13,712,129 The table above does not include loans held for sale of $718,937,000 and $387,514,000 at December 31, 2020 and December 31, 2019, respectively. Loans held for sale consist of single-family residential real estate loans originated for sale in the secondary market. At December 31, 2020 and 2019, loans-in-process United’s subsidiary bank has made loans, in the normal course of business, to the directors and officers of United and its subsidiaries, and to their associates. The aggregate dollar amount of these loans was $35,756,000 and $38,558,000 at December 31, 2020 and 2019, respectively. During 2020, $3,855,000 of new loans were made and repayments totaled $6,657,000. |
Credit Quality
Credit Quality | 12 Months Ended |
Dec. 31, 2020 | |
Text Block [Abstract] | |
Credit Quality | NOTE E — Management monitors the credit quality of its loans and leases on an ongoing basis. Measurement of delinquency and past due status are based on the contractual terms of each loan. United considers a loan to be past due when it is 30 days or more past its contractual payment due date. For all loan classes, past due loans and leases are reviewed on a monthly basis to identify loans and leases 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 credit losses. United’s method of income recognition for loans and leases 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 and leases 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. Generally, a loan is categorized as a TDR if a concession is granted and there is deterioration in the financial condition of the borrower. The portfolio of TDR loans is monitored monthly. In response to the coronavirus (“COVID-19”) COVID-19 COVID-19 As of December 31, 2020, United had TDRs of $55,657,000. Of the $55,657,000 aggregate balance of TDRs at December 31, 2020 30-89 30-89 The following tables sets forth the balances of TDRs at December 31, 2020 and December 31, 2019 and the reasons for modification: (In thousands) Reason for modification December 31, 2020 December 31, 2019 Interest rate reduction $ 10,774 $ 1,685 Interest rate reduction and change in terms 2,346 1,733 Forgiveness of principal 214 0 Concession of principal and term 22 0 Extended maturity 4,414 0 Change in terms 37,887 54,951 Total $ 55,657 $ 58,369 The following table sets forth United’s troubled debt restructurings that have been restructured during the year ended December 31, 2020 and 2019, segregated by class of loans: Troubled Debt Restructurings For the Year Ended December 31, 2020 December 31, 2019 (Dollars in thousands) Number of Pre- Modification Post- Modification Outstanding Recorded Investment Number of Contracts Pre- Modification Outstanding Recorded Investment Post- Modification Outstanding Recorded Investment Commercial real estate: Owner-occupied 21 $ 18,579 $ 16,659 2 $ 1,179 $ 1,144 Nonowner-occupied 7 2,577 2,525 0 0 0 Other commercial 21 3,830 2,858 3 5,962 5,722 Residential real estate 22 4,271 3,284 3 2,258 1,970 Construction & land 13 4,607 3,760 3 2,287 2,104 Consumer: Bankcard 0 0 0 0 0 0 Other consumer 3 69 20 0 0 0 Total 87 $ 33,933 $ 29,106 11 $ 11,686 $ 10,940 The following table sets forth United’s troubled debt restructurings, based on their post-modification outstanding recorded balance, that have been restructured during the year ended December 31, 2020 and 2019, segregated by the reason for modification: Year Ended (In thousands) Reason for modification December 31, December 31, Interest rate reduction $ 9,560 $ 241 Interest rate reduction and change in terms 662 0 Forgiveness of principal 214 0 Concession of principal and term 22 0 Extended maturity 4,414 0 Change in terms 14,234 10,699 Total $ 29,106 $ 10,940 The loans and leases 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. The following table presents troubled debt restructurings, by class of loan, that had charge-offs during the year ended December 31, 2020 and 2019. These loans were restructured during the twelve months ended December 31, 2020 and 2019 and subsequently defaulted, resulting in principal charge-offs during the year of 2020 and 2019. Year Ended December 31, 2020 Year Ended December 31, 2019 (In thousands) Number of Contracts Recorded Number of Contracts Recorded Troubled Debt Restructurings Commercial real estate: Owner-occupied 0 $ 0 0 $ 0 Nonowner-occupied 0 0 0 0 Other commercial 0 0 2 1,477 Residential real estate 0 0 0 0 Construction & land development 1 690 0 0 Consumer: Bankcard 0 0 0 0 Other consumer 0 0 0 0 Total 1 $ 690 2 $ 1,477 The following table sets forth United’s age analysis of its past due loans and leases, segregated by class of loans and leases: Age Analysis of Past Due Loans and Leases As of December 31, 2020 (In thousands) 30-89 Days Past Due 90 Days or more Past Due Total Past Due Current & Other Total Financing 90 Days or More Past Due & Commercial real estate: Owner-occupied $ 4,556 $ 28,479 $ 33,035 $ 1,589,652 $ 1,622,687 $ 0 Nonowner-occupied 6,837 29,292 36,129 4,981,598 5,017,727 1,284 Other commercial 13,796 26,274 40,070 4,014,348 4,054,418 1,001 Residential real estate 32,743 24,892 57,635 3,842,250 3,899,885 8,574 Construction & land 1,919 5,885 7,804 1,818,545 1,826,349 461 Consumer: Bankcard 362 156 518 8,419 8,937 156 Other consumer 14,765 2,757 17,522 1,175,058 1,192,580 2,356 Total $ 74,978 $ 117,735 $ 192,713 $ 17,429,870 $ 17,622,583 $ 13,832 Age Analysis of Past Due Loans and Leases As of December 31, 2019 (In thousands) 30-89 Days Past Due 90 Days or more Past Due Total Past Due Current & Total Financing 90 Days or More Past Due & Accruing Commercial real estate: Owner-occupied $ 8,878 $ 11,209 $ 20,087 $ 1,181,565 $ 1,201,652 $ 544 Nonowner-occupied 6,318 16,129 22,447 3,943,513 3,965,960 471 Other commercial 5,238 51,541 56,779 2,228,258 2,285,037 668 Residential real estate 31,727 24,343 56,070 3,630,331 3,686,401 6,256 Construction & land development 2,219 16,043 18,262 1,389,943 1,408,205 0 Consumer: Bankcard 445 218 663 9,411 10,074 218 Other consumer 10,991 1,607 12,598 1,143,621 1,156,219 1,337 Total $ 65,816 $ 121,090 $ 186,906 $ 13,526,642 $ 13,713,548 $ 9,494 (1) Other includes loans with a recorded investment of $96,004 acquired and accounted for under ASC Topic 310-30 The following table sets forth United’s nonaccrual loans and leases, segregated by class of loans and leases: At December 31, 2020 At December 31, 2019 Interest Income Recognized (In thousands) Nonaccruals With No Related Allowance for Credit Losses 90 Days or More Past Due & Accruing Nonaccruals For The Year Ended Commercial Real Estate: Owner-occupied $ 28,479 $ 28,479 $ 0 $ 10,665 $ 111 Nonowner-occupied 28,008 16,070 1,284 15,658 87 Other Commercial 25,273 13,149 1,001 50,873 16 Residential Real Estate 16,318 14,769 8,574 18,087 4 Construction 5,424 4,484 461 16,043 0 Consumer: Bankcard 0 0 156 0 0 Other consumer 401 401 2,356 270 0 Total $ 103,903 $ 77,352 $ 13,832 $ 111,596 $ 218 For the adoption of ASU 2016-13, adjusted for selling costs. The following table presents the amortized cost basis of collateral-dependent loans and leases in which repayment is expected to be derived substantially through the operation or sale of the collateral and where the borrower is experiencing financial difficulty, by class of loans and leases as of December 31, 2020: Collateral Dependent Loans and Leases At December 31, 2020 (In thousands) Residential Business Land Commercial Other Total Commercial real estate: Owner-occupied $ 1,480 $ 138 $ 0 $ 18,097 $ 21,737 $ 41,452 Nonowner-occupied 16,400 0 2,898 10,167 18,230 47,695 Other commercial 5,424 20,429 0 258 2,345 28,456 Residential real estate 21,006 229 34 0 803 22,072 Construction & land development 39 0 17,408 0 746 18,193 Consumer: Bankcard 0 0 0 0 0 0 Other consumer 0 0 0 0 1 1 Total $ 44,349 $ 20,796 $ 20,340 $ 28,522 $ 43,862 $ 157,869 United categorizes loans and leases into risk categories based on relevant information about the ability of borrowers to service their debt: current financial information, historical payment experience, credit documentation, underlying collateral (if any), public information and current economic trends, among other factors. United uses the following definitions for risk ratings: · Pass · Special Mention · Substandard · Doubtful For United’s loans with a corporate credit exposure, United analyzes loans individually to classify the loans as to credit risk. Review and analysis of criticized (special mention-rated loans in the amount of $1,000,000 or greater) and classified (substandard-rated and worse in the amount of $500,000 and greater) loans is completed once per quarter. Review of notes with committed exposure of $2,000,000 or greater is completed at least annually. 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 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 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. 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 Based on the most recent analysis performed, the risk category of loans and leases by class of loans and leases is as follows: Commercial Real Estate – Owner-occupied (In thousands) Term Loans Origination Year Revolving loans Revolving loans As of December 31, 2020 2020 2019 2018 2017 2016 Prior amortized cost basis converted to term loans Total Internal Risk Grade: $ 280,779 $ 152 $ 162,027 $ 198,610 $ 282,214 $ 443,312 $ 22,303 $ 0 $ 1,542,096 0 1,206 3,772 754 2,013 20,792 0 453 28,990 1,935 62 0 1,117 3,788 43,354 864 149 51,269 0 0 0 0 0 332 0 0 332 Total $ 282,714 $ 154,119 $ 165,799 $ 200,481 $ 288,015 $ 507,790 $ 23,167 $ 602 $ 1,622,687 YTD charge-offs 0 0 0 0 0 (2,195 ) 0 0 (2,195 ) YTD recoveries 0 0 0 0 0 795 0 0 795 YTD net charge-offs $ 0 $ 0 $ 0 $ 0 $ 0 $ (1,400 ) $ 0 $ 0 $ (1,400 ) Commercial Real Estate – Nonowner-occupied (In thousands) Term Loans Origination Year Revolving loans Revolving loans As of December 31, 2020 2020 2019 2018 2017 2016 Prior amortized cost basis converted to term loans Total Internal Risk Grade: $ 929,001 $ 592,109 $ 596,260 $ 481,894 $ 502,417 $ 1,496,135 $ 118,404 $ 2,112 $ 4,718,332 0 105,104 0 391 8,902 78,591 0 0 192,988 392 14,620 7,435 1,564 10,824 71,572 0 0 106,407 0 0 0 0 0 0 0 0 0 Total $ 929,393 $ 711,833 $ 603,695 $ 483,849 $ 522,143 $ 1,646,298 $ 118,404 $ 2,112 $ 5,017,727 YTD charge-offs (38 ) 0 (300 ) 0 (3,394 ) (2,402 ) 0 0 (6,134 ) YTD recoveries 0 0 0 0 0 1,023 0 0 1,023 YTD net charge-offs $ (38 ) $ 0 $ (300 ) $ 0 $ (3,394 ) $ (1,379 ) $ 0 $ 0 $ (5,111 ) Other commercial (In thousands) Term Loans and leases Origination Year Revolving loans and leases Revolving loans and leases As of December 31, 2020 2020 2019 2018 2017 2016 Prior amortized cost basis converted to term loans Total Internal Risk Grade: Pass $ 1,702,787 $ 370,059 $ 200,588 $ 112,170 $ 119,582 $ 257,638 $ 1,172,699 $ 2,668 $ 3,938,191 Special Mention 333 384 4,754 1,300 138 8,231 40,048 86 55,274 Substandard 1,649 830 2,241 2,606 6,565 30,308 16,222 360 60,781 Doubtful 0 0 0 0 37 135 0 0 172 Total $ 1,704,769 $ 371,273 $ 207,583 $ 116,076 $ 126,322 $ 296,312 $ 1,228,969 $ 3,114 $ 4,054,418 YTD charge-offs 0 0 (959 ) (23 ) (3,525 ) (12,843 ) 0 0 (17,350 ) YTD recoveries 94 864 18 12 684 2,789 0 0 4,461 YTD net charge-offs $ 94 $ 864 $ (941 ) $ (11 ) $ (2,841 ) $ (10,054 ) $ 0 $ 0 $ (12,889 ) Residential Real Estate (In thousands) Term Loans Origination Year Revolving loans Revolving loans As of December 31, 2020 2020 2019 2018 2017 2016 Prior amortized cost basis converted to term loans Total Internal Risk Grade: Pass $ 603,714 $ 624,142 $ 640,535 $ 292,700 $ 282,547 $ 975,913 $ 436,728 $ 4,224 $ 3,860,503 Special Mention 0 267 0 192 2,325 6,623 800 0 10,207 Substandard 0 282 440 3,263 3,516 20,967 201 227 28,896 Doubtful 0 0 0 0 0 279 0 0 279 Total $ 603,714 $ 624,691 $ 640,975 $ 296,155 $ 288,388 $ 1,003,782 $ 437,729 $ 4,451 $ 3,899,885 YTD charge-offs 0 0 0 0 (1 ) (1,759 ) 0 0 (1,760 ) YTD recoveries 0 0 0 101 0 961 1 0 1,063 YTD net charge-offs $ 0 $ 0 $ 0 $ 101 $ (1 ) $ (798 ) $ 1 $ 0 $ (697 ) Construction and Land Development (In thousands) Term Loans Origination Year Revolving loans Revolving loans As of December 31, 2020 2020 2019 2018 2017 2016 Prior amortized cost basis converted to term loans Total Internal Risk Grade: Pass $ 420,977 $ 663,113 $ 304,579 $ 127,377 $ 83,252 $ 53,713 $ 145,431 $ 0 $ 1,798,442 Special Mention 0 0 4,689 557 0 1,420 995 0 7,661 Substandard 0 250 1,535 0 216 17,499 746 0 20,246 Doubtful 0 0 0 0 0 0 0 0 0 Total $ 420,977 $ 663,363 $ 310,803 $ 127,934 $ 83,468 $ 72,632 $ 147,172 $ 0 $ 1,826,349 YTD charge-offs 0 0 0 0 0 (2,027 ) 0 0 (2,027 ) YTD recoveries 0 0 0 0 0 1,513 0 0 1,513 YTD net charge-offs $ 0 $ 0 $ 0 $ 0 $ 0 $ (514 ) $ 0 $ 0 $ (514 ) Bankcard (In thousands) Term Loans Origination Year Revolving loans Revolving loans As of December 31, 2020 2020 2019 2018 2017 2016 Prior amortized cost basis converted to term loans Total Internal Risk Grade: Pass $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 8,419 $ 0 $ 8,419 Special Mention 0 0 0 0 0 0 362 0 362 Substandard 0 0 0 0 0 0 156 0 156 Doubtful 0 0 0 0 0 0 0 0 0 Total $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 8,937 $ 0 $ 8,937 YTD charge-offs 0 0 0 0 0 0 (221 ) 0 (221 ) YTD recoveries 0 0 0 0 0 0 52 0 52 YTD net charge-offs $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ (169 ) $ 0 $ (169 ) Other Consumer (In thousands) Term Loans Origination Year Revolving loans Revolving loans As of December 31, 2020 2020 2019 2018 2017 2016 Prior amortized cost basis converted to term loans Total Internal Risk Grade: Pass $ 419,768 $ 401,958 $ 231,172 $ 74,550 $ 34,435 $ 7,466 $ 6,110 $ 0 $ 1,175,459 Special Mention 0 0 0 0 0 14,763 2 0 14,765 Substandard 3 0 0 0 0 2,352 0 0 2,355 Doubtful 0 0 0 0 0 1 0 0 1 Total $ 419,771 $ 401,958 $ 231,172 $ 74,550 $ 34,435 $ 24,582 $ 6,112 $ 0 $ 1,192,580 YTD charge-offs (136 ) (1,013 ) (1,040 ) (393 ) (228 ) (484 ) (2 ) 0 (3,296 ) YTD recoveries 3 74 113 30 43 216 0 0 479 YTD net charge-offs $ (133 ) $ (939 ) $ (927 ) $ (363 ) $ (185 ) $ (268 ) $ (2 ) $ 0 $ (2,817 ) The following tables set forth United’s credit quality indicators information, by class of loans, as of December 31, 2019: Credit Quality Indicators Corporate Credit Exposure As of December 31, 2019 Commercial Real Estate (In thousands) Owner- occupied Nonowner- occupied Other Commercial Construction & Land Development Grade: Pass $ 1,136,589 $ 3,850,886 $ 2,136,266 $ 1,334,950 Special mention 14,449 44,134 75,511 4,614 Substandard 50,346 70,940 72,451 68,641 Doubtful 268 0 809 0 Total $ 1,201,652 $ 3,965,960 $ 2,285,037 $ 1,408,205 Credit Quality Indicators Consumer Credit Exposure As of December 31, 2019 (In thousands) Residential Real Estate Bankcard Other Consumer Grade: Pass $ 3,645,654 $ 9,411 $ 1,143,608 Special mention 12,038 445 10,993 Substandard 28,572 218 1,618 Doubtful 137 0 0 Total $ 3,686,401 $ 10,074 $ 1,156,219 |
Allowance for Credit Losses
Allowance for Credit Losses | 12 Months Ended |
Dec. 31, 2020 | |
Receivables [Abstract] | |
Allowance for Credit Losses | NOTE F—ALLOWANCE FOR CREDIT LOSSES United adopted the CECL methodology for measuring credit losses as of January 1, 2020. All disclosures as of and for the year ended December 31, 2020 are presented in accordance with ASC 326. The Company did not recast comparative financial periods and has presented those disclosures under previously applicable GAAP. As a result of the adoption of ASC 326 for the year of 2020, there is a lack of comparability in both the allowance for loan losses and provisions for credit losses for the periods presented. The allowance for loan losses is an estimate of the expected credit losses on financial assets measured at amortized cost to present the net amount expected to be collected as of the balance sheet date. For a detailed discussion of the CECL methodology used to estimate the allowance for loan losses, see Note A, “Summary of Significant Accounting Policies.” United made a policy election to present the accrued interest receivable balance separately in its consolidated balance sheets from the amortized cost of a loan. Accrued interest receivable was $56,143,000 (net of an allowance for credit losses of $250,000) and $48,130,000 at December 31, 2020 and December 31, 2019, respectively, related to loans and leases are included separately in “Accrued interest receivable” in the consolidated balance sheets. Due to loan interest payment deferrals granted by United under the CARES Act, United assessed the collectability of the accrued interest receivables on these deferring loans and leases. As a result of this assessment, United recorded an allowance for credit losses of $250,000 for accrued interest receivables not expected to be collected as of December 31, 2020. For all classes of loans and leases receivable, the accrual of interest is discontinued when the contractual payment of principal or interest has become 90 days past due, unless the loan is well secured and in the process of collection. Interest received on nonaccrual loans and leases, generally is either applied against principal or reported as interest income, according to management’s judgment as to the collectability of principal. The following table represents the accrued interest receivable as of December 31, 2020 and the accrued interest receivables written off by reversing interest income as of December 31, 2020: Accrued Interest Receivable Accrued Interest Receivables Written Off by Reversing Interest Income (In thousands) At December 31, 2020 For the Year Ended December 31, 2020 Commercial Real Estate: Owner-occupied $ 5,001 $ 163 Nonowner-occupied 15,989 185 Other Commercial 12,320 87 Residential Real Estate 12,558 173 Construction 7,314 509 Consumer: Bankcard 0 0 Other consumer 3,211 125 $ 56,393 $ 1,242 Less: Allowance for credit losses (250 ) Total $ 56,143 United maintains an allowance for loan losses and a reserve for lending-related commitments such as unfunded loan commitments and letters of credit. For a detailed discussion of the methodology used to estimate the reserve for lending-related commitments, see Note A, “Summary of Significant Accounting Policies.” The reserve for lending-related commitments of $19,250,000 and $1,733,000 at December 31, 2020 and December 31, 2019, 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 is considered the allowance for credit losses. For the year ended December 31, 2020, the allowance for credit losses increased significantly from the year ended December 31, 2019 primarily due to the adoption of the current expected credit loss (“CECL”) model under ASC 326 on January 1, 2020 and the macroeconomic factors surrounding the COVID-19 The year of 2020 qualitative adjustments include analyses of the following: · Past events · Current conditions COVID-19 · Reasonable and supportable forecasts portfolio-by-portfolio Ø The ranges for the economic variables of GDP and the unemployment rate have narrowed in the fourth quarter as compared to the third. Ø The forecast is less severe than third quarter while maintaining a gradual recovery pace extending beyond 2022. Ø Greater risk of loss is probable in the hotel and accommodations portfolio due to deteriorating economic conditions brought on by the pandemic which resulted in a more negative forecast relative to other portfolios. Ø Consideration was given to the $900 billion economic stimulus bill passed in December 2020 during the forecast selection process. Ø Reversion to historical loss data occurs via a straight-line method during the year following the one-year A progression of the allowance for loan losses, by portfolio segment, for the periods indicated is summarized as follows: Allowance for Loan and Lease Losses and Carrying Amount of Loans and Leases For the Year Ended December 31, 2020 (In thousands) Commercial Real Estate Other Commercial Residential Real Estate Construction & Land Development Bankcard Allowance for Estimated Imprecision Total Owner- occupied Nonowner- occupied Other Consumer Allowance for Loan and Lease Losses: Beginning balance $ 5,554 $ 8,524 $ 47,325 $ 8,997 $ 3,353 $ 74 $ 2,933 $ 297 $ 77,057 Impact of the adoption of ASU 2016-13 9,737 9,023 (4,829 ) 13,097 14,817 28 10,745 (297 ) 52,321 Impact of the adoption of ASU 2016-13 1,843 121 938 174 2,045 0 0 0 5,121 Initial allowance for PCD loans (acquired during the period) 1,955 6,418 7,032 652 2,570 0 8 0 18,635 Charge-offs (2,195) (6,134) (17,350) (1,760) (2,027) (221) (3,296) 0 (32,983) Recoveries 795 1,023 4,461 1,063 1,513 52 479 0 9,386 Provision 5,665 30,175 40,561 6,902 16,806 389 5,795 0 106,293 Ending balance $ 23,354 $ 49,150 $ 78,138 $ 29,125 $ 39,077 $ 322 $ 16,664 $ 0 $ 235,830 Allowance for Loan Losses and Carrying Amount of Loans For the Year Ended December 31, 2019 (In thousands) Commercial Real Estate Other Commercial Residential Real Estate Construction & Land Development Consumer Allowance for Estimated Imprecision Total Owner- occupied Nonowner- occupied Allowance for Loan Beginning balance $ 5,063 $ 6,919 $ 41,341 $ 12,448 $ 7,992 $ 2,695 $ 245 $ 76,703 Charge-offs (7,905 ) (1,093 ) (12,975 ) (2,967 ) (1,303 ) (2,867 ) 0 (29,110 ) Recoveries 3,733 80 2,599 858 175 706 0 8,151 Provision 4,663 2,618 16,360 (1,342 ) (3,511 ) 2,473 52 21,313 Ending balance $ 5,554 $ 8,524 $ 47,325 $ 8,997 $ 3,353 $ 3,007 $ 297 $ 77,057 Ending Balance: individually $ 973 $ 2,979 $ 11,931 $ 354 $ 262 $ 0 $ 0 $ 16,499 Ending Balance: collectively $ 4,581 $ 5,545 $ 35,394 $ 8,643 $ 3,091 $ 3,007 $ 297 $ 60,558 Allowance for Loan Losses and Carrying Amount of Loans For the Year Ended December 31, 2019 (In thousands) Commercial Real Estate Other Commercial Residential Real Estate Construction & Land Development Consumer Allowance for Estimated Imprecision Total Owner- occupied Nonowner- occupied Ending Balance: loans acquired with $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 Financing receivables: Ending balance $ 1,201,652 $ 3,965,960 $ 2,285,037 $ 3,686,401 $ 1,408,205 $ 1,166,293 $ 0 $ 13,713,548 Ending Balance: $ 16,703 $ 27,121 $ 54,108 $ 11,526 $ 14,047 $ 0 $ 0 $ 123,505 Ending Balance: $ 1,160,556 $ 3,925,249 $ 2,194,432 $ 3,665,140 $ 1,382,369 $ 1,166,293 $ 0 $ 13,494,039 Ending Balance: loans acquired with $ 24,393 $ 13,590 $ 36,497 $ 9,735 $ 11,789 $ 0 $ 0 $ 96,004 A progression of the allowance for credit losses, which includes the allowance for loan losses and the reserve for lending-related commitments, for the periods presented is summarized as follows: Year Ended December 31 (In thousands) 2020 2019 2018 Balance of allowance for loan and lease losses at beginning of period $ 77,057 $ 76,703 $ 76,627 Cumulative effect adjustment for CECL 57,442 0 0 134,499 76,703 76,627 Initial allowance for acquired PCD loans 18,635 0 0 Gross charge-offs (32,983 ) (29,110 ) (28,606 ) Recoveries 9,386 8,151 6,669 Net charge-offs (23,597 ) (20,959 ) (21,937 ) Provision for loan and lease losses 106,293 21,313 22,013 Balance of allowance for loan and lease losses at end of period $ 235,830 $ 77,057 $ 76,703 Reserve for lending-related commitments 19,250 1,733 1,389 Balance of allowance for credit losses at end of period $ 255,080 $ 78,790 $ 78,092 |
Bank Premises and Equipment
Bank Premises and Equipment | 12 Months Ended |
Dec. 31, 2020 | |
Property, Plant and Equipment [Abstract] | |
Bank Premises and Equipment | NOTE G—BANK PREMISES AND EQUIPMENT Bank premises and equipment are summarized as follows: December 31 (In thousands) 2020 2019 Land $ 54,389 $ 32,085 Buildings and improvements 166,926 105,759 Leasehold improvements 39,681 40,789 Furniture, fixtures and equipment 99,277 71,377 360,273 250,010 Less allowance for depreciation and amortization (184,449 ) (153,366 ) Net bank premises and equipment $ 175,824 $ 96,644 Depreciation expense was $13,464,000, $9,329,000, and $10,255,000 for years ending December 31, 2020, 2019 and 2018, respectively, while amortization expense was $251,000, $141,000 and $102,000 for the years ended December 31, 2020, 2019 and 2018, respectively. |
Leases
Leases | 12 Months Ended |
Dec. 31, 2020 | |
Leases [Abstract] | |
Leases | NOTE H—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 United’s operating leases are subject to renewal options under various terms. United’s operating leases have remaining terms of 1 to 12 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: Year Ended Year Ended (In thousands) Classification December 31, 2020 December 31, 2019 Operating lease cost Net occupancy expense $ 22,575 $ 19,508 Sublease income Net occupancy expense (1,039 ) (825 ) Net lease cost $ 21,536 $ 18,683 Supplemental balance sheet information related to leases was as follows: (In thousands) Classification December 31, 2020 December 31, 2019 Operating lease right-of-use Operating lease right-of-use assets $ 69,520 $ 57,783 Operating lease liabilities Operating lease liabilities $ 73,213 $ 61,342 Other information related to leases was as follows: December 31, 2020 Weighted-average remaining lease term: Operating leases 5.61 years Weighted-average discount rate: Operating leases 2.49 % Supplemental cash flow information related to leases was as follows: Year Ended (In thousands) December 31, 2020 December 31, 2019 Cash paid for amounts in the measurement of lease liabilities: Operating cash flows from operating leases $ 22,409 $ 19,601 ROU assets obtained in the exchange for lease liabilities 30,864 7,630 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, 2020, consists of the following as of December 31, 2020 and 2019: (In thousands) Amount Year As of December 31, 2020 As of December 31, 2019 2021 $ 20,172 $ 17,725 2022 16,196 15,180 2023 12,723 11,522 2024 8,242 8,751 2025 5,516 5,127 Thereafter 15,330 8,190 Total lease payments 78,179 66,495 Less: imputed interest (4,966 ) (5,153 ) Total $ 73,213 $ 61,342 |
Intangible Assets
Intangible Assets | 12 Months Ended |
Dec. 31, 2020 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Intangible Assets | NOTE I—INTANGIBLE ASSETS The following is a summary of intangible assets subject to amortization and those not subject to amortization: December 31, 2020 Community Banking Mortgage Banking Total (In thousands) Gross Carrying Amount Accumulated Amortization Gross Carrying Amount Accumulated Amortization Gross Carrying Amount Accumulated Amortization Amortized intangible assets: Core deposit $ 101,767 ($ 76,120 ) $ 0 $ 0 $ 101,767 ($ 76,120 ) Non-amortized George Mason $ 0 $ 1,080 $ 1,080 Crescent trade 0 196 196 Total $ 0 $ 1,276 $ 1,276 Goodwill not subject to amortization $ 1,791,533 $ 5,315 $ 1,796,848 December 31, 2019 Community Banking Mortgage Banking Total (In thousands) Gross Carrying Amount Accumulated Amortization Gross Carrying Amount Accumulated Amortization Gross Carrying Amount Accumulated Amortization Amortized intangible assets: Core deposit $ 98,359 ($ 69,508 ) $ 0 $ 0 $ 98,359 ($ 69,508 ) Non-amortized George Mason $ 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: (In thousands) Community Banking Mortgage Banking Total Goodwill at December 31, 2019 $ 1,472,699 $ 5,315 $ 1,478,014 Preliminary addition to goodwill from Carolina Financial acquisition 318,834 0 318,834 Goodwill at December 31, 2020 $ 1,791,533 $ 5,315 $ 1,796,848 The following table sets forth the anticipated amortization expense for intangible assets for the years subsequent to 2020: Year Amount (In thousands) 2021 $ 5,866 2022 4,983 2023 4,680 2024 3,255 2025 2,942 2026 and thereafter 3,921 |
Mortgage Servicing Rights
Mortgage Servicing Rights | 12 Months Ended |
Dec. 31, 2020 | |
Servicing Asset [Abstract] | |
Mortgage Servicing Rights | NOTE J—MORTGAGE SERVICING RIGHTS Mortgage loans serviced for others are not included in the accompanying Consolidated Balance Sheets. The value of mortgage servicing rights (“MSRs”) is included on the Company’s Consolidated Balance Sheets. The unpaid principal balances of loans serviced for others were approximately $3,587,953,000 at December 31, 2020. The estimated fair value of the mortgage servicing rights was $20,955,000 at December 31, 2020. The estimated fair value of servicing rights at December 31, 2020 was determined using a net servicing fee of 0.26%, average discount rates ranging from 9.50% to 14.07% with a weighted average discount rate of 10.62%, average constant prepayment rates (“CPR”) ranging from 7.98% to 18.42% with a weighted average prepayment rate of 14.60%, depending upon the stratification of the specific servicing right, and a delinquency rate, including loans on forbearance of 2.88%. Please refer to Note W in these Notes to Consolidated Financial Statements for additional information concerning the fair value of MSRs. As disclosed in Note B of these Notes to Consolidated Financial Statements, the Company acquired $20,123,000 of mortgage servicing rights from its acquisition of Carolina Financial Corporation on May 1, 2020. The following presents the activity in mortgage servicing rights, including their valuation allowance for the year ended December 31, 2020: (In thousands) Year Ended December 31, 2020 MSRs beginning balance $ 0 Addition from acquisition of subsidiary 20,123 Amount capitalized 7,310 Purchased servicing 0 Amount amortized (5,095 ) MSRs ending balance $ 22,338 MSRs valuation allowance beginning balance $ 0 MSRs impairment (1,383 ) MSRs valuation allowance ending balance $ (1,383 ) MSRs, net of valuation allowance $ 20,955 The Company recorded temporary impairments of $1,383,000 on mortgage servicing rights for the year ended December 31, 2020. The Company does not hedge the mortgage servicing rights positions and the impact of falling long-term interest rates increased prepayment speed assumptions reducing the value of the MSR asset. The estimated amortization expense is based on current information regarding future loan payments and prepayments. Amortization expense could change in future periods based on changes in the volume of prepayments and economic factors. |
Deposits
Deposits | 12 Months Ended |
Dec. 31, 2020 | |
Deposits [Abstract] | |
Deposits | NOTE K—DEPOSITS The book value of deposits consisted of the following: (In thousands) December 31 2020 2019 Demand deposits $ 5,428,398 $ 3,381,866 Interest-bearing checking 799,635 372,175 Regular savings 1,283,823 882,889 Money market accounts 10,165,334 6,891,696 Time deposits under $100,000 979,988 723,941 Time deposits over $100,000 1,927,982 1,599,854 Total deposits $ 20,585,160 $ 13,852,421 Included in time deposits over $100,000 at December 31, 2020 and 2019 were time deposits of $250,000 or more of $ 889,334,000 United’s subsidiary banks have received deposits, in the normal course of business, from the directors and officers of United and its subsidiaries, and their associates. Such related party deposits were accepted on substantially the same terms, including interest rates and maturities, as those prevailing at the time for comparable transactions with unrelated persons. The aggregate dollar amount of these deposits was $15,585,000 and $15,350,000 at December 31, 2020 and 2019, respectively. |
Short-Term Borrowings
Short-Term Borrowings | 12 Months Ended |
Dec. 31, 2020 | |
Debt Disclosure [Abstract] | |
Short-Term Borrowings | NOTE L—SHORT-TERM BORROWINGS At December 31, 2020 and 2019, short-term borrowings and the related weighted-average interest rates were as follows: 2020 2019 Weighted- Weighted- (Dollars in thousands) Average Average Amount Rate Amount Rate Federal funds purchased $ 0 0.00 % $ 0 0.00 % Securities sold under agreements to repurchase 142,300 0.17 % 124,654 1.09 % Total $ 142,300 $ 124,654 Federal funds purchased and securities sold under agreements to repurchase have been 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 $230,000,000. 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. The following table shows the distribution of United’s federal funds purchased and securities sold under agreements to repurchase and the weighted-average interest rates thereon at the end of each of the last three years. Also provided are the maximum amount of borrowings and the average amounts of borrowings as well as weighted-average interest rates for the last three years. In the year of 2018, the table does not include the long-term wholesale security sold under an agreement to repurchase mentioned above assumed in the Virginia Commerce merger. (Dollars in thousands) Federal Funds Purchased Securities Sold Under Agreements To Repurchase At December 31: 2020 $ 0 $ 142,300 2019 0 124,654 2018 23,400 152,927 Weighted-average interest rate at year-end: 2020 0.00 % 0.17 % 2019 0.00 % 1.09 % (Dollars in thousands) Federal Funds Purchased Securities Sold Under Agreements To Repurchase 2018 2.40 % 0.96 % Maximum amount outstanding at any month’s end: 2020 $ 0 $ 187,889 2019 0 161,175 2018 25,790 328,484 Average amount outstanding during the year: 2020 $ 1 $ 142,418 2019 1,899 131,187 2018 16,773 194,956 Weighted-average interest rate during the year: 2020 1.64 % 0.37 % 2019 2.52 % 1.33 % 2018 1.86 % 0.61 % At December 31, 2020, all the repurchase agreements were in overnight accounts. The rates offered on these funds vary according to movements in the federal funds and short-term United has a $20,000,000 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 is renewable on a 360 day basis and carries an indexed, floating-rate of interest. The line requires compliance with various financial and nonfinancial covenants. At December 31, 2020, United had no outstanding balance under this credit. Interest paid on short-term borrowings approximated $1,027,000, $2,359,000, and $2,238,000 in 2020, 2019 and 2018, respectively. |
Long-Term Borrowings
Long-Term Borrowings | 12 Months Ended |
Dec. 31, 2020 | |
Debt Disclosure [Abstract] | |
Long-Term Borrowings | NOTE M—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 December 31, 2020, the total carrying value of loans pledged as collateral for FHLB advances approximated $5,086,303,000. United had an unused borrowing amount as of December 31, 2020 of approximately $6,654,763,000 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 December 31, 2020 and 2019, FHLB advances and the related weighted-average interest rates were as follows: 2020 2019 Weighted- Weighted- Weighted- Weighted- (Dollars in thousands) Average Average Average Average Contractual Effective Contractual Effective Amount Rate Rate Amount Rate Rate FHLB advances $ 584,532 0.60 % 0.75 % $ 1,851,865 2.03 % 2.03 % No overnight funds were included in the $584,532,000 above at December 31, 2020. Overnight funds of $250,000,000 were included in the $1,851,865,000 above at December 31, 2019. The weighted-average effective rate considers the effect of any interest rate swaps designated as fair value hedges outstanding at year-end At December 31, 2020, United had a total of nineteen 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. United also assumed $10,000,000 in aggregate principal amount of fixed-to-floating 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 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. Information related to United’s statutory trusts is presented in the table below: (Dollars in thousands) Description Issuance Date Amount of Capital Securities Issued Stated 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 Carolina Financial Capital Trust I December 19, 2002 $ Prime + 0.50% December 31, 2032 Carolina Financial Capital Trust II November 5, 2003 $ 10,000 3-month LIBOR + 3.05% January 7, 2034 Greer Capital Trust I October 12, 2004 $ 3-month LIBOR + 2.20% October 18, 2034 Greer Capital Trust II December 28, 2006 $ 3-month LIBOR + 1.73% January 30, 2037 First South Preferred Trust I September 26, 2003 $ 3-month LIBOR + 2.95% September 30, 2033 At December 31, 2020 and 2019, the Debentures and their related weighted-average interest rates were as follows: 2020 2019 (Dollars in thousands) Amount Weighted- Amount Weighted- United Statutory Trust III $ 20,619 3.08 % $ 20,619 4.75 % United Statutory Trust IV 25,774 3.06 % 25,774 4.79 % United Statutory Trust V 51,547 1.78 % 51,547 3.65 % United Statutory Trust VI 30,928 1.52 % 30,928 3.19 % Premier Statutory Trust II 6,186 3.34 % 6,186 5.09 % Premier Statutory Trust III 8,248 1.96 % 8,248 3.63 % Premier Statutory Trust IV 14,433 1.80 % 14,433 3.48 % Premier Statutory Trust V 10,310 1.84 % 10,310 3.52 % Centra Statutory Trust I 10,000 2.53 % 10,000 4.20 % Centra Statutory Trust II 10,000 1.89 % 10,000 3.64 % Virginia Commerce Trust II 12,705 3.57 % 12,475 5.22 % Virginia Commerce Trust III 17,794 1.63 % 17,268 3.33 % 2020 2019 (Dollars in thousands) Amount Weighted- Average Rate Amount Weighted- Cardinal Statutory Trust I 15,223 2.62 % 14,825 4.29 % UFBC Capital Trust I 3,656 2.32 % 3,551 3.99 % Carolina Financial Capital Trust I 4,998 3.75 % 0 0.00 % Carolina Financial Capital Trust II 9,340 3.29 % 0 0.00 % Greer Capital Trust I 5,075 2.42 % 0 0.00 % Greer Capital Trust II 3,876 1.94 % 0 0.00 % First South Preferred Trust I 9,260 3.19 % 0 0.00 % Total $ 269,972 $ 236,164 At December 31, 2020, the scheduled maturities of long-term borrowings were as follows: Year Amount (In thousands) 2021 $ 551,065 2022 19,391 2023 0 2024 0 2025 9,312 2026 and thereafter 284,601 Total $ 864,369 Interest paid on long-term borrowings approximated $33,240,000, $43,830,000, and $35,222,000 in 2020, 2019 and 2018, respectively. |
Other Expense
Other Expense | 12 Months Ended |
Dec. 31, 2020 | |
Other Income and Expenses [Abstract] | |
Other Expense | NOTE N—OTHER EXPENSE The following details certain items of other expense for the periods indicated: Year Ended December 31 (In thousands) 2020 2019 2018 Legal, consulting & other professional services $ 16,482 $ 12,360 $ 13,248 Franchise & other taxes not on income 12,122 11,330 11,428 Expense for reserve on lending-related commitments 11,315 344 710 Automated Teller Machine (ATM) expenses 9,295 7,336 6,892 |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2020 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | NOTE O—INCOME TAXES The income tax provisions included in the consolidated statements of income are summarized as follows: Year Ended December 31 (In thousands) 2020 2019 2018 Current expense: Federal $ 60,508 $ 43,337 $ 52,041 State 10,656 6,798 9,429 Deferred expense: Federal (174 ) 12,522 8,298 Tax Act remeasurement 0 0 (120 ) State (273 ) 1,683 1,175 Total income taxes $ 70,717 $ 64,340 $ 70,823 The following is a reconciliation of income tax expense to the amount computed by applying the statutory federal income tax rate to income before income taxes: Year Ended December 31 (Dollars in thousands) 2020 2019 2018 Amount % Amount % Amount % Tax on income before taxes at statutory federal rate $ 75,546 21.0% $ 68,132 21.0% $ 68,704 21.0% Plus: State income taxes net of federal tax benefits 8,202 2.3 6,690 2.1 8,362 2.6 83,748 23.3 74,822 23.1 77,066 23.6 Increase (decrease) resulting from: Tax-exempt (3,011 ) (0.8 ) (2,813 ) (0.9 ) (3,298 ) (1.0 ) Tax credits (9,860 ) (2.7 ) (5,636 ) (1.7 ) (2,054 ) (0.6 ) Deferred taxes due to the Tax Act (0 ) 0.0 (0 ) 0.0 (120 ) 0.0 Other items-net (160 ) (0.1 ) (2,033 ) (0.7 ) (771 ) (0.3 ) Income taxes $ 70,717 19.7 % $ 64,340 19.8 % $ 70,823 21.7 % For years ended 2020, 2019 and 2018, United incurred federal income tax expense of $663,000, $54,000, and a federal tax benefit of $180,000, respectively, applicable to the sales and calls of securities. Income taxes paid approximated $65,378,000, $56,459,000, and $55,336,000 in 2020, 2019 and 2018, respectively. Deferred income taxes reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. At December 31, 2020, United had no federal or state net operating loss carryforwards. Taxes not on income, which consists mainly of business franchise taxes, were $12,122,000, $11,330,000, and $11,428,000, for the years ended December 31, 2020, 2019 and 2018, respectively. These amounts are recorded in other expense in the Consolidated Statements of Income. Significant components of United’s deferred tax assets and liabilities (included in other assets in the Consolidated Balance Sheets) at December 31, 2020 and 2019 are as follows: (In thousands) 2020 2019 Deferred tax assets: Allowance for credit losses $ 59,492 $ 18,358 Accrued benefits payable 14,097 13,459 Other accrued liabilities 655 992 Pension plan accruals 409 3,313 Unrealized loss on securities available for sale 0 0 Other real estate owned 980 2,482 Lease liabilities under operating leases 17,059 14,293 Deferred mortgage points 6,518 0 Purchase accounting intangibles 820 5,917 Total deferred tax assets 100,030 58,814 Deferred tax liabilities: Premises and equipment 5,878 2,963 Unrealized gain on securities available for sale 20,087 2,755 Right-of-use 16,198 13,464 Deferred mortgage points 0 389 Derivatives 1,020 0 Trust fees 0 0 Purchase accounting intangibles 0 0 Other 1,312 2,300 Total deferred tax liabilities 44,495 21,871 Net deferred tax assets $ 55,535 $ 36,943 At December 31, 2020 and 2019, United believes that all of the deferred tax amounts shown above are more likely than not to be realized based on an assessment of all available positive and negative evidence and therefore no valuation allowance has been recorded. In accordance with ASC Topic 740, “Income Taxes,” United records a liability for uncertain income tax positions based on a recognition threshold of more-likely-than-not, Below is a reconciliation of the total amounts of unrecognized tax benefits: December 31 (In thousands) 2020 2019 Unrecognized tax benefits at beginning of year $ 1,568 $ 2,005 Increase in unrecognized tax benefits as a result of tax positions taken during the current period 1,158 152 Decreases in the unrecognized tax benefits as a result of a lapse of the applicable statute of limitations (523 ) (589 ) Unrecognized tax benefits at end of year $ 2,203 $ 1,568 The entire amount of unrecognized tax benefits, if recognized, would impact United’s effective tax rate. Over the next 12 months, the statute of limitations will close on certain income tax returns. However, at this time, United cannot reasonably estimate the amount of tax benefits, if any, it may recognize over the next 12 months. United is currently open to audit under the statute of limitations by the Internal Revenue Service for the years ended December 31, 2017, 2018 and 2019 and certain State Taxing authorities for the years ended December 31, 2017 through 2019. As of December 31, 2020, and 2019, the total amount of accrued interest related to uncertain tax positions was $668,000 and $667,000, respectively. United accounts for interest and penalties related to uncertain tax positions as part of its provision for federal and state income taxes. No interest or penalties were recognized in the results of operations for the years of 2020, 2019 and 2018. |
Employee Benefit Plans
Employee Benefit Plans | 12 Months Ended |
Dec. 31, 2020 | |
Retirement Benefits [Abstract] | |
Employee Benefit Plans | NOTE P—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 by United are intended to provide not only for benefits attributed to service to date, but also for those expected to be earned in the future. 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 have taken similar steps. The amendment provided that employees hired on or after October 1, 2007, will not be eligible to participate in the Plan. However, new employees will continue to 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. Net periodic pension costs, except for service cost, are recognized in employee benefits on the consolidated statements of income. Service cost is recognized in employee compensation. Net consolidated periodic pension cost included the following components: (Dollars in thousands) Year Ended December 31, 2020 2019 2018 Service cost $ 2,742 $ 2,173 $ 2,566 Interest cost 5,222 5,931 5,341 Expected return on plan assets (11,010 ) (9,434 ) (10,260 ) Recognized net actuarial loss 6,050 4,965 4,919 Net periodic pension cost $ 3,004 $ 3,635 $ 2,566 Weighted-Average Assumptions: Discount rate 3.42 % 4.52 % 3.83 % Expected return on assets 6.75 % 7.00 % 7.00 % Rate of compensation increase (prior to age 40) 5.00 % n/a n/a Rate of compensation increase (ages 40-54) 4.00 % n/a n/a Rate of c n/a 3.50 % 3.50 % Rate of c 3.50 % 3.00 % 3.00 % Amounts related to the Plan recognized as a component of other comprehensive income were as follows: (In thousands) Year Ended December 31, 2020 2019 2018 Net actuarial loss $ 10,583 $ 10,324 $ 4,232 Amortization of: Prior service cost 0 0 0 Actuarial loss (6,050 ) (4,965 ) (4,919 ) Total recognized in other comprehensive income $ 4,533 $ 5,359 $ (687 ) Included in accumulated other comprehensive income at December 31, 2020 are unrecognized actuarial losses of $65,426,000 ($50,182,000 net of tax) that have not yet been recognized in net periodic pension cost. The reconciliation of the beginning and ending balances of the projected benefit obligation and the fair value of plan assets for the years ended December 31, 2020 and 2019 and the accumulated benefit obligation at December 31, 2020 and 2019 are as follows: (Dollars in thousands) December 31, 2020 2019 Change in Projected Benefit Obligation Projected Benefit Obligation at the Beginning of the Year $ 173,777 $ 142,632 Service Cost 2,742 2,173 Interest Cost 5,222 5,931 Actuarial Loss 18,391 28,364 Benefits Paid (5,357 ) (5,323 ) Projected Benefit at the End of the Year $ $ 173,777 Accumulated Benefit Obligation at the End of the Year $ 176,635 $ Change in Plan Assets Fair Value of Plan Assets at the Beginning of the Year $ 159,560 $ 137,408 Actual Return on Plan Assets 18,819 27,475 Benefits Paid (5,357 ) (5,323 ) Employer Contributions 20,000 0 Fair value of plan assets at end of year $ 193,022 $ 159,560 Net Amount Recognized Funded Status $ (1,753 ) $ (14,217 ) Unrecognized Transition Asset 0 0 Unrecognized Prior Service Cost 0 0 Unrecognized Net Loss 65,426 60,894 Net Amount Recognized $ 63,673 $ 46,677 Weighted-Average Assumptions at the End of the Year Discount Rate 2.81 % 3.42 % Rate of compensation Increase (prior to age 40) 5.00 % 5.00 % Rate of compensation Increase (ages 40-54) 4.00 % 4.00 % Rate of compensation Increase (prior to age 45) n/a n/a Rate of compensation Increase (otherwise) 3.50 % 3.50 % Asset allocation for the defined benefit pension plan as of the measurement date, by asset category, is as follows: Plan Assets Target Allocation 2021 Allowable Allocation Range Percentage of Plan Assets at December 31, 2020 December 31, 2019 Equity Securities 60 % 50-70 % 58 % 63% Debt Securities 39 % 20-50 % 37 % 35% Other 1 % 3-15 % 5 % 2% Total 100 % 100% Equity securities include United common stock in the amounts of $3,429,000 (2%) at December 31, 2020 and $4,091,000 (3%) at December 31, 2019 . The policy, as established by the Pension Committee, primarily consisting of United’s Executive Management, is to invest assets based upon the target allocations stated above. The assets are reallocated periodically to meet the above target allocations. The investment policy is reviewed at least annually, subject to the approval of the Pension Committee, to determine if the policy should be changed. Prohibited investments include, but are not limited to, futures contracts, private placements, uncovered options, real estate, the use of margin, short sales, derivatives for speculative purposes, and other investments that are speculative in nature. In order to achieve a prudent level of portfolio diversification, the securities of any one company are not to exceed 10% of the total plan assets, and no more than the 15% of total plan assets is to be invested in any one industry (other than securities of U.S. Government or Agencies). Additionally, no more than 15% of the plan assets is to be invested in foreign securities, both equity and fixed. The expected long-term rate of return for the plan’s total assets is based on the expected return of each of the above categories, weighted based on the median of the target allocation for each class. United uses the corridor approach based on 10% of the greater of the projected benefit obligation and the market-related value of plan assets to amortize actuarial gains and losses. At December 31, 2020, the benefits expected to be paid in each of the next five fiscal years, and in the aggregate for the five years thereafter are as follows: Year Amount (In thousands) 2021 $ 6,583 2022 6,630 2023 7,076 2024 7,429 2025 7,884 2026 through 2030 44,383 United made a discretionary contribution of $20,000,000 during the third quarter of 2020. United did not contribute to the plan in 2019 as no contributions were required by funding regulations or law. During the first quarter of 2018, United made discretionary contributions of $7,000,000. For 2021, no contributions to the plan are required by funding regulations or law. However, United may make a discretionary contribution in 2021, the amount of which cannot be reasonably estimated at this time. In accordance with ASC Topic 715 and using the guidance contained in ASC Topic 820, the following is a description of the valuation methodologies used to measure the plan assets at fair value. Cash and Cash Equivalents: Debt Securities 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 from various sources and may determine the fair value of identical or similar securities by using pricing models that considers observable market data (Level 2). Common and Preferred Stock: Mutual Funds: The following tables present the balances of the plan assets, by fair value hierarchy level, as of December 31, 2020 and 2019: Fair Value Measurements at December 31, 2020 Using (In thousands) Description Balance as of December 31, Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Cash and Cash equivalents $ 10,285 $ 10,285 $ 0 $ 0 Fixed Income Mutual Funds: Taxable 70,331 70,331 0 0 Equity Securities: Common stock 28,102 28,102 0 0 Equity Mutual Funds: Global equity 4,968 4,968 0 0 Domestic equity large cap 34,186 34,186 0 0 Domestic equity small cap 22,165 22,165 0 0 International emerging equity 8,018 8,018 0 0 International equity developed 14,967 14,967 0 0 Total $ 193,022 $ 193,022 $ 0 $ 0 Fair Value Measurements at December 31, 2019 Using (In thousands) Description Balance as of December 31, Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Cash and Cash equivalents $ 2,504 $ 2,504 $ 0 $ 0 Fixed Income Mutual Funds: Taxable 55,588 55,588 0 0 Equity Securities: Common stock 23,932 23,932 0 0 Equity Mutual Funds: Global equity 5,247 5,247 0 0 Domestic equity large cap 28,743 28,743 0 0 Domestic equity small cap 22,216 22,216 0 0 International emerging equity 8,228 8,228 0 0 International equity developed 13,102 13,102 0 0 Total $ 159,560 $ 159,560 $ 0 $ 0 Common stock investments are diversified amongst various industries with no industry representing more than 5% of the total plan assets. The United Bankshares, Inc. Savings and Stock Investment Plan (the Plan) is a defined contribution plan under Section 401(k) of the Internal Revenue Code. Each employee of United, who completes ninety (90) days of qualified service, is eligible to participate in the Plan. Each participant may contribute from 1% to 100% of compensation to his/her account, subject to Internal Revenue Service maximum deferral limits. United matches 100% of the first 5% of salary deferred with United stock. Vesting is 100% for employee deferrals and the company match at the time the employee makes his/her deferral. United’s expense relating to the Plan approximated $6,531,000, $4,565,000, and $4,486,000 in 2020, 2019 and 2018, respectively. The assets of United’s defined benefit plan and 401(k) Plan each include investments in United common stock. At December 31, 2020 and 2019, the combined plan assets included 1,437,641 and 1,176,283 shares, respectively, of United common stock with an approximate fair value of $46,580,000 and $45,475,000, respectively. Dividends paid on United common stock held by the plans approximated $1,776,000, $1,566,000, and $1,401,000 for the years ended December 31, 2020, 2019, and 2018, respectively. United has certain other supplemental deferred compensation plans covering various key employees. Periodic charges are made to operations so that the liability due each employee is fully recorded as of the date of their retirement. Amounts charged to expense have not been significant in any year. |
Stock Based Compensation
Stock Based Compensation | 12 Months Ended |
Dec. 31, 2020 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Stock Based Compensation | NOTE Q—STOCK BASED COMPENSATION On May 12, 2020, United’s shareholders approved the 2020 Long-Term Incentive Plan (“2020 LTI Plan”). The 2020 LTI Plan became effective May 13, 2020. An award granted under the 2020 LTI Plan may consist of any non-qualified non-employee non-employee S-8 During the year of 2020, a total of 183,551 non-qualified Stock Options United currently has options outstanding from various option plans other than the 2020 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) years. The fair value of the options for 2020 was estimated at the date of grant using a binomial lattice option pricing model with the following weighted-average assumptions: risk-free interest rates of 1.30%; dividend yield of 3.00%; volatility factors of the expected market price of United’s common stock of 0.2516; and a weighted-average expected option life of 7.36 years, respectively. The estimated fair value of the options at the date of grant was $5.65 for the options granted during 2020. ASC Topic 718, “Compensation – Stock Compensation” defines a lattice model as a model that produces an estimated fair value based on the assumed changes in prices of a financial instrument over successive periods of time. A binomial lattice model assumes at least two price movements are possible in each period of time. A summary of activity under the United’s stock option plans as of December 31, 2020, and the changes during the year of 2020 are presented below: Year ended December 31, 2020 Weighted Average (Dollars in thousands, except per share amounts) Aggregate Intrinsic Remaining Contractual Exercise Shares Value Term (Yrs.) Price Outstanding at January 1, 2020 1,715,316 $ 34.49 Assumed in Carolina Financial merger 117,116 12.14 Granted 183,551 32.51 Exercised (100,736 ) 12.50 Forfeited or expired (10,690 ) 26.04 Outstanding at December 31, 2020 1,904,557 $ 3,691 5.2 $ 34.14 Exercisable at December 31, 2020 1,359,652 $ 3,691 4.0 $ 32.99 The following table summarizes the status of United’s nonvested awards for the year ended December 31, 2020: Shares Weighted-Average Nonvested at January 1, 2020 589,737 $ 7.62 Granted 183,551 5.65 Vested (226,032 ) 7.68 Forfeited or expired (2,351 ) 7.32 Nonvested at December 31, 2020 544,905 $ 6.93 As of December 31, 2020, the total unrecognized compensation cost related to nonvested option awards was $2,208,000 with a weighted-average expense recognition period of 1.1 years. The total fair value of awards vested during the year ended December 31, 2020, was $1,737,000. Cash received from options exercised under the Plans for the years ended December 31, 2020, 2019 and 2018 was $1,241,000, $1,272,000, and $1,500,000, respectively. During 2020 and 2019, 100,736 and 128,742 shares, respectively, were issued in connection with stock option exercises. All shares issued in connection with stock option exercises for 2020 and 2019 were issued from authorized and unissued stock. The weighted-average grant-date fair value of options granted in the year of 2020, 2019, and 2018 was $5.65, $7.16, and $7.56, respectively. The total intrinsic value of options exercised under the Plans during the years ended December 31, 2020, 2019, and 2018 was $1,917,000, $1,932,000, and $1,057,000, respectively. ASC Topic 230, “Statement of Cash Flows,” requires the benefits of tax deductions in excess of recognized compensation cost to be reported as an operating cash flow. This requirement reduces net operating cash flows. While the company cannot estimate what those amounts will be in the future (because they depend on, among other things, the date employees exercise stock options), United recognized cash flows used in operating activities of $351,000, $223,000, and $158,000 from excess tax benefits related to share-based compensation arrangements for the year of 2020, 2019 and 2018, respectively. Restricted Stock Under the 2020 LTI Plan, United may award restricted common shares to key employees and non-employee three The following summarizes the changes to United’s restricted common shares for the year ended December 31, 2020: Number of Weighted-Average Outstanding at January 1, 2020 247,896 $ 39.20 Granted 182,847 32.18 Vested (88,821 ) 39.31 Forfeited (946 ) 36.58 Outstanding at December 31, 2020 340,976 $ 35.41 |
Commitments and Contingent Liab
Commitments and Contingent Liabilities | 12 Months Ended |
Dec. 31, 2020 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingent Liabilities | NOTE R—COMMITMENTS AND CONTINGENT LIABILITIES Lending-related Commitments United is a party to financial instruments with off-balance-sheet 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 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 $5,730,876,000 and $3,610,777,000 of loan commitments outstanding as of December 31, 2020 and December 31, 2019, respectively, approximately 42% of which contractually expire within one year. Included in the December 31, 2020 amount are commitments to extend credit of $374,003,000 related to mortgage loan funding commitments of United’s mortgage banking segment 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 December 31, 2020 and December 31, 2019, United had $5,092,000 of commercial letters of credit outstanding. 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 $134,916,000 and $145,105,000 as of December 31, 2020 and December 31, 2019, 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. Mortgage Repurchase Reserve United’s mortgage banking segment 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. United’s mortgage banking segment has a reserve of $1,216,000 as of December 31, 2020. United has derivative counter-party risk that may arise from the possible inability of United’s mortgage banking segment’s third party investors to meet the terms of their forward sales contracts. United’s mortgage banking segment 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. Legal Proceedings 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. Regulatory Matters A variety of consumer products, including mortgage and deposit products, and certain fees and charges related to such products, have come under increased regulatory scrutiny. It is possible that regulatory authorities could bring enforcement actions, including civil money penalties, or take other actions against United in regard to these consumer products. United could also determine of its own accord, or be required by regulators, to refund or otherwise make remediation payments to customers in connection with these products. It is not possible at this time for management to assess the probability of a material adverse outcome or reasonably estimate the amount of any potential loss related to such matters. |
Derivative Financial Instrument
Derivative Financial Instruments | 12 Months Ended |
Dec. 31, 2020 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Financial Instruments | NOTE S—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. During the second quarter of 2020, United entered into a new interest rate swap derivative designated as a cash flow hedge. The notional amount of the cash flow hedge derivative totaled $250,000,000. The derivative is intended to hedge the changes in cash flows associated with floating rate FHLB borrowings. United is required to pay-fixed 0.59 1-month pay-fixed 1-month 12-months United is subject to the Dodd-Frank Act clearing requirement for eligible derivatives. United has executed and cleared eligible derivatives through the London Clearing House (“LCH”). Variation margin at the LCH is distinguished as settled-to-market collateralized-to-market. 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 December 31, 2020 and December 31, 2019. Asset Derivatives December 31, 2020 December 31, 2019 (In thousands) Balance Sheet Location Notional Amount Fair Value Balance Sheet Location Notional Amount Fair Value Cash Flow Hedges: Interest rate swap contracts (hedging FHLB borrowings) Other assets $ 500,000 $ 4,378 Other assets $ 0 $ 0 Total Cash Flow Hedges $ $ 4,378 $ $ 0 Asset Derivatives December 31, 2020 December 31, 2019 (In thousands) Balance Sheet Location Notional Amount Fair Value Balance Sheet Location Notional Amount Fair Value Derivatives not designated as hedging Forward loan sales commitments Other assets $ 62,418 $ 1,581 Other assets $ 27,260 $ 9 Interest rate lock commitments Other assets 973,350 38,332 Other assets 117,252 4,518 Total derivatives not designated as hedging $ 1,035,768 $ 39,913 $ 144,512 $ 4,527 Total asset derivatives $ 1,535,768 $ 44,291 $ 144,512 $ 4,527 Liability Derivatives December 31, 2020 December 31, 2019 (In thousands) Balance Sheet Location Notional Amount Fair Value Balance Sheet Location Notional Amount Fair Value Derivatives designated as hedging Fair Value Hedges: Interest rate swap contracts (hedging commercial loans) Other liabilities $ 77,011 $ 6,782 Other liabilities $ 82,243 $ 2,394 Total Fair Value Hedges $ 77,011 $ 6,782 $ 82,243 $ 2,394 Total derivatives designated as hedging $ 77,011 $ 6,782 $ 82,243 $ 2,394 Derivatives not designated as hedging TBA mortgage-backed securities Other liabilities $ 789,000 $ 6,276 Other liabilities $ 274,000 $ 671 Total derivatives not designated as hedging instruments $ 789,000 $ 6,276 $ 274,000 $ 671 Total liability derivatives $ 866,011 $ 13,058 $ 356,243 $ 3,065 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 December 31, 2020 and December 31, 2019. December 31, 2020 (In thousands) Derivatives in Fair Value Hedging Relationships Location in the Statement Carrying Amount of Cumulative Amount Cumulative Amount of Interest rate swaps Loans and leases, net of unearned income $ 77,810 $ (6,782 ) $ 0 December 31, 20 20 (In thousands) Derivatives in Fair Value Hedging Relationships Location in the Statement Carrying Amount Cumulative Amount Cumulative Amount of Interest rate swaps Loans and leases, net of unearned income $ 81,397 $ (2,394 ) $ 0 The effect of United’s derivative financial instruments on its Consolidated Statements of Income for the years ended December 31, 2020, 2019 and 2018 is presented as follows: Year Ended (In thousands) Income Statement Location December 31, December 31, December 31, Derivatives in hedging relationships Cash Flow Hedges: Interest rate swap contracts Interest on long-term borrowings $ (578) $ 0 $ 0 Fair Value Hedges: Interest rate swap contracts Interest and fees on loans and leases $ (1,414) $ (95) $ (170) Total derivatives in hedging relationships $ (1,992) $ (95) $ (170) Derivatives not designated as hedging instruments Forward loan sales commitments Income from Mortgage Banking Activities (725 ) 925 530 TBA mortgage-backed securities Income from Mortgage Banking Activities (3,825 ) 2,331 (2,690 ) Interest rate lock commitments Income from Mortgage Banking Activities 21,299 3,607 (2,413 ) Total derivatives not designated as hedging instruments $ 16,749 $ 6,863 $ (4,573 ) Total derivatives $ 14,757 $ 6,768 $ (4,743 ) |
Comprehensive Income
Comprehensive Income | 12 Months Ended |
Dec. 31, 2020 | |
Equity [Abstract] | |
Comprehensive Income | NOTE T—COMPREHENSIVE INCOME The changes in accumulated other comprehensive income are as follows: For the Years Ended December 31 (In thousands) 2020 2019 2018 Net Income $ 289,023 $ 260,099 $ 256,342 Available for sale (“AFS”) securities: AFS securities with OTTI charges during the period 0 (641 ) (1,456 ) Related income tax effect 0 149 339 Less : OTTI charges recognized in net income 0 198 1,456 Related income tax effect 0 (46 ) (339 ) Reclassification of previous noncredit OTTI to credit OTTI 0 2,188 0 Related income tax effect 0 (510 ) 0 Net unrealized gains on AFS securities with OTTI 0 1,338 0 AFS securities – all other: Change in net unrealized gains (losses) on AFS securities arising during the period 77,142 32,570 (14,715 ) Related income tax effect (17,974 ) (7,589 ) 5,109 Net reclassification adjustment for (gains) losses included in net income (2,502 ) (97 ) 770 Related income tax effect 583 23 (179 ) 57,249 24,907 (9,015 ) For the Years Ended December 31 (In thousands) 2020 2019 2018 Net effect of AFS securities on other comprehensive income 57,249 26,245 (9,015 ) 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 0 8 Related income tax effect 0 0 (2 ) Net effect of HTM securities on other comprehensive income 0 0 6 Cash flow hedge derivatives: Unrealized gain on cash flow hedge before reclassification to interest expense 3,800 0 0 Related income tax effect (885 ) 0 0 Net reclassification adjustment for losses included in net income 578 0 0 Related income tax effect (135 ) 0 0 Net effect of cash flow hedge derivatives on other comprehensive income 3,358 0 0 Defined benefit pension plan: Net actuarial loss during the period (10,583 ) (10,324 ) (4,232 ) Related income tax expense 3,263 2,384 1,063 Amortization of prior service cost recognized in net income 0 0 0 Related income tax effect 0 0 0 Amortization of net actuarial loss recognized in net income 6,050 4,965 4,919 Related income tax effect (2,098 ) (1,170 ) (1,246 ) Net effect of change in defined benefit pension plan on other comprehensive income (3,368 ) (4,145 ) 504 Total change in other comprehensive income, net of tax 57,239 22,100 (8,505 ) Total Comprehensive Income $ 346,262 $ 282,199 $ 247,837 The components of accumulated other comprehensive income for the year ended December 31, 2020 are as follows: Changes in Accumulated Other Comprehensive Income (AOCI) by Component (a) For the Year Ended December 31, 2020 (Dollars in thousands) Unrealized Unrealized Defined Items Total Balance at January 1, 2020 $ 7,956 $ 0 $ (42,825 ) $ (34,869 ) Other comprehensive income before reclassification 59,168 2,915 0 62,083 Amounts reclassified from accumulated other comprehensive income (1,919 ) 443 (3,368 ) (4,844 ) Net current-period other comprehensive income, net of tax 57,249 3,358 (3,368 ) 57,239 Balance at December 31, 2020 $ 65,205 $ 3,358 $ (46,193 ) $ 22,370 (a) All amounts are net-of-tax. Reclassifications out of Accumulated Other Comprehensive Income (AOCI) For the Year Ended December 31, 2020 (In thousands) Details about AOCI Components Amount Affected Line Item in the Statement Where Net Income is Presented Available for sale (“AFS”) securities: Net reclassification adjustment for gains included in net income $ (2,502 ) Net investment securities gains (2,502 ) Total before tax Related income tax effect 583 Tax expense (1,919 ) Net of tax Reclassifications out of Accumulated Other Comprehensive Income (AOCI) For the Year Ended December 31, 2020 (In thousands) Details about AOCI Components Amount Affected Line Item in the Statement Where Net Income is Presented Cash flow hedge: Net reclassification adjustment for losses included in net income $ 578 Interest expense 578 Total before tax Related income tax effect (135 ) Tax expense 443 Net of tax Pension plan: Recognized net actuarial loss (10,583 )(a) Amortization of net actuarial loss 6,050 (b) (4,533 ) Total before tax Related income tax effect 1,165 Tax expense (3,368 ) Net of tax Total reclassifications for the period $ (4,844 ) (a) This AOCI component is included in the computation of changes in plan assets (see Note P, Employee Benefit Plans) (b) This AOCI component is included in the computation of net periodic pension cost (see Note P, Employee Benefit Plans) |
United Bankshares, Inc. (Parent
United Bankshares, Inc. (Parent Company Only) Financial Information | 12 Months Ended |
Dec. 31, 2020 | |
Condensed Financial Information Disclosure [Abstract] | |
United Bankshares, Inc. (Parent CompanyOnly) Financial Information | NOTE U—UNITED BANKSHARES, INC. (PARENT COMPANY ONLY) FINANCIAL INFORMATION Condensed Balance Sheets December 31 (In thousands) 2020 2019 Assets Cash and due from banks $ 158,147 $ 126,697 Securities available for sale 7,138 7,451 Securities held to maturity 20 20 Equity securities 4,737 4,126 Other investment securities 10,725 10,053 Investment in subsidiaries: Bank subsidiaries 4,466,132 3,519,661 Nonbank subsidiaries 30,287 22,439 Goodwill (16,397 ) (16,008 ) Other assets 14,591 12,286 Total Assets $ 4,675,380 $ 3,686,725 Liabilities and Shareholders’ Equity Subordinated notes $ 9,865 $ 0 Junior subordinated debentures of subsidiary trusts 269,972 236,164 Accrued expenses and other liabilities 97,923 86,728 Shareholders’ equity (including other accumulated comprehensive gain of $22,370 at December 31, 2020 and other accumulated comprehensive loss of $34,869 at December 31, 2019) 4,297,620 3,363,833 Total Liabilities and Shareholders’ Equity $ 4,675,380 $ 3,686,725 Condensed Statements of Income Year Ended December 31 (In thousands) 2020 2019 2018 Income Dividends from banking subsidiaries $ 232,000 $ 249,000 $ 215,000 Net interest income 202 126 227 Management fees: Bank subsidiaries 30,464 27,325 25,026 Nonbank subsidiaries 27 27 27 Other income 556 147 (596 ) Total Income 263,249 276,625 239,684 Expenses Condensed Statements of Income Year Ended December 31 (In thousands) 2020 2019 2018 Operating expenses 53,880 38,569 37,214 Income Before Income Taxes and Equity in Undistributed Net Income of Subsidiaries 209,369 238,056 202,470 Applicable income tax benefit (4,196 ) (2,123 ) (2,470 ) Income Before Equity in Undistributed Net Income of Subsidiaries 213,565 240,179 204,940 Equity in undistributed net income of subsidiaries: Bank subsidiaries 75,054 19,557 51,392 Nonbank subsidiaries 404 363 10 Net Income $ 289,023 $ 260,099 $ 256,342 Condensed Statements of Cash Flows Year Ended December 31 (In thousands) 2020 2019 2018 Operating Activities Net income $ $ $ Adjustments to reconcile net income to net cash provided by operating activities: Equity in undistributed net income of subsidiaries (75,458 ) (19,920 ) (51,402 ) Amortization of net periodic pension costs 315 302 293 Stock-based compensation 5,980 4,914 4,073 Excess tax benefits from stock-based compensation arrangements 351 223 158 Net gain on securities transactions 0 0 607 Net change in other assets and liabilities (7 ) 1,770 (1,904 ) Net Cash Provided by Operating Activities 220,204 247,388 208,167 Investing Activities Net proceeds from sales (purchases) of securities 380 236 9,446 Net proceeds from sales of equity securities (54 ) 1,116 1,348 Net cash paid in acquisition of subsidiary (47 ) 0 0 Increase in investment in subsidiaries (5,573 ) (7,000 ) (2,400 ) Change in other investment securities (672 ) (9,890 ) 0 Net Cash (Used in) Provided by Investing Activities (5,966 ) (15,538 ) 8,394 Financing Activities Cash dividends paid (162,713 ) (138,939 ) (142,350 ) Acquisition of treasury stock (21,317 ) (35,673 ) (100,724 ) Proceeds from sale of treasury stock from deferred compensation plan 1 1 1 Proceeds from exercise of stock options 1,241 1,272 1,500 Net Cash Used in Financing Activities (182,788 ) (173,339 ) (241,573 ) Increase (Decrease) in Cash and Cash Equivalents 31,450 58,511 (25,012 ) Cash and Cash Equivalents at Beginning of Year 126,697 68,186 93,198 Cash and Cash Equivalents at End of Year $ 158,147 $ 126,697 $ 68,186 |
Regulatory Matters
Regulatory Matters | 12 Months Ended |
Dec. 31, 2020 | |
Deposits [Abstract] | |
Regulatory Matters | NOTE V—REGULATORY MATTERS United Bank is required to maintain average reserve balances with its Federal Reserve Bank. The average amount of those consolidated reserve balances maintained and required for the year ended December 31, 2020 , 2019 , was approximately $653,653,000 and $255,894,000, respectively. The primary source of funds for the dividends paid by United to its shareholders is dividends received from United Bank. Dividends paid by United Bank are subject to certain regulatory limitations. Generally, the most restrictive provision requires regulatory approval if dividends declared in any year exceed that year’s net income, as defined, plus the retained net profits of the two preceding years. During 2020, the retained net profits available for distribution to United by United Bank as dividends without regulatory approval, are approximately $146,003,000, plus net income for the interim period through the date of declaration. Under Federal Reserve regulation, United Bank is also limited as to the amount they may loan to affiliates, including the parent company. Loans from United Bank to the parent company are limited to 10% of the banking subsidiaries’ capital and surplus, as defined, or $368,755,000 at December 31, 2020, and must be secured by qualifying collateral. United’s subsidiary banks are subject to various regulatory capital requirements administered by federal banking agencies. Pursuant to capital adequacy guidelines, United’s subsidiary banks must meet specific capital guidelines that involve various quantitative measures of the banks’ assets, liabilities, and certain off-balance-sheet As previously mentioned, the new Basel III Capital Rules became effective for United and United Bank on January 1, 2015 (subject to a phase-in At December 31, 2020, the most recent notification from its regulators, United and United Bank were categorized as well-capitalized. To be categorized as well-capitalized, United must maintain minimum total risk-based, Tier I risk-based, Common Tier I risk-based, and Tier I leverage ratios as set forth in the following table. There are no conditions or events since that notification that management believes would impact United’s well-capitalized status. United’s and United Bank’s capital amounts (in thousands of dollars) and ratios are presented in the following table. (Dollars in thousands) Actual For Capital Adequacy Purposes To Be Well- Capitalized Amount Ratio Amount Ratio Amount Ratio As of December 31, 2020: Total Capital (to Risk-Weighted Assets): United Bankshares $ 2,945,669 15.6 % $ 1,515,403 ³ $ 1,894,254 ³ United Bank 2,800,753 14.8 % 1,511,961 ³ 1,889,951 ³ Tier I Capital (to Risk-Weighted Assets): United Bankshares $ 2,519,595 13.3 % $ 1,136,552 ³ $ 1,515,403 ³ United Bank 2,669,210 14.1 % 1,133,971 ³ 1,511,961 ³ Common Tier I Capital (to Risk Weighted Assets): United Bankshares $ 2,519,595 13.3 % $ 852,414 ³ $ 1,231,265 ³ United Bank 2,669,210 14.1 % 850,478 ³ 1,228,468 ³ Tier I Capital (to Average Assets): United Bankshares $ 2,519,595 10.3 % $ 975,099 ³ $ 1,218,873 ³ United Bank 2,669,210 11.0 % 974,912 ³ 1,218,640 ³ As of December 31, 2019: Total Capital (to Risk- Weighted Assets): United Bankshares $ 2,217,547 14.7 % $ 1,206,812 ³ $ 1,508,515 ³ United Bank 2,106,457 14.0 % 1,204,264 ³ 1,505,330 ³ (Dollars in thousands) Actual For Capital Adequacy Purposes To Be Well- Capitalized Amount Ratio Amount Ratio Amount Ratio Tier I Capital (to Risk-Weighted Assets): United Bankshares $ 1,890,757 12.5 % $ 905,109 ³ $ 1,206,812 ³ United Bank 2,027,667 13.5 % 903,198 ³ 1,204,264 ³ Common Tier I Capital (to Risk Weighted Assets): United Bankshares $ 1,890,757 12.5 % $ 678,832 ³ $ 980,535 ³ United Bank 2,027,667 13.5 % 677,399 ³ 978,465 ³ Tier I Capital (to Average Assets): United Bankshares $ 1,890,757 10.5 % $ 721,691 ³ $ 902,114 ³ United Bank 2,027,667 11.3 % 720,232 ³ 900,290 ³ United’s mortgage banking entities, George Mason and Crescent, are subject to net worth requirements issued by the U.S. Department of Housing and Urban Development (“HUD”). Failure to meet minimum capital requirements of HUD can result in certain mandatory and possibly additional discretionary actions that, if undertaken, could have a direct material effect on George Mason’s and Crescent’s operations. For George Mason and Crescent, the maximum net worth requirement of HUD at December , was $ . George Mason’s net worth and Crescent’s net worth were $ and $ at December , , which both exceeded the HUD requirements. |
Fair Values of Financial Instru
Fair Values of Financial Instruments | 12 Months Ended |
Dec. 31, 2020 | |
Fair Value Disclosures [Abstract] | |
Fair Values of Financial Instruments | NOTE W—FAIR VALUES OF FINANCIAL INSTRUMENTS 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. S ecurities available for sale and equity securities bid-ask available-for-sale Loans held for sale characteristics (“Level 2”) with some adjusted for the Company’s actual sales experience versus the investor’s indicated pricing (“Level 3”). The unobservable input for Level 3 valuations is the Company’s historical sales prices. For December 31, 2020, the range of historical sales prices increased the investor’s indicated pricing by a range of 0.09% to 0.33% with a weighted average increase of 0.22%. Derivatives 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 accumulated 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 accumulated other comprehensive income, net of tax and reclassified into earnings in the same line associated with the forecasted transaction when the forecasted transaction affects 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, United’s mortgage banking subsidiaries enter into contractual interest rate lock commitments to extend credit to borrowers with fixed expiration dates. The commitments become effective when the borrowers “lock-in” 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 table presents the balances of financial assets and liabilities measured at fair value on a recurring basis as of December 31, 2020 and 2019, segregated by the level of the valuation inputs within the fair value hierarchy: Fair Value at December 31, 2020 Using (In thousands) Description Balance as of December 31, 2020 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 $ 66,344 $ 0 $ 66,344 $ 0 State and political subdivisions 565,160 0 565,160 0 Residential mortgage-backed securities Agency 928,891 0 928,891 0 Non-agency 21,776 0 21,776 0 Commercial mortgage-backed securities Agency 675,145 0 675,145 0 Asset-backed securities 294,623 0 294,623 0 Single issue trust preferred securities 17,027 0 17,027 0 Other corporate securities 384,393 6,207 378,186 0 Total available for sale securities 2,953,359 6,207 2,947,152 0 Equity securities: Financial services industry 134 134 0 0 Equity mutual funds (1) 4,602 4,602 0 0 Other equity securities 5,982 5.98 0 0 Total equity securities 10,718 10,718 0 0 Loans held for sale 698,341 0 43,608 654,733 Derivative financial assets: Interest rate swap contracts 4,378 0 4,378 0 Forward sales commitments 1,581 0 1,581 0 TBA mortgage-backed securities 0 0 0 0 Interest rate lock commitments 38,332 0 6,321 32,011 Total derivative financial assets 44,291 0 12,280 32,011 Liabilities Derivative financial liabilities: Interest rate swap contracts 6,782 0 6,782 0 TBA mortgage-backed securities 6,276 0 6,276 0 Total derivative financial liabilities 13,058 0 13,058 0 Fair Value at December 31, 2019 Using (In thousands) Description Balance as of December 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 $ 58,676 $ 0 $ 58,676 $ 0 State and political subdivisions 272,362 0 272,362 0 Residential mortgage-backed securities Agency 836,534 0 836,534 0 Non-agency 3,833 0 3,833 0 Commercial mortgage-backed securities Fair Value at December 31, 2019 Using (In thousands) Description Balance as of December 31, 2019 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Agency 614,973 0 614,973 0 Asset-backed securities 276,139 0 276,139 0 Trust preferred collateralized debt obligations 4,703 0 0 4,703 Single issue trust preferred securities 16,774 0 16,774 0 Other corporate securities 353,302 6,586 346,716 0 Total available for sale securities 2,437,296 6,586 2,426,007 4,703 Equity securities: Financial services industry 154 154 0 0 Equity mutual funds (1) 3,971 3,971 0 0 Other equity securities 4,769 4,769 0 0 Total equity securities 8,894 8,894 0 0 Loans held for sale 384,375 0 0 384,375 Derivative financial assets: Forward sales commitments 9 0 9 0 Interest rate lock commitments 4,518 0 0 4,518 Total derivative financial assets 4,527 0 9 4,518 Liabilities Derivative financial liabilities: Interest rate swap contracts 2,394 0 2,394 0 TBA mortgage-backed securities 671 0 671 0 Total derivative financial liabilities 3,065 0 3,065 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, Level 2 and Level 3 for financial assets and liabilities measured at fair value on a recurring basis during the year ended December 31, 2020 and 2019. The following table presents additional information about financial assets and liabilities measured at fair value at December 31, 2020 and 2019 on a recurring basis and for which United has utilized Level 3 inputs to determine fair value: Available-for-sale (In thousands) Trust preferred collateralized debt obligations 2020 2019 Balance, beginning of year $ 4,703 $ 5,917 Total gains or losses (realized/unrealized): Included in earnings (or changes in net assets) 309 (155 ) Included in other comprehensive income 0 (1,059 ) Sales (5,012 ) 0 Balance, ending of year $ 0 $ 4,703 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 (In thousands) 2020 2019 Balance, beginning of period $ 384,375 $ 247,104 Originations 5,699,581 2,941,722 Sales (5,652,693 ) (2,888,257 ) Total gains or losses during the period recognized in earnings 223,470 83,806 Transfers in and/or out of Level 3 (0 ) (0 ) Balance, end of period $ 654,733 $ 384,375 The amount of total gains or losses for the period included in earnings change in unrealized gains held at reporting date $ 0 $ 0 (In thousands) Derivative Financial Assets Interest Rate Lock Commitments 2020 2019 Balance, beginning of period $ 4,518 $ 4,103 Transfers other 27,493 415 Balance, end of period $ 32,011 $ 4,518 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 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: (In thousands) Description Year Ended December 31, 2020 Year Ended December 31, 2019 Income from mortgage banking activities $ 14,947 $ 3,705 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: December 31, 2020 December 31, 2019 (In thousands) Description Unpaid Fair Value Fair (Under) Unpaid Unpaid Fair Value Fair Value (Under) Unpaid Loans held for sale $ 672,458 $ 698,341 $ 25,883 $ 375,274 $ 384,375 $ 9,101 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 Individually assessed loans OREO bi-annual Intangible Assets more-likely-than-not the carrying amount, there is no impairment. If the carrying amount exceeds the implied fair value of goodwill, an impairment charge is recorded for the excess. At each reporting date, the Company considers potential indicators of impairment. United performed its annual goodwill impairment test on the Company’s reporting units as of September 30, 2020. The goodwill impairment test did not identify any goodwill impairment. In subsequent periods, economic uncertainty and volatility COVID-19 Mortgage Servicing Rights ( “ MSRs ” ): The Company recorded a $1,383,000 temporary impairment of mortgage servicing rights in the year ended December 31, 2020. The Company does not hedge the mortgage servicing rights positions and the impact of falling long-term interest rates increased prepayment speed assumptions reducing the value of MSRs asset. The following table summarizes United’s financial assets that were measured at fair value on a nonrecurring basis during the period: Carrying value at December 31, 2020 (In thousands) Description Balance as of December 31, Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Inputs (Level 3) YTD Gains Assets Loans held for sale $ 20,596 $ 0 $ 20,596 $ 0 $ (197 ) Individually assessed loans 37,498 0 14,467 23,031 1,318 OREO 22,595 0 22,595 0 (1,618 ) Mortgage servicing rights 20,955 0 0 20,955 (1,383 ) Carrying value at December 31, 2019 (In thousands) Description Balance as of December 31, Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) YTD Gains (Losses) Assets Loans held for sale $ 3,139 $ 0 $ 3,139 $ 0 $ (4) Impaired Loans 68,213 0 55,792 12,421 1,831 OREO 15,515 0 15,495 20 (785 ) 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 and leases one-to-four 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 (In thousands) Carrying Fair Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) December 31, 2020 Cash and cash equivalents $ 2,209,068 $ 2,209,068 $ 0 2,209,068 $ 0 Securities available for sale 2,953,359 2,953,359 6,207 2,947,152 0 Securities held to maturity 1,212 1,212 0 192 1,020 Equity securities 10,718 10,718 10,718 0 0 Fair Value Measurements (In thousands) Carrying Fair Value Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Other securities 220,895 209,850 0 0 209,850 Loans held for sale 718,937 718,937 0 64,204 654,733 Net loans 17,355,583 16,559,797 0 0 16,559,797 Derivative financial assets 44,291 44,291 0 12,280 32,011 Mortgage servicing rights 20,955 20,955 0 0 20,955 Deposits 20,585,160 20,583,607 0 20,583,607 0 Short-term borrowings 142,300 142,300 0 142,300 0 Long-term borrowings 864,369 815,991 0 815,991 0 Derivative financial liabilities 13,058 13,058 0 13,058 0 December 31, 2019 Cash and cash equivalents $ 837,493 $ 837,493 $ 0 $ 837,493 $ 0 Securities available for sale 2,437,296 2,437,296 6,586 2,426,007 4,703 Securities held to maturity 1,446 1,447 0 427 1,020 Equity securities 8,894 8,894 8,894 0 0 Other securities 222,161 211,053 0 0 211,053 Loans held for sale 387,514 387,514 0 3,139 384,375 Net loans 13,635,072 13,185,955 0 0 13,185,955 Derivative financial assets 4,527 4,527 0 9 4,518 Deposits 13,852,421 13,843,077 0 13,843,077 0 Short-term borrowings 374,654 374,654 0 374,654 0 Long-term borrowings 1,838,029 1,820,297 0 1,820,297 0 Derivative financial liabilities 3,065 3,065 0 3,065 0 |
Variable Interest Entities
Variable Interest Entities | 12 Months Ended |
Dec. 31, 2020 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Variable Interest Entities | NOTE X—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 nineteen 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% of the voting equity shares of each trust. The assets, liabilities, operations, and cash flows of each trust are solely related to the issuance, administration, and repayment of the preferred equity securities held by third-party investors. United fully and unconditionally guarantees the obligations of each trust and is obligated to redeem the junior subordinated debentures upon maturity. 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. 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 December 31, 2020 As of December 31, 2019 (In thousands) Aggregate Assets Aggregate Liabilities Risk Loss (1) Aggregate Assets Aggregate Liabilities Risk Loss (1) Trust preferred securities $ 295,466 $ 284,788 $ 10,678 $ 257,941 $ 248,680 $ 9,261 (1) Represents investment in VIEs. |
Segment Information
Segment Information | 12 Months Ended |
Dec. 31, 2020 | |
Segment Reporting [Abstract] | |
Segment Information | NOTE Y—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 United’s mortgage banking subsidiaries, George Mason and Crescent. Crescent may retain servicing rights on their mortgage loans sold. At certain times, Crescent may purchase rights to service loans from third parties. These rights are known as mortgage servicing rights provide the owner with the contractual right to receive a stream of cash flows in exchange for performing specified mortgage servicing functions. The community banking segment provides the mortgage banking segment (George Mason and Crescent) 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 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 non-segment Information about the reportable segments and reconciliation of this information to the con s At and For the Year Ended December 31, 2020 (In thousands) Community Mortgage Other Intersegment Eliminations Consolidated Net interest income $ 677,907 $ 8,853 $ (9,658 ) $ 12,671 $ 689,773 Provision for credit losses 106,562 0 0 0 106,562 Other income 90,092 276,185 730 (12,261 ) 354,746 Other expense 423,934 140,628 13,245 410 578,217 Income taxes 47,162 27,698 (4,143 ) 0 70,717 Net income (loss) $ 190,341 $ 116,712 $ (18,030) $ 0 $ 289,023 Total assets (liabilities) $ 25,892,396 $ 870,151 $ 31,623 $ (609,923 ) $ 26,184,247 Average assets (liabilities) 23,927,889 651,778 7,283 (449,880 ) 24,137,070 At and For the Year Ended December 31, 2019 (In thousands) Community Mortgage Other Intersegment Eliminations Consolidated Net interest income $ 583,547 $ 916 $ (12,472 ) $ 5,931 $ 577,922 Provision for credit 21,313 0 0 0 21,313 Other income 74,956 83,884 392 (8,748 ) 150,484 Other expense 314,710 72,288 (1,527 ) (2,817 ) 382,654 Income taxes 64,080 2,355 (2,095 ) 0 64,340 Net income (loss) $ 258,400 $ 10,157 $ (8,458 ) $ 0 $ 260,099 Total assets (liabilities) $ 19,564,036 $ 507,124 $ 17,777 $ (426,613 ) $ 19,662,324 Average assets (liabilities) 19,401,397 358,087 8,411 (292,427 ) 19,475,468 At and For the Year Ended December 31, 2018 (In thousands) Community Mortgage Other Intersegment Eliminations Consolidated Net interest income $ 593,108 $ 1,315 $ (11,886 ) $ 6,108 $ 588,645 Provision for credit 22,013 0 0 0 22,013 Other income 72,539 68,555 (667 ) (11,715 ) 128,712 Other expense 301,123 72,632 31 (5,607 ) 368,179 Income taxes 73,861 (505 ) (2,533 ) 0 70,823 Net income (loss) $ 268,650 $ (2,257 ) $ (10,051 ) $ 0 $ 256,342 Total assets (liabilities) $ 19,191,215 $ 320,299 $ 3,222 $ (264,238 ) $ 19,250,498 Average assets (liabilities) 18,798,880 279,618 6,104 (236,575 ) 18,848,027 |
Quarterly Financial Data
Quarterly Financial Data | 12 Months Ended |
Dec. 31, 2020 | |
Quarterly Financial Information Disclosure [Abstract] | |
Quarterly Financial Data | NOTE Z—QUARTERLY FINANCIAL DATA (UNAUDITED) Quarterly financial data for 2020 and 2019 is summarized below (dollars in thousands, except for per share data): (Dollars in thousands) 1st Quarter 2nd Quarter 3rd Quarter 4th Quarter 2020 Interest income $ 180,482 $ 198,717 $ 210,269 $ 208,914 Interest expense 38,964 28,115 24,605 16,925 Net interest income 141,518 170,602 185,664 191,989 Provision for credit losses 27,119 45,911 16,781 16,751 Mortgage banking income 17,631 68,213 109,457 70,793 Securities gains (losses), net 196 1,510 860 589 Other noninterest income 18,979 18,667 25,151 22,700 Noninterest expense 101,133 149,374 171,593 156,117 Income taxes 9,889 11,021 28,974 20,833 Net income (1) 40,183 52,686 103,784 92,370 Per share data: Average shares outstanding (000s): Basic 101,295 119,824 129,373 129,372 Diluted 101,399 119,888 129,455 129,479 Net income per share: Basic $ 0.40 $ 0.44 $ 0.80 $ 0.71 Diluted $ 0.40 $ 0.44 $ 0.80 $ 0.71 Dividends per share $ 0.35 $ 0.35 $ 0.35 $ 0.35 2019 Interest income $ 189,097 $ 199,245 $ 190,351 $ 183,869 Interest expense 44,929 48,692 48,433 42,586 Net interest income 144,168 150,553 141,918 141,283 Provision for credit losses 4,996 5,417 5,033 5,867 Mortgage banking income 13,681 21,704 24,019 17,547 Securities losses, net (159 ) 109 116 109 Other noninterest income 17,701 17,982 18,089 19,586 Noninterest expense 89,425 100,195 96,134 96,900 Income taxes 17,328 17,529 17,010 12,473 (Dollars in thousands) 1st Quarter 2nd Quarter 3rd Quarter 4th Quarter Net income (1) 63,642 67,207 65,965 63,285 Per share data: Average shares outstanding (000s): Basic 101,895 101,774 101,432 101,250 Diluted 102,163 102,048 101,712 101,538 Net income per share: Basic $ 0.62 $ 0.66 $ 0.65 $ 0.62 Diluted $ 0.62 $ 0.66 $ 0.65 $ 0.62 Dividends per share $ 0.34 $ 0.34 $ 0.34 $ 0.35 (1) For further information, see the related discussion “Quarterly Results” included in Management’s Discussion and Analysis. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2020 | |
Accounting Policies [Abstract] | |
Nature of Operations | Nature of Operations: |
Operating Segments | Operating Segments: |
Basis of Presentation | Basis of Presentation: United determines whether it has a controlling financial interest in an entity by first evaluating whether the entity is a voting interest entity or a variable interest entity (“VIE”) under U.S. generally accepted accounting principles. Voting interest entities are entities in which the total equity investment at risk is sufficient to enable the entity to finance itself independently and provides the equity holders with the obligation to absorb losses, the right to receive residual returns and the right to make decisions about the entity’s activities. United consolidates voting interest entities in which it has all, or at least a majority of, the voting interest. As defined in applicable accounting standards, VIEs are entities that lack one or more of the characteristics of a voting interest entity. A controlling financial interest in a VIE 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. United’s wholly owned and indirect wholly owned statutory trust subsidiaries are VIEs for which United is not the primary beneficiary. Accordingly, its accounts are not included in United’s consolidated financial statements. The accounting and reporting policies of United conform with U.S. generally accepted accounting principles. 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. To conform to the 2020 presentation, certain reclassifications have been made to prior period amounts, which had no impact on net income, comprehensive income or shareholders’ equity. In the opinion of management, all adjustments necessary for a fair presentation of financial position and results of operations have been made. Such adjustments are of a normal and recurring nature. The Company has evaluated events and transactions subsequent to December 31, 2020 through the date these financial statements were issued. Based on definitions and requirements of generally accepted accounting principles for “Subsequent Events,” the Company has not identified any events that would require adjustments to, or disclosure in the financial statements. |
Cash and Cash Equivalents | Cash and Cash Equivalents: |
Debt securities | Debt securities held-to-maturity available-for-sale HTM securities are accounted for at amortized cost, but the Company must have both the positive intent and the ability to hold those securities to maturity. There are very limited circumstances under which securities in the HTM category can be sold without jeopardizing the cost basis of accounting for the remainder of the securities in this category. Substantially all of the Company’s HTM debt securities are issued by state and political subdivisions (municipalities). As of December 31, 2020, United considers its HTM debt securities portfolio to be immaterial. AFS securities are accounted for at fair value. Gains and losses realized on the sale of these securities are accounted for based on the specific identification method. Unrealized gains and losses for AFS securities are excluded from earnings and reported net of the related tax effect in the accumulated other comprehensive income component of shareholders’ equity. |
Allowance for Credit Losses | Allowance for Credit Losses (HTM Debt Securities) held-to-maturity losses (“CECL”) methodology to estimate expected credit losses. As of December 31, 2020, the Company recorded an allowance for credit losses of $23,000 on its HTM debt securities portfolio. Allowance for Credit Losses (AFS Debt Securities) available-for-sale no |
Other investment securities | Other investment securities: (non-marketable) |
Securities Purchased Under Resale Agreements and Securities Sold Under Agreements to Repurchase | Securities Purchased Under Resale Agreements and Securities Sold Under Agreements to Repurchase: |
Loans | Loans: 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. A loan classified as a TDR will generally retain such classification until the loan is paid in full. However, a one-to-four-family six months TDRs can take the form of a reduction of the stated interest rate, splitting a loan into separate loans and leases 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, or the reduction of accrued interest or any other concessionary type of renegotiated debt. Under United’s current loan policy, a loan is not recognized as a TDR until it becomes probable that the loan will be a TDR. In response to the coronavirus (“COVID-19”) COVID-19 COVID-19 |
Loans Acquired Through Transfer | Loans Acquired Through Transfer: rate reflecting the Company’s assessment of risk inherent in the cash flow estimates. Certain purchased loans are individually evaluated while certain purchased loans are grouped together according to similar risk characteristics and are treated in the aggregate when applying various valuation techniques. These cash flow evaluations are inherently subjective as they require material estimates, all of which may be susceptible to significant change. Prior to January 1, 2020, loans acquired in a business combination that had evidence of deterioration of credit quality since origination and for which it was probable, at acquisition, that the Company would be unable to collect all contractually required payments receivable were considered purchased credit impaired (“PCI”). PCI loans were individually evaluated and recorded at fair value at the date of acquisition with no initial valuation allowance based on a discounted cash flow methodology that considered various factors including the type of loan and related collateral, classification status, fixed or variable interest rate, term of loan and whether or not the loan was amortizing, and a discount rate reflecting the Company’s assessment of risk inherent in the cash flow estimates. The difference between the undiscounted cash flows expected at acquisition and the investment in the loan, or the “accretable yield,” was 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,” were not recognized on the balance sheet and did not result in any yield adjustments, loss accruals or valuation allowances. Increases in expected cash flows, including prepayments, subsequent to the initial investment were recognized prospectively through adjustment of the yield on the loan over its remaining life. Decreases in expected cash flows were recognized as impairment. Valuation allowances on PCI loans reflected only losses incurred after the acquisition (meaning the present value of all cash flows expected at acquisition that ultimately were not to be received). Subsequent to January 1, 2020, loans acquired in a business combination that have experienced more-than-insignificant deterioration in credit quality since origination are considered purchased credit deteriorated (“PCD”) loans. At the acquisition date, an estimate of expected credit losses is made for groups of PCD loans with similar risk characteristics and individual PCD loans without similar risk characteristics. This initial allowance for credit losses is allocated to individual PCD loans and added to the purchase price or acquisition date fair values to establish the initial amortized cost basis of the PCD loans. As the initial allowance for credit losses is added to the purchase price, there is no credit loss expense recognized upon acquisition of a PCD loan. Any difference between the unpaid principal balance of PCD loans and the amortized cost basis is considered to relate to noncredit factors and results in a discount or premium. Discounts and premiums are recognized through interest income on a level-yield method over the life of the loans. All loans and leases considered to be PCI prior to January 1, 2020 were converted to PCD on that date. For loans and leases acquired after the adoption of ASC Topic 326, United will likely take several factors into consideration when determining if loans and leases meet the definition of PCD. ASC Topic 326 lists some, but not all, factors for consideration in the bifurcation of PCD versus non-PCD · Financial assets that are delinquent as of the acquisition date · Financial assets that have been downgraded since origination · Financial assets that have been placed on nonaccrual status For acquired loans not deemed purchased credit deteriorated at acquisition, the differences between the initial fair value and the unpaid principal balance are recognized as interest income on a level-yield basis over the lives of the related loans. |
Loans Held for Sale | Loans Held for Sale: one-to-four Loans held for sale within the mortgage banking segment are recorded under the fair value option at a fair value measured using valuations from investors for loans with similar characteristics adjusted for the Company’s actual sales experience versus the investor’s indicated pricing. Loans held for sale within the community banking segment are carried at the lower of cost or fair value. The fair value is based on the price secondary markets are currently offering for similar loans using observable market data which is not materially different than cost due to the short duration between origination and sale. Gains and losses on sale of loans are recorded within income from mortgage banking activities. |
Bank Premises and Equipment | Bank Premises and Equipment: three five |
Other Real Estate Owned | Other Real Estate Owned |
Intangible Assets | Intangible Assets: one ten-year Goodwill and intangible assets with indefinite lives (such as a trade name intangible) are not amortized, but are tested for impairment at least annually or sooner if indicators of impairment exist. Intangible assets with definite useful lives (such as core deposit intangibles) are amortized over their respective estimated useful lives to their estimated residual values, and reviewed for impairment at least annually or as indicators of impairment are identified. Based on the most recent goodwill impairment test, no impairment was noted. As of December 31, 2020, and 2019, total goodwill approximated $1,796,848,000 and $1,478,014,000, respectively. |
Mortgage Servicing Rights, Fees and Costs | Mortgage Servicing Rights, Fees and Costs: MSRs are amortized in proportion to, and over the period of, estimated net servicing income. The amortization of the MSRs is analyzed periodically and is adjusted to reflect changes in prepayment rates and other estimates. The Company evaluates potential impairment of MSRs based on the difference between the carrying amount and current estimated fair value of the servicing rights. In determining impairment, the Company aggregates all servicing rights and stratifies them into tranches based on predominant risk characteristics. If impairment exists, a valuation allowance is established for any excess of amortized cost over the current estimated fair value by a charge to income. If the Company later determines that all or a portion of the impairment no longer exists for a particular tranche, a reduction of the allowance may be recorded as an increase to income. Service fee income is recorded for fees earned for servicing mortgage loans under servicing agreements with the Federal national Mortgage Association (“FNMA”), the Federal home loan Mortgage Corporation (“FHLMC”), Government national Mortgage Association (“GNMA”) and certain private investors. The fees are based on a contractual percentage of the outstanding principal balance of the loans serviced and are recorded in noninterest income. Amortization of MSRs and mortgage servicing costs are charged to expense when incurred. |
Accrued interest receivable | Accrued interest receivable • Presenting accrued interest receivable balances separately from their underlying instruments within the consolidated statements of financial condition. • Excluding accrued interest receivable that is included in the amortized cost of financing receivables from related disclosure requirements. • Continuing our policy to write off accrued interest receivable by reversing interest income in cases where the Company does not reasonably expect to receive payment. • Generally, not measuring an allowance for credit losses for accrued interest receivable due to the Company’s policy of writing off uncollectible accrued interest receivable balances in a timely manner. However, due to loan interest payment deferrals on certain loans and leases granted by United under the CARES Act, United assessed the collectability of the accrued interest receivables on these deferring loans and leases. As a result of this assessment, United recorded an allowance for credit losses of $250,000 for accrued interest receivables not expected to be collected as of December 31, 2020. |
Revenue Recognition | Revenue Recognition Descriptions of our revenue-generating activities that are within the scope of ASC Topic 606, which are presented in our Consolidated Statements of Income as components of Other Income are discussed below. There are no significant judgements relating to the amount and timing of revenue recognition for those revenue streams under the scope of ASC Topic 606. Fees from Trust Services Revenue from trust services primarily is comprised of fees earned from the management and administration of trusts and other customer assets. Trust services include custody of assets, investment management, escrow services, and similar fiduciary activities. The Company’s performance obligation is generally satisfied over time and the resulting fees are recognized monthly, based upon the month-end Fees from Brokerage Services Revenue from brokerage services are recorded as the income is earned at the time the related service is performed. In return for such services, the Company charges a commission for the sales of various securities products primarily consisting of investment company shares, annuity products, and corporate debt and equity securities, for its selling and administrative efforts. For account supervision, advisory and administrative services, revenue is recognized over a period of time as earned based on customer account balances and activity. Fees from Deposit Services Service charges on deposit accounts consist of account analysis fees (i.e., net fees earned on analyzed business and public checking accounts), monthly service fees, check orders, ATM activity fees, debit card fees, and other deposit account related fees. Revenue is recognized when our performance obligation is completed which is generally monthly for account maintenance services or when a transaction has been completed (ATM or debit card activity). Bankcard Fees and Merchant Discounts Bankcard fees and merchant discounts are primarily comprised of credit card income and merchant services income. Credit card income is primarily comprised of interchange fees earned whenever the Company’s credit cards are processed through card payment networks such as Visa. Merchant services income mainly represents fees charged to merchants to process their credit card transactions. The Company’s performance obligation for bankcard fees and interchange are largely satisfied, and related revenue recognized at the time services are rendered. Payment is typically received immediately or in the following month. |
Advertising Costs | Advertising Costs: |
Income Taxes | Income Taxes: For uncertain income tax positions, United records a liability based on a recognition threshold of more-likely-than-not, United files a consolidated income tax return with its subsidiaries. Federal income tax expense or benefit has been allocated to subsidiaries on a separate return basis. |
Derivative Financial Instruments | Derivative Financial Instruments: 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 offset in current period earnings. 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 accumulated 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 accumulated other comprehensive income, net of tax and reclassified into earnings in the same line associated with the forecasted transaction when the forecasted transaction affects earnings. Prior to 2019, any ineffective portion of a cash flow hedge was 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. United is subject to the Dodd-Frank Act clearing requirement for eligible derivatives. United has executed and cleared eligible derivatives through the London Clearing House (“LCH”). Variation margin at the LCH is distinguished as settled-to-market collateralized-to-market. United through its mortgage banking subsidiaries 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. 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 the fair value. |
Off-balance-sheet credit exposures | Off-balance-sheet : off-balance |
Stock-Based Compensation | Stock-Based Compensation Stock-based compensation expense was $5,980,000 in 2020, $4,914,000 in 2019, and $4,073,000 in 2018. |
Treasury Stock | Treasury Stock |
Trust Assets and Income | Trust Assets and Income: |
Earnings Per Common Share | Earnings Per Common Share: Under the two-class method, basic earnings per common share is computed by dividing net earnings allocated to common stock by the weighted-average number of common shares outstanding during the applicable period, excluding outstanding participating securities. Diluted earnings per common share is computed using the weighted-average number of shares determined for the basic earnings per common share computation plus the dilutive effect of stock compensation using the treasury stock method. The reconciliation of the numerator and denominator of basic earnings per share with that of diluted earnings per share is presented as follows: Year Ended December 31 (Dollars in thousands, except per share) 2020 2019 2018 Distributed earnings allocated to common stock $ 171,403 $ 139,167 $ 141,336 Undistributed earnings allocated to common stock 116,879 120,337 114,542 Net earnings allocated to common shareholders $ 288,282 $ 259,504 $ 255,878 Average common shares outstanding 120,017,247 101,585,599 104,015,976 Dilutive effect of stock compensation 72,985 266,978 282,849 Average diluted shares outstanding 120,090,232 101,852,577 104,298,825 Earnings per basic common share $ 2.40 $ 2.55 $ 2.46 Earnings per diluted common share $ 2.40 $ 2.55 $ 2.45 |
Fair Value Measurements | Fair Value Measurements a ASC Topic 820 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 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 underlying assumptions used, including discount rates and 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. |
Recent Accounting Pronouncements | Recent Accounting Pronouncements In August 2020, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2020-06, 470-20) 815-40).” earnings-per-share No. 2020-06 No. 2020-06 In March 2020, the FASB issued ASU No. 2020-04, No. 2020-04 No. 2020-04 In February 2020, FASB issued ASU No. 2020-03, No. 2020-03 No. 2020-03 In January 2020, the FASB issued ASU No. 2020-01, No. 2020-01 No. 2020-01 In November 2019, the FASB issued ASU No. 2019-08, No. 2019-08 No. 2019-08 In April 2019, the FASB issued ASU No. 2019-04, No. 2019-04 In August 2018, the FASB issued ASU No. 2018-14, 715-20): No. 2018-14 No. 2018-14 In August 2018, the FASB issued ASU No. 2018-13, No. 2018-13 No. 2018-13 In June 2018, the FASB issued Accounting Standards Update (ASU) No. 2018-07, non-employees non-employee No. 2018-07 No. 2018-07 In February 2018, the FASB issued ASU No. 2018-03, 825-10): 2018-03 No. 2018-03 No. 2018-03 In February 2018, the FASB issued ASU No. 2018-02, within those fiscal years. Early adoption is permitted. Organizations should apply the proposed amendments either in the period of adoption or retrospectively to each period (or periods) in which the effect of the change in the U.S. federal corporate income tax rate in the Tax Act is recognized. United adopted ASU No. 2018-02 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 $11,544,000, which resulted in a decrease of $1,098,000 to AOCI. In July 2017, the FASB issued ASU No. 2017-11, No. 2017-11 No. 2017-11 In May 2017, the FASB issued ASU No. 2017-09, non-substantive No. 2017-09 No. 2017-09 In January 2017, the FASB issued ASU No. 2017-04, No. 2017-04 2017-04 2017-04 In June 2016, the FASB issued ASU No. 2016-13, No. 2016-13 No. 2016-13 No. 2016-13 phase-in retained earnings using a five-year transition provision, allowed by the Federal Reserve Board and other federal banking agencies in response to the coronavirus (COVID-19) No. 2016-13 No. 2016-13 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 has evaluated and has elected the 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. Adoption of the standard resulted in the recognition of additional net lease assets and lease liabilities of $ 67,040,000 and $ 70,692,000 , respectively, as of January 1, 2019. Of the difference between these two amounts, $ 1,049,000 was recorded as an adjustment to retained earnings. |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Accounting Policies [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: Year Ended December 31 (Dollars in thousands, except per share) 2020 2019 2018 Distributed earnings allocated to common stock $ 171,403 $ 139,167 $ 141,336 Undistributed earnings allocated to common stock 116,879 120,337 114,542 Net earnings allocated to common shareholders $ 288,282 $ 259,504 $ 255,878 Average common shares outstanding 120,017,247 101,585,599 104,015,976 Dilutive effect of stock compensation 72,985 266,978 282,849 Average diluted shares outstanding 120,090,232 101,852,577 104,298,825 Earnings per basic common share $ 2.40 $ 2.55 $ 2.46 Earnings per diluted common share $ 2.40 $ 2.55 $ 2.45 |
Mergers and Acquisitions (Table
Mergers and Acquisitions (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Business Combinations [Abstract] | |
Summary of Reconciliation of Difference Between Purchase Price and Par Value of Purchase Credit Loans Acquired | The following table provides a reconciliation of the difference between the purchase price and the par value of portfolio PCD loans and leases acquired from Carolina Financial as of the Acquisition Date: (Dollars in thousands) Purchase price of PCD loans and leases at acquisition $ 1,023,531 Allowance for credit losses at acquisition 18,635 Non-credit 7,212 Par value (UPB) of acquired PCD loans and leases at acquisition $ 1,049,378 |
Summary of Business Acquisitions, by Acquisition | The consideration paid for Carolina Financial’s common equity and the preliminary amounts of acquired identifiable assets and liabilities assumed as of the Carolina Financial Acquisition Date were as follows: (Dollars in thousands) Purchase price: Value of common shares issued (28,031,501 shares) $ 815,997 Fair value of stock options assumed 1,833 Cash for fractional shares 47 Total purchase price 817,877 Identifiable assets: Cash and cash equivalents 629,154 Investment securities 580,791 Loans held for sale 65,757 Net loans and leases 3,246,940 Premises and equipment 79,127 Operating lease right-of-use 9,861 Crescent trade name intangible 196 Core deposit intangible 3,408 Mortgage servicing rights 20,123 Other assets 166,408 Total identifiable assets $ 4,801,765 Identifiable liabilities: Deposits $ 3,884,977 Short-term borrowings 332,000 Long-term borrowings 42,738 Operating lease liability 9,861 Other liabilities 33,146 Total identifiable liabilities 4,302,722 Preliminary fair value of net assets acquired including identifiable intangible assets 499,043 Preliminary resulting goodwill $ 318,834 |
Summary of Business Acquisition, Pro Forma Information | Proforma Year Ended December 31 (Dollars in thousands) 2020 2019 Total Revenues (1) $ 1,095,981 $ 938,477 Net Income 269,032 343,444 (1) Represents net interest income plus other income |
Investment Securities (Tables)
Investment Securities (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Summary of Amortized Cost and Estimated Fair Values of Available for Sale Securities | 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. December 31, 2020 Gross Gross Allowance Estimated (Dollars in thousands) Amortized Unrealized Unrealized For Credit Fair Cost Gains Losses Losses Value U.S. Treasury securities and obligations of U.S. Government corporations and agencies $ 65,804 $ 543 $ 3 $ 0 $ 66,344 State and political subdivisions 538,082 27,330 252 0 565,160 Residential mortgage-backed securities Agency 905,230 24,134 473 0 928,891 Non-agency 21,639 137 0 0 21,776 Commercial mortgage-backed securities Agency 644,774 31,009 638 0 675,145 Asset-backed securities 297,834 204 3,415 0 294,623 Single issue trust preferred securities 18,230 167 1,370 0 17,027 Other corporate securities 376,753 7,648 8 0 384,393 Total $ 2,868,346 $ 91,172 $ 6,159 $ 0 $ 2,953,359 December 31, 2019 Gross Gross Estimated Cumulative (Dollars in thousands) Amortized Unrealized Unrealized Fair OTTI in Cost Gains Losses Value AOCI (1) U.S. Treasury securities and obligations of U.S. $ 58,127 $ 555 $ 6 $ 58,676 $ 0 State and political subdivisions 272,014 3,644 3,296 272,362 0 Residential mortgage-backed securities Agency 826,857 10,923 1,246 836,534 0 Non-agency 3,429 404 0 3,833 86 Commercial mortgage-backed securities Agency 609,461 8,319 2,807 614,973 0 Asset-backed securities 284,390 0 8,251 276,139 0 Trust preferred collateralized debt obligations 6,045 0 1,342 4,703 842 Single issue trust preferred securities 18,196 170 1,592 16,774 0 Other corporate securities 348,405 4,897 0 353,302 0 Total $ 2,426,924 $ 28,912 $ 18,540 $ 2,437,296 $ 928 (1) Non-credit 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 Less than 12 months 12 months or longer Total (Dollars in thousands) Fair Unrealized Fair Unrealized Fair Unrealized Value Losses Value Losses Value Losses December 31, 2020 U.S. Treasury securities and obligations of U.S. Government corporations and agencies $ 297 $ 3 $ 0 $ 0 $ 297 $ 3 State and political subdivisions 30,480 252 0 0 30,480 252 Residential mortgage-backed securities Agency 131,114 467 3,867 6 134,981 473 Non-agency 0 0 0 0 0 0 Commercial mortgage-backed securities Agency 83,395 638 0 0 83,395 638 Asset-backed securities 0 0 266,104 3,415 266,104 3,415 Trust preferred collateralized debt obligations 0 0 0 0 0 0 Single issue trust preferred securities 0 0 13,804 1,370 13,804 1,370 Other corporate securities 8,494 8 0 0 8,494 8 Total $ 253,780 $ 1,368 $ 283,775 $ 4,791 $ 537,555 $ 6,159 Less than 12 months 12 months or longer Total (Dollars in thousands) Fair Unrealized Fair Unrealized Fair Unrealized Value Losses Value Losses Value Losses December 31, 2019 U.S. Treasury securities and obligations of U.S. Government corporations and agencies $ 1,415 $ 6 $ 0 $ 0 $ 1,415 $ 6 State and political subdivisions 144,307 3,291 885 5 145,192 3,296 Residential mortgage-backed securities Agency 108,072 502 71,736 744 179,808 1,246 Non-agency 0 0 0 0 0 0 Commercial mortgage-backed securities Agency 173,039 2,676 45,251 131 218,290 2,807 Asset-backed securities 135,174 3,252 140,965 4,999 276,139 8,251 Trust preferred collateralized debt obligations 2,703 842 2,000 500 4,703 1,342 Single issue trust preferred securities 0 0 13,562 1,592 13,562 1,592 Other corporate securities 0 0 0 0 0 0 Total $ 564,710 $ 10,569 $ 274,399 $ 7,971 $ 839,109 $ 18,540 |
Summary of Gains or Losses on Proceeds from Maturities, Sales and Calls of Available for Sale Securities by Specific Identification Method | Year Ended (In thousands) 2020 2019 2018 Proceeds from maturities, sales and calls $ 708,068 $ 712,557 $ 441,956 Gross realized gains 4,618 1,542 1,594 Gross realized losses 2,116 1,445 2,364 |
Summary of Equity Securities | The fair value of United’s equity securities was $10,718,000 at December 31, 2020 and $8,894,000 at December 31, 2019. Year Ended (In thousands) December 31, 2020 December 31, 2019 Net gains recognized during the period $ 651 $ 276 Net gains recognized during the period on equity securities sold 579 133 Unrealized gains recognized during the period on equity securities still held at period end 147 177 Unrealized losses recognized during the period on equity securities still held at period end (75 ) (34) |
Maturities and Weighted Average Yields Of Securities | The following table sets forth the maturities of all securities (based on amortized cost) at December 31, 2020, and the weighted-average yields of such securities (calculated on the basis of the cost and the effective yields weighted for the scheduled maturity of each security). After 1 But After 5 But (Dollars in thousands) Within 1 Year Within 5 Years Within 10 Years After 10 Years Amount Yield Amount Yield Amount Yield Amount Yield U.S. Treasury and other U.S. Government agencies and corporations $ 49,994 2.42 % $ 2,103 1.25 % $ 13,707 1.91 % $ 0 0.00 % States and political subdivisions (1) 1,545 4.23 % 14,011 2.58 % 109,611 2.74 % 414,129 2.70 % Residential mortgage-backed securities Agency 0 0.00 % 13,448 2.33 % 169,612 2.39 % 722,170 1.94 % After 1 But After 5 But (Dollars in thousands) Within 1 Year Within 5 Years Within 10 Years After 10 Years Amount Yield Amount Yield Amount Yield Amount Yield Non-agency 0 0.00 % 0 0.00 % 0 0.00 % 21,639 3.01 % Commercial mortgage-backed Agency 41,103 2.40 % 250,340 2.65 % 289,452 1.78 % 63,879 2.52 % Asset-backed securities 0 0.00 % 0 0.00 % 0 0.00 % 297,834 0.89 % Single issue trust preferred securities 0 0.00 % 0 0.00 % 10,503 3.51 % 7,727 2.48 % Other corporate securities 58,148 2.64 % 216,020 1.85 % 96,378 3.64 % 6,227 0.01 % Equity securities 0 0.00 % 0 0.00 % 0 0.00 % 10,718 1.03 % Other investment securities 0 0.00 % 100 2.55 % 1,250 2.05 % 219,545 1.57 % (1) Tax-equivalent |
Available-for-sale Securities [Member] | |
Summary of Maturities of Debt Securities Held to Maturity by Amortized Cost and Estimated Fair Value | Maturities of mortgage-backed securities with an amortized cost of $1,571,643,000 and an estimated fair value of $1,625,812,000 at December 31, 2020 are included below based upon contractual maturity. Estimated (In thousands) Amortized Fair Cost Value Due in one year or less $ 150,575 $ 151,651 Due after one year through five years 495,922 514,441 Due after five years through ten years 688,264 714,416 Due after ten years 1,533,585 1,572,851 Total $ 2,868,346 $ 2,953,359 |
Loans and Leases (Tables)
Loans and Leases (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Receivables [Abstract] | |
Major Classes of Loans And Leases | Major classes of loans and leases are as follows: December 31 (In thousands) 2020 2019 Commercial, financial, and agricultural Owner-occupied $ 1,622,687 $ 1,201,652 Nonowner-occupied 5,017,727 3,965,960 Other commercial 4,054,418 2,285,037 Total commercial, financial & agricultural 10,694,832 7,452,649 Residential real estate 3,899,885 3,686,401 Construction & land development 1,826,349 1,408,205 Consumer: Bankcard 8,937 10,074 Other Consumer 1,192,580 1,156,219 Less: Unearned income (31,170 ) (1,419 ) Total Loans and Leases, net of unearned income $ 17,591,413 $ 13,712,129 |
Credit Quality (Tables)
Credit Quality (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Text Block [Abstract] | |
Schedule of Reasons For Modification Troubled Debt Restructuring Loans | The following tables sets forth the balances of TDRs at December 31, 2020 and December 31, 2019 and the reasons for modification: (In thousands) Reason for modification December 31, 2020 December 31, 2019 Interest rate reduction $ 10,774 $ 1,685 Interest rate reduction and change in terms 2,346 1,733 Forgiveness of principal 214 0 Concession of principal and term 22 0 Extended maturity 4,414 0 Change in terms 37,887 54,951 Total $ 55,657 $ 58,369 |
Schedule of Troubled Debt Restructurings, Segregated by Class of Loans | The following table sets forth United’s troubled debt restructurings that have been restructured during the year ended December 31, 2020 and 2019, segregated by class of loans: Troubled Debt Restructurings For the Year Ended December 31, 2020 December 31, 2019 (Dollars in thousands) Number of Pre- Modification Post- Modification Outstanding Recorded Investment Number of Contracts Pre- Modification Outstanding Recorded Investment Post- Modification Outstanding Recorded Investment Commercial real estate: Owner-occupied 21 $ 18,579 $ 16,659 2 $ 1,179 $ 1,144 Nonowner-occupied 7 2,577 2,525 0 0 0 Other commercial 21 3,830 2,858 3 5,962 5,722 Residential real estate 22 4,271 3,284 3 2,258 1,970 Construction & land 13 4,607 3,760 3 2,287 2,104 Consumer: Bankcard 0 0 0 0 0 0 Other consumer 3 69 20 0 0 0 Total 87 $ 33,933 $ 29,106 11 $ 11,686 $ 10,940 |
Schedule Of Troubled Debt Restructuring Loan Modification Based On Post Modification Outstanding Balance | The following table sets forth United’s troubled debt restructurings, based on their post-modification outstanding recorded balance, that have been restructured during the year ended December 31, 2020 and 2019, segregated by the reason for modification: Year Ended (In thousands) Reason for modification December 31, December 31, Interest rate reduction $ 9,560 $ 241 Interest rate reduction and change in terms 662 0 Forgiveness of principal 214 0 Concession of principal and term 22 0 Extended maturity 4,414 0 Change in terms 14,234 10,699 Total $ 29,106 $ 10,940 |
Schedule of Charged-off Troubled Debt Restructurings on Financing Receivables | The following table presents troubled debt restructurings, by class of loan, that had charge-offs during the year ended December 31, 2020 and 2019. These loans were restructured during the twelve months ended December 31, 2020 and 2019 and subsequently defaulted, resulting in principal charge-offs during the year of 2020 and 2019. Year Ended December 31, 2020 Year Ended December 31, 2019 (In thousands) Number of Contracts Recorded Number of Contracts Recorded Troubled Debt Restructurings Commercial real estate: Owner-occupied 0 $ 0 0 $ 0 Nonowner-occupied 0 0 0 0 Other commercial 0 0 2 1,477 Residential real estate 0 0 0 0 Construction & land development 1 690 0 0 Consumer: Bankcard 0 0 0 0 Other consumer 0 0 0 0 Total 1 $ 690 2 $ 1,477 |
Schedule of Age Analysis of Past Due Loans, Segregated by Class of Loans | The following table sets forth United’s age analysis of its past due loans and leases, segregated by class of loans and leases: Age Analysis of Past Due Loans and Leases As of December 31, 2020 (In thousands) 30-89 Days Past Due 90 Days or more Past Due Total Past Due Current & Other Total Financing 90 Days or More Past Due & Commercial real estate: Owner-occupied $ 4,556 $ 28,479 $ 33,035 $ 1,589,652 $ 1,622,687 $ 0 Nonowner-occupied 6,837 29,292 36,129 4,981,598 5,017,727 1,284 Other commercial 13,796 26,274 40,070 4,014,348 4,054,418 1,001 Residential real estate 32,743 24,892 57,635 3,842,250 3,899,885 8,574 Construction & land 1,919 5,885 7,804 1,818,545 1,826,349 461 Consumer: Bankcard 362 156 518 8,419 8,937 156 Other consumer 14,765 2,757 17,522 1,175,058 1,192,580 2,356 Total $ 74,978 $ 117,735 $ 192,713 $ 17,429,870 $ 17,622,583 $ 13,832 Age Analysis of Past Due Loans and Leases As of December 31, 2019 (In thousands) 30-89 Days Past Due 90 Days or more Past Due Total Past Due Current & Total Financing 90 Days or More Past Due & Accruing Commercial real estate: Owner-occupied $ 8,878 $ 11,209 $ 20,087 $ 1,181,565 $ 1,201,652 $ 544 Nonowner-occupied 6,318 16,129 22,447 3,943,513 3,965,960 471 Other commercial 5,238 51,541 56,779 2,228,258 2,285,037 668 Residential real estate 31,727 24,343 56,070 3,630,331 3,686,401 6,256 Construction & land development 2,219 16,043 18,262 1,389,943 1,408,205 0 Consumer: Bankcard 445 218 663 9,411 10,074 218 Other consumer 10,991 1,607 12,598 1,143,621 1,156,219 1,337 Total $ 65,816 $ 121,090 $ 186,906 $ 13,526,642 $ 13,713,548 $ 9,494 (1) Other includes loans with a recorded investment of $96,004 acquired and accounted for under ASC Topic 310-30 |
Schedule of Nonaccrual Loans, Segregated by Class of Loans | The following table sets forth United’s nonaccrual loans and leases, segregated by class of loans and leases: At December 31, 2020 At December 31, 2019 Interest Income Recognized (In thousands) Nonaccruals With No Related Allowance for Credit Losses 90 Days or More Past Due & Accruing Nonaccruals For The Year Ended Commercial Real Estate: Owner-occupied $ 28,479 $ 28,479 $ 0 $ 10,665 $ 111 Nonowner-occupied 28,008 16,070 1,284 15,658 87 Other Commercial 25,273 13,149 1,001 50,873 16 Residential Real Estate 16,318 14,769 8,574 18,087 4 Construction 5,424 4,484 461 16,043 0 Consumer: Bankcard 0 0 156 0 0 Other consumer 401 401 2,356 270 0 Total $ 103,903 $ 77,352 $ 13,832 $ 111,596 $ 218 |
Schedule of Collateral Dependent Loans and Leases | For the adoption of ASU 2016-13, adjusted for selling costs. The following table presents the amortized cost basis of collateral-dependent loans and leases in which repayment is expected to be derived substantially through the operation or sale of the collateral and where the borrower is experiencing financial difficulty, by class of loans and leases as of December 31, 2020: Collateral Dependent Loans and Leases At December 31, 2020 (In thousands) Residential Business Land Commercial Other Total Commercial real estate: Owner-occupied $ 1,480 $ 138 $ 0 $ 18,097 $ 21,737 $ 41,452 Nonowner-occupied 16,400 0 2,898 10,167 18,230 47,695 Other commercial 5,424 20,429 0 258 2,345 28,456 Residential real estate 21,006 229 34 0 803 22,072 Construction & land development 39 0 17,408 0 746 18,193 Consumer: Bankcard 0 0 0 0 0 0 Other consumer 0 0 0 0 1 1 Total $ 44,349 $ 20,796 $ 20,340 $ 28,522 $ 43,862 $ 157,869 |
Schedule Of Term Loans And Financing Receivable | Commercial Real Estate – Owner-occupied (In thousands) Term Loans Origination Year Revolving loans Revolving loans As of December 31, 2020 2020 2019 2018 2017 2016 Prior amortized cost basis converted to term loans Total Internal Risk Grade: $ 280,779 $ 152 $ 162,027 $ 198,610 $ 282,214 $ 443,312 $ 22,303 $ 0 $ 1,542,096 0 1,206 3,772 754 2,013 20,792 0 453 28,990 1,935 62 0 1,117 3,788 43,354 864 149 51,269 0 0 0 0 0 332 0 0 332 Total $ 282,714 $ 154,119 $ 165,799 $ 200,481 $ 288,015 $ 507,790 $ 23,167 $ 602 $ 1,622,687 YTD charge-offs 0 0 0 0 0 (2,195 ) 0 0 (2,195 ) YTD recoveries 0 0 0 0 0 795 0 0 795 YTD net charge-offs $ 0 $ 0 $ 0 $ 0 $ 0 $ (1,400 ) $ 0 $ 0 $ (1,400 ) Commercial Real Estate – Nonowner-occupied (In thousands) Term Loans Origination Year Revolving loans Revolving loans As of December 31, 2020 2020 2019 2018 2017 2016 Prior amortized cost basis converted to term loans Total Internal Risk Grade: $ 929,001 $ 592,109 $ 596,260 $ 481,894 $ 502,417 $ 1,496,135 $ 118,404 $ 2,112 $ 4,718,332 0 105,104 0 391 8,902 78,591 0 0 192,988 392 14,620 7,435 1,564 10,824 71,572 0 0 106,407 0 0 0 0 0 0 0 0 0 Total $ 929,393 $ 711,833 $ 603,695 $ 483,849 $ 522,143 $ 1,646,298 $ 118,404 $ 2,112 $ 5,017,727 YTD charge-offs (38 ) 0 (300 ) 0 (3,394 ) (2,402 ) 0 0 (6,134 ) YTD recoveries 0 0 0 0 0 1,023 0 0 1,023 YTD net charge-offs $ (38 ) $ 0 $ (300 ) $ 0 $ (3,394 ) $ (1,379 ) $ 0 $ 0 $ (5,111 ) Other commercial (In thousands) Term Loans and leases Origination Year Revolving loans and leases Revolving loans and leases As of December 31, 2020 2020 2019 2018 2017 2016 Prior amortized cost basis converted to term loans Total Internal Risk Grade: Pass $ 1,702,787 $ 370,059 $ 200,588 $ 112,170 $ 119,582 $ 257,638 $ 1,172,699 $ 2,668 $ 3,938,191 Special Mention 333 384 4,754 1,300 138 8,231 40,048 86 55,274 Substandard 1,649 830 2,241 2,606 6,565 30,308 16,222 360 60,781 Doubtful 0 0 0 0 37 135 0 0 172 Total $ 1,704,769 $ 371,273 $ 207,583 $ 116,076 $ 126,322 $ 296,312 $ 1,228,969 $ 3,114 $ 4,054,418 YTD charge-offs 0 0 (959 ) (23 ) (3,525 ) (12,843 ) 0 0 (17,350 ) YTD recoveries 94 864 18 12 684 2,789 0 0 4,461 YTD net charge-offs $ 94 $ 864 $ (941 ) $ (11 ) $ (2,841 ) $ (10,054 ) $ 0 $ 0 $ (12,889 ) Residential Real Estate (In thousands) Term Loans Origination Year Revolving loans Revolving loans As of December 31, 2020 2020 2019 2018 2017 2016 Prior amortized cost basis converted to term loans Total Internal Risk Grade: Pass $ 603,714 $ 624,142 $ 640,535 $ 292,700 $ 282,547 $ 975,913 $ 436,728 $ 4,224 $ 3,860,503 Special Mention 0 267 0 192 2,325 6,623 800 0 10,207 Substandard 0 282 440 3,263 3,516 20,967 201 227 28,896 Doubtful 0 0 0 0 0 279 0 0 279 Total $ 603,714 $ 624,691 $ 640,975 $ 296,155 $ 288,388 $ 1,003,782 $ 437,729 $ 4,451 $ 3,899,885 YTD charge-offs 0 0 0 0 (1 ) (1,759 ) 0 0 (1,760 ) YTD recoveries 0 0 0 101 0 961 1 0 1,063 YTD net charge-offs $ 0 $ 0 $ 0 $ 101 $ (1 ) $ (798 ) $ 1 $ 0 $ (697 ) Construction and Land Development (In thousands) Term Loans Origination Year Revolving loans Revolving loans As of December 31, 2020 2020 2019 2018 2017 2016 Prior amortized cost basis converted to term loans Total Internal Risk Grade: Pass $ 420,977 $ 663,113 $ 304,579 $ 127,377 $ 83,252 $ 53,713 $ 145,431 $ 0 $ 1,798,442 Special Mention 0 0 4,689 557 0 1,420 995 0 7,661 Substandard 0 250 1,535 0 216 17,499 746 0 20,246 Doubtful 0 0 0 0 0 0 0 0 0 Total $ 420,977 $ 663,363 $ 310,803 $ 127,934 $ 83,468 $ 72,632 $ 147,172 $ 0 $ 1,826,349 YTD charge-offs 0 0 0 0 0 (2,027 ) 0 0 (2,027 ) YTD recoveries 0 0 0 0 0 1,513 0 0 1,513 YTD net charge-offs $ 0 $ 0 $ 0 $ 0 $ 0 $ (514 ) $ 0 $ 0 $ (514 ) Bankcard (In thousands) Term Loans Origination Year Revolving loans Revolving loans As of December 31, 2020 2020 2019 2018 2017 2016 Prior amortized cost basis converted to term loans Total Internal Risk Grade: Pass $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 8,419 $ 0 $ 8,419 Special Mention 0 0 0 0 0 0 362 0 362 Substandard 0 0 0 0 0 0 156 0 156 Doubtful 0 0 0 0 0 0 0 0 0 Total $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 8,937 $ 0 $ 8,937 YTD charge-offs 0 0 0 0 0 0 (221 ) 0 (221 ) YTD recoveries 0 0 0 0 0 0 52 0 52 YTD net charge-offs $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ (169 ) $ 0 $ (169 ) Other Consumer (In thousands) Term Loans Origination Year Revolving loans Revolving loans As of December 31, 2020 2020 2019 2018 2017 2016 Prior amortized cost basis converted to term loans Total Internal Risk Grade: Pass $ 419,768 $ 401,958 $ 231,172 $ 74,550 $ 34,435 $ 7,466 $ 6,110 $ 0 $ 1,175,459 Special Mention 0 0 0 0 0 14,763 2 0 14,765 Substandard 3 0 0 0 0 2,352 0 0 2,355 Doubtful 0 0 0 0 0 1 0 0 1 Total $ 419,771 $ 401,958 $ 231,172 $ 74,550 $ 34,435 $ 24,582 $ 6,112 $ 0 $ 1,192,580 YTD charge-offs (136 ) (1,013 ) (1,040 ) (393 ) (228 ) (484 ) (2 ) 0 (3,296 ) YTD recoveries 3 74 113 30 43 216 0 0 479 YTD net charge-offs $ (133 ) $ (939 ) $ (927 ) $ (363 ) $ (185 ) $ (268 ) $ (2 ) $ 0 $ (2,817 ) |
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, as of December 31, 2019: Credit Quality Indicators Corporate Credit Exposure As of December 31, 2019 Commercial Real Estate (In thousands) Owner- occupied Nonowner- occupied Other Commercial Construction & Land Development Grade: Pass $ 1,136,589 $ 3,850,886 $ 2,136,266 $ 1,334,950 Special mention 14,449 44,134 75,511 4,614 Substandard 50,346 70,940 72,451 68,641 Doubtful 268 0 809 0 Total $ 1,201,652 $ 3,965,960 $ 2,285,037 $ 1,408,205 Credit Quality Indicators Consumer Credit Exposure As of December 31, 2019 (In thousands) Residential Real Estate Bankcard Other Consumer Grade: Pass $ 3,645,654 $ 9,411 $ 1,143,608 Special mention 12,038 445 10,993 Substandard 28,572 218 1,618 Doubtful 137 0 0 Total $ 3,686,401 $ 10,074 $ 1,156,219 |
Allowance for Credit Losses (Ta
Allowance for Credit Losses (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Receivables [Abstract] | |
Schedule Of Credit Losses Related To Accrued Interest Receivables and Written Off | The following table represents the accrued interest receivable as of December 31, 2020 and the accrued interest receivables written off by reversing interest income as of December 31, 2020: Accrued Interest Receivable Accrued Interest Receivables Written Off by Reversing Interest Income (In thousands) At December 31, 2020 For the Year Ended December 31, 2020 Commercial Real Estate: Owner-occupied $ 5,001 $ 163 Nonowner-occupied 15,989 185 Other Commercial 12,320 87 Residential Real Estate 12,558 173 Construction 7,314 509 Consumer: Bankcard 0 0 Other consumer 3,211 125 $ 56,393 $ 1,242 Less: Allowance for credit losses (250 ) Total $ 56,143 |
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 and Lease Losses and Carrying Amount of Loans and Leases For the Year Ended December 31, 2020 (In thousands) Commercial Real Estate Other Commercial Residential Real Estate Construction & Land Development Bankcard Allowance for Estimated Imprecision Total Owner- occupied Nonowner- occupied Other Consumer Allowance for Loan and Lease Losses: Beginning balance $ 5,554 $ 8,524 $ 47,325 $ 8,997 $ 3,353 $ 74 $ 2,933 $ 297 $ 77,057 Impact of the adoption of ASU 2016-13 9,737 9,023 (4,829 ) 13,097 14,817 28 10,745 (297 ) 52,321 Impact of the adoption of ASU 2016-13 1,843 121 938 174 2,045 0 0 0 5,121 Initial allowance for PCD loans (acquired during the period) 1,955 6,418 7,032 652 2,570 0 8 0 18,635 Charge-offs (2,195) (6,134) (17,350) (1,760) (2,027) (221) (3,296) 0 (32,983) Recoveries 795 1,023 4,461 1,063 1,513 52 479 0 9,386 Provision 5,665 30,175 40,561 6,902 16,806 389 5,795 0 106,293 Ending balance $ 23,354 $ 49,150 $ 78,138 $ 29,125 $ 39,077 $ 322 $ 16,664 $ 0 $ 235,830 Allowance for Loan Losses and Carrying Amount of Loans For the Year Ended December 31, 2019 (In thousands) Commercial Real Estate Other Commercial Residential Real Estate Construction & Land Development Consumer Allowance for Estimated Imprecision Total Owner- occupied Nonowner- occupied Allowance for Loan Beginning balance $ 5,063 $ 6,919 $ 41,341 $ 12,448 $ 7,992 $ 2,695 $ 245 $ 76,703 Charge-offs (7,905 ) (1,093 ) (12,975 ) (2,967 ) (1,303 ) (2,867 ) 0 (29,110 ) Recoveries 3,733 80 2,599 858 175 706 0 8,151 Provision 4,663 2,618 16,360 (1,342 ) (3,511 ) 2,473 52 21,313 Ending balance $ 5,554 $ 8,524 $ 47,325 $ 8,997 $ 3,353 $ 3,007 $ 297 $ 77,057 Ending Balance: individually $ 973 $ 2,979 $ 11,931 $ 354 $ 262 $ 0 $ 0 $ 16,499 Ending Balance: collectively $ 4,581 $ 5,545 $ 35,394 $ 8,643 $ 3,091 $ 3,007 $ 297 $ 60,558 Allowance for Loan Losses and Carrying Amount of Loans For the Year Ended December 31, 2019 (In thousands) Commercial Real Estate Other Commercial Residential Real Estate Construction & Land Development Consumer Allowance for Estimated Imprecision Total Owner- occupied Nonowner- occupied Ending Balance: loans acquired with $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 Financing receivables: Ending balance $ 1,201,652 $ 3,965,960 $ 2,285,037 $ 3,686,401 $ 1,408,205 $ 1,166,293 $ 0 $ 13,713,548 Ending Balance: $ 16,703 $ 27,121 $ 54,108 $ 11,526 $ 14,047 $ 0 $ 0 $ 123,505 Ending Balance: $ 1,160,556 $ 3,925,249 $ 2,194,432 $ 3,665,140 $ 1,382,369 $ 1,166,293 $ 0 $ 13,494,039 Ending Balance: loans acquired with $ 24,393 $ 13,590 $ 36,497 $ 9,735 $ 11,789 $ 0 $ 0 $ 96,004 |
Progression of Allowance for Credit Losses Including Allowance for Loan Losses and Reserve for Lending-Related Commitment | A progression of the allowance for credit losses, which includes the allowance for loan losses and the reserve for lending-related commitments, for the periods presented is summarized as follows: Year Ended December 31 (In thousands) 2020 2019 2018 Balance of allowance for loan and lease losses at beginning of period $ 77,057 $ 76,703 $ 76,627 Cumulative effect adjustment for CECL 57,442 0 0 134,499 76,703 76,627 Initial allowance for acquired PCD loans 18,635 0 0 Gross charge-offs (32,983 ) (29,110 ) (28,606 ) Recoveries 9,386 8,151 6,669 Net charge-offs (23,597 ) (20,959 ) (21,937 ) Provision for loan and lease losses 106,293 21,313 22,013 Balance of allowance for loan and lease losses at end of period $ 235,830 $ 77,057 $ 76,703 Reserve for lending-related commitments 19,250 1,733 1,389 Balance of allowance for credit losses at end of period $ 255,080 $ 78,790 $ 78,092 |
Bank Premises and Equipment (Ta
Bank Premises and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Property, Plant and Equipment [Abstract] | |
Bank Premises and Equipment | Bank premises and equipment are summarized as follows: December 31 (In thousands) 2020 2019 Land $ 54,389 $ 32,085 Buildings and improvements 166,926 105,759 Leasehold improvements 39,681 40,789 Furniture, fixtures and equipment 99,277 71,377 360,273 250,010 Less allowance for depreciation and amortization (184,449 ) (153,366 ) Net bank premises and equipment $ 175,824 $ 96,644 |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Leases [Abstract] | |
Components of Lease Expense | The components of lease expense were as follows: Year Ended Year Ended (In thousands) Classification December 31, 2020 December 31, 2019 Operating lease cost Net occupancy expense $ 22,575 $ 19,508 Sublease income Net occupancy expense (1,039 ) (825 ) Net lease cost $ 21,536 $ 18,683 |
Supplemental Balance Sheet Information Related to Leases | Supplemental balance sheet information related to leases was as follows: (In thousands) Classification December 31, 2020 December 31, 2019 Operating lease right-of-use Operating lease right-of-use assets $ 69,520 $ 57,783 Operating lease liabilities Operating lease liabilities $ 73,213 $ 61,342 |
Other Information Related to Leases | Other information related to leases was as follows: December 31, 2020 Weighted-average remaining lease term: Operating leases 5.61 years Weighted-average discount rate: Operating leases 2.49 % |
Supplemental Cash Flow Information Related to Leases | Supplemental cash flow information related to leases was as follows: Year Ended (In thousands) December 31, 2020 December 31, 2019 Cash paid for amounts in the measurement of lease liabilities: Operating cash flows from operating leases $ 22,409 $ 19,601 ROU assets obtained in the exchange for lease liabilities 30,864 7,630 |
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, 2020, consists of the following as of December 31, 2020 and 2019: (In thousands) Amount Year As of December 31, 2020 As of December 31, 2019 2021 $ 20,172 $ 17,725 2022 16,196 15,180 2023 12,723 11,522 2024 8,242 8,751 2025 5,516 5,127 Thereafter 15,330 8,190 Total lease payments 78,179 66,495 Less: imputed interest (4,966 ) (5,153 ) Total $ 73,213 $ 61,342 |
Intangible Assets (Tables)
Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
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: December 31, 2020 Community Banking Mortgage Banking Total (In thousands) Gross Carrying Amount Accumulated Amortization Gross Carrying Amount Accumulated Amortization Gross Carrying Amount Accumulated Amortization Amortized intangible assets: Core deposit $ 101,767 ($ 76,120 ) $ 0 $ 0 $ 101,767 ($ 76,120 ) Non-amortized George Mason $ 0 $ 1,080 $ 1,080 Crescent trade 0 196 196 Total $ 0 $ 1,276 $ 1,276 Goodwill not subject to amortization $ 1,791,533 $ 5,315 $ 1,796,848 December 31, 2019 Community Banking Mortgage Banking Total (In thousands) Gross Carrying Amount Accumulated Amortization Gross Carrying Amount Accumulated Amortization Gross Carrying Amount Accumulated Amortization Amortized intangible assets: Core deposit $ 98,359 ($ 69,508 ) $ 0 $ 0 $ 98,359 ($ 69,508 ) Non-amortized George Mason $ 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: (In thousands) Community Banking Mortgage Banking Total Goodwill at December 31, 2019 $ 1,472,699 $ 5,315 $ 1,478,014 Preliminary addition to goodwill from Carolina Financial acquisition 318,834 0 318,834 Goodwill at December 31, 2020 $ 1,791,533 $ 5,315 $ 1,796,848 |
Schedule of Anticipated Amortization Expense | The following table sets forth the anticipated amortization expense for intangible assets for the years subsequent to 2020: Year Amount (In thousands) 2021 $ 5,866 2022 4,983 2023 4,680 2024 3,255 2025 2,942 2026 and thereafter 3,921 |
Mortgage Servicing Rights (Tabl
Mortgage Servicing Rights (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Servicing Asset [Abstract] | |
Summary of Activity in Mortgage Servicing Rights | The following presents the activity in mortgage servicing rights, including their valuation allowance for the year ended December 31, 2020: (In thousands) Year Ended December 31, 2020 MSRs beginning balance $ 0 Addition from acquisition of subsidiary 20,123 Amount capitalized 7,310 Purchased servicing 0 Amount amortized (5,095 ) MSRs ending balance $ 22,338 MSRs valuation allowance beginning balance $ 0 MSRs impairment (1,383 ) MSRs valuation allowance ending balance $ (1,383 ) MSRs, net of valuation allowance $ 20,955 |
Deposits (Tables)
Deposits (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Deposits [Abstract] | |
Book Value of Deposits | The book value of deposits consisted of the following: (In thousands) December 31 2020 2019 Demand deposits $ 5,428,398 $ 3,381,866 Interest-bearing checking 799,635 372,175 Regular savings 1,283,823 882,889 Money market accounts 10,165,334 6,891,696 Time deposits under $100,000 979,988 723,941 Time deposits over $100,000 1,927,982 1,599,854 Total deposits $ 20,585,160 $ 13,852,421 |
Short-Term Borrowings (Tables)
Short-Term Borrowings (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Funds Purchased and Securities Sold Under Agreements to Repurchase and Weighted-Average Interest Rates | At December 31, 2020 and 2019, short-term borrowings and the related weighted-average interest rates were as follows: 2020 2019 Weighted- Weighted- (Dollars in thousands) Average Average Amount Rate Amount Rate Federal funds purchased $ 0 0.00 % $ 0 0.00 % Securities sold under agreements to repurchase 142,300 0.17 % 124,654 1.09 % Total $ 142,300 $ 124,654 |
Federal Funds Purchased and Securities Sold under Agreements to Repurchase [Member] | |
Funds Purchased and Securities Sold Under Agreements to Repurchase and Weighted-Average Interest Rates | The following table shows the distribution of United’s federal funds purchased and securities sold under agreements to repurchase and the weighted-average interest rates thereon at the end of each of the last three years. Also provided are the maximum amount of borrowings and the average amounts of borrowings as well as weighted-average interest rates for the last three years. In the year of 2018, the table does not include the long-term wholesale security sold under an agreement to repurchase mentioned above assumed in the Virginia Commerce merger. (Dollars in thousands) Federal Funds Purchased Securities Sold Under Agreements To Repurchase At December 31: 2020 $ 0 $ 142,300 2019 0 124,654 2018 23,400 152,927 Weighted-average interest rate at year-end: 2020 0.00 % 0.17 % 2019 0.00 % 1.09 % (Dollars in thousands) Federal Funds Purchased Securities Sold Under Agreements To Repurchase 2018 2.40 % 0.96 % Maximum amount outstanding at any month’s end: 2020 $ 0 $ 187,889 2019 0 161,175 2018 25,790 328,484 Average amount outstanding during the year: 2020 $ 1 $ 142,418 2019 1,899 131,187 2018 16,773 194,956 Weighted-average interest rate during the year: 2020 1.64 % 0.37 % 2019 2.52 % 1.33 % 2018 1.86 % 0.61 % |
Long-Term Borrowings (Tables)
Long-Term Borrowings (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Debt Disclosure [Abstract] | |
FHLB Advances and Related Weighted Average Interest Rates | At December 31, 2020 and 2019, FHLB advances and the related weighted-average interest rates were as follows: 2020 2019 Weighted- Weighted- Weighted- Weighted- (Dollars in thousands) Average Average Average Average Contractual Effective Contractual Effective Amount Rate Rate Amount Rate Rate FHLB advances $ 584,532 0.60 % 0.75 % $ 1,851,865 2.03 % 2.03 % |
Information Related to Statutory Trusts | Information related to United’s statutory trusts is presented in the table below: (Dollars in thousands) Description Issuance Date Amount of Capital Securities Issued Stated 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 Carolina Financial Capital Trust I December 19, 2002 $ Prime + 0.50% December 31, 2032 Carolina Financial Capital Trust II November 5, 2003 $ 10,000 3-month LIBOR + 3.05% January 7, 2034 Greer Capital Trust I October 12, 2004 $ 3-month LIBOR + 2.20% October 18, 2034 Greer Capital Trust II December 28, 2006 $ 3-month LIBOR + 1.73% January 30, 2037 First South Preferred Trust I September 26, 2003 $ 3-month LIBOR + 2.95% September 30, 2033 |
Debentures and Related Weighted Average Interest Rates | At December 31, 2020 and 2019, the Debentures and their related weighted-average interest rates were as follows: 2020 2019 (Dollars in thousands) Amount Weighted- Amount Weighted- United Statutory Trust III $ 20,619 3.08 % $ 20,619 4.75 % United Statutory Trust IV 25,774 3.06 % 25,774 4.79 % United Statutory Trust V 51,547 1.78 % 51,547 3.65 % United Statutory Trust VI 30,928 1.52 % 30,928 3.19 % Premier Statutory Trust II 6,186 3.34 % 6,186 5.09 % Premier Statutory Trust III 8,248 1.96 % 8,248 3.63 % Premier Statutory Trust IV 14,433 1.80 % 14,433 3.48 % Premier Statutory Trust V 10,310 1.84 % 10,310 3.52 % Centra Statutory Trust I 10,000 2.53 % 10,000 4.20 % Centra Statutory Trust II 10,000 1.89 % 10,000 3.64 % Virginia Commerce Trust II 12,705 3.57 % 12,475 5.22 % Virginia Commerce Trust III 17,794 1.63 % 17,268 3.33 % 2020 2019 (Dollars in thousands) Amount Weighted- Average Rate Amount Weighted- Cardinal Statutory Trust I 15,223 2.62 % 14,825 4.29 % UFBC Capital Trust I 3,656 2.32 % 3,551 3.99 % Carolina Financial Capital Trust I 4,998 3.75 % 0 0.00 % Carolina Financial Capital Trust II 9,340 3.29 % 0 0.00 % Greer Capital Trust I 5,075 2.42 % 0 0.00 % Greer Capital Trust II 3,876 1.94 % 0 0.00 % First South Preferred Trust I 9,260 3.19 % 0 0.00 % Total $ 269,972 $ 236,164 |
Schedule of Maturities of Long-term Borrowings | At December 31, 2020, the scheduled maturities of long-term borrowings were as follows: Year Amount (In thousands) 2021 $ 551,065 2022 19,391 2023 0 2024 0 2025 9,312 2026 and thereafter 284,601 Total $ 864,369 |
Other Expense (Tables)
Other Expense (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Other Income and Expenses [Abstract] | |
Other Expense | The following details certain items of other expense for the periods indicated: Year Ended December 31 (In thousands) 2020 2019 2018 Legal, consulting & other professional services $ 16,482 $ 12,360 $ 13,248 Franchise & other taxes not on income 12,122 11,330 11,428 Expense for reserve on lending-related commitments 11,315 344 710 Automated Teller Machine (ATM) expenses 9,295 7,336 6,892 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Income Tax Disclosure [Abstract] | |
Income Tax Provisions Included in the Consolidated Statements of Income | The income tax provisions included in the consolidated statements of income are summarized as follows: Year Ended December 31 (In thousands) 2020 2019 2018 Current expense: Federal $ 60,508 $ 43,337 $ 52,041 State 10,656 6,798 9,429 Deferred expense: Federal (174 ) 12,522 8,298 Tax Act remeasurement 0 0 (120 ) State (273 ) 1,683 1,175 Total income taxes $ 70,717 $ 64,340 $ 70,823 |
Reconciliation of Income Tax Expense to the Amount Computed by Applying the Statutory Federal Income Tax Rate | The following is a reconciliation of income tax expense to the amount computed by applying the statutory federal income tax rate to income before income taxes: Year Ended December 31 (Dollars in thousands) 2020 2019 2018 Amount % Amount % Amount % Tax on income before taxes at statutory federal rate $ 75,546 21.0% $ 68,132 21.0% $ 68,704 21.0% Plus: State income taxes net of federal tax benefits 8,202 2.3 6,690 2.1 8,362 2.6 83,748 23.3 74,822 23.1 77,066 23.6 Increase (decrease) resulting from: Tax-exempt (3,011 ) (0.8 ) (2,813 ) (0.9 ) (3,298 ) (1.0 ) Tax credits (9,860 ) (2.7 ) (5,636 ) (1.7 ) (2,054 ) (0.6 ) Deferred taxes due to the Tax Act (0 ) 0.0 (0 ) 0.0 (120 ) 0.0 Other items-net (160 ) (0.1 ) (2,033 ) (0.7 ) (771 ) (0.3 ) Income taxes $ 70,717 19.7 % $ 64,340 19.8 % $ 70,823 21.7 % |
Components of United's Deferred Tax Assets and Liabilities | Significant components of United’s deferred tax assets and liabilities (included in other assets in the Consolidated Balance Sheets) at December 31, 2020 and 2019 are as follows: (In thousands) 2020 2019 Deferred tax assets: Allowance for credit losses $ 59,492 $ 18,358 Accrued benefits payable 14,097 13,459 Other accrued liabilities 655 992 Pension plan accruals 409 3,313 Unrealized loss on securities available for sale 0 0 Other real estate owned 980 2,482 Lease liabilities under operating leases 17,059 14,293 Deferred mortgage points 6,518 0 Purchase accounting intangibles 820 5,917 Total deferred tax assets 100,030 58,814 Deferred tax liabilities: Premises and equipment 5,878 2,963 Unrealized gain on securities available for sale 20,087 2,755 Right-of-use 16,198 13,464 Deferred mortgage points 0 389 Derivatives 1,020 0 Trust fees 0 0 Purchase accounting intangibles 0 0 Other 1,312 2,300 Total deferred tax liabilities 44,495 21,871 Net deferred tax assets $ 55,535 $ 36,943 |
Reconciliation of the Total Amounts of Unrecognized Tax Benefits | Below is a reconciliation of the total amounts of unrecognized tax benefits: December 31 (In thousands) 2020 2019 Unrecognized tax benefits at beginning of year $ 1,568 $ 2,005 Increase in unrecognized tax benefits as a result of tax positions taken during the current period 1,158 152 Decreases in the unrecognized tax benefits as a result of a lapse of the applicable statute of limitations (523 ) (589 ) Unrecognized tax benefits at end of year $ 2,203 $ 1,568 |
Employee Benefit Plans (Tables)
Employee Benefit Plans (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Retirement Benefits [Abstract] | |
Net Periodic Pension Cost | Net consolidated periodic pension cost included the following components: (Dollars in thousands) Year Ended December 31, 2020 2019 2018 Service cost $ 2,742 $ 2,173 $ 2,566 Interest cost 5,222 5,931 5,341 Expected return on plan assets (11,010 ) (9,434 ) (10,260 ) Recognized net actuarial loss 6,050 4,965 4,919 Net periodic pension cost $ 3,004 $ 3,635 $ 2,566 Weighted-Average Assumptions: Discount rate 3.42 % 4.52 % 3.83 % Expected return on assets 6.75 % 7.00 % 7.00 % Rate of compensation increase (prior to age 40) 5.00 % n/a n/a Rate of compensation increase (ages 40-54) 4.00 % n/a n/a Rate of c n/a 3.50 % 3.50 % Rate of c 3.50 % 3.00 % 3.00 % |
Schedule of Amounts Related to Plan recognized as Component of Other Comprehensive Income | Amounts related to the Plan recognized as a component of other comprehensive income were as follows: (In thousands) Year Ended December 31, 2020 2019 2018 Net actuarial loss $ 10,583 $ 10,324 $ 4,232 Amortization of: Prior service cost 0 0 0 Actuarial loss (6,050 ) (4,965 ) (4,919 ) Total recognized in other comprehensive income $ 4,533 $ 5,359 $ (687 ) |
Reconciliation of the Beginning and Ending Balances of the Projected Benefit Obligation and the Fair Value of Plan Assets and the Accumulated Benefit Obligation | The reconciliation of the beginning and ending balances of the projected benefit obligation and the fair value of plan assets for the years ended December 31, 2020 and 2019 and the accumulated benefit obligation at December 31, 2020 and 2019 are as follows: (Dollars in thousands) December 31, 2020 2019 Change in Projected Benefit Obligation Projected Benefit Obligation at the Beginning of the Year $ 173,777 $ 142,632 Service Cost 2,742 2,173 Interest Cost 5,222 5,931 Actuarial Loss 18,391 28,364 Benefits Paid (5,357 ) (5,323 ) Projected Benefit at the End of the Year $ $ 173,777 Accumulated Benefit Obligation at the End of the Year $ 176,635 $ Change in Plan Assets Fair Value of Plan Assets at the Beginning of the Year $ 159,560 $ 137,408 Actual Return on Plan Assets 18,819 27,475 Benefits Paid (5,357 ) (5,323 ) Employer Contributions 20,000 0 Fair value of plan assets at end of year $ 193,022 $ 159,560 Net Amount Recognized Funded Status $ (1,753 ) $ (14,217 ) Unrecognized Transition Asset 0 0 Unrecognized Prior Service Cost 0 0 Unrecognized Net Loss 65,426 60,894 Net Amount Recognized $ 63,673 $ 46,677 Weighted-Average Assumptions at the End of the Year Discount Rate 2.81 % 3.42 % Rate of compensation Increase (prior to age 40) 5.00 % 5.00 % Rate of compensation Increase (ages 40-54) 4.00 % 4.00 % Rate of compensation Increase (prior to age 45) n/a n/a Rate of compensation Increase (otherwise) 3.50 % 3.50 % |
Asset Allocation for the Defined Benefit Pension Plan as of the Measurement Date, by Asset Category | Asset allocation for the defined benefit pension plan as of the measurement date, by asset category, is as follows: Plan Assets Target Allocation 2021 Allowable Allocation Range Percentage of Plan Assets at December 31, 2020 December 31, 2019 Equity Securities 60 % 50-70 % 58 % 63% Debt Securities 39 % 20-50 % 37 % 35% Other 1 % 3-15 % 5 % 2% Total 100 % 100% |
Expected Benefit Payments | At December 31, 2020, the benefits expected to be paid in each of the next five fiscal years, and in the aggregate for the five years thereafter are as follows: Year Amount (In thousands) 2021 $ 6,583 2022 6,630 2023 7,076 2024 7,429 2025 7,884 2026 through 2030 44,383 |
Balances of the Plan Assets, by Fair Value Hierarchy Level | The following tables present the balances of the plan assets, by fair value hierarchy level, as of December 31, 2020 and 2019: Fair Value Measurements at December 31, 2020 Using (In thousands) Description Balance as of December 31, Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Cash and Cash equivalents $ 10,285 $ 10,285 $ 0 $ 0 Fixed Income Mutual Funds: Taxable 70,331 70,331 0 0 Equity Securities: Common stock 28,102 28,102 0 0 Equity Mutual Funds: Global equity 4,968 4,968 0 0 Domestic equity large cap 34,186 34,186 0 0 Domestic equity small cap 22,165 22,165 0 0 International emerging equity 8,018 8,018 0 0 International equity developed 14,967 14,967 0 0 Total $ 193,022 $ 193,022 $ 0 $ 0 Fair Value Measurements at December 31, 2019 Using (In thousands) Description Balance as of December 31, Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Cash and Cash equivalents $ 2,504 $ 2,504 $ 0 $ 0 Fixed Income Mutual Funds: Taxable 55,588 55,588 0 0 Equity Securities: Common stock 23,932 23,932 0 0 Equity Mutual Funds: Global equity 5,247 5,247 0 0 Domestic equity large cap 28,743 28,743 0 0 Domestic equity small cap 22,216 22,216 0 0 International emerging equity 8,228 8,228 0 0 International equity developed 13,102 13,102 0 0 Total $ 159,560 $ 159,560 $ 0 $ 0 |
Stock Based Compensation (Table
Stock Based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Summary of Stock Option Plans | A summary of activity under the United’s stock option plans as of December 31, 2020, and the changes during the year of 2020 are presented below: Year ended December 31, 2020 Weighted Average (Dollars in thousands, except per share amounts) Aggregate Intrinsic Remaining Contractual Exercise Shares Value Term (Yrs.) Price Outstanding at January 1, 2020 1,715,316 $ 34.49 Assumed in Carolina Financial merger 117,116 12.14 Granted 183,551 32.51 Exercised (100,736 ) 12.50 Forfeited or expired (10,690 ) 26.04 Outstanding at December 31, 2020 1,904,557 $ 3,691 5.2 $ 34.14 Exercisable at December 31, 2020 1,359,652 $ 3,691 4.0 $ 32.99 |
Changes to United's Restricted Common Shares | The following summarizes the changes to United’s restricted common shares for the year ended December 31, 2020: Number of Weighted-Average Outstanding at January 1, 2020 247,896 $ 39.20 Granted 182,847 32.18 Vested (88,821 ) 39.31 Forfeited (946 ) 36.58 Outstanding at December 31, 2020 340,976 $ 35.41 |
Status of United's Nonvested Stock Option Awards | The following table summarizes the status of United’s nonvested awards for the year ended December 31, 2020: Shares Weighted-Average Nonvested at January 1, 2020 589,737 $ 7.62 Granted 183,551 5.65 Vested (226,032 ) 7.68 Forfeited or expired (2,351 ) 7.32 Nonvested at December 31, 2020 544,905 $ 6.93 |
Derivative Financial Instrume_2
Derivative Financial Instruments (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Schedule of Notional Amount and Fair Value of Derivative Financial Instruments | 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 December 31, 2020 and December 31, 2019. Asset Derivatives December 31, 2020 December 31, 2019 (In thousands) Balance Sheet Location Notional Amount Fair Value Balance Sheet Location Notional Amount Fair Value Cash Flow Hedges: Interest rate swap contracts (hedging FHLB borrowings) Other assets $ 500,000 $ 4,378 Other assets $ 0 $ 0 Total Cash Flow Hedges $ $ 4,378 $ $ 0 Asset Derivatives December 31, 2020 December 31, 2019 (In thousands) Balance Sheet Location Notional Amount Fair Value Balance Sheet Location Notional Amount Fair Value Derivatives not designated as hedging Forward loan sales commitments Other assets $ 62,418 $ 1,581 Other assets $ 27,260 $ 9 Interest rate lock commitments Other assets 973,350 38,332 Other assets 117,252 4,518 Total derivatives not designated as hedging $ 1,035,768 $ 39,913 $ 144,512 $ 4,527 Total asset derivatives $ 1,535,768 $ 44,291 $ 144,512 $ 4,527 Liability Derivatives December 31, 2020 December 31, 2019 (In thousands) Balance Sheet Location Notional Amount Fair Value Balance Sheet Location Notional Amount Fair Value Derivatives designated as hedging Fair Value Hedges: Interest rate swap contracts (hedging commercial loans) Other liabilities $ 77,011 $ 6,782 Other liabilities $ 82,243 $ 2,394 Total Fair Value Hedges $ 77,011 $ 6,782 $ 82,243 $ 2,394 Total derivatives designated as hedging $ 77,011 $ 6,782 $ 82,243 $ 2,394 Derivatives not designated as hedging TBA mortgage-backed securities Other liabilities $ 789,000 $ 6,276 Other liabilities $ 274,000 $ 671 Total derivatives not designated as hedging instruments $ 789,000 $ 6,276 $ 274,000 $ 671 Total liability derivatives $ 866,011 $ 13,058 $ 356,243 $ 3,065 |
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 December 31, 2020 and December 31, 2019. December 31, 2020 (In thousands) Derivatives in Fair Value Hedging Relationships Location in the Statement Carrying Amount of Cumulative Amount Cumulative Amount of Interest rate swaps Loans and leases, net of unearned income $ 77,810 $ (6,782 ) $ 0 December 31, 20 20 (In thousands) Derivatives in Fair Value Hedging Relationships Location in the Statement Carrying Amount Cumulative Amount Cumulative Amount of Interest rate swaps Loans and leases, net of unearned income $ 81,397 $ (2,394 ) $ 0 |
Schedule of Derivative Financial Instruments on Statement of Income | The effect of United’s derivative financial instruments on its Consolidated Statements of Income for the years ended December 31, 2020, 2019 and 2018 is presented as follows: Year Ended (In thousands) Income Statement Location December 31, December 31, December 31, Derivatives in hedging relationships Cash Flow Hedges: Interest rate swap contracts Interest on long-term borrowings $ (578) $ 0 $ 0 Fair Value Hedges: Interest rate swap contracts Interest and fees on loans and leases $ (1,414) $ (95) $ (170) Total derivatives in hedging relationships $ (1,992) $ (95) $ (170) Derivatives not designated as hedging instruments Forward loan sales commitments Income from Mortgage Banking Activities (725 ) 925 530 TBA mortgage-backed securities Income from Mortgage Banking Activities (3,825 ) 2,331 (2,690 ) Interest rate lock commitments Income from Mortgage Banking Activities 21,299 3,607 (2,413 ) Total derivatives not designated as hedging instruments $ 16,749 $ 6,863 $ (4,573 ) Total derivatives $ 14,757 $ 6,768 $ (4,743 ) |
Comprehensive Income (Tables)
Comprehensive Income (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Equity [Abstract] | |
Components of Total Comprehensive Income | The changes in accumulated other comprehensive income are as follows: For the Years Ended December 31 (In thousands) 2020 2019 2018 Net Income $ 289,023 $ 260,099 $ 256,342 Available for sale (“AFS”) securities: AFS securities with OTTI charges during the period 0 (641 ) (1,456 ) Related income tax effect 0 149 339 Less : OTTI charges recognized in net income 0 198 1,456 Related income tax effect 0 (46 ) (339 ) Reclassification of previous noncredit OTTI to credit OTTI 0 2,188 0 Related income tax effect 0 (510 ) 0 Net unrealized gains on AFS securities with OTTI 0 1,338 0 AFS securities – all other: Change in net unrealized gains (losses) on AFS securities arising during the period 77,142 32,570 (14,715 ) Related income tax effect (17,974 ) (7,589 ) 5,109 Net reclassification adjustment for (gains) losses included in net income (2,502 ) (97 ) 770 Related income tax effect 583 23 (179 ) 57,249 24,907 (9,015 ) For the Years Ended December 31 (In thousands) 2020 2019 2018 Net effect of AFS securities on other comprehensive income 57,249 26,245 (9,015 ) 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 0 8 Related income tax effect 0 0 (2 ) Net effect of HTM securities on other comprehensive income 0 0 6 Cash flow hedge derivatives: Unrealized gain on cash flow hedge before reclassification to interest expense 3,800 0 0 Related income tax effect (885 ) 0 0 Net reclassification adjustment for losses included in net income 578 0 0 Related income tax effect (135 ) 0 0 Net effect of cash flow hedge derivatives on other comprehensive income 3,358 0 0 Defined benefit pension plan: Net actuarial loss during the period (10,583 ) (10,324 ) (4,232 ) Related income tax expense 3,263 2,384 1,063 Amortization of prior service cost recognized in net income 0 0 0 Related income tax effect 0 0 0 Amortization of net actuarial loss recognized in net income 6,050 4,965 4,919 Related income tax effect (2,098 ) (1,170 ) (1,246 ) Net effect of change in defined benefit pension plan on other comprehensive income (3,368 ) (4,145 ) 504 Total change in other comprehensive income, net of tax 57,239 22,100 (8,505 ) Total Comprehensive Income $ 346,262 $ 282,199 $ 247,837 |
Components of Accumulated Other Comprehensive Income | The components of accumulated other comprehensive income for the year ended December 31, 2020 are as follows: Changes in Accumulated Other Comprehensive Income (AOCI) by Component (a) For the Year Ended December 31, 2020 (Dollars in thousands) Unrealized Unrealized Defined Items Total Balance at January 1, 2020 $ 7,956 $ 0 $ (42,825 ) $ (34,869 ) Other comprehensive income before reclassification 59,168 2,915 0 62,083 Amounts reclassified from accumulated other comprehensive income (1,919 ) 443 (3,368 ) (4,844 ) Net current-period other comprehensive income, net of tax 57,249 3,358 (3,368 ) 57,239 Balance at December 31, 2020 $ 65,205 $ 3,358 $ (46,193 ) $ 22,370 (a) All amounts are net-of-tax. |
Reclassifications Out of Accumulated Other Comprehensive Income | Reclassifications out of Accumulated Other Comprehensive Income (AOCI) For the Year Ended December 31, 2020 (In thousands) Details about AOCI Components Amount Affected Line Item in the Statement Where Net Income is Presented Available for sale (“AFS”) securities: Net reclassification adjustment for gains included in net income $ (2,502 ) Net investment securities gains (2,502 ) Total before tax Related income tax effect 583 Tax expense (1,919 ) Net of tax Reclassifications out of Accumulated Other Comprehensive Income (AOCI) For the Year Ended December 31, 2020 (In thousands) Details about AOCI Components Amount Affected Line Item in the Statement Where Net Income is Presented Cash flow hedge: Net reclassification adjustment for losses included in net income $ 578 Interest expense 578 Total before tax Related income tax effect (135 ) Tax expense 443 Net of tax Pension plan: Recognized net actuarial loss (10,583 )(a) Amortization of net actuarial loss 6,050 (b) (4,533 ) Total before tax Related income tax effect 1,165 Tax expense (3,368 ) Net of tax Total reclassifications for the period $ (4,844 ) (a) This AOCI component is included in the computation of changes in plan assets (see Note P, Employee Benefit Plans) (b) This AOCI component is included in the computation of net periodic pension cost (see Note P, Employee Benefit Plans) |
United Bankshares, Inc. (Pare_2
United Bankshares, Inc. (Parent Company Only) Financial Information (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Condensed Financial Information Disclosure [Abstract] | |
Condensed Balance Sheets | Condensed Balance Sheets December 31 (In thousands) 2020 2019 Assets Cash and due from banks $ 158,147 $ 126,697 Securities available for sale 7,138 7,451 Securities held to maturity 20 20 Equity securities 4,737 4,126 Other investment securities 10,725 10,053 Investment in subsidiaries: Bank subsidiaries 4,466,132 3,519,661 Nonbank subsidiaries 30,287 22,439 Goodwill (16,397 ) (16,008 ) Other assets 14,591 12,286 Total Assets $ 4,675,380 $ 3,686,725 Liabilities and Shareholders’ Equity Subordinated notes $ 9,865 $ 0 Junior subordinated debentures of subsidiary trusts 269,972 236,164 Accrued expenses and other liabilities 97,923 86,728 Shareholders’ equity (including other accumulated comprehensive gain of $22,370 at December 31, 2020 and other accumulated comprehensive loss of $34,869 at December 31, 2019) 4,297,620 3,363,833 Total Liabilities and Shareholders’ Equity $ 4,675,380 $ 3,686,725 |
Condensed Statements of Income | Condensed Statements of Income Year Ended December 31 (In thousands) 2020 2019 2018 Income Dividends from banking subsidiaries $ 232,000 $ 249,000 $ 215,000 Net interest income 202 126 227 Management fees: Bank subsidiaries 30,464 27,325 25,026 Nonbank subsidiaries 27 27 27 Other income 556 147 (596 ) Total Income 263,249 276,625 239,684 Expenses Condensed Statements of Income Year Ended December 31 (In thousands) 2020 2019 2018 Operating expenses 53,880 38,569 37,214 Income Before Income Taxes and Equity in Undistributed Net Income of Subsidiaries 209,369 238,056 202,470 Applicable income tax benefit (4,196 ) (2,123 ) (2,470 ) Income Before Equity in Undistributed Net Income of Subsidiaries 213,565 240,179 204,940 Equity in undistributed net income of subsidiaries: Bank subsidiaries 75,054 19,557 51,392 Nonbank subsidiaries 404 363 10 Net Income $ 289,023 $ 260,099 $ 256,342 |
Condensed Statements of Cash Flows | Condensed Statements of Cash Flows Year Ended December 31 (In thousands) 2020 2019 2018 Operating Activities Net income $ $ $ Adjustments to reconcile net income to net cash provided by operating activities: Equity in undistributed net income of subsidiaries (75,458 ) (19,920 ) (51,402 ) Amortization of net periodic pension costs 315 302 293 Stock-based compensation 5,980 4,914 4,073 Excess tax benefits from stock-based compensation arrangements 351 223 158 Net gain on securities transactions 0 0 607 Net change in other assets and liabilities (7 ) 1,770 (1,904 ) Net Cash Provided by Operating Activities 220,204 247,388 208,167 Investing Activities Net proceeds from sales (purchases) of securities 380 236 9,446 Net proceeds from sales of equity securities (54 ) 1,116 1,348 Net cash paid in acquisition of subsidiary (47 ) 0 0 Increase in investment in subsidiaries (5,573 ) (7,000 ) (2,400 ) Change in other investment securities (672 ) (9,890 ) 0 Net Cash (Used in) Provided by Investing Activities (5,966 ) (15,538 ) 8,394 Financing Activities Cash dividends paid (162,713 ) (138,939 ) (142,350 ) Acquisition of treasury stock (21,317 ) (35,673 ) (100,724 ) Proceeds from sale of treasury stock from deferred compensation plan 1 1 1 Proceeds from exercise of stock options 1,241 1,272 1,500 Net Cash Used in Financing Activities (182,788 ) (173,339 ) (241,573 ) Increase (Decrease) in Cash and Cash Equivalents 31,450 58,511 (25,012 ) Cash and Cash Equivalents at Beginning of Year 126,697 68,186 93,198 Cash and Cash Equivalents at End of Year $ 158,147 $ 126,697 $ 68,186 |
Regulatory Matters (Tables)
Regulatory Matters (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Deposits [Abstract] | |
Capital Amounts and Ratios | United’s and United Bank’s capital amounts (in thousands of dollars) and ratios are presented in the following table. (Dollars in thousands) Actual For Capital Adequacy Purposes To Be Well- Capitalized Amount Ratio Amount Ratio Amount Ratio As of December 31, 2020: Total Capital (to Risk-Weighted Assets): United Bankshares $ 2,945,669 15.6 % $ 1,515,403 ³ $ 1,894,254 ³ United Bank 2,800,753 14.8 % 1,511,961 ³ 1,889,951 ³ Tier I Capital (to Risk-Weighted Assets): United Bankshares $ 2,519,595 13.3 % $ 1,136,552 ³ $ 1,515,403 ³ United Bank 2,669,210 14.1 % 1,133,971 ³ 1,511,961 ³ Common Tier I Capital (to Risk Weighted Assets): United Bankshares $ 2,519,595 13.3 % $ 852,414 ³ $ 1,231,265 ³ United Bank 2,669,210 14.1 % 850,478 ³ 1,228,468 ³ Tier I Capital (to Average Assets): United Bankshares $ 2,519,595 10.3 % $ 975,099 ³ $ 1,218,873 ³ United Bank 2,669,210 11.0 % 974,912 ³ 1,218,640 ³ As of December 31, 2019: Total Capital (to Risk- Weighted Assets): United Bankshares $ 2,217,547 14.7 % $ 1,206,812 ³ $ 1,508,515 ³ United Bank 2,106,457 14.0 % 1,204,264 ³ 1,505,330 ³ (Dollars in thousands) Actual For Capital Adequacy Purposes To Be Well- Capitalized Amount Ratio Amount Ratio Amount Ratio Tier I Capital (to Risk-Weighted Assets): United Bankshares $ 1,890,757 12.5 % $ 905,109 ³ $ 1,206,812 ³ United Bank 2,027,667 13.5 % 903,198 ³ 1,204,264 ³ Common Tier I Capital (to Risk Weighted Assets): United Bankshares $ 1,890,757 12.5 % $ 678,832 ³ $ 980,535 ³ United Bank 2,027,667 13.5 % 677,399 ³ 978,465 ³ Tier I Capital (to Average Assets): United Bankshares $ 1,890,757 10.5 % $ 721,691 ³ $ 902,114 ³ United Bank 2,027,667 11.3 % 720,232 ³ 900,290 ³ |
Fair Values of Financial Inst_2
Fair Values of Financial Instruments (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Fair Value Disclosures [Abstract] | |
Schedule of Financial Assets and Liabilities Measured at Fair Value | The following table presents the balances of financial assets and liabilities measured at fair value on a recurring basis as of December 31, 2020 and 2019, segregated by the level of the valuation inputs within the fair value hierarchy: Fair Value at December 31, 2020 Using (In thousands) Description Balance as of December 31, 2020 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 $ 66,344 $ 0 $ 66,344 $ 0 State and political subdivisions 565,160 0 565,160 0 Residential mortgage-backed securities Agency 928,891 0 928,891 0 Non-agency 21,776 0 21,776 0 Commercial mortgage-backed securities Agency 675,145 0 675,145 0 Asset-backed securities 294,623 0 294,623 0 Single issue trust preferred securities 17,027 0 17,027 0 Other corporate securities 384,393 6,207 378,186 0 Total available for sale securities 2,953,359 6,207 2,947,152 0 Equity securities: Financial services industry 134 134 0 0 Equity mutual funds (1) 4,602 4,602 0 0 Other equity securities 5,982 5.98 0 0 Total equity securities 10,718 10,718 0 0 Loans held for sale 698,341 0 43,608 654,733 Derivative financial assets: Interest rate swap contracts 4,378 0 4,378 0 Forward sales commitments 1,581 0 1,581 0 TBA mortgage-backed securities 0 0 0 0 Interest rate lock commitments 38,332 0 6,321 32,011 Total derivative financial assets 44,291 0 12,280 32,011 Liabilities Derivative financial liabilities: Interest rate swap contracts 6,782 0 6,782 0 TBA mortgage-backed securities 6,276 0 6,276 0 Total derivative financial liabilities 13,058 0 13,058 0 Fair Value at December 31, 2019 Using (In thousands) Description Balance as of December 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 $ 58,676 $ 0 $ 58,676 $ 0 State and political subdivisions 272,362 0 272,362 0 Residential mortgage-backed securities Agency 836,534 0 836,534 0 Non-agency 3,833 0 3,833 0 Commercial mortgage-backed securities Fair Value at December 31, 2019 Using (In thousands) Description Balance as of December 31, 2019 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Agency 614,973 0 614,973 0 Asset-backed securities 276,139 0 276,139 0 Trust preferred collateralized debt obligations 4,703 0 0 4,703 Single issue trust preferred securities 16,774 0 16,774 0 Other corporate securities 353,302 6,586 346,716 0 Total available for sale securities 2,437,296 6,586 2,426,007 4,703 Equity securities: Financial services industry 154 154 0 0 Equity mutual funds (1) 3,971 3,971 0 0 Other equity securities 4,769 4,769 0 0 Total equity securities 8,894 8,894 0 0 Loans held for sale 384,375 0 0 384,375 Derivative financial assets: Forward sales commitments 9 0 9 0 Interest rate lock commitments 4,518 0 0 4,518 Total derivative financial assets 4,527 0 9 4,518 Liabilities Derivative financial liabilities: Interest rate swap contracts 2,394 0 2,394 0 TBA mortgage-backed securities 671 0 671 0 Total derivative financial liabilities 3,065 0 3,065 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 December 31, 2020 and 2019 on a recurring basis and for which United has utilized Level 3 inputs to determine fair value: Available-for-sale (In thousands) Trust preferred collateralized debt obligations 2020 2019 Balance, beginning of year $ 4,703 $ 5,917 Total gains or losses (realized/unrealized): Included in earnings (or changes in net assets) 309 (155 ) Included in other comprehensive income 0 (1,059 ) Sales (5,012 ) 0 Balance, ending of year $ 0 $ 4,703 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 (In thousands) 2020 2019 Balance, beginning of period $ 384,375 $ 247,104 Originations 5,699,581 2,941,722 Sales (5,652,693 ) (2,888,257 ) Total gains or losses during the period recognized in earnings 223,470 83,806 Transfers in and/or out of Level 3 (0 ) (0 ) Balance, end of period $ 654,733 $ 384,375 The amount of total gains or losses for the period included in earnings change in unrealized gains held at reporting date $ 0 $ 0 (In thousands) Derivative Financial Assets Interest Rate Lock Commitments 2020 2019 Balance, beginning of period $ 4,518 $ 4,103 Transfers other 27,493 415 Balance, end of period $ 32,011 $ 4,518 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: (In thousands) Description Year Ended December 31, 2020 Year Ended December 31, 2019 Income from mortgage banking activities $ 14,947 $ 3,705 |
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: December 31, 2020 December 31, 2019 (In thousands) Description Unpaid Fair Value Fair (Under) Unpaid Unpaid Fair Value Fair Value (Under) Unpaid Loans held for sale $ 672,458 $ 698,341 $ 25,883 $ 375,274 $ 384,375 $ 9,101 |
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 December 31, 2020 (In thousands) Description Balance as of December 31, Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Inputs (Level 3) YTD Gains Assets Loans held for sale $ 20,596 $ 0 $ 20,596 $ 0 $ (197 ) Individually assessed loans 37,498 0 14,467 23,031 1,318 OREO 22,595 0 22,595 0 (1,618 ) Mortgage servicing rights 20,955 0 0 20,955 (1,383 ) Carrying value at December 31, 2019 (In thousands) Description Balance as of December 31, Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) YTD Gains (Losses) Assets Loans held for sale $ 3,139 $ 0 $ 3,139 $ 0 $ (4) Impaired Loans 68,213 0 55,792 12,421 1,831 OREO 15,515 0 15,495 20 (785 ) |
Summary of Estimated Fair Values of Financial Instruments | The estimated fair values of United’s financial instruments are summarized below: Fair Value Measurements (In thousands) Carrying Fair Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) December 31, 2020 Cash and cash equivalents $ 2,209,068 $ 2,209,068 $ 0 2,209,068 $ 0 Securities available for sale 2,953,359 2,953,359 6,207 2,947,152 0 Securities held to maturity 1,212 1,212 0 192 1,020 Equity securities 10,718 10,718 10,718 0 0 Fair Value Measurements (In thousands) Carrying Fair Value Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Other securities 220,895 209,850 0 0 209,850 Loans held for sale 718,937 718,937 0 64,204 654,733 Net loans 17,355,583 16,559,797 0 0 16,559,797 Derivative financial assets 44,291 44,291 0 12,280 32,011 Mortgage servicing rights 20,955 20,955 0 0 20,955 Deposits 20,585,160 20,583,607 0 20,583,607 0 Short-term borrowings 142,300 142,300 0 142,300 0 Long-term borrowings 864,369 815,991 0 815,991 0 Derivative financial liabilities 13,058 13,058 0 13,058 0 December 31, 2019 Cash and cash equivalents $ 837,493 $ 837,493 $ 0 $ 837,493 $ 0 Securities available for sale 2,437,296 2,437,296 6,586 2,426,007 4,703 Securities held to maturity 1,446 1,447 0 427 1,020 Equity securities 8,894 8,894 8,894 0 0 Other securities 222,161 211,053 0 0 211,053 Loans held for sale 387,514 387,514 0 3,139 384,375 Net loans 13,635,072 13,185,955 0 0 13,185,955 Derivative financial assets 4,527 4,527 0 9 4,518 Deposits 13,852,421 13,843,077 0 13,843,077 0 Short-term borrowings 374,654 374,654 0 374,654 0 Long-term borrowings 1,838,029 1,820,297 0 1,820,297 0 Derivative financial liabilities 3,065 3,065 0 3,065 0 |
Variable Interest Entities (Tab
Variable Interest Entities (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
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 December 31, 2020 As of December 31, 2019 (In thousands) Aggregate Assets Aggregate Liabilities Risk Loss (1) Aggregate Assets Aggregate Liabilities Risk Loss (1) Trust preferred securities $ 295,466 $ 284,788 $ 10,678 $ 257,941 $ 248,680 $ 9,261 (1) Represents investment in VIEs. |
Segment Information (Tables)
Segment Information (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Segment Reporting [Abstract] | |
Summary of Segment Reporting Information | Information about the reportable segments and reconciliation of this information to the con s At and For the Year Ended December 31, 2020 (In thousands) Community Mortgage Other Intersegment Eliminations Consolidated Net interest income $ 677,907 $ 8,853 $ (9,658 ) $ 12,671 $ 689,773 Provision for credit losses 106,562 0 0 0 106,562 Other income 90,092 276,185 730 (12,261 ) 354,746 Other expense 423,934 140,628 13,245 410 578,217 Income taxes 47,162 27,698 (4,143 ) 0 70,717 Net income (loss) $ 190,341 $ 116,712 $ (18,030) $ 0 $ 289,023 Total assets (liabilities) $ 25,892,396 $ 870,151 $ 31,623 $ (609,923 ) $ 26,184,247 Average assets (liabilities) 23,927,889 651,778 7,283 (449,880 ) 24,137,070 At and For the Year Ended December 31, 2019 (In thousands) Community Mortgage Other Intersegment Eliminations Consolidated Net interest income $ 583,547 $ 916 $ (12,472 ) $ 5,931 $ 577,922 Provision for credit 21,313 0 0 0 21,313 Other income 74,956 83,884 392 (8,748 ) 150,484 Other expense 314,710 72,288 (1,527 ) (2,817 ) 382,654 Income taxes 64,080 2,355 (2,095 ) 0 64,340 Net income (loss) $ 258,400 $ 10,157 $ (8,458 ) $ 0 $ 260,099 Total assets (liabilities) $ 19,564,036 $ 507,124 $ 17,777 $ (426,613 ) $ 19,662,324 Average assets (liabilities) 19,401,397 358,087 8,411 (292,427 ) 19,475,468 At and For the Year Ended December 31, 2018 (In thousands) Community Mortgage Other Intersegment Eliminations Consolidated Net interest income $ 593,108 $ 1,315 $ (11,886 ) $ 6,108 $ 588,645 Provision for credit 22,013 0 0 0 22,013 Other income 72,539 68,555 (667 ) (11,715 ) 128,712 Other expense 301,123 72,632 31 (5,607 ) 368,179 Income taxes 73,861 (505 ) (2,533 ) 0 70,823 Net income (loss) $ 268,650 $ (2,257 ) $ (10,051 ) $ 0 $ 256,342 Total assets (liabilities) $ 19,191,215 $ 320,299 $ 3,222 $ (264,238 ) $ 19,250,498 Average assets (liabilities) 18,798,880 279,618 6,104 (236,575 ) 18,848,027 |
Quarterly Financial Data (Table
Quarterly Financial Data (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Quarterly Financial Information Disclosure [Abstract] | |
Quarterly Financial Data | Quarterly financial data for 2020 and 2019 is summarized below (dollars in thousands, except for per share data): (Dollars in thousands) 1st Quarter 2nd Quarter 3rd Quarter 4th Quarter 2020 Interest income $ 180,482 $ 198,717 $ 210,269 $ 208,914 Interest expense 38,964 28,115 24,605 16,925 Net interest income 141,518 170,602 185,664 191,989 Provision for credit losses 27,119 45,911 16,781 16,751 Mortgage banking income 17,631 68,213 109,457 70,793 Securities gains (losses), net 196 1,510 860 589 Other noninterest income 18,979 18,667 25,151 22,700 Noninterest expense 101,133 149,374 171,593 156,117 Income taxes 9,889 11,021 28,974 20,833 Net income (1) 40,183 52,686 103,784 92,370 Per share data: Average shares outstanding (000s): Basic 101,295 119,824 129,373 129,372 Diluted 101,399 119,888 129,455 129,479 Net income per share: Basic $ 0.40 $ 0.44 $ 0.80 $ 0.71 Diluted $ 0.40 $ 0.44 $ 0.80 $ 0.71 Dividends per share $ 0.35 $ 0.35 $ 0.35 $ 0.35 2019 Interest income $ 189,097 $ 199,245 $ 190,351 $ 183,869 Interest expense 44,929 48,692 48,433 42,586 Net interest income 144,168 150,553 141,918 141,283 Provision for credit losses 4,996 5,417 5,033 5,867 Mortgage banking income 13,681 21,704 24,019 17,547 Securities losses, net (159 ) 109 116 109 Other noninterest income 17,701 17,982 18,089 19,586 Noninterest expense 89,425 100,195 96,134 96,900 Income taxes 17,328 17,529 17,010 12,473 (Dollars in thousands) 1st Quarter 2nd Quarter 3rd Quarter 4th Quarter Net income (1) 63,642 67,207 65,965 63,285 Per share data: Average shares outstanding (000s): Basic 101,895 101,774 101,432 101,250 Diluted 102,163 102,048 101,712 101,538 Net income per share: Basic $ 0.62 $ 0.66 $ 0.65 $ 0.62 Diluted $ 0.62 $ 0.66 $ 0.65 $ 0.62 Dividends per share $ 0.34 $ 0.34 $ 0.34 $ 0.35 (1) For further information, see the related discussion “Quarterly Results” included in Management’s Discussion and Analysis. |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies - 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 | 12 Months Ended | |||||||||
Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Earnings Per Share [Abstract] | |||||||||||
Distributed earnings allocated to common stock | $ 171,403 | $ 139,167 | $ 141,336 | ||||||||
Undistributed earnings allocated to common stock | 116,879 | 120,337 | 114,542 | ||||||||
Net earnings allocated to common shareholders | $ 288,282 | $ 259,504 | $ 255,878 | ||||||||
Average common shares outstanding | 129,372,000 | 129,373,000 | 119,824,000 | 101,295,000 | 101,250,000 | 101,432,000 | 101,774,000 | 101,895,000 | 120,017,247 | 101,585,599 | 104,015,976 |
Dilutive effect of stock compensation | 72,985 | 266,978 | 282,849 | ||||||||
Average diluted shares outstanding | 129,479,000 | 129,455,000 | 119,888,000 | 101,399,000 | 101,538,000 | 101,712,000 | 102,048,000 | 102,163,000 | 120,090,232 | 101,852,577 | 104,298,825 |
Earnings per basic common share | $ 0.71 | $ 0.80 | $ 0.44 | $ 0.40 | $ 0.62 | $ 0.65 | $ 0.66 | $ 0.62 | $ 2.40 | $ 2.55 | $ 2.46 |
Earnings per diluted common share | $ 0.71 | $ 0.80 | $ 0.44 | $ 0.40 | $ 0.62 | $ 0.65 | $ 0.66 | $ 0.62 | $ 2.40 | $ 2.55 | $ 2.45 |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies - Additional Information (Detail) | Jan. 01, 2019USD ($) | Aug. 31, 2017USD ($) | Mar. 31, 2018USD ($) | Dec. 31, 2020USD ($)Region | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | Jan. 01, 2020USD ($) |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||
Number Of Metropolitan Statistical Areas | Region | 5 | ||||||
Loan fees net of costs amortized and included in interest income | $ 76,064,000 | $ 39,026,000 | $ 44,547,000 | ||||
Minimum days, related to accrual of interest on discontinued commercial and consumer loans | 90 days | ||||||
Maximum days, related to accrual of interest on discontinued commercial and consumer loans | 120 days | ||||||
Sustained period of repayment performance in restructured loans | 6 months | ||||||
Real estate acquired in foreclosure or other settlement of loans | $ 22,595,000 | 15,515,000 | |||||
Recorded investment of consumer mortgage loans | 0 | 890,000 | |||||
Advertising Expense | 5,611,000 | 5,082,000 | 4,643,000 | ||||
Amortization expense on intangible assets | 6,605,000 | 7,016,000 | 8,039,000 | ||||
Total goodwill | 1,796,848,000 | 1,478,014,000 | |||||
Stock based compensation expense | 5,980,000 | 4,914,000 | 4,073,000 | ||||
Held-to-maturity securities, transferred security, at carrying value | 0 | 11,544,000 | 0 | ||||
Allowances for credit losses on securities held to maturity | 23,000 | ||||||
Allowance for credit losses on securities held for sale | 0 | ||||||
Allowance for credit loss on accrued interest receivable | 250,000 | ||||||
Allowance for loan and lease losses | 235,830,000 | 77,057,000 | $ 76,703,000 | ||||
Cumulative impact on retained earnings | $ 1,205,395,000 | 1,132,579,000 | |||||
Loan Modification Terms Due To Covid-19 Pandemic [Member] | |||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||
Number of days for which the loan receivable is overdue | 30 days | ||||||
End date of moratorium period for loan repayment | Jan. 1, 2022 | ||||||
Moratorium period for loan repayment | 60 days | ||||||
Accounting Standards Update 2018-02 [Member] | |||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||
Reclass due to adopting Accounting Standard Update | $ 6,353,000 | ||||||
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 | $ 11,544,000 | ||||||
Decrease in AOCI due to transfer of held to maturity securities | $ (1,098,000) | ||||||
Accounting Standards Update 2018-10 [Member] | |||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||
Net lease assets | $ 67,040,000 | ||||||
Net lease liabilities | 70,692,000 | ||||||
Effect on retained earnings | $ 1,049,000 | ||||||
Accounting Standards Update 2016-13 [Member] | |||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||
Allowance for loan and lease losses | $ 52,321,000 | $ 57,442,000 | |||||
Cumulative impact on retained earnings | $ 44,331,000 | ||||||
Transition period for phasing to retained earnings | 5 years | ||||||
Accounting Standards Update 2016-13 [Member] | Trasnition Period One | |||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||
Transition period for phasing to retained earnings | 2 years | ||||||
Accounting Standards Update 2016-13 [Member] | Trasnition Period Two | |||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||
Transition period for phasing to retained earnings | 3 years | ||||||
Minimum [Member] | Core Deposit Intangible Assets [Member] | |||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||
Intangible assets amortization period | 1 year | ||||||
Maximum [Member] | Core Deposit Intangible Assets [Member] | |||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||
Intangible assets amortization period | 10 years | ||||||
Furniture, Fixtures and Equipment [Member] | Minimum [Member] | |||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||
Bank premises and equipment, useful life | 3 years | ||||||
Furniture, Fixtures and Equipment [Member] | Maximum [Member] | |||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||
Bank premises and equipment, useful life | 15 years | ||||||
Buildings and Improvements [Member] | Minimum [Member] | |||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||
Bank premises and equipment, useful life | 5 years | ||||||
Buildings and Improvements [Member] | Maximum [Member] | |||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||
Bank premises and equipment, useful life | 40 years |
Mergers and Acquisitions - Addi
Mergers and Acquisitions - Additional Information (Detail) $ / shares in Units, $ in Thousands | May 01, 2020USD ($)$ / sharesshares | Nov. 17, 2019$ / shares | Jun. 30, 2020USD ($) | Dec. 31, 2020USD ($)$ / shares | Dec. 31, 2019USD ($)$ / shares | Dec. 31, 2018USD ($) |
Business Acquisition [Line Items] | ||||||
Par value of Share | $ / shares | $ 2.50 | $ 2.50 | ||||
Loans at consummation | $ 17,622,583 | $ 13,713,548 | ||||
Business acquisition costs | 54,240 | 589 | ||||
Business combination intangible assets acquired goodwill | 318,834 | |||||
Business acquisition allowances for loans and lease losses including reserve for unfunded commitments for assets with credit deterioration | 18,635 | 0 | $ 0 | |||
Loans and leases net of unearned income | $ 17,591,413 | $ 13,712,129 | ||||
Carolina Financial [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Conversion of Option to acquire common stock exchange ratio | 1.13 | |||||
Conversion of stock award to acquire common stock exchange ratio | 1.13 | |||||
Business Acquisition, Share Price | $ / shares | $ 29.11 | |||||
Loans at consummation | $ 3,292,635 | |||||
Deposits at consummation | 3,873,183 | |||||
Business combination aggregate purchase consideration | 817,877 | |||||
Business combination purchase consideration equity shares issued or issuable value | 815,997 | |||||
Business combination stock options issued | $ 1,833 | |||||
Business combination number of shares issued | shares | 28,031,501 | |||||
Business combination cash consideration | $ 47 | |||||
Business combination intangible assets acquired goodwill | 318,834 | |||||
Business combination intangible assets acquired other than goodwill core deposit intangibles finite lived | 3,408 | |||||
Business combination intangible assets acquired other than goodwill indefinite lived | 196 | |||||
Business combination expected tax deductible goodwill | 0 | |||||
Business acquisition loans purchase deterioration credit loans acquired discount due to diiferences in purchase consideration | $ 7,212 | |||||
Business acquisition weighted average remaining useful life of purchase credit deterioration of loans | 4 years 7 months 6 days | |||||
Business acquisition weighted average remaining useful life of non purchase credit deterioration of loans | 7 years 3 months 18 days | |||||
Business acquisition revenue of the acquiree included in the total revenue since the date of acquisition | $ 158,413 | |||||
Business acquisition net income of the acquiree included in the total revenue since the date of acquisition | $ 82,829 | |||||
Business acquisition, percentage of voting interests acquired | 100.00% | |||||
Loans and leases net of unearned income | $ 5,005,012 | |||||
Carolina Financial [Member] | Including Unfunded Commitements [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Business acquisition allowances for loans and lease losses including reserve for unfunded commitments | 50,562 | |||||
Business acquisition allowances for loans and lease losses including reserve for unfunded commitments for assets with credit deterioration | 19,797 | |||||
Carolina Financial [Member] | Securities Investment [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Business combination fair value adjustment to purchase consideration | 620 | |||||
Carolina Financial [Member] | Loans And Leases [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Business combination fair value adjustment to purchase consideration | 47,425 | |||||
Business acquisition loans purchase deterioration credit loans acquired discount due to diiferences in purchase consideration | 7,212 | |||||
Business acquisition allowances for loans and lease losses including reserve for unfunded commitments for assets with credit deterioration | 18,635 | |||||
Carolina Financial [Member] | Financial Asset, Other than Financial Asset Acquired with Credit Deterioration [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Business acquisition increase in expected credit losses | 28,948 | |||||
Carolina Financial [Member] | Financial Asset, Other than Financial Asset Acquired with Credit Deterioration [Member] | Including Unfunded Commitements [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Business acquisition allowances for loans and lease losses including reserve for unfunded commitments | 30,765 | |||||
Carolina Financial [Member] | Financial Asset, Other than Financial Asset Acquired with Credit Deterioration [Member] | Loans And Leases [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Business combination loans and leases receivable without purchased credit deterioration gross | 40,213 | |||||
Carolina Financial [Member] | Interest-bearing Deposits [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Business combination fair value adjustment to purchase consideration | 12,818 | |||||
Business combination interest bearing deposits acquired remaining term on the premium paid | 4 years 7 months 6 days | |||||
Carolina Financial [Member] | Building [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Business combination fair value adjustment to purchase consideration | 5,908 | |||||
Business combination finite lived tangible assets remaining useful life on premium paid | 31 years | |||||
Carolina Financial [Member] | Other Real Estate Owned [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Business combination fair value adjustment to purchase consideration | 272 | |||||
Carolina Financial [Member] | Land [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Business combination fair value adjustment to purchase consideration | 4,357 | |||||
Carolina Financial [Member] | Trust Preferred Securities Subject to Mandatory Redemption [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Business combination fair value adjustment to purchase consideration | 4,831 | |||||
Business combination unamortized discount on trust preferred securities | 16 years 3 months | |||||
Carolina Financial [Member] | Subordinated Debt [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Business combination fair value adjustment to purchase consideration | 135 | |||||
Business combination unamortized discount on debt useful life | 6 years | |||||
Carolina Financial [Member] | Federal Home Loan Bank Advances [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Business combination fair value adjustment to purchase consideration | $ 468 | |||||
Carolina Financial [Member] | Common Stock [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Stock issued during period merger conversion ratio | 1.13 | |||||
Par value of Share | $ / shares | $ 2.50 | |||||
Series of Individually Immaterial Business Acquisitions [Member] | Common Stock [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Business Acquisition, Share Price | $ / shares | $ 28.99 |
Mergers and Acquisitions - Summ
Mergers and Acquisitions - Summary of Reconciliation of Difference Between Purchase Price and Par Value of Purchase Credit Loans Acquired (Detail) - USD ($) $ in Thousands | May 01, 2020 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Disclosure Detail of Reconciliation of Difference Between Purchase Price and Par Value of Purchase Credit Loans Acquired [Line Items] | ||||
Allowance for credit losses at acquisition | $ 18,635 | $ 0 | $ 0 | |
Carolina Financial [Member] | ||||
Disclosure Detail of Reconciliation of Difference Between Purchase Price and Par Value of Purchase Credit Loans Acquired [Line Items] | ||||
Non-credit discount at acquisition | $ 7,212 | |||
Carolina Financial [Member] | Loans And Leases [Member] | ||||
Disclosure Detail of Reconciliation of Difference Between Purchase Price and Par Value of Purchase Credit Loans Acquired [Line Items] | ||||
Purchase price of PCD loans and leases at acquisition | 1,023,531 | |||
Allowance for credit losses at acquisition | 18,635 | |||
Non-credit discount at acquisition | 7,212 | |||
Par value (UPB) of acquired PCD loans and leases at acquisition | $ 1,049,378 |
Mergers and Acquisitions - Su_2
Mergers and Acquisitions - Summary of Business Acquisitions, by Acquisition (Detail) - USD ($) $ in Thousands | May 01, 2020 | Dec. 31, 2020 | Dec. 31, 2019 |
Identifiable liabilities: | |||
Preliminary resulting goodwill | $ 1,796,848 | $ 1,478,014 | |
Carolina Financial [Member] | |||
Purchase price: | |||
Value of common shares issued | $ 815,997 | ||
Fair value of stock options assumed | 1,833 | ||
Cash for fractional shares | 47 | ||
Total purchase price | 817,877 | ||
Identifiable assets: | |||
Cash and cash equivalents | 629,154 | ||
Investment securities | 580,791 | ||
Loans held for sale | 65,757 | ||
Net loans and leases | 3,246,940 | ||
Premises and equipment | 79,127 | ||
Operating lease right-of-use asset | 9,861 | ||
Crescent trade name intangible | 196 | ||
Core deposit intangible | 3,408 | ||
Mortgage servicing rights | 20,123 | ||
Other assets | 166,408 | ||
Total identifiable assets | 4,801,765 | ||
Identifiable liabilities: | |||
Deposits | 3,884,977 | ||
Short-term borrowings | 332,000 | ||
Long-term borrowings | 42,738 | ||
Operating lease liability | 9,861 | ||
Other liabilities | 33,146 | ||
Total identifiable liabilities | 4,302,722 | ||
Preliminary fair value of net assets acquired including identifiable intangible assets | 499,043 | ||
Preliminary resulting goodwill | $ 318,834 |
Mergers and Acquisitions - Su_3
Mergers and Acquisitions - Summary of Business Acquisitions, by Acquisition (Parenthetical) (Detail) | May 01, 2020shares |
Carolina Financial [Member] | |
Business Acquisition [Line Items] | |
Business combination shares issued during the year | 28,031,501 |
Mergers and Acquisitions - Su_4
Mergers and Acquisitions - Summary Of Operating Cost Savings And Other Business Synergies (Detail) - Carolina Financial [Member] - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Business Acquisition Proforma Information [Line Items] | ||
Total Revenues | $ 1,095,981 | $ 938,477 |
Net Income | $ 269,032 | $ 343,444 |
Investment Securities - Summary
Investment Securities - Summary of Amortized Cost and Estimated Fair Values of Available for Sale Securities (Detail) - USD ($) | Dec. 31, 2020 | Dec. 31, 2019 |
Schedule of Investments [Line Items] | ||
Amortized Cost | $ 2,868,346,000 | $ 2,426,924,000 |
Gross Unrealized Gains | 91,172,000 | 28,912,000 |
Gross Unrealized Losses | 6,159,000 | 18,540,000 |
Allowance For Credit Losses | 0 | |
Estimated Fair Value | 2,953,359,000 | 2,437,296,000 |
Cumulative OTTI in AOCI | 928,000 | |
U.S. Treasury Securities and Obligations of U.S. Government Corporations and Agencies [Member] | ||
Schedule of Investments [Line Items] | ||
Amortized Cost | 65,804,000 | 58,127,000 |
Gross Unrealized Gains | 543,000 | 555,000 |
Gross Unrealized Losses | 3,000 | 6,000 |
Allowance For Credit Losses | 0 | |
Estimated Fair Value | 66,344,000 | 58,676,000 |
Cumulative OTTI in AOCI | 0 | |
State and Political Subdivisions [Member] | ||
Schedule of Investments [Line Items] | ||
Amortized Cost | 538,082,000 | 272,014,000 |
Gross Unrealized Gains | 27,330,000 | 3,644,000 |
Gross Unrealized Losses | 252,000 | 3,296,000 |
Allowance For Credit Losses | 0 | |
Estimated Fair Value | 565,160,000 | 272,362,000 |
Cumulative OTTI in AOCI | 0 | |
Residential Mortgage-Backed Securities [Member] | ||
Schedule of Investments [Line Items] | ||
Amortized Cost | 905,230,000 | 826,857,000 |
Gross Unrealized Gains | 24,134,000 | 10,923,000 |
Gross Unrealized Losses | 473,000 | 1,246,000 |
Allowance For Credit Losses | 0 | |
Estimated Fair Value | 928,891,000 | 836,534,000 |
Cumulative OTTI in AOCI | 0 | |
Residential Mortgage-Backed Securities, Non-agency [Member] | ||
Schedule of Investments [Line Items] | ||
Amortized Cost | 21,639,000 | 3,429,000 |
Gross Unrealized Gains | 137,000 | 404,000 |
Gross Unrealized Losses | 0 | 0 |
Allowance For Credit Losses | 0 | |
Estimated Fair Value | 21,776,000 | 3,833,000 |
Cumulative OTTI in AOCI | 86,000 | |
Commercial Mortgage-Backed Securities [Member] | ||
Schedule of Investments [Line Items] | ||
Amortized Cost | 644,774,000 | 609,461,000 |
Gross Unrealized Gains | 31,009,000 | 8,319,000 |
Gross Unrealized Losses | 638,000 | 2,807,000 |
Allowance For Credit Losses | 0 | |
Estimated Fair Value | 675,145,000 | 614,973,000 |
Cumulative OTTI in AOCI | 0 | |
Asset-backed Securities [Member] | ||
Schedule of Investments [Line Items] | ||
Amortized Cost | 297,834,000 | 284,390,000 |
Gross Unrealized Gains | 204,000 | 0 |
Gross Unrealized Losses | 3,415,000 | 8,251,000 |
Allowance For Credit Losses | 0 | |
Estimated Fair Value | 294,623,000 | 276,139,000 |
Cumulative OTTI in AOCI | 0 | |
Trust Preferred Collateralized Debt Obligations [Member] | ||
Schedule of Investments [Line Items] | ||
Amortized Cost | 6,045,000 | |
Gross Unrealized Gains | 0 | |
Gross Unrealized Losses | 1,342,000 | |
Estimated Fair Value | 4,703,000 | |
Cumulative OTTI in AOCI | 842,000 | |
Single Issue Trust Preferred Securities [Member] | ||
Schedule of Investments [Line Items] | ||
Amortized Cost | 18,230,000 | 18,196,000 |
Gross Unrealized Gains | 167,000 | 170,000 |
Gross Unrealized Losses | 1,370,000 | 1,592,000 |
Allowance For Credit Losses | 0 | |
Estimated Fair Value | 17,027,000 | 16,774,000 |
Cumulative OTTI in AOCI | 0 | |
Corporate Bonds [Member] | ||
Schedule of Investments [Line Items] | ||
Amortized Cost | 376,753,000 | 348,405,000 |
Gross Unrealized Gains | 7,648,000 | 4,897,000 |
Gross Unrealized Losses | 8,000 | 0 |
Allowance For Credit Losses | 0 | |
Estimated Fair Value | $ 384,393,000 | 353,302,000 |
Cumulative OTTI in AOCI | $ 0 |
Investment Securities - Summa_2
Investment Securities - Summary of Securities Available for Sale in an Unrealized Loss Position (Detail) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Schedule of Investments [Line Items] | ||
Less than 12 months, Fair Value | $ 253,780 | $ 564,710 |
Less than 12 months, Unrealized Losses | 1,368 | 10,569 |
12 months or longer, Fair Value | 283,775 | 274,399 |
12 months or longer, Unrealized Losses | 4,791 | 7,971 |
Total, Fair Value | 537,555 | 839,109 |
Total, Unrealized Losses | 6,159 | 18,540 |
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 | 297 | 1,415 |
Less than 12 months, Unrealized Losses | 3 | 6 |
12 months or longer, Fair Value | 0 | 0 |
12 months or longer, Unrealized Losses | 0 | 0 |
Total, Fair Value | 297 | 1,415 |
Total, Unrealized Losses | 3 | 6 |
State and Political Subdivisions [Member] | ||
Schedule of Investments [Line Items] | ||
Less than 12 months, Fair Value | 30,480 | 144,307 |
Less than 12 months, Unrealized Losses | 252 | 3,291 |
12 months or longer, Fair Value | 0 | 885 |
12 months or longer, Unrealized Losses | 0 | 5 |
Total, Fair Value | 30,480 | 145,192 |
Total, Unrealized Losses | 252 | 3,296 |
Residential Mortgage-Backed Securities [Member] | ||
Schedule of Investments [Line Items] | ||
Less than 12 months, Fair Value | 131,114 | 108,072 |
Less than 12 months, Unrealized Losses | 467 | 502 |
12 months or longer, Fair Value | 3,867 | 71,736 |
12 months or longer, Unrealized Losses | 6 | 744 |
Total, Fair Value | 134,981 | 179,808 |
Total, Unrealized Losses | 473 | 1,246 |
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 |
Total, Fair Value | 0 | 0 |
Total, Unrealized Losses | 0 | 0 |
Commercial Mortgage-Backed Securities [Member] | ||
Schedule of Investments [Line Items] | ||
Less than 12 months, Fair Value | 83,395 | 173,039 |
Less than 12 months, Unrealized Losses | 638 | 2,676 |
12 months or longer, Fair Value | 0 | 45,251 |
12 months or longer, Unrealized Losses | 0 | 131 |
Total, Fair Value | 83,395 | 218,290 |
Total, Unrealized Losses | 638 | 2,807 |
Asset-backed Securities [Member] | ||
Schedule of Investments [Line Items] | ||
Less than 12 months, Fair Value | 0 | 135,174 |
Less than 12 months, Unrealized Losses | 0 | 3,252 |
12 months or longer, Fair Value | 266,104 | 140,965 |
12 months or longer, Unrealized Losses | 3,415 | 4,999 |
Total, Fair Value | 266,104 | 276,139 |
Total, Unrealized Losses | 3,415 | 8,251 |
Trust Preferred Collateralized Debt Obligations [Member] | ||
Schedule of Investments [Line Items] | ||
Less than 12 months, Fair Value | 0 | 2,703 |
Less than 12 months, Unrealized Losses | 0 | 842 |
12 months or longer, Fair Value | 0 | 2,000 |
12 months or longer, Unrealized Losses | 0 | 500 |
Total, Fair Value | 0 | 4,703 |
Total, Unrealized Losses | 0 | 1,342 |
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 | 13,804 | 13,562 |
12 months or longer, Unrealized Losses | 1,370 | 1,592 |
Total, Fair Value | 13,804 | 13,562 |
Total, Unrealized Losses | 1,370 | 1,592 |
Corporate Bonds [Member] | ||
Schedule of Investments [Line Items] | ||
Less than 12 months, Fair Value | 8,494 | 0 |
Less than 12 months, Unrealized Losses | 8 | 0 |
12 months or longer, Fair Value | 0 | 0 |
12 months or longer, Unrealized Losses | 0 | 0 |
Total, Fair Value | 8,494 | 0 |
Total, Unrealized Losses | $ 8 | $ 0 |
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 | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Investments, Debt and Equity Securities [Abstract] | |||
Proceeds from maturities, sales and calls | $ 708,068 | $ 712,557 | $ 441,956 |
Gross realized gains | 4,618 | 1,542 | 1,594 |
Gross realized losses | $ 2,116 | $ 1,445 | $ 2,364 |
Investment Securities - Additio
Investment Securities - Additional Information (Detail) | 12 Months Ended | ||
Dec. 31, 2020USD ($)Securities | Dec. 31, 2019USD ($) | Sep. 30, 2020 | |
Schedule of Investments [Line Items] | |||
Gross unrealized losses on available for sale securities | $ 6,159,000 | $ 18,540,000 | |
Available for sale securities in unrealized loss position | Securities | 71 | ||
Available for sale securities in portfolio, number | Securities | 987 | ||
Amortized cost of available for sale securities | $ 2,868,346,000 | 2,426,924,000 | |
Capitalization of banks, equal to or greater than, in the single-issue trust preferred portfolio | 10,000,000,000 | ||
Equity securities at estimated fair value | 10,718,000 | 8,894,000 | |
Carrying value of securities pledged | $ 1,942,087,000 | 1,540,717,000 | |
Percentage Of Guarantee Repayment By Government | 97.00% | ||
Held-to-maturity securities amortized cost | $ 1,212,000 | 1,446,000 | |
Held-to-maturity securities estimated fair value | 1,212,000 | 1,447,000 | |
Accrued interest receivable | $ 10,663,000 | 9,890,000 | |
Federal Family Education Loan Program [Member] | Fitch, AA+ Rating [Member] | |||
Schedule of Investments [Line Items] | |||
Percentage of asset backed securities with credit rating | 93.00% | ||
Credit rating of asset backed securities | AA+ | ||
Percentage of asset backed securities without credit rating | 7.00% | ||
Minimum [Member] | Federal Family Education Loan Program [Member] | Fitch, AA+ Rating [Member] | |||
Schedule of Investments [Line Items] | |||
Percentage of repayment guaranteed by the government | 97.00% | ||
Investment Grade [Member] | |||
Schedule of Investments [Line Items] | |||
Amortized cost of available for sale single issue trust preferred securities | $ 11,503,000 | ||
Split Rated Bonds Investment Grade [Member] | |||
Schedule of Investments [Line Items] | |||
Amortized cost of available for sale single issue trust preferred securities | 978,000 | ||
Unrated Bonds Investment Grade [Member] | |||
Schedule of Investments [Line Items] | |||
Amortized cost of available for sale single issue trust preferred securities | 5,749,000 | ||
State and Political Subdivisions [Member] | |||
Schedule of Investments [Line Items] | |||
Gross unrealized losses on available for sale securities | 252,000 | 3,296,000 | |
Amortized cost of available for sale securities | $ 538,082,000 | 272,014,000 | |
Percent of portfolio with credit support | 60.00% | ||
Agency Mortgage Backed Securities [Member] | |||
Schedule of Investments [Line Items] | |||
Amortized cost of available for sale securities | $ 1,550,004,000 | ||
Commercial Mortgage-Backed Securities [Member] | |||
Schedule of Investments [Line Items] | |||
Gross unrealized losses on available for sale securities | 638,000 | 2,807,000 | |
Amortized cost of available for sale securities | 644,774,000 | 609,461,000 | |
Residential Mortgage-Backed Securities [Member] | |||
Schedule of Investments [Line Items] | |||
Gross unrealized losses on available for sale securities | 473,000 | 1,246,000 | |
Amortized cost of available for sale securities | 905,230,000 | 826,857,000 | |
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 | 21,639,000 | 3,429,000 | |
Other-than-temporary Impairment Loss, Debt Securities, Available-for-sale, Recognized in Earnings | $ 0 | ||
Percentage of available for sale securities at amortized cost unrated | 6.00% | ||
Residential Mortgage-Backed Securities, Non-agency [Member] | AAA [Member] | |||
Schedule of Investments [Line Items] | |||
Percentage of available for sale securities at amortized cost rated | 94.00% | ||
Corporate Bonds [Member] | |||
Schedule of Investments [Line Items] | |||
Gross unrealized losses on available for sale securities | $ 8,000 | 0 | |
Amortized cost of available for sale securities | $ 376,753,000 | 348,405,000 | |
Corporate Bonds [Member] | Investment Grade [Member] | |||
Schedule of Investments [Line Items] | |||
Percent of corporate securities portfolio | 86.00% | ||
Corporate Bonds [Member] | Unrated Bonds Investment Grade [Member] | |||
Schedule of Investments [Line Items] | |||
Percent of corporate securities portfolio | 14.00% | ||
Mortgage Backed Securities [Member] | |||
Schedule of Investments [Line Items] | |||
Net unrealized gains | $ 54,169,000 | 15,593,000 | |
Held-to-maturity securities amortized cost | 1,571,643,000 | ||
Held-to-maturity securities estimated fair value | 1,625,812,000 | ||
U.S. Treasury Securities and Obligations of U.S. Government Corporations and Agencies [Member] | |||
Schedule of Investments [Line Items] | |||
Gross unrealized losses on available for sale securities | 3,000 | 6,000 | |
Amortized cost of available for sale securities | $ 65,804,000 | 58,127,000 | |
Aggregate book value percentage of securities to shareholders' equity | 10.00% | ||
Asset-backed Securities [Member] | |||
Schedule of Investments [Line Items] | |||
Gross unrealized losses on available for sale securities | $ 3,415,000 | 8,251,000 | |
Amortized cost of available for sale securities | 297,834,000 | $ 284,390,000 | |
Asset-backed Securities [Member] | Federal Family Education Loan Program [Member] | Fitch, AA+ Rating [Member] | |||
Schedule of Investments [Line Items] | |||
Impairment of investment in asset backed securities | $ 0 |
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 | Dec. 31, 2020 | Dec. 31, 2019 |
Investments, Debt and Equity Securities [Abstract] | ||
Due in one year or less, Amortized Cost | $ 150,575 | |
Due after one year through five years, Amortized Cost | 495,922 | |
Due after five years through ten years, Amortized Cost | 688,264 | |
Due after ten years, Amortized Cost | 1,533,585 | |
Amortized Cost | 2,868,346 | $ 2,426,924 |
Due in one year or less, Estimated Fair Value | 151,651 | |
Due after one year through five years, Estimated Fair Value | 514,441 | |
Due after five years through ten years, Estimated Fair Value | 714,416 | |
Due after ten years, Estimated Fair Value | 1,572,851 | |
Total available for sale securities | $ 2,953,359 | $ 2,437,296 |
Investment Securities - Summa_5
Investment Securities - Summary of Equity Securities (Detail) - Marketable Equity Securities [Member] - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Debt Securities, Available-for-sale [Line Items] | ||
Net gains recognized during the period | $ 651 | $ 276 |
Net gains recognized during the period on equity securities sold | 579 | 133 |
Unrealized gains recognized during the period on equity securities still held at period end | 147 | 177 |
Unrealized losses recognized during the period on equity securities still held at period end | $ (75) | $ (34) |
Investment Securities - Maturit
Investment Securities - Maturities and Weighted-Average Yields of Securities (Detail) $ in Thousands | Dec. 31, 2020USD ($) |
U.S. Treasury Securities and Obligations of U.S. Government Corporations and Agencies [Member] | |
Schedule of Held-to-maturity Securities [Line Items] | |
Securities matured Within 1 Year, Amount | $ 49,994 |
Weighted-average Within 1 Year, Yield | 2.42% |
Securities matured After 1 But Within 5 Years, Amount | $ 2,103 |
Weighted-average After 1 But Within 5 Years, Yield | 1.25% |
Securities matured After 5 But Within 10 Years, Amount | $ 13,707 |
Weighted-average After 5 But Within 10 Years, Yield | 1.91% |
Securities matured After 10 Years, Amount | $ 0 |
Weighted-average After 10 Years, Yield | 0.00% |
State and Political Subdivisions [Member] | |
Schedule of Held-to-maturity Securities [Line Items] | |
Securities matured Within 1 Year, Amount | $ 1,545 |
Weighted-average Within 1 Year, Yield | 4.23% |
Securities matured After 1 But Within 5 Years, Amount | $ 14,011 |
Weighted-average After 1 But Within 5 Years, Yield | 2.58% |
Securities matured After 5 But Within 10 Years, Amount | $ 109,611 |
Weighted-average After 5 But Within 10 Years, Yield | 2.74% |
Securities matured After 10 Years, Amount | $ 414,129 |
Weighted-average After 10 Years, Yield | 2.70% |
Residential Mortgage-Backed Securities [Member] | |
Schedule of Held-to-maturity Securities [Line Items] | |
Securities matured Within 1 Year, Amount | $ 0 |
Weighted-average Within 1 Year, Yield | 0.00% |
Securities matured After 1 But Within 5 Years, Amount | $ 13,448 |
Weighted-average After 1 But Within 5 Years, Yield | 2.33% |
Securities matured After 5 But Within 10 Years, Amount | $ 169,612 |
Weighted-average After 5 But Within 10 Years, Yield | 2.39% |
Securities matured After 10 Years, Amount | $ 722,170 |
Weighted-average After 10 Years, Yield | 1.94% |
Residential Mortgage-Backed Securities, Non-agency [Member] | |
Schedule of Held-to-maturity Securities [Line Items] | |
Securities matured Within 1 Year, Amount | $ 0 |
Weighted-average Within 1 Year, Yield | 0.00% |
Securities matured After 1 But Within 5 Years, Amount | $ 0 |
Weighted-average After 1 But Within 5 Years, Yield | 0.00% |
Securities matured After 5 But Within 10 Years, Amount | $ 0 |
Weighted-average After 5 But Within 10 Years, Yield | 0.00% |
Securities matured After 10 Years, Amount | $ 21,639 |
Weighted-average After 10 Years, Yield | 3.01% |
Commercial Mortgage-backed Agency [Member] | |
Schedule of Held-to-maturity Securities [Line Items] | |
Securities matured Within 1 Year, Amount | $ 41,103 |
Weighted-average Within 1 Year, Yield | 2.40% |
Securities matured After 1 But Within 5 Years, Amount | $ 250,340 |
Weighted-average After 1 But Within 5 Years, Yield | 2.65% |
Securities matured After 5 But Within 10 Years, Amount | $ 289,452 |
Weighted-average After 5 But Within 10 Years, Yield | 1.78% |
Securities matured After 10 Years, Amount | $ 63,879 |
Weighted-average After 10 Years, Yield | 2.52% |
Asset-backed Securities [Member] | |
Schedule of Held-to-maturity Securities [Line Items] | |
Securities matured Within 1 Year, Amount | $ 0 |
Weighted-average Within 1 Year, Yield | 0.00% |
Securities matured After 1 But Within 5 Years, Amount | $ 0 |
Weighted-average After 1 But Within 5 Years, Yield | 0.00% |
Securities matured After 5 But Within 10 Years, Amount | $ 0 |
Weighted-average After 5 But Within 10 Years, Yield | 0.00% |
Securities matured After 10 Years, Amount | $ 297,834 |
Weighted-average After 10 Years, Yield | 0.89% |
Single Issue Trust Preferred Securities [Member] | |
Schedule of Held-to-maturity Securities [Line Items] | |
Securities matured Within 1 Year, Amount | $ 0 |
Weighted-average Within 1 Year, Yield | 0.00% |
Securities matured After 1 But Within 5 Years, Amount | $ 0 |
Weighted-average After 1 But Within 5 Years, Yield | 0.00% |
Securities matured After 5 But Within 10 Years, Amount | $ 10,503 |
Weighted-average After 5 But Within 10 Years, Yield | 3.51% |
Securities matured After 10 Years, Amount | $ 7,727 |
Weighted-average After 10 Years, Yield | 2.48% |
Corporate Bonds [Member] | |
Schedule of Held-to-maturity Securities [Line Items] | |
Securities matured Within 1 Year, Amount | $ 58,148 |
Weighted-average Within 1 Year, Yield | 2.64% |
Securities matured After 1 But Within 5 Years, Amount | $ 216,020 |
Weighted-average After 1 But Within 5 Years, Yield | 1.85% |
Securities matured After 5 But Within 10 Years, Amount | $ 96,378 |
Weighted-average After 5 But Within 10 Years, Yield | 3.64% |
Securities matured After 10 Years, Amount | $ 6,227 |
Weighted-average After 10 Years, Yield | 0.01% |
Equity Securities [Member] | |
Schedule of Held-to-maturity Securities [Line Items] | |
Securities matured Within 1 Year, Amount | $ 0 |
Weighted-average Within 1 Year, Yield | 0.00% |
Securities matured After 1 But Within 5 Years, Amount | $ 0 |
Weighted-average After 1 But Within 5 Years, Yield | 0.00% |
Securities matured After 5 But Within 10 Years, Amount | $ 0 |
Weighted-average After 5 But Within 10 Years, Yield | 0.00% |
Securities matured After 10 Years, Amount | $ 10,718 |
Weighted-average After 10 Years, Yield | 1.03% |
Other Investment Securities [Member] | |
Schedule of Held-to-maturity Securities [Line Items] | |
Securities matured Within 1 Year, Amount | $ 0 |
Weighted-average Within 1 Year, Yield | 0.00% |
Securities matured After 1 But Within 5 Years, Amount | $ 100 |
Weighted-average After 1 But Within 5 Years, Yield | 2.55% |
Securities matured After 5 But Within 10 Years, Amount | $ 1,250 |
Weighted-average After 5 But Within 10 Years, Yield | 2.05% |
Securities matured After 10 Years, Amount | $ 219,545 |
Weighted-average After 10 Years, Yield | 1.57% |
Investment Securities - Matur_2
Investment Securities - Maturities and Weighted-Average Yields of Securities (Parenthetical) (Detail) | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Amortized Cost And Fair Value Debt Securities [Abstract] | |||
Tax on income before taxes at statutory federal rate, rate | 21.00% | 21.00% | 21.00% |
Loans and Leases - Major Classe
Loans and Leases - Major Classes of Loans And Leases (Detail) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Commercial, financial, and agricultural | ||
Total commercial, financial & agricultural | $ 10,694,832 | $ 7,452,649 |
Residential real estate | 3,899,885 | 3,686,401 |
Construction & land development | 1,826,349 | 1,408,205 |
Consumer: | ||
Bankcard | 8,937 | 10,074 |
Other consumer | 1,192,580 | 1,156,219 |
Less: Unearned income | (31,170) | (1,419) |
Total Loans and Leases, net of unearned income | 17,591,413 | 13,712,129 |
Owner-Occupied Commercial Real Estate [Member] | ||
Commercial, financial, and agricultural | ||
Total commercial, financial & agricultural | 1,622,687 | 1,201,652 |
Nonowner-Occupied Commercial Real Estate [Member] | ||
Commercial, financial, and agricultural | ||
Total commercial, financial & agricultural | 5,017,727 | 3,965,960 |
Other Commercial Loans And Leases [Member] | ||
Commercial, financial, and agricultural | ||
Total commercial, financial & agricultural | $ 4,054,418 | $ 2,285,037 |
Loans and Leases - Additional I
Loans and Leases - Additional Information (Detail) - USD ($) | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Loans held for sale | $ 718,937,000 | $ 387,514,000 |
unamortized loan fees | 91,562,000 | 71,542,000 |
Loans-in-process | 57,214,000 | 49,456,000 |
Overdrafts from deposit accounts | 42,193,000 | 22,219,000 |
Directors and Officers [Member] | ||
Related party loans | 35,756,000 | $ 38,558,000 |
Additional amount of loan | 3,855,000 | |
Repayment of Loan | $ 6,657,000 |
Credit Quality - Schedule of Tr
Credit Quality - Schedule of Troubled Debt Restructuring Loan Modification Based On Post Modification Outstanding Balance (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Disclosure Details Of Troubled Debt Restructuring Loan Modification Based On Post Modification Outstanding Balance [Line Items] | ||
Post-Modification Outstanding Recorded Investment | $ 29,106 | $ 10,940 |
Interest rate reduction | ||
Disclosure Details Of Troubled Debt Restructuring Loan Modification Based On Post Modification Outstanding Balance [Line Items] | ||
Post-Modification Outstanding Recorded Investment | 9,560 | 241 |
Interest rate reduction and change in terms | ||
Disclosure Details Of Troubled Debt Restructuring Loan Modification Based On Post Modification Outstanding Balance [Line Items] | ||
Post-Modification Outstanding Recorded Investment | 662 | 0 |
Forgiveness of principal | ||
Disclosure Details Of Troubled Debt Restructuring Loan Modification Based On Post Modification Outstanding Balance [Line Items] | ||
Post-Modification Outstanding Recorded Investment | 214 | 0 |
Concession of principal and term | ||
Disclosure Details Of Troubled Debt Restructuring Loan Modification Based On Post Modification Outstanding Balance [Line Items] | ||
Post-Modification Outstanding Recorded Investment | 22 | 0 |
Extended maturity | ||
Disclosure Details Of Troubled Debt Restructuring Loan Modification Based On Post Modification Outstanding Balance [Line Items] | ||
Post-Modification Outstanding Recorded Investment | 4,414 | 0 |
Change in terms | ||
Disclosure Details Of Troubled Debt Restructuring Loan Modification Based On Post Modification Outstanding Balance [Line Items] | ||
Post-Modification Outstanding Recorded Investment | $ 14,234 | $ 10,699 |
Credit Quality - Schedule of _2
Credit Quality - Schedule of Troubled Debt Restructurings, Segregated by Class of Loans (Detail) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020USD ($)Contract | Dec. 31, 2019USD ($)Contract | |
Financing Receivable, Modifications [Line Items] | ||
Number of Contracts | Contract | 87 | 11 |
Pre-Modification Outstanding Recorded Investment | $ 33,933 | $ 11,686 |
Post-Modification Outstanding Recorded Investment | $ 29,106 | $ 10,940 |
Construction & Land Development [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Number of Contracts | Contract | 13 | 3 |
Pre-Modification Outstanding Recorded Investment | $ 4,607 | $ 2,287 |
Post-Modification Outstanding Recorded Investment | $ 3,760 | $ 2,104 |
Commercial Real Estate [Member] | Owner-Occupied [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Number of Contracts | Contract | 21 | 2 |
Pre-Modification Outstanding Recorded Investment | $ 18,579 | $ 1,179 |
Post-Modification Outstanding Recorded Investment | $ 16,659 | $ 1,144 |
Commercial Real Estate [Member] | Nonowner-Occupied [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Number of Contracts | Contract | 7 | 0 |
Pre-Modification Outstanding Recorded Investment | $ 2,577 | $ 0 |
Post-Modification Outstanding Recorded Investment | $ 2,525 | $ 0 |
Other Commercial [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Number of Contracts | Contract | 21 | 3 |
Pre-Modification Outstanding Recorded Investment | $ 3,830 | $ 5,962 |
Post-Modification Outstanding Recorded Investment | $ 2,858 | $ 5,722 |
Residential Real Estate [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Number of Contracts | Contract | 22 | 3 |
Pre-Modification Outstanding Recorded Investment | $ 4,271 | $ 2,258 |
Post-Modification Outstanding Recorded Investment | $ 3,284 | $ 1,970 |
Consumer [Member] | Bankcard [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Number of Contracts | Contract | 0 | 0 |
Pre-Modification Outstanding Recorded Investment | $ 0 | $ 0 |
Post-Modification Outstanding Recorded Investment | $ 0 | $ 0 |
Consumer [Member] | Other Consumer [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Number of Contracts | Contract | 3 | 0 |
Pre-Modification Outstanding Recorded Investment | $ 69 | $ 0 |
Post-Modification Outstanding Recorded Investment | $ 20 | $ 0 |
Credit Quality - Schedule of Re
Credit Quality - Schedule of Reasons For Modification Troubled Debt Restructuring Loans (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Disclosure Details Of Troubled Debt Restructuring Loan Modification Based On Post Modification Outstanding Balance [Line Items] | ||
Troubled debt restructuring | $ 55,657 | $ 58,369 |
Interest rate reduction | ||
Disclosure Details Of Troubled Debt Restructuring Loan Modification Based On Post Modification Outstanding Balance [Line Items] | ||
Troubled debt restructuring | 10,774 | 1,685 |
Interest rate reduction and change in terms | ||
Disclosure Details Of Troubled Debt Restructuring Loan Modification Based On Post Modification Outstanding Balance [Line Items] | ||
Troubled debt restructuring | 2,346 | 1,733 |
Forgiveness of principal | ||
Disclosure Details Of Troubled Debt Restructuring Loan Modification Based On Post Modification Outstanding Balance [Line Items] | ||
Troubled debt restructuring | 214 | 0 |
Concession of principal and term | ||
Disclosure Details Of Troubled Debt Restructuring Loan Modification Based On Post Modification Outstanding Balance [Line Items] | ||
Troubled debt restructuring | 22 | 0 |
Extended maturity | ||
Disclosure Details Of Troubled Debt Restructuring Loan Modification Based On Post Modification Outstanding Balance [Line Items] | ||
Troubled debt restructuring | 4,414 | 0 |
Change in terms | ||
Disclosure Details Of Troubled Debt Restructuring Loan Modification Based On Post Modification Outstanding Balance [Line Items] | ||
Troubled debt restructuring | $ 37,887 | $ 54,951 |
Credit Quality - Additional Inf
Credit Quality - Additional Information (Detail) | 12 Months Ended | |
Dec. 31, 2020USD ($)Contract | Dec. 31, 2019USD ($)Contract | |
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 | $ 55,657,000 | $ 58,369,000 |
Restructured loans on nonaccrual status | $ 41,185,000,000 | $ 48,387,000,000 |
Minimum number of days required for special mention | 30 | |
Maximum number of days required for special mention | 89 | |
Number of days required for substandard | 90 days | |
Troubled debt restructurings post modification additional funds recorded investment | $ 31,000 | |
Payments under funding commitments | $ 215,000,000 | |
Description of Credit Risk Exposure | For United’s loans with a corporate credit exposure, United analyzes loans individually to classify the loans as to credit risk. Review and analysis of criticized (special mention-rated loans in the amount of $1,000,000 or greater) and classified (substandard-rated and worse in the amount of $500,000 and greater) loans is completed once per quarter. Review of notes with committed exposure of $2,000,000 or greater is completed at least annually. | |
No of eligible loan modifications received | Contract | 1 | 2 |
Temporary Relief from Troubled Debt Restructurings [Member] | Covid 19 [Member] | ||
No of eligible loan modifications received | 5,967 | |
Restructured loans modified by temporary relief from trouble debt restructurings amount during period | $ 3,178,740,000 | |
No of eligible loan modifications outstanding | 1,002 | |
Troubled debt restructuring | $ 399,857,000 | |
Financing Receivables 30 To 89 Days Past Due [Member] | ||
Restructured loans on nonaccrual status | $ 197,000,000 | $ 902,000,000 |
Financial Asset, 30 to 59 Days Past Due [Member] | ||
Financing receivable threshold period past due | 30 days | |
Financial Asset, 60 to 89 Days Past Due [Member] | ||
Financing receivable threshold period past due | 89 days |
Credit Quality - Schedule of Ch
Credit Quality - Schedule of Charged-off Troubled Debt Restructurings on Financing Receivables (Detail) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020USD ($)Contract | Dec. 31, 2019USD ($)Contract | |
Financing Receivable, Modifications [Line Items] | ||
Number of Contracts | Contract | 1 | 2 |
Recorded Investment | $ | $ 690 | $ 1,477 |
Construction & Land Development [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Number of Contracts | Contract | 1 | 0 |
Recorded Investment | $ | $ 690 | $ 0 |
Commercial Real Estate [Member] | Owner-Occupied [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Number of Contracts | Contract | 0 | 0 |
Recorded Investment | $ | $ 0 | $ 0 |
Commercial Real Estate [Member] | Nonowner-Occupied [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Number of Contracts | Contract | 0 | 0 |
Recorded Investment | $ | $ 0 | $ 0 |
Other Commercial [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Number of Contracts | Contract | 0 | 2 |
Recorded Investment | $ | $ 0 | $ 1,477 |
Residential Real Estate [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Number of Contracts | Contract | 0 | 0 |
Recorded Investment | $ | $ 0 | $ 0 |
Consumer [Member] | Bankcard [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Number of Contracts | Contract | 0 | 0 |
Recorded Investment | $ | $ 0 | $ 0 |
Consumer [Member] | Other Consumer [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Number of Contracts | Contract | 0 | 0 |
Recorded Investment | $ | $ 0 | $ 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 | Dec. 31, 2020 | Dec. 31, 2019 | |
Disclosure Details Of Troubled Debt Restructuring Loan Modification Based On Post Modification Outstanding Balance [Line Items] | |||
Loans, 30-89 Days Past Due | $ 74,978 | $ 65,816 | |
Loans, Total Past Due | 192,713 | 186,906 | |
Loans, Current & Other | 17,429,870 | 13,526,642 | [1] |
Total Financing Receivables | 17,622,583 | 13,713,548 | |
Loans, Recorded Investment >90 Days & Accruing | 13,832 | 9,494 | |
Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | |||
Disclosure Details Of Troubled Debt Restructuring Loan Modification Based On Post Modification Outstanding Balance [Line Items] | |||
Loans, Total Past Due | 117,735 | 121,090 | |
Construction & Land Development [Member] | |||
Disclosure Details Of Troubled Debt Restructuring Loan Modification Based On Post Modification Outstanding Balance [Line Items] | |||
Loans, 30-89 Days Past Due | 1,919 | 2,219 | |
Loans, Total Past Due | 7,804 | 18,262 | |
Loans, Current & Other | 1,818,545 | 1,389,943 | [1] |
Total Financing Receivables | 1,826,349 | 1,408,205 | |
Loans, Recorded Investment >90 Days & Accruing | 461 | 0 | |
Construction & Land Development [Member] | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | |||
Disclosure Details Of Troubled Debt Restructuring Loan Modification Based On Post Modification Outstanding Balance [Line Items] | |||
Loans, Total Past Due | 5,885 | 16,043 | |
Commercial Real Estate [Member] | Owner-Occupied [Member] | |||
Disclosure Details Of Troubled Debt Restructuring Loan Modification Based On Post Modification Outstanding Balance [Line Items] | |||
Loans, 30-89 Days Past Due | 4,556 | 8,878 | |
Loans, Total Past Due | 33,035 | 20,087 | |
Loans, Current & Other | 1,589,652 | 1,181,565 | [1] |
Total Financing Receivables | 1,622,687 | 1,201,652 | |
Loans, Recorded Investment >90 Days & Accruing | 0 | 544 | |
Commercial Real Estate [Member] | Owner-Occupied [Member] | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | |||
Disclosure Details Of Troubled Debt Restructuring Loan Modification Based On Post Modification Outstanding Balance [Line Items] | |||
Loans, Total Past Due | 28,479 | 11,209 | |
Commercial Real Estate [Member] | Nonowner-Occupied [Member] | |||
Disclosure Details Of Troubled Debt Restructuring Loan Modification Based On Post Modification Outstanding Balance [Line Items] | |||
Loans, 30-89 Days Past Due | 6,837 | 6,318 | |
Loans, Total Past Due | 36,129 | 22,447 | |
Loans, Current & Other | 4,981,598 | 3,943,513 | [1] |
Total Financing Receivables | 5,017,727 | 3,965,960 | |
Loans, Recorded Investment >90 Days & Accruing | 1,284 | 471 | |
Commercial Real Estate [Member] | Nonowner-Occupied [Member] | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | |||
Disclosure Details Of Troubled Debt Restructuring Loan Modification Based On Post Modification Outstanding Balance [Line Items] | |||
Loans, Total Past Due | 29,292 | 16,129 | |
Other Commercial [Member] | |||
Disclosure Details Of Troubled Debt Restructuring Loan Modification Based On Post Modification Outstanding Balance [Line Items] | |||
Loans, 30-89 Days Past Due | 13,796 | 5,238 | |
Loans, Total Past Due | 40,070 | 56,779 | |
Loans, Current & Other | 4,014,348 | 2,228,258 | [1] |
Total Financing Receivables | 4,054,418 | 2,285,037 | |
Loans, Recorded Investment >90 Days & Accruing | 1,001 | 668 | |
Other Commercial [Member] | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | |||
Disclosure Details Of Troubled Debt Restructuring Loan Modification Based On Post Modification Outstanding Balance [Line Items] | |||
Loans, Total Past Due | 26,274 | 51,541 | |
Residential Real Estate [Member] | |||
Disclosure Details Of Troubled Debt Restructuring Loan Modification Based On Post Modification Outstanding Balance [Line Items] | |||
Loans, 30-89 Days Past Due | 32,743 | 31,727 | |
Loans, Total Past Due | 57,635 | 56,070 | |
Loans, Current & Other | 3,842,250 | 3,630,331 | [1] |
Total Financing Receivables | 3,899,885 | 3,686,401 | |
Loans, Recorded Investment >90 Days & Accruing | 8,574 | 6,256 | |
Residential Real Estate [Member] | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | |||
Disclosure Details Of Troubled Debt Restructuring Loan Modification Based On Post Modification Outstanding Balance [Line Items] | |||
Loans, Total Past Due | 24,892 | 24,343 | |
Consumer [Member] | Bankcard [Member] | |||
Disclosure Details Of Troubled Debt Restructuring Loan Modification Based On Post Modification Outstanding Balance [Line Items] | |||
Loans, 30-89 Days Past Due | 362 | 445 | |
Loans, Total Past Due | 518 | 663 | |
Loans, Current & Other | 8,419 | 9,411 | [1] |
Total Financing Receivables | 8,937 | 10,074 | |
Loans, Recorded Investment >90 Days & Accruing | 156 | 218 | |
Consumer [Member] | Bankcard [Member] | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | |||
Disclosure Details Of Troubled Debt Restructuring Loan Modification Based On Post Modification Outstanding Balance [Line Items] | |||
Loans, Total Past Due | 156 | 218 | |
Consumer [Member] | Other Consumer [Member] | |||
Disclosure Details Of Troubled Debt Restructuring Loan Modification Based On Post Modification Outstanding Balance [Line Items] | |||
Loans, 30-89 Days Past Due | 14,765 | 10,991 | |
Loans, Total Past Due | 17,522 | 12,598 | |
Loans, Current & Other | 1,175,058 | 1,143,621 | [1] |
Total Financing Receivables | 1,192,580 | 1,156,219 | |
Loans, Recorded Investment >90 Days & Accruing | 2,356 | 1,337 | |
Consumer [Member] | Other Consumer [Member] | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | |||
Disclosure Details Of Troubled Debt Restructuring Loan Modification Based On Post Modification Outstanding Balance [Line Items] | |||
Loans, Total Past Due | $ 2,757 | $ 1,607 | |
[1] | Other includes loans with a recorded investment of $96,004 acquired and accounted for under ASC Topic 310-30 “Loans and Debt Securities Acquired with Deteriorated Credit Quality”. |
Credit Quality - Schedule of _3
Credit Quality - Schedule of Age Analysis of its Past Due Loans, Segregated by Class of Loans (Parenthetical) (Detail) $ in Thousands | Dec. 31, 2019USD ($) |
Disclosure Details Of Troubled Debt Restructuring Loan Modification Based On Post Modification Outstanding Balance [Line Items] | |
Acquired impaired loans from merger | $ 13,713,548 |
Loans Acquired with Deteriorated Credit Quality [Member] | |
Disclosure Details Of Troubled Debt Restructuring Loan Modification Based On Post Modification Outstanding Balance [Line Items] | |
Acquired impaired loans from merger | $ 96,004 |
Credit Quality - Schedule of No
Credit Quality - Schedule of Nonaccrual Loans, Segregated by Class of Loans (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Disclosure Details Of Troubled Debt Restructuring Loan Modification Based On Post Modification Outstanding Balance [Line Items] | ||
Loans on Nonaccrual Status | $ 103,903 | $ 111,596 |
With No Related Allowance for Credit Losses | 77,352 | |
90 Days or More Past Due & Accruing | 13,832 | 9,494 |
Interest Income Recognized | 218 | |
Other Commercial [Member] | ||
Disclosure Details Of Troubled Debt Restructuring Loan Modification Based On Post Modification Outstanding Balance [Line Items] | ||
Loans on Nonaccrual Status | 25,273 | 50,873 |
With No Related Allowance for Credit Losses | 13,149 | |
90 Days or More Past Due & Accruing | 1,001 | 668 |
Interest Income Recognized | 16 | |
Residential Real Estate [Member] | ||
Disclosure Details Of Troubled Debt Restructuring Loan Modification Based On Post Modification Outstanding Balance [Line Items] | ||
Loans on Nonaccrual Status | 16,318 | 18,087 |
With No Related Allowance for Credit Losses | 14,769 | |
90 Days or More Past Due & Accruing | 8,574 | 6,256 |
Interest Income Recognized | 4 | |
Owner-Occupied [Member] | Commercial Real Estate [Member] | ||
Disclosure Details Of Troubled Debt Restructuring Loan Modification Based On Post Modification Outstanding Balance [Line Items] | ||
Loans on Nonaccrual Status | 28,479 | 10,665 |
With No Related Allowance for Credit Losses | 28,479 | |
90 Days or More Past Due & Accruing | 0 | 544 |
Interest Income Recognized | 111 | |
Nonowner-Occupied [Member] | Commercial Real Estate [Member] | ||
Disclosure Details Of Troubled Debt Restructuring Loan Modification Based On Post Modification Outstanding Balance [Line Items] | ||
Loans on Nonaccrual Status | 28,008 | 15,658 |
With No Related Allowance for Credit Losses | 16,070 | |
90 Days or More Past Due & Accruing | 1,284 | 471 |
Interest Income Recognized | 87 | |
Construction & Land Development [Member] | ||
Disclosure Details Of Troubled Debt Restructuring Loan Modification Based On Post Modification Outstanding Balance [Line Items] | ||
Loans on Nonaccrual Status | 5,424 | 16,043 |
With No Related Allowance for Credit Losses | 4,484 | |
90 Days or More Past Due & Accruing | 461 | 0 |
Interest Income Recognized | 0 | |
Bankcard [Member] | Consumer [Member] | ||
Disclosure Details Of Troubled Debt Restructuring Loan Modification Based On Post Modification Outstanding Balance [Line Items] | ||
Loans on Nonaccrual Status | 0 | 0 |
With No Related Allowance for Credit Losses | 0 | |
90 Days or More Past Due & Accruing | 156 | 218 |
Interest Income Recognized | 0 | |
Other Consumer [Member] | Consumer [Member] | ||
Disclosure Details Of Troubled Debt Restructuring Loan Modification Based On Post Modification Outstanding Balance [Line Items] | ||
Loans on Nonaccrual Status | 401 | 270 |
With No Related Allowance for Credit Losses | 401 | |
90 Days or More Past Due & Accruing | 2,356 | $ 1,337 |
Interest Income Recognized | $ 0 |
Credit Quality - Schedule of Cr
Credit Quality - Schedule of Credit Quality Indicators Information, by Class of Loans (Detail) $ in Thousands | Dec. 31, 2019USD ($) |
Financing Receivable, Recorded Investment [Line Items] | |
Financing receivable, credit quality indicators information | $ 13,713,548 |
Residential Real Estate [Member] | |
Financing Receivable, Recorded Investment [Line Items] | |
Financing receivable, credit quality indicators information | 3,686,401 |
Other Commercial [Member] | |
Financing Receivable, Recorded Investment [Line Items] | |
Financing receivable, credit quality indicators information | 2,285,037 |
Bankcard [Member] | |
Financing Receivable, Recorded Investment [Line Items] | |
Financing receivable, credit quality indicators information | 10,074 |
Other Consumer [Member] | |
Financing Receivable, Recorded Investment [Line Items] | |
Financing receivable, credit quality indicators information | 1,156,219 |
Owner-Occupied [Member] | Commercial Real Estate [Member] | |
Financing Receivable, Recorded Investment [Line Items] | |
Financing receivable, credit quality indicators information | 1,201,652 |
Nonowner-Occupied [Member] | Commercial Real Estate [Member] | |
Financing Receivable, Recorded Investment [Line Items] | |
Financing receivable, credit quality indicators information | 3,965,960 |
Construction & Land Development [Member] | |
Financing Receivable, Recorded Investment [Line Items] | |
Financing receivable, credit quality indicators information | 1,408,205 |
Pass [Member] | Residential Real Estate [Member] | |
Financing Receivable, Recorded Investment [Line Items] | |
Financing receivable, credit quality indicators information | 3,645,654 |
Pass [Member] | Other Commercial [Member] | |
Financing Receivable, Recorded Investment [Line Items] | |
Financing receivable, credit quality indicators information | 2,136,266 |
Pass [Member] | Bankcard [Member] | |
Financing Receivable, Recorded Investment [Line Items] | |
Financing receivable, credit quality indicators information | 9,411 |
Pass [Member] | Other Consumer [Member] | |
Financing Receivable, Recorded Investment [Line Items] | |
Financing receivable, credit quality indicators information | 1,143,608 |
Pass [Member] | Owner-Occupied [Member] | Commercial Real Estate [Member] | |
Financing Receivable, Recorded Investment [Line Items] | |
Financing receivable, credit quality indicators information | 1,136,589 |
Pass [Member] | Nonowner-Occupied [Member] | Commercial Real Estate [Member] | |
Financing Receivable, Recorded Investment [Line Items] | |
Financing receivable, credit quality indicators information | 3,850,886 |
Pass [Member] | Construction & Land Development [Member] | |
Financing Receivable, Recorded Investment [Line Items] | |
Financing receivable, credit quality indicators information | 1,334,950 |
Special Mention [Member] | Residential Real Estate [Member] | |
Financing Receivable, Recorded Investment [Line Items] | |
Financing receivable, credit quality indicators information | 12,038 |
Special Mention [Member] | Other Commercial [Member] | |
Financing Receivable, Recorded Investment [Line Items] | |
Financing receivable, credit quality indicators information | 75,511 |
Special Mention [Member] | Bankcard [Member] | |
Financing Receivable, Recorded Investment [Line Items] | |
Financing receivable, credit quality indicators information | 445 |
Special Mention [Member] | Other Consumer [Member] | |
Financing Receivable, Recorded Investment [Line Items] | |
Financing receivable, credit quality indicators information | 10,993 |
Special Mention [Member] | Owner-Occupied [Member] | Commercial Real Estate [Member] | |
Financing Receivable, Recorded Investment [Line Items] | |
Financing receivable, credit quality indicators information | 14,449 |
Special Mention [Member] | Nonowner-Occupied [Member] | Commercial Real Estate [Member] | |
Financing Receivable, Recorded Investment [Line Items] | |
Financing receivable, credit quality indicators information | 44,134 |
Special Mention [Member] | Construction & Land Development [Member] | |
Financing Receivable, Recorded Investment [Line Items] | |
Financing receivable, credit quality indicators information | 4,614 |
Substandard [Member] | Residential Real Estate [Member] | |
Financing Receivable, Recorded Investment [Line Items] | |
Financing receivable, credit quality indicators information | 28,572 |
Substandard [Member] | Other Commercial [Member] | |
Financing Receivable, Recorded Investment [Line Items] | |
Financing receivable, credit quality indicators information | 72,451 |
Substandard [Member] | Bankcard [Member] | |
Financing Receivable, Recorded Investment [Line Items] | |
Financing receivable, credit quality indicators information | 218 |
Substandard [Member] | Other Consumer [Member] | |
Financing Receivable, Recorded Investment [Line Items] | |
Financing receivable, credit quality indicators information | 1,618 |
Substandard [Member] | Owner-Occupied [Member] | Commercial Real Estate [Member] | |
Financing Receivable, Recorded Investment [Line Items] | |
Financing receivable, credit quality indicators information | 50,346 |
Substandard [Member] | Nonowner-Occupied [Member] | Commercial Real Estate [Member] | |
Financing Receivable, Recorded Investment [Line Items] | |
Financing receivable, credit quality indicators information | 70,940 |
Substandard [Member] | Construction & Land Development [Member] | |
Financing Receivable, Recorded Investment [Line Items] | |
Financing receivable, credit quality indicators information | 68,641 |
Doubtful [Member] | Residential Real Estate [Member] | |
Financing Receivable, Recorded Investment [Line Items] | |
Financing receivable, credit quality indicators information | 137 |
Doubtful [Member] | Other Commercial [Member] | |
Financing Receivable, Recorded Investment [Line Items] | |
Financing receivable, credit quality indicators information | 809 |
Doubtful [Member] | Bankcard [Member] | |
Financing Receivable, Recorded Investment [Line Items] | |
Financing receivable, credit quality indicators information | 0 |
Doubtful [Member] | Other Consumer [Member] | |
Financing Receivable, Recorded Investment [Line Items] | |
Financing receivable, credit quality indicators information | 0 |
Doubtful [Member] | Owner-Occupied [Member] | Commercial Real Estate [Member] | |
Financing Receivable, Recorded Investment [Line Items] | |
Financing receivable, credit quality indicators information | 268 |
Doubtful [Member] | Nonowner-Occupied [Member] | Commercial Real Estate [Member] | |
Financing Receivable, Recorded Investment [Line Items] | |
Financing receivable, credit quality indicators information | 0 |
Doubtful [Member] | Construction & Land Development [Member] | |
Financing Receivable, Recorded Investment [Line Items] | |
Financing receivable, credit quality indicators information | $ 0 |
Credit Quality - Schedule of Am
Credit Quality - Schedule of Amortized Cost Loans and Leases Pledged As Collateral (Detail) $ in Thousands | Dec. 31, 2020USD ($) |
Amortized Cost Collateral Dependent Loans [Line Items] | |
Amortized Cost Loans and Leases Pledged As Collateral | $ 157,869 |
Commercial Real Estate [Member] | Owner-Occupied [Member] | |
Amortized Cost Collateral Dependent Loans [Line Items] | |
Amortized Cost Loans and Leases Pledged As Collateral | 41,452 |
Commercial Real Estate [Member] | Nonowner-Occupied [Member] | |
Amortized Cost Collateral Dependent Loans [Line Items] | |
Amortized Cost Loans and Leases Pledged As Collateral | 47,695 |
Other Commercial [Member] | |
Amortized Cost Collateral Dependent Loans [Line Items] | |
Amortized Cost Loans and Leases Pledged As Collateral | 28,456 |
Residential Real Estate [Member] | |
Amortized Cost Collateral Dependent Loans [Line Items] | |
Amortized Cost Loans and Leases Pledged As Collateral | 22,072 |
Construction & Land Development [Member] | |
Amortized Cost Collateral Dependent Loans [Line Items] | |
Amortized Cost Loans and Leases Pledged As Collateral | 18,193 |
Consumer [Member] | Bankcard [Member] | |
Amortized Cost Collateral Dependent Loans [Line Items] | |
Amortized Cost Loans and Leases Pledged As Collateral | 0 |
Consumer [Member] | Other Consumer [Member] | |
Amortized Cost Collateral Dependent Loans [Line Items] | |
Amortized Cost Loans and Leases Pledged As Collateral | 1 |
Residential Real Estate [Member] | |
Amortized Cost Collateral Dependent Loans [Line Items] | |
Amortized Cost Loans and Leases Pledged As Collateral | 44,349 |
Residential Real Estate [Member] | Commercial Real Estate [Member] | Owner-Occupied [Member] | |
Amortized Cost Collateral Dependent Loans [Line Items] | |
Amortized Cost Loans and Leases Pledged As Collateral | 1,480 |
Residential Real Estate [Member] | Commercial Real Estate [Member] | Nonowner-Occupied [Member] | |
Amortized Cost Collateral Dependent Loans [Line Items] | |
Amortized Cost Loans and Leases Pledged As Collateral | 16,400 |
Residential Real Estate [Member] | Other Commercial [Member] | |
Amortized Cost Collateral Dependent Loans [Line Items] | |
Amortized Cost Loans and Leases Pledged As Collateral | 5,424 |
Residential Real Estate [Member] | Residential Real Estate [Member] | |
Amortized Cost Collateral Dependent Loans [Line Items] | |
Amortized Cost Loans and Leases Pledged As Collateral | 21,006 |
Residential Real Estate [Member] | Construction & Land Development [Member] | |
Amortized Cost Collateral Dependent Loans [Line Items] | |
Amortized Cost Loans and Leases Pledged As Collateral | 39 |
Residential Real Estate [Member] | Consumer [Member] | Bankcard [Member] | |
Amortized Cost Collateral Dependent Loans [Line Items] | |
Amortized Cost Loans and Leases Pledged As Collateral | 0 |
Residential Real Estate [Member] | Consumer [Member] | Other Consumer [Member] | |
Amortized Cost Collateral Dependent Loans [Line Items] | |
Amortized Cost Loans and Leases Pledged As Collateral | 0 |
Business Assets [Member] | |
Amortized Cost Collateral Dependent Loans [Line Items] | |
Amortized Cost Loans and Leases Pledged As Collateral | 20,796 |
Business Assets [Member] | Commercial Real Estate [Member] | Owner-Occupied [Member] | |
Amortized Cost Collateral Dependent Loans [Line Items] | |
Amortized Cost Loans and Leases Pledged As Collateral | 138 |
Business Assets [Member] | Commercial Real Estate [Member] | Nonowner-Occupied [Member] | |
Amortized Cost Collateral Dependent Loans [Line Items] | |
Amortized Cost Loans and Leases Pledged As Collateral | 0 |
Business Assets [Member] | Other Commercial [Member] | |
Amortized Cost Collateral Dependent Loans [Line Items] | |
Amortized Cost Loans and Leases Pledged As Collateral | 20,429 |
Business Assets [Member] | Residential Real Estate [Member] | |
Amortized Cost Collateral Dependent Loans [Line Items] | |
Amortized Cost Loans and Leases Pledged As Collateral | 229 |
Business Assets [Member] | Construction & Land Development [Member] | |
Amortized Cost Collateral Dependent Loans [Line Items] | |
Amortized Cost Loans and Leases Pledged As Collateral | 0 |
Business Assets [Member] | Consumer [Member] | Bankcard [Member] | |
Amortized Cost Collateral Dependent Loans [Line Items] | |
Amortized Cost Loans and Leases Pledged As Collateral | 0 |
Business Assets [Member] | Consumer [Member] | Other Consumer [Member] | |
Amortized Cost Collateral Dependent Loans [Line Items] | |
Amortized Cost Loans and Leases Pledged As Collateral | 0 |
Land [Member] | |
Amortized Cost Collateral Dependent Loans [Line Items] | |
Amortized Cost Loans and Leases Pledged As Collateral | 20,340 |
Land [Member] | Commercial Real Estate [Member] | Owner-Occupied [Member] | |
Amortized Cost Collateral Dependent Loans [Line Items] | |
Amortized Cost Loans and Leases Pledged As Collateral | 0 |
Land [Member] | Commercial Real Estate [Member] | Nonowner-Occupied [Member] | |
Amortized Cost Collateral Dependent Loans [Line Items] | |
Amortized Cost Loans and Leases Pledged As Collateral | 2,898 |
Land [Member] | Other Commercial [Member] | |
Amortized Cost Collateral Dependent Loans [Line Items] | |
Amortized Cost Loans and Leases Pledged As Collateral | 0 |
Land [Member] | Residential Real Estate [Member] | |
Amortized Cost Collateral Dependent Loans [Line Items] | |
Amortized Cost Loans and Leases Pledged As Collateral | 34 |
Land [Member] | Construction & Land Development [Member] | |
Amortized Cost Collateral Dependent Loans [Line Items] | |
Amortized Cost Loans and Leases Pledged As Collateral | 17,408 |
Land [Member] | Consumer [Member] | Bankcard [Member] | |
Amortized Cost Collateral Dependent Loans [Line Items] | |
Amortized Cost Loans and Leases Pledged As Collateral | 0 |
Land [Member] | Consumer [Member] | Other Consumer [Member] | |
Amortized Cost Collateral Dependent Loans [Line Items] | |
Amortized Cost Loans and Leases Pledged As Collateral | 0 |
Commercial Real Estate [Member] | |
Amortized Cost Collateral Dependent Loans [Line Items] | |
Amortized Cost Loans and Leases Pledged As Collateral | 28,522 |
Commercial Real Estate [Member] | Commercial Real Estate [Member] | Owner-Occupied [Member] | |
Amortized Cost Collateral Dependent Loans [Line Items] | |
Amortized Cost Loans and Leases Pledged As Collateral | 18,097 |
Commercial Real Estate [Member] | Commercial Real Estate [Member] | Nonowner-Occupied [Member] | |
Amortized Cost Collateral Dependent Loans [Line Items] | |
Amortized Cost Loans and Leases Pledged As Collateral | 10,167 |
Commercial Real Estate [Member] | Other Commercial [Member] | |
Amortized Cost Collateral Dependent Loans [Line Items] | |
Amortized Cost Loans and Leases Pledged As Collateral | 258 |
Commercial Real Estate [Member] | Residential Real Estate [Member] | |
Amortized Cost Collateral Dependent Loans [Line Items] | |
Amortized Cost Loans and Leases Pledged As Collateral | 0 |
Commercial Real Estate [Member] | Construction & Land Development [Member] | |
Amortized Cost Collateral Dependent Loans [Line Items] | |
Amortized Cost Loans and Leases Pledged As Collateral | 0 |
Commercial Real Estate [Member] | Consumer [Member] | Bankcard [Member] | |
Amortized Cost Collateral Dependent Loans [Line Items] | |
Amortized Cost Loans and Leases Pledged As Collateral | 0 |
Commercial Real Estate [Member] | Consumer [Member] | Other Consumer [Member] | |
Amortized Cost Collateral Dependent Loans [Line Items] | |
Amortized Cost Loans and Leases Pledged As Collateral | 0 |
Other Assets [Member] | |
Amortized Cost Collateral Dependent Loans [Line Items] | |
Amortized Cost Loans and Leases Pledged As Collateral | 43,862 |
Other Assets [Member] | Commercial Real Estate [Member] | Owner-Occupied [Member] | |
Amortized Cost Collateral Dependent Loans [Line Items] | |
Amortized Cost Loans and Leases Pledged As Collateral | 21,737 |
Other Assets [Member] | Commercial Real Estate [Member] | Nonowner-Occupied [Member] | |
Amortized Cost Collateral Dependent Loans [Line Items] | |
Amortized Cost Loans and Leases Pledged As Collateral | 18,230 |
Other Assets [Member] | Other Commercial [Member] | |
Amortized Cost Collateral Dependent Loans [Line Items] | |
Amortized Cost Loans and Leases Pledged As Collateral | 2,345 |
Other Assets [Member] | Residential Real Estate [Member] | |
Amortized Cost Collateral Dependent Loans [Line Items] | |
Amortized Cost Loans and Leases Pledged As Collateral | 803 |
Other Assets [Member] | Construction & Land Development [Member] | |
Amortized Cost Collateral Dependent Loans [Line Items] | |
Amortized Cost Loans and Leases Pledged As Collateral | 746 |
Other Assets [Member] | Consumer [Member] | Bankcard [Member] | |
Amortized Cost Collateral Dependent Loans [Line Items] | |
Amortized Cost Loans and Leases Pledged As Collateral | 0 |
Other Assets [Member] | Consumer [Member] | Other Consumer [Member] | |
Amortized Cost Collateral Dependent Loans [Line Items] | |
Amortized Cost Loans and Leases Pledged As Collateral | $ 1 |
Credit Quality - Schedule of Ri
Credit Quality - Schedule of Risk Category of Loans by Class of Loans and Leases (Detail) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Disclosure Details Of Troubled Debt Restructuring Loan Modification Based On Post Modification Outstanding Balance [Line Items] | ||
Total | $ 10,694,832 | $ 7,452,649 |
Owner-Occupied [Member] | ||
Disclosure Details Of Troubled Debt Restructuring Loan Modification Based On Post Modification Outstanding Balance [Line Items] | ||
2020 | 282,714 | |
2019 | 154,119 | |
2018 | 165,799 | |
2017 | 200,481 | |
2016 | 288,015 | |
Prior | 507,790 | |
Revolving loans amortized cost basis | 23,167 | |
Revolving loans converted to term loans | 602 | |
Total | 1,622,687 | 1,201,652 |
Owner-Occupied [Member] | Pass [Member] | ||
Disclosure Details Of Troubled Debt Restructuring Loan Modification Based On Post Modification Outstanding Balance [Line Items] | ||
2020 | 280,779 | |
2019 | 152,851 | |
2018 | 162,027 | |
2017 | 198,610 | |
2016 | 282,214 | |
Prior | 443,312 | |
Revolving loans amortized cost basis | 22,303 | |
Revolving loans converted to term loans | 0 | |
Total | 1,542,096 | |
Owner-Occupied [Member] | Special Mention [Member] | ||
Disclosure Details Of Troubled Debt Restructuring Loan Modification Based On Post Modification Outstanding Balance [Line Items] | ||
2020 | 0 | |
2019 | 1,206 | |
2018 | 3,772 | |
2017 | 754 | |
2016 | 2,013 | |
Prior | 20,792 | |
Revolving loans amortized cost basis | 0 | |
Revolving loans converted to term loans | 453 | |
Total | 28,990 | |
Owner-Occupied [Member] | Substandard [Member] | ||
Disclosure Details Of Troubled Debt Restructuring Loan Modification Based On Post Modification Outstanding Balance [Line Items] | ||
2020 | 1,935 | |
2019 | 62 | |
2018 | 0 | |
2017 | 1,117 | |
2016 | 3,788 | |
Prior | 43,354 | |
Revolving loans amortized cost basis | 864 | |
Revolving loans converted to term loans | 149 | |
Total | 51,269 | |
Owner-Occupied [Member] | Doubtful [Member] | ||
Disclosure Details Of Troubled Debt Restructuring Loan Modification Based On Post Modification Outstanding Balance [Line Items] | ||
2020 | 0 | |
2019 | 0 | |
2018 | 0 | |
2017 | 0 | |
2016 | 0 | |
Prior | 332 | |
Revolving loans amortized cost basis | 0 | |
Revolving loans converted to term loans | 0 | |
Total | 332 | |
Owner-Occupied [Member] | YTS Charge Offs [Member] | ||
Disclosure Details Of Troubled Debt Restructuring Loan Modification Based On Post Modification Outstanding Balance [Line Items] | ||
2020 | 0 | |
2019 | 0 | |
2018 | 0 | |
2017 | 0 | |
2016 | 0 | |
Prior | (2,195) | |
Revolving loans amortized cost basis | 0 | |
Revolving loans converted to term loans | 0 | |
Total | (2,195) | |
Owner-Occupied [Member] | YTS Recoveries [Member] | ||
Disclosure Details Of Troubled Debt Restructuring Loan Modification Based On Post Modification Outstanding Balance [Line Items] | ||
2020 | 0 | |
2019 | 0 | |
2018 | 0 | |
2017 | 0 | |
2016 | 0 | |
Prior | 795 | |
Revolving loans amortized cost basis | 0 | |
Revolving loans converted to term loans | 0 | |
Total | 795 | |
Owner-Occupied [Member] | YTS Net Charge Offs [Member] | ||
Disclosure Details Of Troubled Debt Restructuring Loan Modification Based On Post Modification Outstanding Balance [Line Items] | ||
2020 | 0 | |
2019 | 0 | |
2018 | 0 | |
2017 | 0 | |
2016 | 0 | |
Prior | (1,400) | |
Revolving loans amortized cost basis | 0 | |
Revolving loans converted to term loans | 0 | |
Total | (1,400) | |
Nonowner-Occupied [Member] | ||
Disclosure Details Of Troubled Debt Restructuring Loan Modification Based On Post Modification Outstanding Balance [Line Items] | ||
2020 | 929,393 | |
2019 | 711,833 | |
2018 | 603,695 | |
2017 | 483,849 | |
2016 | 522,143 | |
Prior | 1,646,298 | |
Revolving loans amortized cost basis | 118,404 | |
Revolving loans converted to term loans | 2,112 | |
Total | 5,017,727 | $ 3,965,960 |
Nonowner-Occupied [Member] | Pass [Member] | ||
Disclosure Details Of Troubled Debt Restructuring Loan Modification Based On Post Modification Outstanding Balance [Line Items] | ||
2020 | 929,001 | |
2019 | 592,109 | |
2018 | 596,260 | |
2017 | 481,894 | |
2016 | 502,417 | |
Prior | 1,496,135 | |
Revolving loans amortized cost basis | 118,404 | |
Revolving loans converted to term loans | 2,112 | |
Total | 4,718,332 | |
Nonowner-Occupied [Member] | Special Mention [Member] | ||
Disclosure Details Of Troubled Debt Restructuring Loan Modification Based On Post Modification Outstanding Balance [Line Items] | ||
2020 | 0 | |
2019 | 105,104 | |
2018 | 0 | |
2017 | 391 | |
2016 | 8,902 | |
Prior | 78,591 | |
Revolving loans amortized cost basis | 0 | |
Revolving loans converted to term loans | 0 | |
Total | 192,988 | |
Nonowner-Occupied [Member] | Substandard [Member] | ||
Disclosure Details Of Troubled Debt Restructuring Loan Modification Based On Post Modification Outstanding Balance [Line Items] | ||
2020 | 392 | |
2019 | 14,620 | |
2018 | 7,435 | |
2017 | 1,564 | |
2016 | 10,824 | |
Prior | 71,572 | |
Revolving loans amortized cost basis | 0 | |
Revolving loans converted to term loans | 0 | |
Total | 106,407 | |
Nonowner-Occupied [Member] | Doubtful [Member] | ||
Disclosure Details Of Troubled Debt Restructuring Loan Modification Based On Post Modification Outstanding Balance [Line Items] | ||
2020 | 0 | |
2019 | 0 | |
2018 | 0 | |
2017 | 0 | |
2016 | 0 | |
Prior | 0 | |
Revolving loans amortized cost basis | 0 | |
Revolving loans converted to term loans | 0 | |
Total | 0 | |
Nonowner-Occupied [Member] | YTS Charge Offs [Member] | ||
Disclosure Details Of Troubled Debt Restructuring Loan Modification Based On Post Modification Outstanding Balance [Line Items] | ||
2020 | (38) | |
2019 | 0 | |
2018 | (300) | |
2017 | 0 | |
2016 | (3,394) | |
Prior | (2,402) | |
Revolving loans amortized cost basis | 0 | |
Revolving loans converted to term loans | 0 | |
Total | (6,134) | |
Nonowner-Occupied [Member] | YTS Recoveries [Member] | ||
Disclosure Details Of Troubled Debt Restructuring Loan Modification Based On Post Modification Outstanding Balance [Line Items] | ||
2020 | 0 | |
2019 | 0 | |
2018 | 0 | |
2017 | 0 | |
2016 | 0 | |
Prior | 1,023 | |
Revolving loans amortized cost basis | 0 | |
Revolving loans converted to term loans | 0 | |
Total | 1,023 | |
Nonowner-Occupied [Member] | YTS Net Charge Offs [Member] | ||
Disclosure Details Of Troubled Debt Restructuring Loan Modification Based On Post Modification Outstanding Balance [Line Items] | ||
2020 | (38) | |
2019 | 0 | |
2018 | (300) | |
2017 | 0 | |
2016 | (3,394) | |
Prior | (1,379) | |
Revolving loans amortized cost basis | 0 | |
Revolving loans converted to term loans | 0 | |
Total | (5,111) | |
Other Commercial Loans [Member] | ||
Disclosure Details Of Troubled Debt Restructuring Loan Modification Based On Post Modification Outstanding Balance [Line Items] | ||
2020 | 1,704,769 | |
2019 | 371,273 | |
2018 | 207,583 | |
2017 | 116,076 | |
2016 | 126,322 | |
Prior | 296,312 | |
Revolving loans amortized cost basis | 1,228,969 | |
Revolving loans converted to term loans | 3,114 | |
Total | 4,054,418 | |
Other Commercial Loans [Member] | Pass [Member] | ||
Disclosure Details Of Troubled Debt Restructuring Loan Modification Based On Post Modification Outstanding Balance [Line Items] | ||
2020 | 1,702,787 | |
2019 | 370,059 | |
2018 | 200,588 | |
2017 | 112,170 | |
2016 | 119,582 | |
Prior | 257,638 | |
Revolving loans amortized cost basis | 1,172,699 | |
Revolving loans converted to term loans | 2,668 | |
Total | 3,938,191 | |
Other Commercial Loans [Member] | Special Mention [Member] | ||
Disclosure Details Of Troubled Debt Restructuring Loan Modification Based On Post Modification Outstanding Balance [Line Items] | ||
2020 | 333 | |
2019 | 384 | |
2018 | 4,754 | |
2017 | 1,300 | |
2016 | 138 | |
Prior | 8,231 | |
Revolving loans amortized cost basis | 40,048 | |
Revolving loans converted to term loans | 86 | |
Total | 55,274 | |
Other Commercial Loans [Member] | Substandard [Member] | ||
Disclosure Details Of Troubled Debt Restructuring Loan Modification Based On Post Modification Outstanding Balance [Line Items] | ||
2020 | 1,649 | |
2019 | 830 | |
2018 | 2,241 | |
2017 | 2,606 | |
2016 | 6,565 | |
Prior | 30,308 | |
Revolving loans amortized cost basis | 16,222 | |
Revolving loans converted to term loans | 360 | |
Total | 60,781 | |
Other Commercial Loans [Member] | Doubtful [Member] | ||
Disclosure Details Of Troubled Debt Restructuring Loan Modification Based On Post Modification Outstanding Balance [Line Items] | ||
2020 | 0 | |
2019 | 0 | |
2018 | 0 | |
2017 | 0 | |
2016 | 37 | |
Prior | 135 | |
Revolving loans amortized cost basis | 0 | |
Revolving loans converted to term loans | 0 | |
Total | 172 | |
Other Commercial Loans [Member] | YTS Charge Offs [Member] | ||
Disclosure Details Of Troubled Debt Restructuring Loan Modification Based On Post Modification Outstanding Balance [Line Items] | ||
2020 | 0 | |
2019 | 0 | |
2018 | (959) | |
2017 | (23) | |
2016 | (3,525) | |
Prior | (12,843) | |
Revolving loans amortized cost basis | 0 | |
Revolving loans converted to term loans | 0 | |
Total | (17,350) | |
Other Commercial Loans [Member] | YTS Recoveries [Member] | ||
Disclosure Details Of Troubled Debt Restructuring Loan Modification Based On Post Modification Outstanding Balance [Line Items] | ||
2020 | 94 | |
2019 | 864 | |
2018 | 18 | |
2017 | 12 | |
2016 | 684 | |
Prior | 2,789 | |
Revolving loans amortized cost basis | 0 | |
Revolving loans converted to term loans | 0 | |
Total | 4,461 | |
Other Commercial Loans [Member] | YTS Net Charge Offs [Member] | ||
Disclosure Details Of Troubled Debt Restructuring Loan Modification Based On Post Modification Outstanding Balance [Line Items] | ||
2020 | 94 | |
2019 | 864 | |
2018 | (941) | |
2017 | (11) | |
2016 | (2,841) | |
Prior | (10,054) | |
Revolving loans amortized cost basis | 0 | |
Revolving loans converted to term loans | 0 | |
Total | (12,889) | |
Residential Real Estate [Member] | ||
Disclosure Details Of Troubled Debt Restructuring Loan Modification Based On Post Modification Outstanding Balance [Line Items] | ||
2020 | 603,714 | |
2019 | 624,691 | |
2018 | 640,975 | |
2017 | 296,155 | |
2016 | 288,388 | |
Prior | 1,003,782 | |
Revolving loans amortized cost basis | 437,729 | |
Revolving loans converted to term loans | 4,451 | |
Total | 3,899,885 | |
Residential Real Estate [Member] | Pass [Member] | ||
Disclosure Details Of Troubled Debt Restructuring Loan Modification Based On Post Modification Outstanding Balance [Line Items] | ||
2020 | 603,714 | |
2019 | 624,142 | |
2018 | 640,535 | |
2017 | 292,700 | |
2016 | 282,547 | |
Prior | 975,913 | |
Revolving loans amortized cost basis | 436,728 | |
Revolving loans converted to term loans | 4,224 | |
Total | 3,860,503 | |
Residential Real Estate [Member] | Special Mention [Member] | ||
Disclosure Details Of Troubled Debt Restructuring Loan Modification Based On Post Modification Outstanding Balance [Line Items] | ||
2020 | 0 | |
2019 | 267 | |
2018 | 0 | |
2017 | 192 | |
2016 | 2,325 | |
Prior | 6,623 | |
Revolving loans amortized cost basis | 800 | |
Revolving loans converted to term loans | 0 | |
Total | 10,207 | |
Residential Real Estate [Member] | Substandard [Member] | ||
Disclosure Details Of Troubled Debt Restructuring Loan Modification Based On Post Modification Outstanding Balance [Line Items] | ||
2020 | 0 | |
2019 | 282 | |
2018 | 440 | |
2017 | 3,263 | |
2016 | 3,516 | |
Prior | 20,967 | |
Revolving loans amortized cost basis | 201 | |
Revolving loans converted to term loans | 227 | |
Total | 28,896 | |
Residential Real Estate [Member] | Doubtful [Member] | ||
Disclosure Details Of Troubled Debt Restructuring Loan Modification Based On Post Modification Outstanding Balance [Line Items] | ||
2020 | 0 | |
2019 | 0 | |
2018 | 0 | |
2017 | 0 | |
2016 | 0 | |
Prior | 279 | |
Revolving loans amortized cost basis | 0 | |
Revolving loans converted to term loans | 0 | |
Total | 279 | |
Residential Real Estate [Member] | YTS Charge Offs [Member] | ||
Disclosure Details Of Troubled Debt Restructuring Loan Modification Based On Post Modification Outstanding Balance [Line Items] | ||
2020 | 0 | |
2019 | 0 | |
2018 | 0 | |
2017 | 0 | |
2016 | (1) | |
Prior | (1,759) | |
Revolving loans amortized cost basis | 0 | |
Revolving loans converted to term loans | 0 | |
Total | (1,760) | |
Residential Real Estate [Member] | YTS Recoveries [Member] | ||
Disclosure Details Of Troubled Debt Restructuring Loan Modification Based On Post Modification Outstanding Balance [Line Items] | ||
2020 | 0 | |
2019 | 0 | |
2018 | 0 | |
2017 | 101 | |
2016 | 0 | |
Prior | 961 | |
Revolving loans amortized cost basis | 1 | |
Revolving loans converted to term loans | 0 | |
Total | 1,063 | |
Residential Real Estate [Member] | YTS Net Charge Offs [Member] | ||
Disclosure Details Of Troubled Debt Restructuring Loan Modification Based On Post Modification Outstanding Balance [Line Items] | ||
2020 | 0 | |
2019 | 0 | |
2018 | 0 | |
2017 | 101 | |
2016 | (1) | |
Prior | (798) | |
Revolving loans amortized cost basis | 1 | |
Revolving loans converted to term loans | 0 | |
Total | (697) | |
Construction & Land Development [Member] | ||
Disclosure Details Of Troubled Debt Restructuring Loan Modification Based On Post Modification Outstanding Balance [Line Items] | ||
2020 | 420,977 | |
2019 | 663,363 | |
2018 | 310,803 | |
2017 | 127,934 | |
2016 | 83,468 | |
Prior | 72,632 | |
Revolving loans amortized cost basis | 147,172 | |
Revolving loans converted to term loans | 0 | |
Total | 1,826,349 | |
Construction & Land Development [Member] | Pass [Member] | ||
Disclosure Details Of Troubled Debt Restructuring Loan Modification Based On Post Modification Outstanding Balance [Line Items] | ||
2020 | 420,977 | |
2019 | 663,113 | |
2018 | 304,579 | |
2017 | 127,377 | |
2016 | 83,252 | |
Prior | 53,713 | |
Revolving loans amortized cost basis | 145,431 | |
Revolving loans converted to term loans | 0 | |
Total | 1,798,442 | |
Construction & Land Development [Member] | Special Mention [Member] | ||
Disclosure Details Of Troubled Debt Restructuring Loan Modification Based On Post Modification Outstanding Balance [Line Items] | ||
2020 | 0 | |
2019 | 0 | |
2018 | 4,689 | |
2017 | 557 | |
2016 | 0 | |
Prior | 1,420 | |
Revolving loans amortized cost basis | 995 | |
Revolving loans converted to term loans | 0 | |
Total | 7,661 | |
Construction & Land Development [Member] | Substandard [Member] | ||
Disclosure Details Of Troubled Debt Restructuring Loan Modification Based On Post Modification Outstanding Balance [Line Items] | ||
2020 | 0 | |
2019 | 250 | |
2018 | 1,535 | |
2017 | 0 | |
2016 | 216 | |
Prior | 17,499 | |
Revolving loans amortized cost basis | 746 | |
Revolving loans converted to term loans | 0 | |
Total | 20,246 | |
Construction & Land Development [Member] | Doubtful [Member] | ||
Disclosure Details Of Troubled Debt Restructuring Loan Modification Based On Post Modification Outstanding Balance [Line Items] | ||
2020 | 0 | |
2019 | 0 | |
2018 | 0 | |
2017 | 0 | |
2016 | 0 | |
Prior | 0 | |
Revolving loans amortized cost basis | 0 | |
Revolving loans converted to term loans | 0 | |
Total | 0 | |
Construction & Land Development [Member] | YTS Charge Offs [Member] | ||
Disclosure Details Of Troubled Debt Restructuring Loan Modification Based On Post Modification Outstanding Balance [Line Items] | ||
2020 | 0 | |
2019 | 0 | |
2018 | 0 | |
2017 | 0 | |
2016 | 0 | |
Prior | (2,027) | |
Revolving loans amortized cost basis | 0 | |
Revolving loans converted to term loans | 0 | |
Total | (2,027) | |
Construction & Land Development [Member] | YTS Recoveries [Member] | ||
Disclosure Details Of Troubled Debt Restructuring Loan Modification Based On Post Modification Outstanding Balance [Line Items] | ||
2020 | 0 | |
2019 | 0 | |
2018 | 0 | |
2017 | 0 | |
2016 | 0 | |
Prior | 1,513 | |
Revolving loans amortized cost basis | 0 | |
Revolving loans converted to term loans | 0 | |
Total | 1,513 | |
Construction & Land Development [Member] | YTS Net Charge Offs [Member] | ||
Disclosure Details Of Troubled Debt Restructuring Loan Modification Based On Post Modification Outstanding Balance [Line Items] | ||
2020 | 0 | |
2019 | 0 | |
2018 | 0 | |
2017 | 0 | |
2016 | 0 | |
Prior | (514) | |
Revolving loans amortized cost basis | 0 | |
Revolving loans converted to term loans | 0 | |
Total | (514) | |
Bankcard [Member] | ||
Disclosure Details Of Troubled Debt Restructuring Loan Modification Based On Post Modification Outstanding Balance [Line Items] | ||
2020 | 0 | |
2019 | 0 | |
2018 | 0 | |
2017 | 0 | |
2016 | 0 | |
Prior | 0 | |
Revolving loans amortized cost basis | 8,937 | |
Revolving loans converted to term loans | 0 | |
Total | 8,937 | |
Bankcard [Member] | Pass [Member] | ||
Disclosure Details Of Troubled Debt Restructuring Loan Modification Based On Post Modification Outstanding Balance [Line Items] | ||
2020 | 0 | |
2019 | 0 | |
2018 | 0 | |
2017 | 0 | |
2016 | 0 | |
Prior | 0 | |
Revolving loans amortized cost basis | 8,419 | |
Revolving loans converted to term loans | 0 | |
Total | 8,419 | |
Bankcard [Member] | Special Mention [Member] | ||
Disclosure Details Of Troubled Debt Restructuring Loan Modification Based On Post Modification Outstanding Balance [Line Items] | ||
2020 | 0 | |
2019 | 0 | |
2018 | 0 | |
2017 | 0 | |
2016 | 0 | |
Prior | 0 | |
Revolving loans amortized cost basis | 362 | |
Revolving loans converted to term loans | 0 | |
Total | 362 | |
Bankcard [Member] | Substandard [Member] | ||
Disclosure Details Of Troubled Debt Restructuring Loan Modification Based On Post Modification Outstanding Balance [Line Items] | ||
2020 | 0 | |
2019 | 0 | |
2018 | 0 | |
2017 | 0 | |
2016 | 0 | |
Prior | 0 | |
Revolving loans amortized cost basis | 156 | |
Revolving loans converted to term loans | 0 | |
Total | 156 | |
Bankcard [Member] | Doubtful [Member] | ||
Disclosure Details Of Troubled Debt Restructuring Loan Modification Based On Post Modification Outstanding Balance [Line Items] | ||
2020 | 0 | |
2019 | 0 | |
2018 | 0 | |
2017 | 0 | |
2016 | 0 | |
Prior | 0 | |
Revolving loans amortized cost basis | 0 | |
Revolving loans converted to term loans | 0 | |
Bankcard [Member] | YTS Charge Offs [Member] | ||
Disclosure Details Of Troubled Debt Restructuring Loan Modification Based On Post Modification Outstanding Balance [Line Items] | ||
2020 | 0 | |
2019 | 0 | |
2018 | 0 | |
2017 | 0 | |
2016 | 0 | |
Prior | 0 | |
Revolving loans amortized cost basis | (221) | |
Revolving loans converted to term loans | 0 | |
Total | (221) | |
Bankcard [Member] | YTS Recoveries [Member] | ||
Disclosure Details Of Troubled Debt Restructuring Loan Modification Based On Post Modification Outstanding Balance [Line Items] | ||
2020 | 0 | |
2019 | 0 | |
2018 | 0 | |
2017 | 0 | |
2016 | 0 | |
Prior | 0 | |
Revolving loans amortized cost basis | 52 | |
Revolving loans converted to term loans | 0 | |
Total | 52 | |
Bankcard [Member] | YTS Net Charge Offs [Member] | ||
Disclosure Details Of Troubled Debt Restructuring Loan Modification Based On Post Modification Outstanding Balance [Line Items] | ||
2020 | 0 | |
2019 | 0 | |
2018 | 0 | |
2017 | 0 | |
2016 | 0 | |
Prior | 0 | |
Revolving loans amortized cost basis | (169) | |
Revolving loans converted to term loans | 0 | |
Total | (169) | |
Other Consumer [Member] | ||
Disclosure Details Of Troubled Debt Restructuring Loan Modification Based On Post Modification Outstanding Balance [Line Items] | ||
2020 | 419,771 | |
2019 | 401,958 | |
2018 | 231,172 | |
2017 | 74,550 | |
2016 | 34,435 | |
Prior | 24,582 | |
Revolving loans amortized cost basis | 6,112 | |
Revolving loans converted to term loans | 0 | |
Total | 1,192,580 | |
Other Consumer [Member] | Pass [Member] | ||
Disclosure Details Of Troubled Debt Restructuring Loan Modification Based On Post Modification Outstanding Balance [Line Items] | ||
2020 | 419,768 | |
2019 | 401,958 | |
2018 | 231,172 | |
2017 | 74,550 | |
2016 | 34,435 | |
Prior | 7,466 | |
Revolving loans amortized cost basis | 6,110 | |
Revolving loans converted to term loans | 0 | |
Total | 1,175,459 | |
Other Consumer [Member] | Special Mention [Member] | ||
Disclosure Details Of Troubled Debt Restructuring Loan Modification Based On Post Modification Outstanding Balance [Line Items] | ||
2020 | 0 | |
2019 | 0 | |
2018 | 0 | |
2017 | 0 | |
2016 | 0 | |
Prior | 14,763 | |
Revolving loans amortized cost basis | 2 | |
Revolving loans converted to term loans | 0 | |
Total | 14,765 | |
Other Consumer [Member] | Substandard [Member] | ||
Disclosure Details Of Troubled Debt Restructuring Loan Modification Based On Post Modification Outstanding Balance [Line Items] | ||
2020 | 3 | |
2019 | 0 | |
2018 | 0 | |
2017 | 0 | |
2016 | 0 | |
Prior | 2,352 | |
Revolving loans amortized cost basis | 0 | |
Revolving loans converted to term loans | 0 | |
Total | 2,355 | |
Other Consumer [Member] | Doubtful [Member] | ||
Disclosure Details Of Troubled Debt Restructuring Loan Modification Based On Post Modification Outstanding Balance [Line Items] | ||
2020 | 0 | |
2019 | 0 | |
2018 | 0 | |
2017 | 0 | |
2016 | 0 | |
Prior | 1 | |
Revolving loans amortized cost basis | 0 | |
Revolving loans converted to term loans | 0 | |
Total | 1 | |
Other Consumer [Member] | YTS Charge Offs [Member] | ||
Disclosure Details Of Troubled Debt Restructuring Loan Modification Based On Post Modification Outstanding Balance [Line Items] | ||
2020 | (136) | |
2019 | (1,013) | |
2018 | (1,040) | |
2017 | (393) | |
2016 | (228) | |
Prior | (484) | |
Revolving loans amortized cost basis | (2) | |
Revolving loans converted to term loans | 0 | |
Total | (3,296) | |
Other Consumer [Member] | YTS Recoveries [Member] | ||
Disclosure Details Of Troubled Debt Restructuring Loan Modification Based On Post Modification Outstanding Balance [Line Items] | ||
2020 | 3 | |
2019 | 74 | |
2018 | 113 | |
2017 | 30 | |
2016 | 43 | |
Prior | 216 | |
Revolving loans amortized cost basis | 0 | |
Revolving loans converted to term loans | 0 | |
Total | 479 | |
Other Consumer [Member] | YTS Net Charge Offs [Member] | ||
Disclosure Details Of Troubled Debt Restructuring Loan Modification Based On Post Modification Outstanding Balance [Line Items] | ||
2020 | (133) | |
2019 | (939) | |
2018 | (927) | |
2017 | (363) | |
2016 | (185) | |
Prior | (268) | |
Revolving loans amortized cost basis | (2) | |
Revolving loans converted to term loans | 0 | |
Total | $ (2,817) |
Allowance for Credit Losses - A
Allowance for Credit Losses - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Reserve for lending-related commitments | $ 19,250 | $ 1,733 | $ 1,389 |
Maximum Period Related To Accrual Of Interest On Discontinued Loans | 90 days | ||
Allowance for credit loss on accrued interest receivable | $ 250 | ||
Accrued interest receivable net of allowance for credit loss | 66,832 | 58,085 | |
Accrued interest receivable | 56,393 | ||
Payments to government contract payables unbilled amounts | 900,000,000 | ||
Accrued Income Receivable [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Allowance for credit loss on accrued interest receivable | 250 | 250 | |
Accrued interest receivable net of allowance for credit loss | 56,143 | 56,143 | |
Accrued interest receivable | $ 48,130 | $ 48,130 |
Allowance for Credit Losses - S
Allowance for Credit Losses - Schedule Of Credit Losses Related To Accrued Interest Receivables and Written Off (Detail) $ in Thousands | 12 Months Ended |
Dec. 31, 2020USD ($) | |
Accrued Interest Receivables And Written Off Status [Line Items] | |
Accrued Interest Receivable | $ 56,393 |
Accrued Interest Receivables Written Off by Reversing Interest Income | 1,242 |
Less: Allowance for credit losses | (250) |
Total | 56,143 |
Other Commercial [Member] | |
Accrued Interest Receivables And Written Off Status [Line Items] | |
Accrued Interest Receivable | 12,320 |
Accrued Interest Receivables Written Off by Reversing Interest Income | 87 |
Residential Real Estate [Member] | |
Accrued Interest Receivables And Written Off Status [Line Items] | |
Accrued Interest Receivable | 12,558 |
Accrued Interest Receivables Written Off by Reversing Interest Income | 173 |
Owner-Occupied [Member] | Commercial Real Estate [Member] | |
Accrued Interest Receivables And Written Off Status [Line Items] | |
Accrued Interest Receivable | 5,001 |
Accrued Interest Receivables Written Off by Reversing Interest Income | 163 |
Nonowner-Occupied [Member] | Commercial Real Estate [Member] | |
Accrued Interest Receivables And Written Off Status [Line Items] | |
Accrued Interest Receivable | 15,989 |
Accrued Interest Receivables Written Off by Reversing Interest Income | 185 |
Construction [Member] | |
Accrued Interest Receivables And Written Off Status [Line Items] | |
Accrued Interest Receivable | 7,314 |
Accrued Interest Receivables Written Off by Reversing Interest Income | 509 |
Bankcard [Member] | Consumer [Member] | |
Accrued Interest Receivables And Written Off Status [Line Items] | |
Accrued Interest Receivable | 0 |
Accrued Interest Receivables Written Off by Reversing Interest Income | 0 |
Other Consumer [Member] | Consumer [Member] | |
Accrued Interest Receivables And Written Off Status [Line Items] | |
Accrued Interest Receivable | 3,211 |
Accrued Interest Receivables Written Off by Reversing Interest Income | $ 125 |
Allowance for Credit Losses -_2
Allowance for Credit Losses - Schedule of Allowance for Loan Losses and Carrying Amount of Loans (Detail) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Allowance for Loan and Lease Losses Beginning balance | $ 77,057 | $ 76,703 | ||
Initial allowance for PCD loans (acquired during the period) | 18,635 | 0 | $ 0 | |
Charge-offs | (32,983) | (29,110) | ||
Recoveries | 9,386 | 8,151 | ||
Provision | 106,293 | 21,313 | 22,013 | |
Allowance for Loan and Lease Losses Ending balance | 235,830 | 77,057 | 76,703 | |
Allowance for Loan Losses, individually evaluated for impairment | 16,499 | |||
Allowance for Loan Losses, collectively evaluated for impairment | 60,558 | |||
Allowance for Loan Losses | 235,830 | 77,057 | 76,703 | $ 76,627 |
Financing receivables | 13,713,548 | |||
Financing receivables, individually evaluated for impairment | 123,505 | |||
Financing receivables, collectively evaluated for impairment | 13,494,039 | |||
Accounting Standards Update 2016-13 [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Allowance for Loan and Lease Losses Beginning balance | 52,321 | |||
Allowance for Loan and Lease Losses Ending balance | 52,321 | |||
Accounting Standards Update 2016-13 [Member] | PCD Loans [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Allowance for Loan and Lease Losses Beginning balance | 5,121 | |||
Allowance for Loan and Lease Losses Ending balance | 5,121 | |||
Loans Acquired with Deteriorated Credit Quality [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Allowance for Loan Losses | 0 | |||
Financing receivables | 96,004 | |||
Construction & Land Development [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Allowance for Loan and Lease Losses Beginning balance | 3,353 | 7,992 | ||
Initial allowance for PCD loans (acquired during the period) | 2,570 | |||
Charge-offs | (2,027) | (1,303) | ||
Recoveries | 1,513 | 175 | ||
Provision | 16,806 | (3,511) | ||
Allowance for Loan and Lease Losses Ending balance | 39,077 | 3,353 | 7,992 | |
Allowance for Loan Losses, individually evaluated for impairment | 262 | |||
Allowance for Loan Losses, collectively evaluated for impairment | 3,091 | |||
Financing receivables | 1,408,205 | |||
Financing receivables, individually evaluated for impairment | 14,047 | |||
Financing receivables, collectively evaluated for impairment | 1,382,369 | |||
Construction & Land Development [Member] | Accounting Standards Update 2016-13 [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Allowance for Loan and Lease Losses Beginning balance | 14,817 | |||
Allowance for Loan and Lease Losses Ending balance | 14,817 | |||
Construction & Land Development [Member] | Accounting Standards Update 2016-13 [Member] | PCD Loans [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Allowance for Loan and Lease Losses Beginning balance | 2,045 | |||
Allowance for Loan and Lease Losses Ending balance | 2,045 | |||
Construction & Land Development [Member] | Loans Acquired with Deteriorated Credit Quality [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Allowance for Loan Losses | 0 | |||
Financing receivables | 11,789 | |||
Allowance for Estimated Imprecision [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Allowance for Loan and Lease Losses Beginning balance | 297 | 245 | ||
Initial allowance for PCD loans (acquired during the period) | 0 | |||
Charge-offs | 0 | 0 | ||
Recoveries | 0 | 0 | ||
Provision | 0 | 52 | ||
Allowance for Loan and Lease Losses Ending balance | 0 | 297 | 245 | |
Allowance for Loan Losses, individually evaluated for impairment | 0 | |||
Allowance for Loan Losses, collectively evaluated for impairment | 297 | |||
Financing receivables | 0 | |||
Financing receivables, individually evaluated for impairment | 0 | |||
Financing receivables, collectively evaluated for impairment | 0 | |||
Allowance for Estimated Imprecision [Member] | Accounting Standards Update 2016-13 [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Allowance for Loan and Lease Losses Beginning balance | (297) | |||
Allowance for Loan and Lease Losses Ending balance | (297) | |||
Allowance for Estimated Imprecision [Member] | Accounting Standards Update 2016-13 [Member] | PCD Loans [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Allowance for Loan and Lease Losses Beginning balance | 0 | |||
Allowance for Loan and Lease Losses Ending balance | 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 | |||
Financing receivables | 0 | |||
Bank Card [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Allowance for Loan and Lease Losses Beginning balance | 74 | |||
Initial allowance for PCD loans (acquired during the period) | 0 | |||
Allowance for Loan and Lease Losses Ending balance | 74 | |||
Financing receivables | 10,074 | |||
Bank Card [Member] | Accounting Standards Update 2016-13 [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Allowance for Loan and Lease Losses Beginning balance | 28 | |||
Allowance for Loan and Lease Losses Ending balance | 28 | |||
Bank Card [Member] | Accounting Standards Update 2016-13 [Member] | PCD Loans [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Allowance for Loan and Lease Losses Beginning balance | 0 | |||
Allowance for Loan and Lease Losses Ending balance | 0 | |||
Commercial Real Estate [Member] | Owner-Occupied [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Allowance for Loan and Lease Losses Beginning balance | 5,554 | 5,063 | ||
Initial allowance for PCD loans (acquired during the period) | 1,955 | |||
Charge-offs | (2,195) | (7,905) | ||
Recoveries | 795 | 3,733 | ||
Provision | 5,665 | 4,663 | ||
Allowance for Loan and Lease Losses Ending balance | 23,354 | 5,554 | 5,063 | |
Allowance for Loan Losses, individually evaluated for impairment | 973 | |||
Allowance for Loan Losses, collectively evaluated for impairment | 4,581 | |||
Financing receivables | 1,201,652 | |||
Financing receivables, individually evaluated for impairment | 16,703 | |||
Financing receivables, collectively evaluated for impairment | 1,160,556 | |||
Commercial Real Estate [Member] | Owner-Occupied [Member] | Accounting Standards Update 2016-13 [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Allowance for Loan and Lease Losses Beginning balance | 9,737 | |||
Allowance for Loan and Lease Losses Ending balance | 9,737 | |||
Commercial Real Estate [Member] | Owner-Occupied [Member] | Accounting Standards Update 2016-13 [Member] | PCD Loans [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Allowance for Loan and Lease Losses Beginning balance | 1,843 | |||
Allowance for Loan and Lease Losses Ending balance | 1,843 | |||
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 | |||
Financing receivables | 24,393 | |||
Commercial Real Estate [Member] | Nonowner-Occupied [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Allowance for Loan and Lease Losses Beginning balance | 8,524 | 6,919 | ||
Initial allowance for PCD loans (acquired during the period) | 6,418 | |||
Charge-offs | (6,134) | (1,093) | ||
Recoveries | 1,023 | 80 | ||
Provision | 30,175 | 2,618 | ||
Allowance for Loan and Lease Losses Ending balance | 49,150 | 8,524 | 6,919 | |
Allowance for Loan Losses, individually evaluated for impairment | 2,979 | |||
Allowance for Loan Losses, collectively evaluated for impairment | 5,545 | |||
Financing receivables | 3,965,960 | |||
Financing receivables, individually evaluated for impairment | 27,121 | |||
Financing receivables, collectively evaluated for impairment | 3,925,249 | |||
Commercial Real Estate [Member] | Nonowner-Occupied [Member] | Accounting Standards Update 2016-13 [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Allowance for Loan and Lease Losses Beginning balance | 9,023 | |||
Allowance for Loan and Lease Losses Ending balance | 9,023 | |||
Commercial Real Estate [Member] | Nonowner-Occupied [Member] | Accounting Standards Update 2016-13 [Member] | PCD Loans [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Allowance for Loan and Lease Losses Beginning balance | 121 | |||
Allowance for Loan and Lease Losses Ending balance | 121 | |||
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 | |||
Financing receivables | 13,590 | |||
Other Commercial [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Allowance for Loan and Lease Losses Beginning balance | 47,325 | 41,341 | ||
Initial allowance for PCD loans (acquired during the period) | 7,032 | |||
Charge-offs | (17,350) | (12,975) | ||
Recoveries | 4,461 | 2,599 | ||
Provision | 40,561 | 16,360 | ||
Allowance for Loan and Lease Losses Ending balance | 78,138 | 47,325 | 41,341 | |
Allowance for Loan Losses, individually evaluated for impairment | 11,931 | |||
Allowance for Loan Losses, collectively evaluated for impairment | 35,394 | |||
Financing receivables | 2,285,037 | |||
Financing receivables, individually evaluated for impairment | 54,108 | |||
Financing receivables, collectively evaluated for impairment | 2,194,432 | |||
Other Commercial [Member] | Accounting Standards Update 2016-13 [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Allowance for Loan and Lease Losses Beginning balance | (4,829) | |||
Allowance for Loan and Lease Losses Ending balance | (4,829) | |||
Other Commercial [Member] | Accounting Standards Update 2016-13 [Member] | PCD Loans [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Allowance for Loan and Lease Losses Beginning balance | 938 | |||
Allowance for Loan and Lease Losses Ending balance | 938 | |||
Other Commercial [Member] | Loans Acquired with Deteriorated Credit Quality [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Allowance for Loan Losses | 0 | |||
Financing receivables | 36,497 | |||
Residential Real Estate [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Allowance for Loan and Lease Losses Beginning balance | 8,997 | 12,448 | ||
Initial allowance for PCD loans (acquired during the period) | 652 | |||
Charge-offs | (1,760) | (2,967) | ||
Recoveries | 1,063 | 858 | ||
Provision | 6,902 | (1,342) | ||
Allowance for Loan and Lease Losses Ending balance | 29,125 | 8,997 | 12,448 | |
Allowance for Loan Losses, individually evaluated for impairment | 354 | |||
Allowance for Loan Losses, collectively evaluated for impairment | 8,643 | |||
Financing receivables | 3,686,401 | |||
Financing receivables, individually evaluated for impairment | 11,526 | |||
Financing receivables, collectively evaluated for impairment | 3,665,140 | |||
Residential Real Estate [Member] | Accounting Standards Update 2016-13 [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Allowance for Loan and Lease Losses Beginning balance | 13,097 | |||
Allowance for Loan and Lease Losses Ending balance | 13,097 | |||
Residential Real Estate [Member] | Accounting Standards Update 2016-13 [Member] | PCD Loans [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Allowance for Loan and Lease Losses Beginning balance | 174 | |||
Allowance for Loan and Lease Losses Ending balance | 174 | |||
Residential Real Estate [Member] | Loans Acquired with Deteriorated Credit Quality [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Allowance for Loan Losses | 0 | |||
Financing receivables | 9,735 | |||
Consumer [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Allowance for Loan and Lease Losses Beginning balance | 3,007 | 2,695 | ||
Charge-offs | (2,867) | |||
Recoveries | 706 | |||
Provision | 2,473 | |||
Allowance for Loan and Lease Losses Ending balance | 3,007 | $ 2,695 | ||
Allowance for Loan Losses, individually evaluated for impairment | 0 | |||
Allowance for Loan Losses, collectively evaluated for impairment | 3,007 | |||
Financing receivables | 1,166,293 | |||
Financing receivables, individually evaluated for impairment | 0 | |||
Financing receivables, collectively evaluated for impairment | 1,166,293 | |||
Consumer [Member] | Loans Acquired with Deteriorated Credit Quality [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Allowance for Loan Losses | 0 | |||
Financing receivables | 0 | |||
Consumer [Member] | Bank Card [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Charge-offs | (221) | |||
Recoveries | 52 | |||
Provision | 389 | |||
Allowance for Loan and Lease Losses Ending balance | 322 | |||
Other Consumer [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Allowance for Loan and Lease Losses Beginning balance | 2,933 | |||
Initial allowance for PCD loans (acquired during the period) | 8 | |||
Charge-offs | (3,296) | |||
Recoveries | 479 | |||
Provision | 5,795 | |||
Allowance for Loan and Lease Losses Ending balance | 16,664 | 2,933 | ||
Other Consumer [Member] | Accounting Standards Update 2016-13 [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Allowance for Loan and Lease Losses Beginning balance | 10,745 | |||
Allowance for Loan and Lease Losses Ending balance | 10,745 | |||
Other Consumer [Member] | Accounting Standards Update 2016-13 [Member] | PCD Loans [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Allowance for Loan and Lease Losses Beginning balance | $ 0 | |||
Allowance for Loan and Lease Losses Ending balance | $ 0 |
Allowance for Credit Losses - P
Allowance for Credit Losses - Progression of Allowance for Credit Losses Including Allowance for Loan Losses and Reserve for Lending-Related Commitments (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Receivables [Abstract] | |||
Balance of allowance for loan losses at beginning of period | $ 77,057 | $ 76,703 | $ 76,627 |
Cumulative effect adjustment for CECL | 57,442 | 0 | 0 |
Financing receivable allowance and provisions for credit losses | 134,499 | 76,703 | 76,627 |
Initial allowance for acquired PCD loans | 18,635 | 0 | 0 |
Gross charge-offs | (32,983) | (29,110) | (28,606) |
Recoveries | 9,386 | 8,151 | 6,669 |
Net charge-offs | (23,597) | (20,959) | (21,937) |
Provision for loan and lease losses | 106,293 | 21,313 | 22,013 |
Balance of allowance for loan losses at end of period | 235,830 | 77,057 | 76,703 |
Reserve for lending-related commitments | 19,250 | 1,733 | 1,389 |
Balance of allowance for credit losses at end of period | $ 255,080 | $ 78,790 | $ 78,092 |
Bank Premises and Equipment - B
Bank Premises and Equipment - Bank Premises and Equipment (Detail) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Property, Plant and Equipment [Line Items] | ||
Bank premises and equipment, Gross | $ 360,273 | $ 250,010 |
Less allowance for depreciation and amortization | (184,449) | (153,366) |
Net bank premises and equipment | 175,824 | 96,644 |
Land [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Bank premises and equipment, Gross | 54,389 | 32,085 |
Buildings and Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Bank premises and equipment, Gross | 166,926 | 105,759 |
Leasehold Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Bank premises and equipment, Gross | 39,681 | 40,789 |
Furniture, Fixtures and Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Bank premises and equipment, Gross | $ 99,277 | $ 71,377 |
Bank Premises and Equipment - A
Bank Premises and Equipment - Additional Information (Detail) - USD ($) | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Property, Plant and Equipment [Abstract] | |||
Depreciation expense | $ 13,464,000 | $ 9,329,000 | $ 10,255,000 |
Amortization expense | $ 251,000 | $ 141,000 | $ 102,000 |
Leases - Additional Information
Leases - Additional Information (Detail) | Dec. 31, 2020 |
Operating leases, option to extend term | 5 years |
Maximum [Member] | |
Operating lease remaining lease term | 12 years |
Minimum [Member] | |
Operating lease remaining lease term | 1 year |
Leases - Components of Lease Ex
Leases - Components of Lease Expense (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Operating lease cost | $ 22,575 | $ 19,508 |
Sublease income | (1,039) | (825) |
Net lease cost | $ 21,536 | $ 18,683 |
Leases - Supplemental Balance S
Leases - Supplemental Balance Sheet Information Related to Leases (Detail) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Operating lease right-of-use assets | $ 69,520 | $ 57,783 |
Operating lease liabilities | $ 73,213 | $ 61,342 |
Leases - Other Information Rela
Leases - Other Information Related to Leases (Detail) | Dec. 31, 2020 |
Weightedaverage remaining lease term [Abstract] | |
Operating leases | 5 years 7 months 9 days |
Weightedaverage discount rate [Abstract] | |
Operating leases | 2.49% |
Leases - Supplemental Cash Flow
Leases - Supplemental Cash Flow Information Related to Leases (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Cash paid for amounts in the measurement of lease liabilities [Abstract] | ||
Operating cash flows from operating leases | $ 22,409 | $ 19,601 |
ROU assets obtained in the exchange for lease liabilities | $ 30,864 | $ 7,630 |
Leases - Maturities of Lease Li
Leases - Maturities of Lease Liabilities by Year (Detail) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
2021 | $ 20,172 | $ 17,725 |
2022 | 16,196 | 15,180 |
2023 | 12,723 | 11,522 |
2024 | 8,242 | 8,751 |
2025 | 5,516 | 5,127 |
Thereafter | 15,330 | 8,190 |
Total lease payments | 78,179 | 66,495 |
Less: imputed interest | (4,966) | (5,153) |
Total | $ 73,213 | $ 61,342 |
Intangible Assets - Summary of
Intangible Assets - Summary of Intangible Assets (Detail) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | $ 1,276 | |
Goodwill not subject to amortization | 1,796,848 | $ 1,478,014 |
Core Deposit Intangible Assets [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 101,767 | 98,359 |
Accumulated Amortization | (76,120) | (69,508) |
George Mason Trade Name Intangible [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 1,080 | 1,080 |
Crescent Trade Name [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 196 | |
Community Banking [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 0 | |
Goodwill not subject to amortization | 1,791,533 | 1,472,699 |
Community Banking [Member] | Core Deposit Intangible Assets [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 101,767 | 98,359 |
Accumulated Amortization | (76,120) | (69,508) |
Community Banking [Member] | George Mason Trade Name Intangible [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 0 | 0 |
Community Banking [Member] | Crescent Trade Name [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 0 | |
Mortgage Banking [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 1,276 | |
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 |
Mortgage Banking [Member] | Crescent Trade Name [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | $ 196 |
Intangible Assets - Reconciliat
Intangible Assets - Reconciliation of Goodwill (Detail) $ in Thousands | 12 Months Ended |
Dec. 31, 2020USD ($) | |
Goodwill [Line Items] | |
Goodwill at December 31, 2019 | $ 1,478,014 |
Preliminary addition to goodwill from Carolina Financial acquisition | 318,834 |
Goodwill at September 30, 2020 | 1,796,848 |
Community Banking [Member] | |
Goodwill [Line Items] | |
Goodwill at December 31, 2019 | 1,472,699 |
Preliminary addition to goodwill from Carolina Financial acquisition | 318,834 |
Goodwill at September 30, 2020 | 1,791,533 |
Mortgage Banking [Member] | |
Goodwill [Line Items] | |
Goodwill at December 31, 2019 | 5,315 |
Preliminary addition to goodwill from Carolina Financial acquisition | 0 |
Goodwill at September 30, 2020 | $ 5,315 |
Intangible Assets - Schedule of
Intangible Assets - Schedule of Anticipated Amortization Expense (Detail) $ in Thousands | Dec. 31, 2020USD ($) |
Goodwill and Intangible Assets Disclosure [Abstract] | |
2021 | $ 5,866 |
2022 | 4,983 |
2023 | 4,680 |
2024 | 3,255 |
2025 | 2,942 |
2026 and thereafter | $ 3,921 |
Mortgage Servicing Rights - Add
Mortgage Servicing Rights - Additional Information (Detail) - USD ($) | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Servicing Assets at Fair Value [Line Items] | ||
Estimated fair value of mortgage servicing rights | $ 20,955,000 | $ 0 |
Temporary impairment charge of mortgage servicing rights | 1,383,000 | |
Mortgage servicing rights | 20,123,000,000 | |
Mortgage Servicing Rights [Member] | ||
Servicing Assets at Fair Value [Line Items] | ||
Loans serviced for others unpaid principal balance | $ 3,587,953,000,000 | |
Net servicing fee percentage | 0.26% | |
Temporary impairment charge of mortgage servicing rights | $ (1,383,000) | |
Mortgage servicing rights | $ 20,123,000 | |
Mortgage Servicing Rights [Member] | Minimum [Member] | ||
Servicing Assets at Fair Value [Line Items] | ||
Discount rate used in estimating the fair value of servicing rights | 9.50% | |
Weighted average prepayment rates used in estimating the fair value of servicing rights | 10.62% | |
Deliquency rate used in determning fair value of servicing rights | 7.98% | |
Mortgage Servicing Rights [Member] | Maximum [Member] | ||
Servicing Assets at Fair Value [Line Items] | ||
Discount rate used in estimating the fair value of servicing rights | 14.07% | |
Weighted average prepayment rates used in estimating the fair value of servicing rights | 14.60% | |
Deliquency rate used in determning fair value of servicing rights | 18.42% | |
Mortgage Servicing Rights [Member] | Weighted Average [Member] | Including Loans On Forbearance [Member] | ||
Servicing Assets at Fair Value [Line Items] | ||
Deliquency rate used in determning fair value of servicing rights | 2.88% | |
Mortgage Servicing Rights [Member] | Loan Origination Commitments [Member] | Median [Member] | ||
Servicing Assets at Fair Value [Line Items] | ||
Estimated fair value of mortgage servicing rights | $ 20,955,000,000 |
Mortgage Servicing Rights - Sum
Mortgage Servicing Rights - Summary of Activity in Mortgage Servicing Rights (Detail) | 12 Months Ended |
Dec. 31, 2020USD ($) | |
Servicing Asset at Amortized Cost [Line Items] | |
Addition from acquisition of subsidiary | $ 20,123,000,000 |
MSRs valuation allowance beginning balance | 0 |
MSRs impairment | (1,383,000) |
MSRs valuation allowance ending balance | (1,383,000) |
MSRs, net of valuation allowance | 20,955,000 |
Mortgage Servicing Rights [Member] | |
Servicing Asset at Amortized Cost [Line Items] | |
MSRs beginning balance | 0 |
Addition from acquisition of subsidiary | 20,123,000 |
Amount capitalized | 7,310,000 |
Purchased servicing | 0 |
Amount amortized | (5,095,000) |
MSRs ending balance | 22,338,000 |
MSRs impairment | $ 1,383,000 |
Deposits - Book Value of Deposi
Deposits - Book Value of Deposits (Detail) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Deposits [Abstract] | ||
Demand deposits | $ 5,428,398 | $ 3,381,866 |
Interest-bearing checking | 799,635 | 372,175 |
Regular savings | 1,283,823 | 882,889 |
Money market accounts | 10,165,334 | 6,891,696 |
Time deposits under $100,000 | 979,988 | 723,941 |
Time deposits over $100,000 | 1,927,982 | 1,599,854 |
Total deposits | $ 20,585,160 | $ 13,852,421 |
Deposits - Additional Informati
Deposits - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Deposits [Line Items] | |||
Time deposits over $250,000 | $ 889,334 | $ 803,414 | |
Deposits | 20,585,160 | 13,852,421 | |
Subsidiaries [Member] | |||
Deposits [Line Items] | |||
Deposits | 15,585 | 15,350 | |
Deposits [Member] | |||
Deposits [Line Items] | |||
Interest paid | $ 81,080 | $ 136,360 | $ 87,219 |
Short-Term Borrowings - Short-T
Short-Term Borrowings - Short-Term Borrowings and the Related Weighted-Average Interest Rates (Detail) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Short-term Debt [Line Items] | |||
Short-term borrowings | $ 142,300 | $ 124,654 | |
Federal Funds Purchased [Member] | |||
Short-term Debt [Line Items] | |||
Short-term borrowings | $ 0 | $ 0 | $ 23,400 |
Weighted-Average Rate | 0.00% | 0.00% | 2.40% |
Securities Sold Under Agreements to Repurchase [Member] | |||
Short-term Debt [Line Items] | |||
Short-term borrowings | $ 142,300 | $ 124,654 | $ 152,927 |
Weighted-Average Rate | 0.17% | 1.09% | 0.96% |
Short-Term Borrowings - Additio
Short-Term Borrowings - Additional Information (Detail) - USD ($) | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Short-term Debt [Line Items] | |||
Unused lines of credit | $ 230,000,000 | ||
Short-Term Borrowings [Member] | |||
Short-term Debt [Line Items] | |||
Interest paid | 1,027,000 | $ 2,359,000 | $ 2,238,000 |
Unrelated Financial Institution [Member] | |||
Short-term Debt [Line Items] | |||
Unused lines of credit | $ 20,000,000 | ||
Renewal period of line of credit | 360 day | ||
Amount of outstanding balance under line of credit | $ 0 |
Short-Term Borrowings - Funds P
Short-Term Borrowings - Funds Purchased and Securities Sold Under Agreements to Repurchase and Weighted-Average Interest Rates (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Short-term Debt [Line Items] | |||
Short-term borrowings | $ 142,300 | $ 124,654 | |
Federal Funds Purchased [Member] | |||
Short-term Debt [Line Items] | |||
Short-term borrowings | $ 0 | $ 0 | $ 23,400 |
Weighted-average interest rate at year-end | 0.00% | 0.00% | 2.40% |
Maximum amount outstanding at any month's end | $ 0 | $ 0 | $ 25,790 |
Average amount outstanding during the year | $ 1 | $ 1,899 | $ 16,773 |
Weighted-average interest rate during the year | 1.64% | 2.52% | 1.86% |
Securities Sold Under Agreements to Repurchase [Member] | |||
Short-term Debt [Line Items] | |||
Short-term borrowings | $ 142,300 | $ 124,654 | $ 152,927 |
Weighted-average interest rate at year-end | 0.17% | 1.09% | 0.96% |
Maximum amount outstanding at any month's end | $ 187,889 | $ 161,175 | $ 328,484 |
Average amount outstanding during the year | $ 142,418 | $ 131,187 | $ 194,956 |
Weighted-average interest rate during the year | 0.37% | 1.33% | 0.61% |
Long-Term Borrowings - Addition
Long-Term Borrowings - Additional Information (Detail) | 12 Months Ended | ||
Dec. 31, 2020USD ($)Trust | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | |
Debt Instrument [Line Items] | |||
Unused borrowing amount | $ 6,654,763,000 | ||
FHLB advances | 584,532,000 | $ 1,851,865,000 | |
Overnight funds | $ 0 | 250,000,000 | |
Number of statutory business trusts | Trust | 19 | ||
Outstanding balances of debentures | $ 269,972,000 | 236,164,000 | |
Maximum time to defer payment of interest on subordinate debt | 5 years | ||
Long-Term Borrowings [Member] | |||
Debt Instrument [Line Items] | |||
Interest paid | $ 33,240,000 | $ 43,830,000 | $ 35,222,000 |
Capital Securities [Member] | |||
Debt Instrument [Line Items] | |||
Number of statutory business trusts | Trust | 19 | ||
Fixed To Floating Rate Subordinated Notes [Member] | Carolina Financial [Member] | |||
Debt Instrument [Line Items] | |||
Business combination subordinated notes assumed Face Value | $ 10,000,000 | ||
Federal Home Loan Bank Borrowings [Member] | |||
Debt Instrument [Line Items] | |||
Carrying value of loans pledged as collateral for FHLB advances | $ 5,086,303,000 |
Long-Term Borrowings - FHLB Adv
Long-Term Borrowings - FHLB Advances and Related Weighted Average Interest Rates (Detail) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
FHLB advances, Amount | $ 584,532 | $ 1,851,865 |
FHLB advances, Weighted-Average Contractual Rate | 0.60% | 2.03% |
FHLB advances, Weighted-Average Effective Rate | 0.75% | 2.03% |
Long -Term Borrowings - Informa
Long -Term Borrowings - Information Related to Statutory Trusts (Detail) $ in Thousands | 12 Months Ended |
Dec. 31, 2020USD ($) | |
United Statutory Trust III [Member] | |
Variable Interest Entity [Line Items] | |
Issuance Date | Dec. 17, 2003 |
Amount of Capital Securities Issued | $ 20,000 |
Stated 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 |
Stated 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 |
Stated 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 |
Stated 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 |
Stated 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 |
Stated 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 |
Stated 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 |
Stated 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 |
Stated 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 |
Stated 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 |
Stated 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 |
Stated 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 |
Stated 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 |
Stated Interest Rate | 3-month LIBOR + 2.10% |
Maturity Date | Mar. 15, 2035 |
Carolina Financial Capital Trust I [Member] | |
Variable Interest Entity [Line Items] | |
Issuance Date | Dec. 19, 2002 |
Amount of Capital Securities Issued | $ 5,000 |
Stated Interest Rate | Prime + 0.50% |
Maturity Date | Dec. 31, 2032 |
Carolina Financial Capital Trust II [Member] | |
Variable Interest Entity [Line Items] | |
Issuance Date | Nov. 5, 2003 |
Amount of Capital Securities Issued | $ 10,000 |
Stated Interest Rate | 3-month LIBOR + 3.05% |
Maturity Date | Jan. 7, 2034 |
Greer Capital Trust I [Member] | |
Variable Interest Entity [Line Items] | |
Issuance Date | Oct. 12, 2004 |
Amount of Capital Securities Issued | $ 6,000 |
Stated Interest Rate | 3-month LIBOR + 2.20% |
Maturity Date | Oct. 18, 2034 |
Greer Capital Trust II [Member] | |
Variable Interest Entity [Line Items] | |
Issuance Date | Dec. 28, 2006 |
Amount of Capital Securities Issued | $ 5,000 |
Stated Interest Rate | 3-month LIBOR + 1.73% |
Maturity Date | Jan. 30, 2037 |
First South Preferred Trust I [Member] | |
Variable Interest Entity [Line Items] | |
Issuance Date | Sep. 26, 2003 |
Amount of Capital Securities Issued | $ 10,000 |
Stated Interest Rate | 3-month LIBOR + 2.95% |
Maturity Date | Sep. 30, 2033 |
Long -Term Borrowings - Debentu
Long -Term Borrowings - Debentures and Related Weighted Average Interest Rates (Detail) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Debt Instrument [Line Items] | ||
Amount | $ 269,972 | $ 236,164 |
United Statutory Trust III [Member] | ||
Debt Instrument [Line Items] | ||
Amount | $ 20,619 | $ 20,619 |
Weighted-Average Rate | 3.08% | 4.75% |
United Statutory Trust IV [Member] | ||
Debt Instrument [Line Items] | ||
Amount | $ 25,774 | $ 25,774 |
Weighted-Average Rate | 3.06% | 4.79% |
United Statutory Trust V [Member] | ||
Debt Instrument [Line Items] | ||
Amount | $ 51,547 | $ 51,547 |
Weighted-Average Rate | 1.78% | 3.65% |
United Statutory Trust VI [Member] | ||
Debt Instrument [Line Items] | ||
Amount | $ 30,928 | $ 30,928 |
Weighted-Average Rate | 1.52% | 3.19% |
Premier Statutory Trust II [Member] | ||
Debt Instrument [Line Items] | ||
Amount | $ 6,186 | $ 6,186 |
Weighted-Average Rate | 3.34% | 5.09% |
Premier Statutory Trust III [Member] | ||
Debt Instrument [Line Items] | ||
Amount | $ 8,248 | $ 8,248 |
Weighted-Average Rate | 1.96% | 3.63% |
Premier Statutory Trust IV [Member] | ||
Debt Instrument [Line Items] | ||
Amount | $ 14,433 | $ 14,433 |
Weighted-Average Rate | 1.80% | 3.48% |
Premier Statutory Trust V [Member] | ||
Debt Instrument [Line Items] | ||
Amount | $ 10,310 | $ 10,310 |
Weighted-Average Rate | 1.84% | 3.52% |
Centra Statutory Trust I [Member] | ||
Debt Instrument [Line Items] | ||
Amount | $ 10,000 | $ 10,000 |
Weighted-Average Rate | 2.53% | 4.20% |
Centra Statutory Trust II [Member] | ||
Debt Instrument [Line Items] | ||
Amount | $ 10,000 | $ 10,000 |
Weighted-Average Rate | 1.89% | 3.64% |
Virginia Commerce Trust II [Member] | ||
Debt Instrument [Line Items] | ||
Amount | $ 12,705 | $ 12,475 |
Weighted-Average Rate | 3.57% | 5.22% |
Virginia Commerce Trust III [Member] | ||
Debt Instrument [Line Items] | ||
Amount | $ 17,794 | $ 17,268 |
Weighted-Average Rate | 1.63% | 3.33% |
Cardinal Statutory Trust I [Member] | ||
Debt Instrument [Line Items] | ||
Amount | $ 15,223 | $ 14,825 |
Weighted-Average Rate | 2.62% | 4.29% |
UFBC Capital Trust I [Member] | ||
Debt Instrument [Line Items] | ||
Amount | $ 3,656 | $ 3,551 |
Weighted-Average Rate | 2.32% | 3.99% |
Carolina Financial Capital Trust I [Member] | ||
Debt Instrument [Line Items] | ||
Amount | $ 4,998 | $ 0 |
Weighted-Average Rate | 3.75% | 0.00% |
Carolina Financial Capital Trust II [Member] | ||
Debt Instrument [Line Items] | ||
Amount | $ 9,340 | $ 0 |
Weighted-Average Rate | 3.29% | 0.00% |
Greer Capital Trust I [Member] | ||
Debt Instrument [Line Items] | ||
Amount | $ 5,075 | $ 0 |
Weighted-Average Rate | 2.42% | 0.00% |
Greer Capital Trust II [Member] | ||
Debt Instrument [Line Items] | ||
Amount | $ 3,876 | $ 0 |
Weighted-Average Rate | 1.94% | 0.00% |
First South Preferred Trust I [Member] | ||
Debt Instrument [Line Items] | ||
Amount | $ 9,260 | $ 0 |
Weighted-Average Rate | 3.19% | 0.00% |
Long -Term Borrowings - Schedul
Long -Term Borrowings - Schedule of Maturities of Long-term Borrowings (Detail) $ in Thousands | Dec. 31, 2020USD ($) |
Debt Disclosure [Abstract] | |
2021 | $ 551,065 |
2022 | 19,391 |
2023 | 0 |
2024 | 0 |
2025 | 9,312 |
2026 and thereafter | 284,601 |
Total | $ 864,369 |
Other Expense - Other Expense (
Other Expense - Other Expense (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Other Income and Expenses [Abstract] | |||
Legal, consulting & other professional services | $ 16,482 | $ 12,360 | $ 13,248 |
Franchise & other taxes not on income | 12,122 | 11,330 | 11,428 |
Expense for reserve on lending-related commitments | 11,315 | 344 | 710 |
Automated Teller Machine (ATM) expenses | $ 9,295 | $ 7,336 | $ 6,892 |
Income Taxes - Income Tax Provi
Income Taxes - Income Tax Provisions Included in the Consolidated Statements of Income (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Current expense: | |||||||||||
Federal | $ 60,508 | $ 43,337 | $ 52,041 | ||||||||
State | 10,656 | 6,798 | 9,429 | ||||||||
Deferred expense: | |||||||||||
Federal | (174) | 12,522 | 8,298 | ||||||||
Tax Act remeasurement | 0 | 0 | (120) | ||||||||
State | (273) | 1,683 | 1,175 | ||||||||
Total income taxes | $ 20,833 | $ 28,974 | $ 11,021 | $ 9,889 | $ 12,473 | $ 17,010 | $ 17,529 | $ 17,328 | $ 70,717 | $ 64,340 | $ 70,823 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Income Taxes [Line Items] | |||
Federal income tax (benefit) expense applicable to sales and calls of securities | $ 663,000 | $ 54,000 | $ 180,000 |
Income taxes paid | 65,378,000 | 56,459,000 | 55,336,000 |
Franchise & other taxes not on income | 12,122,000 | 11,330,000 | 11,428,000 |
Valuation allowance recorded | $ 0 | 0 | |
Estimate of unrecognized tax benefits, reasonable possible | United cannot reasonably estimate the amount of tax benefits, if any, it may recognize over the next 12 months. | ||
Accrued interest related to uncertain tax positions | $ 668,000 | 667,000 | |
Interest or penalties were recognized | 0 | $ 0 | $ 0 |
Federal [Member] | |||
Income Taxes [Line Items] | |||
State net operating loss carryforwards | 0 | ||
State [Member] | |||
Income Taxes [Line Items] | |||
State net operating loss carryforwards | $ 0 |
Income Taxes - Reconciliation o
Income Taxes - Reconciliation of Income Tax Expense to the Amount Computed by Applying the Statutory Federal Income Tax Rate (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Income Tax Disclosure [Abstract] | |||||||||||
Tax on income before taxes at statutory federal rate | $ 75,546 | $ 68,132 | $ 68,704 | ||||||||
Plus: State income taxes net of federal tax benefits | 8,202 | 6,690 | 8,362 | ||||||||
Income tax before adjustments | 83,748 | 74,822 | 77,066 | ||||||||
Tax-exempt interest income | (3,011) | (2,813) | (3,298) | ||||||||
Tax credits | (9,860) | (5,636) | (2,054) | ||||||||
Deferred taxes due to the Tax Act | 0 | 0 | (120) | ||||||||
Other items-net | (160) | (2,033) | (771) | ||||||||
Total income taxes | $ 20,833 | $ 28,974 | $ 11,021 | $ 9,889 | $ 12,473 | $ 17,010 | $ 17,529 | $ 17,328 | $ 70,717 | $ 64,340 | $ 70,823 |
Tax on income before taxes at statutory federal rate, rate | 21.00% | 21.00% | 21.00% | ||||||||
Plus: State income taxes net of federal tax benefits, rate | 2.30% | 2.10% | 2.60% | ||||||||
Income tax before adjustments, rate | 23.30% | 23.10% | 23.60% | ||||||||
Increase (decrease) resulting from: | |||||||||||
Tax-exempt interest income, rate | (0.80%) | (0.90%) | (1.00%) | ||||||||
Tax credits, percentage | (2.70%) | (1.70%) | (0.60%) | ||||||||
Deferred taxes due to the Tax Act, rate | 0.00% | 0.00% | 0.00% | ||||||||
Other items-net, rate | (0.10%) | (0.70%) | (0.30%) | ||||||||
Income taxes, rate | 19.70% | 19.80% | 21.70% |
Income Taxes - Components of Un
Income Taxes - Components of United's Deferred Tax Assets and Liabilities (Detail) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Deferred tax assets: | ||
Allowance for credit losses | $ 59,492 | $ 18,358 |
Accrued benefits payable | 14,097 | 13,459 |
Other accrued liabilities | 655 | 992 |
Pension plan accruals | 409 | 3,313 |
Unrealized loss on securities available for sale | 0 | 0 |
Other real estate owned | 980 | 2,482 |
Lease liabilities under operating leases | 17,059 | 14,293 |
Deferred mortgage points | 6,518 | 0 |
Purchase accounting intangibles | 820 | 5,917 |
Total deferred tax assets | 100,030 | 58,814 |
Deferred tax liabilities: | ||
Premises and equipment | 5,878 | 2,963 |
Unrealized gain on securities available for sale | 20,087 | 2,755 |
Right-of-use assets under operating leases | 16,198 | 13,464 |
Deferred mortgage points | 0 | 389 |
Derivatives | 1,020 | 0 |
Trust fees | 0 | 0 |
Purchase accounting intangibles | 0 | 0 |
Other | 1,312 | 2,300 |
Total deferred tax liabilities | 44,495 | 21,871 |
Net deferred tax assets | $ 55,535 | $ 36,943 |
Income Taxes - Reconciliation_2
Income Taxes - Reconciliation of the Total Amounts of Unrecognized Tax Benefits (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Income Tax Disclosure [Abstract] | ||
Unrecognized tax benefits at beginning of year | $ 1,568 | $ 2,005 |
Increase in unrecognized tax benefits as a result of tax positions taken during the current period | 1,158 | 152 |
Decreases in the unrecognized tax benefits as a result of a lapse of the applicable statute of limitations | (523) | (589) |
Unrecognized tax benefits at end of year | $ 2,203 | $ 1,568 |
Employee Benefit Plans - Additi
Employee Benefit Plans - Additional Information (Detail) - USD ($) | 3 Months Ended | 12 Months Ended | |||
Dec. 31, 2020 | Mar. 31, 2018 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Defined Benefit Plan Disclosure [Line Items] | |||||
Unrecognized actuarial gains (losses), before tax | $ 65,426,000,000 | $ 65,426,000,000 | |||
Unrecognized actuarial gains (losses), net of tax | 50,182,000,000 | 50,182,000,000 | |||
Amount of United common stock held in the pension plan | $ 193,022,000 | $ 193,022,000 | $ 159,560,000 | $ 137,408,000 | |
Percentage of equity securities include united common stock | 100.00% | 100.00% | 100.00% | ||
Percentage of projected benefit obligation | 10.00% | 10.00% | |||
Minimum number of days required to be eligible for the participation in the plan | 90 days | ||||
Employer discretionary contribution amount | $ 20,000,000 | $ 7,000,000 | |||
Percentage of salary deferred under condition one of contribution by company | 100.00% | ||||
First percentage of salary deferred under condition one of contribution by company | 5.00% | ||||
Vesting percentage of employee deferrals | 100.00% | ||||
Cost related to savings and stock investment plan | $ 6,531,000 | $ 4,565,000 | 4,486,000 | ||
Employer contribution in shares of common stock | 1,437,641 | 1,437,641 | 1,176,283 | ||
Dividends paid on United common stock | $ 1,776,000 | $ 1,566,000 | $ 1,401,000 | ||
Minimum [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Maximum percentage allowed as of contribution to respective accounts by participants | 1.00% | ||||
Maximum [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Maximum percentage allowed as of contribution to respective accounts by participants | 100.00% | ||||
Common Stock [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Amount of United common stock held in the pension plan | $ 28,102,000 | $ 28,102,000 | $ 23,932,000 | ||
Percentage of equity securities include united common stock | 2.00% | 2.00% | 3.00% | ||
Marketable Equity Securities [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Amount of United common stock held in the pension plan | $ 3,429,000,000 | $ 3,429,000,000 | $ 4,091,000,000 | ||
Percentage of equity securities include united common stock | 58.00% | 58.00% | 63.00% | ||
Maximum percentage limit of common stock to invest in portfolio for any industry | 60.00% | 60.00% | |||
Approximate fair value of plan assets | $ 46,580,000,000 | $ 46,580,000,000 | $ 45,475,000,000 | ||
Marketable Equity Securities [Member] | Minimum [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Maximum percentage limit of common stock to invest in portfolio for any industry | 50.00% | 50.00% | |||
Marketable Equity Securities [Member] | Maximum [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Maximum percentage limit of common stock to invest in portfolio for any industry | 70.00% | 70.00% | |||
Individual Company [Member] | Maximum [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Maximum percentage limit of common stock to invest in portfolio for any industry | 10.00% | 10.00% | |||
Industry [Member] | Maximum [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Maximum percentage limit of common stock to invest in portfolio for any industry | 15.00% | 15.00% | |||
Securities of U.S. Government or Agencies [Member] | Maximum [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Maximum percentage limit of common stock to invest in portfolio for any industry | 15.00% | 15.00% |
Employee Benefit Plans - Net Pe
Employee Benefit Plans - Net Periodic Pension Cost (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Defined Benefit Plan Disclosure [Line Items] | |||
Service cost | $ 2,742 | $ 2,173 | $ 2,566 |
Interest cost | 5,222 | 5,931 | 5,341 |
Expected return on plan assets | (11,010) | (9,434) | (10,260) |
Recognized net actuarial loss | 6,050 | 4,965 | 4,919 |
Net periodic pension cost | $ 3,004 | $ 3,635 | $ 2,566 |
Weighted-Average Assumptions: | |||
Discount rate | 3.42% | 4.52% | 3.83% |
Expected return on assets | 6.75% | 7.00% | 7.00% |
Prior to Age 40 [Member] | |||
Weighted-Average Assumptions: | |||
Rate of Compensation Increase | 5.00% | ||
Ages 40-54 [Member] | |||
Weighted-Average Assumptions: | |||
Rate of Compensation Increase | 4.00% | ||
Prior to Age 45 [Member] | |||
Weighted-Average Assumptions: | |||
Rate of Compensation Increase | 3.50% | 3.50% | |
Otherwise [Member] | |||
Weighted-Average Assumptions: | |||
Rate of Compensation Increase | 3.50% | 3.00% | 3.00% |
Employee Benefit Plans - Schedu
Employee Benefit Plans - Schedule of Amounts Related to Plan recognized as Component of Other Comprehensive Income (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Retirement Benefits [Abstract] | |||
Net actuarial loss | $ 10,583 | $ 10,324 | $ 4,232 |
Prior service cost | 0 | 0 | 0 |
Actuarial loss | (6,050) | (4,965) | (4,919) |
Total recognized in other comprehensive income | $ 4,533 | $ 5,359 | $ (687) |
Employee Benefit Plans - Reconc
Employee Benefit Plans - Reconciliation of the Beginning and Ending Balances of the Projected Benefit Obligation and the Fair Value of Plan Assets and the Accumulated Benefit Obligation (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Change in Projected Benefit Obligation | |||
Projected Benefit Obligation at the Beginning of the Year | $ 173,777 | $ 142,632 | |
Service cost | 2,742 | 2,173 | $ 2,566 |
Interest cost | 5,222 | 5,931 | 5,341 |
Actuarial Loss | 18,391 | 28,364 | |
Benefits Paid | (5,357) | (5,323) | |
Projected Benefit at the End of the Year | 194,775 | 173,777 | 142,632 |
Accumulated Benefit Obligation at the End of the Year | 176,635 | 157,154 | |
Change in Plan Assets | |||
Fair Value of Plan Assets at the Beginning of the Year | 159,560 | 137,408 | |
Actual Return on Plan Assets | 18,819 | 27,475 | |
Benefits Paid | (5,357) | (5,323) | |
Employer Contributions | 20,000 | 0 | |
Fair value of plan assets at end of year | 193,022 | 159,560 | $ 137,408 |
Net Amount Recognized | |||
Funded Status | (1,753) | (14,217) | |
Unrecognized Transition Asset | 0 | 0 | |
Unrecognized Prior Service Cost | 0 | 0 | |
Unrecognized Net Loss | 65,426 | 60,894 | |
Net Amount Recognized | $ 63,673 | $ 46,677 | |
Weighted-Average Assumptions at the End of the Year | |||
Discount Rate | 2.81% | 3.42% | |
Rate of Compensation Increase | 3.50% | 3.50% | |
Prior to Age 40 [Member] | |||
Weighted-Average Assumptions at the End of the Year | |||
Rate of Compensation Increase | 5.00% | 5.00% | |
Ages 40-54 [Member] | |||
Weighted-Average Assumptions at the End of the Year | |||
Rate of Compensation Increase | 4.00% | 4.00% |
Employee Benefit Plans - Asset
Employee Benefit Plans - Asset Allocation for the Defined Benefit Pension Plan as of the Measurement Date, by Asset Category (Detail) | Dec. 31, 2020 | Dec. 31, 2019 |
Defined Benefit Plan Disclosure [Line Items] | ||
Percentage of Plan Assets | 100.00% | 100.00% |
Marketable Equity Securities [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Target Allocation | 60.00% | |
Percentage of Plan Assets | 58.00% | 63.00% |
Debt Securities [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Target Allocation | 39.00% | |
Percentage of Plan Assets | 37.00% | 35.00% |
Other [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Target Allocation | 1.00% | |
Percentage of Plan Assets | 5.00% | 2.00% |
Minimum [Member] | Marketable Equity Securities [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Target Allocation | 50.00% | |
Minimum [Member] | Debt Securities [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Target Allocation | 20.00% | |
Minimum [Member] | Other [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Target Allocation | 3.00% | |
Maximum [Member] | Marketable Equity Securities [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Target Allocation | 70.00% | |
Maximum [Member] | Debt Securities [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Target Allocation | 50.00% | |
Maximum [Member] | Other [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Target Allocation | 15.00% |
Employee Benefit Plans - Expect
Employee Benefit Plans - Expected Benefit Payments (Detail) $ in Thousands | Dec. 31, 2020USD ($) |
Retirement Benefits [Abstract] | |
2020 | $ 6,583 |
2021 | 6,630 |
2022 | 7,076 |
2023 | 7,429 |
2024 | 7,884 |
2025 through 2029 | $ 44,383 |
Employee Benefit Plans - Balanc
Employee Benefit Plans - Balances of the Plan Assets, by Fair Value Hierarchy Level (Detail) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Defined Benefit Plan Disclosure [Line Items] | |||
Asset at fair value | $ 193,022 | $ 159,560 | $ 137,408 |
Cash and Cash Equivalents [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Asset at fair value | 10,285 | 2,504 | |
Taxable Income [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Asset at fair value | 70,331 | 55,588 | |
Common Stock [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Asset at fair value | 28,102 | 23,932 | |
Equity Mutual Funds Global Equity [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Asset at fair value | 4,968 | 5,247 | |
Equity Mutual Funds Domestic Equity Large Cap [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Asset at fair value | 34,186 | 28,743 | |
Equity Mutual Funds Domestic Equity Small Cap [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Asset at fair value | 22,165 | 22,216 | |
Equity Mutual Funds International Emerging Equity [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Asset at fair value | 8,018 | 8,228 | |
Equity Mutual Funds International Equity Developed [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Asset at fair value | 14,967 | 13,102 | |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Asset at fair value | 193,022 | 159,560 | |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Cash and Cash Equivalents [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Asset at fair value | 10,285 | 2,504 | |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Taxable Income [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Asset at fair value | 70,331 | 55,588 | |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Common Stock [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Asset at fair value | 28,102 | 23,932 | |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Equity Mutual Funds Global Equity [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Asset at fair value | 4,968 | 5,247 | |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Equity Mutual Funds Domestic Equity Large Cap [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Asset at fair value | 34,186 | 28,743 | |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Equity Mutual Funds Domestic Equity Small Cap [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Asset at fair value | 22,165 | 22,216 | |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Equity Mutual Funds International Emerging Equity [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Asset at fair value | 8,018 | 8,228 | |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Equity Mutual Funds International Equity Developed [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Asset at fair value | 14,967 | 13,102 | |
Significant Other Observable Inputs (Level 2) [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Asset at fair value | 0 | 0 | |
Significant Other Observable Inputs (Level 2) [Member] | Cash and Cash Equivalents [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Asset at fair value | 0 | 0 | |
Significant Other Observable Inputs (Level 2) [Member] | Taxable Income [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Asset at fair value | 0 | 0 | |
Significant Other Observable Inputs (Level 2) [Member] | Common Stock [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Asset at fair value | 0 | 0 | |
Significant Other Observable Inputs (Level 2) [Member] | Equity Mutual Funds Global Equity [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Asset at fair value | 0 | 0 | |
Significant Other Observable Inputs (Level 2) [Member] | Equity Mutual Funds Domestic Equity Large Cap [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Asset at fair value | 0 | 0 | |
Significant Other Observable Inputs (Level 2) [Member] | Equity Mutual Funds Domestic Equity Small Cap [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Asset at fair value | 0 | 0 | |
Significant Other Observable Inputs (Level 2) [Member] | Equity Mutual Funds International Emerging Equity [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Asset at fair value | 0 | 0 | |
Significant Other Observable Inputs (Level 2) [Member] | Equity Mutual Funds International Equity Developed [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Asset at fair value | 0 | 0 | |
Significant Unobservable Inputs (Level 3) [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Asset at fair value | 0 | 0 | |
Significant Unobservable Inputs (Level 3) [Member] | Cash and Cash Equivalents [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Asset at fair value | 0 | 0 | |
Significant Unobservable Inputs (Level 3) [Member] | Taxable Income [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Asset at fair value | 0 | 0 | |
Significant Unobservable Inputs (Level 3) [Member] | Common Stock [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Asset at fair value | 0 | 0 | |
Significant Unobservable Inputs (Level 3) [Member] | Equity Mutual Funds Global Equity [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Asset at fair value | 0 | 0 | |
Significant Unobservable Inputs (Level 3) [Member] | Equity Mutual Funds Domestic Equity Large Cap [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Asset at fair value | 0 | 0 | |
Significant Unobservable Inputs (Level 3) [Member] | Equity Mutual Funds Domestic Equity Small Cap [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Asset at fair value | 0 | 0 | |
Significant Unobservable Inputs (Level 3) [Member] | Equity Mutual Funds International Emerging Equity [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Asset at fair value | 0 | 0 | |
Significant Unobservable Inputs (Level 3) [Member] | Equity Mutual Funds International Equity Developed [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Asset at fair value | $ 0 | $ 0 |
Stock Based Compensation - Addi
Stock Based Compensation - Additional Information (Detail) - USD ($) | 12 Months Ended | |||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | May 12, 2020 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Authorized shares of stock, option plan, maximum | 2,300,000 | |||
Maximum number of shares of restricted stock or shares subject to a restricted stock units award granted | 225,000 | |||
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 | 10,000 | |||
Vesting period of awards | 1/3 per year | |||
Number of Options granted | 183,551 | |||
Recognition of compensation expense | $ 5,980,000 | $ 4,914,000 | $ 4,073,000 | |
Number of share available for grant for prior plans | 0 | |||
Maximum term for awards granted (years) | 10 years | |||
Weighted average risk free interest rate | 1.30% | |||
Weighted average dividend yield | 3.00% | |||
Weighted average volatility factors of the expected market price of United's common stock | 0.2516% | |||
Weighted-average expected option life | 7 years 4 months 9 days | |||
Estimated fair value of the options at the date of grant | $ 5.65 | |||
Total unrecognized compensation cost related to nonvested option awards | $ 2,208,000 | |||
Weighted-average expense recognition period | 1 year 1 month 6 days | |||
Total fair value of awards vested | $ 1,737,000 | |||
Cash received from options exercised under the plans | $ 1,241,000 | $ 1,272,000 | $ 1,500,000 | |
Shares issued related stock option exercises | 100,736 | 128,742 | ||
Weighted-average grant-date fair value of options granted | $ 5.65 | $ 7.16 | $ 7.56 | |
Total intrinsic value of options exercised | $ 1,917,000 | $ 1,932,000 | $ 1,057,000 | |
Excess tax benefits from stock-based compensation arrangements | $ 351,000 | $ 223,000 | $ 158,000 | |
Restricted Stock [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Number of shares granted | 182,847 | |||
Total unrecognized compensation cost related to nonvested option awards | $ 7,183,000 | |||
Weighted-average expense recognition period | 1 year 3 months 18 days | |||
Weighted-average grant-date fair value of options granted | $ 32.18 | |||
Vesting period | 4 days |
Stock Based Compensation - Summ
Stock Based Compensation - Summary of Stock Option Plans (Detail) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Disclosure Stock Based Compensation Stock Option Plan [Abstract] | ||
Shares, Outstanding, Beginning balance | 1,715,316 | |
Shares, Assumed | 117,116 | |
Shares, Granted | 183,551 | |
Shares, Exercised | (100,736) | (128,742) |
Shares, Forfeited or expired | (10,690) | |
Shares, Outstanding, Ending balance | 1,904,557 | 1,715,316 |
Shares, Exercisable at December 31, 2020 | 1,359,652 | |
Aggregate Intrinsic Value, Outstanding at December 31, 2020 | $ 3,691 | |
Aggregate Intrinsic Value, Exercisable at December 31, 2020 | $ 3,691 | |
Weighted Average Remaining Contractual Term, Outstanding at December 31, 2020 | 5 years 2 months 12 days | |
Weighted Average Remaining Contractual Term, Exercisable at December 31, 2020 | 4 years | |
Weighted Average Exercise Price, Outstanding, Beginning balance | $ 34.49 | |
Weighted Average Exercise Price, Assumed | 12.14 | |
Weighted Average Exercise Price, Granted | 32.51 | |
Weighted Average Exercise Price, Exercised | 12.50 | |
Weighted Average Exercise Price, Forfeited or expired | 26.04 | |
Weighted Average Exercise Price, Outstanding, Ending balance | 34.14 | $ 34.49 |
Weighted Average Exercise Price, Exercisable | $ 32.99 |
Stock Based Compensation - Stat
Stock Based Compensation - Status of United's Nonvested Stock Option Awards (Detail) | 12 Months Ended |
Dec. 31, 2020$ / sharesshares | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Shares, Nonvested, Beginning balance | shares | 589,737 |
Shares, Granted | shares | 183,551 |
Shares, Vested | shares | (226,032) |
Shares, Forfeited or expired | shares | (2,351) |
Shares, Nonvested, Ending balance | shares | 544,905 |
Weighted-Average Grant Date Fair Value Per Share, Nonvested Beginning balance | $ / shares | $ 7.62 |
Weighted-Average Grant Date Fair Value Per Share, Granted | $ / shares | 5.65 |
Weighted-Average Grant Date Fair Value Per Share, Vested | $ / shares | 7.68 |
Weighted-Average Grant Date Fair Value Per Share, Forfeited or expired | $ / shares | 7.32 |
Weighted-Average Grant Date Fair Value Per Share, Nonvested Ending balance | $ / shares | $ 6.93 |
Stock Based Compensation - Chan
Stock Based Compensation - Changes to United's Restricted Common Shares (Detail) - $ / shares | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Weighted-Average Grant Date Fair Value Per Share, Granted | $ 5.65 | $ 7.16 | $ 7.56 |
Restricted Stock [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of Shares, Outstanding, Beginning balance | 247,896 | ||
Shares, Granted | 182,847 | ||
Shares, Vested | (88,821) | ||
Shares, Forfeited | (946) | ||
Number of Shares, Outstanding, Ending balance | 340,976 | 247,896 | |
Weighted-Average Grant Date Fair Value Per Share, Outstanding, Beginning balance | $ 39.20 | ||
Weighted-Average Grant Date Fair Value Per Share, Granted | 32.18 | ||
Weighted-Average Grant Date Fair Value Per Share, Vested | 39.31 | ||
Weighted-Average Grant Date Fair Value Per Share, Forfeited | 36.58 | ||
Weighted-Average Grant Date Fair Value Per Share, Outstanding, Ending balance | $ 35.41 | $ 39.20 |
Commitments and Contingent Li_2
Commitments and Contingent Liabilities - Additional Information (Detail) - USD ($) | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Loss Contingencies [Line Items] | ||
Loan commitments outstanding | $ 5,730,876,000 | $ 3,610,777,000 |
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 | $ 1,216,000 | |
Commitments to Extend Credit [Member] | George Mason [Member] | Short-term Contract with Customer [Member] | ||
Loss Contingencies [Line Items] | ||
Additional commitments to extend credit | 374,003,000 | |
Commercial Letters of Credit [Member] | ||
Loss Contingencies [Line Items] | ||
Letters of credit issued | 5,092,000 | 5,092,000 |
Standby Letters of Credit [Member] | ||
Loss Contingencies [Line Items] | ||
Letters of credit issued | $ 134,916,000 | $ 145,105,000 |
Derivative Financial Instrume_3
Derivative Financial Instruments - Additional information (Detail) - USD ($) | 6 Months Ended | 9 Months Ended | ||
Jun. 30, 2020 | Sep. 30, 2020 | Dec. 31, 2020 | Dec. 31, 2019 | |
Derivative [Line Items] | ||||
Derivative Asset, Notional Amount | $ 1,535,768,000 | $ 144,512,000 | ||
Interest Rate Cash Flow Hedge [Member] | ||||
Derivative [Line Items] | ||||
Derivative Asset, Notional Amount | 500,000,000 | |||
Federal Home Loan Bank Borrowings [Member] | Interest Rate Cash Flow Hedge [Member] | ||||
Derivative [Line Items] | ||||
Derivative instrument pay fixed rate of interest and receive floating rate | 0.59% | 0.19% | ||
Derivative instrument term of the interest rate swap | 10 years | 4 years | ||
Cash flow hedge reclassification amount to be reclassified from aoci to income in the next twelve months | 1,353,000 | |||
Fair value of interest rate swaps liability net | $ 0 | |||
Derivative Asset, Notional Amount | $ 250,000,000 | $ 250,000,000 |
Derivative Financial Instrume_4
Derivative Financial Instruments - Schedule of Notional Amount and Fair Value Derivative Financial Instruments (Detail) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Derivative [Line Items] | ||
Asset derivatives, notional amount | $ 1,535,768 | $ 144,512 |
Liability derivatives, notional amount | 866,011 | 356,243 |
Asset derivatives not designated as hedging instruments | 39,913 | 4,527 |
Total asset derivatives | 44,291 | 4,527 |
Liability derivatives designated as hedging instruments | 6,782 | 2,394 |
Liability derivatives not designated as hedging instruments | 13,058 | 3,065 |
Designated as Hedging Instrument [Member] | ||
Derivative [Line Items] | ||
Liability derivatives, notional amount | 77,011 | 82,243 |
Not Designated as Hedging Instrument [Member] | ||
Derivative [Line Items] | ||
Asset derivatives, notional amount | 1,035,768 | 144,512 |
Liability derivatives, notional amount | 789,000 | 274,000 |
Liability derivatives not designated as hedging instruments | 6,276 | 671 |
Fair Value Hedging [Member] | ||
Derivative [Line Items] | ||
Liability derivatives designated as hedging instruments | 6,782 | 2,394 |
Fair Value Hedging [Member] | Designated as Hedging Instrument [Member] | ||
Derivative [Line Items] | ||
Liability derivatives, notional amount | 77,011 | 82,243 |
Cash Flow Hedging [Member] | ||
Derivative [Line Items] | ||
Asset derivatives designated as hedging instruments | 4,378 | 0 |
Cash Flow Hedging [Member] | Designated as Hedging Instrument [Member] | ||
Derivative [Line Items] | ||
Asset derivatives, notional amount | 500,000 | 0 |
Other Assets [Member] | Interest Rate Lock Commitments [Member] | ||
Derivative [Line Items] | ||
Asset derivatives not designated as hedging instruments | 38,332 | 4,518 |
Other Assets [Member] | Not Designated as Hedging Instrument [Member] | Interest Rate Lock Commitments [Member] | ||
Derivative [Line Items] | ||
Asset derivatives, notional amount | 973,350 | 117,252 |
Other Liabilities [Member] | TBA Mortgage Backed Securities [Member] | ||
Derivative [Line Items] | ||
Liability derivatives not designated as hedging instruments | 6,276 | 671 |
Other Liabilities [Member] | Not Designated as Hedging Instrument [Member] | TBA Mortgage Backed Securities [Member] | ||
Derivative [Line Items] | ||
Liability derivatives, notional amount | 789,000 | 274,000 |
Interest Rate Swap Contracts [Member] | Other Assets [Member] | Cash Flow Hedging [Member] | Hedged Commercial Loans Federal Home Loan Bank [Member] | ||
Derivative [Line Items] | ||
Asset derivatives designated as hedging instruments | 4,378 | 0 |
Interest Rate Swap Contracts [Member] | Other Assets [Member] | Cash Flow Hedging [Member] | Designated as Hedging Instrument [Member] | Hedged Commercial Loans Federal Home Loan Bank [Member] | ||
Derivative [Line Items] | ||
Asset derivatives, notional amount | 500,000 | 0 |
Interest Rate Swap Contracts [Member] | Other Liabilities [Member] | Fair Value Hedging [Member] | Hedged Commercial Loans [Member] | ||
Derivative [Line Items] | ||
Liability derivatives designated as hedging instruments | 6,782 | 2,394 |
Interest Rate Swap 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 | 77,011 | 82,243 |
Forward Loan Sale Commitments [Member] | ||
Derivative [Line Items] | ||
Asset derivatives not designated as hedging instruments | 1,581 | 9 |
Forward Loan Sale Commitments [Member] | Other Assets [Member] | Not Designated as Hedging Instrument [Member] | ||
Derivative [Line Items] | ||
Asset derivatives, notional amount | $ 62,418 | $ 27,260 |
Derivative Financial Instrume_5
Derivative Financial Instruments - Summary of Carrying Amount Hedged Assets/(Liabilities) (Detail) - Designated as Hedging Instrument [Member] - Interest Rate Swap [Member] - Loans And Leases Net Of Unearned Income [Member] - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Carrying Amount of the Hedged Assets/(Liabilities) | $ 77,810 | $ 81,397 |
Cumulative Amount of Fair Value Hedging Adjustment Included in the Carrying Amount of the Hedged Assets/(Liabilities) | (6,782) | (2,394) |
Cumulative Amount of Fair Value Hedging Adjustment Remaining for any Hedged Assets/(Liabilities) for which Hedge Accounting has been Discontinued | $ 0 | $ 0 |
Derivative Financial Instrume_6
Derivative Financial Instruments - Schedule of Derivative Financial Instruments on Statements of Income (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Derivative [Line Items] | |||
Derivatives in hedging relationships | $ 14,757 | $ 6,768 | $ (4,743) |
Designated as Hedging Instrument [Member] | |||
Derivative [Line Items] | |||
Derivatives in hedging relationships | (1,992) | (95) | (170) |
Designated as Hedging Instrument [Member] | Interest on long-term borrowings [Member] | Interest Rate Contracts [Member] | Cash Flow Hedging [Member] | |||
Derivative [Line Items] | |||
Derivatives in hedging relationships | (578) | 0 | 0 |
Designated as Hedging Instrument [Member] | Interest And Fees On Loans And Leases [Member] | Interest Rate Contracts [Member] | Fair Value Hedging [Member] | |||
Derivative [Line Items] | |||
Derivatives in hedging relationships | (1,414) | (95) | (170) |
Not Designated as Hedging Instrument [Member] | |||
Derivative [Line Items] | |||
Derivatives not designated as hedging instruments | 16,749 | 6,863 | (4,573) |
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 | (3,825) | 2,331 | (2,690) |
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 | 21,299 | 3,607 | (2,413) |
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 | $ (725) | $ 925 | $ 530 |
Comprehensive Income - Componen
Comprehensive Income - Components of Total Comprehensive Income (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Comprehensive Income (Loss), Net of Tax, Attributable to Parent [Abstract] | |||||||||||
Net Income | $ 92,370 | $ 103,784 | $ 52,686 | $ 40,183 | $ 63,285 | $ 65,965 | $ 67,207 | $ 63,642 | $ 289,023 | $ 260,099 | $ 256,342 |
AFS securities with OTTI charges during the period | 0 | (641) | (1,456) | ||||||||
Related income tax effect | 0 | 149 | 339 | ||||||||
Less: OTTI charges recognized in net income | 0 | 198 | 1,456 | ||||||||
Related income tax effect | 0 | (46) | (339) | ||||||||
Reclassification of previous noncredit OTTI to credit OTTI | 0 | 2,188 | 0 | ||||||||
Related income tax effect | 0 | (510) | 0 | ||||||||
Net unrealized (losses) gains on AFS securities with OTTI | 0 | 1,338 | 0 | ||||||||
Change in net unrealized (gains) losses on AFS securities arising during the period | 77,142 | 32,570 | (14,715) | ||||||||
Related income tax effect | (17,974) | (7,589) | 5,109 | ||||||||
Net reclassification adjustment for (gains) losses included in net income | (2,502) | (97) | 770 | ||||||||
Related income tax effect | 583 | 23 | (179) | ||||||||
Total AFS securities - all other | 57,249 | 24,907 | (9,015) | ||||||||
Net effect of AFS securities on other comprehensive income | 57,249 | 26,245 | (9,015) | ||||||||
Accretion on the unrealized loss for securities transferred from AFS to the HTM investment portfolio prior to call or maturity | 0 | 0 | 8 | ||||||||
Related income tax effect | 0 | 0 | (2) | ||||||||
Net effect of HTM securities on other comprehensive income | 0 | 0 | 6 | ||||||||
Cash flow hedge derivatives: | |||||||||||
Unrealized gain on cash flow hedge before reclassification to interest expense | 3,800 | 0 | 0 | ||||||||
Related income tax effect | (885) | 0 | 0 | ||||||||
Net reclassification adjustment for losses included in net income | 578 | 0 | 0 | ||||||||
Related income tax effect | (135) | 0 | 0 | ||||||||
Net effect of cash flow hedge derivatives on other comprehensive income | 3,358 | 0 | 0 | ||||||||
Pension plan: | |||||||||||
Net actuarial loss during the period | (10,583) | (10,324) | (4,232) | ||||||||
Related income tax expense | 3,263 | 2,384 | 1,063 | ||||||||
Amortization of prior service cost recognized in net income | 0 | 0 | 0 | ||||||||
Related income tax effect | 0 | 0 | 0 | ||||||||
Amortization of net actuarial loss recognized in net income | 6,050 | 4,965 | 4,919 | ||||||||
Related income tax effect | (2,098) | (1,170) | (1,246) | ||||||||
Net effect of change in defined benefit pension plan on other comprehensive income | (3,368) | (4,145) | 504 | ||||||||
Net current-period other comprehensive income, net of tax | 57,239 | 22,100 | (8,505) | ||||||||
Total Comprehensive Income | $ 346,262 | $ 282,199 | $ 247,837 |
Comprehensive Income - Compon_2
Comprehensive Income - Components of Accumulated Other Comprehensive Income (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Beginning Balance | $ 3,363,833 | $ 3,251,624 | $ 3,240,530 |
Net current-period other comprehensive income, net of tax | 57,239 | 22,100 | (8,505) |
Ending Balance | 4,297,620 | 3,363,833 | 3,251,624 |
Pension Plan [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Beginning Balance | (42,825) | ||
Other comprehensive income before reclassification | 0 | ||
Amounts reclassified from accumulated other comprehensive income | (3,368) | ||
Net current-period other comprehensive income, net of tax | (3,368) | ||
Ending Balance | (46,193) | (42,825) | |
Unrealized Gains/Losses on AFS Securities [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Beginning Balance | 7,956 | ||
Other comprehensive income before reclassification | 59,168 | ||
Amounts reclassified from accumulated other comprehensive income | (1,919) | ||
Net current-period other comprehensive income, net of tax | 57,249 | ||
Ending Balance | 65,205 | 7,956 | |
Accumulated Other Comprehensive Income (Loss) [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Beginning Balance | (34,869) | (57,019) | (42,025) |
Other comprehensive income before reclassification | 62,083 | ||
Amounts reclassified from accumulated other comprehensive income | (4,844) | ||
Net current-period other comprehensive income, net of tax | 57,239 | 22,100 | (8,505) |
Ending Balance | 22,370 | (34,869) | $ (57,019) |
Unrealized Gains/Losses on Cash Flow Hedges [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Beginning Balance | 0 | ||
Other comprehensive income before reclassification | 2,915 | ||
Amounts reclassified from accumulated other comprehensive income | 443 | ||
Net current-period other comprehensive income, net of tax | 3,358 | ||
Ending Balance | $ 3,358 | $ 0 |
Comprehensive Income - Reclassi
Comprehensive Income - Reclassifications Out of Accumulated Other Comprehensive Income (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||||
Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | ||
Available for sale ("AFS") securities: | ||||||||||||
Income before income taxes | $ 359,740 | $ 324,439 | $ 327,165 | |||||||||
Related income tax effect | $ (20,833) | $ (28,974) | $ (11,021) | $ (9,889) | $ (12,473) | $ (17,010) | $ (17,529) | $ (17,328) | (70,717) | (64,340) | (70,823) | |
Net income | 92,370 | 103,784 | 52,686 | 40,183 | 63,285 | 65,965 | 67,207 | 63,642 | 289,023 | 260,099 | 256,342 | |
Cash flow hedge: | ||||||||||||
Income before income taxes | 359,740 | 324,439 | 327,165 | |||||||||
Related income tax effect | 20,833 | 28,974 | 11,021 | 9,889 | 12,473 | 17,010 | 17,529 | 17,328 | 70,717 | 64,340 | 70,823 | |
Net income | 92,370 | 103,784 | 52,686 | 40,183 | 63,285 | 65,965 | 67,207 | 63,642 | 289,023 | 260,099 | 256,342 | |
Pension plan: | ||||||||||||
Net actuarial loss | (10,583) | (10,324) | (4,232) | |||||||||
Amortization of net actuarial loss | 6,050 | 4,965 | 4,919 | |||||||||
Income before income taxes | 359,740 | 324,439 | 327,165 | |||||||||
Related income tax effect | (20,833) | (28,974) | (11,021) | (9,889) | (12,473) | (17,010) | (17,529) | (17,328) | (70,717) | (64,340) | (70,823) | |
Net income | $ 92,370 | $ 103,784 | $ 52,686 | $ 40,183 | $ 63,285 | $ 65,965 | $ 67,207 | $ 63,642 | 289,023 | $ 260,099 | $ 256,342 | |
Reclassification out of Accumulated Other Comprehensive Income [Member] | ||||||||||||
Available for sale ("AFS") securities: | ||||||||||||
Net income | (4,844) | |||||||||||
Cash flow hedge: | ||||||||||||
Net income | (4,844) | |||||||||||
Pension plan: | ||||||||||||
Net income | (4,844) | |||||||||||
Reclassification out of Accumulated Other Comprehensive Income [Member] | Unrealized Gains/Losses on AFS Securities [Member] | ||||||||||||
Available for sale ("AFS") securities: | ||||||||||||
Net reclassification adjustment for gains included in net income | (2,502) | |||||||||||
Income before income taxes | (2,502) | |||||||||||
Related income tax effect | 583 | |||||||||||
Net income | (1,919) | |||||||||||
Cash flow hedge: | ||||||||||||
Income before income taxes | (2,502) | |||||||||||
Related income tax effect | (583) | |||||||||||
Net income | (1,919) | |||||||||||
Pension plan: | ||||||||||||
Income before income taxes | (2,502) | |||||||||||
Related income tax effect | 583 | |||||||||||
Net income | (1,919) | |||||||||||
Reclassification out of Accumulated Other Comprehensive Income [Member] | Accumulated Defined Benefit Plans Adjustment [Member] | ||||||||||||
Available for sale ("AFS") securities: | ||||||||||||
Income before income taxes | (4,533) | |||||||||||
Related income tax effect | 1,165 | |||||||||||
Net income | (3,368) | |||||||||||
Cash flow hedge: | ||||||||||||
Income before income taxes | (4,533) | |||||||||||
Related income tax effect | (1,165) | |||||||||||
Net income | (3,368) | |||||||||||
Pension plan: | ||||||||||||
Net actuarial loss | [1] | (10,583) | ||||||||||
Amortization of net actuarial loss | [2] | 6,050 | ||||||||||
Income before income taxes | (4,533) | |||||||||||
Related income tax effect | 1,165 | |||||||||||
Net income | (3,368) | |||||||||||
Reclassification out of Accumulated Other Comprehensive Income [Member] | Accumulated Gain Loss Net Cash Flow Hedge Parent [Member] | ||||||||||||
Available for sale ("AFS") securities: | ||||||||||||
Income before income taxes | 578 | |||||||||||
Related income tax effect | 135 | |||||||||||
Net income | 443 | |||||||||||
Cash flow hedge: | ||||||||||||
Net reclassification adjustment for losses | 578 | |||||||||||
Income before income taxes | 578 | |||||||||||
Related income tax effect | (135) | |||||||||||
Net income | 443 | |||||||||||
Pension plan: | ||||||||||||
Income before income taxes | 578 | |||||||||||
Related income tax effect | 135 | |||||||||||
Net income | $ 443 | |||||||||||
[1] | This AOCI component is included in the computation of changes in plan assets (see Note P, Employee Benefit Plans) | |||||||||||
[2] | This AOCI component is included in the computation of net periodic pension cost (see Note P, Employee Benefit Plans) |
United Bankshares, Inc. (Pare_3
United Bankshares, Inc. (Parent Company Only) Financial Information - Condensed Balance Sheets (Detail) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Condensed Balance Sheet Statements, Captions [Line Items] | ||||
Cash and due from banks | $ 297,369 | $ 185,238 | ||
Securities available for sale | 2,953,359 | 2,437,296 | ||
Securities held to maturity | 1,212 | 1,447 | ||
Equity securities | 10,718 | 8,894 | ||
Other investment securities | 220,895 | 222,161 | ||
Goodwill | 1,796,848 | 1,478,014 | ||
Other assets | 584,496 | 441,922 | ||
Total Assets | 26,184,247 | 19,662,324 | ||
Accrued expenses and other liabilities | 202,335 | 170,312 | ||
Shareholders' equity (including other accumulated comprehensive loss of $22,370 and $34,869 at December 31, 2020 and 2019, respectively) | 4,297,620 | 3,363,833 | $ 3,251,624 | $ 3,240,530 |
Total Liabilities and Shareholders' Equity | 26,184,247 | 19,662,324 | ||
United Bankshares [Member] | ||||
Condensed Balance Sheet Statements, Captions [Line Items] | ||||
Cash and due from banks | 158,147 | 126,697 | ||
Securities available for sale | 7,138 | 7,451 | ||
Securities held to maturity | 20 | 20 | ||
Equity securities | 4,737 | 4,126 | ||
Other investment securities | 10,725 | 10,053 | ||
Bank subsidiaries | 4,466,132 | 3,519,661 | ||
Nonbank subsidiaries | 30,287 | 22,439 | ||
Goodwill | (16,397) | (16,008) | ||
Other assets | 14,591 | 12,286 | ||
Total Assets | 4,675,380 | 3,686,725 | ||
Subordinated notes | 9,865 | 0 | ||
Junior subordinated debentures of subsidiary trusts | 269,972 | 236,164 | ||
Accrued expenses and other liabilities | 97,923 | 86,728 | ||
Shareholders' equity (including other accumulated comprehensive loss of $22,370 and $34,869 at December 31, 2020 and 2019, respectively) | 4,297,620 | 3,363,833 | ||
Total Liabilities and Shareholders' Equity | $ 4,675,380 | $ 3,686,725 |
United Bankshares, Inc. (Pare_4
United Bankshares, Inc. (Parent Company Only) Financial Information - Condensed Balance Sheets (Parenthetical) (Detail) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Condensed Balance Sheet Statements, Captions [Line Items] | ||
Accumulated other comprehensive loss | $ (22,370) | $ 34,869 |
United Bankshares [Member] | ||
Condensed Balance Sheet Statements, Captions [Line Items] | ||
Accumulated other comprehensive loss | $ 22,370 | $ 34,869 |
United Bankshares, Inc. (Pare_5
United Bankshares, Inc. (Parent Company Only) Financial Information - Condensed Statements of Income (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Condensed Income Statements, Captions [Line Items] | |||||||||||
Net interest income | $ 191,989 | $ 185,664 | $ 170,602 | $ 141,518 | $ 141,283 | $ 141,918 | $ 150,553 | $ 144,168 | $ 689,773 | $ 577,922 | $ 588,645 |
Bank subsidiaries | 30,464 | 27,325 | 25,026 | ||||||||
Nonbank subsidiaries | 27 | 27 | 27 | ||||||||
Other income | 556 | 147 | (596) | ||||||||
Total Income | 263,249 | 276,625 | 239,684 | ||||||||
Income before income taxes and Equity in Undistributed Net Income of Subsidiaries | 359,740 | 324,439 | 327,165 | ||||||||
Applicable income tax benefit | 20,833 | 28,974 | 11,021 | 9,889 | 12,473 | 17,010 | 17,529 | 17,328 | 70,717 | 64,340 | 70,823 |
Net income | $ 92,370 | $ 103,784 | $ 52,686 | $ 40,183 | $ 63,285 | $ 65,965 | $ 67,207 | $ 63,642 | 289,023 | 260,099 | 256,342 |
United Bankshares [Member] | |||||||||||
Condensed Income Statements, Captions [Line Items] | |||||||||||
Bank subsidiaries | 232,000 | 249,000 | 215,000 | ||||||||
Net interest income | 202 | 126 | 227 | ||||||||
Operating expenses | 53,880 | 38,569 | 37,214 | ||||||||
Income before income taxes and Equity in Undistributed Net Income of Subsidiaries | 209,369 | 238,056 | 202,470 | ||||||||
Applicable income tax benefit | (4,196) | (2,123) | (2,470) | ||||||||
Income Before Equity in Undistributed Net | |||||||||||
Income of Subsidiaries | 213,565 | 240,179 | 204,940 | ||||||||
Bank subsidiaries | 75,054 | 19,557 | 51,392 | ||||||||
Nonbank subsidiaries | 404 | 363 | 10 | ||||||||
Net income | $ 289,023 | $ 260,099 | $ 256,342 |
United Bankshares, Inc. (Pare_6
United Bankshares, Inc. (Parent Company Only) Financial Information - Condensed Statements of Cash Flows (Detail) - USD ($) | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Supplemental Cash Flow Information [Line Items] | |||||||||||
Net income | $ 92,370,000 | $ 103,784,000 | $ 52,686,000 | $ 40,183,000 | $ 63,285,000 | $ 65,965,000 | $ 67,207,000 | $ 63,642,000 | $ 289,023,000 | $ 260,099,000 | $ 256,342,000 |
Amortization of net periodic pension costs | 3,004,000 | 3,635,000 | 2,566,000 | ||||||||
Stock-based compensation | 5,980,000 | 4,914,000 | 4,073,000 | ||||||||
Excess tax benefits from stock-based compensation arrangements | (351,000) | (223,000) | (158,000) | ||||||||
Net gain on securities transactions | 589,000 | $ 860,000 | $ 1,510,000 | 196,000 | 109,000 | $ 116,000 | $ 109,000 | (159,000) | 3,155,000 | 175,000 | (2,618,000) |
Net Proceeds from Sales of Equity Securities | 1,650,000 | 2,011,000 | 2,005,000 | ||||||||
Net cash paid in acquisition of subsidiary | 629,107,000 | 0 | 0 | ||||||||
Cash dividends paid | 162,713,000 | 138,939,000 | 142,350,000 | ||||||||
Acquisition of treasury stock | 21,317,000 | 35,673,000 | 100,724,000 | ||||||||
Proceeds from sale of treasury stock from deferred compensation plan | 1,000 | 1,000 | 1,000 | ||||||||
Proceeds from exercise of stock options | 1,241,000 | 1,272,000 | 1,500,000 | ||||||||
CASH AND CASH EQUIVALENTS AT BEGINNING OF YEAR | 837,493,000 | 1,020,396,000 | 837,493,000 | 1,020,396,000 | 1,666,167,000 | ||||||
CASH AND CASH EQUIVALENTS AT END OF YEAR | 2,209,068,000 | 837,493,000 | 2,209,068,000 | 837,493,000 | 1,020,396,000 | ||||||
United Bankshares [Member] | |||||||||||
Supplemental Cash Flow Information [Line Items] | |||||||||||
Net income | 289,023,000 | 260,099,000 | 256,342,000 | ||||||||
Equity in undistributed net income of subsidiaries | (75,458,000) | (19,920,000) | (51,402,000) | ||||||||
Amortization of net periodic pension costs | 315,000 | 302,000 | 293,000 | ||||||||
Stock-based compensation | 5,980,000 | 4,914,000 | 4,073,000 | ||||||||
Excess tax benefits from stock-based compensation arrangements | 351,000 | 223,000 | 158,000 | ||||||||
Net gain on securities transactions | 0 | 0 | 607,000 | ||||||||
Net change in other assets and liabilities | (7,000) | 1,770,000 | (1,904,000) | ||||||||
Net Cash Provided by Operating Activities | 220,204,000 | 247,388,000 | 208,167,000 | ||||||||
Net proceeds from sales (purchases) of securities | 380,000 | 236,000 | 9,446,000 | ||||||||
Net Proceeds from Sales of Equity Securities | (54,000) | 1,116,000 | 1,348,000 | ||||||||
Change in other investment securities | (672,000) | (9,890,000) | 0 | ||||||||
Net cash paid in acquisition of subsidiary | (47,000) | 0 | 0 | ||||||||
Increase in investment in subsidiaries | (5,573,000) | (7,000,000) | (2,400,000) | ||||||||
Net Cash (Used in) Provided by Investing Activities | (5,966,000) | (15,538,000) | 8,394,000 | ||||||||
Cash dividends paid | (162,713,000) | (138,939,000) | (142,350,000) | ||||||||
Acquisition of treasury stock | (21,317,000) | (35,673,000) | (100,724,000) | ||||||||
Proceeds from sale of treasury stock from deferred compensation plan | 1,000 | 1,000 | 1,000 | ||||||||
Proceeds from exercise of stock options | 1,241,000 | 1,272,000 | 1,500,000 | ||||||||
Net Cash Used in Financing Activities | (182,788,000) | (173,339,000) | (241,573,000) | ||||||||
Increase (Decrease) in Cash and Cash Equivalents | 31,450,000 | 58,511,000 | (25,012,000) | ||||||||
CASH AND CASH EQUIVALENTS AT BEGINNING OF YEAR | $ 126,697,000 | $ 68,186,000 | 126,697,000 | 68,186,000 | 93,198,000 | ||||||
CASH AND CASH EQUIVALENTS AT END OF YEAR | $ 158,147,000 | $ 126,697,000 | $ 158,147,000 | $ 126,697,000 | $ 68,186,000 |
Regulatory Matters - Additional
Regulatory Matters - Additional Information (Detail) - USD ($) | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Regulatory Matters [Line Items] | ||
Average reserve balances to be maintained by subsidiary banks | $ 1,409,598,000 | $ 653,653,000 |
Average reserve balances required by subsidiary banks | 71,883,000 | $ 255,894,000 |
Retained net profits available for distribution to United Bankshares, Inc. by its banking subsidiaries as dividends | $ 146,003,000 | |
Maximum loan to parent company by subsidiaries as percentage it's of capital and surplus | 10.00% | |
Maximum amount of loan to parent company by subsidiaries | $ 368,755,000 | |
Minimum net worth requirement | 2,500,000 | |
George Mason [Member] | ||
Regulatory Matters [Line Items] | ||
Net worth | 128,542,000 | |
Crescent [Member] | ||
Regulatory Matters [Line Items] | ||
Net worth | $ 91,762,000 |
Regulatory Matters - Capital Am
Regulatory Matters - Capital Amounts and Ratios (Detail) $ in Thousands | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) |
United Bankshares [Member] | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Total Capital to Risk-Weighted Assets, Actual Amount | $ 2,945,669 | $ 2,217,547 |
Tier 1 Capital to Risk-Weighted Assets, Actual Amount | 2,519,595 | 1,890,757 |
Common Tier I Capital to Risk Weighted Assets, Actual Amount | 2,519,595 | 1,890,757 |
Tier 1 Capital to Average Assets, Actual Amount | $ 2,519,595 | $ 1,890,757 |
Total Capital to Risk-Weighted Assets, Actual Ratio | 0.156 | 0.147 |
Tier 1 Capital to Risk-Weighted Assets, Actual Ratio | 0.133 | 0.125 |
Common Tier I Capital to Risk Weighted Assets, Actual Ratio | 0.133 | 0.125 |
Tier 1 Capital to Average Assets, Actual Ratio | 0.103 | 0.105 |
Total Capital to Risk-Weighted Assets, For Capital Adequacy Purposes, Amount | $ 1,515,403 | $ 1,206,812 |
Tier 1 Capital to Risk-Weighted Assets, For Capital Adequacy Purposes, Amount | 1,136,552 | 905,109 |
Common Tier I Capital to Risk Weighted Assets, For Capital Adequacy Purposes, Amount | 852,414 | 678,832 |
Tier 1 Capital to Average Assets, For Capital Adequacy Purposes, Amount | $ 975,099 | $ 721,691 |
Total Capital to Risk-Weighted Assets, For Capital Adequacy, Ratio | 0.080 | 0.080 |
Tier 1 Capital to Risk-Weighted Assets, For Capital Adequacy Purposes, Ratio | 0.060 | 0.060 |
Common Tier I Capital to Risk Weighted Assets, For Capital Adequacy Purposes, Ratio | 4.50% | 4.50% |
Tier 1 Capital to Average Assets, For Capital Adequacy Purposes, Ratio | 0.040 | 0.040 |
Total Capital to Risk-Weighted Assets, To Be Well Capitalized, Amount | $ 1,894,254 | $ 1,508,515 |
Tier 1 Capital to Risk-Weighted Assets, To Be Well Capitalized, Amount | 1,515,403 | 1,206,812 |
Common Tier I Capital to Risk Weighted Assets, To Be Well Capitalized, Amount | 1,231,265 | 980,535 |
Tier 1 Capital to Average Assets, To Be Well Capitalized, Amount | $ 1,218,873 | $ 902,114 |
Total Capital to Risk-Weighted Assets, To Be Well Capitalized, Ratio | 0.100 | 0.100 |
Tier 1 Capital to Risk-Weighted Assets, To Be Well Capitalized, Ratio | 0.080 | 0.080 |
Common Tier I Capital to Risk Weighted Assets, To Be Well Capitalized, Ratio | 6.50% | 6.50% |
Tier 1 Capital to Average Assets To Be Well Capitalized, Ratio | 0.050 | 0.050 |
United Bank [Member] | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Total Capital to Risk-Weighted Assets, Actual Amount | $ 2,800,753 | $ 2,106,457 |
Tier 1 Capital to Risk-Weighted Assets, Actual Amount | 2,669,210 | 2,027,667 |
Common Tier I Capital to Risk Weighted Assets, Actual Amount | 2,669,210 | 2,027,667 |
Tier 1 Capital to Average Assets, Actual Amount | $ 2,669,210 | $ 2,027,667 |
Total Capital to Risk-Weighted Assets, Actual Ratio | 0.148 | 0.140 |
Tier 1 Capital to Risk-Weighted Assets, Actual Ratio | 0.141 | 0.135 |
Common Tier I Capital to Risk Weighted Assets, Actual Ratio | 0.141 | 0.135 |
Tier 1 Capital to Average Assets, Actual Ratio | 0.110 | 0.113 |
Total Capital to Risk-Weighted Assets, For Capital Adequacy Purposes, Amount | $ 1,511,961 | $ 1,204,264 |
Tier 1 Capital to Risk-Weighted Assets, For Capital Adequacy Purposes, Amount | 1,133,971 | 903,198 |
Common Tier I Capital to Risk Weighted Assets, For Capital Adequacy Purposes, Amount | 850,478 | 677,399 |
Tier 1 Capital to Average Assets, For Capital Adequacy Purposes, Amount | $ 974,912 | $ 720,232 |
Total Capital to Risk-Weighted Assets, For Capital Adequacy, Ratio | 0.080 | 0.080 |
Tier 1 Capital to Risk-Weighted Assets, For Capital Adequacy Purposes, Ratio | 0.060 | 0.060 |
Common Tier I Capital to Risk Weighted Assets, For Capital Adequacy Purposes, Ratio | 4.50% | 4.50% |
Tier 1 Capital to Average Assets, For Capital Adequacy Purposes, Ratio | 0.040 | 0.040 |
Total Capital to Risk-Weighted Assets, To Be Well Capitalized, Amount | $ 1,889,951 | $ 1,505,330 |
Tier 1 Capital to Risk-Weighted Assets, To Be Well Capitalized, Amount | 1,511,961 | 1,204,264 |
Common Tier I Capital to Risk Weighted Assets, To Be Well Capitalized, Amount | 1,228,468 | 978,465 |
Tier 1 Capital to Average Assets, To Be Well Capitalized, Amount | $ 1,218,640 | $ 900,290 |
Total Capital to Risk-Weighted Assets, To Be Well Capitalized, Ratio | 0.100 | 0.100 |
Tier 1 Capital to Risk-Weighted Assets, To Be Well Capitalized, Ratio | 0.080 | 0.080 |
Common Tier I Capital to Risk Weighted Assets, To Be Well Capitalized, Ratio | 6.50% | 6.50% |
Tier 1 Capital to Average Assets To Be Well Capitalized, Ratio | 0.050 | 0.050 |
Fair Values of Financial Inst_3
Fair Values of Financial Instruments - Additional Information (Detail) - USD ($) | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
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 | |
Fair value measurement of intangible assets | 0 | $ 0 |
Temporary impairment charge of mortgage servicing rights | 1,383,000 | |
Mortgage Servicing Rights [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Temporary impairment charge of mortgage servicing rights | $ (1,383,000) | |
Net Servicing Fee Percentage Servicing Assets | 0.26% | |
Significant Unobservable Inputs (Level 3) [Member] | Mortgage Servicing Rights [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Net Servicing Fee Percentage Servicing Assets | 0.26% | |
Minimum [Member] | Mortgage Servicing Rights [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Discount rate used in estimating the fair value of servicing rights | 9.50% | |
Average range of constant prepayment rates | 10.62% | |
Deliquency rate used in determning fair value of servicing rights | 7.98% | |
Minimum [Member] | Significant Unobservable Inputs (Level 3) [Member] | Mortgage Servicing Rights [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Discount rate used in estimating the fair value of servicing rights | 9.50% | |
Average range of constant prepayment rates | 7.98% | |
Maximum [Member] | Mortgage Servicing Rights [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Discount rate used in estimating the fair value of servicing rights | 14.07% | |
Average range of constant prepayment rates | 14.60% | |
Deliquency rate used in determning fair value of servicing rights | 18.42% | |
Maximum [Member] | Significant Unobservable Inputs (Level 3) [Member] | Mortgage Servicing Rights [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Discount rate used in estimating the fair value of servicing rights | 14.07% | |
Average range of constant prepayment rates | 18.42% | |
Weighted Average [Member] | Significant Unobservable Inputs (Level 3) [Member] | Mortgage Servicing Rights [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Discount rate used in estimating the fair value of servicing rights | 10.62% | |
Average range of constant prepayment rates | 14.60% | |
Deliquency rate used in determning fair value of servicing rights | 2.88% | |
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 | 0.09% | |
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 | 0.33% | |
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 | 0.22% | |
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 | 0.09% | |
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 | 0.33% | |
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 | 0.22% |
Fair Values of Financial Inst_4
Fair Values of Financial Instruments - Schedule of Financial Assets and Liabilities Measured at Fair Value (Detail) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Loans held for sale | $ 718,937 | $ 387,514 | |
Derivative financial assets | 44,291 | 4,527 | |
Fair Value, Measurements, Recurring [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Available for sale debt securities | 2,953,359 | 2,437,296 | |
Available for sale equity securities | 10,718 | 8,894 | |
Loans held for sale | 698,341 | 384,375 | |
Derivative financial assets | 44,291 | 4,527 | |
Derivative financial liabilities | 13,058 | 3,065 | |
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 | 66,344 | 58,676 | |
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 | 565,160 | 272,362 | |
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 | 928,891 | 836,534 | |
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 | 21,776 | 3,833 | |
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 | 675,145 | 614,973 | |
Asset-Backed Securities [Member] | Fair Value, Measurements, Recurring [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Available for sale debt securities | 294,623 | 276,139 | |
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 | 4,703 | ||
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 | 17,027 | 16,774 | |
Corporate Bonds [Member] | Fair Value, Measurements, Recurring [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Available for sale debt securities | 384,393 | 353,302 | |
Financial Services Industry [Member] | Fair Value, Measurements, Recurring [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Available for sale equity securities | 134 | 154 | |
Other Equity Securities [Member] | Fair Value, Measurements, Recurring [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Available for sale equity securities | 5,982 | 4,769 | |
Interest Rate Lock Commitments [Member] | Fair Value, Measurements, Recurring [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Derivative financial assets | 38,332 | 4,518 | |
Forward Sales Commitments [Member] | Fair Value, Measurements, Recurring [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Derivative financial assets | 1,581 | 9 | |
Interest Rate Swap Contracts [Member] | Fair Value, Measurements, Recurring [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Derivative financial assets | 4,378 | ||
Derivative financial liabilities | 6,782 | 2,394 | |
TBA Mortgage Backed Securities [Member] | Fair Value, Measurements, Recurring [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Derivative financial assets | 0 | ||
Derivative financial liabilities | 6,276 | 671 | |
Equity Mutual Funds [Member] | Fair Value, Measurements, Recurring [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Available for sale equity securities | 4,602 | 3,971 | [1] |
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 | 6,207 | 6,586 | |
Available for sale equity securities | 10,718 | 8,894 | |
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 | ||
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 | 6,207 | 6,586 | |
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 | 134 | 154 | |
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 | 5,982 | 4,769 | |
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] | 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 Swap Contracts [Member] | Fair Value, Measurements, Recurring [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Derivative financial assets | 0 | ||
Derivative financial liabilities | 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 assets | 0 | ||
Derivative financial liabilities | 0 | 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 | 4,602 | 3,971 | [1] |
Significant Other Observable Inputs (Level 2) [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Loans held for sale | 64,204 | 3,139 | |
Derivative financial assets | 12,280 | 9 | |
Derivative financial liabilities | 13,058 | 3,065 | |
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 | 2,947,152 | 2,426,007 | |
Available for sale equity securities | 0 | 0 | |
Loans held for sale | 43,608 | 0 | |
Derivative financial assets | 12,280 | 9 | |
Derivative financial liabilities | 13,058 | 3,065 | |
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 | 66,344 | 58,676 | |
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 | 565,160 | 272,362 | |
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 | 928,891 | 836,534 | |
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 | 21,776 | 3,833 | |
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 | 675,145 | 614,973 | |
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 | 294,623 | 276,139 | |
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 | ||
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 | 17,027 | 16,774 | |
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 | 378,186 | 346,716 | |
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] | Interest Rate Lock Commitments [Member] | Fair Value, Measurements, Recurring [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Derivative financial assets | 6,321 | 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 | 1,581 | 9 | |
Significant Other Observable Inputs (Level 2) [Member] | Interest Rate Swap Contracts [Member] | Fair Value, Measurements, Recurring [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Derivative financial assets | 4,378 | ||
Derivative financial liabilities | 6,782 | 2,394 | |
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 assets | 0 | ||
Derivative financial liabilities | 6,276 | 671 | |
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 | 0 | 0 | [1] |
Significant Unobservable Inputs (Level 3) [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Loans held for sale | 654,733 | 384,375 | |
Derivative financial assets | 32,011 | 4,518 | |
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 | 0 | 4,703 | |
Available for sale equity securities | 0 | 0 | |
Loans held for sale | 654,733 | 384,375 | |
Derivative financial assets | 32,011 | 4,518 | |
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 | 4,703 | ||
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] | Interest Rate Lock Commitments [Member] | Fair Value, Measurements, Recurring [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Derivative financial assets | 32,011 | 4,518 | |
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 Swap Contracts [Member] | Fair Value, Measurements, Recurring [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Derivative financial assets | 0 | ||
Derivative financial liabilities | 0 | 0 | |
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 assets | 0 | ||
Derivative financial liabilities | 0 | 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 | $ 0 | $ 0 | [1] |
[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 Values of Financial Inst_5
Fair Values of Financial Instruments - 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 | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Trust Preferred Collateralized Debt Obligations [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Balance, beginning of period | $ 4,703 | $ 5,917 |
Included in earnings (or changes in net assets) | 309 | (155) |
Included in other comprehensive income | 0 | (1,059) |
Sales | (5,012) | 0 |
Balance, end of period | 0 | 4,703 |
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 | 384,375 | 247,104 |
Included in earnings (or changes in net assets) | 223,470 | 83,806 |
Originations | 5,699,581 | 2,941,722 |
Sales | (5,652,693) | (2,888,257) |
Transfers in and/or out of Level 3 | 0 | 0 |
Balance, end of period | 654,733 | 384,375 |
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 | 4,518 | 4,103 |
Transfers in and/or out of Level 3 | 27,493 | 415 |
Balance, end of period | 32,011 | 4,518 |
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 Values of Financial Inst_6
Fair Values of Financial Instruments - Schedule of Changes in Fair Value Included in Earnings of Financial Instruments for which Fair Value Option has been Elected (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Mortgage Banking [Member] | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Income from mortgage banking activities | $ 14,947 | $ 3,705 |
Fair Values of Financial Inst_7
Fair Values of Financial Instruments - 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 | Dec. 31, 2020 | Dec. 31, 2019 |
Fair Value Disclosures [Abstract] | ||
Loans held for sale, unpaid principal balance | $ 672,458 | $ 375,274 |
Loans held for sale, fair value | 698,341 | 384,375 |
Loans held for sale, fair value over/(under) unpaid principal balance | $ 25,883 | $ 9,101 |
Fair Values of Financial Inst_8
Fair Values of Financial Instruments - Summary of Financial Assets Measured at Fair Value on Nonrecurring Basis (Detail) - USD ($) | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
YTD Losses, Loans held for sale | $ (197,000) | $ (4,000) |
YTD Losses, Individually assessed loans | 1,318,000 | |
YTD Losses, Impaired Loans | 1,831,000 | |
YTD Losses, OREO | (1,618,000) | (785,000) |
YTD Losses, Mortgage servicing rights | 1,383,000 | |
Loans held for sale | 698,341,000 | 384,375,000 |
Individually assessed loans | 123,505,000 | |
OREO | 22,595,000 | 15,515,000 |
Mortgage servicing rights | 20,955,000 | |
Mortgage Servicing Rights [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
YTD Losses, Mortgage servicing rights | (1,383,000) | |
Fair Value, Measurements, Nonrecurring [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Loans held for sale | 20,596,000 | 3,139,000 |
Impaired Loans | 68,213,000 | |
Individually assessed loans | 37,498,000 | |
OREO | 22,595,000 | 15,515,000 |
Mortgage servicing rights | 20,955,000 | |
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 | |
Individually assessed loans | 0 | |
OREO | 0 | 0 |
Mortgage servicing rights | 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 | 20,596,000 | 3,139,000 |
Impaired Loans | 55,792,000 | |
Individually assessed loans | 14,467,000 | |
OREO | 22,595,000 | 15,495,000 |
Mortgage servicing rights | 0 | |
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 | 12,421,000 | |
Individually assessed loans | 23,031,000 | |
OREO | 0 | $ 20,000 |
Mortgage servicing rights | $ 20,955,000 |
Fair Values of Financial Inst_9
Fair Values of Financial Instruments - Summary of Estimated Fair Values of Financial Instruments (Detail) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Cash and cash equivalents | $ 2,209,068 | $ 837,493 | $ 1,020,396 | $ 1,666,167 |
Securities available for sale | 2,953,359 | 2,437,296 | ||
Securities held to maturity | 1,212 | 1,446 | ||
Other securities | 220,895 | 222,161 | ||
Loans held for sale | 718,937 | 387,514 | ||
Net loans | 17,591,413 | 13,712,129 | ||
Derivative financial assets | 44,291 | 4,527 | ||
Deposits | 20,585,160 | 13,852,421 | ||
Mortgage servicing rights | 20,955 | 0 | ||
Carrying Amount [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Cash and cash equivalents | 2,209,068 | 837,493 | ||
Securities available for sale | 2,953,359 | 2,437,296 | ||
Securities held to maturity | 1,212 | 1,446 | ||
Other securities | 220,895 | 222,161 | ||
Loans held for sale | 718,937 | 387,514 | ||
Net loans | 17,355,583 | 13,635,072 | ||
Derivative financial assets | 44,291 | 4,527 | ||
Deposits | 20,585,160 | 13,852,421 | ||
Short-term borrowings | 142,300 | 374,654 | ||
Long-term borrowings | 864,369 | 1,838,029 | ||
Derivative financial liabilities | 13,058 | 3,065 | ||
Mortgage servicing rights | 20,955 | |||
Carrying Amount [Member] | Marketable Equity Securities [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Equity securities | 10,718 | 8,894 | ||
Fair Value [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Cash and cash equivalents | 2,209,068 | 837,493 | ||
Securities available for sale | 2,953,359 | 2,437,296 | ||
Securities held to maturity | 1,212 | 1,447 | ||
Other securities | 209,850 | 211,053 | ||
Loans held for sale | 718,937 | 387,514 | ||
Net loans | 16,559,797 | 13,185,955 | ||
Derivative financial assets | 44,291 | 4,527 | ||
Deposits | 20,583,607 | 13,843,077 | ||
Short-term borrowings | 142,300 | 374,654 | ||
Long-term borrowings | 815,991 | 1,820,297 | ||
Derivative financial liabilities | 13,058 | 3,065 | ||
Mortgage servicing rights | 20,955 | |||
Fair Value [Member] | Marketable Equity Securities [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Equity securities | 10,718 | 8,894 | ||
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 | 6,207 | 6,586 | ||
Securities held to maturity | 0 | 0 | ||
Other securities | 0 | 0 | ||
Loans held for sale | 0 | 0 | ||
Net 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 | ||
Mortgage servicing rights | 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 | 10,718 | 8,894 | ||
Significant Other Observable Inputs (Level 2) [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Cash and cash equivalents | 2,209,068 | 837,493 | ||
Securities available for sale | 2,947,152 | 2,426,007 | ||
Securities held to maturity | 192 | 427 | ||
Other securities | 0 | 0 | ||
Loans held for sale | 64,204 | 3,139 | ||
Net loans | 0 | 0 | ||
Derivative financial assets | 12,280 | 9 | ||
Deposits | 20,583,607 | 13,843,077 | ||
Short-term borrowings | 142,300 | 374,654 | ||
Long-term borrowings | 815,991 | 1,820,297 | ||
Derivative financial liabilities | 13,058 | 3,065 | ||
Mortgage servicing rights | 0 | |||
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 | 0 | 4,703 | ||
Securities held to maturity | 1,020 | 1,020 | ||
Other securities | 209,850 | 211,053 | ||
Loans held for sale | 654,733 | 384,375 | ||
Net loans | 16,559,797 | 13,185,955 | ||
Derivative financial assets | 32,011 | 4,518 | ||
Deposits | 0 | 0 | ||
Short-term borrowings | 0 | 0 | ||
Long-term borrowings | 0 | 0 | ||
Derivative financial liabilities | 0 | 0 | ||
Mortgage servicing rights | 20,955 | |||
Significant Unobservable Inputs (Level 3) [Member] | Marketable Equity Securities [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Equity securities | $ 0 | $ 0 |
Variable Interest Entities - Ad
Variable Interest Entities - Additional Information (Detail) | 12 Months Ended |
Dec. 31, 2020Trust | |
Variable Interest Entity, Not Primary Beneficiary, Disclosures [Abstract] | |
Number of statutory business trusts | 19 |
Percentage of equity shares of each trust owned by the company | 100.00% |
Variable Interest Entities - Su
Variable Interest Entities - Summary of Quantitative Information Related to Significant Involvement in Unconsolidated Variable Interest Entities (Detail) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Variable Interest Entity [Line Items] | |||
Aggregate Assets | $ 26,184,247 | $ 19,662,324 | |
Aggregate Liabilities | 21,886,627 | 16,298,491 | |
Risk Of Loss | 26,184,247 | 19,662,324 | $ 19,250,498 |
Trust Preferred Securities [Member] | |||
Variable Interest Entity [Line Items] | |||
Aggregate Assets | 295,466 | 257,941 | |
Aggregate Liabilities | 284,788 | 248,680 | |
Risk Of Loss | $ 10,678 | $ 9,261 |
Segment Information - Additiona
Segment Information - Additional Information (Detail) | 12 Months Ended |
Dec. 31, 2020Segment | |
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 | 12 Months Ended | |||||||||
Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Segment Reporting Information [Line Items] | |||||||||||
Net interest income | $ 191,989 | $ 185,664 | $ 170,602 | $ 141,518 | $ 141,283 | $ 141,918 | $ 150,553 | $ 144,168 | $ 689,773 | $ 577,922 | $ 588,645 |
Provision for credit losses | 16,751 | 16,781 | 45,911 | 27,119 | 5,867 | 5,033 | 5,417 | 4,996 | 106,562 | 21,313 | 22,013 |
Other income | 354,746 | 150,484 | 128,712 | ||||||||
Other expense | 156,117 | 171,593 | 149,374 | 101,133 | 96,900 | 96,134 | 100,195 | 89,425 | 578,217 | 382,654 | 368,179 |
Income taxes | 20,833 | 28,974 | 11,021 | 9,889 | 12,473 | 17,010 | 17,529 | 17,328 | 70,717 | 64,340 | 70,823 |
Net income | 92,370 | $ 103,784 | $ 52,686 | $ 40,183 | 63,285 | $ 65,965 | $ 67,207 | $ 63,642 | 289,023 | 260,099 | 256,342 |
Total assets (liabilities) | 26,184,247 | 19,662,324 | 26,184,247 | 19,662,324 | 19,250,498 | ||||||
Average assets (liabilities) | 24,137,070 | 19,475,468 | 18,848,027 | ||||||||
Operating Segments [Member] | Community Banking [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net interest income | 677,907 | 583,547 | 593,108 | ||||||||
Provision for credit losses | 106,562 | 21,313 | 22,013 | ||||||||
Other income | 90,092 | 74,956 | 72,539 | ||||||||
Other expense | 423,934 | 314,710 | 301,123 | ||||||||
Income taxes | 47,162 | 64,080 | 73,861 | ||||||||
Net income | 190,341 | 258,400 | 268,650 | ||||||||
Total assets (liabilities) | 25,892,396 | 19,564,036 | 25,892,396 | 19,564,036 | 19,191,215 | ||||||
Average assets (liabilities) | 23,927,889 | 19,401,397 | 18,798,880 | ||||||||
Operating Segments [Member] | Mortgage Banking [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net interest income | 8,853 | 916 | 1,315 | ||||||||
Provision for credit losses | 0 | 0 | 0 | ||||||||
Other income | 276,185 | 83,884 | 68,555 | ||||||||
Other expense | 140,628 | 72,288 | 72,632 | ||||||||
Income taxes | 27,698 | 2,355 | (505) | ||||||||
Net income | 116,712 | 10,157 | (2,257) | ||||||||
Total assets (liabilities) | 870,151 | 507,124 | 870,151 | 507,124 | 320,299 | ||||||
Average assets (liabilities) | 651,778 | 358,087 | 279,618 | ||||||||
Other [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net interest income | (9,658) | (12,472) | (11,886) | ||||||||
Provision for credit losses | 0 | 0 | 0 | ||||||||
Other income | 730 | 392 | (667) | ||||||||
Other expense | 13,245 | (1,527) | 31 | ||||||||
Income taxes | (4,143) | (2,095) | (2,533) | ||||||||
Net income | (18,030) | (8,458) | (10,051) | ||||||||
Total assets (liabilities) | 31,623 | 17,777 | 31,623 | 17,777 | 3,222 | ||||||
Average assets (liabilities) | 7,283 | 8,411 | 6,104 | ||||||||
Intersegment Eliminations [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net interest income | 12,671 | 5,931 | 6,108 | ||||||||
Provision for credit losses | 0 | 0 | 0 | ||||||||
Other income | (12,261) | (8,748) | (11,715) | ||||||||
Other expense | 410 | (2,817) | (5,607) | ||||||||
Income taxes | 0 | 0 | 0 | ||||||||
Net income | 0 | 0 | 0 | ||||||||
Total assets (liabilities) | $ (609,923) | $ (426,613) | (609,923) | (426,613) | (264,238) | ||||||
Average assets (liabilities) | $ (449,880) | $ (292,427) | $ (236,575) |
Quarterly Financial Data - Quar
Quarterly Financial Data - Quarterly Financial Data (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Quarterly Financial Information Disclosure [Abstract] | |||||||||||
Interest income | $ 208,914 | $ 210,269 | $ 198,717 | $ 180,482 | $ 183,869 | $ 190,351 | $ 199,245 | $ 189,097 | $ 798,382 | $ 762,562 | $ 717,715 |
Interest expense | 16,925 | 24,605 | 28,115 | 38,964 | 42,586 | 48,433 | 48,692 | 44,929 | 108,609 | 184,640 | 129,070 |
Net interest income | 191,989 | 185,664 | 170,602 | 141,518 | 141,283 | 141,918 | 150,553 | 144,168 | 689,773 | 577,922 | 588,645 |
Provision for credit losses | 16,751 | 16,781 | 45,911 | 27,119 | 5,867 | 5,033 | 5,417 | 4,996 | 106,562 | 21,313 | 22,013 |
Mortgage banking income | 70,793 | 109,457 | 68,213 | 17,631 | 17,547 | 24,019 | 21,704 | 13,681 | |||
Securities gains (losses), net | 589 | 860 | 1,510 | 196 | 109 | 116 | 109 | (159) | 3,155 | 175 | (2,618) |
Other noninterest income | 22,700 | 25,151 | 18,667 | 18,979 | 19,586 | 18,089 | 17,982 | 17,701 | |||
Noninterest expense | 156,117 | 171,593 | 149,374 | 101,133 | 96,900 | 96,134 | 100,195 | 89,425 | 578,217 | 382,654 | 368,179 |
Income taxes | 20,833 | 28,974 | 11,021 | 9,889 | 12,473 | 17,010 | 17,529 | 17,328 | 70,717 | 64,340 | 70,823 |
Net income | $ 92,370 | $ 103,784 | $ 52,686 | $ 40,183 | $ 63,285 | $ 65,965 | $ 67,207 | $ 63,642 | $ 289,023 | $ 260,099 | $ 256,342 |
Average shares outstanding (000s): | |||||||||||
Basic | 129,372,000 | 129,373,000 | 119,824,000 | 101,295,000 | 101,250,000 | 101,432,000 | 101,774,000 | 101,895,000 | 120,017,247 | 101,585,599 | 104,015,976 |
Diluted | 129,479,000 | 129,455,000 | 119,888,000 | 101,399,000 | 101,538,000 | 101,712,000 | 102,048,000 | 102,163,000 | 120,090,232 | 101,852,577 | 104,298,825 |
Net income per share: | |||||||||||
Basic | $ 0.71 | $ 0.80 | $ 0.44 | $ 0.40 | $ 0.62 | $ 0.65 | $ 0.66 | $ 0.62 | $ 2.40 | $ 2.55 | $ 2.46 |
Diluted | 0.71 | 0.80 | 0.44 | 0.40 | 0.62 | 0.65 | 0.66 | 0.62 | 2.40 | 2.55 | 2.45 |
Dividends per share | $ 0.35 | $ 0.35 | $ 0.35 | $ 0.35 | $ 0.35 | $ 0.34 | $ 0.34 | $ 0.34 | $ 1.40 | $ 1.37 | $ 1.36 |