Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Mar. 31, 2019 | Apr. 30, 2019 | |
Document and Entity Information [Abstract] | ||
Entity Registrant Name | UNITED COMMUNITY BANKS INC | |
Entity Central Index Key | 0000857855 | |
Trading Symbol | ucbi | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Large Accelerated Filer | |
Entity Common Stock Shares Outstanding | 79,039,390 | |
Document Type | 10-Q | |
Document Period End Date | Mar. 31, 2019 | |
Amendment Flag | false | |
Document Fiscal Year Focus | 2019 | |
Document Fiscal Period Focus | Q1 |
Consolidated Statements of Inco
Consolidated Statements of Income (Unaudited) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Interest revenue: | ||
Loans, including fees | $ 115,259 | $ 96,469 |
Investment securities, including tax exempt of $1,169 and $972 | 20,818 | 18,295 |
Deposits in banks and short-term investments | 439 | 526 |
Total interest revenue | 136,516 | 115,290 |
Deposits: | ||
NOW and interest-bearing demand | 3,536 | 1,113 |
Money market | 4,205 | 2,175 |
Savings | 32 | 49 |
Time | 8,184 | 2,956 |
Total deposit interest expense | 15,957 | 6,293 |
Short-term borrowings | 161 | 300 |
Federal Home Loan Bank advances | 1,422 | 2,124 |
Long-term debt | 3,342 | 3,288 |
Total interest expense | 20,882 | 12,005 |
Net interest revenue | 115,634 | 103,285 |
Provision for credit losses | 3,300 | 3,800 |
Net interest revenue after provision for credit losses | 112,334 | 99,485 |
Noninterest income: | ||
Service charges and fees | 8,453 | 8,925 |
Mortgage loan and other related fees | 3,748 | 5,359 |
Brokerage fees | 1,337 | 872 |
Gains from sales of SBA/USDA loans | 1,303 | 1,778 |
Securities losses, net | (267) | (940) |
Other | 6,394 | 6,402 |
Total noninterest income | 20,968 | 22,396 |
Total revenue | 133,302 | 121,881 |
Noninterest expenses: | ||
Salaries and employee benefits | 47,503 | 42,875 |
Communications and equipment | 5,788 | 4,632 |
Occupancy | 5,584 | 5,613 |
Advertising and public relations | 1,286 | 1,515 |
Postage, printing and supplies | 1,586 | 1,637 |
Professional fees | 3,161 | 4,044 |
FDIC assessments and other regulatory charges | 1,710 | 2,476 |
Amortization of intangibles | 1,293 | 1,898 |
Merger-related and other charges | 546 | 2,054 |
Other | 7,627 | 6,731 |
Total noninterest expenses | 76,084 | 73,475 |
Net income before income taxes | 57,218 | 48,406 |
Income tax expense | 12,956 | 10,748 |
Net income | 44,262 | 37,658 |
Net income available to common shareholders | $ 43,947 | $ 37,381 |
Earnings per common share: | ||
Basic (in dollars per share) | $ 0.55 | $ 0.47 |
Diluted (in dollars per share) | $ 0.55 | $ 0.47 |
Weighted average common shares outstanding: | ||
Basic (in shares) | 79,807 | 79,205 |
Diluted (in shares) | 79,813 | 79,215 |
Consolidated Statements of In_2
Consolidated Statements of Income (Unaudited) (Parentheticals) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Income Statement [Abstract] | ||
Investment securities, tax exempt | $ 1,169 | $ 972 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Statement of Comprehensive Income [Abstract] | ||
Net income, Before-tax Amount | $ 57,218 | $ 48,406 |
Net income, Tax (Expense) Benefit | (12,956) | (10,748) |
Net income | 44,262 | 37,658 |
Unrealized gains (losses) on available-for-sale securities: | ||
Unrealized holding gains (losses) arising during period, Before-tax Amount | 33,174 | (29,265) |
Unrealized holding gains (losses) arising during period, Tax (Expense) Benefit | (8,049) | 7,155 |
Unrealized holding gains (losses) arising during period, Net of Tax Amount | 25,125 | (22,110) |
Reclassification adjustment for (gains) losses included in net income, Before-tax Amount | 267 | 940 |
Reclassification adjustment for (gains) losses included in net income, Tax (Expense) Benefit | (68) | (221) |
Reclassification adjustment for (gains) losses included in net income, Net of Tax Amount | 199 | 719 |
Net unrealized gains (losses), Before-tax Amount | 33,441 | (28,325) |
Net unrealized gains (losses), Tax (Expense) Benefit | (8,117) | 6,934 |
Net unrealized gains (losses), Net of Tax Amount | 25,324 | (21,391) |
Amortization of losses included in net income on available-for-sale securities transferred to held-to-maturity, Before-tax Amount | 84 | 222 |
Amortization of losses included in net income on available-for-sale securities transferred to held-to-maturity, Tax (Expense) Benefit | (20) | (54) |
Amortization of losses included in net income on available-for-sale securities transferred to held-to-maturity, Net of Tax Amount | 64 | 168 |
Amortization of losses included in net income on terminated derivative financial instruments that were previously accounted for as cash flow hedges, Before-tax Amount | 102 | 147 |
Amortization of losses included in net income on terminated derivative financial instruments that were previously accounted for as cash flow hedges, Tax (Expense) Benefit | (26) | (38) |
Amortization of losses included in net income on terminated derivative financial instruments that were previously accounted for as cash flow hedges, After-tax Amount | 76 | 109 |
Defined benefit pension plan activity: | ||
Net actuarial loss on defined benefit pension plan, Before-tax Amount | (5) | |
Net actuarial loss on defined benefit pension plan, Tax (Expense) Benefit | 1 | |
Net actuarial loss on defined benefit pension plan, Net of Tax Amount | (4) | |
Amortization of prior service cost and actuarial losses included in net periodic pension cost for defined benefit pension plan, Before-tax Amount | 174 | 227 |
Amortization of prior service cost and actuarial losses included in net periodic pension cost for defined benefit pension plan, Tax (Expense) Benefit | (44) | (58) |
Amortization of prior service cost and actuarial losses included in net periodic pension cost for defined benefit pension plan, Net of Tax Amount | 130 | 169 |
Net defined benefit pension plan activity, Before-tax Amount | 222 | |
Net defined benefit pension plan activity, Tax (Expense) Benefit | (57) | |
Net defined benefit pension plan activity, Net of Tax Amount | 165 | |
Total other comprehensive income (loss), Before-tax Amount | 33,801 | (27,734) |
Total other comprehensive income (loss), Tax (Expense) Benefit | (8,207) | 6,785 |
Total other comprehensive income (loss), net of tax amount | 25,594 | (20,949) |
Comprehensive income, Before-tax Amount | 91,019 | 20,672 |
Comprehensive income, Tax (Expense) Benefit | (21,163) | (3,963) |
Comprehensive income, Net of Tax Amount | $ 69,856 | $ 16,709 |
Consolidated Balance Sheets (Un
Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 |
ASSETS | ||
Cash and due from banks | $ 118,659 | $ 126,083 |
Interest-bearing deposits in banks (includes restricted cash of $6.43 million and $6.70 million) | 206,836 | 201,182 |
Cash and cash equivalents | 325,495 | 327,265 |
Debt securities available for sale | 2,454,625 | 2,628,467 |
Debt securities held to maturity (fair value $265,117 and $268,803) | 265,329 | 274,407 |
Loans held for sale at fair value | 26,341 | 18,935 |
Loans and leases, net of unearned income | 8,493,254 | 8,383,401 |
Less allowance for loan and lease losses | (61,642) | (61,203) |
Loans and leases, net | 8,431,612 | 8,322,198 |
Premises and equipment, net | 214,022 | 206,140 |
Bank owned life insurance | 193,489 | 192,616 |
Accrued interest receivable | 35,126 | 35,413 |
Net deferred tax asset | 51,055 | 64,224 |
Derivative financial instruments | 25,924 | 24,705 |
Goodwill and other intangible assets | 322,779 | 324,072 |
Other assets | 160,030 | 154,750 |
Total assets | 12,505,827 | 12,573,192 |
Deposits: | ||
Noninterest-bearing demand | 3,313,861 | 3,210,220 |
NOW and interest-bearing demand | 2,205,117 | 2,274,775 |
Money market | 2,106,045 | 2,097,526 |
Savings | 681,739 | 669,886 |
Time | 1,668,563 | 1,598,391 |
Brokered | 558,981 | 683,715 |
Total deposits | 10,534,306 | 10,534,513 |
Federal Home Loan Bank advances | 40,000 | 160,000 |
Long-term debt | 257,259 | 267,189 |
Derivative financial instruments | 18,789 | 26,433 |
Accrued expenses and other liabilities | 147,315 | 127,503 |
Total liabilities | 10,997,669 | 11,115,638 |
Shareholders' equity: | ||
Common stock, $1 par value; 150,000,000 shares authorized; 79,035,459 and 79,234,077 shares issued and outstanding | 79,035 | 79,234 |
Common stock issuable; 621,491 and 674,499 shares | 10,291 | 10,744 |
Capital surplus | 1,494,400 | 1,499,584 |
Accumulated deficit | (59,573) | (90,419) |
Accumulated other comprehensive loss | (15,995) | (41,589) |
Total shareholders' equity | 1,508,158 | 1,457,554 |
Total liabilities and shareholders' equity | $ 12,505,827 | $ 12,573,192 |
Consolidated Balance Sheets (_2
Consolidated Balance Sheets (Unaudited) (Parentheticals) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 |
Statement of Financial Position [Abstract] | ||
Held to maturity, fair value | $ 265,117 | $ 268,803 |
Restricted Cash and Cash Equivalents | $ 6,430 | $ 6,700 |
Common stock, par value (in dollars per share) | $ 1 | $ 1 |
Common stock authorized (in shares) | 150,000,000 | 150,000,000 |
Common stock issued (in shares) | 79,035,459 | 79,234,077 |
Common stock outstanding (in shares) | 79,035,459 | 79,234,077 |
Common stock issuable (in shares) | 621,491 | 674,499 |
Consolidated Statement of Chang
Consolidated Statement of Changes in Shareholders' Equity (Unaudited) - USD ($) $ in Thousands | Total | Common Stock | Common Stock Issuable | Capital Surplus | Accumulated Deficit | Accumulated Other Comprehensive Income (Loss) |
Beginning balance at Dec. 31, 2017 | $ 1,303,334 | $ 77,580 | $ 9,083 | $ 1,451,814 | $ (209,902) | $ (25,241) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net income | 37,658 | 37,658 | ||||
Other comprehensive income (loss) | (20,949) | (20,949) | ||||
Common stock issued to dividend reinvestment plan and employee benefit plans (8,445 shares and 5,204 shares for the periods ended March 31, 2019 and 2018, respectively) | 144 | 5 | 139 | |||
Common stock issued for acquisition (1,443,987 shares) | 45,746 | 1,444 | 44,302 | |||
Amortization of stock options and or restricted stock awards | 1,148 | 1,148 | ||||
Vesting of restricted stock, net of shares surrendered to cover payroll taxes (15,945 shares issued, 19,450 shares deferred and 48,310 shares issued, 46,074 shares deferred for the periods ended March 31, 2019 and 2018, respectively) | (827) | 48 | 850 | (1,725) | ||
Deferred compensation plan, net, including dividend equivalents | 143 | 143 | ||||
Shares issued from deferred compensation plan, net of shares surrendered to cover payroll taxes (70,044 shares and 45,558 shares for the periods ended March 31, 2019 and 2018, respectively) | (9) | 46 | (684) | 629 | ||
Common stock dividends ($0.16 per share and $0.12 per share for the periods ended March 31, 2019 and 2018, respectively) | (9,633) | (9,633) | ||||
Ending balance at Mar. 31, 2018 | 1,356,755 | 79,123 | 9,392 | 1,496,307 | (181,877) | (46,190) |
Beginning balance at Dec. 31, 2018 | 1,457,554 | 79,234 | 10,744 | 1,499,584 | (90,419) | (41,589) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net income | 44,262 | 44,262 | ||||
Other comprehensive income (loss) | 25,594 | 25,594 | ||||
Exercise of stock options (12,000 shares) | 197 | 12 | 185 | |||
Common stock issued to dividend reinvestment plan and employee benefit plans (8,445 shares and 5,204 shares for the periods ended March 31, 2019 and 2018, respectively) | 186 | 8 | 178 | |||
Amortization of stock options and or restricted stock awards | 1,985 | 1,985 | ||||
Vesting of restricted stock, net of shares surrendered to cover payroll taxes (15,945 shares issued, 19,450 shares deferred and 48,310 shares issued, 46,074 shares deferred for the periods ended March 31, 2019 and 2018, respectively) | (317) | 16 | 532 | (865) | ||
Purchases of common stock (305,052 shares) | (7,840) | (305) | (7,535) | |||
Deferred compensation plan, net, including dividend equivalents | 185 | 185 | ||||
Shares issued from deferred compensation plan, net of shares surrendered to cover payroll taxes (70,044 shares and 45,558 shares for the periods ended March 31, 2019 and 2018, respectively) | (232) | 70 | (1,170) | 868 | ||
Common stock dividends ($0.16 per share and $0.12 per share for the periods ended March 31, 2019 and 2018, respectively) | (12,867) | (12,867) | ||||
Ending balance at Mar. 31, 2019 | $ 1,508,158 | $ 79,035 | $ 10,291 | $ 1,494,400 | $ (59,573) | $ (15,995) |
Consolidated Statement of Cha_2
Consolidated Statement of Changes in Shareholders' Equity (Unaudited) (Parentheticals) - $ / shares | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Statement of Stockholders' Equity [Abstract] | ||
Exercise of stock options (in shares) | 12,000 | |
Common stock issued to dividend reinvestment plan and employee benefits plans (in shares) | 8,445 | 5,204 |
Common stock issued for acquisition (in shares) | 0 | 1,443,987 |
Vesting of restricted stock, net of shares surrendered to cover payroll taxes, shares issued (in shares) | 15,945 | 48,310 |
Vesting of restricted stock, net of shares surrendered to cover payroll taxes, shares deferred (in shares) | 19,450 | 46,074 |
Purchases of common stock (in shares) | 305,052 | |
Shares issued from deferred compensation plan, net of shares surrendered to cover payroll taxes (in shares) | 70,044 | 45,558 |
Common stock dividends (in dollars per share) | $ 0.16 | $ 0.12 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Operating activities: | ||
Net income | $ 44,262 | $ 37,658 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation, amortization and accretion | 6,373 | 10,487 |
Provision for credit losses | 3,300 | 3,800 |
Stock based compensation | 1,985 | 1,148 |
Deferred income tax expense | 658 | 10,225 |
Securities losses, net | 267 | 940 |
Gains from sales of SBA/USDA loans | (1,303) | (1,778) |
Net (gains) losses and write downs on sales of other real estate owned | (45) | 188 |
Changes in assets and liabilities: | ||
Other assets and accrued interest receivable | (6,206) | (385) |
Accrued expenses and other liabilities | (5,994) | 1,371 |
Loans held for sale | (7,406) | 8,833 |
Net cash provided by operating activities | 35,891 | 72,487 |
Debt securities held to maturity: | ||
Proceeds from maturities and calls of securities held to maturity | 9,049 | 13,832 |
Purchases of securities held to maturity | 0 | (4,781) |
Debt securities available for sale and equity securities: | ||
Proceeds from sales of securities available for sale | 178,604 | 113,961 |
Proceeds from maturities and calls of securities available for sale | 60,779 | 85,331 |
Purchases of securities available for sale | (34,729) | (30,161) |
Net increase in loans | (90,380) | (79,404) |
Proceeds from sales of premises and equipment | 105 | 195 |
Purchases of premises and equipment | (11,686) | (6,107) |
Net cash paid for acquisition | 0 | (56,800) |
Proceeds from sale of other real estate | 974 | 957 |
Net cash provided by investing activities | 112,716 | 37,023 |
Financing activities: | ||
Net change in deposits | 117 | 186,089 |
Net change in short-term borrowings | 0 | (264,923) |
Repayment of long-term debt | (10,110) | (12,309) |
Proceeds from FHLB advances | 780,000 | 760,000 |
Repayment of FHLB advances | (900,000) | (830,000) |
Proceeds from issuance of subordinated debt, net of issuance costs | 0 | 98,188 |
Proceeds from issuance of common stock for dividend reinvestment and employee benefit plans | 186 | 144 |
Proceeds from exercise of stock options | 197 | 0 |
Cash paid for shares withheld to cover payroll taxes upon vesting of restricted stock | (549) | (836) |
Repurchase of common stock | (7,342) | 0 |
Cash dividends on common stock | (12,876) | (7,885) |
Net cash used in financing activities | (150,377) | (71,532) |
Net change in cash and cash equivalents, including restricted cash | (1,770) | 37,978 |
Cash and cash equivalents, including restricted cash, at beginning of period | 327,265 | 314,275 |
Cash and cash equivalents, including restricted cash, at end of period | 325,495 | 352,253 |
Supplemental disclosures of cash flow information: | ||
Interest paid | 22,963 | 13,069 |
Income taxes paid | 939 | 811 |
Significant non-cash investing and financing transactions: | ||
Unsettled securities purchases | 0 | 4,790 |
Unsettled government guaranteed loan sales | 13,934 | 14,240 |
Transfers of loans to foreclosed properties | 751 | 625 |
Unsettled repurchases of common stock | 498 | 0 |
Acquisitions: | ||
Assets acquired | 0 | 480,679 |
Liabilities assumed | 0 | 350,433 |
Net assets acquired | 0 | 130,246 |
Common stock issued in acquisitions | $ 0 | $ 45,746 |
Accounting Policies
Accounting Policies | 3 Months Ended |
Mar. 31, 2019 | |
Accounting Policies [Abstract] | |
Accounting Policies | Accounting Policies The accounting and financial reporting policies of United Community Banks, Inc. and its subsidiaries (collectively referred to herein as “United”) conform to accounting principles generally accepted in the United States (“GAAP”) and reporting guidelines of banking regulatory authorities and regulators. The accompanying interim consolidated financial statements have not been audited. All material intercompany balances and transactions have been eliminated. A more detailed description of United’s accounting policies is included in its Annual Report on Form 10-K for the year ended December 31, 2018 . In management’s opinion, all accounting adjustments necessary to accurately reflect the financial position and results of operations on the accompanying financial statements have been made. These adjustments are normal and recurring accruals considered necessary for a fair and accurate statement. The results for interim periods are not necessarily indicative of results for the full year or any other interim periods. |
Accounting Standards Updates an
Accounting Standards Updates and Recently Adopted Standards | 3 Months Ended |
Mar. 31, 2019 | |
Accounting Changes and Error Corrections [Abstract] | |
Accounting Standards Updates and Recently Adopted Standards | Accounting Standards Updates and Recently Adopted Standards Accounting Standards Updates In June 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2016-13, Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments . This guidance was further modified in November 2018 by ASU No. 2018-19, Codification Improvements to Topic 326, Financial Instruments - Credit Losses. The new guidance replaces the incurred loss impairment methodology in current GAAP with a current expected credit loss (“CECL”) methodology and requires consideration of a broader range of information to determine credit loss estimates. Financial assets measured at amortized cost will be presented at the net amount expected to be collected by using an allowance for credit losses. Purchased credit deteriorated loans will receive an allowance account at the acquisition date that represents a component of the purchase price allocation. Credit losses relating to available-for-sale debt securities will be recorded through an allowance for credit losses, with such allowance limited to the amount by which fair value is below amortized cost. Application of this update will primarily be on a modified retrospective approach, although the guidance for debt securities for which an other-than-temporary impairment has been recognized before the effective date and for loans previously covered by Accounting Standards Codification (“ASC”) 310-30, Receivables – Loans and Debt Securities Acquired with Deteriorated Credit Quality will be applied on a prospective basis. For public entities, this update is effective for fiscal years beginning after December 15, 2019. Upon adoption, United expects that the allowance for credit losses will be higher given the change to estimated losses for the estimated life of the financial asset; however, management is still in the process of determining the impact. During the first quarter 2019, management’s CECL steering committee continued the process of populating relevant data, building models and documenting processes and controls in preparation for adoption of Topic 326. During the remainder of 2019, management plans to run multiple parallel runs of the allowance model under the expected credit loss methodology, starting with a loan-focused parallel run using first quarter data. Management will incrementally widen the scope of model runs thereafter until a full CECL run is completed. During monthly steering committee meetings, management regularly reviews project status, gap remediation efforts and project priorities. Recently Adopted Standards In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842) . This guidance was further modified by ASU No. 2018-10, Codification Improvements to Topic 842 Leases , ASU No. 2018-11, Leases (Topic 842): Targeted Improvements , ASU No. 2018-20, Leases (Topic 842): Narrow-Scope Improvements for Lessors and ASU No. 2019-01, Leases (Topic 842): Codification Improvements . These standards require a lessee to recognize in the consolidated balance sheet a liability to make lease payments (the lease liability) and a right-of-use asset representing its right to use the underlying asset for the lease term. United adopted the standard on January 1, 2019 using the optional transition method, which allowed for a modified retrospective method of adoption with a cumulative effect adjustment to shareholders’ equity without restating comparable periods. United also elected the relief package of practical expedients for which there is no requirement to reassess existence of leases, their classification, and initial direct costs as well as an exemption for short-term leases with a term of less than one year, whereby United does not recognize a lease liability or right-of-use asset on the consolidated balance sheet but instead recognizes lease payments as an expense over the lease term as appropriate. The adoption of this guidance resulted in recognition of a right-of-use asset of $23.8 million , a lease liability of $26.8 million and a reduction of shareholders’ equity of $549,000 , net of tax, related to its operating leases. In addition, United has equipment financing leases for which it is the lessor, which were previously accounted for as capital leases. Upon adoption of Topic 842, these leases were classified as direct financing leases, which required no significant change in accounting policy or treatment. These lease agreements may include options to renew and for the lessee to purchase the leased equipment at the end of the lease term. As a lessor, United elected to exclude sales taxes from consideration in lease contracts. In the opinion of management, the changes described above resulting from the adoption of the standard did not have a material impact on the consolidated financial statements. See Notes 5 and 14 for additional information on direct financing leases and operating leases, respectively. |
Balance Sheet Offsetting and Re
Balance Sheet Offsetting and Repurchase Agreements Accounted for as Secured Borrowings | 3 Months Ended |
Mar. 31, 2019 | |
Offsetting [Abstract] | |
Balance Sheet Offsetting and Repurchase Agreements Accounted for as Secured Borrowings | Balance Sheet Offsetting and Repurchase Agreements Accounted for as Secured Borrowings United enters into reverse repurchase agreements in order to invest short-term funds. In addition, United enters into repurchase agreements and reverse repurchase agreements with the same counterparty in transactions commonly referred to as collateral swaps that are subject to master netting agreements under which the balances are netted in the balance sheet in accordance with ASC 210-20, Offsetting. The following table presents a summary of amounts outstanding under reverse repurchase agreements, of which there were none as of March 31, 2019 , and derivative financial instruments including those entered into in connection with the same counterparty under master netting agreements as of the dates indicated (in thousands). Gross Amounts of Recognized Assets Gross Amounts Offset on the Balance Sheet Gross Amounts not Offset in the Balance Sheet March 31, 2019 Net Asset Balance Financial Instruments Collateral Received Net Amount Derivatives $ 25,924 $ — $ 25,924 $ (2,295 ) $ (1,797 ) $ 21,832 Total $ 25,924 $ — $ 25,924 $ (2,295 ) $ (1,797 ) $ 21,832 Gross Amounts of Recognized Liabilities Gross Amounts Offset on the Balance Sheet Net Liability Balance Gross Amounts not Offset in the Balance Sheet Financial Instruments Collateral Pledged Net Amount Derivatives $ 18,789 $ — $ 18,789 $ (2,295 ) $ (11,870 ) $ 4,624 Total $ 18,789 $ — $ 18,789 $ (2,295 ) $ (11,870 ) $ 4,624 Gross Amounts of Recognized Assets Gross Amounts Offset on the Balance Sheet Gross Amounts not Offset in the Balance Sheet December 31, 2018 Net Asset Balance Financial Instruments Collateral Received Net Amount Repurchase agreements / reverse repurchase agreements $ 50,000 $ (50,000 ) $ — $ — $ — $ — Derivatives 24,705 — 24,705 (973 ) (8,029 ) 15,703 Total $ 74,705 $ (50,000 ) $ 24,705 $ (973 ) $ (8,029 ) $ 15,703 Weighted average interest rate of reverse repurchase agreements 3.20 % Gross Amounts of Recognized Liabilities Gross Amounts Offset on the Balance Sheet Gross Amounts not Offset in the Balance Sheet Net Liability Balance Financial Instruments Collateral Pledged Net Amount Repurchase agreements / reverse repurchase agreements $ 50,000 $ (50,000 ) $ — $ — $ — $ — Derivatives 26,433 — 26,433 (973 ) (16,126 ) 9,334 Total $ 76,433 $ (50,000 ) $ 26,433 $ (973 ) $ (16,126 ) $ 9,334 Weighted average interest rate of repurchase agreements 2.45 % At March 31, 2019 , United recognized the right to reclaim cash collateral of $11.9 million and the obligation to return cash collateral of $1.80 million . At December 31, 2018 , United recognized the right to reclaim cash collateral of $16.1 million and the obligation to return cash collateral of $8.03 million . The right to reclaim cash collateral and the obligation to return cash collateral were included in the consolidated balance sheets in other assets and other liabilities, respectively. The following table presents additional detail regarding repurchase agreements accounted for as secured borrowings and the securities underlying these agreements as of December 31, 2018 (in thousands) . Remaining Contractual Maturity of the Agreements Overnight and Continuous Up to 30 Days 30 to 90 Days 91 to 110 days Total Mortgage-backed securities $ — $ — $ 50,000 $ — $ 50,000 Total $ — $ — $ 50,000 $ — $ 50,000 Gross amount of recognized liabilities for repurchase agreements in offsetting disclosure $ 50,000 Amounts related to agreements not included in offsetting disclosure $ — United is obligated to promptly transfer additional securities if the market value of the securities falls below the repurchase agreement price. United manages this risk by maintaining an unpledged securities portfolio that it believes is sufficient to cover a decline in the market value of the securities sold under agreements to repurchase. |
Securities
Securities | 3 Months Ended |
Mar. 31, 2019 | |
Investments, Debt and Equity Securities [Abstract] | |
Securities | Securities The amortized cost basis, unrealized gains and losses and fair value of debt securities held-to-maturity as of the dates indicated are as follows (in thousands) . Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value As of March 31, 2019 State and political subdivisions $ 65,519 $ 1,443 $ 456 $ 66,506 Residential mortgage-backed securities 170,980 1,078 2,532 169,526 Commercial mortgage-backed securities 28,830 323 68 29,085 Total $ 265,329 $ 2,844 $ 3,056 $ 265,117 As of December 31, 2018 State and political subdivisions $ 68,551 $ 952 $ 2,191 $ 67,312 Residential mortgage-backed securities 176,488 652 5,094 172,046 Commercial mortgage-backed securities 29,368 173 96 29,445 Total $ 274,407 $ 1,777 $ 7,381 $ 268,803 The cost basis, unrealized gains and losses, and fair value of debt securities available-for-sale as of the dates indicated are presented below (in thousands) . Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value As of March 31, 2019 U.S. Treasuries $ 142,409 $ 22 $ 576 $ 141,855 U.S. Government agencies 4,812 292 3 5,101 State and political subdivisions 217,120 5,124 64 222,180 Residential mortgage-backed securities 1,414,612 9,222 9,749 1,414,085 Commercial mortgage-backed securities 345,198 432 2,291 343,339 Corporate bonds 200,471 506 301 200,676 Asset-backed securities 128,359 183 1,153 127,389 Total $ 2,452,981 $ 15,781 $ 14,137 $ 2,454,625 As of December 31, 2018 U.S. Treasuries $ 150,712 $ 767 $ 2,172 $ 149,307 U.S. Government agencies 25,493 335 275 25,553 State and political subdivisions 234,750 907 1,716 233,941 Residential mortgage-backed securities 1,464,380 3,428 21,898 1,445,910 Commercial mortgage-backed securities 399,663 187 7,933 391,917 Corporate bonds 200,582 502 1,921 199,163 Asset-backed securities 184,683 328 2,335 182,676 Total $ 2,660,263 $ 6,454 $ 38,250 $ 2,628,467 Securities with a carrying value of $842 million and $925 million were pledged to secure public deposits, derivatives and other secured borrowings at March 31, 2019 and December 31, 2018 , respectively. The following table summarizes debt securities held-to-maturity in an unrealized loss position as of the dates indicated ( in thousands) . Less than 12 Months 12 Months or More Total Fair Value Unrealized Loss Fair Value Unrealized Loss Fair Value Unrealized Loss As of March 31, 2019 State and political subdivisions $ — $ — $ 22,356 $ 456 $ 22,356 $ 456 Residential mortgage-backed securities — — 112,921 2,532 112,921 2,532 Commercial mortgage-backed securities — — 4,095 68 4,095 68 Total unrealized loss position $ — $ — $ 139,372 $ 3,056 $ 139,372 $ 3,056 As of December 31, 2018 State and political subdivisions $ 7,062 $ 46 $ 34,146 $ 2,145 $ 41,208 $ 2,191 Residential mortgage-backed securities 6,579 61 136,376 5,033 142,955 5,094 Commercial mortgage-backed securities — — 4,290 96 4,290 96 Total unrealized loss position $ 13,641 $ 107 $ 174,812 $ 7,274 $ 188,453 $ 7,381 The following table summarizes debt securities available-for-sale in an unrealized loss position as of the dates indicated (in thousands) . Less than 12 Months 12 Months or More Total Fair Value Unrealized Loss Fair Value Unrealized Loss Fair Value Unrealized Loss As of March 31, 2019 U.S. Treasuries $ — $ — $ 122,122 $ 576 $ 122,122 $ 576 U.S. Government agencies — — 471 3 471 3 State and political subdivisions 415 1 18,186 63 18,601 64 Residential mortgage-backed securities 47,263 644 665,525 9,105 712,788 9,749 Commercial mortgage-backed securities — — 237,883 2,291 237,883 2,291 Corporate bonds — — 108,272 301 108,272 301 Asset-backed securities 71,224 720 17,825 433 89,049 1,153 Total unrealized loss position $ 118,902 $ 1,365 $ 1,170,284 $ 12,772 $ 1,289,186 $ 14,137 As of December 31, 2018 U.S. Treasuries $ — $ — $ 120,391 $ 2,172 $ 120,391 $ 2,172 U.S. Government agencies — — 21,519 275 21,519 275 State and political subdivisions 15,160 28 133,500 1,688 148,660 1,716 Residential mortgage-backed securities 234,583 808 775,360 21,090 1,009,943 21,898 Commercial mortgage-backed securities 4,552 594 355,292 7,339 359,844 7,933 Corporate bonds — — 117,296 1,921 117,296 1,921 Asset-backed securities 74,492 1,879 31,968 456 106,460 2,335 Total unrealized loss position $ 328,787 $ 3,309 $ 1,555,326 $ 34,941 $ 1,884,113 $ 38,250 At March 31, 2019 , there were 174 debt securities available-for-sale and 56 debt securities held-to-maturity that were in an unrealized loss position. United does not intend to sell nor believes it will be required to sell securities in an unrealized loss position prior to the recovery of their amortized cost basis. Unrealized losses at March 31, 2019 were primarily attributable to changes in interest rates. Management evaluates securities for other-than-temporary impairment on a quarterly basis, and more frequently when economic or market concerns warrant such evaluation. Consideration is given to the length of time and the extent to which the fair value has been less than cost, the financial condition and near-term prospects of the issuer, among other factors. In analyzing an issuer’s financial condition, management considers whether the securities are issued by the federal government or its agencies, whether downgrades by bond rating agencies have occurred, and industry analysts’ reports. No impairment charges were recognized during the three months ended March 31, 2019 or 2018 . Realized gains and losses are derived using the specific identification method for determining the cost of securities sold. The following table summarizes available-for-sale securities sales activity for the three months ended March 31, 2019 and 2018 (in thousands) . Three Months Ended March 31, 2019 2018 Proceeds from sales $ 178,604 $ 113,961 Gross gains on sales $ 1,287 $ 417 Gross losses on sales (1,554 ) (1,357 ) Net losses on sales of securities $ (267 ) $ (940 ) Income tax benefit attributable to sales $ (68 ) $ (221 ) The amortized cost and fair value of debt securities available-for-sale and held-to-maturity at March 31, 2019 , by contractual maturity, are presented in the following table (in thousands) . Available-for-Sale Held-to-Maturity Amortized Cost Fair Value Amortized Cost Fair Value U.S. Treasuries: 1 to 5 years $ 142,409 $ 141,855 $ — $ — 142,409 141,855 — — U.S. Government agencies: 1 to 5 years 474 471 — — More than 10 years 4,338 4,630 — — 4,812 5,101 — — State and political subdivisions: Within 1 year 500 502 3,250 3,262 1 to 5 years 36,058 36,060 11,567 12,024 5 to 10 years 35,888 36,743 7,753 8,423 More than 10 years 144,674 148,875 42,949 42,797 217,120 222,180 65,519 66,506 Corporate bonds: Within 1 year 10,239 10,219 — — 1 to 5 years 187,732 187,948 — — 5 to 10 years 1,500 1,514 — — More than 10 years 1,000 995 — — 200,471 200,676 — — Asset-backed securities: 1 to 5 years 2,121 2,107 — — More than 10 years 126,238 125,282 — — 128,359 127,389 — — Total securities other than mortgage-backed securities: Within 1 year 10,739 10,721 3,250 3,262 1 to 5 years 368,794 368,441 11,567 12,024 5 to 10 years 37,388 38,257 7,753 8,423 More than 10 years 276,250 279,782 42,949 42,797 Residential mortgage-backed securities 1,414,612 1,414,085 170,980 169,526 Commercial mortgage-backed securities 345,198 343,339 28,830 29,085 $ 2,452,981 $ 2,454,625 $ 265,329 $ 265,117 Expected maturities may differ from contractual maturities because issuers and borrowers may have the right to call or prepay obligations. |
Loans and Leases and Allowance
Loans and Leases and Allowance for Credit Losses | 3 Months Ended |
Mar. 31, 2019 | |
Receivables [Abstract] | |
Loans and Leases and Allowance for Credit Losses | Loans and Leases and Allowance for Credit Losses Major classifications of the loan and lease portfolio (collectively referred to as the “loan portfolio” or “loans”) are summarized as of the dates indicated as follows (in thousands) . March 31, 2019 December 31, 2018 Owner occupied commercial real estate $ 1,620,068 $ 1,647,904 Income producing commercial real estate 1,867,425 1,812,420 Commercial & industrial 1,283,865 1,278,347 Commercial construction 865,666 796,158 Equipment financing 605,984 564,614 Total commercial 6,243,008 6,099,443 Residential mortgage 1,063,840 1,049,232 Home equity lines of credit 683,771 694,010 Residential construction 200,708 211,011 Consumer direct 121,174 122,013 Indirect auto 180,753 207,692 Total loans 8,493,254 8,383,401 Less allowance for loan losses (61,642 ) (61,203 ) Loans, net $ 8,431,612 $ 8,322,198 At March 31, 2019 and December 31, 2018 , loans totaling $4.03 billion and $3.98 billion , respectively, were pledged as collateral to secure Federal Home Loan Bank advances, securitized notes payable and other contingent funding sources. At March 31, 2019 , the carrying value and outstanding balance of purchased credit impaired (“PCI”) loans accounted for under ASC 310-30, Loans and Debt Securities Acquired with Deteriorated Credit Quality , were $68.7 million and $100 million , respectively. At December 31, 2018 , the carrying value and outstanding balance of PCI loans were $74.4 million and $109 million , respectively. The following table presents changes in the balance of the accretable yield for PCI loans for the periods indicated (in thousands) : Three Months Ended March 31, 2019 2018 Balance at beginning of period $ 26,868 $ 17,686 Additions due to acquisitions — 1,830 Accretion (4,813 ) (2,546 ) Reclassification from nonaccretable difference 2,706 591 Changes in expected cash flows that do not affect nonaccretable difference 1,863 475 Balance at end of period $ 26,624 $ 18,036 In addition to the accretable yield on PCI loans, the fair value adjustments on purchased loans outside the scope of ASC 310-30 are also accreted to interest revenue over the life of the loans. At March 31, 2019 and December 31, 2018 , the remaining accretable net fair value discount on loans acquired through a business combination and not accounted for under ASC 310-30 was $4.44 million and $4.31 million , respectively. At March 31, 2019 , the net fair value discount of $4.44 million included a net premium on acquired equipment financing loans. In addition, indirect auto loans purchased at a premium outside of a business combination had a remaining premium of $3.03 million and $3.72 million , respectively, as of March 31, 2019 and December 31, 2018 . At March 31, 2019 and December 31, 2018 , equipment financing assets included direct financing leases of $33.5 million and $30.4 million , respectively. The components of the net investment in leases are presented below (in thousands) . March 31, 2019 December 31, 2018 Minimum future lease payments receivable $ 35,385 $ 31,915 Estimated residual value of leased equipment 3,791 3,593 Initial direct costs 856 827 Security deposits (1,173 ) (1,189 ) Purchase accounting premium 644 806 Unearned income (6,011 ) (5,568 ) Net investment in leases $ 33,492 $ 30,384 Minimum future lease payments expected to be received from lease contracts as of March 31, 2019 are as follows (in thousands) : Year Remainder of 2019 $ 10,384 2020 10,960 2021 7,156 2022 4,249 2023 2,046 Thereafter 590 Total $ 35,385 Allowance for Credit Losses and Loans Individually Evaluated for Impairment The allowance for loan losses represents management’s estimate of probable incurred losses in the loan portfolio as of the end of the period. The allowance for unfunded commitments is included in other liabilities in the consolidated balance sheet. Combined, the allowance for loan losses and allowance for unfunded commitments are referred to as the allowance for credit losses. The following table presents the balance and activity in the allowance for credit losses by portfolio segment for the periods indicated (in thousands) . 2019 2018 Three Months Ended March 31, Beginning Balance Charge-Offs Recoveries (Release)Provision Ending Balance Beginning Balance Charge-Offs Recoveries (Release) Provision Ending Balance Owner occupied commercial real estate $ 12,207 $ (5 ) $ 69 $ (397 ) $ 11,874 $ 14,776 $ (60 ) $ 103 $ (258 ) $ 14,561 Income producing commercial real estate 11,073 (197 ) 20 230 11,126 9,381 (657 ) 235 817 9,776 Commercial & industrial 4,802 (1,519 ) 163 1,449 4,895 3,971 (384 ) 389 99 4,075 Commercial construction 10,337 (69 ) 394 (387 ) 10,275 10,523 (363 ) 97 (223 ) 10,034 Equipment financing 5,452 (1,424 ) 143 2,060 6,231 — (139 ) 97 2,333 2,291 Residential mortgage 8,295 (61 ) 48 63 8,345 10,097 (70 ) 123 71 10,221 Home equity lines of credit 4,752 (337 ) 122 260 4,797 5,177 (124 ) 35 (156 ) 4,932 Residential construction 2,433 (4 ) 26 (65 ) 2,390 2,729 — 64 251 3,044 Consumer direct 853 (547 ) 207 324 837 710 (651 ) 160 514 733 Indirect auto 999 (197 ) 38 32 872 1,550 (436 ) 80 224 1,418 Total allowance for loan losses 61,203 (4,360 ) 1,230 3,569 61,642 58,914 (2,884 ) 1,383 3,672 61,085 Allowance for unfunded commitments 3,410 — — (269 ) 3,141 2,312 — — 128 2,440 Total allowance for credit losses $ 64,613 $ (4,360 ) $ 1,230 $ 3,300 $ 64,783 $ 61,226 $ (2,884 ) $ 1,383 $ 3,800 $ 63,525 The following tables represent the recorded investment in loans by portfolio segment and the balance of the allowance for loan losses assigned to each segment based on the method of evaluating the loans for impairment as of the dates indicated (in thousands) . Allowance for Credit Losses March 31, 2019 December 31, 2018 Individually evaluated for impairment Collectively evaluated for impairment PCI Ending Balance Individually evaluated for impairment Collectively evaluated for impairment PCI Ending Balance Owner occupied commercial real estate $ 825 $ 10,894 $ 155 $ 11,874 $ 862 $ 11,328 $ 17 $ 12,207 Income producing commercial real estate 280 10,846 — 11,126 402 10,671 — 11,073 Commercial & industrial 36 4,855 4 4,895 32 4,761 9 4,802 Commercial construction 68 10,001 206 10,275 71 9,974 292 10,337 Equipment financing — 5,988 243 6,231 — 5,045 407 5,452 Residential mortgage 916 7,403 26 8,345 861 7,410 24 8,295 Home equity lines of credit 1 4,796 — 4,797 1 4,740 11 4,752 Residential construction 63 2,327 — 2,390 51 2,382 — 2,433 Consumer direct 5 832 — 837 6 847 — 853 Indirect auto 25 847 — 872 26 973 — 999 Total allowance for loan losses 2,219 58,789 634 61,642 2,312 58,131 760 61,203 Allowance for unfunded commitments — 3,141 — 3,141 — 3,410 — 3,410 Total allowance for credit losses $ 2,219 $ 61,930 $ 634 $ 64,783 $ 2,312 $ 61,541 $ 760 $ 64,613 Loans Outstanding March 31, 2019 December 31, 2018 Individually evaluated for impairment Collectively evaluated for impairment PCI Ending Balance Individually evaluated for impairment Collectively evaluated for impairment PCI Ending Balance Owner occupied commercial real estate $ 17,238 $ 1,594,226 $ 8,604 $ 1,620,068 $ 17,602 $ 1,620,450 $ 9,852 $ 1,647,904 Income producing commercial real estate 14,125 1,817,203 36,097 1,867,425 16,584 1,757,525 38,311 1,812,420 Commercial & industrial 1,701 1,281,823 341 1,283,865 1,621 1,276,318 408 1,278,347 Commercial construction 2,379 857,683 5,604 865,666 2,491 787,760 5,907 796,158 Equipment financing — 599,243 6,741 605,984 — 556,672 7,942 564,614 Residential mortgage 15,453 1,039,582 8,805 1,063,840 14,220 1,025,862 9,150 1,049,232 Home equity lines of credit 255 682,047 1,469 683,771 276 692,122 1,612 694,010 Residential construction 1,340 198,787 581 200,708 1,207 209,070 734 211,011 Consumer direct 199 120,499 476 121,174 211 121,269 533 122,013 Indirect auto 1,104 179,649 — 180,753 1,237 206,455 — 207,692 Total loans $ 53,794 $ 8,370,742 $ 68,718 $ 8,493,254 $ 55,449 $ 8,253,503 $ 74,449 $ 8,383,401 A loan is considered impaired when, based on current events and circumstances, it is probable that all amounts due according to the original contractual terms of the loan will not be collected. Management individually evaluates certain impaired loans, including all non-PCI relationships that are on nonaccrual with a balance of $500,000 or greater and all troubled debt restructurings (“TDRs”) regardless of accrual status, for impairment. Impairment is measured based on the present value of expected future cash flows, discounted at the loan’s effective interest rate, the loan’s observable market price, or the fair value of the collateral if the loan is collateral dependent. A specific reserve is established for impaired loans for the amount of calculated impairment, if any. Interest payments received on impaired nonaccrual loans are applied as a reduction of the recorded investment in the loan. For impaired loans not on nonaccrual status, interest is accrued according to the terms of the loan agreement. Loans are evaluated for impairment quarterly and specific reserves are established in the allowance for loan losses for any measured impairment. Each quarter, management prepares an analysis of the allowance for credit losses to determine the appropriate balance that measures and quantifies the amount of probable incurred losses in the loan portfolio and unfunded loan commitments. The allowance is comprised of specific reserves on individually impaired loans, which are determined as described above, and general reserves which are determined based on historical loss experience as adjusted for current trends and economic conditions multiplied by a loss emergence period factor. Management calculates the loss emergence period for each pool in the loan portfolio based on the weighted average length of time between the date a loan first exceeds 30 days past due and the date the loan is charged off. On junior lien home equity loans, management has limited ability to monitor the delinquency status of the first lien unless the first lien is also held by United. As a result, management applies the weighted average historical loss factor for this category and appropriately adjusts it to reflect the increased risk of loss from these credits. Management carefully reviews the resulting loss factors for each category of the loan portfolio and evaluates whether qualitative adjustments are necessary to take into consideration recent credit trends such as increases or decreases in past due, nonaccrual, criticized and classified loans, and other macro environmental factors such as changes in unemployment rates, employment rates, debt per capita, home price indices, and trends in real estate value indices. Management believes that its method of determining the balance of the allowance for credit losses provides a reasonable and reliable basis for measuring and reporting losses that are incurred in the loan portfolio as of the reporting date. When a loan officer determines that a loan is uncollectible, he or she is responsible for recommending that the loan be placed on nonaccrual status and evaluated for impairment, which, if necessary, could result in fully or partially charging off the loan or establishing a specific reserve. Full or partial charge-offs may also be recommended by the Collections Department, the Special Assets Department, the Loss Mitigation Department and the Foreclosure/OREO Department. Nonaccrual real estate loans are generally charged down to fair value of collateral less costs to sell at the time they are placed on nonaccrual status. Commercial and consumer asset quality committees meet monthly to review charge-offs that have occurred during the previous month. Participants include the respective Chief Credit Officer, Senior Risk Officers and Senior Credit Officers. Generally, closed-end retail loans (installment and residential mortgage loans) past due 90 cumulative days are written down to their collateral value less estimated selling costs. Open-end (revolving) unsecured retail loans which are past due 90 cumulative days from their contractual due date are generally charged-off. The following table presents loans individually evaluated for impairment by class as of the dates indicated (in thousands) . March 31, 2019 December 31, 2018 Unpaid Principal Balance Recorded Investment Allowance for Loan Losses Allocated Unpaid Principal Balance Recorded Investment Allowance for Loan Losses Allocated With no related allowance recorded: Owner occupied commercial real estate $ 8,159 $ 6,089 $ — $ 8,650 $ 6,546 $ — Income producing commercial real estate 8,333 8,227 — 9,986 9,881 — Commercial & industrial 522 360 — 525 370 — Commercial construction 119 113 — 685 507 — Equipment financing — — — — — — Total commercial 17,133 14,789 — 19,846 17,304 — Residential mortgage 6,513 5,890 — 5,787 5,202 — Home equity lines of credit 275 215 — 330 234 — Residential construction 753 624 — 554 428 — Consumer direct 15 15 — 18 17 — Indirect auto 142 130 — 294 292 — Total with no related allowance recorded 24,831 21,663 — 26,829 23,477 — With an allowance recorded: Owner occupied commercial real estate 11,191 11,149 825 11,095 11,056 862 Income producing commercial real estate 6,166 5,898 280 6,968 6,703 402 Commercial & industrial 1,746 1,341 36 1,652 1,251 32 Commercial construction 2,503 2,266 68 2,130 1,984 71 Equipment financing — — — — — — Total commercial 21,606 20,654 1,209 21,845 20,994 1,367 Residential mortgage 9,713 9,563 916 9,169 9,018 861 Home equity lines of credit 43 40 1 45 42 1 Residential construction 727 716 63 791 779 51 Consumer direct 189 184 5 199 194 6 Indirect auto 975 974 25 946 945 26 Total with an allowance recorded 33,253 32,131 2,219 32,995 31,972 2,312 Total $ 58,084 $ 53,794 $ 2,219 $ 59,824 $ 55,449 $ 2,312 As of March 31, 2019 and December 31, 2018 , $2.22 million and $2.31 million , respectively, of specific reserves were allocated to customers whose loan terms have been modified in TDRs. As of March 31, 2019 and December 31, 2018 , there were no commitments to lend additional amounts to customers with outstanding loans that are classified as TDRs. The modification of the TDR terms included one or a combination of the following: a reduction of the stated interest rate of the loan or an extension of the amortization period that would not otherwise be considered in the current market for new debt with similar risk characteristics; a restructuring of the borrower’s debt into an “A/B note structure” where the A note would fall within the borrower’s ability to pay and the remainder would be included in the B note; a mandated bankruptcy restructuring; or interest-only payment terms greater than 90 days where the borrower is unable to amortize the loan. Modified PCI loans are not accounted for as TDRs because they are not separated from the pools, and as such are not classified as impaired loans. Loans modified under the terms of a TDR during the three months ended March 31, 2019 and 2018 are presented in the table below. In addition, the following table presents loans modified under the terms of a TDR that defaulted (became 90 days or more delinquent) during the periods presented and were initially restructured within one year prior to default (dollars in thousands) . New TDRs Pre-modification Outstanding Recorded Investment Post-Modification Outstanding Recorded Investment by Type of Modification TDRs Modified Within the Previous Twelve Months That Have Subsequently Defaulted Number of Contracts Rate Reduction Structure Other Total Number of Contracts Recorded Investment Three Months Ended March 31, 2019 Owner occupied commercial real estate — $ — $ — $ — $ — $ — — $ — Income producing commercial real estate 1 169 — 169 — 169 — — Commercial & industrial 1 7 — — 7 7 — — Commercial construction — — — — — — — — Equipment financing — — — — — — — — Total commercial 2 176 — 169 7 176 — — Residential mortgage 2 345 — 344 — 344 — — Home equity lines of credit — — — — — — — — Residential construction — — — — — — — — Consumer direct — — — — — — — — Indirect auto 6 66 — — 57 57 — — Total loans 10 $ 587 $ — $ 513 $ 64 $ 577 — $ — Three Months Ended March 31, 2018 Owner occupied commercial real estate 3 $ 994 $ — $ 978 $ — $ 978 2 $ 1,586 Income producing commercial real estate — — — — — — — — Commercial & industrial 1 81 — 5 — 5 — — Commercial construction — — — — — — — — Equipment financing — — — — — — — — Total commercial 4 1,075 — 983 — 983 2 1,586 Residential mortgage 2 340 — 340 — 340 — — Home equity lines of credit — — — — — — — — Residential construction — — — — — — — — Consumer direct — — — — — — — — Indirect auto — — — — — — — — Total loans 6 $ 1,415 $ — $ 1,323 $ — $ 1,323 2 $ 1,586 Collateral dependent TDRs that subsequently default or are placed on nonaccrual are charged down to the fair value of the collateral consistent with United’s policy for nonaccrual loans. Impairment on TDRs that are not collateral dependent continues to be measured based on discounted cash flows regardless of whether the loan has subsequently defaulted. The average balances of impaired loans and income recognized on impaired loans while they were considered impaired are presented below for the periods indicated (in thousands) . 2019 2018 Three Months Ended March 31, Average Balance Interest Revenue Recognized During Impairment Cash Basis Interest Revenue Received Average Balance Interest Revenue Cash Basis Interest Revenue Received Owner occupied commercial real estate $ 17,410 $ 285 $ 284 $ 24,658 $ 245 $ 280 Income producing commercial real estate 14,237 193 207 16,433 210 235 Commercial & industrial 1,716 19 19 2,596 40 42 Commercial construction 2,402 34 33 3,936 51 52 Equipment financing — — — — — — Total commercial 35,765 531 543 47,623 546 609 Residential mortgage 15,502 168 174 14,993 149 150 Home equity lines of credit 258 4 3 344 4 4 Residential construction 1,408 24 23 1,590 24 24 Consumer direct 205 4 4 291 5 5 Indirect auto 1,190 14 14 1,378 18 18 Total $ 54,328 $ 745 $ 761 $ 66,219 $ 746 $ 810 Nonaccrual and Past Due Loans Nonaccrual loans include both homogeneous loans that are collectively evaluated for impairment and individually evaluated impaired loans. United’s policy is to place loans on nonaccrual status when, in the opinion of management, the principal and interest on a loan is not likely to be repaid in full or when the loan becomes 90 days past due and is not well secured and in the process of collection. When a loan is classified on nonaccrual status, interest previously accrued but not collected is reversed against current interest revenue. Principal and interest payments received on a nonaccrual loan are generally applied to reduce the loan’s recorded investment. PCI loans are considered past due or delinquent when the contractual principal or interest due in accordance with the terms of the loan agreement remains unpaid after the due date of the scheduled payment. However, these loans are considered to be performing, even though they may be contractually past due, as any non-payment of contractual principal or interest is considered in the periodic re-estimation of expected cash flows and is included in the resulting recognition of current period loan loss provision or future period yield adjustments. The accrual of interest is discontinued on PCI loans if management can no longer reliably estimate future cash flows on the loan or pool of loans. No PCI loans were classified as nonaccrual at March 31, 2019 or December 31, 2018 as the carrying value of the respective loan or pool of loans cash flows were considered estimable and probable of collection. Therefore, interest revenue, through accretion of the difference between the carrying value of the loans and the expected cash flows, is being recognized on all PCI loans. The gross additional interest revenue that would have been earned if the loans classified as nonaccrual had performed in accordance with the original terms was approximately $378,000 and $342,000 for the three months ended March 31, 2019 and 2018 , respectively. The following table presents the recorded investment in nonaccrual loans by loan class as of the dates indicated (in thousands) . March 31, 2019 December 31, 2018 Owner occupied commercial real estate $ 7,030 $ 6,421 Income producing commercial real estate 1,276 1,160 Commercial & industrial 1,666 1,417 Commercial construction 473 605 Equipment financing 1,813 2,677 Total commercial 12,258 12,280 Residential mortgage 8,281 8,035 Home equity lines of credit 2,233 2,360 Residential construction 347 288 Consumer direct 47 89 Indirect auto 458 726 Total $ 23,624 $ 23,778 Excluding PCI loans, substantially all loans more than 90 days past due were on nonaccrual status at March 31, 2019 and December 31, 2018 . The following table presents the aging of the recorded investment in past due loans by class of loans as of the dates indicated (in thousands) . Loans Past Due As of March 31, 2019 30 - 59 Days 60 - 89 Days > 90 Days Total Loans Not Past Due PCI Loans Total Owner occupied commercial real estate $ 4,644 $ 1,142 $ 3,328 $ 9,114 $ 1,602,350 $ 8,604 $ 1,620,068 Income producing commercial real estate 1,199 125 706 2,030 1,829,298 36,097 1,867,425 Commercial & industrial 2,649 790 937 4,376 1,279,148 341 1,283,865 Commercial construction 139 443 24 606 859,456 5,604 865,666 Equipment financing 1,809 894 1,722 4,425 594,818 6,741 605,984 Total commercial 10,440 3,394 6,717 20,551 6,165,070 57,387 6,243,008 Residential mortgage 4,862 1,511 1,292 7,665 1,047,370 8,805 1,063,840 Home equity lines of credit 2,355 634 528 3,517 678,785 1,469 683,771 Residential construction 574 132 154 860 199,267 581 200,708 Consumer direct 522 89 2 613 120,085 476 121,174 Indirect auto 711 185 416 1,312 179,441 — 180,753 Total loans $ 19,464 $ 5,945 $ 9,109 $ 34,518 $ 8,390,018 $ 68,718 $ 8,493,254 Loans Past Due As of December 31, 2018 30 - 59 Days 60 - 89 Days > 90 Days Total Loans Not Past Due PCI Loans Total Owner occupied commercial real estate $ 2,542 $ 2,897 $ 1,011 $ 6,450 $ 1,631,602 $ 9,852 $ 1,647,904 Income producing commercial real estate 1,624 291 301 2,216 1,771,893 38,311 1,812,420 Commercial & industrial 7,189 718 400 8,307 1,269,632 408 1,278,347 Commercial construction 267 — 68 335 789,916 5,907 796,158 Equipment financing 1,351 739 2,658 4,748 551,924 7,942 564,614 Total commercial 12,973 4,645 4,438 22,056 6,014,967 62,420 6,099,443 Residential mortgage 5,461 1,788 1,950 9,199 1,030,883 9,150 1,049,232 Home equity lines of credit 2,112 864 902 3,878 688,520 1,612 694,010 Residential construction 509 63 190 762 209,515 734 211,011 Consumer direct 600 82 21 703 120,777 533 122,013 Indirect auto 750 323 633 1,706 205,986 — 207,692 Total loans $ 22,405 $ 7,765 $ 8,134 $ 38,304 $ 8,270,648 $ 74,449 $ 8,383,401 Risk Ratings United categorizes commercial loans, with the exception of equipment financing receivables, into risk categories based on relevant information about the ability of borrowers to service their debt such as: current financial information, historical payment experience, credit documentation, public information, and current industry and economic trends, among other factors. United analyzes loans individually by classifying the loans as to credit risk. This analysis is performed on a continual basis. United uses the following definitions for its risk ratings: Watch. Loans in this category are presently protected from apparent loss; however, weaknesses exist that could cause future impairment, including the deterioration of financial ratios, past due status and questionable management capabilities. These loans require more than the ordinary amount of supervision. Collateral values generally afford adequate coverage, but may not be immediately marketable. Substandard. These loans are inadequately protected by the current net worth and paying capacity of the obligor or by the collateral pledged. Specific and well-defined weaknesses exist that may include poor liquidity and deterioration of financial ratios. The loan may be past due and related deposit accounts experiencing overdrafts. There is the distinct possibility that United will sustain some loss if deficiencies are not corrected. If possible, immediate corrective action is taken. Doubtful. Specific weaknesses characterized as Substandard that are severe enough to make collection in full highly questionable and improbable. There is no reliable secondary source of full repayment. Loss. Loans categorized as Loss have the same characteristics as Doubtful; however, probability of loss is certain. Loans classified as Loss are charged off. Equipment Financing Receivables and Consumer Purpose Loans. United applies a pass / fail grading system to all equipment financing receivables and consumer purpose loans. Under the pass / fail grading system, loans that become past due 90 days or are in bankruptcy are classified as “fail” and all other loans are classified as “pass”. For reporting purposes, loans in these categories that are classified as “fail” are reported in the substandard column and all other loans are reported in the “pass” column. Loans not meeting the criteria above that are analyzed individually as part of the above described process are considered to be pass rated loans. Based on the most recent analysis performed, the risk category of loans by class of loans as of the dates indicated is as follows (in thousands) . Pass Watch Substandard Doubtful / Loss Total As of March 31, 2019 Owner occupied commercial real estate $ 1,557,510 $ 17,511 $ 36,443 $ — $ 1,611,464 Income producing commercial real estate 1,789,063 22,548 19,717 — 1,831,328 Commercial & industrial 1,253,268 7,517 22,739 — 1,283,524 Commercial construction 846,902 6,767 6,393 — 860,062 Equipment financing 597,430 — 1,813 — 599,243 Total commercial 6,044,173 54,343 87,105 — 6,185,621 Residential mortgage 1,043,447 — 11,588 — 1,055,035 Home equity lines of credit 678,578 — 3,724 — 682,302 Residential construction 199,570 — 557 — 200,127 Consumer direct 120,465 — 233 — 120,698 Indirect auto 178,740 — 2,013 — 180,753 Total loans, excluding PCI loans 8,264,973 54,343 105,220 — 8,424,536 Owner occupied commercial real estate 2,803 2,781 3,020 — 8,604 Income producing commercial real estate 23,872 11,389 836 — 36,097 Commercial & industrial 246 43 52 — 341 Commercial construction 3,340 165 2,099 — 5,604 Equipment financing 6,626 — 115 — 6,741 Total commercial 36,887 14,378 6,122 — 57,387 Residential mortgage 6,512 — 2,293 — 8,805 Home equity lines of credit 1,350 — 119 — 1,469 Residential construction 542 — 39 — 581 Consumer direct 440 — 36 — 476 Indirect auto — — — — — Total PCI loans 45,731 14,378 8,609 — 68,718 Total loan portfolio $ 8,310,704 $ 68,721 $ 113,829 $ — $ 8,493,254 As of December 31, 2018 Owner occupied commercial real estate $ 1,585,797 $ 16,651 $ 35,604 $ — $ 1,638,052 Income producing commercial real estate 1,735,456 20,923 17,730 — 1,774,109 Commercial & industrial 1,247,206 8,430 22,303 — 1,277,939 Commercial construction 777,780 4,533 7,938 — 790,251 Equipment financing 553,995 — 2,677 — 556,672 Total commercial 5,900,234 50,537 86,252 — 6,037,023 Residential mortgage 1,028,660 — 11,422 — 1,040,082 Home equity lines of credit 688,493 — 3,905 — 692,398 Residential construction 209,744 — 533 — 210,277 Consumer direct 121,247 19 214 — 121,480 Indirect auto 205,632 — 2,060 — 207,692 Total loans, excluding PCI loans 8,154,010 50,556 104,386 — 8,308,952 Owner occupied commercial real estate 3,352 2,774 3,726 — 9,852 Income producing commercial real estate 23,430 13,403 1,478 — 38,311 Commercial & industrial 266 48 94 — 408 Commercial construction 3,503 188 2,216 — 5,907 Equipment financing 7,725 — 217 — 7,942 Total commercial 38,276 16,413 7,731 — 62,420 Residential mortgage 6,914 — 2,236 — 9,150 Home equity lines of credit 1,492 — 120 — 1,612 Residential construction 687 — 47 — 734 Consumer direct 493 — 40 — 533 Indirect auto — — — — — Total PCI loans 47,862 16,413 10,174 — 74,449 Total loan portfolio $ 8,201,872 $ 66,969 $ 114,560 $ — $ 8,383,401 |
Reclassifications Out of Accumu
Reclassifications Out of Accumulated Other Comprehensive Income | 3 Months Ended |
Mar. 31, 2019 | |
Equity [Abstract] | |
Reclassifications Out of Accumulated Other Comprehensive Income | Reclassifications Out of Accumulated Other Comprehensive Income The following table presents the details regarding amounts reclassified out of accumulated other comprehensive income for the periods indicated (in thousands) . Details about Accumulated Other Comprehensive Income Components Three Months Ended March 31, Affected Line Item in the Statement Where Net Income is Presented 2019 2018 Realized losses on available-for-sale securities: $ (267 ) $ (940 ) Securities losses, net 68 221 Income tax benefit $ (199 ) $ (719 ) Net of tax Amortization of losses included in net income on available-for-sale securities transferred to held-to-maturity: $ (84 ) $ (222 ) Investment securities interest revenue 20 54 Income tax benefit $ (64 ) $ (168 ) Net of tax Amortization of losses included in net income on derivative financial instruments accounted for as cash flow hedges: Amortization of losses on de-designated positions $ (102 ) $ (147 ) Money market deposit interest expense 26 38 Income tax benefit $ (76 ) $ (109 ) Net of tax Amortization of prior service cost and actuarial losses included in net periodic pension cost for defined benefit pension plan: Prior service cost $ (159 ) $ (167 ) Salaries and employee benefits expense Actuarial losses (15 ) — Other expense Actuarial losses — (60 ) Salaries and employee benefits expense (174 ) (227 ) Total before tax 44 58 Income tax benefit $ (130 ) $ (169 ) Net of tax Total reclassifications for the period $ (469 ) $ (1,165 ) Net of tax Amounts shown above in parentheses reduce earnings. |
Earnings Per Share
Earnings Per Share | 3 Months Ended |
Mar. 31, 2019 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | Earnings Per Share The following table sets forth the computation of basic and diluted earnings per share for the periods indicated (in thousands, except per share data) . Three Months Ended 2019 2018 Net income $ 44,262 $ 37,658 Dividends and undistributed earnings allocated to unvested shares (315 ) (277 ) Net income available to common shareholders $ 43,947 $ 37,381 Weighted average shares outstanding: Basic 79,807 79,205 Effect of dilutive securities Stock options 3 10 Restricted stock units 3 — Diluted 79,813 79,215 Net income per common share: Basic $ 0.55 $ 0.47 Diluted $ 0.55 $ 0.47 At March 31, 2019 , United excluded 31,812 potentially dilutive shares of common stock issuable upon exercise of stock options with a weighted average exercise price of $31.47 from the computation of diluted earnings per share because of their antidilutive effect. At March 31, 2018 , United had the following potentially dilutive stock options and warrants outstanding: a warrant to purchase 219,909 shares of common stock at $61.40 per share; 32,464 shares of common stock issuable upon exercise of stock options granted to employees with a weighted average exercise price of $31.50 . |
Derivatives and Hedging Activit
Derivatives and Hedging Activities | 3 Months Ended |
Mar. 31, 2019 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivatives and Hedging Activities | Derivatives and Hedging Activities Risk Management Objective of Using Derivatives United is exposed to certain risks arising from both its business operations and economic conditions. United principally manages its exposures to a wide variety of business and operational risks through management of its core business activities. United manages interest rate risk through a combination of pricing and term structure of deposit product offerings, the amount and duration of its investment securities portfolio and wholesale funding, and through the use of derivative financial instruments. Specifically, United enters into derivative financial instruments to manage interest rate risk exposures that arise from business activities that result in the receipt or payment of future known and uncertain cash amounts, the value of which are determined by interest rates. Derivative financial instruments are used to manage differences in the amount, timing, and duration of known or expected cash receipts and known or expected cash payments principally related to loans, investment securities, wholesale borrowings and deposits. In conjunction with the FASB’s fair value measurement guidance, United made an accounting policy election to measure the credit risk of its derivative financial instruments that are subject to master netting arrangements on a gross basis. United clears certain derivatives centrally through the Chicago Mercantile Exchange (“CME”). CME rules legally characterize variation margin payments for centrally cleared derivatives as settlements of the derivatives’ exposure rather than as collateral. As a result, the variation margin payment and the related derivative instruments are considered a single unit of account for accounting purposes. Variation margin, as determined by the CME, is settled daily. As a result, derivative contracts that clear through the CME have an estimated fair value of zero. The table below presents the fair value of derivative financial instruments as of the dates indicated as well as their classification on the consolidated balance sheets (in thousands) : Derivatives designated as hedging instruments under ASC 815 Interest Rate Products Balance Sheet Location March 31, 2019 December 31, 2018 Fair value hedge of brokered CDs Derivative liabilities $ 1,251 $ 1,682 $ 1,251 $ 1,682 Derivatives not designated as hedging instruments under ASC 815 Interest Rate Products Balance Sheet Location March 31, 2019 December 31, 2018 Customer derivative positions Derivative assets $ 12,658 $ 5,216 Dealer offsets to customer derivative positions Derivative assets 3,691 7,620 Mortgage banking - loan commitment Derivative assets 1,796 1,190 Mortgage banking - forward sales commitment Derivative assets 14 28 Bifurcated embedded derivatives Derivative assets 7,765 10,651 $ 25,924 $ 24,705 Customer derivative positions Derivative liabilities $ 4,118 $ 9,661 Dealer offsets to customer derivative positions Derivative liabilities 2,744 781 Risk participations Derivative liabilities 6 8 Mortgage banking - forward sales commitment Derivative liabilities 483 259 Dealer offsets to bifurcated embedded derivatives Derivative liabilities 10,187 13,339 De-designated hedges Derivative liabilities — 703 $ 17,538 $ 24,751 Customer derivative positions are between United and certain commercial loan customers with offsetting positions to dealers under a back-to-back swap/cap program. United also has three interest rate swap contracts that are not designated as hedging instruments but are economic hedges of market-linked brokered certificates of deposit. The market-linked brokered certificates of deposit contain embedded derivatives that are bifurcated from the host instruments and are marked to market through earnings. The fair value marks on the market linked swaps and the bifurcated embedded derivatives tend to move in opposite directions with changes in 90-day London Interbank Offered Rate (“LIBOR”) and therefore provide an economic hedge. To accommodate customers, United occasionally enters into credit risk participation agreements with counterparty banks to accept a portion of the credit risk related to interest rate swaps. This allows customers to execute an interest rate swap with one bank while allowing for the distribution of the credit risk among participating members. Credit risk participation agreements arise when United contracts with other financial institutions, as a guarantor, to share credit risk associated with certain interest rate swaps. These agreements provide for reimbursement of losses resulting from a third party default on the underlying swap. These transactions are typically executed in conjunction with a participation in a loan with the same customer. Collateral used to support the credit risk for the underlying lending relationship is also available to offset the risk of the credit risk participation. In addition, United originates certain residential mortgage loans with the intention of selling these loans. Between the time United enters into an interest-rate lock commitment to originate a residential mortgage loan that is to be held for sale and the time the loan is funded and eventually sold, United is subject to the risk of variability in market prices. United enters into forward sale agreements to mitigate risk and to protect the expected gain on the eventual loan sale. The commitments to originate residential mortgage loans and forward loan sales commitments are freestanding derivative instruments. United accounts for most newly originated mortgage loans at fair value pursuant to the fair value option, and these loans are not reflected in the table above. Fair value adjustments on these derivative instruments are recorded within mortgage loan and other related fee income in the consolidated statements of income. Cash Flow Hedges of Interest Rate Risk At March 31, 2019 and December 31, 2018 United did not have any active cash flow hedges. Changes in balance sheet composition and interest rate risk position made cash flow hedges not currently necessary as protection against rising interest rates. The loss remaining in other comprehensive income from prior hedges that have been de-designated is being amortized into earnings over the original term of the swaps as the forecasted transactions that the swaps were originally designated to hedge are still expected to occur. Amortization of the loss on the de-designated hedges was the only effect of cash flow hedges on the consolidated statements of income for the three months ended March 31, 2019 and 2018 . See Note 6 for further detail. United expects that $118,000 will be reclassified as an increase to interest expense over the next twelve months related to these cash flow hedges. Fair Value Hedges of Interest Rate Risk United is exposed to changes in the fair value of certain of its fixed-rate obligations due to changes in interest rates. United uses interest rate swaps to manage its exposure to changes in fair value on these instruments attributable to changes in interest rates. Interest rate swaps designated as fair value hedges of brokered deposits involve the receipt of fixed-rate amounts from a counterparty in exchange for United making variable rate payments over the life of the agreements without the exchange of the underlying notional amount. Interest rate swaps designated as fair value hedges of fixed-rate investments involve the receipt of variable-rate payments from a counterparty in exchange for United making fixed-rate payments over the life of the instrument without the exchange of the underlying notional amount. At March 31, 2019 , United had four interest rate swaps with a notional amount of $38.0 million that were designated as fair value hedges of interest rate risk and were pay-variable / receive-fixed swaps hedging the changes in the fair value of fixed-rate brokered time deposits resulting from changes in interest rates. As of March 31, 2019 , the hedged brokered time deposits, which were included in brokered deposits on the consolidated balance sheet, had a carrying value of $36.0 million , which included cumulative fair value hedging adjustments of $1.38 million . At December 31, 2018 , United had four interest rate swaps with an aggregate notional amount of $39.0 million that were designated as fair value hedges of interest rate risk and were pay-variable / receive-fixed, hedging the changes in the fair value of fixed-rate brokered time deposits resulting from changes in interest rates. For derivatives designated and that qualify as fair value hedges, the gain or loss on the derivative as well as the offsetting loss or gain on the hedged item attributable to the hedged risk are recognized in earnings. United includes the gain or loss on the hedged items in the same income statement line item as the offsetting loss or gain on the related derivatives. During the three months ended March 31, 2019 , and March 31, 2018 , United recognized net losses of $11,000 and $79,000 , respectively, related to ineffectiveness in the fair value hedging relationships. United also recognized a net increase in interest expense of $101,000 for the three months ended March 31, 2019 and a net increase in interest expense of $14,000 for the three months ended March 31, 2018 related to fair value hedges of brokered time deposits, which includes net settlements on the derivatives. United recognized an increase in interest revenue on securities during the three months ended March 31, 2018 of $17,000 related to fair value hedges of corporate bonds which were terminated during the first quarter of 2018. The table below presents the effect of derivatives in fair value hedging relationships on the consolidated statement of income for the periods indicated (in thousands) . Location of Gain (Loss) Recognized in Income on Derivative Amount of Gain (Loss) Recognized in Income on Derivative Amount of Gain (Loss) Recognized in Income on Hedged Item 2019 2018 2019 2018 Three Months Ended March 31, Fair value hedges of brokered CDs Interest expense $ 451 $ (693 ) $ (462 ) $ 545 Fair value hedges of corporate bonds Interest revenue — (336 ) — 405 $ 451 $ (1,029 ) $ (462 ) $ 950 In certain cases, the estate of deceased brokered certificate of deposit holders may put the certificate of deposit back to United at par upon the death of the holder. When these estate puts occur, a gain or loss is recognized for the difference between the fair value and the par amount of the deposits put back. The change in the fair value of brokered time deposits that are being hedged in fair value hedging relationships reported in the table above includes gains and losses from estate puts and such gains and losses are included in the amount of reported ineffectiveness gains or losses. Derivatives Not Designated as Hedging Instruments under ASC 815 The table below presents the gains and losses recognized in income on derivatives not designated as hedging instruments under ASC 815 for the periods indicated (in thousands) . Location of Gain (Loss) Recognized in Income on Derivative Amount of Gain (Loss) Recognized in Income on Derivative 2019 2018 Three Months Ended March 31, Customer derivatives and dealer offsets Other noninterest income $ 503 $ 772 Bifurcated embedded derivatives and dealer offsets Other noninterest income 218 370 Interest rate caps Other noninterest income — 276 De-designated hedges Other noninterest income (193 ) (67 ) Mortgage banking derivatives Mortgage loan revenue (190 ) 1,264 Risk participations Other noninterest income 2 (2 ) $ 340 $ 2,613 Credit-Risk-Related Contingent Features United manages its credit exposure on derivatives transactions by entering into a bilateral credit support agreement with each non-customer counterparty. The credit support agreements require collateralization of exposures beyond specified minimum threshold amounts. The details of these agreements, including the minimum thresholds, vary by counterparty. As of March 31, 2019 , collateral totaling $11.9 million was pledged toward derivatives in a liability position. United’s agreements with each of its derivative counterparties contain a provision where if either party defaults on any of its indebtedness, then it could also be declared in default on its derivative obligations. The agreements with derivatives counterparties also include provisions that if not met, could result in United being declared in default. United has agreements with certain of its derivative counterparties that contain a provision where if United fails to maintain its status as a well-capitalized institution or is subject to a prompt corrective action directive, the counterparty could terminate the derivative positions and United would be required to settle its obligations under the agreements. Derivatives that are centrally cleared do not have credit-risk-related features that would require additional collateral if United’s credit rating were downgraded. |
Stock-Based Compensation
Stock-Based Compensation | 3 Months Ended |
Mar. 31, 2019 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Stock-Based Compensation | Stock-Based Compensation United has an equity compensation plan that allows for grants of incentive stock options, nonqualified stock options, restricted stock and restricted stock unit awards (also referred to as “nonvested stock” awards), stock awards, performance share awards or stock appreciation rights. Options granted under the plan have had an exercise price no less than the fair market value of the underlying stock at the date of grant. The general terms of the plan include a vesting period (usually four years , although certain acquisition-related performance grants may have up to ten years) with an exercisable period not to exceed ten years . Certain options, restricted stock and restricted stock unit awards provide for accelerated vesting if there is a change in control (as defined in the plan). Through March 31, 2019 , incentive stock options, nonqualified stock options, restricted stock and restricted stock unit awards, base salary stock grants and performance share awards have been granted under the plan. As of March 31, 2019 , 1.53 million additional awards remained available for grant under the plan. The following table shows stock option activity for the first three months of 2019 . Options Shares Weighted- Average Exercise Price Weighted- Average Remaining Contractual Term (Years) Aggregate Outstanding at December 31, 2018 47,139 $ 27.07 Exercised (12,000 ) 16.44 Cancelled/forfeited (504 ) 31.50 Expired (1,023 ) 29.45 Outstanding at March 31, 2019 33,612 30.72 0.4 $ 13 Exercisable at March 31, 2019 33,612 30.72 0.4 13 The fair value of each option is estimated on the date of grant using the Black-Scholes model. No stock options were granted during the three months ended March 31, 2019 and 2018 . United recognized $6,000 in compensation expense related to stock options during the three months ended March 31, 2018 , and no compensation expense related to stock options in the same period of 2019 . The amount of compensation expense was determined based on the fair value of the options at the time of grant, multiplied by the number of options granted that were expected to vest, which was then amortized over the vesting period. The table below presents restricted stock units activity for the first three months of 2019 . Restricted Stock Unit Awards Shares Weighted- Average Grant- Date Fair Value Weighted- Average Remaining Contractual Term (Years) Aggregate Outstanding at December 31, 2018 759,746 $ 27.66 Granted 37,994 25.67 Vested (46,628 ) 25.72 $ 1,322 Cancelled (14,284 ) 25.30 Outstanding at March 31, 2019 736,828 27.72 4.2 18,369 Compensation expense for restricted stock units without market conditions is based on the market value of United’s common stock on the date of grant. United recognizes the impact of forfeitures as they occur. The value of restricted stock unit awards is amortized into expense over the service period. For the three months ended March 31, 2019 and 2018 , compensation expense of $1.91 million and $1.07 million , respectively, was recognized related to restricted stock unit awards granted to United employees. In addition, for the three months ended March 31, 2019 and 2018 , $72,000 and $68,000 , respectively, was recognized in other operating expense for restricted stock unit awards granted to members of United’s board of directors. A deferred income tax benefit related to expense for options and restricted stock of $507,000 and $296,000 was included in the determination of income tax expense for the three months ended March 31, 2019 and 2018 , respectively. As of March 31, 2019 , there was $15.7 million of unrecognized expense related to non-vested restricted stock unit awards granted under the plan. That cost is expected to be recognized over a weighted-average period of 2.4 years . As of March 31, 2019 , there was no unrecognized expense related to non-vested stock options granted under the plan. |
Common Stock
Common Stock | 3 Months Ended |
Mar. 31, 2019 | |
Equity [Abstract] | |
Common Stock | Common Stock In November of 2018, United’s Board of Directors approved an increase and extension of the existing common stock repurchase plan through December 31, 2019 . Under the program, up to $50 million may be repurchased periodically in open market transactions at prevailing market prices, in privately negotiated transactions, or by other means in accordance with federal securities laws. The actual timing, number and value of shares repurchased depends on a number of factors, including the market price of United’s common stock, general market and economic conditions, and applicable legal requirements. During the three months ended March 31, 2019 , 305,052 shares were repurchased under the program. During the three months ended March 31, 2018 , no shares were repurchased under the program. As of March 31, 2019 , United had remaining authorization to repurchase up to $42.2 million of outstanding common stock under the program. |
Income Taxes
Income Taxes | 3 Months Ended |
Mar. 31, 2019 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes The income tax provision for the three months ended March 31, 2019 and March 31, 2018 was $13.0 million and $10.7 million , respectively, which represents an effective tax rate of 22.6% and 22.2% , respectively. At March 31, 2019 and December 31, 2018 , United maintained a valuation allowance on its net deferred tax asset of $3.37 million . Management assesses the valuation allowance recorded against its net deferred tax asset at each reporting period. The determination of whether a valuation allowance for its net deferred tax asset is appropriate is subject to considerable judgment and requires an evaluation of all the positive and negative evidence. The valuation allowance could fluctuate in future periods based on the assessment of the positive and negative evidence. Management’s conclusion at March 31, 2019 that it was more likely than not that the net deferred tax asset of $51.1 million will be realized is based upon management’s estimate of future taxable income. Management’s estimate of future taxable income is based on internal forecasts that consider historical performance, various internal estimates and assumptions, as well as certain external data all of which management believes to be reasonable although inherently subject to significant judgment. If actual results differ significantly from the current estimates of future taxable income, even if caused by adverse macro-economic conditions, the valuation allowance may need to be increased for some or all of the net deferred tax asset. United is subject to income taxation in the United States and various state jurisdictions. United’s federal and state income tax returns are filed on a consolidated basis. Currently, no years for which United filed a federal income tax return are under examination by the IRS, and there are no state tax examinations currently in progress. United is no longer subject to income tax examinations from state and local income tax authorities for years before 2015. Although it is not possible to know the ultimate outcome of future examinations, management believes that the liability recorded for uncertain tax positions is appropriate. At March 31, 2019 and December 31, 2018 , unrecognized income tax benefits totaled $3.39 million and $3.26 million , respectively. |
Assets and Liabilities Measured
Assets and Liabilities Measured at Fair Value | 3 Months Ended |
Mar. 31, 2019 | |
Fair Value Disclosures [Abstract] | |
Assets and Liabilities Measured at Fair Value | Assets and Liabilities Measured at Fair Value Fair value measurements are determined based on the assumptions that market participants would use in pricing the asset or liability. As a basis for considering market participant assumptions in fair value measurements, United uses a fair value hierarchy that distinguishes between market participant assumptions based on market data obtained from sources independent of the reporting entity (observable inputs that are classified within Levels 1 and 2 of the hierarchy) and the reporting entity’s own assumptions about market participant assumptions (unobservable inputs classified within Level 3 of the hierarchy). United has processes in place to review the significant valuation inputs and to reassess how the instruments are classified in the valuation framework. Fair Value Hierarchy Level 1 Valuation is based upon quoted prices (unadjusted) in active markets for identical assets or liabilities that United has the ability to access. Level 2 Valuation is based upon quoted prices for similar assets and liabilities in active markets, as well as inputs that are observable for the asset or liability (other than quoted prices), such as interest rates, foreign exchange rates, and yield curves that are observable at commonly quoted intervals. Level 3 Valuation is generated from model-based techniques that use at least one significant assumption based on unobservable inputs for the asset or liability, which are typically based on an entity’s own assumptions, as there is little, if any, related market activity. In instances where the determination of the fair value measurement is based on inputs from different levels of the fair value hierarchy, the level in the fair value hierarchy within which the entire fair value measurement falls is based on the lowest level input that is significant to the fair value measurement in its entirety. The assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment, and considers factors specific to the asset or liability. The following is a description of the valuation methodologies used for assets and liabilities recorded at fair value. Investment Securities Debt securities available-for-sale and equity securities with readily determinable fair values are recorded at fair value on a recurring basis. Fair value measurement is based upon quoted prices, if available. If quoted prices are not available, fair values are measured using independent pricing models or other model-based valuation techniques such as the present value of future cash flows, adjusted for the security’s credit rating, prepayment assumptions and other factors such as credit loss assumptions. Level 1 securities include those traded on an active exchange, such as the New York Stock Exchange, U.S. Treasury securities that are traded by dealers or brokers in active over-the-counter markets and money market funds. Level 2 securities include mortgage-backed securities issued by government sponsored entities, municipal bonds, corporate debt securities and asset-backed securities and are valued based on observable inputs that include: quoted market prices for similar assets, quoted market prices that are not in an active market, or other inputs that are observable in the market and can be corroborated by observable market data for substantially the full term of the securities. Securities classified as Level 3 include those traded in less liquid markets and are valued based on estimates obtained from broker-dealers that are not directly observable. Deferred Compensation Plan Assets and Liabilities Included in other assets in the consolidated balance sheet are assets related to employee deferred compensation plans. The assets associated with these plans are invested in mutual funds and classified as Level 1. Deferred compensation liabilities, also classified as Level 1, are carried at the fair value of the obligation to the employee, which mirrors the fair value of the invested assets and is included in other liabilities in the consolidated balance sheet. Mortgage Loans Held for Sale United has elected the fair value option for most of its newly originated mortgage loans held for sale in order to reduce certain timing differences and better match changes in fair values of the loans with changes in the value of derivative instruments used to economically hedge them. The fair value of mortgage loans held for sale is determined using quoted prices for a similar asset, adjusted for specific attributes of that loan (Level 2). Loans United does not record loans at fair value on a recurring basis. However, from time to time, a loan is considered impaired and an allowance for credit losses is established. Loans for which it is probable that payment of interest and principal will not be made in accordance with the contractual terms of the loan agreement are considered impaired. Once a loan is identified as individually impaired, management measures impairment based on the present value of expected future cash flows discounted at the loan’s effective interest rate, except that as a practical expedient, a creditor may measure impairment based on a loan’s observable market price, or the fair value of the collateral if repayment of the loan is dependent upon the sale of the underlying collateral. Those impaired loans not requiring an allowance represent loans for which the fair value of the expected repayments or collateral exceed the recorded investments in such loans. In accordance with ASC 820, Fair Value Measures and Disclosures , impaired loans where an allowance is established based on the fair value of collateral require classification in the fair value hierarchy. When the fair value of the collateral is based on an observable market price or a current appraised value, United records the impaired loan as nonrecurring Level 2. When an appraised value is not available or management determines the fair value of the collateral is further impaired below the appraised value and there is no observable market price, United records the impaired loan as nonrecurring Level 3. Derivative Financial Instruments United uses interest rate swaps and interest rate floors to manage its interest rate risk. The valuation of these instruments is typically determined using widely accepted valuation techniques including discounted cash flow analysis on the expected cash flows of each derivative. This analysis reflects the contractual terms of the derivatives, including the period to maturity, and uses observable market-based inputs, including interest rate curves and implied volatilities. The fair values of interest rate swaps are determined using the market standard methodology of netting the discounted future fixed cash receipts and the discounted expected variable cash payments. The variable cash payments are based on an expectation of future interest rates (forward curves) derived from observable market interest rate curves. United also uses best effort and mandatory delivery forward loan sale commitments to hedge risk in its mortgage lending business. To comply with the provisions of ASC 820, United incorporates credit valuation adjustments to appropriately reflect both its own nonperformance risk and the respective counterparty’s nonperformance risk in the fair value measurements. In adjusting the fair value of its derivative contracts for the effect of nonperformance risk, United has considered the effect of netting and any applicable credit enhancements, such as collateral postings, thresholds, mutual puts, and guarantees. Although management has determined that the majority of the inputs used to value its derivatives fall within Level 2 of the fair value hierarchy, the credit valuation adjustments associated with its derivatives utilize Level 3 inputs, such as estimates of current credit spreads to evaluate the likelihood of default by itself and its counterparties. However, management had assessed the significance of the effect of the credit valuation adjustments on the overall valuation of its derivative positions and has determined that the credit valuation adjustments are not significant to the overall valuation of its derivatives. Derivatives classified as Level 3 included structured derivatives for which broker quotes, used as a key valuation input, were not observable consistent with a Level 2 disclosure. The fair value of risk participations incorporates Level 3 inputs to evaluate the likelihood of customer default. The fair value of interest rate lock commitments, which is related to mortgage loan commitments, is categorized as Level 3 based on unobservable inputs for commitments that United does not expect to fund. Servicing Rights for SBA/USDA Loans United recognizes servicing rights upon the sale of SBA/USDA loans sold with servicing retained. Management has elected to carry this asset at fair value. Given the nature of the asset, the key valuation inputs are unobservable and management classifies this asset as Level 3. Residential Mortgage Servicing Rights United recognizes servicing rights upon the sale of residential mortgage loans sold with servicing retained. Management has elected to carry this asset at fair value. Given the nature of the asset, the key valuation inputs are unobservable and management classifies this asset as Level 3. Pension Plan Assets For information on the fair value of pension plan assets, see Note 17 in the Annual Report on Form 10-K for the year ended December 31, 2018 . Assets and Liabilities Measured at Fair Value on a Recurring Basis The table below presents United’s assets and liabilities measured at fair value on a recurring basis as of the dates indicated, aggregated by the level in the fair value hierarchy within which those measurements fall (in thousands) . March 31, 2019 Level 1 Level 2 Level 3 Total Assets: Debt securities available for sale: U.S. Treasuries $ 141,855 $ — $ — $ 141,855 U.S. Government agencies — 5,101 — 5,101 State and political subdivisions — 222,180 — 222,180 Residential mortgage-backed securities — 1,414,085 — 1,414,085 Commercial mortgage-backed securities — 343,339 — 343,339 Corporate bonds — 199,681 995 200,676 Asset-backed securities — 127,389 — 127,389 Equity securities with readily available fair values 910 — — 910 Mortgage loans held for sale — 26,341 — 26,341 Deferred compensation plan assets 7,129 — — 7,129 Servicing rights for SBA/USDA loans — — 7,401 7,401 Residential mortgage servicing rights — — 11,447 11,447 Derivative financial instruments — 16,363 9,561 25,924 Total assets $ 149,894 $ 2,354,479 $ 29,404 $ 2,533,777 Liabilities: Deferred compensation plan liability $ 7,129 $ — $ — $ 7,129 Derivative financial instruments — 7,345 11,444 18,789 Total liabilities $ 7,129 $ 7,345 $ 11,444 $ 25,918 December 31, 2018 Level 1 Level 2 Level 3 Total Assets: Debt securities available for sale U.S. Treasuries $ 149,307 $ — $ — $ 149,307 U.S. Agencies — 25,553 — 25,553 State and political subdivisions — 233,941 — 233,941 Residential mortgage-backed securities — 1,445,910 — 1,445,910 Commercial mortgage-backed securities — 391,917 — 391,917 Corporate bonds — 198,168 995 199,163 Asset-backed securities — 182,676 — 182,676 Equity securities with readily available fair values 1,076 — — 1,076 Mortgage loans held for sale — 18,935 — 18,935 Deferred compensation plan assets 6,404 — — 6,404 Servicing rights for SBA/USDA loans — — 7,510 7,510 Residential mortgage servicing rights — — 11,877 11,877 Derivative financial instruments — 12,864 11,841 24,705 Total assets $ 156,787 $ 2,509,964 $ 32,223 $ 2,698,974 Liabilities: Deferred compensation plan liability $ 6,404 $ — $ — $ 6,404 Derivative financial instruments — 10,701 15,732 26,433 Total liabilities $ 6,404 $ 10,701 $ 15,732 $ 32,837 The following table shows a reconciliation of the beginning and ending balances for the periods indicated for assets measured at fair value on a recurring basis using significant unobservable inputs that are classified as Level 3 values (in thousands) . Derivative Asset Derivative Liability Servicing rights for SBA/USDA loans Residential mortgage servicing rights Debt Securities Available-for-Sale Three Months Ended March 31, 2019 Balance at beginning of period $ 11,841 $ 15,732 $ 7,510 $ 11,877 $ 995 Additions — — 375 863 — Sales and settlements (1,135 ) (2,330 ) (363 ) (150 ) — Amounts included in earnings - fair value adjustments (1,145 ) (1,958 ) (121 ) (1,143 ) — Balance at end of period $ 9,561 $ 11,444 $ 7,401 $ 11,447 $ 995 Three Months Ended March 31, 2018 Balance at beginning of period $ 12,207 $ 16,744 $ 7,740 $ 8,262 $ 900 Business combinations — — (354 ) — — Additions — — 479 926 — Sales and settlements (1,029 ) (1,347 ) (91 ) (80 ) — Amounts included in earnings - fair value adjustments 2,699 2,391 (304 ) 610 — Balance at end of period $ 13,877 $ 17,788 $ 7,470 $ 9,718 $ 900 The following table presents quantitative information about Level 3 fair value measurements for fair value on a recurring basis as of the dates indicated (in thousands) . Fair Value Weighted Average Level 3 Assets and Liabilities March 31, 2019 December 31, 2018 Valuation Technique March 31, 2019 December 31, 2018 Unobservable Inputs Servicing rights for SBA/USDA loans $ 7,401 $ 7,510 Discounted cash flow Discount rate 13.6 % 14.5 % Prepayment rate 12.5 % 12.1 % Residential mortgage servicing rights 11,447 11,877 Discounted cash flow Discount rate 10.0 % 10.0 % Prepayment rate 12.8 % 10.6 % Corporate bonds 995 995 Indicative bid provided by a broker Multiple factors, including but not limited to, current operations, financial condition, cash flows, and recently executed financing transactions related to the company N/A N/A Derivative assets - mortgage 1,796 1,190 Internal model Pull through rate 78.9 % 80.7 % Derivative assets - other 7,765 10,651 Dealer priced Dealer priced N/A N/A Derivative liabilities - risk participations 6 8 Internal model Probable exposure rate 0.37 % 0.44 % Probability of default rate 1.80 % 1.80 % Derivative liabilities - other 11,438 15,724 Dealer priced Dealer priced N/A N/A Fair Value Option At March 31, 2019 , mortgage loans held for sale for which the fair value option was elected had an aggregate fair value and outstanding principal balance of $26.3 million and $25.3 million , respectively. At December 31, 2018 , mortgage loans held for sale for which the fair value option was elected had an aggregate fair value and outstanding principal balance of $18.9 million and $18.2 million , respectively. Interest income on these loans is calculated based on the note rate of the loan and is recorded in interest revenue. During the three months ended March 31, 2019 , changes in fair value of these loans resulted in net gains of $306,000 . During the three months ended March 31, 2018 , changes in fair value of these loans resulted in net losses of $72,000 . Gains and losses resulting from the change in fair value of these loans are recorded in mortgage loan and other related fees. These changes in fair value were mostly offset by hedging activities. An immaterial portion of these amounts was attributable to changes in instrument-specific credit risk. Assets and Liabilities Measured at Fair Value on a Nonrecurring Basis United may be required, from time to time, to measure certain assets at fair value on a nonrecurring basis. These adjustments to fair value usually result from the application of the lower of the amortized cost or fair value accounting or write-downs of individual assets due to impairment. The following table presents the fair value hierarchy and carrying value of all assets that were still held as of March 31, 2019 and December 31, 2018 , for which a nonrecurring fair value adjustment was recorded during the year-to-date periods presented (in thousands) . Level 1 Level 2 Level 3 Total March 31, 2019 Loans $ — $ — $ 1,286 $ 1,286 December 31, 2018 Loans $ — $ — $ 8,631 $ 8,631 Loans that are reported above as being measured at fair value on a nonrecurring basis are generally impaired loans that have either been partially charged off or have specific reserves assigned to them. Nonaccrual impaired loans that are collateral dependent are generally written down to 80% of appraised value which considers the estimated costs to sell. Specific reserves are established for impaired loans based on appraised value of collateral or discounted cash flows, although only those specific reserves based on the fair value of collateral are considered nonrecurring fair value adjustments. Assets and Liabilities Not Measured at Fair Value For financial instruments that have quoted market prices, those quotes are used to determine fair value. Financial instruments that have no defined maturity, have a remaining maturity of 180 days or less, or reprice frequently to a market rate, are assumed to have a fair value that approximates reported book value, after taking into consideration any applicable credit risk. If no market quotes are available, financial instruments are valued by discounting the expected cash flows using an estimated current market interest rate for the financial instrument. For off-balance sheet derivative instruments, fair value is estimated as the amount that United would receive or pay to terminate the contracts at the reporting date, taking into account the current unrealized gains or losses on open contracts. Cash and cash equivalents and repurchase agreements have short maturities and therefore the carrying value approximates fair value. Due to the short-term settlement of accrued interest receivable and payable, the carrying amount closely approximates fair value. Fair value estimates are made at a specific point in time, based on relevant market information and information about the financial instrument. These estimates do not reflect the premium or discount on any particular financial instrument that could result from the sale of United’s entire holdings. All estimates are inherently subjective in nature. Changes in assumptions could significantly affect the estimates. Fair value estimates are based on existing on and off-balance sheet financial instruments without attempting to estimate the value of anticipated future business and the value of assets and liabilities that are not considered financial instruments. Significant assets and liabilities that are not considered financial instruments include the mortgage banking operation, brokerage network, deferred income taxes, premises and equipment and goodwill. In addition, the tax ramifications related to the realization of the unrealized gains and losses can have a significant effect on fair value estimates and have not been considered in the estimates. Off-balance sheet instruments (commitments to extend credit and standby letters of credit) for which draws can be reasonably predicted are generally short-term in maturity and are priced at variable rates. Therefore, the estimated fair value associated with these instruments is immaterial. The carrying amount and fair values as of the dates indicated for other financial instruments that are not measured at fair value on a recurring basis are as follows (in thousands) . Fair Value Level Carrying Amount Level 1 Level 2 Level 3 Total March 31, 2019 Assets: Securities held to maturity $ 265,329 $ — $ 265,117 $ — $ 265,117 Loans and leases, net 8,431,612 — — 8,401,018 8,401,018 Liabilities: Deposits 10,534,306 — 10,527,436 — 10,527,436 Federal Home Loan Bank advances 40,000 — 39,998 — 39,998 Long-term debt 257,259 — — 266,468 266,468 December 31, 2018 Assets: Securities held to maturity $ 274,407 $ — $ 268,803 $ — $ 268,803 Loans and leases, net 8,322,198 — — 8,277,387 8,277,387 Liabilities: Deposits 10,534,513 — 10,528,834 — 10,528,834 Federal Home Loan Bank advances 160,000 — 159,988 — 159,988 Long-term debt 267,189 — — 278,996 278,996 |
Commitments and Contingencies
Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2019 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies United is party to financial instruments with off-balance sheet risk in the normal course of business to meet the financing needs of its customers. These financial instruments include commitments to extend credit and letters of credit. These instruments involve, to varying degrees, elements of credit risk in excess of the amount recognized in the balance sheet. The contract amounts of these instruments reflect the extent of involvement United has in particular classes of financial instruments. The exposure to credit loss in the event of nonperformance by the other party to the financial instrument for commitments to extend credit and letters of credit written is represented by the contractual amount of these instruments. United uses the same credit policies in making commitments and conditional obligations as it uses for underwriting on-balance sheet instruments. In most cases, collateral or other security is required to support financial instruments with credit risk. The following table summarizes the contractual amount of off-balance sheet instruments as of the dates indicated (in thousands) . March 31, 2019 December 31, 2018 Financial instruments whose contract amounts represent credit risk: Commitments to extend credit $ 2,053,155 $ 2,129,463 Letters of credit 26,867 25,447 United’s wholly-owned bank subsidiary, United Community Bank (the “Bank”), holds minor investments in certain limited partnerships for Community Reinvestment Act purposes. As of March 31, 2019 , the Bank had committed to fund an additional $7.93 million related to future capital calls that had not been reflected in the consolidated balance sheet. United, in the normal course of business, is subject to various pending and threatened lawsuits in which claims for monetary damages are asserted. Although it is not possible to predict the outcome of these lawsuits, or the range of any possible loss, management, after consultation with legal counsel, does not anticipate that the ultimate aggregate liability, if any, arising from these lawsuits will have a material adverse effect on United’s financial position or results of operations. |
Operating Leases
Operating Leases | 3 Months Ended |
Mar. 31, 2019 | |
Leases [Abstract] | |
Operating Leases | Operating Leases United’s leases for which it is the lessee consist of operating leases for land, buildings, and equipment. Payments related to these leases consist primarily of base rent and, in the case of building leases, additional operating costs associated with the leased property such as common area maintenance and utilities. In most cases these operating costs vary over the term of the lease, and therefore are classified as variable lease costs, which are recognized as incurred in the consolidated statement of income. In addition, certain operating leases include costs such as property taxes and insurance, which are recognized as incurred in the consolidated statement of income. Many of United’s operating leases contain renewal options, most of which are excluded from the measurement of the right-of-use asset and lease liability as they are not reasonably certain to be exercised. United also subleases and leases certain real estate properties to third parties under operating leases. As of March 31, 2019 , United had a right-of-use asset and lease liability of $22.7 million and $25.2 million , respectively, included in other assets and other liabilities, respectively, on the balance sheet. The table below presents the operating lease income and expense recognized for the period indicated and other supplemental information (in thousands) . Income Statement Location Three Months Ended March 31, 2019 Operating lease cost Occupancy expense $ 1,258 Variable lease cost Occupancy expense 111 Short-term lease cost Occupancy expense 19 Sublease income Occupancy expense (149 ) Net lease cost $ 1,239 Rental income from owned properties under operating leases Other noninterest income $ 216 Operating cash flows from operating leases $ 1,348 As of March 31, 2019 the weighted average remaining lease term and weighted average discount rate of operating leases was 6.03 years and 2.80% , respectively. Absent a readily determinable interest rate in the lease agreement, the discount rate applied to each individual lease obligation was the Bank’s incremental borrowing rate for secured borrowings. As of March 31, 2019 future minimum lease payments under operating leases were as follows (in thousands) : Year Remainder of 2019 $ 3,627 2020 5,253 2021 4,983 2022 4,553 2023 3,979 Thereafter 5,092 Total 27,487 Less discount (2,287 ) Present value of lease liability $ 25,200 As discussed in Note 2, United adopted Topic 842 using the modified retrospective method with a cumulative effect adjustment to shareholders’ equity without restating comparable periods. As a result, disclosures for comparative periods under the predecessor standard, ASC 840, Leases , are required in the year of transition. As of December 31, 2018, rent commitments under operating leases were $5.35 million , $5.16 million , $4.91 million , $4.48 million , $3.91 million , for 2019 through 2023, respectively, and $5.04 million in the aggregate for years thereafter. |
Subsequent Events
Subsequent Events | 3 Months Ended |
Mar. 31, 2019 | |
Subsequent Events [Abstract] | |
Subsequent Events | Subsequent Events On May 1, 2019, United completed its previously announced acquisition of First Madison Bank & Trust (“First Madison”). First Madison operated four banking offices in Athens-Clarke County, Georgia and, as of March 31, 2019, had total assets of $244 million , loans of $199 million and deposits of $213 million . First Madison has merged into the Bank and will operate under the First Madison brand until system conversions are completed in the third quarter of 2019, at which time it will begin to operate under the United Community Bank brand. Under the terms of the merger agreement, First Madison shareholders received $52.1 million in cash. The acquisition will be accounted for as a business combination, subject to the provisions of ASC 805-10-50, Business Combinations . Due to the timing of the acquisition, United is currently in the process of completing the purchase accounting and has not made all of the remaining disclosures required by ASC 805 Business Combinations, such as the fair value of assets acquired and supplemental pro forma information, which will be disclosed in subsequent filings. |
Accounting Policies (Policies)
Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2019 | |
Accounting Policies [Abstract] | |
Accounting Standards Updates and Recently Adopted Standards | Accounting Standards Updates and Recently Adopted Standards Accounting Standards Updates In June 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2016-13, Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments . This guidance was further modified in November 2018 by ASU No. 2018-19, Codification Improvements to Topic 326, Financial Instruments - Credit Losses. The new guidance replaces the incurred loss impairment methodology in current GAAP with a current expected credit loss (“CECL”) methodology and requires consideration of a broader range of information to determine credit loss estimates. Financial assets measured at amortized cost will be presented at the net amount expected to be collected by using an allowance for credit losses. Purchased credit deteriorated loans will receive an allowance account at the acquisition date that represents a component of the purchase price allocation. Credit losses relating to available-for-sale debt securities will be recorded through an allowance for credit losses, with such allowance limited to the amount by which fair value is below amortized cost. Application of this update will primarily be on a modified retrospective approach, although the guidance for debt securities for which an other-than-temporary impairment has been recognized before the effective date and for loans previously covered by Accounting Standards Codification (“ASC”) 310-30, Receivables – Loans and Debt Securities Acquired with Deteriorated Credit Quality will be applied on a prospective basis. For public entities, this update is effective for fiscal years beginning after December 15, 2019. Upon adoption, United expects that the allowance for credit losses will be higher given the change to estimated losses for the estimated life of the financial asset; however, management is still in the process of determining the impact. During the first quarter 2019, management’s CECL steering committee continued the process of populating relevant data, building models and documenting processes and controls in preparation for adoption of Topic 326. During the remainder of 2019, management plans to run multiple parallel runs of the allowance model under the expected credit loss methodology, starting with a loan-focused parallel run using first quarter data. Management will incrementally widen the scope of model runs thereafter until a full CECL run is completed. During monthly steering committee meetings, management regularly reviews project status, gap remediation efforts and project priorities. Recently Adopted Standards In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842) . This guidance was further modified by ASU No. 2018-10, Codification Improvements to Topic 842 Leases , ASU No. 2018-11, Leases (Topic 842): Targeted Improvements , ASU No. 2018-20, Leases (Topic 842): Narrow-Scope Improvements for Lessors and ASU No. 2019-01, Leases (Topic 842): Codification Improvements . These standards require a lessee to recognize in the consolidated balance sheet a liability to make lease payments (the lease liability) and a right-of-use asset representing its right to use the underlying asset for the lease term. United adopted the standard on January 1, 2019 using the optional transition method, which allowed for a modified retrospective method of adoption with a cumulative effect adjustment to shareholders’ equity without restating comparable periods. United also elected the relief package of practical expedients for which there is no requirement to reassess existence of leases, their classification, and initial direct costs as well as an exemption for short-term leases with a term of less than one year, whereby United does not recognize a lease liability or right-of-use asset on the consolidated balance sheet but instead recognizes lease payments as an expense over the lease term as appropriate. The adoption of this guidance resulted in recognition of a right-of-use asset of $23.8 million , a lease liability of $26.8 million and a reduction of shareholders’ equity of $549,000 , net of tax, related to its operating leases. In addition, United has equipment financing leases for which it is the lessor, which were previously accounted for as capital leases. Upon adoption of Topic 842, these leases were classified as direct financing leases, which required no significant change in accounting policy or treatment. These lease agreements may include options to renew and for the lessee to purchase the leased equipment at the end of the lease term. As a lessor, United elected to exclude sales taxes from consideration in lease contracts. In the opinion of management, the changes described above resulting from the adoption of the standard did not have a material impact on the consolidated financial statements. See Notes 5 and 14 for additional information on direct financing leases and operating leases, respectively. |
Balance Sheet Offsetting and _2
Balance Sheet Offsetting and Repurchase Agreements Accounted for as Secured Borrowings (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Offsetting [Abstract] | |
Schedule of summary of amounts outstanding under reverse repurchase agreements | The following table presents a summary of amounts outstanding under reverse repurchase agreements, of which there were none as of March 31, 2019 , and derivative financial instruments including those entered into in connection with the same counterparty under master netting agreements as of the dates indicated (in thousands). Gross Amounts of Recognized Assets Gross Amounts Offset on the Balance Sheet Gross Amounts not Offset in the Balance Sheet March 31, 2019 Net Asset Balance Financial Instruments Collateral Received Net Amount Derivatives $ 25,924 $ — $ 25,924 $ (2,295 ) $ (1,797 ) $ 21,832 Total $ 25,924 $ — $ 25,924 $ (2,295 ) $ (1,797 ) $ 21,832 Gross Amounts of Recognized Liabilities Gross Amounts Offset on the Balance Sheet Net Liability Balance Gross Amounts not Offset in the Balance Sheet Financial Instruments Collateral Pledged Net Amount Derivatives $ 18,789 $ — $ 18,789 $ (2,295 ) $ (11,870 ) $ 4,624 Total $ 18,789 $ — $ 18,789 $ (2,295 ) $ (11,870 ) $ 4,624 Gross Amounts of Recognized Assets Gross Amounts Offset on the Balance Sheet Gross Amounts not Offset in the Balance Sheet December 31, 2018 Net Asset Balance Financial Instruments Collateral Received Net Amount Repurchase agreements / reverse repurchase agreements $ 50,000 $ (50,000 ) $ — $ — $ — $ — Derivatives 24,705 — 24,705 (973 ) (8,029 ) 15,703 Total $ 74,705 $ (50,000 ) $ 24,705 $ (973 ) $ (8,029 ) $ 15,703 Weighted average interest rate of reverse repurchase agreements 3.20 % Gross Amounts of Recognized Liabilities Gross Amounts Offset on the Balance Sheet Gross Amounts not Offset in the Balance Sheet Net Liability Balance Financial Instruments Collateral Pledged Net Amount Repurchase agreements / reverse repurchase agreements $ 50,000 $ (50,000 ) $ — $ — $ — $ — Derivatives 26,433 — 26,433 (973 ) (16,126 ) 9,334 Total $ 76,433 $ (50,000 ) $ 26,433 $ (973 ) $ (16,126 ) $ 9,334 Weighted average interest rate of repurchase agreements 2.45 % |
Schedule of repurchase agreements remaining contractual maturity of the agreements | The following table presents additional detail regarding repurchase agreements accounted for as secured borrowings and the securities underlying these agreements as of December 31, 2018 (in thousands) . Remaining Contractual Maturity of the Agreements Overnight and Continuous Up to 30 Days 30 to 90 Days 91 to 110 days Total Mortgage-backed securities $ — $ — $ 50,000 $ — $ 50,000 Total $ — $ — $ 50,000 $ — $ 50,000 Gross amount of recognized liabilities for repurchase agreements in offsetting disclosure $ 50,000 Amounts related to agreements not included in offsetting disclosure $ — |
Securities (Tables)
Securities (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Investments, Debt and Equity Securities [Abstract] | |
Schedule of cost basis, gross unrealized gains and losses and fair value of securities held to maturity | The amortized cost basis, unrealized gains and losses and fair value of debt securities held-to-maturity as of the dates indicated are as follows (in thousands) . Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value As of March 31, 2019 State and political subdivisions $ 65,519 $ 1,443 $ 456 $ 66,506 Residential mortgage-backed securities 170,980 1,078 2,532 169,526 Commercial mortgage-backed securities 28,830 323 68 29,085 Total $ 265,329 $ 2,844 $ 3,056 $ 265,117 As of December 31, 2018 State and political subdivisions $ 68,551 $ 952 $ 2,191 $ 67,312 Residential mortgage-backed securities 176,488 652 5,094 172,046 Commercial mortgage-backed securities 29,368 173 96 29,445 Total $ 274,407 $ 1,777 $ 7,381 $ 268,803 |
Schedule of cost basis, unrealized gains and losses, and fair value of securities available for sale | The cost basis, unrealized gains and losses, and fair value of debt securities available-for-sale as of the dates indicated are presented below (in thousands) . Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value As of March 31, 2019 U.S. Treasuries $ 142,409 $ 22 $ 576 $ 141,855 U.S. Government agencies 4,812 292 3 5,101 State and political subdivisions 217,120 5,124 64 222,180 Residential mortgage-backed securities 1,414,612 9,222 9,749 1,414,085 Commercial mortgage-backed securities 345,198 432 2,291 343,339 Corporate bonds 200,471 506 301 200,676 Asset-backed securities 128,359 183 1,153 127,389 Total $ 2,452,981 $ 15,781 $ 14,137 $ 2,454,625 As of December 31, 2018 U.S. Treasuries $ 150,712 $ 767 $ 2,172 $ 149,307 U.S. Government agencies 25,493 335 275 25,553 State and political subdivisions 234,750 907 1,716 233,941 Residential mortgage-backed securities 1,464,380 3,428 21,898 1,445,910 Commercial mortgage-backed securities 399,663 187 7,933 391,917 Corporate bonds 200,582 502 1,921 199,163 Asset-backed securities 184,683 328 2,335 182,676 Total $ 2,660,263 $ 6,454 $ 38,250 $ 2,628,467 |
Schedule of held to maturity securities in an unrealized loss position | The following table summarizes debt securities held-to-maturity in an unrealized loss position as of the dates indicated ( in thousands) . Less than 12 Months 12 Months or More Total Fair Value Unrealized Loss Fair Value Unrealized Loss Fair Value Unrealized Loss As of March 31, 2019 State and political subdivisions $ — $ — $ 22,356 $ 456 $ 22,356 $ 456 Residential mortgage-backed securities — — 112,921 2,532 112,921 2,532 Commercial mortgage-backed securities — — 4,095 68 4,095 68 Total unrealized loss position $ — $ — $ 139,372 $ 3,056 $ 139,372 $ 3,056 As of December 31, 2018 State and political subdivisions $ 7,062 $ 46 $ 34,146 $ 2,145 $ 41,208 $ 2,191 Residential mortgage-backed securities 6,579 61 136,376 5,033 142,955 5,094 Commercial mortgage-backed securities — — 4,290 96 4,290 96 Total unrealized loss position $ 13,641 $ 107 $ 174,812 $ 7,274 $ 188,453 $ 7,381 |
Schedule of available for sale securities in an unrealized loss position | The following table summarizes debt securities available-for-sale in an unrealized loss position as of the dates indicated (in thousands) . Less than 12 Months 12 Months or More Total Fair Value Unrealized Loss Fair Value Unrealized Loss Fair Value Unrealized Loss As of March 31, 2019 U.S. Treasuries $ — $ — $ 122,122 $ 576 $ 122,122 $ 576 U.S. Government agencies — — 471 3 471 3 State and political subdivisions 415 1 18,186 63 18,601 64 Residential mortgage-backed securities 47,263 644 665,525 9,105 712,788 9,749 Commercial mortgage-backed securities — — 237,883 2,291 237,883 2,291 Corporate bonds — — 108,272 301 108,272 301 Asset-backed securities 71,224 720 17,825 433 89,049 1,153 Total unrealized loss position $ 118,902 $ 1,365 $ 1,170,284 $ 12,772 $ 1,289,186 $ 14,137 As of December 31, 2018 U.S. Treasuries $ — $ — $ 120,391 $ 2,172 $ 120,391 $ 2,172 U.S. Government agencies — — 21,519 275 21,519 275 State and political subdivisions 15,160 28 133,500 1,688 148,660 1,716 Residential mortgage-backed securities 234,583 808 775,360 21,090 1,009,943 21,898 Commercial mortgage-backed securities 4,552 594 355,292 7,339 359,844 7,933 Corporate bonds — — 117,296 1,921 117,296 1,921 Asset-backed securities 74,492 1,879 31,968 456 106,460 2,335 Total unrealized loss position $ 328,787 $ 3,309 $ 1,555,326 $ 34,941 $ 1,884,113 $ 38,250 |
Schedule of summary of securities sales activities | The following table summarizes available-for-sale securities sales activity for the three months ended March 31, 2019 and 2018 (in thousands) . Three Months Ended March 31, 2019 2018 Proceeds from sales $ 178,604 $ 113,961 Gross gains on sales $ 1,287 $ 417 Gross losses on sales (1,554 ) (1,357 ) Net losses on sales of securities $ (267 ) $ (940 ) Income tax benefit attributable to sales $ (68 ) $ (221 ) |
Schedule of amortized cost and fair value of available for sale and held to maturity securities by contractual maturity | The amortized cost and fair value of debt securities available-for-sale and held-to-maturity at March 31, 2019 , by contractual maturity, are presented in the following table (in thousands) . Available-for-Sale Held-to-Maturity Amortized Cost Fair Value Amortized Cost Fair Value U.S. Treasuries: 1 to 5 years $ 142,409 $ 141,855 $ — $ — 142,409 141,855 — — U.S. Government agencies: 1 to 5 years 474 471 — — More than 10 years 4,338 4,630 — — 4,812 5,101 — — State and political subdivisions: Within 1 year 500 502 3,250 3,262 1 to 5 years 36,058 36,060 11,567 12,024 5 to 10 years 35,888 36,743 7,753 8,423 More than 10 years 144,674 148,875 42,949 42,797 217,120 222,180 65,519 66,506 Corporate bonds: Within 1 year 10,239 10,219 — — 1 to 5 years 187,732 187,948 — — 5 to 10 years 1,500 1,514 — — More than 10 years 1,000 995 — — 200,471 200,676 — — Asset-backed securities: 1 to 5 years 2,121 2,107 — — More than 10 years 126,238 125,282 — — 128,359 127,389 — — Total securities other than mortgage-backed securities: Within 1 year 10,739 10,721 3,250 3,262 1 to 5 years 368,794 368,441 11,567 12,024 5 to 10 years 37,388 38,257 7,753 8,423 More than 10 years 276,250 279,782 42,949 42,797 Residential mortgage-backed securities 1,414,612 1,414,085 170,980 169,526 Commercial mortgage-backed securities 345,198 343,339 28,830 29,085 $ 2,452,981 $ 2,454,625 $ 265,329 $ 265,117 |
Loans and Leases and Allowanc_2
Loans and Leases and Allowance for Credit Losses (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Receivables [Abstract] | |
Schedule of major classifications of loans and lease portfolio | Major classifications of the loan and lease portfolio (collectively referred to as the “loan portfolio” or “loans”) are summarized as of the dates indicated as follows (in thousands) . March 31, 2019 December 31, 2018 Owner occupied commercial real estate $ 1,620,068 $ 1,647,904 Income producing commercial real estate 1,867,425 1,812,420 Commercial & industrial 1,283,865 1,278,347 Commercial construction 865,666 796,158 Equipment financing 605,984 564,614 Total commercial 6,243,008 6,099,443 Residential mortgage 1,063,840 1,049,232 Home equity lines of credit 683,771 694,010 Residential construction 200,708 211,011 Consumer direct 121,174 122,013 Indirect auto 180,753 207,692 Total loans 8,493,254 8,383,401 Less allowance for loan losses (61,642 ) (61,203 ) Loans, net $ 8,431,612 $ 8,322,198 |
Schedule of changes in the value of the accretable yield for acquired loans accounted | The following table presents changes in the balance of the accretable yield for PCI loans for the periods indicated (in thousands) : Three Months Ended March 31, 2019 2018 Balance at beginning of period $ 26,868 $ 17,686 Additions due to acquisitions — 1,830 Accretion (4,813 ) (2,546 ) Reclassification from nonaccretable difference 2,706 591 Changes in expected cash flows that do not affect nonaccretable difference 1,863 475 Balance at end of period $ 26,624 $ 18,036 |
Schedule of net investment in leases | At March 31, 2019 and December 31, 2018 , equipment financing assets included direct financing leases of $33.5 million and $30.4 million , respectively. The components of the net investment in leases are presented below (in thousands) . March 31, 2019 December 31, 2018 Minimum future lease payments receivable $ 35,385 $ 31,915 Estimated residual value of leased equipment 3,791 3,593 Initial direct costs 856 827 Security deposits (1,173 ) (1,189 ) Purchase accounting premium 644 806 Unearned income (6,011 ) (5,568 ) Net investment in leases $ 33,492 $ 30,384 |
Schedule of minimum future lease payments received from lease contracts | Minimum future lease payments expected to be received from lease contracts as of March 31, 2019 are as follows (in thousands) : Year Remainder of 2019 $ 10,384 2020 10,960 2021 7,156 2022 4,249 2023 2,046 Thereafter 590 Total $ 35,385 |
Schedule of balance and activity in the allowance for credit losses by portfolio segment | The following table presents the balance and activity in the allowance for credit losses by portfolio segment for the periods indicated (in thousands) . 2019 2018 Three Months Ended March 31, Beginning Balance Charge-Offs Recoveries (Release)Provision Ending Balance Beginning Balance Charge-Offs Recoveries (Release) Provision Ending Balance Owner occupied commercial real estate $ 12,207 $ (5 ) $ 69 $ (397 ) $ 11,874 $ 14,776 $ (60 ) $ 103 $ (258 ) $ 14,561 Income producing commercial real estate 11,073 (197 ) 20 230 11,126 9,381 (657 ) 235 817 9,776 Commercial & industrial 4,802 (1,519 ) 163 1,449 4,895 3,971 (384 ) 389 99 4,075 Commercial construction 10,337 (69 ) 394 (387 ) 10,275 10,523 (363 ) 97 (223 ) 10,034 Equipment financing 5,452 (1,424 ) 143 2,060 6,231 — (139 ) 97 2,333 2,291 Residential mortgage 8,295 (61 ) 48 63 8,345 10,097 (70 ) 123 71 10,221 Home equity lines of credit 4,752 (337 ) 122 260 4,797 5,177 (124 ) 35 (156 ) 4,932 Residential construction 2,433 (4 ) 26 (65 ) 2,390 2,729 — 64 251 3,044 Consumer direct 853 (547 ) 207 324 837 710 (651 ) 160 514 733 Indirect auto 999 (197 ) 38 32 872 1,550 (436 ) 80 224 1,418 Total allowance for loan losses 61,203 (4,360 ) 1,230 3,569 61,642 58,914 (2,884 ) 1,383 3,672 61,085 Allowance for unfunded commitments 3,410 — — (269 ) 3,141 2,312 — — 128 2,440 Total allowance for credit losses $ 64,613 $ (4,360 ) $ 1,230 $ 3,300 $ 64,783 $ 61,226 $ (2,884 ) $ 1,383 $ 3,800 $ 63,525 The following tables represent the recorded investment in loans by portfolio segment and the balance of the allowance for loan losses assigned to each segment based on the method of evaluating the loans for impairment as of the dates indicated (in thousands) . Allowance for Credit Losses March 31, 2019 December 31, 2018 Individually evaluated for impairment Collectively evaluated for impairment PCI Ending Balance Individually evaluated for impairment Collectively evaluated for impairment PCI Ending Balance Owner occupied commercial real estate $ 825 $ 10,894 $ 155 $ 11,874 $ 862 $ 11,328 $ 17 $ 12,207 Income producing commercial real estate 280 10,846 — 11,126 402 10,671 — 11,073 Commercial & industrial 36 4,855 4 4,895 32 4,761 9 4,802 Commercial construction 68 10,001 206 10,275 71 9,974 292 10,337 Equipment financing — 5,988 243 6,231 — 5,045 407 5,452 Residential mortgage 916 7,403 26 8,345 861 7,410 24 8,295 Home equity lines of credit 1 4,796 — 4,797 1 4,740 11 4,752 Residential construction 63 2,327 — 2,390 51 2,382 — 2,433 Consumer direct 5 832 — 837 6 847 — 853 Indirect auto 25 847 — 872 26 973 — 999 Total allowance for loan losses 2,219 58,789 634 61,642 2,312 58,131 760 61,203 Allowance for unfunded commitments — 3,141 — 3,141 — 3,410 — 3,410 Total allowance for credit losses $ 2,219 $ 61,930 $ 634 $ 64,783 $ 2,312 $ 61,541 $ 760 $ 64,613 Loans Outstanding March 31, 2019 December 31, 2018 Individually evaluated for impairment Collectively evaluated for impairment PCI Ending Balance Individually evaluated for impairment Collectively evaluated for impairment PCI Ending Balance Owner occupied commercial real estate $ 17,238 $ 1,594,226 $ 8,604 $ 1,620,068 $ 17,602 $ 1,620,450 $ 9,852 $ 1,647,904 Income producing commercial real estate 14,125 1,817,203 36,097 1,867,425 16,584 1,757,525 38,311 1,812,420 Commercial & industrial 1,701 1,281,823 341 1,283,865 1,621 1,276,318 408 1,278,347 Commercial construction 2,379 857,683 5,604 865,666 2,491 787,760 5,907 796,158 Equipment financing — 599,243 6,741 605,984 — 556,672 7,942 564,614 Residential mortgage 15,453 1,039,582 8,805 1,063,840 14,220 1,025,862 9,150 1,049,232 Home equity lines of credit 255 682,047 1,469 683,771 276 692,122 1,612 694,010 Residential construction 1,340 198,787 581 200,708 1,207 209,070 734 211,011 Consumer direct 199 120,499 476 121,174 211 121,269 533 122,013 Indirect auto 1,104 179,649 — 180,753 1,237 206,455 — 207,692 Total loans $ 53,794 $ 8,370,742 $ 68,718 $ 8,493,254 $ 55,449 $ 8,253,503 $ 74,449 $ 8,383,401 |
Schedule of recorded investments in individually evaluated impaired loans | The following table presents loans individually evaluated for impairment by class as of the dates indicated (in thousands) . March 31, 2019 December 31, 2018 Unpaid Principal Balance Recorded Investment Allowance for Loan Losses Allocated Unpaid Principal Balance Recorded Investment Allowance for Loan Losses Allocated With no related allowance recorded: Owner occupied commercial real estate $ 8,159 $ 6,089 $ — $ 8,650 $ 6,546 $ — Income producing commercial real estate 8,333 8,227 — 9,986 9,881 — Commercial & industrial 522 360 — 525 370 — Commercial construction 119 113 — 685 507 — Equipment financing — — — — — — Total commercial 17,133 14,789 — 19,846 17,304 — Residential mortgage 6,513 5,890 — 5,787 5,202 — Home equity lines of credit 275 215 — 330 234 — Residential construction 753 624 — 554 428 — Consumer direct 15 15 — 18 17 — Indirect auto 142 130 — 294 292 — Total with no related allowance recorded 24,831 21,663 — 26,829 23,477 — With an allowance recorded: Owner occupied commercial real estate 11,191 11,149 825 11,095 11,056 862 Income producing commercial real estate 6,166 5,898 280 6,968 6,703 402 Commercial & industrial 1,746 1,341 36 1,652 1,251 32 Commercial construction 2,503 2,266 68 2,130 1,984 71 Equipment financing — — — — — — Total commercial 21,606 20,654 1,209 21,845 20,994 1,367 Residential mortgage 9,713 9,563 916 9,169 9,018 861 Home equity lines of credit 43 40 1 45 42 1 Residential construction 727 716 63 791 779 51 Consumer direct 189 184 5 199 194 6 Indirect auto 975 974 25 946 945 26 Total with an allowance recorded 33,253 32,131 2,219 32,995 31,972 2,312 Total $ 58,084 $ 53,794 $ 2,219 $ 59,824 $ 55,449 $ 2,312 |
Schedule of TDRs including the number of loan contracts restructured and the pre- and post-modification recorded investment | Loans modified under the terms of a TDR during the three months ended March 31, 2019 and 2018 are presented in the table below. In addition, the following table presents loans modified under the terms of a TDR that defaulted (became 90 days or more delinquent) during the periods presented and were initially restructured within one year prior to default (dollars in thousands) . New TDRs Pre-modification Outstanding Recorded Investment Post-Modification Outstanding Recorded Investment by Type of Modification TDRs Modified Within the Previous Twelve Months That Have Subsequently Defaulted Number of Contracts Rate Reduction Structure Other Total Number of Contracts Recorded Investment Three Months Ended March 31, 2019 Owner occupied commercial real estate — $ — $ — $ — $ — $ — — $ — Income producing commercial real estate 1 169 — 169 — 169 — — Commercial & industrial 1 7 — — 7 7 — — Commercial construction — — — — — — — — Equipment financing — — — — — — — — Total commercial 2 176 — 169 7 176 — — Residential mortgage 2 345 — 344 — 344 — — Home equity lines of credit — — — — — — — — Residential construction — — — — — — — — Consumer direct — — — — — — — — Indirect auto 6 66 — — 57 57 — — Total loans 10 $ 587 $ — $ 513 $ 64 $ 577 — $ — Three Months Ended March 31, 2018 Owner occupied commercial real estate 3 $ 994 $ — $ 978 $ — $ 978 2 $ 1,586 Income producing commercial real estate — — — — — — — — Commercial & industrial 1 81 — 5 — 5 — — Commercial construction — — — — — — — — Equipment financing — — — — — — — — Total commercial 4 1,075 — 983 — 983 2 1,586 Residential mortgage 2 340 — 340 — 340 — — Home equity lines of credit — — — — — — — — Residential construction — — — — — — — — Consumer direct — — — — — — — — Indirect auto — — — — — — — — Total loans 6 $ 1,415 $ — $ 1,323 $ — $ 1,323 2 $ 1,586 |
Schedule of average balances of impaired loans and income recognized on impaired loans | The average balances of impaired loans and income recognized on impaired loans while they were considered impaired are presented below for the periods indicated (in thousands) . 2019 2018 Three Months Ended March 31, Average Balance Interest Revenue Recognized During Impairment Cash Basis Interest Revenue Received Average Balance Interest Revenue Cash Basis Interest Revenue Received Owner occupied commercial real estate $ 17,410 $ 285 $ 284 $ 24,658 $ 245 $ 280 Income producing commercial real estate 14,237 193 207 16,433 210 235 Commercial & industrial 1,716 19 19 2,596 40 42 Commercial construction 2,402 34 33 3,936 51 52 Equipment financing — — — — — — Total commercial 35,765 531 543 47,623 546 609 Residential mortgage 15,502 168 174 14,993 149 150 Home equity lines of credit 258 4 3 344 4 4 Residential construction 1,408 24 23 1,590 24 24 Consumer direct 205 4 4 291 5 5 Indirect auto 1,190 14 14 1,378 18 18 Total $ 54,328 $ 745 $ 761 $ 66,219 $ 746 $ 810 |
Schedule of recorded investment in nonaccrual loans by loan class | The following table presents the recorded investment in nonaccrual loans by loan class as of the dates indicated (in thousands) . March 31, 2019 December 31, 2018 Owner occupied commercial real estate $ 7,030 $ 6,421 Income producing commercial real estate 1,276 1,160 Commercial & industrial 1,666 1,417 Commercial construction 473 605 Equipment financing 1,813 2,677 Total commercial 12,258 12,280 Residential mortgage 8,281 8,035 Home equity lines of credit 2,233 2,360 Residential construction 347 288 Consumer direct 47 89 Indirect auto 458 726 Total $ 23,624 $ 23,778 |
Schedule of aging of the recorded investment in past due loans | The following table presents the aging of the recorded investment in past due loans by class of loans as of the dates indicated (in thousands) . Loans Past Due As of March 31, 2019 30 - 59 Days 60 - 89 Days > 90 Days Total Loans Not Past Due PCI Loans Total Owner occupied commercial real estate $ 4,644 $ 1,142 $ 3,328 $ 9,114 $ 1,602,350 $ 8,604 $ 1,620,068 Income producing commercial real estate 1,199 125 706 2,030 1,829,298 36,097 1,867,425 Commercial & industrial 2,649 790 937 4,376 1,279,148 341 1,283,865 Commercial construction 139 443 24 606 859,456 5,604 865,666 Equipment financing 1,809 894 1,722 4,425 594,818 6,741 605,984 Total commercial 10,440 3,394 6,717 20,551 6,165,070 57,387 6,243,008 Residential mortgage 4,862 1,511 1,292 7,665 1,047,370 8,805 1,063,840 Home equity lines of credit 2,355 634 528 3,517 678,785 1,469 683,771 Residential construction 574 132 154 860 199,267 581 200,708 Consumer direct 522 89 2 613 120,085 476 121,174 Indirect auto 711 185 416 1,312 179,441 — 180,753 Total loans $ 19,464 $ 5,945 $ 9,109 $ 34,518 $ 8,390,018 $ 68,718 $ 8,493,254 Loans Past Due As of December 31, 2018 30 - 59 Days 60 - 89 Days > 90 Days Total Loans Not Past Due PCI Loans Total Owner occupied commercial real estate $ 2,542 $ 2,897 $ 1,011 $ 6,450 $ 1,631,602 $ 9,852 $ 1,647,904 Income producing commercial real estate 1,624 291 301 2,216 1,771,893 38,311 1,812,420 Commercial & industrial 7,189 718 400 8,307 1,269,632 408 1,278,347 Commercial construction 267 — 68 335 789,916 5,907 796,158 Equipment financing 1,351 739 2,658 4,748 551,924 7,942 564,614 Total commercial 12,973 4,645 4,438 22,056 6,014,967 62,420 6,099,443 Residential mortgage 5,461 1,788 1,950 9,199 1,030,883 9,150 1,049,232 Home equity lines of credit 2,112 864 902 3,878 688,520 1,612 694,010 Residential construction 509 63 190 762 209,515 734 211,011 Consumer direct 600 82 21 703 120,777 533 122,013 Indirect auto 750 323 633 1,706 205,986 — 207,692 Total loans $ 22,405 $ 7,765 $ 8,134 $ 38,304 $ 8,270,648 $ 74,449 $ 8,383,401 |
Schedule of risk category of loans by class of loans | Based on the most recent analysis performed, the risk category of loans by class of loans as of the dates indicated is as follows (in thousands) . Pass Watch Substandard Doubtful / Loss Total As of March 31, 2019 Owner occupied commercial real estate $ 1,557,510 $ 17,511 $ 36,443 $ — $ 1,611,464 Income producing commercial real estate 1,789,063 22,548 19,717 — 1,831,328 Commercial & industrial 1,253,268 7,517 22,739 — 1,283,524 Commercial construction 846,902 6,767 6,393 — 860,062 Equipment financing 597,430 — 1,813 — 599,243 Total commercial 6,044,173 54,343 87,105 — 6,185,621 Residential mortgage 1,043,447 — 11,588 — 1,055,035 Home equity lines of credit 678,578 — 3,724 — 682,302 Residential construction 199,570 — 557 — 200,127 Consumer direct 120,465 — 233 — 120,698 Indirect auto 178,740 — 2,013 — 180,753 Total loans, excluding PCI loans 8,264,973 54,343 105,220 — 8,424,536 Owner occupied commercial real estate 2,803 2,781 3,020 — 8,604 Income producing commercial real estate 23,872 11,389 836 — 36,097 Commercial & industrial 246 43 52 — 341 Commercial construction 3,340 165 2,099 — 5,604 Equipment financing 6,626 — 115 — 6,741 Total commercial 36,887 14,378 6,122 — 57,387 Residential mortgage 6,512 — 2,293 — 8,805 Home equity lines of credit 1,350 — 119 — 1,469 Residential construction 542 — 39 — 581 Consumer direct 440 — 36 — 476 Indirect auto — — — — — Total PCI loans 45,731 14,378 8,609 — 68,718 Total loan portfolio $ 8,310,704 $ 68,721 $ 113,829 $ — $ 8,493,254 As of December 31, 2018 Owner occupied commercial real estate $ 1,585,797 $ 16,651 $ 35,604 $ — $ 1,638,052 Income producing commercial real estate 1,735,456 20,923 17,730 — 1,774,109 Commercial & industrial 1,247,206 8,430 22,303 — 1,277,939 Commercial construction 777,780 4,533 7,938 — 790,251 Equipment financing 553,995 — 2,677 — 556,672 Total commercial 5,900,234 50,537 86,252 — 6,037,023 Residential mortgage 1,028,660 — 11,422 — 1,040,082 Home equity lines of credit 688,493 — 3,905 — 692,398 Residential construction 209,744 — 533 — 210,277 Consumer direct 121,247 19 214 — 121,480 Indirect auto 205,632 — 2,060 — 207,692 Total loans, excluding PCI loans 8,154,010 50,556 104,386 — 8,308,952 Owner occupied commercial real estate 3,352 2,774 3,726 — 9,852 Income producing commercial real estate 23,430 13,403 1,478 — 38,311 Commercial & industrial 266 48 94 — 408 Commercial construction 3,503 188 2,216 — 5,907 Equipment financing 7,725 — 217 — 7,942 Total commercial 38,276 16,413 7,731 — 62,420 Residential mortgage 6,914 — 2,236 — 9,150 Home equity lines of credit 1,492 — 120 — 1,612 Residential construction 687 — 47 — 734 Consumer direct 493 — 40 — 533 Indirect auto — — — — — Total PCI loans 47,862 16,413 10,174 — 74,449 Total loan portfolio $ 8,201,872 $ 66,969 $ 114,560 $ — $ 8,383,401 |
Reclassifications Out of Accu_2
Reclassifications Out of Accumulated Other Comprehensive Income (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Equity [Abstract] | |
Schedule of reclassifications out of accumulated other comprehensive income | The following table presents the details regarding amounts reclassified out of accumulated other comprehensive income for the periods indicated (in thousands) . Details about Accumulated Other Comprehensive Income Components Three Months Ended March 31, Affected Line Item in the Statement Where Net Income is Presented 2019 2018 Realized losses on available-for-sale securities: $ (267 ) $ (940 ) Securities losses, net 68 221 Income tax benefit $ (199 ) $ (719 ) Net of tax Amortization of losses included in net income on available-for-sale securities transferred to held-to-maturity: $ (84 ) $ (222 ) Investment securities interest revenue 20 54 Income tax benefit $ (64 ) $ (168 ) Net of tax Amortization of losses included in net income on derivative financial instruments accounted for as cash flow hedges: Amortization of losses on de-designated positions $ (102 ) $ (147 ) Money market deposit interest expense 26 38 Income tax benefit $ (76 ) $ (109 ) Net of tax Amortization of prior service cost and actuarial losses included in net periodic pension cost for defined benefit pension plan: Prior service cost $ (159 ) $ (167 ) Salaries and employee benefits expense Actuarial losses (15 ) — Other expense Actuarial losses — (60 ) Salaries and employee benefits expense (174 ) (227 ) Total before tax 44 58 Income tax benefit $ (130 ) $ (169 ) Net of tax Total reclassifications for the period $ (469 ) $ (1,165 ) Net of tax |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Earnings Per Share [Abstract] | |
Schedule of computation of basic and diluted earnings per share | The following table sets forth the computation of basic and diluted earnings per share for the periods indicated (in thousands, except per share data) . Three Months Ended 2019 2018 Net income $ 44,262 $ 37,658 Dividends and undistributed earnings allocated to unvested shares (315 ) (277 ) Net income available to common shareholders $ 43,947 $ 37,381 Weighted average shares outstanding: Basic 79,807 79,205 Effect of dilutive securities Stock options 3 10 Restricted stock units 3 — Diluted 79,813 79,215 Net income per common share: Basic $ 0.55 $ 0.47 Diluted $ 0.55 $ 0.47 |
Derivatives and Hedging Activ_2
Derivatives and Hedging Activities (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Schedule of derivative financial instruments on consolidated balance sheet | The table below presents the fair value of derivative financial instruments as of the dates indicated as well as their classification on the consolidated balance sheets (in thousands) : Derivatives designated as hedging instruments under ASC 815 Interest Rate Products Balance Sheet Location March 31, 2019 December 31, 2018 Fair value hedge of brokered CDs Derivative liabilities $ 1,251 $ 1,682 $ 1,251 $ 1,682 Derivatives not designated as hedging instruments under ASC 815 Interest Rate Products Balance Sheet Location March 31, 2019 December 31, 2018 Customer derivative positions Derivative assets $ 12,658 $ 5,216 Dealer offsets to customer derivative positions Derivative assets 3,691 7,620 Mortgage banking - loan commitment Derivative assets 1,796 1,190 Mortgage banking - forward sales commitment Derivative assets 14 28 Bifurcated embedded derivatives Derivative assets 7,765 10,651 $ 25,924 $ 24,705 Customer derivative positions Derivative liabilities $ 4,118 $ 9,661 Dealer offsets to customer derivative positions Derivative liabilities 2,744 781 Risk participations Derivative liabilities 6 8 Mortgage banking - forward sales commitment Derivative liabilities 483 259 Dealer offsets to bifurcated embedded derivatives Derivative liabilities 10,187 13,339 De-designated hedges Derivative liabilities — 703 $ 17,538 $ 24,751 |
Schedule of derivatives in fair value on the consolidated statement of income | The table below presents the effect of derivatives in fair value hedging relationships on the consolidated statement of income for the periods indicated (in thousands) . Location of Gain (Loss) Recognized in Income on Derivative Amount of Gain (Loss) Recognized in Income on Derivative Amount of Gain (Loss) Recognized in Income on Hedged Item 2019 2018 2019 2018 Three Months Ended March 31, Fair value hedges of brokered CDs Interest expense $ 451 $ (693 ) $ (462 ) $ 545 Fair value hedges of corporate bonds Interest revenue — (336 ) — 405 $ 451 $ (1,029 ) $ (462 ) $ 950 |
Schedule of gains and losses recognized in income on derivatives not designated as hedging instruments | The table below presents the gains and losses recognized in income on derivatives not designated as hedging instruments under ASC 815 for the periods indicated (in thousands) . Location of Gain (Loss) Recognized in Income on Derivative Amount of Gain (Loss) Recognized in Income on Derivative 2019 2018 Three Months Ended March 31, Customer derivatives and dealer offsets Other noninterest income $ 503 $ 772 Bifurcated embedded derivatives and dealer offsets Other noninterest income 218 370 Interest rate caps Other noninterest income — 276 De-designated hedges Other noninterest income (193 ) (67 ) Mortgage banking derivatives Mortgage loan revenue (190 ) 1,264 Risk participations Other noninterest income 2 (2 ) $ 340 $ 2,613 |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Schedule of stock option activity | The following table shows stock option activity for the first three months of 2019 . Options Shares Weighted- Average Exercise Price Weighted- Average Remaining Contractual Term (Years) Aggregate Outstanding at December 31, 2018 47,139 $ 27.07 Exercised (12,000 ) 16.44 Cancelled/forfeited (504 ) 31.50 Expired (1,023 ) 29.45 Outstanding at March 31, 2019 33,612 30.72 0.4 $ 13 Exercisable at March 31, 2019 33,612 30.72 0.4 13 |
Schedule of restricted stock units activity | The table below presents restricted stock units activity for the first three months of 2019 . Restricted Stock Unit Awards Shares Weighted- Average Grant- Date Fair Value Weighted- Average Remaining Contractual Term (Years) Aggregate Outstanding at December 31, 2018 759,746 $ 27.66 Granted 37,994 25.67 Vested (46,628 ) 25.72 $ 1,322 Cancelled (14,284 ) 25.30 Outstanding at March 31, 2019 736,828 27.72 4.2 18,369 |
Assets and Liabilities Measur_2
Assets and Liabilities Measured at Fair Value (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Fair Value Disclosures [Abstract] | |
Schedule of assets and liabilities measured at fair value on a recurring basis | The table below presents United’s assets and liabilities measured at fair value on a recurring basis as of the dates indicated, aggregated by the level in the fair value hierarchy within which those measurements fall (in thousands) . March 31, 2019 Level 1 Level 2 Level 3 Total Assets: Debt securities available for sale: U.S. Treasuries $ 141,855 $ — $ — $ 141,855 U.S. Government agencies — 5,101 — 5,101 State and political subdivisions — 222,180 — 222,180 Residential mortgage-backed securities — 1,414,085 — 1,414,085 Commercial mortgage-backed securities — 343,339 — 343,339 Corporate bonds — 199,681 995 200,676 Asset-backed securities — 127,389 — 127,389 Equity securities with readily available fair values 910 — — 910 Mortgage loans held for sale — 26,341 — 26,341 Deferred compensation plan assets 7,129 — — 7,129 Servicing rights for SBA/USDA loans — — 7,401 7,401 Residential mortgage servicing rights — — 11,447 11,447 Derivative financial instruments — 16,363 9,561 25,924 Total assets $ 149,894 $ 2,354,479 $ 29,404 $ 2,533,777 Liabilities: Deferred compensation plan liability $ 7,129 $ — $ — $ 7,129 Derivative financial instruments — 7,345 11,444 18,789 Total liabilities $ 7,129 $ 7,345 $ 11,444 $ 25,918 December 31, 2018 Level 1 Level 2 Level 3 Total Assets: Debt securities available for sale U.S. Treasuries $ 149,307 $ — $ — $ 149,307 U.S. Agencies — 25,553 — 25,553 State and political subdivisions — 233,941 — 233,941 Residential mortgage-backed securities — 1,445,910 — 1,445,910 Commercial mortgage-backed securities — 391,917 — 391,917 Corporate bonds — 198,168 995 199,163 Asset-backed securities — 182,676 — 182,676 Equity securities with readily available fair values 1,076 — — 1,076 Mortgage loans held for sale — 18,935 — 18,935 Deferred compensation plan assets 6,404 — — 6,404 Servicing rights for SBA/USDA loans — — 7,510 7,510 Residential mortgage servicing rights — — 11,877 11,877 Derivative financial instruments — 12,864 11,841 24,705 Total assets $ 156,787 $ 2,509,964 $ 32,223 $ 2,698,974 Liabilities: Deferred compensation plan liability $ 6,404 $ — $ — $ 6,404 Derivative financial instruments — 10,701 15,732 26,433 Total liabilities $ 6,404 $ 10,701 $ 15,732 $ 32,837 |
Schedule of assets measured at fair value on a recurring basis using significant unobservable inputs | The following table shows a reconciliation of the beginning and ending balances for the periods indicated for assets measured at fair value on a recurring basis using significant unobservable inputs that are classified as Level 3 values (in thousands) . Derivative Asset Derivative Liability Servicing rights for SBA/USDA loans Residential mortgage servicing rights Debt Securities Available-for-Sale Three Months Ended March 31, 2019 Balance at beginning of period $ 11,841 $ 15,732 $ 7,510 $ 11,877 $ 995 Additions — — 375 863 — Sales and settlements (1,135 ) (2,330 ) (363 ) (150 ) — Amounts included in earnings - fair value adjustments (1,145 ) (1,958 ) (121 ) (1,143 ) — Balance at end of period $ 9,561 $ 11,444 $ 7,401 $ 11,447 $ 995 Three Months Ended March 31, 2018 Balance at beginning of period $ 12,207 $ 16,744 $ 7,740 $ 8,262 $ 900 Business combinations — — (354 ) — — Additions — — 479 926 — Sales and settlements (1,029 ) (1,347 ) (91 ) (80 ) — Amounts included in earnings - fair value adjustments 2,699 2,391 (304 ) 610 — Balance at end of period $ 13,877 $ 17,788 $ 7,470 $ 9,718 $ 900 |
Schedule of quantitative information about Level 3 fair value measurements for fair value on a recurring basis | The following table presents quantitative information about Level 3 fair value measurements for fair value on a recurring basis as of the dates indicated (in thousands) . Fair Value Weighted Average Level 3 Assets and Liabilities March 31, 2019 December 31, 2018 Valuation Technique March 31, 2019 December 31, 2018 Unobservable Inputs Servicing rights for SBA/USDA loans $ 7,401 $ 7,510 Discounted cash flow Discount rate 13.6 % 14.5 % Prepayment rate 12.5 % 12.1 % Residential mortgage servicing rights 11,447 11,877 Discounted cash flow Discount rate 10.0 % 10.0 % Prepayment rate 12.8 % 10.6 % Corporate bonds 995 995 Indicative bid provided by a broker Multiple factors, including but not limited to, current operations, financial condition, cash flows, and recently executed financing transactions related to the company N/A N/A Derivative assets - mortgage 1,796 1,190 Internal model Pull through rate 78.9 % 80.7 % Derivative assets - other 7,765 10,651 Dealer priced Dealer priced N/A N/A Derivative liabilities - risk participations 6 8 Internal model Probable exposure rate 0.37 % 0.44 % Probability of default rate 1.80 % 1.80 % Derivative liabilities - other 11,438 15,724 Dealer priced Dealer priced N/A N/A |
Schedule of presentation of united's assets and liabilities measured at fair value on nonrecurring basis | The following table presents the fair value hierarchy and carrying value of all assets that were still held as of March 31, 2019 and December 31, 2018 , for which a nonrecurring fair value adjustment was recorded during the year-to-date periods presented (in thousands) . Level 1 Level 2 Level 3 Total March 31, 2019 Loans $ — $ — $ 1,286 $ 1,286 December 31, 2018 Loans $ — $ — $ 8,631 $ 8,631 |
Schedule of carrying amount and fair values for other financial instruments that are not measured at fair value on a recurring basis | The carrying amount and fair values as of the dates indicated for other financial instruments that are not measured at fair value on a recurring basis are as follows (in thousands) . Fair Value Level Carrying Amount Level 1 Level 2 Level 3 Total March 31, 2019 Assets: Securities held to maturity $ 265,329 $ — $ 265,117 $ — $ 265,117 Loans and leases, net 8,431,612 — — 8,401,018 8,401,018 Liabilities: Deposits 10,534,306 — 10,527,436 — 10,527,436 Federal Home Loan Bank advances 40,000 — 39,998 — 39,998 Long-term debt 257,259 — — 266,468 266,468 December 31, 2018 Assets: Securities held to maturity $ 274,407 $ — $ 268,803 $ — $ 268,803 Loans and leases, net 8,322,198 — — 8,277,387 8,277,387 Liabilities: Deposits 10,534,513 — 10,528,834 — 10,528,834 Federal Home Loan Bank advances 160,000 — 159,988 — 159,988 Long-term debt 267,189 — — 278,996 278,996 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of contractual amount of off-balance sheet instruments | The following table summarizes the contractual amount of off-balance sheet instruments as of the dates indicated (in thousands) . March 31, 2019 December 31, 2018 Financial instruments whose contract amounts represent credit risk: Commitments to extend credit $ 2,053,155 $ 2,129,463 Letters of credit 26,867 25,447 |
Operating Leases (Tables)
Operating Leases (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Leases [Abstract] | |
Schedule of operating lease income and expense and other supplemental information | The table below presents the operating lease income and expense recognized for the period indicated and other supplemental information (in thousands) . Income Statement Location Three Months Ended March 31, 2019 Operating lease cost Occupancy expense $ 1,258 Variable lease cost Occupancy expense 111 Short-term lease cost Occupancy expense 19 Sublease income Occupancy expense (149 ) Net lease cost $ 1,239 Rental income from owned properties under operating leases Other noninterest income $ 216 Operating cash flows from operating leases $ 1,348 |
Schedule of future minimum lease payments under operating leases | As of March 31, 2019 future minimum lease payments under operating leases were as follows (in thousands) : Year Remainder of 2019 $ 3,627 2020 5,253 2021 4,983 2022 4,553 2023 3,979 Thereafter 5,092 Total 27,487 Less discount (2,287 ) Present value of lease liability $ 25,200 |
Accounting Standards Updates _2
Accounting Standards Updates and Recently Adopted Standards - Narrative (Details) - USD ($) $ in Thousands | Mar. 31, 2019 | Jan. 01, 2019 |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
Right-of-use asset | $ 22,700 | |
Lease liability | $ 25,200 | |
Reduction in shareholders' equity upon adoption of accounting standard | $ 549 | |
ASU No. 2016-02 | ||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
Right-of-use asset | 23,800 | |
Lease liability | 26,800 | |
Reduction in shareholders' equity upon adoption of accounting standard | $ 549 |
Balance Sheet Offsetting and _3
Balance Sheet Offsetting and Repurchase Agreements Accounted for as Secured Borrowings - Summary of amounts outstanding under master netting agreements (Details) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 |
Offsetting [Abstract] | ||
Repurchase agreements / reverse repurchase agreements, gross amounts of recognized assets | $ 50,000 | |
Repurchase agreements / reverse repurchase agreements, gross amounts offset on the balance sheet | (50,000) | |
Repurchase agreements / reverse repurchase agreements, net asset balance | 0 | |
Repurchase agreements / reverse repurchase agreements, gross amounts not offset in balance sheet assets of financial instruments | 0 | |
Repurchase agreements / reverse repurchase agreements, gross amounts not offset in balance sheet assets of collateral received | 0 | |
Repurchase agreements / reverse repurchase agreements, net amount | 0 | |
Derivatives, gross amounts of recognized assets | $ 25,924 | 24,705 |
Derivatives, gross amounts offset on the balance sheet | 0 | 0 |
Derivatives, net asset balance | 25,924 | 24,705 |
Derivatives, gross amounts not offset in balance sheet assets of financial instruments | (2,295) | (973) |
Derivative, gross amounts not offset in balance sheet assets of collateral received | (1,797) | (8,029) |
Derivatives, net amount | 21,832 | 15,703 |
Offsetting assets, gross amounts of recognized assets | 25,924 | 74,705 |
Offsetting assets, gross amounts offset on balance sheet | 0 | (50,000) |
Offsetting assets, net asset balance | 25,924 | 24,705 |
Offsetting assets, gross amounts not offset in balance sheet of financial instruments | (2,295) | (973) |
Offsetting assets, gross amounts not offset in the balance sheet of collateral received | (1,797) | (8,029) |
Offsetting assets, net amount | 21,832 | $ 15,703 |
Weighted average interest rate of reverse repurchase agreements, assets (percent) | 3.20% | |
Repurchase agreements / reverse repurchase agreements, gross amounts of recognized liabilities | $ 50,000 | |
Repurchase agreements / reverse repurchase agreements, gross amounts offset on balance sheet | (50,000) | |
Repurchase agreements / reverse repurchase agreements, net liability balance | 0 | |
Repurchase agreements / reverse repurchase agreements, gross amounts not offset in balance sheet liabilities of financial instruments | 0 | |
Repurchase agreements / reverse repurchase agreements, gross amounts not offset in balance sheet liabilities of collateral pledged | 0 | |
Repurchase agreements / reverse repurchase agreements, net amount | 0 | |
Derivatives, gross amounts of recognized liabilities | 18,789 | 26,433 |
Derivatives, gross amounts offset on balance sheet | 0 | 0 |
Derivatives, net liability balance | 18,789 | 26,433 |
Derivatives, gross amounts not offset in balance sheet liabilities of financial instruments | (2,295) | (973) |
Derivatives, gross amounts not offset in balance sheet liabilities of collateral pledged | (11,870) | (16,126) |
Derivatives, net amount | 4,624 | 9,334 |
Offsetting liabilities, gross amounts of recognized liabilities | 18,789 | 76,433 |
Offsetting liabilities, gross amounts offset on balance sheet | 0 | (50,000) |
Offsetting liabilities, net liability balance | 18,789 | 26,433 |
Offsetting liabilities, gross amounts not offset in balance sheet of financial instruments | (2,295) | (973) |
Offsetting liabilities, gross amounts not offset in the balance sheet of collateral pledged | (11,870) | (16,126) |
Offsetting liabilities, net amount | $ 4,624 | $ 9,334 |
Weighted average interest rate of reverse repurchase agreements, liabilities (percent) | 2.45% |
Balance Sheet Offsetting and _4
Balance Sheet Offsetting and Repurchase Agreements Accounted for as Secured Borrowings - Narrative (Details) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 |
Offsetting [Abstract] | ||
Right to reclaim cash collateral | $ 11,900 | $ 16,100 |
Obligation to return cash collateral | $ 1,800 | $ 8,030 |
Balance Sheet Offsetting and _5
Balance Sheet Offsetting and Repurchase Agreements Accounted for as Secured Borrowings - Repurchase agreements accounted for as secured borrowings (Details) $ in Thousands | Dec. 31, 2018USD ($) |
Assets Sold under Agreements to Repurchase [Line Items] | |
Remaining Contractual Maturity of the Agreements | $ 50,000 |
Gross amount of recognized liabilities for repurchase agreements in offsetting disclosure | 50,000 |
Amounts related to agreements not included in offsetting disclosure | 0 |
Overnight and Continuous | |
Assets Sold under Agreements to Repurchase [Line Items] | |
Remaining Contractual Maturity of the Agreements | 0 |
Up to 30 Days | |
Assets Sold under Agreements to Repurchase [Line Items] | |
Remaining Contractual Maturity of the Agreements | 0 |
30 to 90 Days | |
Assets Sold under Agreements to Repurchase [Line Items] | |
Remaining Contractual Maturity of the Agreements | 50,000 |
91 to 110 days | |
Assets Sold under Agreements to Repurchase [Line Items] | |
Remaining Contractual Maturity of the Agreements | 0 |
Mortgage-backed securities | |
Assets Sold under Agreements to Repurchase [Line Items] | |
Remaining Contractual Maturity of the Agreements | 50,000 |
Mortgage-backed securities | Overnight and Continuous | |
Assets Sold under Agreements to Repurchase [Line Items] | |
Remaining Contractual Maturity of the Agreements | 0 |
Mortgage-backed securities | Up to 30 Days | |
Assets Sold under Agreements to Repurchase [Line Items] | |
Remaining Contractual Maturity of the Agreements | 0 |
Mortgage-backed securities | 30 to 90 Days | |
Assets Sold under Agreements to Repurchase [Line Items] | |
Remaining Contractual Maturity of the Agreements | 50,000 |
Mortgage-backed securities | 91 to 110 days | |
Assets Sold under Agreements to Repurchase [Line Items] | |
Remaining Contractual Maturity of the Agreements | $ 0 |
Securities - Amortized cost, gr
Securities - Amortized cost, gross unrealized gains and losses, and fair value of debt securities held-to-maturity (Details) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 |
Held-to-maturity securities: | ||
Amortized Cost | $ 265,329 | $ 274,407 |
Gross Unrealized Gains | 2,844 | 1,777 |
Gross Unrealized Losses | 3,056 | 7,381 |
Fair Value | 265,117 | 268,803 |
State and political subdivisions | ||
Held-to-maturity securities: | ||
Amortized Cost | 65,519 | 68,551 |
Gross Unrealized Gains | 1,443 | 952 |
Gross Unrealized Losses | 456 | 2,191 |
Fair Value | 66,506 | 67,312 |
Residential mortgage-backed securities | ||
Held-to-maturity securities: | ||
Amortized Cost | 170,980 | 176,488 |
Gross Unrealized Gains | 1,078 | 652 |
Gross Unrealized Losses | 2,532 | 5,094 |
Fair Value | 169,526 | 172,046 |
Commercial mortgage-backed securities | ||
Held-to-maturity securities: | ||
Amortized Cost | 28,830 | 29,368 |
Gross Unrealized Gains | 323 | 173 |
Gross Unrealized Losses | 68 | 96 |
Fair Value | $ 29,085 | $ 29,445 |
Securities - Amortized cost, _2
Securities - Amortized cost, gross unrealized gains and losses, and fair value of debt securities available-for-sale (Details) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 |
Debt securities available for sale and equity securities: | ||
Amortized Cost | $ 2,452,981 | $ 2,660,263 |
Gross Unrealized Gains | 15,781 | 6,454 |
Gross Unrealized Losses | 14,137 | 38,250 |
Fair Value | 2,454,625 | 2,628,467 |
U.S. Treasuries | ||
Debt securities available for sale and equity securities: | ||
Amortized Cost | 142,409 | 150,712 |
Gross Unrealized Gains | 22 | 767 |
Gross Unrealized Losses | 576 | 2,172 |
Fair Value | 141,855 | 149,307 |
U.S. Government agencies | ||
Debt securities available for sale and equity securities: | ||
Amortized Cost | 4,812 | 25,493 |
Gross Unrealized Gains | 292 | 335 |
Gross Unrealized Losses | 3 | 275 |
Fair Value | 5,101 | 25,553 |
State and political subdivisions | ||
Debt securities available for sale and equity securities: | ||
Amortized Cost | 217,120 | 234,750 |
Gross Unrealized Gains | 5,124 | 907 |
Gross Unrealized Losses | 64 | 1,716 |
Fair Value | 222,180 | 233,941 |
Residential mortgage-backed securities | ||
Debt securities available for sale and equity securities: | ||
Amortized Cost | 1,414,612 | 1,464,380 |
Gross Unrealized Gains | 9,222 | 3,428 |
Gross Unrealized Losses | 9,749 | 21,898 |
Fair Value | 1,414,085 | 1,445,910 |
Commercial mortgage-backed securities | ||
Debt securities available for sale and equity securities: | ||
Amortized Cost | 345,198 | 399,663 |
Gross Unrealized Gains | 432 | 187 |
Gross Unrealized Losses | 2,291 | 7,933 |
Fair Value | 343,339 | 391,917 |
Corporate bonds | ||
Debt securities available for sale and equity securities: | ||
Amortized Cost | 200,471 | 200,582 |
Gross Unrealized Gains | 506 | 502 |
Gross Unrealized Losses | 301 | 1,921 |
Fair Value | 200,676 | 199,163 |
Asset-backed securities | ||
Debt securities available for sale and equity securities: | ||
Amortized Cost | 128,359 | 184,683 |
Gross Unrealized Gains | 183 | 328 |
Gross Unrealized Losses | 1,153 | 2,335 |
Fair Value | $ 127,389 | $ 182,676 |
Securities - Narrative (Details
Securities - Narrative (Details) | 3 Months Ended | ||
Mar. 31, 2019USD ($)security | Mar. 31, 2018USD ($) | Dec. 31, 2018USD ($) | |
Investments, Debt and Equity Securities [Abstract] | |||
Carrying value of securities pledged to secure public deposits, derivatives and other secured borrowings | $ | $ 842,000,000 | $ 925,000,000 | |
Number of available-for-sale securities in unrealized loss position | security | 174 | ||
Number of held-to-maturity securities in unrealized loss position | security | 56 | ||
Other-than-temporary impairment charges | $ | $ 0 | $ 0 |
Securities - Summary of debt se
Securities - Summary of debt securites held-to-maturity in unrealized loss position (Details) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 |
Summary of held to maturity securities in an unrealized loss position | ||
Fair Value, Less than 12 Months | $ 0 | $ 13,641 |
Unrealized Loss, Less than 12 Months | 0 | 107 |
Fair Value, 12 Months or More | 139,372 | 174,812 |
Unrealized Loss, 12 Months or More | 3,056 | 7,274 |
Fair Value, Total | 139,372 | 188,453 |
Unrealized Loss, Total | 3,056 | 7,381 |
State and political subdivisions | ||
Summary of held to maturity securities in an unrealized loss position | ||
Fair Value, Less than 12 Months | 0 | 7,062 |
Unrealized Loss, Less than 12 Months | 0 | 46 |
Fair Value, 12 Months or More | 22,356 | 34,146 |
Unrealized Loss, 12 Months or More | 456 | 2,145 |
Fair Value, Total | 22,356 | 41,208 |
Unrealized Loss, Total | 456 | 2,191 |
Residential mortgage-backed securities | ||
Summary of held to maturity securities in an unrealized loss position | ||
Fair Value, Less than 12 Months | 0 | 6,579 |
Unrealized Loss, Less than 12 Months | 0 | 61 |
Fair Value, 12 Months or More | 112,921 | 136,376 |
Unrealized Loss, 12 Months or More | 2,532 | 5,033 |
Fair Value, Total | 112,921 | 142,955 |
Unrealized Loss, Total | 2,532 | 5,094 |
Commercial mortgage-backed securities | ||
Summary of held to maturity securities in an unrealized loss position | ||
Fair Value, Less than 12 Months | 0 | 0 |
Unrealized Loss, Less than 12 Months | 0 | 0 |
Fair Value, 12 Months or More | 4,095 | 4,290 |
Unrealized Loss, 12 Months or More | 68 | 96 |
Fair Value, Total | 4,095 | 4,290 |
Unrealized Loss, Total | $ 68 | $ 96 |
Securities - Summary of debt _2
Securities - Summary of debt securities available-for-sale in unrealized loss position (Details) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 |
Summary of available for sale securities in an unrealized loss position | ||
Fair Value, Less than 12 Months | $ 118,902 | $ 328,787 |
Unrealized Loss, Less than 12 Months | 1,365 | 3,309 |
Fair Value, 12 Months or More | 1,170,284 | 1,555,326 |
Unrealized Loss, 12 Months or More | 12,772 | 34,941 |
Fair Value, Total | 1,289,186 | 1,884,113 |
Unrealized Loss, Total | 14,137 | 38,250 |
U.S. Treasuries | ||
Summary of available for sale securities in an unrealized loss position | ||
Fair Value, Less than 12 Months | 0 | 0 |
Unrealized Loss, Less than 12 Months | 0 | 0 |
Fair Value, 12 Months or More | 122,122 | 120,391 |
Unrealized Loss, 12 Months or More | 576 | 2,172 |
Fair Value, Total | 122,122 | 120,391 |
Unrealized Loss, Total | 576 | 2,172 |
U.S. Government agencies | ||
Summary of available for sale securities in an unrealized loss position | ||
Fair Value, Less than 12 Months | 0 | 0 |
Unrealized Loss, Less than 12 Months | 0 | 0 |
Fair Value, 12 Months or More | 471 | 21,519 |
Unrealized Loss, 12 Months or More | 3 | 275 |
Fair Value, Total | 471 | 21,519 |
Unrealized Loss, Total | 3 | 275 |
State and political subdivisions | ||
Summary of available for sale securities in an unrealized loss position | ||
Fair Value, Less than 12 Months | 415 | 15,160 |
Unrealized Loss, Less than 12 Months | 1 | 28 |
Fair Value, 12 Months or More | 18,186 | 133,500 |
Unrealized Loss, 12 Months or More | 63 | 1,688 |
Fair Value, Total | 18,601 | 148,660 |
Unrealized Loss, Total | 64 | 1,716 |
Residential mortgage-backed securities | ||
Summary of available for sale securities in an unrealized loss position | ||
Fair Value, Less than 12 Months | 47,263 | 234,583 |
Unrealized Loss, Less than 12 Months | 644 | 808 |
Fair Value, 12 Months or More | 665,525 | 775,360 |
Unrealized Loss, 12 Months or More | 9,105 | 21,090 |
Fair Value, Total | 712,788 | 1,009,943 |
Unrealized Loss, Total | 9,749 | 21,898 |
Commercial mortgage-backed securities | ||
Summary of available for sale securities in an unrealized loss position | ||
Fair Value, Less than 12 Months | 0 | 4,552 |
Unrealized Loss, Less than 12 Months | 0 | 594 |
Fair Value, 12 Months or More | 237,883 | 355,292 |
Unrealized Loss, 12 Months or More | 2,291 | 7,339 |
Fair Value, Total | 237,883 | 359,844 |
Unrealized Loss, Total | 2,291 | 7,933 |
Corporate bonds | ||
Summary of available for sale securities in an unrealized loss position | ||
Fair Value, Less than 12 Months | 0 | 0 |
Unrealized Loss, Less than 12 Months | 0 | 0 |
Fair Value, 12 Months or More | 108,272 | 117,296 |
Unrealized Loss, 12 Months or More | 301 | 1,921 |
Fair Value, Total | 108,272 | 117,296 |
Unrealized Loss, Total | 301 | 1,921 |
Asset-backed securities | ||
Summary of available for sale securities in an unrealized loss position | ||
Fair Value, Less than 12 Months | 71,224 | 74,492 |
Unrealized Loss, Less than 12 Months | 720 | 1,879 |
Fair Value, 12 Months or More | 17,825 | 31,968 |
Unrealized Loss, 12 Months or More | 433 | 456 |
Fair Value, Total | 89,049 | 106,460 |
Unrealized Loss, Total | $ 1,153 | $ 2,335 |
Securities - Summary of availab
Securities - Summary of available-for-sale securities sales activity (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Investments, Debt and Equity Securities [Abstract] | ||
Proceeds from sales | $ 178,604 | $ 113,961 |
Gross gains on sales | 1,287 | 417 |
Gross losses on sales | (1,554) | (1,357) |
Net losses on sales of securities | (267) | (940) |
Income tax benefit attributable to sales | $ (68) | $ (221) |
Securities - Amortized cost and
Securities - Amortized cost and fair value of held-to-maturity and available-for-sale securities by contractual maturity (Details) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 |
Available-for-Sale, Amortized Cost | ||
Amortized Cost | $ 2,452,981 | $ 2,660,263 |
Available-for-Sale, Fair Value | ||
Fair Value | 2,454,625 | 2,628,467 |
Held-to-Maturity, Amortized Cost | ||
Amortized Cost | 265,329 | 274,407 |
Held-to-Maturity, Fair Value | ||
Fair value | 265,117 | 268,803 |
U.S. Treasuries | ||
Available-for-Sale, Amortized Cost | ||
Available-for-Sale, Amortized Cost, 1 to 5 years | 142,409 | |
Amortized Cost | 142,409 | 150,712 |
Available-for-Sale, Fair Value | ||
Available-for-Sale, Fair Value, 1 to 5 years | 141,855 | |
Fair Value | 141,855 | 149,307 |
Held-to-Maturity, Amortized Cost | ||
Held-to-Maturity, Amortized Cost, 1 to 5 years | 0 | |
Amortized Cost | 0 | |
Held-to-Maturity, Fair Value | ||
Held-to-Maturity, Fair Value, 1 to 5 years | 0 | |
Fair value | 0 | |
U.S. Government agencies | ||
Available-for-Sale, Amortized Cost | ||
Available-for-Sale, Amortized Cost, 1 to 5 years | 474 | |
Available-for-Sale, Amortized Cost, More than 10 years | 4,338 | |
Amortized Cost | 4,812 | 25,493 |
Available-for-Sale, Fair Value | ||
Available-for-Sale, Fair Value, 1 to 5 years | 471 | |
Available-for-Sale, Fair Value, More than 10 years | 4,630 | |
Fair Value | 5,101 | 25,553 |
Held-to-Maturity, Amortized Cost | ||
Held-to-Maturity, Amortized Cost, 1 to 5 years | 0 | |
Held-to-Maturity, Amortized Cost, More than 10 years | 0 | |
Amortized Cost | 0 | |
Held-to-Maturity, Fair Value | ||
Held-to-Maturity, Fair Value, 1 to 5 years | 0 | |
Held-to-Maturity, Fair Value, More than 10 years | 0 | |
Fair value | 0 | |
State and political subdivisions | ||
Available-for-Sale, Amortized Cost | ||
Available-for-Sale, Amortized Cost, Within 1 year | 500 | |
Available-for-Sale, Amortized Cost, 1 to 5 years | 36,058 | |
Available-for-Sale, Amortized Cost, 5 to 10 years | 35,888 | |
Available-for-Sale, Amortized Cost, More than 10 years | 144,674 | |
Amortized Cost | 217,120 | 234,750 |
Available-for-Sale, Fair Value | ||
Available-for-Sale, Fair Value, Within 1 year | 502 | |
Available-for-Sale, Fair Value, 1 to 5 years | 36,060 | |
Available-for-Sale, Fair Value, 5 to 10 years | 36,743 | |
Available-for-Sale, Fair Value, More than 10 years | 148,875 | |
Fair Value | 222,180 | 233,941 |
Held-to-Maturity, Amortized Cost | ||
Held-to-Maturity, Amortized Cost, Within 1 year | 3,250 | |
Held-to-Maturity, Amortized Cost, 1 to 5 years | 11,567 | |
Held-to-Maturity, Amortized Cost, 5 to 10 years | 7,753 | |
Held-to-Maturity, Amortized Cost, More than 10 years | 42,949 | |
Amortized Cost | 65,519 | 68,551 |
Held-to-Maturity, Fair Value | ||
Held-to-Maturity, Fair Value, Within 1 year | 3,262 | |
Held-to-Maturity, Fair Value, 1 to 5 years | 12,024 | |
Held-to-Maturity, Fair Value, 5 to 10 years | 8,423 | |
Held-to-Maturity, Fair Value, More than 10 years | 42,797 | |
Fair value | 66,506 | 67,312 |
Corporate bonds | ||
Available-for-Sale, Amortized Cost | ||
Available-for-Sale, Amortized Cost, Within 1 year | 10,239 | |
Available-for-Sale, Amortized Cost, 1 to 5 years | 187,732 | |
Available-for-Sale, Amortized Cost, 5 to 10 years | 1,500 | |
Available-for-Sale, Amortized Cost, More than 10 years | 1,000 | |
Amortized Cost | 200,471 | 200,582 |
Available-for-Sale, Fair Value | ||
Available-for-Sale, Fair Value, Within 1 year | 10,219 | |
Available-for-Sale, Fair Value, 1 to 5 years | 187,948 | |
Available-for-Sale, Fair Value, 5 to 10 years | 1,514 | |
Available-for-Sale, Fair Value, More than 10 years | 995 | |
Fair Value | 200,676 | 199,163 |
Held-to-Maturity, Amortized Cost | ||
Held-to-Maturity, Amortized Cost, Within 1 year | 0 | |
Held-to-Maturity, Amortized Cost, 1 to 5 years | 0 | |
Held-to-Maturity, Amortized Cost, 5 to 10 years | 0 | |
Held-to-Maturity, Amortized Cost, More than 10 years | 0 | |
Amortized Cost | 0 | |
Held-to-Maturity, Fair Value | ||
Held-to-Maturity, Fair Value, Within 1 year | 0 | |
Held-to-Maturity, Fair Value, 1 to 5 years | 0 | |
Held-to-Maturity, Fair Value, 5 to 10 years | 0 | |
Held-to-Maturity, Fair Value, More than 10 years | 0 | |
Fair value | 0 | |
Asset-backed securities | ||
Available-for-Sale, Amortized Cost | ||
Available-for-Sale, Amortized Cost, 1 to 5 years | 2,121 | |
Available-for-Sale, Amortized Cost, More than 10 years | 126,238 | |
Amortized Cost | 128,359 | 184,683 |
Available-for-Sale, Fair Value | ||
Available-for-Sale, Fair Value, 1 to 5 years | 2,107 | |
Available-for-Sale, Fair Value, More than 10 years | 125,282 | |
Fair Value | 127,389 | 182,676 |
Held-to-Maturity, Amortized Cost | ||
Held-to-Maturity, Amortized Cost, 1 to 5 years | 0 | |
Held-to-Maturity, Amortized Cost, More than 10 years | 0 | |
Amortized Cost | 0 | |
Held-to-Maturity, Fair Value | ||
Held-to-Maturity, Fair Value, 1 to 5 years | 0 | |
Held-to-Maturity, Fair Value, More than 10 years | 0 | |
Fair value | 0 | |
Total securities other than mortgage-backed securities | ||
Available-for-Sale, Amortized Cost | ||
Available-for-Sale, Amortized Cost, Within 1 year | 10,739 | |
Available-for-Sale, Amortized Cost, 1 to 5 years | 368,794 | |
Available-for-Sale, Amortized Cost, 5 to 10 years | 37,388 | |
Available-for-Sale, Amortized Cost, More than 10 years | 276,250 | |
Available-for-Sale, Fair Value | ||
Available-for-Sale, Fair Value, Within 1 year | 10,721 | |
Available-for-Sale, Fair Value, 1 to 5 years | 368,441 | |
Available-for-Sale, Fair Value, 5 to 10 years | 38,257 | |
Available-for-Sale, Fair Value, More than 10 years | 279,782 | |
Held-to-Maturity, Amortized Cost | ||
Held-to-Maturity, Amortized Cost, Within 1 year | 3,250 | |
Held-to-Maturity, Amortized Cost, 1 to 5 years | 11,567 | |
Held-to-Maturity, Amortized Cost, 5 to 10 years | 7,753 | |
Held-to-Maturity, Amortized Cost, More than 10 years | 42,949 | |
Held-to-Maturity, Fair Value | ||
Held-to-Maturity, Fair Value, Within 1 year | 3,262 | |
Held-to-Maturity, Fair Value, 1 to 5 years | 12,024 | |
Held-to-Maturity, Fair Value, 5 to 10 years | 8,423 | |
Held-to-Maturity, Fair Value, More than 10 years | 42,797 | |
Residential mortgage-backed securities | ||
Available-for-Sale, Amortized Cost | ||
Amortized Cost | 1,414,612 | 1,464,380 |
Available-for-Sale, Fair Value | ||
Fair Value | 1,414,085 | 1,445,910 |
Held-to-Maturity, Amortized Cost | ||
Amortized Cost | 170,980 | 176,488 |
Held-to-Maturity, Fair Value | ||
Fair value | 169,526 | 172,046 |
Commercial mortgage-backed securities | ||
Available-for-Sale, Amortized Cost | ||
Amortized Cost | 345,198 | 399,663 |
Available-for-Sale, Fair Value | ||
Fair Value | 343,339 | 391,917 |
Held-to-Maturity, Amortized Cost | ||
Amortized Cost | 28,830 | 29,368 |
Held-to-Maturity, Fair Value | ||
Fair value | $ 29,085 | $ 29,445 |
Loans and Leases and Allowanc_3
Loans and Leases and Allowance for Credit Losses - Major classifications of loans (Details) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 |
Classifications of loans | ||
Total loans | $ 8,493,254 | $ 8,383,401 |
Less allowance for loan and lease losses | (61,642) | (61,203) |
Loans and leases, net | 8,431,612 | 8,322,198 |
Loans Receivable | ||
Classifications of loans | ||
Total loans | 8,493,254 | 8,383,401 |
Loans Receivable | Indirect auto | ||
Classifications of loans | ||
Total loans | 180,753 | 207,692 |
Loans Receivable | Commercial | ||
Classifications of loans | ||
Total loans | 6,243,008 | 6,099,443 |
Loans Receivable | Commercial | Owner occupied commercial real estate | ||
Classifications of loans | ||
Total loans | 1,620,068 | 1,647,904 |
Loans Receivable | Commercial | Income producing commercial real estate | ||
Classifications of loans | ||
Total loans | 1,867,425 | 1,812,420 |
Loans Receivable | Commercial | Commercial & industrial | ||
Classifications of loans | ||
Total loans | 1,283,865 | 1,278,347 |
Loans Receivable | Commercial | Construction | ||
Classifications of loans | ||
Total loans | 865,666 | 796,158 |
Loans Receivable | Commercial | Equipment financing | ||
Classifications of loans | ||
Total loans | 605,984 | 564,614 |
Loans Receivable | Residential | Residential mortgage | ||
Classifications of loans | ||
Total loans | 1,063,840 | 1,049,232 |
Loans Receivable | Residential | Home equity lines of credit | ||
Classifications of loans | ||
Total loans | 683,771 | 694,010 |
Loans Receivable | Residential | Construction | ||
Classifications of loans | ||
Total loans | 200,708 | 211,011 |
Loans Receivable | Consumer direct | ||
Classifications of loans | ||
Total loans | $ 121,174 | $ 122,013 |
Loans and Leases and Allowanc_4
Loans and Leases and Allowance for Credit Losses - Narrative (Details) - USD ($) | 3 Months Ended | ||
Mar. 31, 2019 | Mar. 31, 2018 | Dec. 31, 2018 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Remaining accretable fair value mark on loans | $ 4,440,000 | $ 4,310,000 | |
Net investment in leases | 33,492,000 | 30,384,000 | |
Criteria amount for evaluation of impairment | 500,000 | ||
Specific reserves | 2,220,000 | 2,310,000 | |
Gross additional interest income that would have been earned if the nonaccrual loans had performed as per original terms | 378,000 | $ 342,000 | |
Loans Receivable | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Carrying value of purchased credit impaired loans | 68,718,000 | 74,449,000 | |
Unpaid principal balance of purchased credit impaired ("PCI") loans | 100,000,000 | 109,000,000 | |
Additional availability on loans classified as troubled debt restructurings | 0 | 0 | |
Loans Receivable | Indirect auto | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Carrying value of purchased credit impaired loans | 0 | 0 | |
Remaining accretable fair value mark on loans | 3,030,000 | 3,720,000 | |
FHLB | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Pledged as collateral to secure FHLB advances | $ 4,030,000,000 | $ 3,980,000,000 |
Loans and Leases and Allowanc_5
Loans and Leases and Allowance for Credit Losses - Changes in the value of the accretable yield for acquired loans (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Certain Loans Acquired in Transfer Accounted for as Debt Securities, Accretable Yield Movement Schedule [Roll Forward] | ||
Balance at beginning of period | $ 26,868 | $ 17,686 |
Additions due to acquisitions | 0 | 1,830 |
Accretion | (4,813) | (2,546) |
Reclassification from nonaccretable difference | 2,706 | 591 |
Changes in expected cash flows that do not affect nonaccretable difference | 1,863 | 475 |
Balance at end of period | $ 26,624 | $ 18,036 |
Loans and Leases and Allowanc_6
Loans and Leases and Allowance for Credit Losses - Components of net investment in leases (Details) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 |
Net Investment in Leases | ||
Minimum future lease payments receivable | $ 35,385 | $ 31,915 |
Estimated residual value of leased equipment | 3,791 | 3,593 |
Initial direct costs | 856 | 827 |
Security deposits | (1,173) | (1,189) |
Purchase accounting premium | 644 | 806 |
Unearned income | (6,011) | (5,568) |
Net investment in leases | $ 33,492 | $ 30,384 |
Loans and Leases and Allowanc_7
Loans and Leases and Allowance for Credit Losses - Minimum future lease payment to be received (Details) $ in Thousands | Mar. 31, 2019USD ($) |
Minimum future lease payments expected to be received | |
Remainder of 2019 | $ 10,384 |
2020 | 10,960 |
2021 | 7,156 |
2022 | 4,249 |
2023 | 2,046 |
Thereafter | 590 |
Total | $ 35,385 |
Loans and Leases and Allowanc_8
Loans and Leases and Allowance for Credit Losses - Balance and activity in allowance for loan losses by portfolio segment and recorded investment in loans by portfolio segment (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||
Beginning Balance | $ 64,613 | $ 61,226 |
Charge-Offs | (4,360) | (2,884) |
Recoveries | 1,230 | 1,383 |
(Release)Provision | 3,300 | 3,800 |
Ending Balance | 64,783 | 63,525 |
Allowance for unfunded commitments | ||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||
Beginning Balance | 3,410 | 2,312 |
Charge-Offs | 0 | 0 |
Recoveries | 0 | 0 |
(Release)Provision | (269) | 128 |
Ending Balance | 3,141 | 2,440 |
Loans Receivable | ||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||
Beginning Balance | 61,203 | 58,914 |
Charge-Offs | (4,360) | (2,884) |
Recoveries | 1,230 | 1,383 |
(Release)Provision | 3,569 | 3,672 |
Ending Balance | 61,642 | 61,085 |
Loans Receivable | Indirect auto | ||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||
Beginning Balance | 999 | 1,550 |
Charge-Offs | (197) | (436) |
Recoveries | 38 | 80 |
(Release)Provision | 32 | 224 |
Ending Balance | 872 | 1,418 |
Loans Receivable | Commercial | Owner occupied commercial real estate | ||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||
Beginning Balance | 12,207 | 14,776 |
Charge-Offs | (5) | (60) |
Recoveries | 69 | 103 |
(Release)Provision | (397) | (258) |
Ending Balance | 11,874 | 14,561 |
Loans Receivable | Commercial | Income producing commercial real estate | ||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||
Beginning Balance | 11,073 | 9,381 |
Charge-Offs | (197) | (657) |
Recoveries | 20 | 235 |
(Release)Provision | 230 | 817 |
Ending Balance | 11,126 | 9,776 |
Loans Receivable | Commercial | Commercial & industrial | ||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||
Beginning Balance | 4,802 | 3,971 |
Charge-Offs | (1,519) | (384) |
Recoveries | 163 | 389 |
(Release)Provision | 1,449 | 99 |
Ending Balance | 4,895 | 4,075 |
Loans Receivable | Commercial | Construction | ||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||
Beginning Balance | 10,337 | 10,523 |
Charge-Offs | (69) | (363) |
Recoveries | 394 | 97 |
(Release)Provision | (387) | (223) |
Ending Balance | 10,275 | 10,034 |
Loans Receivable | Commercial | Equipment financing | ||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||
Beginning Balance | 5,452 | 0 |
Charge-Offs | (1,424) | (139) |
Recoveries | 143 | 97 |
(Release)Provision | 2,060 | 2,333 |
Ending Balance | 6,231 | 2,291 |
Loans Receivable | Residential | Construction | ||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||
Beginning Balance | 2,433 | 2,729 |
Charge-Offs | (4) | 0 |
Recoveries | 26 | 64 |
(Release)Provision | (65) | 251 |
Ending Balance | 2,390 | 3,044 |
Loans Receivable | Residential | Residential mortgage | ||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||
Beginning Balance | 8,295 | 10,097 |
Charge-Offs | (61) | (70) |
Recoveries | 48 | 123 |
(Release)Provision | 63 | 71 |
Ending Balance | 8,345 | 10,221 |
Loans Receivable | Residential | Home equity lines of credit | ||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||
Beginning Balance | 4,752 | 5,177 |
Charge-Offs | (337) | (124) |
Recoveries | 122 | 35 |
(Release)Provision | 260 | (156) |
Ending Balance | 4,797 | 4,932 |
Loans Receivable | Consumer direct | ||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||
Beginning Balance | 853 | 710 |
Charge-Offs | (547) | (651) |
Recoveries | 207 | 160 |
(Release)Provision | 324 | 514 |
Ending Balance | $ 837 | $ 733 |
Loans and Leases and Allowanc_9
Loans and Leases and Allowance for Credit Losses - Recorded investment in loans by portfolio segment and the balance of the allowance for loan losses (Details) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 | Mar. 31, 2018 | Dec. 31, 2017 |
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Allowance for Credit Losses, Individually evaluated for impairment | $ 2,219 | $ 2,312 | ||
Allowance for Credit Losses, Collectively evaluated for impairment | 61,930 | 61,541 | ||
Allowance for Credit Losses, PCI | 634 | 760 | ||
Allowance for Credit Losses, Ending balance | 64,783 | 64,613 | $ 63,525 | $ 61,226 |
Loans Outstanding, Ending Balance | 8,493,254 | 8,383,401 | ||
Allowance for unfunded commitments | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Allowance for Credit Losses, Individually evaluated for impairment | 0 | 0 | ||
Allowance for Credit Losses, Collectively evaluated for impairment | 3,141 | 3,410 | ||
Allowance for Credit Losses, PCI | 0 | 0 | ||
Allowance for Credit Losses, Ending balance | 3,141 | 3,410 | 2,440 | 2,312 |
Loans Receivable | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Allowance for Credit Losses, Individually evaluated for impairment | 2,219 | 2,312 | ||
Allowance for Credit Losses, Collectively evaluated for impairment | 58,789 | 58,131 | ||
Allowance for Credit Losses, PCI | 634 | 760 | ||
Allowance for Credit Losses, Ending balance | 61,642 | 61,203 | 61,085 | 58,914 |
Loans Outstanding, Individually evaluated for impairment | 53,794 | 55,449 | ||
Loans Outstanding, Collectively evaluated for impairment | 8,370,742 | 8,253,503 | ||
PCI Loans | 68,718 | 74,449 | ||
Loans Outstanding, Ending Balance | 8,493,254 | 8,383,401 | ||
Loans Receivable | Indirect auto | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Allowance for Credit Losses, Individually evaluated for impairment | 25 | 26 | ||
Allowance for Credit Losses, Collectively evaluated for impairment | 847 | 973 | ||
Allowance for Credit Losses, PCI | 0 | 0 | ||
Allowance for Credit Losses, Ending balance | 872 | 999 | 1,418 | 1,550 |
Loans Outstanding, Individually evaluated for impairment | 1,104 | 1,237 | ||
Loans Outstanding, Collectively evaluated for impairment | 179,649 | 206,455 | ||
PCI Loans | 0 | 0 | ||
Loans Outstanding, Ending Balance | 180,753 | 207,692 | ||
Loans Receivable | Commercial | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
PCI Loans | 57,387 | 62,420 | ||
Loans Outstanding, Ending Balance | 6,243,008 | 6,099,443 | ||
Loans Receivable | Commercial | Owner occupied commercial real estate | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Allowance for Credit Losses, Individually evaluated for impairment | 825 | 862 | ||
Allowance for Credit Losses, Collectively evaluated for impairment | 10,894 | 11,328 | ||
Allowance for Credit Losses, PCI | 155 | 17 | ||
Allowance for Credit Losses, Ending balance | 11,874 | 12,207 | 14,561 | 14,776 |
Loans Outstanding, Individually evaluated for impairment | 17,238 | 17,602 | ||
Loans Outstanding, Collectively evaluated for impairment | 1,594,226 | 1,620,450 | ||
PCI Loans | 8,604 | 9,852 | ||
Loans Outstanding, Ending Balance | 1,620,068 | 1,647,904 | ||
Loans Receivable | Commercial | Income producing commercial real estate | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Allowance for Credit Losses, Individually evaluated for impairment | 280 | 402 | ||
Allowance for Credit Losses, Collectively evaluated for impairment | 10,846 | 10,671 | ||
Allowance for Credit Losses, PCI | 0 | 0 | ||
Allowance for Credit Losses, Ending balance | 11,126 | 11,073 | 9,776 | 9,381 |
Loans Outstanding, Individually evaluated for impairment | 14,125 | 16,584 | ||
Loans Outstanding, Collectively evaluated for impairment | 1,817,203 | 1,757,525 | ||
PCI Loans | 36,097 | 38,311 | ||
Loans Outstanding, Ending Balance | 1,867,425 | 1,812,420 | ||
Loans Receivable | Commercial | Commercial & industrial | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Allowance for Credit Losses, Individually evaluated for impairment | 36 | 32 | ||
Allowance for Credit Losses, Collectively evaluated for impairment | 4,855 | 4,761 | ||
Allowance for Credit Losses, PCI | 4 | 9 | ||
Allowance for Credit Losses, Ending balance | 4,895 | 4,802 | 4,075 | 3,971 |
Loans Outstanding, Individually evaluated for impairment | 1,701 | 1,621 | ||
Loans Outstanding, Collectively evaluated for impairment | 1,281,823 | 1,276,318 | ||
PCI Loans | 341 | 408 | ||
Loans Outstanding, Ending Balance | 1,283,865 | 1,278,347 | ||
Loans Receivable | Commercial | Construction | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Allowance for Credit Losses, Individually evaluated for impairment | 68 | 71 | ||
Allowance for Credit Losses, Collectively evaluated for impairment | 10,001 | 9,974 | ||
Allowance for Credit Losses, PCI | 206 | 292 | ||
Allowance for Credit Losses, Ending balance | 10,275 | 10,337 | 10,034 | 10,523 |
Loans Outstanding, Individually evaluated for impairment | 2,379 | 2,491 | ||
Loans Outstanding, Collectively evaluated for impairment | 857,683 | 787,760 | ||
PCI Loans | 5,604 | 5,907 | ||
Loans Outstanding, Ending Balance | 865,666 | 796,158 | ||
Loans Receivable | Commercial | Equipment financing | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Allowance for Credit Losses, Individually evaluated for impairment | 0 | 0 | ||
Allowance for Credit Losses, Collectively evaluated for impairment | 5,988 | 5,045 | ||
Allowance for Credit Losses, PCI | 243 | 407 | ||
Allowance for Credit Losses, Ending balance | 6,231 | 5,452 | 2,291 | 0 |
Loans Outstanding, Individually evaluated for impairment | 0 | 0 | ||
Loans Outstanding, Collectively evaluated for impairment | 599,243 | 556,672 | ||
PCI Loans | 6,741 | 7,942 | ||
Loans Outstanding, Ending Balance | 605,984 | 564,614 | ||
Loans Receivable | Residential | Construction | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Allowance for Credit Losses, Individually evaluated for impairment | 63 | 51 | ||
Allowance for Credit Losses, Collectively evaluated for impairment | 2,327 | 2,382 | ||
Allowance for Credit Losses, PCI | 0 | 0 | ||
Allowance for Credit Losses, Ending balance | 2,390 | 2,433 | 3,044 | 2,729 |
Loans Outstanding, Individually evaluated for impairment | 1,340 | 1,207 | ||
Loans Outstanding, Collectively evaluated for impairment | 198,787 | 209,070 | ||
PCI Loans | 581 | 734 | ||
Loans Outstanding, Ending Balance | 200,708 | 211,011 | ||
Loans Receivable | Residential | Residential mortgage | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Allowance for Credit Losses, Individually evaluated for impairment | 916 | 861 | ||
Allowance for Credit Losses, Collectively evaluated for impairment | 7,403 | 7,410 | ||
Allowance for Credit Losses, PCI | 26 | 24 | ||
Allowance for Credit Losses, Ending balance | 8,345 | 8,295 | 10,221 | 10,097 |
Loans Outstanding, Individually evaluated for impairment | 15,453 | 14,220 | ||
Loans Outstanding, Collectively evaluated for impairment | 1,039,582 | 1,025,862 | ||
PCI Loans | 8,805 | 9,150 | ||
Loans Outstanding, Ending Balance | 1,063,840 | 1,049,232 | ||
Loans Receivable | Residential | Home equity lines of credit | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Allowance for Credit Losses, Individually evaluated for impairment | 1 | 1 | ||
Allowance for Credit Losses, Collectively evaluated for impairment | 4,796 | 4,740 | ||
Allowance for Credit Losses, PCI | 0 | 11 | ||
Allowance for Credit Losses, Ending balance | 4,797 | 4,752 | 4,932 | 5,177 |
Loans Outstanding, Individually evaluated for impairment | 255 | 276 | ||
Loans Outstanding, Collectively evaluated for impairment | 682,047 | 692,122 | ||
PCI Loans | 1,469 | 1,612 | ||
Loans Outstanding, Ending Balance | 683,771 | 694,010 | ||
Loans Receivable | Consumer direct | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Allowance for Credit Losses, Individually evaluated for impairment | 5 | 6 | ||
Allowance for Credit Losses, Collectively evaluated for impairment | 832 | 847 | ||
Allowance for Credit Losses, PCI | 0 | 0 | ||
Allowance for Credit Losses, Ending balance | 837 | 853 | $ 733 | $ 710 |
Loans Outstanding, Individually evaluated for impairment | 199 | 211 | ||
Loans Outstanding, Collectively evaluated for impairment | 120,499 | 121,269 | ||
PCI Loans | 476 | 533 | ||
Loans Outstanding, Ending Balance | $ 121,174 | $ 122,013 |
Loans and Leases and Allowan_10
Loans and Leases and Allowance for Credit Losses - Loans individually evaluated for impairment by class of loans (Details) - Loans Receivable - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 |
Unpaid Principal Balance | ||
Unpaid Principal Balance, With no related allowance recorded | $ 24,831 | $ 26,829 |
Unpaid Principal Balance, With an allowance recorded | 33,253 | 32,995 |
Unpaid Principal Balance | 58,084 | 59,824 |
Recorded Investment | ||
Recorded Investment, With no related allowance recorded | 21,663 | 23,477 |
Recorded Investment, With allowance recorded | 32,131 | 31,972 |
Recorded Investment | 53,794 | 55,449 |
Allowance for Loan Losses Allocated | 2,219 | 2,312 |
Indirect auto | ||
Unpaid Principal Balance | ||
Unpaid Principal Balance, With no related allowance recorded | 142 | 294 |
Unpaid Principal Balance, With an allowance recorded | 975 | 946 |
Recorded Investment | ||
Recorded Investment, With no related allowance recorded | 130 | 292 |
Recorded Investment, With allowance recorded | 974 | 945 |
Allowance for Loan Losses Allocated | 25 | 26 |
Commercial | ||
Unpaid Principal Balance | ||
Unpaid Principal Balance, With no related allowance recorded | 17,133 | 19,846 |
Unpaid Principal Balance, With an allowance recorded | 21,606 | 21,845 |
Recorded Investment | ||
Recorded Investment, With no related allowance recorded | 14,789 | 17,304 |
Recorded Investment, With allowance recorded | 20,654 | 20,994 |
Allowance for Loan Losses Allocated | 1,209 | 1,367 |
Commercial | Owner occupied commercial real estate | ||
Unpaid Principal Balance | ||
Unpaid Principal Balance, With no related allowance recorded | 8,159 | 8,650 |
Unpaid Principal Balance, With an allowance recorded | 11,191 | 11,095 |
Recorded Investment | ||
Recorded Investment, With no related allowance recorded | 6,089 | 6,546 |
Recorded Investment, With allowance recorded | 11,149 | 11,056 |
Allowance for Loan Losses Allocated | 825 | 862 |
Commercial | Income producing commercial real estate | ||
Unpaid Principal Balance | ||
Unpaid Principal Balance, With no related allowance recorded | 8,333 | 9,986 |
Unpaid Principal Balance, With an allowance recorded | 6,166 | 6,968 |
Recorded Investment | ||
Recorded Investment, With no related allowance recorded | 8,227 | 9,881 |
Recorded Investment, With allowance recorded | 5,898 | 6,703 |
Allowance for Loan Losses Allocated | 280 | 402 |
Commercial | Commercial & industrial | ||
Unpaid Principal Balance | ||
Unpaid Principal Balance, With no related allowance recorded | 522 | 525 |
Unpaid Principal Balance, With an allowance recorded | 1,746 | 1,652 |
Recorded Investment | ||
Recorded Investment, With no related allowance recorded | 360 | 370 |
Recorded Investment, With allowance recorded | 1,341 | 1,251 |
Allowance for Loan Losses Allocated | 36 | 32 |
Commercial | Construction | ||
Unpaid Principal Balance | ||
Unpaid Principal Balance, With no related allowance recorded | 119 | 685 |
Unpaid Principal Balance, With an allowance recorded | 2,503 | 2,130 |
Recorded Investment | ||
Recorded Investment, With no related allowance recorded | 113 | 507 |
Recorded Investment, With allowance recorded | 2,266 | 1,984 |
Allowance for Loan Losses Allocated | 68 | 71 |
Commercial | Equipment financing | ||
Unpaid Principal Balance | ||
Unpaid Principal Balance, With no related allowance recorded | 0 | 0 |
Unpaid Principal Balance, With an allowance recorded | 0 | 0 |
Recorded Investment | ||
Recorded Investment, With no related allowance recorded | 0 | 0 |
Recorded Investment, With allowance recorded | 0 | 0 |
Allowance for Loan Losses Allocated | 0 | 0 |
Residential | Construction | ||
Unpaid Principal Balance | ||
Unpaid Principal Balance, With no related allowance recorded | 753 | 554 |
Unpaid Principal Balance, With an allowance recorded | 727 | 791 |
Recorded Investment | ||
Recorded Investment, With no related allowance recorded | 624 | 428 |
Recorded Investment, With allowance recorded | 716 | 779 |
Allowance for Loan Losses Allocated | 63 | 51 |
Residential | Residential mortgage | ||
Unpaid Principal Balance | ||
Unpaid Principal Balance, With no related allowance recorded | 6,513 | 5,787 |
Unpaid Principal Balance, With an allowance recorded | 9,713 | 9,169 |
Recorded Investment | ||
Recorded Investment, With no related allowance recorded | 5,890 | 5,202 |
Recorded Investment, With allowance recorded | 9,563 | 9,018 |
Allowance for Loan Losses Allocated | 916 | 861 |
Residential | Home equity lines of credit | ||
Unpaid Principal Balance | ||
Unpaid Principal Balance, With no related allowance recorded | 275 | 330 |
Unpaid Principal Balance, With an allowance recorded | 43 | 45 |
Recorded Investment | ||
Recorded Investment, With no related allowance recorded | 215 | 234 |
Recorded Investment, With allowance recorded | 40 | 42 |
Allowance for Loan Losses Allocated | 1 | 1 |
Consumer direct | ||
Unpaid Principal Balance | ||
Unpaid Principal Balance, With no related allowance recorded | 15 | 18 |
Unpaid Principal Balance, With an allowance recorded | 189 | 199 |
Recorded Investment | ||
Recorded Investment, With no related allowance recorded | 15 | 17 |
Recorded Investment, With allowance recorded | 184 | 194 |
Allowance for Loan Losses Allocated | $ 5 | $ 6 |
Loans and Leases and Allowan_11
Loans and Leases and Allowance for Credit Losses - Loans modified under terms of TDR (Details) - Loans Receivable $ in Thousands | 3 Months Ended | |
Mar. 31, 2019USD ($)contract | Mar. 31, 2018USD ($)contract | |
Financing Receivable, Modifications [Line Items] | ||
Number of Contracts | contract | 10 | 6 |
Pre-modification Outstanding Recorded Investment | $ 587 | $ 1,415 |
Post-Modification Outstanding Recorded Investment by Type of Modification | $ 577 | $ 1,323 |
Modified Within the Previous Twelve Months that Have Subsequently Defaulted, Number of Contracts | contract | 0 | 2 |
Modified Within the Previous Twelve Months that Have Subsequently Defaulted, Recorded Investment | $ 0 | $ 1,586 |
Rate Reduction | ||
Financing Receivable, Modifications [Line Items] | ||
Post-Modification Outstanding Recorded Investment by Type of Modification | 0 | 0 |
Structure | ||
Financing Receivable, Modifications [Line Items] | ||
Post-Modification Outstanding Recorded Investment by Type of Modification | 513 | 1,323 |
Other | ||
Financing Receivable, Modifications [Line Items] | ||
Post-Modification Outstanding Recorded Investment by Type of Modification | $ 64 | $ 0 |
Indirect auto | ||
Financing Receivable, Modifications [Line Items] | ||
Number of Contracts | contract | 6 | 0 |
Pre-modification Outstanding Recorded Investment | $ 66 | $ 0 |
Post-Modification Outstanding Recorded Investment by Type of Modification | $ 57 | $ 0 |
Modified Within the Previous Twelve Months that Have Subsequently Defaulted, Number of Contracts | contract | 0 | 0 |
Modified Within the Previous Twelve Months that Have Subsequently Defaulted, Recorded Investment | $ 0 | $ 0 |
Indirect auto | Rate Reduction | ||
Financing Receivable, Modifications [Line Items] | ||
Post-Modification Outstanding Recorded Investment by Type of Modification | 0 | 0 |
Indirect auto | Structure | ||
Financing Receivable, Modifications [Line Items] | ||
Post-Modification Outstanding Recorded Investment by Type of Modification | 0 | 0 |
Indirect auto | Other | ||
Financing Receivable, Modifications [Line Items] | ||
Post-Modification Outstanding Recorded Investment by Type of Modification | $ 57 | $ 0 |
Commercial | ||
Financing Receivable, Modifications [Line Items] | ||
Number of Contracts | contract | 2 | 4 |
Pre-modification Outstanding Recorded Investment | $ 176 | $ 1,075 |
Post-Modification Outstanding Recorded Investment by Type of Modification | $ 176 | $ 983 |
Modified Within the Previous Twelve Months that Have Subsequently Defaulted, Number of Contracts | contract | 0 | 2 |
Modified Within the Previous Twelve Months that Have Subsequently Defaulted, Recorded Investment | $ 0 | $ 1,586 |
Commercial | Rate Reduction | ||
Financing Receivable, Modifications [Line Items] | ||
Post-Modification Outstanding Recorded Investment by Type of Modification | 0 | 0 |
Commercial | Structure | ||
Financing Receivable, Modifications [Line Items] | ||
Post-Modification Outstanding Recorded Investment by Type of Modification | 169 | 983 |
Commercial | Other | ||
Financing Receivable, Modifications [Line Items] | ||
Post-Modification Outstanding Recorded Investment by Type of Modification | $ 7 | $ 0 |
Commercial | Owner occupied commercial real estate | ||
Financing Receivable, Modifications [Line Items] | ||
Number of Contracts | contract | 0 | 3 |
Pre-modification Outstanding Recorded Investment | $ 0 | $ 994 |
Post-Modification Outstanding Recorded Investment by Type of Modification | $ 0 | $ 978 |
Modified Within the Previous Twelve Months that Have Subsequently Defaulted, Number of Contracts | contract | 0 | 2 |
Modified Within the Previous Twelve Months that Have Subsequently Defaulted, Recorded Investment | $ 0 | $ 1,586 |
Commercial | Owner occupied commercial real estate | Rate Reduction | ||
Financing Receivable, Modifications [Line Items] | ||
Post-Modification Outstanding Recorded Investment by Type of Modification | 0 | 0 |
Commercial | Owner occupied commercial real estate | Structure | ||
Financing Receivable, Modifications [Line Items] | ||
Post-Modification Outstanding Recorded Investment by Type of Modification | 0 | 978 |
Commercial | Owner occupied commercial real estate | Other | ||
Financing Receivable, Modifications [Line Items] | ||
Post-Modification Outstanding Recorded Investment by Type of Modification | $ 0 | $ 0 |
Commercial | Income producing commercial real estate | ||
Financing Receivable, Modifications [Line Items] | ||
Number of Contracts | contract | 1 | 0 |
Pre-modification Outstanding Recorded Investment | $ 169 | $ 0 |
Post-Modification Outstanding Recorded Investment by Type of Modification | $ 169 | $ 0 |
Modified Within the Previous Twelve Months that Have Subsequently Defaulted, Number of Contracts | contract | 0 | 0 |
Modified Within the Previous Twelve Months that Have Subsequently Defaulted, Recorded Investment | $ 0 | $ 0 |
Commercial | Income producing commercial real estate | Rate Reduction | ||
Financing Receivable, Modifications [Line Items] | ||
Post-Modification Outstanding Recorded Investment by Type of Modification | 0 | 0 |
Commercial | Income producing commercial real estate | Structure | ||
Financing Receivable, Modifications [Line Items] | ||
Post-Modification Outstanding Recorded Investment by Type of Modification | 169 | 0 |
Commercial | Income producing commercial real estate | Other | ||
Financing Receivable, Modifications [Line Items] | ||
Post-Modification Outstanding Recorded Investment by Type of Modification | $ 0 | $ 0 |
Commercial | Commercial & industrial | ||
Financing Receivable, Modifications [Line Items] | ||
Number of Contracts | contract | 1 | 1 |
Pre-modification Outstanding Recorded Investment | $ 7 | $ 81 |
Post-Modification Outstanding Recorded Investment by Type of Modification | $ 7 | $ 5 |
Modified Within the Previous Twelve Months that Have Subsequently Defaulted, Number of Contracts | contract | 0 | 0 |
Modified Within the Previous Twelve Months that Have Subsequently Defaulted, Recorded Investment | $ 0 | $ 0 |
Commercial | Commercial & industrial | Rate Reduction | ||
Financing Receivable, Modifications [Line Items] | ||
Post-Modification Outstanding Recorded Investment by Type of Modification | 0 | 0 |
Commercial | Commercial & industrial | Structure | ||
Financing Receivable, Modifications [Line Items] | ||
Post-Modification Outstanding Recorded Investment by Type of Modification | 0 | 5 |
Commercial | Commercial & industrial | Other | ||
Financing Receivable, Modifications [Line Items] | ||
Post-Modification Outstanding Recorded Investment by Type of Modification | $ 7 | $ 0 |
Commercial | Construction | ||
Financing Receivable, Modifications [Line Items] | ||
Number of Contracts | contract | 0 | 0 |
Pre-modification Outstanding Recorded Investment | $ 0 | $ 0 |
Post-Modification Outstanding Recorded Investment by Type of Modification | $ 0 | $ 0 |
Modified Within the Previous Twelve Months that Have Subsequently Defaulted, Number of Contracts | contract | 0 | 0 |
Modified Within the Previous Twelve Months that Have Subsequently Defaulted, Recorded Investment | $ 0 | $ 0 |
Commercial | Construction | Rate Reduction | ||
Financing Receivable, Modifications [Line Items] | ||
Post-Modification Outstanding Recorded Investment by Type of Modification | 0 | 0 |
Commercial | Construction | Structure | ||
Financing Receivable, Modifications [Line Items] | ||
Post-Modification Outstanding Recorded Investment by Type of Modification | 0 | 0 |
Commercial | Construction | Other | ||
Financing Receivable, Modifications [Line Items] | ||
Post-Modification Outstanding Recorded Investment by Type of Modification | $ 0 | $ 0 |
Commercial | Equipment financing | ||
Financing Receivable, Modifications [Line Items] | ||
Number of Contracts | contract | 0 | 0 |
Pre-modification Outstanding Recorded Investment | $ 0 | $ 0 |
Post-Modification Outstanding Recorded Investment by Type of Modification | $ 0 | $ 0 |
Modified Within the Previous Twelve Months that Have Subsequently Defaulted, Number of Contracts | contract | 0 | 0 |
Modified Within the Previous Twelve Months that Have Subsequently Defaulted, Recorded Investment | $ 0 | $ 0 |
Commercial | Equipment financing | Rate Reduction | ||
Financing Receivable, Modifications [Line Items] | ||
Post-Modification Outstanding Recorded Investment by Type of Modification | 0 | 0 |
Commercial | Equipment financing | Structure | ||
Financing Receivable, Modifications [Line Items] | ||
Post-Modification Outstanding Recorded Investment by Type of Modification | 0 | 0 |
Commercial | Equipment financing | Other | ||
Financing Receivable, Modifications [Line Items] | ||
Post-Modification Outstanding Recorded Investment by Type of Modification | $ 0 | $ 0 |
Residential | Construction | ||
Financing Receivable, Modifications [Line Items] | ||
Number of Contracts | contract | 0 | 0 |
Pre-modification Outstanding Recorded Investment | $ 0 | $ 0 |
Post-Modification Outstanding Recorded Investment by Type of Modification | $ 0 | $ 0 |
Modified Within the Previous Twelve Months that Have Subsequently Defaulted, Number of Contracts | contract | 0 | 0 |
Modified Within the Previous Twelve Months that Have Subsequently Defaulted, Recorded Investment | $ 0 | $ 0 |
Residential | Construction | Rate Reduction | ||
Financing Receivable, Modifications [Line Items] | ||
Post-Modification Outstanding Recorded Investment by Type of Modification | 0 | 0 |
Residential | Construction | Structure | ||
Financing Receivable, Modifications [Line Items] | ||
Post-Modification Outstanding Recorded Investment by Type of Modification | 0 | 0 |
Residential | Construction | Other | ||
Financing Receivable, Modifications [Line Items] | ||
Post-Modification Outstanding Recorded Investment by Type of Modification | $ 0 | $ 0 |
Residential | Residential mortgage | ||
Financing Receivable, Modifications [Line Items] | ||
Number of Contracts | contract | 2 | 2 |
Pre-modification Outstanding Recorded Investment | $ 345 | $ 340 |
Post-Modification Outstanding Recorded Investment by Type of Modification | $ 344 | $ 340 |
Modified Within the Previous Twelve Months that Have Subsequently Defaulted, Number of Contracts | contract | 0 | 0 |
Modified Within the Previous Twelve Months that Have Subsequently Defaulted, Recorded Investment | $ 0 | $ 0 |
Residential | Residential mortgage | Rate Reduction | ||
Financing Receivable, Modifications [Line Items] | ||
Post-Modification Outstanding Recorded Investment by Type of Modification | 0 | 0 |
Residential | Residential mortgage | Structure | ||
Financing Receivable, Modifications [Line Items] | ||
Post-Modification Outstanding Recorded Investment by Type of Modification | 344 | 340 |
Residential | Residential mortgage | Other | ||
Financing Receivable, Modifications [Line Items] | ||
Post-Modification Outstanding Recorded Investment by Type of Modification | $ 0 | $ 0 |
Residential | Home equity lines of credit | ||
Financing Receivable, Modifications [Line Items] | ||
Number of Contracts | contract | 0 | 0 |
Pre-modification Outstanding Recorded Investment | $ 0 | $ 0 |
Post-Modification Outstanding Recorded Investment by Type of Modification | $ 0 | $ 0 |
Modified Within the Previous Twelve Months that Have Subsequently Defaulted, Number of Contracts | contract | 0 | 0 |
Modified Within the Previous Twelve Months that Have Subsequently Defaulted, Recorded Investment | $ 0 | $ 0 |
Residential | Home equity lines of credit | Rate Reduction | ||
Financing Receivable, Modifications [Line Items] | ||
Post-Modification Outstanding Recorded Investment by Type of Modification | 0 | 0 |
Residential | Home equity lines of credit | Structure | ||
Financing Receivable, Modifications [Line Items] | ||
Post-Modification Outstanding Recorded Investment by Type of Modification | 0 | 0 |
Residential | Home equity lines of credit | Other | ||
Financing Receivable, Modifications [Line Items] | ||
Post-Modification Outstanding Recorded Investment by Type of Modification | $ 0 | $ 0 |
Consumer direct | ||
Financing Receivable, Modifications [Line Items] | ||
Number of Contracts | contract | 0 | 0 |
Pre-modification Outstanding Recorded Investment | $ 0 | $ 0 |
Post-Modification Outstanding Recorded Investment by Type of Modification | $ 0 | $ 0 |
Modified Within the Previous Twelve Months that Have Subsequently Defaulted, Number of Contracts | contract | 0 | 0 |
Modified Within the Previous Twelve Months that Have Subsequently Defaulted, Recorded Investment | $ 0 | $ 0 |
Consumer direct | Rate Reduction | ||
Financing Receivable, Modifications [Line Items] | ||
Post-Modification Outstanding Recorded Investment by Type of Modification | 0 | 0 |
Consumer direct | Structure | ||
Financing Receivable, Modifications [Line Items] | ||
Post-Modification Outstanding Recorded Investment by Type of Modification | 0 | 0 |
Consumer direct | Other | ||
Financing Receivable, Modifications [Line Items] | ||
Post-Modification Outstanding Recorded Investment by Type of Modification | $ 0 | $ 0 |
Loans and Leases and Allowan_12
Loans and Leases and Allowance for Credit Losses - Average balances of impaired loans and income recognized on impaired loans (Details) - Loans Receivable - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Average balances of impaired loans and income recognized on impaired loans | ||
Average Balance | $ 54,328 | $ 66,219 |
Interest Revenue Recognized During Impairment | 745 | 746 |
Cash Basis Interest Revenue Received | 761 | 810 |
Indirect auto | ||
Average balances of impaired loans and income recognized on impaired loans | ||
Average Balance | 1,190 | 1,378 |
Interest Revenue Recognized During Impairment | 14 | 18 |
Cash Basis Interest Revenue Received | 14 | 18 |
Commercial | ||
Average balances of impaired loans and income recognized on impaired loans | ||
Average Balance | 35,765 | 47,623 |
Interest Revenue Recognized During Impairment | 531 | 546 |
Cash Basis Interest Revenue Received | 543 | 609 |
Commercial | Owner occupied commercial real estate | ||
Average balances of impaired loans and income recognized on impaired loans | ||
Average Balance | 17,410 | 24,658 |
Interest Revenue Recognized During Impairment | 285 | 245 |
Cash Basis Interest Revenue Received | 284 | 280 |
Commercial | Income producing commercial real estate | ||
Average balances of impaired loans and income recognized on impaired loans | ||
Average Balance | 14,237 | 16,433 |
Interest Revenue Recognized During Impairment | 193 | 210 |
Cash Basis Interest Revenue Received | 207 | 235 |
Commercial | Commercial & industrial | ||
Average balances of impaired loans and income recognized on impaired loans | ||
Average Balance | 1,716 | 2,596 |
Interest Revenue Recognized During Impairment | 19 | 40 |
Cash Basis Interest Revenue Received | 19 | 42 |
Commercial | Construction | ||
Average balances of impaired loans and income recognized on impaired loans | ||
Average Balance | 2,402 | 3,936 |
Interest Revenue Recognized During Impairment | 34 | 51 |
Cash Basis Interest Revenue Received | 33 | 52 |
Commercial | Equipment financing | ||
Average balances of impaired loans and income recognized on impaired loans | ||
Average Balance | 0 | 0 |
Interest Revenue Recognized During Impairment | 0 | 0 |
Cash Basis Interest Revenue Received | 0 | 0 |
Residential | Construction | ||
Average balances of impaired loans and income recognized on impaired loans | ||
Average Balance | 1,408 | 1,590 |
Interest Revenue Recognized During Impairment | 24 | 24 |
Cash Basis Interest Revenue Received | 23 | 24 |
Residential | Residential mortgage | ||
Average balances of impaired loans and income recognized on impaired loans | ||
Average Balance | 15,502 | 14,993 |
Interest Revenue Recognized During Impairment | 168 | 149 |
Cash Basis Interest Revenue Received | 174 | 150 |
Residential | Home equity lines of credit | ||
Average balances of impaired loans and income recognized on impaired loans | ||
Average Balance | 258 | 344 |
Interest Revenue Recognized During Impairment | 4 | 4 |
Cash Basis Interest Revenue Received | 3 | 4 |
Consumer direct | ||
Average balances of impaired loans and income recognized on impaired loans | ||
Average Balance | 205 | 291 |
Interest Revenue Recognized During Impairment | 4 | 5 |
Cash Basis Interest Revenue Received | $ 4 | $ 5 |
Loans and Leases and Allowan_13
Loans and Leases and Allowance for Credit Losses - Recorded investment in nonaccrual loans by loan class (Details) - Loans Receivable - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 |
Recorded investment in nonaccrual loans by loan class | ||
Nonaccrual Loans | $ 23,624 | $ 23,778 |
Indirect auto | ||
Recorded investment in nonaccrual loans by loan class | ||
Nonaccrual Loans | 458 | 726 |
Commercial | ||
Recorded investment in nonaccrual loans by loan class | ||
Nonaccrual Loans | 12,258 | 12,280 |
Commercial | Owner occupied commercial real estate | ||
Recorded investment in nonaccrual loans by loan class | ||
Nonaccrual Loans | 7,030 | 6,421 |
Commercial | Income producing commercial real estate | ||
Recorded investment in nonaccrual loans by loan class | ||
Nonaccrual Loans | 1,276 | 1,160 |
Commercial | Commercial & industrial | ||
Recorded investment in nonaccrual loans by loan class | ||
Nonaccrual Loans | 1,666 | 1,417 |
Commercial | Construction | ||
Recorded investment in nonaccrual loans by loan class | ||
Nonaccrual Loans | 473 | 605 |
Commercial | Equipment financing | ||
Recorded investment in nonaccrual loans by loan class | ||
Nonaccrual Loans | 1,813 | 2,677 |
Residential | Residential mortgage | ||
Recorded investment in nonaccrual loans by loan class | ||
Nonaccrual Loans | 8,281 | 8,035 |
Residential | Home equity lines of credit | ||
Recorded investment in nonaccrual loans by loan class | ||
Nonaccrual Loans | 2,233 | 2,360 |
Residential | Construction | ||
Recorded investment in nonaccrual loans by loan class | ||
Nonaccrual Loans | 347 | 288 |
Consumer direct | ||
Recorded investment in nonaccrual loans by loan class | ||
Nonaccrual Loans | $ 47 | $ 89 |
Loans and Leases and Allowan_14
Loans and Leases and Allowance for Credit Losses - Aging of recorded investment in past due loans (Details) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 |
Recorded investment in nonaccrual loans by loan class | ||
Loans Outstanding, Ending Balance | $ 8,493,254 | $ 8,383,401 |
Loans Receivable | ||
Recorded investment in nonaccrual loans by loan class | ||
Loans Past Due | 34,518 | 38,304 |
Loans Not Past Due | 8,390,018 | 8,270,648 |
PCI Loans | 68,718 | 74,449 |
Loans Outstanding, Ending Balance | 8,493,254 | 8,383,401 |
Loans Receivable | Loans Past Due, 30 - 59 Days | ||
Recorded investment in nonaccrual loans by loan class | ||
Loans Past Due | 19,464 | 22,405 |
Loans Receivable | Loans Past Due, 60 - 89 Days | ||
Recorded investment in nonaccrual loans by loan class | ||
Loans Past Due | 5,945 | 7,765 |
Loans Receivable | Loans Past Due, > 90 Days | ||
Recorded investment in nonaccrual loans by loan class | ||
Loans Past Due | 9,109 | 8,134 |
Loans Receivable | Indirect auto | ||
Recorded investment in nonaccrual loans by loan class | ||
Loans Past Due | 1,312 | 1,706 |
Loans Not Past Due | 179,441 | 205,986 |
PCI Loans | 0 | 0 |
Loans Outstanding, Ending Balance | 180,753 | 207,692 |
Loans Receivable | Indirect auto | Loans Past Due, 30 - 59 Days | ||
Recorded investment in nonaccrual loans by loan class | ||
Loans Past Due | 711 | 750 |
Loans Receivable | Indirect auto | Loans Past Due, 60 - 89 Days | ||
Recorded investment in nonaccrual loans by loan class | ||
Loans Past Due | 185 | 323 |
Loans Receivable | Indirect auto | Loans Past Due, > 90 Days | ||
Recorded investment in nonaccrual loans by loan class | ||
Loans Past Due | 416 | 633 |
Loans Receivable | Commercial | ||
Recorded investment in nonaccrual loans by loan class | ||
Loans Past Due | 20,551 | 22,056 |
Loans Not Past Due | 6,165,070 | 6,014,967 |
PCI Loans | 57,387 | 62,420 |
Loans Outstanding, Ending Balance | 6,243,008 | 6,099,443 |
Loans Receivable | Commercial | Loans Past Due, 30 - 59 Days | ||
Recorded investment in nonaccrual loans by loan class | ||
Loans Past Due | 10,440 | 12,973 |
Loans Receivable | Commercial | Loans Past Due, 60 - 89 Days | ||
Recorded investment in nonaccrual loans by loan class | ||
Loans Past Due | 3,394 | 4,645 |
Loans Receivable | Commercial | Loans Past Due, > 90 Days | ||
Recorded investment in nonaccrual loans by loan class | ||
Loans Past Due | 6,717 | 4,438 |
Loans Receivable | Commercial | Owner occupied commercial real estate | ||
Recorded investment in nonaccrual loans by loan class | ||
Loans Past Due | 9,114 | 6,450 |
Loans Not Past Due | 1,602,350 | 1,631,602 |
PCI Loans | 8,604 | 9,852 |
Loans Outstanding, Ending Balance | 1,620,068 | 1,647,904 |
Loans Receivable | Commercial | Owner occupied commercial real estate | Loans Past Due, 30 - 59 Days | ||
Recorded investment in nonaccrual loans by loan class | ||
Loans Past Due | 4,644 | 2,542 |
Loans Receivable | Commercial | Owner occupied commercial real estate | Loans Past Due, 60 - 89 Days | ||
Recorded investment in nonaccrual loans by loan class | ||
Loans Past Due | 1,142 | 2,897 |
Loans Receivable | Commercial | Owner occupied commercial real estate | Loans Past Due, > 90 Days | ||
Recorded investment in nonaccrual loans by loan class | ||
Loans Past Due | 3,328 | 1,011 |
Loans Receivable | Commercial | Income producing commercial real estate | ||
Recorded investment in nonaccrual loans by loan class | ||
Loans Past Due | 2,030 | 2,216 |
Loans Not Past Due | 1,829,298 | 1,771,893 |
PCI Loans | 36,097 | 38,311 |
Loans Outstanding, Ending Balance | 1,867,425 | 1,812,420 |
Loans Receivable | Commercial | Income producing commercial real estate | Loans Past Due, 30 - 59 Days | ||
Recorded investment in nonaccrual loans by loan class | ||
Loans Past Due | 1,199 | 1,624 |
Loans Receivable | Commercial | Income producing commercial real estate | Loans Past Due, 60 - 89 Days | ||
Recorded investment in nonaccrual loans by loan class | ||
Loans Past Due | 125 | 291 |
Loans Receivable | Commercial | Income producing commercial real estate | Loans Past Due, > 90 Days | ||
Recorded investment in nonaccrual loans by loan class | ||
Loans Past Due | 706 | 301 |
Loans Receivable | Commercial | Commercial & industrial | ||
Recorded investment in nonaccrual loans by loan class | ||
Loans Past Due | 4,376 | 8,307 |
Loans Not Past Due | 1,279,148 | 1,269,632 |
PCI Loans | 341 | 408 |
Loans Outstanding, Ending Balance | 1,283,865 | 1,278,347 |
Loans Receivable | Commercial | Commercial & industrial | Loans Past Due, 30 - 59 Days | ||
Recorded investment in nonaccrual loans by loan class | ||
Loans Past Due | 2,649 | 7,189 |
Loans Receivable | Commercial | Commercial & industrial | Loans Past Due, 60 - 89 Days | ||
Recorded investment in nonaccrual loans by loan class | ||
Loans Past Due | 790 | 718 |
Loans Receivable | Commercial | Commercial & industrial | Loans Past Due, > 90 Days | ||
Recorded investment in nonaccrual loans by loan class | ||
Loans Past Due | 937 | 400 |
Loans Receivable | Commercial | Construction | ||
Recorded investment in nonaccrual loans by loan class | ||
Loans Past Due | 606 | 335 |
Loans Not Past Due | 859,456 | 789,916 |
PCI Loans | 5,604 | 5,907 |
Loans Outstanding, Ending Balance | 865,666 | 796,158 |
Loans Receivable | Commercial | Construction | Loans Past Due, 30 - 59 Days | ||
Recorded investment in nonaccrual loans by loan class | ||
Loans Past Due | 139 | 267 |
Loans Receivable | Commercial | Construction | Loans Past Due, 60 - 89 Days | ||
Recorded investment in nonaccrual loans by loan class | ||
Loans Past Due | 443 | 0 |
Loans Receivable | Commercial | Construction | Loans Past Due, > 90 Days | ||
Recorded investment in nonaccrual loans by loan class | ||
Loans Past Due | 24 | 68 |
Loans Receivable | Commercial | Equipment financing | ||
Recorded investment in nonaccrual loans by loan class | ||
Loans Past Due | 4,425 | 4,748 |
Loans Not Past Due | 594,818 | 551,924 |
PCI Loans | 6,741 | 7,942 |
Loans Outstanding, Ending Balance | 605,984 | 564,614 |
Loans Receivable | Commercial | Equipment financing | Loans Past Due, 30 - 59 Days | ||
Recorded investment in nonaccrual loans by loan class | ||
Loans Past Due | 1,809 | 1,351 |
Loans Receivable | Commercial | Equipment financing | Loans Past Due, 60 - 89 Days | ||
Recorded investment in nonaccrual loans by loan class | ||
Loans Past Due | 894 | 739 |
Loans Receivable | Commercial | Equipment financing | Loans Past Due, > 90 Days | ||
Recorded investment in nonaccrual loans by loan class | ||
Loans Past Due | 1,722 | 2,658 |
Loans Receivable | Residential | Construction | ||
Recorded investment in nonaccrual loans by loan class | ||
Loans Past Due | 860 | 762 |
Loans Not Past Due | 199,267 | 209,515 |
PCI Loans | 581 | 734 |
Loans Outstanding, Ending Balance | 200,708 | 211,011 |
Loans Receivable | Residential | Construction | Loans Past Due, 30 - 59 Days | ||
Recorded investment in nonaccrual loans by loan class | ||
Loans Past Due | 574 | 509 |
Loans Receivable | Residential | Construction | Loans Past Due, 60 - 89 Days | ||
Recorded investment in nonaccrual loans by loan class | ||
Loans Past Due | 132 | 63 |
Loans Receivable | Residential | Construction | Loans Past Due, > 90 Days | ||
Recorded investment in nonaccrual loans by loan class | ||
Loans Past Due | 154 | 190 |
Loans Receivable | Residential | Residential mortgage | ||
Recorded investment in nonaccrual loans by loan class | ||
Loans Past Due | 7,665 | 9,199 |
Loans Not Past Due | 1,047,370 | 1,030,883 |
PCI Loans | 8,805 | 9,150 |
Loans Outstanding, Ending Balance | 1,063,840 | 1,049,232 |
Loans Receivable | Residential | Residential mortgage | Loans Past Due, 30 - 59 Days | ||
Recorded investment in nonaccrual loans by loan class | ||
Loans Past Due | 4,862 | 5,461 |
Loans Receivable | Residential | Residential mortgage | Loans Past Due, 60 - 89 Days | ||
Recorded investment in nonaccrual loans by loan class | ||
Loans Past Due | 1,511 | 1,788 |
Loans Receivable | Residential | Residential mortgage | Loans Past Due, > 90 Days | ||
Recorded investment in nonaccrual loans by loan class | ||
Loans Past Due | 1,292 | 1,950 |
Loans Receivable | Residential | Home equity lines of credit | ||
Recorded investment in nonaccrual loans by loan class | ||
Loans Past Due | 3,517 | 3,878 |
Loans Not Past Due | 678,785 | 688,520 |
PCI Loans | 1,469 | 1,612 |
Loans Outstanding, Ending Balance | 683,771 | 694,010 |
Loans Receivable | Residential | Home equity lines of credit | Loans Past Due, 30 - 59 Days | ||
Recorded investment in nonaccrual loans by loan class | ||
Loans Past Due | 2,355 | 2,112 |
Loans Receivable | Residential | Home equity lines of credit | Loans Past Due, 60 - 89 Days | ||
Recorded investment in nonaccrual loans by loan class | ||
Loans Past Due | 634 | 864 |
Loans Receivable | Residential | Home equity lines of credit | Loans Past Due, > 90 Days | ||
Recorded investment in nonaccrual loans by loan class | ||
Loans Past Due | 528 | 902 |
Loans Receivable | Consumer direct | ||
Recorded investment in nonaccrual loans by loan class | ||
Loans Past Due | 613 | 703 |
Loans Not Past Due | 120,085 | 120,777 |
PCI Loans | 476 | 533 |
Loans Outstanding, Ending Balance | 121,174 | 122,013 |
Loans Receivable | Consumer direct | Loans Past Due, 30 - 59 Days | ||
Recorded investment in nonaccrual loans by loan class | ||
Loans Past Due | 522 | 600 |
Loans Receivable | Consumer direct | Loans Past Due, 60 - 89 Days | ||
Recorded investment in nonaccrual loans by loan class | ||
Loans Past Due | 89 | 82 |
Loans Receivable | Consumer direct | Loans Past Due, > 90 Days | ||
Recorded investment in nonaccrual loans by loan class | ||
Loans Past Due | $ 2 | $ 21 |
Loans and Leases and Allowan_15
Loans and Leases and Allowance for Credit Losses - Risk category of loans by class of loans (Details) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 |
Risk category of loans by class of loans | ||
Total loans | $ 8,493,254 | $ 8,383,401 |
Pass | ||
Risk category of loans by class of loans | ||
Total loans | 8,310,704 | 8,201,872 |
Watch | ||
Risk category of loans by class of loans | ||
Total loans | 68,721 | 66,969 |
Substandard | ||
Risk category of loans by class of loans | ||
Total loans | 113,829 | 114,560 |
Doubtful / Loss | ||
Risk category of loans by class of loans | ||
Total loans | 0 | 0 |
Loans Receivable | ||
Risk category of loans by class of loans | ||
Total loans, excluding PCI loans | 8,424,536 | 8,308,952 |
PCI Loans | 68,718 | 74,449 |
Total loans | 8,493,254 | 8,383,401 |
Loans Receivable | Pass | ||
Risk category of loans by class of loans | ||
Total loans, excluding PCI loans | 8,264,973 | 8,154,010 |
PCI Loans | 45,731 | 47,862 |
Loans Receivable | Watch | ||
Risk category of loans by class of loans | ||
Total loans, excluding PCI loans | 54,343 | 50,556 |
PCI Loans | 14,378 | 16,413 |
Loans Receivable | Substandard | ||
Risk category of loans by class of loans | ||
Total loans, excluding PCI loans | 105,220 | 104,386 |
PCI Loans | 8,609 | 10,174 |
Loans Receivable | Doubtful / Loss | ||
Risk category of loans by class of loans | ||
Total loans, excluding PCI loans | 0 | 0 |
PCI Loans | 0 | 0 |
Loans Receivable | Indirect auto | ||
Risk category of loans by class of loans | ||
Total loans, excluding PCI loans | 180,753 | 207,692 |
PCI Loans | 0 | 0 |
Total loans | 180,753 | 207,692 |
Loans Receivable | Indirect auto | Pass | ||
Risk category of loans by class of loans | ||
Total loans, excluding PCI loans | 178,740 | 205,632 |
PCI Loans | 0 | 0 |
Loans Receivable | Indirect auto | Watch | ||
Risk category of loans by class of loans | ||
Total loans, excluding PCI loans | 0 | 0 |
PCI Loans | 0 | 0 |
Loans Receivable | Indirect auto | Substandard | ||
Risk category of loans by class of loans | ||
Total loans, excluding PCI loans | 2,013 | 2,060 |
PCI Loans | 0 | 0 |
Loans Receivable | Indirect auto | Doubtful / Loss | ||
Risk category of loans by class of loans | ||
Total loans, excluding PCI loans | 0 | 0 |
PCI Loans | 0 | 0 |
Loans Receivable | Commercial | ||
Risk category of loans by class of loans | ||
Total loans, excluding PCI loans | 6,185,621 | 6,037,023 |
PCI Loans | 57,387 | 62,420 |
Total loans | 6,243,008 | 6,099,443 |
Loans Receivable | Commercial | Pass | ||
Risk category of loans by class of loans | ||
Total loans, excluding PCI loans | 6,044,173 | 5,900,234 |
PCI Loans | 36,887 | 38,276 |
Loans Receivable | Commercial | Watch | ||
Risk category of loans by class of loans | ||
Total loans, excluding PCI loans | 54,343 | 50,537 |
PCI Loans | 14,378 | 16,413 |
Loans Receivable | Commercial | Substandard | ||
Risk category of loans by class of loans | ||
Total loans, excluding PCI loans | 87,105 | 86,252 |
PCI Loans | 6,122 | 7,731 |
Loans Receivable | Commercial | Doubtful / Loss | ||
Risk category of loans by class of loans | ||
Total loans, excluding PCI loans | 0 | 0 |
PCI Loans | 0 | 0 |
Loans Receivable | Commercial | Owner occupied commercial real estate | ||
Risk category of loans by class of loans | ||
Total loans, excluding PCI loans | 1,611,464 | 1,638,052 |
PCI Loans | 8,604 | 9,852 |
Total loans | 1,620,068 | 1,647,904 |
Loans Receivable | Commercial | Owner occupied commercial real estate | Pass | ||
Risk category of loans by class of loans | ||
Total loans, excluding PCI loans | 1,557,510 | 1,585,797 |
PCI Loans | 2,803 | 3,352 |
Loans Receivable | Commercial | Owner occupied commercial real estate | Watch | ||
Risk category of loans by class of loans | ||
Total loans, excluding PCI loans | 17,511 | 16,651 |
PCI Loans | 2,781 | 2,774 |
Loans Receivable | Commercial | Owner occupied commercial real estate | Substandard | ||
Risk category of loans by class of loans | ||
Total loans, excluding PCI loans | 36,443 | 35,604 |
PCI Loans | 3,020 | 3,726 |
Loans Receivable | Commercial | Owner occupied commercial real estate | Doubtful / Loss | ||
Risk category of loans by class of loans | ||
Total loans, excluding PCI loans | 0 | 0 |
PCI Loans | 0 | 0 |
Loans Receivable | Commercial | Income producing commercial real estate | ||
Risk category of loans by class of loans | ||
Total loans, excluding PCI loans | 1,831,328 | 1,774,109 |
PCI Loans | 36,097 | 38,311 |
Total loans | 1,867,425 | 1,812,420 |
Loans Receivable | Commercial | Income producing commercial real estate | Pass | ||
Risk category of loans by class of loans | ||
Total loans, excluding PCI loans | 1,789,063 | 1,735,456 |
PCI Loans | 23,872 | 23,430 |
Loans Receivable | Commercial | Income producing commercial real estate | Watch | ||
Risk category of loans by class of loans | ||
Total loans, excluding PCI loans | 22,548 | 20,923 |
PCI Loans | 11,389 | 13,403 |
Loans Receivable | Commercial | Income producing commercial real estate | Substandard | ||
Risk category of loans by class of loans | ||
Total loans, excluding PCI loans | 19,717 | 17,730 |
PCI Loans | 836 | 1,478 |
Loans Receivable | Commercial | Income producing commercial real estate | Doubtful / Loss | ||
Risk category of loans by class of loans | ||
Total loans, excluding PCI loans | 0 | 0 |
PCI Loans | 0 | 0 |
Loans Receivable | Commercial | Commercial & industrial | ||
Risk category of loans by class of loans | ||
Total loans, excluding PCI loans | 1,283,524 | 1,277,939 |
PCI Loans | 341 | 408 |
Total loans | 1,283,865 | 1,278,347 |
Loans Receivable | Commercial | Commercial & industrial | Pass | ||
Risk category of loans by class of loans | ||
Total loans, excluding PCI loans | 1,253,268 | 1,247,206 |
PCI Loans | 246 | 266 |
Loans Receivable | Commercial | Commercial & industrial | Watch | ||
Risk category of loans by class of loans | ||
Total loans, excluding PCI loans | 7,517 | 8,430 |
PCI Loans | 43 | 48 |
Loans Receivable | Commercial | Commercial & industrial | Substandard | ||
Risk category of loans by class of loans | ||
Total loans, excluding PCI loans | 22,739 | 22,303 |
PCI Loans | 52 | 94 |
Loans Receivable | Commercial | Commercial & industrial | Doubtful / Loss | ||
Risk category of loans by class of loans | ||
Total loans, excluding PCI loans | 0 | 0 |
PCI Loans | 0 | 0 |
Loans Receivable | Commercial | Construction | ||
Risk category of loans by class of loans | ||
Total loans, excluding PCI loans | 860,062 | 790,251 |
PCI Loans | 5,604 | 5,907 |
Total loans | 865,666 | 796,158 |
Loans Receivable | Commercial | Construction | Pass | ||
Risk category of loans by class of loans | ||
Total loans, excluding PCI loans | 846,902 | 777,780 |
PCI Loans | 3,340 | 3,503 |
Loans Receivable | Commercial | Construction | Watch | ||
Risk category of loans by class of loans | ||
Total loans, excluding PCI loans | 6,767 | 4,533 |
PCI Loans | 165 | 188 |
Loans Receivable | Commercial | Construction | Substandard | ||
Risk category of loans by class of loans | ||
Total loans, excluding PCI loans | 6,393 | 7,938 |
PCI Loans | 2,099 | 2,216 |
Loans Receivable | Commercial | Construction | Doubtful / Loss | ||
Risk category of loans by class of loans | ||
Total loans, excluding PCI loans | 0 | 0 |
PCI Loans | 0 | 0 |
Loans Receivable | Commercial | Equipment financing | ||
Risk category of loans by class of loans | ||
Total loans, excluding PCI loans | 599,243 | 556,672 |
PCI Loans | 6,741 | 7,942 |
Total loans | 605,984 | 564,614 |
Loans Receivable | Commercial | Equipment financing | Pass | ||
Risk category of loans by class of loans | ||
Total loans, excluding PCI loans | 597,430 | 553,995 |
PCI Loans | 6,626 | 7,725 |
Loans Receivable | Commercial | Equipment financing | Watch | ||
Risk category of loans by class of loans | ||
Total loans, excluding PCI loans | 0 | 0 |
PCI Loans | 0 | 0 |
Loans Receivable | Commercial | Equipment financing | Substandard | ||
Risk category of loans by class of loans | ||
Total loans, excluding PCI loans | 1,813 | 2,677 |
PCI Loans | 115 | 217 |
Loans Receivable | Commercial | Equipment financing | Doubtful / Loss | ||
Risk category of loans by class of loans | ||
Total loans, excluding PCI loans | 0 | 0 |
PCI Loans | 0 | 0 |
Loans Receivable | Residential | Construction | ||
Risk category of loans by class of loans | ||
Total loans, excluding PCI loans | 200,127 | 210,277 |
PCI Loans | 581 | 734 |
Total loans | 200,708 | 211,011 |
Loans Receivable | Residential | Construction | Pass | ||
Risk category of loans by class of loans | ||
Total loans, excluding PCI loans | 199,570 | 209,744 |
PCI Loans | 542 | 687 |
Loans Receivable | Residential | Construction | Watch | ||
Risk category of loans by class of loans | ||
Total loans, excluding PCI loans | 0 | 0 |
PCI Loans | 0 | 0 |
Loans Receivable | Residential | Construction | Substandard | ||
Risk category of loans by class of loans | ||
Total loans, excluding PCI loans | 557 | 533 |
PCI Loans | 39 | 47 |
Loans Receivable | Residential | Construction | Doubtful / Loss | ||
Risk category of loans by class of loans | ||
Total loans, excluding PCI loans | 0 | 0 |
PCI Loans | 0 | 0 |
Loans Receivable | Residential | Residential mortgage | ||
Risk category of loans by class of loans | ||
Total loans, excluding PCI loans | 1,055,035 | 1,040,082 |
PCI Loans | 8,805 | 9,150 |
Total loans | 1,063,840 | 1,049,232 |
Loans Receivable | Residential | Residential mortgage | Pass | ||
Risk category of loans by class of loans | ||
Total loans, excluding PCI loans | 1,043,447 | 1,028,660 |
PCI Loans | 6,512 | 6,914 |
Loans Receivable | Residential | Residential mortgage | Watch | ||
Risk category of loans by class of loans | ||
Total loans, excluding PCI loans | 0 | 0 |
PCI Loans | 0 | 0 |
Loans Receivable | Residential | Residential mortgage | Substandard | ||
Risk category of loans by class of loans | ||
Total loans, excluding PCI loans | 11,588 | 11,422 |
PCI Loans | 2,293 | 2,236 |
Loans Receivable | Residential | Residential mortgage | Doubtful / Loss | ||
Risk category of loans by class of loans | ||
Total loans, excluding PCI loans | 0 | 0 |
PCI Loans | 0 | 0 |
Loans Receivable | Residential | Home equity lines of credit | ||
Risk category of loans by class of loans | ||
Total loans, excluding PCI loans | 682,302 | 692,398 |
PCI Loans | 1,469 | 1,612 |
Total loans | 683,771 | 694,010 |
Loans Receivable | Residential | Home equity lines of credit | Pass | ||
Risk category of loans by class of loans | ||
Total loans, excluding PCI loans | 678,578 | 688,493 |
PCI Loans | 1,350 | 1,492 |
Loans Receivable | Residential | Home equity lines of credit | Watch | ||
Risk category of loans by class of loans | ||
Total loans, excluding PCI loans | 0 | 0 |
PCI Loans | 0 | 0 |
Loans Receivable | Residential | Home equity lines of credit | Substandard | ||
Risk category of loans by class of loans | ||
Total loans, excluding PCI loans | 3,724 | 3,905 |
PCI Loans | 119 | 120 |
Loans Receivable | Residential | Home equity lines of credit | Doubtful / Loss | ||
Risk category of loans by class of loans | ||
Total loans, excluding PCI loans | 0 | 0 |
PCI Loans | 0 | 0 |
Loans Receivable | Consumer direct | ||
Risk category of loans by class of loans | ||
Total loans, excluding PCI loans | 120,698 | 121,480 |
PCI Loans | 476 | 533 |
Total loans | 121,174 | 122,013 |
Loans Receivable | Consumer direct | Pass | ||
Risk category of loans by class of loans | ||
Total loans, excluding PCI loans | 120,465 | 121,247 |
PCI Loans | 440 | 493 |
Loans Receivable | Consumer direct | Watch | ||
Risk category of loans by class of loans | ||
Total loans, excluding PCI loans | 0 | 19 |
PCI Loans | 0 | 0 |
Loans Receivable | Consumer direct | Substandard | ||
Risk category of loans by class of loans | ||
Total loans, excluding PCI loans | 233 | 214 |
PCI Loans | 36 | 40 |
Loans Receivable | Consumer direct | Doubtful / Loss | ||
Risk category of loans by class of loans | ||
Total loans, excluding PCI loans | 0 | 0 |
PCI Loans | $ 0 | $ 0 |
Reclassifications Out of Accu_3
Reclassifications Out of Accumulated Other Comprehensive Income (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||
Securities losses, net | $ (267) | $ (940) |
Money market deposit interest expense | (4,205) | (2,175) |
Salaries and employee benefits expense | (47,503) | (42,875) |
Other expense | (7,627) | (6,731) |
Income tax benefit | (12,956) | (10,748) |
Net of tax | 43,947 | 37,381 |
Reclassifications Out of Accumulated Other Comprehensive Income | ||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||
Net of tax | (469) | (1,165) |
Reclassifications Out of Accumulated Other Comprehensive Income | Realized losses on available-for-sale securities | ||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||
Securities losses, net | (267) | (940) |
Income tax benefit | 68 | 221 |
Net of tax | (199) | (719) |
Reclassifications Out of Accumulated Other Comprehensive Income | Amortization of losses included in net income on available-for-sale securities transferred to held to maturity | ||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||
Investment securities interest revenue | (84) | (222) |
Income tax benefit | 20 | 54 |
Net of tax | (64) | (168) |
Reclassifications Out of Accumulated Other Comprehensive Income | Amortization of losses included in net income on derivative financial instruments accounted for as cash flow hedges | ||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||
Money market deposit interest expense | (102) | (147) |
Income tax benefit | 26 | 38 |
Net of tax | (76) | (109) |
Reclassifications Out of Accumulated Other Comprehensive Income | Prior service cost | ||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||
Salaries and employee benefits expense | (159) | (167) |
Reclassifications Out of Accumulated Other Comprehensive Income | Actuarial losses | ||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||
Salaries and employee benefits expense | 0 | (60) |
Other expense | (15) | 0 |
Reclassifications Out of Accumulated Other Comprehensive Income | Amortization of prior service cost and actuarial losses included in net periodic pension cost for defined benefit pension plan | ||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||
Total before tax | (174) | (227) |
Income tax benefit | 44 | 58 |
Net of tax | $ (130) | $ (169) |
Earnings Per Share - Computatio
Earnings Per Share - Computation of basic and diluted earnings per share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Computation of basic and diluted earnings per share | ||
Net income | $ 44,262 | $ 37,658 |
Dividends and undistributed earnings allocated to unvested shares | (315) | (277) |
Net income available to common shareholders | $ 43,947 | $ 37,381 |
Weighted average shares outstanding: | ||
Basic (in shares) | 79,807 | 79,205 |
Effect of dilutive securities | ||
Diluted (in shares) | 79,813 | 79,215 |
Net income per common share: | ||
Basic (in dollars per share) | $ 0.55 | $ 0.47 |
Diluted (in dollars per share) | $ 0.55 | $ 0.47 |
Employee Stock Option | ||
Effect of dilutive securities | ||
Stock options (in shares) | 3 | 10 |
Restricted Stock Units | ||
Effect of dilutive securities | ||
Stock options (in shares) | 3 | 0 |
Earnings Per Share - Narrative
Earnings Per Share - Narrative (Details) - $ / shares | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Exercise price of warrants (in dollars per share) | $ 61.4 | |
Stock Options | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive securities excluded from computation (in shares) | 31,812 | 32,464 |
Weighted average exercise price of stock options (in dollars per share) | $ 31.47 | $ 31.50 |
Warrant | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive securities excluded from computation (in shares) | 219,909 |
Derivatives and Hedging Activ_3
Derivatives and Hedging Activities - Derivatives designated as hedging instruments under ASC 815 (Details) - Designated as Hedging Instrument - Fair value hedging - Derivative liabilities - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 |
Derivatives, Fair Value [Line Items] | ||
Derivatives accounted for as hedges, liability derivatives, fair value | $ 1,251 | $ 1,682 |
Brokered CD's | ||
Derivatives, Fair Value [Line Items] | ||
Derivatives accounted for as hedges, liability derivatives, fair value | $ 1,251 | $ 1,682 |
Derivatives and Hedging Activ_4
Derivatives and Hedging Activities - Derivatives not designated as hedging instruments under ASC 815 (Details) - Not Designated as Hedging Instrument - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 |
Derivative assets | ||
Derivatives, Fair Value [Line Items] | ||
Interest rate derivative instruments not designated as hedging instruments, assets at fair value | $ 25,924 | $ 24,705 |
Derivative assets | Customer derivative positions | ||
Derivatives, Fair Value [Line Items] | ||
Interest rate derivative instruments not designated as hedging instruments, assets at fair value | 12,658 | 5,216 |
Derivative assets | Dealer offsets to customer derivative positions | ||
Derivatives, Fair Value [Line Items] | ||
Interest rate derivative instruments not designated as hedging instruments, assets at fair value | 3,691 | 7,620 |
Derivative assets | Mortgage banking - loan commitment | ||
Derivatives, Fair Value [Line Items] | ||
Interest rate derivative instruments not designated as hedging instruments, assets at fair value | 1,796 | 1,190 |
Derivative assets | Mortgage banking - forward sales commitment | ||
Derivatives, Fair Value [Line Items] | ||
Interest rate derivative instruments not designated as hedging instruments, assets at fair value | 14 | 28 |
Derivative assets | Bifurcated embedded derivatives | ||
Derivatives, Fair Value [Line Items] | ||
Interest rate derivative instruments not designated as hedging instruments, assets at fair value | 7,765 | 10,651 |
Derivative liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Interest rate derivative instruments not designated as hedging instruments, liabilities at fair value | 17,538 | 24,751 |
Derivative liabilities | Customer derivative positions | ||
Derivatives, Fair Value [Line Items] | ||
Interest rate derivative instruments not designated as hedging instruments, liabilities at fair value | 4,118 | 9,661 |
Derivative liabilities | Dealer offsets to customer derivative positions | ||
Derivatives, Fair Value [Line Items] | ||
Interest rate derivative instruments not designated as hedging instruments, liabilities at fair value | 2,744 | 781 |
Derivative liabilities | Risk participations | ||
Derivatives, Fair Value [Line Items] | ||
Interest rate derivative instruments not designated as hedging instruments, liabilities at fair value | 6 | 8 |
Derivative liabilities | Mortgage banking - forward sales commitment | ||
Derivatives, Fair Value [Line Items] | ||
Interest rate derivative instruments not designated as hedging instruments, liabilities at fair value | 483 | 259 |
Derivative liabilities | Dealer offsets to bifurcated embedded derivatives | ||
Derivatives, Fair Value [Line Items] | ||
Interest rate derivative instruments not designated as hedging instruments, liabilities at fair value | 10,187 | 13,339 |
Derivative liabilities | De-designated hedges | ||
Derivatives, Fair Value [Line Items] | ||
Interest rate derivative instruments not designated as hedging instruments, liabilities at fair value | $ 0 | $ 703 |
Derivatives and Hedging Activ_5
Derivatives and Hedging Activities - Narrative (Details) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2019USD ($)contract | Mar. 31, 2018USD ($) | Dec. 31, 2018USD ($)contract | |
Derivative Instruments, Gain (Loss) [Line Items] | |||
Collateral pledged toward derivatives | $ 11,900 | ||
Brokered deposits | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Carrying value of hedged deposits | 36,000 | ||
Cumulative fair value hedging adjustments | 1,380 | ||
Cash flow hedging | Interest Rate Risk | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Increase to deposit interest expense over next twelve months | 118 | ||
Fair value hedging of interest rate risk | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Recognized net losses related to ineffectiveness of hedging relationships | 11 | ||
Recognized net losses related to ineffectiveness of hedging relationships | $ 79 | ||
Fair value hedging of interest rate risk | Interest expense | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Net increase (reduction) in interest expense and net increase (reduction) in interest revenue | $ 101 | 14 | |
Fair value hedging of interest rate risk | Interest revenue | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Net increase (reduction) in interest expense and net increase (reduction) in interest revenue | $ 17 | ||
Interest rate swaps | Fair value hedging of interest rate risk | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Number of derivative contracts outstanding | contract | 4 | 4 | |
Total notional amount designated as fair flow hedges | $ 38,000 | $ 39,000 | |
Not designated as hedging instrument, economic hedge | Interest rate swaps | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Number of derivative contracts outstanding | contract | 3 |
Derivatives and Hedging Activ_6
Derivatives and Hedging Activities - Derivatives in fair value hedging relationships (Details) - Fair value hedging - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Effect of fair value hedging derivative financial instruments on the consolidated statement of operations | ||
Amount of Gain (Loss) Recognized in Income on Derivative | $ 451 | $ (1,029) |
Amount of Gain (Loss) Recognized in Income on Hedged Item | (462) | 950 |
Interest expense | Brokered CD's | ||
Effect of fair value hedging derivative financial instruments on the consolidated statement of operations | ||
Amount of Gain (Loss) Recognized in Income on Derivative | 451 | (693) |
Amount of Gain (Loss) Recognized in Income on Hedged Item | (462) | 545 |
Interest revenue | Corporate Bonds | ||
Effect of fair value hedging derivative financial instruments on the consolidated statement of operations | ||
Amount of Gain (Loss) Recognized in Income on Derivative | 0 | (336) |
Amount of Gain (Loss) Recognized in Income on Hedged Item | $ 0 | $ 405 |
Derivatives and Hedging Activ_7
Derivatives and Hedging Activities - Gains and losses recognized in income on derivatives not designated as hedging instrument (Details) - Not Designated as Hedging Instrument - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Derivative Instruments, Gain (Loss) [Line Items] | ||
Amount of Gain (Loss) Recognized in Income on Derivative | $ 340 | $ 2,613 |
Customer derivatives and dealer offsets | Other noninterest income | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Amount of Gain (Loss) Recognized in Income on Derivative | 503 | 772 |
Bifurcated embedded derivatives and dealer offsets | Other noninterest income | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Amount of Gain (Loss) Recognized in Income on Derivative | 218 | 370 |
Interest rate caps | Other noninterest income | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Amount of Gain (Loss) Recognized in Income on Derivative | 0 | 276 |
De-designated hedges | Other noninterest income | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Amount of Gain (Loss) Recognized in Income on Derivative | (193) | (67) |
Mortgage banking derivatives | Mortgage loan revenue | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Amount of Gain (Loss) Recognized in Income on Derivative | (190) | 1,264 |
Risk participations | Other noninterest income | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Amount of Gain (Loss) Recognized in Income on Derivative | $ 2 | $ (2) |
Stock-Based Compensation - Narr
Stock-Based Compensation - Narrative (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Plan vesting period | 4 years | |
Plan exercisable period | 10 years | |
Additional awards remaining available under plan (in shares) | 1,530,000 | |
Stock options granted (in shares) | 0 | 0 |
Stock Options | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Compensation expense | $ 0 | $ 6,000 |
Unrecognized compensation expense | 0 | |
Restricted Stock Units | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Unrecognized compensation expense | $ 15,700,000 | |
Recognition period for unrecognized compensation expense | 2 years 4 months 18 days | |
Stock Options and Restricted Stock Units | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Income tax benefit related to expense for share-based awards | $ 507,000 | 296,000 |
Employees | Restricted Stock Units | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Compensation expense | 1,910,000 | 1,070,000 |
Directors | Restricted Stock Units | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Compensation expense | $ 72,000 | $ 68,000 |
Stock-Based Compensation - Stoc
Stock-Based Compensation - Stock option activity (Details) - Stock Options $ / shares in Units, $ in Thousands | 3 Months Ended |
Mar. 31, 2019USD ($)$ / sharesshares | |
Shares | |
Outstanding, beginning balance (in shares) | shares | 47,139 |
Exercised (in shares) | shares | (12,000) |
Cancelled/Forfeited (in shares) | shares | (504) |
Expired (in shares) | shares | (1,023) |
Outstanding, ending balance (in shares) | shares | 33,612 |
Exercisable (in shares) | shares | 33,612 |
Weighted- Average Exercise Price | |
Outstanding, beginning balance (in dollars per share) | $ / shares | $ 27.07 |
Exercised (in dollars per share) | $ / shares | 16.44 |
Cancelled/Forfeited (in dollars per share) | $ / shares | 31.50 |
Expired (in dollars per share) | $ / shares | 29.45 |
Outstanding, ending balance (in dollars per share) | $ / shares | 30.72 |
Exercisable (in dollars per share) | $ / shares | $ 30.72 |
Weighted-Average Remaining Contractual Term (Years), Outstanding | 4 months 24 days |
Weighted-Average Remaining Contractual Term (Years), Exercisable | 4 months 24 days |
Aggregate Intrinsic Value, Outstanding | $ | $ 13 |
Aggregate Intrinsic Value, Exercisable | $ | $ 13 |
Stock-Based Compensation - Rest
Stock-Based Compensation - Restricted stock unit activity (Details) - Restricted Stock Units $ / shares in Units, $ in Thousands | 3 Months Ended |
Mar. 31, 2019USD ($)$ / sharesshares | |
Shares | |
Outstanding, beginning balance (in shares) | shares | 759,746 |
Granted (in shares) | shares | 37,994 |
Vested (in shares) | shares | (46,628) |
Cancelled (in shares) | shares | (14,284) |
Outstanding, ending balance (in shares) | shares | 736,828 |
Weighted- Average Grant- Date Fair Value | |
Outstanding, beginning balance (in dollars per share) | $ / shares | $ 27.66 |
Granted (in dollars per share) | $ / shares | 25.67 |
Vested (in dollars per share) | $ / shares | 25.72 |
Cancelled (in dollars per share) | $ / shares | 25.30 |
Outstanding, ending balance (in dollars per share) | $ / shares | $ 27.72 |
Weighted-Average Remaining Contractual Term (Years), Outstanding | 4 years 2 months 14 days |
Aggregate Intrinsic Value, Vested | $ | $ 1,322 |
Aggregate Intrinsic Value, Outstanding | $ | $ 18,369 |
Common Stock (Details)
Common Stock (Details) - USD ($) | 1 Months Ended | 3 Months Ended | |
Nov. 30, 2018 | Mar. 31, 2019 | Mar. 31, 2018 | |
Equity [Abstract] | |||
Repurchase program expiration date | Dec. 31, 2019 | ||
Repurchase program authorized amount | $ 50,000,000 | ||
Shares repurchased (in shares) | 305,052 | 0 | |
Repurchase program remaining authorization | $ 42,200,000 |
Income Taxes - Narrative (Detai
Income Taxes - Narrative (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2019 | Mar. 31, 2018 | Dec. 31, 2018 | |
Income Tax Disclosure [Abstract] | |||
Income tax provision | $ 12,956 | $ 10,748 | |
Effective tax rate (percent) | 22.60% | 22.20% | |
Valuation allowance on deferred tax assets | $ 3,370 | $ 3,370 | |
Net deferred tax asset realized based upon future taxable income | 51,100 | ||
Unrecognized income tax benefits | $ 3,390 | $ 3,260 |
Assets and Liabilities Measur_3
Assets and Liabilities Measured at Fair Value - Assets and liabilities measured at fair value on recurring basis (Details) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 |
Assets: | ||
Debt securities available for sale | $ 2,454,625 | $ 2,628,467 |
Mortgage loans held for sale | 26,300 | 18,900 |
Derivative financial instruments | 25,924 | 24,705 |
Liabilities: | ||
Derivative financial instruments | 18,789 | 26,433 |
U.S. Treasuries | ||
Assets: | ||
Debt securities available for sale | 141,855 | 149,307 |
State and political subdivisions | ||
Assets: | ||
Debt securities available for sale | 222,180 | 233,941 |
Residential mortgage-backed securities | ||
Assets: | ||
Debt securities available for sale | 1,414,085 | 1,445,910 |
Commercial mortgage-backed securities | ||
Assets: | ||
Debt securities available for sale | 343,339 | 391,917 |
Corporate bonds | ||
Assets: | ||
Debt securities available for sale | 200,676 | 199,163 |
Asset-backed securities | ||
Assets: | ||
Debt securities available for sale | 127,389 | 182,676 |
Recurring | ||
Assets: | ||
Mortgage loans held for sale | 26,341 | 18,935 |
Deferred compensation plan assets | 7,129 | 6,404 |
Servicing rights for SBA/USDA loans | 7,401 | 7,510 |
Residential mortgage servicing rights | 11,447 | 11,877 |
Derivative financial instruments | 25,924 | 24,705 |
Total assets | 2,533,777 | 2,698,974 |
Liabilities: | ||
Deferred compensation plan liability | 7,129 | 6,404 |
Derivative financial instruments | 18,789 | 26,433 |
Total liabilities | 25,918 | 32,837 |
Recurring | U.S. Treasuries | ||
Assets: | ||
Debt securities available for sale | 141,855 | 149,307 |
Recurring | U.S. Government agencies | ||
Assets: | ||
Debt securities available for sale | 5,101 | 25,553 |
Recurring | State and political subdivisions | ||
Assets: | ||
Debt securities available for sale | 222,180 | 233,941 |
Recurring | Residential mortgage-backed securities | ||
Assets: | ||
Debt securities available for sale | 1,414,085 | 1,445,910 |
Recurring | Commercial mortgage-backed securities | ||
Assets: | ||
Debt securities available for sale | 343,339 | 391,917 |
Recurring | Corporate bonds | ||
Assets: | ||
Debt securities available for sale | 200,676 | 199,163 |
Recurring | Asset-backed securities | ||
Assets: | ||
Debt securities available for sale | 127,389 | 182,676 |
Recurring | Equity securities with readily available fair values | ||
Assets: | ||
Debt securities available for sale | 910 | 1,076 |
Recurring | Level 1 | ||
Assets: | ||
Mortgage loans held for sale | 0 | 0 |
Deferred compensation plan assets | 7,129 | 6,404 |
Servicing rights for SBA/USDA loans | 0 | 0 |
Residential mortgage servicing rights | 0 | 0 |
Derivative financial instruments | 0 | 0 |
Total assets | 149,894 | 156,787 |
Liabilities: | ||
Deferred compensation plan liability | 7,129 | 6,404 |
Derivative financial instruments | 0 | 0 |
Total liabilities | 7,129 | 6,404 |
Recurring | Level 1 | U.S. Treasuries | ||
Assets: | ||
Debt securities available for sale | 141,855 | 149,307 |
Recurring | Level 1 | U.S. Government agencies | ||
Assets: | ||
Debt securities available for sale | 0 | 0 |
Recurring | Level 1 | State and political subdivisions | ||
Assets: | ||
Debt securities available for sale | 0 | 0 |
Recurring | Level 1 | Residential mortgage-backed securities | ||
Assets: | ||
Debt securities available for sale | 0 | 0 |
Recurring | Level 1 | Commercial mortgage-backed securities | ||
Assets: | ||
Debt securities available for sale | 0 | 0 |
Recurring | Level 1 | Corporate bonds | ||
Assets: | ||
Debt securities available for sale | 0 | 0 |
Recurring | Level 1 | Asset-backed securities | ||
Assets: | ||
Debt securities available for sale | 0 | 0 |
Recurring | Level 1 | Equity securities with readily available fair values | ||
Assets: | ||
Debt securities available for sale | 910 | 1,076 |
Recurring | Level 2 | ||
Assets: | ||
Mortgage loans held for sale | 26,341 | 18,935 |
Deferred compensation plan assets | 0 | 0 |
Servicing rights for SBA/USDA loans | 0 | 0 |
Residential mortgage servicing rights | 0 | 0 |
Derivative financial instruments | 16,363 | 12,864 |
Total assets | 2,354,479 | 2,509,964 |
Liabilities: | ||
Deferred compensation plan liability | 0 | 0 |
Derivative financial instruments | 7,345 | 10,701 |
Total liabilities | 7,345 | 10,701 |
Recurring | Level 2 | U.S. Treasuries | ||
Assets: | ||
Debt securities available for sale | 0 | 0 |
Recurring | Level 2 | U.S. Government agencies | ||
Assets: | ||
Debt securities available for sale | 5,101 | 25,553 |
Recurring | Level 2 | State and political subdivisions | ||
Assets: | ||
Debt securities available for sale | 222,180 | 233,941 |
Recurring | Level 2 | Residential mortgage-backed securities | ||
Assets: | ||
Debt securities available for sale | 1,414,085 | 1,445,910 |
Recurring | Level 2 | Commercial mortgage-backed securities | ||
Assets: | ||
Debt securities available for sale | 343,339 | 391,917 |
Recurring | Level 2 | Corporate bonds | ||
Assets: | ||
Debt securities available for sale | 199,681 | 198,168 |
Recurring | Level 2 | Asset-backed securities | ||
Assets: | ||
Debt securities available for sale | 127,389 | 182,676 |
Recurring | Level 2 | Equity securities with readily available fair values | ||
Assets: | ||
Debt securities available for sale | 0 | 0 |
Recurring | Level 3 | ||
Assets: | ||
Mortgage loans held for sale | 0 | 0 |
Deferred compensation plan assets | 0 | 0 |
Servicing rights for SBA/USDA loans | 7,401 | 7,510 |
Residential mortgage servicing rights | 11,447 | 11,877 |
Derivative financial instruments | 9,561 | 11,841 |
Total assets | 29,404 | 32,223 |
Liabilities: | ||
Deferred compensation plan liability | 0 | 0 |
Derivative financial instruments | 11,444 | 15,732 |
Total liabilities | 11,444 | 15,732 |
Recurring | Level 3 | U.S. Treasuries | ||
Assets: | ||
Debt securities available for sale | 0 | 0 |
Recurring | Level 3 | U.S. Government agencies | ||
Assets: | ||
Debt securities available for sale | 0 | 0 |
Recurring | Level 3 | State and political subdivisions | ||
Assets: | ||
Debt securities available for sale | 0 | 0 |
Recurring | Level 3 | Residential mortgage-backed securities | ||
Assets: | ||
Debt securities available for sale | 0 | 0 |
Recurring | Level 3 | Commercial mortgage-backed securities | ||
Assets: | ||
Debt securities available for sale | 0 | 0 |
Recurring | Level 3 | Corporate bonds | ||
Assets: | ||
Debt securities available for sale | 995 | 995 |
Recurring | Level 3 | Asset-backed securities | ||
Assets: | ||
Debt securities available for sale | 0 | 0 |
Recurring | Level 3 | Equity securities with readily available fair values | ||
Assets: | ||
Debt securities available for sale | $ 0 | $ 0 |
Assets and Liabilities Measur_4
Assets and Liabilities Measured at Fair Value - Reconciliation for measurements at fair value on a recurring basis using significant unobservable inputs (Details) - Recurring - Level 3 - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Derivative Asset | ||
Reconciliation of Assets at Level 3 Measurement | ||
Balance at beginning of period | $ 11,841 | $ 12,207 |
Business combinations | 0 | |
Additions | 0 | 0 |
Sales and settlements | (1,135) | (1,029) |
Amounts included in earnings - fair value adjustments | (1,145) | 2,699 |
Balance at end of period | 9,561 | 13,877 |
Servicing rights for SBA/USDA loans | ||
Reconciliation of Assets at Level 3 Measurement | ||
Balance at beginning of period | 7,510 | 7,740 |
Business combinations | (354) | |
Additions | 375 | 479 |
Sales and settlements | (363) | (91) |
Amounts included in earnings - fair value adjustments | (121) | (304) |
Balance at end of period | 7,401 | 7,470 |
Residential mortgage servicing rights | ||
Reconciliation of Assets at Level 3 Measurement | ||
Balance at beginning of period | 11,877 | 8,262 |
Business combinations | 0 | |
Additions | 863 | 926 |
Sales and settlements | (150) | (80) |
Amounts included in earnings - fair value adjustments | (1,143) | 610 |
Balance at end of period | 11,447 | 9,718 |
Debt Securities Available-for-Sale | ||
Reconciliation of Assets at Level 3 Measurement | ||
Balance at beginning of period | 995 | 900 |
Business combinations | 0 | |
Additions | 0 | 0 |
Sales and settlements | 0 | 0 |
Amounts included in earnings - fair value adjustments | 0 | 0 |
Balance at end of period | 995 | 900 |
Derivative Liability | ||
Reconciliation of Liabilities at Level 3 Measurement | ||
Balance at beginning of period | 15,732 | 16,744 |
Business combinations | 0 | |
Additions | 0 | 0 |
Sales and settlements | (2,330) | (1,347) |
Amounts included in earnings - fair value adjustments | (1,958) | 2,391 |
Balance at end of period | $ 11,444 | $ 17,788 |
Assets and Liabilities Measur_5
Assets and Liabilities Measured at Fair Value - Quantitative information about Level 3 fair value measurements for fair value on recurring basis (Details) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019USD ($) | Dec. 31, 2018USD ($) | |
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Debt securities available for sale | $ 2,454,625 | $ 2,628,467 |
Derivative assets | 25,924 | 24,705 |
Derivative liabilities | 18,789 | 26,433 |
Recurring | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Servicing rights for SBA/USDA loans | 7,401 | 7,510 |
Residential mortgage servicing rights | 11,447 | 11,877 |
Derivative assets | 25,924 | 24,705 |
Derivative liabilities | 18,789 | 26,433 |
Recurring | Level 3 | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Servicing rights for SBA/USDA loans | 7,401 | 7,510 |
Residential mortgage servicing rights | 11,447 | 11,877 |
Derivative assets | 9,561 | 11,841 |
Derivative liabilities | 11,444 | 15,732 |
Recurring | Level 3 | Servicing rights for SBA/USDA loans | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Servicing rights for SBA/USDA loans | $ 7,401 | $ 7,510 |
Valuation technique | Discounted cash flow | |
Recurring | Level 3 | Servicing rights for SBA/USDA loans | Discount Rate | Weighted Average | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Servicing rights for SBA/USDA loans, measurement input | 0.136 | 0.145 |
Recurring | Level 3 | Servicing rights for SBA/USDA loans | Prepayment Rate | Weighted Average | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Servicing rights for SBA/USDA loans, measurement input | 0.125 | 0.121 |
Recurring | Level 3 | Residential mortgage servicing rights | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Residential mortgage servicing rights | $ 11,447 | $ 11,877 |
Valuation technique | Discounted cash flow | |
Recurring | Level 3 | Residential mortgage servicing rights | Discount Rate | Weighted Average | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Residential mortgage servicing rights, measurement input | 0.100 | 0.100 |
Recurring | Level 3 | Residential mortgage servicing rights | Prepayment Rate | Weighted Average | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Residential mortgage servicing rights, measurement input | 0.128 | 0.106 |
Recurring | Level 3 | Corporate bonds | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Debt securities available for sale | $ 995 | $ 995 |
Valuation technique | Indicative bid provided by a broker | |
Recurring | Level 3 | Derivative assets - mortgage | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Derivative assets | $ 1,796 | $ 1,190 |
Valuation technique | Internal model | |
Recurring | Level 3 | Derivative assets - mortgage | Pull Through Rate | Weighted Average | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Derivative assets, measurement input | 0.789 | 0.807 |
Recurring | Level 3 | Derivative assets - other | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Derivative assets | $ 7,765 | $ 10,651 |
Valuation technique | Dealer priced | |
Recurring | Level 3 | Derivative liabilities - risk participations | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Derivative liabilities | $ 6 | $ 8 |
Valuation technique | Internal model | |
Recurring | Level 3 | Derivative liabilities - risk participations | Probable Exposure Rate | Weighted Average | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Derivative liabilities, measurement input | 0.0037 | 0.0044 |
Recurring | Level 3 | Derivative liabilities - risk participations | Probability of Default Rate | Weighted Average | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Derivative liabilities, measurement input | 0.0180 | 0.0180 |
Recurring | Level 3 | Derivative liabilities - other | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ||
Derivative liabilities | $ 11,438 | $ 15,724 |
Valuation technique | Dealer priced |
Assets and Liabilities Measur_6
Assets and Liabilities Measured at Fair Value - Narrative (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2019 | Mar. 31, 2018 | Dec. 31, 2018 | |
Fair Value Disclosures [Abstract] | |||
Mortgage loans held for sale | $ 26,300 | $ 18,900 | |
Mortgage loans held for sale outstanding principal balance | 25,300 | $ 18,200 | |
Net gains (losses) from changes in fair value of loans | $ 306 | $ (72) |
Assets and Liabilities Measur_7
Assets and Liabilities Measured at Fair Value - Assets and liabilities measured at fair value on nonrecurring basis (Details) - Nonrecurring - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Loans | $ 1,286 | $ 8,631 |
Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Loans | 0 | 0 |
Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Loans | 0 | 0 |
Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Loans | $ 1,286 | $ 8,631 |
Assets and Liabilities Measur_8
Assets and Liabilities Measured at Fair Value - Fair values for other financial instruments that are not measured at fair value on recurring basis (Details) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 |
Assets: | ||
Securities held to maturity | $ 265,117 | $ 268,803 |
Carrying Amount | ||
Assets: | ||
Securities held to maturity | 265,329 | 274,407 |
Loans and leases, net | 8,431,612 | 8,322,198 |
Liabilities: | ||
Deposits | 10,534,306 | 10,534,513 |
Federal Home Loan Bank advances | 40,000 | 160,000 |
Long-term debt | 257,259 | 267,189 |
Fair Value | ||
Assets: | ||
Securities held to maturity | 265,117 | 268,803 |
Loans and leases, net | 8,401,018 | 8,277,387 |
Liabilities: | ||
Deposits | 10,527,436 | 10,528,834 |
Federal Home Loan Bank advances | 39,998 | 159,988 |
Long-term debt | 266,468 | 278,996 |
Fair Value | Level 1 | ||
Assets: | ||
Securities held to maturity | 0 | 0 |
Loans and leases, net | 0 | 0 |
Liabilities: | ||
Deposits | 0 | 0 |
Federal Home Loan Bank advances | 0 | 0 |
Long-term debt | 0 | 0 |
Fair Value | Level 2 | ||
Assets: | ||
Securities held to maturity | 265,117 | 268,803 |
Loans and leases, net | 0 | 0 |
Liabilities: | ||
Deposits | 10,527,436 | 10,528,834 |
Federal Home Loan Bank advances | 39,998 | 159,988 |
Long-term debt | 0 | 0 |
Fair Value | Level 3 | ||
Assets: | ||
Securities held to maturity | 0 | 0 |
Loans and leases, net | 8,401,018 | 8,277,387 |
Liabilities: | ||
Deposits | 0 | 0 |
Federal Home Loan Bank advances | 0 | 0 |
Long-term debt | $ 266,468 | $ 278,996 |
Commitments and Contingencies -
Commitments and Contingencies - Contractual amount of off-balance sheet instruments (Details) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 |
Commitments to extend credit | ||
Financial instruments whose contract amounts represent credit risk: | ||
Financial instruments | $ 2,053,155 | $ 2,129,463 |
Letters of credit | ||
Financial instruments whose contract amounts represent credit risk: | ||
Financial instruments | $ 26,867 | $ 25,447 |
Commitments and Contingencies_2
Commitments and Contingencies - Narrative (Details) $ in Thousands | Mar. 31, 2019USD ($) |
Commitments and Contingencies Disclosure [Abstract] | |
Commitment for additional fund | $ 7,930 |
Operating Leases - Narrative (D
Operating Leases - Narrative (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Dec. 31, 2018 | |
Leases [Abstract] | ||
Right-of-use asset | $ 22,700 | |
Lease liability | $ 25,200 | |
Operating lease, weighted average remaining lease term (in years) | 6 years 10 days | |
Operating lease, weighted average discount rate (percent) | 2.80% | |
Rent Commitments Under Operating Leases Under Topic ASC 840 | ||
2019 | $ 5,350 | |
2020 | 5,160 | |
2021 | 4,910 | |
2022 | 4,480 | |
2023 | 3,910 | |
Thereafter | $ 5,040 |
Operating Leases - Operating le
Operating Leases - Operating lease income and expense and other supplemental information (Details) $ in Thousands | 3 Months Ended |
Mar. 31, 2019USD ($) | |
Operating Lease Income and Expense | |
Operating lease cost | $ 1,258 |
Variable lease cost | 111 |
Short-term lease cost | 19 |
Sublease income | (149) |
Net lease cost | 1,239 |
Rental income from owned properties under operating leases | 216 |
Operating cash flows from operating leases | $ 1,348 |
Operating Leases - Future Minim
Operating Leases - Future Minimum Lease Payments (Details) $ in Thousands | Mar. 31, 2019USD ($) |
Future Minimum Lease Payments | |
Remainder of 2019 | $ 3,627 |
2020 | 5,253 |
2021 | 4,983 |
2022 | 4,553 |
2023 | 3,979 |
Thereafter | 5,092 |
Total | 27,487 |
Less discount | (2,287) |
Present value of lease liability | $ 25,200 |
Subsequent Events - Narrative (
Subsequent Events - Narrative (Details) $ in Thousands | May 01, 2019USD ($) | Mar. 31, 2019USD ($)branch | Dec. 31, 2018USD ($) |
Subsequent Event [Line Items] | |||
Total assets | $ 12,505,827 | $ 12,573,192 | |
Deposits | $ 10,534,306 | $ 10,534,513 | |
First Madison Bank and Trust | |||
Subsequent Event [Line Items] | |||
Number of banking offices | branch | 4 | ||
Total assets | $ 244,000 | ||
Loans | 199,000 | ||
Deposits | $ 213,000 | ||
Subsequent Event | First Madison Bank and Trust | |||
Subsequent Event [Line Items] | |||
Cash payments for acquisition | $ 52,100 |
Uncategorized Items - ucbi-2019
Label | Element | Value |
Retained Earnings [Member] | ||
Cumulative Effect of New Accounting Principle in Period of Adoption | us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption | $ (549,000) |