Cover Page
Cover Page - USD ($) | 12 Months Ended | ||
Dec. 31, 2019 | Jan. 31, 2020 | Jun. 30, 2019 | |
Cover page. | |||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Period End Date | Dec. 31, 2019 | ||
Document Transition Report | false | ||
Entity File Number | 001-35095 | ||
Entity Registrant Name | UNITED COMMUNITY BANKS, INC. | ||
Entity Central Index Key | 0000857855 | ||
Current Fiscal Year End Date | --12-31 | ||
Document Fiscal Year Focus | 2019 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false | ||
Entity Incorporation, State or Country Code | GA | ||
Entity Tax Identification Number | 58-1807304 | ||
Entity Address, Address Line One | 125 Highway 515 East | ||
Entity Address, City or Town | Blairsville | ||
Entity Address, State or Province | GA | ||
Entity Address, Postal Zip Code | 30512 | ||
City Area Code | 706 | ||
Local Phone Number | 781-2265 | ||
Title of 12(b) Security | Common stock, par value $1 per share | ||
Trading Symbol | UCBI | ||
Security Exchange Name | NASDAQ | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
Entity Shell Company | false | ||
Entity Public Float | $ 2,247,034,684 | ||
Entity Common Stock, Shares Outstanding | 78,942,146 | ||
Documents Incorporated by Reference | Portions of the registrant’s Proxy Statement for the 2020 Annual Meeting of Shareholders to be held on May 16, 2020 (the “2020 Proxy Statement”) are incorporated herein into Part III by reference. |
Consolidated Statements of Inco
Consolidated Statements of Income - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Interest revenue: | |||
Loans, including fees | $ 476,039 | $ 420,383 | $ 315,050 |
Investment securities: | |||
Taxable | 69,920 | 73,496 | 70,172 |
Tax exempt | 4,564 | 4,189 | 2,216 |
Deposits in banks and short-term investments | 2,183 | 2,012 | 2,282 |
Total interest revenue | 552,706 | 500,080 | 389,720 |
Interest expense: | |||
Deposits | 66,856 | 39,543 | 17,062 |
Short-term borrowings | 838 | 1,112 | 352 |
Federal Home Loan Bank advances | 2,697 | 6,345 | 6,095 |
Long-term debt | 12,921 | 14,330 | 10,226 |
Total interest expense | 83,312 | 61,330 | 33,735 |
Net interest revenue | 469,394 | 438,750 | 355,985 |
Provision for credit losses | 13,150 | 9,500 | 3,800 |
Net interest revenue after provision for credit losses | 456,244 | 429,250 | 352,185 |
Noninterest income: | |||
Brokerage fees | 6,150 | 5,191 | 4,633 |
Gains from other loan sales, net | 6,867 | 9,277 | 10,493 |
Securities (losses) gains, net | (1,021) | (656) | 42 |
Other | 28,775 | 24,142 | 16,477 |
Total noninterest income | 104,713 | 92,961 | 88,260 |
Total revenue | 560,957 | 522,211 | 440,445 |
Noninterest expenses: | |||
Salaries and employee benefits | 196,440 | 181,015 | 153,098 |
Occupancy | 23,350 | 22,781 | 20,344 |
Communications and equipment | 24,613 | 21,277 | 19,660 |
FDIC assessments and other regulatory charges | 4,901 | 8,491 | 6,534 |
Professional fees | 17,028 | 15,540 | 12,074 |
Lending and loan servicing expense | 9,416 | 8,697 | 7,512 |
Outside services - electronic banking | 7,020 | 6,623 | 6,487 |
Postage, printing and supplies | 6,370 | 6,416 | 5,952 |
Advertising and public relations | 6,170 | 5,991 | 4,242 |
Amortization of intangibles | 4,938 | 6,846 | 4,845 |
Merger-related and other charges | 6,907 | 5,414 | 13,901 |
Other | 15,092 | 17,194 | 12,962 |
Total noninterest expenses | 322,245 | 306,285 | 267,611 |
Income before income taxes | 238,712 | 215,926 | 172,834 |
Income tax expense | 52,991 | 49,815 | 105,013 |
Net income | 185,721 | 166,111 | 67,821 |
Net income available to common shareholders | $ 184,346 | $ 164,927 | $ 67,250 |
Income per common share: | |||
Basic (in dollars per share) | $ 2.31 | $ 2.07 | $ 0.92 |
Diluted (in dollars per share) | $ 2.31 | $ 2.07 | $ 0.92 |
Weighted average common shares outstanding: | |||
Basic (in shares) | 79,700 | 79,662 | 73,247 |
Diluted (in shares) | 79,708 | 79,671 | 73,259 |
Service charges and fees | |||
Noninterest income: | |||
Service charges and other related fees | $ 36,797 | $ 35,997 | $ 38,295 |
Mortgage loan gains and related fees | |||
Noninterest income: | |||
Service charges and other related fees | $ 27,145 | $ 19,010 | $ 18,320 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Statement of Comprehensive Income [Abstract] | |||
Net income, Before-tax Amount | $ 238,712 | $ 215,926 | $ 172,834 |
Net income, Tax (Expense) Benefit | (52,991) | (49,815) | (105,013) |
Net income, Net of Tax Amount | 185,721 | 166,111 | 67,821 |
Unrealized gains (losses) on available-for- sale securities: | |||
Unrealized holding gains (losses) arising during period, Before-tax Amount | 64,749 | (24,990) | 8 |
Unrealized holding gains (losses) arising during period, Tax (Expense) Benefit | (15,696) | 6,081 | 75 |
Unrealized holding gains (losses) arising during period, Net of Tax Amount | 49,053 | (18,909) | 83 |
Reclassification adjustment for losses (gains) included in net income, Before-tax Amount | 1,021 | 656 | (42) |
Reclassification adjustment for losses (gains) included in net income, Tax (Expense) Benefit | (247) | (132) | 14 |
Reclassification adjustment for losses (gains) included in net income, Net of Tax Amount | 774 | 524 | (28) |
Net unrealized gains (losses), Before-tax Amount | 65,770 | (24,334) | (34) |
Net unrealized gains (losses), Tax (Expense) Benefit | (15,943) | 5,949 | 89 |
Net unrealized gains (losses), Net of Tax Amount | 49,827 | (18,385) | 55 |
Amortization of losses included in net income on available-for-sale securities transferred to held to maturity, Before-tax Amount | 383 | 739 | 1,069 |
Amortization of losses included in net income on available-for-sale securities transferred to held to maturity, Tax (Expense) Benefit | (92) | (180) | (401) |
Amortization of losses included in net income on available-for-sale securities transferred to held to maturity, Net of Tax Amount | 291 | 559 | 668 |
Amortization of losses included in net income on terminated derivative financial instruments that were previously accounted for as cash flow hedges, Before-tax Amount | 337 | 499 | 891 |
Amortization of losses included in net income on terminated derivative financial instruments that were previously accounted for as cash flow hedges, Tax (Expense) Benefit | (86) | (129) | (346) |
Amortization of losses included in net income on terminated derivative financial instruments that were previously accounted for as cash flow hedges, Net of Tax Amount | 251 | 370 | 545 |
Reclassification of disproportionate tax effect related to terminated and current cash flow hedges, Before-tax Amount | 0 | 0 | 0 |
Reclassification of disproportionate tax effect related to terminated and current cash flow hedges, Tax (Expense) Benefit | 0 | 0 | 3,289 |
Reclassification of disproportionate tax effect related to terminated and current cash flow hedges, Net of Tax Amount | 0 | 0 | 3,289 |
Net cash flow hedge activity, Before-tax Amount | 337 | 499 | 891 |
Net cash flow hedge activity, Tax (Expense) Benefit | (86) | (129) | 2,943 |
Net cash flow hedge activity, Net of Tax Amount | 251 | 370 | 3,834 |
Termination of defined benefit pension plan, Before-tax Amount | 1,558 | 0 | 0 |
Termination of defined benefit pension plan, Tax (Expense) Benefit | (398) | 0 | 0 |
Termination of defined benefit pension plan, Net of Tax Amount | 1,160 | 0 | 0 |
Amendments to defined benefit pension plan, Before-tax Amount | (386) | (413) | (700) |
Amendments to defined benefit pension plan, Tax (Expense) Benefit | 99 | 105 | 180 |
Amendments to defined benefit pension plan, Net of Tax Amount | (287) | (308) | (520) |
Net actuarial gain (loss) on defined benefit pension plans, Before-tax Amount | (2,390) | 1,015 | (1,819) |
Net actuarial gain (loss) on defined benefit pension plans, Tax (Expense) Benefit | 610 | (259) | 563 |
Net actuarial gain (loss) on defined benefit pension plans, Net of Tax Amount | (1,780) | 756 | (1,256) |
Amortization of prior service cost and actuarial losses included in net periodic pension cost for defined benefit pension plans, Before-tax Amount | 699 | 907 | 798 |
Amortization of prior service cost and actuarial losses included in net periodic pension cost for defined benefit pension plans, Tax (Expense) Benefit | (178) | (247) | (310) |
Amortization of prior service cost and actuarial losses included in net periodic pension cost for defined benefit pension plans, Net of Tax Amount | 521 | 660 | 488 |
Net defined benefit pension plan activity, Before-tax Amount | (519) | 1,509 | (1,721) |
Net defined benefit pension plan activity, Tax (Expense) Benefit | 133 | (401) | 433 |
Net defined benefit pension plan activity, Net of Tax Amount | (386) | 1,108 | (1,288) |
Total other comprehensive (loss) income, Before-tax Amount | 65,971 | (21,587) | 205 |
Total other comprehensive (loss) income, Tax (Expense) Benefit | (15,988) | 5,239 | 3,064 |
Total other comprehensive (loss) income, Net of Tax Amount | 49,983 | (16,348) | 3,269 |
Comprehensive income, Before-tax Amount | 304,683 | 194,339 | 173,039 |
Comprehensive income, Tax (Expense) Benefit | (68,979) | (44,576) | (101,949) |
Comprehensive income, Net of Tax Amount | $ 235,704 | $ 149,763 | $ 71,090 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
ASSETS | ||
Cash and due from banks | $ 125,844 | $ 126,083 |
Interest-bearing deposits in banks | 389,362 | 201,182 |
Cash and cash equivalents | 515,206 | 327,265 |
Debt securities available-for-sale | 2,274,581 | 2,628,467 |
Debt securities held-to-maturity (fair value $287,904 and $268,803) | 283,533 | 274,407 |
Loans held for sale, at fair value | 58,484 | 18,935 |
Loans, net of unearned income | 8,812,553 | 8,383,401 |
Less allowance for loan losses | (62,089) | (61,203) |
Loans, net | 8,750,464 | 8,322,198 |
Premises and equipment, net | 215,976 | 206,140 |
Bank owned life insurance | 202,664 | 192,616 |
Accrued interest receivable | 32,660 | 35,413 |
Net deferred tax asset | 34,059 | 64,224 |
Derivative financial instruments | 35,007 | 24,705 |
Goodwill and other intangible assets, net | 342,247 | 324,072 |
Other assets | 171,135 | 154,750 |
Total assets | 12,916,016 | 12,573,192 |
Deposits: | ||
Noninterest-bearing demand | 3,477,979 | 3,210,220 |
Interest-bearing deposits | 7,419,265 | 7,324,293 |
Total deposits | 10,897,244 | 10,534,513 |
Federal Home Loan Bank advances | 0 | 160,000 |
Long-term debt | 212,664 | 267,189 |
Derivative financial instruments | 15,516 | 26,433 |
Accrued expenses and other liabilities | 154,900 | 127,503 |
Total liabilities | 11,280,324 | 11,115,638 |
Commitments and contingencies | ||
Shareholders' equity: | ||
Common stock, $1 par value; 150,000,000 shares authorized; 79,013,729 and 79,234,077 shares issued and outstanding | 79,014 | 79,234 |
Common stock issuable; 664,640 and 674,499 shares | 11,491 | 10,744 |
Capital surplus | 1,496,641 | 1,499,584 |
Retained earnings (accumulated deficit) | 40,152 | (90,419) |
Accumulated other comprehensive income (loss) | 8,394 | (41,589) |
Total shareholders’ equity | 1,635,692 | 1,457,554 |
Total liabilities and shareholders’ equity | $ 12,916,016 | $ 12,573,192 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Statement of Financial Position [Abstract] | ||
Debt securities held-to-maturity, fair value | $ 287,904 | $ 268,803 |
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) | 79,013,729 | 79,234,077 |
Common stock, outstanding (in shares) | 79,013,729 | 79,234,077 |
Common stock issuable (in shares) | 664,640 | 674,499 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Shareholders' Equity - USD ($) $ in Thousands | Total | Common Stock | Common Stock Issuable | Capital Surplus | Retained Earnings (Accumulated Deficit) | Accumulated Other Comprehensive (Loss) Income |
Beginning balance at Dec. 31, 2016 | $ 1,075,735 | $ 70,899 | $ 7,327 | $ 1,275,849 | $ (251,857) | $ (26,483) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net income | 67,821 | 67,821 | ||||
Other comprehensive income (loss) | 3,269 | 3,269 | ||||
Common stock issued to Dividend Reinvestment Plan and employee benefit plans (83,557 common shares in 2019, 25,248 common shares in 2018, 17,826 common shares in 2017) | 450 | 18 | 432 | |||
Common stock issued for acquisitions (1,443,987 common shares in 2018, 6,515,505 common shares in 2017) | 179,465 | 6,516 | 172,949 | |||
Amortization of stock options and restricted stock unit awards | 5,827 | 5,827 | ||||
Vesting of restricted stock unit awards, net of shares withheld to cover payroll taxes (109,100 common shares issued and 55,271 common shares deferred in 2019, 125,067 common shares issued and 99,779 common shares deferred in 2018, 114,837 common shares issued and 111,090 common shares deferred in 2017) | (1,594) | 115 | 1,763 | (3,472) | ||
Deferred compensation plan, net, including dividend equivalents | 361 | 361 | ||||
Shares issued from deferred compensation plan (74,490 shares in 2019, 48,214 shares in 2018, 32,279 shares in 2017) | (107) | 32 | (368) | 229 | ||
Common stock dividends ($0.68 per share in 2019, $0.58 per share in 2018, $0.38 per share in 2017) | (28,330) | (28,330) | ||||
Reclassification of disproportionate tax effects resulting from the Tax Cuts and Jobs Act of 2017 pursuant to ASU 2018-02 | 0 | 2,027 | (2,027) | |||
Ending 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 | 166,111 | 166,111 | ||||
Other comprehensive income (loss) | (16,348) | (16,348) | ||||
Common stock issued to Dividend Reinvestment Plan and employee benefit plans (83,557 common shares in 2019, 25,248 common shares in 2018, 17,826 common shares in 2017) | 679 | 25 | 654 | |||
Common stock issued for acquisitions (1,443,987 common shares in 2018, 6,515,505 common shares in 2017) | 45,746 | 1,444 | 44,302 | |||
Amortization of stock options and restricted stock unit awards | 6,057 | 6,057 | ||||
Exercise of stock options (13,000 shares in 2019, 12,000 shares in 2018) | 142 | 12 | 130 | |||
Vesting of restricted stock unit awards, net of shares withheld to cover payroll taxes (109,100 common shares issued and 55,271 common shares deferred in 2019, 125,067 common shares issued and 99,779 common shares deferred in 2018, 114,837 common shares issued and 111,090 common shares deferred in 2017) | (1,988) | 125 | 1,931 | (4,044) | ||
Deferred compensation plan, net, including dividend equivalents | 459 | 459 | ||||
Shares issued from deferred compensation plan (74,490 shares in 2019, 48,214 shares in 2018, 32,279 shares in 2017) | (10) | 48 | (729) | 671 | ||
Common stock dividends ($0.68 per share in 2019, $0.58 per share in 2018, $0.38 per share in 2017) | (46,628) | (46,628) | ||||
Ending 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 | 185,721 | 185,721 | ||||
Other comprehensive income (loss) | 49,983 | 49,983 | ||||
Common stock issued to Dividend Reinvestment Plan and employee benefit plans (83,557 common shares in 2019, 25,248 common shares in 2018, 17,826 common shares in 2017) | 2,193 | 83 | 2,110 | |||
Amortization of stock options and restricted stock unit awards | 9,360 | 9,360 | ||||
Exercise of stock options (13,000 shares in 2019, 12,000 shares in 2018) | 212 | 13 | 199 | |||
Vesting of restricted stock unit awards, net of shares withheld to cover payroll taxes (109,100 common shares issued and 55,271 common shares deferred in 2019, 125,067 common shares issued and 99,779 common shares deferred in 2018, 114,837 common shares issued and 111,090 common shares deferred in 2017) | (1,442) | 109 | 1,476 | (3,027) | ||
Deferred compensation plan, net, including dividend equivalents | 525 | 525 | ||||
Shares issued from deferred compensation plan (74,490 shares in 2019, 48,214 shares in 2018, 32,279 shares in 2017) | (244) | 75 | (1,254) | 935 | ||
Common stock dividends ($0.68 per share in 2019, $0.58 per share in 2018, $0.38 per share in 2017) | (54,601) | (54,601) | ||||
Purchases of common stock (500,495 shares) | (13,020) | (500) | (12,520) | |||
Ending balance at Dec. 31, 2019 | $ 1,635,692 | $ 79,014 | $ 11,491 | $ 1,496,641 | $ 40,152 | $ 8,394 |
Consolidated Statements of Ch_2
Consolidated Statements of Changes in Shareholders' Equity (Parenthetical) - $ / shares | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Statement of Stockholders' Equity [Abstract] | |||
Common stock issued to Dividend Reinvestment Plan and employee benefit plans (in shares) | 83,557 | 25,248 | 17,826 |
Common stock issued for acquisitions (in shares) | 1,443,987 | 6,515,505 | |
Exercise of stock options (in shares) | 13,000 | 12,000 | |
Vesting of restricted stock unit awards, net of shares withheld to cover payroll taxes, issued (in shares) | 109,100 | 125,067 | 114,837 |
Vesting of restricted stock unit awards, net of shares withheld to cover payroll taxes, deferred (in shares) | 55,271 | 99,779 | 111,090 |
Shares issued from deferred compensation plan (in shares) | 74,490 | 48,214 | 32,279 |
Common stock dividends (in dollars per share) | $ 0.68 | $ 0.58 | $ 0.38 |
Purchases of common stock (in shares) | 500,495 | 0 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Operating activities: | |||
Net income | $ 185,721 | $ 166,111 | $ 67,821 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Depreciation, amortization and accretion | 23,952 | 30,971 | 27,494 |
Provision for credit losses | 13,150 | 9,500 | 3,800 |
Stock based compensation | 9,360 | 6,057 | 5,827 |
Deferred income tax expense | 14,909 | 32,630 | 99,562 |
Securities losses (gains), net | 1,021 | 656 | (42) |
Gains from other loan sales, net | (6,867) | (9,277) | (10,493) |
Changes in assets and liabilities: | |||
(Increase) decrease in other assets and accrued interest receivable | (45,789) | 13,195 | (15,525) |
(Decrease) increase in accrued expenses and other liabilities | (1,975) | 3,772 | 24,280 |
(Increase) decrease in loans held for sale | (39,549) | 16,391 | 5,238 |
Net cash provided by operating activities | 153,933 | 270,006 | 207,962 |
Debt securities held-to-maturity: | |||
Proceeds from maturities and calls | 50,379 | 58,605 | 56,917 |
Purchases | (59,629) | (11,983) | (36,638) |
Debt securities available-for-sale and equity securities with readily determinable fair values: | |||
Proceeds from sales | 352,106 | 168,891 | 340,540 |
Proceeds from maturities and calls | 349,758 | 346,505 | 605,889 |
Payments to Acquire Debt Securities, Available-for-sale | 294,245 | 566,333 | 936,947 |
Net increase in loans | (205,612) | (291,890) | (109,433) |
Net cash (paid) received for acquisitions | (19,545) | (56,800) | 53,678 |
Purchase of bank owned life insurance | 0 | 0 | (10,000) |
Purchases of premises and equipment | (20,944) | (17,617) | (22,183) |
Proceeds from sales of premises and equipment | 6,595 | 6,483 | 3,137 |
Proceeds from sale of other real estate owned | 2,439 | 4,664 | 9,534 |
Other investing activities | 1,916 | 0 | 0 |
Net cash provided by (used in) investing activities | 163,218 | (359,475) | (45,506) |
Financing activities: | |||
Net increase in deposits | 151,401 | 727,839 | 287,073 |
Net (decrease) increase in short-term borrowings | (264,923) | ||
Net (decrease) increase in short-term borrowings | 0 | 43,859 | |
Proceeds from Federal Home Loan Bank advances | 1,625,000 | 2,860,000 | 4,000,000 |
Repayment of Federal Home Loan Bank advances | (1,785,000) | (3,204,003) | (4,294,000) |
Repayment of long-term debt | (55,266) | (71,831) | (75,000) |
Proceeds from issuance of long-term debt, net of issuance costs | 0 | 98,188 | 0 |
Proceeds from issuance of common stock for dividend reinvestment and employee benefit plans | 2,193 | 679 | 450 |
Proceeds from exercise of stock options | 212 | 142 | 0 |
Cash paid for shares withheld to cover payroll taxes upon vesting of restricted stock units | (1,686) | (1,998) | (1,701) |
Repurchase of common stock | (13,020) | 0 | 0 |
Cash dividends on common stock | (53,044) | (41,634) | (26,210) |
Net cash (used in) provided by financing activities | (129,210) | 102,459 | (65,529) |
Net change in cash and cash equivalents, including restricted cash | 187,941 | 12,990 | 96,927 |
Cash and cash equivalents, including restricted cash, at beginning of year | 327,265 | 314,275 | 217,348 |
Cash and cash equivalents, including restricted cash, at end of year | 515,206 | 327,265 | 314,275 |
Cash paid during the period for: | |||
Interest | 85,973 | 56,830 | 34,657 |
Income taxes paid | $ 33,776 | $ 7,880 | $ 6,514 |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2019 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Summary of Significant Accounting Policies The accounting principles followed by United Community Banks, Inc. and its subsidiaries (collectively referred to herein as “United”) and the methods of applying these principles conform with accounting principles generally accepted in the United States of America (“GAAP”) and with general practices within the banking industry. The following is a description of the significant policies. Organization and Basis of Presentation United Community Banks, Inc. (the “Holding Company”) is a bank holding company subject to the regulation of the Board of Governors of the Federal Reserve System (the “Federal Reserve”) whose principal business is conducted by its wholly-owned commercial bank subsidiary, United Community Bank (the “Bank”). United is subject to regulation under the Bank Holding Company Act of 1956. The consolidated financial statements include the accounts of the Holding Company, the Bank and other wholly-owned subsidiaries. All significant intercompany accounts and transactions have been eliminated in consolidation. The Bank is a Georgia state chartered commercial bank that serves both rural and metropolitan markets in Georgia, South Carolina, North Carolina and Tennessee and provides a full range of banking services. The Bank is insured and subject to the regulation of the Federal Deposit Insurance Corporation (“FDIC”) and is also subject to the regulation of the Georgia Department of Banking and Finance. Use of Estimates In preparing the consolidated financial statements, management is required to make estimates and assumptions that affect the reported amounts of assets and liabilities as of the dates of the balance sheet and revenue and expenses for the years then ended. Actual results could differ significantly from those estimates. Material estimates that are particularly susceptible to significant change are the determination of the allowance for loan losses, the valuation of acquired loans, the valuation of real estate acquired in connection with foreclosures or in satisfaction of loans, the valuation of goodwill and separately identifiable intangible assets associated with mergers and acquisitions, and the valuation of deferred tax assets. Operating Segments Operating segments are components of a business about which separate financial information is available and evaluated regularly by the chief operating decision maker in deciding how to allocate resources and assessing performance. Public companies are required to report certain financial information about operating segments in interim and annual financial statements. United’s community banking operations are divided among geographic regions and local community banks within those regions. Those regions and banks have similar economic characteristics and are therefore considered to be one operating segment. Additionally, management assessed other operating units to determine if they should be classified and reported as segments, including Mortgage, Advisory Services and Commercial Banking Solutions. Qualitatively, these business units are currently operating in the same geographic footprint as the community banks and face many of the same customers as the community banks. While the chief operating decision maker does have some limited production information for these entities, that information is not complete since it does not include a full allocation of revenue, costs and capital from key corporate functions. The business units are currently viewed more as a product line extension of the community banks. However, management will continue to evaluate these business units for separate reporting as facts and circumstances change. Based on this analysis, United concluded that it has one operating and reportable segment. Accounting for Variable Interest Entities The consolidated financial statements also include the results of a bankruptcy-remote securitization entity, Navitas Equipment Receivables LLC 2016-1 (“NER 16-1”), acquired with NLFC Holdings Corp. (“Navitas”). NER 16-1 was formed solely to receive loans transferred from Navitas to be used as collateral for a term note securitization. Navitas is the primary beneficiary of NER 16-1. As a result, while the transfer of the loans meets the criteria of a sale, NER 16-1 is consolidated on United’s books and therefore the transfer is accounted for as a secured borrowing. NER 16-1 differs from other entities included in United’s consolidated statements because the assets it holds are legally isolated. At December 31, 2018, NER 16-1 had total assets of $65.5 million and total liabilities of $55.3 million . During 2019, NER 16-1 executed a payoff and termination of the remaining notes outstanding in accordance with the terms of the related securitization documents. Cash and Cash Equivalents Cash equivalents include amounts due from banks, interest-bearing deposits in banks, federal funds sold, commercial paper, reverse repurchase agreements and short-term investments and are carried at cost. Federal funds are generally sold for one-day periods, interest-bearing deposits in banks are available on demand and commercial paper investments and reverse repurchase agreements mature within a period of less than 90 days. A portion of the cash on hand and on deposit with the Federal Reserve Bank of Atlanta was required to meet regulatory reserve requirements. The terms of securitizations acquired with Navitas require various restricted cash accounts. These cash accounts were funded from either a portion of the proceeds from the issuance of notes or from the collections on leases and loans that were conveyed in the securitization. These restricted cash accounts provide additional collateral to the note holders under specific provisions of the securitizations which govern when funds in these accounts may be released as well as conditions under which collections on contracts transferred to the securitizations may be used to fund deposits into the restricted cash accounts. At December 31, 2018, these restricted cash accounts totaled $6.70 million and were included in interest-bearing deposits in banks on the consolidated balance sheet. There were no restricted cash accounts related to securitizations at December 31, 2019. Investment Securities United classifies its debt securities in one of three categories: trading, held-to-maturity or available-for-sale. United does not currently hold any trading securities that are bought and held principally for the purpose of selling them in the near term. Held-to-maturity securities are those securities for which United has the ability and intent to hold until maturity. All other securities are classified as available-for-sale. Held-to-maturity securities are recorded at cost, adjusted for the amortization or accretion of premiums or discounts. Available-for-sale securities are recorded at fair value. Unrealized holding gains and losses, net of the related tax effect, on available-for-sale securities are reported in other comprehensive income as a separate component of shareholders’ equity until realized. Transfers of securities between categories are recorded at fair value at the date of transfer. Unrealized holding gains or losses associated with transfers of securities from available-for-sale to held-to-maturity are included in the balance of accumulated other comprehensive income in the consolidated balance sheets. These unrealized holding gains or losses are amortized into income over the remaining life of the security as an adjustment to the yield in a manner consistent with the amortization or accretion of the original purchase premium or discount on the associated security. Management evaluates investment securities for other than temporary impairment on a quarterly basis. A decline in the fair value of available-for-sale and held-to-maturity securities below cost that is deemed other than temporary is charged to earnings for a decline in value deemed to be credit related. The decline in value attributed to non-credit related factors is recognized in other comprehensive income and a new cost basis for the security is established. Premiums and discounts are amortized or accreted over the life of the related security as an adjustment to the yield. Realized gains and losses for securities classified as available-for-sale and held-to-maturity are included in net income and derived using the specific identification method for determining the cost of the securities sold. Equity securities are included in other assets on the consolidated balance sheets. Those with readily determinable fair values are carried at fair value with changes in fair value recognized in net income. Those without readily determinable fair values include, among others, Federal Home Loan Bank (“FHLB”) stock held to meet FHLB requirements related to outstanding advances and Community Reinvestment Act (“CRA”) equity investments, including those where the returns are primarily derived from low income housing tax credits (“LIHTC”). Our investment in FHLB stock, which totaled $11.5 million at December 31, 2019 , is accounted for using the cost method of accounting. Our LIHTC investments are accounted for using the proportional amortization method of accounting for qualified affordable housing investments which results in the amortization being reported as a component of income tax expense. Our obligations related to unfunded commitments for our LIHTC investments are reported in other liabilities. Our other CRA investments are accounted for using the equity method of accounting. As conditions warrant, we review our investments for impairment and will adjust the carrying value of the investment if it is deemed to be impaired. 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 match changes in fair values of the loans with changes in the fair value of derivative instruments used to economically hedge them. Loans and Leases With the exception of purchased loans that are recorded at fair value on the date of acquisition, loans are stated at principal amount outstanding, net of any unearned revenue and net of any deferred loan fees and costs. Interest on loans is primarily calculated by using the simple interest method on daily balances of the principal amount outstanding. Equipment Financing Lease Receivables: Equipment financing lease receivables, which are classified as sales-type or direct financing leases, are recorded as the sum of the future minimum lease payments, initial deferred costs and estimated or contractual residual values less unearned income and security deposits. The determination of residual value is derived from a variety of sources including equipment valuation services, appraisals, and publicly available market data on recent sales transactions on similar equipment. The length of time until contract termination, the cyclical nature of equipment values and the limited marketplace for re-sale of certain leased assets are important variables considered in making this determination. Interest income, which is included in loan interest revenue in the consolidated statements of income, is recognized as earned using the effective interest method. Direct fees and costs associated with the origination of leases are deferred and included as a component of equipment financing receivables. Net deferred fees or costs are recognized as an adjustment to interest income over the contractual life of the lease using the effective interest method. These lease agreements may include options to renew and for the lessee to purchase the leased equipment at the end of the lease term. United excludes sales taxes from consideration in these lease contracts. Purchased Loans With Evidence of Credit Deterioration: United from time to time purchases loans, primarily through business combination transactions. Some of those purchased loans show evidence of credit deterioration since origination and are accounted for pursuant to Accounting Standards Codification (“ASC”) Topic 310-30, Loans and Debt Securities Acquired with Deteriorated Credit Quality . These purchased credit impaired (“PCI”) loans are recorded at their estimated fair value at date of purchase. After acquisition, further losses evidenced by decreases in expected cash flows are recognized by an increase in the allowance for loan losses. PCI loans are aggregated into pools of loans based on common risk characteristics such as the type of loan, payment status, or collateral type. United estimates the amount and timing of expected cash flows for each purchased loan pool and the expected cash flows in excess of the amount paid are recorded as interest income over the remaining life of the pool (accretable yield). The excess of the pool’s contractual principal and interest over expected cash flows is not recorded (nonaccretable difference). Over the life of the loan pool, expected cash flows continue to be estimated. If the present value of expected cash flows is less than the carrying amount, a loss is recorded. If the present value of expected cash flows is greater than the carrying amount, it is recognized as part of future interest revenue. Nonaccrual Loans: The accrual of interest is discontinued when a loan becomes 90 days past due and is not well collateralized and in the process of collection, or when management believes, after considering economic and business conditions and collection efforts, that the principal or interest will not be collectible in the normal course of business. Past due status is based on contractual terms of the loan. When a loan is placed on nonaccrual status, previously accrued and uncollected interest is charged against interest revenue on loans. Interest payments are applied to reduce the principal balance on nonaccrual loans. Loans are returned to accrual status when all the principal and interest amounts contractually due are brought current, there is a sustained period of repayment performance and future payments are reasonably assured. Nonaccrual loans include smaller balance homogeneous loans that are collectively evaluated for impairment and individually classified impaired loans. Contractually delinquent PCI loans are not classified as nonaccrual as long as the related discount continues to be accreted. Impaired Loans: With the exception of PCI loans, a loan is considered impaired when, based on current events and circumstances, it is probable that all amounts due, according to the contractual terms of the loan, will not be collected. Individually impaired loans are measured based on the present value of expected future cash flows, discounted at the loan’s effective interest rate, at the loan’s observable market price, or the fair value of the collateral if the loan is collateral dependent. Interest revenue on impaired loans is discontinued when the loans meet the criteria for nonaccrual status. Factors considered by management in determining impairment include payment status, collateral value, and the probability of collecting scheduled principal and interest payments when due. Loans that experience insignificant payment delays and payment shortfalls generally are not considered impaired. Management determines the significance of payment delays and payment shortfalls on a case-by-case basis, taking into consideration all of the circumstances surrounding the loan and borrower, including the length of the delay, the reasons for the delay, the borrower’s prior payment record, and the amount of the shortfall in relation to the principal and interest owed. PCI loans are considered to be impaired when it is probable that United will be unable to collect all the cash flows expected at acquisition, plus additional cash flows expected to be collected arising from changes in estimates after acquisition. Loans that are accounted for in pools are evaluated collectively for impairment on a pool by pool basis based on expected pool cash flows. Discounts continue to be accreted as long as there are expected future cash flows in excess of the current carrying amount of the specifically-reviewed loan or pool. Concentration of Credit Risk: Most of United’s business activity is with customers located within the markets where it has banking operations. Therefore, United’s exposure to credit risk is significantly affected by changes in the economy within its markets. Approximately 76% of United’s loan portfolio is secured by real estate and is therefore susceptible to changes in real estate valuations. Allowance for Credit Losses The allowance for credit losses includes the allowance for loan losses and the allowance for unfunded commitments included in other liabilities. Increases to the allowance for loan losses and allowance for unfunded commitments are established through a provision for credit losses charged to income. Loans are charged down against the allowance for loan losses when available information confirms that the collectability of the principal is unlikely. The allowance for loan losses represents an amount, which, in management’s judgment, is adequate to absorb probable losses on existing loans as of the date of the balance sheet. The allowance for unfunded commitments represents expected losses on unfunded commitments and is reported in the consolidated balance sheets in other liabilities. The allowance for loan losses is composed of general reserves, specific reserves, and PCI reserves. General reserves are determined by applying loss percentages to the individual loan categories that are based on actual historical loss experience. Additionally, the general economic and business conditions affecting key lending areas, credit quality trends, collateral values, loan volumes and concentrations, seasoning of the loan portfolio, the findings of internal and external credit reviews and results from external bank regulatory examinations are considered in this evaluation. The need for specific reserves is evaluated on nonaccrual loan relationships greater than $500,000 and all troubled debt restructurings (“TDRs”). The specific reserves are determined on a loan-by-loan basis based on management’s evaluation of United’s exposure for each credit, given the current payment status of the loan and the value of any underlying collateral. Loans for which specific reserves are provided are excluded from the calculation of general reserves. For PCI loans, a valuation allowance is established when it is probable that the Company will be unable to collect all the cash flows expected at acquisition plus additional cash flows expected to be collected arising from changes in estimate after acquisition. The allocation of the allowance for loan losses is based on historical data, subjective judgment and estimates and, therefore, is not necessarily indicative of the specific amounts or loan categories in which charge-offs may ultimately occur. For purposes of determining general reserves, United segments the loan portfolio into broad categories with similar risk elements. Those categories and their specific risks are described below. Owner occupied commercial real estate – Loans in this category are susceptible to business failure and general economic conditions. Income producing commercial real estate – Common risks for this loan category are declines in general economic conditions, declines in real estate value, declines in occupancy rates, and lack of suitable alternative use for the property. Commercial & industrial – Risks to this loan category include customer or industry concentrations and the inability to monitor the condition of the collateral which often consists of inventory, accounts receivable and other non-real estate assets. Equipment and inventory obsolescence can also pose a risk. Declines in general economic conditions and other events can cause cash flows to fall to levels insufficient to service debt. Commercial construction – Risks common to commercial construction loans are cost overruns, changes in market demand for property, inadequate long-term financing arrangements and declines in real estate values. Equipment financing - Risks associated with equipment financing are similar to those described for commercial and industrial loans, including general economic conditions, as well as appropriate lien priority on equipment, equipment obsolescence and the general mobility of the collateral. Residential mortgage – Residential mortgage loans are susceptible to weakening general economic conditions and increases in unemployment rates and declining real estate values. Home equity lines of credit – Risks common to home equity lines of credit are general economic conditions, including an increase in unemployment rates, and declining real estate values which reduce or eliminate the borrower’s home equity. Residential construction – Residential construction loans are susceptible to the same risks as residential mortgage loans. Changes in market demand for property leads to longer marketing times resulting in higher carrying costs, declining values, and higher interest rates. Consumer direct – Risks common to consumer direct loans include regulatory risks, unemployment and changes in local economic conditions as well as the inability to monitor collateral consisting of personal property. Indirect auto - Risks common to indirect auto loans include unemployment and changes in local economic conditions as well as the inability to monitor collateral. During 2019, United sold its portfolio of indirect auto loans. Management outsources a significant portion of its loan review to ensure objectivity in the loan review process and to challenge and corroborate the loan grading system. The loan review function provides additional analysis used in determining the adequacy of the allowance for loan losses. To supplement the outsourced loan review, management also has an internal loan review department that is independent of the lending function. Management believes the allowance for loan losses is appropriate at December 31, 2019 . While management uses available information to recognize losses on loans, future additions to the allowance may be necessary based on changes in economic conditions. In addition, various regulatory agencies, as an integral part of their examination process, periodically review United’s allowance for loan losses. Premises and Equipment Premises and equipment are stated at cost less accumulated depreciation. Depreciation is computed primarily using the straight line method over the estimated useful lives of the related assets. Costs incurred for maintenance and repairs are expensed as incurred. The range of estimated useful lives for buildings and improvements is 10 to 40 years , for land improvements, 10 years , and for furniture and equipment, 3 to 10 years . United periodically reviews the carrying value of premises and equipment for impairment whenever events or circumstances indicate that the carrying amount of such assets may not be fully recoverable. Foreclosed Properties (Other Real Estate Owned, or “OREO”) Foreclosed property is initially recorded at fair value, less cost to sell. If the fair value, less cost to sell at the time of foreclosure is less than the loan balance, the deficiency is recorded as a loan charge-off against the allowance for loan losses. If the fair value, less cost to sell, of the foreclosed property decreases during the holding period, a valuation allowance is established with a charge to operating expenses. When the foreclosed property is sold, a gain or loss is recognized on the sale for the difference between the sales proceeds and the carrying amount of the property. Goodwill and Other Intangible Assets Goodwill is an asset representing the future economic benefits from other assets acquired that are not individually identified and separately recognized. Goodwill is measured as the excess of the consideration transferred, net of the fair value of identifiable assets acquired and liabilities assumed at the acquisition date. Goodwill is not amortized, but instead is tested for impairment annually or more frequently if events or circumstances exist that indicate a goodwill impairment test should be performed. Other intangible assets, which are initially recorded at fair value, consist of core deposit intangible assets and noncompete agreements resulting from acquisitions. Core deposit intangible assets are amortized on a sum-of-the-years-digits basis over their estimated useful lives. Noncompete agreements, which were fully amortized at December 31, 2019, were amortized on a straight line basis over their estimated useful lives. Management evaluates other intangible assets for impairment whenever events or changes in circumstances indicate the carrying amount of the asset may not be recoverable. Transfers of Financial Assets Transfers of financial assets are accounted for as sales when control over the assets has been relinquished. Control over transferred assets is deemed to be surrendered when the assets have been isolated from United, the transferee obtains the right, free of conditions that constrain it from taking advantage of that right, to pledge or exchange the transferred assets and United does not maintain effective control over the transferred assets through an agreement to repurchase them before maturity. Servicing Rights United records a separate servicing asset for Small Business Administration (“SBA”) loans, United States Department of Agriculture (“USDA”) loans, and residential mortgage loans when the loan is sold but servicing is retained. This asset represents the right to service the loans and receive a fee in compensation. Servicing assets are initially recorded at their fair value as a component of the sale proceeds. The fair value of the servicing assets is based on an analysis of discounted cash flows that incorporates estimates of (1) market servicing costs, (2) market-based prepayment rates, and (3) market profit margins. Servicing assets are included in other assets. United has elected to subsequently measure the servicing assets for government guaranteed loans at fair value. There is no aggregation of the loans into pools for the valuation of the servicing asset, but rather the servicing asset value is measured at a loan level. Effective January 1, 2017, management elected to begin measuring residential mortgage servicing rights at fair value. The cumulative effect adjustment of this election to retained earnings, net of income tax effect, was $437,000 . The rate of prepayment of loans serviced is the most significant estimate involved in the measurement process. Estimates of prepayment rates are based on market expectations of future prepayment rates, industry trends, and other considerations. Actual prepayment rates will differ from those projected by management due to changes in a variety of economic factors, including prevailing interest rates and the availability of alternative financing sources to borrowers. If actual prepayments of the loans being serviced were to occur more quickly than projected, the carrying value of servicing assets might have to be written down through a charge to earnings in the current period. If actual prepayments of the loans being serviced were to occur more slowly than had been projected, the carrying value of servicing assets could increase, and servicing income would exceed previously projected amounts. United accounts for the servicing liabilities associated with sold equipment financing loans using the amortization method. Bank Owned Life Insurance United has purchased life insurance policies on certain key executives and members of management. United has also received life insurance policies on members of acquired bank management teams through acquisitions of other banks. Bank owned life insurance is recorded at the amount that can be realized under the insurance contract at the balance sheet date, which is the cash surrender value adjusted for other changes or other amounts due that are probable at settlement. Operating Leases Effective January 1, 2019, United records a right-of-use asset, included in other assets, and a related lease liability, included in other liabilities, for eligible operating leases for which it is the lessee, which include 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. United does not recognize a lease liability or right-of-use asset on the consolidated balance sheet related to short-term leases with a term of less than one year. Lease payments for short-term leases are recognized as expense over the lease term. See Note 14 for additional information on operating leases. See Note 2 for further detail related to the adoption of ASU No. 2016-02, Leases (Topic 842) . Loan Commitments and Related Financial Instruments Financial instruments include off-balance sheet credit instruments such as commitments to make loans and commercial letters of credit issued to meet customer financing needs. The face amount for these items represents the exposure to loss before considering customer collateral or ability to repay. Such financial instruments are recorded when they are funded. Revenue from Contracts with Customers In addition to lending and related activities, United offers various services to customers that generate revenue, certain of which are governed by ASC Topic 606 Revenue from Contracts with Customers (“ASC 606”). United’s services that fall within the scope of ASC 606 are presented within noninterest income and include service charges and fees, brokerage fees, and other transaction-based fees. Revenue is recognized when the transactions occur or as services are performed over primarily monthly or quarterly periods. Payment is typically received in the period the transactions occur. Fees may be fixed or, where applicable, based on a percentage of transaction size. Income Taxes Deferred tax assets and liabilities are recorded for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Future tax benefits are recognized to the extent that realization of such benefits is more likely than not. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which the assets and liabilities are expected to be recovered or settled. The effect of a change in tax rates on deferred tax assets and liabilities is recognized in income taxes during the period that includes the enactment date. In the event the future tax consequences of differences between the financial reporting bases and the tax bases of assets and liabilities results in deferred tax assets, an evaluation of the probability of being able to realize the future benefits indicated by such asset is required. A valuation allowance is provided for the portion of the deferred tax asset when it is more likely than not that some or all of the deferred tax asset will not be realized. In assessing the realizability of the deferred tax assets, management considers the scheduled reversals of deferred tax liabilities, projected future taxable earnings and prudent and feasible tax planning strategies. Management weighs both the positive and negative evidence, giving more weight to evidence that can be objectively verified. The income tax benefit or expense is the total of the current year income tax due or refundable and the change in deferred tax assets and liabilities. A tax position is recognized as a benefit only if it is “more likely than not” that the tax position would be sustained in a tax examination, with a tax examination being presumed to occur. The amount recognized is the la |
Accounting Standards Updates an
Accounting Standards Updates and Recently Adopted Standards | 12 Months Ended |
Dec. 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 . The new guidance, which was further modified by subsequent related updates, replaces the incurred loss impairment framework in current GAAP with a current expected credit loss (“CECL”) framework, which requires an estimate of credit losses for the remaining estimated life of the financial asset using historical experience, current conditions, and reasonable and supportable forecasts and generally applies to financial assets measured at amortized cost and some off-balance sheet credit exposures. 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 (“PCD”) loans will receive an initial allowance at the acquisition date that represents an adjustment to the amortized cost basis of the loan, with no impact to earnings. Credit losses relating to available-for-sale debt securities will be recorded through an allowance for credit losses prospectively, with such allowance limited to the amount by which fair value is below amortized cost. United adopted ASC 326 as of January 1, 2020 using the modified retrospective method for loans, leases and off-balance sheet credit exposures. Adoption of this guidance resulted in an $8.75 million increase in the allowance for credit losses, comprised of increases in the allowance for loan losses of $6.88 million and the reserve for unfunded commitments of $1.87 million , with $3.59 million of the increase reclassified from the amortized cost basis of PCD financial assets that were previously classified as PCI. The cumulative effect adjustment to retained earnings was $3.53 million , net of tax. Calculated credit losses on held-to-maturity debt securities were not material and there was no impact to the available-for-sale portfolio or other financial instruments. The allowance for loan losses for the majority of loans and leases was calculated using a discounted cash flow methodology applied to fourteen portfolios with a one-year reasonable and supportable forecast period and a two-year straight-line reversion period. The increase in the allowance for loan losses at transition was primarily due to the equipment financing and residential mortgage portfolios. In connection with the adoption, management has implemented changes to relevant systems, processes and controls where necessary. Model validation was completed during the fourth quarter of 2019. In addition, management is in the final stages of implementing the accounting, reporting and governance processes to comply with the new guidance. United’s CECL allowance will fluctuate over time due to macroeconomic conditions and forecasts as well as the size and composition of the loan portfolios. With regard to PCD assets, because United has elected to break apart the former PCI pools and will no longer consider these pools to be the unit of account, contractually delinquent PCD loans will be reported as nonaccrual loans using the same criteria as other loans. Similarly, PCD loans that are restructured and meet the definition of troubled debt restructurings after the adoption of CECL will be reported as such. In April 2019, the FASB issued ASU No. 2019-04, Codification Improvements to Topic 326, Financial Instruments - Credit Losses, Topic 815, Derivatives and Hedging, and Topic 825 Financial Instruments . In addition to amending guidance related to the new CECL standard, this update clarifies certain aspects of hedge accounting and recognition and measurement of financial instruments. United adopted this update as of January 1, 2020, with no material impact to the consolidated financial statements. In December 2019, the FASB issued ASU No. 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes . This update removes several exceptions related to intraperiod tax allocation when there is a loss from continuing operations and income from other items, foreign subsidiaries becoming equity method investments and vice versa, and calculating income taxes in an interim period when a year-to-date loss exceeds the anticipated loss for the year. The guidance also amends requirements related to franchise tax that is partially based on income, a step up in the tax basis of goodwill, allocation of consolidated tax expense to a legal entity not subject to tax in its separate financial statements, the effects of enacted changes in tax laws and other minor codification improvements regarding employee stock ownership plans and investments in qualified affordable housing projects. For public entities, this guidance is effective for fiscal years beginning after December 15, 2020. United does not expect the new guidance to have a material impact on the consolidated financial statements. In January 2020, the FASB issued ASU No. 2020-01, Investments—Equity Securities (Topic 321), Investments—Equity Method and Joint Ventures (Topic 323), and Derivatives and Hedging (Topic 815)—Clarifying the Interactions between Topic 321, Topic 323, and Topic 815 (a consensus of the Emerging Issues Task Force) . This update clarifies whether an entity should consider observable transactions that require it to either apply or discontinue the equity method of accounting for the purposes of applying the measurement alternative and how to account for certain forward contracts and purchased options to purchase securities. For public entities, this guidance is effective for fiscal years beginning after December 15, 2020. United does not expect the new guidance to have a material impact on the consolidated financial statements. Standards Adopted in 2019 On January 1, 2019, United adopted ASU No. 2016-02, Leases (Topic 842) , as 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 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 sales-type or 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 7 and 14 for additional information on operating leases and equipment financing leases, respectively. See Note 1 for further accounting policy detail related to leases. In July of 2019, the FASB issued ASU No. 2019-07, Codification updates to SEC sections: amendments to SEC paragraphs pursuant to SEC final rule releases No. 33-10532, disclosure update and simplification, and nos. 33-10231 and 33-10442, investment company reporting modernization, and miscellaneous updates. This standard updates various SEC financial statement disclosure requirements, including disclosures related to bank holding companies. The standard was effective immediately, and did not have a material impact on disclosures. In March 2017, the FASB issued ASU No. 2017-08, Receivables – Nonrefundable Fees and Other Costs (Subtopic 310-20): Premium Amortization on Purchased Callable Debt Securities . This update shortens the amortization period for certain callable debt securities held at a premium. Specifically, the amendments require the premium to be amortized to the earliest call date. For securities held at a discount, the discount will continue to be amortized to maturity. For public entities, this update is effective for fiscal years beginning after December 15, 2018, with modified retrospective application. The adoption of this update on January 1, 2019 did not have a material impact on the consolidated financial statements. In August 2017, The FASB issued ASU No. 2017-12, Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities . This update expands and refines hedge accounting for both nonfinancial and financial risk components and aligns the recognition and presentation of the effects of the hedging instrument and the hedged item in the financial statements. This update also makes certain targeted improvements to simplify the application of hedge accounting guidance and ease the administrative burden of hedge documentation requirements and assessing hedge effectiveness. For public entities, this update is effective for fiscal years beginning after December 15, 2018. For cash flow and net investment hedges existing at the date of adoption, an entity should apply a cumulative-effect adjustment related to eliminating the separate measurement of ineffectiveness to accumulated other comprehensive income with a corresponding adjustment to the opening balance of retained earnings. The amended presentation and disclosure guidance is required prospectively. The adoption of this update on January 1, 2019 did not have a material impact on the consolidated financial statements. In June 2018, the FASB issued ASU No. 2018-07, Compensation - Stock Compensation (Topic 718): Improvements to Nonemployee Share-Based Payment Accounting . This update expands the scope of Topic 718 to include share-based payment transactions for acquiring goods and services from nonemployees. As a result, nonemployee share-based payment awards will be measured at the grant-date fair value of the equity instruments that an entity is obligated to issue when the service has been rendered, subject to the probability of satisfying performance conditions when applicable. For public entities, this update is effective for fiscal years beginning after December 15, 2018. The adoption of the new guidance on January 1, 2019 did not have a material impact on the consolidated financial statements as United does not currently grant equity awards to nonemployees other than directors and does not anticipate doing so. In June 2018, the FASB issued ASU No. 2018-08, Not for Profit Entities (Topic 958): Clarifying the Scope and the Accounting Guidance for Contributions Received and Contributions Made . This update clarifies the guidance about whether a transfer of assets (or the reduction, settlement or cancellation of liabilities) is a contribution or an exchange transaction. In addition, the guidance clarifies the determination of whether a transaction is conditional. For public entities, this update is effective for contributions made in fiscal years beginning after December 15, 2018. The adoption of the new guidance on January 1, 2019 did not have a material impact on the consolidated financial statements. In July 2018, the FASB issued ASU No. 2018-09, Codification Improvements to address stakeholder suggestions for minor corrections and clarifications within the codification. The transition and effective date guidance is based on the facts and circumstances of each amendment. Some of the amendments in this update do not require transition guidance and will be effective upon issuance of this update. However, many of the amendments in this update do have transition guidance with effective dates for annual periods beginning after December 15, 2018, for public business entities. The adoption of the new guidance on January 1, 2019 did not have a material impact on the consolidated financial statements. In August 2018, the FASB issued ASU No. 2018-13, Fair Value Measurement (Topic 820): Disclosure Framework - Changes to the Disclosure Requirements for Fair Value Measurement . The update removes disclosures that are no longer considered cost beneficial, modifies certain requirements of disclosures, and adds disclosure requirements identified as relevant. For public entities, this guidance is effective for fiscal years ending after December 15, 2019 and, depending on the provision, requires either prospective or retrospective application to prior periods presented. The adoption of this update did not have a material impact on the consolidated financial statements. In August 2018, the FASB issued ASU No. 2018-15, Intangibles - Goodwill and Other - Internal-Use Software (Subtopic 350-40): Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That is a Service Contract (a consensus of the FASB Emerging Issues Task Force) . This update aligns the requirements for capitalizing implementation costs incurred in a hosting arrangement that is a service contract with the requirements for capitalizing implementation costs incurred to develop or obtain internal use software. For public entities, this guidance is effective for fiscal years ending after December 15, 2019 with either retrospective or prospective application. The adoption of this update did not have a material impact on the consolidated financial statements. In October 2018, the FASB issued ASU No. 2018-16, Derivatives and Hedging (Topic 815): Inclusion of the Secured Overnight Financing Rate (SOFR) Overnight Index Swap (OIS) Rate as a Benchmark Interest Rate for Hedge Accounting Purposes . This update permits the use of the OIS rate based on SOFR as a U.S. benchmark interest rate for hedge accounting purposes. For public entities, this guidance is effective for fiscal years beginning after December 15, 2018 and should be applied on a prospective basis for qualifying new or redesignated hedging relationships. The adoption of this update on January 1, 2019 did not have a material impact on the consolidated financial statements. |
Mergers and Acquisitions
Mergers and Acquisitions | 12 Months Ended |
Dec. 31, 2019 | |
Business Combinations [Abstract] | |
Mergers and Acquisitions | Mergers and Acquisitions Acquisition of First Madison Bank & Trust On May 1, 2019, United completed the acquisition of First Madison Bank & Trust (“FMBT”). FMBT operated four banking offices in Athens-Clarke County, Georgia. In connection with the acquisition, United acquired $245 million of assets and assumed $213 million of liabilities. Under the terms of the merger agreement, FMBT shareholders received $52.1 million in cash. The fair value of consideration paid exceeded the fair value of the identifiable assets and liabilities acquired and resulted in the establishment of goodwill in the amount of $20.3 million , representing the intangible value of FMBT’s business and reputation within the markets it served. None of the goodwill recognized is expected to be deductible for income tax purposes. United is amortizing the related core deposit intangible of $2.80 million using the sum-of-the-years-digits method over 9.25 years , which represents the expected useful life of the asset. United’s operating results for the year ended December 31, 2019, include the operating results of the acquired business for the period subsequent to the acquisition date of May 1, 2019. The purchased assets and assumed liabilities were recorded at their acquisition date fair values and are summarized in the table below (in thousands) . As Recorded Fair Value (1) As Recorded by Assets Cash and cash equivalents $ 32,548 $ — $ 32,548 Loans 197,682 (5,188 ) 192,494 Allowance for loan losses (6,338 ) 6,338 — Premises and equipment, net 7,124 1,400 8,524 Bank owned life insurance 6,823 — 6,823 Net deferred tax asset 1,386 (1,229 ) 157 Core deposit intangible — 2,800 2,800 Other assets 1,032 246 1,278 Total assets acquired $ 240,257 $ 4,367 $ 244,624 Liabilities Deposits $ 211,884 $ 243 $ 212,127 Other liabilities 924 (207 ) 717 Total liabilities assumed 212,808 36 212,844 Excess of assets acquired over liabilities assumed $ 27,449 Aggregate fair value adjustments $ 4,331 Total identifiable net assets 31,780 Cash consideration transferred 52,093 Goodwill $ 20,313 (1) Fair values are preliminary and are subject to refinement for a period not to exceed one year after the closing date of an acquisition as information relative to closing date fair values becomes available. The following table presents additional information related to the acquired loan portfolio at the acquisition date (in thousands) : May 1, 2019 Accounted for pursuant to ASC 310-30: Contractually required principal and interest $ 13,145 Non-accretable difference 2,517 Cash flows expected to be collected 10,628 Accretable yield 1,300 Fair value $ 9,328 Excluded from ASC 310-30: Fair value $ 183,166 Gross contractual amounts receivable 218,855 Estimate of contractual cash flows not expected to be collected 8,826 Acquisition of Navitas On February 1, 2018, United completed the acquisition of Navitas, a specialty lending company providing equipment finance credit services to small and medium-sized businesses nationwide. In connection with the acquisition, United acquired $393 million of assets and assumed $350 million of liabilities. Under the terms of the merger agreement, Navitas shareholders received $130 million in total consideration, of which $84.5 million was paid in cash and $45.7 million was paid in United common stock. The fair value of consideration paid exceeded the fair value of the identifiable assets and liabilities acquired and resulted in the establishment of goodwill in the amount of $87.4 million , representing the intangible value of Navitas’s business and reputation within the markets it served. None of the goodwill recognized is expected to be deductible for income tax purposes. Since the acquisition date, within the one-year measurement period, United received additional information regarding the fair value of loans. As a result, the provisional value assigned to the acquired loans was reduced by $526,000 , partially offset by acquisition-related adjustments to deferred tax assets. The net of the adjustments was reflected as a $390,000 increase to goodwill. The purchased assets and assumed liabilities were recorded at their acquisition date fair values and are summarized in the table below (in thousands) . As Recorded by Navitas Fair Value Adjustments As Recorded by United Assets Cash and cash equivalents $ 27,700 — $ 27,700 Loans and leases, net 365,533 (7,181 ) 358,352 Premises and equipment, net 628 (304 ) 324 Net deferred tax asset — 2,873 2,873 Other assets 5,117 (1,066 ) 4,051 Total assets acquired $ 398,978 $ (5,678 ) $ 393,300 Liabilities Short-term borrowings $ 214,923 $ — $ 214,923 Long-term debt 119,402 — 119,402 Other liabilities 17,059 (951 ) 16,108 Total liabilities assumed 351,384 (951 ) 350,433 Excess of assets acquired over liabilities assumed $ 47,594 Aggregate fair value adjustments $ (4,727 ) Total identifiable net assets 42,867 Consideration transferred Cash 84,500 Common stock issued (1,443,987 shares) 45,746 Total fair value of consideration transferred 130,246 Goodwill $ 87,379 The following table presents additional information related to the acquired loan and lease portfolio at the acquisition date (in thousands) . February 1, 2018 Accounted for pursuant to ASC 310-30: Contractually required principal and interest $ 24,711 Non-accretable difference 5,505 Cash flows expected to be collected 19,206 Accretable yield 1,977 Fair value $ 17,229 Excluded from ASC 310-30: Fair value $ 341,123 Gross contractual amounts receivable 389,432 Estimate of contractual cash flows not expected to be collected 8,624 In January 2018, after announcement of its intention to acquire Navitas but prior to the completion of the acquisition, United purchased $19.9 million in loans from Navitas in a transaction separate from the business combination. Acquisition of Four Oaks FinCorp, Inc. On November 1, 2017, United completed the acquisition of Four Oaks FinCorp, Inc. (“FOFN”) and its wholly-owned bank subsidiary, Four Oaks Bank & Trust Company. FOFN operated 14 banking offices in the Raleigh, North Carolina area. In connection with the acquisition, United acquired $730 million of assets and assumed $658 million of liabilities. Under the terms of the merger agreement, FOFN shareholders received 0.6178 shares of United common stock and $1.90 for each share of FOFN common stock issued and outstanding at the closing date. The fair value of consideration paid exceeded the fair value of the identifiable assets and liabilities acquired and resulted in the establishment of goodwill in the amount of $53.5 million , representing the intangible value of FOFN’s business and reputation within the market it served. None of the goodwill recognized is expected to be deductible for income tax purposes. United is amortizing the related core deposit intangible of $7.83 million using the sum-of-the-years-digits method over 11.5 years , which represents the expected useful life of the asset. United amortized the related noncompete agreement intangibles of $908,000 using the straight line method over the one year terms of the agreements. In connection with the acquisition, United assumed $11.5 million in subordinated debentures and $12.4 million in trust preferred securities. See Note 13 for further information on long-term debt. During first quarter 2018, within the one-year measurement period, United received additional information regarding the acquisition date fair values of loans held for sale and servicing assets. As a result, the provisional values assigned to the acquired loans held for sale and servicing assets have been adjusted to $10.7 million and $65,000 , respectively, which represent an increase of $2.59 million and a decrease of $354,000 , respectively, from amounts previously disclosed. The tax effect of these adjustments was reflected as a decrease to the deferred tax asset of $1.08 million , with the net amount of $1.16 million reflected as a decrease to goodwill. The purchased assets and assumed liabilities were recorded at their acquisition date fair values and are summarized in the table below (in thousands). As Recorded by FOFN Fair Value Adjustments As Recorded by United Assets Cash and cash equivalents $ 48,652 $ 6 $ 48,658 Securities 114,190 782 114,972 Loans held for sale 13,976 (3,290 ) 10,686 Loans, net 491,721 (5,477 ) 486,244 Premises and equipment, net 11,251 1,147 12,398 Bank owned life insurance 20,339 — 20,339 Accrued interest receivable 1,858 (118 ) 1,740 Net deferred tax asset 18,333 (999 ) 17,334 Intangibles — 8,738 8,738 Other real estate owned 1,173 (514 ) 659 Other assets 8,792 (69 ) 8,723 Total assets acquired $ 730,285 $ 206 $ 730,491 Liabilities Deposits $ 563,840 $ 1,365 $ 565,205 Federal Home Loan Bank advances 65,000 224 65,224 Long-term debt 23,872 (4,125 ) 19,747 Other liabilities 7,330 60 7,390 Total liabilities assumed 660,042 (2,476 ) 657,566 Excess of assets acquired over liabilities assumed $ 70,243 Aggregate fair value adjustments $ 2,682 Total identifiable net assets 72,925 Consideration transferred Cash 12,802 Common stock issued (4,145,343 shares) 113,665 Total fair value of consideration transferred 126,467 Goodwill $ 53,542 The following table presents additional information related to the acquired loan portfolio at the acquisition date (in thousands) : November 1, 2017 Accounted for pursuant to ASC 310-30: Contractually required principal and interest $ 49,377 Non-accretable difference 8,244 Cash flows expected to be collected 41,133 Accretable yield 3,313 Fair value $ 37,820 Excluded from ASC 310-30: Fair value $ 448,462 Gross contractual amounts receivable 509,629 Estimate of contractual cash flows not expected to be collected 6,081 Acquisition of HCSB Financial Corporation On July 31, 2017, United completed the acquisition of HCSB Financial Corporation (“HCSB”) and its wholly-owned bank subsidiary, Horry County State Bank. HCSB operated eight branches in coastal South Carolina. In connection with the acquisition, United acquired $389 million of assets and assumed $347 million of liabilities. Under the terms of the merger agreement, HCSB shareholders received 0.0050 shares of United common stock for each share of HCSB common stock issued and outstanding at the closing date. The fair value of consideration paid exceeded the fair value of the identifiable assets and liabilities acquired and resulted in the establishment of goodwill in the amount of $24.2 million , representing the intangible value of HCSB’s business and reputation within the market it served. None of the goodwill recognized is expected to be deductible for income tax purposes. United is amortizing the related core deposit intangible of $3.48 million using the sum-of-the-years-digits method over six years , which represents the expected useful life of the asset. United amortized the related noncompete agreement intangibles of $2.24 million using the straight line method over the terms of the agreements, which vary between one year and two years . During second quarter 2018, within the one-year measurement period, United received additional information regarding the acquisition date fair value of premises and equipment. As a result, the provisional value assigned to the acquired premises and equipment has been adjusted to $7.42 million , which represents a decrease of $493,000 from the amount previously disclosed. The tax effect of this adjustment was reflected as an increase to the deferred tax asset of $190,000 , resulting in a net $303,000 increase to goodwill. The purchased assets and assumed liabilities were recorded at their acquisition date fair values and are summarized in the table below (in thousands) . As Recorded by HCSB Fair Value Adjustments As Recorded by United Assets Cash and cash equivalents $ 17,855 $ (2 ) $ 17,853 Securities 101,462 (142 ) 101,320 Loans, net 228,483 (12,536 ) 215,947 Premises and equipment, net 14,030 (6,606 ) 7,424 Bank owned life insurance 11,827 — 11,827 Accrued interest receivable 1,322 (275 ) 1,047 Net deferred tax asset — 25,579 25,579 Intangibles — 5,716 5,716 Other real estate owned 1,177 (372 ) 805 Other assets 1,950 (32 ) 1,918 Total assets acquired $ 378,106 $ 11,330 $ 389,436 Liabilities Deposits $ 318,512 $ 430 $ 318,942 Repurchase agreements 1,141 — 1,141 Federal Home Loan Bank advances 24,000 517 24,517 Other liabilities 1,955 91 2,046 Total liabilities assumed 345,608 1,038 346,646 Excess of assets acquired over liabilities assumed $ 32,498 Aggregate fair value adjustments $ 10,292 Total identifiable net assets 42,790 Consideration transferred Cash 31 Common stock issued (2,370,331 shares) 65,800 Total fair value of consideration transferred 65,831 Equity interest in HCSB held before the business combination 1,125 Goodwill $ 24,166 The following table presents additional information related to the acquired loan portfolio at the acquisition date (in thousands) : July 31, 2017 Accounted for pursuant to ASC 310-30: Contractually required principal and interest $ 46,069 Non-accretable difference 12,413 Cash flows expected to be collected 33,656 Accretable yield 3,410 Fair value $ 30,246 Excluded from ASC 310-30: Fair value $ 185,701 Gross contractual amounts receivable 212,780 Estimate of contractual cash flows not expected to be collected 3,985 Pro forma information - unaudited The following table discloses the impact of the mergers with FMBT, Navitas, FOFN, and HCSB since the respective acquisition dates through December 31 of the year of acquisition. The table also presents certain pro forma information as if FMBT had been acquired on January 1, 2018, Navitas had been acquired on January 1, 2017, and FOFN and HCSB had been acquired on January 1, 2016. These results combine the historical results of the acquired entities with United’s consolidated statements of income and, while certain adjustments were made for the estimated impact of certain fair value adjustments and other acquisition-related activity, they are not necessarily indicative of what would have occurred had the acquisitions taken place in earlier years. For purposes of pro forma information, merger-related costs incurred in the year of acquisition are excluded from the actual acquisition year results and included in the pro forma acquisition year results. As a result, merger-related costs related to the acquisition of FMBT of $2.02 million are reflected in 2018 pro forma information and merger-related costs related to the acquisition of Navitas of $4.98 million are reflected in 2017 pro forma information. Merger-related costs related to the acquisitions of FOFN and HCSB of $8.71 million were reflected in the 2016 pro forma results which are not presented below. The following table presents the actual results and pro forma information for the periods indicated (in thousands) . (Unaudited) Year Ended December 31, Revenue Net Income 2019 Actual FMBT results included in statement of income since acquisition date $ 7,525 $ 4,053 Supplemental consolidated pro forma as if FMBT had been acquired January 1, 2018 563,872 187,124 2018 Actual Navitas results included in the statement of income since acquisition date $ 24,285 $ 7,149 Supplemental consolidated pro forma as if FMBT had been acquired January 1, 2018 and Navitas had been acquired January 1, 2017 539,152 171,218 2017 Actual FOFN results included in statement of income since acquisition date $ 5,265 $ 1,406 Actual HCSB results included in statement of income since acquisition date 5,775 1,385 Supplemental consolidated pro forma as if FOFN and HCSB had been acquired January 1, 2016 and Navitas had been acquired January 1, 2017 495,052 78,958 |
Cash Flows
Cash Flows | 12 Months Ended |
Dec. 31, 2019 | |
Supplemental Cash Flow Elements [Abstract] | |
Cash Flows | Cash Flows During 2019 , 2018 and 2017 , loans having a value of $1.17 million , $3.02 million and $4.15 million , respectively, were transferred to foreclosed property. United accounts for sales of SBA/USDA loans on the trade date. At December 31, 2019 , 2018 and 2017 , United had unsettled sales of SBA/USDA loans of $8.19 million , $32.9 million and $27.5 million , respectively. During 2019 , United acquired, through a business combination, assets with a fair value totaling $265 million and liabilities with a fair value totaling $213 million , for net assets acquired of $52.1 million . During 2018 , United acquired, through a business combination, assets with a fair value totaling $481 million and liabilities with a fair value totaling $350 million , for net assets acquired of $130 million . Common stock issued pursuant to this business combination totaled $45.7 million . During 2017 , United acquired, through business combinations, assets with a fair value totaling $1.12 billion and liabilities with a fair value totaling $1.00 billion , for net assets acquired of $115 million . Common stock issued pursuant to these business combinations totaled $179 million |
Balance Sheet Offsetting and Re
Balance Sheet Offsetting and Repurchase Agreements Accounted for as Secured Borrowings | 12 Months Ended |
Dec. 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 From time to time, United enters into repurchase agreements and reverse repurchase agreements and offsetting securities lending transactions 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. The following table presents a summary of amounts outstanding under reverse repurchase agreements, of which there were none as of December 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 December 31, 2019 Net Asset Balance Financial Instruments Collateral Received Net Amount Derivatives $ 35,007 $ — $ 35,007 $ (401 ) $ — $ 34,606 Total $ 35,007 $ — $ 35,007 $ (401 ) $ — $ 34,606 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 Derivatives $ 15,516 $ — $ 15,516 $ (401 ) $ (14,933 ) $ 182 Total $ 15,516 $ — $ 15,516 $ (401 ) $ (14,933 ) $ 182 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 December 31, 2019 , United recognized the right to reclaim cash collateral of $14.9 million . At December 31, 2019 , there was no cash collateral held for derivatives. 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 As of December 31, 2018 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. |
Investment Securities
Investment Securities | 12 Months Ended |
Dec. 31, 2019 | |
Investments, Debt and Equity Securities [Abstract] | |
Investment Securities | Investment Securities At December 31, 2019 and 2018 , securities with a carrying value of $918 million and $925 million , respectively, were pledged to secure public deposits, derivatives and other secured borrowings. The 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 December 31, 2019 State and political subdivisions $ 45,479 $ 1,574 $ 9 $ 47,044 Residential mortgage-backed securities, Agency 153,967 2,014 694 155,287 Commercial mortgage-backed, Agency 84,087 1,627 141 85,573 Total $ 283,533 $ 5,215 $ 844 $ 287,904 As of December 31, 2018 State and political subdivisions $ 68,551 $ 952 $ 2,191 $ 67,312 Residential mortgage-backed securities, Agency 176,488 652 5,094 172,046 Commercial mortgage-backed, Agency 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 as follows (in thousands): Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value As of December 31, 2019 U.S. Treasuries $ 152,990 $ 1,628 $ — $ 154,618 U.S. Government agencies 2,848 188 1 3,035 State and political subdivisions 214,677 11,813 — 226,490 Residential mortgage-backed securities, Agency 1,030,948 12,022 726 1,042,244 Residential mortgage-backed securities, Non-agency 250,550 6,231 — 256,781 Commercial mortgage-backed, Agency 266,770 2,261 128 268,903 Commercial mortgage-backed, Non-agency 15,395 918 263 16,050 Corporate bonds 202,131 1,178 218 203,091 Asset-backed securities 104,298 743 1,672 103,369 Total $ 2,240,607 $ 36,982 $ 3,008 $ 2,274,581 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, Agency 1,125,194 2,448 20,124 1,107,518 Residential mortgage-backed securities, Non-agency 339,186 980 1,774 338,392 Commercial mortgage-backed, Agency 384,222 1 7,339 376,884 Commercial mortgage-backed, Non-agency 15,441 186 594 15,033 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 At year-end 2019 and 2018 , there were no holdings of debt obligations of any one issuer, other than the U.S. Government and its agencies, in an amount greater than 10% of shareholders’ equity. The following 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 December 31, 2019 State and political subdivisions $ 10,117 $ 9 $ — $ — $ 10,117 $ 9 Residential mortgage-backed securities, Agency 16,049 64 48,237 630 64,286 694 Commercial mortgage-backed, Agency 21,841 87 1,685 54 23,526 141 Total unrealized loss position $ 48,007 $ 160 $ 49,922 $ 684 $ 97,929 $ 844 As of December 31, 2018 State and political subdivisions $ 7,062 $ 46 $ 34,146 $ 2,145 $ 41,208 $ 2,191 Residential mortgage-backed securities, Agency 6,579 61 136,376 5,033 142,955 5,094 Commercial mortgage-backed, Agency — — 4,290 96 4,290 96 Total unrealized loss position $ 13,641 $ 107 $ 174,812 $ 7,274 $ 188,453 $ 7,381 The following 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 December 31, 2019 U.S. Government agencies $ 404 $ 1 $ — $ — $ 404 $ 1 Residential mortgage-backed securities, Agency 228,611 576 18,294 150 246,905 726 Commercial mortgage-backed, Agency — — 33,517 128 33,517 128 Commercial mortgage-backed, Non-agency — — 4,864 263 4,864 263 Corporate bonds 19,742 216 998 2 20,740 218 Asset-backed securities 32,294 625 38,990 1,047 71,284 1,672 Total unrealized loss position $ 281,051 $ 1,418 $ 96,663 $ 1,590 $ 377,714 $ 3,008 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, Agency 80,202 332 723,094 19,792 803,296 20,124 Residential mortgage-backed securities, Non-agency 154,381 476 52,266 1,298 206,647 1,774 Commercial mortgage-backed, Agency — — 355,292 7,339 355,292 7,339 Commercial mortgage-backed, Non-agency 4,552 594 — — 4,552 594 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 December 31, 2019 , there were 51 debt securities available-for-sale and 33 debt securities held-to-maturity that were in an unrealized loss position. Management does not intend to sell nor believes it will be required to sell securities in an unrealized loss position prior to the recovery of its amortized cost basis. Unrealized losses at December 31, 2019 and 2018 were primarily attributable to changes in interest rates. Management evaluates securities for other-than-temporary impairment at least 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 analyst’s reports. No impairment charges were recognized during 2019 , 2018 or 2017 . Realized gains and losses are derived using the specific identification method for determining the cost of the securities sold. The following summarizes securities sales activities for the years ended December 31 (in thousands) : 2019 2018 2017 Proceeds from sales $ 352,106 $ 168,891 $ 340,540 Gross gains on sales $ 1,843 $ 2,082 $ 1,247 Gross losses on sales (2,864 ) (2,738 ) (1,205 ) Net (losses) gains on sales of securities $ (1,021 ) $ (656 ) $ 42 Income tax (benefit) expense attributable to sales $ (247 ) $ (132 ) $ 14 The amortized cost and fair value of debt available-for-sale and held-to-maturity securities at December 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 US Treasuries: Within 1 year $ 29,877 $ 29,962 $ — $ — 1 to 5 years 123,113 124,656 — — 152,990 154,618 — — US Government agencies: 1 to 5 years 405 404 — — More than 10 years 2,443 2,631 — — 2,848 3,035 — — State and political subdivisions: Within 1 year 935 939 1,350 1,369 1 to 5 years 54,102 55,491 11,761 12,370 5 to 10 years 22,585 23,766 6,202 6,866 More than 10 years 137,055 146,294 26,166 26,439 214,677 226,490 45,479 47,044 Corporate bonds: Within 1 year 170,007 170,380 — — 1 to 5 years 27,624 28,171 — — 5 to 10 years 3,500 3,542 — — More than 10 years 1,000 998 — — 202,131 203,091 — — Asset-backed securities: 1 to 5 years 1,585 1,578 — — More than 10 years 102,713 101,791 — — 104,298 103,369 — — Total securities other than mortgage-backed securities: Within 1 year 200,819 201,281 1,350 1,369 1 to 5 years 206,829 210,300 11,761 12,370 5 to 10 years 26,085 27,308 6,202 6,866 More than 10 years 243,211 251,714 26,166 26,439 Residential mortgage-backed securities 1,281,498 1,299,025 153,967 155,287 Commercial mortgage-backed securities 282,165 284,953 84,087 85,573 $ 2,240,607 $ 2,274,581 $ 283,533 $ 287,904 |
Loans and Leases and Allowance
Loans and Leases and Allowance for Credit Losses | 12 Months Ended |
Dec. 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) : December 31, 2019 2018 Owner occupied commercial real estate $ 1,720,227 $ 1,647,904 Income producing commercial real estate 2,007,950 1,812,420 Commercial & industrial 1,220,657 1,278,347 Commercial construction 976,215 796,158 Equipment financing 744,544 564,614 Total commercial 6,669,593 6,099,443 Residential mortgage 1,117,616 1,049,232 Home equity lines of credit 660,675 694,010 Residential construction 236,437 211,011 Consumer 128,232 122,013 Indirect auto — 207,692 Total loans 8,812,553 8,383,401 Less allowance for loan losses (62,089 ) (61,203 ) Loans, net $ 8,750,464 $ 8,322,198 At December 31, 2019 and 2018 , $1.30 million and $1.19 million , respectively, in overdrawn deposit accounts were reclassified as consumer loans. At December 31, 2019 and 2018 , loans with a carrying value of $4.06 billion and $3.98 billion were pledged as collateral to secure FHLB advances, securitized notes payable and other contingent funding sources. At December 31, 2019 , the carrying value and outstanding balance of PCI loans was $58.6 million and $83.1 million , respectively. At December 31, 2018 , the carrying value and outstanding balance of PCI loans was $74.4 million and $109 million , respectively. The following table presents changes in the value of the accretable yield for PCI loans for the years ended December 31 (in thousands) : 2019 2018 Balance at beginning of period $ 26,868 $ 17,686 Additions due to acquisitions 1,300 1,977 Accretion (17,885 ) (13,696 ) Reclassification from nonaccretable difference 9,237 15,326 Changes in expected cash flows that do not affect nonaccretable difference 4,400 5,575 Balance at end of period $ 23,920 $ 26,868 In addition to the accretable yield on PCI loans, the fair value adjustments on non-PCI purchased loans are also accreted to interest income over the life of the loans. At December 31, 2019 and 2018 , the remaining accretable net fair value discount on these loans was $5.00 million and $4.31 million , respectively, which included a net premium on acquired equipment financing loans. During 2019 , United sold $81.1 million of SBA/USDA guaranteed loans, $103 million of indirect auto loans, and $31.0 million of equipment financing receivables. The gains and losses on these loan sales were included in noninterest income on the consolidated statements of income. During 2018 and 2017 , United sold SBA/USDA guaranteed loans totaling $121 million and $117 million , respectively. At December 31, 2019 and 2018 , equipment financing assets included leases of $37.4 million and $30.4 million , respectively. The components of the net investment in leases, which included both sales-type and direct financing, are presented below (in thousands) . December 31, 2019 2018 Minimum future lease payments receivable $ 39,709 $ 31,915 Estimated residual value of leased equipment 3,631 3,593 Initial direct costs 842 827 Security deposits (989 ) (1,189 ) Purchase accounting premium 273 806 Unearned income (6,088 ) (5,568 ) Net investment in leases $ 37,378 $ 30,384 Minimum future lease payments expected to be received from equipment financing lease contracts as of December 31, 2019 are as follows (in thousands) : Year 2020 $ 14,772 2021 11,177 2022 7,549 2023 4,436 2024 1,462 Thereafter 313 Total $ 39,709 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 sheets. 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) : Year Ended December 31, 2019 Beginning Balance Charge-Offs Recoveries Provision Ending Balance Owner occupied commercial real estate $ 12,207 $ (5 ) $ 375 $ (1,173 ) $ 11,404 Income producing commercial real estate 11,073 (1,227 ) 283 2,177 12,306 Commercial & industrial 4,802 (5,849 ) 852 5,461 5,266 Commercial construction 10,337 (290 ) 1,165 (1,544 ) 9,668 Equipment financing 5,452 (5,675 ) 781 6,826 7,384 Residential mortgage 8,295 (616 ) 481 (79 ) 8,081 Home equity lines of credit 4,752 (996 ) 610 209 4,575 Residential construction 2,433 (306 ) 157 220 2,504 Consumer 853 (2,390 ) 911 1,527 901 Indirect auto 999 (663 ) 186 (522 ) — Total allowance for loan losses 61,203 (18,017 ) 5,801 13,102 62,089 Allowance for unfunded commitments 3,410 — — 48 3,458 Total allowance for credit losses $ 64,613 $ (18,017 ) $ 5,801 $ 13,150 $ 65,547 Year Ended December 31, 2018 Beginning Balance Charge-Offs Recoveries Provision Ending Balance Owner occupied commercial real estate $ 14,776 $ (303 ) $ 1,227 $ (3,493 ) $ 12,207 Income producing commercial real estate 9,381 (3,304 ) 1,064 3,932 11,073 Commercial & industrial 3,971 (1,669 ) 1,390 1,110 4,802 Commercial construction 10,523 (622 ) 734 (298 ) 10,337 Equipment financing — (1,536 ) 460 6,528 5,452 Residential mortgage 10,097 (754 ) 336 (1,384 ) 8,295 Home equity lines of credit 5,177 (1,194 ) 423 346 4,752 Residential construction 2,729 (54 ) 376 (618 ) 2,433 Consumer 710 (2,445 ) 807 1,781 853 Indirect auto 1,550 (1,277 ) 228 498 999 Total allowance for loan losses 58,914 (13,158 ) 7,045 8,402 61,203 Allowance for unfunded commitments 2,312 — — 1,098 3,410 Total allowance for credit losses $ 61,226 $ (13,158 ) $ 7,045 $ 9,500 $ 64,613 Year Ended December 31, 2017 Beginning Balance Charge-Offs Recoveries Provision Ending Balance Owner occupied commercial real estate $ 16,446 $ (406 ) $ 980 $ (2,244 ) $ 14,776 Income producing commercial real estate 8,843 (2,985 ) 178 3,345 9,381 Commercial & industrial 3,810 (1,528 ) 1,768 (79 ) 3,971 Commercial construction 13,405 (1,023 ) 1,018 (2,877 ) 10,523 Equipment financing — — — — — Residential mortgage 8,545 (1,473 ) 314 2,711 10,097 Home equity lines of credit 4,599 (1,435 ) 567 1,446 5,177 Residential construction 3,264 (129 ) 178 (584 ) 2,729 Consumer 708 (1,803 ) 917 888 710 Indirect auto 1,802 (1,420 ) 284 884 1,550 Total allowance for loan losses 61,422 (12,202 ) 6,204 3,490 58,914 Allowance for unfunded commitments 2,002 — — 310 2,312 Total allowance for credit losses $ 63,424 $ (12,202 ) $ 6,204 $ 3,800 $ 61,226 The following table presents 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 for the periods indicated (in thousands) : Allowance for Credit Losses December 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 $ 816 $ 10,483 $ 105 $ 11,404 $ 862 $ 11,328 $ 17 $ 12,207 Income producing commercial real estate 770 11,507 29 12,306 402 10,671 — 11,073 Commercial & industrial 21 5,193 52 5,266 32 4,761 9 4,802 Commercial construction 55 9,613 — 9,668 71 9,974 292 10,337 Equipment financing — 7,240 144 7,384 — 5,045 407 5,452 Residential mortgage 782 7,296 3 8,081 861 7,410 24 8,295 Home equity lines of credit 16 4,541 18 4,575 1 4,740 11 4,752 Residential construction 47 2,456 1 2,504 51 2,382 — 2,433 Consumer 5 885 11 901 6 847 — 853 Indirect auto — — — — 26 973 — 999 Total allowance for loan losses 2,512 59,214 363 62,089 2,312 58,131 760 61,203 Allowance for unfunded commitments — 3,458 — 3,458 — 3,410 — 3,410 Total allowance for credit losses $ 2,512 $ 62,672 $ 363 $ 65,547 $ 2,312 $ 61,541 $ 760 $ 64,613 Loans Outstanding December 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 $ 19,233 $ 1,692,448 $ 8,546 $ 1,720,227 $ 17,602 $ 1,620,450 $ 9,852 $ 1,647,904 Income producing commercial real estate 18,134 1,962,588 27,228 2,007,950 16,584 1,757,525 38,311 1,812,420 Commercial & industrial 1,449 1,218,882 326 1,220,657 1,621 1,276,318 408 1,278,347 Commercial construction 3,675 965,678 6,862 976,215 2,491 787,760 5,907 796,158 Equipment financing 1,027 739,532 3,985 744,544 — 556,672 7,942 564,614 Residential mortgage 15,991 1,092,046 9,579 1,117,616 14,220 1,025,862 9,150 1,049,232 Home equity lines of credit 992 658,273 1,410 660,675 276 692,122 1,612 694,010 Residential construction 1,256 234,807 374 236,437 1,207 209,070 734 211,011 Consumer 214 127,682 336 128,232 211 121,269 533 122,013 Indirect auto — — — — 1,237 206,455 — 207,692 Total loans $ 61,971 $ 8,691,936 $ 58,646 $ 8,812,553 $ 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. On a quarterly basis, management individually evaluates certain impaired loans, including all non-PCI nonaccrual relationships with a balance of $500,000 or greater and all troubled debt restructurings (“TDRs”) for impairment. Impairment for collateral dependent loans within this population is measured based on the fair value of the collateral. If impairment is identified, the loan is generally charged down to the fair value of the underlying collateral, less selling costs. Impairment for non-collateral dependent TDRs within this population is measured based on discounted cash flows or the loan’s observable market price. Impairment identified using these methods would result in the establishment of a specific reserve. 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 of loans 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 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 that are collateral dependent are generally charged down to fair value less costs to sell at the time they are placed on nonaccrual status. Commercial, mortgage, and consumer asset quality committees meet monthly to review charge-offs that have occurred during the previous month. Participants include the respective Chief Commercial Credit Officer, Chief Retail Credit Officer, Senior Risk Officers, Senior Credit Officers, Regional Credit Managers, and Special Asset 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 of loans as of the dates indicated (in thousands) : December 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 $ 9,527 $ 8,118 $ — $ 8,650 $ 6,546 $ — Income producing commercial real estate 5,159 4,956 — 9,986 9,881 — Commercial & industrial 1,144 890 — 525 370 — Commercial construction 2,458 2,140 — 685 507 — Equipment financing 1,027 1,027 — — — — Total commercial 19,315 17,131 — 19,846 17,304 — Residential mortgage 7,362 6,436 — 5,787 5,202 — Home equity lines of credit 1,116 861 — 330 234 — Residential construction 731 626 — 554 428 — Consumer 66 53 — 18 17 — Indirect auto — — — 294 292 — Total with no related allowance recorded 28,590 25,107 — 26,829 23,477 — With an allowance recorded: Owner occupied commercial real estate 11,136 11,115 816 11,095 11,056 862 Income producing commercial real estate 13,591 13,178 770 6,968 6,703 402 Commercial & industrial 559 559 21 1,652 1,251 32 Commercial construction 1,535 1,535 55 2,130 1,984 71 Equipment financing — — — — — — Total commercial 26,821 26,387 1,662 21,845 20,994 1,367 Residential mortgage 9,624 9,555 782 9,169 9,018 861 Home equity lines of credit 146 131 16 45 42 1 Residential construction 643 630 47 791 779 51 Consumer 161 161 5 199 194 6 Indirect auto — — — 946 945 26 Total with an allowance recorded 37,395 36,864 2,512 32,995 31,972 2,312 Total $ 65,985 $ 61,971 $ 2,512 $ 59,824 $ 55,449 $ 2,312 As of December 31, 2019 and 2018 , United has allocated $2.51 million and $2.31 million , respectively, of specific reserves to customers whose loan terms have been modified in TDRs. As of December 31, 2019 and December 31, 2018 , there were no commitments to lend additional amounts to customers with outstanding loans 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” in which 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 years ended December 31 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 years ended December 31 that were initially restructured within one year prior to default (dollars in thousands) : New TDRs Number of Contracts Pre-Modification Outstanding Recorded Investment Post-Modification Outstanding Recorded Investment by Type of Modification TDRs Modified Within the Year That Have Subsequently Defaulted Year Ended December 31, 2019 Rate Reduction Structure Other Total Number of Contracts Recorded Investment Owner occupied commercial real estate 4 $ 1,864 $ — $ 1,739 $ — $ 1,739 — $ — Income producing commercial real estate 3 9,126 — 9,013 — 9,013 — — Commercial & industrial 2 136 — 75 7 82 — — Commercial construction — — — — — — — — Equipment financing 9 1,071 — 1,071 — 1,071 — — Total commercial 18 12,197 — 11,898 7 11,905 — — Residential mortgage 15 2,102 — 2,057 — 2,057 1 135 Home equity lines of credit 1 50 — 50 — 50 — — Residential construction 1 22 — — 21 21 1 13 Consumer 5 46 — — 45 45 — — Indirect auto 15 271 — — 262 262 — — Total loans 55 $ 14,688 $ — $ 14,005 $ 335 $ 14,340 2 $ 148 Year Ended December 31, 2018 Owner occupied commercial real estate 5 $ 1,438 $ — $ 1,387 $ — $ 1,387 3 $ 1,869 Income producing commercial real estate 2 3,753 106 3,637 — 3,743 — — Commercial & industrial 2 108 — 32 — 32 1 232 Commercial construction — — — — — — 1 3 Equipment financing — — — — — — — — Total commercial 9 5,299 106 5,056 — 5,162 5 2,104 Residential mortgage 15 1,933 130 1,770 — 1,900 1 101 Home equity lines of credit 1 42 — — 41 41 — — Residential construction 2 47 — 32 13 45 — — Consumer 2 7 — — 7 7 — — Indirect auto 35 643 — — 643 643 — — Total loans 64 $ 7,971 $ 236 $ 6,858 $ 704 $ 7,798 6 $ 2,205 Year Ended December 31, 2017 Owner occupied commercial real estate 6 $ 2,603 $ — $ 2,161 $ 108 $ 2,269 — $ — Income producing commercial real estate 2 257 — — 252 252 — — Commercial & industrial 6 901 — 174 533 707 — — Commercial construction — — — — — — — — Equipment financing — — — — — — — — Total commercial 14 3,761 — 2,335 893 3,228 — — Residential mortgage 23 2,174 — 2,165 — 2,165 4 852 Home equity lines of credit 1 296 — — 176 176 — — Residential construction 4 135 40 95 — 135 — — Consumer 2 16 — 16 — 16 — — Indirect auto 34 786 — — 786 786 — — Total loans 78 $ 7,168 $ 40 $ 4,611 $ 1,855 $ 6,506 4 $ 852 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 is presented below for the last three years (in thousands) : 2019 2018 2017 Average Balance Interest Revenue Recognized During Impairment Cash Basis Interest Revenue Received Average Balance Interest Revenue Recognized During Impairment Cash Basis Interest Revenue Received Average Balance Interest Revenue Recognized During Impairment Cash Basis Interest Revenue Received Owner occupied commercial real estate $ 18,575 $ 1,124 $ 1,171 $ 19,881 $ 1,078 $ 1,119 $ 27,870 $ 1,271 $ 1,291 Income producing commercial real estate 14,253 739 730 17,138 893 895 24,765 1,265 1,178 Commercial & industrial 1,837 84 100 1,777 100 100 2,994 125 127 Commercial construction 3,233 129 146 3,247 176 174 5,102 225 229 Equipment financing 159 23 23 — — — — — — Total commercial 38,057 2,099 2,170 42,043 2,247 2,288 60,731 2,886 2,825 Residential mortgage 16,115 748 749 14,515 641 643 14,257 555 574 Home equity lines of credit 488 14 15 284 18 16 248 10 12 Residential construction 1,332 92 94 1,405 96 95 1,582 95 95 Consumer 203 15 15 249 18 18 292 22 22 Indirect auto 1,028 50 50 1,252 64 64 1,244 64 64 Total $ 57,223 $ 3,018 $ 3,093 $ 59,748 $ 3,084 $ 3,124 $ 78,354 $ 3,632 $ 3,592 Nonaccrual and Past Due 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 as 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. No PCI loans were classified as nonaccrual at December 31, 2019 or 2018 as the cash flows of the respective loan or pool of loans 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 $1.26 million , $1.09 million , and $1.11 million for 2019 , 2018 , and 2017 , respectively. The following table presents the recorded investment in nonaccrual loans held for investment by loan class as of the dates indicated (in thousands) : December 31, 2019 2018 Owner occupied commercial real estate $ 10,544 $ 6,421 Income producing commercial real estate 1,996 1,160 Commercial & industrial 2,545 1,417 Commercial construction 2,277 605 Equipment financing 3,141 2,677 Total commercial 20,503 12,280 Residential mortgage 10,567 8,035 Home equity lines of credit 3,173 2,360 Residential construction 939 288 Consumer 159 89 Indirect auto — 726 Total $ 35,341 $ 23,778 Excluding PCI loans, substantially all loans more than 90 days past due were on nonaccrual status at December 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 30 - 59 Days 60 - 89 Days > 90 Days Total Loans Not Past Due PCI Loans Total As of December 31, 2019 Owner occupied commercial real estate $ 2,913 $ 2,007 $ 6,079 $ 10,999 $ 1,700,682 $ 8,546 $ 1,720,227 Income producing commercial real estate 562 706 401 1,669 1,979,053 27,228 2,007,950 Commercial & industrial 2,140 491 2,119 4,750 1,215,581 326 1,220,657 Commercial construction 1,867 557 96 2,520 966,833 6,862 976,215 Equipment financing 2,065 923 3,045 6,033 734,526 3,985 744,544 Total commercial 9,547 4,684 11,740 25,971 6,596,675 46,947 6,669,593 Residential mortgage 5,655 2,212 2,171 10,038 1,097,999 9,579 1,117,616 Home equity lines of credit 1,697 421 1,385 3,503 655,762 1,410 660,675 Residential construction 325 125 402 852 235,211 374 236,437 Consumer 668 181 27 876 127,020 336 128,232 Total loans $ 17,892 $ 7,623 $ 15,725 $ 41,240 $ 8,712,667 $ 58,646 $ 8,812,553 As of December 31, 2018 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 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. As of December 31, and based on the most recent analysis performed, the risk category of loans by class of loans is as follows (in thousands) : Pass Watch Substandard Doubtful / Loss Total As of December 31, 2019 Owner occupied commercial real estate $ 1,638,398 $ 24,563 $ 48,720 $ — $ 1,711,681 Income producing commercial real estate 1,914,524 40,676 25,522 — 1,980,722 Commercial & industrial 1,156,366 16,385 47,580 — 1,220,331 Commercial construction 960,251 2,298 6,804 — 969,353 Equipment financing 737,418 — 3,141 — 740,559 Total commercial 6,406,957 83,922 131,767 — 6,622,646 Residential mortgage 1,093,902 — 14,135 — 1,108,037 Home equity lines of credit 654,619 — 4,646 — 659,265 Residential construction 234,791 — 1,272 — 236,063 Consumer 127,507 8 381 — 127,896 Total loans, excluding PCI loans 8,517,776 83,930 152,201 — 8,753,907 Owner occupied commercial real estate 3,238 2,797 2,511 — 8,546 Income producing commercial real estate 19,648 6,305 1,275 — 27,228 Commercial & industrial 104 81 141 — 326 Commercial construction 3,628 590 2,644 — 6,862 Equipment financing 3,952 — 33 — 3,985 Total commercial 30,570 9,773 6,604 — 46,947 Residential mortgage 8,112 — 1,467 — 9,579 Home equity lines of credit 1,350 — 60 — 1,410 Residential construction 348 — 26 — 374 Consumer 303 — 33 — 336 Total PCI loans 40,683 9,773 8,190 — 58,646 Total loan portfolio $ 8,558,459 $ 93,703 $ 160,391 $ — $ 8,812,553 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 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 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 |
Premises and Equipment
Premises and Equipment | 12 Months Ended |
Dec. 31, 2019 | |
Property, Plant and Equipment [Abstract] | |
Premises and Equipment | Premises and Equipment Premises and equipment are summarized as follows as of the dates indicated (in thousands) : December 31, 2019 2018 Land and land improvements $ 81,150 $ 78,066 Buildings and improvements 170,629 153,980 Furniture and equipment 97,997 93,854 Construction in progress 1,701 5,350 351,477 331,250 Less accumulated depreciation (135,501 ) (125,110 ) Premises and equipment, net $ 215,976 $ 206,140 Depreciation expense was $15.3 million , $14.2 million and $12.0 million for 2019 , 2018 and 2017 , respectively. |
Goodwill and Other Intangible A
Goodwill and Other Intangible Assets | 12 Months Ended |
Dec. 31, 2019 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Other Intangible Assets | Goodwill and Other Intangible Assets The carrying amount of goodwill and other intangible assets is summarized below as of the dates indicated (in thousands) : December 31, 2019 2018 Core deposit intangible (1) $ 32,802 $ 62,652 Less: accumulated amortization (1) (17,980 ) (46,141 ) Net core deposit intangible 14,822 16,511 Noncompete agreement 3,144 3,144 Less: accumulated amortization (3,144 ) (2,695 ) Net noncompete agreement — 449 Total intangibles subject to amortization, net 14,822 16,960 Goodwill 327,425 307,112 Total goodwill and other intangible assets, net $ 342,247 $ 324,072 (1) Balances for 2019 exclude fully amortized core deposit intangibles. The following is a summary of changes in the carrying amounts of goodwill for the years indicated (in thousands) : Goodwill (1) December 31, 2017 $ 220,591 Acquisition of Navitas 87,379 Measurement period adjustments - FOFN and HCSB (858 ) December 31, 2018 307,112 Acquisition of FMBT 20,313 December 31, 2019 $ 327,425 (1) Goodwill balances presented as of December 31, 2019, 2018, and 2017 are shown net of accumulated impairment losses of $306 million incurred prior to 2017. Gross goodwill for December 31, 2019, 2018, and 2017 totaled $633 million , $613 million and $526 million , respectively. The estimated aggregate amortization expense for future periods for core deposit intangibles is as follows (in thousands) : Year 2020 $ 3,842 2021 3,019 2022 2,379 2023 1,852 2024 1,431 Thereafter 2,299 Total $ 14,822 |
Servicing Assets and Liabilitie
Servicing Assets and Liabilities | 12 Months Ended |
Dec. 31, 2019 | |
Transfers and Servicing [Abstract] | |
Servicing Assets and Liabilities | Servicing Assets and Liabilities Servicing Rights for SBA/USDA Loans United accounts for servicing rights for SBA/USDA loans at fair value. The following table summarizes the changes in SBA/USDA servicing rights for the years indicated ( in thousands ) 2019 2018 2017 Servicing rights for SBA/USDA loans, beginning of period $ 7,510 $ 7,740 $ 5,752 Additions: Acquired servicing rights (1) — (354 ) 419 Originated servicing rights capitalized upon sale of loans 1,835 2,573 2,737 Subtractions: Disposals (1,258 ) (810 ) (621 ) Changes in fair value: Due to change in inputs or assumptions used in the valuation model (1,293 ) (1,639 ) (547 ) Servicing rights for SBA/USDA loans, end of period $ 6,794 $ 7,510 $ 7,740 (1) Includes measurement period adjustments further discussed in Note 3. The portfolio of SBA/USDA loans serviced for others, which is not included in the accompanying balance sheets, was $411 million and $386 million , respectively, at December 31, 2019 and 2018 . The amount of contractually specified servicing fees earned by United on these servicing rights during the years ended December 31, 2019 , 2018 and 2017 was $3.82 million , $3.44 million and $2.60 million , respectively. A summary of the key characteristics, inputs, and economic assumptions used in the discounted cash flow method utilized to estimate the fair value of the servicing asset for SBA/USDA loans and the sensitivity of the fair values to immediate adverse changes in those assumptions are shown in the table below as of the dates indicated (dollars in thousands) : December 31, 2019 2018 Fair value of retained servicing assets $ 6,794 $ 7,510 Prepayment rate assumption 16.5 % 12.1 % 10% adverse change $ (352 ) $ (267 ) 20% adverse change $ (671 ) $ (515 ) Discount rate 12.3 % 14.5 % 100 bps adverse change $ (184 ) $ (196 ) 200 bps adverse change $ (358 ) $ (381 ) Weighted-average life (years) 3.9 5.0 Weighted-average gross margin 1.9 % 1.9 % The above sensitivities are hypothetical and changes in fair value based on variations in assumptions generally cannot be extrapolated because the relationship of the change in assumption to the change in fair value may not be linear. Also, in this table, the effect of a variation in a particular assumption is calculated without changing any other assumption. In reality, changes in one factor may result in changes in another, which might magnify or counteract the sensitivities. Residential Mortgage Servicing Rights United accounts for residential mortgage servicing rights at fair value. The following table summarizes the changes in residential mortgage servicing rights for the years indicated ( in thousands ). 2019 2018 2017 Residential mortgage servicing rights, beginning of period $ 11,877 $ 8,262 $ 4,372 Additions: Originated servicing rights capitalized upon sale of loans 5,783 4,587 3,602 Subtractions: Disposals (1,098 ) (537 ) (328 ) Changes in fair value: Initial election to carry at fair value on January 1, 2017 — — 698 Due to change in inputs or assumptions used in the valuation (2,997 ) (435 ) (82 ) Residential mortgage servicing rights, end of period $ 13,565 $ 11,877 $ 8,262 The portfolio of residential mortgage loans serviced for others, which is not included in the consolidated balance sheets, was $1.60 billion and $1.21 billion , respectively, at December 31, 2019 and 2018 . The amount of contractually specified servicing fees earned by United on these servicing rights during the year ended December 31, 2019 , 2018 and 2017 was $3.67 million , $2.37 million and $1.72 million , respectively. A summary of the key characteristics, inputs, and economic assumptions used to estimate the fair value of the servicing asset for residential mortgage loans and the sensitivity of the fair values to immediate adverse changes in those assumptions are shown in the table below as of the dates indicated (in thousands) : December 31, 2019 2018 Fair value of retained servicing assets $ 13,565 $ 11,877 Prepayment rate assumption 14.1 % 10.6 % 10% adverse change $ (662 ) $ (466 ) 20% adverse change $ (1,270 ) $ (898 ) Discount rate 10.0 % 10.0 % 100 bps adverse change $ (467 ) $ (448 ) 200 bps adverse change $ (900 ) $ (863 ) The above sensitivities are hypothetical and changes in fair value based on variations in assumptions generally cannot be extrapolated because the relationship of the change in assumption to the change in fair value may not be linear. Also, in this table, the effect of a variation in a particular assumption is calculated without changing any other assumption. In reality, changes in one factor may result in changes in another, which might magnify or counteract the sensitivities. Servicing Liability for Equipment Financing Loans United accounts for the servicing liability associated with sold equipment finance loans using the amortization method. The portfolio of equipment financing loans serviced for others, which is not included in the accompanying balance sheets, was $42.4 million and $28.4 million at December 31, 2019 and 2018, respectively. The servicing liability related to these loans totaled $363,000 and $207,000 at December 31, 2019 and 2018, respectively. |
Deposits
Deposits | 12 Months Ended |
Dec. 31, 2019 | |
Deposits [Abstract] | |
Deposits | Deposits At December 31, 2019 , the contractual maturities of time deposits, including brokered time deposits, are summarized as follows (in thousands) : 2020 $ 1,639,355 2021 187,367 2022 41,402 2023 12,451 2024 8,064 thereafter 56,444 Total time deposits $ 1,945,083 At December 31, 2019 and 2018 , time deposits, excluding brokered time deposits, that met or exceeded the FDIC insurance limit of $250,000 totaled $367 million and $262 million , respectively. At December 31, 2019 and 2018 , United held $85.5 million and $544 million , respectively, in certificates of deposit obtained through third party brokers. The daily average balance of these brokered deposits totaled $241 million and $347 million in 2019 and 2018 , respectively. The brokered certificates of deposit at December 31, 2019 had maturities ranging from 2020 through 2033 and are callable by United. United has certain market-linked brokered deposits that are considered hybrid instruments that contain embedded derivatives that have been bifurcated from the host contract leaving host instruments paying a rate of 90 day London Interbank Offered Rate (“LIBOR”) minus a spread that, at times, has resulted in a negative yield. |
Federal Home Loan Bank Advances
Federal Home Loan Bank Advances | 12 Months Ended |
Dec. 31, 2019 | |
Advances from Federal Home Loan Banks [Abstract] | |
Federal Home Loan Bank Advances | Federal Home Loan Bank Advances At December 31, 2018 , United had FHLB advances totaling $160 million with a weighted average interest rate of 2.52% . At December 31, 2019 , United had no FHLB advances outstanding. FHLB advances are collateralized by owner occupied and income producing commercial real estate and residential mortgage loans, investment securities and FHLB stock. |
Long-term Debt
Long-term Debt | 12 Months Ended |
Dec. 31, 2019 | |
Debt Disclosure [Abstract] | |
Long-term Debt | Long-term Debt Long-term debt consisted of the following (in thousands) : December 31, Issue Date Stated Maturity Date Earliest Call Date 2019 2018 Interest Rate Obligations of the Bank and its Subsidiaries: NER 16-1 Class A-2 notes $ — $ 19,975 2016 2021 n/a 2.20% NER 16-1 Class B notes — 25,489 2016 2021 n/a 3.22% NER 16-1 Class C notes — 6,319 2016 2021 n/a 5.05% NER 16-1 Class D notes — 3,213 2016 2023 n/a 7.87% Total securitized notes payable — 54,996 Obligations of the Holding Company: 2022 senior debentures 50,000 50,000 2015 2022 2020 5.000% through August 13, 2020, 3-month LIBOR plus 3.814% thereafter 2027 senior debentures 35,000 35,000 2015 2027 2025 5.500% through August 13, 2025, 3-month LIBOR plus 3.71% thereafter Total senior debentures 85,000 85,000 2028 subordinated debentures 100,000 100,000 2018 2028 2023 4.500% through January 30, 2023, 3-month LIBOR plus 2.12% thereafter 2025 subordinated debentures 11,250 11,500 2015 2025 2020 6.250% Total subordinated debentures 111,250 111,500 Southern Bancorp Capital Trust I 4,382 4,382 2004 2034 2009 Prime + 1.00% Tidelands Statutory Trust I 8,248 8,248 2006 2036 2011 3-month LIBOR plus 1.38% Four Oaks Statutory Trust I 12,372 12,372 2006 2036 2011 3-month LIBOR plus 1.35% Total trust preferred securities 25,002 25,002 Less discount (8,588 ) (9,309 ) Total long-term debt $ 212,664 $ 267,189 Interest is currently paid at least semiannually for all senior and subordinated debentures, securitized notes payable and trust preferred securities. Senior Debentures The 2022 senior debentures are redeemable, in whole or in part, on or after August 14, 2020 at a redemption price equal to 100% of the principal amount to be redeemed plus any accrued and unpaid interest, and will mature on February 14, 2022 if not redeemed prior to that date. The 2027 senior debentures are redeemable, in whole or in part, on or after August 14, 2025 at a redemption price equal to 100% of the principal amount to be redeemed plus any accrued and unpaid interest, and will mature on February 14, 2027 if not redeemed prior to that date. Subordinated Debentures United acquired, as part of the FOFN acquisition, $11.5 million aggregate principal amount of subordinated debentures. The notes are due on November 30, 2025 . United may prepay the notes at any time after November 30, 2020 , subject to compliance with applicable laws. In January 2018, United issued $100 million fixed to floating rate subordinated notes due January 30, 2028 . The subordinated debentures qualify as Tier 2 regulatory capital. Securitized Notes Payable United acquired, as part of the Navitas acquisition, NER 16-1, which is a bankruptcy-remote securitization entity whose sole purpose is to receive loans to secure financings. NER 16-1 provided financing by issuing notes to investors through a private offering of Receivable-Backed Notes under Rule 144A of the Securities and Exchange Act of 1934. These notes are collateralized by specific qualifying loans and by cash placed in restricted cash accounts. These notes will continue amortizing sequentially based on collections on the underlying loans available to pay the note holders at each monthly payment date after payment of certain amounts as specified in the securitization documents including fees to various parties to the securitizations, interest due to the note holders and certain other payments. Sequentially, each subsequent class of note holders receive principal payments until paid down in full prior to the remaining subsequent class of note holders receiving principal payments. In addition to the pay-downs on these notes, they also have legal final maturity dates as reflected in the table above. During 2019, NER 16-1 executed a payoff and termination of the remaining notes outstanding in accordance with the terms of the related securitization documents. Trust Preferred Securities Trust preferred securities qualify as Tier 1 capital under risk based capital guidelines subject to certain limitations. The trust preferred securities are mandatorily redeemable upon maturity, or upon earlier redemption as provided in the indentures. |
Operating Leases
Operating Leases | 12 Months Ended |
Dec. 31, 2019 | |
Leases [Abstract] | |
Operating Leases | Operating Leases As of December 31, 2019 , United had a right-of-use asset and lease liability of $19.9 million and $22.0 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 year ended December 31, 2019 (in thousands) . 2019 Income Statement Location Operating lease cost $ 5,067 Occupancy expense Variable lease cost 449 Occupancy expense Short-term lease cost 136 Occupancy expense Total lease cost $ 5,652 Sublease income and rental income from owned properties under operating leases $ 1,160 Other noninterest income As of December 31, 2019 , the weighted average remaining lease term and weighted average discount rate of operating leases was 5.33 years and 2.79% , 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 December 31, 2019 , future minimum lease payments under operating leases were as follows (in thousands) : Year 2020 $ 4,939 2021 5,124 2022 4,694 2023 3,992 2024 1,728 Thereafter 3,364 Total 23,841 Less discount (1,802 ) Present value of lease liability $ 22,039 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 , and $3.91 million , for 2019 through 2023, respectively, and $5.04 million in the aggregate for years thereafter. Rent expense recorded in accordance with ASC 840 for the years ended December 31, 2018 and 2017 was $4.70 million and $4.32 million |
Reclassifications Out of Accumu
Reclassifications Out of Accumulated Other Comprehensive Income | 12 Months Ended |
Dec. 31, 2019 | |
Equity [Abstract] | |
Reclassifications Out of Accumulated Other Comprehensive Income | Reclassifications Out of Accumulated Other Comprehensive Income The following presents the details regarding amounts reclassified out of accumulated other comprehensive income (in thousands). Amounts Reclassified from Accumulated Other Comprehensive Income For the Years Ended December 31, Details about Accumulated Other Comprehensive Income Components Affected Line Item in the Statement Where Net Income is Presented 2019 2018 2017 Realized (losses) gains on available-for-sale securities: $ (1,021 ) $ (656 ) $ 42 Securities (losses) gains, net 247 132 (14 ) Income tax benefit (expense) $ (774 ) $ (524 ) $ 28 Net of tax Amortization of losses included in net income on available-for-sale securities transferred to held to maturity: $ (383 ) $ (739 ) $ (1,069 ) Investment securities interest revenue 92 180 401 Income tax benefit $ (291 ) $ (559 ) $ (668 ) Net of tax Amortization of losses included in net income on terminated derivative financial instruments previously accounted for as cash flow hedges: $ (235 ) $ — $ — Other expense (102 ) (499 ) (599 ) Deposit interest expense — — (292 ) Federal Home Loan Bank advances interest expense (337 ) (499 ) (891 ) Total before tax 86 129 346 Income tax benefit $ (251 ) $ (370 ) $ (545 ) Net of tax Reclassification of disproportionate tax effect related to terminated and current cash flow hedges: $ — $ — $ (3,289 ) Income tax expense Reclassifications related to defined benefit pension plan activity: Prior service cost $ (640 ) $ (666 ) $ (560 ) Salaries and employee benefits expense Actuarial losses (59 ) (241 ) — Other expense Actuarial losses — — (238 ) Salaries and employee benefits expense Termination of defined benefit pension plan (1,558 ) — — Merger-related and other (2,257 ) (907 ) (798 ) Total before tax 576 247 310 Income tax benefit $ (1,681 ) $ (660 ) $ (488 ) Net of tax Total reclassifications for the period $ (2,997 ) $ (2,113 ) $ (4,962 ) Net of tax Amounts shown above in parentheses reduce earnings |
Earnings Per Share
Earnings Per Share | 12 Months Ended |
Dec. 31, 2019 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | Earnings Per Share The following table sets forth the computation of basic and diluted net income per common share for the years indicated (in thousands, except per share data) : Year Ended December 31, 2019 2018 2017 Net income $ 185,721 $ 166,111 $ 67,821 Dividends and undistributed earnings allocated to unvested shares (1,375 ) (1,184 ) (571 ) Net income available to common stockholders $ 184,346 $ 164,927 $ 67,250 Income per common share: Basic $ 2.31 $ 2.07 $ 0.92 Diluted 2.31 2.07 0.92 Weighted average common shares: Basic 79,700 79,662 73,247 Effect of dilutive securities: Stock options 1 7 12 Restricted stock units 7 2 — Diluted 79,708 79,671 73,259 At December 31, 2019 , United had the following potentially dilutive instruments outstanding: 1,000 shares of common stock issuable upon exercise of stock options with a weighted average exercise price of $30.45 and 183,168 shares of common stock issuable upon vesting of restricted stock unit awards. At December 31, 2018 , United excluded 32,316 potentially dilutive shares of common stock issuable upon exercise of stock options because of their antidilutive effect. At December 31, 2017 , United had the following potentially dilutive instruments outstanding: a warrant to purchase 219,909 shares of common stock at $61.40 per share; 60,287 shares of common stock issuable upon exercise of stock options; and 663,817 shares of common stock issuable upon completion of vesting of restricted stock unit awards. |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2019 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes Income tax expense is as follows for the years indicated (in thousands) : Year Ended December 31, 2019 2018 2017 Current $ 38,082 $ 17,185 $ 5,451 Deferred 14,909 32,630 60,951 Increase in valuation allowance — — 413 Expense due to enactment of federal tax reform — — 38,198 Total income tax expense $ 52,991 $ 49,815 $ 105,013 The differences between the provision for income taxes and the amount computed by applying the statutory federal income tax rate of 21% in 2019 and 2018 and 35% in 2017 to income before income taxes are as follows for the years indicated (in thousands) : Year Ended December 31, 2019 2018 2017 Pretax income at statutory rates $ 50,130 $ 45,344 $ 60,492 Add (deduct): State taxes, net of federal benefit 7,168 6,765 4,139 Bank owned life insurance earnings (1,127 ) (747 ) (1,141 ) Adjustment to reserve for uncertain tax positions 84 80 59 Tax-exempt interest revenue (1,827 ) (1,229 ) (1,199 ) Equity compensation (375 ) (892 ) (799 ) Transaction costs 16 78 408 Tax credit investments (464 ) (29 ) (89 ) Change in state statutory tax rate — 583 81 Increase in valuation allowance — — 413 Release of disproportionate tax effects related to de-designated cash flow hedges — — 3,400 Expense due to enactment of federal tax reform — — 38,198 Other (614 ) (138 ) 1,051 Total income tax expense $ 52,991 $ 49,815 $ 105,013 On December 22, 2017, H.R.1, commonly known as the Tax Cuts and Jobs Act of 2017 (the “Tax Act”) was signed into law. Among other things, the Tax Act reduced United’s corporate federal tax rate from 35% to 21% effective January 1, 2018. As a result, United was required to re-measure, through 2017 income tax expense, its deferred tax assets and liabilities using the enacted rate at which United expects them to be recovered or settled. Also, on December 22, 2017 , the SEC staff issued Staff Accounting Bulletin No. 118 (“SAB 118”), which provided guidance on accounting for the tax effects of the Tax Act. SAB118 provided a one-year measurement period from the Tax Act enactment date for companies to complete the related accounting under ASC Topic 740, Income Taxes (“ASC 740”). United’s 2017 financial results reflected both the income tax effects of the Tax Act for which the accounting was complete and provisional amounts for certain income tax effects of the Tax Act for which the accounting was incomplete, but a reasonable estimate could be determined. In 2017, United recorded a provisional amount of income tax expense of $38.2 million for the impact of the re-measurement of its deferred tax asset. No material adjustments to the provisional amount were recorded during the one-year measurement period. The following summarizes the sources and expected tax consequences of future taxable deductions (revenue) which comprise the net deferred tax asset as of the dates indicated (in thousands) : December 31, 2019 2018 Deferred tax assets: Allowance for loan losses $ 14,910 $ 14,604 Net operating loss carryforwards 27,568 39,204 Deferred compensation 9,363 8,535 Loan purchase accounting adjustments 6,599 8,658 Reserve for losses on foreclosed properties 20 61 Nonqualified share based compensation 2,041 1,190 Accrued expenses 3,958 3,536 Investment in partnerships 67 426 Unamortized pension actuarial losses and prior service cost 1,739 1,606 Unrealized losses on securities available-for-sale — 8,092 Unrealized losses on cash flow hedges — 86 Lease liability 5,327 — Other 2,038 1,235 Total deferred tax assets 73,630 87,233 Deferred tax liabilities: Unrealized gains on securities available-for-sale 7,943 — Acquired intangible assets 2,530 2,772 Premises and equipment 3,002 1,291 Loan origination costs 3,538 3,734 True tax leases 7,783 6,020 Prepaid expenses 373 398 Servicing assets 4,428 2,862 Derivatives 1,075 525 Right-of-use asset 4,809 — Uncertain tax positions 1,792 2,036 Total deferred tax liabilities 37,273 19,638 Less valuation allowance 2,298 3,371 Net deferred tax asset $ 34,059 $ 64,224 The change in the net deferred tax asset includes an increase of $203,000 due to current year merger and acquisition activity and the adoption of Topic 842. At December 31, 2019 , United had state net operating loss carryforwards of approximately $10.5 million that begin to expire in 2021 , $3.71 million that begin to expire in 2027 and $197 million that begin to expire in 2031, if not previously utilized. United had $74.6 million in federal net operating loss carryforwards subject to annual limitation under IRC Section 382 that begin to expire in 2027, if not previously utilized. United had $4.33 million of state tax credits that begin to expire in 2025 , if not previously utilized. Management assesses the valuation allowance recorded against deferred tax assets at each reporting period. The determination of whether a valuation allowance for deferred tax assets is appropriate is subject to considerable judgment and requires an evaluation of all the positive and negative evidence. ASC 740 requires that companies assess whether a valuation allowance should be established against their deferred tax assets based on the consideration of all available evidence using a “more likely than not” standard. At December 31, 2019 and 2018 , based on the assessment of all the positive and negative evidence, management concluded that it is more likely than not that nearly all of the net deferred tax asset will be realized based upon future taxable income. The valuation allowance of $2.30 million and $3.37 million , respectively, was related to specific state income tax credits that have short carryforward periods and certain acquired state net operating losses, both of which are expected to expire unused. The valuation allowance could fluctuate in future periods based on the assessment of the positive and negative evidence. Management’s conclusion at December 31, 2019 that it was more likely than not that the net deferred tax asset of $34.1 million will be realized is based on management’s estimate of future taxable income. Management’s estimate of future taxable income is based on internal forecasts which 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 deferred tax asset. A reconciliation of the beginning and ending unrecognized tax benefit related to uncertain tax positions is as follows for the years indicated (in thousands) : 2019 2018 2017 Balance at beginning of year $ 3,264 $ 3,163 $ 3,892 Additions based on tax positions related to the current year 481 470 441 Decreases resulting from a lapse in the applicable statute of limitations (375 ) (369 ) (351 ) Remeasurement due to enactment of federal tax reform — — (819 ) Balance at end of year $ 3,370 $ 3,264 $ 3,163 Approximately $2.92 million of the unrecognized tax benefit at December 31, 2019 would increase income from continuing operations, and thus affect United’s effective tax rate, if ultimately recognized into income. It is United’s policy to recognize interest and penalties accrued relative to unrecognized tax benefits in their respective federal or state income taxes accounts. There were no penalties and interest related to income taxes recorded in the income statement in 2019 , 2018 or 2017 . No amounts were accrued for interest and penalties on the balance sheet at December 31, 2019 or 2018 . United and its subsidiaries file a consolidated U.S. federal income tax return, as well as various state returns in the states where it operates. United’s federal and state income tax returns are no longer subject to examination by taxing authorities for years before 2016 . |
Pension and Employee Benefit Pl
Pension and Employee Benefit Plans | 12 Months Ended |
Dec. 31, 2019 | |
Retirement Benefits [Abstract] | |
Pension and Employee Benefit Plans | Pension and Employee Benefit Plans United offers a defined contribution 401(k) plan (the “401(k) Plan”) that covers substantially all employees meeting certain minimum service requirements. The 401(k) Plan allows employees to make pre-tax contributions to the 401(k) Plan and, prior to March 1, 2018, United matched 70% of employee contributions up to 5% of eligible compensation. The matching contribution was increased to 100% of employee contributions up to 5% of eligible compensation effective March 1, 2018. Employees begin to receive matching contributions after completing one year of service and benefits vest after three years of service. United’s 401(k) Plan is administered in accordance with applicable laws and regulations. Compensation expense from continuing operations related to the 401(k) Plan totaled $5.30 million , $4.73 million and $2.66 million in 2019 , 2018 and 2017 , respectively. The 401(k) Plan allows employees to choose to invest among a number of investment options that previously included United’s common stock. Effective January 1, 2015, United’s common stock was no longer offered as an investment option for new contributions. United sponsors a non-qualified deferred compensation plan for its executive officers, certain other key employees and members of United’s Board of Directors and its community banks’ advisory boards of directors. The deferred compensation plan provides for the pre-tax deferral of compensation, fees and other specified benefits. The deferred compensation plan also permits each employee participant to elect to defer a portion of his or her base salary, bonus or vested restricted stock units and permits each eligible director participant to elect to defer all or a portion of his or her director’s fees. Further, the deferred compensation plan allows for additional contributions by an employee, with matching contributions by United, for amounts that exceed the allowable amounts under the 401(k) Plan. During 2019 , 2018 and 2017 , United recognized $162,000 , $119,000 and $35,000 , respectively, in matching contributions for this provision of the deferred compensation plan. The Board of Directors may also elect to make a discretionary contribution to any or all participants. No discretionary contributions were made in 2019 , 2018 or 2017 . Defined Benefit Pension Plans United has an unfunded noncontributory defined benefit pension plan (“Modified Retirement Plan”) that covers certain executive officers and other key employees. The Modified Retirement Plan provides a fixed annual retirement benefit to plan participants. United acquired Palmetto Bancshares, Inc. (“Palmetto”) on September 1, 2015, including its funded noncontributory defined benefit pension plan (“Funded Plan”), which covered all full-time Palmetto employees who had fulfilled at least 12 months of continuous service and attained age 21 by December 31, 2007. Benefits under the Funded Plan were no longer accrued for service subsequent to 2007. On December 28, 2018 , United filed a Notice of Standard Termination with the Pension Benefit Guaranty Corporation in accordance with regulatory requirements. During 2019, United settled the liabilities of its Funded Plan. Participants elected to receive either lump sum distributions or annuity contracts purchased from a third-party insurance company that provided for the payment of vested benefits. United contributed $4.90 million to the Funded Plan in the third quarter 2019 to fund its liquidation. As a result of the pension termination, unrecognized losses of $1.56 million , which were previously recorded in accumulated other comprehensive income (loss) on the consolidated balance sheets, were recognized as expense and an additional pension plan settlement loss of $1.38 million was recorded in the consolidated statements of income. Including both charges, the total Funded Plan settlement loss was $2.94 million , which was included in merger-related and other charges for the year ended December 31, 2019. Weighted-average assumptions used to determine pension benefit obligations at year end and net periodic pension cost are shown in the table below: 2019 2018 Modified Retirement Plan Modified Retirement Plan Funded Plan Discount rate for disclosures 3.25 % 4.40 % Various Discount rate for net periodic benefit cost 4.40 % 3.75 % 3.75 % Expected long-term rate of return N/A N/A 4.00 % Rate of compensation increase N/A N/A N/A Measurement date 12/31/2019 12/31/2018 12/31/2018 The Modified Retirement Plan discount rates are determined in consultation with the third-party actuary and are set by matching the projected benefit cash flow to a notional yield curve developed by reference to high-quality fixed income investments. The discount rates are determined as the rate which would provide the same present value as the plan cash flows discounted to the measurement date using the full series of spot rates along the notional yield curve as of the measurement date. This process was also utilized when determining the Funded Plan discount rate for net periodic benefit cost. Because plan termination of the Funded Plan was imminent when determining the 2018 discount rate for disclosures, assumptions were utilized that were consistent with those to be used with regard to plan termination. For retirees, a discount rate of 3.6% was determined based on the third-party actuary’s recent experience with group annuities from insurance companies. For non-retirees, the assumption was that all participants would elect a lump-sum payment and, as a result, the IRS assumptions for lump-sum payments were utilized (discount rate of 3.33% for payments in first five years , 4.39% for payments during next 15 years and 4.72% for payments beyond 20 years ). The expected long-term rate of return was designed to approximate the actual long-term rate of return over time. Therefore, the pattern of income / expense recognition should match the stable pattern of services provided by employees over the life of the pension obligation. Expected returns on plan assets were developed in conjunction with input from external advisors and took into account the investment policy, actual investment allocation, long-term expected rates of return on the relevant asset classes and considered any material forward-looking return expectations for these major asset classes. United recognizes the underfunded status of the plans as a liability in the consolidated balance sheets. Information about changes in obligations and plan assets follows (in thousands) : 2019 2018 Modified Retirement Plan Funded Plan Modified Retirement Plan Funded Plan Accumulated benefit obligation: Accumulated benefit obligation - beginning of year $ 21,736 $ 16,011 $ 21,705 $ 17,700 Service cost 392 — 363 — Interest cost 931 166 801 647 Plan amendments 386 — 412 — Actuarial (gains) losses 2,390 1,489 (949 ) (839 ) Benefits paid (730 ) (17,666 ) (596 ) (1,497 ) Accumulated benefit obligation - end of year 25,105 — 21,736 16,011 Change in plan assets, at fair value: Beginning plan assets — 12,595 — 14,308 Actual return — 173 — (216 ) Employer contribution 730 4,898 596 — Benefits paid (730 ) (17,666 ) (596 ) (1,497 ) Plan assets - end of year — — — 12,595 Funded status - end of year (plan assets less benefit obligations) $ (25,105 ) $ — $ (21,736 ) $ (3,416 ) Components of net periodic benefit cost and other amounts recognized in other comprehensive income are as follows (in thousands): 2019 2018 2017 Modified Retirement Plan Funded Plan Modified Retirement Plan Funded Plan Modified Retirement Plan Funded Plan Service cost $ 392 $ — $ 363 $ — $ 551 $ — Interest cost 931 166 801 647 778 738 Expected return on plan assets — (106 ) — (551 ) — (630 ) Amortization of prior service cost 635 — 666 — 560 — Amortization of net losses 59 — 241 — 238 — Net periodic benefit cost $ 2,017 $ 60 $ 2,071 $ 96 $ 2,127 $ 108 The estimated net loss and prior service costs for the Modified Retirement Plan that will be amortized from accumulated other comprehensive income into net periodic benefit cost over the next fiscal year are $326,000 and $531,000 , respectively, as of December 31, 2019 . The following table summarizes the estimated future benefit payments expected to be paid from the Modified Retirement Plan for the periods indicated (in thousands) . 2020 $ 1,301 2021 1,176 2022 1,170 2023 1,164 2024 1,156 2025-2029 7,133 The following table summarizes the Funded Plan assets by major category as of the December 31, 2018, aggregated by the level in the fair value hierarchy within which those measurements fall (in thousands) . Level 1 Level 2 Level 3 Total Money market fund $ — $ 1,033 $ — $ 1,033 Mutual funds 4,881 — — 4,881 Corporate stocks 4,465 — — 4,465 Exchange traded funds 2,216 — — 2,216 Total plan assets $ 11,562 $ 1,033 $ — $ 12,595 For fair value measurement, money market funds were valued at amortized cost, which approximates fair value. Mutual funds, U.S. treasuries, corporate stocks, and exchange traded funds were valued at the closing price reported in the active market in which the instrument is traded. See Note 24 for more details regarding fair value measurements and the fair value hierarchy. The preceding methods described may produce a fair value calculation that may not be indicative of net realizable value or reflective of future fair values. Furthermore, although management believes the valuation methods were appropriate and consistent with other market participants, the use of different methodologies or assumptions to determine the fair value of certain financial instruments could result in a different fair value measurement at the reporting date. |
Derivatives and Hedging Activit
Derivatives and Hedging Activities | 12 Months Ended |
Dec. 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, to a lesser degree, through the use of derivative financial instruments. From time to time, 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 December 31, Interest Rate Products Balance Sheet Location 2019 2018 Fair value hedge of brokered CDs Derivative liabilities $ 880 $ 1,682 $ 880 $ 1,682 Derivatives not designated as hedging instruments December 31, Interest Rate Products Balance Sheet Location 2019 2018 Customer derivative positions Derivative assets $ 27,277 $ 5,216 Dealer offsets to customer derivative positions Derivative assets 394 7,620 Mortgage banking - loan commitment Derivative assets 1,970 1,190 Mortgage banking - forward sales commitment Derivative assets 98 28 Bifurcated embedded derivatives Derivative assets 5,268 10,651 $ 35,007 $ 24,705 Customer derivative positions Derivative liabilities $ 446 $ 9,661 Dealer offsets to customer derivative positions Derivative liabilities 6,425 781 Risk participations Derivative liabilities 12 8 Mortgage banking - forward sales commitment Derivative liabilities 86 259 Dealer offsets to bifurcated embedded derivatives Derivative liabilities 7,667 13,339 De-designated hedges Derivative liabilities — 703 $ 14,636 $ 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. In addition, 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. The agreements, which are typically executed in conjunction with a participation in a loan with the same customer, allow customers to execute an interest rate swap with one bank while allowing for the distribution of the credit risk among participating members. Collateral used to support the credit risk for the underlying lending relationship is also available to offset the risk of credit risk participations and customer derivative positions. 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 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 LIBOR and therefore provide an economic hedge. 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 also 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 December 31, 2019 and 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 had previously been de-designated was being amortized into earnings over the original term of the swaps as the forecasted transactions that the swaps were originally designated to hedge were still expected to occur. This was the only effect of cash flow hedges on the consolidated statements of income for the years ended December 31, 2019 , 2018 and 2017 . During the second quarter of 2019, United amortized the remaining balance of losses on terminated hedging positions from other comprehensive income. See Note 15 for further detail. 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. 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. At December 31, 2019 and 2018 , United had four interest rate swaps with an aggregate notional amount of $37.9 million and $39.0 million , respectively, that were designated as fair value hedges of fixed-rate brokered time deposits. The swaps involved the receipt of fixed-rate amounts from a counterparty in exchange for United making variable rate payments over the life of the agreements. During 2017 and through the first quarter of 2018, United also had receive-variable / pay-fixed interest rate swaps designated as fair value hedges of fixed-rate investments. The table below presents the effect of derivatives in fair value hedging relationships on the consolidated statements of income (in thousands) . Year Ended December 31, 2019 2018 2017 Interest expense - deposits Interest expense - deposits Interest revenue - taxable investment securities Other noninterest income Interest expense - deposits Interest revenue - taxable investment securities Total amounts presented in the $ 66,856 $ 39,543 $ 73,496 $ 24,142 $ 17,062 $ 70,172 Gains (losses) on fair value hedging Interest rate contracts: Amounts related to interest settlements (327 ) (245 ) 17 — 160 (302 ) Recognized on derivatives 733 (220 ) — 356 (657 ) 72 Recognized on hedged items (766 ) (145 ) — (447 ) 371 (265 ) Net income (expense) recognized on fair $ (360 ) $ (610 ) $ 17 $ (91 ) $ (126 ) $ (495 ) 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. The table below presents the carrying amount of hedged fixed-rate brokered time deposits and cumulative fair value hedging adjustments included in the carrying amount of the hedged liability for the periods presented (in thousands) . December 31, 2019 2018 Balance Sheet Location Carrying amount of Assets (Liabilities) Hedge Accounting Basis Adjustment Carrying amount of Assets (Liabilities) Hedge Accounting Basis Adjustment Deposits $ (35,880 ) $ 645 $ (35,776 ) $ 1,838 Derivatives Not Designated as Hedging Instruments The table below presents the gains and losses recognized in income on derivatives not designated as hedging instruments for the periods indicated (in thousands) . Income Statement Location Year Ended December 31, 2019 2018 2017 Customer derivatives and dealer offsets Other noninterest income $ 2,878 $ 2,658 $ 2,416 Bifurcated embedded derivatives and dealer offsets Other noninterest income 212 307 429 Interest rate caps Other noninterest income — 501 252 De-designated hedges Other noninterest income (193 ) 31 (62 ) Mortgage banking derivatives Mortgage loan revenue (1,797 ) 904 (676 ) Risk participations Other noninterest income (3 ) 12 5 Total gains and losses $ 1,097 $ 4,413 $ 2,364 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 December 31, 2019 , collateral totaling $14.9 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 provide that 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 require additional collateral if United’s credit rating were downgraded. |
Regulatory Matters
Regulatory Matters | 12 Months Ended |
Dec. 31, 2019 | |
Broker-Dealer, Net Capital Requirement, SEC Regulation [Abstract] | |
Regulatory Matters | Regulatory Matters Capital Requirements United and the Bank are subject to various regulatory capital requirements administered by the federal banking agencies. Failure to meet minimum capital requirements can initiate certain mandatory and possibly additional discretionary action by regulators that, if undertaken, could have a direct material effect on United. Under capital adequacy guidelines and the regulatory framework for prompt corrective action, United and the Bank must meet specific capital guidelines that involve quantitative measures of the Bank’s assets, liabilities, and certain off-balance sheet items as calculated under regulatory accounting practices. The capital amounts and classification are also subject to qualitative judgments by the regulators about components, risk weightings, and other factors. Quantitative measures (as defined) established by regulation to ensure capital adequacy require United and the Bank to maintain minimum amounts and ratios of total capital, Tier 1 capital, and common equity Tier 1 capital (“CET1”) to risk-weighted assets, and of Tier 1 capital to average assets. United and the Bank are also subject to a “capital conservation buffer,” which is designed to absorb losses during periods of economic stress. Banking organizations with a ratio of CET1 to risk-weighted assets above the minimum but below the conservation buffer (or below the combined capital conservation buffer and countercyclical capital buffer, when the latter is applied) will face constraints on dividends, equity repurchases and discretionary bonus compensation based on the amount of the shortfall. As of December 31, 2019 , United and the Bank were categorized as well-capitalized under the regulatory framework for prompt corrective action in effect at such time. To be categorized as well-capitalized at December 31, 2019 , United and the Bank must have exceeded the well-capitalized guideline ratios in effect at such time, as set forth in the table below and have met certain other requirements. Management believes that United and the Bank exceeded all well-capitalized requirements at December 31, 2019 , and there have been no conditions or events since year-end that would change the status of well-capitalized. Regulatory capital ratios at December 31, 2019 and 2018 , along with the minimum amounts required for capital adequacy purposes and to be well-capitalized under prompt corrective action provisions in effect at such times are presented below for United and the Bank (dollars in thousands) : Basel III Guidelines United Community Banks, Inc. (consolidated) United Community Bank Minimum (1) Well Capitalized 2019 2018 2019 2018 Risk-based ratios: Common equity tier 1 capital 4.5 % 6.5 % 12.97 % 12.16 % 14.87 % 12.91 % Tier 1 capital 6.0 8.0 13.21 12.42 14.87 12.91 Total capital 8.0 10.0 15.01 14.29 15.54 13.60 Tier 1 leverage ratio 4.0 5.0 10.34 9.61 11.63 9.98 Common equity tier 1 capital $ 1,275,148 $ 1,148,355 $ 1,458,720 $ 1,216,449 Tier 1 capital 1,299,398 1,172,605 1,458,720 1,216,449 Total capital 1,476,302 1,348,843 1,524,267 1,281,062 Risk-weighted assets 9,834,051 9,441,622 9,810,477 9,421,009 Average total assets 12,568,563 12,207,986 12,545,254 12,183,341 (1) As of December 31, 2019 and 2018 the additional capital conservation buffer in effect was 2.50% and 1.87% Cash, Dividend, Loan and Other Restrictions At December 31, 2019 and 2018 , the Bank did not have a required reserve balance at the Federal Reserve Bank of Atlanta. Federal and state banking regulations place certain restrictions on dividends paid by the Bank to the Holding Company. During 2018 , the Bank received regulatory approval to pay cash dividends to the Holding Company of $162 million . No cash dividends were paid by the Bank to the Holding Company in 2019. The Federal Reserve Act requires that extensions of credit by the Bank to certain affiliates, including the Holding Company, be secured by specific collateral, that the extension of credit to any one affiliate be limited to 10% of capital and surplus (as defined), and that extensions of credit to all such affiliates be limited to 20% of capital and surplus. The Bank is a party to financial instruments with off-balance sheet risk in the normal course of business to meet the financing needs of their 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 consolidated balance sheets. The contract amounts of these instruments reflect the extent of involvement the Bank 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. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2019 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies The following table summarizes, as of the dates indicated, the contract amount of off-balance sheet instruments (in thousands) : December 31, 2019 2018 Financial instruments whose contract amounts represent credit risk: Commitments to extend credit $ 2,126,275 $ 2,129,463 Letters of credit 22,533 25,447 Commitments to extend credit are agreements to lend to a customer as long as there is no violation of any condition established in the contract. Commitments generally have fixed expiration dates or other termination clauses and may require payment of a fee. Since many of the commitments may expire without being drawn on, the total commitment amounts do not necessarily represent future cash requirements. United evaluates each customer’s creditworthiness on a case-by-case basis. The amount of collateral obtained, if deemed necessary, upon extension of credit is based on management’s credit evaluation. Collateral held varies, but may include unimproved and improved real estate, certificates of deposit, personal property or other acceptable collateral. Letters of credit are conditional commitments issued by United and could result in the commitment being drawn on when the underlying transaction is consummated between the customer and the third party or upon the non-performance of the customer. Those guarantees are primarily issued to local businesses and government agencies. The credit risk involved in issuing letters of credit is essentially the same as that involved in extending loan facilities to customers. In most cases, the Bank holds real estate, certificates of deposit, and other acceptable collateral as security supporting those commitments for which collateral is deemed necessary. The extent of collateral held for those commitments varies. United maintains an allowance for unfunded loan commitments which is included in the balance of other liabilities in the consolidated balance sheets. The allowance for unfunded loan commitments is determined as part of the quarterly analysis of the allowance for credit losses and is based on probable incurred losses in unfunded loan commitments that are expected to result in funded loans. The Bank holds minor investments in certain limited partnerships for CRA purposes. As of December 31, 2019 , the Bank had a recorded investment of $34.8 million in these limited partnerships and had committed to fund an additional $5.72 million related to future capital calls that has 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 financial position or results of operations. |
Common and Preferred Stock
Common and Preferred Stock | 12 Months Ended |
Dec. 31, 2019 | |
Equity [Abstract] | |
Common and Preferred Stock | Common and Preferred Stock In November of 2019, United’s Board of Directors authorized an update to the existing common stock repurchase plan to authorize the repurchase of its common stock up to $50 million . The program is scheduled to expire on the earlier of United’s repurchase of its common stock having an aggregate purchase price of $50 million or December 31, 2020. Under the program, shares may be repurchased in open market transactions or in privately negotiated transactions, from time to time, subject to market conditions. During 2019 , 500,495 shares were repurchased under the program. During 2018 , no shares were repurchased under the program. As of December 31, 2019 , United had remaining authorization to repurchase up to $50.0 million of outstanding common stock under the program. United may issue preferred stock in one or more series, up to a maximum of 10,000,000 shares. Each series shall include the number of shares issued, preferences, special rights and limitations as determined by the Board of Directors. United had no preferred stock outstanding as of December 31, 2019 or 2018 . |
Equity Compensation and Related
Equity Compensation and Related Plans | 12 Months Ended |
Dec. 31, 2019 | |
Share-based Payment Arrangement [Abstract] | |
Equity Compensation and Related Plans | Equity Compensation and Related Plans United has an equity compensation plan that allows for grants of various share-based compensation. Options granted under the plan can have 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 ) with an exercisable period not to exceed ten years . Certain options and restricted stock unit awards provide for accelerated vesting if there is a change in control of United or certain other conditions are met (as defined in the plan document). As of December 31, 2019 , 1.32 million additional awards could be granted under the plan. Restricted stock units and options outstanding and activity for the years ended December 31 consisted of the following: Restricted Stock Units Options Shares Weighted Average Grant Date Fair Value Aggregate Intrinsic Value (000’s) Shares Weighted Average Exercise Price Weighted Average Remaining Term (Yrs.) Aggregate Intrinsic Value (000’s) December 31, 2016 690,970 $ 18.60 72,665 $ 34.34 Granted 270,339 26.50 — — Vested (284,662 ) 17.48 — — Expired — — (1,538 ) 147.60 Cancelled (12,830 ) 19.91 (10,840 ) 75.08 December 31, 2017 663,817 22.40 60,287 24.12 Granted 416,484 30.54 — — Vested / Exercised (290,013 ) 20.18 (12,000 ) 11.85 Cancelled (30,542 ) 23.65 (1,148 ) 31.50 December 31, 2018 759,746 27.66 47,139 27.07 Granted 315,827 26.74 — — Vested / Exercised (216,138 ) 25.38 $ 6,004 (13,000 ) 16.34 Expired — (30,243 ) 31.43 Cancelled (51,011 ) 27.18 (2,396 ) 29.68 December 31, 2019 808,424 27.94 24,964 1,500 27.95 0.27 $ 4 Vested / Exercisable at December 31, 2019 — — 1,500 27.95 0.27 4 The following is a summary of stock options outstanding at December 31, 2019 : Options Outstanding Options Exercisable Shares Range Weighted Average Price Average Remaining Life Shares Weighted Average Price 500 20.00 - 25.00 $ 22.95 0.22 500 $ 22.95 1,000 30.01 - 30.45 30.45 0.29 1,000 30.45 1,500 20.00 - 30.45 27.95 0.27 1,500 27.95 No compensation expense relating to options was included in earnings for 2019 . Compensation expense relating to options of $18,000 and $28,000 , respectively, was included in earnings for 2018 and 2017 . The amount of compensation expense for all periods was determined based on the fair value of 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. 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. Compensation expense recognized in the consolidated statements of income for employee restricted stock unit awards in 2019 , 2018 and 2017 was $8.98 million , $5.69 million and $5.51 million , respectively. Of the expense related to restricted stock unit awards during the twelve months ended December 31, 2019 , $1.38 million related to the modification of existing awards resulting from an acceleration of vesting of awards due to retirement and $740,000 related to awards granted in conjunction with an acquisition, both of which were recognized in merger-related and other charges in the consolidated statement of income. The remaining expense of $6.86 million was recognized in salaries and employee benefits expense, as was the entire amount for 2018 . Of the expense recognized related to restricted stock unit awards during 2017 , $696,000 related to the modification of existing awards resulting from an acceleration of vesting of unvested awards due to retirement, which was recognized in merger-related and other charges. The remaining expense of $4.82 million was recognized in compensation expense. In addition, in 2019 , 2018 , and 2017 , $379,000 , $338,000 and $287,000 , respectively, was recognized in other operating expenses for restricted stock unit awards granted to members of United’s board of directors. During 2019 and 2018, in addition to time-based restricted stock unit awards, United’s Board of Directors approved performance-based restricted stock unit awards with market conditions (“PSUs”). The PSUs will vest based on achieving, during the applicable calendar-year performance periods, certain performance and market targets relative to a bank peer group. Achievement of the base-level performance and market targets for all applicable periods will result in the issuance of 96,910 shares, which are included in the outstanding balance in the table above. Additional shares may be issued if more stringent performance and market hurdles are met. The grant date per share fair market value of these PSUs was estimated using the Monte Carlo Simulation valuation model. A deferred income tax benefit related to compensation expense for options and restricted stock units of $2.39 million , $1.54 million and $2.27 million was included in the determination of income tax expense in 2019 , 2018 and 2017 , respectively. As of December 31, 2019 , there was $14.8 million of unrecognized compensation cost related to nonvested stock options and restricted stock units granted under the plan. The cost is expected to be recognized over a weighted-average period of 2.5 years . United sponsors a Dividend Reinvestment and Stock Purchase Plan (“DRIP”) that allows participants who already own United’s common stock to purchase additional shares directly from the Company. The DRIP also allows participants to automatically reinvest their quarterly dividends in additional shares of common stock without a commission. In 2019 , 2018 and 2017 , 62,629 , 7,307 and 4,404 shares, respectively, were issued under the DRIP. United has an Employee Stock Purchase Program (“ESPP”) that allows eligible employees to purchase shares of common stock at a discount ( 10% ), with no commission charges. During 2019 , 2018 and 2017 United issued 20,928 , 17,941 shares and 13,422 shares, respectively, through the ESPP. United offers its common stock as an investment option in its deferred compensation plan. The common stock component is accounted for as an equity instrument and is reflected in the consolidated balance sheets as common stock issuable. The deferred compensation plan does not allow for diversification once an election is made to invest in United stock and settlement must be accomplished in shares at the time the deferral period is completed. United also allows restricted stock unit grantees to defer all or a portion of their awards into the deferred compensation plan upon vesting. At December 31, 2019 and 2018 , United had 664,640 shares and 674,499 shares, respectively, of its common stock that was issuable under the deferred compensation plan. |
Fair Value Measurements
Fair Value Measurements | 12 Months Ended |
Dec. 31, 2019 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | Fair Value Measurements 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. United’s 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 sheets 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 sheets. Mortgage Loans Held for Sale United has elected the fair value option for 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). 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, management 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, management 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, as of December 31, 2019 , management had assessed the significance of the effect of the credit valuation adjustments on the overall valuation of its derivative positions and 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 Residential Mortgage and SBA/USDA Loans United recognizes servicing rights upon the sale of residential mortgage and SBA/USDA loans sold with servicing retained. Management has elected to carry these assets at fair value. Given the nature of the assets, the key valuation inputs are unobservable and management considers these Level 3 assets. For disclosure regarding the fair value of servicing rights, see Note 10. Pension Plan Assets For disclosure regarding the fair value of pension plan assets, see Note 18. 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, aggregated by the level in the fair value hierarchy within which those measurements fall (in thousands) : December 31, 2019 Level 1 Level 2 Level 3 Total Assets: Debt securities available for sale: U.S. Treasuries $ 154,618 $ — $ — $ 154,618 U.S. Government agencies — 3,035 — 3,035 State and political subdivisions — 226,490 — 226,490 Residential mortgage-backed securities — 1,299,025 — 1,299,025 Commercial mortgage-backed securities — 284,953 — 284,953 Corporate bonds — 202,093 998 203,091 Asset-backed securities — 103,369 — 103,369 Equity securities with readily determinable fair values 1,973 — — 1,973 Mortgage loans held for sale — 58,484 — 58,484 Deferred compensation plan assets 8,133 — — 8,133 Servicing rights for SBA/USDA loans — — 6,794 6,794 Residential mortgage servicing rights — — 13,565 13,565 Derivative financial instruments — 27,769 7,238 35,007 Total assets $ 164,724 $ 2,205,218 $ 28,595 $ 2,398,537 Liabilities: Deferred compensation plan liability $ 8,132 $ — $ — $ 8,132 Derivative financial instruments — 6,957 8,559 15,516 Total liabilities $ 8,132 $ 6,957 $ 8,559 $ 23,648 December 31, 2018 Level 1 Level 2 Level 3 Total Assets: Securities available for sale: U.S. Treasuries $ 149,307 $ — $ — $ 149,307 U.S. Government 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 determinable 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 For disclosure regarding the fair value of servicing rights, see Note 10. The following table shows a reconciliation of the beginning and ending balances for all other 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 Debt Securities Available- for-Sale December 31, 2016 $ 11,777 $ 16,347 $ 675 Sales and settlements (1,744 ) (2,423 ) — Other comprehensive income — — 225 Amounts included in earnings - fair value adjustments 2,174 2,820 — December 31, 2017 12,207 16,744 900 Sales and settlements (1,029 ) (1,347 ) — Other comprehensive income — — 95 Amounts included in earnings - fair value adjustments 663 335 — December 31, 2018 11,841 15,732 995 Sales and settlements (1,135 ) (2,330 ) — Other comprehensive income — — 3 Amounts included in earnings - fair value adjustments (3,468 ) (4,843 ) — December 31, 2019 $ 7,238 $ 8,559 $ 998 The following table presents quantitative information about recurring Level 3 fair value measurements, excluding servicing rights which are detailed in Note 10 (in thousands) : Fair Value Weighted Average December 31, Valuation Technique December 31, Level 3 Assets 2019 2018 Unobservable Inputs 2019 2018 Corporate bonds 998 995 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 1,970 1,190 Internal model Pull through rate 83.6 % 80.7 % Derivative assets - other 5,268 10,651 Dealer priced Dealer priced N/A N/A Derivative liabilities - risk participations 12 8 Internal model Probable exposure rate 0.36 % 0.44 % Probability of default rate 1.80 % 1.80 % Derivative liabilities - other 8,547 15,724 Dealer priced Dealer priced N/A N/A Fair Value Option At December 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 $58.5 million and $56.6 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 2019 , 2018 , and 2017 changes in fair value of these loans resulted in net gains of $1.18 million , net losses of $133,000 , and net gains of $505,000 respectively, which were 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 lower of 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 December 31, 2019 and 2018 , for which a nonrecurring fair value adjustment was recorded during the periods presented (in thousands) . December 31, 2019 Level 1 Level 2 Level 3 Total Loans $ — $ — $ 20,977 $ 20,977 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. 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 is further impaired below the appraised value and there is no observable market price, United records the impaired loan as nonrecurring Level 3. Assets and Liabilities Not Measured at Fair Value For financial instruments that have quoted market prices in active markets, 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 have variable interest rates that reset 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. 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. Because no ready market exists for a significant portion of United’s financial instruments, fair value estimates are based on many judgments. These estimates are subjective in nature and involve uncertainties and matters of significant judgment and therefore cannot be determined with precision. Changes in assumptions could significantly affect the estimates. 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. 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. Off-balance sheet instruments (commitments to extend credit and standby letters of credit) for which draws can be reasonably predicted are generally short-term and at variable rates. Therefore, both the carrying amount and the estimated fair value associated with these instruments are immaterial. The carrying amount and fair values for other financial instruments that are not measured at fair value on a recurring basis in United’s consolidated balance sheets are as follows (in thousands) : Carrying Amount Fair Value Level December 31, 2019 Level 1 Level 2 Level 3 Total Assets: Securities held to maturity $ 283,533 $ — $ 287,904 $ — $ 287,904 Loans, net 8,750,464 — — 8,714,592 8,714,592 Liabilities: Deposits 10,897,244 — 10,897,465 — 10,897,465 Long-term debt 212,664 — — 217,665 217,665 December 31, 2018 Assets: Securities held to maturity $ 274,407 $ — $ 268,803 $ — $ 268,803 Loans, 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 |
Condensed Financial Statements
Condensed Financial Statements of United Community Banks, Inc. (Holding Company Only) | 12 Months Ended |
Dec. 31, 2019 | |
Condensed Financial Information Disclosure [Abstract] | |
Condensed Financial Statements of United Community Banks, Inc. (Parent Only) | Condensed Financial Statements of United Community Banks, Inc. (Holding Company Only) Statements of Income For the Years Ended December 31, 2019 , 2018 and 2017 (in thousands) 2019 2018 2017 Dividends from bank $ — $ 161,500 $ 103,200 Dividends from other subsidiaries 4,651 850 — Shared service fees from subsidiaries 14,721 10,257 10,481 Other 1,468 133 1,078 Total income 20,840 172,740 114,759 Interest expense 11,573 11,868 10,258 Other expense 18,965 14,456 14,960 Total expenses 30,538 26,324 25,218 Income tax benefit 8,711 1,640 1,447 Income before equity in undistributed (loss) earnings of subsidiaries (987 ) 148,056 90,988 Equity in undistributed earnings (loss) of subsidiaries 186,708 18,055 (23,167 ) Net income $ 185,721 $ 166,111 $ 67,821 Balance Sheets As of December 31, 2019 and 2018 (in thousands) 2019 2018 Assets Cash $ 32,495 $ 145,669 Investment in bank 1,814,414 1,522,402 Investment in other subsidiaries 752 4,549 Other assets 29,308 21,881 Total assets $ 1,876,969 $ 1,694,501 Liabilities and Shareholders’ Equity Long-term debt $ 212,664 $ 212,193 Other liabilities 28,613 24,754 Total liabilities 241,277 236,947 Shareholders’ equity 1,635,692 1,457,554 Total liabilities and shareholders’ equity $ 1,876,969 $ 1,694,501 Statements of Cash Flows For the Years Ended December 31, 2019 , 2018 and 2017 (in thousands) 2019 2018 2017 Operating activities: Net income $ 185,721 $ 166,111 $ 67,821 Adjustments to reconcile net income to net cash provided by operating activities: Equity in undistributed (earnings) loss of the subsidiaries (186,708 ) (18,055 ) 23,167 Stock-based compensation 9,360 6,057 5,827 Change in assets and liabilities: Other assets (3,022 ) 1,777 1,220 Other liabilities 2,080 3,124 (758 ) Net cash provided by operating activities 7,431 159,014 97,277 Investing activities: Payment for acquisition (52,093 ) (84,499 ) (11,034 ) Purchases of premises and equipment — (364 ) (708 ) Purchases of debt securities available-for-sale and equity securities (3,000 ) (2,489 ) — Proceeds from sales and maturities of debt securities available-for-sale and equity securities 83 — — Net cash used in investing activities (55,010 ) (87,352 ) (11,742 ) Financing activities: Repayment of long-term debt (250 ) (7,424 ) (75,000 ) Proceeds from issuance of long-term debt, net of issuance costs — 98,188 — Cash related to shares withheld to cover payroll taxes upon vesting of restricted stock units (1,686 ) (1,998 ) (1,701 ) Proceeds from issuance of common stock for dividend reinvestment and employee benefit plans 2,193 679 450 Proceeds from exercise of stock options 212 142 — Repurchase of common stock (13,020 ) — — Cash dividends on common stock (53,044 ) (41,634 ) (26,210 ) Net cash (used in) provided by financing activities (65,595 ) 47,953 (102,461 ) Net change in cash (113,174 ) 119,615 (16,926 ) Cash at beginning of year 145,669 26,054 42,980 Cash at end of year $ 32,495 $ 145,669 $ 26,054 |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2019 | |
Subsequent Events [Abstract] | |
Subsequent Events | Subsequent Events Dividends Declared On February 5, 2020 , United’s Board of Directors approved a regular quarterly cash dividend of $0.18 per common share. The dividend is payable April 6, 2020 , to shareholders of record on March 16, 2020 . Stock Repurchases As of February 26, 2020 , United had repurchased 331,482 shares totaling $9.40 million |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2019 | |
Accounting Policies [Abstract] | |
Organization and Basis of Presentation | Organization and Basis of Presentation United Community Banks, Inc. (the “Holding Company”) is a bank holding company subject to the regulation of the Board of Governors of the Federal Reserve System (the “Federal Reserve”) whose principal business is conducted by its wholly-owned commercial bank subsidiary, United Community Bank (the “Bank”). United is subject to regulation under the Bank Holding Company Act of 1956. The consolidated financial statements include the accounts of the Holding Company, the Bank and other wholly-owned subsidiaries. All significant intercompany accounts and transactions have been eliminated in consolidation. The Bank is a Georgia state chartered commercial bank that serves both rural and metropolitan markets in Georgia, South Carolina, North Carolina and Tennessee and provides a full range of banking services. The Bank is insured and subject to the regulation of the Federal Deposit Insurance Corporation (“FDIC”) and is also subject to the regulation of the Georgia Department of Banking and Finance. |
Use of Estimates | Use of Estimates In preparing the consolidated financial statements, management is required to make estimates and assumptions that affect the reported amounts of assets and liabilities as of the dates of the balance sheet and revenue and expenses for the years then ended. Actual results could differ significantly from those estimates. Material estimates that are particularly susceptible to significant change are the determination of the allowance for loan losses, the valuation of acquired loans, the valuation of real estate acquired in connection with foreclosures or in satisfaction of loans, the valuation of goodwill and separately identifiable intangible assets associated with mergers and acquisitions, and the valuation of deferred tax assets. |
Operating Segments | Operating Segments Operating segments are components of a business about which separate financial information is available and evaluated regularly by the chief operating decision maker in deciding how to allocate resources and assessing performance. Public companies are required to report certain financial information about operating segments in interim and annual financial statements. United’s community banking operations are divided among geographic regions and local community banks within those regions. Those regions and banks have similar economic characteristics and are therefore considered to be one operating segment. Additionally, management assessed other operating units to determine if they should be classified and reported as segments, including Mortgage, Advisory Services and Commercial Banking Solutions. Qualitatively, these business units are currently operating in the same geographic footprint as the community banks and face many of the same customers as the community banks. While the chief operating decision maker does have some limited production information for these entities, that information is not complete since it does not include a full allocation of revenue, costs and capital from key corporate functions. The business units are currently viewed more as a product line extension of the community banks. However, management will continue to evaluate these business units for separate reporting as facts and circumstances change. Based on this analysis, United concluded that it has one operating and reportable segment. |
Accounting for Variable Interest Entities | Accounting for Variable Interest Entities The consolidated financial statements also include the results of a bankruptcy-remote securitization entity, Navitas Equipment Receivables LLC 2016-1 (“NER 16-1”), acquired with NLFC Holdings Corp. (“Navitas”). NER 16-1 was formed solely to receive loans transferred from Navitas to be used as collateral for a term note securitization. Navitas is the primary beneficiary of NER 16-1. As a result, while the transfer of the loans meets the criteria of a sale, NER 16-1 is consolidated on United’s books and therefore the transfer is accounted for as a secured borrowing. NER 16-1 differs from other entities included in United’s consolidated statements because the assets it holds are legally isolated. At December 31, 2018, NER 16-1 had total assets of $65.5 million and total liabilities of $55.3 million . During 2019, NER 16-1 executed a payoff and termination of the remaining notes outstanding in accordance with the terms of the related securitization documents. |
Cash and Cash Equivalents | Cash and Cash Equivalents Cash equivalents include amounts due from banks, interest-bearing deposits in banks, federal funds sold, commercial paper, reverse repurchase agreements and short-term investments and are carried at cost. Federal funds are generally sold for one-day periods, interest-bearing deposits in banks are available on demand and commercial paper investments and reverse repurchase agreements mature within a period of less than 90 days. A portion of the cash on hand and on deposit with the Federal Reserve Bank of Atlanta was required to meet regulatory reserve requirements. |
Investment Securities | Investment Securities United classifies its debt securities in one of three categories: trading, held-to-maturity or available-for-sale. United does not currently hold any trading securities that are bought and held principally for the purpose of selling them in the near term. Held-to-maturity securities are those securities for which United has the ability and intent to hold until maturity. All other securities are classified as available-for-sale. Held-to-maturity securities are recorded at cost, adjusted for the amortization or accretion of premiums or discounts. Available-for-sale securities are recorded at fair value. Unrealized holding gains and losses, net of the related tax effect, on available-for-sale securities are reported in other comprehensive income as a separate component of shareholders’ equity until realized. Transfers of securities between categories are recorded at fair value at the date of transfer. Unrealized holding gains or losses associated with transfers of securities from available-for-sale to held-to-maturity are included in the balance of accumulated other comprehensive income in the consolidated balance sheets. These unrealized holding gains or losses are amortized into income over the remaining life of the security as an adjustment to the yield in a manner consistent with the amortization or accretion of the original purchase premium or discount on the associated security. Management evaluates investment securities for other than temporary impairment on a quarterly basis. A decline in the fair value of available-for-sale and held-to-maturity securities below cost that is deemed other than temporary is charged to earnings for a decline in value deemed to be credit related. The decline in value attributed to non-credit related factors is recognized in other comprehensive income and a new cost basis for the security is established. Premiums and discounts are amortized or accreted over the life of the related security as an adjustment to the yield. Realized gains and losses for securities classified as available-for-sale and held-to-maturity are included in net income and derived using the specific identification method for determining the cost of the securities sold. Equity securities are included in other assets on the consolidated balance sheets. Those with readily determinable fair values are carried at fair value with changes in fair value recognized in net income. Those without readily determinable fair values include, among others, Federal Home Loan Bank (“FHLB”) stock held to meet FHLB requirements related to outstanding advances and Community Reinvestment Act (“CRA”) equity investments, including those where the returns are primarily derived from low income housing tax credits (“LIHTC”). Our investment in FHLB stock, which totaled $11.5 million at December 31, 2019 , is accounted for using the cost method of accounting. Our LIHTC investments are accounted for using the proportional amortization method of accounting for qualified affordable housing investments which results in the amortization being reported as a component of income tax expense. Our obligations related to unfunded commitments for our LIHTC investments are reported in other liabilities. Our other CRA investments are accounted for using the equity method of accounting. As conditions warrant, we review our investments for impairment and will adjust the carrying value of the investment if it is deemed to be impaired. |
Loans Held for Sale | 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 match changes in fair values of the loans with changes in the fair value of derivative instruments used to economically hedge them. |
Loans and Leases | Loans and Leases With the exception of purchased loans that are recorded at fair value on the date of acquisition, loans are stated at principal amount outstanding, net of any unearned revenue and net of any deferred loan fees and costs. Interest on loans is primarily calculated by using the simple interest method on daily balances of the principal amount outstanding. Equipment Financing Lease Receivables: Equipment financing lease receivables, which are classified as sales-type or direct financing leases, are recorded as the sum of the future minimum lease payments, initial deferred costs and estimated or contractual residual values less unearned income and security deposits. The determination of residual value is derived from a variety of sources including equipment valuation services, appraisals, and publicly available market data on recent sales transactions on similar equipment. The length of time until contract termination, the cyclical nature of equipment values and the limited marketplace for re-sale of certain leased assets are important variables considered in making this determination. Interest income, which is included in loan interest revenue in the consolidated statements of income, is recognized as earned using the effective interest method. Direct fees and costs associated with the origination of leases are deferred and included as a component of equipment financing receivables. Net deferred fees or costs are recognized as an adjustment to interest income over the contractual life of the lease using the effective interest method. These lease agreements may include options to renew and for the lessee to purchase the leased equipment at the end of the lease term. United excludes sales taxes from consideration in these lease contracts. Purchased Loans With Evidence of Credit Deterioration: United from time to time purchases loans, primarily through business combination transactions. Some of those purchased loans show evidence of credit deterioration since origination and are accounted for pursuant to Accounting Standards Codification (“ASC”) Topic 310-30, Loans and Debt Securities Acquired with Deteriorated Credit Quality . These purchased credit impaired (“PCI”) loans are recorded at their estimated fair value at date of purchase. After acquisition, further losses evidenced by decreases in expected cash flows are recognized by an increase in the allowance for loan losses. PCI loans are aggregated into pools of loans based on common risk characteristics such as the type of loan, payment status, or collateral type. United estimates the amount and timing of expected cash flows for each purchased loan pool and the expected cash flows in excess of the amount paid are recorded as interest income over the remaining life of the pool (accretable yield). The excess of the pool’s contractual principal and interest over expected cash flows is not recorded (nonaccretable difference). Over the life of the loan pool, expected cash flows continue to be estimated. If the present value of expected cash flows is less than the carrying amount, a loss is recorded. If the present value of expected cash flows is greater than the carrying amount, it is recognized as part of future interest revenue. Nonaccrual Loans: The accrual of interest is discontinued when a loan becomes 90 days past due and is not well collateralized and in the process of collection, or when management believes, after considering economic and business conditions and collection efforts, that the principal or interest will not be collectible in the normal course of business. Past due status is based on contractual terms of the loan. When a loan is placed on nonaccrual status, previously accrued and uncollected interest is charged against interest revenue on loans. Interest payments are applied to reduce the principal balance on nonaccrual loans. Loans are returned to accrual status when all the principal and interest amounts contractually due are brought current, there is a sustained period of repayment performance and future payments are reasonably assured. Nonaccrual loans include smaller balance homogeneous loans that are collectively evaluated for impairment and individually classified impaired loans. Contractually delinquent PCI loans are not classified as nonaccrual as long as the related discount continues to be accreted. Impaired Loans: With the exception of PCI loans, a loan is considered impaired when, based on current events and circumstances, it is probable that all amounts due, according to the contractual terms of the loan, will not be collected. Individually impaired loans are measured based on the present value of expected future cash flows, discounted at the loan’s effective interest rate, at the loan’s observable market price, or the fair value of the collateral if the loan is collateral dependent. Interest revenue on impaired loans is discontinued when the loans meet the criteria for nonaccrual status. Factors considered by management in determining impairment include payment status, collateral value, and the probability of collecting scheduled principal and interest payments when due. Loans that experience insignificant payment delays and payment shortfalls generally are not considered impaired. Management determines the significance of payment delays and payment shortfalls on a case-by-case basis, taking into consideration all of the circumstances surrounding the loan and borrower, including the length of the delay, the reasons for the delay, the borrower’s prior payment record, and the amount of the shortfall in relation to the principal and interest owed. PCI loans are considered to be impaired when it is probable that United will be unable to collect all the cash flows expected at acquisition, plus additional cash flows expected to be collected arising from changes in estimates after acquisition. Loans that are accounted for in pools are evaluated collectively for impairment on a pool by pool basis based on expected pool cash flows. Discounts continue to be accreted as long as there are expected future cash flows in excess of the current carrying amount of the specifically-reviewed loan or pool. Concentration of Credit Risk: Most of United’s business activity is with customers located within the markets where it has banking operations. Therefore, United’s exposure to credit risk is significantly affected by changes in the economy within its markets. Approximately 76% of United’s loan portfolio is secured by real estate and is therefore susceptible to changes in real estate valuations. |
Allowance for Credit Losses | Allowance for Credit Losses The allowance for credit losses includes the allowance for loan losses and the allowance for unfunded commitments included in other liabilities. Increases to the allowance for loan losses and allowance for unfunded commitments are established through a provision for credit losses charged to income. Loans are charged down against the allowance for loan losses when available information confirms that the collectability of the principal is unlikely. The allowance for loan losses represents an amount, which, in management’s judgment, is adequate to absorb probable losses on existing loans as of the date of the balance sheet. The allowance for unfunded commitments represents expected losses on unfunded commitments and is reported in the consolidated balance sheets in other liabilities. The allowance for loan losses is composed of general reserves, specific reserves, and PCI reserves. General reserves are determined by applying loss percentages to the individual loan categories that are based on actual historical loss experience. Additionally, the general economic and business conditions affecting key lending areas, credit quality trends, collateral values, loan volumes and concentrations, seasoning of the loan portfolio, the findings of internal and external credit reviews and results from external bank regulatory examinations are considered in this evaluation. The need for specific reserves is evaluated on nonaccrual loan relationships greater than $500,000 and all troubled debt restructurings (“TDRs”). The specific reserves are determined on a loan-by-loan basis based on management’s evaluation of United’s exposure for each credit, given the current payment status of the loan and the value of any underlying collateral. Loans for which specific reserves are provided are excluded from the calculation of general reserves. For PCI loans, a valuation allowance is established when it is probable that the Company will be unable to collect all the cash flows expected at acquisition plus additional cash flows expected to be collected arising from changes in estimate after acquisition. The allocation of the allowance for loan losses is based on historical data, subjective judgment and estimates and, therefore, is not necessarily indicative of the specific amounts or loan categories in which charge-offs may ultimately occur. For purposes of determining general reserves, United segments the loan portfolio into broad categories with similar risk elements. Those categories and their specific risks are described below. Owner occupied commercial real estate – Loans in this category are susceptible to business failure and general economic conditions. Income producing commercial real estate – Common risks for this loan category are declines in general economic conditions, declines in real estate value, declines in occupancy rates, and lack of suitable alternative use for the property. Commercial & industrial – Risks to this loan category include customer or industry concentrations and the inability to monitor the condition of the collateral which often consists of inventory, accounts receivable and other non-real estate assets. Equipment and inventory obsolescence can also pose a risk. Declines in general economic conditions and other events can cause cash flows to fall to levels insufficient to service debt. Commercial construction – Risks common to commercial construction loans are cost overruns, changes in market demand for property, inadequate long-term financing arrangements and declines in real estate values. Equipment financing - Risks associated with equipment financing are similar to those described for commercial and industrial loans, including general economic conditions, as well as appropriate lien priority on equipment, equipment obsolescence and the general mobility of the collateral. Residential mortgage – Residential mortgage loans are susceptible to weakening general economic conditions and increases in unemployment rates and declining real estate values. Home equity lines of credit – Risks common to home equity lines of credit are general economic conditions, including an increase in unemployment rates, and declining real estate values which reduce or eliminate the borrower’s home equity. Residential construction – Residential construction loans are susceptible to the same risks as residential mortgage loans. Changes in market demand for property leads to longer marketing times resulting in higher carrying costs, declining values, and higher interest rates. Consumer direct – Risks common to consumer direct loans include regulatory risks, unemployment and changes in local economic conditions as well as the inability to monitor collateral consisting of personal property. Indirect auto - Risks common to indirect auto loans include unemployment and changes in local economic conditions as well as the inability to monitor collateral. During 2019, United sold its portfolio of indirect auto loans. Management outsources a significant portion of its loan review to ensure objectivity in the loan review process and to challenge and corroborate the loan grading system. The loan review function provides additional analysis used in determining the adequacy of the allowance for loan losses. To supplement the outsourced loan review, management also has an internal loan review department that is independent of the lending function. Management believes the allowance for loan losses is appropriate at December 31, 2019 . While management uses available information to recognize losses on loans, future additions to the allowance may be necessary based on changes in economic conditions. In addition, various regulatory agencies, as an integral part of their examination process, periodically review United’s allowance for loan losses. |
Premises and Equipment | Premises and Equipment Premises and equipment are stated at cost less accumulated depreciation. Depreciation is computed primarily using the straight line method over the estimated useful lives of the related assets. Costs incurred for maintenance and repairs are expensed as incurred. The range of estimated useful lives for buildings and improvements is 10 to 40 years , for land improvements, 10 years , and for furniture and equipment, 3 to 10 years . United periodically reviews the carrying value of premises and equipment for impairment whenever events or circumstances indicate that the carrying amount of such assets may not be fully recoverable. |
Foreclosed Properties (Other Real Estate Owned, or OREO) | Foreclosed Properties (Other Real Estate Owned, or “OREO”) Foreclosed property is initially recorded at fair value, less cost to sell. If the fair value, less cost to sell at the time of foreclosure is less than the loan balance, the deficiency is recorded as a loan charge-off against the allowance for loan losses. If the fair value, less cost to sell, of the foreclosed property decreases during the holding period, a valuation allowance is established with a charge to operating expenses. When the foreclosed property is sold, a gain or loss is recognized on the sale for the difference between the sales proceeds and the carrying amount of the property. |
Goodwill and Other Intangible Assets | Goodwill and Other Intangible Assets Goodwill is an asset representing the future economic benefits from other assets acquired that are not individually identified and separately recognized. Goodwill is measured as the excess of the consideration transferred, net of the fair value of identifiable assets acquired and liabilities assumed at the acquisition date. Goodwill is not amortized, but instead is tested for impairment annually or more frequently if events or circumstances exist that indicate a goodwill impairment test should be performed. Other intangible assets, which are initially recorded at fair value, consist of core deposit intangible assets and noncompete agreements resulting from acquisitions. Core deposit intangible assets are amortized on a sum-of-the-years-digits basis over their estimated useful lives. Noncompete agreements, which were fully amortized at December 31, 2019, were amortized on a straight line basis over their estimated useful lives. Management evaluates other intangible assets for impairment whenever events or changes in circumstances indicate the carrying amount of the asset may not be recoverable. |
Transfers of Financial Assets | Transfers of Financial Assets Transfers of financial assets are accounted for as sales when control over the assets has been relinquished. Control over transferred assets is deemed to be surrendered when the assets have been isolated from United, the transferee obtains the right, free of conditions that constrain it from taking advantage of that right, to pledge or exchange the transferred assets and United does not maintain effective control over the transferred assets through an agreement to repurchase them before maturity. |
Servicing Rights | Servicing Rights United records a separate servicing asset for Small Business Administration (“SBA”) loans, United States Department of Agriculture (“USDA”) loans, and residential mortgage loans when the loan is sold but servicing is retained. This asset represents the right to service the loans and receive a fee in compensation. Servicing assets are initially recorded at their fair value as a component of the sale proceeds. The fair value of the servicing assets is based on an analysis of discounted cash flows that incorporates estimates of (1) market servicing costs, (2) market-based prepayment rates, and (3) market profit margins. Servicing assets are included in other assets. United has elected to subsequently measure the servicing assets for government guaranteed loans at fair value. There is no aggregation of the loans into pools for the valuation of the servicing asset, but rather the servicing asset value is measured at a loan level. Effective January 1, 2017, management elected to begin measuring residential mortgage servicing rights at fair value. The cumulative effect adjustment of this election to retained earnings, net of income tax effect, was $437,000 . The rate of prepayment of loans serviced is the most significant estimate involved in the measurement process. Estimates of prepayment rates are based on market expectations of future prepayment rates, industry trends, and other considerations. Actual prepayment rates will differ from those projected by management due to changes in a variety of economic factors, including prevailing interest rates and the availability of alternative financing sources to borrowers. If actual prepayments of the loans being serviced were to occur more quickly than projected, the carrying value of servicing assets might have to be written down through a charge to earnings in the current period. If actual prepayments of the loans being serviced were to occur more slowly than had been projected, the carrying value of servicing assets could increase, and servicing income would exceed previously projected amounts. |
Bank Owned Life Insurance | Bank Owned Life Insurance United has purchased life insurance policies on certain key executives and members of management. United has also received life insurance policies on members of acquired bank management teams through acquisitions of other banks. Bank owned life insurance is recorded at the amount that can be realized under the insurance contract at the balance sheet date, which is the cash surrender value adjusted for other changes or other amounts due that are probable at settlement. |
Operating Leases | Operating Leases Effective January 1, 2019, United records a right-of-use asset, included in other assets, and a related lease liability, included in other liabilities, for eligible operating leases for which it is the lessee, which include 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. United does not recognize a lease liability or right-of-use asset on the consolidated balance sheet related to short-term leases with a term of less than one year. Lease payments for short-term leases are recognized as expense over the lease term. |
Loan Commitments and Related Financial Instruments | Loan Commitments and Related Financial Instruments Financial instruments include off-balance sheet credit instruments such as commitments to make loans and commercial letters of credit issued to meet customer financing needs. The face amount for these items represents the exposure to loss before considering customer collateral or ability to repay. Such financial instruments are recorded when they are funded. |
Revenue from Contracts with Customers | Revenue from Contracts with Customers In addition to lending and related activities, United offers various services to customers that generate revenue, certain of which are governed by ASC Topic 606 Revenue from Contracts with Customers (“ASC 606”). United’s services that fall within the scope of ASC 606 are presented within noninterest income and include service charges and fees, brokerage fees, and other transaction-based fees. Revenue is recognized when the transactions occur or as services are performed over primarily monthly or quarterly periods. Payment is typically received in the period the transactions occur. Fees may be fixed or, where applicable, based on a percentage of transaction size. |
Income Taxes | Income Taxes Deferred tax assets and liabilities are recorded for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Future tax benefits are recognized to the extent that realization of such benefits is more likely than not. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which the assets and liabilities are expected to be recovered or settled. The effect of a change in tax rates on deferred tax assets and liabilities is recognized in income taxes during the period that includes the enactment date. In the event the future tax consequences of differences between the financial reporting bases and the tax bases of assets and liabilities results in deferred tax assets, an evaluation of the probability of being able to realize the future benefits indicated by such asset is required. A valuation allowance is provided for the portion of the deferred tax asset when it is more likely than not that some or all of the deferred tax asset will not be realized. In assessing the realizability of the deferred tax assets, management considers the scheduled reversals of deferred tax liabilities, projected future taxable earnings and prudent and feasible tax planning strategies. Management weighs both the positive and negative evidence, giving more weight to evidence that can be objectively verified. The income tax benefit or expense is the total of the current year income tax due or refundable and the change in deferred tax assets and liabilities. A tax position is recognized as a benefit only if it is “more likely than not” that the tax position would be sustained in a tax examination, with a tax examination being presumed to occur. The amount recognized is the largest amount of tax benefit that is greater than 50 percent likely of being realized on examination. For tax positions not meeting the “more likely than not” test, no tax benefit is recorded. United recognizes interest and / or penalties related to income tax matters in income tax expense. |
Derivative Instruments and Hedging Activities | Derivative Instruments and Hedging Activities United’s interest rate risk management strategy incorporates the use of derivative instruments to minimize fluctuations in net income that are caused by interest rate volatility. The objective is to manage interest rate sensitivity by modifying the repricing or maturity characteristics of certain balance sheet assets and liabilities so that net interest revenue is not, on a material basis, adversely affected by movements in interest rates. United views this strategy as a prudent management of interest rate risk, such that net income is not exposed to undue risk presented by changes in interest rates. In carrying out this part of its interest rate risk management strategy, management uses derivatives, primarily interest rate swaps. Interest rate swaps generally involve the exchange of fixed- and variable-rate interest payments between two parties, based on a common notional principal amount and maturity date. United has also occasionally used interest rate caps to serve as an economic macro hedge of exposure to rising interest rates. 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, the Company is subject to the risk of variability in market prices. United also 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. To accommodate customers, United enters into interest rate swaps or caps with certain commercial loan customers, with offsetting positions to dealers under a back-to-back swap/cap program. In addition, 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. United classifies its derivative financial instruments as either (1) a hedge of an exposure to changes in the fair value of a recorded asset or liability (“fair value hedge”), (2) a hedge of an exposure to changes in the cash flows of a recognized asset, liability or forecasted transaction (“cash flow hedge”), or (3) derivatives not designated as accounting hedges. Changes in the fair value of derivatives not designated as hedges are recognized in current period earnings. United has master netting agreements with the derivatives dealers with which it does business, but reflects gross assets and liabilities on the consolidated balance sheets. United currently uses the “long-haul method” to assess hedge effectiveness. Management documents, both at inception and over the life of the hedge, at least quarterly, its analysis of actual and expected hedge effectiveness. This analysis includes techniques such as regression analysis and hypothetical derivatives to demonstrate that the hedge has been, and is expected to be, highly effective in offsetting corresponding changes in the fair value or cash flows of the hedged item. For a qualifying fair value hedge, changes in the value of derivatives that have been highly effective as hedges are recognized in current period earnings along with the corresponding changes in the fair value of the designated hedged item attributable to the risk being hedged. For a qualifying cash flow hedge, the portion of changes in the fair value of the derivatives that have been highly effective are recognized in other comprehensive income until the related cash flows from the hedged item are recognized in earnings. For fair value hedges and cash flow hedges, ineffectiveness is recognized in the same income statement line as interest accruals on the hedged item to the extent that changes in the value of the derivative instruments do not perfectly offset changes in the value of the hedged items. If the hedge ceases to be highly effective, United discontinues hedge accounting and recognizes the changes in fair value in current period earnings. If a derivative that qualifies as a fair value or cash flow hedge is terminated or the designation removed, the realized or then unrealized gain or loss is recognized into income over the life of the hedged item (fair value hedge) or over the time when the hedged item was forecasted to impact earnings (cash flow hedge). Immediate recognition in earnings is required upon sale or extinguishment of the hedged item (fair value hedge) or if it is probable that the hedged cash flows will not occur (cash flow hedge). By using derivative instruments, United is exposed to credit and market risk. If the counterparty fails to perform, credit risk is represented by the fair value gain in a derivative. When the fair value of a derivative contract is positive, this situation generally indicates that the counterparty is obligated to pay United, and, therefore, creates a repayment risk for United. When the fair value of a derivative contract is negative, United is obligated to pay the counterparty and, therefore, has no repayment risk. United minimizes the credit risk in non-customer derivative instruments by entering into transactions with high-quality counterparties that are reviewed periodically by management. United also requires non-customer counterparties to pledge cash as collateral to cover the net exposure. All newly eligible non-customer derivatives entered into are cleared through a central clearinghouse, which reduces counterparty exposure. Derivative activities are monitored by the Asset/Liability Management Committee (“ALCO”) as part its oversight of asset/liability and treasury functions. ALCO is responsible for implementing various hedging strategies that are developed through its analysis of data from financial simulation models and other internal and industry sources. The resulting hedging strategies are then incorporated into the overall interest-rate risk management process. United recognizes the fair value of derivatives as assets or liabilities in the financial statements. The accounting for the changes in the fair value of a derivative depends on the intended use of the derivative instrument at inception. The change in fair value of instruments used as fair value hedges is accounted for in the net income of the period simultaneous with accounting for the fair value change of the item being hedged. The change in fair value of the effective portion of cash flow hedges is accounted for in other comprehensive income rather than net income. Changes in fair value of derivative instruments that are not designated as a hedge are accounted for in the net income of the period of the change. |
Acquisition Activities | Acquisition Activities United accounts for business combinations under the acquisition method of accounting. Assets acquired and liabilities assumed are measured and recorded at fair value at the date of acquisition, including identifiable intangible assets. If the fair value of net assets purchased exceeds the fair value of consideration paid, a bargain purchase gain is recognized at the date of acquisition. Conversely, if the consideration paid exceeds the fair value of the net assets acquired, goodwill is recognized at the acquisition date. Fair values are subject to refinement for a period not to exceed one year after the closing date of an acquisition as information relative to closing date fair values becomes available. The determination of the fair value of loans acquired takes into account credit quality deterioration and probability of loss; therefore, the related allowance for loan losses is not carried forward. All identifiable intangible assets that are acquired in a business combination are recognized at fair value on the acquisition date. Identifiable intangible assets are recognized separately if they arise from contractual or other legal rights or if they are separable (i.e., capable of being sold, transferred, licensed, rented, or exchanged separately from the entity). Deposit liabilities and the related depositor relationship intangible assets may be exchanged in observable exchange transactions. As a result, the depositor relationship intangible asset is considered identifiable, because the separability criterion has been met. |
Earnings Per Common Share | Earnings Per Common Share Basic earnings per common share is net income available to common shareholders divided by the weighted average number of shares of common stock outstanding during the period. All outstanding unvested share-based payment awards that contain rights to nonforfeitable dividends are considered participating securities for this calculation. Additionally, shares issuable to participants in United’s deferred compensation plan are considered to be participating securities for purposes of calculating basic earnings per share. Accordingly, net income available to common shareholders is calculated pursuant to the two-class method, whereby net income is allocated between common shareholders and participating securities. Diluted earnings per common share includes the dilutive effect of additional potential shares of common stock issuable under stock options, unvested restricted stock units without nonforfeitable rights to dividends, warrants and securities convertible into common stock. |
Loss Contingencies | Loss Contingencies Loss contingencies, including claims and legal actions arising in the ordinary course of business, are recorded as liabilities when the likelihood of loss is probable and an amount or range of loss can be reasonably estimated. Management does not believe there are such matters that will have a material effect on the financial statements. |
Dividend Restrictions | Dividend Restrictions Banking regulations require maintaining certain capital levels and may limit dividends paid by the Bank to the Holding Company or by the Holding Company to shareholders. The board of directors may declare dividends from the Bank to the Holding Company out of retained earnings of up to fifty percent of the Bank’s net income from the previous year without notifying or seeking approval from the Georgia Department of Banking and Finance as long as total classified assets do not exceed 80% of tier 1 capital and the tier 1 risk based capital ratio is not less than 6%. Dividends paid by the Bank to the Holding Company in excess of that amount require pre-approval of the Georgia Department of Banking and Finance. |
Fair Value of Financial Instruments | Fair Value of Financial Instruments Fair values of financial instruments are estimated using relevant market information and other assumptions as more fully disclosed in Note 24. Fair value estimates involve uncertainties and matters of significant judgment regarding interest rates, credit risk, prepayments, and other factors, especially in the absence of broad markets for particular items. Changes in assumptions or in market conditions could significantly affect these estimates. |
Stock-Based Compensation | Stock-Based Compensation United uses the fair value method of recognizing expense for stock-based compensation based on the fair value of option and restricted stock unit awards at the date of grant. United accounts for forfeitures as they occur. |
Reclassifications | Reclassifications Certain amounts have been reclassified to conform to the 2019 |
Accounting Standards Updates | 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 . The new guidance, which was further modified by subsequent related updates, replaces the incurred loss impairment framework in current GAAP with a current expected credit loss (“CECL”) framework, which requires an estimate of credit losses for the remaining estimated life of the financial asset using historical experience, current conditions, and reasonable and supportable forecasts and generally applies to financial assets measured at amortized cost and some off-balance sheet credit exposures. 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 (“PCD”) loans will receive an initial allowance at the acquisition date that represents an adjustment to the amortized cost basis of the loan, with no impact to earnings. Credit losses relating to available-for-sale debt securities will be recorded through an allowance for credit losses prospectively, with such allowance limited to the amount by which fair value is below amortized cost. United adopted ASC 326 as of January 1, 2020 using the modified retrospective method for loans, leases and off-balance sheet credit exposures. Adoption of this guidance resulted in an $8.75 million increase in the allowance for credit losses, comprised of increases in the allowance for loan losses of $6.88 million and the reserve for unfunded commitments of $1.87 million , with $3.59 million of the increase reclassified from the amortized cost basis of PCD financial assets that were previously classified as PCI. The cumulative effect adjustment to retained earnings was $3.53 million , net of tax. Calculated credit losses on held-to-maturity debt securities were not material and there was no impact to the available-for-sale portfolio or other financial instruments. The allowance for loan losses for the majority of loans and leases was calculated using a discounted cash flow methodology applied to fourteen portfolios with a one-year reasonable and supportable forecast period and a two-year straight-line reversion period. The increase in the allowance for loan losses at transition was primarily due to the equipment financing and residential mortgage portfolios. In connection with the adoption, management has implemented changes to relevant systems, processes and controls where necessary. Model validation was completed during the fourth quarter of 2019. In addition, management is in the final stages of implementing the accounting, reporting and governance processes to comply with the new guidance. United’s CECL allowance will fluctuate over time due to macroeconomic conditions and forecasts as well as the size and composition of the loan portfolios. With regard to PCD assets, because United has elected to break apart the former PCI pools and will no longer consider these pools to be the unit of account, contractually delinquent PCD loans will be reported as nonaccrual loans using the same criteria as other loans. Similarly, PCD loans that are restructured and meet the definition of troubled debt restructurings after the adoption of CECL will be reported as such. In April 2019, the FASB issued ASU No. 2019-04, Codification Improvements to Topic 326, Financial Instruments - Credit Losses, Topic 815, Derivatives and Hedging, and Topic 825 Financial Instruments . In addition to amending guidance related to the new CECL standard, this update clarifies certain aspects of hedge accounting and recognition and measurement of financial instruments. United adopted this update as of January 1, 2020, with no material impact to the consolidated financial statements. In December 2019, the FASB issued ASU No. 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes . This update removes several exceptions related to intraperiod tax allocation when there is a loss from continuing operations and income from other items, foreign subsidiaries becoming equity method investments and vice versa, and calculating income taxes in an interim period when a year-to-date loss exceeds the anticipated loss for the year. The guidance also amends requirements related to franchise tax that is partially based on income, a step up in the tax basis of goodwill, allocation of consolidated tax expense to a legal entity not subject to tax in its separate financial statements, the effects of enacted changes in tax laws and other minor codification improvements regarding employee stock ownership plans and investments in qualified affordable housing projects. For public entities, this guidance is effective for fiscal years beginning after December 15, 2020. United does not expect the new guidance to have a material impact on the consolidated financial statements. In January 2020, the FASB issued ASU No. 2020-01, Investments—Equity Securities (Topic 321), Investments—Equity Method and Joint Ventures (Topic 323), and Derivatives and Hedging (Topic 815)—Clarifying the Interactions between Topic 321, Topic 323, and Topic 815 (a consensus of the Emerging Issues Task Force) . This update clarifies whether an entity should consider observable transactions that require it to either apply or discontinue the equity method of accounting for the purposes of applying the measurement alternative and how to account for certain forward contracts and purchased options to purchase securities. For public entities, this guidance is effective for fiscal years beginning after December 15, 2020. United does not expect the new guidance to have a material impact on the consolidated financial statements. Standards Adopted in 2019 On January 1, 2019, United adopted ASU No. 2016-02, Leases (Topic 842) , as 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 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 sales-type or 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 7 and 14 for additional information on operating leases and equipment financing leases, respectively. See Note 1 for further accounting policy detail related to leases. In July of 2019, the FASB issued ASU No. 2019-07, Codification updates to SEC sections: amendments to SEC paragraphs pursuant to SEC final rule releases No. 33-10532, disclosure update and simplification, and nos. 33-10231 and 33-10442, investment company reporting modernization, and miscellaneous updates. This standard updates various SEC financial statement disclosure requirements, including disclosures related to bank holding companies. The standard was effective immediately, and did not have a material impact on disclosures. In March 2017, the FASB issued ASU No. 2017-08, Receivables – Nonrefundable Fees and Other Costs (Subtopic 310-20): Premium Amortization on Purchased Callable Debt Securities . This update shortens the amortization period for certain callable debt securities held at a premium. Specifically, the amendments require the premium to be amortized to the earliest call date. For securities held at a discount, the discount will continue to be amortized to maturity. For public entities, this update is effective for fiscal years beginning after December 15, 2018, with modified retrospective application. The adoption of this update on January 1, 2019 did not have a material impact on the consolidated financial statements. In August 2017, The FASB issued ASU No. 2017-12, Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities . This update expands and refines hedge accounting for both nonfinancial and financial risk components and aligns the recognition and presentation of the effects of the hedging instrument and the hedged item in the financial statements. This update also makes certain targeted improvements to simplify the application of hedge accounting guidance and ease the administrative burden of hedge documentation requirements and assessing hedge effectiveness. For public entities, this update is effective for fiscal years beginning after December 15, 2018. For cash flow and net investment hedges existing at the date of adoption, an entity should apply a cumulative-effect adjustment related to eliminating the separate measurement of ineffectiveness to accumulated other comprehensive income with a corresponding adjustment to the opening balance of retained earnings. The amended presentation and disclosure guidance is required prospectively. The adoption of this update on January 1, 2019 did not have a material impact on the consolidated financial statements. In June 2018, the FASB issued ASU No. 2018-07, Compensation - Stock Compensation (Topic 718): Improvements to Nonemployee Share-Based Payment Accounting . This update expands the scope of Topic 718 to include share-based payment transactions for acquiring goods and services from nonemployees. As a result, nonemployee share-based payment awards will be measured at the grant-date fair value of the equity instruments that an entity is obligated to issue when the service has been rendered, subject to the probability of satisfying performance conditions when applicable. For public entities, this update is effective for fiscal years beginning after December 15, 2018. The adoption of the new guidance on January 1, 2019 did not have a material impact on the consolidated financial statements as United does not currently grant equity awards to nonemployees other than directors and does not anticipate doing so. In June 2018, the FASB issued ASU No. 2018-08, Not for Profit Entities (Topic 958): Clarifying the Scope and the Accounting Guidance for Contributions Received and Contributions Made . This update clarifies the guidance about whether a transfer of assets (or the reduction, settlement or cancellation of liabilities) is a contribution or an exchange transaction. In addition, the guidance clarifies the determination of whether a transaction is conditional. For public entities, this update is effective for contributions made in fiscal years beginning after December 15, 2018. The adoption of the new guidance on January 1, 2019 did not have a material impact on the consolidated financial statements. In July 2018, the FASB issued ASU No. 2018-09, Codification Improvements to address stakeholder suggestions for minor corrections and clarifications within the codification. The transition and effective date guidance is based on the facts and circumstances of each amendment. Some of the amendments in this update do not require transition guidance and will be effective upon issuance of this update. However, many of the amendments in this update do have transition guidance with effective dates for annual periods beginning after December 15, 2018, for public business entities. The adoption of the new guidance on January 1, 2019 did not have a material impact on the consolidated financial statements. In August 2018, the FASB issued ASU No. 2018-13, Fair Value Measurement (Topic 820): Disclosure Framework - Changes to the Disclosure Requirements for Fair Value Measurement . The update removes disclosures that are no longer considered cost beneficial, modifies certain requirements of disclosures, and adds disclosure requirements identified as relevant. For public entities, this guidance is effective for fiscal years ending after December 15, 2019 and, depending on the provision, requires either prospective or retrospective application to prior periods presented. The adoption of this update did not have a material impact on the consolidated financial statements. In August 2018, the FASB issued ASU No. 2018-15, Intangibles - Goodwill and Other - Internal-Use Software (Subtopic 350-40): Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That is a Service Contract (a consensus of the FASB Emerging Issues Task Force) . This update aligns the requirements for capitalizing implementation costs incurred in a hosting arrangement that is a service contract with the requirements for capitalizing implementation costs incurred to develop or obtain internal use software. For public entities, this guidance is effective for fiscal years ending after December 15, 2019 with either retrospective or prospective application. The adoption of this update did not have a material impact on the consolidated financial statements. In October 2018, the FASB issued ASU No. 2018-16, Derivatives and Hedging (Topic 815): Inclusion of the Secured Overnight Financing Rate (SOFR) Overnight Index Swap (OIS) Rate as a Benchmark Interest Rate for Hedge Accounting Purposes . This update permits the use of the OIS rate based on SOFR as a U.S. benchmark interest rate for hedge accounting purposes. For public entities, this guidance is effective for fiscal years beginning after December 15, 2018 and should be applied on a prospective basis for qualifying new or redesignated hedging relationships. The adoption of this update on January 1, 2019 did not have a material impact on the consolidated financial statements. |
Mergers and Acquisitions (Table
Mergers and Acquisitions (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Business Acquisition [Line Items] | |
Schedule of actual results and pro forma information | The following table presents the actual results and pro forma information for the periods indicated (in thousands) . (Unaudited) Year Ended December 31, Revenue Net Income 2019 Actual FMBT results included in statement of income since acquisition date $ 7,525 $ 4,053 Supplemental consolidated pro forma as if FMBT had been acquired January 1, 2018 563,872 187,124 2018 Actual Navitas results included in the statement of income since acquisition date $ 24,285 $ 7,149 Supplemental consolidated pro forma as if FMBT had been acquired January 1, 2018 and Navitas had been acquired January 1, 2017 539,152 171,218 2017 Actual FOFN results included in statement of income since acquisition date $ 5,265 $ 1,406 Actual HCSB results included in statement of income since acquisition date 5,775 1,385 Supplemental consolidated pro forma as if FOFN and HCSB had been acquired January 1, 2016 and Navitas had been acquired January 1, 2017 495,052 78,958 |
FMBT | |
Business Acquisition [Line Items] | |
Schedule of purchased assets and assumed liabilities | The purchased assets and assumed liabilities were recorded at their acquisition date fair values and are summarized in the table below (in thousands) . As Recorded Fair Value (1) As Recorded by Assets Cash and cash equivalents $ 32,548 $ — $ 32,548 Loans 197,682 (5,188 ) 192,494 Allowance for loan losses (6,338 ) 6,338 — Premises and equipment, net 7,124 1,400 8,524 Bank owned life insurance 6,823 — 6,823 Net deferred tax asset 1,386 (1,229 ) 157 Core deposit intangible — 2,800 2,800 Other assets 1,032 246 1,278 Total assets acquired $ 240,257 $ 4,367 $ 244,624 Liabilities Deposits $ 211,884 $ 243 $ 212,127 Other liabilities 924 (207 ) 717 Total liabilities assumed 212,808 36 212,844 Excess of assets acquired over liabilities assumed $ 27,449 Aggregate fair value adjustments $ 4,331 Total identifiable net assets 31,780 Cash consideration transferred 52,093 Goodwill $ 20,313 (1) |
Additional information related to acquired loan portfolio at acquisition date | The following table presents additional information related to the acquired loan portfolio at the acquisition date (in thousands) : May 1, 2019 Accounted for pursuant to ASC 310-30: Contractually required principal and interest $ 13,145 Non-accretable difference 2,517 Cash flows expected to be collected 10,628 Accretable yield 1,300 Fair value $ 9,328 Excluded from ASC 310-30: Fair value $ 183,166 Gross contractual amounts receivable 218,855 Estimate of contractual cash flows not expected to be collected 8,826 |
Navitas | |
Business Acquisition [Line Items] | |
Schedule of purchased assets and assumed liabilities | The purchased assets and assumed liabilities were recorded at their acquisition date fair values and are summarized in the table below (in thousands) . As Recorded by Navitas Fair Value Adjustments As Recorded by United Assets Cash and cash equivalents $ 27,700 — $ 27,700 Loans and leases, net 365,533 (7,181 ) 358,352 Premises and equipment, net 628 (304 ) 324 Net deferred tax asset — 2,873 2,873 Other assets 5,117 (1,066 ) 4,051 Total assets acquired $ 398,978 $ (5,678 ) $ 393,300 Liabilities Short-term borrowings $ 214,923 $ — $ 214,923 Long-term debt 119,402 — 119,402 Other liabilities 17,059 (951 ) 16,108 Total liabilities assumed 351,384 (951 ) 350,433 Excess of assets acquired over liabilities assumed $ 47,594 Aggregate fair value adjustments $ (4,727 ) Total identifiable net assets 42,867 Consideration transferred Cash 84,500 Common stock issued (1,443,987 shares) 45,746 Total fair value of consideration transferred 130,246 Goodwill $ 87,379 |
Additional information related to acquired loan portfolio at acquisition date | The following table presents additional information related to the acquired loan and lease portfolio at the acquisition date (in thousands) . February 1, 2018 Accounted for pursuant to ASC 310-30: Contractually required principal and interest $ 24,711 Non-accretable difference 5,505 Cash flows expected to be collected 19,206 Accretable yield 1,977 Fair value $ 17,229 Excluded from ASC 310-30: Fair value $ 341,123 Gross contractual amounts receivable 389,432 Estimate of contractual cash flows not expected to be collected 8,624 |
FOFN | |
Business Acquisition [Line Items] | |
Schedule of purchased assets and assumed liabilities | The purchased assets and assumed liabilities were recorded at their acquisition date fair values and are summarized in the table below (in thousands). As Recorded by FOFN Fair Value Adjustments As Recorded by United Assets Cash and cash equivalents $ 48,652 $ 6 $ 48,658 Securities 114,190 782 114,972 Loans held for sale 13,976 (3,290 ) 10,686 Loans, net 491,721 (5,477 ) 486,244 Premises and equipment, net 11,251 1,147 12,398 Bank owned life insurance 20,339 — 20,339 Accrued interest receivable 1,858 (118 ) 1,740 Net deferred tax asset 18,333 (999 ) 17,334 Intangibles — 8,738 8,738 Other real estate owned 1,173 (514 ) 659 Other assets 8,792 (69 ) 8,723 Total assets acquired $ 730,285 $ 206 $ 730,491 Liabilities Deposits $ 563,840 $ 1,365 $ 565,205 Federal Home Loan Bank advances 65,000 224 65,224 Long-term debt 23,872 (4,125 ) 19,747 Other liabilities 7,330 60 7,390 Total liabilities assumed 660,042 (2,476 ) 657,566 Excess of assets acquired over liabilities assumed $ 70,243 Aggregate fair value adjustments $ 2,682 Total identifiable net assets 72,925 Consideration transferred Cash 12,802 Common stock issued (4,145,343 shares) 113,665 Total fair value of consideration transferred 126,467 Goodwill $ 53,542 |
Additional information related to acquired loan portfolio at acquisition date | The following table presents additional information related to the acquired loan portfolio at the acquisition date (in thousands) : November 1, 2017 Accounted for pursuant to ASC 310-30: Contractually required principal and interest $ 49,377 Non-accretable difference 8,244 Cash flows expected to be collected 41,133 Accretable yield 3,313 Fair value $ 37,820 Excluded from ASC 310-30: Fair value $ 448,462 Gross contractual amounts receivable 509,629 Estimate of contractual cash flows not expected to be collected 6,081 |
HCSB | |
Business Acquisition [Line Items] | |
Schedule of purchased assets and assumed liabilities | The purchased assets and assumed liabilities were recorded at their acquisition date fair values and are summarized in the table below (in thousands) . As Recorded by HCSB Fair Value Adjustments As Recorded by United Assets Cash and cash equivalents $ 17,855 $ (2 ) $ 17,853 Securities 101,462 (142 ) 101,320 Loans, net 228,483 (12,536 ) 215,947 Premises and equipment, net 14,030 (6,606 ) 7,424 Bank owned life insurance 11,827 — 11,827 Accrued interest receivable 1,322 (275 ) 1,047 Net deferred tax asset — 25,579 25,579 Intangibles — 5,716 5,716 Other real estate owned 1,177 (372 ) 805 Other assets 1,950 (32 ) 1,918 Total assets acquired $ 378,106 $ 11,330 $ 389,436 Liabilities Deposits $ 318,512 $ 430 $ 318,942 Repurchase agreements 1,141 — 1,141 Federal Home Loan Bank advances 24,000 517 24,517 Other liabilities 1,955 91 2,046 Total liabilities assumed 345,608 1,038 346,646 Excess of assets acquired over liabilities assumed $ 32,498 Aggregate fair value adjustments $ 10,292 Total identifiable net assets 42,790 Consideration transferred Cash 31 Common stock issued (2,370,331 shares) 65,800 Total fair value of consideration transferred 65,831 Equity interest in HCSB held before the business combination 1,125 Goodwill $ 24,166 |
Additional information related to acquired loan portfolio at acquisition date | The following table presents additional information related to the acquired loan portfolio at the acquisition date (in thousands) : July 31, 2017 Accounted for pursuant to ASC 310-30: Contractually required principal and interest $ 46,069 Non-accretable difference 12,413 Cash flows expected to be collected 33,656 Accretable yield 3,410 Fair value $ 30,246 Excluded from ASC 310-30: Fair value $ 185,701 Gross contractual amounts receivable 212,780 Estimate of contractual cash flows not expected to be collected 3,985 |
Balance Sheet Offsetting and _2
Balance Sheet Offsetting and Repurchase Agreements Accounted for as Secured Borrowings (Tables) | 12 Months Ended |
Dec. 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 December 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 December 31, 2019 Net Asset Balance Financial Instruments Collateral Received Net Amount Derivatives $ 35,007 $ — $ 35,007 $ (401 ) $ — $ 34,606 Total $ 35,007 $ — $ 35,007 $ (401 ) $ — $ 34,606 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 Derivatives $ 15,516 $ — $ 15,516 $ (401 ) $ (14,933 ) $ 182 Total $ 15,516 $ — $ 15,516 $ (401 ) $ (14,933 ) $ 182 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 As of December 31, 2018 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 $ — |
Investment Securities (Tables)
Investment Securities (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Investments, Debt and Equity Securities [Abstract] | |
Schedule of cost basis, unrealized gains and losses, and fair value of securities held-to-maturity | The 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 December 31, 2019 State and political subdivisions $ 45,479 $ 1,574 $ 9 $ 47,044 Residential mortgage-backed securities, Agency 153,967 2,014 694 155,287 Commercial mortgage-backed, Agency 84,087 1,627 141 85,573 Total $ 283,533 $ 5,215 $ 844 $ 287,904 As of December 31, 2018 State and political subdivisions $ 68,551 $ 952 $ 2,191 $ 67,312 Residential mortgage-backed securities, Agency 176,488 652 5,094 172,046 Commercial mortgage-backed, Agency 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 as follows (in thousands): Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value As of December 31, 2019 U.S. Treasuries $ 152,990 $ 1,628 $ — $ 154,618 U.S. Government agencies 2,848 188 1 3,035 State and political subdivisions 214,677 11,813 — 226,490 Residential mortgage-backed securities, Agency 1,030,948 12,022 726 1,042,244 Residential mortgage-backed securities, Non-agency 250,550 6,231 — 256,781 Commercial mortgage-backed, Agency 266,770 2,261 128 268,903 Commercial mortgage-backed, Non-agency 15,395 918 263 16,050 Corporate bonds 202,131 1,178 218 203,091 Asset-backed securities 104,298 743 1,672 103,369 Total $ 2,240,607 $ 36,982 $ 3,008 $ 2,274,581 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, Agency 1,125,194 2,448 20,124 1,107,518 Residential mortgage-backed securities, Non-agency 339,186 980 1,774 338,392 Commercial mortgage-backed, Agency 384,222 1 7,339 376,884 Commercial mortgage-backed, Non-agency 15,441 186 594 15,033 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 summary of held to maturity securities in an unrealized loss position | The following 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 December 31, 2019 State and political subdivisions $ 10,117 $ 9 $ — $ — $ 10,117 $ 9 Residential mortgage-backed securities, Agency 16,049 64 48,237 630 64,286 694 Commercial mortgage-backed, Agency 21,841 87 1,685 54 23,526 141 Total unrealized loss position $ 48,007 $ 160 $ 49,922 $ 684 $ 97,929 $ 844 As of December 31, 2018 State and political subdivisions $ 7,062 $ 46 $ 34,146 $ 2,145 $ 41,208 $ 2,191 Residential mortgage-backed securities, Agency 6,579 61 136,376 5,033 142,955 5,094 Commercial mortgage-backed, Agency — — 4,290 96 4,290 96 Total unrealized loss position $ 13,641 $ 107 $ 174,812 $ 7,274 $ 188,453 $ 7,381 |
Schedule of summary of available for sale securities in an unrealized loss position | The following 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 December 31, 2019 U.S. Government agencies $ 404 $ 1 $ — $ — $ 404 $ 1 Residential mortgage-backed securities, Agency 228,611 576 18,294 150 246,905 726 Commercial mortgage-backed, Agency — — 33,517 128 33,517 128 Commercial mortgage-backed, Non-agency — — 4,864 263 4,864 263 Corporate bonds 19,742 216 998 2 20,740 218 Asset-backed securities 32,294 625 38,990 1,047 71,284 1,672 Total unrealized loss position $ 281,051 $ 1,418 $ 96,663 $ 1,590 $ 377,714 $ 3,008 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, Agency 80,202 332 723,094 19,792 803,296 20,124 Residential mortgage-backed securities, Non-agency 154,381 476 52,266 1,298 206,647 1,774 Commercial mortgage-backed, Agency — — 355,292 7,339 355,292 7,339 Commercial mortgage-backed, Non-agency 4,552 594 — — 4,552 594 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 available-for-sale securities sales activities | Realized gains and losses are derived using the specific identification method for determining the cost of the securities sold. The following summarizes securities sales activities for the years ended December 31 (in thousands) : 2019 2018 2017 Proceeds from sales $ 352,106 $ 168,891 $ 340,540 Gross gains on sales $ 1,843 $ 2,082 $ 1,247 Gross losses on sales (2,864 ) (2,738 ) (1,205 ) Net (losses) gains on sales of securities $ (1,021 ) $ (656 ) $ 42 Income tax (benefit) expense attributable to sales $ (247 ) $ (132 ) $ 14 |
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 available-for-sale and held-to-maturity securities at December 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 US Treasuries: Within 1 year $ 29,877 $ 29,962 $ — $ — 1 to 5 years 123,113 124,656 — — 152,990 154,618 — — US Government agencies: 1 to 5 years 405 404 — — More than 10 years 2,443 2,631 — — 2,848 3,035 — — State and political subdivisions: Within 1 year 935 939 1,350 1,369 1 to 5 years 54,102 55,491 11,761 12,370 5 to 10 years 22,585 23,766 6,202 6,866 More than 10 years 137,055 146,294 26,166 26,439 214,677 226,490 45,479 47,044 Corporate bonds: Within 1 year 170,007 170,380 — — 1 to 5 years 27,624 28,171 — — 5 to 10 years 3,500 3,542 — — More than 10 years 1,000 998 — — 202,131 203,091 — — Asset-backed securities: 1 to 5 years 1,585 1,578 — — More than 10 years 102,713 101,791 — — 104,298 103,369 — — Total securities other than mortgage-backed securities: Within 1 year 200,819 201,281 1,350 1,369 1 to 5 years 206,829 210,300 11,761 12,370 5 to 10 years 26,085 27,308 6,202 6,866 More than 10 years 243,211 251,714 26,166 26,439 Residential mortgage-backed securities 1,281,498 1,299,025 153,967 155,287 Commercial mortgage-backed securities 282,165 284,953 84,087 85,573 $ 2,240,607 $ 2,274,581 $ 283,533 $ 287,904 |
Loans and Leases and Allowanc_2
Loans and Leases and Allowance for Credit Losses (Tables) | 12 Months Ended |
Dec. 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) : December 31, 2019 2018 Owner occupied commercial real estate $ 1,720,227 $ 1,647,904 Income producing commercial real estate 2,007,950 1,812,420 Commercial & industrial 1,220,657 1,278,347 Commercial construction 976,215 796,158 Equipment financing 744,544 564,614 Total commercial 6,669,593 6,099,443 Residential mortgage 1,117,616 1,049,232 Home equity lines of credit 660,675 694,010 Residential construction 236,437 211,011 Consumer 128,232 122,013 Indirect auto — 207,692 Total loans 8,812,553 8,383,401 Less allowance for loan losses (62,089 ) (61,203 ) Loans, net $ 8,750,464 $ 8,322,198 |
Schedule of changes in the value of the accretable yield for PCI loans | The following table presents changes in the value of the accretable yield for PCI loans for the years ended December 31 (in thousands) : 2019 2018 Balance at beginning of period $ 26,868 $ 17,686 Additions due to acquisitions 1,300 1,977 Accretion (17,885 ) (13,696 ) Reclassification from nonaccretable difference 9,237 15,326 Changes in expected cash flows that do not affect nonaccretable difference 4,400 5,575 Balance at end of period $ 23,920 $ 26,868 |
Schedule of components of net investment in leases | At December 31, 2019 and 2018 , equipment financing assets included leases of $37.4 million and $30.4 million , respectively. The components of the net investment in leases, which included both sales-type and direct financing, are presented below (in thousands) . December 31, 2019 2018 Minimum future lease payments receivable $ 39,709 $ 31,915 Estimated residual value of leased equipment 3,631 3,593 Initial direct costs 842 827 Security deposits (989 ) (1,189 ) Purchase accounting premium 273 806 Unearned income (6,088 ) (5,568 ) Net investment in leases $ 37,378 $ 30,384 |
Schedule of minimum future lease payments expected to be received from lease contracts | Minimum future lease payments expected to be received from equipment financing lease contracts as of December 31, 2019 are as follows (in thousands) : Year 2020 $ 14,772 2021 11,177 2022 7,549 2023 4,436 2024 1,462 Thereafter 313 Total $ 39,709 |
Schedule of balance and activity in allowance for credit losses and recorded investment by portfolio segment | The following table presents 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 for the periods indicated (in thousands) : Allowance for Credit Losses December 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 $ 816 $ 10,483 $ 105 $ 11,404 $ 862 $ 11,328 $ 17 $ 12,207 Income producing commercial real estate 770 11,507 29 12,306 402 10,671 — 11,073 Commercial & industrial 21 5,193 52 5,266 32 4,761 9 4,802 Commercial construction 55 9,613 — 9,668 71 9,974 292 10,337 Equipment financing — 7,240 144 7,384 — 5,045 407 5,452 Residential mortgage 782 7,296 3 8,081 861 7,410 24 8,295 Home equity lines of credit 16 4,541 18 4,575 1 4,740 11 4,752 Residential construction 47 2,456 1 2,504 51 2,382 — 2,433 Consumer 5 885 11 901 6 847 — 853 Indirect auto — — — — 26 973 — 999 Total allowance for loan losses 2,512 59,214 363 62,089 2,312 58,131 760 61,203 Allowance for unfunded commitments — 3,458 — 3,458 — 3,410 — 3,410 Total allowance for credit losses $ 2,512 $ 62,672 $ 363 $ 65,547 $ 2,312 $ 61,541 $ 760 $ 64,613 Loans Outstanding December 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 $ 19,233 $ 1,692,448 $ 8,546 $ 1,720,227 $ 17,602 $ 1,620,450 $ 9,852 $ 1,647,904 Income producing commercial real estate 18,134 1,962,588 27,228 2,007,950 16,584 1,757,525 38,311 1,812,420 Commercial & industrial 1,449 1,218,882 326 1,220,657 1,621 1,276,318 408 1,278,347 Commercial construction 3,675 965,678 6,862 976,215 2,491 787,760 5,907 796,158 Equipment financing 1,027 739,532 3,985 744,544 — 556,672 7,942 564,614 Residential mortgage 15,991 1,092,046 9,579 1,117,616 14,220 1,025,862 9,150 1,049,232 Home equity lines of credit 992 658,273 1,410 660,675 276 692,122 1,612 694,010 Residential construction 1,256 234,807 374 236,437 1,207 209,070 734 211,011 Consumer 214 127,682 336 128,232 211 121,269 533 122,013 Indirect auto — — — — 1,237 206,455 — 207,692 Total loans $ 61,971 $ 8,691,936 $ 58,646 $ 8,812,553 $ 55,449 $ 8,253,503 $ 74,449 $ 8,383,401 The following table presents the balance and activity in the allowance for credit losses by portfolio segment for the periods indicated (in thousands) : Year Ended December 31, 2019 Beginning Balance Charge-Offs Recoveries Provision Ending Balance Owner occupied commercial real estate $ 12,207 $ (5 ) $ 375 $ (1,173 ) $ 11,404 Income producing commercial real estate 11,073 (1,227 ) 283 2,177 12,306 Commercial & industrial 4,802 (5,849 ) 852 5,461 5,266 Commercial construction 10,337 (290 ) 1,165 (1,544 ) 9,668 Equipment financing 5,452 (5,675 ) 781 6,826 7,384 Residential mortgage 8,295 (616 ) 481 (79 ) 8,081 Home equity lines of credit 4,752 (996 ) 610 209 4,575 Residential construction 2,433 (306 ) 157 220 2,504 Consumer 853 (2,390 ) 911 1,527 901 Indirect auto 999 (663 ) 186 (522 ) — Total allowance for loan losses 61,203 (18,017 ) 5,801 13,102 62,089 Allowance for unfunded commitments 3,410 — — 48 3,458 Total allowance for credit losses $ 64,613 $ (18,017 ) $ 5,801 $ 13,150 $ 65,547 Year Ended December 31, 2018 Beginning Balance Charge-Offs Recoveries Provision Ending Balance Owner occupied commercial real estate $ 14,776 $ (303 ) $ 1,227 $ (3,493 ) $ 12,207 Income producing commercial real estate 9,381 (3,304 ) 1,064 3,932 11,073 Commercial & industrial 3,971 (1,669 ) 1,390 1,110 4,802 Commercial construction 10,523 (622 ) 734 (298 ) 10,337 Equipment financing — (1,536 ) 460 6,528 5,452 Residential mortgage 10,097 (754 ) 336 (1,384 ) 8,295 Home equity lines of credit 5,177 (1,194 ) 423 346 4,752 Residential construction 2,729 (54 ) 376 (618 ) 2,433 Consumer 710 (2,445 ) 807 1,781 853 Indirect auto 1,550 (1,277 ) 228 498 999 Total allowance for loan losses 58,914 (13,158 ) 7,045 8,402 61,203 Allowance for unfunded commitments 2,312 — — 1,098 3,410 Total allowance for credit losses $ 61,226 $ (13,158 ) $ 7,045 $ 9,500 $ 64,613 Year Ended December 31, 2017 Beginning Balance Charge-Offs Recoveries Provision Ending Balance Owner occupied commercial real estate $ 16,446 $ (406 ) $ 980 $ (2,244 ) $ 14,776 Income producing commercial real estate 8,843 (2,985 ) 178 3,345 9,381 Commercial & industrial 3,810 (1,528 ) 1,768 (79 ) 3,971 Commercial construction 13,405 (1,023 ) 1,018 (2,877 ) 10,523 Equipment financing — — — — — Residential mortgage 8,545 (1,473 ) 314 2,711 10,097 Home equity lines of credit 4,599 (1,435 ) 567 1,446 5,177 Residential construction 3,264 (129 ) 178 (584 ) 2,729 Consumer 708 (1,803 ) 917 888 710 Indirect auto 1,802 (1,420 ) 284 884 1,550 Total allowance for loan losses 61,422 (12,202 ) 6,204 3,490 58,914 Allowance for unfunded commitments 2,002 — — 310 2,312 Total allowance for credit losses $ 63,424 $ (12,202 ) $ 6,204 $ 3,800 $ 61,226 |
Schedule of loans individually evaluated for impairment by class of loans | The following table presents loans individually evaluated for impairment by class of loans as of the dates indicated (in thousands) : December 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 $ 9,527 $ 8,118 $ — $ 8,650 $ 6,546 $ — Income producing commercial real estate 5,159 4,956 — 9,986 9,881 — Commercial & industrial 1,144 890 — 525 370 — Commercial construction 2,458 2,140 — 685 507 — Equipment financing 1,027 1,027 — — — — Total commercial 19,315 17,131 — 19,846 17,304 — Residential mortgage 7,362 6,436 — 5,787 5,202 — Home equity lines of credit 1,116 861 — 330 234 — Residential construction 731 626 — 554 428 — Consumer 66 53 — 18 17 — Indirect auto — — — 294 292 — Total with no related allowance recorded 28,590 25,107 — 26,829 23,477 — With an allowance recorded: Owner occupied commercial real estate 11,136 11,115 816 11,095 11,056 862 Income producing commercial real estate 13,591 13,178 770 6,968 6,703 402 Commercial & industrial 559 559 21 1,652 1,251 32 Commercial construction 1,535 1,535 55 2,130 1,984 71 Equipment financing — — — — — — Total commercial 26,821 26,387 1,662 21,845 20,994 1,367 Residential mortgage 9,624 9,555 782 9,169 9,018 861 Home equity lines of credit 146 131 16 45 42 1 Residential construction 643 630 47 791 779 51 Consumer 161 161 5 199 194 6 Indirect auto — — — 946 945 26 Total with an allowance recorded 37,395 36,864 2,512 32,995 31,972 2,312 Total $ 65,985 $ 61,971 $ 2,512 $ 59,824 $ 55,449 $ 2,312 |
Schedule of loans modified under the terms of a TDR | Loans modified under the terms of a TDR during the years ended December 31 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 years ended December 31 that were initially restructured within one year prior to default (dollars in thousands) : New TDRs Number of Contracts Pre-Modification Outstanding Recorded Investment Post-Modification Outstanding Recorded Investment by Type of Modification TDRs Modified Within the Year That Have Subsequently Defaulted Year Ended December 31, 2019 Rate Reduction Structure Other Total Number of Contracts Recorded Investment Owner occupied commercial real estate 4 $ 1,864 $ — $ 1,739 $ — $ 1,739 — $ — Income producing commercial real estate 3 9,126 — 9,013 — 9,013 — — Commercial & industrial 2 136 — 75 7 82 — — Commercial construction — — — — — — — — Equipment financing 9 1,071 — 1,071 — 1,071 — — Total commercial 18 12,197 — 11,898 7 11,905 — — Residential mortgage 15 2,102 — 2,057 — 2,057 1 135 Home equity lines of credit 1 50 — 50 — 50 — — Residential construction 1 22 — — 21 21 1 13 Consumer 5 46 — — 45 45 — — Indirect auto 15 271 — — 262 262 — — Total loans 55 $ 14,688 $ — $ 14,005 $ 335 $ 14,340 2 $ 148 Year Ended December 31, 2018 Owner occupied commercial real estate 5 $ 1,438 $ — $ 1,387 $ — $ 1,387 3 $ 1,869 Income producing commercial real estate 2 3,753 106 3,637 — 3,743 — — Commercial & industrial 2 108 — 32 — 32 1 232 Commercial construction — — — — — — 1 3 Equipment financing — — — — — — — — Total commercial 9 5,299 106 5,056 — 5,162 5 2,104 Residential mortgage 15 1,933 130 1,770 — 1,900 1 101 Home equity lines of credit 1 42 — — 41 41 — — Residential construction 2 47 — 32 13 45 — — Consumer 2 7 — — 7 7 — — Indirect auto 35 643 — — 643 643 — — Total loans 64 $ 7,971 $ 236 $ 6,858 $ 704 $ 7,798 6 $ 2,205 Year Ended December 31, 2017 Owner occupied commercial real estate 6 $ 2,603 $ — $ 2,161 $ 108 $ 2,269 — $ — Income producing commercial real estate 2 257 — — 252 252 — — Commercial & industrial 6 901 — 174 533 707 — — Commercial construction — — — — — — — — Equipment financing — — — — — — — — Total commercial 14 3,761 — 2,335 893 3,228 — — Residential mortgage 23 2,174 — 2,165 — 2,165 4 852 Home equity lines of credit 1 296 — — 176 176 — — Residential construction 4 135 40 95 — 135 — — Consumer 2 16 — 16 — 16 — — Indirect auto 34 786 — — 786 786 — — Total loans 78 $ 7,168 $ 40 $ 4,611 $ 1,855 $ 6,506 4 $ 852 |
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 is presented below for the last three years (in thousands) : 2019 2018 2017 Average Balance Interest Revenue Recognized During Impairment Cash Basis Interest Revenue Received Average Balance Interest Revenue Recognized During Impairment Cash Basis Interest Revenue Received Average Balance Interest Revenue Recognized During Impairment Cash Basis Interest Revenue Received Owner occupied commercial real estate $ 18,575 $ 1,124 $ 1,171 $ 19,881 $ 1,078 $ 1,119 $ 27,870 $ 1,271 $ 1,291 Income producing commercial real estate 14,253 739 730 17,138 893 895 24,765 1,265 1,178 Commercial & industrial 1,837 84 100 1,777 100 100 2,994 125 127 Commercial construction 3,233 129 146 3,247 176 174 5,102 225 229 Equipment financing 159 23 23 — — — — — — Total commercial 38,057 2,099 2,170 42,043 2,247 2,288 60,731 2,886 2,825 Residential mortgage 16,115 748 749 14,515 641 643 14,257 555 574 Home equity lines of credit 488 14 15 284 18 16 248 10 12 Residential construction 1,332 92 94 1,405 96 95 1,582 95 95 Consumer 203 15 15 249 18 18 292 22 22 Indirect auto 1,028 50 50 1,252 64 64 1,244 64 64 Total $ 57,223 $ 3,018 $ 3,093 $ 59,748 $ 3,084 $ 3,124 $ 78,354 $ 3,632 $ 3,592 |
Schedule of recorded investment in nonaccrual loans held for investment by loan class | The following table presents the recorded investment in nonaccrual loans held for investment by loan class as of the dates indicated (in thousands) : December 31, 2019 2018 Owner occupied commercial real estate $ 10,544 $ 6,421 Income producing commercial real estate 1,996 1,160 Commercial & industrial 2,545 1,417 Commercial construction 2,277 605 Equipment financing 3,141 2,677 Total commercial 20,503 12,280 Residential mortgage 10,567 8,035 Home equity lines of credit 3,173 2,360 Residential construction 939 288 Consumer 159 89 Indirect auto — 726 Total $ 35,341 $ 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 30 - 59 Days 60 - 89 Days > 90 Days Total Loans Not Past Due PCI Loans Total As of December 31, 2019 Owner occupied commercial real estate $ 2,913 $ 2,007 $ 6,079 $ 10,999 $ 1,700,682 $ 8,546 $ 1,720,227 Income producing commercial real estate 562 706 401 1,669 1,979,053 27,228 2,007,950 Commercial & industrial 2,140 491 2,119 4,750 1,215,581 326 1,220,657 Commercial construction 1,867 557 96 2,520 966,833 6,862 976,215 Equipment financing 2,065 923 3,045 6,033 734,526 3,985 744,544 Total commercial 9,547 4,684 11,740 25,971 6,596,675 46,947 6,669,593 Residential mortgage 5,655 2,212 2,171 10,038 1,097,999 9,579 1,117,616 Home equity lines of credit 1,697 421 1,385 3,503 655,762 1,410 660,675 Residential construction 325 125 402 852 235,211 374 236,437 Consumer 668 181 27 876 127,020 336 128,232 Total loans $ 17,892 $ 7,623 $ 15,725 $ 41,240 $ 8,712,667 $ 58,646 $ 8,812,553 As of December 31, 2018 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 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 | As of December 31, and based on the most recent analysis performed, the risk category of loans by class of loans is as follows (in thousands) : Pass Watch Substandard Doubtful / Loss Total As of December 31, 2019 Owner occupied commercial real estate $ 1,638,398 $ 24,563 $ 48,720 $ — $ 1,711,681 Income producing commercial real estate 1,914,524 40,676 25,522 — 1,980,722 Commercial & industrial 1,156,366 16,385 47,580 — 1,220,331 Commercial construction 960,251 2,298 6,804 — 969,353 Equipment financing 737,418 — 3,141 — 740,559 Total commercial 6,406,957 83,922 131,767 — 6,622,646 Residential mortgage 1,093,902 — 14,135 — 1,108,037 Home equity lines of credit 654,619 — 4,646 — 659,265 Residential construction 234,791 — 1,272 — 236,063 Consumer 127,507 8 381 — 127,896 Total loans, excluding PCI loans 8,517,776 83,930 152,201 — 8,753,907 Owner occupied commercial real estate 3,238 2,797 2,511 — 8,546 Income producing commercial real estate 19,648 6,305 1,275 — 27,228 Commercial & industrial 104 81 141 — 326 Commercial construction 3,628 590 2,644 — 6,862 Equipment financing 3,952 — 33 — 3,985 Total commercial 30,570 9,773 6,604 — 46,947 Residential mortgage 8,112 — 1,467 — 9,579 Home equity lines of credit 1,350 — 60 — 1,410 Residential construction 348 — 26 — 374 Consumer 303 — 33 — 336 Total PCI loans 40,683 9,773 8,190 — 58,646 Total loan portfolio $ 8,558,459 $ 93,703 $ 160,391 $ — $ 8,812,553 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 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 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 |
Premises and Equipment (Tables)
Premises and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Property, Plant and Equipment [Abstract] | |
Schedule of premises and equipment | Premises and equipment are summarized as follows as of the dates indicated (in thousands) : December 31, 2019 2018 Land and land improvements $ 81,150 $ 78,066 Buildings and improvements 170,629 153,980 Furniture and equipment 97,997 93,854 Construction in progress 1,701 5,350 351,477 331,250 Less accumulated depreciation (135,501 ) (125,110 ) Premises and equipment, net $ 215,976 $ 206,140 |
Goodwill and Other Intangible_2
Goodwill and Other Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of carrying amount of goodwill and other intangible assets | The carrying amount of goodwill and other intangible assets is summarized below as of the dates indicated (in thousands) : December 31, 2019 2018 Core deposit intangible (1) $ 32,802 $ 62,652 Less: accumulated amortization (1) (17,980 ) (46,141 ) Net core deposit intangible 14,822 16,511 Noncompete agreement 3,144 3,144 Less: accumulated amortization (3,144 ) (2,695 ) Net noncompete agreement — 449 Total intangibles subject to amortization, net 14,822 16,960 Goodwill 327,425 307,112 Total goodwill and other intangible assets, net $ 342,247 $ 324,072 (1) Balances for 2019 exclude fully amortized core deposit intangibles. |
Schedule of changes in the carrying amounts of goodwill | The following is a summary of changes in the carrying amounts of goodwill for the years indicated (in thousands) : Goodwill (1) December 31, 2017 $ 220,591 Acquisition of Navitas 87,379 Measurement period adjustments - FOFN and HCSB (858 ) December 31, 2018 307,112 Acquisition of FMBT 20,313 December 31, 2019 $ 327,425 (1) Goodwill balances presented as of December 31, 2019, 2018, and 2017 are shown net of accumulated impairment losses of $306 million incurred prior to 2017. Gross goodwill for December 31, 2019, 2018, and 2017 totaled $633 million , $613 million and $526 million , respectively. |
Schedule of amortization expense for future periods | The estimated aggregate amortization expense for future periods for core deposit intangibles is as follows (in thousands) : Year 2020 $ 3,842 2021 3,019 2022 2,379 2023 1,852 2024 1,431 Thereafter 2,299 Total $ 14,822 |
Servicing Assets and Liabilit_2
Servicing Assets and Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Transfers and Servicing [Abstract] | |
Schedule of changes in the balances of servicing assets and servicing liabilities | The following table summarizes the changes in SBA/USDA servicing rights for the years indicated ( in thousands ) 2019 2018 2017 Servicing rights for SBA/USDA loans, beginning of period $ 7,510 $ 7,740 $ 5,752 Additions: Acquired servicing rights (1) — (354 ) 419 Originated servicing rights capitalized upon sale of loans 1,835 2,573 2,737 Subtractions: Disposals (1,258 ) (810 ) (621 ) Changes in fair value: Due to change in inputs or assumptions used in the valuation model (1,293 ) (1,639 ) (547 ) Servicing rights for SBA/USDA loans, end of period $ 6,794 $ 7,510 $ 7,740 (1) Includes measurement period adjustments further discussed in Note 3. |
Schedule of key characteristics, inputs, and economic assumptions used to estimate the fair value of SBA Servicing Asset | A summary of the key characteristics, inputs, and economic assumptions used in the discounted cash flow method utilized to estimate the fair value of the servicing asset for SBA/USDA loans and the sensitivity of the fair values to immediate adverse changes in those assumptions are shown in the table below as of the dates indicated (dollars in thousands) : December 31, 2019 2018 Fair value of retained servicing assets $ 6,794 $ 7,510 Prepayment rate assumption 16.5 % 12.1 % 10% adverse change $ (352 ) $ (267 ) 20% adverse change $ (671 ) $ (515 ) Discount rate 12.3 % 14.5 % 100 bps adverse change $ (184 ) $ (196 ) 200 bps adverse change $ (358 ) $ (381 ) Weighted-average life (years) 3.9 5.0 Weighted-average gross margin 1.9 % 1.9 % |
Schedule of changes in residential mortgage servicing rights | The following table summarizes the changes in residential mortgage servicing rights for the years indicated ( in thousands ). 2019 2018 2017 Residential mortgage servicing rights, beginning of period $ 11,877 $ 8,262 $ 4,372 Additions: Originated servicing rights capitalized upon sale of loans 5,783 4,587 3,602 Subtractions: Disposals (1,098 ) (537 ) (328 ) Changes in fair value: Initial election to carry at fair value on January 1, 2017 — — 698 Due to change in inputs or assumptions used in the valuation (2,997 ) (435 ) (82 ) Residential mortgage servicing rights, end of period $ 13,565 $ 11,877 $ 8,262 |
Schedule of characteristics, inputs, and economic assumptions used to estimatefair value of servicing asset for residential mortgage loans sensitivity of adverse changes | A summary of the key characteristics, inputs, and economic assumptions used to estimate the fair value of the servicing asset for residential mortgage loans and the sensitivity of the fair values to immediate adverse changes in those assumptions are shown in the table below as of the dates indicated (in thousands) : December 31, 2019 2018 Fair value of retained servicing assets $ 13,565 $ 11,877 Prepayment rate assumption 14.1 % 10.6 % 10% adverse change $ (662 ) $ (466 ) 20% adverse change $ (1,270 ) $ (898 ) Discount rate 10.0 % 10.0 % 100 bps adverse change $ (467 ) $ (448 ) 200 bps adverse change $ (900 ) $ (863 ) |
Deposits (Tables)
Deposits (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Deposits [Abstract] | |
Schedule of contractual maturities of time deposits, including brokered time deposits | At December 31, 2019 , the contractual maturities of time deposits, including brokered time deposits, are summarized as follows (in thousands) : 2020 $ 1,639,355 2021 187,367 2022 41,402 2023 12,451 2024 8,064 thereafter 56,444 Total time deposits $ 1,945,083 |
Long-term Debt (Tables)
Long-term Debt (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Debt Disclosure [Abstract] | |
Schedule of long-term debt | Long-term debt consisted of the following (in thousands) : December 31, Issue Date Stated Maturity Date Earliest Call Date 2019 2018 Interest Rate Obligations of the Bank and its Subsidiaries: NER 16-1 Class A-2 notes $ — $ 19,975 2016 2021 n/a 2.20% NER 16-1 Class B notes — 25,489 2016 2021 n/a 3.22% NER 16-1 Class C notes — 6,319 2016 2021 n/a 5.05% NER 16-1 Class D notes — 3,213 2016 2023 n/a 7.87% Total securitized notes payable — 54,996 Obligations of the Holding Company: 2022 senior debentures 50,000 50,000 2015 2022 2020 5.000% through August 13, 2020, 3-month LIBOR plus 3.814% thereafter 2027 senior debentures 35,000 35,000 2015 2027 2025 5.500% through August 13, 2025, 3-month LIBOR plus 3.71% thereafter Total senior debentures 85,000 85,000 2028 subordinated debentures 100,000 100,000 2018 2028 2023 4.500% through January 30, 2023, 3-month LIBOR plus 2.12% thereafter 2025 subordinated debentures 11,250 11,500 2015 2025 2020 6.250% Total subordinated debentures 111,250 111,500 Southern Bancorp Capital Trust I 4,382 4,382 2004 2034 2009 Prime + 1.00% Tidelands Statutory Trust I 8,248 8,248 2006 2036 2011 3-month LIBOR plus 1.38% Four Oaks Statutory Trust I 12,372 12,372 2006 2036 2011 3-month LIBOR plus 1.35% Total trust preferred securities 25,002 25,002 Less discount (8,588 ) (9,309 ) Total long-term debt $ 212,664 $ 267,189 |
Operating Leases (Tables)
Operating Leases (Tables) | 12 Months Ended |
Dec. 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 year ended December 31, 2019 (in thousands) . 2019 Income Statement Location Operating lease cost $ 5,067 Occupancy expense Variable lease cost 449 Occupancy expense Short-term lease cost 136 Occupancy expense Total lease cost $ 5,652 Sublease income and rental income from owned properties under operating leases $ 1,160 Other noninterest income |
Schedule of future minimum lease payments under operating leases | As of December 31, 2019 , future minimum lease payments under operating leases were as follows (in thousands) : Year 2020 $ 4,939 2021 5,124 2022 4,694 2023 3,992 2024 1,728 Thereafter 3,364 Total 23,841 Less discount (1,802 ) Present value of lease liability $ 22,039 |
Reclassifications Out of Accu_2
Reclassifications Out of Accumulated Other Comprehensive Income (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Equity [Abstract] | |
Schedule of details regarding amounts reclassified out of accumulated other comprehensive income | The following presents the details regarding amounts reclassified out of accumulated other comprehensive income (in thousands). Amounts Reclassified from Accumulated Other Comprehensive Income For the Years Ended December 31, Details about Accumulated Other Comprehensive Income Components Affected Line Item in the Statement Where Net Income is Presented 2019 2018 2017 Realized (losses) gains on available-for-sale securities: $ (1,021 ) $ (656 ) $ 42 Securities (losses) gains, net 247 132 (14 ) Income tax benefit (expense) $ (774 ) $ (524 ) $ 28 Net of tax Amortization of losses included in net income on available-for-sale securities transferred to held to maturity: $ (383 ) $ (739 ) $ (1,069 ) Investment securities interest revenue 92 180 401 Income tax benefit $ (291 ) $ (559 ) $ (668 ) Net of tax Amortization of losses included in net income on terminated derivative financial instruments previously accounted for as cash flow hedges: $ (235 ) $ — $ — Other expense (102 ) (499 ) (599 ) Deposit interest expense — — (292 ) Federal Home Loan Bank advances interest expense (337 ) (499 ) (891 ) Total before tax 86 129 346 Income tax benefit $ (251 ) $ (370 ) $ (545 ) Net of tax Reclassification of disproportionate tax effect related to terminated and current cash flow hedges: $ — $ — $ (3,289 ) Income tax expense Reclassifications related to defined benefit pension plan activity: Prior service cost $ (640 ) $ (666 ) $ (560 ) Salaries and employee benefits expense Actuarial losses (59 ) (241 ) — Other expense Actuarial losses — — (238 ) Salaries and employee benefits expense Termination of defined benefit pension plan (1,558 ) — — Merger-related and other (2,257 ) (907 ) (798 ) Total before tax 576 247 310 Income tax benefit $ (1,681 ) $ (660 ) $ (488 ) Net of tax Total reclassifications for the period $ (2,997 ) $ (2,113 ) $ (4,962 ) Net of tax Amounts shown above in parentheses reduce earnings |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Earnings Per Share [Abstract] | |
Schedule of computation of basic and diluted net income per common share | The following table sets forth the computation of basic and diluted net income per common share for the years indicated (in thousands, except per share data) : Year Ended December 31, 2019 2018 2017 Net income $ 185,721 $ 166,111 $ 67,821 Dividends and undistributed earnings allocated to unvested shares (1,375 ) (1,184 ) (571 ) Net income available to common stockholders $ 184,346 $ 164,927 $ 67,250 Income per common share: Basic $ 2.31 $ 2.07 $ 0.92 Diluted 2.31 2.07 0.92 Weighted average common shares: Basic 79,700 79,662 73,247 Effect of dilutive securities: Stock options 1 7 12 Restricted stock units 7 2 — Diluted 79,708 79,671 73,259 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Income Tax Disclosure [Abstract] | |
Schedule of income tax expense | Income tax expense is as follows for the years indicated (in thousands) : Year Ended December 31, 2019 2018 2017 Current $ 38,082 $ 17,185 $ 5,451 Deferred 14,909 32,630 60,951 Increase in valuation allowance — — 413 Expense due to enactment of federal tax reform — — 38,198 Total income tax expense $ 52,991 $ 49,815 $ 105,013 |
Schedule of differences between the provision for income taxes and statutory federal income tax rate | The differences between the provision for income taxes and the amount computed by applying the statutory federal income tax rate of 21% in 2019 and 2018 and 35% in 2017 to income before income taxes are as follows for the years indicated (in thousands) : Year Ended December 31, 2019 2018 2017 Pretax income at statutory rates $ 50,130 $ 45,344 $ 60,492 Add (deduct): State taxes, net of federal benefit 7,168 6,765 4,139 Bank owned life insurance earnings (1,127 ) (747 ) (1,141 ) Adjustment to reserve for uncertain tax positions 84 80 59 Tax-exempt interest revenue (1,827 ) (1,229 ) (1,199 ) Equity compensation (375 ) (892 ) (799 ) Transaction costs 16 78 408 Tax credit investments (464 ) (29 ) (89 ) Change in state statutory tax rate — 583 81 Increase in valuation allowance — — 413 Release of disproportionate tax effects related to de-designated cash flow hedges — — 3,400 Expense due to enactment of federal tax reform — — 38,198 Other (614 ) (138 ) 1,051 Total income tax expense $ 52,991 $ 49,815 $ 105,013 |
Schedule of summarizes the sources and expected tax consequences of future taxable deductions (revenue) | The following summarizes the sources and expected tax consequences of future taxable deductions (revenue) which comprise the net deferred tax asset as of the dates indicated (in thousands) : December 31, 2019 2018 Deferred tax assets: Allowance for loan losses $ 14,910 $ 14,604 Net operating loss carryforwards 27,568 39,204 Deferred compensation 9,363 8,535 Loan purchase accounting adjustments 6,599 8,658 Reserve for losses on foreclosed properties 20 61 Nonqualified share based compensation 2,041 1,190 Accrued expenses 3,958 3,536 Investment in partnerships 67 426 Unamortized pension actuarial losses and prior service cost 1,739 1,606 Unrealized losses on securities available-for-sale — 8,092 Unrealized losses on cash flow hedges — 86 Lease liability 5,327 — Other 2,038 1,235 Total deferred tax assets 73,630 87,233 Deferred tax liabilities: Unrealized gains on securities available-for-sale 7,943 — Acquired intangible assets 2,530 2,772 Premises and equipment 3,002 1,291 Loan origination costs 3,538 3,734 True tax leases 7,783 6,020 Prepaid expenses 373 398 Servicing assets 4,428 2,862 Derivatives 1,075 525 Right-of-use asset 4,809 — Uncertain tax positions 1,792 2,036 Total deferred tax liabilities 37,273 19,638 Less valuation allowance 2,298 3,371 Net deferred tax asset $ 34,059 $ 64,224 |
Schedule of reconciliation of the beginning and ending unrecognized tax benefit related to uncertain tax positions | A reconciliation of the beginning and ending unrecognized tax benefit related to uncertain tax positions is as follows for the years indicated (in thousands) : 2019 2018 2017 Balance at beginning of year $ 3,264 $ 3,163 $ 3,892 Additions based on tax positions related to the current year 481 470 441 Decreases resulting from a lapse in the applicable statute of limitations (375 ) (369 ) (351 ) Remeasurement due to enactment of federal tax reform — — (819 ) Balance at end of year $ 3,370 $ 3,264 $ 3,163 |
Pension and Employee Benefit _2
Pension and Employee Benefit Plans (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Retirement Benefits [Abstract] | |
Schedule of weighted-average assumptions used to determine pension benefit obligations | Weighted-average assumptions used to determine pension benefit obligations at year end and net periodic pension cost are shown in the table below: 2019 2018 Modified Retirement Plan Modified Retirement Plan Funded Plan Discount rate for disclosures 3.25 % 4.40 % Various Discount rate for net periodic benefit cost 4.40 % 3.75 % 3.75 % Expected long-term rate of return N/A N/A 4.00 % Rate of compensation increase N/A N/A N/A Measurement date 12/31/2019 12/31/2018 12/31/2018 |
Schedule of changes in obligations and plan assets | United recognizes the underfunded status of the plans as a liability in the consolidated balance sheets. Information about changes in obligations and plan assets follows (in thousands) : 2019 2018 Modified Retirement Plan Funded Plan Modified Retirement Plan Funded Plan Accumulated benefit obligation: Accumulated benefit obligation - beginning of year $ 21,736 $ 16,011 $ 21,705 $ 17,700 Service cost 392 — 363 — Interest cost 931 166 801 647 Plan amendments 386 — 412 — Actuarial (gains) losses 2,390 1,489 (949 ) (839 ) Benefits paid (730 ) (17,666 ) (596 ) (1,497 ) Accumulated benefit obligation - end of year 25,105 — 21,736 16,011 Change in plan assets, at fair value: Beginning plan assets — 12,595 — 14,308 Actual return — 173 — (216 ) Employer contribution 730 4,898 596 — Benefits paid (730 ) (17,666 ) (596 ) (1,497 ) Plan assets - end of year — — — 12,595 Funded status - end of year (plan assets less benefit obligations) $ (25,105 ) $ — $ (21,736 ) $ (3,416 ) |
Schedule of components of net periodic benefit cost and other amounts recognized in other comprehensive income | Components of net periodic benefit cost and other amounts recognized in other comprehensive income are as follows (in thousands): 2019 2018 2017 Modified Retirement Plan Funded Plan Modified Retirement Plan Funded Plan Modified Retirement Plan Funded Plan Service cost $ 392 $ — $ 363 $ — $ 551 $ — Interest cost 931 166 801 647 778 738 Expected return on plan assets — (106 ) — (551 ) — (630 ) Amortization of prior service cost 635 — 666 — 560 — Amortization of net losses 59 — 241 — 238 — Net periodic benefit cost $ 2,017 $ 60 $ 2,071 $ 96 $ 2,127 $ 108 |
Schedule of estimated future benefit payments | The following table summarizes the estimated future benefit payments expected to be paid from the Modified Retirement Plan for the periods indicated (in thousands) . 2020 $ 1,301 2021 1,176 2022 1,170 2023 1,164 2024 1,156 2025-2029 7,133 |
Schedule of funded plan assets | The following table summarizes the Funded Plan assets by major category as of the December 31, 2018, aggregated by the level in the fair value hierarchy within which those measurements fall (in thousands) . Level 1 Level 2 Level 3 Total Money market fund $ — $ 1,033 $ — $ 1,033 Mutual funds 4,881 — — 4,881 Corporate stocks 4,465 — — 4,465 Exchange traded funds 2,216 — — 2,216 Total plan assets $ 11,562 $ 1,033 $ — $ 12,595 |
Derivatives and Hedging Activ_2
Derivatives and Hedging Activities (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Schedule of derivative financial instruments on consolidated balance sheet | Derivatives designated as hedging instruments December 31, Interest Rate Products Balance Sheet Location 2019 2018 Fair value hedge of brokered CDs Derivative liabilities $ 880 $ 1,682 $ 880 $ 1,682 Derivatives not designated as hedging instruments December 31, Interest Rate Products Balance Sheet Location 2019 2018 Customer derivative positions Derivative assets $ 27,277 $ 5,216 Dealer offsets to customer derivative positions Derivative assets 394 7,620 Mortgage banking - loan commitment Derivative assets 1,970 1,190 Mortgage banking - forward sales commitment Derivative assets 98 28 Bifurcated embedded derivatives Derivative assets 5,268 10,651 $ 35,007 $ 24,705 Customer derivative positions Derivative liabilities $ 446 $ 9,661 Dealer offsets to customer derivative positions Derivative liabilities 6,425 781 Risk participations Derivative liabilities 12 8 Mortgage banking - forward sales commitment Derivative liabilities 86 259 Dealer offsets to bifurcated embedded derivatives Derivative liabilities 7,667 13,339 De-designated hedges Derivative liabilities — 703 $ 14,636 $ 24,751 |
Schedule of effect of fair value hedging on consolidated statements of income | The table below presents the effect of derivatives in fair value hedging relationships on the consolidated statements of income (in thousands) . Year Ended December 31, 2019 2018 2017 Interest expense - deposits Interest expense - deposits Interest revenue - taxable investment securities Other noninterest income Interest expense - deposits Interest revenue - taxable investment securities Total amounts presented in the $ 66,856 $ 39,543 $ 73,496 $ 24,142 $ 17,062 $ 70,172 Gains (losses) on fair value hedging Interest rate contracts: Amounts related to interest settlements (327 ) (245 ) 17 — 160 (302 ) Recognized on derivatives 733 (220 ) — 356 (657 ) 72 Recognized on hedged items (766 ) (145 ) — (447 ) 371 (265 ) Net income (expense) recognized on fair $ (360 ) $ (610 ) $ 17 $ (91 ) $ (126 ) $ (495 ) |
Schedule of carrying amount and cumulative fair value hedging adjustments on hedged liability | The table below presents the carrying amount of hedged fixed-rate brokered time deposits and cumulative fair value hedging adjustments included in the carrying amount of the hedged liability for the periods presented (in thousands) . December 31, 2019 2018 Balance Sheet Location Carrying amount of Assets (Liabilities) Hedge Accounting Basis Adjustment Carrying amount of Assets (Liabilities) Hedge Accounting Basis Adjustment Deposits $ (35,880 ) $ 645 $ (35,776 ) $ 1,838 |
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 for the periods indicated (in thousands) . Income Statement Location Year Ended December 31, 2019 2018 2017 Customer derivatives and dealer offsets Other noninterest income $ 2,878 $ 2,658 $ 2,416 Bifurcated embedded derivatives and dealer offsets Other noninterest income 212 307 429 Interest rate caps Other noninterest income — 501 252 De-designated hedges Other noninterest income (193 ) 31 (62 ) Mortgage banking derivatives Mortgage loan revenue (1,797 ) 904 (676 ) Risk participations Other noninterest income (3 ) 12 5 Total gains and losses $ 1,097 $ 4,413 $ 2,364 |
Regulatory Matters (Tables)
Regulatory Matters (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Broker-Dealer, Net Capital Requirement, SEC Regulation [Abstract] | |
Schedule of minimum amounts required for capital adequacy purposes | Regulatory capital ratios at December 31, 2019 and 2018 , along with the minimum amounts required for capital adequacy purposes and to be well-capitalized under prompt corrective action provisions in effect at such times are presented below for United and the Bank (dollars in thousands) : Basel III Guidelines United Community Banks, Inc. (consolidated) United Community Bank Minimum (1) Well Capitalized 2019 2018 2019 2018 Risk-based ratios: Common equity tier 1 capital 4.5 % 6.5 % 12.97 % 12.16 % 14.87 % 12.91 % Tier 1 capital 6.0 8.0 13.21 12.42 14.87 12.91 Total capital 8.0 10.0 15.01 14.29 15.54 13.60 Tier 1 leverage ratio 4.0 5.0 10.34 9.61 11.63 9.98 Common equity tier 1 capital $ 1,275,148 $ 1,148,355 $ 1,458,720 $ 1,216,449 Tier 1 capital 1,299,398 1,172,605 1,458,720 1,216,449 Total capital 1,476,302 1,348,843 1,524,267 1,281,062 Risk-weighted assets 9,834,051 9,441,622 9,810,477 9,421,009 Average total assets 12,568,563 12,207,986 12,545,254 12,183,341 (1) As of December 31, 2019 and 2018 the additional capital conservation buffer in effect was 2.50% and 1.87% |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of the contract amount of off-balance sheet instruments | The following table summarizes, as of the dates indicated, the contract amount of off-balance sheet instruments (in thousands) : December 31, 2019 2018 Financial instruments whose contract amounts represent credit risk: Commitments to extend credit $ 2,126,275 $ 2,129,463 Letters of credit 22,533 25,447 |
Equity Compensation and Relat_2
Equity Compensation and Related Plans (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Share-based Payment Arrangement [Abstract] | |
Schedule of restricted stock units and options outstanding and activity | Restricted stock units and options outstanding and activity for the years ended December 31 consisted of the following: Restricted Stock Units Options Shares Weighted Average Grant Date Fair Value Aggregate Intrinsic Value (000’s) Shares Weighted Average Exercise Price Weighted Average Remaining Term (Yrs.) Aggregate Intrinsic Value (000’s) December 31, 2016 690,970 $ 18.60 72,665 $ 34.34 Granted 270,339 26.50 — — Vested (284,662 ) 17.48 — — Expired — — (1,538 ) 147.60 Cancelled (12,830 ) 19.91 (10,840 ) 75.08 December 31, 2017 663,817 22.40 60,287 24.12 Granted 416,484 30.54 — — Vested / Exercised (290,013 ) 20.18 (12,000 ) 11.85 Cancelled (30,542 ) 23.65 (1,148 ) 31.50 December 31, 2018 759,746 27.66 47,139 27.07 Granted 315,827 26.74 — — Vested / Exercised (216,138 ) 25.38 $ 6,004 (13,000 ) 16.34 Expired — (30,243 ) 31.43 Cancelled (51,011 ) 27.18 (2,396 ) 29.68 December 31, 2019 808,424 27.94 24,964 1,500 27.95 0.27 $ 4 Vested / Exercisable at December 31, 2019 — — 1,500 27.95 0.27 4 |
Schedule of summary of stock options outstanding | The following is a summary of stock options outstanding at December 31, 2019 : Options Outstanding Options Exercisable Shares Range Weighted Average Price Average Remaining Life Shares Weighted Average Price 500 20.00 - 25.00 $ 22.95 0.22 500 $ 22.95 1,000 30.01 - 30.45 30.45 0.29 1,000 30.45 1,500 20.00 - 30.45 27.95 0.27 1,500 27.95 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 12 Months Ended |
Dec. 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, aggregated by the level in the fair value hierarchy within which those measurements fall (in thousands) : December 31, 2019 Level 1 Level 2 Level 3 Total Assets: Debt securities available for sale: U.S. Treasuries $ 154,618 $ — $ — $ 154,618 U.S. Government agencies — 3,035 — 3,035 State and political subdivisions — 226,490 — 226,490 Residential mortgage-backed securities — 1,299,025 — 1,299,025 Commercial mortgage-backed securities — 284,953 — 284,953 Corporate bonds — 202,093 998 203,091 Asset-backed securities — 103,369 — 103,369 Equity securities with readily determinable fair values 1,973 — — 1,973 Mortgage loans held for sale — 58,484 — 58,484 Deferred compensation plan assets 8,133 — — 8,133 Servicing rights for SBA/USDA loans — — 6,794 6,794 Residential mortgage servicing rights — — 13,565 13,565 Derivative financial instruments — 27,769 7,238 35,007 Total assets $ 164,724 $ 2,205,218 $ 28,595 $ 2,398,537 Liabilities: Deferred compensation plan liability $ 8,132 $ — $ — $ 8,132 Derivative financial instruments — 6,957 8,559 15,516 Total liabilities $ 8,132 $ 6,957 $ 8,559 $ 23,648 December 31, 2018 Level 1 Level 2 Level 3 Total Assets: Securities available for sale: U.S. Treasuries $ 149,307 $ — $ — $ 149,307 U.S. Government 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 determinable 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 all other 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 Debt Securities Available- for-Sale December 31, 2016 $ 11,777 $ 16,347 $ 675 Sales and settlements (1,744 ) (2,423 ) — Other comprehensive income — — 225 Amounts included in earnings - fair value adjustments 2,174 2,820 — December 31, 2017 12,207 16,744 900 Sales and settlements (1,029 ) (1,347 ) — Other comprehensive income — — 95 Amounts included in earnings - fair value adjustments 663 335 — December 31, 2018 11,841 15,732 995 Sales and settlements (1,135 ) (2,330 ) — Other comprehensive income — — 3 Amounts included in earnings - fair value adjustments (3,468 ) (4,843 ) — December 31, 2019 $ 7,238 $ 8,559 $ 998 |
Schedule of liabilities 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 all other 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 Debt Securities Available- for-Sale December 31, 2016 $ 11,777 $ 16,347 $ 675 Sales and settlements (1,744 ) (2,423 ) — Other comprehensive income — — 225 Amounts included in earnings - fair value adjustments 2,174 2,820 — December 31, 2017 12,207 16,744 900 Sales and settlements (1,029 ) (1,347 ) — Other comprehensive income — — 95 Amounts included in earnings - fair value adjustments 663 335 — December 31, 2018 11,841 15,732 995 Sales and settlements (1,135 ) (2,330 ) — Other comprehensive income — — 3 Amounts included in earnings - fair value adjustments (3,468 ) (4,843 ) — December 31, 2019 $ 7,238 $ 8,559 $ 998 |
Schedule of quantitative information about Level 3 fair value measurements for fair value on a recurring basis | The following table presents quantitative information about recurring Level 3 fair value measurements, excluding servicing rights which are detailed in Note 10 (in thousands) : Fair Value Weighted Average December 31, Valuation Technique December 31, Level 3 Assets 2019 2018 Unobservable Inputs 2019 2018 Corporate bonds 998 995 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 1,970 1,190 Internal model Pull through rate 83.6 % 80.7 % Derivative assets - other 5,268 10,651 Dealer priced Dealer priced N/A N/A Derivative liabilities - risk participations 12 8 Internal model Probable exposure rate 0.36 % 0.44 % Probability of default rate 1.80 % 1.80 % Derivative liabilities - other 8,547 15,724 Dealer priced Dealer priced N/A N/A |
Schedule of presentation of United's assets 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 December 31, 2019 and 2018 , for which a nonrecurring fair value adjustment was recorded during the periods presented (in thousands) . December 31, 2019 Level 1 Level 2 Level 3 Total Loans $ — $ — $ 20,977 $ 20,977 December 31, 2018 Loans $ — $ — $ 8,631 $ 8,631 |
Schedule of summary of carrying amount and fair values for other financial instruments not measured at fair value on a recurring basis | The carrying amount and fair values for other financial instruments that are not measured at fair value on a recurring basis in United’s consolidated balance sheets are as follows (in thousands) : Carrying Amount Fair Value Level December 31, 2019 Level 1 Level 2 Level 3 Total Assets: Securities held to maturity $ 283,533 $ — $ 287,904 $ — $ 287,904 Loans, net 8,750,464 — — 8,714,592 8,714,592 Liabilities: Deposits 10,897,244 — 10,897,465 — 10,897,465 Long-term debt 212,664 — — 217,665 217,665 December 31, 2018 Assets: Securities held to maturity $ 274,407 $ — $ 268,803 $ — $ 268,803 Loans, 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 |
Condensed Financial Statement_2
Condensed Financial Statements of United Community Banks, Inc. (Holding Company Only) (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Condensed Financial Information Disclosure [Abstract] | |
Schedule of statement of operations | Statements of Income For the Years Ended December 31, 2019 , 2018 and 2017 (in thousands) 2019 2018 2017 Dividends from bank $ — $ 161,500 $ 103,200 Dividends from other subsidiaries 4,651 850 — Shared service fees from subsidiaries 14,721 10,257 10,481 Other 1,468 133 1,078 Total income 20,840 172,740 114,759 Interest expense 11,573 11,868 10,258 Other expense 18,965 14,456 14,960 Total expenses 30,538 26,324 25,218 Income tax benefit 8,711 1,640 1,447 Income before equity in undistributed (loss) earnings of subsidiaries (987 ) 148,056 90,988 Equity in undistributed earnings (loss) of subsidiaries 186,708 18,055 (23,167 ) Net income $ 185,721 $ 166,111 $ 67,821 |
Schedule of balance sheet | Balance Sheets As of December 31, 2019 and 2018 (in thousands) 2019 2018 Assets Cash $ 32,495 $ 145,669 Investment in bank 1,814,414 1,522,402 Investment in other subsidiaries 752 4,549 Other assets 29,308 21,881 Total assets $ 1,876,969 $ 1,694,501 Liabilities and Shareholders’ Equity Long-term debt $ 212,664 $ 212,193 Other liabilities 28,613 24,754 Total liabilities 241,277 236,947 Shareholders’ equity 1,635,692 1,457,554 Total liabilities and shareholders’ equity $ 1,876,969 $ 1,694,501 |
Schedule of statement of cash flows | Statements of Cash Flows For the Years Ended December 31, 2019 , 2018 and 2017 (in thousands) 2019 2018 2017 Operating activities: Net income $ 185,721 $ 166,111 $ 67,821 Adjustments to reconcile net income to net cash provided by operating activities: Equity in undistributed (earnings) loss of the subsidiaries (186,708 ) (18,055 ) 23,167 Stock-based compensation 9,360 6,057 5,827 Change in assets and liabilities: Other assets (3,022 ) 1,777 1,220 Other liabilities 2,080 3,124 (758 ) Net cash provided by operating activities 7,431 159,014 97,277 Investing activities: Payment for acquisition (52,093 ) (84,499 ) (11,034 ) Purchases of premises and equipment — (364 ) (708 ) Purchases of debt securities available-for-sale and equity securities (3,000 ) (2,489 ) — Proceeds from sales and maturities of debt securities available-for-sale and equity securities 83 — — Net cash used in investing activities (55,010 ) (87,352 ) (11,742 ) Financing activities: Repayment of long-term debt (250 ) (7,424 ) (75,000 ) Proceeds from issuance of long-term debt, net of issuance costs — 98,188 — Cash related to shares withheld to cover payroll taxes upon vesting of restricted stock units (1,686 ) (1,998 ) (1,701 ) Proceeds from issuance of common stock for dividend reinvestment and employee benefit plans 2,193 679 450 Proceeds from exercise of stock options 212 142 — Repurchase of common stock (13,020 ) — — Cash dividends on common stock (53,044 ) (41,634 ) (26,210 ) Net cash (used in) provided by financing activities (65,595 ) 47,953 (102,461 ) Net change in cash (113,174 ) 119,615 (16,926 ) Cash at beginning of year 145,669 26,054 42,980 Cash at end of year $ 32,495 $ 145,669 $ 26,054 |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies - Narrative (Details) | 12 Months Ended | ||
Dec. 31, 2019USD ($)segment | Dec. 31, 2017USD ($) | Dec. 31, 2018USD ($) | |
Accounting Policies [Line Items] | |||
Number of operating segments | segment | 1 | ||
Number of reportable segments | segment | 1 | ||
Restricted cash balance | $ 0 | $ 6,700,000 | |
Investment in Federal Home Loan Bank stock | 11,500,000 | ||
Minimum nonaccrual loan relationships for reserve evaluation | $ 500,000 | ||
Cumulative effect adjustment to retained earnings, net of income tax effect | $ 437,000 | ||
Buildings and improvements | Minimum | |||
Accounting Policies [Line Items] | |||
Estimated useful life (in years) | 10 years | ||
Buildings and improvements | Maximum | |||
Accounting Policies [Line Items] | |||
Estimated useful life (in years) | 40 years | ||
Land improvements | |||
Accounting Policies [Line Items] | |||
Estimated useful life (in years) | 10 years | ||
Furniture and equipment | Minimum | |||
Accounting Policies [Line Items] | |||
Estimated useful life (in years) | 3 years | ||
Furniture and equipment | Maximum | |||
Accounting Policies [Line Items] | |||
Estimated useful life (in years) | 10 years | ||
Loan Portfolio | Credit Concentration Risk | |||
Accounting Policies [Line Items] | |||
Concentration risk, percentage | 76.00% | ||
NER 16-1 VIE | |||
Accounting Policies [Line Items] | |||
Total assets of VIE included in consolidated financial statements | 65,500,000 | ||
Total liabilities of VIE included in consolidated financial statements | $ 55,300,000 |
Accounting Standards Updates _2
Accounting Standards Updates and Recently Adopted Standards - Narrative (Details) $ in Thousands | Jan. 01, 2020USD ($)portfolio | Dec. 31, 2019USD ($) | Jan. 01, 2019USD ($) | Jan. 01, 2017USD ($) |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Right-of-use asset | $ 19,900 | |||
Lease liability | $ 22,039 | |||
Effect on retained earnings in period of adoption | $ (549) | $ 437 | ||
ASU No. 2016-13 | Forecast | ||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Increase in allowance for credit losses | $ 8,750 | |||
Increase reclassified from fair value mark for PCD financial assets previously classified as PCI | $ 3,590 | |||
Number of portfolios in allowance calculation | portfolio | 14 | |||
Effect on retained earnings in period of adoption | $ 3,530 | |||
ASU No. 2016-02 | ||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Right-of-use asset | 23,800 | |||
Lease liability | 26,800 | |||
Effect on retained earnings in period of adoption | $ 549 | |||
Loans | ASU No. 2016-13 | Forecast | ||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Increase in allowance for credit losses | 6,880 | |||
Unfunded commitments | ASU No. 2016-13 | Forecast | ||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Increase in allowance for credit losses | $ 1,870 |
Mergers and Acquisitions - Narr
Mergers and Acquisitions - Narrative (Details) | May 01, 2019USD ($)bank_branch | Feb. 01, 2018USD ($) | Nov. 01, 2017USD ($)bank_branch$ / sharesshares | Jul. 31, 2017USD ($)bank_branchshares | Jan. 31, 2018USD ($) | Jun. 30, 2018USD ($) | Mar. 31, 2018USD ($) | Dec. 31, 2018USD ($) | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) |
Business Acquisition [Line Items] | |||||||||||
Goodwill | $ 307,112,000 | $ 327,425,000 | $ 307,112,000 | $ 220,591,000 | |||||||
Goodwill adjustment | (858,000) | ||||||||||
Merger-related and other charges | 6,907,000 | 5,414,000 | 13,901,000 | ||||||||
FMBT | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Number of banking offices | bank_branch | 4 | ||||||||||
Assets acquired | $ 244,624,000 | ||||||||||
Liabilities assumed | 212,844,000 | ||||||||||
Cash payments for acquisition | 52,093,000 | ||||||||||
Goodwill | 20,313,000 | ||||||||||
Goodwill expected to be tax deductible | 0 | ||||||||||
Intangible assets acquired | 2,800,000 | ||||||||||
Premises and equipment, net | 8,524,000 | ||||||||||
FMBT | Merger-related costs | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Merger-related and other charges | $ 2,020,000 | ||||||||||
FMBT | Core deposit intangible | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Intangible assets acquired | $ 2,800,000 | ||||||||||
Expected useful life of intangible assets (in years) | 9 years 3 months | ||||||||||
Navitas | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Assets acquired | $ 393,300,000 | ||||||||||
Liabilities assumed | 350,433,000 | ||||||||||
Consideration transferred | 130,246,000 | ||||||||||
Cash payments for acquisition | 84,500,000 | ||||||||||
Common stock issued as consideration | 45,746,000 | ||||||||||
Goodwill | 87,379,000 | ||||||||||
Goodwill expected to be tax deductible | 0 | ||||||||||
Provisional value adjustment decrease to acquired loans | 526,000 | ||||||||||
Goodwill adjustment | $ 390,000 | ||||||||||
Value of loans acquired separate from the business combination | $ 19,900,000 | ||||||||||
Premises and equipment, net | $ 324,000 | ||||||||||
Navitas | Merger-related costs | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Merger-related and other charges | $ 4,980,000 | ||||||||||
FOFN | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Number of banking offices | bank_branch | 14 | ||||||||||
Assets acquired | $ 730,491,000 | ||||||||||
Liabilities assumed | 657,566,000 | ||||||||||
Consideration transferred | 126,467,000 | ||||||||||
Cash payments for acquisition | 12,802,000 | ||||||||||
Common stock issued as consideration | 113,665,000 | ||||||||||
Goodwill | 53,542,000 | ||||||||||
Goodwill expected to be tax deductible | 0 | ||||||||||
Intangible assets acquired | $ 8,738,000 | ||||||||||
Goodwill adjustment | $ (1,160,000) | ||||||||||
Number of shares received for each share outstanding (in shares) | shares | 0.6178 | ||||||||||
Cash per common share outstanding (in dollars per share) | $ / shares | $ 1.90 | ||||||||||
Loans held for sale | $ 10,686,000 | 10,700,000 | |||||||||
Servicing assets | 65,000 | ||||||||||
Provisional value adjustment increase to loans held for sale | 2,590,000 | ||||||||||
Provisional value adjustment decrease to servicing assets | 354,000 | ||||||||||
Premises and equipment, net | 12,398,000 | ||||||||||
Provisional value adjustment for deferred tax asset | $ (1,080,000) | ||||||||||
FOFN | Subordinated debentures | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Liabilities assumed | 11,500,000 | ||||||||||
FOFN | Trust preferred securities | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Liabilities assumed | 12,400,000 | ||||||||||
FOFN | Core deposit intangible | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Intangible assets acquired | $ 7,830,000 | ||||||||||
Expected useful life of intangible assets (in years) | 11 years 6 months | ||||||||||
FOFN | Noncompete agreement | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Intangible assets acquired | $ 908,000 | ||||||||||
Expected useful life of intangible assets (in years) | 1 year | ||||||||||
HCSB | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Number of banking offices | bank_branch | 8 | ||||||||||
Assets acquired | $ 389,436,000 | ||||||||||
Liabilities assumed | 346,646,000 | ||||||||||
Consideration transferred | 65,831,000 | ||||||||||
Cash payments for acquisition | 31,000 | ||||||||||
Common stock issued as consideration | 65,800,000 | ||||||||||
Goodwill | 24,166,000 | ||||||||||
Goodwill expected to be tax deductible | 0 | ||||||||||
Intangible assets acquired | $ 5,716,000 | ||||||||||
Goodwill adjustment | $ 303,000 | ||||||||||
Number of shares received for each share outstanding (in shares) | shares | 0.0050 | ||||||||||
Premises and equipment, net | $ 7,424,000 | 7,420,000 | |||||||||
Provisional value adjustment decrease to premises and equipment | 493,000 | ||||||||||
Provisional value adjustment for deferred tax asset | $ 190,000 | ||||||||||
HCSB | Core deposit intangible | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Intangible assets acquired | $ 3,480,000 | ||||||||||
Expected useful life of intangible assets (in years) | 6 years | ||||||||||
HCSB | Noncompete agreement | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Intangible assets acquired | $ 2,240,000 | ||||||||||
HCSB | Noncompete agreement | Minimum | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Expected useful life of intangible assets (in years) | 1 year | ||||||||||
HCSB | Noncompete agreement | Maximum | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Expected useful life of intangible assets (in years) | 2 years | ||||||||||
FOFN and HCSB | Merger-related costs | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Merger-related and other charges | $ 8,710,000 |
Mergers and Acquisitions - Acqu
Mergers and Acquisitions - Acquisition date fair value of purchased assets and liabilities (Details) - USD ($) $ in Thousands | May 01, 2019 | Feb. 01, 2018 | Nov. 01, 2017 | Jul. 31, 2017 | Dec. 31, 2019 | Dec. 31, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 |
Assets | |||||||||
Accrued interest receivable | $ 32,660 | $ 35,413 | |||||||
Net deferred tax asset | 203 | ||||||||
Liabilities | |||||||||
Total identifiable net assets | 52,100 | 130,000 | $ 115,000 | ||||||
Consideration transferred | |||||||||
Goodwill | $ 327,425 | $ 307,112 | $ 220,591 | ||||||
FMBT | |||||||||
Assets | |||||||||
Cash and cash equivalents | $ 32,548 | ||||||||
Loans, net | 192,494 | ||||||||
Allowance for loan losses | 0 | ||||||||
Premises and equipment, net | 8,524 | ||||||||
Bank owned life insurance | 6,823 | ||||||||
Net deferred tax asset | 157 | ||||||||
Intangibles | 2,800 | ||||||||
Other assets | 1,278 | ||||||||
Total assets acquired | 244,624 | ||||||||
Liabilities | |||||||||
Deposits | 212,127 | ||||||||
Other liabilities | 717 | ||||||||
Total liabilities assumed | 212,844 | ||||||||
Total identifiable net assets | 31,780 | ||||||||
Consideration transferred | |||||||||
Cash | 52,093 | ||||||||
Goodwill | 20,313 | ||||||||
FMBT | Fair Value Adjustments | |||||||||
Assets | |||||||||
Cash and cash equivalents | 0 | ||||||||
Loans, net | (5,188) | ||||||||
Allowance for loan losses | 6,338 | ||||||||
Premises and equipment, net | 1,400 | ||||||||
Bank owned life insurance | 0 | ||||||||
Net deferred tax asset | (1,229) | ||||||||
Intangibles | 2,800 | ||||||||
Other assets | 246 | ||||||||
Total assets acquired | 4,367 | ||||||||
Liabilities | |||||||||
Deposits | 243 | ||||||||
Other liabilities | (207) | ||||||||
Total liabilities assumed | 36 | ||||||||
Aggregate fair value adjustments | 4,331 | ||||||||
FMBT | First Madison Bank & Trust | As Recorded by FMBT | |||||||||
Assets | |||||||||
Cash and cash equivalents | 32,548 | ||||||||
Loans, net | 197,682 | ||||||||
Allowance for loan losses | (6,338) | ||||||||
Premises and equipment, net | 7,124 | ||||||||
Bank owned life insurance | 6,823 | ||||||||
Net deferred tax asset | 1,386 | ||||||||
Intangibles | 0 | ||||||||
Other assets | 1,032 | ||||||||
Total assets acquired | 240,257 | ||||||||
Liabilities | |||||||||
Deposits | 211,884 | ||||||||
Other liabilities | 924 | ||||||||
Total liabilities assumed | 212,808 | ||||||||
Excess of assets acquired over liabilities assumed | $ 27,449 | ||||||||
Navitas | |||||||||
Assets | |||||||||
Cash and cash equivalents | $ 27,700 | ||||||||
Loans, net | 358,352 | ||||||||
Premises and equipment, net | 324 | ||||||||
Net deferred tax asset | 2,873 | ||||||||
Other assets | 4,051 | ||||||||
Total assets acquired | 393,300 | ||||||||
Liabilities | |||||||||
Short-term borrowings | 214,923 | ||||||||
Long-term debt | 119,402 | ||||||||
Other liabilities | 16,108 | ||||||||
Total liabilities assumed | 350,433 | ||||||||
Total identifiable net assets | 42,867 | ||||||||
Consideration transferred | |||||||||
Cash | 84,500 | ||||||||
Common stock issued | $ 45,746 | ||||||||
Common stock issued (in shares) | 1,443,987 | ||||||||
Total fair value of consideration transferred | $ 130,246 | ||||||||
Goodwill | 87,379 | ||||||||
Navitas | Fair Value Adjustments | |||||||||
Assets | |||||||||
Cash and cash equivalents | 0 | ||||||||
Loans, net | (7,181) | ||||||||
Premises and equipment, net | (304) | ||||||||
Net deferred tax asset | 2,873 | ||||||||
Other assets | (1,066) | ||||||||
Total assets acquired | (5,678) | ||||||||
Liabilities | |||||||||
Short-term borrowings | 0 | ||||||||
Long-term debt | 0 | ||||||||
Other liabilities | (951) | ||||||||
Total liabilities assumed | (951) | ||||||||
Aggregate fair value adjustments | (4,727) | ||||||||
Navitas | NLFC Holdings Corp | As Recorded by Navitas | |||||||||
Assets | |||||||||
Cash and cash equivalents | 27,700 | ||||||||
Loans, net | 365,533 | ||||||||
Premises and equipment, net | 628 | ||||||||
Net deferred tax asset | 0 | ||||||||
Other assets | 5,117 | ||||||||
Total assets acquired | 398,978 | ||||||||
Liabilities | |||||||||
Short-term borrowings | 214,923 | ||||||||
Long-term debt | 119,402 | ||||||||
Other liabilities | 17,059 | ||||||||
Total liabilities assumed | 351,384 | ||||||||
Excess of assets acquired over liabilities assumed | $ 47,594 | ||||||||
FOFN | |||||||||
Assets | |||||||||
Cash and cash equivalents | $ 48,658 | ||||||||
Securities | 114,972 | ||||||||
Loans held for sale | 10,686 | $ 10,700 | |||||||
Loans, net | 486,244 | ||||||||
Premises and equipment, net | 12,398 | ||||||||
Bank owned life insurance | 20,339 | ||||||||
Accrued interest receivable | 1,740 | ||||||||
Net deferred tax asset | 17,334 | ||||||||
Intangibles | 8,738 | ||||||||
Other real estate owned | 659 | ||||||||
Other assets | 8,723 | ||||||||
Total assets acquired | 730,491 | ||||||||
Liabilities | |||||||||
Deposits | 565,205 | ||||||||
Federal Home Loan Bank advances | 65,224 | ||||||||
Long-term debt | 19,747 | ||||||||
Other liabilities | 7,390 | ||||||||
Total liabilities assumed | 657,566 | ||||||||
Total identifiable net assets | 72,925 | ||||||||
Consideration transferred | |||||||||
Cash | 12,802 | ||||||||
Common stock issued | $ 113,665 | ||||||||
Common stock issued (in shares) | 4,145,343 | ||||||||
Total fair value of consideration transferred | $ 126,467 | ||||||||
Goodwill | 53,542 | ||||||||
FOFN | Fair Value Adjustments | |||||||||
Assets | |||||||||
Cash and cash equivalents | 6 | ||||||||
Securities | 782 | ||||||||
Loans held for sale | (3,290) | ||||||||
Loans, net | (5,477) | ||||||||
Premises and equipment, net | 1,147 | ||||||||
Bank owned life insurance | 0 | ||||||||
Accrued interest receivable | (118) | ||||||||
Net deferred tax asset | (999) | ||||||||
Intangibles | 8,738 | ||||||||
Other real estate owned | (514) | ||||||||
Other assets | (69) | ||||||||
Total assets acquired | 206 | ||||||||
Liabilities | |||||||||
Deposits | 1,365 | ||||||||
Federal Home Loan Bank advances | 224 | ||||||||
Long-term debt | (4,125) | ||||||||
Other liabilities | 60 | ||||||||
Total liabilities assumed | (2,476) | ||||||||
Aggregate fair value adjustments | 2,682 | ||||||||
FOFN | Four Oaks Bank | As Recorded by FOFN | |||||||||
Assets | |||||||||
Cash and cash equivalents | 48,652 | ||||||||
Securities | 114,190 | ||||||||
Loans held for sale | 13,976 | ||||||||
Loans, net | 491,721 | ||||||||
Premises and equipment, net | 11,251 | ||||||||
Bank owned life insurance | 20,339 | ||||||||
Accrued interest receivable | 1,858 | ||||||||
Net deferred tax asset | 18,333 | ||||||||
Intangibles | 0 | ||||||||
Other real estate owned | 1,173 | ||||||||
Other assets | 8,792 | ||||||||
Total assets acquired | 730,285 | ||||||||
Liabilities | |||||||||
Deposits | 563,840 | ||||||||
Federal Home Loan Bank advances | 65,000 | ||||||||
Long-term debt | 23,872 | ||||||||
Other liabilities | 7,330 | ||||||||
Total liabilities assumed | 660,042 | ||||||||
Excess of assets acquired over liabilities assumed | $ 70,243 | ||||||||
HCSB | |||||||||
Assets | |||||||||
Cash and cash equivalents | $ 17,853 | ||||||||
Securities | 101,320 | ||||||||
Loans, net | 215,947 | ||||||||
Premises and equipment, net | 7,424 | $ 7,420 | |||||||
Bank owned life insurance | 11,827 | ||||||||
Accrued interest receivable | 1,047 | ||||||||
Net deferred tax asset | 25,579 | ||||||||
Intangibles | 5,716 | ||||||||
Other real estate owned | 805 | ||||||||
Other assets | 1,918 | ||||||||
Total assets acquired | 389,436 | ||||||||
Liabilities | |||||||||
Deposits | 318,942 | ||||||||
Repurchase agreements | 1,141 | ||||||||
Federal Home Loan Bank advances | 24,517 | ||||||||
Other liabilities | 2,046 | ||||||||
Total liabilities assumed | 346,646 | ||||||||
Total identifiable net assets | 42,790 | ||||||||
Consideration transferred | |||||||||
Cash | 31 | ||||||||
Common stock issued | $ 65,800 | ||||||||
Common stock issued (in shares) | 2,370,331 | ||||||||
Total fair value of consideration transferred | $ 65,831 | ||||||||
Equity interest held before the business combination | 1,125 | ||||||||
Goodwill | 24,166 | ||||||||
HCSB | Fair Value Adjustments | |||||||||
Assets | |||||||||
Cash and cash equivalents | (2) | ||||||||
Securities | (142) | ||||||||
Loans, net | (12,536) | ||||||||
Premises and equipment, net | (6,606) | ||||||||
Bank owned life insurance | 0 | ||||||||
Accrued interest receivable | (275) | ||||||||
Net deferred tax asset | 25,579 | ||||||||
Intangibles | 5,716 | ||||||||
Other real estate owned | (372) | ||||||||
Other assets | (32) | ||||||||
Total assets acquired | 11,330 | ||||||||
Liabilities | |||||||||
Deposits | 430 | ||||||||
Repurchase agreements | 0 | ||||||||
Federal Home Loan Bank advances | 517 | ||||||||
Other liabilities | 91 | ||||||||
Total liabilities assumed | 1,038 | ||||||||
Aggregate fair value adjustments | 10,292 | ||||||||
HCSB | Horry County State Bank | As Recorded by HCSB | |||||||||
Assets | |||||||||
Cash and cash equivalents | 17,855 | ||||||||
Securities | 101,462 | ||||||||
Loans, net | 228,483 | ||||||||
Premises and equipment, net | 14,030 | ||||||||
Bank owned life insurance | 11,827 | ||||||||
Accrued interest receivable | 1,322 | ||||||||
Net deferred tax asset | 0 | ||||||||
Intangibles | 0 | ||||||||
Other real estate owned | 1,177 | ||||||||
Other assets | 1,950 | ||||||||
Total assets acquired | 378,106 | ||||||||
Liabilities | |||||||||
Deposits | 318,512 | ||||||||
Repurchase agreements | 1,141 | ||||||||
Federal Home Loan Bank advances | 24,000 | ||||||||
Other liabilities | 1,955 | ||||||||
Total liabilities assumed | 345,608 | ||||||||
Excess of assets acquired over liabilities assumed | $ 32,498 |
Mergers and Acquisitions - Ac_2
Mergers and Acquisitions - Acquired loan and lease asset portfolio at acquisition date (Details) - USD ($) $ in Thousands | May 01, 2019 | Feb. 01, 2018 | Nov. 01, 2017 | Jul. 31, 2017 |
FMBT | ||||
Accounted for pursuant to ASC 310-30 | ||||
Contractually required principal and interest | $ 13,145 | |||
Non-accretable difference | 2,517 | |||
Cash flows expected to be collected | 10,628 | |||
Accretable yield | 1,300 | |||
Fair value | 9,328 | |||
Excluded from ASC 310-30 | ||||
Fair value | 183,166 | |||
Gross contractual amounts receivable | 218,855 | |||
Estimate of contractual cash flows not expected to be collected | $ 8,826 | |||
Navitas | ||||
Accounted for pursuant to ASC 310-30 | ||||
Contractually required principal and interest | $ 24,711 | |||
Non-accretable difference | 5,505 | |||
Cash flows expected to be collected | 19,206 | |||
Accretable yield | 1,977 | |||
Fair value | 17,229 | |||
Excluded from ASC 310-30 | ||||
Fair value | 341,123 | |||
Gross contractual amounts receivable | 389,432 | |||
Estimate of contractual cash flows not expected to be collected | $ 8,624 | |||
FOFN | ||||
Accounted for pursuant to ASC 310-30 | ||||
Contractually required principal and interest | $ 49,377 | |||
Non-accretable difference | 8,244 | |||
Cash flows expected to be collected | 41,133 | |||
Accretable yield | 3,313 | |||
Fair value | 37,820 | |||
Excluded from ASC 310-30 | ||||
Fair value | 448,462 | |||
Gross contractual amounts receivable | 509,629 | |||
Estimate of contractual cash flows not expected to be collected | $ 6,081 | |||
HCSB | ||||
Accounted for pursuant to ASC 310-30 | ||||
Contractually required principal and interest | $ 46,069 | |||
Non-accretable difference | 12,413 | |||
Cash flows expected to be collected | 33,656 | |||
Accretable yield | 3,410 | |||
Fair value | 30,246 | |||
Excluded from ASC 310-30 | ||||
Fair value | 185,701 | |||
Gross contractual amounts receivable | 212,780 | |||
Estimate of contractual cash flows not expected to be collected | $ 3,985 |
Mergers and Acquisitions - Pro
Mergers and Acquisitions - Pro forma information (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Business Acquisition [Line Items] | |||
Supplemental consolidated pro forma Revenue | $ 563,872 | $ 539,152 | $ 495,052 |
Supplemental consolidated pro forma Net Income | 187,124 | 171,218 | 78,958 |
FMBT | |||
Business Acquisition [Line Items] | |||
Actual Revenue | 7,525 | ||
Actual Net income | $ 4,053 | ||
Navitas | |||
Business Acquisition [Line Items] | |||
Actual Revenue | 24,285 | ||
Actual Net income | $ 7,149 | ||
FOFN | |||
Business Acquisition [Line Items] | |||
Actual Revenue | 5,265 | ||
Actual Net income | 1,406 | ||
HCSB | |||
Business Acquisition [Line Items] | |||
Actual Revenue | 5,775 | ||
Actual Net income | $ 1,385 |
Cash Flows - Narrative (Details
Cash Flows - Narrative (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Cash Flow [Line Items] | |||
Transferred to foreclosed property | $ 1,170 | $ 3,020 | $ 4,150 |
Unsettled sales of government guaranteed loans | 8,190 | 32,900 | 27,500 |
Assets acquired, fair value | 265,000 | 481,000 | 1,120,000 |
Liabilities assumed, fair value | 213,000 | 350,000 | 1,000,000 |
Net assets acquired | $ 52,100 | 130,000 | 115,000 |
Common Stock | |||
Cash Flow [Line Items] | |||
Common stock issued as consideration | $ 45,700 | $ 179,000 |
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 | Dec. 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 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 - financial instruments | 0 | |
Repurchase agreements/ reverse repurchase agreements, gross amounts not offset in balance sheet - collateral received | 0 | |
Repurchase agreements / reverse repurchase agreements, net amount | 0 | |
Derivative, gross amounts of recognized assets | $ 35,007 | 24,705 |
Derivative, gross amounts offset on balance sheet | 0 | 0 |
Derivatives, net asset balance | 35,007 | 24,705 |
Derivatives, gross amounts not offset in balance sheet - financial instruments | (401) | (973) |
Derivatives, gross amounts not offset in balance sheet - collateral received | 0 | (8,029) |
Derivatives asset, net amount | 34,606 | 15,703 |
Offsetting assets, gross amounts of recognized assets | 35,007 | 74,705 |
Offsetting assets, gross amounts offset on balance sheet | 0 | (50,000) |
Offsetting assets, net asset balance | 35,007 | 24,705 |
Offsetting assets, gross amounts not offset in balance sheet - financial instruments | (401) | (973) |
Offsetting assets, gross amounts not offset in the balance sheet - collateral received | 0 | (8,029) |
Offsetting assets, net amount | 34,606 | $ 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 - financial instruments | 0 | |
Repurchase agreements / reverse repurchase agreements, gross amounts not offset in balance sheet - collateral pledged | 0 | |
Repurchase agreements / reverse repurchase agreements, net amount | 0 | |
Derivatives, gross amounts of recognized liabilities | 15,516 | 26,433 |
Derivatives, gross amounts offset on balance sheet | 0 | 0 |
Derivatives, net liability balance | 15,516 | 26,433 |
Derivatives, gross amounts not offset in balance sheet - financial instruments | (401) | (973) |
Derivatives, gross amounts not offset in balance sheet - collateral pledged | (14,933) | (16,126) |
Derivatives, net amount | 182 | 9,334 |
Offsetting liabilities, gross amounts of recognized liabilities | 15,516 | 76,433 |
Offsetting liabilities, gross amounts offset on balance sheet | 0 | (50,000) |
Offsetting liabilities, net liability balance | 15,516 | 26,433 |
Offsetting liabilities gross, amounts not offset in balance sheet - financial instruments | (401) | (973) |
Offsetting liabilities gross amounts not offset in the balance sheet - collateral pledged | (14,933) | (16,126) |
Offsetting liabilities, net amount | $ 182 | $ 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 ($) | Dec. 31, 2019 | Dec. 31, 2018 |
Offsetting [Abstract] | ||
Right to reclaim cash collateral | $ 14,900,000 | $ 16,100,000 |
Obligation to return cash collateral | $ 0 | $ 8,030,000 |
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 |
Investment Securities - Narrati
Investment Securities - Narrative (Details) | 12 Months Ended | ||
Dec. 31, 2019USD ($)security | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | |
Investments, Debt and Equity Securities [Abstract] | |||
Carrying value of securities pledged to secure public deposits, derivatives and other secured borrowings | $ | $ 918,000,000 | $ 925,000,000 | |
Number of available for sale securities in unrealized loss position | security | 51 | ||
Number of held-to-maturity securities in unrealized loss position | security | 33 | ||
Other-than-temporary impairment charges | $ | $ 0 | $ 0 | $ 0 |
Investment Securities - Cost ba
Investment Securities - Cost basis, unrealized gains and losses, and fair value of debt securities held to maturity (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Held-to-maturity securities: | ||
Amortized Cost | $ 283,533 | $ 274,407 |
Gross Unrealized Gains | 5,215 | 1,777 |
Gross Unrealized Losses | 844 | 7,381 |
Fair value | 287,904 | 268,803 |
State and political subdivisions | ||
Held-to-maturity securities: | ||
Amortized Cost | 45,479 | 68,551 |
Gross Unrealized Gains | 1,574 | 952 |
Gross Unrealized Losses | 9 | 2,191 |
Fair value | 47,044 | 67,312 |
Residential mortgage-backed securities, Agency | ||
Held-to-maturity securities: | ||
Amortized Cost | 153,967 | 176,488 |
Gross Unrealized Gains | 2,014 | 652 |
Gross Unrealized Losses | 694 | 5,094 |
Fair value | 155,287 | 172,046 |
Commercial mortgage-backed, Agency | ||
Held-to-maturity securities: | ||
Amortized Cost | 84,087 | 29,368 |
Gross Unrealized Gains | 1,627 | 173 |
Gross Unrealized Losses | 141 | 96 |
Fair value | $ 85,573 | $ 29,445 |
Investment Securities - Cost _2
Investment Securities - Cost basis, unrealized gains and losses, and fair value of debt securities available for sale (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Debt securities available-for-sale and equity securities: | ||
Amortized Cost | $ 2,240,607 | $ 2,660,263 |
Gross Unrealized Gains | 36,982 | 6,454 |
Gross Unrealized Losses | 3,008 | 38,250 |
Fair Value | 2,274,581 | 2,628,467 |
U.S. Treasuries | ||
Debt securities available-for-sale and equity securities: | ||
Amortized Cost | 152,990 | 150,712 |
Gross Unrealized Gains | 1,628 | 767 |
Gross Unrealized Losses | 0 | 2,172 |
Fair Value | 154,618 | 149,307 |
U.S. Government agencies | ||
Debt securities available-for-sale and equity securities: | ||
Amortized Cost | 2,848 | 25,493 |
Gross Unrealized Gains | 188 | 335 |
Gross Unrealized Losses | 1 | 275 |
Fair Value | 3,035 | 25,553 |
State and political subdivisions | ||
Debt securities available-for-sale and equity securities: | ||
Amortized Cost | 214,677 | 234,750 |
Gross Unrealized Gains | 11,813 | 907 |
Gross Unrealized Losses | 0 | 1,716 |
Fair Value | 226,490 | 233,941 |
Residential mortgage-backed securities, Agency | ||
Debt securities available-for-sale and equity securities: | ||
Amortized Cost | 1,030,948 | 1,125,194 |
Gross Unrealized Gains | 12,022 | 2,448 |
Gross Unrealized Losses | 726 | 20,124 |
Fair Value | 1,042,244 | 1,107,518 |
Residential mortgage-backed securities, Non-agency | ||
Debt securities available-for-sale and equity securities: | ||
Amortized Cost | 250,550 | 339,186 |
Gross Unrealized Gains | 6,231 | 980 |
Gross Unrealized Losses | 0 | 1,774 |
Fair Value | 256,781 | 338,392 |
Commercial mortgage-backed, Agency | ||
Debt securities available-for-sale and equity securities: | ||
Amortized Cost | 266,770 | 384,222 |
Gross Unrealized Gains | 2,261 | 1 |
Gross Unrealized Losses | 128 | 7,339 |
Fair Value | 268,903 | 376,884 |
Commercial mortgage-backed, Non-agency | ||
Debt securities available-for-sale and equity securities: | ||
Amortized Cost | 15,395 | 15,441 |
Gross Unrealized Gains | 918 | 186 |
Gross Unrealized Losses | 263 | 594 |
Fair Value | 16,050 | 15,033 |
Corporate bonds | ||
Debt securities available-for-sale and equity securities: | ||
Amortized Cost | 202,131 | 200,582 |
Gross Unrealized Gains | 1,178 | 502 |
Gross Unrealized Losses | 218 | 1,921 |
Fair Value | 203,091 | 199,163 |
Asset-backed securities | ||
Debt securities available-for-sale and equity securities: | ||
Amortized Cost | 104,298 | 184,683 |
Gross Unrealized Gains | 743 | 328 |
Gross Unrealized Losses | 1,672 | 2,335 |
Fair Value | $ 103,369 | $ 182,676 |
Investment Securities - Summary
Investment Securities - Summary of held-to-maturity securities in unrealized loss position (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Summary of held to maturity securities in an unrealized loss position | ||
Fair Value, Less than 12 Months | $ 48,007 | $ 13,641 |
Unrealized Loss, Less than 12 Months | 160 | 107 |
Fair Value, 12 Months or More | 49,922 | 174,812 |
Unrealized Loss, 12 Months or More | 684 | 7,274 |
Fair Value, Total | 97,929 | 188,453 |
Unrealized Loss, Total | 844 | 7,381 |
State and political subdivisions | ||
Summary of held to maturity securities in an unrealized loss position | ||
Fair Value, Less than 12 Months | 10,117 | 7,062 |
Unrealized Loss, Less than 12 Months | 9 | 46 |
Fair Value, 12 Months or More | 0 | 34,146 |
Unrealized Loss, 12 Months or More | 0 | 2,145 |
Fair Value, Total | 10,117 | 41,208 |
Unrealized Loss, Total | 9 | 2,191 |
Residential mortgage-backed securities, Agency | ||
Summary of held to maturity securities in an unrealized loss position | ||
Fair Value, Less than 12 Months | 16,049 | 6,579 |
Unrealized Loss, Less than 12 Months | 64 | 61 |
Fair Value, 12 Months or More | 48,237 | 136,376 |
Unrealized Loss, 12 Months or More | 630 | 5,033 |
Fair Value, Total | 64,286 | 142,955 |
Unrealized Loss, Total | 694 | 5,094 |
Commercial mortgage-backed, Agency | ||
Summary of held to maturity securities in an unrealized loss position | ||
Fair Value, Less than 12 Months | 21,841 | 0 |
Unrealized Loss, Less than 12 Months | 87 | 0 |
Fair Value, 12 Months or More | 1,685 | 4,290 |
Unrealized Loss, 12 Months or More | 54 | 96 |
Fair Value, Total | 23,526 | 4,290 |
Unrealized Loss, Total | $ 141 | $ 96 |
Investment Securities - Summa_2
Investment Securities - Summary of available-for-sale securities in unrealized loss position (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Summary of available for sale securities in an unrealized loss position | ||
Fair Value, Less than 12 Months | $ 281,051 | $ 328,787 |
Unrealized Loss, Less than 12 Months | 1,418 | 3,309 |
Fair Value, 12 Months or More | 96,663 | 1,555,326 |
Unrealized Loss, 12 Months or More | 1,590 | 34,941 |
Fair Value, Total | 377,714 | 1,884,113 |
Unrealized Loss, Total | 3,008 | 38,250 |
U.S. Treasuries | ||
Summary of available for sale securities in an unrealized loss position | ||
Fair Value, Less than 12 Months | 0 | |
Unrealized Loss, Less than 12 Months | 0 | |
Fair Value, 12 Months or More | 120,391 | |
Unrealized Loss, 12 Months or More | 2,172 | |
Fair Value, Total | 120,391 | |
Unrealized Loss, Total | 2,172 | |
US Government agencies | ||
Summary of available for sale securities in an unrealized loss position | ||
Fair Value, Less than 12 Months | 404 | 0 |
Unrealized Loss, Less than 12 Months | 1 | 0 |
Fair Value, 12 Months or More | 0 | 21,519 |
Unrealized Loss, 12 Months or More | 0 | 275 |
Fair Value, Total | 404 | 21,519 |
Unrealized Loss, Total | 1 | 275 |
State and political subdivisions | ||
Summary of available for sale securities in an unrealized loss position | ||
Fair Value, Less than 12 Months | 15,160 | |
Unrealized Loss, Less than 12 Months | 28 | |
Fair Value, 12 Months or More | 133,500 | |
Unrealized Loss, 12 Months or More | 1,688 | |
Fair Value, Total | 148,660 | |
Unrealized Loss, Total | 1,716 | |
Residential mortgage-backed securities, Agency | ||
Summary of available for sale securities in an unrealized loss position | ||
Fair Value, Less than 12 Months | 228,611 | 80,202 |
Unrealized Loss, Less than 12 Months | 576 | 332 |
Fair Value, 12 Months or More | 18,294 | 723,094 |
Unrealized Loss, 12 Months or More | 150 | 19,792 |
Fair Value, Total | 246,905 | 803,296 |
Unrealized Loss, Total | 726 | 20,124 |
Residential mortgage-backed securities, Non-agency | ||
Summary of available for sale securities in an unrealized loss position | ||
Fair Value, Less than 12 Months | 154,381 | |
Unrealized Loss, Less than 12 Months | 476 | |
Fair Value, 12 Months or More | 52,266 | |
Unrealized Loss, 12 Months or More | 1,298 | |
Fair Value, Total | 206,647 | |
Unrealized Loss, Total | 1,774 | |
Commercial mortgage-backed, Agency | ||
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 | 33,517 | 355,292 |
Unrealized Loss, 12 Months or More | 128 | 7,339 |
Fair Value, Total | 33,517 | 355,292 |
Unrealized Loss, Total | 128 | 7,339 |
Commercial mortgage-backed, Non-agency | ||
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 | 4,864 | 0 |
Unrealized Loss, 12 Months or More | 263 | 0 |
Fair Value, Total | 4,864 | 4,552 |
Unrealized Loss, Total | 263 | 594 |
Corporate bonds | ||
Summary of available for sale securities in an unrealized loss position | ||
Fair Value, Less than 12 Months | 19,742 | 0 |
Unrealized Loss, Less than 12 Months | 216 | 0 |
Fair Value, 12 Months or More | 998 | 117,296 |
Unrealized Loss, 12 Months or More | 2 | 1,921 |
Fair Value, Total | 20,740 | 117,296 |
Unrealized Loss, Total | 218 | 1,921 |
Asset-backed securities | ||
Summary of available for sale securities in an unrealized loss position | ||
Fair Value, Less than 12 Months | 32,294 | 74,492 |
Unrealized Loss, Less than 12 Months | 625 | 1,879 |
Fair Value, 12 Months or More | 38,990 | 31,968 |
Unrealized Loss, 12 Months or More | 1,047 | 456 |
Fair Value, Total | 71,284 | 106,460 |
Unrealized Loss, Total | $ 1,672 | $ 2,335 |
Investment Securities - Summa_3
Investment Securities - Summary of securities sales activity (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Investments, Debt and Equity Securities [Abstract] | |||
Proceeds from sales | $ 352,106 | $ 168,891 | $ 340,540 |
Gross gains on sales | 1,843 | 2,082 | 1,247 |
Gross losses on sales | (2,864) | (2,738) | (1,205) |
Net (losses) gains on sales of securities | (1,021) | (656) | 42 |
Income tax (benefit) expense attributable to sales | $ (247) | $ (132) | $ 14 |
Investment Securities - Amortiz
Investment Securities - Amortized cost and fair value of held-to-maturity and available-for-sale securities by contractual maturity (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Available-for-Sale, Amortized Cost | ||
Amortized Cost | $ 2,240,607 | $ 2,660,263 |
Available-for-Sale, Fair Value | ||
Fair Value | 2,274,581 | 2,628,467 |
Held-to-Maturity, Amortized Cost | ||
Amortized Cost | 283,533 | 274,407 |
Held-to-Maturity Fair Value | ||
Fair value | 287,904 | 268,803 |
U.S. Treasuries | ||
Available-for-Sale, Amortized Cost | ||
Available-for-Sale, Amortized Cost, Within 1 year | 29,877 | |
Available-for-Sale, Amortized Cost, 1 to 5 years | 123,113 | |
Amortized Cost | 152,990 | 150,712 |
Available-for-Sale, Fair Value | ||
Available-for-Sale, Fair Value, Within 1 year | 29,962 | |
Available-for-Sale, Fair Value, 1 to 5 years | 124,656 | |
Fair Value | 154,618 | 149,307 |
Held-to-Maturity, Amortized Cost | ||
Held-to-Maturity, Amortized Cost, Within 1 year | 0 | |
Held-to-Maturity, Amortized Cost, 1 to 5 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 | |
Fair value | 0 | |
US Government agencies | ||
Available-for-Sale, Amortized Cost | ||
Available-for-Sale, Amortized Cost, 1 to 5 years | 405 | |
Available-for-Sale, Amortized Cost, More than 10 years | 2,443 | |
Amortized Cost | 2,848 | |
Available-for-Sale, Fair Value | ||
Available-for-Sale, Fair Value, 1 to 5 years | 404 | |
Available-for-Sale, Fair Value, More than 10 years | 2,631 | |
Fair Value | 3,035 | |
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 | 935 | |
Available-for-Sale, Amortized Cost, 1 to 5 years | 54,102 | |
Available-for-Sale, Amortized Cost, 5 to 10 years | 22,585 | |
Available-for-Sale, Amortized Cost, More than 10 years | 137,055 | |
Amortized Cost | 214,677 | 234,750 |
Available-for-Sale, Fair Value | ||
Available-for-Sale, Fair Value, Within 1 year | 939 | |
Available-for-Sale, Fair Value, 1 to 5 years | 55,491 | |
Available-for-Sale, Fair Value, 5 to 10 years | 23,766 | |
Available-for-Sale, Fair Value, More than 10 years | 146,294 | |
Fair Value | 226,490 | 233,941 |
Held-to-Maturity, Amortized Cost | ||
Held-to-Maturity, Amortized Cost, Within 1 year | 1,350 | |
Held-to-Maturity, Amortized Cost, 1 to 5 years | 11,761 | |
Held-to-Maturity, Amortized Cost, 5 to 10 years | 6,202 | |
Held-to-Maturity, Amortized Cost, More than 10 years | 26,166 | |
Amortized Cost | 45,479 | 68,551 |
Held-to-Maturity Fair Value | ||
Held-to-Maturity, Fair Value, Within 1 year | 1,369 | |
Held-to-Maturity, Fair Value, 1 to 5 years | 12,370 | |
Held-to-Maturity, Fair Value, 5 to 10 years | 6,866 | |
Held-to-Maturity, Fair Value, More than 10 years | 26,439 | |
Fair value | 47,044 | 67,312 |
Corporate bonds | ||
Available-for-Sale, Amortized Cost | ||
Available-for-Sale, Amortized Cost, Within 1 year | 170,007 | |
Available-for-Sale, Amortized Cost, 1 to 5 years | 27,624 | |
Available-for-Sale, Amortized Cost, 5 to 10 years | 3,500 | |
Available-for-Sale, Amortized Cost, More than 10 years | 1,000 | |
Amortized Cost | 202,131 | 200,582 |
Available-for-Sale, Fair Value | ||
Available-for-Sale, Fair Value, Within 1 year | 170,380 | |
Available-for-Sale, Fair Value, 1 to 5 years | 28,171 | |
Available-for-Sale, Fair Value, 5 to 10 years | 3,542 | |
Available-for-Sale, Fair Value, More than 10 years | 998 | |
Fair Value | 203,091 | 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 | 1,585 | |
Available-for-Sale, Amortized Cost, More than 10 years | 102,713 | |
Amortized Cost | 104,298 | 184,683 |
Available-for-Sale, Fair Value | ||
Available-for-Sale, Fair Value, 1 to 5 years | 1,578 | |
Available-for-Sale, Fair Value, More than 10 years | 101,791 | |
Fair Value | 103,369 | $ 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 | 200,819 | |
Available-for-Sale, Amortized Cost, 1 to 5 years | 206,829 | |
Available-for-Sale, Amortized Cost, 5 to 10 years | 26,085 | |
Available-for-Sale, Amortized Cost, More than 10 years | 243,211 | |
Available-for-Sale, Fair Value | ||
Available-for-Sale, Fair Value, Within 1 year | 201,281 | |
Available-for-Sale, Fair Value, 1 to 5 years | 210,300 | |
Available-for-Sale, Fair Value, 5 to 10 years | 27,308 | |
Available-for-Sale, Fair Value, More than 10 years | 251,714 | |
Held-to-Maturity, Amortized Cost | ||
Held-to-Maturity, Amortized Cost, Within 1 year | 1,350 | |
Held-to-Maturity, Amortized Cost, 1 to 5 years | 11,761 | |
Held-to-Maturity, Amortized Cost, 5 to 10 years | 6,202 | |
Held-to-Maturity, Amortized Cost, More than 10 years | 26,166 | |
Held-to-Maturity Fair Value | ||
Held-to-Maturity, Fair Value, Within 1 year | 1,369 | |
Held-to-Maturity, Fair Value, 1 to 5 years | 12,370 | |
Held-to-Maturity, Fair Value, 5 to 10 years | 6,866 | |
Held-to-Maturity, Fair Value, More than 10 years | 26,439 | |
Residential mortgage-backed securities | ||
Available-for-Sale, Amortized Cost | ||
Amortized Cost | 1,281,498 | |
Available-for-Sale, Fair Value | ||
Fair Value | 1,299,025 | |
Held-to-Maturity, Amortized Cost | ||
Amortized Cost | 153,967 | |
Held-to-Maturity Fair Value | ||
Fair value | 155,287 | |
Commercial mortgage-backed securities | ||
Available-for-Sale, Amortized Cost | ||
Amortized Cost | 282,165 | |
Available-for-Sale, Fair Value | ||
Fair Value | 284,953 | |
Held-to-Maturity, Amortized Cost | ||
Amortized Cost | 84,087 | |
Held-to-Maturity Fair Value | ||
Fair value | $ 85,573 |
Loans and Leases and Allowanc_3
Loans and Leases and Allowance for Credit Losses - Major classifications of loans and lease portfolio (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Classifications of loans | ||
Total loans | $ 8,812,553 | $ 8,383,401 |
Less allowance for loan losses | (62,089) | (61,203) |
Loans, net | 8,750,464 | 8,322,198 |
Loans Receivable | ||
Classifications of loans | ||
Total loans | 8,812,553 | 8,383,401 |
Less allowance for loan losses | (62,089) | |
Loans Receivable | Indirect auto | ||
Classifications of loans | ||
Total loans | 0 | 207,692 |
Loans Receivable | Commercial | ||
Classifications of loans | ||
Total loans | 6,669,593 | 6,099,443 |
Loans Receivable | Commercial | Owner occupied commercial real estate | ||
Classifications of loans | ||
Total loans | 1,720,227 | 1,647,904 |
Loans Receivable | Commercial | Income producing commercial real estate | ||
Classifications of loans | ||
Total loans | 2,007,950 | 1,812,420 |
Loans Receivable | Commercial | Commercial & industrial | ||
Classifications of loans | ||
Total loans | 1,220,657 | 1,278,347 |
Loans Receivable | Commercial | Construction | ||
Classifications of loans | ||
Total loans | 976,215 | 796,158 |
Loans Receivable | Commercial | Equipment financing | ||
Classifications of loans | ||
Total loans | 744,544 | 564,614 |
Loans Receivable | Residential | Residential mortgage | ||
Classifications of loans | ||
Total loans | 1,117,616 | 1,049,232 |
Loans Receivable | Residential | Home equity lines of credit | ||
Classifications of loans | ||
Total loans | 660,675 | 694,010 |
Loans Receivable | Residential | Construction | ||
Classifications of loans | ||
Total loans | 236,437 | 211,011 |
Loans Receivable | Consumer | ||
Classifications of loans | ||
Total loans | $ 128,232 | $ 122,013 |
Loans and Leases and Allowanc_4
Loans and Leases and Allowance for Credit Losses - Changes in the value of the accretable yield for PCI loans (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 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 | 1,300 | 1,977 |
Accretion | (17,885) | (13,696) |
Reclassification from nonaccretable difference | 9,237 | 15,326 |
Changes in expected cash flows that do not affect nonaccretable difference | 4,400 | 5,575 |
Balance at end of period | $ 23,920 | $ 26,868 |
Loans and Leases and Allowanc_5
Loans and Leases and Allowance for Credit Losses - Components of net investment in leases (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Receivables [Abstract] | ||
Minimum future lease payments receivable | $ 39,709 | $ 31,915 |
Estimated residual value of leased equipment | 3,631 | 3,593 |
Initial direct costs | 842 | 827 |
Security deposits | (989) | (1,189) |
Purchase accounting premium | 273 | 806 |
Unearned income | (6,088) | (5,568) |
Net investment in leases | $ 37,378 | $ 30,384 |
Loans and Leases and Allowanc_6
Loans and Leases and Allowance for Credit Losses - Minimum future lease payments to be received (Details) $ in Thousands | Dec. 31, 2019USD ($) |
Receivables [Abstract] | |
2020 | $ 14,772 |
2021 | 11,177 |
2022 | 7,549 |
2023 | 4,436 |
2024 | 1,462 |
Thereafter | 313 |
Total | $ 39,709 |
Loans and Leases and Allowanc_7
Loans and Leases and Allowance for Credit Losses - Balance and activity in allowance for credit losses by portfolio segment (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Financing Receivable, Allowance for Credit Loss [Roll Forward] | |||
Beginning Balance | $ 64,613 | $ 61,226 | $ 63,424 |
Charge-Offs | (18,017) | (13,158) | (12,202) |
Recoveries | 5,801 | 7,045 | 6,204 |
Provision | 13,150 | 9,500 | 3,800 |
Ending Balance | 65,547 | 64,613 | 61,226 |
Allowance for unfunded commitments | |||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | |||
Beginning Balance | 3,410 | ||
Ending Balance | 3,458 | 3,410 | |
Loans Receivable | |||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | |||
Beginning Balance | 61,203 | 58,914 | 61,422 |
Charge-Offs | (18,017) | (13,158) | (12,202) |
Recoveries | 5,801 | 7,045 | 6,204 |
Provision | 13,102 | 8,402 | 3,490 |
Ending Balance | 62,089 | 61,203 | 58,914 |
Loans Receivable | Indirect auto | |||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | |||
Beginning Balance | 999 | 1,550 | 1,802 |
Charge-Offs | (663) | (1,277) | (1,420) |
Recoveries | 186 | 228 | 284 |
Provision | (522) | 498 | 884 |
Ending Balance | 0 | 999 | 1,550 |
Loans Receivable | Commercial | Owner occupied commercial real estate | |||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | |||
Beginning Balance | 12,207 | 14,776 | 16,446 |
Charge-Offs | (5) | (303) | (406) |
Recoveries | 375 | 1,227 | 980 |
Provision | (1,173) | (3,493) | (2,244) |
Ending Balance | 11,404 | 12,207 | 14,776 |
Loans Receivable | Commercial | Income producing commercial real estate | |||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | |||
Beginning Balance | 11,073 | 9,381 | 8,843 |
Charge-Offs | (1,227) | (3,304) | (2,985) |
Recoveries | 283 | 1,064 | 178 |
Provision | 2,177 | 3,932 | 3,345 |
Ending Balance | 12,306 | 11,073 | 9,381 |
Loans Receivable | Commercial | Commercial & industrial | |||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | |||
Beginning Balance | 4,802 | 3,971 | 3,810 |
Charge-Offs | (5,849) | (1,669) | (1,528) |
Recoveries | 852 | 1,390 | 1,768 |
Provision | 5,461 | 1,110 | (79) |
Ending Balance | 5,266 | 4,802 | 3,971 |
Loans Receivable | Commercial | Construction | |||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | |||
Beginning Balance | 10,337 | 10,523 | 13,405 |
Charge-Offs | (290) | (622) | (1,023) |
Recoveries | 1,165 | 734 | 1,018 |
Provision | (1,544) | (298) | (2,877) |
Ending Balance | 9,668 | 10,337 | 10,523 |
Loans Receivable | Commercial | Equipment financing | |||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | |||
Beginning Balance | 5,452 | 0 | 0 |
Charge-Offs | (5,675) | (1,536) | 0 |
Recoveries | 781 | 460 | 0 |
Provision | 6,826 | 6,528 | 0 |
Ending Balance | 7,384 | 5,452 | 0 |
Loans Receivable | Residential | Construction | |||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | |||
Beginning Balance | 2,433 | 2,729 | 3,264 |
Charge-Offs | (306) | (54) | (129) |
Recoveries | 157 | 376 | 178 |
Provision | 220 | (618) | (584) |
Ending Balance | 2,504 | 2,433 | 2,729 |
Loans Receivable | Residential | Residential mortgage | |||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | |||
Beginning Balance | 8,295 | 10,097 | 8,545 |
Charge-Offs | (616) | (754) | (1,473) |
Recoveries | 481 | 336 | 314 |
Provision | (79) | (1,384) | 2,711 |
Ending Balance | 8,081 | 8,295 | 10,097 |
Loans Receivable | Residential | Home equity lines of credit | |||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | |||
Beginning Balance | 4,752 | 5,177 | 4,599 |
Charge-Offs | (996) | (1,194) | (1,435) |
Recoveries | 610 | 423 | 567 |
Provision | 209 | 346 | 1,446 |
Ending Balance | 4,575 | 4,752 | 5,177 |
Loans Receivable | Consumer | |||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | |||
Beginning Balance | 853 | 710 | 708 |
Charge-Offs | (2,390) | (2,445) | (1,803) |
Recoveries | 911 | 807 | 917 |
Provision | 1,527 | 1,781 | 888 |
Ending Balance | 901 | 853 | 710 |
Loans Receivable | Allowance for unfunded commitments | |||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | |||
Beginning Balance | 3,410 | 2,312 | 2,002 |
Charge-Offs | 0 | 0 | 0 |
Recoveries | 0 | 0 | 0 |
Provision | 48 | 1,098 | 310 |
Ending Balance | $ 3,458 | $ 3,410 | $ 2,312 |
Loans and Leases and Allowanc_8
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 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Allowance for Credit Losses, Individually evaluated for impairment | $ 2,512 | $ 2,312 | ||
Allowance for Credit Losses, Collectively evaluated for impairment | 62,672 | 61,541 | ||
Allowance for Credit Losses, PCI | 363 | 760 | ||
Allowance for Credit Losses, Ending balance | 65,547 | 64,613 | $ 61,226 | $ 63,424 |
Loans Outstanding, Ending Balance | 8,812,553 | 8,383,401 | ||
Allowance for unfunded commitments | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Allowance for Credit Losses, Individually evaluated for impairment | 0 | 0 | ||
Allowance for Credit Losses, Collectively evaluated for impairment | 3,458 | 3,410 | ||
Allowance for Credit Losses, PCI | 0 | 0 | ||
Allowance for Credit Losses, Ending balance | 3,458 | 3,410 | ||
Loans Receivable | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Allowance for Credit Losses, Individually evaluated for impairment | 2,512 | 2,312 | ||
Allowance for Credit Losses, Collectively evaluated for impairment | 59,214 | 58,131 | ||
Allowance for Credit Losses, PCI | 363 | 760 | ||
Allowance for Credit Losses, Ending balance | 62,089 | 61,203 | 58,914 | 61,422 |
Loans Outstanding, Individually evaluated for impairment | 61,971 | 55,449 | ||
Loans Outstanding, Collectively evaluated for impairment | 8,691,936 | 8,253,503 | ||
PCI Loans | 58,646 | 74,449 | ||
Loans Outstanding, Ending Balance | 8,812,553 | 8,383,401 | ||
Loans Receivable | Indirect auto | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Allowance for Credit Losses, Individually evaluated for impairment | 0 | 26 | ||
Allowance for Credit Losses, Collectively evaluated for impairment | 0 | 973 | ||
Allowance for Credit Losses, PCI | 0 | 0 | ||
Allowance for Credit Losses, Ending balance | 0 | 999 | 1,550 | 1,802 |
Loans Outstanding, Individually evaluated for impairment | 0 | 1,237 | ||
Loans Outstanding, Collectively evaluated for impairment | 0 | 206,455 | ||
PCI Loans | 0 | 0 | ||
Loans Outstanding, Ending Balance | 0 | 207,692 | ||
Loans Receivable | Commercial | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
PCI Loans | 46,947 | 62,420 | ||
Loans Outstanding, Ending Balance | 6,669,593 | 6,099,443 | ||
Loans Receivable | Commercial | Owner occupied commercial real estate | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Allowance for Credit Losses, Individually evaluated for impairment | 816 | 862 | ||
Allowance for Credit Losses, Collectively evaluated for impairment | 10,483 | 11,328 | ||
Allowance for Credit Losses, PCI | 105 | 17 | ||
Allowance for Credit Losses, Ending balance | 11,404 | 12,207 | 14,776 | 16,446 |
Loans Outstanding, Individually evaluated for impairment | 19,233 | 17,602 | ||
Loans Outstanding, Collectively evaluated for impairment | 1,692,448 | 1,620,450 | ||
PCI Loans | 8,546 | 9,852 | ||
Loans Outstanding, Ending Balance | 1,720,227 | 1,647,904 | ||
Loans Receivable | Commercial | Income producing commercial real estate | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Allowance for Credit Losses, Individually evaluated for impairment | 770 | 402 | ||
Allowance for Credit Losses, Collectively evaluated for impairment | 11,507 | 10,671 | ||
Allowance for Credit Losses, PCI | 29 | 0 | ||
Allowance for Credit Losses, Ending balance | 12,306 | 11,073 | 9,381 | 8,843 |
Loans Outstanding, Individually evaluated for impairment | 18,134 | 16,584 | ||
Loans Outstanding, Collectively evaluated for impairment | 1,962,588 | 1,757,525 | ||
PCI Loans | 27,228 | 38,311 | ||
Loans Outstanding, Ending Balance | 2,007,950 | 1,812,420 | ||
Loans Receivable | Commercial | Commercial & industrial | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Allowance for Credit Losses, Individually evaluated for impairment | 21 | 32 | ||
Allowance for Credit Losses, Collectively evaluated for impairment | 5,193 | 4,761 | ||
Allowance for Credit Losses, PCI | 52 | 9 | ||
Allowance for Credit Losses, Ending balance | 5,266 | 4,802 | 3,971 | 3,810 |
Loans Outstanding, Individually evaluated for impairment | 1,449 | 1,621 | ||
Loans Outstanding, Collectively evaluated for impairment | 1,218,882 | 1,276,318 | ||
PCI Loans | 326 | 408 | ||
Loans Outstanding, Ending Balance | 1,220,657 | 1,278,347 | ||
Loans Receivable | Commercial | Construction | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Allowance for Credit Losses, Individually evaluated for impairment | 55 | 71 | ||
Allowance for Credit Losses, Collectively evaluated for impairment | 9,613 | 9,974 | ||
Allowance for Credit Losses, PCI | 0 | 292 | ||
Allowance for Credit Losses, Ending balance | 9,668 | 10,337 | 10,523 | 13,405 |
Loans Outstanding, Individually evaluated for impairment | 3,675 | 2,491 | ||
Loans Outstanding, Collectively evaluated for impairment | 965,678 | 787,760 | ||
PCI Loans | 6,862 | 5,907 | ||
Loans Outstanding, Ending Balance | 976,215 | 796,158 | ||
Loans Receivable | Commercial | Equipment financing | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Allowance for Credit Losses, Individually evaluated for impairment | 0 | 0 | ||
Allowance for Credit Losses, Collectively evaluated for impairment | 7,240 | 5,045 | ||
Allowance for Credit Losses, PCI | 144 | 407 | ||
Allowance for Credit Losses, Ending balance | 7,384 | 5,452 | 0 | 0 |
Loans Outstanding, Individually evaluated for impairment | 1,027 | 0 | ||
Loans Outstanding, Collectively evaluated for impairment | 739,532 | 556,672 | ||
PCI Loans | 3,985 | 7,942 | ||
Loans Outstanding, Ending Balance | 744,544 | 564,614 | ||
Loans Receivable | Residential | Construction | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Allowance for Credit Losses, Individually evaluated for impairment | 47 | 51 | ||
Allowance for Credit Losses, Collectively evaluated for impairment | 2,456 | 2,382 | ||
Allowance for Credit Losses, PCI | 1 | 0 | ||
Allowance for Credit Losses, Ending balance | 2,504 | 2,433 | 2,729 | 3,264 |
Loans Outstanding, Individually evaluated for impairment | 1,256 | 1,207 | ||
Loans Outstanding, Collectively evaluated for impairment | 234,807 | 209,070 | ||
PCI Loans | 374 | 734 | ||
Loans Outstanding, Ending Balance | 236,437 | 211,011 | ||
Loans Receivable | Residential | Residential mortgage | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Allowance for Credit Losses, Individually evaluated for impairment | 782 | 861 | ||
Allowance for Credit Losses, Collectively evaluated for impairment | 7,296 | 7,410 | ||
Allowance for Credit Losses, PCI | 3 | 24 | ||
Allowance for Credit Losses, Ending balance | 8,081 | 8,295 | 10,097 | 8,545 |
Loans Outstanding, Individually evaluated for impairment | 15,991 | 14,220 | ||
Loans Outstanding, Collectively evaluated for impairment | 1,092,046 | 1,025,862 | ||
PCI Loans | 9,579 | 9,150 | ||
Loans Outstanding, Ending Balance | 1,117,616 | 1,049,232 | ||
Loans Receivable | Residential | Home equity lines of credit | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Allowance for Credit Losses, Individually evaluated for impairment | 16 | 1 | ||
Allowance for Credit Losses, Collectively evaluated for impairment | 4,541 | 4,740 | ||
Allowance for Credit Losses, PCI | 18 | 11 | ||
Allowance for Credit Losses, Ending balance | 4,575 | 4,752 | 5,177 | 4,599 |
Loans Outstanding, Individually evaluated for impairment | 992 | 276 | ||
Loans Outstanding, Collectively evaluated for impairment | 658,273 | 692,122 | ||
PCI Loans | 1,410 | 1,612 | ||
Loans Outstanding, Ending Balance | 660,675 | 694,010 | ||
Loans Receivable | Consumer | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Allowance for Credit Losses, Individually evaluated for impairment | 5 | 6 | ||
Allowance for Credit Losses, Collectively evaluated for impairment | 885 | 847 | ||
Allowance for Credit Losses, PCI | 11 | 0 | ||
Allowance for Credit Losses, Ending balance | 901 | 853 | 710 | 708 |
Loans Outstanding, Individually evaluated for impairment | 214 | 211 | ||
Loans Outstanding, Collectively evaluated for impairment | 127,682 | 121,269 | ||
PCI Loans | 336 | 533 | ||
Loans Outstanding, Ending Balance | 128,232 | 122,013 | ||
Loans Receivable | Allowance for unfunded commitments | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Allowance for Credit Losses, Ending balance | $ 3,458 | $ 3,410 | $ 2,312 | $ 2,002 |
Loans and Leases and Allowanc_9
Loans and Leases and Allowance for Credit Losses - Loans individually evaluated for impairment by class of loans (Details) - Loans Receivable - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Unpaid Principal Balance | ||
Unpaid Principal Balance, With no related allowance recorded | $ 28,590 | $ 26,829 |
Unpaid Principal Balance, With an allowance recorded | 37,395 | 32,995 |
Unpaid Principal Balance | 65,985 | 59,824 |
Recorded Investment | ||
Recorded Investment, With no related allowance recorded | 25,107 | 23,477 |
Recorded Investment, With an allowance recorded | 36,864 | 31,972 |
Recorded Investment | 61,971 | 55,449 |
Allowance for loan losses, With an allowance recorded | 2,512 | 2,312 |
Indirect auto | ||
Unpaid Principal Balance | ||
Unpaid Principal Balance, With no related allowance recorded | 0 | 294 |
Unpaid Principal Balance, With an allowance recorded | 0 | 946 |
Recorded Investment | ||
Recorded Investment, With no related allowance recorded | 0 | 292 |
Recorded Investment, With an allowance recorded | 0 | 945 |
Allowance for loan losses, With an allowance recorded | 0 | 26 |
Commercial | ||
Unpaid Principal Balance | ||
Unpaid Principal Balance, With no related allowance recorded | 19,315 | 19,846 |
Unpaid Principal Balance, With an allowance recorded | 26,821 | 21,845 |
Recorded Investment | ||
Recorded Investment, With no related allowance recorded | 17,131 | 17,304 |
Recorded Investment, With an allowance recorded | 26,387 | 20,994 |
Allowance for loan losses, With an allowance recorded | 1,662 | 1,367 |
Commercial | Owner occupied commercial real estate | ||
Unpaid Principal Balance | ||
Unpaid Principal Balance, With no related allowance recorded | 9,527 | 8,650 |
Unpaid Principal Balance, With an allowance recorded | 11,136 | 11,095 |
Recorded Investment | ||
Recorded Investment, With no related allowance recorded | 8,118 | 6,546 |
Recorded Investment, With an allowance recorded | 11,115 | 11,056 |
Allowance for loan losses, With an allowance recorded | 816 | 862 |
Commercial | Income producing commercial real estate | ||
Unpaid Principal Balance | ||
Unpaid Principal Balance, With no related allowance recorded | 5,159 | 9,986 |
Unpaid Principal Balance, With an allowance recorded | 13,591 | 6,968 |
Recorded Investment | ||
Recorded Investment, With no related allowance recorded | 4,956 | 9,881 |
Recorded Investment, With an allowance recorded | 13,178 | 6,703 |
Allowance for loan losses, With an allowance recorded | 770 | 402 |
Commercial | Commercial & industrial | ||
Unpaid Principal Balance | ||
Unpaid Principal Balance, With no related allowance recorded | 1,144 | 525 |
Unpaid Principal Balance, With an allowance recorded | 559 | 1,652 |
Recorded Investment | ||
Recorded Investment, With no related allowance recorded | 890 | 370 |
Recorded Investment, With an allowance recorded | 559 | 1,251 |
Allowance for loan losses, With an allowance recorded | 21 | 32 |
Commercial | Construction Loans | ||
Unpaid Principal Balance | ||
Unpaid Principal Balance, With no related allowance recorded | 2,458 | 685 |
Unpaid Principal Balance, With an allowance recorded | 1,535 | 2,130 |
Recorded Investment | ||
Recorded Investment, With no related allowance recorded | 2,140 | 507 |
Recorded Investment, With an allowance recorded | 1,535 | 1,984 |
Allowance for loan losses, With an allowance recorded | 55 | 71 |
Commercial | Equipment financing | ||
Unpaid Principal Balance | ||
Unpaid Principal Balance, With no related allowance recorded | 1,027 | 0 |
Unpaid Principal Balance, With an allowance recorded | 0 | 0 |
Recorded Investment | ||
Recorded Investment, With no related allowance recorded | 1,027 | 0 |
Recorded Investment, With an allowance recorded | 0 | 0 |
Allowance for loan losses, With an allowance recorded | 0 | 0 |
Residential | Construction Loans | ||
Unpaid Principal Balance | ||
Unpaid Principal Balance, With no related allowance recorded | 731 | 554 |
Unpaid Principal Balance, With an allowance recorded | 643 | 791 |
Recorded Investment | ||
Recorded Investment, With no related allowance recorded | 626 | 428 |
Recorded Investment, With an allowance recorded | 630 | 779 |
Allowance for loan losses, With an allowance recorded | 47 | 51 |
Residential | Residential mortgage | ||
Unpaid Principal Balance | ||
Unpaid Principal Balance, With no related allowance recorded | 7,362 | 5,787 |
Unpaid Principal Balance, With an allowance recorded | 9,624 | 9,169 |
Recorded Investment | ||
Recorded Investment, With no related allowance recorded | 6,436 | 5,202 |
Recorded Investment, With an allowance recorded | 9,555 | 9,018 |
Allowance for loan losses, With an allowance recorded | 782 | 861 |
Residential | Home equity lines of credit | ||
Unpaid Principal Balance | ||
Unpaid Principal Balance, With no related allowance recorded | 1,116 | 330 |
Unpaid Principal Balance, With an allowance recorded | 146 | 45 |
Recorded Investment | ||
Recorded Investment, With no related allowance recorded | 861 | 234 |
Recorded Investment, With an allowance recorded | 131 | 42 |
Allowance for loan losses, With an allowance recorded | 16 | 1 |
Consumer | ||
Unpaid Principal Balance | ||
Unpaid Principal Balance, With no related allowance recorded | 66 | 18 |
Unpaid Principal Balance, With an allowance recorded | 161 | 199 |
Recorded Investment | ||
Recorded Investment, With no related allowance recorded | 53 | 17 |
Recorded Investment, With an allowance recorded | 161 | 194 |
Allowance for loan losses, With an allowance recorded | $ 5 | $ 6 |
Loans and Leases and Allowan_10
Loans and Leases and Allowance for Credit Losses - Loans modified under terms of TDR (Details) - Loans Receivable $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019USD ($)contract | Dec. 31, 2018USD ($)contract | Dec. 31, 2017USD ($)contract | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Number of Contracts | contract | 55 | 64 | 78 |
Pre-Modification Outstanding Recorded Investment | $ 14,688 | $ 7,971 | $ 7,168 |
Post-Modification Outstanding Recorded Investment by Type of Modification | $ 14,340 | $ 7,798 | $ 6,506 |
Troubled Debt Restructurings That Have Subsequently Defaulted, Number of Contracts | contract | 2 | 6 | 4 |
Troubled Debt Restructurings That Have Subsequently Defaulted, Recorded Investment | $ 148 | $ 2,205 | $ 852 |
Rate Reduction | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Post-Modification Outstanding Recorded Investment by Type of Modification | 0 | 236 | 40 |
Structure | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Post-Modification Outstanding Recorded Investment by Type of Modification | 14,005 | 6,858 | 4,611 |
Other | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Post-Modification Outstanding Recorded Investment by Type of Modification | $ 335 | $ 704 | $ 1,855 |
Indirect auto | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Number of Contracts | contract | 15 | 35 | 34 |
Pre-Modification Outstanding Recorded Investment | $ 271 | $ 643 | $ 786 |
Post-Modification Outstanding Recorded Investment by Type of Modification | $ 262 | $ 643 | $ 786 |
Troubled Debt Restructurings That Have Subsequently Defaulted, Number of Contracts | contract | 0 | 0 | 0 |
Troubled Debt Restructurings That Have Subsequently Defaulted, Recorded Investment | $ 0 | $ 0 | $ 0 |
Indirect auto | Rate Reduction | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Post-Modification Outstanding Recorded Investment by Type of Modification | 0 | 0 | 0 |
Indirect auto | Structure | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Post-Modification Outstanding Recorded Investment by Type of Modification | 0 | 0 | 0 |
Indirect auto | Other | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Post-Modification Outstanding Recorded Investment by Type of Modification | $ 262 | $ 643 | $ 786 |
Commercial | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Number of Contracts | contract | 18 | 9 | 14 |
Pre-Modification Outstanding Recorded Investment | $ 12,197 | $ 5,299 | $ 3,761 |
Post-Modification Outstanding Recorded Investment by Type of Modification | $ 11,905 | $ 5,162 | $ 3,228 |
Troubled Debt Restructurings That Have Subsequently Defaulted, Number of Contracts | contract | 0 | 5 | 0 |
Troubled Debt Restructurings That Have Subsequently Defaulted, Recorded Investment | $ 0 | $ 2,104 | $ 0 |
Commercial | Rate Reduction | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Post-Modification Outstanding Recorded Investment by Type of Modification | 0 | 106 | 0 |
Commercial | Structure | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Post-Modification Outstanding Recorded Investment by Type of Modification | 11,898 | 5,056 | 2,335 |
Commercial | Other | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Post-Modification Outstanding Recorded Investment by Type of Modification | $ 7 | $ 0 | $ 893 |
Commercial | Owner occupied commercial real estate | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Number of Contracts | contract | 4 | 5 | 6 |
Pre-Modification Outstanding Recorded Investment | $ 1,864 | $ 1,438 | $ 2,603 |
Post-Modification Outstanding Recorded Investment by Type of Modification | $ 1,739 | $ 1,387 | $ 2,269 |
Troubled Debt Restructurings That Have Subsequently Defaulted, Number of Contracts | contract | 0 | 3 | 0 |
Troubled Debt Restructurings That Have Subsequently Defaulted, Recorded Investment | $ 0 | $ 1,869 | $ 0 |
Commercial | Owner occupied commercial real estate | Rate Reduction | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Post-Modification Outstanding Recorded Investment by Type of Modification | 0 | 0 | 0 |
Commercial | Owner occupied commercial real estate | Structure | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Post-Modification Outstanding Recorded Investment by Type of Modification | 1,739 | 1,387 | 2,161 |
Commercial | Owner occupied commercial real estate | Other | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Post-Modification Outstanding Recorded Investment by Type of Modification | $ 0 | $ 0 | $ 108 |
Commercial | Income producing commercial real estate | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Number of Contracts | contract | 3 | 2 | 2 |
Pre-Modification Outstanding Recorded Investment | $ 9,126 | $ 3,753 | $ 257 |
Post-Modification Outstanding Recorded Investment by Type of Modification | $ 9,013 | $ 3,743 | $ 252 |
Troubled Debt Restructurings That Have Subsequently Defaulted, Number of Contracts | contract | 0 | 0 | 0 |
Troubled Debt Restructurings That Have Subsequently Defaulted, Recorded Investment | $ 0 | $ 0 | $ 0 |
Commercial | Income producing commercial real estate | Rate Reduction | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Post-Modification Outstanding Recorded Investment by Type of Modification | 0 | 106 | 0 |
Commercial | Income producing commercial real estate | Structure | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Post-Modification Outstanding Recorded Investment by Type of Modification | 9,013 | 3,637 | 0 |
Commercial | Income producing commercial real estate | Other | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Post-Modification Outstanding Recorded Investment by Type of Modification | $ 0 | $ 0 | $ 252 |
Commercial | Commercial & industrial | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Number of Contracts | contract | 2 | 2 | 6 |
Pre-Modification Outstanding Recorded Investment | $ 136 | $ 108 | $ 901 |
Post-Modification Outstanding Recorded Investment by Type of Modification | $ 82 | $ 32 | $ 707 |
Troubled Debt Restructurings That Have Subsequently Defaulted, Number of Contracts | contract | 0 | 1 | 0 |
Troubled Debt Restructurings That Have Subsequently Defaulted, Recorded Investment | $ 0 | $ 232 | $ 0 |
Commercial | Commercial & industrial | Rate Reduction | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Post-Modification Outstanding Recorded Investment by Type of Modification | 0 | 0 | 0 |
Commercial | Commercial & industrial | Structure | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Post-Modification Outstanding Recorded Investment by Type of Modification | 75 | 32 | 174 |
Commercial | Commercial & industrial | Other | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Post-Modification Outstanding Recorded Investment by Type of Modification | $ 7 | $ 0 | $ 533 |
Commercial | Construction | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Number of Contracts | contract | 0 | 0 | 0 |
Pre-Modification Outstanding Recorded Investment | $ 0 | $ 0 | $ 0 |
Post-Modification Outstanding Recorded Investment by Type of Modification | $ 0 | $ 0 | $ 0 |
Troubled Debt Restructurings That Have Subsequently Defaulted, Number of Contracts | contract | 0 | 1 | 0 |
Troubled Debt Restructurings That Have Subsequently Defaulted, Recorded Investment | $ 0 | $ 3 | $ 0 |
Commercial | Construction | Rate Reduction | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Post-Modification Outstanding Recorded Investment by Type of Modification | 0 | 0 | 0 |
Commercial | Construction | Structure | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Post-Modification Outstanding Recorded Investment by Type of Modification | 0 | 0 | 0 |
Commercial | Construction | Other | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Post-Modification Outstanding Recorded Investment by Type of Modification | $ 0 | $ 0 | $ 0 |
Commercial | Equipment financing | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Number of Contracts | contract | 9 | 0 | 0 |
Pre-Modification Outstanding Recorded Investment | $ 1,071 | $ 0 | $ 0 |
Post-Modification Outstanding Recorded Investment by Type of Modification | $ 1,071 | $ 0 | $ 0 |
Troubled Debt Restructurings That Have Subsequently Defaulted, Number of Contracts | contract | 0 | 0 | 0 |
Troubled Debt Restructurings That Have Subsequently Defaulted, Recorded Investment | $ 0 | $ 0 | $ 0 |
Commercial | Equipment financing | Rate Reduction | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Post-Modification Outstanding Recorded Investment by Type of Modification | 0 | 0 | 0 |
Commercial | Equipment financing | Structure | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Post-Modification Outstanding Recorded Investment by Type of Modification | 1,071 | 0 | 0 |
Commercial | Equipment financing | Other | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Post-Modification Outstanding Recorded Investment by Type of Modification | $ 0 | $ 0 | $ 0 |
Residential | Construction | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Number of Contracts | contract | 1 | 2 | 4 |
Pre-Modification Outstanding Recorded Investment | $ 22 | $ 47 | $ 135 |
Post-Modification Outstanding Recorded Investment by Type of Modification | $ 21 | $ 45 | $ 135 |
Troubled Debt Restructurings That Have Subsequently Defaulted, Number of Contracts | contract | 1 | 0 | 0 |
Troubled Debt Restructurings That Have Subsequently Defaulted, Recorded Investment | $ 13 | $ 0 | $ 0 |
Residential | Construction | Rate Reduction | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Post-Modification Outstanding Recorded Investment by Type of Modification | 0 | 0 | 40 |
Residential | Construction | Structure | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Post-Modification Outstanding Recorded Investment by Type of Modification | 0 | 32 | 95 |
Residential | Construction | Other | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Post-Modification Outstanding Recorded Investment by Type of Modification | $ 21 | $ 13 | $ 0 |
Residential | Residential mortgage | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Number of Contracts | contract | 15 | 15 | 23 |
Pre-Modification Outstanding Recorded Investment | $ 2,102 | $ 1,933 | $ 2,174 |
Post-Modification Outstanding Recorded Investment by Type of Modification | $ 2,057 | $ 1,900 | $ 2,165 |
Troubled Debt Restructurings That Have Subsequently Defaulted, Number of Contracts | contract | 1 | 1 | 4 |
Troubled Debt Restructurings That Have Subsequently Defaulted, Recorded Investment | $ 135 | $ 101 | $ 852 |
Residential | Residential mortgage | Rate Reduction | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Post-Modification Outstanding Recorded Investment by Type of Modification | 0 | 130 | 0 |
Residential | Residential mortgage | Structure | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Post-Modification Outstanding Recorded Investment by Type of Modification | 2,057 | 1,770 | 2,165 |
Residential | Residential mortgage | Other | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Post-Modification Outstanding Recorded Investment by Type of Modification | $ 0 | $ 0 | $ 0 |
Residential | Home equity lines of credit | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Number of Contracts | contract | 1 | 1 | 1 |
Pre-Modification Outstanding Recorded Investment | $ 50 | $ 42 | $ 296 |
Post-Modification Outstanding Recorded Investment by Type of Modification | $ 50 | $ 41 | $ 176 |
Troubled Debt Restructurings That Have Subsequently Defaulted, Number of Contracts | contract | 0 | 0 | 0 |
Troubled Debt Restructurings That Have Subsequently Defaulted, Recorded Investment | $ 0 | $ 0 | $ 0 |
Residential | Home equity lines of credit | Rate Reduction | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Post-Modification Outstanding Recorded Investment by Type of Modification | 0 | 0 | 0 |
Residential | Home equity lines of credit | Structure | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Post-Modification Outstanding Recorded Investment by Type of Modification | 50 | 0 | 0 |
Residential | Home equity lines of credit | Other | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Post-Modification Outstanding Recorded Investment by Type of Modification | $ 0 | $ 41 | $ 176 |
Consumer | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Number of Contracts | contract | 5 | 2 | 2 |
Pre-Modification Outstanding Recorded Investment | $ 46 | $ 7 | $ 16 |
Post-Modification Outstanding Recorded Investment by Type of Modification | $ 45 | $ 7 | $ 16 |
Troubled Debt Restructurings That Have Subsequently Defaulted, Number of Contracts | contract | 0 | 0 | 0 |
Troubled Debt Restructurings That Have Subsequently Defaulted, Recorded Investment | $ 0 | $ 0 | $ 0 |
Consumer | Rate Reduction | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Post-Modification Outstanding Recorded Investment by Type of Modification | 0 | 0 | 0 |
Consumer | Structure | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Post-Modification Outstanding Recorded Investment by Type of Modification | 0 | 0 | 16 |
Consumer | Other | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Post-Modification Outstanding Recorded Investment by Type of Modification | $ 45 | $ 7 | $ 0 |
Loans and Leases and Allowan_11
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 | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Average balances of impaired loans and income recognized on impaired loans | |||
Average Balance | $ 57,223 | $ 59,748 | $ 78,354 |
Interest Revenue Recognized During Impairment | 3,018 | 3,084 | 3,632 |
Cash Basis Interest Revenue Received | 3,093 | 3,124 | 3,592 |
Indirect auto | |||
Average balances of impaired loans and income recognized on impaired loans | |||
Average Balance | 1,028 | 1,252 | 1,244 |
Interest Revenue Recognized During Impairment | 50 | 64 | 64 |
Cash Basis Interest Revenue Received | 50 | 64 | 64 |
Commercial | |||
Average balances of impaired loans and income recognized on impaired loans | |||
Average Balance | 38,057 | 42,043 | 60,731 |
Interest Revenue Recognized During Impairment | 2,099 | 2,247 | 2,886 |
Cash Basis Interest Revenue Received | 2,170 | 2,288 | 2,825 |
Commercial | Owner occupied commercial real estate | |||
Average balances of impaired loans and income recognized on impaired loans | |||
Average Balance | 18,575 | 19,881 | 27,870 |
Interest Revenue Recognized During Impairment | 1,124 | 1,078 | 1,271 |
Cash Basis Interest Revenue Received | 1,171 | 1,119 | 1,291 |
Commercial | Income producing commercial real estate | |||
Average balances of impaired loans and income recognized on impaired loans | |||
Average Balance | 14,253 | 17,138 | 24,765 |
Interest Revenue Recognized During Impairment | 739 | 893 | 1,265 |
Cash Basis Interest Revenue Received | 730 | 895 | 1,178 |
Commercial | Commercial & industrial | |||
Average balances of impaired loans and income recognized on impaired loans | |||
Average Balance | 1,837 | 1,777 | 2,994 |
Interest Revenue Recognized During Impairment | 84 | 100 | 125 |
Cash Basis Interest Revenue Received | 100 | 100 | 127 |
Commercial | Construction | |||
Average balances of impaired loans and income recognized on impaired loans | |||
Average Balance | 3,233 | 3,247 | 5,102 |
Interest Revenue Recognized During Impairment | 129 | 176 | 225 |
Cash Basis Interest Revenue Received | 146 | 174 | 229 |
Commercial | Equipment financing | |||
Average balances of impaired loans and income recognized on impaired loans | |||
Average Balance | 159 | 0 | 0 |
Interest Revenue Recognized During Impairment | 23 | 0 | 0 |
Cash Basis Interest Revenue Received | 23 | 0 | 0 |
Residential | Construction | |||
Average balances of impaired loans and income recognized on impaired loans | |||
Average Balance | 1,332 | 1,405 | 1,582 |
Interest Revenue Recognized During Impairment | 92 | 96 | 95 |
Cash Basis Interest Revenue Received | 94 | 95 | 95 |
Residential | Residential mortgage | |||
Average balances of impaired loans and income recognized on impaired loans | |||
Average Balance | 16,115 | 14,515 | 14,257 |
Interest Revenue Recognized During Impairment | 748 | 641 | 555 |
Cash Basis Interest Revenue Received | 749 | 643 | 574 |
Residential | Home equity lines of credit | |||
Average balances of impaired loans and income recognized on impaired loans | |||
Average Balance | 488 | 284 | 248 |
Interest Revenue Recognized During Impairment | 14 | 18 | 10 |
Cash Basis Interest Revenue Received | 15 | 16 | 12 |
Consumer | |||
Average balances of impaired loans and income recognized on impaired loans | |||
Average Balance | 203 | 249 | 292 |
Interest Revenue Recognized During Impairment | 15 | 18 | 22 |
Cash Basis Interest Revenue Received | $ 15 | $ 18 | $ 22 |
Loans and Leases and Allowan_12
Loans and Leases and Allowance for Credit Losses - Recorded investment in nonaccrual loans by loan class (Details) - Loans Receivable - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Recorded investment in nonaccrual loans by loan class | ||
Nonaccrual Loans | $ 35,341 | $ 23,778 |
Indirect auto | ||
Recorded investment in nonaccrual loans by loan class | ||
Nonaccrual Loans | 0 | 726 |
Commercial | ||
Recorded investment in nonaccrual loans by loan class | ||
Nonaccrual Loans | 20,503 | 12,280 |
Commercial | Owner occupied commercial real estate | ||
Recorded investment in nonaccrual loans by loan class | ||
Nonaccrual Loans | 10,544 | 6,421 |
Commercial | Income producing commercial real estate | ||
Recorded investment in nonaccrual loans by loan class | ||
Nonaccrual Loans | 1,996 | 1,160 |
Commercial | Commercial & industrial | ||
Recorded investment in nonaccrual loans by loan class | ||
Nonaccrual Loans | 2,545 | 1,417 |
Commercial | Construction | ||
Recorded investment in nonaccrual loans by loan class | ||
Nonaccrual Loans | 2,277 | 605 |
Commercial | Equipment financing | ||
Recorded investment in nonaccrual loans by loan class | ||
Nonaccrual Loans | 3,141 | 2,677 |
Residential | Construction | ||
Recorded investment in nonaccrual loans by loan class | ||
Nonaccrual Loans | 939 | 288 |
Residential | Residential mortgage | ||
Recorded investment in nonaccrual loans by loan class | ||
Nonaccrual Loans | 10,567 | 8,035 |
Residential | Home equity lines of credit | ||
Recorded investment in nonaccrual loans by loan class | ||
Nonaccrual Loans | 3,173 | 2,360 |
Consumer | ||
Recorded investment in nonaccrual loans by loan class | ||
Nonaccrual Loans | $ 159 | $ 89 |
Loans and Leases and Allowan_13
Loans and Leases and Allowance for Credit Losses - Aging of recorded investment in past due loans (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Recorded investment in nonaccrual loans by loan class | ||
Loans Outstanding, Ending Balance | $ 8,812,553 | $ 8,383,401 |
Loans Receivable | ||
Recorded investment in nonaccrual loans by loan class | ||
Loans Past Due | 41,240 | 38,304 |
Loans Not Past Due | 8,712,667 | 8,270,648 |
PCI Loans | 58,646 | 74,449 |
Loans Outstanding, Ending Balance | 8,812,553 | 8,383,401 |
Loans Receivable | Loans Past Due, 30 - 59 Days | ||
Recorded investment in nonaccrual loans by loan class | ||
Loans Past Due | 17,892 | 22,405 |
Loans Receivable | Loans Past Due, 60 - 89 Days | ||
Recorded investment in nonaccrual loans by loan class | ||
Loans Past Due | 7,623 | 7,765 |
Loans Receivable | Loans Past Due, > 90 Days | ||
Recorded investment in nonaccrual loans by loan class | ||
Loans Past Due | 15,725 | 8,134 |
Loans Receivable | Indirect auto | ||
Recorded investment in nonaccrual loans by loan class | ||
Loans Past Due | 1,706 | |
Loans Not Past Due | 205,986 | |
PCI Loans | 0 | 0 |
Loans Outstanding, Ending Balance | 0 | 207,692 |
Loans Receivable | Indirect auto | Loans Past Due, 30 - 59 Days | ||
Recorded investment in nonaccrual loans by loan class | ||
Loans Past Due | 750 | |
Loans Receivable | Indirect auto | Loans Past Due, 60 - 89 Days | ||
Recorded investment in nonaccrual loans by loan class | ||
Loans Past Due | 323 | |
Loans Receivable | Indirect auto | Loans Past Due, > 90 Days | ||
Recorded investment in nonaccrual loans by loan class | ||
Loans Past Due | 633 | |
Loans Receivable | Commercial | ||
Recorded investment in nonaccrual loans by loan class | ||
Loans Past Due | 25,971 | 22,056 |
Loans Not Past Due | 6,596,675 | 6,014,967 |
PCI Loans | 46,947 | 62,420 |
Loans Outstanding, Ending Balance | 6,669,593 | 6,099,443 |
Loans Receivable | Commercial | Loans Past Due, 30 - 59 Days | ||
Recorded investment in nonaccrual loans by loan class | ||
Loans Past Due | 9,547 | 12,973 |
Loans Receivable | Commercial | Loans Past Due, 60 - 89 Days | ||
Recorded investment in nonaccrual loans by loan class | ||
Loans Past Due | 4,684 | 4,645 |
Loans Receivable | Commercial | Loans Past Due, > 90 Days | ||
Recorded investment in nonaccrual loans by loan class | ||
Loans Past Due | 11,740 | 4,438 |
Loans Receivable | Commercial | Owner occupied commercial real estate | ||
Recorded investment in nonaccrual loans by loan class | ||
Loans Past Due | 10,999 | 6,450 |
Loans Not Past Due | 1,700,682 | 1,631,602 |
PCI Loans | 8,546 | 9,852 |
Loans Outstanding, Ending Balance | 1,720,227 | 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 | 2,913 | 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 | 2,007 | 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 | 6,079 | 1,011 |
Loans Receivable | Commercial | Income producing commercial real estate | ||
Recorded investment in nonaccrual loans by loan class | ||
Loans Past Due | 1,669 | 2,216 |
Loans Not Past Due | 1,979,053 | 1,771,893 |
PCI Loans | 27,228 | 38,311 |
Loans Outstanding, Ending Balance | 2,007,950 | 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 | 562 | 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 | 706 | 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 | 401 | 301 |
Loans Receivable | Commercial | Commercial & industrial | ||
Recorded investment in nonaccrual loans by loan class | ||
Loans Past Due | 4,750 | 8,307 |
Loans Not Past Due | 1,215,581 | 1,269,632 |
PCI Loans | 326 | 408 |
Loans Outstanding, Ending Balance | 1,220,657 | 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 | 2,140 | 7,189 |
Loans Receivable | Commercial | Commercial & industrial | Loans Past Due, 60 - 89 Days | ||
Recorded investment in nonaccrual loans by loan class | ||
Loans Past Due | 491 | 718 |
Loans Receivable | Commercial | Commercial & industrial | Loans Past Due, > 90 Days | ||
Recorded investment in nonaccrual loans by loan class | ||
Loans Past Due | 2,119 | 400 |
Loans Receivable | Commercial | Construction | ||
Recorded investment in nonaccrual loans by loan class | ||
Loans Past Due | 2,520 | 335 |
Loans Not Past Due | 966,833 | 789,916 |
PCI Loans | 6,862 | 5,907 |
Loans Outstanding, Ending Balance | 976,215 | 796,158 |
Loans Receivable | Commercial | Construction | Loans Past Due, 30 - 59 Days | ||
Recorded investment in nonaccrual loans by loan class | ||
Loans Past Due | 1,867 | 267 |
Loans Receivable | Commercial | Construction | Loans Past Due, 60 - 89 Days | ||
Recorded investment in nonaccrual loans by loan class | ||
Loans Past Due | 557 | 0 |
Loans Receivable | Commercial | Construction | Loans Past Due, > 90 Days | ||
Recorded investment in nonaccrual loans by loan class | ||
Loans Past Due | 96 | 68 |
Loans Receivable | Commercial | Equipment financing | ||
Recorded investment in nonaccrual loans by loan class | ||
Loans Past Due | 6,033 | 4,748 |
Loans Not Past Due | 734,526 | 551,924 |
PCI Loans | 3,985 | 7,942 |
Loans Outstanding, Ending Balance | 744,544 | 564,614 |
Loans Receivable | Commercial | Equipment financing | Loans Past Due, 30 - 59 Days | ||
Recorded investment in nonaccrual loans by loan class | ||
Loans Past Due | 2,065 | 1,351 |
Loans Receivable | Commercial | Equipment financing | Loans Past Due, 60 - 89 Days | ||
Recorded investment in nonaccrual loans by loan class | ||
Loans Past Due | 923 | 739 |
Loans Receivable | Commercial | Equipment financing | Loans Past Due, > 90 Days | ||
Recorded investment in nonaccrual loans by loan class | ||
Loans Past Due | 3,045 | 2,658 |
Loans Receivable | Residential | Construction | ||
Recorded investment in nonaccrual loans by loan class | ||
Loans Past Due | 852 | 762 |
Loans Not Past Due | 235,211 | 209,515 |
PCI Loans | 374 | 734 |
Loans Outstanding, Ending Balance | 236,437 | 211,011 |
Loans Receivable | Residential | Construction | Loans Past Due, 30 - 59 Days | ||
Recorded investment in nonaccrual loans by loan class | ||
Loans Past Due | 325 | 509 |
Loans Receivable | Residential | Construction | Loans Past Due, 60 - 89 Days | ||
Recorded investment in nonaccrual loans by loan class | ||
Loans Past Due | 125 | 63 |
Loans Receivable | Residential | Construction | Loans Past Due, > 90 Days | ||
Recorded investment in nonaccrual loans by loan class | ||
Loans Past Due | 402 | 190 |
Loans Receivable | Residential | Residential mortgage | ||
Recorded investment in nonaccrual loans by loan class | ||
Loans Past Due | 10,038 | 9,199 |
Loans Not Past Due | 1,097,999 | 1,030,883 |
PCI Loans | 9,579 | 9,150 |
Loans Outstanding, Ending Balance | 1,117,616 | 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 | 5,655 | 5,461 |
Loans Receivable | Residential | Residential mortgage | Loans Past Due, 60 - 89 Days | ||
Recorded investment in nonaccrual loans by loan class | ||
Loans Past Due | 2,212 | 1,788 |
Loans Receivable | Residential | Residential mortgage | Loans Past Due, > 90 Days | ||
Recorded investment in nonaccrual loans by loan class | ||
Loans Past Due | 2,171 | 1,950 |
Loans Receivable | Residential | Home equity lines of credit | ||
Recorded investment in nonaccrual loans by loan class | ||
Loans Past Due | 3,503 | 3,878 |
Loans Not Past Due | 655,762 | 688,520 |
PCI Loans | 1,410 | 1,612 |
Loans Outstanding, Ending Balance | 660,675 | 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 | 1,697 | 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 | 421 | 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 | 1,385 | 902 |
Loans Receivable | Consumer | ||
Recorded investment in nonaccrual loans by loan class | ||
Loans Past Due | 876 | 703 |
Loans Not Past Due | 127,020 | 120,777 |
PCI Loans | 336 | 533 |
Loans Outstanding, Ending Balance | 128,232 | 122,013 |
Loans Receivable | Consumer | Loans Past Due, 30 - 59 Days | ||
Recorded investment in nonaccrual loans by loan class | ||
Loans Past Due | 668 | 600 |
Loans Receivable | Consumer | Loans Past Due, 60 - 89 Days | ||
Recorded investment in nonaccrual loans by loan class | ||
Loans Past Due | 181 | 82 |
Loans Receivable | Consumer | Loans Past Due, > 90 Days | ||
Recorded investment in nonaccrual loans by loan class | ||
Loans Past Due | $ 27 | $ 21 |
Loans and Leases and Allowan_14
Loans and Leases and Allowance for Credit Losses - Risk category of loans by class of loans (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Risk category of loans by class of loans | ||
Total loans | $ 8,812,553 | $ 8,383,401 |
Pass | ||
Risk category of loans by class of loans | ||
Total loans | 8,558,459 | 8,201,872 |
Watch | ||
Risk category of loans by class of loans | ||
Total loans | 93,703 | 66,969 |
Substandard | ||
Risk category of loans by class of loans | ||
Total loans | 160,391 | 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 | 8,753,907 | 8,308,952 |
Carrying value of PCI loans | 58,646 | 74,449 |
Total loans | 8,812,553 | 8,383,401 |
Loans Receivable | Pass | ||
Risk category of loans by class of loans | ||
Total loans, excluding PCI loans | 8,517,776 | 8,154,010 |
Carrying value of PCI loans | 40,683 | 47,862 |
Loans Receivable | Watch | ||
Risk category of loans by class of loans | ||
Total loans, excluding PCI loans | 83,930 | 50,556 |
Carrying value of PCI loans | 9,773 | 16,413 |
Loans Receivable | Substandard | ||
Risk category of loans by class of loans | ||
Total loans, excluding PCI loans | 152,201 | 104,386 |
Carrying value of PCI loans | 8,190 | 10,174 |
Loans Receivable | Doubtful / Loss | ||
Risk category of loans by class of loans | ||
Total loans, excluding PCI loans | 0 | 0 |
Carrying value of PCI loans | 0 | 0 |
Loans Receivable | Indirect auto | ||
Risk category of loans by class of loans | ||
Total loans, excluding PCI loans | 207,692 | |
Carrying value of PCI loans | 0 | 0 |
Total loans | 0 | 207,692 |
Loans Receivable | Indirect auto | Pass | ||
Risk category of loans by class of loans | ||
Total loans, excluding PCI loans | 205,632 | |
Carrying value of PCI loans | 0 | |
Loans Receivable | Indirect auto | Watch | ||
Risk category of loans by class of loans | ||
Total loans, excluding PCI loans | 0 | |
Carrying value of PCI loans | 0 | |
Loans Receivable | Indirect auto | Substandard | ||
Risk category of loans by class of loans | ||
Total loans, excluding PCI loans | 2,060 | |
Carrying value of PCI loans | 0 | |
Loans Receivable | Indirect auto | Doubtful / Loss | ||
Risk category of loans by class of loans | ||
Total loans, excluding PCI loans | 0 | |
Carrying value of PCI loans | 0 | |
Loans Receivable | Commercial | ||
Risk category of loans by class of loans | ||
Total loans, excluding PCI loans | 6,622,646 | 6,037,023 |
Carrying value of PCI loans | 46,947 | 62,420 |
Total loans | 6,669,593 | 6,099,443 |
Loans Receivable | Commercial | Pass | ||
Risk category of loans by class of loans | ||
Total loans, excluding PCI loans | 6,406,957 | 5,900,234 |
Carrying value of PCI loans | 30,570 | 38,276 |
Loans Receivable | Commercial | Watch | ||
Risk category of loans by class of loans | ||
Total loans, excluding PCI loans | 83,922 | 50,537 |
Carrying value of PCI loans | 9,773 | 16,413 |
Loans Receivable | Commercial | Substandard | ||
Risk category of loans by class of loans | ||
Total loans, excluding PCI loans | 131,767 | 86,252 |
Carrying value of PCI loans | 6,604 | 7,731 |
Loans Receivable | Commercial | Doubtful / Loss | ||
Risk category of loans by class of loans | ||
Total loans, excluding PCI loans | 0 | 0 |
Carrying value of 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 | 1,711,681 | 1,638,052 |
Carrying value of PCI loans | 8,546 | 9,852 |
Total loans | 1,720,227 | 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 | 1,638,398 | 1,585,797 |
Carrying value of PCI loans | 3,238 | 3,352 |
Loans Receivable | Commercial | Owner occupied commercial real estate | Watch | ||
Risk category of loans by class of loans | ||
Total loans, excluding PCI loans | 24,563 | 16,651 |
Carrying value of PCI loans | 2,797 | 2,774 |
Loans Receivable | Commercial | Owner occupied commercial real estate | Substandard | ||
Risk category of loans by class of loans | ||
Total loans, excluding PCI loans | 48,720 | 35,604 |
Carrying value of PCI loans | 2,511 | 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 |
Carrying value of 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 | 1,980,722 | 1,774,109 |
Carrying value of PCI loans | 27,228 | 38,311 |
Total loans | 2,007,950 | 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 | 1,914,524 | 1,735,456 |
Carrying value of PCI loans | 19,648 | 23,430 |
Loans Receivable | Commercial | Income producing commercial real estate | Watch | ||
Risk category of loans by class of loans | ||
Total loans, excluding PCI loans | 40,676 | 20,923 |
Carrying value of PCI loans | 6,305 | 13,403 |
Loans Receivable | Commercial | Income producing commercial real estate | Substandard | ||
Risk category of loans by class of loans | ||
Total loans, excluding PCI loans | 25,522 | 17,730 |
Carrying value of PCI loans | 1,275 | 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 |
Carrying value of PCI loans | 0 | 0 |
Loans Receivable | Commercial | Commercial & industrial | ||
Risk category of loans by class of loans | ||
Total loans, excluding PCI loans | 1,220,331 | 1,277,939 |
Carrying value of PCI loans | 326 | 408 |
Total loans | 1,220,657 | 1,278,347 |
Loans Receivable | Commercial | Commercial & industrial | Pass | ||
Risk category of loans by class of loans | ||
Total loans, excluding PCI loans | 1,156,366 | 1,247,206 |
Carrying value of PCI loans | 104 | 266 |
Loans Receivable | Commercial | Commercial & industrial | Watch | ||
Risk category of loans by class of loans | ||
Total loans, excluding PCI loans | 16,385 | 8,430 |
Carrying value of PCI loans | 81 | 48 |
Loans Receivable | Commercial | Commercial & industrial | Substandard | ||
Risk category of loans by class of loans | ||
Total loans, excluding PCI loans | 47,580 | 22,303 |
Carrying value of PCI loans | 141 | 94 |
Loans Receivable | Commercial | Commercial & industrial | Doubtful / Loss | ||
Risk category of loans by class of loans | ||
Total loans, excluding PCI loans | 0 | 0 |
Carrying value of PCI loans | 0 | 0 |
Loans Receivable | Commercial | Construction | ||
Risk category of loans by class of loans | ||
Total loans, excluding PCI loans | 969,353 | 790,251 |
Carrying value of PCI loans | 6,862 | 5,907 |
Total loans | 976,215 | 796,158 |
Loans Receivable | Commercial | Construction | Pass | ||
Risk category of loans by class of loans | ||
Total loans, excluding PCI loans | 960,251 | 777,780 |
Carrying value of PCI loans | 3,628 | 3,503 |
Loans Receivable | Commercial | Construction | Watch | ||
Risk category of loans by class of loans | ||
Total loans, excluding PCI loans | 2,298 | 4,533 |
Carrying value of PCI loans | 590 | 188 |
Loans Receivable | Commercial | Construction | Substandard | ||
Risk category of loans by class of loans | ||
Total loans, excluding PCI loans | 6,804 | 7,938 |
Carrying value of PCI loans | 2,644 | 2,216 |
Loans Receivable | Commercial | Construction | Doubtful / Loss | ||
Risk category of loans by class of loans | ||
Total loans, excluding PCI loans | 0 | 0 |
Carrying value of PCI loans | 0 | 0 |
Loans Receivable | Commercial | Equipment financing | ||
Risk category of loans by class of loans | ||
Total loans, excluding PCI loans | 740,559 | 556,672 |
Carrying value of PCI loans | 3,985 | 7,942 |
Total loans | 744,544 | 564,614 |
Loans Receivable | Commercial | Equipment financing | Pass | ||
Risk category of loans by class of loans | ||
Total loans, excluding PCI loans | 737,418 | 553,995 |
Carrying value of PCI loans | 3,952 | 7,725 |
Loans Receivable | Commercial | Equipment financing | Watch | ||
Risk category of loans by class of loans | ||
Total loans, excluding PCI loans | 0 | 0 |
Carrying value of PCI loans | 0 | 0 |
Loans Receivable | Commercial | Equipment financing | Substandard | ||
Risk category of loans by class of loans | ||
Total loans, excluding PCI loans | 3,141 | 2,677 |
Carrying value of PCI loans | 33 | 217 |
Loans Receivable | Commercial | Equipment financing | Doubtful / Loss | ||
Risk category of loans by class of loans | ||
Total loans, excluding PCI loans | 0 | 0 |
Carrying value of PCI loans | 0 | 0 |
Loans Receivable | Residential | Construction | ||
Risk category of loans by class of loans | ||
Total loans, excluding PCI loans | 236,063 | 210,277 |
Carrying value of PCI loans | 374 | 734 |
Total loans | 236,437 | 211,011 |
Loans Receivable | Residential | Construction | Pass | ||
Risk category of loans by class of loans | ||
Total loans, excluding PCI loans | 234,791 | 209,744 |
Carrying value of PCI loans | 348 | 687 |
Loans Receivable | Residential | Construction | Watch | ||
Risk category of loans by class of loans | ||
Total loans, excluding PCI loans | 0 | 0 |
Carrying value of PCI loans | 0 | 0 |
Loans Receivable | Residential | Construction | Substandard | ||
Risk category of loans by class of loans | ||
Total loans, excluding PCI loans | 1,272 | 533 |
Carrying value of PCI loans | 26 | 47 |
Loans Receivable | Residential | Construction | Doubtful / Loss | ||
Risk category of loans by class of loans | ||
Total loans, excluding PCI loans | 0 | 0 |
Carrying value of PCI loans | 0 | 0 |
Loans Receivable | Residential | Residential mortgage | ||
Risk category of loans by class of loans | ||
Total loans, excluding PCI loans | 1,108,037 | 1,040,082 |
Carrying value of PCI loans | 9,579 | 9,150 |
Total loans | 1,117,616 | 1,049,232 |
Loans Receivable | Residential | Residential mortgage | Pass | ||
Risk category of loans by class of loans | ||
Total loans, excluding PCI loans | 1,093,902 | 1,028,660 |
Carrying value of PCI loans | 8,112 | 6,914 |
Loans Receivable | Residential | Residential mortgage | Watch | ||
Risk category of loans by class of loans | ||
Total loans, excluding PCI loans | 0 | 0 |
Carrying value of PCI loans | 0 | 0 |
Loans Receivable | Residential | Residential mortgage | Substandard | ||
Risk category of loans by class of loans | ||
Total loans, excluding PCI loans | 14,135 | 11,422 |
Carrying value of PCI loans | 1,467 | 2,236 |
Loans Receivable | Residential | Residential mortgage | Doubtful / Loss | ||
Risk category of loans by class of loans | ||
Total loans, excluding PCI loans | 0 | 0 |
Carrying value of 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 | 659,265 | 692,398 |
Carrying value of PCI loans | 1,410 | 1,612 |
Total loans | 660,675 | 694,010 |
Loans Receivable | Residential | Home equity lines of credit | Pass | ||
Risk category of loans by class of loans | ||
Total loans, excluding PCI loans | 654,619 | 688,493 |
Carrying value of 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 |
Carrying value of 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 | 4,646 | 3,905 |
Carrying value of PCI loans | 60 | 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 |
Carrying value of PCI loans | 0 | 0 |
Loans Receivable | Consumer | ||
Risk category of loans by class of loans | ||
Total loans, excluding PCI loans | 127,896 | 121,480 |
Carrying value of PCI loans | 336 | 533 |
Total loans | 128,232 | 122,013 |
Loans Receivable | Consumer | Pass | ||
Risk category of loans by class of loans | ||
Total loans, excluding PCI loans | 127,507 | 121,247 |
Carrying value of PCI loans | 303 | 493 |
Loans Receivable | Consumer | Watch | ||
Risk category of loans by class of loans | ||
Total loans, excluding PCI loans | 8 | 19 |
Carrying value of PCI loans | 0 | 0 |
Loans Receivable | Consumer | Substandard | ||
Risk category of loans by class of loans | ||
Total loans, excluding PCI loans | 381 | 214 |
Carrying value of PCI loans | 33 | 40 |
Loans Receivable | Consumer | Doubtful / Loss | ||
Risk category of loans by class of loans | ||
Total loans, excluding PCI loans | 0 | 0 |
Carrying value of PCI loans | $ 0 | $ 0 |
Loans and Leases and Allowan_15
Loans and Leases and Allowance for Credit Losses - Narrative (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Remaining accretable fair value mark on loans | $ 5,000,000 | $ 4,310,000 | |
Criteria amount for evaluation of impairment | 500,000 | ||
Specific reserves | 2,510,000 | 2,310,000 | |
Commitments to lend additional amounts to customers with outstanding loans classified as TDRs | 0 | 0 | |
Gross additional interest income that would have been earned if the nonaccrual loans had performed as per original term | 1,260,000 | 1,090,000 | $ 1,110,000 |
SBA/USDA guaranteed loans | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans sold | 81,100,000 | 121,000,000 | $ 117,000,000 |
Indirect auto | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans sold | 103,000,000 | ||
Equipment financing | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans sold | 31,000,000 | ||
FHLB | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Pledged as collateral to secure FHLB advances | 4,060,000,000 | 3,980,000,000 | |
Loans Receivable | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Carrying value of PCI loans | 58,646,000 | 74,449,000 | |
Outstanding balance of PCI loans | 83,100,000 | 109,000,000 | |
Loans Receivable | Indirect auto | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Carrying value of PCI loans | 0 | 0 | |
Consumer | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Overdrawn deposit accounts | 1,300,000 | 1,190,000 | |
Consumer | Loans Receivable | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Carrying value of PCI loans | $ 336,000 | $ 533,000 |
Premises and Equipment - Summar
Premises and Equipment - Summary (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Premises and equipments | ||
Premises and equipment, gross | $ 351,477 | $ 331,250 |
Less accumulated depreciation | (135,501) | (125,110) |
Premises and equipment, net | 215,976 | 206,140 |
Land and land improvements | ||
Premises and equipments | ||
Premises and equipment, gross | 81,150 | 78,066 |
Buildings and improvements | ||
Premises and equipments | ||
Premises and equipment, gross | 170,629 | 153,980 |
Furniture and equipment | ||
Premises and equipments | ||
Premises and equipment, gross | 97,997 | 93,854 |
Construction in progress | ||
Premises and equipments | ||
Premises and equipment, gross | $ 1,701 | $ 5,350 |
Premises and Equipment - Narrat
Premises and Equipment - Narrative (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Property, Plant and Equipment [Abstract] | |||
Depreciation expense | $ 15.3 | $ 14.2 | $ 12 |
Goodwill and Other Intangible_3
Goodwill and Other Intangible Assets - Summary (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Finite-Lived Intangible Assets [Line Items] | |||
Intangible, net | $ 14,822 | $ 16,960 | |
Goodwill | 327,425 | 307,112 | $ 220,591 |
Total goodwill and other intangible assets, net | 342,247 | 324,072 | |
Core deposit intangible | |||
Finite-Lived Intangible Assets [Line Items] | |||
Intangible, gross | 32,802 | 62,652 | |
Less: accumulated amortization | (17,980) | (46,141) | |
Intangible, net | 14,822 | 16,511 | |
Noncompete agreement | |||
Finite-Lived Intangible Assets [Line Items] | |||
Intangible, gross | 3,144 | 3,144 | |
Less: accumulated amortization | (3,144) | (2,695) | |
Intangible, net | $ 0 | $ 449 |
Goodwill and Other Intangible_4
Goodwill and Other Intangible Assets - Changes in carrying amount of goodwill (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Goodwill [Roll Forward] | |||
Goodwill, beginning balance | $ 307,112 | $ 220,591 | |
Acquisitions | 20,313 | 87,379 | |
Measurement period adjustments | (858) | ||
Goodwill, ending balance | 327,425 | 307,112 | |
Accumulated impairment losses | (306,000) | (306,000) | $ (306,000) |
Gross goodwill | $ 633,000 | $ 613,000 | $ 526,000 |
Goodwill and Other Intangible_5
Goodwill and Other Intangible Assets - Estimated aggregate amortization expense for future periods (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Goodwill and Intangible Assets Disclosure [Abstract] | ||
2020 | $ 3,842 | |
2021 | 3,019 | |
2022 | 2,379 | |
2023 | 1,852 | |
2024 | 1,431 | |
Thereafter | 2,299 | |
Intangible, net | $ 14,822 | $ 16,960 |
Servicing Assets and Liabilit_3
Servicing Assets and Liabilities - Changes in SBA/USDA loans servicing rights (Details) - SBA/USDA - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Servicing Asset at Fair Value, Amount [Roll Forward] | |||
Servicing rights, beginning of period | $ 7,510 | $ 7,740 | $ 5,752 |
Additions: | |||
Acquired servicing rights | 0 | 419 | |
Acquired servicing rights | (354) | ||
Originated servicing rights capitalized upon sale of loans | 1,835 | 2,573 | 2,737 |
Subtractions: | |||
Disposals | (1,258) | (810) | (621) |
Changes in fair value: | |||
Due to change in valuation inputs or assumptions used in the valuation model | (1,293) | (1,639) | (547) |
Servicing rights, end of period | $ 6,794 | $ 7,510 | $ 7,740 |
Servicing Assets and Liabilit_4
Servicing Assets and Liabilities - Key characteristics, inputs, and economic assumptions for SBA/USDA loans and related sensitivity (Details) - SBA/USDA - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Servicing Assets at Fair Value [Line Items] | ||||
Fair value of retained servicing assets | $ 6,794 | $ 7,510 | $ 7,740 | $ 5,752 |
Prepayment rate assumption (percent) | 16.50% | 12.10% | ||
10% adverse change | $ (352) | $ (267) | ||
20% adverse change | $ (671) | $ (515) | ||
Discount rate (percent) | 12.30% | 14.50% | ||
100 bps adverse change | $ (184) | $ (196) | ||
200 bps adverse change | $ (358) | $ (381) | ||
Weighted-average life (years) | 3 years 10 months 24 days | 5 years | ||
Weighted-average gross margin (percent) | 1.90% | 1.90% |
Servicing Assets and Liabilit_5
Servicing Assets and Liabilities - Changes in residential mortgage loans servicing rights (Details) - Residential mortgage servicing rights - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Servicing Asset at Fair Value, Amount [Roll Forward] | |||
Servicing rights, beginning of period | $ 11,877 | $ 8,262 | $ 4,372 |
Additions: | |||
Originated servicing rights capitalized upon sale of loans | 5,783 | 4,587 | 3,602 |
Subtractions: | |||
Disposals | (1,098) | (537) | (328) |
Changes in fair value: | |||
Initial election to carry at fair value on January 1, 2017 | 698 | ||
Due to change in inputs or assumptions used in the valuation | (2,997) | (435) | (82) |
Servicing rights, end of period | $ 13,565 | $ 11,877 | $ 8,262 |
Servicing Assets and Liabilit_6
Servicing Assets and Liabilities - Key characteristics, inputs, and economic assumptions for residential mortgage loans and related sensitivity (Details) - Residential mortgage servicing rights - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Servicing Assets at Fair Value [Line Items] | ||||
Fair value of retained servicing assets | $ 13,565 | $ 11,877 | $ 8,262 | $ 4,372 |
Prepayment rate assumption (percent) | 14.10% | 10.60% | ||
10% adverse change | $ (662) | $ (466) | ||
20% adverse change | $ (1,270) | $ (898) | ||
Discount rate (percent) | 10.00% | 10.00% | ||
100 bps adverse change | $ (467) | $ (448) | ||
200 bps adverse change | $ (900) | $ (863) |
Servicing Assets and Liabilit_7
Servicing Assets and Liabilities - Narrative (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Schedule Of Servicing Asset [Line Items] | |||
Servicing liability | $ 363 | $ 207 | |
SBA/USDA | |||
Schedule Of Servicing Asset [Line Items] | |||
Servicing of asset for others, amount not included in balance sheet | 411,000 | 386,000 | |
Contractually specified servicing fees earned by United on servicing rights | 3,820 | 3,440 | $ 2,600 |
Residential mortgage servicing rights | |||
Schedule Of Servicing Asset [Line Items] | |||
Servicing of asset for others, amount not included in balance sheet | 1,600,000 | 1,210,000 | |
Contractually specified servicing fees earned by United on servicing rights | 3,670 | 2,370 | $ 1,720 |
Equipment financing loans | |||
Schedule Of Servicing Asset [Line Items] | |||
Servicing of asset for others, amount not included in balance sheet | $ 42,400 | $ 28,400 |
Deposits - Contractual maturiti
Deposits - Contractual maturities of time deposits (Details) $ in Thousands | Dec. 31, 2019USD ($) |
Deposits [Abstract] | |
2020 | $ 1,639,355 |
2021 | 187,367 |
2022 | 41,402 |
2023 | 12,451 |
2024 | 8,064 |
thereafter | 56,444 |
Total time deposits | $ 1,945,083 |
Deposits - Narrative (Details)
Deposits - Narrative (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Deposits [Abstract] | ||
Time deposits (excluding brokered time deposits) that met or exceeded FDIC insurance limit | $ 367 | $ 262 |
Brokered deposits, certificates of deposit | 85.5 | 544 |
Daily average balance of brokered deposits | $ 241 | $ 347 |
Federal Home Loan Bank Advanc_2
Federal Home Loan Bank Advances - Narrative (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Advances from Federal Home Loan Banks [Abstract] | ||
Federal Home Loan Bank advances | $ 0 | $ 160,000 |
Federal Home Loan Bank advances, weighted average interest rate (percent) | 2.52% |
Long-term Debt - Schedule of lo
Long-term Debt - Schedule of long-term debt (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Debt Instrument [Line Items] | ||
Less discount | $ (8,588) | $ (9,309) |
Long-term debt | 212,664 | 267,189 |
Securitized notes payable | ||
Debt Instrument [Line Items] | ||
Long-term debt, gross | 0 | 54,996 |
Securitized notes payable | NER 16-1 Class A-2 notes | ||
Debt Instrument [Line Items] | ||
Long-term debt, gross | $ 0 | 19,975 |
Issue Date | 2016 | |
Stated Maturity Date | 2021 | |
Interest Rate (percent) | 2.20% | |
Securitized notes payable | NER 16-1 Class B notes | ||
Debt Instrument [Line Items] | ||
Long-term debt, gross | $ 0 | 25,489 |
Issue Date | 2016 | |
Stated Maturity Date | 2021 | |
Interest Rate (percent) | 3.22% | |
Securitized notes payable | NER 16-1 Class C notes | ||
Debt Instrument [Line Items] | ||
Long-term debt, gross | $ 0 | 6,319 |
Issue Date | 2016 | |
Stated Maturity Date | 2021 | |
Interest Rate (percent) | 5.05% | |
Securitized notes payable | NER 16-1 Class D notes | ||
Debt Instrument [Line Items] | ||
Long-term debt, gross | $ 0 | 3,213 |
Issue Date | 2016 | |
Stated Maturity Date | 2023 | |
Interest Rate (percent) | 7.87% | |
Senior debentures | ||
Debt Instrument [Line Items] | ||
Long-term debt, gross | $ 85,000 | 85,000 |
Senior debentures | 2022 senior debentures | ||
Debt Instrument [Line Items] | ||
Long-term debt, gross | $ 50,000 | 50,000 |
Issue Date | 2015 | |
Stated Maturity Date | 2022 | |
Earliest Call Date | 2020 | |
Interest Rate (percent) | 5.00% | |
Variable rate basis | 3-month LIBOR | |
Senior debentures | 2022 senior debentures | LIBOR | ||
Debt Instrument [Line Items] | ||
Basis spread on variable rate (percent) | 3.814% | |
Senior debentures | 2027 senior debentures | ||
Debt Instrument [Line Items] | ||
Long-term debt, gross | $ 35,000 | 35,000 |
Issue Date | 2015 | |
Stated Maturity Date | 2027 | |
Earliest Call Date | 2025 | |
Interest Rate (percent) | 5.50% | |
Variable rate basis | 3-month LIBOR | |
Senior debentures | 2027 senior debentures | LIBOR | ||
Debt Instrument [Line Items] | ||
Basis spread on variable rate (percent) | 3.71% | |
Subordinated debentures | ||
Debt Instrument [Line Items] | ||
Long-term debt, gross | $ 111,250 | 111,500 |
Subordinated debentures | 2028 subordinated debentures | ||
Debt Instrument [Line Items] | ||
Long-term debt, gross | $ 100,000 | 100,000 |
Issue Date | 2018 | |
Stated Maturity Date | 2028 | |
Earliest Call Date | 2023 | |
Interest Rate (percent) | 4.50% | |
Variable rate basis | 3-month LIBOR | |
Subordinated debentures | 2028 subordinated debentures | LIBOR | ||
Debt Instrument [Line Items] | ||
Basis spread on variable rate (percent) | 2.12% | |
Subordinated debentures | 2025 subordinated debentures | ||
Debt Instrument [Line Items] | ||
Long-term debt, gross | $ 11,250 | 11,500 |
Issue Date | 2015 | |
Stated Maturity Date | 2025 | |
Earliest Call Date | 2020 | |
Interest Rate (percent) | 6.25% | |
Trust preferred securities | ||
Debt Instrument [Line Items] | ||
Long-term debt, gross | $ 25,002 | 25,002 |
Trust preferred securities | Southern Bancorp Capital Trust I | ||
Debt Instrument [Line Items] | ||
Long-term debt, gross | $ 4,382 | 4,382 |
Issue Date | 2004 | |
Stated Maturity Date | 2034 | |
Earliest Call Date | 2009 | |
Variable rate basis | Prime | |
Trust preferred securities | Southern Bancorp Capital Trust I | Prime Rate | ||
Debt Instrument [Line Items] | ||
Basis spread on variable rate (percent) | 1.00% | |
Trust preferred securities | Tidelands Statutory Trust I | ||
Debt Instrument [Line Items] | ||
Long-term debt, gross | $ 8,248 | 8,248 |
Issue Date | 2006 | |
Stated Maturity Date | 2036 | |
Earliest Call Date | 2011 | |
Variable rate basis | 3-month LIBOR | |
Trust preferred securities | Tidelands Statutory Trust I | LIBOR | ||
Debt Instrument [Line Items] | ||
Basis spread on variable rate (percent) | 1.38% | |
Trust preferred securities | Four Oaks Statutory Trust I | ||
Debt Instrument [Line Items] | ||
Long-term debt, gross | $ 12,372 | $ 12,372 |
Issue Date | 2006 | |
Stated Maturity Date | 2036 | |
Earliest Call Date | 2011 | |
Variable rate basis | 3-month LIBOR | |
Trust preferred securities | Four Oaks Statutory Trust I | LIBOR | ||
Debt Instrument [Line Items] | ||
Basis spread on variable rate (percent) | 1.35% |
Long-term Debt - Narrative (Det
Long-term Debt - Narrative (Details) - USD ($) | 1 Months Ended | 12 Months Ended |
Jan. 31, 2018 | Dec. 31, 2019 | |
Senior debentures | 2022 senior debentures | ||
Debt Instrument [Line Items] | ||
Earliest redemption date | Aug. 14, 2020 | |
Redemption price (percent) | 100.00% | |
Maturity date | Feb. 14, 2022 | |
Senior debentures | 2027 senior debentures | ||
Debt Instrument [Line Items] | ||
Earliest redemption date | Aug. 14, 2025 | |
Redemption price (percent) | 100.00% | |
Maturity date | Feb. 14, 2027 | |
Subordinated debentures | 2025 subordinated debentures | ||
Debt Instrument [Line Items] | ||
Maturity date | Nov. 30, 2025 | |
Earliest date allowed for prepayment | Nov. 30, 2020 | |
Aggregate principal amount | $ 11,500,000 | |
Subordinated debentures | 2028 subordinated debentures | ||
Debt Instrument [Line Items] | ||
Maturity date | Jan. 30, 2028 | |
Aggregate principal amount | $ 100,000,000 |
Operating Leases - Narrative (D
Operating Leases - Narrative (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2019 | |
Leases [Abstract] | |||
Right-of-use asset | $ 19,900 | ||
Lease liability | $ 22,039 | ||
Operating lease, weighted average remaining lease term (in years) | 5 years 3 months 29 days | ||
Operating lease, weighted average discount rate (percent) | 2.79% | ||
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 | ||
Rent expense in accordance with ASC 840 | $ 4,700 | $ 4,320 |
Operating Leases - Operating le
Operating Leases - Operating lease income and expense and other supplemental information (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2019USD ($) | |
Operating Lease Income and Expense | |
Operating lease cost | $ 5,067 |
Variable lease cost | 449 |
Short-term lease cost | 136 |
Total lease cost | 5,652 |
Sublease income and rental income from owned properties under operating leases | $ 1,160 |
Operating Leases - Future minim
Operating Leases - Future minimum lease payments (Details) $ in Thousands | Dec. 31, 2019USD ($) |
Future Minimum Lease Payments | |
2020 | $ 4,939 |
2021 | 5,124 |
2022 | 4,694 |
2023 | 3,992 |
2024 | 1,728 |
Thereafter | 3,364 |
Total | 23,841 |
Less discount | (1,802) |
Present value of lease liability | $ 22,039 |
Reclassifications Out of Accu_3
Reclassifications Out of Accumulated Other Comprehensive Income - Summary of reclassifications (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||
Securities (losses) gains, net | $ (1,021) | $ (656) | $ 42 |
Investment securities interest revenue | 552,706 | 500,080 | 389,720 |
Other expense | (15,092) | (17,194) | (12,962) |
Deposit interest expense | (66,856) | (39,543) | (17,062) |
Federal Home Loan Bank advances interest expense | (2,697) | (6,345) | (6,095) |
Salaries and employee benefits expense | (196,440) | (181,015) | (153,098) |
Merger-related and other charges | (6,907) | (5,414) | (13,901) |
Income tax benefit (expense) | (52,991) | (49,815) | (105,013) |
Net of tax | 184,346 | 164,927 | 67,250 |
Reclassifications Out of Accumulated Other Comprehensive Income | |||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||
Net of tax | (2,997) | (2,113) | (4,962) |
Reclassifications Out of Accumulated Other Comprehensive Income | Realized gains (losses) on available-for-sale securities | |||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||
Securities (losses) gains, net | (1,021) | (656) | 42 |
Income tax benefit (expense) | 247 | 132 | (14) |
Net of tax | (774) | (524) | 28 |
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 | (383) | (739) | (1,069) |
Income tax benefit (expense) | 92 | 180 | 401 |
Net of tax | (291) | (559) | (668) |
Reclassifications Out of Accumulated Other Comprehensive Income | Amounts included in net income on derivative financial instruments accounted for as cash flow hedges | |||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||
Other expense | (235) | 0 | 0 |
Deposit interest expense | (102) | (499) | (599) |
Federal Home Loan Bank advances interest expense | 0 | 0 | (292) |
Total before tax | (337) | (499) | (891) |
Income tax benefit (expense) | 86 | 129 | 346 |
Net of tax | (251) | (370) | (545) |
Reclassifications Out of Accumulated Other Comprehensive Income | Reclassification of disproportionate tax effect related to terminated cash flow hedges | |||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||
Income tax benefit (expense) | 0 | 0 | (3,289) |
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 | (640) | (666) | (560) |
Reclassifications Out of Accumulated Other Comprehensive Income | Actuarial losses | |||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||
Other expense | (59) | (241) | 0 |
Salaries and employee benefits expense | 0 | 0 | (238) |
Reclassifications Out of Accumulated Other Comprehensive Income | Termination of funded plan | |||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||
Merger-related and other charges | (1,558) | 0 | 0 |
Reclassifications Out of Accumulated Other Comprehensive Income | Reclassifications related to defined benefit pension plan activity | |||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||
Total before tax | (2,257) | (907) | (798) |
Income tax benefit (expense) | 576 | 247 | 310 |
Net of tax | $ (1,681) | $ (660) | $ (488) |
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 | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Computation of basic and diluted loss per share | |||
Net income | $ 185,721 | $ 166,111 | $ 67,821 |
Dividends and undistributed earnings allocated to unvested shares | (1,375) | (1,184) | (571) |
Net income available to common shareholders | $ 184,346 | $ 164,927 | $ 67,250 |
Income per common share: | |||
Basic (in dollars per share) | $ 2.31 | $ 2.07 | $ 0.92 |
Diluted (in dollars per share) | $ 2.31 | $ 2.07 | $ 0.92 |
Weighted average common shares: | |||
Basic (in shares) | 79,700 | 79,662 | 73,247 |
Effect of dilutive securities: | |||
Diluted (in shares) | 79,708 | 79,671 | 73,259 |
Stock options | |||
Effect of dilutive securities: | |||
Dilutive securities (in shares) | 1 | 7 | 12 |
Restricted stock units | |||
Effect of dilutive securities: | |||
Dilutive securities (in shares) | 7 | 2 | 0 |
Earnings Per Share - Narrative
Earnings Per Share - Narrative (Details) - $ / shares | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Class of Stock [Line Items] | |||
Exercise of price warrants (in dollars per share) | $ 61.40 | ||
Warrant | |||
Class of Stock [Line Items] | |||
Antidilutive securities excluded from computation (in shares) | 219,909 | ||
Stock options | |||
Class of Stock [Line Items] | |||
Antidilutive securities excluded from computation (in shares) | 1,000 | 32,316 | 60,287 |
Weighted average exercise price of stock options (in dollars per share) | $ 30.45 | ||
Restricted stock units | |||
Class of Stock [Line Items] | |||
Antidilutive securities excluded from computation (in shares) | 183,168 | 663,817 |
Income Taxes - Income tax expen
Income Taxes - Income tax expense (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Income Tax Disclosure [Abstract] | |||
Current | $ 38,082 | $ 17,185 | $ 5,451 |
Deferred | 14,909 | 32,630 | 60,951 |
Increase in valuation allowance | 0 | 0 | 413 |
Expense due to enactment of federal tax reform | 0 | 0 | 38,198 |
Total income tax expense | $ 52,991 | $ 49,815 | $ 105,013 |
Income Taxes - Differences betw
Income Taxes - Differences between provision for income taxes and amount computed as statutory rate (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Differences between the provision for income taxes and statutory federal income tax rate | |||
Pretax income at statutory rates | $ 50,130 | $ 45,344 | $ 60,492 |
Add (deduct): | |||
State taxes, net of federal benefit | 7,168 | 6,765 | 4,139 |
Bank owned life insurance earnings | (1,127) | (747) | (1,141) |
Adjustment to reserve for uncertain tax positions | 84 | 80 | 59 |
Tax-exempt interest revenue | (1,827) | (1,229) | (1,199) |
Equity compensation | (375) | (892) | (799) |
Transaction costs | 16 | 78 | 408 |
Tax credit investments | (464) | (29) | (89) |
Change in state statutory tax rate | 0 | 583 | 81 |
Increase in valuation allowance | 0 | 0 | 413 |
Release of disproportionate tax effects related to de-designated cash flow hedges | 0 | 0 | 3,400 |
Expense due to enactment of federal tax reform | 0 | 0 | 38,198 |
Other | (614) | (138) | 1,051 |
Total income tax expense | $ 52,991 | $ 49,815 | $ 105,013 |
Income Taxes - Deferred taxes (
Income Taxes - Deferred taxes (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Deferred tax assets: | ||
Allowance for loan losses | $ 14,910 | $ 14,604 |
Net operating loss carryforwards | 27,568 | 39,204 |
Deferred compensation | 9,363 | 8,535 |
Loan purchase accounting adjustments | 6,599 | 8,658 |
Reserve for losses on foreclosed properties | 20 | 61 |
Nonqualified share based compensation | 2,041 | 1,190 |
Accrued expenses | 3,958 | 3,536 |
Investment in partnerships | 67 | 426 |
Unamortized pension actuarial losses and prior service cost | 1,739 | 1,606 |
Unrealized losses on securities available-for-sale | 0 | 8,092 |
Unrealized losses on cash flow hedges | 0 | 86 |
Lease liability | 5,327 | 0 |
Other | 2,038 | 1,235 |
Total deferred tax assets | 73,630 | 87,233 |
Deferred tax liabilities: | ||
Unrealized gains on securities available-for-sale | 7,943 | 0 |
Acquired intangible assets | 2,530 | 2,772 |
Premises and equipment | 3,002 | 1,291 |
Loan origination costs | 3,538 | 3,734 |
True tax leases | 7,783 | 6,020 |
Prepaid expenses | 373 | 398 |
Servicing assets | 4,428 | 2,862 |
Derivatives | 1,075 | 525 |
Right-of-use asset | 4,809 | 0 |
Uncertain tax positions | 1,792 | 2,036 |
Total deferred tax liabilities | 37,273 | 19,638 |
Less valuation allowance | 2,298 | 3,371 |
Net deferred tax asset | $ 34,059 | $ 64,224 |
Income Taxes - Reconciliation o
Income Taxes - Reconciliation of unrecognized tax benefits (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Reconciliation of the beginning and ending unrecognized tax benefit | |||
Balance at beginning of year | $ 3,264 | $ 3,163 | $ 3,892 |
Additions based on tax positions related to the current year | 481 | 470 | 441 |
Decreases resulting from a lapse in the applicable statute of limitations | (375) | (369) | (351) |
Remeasurement due to enactment of federal tax reform | 0 | 0 | (819) |
Balance at end of year | $ 3,370 | $ 3,264 | $ 3,163 |
Income Taxes - Narrative (Detai
Income Taxes - Narrative (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Tax Credit Carryforward [Line Items] | |||
Provisional income tax expense for impact of remeasurement of deferred tax asset | $ 38,200,000 | ||
Increase in deferred tax asset due to merger and acquisition | $ 203,000 | ||
Valuation allowance | 2,298,000 | $ 3,371,000 | |
Net deferred tax asset | 34,059,000 | 64,224,000 | |
Tax benefit related to uncertain tax positions that increases income from continuing operations | 2,920,000 | ||
Penalties and interest related to income taxes | 0 | 0 | $ 0 |
Accrued penalties and interest | 0 | $ 0 | |
Begin to expire in 2021 | State | |||
Tax Credit Carryforward [Line Items] | |||
Net operating loss carryforwards | 10,500,000 | ||
Begin to expire in 2027 | Federal | |||
Tax Credit Carryforward [Line Items] | |||
Net operating loss carryforwards | 74,600,000 | ||
Begin to expire in 2027 | State | |||
Tax Credit Carryforward [Line Items] | |||
Net operating loss carryforwards | 3,710,000 | ||
Begin to expire in 2031 | State | |||
Tax Credit Carryforward [Line Items] | |||
Net operating loss carryforwards | 197,000,000 | ||
Begin to expire in 2025 | State | |||
Tax Credit Carryforward [Line Items] | |||
State tax credits | $ 4,330,000 |
Pension and Employee Benefit _3
Pension and Employee Benefit Plans - Weighted-average assumptions to determine pension benefit obligation (Details) | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Modified Retirement Plan | Unfunded Plan | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Discount rate for disclosures (percent) | 3.25% | 4.40% |
Discount rate for net periodic benefit cost (percent) | 4.40% | 3.75% |
Funded Plan | Funded Plan | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Discount rate for net periodic benefit cost (percent) | 3.75% | |
Expected long-term rate of return (percent) | 4.00% |
Pension and Employee Benefit _4
Pension and Employee Benefit Plans - Changes in obligations and plan assets (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Change in plan assets, at fair value | |||
Beginning plan assets | $ 12,595 | ||
Plan assets - end of year | $ 12,595 | ||
Modified Retirement Plan | Unfunded Plan | |||
Accumulated benefit obligation: | |||
Accumulated benefit obligation - beginning of year | 21,736 | 21,705 | |
Service cost | 392 | 363 | $ 551 |
Interest cost | 931 | 801 | 778 |
Plan amendments | 386 | 412 | |
Actuarial (gains) losses | 2,390 | (949) | |
Benefits paid | (730) | (596) | |
Accumulated benefit obligation - end of year | 25,105 | 21,736 | 21,705 |
Change in plan assets, at fair value | |||
Beginning plan assets | 0 | 0 | |
Actual return | 0 | 0 | |
Employer contribution | 730 | 596 | |
Benefits paid | (730) | (596) | |
Plan assets - end of year | 0 | 0 | 0 |
Funded status - end of year (plan assets less benefit obligations) | (25,105) | (21,736) | |
Funded Plan | Funded Plan | |||
Accumulated benefit obligation: | |||
Accumulated benefit obligation - beginning of year | 16,011 | 17,700 | |
Service cost | 0 | 0 | 0 |
Interest cost | 166 | 647 | 738 |
Plan amendments | 0 | 0 | |
Actuarial (gains) losses | 1,489 | (839) | |
Benefits paid | (17,666) | (1,497) | |
Accumulated benefit obligation - end of year | 0 | 16,011 | 17,700 |
Change in plan assets, at fair value | |||
Beginning plan assets | 12,595 | 14,308 | |
Actual return | 173 | (216) | |
Employer contribution | 4,898 | 0 | |
Benefits paid | (17,666) | (1,497) | |
Plan assets - end of year | 0 | 12,595 | $ 14,308 |
Funded status - end of year (plan assets less benefit obligations) | $ 0 | $ (3,416) |
Pension and Employee Benefit _5
Pension and Employee Benefit Plans - Components of net periodic benefit cost (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Modified Retirement Plan | Unfunded Plan | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Service cost | $ 392 | $ 363 | $ 551 |
Interest cost | 931 | 801 | 778 |
Expected return on plan assets | 0 | 0 | 0 |
Amortization of prior service cost | 635 | 666 | 560 |
Amortization of net losses | 59 | 241 | 238 |
Net periodic benefit cost | 2,017 | 2,071 | 2,127 |
Funded Plan | Funded Plan | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Service cost | 0 | 0 | 0 |
Interest cost | 166 | 647 | 738 |
Expected return on plan assets | (106) | (551) | (630) |
Amortization of prior service cost | 0 | 0 | 0 |
Amortization of net losses | 0 | 0 | 0 |
Net periodic benefit cost | $ 60 | $ 96 | $ 108 |
Pension and Employee Benefit _6
Pension and Employee Benefit Plans - Estimated future benefit payments expected to be paid (Details) - Modified Retirement Plan - Unfunded Plan $ in Thousands | Dec. 31, 2019USD ($) |
Defined Benefit Plan Disclosure [Line Items] | |
2020 | $ 1,301 |
2021 | 1,176 |
2022 | 1,170 |
2023 | 1,164 |
2024 | 1,156 |
2025-2029 | $ 7,133 |
Pension and Employee Benefit _7
Pension and Employee Benefit Plans - Fair value of Funded Plan assets by major category (Details) $ in Thousands | Dec. 31, 2018USD ($) |
Defined Benefit Plan Disclosure [Line Items] | |
Total plan assets | $ 12,595 |
Money market fund | |
Defined Benefit Plan Disclosure [Line Items] | |
Total plan assets | 1,033 |
Mutual funds | |
Defined Benefit Plan Disclosure [Line Items] | |
Total plan assets | 4,881 |
Corporate stocks | |
Defined Benefit Plan Disclosure [Line Items] | |
Total plan assets | 4,465 |
Exchange traded funds | |
Defined Benefit Plan Disclosure [Line Items] | |
Total plan assets | 2,216 |
Level 1 | |
Defined Benefit Plan Disclosure [Line Items] | |
Total plan assets | 11,562 |
Level 1 | Money market fund | |
Defined Benefit Plan Disclosure [Line Items] | |
Total plan assets | 0 |
Level 1 | Mutual funds | |
Defined Benefit Plan Disclosure [Line Items] | |
Total plan assets | 4,881 |
Level 1 | Corporate stocks | |
Defined Benefit Plan Disclosure [Line Items] | |
Total plan assets | 4,465 |
Level 1 | Exchange traded funds | |
Defined Benefit Plan Disclosure [Line Items] | |
Total plan assets | 2,216 |
Level 2 | |
Defined Benefit Plan Disclosure [Line Items] | |
Total plan assets | 1,033 |
Level 2 | Money market fund | |
Defined Benefit Plan Disclosure [Line Items] | |
Total plan assets | 1,033 |
Level 2 | Mutual funds | |
Defined Benefit Plan Disclosure [Line Items] | |
Total plan assets | 0 |
Level 2 | Corporate stocks | |
Defined Benefit Plan Disclosure [Line Items] | |
Total plan assets | 0 |
Level 2 | Exchange traded funds | |
Defined Benefit Plan Disclosure [Line Items] | |
Total plan assets | 0 |
Level 3 | |
Defined Benefit Plan Disclosure [Line Items] | |
Total plan assets | 0 |
Level 3 | Money market fund | |
Defined Benefit Plan Disclosure [Line Items] | |
Total plan assets | 0 |
Level 3 | Mutual funds | |
Defined Benefit Plan Disclosure [Line Items] | |
Total plan assets | 0 |
Level 3 | Corporate stocks | |
Defined Benefit Plan Disclosure [Line Items] | |
Total plan assets | 0 |
Level 3 | Exchange traded funds | |
Defined Benefit Plan Disclosure [Line Items] | |
Total plan assets | $ 0 |
Pension and Employee Benefit _8
Pension and Employee Benefit Plans - Narrative (Details) - USD ($) | 3 Months Ended | 12 Months Ended | 23 Months Ended | ||
Sep. 30, 2019 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Feb. 28, 2018 | |
Defined Benefit Plan Disclosure [Line Items] | |||||
Employer match of employee contributions (percent) | 100.00% | 70.00% | |||
Employer matching contribution maximum percent of employee's eligible compensation (percent) | 5.00% | 5.00% | |||
Duration of service period to receive matching contribution | 1 year | ||||
Vesting period of benefits | 3 years | ||||
Compensation expense related to 401(k) Plan | $ 5,300,000 | $ 4,730,000 | $ 2,660,000 | ||
Unrecognized losses previously in accumulated other income (loss) recognized upon fund liquidation | 1,558,000 | 0 | 0 | ||
Executive officers, certain key employees, and Board Of Directors | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Matching contributions to deferred compensation plan | 162,000 | 119,000 | 35,000 | ||
Discretionary contributions to deferred compensation plan | 0 | 0 | $ 0 | ||
Funded Plan | Defined benefit plan | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
United contributions to the plan | $ 4,900,000 | ||||
Unrecognized losses previously in accumulated other income (loss) recognized upon fund liquidation | 1,560,000 | ||||
Pension plan settlement expense | 1,380,000 | ||||
Total settlement loss upon plan termination | 2,940,000 | ||||
Modified Retirement Plan | Unfunded Plan | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
United contributions to the plan | 730,000 | 596,000 | |||
Estimated net loss to be amortized in next fiscal year | 326,000 | ||||
Estimated prior service costs to be amortized in next fiscal year | 531,000 | ||||
Funded Plan | Funded Plan | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
United contributions to the plan | $ 4,898,000 | $ 0 | |||
Discount rate for disclosures, retirees (percent) | 3.60% | ||||
Discount rate for disclosures, nonretirees, years 1 through 5 (percent) | 3.33% | ||||
Discount rate for disclosures, nonretirees, next 15 years (percent) | 4.39% | ||||
Discount rate assessment, nonretirees, next 15 years, period | 15 years | ||||
Discount rate for disclosures, nonretirees, beyond 20 years (percent) | 4.72% | ||||
Maximum | Funded Plan | Funded Plan | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Discount rate assessment, nonretirees, years 1 through 5, period | 5 years | ||||
Minimum | Funded Plan | Funded Plan | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Discount rate assessment, nonretirees, beyond 20 years period | 20 years |
Derivatives and Hedging Activ_3
Derivatives and Hedging Activities - Derivatives designated as hedge instruments (Details) - Designated as hedging instruments - Fair value hedge - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Derivatives, Fair Value [Line Items] | ||
Derivative instrument hedges liabilities fair value | $ 880 | $ 1,682 |
Derivative liabilities | Brokered CD's | ||
Derivatives, Fair Value [Line Items] | ||
Derivative instrument hedges liabilities fair value | $ 880 | $ 1,682 |
Derivatives and Hedging Activ_4
Derivatives and Hedging Activities - Derivatives not designated as hedging instruments (Details) - Not designated as hedging instruments - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Derivatives, Fair Value [Line Items] | ||
Interest rate derivative instruments not designated as hedging instruments, assets at fair value | $ 35,007 | $ 24,705 |
Interest rate derivative instruments not designated as hedging instruments, liabilities at fair value | 14,636 | 24,751 |
Derivative assets | Customer derivative positions | ||
Derivatives, Fair Value [Line Items] | ||
Interest rate derivative instruments not designated as hedging instruments, assets at fair value | 27,277 | 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 | 394 | 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 | 1,970 | 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 | 98 | 28 |
Derivative assets | Bifurcated embedded derivatives | ||
Derivatives, Fair Value [Line Items] | ||
Interest rate derivative instruments not designated as hedging instruments, assets at fair value | 5,268 | 10,651 |
Derivative liabilities | Customer derivative positions | ||
Derivatives, Fair Value [Line Items] | ||
Interest rate derivative instruments not designated as hedging instruments, liabilities at fair value | 446 | 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 | 6,425 | 781 |
Derivative liabilities | Risk participations | ||
Derivatives, Fair Value [Line Items] | ||
Interest rate derivative instruments not designated as hedging instruments, liabilities at fair value | 12 | 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 | 86 | 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 | 7,667 | 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 - Effect of derivatives in fair value hedging relationships (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Derivative Instruments [Line Items] | |||
Interest expense - deposits | $ 66,856 | $ 39,543 | $ 17,062 |
Interest revenue - taxable investment securities | 69,920 | 73,496 | 70,172 |
Other noninterest income | 28,775 | 24,142 | 16,477 |
Fair value hedge | Interest expense - deposits | |||
Gains (losses) on fair value hedging relationships: | |||
Amounts related to interest settlements on derivatives | (327) | (245) | 160 |
Recognized on derivatives | 733 | (220) | (657) |
Recognized on hedged items | (766) | (145) | 371 |
Net income (expense) recognized on fair value hedges | $ (360) | (610) | (126) |
Fair value hedge | Interest revenue - taxable investment securities | |||
Gains (losses) on fair value hedging relationships: | |||
Amounts related to interest settlements on derivatives | 17 | (302) | |
Recognized on derivatives | 0 | 72 | |
Recognized on hedged items | 0 | (265) | |
Net income (expense) recognized on fair value hedges | 17 | $ (495) | |
Fair value hedge | Other noninterest income | |||
Gains (losses) on fair value hedging relationships: | |||
Amounts related to interest settlements on derivatives | 0 | ||
Recognized on derivatives | 356 | ||
Recognized on hedged items | (447) | ||
Net income (expense) recognized on fair value hedges | $ (91) |
Derivatives and Hedging Activ_6
Derivatives and Hedging Activities - Carrying amount and hedge accounting basis adjustment (Details) - Fair value hedge - Interest rate swaps - Deposits - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Derivative [Line Items] | ||
Carrying amount of Assets (Liabilities) | $ (35,880) | $ (35,776) |
Hedge Accounting Basis Adjustment | $ 645 | $ 1,838 |
Derivatives and Hedging Activ_7
Derivatives and Hedging Activities - Gains and losses recognized on derivatives not designated as hedging instruments (Details) - Not designated as hedging instruments - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Derivative Instruments [Line Items] | |||
Total gains and losses | $ 1,097 | $ 4,413 | $ 2,364 |
Customer derivatives and dealer offsets | Other noninterest income | |||
Derivative Instruments [Line Items] | |||
Total gains and losses | 2,878 | 2,658 | 2,416 |
Bifurcated embedded derivatives and dealer offsets | Other noninterest income | |||
Derivative Instruments [Line Items] | |||
Total gains and losses | 212 | 307 | 429 |
Interest rate caps | Other noninterest income | |||
Derivative Instruments [Line Items] | |||
Total gains and losses | 0 | 501 | 252 |
De-designated hedges | Other noninterest income | |||
Derivative Instruments [Line Items] | |||
Total gains and losses | (193) | 31 | (62) |
Mortgage banking derivatives | Mortgage loan revenue | |||
Derivative Instruments [Line Items] | |||
Total gains and losses | (1,797) | 904 | (676) |
Risk participations | Other noninterest income | |||
Derivative Instruments [Line Items] | |||
Total gains and losses | $ (3) | $ 12 | $ 5 |
Derivatives and Hedging Activ_8
Derivatives and Hedging Activities - Narrative (Details) $ in Millions | Dec. 31, 2019USD ($)contract | Dec. 31, 2018USD ($)contract |
Derivative Instruments [Line Items] | ||
Collateral pledged toward derivatives | $ | $ 14.9 | |
Fair value hedge | Interest rate swaps | ||
Derivative Instruments [Line Items] | ||
Number of derivative contracts held | contract | 4 | 4 |
Aggregate notional amount | $ | $ 37.9 | $ 39 |
Not designated as hedging instrument, economic hedge | Interest rate swaps | ||
Derivative Instruments [Line Items] | ||
Number of derivative contracts held | contract | 3 |
Regulatory Matters - Regulatory
Regulatory Matters - Regulatory capital ratios and minimum amounts required (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Risk-based ratios: | ||
Common equity tier 1 capital, Minimum | 4.50% | |
Common equity tier 1 capital, Well Capitalized | 6.50% | |
Common equity tier 1 capital | 12.97% | 12.16% |
Tier 1 capital, Minimum | 6.00% | |
Tier 1 capital, Well Capitalized | 8.00% | |
Tier 1 capital | 13.21% | 12.42% |
Total capital, Minimum | 8.00% | |
Total capital, Well Capitalized | 10.00% | |
Total capital | 15.01% | 14.29% |
Tier 1 Leverage ratio, Minimum | 4.00% | |
Tier 1 Leverage ratio, Well Capitalized | 5.00% | |
Tier 1 Leverage ratio | 10.34% | 9.61% |
Common equity tier 1 capital | $ 1,275,148 | $ 1,148,355 |
Tier 1 capital | 1,299,398 | 1,172,605 |
Total capital | 1,476,302 | 1,348,843 |
Risk-weighted assets | 9,834,051 | 9,441,622 |
Average total assets | $ 12,568,563 | $ 12,207,986 |
United Community Bank | ||
Risk-based ratios: | ||
Common equity tier 1 capital | 14.87% | 12.91% |
Tier 1 capital | 14.87% | 12.91% |
Total capital | 15.54% | 13.60% |
Tier 1 Leverage ratio | 11.63% | 9.98% |
Common equity tier 1 capital | $ 1,458,720 | $ 1,216,449 |
Tier 1 capital | 1,458,720 | 1,216,449 |
Total capital | 1,524,267 | 1,281,062 |
Risk-weighted assets | 9,810,477 | 9,421,009 |
Average total assets | $ 12,545,254 | $ 12,183,341 |
Regulatory Matters - Narrative
Regulatory Matters - Narrative (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Broker-Dealer, Net Capital Requirement, SEC Regulation [Abstract] | ||
Dividends paid by Bank to the Holding Company | $ 0 | $ 162,000,000 |
Maximum percentage of credit to affiliate under federal reserve act | 10.00% | |
Maximum percentage of credit to all affiliates under federal reserve act | 20.00% |
Commitments and Contingencies -
Commitments and Contingencies - Contractual amount of off-balance sheet instruments (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Commitments to extend credit | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Financial instruments | $ 2,126,275 | $ 2,129,463 |
Letters of credit | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Financial instruments | $ 22,533 | $ 25,447 |
Commitments and Contingencies_2
Commitments and Contingencies - Narrative (Details) $ in Thousands | Dec. 31, 2019USD ($) |
Commitments and Contingencies Disclosure [Abstract] | |
Investment in limited partnerships | $ 34,800 |
Commitment for additional fund | $ 5,720 |
Common and Preferred Stock - Na
Common and Preferred Stock - Narrative (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Nov. 30, 2019 | |
Equity [Abstract] | |||
Stock repurchase plan authorization | $ 50,000,000 | ||
Number of shares repurchased under the program | 500,495 | 0 | |
Repurchase program remaining authorization | $ 50,000,000 | ||
Preferred stock authorized (in shares) | 10,000,000 | ||
Preferred stock outstanding (in shares) | 0 | 0 |
Equity Compensation and Relat_3
Equity Compensation and Related Plans - Restricted stock units and options outstanding activity (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Stock Option, Shares | |||
Exercised options (in shares) | (13,000) | (12,000) | |
Restricted Stock Units | |||
Restricted Stock Units, Shares | |||
Beginning balance, outstanding (in shares) | 759,746 | 663,817 | 690,970 |
Granted (in shares) | 315,827 | 416,484 | 270,339 |
Vested (in shares) | (216,138) | (290,013) | (284,662) |
Expired (in shares) | 0 | 0 | |
Cancelled (in shares) | (51,011) | (30,542) | (12,830) |
Ending balance, outstanding (in shares) | 808,424 | 759,746 | 663,817 |
Vested / Exercisable (in shares) | 0 | ||
Restricted Stock Units, Weighted Average Grant Date Fair Value | |||
Beginning balance, outstanding (in dollars per share) | $ 27.66 | $ 22.40 | $ 18.60 |
Granted (in dollars per share) | 26.74 | 30.54 | 26.50 |
Vested (in dollars per share) | 25.38 | 20.18 | 17.48 |
Expired (in dollars per share) | 0 | ||
Cancelled (in dollars per share) | 27.18 | 23.65 | 19.91 |
Ending balance, outstanding (in dollars per share) | 27.94 | $ 27.66 | $ 22.40 |
Vested / Exercisable (in dollars per share) | $ 0 | ||
Vested, Aggregate Intrinsic Value | $ 6,004 | ||
Outstanding, Aggregate Intrinsic Value | $ 24,964 | ||
Stock Options | |||
Stock Option, Shares | |||
Beginning balance, options outstanding (in shares) | 47,139 | 60,287 | 72,665 |
Granted options (in shares) | 0 | 0 | 0 |
Vested options (in shares) | 0 | ||
Exercised options (in shares) | (13,000) | (12,000) | |
Expired options (in shares) | (30,243) | (1,538) | |
Cancelled options (in shares) | (2,396) | (1,148) | (10,840) |
Ending balance, options outstanding (in shares) | 1,500 | 47,139 | 60,287 |
Vested / Exercisable, options (in shares) | 1,500 | ||
Stock Option, Weighted Average Exercise Price | |||
Beginning balance, options outstanding (in dollars per share) | $ 27.07 | $ 24.12 | $ 34.34 |
Granted options (in dollars per share) | 0 | 0 | 0 |
Vested options (in dollars per share) | 0 | ||
Exercised options (in dollars per shares) | 16.34 | 11.85 | |
Expired options (in dollars per share) | 31.43 | 147.60 | |
Cancelled options (in dollars per share) | 29.68 | 31.50 | 75.08 |
Ending balance, options outstanding (in dollars per share) | 27.95 | $ 27.07 | $ 24.12 |
Vested / Exercisable, options (in dollars per share) | $ 27.95 | ||
Outstanding, Weighted Average Remaining Term (Yrs.) | 3 months 7 days | ||
Exercisable, Weighted Average Remaining Term (Yrs.) | 3 months 7 days | ||
Outstanding, Aggregate Intrinsic Value | $ 4 | ||
Exercisable, Aggregate Intrinsic Value | $ 4 |
Equity Compensation and Relat_4
Equity Compensation and Related Plans - Summary of stock options (Details) | 12 Months Ended |
Dec. 31, 2019$ / sharesshares | |
Range 20.00 - 25.00 | |
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items] | |
Options Outstanding, Shares | shares | 500 |
Options Outstanding, Range Minimum | $ 20 |
Options Outstanding, Range Maximum | 25 |
Options Outstanding, Weighted Average Price | $ 22.95 |
Options Outstanding, Average Remaining Life | 2 months 19 days |
Options Exercisable, Shares | shares | 500 |
Options Exercisable, Weighted Average Price | $ 22.95 |
Range 30.01 - 30.45 | |
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items] | |
Options Outstanding, Shares | shares | 1,000 |
Options Outstanding, Range Minimum | $ 30.01 |
Options Outstanding, Range Maximum | 30.45 |
Options Outstanding, Weighted Average Price | $ 30.45 |
Options Outstanding, Average Remaining Life | 3 months 14 days |
Options Exercisable, Shares | shares | 1,000 |
Options Exercisable, Weighted Average Price | $ 30.45 |
Range 20.00 - 30.45 | |
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items] | |
Options Outstanding, Shares | shares | 1,500 |
Options Outstanding, Range Minimum | $ 20 |
Options Outstanding, Range Maximum | 30.45 |
Options Outstanding, Weighted Average Price | $ 27.95 |
Options Outstanding, Average Remaining Life | 3 months 7 days |
Options Exercisable, Shares | shares | 1,500 |
Options Exercisable, Weighted Average Price | $ 27.95 |
Equity Compensation and Relat_5
Equity Compensation and Related Plans - Narrative (Details) - USD ($) | 12 Months Ended | |||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Vesting period under plan | 4 years | |||
Maximum exercisable period | 10 years | |||
Additional awards granted under plan | 1,320,000 | |||
Deferred income tax benefit related to compensation expense for awards | $ 2,390,000 | $ 1,540,000 | $ 2,270,000 | |
Unrecognized compensation cost | $ 14,800,000 | |||
Weighted-average recognition period for unrecognized compensation costs | 2 years 6 months | |||
Shares issued in connection with DRIP (in shares) | 62,629 | 7,307 | 4,404 | |
Discount offered to employees under United has an Employee Stock Purchase Program (ESPP) to purchase shares of common stock | 10.00% | |||
Stock issued through Employee Stock Purchase Program (in shares) | 20,928 | 17,941 | 13,422 | |
Common stock issuable shares under deferred compensation plan (in shares) | 664,640 | 674,499 | ||
Stock Options | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Compensation expense | $ 0 | $ 18,000 | $ 28,000 | |
Restricted stock units | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Compensation expense | $ 8,980,000 | $ 5,690,000 | $ 5,510,000 | |
Units outstanding (in shares) | 808,424 | 759,746 | 663,817 | 690,970 |
Restricted stock units | Merger-related and other charges | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Compensation expense | $ 740,000 | |||
Accelerated compensation cost | 1,380,000 | $ 696,000 | ||
Restricted stock units | Salaries and employee benefits expense | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Compensation expense | 6,860,000 | 4,820,000 | ||
Restricted stock units | Other operating expenses | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Compensation expense | $ 379,000 | $ 338,000 | $ 287,000 | |
Performance-based Restricted Stock Units | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Units outstanding (in shares) | 96,910 |
Fair Value Measurements - Asset
Fair Value Measurements - Assets and liabilities measured at fair value on recurring basis (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Assets: | ||
Debt securities available-for-sale | $ 2,274,581 | $ 2,628,467 |
Mortgage loans held for sale | 58,500 | 18,900 |
Derivative financial instruments | 35,007 | 24,705 |
Liabilities, Fair Value Disclosure [Abstract] | ||
Derivative financial instruments | 15,516 | 26,433 |
U.S. Treasuries | ||
Assets: | ||
Debt securities available-for-sale | 154,618 | 149,307 |
U.S. Government agencies | ||
Assets: | ||
Debt securities available-for-sale | 3,035 | 25,553 |
State and political subdivisions | ||
Assets: | ||
Debt securities available-for-sale | 226,490 | 233,941 |
Residential mortgage-backed securities | ||
Assets: | ||
Debt securities available-for-sale | 1,299,025 | |
Commercial mortgage-backed securities | ||
Assets: | ||
Debt securities available-for-sale | 284,953 | |
Corporate bonds | ||
Assets: | ||
Debt securities available-for-sale | 203,091 | 199,163 |
Asset-backed securities | ||
Assets: | ||
Debt securities available-for-sale | 103,369 | 182,676 |
Recurring | ||
Assets: | ||
Mortgage loans held for sale | 58,484 | 18,935 |
Deferred compensation plan assets | 8,133 | 6,404 |
Servicing rights for SBA/USDA loans | 6,794 | 7,510 |
Residential mortgage servicing rights | 13,565 | 11,877 |
Derivative financial instruments | 35,007 | 24,705 |
Total assets | 2,398,537 | 2,698,974 |
Liabilities, Fair Value Disclosure [Abstract] | ||
Deferred compensation plan liability | 8,132 | 6,404 |
Derivative financial instruments | 15,516 | 26,433 |
Total liabilities | 23,648 | 32,837 |
Recurring | U.S. Treasuries | ||
Assets: | ||
Debt securities available-for-sale | 154,618 | 149,307 |
Recurring | U.S. Government agencies | ||
Assets: | ||
Debt securities available-for-sale | 3,035 | 25,553 |
Recurring | State and political subdivisions | ||
Assets: | ||
Debt securities available-for-sale | 226,490 | 233,941 |
Recurring | Residential mortgage-backed securities | ||
Assets: | ||
Debt securities available-for-sale | 1,299,025 | 1,445,910 |
Recurring | Commercial mortgage-backed securities | ||
Assets: | ||
Debt securities available-for-sale | 284,953 | 391,917 |
Recurring | Corporate bonds | ||
Assets: | ||
Debt securities available-for-sale | 203,091 | 199,163 |
Recurring | Asset-backed securities | ||
Assets: | ||
Debt securities available-for-sale | 103,369 | 182,676 |
Recurring | Equity securities with readily determinable fair values | ||
Assets: | ||
Debt securities available-for-sale | 1,973 | 1,076 |
Recurring | Level 1 | ||
Assets: | ||
Mortgage loans held for sale | 0 | 0 |
Deferred compensation plan assets | 8,133 | 6,404 |
Servicing rights for SBA/USDA loans | 0 | 0 |
Residential mortgage servicing rights | 0 | 0 |
Derivative financial instruments | 0 | 0 |
Total assets | 164,724 | 156,787 |
Liabilities, Fair Value Disclosure [Abstract] | ||
Deferred compensation plan liability | 8,132 | 6,404 |
Derivative financial instruments | 0 | 0 |
Total liabilities | 8,132 | 6,404 |
Recurring | Level 1 | U.S. Treasuries | ||
Assets: | ||
Debt securities available-for-sale | 154,618 | 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 determinable fair values | ||
Assets: | ||
Debt securities available-for-sale | 1,973 | 1,076 |
Recurring | Level 2 | ||
Assets: | ||
Mortgage loans held for sale | 58,484 | 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 | 27,769 | 12,864 |
Total assets | 2,205,218 | 2,509,964 |
Liabilities, Fair Value Disclosure [Abstract] | ||
Deferred compensation plan liability | 0 | 0 |
Derivative financial instruments | 6,957 | 10,701 |
Total liabilities | 6,957 | 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 | 3,035 | 25,553 |
Recurring | Level 2 | State and political subdivisions | ||
Assets: | ||
Debt securities available-for-sale | 226,490 | 233,941 |
Recurring | Level 2 | Residential mortgage-backed securities | ||
Assets: | ||
Debt securities available-for-sale | 1,299,025 | 1,445,910 |
Recurring | Level 2 | Commercial mortgage-backed securities | ||
Assets: | ||
Debt securities available-for-sale | 284,953 | 391,917 |
Recurring | Level 2 | Corporate bonds | ||
Assets: | ||
Debt securities available-for-sale | 202,093 | 198,168 |
Recurring | Level 2 | Asset-backed securities | ||
Assets: | ||
Debt securities available-for-sale | 103,369 | 182,676 |
Recurring | Level 2 | Equity securities with readily determinable 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 | 6,794 | 7,510 |
Residential mortgage servicing rights | 13,565 | 11,877 |
Derivative financial instruments | 7,238 | 11,841 |
Total assets | 28,595 | 32,223 |
Liabilities, Fair Value Disclosure [Abstract] | ||
Deferred compensation plan liability | 0 | 0 |
Derivative financial instruments | 8,559 | 15,732 |
Total liabilities | 8,559 | 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 | 998 | 995 |
Recurring | Level 3 | Asset-backed securities | ||
Assets: | ||
Debt securities available-for-sale | 0 | 0 |
Recurring | Level 3 | Equity securities with readily determinable fair values | ||
Assets: | ||
Debt securities available-for-sale | $ 0 | $ 0 |
Fair Value Measurements - Recon
Fair Value Measurements - Reconciliation for measurements at fair value on a recurring basis using significant unobservable inputs (Details) - Recurring - Level 3 - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Derivative Asset | |||
Reconciliation of Assets at Level 3 Measurement | |||
Balance at beginning of period | $ 11,841 | $ 12,207 | $ 11,777 |
Sales and settlements | (1,135) | (1,029) | (1,744) |
Other comprehensive income | 0 | 0 | 0 |
Amounts included in earnings - fair value adjustments | (3,468) | 663 | 2,174 |
Balance at end of period | 7,238 | 11,841 | 12,207 |
Debt Securities Available- for-Sale | |||
Reconciliation of Assets at Level 3 Measurement | |||
Balance at beginning of period | 995 | 900 | 675 |
Sales and settlements | 0 | 0 | 0 |
Other comprehensive income | 3 | 95 | 225 |
Amounts included in earnings - fair value adjustments | 0 | 0 | 0 |
Balance at end of period | 998 | 995 | 900 |
Derivative Liability | |||
Reconciliation of Liabilities at Level 3 Measurement | |||
Balance at beginning of period | 15,732 | 16,744 | 16,347 |
Sales and settlements | (2,330) | (1,347) | (2,423) |
Other comprehensive income | 0 | 0 | 0 |
Amounts included in earnings - fair value adjustments | (4,843) | 335 | 2,820 |
Balance at end of period | $ 8,559 | $ 15,732 | $ 16,744 |
Fair Value Measurements - Quant
Fair Value Measurements - Quantitative information about Level 3 measurements for fair value on a recurring basis (Details) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | |
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Debt securities available-for-sale | $ 2,274,581 | $ 2,628,467 |
Derivative assets | 35,007 | 24,705 |
Derivative liabilities | 15,516 | 26,433 |
Recurring | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets | 35,007 | 24,705 |
Derivative liabilities | 15,516 | 26,433 |
Recurring | Level 3 | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets | 7,238 | 11,841 |
Derivative liabilities | 8,559 | 15,732 |
Recurring | Level 3 | Corporate bonds | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Debt securities available-for-sale | $ 998 | 995 |
Valuation technique | Indicative bid provided by a broker | |
Recurring | Level 3 | Derivative assets - mortgage | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets | $ 1,970 | $ 1,190 |
Valuation technique | Internal model | |
Recurring | Level 3 | Derivative assets - mortgage | Pull Through Rate | Weighted Average | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets, measurement input | 0.836 | 0.807 |
Recurring | Level 3 | Derivative assets - other | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets | $ 5,268 | $ 10,651 |
Valuation technique | Dealer priced | |
Recurring | Level 3 | Derivative liabilities - risk participations | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative liabilities | $ 12 | $ 8 |
Valuation technique | Internal model | |
Recurring | Level 3 | Derivative liabilities - risk participations | Probable Exposure Rate | Weighted Average | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative liabilities, measurement input | 0.0036 | 0.0044 |
Recurring | Level 3 | Derivative liabilities - risk participations | Probability of Default Rate | Weighted Average | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative liabilities, measurement input | 0.0180 | 0.0180 |
Recurring | Level 3 | Derivative liabilities - other | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative liabilities | $ 8,547 | $ 15,724 |
Valuation technique | Dealer priced |
Fair Value Measurements - Ass_2
Fair Value Measurements - Assets and liabilities measured at fair value on nonrecurring basis (Details) - Nonrecurring - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Loans | $ 20,977 | $ 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 | $ 20,977 | $ 8,631 |
Fair Value Measurements - Fair
Fair Value Measurements - Fair values for other financial instruments that are not measured at fair value on recurring basis (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Assets: | ||
Debt securities held-to-maturity, fair value | $ 287,904 | $ 268,803 |
Carrying Amount | ||
Assets: | ||
Debt securities held-to-maturity, fair value | 283,533 | 274,407 |
Loans, net | 8,750,464 | 8,322,198 |
Liabilities: | ||
Deposits | 10,897,244 | 10,534,513 |
Federal Home Loan Bank advances | 160,000 | |
Long-term debt | 212,664 | 267,189 |
Fair Value | ||
Assets: | ||
Debt securities held-to-maturity, fair value | 287,904 | 268,803 |
Loans, net | 8,714,592 | 8,277,387 |
Liabilities: | ||
Deposits | 10,897,465 | 10,528,834 |
Federal Home Loan Bank advances | 159,988 | |
Long-term debt | 217,665 | 278,996 |
Fair Value | Level 1 | ||
Assets: | ||
Debt securities held-to-maturity, fair value | 0 | 0 |
Loans, net | 0 | 0 |
Liabilities: | ||
Deposits | 0 | 0 |
Federal Home Loan Bank advances | 0 | |
Long-term debt | 0 | 0 |
Fair Value | Level 2 | ||
Assets: | ||
Debt securities held-to-maturity, fair value | 287,904 | 268,803 |
Loans, net | 0 | 0 |
Liabilities: | ||
Deposits | 10,897,465 | 10,528,834 |
Federal Home Loan Bank advances | 159,988 | |
Long-term debt | 0 | 0 |
Fair Value | Level 3 | ||
Assets: | ||
Debt securities held-to-maturity, fair value | 0 | 0 |
Loans, net | 8,714,592 | 8,277,387 |
Liabilities: | ||
Deposits | 0 | 0 |
Federal Home Loan Bank advances | 0 | |
Long-term debt | $ 217,665 | $ 278,996 |
Fair Value Measurements - Narra
Fair Value Measurements - Narrative (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Fair Value Disclosures [Abstract] | |||
Mortgage loans held for sale | $ 58,500 | $ 18,900 | |
Mortgage loans held for sale, outstanding principal balance | 56,600 | 18,200 | |
Net gains (losses) from changes in fair value of loans | $ 1,180 | $ (133) | $ 505 |
Percentage of written down in appraisal value of nonaccrual impaired loans | 80.00% | ||
Maximum remaining maturity of financial instruments having no defined maturity | 180 days |
Condensed Financial Statement_3
Condensed Financial Statements of United Community Banks, Inc. (Holding Company Only) - Statements of Income (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Statement of Operations | |||
Dividends from bank | $ 0 | $ 162,000,000 | |
Total income | 560,957,000 | 522,211,000 | $ 440,445,000 |
Interest expense | 83,312,000 | 61,330,000 | 33,735,000 |
Other expense | 15,092,000 | 17,194,000 | 12,962,000 |
Total expenses | 322,245,000 | 306,285,000 | 267,611,000 |
Income tax benefit (expense) | (52,991,000) | (49,815,000) | (105,013,000) |
Net income | 185,721,000 | 166,111,000 | 67,821,000 |
Holding Company | |||
Statement of Operations | |||
Dividends from bank | 0 | 161,500,000 | 103,200,000 |
Dividends from other subsidiaries | 4,651,000 | 850,000 | 0 |
Shared service fees from subsidiaries | 14,721,000 | 10,257,000 | 10,481,000 |
Other | 1,468,000 | 133,000 | 1,078,000 |
Total income | 20,840,000 | 172,740,000 | 114,759,000 |
Interest expense | 11,573,000 | 11,868,000 | 10,258,000 |
Other expense | 18,965,000 | 14,456,000 | 14,960,000 |
Total expenses | 30,538,000 | 26,324,000 | 25,218,000 |
Income tax benefit (expense) | 8,711,000 | 1,640,000 | 1,447,000 |
Income before equity in undistributed (loss) earnings of subsidiaries | (987,000) | 148,056,000 | 90,988,000 |
Equity in undistributed (loss) earnings of subsidiaries | 186,708,000 | 18,055,000 | (23,167,000) |
Net income | $ 185,721,000 | $ 166,111,000 | $ 67,821,000 |
Condensed Financial Statement_4
Condensed Financial Statements of United Community Banks, Inc. (Holding Company Only) - Balance Sheets (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
ASSETS | ||||
Cash | $ 515,206 | $ 327,265 | ||
Other assets | 171,135 | 154,750 | ||
Total assets | 12,916,016 | 12,573,192 | ||
LIABILITIES AND SHAREHOLDERS’ EQUITY | ||||
Long-term debt | 212,664 | 267,189 | ||
Total liabilities | 11,280,324 | 11,115,638 | ||
Shareholders' equity | 1,635,692 | 1,457,554 | $ 1,303,334 | $ 1,075,735 |
Total liabilities and shareholders’ equity | 12,916,016 | 12,573,192 | ||
Holding Company | ||||
ASSETS | ||||
Cash | 32,495 | 145,669 | ||
Investment in bank | 1,814,414 | 1,522,402 | ||
Investment in other subsidiaries | 752 | 4,549 | ||
Other assets | 29,308 | 21,881 | ||
Total assets | 1,876,969 | 1,694,501 | ||
LIABILITIES AND SHAREHOLDERS’ EQUITY | ||||
Long-term debt | 212,664 | 212,193 | ||
Other liabilities | 28,613 | 24,754 | ||
Total liabilities | 241,277 | 236,947 | ||
Shareholders' equity | 1,635,692 | 1,457,554 | ||
Total liabilities and shareholders’ equity | $ 1,876,969 | $ 1,694,501 |
Condensed Financial Statement_5
Condensed Financial Statements of United Community Banks, Inc. (Holding Company Only) - Statements of Cash Flows (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Operating activities: | |||
Net income | $ 185,721 | $ 166,111 | $ 67,821 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Stock based compensation | 9,360 | 6,057 | 5,827 |
Changes in assets and liabilities: | |||
(Increase) decrease in other assets and accrued interest receivable | (45,789) | 13,195 | (15,525) |
Net cash provided by operating activities | 153,933 | 270,006 | 207,962 |
Investing activities: | |||
Purchases of premises and equipment | (20,944) | (17,617) | (22,183) |
Net cash used in investing activities | 163,218 | (359,475) | (45,506) |
Financing activities: | |||
Cash paid for shares withheld to cover payroll taxes upon vesting of restricted stock units | (1,686) | (1,998) | (1,701) |
Proceeds from issuance of common stock for dividend reinvestment and employee benefit plans | 2,193 | 679 | 450 |
Proceeds from exercise of stock options | 212 | 142 | 0 |
Repurchase of common stock | (13,020) | 0 | 0 |
Cash dividends on common stock | (53,044) | (41,634) | (26,210) |
Net cash (used in) provided by financing activities | (129,210) | 102,459 | (65,529) |
Net change in cash and cash equivalents, including restricted cash | 187,941 | 12,990 | 96,927 |
Cash and cash equivalents, including restricted cash, at beginning of year | 327,265 | 314,275 | 217,348 |
Cash and cash equivalents, including restricted cash, at end of year | 515,206 | 327,265 | 314,275 |
Holding Company | |||
Operating activities: | |||
Net income | 185,721 | 166,111 | 67,821 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Equity in undistributed earnings (loss) of the subsidiaries | (186,708) | (18,055) | 23,167 |
Stock based compensation | 9,360 | 6,057 | 5,827 |
Changes in assets and liabilities: | |||
(Increase) decrease in other assets and accrued interest receivable | (3,022) | 1,777 | 1,220 |
Other liabilities | 2,080 | 3,124 | (758) |
Net cash provided by operating activities | 7,431 | 159,014 | 97,277 |
Investing activities: | |||
Payment for acquisition | (52,093) | (84,499) | (11,034) |
Purchases of premises and equipment | 0 | (364) | (708) |
Purchase of available for sale securities | (3,000) | (2,489) | 0 |
Proceeds from Sale and Maturity of Debt Securities, Available-for-sale | 83 | 0 | 0 |
Net cash used in investing activities | (55,010) | (87,352) | (11,742) |
Financing activities: | |||
Repayment of long-term debt | (250) | (7,424) | (75,000) |
Proceeds from issuance of long-term debt | 0 | 98,188 | 0 |
Cash paid for shares withheld to cover payroll taxes upon vesting of restricted stock units | (1,686) | (1,998) | (1,701) |
Proceeds from issuance of common stock for dividend reinvestment and employee benefit plans | 2,193 | 679 | 450 |
Proceeds from exercise of stock options | 212 | 142 | 0 |
Repurchase of common stock | (13,020) | 0 | 0 |
Cash dividends on common stock | (53,044) | (41,634) | (26,210) |
Net cash (used in) provided by financing activities | (65,595) | 47,953 | (102,461) |
Net change in cash and cash equivalents, including restricted cash | (113,174) | 119,615 | (16,926) |
Cash and cash equivalents, including restricted cash, at beginning of year | 145,669 | 26,054 | 42,980 |
Cash and cash equivalents, including restricted cash, at end of year | $ 32,495 | $ 145,669 | $ 26,054 |
Subsequent Events - Narrative (
Subsequent Events - Narrative (Details) - USD ($) $ / shares in Units, $ in Thousands | Feb. 05, 2020 | Feb. 26, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Subsequent Event [Line Items] | |||||
Common stock dividends (in dollars per share) | $ 0.68 | $ 0.58 | $ 0.38 | ||
Repurchase of common stock | $ 13,020 | $ 0 | $ 0 | ||
Subsequent Event | |||||
Subsequent Event [Line Items] | |||||
Common stock dividends (in dollars per share) | $ 0.18 | ||||
Dividends, date declared | Feb. 5, 2020 | ||||
Dividends, date of record | Mar. 16, 2020 | ||||
Dividends, date payable | Apr. 6, 2020 | ||||
Shares repurchased (in shares) | 331,482 | ||||
Repurchase of common stock | $ 9,400 |
Uncategorized Items - ucbi12312
Label | Element | Value |
Retained Earnings [Member] | ||
Cumulative Effect of New Accounting Principle in Period of Adoption | us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption | $ (549,000) |
Cumulative Effect of New Accounting Principle in Period of Adoption | us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption | $ 437,000 |