Cover Page
Cover Page - shares | 6 Months Ended | |
Jun. 30, 2020 | Jul. 31, 2020 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Jun. 30, 2020 | |
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 | 2020 | |
Document Fiscal Period Focus | Q2 | |
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 | |
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 Common Stock, Shares Outstanding | 86,472,479 | |
Common stock, par value $1 per share | ||
Entity Listings [Line Items] | ||
Title of 12(b) Security | Common stock, par value $1 per share | |
Trading Symbol | UCBI | |
Security Exchange Name | NASDAQ | |
Depositary shares, each representing 1/1000th interest in a share of Series I Non-Cumulative Preferred Stock | ||
Entity Listings [Line Items] | ||
Title of 12(b) Security | Depositary shares, each representing 1/1000th interest in a share of Series I Non-Cumulative Preferred Stock | |
Trading Symbol | UCBIO | |
Security Exchange Name | NASDAQ |
Consolidated Balance Sheets (Un
Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands | Jun. 30, 2020 | Dec. 31, 2019 |
ASSETS | ||
Cash and due from banks | $ 125,255 | $ 125,844 |
Interest-bearing deposits in banks | 1,203,706 | 389,362 |
Cash and cash equivalents | 1,328,961 | 515,206 |
Debt securities available-for-sale | 2,125,209 | 2,274,581 |
Debt securities held-to-maturity (fair value $320,253 and $287,904) | 306,638 | 283,533 |
Loans held for sale at fair value | 99,477 | 58,484 |
Loans and leases held for investment | 10,132,510 | 8,812,553 |
Less allowance for credit losses - loans and leases | (103,669) | (62,089) |
Loans and leases, net | 10,028,841 | 8,750,464 |
Premises and equipment, net | 211,972 | 215,976 |
Bank owned life insurance | 200,699 | 202,664 |
Accrued interest receivable | 37,774 | 32,660 |
Net deferred tax asset | 27,362 | 34,059 |
Derivative financial instruments | 94,434 | 35,007 |
Goodwill and other intangible assets, net | 340,220 | 342,247 |
Other assets | 203,300 | 171,135 |
Total assets | 15,004,887 | 12,916,016 |
Deposits: | ||
Noninterest-bearing demand | 4,689,545 | 3,477,979 |
Interest-bearing deposits | 8,012,540 | 7,419,265 |
Total deposits | 12,702,085 | 10,897,244 |
Long-term debt | 311,631 | 212,664 |
Derivative financial instruments | 24,685 | 15,516 |
Accrued expenses and other liabilities | 194,841 | 154,900 |
Total liabilities | 13,233,242 | 11,280,324 |
Shareholders' equity: | ||
Preferred stock; $1 par value; 10,000,000 shares authorized; Series I, $25,000 per share liquidation preference; 4,000 shares issued and outstanding | 96,660 | 0 |
Common stock, $1 par value; 150,000,000 shares authorized; 78,335,127 and 79,013,729 shares issued and outstanding | 78,335 | 79,014 |
Common stock issuable; 596,785 and 664,640 shares | 10,646 | 11,491 |
Capital surplus | 1,480,464 | 1,496,641 |
Retained earnings | 64,990 | 40,152 |
Accumulated other comprehensive income | 40,550 | 8,394 |
Total shareholders' equity | 1,771,645 | 1,635,692 |
Total liabilities and shareholders' equity | $ 15,004,887 | $ 12,916,016 |
Consolidated Balance Sheets (_2
Consolidated Balance Sheets (Unaudited) (Parentheticals) - USD ($) | Jun. 30, 2020 | Dec. 31, 2019 |
Statement of Financial Position [Abstract] | ||
Debt securities held to maturity, fair value | $ 320,253,000 | $ 287,904,000 |
Preferred stock, par value (in dollars per share) | $ 1 | |
Preferred stock authorized (in shares) | 10,000,000 | |
Preferred stock liquidation preference (in dollars per share) | $ 25,000 | |
Preferred stock issued (in shares) | 4,000 | |
Preferred stock outstanding (in shares) | 4,000 | |
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) | 78,335,127 | 79,013,729 |
Common stock outstanding (in shares) | 78,335,127 | 79,013,729 |
Common stock issuable (in shares) | 596,785 | 664,640 |
Consolidated Statements of Inco
Consolidated Statements of Income (Unaudited) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Interest revenue: | ||||
Loans, including fees | $ 107,862 | $ 119,671 | $ 225,925 | $ 234,930 |
Investment securities, including tax exempt of $1,570 and $1,122 and $3,093 and $2,291 | 15,615 | 19,076 | 33,009 | 39,894 |
Deposits in banks and short-term investments | 128 | 409 | 1,218 | 848 |
Total interest revenue | 123,605 | 139,156 | 260,152 | 275,672 |
Interest expense: | ||||
Deposits | 11,271 | 17,115 | 26,346 | 33,072 |
Short-term borrowings | 0 | 248 | 1 | 409 |
Federal Home Loan Bank advances | 0 | 752 | 1 | 2,174 |
Long-term debt | 3,030 | 3,257 | 5,894 | 6,599 |
Total interest expense | 14,301 | 21,372 | 32,242 | 42,254 |
Net interest revenue | 109,304 | 117,784 | 227,910 | 233,418 |
Provision for credit losses | 33,543 | 3,250 | 55,734 | 6,550 |
Net interest revenue after provision for credit losses | 75,761 | 114,534 | 172,176 | 226,868 |
Noninterest income: | ||||
Brokerage fees | 1,324 | 1,588 | 2,964 | 2,925 |
Gains from sales of other loans, net | 1,040 | 1,470 | 2,714 | 2,773 |
Securities gains (losses), net | 0 | 149 | 0 | (118) |
Other | 7,220 | 6,920 | 12,772 | 13,314 |
Total noninterest income | 40,238 | 24,531 | 66,052 | 45,499 |
Total revenue | 115,999 | 139,065 | 238,228 | 272,367 |
Noninterest expenses: | ||||
Salaries and employee benefits | 51,811 | 48,157 | 103,169 | 95,660 |
Communications and equipment | 6,556 | 6,222 | 12,502 | 12,010 |
Occupancy | 5,945 | 5,919 | 11,659 | 11,503 |
Advertising and public relations | 2,260 | 1,596 | 3,534 | 2,882 |
Postage, printing and supplies | 1,613 | 1,529 | 3,283 | 3,115 |
Professional fees | 4,823 | 4,054 | 8,920 | 7,215 |
Lending and loan servicing expense | 3,189 | 2,619 | 5,482 | 4,953 |
Outside services - electronic banking | 1,796 | 1,558 | 3,628 | 3,167 |
FDIC assessments and other regulatory charges | 1,558 | 1,547 | 3,042 | 3,257 |
Amortization of intangibles | 987 | 1,342 | 2,027 | 2,635 |
Merger-related and other charges | 397 | 3,894 | 1,205 | 4,440 |
Other | 3,045 | 3,376 | 7,067 | 7,060 |
Total noninterest expenses | 83,980 | 81,813 | 165,518 | 157,897 |
Net income before income taxes | 32,019 | 57,252 | 72,710 | 114,470 |
Income tax expense | 6,923 | 13,167 | 15,730 | 26,123 |
Net income | 25,096 | 44,085 | 56,980 | 88,347 |
Net income available to common shareholders | $ 24,913 | $ 43,769 | $ 56,554 | $ 87,716 |
Net income per common share: | ||||
Basic (in dollars per share) | $ 0.32 | $ 0.55 | $ 0.71 | $ 1.10 |
Diluted (in dollars per share) | $ 0.32 | $ 0.55 | $ 0.71 | $ 1.10 |
Weighted average common shares outstanding: | ||||
Basic (in shares) | 78,920 | 79,673 | 79,130 | 79,739 |
Diluted (in shares) | 78,924 | 79,678 | 79,186 | 79,745 |
Interest Income, Securities, Operating, Tax Exempt | $ 1,570 | $ 1,122 | $ 3,093 | $ 2,291 |
Service charges and fees | ||||
Noninterest income: | ||||
Service charges and other related fees | 6,995 | 9,060 | 15,633 | 17,513 |
Mortgage loan gains and other related fees | ||||
Noninterest income: | ||||
Service charges and other related fees | $ 23,659 | $ 5,344 | $ 31,969 | $ 9,092 |
Consolidated Statements of In_2
Consolidated Statements of Income (Unaudited) (Parentheticals) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Income Statement [Abstract] | ||||
Investment securities, tax exempt | $ 1,570 | $ 1,122 | $ 3,093 | $ 2,291 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Statement of Comprehensive Income [Abstract] | ||||
Net income, Before-tax Amount | $ 32,019 | $ 57,252 | $ 72,710 | $ 114,470 |
Net income, Tax (Expense) Benefit | (6,923) | (13,167) | (15,730) | (26,123) |
Net income, Net of Tax Amount | 25,096 | 44,085 | 56,980 | 88,347 |
Unrealized gains on available-for-sale securities: | ||||
Unrealized holding gains arising during period, Before-tax Amount | 28,985 | 29,756 | 42,670 | 62,930 |
Unrealized holding gains arising during period, Tax (Expense) Benefit | (6,969) | (7,248) | (10,402) | (15,297) |
Unrealized holding gains arising during period, Net of Tax Amount | 22,016 | 22,508 | 32,268 | 47,633 |
Reclassification adjustment for losses included in net income, Before-tax Amount | (149) | 118 | ||
Reclassification adjustment for losses included in net income, Tax (Expense) Benefit | 0 | 38 | 0 | (30) |
Reclassification adjustment for losses included in net income, Net of Tax Amount | (111) | 88 | ||
Net unrealized gains, Before-tax Amount | 29,607 | 63,048 | ||
Net unrealized gains, Tax (Expense) Benefit | (7,210) | (15,327) | ||
Net unrealized gains, Net of Tax Amount | 22,397 | 47,721 | ||
Amortization of losses included in net income on available-for-sale securities transferred to held-to-maturity, Before-tax Amount | 96 | 93 | 179 | 177 |
Amortization of losses included in net income on available-for-sale securities transferred to held-to-maturity, Tax (Expense) Benefit | (23) | (22) | (43) | (42) |
Amortization of losses included in net income on available-for-sale securities transferred to held-to-maturity, Net of Tax Amount | 73 | 71 | 136 | 135 |
Derivative instruments designated as cash flow hedges: | ||||
Unrealized holding losses on derivatives arising during the period, Before-tax Amount | (828) | (828) | ||
Unrealized holding losses on derivatives arising during the period, Tax (Expense) Benefit | 211 | 211 | ||
Unrealized holding losses on derivatives arising during the period, Net of Tax Amount | (617) | (617) | ||
Reclassification of losses on derivative instruments realized in net income, Before-tax Amount | 67 | 67 | ||
Reclassification of losses on derivative instruments realized in net income, Tax (Expense) Benefit | (17) | (17) | ||
Reclassification of losses on derivative instruments realized in net income, Net of Tax Amount | 50 | 50 | ||
Net cash flow hedge activity, Before-tax Amount | (761) | (761) | ||
Net cash flow hedge activity, Tax (Expense) Benefit | 194 | 194 | ||
Net cash flow hedge activity, Net of tax Amount | (567) | (567) | ||
Amortization of losses included in net income on terminated derivative financial instruments that were previously accounted for as cash flow hedges, Before-tax Amount | 235 | 337 | ||
Amortization of losses included in net income on terminated derivative financial instruments that were previously accounted for as cash flow hedges, Tax (Expense) Benefit | (60) | (86) | ||
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 | 175 | 251 | ||
Amortization of prior service cost and actuarial losses included in net periodic pension cost for defined benefit pension plan, Before-tax Amount | 214 | 173 | 428 | 347 |
Amortization of prior service cost and actuarial losses included in net periodic pension cost for defined benefit pension plan, Tax (Expense) Benefit | (55) | (44) | (109) | (88) |
Amortization of prior service cost and actuarial losses included in net periodic pension cost for defined benefit pension plan, Net of Tax Amount | 159 | 129 | 319 | 259 |
Total other comprehensive income, Before-tax Amount | 28,534 | 30,108 | 42,516 | 63,909 |
Total other comprehensive income, Tax (Expense) Benefit | (6,853) | (7,336) | (10,360) | (15,543) |
Total other comprehensive income, net of tax amount | 21,681 | 22,772 | 32,156 | 48,366 |
Comprehensive income, Before-tax Amount | 60,553 | 87,360 | 115,226 | 178,379 |
Comprehensive income, Tax (Expense) Benefit | (13,776) | (20,503) | (26,090) | (41,666) |
Comprehensive income, Net of Tax Amount | $ 46,777 | $ 66,857 | $ 89,136 | $ 136,713 |
Consolidated Statement of Chang
Consolidated Statement of Changes in Shareholders' Equity (Unaudited) - USD ($) $ in Thousands | Total | Adoption of new accounting standard | Preferred Stock | Common Stock | Common Stock Issuable | Capital Surplus | Retained Earnings (Accumulated Deficit) | Retained Earnings (Accumulated Deficit)Adoption of new accounting standard | Accumulated Other Comprehensive Income (Loss) |
Beginning balance at Dec. 31, 2018 | $ 1,457,554 | $ (549) | $ 0 | $ 79,234 | $ 10,744 | $ 1,499,584 | $ (90,419) | $ (549) | $ (41,589) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Net income | 88,347 | 88,347 | |||||||
Other comprehensive income | 48,366 | 48,366 | |||||||
Exercise of stock options | 197 | 12 | 185 | ||||||
Common stock issued to dividend reinvestment plan and employee benefit plans | 1,091 | 42 | 1,049 | ||||||
Amortization of stock options and or restricted stock awards | 6,002 | 6,002 | |||||||
Vesting of restricted stock, net of shares surrendered to cover payroll taxes | (392) | 21 | 1,009 | (1,422) | |||||
Purchases of common stock | (7,840) | (305) | (7,535) | ||||||
Deferred compensation plan, net, including dividend equivalents | 292 | 292 | |||||||
Shares issued from deferred compensation plan, net of shares surrendered to cover payroll taxes | (239) | 71 | (1,187) | 877 | |||||
Common stock dividends | (26,495) | (26,495) | |||||||
Ending balance at Jun. 30, 2019 | 1,566,334 | 0 | 79,075 | 10,858 | 1,498,740 | (29,116) | 6,777 | ||
Beginning balance at Mar. 31, 2019 | 1,508,158 | 0 | 79,035 | 10,291 | 1,494,400 | (59,573) | (15,995) | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Net income | 44,085 | 44,085 | |||||||
Other comprehensive income | 22,772 | 22,772 | |||||||
Exercise of stock options | 0 | ||||||||
Common stock issued to dividend reinvestment plan and employee benefit plans | 905 | 34 | 871 | ||||||
Amortization of stock options and or restricted stock awards | 4,017 | 4,017 | |||||||
Vesting of restricted stock, net of shares surrendered to cover payroll taxes | (75) | 5 | 477 | (557) | |||||
Purchases of common stock | 0 | ||||||||
Deferred compensation plan, net, including dividend equivalents | 107 | 107 | |||||||
Shares issued from deferred compensation plan, net of shares surrendered to cover payroll taxes | (7) | 1 | (17) | 9 | |||||
Common stock dividends | (13,628) | (13,628) | |||||||
Ending balance at Jun. 30, 2019 | 1,566,334 | 0 | 79,075 | 10,858 | 1,498,740 | (29,116) | 6,777 | ||
Beginning balance at Dec. 31, 2019 | 1,635,692 | $ (3,529) | 0 | 79,014 | 11,491 | 1,496,641 | 40,152 | $ (3,529) | 8,394 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Net income | 56,980 | 56,980 | |||||||
Other comprehensive income | 32,156 | 32,156 | |||||||
Issuance of stock | 96,660 | 96,660 | |||||||
Common stock issued to dividend reinvestment plan and employee benefit plans | 426 | 22 | 404 | ||||||
Amortization of stock options and or restricted stock awards | 4,256 | 4,256 | |||||||
Vesting of restricted stock, net of shares surrendered to cover payroll taxes | (679) | 62 | 676 | (1,417) | |||||
Purchases of common stock | (20,782) | (827) | (19,955) | ||||||
Deferred compensation plan, net, including dividend equivalents | 267 | 267 | |||||||
Shares issued from deferred compensation plan, net of shares surrendered to cover payroll taxes | (1,189) | 64 | (1,788) | 535 | |||||
Common stock dividends | (28,613) | (28,613) | |||||||
Ending balance at Jun. 30, 2020 | 1,771,645 | 96,660 | 78,335 | 10,646 | 1,480,464 | 64,990 | 40,550 | ||
Beginning balance at Mar. 31, 2020 | 1,640,612 | 0 | 78,284 | 10,534 | 1,478,719 | 54,206 | 18,869 | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Net income | 25,096 | 25,096 | |||||||
Other comprehensive income | 21,681 | 21,681 | |||||||
Issuance of stock | 96,660 | 96,660 | |||||||
Common stock issued to dividend reinvestment plan and employee benefit plans | 227 | 13 | 214 | ||||||
Amortization of stock options and or restricted stock awards | 1,764 | 1,764 | |||||||
Vesting of restricted stock, net of shares surrendered to cover payroll taxes | (191) | 38 | 11 | (240) | |||||
Purchases of common stock | 0 | ||||||||
Deferred compensation plan, net, including dividend equivalents | 111 | 111 | |||||||
Shares issued from deferred compensation plan, net of shares surrendered to cover payroll taxes | (3) | 0 | (10) | 7 | |||||
Common stock dividends | (14,312) | (14,312) | |||||||
Ending balance at Jun. 30, 2020 | $ 1,771,645 | $ 96,660 | $ 78,335 | $ 10,646 | $ 1,480,464 | $ 64,990 | $ 40,550 |
Consolidated Statement of Cha_2
Consolidated Statement of Changes in Shareholders' Equity (Unaudited) (Parentheticals) - $ / shares | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Statement of Stockholders' Equity [Abstract] | ||||
Exercises of stock options (in shares) | 12,000 | |||
Common stock issued to dividend reinvestment plan and employee benefits plans (in shares) | 12,906 | 33,978 | 21,592 | 42,423 |
Vesting of restricted stock, net of shares surrendered to cover payroll taxes, shares issued (in shares) | 38,247 | 5,034 | 62,252 | 20,979 |
Vesting of restricted stock, net of shares surrendered to cover payroll taxes, shares deferred (in shares) | 378 | 17,211 | 24,345 | 36,661 |
Purchases of common stock (in shares) | 0 | 0 | 826,482 | 305,052 |
Shares issued from deferred compensation plan, net of shares surrendered to cover payroll taxes (in shares) | 430 | 748 | 64,036 | 70,792 |
Common stock dividends (in dollars per share) | $ 0.18 | $ 0.17 | $ 0.36 | $ 0.33 |
Stock Issued During Period Shares Dividend Reinvestment Plan and Employee Benefit Plans | 12,906 | 33,978 | 21,592 | 42,423 |
Vesting Of Restricted Stock Shares Deferred | 378 | 17,211 | 24,345 | 36,661 |
Vesting of restricted stock, net of shares surrendered to cover payroll taxes, shares issued (in shares) | 38,247 | 5,034 | 62,252 | 20,979 |
Purchases of common stock (in shares) | 0 | 0 | 826,482 | 305,052 |
Shares Issued, Shares, Share-based Payment Arrangement, after Forfeiture | 430 | 748 | 64,036 | 70,792 |
Common stock dividends (in dollars per share) | $ 0.18 | $ 0.17 | $ 0.36 | $ 0.33 |
Exercises of stock options (in shares) | 12,000 | |||
Preferred Stock | ||||
Statement of Stockholders' Equity [Abstract] | ||||
Issuance of stock (in shares) | 4,000 | 4,000 | ||
Issuance of stock (in shares) | 4,000 | 4,000 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2020 | Jun. 30, 2019 | |
Operating activities: | ||
Net income | $ 56,980 | $ 88,347 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation, amortization and accretion | 5,205 | 12,549 |
Provision for credit losses | 55,734 | 6,550 |
Stock based compensation | 4,256 | 6,002 |
Deferred income tax (benefit) expense | (2,356) | 1,341 |
Securities losses, net | 0 | 118 |
Gains from sales of other loans | (2,714) | (2,773) |
Changes in assets and liabilities: | ||
Other assets and accrued interest receivable | (76,407) | (40,876) |
Accrued expenses and other liabilities | 15,929 | 4,787 |
Loans held for sale | (40,993) | (27,350) |
Net cash provided by operating activities | 15,634 | 48,695 |
Debt securities held-to-maturity: | ||
Proceeds from maturities and calls | 19,889 | 29,453 |
Purchases | (43,118) | (8,499) |
Debt securities available-for-sale and equity securities: | ||
Proceeds from sales | 1,000 | 225,883 |
Proceeds from maturities and calls | 296,744 | 138,741 |
Purchases | (110,481) | (45,629) |
Net increase in loans | (1,306,120) | (242,584) |
Proceeds from sales of premises and equipment | 102 | 1,028 |
Purchases of premises and equipment | (3,655) | (13,879) |
Net cash paid for acquisition | 0 | (19,545) |
Proceeds from sale of other real estate | 278 | 2,260 |
Other investing activities, net | (5,853) | 0 |
Net cash (used in) provided by investing activities | (1,151,214) | 67,229 |
Financing activities: | ||
Net increase (decrease) in deposits | 1,805,016 | (154,876) |
Net increase in short-term borrowings | 0 | 40,000 |
Repayment of long-term debt | 0 | (19,608) |
Proceeds from FHLB advances | 5,000 | 1,365,000 |
Repayment of FHLB advances | (5,000) | (1,365,000) |
Proceeds from issuance of senior debentures, net of issuance costs | 98,638 | 0 |
Proceeds from issuance of common stock for dividend reinvestment and employee benefit plans | 426 | 1,091 |
Proceeds from exercise of stock options | 0 | 197 |
Cash paid for shares withheld to cover payroll taxes upon vesting of restricted stock units | (1,868) | (631) |
Proceeds from issuance of Series I preferred stock, net of issuance costs | 96,660 | 0 |
Repurchase of common stock | (20,782) | (7,840) |
Cash dividends on common stock | (28,755) | (25,743) |
Net cash provided by (used in) financing activities | 1,949,335 | (167,410) |
Net change in cash and cash equivalents, including restricted cash | 813,755 | (51,486) |
Cash and cash equivalents, including restricted cash, at beginning of period | 515,206 | 327,265 |
Cash and cash equivalents, including restricted cash, at end of period | 1,328,961 | 275,779 |
Significant non-cash investing and financing transactions: | ||
Unsettled government guaranteed loan sales | 289 | 15,331 |
Transfers of loans to foreclosed properties | 355 | 751 |
Acquisitions: | ||
Assets acquired | 0 | 264,937 |
Liabilities assumed | 0 | 212,844 |
Net assets acquired | $ 0 | $ 52,093 |
Accounting Policies
Accounting Policies | 6 Months Ended |
Jun. 30, 2020 | |
Accounting Policies [Abstract] | |
Accounting Policies | Accounting Policies The accounting and financial reporting policies of United Community Banks, Inc. and its subsidiaries (collectively referred to herein as “United”) conform to accounting principles generally accepted in the United States (“GAAP”) and reporting guidelines of banking regulatory authorities. The accompanying interim consolidated financial statements have not been audited. All material intercompany balances and transactions have been eliminated. In addition to those items mentioned below, a more detailed description of United’s accounting policies is included in its Annual Report on Form 10-K for the year ended December 31, 2019 (the “2019 10-K”). In management’s opinion, all accounting adjustments necessary to accurately reflect the financial position and results of operations on the accompanying financial statements have been made. These adjustments are normal and recurring accruals considered necessary for a fair and accurate presentation. The results for interim periods are not necessarily indicative of results for the full year or any other interim periods. The accompanying unaudited consolidated financial statements should be read in conjunction with the consolidated financial statements and related notes appearing in United’s 2019 10-K. Certain amounts reported in prior periods' consolidated financial statements have been reclassified to conform to the current presentation. Debt Securities Debt securities are classified as held-to-maturity and carried at amortized cost when management has the positive intent and ability to hold them to maturity. Debt securities are classified as available-for-sale when they might be sold before maturity. Securities available-for-sale are carried at fair value, with unrealized holding gains and losses reported in other comprehensive income, net of tax. Interest income includes amortization of purchase premiums or discounts. Premiums and discounts on securities are generally amortized on the level-yield method without anticipating prepayments, except for mortgage-backed securities where prepayments are anticipated. Premiums on callable debt securities are amortized to their earliest call date. Gains and losses on sales are recorded on the trade date and determined using the specific identification method. 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. A debt security is placed on nonaccrual status at the time any principal or interest payments become 90 days delinquent. Interest accrued but not received for a security placed on non-accrual is reversed against interest income. Allowance for Credit Losses (“ACL”) - Held-to-Maturity Securities: Management measures expected credit losses on held-to-maturity debt securities on a collective basis by major security type. Accrued interest receivable on held-to-maturity debt securities totaled $1.00 million at June 30, 2020 and was excluded from the estimate of credit losses. The estimate of expected credit losses considers historical credit loss information that is adjusted for current conditions and reasonable and supportable forecasts. Management classifies the held-to-maturity portfolio into the following major security types: State and political subdivisions, residential mortgage-backed, agency and commercial mortgage-backed, agency. All of the residential and commercial mortgage-backed securities held by United are issued by U.S. government agencies. These securities are either explicitly or implicitly guaranteed by the U.S. government, are highly rated by major rating agencies and have a long history of no credit losses. The state and political subdivision securities are highly rated by major rating agencies. As a result, no ACL was recorded on the held-to-maturity portfolio at June 30, 2020. ACL - Available-For-Sale Securities: For available-for-sale debt securities in an unrealized loss position, United first assesses whether it intends to sell, or whether it is more likely than not that it will be required to sell the security before recovery of its amortized cost basis. If either of the criteria regarding intent or requirement to sell is met, the security's amortized cost basis is written down to fair value through income. For debt securities available-for-sale that do not meet the aforementioned criteria, United evaluates whether the decline in fair value has resulted from credit losses or other factors. In making this assessment, management considers the extent to which fair value is less than amortized cost, any changes to the rating of the security by a rating agency, and adverse conditions specifically related to the security, among other factors. If this assessment indicates that a credit loss exists, the present value of cash flows expected to be collected from the security are compared to the amortized cost basis of the security. If the present value of cash flows expected to be collected is less than the amortized cost basis, a credit loss exists and an ACL is recorded for the credit loss, limited by the amount that the fair value is less than the amortized cost basis. Any amount of unrealized loss that has not been recorded through an ACL is recognized in other comprehensive income. Changes in the ACL are recorded as provision for (or reversal of) credit loss expense. Losses are charged against the ACL when management believes the uncollectibility of an available-for-sale security is confirmed or when either of the criteria regarding intent or requirement to sell is met. At June 30, 2020, there was no ACL related to the available-for-sale portfolio. Accrued interest receivable on available-for-sale debt securities totaled $7.72 million at June 30, 2020 and was excluded from the estimate of credit losses. Loans and Leases Loans that management has the intent and ability to hold for the foreseeable future or until maturity or payoff are reported at amortized cost. Amortized cost is the principal balance outstanding, net of purchase premiums and discounts and deferred fees and costs. Accrued interest receivable related to loans totaled $28.0 million at June 30, 2020 and was reported in accrued interest receivable on the consolidated balance sheets. Interest income is accrued on the unpaid principal balance. Loan origination fees, net of certain direct origination costs, are deferred and recognized in interest income using methods that approximate a level yield without anticipating prepayments. 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. All interest accrued but not received for loans placed on nonaccrual is reversed against interest income. Interest received on such loans is accounted for on the cost-recovery method, until qualifying for return to accrual. Under the cost-recovery method, interest income is not recognized until the loan balance is reduced to zero. 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. 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 Credit Deteriorated (“PCD”) Loans: Upon adoption of Accounting Standards Codification (“ASC”) Topic 326, Financial Instruments - Credit Losses (“ASC 326”), loans that were designated as purchased credit impaired (“PCI”) loans under the previous accounting guidance were classified as PCD loans without reassessment. In future acquisitions, United may purchase loans, some of which have experienced more than insignificant credit deterioration since origination. In those cases, United will consider internal loan grades, delinquency status and other relevant factors in assessing whether purchased loans are PCD. PCD loans are recorded at the amount paid. An initial ACL is determined using the same methodology as other loans held for investment, but with no impact to earnings. The initial ACL determined on a collective basis is allocated to individual loans. The sum of the loan's purchase price and ACL becomes its initial amortized cost basis. The difference between the initial amortized cost basis and the par value of the loan is a noncredit discount or premium, which is amortized into interest income over the life of the loan. Subsequent to initial recognition, PCD loans are subject to the same interest income recognition and impairment model as non-PCD loans, with changes to the ACL recorded through provision expense. ACL - Loans The ACL is a valuation account that is deducted from the loans' amortized cost basis to present the net amount expected to be collected on the loans. Loans are charged off against the ACL when management believes the uncollectibility of a loan balance is confirmed. Expected recoveries do not exceed the aggregate of amounts previously charged-off and expected to be charged-off. Accrued interest receivable is excluded from the estimate of credit losses. Management determines the ACL balance using relevant available information, from internal and external sources, relating to past events, current conditions, and reasonable and supportable forecasts. Historical credit behaviors along with model judgments provide the basis for the estimation of expected credit losses. Adjustments to modeled loss estimates may be made for differences in current loan-specific risk characteristics such as differences in underwriting standards, portfolio mix, delinquency level, or term as well as for changes in environmental conditions, such as changes in economic conditions, property values, or other relevant factors. The ACL is measured on a collective basis when similar risk characteristics exist. United has identified the following portfolio segments and calculates the ACL for each using a discounted cash flow methodology at the loan level, with loss rates, prepayment assumptions and curtailment assumptions driven by each loan’s collateral type: 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 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, 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 lead to longer marketing times resulting in higher carrying costs and declining values. Consumer - Risks common to consumer direct loans include unemployment and changes in local economic conditions as well as the inability to monitor collateral consisting of personal property. When management determines that foreclosure is probable or when the borrower is experiencing financial difficulty at the reporting date and repayment is expected to be provided substantially through the operation or sale of the collateral, expected credit losses are based on the fair value of the collateral at the reporting date, adjusted for selling costs as appropriate. When the discounted cash flow method is used to determine the ACL, management adjusts the effective interest rate used to discount expected cash flows to incorporate expected prepayments. Determining the Contractual Term: Expected credit losses are estimated over the contractual term of the loans, adjusted for expected prepayments when appropriate. The contractual term excludes expected extensions, renewals, and modifications unless either of the following applies: management has a reasonable expectation at the reporting date that a troubled debt restructuring will be executed with an individual borrower or the extension or renewal options are included in the original or modified contract at the reporting date and are not unconditionally cancellable by United. Troubled Debt Restructurings (“TDR”s): A loan for which the terms have been modified resulting in a more than insignificant concession, and for which the borrower is experiencing financial difficulties, is generally considered to be a TDR. The ACL on a TDR is measured using the same method as all other loans held for investment, except that the original interest rate is used to discount the expected cash flows, not the rate specified within the restructuring. As discussed in Note 2, in accordance with the Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”), United implemented loan modification programs in response to the COVID-19 pandemic in order to provide borrowers with flexibility with respect to repayment terms. These loan modifications were not considered TDRs to the extent that the borrower was impacted by the COVID-19 pandemic and was not more than 30 days past due at December 31, 2019, or in certain circumstances, at the time that the COVID-19 loan modification program was implemented, unless the loan was previously classified as a TDR. ACL - Off-Balance Sheet Credit Exposures |
Accounting Standards Updates an
Accounting Standards Updates and Recently Adopted Standards | 6 Months Ended |
Jun. 30, 2020 | |
Accounting Changes and Error Corrections [Abstract] | |
Accounting Standards Updates and Recently Adopted Standards | Accounting Standards Updates and Recently Adopted Standards On January 1, 2020, United adopted ASC 326 , which replaced the incurred loss impairment framework in prior 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, including loan receivables and held-to-maturity debt securities, and some off-balance sheet credit exposures such as unfunded commitments to extend credit. Financial assets measured at amortized cost will be presented at the net amount expected to be collected by using an ACL. 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 ACL 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 ACL, comprised of increases in the ACL for loans of $6.88 million and the ACL 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 securities portfolio or other financial instruments. Results for reporting periods beginning after January 1, 2020 are presented under ASC 326 while prior period amounts continue to be reported in accordance with previously applicable GAAP (“Incurred Loss”). The ACL for the majority of loans and leases was calculated using a discounted cash flow methodology applied at a loan level with a one-year reasonable and supportable forecast period and a two-year straight-line reversion period. 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 and implementation of the accounting, reporting and governance processes to comply with the new guidance was completed in the first quarter of 2020. 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. United has adopted the relief provided by federal banking regulatory agencies for the delay of the adverse capital impact of CECL at adoption and during the subsequent two-year period following adoption. This optional two-year delay is followed by an optional three-year transition period to phase out the aggregate amount of capital benefit provided during the initial two-year delay. Under the transition provision, the amount of aggregate capital benefit is phased out by 25% each year with the full impact of adoption completely recognized by the beginning of the sixth year. United adopted ASC 326 using the prospective transition approach for PCD assets that were previously classified as PCI. In accordance with the standard, management did not reassess whether PCI assets met the criteria of PCD assets as of the date of adoption. As mentioned above, the amortized cost basis of the PCD assets was adjusted to reflect the addition of $3.59 million of the ACL. The remaining noncredit discount (based on the adjusted amortized cost basis) will be accreted into interest income at a rate that approximates the effective interest rate as of January 1, 2020. With regard to PCD assets, because United elected to disaggregate the former PCI pools and no longer considers 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, although management did not reassess whether modifications to individual acquired financial assets accounted for in pools were TDRs as of the date of adoption, PCD loans that are restructured and meet the definition of troubled debt restructurings after the adoption of CECL will be reported as such. United elected not to measure an allowance for credit losses for accrued interest receivable and instead to reverse interest income on those loans that are 90 days past due, to exclude accrued interest receivable from the amortized cost basis of financial instruments subject to CECL and to separately state the balance of accrued interest receivable on the consolidated balance sheet. In addition, United elected to adjust the discount rate used to calculate credit losses for expected prepayments and will include all changes in discounted cash flows as credit loss. As a practical expedient, United has also elected to use the fair value of collateral when determining the ACL for loans if repayment is expected to be provided substantially through the operation or sale of the collateral when the borrower is experiencing financial difficulty (collateral-dependent loans). On March 27, 2020, the CARES Act was signed into law. The CARES Act included a number of provisions that were applicable to United, including the following: • Accounting Relief for TDRs : The CARES Act provided that modifications under certain forbearance conditions for loans that were not more than 30 days past due at December 31, 2019 will not be considered TDRs for regulatory reporting and GAAP. • Optional Delay and Regulatory Relief for CECL Implementation: The CARES Act stipulated that large SEC filers have the option of delaying the adoption of CECL from January 1, 2020 to the earlier of the end of the COVID-19 emergency period or December 31, 2020. Banks that were required to implement CECL by the end of 2020 were granted the option to defer any impact of CECL on regulatory capital for two years before beginning the original three-year regulatory phase-in period, for a total five-year phase-in period. Although United did not elect to delay the adoption of CECL, the Company did elect the five-year phase-in period for regulatory capital purposes, as discussed above. • Paycheck Protection Program (“PPP”): The CARES Act created the PPP through the Small Business Administration (“SBA”), which allowed United to lend money to small businesses to maintain employee payrolls through the crisis with guarantees from the SBA. Under this program, loan amounts may be forgiven if the borrower maintains employee payrolls or restores payrolls afterwards. In March 2020, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2020-03, Codification Improvements to Financial Instruments . This update clarified certain minor issues within the codification, including, among other things, debt securities disclosure for financial institutions and determination of the contractual term of a net investment in a lease. The standard was effective immediately, and did not have a material impact on the consolidated financial statements. In March 2020, the FASB issued ASU No. 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting . This update provides expedients for contracts that are modified because of reference rate reform, including receivables, debt, leases, and certain derivatives. In addition, the update provides a one-time election to sell or transfer debt securities classified as held-to-maturity that reference a rate that is affected by reference rate reform. The update is effective as of March 12, 2020 through December 31, 2022. Adoption of this update did not have a material impact on the consolidated financial statements. 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 on the consolidated financial statements. In January 2017, the FASB issued ASU No. 2017-04, Intangibles - Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment . This update eliminates Step 2 from the goodwill impairment test, which required an entity to calculate the implied fair value of goodwill by valuing a reporting unit’s assets and liabilities using the same process that would be required to value assets and liabilities in a business combination. Instead, the amendments require that an entity perform its annual goodwill impairment test by comparing the fair value of a reporting unit with its carrying amount. United adopted this update as of January 1, 2020, with no material impact on the consolidated financial statements. |
Securities
Securities | 6 Months Ended |
Jun. 30, 2020 | |
Investments, Debt and Equity Securities [Abstract] | |
Securities | Securities The amortized cost basis, unrealized gains and losses and fair value of debt securities held-to-maturity as of the dates indicated are as follows (in thousands) . Amortized Gross Unrealized Gains Gross Unrealized Losses Fair As of June 30, 2020 State and political subdivisions $ 87,840 $ 4,382 $ 95 $ 92,127 Residential mortgage-backed securities, Agency 137,416 6,051 — 143,467 Residential mortgage-backed securities, Non-agency 15,221 324 54 15,491 Commercial mortgage-backed, Agency 66,161 3,007 — 69,168 Total $ 306,638 $ 13,764 $ 149 $ 320,253 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 The cost basis, unrealized gains and losses, and fair value of debt securities available-for-sale as of the dates indicated are presented below (in thousands) . Amortized Gross Unrealized Gross Unrealized Fair As of June 30, 2020 U.S. Treasuries $ 123,392 $ 5,474 $ — $ 128,866 U.S. Government agencies 2,754 183 — 2,937 State and political subdivisions 212,767 17,942 — 230,709 Residential mortgage-backed securities, Agency 929,543 34,965 4 964,504 Residential mortgage-backed securities, Non-agency 237,614 9,903 — 247,517 Commercial mortgage-backed, Agency 253,517 8,161 — 261,678 Corporate bonds 172,023 1,659 206 173,476 Asset-backed securities 116,955 1,332 2,765 115,522 Total $ 2,048,565 $ 79,619 $ 2,975 $ 2,125,209 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 Securities with a carrying value of $524 million and $918 million were pledged, primarily to secure public deposits, at June 30, 2020 and December 31, 2019, respectively. The following table summarizes debt securities held-to-maturity in an unrealized loss position as of the dates indicated ( in thousands) . Less than 12 Months 12 Months or More Total Fair Value Unrealized Fair Value Unrealized Fair Value Unrealized As of June 30, 2020 State and political subdivisions $ 4,905 $ 95 $ — $ — $ 4,905 $ 95 Residential mortgage-backed securities, Agency 127 — — — 127 — Residential mortgage-backed securities, Non-agency 8,995 3 1,384 51 10,379 54 Total unrealized loss position $ 14,027 $ 98 $ 1,384 $ 51 $ 15,411 $ 149 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 The following table summarizes debt securities available-for-sale in an unrealized loss position as of the dates indicated (in thousands) . Less than 12 Months 12 Months or More Total Fair Value Unrealized Fair Value Unrealized Fair Value Unrealized As of June 30, 2020 Residential mortgage-backed securities, Agency $ 514 $ 3 $ 1,289 $ 1 $ 1,803 $ 4 Commercial mortgage-backed, Agency 9 — — — 9 — Corporate bonds 14,794 206 — — 14,794 206 Asset-backed securities 13,967 462 60,859 2,303 74,826 2,765 Total unrealized loss position $ 29,284 $ 671 $ 62,148 $ 2,304 $ 91,432 $ 2,975 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 At June 30, 2020, there were 21 debt securities available-for-sale and 4 debt securities held-to-maturity that were in an unrealized loss position. United does not intend to sell nor does it believe it will be required to sell securities in an unrealized loss position prior to the recovery of their amortized cost basis. Unrealized losses at June 30, 2020 were primarily attributable to changes in interest rates. No impairment charges were recognized during the three and six months ended June 30, 2019. At adoption of CECL on January 1, 2020 and at June 30, 2020, calculated credit losses on held-to-maturity debt securities were not material due to the high credit quality of the portfolio, which included securities issued or guaranteed by U.S. Government agencies and high credit quality municipal securities. As a result, no ACL was recorded on the held-to-maturity portfolio at June 30, 2020. In addition, at June 30, 2020, there was no ACL related to the available-for-sale portfolio. See Note 1 for additional details on the adoption of CECL as it relates to the securities portfolio. Realized gains and losses are derived using the specific identification method for determining the cost of securities sold. The following table summarizes available-for-sale securities sales activity for the three and six months ended June 30, 2020 and 2019 (in thousands). Three Months Ended Six Months Ended 2020 2019 2020 2019 Proceeds from sales $ — $ 47,279 $ 1,000 $ 225,883 Gross gains on sales $ — $ 489 $ — $ 1,776 Gross losses on sales — (340) — (1,894) Net gains (losses) on sales of securities $ — $ 149 $ — $ (118) Income tax expense (benefit) attributable to sales $ — $ 38 $ — $ (30) The amortized cost and fair value of debt securities available-for-sale and held-to-maturity at June 30, 2020, by contractual maturity, are presented in the following table (in thousands) . Available-for-Sale Held-to-Maturity Amortized Cost Fair Value Amortized Cost Fair Value U.S. Treasuries: 1 to 5 years $ 123,392 $ 128,866 $ — $ — 123,392 128,866 — — U.S. Government agencies: 1 to 5 years 354 360 — — More than 10 years 2,400 2,577 — — 2,754 2,937 — — State and political subdivisions: Within 1 year — — 1,350 1,350 1 to 5 years 54,483 57,120 14,260 15,226 5 to 10 years 23,810 25,808 10,789 12,244 More than 10 years 134,474 147,781 61,441 63,307 212,767 230,709 87,840 92,127 Corporate bonds: Within 1 year 140,008 140,217 — — 1 to 5 years 27,515 28,644 — — 5 to 10 years 4,500 4,615 — — 172,023 173,476 — — Total securities other than asset-backed and Within 1 year 140,008 140,217 1,350 1,350 1 to 5 years 205,744 214,990 14,260 15,226 5 to 10 years 28,310 30,423 10,789 12,244 More than 10 years 136,874 150,358 61,441 63,307 Asset-backed securities 116,955 115,522 — — Residential mortgage-backed securities 1,167,157 1,212,021 152,637 158,958 Commercial mortgage-backed securities 253,517 261,678 66,161 69,168 $ 2,048,565 $ 2,125,209 $ 306,638 $ 320,253 |
Loans and Leases and Allowance
Loans and Leases and Allowance for Credit Losses | 6 Months Ended |
Jun. 30, 2020 | |
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) . June 30, 2020 December 31, 2019 Owner occupied commercial real estate $ 1,759,617 $ 1,720,227 Income producing commercial real estate 2,177,857 2,007,950 Commercial & industrial (1) 2,314,169 1,220,657 Commercial construction 945,748 976,215 Equipment financing 778,749 744,544 Total commercial 7,976,140 6,669,593 Residential mortgage 1,151,661 1,117,616 Home equity lines of credit 653,798 660,675 Residential construction 230,231 236,437 Consumer 120,680 128,232 Total loans 10,132,510 8,812,553 Less allowance for credit losses - loans (103,669) (62,089) Loans, net $ 10,028,841 $ 8,750,464 (1) Commercial and industrial loans as of June 30, 2020 included $1.10 billion of PPP loans. At June 30, 2020 and December 31, 2019, loans totaling $4.12 billion and $4.06 billion, respectively, were pledged as collateral to secure contingent funding sources. At December 31, 2019, the carrying value and outstanding balance of PCI loans were $58.6 million and $83.1 million, respectively. During the second quarter and first six months of 2020, United sold $14.0 million and $18.1 million, respectively, of United States Small Business Administration / United States Department of Agriculture (“SBA/USDA”) guaranteed loans and $1.70 million and $23.9 million, respectively, of equipment financing receivables. During the second quarter and first six months of 2019, United sold $17.1 million and $34.2 million, respectively, of SBA/USDA guaranteed loans. The gains and losses on these loan sales were included in noninterest income on the consolidated statements of income. At June 30, 2020 and December 31, 2019, equipment financing assets included leases of $37.0 million and $37.4 million, respectively. The components of the net investment in leases, which included both sales-type and direct financing, are presented below (in thousands) . June 30, 2020 December 31, 2019 Minimum future lease payments receivable $ 39,205 $ 39,709 Estimated residual value of leased equipment 3,476 3,631 Initial direct costs 688 842 Security deposits (857) (989) Purchase accounting premium 191 273 Unearned income (5,675) (6,088) Net investment in leases $ 37,028 $ 37,378 Minimum future lease payments expected to be received from equipment financing lease contracts as of June 30, 2020 were as follows (in thousands) : Year Remainder of 2020 $ 7,898 2021 13,346 2022 9,590 2023 5,705 2024 2,164 Thereafter 502 Total $ 39,205 The following table presents changes in the balance of the accretable yield for PCI loans for the periods indicated (in thousands) : June 30, 2019 Three Months Ended Six Months Ended Balance at beginning of period $ 26,624 $ 26,868 Additions due to acquisitions 1,300 1,300 Accretion (4,274) (9,087) Reclassification from nonaccretable difference 1,762 4,468 Changes in expected cash flows that do not affect nonaccretable difference 896 2,759 Balance at end of period $ 26,308 $ 26,308 Nonaccrual and Past Due Loans The following table presents the aging of the amortized cost basis in loans by aging category and accrual status as of June 30, 2020 (in thousands) . Accruing Current Loans Loans Past Due 30 - 59 Days 60 - 89 Days > 90 Days Nonaccrual Loans Total Loans Owner occupied commercial real estate $ 1,745,613 $ 2,829 $ 465 $ — $ 10,710 $ 1,759,617 Income producing commercial real estate 2,166,238 199 146 — 11,274 2,177,857 Commercial & industrial 2,309,960 664 113 — 3,432 2,314,169 Commercial construction 943,153 291 14 — 2,290 945,748 Equipment financing 773,000 1,202 1,428 — 3,119 778,749 Total commercial 7,937,964 5,185 2,166 — 30,825 7,976,140 Residential mortgage 1,136,665 1,585 226 — 13,185 1,151,661 Home equity lines of credit 649,309 739 611 1 3,138 653,798 Residential construction 229,626 53 52 — 500 230,231 Consumer 119,884 291 132 — 373 120,680 Total loans $ 10,073,448 $ 7,853 $ 3,187 $ 1 $ 48,021 $ 10,132,510 The following table presents the aging of recorded investment in loans, including accruing and nonaccrual loans, as of December 31, 2019 (in thousands). Loans Past Due - Accruing and Nonaccrual 30 - 59 Days 60 - 89 Days > 90 Days (1) Total Current Loans PCI Loans Total 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 (1) Excluding PCI loans, substantially all loans more than 90 days past due were on nonaccrual status at December 31, 2019. The following table presents nonaccrual loans by loan class for the periods indicated (in thousands) . CECL Incurred Loss June 30, 2020 December 31, 2019 Nonaccrual loans with no allowance Nonaccrual loans with an allowance Total Nonaccrual Loans Nonaccrual Owner occupied commercial real estate $ 6,564 $ 4,146 $ 10,710 $ 10,544 Income producing commercial real estate 10,780 494 11,274 1,996 Commercial & industrial 1,038 2,394 3,432 2,545 Commercial construction 1,824 466 2,290 2,277 Equipment financing 23 3,096 3,119 3,141 Total commercial 20,229 10,596 30,825 20,503 Residential mortgage 2,918 10,267 13,185 10,567 Home equity lines of credit 1,045 2,093 3,138 3,173 Residential construction 149 351 500 939 Consumer 10 363 373 159 Total $ 24,351 $ 23,670 $ 48,021 $ 35,341 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 $661,000 and $249,000 for the three months ended June 30, 2020 and 2019, respectively, and $1.13 million and $627,000 for the six months ended June 30, 2020 and 2019, respectively. 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: Pass. Loans in this category are considered to have a low probability of default and do not meet the criteria of the risk categories below. 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 are on nonaccrual status, become past due 90 days, or are in bankruptcy are classified as “fail” and all other loans are classified as “pass”. For purposes of the table below, loans in these categories that are classified as “fail” are reported as substandard and all other loans are reported as pass. Based on the most recent analysis performed, the amortized cost of loans by risk category by vintage year as of the date indicated is as follows (in thousands) . As of June 30, 2020 Term Loans by Origination Year Revolvers Revolvers converted to term loans Total 2020 2019 2018 2017 2016 Prior Owner occupied commercial real estate: Pass $ 291,879 $ 389,657 $ 246,017 $ 220,588 $ 211,852 $ 256,821 $ 48,274 $ 11,150 $ 1,676,238 Watch 5,123 4,549 3,153 7,334 7,546 4,117 860 65 32,747 Substandard 6,314 8,441 5,970 13,842 3,063 9,438 2,259 1,305 50,632 Total owner occupied commercial real estate 303,316 402,647 255,140 241,764 222,461 270,376 51,393 12,520 1,759,617 Income producing commercial real estate: Pass 352,274 470,496 441,607 288,448 265,489 229,116 32,460 9,620 2,089,510 Watch 7,022 12,420 14,298 2,231 17,941 3,859 — 1,777 59,548 Substandard 7,753 10,217 2,667 5,731 219 2,109 — 103 28,799 Total income producing commercial real estate 367,049 493,133 458,572 296,410 283,649 235,084 32,460 11,500 2,177,857 Commercial & industrial Pass 1,267,194 229,358 225,334 108,145 88,314 56,600 269,416 5,660 2,250,021 Watch 1,710 2,785 2,163 592 740 47 11,374 128 19,539 Substandard 7,301 1,419 1,527 2,774 2,083 1,537 27,208 760 44,609 Total commercial & industrial 1,276,205 233,562 229,024 111,511 91,137 58,184 307,998 6,548 2,314,169 Commercial construction Pass 173,064 222,025 279,580 132,311 90,840 16,941 11,349 7,388 933,498 Watch 538 1,054 973 104 15 248 — — 2,932 Substandard 3,366 2,059 739 351 977 401 — 1,425 9,318 Total commercial construction 176,968 225,138 281,292 132,766 91,832 17,590 11,349 8,813 945,748 Equipment financing: Pass 201,088 327,673 168,784 58,013 17,429 2,003 — — 774,990 Substandard 48 1,157 1,742 570 181 61 — — 3,759 Total equipment financing 201,136 328,830 170,526 58,583 17,610 2,064 — — 778,749 Residential mortgage: Pass 216,923 228,371 163,632 145,081 124,323 248,565 11 7,647 1,134,553 Substandard 1,642 1,901 3,084 1,327 801 7,945 — 408 17,108 Total residential mortgage 218,565 230,272 166,716 146,408 125,124 256,510 11 8,055 1,151,661 Home equity lines of credit Pass — — — — — — 631,916 17,504 649,420 Substandard — — — — — — 177 4,201 4,378 Total home equity lines of credit — — — — — — 632,093 21,705 653,798 Residential construction Pass 86,914 107,671 8,236 5,427 4,761 16,430 — 73 229,512 Substandard — 92 104 30 136 357 — — 719 Total residential construction 86,914 107,763 8,340 5,457 4,897 16,787 — 73 230,231 Consumer Pass 30,915 37,957 21,424 8,055 5,595 3,073 12,957 78 120,054 Substandard 23 91 58 113 133 119 89 — 626 Total consumer 30,938 38,048 21,482 8,168 5,728 3,192 13,046 78 120,680 Total loans Pass 2,620,251 2,013,208 1,554,614 966,068 808,603 829,549 1,006,383 59,120 9,857,796 Watch 14,393 20,808 20,587 10,261 26,242 8,271 12,234 1,970 114,766 Substandard 26,447 25,377 15,891 24,738 7,593 21,967 29,733 8,202 159,948 Total loans $ 2,661,091 $ 2,059,393 $ 1,591,092 $ 1,001,067 $ 842,438 $ 859,787 $ 1,048,350 $ 69,292 $ 10,132,510 Based on the most recent analysis performed, the risk category of loans by class of loans as of the date indicated is as follows (in thousands) . As of December 31, 2019 Pass Watch Substandard Doubtful / Total 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 Troubled Debt Restructurings and Other Modifications As of June 30, 2020 and December 31, 2019, United had TDRs totaling $50.4 million and $54.2 million, respectively. United allocated $881,000 and $2.51 million of allowance for TDRs as of June 30, 2020 and December 31, 2019, respectively. As of June 30, 2020 and December 31, 2019, there were no commitments to lend additional amounts to customers with outstanding loans that are classified as TDRs. Loans modified under the terms of a TDR during the three and six months ended June 30, 2020 and 2019 are presented in the following table. In addition, the table presents loans modified under the terms of a TDR that defaulted (became 90 days or more delinquent or otherwise in default of modified terms) during the periods presented and were initially restructured within one year prior to default (dollars in thousands). New TDRs Pre-modification Outstanding Amortized Cost Post-Modification Outstanding Amortized Cost by Type of Modification TDRs Modified Within the Previous Twelve Months That Have Subsequently Defaulted Number of Contracts Rate Structure Other Total Number of Amortized Cost Three Months Ended June 30, 2020 Owner occupied commercial real estate 2 $ 836 $ — $ — $ 546 $ 546 — $ — Income producing commercial real estate — — — — — — 1 5,998 Commercial & industrial 1 15 — — 15 15 1 627 Commercial construction 1 255 — 255 — 255 — — Equipment financing 129 3,471 — 3,471 — 3,471 6 310 Total commercial 133 4,577 — 3,726 561 4,287 8 6,935 Residential mortgage 6 644 — 644 — 644 — — Home equity lines of credit — — — — — — — — Residential construction — — — — — — — — Consumer 1 7 — — 7 7 — — Total loans 140 $ 5,228 $ — $ 4,370 $ 568 $ 4,938 8 $ 6,935 Six Months Ended June 30, 2020 Owner occupied commercial real estate 3 $ 1,844 $ — $ — $ 1,536 $ 1,536 — $ — Income producing commercial real estate 3 235 — 67 165 232 1 5,998 Commercial & industrial 1 15 — — 15 15 2 633 Commercial construction 1 255 — 255 — 255 — — Equipment financing 136 3,905 — 3,905 — 3,905 6 310 Total commercial 144 6,254 — 4,227 1,716 5,943 9 6,941 Residential mortgage 11 946 — 922 — 922 — — Home equity lines of credit — — — — — — — — Residential construction — — — — — — — — Consumer 3 18 — 18 18 1 3 Total loans 158 $ 7,218 $ — $ 5,149 $ 1,734 $ 6,883 10 $ 6,944 Three Months Ended June 30, 2019 Owner occupied commercial real estate 2 $ 610 $ — $ 610 $ — $ 610 — $ — Income producing commercial real estate — — — — — — — — Commercial & industrial — — — — — — — — Commercial construction — — — — — — — — Equipment financing 1 20 — 20 — 20 — — Total commercial 3 630 — 630 — 630 — — Residential mortgage 7 831 — 831 — 831 1 135 Home equity lines of credit 1 50 — 50 — 50 — — Residential construction 1 22 — — 21 21 1 13 Consumer direct — — — — — — — — Indirect auto 5 104 — — 104 104 — — Total loans 17 $ 1,637 $ — $ 1,511 $ 125 $ 1,636 2 $ 148 Six Months Ended June 30, 2019 Owner occupied commercial real estate 2 $ 610 $ — $ 610 $ — $ 610 — $ — Income producing commercial real estate 1 169 — 169 — 169 — — Commercial & industrial 1 7 — — 7 7 — — Commercial construction — — — — — — — — Equipment financing 1 20 — 20 — 20 — — Total commercial 5 806 — 799 7 806 — — Residential mortgage 9 1,176 — 1,175 — 1,175 1 135 Home equity lines of credit 1 50 — 50 — 50 — — Residential construction 1 22 — — 21 21 1 13 Consumer direct — — — — — — — — Indirect auto 11 170 — — 161 161 — — Total loans 27 $ 2,224 $ — $ 2,024 $ 189 $ 2,213 2 $ 148 As of June 30, 2020, United had granted short-term deferrals related to the COVID-19 crisis for $1.76 billion of loans that, pursuant to the CARES Act or interagency guidance, were not considered new TDRs. These short-term deferrals generally represent payment deferrals for up to 90 days. The loans continue to accrue interest and are not reported as past due during the deferral period. The table below presents short-term deferrals related to the COVID-19 crisis that were not considered new TDRs as of June 30, 2020 (in thousands) . June 30, 2020 COVID-19 Deferrals Deferrals as a % of total loans Owner occupied commercial real estate $ 378,959 22 % Income producing commercial real estate 715,650 33 Commercial & industrial 106,020 5 Commercial construction 175,463 19 Equipment financing 231,402 30 Total commercial 1,607,494 20 Residential mortgage 122,474 11 Home equity lines of credit 18,594 3 Residential construction 4,995 2 Consumer 2,923 2 Total COVID-19 deferrals $ 1,756,480 17 Allowance for Credit Losses Since the adoption of ASC 326, the ACL for loans represents management’s estimate of life of loan credit losses in the portfolio as of the end of the period. The ACL related to unfunded commitments is included in other liabilities in the consolidated balance sheet. The following table presents the balance and activity in the ACL by portfolio segment for the periods indicated (in thousands) . Three Months Ended June 30, CECL Incurred Loss 2020 2019 Beginning Balance Charge-Offs Recoveries (Release) Provision Ending Balance Beginning Balance Charge-Offs Recoveries (Release) Provision Ending Balance Owner occupied commercial real estate $ 11,000 $ — $ 466 $ 3,126 $ 14,592 $ 11,874 $ — $ 58 $ (387) $ 11,545 Income producing commercial real estate 16,584 (4,589) 41 9,663 21,699 11,126 (308) 66 136 11,020 Commercial & industrial 10,831 (254) 291 (2,279) 8,589 4,895 (1,416) 275 1,554 5,308 Commercial construction 9,556 (239) 117 5,080 14,514 10,275 (1) 163 (119) 10,318 Equipment financing 14,738 (2,085) 420 7,232 20,305 6,231 (1,010) 121 1,593 6,935 Residential mortgage 11,063 (50) 56 1,757 12,826 8,345 (108) 234 (181) 8,290 Home equity lines of credit 6,887 (98) 196 1,702 8,687 4,797 (29) 140 (114) 4,794 Residential construction 816 (32) 37 1,176 1,997 2,390 (246) 47 174 2,365 Consumer 430 (712) 286 456 460 837 (529) 239 308 855 Indirect auto — — — — — 872 (180) 46 36 774 Total allowance for loan losses 81,905 (8,059) 1,910 27,913 103,669 61,642 (3,827) 1,389 3,000 62,204 Allowance for unfunded commitments 6,470 — — 5,630 12,100 3,141 — — 250 3,391 Total allowance for credit losses $ 88,375 $ (8,059) $ 1,910 $ 33,543 $ 115,769 $ 64,783 $ (3,827) $ 1,389 $ 3,250 $ 65,595 Six Months Ended June 30, CECL Incurred Loss 2020 2019 December 31, 2019 Adoption of CECL January 1, 2020 Charge-Offs Recoveries (Release) Provision Ending Balance Beginning Charge- Recoveries (Release) Ending Owner occupied commercial real estate $ 11,404 $ (1,616) $ 9,788 $ (6) $ 1,500 $ 3,310 $ 14,592 $ 12,207 $ (5) $ 127 $ (784) $ 11,545 Income producing commercial real estate 12,306 (30) 12,276 (5,000) 182 14,241 21,699 11,073 (505) 86 366 11,020 Commercial & industrial 5,266 4,012 9,278 (7,815) 667 6,459 8,589 4,802 (2,935) 438 3,003 5,308 Commercial construction 9,668 (2,583) 7,085 (239) 258 7,410 14,514 10,337 (70) 557 (506) 10,318 Equipment financing 7,384 5,871 13,255 (3,948) 776 10,222 20,305 5,452 (2,434) 264 3,653 6,935 Residential mortgage 8,081 1,569 9,650 (334) 331 3,179 12,826 8,295 (169) 282 (118) 8,290 Home equity lines of credit 4,575 1,919 6,494 (118) 299 2,012 8,687 4,752 (366) 262 146 4,794 Residential construction 2,504 (1,771) 733 (54) 71 1,247 1,997 2,433 (250) 73 109 2,365 Consumer 901 (491) 410 (1,350) 517 883 460 853 (1,076) 446 632 855 Indirect auto — — — — — — — 999 (377) 84 68 774 Total allowance for credit losses - loans 62,089 6,880 68,969 (18,864) 4,601 48,963 103,669 61,203 (8,187) 2,619 6,569 62,204 Allowance for unfunded commitments 3,458 1,871 5,329 — — 6,771 12,100 3,410 — — (19) 3,391 Total allowance for credit losses $ 65,547 $ 8,751 $ 74,298 $ (18,864) $ 4,601 $ 55,734 $ 115,769 $ 64,613 $ (8,187) $ 2,619 $ 6,550 $ 65,595 As of June 30, 2020, United used a one-year reasonable and supportable forecast period. The changes in loss rates used as the basis for the estimate of credit losses during this period were modeled using historical data from peer banks and macroeconomic forecast data obtained from a third party vendor, which were then applied to United’s recent default experience as a starting point. At June 30, 2020, the forecast indicated that the markets in which United operates will experience a decline in economic conditions and an increase in the unemployment rate over the next year, primarily as a result of the COVID-19 pandemic. The increase in the ACL compared to January 1, 2020 and March 31, 2020 was primarily attributable to the worsening trends in the forecast at June 30, 2020 compared to the earlier forecasts used, with the primary economic forecast driver being the change in the unemployment rate. United adjusted the economic forecast by eliminating the initial spike in unemployment to account for the impact of government stimulus programs, which mitigated some of the negative impact on forecasted losses. In addition, United further adjusted the economic forecast for residential mortgage loans and income producing commercial real estate to moderate losses in those portfolios. For periods beyond the reasonable and supportable forecast period of one year, United reverted to historical credit loss information on a straight line basis over two years. For all collateral types excluding residential mortgage, United reverted to through-the-cycle average default rates using peer data from 2000 to 2017. For loans secured by residential mortgages, the peer data was adjusted for changes in lending practices designed to prevent the magnitude of losses observed during the mortgage crisis. PPP loans were considered low risk assets due to the related 100% guarantee by the SBA. Disaggregation of Incurred Loss Impairment Methodology The following tables represent the recorded investment in loans by portfolio segment and the balance of the allowance assigned to each segment based on the method of evaluating the loans for impairment as of December 31, 2019 (in thousands) . Loans Outstanding Allowance for Credit Losses Individually Collectively PCI Ending Individually Collectively PCI Ending Owner occupied commercial real estate $ 19,233 $ 1,692,448 $ 8,546 $ 1,720,227 $ 816 $ 10,483 $ 105 $ 11,404 Income producing commercial real estate 18,134 1,962,588 27,228 2,007,950 770 11,507 29 12,306 Commercial & industrial 1,449 1,218,882 326 1,220,657 21 5,193 52 5,266 Commercial construction 3,675 965,678 6,862 976,215 55 9,613 — 9,668 Equipment financing 1,027 739,532 3,985 744,544 — 7,240 144 7,384 Residential mortgage 15,991 1,092,046 9,579 1,117,616 782 7,296 3 8,081 Home equity lines of credit 992 658,273 1,410 660,675 16 4,541 18 4,575 Residential construction 1,256 234,807 374 236,437 47 2,456 1 2,504 Consumer 214 127,682 336 128,232 5 885 11 901 Total $ 61,971 $ 8,691,936 $ 58,646 $ 8,812,553 2,512 59,214 363 62,089 Allowance for unfunded commitments — 3,458 — 3,458 Total allowance for credit losses $ 2,512 $ 62,672 $ 363 $ 65,547 The following table presents additional detail on loans individually evaluated for impairment under Incurred Loss by class as of December 31, 2019 (in thousands) . December 31, 2019 Unpaid Principal Balance Recorded Investment Allowance for Loan Losses Allocated With no related allowance recorded: Owner occupied commercial real estate $ 9,527 $ 8,118 $ — Income producing commercial real estate 5,159 4,956 — Commercial & industrial 1,144 890 — Commercial construction 2,458 2,140 — Equipment financing 1,027 1,027 — Total commercial 19,315 17,131 — Residential mortgage 7,362 6,436 — Home equity lines of credit 1,116 861 — Residential construction 731 626 — Consumer 66 53 — Total with no related allowance recorded 28,590 25,107 — With an allowance recorded: Owner occupied commercial real estate 11,136 11,115 816 Income producing commercial real estate 13,591 13,178 770 Commercial & industrial 559 559 21 Commercial construction 1,535 1,535 55 Equipment financing — — — Total commercial 26,821 26,387 1,662 Residential mortgage 9,624 9,555 782 Home equity lines of credit 146 131 16 Residential construction 643 630 47 Consumer 161 161 5 Total with an allowance recorded 37,395 36,864 2,512 Total $ 65,985 $ 61,971 $ 2,512 The average balances of impaired loans and income recognized on impaired loans while they were considered impaired under Incurred Loss are presented below for the period indicated (in thousands) . Three Months Ended June 30, 2019 Six Months Ended June 30, 2019 Average Balance Interest Revenue Cash Basis Interest Revenue Received Average Balance Interest Revenue Cash Basis Interest Revenue Received Owner occupied commercial real estate $ 18,737 $ 273 $ 308 $ 18,074 $ 558 $ 592 Income producing commercial real estate 13,680 186 169 13,959 379 376 Commercial & industrial 1,914 7 16 1,815 26 35 Commercial construction 3,369 41 42 2,886 75 75 Equipment financing 21 — — 11 — — Total commercial 37,721 507 535 36,745 1,038 1,078 Residential mortgage 16,230 190 184 15,866 358 358 Home equity lines of credit 304 3 2 281 7 5 Residential construction 1,350 24 24 1,379 48 47 Consumer 181 3 3 193 7 7 Indirect auto 1,104 14 14 1,147 28 28 Total $ 56,890 $ 741 $ 762 $ 55,611 $ 1,486 $ 1,523 |
Goodwill
Goodwill | 6 Months Ended |
Jun. 30, 2020 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill | Goodwill Goodwill represents the premium paid for acquired companies above the net fair value of the assets acquired and liabilities assumed, including separately identifiable intangible assets. At June 30, 2020 and December 31, 2019, the net carrying value of goodwill was $327 million. Goodwill is not amortized but is assessed for impairment on an annual basis, or more often if events or circumstances indicate there may be impairment, referred to as a triggering event. Upon the occurrence of a triggering event, accounting guidance allows for an assessment of qualitative factors to determine whether it is more likely than not, or a greater than 50% likelihood, that the fair value of the entity is less than its carrying amount, including goodwill. When it is more likely than not that impairment has occurred, management is required to perform a quantitative analysis and, if necessary, adjust the carrying amount of goodwill by recording a goodwill impairment loss. During the latter part of the first quarter and the second quarter of 2020, as a result of market concerns about the potential impact of COVID-19, United’s stock price declined such that it traded below book value for much of that time period. As a result of this triggering event, management has qualitatively assessed and concluded that there is not a greater than 50% likelihood that United’s fair value is less than its carrying amount as of June 30, 2020, given the anticipated short duration of the change in macroeconomic conditions and excess of value as of the latest annual test performed as of September 30, 2019. Management will continue to monitor and assess the impact of the pandemic on the Company’s value. |
Derivatives and Hedging Activit
Derivatives and Hedging Activities | 6 Months Ended |
Jun. 30, 2020 | |
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. United has master netting agreements with the derivatives dealers with which it does business, but has elected to reflect gross assets and liabilities on the consolidated balance sheets. 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) : June 30, 2020 December 31, 2019 Derivative Asset Derivative Liability Derivative Asset Derivative Liability Derivatives designated as hedging instruments: Fair value hedge of brokered time deposits $ — $ 24 $ — $ 880 Cash flow hedge of subordinated debt 2,990 — — — Total $ 2,990 $ 24 $ — $ 880 Derivatives not designated as hedging instruments: Customer derivative positions $ 79,900 $ 3 $ 27,277 $ 446 Dealer offsets to customer derivative positions 3 20,266 394 6,425 Risk participations 7 21 — 12 Mortgage banking - loan commitment 11,517 — 1,970 — Mortgage banking - forward sales commitment 17 1,847 98 86 Bifurcated embedded derivatives — 1,606 5,268 — Dealer offsets to bifurcated embedded derivatives — 918 — 7,667 Total $ 91,444 $ 24,661 $ 35,007 $ 14,636 Total derivatives $ 94,434 $ 24,685 $ 35,007 $ 15,516 Total gross derivative instruments $ 94,434 $ 24,685 $ 35,007 $ 15,516 Less: Amounts subject to master netting agreements (313) (313) (401) (401) Less: Cash collateral received/pledged (2,680) (21,624) — (14,933) Net amount $ 91,441 $ 2,748 $ 34,606 $ 182 Hedging Derivatives Cash Flow Hedges of Interest Rate Risk United enters into cash flow hedges to mitigate exposure to the variability of future cash flows or other forecasted transactions. During the second quarter of 2020, United entered into three cash flow hedges using interest rate caps and swaps with an aggregate notional amount of $120 million to hedge the variability of cash flows due to changes in interest rates on certain of its variable-rate subordinated debt and trust preferred securities. United considers these derivatives to be highly effective at achieving offsetting changes in cash flows attributable to changes in interest rates. Therefore, changes in the fair value of these derivative instruments are recognized in other comprehensive income. Gains and losses related to changes in fair value are reclassified into earnings in the periods the hedged forecasted transactions occur. Losses representing amortization of the premium recorded on cash flow hedges, which is a component excluded from the assessment of effectiveness, are recognized in earnings on a straight-line basis in the same caption as the hedged item over the term of the hedge. Over the next twelve months United expects to reclassify $576,000 of losses from accumulated other comprehensive income into earnings related to these agreements. At December 31, 2019 United had no active cash flow hedges. 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. During the second quarter of 2019, United amortized the remaining balance of losses on terminated hedging positions from other comprehensive income, which was the only effect of cash flow hedges on the consolidated statements of income for the three and six months ended June 30, 2019. See Note 11 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 derivatives 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 June 30, 2020 and December 31, 2019, United had three and four, respectively, interest rate swaps with an aggregate notional amount of $27.9 million and $37.9 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. 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 effect of derivatives in hedging relationships on the consolidated statement of income for the periods indicated (in thousands) . Interest expense Three Months Ended June 30, Six Months Ended June 30, 2020 2019 2020 2019 Total amounts presented in the consolidated statements of income $ 14,301 $ 21,372 $ 32,242 $ 42,254 Gains (losses) on fair value hedging relationships: Interest rate contracts: Amounts related to interest settlements on derivatives 102 (102) 27 (203) Recognized on derivatives 120 149 1,182 600 Recognized on hedged items (9) (151) (991) (613) Net income (expense) recognized on fair value hedges 213 (104) 218 (216) Gains (losses) on active cash flow hedging relationships (1) : Interest rate contracts: Realized gains (losses) reclassified from AOCI into net income (2) (67) — (67) — Net income (expense) recognized on cash flow hedges $ (67) $ — $ (67) $ — (1) Excludes amortization of losses related to de-designated cash flow hedges. See Note 11 for further detail. (2) Includes $92,000 of premium amortization expense excluded from the assessment of hedge effectiveness for the three and six months ended June 30, 2020. 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) . June 30, 2020 December 31, 2019 Balance Sheet Location Carrying amount of Assets (Liabilities) Hedge Accounting Basis Adjustment Carrying amount of Assets (Liabilities) Hedge Accounting Basis Adjustment Deposits $ (26,985) $ (346) $ (35,880) $ 645 Derivatives Not Designated as Hedging Instruments Customer derivative positions include swaps, caps, and corridors between United and certain commercial loan customers with offsetting positions to dealers under a back-to-back program. In addition, United occasionally enters into credit risk participation agreements with counterparty banks to accept or transfer 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. United also has three interest rate swap contracts that are not designated as hedging instruments but are economic hedges of market-linked brokered certificates of deposit. The market-linked brokered certificates of deposit contain embedded derivatives that are bifurcated from the host instruments and are marked to market through earnings. The fair value marks on the market-linked swaps and the bifurcated embedded derivatives tend to move in opposite directions with changes in 90-day London Interbank Offered Rate (“LIBOR”) and therefore provide an economic hedge. In addition, United originates certain residential mortgage loans with the intention of selling these loans. Between the time United enters into an interest-rate lock commitment to originate a residential mortgage loan that is to be held for sale and the time the loan is funded and eventually sold, United is subject to the risk of variability in market prices. United enters into forward sale agreements to mitigate risk and to protect the expected gain on the eventual loan sale. The commitments to originate residential mortgage loans and forward loan sales commitments are freestanding derivative instruments. United accounts for most newly originated mortgage loans at fair value pursuant to the fair value option, and these loans are not reflected in the table above. Fair value adjustments on these derivative instruments are recorded within mortgage loan gains and other related fee income in the consolidated statements of income. The table below presents the gains and losses recognized in income on derivatives not designated as hedging instruments for the periods indicated (in thousands) . Location of Gain (Loss) Recognized in Income on Derivative Amount of Gain (Loss) Recognized in Income on Derivative Three Months Ended June 30, Six Months Ended June 30, 2020 2019 2020 2019 Customer derivatives and dealer offsets Other noninterest income $ 1,168 $ 1,224 $ 2,592 $ 1,727 Bifurcated embedded derivatives and dealer offsets Other noninterest income (28) (74) (223) 144 De-designated hedges Other noninterest income — — — (193) Mortgage banking derivatives Mortgage loan revenue 929 (748) 100 (938) Risk participations Other noninterest income 14 (6) (3) (4) $ 2,083 $ 396 $ 2,466 $ 736 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. United’s agreements with each of its derivative counterparties provide that 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 would require additional collateral if United’s credit rating were downgraded. |
Long-term Debt
Long-term Debt | 6 Months Ended |
Jun. 30, 2020 | |
Debt Disclosure [Abstract] | |
Long-term Debt | Long-term Debt Long-term debt consisted of the following (in thousands): June 30, December 31, 2019 Issue Stated Earliest Interest Rate 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 2030 senior debentures 100,000 — 2020 2030 2025 5.00% through June 15, 2025, 3-month SOFR plus 4.87% thereafter Total senior debentures 185,000 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 11,250 2015 2025 2020 6.250% Total subordinated debentures 111,250 111,250 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 (9,621) (8,588) Total long-term debt $ 311,631 $ 212,664 Interest is currently paid at least semiannually for all senior and subordinated debentures and trust preferred securities. Senior Debentures During the second quarter of 2020, United issued the 2030 senior debentures. The 2030 senior debentures are redeemable, in whole or in part, on any interest payment date on or after June 15, 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 June 15, 2030 if not redeemed prior to that date. 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 The subordinated debentures qualify as Tier 2 regulatory capital. Trust Preferred Securities Trust preferred securities qualify as Tier 1 capital under risk based capital guidelines subject to certain limitations, including an acquisition-triggered asset size limitation, which United is expected to exceed in the third quarter of 2020. The trust preferred securities are mandatorily redeemable upon maturity, or upon earlier redemption as provided in the indentures. |
Assets and Liabilities Measured
Assets and Liabilities Measured at Fair Value | 6 Months Ended |
Jun. 30, 2020 | |
Fair Value Disclosures [Abstract] | |
Assets and Liabilities Measured at Fair Value | Assets and Liabilities Measured at Fair Value Fair value measurements are determined based on the assumptions that market participants would use in pricing the asset or liability. As a basis for considering market participant assumptions in fair value measurements, United uses a fair value hierarchy that distinguishes between market participant assumptions based on market data obtained from sources independent of the reporting entity (observable inputs that are classified within Levels 1 and 2 of the hierarchy) and the reporting entity’s own assumptions about market participant assumptions (unobservable inputs classified within Level 3 of the hierarchy). United has processes in place to review the significant valuation inputs and to reassess how the instruments are classified in the valuation framework. Fair Value Hierarchy Level 1 Valuation is based upon quoted prices (unadjusted) in active markets for identical assets or liabilities that United has the ability to access. Level 2 Valuation is based upon quoted prices for similar assets and liabilities in active markets, as well as inputs that are observable for the asset or liability (other than quoted prices), such as interest rates, foreign exchange rates, and yield curves that are observable at commonly quoted intervals. Level 3 Valuation is generated from model-based techniques that use at least one significant assumption based on unobservable inputs for the asset or liability, which are typically based on an entity’s own assumptions, as there is little, if any, related market activity. In instances when the determination of the fair value measurement is based on inputs from different levels of the fair value hierarchy, the level in the fair value hierarchy within which the entire fair value measurement falls is based on the lowest level input that is significant to the fair value measurement in its entirety. The assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment and considers factors specific to the asset or liability. The following is a description of the valuation methodologies used for assets and liabilities recorded at fair value. Investment Securities Debt securities available-for-sale and equity securities with readily determinable fair values are recorded at fair value on a recurring basis. Fair value measurement is based upon quoted prices, if available. If quoted prices are not available, fair values are measured using independent pricing models or other model-based valuation techniques such as the present value of future cash flows, adjusted for the security’s credit rating, prepayment assumptions and other factors such as credit loss assumptions. Level 1 securities include those traded on an active exchange, such as the New York Stock Exchange, U.S. Treasury securities that are traded by dealers or brokers in active over-the-counter markets and money market funds. Level 2 securities include mortgage-backed securities issued by government sponsored entities, municipal bonds, corporate debt securities and asset-backed securities and are valued based on observable inputs that include: quoted market prices for similar assets, quoted market prices that are not in an active market, or other inputs that are observable in the market and can be corroborated by observable market data for substantially the full term of the securities. Securities classified as Level 3 include those traded in less liquid markets and are valued based on estimates obtained from broker-dealers that are not directly observable. Deferred Compensation Plan Assets and Liabilities Included in other assets in the consolidated balance sheet are assets related to employee deferred compensation plans. The assets associated with these plans are invested in mutual funds and classified as Level 1. Deferred compensation liabilities, also classified as Level 1, are carried at the fair value of the obligation to the employee, which mirrors the fair value of the invested assets and is included in other liabilities in the consolidated balance sheet. Mortgage Loans Held for Sale United has elected the fair value option for most of its newly originated mortgage loans held for sale in order to reduce certain timing differences and better match changes in fair values of the loans with changes in the value of derivative instruments used to economically hedge them. The fair value of mortgage loans held for sale is determined using quoted prices for a similar asset, adjusted for specific attributes of that loan (Level 2). Derivative Financial Instruments United uses derivatives to manage 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. United incorporates credit valuation adjustments (“CVAs”) as necessary to appropriately reflect the respective counterparty’s nonperformance risk in the fair value measurements. In adjusting the fair value of its derivative contracts for the effect of nonperformance risk, United has considered the effect of netting and any applicable credit enhancements, such as collateral postings, thresholds and guarantees. Management has determined that the majority of the inputs used to value its derivatives fall within Level 2 of the fair value hierarchy. However, the CVAs associated with these derivatives utilize Level 3 inputs, such as estimates of current credit spreads, to evaluate the likelihood of default by itself and its counterparties. Generally, management’s assessment of the significance of the CVAs has indicated that they are not a significant input to the overall valuation of the derivatives. In cases where management’s assessment indicates that the CVA is a significant input, the related derivative is disclosed as a Level 3 value. During the second quarter of 2020, certain derivative assets were transferred from Level 2 to Level 3 of the fair value hierarchy due to a change in the assessment of significance of the CVA. Other derivatives classified as Level 3 include structured derivatives for which broker quotes, used as a key valuation input, were not observable. Risk participation agreements are classified as Level 3 instruments due to the incorporation of significant Level 3 inputs used to evaluate the probability of funding and the likelihood of customer default. Interest rate lock commitments, which relate to mortgage loan commitments, are categorized as Level 3 instruments as the fair value of these instruments is based on unobservable inputs for commitments that United does not expect to fund. Servicing Rights for Residential and SBA/USDA Loans United recognizes servicing rights upon the sale of residential and SBA/USDA loans sold with servicing retained. Management has elected to carry these assets at fair value. Given the nature of these assets, the key valuation inputs are unobservable and management classifies these assets as Level 3. Assets and Liabilities Measured at Fair Value on a Recurring Basis The table below presents United’s assets and liabilities measured at fair value on a recurring basis as of the dates indicated, aggregated by the level in the fair value hierarchy within which those measurements fall (in thousands) . June 30, 2020 Level 1 Level 2 Level 3 Total Assets: Debt securities available-for-sale: U.S. Treasuries $ 128,866 $ — $ — $ 128,866 U.S. Government agencies — 2,937 — 2,937 State and political subdivisions — 230,709 — 230,709 Residential mortgage-backed securities — 1,212,021 — 1,212,021 Commercial mortgage-backed securities — 261,678 — 261,678 Corporate bonds — 172,476 1,000 173,476 Asset-backed securities — 115,522 — 115,522 Equity securities with readily available fair values 631 725 — 1,356 Mortgage loans held for sale — 99,477 — 99,477 Deferred compensation plan assets 8,070 — — 8,070 Servicing rights for SBA/USDA loans — — 6,034 6,034 Residential mortgage servicing rights — — 12,492 12,492 Derivative financial instruments — 82,327 12,107 94,434 Total assets $ 137,567 $ 2,177,872 $ 31,633 $ 2,347,072 Liabilities: Deferred compensation plan liability $ 8,082 $ — $ — $ 8,082 Derivative financial instruments — 22,116 2,569 24,685 Total liabilities $ 8,082 $ 22,116 $ 2,569 $ 32,767 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. 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 available 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 The following table shows a reconciliation of the beginning and ending balances for the periods indicated for assets measured at fair value on a recurring basis using significant unobservable inputs that are classified as Level 3 values (in thousands) . 2020 2019 Derivative Assets Derivative Liabilities Servicing rights for SBA/USDA loans Residential mortgage servicing rights Debt Securities Available-for-Sale Derivative Derivative Servicing rights for SBA/USDA loans Residential mortgage servicing rights Debt Securities Available-for-Sale Three Months Ended June 30, Balance at beginning of period $ 7,361 $ 2,717 $ 6,290 $ 11,059 $ — $ 9,561 $ 11,444 $ 7,401 $ 11,447 $ 995 Additions 7 — 303 3,217 1,000 — — 405 1,228 — Transfers into Level 3 583 — — — — — — — — — Sales and settlements — — (34) (682) — — — (188) (153) — Other comprehensive income — — — — — — — — — — Amounts included in earnings - fair value adjustments 4,156 (148) (525) (1,102) — (1,817) (2,432) (238) (1,843) — Balance at end of period $ 12,107 $ 2,569 $ 6,034 $ 12,492 $ 1,000 $ 7,744 $ 9,012 $ 7,380 $ 10,679 $ 995 Six Months Ended June 30, Balance at beginning of period $ 7,238 $ 8,559 $ 6,794 $ 13,565 $ 998 $ 11,841 $ 15,732 $ 7,510 $ 11,877 $ 995 Additions 7 — 398 5,332 1,000 — — 780 2,091 — Transfers into Level 3 583 — — — — — — — — — Sales and settlements — — (341) (1,175) (1,000) (1,135) (2,330) (551) (303) — Other comprehensive income — — — — 2 — — — — — Amounts included in earnings - fair value adjustments 4,279 (5,990) (817) (5,230) — (2,962) (4,390) (359) (2,986) — Balance at end of period $ 12,107 $ 2,569 $ 6,034 $ 12,492 $ 1,000 $ 7,744 $ 9,012 $ 7,380 $ 10,679 $ 995 The following table presents quantitative information about Level 3 fair value measurements for fair value on a recurring basis as of the dates indicated (in thousands) . Weighted Average Level 3 Assets and Liabilities Valuation Technique June 30, December 31, 2019 Unobservable Inputs Servicing rights for SBA/USDA loans Discounted cash flow Discount rate 12.0 % 12.3 % Prepayment rate 18.2 % 16.5 % Residential mortgage servicing rights Discounted cash flow Discount rate 10.0 % 10.0 % Prepayment rate 19.8 % 14.1 % Corporate bonds 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 - customer derivative positions Internal model Probability of default rate 36.7 % N/A Loss given default rate 100 % N/A Derivative assets - mortgage Internal model Pull through rate 81.2 % 83.6 % Derivative assets and liabilities- other Dealer priced Dealer priced N/A N/A Derivative assets and liabilities - risk participations Internal model Probable exposure rate 1.04 % 0.36 % Probability of default rate 1.86 % 1.80 % Fair Value Option United records mortgage loans held for sale at fair value under the fair value option. Interest income on these loans is calculated based on the note rate of the loan and is recorded in interest revenue. The following tables present the fair value and outstanding principal balance of these loans, as well as the gain or loss recognized resulting from the change in fair value for the periods indicated (in thousands) . Mortgage Loans Held for Sale June 30, 2020 December 31, 2019 Outstanding principal balance $ 94,335 $ 56,613 Fair value 99,477 58,484 Amount of Gain (Loss) Recognized on Location Three Months Ended June 30, Six Months Ended June 30, 2020 2019 2020 2019 Mortgage loan gains and other related fees $ 1,546 $ 569 $ 3,271 $ 875 Changes in fair value were mostly offset by hedging activities. An immaterial portion of these amounts was attributable to changes in instrument-specific credit risk. Assets and Liabilities Measured at Fair Value on a Nonrecurring Basis United may be required, from time to time, to measure certain assets at fair value on a nonrecurring basis. These adjustments to fair value usually result from the application of the lower of the amortized cost or fair value accounting or write-downs of individual assets due to impairment. The following table presents the fair value hierarchy and carrying value of all assets that were still held as of June 30, 2020 and December 31, 2019, for which a nonrecurring fair value adjustment was recorded during the year-to-date periods presented (in thousands) . Level 1 Level 2 Level 3 Total June 30, 2020 Loans $ — $ — $ 12,654 $ 12,654 December 31, 2019 Loans $ — $ — $ 20,977 $ 20,977 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 loans that are collateral dependent are generally written down to 80% of appraised value which considers the estimated costs to sell. Specific reserves that are established based on appraised value of collateral are considered nonrecurring fair value adjustments as well. When the fair value of the collateral is based on an observable market price or a current appraised value, United records the impaired loan as nonrecurring Level 2. When an appraised value is not available or management determines the fair value of the collateral is further impaired below the appraised value and there is no observable market price, United records the impaired loan as nonrecurring Level 3. Assets and Liabilities Not Measured at Fair Value For financial instruments that have quoted market prices, those quotes are used to determine fair value. Financial instruments that have no defined maturity, have a remaining maturity of 180 days or less, or reprice frequently to a market rate, are assumed to have a fair value that approximates reported book value, after taking into consideration any applicable credit risk. If no market quotes are available, financial instruments are valued by discounting the expected cash flows using an estimated current market interest rate for the financial instrument. For off-balance sheet derivative instruments, fair value is estimated as the amount that United would receive or pay to terminate the contracts at the reporting date, taking into account the current unrealized gains or losses on open contracts. Cash and cash equivalents and repurchase agreements have short maturities and therefore the carrying value approximates fair value. Due to the short-term settlement of accrued interest receivable and payable, the carrying amount closely approximates fair value. Fair value estimates are made at a specific point in time, based on relevant market information and information about the financial instrument. These estimates do not reflect the premium or discount on any particular financial instrument that could result from the sale of United’s entire holdings. All estimates are inherently subjective in nature. Changes in assumptions could significantly affect the estimates. Fair value estimates are based on existing on and off-balance sheet financial instruments without attempting to estimate the value of anticipated future business and the value of assets and liabilities that are not considered financial instruments. Significant assets and liabilities that are not considered financial instruments include the mortgage banking operation, brokerage network, deferred income taxes, premises and equipment and goodwill. In addition, the tax ramifications related to the realization of the unrealized gains and losses can have a significant effect on fair value estimates and have not been considered in the estimates. Off-balance sheet instruments (commitments to extend credit and standby letters of credit) for which draws can be reasonably predicted are generally short-term in maturity and are priced at variable rates. Therefore, the estimated fair value associated with these instruments is immaterial. The carrying amount and fair values as of the dates indicated for other financial instruments that are not measured at fair value on a recurring basis are as follows (in thousands) . Fair Value Level Carrying Amount Level 1 Level 2 Level 3 Total June 30, 2020 Assets: Securities held-to-maturity $ 306,638 $ — $ 320,253 $ — $ 320,253 Loans and leases, net 10,028,841 — — 9,944,499 9,944,499 Liabilities: Deposits 12,702,085 — 12,704,397 — 12,704,397 Long-term debt 311,631 — — 295,910 295,910 December 31, 2019 Assets: Securities held-to-maturity $ 283,533 $ — $ 287,904 $ — $ 287,904 Loans and leases, 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 |
Common and Preferred Stock
Common and Preferred Stock | 6 Months Ended |
Jun. 30, 2020 | |
Equity [Abstract] | |
Common and Preferred Stock | Common and Preferred Stock In November of 2019, United’s Board of Directors authorized an expansion of 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 the open market or in privately negotiated transactions, from time to time, subject to market conditions. During the six months ended June 30, 2020 and 2019, 826,482 and 305,052 shares, respectively, were repurchased under the program. No shares were purchased during the three months ended June 30, 2020 and 2019. As of June 30, 2020, United had remaining authorization to repurchase up to $29.2 million of outstanding common stock under the program. During the second quarter of 2020, United issued $100 million, or 4,000 shares, of Series I perpetual non-cumulative preferred stock (“Preferred Stock”) with a dividend rate of 6.875% per annum for net proceeds of $96.7 million and corresponding depositary shares each representing a 1/1,000th interest in one share of Preferred Stock. If declared, dividends will be payable quarterly in arrears beginning on September 15, 2020. The Preferred Stock has no stated maturity and redemption is solely at the option of United in whole, but not in part, upon the occurrence of a regulatory capital treatment event, as defined. In addition, the Preferred Stock may be redeemed on or after September 15, 2025 at a cash redemption price equal to $25,000 per share (equivalent to $25 per depositary share) plus any declared and unpaid dividends. As of June 30, 2020, the Preferred Stock had a carrying amount of $96.7 million. |
Stock-Based Compensation
Stock-Based Compensation | 6 Months Ended |
Jun. 30, 2020 | |
Share-based Payment Arrangement [Abstract] | |
Stock-Based Compensation | Stock-Based Compensation United has an equity compensation plan that allows for grants of various share-based compensation. Options granted under the plan 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 (as defined in the plan document). As of June 30, 2020, 1.28 million additional awards could be granted under the plan. The following table shows stock option activity for the first six months of June 30, 2020. Options Shares Weighted- Weighted- Aggregate Outstanding at December 31, 2019 1,500 $ 27.95 Expired (1,500) 27.95 Outstanding at June 30, 2020 — — 0.00 $ — Exercisable at June 30, 2020 — — 0.00 — The fair value of each option is estimated on the date of grant using the Black-Scholes model. No stock options were granted during the six months ended June 30, 2020 and 2019. United recognized no compensation expense related to stock options during the six months ended June 30, 2020 and 2019. The table below presents restricted stock unit activity for the first six months of June 30, 2020. Restricted Stock Unit Awards Shares Weighted- Weighted- Aggregate Outstanding at December 31, 2019 808,424 $ 27.94 Granted 62,055 23.20 Vested (113,748) 27.83 $ 2,798 Cancelled (18,754) 26.45 Outstanding at June 30, 2020 737,977 27.47 3.6 14,848 Compensation expense for restricted stock units and performance stock units without market conditions is based on the market value of United’s common stock on the date of grant. Compensation expense for performance stock units with market conditions is based on the grant date per share fair market value which was estimated using the Monte Carlo Simulation valuation model. United recognizes the impact of forfeitures as they occur. The value of restricted stock unit and performance stock unit awards is amortized into expense over the service period. For the six months ended June 30, 2020 and 2019, expense of $4.04 million and $5.83 million, respectively, was recognized related to restricted stock unit and performance stock unit awards granted to United employees. Of the expense related to restricted stock unit awards during the six months ended June 30, 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 $3.71 million for the six months ended June 30, 2019 was recognized in salaries and employee benefits expense, as was the entire amount for the six months ended June 30, 2020. In addition, for the six months ended June 30, 2020 and 2019, $217,000 and $169,000, respectively, was recognized in other operating expense for restricted stock unit awards granted to members of United’s Board of Directors. A deferred income tax benefit related to stock-based compensation expense of $1.09 million and $1.53 million was included in the determination of income tax expense for the six months ended June 30, 2020 and 2019, respectively. As of June 30, 2020, there was $11.4 million of unrecognized expense related to non-vested restricted stock unit and performance stock unit awards granted under the plan. That cost is expected to be recognized over a weighted-average period of 2.2 years. As of June 30, 2020, there was no unrecognized expense related to non-vested stock options granted under the plan. |
Reclassifications Out of Accumu
Reclassifications Out of Accumulated Other Comprehensive Income | 6 Months Ended |
Jun. 30, 2020 | |
Equity [Abstract] | |
Reclassifications Out of Accumulated Other Comprehensive Income | Reclassifications Out of Accumulated Other Comprehensive Income The following table presents the details regarding amounts reclassified out of accumulated other comprehensive income for the periods indicated (in thousands) . Details about Accumulated Other Comprehensive Income Components Three Months Ended Six Months Ended Affected Line Item in the Statement Where Net Income is Presented 2020 2019 2020 2019 Realized (gains) losses on available-for-sale securities: $ — $ 149 $ — $ (118) Securities (gains) losses, net — (38) — 30 Income tax (expense) benefit $ — $ 111 $ — $ (88) Net of tax Amortization of losses included in net income on available-for-sale securities transferred to held-to-maturity: $ (96) $ (93) $ (179) $ (177) Investment securities interest revenue 23 22 43 42 Income tax benefit $ (73) $ (71) $ (136) $ (135) Net of tax Reclassifications related to derivative financial instruments accounted for as cash flow hedges: Interest rate contracts $ (67) $ — $ (67) $ — Long-term debt interest expense Amortization of losses on — — — (102) Deposit interest expense Amortization of losses on — (235) — (235) Other expense (67) (235) (67) (337) Total before tax 17 60 17 86 Income tax benefit $ (50) $ (175) $ (50) $ (251) Net of tax Reclassifications related to defined benefit pension plan activity: Prior service cost $ (132) $ (159) $ (265) $ (318) Salaries and employee benefits expense Actuarial losses (82) (14) (163) (29) Other expense (214) (173) (428) (347) Total before tax 55 44 109 88 Income tax benefit $ (159) $ (129) $ (319) $ (259) Net of tax Total reclassifications for the period $ (282) $ (264) $ (505) $ (733) Net of tax Amounts shown above in parentheses reduce earnings. |
Earnings Per Share
Earnings Per Share | 6 Months Ended |
Jun. 30, 2020 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | Earnings Per Share The following table sets forth the computation of basic and diluted earnings per share for the periods indicated (in thousands, except per share data) . Three Months Ended Six Months Ended 2020 2019 2020 2019 Net income $ 25,096 $ 44,085 $ 56,980 $ 88,347 Dividends and undistributed earnings allocated to unvested shares (183) (316) (426) (631) Net income available to common shareholders $ 24,913 $ 43,769 $ 56,554 $ 87,716 Weighted average shares outstanding: Basic 78,920 79,673 79,130 79,739 Effect of dilutive securities Stock options — 1 — 2 Restricted stock units 4 4 56 4 Diluted 78,924 79,678 79,186 79,745 Net income per common share: Basic $ 0.32 $ 0.55 $ 0.71 $ 1.10 Diluted $ 0.32 $ 0.55 $ 0.71 $ 1.10 At June 30, 2020, United had potentially dilutive instruments outstanding in the form of 154,795 shares of common stock issuable upon vesting of restricted stock unit awards. |
Regulatory Matters
Regulatory Matters | 6 Months Ended |
Jun. 30, 2020 | |
Regulatory Capital Requirements Under Banking Regulations [Abstract] | |
Regulatory Matters | Regulatory Matters As of June 30, 2020, 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 June 30, 2020, 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 June 30, 2020, and there have been no conditions or events since year-end that would change the status of well-capitalized. Pursuant to the CARES Act, United has adopted relief provided by federal banking regulatory agencies for the delay of the adverse capital impact of CECL at adoption and during the subsequent two-year period after adoption. This optional two-year delay is followed by an optional three-year transition period to phase out the aggregate amount of capital benefit provided during the initial two-year delay. Under the transition provision, the amount of aggregate capital benefit is phased out by 25% each year with the full impact of adoption completely recognized by the beginning of the sixth year. Regulatory capital ratios at June 30, 2020 and December 31, 2019, 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. United Community Bank Minimum (1) Well June 30, December 31, 2019 June 30, December 31, 2019 Risk-based ratios: Common equity tier 1 capital 4.5 % 6.5 % 12.85 % 12.97 % 13.70 % 14.87 % Tier 1 capital 6.0 8.0 14.05 13.21 13.70 14.87 Total capital 8.0 10.0 16.07 15.01 14.63 15.54 Leverage ratio 4.0 5.0 10.31 10.34 10.05 11.63 Common equity tier 1 capital $ 1,300,627 $ 1,275,148 $ 1,382,891 $ 1,458,720 Tier 1 capital 1,421,537 1,299,398 1,382,891 1,458,720 Total capital 1,625,967 1,476,302 1,475,970 1,524,267 Risk-weighted assets 10,118,998 9,834,051 10,091,674 9,810,477 Average total assets for the 13,784,914 12,568,563 13,755,117 12,545,254 (1) As of June 30, 2020 and December 31, 2019 the additional capital conservation buffer in effect was 2.50% |
Commitments and Contingencies
Commitments and Contingencies | 6 Months Ended |
Jun. 30, 2020 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies United is party to financial instruments with off-balance sheet risk in the normal course of business to meet the financing needs of its customers. These financial instruments include commitments to extend credit and letters of credit. These instruments involve, to varying degrees, elements of credit risk in excess of the amount recognized in the balance sheet. The contract amounts of these instruments reflect the extent of involvement United has in particular classes of financial instruments. The exposure to credit loss in the event of nonperformance by the other party to the financial instrument for commitments to extend credit and letters of credit written is represented by the contractual amount of these instruments. United uses the same credit policies in making commitments and conditional obligations as it uses for underwriting on-balance sheet instruments. In most cases, collateral or other security is required to support financial instruments with credit risk. The following table summarizes the contractual amount of off-balance sheet instruments as of the dates indicated (in thousands) . June 30, 2020 December 31, 2019 Financial instruments whose contract amounts represent credit risk: Commitments to extend credit $ 2,291,128 $ 2,126,275 Letters of credit 26,554 22,533 United holds minor investments in certain limited partnerships for Community Reinvestment Act purposes. As of June 30, 2020, United had committed to fund an additional $10.1 million related to future capital calls that are not reflected in the consolidated balance sheet. United, in the normal course of business, is subject to various pending and threatened lawsuits in which claims for monetary damages are asserted. Although it is not possible to predict the outcome of these lawsuits, or the range of any possible loss, management, after consultation with legal counsel, does not anticipate that the ultimate aggregate liability, if any, arising from these lawsuits will have a material adverse effect on United’s financial position or results of operations. |
Acquisitions
Acquisitions | 6 Months Ended |
Jun. 30, 2020 | |
Business Combinations [Abstract] | |
Acquisitions | Acquisitions Acquisition of Three Shores Bancorporation, Inc. Subsequent to quarter-end, on July 1, 2020, United completed its previously announced acquisition of Three Shores Bancorporation, Inc. (“Three Shores”), including its wholly-owned subsidiary, Seaside National Bank & Trust (“Seaside”), headquartered in Orlando, Florida. Seaside operated a 14 branch network located in key Florida metropolitan markets. As of June 30, 2020, Three Shores had total assets of $2.16 billion, loans of $1.47 billion and deposits of $1.79 billion. Seaside has merged into the Bank, but will operate under the brand name Seaside Bank and Trust. Under the terms of the merger agreement, Three Shores shareholders received $188 million in total consideration, of which $164 million was United common stock and $24.1 million was cash. United issued 8.13 million shares to Three Shores shareholders in the acquisition. The acquisition will be accounted for as a business combination. Due to the timing of the acquisition, United is currently in the process of completing the purchase accounting and has not made all of the remaining required disclosures, such as the fair value of assets acquired and supplemental pro forma information, which will be disclosed in subsequent filings. Acquisition of First Madison Bank and Trust On May 1, 2019, United completed the acquisition of First Madison Bank & Trust (“FMBT”). Information related to the fair value of assets acquired and liabilities assumed is included in United’s 2019 10-K. The following table discloses the impact of the acquisition of FMBT since the acquisition date through June 30, 2019, and certain pro forma information as if FMBT had been acquired on January 1, 2018. These results combine the historical results of FMBT with United’s consolidated statement of income and, while 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. Merger-related costs from the FMBT acquisition of $924,000 and $1.02 million, respectively, have been excluded from the three and six months 2019 pro forma information presented below. The actual results and pro forma information were as follows (in thousands) : Three Months Ended Six Months Ended Revenue Net Income Revenue Net Income 2019 Actual FMBT results included in statement of income since acquisition date $ 2,327 $ 1,187 $ 2,327 $ 1,187 Supplemental consolidated pro forma as if FMBT had been acquired January 1, 2018 139,489 43,913 275,991 89,504 |
Subsequent Events
Subsequent Events | 6 Months Ended |
Jun. 30, 2020 | |
Subsequent Events [Abstract] | |
Subsequent Events | Subsequent EventsOn August 5, 2020, United’s Board of Directors approved a regular quarterly cash dividend of $0.18 per common share and a preferred stock dividend of $453.559 per preferred share (equivalent to $0.453559 per depositary share, or 1/1000 interest per share). The common stock dividend is payable October 5, 2020, to shareholders of record on September 15, 2020. The preferred stock dividend is payable September 15, 2020 to shareholders of record on August 31, 2020. |
Accounting Policies (Policies)
Accounting Policies (Policies) | 6 Months Ended |
Jun. 30, 2020 | |
Accounting Policies [Abstract] | |
Basis of Presentation and Consolidation | The accounting and financial reporting policies of United Community Banks, Inc. and its subsidiaries (collectively referred to herein as “United”) conform to accounting principles generally accepted in the United States (“GAAP”) and reporting guidelines of banking regulatory authorities. The accompanying interim consolidated financial statements have not been audited. All material intercompany balances and transactions have been eliminated. In addition to those items mentioned below, a more detailed description of United’s accounting policies is included in its Annual Report on Form 10-K for the year ended December 31, 2019 (the “2019 10-K”). In management’s opinion, all accounting adjustments necessary to accurately reflect the financial position and results of operations on the accompanying financial statements have been made. These adjustments are normal and recurring accruals considered necessary for a fair and accurate presentation. The results for interim periods are not necessarily indicative of results for the full year or any other interim periods. The accompanying unaudited consolidated financial statements should be read in conjunction with the consolidated financial statements and related notes appearing in United’s 2019 10-K. Certain amounts reported in prior periods' consolidated financial statements have been reclassified to conform to the current presentation. |
Debt Securities | Debt Securities Debt securities are classified as held-to-maturity and carried at amortized cost when management has the positive intent and ability to hold them to maturity. Debt securities are classified as available-for-sale when they might be sold before maturity. Securities available-for-sale are carried at fair value, with unrealized holding gains and losses reported in other comprehensive income, net of tax. Interest income includes amortization of purchase premiums or discounts. Premiums and discounts on securities are generally amortized on the level-yield method without anticipating prepayments, except for mortgage-backed securities where prepayments are anticipated. Premiums on callable debt securities are amortized to their earliest call date. Gains and losses on sales are recorded on the trade date and determined using the specific identification method. 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. |
Allowance for Credit Losses - Held-to-Maturity and Available-for-Sale Securities and Off-Balance Sheet Credit Exposures | Allowance for Credit Losses (“ACL”) - Held-to-Maturity Securities: Management measures expected credit losses on held-to-maturity debt securities on a collective basis by major security type. Accrued interest receivable on held-to-maturity debt securities totaled $1.00 million at June 30, 2020 and was excluded from the estimate of credit losses. The estimate of expected credit losses considers historical credit loss information that is adjusted for current conditions and reasonable and supportable forecasts. Management classifies the held-to-maturity portfolio into the following major security types: State and political subdivisions, residential mortgage-backed, agency and commercial mortgage-backed, agency. All of the residential and commercial mortgage-backed securities held by United are issued by U.S. government agencies. These securities are either explicitly or implicitly guaranteed by the U.S. government, are highly rated by major rating agencies and have a long history of no credit losses. The state and political subdivision securities are highly rated by major rating agencies. As a result, no ACL was recorded on the held-to-maturity portfolio at June 30, 2020. ACL - Available-For-Sale Securities: For available-for-sale debt securities in an unrealized loss position, United first assesses whether it intends to sell, or whether it is more likely than not that it will be required to sell the security before recovery of its amortized cost basis. If either of the criteria regarding intent or requirement to sell is met, the security's amortized cost basis is written down to fair value through income. For debt securities available-for-sale that do not meet the aforementioned criteria, United evaluates whether the decline in fair value has resulted from credit losses or other factors. In making this assessment, management considers the extent to which fair value is less than amortized cost, any changes to the rating of the security by a rating agency, and adverse conditions specifically related to the security, among other factors. If this assessment indicates that a credit loss exists, the present value of cash flows expected to be collected from the security are compared to the amortized cost basis of the security. If the present value of cash flows expected to be collected is less than the amortized cost basis, a credit loss exists and an ACL is recorded for the credit loss, limited by the amount that the fair value is less than the amortized cost basis. Any amount of unrealized loss that has not been recorded through an ACL is recognized in other comprehensive income. Changes in the ACL are recorded as provision for (or reversal of) credit loss expense. Losses are charged against the ACL when management believes the uncollectibility of an available-for-sale security is confirmed or when either of the criteria regarding intent or requirement to sell is met. At June 30, 2020, there was no ACL related to the available-for-sale portfolio. Accrued interest receivable on available-for-sale debt securities totaled $7.72 million at June 30, 2020 and was excluded from the estimate of credit losses. |
Loans and Leases | Loans and Leases Loans that management has the intent and ability to hold for the foreseeable future or until maturity or payoff are reported at amortized cost. Amortized cost is the principal balance outstanding, net of purchase premiums and discounts and deferred fees and costs. Accrued interest receivable related to loans totaled $28.0 million at June 30, 2020 and was reported in accrued interest receivable on the consolidated balance sheets. Interest income is accrued on the unpaid principal balance. Loan origination fees, net of certain direct origination costs, are deferred and recognized in interest income using methods that approximate a level yield without anticipating prepayments. 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. All interest accrued but not received for loans placed on nonaccrual is reversed against interest income. Interest received on such loans is accounted for on the cost-recovery method, until qualifying for return to accrual. Under the cost-recovery method, interest income is not recognized until the loan balance is reduced to zero. 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. 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 Credit Deteriorated (“PCD”) Loans: Upon adoption of Accounting Standards Codification (“ASC”) Topic 326, Financial Instruments - Credit Losses (“ASC 326”), loans that were designated as purchased credit impaired (“PCI”) loans under the previous accounting guidance were classified as PCD loans without reassessment. In future acquisitions, United may purchase loans, some of which have experienced more than insignificant credit deterioration since origination. In those cases, United will consider internal loan grades, delinquency status and other relevant factors in assessing whether purchased loans are PCD. PCD loans are recorded at the amount paid. An initial ACL is determined using the same methodology as other loans held for investment, but with no impact to earnings. The initial ACL determined on a collective basis is allocated to individual loans. The sum of the loan's purchase price and ACL becomes its initial amortized cost basis. The difference between the initial amortized cost basis and the par value of the loan is a noncredit discount or premium, which is amortized into interest income over the life of the loan. Subsequent to initial recognition, PCD loans are subject to the same interest income recognition and impairment model as non-PCD loans, with changes to the ACL recorded through provision expense. |
ACL Loans | ACL - Loans The ACL is a valuation account that is deducted from the loans' amortized cost basis to present the net amount expected to be collected on the loans. Loans are charged off against the ACL when management believes the uncollectibility of a loan balance is confirmed. Expected recoveries do not exceed the aggregate of amounts previously charged-off and expected to be charged-off. Accrued interest receivable is excluded from the estimate of credit losses. Management determines the ACL balance using relevant available information, from internal and external sources, relating to past events, current conditions, and reasonable and supportable forecasts. Historical credit behaviors along with model judgments provide the basis for the estimation of expected credit losses. Adjustments to modeled loss estimates may be made for differences in current loan-specific risk characteristics such as differences in underwriting standards, portfolio mix, delinquency level, or term as well as for changes in environmental conditions, such as changes in economic conditions, property values, or other relevant factors. The ACL is measured on a collective basis when similar risk characteristics exist. United has identified the following portfolio segments and calculates the ACL for each using a discounted cash flow methodology at the loan level, with loss rates, prepayment assumptions and curtailment assumptions driven by each loan’s collateral type: 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 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, 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 lead to longer marketing times resulting in higher carrying costs and declining values. Consumer - Risks common to consumer direct loans include unemployment and changes in local economic conditions as well as the inability to monitor collateral consisting of personal property. When management determines that foreclosure is probable or when the borrower is experiencing financial difficulty at the reporting date and repayment is expected to be provided substantially through the operation or sale of the collateral, expected credit losses are based on the fair value of the collateral at the reporting date, adjusted for selling costs as appropriate. When the discounted cash flow method is used to determine the ACL, management adjusts the effective interest rate used to discount expected cash flows to incorporate expected prepayments. Determining the Contractual Term: Expected credit losses are estimated over the contractual term of the loans, adjusted for expected prepayments when appropriate. The contractual term excludes expected extensions, renewals, and modifications unless either of the following applies: management has a reasonable expectation at the reporting date that a troubled debt restructuring will be executed with an individual borrower or the extension or renewal options are included in the original or modified contract at the reporting date and are not unconditionally cancellable by United. Troubled Debt Restructurings (“TDR”s): A loan for which the terms have been modified resulting in a more than insignificant concession, and for which the borrower is experiencing financial difficulties, is generally considered to be a TDR. The ACL on a TDR is measured using the same method as all other loans held for investment, except that the original interest rate is used to discount the expected cash flows, not the rate specified within the restructuring. As discussed in Note 2, in accordance with the Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”), United implemented loan modification programs in response to the COVID-19 pandemic in order to provide borrowers with flexibility with respect to repayment terms. These loan modifications were not considered TDRs to the extent that the borrower was impacted by the COVID-19 pandemic and was not more than 30 days past due at |
Accounting Standards Updates and Recently Adopted Standards | Accounting Standards Updates and Recently Adopted Standards On January 1, 2020, United adopted ASC 326 , which replaced the incurred loss impairment framework in prior 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, including loan receivables and held-to-maturity debt securities, and some off-balance sheet credit exposures such as unfunded commitments to extend credit. Financial assets measured at amortized cost will be presented at the net amount expected to be collected by using an ACL. 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 ACL 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 ACL, comprised of increases in the ACL for loans of $6.88 million and the ACL 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 securities portfolio or other financial instruments. Results for reporting periods beginning after January 1, 2020 are presented under ASC 326 while prior period amounts continue to be reported in accordance with previously applicable GAAP (“Incurred Loss”). The ACL for the majority of loans and leases was calculated using a discounted cash flow methodology applied at a loan level with a one-year reasonable and supportable forecast period and a two-year straight-line reversion period. 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 and implementation of the accounting, reporting and governance processes to comply with the new guidance was completed in the first quarter of 2020. 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. United has adopted the relief provided by federal banking regulatory agencies for the delay of the adverse capital impact of CECL at adoption and during the subsequent two-year period following adoption. This optional two-year delay is followed by an optional three-year transition period to phase out the aggregate amount of capital benefit provided during the initial two-year delay. Under the transition provision, the amount of aggregate capital benefit is phased out by 25% each year with the full impact of adoption completely recognized by the beginning of the sixth year. United adopted ASC 326 using the prospective transition approach for PCD assets that were previously classified as PCI. In accordance with the standard, management did not reassess whether PCI assets met the criteria of PCD assets as of the date of adoption. As mentioned above, the amortized cost basis of the PCD assets was adjusted to reflect the addition of $3.59 million of the ACL. The remaining noncredit discount (based on the adjusted amortized cost basis) will be accreted into interest income at a rate that approximates the effective interest rate as of January 1, 2020. With regard to PCD assets, because United elected to disaggregate the former PCI pools and no longer considers 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, although management did not reassess whether modifications to individual acquired financial assets accounted for in pools were TDRs as of the date of adoption, PCD loans that are restructured and meet the definition of troubled debt restructurings after the adoption of CECL will be reported as such. United elected not to measure an allowance for credit losses for accrued interest receivable and instead to reverse interest income on those loans that are 90 days past due, to exclude accrued interest receivable from the amortized cost basis of financial instruments subject to CECL and to separately state the balance of accrued interest receivable on the consolidated balance sheet. In addition, United elected to adjust the discount rate used to calculate credit losses for expected prepayments and will include all changes in discounted cash flows as credit loss. As a practical expedient, United has also elected to use the fair value of collateral when determining the ACL for loans if repayment is expected to be provided substantially through the operation or sale of the collateral when the borrower is experiencing financial difficulty (collateral-dependent loans). On March 27, 2020, the CARES Act was signed into law. The CARES Act included a number of provisions that were applicable to United, including the following: • Accounting Relief for TDRs : The CARES Act provided that modifications under certain forbearance conditions for loans that were not more than 30 days past due at December 31, 2019 will not be considered TDRs for regulatory reporting and GAAP. • Optional Delay and Regulatory Relief for CECL Implementation: The CARES Act stipulated that large SEC filers have the option of delaying the adoption of CECL from January 1, 2020 to the earlier of the end of the COVID-19 emergency period or December 31, 2020. Banks that were required to implement CECL by the end of 2020 were granted the option to defer any impact of CECL on regulatory capital for two years before beginning the original three-year regulatory phase-in period, for a total five-year phase-in period. Although United did not elect to delay the adoption of CECL, the Company did elect the five-year phase-in period for regulatory capital purposes, as discussed above. • Paycheck Protection Program (“PPP”): The CARES Act created the PPP through the Small Business Administration (“SBA”), which allowed United to lend money to small businesses to maintain employee payrolls through the crisis with guarantees from the SBA. Under this program, loan amounts may be forgiven if the borrower maintains employee payrolls or restores payrolls afterwards. In March 2020, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2020-03, Codification Improvements to Financial Instruments . This update clarified certain minor issues within the codification, including, among other things, debt securities disclosure for financial institutions and determination of the contractual term of a net investment in a lease. The standard was effective immediately, and did not have a material impact on the consolidated financial statements. In March 2020, the FASB issued ASU No. 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting . This update provides expedients for contracts that are modified because of reference rate reform, including receivables, debt, leases, and certain derivatives. In addition, the update provides a one-time election to sell or transfer debt securities classified as held-to-maturity that reference a rate that is affected by reference rate reform. The update is effective as of March 12, 2020 through December 31, 2022. Adoption of this update did not have a material impact on the consolidated financial statements. 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 on the consolidated financial statements. In January 2017, the FASB issued ASU No. 2017-04, Intangibles - Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment . This update eliminates Step 2 from the goodwill impairment test, which required an entity to calculate the implied fair value of goodwill by valuing a reporting unit’s assets and liabilities using the same process that would be required to value assets and liabilities in a business combination. Instead, the amendments require that an entity perform its annual goodwill impairment test by comparing the fair value of a reporting unit with its carrying amount. United adopted this update as of January 1, 2020, with no material impact on the consolidated financial statements. |
Securities (Tables)
Securities (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Investments, Debt and Equity Securities [Abstract] | |
Schedule of cost basis, gross unrealized gains and losses and fair value of securities held to maturity | The amortized cost basis, unrealized gains and losses and fair value of debt securities held-to-maturity as of the dates indicated are as follows (in thousands) . Amortized Gross Unrealized Gains Gross Unrealized Losses Fair As of June 30, 2020 State and political subdivisions $ 87,840 $ 4,382 $ 95 $ 92,127 Residential mortgage-backed securities, Agency 137,416 6,051 — 143,467 Residential mortgage-backed securities, Non-agency 15,221 324 54 15,491 Commercial mortgage-backed, Agency 66,161 3,007 — 69,168 Total $ 306,638 $ 13,764 $ 149 $ 320,253 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 |
Schedule of cost basis, unrealized gains and losses, and fair value of securities available for sale | The cost basis, unrealized gains and losses, and fair value of debt securities available-for-sale as of the dates indicated are presented below (in thousands) . Amortized Gross Unrealized Gross Unrealized Fair As of June 30, 2020 U.S. Treasuries $ 123,392 $ 5,474 $ — $ 128,866 U.S. Government agencies 2,754 183 — 2,937 State and political subdivisions 212,767 17,942 — 230,709 Residential mortgage-backed securities, Agency 929,543 34,965 4 964,504 Residential mortgage-backed securities, Non-agency 237,614 9,903 — 247,517 Commercial mortgage-backed, Agency 253,517 8,161 — 261,678 Corporate bonds 172,023 1,659 206 173,476 Asset-backed securities 116,955 1,332 2,765 115,522 Total $ 2,048,565 $ 79,619 $ 2,975 $ 2,125,209 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 |
Schedule of held to maturity securities in an unrealized loss position | The following table summarizes debt securities held-to-maturity in an unrealized loss position as of the dates indicated ( in thousands) . Less than 12 Months 12 Months or More Total Fair Value Unrealized Fair Value Unrealized Fair Value Unrealized As of June 30, 2020 State and political subdivisions $ 4,905 $ 95 $ — $ — $ 4,905 $ 95 Residential mortgage-backed securities, Agency 127 — — — 127 — Residential mortgage-backed securities, Non-agency 8,995 3 1,384 51 10,379 54 Total unrealized loss position $ 14,027 $ 98 $ 1,384 $ 51 $ 15,411 $ 149 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 |
Schedule of available for sale securities in an unrealized loss position | The following table summarizes debt securities available-for-sale in an unrealized loss position as of the dates indicated (in thousands) . Less than 12 Months 12 Months or More Total Fair Value Unrealized Fair Value Unrealized Fair Value Unrealized As of June 30, 2020 Residential mortgage-backed securities, Agency $ 514 $ 3 $ 1,289 $ 1 $ 1,803 $ 4 Commercial mortgage-backed, Agency 9 — — — 9 — Corporate bonds 14,794 206 — — 14,794 206 Asset-backed securities 13,967 462 60,859 2,303 74,826 2,765 Total unrealized loss position $ 29,284 $ 671 $ 62,148 $ 2,304 $ 91,432 $ 2,975 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 |
Schedule of summary of securities sales activities | The following table summarizes available-for-sale securities sales activity for the three and six months ended June 30, 2020 and 2019 (in thousands). Three Months Ended Six Months Ended 2020 2019 2020 2019 Proceeds from sales $ — $ 47,279 $ 1,000 $ 225,883 Gross gains on sales $ — $ 489 $ — $ 1,776 Gross losses on sales — (340) — (1,894) Net gains (losses) on sales of securities $ — $ 149 $ — $ (118) Income tax expense (benefit) attributable to sales $ — $ 38 $ — $ (30) |
Schedule of amortized cost and fair value of available for sale and held to maturity securities by contractual maturity | The amortized cost and fair value of debt securities available-for-sale and held-to-maturity at June 30, 2020, by contractual maturity, are presented in the following table (in thousands) . Available-for-Sale Held-to-Maturity Amortized Cost Fair Value Amortized Cost Fair Value U.S. Treasuries: 1 to 5 years $ 123,392 $ 128,866 $ — $ — 123,392 128,866 — — U.S. Government agencies: 1 to 5 years 354 360 — — More than 10 years 2,400 2,577 — — 2,754 2,937 — — State and political subdivisions: Within 1 year — — 1,350 1,350 1 to 5 years 54,483 57,120 14,260 15,226 5 to 10 years 23,810 25,808 10,789 12,244 More than 10 years 134,474 147,781 61,441 63,307 212,767 230,709 87,840 92,127 Corporate bonds: Within 1 year 140,008 140,217 — — 1 to 5 years 27,515 28,644 — — 5 to 10 years 4,500 4,615 — — 172,023 173,476 — — Total securities other than asset-backed and Within 1 year 140,008 140,217 1,350 1,350 1 to 5 years 205,744 214,990 14,260 15,226 5 to 10 years 28,310 30,423 10,789 12,244 More than 10 years 136,874 150,358 61,441 63,307 Asset-backed securities 116,955 115,522 — — Residential mortgage-backed securities 1,167,157 1,212,021 152,637 158,958 Commercial mortgage-backed securities 253,517 261,678 66,161 69,168 $ 2,048,565 $ 2,125,209 $ 306,638 $ 320,253 |
Loans and Leases and Allowanc_2
Loans and Leases and Allowance for Credit Losses (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
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) . June 30, 2020 December 31, 2019 Owner occupied commercial real estate $ 1,759,617 $ 1,720,227 Income producing commercial real estate 2,177,857 2,007,950 Commercial & industrial (1) 2,314,169 1,220,657 Commercial construction 945,748 976,215 Equipment financing 778,749 744,544 Total commercial 7,976,140 6,669,593 Residential mortgage 1,151,661 1,117,616 Home equity lines of credit 653,798 660,675 Residential construction 230,231 236,437 Consumer 120,680 128,232 Total loans 10,132,510 8,812,553 Less allowance for credit losses - loans (103,669) (62,089) Loans, net $ 10,028,841 $ 8,750,464 |
Schedule of net investment in leases | At June 30, 2020 and December 31, 2019, equipment financing assets included leases of $37.0 million and $37.4 million, respectively. The components of the net investment in leases, which included both sales-type and direct financing, are presented below (in thousands) . June 30, 2020 December 31, 2019 Minimum future lease payments receivable $ 39,205 $ 39,709 Estimated residual value of leased equipment 3,476 3,631 Initial direct costs 688 842 Security deposits (857) (989) Purchase accounting premium 191 273 Unearned income (5,675) (6,088) Net investment in leases $ 37,028 $ 37,378 |
Schedule of minimum future lease payments received from lease contracts | Minimum future lease payments expected to be received from equipment financing lease contracts as of June 30, 2020 were as follows (in thousands) : Year Remainder of 2020 $ 7,898 2021 13,346 2022 9,590 2023 5,705 2024 2,164 Thereafter 502 Total $ 39,205 |
Schedule of changes in the value of the accretable yield for acquired loans accounted | The following table presents changes in the balance of the accretable yield for PCI loans for the periods indicated (in thousands) : June 30, 2019 Three Months Ended Six Months Ended Balance at beginning of period $ 26,624 $ 26,868 Additions due to acquisitions 1,300 1,300 Accretion (4,274) (9,087) Reclassification from nonaccretable difference 1,762 4,468 Changes in expected cash flows that do not affect nonaccretable difference 896 2,759 Balance at end of period $ 26,308 $ 26,308 |
Schedule of loans by aging category | The following table presents the aging of the amortized cost basis in loans by aging category and accrual status as of June 30, 2020 (in thousands) . Accruing Current Loans Loans Past Due 30 - 59 Days 60 - 89 Days > 90 Days Nonaccrual Loans Total Loans Owner occupied commercial real estate $ 1,745,613 $ 2,829 $ 465 $ — $ 10,710 $ 1,759,617 Income producing commercial real estate 2,166,238 199 146 — 11,274 2,177,857 Commercial & industrial 2,309,960 664 113 — 3,432 2,314,169 Commercial construction 943,153 291 14 — 2,290 945,748 Equipment financing 773,000 1,202 1,428 — 3,119 778,749 Total commercial 7,937,964 5,185 2,166 — 30,825 7,976,140 Residential mortgage 1,136,665 1,585 226 — 13,185 1,151,661 Home equity lines of credit 649,309 739 611 1 3,138 653,798 Residential construction 229,626 53 52 — 500 230,231 Consumer 119,884 291 132 — 373 120,680 Total loans $ 10,073,448 $ 7,853 $ 3,187 $ 1 $ 48,021 $ 10,132,510 The following table presents the aging of recorded investment in loans, including accruing and nonaccrual loans, as of December 31, 2019 (in thousands). Loans Past Due - Accruing and Nonaccrual 30 - 59 Days 60 - 89 Days > 90 Days (1) Total Current Loans PCI Loans Total 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 |
Schedule of nonaccrual loans by loan class | The following table presents nonaccrual loans by loan class for the periods indicated (in thousands) . CECL Incurred Loss June 30, 2020 December 31, 2019 Nonaccrual loans with no allowance Nonaccrual loans with an allowance Total Nonaccrual Loans Nonaccrual Owner occupied commercial real estate $ 6,564 $ 4,146 $ 10,710 $ 10,544 Income producing commercial real estate 10,780 494 11,274 1,996 Commercial & industrial 1,038 2,394 3,432 2,545 Commercial construction 1,824 466 2,290 2,277 Equipment financing 23 3,096 3,119 3,141 Total commercial 20,229 10,596 30,825 20,503 Residential mortgage 2,918 10,267 13,185 10,567 Home equity lines of credit 1,045 2,093 3,138 3,173 Residential construction 149 351 500 939 Consumer 10 363 373 159 Total $ 24,351 $ 23,670 $ 48,021 $ 35,341 |
Schedule of risk category of loans by class of loans | Based on the most recent analysis performed, the amortized cost of loans by risk category by vintage year as of the date indicated is as follows (in thousands) . As of June 30, 2020 Term Loans by Origination Year Revolvers Revolvers converted to term loans Total 2020 2019 2018 2017 2016 Prior Owner occupied commercial real estate: Pass $ 291,879 $ 389,657 $ 246,017 $ 220,588 $ 211,852 $ 256,821 $ 48,274 $ 11,150 $ 1,676,238 Watch 5,123 4,549 3,153 7,334 7,546 4,117 860 65 32,747 Substandard 6,314 8,441 5,970 13,842 3,063 9,438 2,259 1,305 50,632 Total owner occupied commercial real estate 303,316 402,647 255,140 241,764 222,461 270,376 51,393 12,520 1,759,617 Income producing commercial real estate: Pass 352,274 470,496 441,607 288,448 265,489 229,116 32,460 9,620 2,089,510 Watch 7,022 12,420 14,298 2,231 17,941 3,859 — 1,777 59,548 Substandard 7,753 10,217 2,667 5,731 219 2,109 — 103 28,799 Total income producing commercial real estate 367,049 493,133 458,572 296,410 283,649 235,084 32,460 11,500 2,177,857 Commercial & industrial Pass 1,267,194 229,358 225,334 108,145 88,314 56,600 269,416 5,660 2,250,021 Watch 1,710 2,785 2,163 592 740 47 11,374 128 19,539 Substandard 7,301 1,419 1,527 2,774 2,083 1,537 27,208 760 44,609 Total commercial & industrial 1,276,205 233,562 229,024 111,511 91,137 58,184 307,998 6,548 2,314,169 Commercial construction Pass 173,064 222,025 279,580 132,311 90,840 16,941 11,349 7,388 933,498 Watch 538 1,054 973 104 15 248 — — 2,932 Substandard 3,366 2,059 739 351 977 401 — 1,425 9,318 Total commercial construction 176,968 225,138 281,292 132,766 91,832 17,590 11,349 8,813 945,748 Equipment financing: Pass 201,088 327,673 168,784 58,013 17,429 2,003 — — 774,990 Substandard 48 1,157 1,742 570 181 61 — — 3,759 Total equipment financing 201,136 328,830 170,526 58,583 17,610 2,064 — — 778,749 Residential mortgage: Pass 216,923 228,371 163,632 145,081 124,323 248,565 11 7,647 1,134,553 Substandard 1,642 1,901 3,084 1,327 801 7,945 — 408 17,108 Total residential mortgage 218,565 230,272 166,716 146,408 125,124 256,510 11 8,055 1,151,661 Home equity lines of credit Pass — — — — — — 631,916 17,504 649,420 Substandard — — — — — — 177 4,201 4,378 Total home equity lines of credit — — — — — — 632,093 21,705 653,798 Residential construction Pass 86,914 107,671 8,236 5,427 4,761 16,430 — 73 229,512 Substandard — 92 104 30 136 357 — — 719 Total residential construction 86,914 107,763 8,340 5,457 4,897 16,787 — 73 230,231 Consumer Pass 30,915 37,957 21,424 8,055 5,595 3,073 12,957 78 120,054 Substandard 23 91 58 113 133 119 89 — 626 Total consumer 30,938 38,048 21,482 8,168 5,728 3,192 13,046 78 120,680 Total loans Pass 2,620,251 2,013,208 1,554,614 966,068 808,603 829,549 1,006,383 59,120 9,857,796 Watch 14,393 20,808 20,587 10,261 26,242 8,271 12,234 1,970 114,766 Substandard 26,447 25,377 15,891 24,738 7,593 21,967 29,733 8,202 159,948 Total loans $ 2,661,091 $ 2,059,393 $ 1,591,092 $ 1,001,067 $ 842,438 $ 859,787 $ 1,048,350 $ 69,292 $ 10,132,510 Based on the most recent analysis performed, the risk category of loans by class of loans as of the date indicated is as follows (in thousands) . As of December 31, 2019 Pass Watch Substandard Doubtful / Total 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 |
Schedule of TDRs including the number of loan contracts restructured and the pre- and post-modification recorded investment | Loans modified under the terms of a TDR during the three and six months ended June 30, 2020 and 2019 are presented in the following table. In addition, the table presents loans modified under the terms of a TDR that defaulted (became 90 days or more delinquent or otherwise in default of modified terms) during the periods presented and were initially restructured within one year prior to default (dollars in thousands). New TDRs Pre-modification Outstanding Amortized Cost Post-Modification Outstanding Amortized Cost by Type of Modification TDRs Modified Within the Previous Twelve Months That Have Subsequently Defaulted Number of Contracts Rate Structure Other Total Number of Amortized Cost Three Months Ended June 30, 2020 Owner occupied commercial real estate 2 $ 836 $ — $ — $ 546 $ 546 — $ — Income producing commercial real estate — — — — — — 1 5,998 Commercial & industrial 1 15 — — 15 15 1 627 Commercial construction 1 255 — 255 — 255 — — Equipment financing 129 3,471 — 3,471 — 3,471 6 310 Total commercial 133 4,577 — 3,726 561 4,287 8 6,935 Residential mortgage 6 644 — 644 — 644 — — Home equity lines of credit — — — — — — — — Residential construction — — — — — — — — Consumer 1 7 — — 7 7 — — Total loans 140 $ 5,228 $ — $ 4,370 $ 568 $ 4,938 8 $ 6,935 Six Months Ended June 30, 2020 Owner occupied commercial real estate 3 $ 1,844 $ — $ — $ 1,536 $ 1,536 — $ — Income producing commercial real estate 3 235 — 67 165 232 1 5,998 Commercial & industrial 1 15 — — 15 15 2 633 Commercial construction 1 255 — 255 — 255 — — Equipment financing 136 3,905 — 3,905 — 3,905 6 310 Total commercial 144 6,254 — 4,227 1,716 5,943 9 6,941 Residential mortgage 11 946 — 922 — 922 — — Home equity lines of credit — — — — — — — — Residential construction — — — — — — — — Consumer 3 18 — 18 18 1 3 Total loans 158 $ 7,218 $ — $ 5,149 $ 1,734 $ 6,883 10 $ 6,944 Three Months Ended June 30, 2019 Owner occupied commercial real estate 2 $ 610 $ — $ 610 $ — $ 610 — $ — Income producing commercial real estate — — — — — — — — Commercial & industrial — — — — — — — — Commercial construction — — — — — — — — Equipment financing 1 20 — 20 — 20 — — Total commercial 3 630 — 630 — 630 — — Residential mortgage 7 831 — 831 — 831 1 135 Home equity lines of credit 1 50 — 50 — 50 — — Residential construction 1 22 — — 21 21 1 13 Consumer direct — — — — — — — — Indirect auto 5 104 — — 104 104 — — Total loans 17 $ 1,637 $ — $ 1,511 $ 125 $ 1,636 2 $ 148 Six Months Ended June 30, 2019 Owner occupied commercial real estate 2 $ 610 $ — $ 610 $ — $ 610 — $ — Income producing commercial real estate 1 169 — 169 — 169 — — Commercial & industrial 1 7 — — 7 7 — — Commercial construction — — — — — — — — Equipment financing 1 20 — 20 — 20 — — Total commercial 5 806 — 799 7 806 — — Residential mortgage 9 1,176 — 1,175 — 1,175 1 135 Home equity lines of credit 1 50 — 50 — 50 — — Residential construction 1 22 — — 21 21 1 13 Consumer direct — — — — — — — — Indirect auto 11 170 — — 161 161 — — Total loans 27 $ 2,224 $ — $ 2,024 $ 189 $ 2,213 2 $ 148 |
Schedule of short-term deferrals related to the COVID-19 crisis that are not TDRs | The table below presents short-term deferrals related to the COVID-19 crisis that were not considered new TDRs as of June 30, 2020 (in thousands) . June 30, 2020 COVID-19 Deferrals Deferrals as a % of total loans Owner occupied commercial real estate $ 378,959 22 % Income producing commercial real estate 715,650 33 Commercial & industrial 106,020 5 Commercial construction 175,463 19 Equipment financing 231,402 30 Total commercial 1,607,494 20 Residential mortgage 122,474 11 Home equity lines of credit 18,594 3 Residential construction 4,995 2 Consumer 2,923 2 Total COVID-19 deferrals $ 1,756,480 17 |
Schedule of balance and activity in the allowance for credit losses by portfolio segment | The following table presents the balance and activity in the ACL by portfolio segment for the periods indicated (in thousands) . Three Months Ended June 30, CECL Incurred Loss 2020 2019 Beginning Balance Charge-Offs Recoveries (Release) Provision Ending Balance Beginning Balance Charge-Offs Recoveries (Release) Provision Ending Balance Owner occupied commercial real estate $ 11,000 $ — $ 466 $ 3,126 $ 14,592 $ 11,874 $ — $ 58 $ (387) $ 11,545 Income producing commercial real estate 16,584 (4,589) 41 9,663 21,699 11,126 (308) 66 136 11,020 Commercial & industrial 10,831 (254) 291 (2,279) 8,589 4,895 (1,416) 275 1,554 5,308 Commercial construction 9,556 (239) 117 5,080 14,514 10,275 (1) 163 (119) 10,318 Equipment financing 14,738 (2,085) 420 7,232 20,305 6,231 (1,010) 121 1,593 6,935 Residential mortgage 11,063 (50) 56 1,757 12,826 8,345 (108) 234 (181) 8,290 Home equity lines of credit 6,887 (98) 196 1,702 8,687 4,797 (29) 140 (114) 4,794 Residential construction 816 (32) 37 1,176 1,997 2,390 (246) 47 174 2,365 Consumer 430 (712) 286 456 460 837 (529) 239 308 855 Indirect auto — — — — — 872 (180) 46 36 774 Total allowance for loan losses 81,905 (8,059) 1,910 27,913 103,669 61,642 (3,827) 1,389 3,000 62,204 Allowance for unfunded commitments 6,470 — — 5,630 12,100 3,141 — — 250 3,391 Total allowance for credit losses $ 88,375 $ (8,059) $ 1,910 $ 33,543 $ 115,769 $ 64,783 $ (3,827) $ 1,389 $ 3,250 $ 65,595 Six Months Ended June 30, CECL Incurred Loss 2020 2019 December 31, 2019 Adoption of CECL January 1, 2020 Charge-Offs Recoveries (Release) Provision Ending Balance Beginning Charge- Recoveries (Release) Ending Owner occupied commercial real estate $ 11,404 $ (1,616) $ 9,788 $ (6) $ 1,500 $ 3,310 $ 14,592 $ 12,207 $ (5) $ 127 $ (784) $ 11,545 Income producing commercial real estate 12,306 (30) 12,276 (5,000) 182 14,241 21,699 11,073 (505) 86 366 11,020 Commercial & industrial 5,266 4,012 9,278 (7,815) 667 6,459 8,589 4,802 (2,935) 438 3,003 5,308 Commercial construction 9,668 (2,583) 7,085 (239) 258 7,410 14,514 10,337 (70) 557 (506) 10,318 Equipment financing 7,384 5,871 13,255 (3,948) 776 10,222 20,305 5,452 (2,434) 264 3,653 6,935 Residential mortgage 8,081 1,569 9,650 (334) 331 3,179 12,826 8,295 (169) 282 (118) 8,290 Home equity lines of credit 4,575 1,919 6,494 (118) 299 2,012 8,687 4,752 (366) 262 146 4,794 Residential construction 2,504 (1,771) 733 (54) 71 1,247 1,997 2,433 (250) 73 109 2,365 Consumer 901 (491) 410 (1,350) 517 883 460 853 (1,076) 446 632 855 Indirect auto — — — — — — — 999 (377) 84 68 774 Total allowance for credit losses - loans 62,089 6,880 68,969 (18,864) 4,601 48,963 103,669 61,203 (8,187) 2,619 6,569 62,204 Allowance for unfunded commitments 3,458 1,871 5,329 — — 6,771 12,100 3,410 — — (19) 3,391 Total allowance for credit losses $ 65,547 $ 8,751 $ 74,298 $ (18,864) $ 4,601 $ 55,734 $ 115,769 $ 64,613 $ (8,187) $ 2,619 $ 6,550 $ 65,595 The following tables represent the recorded investment in loans by portfolio segment and the balance of the allowance assigned to each segment based on the method of evaluating the loans for impairment as of December 31, 2019 (in thousands) . Loans Outstanding Allowance for Credit Losses Individually Collectively PCI Ending Individually Collectively PCI Ending Owner occupied commercial real estate $ 19,233 $ 1,692,448 $ 8,546 $ 1,720,227 $ 816 $ 10,483 $ 105 $ 11,404 Income producing commercial real estate 18,134 1,962,588 27,228 2,007,950 770 11,507 29 12,306 Commercial & industrial 1,449 1,218,882 326 1,220,657 21 5,193 52 5,266 Commercial construction 3,675 965,678 6,862 976,215 55 9,613 — 9,668 Equipment financing 1,027 739,532 3,985 744,544 — 7,240 144 7,384 Residential mortgage 15,991 1,092,046 9,579 1,117,616 782 7,296 3 8,081 Home equity lines of credit 992 658,273 1,410 660,675 16 4,541 18 4,575 Residential construction 1,256 234,807 374 236,437 47 2,456 1 2,504 Consumer 214 127,682 336 128,232 5 885 11 901 Total $ 61,971 $ 8,691,936 $ 58,646 $ 8,812,553 2,512 59,214 363 62,089 Allowance for unfunded commitments — 3,458 — 3,458 Total allowance for credit losses $ 2,512 $ 62,672 $ 363 $ 65,547 |
Schedule of recorded investments in individually evaluated impaired loans | The following table presents additional detail on loans individually evaluated for impairment under Incurred Loss by class as of December 31, 2019 (in thousands) . December 31, 2019 Unpaid Principal Balance Recorded Investment Allowance for Loan Losses Allocated With no related allowance recorded: Owner occupied commercial real estate $ 9,527 $ 8,118 $ — Income producing commercial real estate 5,159 4,956 — Commercial & industrial 1,144 890 — Commercial construction 2,458 2,140 — Equipment financing 1,027 1,027 — Total commercial 19,315 17,131 — Residential mortgage 7,362 6,436 — Home equity lines of credit 1,116 861 — Residential construction 731 626 — Consumer 66 53 — Total with no related allowance recorded 28,590 25,107 — With an allowance recorded: Owner occupied commercial real estate 11,136 11,115 816 Income producing commercial real estate 13,591 13,178 770 Commercial & industrial 559 559 21 Commercial construction 1,535 1,535 55 Equipment financing — — — Total commercial 26,821 26,387 1,662 Residential mortgage 9,624 9,555 782 Home equity lines of credit 146 131 16 Residential construction 643 630 47 Consumer 161 161 5 Total with an allowance recorded 37,395 36,864 2,512 Total $ 65,985 $ 61,971 $ 2,512 |
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 under Incurred Loss are presented below for the period indicated (in thousands) . Three Months Ended June 30, 2019 Six Months Ended June 30, 2019 Average Balance Interest Revenue Cash Basis Interest Revenue Received Average Balance Interest Revenue Cash Basis Interest Revenue Received Owner occupied commercial real estate $ 18,737 $ 273 $ 308 $ 18,074 $ 558 $ 592 Income producing commercial real estate 13,680 186 169 13,959 379 376 Commercial & industrial 1,914 7 16 1,815 26 35 Commercial construction 3,369 41 42 2,886 75 75 Equipment financing 21 — — 11 — — Total commercial 37,721 507 535 36,745 1,038 1,078 Residential mortgage 16,230 190 184 15,866 358 358 Home equity lines of credit 304 3 2 281 7 5 Residential construction 1,350 24 24 1,379 48 47 Consumer 181 3 3 193 7 7 Indirect auto 1,104 14 14 1,147 28 28 Total $ 56,890 $ 741 $ 762 $ 55,611 $ 1,486 $ 1,523 |
Derivatives and Hedging Activ_2
Derivatives and Hedging Activities (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Schedule of fair value of derivative financial instruments | 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) : June 30, 2020 December 31, 2019 Derivative Asset Derivative Liability Derivative Asset Derivative Liability Derivatives designated as hedging instruments: Fair value hedge of brokered time deposits $ — $ 24 $ — $ 880 Cash flow hedge of subordinated debt 2,990 — — — Total $ 2,990 $ 24 $ — $ 880 Derivatives not designated as hedging instruments: Customer derivative positions $ 79,900 $ 3 $ 27,277 $ 446 Dealer offsets to customer derivative positions 3 20,266 394 6,425 Risk participations 7 21 — 12 Mortgage banking - loan commitment 11,517 — 1,970 — Mortgage banking - forward sales commitment 17 1,847 98 86 Bifurcated embedded derivatives — 1,606 5,268 — Dealer offsets to bifurcated embedded derivatives — 918 — 7,667 Total $ 91,444 $ 24,661 $ 35,007 $ 14,636 Total derivatives $ 94,434 $ 24,685 $ 35,007 $ 15,516 Total gross derivative instruments $ 94,434 $ 24,685 $ 35,007 $ 15,516 Less: Amounts subject to master netting agreements (313) (313) (401) (401) Less: Cash collateral received/pledged (2,680) (21,624) — (14,933) Net amount $ 91,441 $ 2,748 $ 34,606 $ 182 |
Schedule of effect of derivatives in fair value hedging relationships on the consolidated statement of income | The table below presents the effect of derivatives in hedging relationships on the consolidated statement of income for the periods indicated (in thousands) . Interest expense Three Months Ended June 30, Six Months Ended June 30, 2020 2019 2020 2019 Total amounts presented in the consolidated statements of income $ 14,301 $ 21,372 $ 32,242 $ 42,254 Gains (losses) on fair value hedging relationships: Interest rate contracts: Amounts related to interest settlements on derivatives 102 (102) 27 (203) Recognized on derivatives 120 149 1,182 600 Recognized on hedged items (9) (151) (991) (613) Net income (expense) recognized on fair value hedges 213 (104) 218 (216) Gains (losses) on active cash flow hedging relationships (1) : Interest rate contracts: Realized gains (losses) reclassified from AOCI into net income (2) (67) — (67) — Net income (expense) recognized on cash flow hedges $ (67) $ — $ (67) $ — (1) Excludes amortization of losses related to de-designated cash flow hedges. See Note 11 for further detail. (2) Includes $92,000 of premium amortization expense excluded from the assessment of hedge effectiveness for the three and six months ended June 30, 2020. |
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) . June 30, 2020 December 31, 2019 Balance Sheet Location Carrying amount of Assets (Liabilities) Hedge Accounting Basis Adjustment Carrying amount of Assets (Liabilities) Hedge Accounting Basis Adjustment Deposits $ (26,985) $ (346) $ (35,880) $ 645 |
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) . Location of Gain (Loss) Recognized in Income on Derivative Amount of Gain (Loss) Recognized in Income on Derivative Three Months Ended June 30, Six Months Ended June 30, 2020 2019 2020 2019 Customer derivatives and dealer offsets Other noninterest income $ 1,168 $ 1,224 $ 2,592 $ 1,727 Bifurcated embedded derivatives and dealer offsets Other noninterest income (28) (74) (223) 144 De-designated hedges Other noninterest income — — — (193) Mortgage banking derivatives Mortgage loan revenue 929 (748) 100 (938) Risk participations Other noninterest income 14 (6) (3) (4) $ 2,083 $ 396 $ 2,466 $ 736 |
Long-term Debt (Tables)
Long-term Debt (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Debt Disclosure [Abstract] | |
Schedule of long-term debt | Long-term debt consisted of the following (in thousands): June 30, December 31, 2019 Issue Stated Earliest Interest Rate 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 2030 senior debentures 100,000 — 2020 2030 2025 5.00% through June 15, 2025, 3-month SOFR plus 4.87% thereafter Total senior debentures 185,000 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 11,250 2015 2025 2020 6.250% Total subordinated debentures 111,250 111,250 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 (9,621) (8,588) Total long-term debt $ 311,631 $ 212,664 |
Assets and Liabilities Measur_2
Assets and Liabilities Measured at Fair Value (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Fair Value Disclosures [Abstract] | |
Schedule of assets and liabilities measured at fair value on a recurring basis | The table below presents United’s assets and liabilities measured at fair value on a recurring basis as of the dates indicated, aggregated by the level in the fair value hierarchy within which those measurements fall (in thousands) . June 30, 2020 Level 1 Level 2 Level 3 Total Assets: Debt securities available-for-sale: U.S. Treasuries $ 128,866 $ — $ — $ 128,866 U.S. Government agencies — 2,937 — 2,937 State and political subdivisions — 230,709 — 230,709 Residential mortgage-backed securities — 1,212,021 — 1,212,021 Commercial mortgage-backed securities — 261,678 — 261,678 Corporate bonds — 172,476 1,000 173,476 Asset-backed securities — 115,522 — 115,522 Equity securities with readily available fair values 631 725 — 1,356 Mortgage loans held for sale — 99,477 — 99,477 Deferred compensation plan assets 8,070 — — 8,070 Servicing rights for SBA/USDA loans — — 6,034 6,034 Residential mortgage servicing rights — — 12,492 12,492 Derivative financial instruments — 82,327 12,107 94,434 Total assets $ 137,567 $ 2,177,872 $ 31,633 $ 2,347,072 Liabilities: Deferred compensation plan liability $ 8,082 $ — $ — $ 8,082 Derivative financial instruments — 22,116 2,569 24,685 Total liabilities $ 8,082 $ 22,116 $ 2,569 $ 32,767 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. 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 available 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 |
Schedule of assets measured at fair value on a recurring basis using significant unobservable inputs | The following table shows a reconciliation of the beginning and ending balances for the periods indicated for assets measured at fair value on a recurring basis using significant unobservable inputs that are classified as Level 3 values (in thousands) . 2020 2019 Derivative Assets Derivative Liabilities Servicing rights for SBA/USDA loans Residential mortgage servicing rights Debt Securities Available-for-Sale Derivative Derivative Servicing rights for SBA/USDA loans Residential mortgage servicing rights Debt Securities Available-for-Sale Three Months Ended June 30, Balance at beginning of period $ 7,361 $ 2,717 $ 6,290 $ 11,059 $ — $ 9,561 $ 11,444 $ 7,401 $ 11,447 $ 995 Additions 7 — 303 3,217 1,000 — — 405 1,228 — Transfers into Level 3 583 — — — — — — — — — Sales and settlements — — (34) (682) — — — (188) (153) — Other comprehensive income — — — — — — — — — — Amounts included in earnings - fair value adjustments 4,156 (148) (525) (1,102) — (1,817) (2,432) (238) (1,843) — Balance at end of period $ 12,107 $ 2,569 $ 6,034 $ 12,492 $ 1,000 $ 7,744 $ 9,012 $ 7,380 $ 10,679 $ 995 Six Months Ended June 30, Balance at beginning of period $ 7,238 $ 8,559 $ 6,794 $ 13,565 $ 998 $ 11,841 $ 15,732 $ 7,510 $ 11,877 $ 995 Additions 7 — 398 5,332 1,000 — — 780 2,091 — Transfers into Level 3 583 — — — — — — — — — Sales and settlements — — (341) (1,175) (1,000) (1,135) (2,330) (551) (303) — Other comprehensive income — — — — 2 — — — — — Amounts included in earnings - fair value adjustments 4,279 (5,990) (817) (5,230) — (2,962) (4,390) (359) (2,986) — Balance at end of period $ 12,107 $ 2,569 $ 6,034 $ 12,492 $ 1,000 $ 7,744 $ 9,012 $ 7,380 $ 10,679 $ 995 |
Schedule of quantitative information about Level 3 fair value measurements for fair value on a recurring basis | The following table presents quantitative information about Level 3 fair value measurements for fair value on a recurring basis as of the dates indicated (in thousands) . Weighted Average Level 3 Assets and Liabilities Valuation Technique June 30, December 31, 2019 Unobservable Inputs Servicing rights for SBA/USDA loans Discounted cash flow Discount rate 12.0 % 12.3 % Prepayment rate 18.2 % 16.5 % Residential mortgage servicing rights Discounted cash flow Discount rate 10.0 % 10.0 % Prepayment rate 19.8 % 14.1 % Corporate bonds 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 - customer derivative positions Internal model Probability of default rate 36.7 % N/A Loss given default rate 100 % N/A Derivative assets - mortgage Internal model Pull through rate 81.2 % 83.6 % Derivative assets and liabilities- other Dealer priced Dealer priced N/A N/A Derivative assets and liabilities - risk participations Internal model Probable exposure rate 1.04 % 0.36 % Probability of default rate 1.86 % 1.80 % |
Schedule of loans held for sale at fair value under the fair value option | The following tables present the fair value and outstanding principal balance of these loans, as well as the gain or loss recognized resulting from the change in fair value for the periods indicated (in thousands) . Mortgage Loans Held for Sale June 30, 2020 December 31, 2019 Outstanding principal balance $ 94,335 $ 56,613 Fair value 99,477 58,484 Amount of Gain (Loss) Recognized on Location Three Months Ended June 30, Six Months Ended June 30, 2020 2019 2020 2019 Mortgage loan gains and other related fees $ 1,546 $ 569 $ 3,271 $ 875 |
Schedule of presentation of 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 June 30, 2020 and December 31, 2019, for which a nonrecurring fair value adjustment was recorded during the year-to-date periods presented (in thousands) . Level 1 Level 2 Level 3 Total June 30, 2020 Loans $ — $ — $ 12,654 $ 12,654 December 31, 2019 Loans $ — $ — $ 20,977 $ 20,977 |
Schedule of carrying amount and fair values for other financial instruments that are not measured at fair value on a recurring basis | The carrying amount and fair values as of the dates indicated for other financial instruments that are not measured at fair value on a recurring basis are as follows (in thousands) . Fair Value Level Carrying Amount Level 1 Level 2 Level 3 Total June 30, 2020 Assets: Securities held-to-maturity $ 306,638 $ — $ 320,253 $ — $ 320,253 Loans and leases, net 10,028,841 — — 9,944,499 9,944,499 Liabilities: Deposits 12,702,085 — 12,704,397 — 12,704,397 Long-term debt 311,631 — — 295,910 295,910 December 31, 2019 Assets: Securities held-to-maturity $ 283,533 $ — $ 287,904 $ — $ 287,904 Loans and leases, 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 |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Share-based Payment Arrangement [Abstract] | |
Schedule of stock option activity | The following table shows stock option activity for the first six months of June 30, 2020. Options Shares Weighted- Weighted- Aggregate Outstanding at December 31, 2019 1,500 $ 27.95 Expired (1,500) 27.95 Outstanding at June 30, 2020 — — 0.00 $ — Exercisable at June 30, 2020 — — 0.00 — |
Schedule of restricted stock units activity | The table below presents restricted stock unit activity for the first six months of June 30, 2020. Restricted Stock Unit Awards Shares Weighted- Weighted- Aggregate Outstanding at December 31, 2019 808,424 $ 27.94 Granted 62,055 23.20 Vested (113,748) 27.83 $ 2,798 Cancelled (18,754) 26.45 Outstanding at June 30, 2020 737,977 27.47 3.6 14,848 |
Reclassifications Out of Accu_2
Reclassifications Out of Accumulated Other Comprehensive Income (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Equity [Abstract] | |
Schedule of reclassifications out of accumulated other comprehensive income | The following table presents the details regarding amounts reclassified out of accumulated other comprehensive income for the periods indicated (in thousands) . Details about Accumulated Other Comprehensive Income Components Three Months Ended Six Months Ended Affected Line Item in the Statement Where Net Income is Presented 2020 2019 2020 2019 Realized (gains) losses on available-for-sale securities: $ — $ 149 $ — $ (118) Securities (gains) losses, net — (38) — 30 Income tax (expense) benefit $ — $ 111 $ — $ (88) Net of tax Amortization of losses included in net income on available-for-sale securities transferred to held-to-maturity: $ (96) $ (93) $ (179) $ (177) Investment securities interest revenue 23 22 43 42 Income tax benefit $ (73) $ (71) $ (136) $ (135) Net of tax Reclassifications related to derivative financial instruments accounted for as cash flow hedges: Interest rate contracts $ (67) $ — $ (67) $ — Long-term debt interest expense Amortization of losses on — — — (102) Deposit interest expense Amortization of losses on — (235) — (235) Other expense (67) (235) (67) (337) Total before tax 17 60 17 86 Income tax benefit $ (50) $ (175) $ (50) $ (251) Net of tax Reclassifications related to defined benefit pension plan activity: Prior service cost $ (132) $ (159) $ (265) $ (318) Salaries and employee benefits expense Actuarial losses (82) (14) (163) (29) Other expense (214) (173) (428) (347) Total before tax 55 44 109 88 Income tax benefit $ (159) $ (129) $ (319) $ (259) Net of tax Total reclassifications for the period $ (282) $ (264) $ (505) $ (733) Net of tax Amounts shown above in parentheses reduce earnings. |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Earnings Per Share [Abstract] | |
Schedule of computation of basic and diluted earnings per share | The following table sets forth the computation of basic and diluted earnings per share for the periods indicated (in thousands, except per share data) . Three Months Ended Six Months Ended 2020 2019 2020 2019 Net income $ 25,096 $ 44,085 $ 56,980 $ 88,347 Dividends and undistributed earnings allocated to unvested shares (183) (316) (426) (631) Net income available to common shareholders $ 24,913 $ 43,769 $ 56,554 $ 87,716 Weighted average shares outstanding: Basic 78,920 79,673 79,130 79,739 Effect of dilutive securities Stock options — 1 — 2 Restricted stock units 4 4 56 4 Diluted 78,924 79,678 79,186 79,745 Net income per common share: Basic $ 0.32 $ 0.55 $ 0.71 $ 1.10 Diluted $ 0.32 $ 0.55 $ 0.71 $ 1.10 |
Regulatory Matters (Tables)
Regulatory Matters (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Regulatory Capital Requirements Under Banking Regulations [Abstract] | |
Schedule of minimum amounts required for capital adequacy purposes | Regulatory capital ratios at June 30, 2020 and December 31, 2019, 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. United Community Bank Minimum (1) Well June 30, December 31, 2019 June 30, December 31, 2019 Risk-based ratios: Common equity tier 1 capital 4.5 % 6.5 % 12.85 % 12.97 % 13.70 % 14.87 % Tier 1 capital 6.0 8.0 14.05 13.21 13.70 14.87 Total capital 8.0 10.0 16.07 15.01 14.63 15.54 Leverage ratio 4.0 5.0 10.31 10.34 10.05 11.63 Common equity tier 1 capital $ 1,300,627 $ 1,275,148 $ 1,382,891 $ 1,458,720 Tier 1 capital 1,421,537 1,299,398 1,382,891 1,458,720 Total capital 1,625,967 1,476,302 1,475,970 1,524,267 Risk-weighted assets 10,118,998 9,834,051 10,091,674 9,810,477 Average total assets for the 13,784,914 12,568,563 13,755,117 12,545,254 (1) As of June 30, 2020 and December 31, 2019 the additional capital conservation buffer in effect was 2.50% |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of contractual amount of off-balance sheet instruments | The following table summarizes the contractual amount of off-balance sheet instruments as of the dates indicated (in thousands) . June 30, 2020 December 31, 2019 Financial instruments whose contract amounts represent credit risk: Commitments to extend credit $ 2,291,128 $ 2,126,275 Letters of credit 26,554 22,533 |
Acquisitions (Tables)
Acquisitions (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Business Combinations [Abstract] | |
Schedule of actual results and pro forma information | Merger-related costs from the FMBT acquisition of $924,000 and $1.02 million, respectively, have been excluded from the three and six months 2019 pro forma information presented below. The actual results and pro forma information were as follows (in thousands) : Three Months Ended Six Months Ended Revenue Net Income Revenue Net Income 2019 Actual FMBT results included in statement of income since acquisition date $ 2,327 $ 1,187 $ 2,327 $ 1,187 Supplemental consolidated pro forma as if FMBT had been acquired January 1, 2018 139,489 43,913 275,991 89,504 |
Accounting Policies (Details)
Accounting Policies (Details) - USD ($) | Jun. 30, 2020 | Dec. 31, 2019 |
Marketable Securities [Line Items] | ||
Accrued interest receivable | $ 37,774,000 | $ 32,660,000 |
Allowance for credit losses, held-to-maturity portfolio | 0 | |
Allowance for credit losses, available-for-sale portfolio | 0 | |
Held-to-maturity debt securities | ||
Marketable Securities [Line Items] | ||
Accrued interest receivable | 1,000,000 | |
Available-for-sale debt securities | ||
Marketable Securities [Line Items] | ||
Accrued interest receivable | 7,720,000 | |
Loans receivable | ||
Marketable Securities [Line Items] | ||
Accrued interest receivable | $ 28,000,000 |
Accounting Standards Updates _2
Accounting Standards Updates and Recently Adopted Standards (Details) - USD ($) $ in Thousands | Jan. 01, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||
Increase in ACL | $ 115,769 | $ 88,375 | $ 65,547 | $ 65,595 | $ 64,783 | $ 64,613 | |
Increase in ACL for loans | 103,669 | 62,089 | 62,204 | 61,203 | |||
Increase in ACL for unfunded commitments | 12,100 | 6,470 | 3,458 | 3,391 | 3,141 | 3,410 | |
Reduction in equity | (1,771,645) | (1,640,612) | (1,635,692) | (1,566,334) | (1,508,158) | (1,457,554) | |
Adoption of CECL | |||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||
Increase in ACL | 8,751 | ||||||
Increase in ACL for loans | 6,880 | ||||||
Increase in ACL for unfunded commitments | 1,871 | ||||||
Reduction in equity | 3,529 | 549 | |||||
Adoption of CECL | ASC 326 | |||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||
Increase in ACL | 8,750 | ||||||
Increase in ACL for loans | 6,880 | ||||||
Increase in ACL for unfunded commitments | 1,870 | ||||||
Increase reclassified from amortized cost basis of PCD financial assets previously classified as PCI | $ 3,590 | ||||||
Retained earnings | |||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||
Reduction in equity | $ (64,990) | $ (54,206) | (40,152) | $ 29,116 | $ 59,573 | 90,419 | |
Retained earnings | Adoption of CECL | |||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||
Reduction in equity | 3,529 | $ 549 | |||||
Retained earnings | Adoption of CECL | ASC 326 | |||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||
Reduction in equity | $ 3,530 |
Securities - Amortized cost, gr
Securities - Amortized cost, gross unrealized gains and losses, and fair value of debt securities held-to-maturity (Details) - USD ($) $ in Thousands | Jun. 30, 2020 | Dec. 31, 2019 |
Held-to-maturity securities: | ||
Amortized Cost | $ 306,638 | $ 283,533 |
Gross Unrealized Gains | 13,764 | 5,215 |
Gross Unrealized Losses | 149 | 844 |
Securities held-to-maturity | 320,253 | 287,904 |
State and political subdivisions | ||
Held-to-maturity securities: | ||
Amortized Cost | 87,840 | 45,479 |
Gross Unrealized Gains | 4,382 | 1,574 |
Gross Unrealized Losses | 95 | 9 |
Securities held-to-maturity | 92,127 | 47,044 |
Residential mortgage-backed securities, Agency | ||
Held-to-maturity securities: | ||
Amortized Cost | 137,416 | 153,967 |
Gross Unrealized Gains | 6,051 | 2,014 |
Gross Unrealized Losses | 0 | 694 |
Securities held-to-maturity | 143,467 | 155,287 |
Residential mortgage-backed securities, Non-agency | ||
Held-to-maturity securities: | ||
Amortized Cost | 15,221 | |
Gross Unrealized Gains | 324 | |
Gross Unrealized Losses | 54 | |
Securities held-to-maturity | 15,491 | |
Commercial mortgage-backed, Agency | ||
Held-to-maturity securities: | ||
Amortized Cost | 66,161 | 84,087 |
Gross Unrealized Gains | 3,007 | 1,627 |
Gross Unrealized Losses | 0 | 141 |
Securities held-to-maturity | $ 69,168 | $ 85,573 |
Securities - Amortized cost, _2
Securities - Amortized cost, gross unrealized gains and losses, and fair value of debt securities available-for-sale (Details) - USD ($) $ in Thousands | Jun. 30, 2020 | Dec. 31, 2019 |
Debt securities available for sale and equity securities: | ||
Amortized Cost | $ 2,048,565 | $ 2,240,607 |
Gross Unrealized Gains | 79,619 | 36,982 |
Gross Unrealized Losses | 2,975 | 3,008 |
Fair Value | 2,125,209 | 2,274,581 |
U.S. Treasuries | ||
Debt securities available for sale and equity securities: | ||
Amortized Cost | 123,392 | 152,990 |
Gross Unrealized Gains | 5,474 | 1,628 |
Gross Unrealized Losses | 0 | 0 |
Fair Value | 128,866 | 154,618 |
U.S. Government agencies | ||
Debt securities available for sale and equity securities: | ||
Amortized Cost | 2,754 | 2,848 |
Gross Unrealized Gains | 183 | 188 |
Gross Unrealized Losses | 0 | 1 |
Fair Value | 2,937 | 3,035 |
State and political subdivisions | ||
Debt securities available for sale and equity securities: | ||
Amortized Cost | 212,767 | 214,677 |
Gross Unrealized Gains | 17,942 | 11,813 |
Gross Unrealized Losses | 0 | 0 |
Fair Value | 230,709 | 226,490 |
Residential mortgage-backed securities, Agency | ||
Debt securities available for sale and equity securities: | ||
Amortized Cost | 929,543 | 1,030,948 |
Gross Unrealized Gains | 34,965 | 12,022 |
Gross Unrealized Losses | 4 | 726 |
Fair Value | 964,504 | 1,042,244 |
Residential mortgage-backed securities, Non-agency | ||
Debt securities available for sale and equity securities: | ||
Amortized Cost | 237,614 | 250,550 |
Gross Unrealized Gains | 9,903 | 6,231 |
Gross Unrealized Losses | 0 | 0 |
Fair Value | 247,517 | 256,781 |
Commercial mortgage-backed, Agency | ||
Debt securities available for sale and equity securities: | ||
Amortized Cost | 253,517 | 266,770 |
Gross Unrealized Gains | 8,161 | 2,261 |
Gross Unrealized Losses | 0 | 128 |
Fair Value | 261,678 | 268,903 |
Commercial mortgage-backed, Non-agency | ||
Debt securities available for sale and equity securities: | ||
Amortized Cost | 15,395 | |
Gross Unrealized Gains | 918 | |
Gross Unrealized Losses | 263 | |
Fair Value | 16,050 | |
Corporate bonds | ||
Debt securities available for sale and equity securities: | ||
Amortized Cost | 172,023 | 202,131 |
Gross Unrealized Gains | 1,659 | 1,178 |
Gross Unrealized Losses | 206 | 218 |
Fair Value | 173,476 | 203,091 |
Asset-backed securities | ||
Debt securities available for sale and equity securities: | ||
Amortized Cost | 116,955 | 104,298 |
Gross Unrealized Gains | 1,332 | 743 |
Gross Unrealized Losses | 2,765 | 1,672 |
Fair Value | $ 115,522 | $ 103,369 |
Securities - Narrative (Details
Securities - Narrative (Details) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019USD ($) | Jun. 30, 2019USD ($) | Jun. 30, 2020USD ($)securitycontract | Dec. 31, 2019USD ($) | |
Investments, Debt and Equity Securities [Abstract] | ||||
Carrying value of securities pledged to secure public deposits, derivatives and other secured borrowings | $ 524,000,000 | $ 918,000,000 | ||
Number of available-for-sale securities in unrealized loss position | contract | 21 | |||
Number of held-to-maturity securities in unrealized loss position | security | 4 | |||
Other-than-temporary impairment charges | $ 0 | $ 0 | ||
Allowance for credit losses, held-to-maturity portfolio | $ 0 | |||
Allowance for credit losses, available-for-sale portfolio | $ 0 |
Securities - Summary of debt se
Securities - Summary of debt securities held-to-maturity in unrealized loss position (Details) - USD ($) $ in Thousands | Jun. 30, 2020 | Dec. 31, 2019 |
Summary of held to maturity securities in an unrealized loss position | ||
Fair Value, Less than 12 Months | $ 14,027 | $ 48,007 |
Unrealized Loss, Less than 12 Months | 98 | 160 |
Fair Value, 12 Months or More | 1,384 | 49,922 |
Unrealized Loss, 12 Months or More | 51 | 684 |
Fair Value, Total | 15,411 | 97,929 |
Unrealized Loss, Total | 149 | 844 |
State and political subdivisions | ||
Summary of held to maturity securities in an unrealized loss position | ||
Fair Value, Less than 12 Months | 4,905 | 10,117 |
Unrealized Loss, Less than 12 Months | 95 | 9 |
Fair Value, 12 Months or More | 0 | 0 |
Unrealized Loss, 12 Months or More | 0 | 0 |
Fair Value, Total | 4,905 | 10,117 |
Unrealized Loss, Total | 95 | 9 |
Residential mortgage-backed securities, Agency | ||
Summary of held to maturity securities in an unrealized loss position | ||
Fair Value, Less than 12 Months | 127 | 16,049 |
Unrealized Loss, Less than 12 Months | 0 | 64 |
Fair Value, 12 Months or More | 0 | 48,237 |
Unrealized Loss, 12 Months or More | 0 | 630 |
Fair Value, Total | 127 | 64,286 |
Unrealized Loss, Total | 0 | 694 |
Residential mortgage-backed securities, Non-agency | ||
Summary of held to maturity securities in an unrealized loss position | ||
Fair Value, Less than 12 Months | 8,995 | |
Unrealized Loss, Less than 12 Months | 3 | |
Fair Value, 12 Months or More | 1,384 | |
Unrealized Loss, 12 Months or More | 51 | |
Fair Value, Total | 10,379 | |
Unrealized Loss, Total | $ 54 | |
Commercial mortgage-backed, Agency | ||
Summary of held to maturity securities in an unrealized loss position | ||
Fair Value, Less than 12 Months | 21,841 | |
Unrealized Loss, Less than 12 Months | 87 | |
Fair Value, 12 Months or More | 1,685 | |
Unrealized Loss, 12 Months or More | 54 | |
Fair Value, Total | 23,526 | |
Unrealized Loss, Total | $ 141 |
Securities - Summary of debt _2
Securities - Summary of debt securities available-for-sale in unrealized loss position (Details) - USD ($) $ in Thousands | Jun. 30, 2020 | Dec. 31, 2019 |
Summary of available for sale securities in an unrealized loss position | ||
Fair Value, Less than 12 Months | $ 29,284 | $ 281,051 |
Unrealized Loss, Less than 12 Months | 671 | 1,418 |
Fair Value, 12 Months or More | 62,148 | 96,663 |
Unrealized Loss, 12 Months or More | 2,304 | 1,590 |
Fair Value, Total | 91,432 | 377,714 |
Unrealized Loss, Total | 2,975 | 3,008 |
U.S. Government agencies | ||
Summary of available for sale securities in an unrealized loss position | ||
Fair Value, Less than 12 Months | 404 | |
Unrealized Loss, Less than 12 Months | 1 | |
Fair Value, 12 Months or More | 0 | |
Unrealized Loss, 12 Months or More | 0 | |
Fair Value, Total | 404 | |
Unrealized Loss, Total | 1 | |
Residential mortgage-backed securities, Agency | ||
Summary of available for sale securities in an unrealized loss position | ||
Fair Value, Less than 12 Months | 514 | 228,611 |
Unrealized Loss, Less than 12 Months | 3 | 576 |
Fair Value, 12 Months or More | 1,289 | 18,294 |
Unrealized Loss, 12 Months or More | 1 | 150 |
Fair Value, Total | 1,803 | 246,905 |
Unrealized Loss, Total | 4 | 726 |
Commercial mortgage-backed, Agency | ||
Summary of available for sale securities in an unrealized loss position | ||
Fair Value, Less than 12 Months | 9 | 0 |
Unrealized Loss, Less than 12 Months | 0 | 0 |
Fair Value, 12 Months or More | 0 | 33,517 |
Unrealized Loss, 12 Months or More | 0 | 128 |
Fair Value, Total | 9 | 33,517 |
Unrealized Loss, Total | 0 | 128 |
Commercial mortgage-backed, Non-agency | ||
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 | 4,864 | |
Unrealized Loss, 12 Months or More | 263 | |
Fair Value, Total | 4,864 | |
Unrealized Loss, Total | 263 | |
Corporate bonds | ||
Summary of available for sale securities in an unrealized loss position | ||
Fair Value, Less than 12 Months | 14,794 | 19,742 |
Unrealized Loss, Less than 12 Months | 206 | 216 |
Fair Value, 12 Months or More | 0 | 998 |
Unrealized Loss, 12 Months or More | 0 | 2 |
Fair Value, Total | 14,794 | 20,740 |
Unrealized Loss, Total | 206 | 218 |
Asset-backed securities | ||
Summary of available for sale securities in an unrealized loss position | ||
Fair Value, Less than 12 Months | 13,967 | 32,294 |
Unrealized Loss, Less than 12 Months | 462 | 625 |
Fair Value, 12 Months or More | 60,859 | 38,990 |
Unrealized Loss, 12 Months or More | 2,303 | 1,047 |
Fair Value, Total | 74,826 | 71,284 |
Unrealized Loss, Total | $ 2,765 | $ 1,672 |
Securities - Summary of availab
Securities - Summary of available-for-sale securities sales activity (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Investments, Debt and Equity Securities [Abstract] | ||||
Proceeds from sales | $ 0 | $ 47,279 | $ 1,000 | $ 225,883 |
Gross gains on sales | 0 | 489 | 0 | 1,776 |
Gross losses on sales | 0 | (340) | 0 | (1,894) |
Net gains (losses) on sales of securities | 0 | 149 | 0 | (118) |
Income tax expense (benefit) attributable to sales | $ 0 | $ 38 | $ 0 | $ (30) |
Securities - Amortized cost and
Securities - Amortized cost and fair value of held-to-maturity and available-for-sale securities by contractual maturity (Details) - USD ($) $ in Thousands | Jun. 30, 2020 | Dec. 31, 2019 |
Available-for-Sale, Amortized Cost | ||
Amortized Cost | $ 2,048,565 | $ 2,240,607 |
Available-for-Sale, Fair Value | ||
Fair Value | 2,125,209 | 2,274,581 |
Held-to-Maturity, Amortized Cost | ||
Amortized Cost | 306,638 | 283,533 |
Held-to-Maturity, Fair Value | ||
Fair value | 320,253 | 287,904 |
U.S. Treasuries | ||
Available-for-Sale, Amortized Cost | ||
Available-for-Sale, Amortized Cost, 1 to 5 years | 123,392 | |
Amortized Cost | 123,392 | 152,990 |
Available-for-Sale, Fair Value | ||
Available-for-Sale, Fair Value, 1 to 5 years | 128,866 | |
Fair Value | 128,866 | 154,618 |
Held-to-Maturity, Amortized Cost | ||
Held-to-Maturity, Amortized Cost, 1 to 5 years | 0 | |
Amortized Cost | 0 | |
Held-to-Maturity, Fair Value | ||
Held-to-Maturity, Fair Value, 1 to 5 years | 0 | |
Fair value | 0 | |
U.S. Government agencies | ||
Available-for-Sale, Amortized Cost | ||
Available-for-Sale, Amortized Cost, 1 to 5 years | 354 | |
Available-for-Sale, Amortized Cost, More than 10 years | 2,400 | |
Amortized Cost | 2,754 | 2,848 |
Available-for-Sale, Fair Value | ||
Available-for-Sale, Fair Value, 1 to 5 years | 360 | |
Available-for-Sale, Fair Value, More than 10 years | 2,577 | |
Fair Value | 2,937 | 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 | 0 | |
Available-for-Sale, Amortized Cost, 1 to 5 years | 54,483 | |
Available-for-Sale, Amortized Cost, 5 to 10 years | 23,810 | |
Available-for-Sale, Amortized Cost, More than 10 years | 134,474 | |
Amortized Cost | 212,767 | 214,677 |
Available-for-Sale, Fair Value | ||
Available-for-Sale, Fair Value, Within 1 year | 0 | |
Available-for-Sale, Fair Value, 1 to 5 years | 57,120 | |
Available-for-Sale, Fair Value, 5 to 10 years | 25,808 | |
Available-for-Sale, Fair Value, More than 10 years | 147,781 | |
Fair Value | 230,709 | 226,490 |
Held-to-Maturity, Amortized Cost | ||
Held-to-Maturity, Amortized Cost, Within 1 year | 1,350 | |
Held-to-Maturity, Amortized Cost, 1 to 5 years | 14,260 | |
Held-to-Maturity, Amortized Cost, 5 to 10 years | 10,789 | |
Held-to-Maturity, Amortized Cost, More than 10 years | 61,441 | |
Amortized Cost | 87,840 | 45,479 |
Held-to-Maturity, Fair Value | ||
Held-to-Maturity, Fair Value, Within 1 year | 1,350 | |
Held-to-Maturity, Fair Value, 1 to 5 years | 15,226 | |
Held-to-Maturity, Fair Value, 5 to 10 years | 12,244 | |
Held-to-Maturity, Fair Value, More than 10 years | 63,307 | |
Fair value | 92,127 | 47,044 |
Corporate bonds | ||
Available-for-Sale, Amortized Cost | ||
Available-for-Sale, Amortized Cost, Within 1 year | 140,008 | |
Available-for-Sale, Amortized Cost, 1 to 5 years | 27,515 | |
Available-for-Sale, Amortized Cost, 5 to 10 years | 4,500 | |
Amortized Cost | 172,023 | 202,131 |
Available-for-Sale, Fair Value | ||
Available-for-Sale, Fair Value, Within 1 year | 140,217 | |
Available-for-Sale, Fair Value, 1 to 5 years | 28,644 | |
Available-for-Sale, Fair Value, 5 to 10 years | 4,615 | |
Fair Value | 173,476 | 203,091 |
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 | |
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 | |
Fair value | 0 | |
Total securities other than mortgage-backed securities | ||
Available-for-Sale, Amortized Cost | ||
Available-for-Sale, Amortized Cost, Within 1 year | 140,008 | |
Available-for-Sale, Amortized Cost, 1 to 5 years | 205,744 | |
Available-for-Sale, Amortized Cost, 5 to 10 years | 28,310 | |
Available-for-Sale, Amortized Cost, More than 10 years | 136,874 | |
Available-for-Sale, Fair Value | ||
Available-for-Sale, Fair Value, Within 1 year | 140,217 | |
Available-for-Sale, Fair Value, 1 to 5 years | 214,990 | |
Available-for-Sale, Fair Value, 5 to 10 years | 30,423 | |
Available-for-Sale, Fair Value, More than 10 years | 150,358 | |
Held-to-Maturity, Amortized Cost | ||
Held-to-Maturity, Amortized Cost, Within 1 year | 1,350 | |
Held-to-Maturity, Amortized Cost, 1 to 5 years | 14,260 | |
Held-to-Maturity, Amortized Cost, 5 to 10 years | 10,789 | |
Held-to-Maturity, Amortized Cost, More than 10 years | 61,441 | |
Held-to-Maturity, Fair Value | ||
Held-to-Maturity, Fair Value, Within 1 year | 1,350 | |
Held-to-Maturity, Fair Value, 1 to 5 years | 15,226 | |
Held-to-Maturity, Fair Value, 5 to 10 years | 12,244 | |
Held-to-Maturity, Fair Value, More than 10 years | 63,307 | |
Asset-backed securities | ||
Available-for-Sale, Amortized Cost | ||
Amortized Cost | 116,955 | 104,298 |
Available-for-Sale, Fair Value | ||
Fair Value | 115,522 | $ 103,369 |
Held-to-Maturity, Amortized Cost | ||
Amortized Cost | 0 | |
Held-to-Maturity, Fair Value | ||
Fair value | 0 | |
Residential mortgage-backed securities | ||
Available-for-Sale, Amortized Cost | ||
Amortized Cost | 1,167,157 | |
Available-for-Sale, Fair Value | ||
Fair Value | 1,212,021 | |
Held-to-Maturity, Amortized Cost | ||
Amortized Cost | 152,637 | |
Held-to-Maturity, Fair Value | ||
Fair value | 158,958 | |
Commercial mortgage-backed securities | ||
Available-for-Sale, Amortized Cost | ||
Amortized Cost | 253,517 | |
Available-for-Sale, Fair Value | ||
Fair Value | 261,678 | |
Held-to-Maturity, Amortized Cost | ||
Amortized Cost | 66,161 | |
Held-to-Maturity, Fair Value | ||
Fair value | $ 69,168 |
Loans and Leases and Allowanc_3
Loans and Leases and Allowance for Credit Losses - Narrative (Details) - USD ($) | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | Dec. 31, 2019 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Pledged as collateral to secure contingent funding sources | $ 4,120,000,000 | $ 4,120,000,000 | $ 4,060,000,000 | ||
Carrying value of PCI loans | 58,646,000 | ||||
Net investment in leases | 37,028,000 | 37,028,000 | 37,378,000 | ||
Gross additional interest revenue that would have been earned if the nonaccrual loans had performed as per original terms | 661,000 | $ 249,000 | 1,130,000 | $ 627,000 | |
TDRs | 50,400,000 | 50,400,000 | 54,200,000 | ||
Allocated allowance for TDRs | 881,000 | 881,000 | 2,510,000 | ||
Commitments to lend additional amounts to customers with outstanding loans classified as TDRs | 0 | 0 | 0 | ||
SBA/USDA guaranteed loans | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Loans sold | 14,000,000 | $ 17,100,000 | 18,100,000 | $ 34,200,000 | |
Equipment financing | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Loans sold | 1,700,000 | 23,900,000 | |||
Loans receivable | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Carrying value of PCI loans | 58,646,000 | ||||
Outstanding balance of PCI loans | $ 83,100,000 | ||||
Short-term deferrals related to COVID-19 crisis | $ 1,756,480,000 | $ 1,756,480,000 |
Loans and Leases and Allowanc_4
Loans and Leases and Allowance for Credit Losses - Major classifications of loans (Details) - USD ($) $ in Thousands | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 |
Classifications of loans | ||||||
Total loans | $ 10,132,510 | $ 8,812,553 | ||||
Less allowance for credit losses - loans | (103,669) | (62,089) | $ (62,204) | $ (61,203) | ||
Amount of loans | 10,028,841 | 8,750,464 | ||||
Commercial | Owner occupied commercial real estate | ||||||
Classifications of loans | ||||||
Total loans | 1,759,617 | |||||
Commercial | Income producing commercial real estate | ||||||
Classifications of loans | ||||||
Total loans | 2,177,857 | |||||
Commercial | Commercial & industrial | ||||||
Classifications of loans | ||||||
Total loans | 2,314,169 | |||||
Commercial | Construction | ||||||
Classifications of loans | ||||||
Total loans | 945,748 | |||||
Commercial | Equipment financing | ||||||
Classifications of loans | ||||||
Total loans | 778,749 | |||||
Residential | Residential mortgage | ||||||
Classifications of loans | ||||||
Total loans | 1,151,661 | |||||
Residential | Home equity lines of credit | ||||||
Classifications of loans | ||||||
Total loans | 653,798 | |||||
Residential | Construction | ||||||
Classifications of loans | ||||||
Total loans | 230,231 | |||||
Consumer | ||||||
Classifications of loans | ||||||
Total loans | 120,680 | |||||
Loans receivable | ||||||
Classifications of loans | ||||||
Total loans | 10,132,510 | 8,812,553 | ||||
Less allowance for credit losses - loans | (103,669) | $ (81,905) | (62,204) | $ (61,642) | ||
Loans receivable | Commercial | ||||||
Classifications of loans | ||||||
Total loans | 7,976,140 | 6,669,593 | ||||
Loans receivable | Commercial | Owner occupied commercial real estate | ||||||
Classifications of loans | ||||||
Total loans | 1,759,617 | 1,720,227 | ||||
Less allowance for credit losses - loans | (14,592) | (11,000) | (11,404) | (11,545) | (11,874) | (12,207) |
Loans receivable | Commercial | Income producing commercial real estate | ||||||
Classifications of loans | ||||||
Total loans | 2,177,857 | 2,007,950 | ||||
Less allowance for credit losses - loans | (21,699) | (16,584) | (12,306) | (11,020) | (11,126) | (11,073) |
Loans receivable | Commercial | Commercial & industrial | ||||||
Classifications of loans | ||||||
Total loans | 2,314,169 | 1,220,657 | ||||
Less allowance for credit losses - loans | (8,589) | (10,831) | (5,266) | (5,308) | (4,895) | (4,802) |
Loans receivable | Commercial | PPP loans included in commercial & industrial | ||||||
Classifications of loans | ||||||
Total loans | 1,100,000 | |||||
Loans receivable | Commercial | Construction | ||||||
Classifications of loans | ||||||
Total loans | 945,748 | 976,215 | ||||
Less allowance for credit losses - loans | (14,514) | (9,556) | (9,668) | (10,318) | (10,275) | (10,337) |
Loans receivable | Commercial | Equipment financing | ||||||
Classifications of loans | ||||||
Total loans | 778,749 | 744,544 | ||||
Less allowance for credit losses - loans | (20,305) | (14,738) | (7,384) | (6,935) | (6,231) | (5,452) |
Loans receivable | Residential | Residential mortgage | ||||||
Classifications of loans | ||||||
Total loans | 1,151,661 | 1,117,616 | ||||
Less allowance for credit losses - loans | (12,826) | (11,063) | (8,081) | (8,290) | (8,345) | (8,295) |
Loans receivable | Residential | Home equity lines of credit | ||||||
Classifications of loans | ||||||
Total loans | 653,798 | 660,675 | ||||
Less allowance for credit losses - loans | (8,687) | (6,887) | (4,575) | (4,794) | (4,797) | (4,752) |
Loans receivable | Residential | Construction | ||||||
Classifications of loans | ||||||
Total loans | 230,231 | 236,437 | ||||
Less allowance for credit losses - loans | (1,997) | (816) | (2,504) | (2,365) | (2,390) | (2,433) |
Loans receivable | Consumer | ||||||
Classifications of loans | ||||||
Total loans | 120,680 | 128,232 | ||||
Less allowance for credit losses - loans | $ (460) | $ (430) | $ (901) | $ (855) | $ (837) | $ (853) |
Loans and Leases and Allowanc_5
Loans and Leases and Allowance for Credit Losses - Components of net investment in leases (Details) - USD ($) $ in Thousands | Jun. 30, 2020 | Dec. 31, 2019 |
Net Investment in Leases | ||
Minimum future lease payments receivable | $ 39,205 | $ 39,709 |
Estimated residual value of leased equipment | 3,476 | 3,631 |
Initial direct costs | 688 | 842 |
Security deposits | (857) | (989) |
Purchase accounting premium | 191 | 273 |
Unearned income | (5,675) | (6,088) |
Net investment in leases | $ 37,028 | $ 37,378 |
Loans and Leases and Allowanc_6
Loans and Leases and Allowance for Credit Losses - Minimum future lease payment to be received (Details) $ in Thousands | Jun. 30, 2020USD ($) |
Minimum future lease payments expected to be received | |
Remainder of 2020 | $ 7,898 |
2021 | 13,346 |
2022 | 9,590 |
2023 | 5,705 |
2024 | 2,164 |
Thereafter | 502 |
Total | $ 39,205 |
Loans and Leases and Allowanc_7
Loans and Leases and Allowance for Credit Losses - Changes in the value of the accretable yield for acquired loans (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended |
Jun. 30, 2019 | Jun. 30, 2019 | |
Changes in balance of accretable yield for PCI loans | ||
Balance at beginning of period | $ 26,624 | $ 26,868 |
Additions due to acquisitions | 1,300 | 1,300 |
Accretion | (4,274) | (9,087) |
Reclassification from nonaccretable difference | 1,762 | 4,468 |
Changes in expected cash flows that do not affect nonaccretable difference | 896 | 2,759 |
Balance at end of period | $ 26,308 | $ 26,308 |
Loans and Leases and Allowanc_8
Loans and Leases and Allowance for Credit Losses - Aging of amortized cost basis in loans by aging category and accrual status (Details) - USD ($) $ in Thousands | Jun. 30, 2020 | Dec. 31, 2019 |
Loans by aging category | ||
Total loans | $ 10,132,510 | $ 8,812,553 |
Commercial | Owner occupied commercial real estate | ||
Loans by aging category | ||
Total loans | 1,759,617 | |
Commercial | Income producing commercial real estate | ||
Loans by aging category | ||
Total loans | 2,177,857 | |
Commercial | Commercial & industrial | ||
Loans by aging category | ||
Total loans | 2,314,169 | |
Commercial | Construction | ||
Loans by aging category | ||
Total loans | 945,748 | |
Commercial | Equipment financing | ||
Loans by aging category | ||
Total loans | 778,749 | |
Residential | Construction | ||
Loans by aging category | ||
Total loans | 230,231 | |
Residential | Residential mortgage | ||
Loans by aging category | ||
Total loans | 1,151,661 | |
Residential | Home equity lines of credit | ||
Loans by aging category | ||
Total loans | 653,798 | |
Consumer | ||
Loans by aging category | ||
Total loans | 120,680 | |
Loans receivable | ||
Loans by aging category | ||
Current Loans | 10,073,448 | 8,712,667 |
Nonaccrual Loans | 48,021 | 35,341 |
Total loans | 10,132,510 | 8,812,553 |
Loans receivable | Loans Past Due, 30 - 59 Days | ||
Loans by aging category | ||
Loans Past Due | 7,853 | |
Loans receivable | Loans Past Due, 60 - 89 Days | ||
Loans by aging category | ||
Loans Past Due | 3,187 | |
Loans receivable | Loans Past Due, over 90 Days | ||
Loans by aging category | ||
Loans Past Due | 1 | |
Loans receivable | Commercial | ||
Loans by aging category | ||
Current Loans | 7,937,964 | 6,596,675 |
Nonaccrual Loans | 30,825 | 20,503 |
Total loans | 7,976,140 | 6,669,593 |
Loans receivable | Commercial | Loans Past Due, 30 - 59 Days | ||
Loans by aging category | ||
Loans Past Due | 5,185 | |
Loans receivable | Commercial | Loans Past Due, 60 - 89 Days | ||
Loans by aging category | ||
Loans Past Due | 2,166 | |
Loans receivable | Commercial | Loans Past Due, over 90 Days | ||
Loans by aging category | ||
Loans Past Due | 0 | |
Loans receivable | Commercial | Owner occupied commercial real estate | ||
Loans by aging category | ||
Current Loans | 1,745,613 | 1,700,682 |
Nonaccrual Loans | 10,710 | 10,544 |
Total loans | 1,759,617 | 1,720,227 |
Loans receivable | Commercial | Owner occupied commercial real estate | Loans Past Due, 30 - 59 Days | ||
Loans by aging category | ||
Loans Past Due | 2,829 | |
Loans receivable | Commercial | Owner occupied commercial real estate | Loans Past Due, 60 - 89 Days | ||
Loans by aging category | ||
Loans Past Due | 465 | |
Loans receivable | Commercial | Owner occupied commercial real estate | Loans Past Due, over 90 Days | ||
Loans by aging category | ||
Loans Past Due | 0 | |
Loans receivable | Commercial | Income producing commercial real estate | ||
Loans by aging category | ||
Current Loans | 2,166,238 | 1,979,053 |
Nonaccrual Loans | 11,274 | 1,996 |
Total loans | 2,177,857 | 2,007,950 |
Loans receivable | Commercial | Income producing commercial real estate | Loans Past Due, 30 - 59 Days | ||
Loans by aging category | ||
Loans Past Due | 199 | |
Loans receivable | Commercial | Income producing commercial real estate | Loans Past Due, 60 - 89 Days | ||
Loans by aging category | ||
Loans Past Due | 146 | |
Loans receivable | Commercial | Income producing commercial real estate | Loans Past Due, over 90 Days | ||
Loans by aging category | ||
Loans Past Due | 0 | |
Loans receivable | Commercial | Commercial & industrial | ||
Loans by aging category | ||
Current Loans | 2,309,960 | 1,215,581 |
Nonaccrual Loans | 3,432 | 2,545 |
Total loans | 2,314,169 | 1,220,657 |
Loans receivable | Commercial | Commercial & industrial | Loans Past Due, 30 - 59 Days | ||
Loans by aging category | ||
Loans Past Due | 664 | |
Loans receivable | Commercial | Commercial & industrial | Loans Past Due, 60 - 89 Days | ||
Loans by aging category | ||
Loans Past Due | 113 | |
Loans receivable | Commercial | Commercial & industrial | Loans Past Due, over 90 Days | ||
Loans by aging category | ||
Loans Past Due | 0 | |
Loans receivable | Commercial | Construction | ||
Loans by aging category | ||
Current Loans | 943,153 | 966,833 |
Nonaccrual Loans | 2,290 | 2,277 |
Total loans | 945,748 | 976,215 |
Loans receivable | Commercial | Construction | Loans Past Due, 30 - 59 Days | ||
Loans by aging category | ||
Loans Past Due | 291 | |
Loans receivable | Commercial | Construction | Loans Past Due, 60 - 89 Days | ||
Loans by aging category | ||
Loans Past Due | 14 | |
Loans receivable | Commercial | Construction | Loans Past Due, over 90 Days | ||
Loans by aging category | ||
Loans Past Due | 0 | |
Loans receivable | Commercial | Equipment financing | ||
Loans by aging category | ||
Current Loans | 773,000 | 734,526 |
Nonaccrual Loans | 3,119 | 3,141 |
Total loans | 778,749 | 744,544 |
Loans receivable | Commercial | Equipment financing | Loans Past Due, 30 - 59 Days | ||
Loans by aging category | ||
Loans Past Due | 1,202 | |
Loans receivable | Commercial | Equipment financing | Loans Past Due, 60 - 89 Days | ||
Loans by aging category | ||
Loans Past Due | 1,428 | |
Loans receivable | Commercial | Equipment financing | Loans Past Due, over 90 Days | ||
Loans by aging category | ||
Loans Past Due | 0 | |
Loans receivable | Residential | Construction | ||
Loans by aging category | ||
Current Loans | 229,626 | 235,211 |
Nonaccrual Loans | 500 | 939 |
Total loans | 230,231 | 236,437 |
Loans receivable | Residential | Construction | Loans Past Due, 30 - 59 Days | ||
Loans by aging category | ||
Loans Past Due | 53 | |
Loans receivable | Residential | Construction | Loans Past Due, 60 - 89 Days | ||
Loans by aging category | ||
Loans Past Due | 52 | |
Loans receivable | Residential | Construction | Loans Past Due, over 90 Days | ||
Loans by aging category | ||
Loans Past Due | 0 | |
Loans receivable | Residential | Residential mortgage | ||
Loans by aging category | ||
Current Loans | 1,136,665 | 1,097,999 |
Nonaccrual Loans | 13,185 | 10,567 |
Total loans | 1,151,661 | 1,117,616 |
Loans receivable | Residential | Residential mortgage | Loans Past Due, 30 - 59 Days | ||
Loans by aging category | ||
Loans Past Due | 1,585 | |
Loans receivable | Residential | Residential mortgage | Loans Past Due, 60 - 89 Days | ||
Loans by aging category | ||
Loans Past Due | 226 | |
Loans receivable | Residential | Residential mortgage | Loans Past Due, over 90 Days | ||
Loans by aging category | ||
Loans Past Due | 0 | |
Loans receivable | Residential | Home equity lines of credit | ||
Loans by aging category | ||
Current Loans | 649,309 | 655,762 |
Nonaccrual Loans | 3,138 | 3,173 |
Total loans | 653,798 | 660,675 |
Loans receivable | Residential | Home equity lines of credit | Loans Past Due, 30 - 59 Days | ||
Loans by aging category | ||
Loans Past Due | 739 | |
Loans receivable | Residential | Home equity lines of credit | Loans Past Due, 60 - 89 Days | ||
Loans by aging category | ||
Loans Past Due | 611 | |
Loans receivable | Residential | Home equity lines of credit | Loans Past Due, over 90 Days | ||
Loans by aging category | ||
Loans Past Due | 1 | |
Loans receivable | Consumer | ||
Loans by aging category | ||
Current Loans | 119,884 | 127,020 |
Nonaccrual Loans | 373 | 159 |
Total loans | 120,680 | $ 128,232 |
Loans receivable | Consumer | Loans Past Due, 30 - 59 Days | ||
Loans by aging category | ||
Loans Past Due | 291 | |
Loans receivable | Consumer | Loans Past Due, 60 - 89 Days | ||
Loans by aging category | ||
Loans Past Due | 132 | |
Loans receivable | Consumer | Loans Past Due, over 90 Days | ||
Loans by aging category | ||
Loans Past Due | $ 0 |
Loans and Leases and Allowanc_9
Loans and Leases and Allowance for Credit Losses - Aging of recorded investment in loans, including accruing and nonaccrual loans (Details) - USD ($) $ in Thousands | Jun. 30, 2020 | Dec. 31, 2019 |
Loans by aging category | ||
PCI Loans | $ 58,646 | |
Total loans | $ 10,132,510 | 8,812,553 |
Commercial | Owner occupied commercial real estate | ||
Loans by aging category | ||
Total loans | 1,759,617 | |
Commercial | Income producing commercial real estate | ||
Loans by aging category | ||
Total loans | 2,177,857 | |
Commercial | Commercial & industrial | ||
Loans by aging category | ||
Total loans | 2,314,169 | |
Commercial | Construction | ||
Loans by aging category | ||
Total loans | 945,748 | |
Commercial | Equipment financing | ||
Loans by aging category | ||
Total loans | 778,749 | |
Residential | Construction | ||
Loans by aging category | ||
Total loans | 230,231 | |
Residential | Residential mortgage | ||
Loans by aging category | ||
Total loans | 1,151,661 | |
Residential | Home equity lines of credit | ||
Loans by aging category | ||
Total loans | 653,798 | |
Consumer | ||
Loans by aging category | ||
Total loans | 120,680 | |
Loans receivable | ||
Loans by aging category | ||
Loans Past Due - Accruing and Nonaccrual | 41,240 | |
Current Loans | 10,073,448 | 8,712,667 |
PCI Loans | 58,646 | |
Total loans | 10,132,510 | 8,812,553 |
Loans receivable | Loans Past Due, 30 - 59 Days | ||
Loans by aging category | ||
Loans Past Due - Accruing and Nonaccrual | 17,892 | |
Loans receivable | Loans Past Due, 60 - 89 Days | ||
Loans by aging category | ||
Loans Past Due - Accruing and Nonaccrual | 7,623 | |
Loans receivable | Loans Past Due, over 90 Days | ||
Loans by aging category | ||
Loans Past Due - Accruing and Nonaccrual | 15,725 | |
Loans receivable | Commercial | ||
Loans by aging category | ||
Loans Past Due - Accruing and Nonaccrual | 25,971 | |
Current Loans | 7,937,964 | 6,596,675 |
PCI Loans | 46,947 | |
Total loans | 7,976,140 | 6,669,593 |
Loans receivable | Commercial | Loans Past Due, 30 - 59 Days | ||
Loans by aging category | ||
Loans Past Due - Accruing and Nonaccrual | 9,547 | |
Loans receivable | Commercial | Loans Past Due, 60 - 89 Days | ||
Loans by aging category | ||
Loans Past Due - Accruing and Nonaccrual | 4,684 | |
Loans receivable | Commercial | Loans Past Due, over 90 Days | ||
Loans by aging category | ||
Loans Past Due - Accruing and Nonaccrual | 11,740 | |
Loans receivable | Commercial | Owner occupied commercial real estate | ||
Loans by aging category | ||
Loans Past Due - Accruing and Nonaccrual | 10,999 | |
Current Loans | 1,745,613 | 1,700,682 |
PCI Loans | 8,546 | |
Total loans | 1,759,617 | 1,720,227 |
Loans receivable | Commercial | Owner occupied commercial real estate | Loans Past Due, 30 - 59 Days | ||
Loans by aging category | ||
Loans Past Due - Accruing and Nonaccrual | 2,913 | |
Loans receivable | Commercial | Owner occupied commercial real estate | Loans Past Due, 60 - 89 Days | ||
Loans by aging category | ||
Loans Past Due - Accruing and Nonaccrual | 2,007 | |
Loans receivable | Commercial | Owner occupied commercial real estate | Loans Past Due, over 90 Days | ||
Loans by aging category | ||
Loans Past Due - Accruing and Nonaccrual | 6,079 | |
Loans receivable | Commercial | Income producing commercial real estate | ||
Loans by aging category | ||
Loans Past Due - Accruing and Nonaccrual | 1,669 | |
Current Loans | 2,166,238 | 1,979,053 |
PCI Loans | 27,228 | |
Total loans | 2,177,857 | 2,007,950 |
Loans receivable | Commercial | Income producing commercial real estate | Loans Past Due, 30 - 59 Days | ||
Loans by aging category | ||
Loans Past Due - Accruing and Nonaccrual | 562 | |
Loans receivable | Commercial | Income producing commercial real estate | Loans Past Due, 60 - 89 Days | ||
Loans by aging category | ||
Loans Past Due - Accruing and Nonaccrual | 706 | |
Loans receivable | Commercial | Income producing commercial real estate | Loans Past Due, over 90 Days | ||
Loans by aging category | ||
Loans Past Due - Accruing and Nonaccrual | 401 | |
Loans receivable | Commercial | Commercial & industrial | ||
Loans by aging category | ||
Loans Past Due - Accruing and Nonaccrual | 4,750 | |
Current Loans | 2,309,960 | 1,215,581 |
PCI Loans | 326 | |
Total loans | 2,314,169 | 1,220,657 |
Loans receivable | Commercial | Commercial & industrial | Loans Past Due, 30 - 59 Days | ||
Loans by aging category | ||
Loans Past Due - Accruing and Nonaccrual | 2,140 | |
Loans receivable | Commercial | Commercial & industrial | Loans Past Due, 60 - 89 Days | ||
Loans by aging category | ||
Loans Past Due - Accruing and Nonaccrual | 491 | |
Loans receivable | Commercial | Commercial & industrial | Loans Past Due, over 90 Days | ||
Loans by aging category | ||
Loans Past Due - Accruing and Nonaccrual | 2,119 | |
Loans receivable | Commercial | Construction | ||
Loans by aging category | ||
Loans Past Due - Accruing and Nonaccrual | 2,520 | |
Current Loans | 943,153 | 966,833 |
PCI Loans | 6,862 | |
Total loans | 945,748 | 976,215 |
Loans receivable | Commercial | Construction | Loans Past Due, 30 - 59 Days | ||
Loans by aging category | ||
Loans Past Due - Accruing and Nonaccrual | 1,867 | |
Loans receivable | Commercial | Construction | Loans Past Due, 60 - 89 Days | ||
Loans by aging category | ||
Loans Past Due - Accruing and Nonaccrual | 557 | |
Loans receivable | Commercial | Construction | Loans Past Due, over 90 Days | ||
Loans by aging category | ||
Loans Past Due - Accruing and Nonaccrual | 96 | |
Loans receivable | Commercial | Equipment financing | ||
Loans by aging category | ||
Loans Past Due - Accruing and Nonaccrual | 6,033 | |
Current Loans | 773,000 | 734,526 |
PCI Loans | 3,985 | |
Total loans | 778,749 | 744,544 |
Loans receivable | Commercial | Equipment financing | Loans Past Due, 30 - 59 Days | ||
Loans by aging category | ||
Loans Past Due - Accruing and Nonaccrual | 2,065 | |
Loans receivable | Commercial | Equipment financing | Loans Past Due, 60 - 89 Days | ||
Loans by aging category | ||
Loans Past Due - Accruing and Nonaccrual | 923 | |
Loans receivable | Commercial | Equipment financing | Loans Past Due, over 90 Days | ||
Loans by aging category | ||
Loans Past Due - Accruing and Nonaccrual | 3,045 | |
Loans receivable | Residential | Construction | ||
Loans by aging category | ||
Loans Past Due - Accruing and Nonaccrual | 852 | |
Current Loans | 229,626 | 235,211 |
PCI Loans | 374 | |
Total loans | 230,231 | 236,437 |
Loans receivable | Residential | Construction | Loans Past Due, 30 - 59 Days | ||
Loans by aging category | ||
Loans Past Due - Accruing and Nonaccrual | 325 | |
Loans receivable | Residential | Construction | Loans Past Due, 60 - 89 Days | ||
Loans by aging category | ||
Loans Past Due - Accruing and Nonaccrual | 125 | |
Loans receivable | Residential | Construction | Loans Past Due, over 90 Days | ||
Loans by aging category | ||
Loans Past Due - Accruing and Nonaccrual | 402 | |
Loans receivable | Residential | Residential mortgage | ||
Loans by aging category | ||
Loans Past Due - Accruing and Nonaccrual | 10,038 | |
Current Loans | 1,136,665 | 1,097,999 |
PCI Loans | 9,579 | |
Total loans | 1,151,661 | 1,117,616 |
Loans receivable | Residential | Residential mortgage | Loans Past Due, 30 - 59 Days | ||
Loans by aging category | ||
Loans Past Due - Accruing and Nonaccrual | 5,655 | |
Loans receivable | Residential | Residential mortgage | Loans Past Due, 60 - 89 Days | ||
Loans by aging category | ||
Loans Past Due - Accruing and Nonaccrual | 2,212 | |
Loans receivable | Residential | Residential mortgage | Loans Past Due, over 90 Days | ||
Loans by aging category | ||
Loans Past Due - Accruing and Nonaccrual | 2,171 | |
Loans receivable | Residential | Home equity lines of credit | ||
Loans by aging category | ||
Loans Past Due - Accruing and Nonaccrual | 3,503 | |
Current Loans | 649,309 | 655,762 |
PCI Loans | 1,410 | |
Total loans | 653,798 | 660,675 |
Loans receivable | Residential | Home equity lines of credit | Loans Past Due, 30 - 59 Days | ||
Loans by aging category | ||
Loans Past Due - Accruing and Nonaccrual | 1,697 | |
Loans receivable | Residential | Home equity lines of credit | Loans Past Due, 60 - 89 Days | ||
Loans by aging category | ||
Loans Past Due - Accruing and Nonaccrual | 421 | |
Loans receivable | Residential | Home equity lines of credit | Loans Past Due, over 90 Days | ||
Loans by aging category | ||
Loans Past Due - Accruing and Nonaccrual | 1,385 | |
Loans receivable | Consumer | ||
Loans by aging category | ||
Loans Past Due - Accruing and Nonaccrual | 876 | |
Current Loans | 119,884 | 127,020 |
PCI Loans | 336 | |
Total loans | $ 120,680 | 128,232 |
Loans receivable | Consumer | Loans Past Due, 30 - 59 Days | ||
Loans by aging category | ||
Loans Past Due - Accruing and Nonaccrual | 668 | |
Loans receivable | Consumer | Loans Past Due, 60 - 89 Days | ||
Loans by aging category | ||
Loans Past Due - Accruing and Nonaccrual | 181 | |
Loans receivable | Consumer | Loans Past Due, over 90 Days | ||
Loans by aging category | ||
Loans Past Due - Accruing and Nonaccrual | $ 27 |
Loans and Leases and Allowan_10
Loans and Leases and Allowance for Credit Losses - Recorded investment in nonaccrual loans by loan class (Details) - Loans receivable - USD ($) $ in Thousands | Jun. 30, 2020 | Dec. 31, 2019 |
Financing Receivable, Recorded Investment, Aging [Abstract] | ||
Nonaccrual loans with no allowance | $ 24,351 | |
Nonaccrual loans with an allowance | 23,670 | |
Nonaccrual loans | 48,021 | $ 35,341 |
Commercial | ||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||
Nonaccrual loans with no allowance | 20,229 | |
Nonaccrual loans with an allowance | 10,596 | |
Nonaccrual loans | 30,825 | 20,503 |
Commercial | Owner occupied commercial real estate | ||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||
Nonaccrual loans with no allowance | 6,564 | |
Nonaccrual loans with an allowance | 4,146 | |
Nonaccrual loans | 10,710 | 10,544 |
Commercial | Income producing commercial real estate | ||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||
Nonaccrual loans with no allowance | 10,780 | |
Nonaccrual loans with an allowance | 494 | |
Nonaccrual loans | 11,274 | 1,996 |
Commercial | Commercial & industrial | ||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||
Nonaccrual loans with no allowance | 1,038 | |
Nonaccrual loans with an allowance | 2,394 | |
Nonaccrual loans | 3,432 | 2,545 |
Commercial | Construction | ||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||
Nonaccrual loans with no allowance | 1,824 | |
Nonaccrual loans with an allowance | 466 | |
Nonaccrual loans | 2,290 | 2,277 |
Commercial | Equipment financing | ||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||
Nonaccrual loans with no allowance | 23 | |
Nonaccrual loans with an allowance | 3,096 | |
Nonaccrual loans | 3,119 | 3,141 |
Residential | Residential mortgage | ||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||
Nonaccrual loans with no allowance | 2,918 | |
Nonaccrual loans with an allowance | 10,267 | |
Nonaccrual loans | 13,185 | 10,567 |
Residential | Home equity lines of credit | ||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||
Nonaccrual loans with no allowance | 1,045 | |
Nonaccrual loans with an allowance | 2,093 | |
Nonaccrual loans | 3,138 | 3,173 |
Residential | Construction | ||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||
Nonaccrual loans with no allowance | 149 | |
Nonaccrual loans with an allowance | 351 | |
Nonaccrual loans | 500 | 939 |
Consumer | ||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||
Nonaccrual loans with no allowance | 10 | |
Nonaccrual loans with an allowance | 363 | |
Nonaccrual loans | $ 373 | $ 159 |
Loans and Leases and Allowan_11
Loans and Leases and Allowance for Credit Losses Loans and Leases and Allowance for Credit Losses - Amortized cost of loans by risk category by vintage year (Details) - USD ($) $ in Thousands | Jun. 30, 2020 | Dec. 31, 2019 |
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2020 | $ 2,661,091 | |
2019 | 2,059,393 | |
2018 | 1,591,092 | |
2017 | 1,001,067 | |
2016 | 842,438 | |
Prior | 859,787 | |
Revolvers | 1,048,350 | |
Revolvers converted to term loans | 69,292 | |
Total | 10,132,510 | $ 8,812,553 |
Pass | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2020 | 2,620,251 | |
2019 | 2,013,208 | |
2018 | 1,554,614 | |
2017 | 966,068 | |
2016 | 808,603 | |
Prior | 829,549 | |
Revolvers | 1,006,383 | |
Revolvers converted to term loans | 59,120 | |
Total | 9,857,796 | 8,558,459 |
Watch | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2020 | 14,393 | |
2019 | 20,808 | |
2018 | 20,587 | |
2017 | 10,261 | |
2016 | 26,242 | |
Prior | 8,271 | |
Revolvers | 12,234 | |
Revolvers converted to term loans | 1,970 | |
Total | 114,766 | 93,703 |
Substandard | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2020 | 26,447 | |
2019 | 25,377 | |
2018 | 15,891 | |
2017 | 24,738 | |
2016 | 7,593 | |
Prior | 21,967 | |
Revolvers | 29,733 | |
Revolvers converted to term loans | 8,202 | |
Total | 159,948 | $ 160,391 |
Commercial | Owner occupied commercial real estate | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2020 | 303,316 | |
2019 | 402,647 | |
2018 | 255,140 | |
2017 | 241,764 | |
2016 | 222,461 | |
Prior | 270,376 | |
Revolvers | 51,393 | |
Revolvers converted to term loans | 12,520 | |
Total | 1,759,617 | |
Commercial | Owner occupied commercial real estate | Pass | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2020 | 291,879 | |
2019 | 389,657 | |
2018 | 246,017 | |
2017 | 220,588 | |
2016 | 211,852 | |
Prior | 256,821 | |
Revolvers | 48,274 | |
Revolvers converted to term loans | 11,150 | |
Total | 1,676,238 | |
Commercial | Owner occupied commercial real estate | Watch | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2020 | 5,123 | |
2019 | 4,549 | |
2018 | 3,153 | |
2017 | 7,334 | |
2016 | 7,546 | |
Prior | 4,117 | |
Revolvers | 860 | |
Revolvers converted to term loans | 65 | |
Total | 32,747 | |
Commercial | Owner occupied commercial real estate | Substandard | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2020 | 6,314 | |
2019 | 8,441 | |
2018 | 5,970 | |
2017 | 13,842 | |
2016 | 3,063 | |
Prior | 9,438 | |
Revolvers | 2,259 | |
Revolvers converted to term loans | 1,305 | |
Total | 50,632 | |
Commercial | Income producing commercial real estate | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2020 | 367,049 | |
2019 | 493,133 | |
2018 | 458,572 | |
2017 | 296,410 | |
2016 | 283,649 | |
Prior | 235,084 | |
Revolvers | 32,460 | |
Revolvers converted to term loans | 11,500 | |
Total | 2,177,857 | |
Commercial | Income producing commercial real estate | Pass | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2020 | 352,274 | |
2019 | 470,496 | |
2018 | 441,607 | |
2017 | 288,448 | |
2016 | 265,489 | |
Prior | 229,116 | |
Revolvers | 32,460 | |
Revolvers converted to term loans | 9,620 | |
Total | 2,089,510 | |
Commercial | Income producing commercial real estate | Watch | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2020 | 7,022 | |
2019 | 12,420 | |
2018 | 14,298 | |
2017 | 2,231 | |
2016 | 17,941 | |
Prior | 3,859 | |
Revolvers | 0 | |
Revolvers converted to term loans | 1,777 | |
Total | 59,548 | |
Commercial | Income producing commercial real estate | Substandard | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2020 | 7,753 | |
2019 | 10,217 | |
2018 | 2,667 | |
2017 | 5,731 | |
2016 | 219 | |
Prior | 2,109 | |
Revolvers | 0 | |
Revolvers converted to term loans | 103 | |
Total | 28,799 | |
Commercial | Commercial & industrial | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2020 | 1,276,205 | |
2019 | 233,562 | |
2018 | 229,024 | |
2017 | 111,511 | |
2016 | 91,137 | |
Prior | 58,184 | |
Revolvers | 307,998 | |
Revolvers converted to term loans | 6,548 | |
Total | 2,314,169 | |
Commercial | Commercial & industrial | Pass | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2020 | 1,267,194 | |
2019 | 229,358 | |
2018 | 225,334 | |
2017 | 108,145 | |
2016 | 88,314 | |
Prior | 56,600 | |
Revolvers | 269,416 | |
Revolvers converted to term loans | 5,660 | |
Total | 2,250,021 | |
Commercial | Commercial & industrial | Watch | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2020 | 1,710 | |
2019 | 2,785 | |
2018 | 2,163 | |
2017 | 592 | |
2016 | 740 | |
Prior | 47 | |
Revolvers | 11,374 | |
Revolvers converted to term loans | 128 | |
Total | 19,539 | |
Commercial | Commercial & industrial | Substandard | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2020 | 7,301 | |
2019 | 1,419 | |
2018 | 1,527 | |
2017 | 2,774 | |
2016 | 2,083 | |
Prior | 1,537 | |
Revolvers | 27,208 | |
Revolvers converted to term loans | 760 | |
Total | 44,609 | |
Commercial | Construction | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2020 | 176,968 | |
2019 | 225,138 | |
2018 | 281,292 | |
2017 | 132,766 | |
2016 | 91,832 | |
Prior | 17,590 | |
Revolvers | 11,349 | |
Revolvers converted to term loans | 8,813 | |
Total | 945,748 | |
Commercial | Construction | Pass | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2020 | 173,064 | |
2019 | 222,025 | |
2018 | 279,580 | |
2017 | 132,311 | |
2016 | 90,840 | |
Prior | 16,941 | |
Revolvers | 11,349 | |
Revolvers converted to term loans | 7,388 | |
Total | 933,498 | |
Commercial | Construction | Watch | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2020 | 538 | |
2019 | 1,054 | |
2018 | 973 | |
2017 | 104 | |
2016 | 15 | |
Prior | 248 | |
Revolvers | 0 | |
Revolvers converted to term loans | 0 | |
Total | 2,932 | |
Commercial | Construction | Substandard | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2020 | 3,366 | |
2019 | 2,059 | |
2018 | 739 | |
2017 | 351 | |
2016 | 977 | |
Prior | 401 | |
Revolvers | 0 | |
Revolvers converted to term loans | 1,425 | |
Total | 9,318 | |
Commercial | Equipment financing | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2020 | 201,136 | |
2019 | 328,830 | |
2018 | 170,526 | |
2017 | 58,583 | |
2016 | 17,610 | |
Prior | 2,064 | |
Revolvers | 0 | |
Revolvers converted to term loans | 0 | |
Total | 778,749 | |
Commercial | Equipment financing | Pass | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2020 | 201,088 | |
2019 | 327,673 | |
2018 | 168,784 | |
2017 | 58,013 | |
2016 | 17,429 | |
Prior | 2,003 | |
Revolvers | 0 | |
Revolvers converted to term loans | 0 | |
Total | 774,990 | |
Commercial | Equipment financing | Substandard | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2020 | 48 | |
2019 | 1,157 | |
2018 | 1,742 | |
2017 | 570 | |
2016 | 181 | |
Prior | 61 | |
Revolvers | 0 | |
Revolvers converted to term loans | 0 | |
Total | 3,759 | |
Residential | Construction | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2020 | 86,914 | |
2019 | 107,763 | |
2018 | 8,340 | |
2017 | 5,457 | |
2016 | 4,897 | |
Prior | 16,787 | |
Revolvers | 0 | |
Revolvers converted to term loans | 73 | |
Total | 230,231 | |
Residential | Construction | Pass | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2020 | 86,914 | |
2019 | 107,671 | |
2018 | 8,236 | |
2017 | 5,427 | |
2016 | 4,761 | |
Prior | 16,430 | |
Revolvers | 0 | |
Revolvers converted to term loans | 73 | |
Total | 229,512 | |
Residential | Construction | Substandard | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2020 | 0 | |
2019 | 92 | |
2018 | 104 | |
2017 | 30 | |
2016 | 136 | |
Prior | 357 | |
Revolvers | 0 | |
Revolvers converted to term loans | 0 | |
Total | 719 | |
Residential | Residential mortgage | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2020 | 218,565 | |
2019 | 230,272 | |
2018 | 166,716 | |
2017 | 146,408 | |
2016 | 125,124 | |
Prior | 256,510 | |
Revolvers | 11 | |
Revolvers converted to term loans | 8,055 | |
Total | 1,151,661 | |
Residential | Residential mortgage | Pass | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2020 | 216,923 | |
2019 | 228,371 | |
2018 | 163,632 | |
2017 | 145,081 | |
2016 | 124,323 | |
Prior | 248,565 | |
Revolvers | 11 | |
Revolvers converted to term loans | 7,647 | |
Total | 1,134,553 | |
Residential | Residential mortgage | Substandard | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2020 | 1,642 | |
2019 | 1,901 | |
2018 | 3,084 | |
2017 | 1,327 | |
2016 | 801 | |
Prior | 7,945 | |
Revolvers | 0 | |
Revolvers converted to term loans | 408 | |
Total | 17,108 | |
Residential | Home equity lines of credit | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2020 | 0 | |
2019 | 0 | |
2018 | 0 | |
2017 | 0 | |
2016 | 0 | |
Prior | 0 | |
Revolvers | 632,093 | |
Revolvers converted to term loans | 21,705 | |
Total | 653,798 | |
Residential | Home equity lines of credit | Pass | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2020 | 0 | |
2019 | 0 | |
2018 | 0 | |
2017 | 0 | |
2016 | 0 | |
Prior | 0 | |
Revolvers | 631,916 | |
Revolvers converted to term loans | 17,504 | |
Total | 649,420 | |
Residential | Home equity lines of credit | Substandard | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2020 | 0 | |
2019 | 0 | |
2018 | 0 | |
2017 | 0 | |
2016 | 0 | |
Prior | 0 | |
Revolvers | 177 | |
Revolvers converted to term loans | 4,201 | |
Total | 4,378 | |
Consumer | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2020 | 30,938 | |
2019 | 38,048 | |
2018 | 21,482 | |
2017 | 8,168 | |
2016 | 5,728 | |
Prior | 3,192 | |
Revolvers | 13,046 | |
Revolvers converted to term loans | 78 | |
Total | 120,680 | |
Consumer | Pass | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2020 | 30,915 | |
2019 | 37,957 | |
2018 | 21,424 | |
2017 | 8,055 | |
2016 | 5,595 | |
Prior | 3,073 | |
Revolvers | 12,957 | |
Revolvers converted to term loans | 78 | |
Total | 120,054 | |
Consumer | Substandard | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2020 | 23 | |
2019 | 91 | |
2018 | 58 | |
2017 | 113 | |
2016 | 133 | |
Prior | 119 | |
Revolvers | 89 | |
Revolvers converted to term loans | 0 | |
Total | $ 626 |
Loans and Leases and Allowan_12
Loans and Leases and Allowance for Credit Losses - Risk category of loans by class of loans (Details) - USD ($) $ in Thousands | Jun. 30, 2020 | Dec. 31, 2019 |
Risk category of loans by class of loans | ||
PCI Loans | $ 58,646 | |
Total loans | $ 10,132,510 | 8,812,553 |
Pass | ||
Risk category of loans by class of loans | ||
Total loans | 9,857,796 | 8,558,459 |
Watch | ||
Risk category of loans by class of loans | ||
Total loans | 114,766 | 93,703 |
Substandard | ||
Risk category of loans by class of loans | ||
Total loans | 159,948 | 160,391 |
Doubtful / Loss | ||
Risk category of loans by class of loans | ||
Total loans | 0 | |
Commercial | Owner occupied commercial real estate | ||
Risk category of loans by class of loans | ||
Total loans | 1,759,617 | |
Commercial | Owner occupied commercial real estate | Pass | ||
Risk category of loans by class of loans | ||
Total loans | 1,676,238 | |
Commercial | Owner occupied commercial real estate | Watch | ||
Risk category of loans by class of loans | ||
Total loans | 32,747 | |
Commercial | Owner occupied commercial real estate | Substandard | ||
Risk category of loans by class of loans | ||
Total loans | 50,632 | |
Commercial | Income producing commercial real estate | ||
Risk category of loans by class of loans | ||
Total loans | 2,177,857 | |
Commercial | Income producing commercial real estate | Pass | ||
Risk category of loans by class of loans | ||
Total loans | 2,089,510 | |
Commercial | Income producing commercial real estate | Watch | ||
Risk category of loans by class of loans | ||
Total loans | 59,548 | |
Commercial | Income producing commercial real estate | Substandard | ||
Risk category of loans by class of loans | ||
Total loans | 28,799 | |
Commercial | Commercial & industrial | ||
Risk category of loans by class of loans | ||
Total loans | 2,314,169 | |
Commercial | Commercial & industrial | Pass | ||
Risk category of loans by class of loans | ||
Total loans | 2,250,021 | |
Commercial | Commercial & industrial | Watch | ||
Risk category of loans by class of loans | ||
Total loans | 19,539 | |
Commercial | Commercial & industrial | Substandard | ||
Risk category of loans by class of loans | ||
Total loans | 44,609 | |
Commercial | Construction | ||
Risk category of loans by class of loans | ||
Total loans | 945,748 | |
Commercial | Construction | Pass | ||
Risk category of loans by class of loans | ||
Total loans | 933,498 | |
Commercial | Construction | Watch | ||
Risk category of loans by class of loans | ||
Total loans | 2,932 | |
Commercial | Construction | Substandard | ||
Risk category of loans by class of loans | ||
Total loans | 9,318 | |
Commercial | Equipment financing | ||
Risk category of loans by class of loans | ||
Total loans | 778,749 | |
Commercial | Equipment financing | Pass | ||
Risk category of loans by class of loans | ||
Total loans | 774,990 | |
Commercial | Equipment financing | Substandard | ||
Risk category of loans by class of loans | ||
Total loans | 3,759 | |
Residential | Construction | ||
Risk category of loans by class of loans | ||
Total loans | 230,231 | |
Residential | Construction | Pass | ||
Risk category of loans by class of loans | ||
Total loans | 229,512 | |
Residential | Construction | Substandard | ||
Risk category of loans by class of loans | ||
Total loans | 719 | |
Residential | Residential mortgage | ||
Risk category of loans by class of loans | ||
Total loans | 1,151,661 | |
Residential | Residential mortgage | Pass | ||
Risk category of loans by class of loans | ||
Total loans | 1,134,553 | |
Residential | Residential mortgage | Substandard | ||
Risk category of loans by class of loans | ||
Total loans | 17,108 | |
Residential | Home equity lines of credit | ||
Risk category of loans by class of loans | ||
Total loans | 653,798 | |
Residential | Home equity lines of credit | Pass | ||
Risk category of loans by class of loans | ||
Total loans | 649,420 | |
Residential | Home equity lines of credit | Substandard | ||
Risk category of loans by class of loans | ||
Total loans | 4,378 | |
Consumer | ||
Risk category of loans by class of loans | ||
Total loans | 120,680 | |
Consumer | Pass | ||
Risk category of loans by class of loans | ||
Total loans | 120,054 | |
Consumer | Substandard | ||
Risk category of loans by class of loans | ||
Total loans | 626 | |
Loans receivable | ||
Risk category of loans by class of loans | ||
Total loans, excluding PCI loans | 8,753,907 | |
PCI Loans | 58,646 | |
Total loans | 10,132,510 | 8,812,553 |
Loans receivable | Pass | ||
Risk category of loans by class of loans | ||
Total loans, excluding PCI loans | 8,517,776 | |
PCI Loans | 40,683 | |
Loans receivable | Watch | ||
Risk category of loans by class of loans | ||
Total loans, excluding PCI loans | 83,930 | |
PCI Loans | 9,773 | |
Loans receivable | Substandard | ||
Risk category of loans by class of loans | ||
Total loans, excluding PCI loans | 152,201 | |
PCI Loans | 8,190 | |
Loans receivable | Doubtful / Loss | ||
Risk category of loans by class of loans | ||
Total loans, excluding PCI loans | 0 | |
PCI Loans | 0 | |
Loans receivable | Commercial | ||
Risk category of loans by class of loans | ||
Total loans, excluding PCI loans | 6,622,646 | |
PCI Loans | 46,947 | |
Total loans | 7,976,140 | 6,669,593 |
Loans receivable | Commercial | Pass | ||
Risk category of loans by class of loans | ||
Total loans, excluding PCI loans | 6,406,957 | |
PCI Loans | 30,570 | |
Loans receivable | Commercial | Watch | ||
Risk category of loans by class of loans | ||
Total loans, excluding PCI loans | 83,922 | |
PCI Loans | 9,773 | |
Loans receivable | Commercial | Substandard | ||
Risk category of loans by class of loans | ||
Total loans, excluding PCI loans | 131,767 | |
PCI Loans | 6,604 | |
Loans receivable | Commercial | Doubtful / Loss | ||
Risk category of loans by class of loans | ||
Total loans, excluding PCI loans | 0 | |
PCI Loans | 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 | |
PCI Loans | 8,546 | |
Total loans | 1,759,617 | 1,720,227 |
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 | |
PCI Loans | 3,238 | |
Loans receivable | Commercial | Owner occupied commercial real estate | Watch | ||
Risk category of loans by class of loans | ||
Total loans, excluding PCI loans | 24,563 | |
PCI Loans | 2,797 | |
Loans receivable | Commercial | Owner occupied commercial real estate | Substandard | ||
Risk category of loans by class of loans | ||
Total loans, excluding PCI loans | 48,720 | |
PCI Loans | 2,511 | |
Loans receivable | Commercial | Owner occupied commercial real estate | Doubtful / Loss | ||
Risk category of loans by class of loans | ||
Total loans, excluding PCI loans | 0 | |
PCI Loans | 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 | |
PCI Loans | 27,228 | |
Total loans | 2,177,857 | 2,007,950 |
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 | |
PCI Loans | 19,648 | |
Loans receivable | Commercial | Income producing commercial real estate | Watch | ||
Risk category of loans by class of loans | ||
Total loans, excluding PCI loans | 40,676 | |
PCI Loans | 6,305 | |
Loans receivable | Commercial | Income producing commercial real estate | Substandard | ||
Risk category of loans by class of loans | ||
Total loans, excluding PCI loans | 25,522 | |
PCI Loans | 1,275 | |
Loans receivable | Commercial | Income producing commercial real estate | Doubtful / Loss | ||
Risk category of loans by class of loans | ||
Total loans, excluding PCI loans | 0 | |
PCI Loans | 0 | |
Loans receivable | Commercial | Commercial & industrial | ||
Risk category of loans by class of loans | ||
Total loans, excluding PCI loans | 1,220,331 | |
PCI Loans | 326 | |
Total loans | 2,314,169 | 1,220,657 |
Loans receivable | Commercial | Commercial & industrial | Pass | ||
Risk category of loans by class of loans | ||
Total loans, excluding PCI loans | 1,156,366 | |
PCI Loans | 104 | |
Loans receivable | Commercial | Commercial & industrial | Watch | ||
Risk category of loans by class of loans | ||
Total loans, excluding PCI loans | 16,385 | |
PCI Loans | 81 | |
Loans receivable | Commercial | Commercial & industrial | Substandard | ||
Risk category of loans by class of loans | ||
Total loans, excluding PCI loans | 47,580 | |
PCI Loans | 141 | |
Loans receivable | Commercial | Commercial & industrial | Doubtful / Loss | ||
Risk category of loans by class of loans | ||
Total loans, excluding PCI loans | 0 | |
PCI Loans | 0 | |
Loans receivable | Commercial | Construction | ||
Risk category of loans by class of loans | ||
Total loans, excluding PCI loans | 969,353 | |
PCI Loans | 6,862 | |
Total loans | 945,748 | 976,215 |
Loans receivable | Commercial | Construction | Pass | ||
Risk category of loans by class of loans | ||
Total loans, excluding PCI loans | 960,251 | |
PCI Loans | 3,628 | |
Loans receivable | Commercial | Construction | Watch | ||
Risk category of loans by class of loans | ||
Total loans, excluding PCI loans | 2,298 | |
PCI Loans | 590 | |
Loans receivable | Commercial | Construction | Substandard | ||
Risk category of loans by class of loans | ||
Total loans, excluding PCI loans | 6,804 | |
PCI Loans | 2,644 | |
Loans receivable | Commercial | Construction | Doubtful / Loss | ||
Risk category of loans by class of loans | ||
Total loans, excluding PCI loans | 0 | |
PCI Loans | 0 | |
Loans receivable | Commercial | Equipment financing | ||
Risk category of loans by class of loans | ||
Total loans, excluding PCI loans | 740,559 | |
PCI Loans | 3,985 | |
Total loans | 778,749 | 744,544 |
Loans receivable | Commercial | Equipment financing | Pass | ||
Risk category of loans by class of loans | ||
Total loans, excluding PCI loans | 737,418 | |
PCI Loans | 3,952 | |
Loans receivable | Commercial | Equipment financing | Watch | ||
Risk category of loans by class of loans | ||
Total loans, excluding PCI loans | 0 | |
PCI Loans | 0 | |
Loans receivable | Commercial | Equipment financing | Substandard | ||
Risk category of loans by class of loans | ||
Total loans, excluding PCI loans | 3,141 | |
PCI Loans | 33 | |
Loans receivable | Commercial | Equipment financing | Doubtful / Loss | ||
Risk category of loans by class of loans | ||
Total loans, excluding PCI loans | 0 | |
PCI Loans | 0 | |
Loans receivable | Residential | Construction | ||
Risk category of loans by class of loans | ||
Total loans, excluding PCI loans | 236,063 | |
PCI Loans | 374 | |
Total loans | 230,231 | 236,437 |
Loans receivable | Residential | Construction | Pass | ||
Risk category of loans by class of loans | ||
Total loans, excluding PCI loans | 234,791 | |
PCI Loans | 348 | |
Loans receivable | Residential | Construction | Watch | ||
Risk category of loans by class of loans | ||
Total loans, excluding PCI loans | 0 | |
PCI Loans | 0 | |
Loans receivable | Residential | Construction | Substandard | ||
Risk category of loans by class of loans | ||
Total loans, excluding PCI loans | 1,272 | |
PCI Loans | 26 | |
Loans receivable | Residential | Construction | Doubtful / Loss | ||
Risk category of loans by class of loans | ||
Total loans, excluding PCI loans | 0 | |
PCI Loans | 0 | |
Loans receivable | Residential | Residential mortgage | ||
Risk category of loans by class of loans | ||
Total loans, excluding PCI loans | 1,108,037 | |
PCI Loans | 9,579 | |
Total loans | 1,151,661 | 1,117,616 |
Loans receivable | Residential | Residential mortgage | Pass | ||
Risk category of loans by class of loans | ||
Total loans, excluding PCI loans | 1,093,902 | |
PCI Loans | 8,112 | |
Loans receivable | Residential | Residential mortgage | Watch | ||
Risk category of loans by class of loans | ||
Total loans, excluding PCI loans | 0 | |
PCI Loans | 0 | |
Loans receivable | Residential | Residential mortgage | Substandard | ||
Risk category of loans by class of loans | ||
Total loans, excluding PCI loans | 14,135 | |
PCI Loans | 1,467 | |
Loans receivable | Residential | Residential mortgage | Doubtful / Loss | ||
Risk category of loans by class of loans | ||
Total loans, excluding PCI loans | 0 | |
PCI Loans | 0 | |
Loans receivable | Residential | Home equity lines of credit | ||
Risk category of loans by class of loans | ||
Total loans, excluding PCI loans | 659,265 | |
PCI Loans | 1,410 | |
Total loans | 653,798 | 660,675 |
Loans receivable | Residential | Home equity lines of credit | Pass | ||
Risk category of loans by class of loans | ||
Total loans, excluding PCI loans | 654,619 | |
PCI Loans | 1,350 | |
Loans receivable | Residential | Home equity lines of credit | Watch | ||
Risk category of loans by class of loans | ||
Total loans, excluding PCI loans | 0 | |
PCI Loans | 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 | |
PCI Loans | 60 | |
Loans receivable | Residential | Home equity lines of credit | Doubtful / Loss | ||
Risk category of loans by class of loans | ||
Total loans, excluding PCI loans | 0 | |
PCI Loans | 0 | |
Loans receivable | Consumer | ||
Risk category of loans by class of loans | ||
Total loans, excluding PCI loans | 127,896 | |
PCI Loans | 336 | |
Total loans | $ 120,680 | 128,232 |
Loans receivable | Consumer | Pass | ||
Risk category of loans by class of loans | ||
Total loans, excluding PCI loans | 127,507 | |
PCI Loans | 303 | |
Loans receivable | Consumer | Watch | ||
Risk category of loans by class of loans | ||
Total loans, excluding PCI loans | 8 | |
PCI Loans | 0 | |
Loans receivable | Consumer | Substandard | ||
Risk category of loans by class of loans | ||
Total loans, excluding PCI loans | 381 | |
PCI Loans | 33 | |
Loans receivable | Consumer | Doubtful / Loss | ||
Risk category of loans by class of loans | ||
Total loans, excluding PCI loans | 0 | |
PCI Loans | $ 0 |
Loans and Leases and Allowan_13
Loans and Leases and Allowance for Credit Losses - Loans modified under terms of TDR (Details) - Loans receivable $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020USD ($)contract | Jun. 30, 2019USD ($)contract | Jun. 30, 2020USD ($)contract | Jun. 30, 2019USD ($)contract | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Number of Contracts | contract | 140 | 17 | 158 | 27 |
Pre-modification Outstanding Amortized Cost | $ 5,228 | $ 1,637 | $ 7,218 | $ 2,224 |
Post-Modification Outstanding Amortized Cost by Type of Modification | $ 4,938 | $ 1,636 | $ 6,883 | $ 2,213 |
Modified Within the Previous Twelve Months that Have Subsequently Defaulted, Number of Contracts | contract | 8 | 2 | 10 | 2 |
Modified Within the Previous Twelve Months that Have Subsequently Defaulted, Amortized Cost | $ 6,935 | $ 148 | $ 6,944 | $ 148 |
Rate Reduction | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Post-Modification Outstanding Amortized Cost by Type of Modification | 0 | 0 | 0 | 0 |
Structure | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Post-Modification Outstanding Amortized Cost by Type of Modification | 4,370 | 1,511 | 5,149 | 2,024 |
Other | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Post-Modification Outstanding Amortized Cost by Type of Modification | $ 568 | $ 125 | $ 1,734 | $ 189 |
Indirect auto | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Number of Contracts | contract | 5 | 11 | ||
Pre-modification Outstanding Amortized Cost | $ 104 | $ 170 | ||
Post-Modification Outstanding Amortized Cost by Type of Modification | $ 104 | $ 161 | ||
Modified Within the Previous Twelve Months that Have Subsequently Defaulted, Number of Contracts | contract | 0 | 0 | ||
Modified Within the Previous Twelve Months that Have Subsequently Defaulted, Amortized Cost | $ 0 | $ 0 | ||
Indirect auto | Rate Reduction | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Post-Modification Outstanding Amortized Cost by Type of Modification | 0 | 0 | ||
Indirect auto | Structure | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Post-Modification Outstanding Amortized Cost by Type of Modification | 0 | 0 | ||
Indirect auto | Other | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Post-Modification Outstanding Amortized Cost by Type of Modification | $ 104 | $ 161 | ||
Commercial | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Number of Contracts | contract | 133 | 3 | 144 | 5 |
Pre-modification Outstanding Amortized Cost | $ 4,577 | $ 630 | $ 6,254 | $ 806 |
Post-Modification Outstanding Amortized Cost by Type of Modification | $ 4,287 | $ 630 | $ 5,943 | $ 806 |
Modified Within the Previous Twelve Months that Have Subsequently Defaulted, Number of Contracts | contract | 8 | 0 | 9 | 0 |
Modified Within the Previous Twelve Months that Have Subsequently Defaulted, Amortized Cost | $ 6,935 | $ 0 | $ 6,941 | $ 0 |
Commercial | Rate Reduction | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Post-Modification Outstanding Amortized Cost by Type of Modification | 0 | 0 | 0 | 0 |
Commercial | Structure | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Post-Modification Outstanding Amortized Cost by Type of Modification | 3,726 | 630 | 4,227 | 799 |
Commercial | Other | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Post-Modification Outstanding Amortized Cost by Type of Modification | $ 561 | $ 0 | $ 1,716 | $ 7 |
Commercial | Owner occupied commercial real estate | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Number of Contracts | contract | 2 | 2 | 3 | 2 |
Pre-modification Outstanding Amortized Cost | $ 836 | $ 610 | $ 1,844 | $ 610 |
Post-Modification Outstanding Amortized Cost by Type of Modification | $ 546 | $ 610 | $ 1,536 | $ 610 |
Modified Within the Previous Twelve Months that Have Subsequently Defaulted, Number of Contracts | contract | 0 | 0 | 0 | 0 |
Modified Within the Previous Twelve Months that Have Subsequently Defaulted, Amortized Cost | $ 0 | $ 0 | $ 0 | $ 0 |
Commercial | Owner occupied commercial real estate | Rate Reduction | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Post-Modification Outstanding Amortized Cost by Type of Modification | 0 | 0 | 0 | 0 |
Commercial | Owner occupied commercial real estate | Structure | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Post-Modification Outstanding Amortized Cost by Type of Modification | 0 | 610 | 0 | 610 |
Commercial | Owner occupied commercial real estate | Other | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Post-Modification Outstanding Amortized Cost by Type of Modification | $ 546 | $ 0 | $ 1,536 | $ 0 |
Commercial | Income producing commercial real estate | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Number of Contracts | contract | 0 | 0 | 3 | 1 |
Pre-modification Outstanding Amortized Cost | $ 0 | $ 0 | $ 235 | $ 169 |
Post-Modification Outstanding Amortized Cost by Type of Modification | $ 0 | $ 0 | $ 232 | $ 169 |
Modified Within the Previous Twelve Months that Have Subsequently Defaulted, Number of Contracts | contract | 1 | 0 | 1 | 0 |
Modified Within the Previous Twelve Months that Have Subsequently Defaulted, Amortized Cost | $ 5,998 | $ 0 | $ 5,998 | $ 0 |
Commercial | Income producing commercial real estate | Rate Reduction | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Post-Modification Outstanding Amortized Cost by Type of Modification | 0 | 0 | 0 | 0 |
Commercial | Income producing commercial real estate | Structure | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Post-Modification Outstanding Amortized Cost by Type of Modification | 0 | 0 | 67 | 169 |
Commercial | Income producing commercial real estate | Other | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Post-Modification Outstanding Amortized Cost by Type of Modification | $ 0 | $ 0 | $ 165 | $ 0 |
Commercial | Commercial & industrial | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Number of Contracts | contract | 1 | 0 | 1 | 1 |
Pre-modification Outstanding Amortized Cost | $ 15 | $ 0 | $ 15 | $ 7 |
Post-Modification Outstanding Amortized Cost by Type of Modification | $ 15 | $ 0 | $ 15 | $ 7 |
Modified Within the Previous Twelve Months that Have Subsequently Defaulted, Number of Contracts | contract | 1 | 0 | 2 | 0 |
Modified Within the Previous Twelve Months that Have Subsequently Defaulted, Amortized Cost | $ 627 | $ 0 | $ 633 | $ 0 |
Commercial | Commercial & industrial | Rate Reduction | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Post-Modification Outstanding Amortized Cost by Type of Modification | 0 | 0 | 0 | 0 |
Commercial | Commercial & industrial | Structure | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Post-Modification Outstanding Amortized Cost by Type of Modification | 0 | 0 | 0 | 0 |
Commercial | Commercial & industrial | Other | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Post-Modification Outstanding Amortized Cost by Type of Modification | $ 15 | $ 0 | $ 15 | $ 7 |
Commercial | Construction | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Number of Contracts | contract | 1 | 0 | 1 | 0 |
Pre-modification Outstanding Amortized Cost | $ 255 | $ 0 | $ 255 | $ 0 |
Post-Modification Outstanding Amortized Cost by Type of Modification | $ 255 | $ 0 | $ 255 | $ 0 |
Modified Within the Previous Twelve Months that Have Subsequently Defaulted, Number of Contracts | contract | 0 | 0 | 0 | 0 |
Modified Within the Previous Twelve Months that Have Subsequently Defaulted, Amortized Cost | $ 0 | $ 0 | $ 0 | $ 0 |
Commercial | Construction | Rate Reduction | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Post-Modification Outstanding Amortized Cost by Type of Modification | 0 | 0 | 0 | 0 |
Commercial | Construction | Structure | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Post-Modification Outstanding Amortized Cost by Type of Modification | 255 | 0 | 255 | 0 |
Commercial | Construction | Other | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Post-Modification Outstanding Amortized Cost by Type of Modification | $ 0 | $ 0 | $ 0 | $ 0 |
Commercial | Equipment financing | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Number of Contracts | contract | 129 | 1 | 136 | 1 |
Pre-modification Outstanding Amortized Cost | $ 3,471 | $ 20 | $ 3,905 | $ 20 |
Post-Modification Outstanding Amortized Cost by Type of Modification | $ 3,471 | $ 20 | $ 3,905 | $ 20 |
Modified Within the Previous Twelve Months that Have Subsequently Defaulted, Number of Contracts | contract | 6 | 0 | 6 | 0 |
Modified Within the Previous Twelve Months that Have Subsequently Defaulted, Amortized Cost | $ 310 | $ 0 | $ 310 | $ 0 |
Commercial | Equipment financing | Rate Reduction | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Post-Modification Outstanding Amortized Cost by Type of Modification | 0 | 0 | 0 | 0 |
Commercial | Equipment financing | Structure | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Post-Modification Outstanding Amortized Cost by Type of Modification | 3,471 | 20 | 3,905 | 20 |
Commercial | Equipment financing | Other | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Post-Modification Outstanding Amortized Cost by Type of Modification | $ 0 | $ 0 | $ 0 | $ 0 |
Residential | Construction | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Number of Contracts | contract | 0 | 1 | 0 | 1 |
Pre-modification Outstanding Amortized Cost | $ 0 | $ 22 | $ 0 | $ 22 |
Post-Modification Outstanding Amortized Cost by Type of Modification | $ 0 | $ 21 | $ 0 | $ 21 |
Modified Within the Previous Twelve Months that Have Subsequently Defaulted, Number of Contracts | contract | 0 | 1 | 0 | 1 |
Modified Within the Previous Twelve Months that Have Subsequently Defaulted, Amortized Cost | $ 0 | $ 13 | $ 0 | $ 13 |
Residential | Construction | Rate Reduction | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Post-Modification Outstanding Amortized Cost by Type of Modification | 0 | 0 | 0 | 0 |
Residential | Construction | Structure | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Post-Modification Outstanding Amortized Cost by Type of Modification | 0 | 0 | 0 | 0 |
Residential | Construction | Other | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Post-Modification Outstanding Amortized Cost by Type of Modification | $ 0 | $ 21 | $ 0 | $ 21 |
Residential | Residential mortgage | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Number of Contracts | contract | 6 | 7 | 11 | 9 |
Pre-modification Outstanding Amortized Cost | $ 644 | $ 831 | $ 946 | $ 1,176 |
Post-Modification Outstanding Amortized Cost by Type of Modification | $ 644 | $ 831 | $ 922 | $ 1,175 |
Modified Within the Previous Twelve Months that Have Subsequently Defaulted, Number of Contracts | contract | 0 | 1 | 0 | 1 |
Modified Within the Previous Twelve Months that Have Subsequently Defaulted, Amortized Cost | $ 0 | $ 135 | $ 0 | $ 135 |
Residential | Residential mortgage | Rate Reduction | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Post-Modification Outstanding Amortized Cost by Type of Modification | 0 | 0 | 0 | 0 |
Residential | Residential mortgage | Structure | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Post-Modification Outstanding Amortized Cost by Type of Modification | 644 | 831 | 922 | 1,175 |
Residential | Residential mortgage | Other | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Post-Modification Outstanding Amortized Cost by Type of Modification | $ 0 | $ 0 | $ 0 | $ 0 |
Residential | Home equity lines of credit | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Number of Contracts | contract | 0 | 1 | 0 | 1 |
Pre-modification Outstanding Amortized Cost | $ 0 | $ 50 | $ 0 | $ 50 |
Post-Modification Outstanding Amortized Cost by Type of Modification | $ 0 | $ 50 | $ 0 | $ 50 |
Modified Within the Previous Twelve Months that Have Subsequently Defaulted, Number of Contracts | contract | 0 | 0 | 0 | 0 |
Modified Within the Previous Twelve Months that Have Subsequently Defaulted, Amortized Cost | $ 0 | $ 0 | $ 0 | $ 0 |
Residential | Home equity lines of credit | Rate Reduction | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Post-Modification Outstanding Amortized Cost by Type of Modification | 0 | 0 | 0 | 0 |
Residential | Home equity lines of credit | Structure | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Post-Modification Outstanding Amortized Cost by Type of Modification | 0 | 50 | 0 | 50 |
Residential | Home equity lines of credit | Other | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Post-Modification Outstanding Amortized Cost by Type of Modification | $ 0 | $ 0 | $ 0 | $ 0 |
Consumer | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Number of Contracts | contract | 1 | 0 | 3 | 0 |
Pre-modification Outstanding Amortized Cost | $ 7 | $ 0 | $ 18 | $ 0 |
Post-Modification Outstanding Amortized Cost by Type of Modification | $ 7 | $ 0 | $ 18 | $ 0 |
Modified Within the Previous Twelve Months that Have Subsequently Defaulted, Number of Contracts | contract | 0 | 0 | 1 | 0 |
Modified Within the Previous Twelve Months that Have Subsequently Defaulted, Amortized Cost | $ 0 | $ 0 | $ 3 | $ 0 |
Consumer | Rate Reduction | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Post-Modification Outstanding Amortized Cost by Type of Modification | 0 | 0 | 0 | 0 |
Consumer | Structure | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Post-Modification Outstanding Amortized Cost by Type of Modification | 0 | 0 | 0 | |
Consumer | Other | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Post-Modification Outstanding Amortized Cost by Type of Modification | $ 7 | $ 0 | $ 18 | $ 0 |
Loans and Leases and Allowan_14
Loans and Leases and Allowance for Credit Losses - Short-term deferrals related to COVID-19 crisis that are not new TDRs (Details) - Loans Receivable $ in Thousands | Jun. 30, 2020USD ($) |
Financing Receivable, Troubled Debt Restructuring [Line Items] | |
COVID-19 Deferrals | $ 1,756,480 |
Deferrals as a % of total loans (percent) | 17.00% |
Commercial | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | |
COVID-19 Deferrals | $ 1,607,494 |
Deferrals as a % of total loans (percent) | 20.00% |
Commercial | Owner occupied commercial real estate | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | |
COVID-19 Deferrals | $ 378,959 |
Deferrals as a % of total loans (percent) | 22.00% |
Commercial | Income producing commercial real estate | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | |
COVID-19 Deferrals | $ 715,650 |
Deferrals as a % of total loans (percent) | 33.00% |
Commercial | Commercial & industrial | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | |
COVID-19 Deferrals | $ 106,020 |
Deferrals as a % of total loans (percent) | 5.00% |
Commercial | Construction | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | |
COVID-19 Deferrals | $ 175,463 |
Deferrals as a % of total loans (percent) | 19.00% |
Commercial | Equipment financing | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | |
COVID-19 Deferrals | $ 231,402 |
Deferrals as a % of total loans (percent) | 30.00% |
Residential | Construction | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | |
COVID-19 Deferrals | $ 4,995 |
Deferrals as a % of total loans (percent) | 2.00% |
Residential | Residential mortgage | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | |
COVID-19 Deferrals | $ 122,474 |
Deferrals as a % of total loans (percent) | 11.00% |
Residential | Home equity lines of credit | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | |
COVID-19 Deferrals | $ 18,594 |
Deferrals as a % of total loans (percent) | 3.00% |
Consumer | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | |
COVID-19 Deferrals | $ 2,923 |
Deferrals as a % of total loans (percent) | 2.00% |
Loans and Leases and Allowan_15
Loans and Leases and Allowance for Credit Losses - Balance and activity in the ACL by portfolio segment and recorded investment in loans by portfolio segment (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Allowance for Credit Loss | ||||
Allowance for credit losses - loans, Beginning Balance | $ 62,089 | $ 61,203 | ||
Allowance for credit losses - loans, Charge-Offs | (18,864) | (8,187) | ||
Allowance for credit losses - loans, Recoveries | 4,601 | 2,619 | ||
Allowance for credit losses - loans, (Release) Provision | 48,963 | 6,569 | ||
Allowance for credit losses - loans, Ending Balance | $ 103,669 | $ 62,204 | 103,669 | 62,204 |
Allowance for unfunded commitments, Beginning Balance | 6,470 | 3,141 | 3,458 | 3,410 |
Allowance for unfunded commitments, (Release) Provision | 5,630 | 250 | 6,771 | (19) |
Allowance for unfunded commitments, Ending Balance | 12,100 | 3,391 | 12,100 | 3,391 |
Total allowance for credit losses, Beginning Balance | 88,375 | 64,783 | 65,547 | 64,613 |
Total allowance for credit losses, Charge-Offs | (8,059) | (3,827) | (18,864) | (8,187) |
Total allowance for credit losses, Recoveries | 1,910 | 1,389 | 4,601 | 2,619 |
Total allowance for credit losses, (Release) Provision | 33,543 | 3,250 | 55,734 | 6,550 |
Total allowance for credit losses, Ending Balance | 115,769 | 65,595 | 115,769 | 65,595 |
Adoption of CECL | ||||
Allowance for Credit Loss | ||||
Allowance for credit losses - loans, Beginning Balance | 6,880 | |||
Allowance for unfunded commitments, Beginning Balance | 1,871 | |||
Total allowance for credit losses, Beginning Balance | 8,751 | |||
Adjusted Balance | ||||
Allowance for Credit Loss | ||||
Allowance for credit losses - loans, Beginning Balance | 68,969 | |||
Allowance for unfunded commitments, Beginning Balance | 5,329 | |||
Total allowance for credit losses, Beginning Balance | 74,298 | |||
Loans receivable | ||||
Allowance for Credit Loss | ||||
Allowance for credit losses - loans, Beginning Balance | 81,905 | 61,642 | ||
Allowance for credit losses - loans, Charge-Offs | (8,059) | (3,827) | ||
Allowance for credit losses - loans, Recoveries | 1,910 | 1,389 | ||
Allowance for credit losses - loans, (Release) Provision | 27,913 | 3,000 | ||
Allowance for credit losses - loans, Ending Balance | 103,669 | 62,204 | 103,669 | 62,204 |
Loans receivable | Indirect auto | ||||
Allowance for Credit Loss | ||||
Allowance for credit losses - loans, Beginning Balance | 0 | 872 | 0 | 999 |
Allowance for credit losses - loans, Charge-Offs | 0 | (180) | 0 | (377) |
Allowance for credit losses - loans, Recoveries | 0 | 46 | 0 | 84 |
Allowance for credit losses - loans, (Release) Provision | 0 | 36 | 0 | 68 |
Allowance for credit losses - loans, Ending Balance | 0 | 774 | 0 | 774 |
Loans receivable | Indirect auto | Adoption of CECL | ||||
Allowance for Credit Loss | ||||
Allowance for credit losses - loans, Beginning Balance | 0 | |||
Loans receivable | Indirect auto | Adjusted Balance | ||||
Allowance for Credit Loss | ||||
Allowance for credit losses - loans, Beginning Balance | 0 | |||
Loans receivable | Commercial | Owner occupied commercial real estate | ||||
Allowance for Credit Loss | ||||
Allowance for credit losses - loans, Beginning Balance | 11,000 | 11,874 | 11,404 | 12,207 |
Allowance for credit losses - loans, Charge-Offs | 0 | 0 | (6) | (5) |
Allowance for credit losses - loans, Recoveries | 466 | 58 | 1,500 | 127 |
Allowance for credit losses - loans, (Release) Provision | 3,126 | (387) | 3,310 | (784) |
Allowance for credit losses - loans, Ending Balance | 14,592 | 11,545 | 14,592 | 11,545 |
Loans receivable | Commercial | Owner occupied commercial real estate | Adoption of CECL | ||||
Allowance for Credit Loss | ||||
Allowance for credit losses - loans, Beginning Balance | (1,616) | |||
Loans receivable | Commercial | Owner occupied commercial real estate | Adjusted Balance | ||||
Allowance for Credit Loss | ||||
Allowance for credit losses - loans, Beginning Balance | 9,788 | |||
Loans receivable | Commercial | Income producing commercial real estate | ||||
Allowance for Credit Loss | ||||
Allowance for credit losses - loans, Beginning Balance | 16,584 | 11,126 | 12,306 | 11,073 |
Allowance for credit losses - loans, Charge-Offs | (4,589) | (308) | (5,000) | (505) |
Allowance for credit losses - loans, Recoveries | 41 | 66 | 182 | 86 |
Allowance for credit losses - loans, (Release) Provision | 9,663 | 136 | 14,241 | 366 |
Allowance for credit losses - loans, Ending Balance | 21,699 | 11,020 | 21,699 | 11,020 |
Loans receivable | Commercial | Income producing commercial real estate | Adoption of CECL | ||||
Allowance for Credit Loss | ||||
Allowance for credit losses - loans, Beginning Balance | (30) | |||
Loans receivable | Commercial | Income producing commercial real estate | Adjusted Balance | ||||
Allowance for Credit Loss | ||||
Allowance for credit losses - loans, Beginning Balance | 12,276 | |||
Loans receivable | Commercial | Commercial & industrial | ||||
Allowance for Credit Loss | ||||
Allowance for credit losses - loans, Beginning Balance | 10,831 | 4,895 | 5,266 | 4,802 |
Allowance for credit losses - loans, Charge-Offs | (254) | (1,416) | (7,815) | (2,935) |
Allowance for credit losses - loans, Recoveries | 291 | 275 | 667 | 438 |
Allowance for credit losses - loans, (Release) Provision | (2,279) | 1,554 | 6,459 | 3,003 |
Allowance for credit losses - loans, Ending Balance | 8,589 | 5,308 | 8,589 | 5,308 |
Loans receivable | Commercial | Commercial & industrial | Adoption of CECL | ||||
Allowance for Credit Loss | ||||
Allowance for credit losses - loans, Beginning Balance | 4,012 | |||
Loans receivable | Commercial | Commercial & industrial | Adjusted Balance | ||||
Allowance for Credit Loss | ||||
Allowance for credit losses - loans, Beginning Balance | 9,278 | |||
Loans receivable | Commercial | Construction | ||||
Allowance for Credit Loss | ||||
Allowance for credit losses - loans, Beginning Balance | 9,556 | 10,275 | 9,668 | 10,337 |
Allowance for credit losses - loans, Charge-Offs | (239) | (1) | (239) | (70) |
Allowance for credit losses - loans, Recoveries | 117 | 163 | 258 | 557 |
Allowance for credit losses - loans, (Release) Provision | 5,080 | (119) | 7,410 | (506) |
Allowance for credit losses - loans, Ending Balance | 14,514 | 10,318 | 14,514 | 10,318 |
Loans receivable | Commercial | Construction | Adoption of CECL | ||||
Allowance for Credit Loss | ||||
Allowance for credit losses - loans, Beginning Balance | (2,583) | |||
Loans receivable | Commercial | Construction | Adjusted Balance | ||||
Allowance for Credit Loss | ||||
Allowance for credit losses - loans, Beginning Balance | 7,085 | |||
Loans receivable | Commercial | Equipment financing | ||||
Allowance for Credit Loss | ||||
Allowance for credit losses - loans, Beginning Balance | 14,738 | 6,231 | 7,384 | 5,452 |
Allowance for credit losses - loans, Charge-Offs | (2,085) | (1,010) | (3,948) | (2,434) |
Allowance for credit losses - loans, Recoveries | 420 | 121 | 776 | 264 |
Allowance for credit losses - loans, (Release) Provision | 7,232 | 1,593 | 10,222 | 3,653 |
Allowance for credit losses - loans, Ending Balance | 20,305 | 6,935 | 20,305 | 6,935 |
Loans receivable | Commercial | Equipment financing | Adoption of CECL | ||||
Allowance for Credit Loss | ||||
Allowance for credit losses - loans, Beginning Balance | 5,871 | |||
Loans receivable | Commercial | Equipment financing | Adjusted Balance | ||||
Allowance for Credit Loss | ||||
Allowance for credit losses - loans, Beginning Balance | 13,255 | |||
Loans receivable | Residential | Construction | ||||
Allowance for Credit Loss | ||||
Allowance for credit losses - loans, Beginning Balance | 816 | 2,390 | 2,504 | 2,433 |
Allowance for credit losses - loans, Charge-Offs | (32) | (246) | (54) | (250) |
Allowance for credit losses - loans, Recoveries | 37 | 47 | 71 | 73 |
Allowance for credit losses - loans, (Release) Provision | 1,176 | 174 | 1,247 | 109 |
Allowance for credit losses - loans, Ending Balance | 1,997 | 2,365 | 1,997 | 2,365 |
Loans receivable | Residential | Construction | Adoption of CECL | ||||
Allowance for Credit Loss | ||||
Allowance for credit losses - loans, Beginning Balance | (1,771) | |||
Loans receivable | Residential | Construction | Adjusted Balance | ||||
Allowance for Credit Loss | ||||
Allowance for credit losses - loans, Beginning Balance | 733 | |||
Loans receivable | Residential | Residential mortgage | ||||
Allowance for Credit Loss | ||||
Allowance for credit losses - loans, Beginning Balance | 11,063 | 8,345 | 8,081 | 8,295 |
Allowance for credit losses - loans, Charge-Offs | (50) | (108) | (334) | (169) |
Allowance for credit losses - loans, Recoveries | 56 | 234 | 331 | 282 |
Allowance for credit losses - loans, (Release) Provision | 1,757 | (181) | 3,179 | (118) |
Allowance for credit losses - loans, Ending Balance | 12,826 | 8,290 | 12,826 | 8,290 |
Loans receivable | Residential | Residential mortgage | Adoption of CECL | ||||
Allowance for Credit Loss | ||||
Allowance for credit losses - loans, Beginning Balance | 1,569 | |||
Loans receivable | Residential | Residential mortgage | Adjusted Balance | ||||
Allowance for Credit Loss | ||||
Allowance for credit losses - loans, Beginning Balance | 9,650 | |||
Loans receivable | Residential | Home equity lines of credit | ||||
Allowance for Credit Loss | ||||
Allowance for credit losses - loans, Beginning Balance | 6,887 | 4,797 | 4,575 | 4,752 |
Allowance for credit losses - loans, Charge-Offs | (98) | (29) | (118) | (366) |
Allowance for credit losses - loans, Recoveries | 196 | 140 | 299 | 262 |
Allowance for credit losses - loans, (Release) Provision | 1,702 | (114) | 2,012 | 146 |
Allowance for credit losses - loans, Ending Balance | 8,687 | 4,794 | 8,687 | 4,794 |
Loans receivable | Residential | Home equity lines of credit | Adoption of CECL | ||||
Allowance for Credit Loss | ||||
Allowance for credit losses - loans, Beginning Balance | 1,919 | |||
Loans receivable | Residential | Home equity lines of credit | Adjusted Balance | ||||
Allowance for Credit Loss | ||||
Allowance for credit losses - loans, Beginning Balance | 6,494 | |||
Loans receivable | Consumer | ||||
Allowance for Credit Loss | ||||
Allowance for credit losses - loans, Beginning Balance | 430 | 837 | 901 | 853 |
Allowance for credit losses - loans, Charge-Offs | (712) | (529) | (1,350) | (1,076) |
Allowance for credit losses - loans, Recoveries | 286 | 239 | 517 | 446 |
Allowance for credit losses - loans, (Release) Provision | 456 | 308 | 883 | 632 |
Allowance for credit losses - loans, Ending Balance | $ 460 | $ 855 | 460 | $ 855 |
Loans receivable | Consumer | Adoption of CECL | ||||
Allowance for Credit Loss | ||||
Allowance for credit losses - loans, Beginning Balance | (491) | |||
Loans receivable | Consumer | Adjusted Balance | ||||
Allowance for Credit Loss | ||||
Allowance for credit losses - loans, Beginning Balance | $ 410 |
Loans and Leases and Allowan_16
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 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 |
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||||
Loans Outstanding, Individually evaluated for impairment | $ 61,971 | |||||
Loans Outstanding, Collectively evaluated for impairment | 8,691,936 | |||||
PCI Loans | 58,646 | |||||
Loans Outstanding, Ending Balance | 8,812,553 | |||||
Allowance for credit losses, Individually evaluated for impairment | 2,512 | |||||
Allowance for credit losses, Collectively evaluated for impairment | 59,214 | |||||
Allowance for credit losses, PCI | 363 | |||||
Allowance for credit losses, Ending balance | $ 103,669 | 62,089 | $ 62,204 | $ 61,203 | ||
Allowance for unfunded commitments, Individually evaluated for impairment | 0 | |||||
Allowance for unfunded commitments, Collectively evaluated for impairment | 3,458 | |||||
Allowance for unfunded commitments, Ending Balance | 12,100 | $ 6,470 | 3,458 | 3,391 | $ 3,141 | 3,410 |
Total allowance for credit losses, Individually evaluated for impairment | 2,512 | |||||
Total allowance for credit losses, Collectively evaluated for impairment | 62,672 | |||||
Total allowance for credit losses, PCI | 363 | |||||
Total allowance for credit losses, Ending Balance | 115,769 | 88,375 | 65,547 | 65,595 | 64,783 | 64,613 |
Loans receivable | ||||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||||
PCI Loans | 58,646 | |||||
Allowance for credit losses, Ending balance | 103,669 | 81,905 | 62,204 | 61,642 | ||
Loans receivable | Commercial | ||||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||||
PCI Loans | 46,947 | |||||
Loans receivable | Commercial | Owner occupied commercial real estate | ||||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||||
Loans Outstanding, Individually evaluated for impairment | 19,233 | |||||
Loans Outstanding, Collectively evaluated for impairment | 1,692,448 | |||||
PCI Loans | 8,546 | |||||
Loans Outstanding, Ending Balance | 1,720,227 | |||||
Allowance for credit losses, Individually evaluated for impairment | 816 | |||||
Allowance for credit losses, Collectively evaluated for impairment | 10,483 | |||||
Allowance for credit losses, PCI | 105 | |||||
Allowance for credit losses, Ending balance | 14,592 | 11,000 | 11,404 | 11,545 | 11,874 | 12,207 |
Loans receivable | Commercial | Income producing commercial real estate | ||||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||||
Loans Outstanding, Individually evaluated for impairment | 18,134 | |||||
Loans Outstanding, Collectively evaluated for impairment | 1,962,588 | |||||
PCI Loans | 27,228 | |||||
Loans Outstanding, Ending Balance | 2,007,950 | |||||
Allowance for credit losses, Individually evaluated for impairment | 770 | |||||
Allowance for credit losses, Collectively evaluated for impairment | 11,507 | |||||
Allowance for credit losses, PCI | 29 | |||||
Allowance for credit losses, Ending balance | 21,699 | 16,584 | 12,306 | 11,020 | 11,126 | 11,073 |
Loans receivable | Commercial | Commercial & industrial | ||||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||||
Loans Outstanding, Individually evaluated for impairment | 1,449 | |||||
Loans Outstanding, Collectively evaluated for impairment | 1,218,882 | |||||
PCI Loans | 326 | |||||
Loans Outstanding, Ending Balance | 1,220,657 | |||||
Allowance for credit losses, Individually evaluated for impairment | 21 | |||||
Allowance for credit losses, Collectively evaluated for impairment | 5,193 | |||||
Allowance for credit losses, PCI | 52 | |||||
Allowance for credit losses, Ending balance | 8,589 | 10,831 | 5,266 | 5,308 | 4,895 | 4,802 |
Loans receivable | Commercial | Construction | ||||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||||
Loans Outstanding, Individually evaluated for impairment | 3,675 | |||||
Loans Outstanding, Collectively evaluated for impairment | 965,678 | |||||
PCI Loans | 6,862 | |||||
Loans Outstanding, Ending Balance | 976,215 | |||||
Allowance for credit losses, Individually evaluated for impairment | 55 | |||||
Allowance for credit losses, Collectively evaluated for impairment | 9,613 | |||||
Allowance for credit losses, PCI | 0 | |||||
Allowance for credit losses, Ending balance | 14,514 | 9,556 | 9,668 | 10,318 | 10,275 | 10,337 |
Loans receivable | Commercial | Equipment financing | ||||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||||
Loans Outstanding, Individually evaluated for impairment | 1,027 | |||||
Loans Outstanding, Collectively evaluated for impairment | 739,532 | |||||
PCI Loans | 3,985 | |||||
Loans Outstanding, Ending Balance | 744,544 | |||||
Allowance for credit losses, Individually evaluated for impairment | 0 | |||||
Allowance for credit losses, Collectively evaluated for impairment | 7,240 | |||||
Allowance for credit losses, PCI | 144 | |||||
Allowance for credit losses, Ending balance | 20,305 | 14,738 | 7,384 | 6,935 | 6,231 | 5,452 |
Loans receivable | Residential | Construction | ||||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||||
Loans Outstanding, Individually evaluated for impairment | 1,256 | |||||
Loans Outstanding, Collectively evaluated for impairment | 234,807 | |||||
PCI Loans | 374 | |||||
Loans Outstanding, Ending Balance | 236,437 | |||||
Allowance for credit losses, Individually evaluated for impairment | 47 | |||||
Allowance for credit losses, Collectively evaluated for impairment | 2,456 | |||||
Allowance for credit losses, PCI | 1 | |||||
Allowance for credit losses, Ending balance | 1,997 | 816 | 2,504 | 2,365 | 2,390 | 2,433 |
Loans receivable | Residential | Residential mortgage | ||||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||||
Loans Outstanding, Individually evaluated for impairment | 15,991 | |||||
Loans Outstanding, Collectively evaluated for impairment | 1,092,046 | |||||
PCI Loans | 9,579 | |||||
Loans Outstanding, Ending Balance | 1,117,616 | |||||
Allowance for credit losses, Individually evaluated for impairment | 782 | |||||
Allowance for credit losses, Collectively evaluated for impairment | 7,296 | |||||
Allowance for credit losses, PCI | 3 | |||||
Allowance for credit losses, Ending balance | 12,826 | 11,063 | 8,081 | 8,290 | 8,345 | 8,295 |
Loans receivable | Residential | Home equity lines of credit | ||||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||||
Loans Outstanding, Individually evaluated for impairment | 992 | |||||
Loans Outstanding, Collectively evaluated for impairment | 658,273 | |||||
PCI Loans | 1,410 | |||||
Loans Outstanding, Ending Balance | 660,675 | |||||
Allowance for credit losses, Individually evaluated for impairment | 16 | |||||
Allowance for credit losses, Collectively evaluated for impairment | 4,541 | |||||
Allowance for credit losses, PCI | 18 | |||||
Allowance for credit losses, Ending balance | 8,687 | 6,887 | 4,575 | 4,794 | 4,797 | 4,752 |
Loans receivable | Consumer | ||||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||||
Loans Outstanding, Individually evaluated for impairment | 214 | |||||
Loans Outstanding, Collectively evaluated for impairment | 127,682 | |||||
PCI Loans | 336 | |||||
Loans Outstanding, Ending Balance | 128,232 | |||||
Allowance for credit losses, Individually evaluated for impairment | 5 | |||||
Allowance for credit losses, Collectively evaluated for impairment | 885 | |||||
Allowance for credit losses, PCI | 11 | |||||
Allowance for credit losses, Ending balance | $ 460 | $ 430 | $ 901 | $ 855 | $ 837 | $ 853 |
Loans and Leases and Allowan_17
Loans and Leases and Allowance for Credit Losses - Loans individually evaluated for impairment by class of loans (Details) - Loans receivable $ in Thousands | Dec. 31, 2019USD ($) |
Unpaid Principal Balance | |
Unpaid Principal Balance, With no related allowance recorded | $ 28,590 |
Unpaid Principal Balance, With an allowance recorded | 37,395 |
Unpaid Principal Balance | 65,985 |
Recorded Investment | |
Recorded Investment, With no related allowance recorded | 25,107 |
Recorded Investment, With allowance recorded | 36,864 |
Recorded Investment | 61,971 |
Allowance for Loan Losses Allocated | 2,512 |
Commercial | |
Unpaid Principal Balance | |
Unpaid Principal Balance, With no related allowance recorded | 19,315 |
Unpaid Principal Balance, With an allowance recorded | 26,821 |
Recorded Investment | |
Recorded Investment, With no related allowance recorded | 17,131 |
Recorded Investment, With allowance recorded | 26,387 |
Allowance for Loan Losses Allocated | 1,662 |
Commercial | Owner occupied commercial real estate | |
Unpaid Principal Balance | |
Unpaid Principal Balance, With no related allowance recorded | 9,527 |
Unpaid Principal Balance, With an allowance recorded | 11,136 |
Recorded Investment | |
Recorded Investment, With no related allowance recorded | 8,118 |
Recorded Investment, With allowance recorded | 11,115 |
Allowance for Loan Losses Allocated | 816 |
Commercial | Income producing commercial real estate | |
Unpaid Principal Balance | |
Unpaid Principal Balance, With no related allowance recorded | 5,159 |
Unpaid Principal Balance, With an allowance recorded | 13,591 |
Recorded Investment | |
Recorded Investment, With no related allowance recorded | 4,956 |
Recorded Investment, With allowance recorded | 13,178 |
Allowance for Loan Losses Allocated | 770 |
Commercial | Commercial & industrial | |
Unpaid Principal Balance | |
Unpaid Principal Balance, With no related allowance recorded | 1,144 |
Unpaid Principal Balance, With an allowance recorded | 559 |
Recorded Investment | |
Recorded Investment, With no related allowance recorded | 890 |
Recorded Investment, With allowance recorded | 559 |
Allowance for Loan Losses Allocated | 21 |
Commercial | Construction | |
Unpaid Principal Balance | |
Unpaid Principal Balance, With no related allowance recorded | 2,458 |
Unpaid Principal Balance, With an allowance recorded | 1,535 |
Recorded Investment | |
Recorded Investment, With no related allowance recorded | 2,140 |
Recorded Investment, With allowance recorded | 1,535 |
Allowance for Loan Losses Allocated | 55 |
Commercial | Equipment financing | |
Unpaid Principal Balance | |
Unpaid Principal Balance, With no related allowance recorded | 1,027 |
Unpaid Principal Balance, With an allowance recorded | 0 |
Recorded Investment | |
Recorded Investment, With no related allowance recorded | 1,027 |
Recorded Investment, With allowance recorded | 0 |
Allowance for Loan Losses Allocated | 0 |
Residential | Construction | |
Unpaid Principal Balance | |
Unpaid Principal Balance, With no related allowance recorded | 731 |
Unpaid Principal Balance, With an allowance recorded | 643 |
Recorded Investment | |
Recorded Investment, With no related allowance recorded | 626 |
Recorded Investment, With allowance recorded | 630 |
Allowance for Loan Losses Allocated | 47 |
Residential | Residential mortgage | |
Unpaid Principal Balance | |
Unpaid Principal Balance, With no related allowance recorded | 7,362 |
Unpaid Principal Balance, With an allowance recorded | 9,624 |
Recorded Investment | |
Recorded Investment, With no related allowance recorded | 6,436 |
Recorded Investment, With allowance recorded | 9,555 |
Allowance for Loan Losses Allocated | 782 |
Residential | Home equity lines of credit | |
Unpaid Principal Balance | |
Unpaid Principal Balance, With no related allowance recorded | 1,116 |
Unpaid Principal Balance, With an allowance recorded | 146 |
Recorded Investment | |
Recorded Investment, With no related allowance recorded | 861 |
Recorded Investment, With allowance recorded | 131 |
Allowance for Loan Losses Allocated | 16 |
Consumer | |
Unpaid Principal Balance | |
Unpaid Principal Balance, With no related allowance recorded | 66 |
Unpaid Principal Balance, With an allowance recorded | 161 |
Recorded Investment | |
Recorded Investment, With no related allowance recorded | 53 |
Recorded Investment, With allowance recorded | 161 |
Allowance for Loan Losses Allocated | $ 5 |
Loans and Leases and Allowan_18
Loans and Leases and Allowance for Credit Losses - Average balances of impaired loans and income recognized on impaired loans (Details) - Loans receivable - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended |
Jun. 30, 2019 | Jun. 30, 2019 | |
Average balances of impaired loans and income recognized on impaired loans | ||
Average Balance | $ 56,890 | $ 55,611 |
Interest Revenue Recognized During Impairment | 741 | 1,486 |
Cash Basis Interest Revenue Received | 762 | 1,523 |
Indirect auto | ||
Average balances of impaired loans and income recognized on impaired loans | ||
Average Balance | 1,104 | 1,147 |
Interest Revenue Recognized During Impairment | 14 | 28 |
Cash Basis Interest Revenue Received | 14 | 28 |
Commercial | ||
Average balances of impaired loans and income recognized on impaired loans | ||
Average Balance | 37,721 | 36,745 |
Interest Revenue Recognized During Impairment | 507 | 1,038 |
Cash Basis Interest Revenue Received | 535 | 1,078 |
Commercial | Owner occupied commercial real estate | ||
Average balances of impaired loans and income recognized on impaired loans | ||
Average Balance | 18,737 | 18,074 |
Interest Revenue Recognized During Impairment | 273 | 558 |
Cash Basis Interest Revenue Received | 308 | 592 |
Commercial | Income producing commercial real estate | ||
Average balances of impaired loans and income recognized on impaired loans | ||
Average Balance | 13,680 | 13,959 |
Interest Revenue Recognized During Impairment | 186 | 379 |
Cash Basis Interest Revenue Received | 169 | 376 |
Commercial | Commercial & industrial | ||
Average balances of impaired loans and income recognized on impaired loans | ||
Average Balance | 1,914 | 1,815 |
Interest Revenue Recognized During Impairment | 7 | 26 |
Cash Basis Interest Revenue Received | 16 | 35 |
Commercial | Construction | ||
Average balances of impaired loans and income recognized on impaired loans | ||
Average Balance | 3,369 | 2,886 |
Interest Revenue Recognized During Impairment | 41 | 75 |
Cash Basis Interest Revenue Received | 42 | 75 |
Commercial | Equipment financing | ||
Average balances of impaired loans and income recognized on impaired loans | ||
Average Balance | 21 | 11 |
Interest Revenue Recognized During Impairment | 0 | 0 |
Cash Basis Interest Revenue Received | 0 | 0 |
Residential | Construction | ||
Average balances of impaired loans and income recognized on impaired loans | ||
Average Balance | 1,350 | 1,379 |
Interest Revenue Recognized During Impairment | 24 | 48 |
Cash Basis Interest Revenue Received | 24 | 47 |
Residential | Residential mortgage | ||
Average balances of impaired loans and income recognized on impaired loans | ||
Average Balance | 16,230 | 15,866 |
Interest Revenue Recognized During Impairment | 190 | 358 |
Cash Basis Interest Revenue Received | 184 | 358 |
Residential | Home equity lines of credit | ||
Average balances of impaired loans and income recognized on impaired loans | ||
Average Balance | 304 | 281 |
Interest Revenue Recognized During Impairment | 3 | 7 |
Cash Basis Interest Revenue Received | 2 | 5 |
Consumer | ||
Average balances of impaired loans and income recognized on impaired loans | ||
Average Balance | 181 | 193 |
Interest Revenue Recognized During Impairment | 3 | 7 |
Cash Basis Interest Revenue Received | $ 3 | $ 7 |
Goodwill (Details)
Goodwill (Details) - USD ($) $ in Millions | Jun. 30, 2020 | Dec. 31, 2019 |
Goodwill and Intangible Assets Disclosure [Abstract] | ||
Carrying value of goodwill | $ 327 | $ 327 |
Derivatives and Hedging Activ_3
Derivatives and Hedging Activities - Fair value of derivative financial instruments (Details) - USD ($) $ in Thousands | Jun. 30, 2020 | Dec. 31, 2019 |
Derivative Asset [Abstract] | ||
Total gross derivative instruments | $ 94,434 | $ 35,007 |
Less: Amounts subject to master netting agreements | (313) | (401) |
Less: Cash collateral received/pledged | (2,680) | 0 |
Net amount | 91,441 | 34,606 |
Derivative Liability [Abstract] | ||
Total gross derivative instruments | 24,685 | 15,516 |
Less: Amounts subject to master netting agreements | (313) | (401) |
Less: Cash collateral received/pledged | (21,624) | (14,933) |
Net amount | 2,748 | 182 |
Derivative assets | ||
Derivative Asset [Abstract] | ||
Total gross derivative instruments | 94,434 | 35,007 |
Derivative liabilities | ||
Derivative Liability [Abstract] | ||
Total gross derivative instruments | 24,685 | 15,516 |
Designated as hedging instrument | Derivative assets | ||
Derivative Asset [Abstract] | ||
Derivatives designated as hedging instruments | 2,990 | 0 |
Designated as hedging instrument | Derivative assets | Brokered time deposits | ||
Derivative Asset [Abstract] | ||
Fair value hedge | 0 | 0 |
Designated as hedging instrument | Derivative assets | Cash flow hedge of subordinated debt | ||
Derivative Asset [Abstract] | ||
Cash flow hedge | 2,990 | 0 |
Designated as hedging instrument | Derivative liabilities | ||
Derivative Liability [Abstract] | ||
Derivatives designated as hedging instruments | 24 | 880 |
Designated as hedging instrument | Derivative liabilities | Brokered time deposits | ||
Derivative Liability [Abstract] | ||
Fair value hedge | 24 | 880 |
Designated as hedging instrument | Derivative liabilities | Cash flow hedge of subordinated debt | ||
Derivative Liability [Abstract] | ||
Cash flow hedge | 0 | 0 |
Not designated as hedging instrument | Derivative assets | ||
Derivative Asset [Abstract] | ||
Derivatives not designated as hedging instruments | 91,444 | 35,007 |
Not designated as hedging instrument | Derivative assets | Customer derivative positions | ||
Derivative Asset [Abstract] | ||
Derivatives not designated as hedging instruments | 79,900 | 27,277 |
Not designated as hedging instrument | Derivative assets | Dealer offsets to customer derivative positions | ||
Derivative Asset [Abstract] | ||
Derivatives not designated as hedging instruments | 3 | 394 |
Not designated as hedging instrument | Derivative assets | Risk participations | ||
Derivative Asset [Abstract] | ||
Derivatives not designated as hedging instruments | 7 | 0 |
Not designated as hedging instrument | Derivative assets | Mortgage banking - loan commitment | ||
Derivative Asset [Abstract] | ||
Derivatives not designated as hedging instruments | 11,517 | 1,970 |
Not designated as hedging instrument | Derivative assets | Mortgage banking - forward sales commitment | ||
Derivative Asset [Abstract] | ||
Derivatives not designated as hedging instruments | 17 | 98 |
Not designated as hedging instrument | Derivative assets | Bifurcated embedded derivatives | ||
Derivative Asset [Abstract] | ||
Derivatives not designated as hedging instruments | 0 | 5,268 |
Not designated as hedging instrument | Derivative assets | Dealer offsets to bifurcated embedded derivatives | ||
Derivative Asset [Abstract] | ||
Derivatives not designated as hedging instruments | 0 | 0 |
Not designated as hedging instrument | Derivative liabilities | ||
Derivative Liability [Abstract] | ||
Derivatives not designated as hedging instruments | 24,661 | 14,636 |
Not designated as hedging instrument | Derivative liabilities | Customer derivative positions | ||
Derivative Liability [Abstract] | ||
Derivatives not designated as hedging instruments | 3 | 446 |
Not designated as hedging instrument | Derivative liabilities | Dealer offsets to customer derivative positions | ||
Derivative Liability [Abstract] | ||
Derivatives not designated as hedging instruments | 20,266 | 6,425 |
Not designated as hedging instrument | Derivative liabilities | Risk participations | ||
Derivative Liability [Abstract] | ||
Derivatives not designated as hedging instruments | 21 | 12 |
Not designated as hedging instrument | Derivative liabilities | Mortgage banking - loan commitment | ||
Derivative Liability [Abstract] | ||
Derivatives not designated as hedging instruments | 0 | 0 |
Not designated as hedging instrument | Derivative liabilities | Mortgage banking - forward sales commitment | ||
Derivative Liability [Abstract] | ||
Derivatives not designated as hedging instruments | 1,847 | 86 |
Not designated as hedging instrument | Derivative liabilities | Bifurcated embedded derivatives | ||
Derivative Liability [Abstract] | ||
Derivatives not designated as hedging instruments | 1,606 | 0 |
Not designated as hedging instrument | Derivative liabilities | Dealer offsets to bifurcated embedded derivatives | ||
Derivative Liability [Abstract] | ||
Derivatives not designated as hedging instruments | $ 918 | $ 7,667 |
Derivatives and Hedging Activ_4
Derivatives and Hedging Activities - Narrative (Details) | Jun. 30, 2020USD ($)contract | Dec. 31, 2019USD ($)contract |
Derivative Instruments, Gain (Loss) [Line Items] | ||
Losses to be reclassified from accumulated other comprehensive income into earnings over the next twelve months | $ | $ 576,000 | |
Interest rate swaps | Cash flow hedging | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Number of derivative contracts | contract | 3 | 0 |
Aggregate notional amount | $ | $ 120,000,000 | |
Interest rate swaps | Fair value hedging of interest rate risk | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Number of derivative contracts | contract | 3 | 4 |
Aggregate notional amount | $ | $ 27,900,000 | $ 37,900,000 |
Not designated as hedging instrument, economic hedge | Interest rate swaps | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Number of derivative contracts | contract | 3 |
Derivatives and Hedging Activ_5
Derivatives and Hedging Activities - Effect of derivatives in hedging relationships (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Interest expense | $ 14,301 | $ 21,372 | $ 32,242 | $ 42,254 |
Fair value hedging | Interest expense | ||||
Gains (losses) on fair value hedging relationships: | ||||
Amounts related to interest settlements on derivatives | 102 | (102) | 27 | (203) |
Recognized on derivatives | 120 | 149 | 1,182 | 600 |
Recognized on hedged items | (9) | (151) | (991) | (613) |
Net income (expense) recognized on fair value hedges | 213 | (104) | 218 | (216) |
Cash flow hedging | Interest expense | ||||
Gains (losses) on active cash flow hedging relationships: | ||||
Realized gains (losses) reclassified from AOCI into net income | (67) | 0 | (67) | 0 |
Net income (expense) recognized on cash flow hedges | $ (67) | $ 0 | (67) | $ 0 |
Premium amortization expense excluded from assessment of hedge effectiveness | $ 92 |
Derivatives and Hedging Activ_6
Derivatives and Hedging Activities - Carrying amount and hedge accounting basis adjustment (Details) - Fair value hedging - Interest rate swaps - Deposits - USD ($) $ in Thousands | Jun. 30, 2020 | Dec. 31, 2019 |
Derivative [Line Items] | ||
Carrying amount of Assets (Liabilities) | $ (26,985) | $ (35,880) |
Hedge Accounting Basis Adjustment | $ (346) | $ 645 |
Derivatives and Hedging Activ_7
Derivatives and Hedging Activities - Gains and losses recognized in income on derivatives not designated as hedging instruments (Details) - Not designated as hedging instrument - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Amount of Gain (Loss) Recognized in Income on Derivative | $ 2,083 | $ 396 | $ 2,466 | $ 736 |
Customer derivatives and dealer offsets | Other noninterest income | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Amount of Gain (Loss) Recognized in Income on Derivative | 1,168 | 1,224 | 2,592 | 1,727 |
Bifurcated embedded derivatives and dealer offsets | Other noninterest income | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Amount of Gain (Loss) Recognized in Income on Derivative | (28) | (74) | (223) | 144 |
De-designated hedges | Other noninterest income | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Amount of Gain (Loss) Recognized in Income on Derivative | 0 | 0 | 0 | (193) |
Mortgage banking derivatives | Mortgage loan revenue | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Amount of Gain (Loss) Recognized in Income on Derivative | 929 | (748) | 100 | (938) |
Risk participations | Other noninterest income | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Amount of Gain (Loss) Recognized in Income on Derivative | $ 14 | $ (6) | $ (3) | $ (4) |
Long-term Debt - Schedule of lo
Long-term Debt - Schedule of long-term debt (Details) - USD ($) $ in Thousands | 6 Months Ended | 29 Months Ended | 67 Months Ended | 71 Months Ended | ||
Jun. 30, 2020 | Dec. 31, 2027 | Dec. 31, 2022 | Dec. 31, 2030 | Dec. 31, 2028 | Dec. 31, 2019 | |
Debt Instrument [Line Items] | ||||||
Less discount | $ (9,621) | $ (8,588) | ||||
Total long-term debt | 311,631 | 212,664 | ||||
Senior debentures | ||||||
Debt Instrument [Line Items] | ||||||
Long-term debt, gross | 185,000 | 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% | |||||
Senior debentures | 2022 senior debentures | LIBOR | Forecast | ||||||
Debt Instrument [Line Items] | ||||||
Basis spread on variable rate (spread) | 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% | |||||
Senior debentures | 2027 senior debentures | LIBOR | Forecast | ||||||
Debt Instrument [Line Items] | ||||||
Basis spread on variable rate (spread) | 3.71% | |||||
Senior debentures | 2030 senior debentures | ||||||
Debt Instrument [Line Items] | ||||||
Long-term debt, gross | $ 100,000 | 0 | ||||
Issue Date | 2020 | |||||
Stated Maturity Date | 2030 | |||||
Earliest Call Date | 2025 | |||||
Interest Rate (percent) | 5.00% | |||||
Senior debentures | 2030 senior debentures | SOFR | Forecast | ||||||
Debt Instrument [Line Items] | ||||||
Basis spread on variable rate (spread) | 4.87% | |||||
Subordinated debentures | ||||||
Debt Instrument [Line Items] | ||||||
Long-term debt, gross | $ 111,250 | 111,250 | ||||
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% | |||||
Subordinated debentures | 2028 subordinated debentures | LIBOR | Forecast | ||||||
Debt Instrument [Line Items] | ||||||
Basis spread on variable rate (spread) | 2.12% | |||||
Subordinated debentures | 2025 subordinated debentures | ||||||
Debt Instrument [Line Items] | ||||||
Long-term debt, gross | $ 11,250 | 11,250 | ||||
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 | |||||
Trust preferred securities | Southern Bancorp Capital Trust I | Prime Rate | ||||||
Debt Instrument [Line Items] | ||||||
Basis spread on variable rate (spread) | 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 | |||||
Trust preferred securities | Tidelands Statutory Trust I | LIBOR | ||||||
Debt Instrument [Line Items] | ||||||
Basis spread on variable rate (spread) | 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 | |||||
Basis spread on variable rate (spread) | 1.35% |
Long-term Debt - Narrative (Det
Long-term Debt - Narrative (Details) - Senior debentures | 6 Months Ended |
Jun. 30, 2020 | |
2030 senior debentures | |
Debt Instrument [Line Items] | |
Earliest redemption date | Jun. 15, 2025 |
Redemption price (percent) | 100.00% |
Maturity date | Jun. 15, 2030 |
2022 senior debentures | |
Debt Instrument [Line Items] | |
Earliest redemption date | Aug. 14, 2020 |
Redemption price (percent) | 100.00% |
Maturity date | Feb. 14, 2022 |
2027 senior debentures | |
Debt Instrument [Line Items] | |
Earliest redemption date | Aug. 14, 2025 |
Redemption price (percent) | 100.00% |
Maturity date | Feb. 14, 2027 |
Assets and Liabilities Measur_3
Assets and Liabilities Measured at Fair Value - Assets and liabilities measured at fair value on recurring basis (Details) - USD ($) $ in Thousands | Jun. 30, 2020 | Dec. 31, 2019 |
Assets: | ||
Debt securities available-for-sale | $ 2,125,209 | $ 2,274,581 |
Mortgage loans held for sale | 99,477 | 58,484 |
U.S. Treasuries | ||
Assets: | ||
Debt securities available-for-sale | 128,866 | 154,618 |
State and political subdivisions | ||
Assets: | ||
Debt securities available-for-sale | 230,709 | 226,490 |
Residential mortgage-backed securities | ||
Assets: | ||
Debt securities available-for-sale | 1,212,021 | |
Commercial mortgage-backed securities | ||
Assets: | ||
Debt securities available-for-sale | 261,678 | |
Corporate bonds | ||
Assets: | ||
Debt securities available-for-sale | 173,476 | 203,091 |
Asset-backed securities | ||
Assets: | ||
Debt securities available-for-sale | 115,522 | 103,369 |
Recurring | ||
Assets: | ||
Equity securities with readily available fair values | 1,356 | 1,973 |
Mortgage loans held for sale | 99,477 | 58,484 |
Deferred compensation plan assets | 8,070 | 8,133 |
Servicing rights for SBA/USDA loans | 6,034 | 6,794 |
Residential mortgage servicing rights | 12,492 | 13,565 |
Derivative financial instruments | 94,434 | 35,007 |
Total assets | 2,347,072 | 2,398,537 |
Liabilities: | ||
Deferred compensation plan liability | 8,082 | 8,132 |
Derivative financial instruments | 24,685 | 15,516 |
Total liabilities | 32,767 | 23,648 |
Recurring | U.S. Treasuries | ||
Assets: | ||
Debt securities available-for-sale | 128,866 | 154,618 |
Recurring | U.S. Government agencies | ||
Assets: | ||
Debt securities available-for-sale | 2,937 | 3,035 |
Recurring | State and political subdivisions | ||
Assets: | ||
Debt securities available-for-sale | 230,709 | 226,490 |
Recurring | Residential mortgage-backed securities | ||
Assets: | ||
Debt securities available-for-sale | 1,212,021 | 1,299,025 |
Recurring | Commercial mortgage-backed securities | ||
Assets: | ||
Debt securities available-for-sale | 261,678 | 284,953 |
Recurring | Corporate bonds | ||
Assets: | ||
Debt securities available-for-sale | 173,476 | 203,091 |
Recurring | Asset-backed securities | ||
Assets: | ||
Debt securities available-for-sale | 115,522 | 103,369 |
Recurring | Level 1 | ||
Assets: | ||
Equity securities with readily available fair values | 631 | 1,973 |
Mortgage loans held for sale | 0 | 0 |
Deferred compensation plan assets | 8,070 | 8,133 |
Servicing rights for SBA/USDA loans | 0 | 0 |
Residential mortgage servicing rights | 0 | 0 |
Derivative financial instruments | 0 | 0 |
Total assets | 137,567 | 164,724 |
Liabilities: | ||
Deferred compensation plan liability | 8,082 | 8,132 |
Derivative financial instruments | 0 | 0 |
Total liabilities | 8,082 | 8,132 |
Recurring | Level 1 | U.S. Treasuries | ||
Assets: | ||
Debt securities available-for-sale | 128,866 | 154,618 |
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 2 | ||
Assets: | ||
Equity securities with readily available fair values | 725 | 0 |
Mortgage loans held for sale | 99,477 | 58,484 |
Deferred compensation plan assets | 0 | 0 |
Servicing rights for SBA/USDA loans | 0 | 0 |
Residential mortgage servicing rights | 0 | 0 |
Derivative financial instruments | 82,327 | 27,769 |
Total assets | 2,177,872 | 2,205,218 |
Liabilities: | ||
Deferred compensation plan liability | 0 | 0 |
Derivative financial instruments | 22,116 | 6,957 |
Total liabilities | 22,116 | 6,957 |
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 | 2,937 | 3,035 |
Recurring | Level 2 | State and political subdivisions | ||
Assets: | ||
Debt securities available-for-sale | 230,709 | 226,490 |
Recurring | Level 2 | Residential mortgage-backed securities | ||
Assets: | ||
Debt securities available-for-sale | 1,212,021 | 1,299,025 |
Recurring | Level 2 | Commercial mortgage-backed securities | ||
Assets: | ||
Debt securities available-for-sale | 261,678 | 284,953 |
Recurring | Level 2 | Corporate bonds | ||
Assets: | ||
Debt securities available-for-sale | 172,476 | 202,093 |
Recurring | Level 2 | Asset-backed securities | ||
Assets: | ||
Debt securities available-for-sale | 115,522 | 103,369 |
Recurring | Level 3 | ||
Assets: | ||
Equity securities with readily available fair values | 0 | 0 |
Mortgage loans held for sale | 0 | 0 |
Deferred compensation plan assets | 0 | 0 |
Servicing rights for SBA/USDA loans | 6,034 | 6,794 |
Residential mortgage servicing rights | 12,492 | 13,565 |
Derivative financial instruments | 12,107 | 7,238 |
Total assets | 31,633 | 28,595 |
Liabilities: | ||
Deferred compensation plan liability | 0 | 0 |
Derivative financial instruments | 2,569 | 8,559 |
Total liabilities | 2,569 | 8,559 |
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 | 1,000 | 998 |
Recurring | Level 3 | Asset-backed securities | ||
Assets: | ||
Debt securities available-for-sale | $ 0 | $ 0 |
Assets and Liabilities Measur_4
Assets and Liabilities Measured at Fair Value - Reconciliation for measurements at fair value on a recurring basis using significant unobservable inputs (Details) - Recurring - Level 3 - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Derivative Assets | ||||
Reconciliation of Assets at Level 3 Measurement | ||||
Balance at beginning of period | $ 7,361 | $ 9,561 | $ 7,238 | $ 11,841 |
Additions | 7 | 0 | 7 | 0 |
Transfers into Level 3 | 583 | 0 | 583 | 0 |
Sales and settlements | 0 | 0 | 0 | (1,135) |
Other comprehensive income | 0 | 0 | 0 | 0 |
Amounts included in earnings - fair value adjustments | 4,156 | (1,817) | 4,279 | (2,962) |
Balance at end of period | 12,107 | 7,744 | 12,107 | 7,744 |
Servicing rights for SBA/USDA loans | ||||
Reconciliation of Assets at Level 3 Measurement | ||||
Balance at beginning of period | 6,290 | 7,401 | 6,794 | 7,510 |
Additions | 303 | 405 | 398 | 780 |
Transfers into Level 3 | 0 | 0 | 0 | 0 |
Sales and settlements | (34) | (188) | (341) | (551) |
Other comprehensive income | 0 | 0 | 0 | 0 |
Amounts included in earnings - fair value adjustments | (525) | (238) | (817) | (359) |
Balance at end of period | 6,034 | 7,380 | 6,034 | 7,380 |
Residential mortgage servicing rights | ||||
Reconciliation of Assets at Level 3 Measurement | ||||
Balance at beginning of period | 11,059 | 11,447 | 13,565 | 11,877 |
Additions | 3,217 | 1,228 | 5,332 | 2,091 |
Transfers into Level 3 | 0 | 0 | 0 | 0 |
Sales and settlements | (682) | (153) | (1,175) | (303) |
Other comprehensive income | 0 | 0 | 0 | 0 |
Amounts included in earnings - fair value adjustments | (1,102) | (1,843) | (5,230) | (2,986) |
Balance at end of period | 12,492 | 10,679 | 12,492 | 10,679 |
Debt Securities Available-for-Sale | ||||
Reconciliation of Assets at Level 3 Measurement | ||||
Balance at beginning of period | 0 | 995 | 998 | 995 |
Additions | 1,000 | 0 | 1,000 | 0 |
Transfers into Level 3 | 0 | 0 | 0 | 0 |
Sales and settlements | 0 | 0 | (1,000) | 0 |
Other comprehensive income | 0 | 0 | 2 | 0 |
Amounts included in earnings - fair value adjustments | 0 | 0 | 0 | 0 |
Balance at end of period | 1,000 | 995 | 1,000 | 995 |
Derivative Liabilities | ||||
Reconciliation of Liabilities at Level 3 Measurement | ||||
Balance at beginning of period | 2,717 | 11,444 | 8,559 | 15,732 |
Additions | 0 | 0 | 0 | 0 |
Transfers into Level 3 | 0 | 0 | 0 | 0 |
Sales and settlements | 0 | 0 | 0 | (2,330) |
Other comprehensive income | 0 | 0 | 0 | 0 |
Amounts included in earnings - fair value adjustments | (148) | (2,432) | (5,990) | (4,390) |
Balance at end of period | $ 2,569 | $ 9,012 | $ 2,569 | $ 9,012 |
Assets and Liabilities Measur_5
Assets and Liabilities Measured at Fair Value - Quantitative information about Level 3 fair value measurements for fair value on recurring basis (Details) - Recurring - Level 3 | 6 Months Ended | |
Jun. 30, 2020 | Dec. 31, 2019 | |
Servicing rights for SBA/USDA loans | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Valuation technique | Discounted cash flow | |
Servicing rights for SBA/USDA loans | Discount rate | Weighted Average | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Servicing rights for SBA/USDA loans, measurement input | 0.120 | 0.123 |
Servicing rights for SBA/USDA loans | Prepayment rate | Weighted Average | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Servicing rights for SBA/USDA loans, measurement input | 0.182 | 0.165 |
Residential mortgage servicing rights | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Valuation technique | Discounted cash flow | |
Residential mortgage servicing rights | Discount rate | Weighted Average | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Residential mortgage servicing rights, measurement input | 0.100 | 0.100 |
Residential mortgage servicing rights | Prepayment rate | Weighted Average | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Residential mortgage servicing rights, measurement input | 0.198 | 0.141 |
Corporate bonds | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Valuation technique | Indicative bid provided by a broker | |
Derivative assets - customer derivative positions | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Valuation technique | Internal model | |
Derivative assets - customer derivative positions | Probability of default rate | Weighted Average | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets, measurement input | 0.367 | |
Derivative assets - customer derivative positions | Loss given default rate | Weighted Average | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets, measurement input | 1 | |
Derivative assets - mortgage | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Valuation technique | Internal model | |
Derivative assets - mortgage | Pull through rate | Weighted Average | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets, measurement input | 0.812 | 0.836 |
Derivative assets and liabilities- other | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Valuation technique | Dealer priced | |
Derivative assets and liabilities - risk participations | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Valuation technique | Internal model | |
Derivative assets and liabilities - risk participations | Probability of default rate | Weighted Average | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative asset and liabilities, measurement input | 0.0186 | 0.0180 |
Derivative assets and liabilities - risk participations | Probable exposure rate | Weighted Average | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative asset and liabilities, measurement input | 0.0104 | 0.0036 |
Assets and Liabilities Measur_6
Assets and Liabilities Measured at Fair Value - Fair Value Option (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | Dec. 31, 2019 | |
Mortgage Loans Held for Sale | |||||
Outstanding principal balance | $ 94,335 | $ 94,335 | $ 56,613 | ||
Fair value | 99,477 | 99,477 | $ 58,484 | ||
Mortgage loan gains and other related fees | $ 1,546 | $ 569 | $ 3,271 | $ 875 |
Assets and Liabilities Measur_7
Assets and Liabilities Measured at Fair Value - Assets and liabilities measured at fair value on nonrecurring basis (Details) - Nonrecurring - USD ($) $ in Thousands | Jun. 30, 2020 | Dec. 31, 2019 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Loans | $ 12,654 | $ 20,977 |
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 | $ 12,654 | $ 20,977 |
Assets and Liabilities Measur_8
Assets and Liabilities Measured at Fair Value - Fair values for other financial instruments that are not measured at fair value on recurring basis (Details) - USD ($) $ in Thousands | Jun. 30, 2020 | Dec. 31, 2019 |
Assets: | ||
Securities held-to-maturity | $ 320,253 | $ 287,904 |
Carrying Amount | ||
Assets: | ||
Securities held-to-maturity | 306,638 | 283,533 |
Loans and leases, net | 10,028,841 | 8,750,464 |
Liabilities: | ||
Deposits | 12,702,085 | 10,897,244 |
Long-term debt | 311,631 | 212,664 |
Fair Value | ||
Assets: | ||
Securities held-to-maturity | 320,253 | 287,904 |
Loans and leases, net | 9,944,499 | 8,714,592 |
Liabilities: | ||
Deposits | 12,704,397 | 10,897,465 |
Long-term debt | 295,910 | 217,665 |
Fair Value | Level 1 | ||
Assets: | ||
Securities held-to-maturity | 0 | 0 |
Loans and leases, net | 0 | 0 |
Liabilities: | ||
Deposits | 0 | 0 |
Long-term debt | 0 | 0 |
Fair Value | Level 2 | ||
Assets: | ||
Securities held-to-maturity | 320,253 | 287,904 |
Loans and leases, net | 0 | 0 |
Liabilities: | ||
Deposits | 12,704,397 | 10,897,465 |
Long-term debt | 0 | 0 |
Fair Value | Level 3 | ||
Assets: | ||
Securities held-to-maturity | 0 | 0 |
Loans and leases, net | 9,944,499 | 8,714,592 |
Liabilities: | ||
Deposits | 0 | 0 |
Long-term debt | $ 295,910 | $ 217,665 |
Common and Preferred Stock (Det
Common and Preferred Stock (Details) - USD ($) | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | Dec. 31, 2019 | Nov. 30, 2019 | |
Class of Stock [Line Items] | ||||||
Repurchase program authorized amount | $ 50,000,000 | $ 50,000,000 | $ 50,000,000 | |||
Shares repurchased (in shares) | 0 | 0 | 826,482 | 305,052 | ||
Repurchase program remaining authorization | $ 29,200,000 | $ 29,200,000 | ||||
Net proceeds from issuance of preferred stock | 96,660,000 | $ 0 | ||||
Preferred stock carrying amount | 96,660,000 | 96,660,000 | $ 0 | |||
Series I perpetual non-cumulative preferred stock | ||||||
Class of Stock [Line Items] | ||||||
Preferred stock issued | $ 100,000,000 | $ 100,000,000 | ||||
Issuance of stock (in shares) | 4,000 | |||||
Preferred stock dividend rate (percent) | 6.875% | |||||
Net proceeds from issuance of preferred stock | $ 96,700,000 | |||||
Preferred stock redemption price (in dollars per share) | $ 25,000 | $ 25,000 | ||||
Preferred stock carrying amount | $ 96,700,000 | $ 96,700,000 | ||||
Depositary share on Series I perpetual non-cumulative preferred stock | ||||||
Class of Stock [Line Items] | ||||||
Preferred stock redemption price (in dollars per share) | $ 25 | $ 25 |
Stock-Based Compensation - Narr
Stock-Based Compensation - Narrative (Details) - USD ($) | 6 Months Ended | |
Jun. 30, 2020 | Jun. 30, 2019 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Plan vesting period | 4 years | |
Plan exercisable period | 10 years | |
Additional awards remaining available under plan (in shares) | 1,280,000 | |
Stock options granted (in shares) | 0 | 0 |
Income tax benefit related to expense for share-based awards | $ 1,090,000 | $ 1,530,000 |
Stock Options | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Compensation expense | 0 | 0 |
Unrecognized compensation expense | 0 | |
Restricted Stock Units | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Unrecognized compensation expense | $ 11,400,000 | |
Recognition period for unrecognized compensation expense | 2 years 2 months 12 days | |
Employees | Restricted Stock Units | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Compensation expense | $ 4,040,000 | 5,830,000 |
Employees | Restricted Stock Units | Merger-related and other charges | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Compensation expense related to acceleration of vesting | 1,380,000 | |
Compensation expense related to acquisition | 740,000 | |
Employees | Restricted Stock Units | Salaries and employee benefits expense | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Compensation expense | 3,710,000 | |
Directors | Restricted Stock Units | Other operating expense | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Compensation expense | $ 217,000 | $ 169,000 |
Stock-Based Compensation - Stoc
Stock-Based Compensation - Stock option activity (Details) - Stock Options $ / shares in Units, $ in Thousands | 6 Months Ended |
Jun. 30, 2020USD ($)$ / sharesshares | |
Shares | |
Outstanding, beginning balance (in shares) | shares | 1,500 |
Expired (in shares) | shares | (1,500) |
Outstanding, ending balance (in shares) | shares | 0 |
Exercisable (in shares) | shares | 0 |
Weighted- Average Exercise Price | |
Outstanding, beginning balance (in dollars per share) | $ / shares | $ 27.95 |
Expired (in dollars per share) | $ / shares | 27.95 |
Outstanding, ending balance (in dollars per share) | $ / shares | 0 |
Exercisable (in dollars per share) | $ / shares | $ 0 |
Weighted-Average Remaining Contractual Term (Years), Outstanding | 0 years |
Weighted-Average Remaining Contractual Term (Years), Exercisable | 0 years |
Aggregate Intrinsic Value, Outstanding | $ | $ 0 |
Aggregate Intrinsic Value, Exercisable | $ | $ 0 |
Stock-Based Compensation - Rest
Stock-Based Compensation - Restricted stock unit activity (Details) - Restricted Stock Units $ / shares in Units, $ in Thousands | 6 Months Ended |
Jun. 30, 2020USD ($)$ / sharesshares | |
Shares | |
Outstanding, beginning balance (in shares) | shares | 808,424 |
Granted (in shares) | shares | 62,055 |
Vested (in shares) | shares | (113,748) |
Cancelled (in shares) | shares | (18,754) |
Outstanding, ending balance (in shares) | shares | 737,977 |
Weighted- Average Grant- Date Fair Value | |
Outstanding, beginning balance (in dollars per share) | $ / shares | $ 27.94 |
Granted (in dollars per share) | $ / shares | 23.20 |
Vested (in dollars per share) | $ / shares | 27.83 |
Cancelled (in dollars per share) | $ / shares | 26.45 |
Outstanding, ending balance (in dollars per share) | $ / shares | $ 27.47 |
Weighted-Average Remaining Contractual Term (Years), Outstanding | 3 years 7 months 6 days |
Aggregate Intrinsic Value, Vested | $ | $ 2,798 |
Aggregate Intrinsic Value, Outstanding | $ | $ 14,848 |
Reclassifications Out of Accu_3
Reclassifications Out of Accumulated Other Comprehensive Income (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Securities (gains) losses, net | $ 0 | $ 149 | $ 0 | $ (118) |
Investment securities interest revenue | 123,605 | 139,156 | 260,152 | 275,672 |
Long-term debt interest expense | (3,030) | (3,257) | (5,894) | (6,599) |
Deposit interest expense | (11,271) | (17,115) | (26,346) | (33,072) |
Salaries and employee benefits expense | (51,811) | (48,157) | (103,169) | (95,660) |
Other expense | (3,045) | (3,376) | (7,067) | (7,060) |
Total before tax | 32,019 | 57,252 | 72,710 | 114,470 |
Income tax (expense) benefit | (6,923) | (13,167) | (15,730) | (26,123) |
Net income | 25,096 | 44,085 | 56,980 | 88,347 |
Reclassifications Out of Accumulated Other Comprehensive Income | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Net income | (282) | (264) | (505) | (733) |
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 (gains) losses, net | 0 | 149 | 0 | (118) |
Income tax (expense) benefit | 0 | (38) | 0 | 30 |
Net income | 0 | 111 | 0 | (88) |
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 | (96) | (93) | (179) | (177) |
Income tax (expense) benefit | 23 | 22 | 43 | 42 |
Net income | (73) | (71) | (136) | (135) |
Reclassifications Out of Accumulated Other Comprehensive Income | Reclassifications related to derivative financial instruments accounted for as cash flow hedges | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Long-term debt interest expense | (67) | 0 | (67) | 0 |
Deposit interest expense | 0 | 0 | 0 | (102) |
Other expense | 0 | (235) | 0 | (235) |
Total before tax | (67) | (235) | (67) | (337) |
Income tax (expense) benefit | 17 | 60 | 17 | 86 |
Net income | (50) | (175) | (50) | (251) |
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 | (214) | (173) | (428) | (347) |
Income tax (expense) benefit | 55 | 44 | 109 | 88 |
Net income | (159) | (129) | (319) | (259) |
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 | (132) | (159) | (265) | (318) |
Reclassifications Out of Accumulated Other Comprehensive Income | Actuarial losses | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Other expense | $ (82) | $ (14) | $ (163) | $ (29) |
Earnings Per Share - Computatio
Earnings Per Share - Computation of basic and diluted earnings per share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Computation of basic and diluted earnings per share | ||||
Net income | $ 25,096 | $ 44,085 | $ 56,980 | $ 88,347 |
Dividends and undistributed earnings allocated to unvested shares | (183) | (316) | (426) | (631) |
Net income available to common shareholders | $ 24,913 | $ 43,769 | $ 56,554 | $ 87,716 |
Weighted average shares outstanding: | ||||
Basic (in shares) | 78,920 | 79,673 | 79,130 | 79,739 |
Effect of dilutive securities | ||||
Diluted (in shares) | 78,924 | 79,678 | 79,186 | 79,745 |
Net income per common share: | ||||
Basic (in dollars per share) | $ 0.32 | $ 0.55 | $ 0.71 | $ 1.10 |
Diluted (in dollars per share) | $ 0.32 | $ 0.55 | $ 0.71 | $ 1.10 |
Stock options | ||||
Effect of dilutive securities | ||||
Dilutive securities (in shares) | 0 | 1 | 0 | 2 |
Restricted stock units | ||||
Effect of dilutive securities | ||||
Dilutive securities (in shares) | 4 | 4 | 56 | 4 |
Earnings Per Share - Narrative
Earnings Per Share - Narrative (Details) - $ / shares | 6 Months Ended | |
Jun. 30, 2020 | Jun. 30, 2019 | |
Stock options | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive securities excluded from computation (in shares) | 1,000 | |
Weighted average exercise price of stock options (in dollars per share) | $ 30.45 | |
Restricted stock units | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive securities excluded from computation (in shares) | 154,795 |
Regulatory Matters (Details)
Regulatory Matters (Details) $ in Thousands | Jun. 30, 2020USD ($) | Dec. 31, 2019USD ($) |
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Common equity tier 1 capital, Minimum | 0.045 | |
Common equity tier 1 capital, Well Capitalized | 0.065 | |
Common equity tier 1 capital | 0.1285 | 0.1297 |
Tier 1 capital, Minimum | 0.060 | |
Tier 1 capital, Well Capitalized | 0.080 | |
Tier 1 capital | 0.1405 | 0.1321 |
Total capital, Minimum | 0.080 | |
Total capital, Well Capitalized | 0.100 | |
Total capital | 0.1607 | 0.1501 |
Leverage ratio, Minimum | 0.040 | |
Leverage ratio, Well Capitalized | 0.050 | |
Leverage ratio | 0.1031 | 0.1034 |
Common equity tier 1 capital | $ 1,300,627 | $ 1,275,148 |
Tier 1 capital | 1,421,537 | 1,299,398 |
Total capital | 1,625,967 | 1,476,302 |
Risk-weighted assets | 10,118,998 | 9,834,051 |
Average total assets for the leverage ratio | $ 13,784,914 | $ 12,568,563 |
United Community Bank | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Common equity tier 1 capital | 0.1370 | 0.1487 |
Tier 1 capital | 0.1370 | 0.1487 |
Total capital | 0.1463 | 0.1554 |
Leverage ratio | 0.1005 | 0.1163 |
Common equity tier 1 capital | $ 1,382,891 | $ 1,458,720 |
Tier 1 capital | 1,382,891 | 1,458,720 |
Total capital | 1,475,970 | 1,524,267 |
Risk-weighted assets | 10,091,674 | 9,810,477 |
Average total assets for the leverage ratio | $ 13,755,117 | $ 12,545,254 |
Commitments and Contingencies -
Commitments and Contingencies - Contractual amount of off-balance sheet instruments (Details) - USD ($) $ in Thousands | Jun. 30, 2020 | Dec. 31, 2019 |
Commitments to extend credit | ||
Financial instruments whose contract amounts represent credit risk: | ||
Financial instruments | $ 2,291,128 | $ 2,126,275 |
Letters of credit | ||
Financial instruments whose contract amounts represent credit risk: | ||
Financial instruments | $ 26,554 | $ 22,533 |
Commitments and Contingencies_2
Commitments and Contingencies - Narrative (Details) $ in Millions | Jun. 30, 2020USD ($) |
Commitments and Contingencies Disclosure [Abstract] | |
Commitment for additional fund | $ 10.1 |
Acquisitions - Narrative (Detai
Acquisitions - Narrative (Details) shares in Thousands, $ in Thousands | Jul. 01, 2020USD ($)bank_branchshares | Jun. 30, 2020USD ($) | Jun. 30, 2019USD ($) | Jun. 30, 2020USD ($) | Jun. 30, 2019USD ($) | Dec. 31, 2019USD ($) |
Business Acquisition [Line Items] | ||||||
Assets | $ 15,004,887 | $ 15,004,887 | $ 12,916,016 | |||
Total loans | 10,132,510 | 10,132,510 | 8,812,553 | |||
Deposits | 12,702,085 | 12,702,085 | $ 10,897,244 | |||
Merger-related costs excluded from pro forma | 397 | $ 3,894 | 1,205 | $ 4,440 | ||
Three Shores Bancorporation, Inc. | ||||||
Business Acquisition [Line Items] | ||||||
Assets | 2,160,000 | 2,160,000 | ||||
Total loans | 1,470,000 | 1,470,000 | ||||
Deposits | $ 1,790,000 | $ 1,790,000 | ||||
Three Shores Bancorporation | Subsequent Event | ||||||
Business Acquisition [Line Items] | ||||||
Number of banking offices | bank_branch | 14 | |||||
Total consideration | $ 188,000 | |||||
Equity consideration | 164,000 | |||||
Cash consideration | $ 24,100 | |||||
Shares issued in acquisition (in shares) | shares | 8,130 | |||||
FMBT | Merger-related costs | ||||||
Business Acquisition [Line Items] | ||||||
Merger-related costs excluded from pro forma | $ 924 | $ 1,020 |
Acquisitions - Pro forma inform
Acquisitions - Pro forma information (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended |
Jun. 30, 2019 | Jun. 30, 2020 | |
Business Acquisition [Line Items] | ||
Supplemental consolidated pro forma revenue | $ 139,489 | $ 275,991 |
Supplemental consolidated pro forma net income | 43,913 | 89,504 |
FMBT | ||
Business Acquisition [Line Items] | ||
Actual revenue included since acquisition date | 2,327 | 2,327 |
Actual net income included since acquisition date | $ 1,187 | $ 1,187 |
Subsequent Events (Details)
Subsequent Events (Details) - $ / shares | Aug. 05, 2020 | Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 |
Subsequent Event [Line Items] | |||||
Cash dividend declared per common share (in dollars per share) | $ 0.18 | $ 0.17 | $ 0.36 | $ 0.33 | |
Subsequent Event | Common stock, par value $1 per share | |||||
Subsequent Event [Line Items] | |||||
Cash dividend declared per common share (in dollars per share) | $ 0.18 | ||||
Dividend payable date | Oct. 5, 2020 | ||||
Dividend date of record | Sep. 15, 2020 | ||||
Subsequent Event | Series I perpetual non-cumulative preferred stock | |||||
Subsequent Event [Line Items] | |||||
Preferred stock dividend per preferred share (in dollars per share) | $ 453.559 | ||||
Dividend payable date | Sep. 15, 2020 | ||||
Dividend date of record | Aug. 31, 2020 | ||||
Subsequent Event | Depositary share on Series I perpetual non-cumulative preferred stock | |||||
Subsequent Event [Line Items] | |||||
Preferred stock dividend per preferred share (in dollars per share) | $ 0.453559 |