Cover
Cover - USD ($) | 12 Months Ended | ||
Dec. 31, 2022 | Jan. 31, 2023 | Jun. 30, 2022 | |
Entity Listings [Line Items] | |||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Period End Date | Dec. 31, 2022 | ||
Current Fiscal Year End Date | --12-31 | ||
Document Transition Report | false | ||
Entity File Number | 001-35095 | ||
Entity Registrant Name | UNITED COMMUNITY BANKS, INC. | ||
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 Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
ICFR Auditor Attestation Flag | true | ||
Entity Shell Company | false | ||
Entity Public Float | $ 3,187,685,387 | ||
Entity Common Stock, Shares Outstanding | 115,031,867 | ||
Documents Incorporated by Reference | Portions of the registrant’s Proxy Statement for the 2023 Annual Meeting of Shareholders to be held on May 17, 2023 (the “2023 Proxy Statement”) are incorporated herein into Part III by reference. | ||
Entity Central Index Key | 0000857855 | ||
Document Fiscal Year Focus | 2022 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false | ||
Common stock, par value $1 per share | |||
Entity Listings [Line Items] | |||
Title of 12(b) Security | Common stock, par value $1 per share | ||
Trading Symbol | UCBI | ||
Security Exchange Name | NASDAQ | ||
Depositary shares, each representing 1/1000th interest in a share of Series I Non-Cumulative Preferred Stock | |||
Entity Listings [Line Items] | |||
Title of 12(b) Security | Depositary shares, each representing 1/1000th interest in a share of Series I Non-Cumulative Preferred Stock | ||
Trading Symbol | UCBIO | ||
Security Exchange Name | NASDAQ |
Audit Information
Audit Information | 12 Months Ended |
Dec. 31, 2022 | |
Audit Information [Abstract] | |
Auditor Name | PricewaterhouseCoopers LLP |
Auditor Location | Atlanta, Georgia |
Auditor Firm ID | 238 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
ASSETS | ||
Cash and due from banks | $ 195,771 | $ 144,244 |
Interest-bearing deposits in banks | 316,082 | 2,147,266 |
Federal funds and other short-term investments | 135,000 | 27,000 |
Cash and cash equivalents | 646,853 | 2,318,510 |
Debt securities available-for-sale | 3,614,333 | 4,496,824 |
Debt securities held-to-maturity (fair value $2,191,073 and $1,148,804, respectively) | 2,613,648 | 1,156,098 |
Loans held for sale at fair value | 13,600 | 44,109 |
Loans and leases held for investment | 15,334,627 | 11,760,346 |
Less allowance for credit losses - loans and leases | (159,357) | (102,532) |
Loans and leases, net | 15,175,270 | 11,657,814 |
Premises and equipment, net | 298,456 | 245,296 |
Bank owned life insurance | 299,297 | 217,713 |
Accrued interest receivable | 72,807 | 42,999 |
Net deferred tax asset | 129,313 | 41,322 |
Derivative financial instruments | 50,636 | 42,480 |
Goodwill and other intangible assets, net | 779,248 | 472,407 |
Other assets | 315,423 | 211,199 |
Total assets | 24,008,884 | 20,946,771 |
Deposits [Abstract] | ||
Noninterest-bearing demand | 7,643,081 | 6,956,981 |
Interest-bearing deposits | 12,233,426 | 11,284,198 |
Total deposits | 19,876,507 | 18,241,179 |
Short-term borrowings | 158,933 | 0 |
Federal Home Loan Bank advances | 550,000 | 0 |
Long-term debt | 324,663 | 247,360 |
Derivative financial instruments | 99,543 | 25,145 |
Accrued expenses and other liabilities | 298,564 | 210,842 |
Total liabilities | 21,308,210 | 18,724,526 |
Commitments and contingencies | ||
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 | 96,422 | 96,422 |
Common stock, $1 par value; 200,000,000 shares authorized, respectively; 106,222,758 and 89,349,826 shares issued and outstanding, respectively | 106,223 | 89,350 |
Common stock issuable; 607,128 and 595,705 shares, respectively | 12,307 | 11,288 |
Capital surplus | 2,306,366 | 1,721,007 |
Retained earnings | 508,844 | 330,654 |
Accumulated other comprehensive loss | (329,488) | (26,476) |
Total shareholders’ equity | 2,700,674 | 2,222,245 |
Total liabilities and shareholders’ equity | $ 24,008,884 | $ 20,946,771 |
Common Stock, Shares Authorized | 200,000,000 | 200,000,000 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) | Dec. 31, 2022 | Dec. 31, 2021 |
Statement of Financial Position [Abstract] | ||
HTM debt securities | $ 2,191,073,000 | $ 1,148,804,000 |
Preferred stock, par value (in dollars per share) | $ 1 | $ 1 |
Preferred stock authorized (in shares) | 10,000,000 | 10,000,000 |
Preferred stock liquidation preference (in dollars per share) | $ 25,000 | $ 25,000 |
Preferred stock issued (in shares) | 4,000 | 4,000 |
Preferred stock outstanding (in shares) | 4,000 | 4,000 |
Common stock, par value (in dollars per share) | $ 1 | $ 1 |
Common stock authorized (in shares) | 200,000,000 | 200,000,000 |
Common stock issued (in shares) | 106,222,758 | 89,349,826 |
Common stock outstanding (in shares) | 106,222,758 | 89,349,826 |
Common stock issuable (in shares) | 607,128 | 595,705 |
Consolidated Statements of Inco
Consolidated Statements of Income - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Interest revenue: | |||
Loans, including fees | $ 673,402 | $ 505,734 | $ 494,212 |
Investment securities: | |||
Taxable | 121,501 | 61,994 | 55,031 |
Tax exempt | 10,323 | 8,978 | 7,043 |
Deposits in banks and short-term investments | 7,929 | 2,088 | 1,710 |
Total interest revenue | 813,155 | 578,794 | 557,996 |
Interest expense: | |||
Deposits | 42,099 | 14,845 | 41,772 |
Short-term borrowings | 507 | 0 | 3 |
Federal Home Loan Bank advances | 1,424 | 3 | 28 |
Long-term debt | 16,768 | 14,912 | 14,434 |
Total interest expense | 60,798 | 29,760 | 56,237 |
Net interest revenue | 752,357 | 549,034 | 501,759 |
Provision for credit losses | 63,913 | (37,550) | 80,434 |
Net interest revenue after provision for credit losses | 688,444 | 586,584 | 421,325 |
Noninterest income: | |||
Wealth management fees | 23,594 | 18,998 | 9,240 |
Gains from other loan sales, net | 10,730 | 11,267 | 5,420 |
Other lending and loan servicing fees | 10,005 | 9,427 | 8,028 |
Securities (losses) gains, net | (3,872) | 83 | 748 |
Other | 26,563 | 25,729 | 24,185 |
Total noninterest income | 137,707 | 157,818 | 156,109 |
Total revenue | 826,151 | 744,402 | 577,434 |
Noninterest expenses: | |||
Salaries and employee benefits | 276,205 | 241,443 | 224,060 |
Occupancy | 36,247 | 28,619 | 25,791 |
Communications and equipment | 38,234 | 29,829 | 27,149 |
Professional fees | 20,166 | 20,589 | 18,032 |
Lending and loan servicing expense | 9,350 | 10,859 | 10,993 |
Outside services - electronic banking | 12,583 | 9,481 | 7,513 |
Postage, printing and supplies | 8,749 | 7,110 | 6,779 |
Advertising and public relations | 8,384 | 5,910 | 15,203 |
FDIC assessments and other regulatory charges | 9,894 | 7,398 | 5,982 |
Amortization of intangibles | 6,826 | 4,045 | 4,168 |
Merger-related and other charges | 19,375 | 13,970 | 7,018 |
Other | 24,136 | 17,386 | 15,301 |
Total noninterest expenses | 470,149 | 396,639 | 367,989 |
Income before income taxes | 356,002 | 347,763 | 209,445 |
Income tax expense | 78,530 | 77,962 | 45,356 |
Net income | 277,472 | 269,801 | 164,089 |
Net income available to common shareholders, basic | 269,135 | 261,269 | 159,269 |
Net income available to common shareholders, diluted | $ 269,135 | $ 261,269 | $ 159,269 |
Income per common share: | |||
Basic (in dollars per share) | $ 2.52 | $ 2.97 | $ 1.91 |
Diluted (in dollars per share) | $ 2.52 | $ 2.97 | $ 1.91 |
Weighted average common shares outstanding: | |||
Basic (in shares) | 106,661 | 87,940 | 83,184 |
Diluted (in shares) | 106,778 | 88,097 | 83,248 |
Service charges and fees | |||
Noninterest income: | |||
Service charges and other related fees | $ 38,163 | $ 33,868 | $ 32,401 |
Mortgage loan gains and related fees | |||
Noninterest income: | |||
Service charges and other related fees | $ 32,524 | $ 58,446 | $ 76,087 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Statement of Comprehensive Income [Abstract] | |||
Net income, Before-tax Amount | $ 356,002 | $ 347,763 | $ 209,445 |
Net income, Tax (Expense) Benefit | (78,530) | (77,962) | (45,356) |
Net income, Net of Tax Amount | 277,472 | 269,801 | 164,089 |
Unrealized gains (losses) on available-for-sale securities: | |||
Unrealized holding (losses) gains, Before-tax Amount | (428,605) | (92,231) | 39,385 |
Unrealized holding (losses) gains, Tax (Expense) Benefit | 101,344 | 23,294 | (9,514) |
Unrealized holding (losses) gains, Net of Tax Amount | (327,261) | (68,937) | 29,871 |
Reclassification of securities from available-for-sale to held-to-maturity, Before-tax Amount | 87,444 | 0 | 0 |
Reclassification of securities from available-for-sale to held-to-maturity, Tax (Expense) Benefit | (20,770) | 0 | 0 |
Reclassification of securities from available-for-sale to held-to-maturity, Net of Tax Amount | 66,674 | 0 | 0 |
Realized (gains) losses included in net income, Before-tax Amount | 3,872 | (83) | (748) |
Realized (gains) losses included in net income, Tax (Expense) Benefit | (1,026) | (46) | 191 |
Realized (gains) losses included in net income, Net of Tax Amount | 2,846 | (129) | (557) |
Net unrealized (losses) gains, Before-tax Amount | (337,289) | (92,314) | 38,637 |
Net unrealized (losses) gains, Tax (Expense) Benefit | 79,548 | 23,248 | (9,323) |
Net unrealized (losses) gains, Net of Tax Amount | (257,741) | (69,066) | 29,314 |
Unrealized losses on held-to-maturity securities transferred from available-for-sale: | |||
Reclassification of unrealized losses, Before-tax Amount | (87,444) | 0 | 0 |
Reclassification of unrealized losses, Tax (Expense) Benefit | 20,770 | 0 | 0 |
Reclassification of unrealized losses, Net of Tax Amount | (66,674) | 0 | 0 |
Amortization of unrealized losses, Before-tax amount | 9,049 | 0 | 723 |
Amortization of unrealized losses, Tax (Expense) Benefit | (2,167) | 0 | (173) |
Amortization of unrealized losses, , Net of Tax Amount | 6,882 | 0 | 550 |
Net activity, Before-tax Amount | (78,395) | 0 | 723 |
Net activity, Tax (Expense) Benefit | 18,603 | 0 | (173) |
Net activity, Net of Tax Amount | (59,792) | 0 | 550 |
Derivative instruments designated as cash flow hedges: | |||
Unrealized holding gains (losses) on derivatives, Before-tax Amount | 12,721 | 3,837 | (149) |
Unrealized holding gains (losses) on derivatives, Tax (Expense) Benefit | (3,249) | (979) | 38 |
Unrealized holding gains (losses) on derivatives, Net of Tax Amount | 9,472 | 2,858 | (111) |
Losses on derivative instruments realized in net income, Before-tax Amount | 269 | 608 | 359 |
Losses on derivative instruments realized in net income, Tax (Expense) Benefit | (69) | (156) | (91) |
Losses on derivative instruments realized in net income, Net of Tax Amount | 200 | 452 | 268 |
Net cash flow hedge activity, Before-tax Amount | 12,990 | 4,445 | 210 |
Net cash flow hedge activity, Tax (Expense) Benefit | (3,318) | (1,135) | (53) |
Net cash flow hedge activity, Net of Tax Amount | 9,672 | 3,310 | 157 |
Defined benefit pension plan activity: | |||
Net actuarial gain (loss) on defined benefit pension plans, Before-tax Amount | 5,833 | 1,066 | (1,804) |
Net actuarial gain (loss) on defined benefit pension plans, Tax (Expense) Benefit | (1,490) | (273) | 461 |
Net actuarial gain (loss) on defined benefit pension plans, Net of Tax Amount | 4,343 | 793 | (1,343) |
Amortization of defined benefit pension plan net periodic pension cost components, Before-tax Amount | 680 | 1,044 | 857 |
Amortization of defined benefit pension plan net periodic pension cost components, Tax (Expense) Benefit | (174) | (267) | (219) |
Amortization of defined benefit pension plan net periodic pension cost components, Net of Tax Amount | 506 | 777 | 638 |
Net defined benefit pension plan activity, Before-tax Amount | 6,513 | 2,110 | (947) |
Net defined benefit pension plan activity, Tax (Expense) Benefit | (1,664) | (540) | 242 |
Net defined benefit pension plan activity, Net of Tax Amount | 4,849 | 1,570 | (705) |
Total other comprehensive (loss) income, Before-tax Amount | (396,181) | (85,759) | 38,623 |
Total other comprehensive (loss) income, Tax (Expense) Benefit | 93,169 | 21,573 | (9,307) |
Total other comprehensive (loss) income, Net of Tax Amount | (303,012) | (64,186) | 29,316 |
Comprehensive (loss) income, Before-tax Amount | (40,179) | 262,004 | 248,068 |
Comprehensive (loss) income, Tax (Expense) Benefit | 14,639 | (56,389) | (54,663) |
Comprehensive (loss) income, Net of Tax Amount | $ (25,540) | $ 205,615 | $ 193,405 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Shareholders' Equity - USD ($) $ in Thousands | Total | Adoption of new accounting standard | Preferred Stock | Common Stock | Common Stock Issuable | Capital Surplus | Retained Earnings | Retained Earnings Adoption of new accounting standard | Accumulated Other Comprehensive Income (Loss) |
Beginning balance (in shares) at Dec. 31, 2019 | 79,013,729 | ||||||||
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 | 164,089 | 164,089 | |||||||
Other comprehensive income (loss) | 29,316 | 29,316 | |||||||
Issuance of preferred stock | 96,422 | 96,422 | |||||||
Common stock issued for acquisitions (in shares) | 8,130,633 | ||||||||
Common stock issued for acquisitions | $ 163,589 | $ 8,131 | 155,458 | ||||||
Purchases of common stock (in shares) | (826,482) | (826,482) | |||||||
Purchases of common stock | $ (20,782) | $ (827) | (19,955) | ||||||
Preferred stock dividends | (3,533) | (3,533) | |||||||
Common stock dividends | (60,310) | (60,310) | |||||||
Impact of equity-based compensation awards (in shares) | 202,437 | ||||||||
Impact of equity-based compensation awards | 6,086 | $ 202 | 1,120 | 4,764 | |||||
Impact of other equity plans (in shares) | 154,962 | ||||||||
Impact of other equity plans | 490 | $ 155 | (1,756) | 2,091 | |||||
Ending balance at Dec. 31, 2020 | 2,007,530 | 96,422 | $ 86,675 | 10,855 | 1,638,999 | 136,869 | 37,710 | ||
Ending balance (in shares) at Dec. 31, 2020 | 86,675,279 | ||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Net income | 269,801 | 269,801 | |||||||
Other comprehensive income (loss) | (64,186) | (64,186) | |||||||
Common stock issued for acquisitions (in shares) | 2,863,734 | ||||||||
Common stock issued for acquisitions | $ 95,525 | $ 2,864 | 92,661 | ||||||
Purchases of common stock (in shares) | (492,744) | (492,744) | |||||||
Purchases of common stock | $ (15,101) | $ (493) | (14,608) | ||||||
Preferred stock dividends | (6,876) | (6,876) | |||||||
Common stock dividends | (69,140) | (69,140) | |||||||
Impact of equity-based compensation awards (in shares) | 224,706 | ||||||||
Impact of equity-based compensation awards | 3,692 | $ 225 | 1,061 | 2,406 | |||||
Impact of other equity plans (in shares) | 78,851 | ||||||||
Impact of other equity plans | 1,000 | $ 79 | (628) | 1,549 | |||||
Ending balance at Dec. 31, 2021 | 2,222,245 | 96,422 | $ 89,350 | 11,288 | 1,721,007 | 330,654 | (26,476) | ||
Ending balance (in shares) at Dec. 31, 2021 | 89,349,826 | ||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Net income | 277,472 | 277,472 | |||||||
Other comprehensive income (loss) | (303,012) | (303,012) | |||||||
Common stock issued for acquisitions (in shares) | 16,571,545 | ||||||||
Common stock issued for acquisitions | $ 596,376 | $ 16,571 | 579,805 | ||||||
Purchases of common stock (in shares) | 0 | ||||||||
Preferred stock dividends | $ (6,875) | (6,875) | |||||||
Common stock dividends | (92,407) | (92,407) | |||||||
Impact of equity-based compensation awards (in shares) | 233,489 | ||||||||
Impact of equity-based compensation awards | 6,941 | $ 234 | 2,046 | 4,661 | |||||
Impact of other equity plans (in shares) | 67,898 | ||||||||
Impact of other equity plans | (66) | $ 68 | (1,027) | 893 | |||||
Ending balance at Dec. 31, 2022 | $ 2,700,674 | $ 96,422 | $ 106,223 | $ 12,307 | $ 2,306,366 | $ 508,844 | $ (329,488) | ||
Ending balance (in shares) at Dec. 31, 2022 | 106,222,758 |
Consolidated Statements of Ch_2
Consolidated Statements of Changes in Shareholders' Equity (Parenthetical) - $ / shares | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Statement of Stockholders' Equity [Abstract] | |||
Common stock dividends (in dollars per share) | $ 0.86 | $ 0.78 | $ 0.72 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Operating activities: | |||
Net income | $ 277,472 | $ 269,801 | $ 164,089 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Depreciation, amortization and accretion, net | 46,700 | (2,063) | (8,586) |
Provision for credit losses | 63,913 | (37,550) | 80,434 |
Stock-based compensation | 8,705 | 6,554 | 7,887 |
Deferred income tax expense | 10,918 | 20,787 | 2,668 |
Securities losses (gains), net | 3,872 | (83) | (748) |
Gains from other loan sales, net | (10,730) | (11,267) | (5,420) |
Changes in assets and liabilities: | |||
(Increase) decrease in other assets | (14,694) | 53,416 | (20,139) |
Increase (decrease) in other liabilities | 76,614 | (1,599) | (14,783) |
Decrease (increase) in loans held for sale | 144,537 | 61,324 | (46,721) |
Net cash provided by operating activities | 607,307 | 359,320 | 158,681 |
Debt securities held-to-maturity: | |||
Proceeds from maturities and calls | 205,140 | 68,319 | 57,981 |
Purchases | (326,494) | (806,405) | (157,465) |
Debt securities available-for-sale: | |||
Proceeds from sales | 318,457 | 288,986 | 40,625 |
Proceeds from maturities and calls | 706,285 | 974,721 | 834,725 |
Purchases | (1,667,466) | (2,587,420) | (1,456,311) |
Net (increase) decrease in loans | (1,228,675) | 178,234 | (1,069,089) |
Equity investments, outflows | (68,185) | (15,595) | (15,885) |
Equity investments, inflows | 31,535 | 8,481 | 401 |
Net cash received in acquisitions | 35,243 | 103,065 | 195,699 |
Purchases of premises and equipment | (42,704) | (26,483) | (18,462) |
Proceeds from sales of premises and equipment | 9,743 | 4,247 | 903 |
Proceeds from sale of other real estate owned and repossessed assets | 3,751 | 3,290 | 1,074 |
Other investing outflows | 0 | (610) | 0 |
Other investing inflows | 3,189 | 767 | 5,241 |
Net cash used in investing activities | (2,020,181) | (1,806,403) | (1,580,563) |
Financing activities: | |||
Net (decrease) increase in deposits | (866,929) | 2,353,451 | 2,534,471 |
Net increase in short-term borrowings | 158,933 | 0 | 0 |
Proceeds from Federal Home Loan Bank advances | 790,000 | 10,000 | 5,000 |
Repayment of Federal Home Loan Bank advances | (240,000) | (34,509) | (134,121) |
Repayment of long-term debt | 0 | (80,632) | 0 |
Proceeds from issuance of long-term debt, net of issuance costs | 0 | 0 | 98,552 |
Repurchase of common stock | 0 | (15,101) | (20,782) |
Proceeds from issuance of Series I preferred stock, net of issuance costs | 0 | 0 | 96,422 |
Cash dividends on common stock | (86,883) | (66,914) | (58,912) |
Cash dividends on preferred stock | (6,875) | (6,876) | (3,533) |
Other financing inflows | 1,125 | 737 | 1,317 |
Other financing outflows | (8,154) | (3,182) | (3,119) |
Net cash (used in) provided by financing activities | (258,783) | 2,156,974 | 2,515,295 |
Net change in cash and cash equivalents | (1,671,657) | 709,891 | 1,093,413 |
Cash and cash equivalents at beginning of year | 2,318,510 | 1,608,619 | 515,206 |
Cash and cash equivalents at end of year | $ 646,853 | $ 2,318,510 | $ 1,608,619 |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2022 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Summary of Significant Accounting Policies See the Glossary of Defined Terms at the beginning of this Report for terms used herein. The accounting principles followed by United and the methods of applying these principles conform with GAAP and with general practices within the banking industry. The following is a description of the significant policies. Organization and Basis of Presentation The Holding Company is a bank holding company under the BHC Act and, as of July 1, 2021, a financial holding company under the GLB Act. Financial holding company status allows for engagement in a broader range of financial activities. Prior to that the Holding Company was a bank holding company. The Holding Company’s principal business is conducted by its wholly-owned commercial bank subsidiary, United Community Bank. United is subject to regulation under the BHC Act. The consolidated financial statements include the accounts of the Holding Company, the Bank and other wholly-owned subsidiaries. All significant intercompany accounts and transactions have been eliminated in consolidation. Effective July 1, 2021, the Bank moved its headquarters from Blairsville, Georgia to Greenville, South Carolina and became a South Carolina state-chartered bank subject to examination and reporting requirements of the SCBFI. Prior to that date, the Bank was a Georgia state-chartered bank subject to examination and reporting requirements of the GADBF. The Bank serves both rural and metropolitan markets in Georgia, South Carolina, North Carolina, Tennessee and Florida and provides a full range of banking services. The Bank is insured by and subject to the regulation of the FDIC. Use of Estimates In preparing the consolidated financial statements, management is required to make estimates and assumptions that affect the reported amounts of assets and liabilities as of the dates of the balance sheet and revenue and expenses for the years then ended. Actual results could differ significantly from those estimates. Material estimates that are particularly susceptible to significant change are the determination of the ACL, the valuation of acquired loans, the valuation of real estate acquired in connection with foreclosures or in satisfaction of loans, the valuation of goodwill and separately identifiable intangible assets associated with mergers and acquisitions, and the valuation of deferred tax assets. Operating Segments Operating segments are components of a business about which separate financial information is available and evaluated regularly by the chief operating decision maker in deciding how to allocate resources and assessing performance. Public companies are required to report certain financial information about operating segments in interim and annual financial statements. United’s community banking operations are divided among geographic regions and local community banks within those regions. Those regions and banks have similar economic characteristics and products and are therefore considered to be one operating segment. Cash and Cash Equivalents Cash equivalents include amounts due from banks, interest-bearing deposits in banks, federal funds sold, commercial paper, reverse repurchase agreements and short-term investments and are carried at cost. Federal funds are generally sold for one-day periods, interest-bearing deposits in banks are available on demand and commercial paper investments and reverse repurchase agreements mature within a period of less than 90 days. Investments Debt Securities: Debt securities are classified as HTM and carried at amortized cost when management has the positive intent and ability to hold them to maturity. Debt securities are classified as AFS when they may be sold before maturity. AFS securities are carried at fair value, with unrealized holding gains and losses reported in OCI, net of tax. Interest income includes amortization of purchase premiums or discounts. Premiums and discounts on securities are generally amortized or accreted 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 AFS to HTM are included in the balance of AOCI in the consolidated balance sheets. These unrealized holding gains or losses are amortized/accreted 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 nonaccrual is reversed against interest income. The CECL framework requires an estimate of expected credit losses for the remaining estimated life of the financial asset using historical experience, current conditions, and reasonable and supportable forecasts. The following discussion provides a description of the methodology applied to calculate the ACL under CECL. ACL - HTM Debt Securities: Management measures current expected credit losses on HTM debt securities on a collective basis by major security type. The estimate of current expected credit losses considers historical credit loss information that is adjusted for current conditions and reasonable and supportable forecasts. Management classifies the HTM portfolio into the following major security types: U.S. Treasuries, U.S. Government agencies and GSEs, state and political subdivisions, residential mortgage-backed, agency and GSEs, commercial mortgage-backed, agency and GSEs and supranational entities. Accrued interest receivable on HTM debt is excluded from the estimate of credit losses. All of the residential and commercial mortgage-backed securities held by United as HTM are issued by U.S. Government agencies and GSEs. 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. ACL - AFS Debt Securities: For AFS 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 AFS debt securities 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. Accrued interest receivable on AFS debt securities is excluded from the estimate of credit losses. 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 AFS security is confirmed or when either of the criteria regarding intent or requirement to sell is met. Equity investments: Equity investments are included in other assets on the consolidated balance sheets. Those with readily determinable fair values are carried at fair value with changes in fair value recognized in other noninterest income. Those without readily determinable fair values include, among others, FHLB stock, which is held to meet FHLB requirements related to outstanding advances and accounted for using the cost method of accounting. As conditions warrant, management reviews investments for impairment and adjusts the carrying value of the investment if it is deemed to be impaired. Loans Held for Sale United has elected the fair value option for the majority of newly originated mortgage loans held for sale in order to reduce certain timing differences and match changes in fair values of the loans with changes in the fair value of derivative instruments used to economically hedge them. In connection with the Reliant acquisition, United acquired certain mortgage loans held for sale for which the fair value option was not elected; these loans are carried at the lower of aggregate cost or fair value. 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. 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 over the life of the loan. 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, if applicable, estimated or contractual residual values less unearned income and security deposits. For lease receivables with a residual value, the determination of such 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 tax from consideration in these lease contracts. PCD Loans: In acquisitions, United may acquire 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 their fair value at the acquisition date. An initial ACL is determined using the same methodology as other loans held for investment and recognized as an adjustment to the acquisition price of the asset; thus, 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. Nonaccrual Loans: The accrual of interest is generally discontinued when a loan becomes 90 days past due or when management believes, after considering economic and business conditions and collection efforts, that the principal or interest will not be collectable in the normal course of business. A loan may continue to accrue interest after 90 days if it is well collateralized and in the process of collection. 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 using the cost-recovery method, until qualifying for return to accrual. Under the cost-recovery method, interest payments are reflected as a reduction of the carrying amount of the loan and 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. TDRs: 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. Modified terms that result in a TDR include one or a combination of the following: a reduction of the stated interest rate of the loan, an extension of the amortization period that would not otherwise be considered in the current market for new debt with similar risk characteristics; a restructuring of the borrower’s debt into an “A/B note structure” in which the A note would fall within the borrower’s ability to pay and the remainder would be included in the B note; a mandated bankruptcy restructuring; or interest-only payment terms greater than 90 days where the borrower is unable to amortize the loan. Collateral dependent TDRs that subsequently default or are placed on nonaccrual are charged down to the fair value of the collateral consistent with United’s policy for nonaccrual loans. Concentration of Credit Risk: Most of United’s business activity is with customers located within the markets where it has banking operations. Therefore, United’s exposure to credit risk is significantly affected by changes in the economy within its markets. Approximately 73% of United’s loan portfolio is secured by real estate and is therefore susceptible to changes in real estate valuations. ACL- Loans The CECL framework requires an estimate of expected credit losses for the remaining estimated life of the financial asset using historical experience, current conditions, and reasonable and supportable forecasts. The following discussion provides a description of the methodology applied to calculate the ACL under CECL. 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. 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. For the majority of loans and leases the ACL is 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. The ACL-loans 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. HELOC - Risks common to home equity lines of credit are general economic conditions, including an increase in unemployment rates, and declining real estate values that 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. Manufactured housing - Risks associated with manufactured housing are similar to those described for residential mortgage loans, including general economic conditions and unemployment rates, as well as appropriate lien priority and the general mobility of the collateral. 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. 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. 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 TDR 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. ACL - Off-Balance Sheet Credit Exposures Management estimates expected credit losses on commitments to extend credit over the contractual period during which United is exposed to credit risk on the underlying commitments. The ACL on off-balance sheet credit exposures is adjusted as a provision for credit loss expense. The estimate includes consideration of the likelihood that funding will occur and an estimate of expected credit losses on commitments expected to be funded over its estimated life. The ACL is calculated using the same aggregate reserve rates calculated for the funded portion of loans at the portfolio level applied to the amount of commitments expected to fund. Premises and Equipment Premises and equipment are stated at cost less accumulated depreciation. Depreciation is computed primarily using the straight line method over the estimated useful lives of the related assets. Costs incurred for maintenance and repairs are expensed as incurred. The range of estimated useful lives for buildings and improvements is 10 to 40 years, for land improvements, 10 years, and for furniture and equipment, 3 to 10 years. United periodically reviews the carrying value of premises and equipment for impairment whenever events or circumstances indicate that the carrying amount of such assets may not be fully recoverable. Foreclosed Properties (OREO) Foreclosed property is initially recorded at fair value, less cost to sell. If the fair value, less cost to sell at the time of foreclosure is less than the loan balance, the deficiency is recorded as a loan charge-off against the ACL. If the fair value, less cost to sell, of the foreclosed property decreases during the holding period, a valuation allowance is established with a charge to operating expenses. When the foreclosed property is sold, a gain or loss is recognized on the sale for the difference between the sales proceeds and the carrying amount of the property. Goodwill and Other Intangible Assets Goodwill is an asset representing the future economic benefits from other assets acquired that are not individually identified and separately recognized. Goodwill is measured as the excess of the consideration transferred, net of the fair value of identifiable assets acquired and liabilities assumed at the acquisition date. Goodwill is not amortized, but instead is tested for impairment annually or more frequently if events or circumstances exist that indicate a goodwill impairment test should be performed. Other intangible assets, which are initially recorded at fair value, consist of core deposit and customer list intangibles resulting from acquisitions. Core deposit intangible assets are amortized over their estimated useful lives using the sum-of-the-years-digits method. Customer list intangibles are amortized over their estimated useful lives using the straight-line method. Management evaluates other intangible assets for impairment whenever events or changes in circumstances indicate the carrying amount of the asset may not be recoverable. Transfers of Financial Assets Transfers of financial assets are accounted for as sales when control over the assets has been relinquished. Control over transferred assets is deemed to be surrendered when the assets have been isolated from United, the transferee obtains the right, free of conditions that constrain it from taking advantage of that right, to pledge or exchange the transferred assets and United does not maintain effective control over the transferred assets through an agreement to repurchase them before maturity. Servicing Rights United records a separate servicing asset for SBA loans, USDA loans, and residential mortgage loans when the loan is sold but servicing is retained. This asset represents the right to service the loans and receive a fee in compensation. Servicing assets are initially recorded at their fair value as a component of the sale proceeds. The fair value of the servicing assets is based on an analysis of discounted cash flows that incorporates estimates of (1) market servicing costs, (2) market-based prepayment rates, and (3) market profit margins. Servicing assets are included in other assets. United has elected to subsequently measure the servicing assets for government guaranteed loans and residential mortgage loans at fair value. The rate of prepayment of loans serviced is the most significant estimate involved in the measurement process. Estimates of prepayment rates are based on market expectations of future prepayment rates, industry trends, and other considerations. Actual prepayment rates will differ from those projected by management due to changes in a variety of economic factors, including prevailing interest rates and the availability of alternative financing sources to borrowers. If actual prepayments of the loans being serviced were to occur more quickly than projected, the carrying value of servicing assets might have to be written down through a charge to earnings in the current period. If actual prepayments of the loans being serviced were to occur more slowly than had been projected, the carrying value of servicing assets could increase, and servicing income would exceed previously projected amounts. United accounts for the servicing liabilities associated with sold equipment financing loans using the amortization method. Servicing liabilities are included in accrued expenses and other liabilities. BOLI United has purchased life insurance policies on certain key executives and members of management. United has also received life insurance policies on members of acquired bank management teams and board members through acquisitions of other banks. BOLI is recorded at the amount that can be realized under the insurance contract at the balance sheet date, which is the cash surrender value adjusted for other changes or other amounts due that are probable at settlement. Operating Leases United records a ROU asset, included in other assets other liabilities Loan Commitments and Related Financial Instruments Financial instruments include off-balance sheet credit instruments such as commitments to make loans and commercial letters of credit issued to meet customer financing needs. The face amount for these items represents the exposure to loss before considering customer collateral or ability to repay. Such financial instruments are recorded when they are funded. VIEs United holds investments in certain legal entities that are considered VIEs. VIEs are legal entities in which equity investors do not have sufficient equity at risk for the entity to independently finance its activities, or as a group, the holders of the equity investment at risk lack the power through voting or similar rights to direct the activities of the entity that most significantly impact its economic performance, or do not have the obligation to absorb the expected losses of the entity or the right to receive expected residual returns of the entity. Consolidation of a VIE is required if a reporting entity is the primary beneficiary of the VIE. Investments in VIEs are evaluated to determine if United is the primary beneficiary. This evaluation gives appropriate consideration to the design of the entity and the variability that the entity was designed to create and pass along, the relative power of each party, and to United’s obligation to absorb losses or receive residual returns of the entity. United has variable interests in certain entities that are not required to be consolidated, including LIHTC, renewable energy and other partnership interests. Refer to Note 23, Commitments and Contingencies, for additional disclosures regarding United’s VIEs. With the exception of LIHTC partnerships, investments in entities for which United has the ability to exercise significant influence, but not control, over operating and financing decisions are accounted for using the equity method of accounting. Equity method investments are included in other assets in the consolidated balance sheets at cost, adjusted to reflect United’s portion of income, loss, or dividends of the investee. United records its portion of income or loss in other noninterest income in the consolidated statements of income. These investments are periodically evaluated for impairment. LIHTC investments are accounted for using the proportional amortization method of accounting for qualified affordable housing investments, which results in the amortization being reported as a component of income tax expense. Obligations related to unfunded commitments for LIHTC and renewable energy investments are reported in other liabilities. Investment tax credits related to renewable energy are accounted for using the deferral method. Revenue from Contracts with Customers In addition to lending and related activities, United offers various services to customers that generate revenue, certain of which are governed by ASC Topic 606 Revenue from Contracts with Customers . United’s services that fall within the scope of this topic are presented within noninterest income and include service charges and fees, wealth management fees, and other transaction-based fees. Revenue is recognized when the transactions occur or as services are performed over primarily monthly or quarterly periods. Payment is typically received in the period the transactions occur. Fees may be fixed or, where applicable, based on a percentage of transaction size. Income Taxes DTAs and DTLs are recorded for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Future tax benefits are recognized to the extent that realization of such benefits is more likely than not. DTAs and DTLs are measured using enacted tax rates expected to apply to taxable income in the years in which the assets and liabilities are expected to be recovered or settled. The effect of a change in tax rates on DTAs and DTLs is recognized in income tax expense during the period that includes the enactment date. In the event the future tax consequences of differences between the financial reporting bases and the tax bases of assets and liabilities results in DTAs, an evaluation of the probability of being able to realize the future benefits indicated by such asset is required. A valuation allowance is provided for the portion of the DTA when it is more likely than not that some or all of the DTA will not be realized. In assessing the realizability of the DTAs, management considers the scheduled reversals of DTLs, projected future taxable earnings and prudent and feasible tax planning strategies. Management weighs both the positive and negative evidence, giving more weight to evidence that can be objectively verified. The income tax benefit or expense is the total of the current year income tax due or refundable and the change in DTAs and DTLs. A tax position is recognized as a benefit only if it is “more likely than not” that the tax position would be sustained in a tax examination, with a tax examination being presumed to occur. The amount recognized is the largest amount of tax benefit that is greater than 50 percent likely of being realized on examination. For tax positions not meeting the “more likely than not” test, no tax benefit is recorded. United recognizes interest and / or penalties related to income tax matters in income tax expense. Derivative Instruments and Hedging Activities United’s interest rate risk management strategy incorporates the use of derivative instruments to minimize fluctuations in net income that are caused by interest rate volatility. The objective is to manage interest rate sensitivity by modifying the repricing or maturity characteristics of certain balance sheet assets and liabilities so that net interest revenue and certain interest sensitive components of noninterest revenue are not, on a material basis, adversely affected by movements in interest rates. United views this strategy as a prudent management of interest rate risk, such that net income is not exposed to undue risk presented by changes in interest rates. In carrying out this part of its interest rate risk management strategy, management uses derivati |
Accounting Standards Updates an
Accounting Standards Updates and Recently Adopted Standards | 12 Months Ended |
Dec. 31, 2022 | |
Accounting Standards Update and Change in Accounting Principle [Abstract] | |
Accounting Standards Updates and Recently Adopted Standards | Accounting Standards Updates and Recently Adopted Standards Recently Adopted Standards In July 2021, the FASB issued ASU No. 2021-05, Leases (Topic 842): Lessors - Certain Leases with Variable Lease Payments . The update amends the lease classification requirements for lessors to align them with practice under the former lease accounting standard. Specifically, lessors should classify a lease with variable lease payments that do not depend on a reference index or rate as an operating lease if certain criteria are met. United adopted this update as of January 1, 2022, with no material impact on the consolidated financial statements. In December 2022, the FASB issued ASU No. 2022-06, Reference Rate Reform (Topic 848): Deferral of the Sunset Date of Topic 848 . Topic 848, which provides optional guidance to ease the potential burden in accounting for (or recognizing the effects of) reference rate reform on financial reporting, originally included a sunset date of December 31, 2022. This update defers the sunset date to December 31, 2024, to better align with the revised LIBOR cessation date of June 30, 2023. After the sunset date, entities will no longer be permitted to apply the relief in Topic 848. United adopted this update immediately, with no material impact on the consolidated financial statements. Accounting Standards Updates Not Yet Adopted as of December 31, 2022 In October 2021, the FASB issued ASU No. 2021-08, Business Combinations (Topic 805): Accounting for Contract Assets and Contract Liabilities from contracts with Customers . The update requires that an acquiring entity apply the guidance from Revenue from Contracts with Customers (Topic 606) to recognize and measure contract assets and contract liabilities in a business combination, rather than fair value. Adoption of this update as of January 1, 2023 did not have a material impact on the consolidated financial statements. In March 2022, the FASB issued ASU No. 2022-01, Derivatives and Hedging (Topic 815): Fair Value Hedging - Portfolio Layer Method . The update expands the current last-of-layer method to a portfolio layer method which allows multiple hedged layers of a single closed portfolio and non-prepayable financial assets. In addition, the update specifies that eligible hedging instruments may include spot-starting or forward-starting swaps and that the number of hedged layers corresponds with the number of hedges designated. Finally, the update provides additional guidance on the accounting for and disclosure of hedge basis adjustments. Adoption of this update as of January 1, 2023 did not have a material impact on the consolidated financial statements. In March 2022, the FASB issued ASU No. 2022-02, Financial Instruments - Credit Losses (Topic 326): Troubled Debt Restructurings and Vintage Disclosures . The update eliminates the previous accounting guidance for TDRs by creditors, while enhancing disclosure requirements for certain loan refinancings and restructurings when a borrower is experiencing financial difficulty. The update also requires that an entity disclose current-period gross charge-offs by year of origination. Adoption of this update as of January 1, 2023 did not have a material impact on the consolidated financial statements. The disclosure provisions of this update will be reflected in United’s first quarter 2023 Form 10Q. In June 2022, the FASB issued ASU No. 2022-03, Fair Value Measurement (Topic 820) - Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions |
Acquisitions
Acquisitions | 12 Months Ended |
Dec. 31, 2022 | |
Business Combination and Asset Acquisition [Abstract] | |
Acquisitions | AcquisitionsThe following note details acquisitions accounted for as business combinations during the periods covered by this Report. Accordingly, assets acquired and liabilities assumed are presented at fair value as of the acquisition date. The determination of fair value requires management to make estimates about discount rates, future expected cash flows, market conditions and other future events that are highly subjective in nature and subject to change. Goodwill is established when the fair value of consideration paid exceeds the fair value of the identifiable assets acquired and liabilities assumed. Fair values are considered preliminary for a period not to exceed one year after the acquisition date and are subject to refinement as information relative to closing date fair values becomes available. Reliant On January 1, 2022, United acquired all of the outstanding common stock of Reliant in a stock transaction. Reliant operated a 25-branch network primarily located in Middle Tennessee, which facilitated United’s growth into those markets. United’s operating results for the year ended December 31, 2022 include the operating results of the acquired business for the period subsequent to the acquisition date of January 1, 2022. The following table presents purchased assets and assumed liabilities recorded at their acquisition date fair values and consideration transferred as well as supplementary information related to the acquired loan portfolio at the acquisition date (in thousands). Reliant Fair Value Recorded by United January 1, 2022 Assets Cash and cash equivalents $ 62,867 Debt securities 249,107 Loans held for sale 116,406 Loans held for investment 2,320,737 Premises and equipment 35,631 BOLI 78,170 Accrued interest receivable 12,027 Net deferred tax asset 5,793 Core deposit intangible 14,500 Other assets 59,768 Total assets acquired 2,955,006 Liabilities Deposits 2,504,823 Short-term borrowings 27,000 Long-term debt 76,730 Other liabilities 48,620 Total liabilities assumed 2,657,173 Total identifiable net assets 297,833 Consideration transferred Cash 624 Common stock issued (16,571,545 shares) 595,581 Options converted 795 Total fair value of consideration transferred 597,000 Goodwill $ 299,167 Supplementary Information on Acquired Loans January 1, 2022 PCD loans: Par value $ 258,462 ACL at acquisition (12,737) Non-credit discount (3,294) Purchase price $ 242,431 Non-PCD loans: Fair value $ 2,078,306 Gross contractual amounts receivable 2,355,205 Estimate of contractual cash flows not expected to be collected 25,990 Goodwill represents the intangible value of Reliant’s business and reputation within the markets it served and is not expected to be deductible for income tax purposes. The Reliant core deposit intangible will be amortized over its expected useful life of 10 years using the sum-of-the-years-digits method. Aquesta On October 1, 2021, United completed the acquisition of Aquesta, a bank headquartered in Cornelius, North Carolina, which operated a network of branches primarily located in the Charlotte metropolitan area. United’s operating results for the year ended December 31, 2021 include the operating results of the acquired business for the period subsequent to the acquisition date. The following table presents purchased assets and assumed liabilities recorded at their acquisition date fair values and consideration transferred as well as supplementary information related to the acquired loan portfolio at the acquisition date (in thousands) . Aquesta Fair Value Recorded by United October 1, 2021 Assets Cash and cash equivalents $ 153,091 Debt securities 60,762 Loans 498,312 Premises and equipment 18,112 BOLI 12,540 Accrued interest receivable 1,419 Net deferred tax asset 2,129 Core deposit intangible 2,030 Other assets 7,553 Total assets acquired 755,948 Liabilities Deposits 657,724 FHLB advances 24,509 Other liabilities 12,084 Total liabilities assumed 694,317 Total identifiable net assets 61,631 Consideration transferred Cash 40,542 Common stock issued (2,731,435 shares) 89,646 Option and warrant equity instruments converted 1,478 Total fair value of consideration transferred 131,666 Goodwill $ 70,035 Supplementary Information on Acquired Loans October 1, 2021 PCD loans: Par value $ 75,579 ACL at acquisition (3,544) Non-credit discount (692) Purchase price $ 71,343 Non-PCD loans: Fair value $ 426,969 Gross contractual amounts receivable 482,737 Estimate of contractual cash flows not expected to be collected 3,399 Goodwill represents the intangible value of Aquesta’s business and reputation within the markets it served and is not expected to be deductible for income tax purposes. The Aquesta core deposit intangible will be amortized over its expected useful life of 10 years using the sum-of-the-years-digits method. FinTrust On July 6, 2021, United completed the acquisition of FinTrust, an investment advisory firm headquartered in Greenville, South Carolina, with additional locations in Anderson, South Carolina, and Athens and Macon, Georgia. The firm provides wealth and investment management services to individuals and institutions within its markets. United’s operating results for the year ended December 31, 2021 include FinTrust’s operating results for the period subsequent to the acquisition date. FinTrust shareholders received $21.7 million in total consideration, which consisted of $4.40 million (132,299 shares) of United common stock, $9.62 million in cash paid at closing, $4.40 million in cash payable due on the first anniversary of the acquisition date and $3.30 million of contingent consideration. The first anniversary payment of $4.40 million was paid in 2022. The contingent consideration represents an earn-out payment due to the sellers of FinTrust on the second anniversary of the acquisition date. The earn-out payment is subject to the achievement of defined target revenue ratios during the two-year period following the acquisition date, which are expected to be fully achieved. At acquisition, United recognized $22.8 million of assets and $1.10 million of liabilities. Assets recorded as a result of the acquisition included goodwill of $14.2 million and a customer relationship intangible of $7.53 million. Goodwill reflects the value of FinTrust’s broad array of products and services, which enhances United’s existing wealth management business. Goodwill is expected to be deductible for tax purposes. United is amortizing the related customer relationship intangible using the straight-line method over 15 years, which represents the expected useful life of the asset. In addition, United recognized right-of-use assets and operating lease liabilities totaling $822,000 for FinTrust’s leased locations. Pro forma information - unaudited The following table discloses the impact of the mergers with Reliant in 2022 and Aquesta and FinTrust in 2021 since the respective acquisition dates through December 31 of the year of acquisition. The table also presents certain pro forma information as if Reliant had been acquired on January 1, 2021, Aquesta and FinTrust had been acquired on January 1, 2020 and Three Shores had been acquired January 1, 2019. These results combine the historical results of the acquired entities with United’s consolidated statements 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. For purposes of pro forma information, merger-related costs incurred in the year of acquisition are excluded from the actual acquisition year results and included in the pro forma acquisition year results. As a result, merger-related costs related to the acquisition of Reliant of $15.7 million are reflected in 2021 pro forma information and merger related costs related to the acquisitions of Aquesta and FinTrust of $9.00 million and $518,000, respectively, are reflected in 2020 pro forma information. Merger-related costs related to the acquisition of Three Shores of $5.04 million were previously reported in 2019 pro forma information, which is not presented in the following table. The following table presents the actual results and pro forma information for the periods indicated (in thousands) . (Unaudited) Year Ended December 31, Revenue Net Income 2022 Actual Reliant results included in statement of income since acquisition date $ 100,529 $ 48,926 Supplemental consolidated pro forma as if Reliant had been acquired January 1, 2021 842,182 301,308 2021 Actual Aquesta results included in statement of income since acquisition date $ 2,122 $ (282) Actual FinTrust results included in statement of income since acquisition date 4,326 (26) Supplemental consolidated pro forma as if Reliant had been acquired January 1, 2021 and Aquesta and FinTrust had been acquired January 1, 2020 909,353 295,864 2020 Actual Three Shores results included in statement of income since acquisition date $ 24,541 $ 6,800 Supplemental consolidated pro forma as if Aquesta and FinTrust had been acquired January 1, 2020 and Three Shores had been acquired January 1, 2019 622,848 164,284 |
Supplemental Cash Flow Informat
Supplemental Cash Flow Information | 12 Months Ended |
Dec. 31, 2022 | |
Supplemental Cash Flow Elements [Abstract] | |
Supplemental Cash Flow Information | Supplemental Cash Flow Information The supplemental schedule of cash and noncash activities for the periods indicated is as follows (in thousands) . See Note 14, Operating Leases, for information regarding noncash transactions related to ROU assets and lease liabilities. 2022 2021 2020 Cash paid during the period for: Interest $ 58,713 $ 32,000 $ 59,967 Income taxes 50,499 55,754 36,536 Significant non-cash investing and financing transactions: Transfers of AFS securities to HTM securities 1,288,982 — — Acquisitions: Assets acquired 3,254,173 848,806 2,174,723 Liabilities assumed 2,657,173 695,420 1,987,026 Net assets acquired 597,000 153,386 187,697 Value of common stock issued 595,581 94,046 163,589 Other non-cash consideration (1) 795 9,178 — (1) See Note 3, Acquisitions, for further detail. |
Investments
Investments | 12 Months Ended |
Dec. 31, 2022 | |
Investments, Debt and Equity Securities [Abstract] | |
Investments | Investments During 2022, United transferred AFS debt securities to HTM with a fair value on the transfer date of $1.29 billion, which included unrealized losses recorded in AOCI totaling $87.4 million. Transfer date unrealized losses are amortized and reclassified out of AOCI as a yield adjustment, which is offset by discount accretion of the transferred HTM securities. Amortization of transfer date unrealized losses and discount accretion are recognized over the remaining life of the securities. The cost basis, unrealized gains and losses, and fair value of HTM debt securities as of the dates indicated are as follows (in thousands) : Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value As of December 31, 2022 U.S. Treasuries $ 19,834 $ — $ 2,417 $ 17,417 U.S. Government agencies & GSEs 99,679 — 18,169 81,510 State and political subdivisions 295,945 56 64,340 231,661 Residential MBS, Agency & GSE 1,488,028 35 223,566 1,264,497 Commercial MBS, Agency & GSE 695,162 — 111,586 583,576 Supranational entities 15,000 — 2,588 12,412 Total $ 2,613,648 $ 91 $ 422,666 $ 2,191,073 As of December 31, 2021 U.S. Treasuries $ 19,803 $ 20 $ — $ 19,823 U.S. Government agencies & GSEs 70,180 — 1,121 69,059 State and political subdivisions 257,688 4,341 4,080 257,949 Residential MBS, Agency & GSE 381,641 2,021 3,687 379,975 Commercial MBS, Agency & GSE 411,786 4,106 8,915 406,977 Supranational entities 15,000 21 — 15,021 Total $ 1,156,098 $ 10,509 $ 17,803 $ 1,148,804 The cost basis, unrealized gains and losses, and fair value of AFS debt securities as of the dates indicated are as follows (in thousands): Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value As of December 31, 2022 U.S. Treasuries $ 163,972 $ — $ 14,620 $ 149,352 U.S. Government agencies & GSEs 266,347 463 16,694 250,116 State and political subdivisions 329,723 151 26,126 303,748 Residential MBS, Agency & GSE 1,609,442 13 160,636 1,448,819 Residential MBS, Non-agency 374,535 — 27,873 346,662 Commercial MBS, Agency & GSE 720,282 471 79,407 641,346 Commercial MBS, Non-agency 31,624 — 1,058 30,566 Corporate bonds 236,181 34 23,763 212,452 Asset-backed securities 239,220 — 7,948 231,272 Total $ 3,971,326 $ 1,132 $ 358,125 $ 3,614,333 As of December 31, 2021 U.S. Treasuries $ 218,027 $ 1,661 $ 2,168 $ 217,520 U.S. Government agencies & GSEs 189,855 605 3,428 187,032 State and political subdivisions 263,269 15,237 2,662 275,844 Residential MBS, Agency & GSE 2,079,700 9,785 28,521 2,060,964 Residential MBS, Non-agency 81,925 2,249 4 84,170 Commercial MBS, Agency & GSE 870,563 2,974 16,156 857,381 Commercial MBS, Non-agency 15,202 1,268 — 16,470 Corporate bonds 194,164 814 1,812 193,166 Asset-backed securities 603,824 2,000 1,547 604,277 Total $ 4,516,529 $ 36,593 $ 56,298 $ 4,496,824 At December 31, 2022 and 2021, securities with a carrying value of $2.53 billion and $1.46 billion, respectively, were pledged primarily to secure deposits. At year-end 2022 and 2021, there were no holdings of debt obligations of any one issuer, other than the U.S. Government and its agencies, in an amount greater than 10% of shareholders’ equity. The following summarizes HTM debt securities 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 December 31, 2022 U.S. Treasuries $ 17,417 $ 2,417 $ — $ — $ 17,417 $ 2,417 U.S. Government agencies & GSEs 10,687 1,813 70,823 16,356 81,510 18,169 State and political subdivisions 104,243 20,639 117,115 43,701 221,358 64,340 Residential MBS, Agency & GSE 296,673 38,289 965,785 185,277 1,262,458 223,566 Commercial MBS, Agency & GSE 176,848 24,497 406,728 87,089 583,576 111,586 Supranational entities 12,412 2,588 — — 12,412 2,588 Total unrealized loss position $ 618,280 $ 90,243 $ 1,560,451 $ 332,423 $ 2,178,731 $ 422,666 As of December 31, 2021 U.S. Government agencies & GSEs $ 64,658 $ 888 $ 4,401 $ 233 $ 69,059 $ 1,121 State and political subdivisions 131,128 3,590 9,006 490 140,134 4,080 Residential MBS, Agency & GSE 289,132 3,687 — — 289,132 3,687 Commercial MBS, Agency & GSE 314,049 8,540 10,384 375 324,433 8,915 Total unrealized loss position $ 798,967 $ 16,705 $ 23,791 $ 1,098 $ 822,758 $ 17,803 The following summarizes AFS debt securities 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 December 31, 2022 U.S. Treasuries $ 49,259 $ 724 $ 100,093 $ 13,896 $ 149,352 $ 14,620 U.S. Government agencies & GSEs 93,015 2,124 108,093 14,570 201,108 16,694 State and political subdivisions 207,749 9,906 62,606 16,220 270,355 26,126 Residential MBS, Agency & GSE 1,049,648 102,852 392,288 57,784 1,441,936 160,636 Residential MBS, Non-agency 338,399 27,095 8,263 778 346,662 27,873 Commercial MBS, Agency & GSE 288,787 17,304 332,088 62,103 620,875 79,407 Commercial MBS, Non-agency 30,566 1,058 — — 30,566 1,058 Corporate bonds 83,010 7,776 127,603 15,987 210,613 23,763 Asset-backed securities 97,705 2,664 133,567 5,284 231,272 7,948 Total unrealized loss position $ 2,238,138 $ 171,503 $ 1,264,601 $ 186,622 $ 3,502,739 $ 358,125 As of December 31, 2021 U.S. Treasuries $ 111,606 $ 2,168 $ — $ — $ 111,606 $ 2,168 U.S. Government agencies & GSEs 132,893 2,591 20,093 837 152,986 3,428 State and political subdivisions 69,302 2,581 3,148 81 72,450 2,662 Residential MBS, Agency & GSE 1,534,744 25,799 74,481 2,722 1,609,225 28,521 Residential MBS, Non-agency 12,608 4 — — 12,608 4 Commercial MBS, Agency & GSE 582,235 13,098 66,014 3,058 648,249 16,156 Corporate bonds 149,246 1,811 16 1 149,262 1,812 Asset-backed securities 195,164 1,546 571 1 195,735 1,547 Total unrealized loss position $ 2,787,798 $ 49,598 $ 164,323 $ 6,700 $ 2,952,121 $ 56,298 At December 31, 2022, there were 740 AFS debt securities and 315 HTM debt securities that were in an unrealized loss position. Management does not intend to sell nor believes it will be required to sell securities in an unrealized loss position prior to the recovery of its amortized cost basis. Unrealized losses at December 31, 2022 and 2021 were primarily attributable to changes in interest rates. At December 31, 2022 and 2021, calculated credit losses and, thus, the related ACL on HTM debt securities were de minimis due to the high credit quality of the portfolio, which included securities issued or guaranteed by the U.S. Treasury, U.S. Government agencies, GSEs, high credit quality municipalities and supranational entities. As a result, no ACL was recorded on the HTM portfolio at December 31, 2022 and 2021. In addition, based on the assessment performed as of December 31, 2022 and 2021, there was no ACL required related to the AFS portfolio. See Note 1 for additional details on the ACL as it relates to the securities portfolio. The following table presents accrued interest receivable for the periods indicated on HTM and AFS debt securities (in thousands) , which was excluded from the estimate of credit losses. Accrued Interest Receivable December 31, 2022 2021 HTM $ 7,234 $ 3,596 AFS 15,281 9,868 The amortized cost and fair value of AFS and HTM debt securities at December 31, 2022, by contractual maturity, are presented in the following table (in thousands). Expected maturities may differ from contractual maturities because issuers and borrowers may have the right to call or prepay obligations. AFS HTM Amortized Cost Fair Value Amortized Cost Fair Value Within 1 year: U.S. Treasuries $ 49,983 $ 49,259 $ — $ — U.S. Government agencies & GSEs 174 173 — — State and political subdivisions — — 1,200 1,197 Corporate bonds 2,583 2,532 — — 52,740 51,964 1,200 1,197 1 to 5 years: U.S. Treasuries 99,049 87,052 — — U.S. Government agencies & GSEs 38,495 34,603 — — State and political subdivisions 45,271 43,744 18,698 17,914 Corporate bonds 151,352 138,056 — — 334,167 303,455 18,698 17,914 5 to 10 years: U.S. Treasuries 14,940 $ 13,041 $ 19,834 $ 17,417 U.S. Government agencies & GSEs 76,287 67,958 73,246 60,665 State and political subdivisions 163,617 151,845 26,024 22,028 Corporate bonds 81,450 71,043 — — Supranational entities — — 15,000 12,412 336,294 303,887 134,104 112,522 More than 10 years: U.S. Government agencies & GSEs 151,391 147,382 26,433 20,845 State and political subdivisions 120,835 108,159 250,023 190,522 Corporate bonds 796 821 — — 273,022 256,362 276,456 211,367 Debt securities not due at a single maturity: Asset-backed securities 239,220 231,272 — — Residential MBS 1,983,977 1,795,481 1,488,028 1,264,497 Commercial MBS 751,906 671,912 695,162 583,576 Total $ 3,971,326 $ 3,614,333 $ 2,613,648 $ 2,191,073 Realized gains and losses are derived using the specific identification method for determining the cost of the securities sold. The following summarizes securities sales activities for the years ended December 31 (in thousands) : 2022 2021 2020 Proceeds from sales $ 318,457 $ 288,986 $ 40,625 Gross gains on sales $ 1,009 $ 2,346 $ 748 Gross losses on sales (4,881) (2,263) — Net gains (losses) on sales of securities $ (3,872) $ 83 $ 748 Income tax expense (benefit) attributable to sales $ (1,026) $ (46) $ 191 Equity Investments The table below reflects the carrying value of certain equity investments, which are included in other assets on the consolidated balance sheet, as of December 31 (in thousands) . December 31, 2022 2021 FHLB Stock $ 33,828 $ 9,225 Equity securities with readily determinable fair values 13,637 1,302 |
Loans and Leases and Allowance
Loans and Leases and Allowance for Credit Losses | 12 Months Ended |
Dec. 31, 2022 | |
Receivables [Abstract] | |
Loans and Leases and Allowance for Credit Losses | Loans and Leases and Allowance for Credit Losses Major classifications of the loan and lease portfolio (collectively referred to as the “loan portfolio” or “loans”) are summarized as of the dates indicated as follows (in thousands) : December 31, 2022 2021 Owner occupied commercial real estate $ 2,734,666 $ 2,321,685 Income producing commercial real estate 3,261,626 2,600,858 Commercial & industrial 2,252,322 1,910,162 Commercial construction 1,597,848 1,014,830 Equipment financing 1,374,251 1,083,021 Total commercial 11,220,713 8,930,556 Residential mortgage 2,355,061 1,637,885 HELOC 850,269 694,034 Residential construction 442,553 359,815 Manufactured housing 316,741 — Consumer 149,290 138,056 Total loans 15,334,627 11,760,346 Less ACL - loans (159,357) (102,532) Loans, net $ 15,175,270 $ 11,657,814 At December 31, 2022 and 2021, $2.04 million and $1.01 million, respectively, in overdrawn deposit accounts were reclassified as consumer loans. Accrued interest receivable related to loans totaled $52.0 million and $28.5 million at December 31, 2022 and 2021, respectively, and was reported in accrued interest receivable on the consolidated balance sheets. At December 31, 2022, the loan portfolio was subject to blanket pledges on certain qualifying loan types with the FHLB to secure advances outstanding and contingent funding sources. The following table presents loans held for investment that were sold in the periods presented (in thousands). The gains and losses on these loan sales were included in noninterest income on the consolidated statements of income. Loans Sold 2022 2021 2020 Guaranteed portion of SBA/USDA loans $ 104,813 $ 90,903 $ 48,385 Equipment financing receivables 89,850 59,097 27,018 Total $ 194,663 $ 150,000 $ 75,403 At December 31, 2022 and 2021, equipment financing assets included leases of $46.0 million and $37.7 million, respectively. The components of the net investment in leases, which included both sales-type and direct financing, are presented below (in thousands) . December 31, 2022 2021 Minimum future lease payments receivable $ 49,723 $ 39,962 Estimated residual value of leased equipment 2,804 3,216 Initial direct costs 767 669 Security deposits (429) (687) Unearned income (6,877) (5,432) Net investment in leases $ 45,988 $ 37,728 Minimum future lease payments expected to be received from equipment financing lease contracts as of December 31, 2022 were as follows (in thousands) : Year 2023 $ 17,531 2024 13,356 2025 9,882 2026 6,184 2027 2,636 Thereafter 134 Total $ 49,723 Nonaccrual and Past Due Loans The following table presents the amortized cost basis in loans by aging category and accrual status as of December 31, 2022 and 2021 (in thousands). Accruing Loans Past Due Current Loans 30 - 59 Days 60 - 89 Days > 90 Days Nonaccrual Loans Total Loans As of December 31, 2022 Owner occupied commercial real estate $ 2,731,574 $ 1,522 $ 1,047 $ — $ 523 $ 2,734,666 Income producing commercial real estate 3,257,232 468 41 — 3,885 3,261,626 Commercial & industrial 2,234,284 3,288 274 6 14,470 2,252,322 Commercial construction 1,597,268 447 — — 133 1,597,848 Equipment financing 1,362,622 4,285 1,906 — 5,438 1,374,251 Total commercial 11,182,980 10,010 3,268 6 24,449 11,220,713 Residential mortgage 2,342,196 1,939 7 — 10,919 2,355,061 HELOC 844,888 2,709 784 — 1,888 850,269 Residential construction 441,673 20 455 — 405 442,553 Manufactured housing 302,386 6,913 924 — 6,518 316,741 Consumer 148,943 237 48 9 53 149,290 Total loans $ 15,263,066 $ 21,828 $ 5,486 $ 15 $ 44,232 $ 15,334,627 As of December 31, 2021 Owner occupied commercial real estate $ 2,318,944 $ 27 $ — $ — $ 2,714 $ 2,321,685 Income producing commercial real estate 2,593,124 146 — — 7,588 2,600,858 Commercial & industrial 1,903,730 584 419 — 5,429 1,910,162 Commercial construction 1,014,211 — 276 — 343 1,014,830 Equipment financing 1,079,180 1,415 685 — 1,741 1,083,021 Total commercial 8,909,189 2,172 1,380 — 17,815 8,930,556 Residential mortgage 1,622,754 1,583 235 — 13,313 1,637,885 HELOC 691,814 920 88 — 1,212 694,034 Residential construction 358,741 654 — — 420 359,815 Consumer 137,564 421 19 — 52 138,056 Total loans $ 11,720,062 $ 5,750 $ 1,722 $ — $ 32,812 $ 11,760,346 The following table presents nonaccrual loans by loan class for the periods indicated (in thousands) . Nonaccrual loans December 31, 2022 December 31, 2021 With no allowance With an allowance Total With no allowance With an allowance Total Owner occupied commercial real estate $ 276 $ 247 $ 523 $ 2,141 $ 573 $ 2,714 Income producing commercial real estate 3,798 87 3,885 6,873 715 7,588 Commercial & industrial 13,917 553 14,470 3,715 1,714 5,429 Commercial construction 69 64 133 — 343 343 Equipment financing 85 5,353 5,438 — 1,741 1,741 Total commercial 18,145 6,304 24,449 12,729 5,086 17,815 Residential mortgage 2,159 8,760 10,919 3,126 10,187 13,313 HELOC 430 1,458 1,888 219 993 1,212 Residential construction 311 94 405 280 140 420 Manufactured housing — 6,518 6,518 — — — Consumer 3 50 53 6 46 52 Total $ 21,048 $ 23,184 $ 44,232 $ 16,360 $ 16,452 $ 32,812 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. Special Mention . 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 this 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 reporting purposes, loans classified as “fail” are reported as “substandard” and all other loans are reported as “pass”. The following tables present the risk category of term loans by vintage year, which is the year of origination or most recent renewal, as of the date indicated (in thousands). Term Loans Revolvers Revolvers converted to term loans Total As of December 31, 2022 2022 2021 2020 2019 2018 Prior Pass Owner occupied commercial real estate $ 669,451 $ 671,395 $ 611,900 $ 204,990 $ 127,738 $ 253,890 $ 114,975 $ 5,779 $ 2,660,118 Income producing commercial real estate 812,804 753,936 733,946 248,259 171,108 255,485 50,026 9,953 3,035,517 Commercial & industrial 535,594 388,851 186,292 134,789 119,547 71,503 670,161 15,880 2,122,617 Commercial construction 732,147 391,963 256,087 78,778 11,977 19,973 70,819 1,433 1,563,177 Equipment financing 714,044 374,030 162,463 93,690 22,753 1,214 — — 1,368,194 Total commercial 3,464,040 2,580,175 1,950,688 760,506 453,123 602,065 905,981 33,045 10,749,623 Residential mortgage 894,960 742,821 329,762 91,300 55,785 223,846 8 3,133 2,341,615 HELOC — — — — — — 824,153 23,948 848,101 Residential construction 344,443 82,289 4,478 1,742 1,545 7,549 — 31 442,077 Manufactured housing 78,097 54,976 48,908 34,836 31,060 61,148 — — 309,025 Consumer 71,899 29,322 15,406 3,987 1,837 588 25,963 126 149,128 4,853,439 3,489,583 2,349,242 892,371 543,350 895,196 1,756,105 60,283 14,839,569 Special Mention Owner occupied commercial real estate 4,236 8,036 4,641 10,299 1,232 11,596 3,875 279 44,194 Income producing commercial real estate 41,423 1,137 44,802 32,821 21,647 50 805 — 142,685 Commercial & industrial 1,695 21,745 2,686 1,047 1,244 167 10,449 309 39,342 Commercial construction 850 33 1,640 13,237 4,891 28 — — 20,679 Equipment financing — — — — — — — — — Total commercial 48,204 30,951 53,769 57,404 29,014 11,841 15,129 588 246,900 Residential mortgage — — — — — — — — — HELOC — — — — — — — — — Residential construction — — — — — — — — — Manufactured housing — — — — — — — — — Consumer — — — — — — — — — 48,204 30,951 53,769 57,404 29,014 11,841 15,129 588 246,900 Substandard Owner occupied commercial real estate 9,835 77 2,873 4,490 1,204 8,055 209 3,611 30,354 Income producing commercial real estate 52,384 1,357 1,867 4,180 13,209 10,365 — 62 83,424 Commercial & industrial 10,431 19,477 3,880 4,557 11,019 1,189 39,333 477 90,363 Commercial construction 133 — 45 2 3,876 9,693 — 243 13,992 Equipment financing 1,625 2,160 1,303 705 236 28 — — 6,057 Total commercial 74,408 23,071 9,968 13,934 29,544 29,330 39,542 4,393 224,190 Residential mortgage 1,195 964 1,364 1,836 2,589 5,296 — 202 13,446 HELOC — — — — — — 93 2,075 2,168 Residential construction 32 268 — 20 3 153 — — 476 Manufactured housing 1,130 1,267 1,427 990 1,188 1,714 — — 7,716 Consumer 20 77 34 1 25 4 1 — 162 76,785 25,647 12,793 16,781 33,349 36,497 39,636 6,670 248,158 Total $ 4,978,428 $ 3,546,181 $ 2,415,804 $ 966,556 $ 605,713 $ 943,534 $ 1,810,870 $ 67,541 $ 15,334,627 Term Loans Revolvers Revolvers converted to term loans Total As of December 31, 2021 2021 2020 2019 2018 2017 Prior Pass Owner occupied commercial real estate $ 643,151 $ 674,124 $ 278,702 $ 153,233 $ 139,584 $ 267,460 $ 68,354 $ 17,150 $ 2,241,758 Income producing commercial real estate 668,322 678,487 333,911 221,218 165,563 219,459 41,157 11,830 2,339,947 Commercial & industrial 638,567 270,150 178,944 136,281 50,567 72,904 514,750 4,361 1,866,524 Commercial construction 378,695 303,154 149,740 40,625 22,983 13,206 12,628 1,673 922,704 Equipment financing 563,618 271,913 167,904 63,254 13,145 903 — — 1,080,737 Total commercial 2,892,353 2,197,828 1,109,201 614,611 391,842 573,932 636,889 35,014 8,451,670 Residential mortgage 781,007 370,092 108,091 64,346 71,552 221,131 9 3,915 1,620,143 HELOC — — — — — — 676,545 14,994 691,539 Residential construction 325,111 16,301 2,802 2,278 3,144 9,352 — 33 359,021 Consumer 57,530 29,218 10,757 5,137 1,439 1,355 32,312 111 137,859 4,056,001 2,613,439 1,230,851 686,372 467,977 805,770 1,345,755 54,067 11,260,232 Special Mention Owner occupied commercial real estate 7,772 2,979 16,639 4,374 6,007 2,641 248 286 40,946 Income producing commercial real estate 64,139 27,875 21,875 22,292 18,415 21,880 — — 176,476 Commercial & industrial 1,037 1,831 2,740 597 273 303 2,242 — 9,023 Commercial construction 14,283 16,237 13,149 22,479 11,766 52 — — 77,966 Equipment financing — — — — — — — — — Total commercial 87,231 48,922 54,403 49,742 36,461 24,876 2,490 286 304,411 Residential mortgage — — — — — — — — — HELOC — — — — — — — — — Residential construction — — — — — — — — — Consumer — — — — — — — — — 87,231 48,922 54,403 49,742 36,461 24,876 2,490 286 304,411 Substandard Owner occupied commercial real estate 11,987 1,049 4,216 3,712 5,829 11,088 — 1,100 38,981 Income producing commercial real estate 15,485 12,618 3,779 29,212 6,726 16,531 — 84 84,435 Commercial & industrial 2,741 1,615 5,284 12,685 1,232 5,863 4,326 869 34,615 Commercial construction 3,464 157 272 11 9,750 255 — 251 14,160 Equipment financing 428 590 676 503 84 3 — — 2,284 Total commercial 34,105 16,029 14,227 46,123 23,621 33,740 4,326 2,304 174,475 Residential mortgage 3,339 1,585 2,813 3,229 1,205 4,744 — 827 17,742 HELOC — — — — — — 329 2,166 2,495 Residential construction 407 — 30 51 — 306 — — 794 Consumer 37 16 22 26 22 50 3 21 197 37,888 17,630 17,092 49,429 24,848 38,840 4,658 5,318 195,703 Total $ 4,181,120 $ 2,679,991 $ 1,302,346 $ 785,543 $ 529,286 $ 869,486 $ 1,352,903 $ 59,671 $ 11,760,346 Troubled Debt Restructurings and Other Modifications As of December 31, 2022 and 2021, United had TDRs totaling $41.2 million and $52.4 million, respectively. Loans modified under the terms of a TDR during the years ended December 31 are presented in the table below. In addition, the following table presents loans modified under the terms of a TDR that defaulted (became 90 days or more delinquent) during the years ended December 31 that were initially restructured within one year prior to default (dollars in thousands) : New TDRs Number of Post-Modification Outstanding Recorded Investment TDRs Modified Within the Year That Have Subsequently Defaulted Year Ended December 31, 2022 Rate Structure Other Total Number of Contracts Recorded Owner occupied commercial real estate 1 $ — $ 112 $ — $ 112 — $ — Income producing commercial real estate — — — — — — — Commercial & industrial 6 — 1,118 9,400 10,518 1 394 Commercial construction — — — — — — — Equipment financing 60 — 8,165 — 8,165 13 735 Total commercial 67 — 9,395 9,400 18,795 14 1,129 Residential mortgage 9 — 982 — 982 4 509 HELOC 7 — 1,242 6 1,248 — — Residential construction — — — — — — — Manufactured housing — — — — — — — Consumer — — — — — — — Total 83 $ — $ 11,619 $ 9,406 $ 21,025 18 $ 1,638 Year Ended December 31, 2021 Owner occupied commercial real estate 2 $ — $ 731 $ — $ 731 1 $ 99 Income producing commercial real estate 3 — — 1,697 1,697 — — Commercial & industrial 8 — 597 103 700 2 76 Commercial construction 1 — 309 — 309 — — Equipment financing 62 — 4,689 — 4,689 15 375 Total commercial 76 — 6,326 1,800 8,126 18 550 Residential mortgage 16 — 1,528 57 1,585 4 593 HELOC — — — — — 2 92 Residential construction — — — — — — — Consumer — — — — — — — Total 92 $ — $ 7,854 $ 1,857 $ 9,711 24 $ 1,235 Year Ended December 31, 2020 Owner occupied commercial real estate 8 $ — $ 833 $ 1,536 $ 2,369 — $ — Income producing commercial real estate 7 — 4,856 6,699 11,555 1 5,998 Commercial & industrial 4 — 586 15 601 3 819 Commercial construction 7 — 832 70 902 — — Equipment financing 172 — 5,821 — 5,821 22 944 Total commercial 198 — 12,928 8,320 21,248 26 7,761 Residential mortgage 40 — 4,359 3 4,362 2 145 HELOC 4 — 164 — 164 1 60 Residential construction 3 — 123 — 123 — — Consumer 7 — 11 24 35 1 3 Total 252 $ — $ 17,585 $ 8,347 $ 25,932 30 $ 7,969 Allowance for Credit Losses The following table presents the balance and activity in the ACL by portfolio segment for the periods indicated (in thousands) : Year Ended December 31, 2022 Beginning Initial ACL- PCD loans (1) Charge-Offs Recoveries Provision Ending Owner occupied commercial real estate $ 14,282 $ 266 $ (6) $ 1,767 $ 3,525 $ 19,834 Income producing commercial real estate 24,156 4,366 (606) 949 3,217 32,082 Commercial & industrial 16,592 2,337 (10,284) 3,824 11,035 23,504 Commercial construction 9,956 2,857 (41) 625 6,723 20,120 Equipment financing 16,290 — (6,980) 3,027 11,058 23,395 Residential mortgage 12,390 385 (55) 302 7,787 20,809 HELOC 6,568 60 (69) 687 1,461 8,707 Residential construction 1,847 1 — 231 (30) 2,049 Manufactured housing — 2,438 (794) 29 6,425 8,098 Consumer 451 27 (3,460) 1,200 2,541 759 ACL - loans 102,532 12,737 (22,295) 12,641 53,742 159,357 ACL - unfunded commitments 10,992 — — — 10,171 21,163 Total ACL $ 113,524 $ 12,737 $ (22,295) $ 12,641 $ 63,913 $ 180,520 (1) Represents the initial ACL related to PCD loans acquired in the Reliant transaction. Year Ended December 31, 2021 Beginning Initial ACL- PCD loans (1) Charge-Offs Recoveries Provision Ending Owner occupied commercial real estate $ 20,673 $ 280 $ (1,640) $ 1,324 $ (6,355) $ 14,282 Income producing commercial real estate 41,737 982 (267) 496 (18,792) 24,156 Commercial & industrial 22,019 312 (4,776) 7,275 (8,238) 16,592 Commercial construction 10,952 1,969 (334) 1,081 (3,712) 9,956 Equipment financing 16,820 — (5,724) 2,619 2,575 16,290 Residential mortgage 15,341 — (344) 564 (3,171) 12,390 HELOC 8,417 1 (112) 517 (2,255) 6,568 Residential construction 764 — (10) 157 936 1,847 Consumer 287 — (2,066) 1,202 1,028 451 ACL - loans 137,010 3,544 (15,273) 15,235 (37,984) 102,532 ACL - unfunded commitments 10,558 — — — 434 10,992 Total ACL $ 147,568 $ 3,544 $ (15,273) $ 15,235 $ (37,550) $ 113,524 (1) Represents the initial ACL related to PCD loans acquired in the Aquesta transaction. Year Ended December 31, 2020 Dec. 31, 2019 Adoption of CECL Jan. 1, 2020 Initial ACL- PCD loans (1) Charge-Offs Recoveries Provision Ending Owner occupied commercial $ 11,404 $ (1,616) $ 9,788 $ 1,779 $ (70) $ 2,565 $ 6,611 $ 20,673 Income producing commercial 12,306 (30) 12,276 1,208 (8,430) 3,546 33,137 41,737 Commercial & industrial 5,266 4,012 9,278 7,680 (10,707) 1,371 14,397 22,019 Commercial construction 9,668 (2,583) 7,085 74 (726) 1,045 3,474 10,952 Equipment financing 7,384 5,871 13,255 — (8,764) 2,004 10,325 16,820 Residential mortgage 8,081 1,569 9,650 195 (398) 455 5,439 15,341 HELOC 4,575 1,919 6,494 209 (221) 677 1,258 8,417 Residential construction 2,504 (1,771) 733 — (93) 156 (32) 764 Consumer 901 (491) 410 7 (2,985) 2,259 596 287 ACL - loans 62,089 6,880 68,969 11,152 (32,394) 14,078 75,205 137,010 ACL - unfunded commitments 3,458 1,871 5,329 — — — 5,229 10,558 Total ACL $ 65,547 $ 8,751 $ 74,298 $ 11,152 $ (32,394) $ 14,078 $ 80,434 $ 147,568 (1) Represents the initial ACL related to PCD loans acquired in the Three Shores transaction. At December 31, 2022, 2021 and 2020, United used a one-year reasonable and supportable forecast period. Expected credit losses were estimated using a regression model for each segment based on historical data from peer banks combined with a third party vendor’s economic forecast to predict the change in credit losses. These estimates were then combined with a starting value that was based on United’s recent default experience to produce an expected default rate, with the results subject to a floor. In the case of residential construction, at December 31, 2022, the expected default rate was adjusted by a model overlay based on expectations of future performance. At December 31, 2022, the third party vendor’s forecast, which was representative of a baseline scenario, worsened compared to December 31, 2021, including the unemployment rate which has a significant impact on our models and contributed to increased provision expense in 2022. At December 31, 2022, United applied qualitative factors to |
Premises and Equipment
Premises and Equipment | 12 Months Ended |
Dec. 31, 2022 | |
Property, Plant and Equipment [Abstract] | |
Premises and Equipment | Premises and Equipment Premises and equipment are summarized as follows as of the dates indicated (in thousands) : December 31, 2022 2021 Land and land improvements $ 101,187 $ 95,029 Buildings and improvements 210,018 189,339 Furniture and equipment 115,569 100,205 Construction in progress 34,669 10,088 461,443 394,661 Less accumulated depreciation (162,987) (149,365) Premises and equipment, net $ 298,456 $ 245,296 Depreciation expense was $17.0 million, $15.7 million and $15.6 million for 2022, 2021 and 2020, respectively. |
Derivatives and Hedging Activit
Derivatives and Hedging Activities | 12 Months Ended |
Dec. 31, 2022 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivatives and Hedging Activities | Derivatives and Hedging Activities 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) : December 31, 2022 December 31, 2021 Notional Amount Fair Value Notional Amount Fair Value Derivative Assets Derivative Liabilities Derivative Assets Derivative Liabilities Derivatives designated as hedging instruments: Cash flow hedge of subordinated debt $ 100,000 $ 16,191 $ — $ 100,000 $ 6,389 $ — Cash flow hedge of trust preferred securities 20,000 — — 20,000 — — Fair value hedge of brokered CDs — — — 10,000 — — Total 120,000 16,191 — 130,000 6,389 — Derivatives not designated as hedging instruments: Customer derivative positions 1,097,578 341 86,358 1,206,145 28,656 10,663 Dealer offsets to customer derivative positions 1,097,578 22,393 274 1,230,885 974 9,232 Risk participations 88,586 15 1 69,385 16 7 Mortgage banking - loan commitment 19,685 394 — 110,897 3,450 — Mortgage banking - forward sales commitment 49,750 198 71 201,419 67 202 Bifurcated embedded derivatives 51,935 11,104 — 51,935 2,928 — Dealer offsets to bifurcated embedded derivatives 51,935 — 12,839 51,935 — 5,041 Total 2,457,047 34,445 99,543 2,922,601 36,091 25,145 Total derivatives $ 2,577,047 $ 50,636 $ 99,543 $ 3,052,601 $ 42,480 $ 25,145 Total gross derivative instruments $ 50,636 $ 99,543 $ 42,480 $ 25,145 Less: Amounts subject to master netting agreements (346) (346) (694) (694) Less: Cash collateral received/pledged (38,386) (13,089) (6,620) (14,148) Net amount $ 11,904 $ 86,108 $ 35,166 $ 10,303 United clears certain derivatives centrally through the 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. 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. At December 31, 2022 and 2021, United utilized interest rate caps and swaps 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 OCI. 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 financial statement line as the hedged item over the term of the hedge. Over the next twelve months, United expects to reclassify $4.51 million of gains from AOCI into earnings related to these agreements. Fair Value Hedges of Interest Rate Risk United is exposed to changes in the fair value of certain of its fixed-rate obligations due to changes in interest rates. United uses interest rate swaps to manage its exposure to changes in fair value on these instruments attributable to changes in interest rates. For derivatives designated and that qualify as fair value hedges, the gain or loss on the derivative as well as the offsetting loss or gain on the hedged item attributable to the hedged risk are recognized in earnings. United includes the gain or loss on the hedged items in the same income statement line item as the offsetting loss or gain on the related derivatives. At December 31, 2021, United had an interest rate swap that was designated as a fair value hedge of fixed-rate brokered time deposits. During the first quarter of 2022, the hedged brokered deposit and the associated swap matured. The swap involved the receipt of fixed-rate amounts from a counterparty in exchange for United making variable rate payments over the life of the agreement. As of December 31, 2021, the carrying amount of the hedged fixed-rate brokered time deposit and the positive cumulative fair value hedging adjustment included in the carrying amount of the hedged liability were $10.0 million and $28,000, respectively. The table below presents the effect of derivatives in hedging relationships on the consolidated statements of income (in thousands) . Year Ended December 31, 2022 2021 2020 Total interest expense presented in the consolidated statements of income $ (60,798) $ (29,760) $ (56,237) Effect of hedging relationships on interest expense: Net income recognized on fair value hedges 28 210 281 Net expense recognized on cash flow hedges (1) (269) (608) (359) (1) Includes $472,000, $472,000 and $329,000 of premium amortization expense excluded from the assessment of hedge effectiveness for the years ended December 31, 2022, 2021 and 2020, respectively . Derivatives Not Designated as Hedging Instruments Customer derivative positions include swaps, caps, and collars 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 economic hedges of market-linked brokered certificates of deposit, but are not designated as hedging instruments. The market-linked brokered certificates of deposit contain embedded derivatives that are bifurcated from the host instruments and marked to market through earnings. The fair value marks on the market linked swaps and the bifurcated embedded derivatives tend to move in opposite directions and therefore provide an economic hedge. In addition, United originates certain residential mortgage loans with the intention of selling these loans. Between the time United enters into an interest-rate lock commitment to originate a residential mortgage loan that is to be held for sale and the time the loan is funded and eventually sold, United is subject to the risk of variability in market prices. United also enters into forward sale agreements to mitigate risk and to protect the expected gain on the eventual loan sale. The commitments to originate residential mortgage loans and forward loan sales commitments are freestanding derivative instruments. Fair value adjustments on these derivative instruments are recorded within mortgage loan gains and related fees 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) . Income Statement Location Year Ended December 31, 2022 2021 2020 Customer derivatives and dealer offsets Other noninterest income $ 2,063 $ 3,302 $ 6,732 Bifurcated embedded derivatives and dealer offsets Other noninterest income 90 433 (63) Mortgage banking derivatives Mortgage loan revenue 8,144 (1,805) (7,873) Risk participations Other noninterest income 104 (90) (340) Total gains and losses $ 10,401 $ 1,840 $ (1,544) Credit-risk-related Contingent Features United manages its credit exposure on derivative 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 contain a provision where if either party defaults on any of its indebtedness, then it could also be declared in default on its derivative obligations. The agreements with derivative counterparties also include provisions that if not met, could result in United being declared in default. United has agreements with certain of its derivative counterparties that provide that if United fails to maintain its status as a well-capitalized institution or is subject to a prompt corrective action directive, the counterparty could terminate the derivative positions and United would be required to settle its obligations under the agreements. Derivatives that are centrally cleared do not have credit-risk-related features that require additional collateral if United’s credit rating were downgraded. |
Goodwill and Other Intangible A
Goodwill and Other Intangible Assets | 12 Months Ended |
Dec. 31, 2022 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Other Intangible Assets | Goodwill and Other Intangible Assets The carrying amount of goodwill and other intangible assets is summarized below as of the dates indicated (in thousands) : December 31, 2022 2021 Core deposit intangible $ 46,900 $ 38,192 Less: accumulated amortization (26,112) (25,870) Net core deposit intangible 20,788 12,322 Customer relationship intangible 8,400 8,400 Less: accumulated amortization (1,114) (322) Net customer relationship intangible 7,286 8,078 Total intangibles subject to amortization, net 28,074 20,400 Goodwill 751,174 452,007 Total goodwill and other intangible assets, net $ 779,248 $ 472,407 In addition to the FinTrust customer relationship intangible discussed in Note 3, during 2021 United purchased the customer lists of two financial advisory firms for an aggregate purchase price of $870,000. All consideration paid was allocated to a customer relationship intangible. The following is a summary of changes in the carrying amounts of goodwill for the years indicated (in thousands) : Goodwill (1) December 31, 2020 $ 367,809 Acquisition of FinTrust 14,163 Acquisition of Aquesta 70,035 December 31, 2021 452,007 Acquisition of Reliant 299,167 December 31, 2022 $ 751,174 (1) Goodwill balances presented are shown net of accumulated impairment losses of $306 million incurred prior to 2020. The estimated aggregate amortization expense for future periods for finite lived intangibles is as follows (in thousands) : Year 2023 $ 5,903 2024 5,018 2025 4,051 2026 3,303 2027 2,555 Thereafter 7,244 Total $ 28,074 |
Servicing Assets and Liabilitie
Servicing Assets and Liabilities | 12 Months Ended |
Dec. 31, 2022 | |
Transfers and Servicing [Abstract] | |
Servicing Assets and Liabilities | Servicing Assets and Liabilities Servicing Rights for SBA/USDA Loans United accounts for servicing rights for SBA/USDA loans at fair value. The following table summarizes the changes in SBA/USDA servicing rights for the years indicated ( in thousands ). 2022 2021 2020 Beginning of period $ 6,513 $ 6,462 $ 6,794 Acquired servicing rights — 581 — Originated servicing rights capitalized upon sale of loans 2,114 2,005 1,114 Disposals (2,062) (1,430) (624) Changes in fair value due to change in inputs or assumptions used in the valuation (1,377) (1,105) (822) End of period $ 5,188 $ 6,513 $ 6,462 The portfolio of SBA/USDA loans serviced for others, which is not included in the accompanying balance sheets, was $426 million and $428 million, respectively, at December 31, 2022 and 2021. The amount of contractually specified servicing fees earned by United on these servicing rights during the years ended December 31, 2022, 2021 and 2020 was $4.05 million, $3.90 million and $3.77 million, respectively. A summary of the key characteristics, inputs, and economic assumptions used in the discounted cash flow method utilized to estimate the fair value of the servicing asset for SBA/USDA loans and the sensitivity of the fair values to immediate adverse changes in those assumptions are shown in the table below as of the dates indicated (dollars in thousands) : December 31, 2022 2021 Fair value of retained servicing assets $ 5,188 $ 6,513 Prepayment rate assumption: Weighted average 16.4 % 16.3 % Range 0.0% - 35.4% 3.2% - 31.3% 10% adverse change $ (201) $ (309) 20% adverse change (387) (591) Discount rate: Weighted average 17.5 % 10.3 % Range 11.9% - 25.0% 0.0% - 45.4% 100 bps adverse change $ (107) $ (166) 200 bps adverse change (210) (323) The above sensitivities are hypothetical and changes in fair value based on variations in assumptions generally cannot be extrapolated because the relationship of the change in assumption to the change in fair value may not be linear. Also, in this table, the effect of a variation in a particular assumption is calculated without changing any other assumption. In reality, changes in one factor may result in changes in another, which might magnify or counteract the sensitivities. Residential Mortgage Servicing Rights United accounts for residential mortgage servicing rights at fair value. The following table summarizes the changes in residential mortgage servicing rights for the years indicated ( in thousands ). 2022 2021 2020 Beginning of period $ 25,161 $ 16,216 $ 13,565 Originated servicing rights capitalized upon sale of loans 5,051 12,510 11,911 Disposals (2,360) (4,275) (2,868) Changes in fair value due to change in inputs or assumptions used in the valuation 8,707 710 (6,392) End of period $ 36,559 $ 25,161 $ 16,216 The portfolio of residential mortgage loans serviced for others, which is not included in the consolidated balance sheets, was $2.88 billion and $2.82 billion, respectively, at December 31, 2022 and 2021. The amount of contractually specified servicing fees earned by United on these servicing rights during the years ended December 31, 2022, 2021 and 2020 was $7.24 million, $6.48 million and $4.82 million, respectively. A summary of the key characteristics, inputs, and economic assumptions used to estimate the fair value of the servicing asset for residential mortgage loans and the sensitivity of the fair values to immediate adverse changes in those assumptions are shown in the table below as of the dates indicated (in thousands) : December 31, 2022 2021 Fair value of retained servicing assets $ 36,559 $ 25,161 Prepayment rate assumption: Weighted average 7.5 % 12.6 % Range 7.0% - 31.2% 7.0% - 77.6% 10% adverse change $ (1,236) $ (1,229) 20% adverse change (2,404) (2,367) Discount rate: Weighted average 9.5 % 9.5 % Range 9.5% - 11.5% 9.5% - 10.5% 100 bps adverse change $ (1,488) $ (877) 200 bps adverse change (2,865) (1,693) The above sensitivities are hypothetical and changes in fair value based on variations in assumptions generally cannot be extrapolated because the relationship of the change in assumption to the change in fair value may not be linear. Also, in this table, the effect of a variation in a particular assumption is calculated without changing any other assumption. In reality, changes in one factor may result in changes in another, which might magnify or counteract the sensitivities. Servicing Liabilities for Equipment Financing Loans United accounts for servicing liabilities associated with sold equipment finance loans using the amortization method. The portfolio of equipment financing loans serviced for others, which is not included in the accompanying balance sheets, was $125.3 million and $78.8 million at December 31, 2022 and 2021, respectively. The servicing liabilities related to these loans totaled $1.12 million and $675,000 at December 31, 2022 and 2021, respectively. |
Time Deposits
Time Deposits | 12 Months Ended |
Dec. 31, 2022 | |
Deposits [Abstract] | |
Time Deposits | Time Deposits At December 31, 2022, the contractual maturities of time deposits, including brokered time deposits, are summarized as follows (in thousands) : 2023 $ 1,251,483 2024 460,975 2025 36,811 2026 18,301 2027 14,364 Thereafter 50,630 Total time deposits $ 1,832,564 At December 31, 2022 and 2021, time deposits, excluding brokered time deposits, that met or exceeded the FDIC insurance limit of $250,000 totaled $454 million and $269 million, respectively. |
Short-term Borrowings and Feder
Short-term Borrowings and Federal Home Loan Bank Advances | 12 Months Ended |
Dec. 31, 2022 | |
Debt Disclosure [Abstract] | |
Short-term Borrowings and Federal Home Loan Bank Advances | Short-term Borrowings and Federal Home Loan Bank Advances At December 31, 2022, short-term borrowings consisted of repurchase agreements, which are borrowings secured by investment securities. The following table presents the remaining contractual maturity of repurchase agreements by collateral pledged as of the date indicated (in thousands) . Remaining Contractual Maturity of the Agreements December 31, 2022 Overnight and Continuous Up to 30 Days 30-90 Days Greater than 90 days Total U.S. Treasuries $ 158,933 $ — $ — $ — $ 158,933 Total $ 158,933 $ — $ — $ — $ 158,933 United is obligated to promptly transfer additional securities if the market value of the securities falls below the repurchase agreement price. United manages this risk by maintaining an unpledged securities portfolio that it believes is sufficient to cover a decline in the market value of the securities sold under agreements to repurchase. At December 31, 2022, repurchase agreements were collateralized by securities with a carrying amount of $163 million. At December 31, 2022, United had FHLB advances totaling $550 million with maturities in 2023 and interest rates ranging from 4.11% to 4.17%. The FHLB advances are collateralized by a blanket lien on owner occupied and income producing commercial real estate and residential mortgage loans. |
Long-term Debt
Long-term Debt | 12 Months Ended |
Dec. 31, 2022 | |
Debt Disclosure [Abstract] | |
Long-term Debt | Long-term Debt Long-term debt consisted of the following (in thousands) : December 31, Issue Date Stated Maturity Date Earliest Call Date 2022 2021 Interest Rate 2027 senior debentures 35,000 35,000 2015 2027 2025 5.500% through August 2025, 3-month LIBOR plus 3.71% thereafter (1) 2030 senior debentures 100,000 100,000 2020 2030 2025 5.00% through June 2025, 3-month SOFR plus 4.87% thereafter Total senior debentures 135,000 135,000 2028 subordinated debentures 100,000 100,000 2018 2028 2023 4.500% through January 2023, 3-month LIBOR plus 2.12% thereafter (1) 2029 subordinated debentures 60,000 — 2019 2029 2024 5.125% until December 2024, then 3-month SOFR + 3.765% thereafter Total subordinated debentures 160,000 100,000 Tidelands Statutory Trust I 8,248 8,248 2006 2036 * 3-month LIBOR plus 1.38% (1) Four Oaks Statutory Trust I 12,372 12,372 2006 2036 * 3-month LIBOR plus 1.35% (1) Community First Capital Trust I 3,093 — 2002 2032 * Prime + 0.50% Community First Capital Trust II 5,155 — 2005 2035 * 3-month LIBOR +1.50% (1) Community First Capital Trust III 5,464 — 2007 2037 * 3-month LIBOR plus 3.00% (1) Total trust preferred securities 34,332 20,620 Less net discount (4,669) (8,260) Total long-term debt $ 324,663 $ 247,360 * Indicates currently redeemable (1) Transitions to an alternative benchmark rate plus a comparable spread adjustment in the event that 3-month LIBOR is no longer published on a future adjustment date. Interest is currently paid at least semiannually for all senior and subordinated debentures and trust preferred securities. All debt instruments reported above are obligations of the Holding Company. During the first quarter of 2022, United assumed subordinated debentures and trust preferred securities with an acquisition date fair value totaling $76.7 million as part of the Reliant acquisition. See Note 3 for further detail. |
Operating Leases
Operating Leases | 12 Months Ended |
Dec. 31, 2022 | |
Leases [Abstract] | |
Operating Leases | Operating Leases The following table presents the balances of the ROU asset and corresponding operating lease liability and supplemental lease information as of the dates indicated (in thousands). December 31, 2022 2021 ROU asset $ 40,003 $ 29,421 Operating lease liability 41,688 31,072 Weighted average remaining lease term 5.1 years 5.4 years Weighted average discount rate 1.8 % 1.6 % During 2022, ROU assets obtained in exchange for an increase in the lease liability totaled $23.9 million, including leases assumed as part of the Reliant transaction of $14.3 million. During 2022, cash payments for amounts related to the lease liability totaled $13.2 million. During 2021, ROU assets obtained in exchange for an increase in the lease liability totaled $4.49 million, including leases assumed as part of the FinTrust and Aquesta transactions of $2.87 million. During 2020, ROU assets obtained in exchange for an increase in the lease liability totaled $17.4 million, including leases assumed as part of the Three Shores transaction of $15.1 million. The table below presents the operating lease income and expense recognized for the periods indicated (in thousands). 2022 2021 2020 Operating lease cost $ 12,161 $ 8,186 $ 6,449 Variable lease cost 1,583 1,066 757 Short-term lease cost 169 85 100 Total lease cost $ 13,913 $ 9,337 $ 7,306 Sublease income and rental income from owned properties under operating leases $ 1,372 $ 976 $ 1,022 As of December 31, 2022, future minimum lease payments under operating leases were as follows (in thousands) : Year 2023 $ 11,716 2024 8,660 2025 6,490 2026 5,665 2027 4,791 Thereafter 6,397 Total 43,719 Less discount (2,031) Present value of lease liability $ 41,688 |
Fair Value Measurements
Fair Value Measurements | 12 Months Ended |
Dec. 31, 2022 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | Fair Value Measurements Fair value measurements are determined based on the assumptions that market participants would use in pricing the asset or liability. As a basis for considering market participant assumptions in fair value measurements, United uses a fair value hierarchy that distinguishes between market participant assumptions based on market data obtained from sources independent of the reporting entity (observable inputs that are classified within Levels 1 and 2 of the hierarchy) and the reporting entity’s own assumptions about market participant assumptions (unobservable inputs classified within Level 3 of the hierarchy). United has processes in place to review the significant valuation inputs and to reassess how the instruments are classified in the valuation framework. Fair Value Hierarchy Level 1 Valuation is based upon quoted prices (unadjusted) in active markets for identical assets or liabilities that United has the ability to access. Level 2 Valuation is based upon quoted prices for similar assets and liabilities in active markets, as well as inputs that are observable for the asset or liability (other than quoted prices), such as interest rates, foreign exchange rates, and yield curves that are observable at commonly quoted intervals. Level 3 Valuation is generated from model-based techniques that use at least one significant assumption based on unobservable inputs for the asset or liability, which are typically based on an entity’s own assumptions, as there is little, if any, related market activity. In instances where the determination of the fair value measurement is based on inputs from different levels of the fair value hierarchy, the level in the fair value hierarchy within which the entire fair value measurement falls is based on the lowest level input that is significant to the fair value measurement in its entirety. United’s assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment, and considers factors specific to the asset or liability. The following is a description of the valuation methodologies used for assets and liabilities recorded at fair value. Investment Securities AFS debt securities and equity securities with readily determinable fair values are recorded at fair value on a recurring basis. Fair value measurement is based upon quoted prices, if available. If quoted prices are not available, fair values are measured using independent pricing models or other model-based valuation techniques such as the present value of future cash flows, adjusted for the security’s credit rating, prepayment assumptions and other factors such as credit loss assumptions. Level 1 securities include those traded on an active exchange, such as the New York Stock Exchange, U.S. Treasury securities that are traded by dealers or brokers in active over-the-counter markets and money market funds. Level 2 securities include mortgage-backed securities issued by government sponsored entities, municipal bonds, corporate debt securities and asset-backed securities and are valued based on observable inputs that include: quoted market prices for similar assets, quoted market prices that are not in an active market or other inputs that are observable in the market and can be corroborated by observable market data for substantially the full term of the securities. Securities classified as Level 3 include those traded in less liquid markets and are valued based on estimates obtained from broker-dealers that are not directly observable. Deferred Compensation Plan Assets and Liabilities Included in other assets in the consolidated balance sheets are assets related to employee deferred compensation plans. The assets associated with these plans are invested in mutual funds and classified as Level 1. Deferred compensation liabilities, also classified as Level 1, are carried at the fair value of the obligation to the employee, which mirrors the fair value of the invested assets and is included in other liabilities in the consolidated balance sheet. Mortgage Loans Held for Sale United has elected the fair value option for newly originated mortgage loans held for sale in order to reduce certain timing differences and better match changes in fair values of the loans with changes in the value of derivative instruments used to economically hedge them. The fair value of mortgage loans held for sale is determined using quoted prices for a similar asset, adjusted for specific attributes of that loan and are classified as Level 2. In connection with the Reliant acquisition, United acquired certain mortgage loans held for sale for which the fair value option was not elected; these loans are carried at the lower of aggregate cost or fair value. 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 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. 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 Mortgage and SBA/USDA Loans United recognizes servicing rights upon the sale of residential mortgage and SBA/USDA loans sold with servicing retained. Management has elected to carry these assets at fair value. Given the nature of the assets, the key valuation inputs are unobservable and management considers these Level 3 assets. For disclosure regarding the fair value of servicing rights, see Note 10. Assets and Liabilities Measured at Fair Value on a Recurring Basis The table below presents United’s assets and liabilities measured at fair value on a recurring basis, aggregated by the level in the fair value hierarchy within which those measurements fall (in thousands) : December 31, 2022 Level 1 Level 2 Level 3 Total Assets: AFS debt securities: U.S. Treasuries $ 149,352 $ — $ — $ 149,352 U.S. Government agencies & GSEs — 250,116 — 250,116 State and political subdivisions — 303,748 — 303,748 Residential MBS — 1,795,481 — 1,795,481 Commercial MBS — 671,912 — 671,912 Corporate bonds — 210,240 2,212 212,452 Asset-backed securities — 231,272 — 231,272 Equity securities with readily determinable fair values 12,278 1,359 — 13,637 Mortgage loans held for sale — 11,794 — 11,794 Deferred compensation plan assets 11,436 — — 11,436 Servicing rights for SBA/USDA loans — — 5,188 5,188 Residential mortgage servicing rights — — 36,559 36,559 Derivative financial instruments — 39,123 11,513 50,636 Total assets $ 173,066 $ 3,515,045 $ 55,472 $ 3,743,583 Liabilities: Deferred compensation plan liability $ 11,460 $ — $ — $ 11,460 Derivative financial instruments — 86,703 12,840 99,543 Total liabilities $ 11,460 $ 86,703 $ 12,840 $ 111,003 December 31, 2021 Level 1 Level 2 Level 3 Total Assets: AFS debt securities: U.S. Treasuries $ 217,520 $ — $ — $ 217,520 U.S. Government agencies & GSEs — 187,032 — 187,032 State and political subdivisions — 275,844 — 275,844 Residential MBS — 2,145,134 — 2,145,134 Commercial MBS — 873,851 — 873,851 Corporate bonds — 190,771 2,395 193,166 Asset-backed securities — 604,277 — 604,277 Equity securities with readily determinable fair values — 1,302 — 1,302 Mortgage loans held for sale — 44,109 — 44,109 Deferred compensation plan assets 11,769 — — 11,769 Servicing rights for SBA/USDA loans — — 6,513 6,513 Residential mortgage servicing rights — — 25,161 25,161 Derivative financial instruments — 35,722 6,758 42,480 Total assets $ 229,289 $ 4,358,042 $ 40,827 $ 4,628,158 Liabilities: Deferred compensation plan liability $ 11,795 $ — $ — $ 11,795 Derivative financial instruments — 20,097 5,048 25,145 Total liabilities $ 11,795 $ 20,097 $ 5,048 $ 36,940 For disclosure regarding the fair value of servicing rights, see Note 10. The following table shows a reconciliation of the beginning and ending balances for all other assets and liabilities measured at fair value on a recurring basis using significant unobservable inputs that are classified as Level 3 values (in thousands) : Derivative Derivative Corporate Bonds December 31, 2019 $ 7,238 $ 8,559 $ 998 Transfers into Level 3 (1) 583 — — Additions 368 — 1,750 Sales and settlements — — (1,000) Fair value adjustments included in OCI — — 2 Fair value adjustments included in earnings 2,590 (6,151) — December 31, 2020 10,779 2,408 1,750 Transfers into Level 3 (1) 74 — — Additions 261 170 500 Fair value adjustments included in OCI — — 145 Fair value adjustments included in earnings (4,356) 2,470 — December 31, 2021 6,758 5,048 2,395 Transfers from Level 3 (1) (290) — — Additions 12 99 — Sales and settlements — (1) — Fair value adjustments included in OCI — — (183) Fair value adjustments included in earnings 5,033 7,694 — December 31, 2022 $ 11,513 $ 12,840 $ 2,212 (1) Certain derivative assets were transferred between Level 2 and Level 3 of the fair value hierarchy due to a change in the assessment of significance of the CVA. The following table presents quantitative information about recurring Level 3 fair value measurements, excluding servicing rights which are detailed in Note 10: Level 3 Assets and Liabilities Valuation Technique December 31, Significant Unobservable Inputs 2022 2021 Range Weighted Average Range Weighted Average Derivative assets - mortgage Internal model Pull through rate 26.5% - 100% 90.7% 45.9% - 100% 87.2% Derivative assets - customer derivative positions Internal model Estimated loss rate N/A N/A 33.4 - 44 36 Derivative assets & liabilities - other Dealer priced Dealer priced N/A N/A N/A N/A Corporate bonds Discounted cash flow Discount rate 6.1 - 6.4 6.3 3.6 - 3.8 3.6 Fair Value Option United generally 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. In connection with the Reliant acquisition, United acquired mortgage loans held for sale accounted for under the lower of cost or fair value method. These loans are separately disclosed under the heading “Assets and Liabilities Measured at Fair Value on a Nonrecurring Basis” within this footnote. The following tables present the fair value and outstanding principal balance of loans accounted for under the fair value option, as well as the gain or loss recognized from the change in fair value for the periods indicated (in thousands) . Mortgage Loans Held for Sale December 31, 2022 2021 Outstanding principal balance $ 11,473 $ 42,581 Fair value 11,794 44,109 Amount of Gain (Loss) Recognized on Location 2022 2021 2020 Mortgage loan gains and other related fees $ (1,207) $ (4,159) $ 3,815 Changes in fair value were mostly offset by hedging activities. An immaterial portion of these amounts was attributable to changes in instrument-specific credit risk. Assets and Liabilities Measured at Fair Value on a Nonrecurring Basis United may be required, from time to time, to measure certain assets at fair value on a nonrecurring basis. These adjustments to fair value usually result from the application of lower of amortized cost or fair value accounting or write-downs of individual assets due to impairment. The following table presents the fair value hierarchy and carrying value of all assets that were still held as of December 31, 2022 and 2021, for which a nonrecurring fair value adjustment was recorded during the periods presented (in thousands) . December 31, 2022 Level 1 Level 2 Level 3 Total Loans held for investment $ — $ — $ 7,808 $ 7,808 Mortgage loans held for sale — — 1,806 1,806 December 31, 2021 Loans held for investment $ — $ — $ 2,536 $ 2,536 Mortgage loans held for sale that were acquired from Reliant were subject to a nonrecurring fair value adjustment resulting from the application of the lower of the amortized cost or fair value accounting. As of December 31, 2022, these loans were classified as nonrecurring Level 3 because the valuation of these loans was based on indicative bids provided by a broker, not corroborated by market transactions. Loans held for investment 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 been assigned a specific reserve. Nonaccrual loans that are collateral dependent are generally written down to net realizable value, which reflects fair values less 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 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, wealth management 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 and at variable rates. Therefore, both the carrying amount and the estimated fair value associated with these instruments are immaterial. The carrying amount and fair values for other financial instruments that are not measured at fair value on a recurring basis in United’s consolidated balance sheets are as follows (in thousands) : Carrying Amount Fair Value Level December 31, 2022 Level 1 Level 2 Level 3 Total Assets: HTM debt securities $ 2,613,648 $ 17,417 $ 2,173,656 $ — $ 2,191,073 Loans, net 15,175,270 — — 14,609,239 14,609,239 Liabilities: Deposits 19,876,507 — 19,863,380 — 19,863,380 Federal Home Loan Bank advances 550,000 — — 549,913 549,913 Long-term debt 324,663 — — 313,380 313,380 December 31, 2021 Assets: HTM debt securities $ 1,156,098 $ — $ 1,148,804 $ — $ 1,148,804 Loans, net 11,657,814 — — 11,607,821 11,607,821 Liabilities: Deposits 18,241,179 — 18,239,934 — 18,239,934 Long-term debt 247,360 — — 267,064 267,064 |
Common and Preferred Stock
Common and Preferred Stock | 12 Months Ended |
Dec. 31, 2022 | |
Equity [Abstract] | |
Common and Preferred Stock | Common and Preferred Stock Common Stock In November of 2022, United’s Board re-authorized its common stock repurchase program to permit the repurchase of up to $50 million of its common stock. 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, 2023. Under the program, shares may be repurchased in open market transactions or in privately negotiated transactions, from time to time, subject to market conditions. During 2022, no shares were repurchased under the program. During 2021 and 2020, 492,744 and 826,482 shares were repurchased under the program, respectively. As of December 31, 2022, United had remaining authorization to repurchase up to $50.0 million of outstanding common stock under the program. United sponsors a DRIP that allows participants who already own United’s common stock to purchase additional shares directly from the Company. The DRIP also allows participants to automatically reinvest their quarterly dividends in additional shares of common stock without a commission. In 2022, 2021 and 2020, 8,941, 10,081 and 38,107 shares, respectively, were issued under the DRIP. Preferred Stock During 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 $96.4 million and corresponding depositary shares each representing a 1/1,000th interest in one share of Preferred Stock. If declared, dividends are payable quarterly in arrears. 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 |
Equity Compensation Plans
Equity Compensation Plans | 12 Months Ended |
Dec. 31, 2022 | |
Share-Based Payment Arrangement [Abstract] | |
Equity Compensation Plans | Equity Compensation Plans United has an equity compensation plan that allows for grants of various stock-based compensation. The general terms of the plan include a vesting period (usually four years) with an exercisable period not to exceed ten years. Certain options and restricted stock unit awards provide for accelerated vesting if there is a change in control of United or certain other conditions are met (as defined in the plan document). As of December 31, 2022, 2.79 million additional awards could be granted under the plan. Restricted stock units and options outstanding and activity for the years ended December 31 consisted of the following: Restricted Stock Units Options Shares Weighted Average Grant Date Fair Value Aggregate Shares Weighted Average Exercise Price Weighted Average Remaining Term (Yrs.) Aggregate Intrinsic Value (000’s) December 31, 2019 808,424 $ 27.94 1,500 $ 27.95 Granted 446,512 19.15 — — Vested / Exercised (324,697) 26.42 — — Expired — (1,500) 27.95 Cancelled (36,808) 25.73 — — December 31, 2020 893,431 23.75 — — Granted 302,701 30.34 62,743 8.30 Vested / Exercised (330,598) 26.13 (27,283) 8.20 Cancelled (57,060) 25.15 — — December 31, 2021 808,474 25.15 35,460 8.38 Granted 343,526 32.92 48,239 20.88 Vested / Exercised (340,691) 25.74 $ 12,169 (43,361) 19.02 $ 743 Cancelled (32,623) 26.12 — — December 31, 2022 778,686 28.28 26,320 40,338 11.88 2.11 884 Vested / Exercisable at December 31, 2022 — — 40,338 11.88 2.11 884 Options granted in 2022 and 2021 were related to the Reliant and Aquesta acquisitions, respectively, with the weighted average exercise price of the acquired institution’s fully vested converted options determined pursuant to the purchase agreement. The value of the options was determined using a Black-Scholes model and was included in each acquisition’s purchase price. No compensation expense relating to options was included in earnings for 2022, 2021 or 2020. Compensation expense for restricted stock units without market conditions is based on the market value of United’s common stock on the date of grant. United recognizes the impact of forfeitures as they occur. The value of restricted stock unit awards is amortized into expense over the service period. In addition to time-based restricted stock unit awards, the Board has also approved PSUs, which vest based on achieving certain performance and market targets relative to a bank peer group. Achievement of the base-level performance and market targets for all applicable periods will result in the issuance of 133,716 shares, which are included in the outstanding balance as of December 31, 2022 in the table above. Additional shares may be issued if more stringent performance and market hurdles are met. The grant date per share fair market value of PSUs is estimated using the Monte Carlo Simulation valuation model. Compensation expense recognized in the consolidated statements of income for employee restricted stock unit awards in 2022, 2021 and 2020 was $8.17 million, $6.07 million and $7.40 million, respectively, which was recognized in salaries and employee benefits expense. In addition, in 2022, 2021 and 2020, $540,000, $489,000 and $484,000, respectively, was recognized in other operating expenses for restricted stock unit awards granted to members of the Board. Deferred income tax benefits related to stock-based compensation expense of $2.22 million, $1.67 million and $2.01 million were included in the determination of income tax expense in 2022, 2021 and 2020, respectively. As of December 31, 2022, there was $17.2 million of unrecognized |
Reclassifications Out of AOCI
Reclassifications Out of AOCI | 12 Months Ended |
Dec. 31, 2022 | |
Equity [Abstract] | |
Reclassifications Out of AOCI | Reclassifications Out of AOCI The following presents the details regarding amounts reclassified out of AOCI (in thousands). Amounts shown above in parentheses reduce earnings. Amounts Reclassified from AOCI For the Years Ended December 31, Details about AOCI Components Affected Line Item in the Statement Where Net Income is Presented 2022 2021 2020 Realized gains (losses) on AFS securities: $ (3,872) $ 83 $ 748 Securities gains (losses), net 1,026 46 (191) Income tax (expense) benefit $ (2,846) $ 129 $ 557 Net of tax Amortization of unrealized losses on HTM securities transferred from AFS: $ (9,049) $ — $ (723) Investment securities interest revenue 2,167 — 173 Income tax benefit $ (6,882) $ — $ (550) Net of tax Losses on derivative instruments accounted for as cash flow hedges: Interest rate contracts $ (269) $ (608) $ (359) Long-term debt interest expense 69 156 91 Income tax benefit $ (200) $ (452) $ (268) Net of tax Amortization of defined benefit pension plan net periodic pension cost components: Prior service cost $ (313) $ (469) $ (531) Salaries and employee benefits expense Actuarial losses (367) (575) (326) Other expense (680) (1,044) (857) Total before tax 174 267 219 Income tax benefit $ (506) $ (777) $ (638) Net of tax Total reclassifications for the period $ (10,434) $ (1,100) $ (899) Net of tax |
Earnings Per Share
Earnings Per Share | 12 Months Ended |
Dec. 31, 2022 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | Earnings Per Share The following table sets forth the computation of basic and diluted net income per common share for the years indicated (in thousands, except per share data) : Year Ended December 31, 2022 2021 2020 Net income $ 277,472 $ 269,801 $ 164,089 Earnings allocated to participating securities (1,462) (1,657) (1,287) Dividends on preferred stock (6,875) (6,875) (3,533) Net income available to common stockholders $ 269,135 $ 261,269 $ 159,269 Net income per common share: Basic $ 2.52 $ 2.97 $ 1.91 Diluted 2.52 2.97 1.91 Weighted average common shares: Basic 106,661 87,940 83,184 Effect of dilutive securities: Stock options 39 9 — Restricted stock units 78 148 64 Diluted 106,778 88,097 83,248 At December 31, 2022, 2021 and 2020, United had no potentially dilutive instruments outstanding that were not included in the above analysis. |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2022 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes Income tax expense is as follows for the years indicated (in thousands) : Year Ended December 31, 2022 2021 2020 Current $ 67,612 $ 57,175 $ 42,688 Deferred 10,918 20,787 2,668 Total income tax expense $ 78,530 $ 77,962 $ 45,356 The differences between the provision for income taxes and the amount computed by applying the statutory federal income tax rate of 21% in 2022, 2021 and 2020 to income before income taxes are as follows for the years indicated (in thousands) : Year Ended December 31, 2022 2021 2020 Income tax expense on pretax income at statutory rates $ 74,760 $ 73,030 $ 43,983 Add (deduct): State taxes, net of federal benefit 7,096 9,188 5,928 BOLI earnings (1,379) (745) (1,052) Adjustment to reserve for uncertain tax positions 430 153 (1,212) Tax-exempt interest revenue (3,015) (2,520) (2,169) Equity compensation (1,313) (891) (174) Transaction costs 296 117 217 Tax credit investments (694) (598) (930) BOLI surrender 1,746 — — Other 603 228 765 Total income tax expense $ 78,530 $ 77,962 $ 45,356 The following summarizes the sources and expected tax consequences of future taxable deductions (revenue) which comprise the net DTA as of the dates indicated (in thousands) : December 31, 2022 2021 DTAs: ACL $ 38,409 $ 24,349 Net operating loss carryforwards 15,170 16,656 Deferred compensation 11,181 11,011 Loan purchase accounting adjustments 5,223 4,227 Nonqualified share based compensation 1,253 1,374 Accrued expenses 10,369 7,936 Unamortized pension actuarial losses and prior service cost — 1,442 Unrealized losses on AFS securities 103,960 5,808 Derivatives 86 — Deferred gains on SBA/USDA loan sales 1,683 2,217 Lease liability 10,105 7,501 Other 2,884 2,780 Total DTAs 200,323 85,301 DTLs: Unrealized gains on cash flow hedges 4,507 1,189 Acquired intangible assets 4,707 2,412 Premises and equipment 9,314 5,179 Loan origination costs 8,855 6,466 True tax leases 8,748 5,984 Servicing assets 9,243 6,779 Derivatives — 1,309 ROU asset 9,807 7,102 Securities purchase accounting adjustments 4,150 2,644 BOLI surrender 1,746 — Trust preferred securities debt issuance 1,606 1,673 Uncertain tax positions 1,891 1,945 Other 5,514 386 Total DTLs 70,088 43,068 Less valuation allowance 922 911 Net DTA $ 129,313 $ 41,322 The change in the net DTA in 2022 includes an increase of $5.74 million due to current year merger and acquisition activity. At December 31, 2022, United had: • $19.1 million of state net operating loss carryforwards subject to annual limitation under IRC Section 382 that begin to expire in 2026, if not previously utilized. • $24.4 million of state net operating loss carryforwards that begin to expire in 2025, if not previously utilized. • $52.4 million in federal net operating loss carryforwards subject to annual limitation under IRC Section 382 that begin to expire in 2027, if not previously utilized. • $3.24 million of state tax credits that begin to expire in 2023, if not previously utilized. Management assesses the valuation allowance recorded against DTAs at each reporting period. The determination of whether a valuation allowance for DTAs is appropriate is subject to considerable judgment and requires an evaluation of all the positive and negative evidence. ASC 740 requires that companies assess whether a valuation allowance should be established against their DTAs based on the consideration of all available evidence using a “more likely than not” standard. At December 31, 2022 and 2021, based on the assessment of all the positive and negative evidence, management concluded that it is more likely than not that nearly all of the net DTA will be realized based upon future taxable income. The valuation allowance of $922,000 and $911,000, respectively, was related to specific state income tax credits that have short carryforward periods and certain acquired state net operating losses, both of which are expected to expire unused. The valuation allowance could fluctuate in future periods based on the assessment of the positive and negative evidence. Management’s conclusion at December 31, 2022 that it was more likely than not that the net DTA of $129.3 million will be realized is based on management’s estimate of future taxable income. Management’s estimate of future taxable income is based on internal forecasts which consider historical performance, various internal estimates and assumptions, as well as certain external data all of which management believes to be reasonable although inherently subject to significant judgment. If actual results differ significantly from the current estimates of future taxable income, even if caused by adverse macro-economic conditions, the valuation allowance may need to be increased for some or all of the net DTA. A reconciliation of the beginning and ending unrecognized tax benefit related to uncertain tax positions is as follows for the years indicated (in thousands) : 2022 2021 2020 Balance at beginning of year $ 2,356 $ 2,163 $ 3,370 Additions based on tax positions related to the current year 962 634 421 Decreases resulting from a lapse in the applicable statute of limitations (470) (441) (1,628) Balance at end of year $ 2,848 $ 2,356 $ 2,163 Approximately $2.25 million of the unrecognized tax benefit at December 31, 2022 would increase income from continuing operations, and thus affect United’s effective tax rate, if ultimately recognized into income. It is United’s policy to recognize interest and penalties accrued relative to unrecognized tax benefits in their respective federal or state income taxes accounts. There were no penalties and interest related to income taxes recorded in the income statement in 2022, 2021 or 2020. No amounts were accrued for interest and penalties on the balance sheet at December 31, 2022 or 2021. United and its subsidiaries file a consolidated U.S. federal income tax return, as well as various state returns in the states where it operates. United’s federal and state income tax returns are no longer subject to examination by taxing authorities for years before 2019. |
Benefit Plans
Benefit Plans | 12 Months Ended |
Dec. 31, 2022 | |
Retirement Benefits [Abstract] | |
Benefit Plans | Benefit Plans Defined Contribution Benefit Plans 401(k) Plan United offers a defined contribution safe harbor 401(k) plan (the “401(k) Plan”) that covers substantially all employees meeting certain minimum service requirements. The 401(k) Plan allows employees to make pre-tax contributions to the 401(k) Plan and United matches 100% of employee contributions up to 5% of eligible compensation. Employees begin to receive matching contributions after completing 90 days of service. Under safe harbor provisions, United is required to provide a matching contribution and participants are immediately 100% vested in safe harbor matching contributions. United’s 401(k) Plan is administered in accordance with applicable laws and regulations. Compensation expense related to the 401(k) Plan totaled $9.60 million, $7.31 million and $6.16 million in 2022, 2021 and 2020, respectively. Deferred Compensation Plan United also sponsors a non-qualified deferred compensation plan for its executive officers, certain other key employees and members of the Board and its community banks’ advisory boards of directors. The deferred compensation plan provides for the pre-tax deferral of compensation, fees and other specified benefits. Specifically, the deferred compensation plan permits each employee participant to elect to defer a portion of base salary, bonus or vested restricted stock units and permits each eligible director participant to elect to defer all or a portion of director’s fees. Further, the deferred compensation plan allows for additional contributions by an employee, with matching contributions by United, for amounts that exceed the allowable amounts under the 401(k) Plan. During 2022, 2021 and 2020, United recognized $104,000, $73,000 and $49,000, respectively, in matching contributions for this provision of the deferred compensation plan. The Board may also elect to make a discretionary contribution to any or all participants. No discretionary contributions were made in 2022, 2021 or 2020. In addition to common stock related to elected deferrals of vested restricted stock units, United offers its common stock as an investment option for cash contributions to the deferred compensation plan. The common stock component is accounted for as an equity instrument and is reflected in the consolidated balance sheets as common stock issuable. The deferred compensation plan does not allow for diversification once an election is made to invest in United stock and settlement must be accomplished in shares at the time the deferral period is completed. At December 31, 2022 and 2021, United had 607,128 shares and 595,705 shares, respectively, of its common stock that were issuable under the deferred compensation plan. Defined Benefit Pension Plan United has an unfunded noncontributory defined benefit pension plan, or the Modified Retirement Plan, that covers certain executive officers and other key employees. The Modified Retirement Plan provides a fixed annual retirement benefit to plan participants. Weighted-average assumptions used to determine the pension benefit obligation of the Modified Retirement Plan at year end and net periodic pension cost are shown in the table below: 2022 2021 Discount rate for disclosures 5.15 % 2.90 % Discount rate for net periodic benefit cost 2.90 % 2.55 % Measurement date 12/31/2022 12/31/2021 Discount rates are determined in consultation with the third-party actuary and are set by matching the projected benefit cash flow to a notional yield curve developed by reference to high-quality fixed income investments. The discount rates are determined as the rate which would provide the same present value as the plan cash flows discounted to the measurement date using the full series of spot rates along the notional yield curve as of the measurement date. United recognizes the unfunded status of the Modified Retirement Plan as a liability in the consolidated balance sheets. Information about changes in obligations and plan assets follows (in thousands) : 2022 2021 Accumulated benefit obligation: Accumulated benefit obligation - beginning of year $ 26,261 $ 27,099 Service cost 626 659 Interest cost 744 676 Actuarial gains (5,833) (1,066) Benefits paid (1,124) (1,107) Accumulated benefit obligation - end of year 20,674 26,261 Change in plan assets, at fair value: Beginning plan assets — — Actual return — — Employer contribution 1,124 1,107 Benefits paid (1,124) (1,107) Plan assets - end of year — — Funded status - end of year (plan assets less benefit obligations) $ (20,674) $ (26,261) Components of net periodic benefit cost and other amounts recognized in other comprehensive income related to the Modified Retirement Plan are as follows (in thousands): 2022 2021 2020 Service cost $ 626 $ 659 $ 588 Interest cost 744 676 795 Amortization of prior service cost 313 469 531 Amortization of net actuarial losses 367 576 326 Net periodic benefit cost $ 2,050 $ 2,380 $ 2,240 The following table summarizes the estimated future benefit payments expected to be paid from the Modified Retirement Plan for the periods indicated (in thousands) . 2023 $ 1,192 2024 1,186 2025 1,199 2026 1,220 2027 1,510 2028-2032 8,644 Other United sponsored benefit plans United's Employee Stock Purchase Program (“ESPP”), which was terminated during 2021, allowed eligible employees to purchase shares of common stock at a discount (10%), with no commission charges. During 2021 and 2020, United issued 6,676 shares and 34,423 shares, respectively, through the ESPP. |
Regulatory Matters
Regulatory Matters | 12 Months Ended |
Dec. 31, 2022 | |
Regulatory Capital Requirements Under Banking Regulations [Abstract] | |
Regulatory Matters | Regulatory Matters Capital Requirements United and the Bank are subject to various regulatory capital requirements administered by the federal banking agencies. Failure to meet minimum capital requirements can initiate certain mandatory and possibly additional discretionary action by regulators that, if undertaken, could have a direct material effect on United. Under capital adequacy guidelines and the regulatory framework for prompt corrective action, United and the Bank must meet specific capital guidelines that involve quantitative measures of assets, liabilities, and certain off-balance sheet items as calculated under regulatory accounting practices. The capital amounts and classification are also subject to qualitative judgments by the regulators about components, risk weightings, and other factors. Quantitative measures (as defined) established by regulation to ensure capital adequacy require United and the Bank to maintain minimum amounts and ratios of total capital, Tier 1 capital, and CET1 to RWAs, and of Tier 1 capital to average assets. United and the Bank are also subject to a “capital conservation buffer,” which is designed to absorb losses during periods of economic stress. Banking organizations with a ratio of CET1 to RWAs above the minimum but below the conservation buffer (or below the combined capital conservation buffer and counter-cyclical capital buffer, when the latter is applied) will face constraints on dividends, equity repurchases and discretionary bonus compensation based on the amount of the shortfall. As of December 31, 2022, 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, United and the Bank must have exceeded the well-capitalized guideline ratios in effect at such time, as set forth in the table below, and have met certain other requirements. Management believes that United and the Bank exceeded all well-capitalized requirements at December 31, 2022, and there have been no conditions or events since year-end that would change the status of well-capitalized. United has adopted relief provided by federal banking regulatory agencies for the delay of the adverse capital impact of CECL. This optional two-year delay, which ended December 31, 2021, 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 2025. Regulatory capital ratios at December 31, 2022 and 2021, 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 2022 2021 2022 2021 Risk-based ratios: CET1 capital 4.5 % 6.5 % 12.26 % 12.46 % 12.83 % 12.87 % Tier 1 capital 6.0 8.0 12.81 13.17 12.83 12.87 Total capital 8.0 10.0 14.79 14.65 13.70 13.46 Tier 1 leverage ratio 4.0 5.0 9.69 8.75 9.69 8.53 CET1 capital $ 2,164,211 $ 1,688,176 $ 2,255,337 $ 1,738,557 Tier 1 capital 2,260,633 1,784,598 2,255,337 1,738,557 Total capital 2,610,216 1,984,376 2,408,895 1,818,335 RWAs 17,648,573 13,548,534 17,583,347 13,512,405 Average total assets 23,322,018 20,402,842 23,285,253 20,377,319 (1) As of December 31, 2022 and 2021, the additional capital conservation buffer in effect was 2.50%. Cash, Dividend, Loan and Other Restrictions Federal and state banking regulations place certain restrictions on dividends paid by the Bank to the Holding Company. During 2022 and 2021, the Bank paid dividends to the Holding Company of $133 million and $217 million, respectively. The Federal Reserve Act requires that extensions of credit by the Bank to certain affiliates, including the Holding Company, be secured by specific collateral, that the extension of credit to any one affiliate be limited to 10% of capital and surplus (as defined), and that extensions of credit to all such affiliates be limited to 20% of capital and surplus. The Bank is a party to financial instruments with off-balance sheet risk in the normal course of business to meet the financing needs of customers. These financial instruments include commitments to extend credit and letters of credit. These instruments involve, to varying degrees, elements of credit risk in excess of the amount recognized in the consolidated balance sheets. The contract amounts of these instruments reflect the extent of involvement the Bank has in particular classes of financial instruments. The exposure to credit loss in the event of nonperformance by the other party to the financial instrument for commitments to extend credit and letters of credit written is represented by the contractual amount of these instruments. United uses the same credit policies in making commitments and conditional obligations as it uses for underwriting on-balance sheet instruments. In most cases, collateral or other security is required to support financial instruments with credit risk. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2022 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies The following table summarizes, as of the dates indicated, the contract amount of certain off-balance sheet instruments (in thousands) : December 31, 2022 2021 Financial instruments whose contract amounts represent credit risk: Commitments to extend credit $ 4,683,790 $ 3,591,975 Letters of credit 46,896 29,312 Commitments to extend credit are agreements to lend to a customer as long as there is no violation of any condition established in the contract. Commitments generally have fixed expiration dates or other termination clauses and may require payment of a fee. Since many of the commitments may expire without being drawn on, the total commitment amounts do not necessarily represent future cash requirements. Letters of credit are conditional commitments issued by United and could result in the commitment being drawn on when the underlying transaction is consummated between the customer and the third party or upon the non-performance of the customer. Those guarantees are primarily issued to local businesses and government agencies. The credit risk involved in issuing letters of credit is essentially the same as that involved in extending loan facilities to customers. In most cases, the Bank holds real estate, certificates of deposit, and other acceptable collateral as security supporting those commitments for which collateral is deemed necessary. The extent of collateral held for those commitments varies. United maintains an ACL for these unfunded commitments, which is included in other liabilities in the consolidated balance sheets. The ACL for unfunded loan commitments is determined as part of the quarterly ACL analysis. See Note 1 for further detail. United, in the normal course of business, is subject to various pending and threatened lawsuits in which claims for monetary damages are asserted. Although it is not possible to predict the outcome of these lawsuits, or the range of any possible loss, management, after consultation with legal counsel, does not anticipate that the ultimate aggregate liability, if any, arising from these lawsuits will have a material adverse effect on financial position or results of operations. Tax Credit and Certain Equity Investments United invests in certain LIHTC partnerships throughout its market area as a means of supporting local communities, as well as in entities that promote renewable energy sources. United receives tax credits related to these investments. For certain of the investments, United provides financing during the construction and development phase of the related projects and/or permanent financing upon completion of the project. United has concluded that these partnerships are VIEs of which it is not the primary beneficiary because it does not have the power to direct the activities that most significantly impact the VIEs' financial performance and, therefore, is not required to consolidate these VIEs. United's maximum potential exposure to losses relative to investments in these VIEs is generally limited to the sum of the outstanding balance, future funding commitments and any related loans to the entity. Loans to these entities are underwritten in substantially the same manner as other loans and are generally secured. United also has investments in and future funding commitments related to fintech fund limited partnerships, other community development entities and certain other equity method investments. United has concluded that these partnerships are VIEs of which it is not the primary beneficiary because it does not have the power to direct the activities that most significantly impact the VIEs' financial performance and, therefore, is not required to consolidate these VIEs. The risk exposure relating to such commitments is generally limited to the amount of investments and future funding commitments made. The following table summarizes, as of the dates indicated, tax credit and certain equity method investments (in thousands) : December 31, Balance Sheet Location 2022 2021 Investments in LIHTC: Carrying amount Other assets $ 50,054 $ 40,243 Amount of future funding commitments included in carrying amount Other liabilities 18,090 14,846 Renewable energy investments: Carrying amount Other assets 19,617 — Amount of future funding commitments included in carrying amount Other liabilities 18,781 — Fintech funds and certain other equity method investments: Carrying amount Other assets 27,569 12,439 Amount of future funding commitments included in carrying amount Other liabilities 470 1,410 Amount of future funding commitments not included in carrying amount N/A 23,690 15,831 |
Condensed Financial Statements
Condensed Financial Statements of United Community Banks, Inc. (Holding Company Only) | 12 Months Ended |
Dec. 31, 2022 | |
Condensed Financial Information Disclosure [Abstract] | |
Condensed Financial Statements of United Community Banks, Inc. (Holding Company Only) | Condensed Financial Statements of United Community Banks, Inc. (Holding Company Only) Balance Sheets As of December 31, 2022 and 2021 (in thousands) 2022 2021 Assets Cash and cash equivalents $ 322,353 $ 298,316 Investment in Bank 2,661,884 2,150,683 Investment in other subsidiaries 37,325 23,194 Other assets 76,898 46,432 Total assets $ 3,098,460 $ 2,518,625 Liabilities and Shareholders’ Equity Long-term debt $ 334,663 $ 247,360 Other liabilities 63,123 49,020 Total liabilities 397,786 296,380 Shareholders’ equity 2,700,674 2,222,245 Total liabilities and shareholders’ equity $ 3,098,460 $ 2,518,625 Statements of Income For the Years Ended December 31, 2022, 2021 and 2020 (in thousands) 2022 2021 2020 Dividends from Bank $ 132,688 $ 217,000 $ 150,000 Dividends from other subsidiaries 2,788 — — Shared service fees from subsidiaries 16,335 12,402 13,020 Other 566 3,167 1,436 Total income 152,377 232,569 164,456 Interest expense 17,250 14,324 13,994 Other expense 18,058 16,417 16,473 Total expenses 35,308 30,741 30,467 Income tax benefit 3,251 6,908 2,681 Income before equity in undistributed earnings of subsidiaries 120,320 208,736 136,670 Equity in undistributed earnings of subsidiaries 157,152 61,065 27,419 Net income $ 277,472 $ 269,801 $ 164,089 Statements of Cash Flows For the Years Ended December 31, 2022, 2021 and 2020 (in thousands) 2022 2021 2020 Operating activities: Net income $ 277,472 $ 269,801 $ 164,089 Adjustments to reconcile net income to net cash provided by operating activities: Equity in undistributed earnings of the subsidiaries (157,152) (61,065) (27,419) Stock-based compensation 8,705 6,554 7,887 Change in assets and liabilities: Other assets 6,094 (7,800) (3,662) Other liabilities 7,736 6,353 5,261 Net cash provided by operating activities 142,855 213,843 146,156 Investing activities: Net cash (paid) received for acquisition (47) (47,785) 3,397 Purchases of debt securities available-for-sale and equity securities with readily determinable fair values (19,060) (1,500) (2,750) Proceeds from sales and maturities of debt securities available-for-sale and equity securities with readily determinable fair values 4,473 1,253 — Other investing inflows 19 860 — Other investing outflows (3,676) (630) — Net cash (used in) provided by investing activities (18,291) (47,802) 647 Financing activities: Repayment of long-term debt — (65,632) — Proceeds from issuance of long-term debt, net of issuance costs — — 98,552 Proceeds from issuance of preferred stock, net of issuance costs — — 96,422 Cash paid for shares withheld to cover payroll taxes related to equity instruments (3,494) (3,182) (3,119) Proceeds from issuance of common stock for dividend reinvestment and employee benefit plans 301 506 1,317 Proceeds from exercise of stock options and warrants 824 231 — Repurchase of common stock — (15,101) (20,782) Cash dividends on preferred stock (6,875) (6,876) (3,533) Cash dividends on common stock (86,883) (66,914) (58,912) Other financing outflows (4,400) — — Net cash (used in) provided by financing activities (100,527) (156,968) 109,945 Net change in cash 24,037 9,073 256,748 Cash at beginning of year 298,316 289,243 32,495 Cash at end of year $ 322,353 $ 298,316 $ 289,243 |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2022 | |
Subsequent Events [Abstract] | |
Subsequent Events | Subsequent Events Acquisition of Progress Subsequent to year-end, on January 3, 2023, United completed the acquisition of Progress Financial Corporation and its wholly-owned subsidiary, Progress Bank & Trust, collectively referred to as “Progress”. Progress is headquartered in Huntsville, Alabama and operates 13 branches in Alabama and the Florida Panhandle, which facilitates United’s growth into those markets. As of December 31, 2022, Progress reported total assets of $1.76 billion, total loans of $1.48 billion and total deposits of $1.34 billion. Progress shareholders received $307 million in total consideration, of which $296 million was United common stock (8.77 million shares), $447,000 was cash and $10.0 million was converted stock options. 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 . Announced Acquisition of First Miami On February 13, 2023, United announced an agreement to acquire First Miami Bancorp, Inc. and its wholly-owned subsidiary, First National Bank of South Miami, collectively referred to as “First Miami”. First Miami is headquartered in South Miami, Florida, and operates 3 offices in the Miami metropolitan area. As of December 31, 2022, First Miami had total assets of $1.0 billion, total loans of $594 million, and total deposits of $867 million. In addition to traditional banking products, First Miami offers private banking, trust and wealth management with approximately $312 million in assets under administration. The merger, which is subject to regulatory approval, the approval of First Miami shareholders, and other customary conditions, is expected to close in the third quarter of 2023. Dividends Declared On February 22, 2023, the Board approved a regular quarterly cash dividend of $0.23 per common share and a preferred stock dividend of $429.6875 per preferred share (equivalent to $0.4296875 per depositary share, or 1/1000 interest per share). The common stock dividend is payable April 5, 2023, to common shareholders of record on March 15, 2023. The preferred stock dividend is payable March 15, 2023, to preferred shareholders of record on February 28, 2023. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2022 | |
Accounting Policies [Abstract] | |
Basis of Accounting | The accounting principles followed by United and the methods of applying these principles conform with GAAP and with general practices within the banking industry. The following is a description of the significant policies. |
Organization and Basis of Presentation | Organization and Basis of Presentation The Holding Company is a bank holding company under the BHC Act and, as of July 1, 2021, a financial holding company under the GLB Act. Financial holding company status allows for engagement in a broader range of financial activities. Prior to that the Holding Company was a bank holding company. The Holding Company’s principal business is conducted by its wholly-owned commercial bank subsidiary, United Community Bank. United is subject to regulation under the BHC Act. The consolidated financial statements include the accounts of the Holding Company, the Bank and other wholly-owned subsidiaries. All significant intercompany accounts and transactions have been eliminated in consolidation. Effective July 1, 2021, the Bank moved its headquarters from Blairsville, Georgia to Greenville, South Carolina and became a South Carolina state-chartered bank subject to examination and reporting requirements of the SCBFI. Prior to that date, the Bank was a Georgia state-chartered bank subject to examination and reporting requirements of the GADBF. The Bank serves both rural and metropolitan markets in Georgia, South Carolina, North Carolina, Tennessee and Florida and provides a full range of banking services. The Bank is insured by and subject to the regulation of the FDIC. |
Use of Estimates | Use of Estimates In preparing the consolidated financial statements, management is required to make estimates and assumptions that affect the reported amounts of assets and liabilities as of the dates of the balance sheet and revenue and expenses for the years then ended. Actual results could differ significantly from those estimates. Material estimates that are particularly susceptible to significant change are the determination of the ACL, the valuation of acquired loans, the valuation of real estate acquired in connection with foreclosures or in satisfaction of loans, the valuation of goodwill and separately identifiable intangible assets associated with mergers and acquisitions, and the valuation of deferred tax assets. |
Operating Segments | Operating Segments Operating segments are components of a business about which separate financial information is available and evaluated regularly by the chief operating decision maker in deciding how to allocate resources and assessing performance. Public companies are required to report certain financial information about operating segments in interim and annual financial statements. United’s community banking operations are divided among geographic regions and local community banks within those regions. Those regions and banks have similar economic characteristics and products and are therefore considered to be one operating segment. |
Cash and Cash Equivalents | Cash and Cash EquivalentsCash equivalents include amounts due from banks, interest-bearing deposits in banks, federal funds sold, commercial paper, reverse repurchase agreements and short-term investments and are carried at cost. Federal funds are generally sold for one-day periods, interest-bearing deposits in banks are available on demand and commercial paper investments and reverse repurchase agreements mature within a period of less than 90 days. |
Investments | Investments Debt Securities: Debt securities are classified as HTM and carried at amortized cost when management has the positive intent and ability to hold them to maturity. Debt securities are classified as AFS when they may be sold before maturity. AFS securities are carried at fair value, with unrealized holding gains and losses reported in OCI, net of tax. Interest income includes amortization of purchase premiums or discounts. Premiums and discounts on securities are generally amortized or accreted 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 AFS to HTM are included in the balance of AOCI in the consolidated balance sheets. These unrealized holding gains or losses are amortized/accreted 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 nonaccrual is reversed against interest income. Equity investments: Equity investments are included in other assets on the consolidated balance sheets. Those with readily determinable fair values are carried at fair value with changes in fair value recognized in other noninterest income. Those without readily determinable fair values include, among others, FHLB stock, which is held to meet FHLB requirements related to outstanding advances and accounted for using the cost method of accounting. As conditions warrant, management reviews investments for impairment and adjusts the carrying value of the investment if it is deemed to be impaired. |
ACL - Held-to-Maturity Securities, Available-For-Sale Securities, and Off-Balance Sheet Credit Exposures | The CECL framework requires an estimate of expected credit losses for the remaining estimated life of the financial asset using historical experience, current conditions, and reasonable and supportable forecasts. The following discussion provides a description of the methodology applied to calculate the ACL under CECL. ACL - HTM Debt Securities: Management measures current expected credit losses on HTM debt securities on a collective basis by major security type. The estimate of current expected credit losses considers historical credit loss information that is adjusted for current conditions and reasonable and supportable forecasts. Management classifies the HTM portfolio into the following major security types: U.S. Treasuries, U.S. Government agencies and GSEs, state and political subdivisions, residential mortgage-backed, agency and GSEs, commercial mortgage-backed, agency and GSEs and supranational entities. Accrued interest receivable on HTM debt is excluded from the estimate of credit losses. All of the residential and commercial mortgage-backed securities held by United as HTM are issued by U.S. Government agencies and GSEs. 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. ACL - AFS Debt Securities: For AFS 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 AFS debt securities 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. Accrued interest receivable on AFS debt securities is excluded from the estimate of credit losses. |
Loans Held for Sale | Loans Held for Sale United has elected the fair value option for the majority of newly originated mortgage loans held for sale in order to reduce certain timing differences and match changes in fair values of the loans with changes in the fair value of derivative instruments used to economically hedge them. In connection with the Reliant acquisition, United acquired certain mortgage loans held for sale for which the fair value option was not elected; these loans are carried at the lower of aggregate cost or fair value. |
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. 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 over the life of the loan. 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, if applicable, estimated or contractual residual values less unearned income and security deposits. For lease receivables with a residual value, the determination of such 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 tax from consideration in these lease contracts. PCD Loans: In acquisitions, United may acquire 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 their fair value at the acquisition date. An initial ACL is determined using the same methodology as other loans held for investment and recognized as an adjustment to the acquisition price of the asset; thus, 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. Nonaccrual Loans: The accrual of interest is generally discontinued when a loan becomes 90 days past due or when management believes, after considering economic and business conditions and collection efforts, that the principal or interest will not be collectable in the normal course of business. A loan may continue to accrue interest after 90 days if it is well collateralized and in the process of collection. 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 using the cost-recovery method, until qualifying for return to accrual. Under the cost-recovery method, interest payments are reflected as a reduction of the carrying amount of the loan and 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. TDRs: 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. Modified terms that result in a TDR include one or a combination of the following: a reduction of the stated interest rate of the loan, an extension of the amortization period that would not otherwise be considered in the current market for new debt with similar risk characteristics; a restructuring of the borrower’s debt into an “A/B note structure” in which the A note would fall within the borrower’s ability to pay and the remainder would be included in the B note; a mandated bankruptcy restructuring; or interest-only payment terms greater than 90 days where the borrower is unable to amortize the loan. |
Concentration of Credit Risk | Concentration of Credit Risk: Most of United’s business activity is with customers located within the markets where it has banking operations. Therefore, United’s exposure to credit risk is significantly affected by changes in the economy within its markets. Approximately 73% of United’s loan portfolio is secured by real estate and is therefore susceptible to changes in real estate valuations. |
ACL - Loans | ACL- Loans The CECL framework requires an estimate of expected credit losses for the remaining estimated life of the financial asset using historical experience, current conditions, and reasonable and supportable forecasts. The following discussion provides a description of the methodology applied to calculate the ACL under CECL. 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. 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. For the majority of loans and leases the ACL is 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. The ACL-loans 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. HELOC - Risks common to home equity lines of credit are general economic conditions, including an increase in unemployment rates, and declining real estate values that 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. Manufactured housing - Risks associated with manufactured housing are similar to those described for residential mortgage loans, including general economic conditions and unemployment rates, as well as appropriate lien priority and the general mobility of the collateral. 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. 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. 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 TDR 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. |
Premises and Equipment | Premises and Equipment Premises and equipment are stated at cost less accumulated depreciation. Depreciation is computed primarily using the straight line method over the estimated useful lives of the related assets. Costs incurred for maintenance and repairs are expensed as incurred. The range of estimated useful lives for buildings and improvements is 10 to 40 years, for land improvements, 10 years, and for furniture and equipment, 3 to 10 years. United periodically reviews the carrying value of premises and equipment for impairment whenever events or circumstances indicate that the carrying amount of such assets may not be fully recoverable. |
Foreclosed Properties (OREO) | Foreclosed Properties (OREO)Foreclosed property is initially recorded at fair value, less cost to sell. If the fair value, less cost to sell at the time of foreclosure is less than the loan balance, the deficiency is recorded as a loan charge-off against the ACL. If the fair value, less cost to sell, of the foreclosed property decreases during the holding period, a valuation allowance is established with a charge to operating expenses. When the foreclosed property is sold, a gain or loss is recognized on the sale for the difference between the sales proceeds and the carrying amount of the property. |
Goodwill and Other Intangible Assets | Goodwill and Other Intangible Assets Goodwill is an asset representing the future economic benefits from other assets acquired that are not individually identified and separately recognized. Goodwill is measured as the excess of the consideration transferred, net of the fair value of identifiable assets acquired and liabilities assumed at the acquisition date. Goodwill is not amortized, but instead is tested for impairment annually or more frequently if events or circumstances exist that indicate a goodwill impairment test should be performed. Other intangible assets, which are initially recorded at fair value, consist of core deposit and customer list intangibles resulting from acquisitions. Core deposit intangible assets are amortized over their estimated useful lives using the sum-of-the-years-digits method. Customer list intangibles are amortized over their estimated useful lives using the straight-line method. Management evaluates other intangible assets for impairment whenever events or changes in circumstances indicate the carrying amount of the asset may not be recoverable. |
Transfers of Financial Assets | Transfers of Financial Assets Transfers of financial assets are accounted for as sales when control over the assets has been relinquished. Control over transferred assets is deemed to be surrendered when the assets have been isolated from United, the transferee obtains the right, free of conditions that constrain it from taking advantage of that right, to pledge or exchange the transferred assets and United does not maintain effective control over the transferred assets through an agreement to repurchase them before maturity. |
Servicing Rights | Servicing Rights United records a separate servicing asset for SBA loans, USDA loans, and residential mortgage loans when the loan is sold but servicing is retained. This asset represents the right to service the loans and receive a fee in compensation. Servicing assets are initially recorded at their fair value as a component of the sale proceeds. The fair value of the servicing assets is based on an analysis of discounted cash flows that incorporates estimates of (1) market servicing costs, (2) market-based prepayment rates, and (3) market profit margins. Servicing assets are included in other assets. United has elected to subsequently measure the servicing assets for government guaranteed loans and residential mortgage loans at fair value. The rate of prepayment of loans serviced is the most significant estimate involved in the measurement process. Estimates of prepayment rates are based on market expectations of future prepayment rates, industry trends, and other considerations. Actual prepayment rates will differ from those projected by management due to changes in a variety of economic factors, including prevailing interest rates and the availability of alternative financing sources to borrowers. If actual prepayments of the loans being serviced were to occur more quickly than projected, the carrying value of servicing assets might have to be written down through a charge to earnings in the current period. If actual prepayments of the loans being serviced were to occur more slowly than had been projected, the carrying value of servicing assets could increase, and servicing income would exceed previously projected amounts. United accounts for the servicing liabilities associated with sold equipment financing loans using the amortization method. Servicing liabilities are included in accrued expenses and other liabilities. |
BOLI | BOLI United has purchased life insurance policies on certain key executives and members of management. United has also received life insurance policies on members of acquired bank management teams and board members through acquisitions of other banks. BOLI is recorded at the amount that can be realized under the insurance contract at the balance sheet date, which is the cash surrender value adjusted for other changes or other amounts due that are probable at settlement. |
Operating Leases | Operating Leases United records a ROU asset, included in other assets other liabilities |
Loan Commitments and Related Financial Instruments | Loan Commitments and Related Financial Instruments Financial instruments include off-balance sheet credit instruments such as commitments to make loans and commercial letters of credit issued to meet customer financing needs. The face amount for these items represents the exposure to loss before considering customer collateral or ability to repay. Such financial instruments are recorded when they are funded. |
VIEs | VIEs United holds investments in certain legal entities that are considered VIEs. VIEs are legal entities in which equity investors do not have sufficient equity at risk for the entity to independently finance its activities, or as a group, the holders of the equity investment at risk lack the power through voting or similar rights to direct the activities of the entity that most significantly impact its economic performance, or do not have the obligation to absorb the expected losses of the entity or the right to receive expected residual returns of the entity. Consolidation of a VIE is required if a reporting entity is the primary beneficiary of the VIE. Investments in VIEs are evaluated to determine if United is the primary beneficiary. This evaluation gives appropriate consideration to the design of the entity and the variability that the entity was designed to create and pass along, the relative power of each party, and to United’s obligation to absorb losses or receive residual returns of the entity. United has variable interests in certain entities that are not required to be consolidated, including LIHTC, renewable energy and other partnership interests. Refer to Note 23, Commitments and Contingencies, for additional disclosures regarding United’s VIEs. With the exception of LIHTC partnerships, investments in entities for which United has the ability to exercise significant influence, but not control, over operating and financing decisions are accounted for using the equity method of accounting. Equity method investments are included in other assets in the consolidated balance sheets at cost, adjusted to reflect United’s portion of income, loss, or dividends of the investee. United records its portion of income or loss in other noninterest income in the consolidated statements of income. These investments are periodically evaluated for impairment. |
Revenue from Contracts with Customers | Revenue from Contracts with Customers In addition to lending and related activities, United offers various services to customers that generate revenue, certain of which are governed by ASC Topic 606 Revenue from Contracts with Customers . United’s services that fall within the scope of this topic are presented within noninterest income and include service charges and fees, wealth management fees, and other transaction-based fees. Revenue is recognized when the transactions occur or as services are performed over primarily monthly or quarterly periods. Payment is typically received in the period the transactions occur. Fees may be fixed or, where applicable, based on a percentage of transaction size. |
Income Taxes | Income Taxes DTAs and DTLs are recorded for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Future tax benefits are recognized to the extent that realization of such benefits is more likely than not. DTAs and DTLs are measured using enacted tax rates expected to apply to taxable income in the years in which the assets and liabilities are expected to be recovered or settled. The effect of a change in tax rates on DTAs and DTLs is recognized in income tax expense during the period that includes the enactment date. In the event the future tax consequences of differences between the financial reporting bases and the tax bases of assets and liabilities results in DTAs, an evaluation of the probability of being able to realize the future benefits indicated by such asset is required. A valuation allowance is provided for the portion of the DTA when it is more likely than not that some or all of the DTA will not be realized. In assessing the realizability of the DTAs, management considers the scheduled reversals of DTLs, projected future taxable earnings and prudent and feasible tax planning strategies. Management weighs both the positive and negative evidence, giving more weight to evidence that can be objectively verified. The income tax benefit or expense is the total of the current year income tax due or refundable and the change in DTAs and DTLs. A tax position is recognized as a benefit only if it is “more likely than not” that the tax position would be sustained in a tax examination, with a tax examination being presumed to occur. The amount recognized is the largest amount of tax benefit that is greater than 50 percent likely of being realized on examination. For tax positions not meeting the “more likely than not” test, no tax benefit is recorded. United recognizes interest and / or penalties related to income tax matters in income tax expense. |
Derivative Instruments and Hedging Activities | Derivative Instruments and Hedging Activities United’s interest rate risk management strategy incorporates the use of derivative instruments to minimize fluctuations in net income that are caused by interest rate volatility. The objective is to manage interest rate sensitivity by modifying the repricing or maturity characteristics of certain balance sheet assets and liabilities so that net interest revenue and certain interest sensitive components of noninterest revenue are not, on a material basis, adversely affected by movements in interest rates. United views this strategy as a prudent management of interest rate risk, such that net income is not exposed to undue risk presented by changes in interest rates. In carrying out this part of its interest rate risk management strategy, management uses derivatives, primarily interest rate swaps and caps. Interest rate swaps generally involve the exchange of fixed- and variable-rate interest payments between two parties, based on a common notional principal amount and maturity date. United originates certain residential mortgage loans with the intention of selling these loans. Between the time United enters into an interest-rate lock commitment to originate a residential mortgage loan that is to be held for sale and the time the loan is funded and eventually sold, the Company is subject to the risk of variability in market prices. United 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 which are entered into as part of an economic hedging strategy to manage exposure related to mortgage loans held for sale. To accommodate customers, United enters into interest rate swaps, caps or collars with certain commercial loan customers, with offsetting positions to dealers under a back-to-back swap/cap/collar program. In addition, United occasionally enters into credit risk participation agreements with counterparty banks to accept a portion of the credit risk related to interest rate swaps. This allows customers to execute an interest rate swap with one bank while allowing for the distribution of the credit risk among participating members. Credit risk participation agreements arise when United contracts with other financial institutions, as a guarantor, to share credit risk associated with certain interest rate swaps. These agreements provide for reimbursement of losses resulting from a third party default on the underlying swap. These transactions are typically executed in conjunction with a participation in a loan with the same customer. Collateral used to support the credit risk for the underlying lending relationship is also available to offset the risk of the credit risk participation. United classifies its derivative financial instruments as either (1) a hedge of an exposure to changes in the fair value of a recorded asset or liability (“fair value hedge”), (2) a hedge of an exposure to changes in the cash flows of a recognized asset, liability or forecasted transaction (“cash flow hedge”), or (3) derivatives not designated as accounting hedges. Changes in the fair value of derivatives not designated as hedges are recognized in current period earnings. United has master netting agreements with the derivatives dealers with which it does business, but reflects gross assets and liabilities at fair value on the consolidated balance sheets. United assesses hedge effectiveness at inception and over the life of the hedge. Management documents, at inception, its analysis of actual and expected hedge effectiveness. This analysis includes techniques such as regression analysis and hypothetical derivatives to demonstrate that the hedge is expected to be highly effective in offsetting corresponding changes in the fair value or cash flows of the hedged item. At least quarterly thereafter, the terms of the hedging instrument and the hedged item are assessed to determine whether a material change has occurred relating to the hedge relationship. If it is determined that a change has occurred, a quantitative analysis as described will occur to determine whether the hedge is expected to be highly effective in offsetting future corresponding changes in the fair value or cash flows of the hedged item. For a qualifying fair value hedge, the changes in the value of derivatives are recognized in current period earnings along with the corresponding changes in the fair value of the designated hedged item attributable to the risk being hedged. For a qualifying cash flow hedge, the changes in the fair value of the derivatives that have been highly effective are recognized in other comprehensive income until the related cash flows from the hedged item are recognized in earnings. For fair value hedges and cash flow hedges, ineffectiveness is recognized in the same income statement line as interest accruals on the hedged item to the extent that changes in the value of the derivative instruments do not perfectly offset changes in the value of the hedged items. If the hedge ceases to be highly effective, United discontinues hedge accounting and recognizes the changes in fair value in current period earnings. If a derivative that qualifies as a fair value or cash flow hedge is terminated or the designation removed, the realized or then unrealized gain or loss is recognized into income over the life of the hedged item (fair value hedge) or over the time when the hedged item was forecasted to impact earnings (cash flow hedge). Immediate recognition in earnings is required upon sale or extinguishment of the hedged item (fair value hedge) or if it is probable that the hedged cash flows will not occur (cash flow hedge). By using derivative instruments, United is exposed to credit and market risk. If the counterparty fails to perform, credit risk is represented by the fair value gain in a derivative. When the fair value of a derivative contract is positive, this situation generally indicates that the counterparty is obligated to pay United, and, therefore, creates a repayment risk for United. When the fair value of a derivative contract is negative, United is obligated to pay the counterparty and, therefore, has no repayment risk. United minimizes the credit risk in non-customer derivative instruments by entering into transactions with high-quality counterparties that are reviewed periodically by management. United also requires non-customer counterparties to pledge cash as collateral to cover the net exposure. All new non-customer derivatives that can be cleared are cleared through a central clearinghouse, which reduces counterparty exposure. Derivative activities are monitored by the ALCO as part its oversight of asset/liability and treasury functions. The ALCO is responsible for implementing various hedging strategies that are developed through its analysis of data from financial simulation models and other internal and industry sources. The resulting hedging strategies are then incorporated into the overall interest-rate risk management process. |
Acquisition Activities | Acquisition Activities United accounts for business combinations under the acquisition method of accounting. Assets acquired and liabilities assumed are measured and recorded at fair value at the date of acquisition, including identifiable intangible assets. If the fair value of net assets purchased exceeds the fair value of consideration paid, a bargain purchase gain is recognized at the date of acquisition. Conversely, if the consideration paid exceeds the fair value of the net assets acquired, goodwill is recognized at the acquisition date. Fair values are subject to refinement for a period not to exceed one year after the closing date of an acquisition as information relative to closing date fair values becomes available. Fair values for acquired loans are generally based on a discounted cash flow methodology that considers credit loss expectations, market interest rates and other market factors such as liquidity from the perspective of a market participant. Loans are grouped together according to similar characteristics and are generally treated in the aggregate when applying various valuation techniques. The probability of default, loss given default and prepayment assumptions are the key factors driving credit losses which are embedded into the estimated cash flows. These assumptions are informed by internal data on loan characteristics, historical loss experience, and current and forecasted economic conditions. The interest and liquidity component of the estimate is determined by discounting interest and principal cash flows through the expected life of each loan. The discount rates used for loans are based on current market rates for new originations of comparable loans and include adjustments for liquidity. The discount rate does not include a factor for credit losses as that has been included as a reduction to the estimated cash flows. For additional information about the accounting for purchased loans see PCD Loans under the Loans and Leases section of this footnote. All identifiable intangible assets that are acquired in a business combination are recognized at fair value on the acquisition date. Identifiable intangible assets are recognized separately if they arise from contractual or other legal rights or if they are separable (i.e., capable of being sold, transferred, licensed, rented, or exchanged separately from the entity). Deposit liabilities and the related depositor relationship intangible assets may be exchanged in observable exchange transactions. As a result, the depositor relationship intangible asset is considered identifiable, because the separability criterion has been met. |
Earnings Per Common Share | Earnings Per Common ShareBasic earnings per common share is net income available to common shareholders divided by the weighted average number of shares of common stock outstanding during the period. All outstanding unvested share-based payment awards that contain rights to nonforfeitable dividends are considered participating securities for this calculation. Additionally, shares issuable to participants in United’s deferred compensation plan are considered to be participating securities for purposes of calculating basic earnings per share. Accordingly, net income available to common shareholders is calculated pursuant to the two-class method, whereby net income after subtracting preferred stock dividends is allocated between common shareholders and participating securities. Diluted earnings per common share includes the dilutive effect of additional potential shares of common stock issuable under stock options, unvested restricted stock units without nonforfeitable rights to dividends, warrants and securities convertible into common stock. |
Loss Contingencies | Loss ContingenciesLoss contingencies, including claims and legal actions arising in the ordinary course of business, are recorded as liabilities when the likelihood of loss is probable and an amount or range of loss can be reasonably estimated. Management does not believe there are such matters that will have a material effect on the financial statements. |
Dividend Restrictions | Dividend RestrictionsBanking regulations require maintaining certain capital levels and may limit dividends paid by the Bank to the Holding Company or by the Holding Company to shareholders. As a South Carolina state-chartered bank, the Bank is permitted to pay a dividend of up to 100% of its current year earnings without requesting approval of the SCBFI, provided certain conditions are met. Prior to July 1, 2021, as a Georgia state-chartered bank, the Board could declare dividends from the Bank to the Holding Company out of retained earnings of up to fifty percent of the Bank’s net income from the previous year without notifying or seeking approval from the GADBF, provided certain conditions were met. |
Fair Value of Financial Instruments | Fair Value of Financial InstrumentsFair values of financial instruments are estimated using relevant market information and other assumptions as more fully disclosed in Note 15. Fair value estimates involve uncertainties and matters of significant judgment regarding interest rates, credit risk, prepayments, and other factors, especially in the absence of broad markets for particular items. Changes in assumptions or in market conditions could significantly affect these estimates. Fair value measurements are determined based on the assumptions that market participants would use in pricing the asset or liability. As a basis for considering market participant assumptions in fair value measurements, United uses a fair value hierarchy that distinguishes between market participant assumptions based on market data obtained from sources independent of the reporting entity (observable inputs that are classified within Levels 1 and 2 of the hierarchy) and the reporting entity’s own assumptions about market participant assumptions (unobservable inputs classified within Level 3 of the hierarchy). United has processes in place to review the significant valuation inputs and to reassess how the instruments are classified in the valuation framework. Fair Value Hierarchy Level 1 Valuation is based upon quoted prices (unadjusted) in active markets for identical assets or liabilities that United has the ability to access. Level 2 Valuation is based upon quoted prices for similar assets and liabilities in active markets, as well as inputs that are observable for the asset or liability (other than quoted prices), such as interest rates, foreign exchange rates, and yield curves that are observable at commonly quoted intervals. Level 3 Valuation is generated from model-based techniques that use at least one significant assumption based on unobservable inputs for the asset or liability, which are typically based on an entity’s own assumptions, as there is little, if any, related market activity. In instances where the determination of the fair value measurement is based on inputs from different levels of the fair value hierarchy, the level in the fair value hierarchy within which the entire fair value measurement falls is based on the lowest level input that is significant to the fair value measurement in its entirety. United’s assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment, and considers factors specific to the asset or liability. The following is a description of the valuation methodologies used for assets and liabilities recorded at fair value. Investment Securities AFS debt securities and equity securities with readily determinable fair values are recorded at fair value on a recurring basis. Fair value measurement is based upon quoted prices, if available. If quoted prices are not available, fair values are measured using independent pricing models or other model-based valuation techniques such as the present value of future cash flows, adjusted for the security’s credit rating, prepayment assumptions and other factors such as credit loss assumptions. Level 1 securities include those traded on an active exchange, such as the New York Stock Exchange, U.S. Treasury securities that are traded by dealers or brokers in active over-the-counter markets and money market funds. Level 2 securities include mortgage-backed securities issued by government sponsored entities, municipal bonds, corporate debt securities and asset-backed securities and are valued based on observable inputs that include: quoted market prices for similar assets, quoted market prices that are not in an active market or other inputs that are observable in the market and can be corroborated by observable market data for substantially the full term of the securities. Securities classified as Level 3 include those traded in less liquid markets and are valued based on estimates obtained from broker-dealers that are not directly observable. Deferred Compensation Plan Assets and Liabilities Included in other assets in the consolidated balance sheets are assets related to employee deferred compensation plans. The assets associated with these plans are invested in mutual funds and classified as Level 1. Deferred compensation liabilities, also classified as Level 1, are carried at the fair value of the obligation to the employee, which mirrors the fair value of the invested assets and is included in other liabilities in the consolidated balance sheet. Mortgage Loans Held for Sale United has elected the fair value option for newly originated mortgage loans held for sale in order to reduce certain timing differences and better match changes in fair values of the loans with changes in the value of derivative instruments used to economically hedge them. The fair value of mortgage loans held for sale is determined using quoted prices for a similar asset, adjusted for specific attributes of that loan and are classified as Level 2. In connection with the Reliant acquisition, United acquired certain mortgage loans held for sale for which the fair value option was not elected; these loans are carried at the lower of aggregate cost or fair value. 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 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. 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 Mortgage and SBA/USDA Loans United recognizes servicing rights upon the sale of residential mortgage and SBA/USDA loans sold with servicing retained. Management has elected to carry these assets at fair value. Given the nature of the assets, the key valuation inputs are unobservable and management considers these Level 3 assets. For disclosure regarding the fair value of servicing rights, see Note 10. |
Stock-Based Compensation | Stock-Based CompensationUnited uses the fair value method of recognizing expense for stock-based compensation based on the fair value of option and restricted stock unit awards at the date of grant. United accounts for forfeitures as they occur. |
Recently Adopted Standards and Accounting Standards Updates Not Yet Adopted | Recently Adopted Standards In July 2021, the FASB issued ASU No. 2021-05, Leases (Topic 842): Lessors - Certain Leases with Variable Lease Payments . The update amends the lease classification requirements for lessors to align them with practice under the former lease accounting standard. Specifically, lessors should classify a lease with variable lease payments that do not depend on a reference index or rate as an operating lease if certain criteria are met. United adopted this update as of January 1, 2022, with no material impact on the consolidated financial statements. In December 2022, the FASB issued ASU No. 2022-06, Reference Rate Reform (Topic 848): Deferral of the Sunset Date of Topic 848 . Topic 848, which provides optional guidance to ease the potential burden in accounting for (or recognizing the effects of) reference rate reform on financial reporting, originally included a sunset date of December 31, 2022. This update defers the sunset date to December 31, 2024, to better align with the revised LIBOR cessation date of June 30, 2023. After the sunset date, entities will no longer be permitted to apply the relief in Topic 848. United adopted this update immediately, with no material impact on the consolidated financial statements. Accounting Standards Updates Not Yet Adopted as of December 31, 2022 In October 2021, the FASB issued ASU No. 2021-08, Business Combinations (Topic 805): Accounting for Contract Assets and Contract Liabilities from contracts with Customers . The update requires that an acquiring entity apply the guidance from Revenue from Contracts with Customers (Topic 606) to recognize and measure contract assets and contract liabilities in a business combination, rather than fair value. Adoption of this update as of January 1, 2023 did not have a material impact on the consolidated financial statements. In March 2022, the FASB issued ASU No. 2022-01, Derivatives and Hedging (Topic 815): Fair Value Hedging - Portfolio Layer Method . The update expands the current last-of-layer method to a portfolio layer method which allows multiple hedged layers of a single closed portfolio and non-prepayable financial assets. In addition, the update specifies that eligible hedging instruments may include spot-starting or forward-starting swaps and that the number of hedged layers corresponds with the number of hedges designated. Finally, the update provides additional guidance on the accounting for and disclosure of hedge basis adjustments. Adoption of this update as of January 1, 2023 did not have a material impact on the consolidated financial statements. In March 2022, the FASB issued ASU No. 2022-02, Financial Instruments - Credit Losses (Topic 326): Troubled Debt Restructurings and Vintage Disclosures . The update eliminates the previous accounting guidance for TDRs by creditors, while enhancing disclosure requirements for certain loan refinancings and restructurings when a borrower is experiencing financial difficulty. The update also requires that an entity disclose current-period gross charge-offs by year of origination. Adoption of this update as of January 1, 2023 did not have a material impact on the consolidated financial statements. The disclosure provisions of this update will be reflected in United’s first quarter 2023 Form 10Q. In June 2022, the FASB issued ASU No. 2022-03, Fair Value Measurement (Topic 820) - Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions |
Acquisitions (Tables)
Acquisitions (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Business Combination and Asset Acquisition [Abstract] | |
Schedule of purchased assets and assumed liabilities | The following table presents purchased assets and assumed liabilities recorded at their acquisition date fair values and consideration transferred as well as supplementary information related to the acquired loan portfolio at the acquisition date (in thousands). Reliant Fair Value Recorded by United January 1, 2022 Assets Cash and cash equivalents $ 62,867 Debt securities 249,107 Loans held for sale 116,406 Loans held for investment 2,320,737 Premises and equipment 35,631 BOLI 78,170 Accrued interest receivable 12,027 Net deferred tax asset 5,793 Core deposit intangible 14,500 Other assets 59,768 Total assets acquired 2,955,006 Liabilities Deposits 2,504,823 Short-term borrowings 27,000 Long-term debt 76,730 Other liabilities 48,620 Total liabilities assumed 2,657,173 Total identifiable net assets 297,833 Consideration transferred Cash 624 Common stock issued (16,571,545 shares) 595,581 Options converted 795 Total fair value of consideration transferred 597,000 Goodwill $ 299,167 Supplementary Information on Acquired Loans January 1, 2022 PCD loans: Par value $ 258,462 ACL at acquisition (12,737) Non-credit discount (3,294) Purchase price $ 242,431 Non-PCD loans: Fair value $ 2,078,306 Gross contractual amounts receivable 2,355,205 Estimate of contractual cash flows not expected to be collected 25,990 The following table presents purchased assets and assumed liabilities recorded at their acquisition date fair values and consideration transferred as well as supplementary information related to the acquired loan portfolio at the acquisition date (in thousands) . Aquesta Fair Value Recorded by United October 1, 2021 Assets Cash and cash equivalents $ 153,091 Debt securities 60,762 Loans 498,312 Premises and equipment 18,112 BOLI 12,540 Accrued interest receivable 1,419 Net deferred tax asset 2,129 Core deposit intangible 2,030 Other assets 7,553 Total assets acquired 755,948 Liabilities Deposits 657,724 FHLB advances 24,509 Other liabilities 12,084 Total liabilities assumed 694,317 Total identifiable net assets 61,631 Consideration transferred Cash 40,542 Common stock issued (2,731,435 shares) 89,646 Option and warrant equity instruments converted 1,478 Total fair value of consideration transferred 131,666 Goodwill $ 70,035 Supplementary Information on Acquired Loans October 1, 2021 PCD loans: Par value $ 75,579 ACL at acquisition (3,544) Non-credit discount (692) Purchase price $ 71,343 Non-PCD loans: Fair value $ 426,969 Gross contractual amounts receivable 482,737 Estimate of contractual cash flows not expected to be collected 3,399 |
Schedule of actual results and pro forma information | The following table presents the actual results and pro forma information for the periods indicated (in thousands) . (Unaudited) Year Ended December 31, Revenue Net Income 2022 Actual Reliant results included in statement of income since acquisition date $ 100,529 $ 48,926 Supplemental consolidated pro forma as if Reliant had been acquired January 1, 2021 842,182 301,308 2021 Actual Aquesta results included in statement of income since acquisition date $ 2,122 $ (282) Actual FinTrust results included in statement of income since acquisition date 4,326 (26) Supplemental consolidated pro forma as if Reliant had been acquired January 1, 2021 and Aquesta and FinTrust had been acquired January 1, 2020 909,353 295,864 2020 Actual Three Shores results included in statement of income since acquisition date $ 24,541 $ 6,800 Supplemental consolidated pro forma as if Aquesta and FinTrust had been acquired January 1, 2020 and Three Shores had been acquired January 1, 2019 622,848 164,284 |
Supplemental Cash Flow Inform_2
Supplemental Cash Flow Information (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Supplemental Cash Flow Elements [Abstract] | |
Schedule of supplemental cash flow information | The supplemental schedule of cash and noncash activities for the periods indicated is as follows (in thousands) . See Note 14, Operating Leases, for information regarding noncash transactions related to ROU assets and lease liabilities. 2022 2021 2020 Cash paid during the period for: Interest $ 58,713 $ 32,000 $ 59,967 Income taxes 50,499 55,754 36,536 Significant non-cash investing and financing transactions: Transfers of AFS securities to HTM securities 1,288,982 — — Acquisitions: Assets acquired 3,254,173 848,806 2,174,723 Liabilities assumed 2,657,173 695,420 1,987,026 Net assets acquired 597,000 153,386 187,697 Value of common stock issued 595,581 94,046 163,589 Other non-cash consideration (1) 795 9,178 — (1) See Note 3, Acquisitions, for further detail. |
Investments (Tables)
Investments (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Investments, Debt and Equity Securities [Abstract] | |
Schedule of amortized cost basis, unrealized gains and losses and fair value of HTM debt securities | The cost basis, unrealized gains and losses, and fair value of HTM debt securities as of the dates indicated are as follows (in thousands) : Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value As of December 31, 2022 U.S. Treasuries $ 19,834 $ — $ 2,417 $ 17,417 U.S. Government agencies & GSEs 99,679 — 18,169 81,510 State and political subdivisions 295,945 56 64,340 231,661 Residential MBS, Agency & GSE 1,488,028 35 223,566 1,264,497 Commercial MBS, Agency & GSE 695,162 — 111,586 583,576 Supranational entities 15,000 — 2,588 12,412 Total $ 2,613,648 $ 91 $ 422,666 $ 2,191,073 As of December 31, 2021 U.S. Treasuries $ 19,803 $ 20 $ — $ 19,823 U.S. Government agencies & GSEs 70,180 — 1,121 69,059 State and political subdivisions 257,688 4,341 4,080 257,949 Residential MBS, Agency & GSE 381,641 2,021 3,687 379,975 Commercial MBS, Agency & GSE 411,786 4,106 8,915 406,977 Supranational entities 15,000 21 — 15,021 Total $ 1,156,098 $ 10,509 $ 17,803 $ 1,148,804 |
Schedule of amortized cost basis, unrealized gains and losses, and fair value of AFS debt securities | The cost basis, unrealized gains and losses, and fair value of AFS debt securities as of the dates indicated are as follows (in thousands): Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value As of December 31, 2022 U.S. Treasuries $ 163,972 $ — $ 14,620 $ 149,352 U.S. Government agencies & GSEs 266,347 463 16,694 250,116 State and political subdivisions 329,723 151 26,126 303,748 Residential MBS, Agency & GSE 1,609,442 13 160,636 1,448,819 Residential MBS, Non-agency 374,535 — 27,873 346,662 Commercial MBS, Agency & GSE 720,282 471 79,407 641,346 Commercial MBS, Non-agency 31,624 — 1,058 30,566 Corporate bonds 236,181 34 23,763 212,452 Asset-backed securities 239,220 — 7,948 231,272 Total $ 3,971,326 $ 1,132 $ 358,125 $ 3,614,333 As of December 31, 2021 U.S. Treasuries $ 218,027 $ 1,661 $ 2,168 $ 217,520 U.S. Government agencies & GSEs 189,855 605 3,428 187,032 State and political subdivisions 263,269 15,237 2,662 275,844 Residential MBS, Agency & GSE 2,079,700 9,785 28,521 2,060,964 Residential MBS, Non-agency 81,925 2,249 4 84,170 Commercial MBS, Agency & GSE 870,563 2,974 16,156 857,381 Commercial MBS, Non-agency 15,202 1,268 — 16,470 Corporate bonds 194,164 814 1,812 193,166 Asset-backed securities 603,824 2,000 1,547 604,277 Total $ 4,516,529 $ 36,593 $ 56,298 $ 4,496,824 |
Schedule of HTM debt securities in an unrealized loss position | The following summarizes HTM debt securities 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 December 31, 2022 U.S. Treasuries $ 17,417 $ 2,417 $ — $ — $ 17,417 $ 2,417 U.S. Government agencies & GSEs 10,687 1,813 70,823 16,356 81,510 18,169 State and political subdivisions 104,243 20,639 117,115 43,701 221,358 64,340 Residential MBS, Agency & GSE 296,673 38,289 965,785 185,277 1,262,458 223,566 Commercial MBS, Agency & GSE 176,848 24,497 406,728 87,089 583,576 111,586 Supranational entities 12,412 2,588 — — 12,412 2,588 Total unrealized loss position $ 618,280 $ 90,243 $ 1,560,451 $ 332,423 $ 2,178,731 $ 422,666 As of December 31, 2021 U.S. Government agencies & GSEs $ 64,658 $ 888 $ 4,401 $ 233 $ 69,059 $ 1,121 State and political subdivisions 131,128 3,590 9,006 490 140,134 4,080 Residential MBS, Agency & GSE 289,132 3,687 — — 289,132 3,687 Commercial MBS, Agency & GSE 314,049 8,540 10,384 375 324,433 8,915 Total unrealized loss position $ 798,967 $ 16,705 $ 23,791 $ 1,098 $ 822,758 $ 17,803 |
Schedule of AFS debt securities in an unrealized loss position | The following summarizes AFS debt securities 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 December 31, 2022 U.S. Treasuries $ 49,259 $ 724 $ 100,093 $ 13,896 $ 149,352 $ 14,620 U.S. Government agencies & GSEs 93,015 2,124 108,093 14,570 201,108 16,694 State and political subdivisions 207,749 9,906 62,606 16,220 270,355 26,126 Residential MBS, Agency & GSE 1,049,648 102,852 392,288 57,784 1,441,936 160,636 Residential MBS, Non-agency 338,399 27,095 8,263 778 346,662 27,873 Commercial MBS, Agency & GSE 288,787 17,304 332,088 62,103 620,875 79,407 Commercial MBS, Non-agency 30,566 1,058 — — 30,566 1,058 Corporate bonds 83,010 7,776 127,603 15,987 210,613 23,763 Asset-backed securities 97,705 2,664 133,567 5,284 231,272 7,948 Total unrealized loss position $ 2,238,138 $ 171,503 $ 1,264,601 $ 186,622 $ 3,502,739 $ 358,125 As of December 31, 2021 U.S. Treasuries $ 111,606 $ 2,168 $ — $ — $ 111,606 $ 2,168 U.S. Government agencies & GSEs 132,893 2,591 20,093 837 152,986 3,428 State and political subdivisions 69,302 2,581 3,148 81 72,450 2,662 Residential MBS, Agency & GSE 1,534,744 25,799 74,481 2,722 1,609,225 28,521 Residential MBS, Non-agency 12,608 4 — — 12,608 4 Commercial MBS, Agency & GSE 582,235 13,098 66,014 3,058 648,249 16,156 Corporate bonds 149,246 1,811 16 1 149,262 1,812 Asset-backed securities 195,164 1,546 571 1 195,735 1,547 Total unrealized loss position $ 2,787,798 $ 49,598 $ 164,323 $ 6,700 $ 2,952,121 $ 56,298 |
Schedule of accrued interest receivable | The following table presents accrued interest receivable for the periods indicated on HTM and AFS debt securities (in thousands) , which was excluded from the estimate of credit losses. Accrued Interest Receivable December 31, 2022 2021 HTM $ 7,234 $ 3,596 AFS 15,281 9,868 |
Schedule of amortized cost and fair value of AFS and HTM securities by contractual maturity | The amortized cost and fair value of AFS and HTM debt securities at December 31, 2022, by contractual maturity, are presented in the following table (in thousands). Expected maturities may differ from contractual maturities because issuers and borrowers may have the right to call or prepay obligations. AFS HTM Amortized Cost Fair Value Amortized Cost Fair Value Within 1 year: U.S. Treasuries $ 49,983 $ 49,259 $ — $ — U.S. Government agencies & GSEs 174 173 — — State and political subdivisions — — 1,200 1,197 Corporate bonds 2,583 2,532 — — 52,740 51,964 1,200 1,197 1 to 5 years: U.S. Treasuries 99,049 87,052 — — U.S. Government agencies & GSEs 38,495 34,603 — — State and political subdivisions 45,271 43,744 18,698 17,914 Corporate bonds 151,352 138,056 — — 334,167 303,455 18,698 17,914 5 to 10 years: U.S. Treasuries 14,940 $ 13,041 $ 19,834 $ 17,417 U.S. Government agencies & GSEs 76,287 67,958 73,246 60,665 State and political subdivisions 163,617 151,845 26,024 22,028 Corporate bonds 81,450 71,043 — — Supranational entities — — 15,000 12,412 336,294 303,887 134,104 112,522 More than 10 years: U.S. Government agencies & GSEs 151,391 147,382 26,433 20,845 State and political subdivisions 120,835 108,159 250,023 190,522 Corporate bonds 796 821 — — 273,022 256,362 276,456 211,367 Debt securities not due at a single maturity: Asset-backed securities 239,220 231,272 — — Residential MBS 1,983,977 1,795,481 1,488,028 1,264,497 Commercial MBS 751,906 671,912 695,162 583,576 Total $ 3,971,326 $ 3,614,333 $ 2,613,648 $ 2,191,073 |
Schedule of AFS securities sales activity | Realized gains and losses are derived using the specific identification method for determining the cost of the securities sold. The following summarizes securities sales activities for the years ended December 31 (in thousands) : 2022 2021 2020 Proceeds from sales $ 318,457 $ 288,986 $ 40,625 Gross gains on sales $ 1,009 $ 2,346 $ 748 Gross losses on sales (4,881) (2,263) — Net gains (losses) on sales of securities $ (3,872) $ 83 $ 748 Income tax expense (benefit) attributable to sales $ (1,026) $ (46) $ 191 |
Schedule of equity method investments | The table below reflects the carrying value of certain equity investments, which are included in other assets on the consolidated balance sheet, as of December 31 (in thousands) . December 31, 2022 2021 FHLB Stock $ 33,828 $ 9,225 Equity securities with readily determinable fair values 13,637 1,302 |
Loans and Leases and Allowanc_2
Loans and Leases and Allowance for Credit Losses (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Receivables [Abstract] | |
Schedule of major classifications of loan and lease portfolio | Major classifications of the loan and lease portfolio (collectively referred to as the “loan portfolio” or “loans”) are summarized as of the dates indicated as follows (in thousands) : December 31, 2022 2021 Owner occupied commercial real estate $ 2,734,666 $ 2,321,685 Income producing commercial real estate 3,261,626 2,600,858 Commercial & industrial 2,252,322 1,910,162 Commercial construction 1,597,848 1,014,830 Equipment financing 1,374,251 1,083,021 Total commercial 11,220,713 8,930,556 Residential mortgage 2,355,061 1,637,885 HELOC 850,269 694,034 Residential construction 442,553 359,815 Manufactured housing 316,741 — Consumer 149,290 138,056 Total loans 15,334,627 11,760,346 Less ACL - loans (159,357) (102,532) Loans, net $ 15,175,270 $ 11,657,814 |
Schedule of loans sold | The following table presents loans held for investment that were sold in the periods presented (in thousands). The gains and losses on these loan sales were included in noninterest income on the consolidated statements of income. Loans Sold 2022 2021 2020 Guaranteed portion of SBA/USDA loans $ 104,813 $ 90,903 $ 48,385 Equipment financing receivables 89,850 59,097 27,018 Total $ 194,663 $ 150,000 $ 75,403 |
Schedule of components of net investment in leases | At December 31, 2022 and 2021, equipment financing assets included leases of $46.0 million and $37.7 million, respectively. The components of the net investment in leases, which included both sales-type and direct financing, are presented below (in thousands) . December 31, 2022 2021 Minimum future lease payments receivable $ 49,723 $ 39,962 Estimated residual value of leased equipment 2,804 3,216 Initial direct costs 767 669 Security deposits (429) (687) Unearned income (6,877) (5,432) Net investment in leases $ 45,988 $ 37,728 |
Schedule of minimum future lease payments expected to be received from equipment financing lease contracts | Minimum future lease payments expected to be received from equipment financing lease contracts as of December 31, 2022 were as follows (in thousands) : Year 2023 $ 17,531 2024 13,356 2025 9,882 2026 6,184 2027 2,636 Thereafter 134 Total $ 49,723 |
Schedule of loans by aging category and accrual status | The following table presents the amortized cost basis in loans by aging category and accrual status as of December 31, 2022 and 2021 (in thousands). Accruing Loans Past Due Current Loans 30 - 59 Days 60 - 89 Days > 90 Days Nonaccrual Loans Total Loans As of December 31, 2022 Owner occupied commercial real estate $ 2,731,574 $ 1,522 $ 1,047 $ — $ 523 $ 2,734,666 Income producing commercial real estate 3,257,232 468 41 — 3,885 3,261,626 Commercial & industrial 2,234,284 3,288 274 6 14,470 2,252,322 Commercial construction 1,597,268 447 — — 133 1,597,848 Equipment financing 1,362,622 4,285 1,906 — 5,438 1,374,251 Total commercial 11,182,980 10,010 3,268 6 24,449 11,220,713 Residential mortgage 2,342,196 1,939 7 — 10,919 2,355,061 HELOC 844,888 2,709 784 — 1,888 850,269 Residential construction 441,673 20 455 — 405 442,553 Manufactured housing 302,386 6,913 924 — 6,518 316,741 Consumer 148,943 237 48 9 53 149,290 Total loans $ 15,263,066 $ 21,828 $ 5,486 $ 15 $ 44,232 $ 15,334,627 As of December 31, 2021 Owner occupied commercial real estate $ 2,318,944 $ 27 $ — $ — $ 2,714 $ 2,321,685 Income producing commercial real estate 2,593,124 146 — — 7,588 2,600,858 Commercial & industrial 1,903,730 584 419 — 5,429 1,910,162 Commercial construction 1,014,211 — 276 — 343 1,014,830 Equipment financing 1,079,180 1,415 685 — 1,741 1,083,021 Total commercial 8,909,189 2,172 1,380 — 17,815 8,930,556 Residential mortgage 1,622,754 1,583 235 — 13,313 1,637,885 HELOC 691,814 920 88 — 1,212 694,034 Residential construction 358,741 654 — — 420 359,815 Consumer 137,564 421 19 — 52 138,056 Total loans $ 11,720,062 $ 5,750 $ 1,722 $ — $ 32,812 $ 11,760,346 |
Schedule of nonaccrual loans by loan class | The following table presents nonaccrual loans by loan class for the periods indicated (in thousands) . Nonaccrual loans December 31, 2022 December 31, 2021 With no allowance With an allowance Total With no allowance With an allowance Total Owner occupied commercial real estate $ 276 $ 247 $ 523 $ 2,141 $ 573 $ 2,714 Income producing commercial real estate 3,798 87 3,885 6,873 715 7,588 Commercial & industrial 13,917 553 14,470 3,715 1,714 5,429 Commercial construction 69 64 133 — 343 343 Equipment financing 85 5,353 5,438 — 1,741 1,741 Total commercial 18,145 6,304 24,449 12,729 5,086 17,815 Residential mortgage 2,159 8,760 10,919 3,126 10,187 13,313 HELOC 430 1,458 1,888 219 993 1,212 Residential construction 311 94 405 280 140 420 Manufactured housing — 6,518 6,518 — — — Consumer 3 50 53 6 46 52 Total $ 21,048 $ 23,184 $ 44,232 $ 16,360 $ 16,452 $ 32,812 |
Schedule of risk category of term loans by vintage year | The following tables present the risk category of term loans by vintage year, which is the year of origination or most recent renewal, as of the date indicated (in thousands). Term Loans Revolvers Revolvers converted to term loans Total As of December 31, 2022 2022 2021 2020 2019 2018 Prior Pass Owner occupied commercial real estate $ 669,451 $ 671,395 $ 611,900 $ 204,990 $ 127,738 $ 253,890 $ 114,975 $ 5,779 $ 2,660,118 Income producing commercial real estate 812,804 753,936 733,946 248,259 171,108 255,485 50,026 9,953 3,035,517 Commercial & industrial 535,594 388,851 186,292 134,789 119,547 71,503 670,161 15,880 2,122,617 Commercial construction 732,147 391,963 256,087 78,778 11,977 19,973 70,819 1,433 1,563,177 Equipment financing 714,044 374,030 162,463 93,690 22,753 1,214 — — 1,368,194 Total commercial 3,464,040 2,580,175 1,950,688 760,506 453,123 602,065 905,981 33,045 10,749,623 Residential mortgage 894,960 742,821 329,762 91,300 55,785 223,846 8 3,133 2,341,615 HELOC — — — — — — 824,153 23,948 848,101 Residential construction 344,443 82,289 4,478 1,742 1,545 7,549 — 31 442,077 Manufactured housing 78,097 54,976 48,908 34,836 31,060 61,148 — — 309,025 Consumer 71,899 29,322 15,406 3,987 1,837 588 25,963 126 149,128 4,853,439 3,489,583 2,349,242 892,371 543,350 895,196 1,756,105 60,283 14,839,569 Special Mention Owner occupied commercial real estate 4,236 8,036 4,641 10,299 1,232 11,596 3,875 279 44,194 Income producing commercial real estate 41,423 1,137 44,802 32,821 21,647 50 805 — 142,685 Commercial & industrial 1,695 21,745 2,686 1,047 1,244 167 10,449 309 39,342 Commercial construction 850 33 1,640 13,237 4,891 28 — — 20,679 Equipment financing — — — — — — — — — Total commercial 48,204 30,951 53,769 57,404 29,014 11,841 15,129 588 246,900 Residential mortgage — — — — — — — — — HELOC — — — — — — — — — Residential construction — — — — — — — — — Manufactured housing — — — — — — — — — Consumer — — — — — — — — — 48,204 30,951 53,769 57,404 29,014 11,841 15,129 588 246,900 Substandard Owner occupied commercial real estate 9,835 77 2,873 4,490 1,204 8,055 209 3,611 30,354 Income producing commercial real estate 52,384 1,357 1,867 4,180 13,209 10,365 — 62 83,424 Commercial & industrial 10,431 19,477 3,880 4,557 11,019 1,189 39,333 477 90,363 Commercial construction 133 — 45 2 3,876 9,693 — 243 13,992 Equipment financing 1,625 2,160 1,303 705 236 28 — — 6,057 Total commercial 74,408 23,071 9,968 13,934 29,544 29,330 39,542 4,393 224,190 Residential mortgage 1,195 964 1,364 1,836 2,589 5,296 — 202 13,446 HELOC — — — — — — 93 2,075 2,168 Residential construction 32 268 — 20 3 153 — — 476 Manufactured housing 1,130 1,267 1,427 990 1,188 1,714 — — 7,716 Consumer 20 77 34 1 25 4 1 — 162 76,785 25,647 12,793 16,781 33,349 36,497 39,636 6,670 248,158 Total $ 4,978,428 $ 3,546,181 $ 2,415,804 $ 966,556 $ 605,713 $ 943,534 $ 1,810,870 $ 67,541 $ 15,334,627 Term Loans Revolvers Revolvers converted to term loans Total As of December 31, 2021 2021 2020 2019 2018 2017 Prior Pass Owner occupied commercial real estate $ 643,151 $ 674,124 $ 278,702 $ 153,233 $ 139,584 $ 267,460 $ 68,354 $ 17,150 $ 2,241,758 Income producing commercial real estate 668,322 678,487 333,911 221,218 165,563 219,459 41,157 11,830 2,339,947 Commercial & industrial 638,567 270,150 178,944 136,281 50,567 72,904 514,750 4,361 1,866,524 Commercial construction 378,695 303,154 149,740 40,625 22,983 13,206 12,628 1,673 922,704 Equipment financing 563,618 271,913 167,904 63,254 13,145 903 — — 1,080,737 Total commercial 2,892,353 2,197,828 1,109,201 614,611 391,842 573,932 636,889 35,014 8,451,670 Residential mortgage 781,007 370,092 108,091 64,346 71,552 221,131 9 3,915 1,620,143 HELOC — — — — — — 676,545 14,994 691,539 Residential construction 325,111 16,301 2,802 2,278 3,144 9,352 — 33 359,021 Consumer 57,530 29,218 10,757 5,137 1,439 1,355 32,312 111 137,859 4,056,001 2,613,439 1,230,851 686,372 467,977 805,770 1,345,755 54,067 11,260,232 Special Mention Owner occupied commercial real estate 7,772 2,979 16,639 4,374 6,007 2,641 248 286 40,946 Income producing commercial real estate 64,139 27,875 21,875 22,292 18,415 21,880 — — 176,476 Commercial & industrial 1,037 1,831 2,740 597 273 303 2,242 — 9,023 Commercial construction 14,283 16,237 13,149 22,479 11,766 52 — — 77,966 Equipment financing — — — — — — — — — Total commercial 87,231 48,922 54,403 49,742 36,461 24,876 2,490 286 304,411 Residential mortgage — — — — — — — — — HELOC — — — — — — — — — Residential construction — — — — — — — — — Consumer — — — — — — — — — 87,231 48,922 54,403 49,742 36,461 24,876 2,490 286 304,411 Substandard Owner occupied commercial real estate 11,987 1,049 4,216 3,712 5,829 11,088 — 1,100 38,981 Income producing commercial real estate 15,485 12,618 3,779 29,212 6,726 16,531 — 84 84,435 Commercial & industrial 2,741 1,615 5,284 12,685 1,232 5,863 4,326 869 34,615 Commercial construction 3,464 157 272 11 9,750 255 — 251 14,160 Equipment financing 428 590 676 503 84 3 — — 2,284 Total commercial 34,105 16,029 14,227 46,123 23,621 33,740 4,326 2,304 174,475 Residential mortgage 3,339 1,585 2,813 3,229 1,205 4,744 — 827 17,742 HELOC — — — — — — 329 2,166 2,495 Residential construction 407 — 30 51 — 306 — — 794 Consumer 37 16 22 26 22 50 3 21 197 37,888 17,630 17,092 49,429 24,848 38,840 4,658 5,318 195,703 Total $ 4,181,120 $ 2,679,991 $ 1,302,346 $ 785,543 $ 529,286 $ 869,486 $ 1,352,903 $ 59,671 $ 11,760,346 |
Schedule of loans modified under the terms of a TDR, including TDR loans that defaulted | Loans modified under the terms of a TDR during the years ended December 31 are presented in the table below. In addition, the following table presents loans modified under the terms of a TDR that defaulted (became 90 days or more delinquent) during the years ended December 31 that were initially restructured within one year prior to default (dollars in thousands) : New TDRs Number of Post-Modification Outstanding Recorded Investment TDRs Modified Within the Year That Have Subsequently Defaulted Year Ended December 31, 2022 Rate Structure Other Total Number of Contracts Recorded Owner occupied commercial real estate 1 $ — $ 112 $ — $ 112 — $ — Income producing commercial real estate — — — — — — — Commercial & industrial 6 — 1,118 9,400 10,518 1 394 Commercial construction — — — — — — — Equipment financing 60 — 8,165 — 8,165 13 735 Total commercial 67 — 9,395 9,400 18,795 14 1,129 Residential mortgage 9 — 982 — 982 4 509 HELOC 7 — 1,242 6 1,248 — — Residential construction — — — — — — — Manufactured housing — — — — — — — Consumer — — — — — — — Total 83 $ — $ 11,619 $ 9,406 $ 21,025 18 $ 1,638 Year Ended December 31, 2021 Owner occupied commercial real estate 2 $ — $ 731 $ — $ 731 1 $ 99 Income producing commercial real estate 3 — — 1,697 1,697 — — Commercial & industrial 8 — 597 103 700 2 76 Commercial construction 1 — 309 — 309 — — Equipment financing 62 — 4,689 — 4,689 15 375 Total commercial 76 — 6,326 1,800 8,126 18 550 Residential mortgage 16 — 1,528 57 1,585 4 593 HELOC — — — — — 2 92 Residential construction — — — — — — — Consumer — — — — — — — Total 92 $ — $ 7,854 $ 1,857 $ 9,711 24 $ 1,235 Year Ended December 31, 2020 Owner occupied commercial real estate 8 $ — $ 833 $ 1,536 $ 2,369 — $ — Income producing commercial real estate 7 — 4,856 6,699 11,555 1 5,998 Commercial & industrial 4 — 586 15 601 3 819 Commercial construction 7 — 832 70 902 — — Equipment financing 172 — 5,821 — 5,821 22 944 Total commercial 198 — 12,928 8,320 21,248 26 7,761 Residential mortgage 40 — 4,359 3 4,362 2 145 HELOC 4 — 164 — 164 1 60 Residential construction 3 — 123 — 123 — — Consumer 7 — 11 24 35 1 3 Total 252 $ — $ 17,585 $ 8,347 $ 25,932 30 $ 7,969 |
Schedule of balance and activity in the ACL by portfolio segment | The following table presents the balance and activity in the ACL by portfolio segment for the periods indicated (in thousands) : Year Ended December 31, 2022 Beginning Initial ACL- PCD loans (1) Charge-Offs Recoveries Provision Ending Owner occupied commercial real estate $ 14,282 $ 266 $ (6) $ 1,767 $ 3,525 $ 19,834 Income producing commercial real estate 24,156 4,366 (606) 949 3,217 32,082 Commercial & industrial 16,592 2,337 (10,284) 3,824 11,035 23,504 Commercial construction 9,956 2,857 (41) 625 6,723 20,120 Equipment financing 16,290 — (6,980) 3,027 11,058 23,395 Residential mortgage 12,390 385 (55) 302 7,787 20,809 HELOC 6,568 60 (69) 687 1,461 8,707 Residential construction 1,847 1 — 231 (30) 2,049 Manufactured housing — 2,438 (794) 29 6,425 8,098 Consumer 451 27 (3,460) 1,200 2,541 759 ACL - loans 102,532 12,737 (22,295) 12,641 53,742 159,357 ACL - unfunded commitments 10,992 — — — 10,171 21,163 Total ACL $ 113,524 $ 12,737 $ (22,295) $ 12,641 $ 63,913 $ 180,520 (1) Represents the initial ACL related to PCD loans acquired in the Reliant transaction. Year Ended December 31, 2021 Beginning Initial ACL- PCD loans (1) Charge-Offs Recoveries Provision Ending Owner occupied commercial real estate $ 20,673 $ 280 $ (1,640) $ 1,324 $ (6,355) $ 14,282 Income producing commercial real estate 41,737 982 (267) 496 (18,792) 24,156 Commercial & industrial 22,019 312 (4,776) 7,275 (8,238) 16,592 Commercial construction 10,952 1,969 (334) 1,081 (3,712) 9,956 Equipment financing 16,820 — (5,724) 2,619 2,575 16,290 Residential mortgage 15,341 — (344) 564 (3,171) 12,390 HELOC 8,417 1 (112) 517 (2,255) 6,568 Residential construction 764 — (10) 157 936 1,847 Consumer 287 — (2,066) 1,202 1,028 451 ACL - loans 137,010 3,544 (15,273) 15,235 (37,984) 102,532 ACL - unfunded commitments 10,558 — — — 434 10,992 Total ACL $ 147,568 $ 3,544 $ (15,273) $ 15,235 $ (37,550) $ 113,524 (1) Represents the initial ACL related to PCD loans acquired in the Aquesta transaction. Year Ended December 31, 2020 Dec. 31, 2019 Adoption of CECL Jan. 1, 2020 Initial ACL- PCD loans (1) Charge-Offs Recoveries Provision Ending Owner occupied commercial $ 11,404 $ (1,616) $ 9,788 $ 1,779 $ (70) $ 2,565 $ 6,611 $ 20,673 Income producing commercial 12,306 (30) 12,276 1,208 (8,430) 3,546 33,137 41,737 Commercial & industrial 5,266 4,012 9,278 7,680 (10,707) 1,371 14,397 22,019 Commercial construction 9,668 (2,583) 7,085 74 (726) 1,045 3,474 10,952 Equipment financing 7,384 5,871 13,255 — (8,764) 2,004 10,325 16,820 Residential mortgage 8,081 1,569 9,650 195 (398) 455 5,439 15,341 HELOC 4,575 1,919 6,494 209 (221) 677 1,258 8,417 Residential construction 2,504 (1,771) 733 — (93) 156 (32) 764 Consumer 901 (491) 410 7 (2,985) 2,259 596 287 ACL - loans 62,089 6,880 68,969 11,152 (32,394) 14,078 75,205 137,010 ACL - unfunded commitments 3,458 1,871 5,329 — — — 5,229 10,558 Total ACL $ 65,547 $ 8,751 $ 74,298 $ 11,152 $ (32,394) $ 14,078 $ 80,434 $ 147,568 (1) Represents the initial ACL related to PCD loans acquired in the Three Shores transaction. |
Premises and Equipment (Tables)
Premises and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Property, Plant and Equipment [Abstract] | |
Schedule of premises and equipment | Premises and equipment are summarized as follows as of the dates indicated (in thousands) : December 31, 2022 2021 Land and land improvements $ 101,187 $ 95,029 Buildings and improvements 210,018 189,339 Furniture and equipment 115,569 100,205 Construction in progress 34,669 10,088 461,443 394,661 Less accumulated depreciation (162,987) (149,365) Premises and equipment, net $ 298,456 $ 245,296 |
Derivatives and Hedging Activ_2
Derivatives and Hedging Activities (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Schedule of fair value of derivative financial instruments on consolidated balance sheet | The table below presents the fair value of derivative financial instruments as of the dates indicated as well as their classification on the consolidated balance sheets (in thousands) : December 31, 2022 December 31, 2021 Notional Amount Fair Value Notional Amount Fair Value Derivative Assets Derivative Liabilities Derivative Assets Derivative Liabilities Derivatives designated as hedging instruments: Cash flow hedge of subordinated debt $ 100,000 $ 16,191 $ — $ 100,000 $ 6,389 $ — Cash flow hedge of trust preferred securities 20,000 — — 20,000 — — Fair value hedge of brokered CDs — — — 10,000 — — Total 120,000 16,191 — 130,000 6,389 — Derivatives not designated as hedging instruments: Customer derivative positions 1,097,578 341 86,358 1,206,145 28,656 10,663 Dealer offsets to customer derivative positions 1,097,578 22,393 274 1,230,885 974 9,232 Risk participations 88,586 15 1 69,385 16 7 Mortgage banking - loan commitment 19,685 394 — 110,897 3,450 — Mortgage banking - forward sales commitment 49,750 198 71 201,419 67 202 Bifurcated embedded derivatives 51,935 11,104 — 51,935 2,928 — Dealer offsets to bifurcated embedded derivatives 51,935 — 12,839 51,935 — 5,041 Total 2,457,047 34,445 99,543 2,922,601 36,091 25,145 Total derivatives $ 2,577,047 $ 50,636 $ 99,543 $ 3,052,601 $ 42,480 $ 25,145 Total gross derivative instruments $ 50,636 $ 99,543 $ 42,480 $ 25,145 Less: Amounts subject to master netting agreements (346) (346) (694) (694) Less: Cash collateral received/pledged (38,386) (13,089) (6,620) (14,148) Net amount $ 11,904 $ 86,108 $ 35,166 $ 10,303 |
Schedule of effect of derivatives in hedging relationships consolidated statements of income | The table below presents the effect of derivatives in hedging relationships on the consolidated statements of income (in thousands) . Year Ended December 31, 2022 2021 2020 Total interest expense presented in the consolidated statements of income $ (60,798) $ (29,760) $ (56,237) Effect of hedging relationships on interest expense: Net income recognized on fair value hedges 28 210 281 Net expense recognized on cash flow hedges (1) (269) (608) (359) (1) Includes $472,000, $472,000 and $329,000 of premium amortization expense excluded from the assessment of hedge effectiveness for the years ended December 31, 2022, 2021 and 2020, respectively . |
Schedule of gains and losses recognized in income on derivatives not designated as hedging instruments | The table below presents the gains and losses recognized in income on derivatives not designated as hedging instruments for the periods indicated (in thousands) . Income Statement Location Year Ended December 31, 2022 2021 2020 Customer derivatives and dealer offsets Other noninterest income $ 2,063 $ 3,302 $ 6,732 Bifurcated embedded derivatives and dealer offsets Other noninterest income 90 433 (63) Mortgage banking derivatives Mortgage loan revenue 8,144 (1,805) (7,873) Risk participations Other noninterest income 104 (90) (340) Total gains and losses $ 10,401 $ 1,840 $ (1,544) |
Goodwill and Other Intangible_2
Goodwill and Other Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of carrying amount of goodwill and other intangible assets | The carrying amount of goodwill and other intangible assets is summarized below as of the dates indicated (in thousands) : December 31, 2022 2021 Core deposit intangible $ 46,900 $ 38,192 Less: accumulated amortization (26,112) (25,870) Net core deposit intangible 20,788 12,322 Customer relationship intangible 8,400 8,400 Less: accumulated amortization (1,114) (322) Net customer relationship intangible 7,286 8,078 Total intangibles subject to amortization, net 28,074 20,400 Goodwill 751,174 452,007 Total goodwill and other intangible assets, net $ 779,248 $ 472,407 |
Schedule of changes in the carrying amounts of goodwill | The following is a summary of changes in the carrying amounts of goodwill for the years indicated (in thousands) : Goodwill (1) December 31, 2020 $ 367,809 Acquisition of FinTrust 14,163 Acquisition of Aquesta 70,035 December 31, 2021 452,007 Acquisition of Reliant 299,167 December 31, 2022 $ 751,174 (1) Goodwill balances presented are shown net of accumulated impairment losses of $306 million incurred prior to 2020. |
Schedule of estimated aggregate amortization expense for future periods | The estimated aggregate amortization expense for future periods for finite lived intangibles is as follows (in thousands) : Year 2023 $ 5,903 2024 5,018 2025 4,051 2026 3,303 2027 2,555 Thereafter 7,244 Total $ 28,074 |
Servicing Assets and Liabilit_2
Servicing Assets and Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Transfers and Servicing [Abstract] | |
Schedule of changes in SBA/USDA servicing rights | The following table summarizes the changes in SBA/USDA servicing rights for the years indicated ( in thousands ). 2022 2021 2020 Beginning of period $ 6,513 $ 6,462 $ 6,794 Acquired servicing rights — 581 — Originated servicing rights capitalized upon sale of loans 2,114 2,005 1,114 Disposals (2,062) (1,430) (624) Changes in fair value due to change in inputs or assumptions used in the valuation (1,377) (1,105) (822) End of period $ 5,188 $ 6,513 $ 6,462 |
Schedule of key characteristics, inputs, and economic assumptions used to estimate the fair value of SBA/USDA loans servicing asset and sensitivity | A summary of the key characteristics, inputs, and economic assumptions used in the discounted cash flow method utilized to estimate the fair value of the servicing asset for SBA/USDA loans and the sensitivity of the fair values to immediate adverse changes in those assumptions are shown in the table below as of the dates indicated (dollars in thousands) : December 31, 2022 2021 Fair value of retained servicing assets $ 5,188 $ 6,513 Prepayment rate assumption: Weighted average 16.4 % 16.3 % Range 0.0% - 35.4% 3.2% - 31.3% 10% adverse change $ (201) $ (309) 20% adverse change (387) (591) Discount rate: Weighted average 17.5 % 10.3 % Range 11.9% - 25.0% 0.0% - 45.4% 100 bps adverse change $ (107) $ (166) 200 bps adverse change (210) (323) |
Schedule of changes in residential mortgage servicing rights | The following table summarizes the changes in residential mortgage servicing rights for the years indicated ( in thousands ). 2022 2021 2020 Beginning of period $ 25,161 $ 16,216 $ 13,565 Originated servicing rights capitalized upon sale of loans 5,051 12,510 11,911 Disposals (2,360) (4,275) (2,868) Changes in fair value due to change in inputs or assumptions used in the valuation 8,707 710 (6,392) End of period $ 36,559 $ 25,161 $ 16,216 |
Schedule of key characteristics, inputs, and economic assumptions used to estimate the fair value of residential mortgage loans servicing asset and sensitivity | A summary of the key characteristics, inputs, and economic assumptions used to estimate the fair value of the servicing asset for residential mortgage loans and the sensitivity of the fair values to immediate adverse changes in those assumptions are shown in the table below as of the dates indicated (in thousands) : December 31, 2022 2021 Fair value of retained servicing assets $ 36,559 $ 25,161 Prepayment rate assumption: Weighted average 7.5 % 12.6 % Range 7.0% - 31.2% 7.0% - 77.6% 10% adverse change $ (1,236) $ (1,229) 20% adverse change (2,404) (2,367) Discount rate: Weighted average 9.5 % 9.5 % Range 9.5% - 11.5% 9.5% - 10.5% 100 bps adverse change $ (1,488) $ (877) 200 bps adverse change (2,865) (1,693) |
Time Deposits (Tables)
Time Deposits (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Deposits [Abstract] | |
Schedule of contractual maturities of time deposits, including brokered time deposits | At December 31, 2022, the contractual maturities of time deposits, including brokered time deposits, are summarized as follows (in thousands) : 2023 $ 1,251,483 2024 460,975 2025 36,811 2026 18,301 2027 14,364 Thereafter 50,630 Total time deposits $ 1,832,564 |
Short-term Borrowings and Fed_2
Short-term Borrowings and Federal Home Loan Bank Advances (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Debt Disclosure [Abstract] | |
Schedule of repurchase agreements | At December 31, 2022, short-term borrowings consisted of repurchase agreements, which are borrowings secured by investment securities. The following table presents the remaining contractual maturity of repurchase agreements by collateral pledged as of the date indicated (in thousands) . Remaining Contractual Maturity of the Agreements December 31, 2022 Overnight and Continuous Up to 30 Days 30-90 Days Greater than 90 days Total U.S. Treasuries $ 158,933 $ — $ — $ — $ 158,933 Total $ 158,933 $ — $ — $ — $ 158,933 |
Long-term Debt (Tables)
Long-term Debt (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Debt Disclosure [Abstract] | |
Schedule of long-term debt | Long-term debt consisted of the following (in thousands) : December 31, Issue Date Stated Maturity Date Earliest Call Date 2022 2021 Interest Rate 2027 senior debentures 35,000 35,000 2015 2027 2025 5.500% through August 2025, 3-month LIBOR plus 3.71% thereafter (1) 2030 senior debentures 100,000 100,000 2020 2030 2025 5.00% through June 2025, 3-month SOFR plus 4.87% thereafter Total senior debentures 135,000 135,000 2028 subordinated debentures 100,000 100,000 2018 2028 2023 4.500% through January 2023, 3-month LIBOR plus 2.12% thereafter (1) 2029 subordinated debentures 60,000 — 2019 2029 2024 5.125% until December 2024, then 3-month SOFR + 3.765% thereafter Total subordinated debentures 160,000 100,000 Tidelands Statutory Trust I 8,248 8,248 2006 2036 * 3-month LIBOR plus 1.38% (1) Four Oaks Statutory Trust I 12,372 12,372 2006 2036 * 3-month LIBOR plus 1.35% (1) Community First Capital Trust I 3,093 — 2002 2032 * Prime + 0.50% Community First Capital Trust II 5,155 — 2005 2035 * 3-month LIBOR +1.50% (1) Community First Capital Trust III 5,464 — 2007 2037 * 3-month LIBOR plus 3.00% (1) Total trust preferred securities 34,332 20,620 Less net discount (4,669) (8,260) Total long-term debt $ 324,663 $ 247,360 * Indicates currently redeemable (1) Transitions to an alternative benchmark rate plus a comparable spread adjustment in the event that 3-month LIBOR is no longer published on a future adjustment date. |
Operating Leases (Tables)
Operating Leases (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Leases [Abstract] | |
Schedule of ROU asset and operating lease liability | The following table presents the balances of the ROU asset and corresponding operating lease liability and supplemental lease information as of the dates indicated (in thousands). December 31, 2022 2021 ROU asset $ 40,003 $ 29,421 Operating lease liability 41,688 31,072 Weighted average remaining lease term 5.1 years 5.4 years Weighted average discount rate 1.8 % 1.6 % |
Schedule of operating lease income and expense and other supplemental information | The table below presents the operating lease income and expense recognized for the periods indicated (in thousands). 2022 2021 2020 Operating lease cost $ 12,161 $ 8,186 $ 6,449 Variable lease cost 1,583 1,066 757 Short-term lease cost 169 85 100 Total lease cost $ 13,913 $ 9,337 $ 7,306 Sublease income and rental income from owned properties under operating leases $ 1,372 $ 976 $ 1,022 |
Schedule of future minimum lease payments under operating leases | As of December 31, 2022, future minimum lease payments under operating leases were as follows (in thousands) : Year 2023 $ 11,716 2024 8,660 2025 6,490 2026 5,665 2027 4,791 Thereafter 6,397 Total 43,719 Less discount (2,031) Present value of lease liability $ 41,688 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Fair Value Disclosures [Abstract] | |
Schedule of assets and liabilities measured at fair value on a recurring basis | The table below presents United’s assets and liabilities measured at fair value on a recurring basis, aggregated by the level in the fair value hierarchy within which those measurements fall (in thousands) : December 31, 2022 Level 1 Level 2 Level 3 Total Assets: AFS debt securities: U.S. Treasuries $ 149,352 $ — $ — $ 149,352 U.S. Government agencies & GSEs — 250,116 — 250,116 State and political subdivisions — 303,748 — 303,748 Residential MBS — 1,795,481 — 1,795,481 Commercial MBS — 671,912 — 671,912 Corporate bonds — 210,240 2,212 212,452 Asset-backed securities — 231,272 — 231,272 Equity securities with readily determinable fair values 12,278 1,359 — 13,637 Mortgage loans held for sale — 11,794 — 11,794 Deferred compensation plan assets 11,436 — — 11,436 Servicing rights for SBA/USDA loans — — 5,188 5,188 Residential mortgage servicing rights — — 36,559 36,559 Derivative financial instruments — 39,123 11,513 50,636 Total assets $ 173,066 $ 3,515,045 $ 55,472 $ 3,743,583 Liabilities: Deferred compensation plan liability $ 11,460 $ — $ — $ 11,460 Derivative financial instruments — 86,703 12,840 99,543 Total liabilities $ 11,460 $ 86,703 $ 12,840 $ 111,003 December 31, 2021 Level 1 Level 2 Level 3 Total Assets: AFS debt securities: U.S. Treasuries $ 217,520 $ — $ — $ 217,520 U.S. Government agencies & GSEs — 187,032 — 187,032 State and political subdivisions — 275,844 — 275,844 Residential MBS — 2,145,134 — 2,145,134 Commercial MBS — 873,851 — 873,851 Corporate bonds — 190,771 2,395 193,166 Asset-backed securities — 604,277 — 604,277 Equity securities with readily determinable fair values — 1,302 — 1,302 Mortgage loans held for sale — 44,109 — 44,109 Deferred compensation plan assets 11,769 — — 11,769 Servicing rights for SBA/USDA loans — — 6,513 6,513 Residential mortgage servicing rights — — 25,161 25,161 Derivative financial instruments — 35,722 6,758 42,480 Total assets $ 229,289 $ 4,358,042 $ 40,827 $ 4,628,158 Liabilities: Deferred compensation plan liability $ 11,795 $ — $ — $ 11,795 Derivative financial instruments — 20,097 5,048 25,145 Total liabilities $ 11,795 $ 20,097 $ 5,048 $ 36,940 |
Schedule of assets measured at fair value on a recurring basis using significant unobservable inputs | The following table shows a reconciliation of the beginning and ending balances for all other assets and liabilities measured at fair value on a recurring basis using significant unobservable inputs that are classified as Level 3 values (in thousands) : Derivative Derivative Corporate Bonds December 31, 2019 $ 7,238 $ 8,559 $ 998 Transfers into Level 3 (1) 583 — — Additions 368 — 1,750 Sales and settlements — — (1,000) Fair value adjustments included in OCI — — 2 Fair value adjustments included in earnings 2,590 (6,151) — December 31, 2020 10,779 2,408 1,750 Transfers into Level 3 (1) 74 — — Additions 261 170 500 Fair value adjustments included in OCI — — 145 Fair value adjustments included in earnings (4,356) 2,470 — December 31, 2021 6,758 5,048 2,395 Transfers from Level 3 (1) (290) — — Additions 12 99 — Sales and settlements — (1) — Fair value adjustments included in OCI — — (183) Fair value adjustments included in earnings 5,033 7,694 — December 31, 2022 $ 11,513 $ 12,840 $ 2,212 (1) |
Schedule of liabilities measured at fair value on a recurring basis using significant unobservable inputs | The following table shows a reconciliation of the beginning and ending balances for all other assets and liabilities measured at fair value on a recurring basis using significant unobservable inputs that are classified as Level 3 values (in thousands) : Derivative Derivative Corporate Bonds December 31, 2019 $ 7,238 $ 8,559 $ 998 Transfers into Level 3 (1) 583 — — Additions 368 — 1,750 Sales and settlements — — (1,000) Fair value adjustments included in OCI — — 2 Fair value adjustments included in earnings 2,590 (6,151) — December 31, 2020 10,779 2,408 1,750 Transfers into Level 3 (1) 74 — — Additions 261 170 500 Fair value adjustments included in OCI — — 145 Fair value adjustments included in earnings (4,356) 2,470 — December 31, 2021 6,758 5,048 2,395 Transfers from Level 3 (1) (290) — — Additions 12 99 — Sales and settlements — (1) — Fair value adjustments included in OCI — — (183) Fair value adjustments included in earnings 5,033 7,694 — December 31, 2022 $ 11,513 $ 12,840 $ 2,212 (1) |
Schedule of quantitative information about Level 3 fair value measurements for fair value on a recurring basis | The following table presents quantitative information about recurring Level 3 fair value measurements, excluding servicing rights which are detailed in Note 10: Level 3 Assets and Liabilities Valuation Technique December 31, Significant Unobservable Inputs 2022 2021 Range Weighted Average Range Weighted Average Derivative assets - mortgage Internal model Pull through rate 26.5% - 100% 90.7% 45.9% - 100% 87.2% Derivative assets - customer derivative positions Internal model Estimated loss rate N/A N/A 33.4 - 44 36 Derivative assets & liabilities - other Dealer priced Dealer priced N/A N/A N/A N/A Corporate bonds Discounted cash flow Discount rate 6.1 - 6.4 6.3 3.6 - 3.8 3.6 |
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 loans accounted for under the fair value option, as well as the gain or loss recognized from the change in fair value for the periods indicated (in thousands) . Mortgage Loans Held for Sale December 31, 2022 2021 Outstanding principal balance $ 11,473 $ 42,581 Fair value 11,794 44,109 Amount of Gain (Loss) Recognized on Location 2022 2021 2020 Mortgage loan gains and other related fees $ (1,207) $ (4,159) $ 3,815 |
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 December 31, 2022 and 2021, for which a nonrecurring fair value adjustment was recorded during the periods presented (in thousands) . December 31, 2022 Level 1 Level 2 Level 3 Total Loans held for investment $ — $ — $ 7,808 $ 7,808 Mortgage loans held for sale — — 1,806 1,806 December 31, 2021 Loans held for investment $ — $ — $ 2,536 $ 2,536 |
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 for other financial instruments that are not measured at fair value on a recurring basis in United’s consolidated balance sheets are as follows (in thousands) : Carrying Amount Fair Value Level December 31, 2022 Level 1 Level 2 Level 3 Total Assets: HTM debt securities $ 2,613,648 $ 17,417 $ 2,173,656 $ — $ 2,191,073 Loans, net 15,175,270 — — 14,609,239 14,609,239 Liabilities: Deposits 19,876,507 — 19,863,380 — 19,863,380 Federal Home Loan Bank advances 550,000 — — 549,913 549,913 Long-term debt 324,663 — — 313,380 313,380 December 31, 2021 Assets: HTM debt securities $ 1,156,098 $ — $ 1,148,804 $ — $ 1,148,804 Loans, net 11,657,814 — — 11,607,821 11,607,821 Liabilities: Deposits 18,241,179 — 18,239,934 — 18,239,934 Long-term debt 247,360 — — 267,064 267,064 |
Equity Compensation Plans (Tabl
Equity Compensation Plans (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Share-Based Payment Arrangement [Abstract] | |
Schedule of restricted stock units and options outstanding and activity | Restricted stock units and options outstanding and activity for the years ended December 31 consisted of the following: Restricted Stock Units Options Shares Weighted Average Grant Date Fair Value Aggregate Shares Weighted Average Exercise Price Weighted Average Remaining Term (Yrs.) Aggregate Intrinsic Value (000’s) December 31, 2019 808,424 $ 27.94 1,500 $ 27.95 Granted 446,512 19.15 — — Vested / Exercised (324,697) 26.42 — — Expired — (1,500) 27.95 Cancelled (36,808) 25.73 — — December 31, 2020 893,431 23.75 — — Granted 302,701 30.34 62,743 8.30 Vested / Exercised (330,598) 26.13 (27,283) 8.20 Cancelled (57,060) 25.15 — — December 31, 2021 808,474 25.15 35,460 8.38 Granted 343,526 32.92 48,239 20.88 Vested / Exercised (340,691) 25.74 $ 12,169 (43,361) 19.02 $ 743 Cancelled (32,623) 26.12 — — December 31, 2022 778,686 28.28 26,320 40,338 11.88 2.11 884 Vested / Exercisable at December 31, 2022 — — 40,338 11.88 2.11 884 |
Reclassifications Out of AOCI (
Reclassifications Out of AOCI (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Equity [Abstract] | |
Schedule of details regarding amounts reclassified out of AOCI | The following presents the details regarding amounts reclassified out of AOCI (in thousands). Amounts shown above in parentheses reduce earnings. Amounts Reclassified from AOCI For the Years Ended December 31, Details about AOCI Components Affected Line Item in the Statement Where Net Income is Presented 2022 2021 2020 Realized gains (losses) on AFS securities: $ (3,872) $ 83 $ 748 Securities gains (losses), net 1,026 46 (191) Income tax (expense) benefit $ (2,846) $ 129 $ 557 Net of tax Amortization of unrealized losses on HTM securities transferred from AFS: $ (9,049) $ — $ (723) Investment securities interest revenue 2,167 — 173 Income tax benefit $ (6,882) $ — $ (550) Net of tax Losses on derivative instruments accounted for as cash flow hedges: Interest rate contracts $ (269) $ (608) $ (359) Long-term debt interest expense 69 156 91 Income tax benefit $ (200) $ (452) $ (268) Net of tax Amortization of defined benefit pension plan net periodic pension cost components: Prior service cost $ (313) $ (469) $ (531) Salaries and employee benefits expense Actuarial losses (367) (575) (326) Other expense (680) (1,044) (857) Total before tax 174 267 219 Income tax benefit $ (506) $ (777) $ (638) Net of tax Total reclassifications for the period $ (10,434) $ (1,100) $ (899) Net of tax |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Earnings Per Share [Abstract] | |
Schedule of computation of basic and diluted net income per common share | The following table sets forth the computation of basic and diluted net income per common share for the years indicated (in thousands, except per share data) : Year Ended December 31, 2022 2021 2020 Net income $ 277,472 $ 269,801 $ 164,089 Earnings allocated to participating securities (1,462) (1,657) (1,287) Dividends on preferred stock (6,875) (6,875) (3,533) Net income available to common stockholders $ 269,135 $ 261,269 $ 159,269 Net income per common share: Basic $ 2.52 $ 2.97 $ 1.91 Diluted 2.52 2.97 1.91 Weighted average common shares: Basic 106,661 87,940 83,184 Effect of dilutive securities: Stock options 39 9 — Restricted stock units 78 148 64 Diluted 106,778 88,097 83,248 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Income Tax Disclosure [Abstract] | |
Schedule of income tax expense | Income tax expense is as follows for the years indicated (in thousands) : Year Ended December 31, 2022 2021 2020 Current $ 67,612 $ 57,175 $ 42,688 Deferred 10,918 20,787 2,668 Total income tax expense $ 78,530 $ 77,962 $ 45,356 |
Schedule of differences between the provision for income taxes and statutory federal income tax rate | The differences between the provision for income taxes and the amount computed by applying the statutory federal income tax rate of 21% in 2022, 2021 and 2020 to income before income taxes are as follows for the years indicated (in thousands) : Year Ended December 31, 2022 2021 2020 Income tax expense on pretax income at statutory rates $ 74,760 $ 73,030 $ 43,983 Add (deduct): State taxes, net of federal benefit 7,096 9,188 5,928 BOLI earnings (1,379) (745) (1,052) Adjustment to reserve for uncertain tax positions 430 153 (1,212) Tax-exempt interest revenue (3,015) (2,520) (2,169) Equity compensation (1,313) (891) (174) Transaction costs 296 117 217 Tax credit investments (694) (598) (930) BOLI surrender 1,746 — — Other 603 228 765 Total income tax expense $ 78,530 $ 77,962 $ 45,356 |
Schedule of summarizes the sources and expected tax consequences of future taxable deductions (revenue) | The following summarizes the sources and expected tax consequences of future taxable deductions (revenue) which comprise the net DTA as of the dates indicated (in thousands) : December 31, 2022 2021 DTAs: ACL $ 38,409 $ 24,349 Net operating loss carryforwards 15,170 16,656 Deferred compensation 11,181 11,011 Loan purchase accounting adjustments 5,223 4,227 Nonqualified share based compensation 1,253 1,374 Accrued expenses 10,369 7,936 Unamortized pension actuarial losses and prior service cost — 1,442 Unrealized losses on AFS securities 103,960 5,808 Derivatives 86 — Deferred gains on SBA/USDA loan sales 1,683 2,217 Lease liability 10,105 7,501 Other 2,884 2,780 Total DTAs 200,323 85,301 DTLs: Unrealized gains on cash flow hedges 4,507 1,189 Acquired intangible assets 4,707 2,412 Premises and equipment 9,314 5,179 Loan origination costs 8,855 6,466 True tax leases 8,748 5,984 Servicing assets 9,243 6,779 Derivatives — 1,309 ROU asset 9,807 7,102 Securities purchase accounting adjustments 4,150 2,644 BOLI surrender 1,746 — Trust preferred securities debt issuance 1,606 1,673 Uncertain tax positions 1,891 1,945 Other 5,514 386 Total DTLs 70,088 43,068 Less valuation allowance 922 911 Net DTA $ 129,313 $ 41,322 |
Schedule of reconciliation of the beginning and ending unrecognized tax benefit related to uncertain tax positions | A reconciliation of the beginning and ending unrecognized tax benefit related to uncertain tax positions is as follows for the years indicated (in thousands) : 2022 2021 2020 Balance at beginning of year $ 2,356 $ 2,163 $ 3,370 Additions based on tax positions related to the current year 962 634 421 Decreases resulting from a lapse in the applicable statute of limitations (470) (441) (1,628) Balance at end of year $ 2,848 $ 2,356 $ 2,163 |
Benefit Plans (Tables)
Benefit Plans (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Retirement Benefits [Abstract] | |
Schedule of weighted-average assumptions used to determine pension benefit obligations | Weighted-average assumptions used to determine the pension benefit obligation of the Modified Retirement Plan at year end and net periodic pension cost are shown in the table below: 2022 2021 Discount rate for disclosures 5.15 % 2.90 % Discount rate for net periodic benefit cost 2.90 % 2.55 % Measurement date 12/31/2022 12/31/2021 |
Schedule of changes in obligations and plan assets | United recognizes the unfunded status of the Modified Retirement Plan as a liability in the consolidated balance sheets. Information about changes in obligations and plan assets follows (in thousands) : 2022 2021 Accumulated benefit obligation: Accumulated benefit obligation - beginning of year $ 26,261 $ 27,099 Service cost 626 659 Interest cost 744 676 Actuarial gains (5,833) (1,066) Benefits paid (1,124) (1,107) Accumulated benefit obligation - end of year 20,674 26,261 Change in plan assets, at fair value: Beginning plan assets — — Actual return — — Employer contribution 1,124 1,107 Benefits paid (1,124) (1,107) Plan assets - end of year — — Funded status - end of year (plan assets less benefit obligations) $ (20,674) $ (26,261) |
Schedule of components of net periodic benefit cost and other amounts recognized in other comprehensive income | Components of net periodic benefit cost and other amounts recognized in other comprehensive income related to the Modified Retirement Plan are as follows (in thousands): 2022 2021 2020 Service cost $ 626 $ 659 $ 588 Interest cost 744 676 795 Amortization of prior service cost 313 469 531 Amortization of net actuarial losses 367 576 326 Net periodic benefit cost $ 2,050 $ 2,380 $ 2,240 |
Schedule of estimated future benefit payments expected to be paid | The following table summarizes the estimated future benefit payments expected to be paid from the Modified Retirement Plan for the periods indicated (in thousands) . 2023 $ 1,192 2024 1,186 2025 1,199 2026 1,220 2027 1,510 2028-2032 8,644 |
Regulatory Matters (Tables)
Regulatory Matters (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Regulatory Capital Requirements Under Banking Regulations [Abstract] | |
Schedule of minimum amounts required for capital adequacy purposes | Regulatory capital ratios at December 31, 2022 and 2021, 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 2022 2021 2022 2021 Risk-based ratios: CET1 capital 4.5 % 6.5 % 12.26 % 12.46 % 12.83 % 12.87 % Tier 1 capital 6.0 8.0 12.81 13.17 12.83 12.87 Total capital 8.0 10.0 14.79 14.65 13.70 13.46 Tier 1 leverage ratio 4.0 5.0 9.69 8.75 9.69 8.53 CET1 capital $ 2,164,211 $ 1,688,176 $ 2,255,337 $ 1,738,557 Tier 1 capital 2,260,633 1,784,598 2,255,337 1,738,557 Total capital 2,610,216 1,984,376 2,408,895 1,818,335 RWAs 17,648,573 13,548,534 17,583,347 13,512,405 Average total assets 23,322,018 20,402,842 23,285,253 20,377,319 (1) As of December 31, 2022 and 2021, the additional capital conservation buffer in effect was 2.50%. |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of the contract amount of off-balance sheet instruments | The following table summarizes, as of the dates indicated, the contract amount of certain off-balance sheet instruments (in thousands) : December 31, 2022 2021 Financial instruments whose contract amounts represent credit risk: Commitments to extend credit $ 4,683,790 $ 3,591,975 Letters of credit 46,896 29,312 |
Schedule of tax credit and certain equity method investments | The following table summarizes, as of the dates indicated, tax credit and certain equity method investments (in thousands) : December 31, Balance Sheet Location 2022 2021 Investments in LIHTC: Carrying amount Other assets $ 50,054 $ 40,243 Amount of future funding commitments included in carrying amount Other liabilities 18,090 14,846 Renewable energy investments: Carrying amount Other assets 19,617 — Amount of future funding commitments included in carrying amount Other liabilities 18,781 — Fintech funds and certain other equity method investments: Carrying amount Other assets 27,569 12,439 Amount of future funding commitments included in carrying amount Other liabilities 470 1,410 Amount of future funding commitments not included in carrying amount N/A 23,690 15,831 |
Condensed Financial Statement_2
Condensed Financial Statements of United Community Banks, Inc. (Holding Company Only) (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Condensed Financial Information Disclosure [Abstract] | |
Schedule of condensed balance sheets | Balance Sheets As of December 31, 2022 and 2021 (in thousands) 2022 2021 Assets Cash and cash equivalents $ 322,353 $ 298,316 Investment in Bank 2,661,884 2,150,683 Investment in other subsidiaries 37,325 23,194 Other assets 76,898 46,432 Total assets $ 3,098,460 $ 2,518,625 Liabilities and Shareholders’ Equity Long-term debt $ 334,663 $ 247,360 Other liabilities 63,123 49,020 Total liabilities 397,786 296,380 Shareholders’ equity 2,700,674 2,222,245 Total liabilities and shareholders’ equity $ 3,098,460 $ 2,518,625 |
Schedule of condensed statements of income | Statements of Income For the Years Ended December 31, 2022, 2021 and 2020 (in thousands) 2022 2021 2020 Dividends from Bank $ 132,688 $ 217,000 $ 150,000 Dividends from other subsidiaries 2,788 — — Shared service fees from subsidiaries 16,335 12,402 13,020 Other 566 3,167 1,436 Total income 152,377 232,569 164,456 Interest expense 17,250 14,324 13,994 Other expense 18,058 16,417 16,473 Total expenses 35,308 30,741 30,467 Income tax benefit 3,251 6,908 2,681 Income before equity in undistributed earnings of subsidiaries 120,320 208,736 136,670 Equity in undistributed earnings of subsidiaries 157,152 61,065 27,419 Net income $ 277,472 $ 269,801 $ 164,089 |
Schedule of condensed statements of cash flows | Statements of Cash Flows For the Years Ended December 31, 2022, 2021 and 2020 (in thousands) 2022 2021 2020 Operating activities: Net income $ 277,472 $ 269,801 $ 164,089 Adjustments to reconcile net income to net cash provided by operating activities: Equity in undistributed earnings of the subsidiaries (157,152) (61,065) (27,419) Stock-based compensation 8,705 6,554 7,887 Change in assets and liabilities: Other assets 6,094 (7,800) (3,662) Other liabilities 7,736 6,353 5,261 Net cash provided by operating activities 142,855 213,843 146,156 Investing activities: Net cash (paid) received for acquisition (47) (47,785) 3,397 Purchases of debt securities available-for-sale and equity securities with readily determinable fair values (19,060) (1,500) (2,750) Proceeds from sales and maturities of debt securities available-for-sale and equity securities with readily determinable fair values 4,473 1,253 — Other investing inflows 19 860 — Other investing outflows (3,676) (630) — Net cash (used in) provided by investing activities (18,291) (47,802) 647 Financing activities: Repayment of long-term debt — (65,632) — Proceeds from issuance of long-term debt, net of issuance costs — — 98,552 Proceeds from issuance of preferred stock, net of issuance costs — — 96,422 Cash paid for shares withheld to cover payroll taxes related to equity instruments (3,494) (3,182) (3,119) Proceeds from issuance of common stock for dividend reinvestment and employee benefit plans 301 506 1,317 Proceeds from exercise of stock options and warrants 824 231 — Repurchase of common stock — (15,101) (20,782) Cash dividends on preferred stock (6,875) (6,876) (3,533) Cash dividends on common stock (86,883) (66,914) (58,912) Other financing outflows (4,400) — — Net cash (used in) provided by financing activities (100,527) (156,968) 109,945 Net change in cash 24,037 9,073 256,748 Cash at beginning of year 298,316 289,243 32,495 Cash at end of year $ 322,353 $ 298,316 $ 289,243 |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Details) - segment | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Accounting Policies [Line Items] | ||
Number of operating segments | 1 | |
ROU asset, balance sheet line item | Other Assets | Other Assets |
Operating lease liability, balance sheet line item | Accrued Liabilities and Other Liabilities | Accrued Liabilities and Other Liabilities |
Buildings and improvements | Minimum | ||
Accounting Policies [Line Items] | ||
Estimated useful life (in years) | 10 years | |
Buildings and improvements | Maximum | ||
Accounting Policies [Line Items] | ||
Estimated useful life (in years) | 40 years | |
Land improvements | ||
Accounting Policies [Line Items] | ||
Estimated useful life (in years) | 10 years | |
Furniture and equipment | Minimum | ||
Accounting Policies [Line Items] | ||
Estimated useful life (in years) | 3 years | |
Furniture and equipment | Maximum | ||
Accounting Policies [Line Items] | ||
Estimated useful life (in years) | 10 years | |
Loan portfolio | Credit concentration risk | Real estate valuation changes | ||
Accounting Policies [Line Items] | ||
Concentration risk, percentage | 73% |
Acquisitions - Narrative (Detai
Acquisitions - Narrative (Details) | 12 Months Ended | ||||||
Jan. 01, 2022 USD ($) branch shares | Oct. 01, 2021 USD ($) shares | Jul. 06, 2021 USD ($) shares | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | Dec. 31, 2020 USD ($) | Dec. 31, 2019 USD ($) | |
Business Acquisition [Line Items] | |||||||
Goodwill | $ 751,174,000 | $ 452,007,000 | $ 367,809,000 | ||||
Merger-related and other charges | $ 19,375,000 | 13,970,000 | 7,018,000 | ||||
Reliant | |||||||
Business Acquisition [Line Items] | |||||||
Number of banking offices | branch | 25 | ||||||
Goodwill expected to be tax deductible | $ 0 | ||||||
Total consideration | 597,000,000 | ||||||
Common stock issued in acquisition | 595,581,000 | ||||||
Cash consideration | 624,000 | ||||||
Assets acquired | 2,955,006,000 | ||||||
Liabilities assumed | 2,657,173,000 | ||||||
Goodwill | 299,167,000 | ||||||
Intangible assets acquired | $ 14,500,000 | ||||||
Reliant | Merger-related costs | |||||||
Business Acquisition [Line Items] | |||||||
Merger-related and other charges | $ 15,700,000 | ||||||
Reliant | Core deposit intangible | |||||||
Business Acquisition [Line Items] | |||||||
Expected useful life of acquired intangible (in years) | 10 years | ||||||
Aquesta | |||||||
Business Acquisition [Line Items] | |||||||
Goodwill expected to be tax deductible | $ 0 | ||||||
Total consideration | 131,666,000 | ||||||
Common stock issued in acquisition | $ 89,646,000 | ||||||
Shares issued in acquisition (in shares) | shares | 2,731,435 | ||||||
Cash consideration | $ 40,542,000 | ||||||
Assets acquired | 755,948,000 | ||||||
Liabilities assumed | 694,317,000 | ||||||
Goodwill | 70,035,000 | ||||||
Intangible assets acquired | $ 2,030,000 | ||||||
Aquesta | Merger-related costs | |||||||
Business Acquisition [Line Items] | |||||||
Merger-related and other charges | 9,000,000 | ||||||
Aquesta | Core deposit intangible | |||||||
Business Acquisition [Line Items] | |||||||
Expected useful life of acquired intangible (in years) | 10 years | ||||||
FinTrust | |||||||
Business Acquisition [Line Items] | |||||||
Total consideration | $ 21,700,000 | ||||||
Common stock issued in acquisition | $ 4,400,000 | ||||||
Shares issued in acquisition (in shares) | shares | 132,299 | ||||||
Cash consideration | $ 9,620,000 | ||||||
Payable due | 4,400,000 | ||||||
Contingent consideration | $ 3,300,000 | ||||||
Earn-out payment period | 2 years | ||||||
Assets acquired | $ 22,800,000 | ||||||
Liabilities assumed | 1,100,000 | ||||||
Goodwill | 14,200,000 | ||||||
Right-of-use assets recognized | 822,000 | ||||||
Operating lease liabilities recognized | $ 822,000 | ||||||
FinTrust | Merger-related costs | |||||||
Business Acquisition [Line Items] | |||||||
Merger-related and other charges | $ 518,000 | ||||||
FinTrust | Customer relationship intangible | |||||||
Business Acquisition [Line Items] | |||||||
Expected useful life of acquired intangible (in years) | 15 years | ||||||
Intangible assets acquired | $ 7,530,000 | ||||||
Three Shores | |||||||
Business Acquisition [Line Items] | |||||||
Shares issued in acquisition (in shares) | shares | 16,571,545 | ||||||
Three Shores | Merger-related costs | |||||||
Business Acquisition [Line Items] | |||||||
Merger-related and other charges | $ 5,040,000 |
Acquisitions - Acquisition date
Acquisitions - Acquisition date fair value of purchased assets and assumed liabilities and supplementary information (Details) - USD ($) $ in Thousands | Jan. 01, 2022 | Oct. 01, 2021 | Dec. 31, 2022 | Mar. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Consideration transferred | ||||||
Goodwill | $ 751,174 | $ 452,007 | $ 367,809 | |||
Reliant | ||||||
Assets | ||||||
Cash and cash equivalents | $ 62,867 | |||||
Debt securities | 249,107 | |||||
Loans held for sale | 116,406 | |||||
Loans | 2,320,737 | |||||
Premises and equipment | 35,631 | |||||
BOLI | 78,170 | |||||
Accrued interest receivable | 12,027 | |||||
Net deferred tax asset | 5,793 | |||||
Core deposit intangible | 14,500 | |||||
Other assets | 59,768 | |||||
Total assets acquired | 2,955,006 | |||||
Liabilities | ||||||
Deposits | 2,504,823 | |||||
Short-term borrowings | 27,000 | |||||
Long-term debt | 76,730 | $ 76,700 | ||||
Other liabilities | 48,620 | |||||
Total liabilities assumed | 2,657,173 | |||||
Total identifiable net assets | 297,833 | |||||
Consideration transferred | ||||||
Cash | 624 | |||||
Common stock issued | 595,581 | |||||
Options converted | 795 | |||||
Total fair value of consideration transferred | 597,000 | |||||
Goodwill | 299,167 | |||||
Non-PCD loans: | ||||||
Fair value | 2,078,306 | |||||
Gross contractual amounts receivable | 2,355,205 | |||||
Estimate of contractual cash flows not expected to be collected | 25,990 | |||||
Reliant | Purchase loans | ||||||
PCD loans: | ||||||
Par value | 258,462 | |||||
ACL at acquisition | (12,737) | |||||
Non-credit discount | (3,294) | |||||
Purchase price | $ 242,431 | |||||
Aquesta | ||||||
Assets | ||||||
Cash and cash equivalents | $ 153,091 | |||||
Debt securities | 60,762 | |||||
Loans | 498,312 | |||||
Premises and equipment | 18,112 | |||||
BOLI | 12,540 | |||||
Accrued interest receivable | 1,419 | |||||
Net deferred tax asset | 2,129 | |||||
Core deposit intangible | 2,030 | |||||
Other assets | 7,553 | |||||
Total assets acquired | 755,948 | |||||
Liabilities | ||||||
Deposits | 657,724 | |||||
FHLB advances | 24,509 | |||||
Other liabilities | 12,084 | |||||
Total liabilities assumed | 694,317 | |||||
Total identifiable net assets | 61,631 | |||||
Consideration transferred | ||||||
Cash | 40,542 | |||||
Common stock issued | $ 89,646 | |||||
Common stock issued (in shares) | 2,731,435 | |||||
Option and warrant equity instruments converted | $ 1,478 | |||||
Total fair value of consideration transferred | 131,666 | |||||
Goodwill | 70,035 | |||||
Non-PCD loans: | ||||||
Fair value | 426,969 | |||||
Gross contractual amounts receivable | 482,737 | |||||
Estimate of contractual cash flows not expected to be collected | 3,399 | |||||
Aquesta | Purchase loans | ||||||
PCD loans: | ||||||
Par value | 75,579 | |||||
ACL at acquisition | (3,544) | |||||
Non-credit discount | (692) | |||||
Purchase price | $ 71,343 |
Acquisitions - Pro forma inform
Acquisitions - Pro forma information (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Business Acquisition [Line Items] | |||
Supplemental consolidated pro forma revenue | $ 842,182 | $ 909,353 | $ 622,848 |
Supplemental consolidated pro forma net income | 301,308 | 295,864 | 164,284 |
Reliant | |||
Business Acquisition [Line Items] | |||
Actual revenue included since acquisition date | 100,529 | ||
Actual net income included since acquisition date | $ 48,926 | ||
Aquesta | |||
Business Acquisition [Line Items] | |||
Actual revenue included since acquisition date | 2,122 | ||
Actual net income included since acquisition date | (282) | ||
FinTrust | |||
Business Acquisition [Line Items] | |||
Actual revenue included since acquisition date | 4,326 | ||
Actual net income included since acquisition date | $ (26) | ||
Three Shores | |||
Business Acquisition [Line Items] | |||
Actual revenue included since acquisition date | 24,541 | ||
Actual net income included since acquisition date | $ 6,800 |
Supplemental Cash Flow Inform_3
Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Cash paid during the period for: | |||
Interest | $ 58,713 | $ 32,000 | $ 59,967 |
Income taxes | 50,499 | 55,754 | 36,536 |
Significant non-cash investing and financing transactions: | |||
Transfers of AFS securities to HTM securities | 1,288,982 | 0 | 0 |
Acquisitions: | |||
Assets acquired | 3,254,173 | 848,806 | 2,174,723 |
Liabilities assumed | 2,657,173 | 695,420 | 1,987,026 |
Net assets acquired | 597,000 | 153,386 | 187,697 |
Value of common stock issued | 596,376 | 95,525 | 163,589 |
Other non-cash consideration | 795 | 9,178 | 0 |
Common Stock | |||
Acquisitions: | |||
Value of common stock issued | $ 595,581 | $ 94,046 | $ 163,589 |
Investments - Narrative (Detail
Investments - Narrative (Details) | 12 Months Ended | ||
Dec. 31, 2022 USD ($) security | Dec. 31, 2021 USD ($) | Dec. 31, 2020 USD ($) | |
Debt Securities, Available For Sale And Held To Maturity [Line Items] | |||
Transfers of AFS securities to HTM securities | $ 1,288,982,000 | $ 0 | $ 0 |
Unrealized losses associated with AFS debt securities transferred to HTM | $ (87,400,000) | ||
Number of AFS debt securities in unrealized loss position | security | 740 | ||
Number of HTM debt securities in unrealized loss position | security | 315 | ||
Allowance for credit losses, HTM portfolio | $ 0 | 0 | |
Allowance for credit losses, AFS portfolio | 0 | 0 | |
Pledged securities | Deposits | |||
Debt Securities, Available For Sale And Held To Maturity [Line Items] | |||
Securities | $ 2,530,000,000 | $ 1,460,000,000 |
Investments - Cost basis, unrea
Investments - Cost basis, unrealized gains and losses, and fair value of debt securities HTM (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
HTM debt securities: | ||
Amortized Cost | $ 2,613,648 | $ 1,156,098 |
Gross Unrealized Gains | 91 | 10,509 |
Gross Unrealized Losses | 422,666 | 17,803 |
Fair Value | 2,191,073 | 1,148,804 |
U.S. Treasuries | ||
HTM debt securities: | ||
Amortized Cost | 19,834 | 19,803 |
Gross Unrealized Gains | 0 | 20 |
Gross Unrealized Losses | 2,417 | 0 |
Fair Value | 17,417 | 19,823 |
U.S. Government agencies & GSEs | ||
HTM debt securities: | ||
Amortized Cost | 99,679 | 70,180 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | 18,169 | 1,121 |
Fair Value | 81,510 | 69,059 |
State and political subdivisions | ||
HTM debt securities: | ||
Amortized Cost | 295,945 | 257,688 |
Gross Unrealized Gains | 56 | 4,341 |
Gross Unrealized Losses | 64,340 | 4,080 |
Fair Value | 231,661 | 257,949 |
Residential MBS, Agency & GSE | ||
HTM debt securities: | ||
Amortized Cost | 1,488,028 | 381,641 |
Gross Unrealized Gains | 35 | 2,021 |
Gross Unrealized Losses | 223,566 | 3,687 |
Fair Value | 1,264,497 | 379,975 |
Commercial MBS, Agency & GSE | ||
HTM debt securities: | ||
Amortized Cost | 695,162 | 411,786 |
Gross Unrealized Gains | 0 | 4,106 |
Gross Unrealized Losses | 111,586 | 8,915 |
Fair Value | 583,576 | 406,977 |
Supranational entities | ||
HTM debt securities: | ||
Amortized Cost | 15,000 | 15,000 |
Gross Unrealized Gains | 0 | 21 |
Gross Unrealized Losses | 2,588 | 0 |
Fair Value | $ 12,412 | $ 15,021 |
Investments - Cost basis, unr_2
Investments - Cost basis, unrealized gains and losses, and fair value of AFS debt securities (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
AFS debt securities: | ||
Amortized Cost | $ 3,971,326 | $ 4,516,529 |
Gross Unrealized Gains | 1,132 | 36,593 |
Gross Unrealized Losses | 358,125 | 56,298 |
Fair Value | 3,614,333 | 4,496,824 |
U.S. Treasuries | ||
AFS debt securities: | ||
Amortized Cost | 163,972 | 218,027 |
Gross Unrealized Gains | 0 | 1,661 |
Gross Unrealized Losses | 14,620 | 2,168 |
Fair Value | 149,352 | 217,520 |
U.S. Government agencies & GSEs | ||
AFS debt securities: | ||
Amortized Cost | 266,347 | 189,855 |
Gross Unrealized Gains | 463 | 605 |
Gross Unrealized Losses | 16,694 | 3,428 |
Fair Value | 250,116 | 187,032 |
State and political subdivisions | ||
AFS debt securities: | ||
Amortized Cost | 329,723 | 263,269 |
Gross Unrealized Gains | 151 | 15,237 |
Gross Unrealized Losses | 26,126 | 2,662 |
Fair Value | 303,748 | 275,844 |
Residential MBS, Agency & GSE | ||
AFS debt securities: | ||
Amortized Cost | 1,609,442 | 2,079,700 |
Gross Unrealized Gains | 13 | 9,785 |
Gross Unrealized Losses | 160,636 | 28,521 |
Fair Value | 1,448,819 | 2,060,964 |
Residential MBS, Non-agency | ||
AFS debt securities: | ||
Amortized Cost | 374,535 | 81,925 |
Gross Unrealized Gains | 0 | 2,249 |
Gross Unrealized Losses | 27,873 | 4 |
Fair Value | 346,662 | 84,170 |
Commercial MBS, Agency & GSE | ||
AFS debt securities: | ||
Amortized Cost | 720,282 | 870,563 |
Gross Unrealized Gains | 471 | 2,974 |
Gross Unrealized Losses | 79,407 | 16,156 |
Fair Value | 641,346 | 857,381 |
Commercial MBS, Non-agency | ||
AFS debt securities: | ||
Amortized Cost | 31,624 | 15,202 |
Gross Unrealized Gains | 0 | 1,268 |
Gross Unrealized Losses | 1,058 | 0 |
Fair Value | 30,566 | 16,470 |
Corporate bonds | ||
AFS debt securities: | ||
Amortized Cost | 236,181 | 194,164 |
Gross Unrealized Gains | 34 | 814 |
Gross Unrealized Losses | 23,763 | 1,812 |
Fair Value | 212,452 | 193,166 |
Asset-backed securities | ||
AFS debt securities: | ||
Amortized Cost | 239,220 | 603,824 |
Gross Unrealized Gains | 0 | 2,000 |
Gross Unrealized Losses | 7,948 | 1,547 |
Fair Value | $ 231,272 | $ 604,277 |
Investments - HTM debt securiti
Investments - HTM debt securities in unrealized loss position (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Summary of HTM debt securities in an unrealized loss position | ||
Fair Value, Less than 12 Months | $ 618,280 | $ 798,967 |
Unrealized Loss, Less than 12 Months | 90,243 | 16,705 |
Fair Value, 12 Months or More | 1,560,451 | 23,791 |
Unrealized Loss, 12 Months or More | 332,423 | 1,098 |
Fair Value, Total | 2,178,731 | 822,758 |
Unrealized Loss, Total | 422,666 | 17,803 |
U.S. Treasuries | ||
Summary of HTM debt securities in an unrealized loss position | ||
Fair Value, Less than 12 Months | 17,417 | |
Unrealized Loss, Less than 12 Months | 2,417 | |
Fair Value, 12 Months or More | 0 | |
Unrealized Loss, 12 Months or More | 0 | |
Fair Value, Total | 17,417 | |
Unrealized Loss, Total | 2,417 | |
U.S. Government agencies & GSEs | ||
Summary of HTM debt securities in an unrealized loss position | ||
Fair Value, Less than 12 Months | 10,687 | 64,658 |
Unrealized Loss, Less than 12 Months | 1,813 | 888 |
Fair Value, 12 Months or More | 70,823 | 4,401 |
Unrealized Loss, 12 Months or More | 16,356 | 233 |
Fair Value, Total | 81,510 | 69,059 |
Unrealized Loss, Total | 18,169 | 1,121 |
State and political subdivisions | ||
Summary of HTM debt securities in an unrealized loss position | ||
Fair Value, Less than 12 Months | 104,243 | 131,128 |
Unrealized Loss, Less than 12 Months | 20,639 | 3,590 |
Fair Value, 12 Months or More | 117,115 | 9,006 |
Unrealized Loss, 12 Months or More | 43,701 | 490 |
Fair Value, Total | 221,358 | 140,134 |
Unrealized Loss, Total | 64,340 | 4,080 |
Residential MBS, Agency & GSE | ||
Summary of HTM debt securities in an unrealized loss position | ||
Fair Value, Less than 12 Months | 296,673 | 289,132 |
Unrealized Loss, Less than 12 Months | 38,289 | 3,687 |
Fair Value, 12 Months or More | 965,785 | 0 |
Unrealized Loss, 12 Months or More | 185,277 | 0 |
Fair Value, Total | 1,262,458 | 289,132 |
Unrealized Loss, Total | 223,566 | 3,687 |
Commercial MBS, Agency & GSE | ||
Summary of HTM debt securities in an unrealized loss position | ||
Fair Value, Less than 12 Months | 176,848 | 314,049 |
Unrealized Loss, Less than 12 Months | 24,497 | 8,540 |
Fair Value, 12 Months or More | 406,728 | 10,384 |
Unrealized Loss, 12 Months or More | 87,089 | 375 |
Fair Value, Total | 583,576 | 324,433 |
Unrealized Loss, Total | 111,586 | $ 8,915 |
Supranational entities | ||
Summary of HTM debt securities in an unrealized loss position | ||
Fair Value, Less than 12 Months | 12,412 | |
Unrealized Loss, Less than 12 Months | 2,588 | |
Fair Value, 12 Months or More | 0 | |
Unrealized Loss, 12 Months or More | 0 | |
Fair Value, Total | 12,412 | |
Unrealized Loss, Total | $ 2,588 |
Investments - AFS debt securiti
Investments - AFS debt securities in unrealized loss position (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Summary of AFS debt securities in an unrealized loss position | ||
Fair Value, Less than 12 Months | $ 2,238,138 | $ 2,787,798 |
Unrealized Loss, Less than 12 Months | 171,503 | 49,598 |
Fair Value, 12 Months or More | 1,264,601 | 164,323 |
Unrealized Loss, 12 Months or More | 186,622 | 6,700 |
Fair Value, Total | 3,502,739 | 2,952,121 |
Unrealized Loss, Total | 358,125 | 56,298 |
U.S. Treasuries | ||
Summary of AFS debt securities in an unrealized loss position | ||
Fair Value, Less than 12 Months | 49,259 | 111,606 |
Unrealized Loss, Less than 12 Months | 724 | 2,168 |
Fair Value, 12 Months or More | 100,093 | 0 |
Unrealized Loss, 12 Months or More | 13,896 | 0 |
Fair Value, Total | 149,352 | 111,606 |
Unrealized Loss, Total | 14,620 | 2,168 |
U.S. Government agencies & GSEs | ||
Summary of AFS debt securities in an unrealized loss position | ||
Fair Value, Less than 12 Months | 93,015 | 132,893 |
Unrealized Loss, Less than 12 Months | 2,124 | 2,591 |
Fair Value, 12 Months or More | 108,093 | 20,093 |
Unrealized Loss, 12 Months or More | 14,570 | 837 |
Fair Value, Total | 201,108 | 152,986 |
Unrealized Loss, Total | 16,694 | 3,428 |
State and political subdivisions | ||
Summary of AFS debt securities in an unrealized loss position | ||
Fair Value, Less than 12 Months | 207,749 | 69,302 |
Unrealized Loss, Less than 12 Months | 9,906 | 2,581 |
Fair Value, 12 Months or More | 62,606 | 3,148 |
Unrealized Loss, 12 Months or More | 16,220 | 81 |
Fair Value, Total | 270,355 | 72,450 |
Unrealized Loss, Total | 26,126 | 2,662 |
Residential MBS, Agency & GSE | ||
Summary of AFS debt securities in an unrealized loss position | ||
Fair Value, Less than 12 Months | 1,049,648 | 1,534,744 |
Unrealized Loss, Less than 12 Months | 102,852 | 25,799 |
Fair Value, 12 Months or More | 392,288 | 74,481 |
Unrealized Loss, 12 Months or More | 57,784 | 2,722 |
Fair Value, Total | 1,441,936 | 1,609,225 |
Unrealized Loss, Total | 160,636 | 28,521 |
Residential MBS, Non-agency | ||
Summary of AFS debt securities in an unrealized loss position | ||
Fair Value, Less than 12 Months | 338,399 | 12,608 |
Unrealized Loss, Less than 12 Months | 27,095 | 4 |
Fair Value, 12 Months or More | 8,263 | 0 |
Unrealized Loss, 12 Months or More | 778 | 0 |
Fair Value, Total | 346,662 | 12,608 |
Unrealized Loss, Total | 27,873 | 4 |
Commercial MBS, Agency & GSE | ||
Summary of AFS debt securities in an unrealized loss position | ||
Fair Value, Less than 12 Months | 288,787 | 582,235 |
Unrealized Loss, Less than 12 Months | 17,304 | 13,098 |
Fair Value, 12 Months or More | 332,088 | 66,014 |
Unrealized Loss, 12 Months or More | 62,103 | 3,058 |
Fair Value, Total | 620,875 | 648,249 |
Unrealized Loss, Total | 79,407 | 16,156 |
Commercial MBS, Non-agency | ||
Summary of AFS debt securities in an unrealized loss position | ||
Fair Value, Less than 12 Months | 30,566 | |
Unrealized Loss, Less than 12 Months | 1,058 | |
Fair Value, 12 Months or More | 0 | |
Unrealized Loss, 12 Months or More | 0 | |
Fair Value, Total | 30,566 | |
Unrealized Loss, Total | 1,058 | |
Corporate bonds | ||
Summary of AFS debt securities in an unrealized loss position | ||
Fair Value, Less than 12 Months | 83,010 | 149,246 |
Unrealized Loss, Less than 12 Months | 7,776 | 1,811 |
Fair Value, 12 Months or More | 127,603 | 16 |
Unrealized Loss, 12 Months or More | 15,987 | 1 |
Fair Value, Total | 210,613 | 149,262 |
Unrealized Loss, Total | 23,763 | 1,812 |
Asset-backed securities | ||
Summary of AFS debt securities in an unrealized loss position | ||
Fair Value, Less than 12 Months | 97,705 | 195,164 |
Unrealized Loss, Less than 12 Months | 2,664 | 1,546 |
Fair Value, 12 Months or More | 133,567 | 571 |
Unrealized Loss, 12 Months or More | 5,284 | 1 |
Fair Value, Total | 231,272 | 195,735 |
Unrealized Loss, Total | $ 7,948 | $ 1,547 |
Investments - Accrued interest
Investments - Accrued interest receivable (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Accrued interest receivable | ||
Accrued interest receivable | $ 72,807 | $ 42,999 |
HTM | ||
Accrued interest receivable | ||
Accrued interest receivable | 7,234 | 3,596 |
AFS | ||
Accrued interest receivable | ||
Accrued interest receivable | $ 15,281 | $ 9,868 |
Investments - Amortized cost an
Investments - Amortized cost and fair value of AFS and HTM debt securities by contractual maturity (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
AFS, Amortized Cost | ||
AFS, Amortized Cost, Within 1 year | $ 52,740 | |
AFS, Amortized Cost, 1 to 5 years | 334,167 | |
AFS, Amortized Cost, 5 to 10 years | 336,294 | |
AFS, Amortized Cost, More than 10 years | 273,022 | |
Amortized Cost | 3,971,326 | $ 4,516,529 |
AFS, Fair Value | ||
AFS, Fair Value, Within 1 year | 51,964 | |
AFS, Fair Value, 1 to 5 years | 303,455 | |
AFS, Fair Value, 5 to 10 years | 303,887 | |
AFS, Fair Value, More than 10 years | 256,362 | |
Fair Value | 3,614,333 | 4,496,824 |
HTM, Amortized Cost | ||
HTM, Amortized Cost, Within 1 year | 1,200 | |
HTM, Amortized Cost, 1 to 5 years | 18,698 | |
HTM, Amortized Cost, 5 to 10 years | 134,104 | |
HTM, Amortized Cost, More than 10 years | 276,456 | |
Amortized Cost | 2,613,648 | 1,156,098 |
HTM, Fair Value | ||
HTM, Fair Value, Within 1 year | 1,197 | |
HTM, Fair Value, 1 to 5 years | 17,914 | |
HTM, Fair Value, 5 to 10 years | 112,522 | |
HTM, Fair Value, More than 10 years | 211,367 | |
Fair value | 2,191,073 | 1,148,804 |
U.S. Treasuries | ||
AFS, Amortized Cost | ||
AFS, Amortized Cost, Within 1 year | 49,983 | |
AFS, Amortized Cost, 1 to 5 years | 99,049 | |
AFS, Amortized Cost, 5 to 10 years | 14,940 | |
Amortized Cost | 163,972 | 218,027 |
AFS, Fair Value | ||
AFS, Fair Value, Within 1 year | 49,259 | |
AFS, Fair Value, 1 to 5 years | 87,052 | |
AFS, Fair Value, 5 to 10 years | 13,041 | |
Fair Value | 149,352 | 217,520 |
HTM, Amortized Cost | ||
HTM, Amortized Cost, Within 1 year | 0 | |
HTM, Amortized Cost, 1 to 5 years | 0 | |
HTM, Amortized Cost, 5 to 10 years | 19,834 | |
Amortized Cost | 19,834 | 19,803 |
HTM, Fair Value | ||
HTM, Fair Value, Within 1 year | 0 | |
HTM, Fair Value, 1 to 5 years | 0 | |
HTM, Fair Value, 5 to 10 years | 17,417 | |
Fair value | 17,417 | 19,823 |
U.S. Government agencies & GSEs | ||
AFS, Amortized Cost | ||
AFS, Amortized Cost, Within 1 year | 174 | |
AFS, Amortized Cost, 1 to 5 years | 38,495 | |
AFS, Amortized Cost, 5 to 10 years | 76,287 | |
AFS, Amortized Cost, More than 10 years | 151,391 | |
Amortized Cost | 266,347 | 189,855 |
AFS, Fair Value | ||
AFS, Fair Value, Within 1 year | 173 | |
AFS, Fair Value, 1 to 5 years | 34,603 | |
AFS, Fair Value, 5 to 10 years | 67,958 | |
AFS, Fair Value, More than 10 years | 147,382 | |
Fair Value | 250,116 | 187,032 |
HTM, Amortized Cost | ||
HTM, Amortized Cost, Within 1 year | 0 | |
HTM, Amortized Cost, 1 to 5 years | 0 | |
HTM, Amortized Cost, 5 to 10 years | 73,246 | |
HTM, Amortized Cost, More than 10 years | 26,433 | |
Amortized Cost | 99,679 | 70,180 |
HTM, Fair Value | ||
HTM, Fair Value, Within 1 year | 0 | |
HTM, Fair Value, 1 to 5 years | 0 | |
HTM, Fair Value, 5 to 10 years | 60,665 | |
HTM, Fair Value, More than 10 years | 20,845 | |
Fair value | 81,510 | 69,059 |
State and political subdivisions | ||
AFS, Amortized Cost | ||
AFS, Amortized Cost, Within 1 year | 0 | |
AFS, Amortized Cost, 1 to 5 years | 45,271 | |
AFS, Amortized Cost, 5 to 10 years | 163,617 | |
AFS, Amortized Cost, More than 10 years | 120,835 | |
Amortized Cost | 329,723 | 263,269 |
AFS, Fair Value | ||
AFS, Fair Value, Within 1 year | 0 | |
AFS, Fair Value, 1 to 5 years | 43,744 | |
AFS, Fair Value, 5 to 10 years | 151,845 | |
AFS, Fair Value, More than 10 years | 108,159 | |
Fair Value | 303,748 | 275,844 |
HTM, Amortized Cost | ||
HTM, Amortized Cost, Within 1 year | 1,200 | |
HTM, Amortized Cost, 1 to 5 years | 18,698 | |
HTM, Amortized Cost, 5 to 10 years | 26,024 | |
HTM, Amortized Cost, More than 10 years | 250,023 | |
Amortized Cost | 295,945 | 257,688 |
HTM, Fair Value | ||
HTM, Fair Value, Within 1 year | 1,197 | |
HTM, Fair Value, 1 to 5 years | 17,914 | |
HTM, Fair Value, 5 to 10 years | 22,028 | |
HTM, Fair Value, More than 10 years | 190,522 | |
Fair value | 231,661 | 257,949 |
Corporate bonds | ||
AFS, Amortized Cost | ||
AFS, Amortized Cost, Within 1 year | 2,583 | |
AFS, Amortized Cost, 1 to 5 years | 151,352 | |
AFS, Amortized Cost, 5 to 10 years | 81,450 | |
AFS, Amortized Cost, More than 10 years | 796 | |
Amortized Cost | 236,181 | 194,164 |
AFS, Fair Value | ||
AFS, Fair Value, Within 1 year | 2,532 | |
AFS, Fair Value, 1 to 5 years | 138,056 | |
AFS, Fair Value, 5 to 10 years | 71,043 | |
AFS, Fair Value, More than 10 years | 821 | |
Fair Value | 212,452 | 193,166 |
HTM, Amortized Cost | ||
HTM, Amortized Cost, Within 1 year | 0 | |
HTM, Amortized Cost, 1 to 5 years | 0 | |
HTM, Amortized Cost, 5 to 10 years | 0 | |
HTM, Amortized Cost, More than 10 years | 0 | |
HTM, Fair Value | ||
HTM, Fair Value, Within 1 year | 0 | |
HTM, Fair Value, 1 to 5 years | 0 | |
HTM, Fair Value, 5 to 10 years | 0 | |
HTM, Fair Value, More than 10 years | 0 | |
Supranational entities | ||
AFS, Amortized Cost | ||
AFS, Amortized Cost, 5 to 10 years | 0 | |
AFS, Fair Value | ||
AFS, Fair Value, 5 to 10 years | 0 | |
HTM, Amortized Cost | ||
HTM, Amortized Cost, 5 to 10 years | 15,000 | |
Amortized Cost | 15,000 | 15,000 |
HTM, Fair Value | ||
HTM, Fair Value, 5 to 10 years | 12,412 | |
Fair value | 12,412 | 15,021 |
Asset-backed securities | ||
AFS, Amortized Cost | ||
AFS, Amortized Cost, Not due at single maturity | 239,220 | |
Amortized Cost | 239,220 | 603,824 |
AFS, Fair Value | ||
AFS, Fair Value, Not due at single maturity | 231,272 | |
Fair Value | 231,272 | $ 604,277 |
HTM, Amortized Cost | ||
HTM, Amortized Cost, Not due at single maturity | 0 | |
HTM, Fair Value | ||
HTM, Fair Value, Not due at single maturity | 0 | |
Residential MBS | ||
AFS, Amortized Cost | ||
AFS, Amortized Cost, Not due at single maturity | 1,983,977 | |
AFS, Fair Value | ||
AFS, Fair Value, Not due at single maturity | 1,795,481 | |
HTM, Amortized Cost | ||
HTM, Amortized Cost, Not due at single maturity | 1,488,028 | |
HTM, Fair Value | ||
HTM, Fair Value, Not due at single maturity | 1,264,497 | |
Commercial MBS | ||
AFS, Amortized Cost | ||
AFS, Amortized Cost, Not due at single maturity | 751,906 | |
AFS, Fair Value | ||
AFS, Fair Value, Not due at single maturity | 671,912 | |
HTM, Amortized Cost | ||
HTM, Amortized Cost, Not due at single maturity | 695,162 | |
HTM, Fair Value | ||
HTM, Fair Value, Not due at single maturity | $ 583,576 |
Investments - Securities sales
Investments - Securities sales activity (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Investments, Debt and Equity Securities [Abstract] | |||
Proceeds from sales | $ 318,457 | $ 288,986 | $ 40,625 |
Gross gains on sales | 1,009 | 2,346 | 748 |
Gross losses on sales | (4,881) | (2,263) | 0 |
Net gains (losses) on sales of securities | (3,872) | 83 | 748 |
Income tax expense (benefit) attributable to sales | $ (1,026) | $ (46) | $ 191 |
Investments - Schedule of Equit
Investments - Schedule of Equity Method Investments (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Investments, Debt and Equity Securities [Abstract] | ||
FHLB Stock | $ 33,828 | $ 9,225 |
Equity securities with readily determinable fair values | $ 13,637 | $ 1,302 |
Loans and Leases and Allowanc_3
Loans and Leases and Allowance for Credit Losses - Major classifications of loan and lease portfolio (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Classifications of loans | ||||
Total loans | $ 15,334,627 | $ 11,760,346 | ||
Less ACL - loans | (159,357) | (102,532) | $ (137,010) | $ (62,089) |
Loans and leases, net | 15,175,270 | 11,657,814 | ||
Loans receivable | ||||
Classifications of loans | ||||
Total loans | 15,334,627 | 11,760,346 | ||
Loans receivable | Commercial | ||||
Classifications of loans | ||||
Total loans | 11,220,713 | 8,930,556 | ||
Loans receivable | Commercial | Owner occupied commercial real estate | ||||
Classifications of loans | ||||
Total loans | 2,734,666 | 2,321,685 | ||
Less ACL - loans | (19,834) | (14,282) | (20,673) | (11,404) |
Loans receivable | Commercial | Income producing commercial real estate | ||||
Classifications of loans | ||||
Total loans | 3,261,626 | 2,600,858 | ||
Less ACL - loans | (32,082) | (24,156) | (41,737) | (12,306) |
Loans receivable | Commercial | Commercial & industrial | ||||
Classifications of loans | ||||
Total loans | 2,252,322 | 1,910,162 | ||
Less ACL - loans | (23,504) | (16,592) | (22,019) | (5,266) |
Loans receivable | Commercial | Construction | ||||
Classifications of loans | ||||
Total loans | 1,597,848 | 1,014,830 | ||
Less ACL - loans | (20,120) | (9,956) | (10,952) | (9,668) |
Loans receivable | Commercial | Equipment financing | ||||
Classifications of loans | ||||
Total loans | 1,374,251 | 1,083,021 | ||
Less ACL - loans | (23,395) | (16,290) | (16,820) | (7,384) |
Loans receivable | Residential | Construction | ||||
Classifications of loans | ||||
Total loans | 442,553 | 359,815 | ||
Less ACL - loans | (2,049) | (1,847) | (764) | (2,504) |
Loans receivable | Residential | Residential mortgage | ||||
Classifications of loans | ||||
Total loans | 2,355,061 | 1,637,885 | ||
Less ACL - loans | (20,809) | (12,390) | (15,341) | (8,081) |
Loans receivable | Residential | HELOC | ||||
Classifications of loans | ||||
Total loans | 850,269 | 694,034 | ||
Less ACL - loans | (8,707) | (6,568) | (8,417) | (4,575) |
Loans receivable | Residential | Manufactured housing | ||||
Classifications of loans | ||||
Total loans | 316,741 | 0 | ||
Less ACL - loans | (8,098) | 0 | ||
Loans receivable | Consumer | ||||
Classifications of loans | ||||
Total loans | 149,290 | 138,056 | ||
Less ACL - loans | $ (759) | $ (451) | $ (287) | $ (901) |
Loans and Leases and Allowanc_4
Loans and Leases and Allowance for Credit Losses - Narrative (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Accrued interest receivable | $ 72,807 | $ 42,999 |
Net investment in leases | 45,988 | 37,728 |
TDRs | 41,200 | 52,400 |
Loans receivable | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Accrued interest receivable | 52,000 | 28,500 |
Consumer | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Overdrawn deposit accounts | $ 2,040 | $ 1,010 |
Loans and Leases and Allowanc_5
Loans and Leases and Allowance for Credit Losses - Loans sold (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Financing Receivable, Allowance for Credit Loss [Line Items] | |||
Total loans sold | $ 194,663 | $ 150,000 | $ 75,403 |
Guaranteed portion of SBA/USDA loans | |||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||
Total loans sold | 104,813 | 90,903 | 48,385 |
Equipment financing | |||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||
Total loans sold | $ 89,850 | $ 59,097 | $ 27,018 |
Loans and Leases and Allowanc_6
Loans and Leases and Allowance for Credit Losses - Components of net investment in leases (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Net Investment in Leases | ||
Minimum future lease payments receivable | $ 49,723 | $ 39,962 |
Estimated residual value of leased equipment | 2,804 | 3,216 |
Initial direct costs | 767 | 669 |
Security deposits | (429) | (687) |
Unearned income | (6,877) | (5,432) |
Net investment in leases | $ 45,988 | $ 37,728 |
Loans and Leases and Allowanc_7
Loans and Leases and Allowance for Credit Losses - Minimum future lease payments expected to be received from equipment financing lease contracts (Details) $ in Thousands | Dec. 31, 2022 USD ($) |
Minimum future lease payments expected to be received | |
2023 | $ 17,531 |
2024 | 13,356 |
2025 | 9,882 |
2026 | 6,184 |
2027 | 2,636 |
Thereafter | 134 |
Total | $ 49,723 |
Loans and Leases and Allowanc_8
Loans and Leases and Allowance for Credit Losses - Loans by aging category and accrual status (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Financing Receivable, Past Due [Line Items] | ||
Total loans | $ 15,334,627 | $ 11,760,346 |
Loans receivable | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans | 15,334,627 | 11,760,346 |
Nonaccrual Loans | 44,232 | 32,812 |
Loans receivable | Current Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans | 15,263,066 | 11,720,062 |
Loans receivable | Loans Past Due, 30 - 59 Days | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans | 21,828 | 5,750 |
Loans receivable | Loans Past Due, 60 - 89 Days | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans | 5,486 | 1,722 |
Loans receivable | Loans Past Due, over 90 Days | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans | 15 | 0 |
Loans receivable | Commercial | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans | 11,220,713 | 8,930,556 |
Nonaccrual Loans | 24,449 | 17,815 |
Loans receivable | Commercial | Current Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans | 11,182,980 | 8,909,189 |
Loans receivable | Commercial | Loans Past Due, 30 - 59 Days | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans | 10,010 | 2,172 |
Loans receivable | Commercial | Loans Past Due, 60 - 89 Days | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans | 3,268 | 1,380 |
Loans receivable | Commercial | Loans Past Due, over 90 Days | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans | 6 | 0 |
Loans receivable | Commercial | Owner occupied commercial real estate | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans | 2,734,666 | 2,321,685 |
Nonaccrual Loans | 523 | 2,714 |
Loans receivable | Commercial | Owner occupied commercial real estate | Current Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans | 2,731,574 | 2,318,944 |
Loans receivable | Commercial | Owner occupied commercial real estate | Loans Past Due, 30 - 59 Days | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans | 1,522 | 27 |
Loans receivable | Commercial | Owner occupied commercial real estate | Loans Past Due, 60 - 89 Days | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans | 1,047 | 0 |
Loans receivable | Commercial | Owner occupied commercial real estate | Loans Past Due, over 90 Days | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans | 0 | 0 |
Loans receivable | Commercial | Income producing commercial real estate | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans | 3,261,626 | 2,600,858 |
Nonaccrual Loans | 3,885 | 7,588 |
Loans receivable | Commercial | Income producing commercial real estate | Current Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans | 3,257,232 | 2,593,124 |
Loans receivable | Commercial | Income producing commercial real estate | Loans Past Due, 30 - 59 Days | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans | 468 | 146 |
Loans receivable | Commercial | Income producing commercial real estate | Loans Past Due, 60 - 89 Days | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans | 41 | 0 |
Loans receivable | Commercial | Income producing commercial real estate | Loans Past Due, over 90 Days | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans | 0 | 0 |
Loans receivable | Commercial | Commercial & industrial | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans | 2,252,322 | 1,910,162 |
Nonaccrual Loans | 14,470 | 5,429 |
Loans receivable | Commercial | Commercial & industrial | Current Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans | 2,234,284 | 1,903,730 |
Loans receivable | Commercial | Commercial & industrial | Loans Past Due, 30 - 59 Days | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans | 3,288 | 584 |
Loans receivable | Commercial | Commercial & industrial | Loans Past Due, 60 - 89 Days | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans | 274 | 419 |
Loans receivable | Commercial | Commercial & industrial | Loans Past Due, over 90 Days | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans | 6 | 0 |
Loans receivable | Commercial | Construction | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans | 1,597,848 | 1,014,830 |
Nonaccrual Loans | 133 | 343 |
Loans receivable | Commercial | Construction | Current Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans | 1,597,268 | 1,014,211 |
Loans receivable | Commercial | Construction | Loans Past Due, 30 - 59 Days | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans | 447 | 0 |
Loans receivable | Commercial | Construction | Loans Past Due, 60 - 89 Days | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans | 0 | 276 |
Loans receivable | Commercial | Construction | Loans Past Due, over 90 Days | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans | 0 | 0 |
Loans receivable | Commercial | Equipment financing | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans | 1,374,251 | 1,083,021 |
Nonaccrual Loans | 5,438 | 1,741 |
Loans receivable | Commercial | Equipment financing | Current Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans | 1,362,622 | 1,079,180 |
Loans receivable | Commercial | Equipment financing | Loans Past Due, 30 - 59 Days | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans | 4,285 | 1,415 |
Loans receivable | Commercial | Equipment financing | Loans Past Due, 60 - 89 Days | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans | 1,906 | 685 |
Loans receivable | Commercial | Equipment financing | Loans Past Due, over 90 Days | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans | 0 | 0 |
Loans receivable | Residential | Residential mortgage | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans | 2,355,061 | 1,637,885 |
Nonaccrual Loans | 10,919 | 13,313 |
Loans receivable | Residential | Residential mortgage | Current Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans | 2,342,196 | 1,622,754 |
Loans receivable | Residential | Residential mortgage | Loans Past Due, 30 - 59 Days | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans | 1,939 | 1,583 |
Loans receivable | Residential | Residential mortgage | Loans Past Due, 60 - 89 Days | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans | 7 | 235 |
Loans receivable | Residential | Residential mortgage | Loans Past Due, over 90 Days | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans | 0 | 0 |
Loans receivable | Residential | HELOC | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans | 850,269 | 694,034 |
Nonaccrual Loans | 1,888 | 1,212 |
Loans receivable | Residential | HELOC | Current Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans | 844,888 | 691,814 |
Loans receivable | Residential | HELOC | Loans Past Due, 30 - 59 Days | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans | 2,709 | 920 |
Loans receivable | Residential | HELOC | Loans Past Due, 60 - 89 Days | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans | 784 | 88 |
Loans receivable | Residential | HELOC | Loans Past Due, over 90 Days | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans | 0 | 0 |
Loans receivable | Residential | Construction | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans | 442,553 | 359,815 |
Nonaccrual Loans | 405 | 420 |
Loans receivable | Residential | Construction | Current Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans | 441,673 | 358,741 |
Loans receivable | Residential | Construction | Loans Past Due, 30 - 59 Days | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans | 20 | 654 |
Loans receivable | Residential | Construction | Loans Past Due, 60 - 89 Days | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans | 455 | 0 |
Loans receivable | Residential | Construction | Loans Past Due, over 90 Days | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans | 0 | 0 |
Loans receivable | Residential | Manufactured housing | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans | 316,741 | 0 |
Nonaccrual Loans | 6,518 | 0 |
Loans receivable | Residential | Manufactured housing | Current Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans | 302,386 | |
Loans receivable | Residential | Manufactured housing | Loans Past Due, 30 - 59 Days | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans | 6,913 | |
Loans receivable | Residential | Manufactured housing | Loans Past Due, 60 - 89 Days | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans | 924 | |
Loans receivable | Residential | Manufactured housing | Loans Past Due, over 90 Days | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans | 0 | |
Loans receivable | Consumer | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans | 149,290 | 138,056 |
Nonaccrual Loans | 53 | 52 |
Loans receivable | Consumer | Current Loans | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans | 148,943 | 137,564 |
Loans receivable | Consumer | Loans Past Due, 30 - 59 Days | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans | 237 | 421 |
Loans receivable | Consumer | Loans Past Due, 60 - 89 Days | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans | 48 | 19 |
Loans receivable | Consumer | Loans Past Due, over 90 Days | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans | $ 9 | $ 0 |
Loans and Leases and Allowanc_9
Loans and Leases and Allowance for Credit Losses - Nonaccrual loans by loan class (Details) - Loans receivable - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Nonaccrual loans | ||
With no allowance | $ 21,048 | $ 16,360 |
With an allowance | 23,184 | 16,452 |
Nonaccrual Loans | 44,232 | 32,812 |
Commercial | ||
Nonaccrual loans | ||
With no allowance | 18,145 | 12,729 |
With an allowance | 6,304 | 5,086 |
Nonaccrual Loans | 24,449 | 17,815 |
Commercial | Owner occupied commercial real estate | ||
Nonaccrual loans | ||
With no allowance | 276 | 2,141 |
With an allowance | 247 | 573 |
Nonaccrual Loans | 523 | 2,714 |
Commercial | Income producing commercial real estate | ||
Nonaccrual loans | ||
With no allowance | 3,798 | 6,873 |
With an allowance | 87 | 715 |
Nonaccrual Loans | 3,885 | 7,588 |
Commercial | Commercial & industrial | ||
Nonaccrual loans | ||
With no allowance | 13,917 | 3,715 |
With an allowance | 553 | 1,714 |
Nonaccrual Loans | 14,470 | 5,429 |
Commercial | Construction | ||
Nonaccrual loans | ||
With no allowance | 69 | 0 |
With an allowance | 64 | 343 |
Nonaccrual Loans | 133 | 343 |
Commercial | Equipment financing | ||
Nonaccrual loans | ||
With no allowance | 85 | 0 |
With an allowance | 5,353 | 1,741 |
Nonaccrual Loans | 5,438 | 1,741 |
Residential | Construction | ||
Nonaccrual loans | ||
With no allowance | 311 | 280 |
With an allowance | 94 | 140 |
Nonaccrual Loans | 405 | 420 |
Residential | Residential mortgage | ||
Nonaccrual loans | ||
With no allowance | 2,159 | 3,126 |
With an allowance | 8,760 | 10,187 |
Nonaccrual Loans | 10,919 | 13,313 |
Residential | HELOC | ||
Nonaccrual loans | ||
With no allowance | 430 | 219 |
With an allowance | 1,458 | 993 |
Nonaccrual Loans | 1,888 | 1,212 |
Residential | Manufactured housing | ||
Nonaccrual loans | ||
With no allowance | 0 | 0 |
With an allowance | 6,518 | 0 |
Nonaccrual Loans | 6,518 | 0 |
Consumer | ||
Nonaccrual loans | ||
With no allowance | 3 | 6 |
With an allowance | 50 | 46 |
Nonaccrual Loans | $ 53 | $ 52 |
Loans and Leases and Allowan_10
Loans and Leases and Allowance for Credit Losses - Risk category of term loans by vintage year (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Originated in current fiscal year | $ 4,978,428 | $ 4,181,120 |
Originated in prior year | 3,546,181 | 2,679,991 |
Originated two years prior | 2,415,804 | 1,302,346 |
Originated three years prior | 966,556 | 785,543 |
Originated four years prior | 605,713 | 529,286 |
Originated five or more years prior | 943,534 | 869,486 |
Revolvers | 1,810,870 | 1,352,903 |
Revolvers converted to term loans | 67,541 | 59,671 |
Total loans | 15,334,627 | 11,760,346 |
Pass | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Originated in current fiscal year | 4,853,439 | 4,056,001 |
Originated in prior year | 3,489,583 | 2,613,439 |
Originated two years prior | 2,349,242 | 1,230,851 |
Originated three years prior | 892,371 | 686,372 |
Originated four years prior | 543,350 | 467,977 |
Originated five or more years prior | 895,196 | 805,770 |
Revolvers | 1,756,105 | 1,345,755 |
Revolvers converted to term loans | 60,283 | 54,067 |
Total loans | 14,839,569 | 11,260,232 |
Special Mention | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Originated in current fiscal year | 48,204 | 87,231 |
Originated in prior year | 30,951 | 48,922 |
Originated two years prior | 53,769 | 54,403 |
Originated three years prior | 57,404 | 49,742 |
Originated four years prior | 29,014 | 36,461 |
Originated five or more years prior | 11,841 | 24,876 |
Revolvers | 15,129 | 2,490 |
Revolvers converted to term loans | 588 | 286 |
Total loans | 246,900 | 304,411 |
Substandard | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Originated in current fiscal year | 76,785 | 37,888 |
Originated in prior year | 25,647 | 17,630 |
Originated two years prior | 12,793 | 17,092 |
Originated three years prior | 16,781 | 49,429 |
Originated four years prior | 33,349 | 24,848 |
Originated five or more years prior | 36,497 | 38,840 |
Revolvers | 39,636 | 4,658 |
Revolvers converted to term loans | 6,670 | 5,318 |
Total loans | 248,158 | 195,703 |
Commercial | Pass | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Originated in current fiscal year | 3,464,040 | 2,892,353 |
Originated in prior year | 2,580,175 | 2,197,828 |
Originated two years prior | 1,950,688 | 1,109,201 |
Originated three years prior | 760,506 | 614,611 |
Originated four years prior | 453,123 | 391,842 |
Originated five or more years prior | 602,065 | 573,932 |
Revolvers | 905,981 | 636,889 |
Revolvers converted to term loans | 33,045 | 35,014 |
Total loans | 10,749,623 | 8,451,670 |
Commercial | Special Mention | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Originated in current fiscal year | 48,204 | 87,231 |
Originated in prior year | 30,951 | 48,922 |
Originated two years prior | 53,769 | 54,403 |
Originated three years prior | 57,404 | 49,742 |
Originated four years prior | 29,014 | 36,461 |
Originated five or more years prior | 11,841 | 24,876 |
Revolvers | 15,129 | 2,490 |
Revolvers converted to term loans | 588 | 286 |
Total loans | 246,900 | 304,411 |
Commercial | Substandard | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Originated in current fiscal year | 74,408 | 34,105 |
Originated in prior year | 23,071 | 16,029 |
Originated two years prior | 9,968 | 14,227 |
Originated three years prior | 13,934 | 46,123 |
Originated four years prior | 29,544 | 23,621 |
Originated five or more years prior | 29,330 | 33,740 |
Revolvers | 39,542 | 4,326 |
Revolvers converted to term loans | 4,393 | 2,304 |
Total loans | 224,190 | 174,475 |
Commercial | Owner occupied commercial real estate | Pass | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Originated in current fiscal year | 669,451 | 643,151 |
Originated in prior year | 671,395 | 674,124 |
Originated two years prior | 611,900 | 278,702 |
Originated three years prior | 204,990 | 153,233 |
Originated four years prior | 127,738 | 139,584 |
Originated five or more years prior | 253,890 | 267,460 |
Revolvers | 114,975 | 68,354 |
Revolvers converted to term loans | 5,779 | 17,150 |
Total loans | 2,660,118 | 2,241,758 |
Commercial | Owner occupied commercial real estate | Special Mention | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Originated in current fiscal year | 4,236 | 7,772 |
Originated in prior year | 8,036 | 2,979 |
Originated two years prior | 4,641 | 16,639 |
Originated three years prior | 10,299 | 4,374 |
Originated four years prior | 1,232 | 6,007 |
Originated five or more years prior | 11,596 | 2,641 |
Revolvers | 3,875 | 248 |
Revolvers converted to term loans | 279 | 286 |
Total loans | 44,194 | 40,946 |
Commercial | Owner occupied commercial real estate | Substandard | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Originated in current fiscal year | 9,835 | 11,987 |
Originated in prior year | 77 | 1,049 |
Originated two years prior | 2,873 | 4,216 |
Originated three years prior | 4,490 | 3,712 |
Originated four years prior | 1,204 | 5,829 |
Originated five or more years prior | 8,055 | 11,088 |
Revolvers | 209 | 0 |
Revolvers converted to term loans | 3,611 | 1,100 |
Total loans | 30,354 | 38,981 |
Commercial | Income producing commercial real estate | Pass | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Originated in current fiscal year | 812,804 | 668,322 |
Originated in prior year | 753,936 | 678,487 |
Originated two years prior | 733,946 | 333,911 |
Originated three years prior | 248,259 | 221,218 |
Originated four years prior | 171,108 | 165,563 |
Originated five or more years prior | 255,485 | 219,459 |
Revolvers | 50,026 | 41,157 |
Revolvers converted to term loans | 9,953 | 11,830 |
Total loans | 3,035,517 | 2,339,947 |
Commercial | Income producing commercial real estate | Special Mention | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Originated in current fiscal year | 41,423 | 64,139 |
Originated in prior year | 1,137 | 27,875 |
Originated two years prior | 44,802 | 21,875 |
Originated three years prior | 32,821 | 22,292 |
Originated four years prior | 21,647 | 18,415 |
Originated five or more years prior | 50 | 21,880 |
Revolvers | 805 | 0 |
Revolvers converted to term loans | 0 | 0 |
Total loans | 142,685 | 176,476 |
Commercial | Income producing commercial real estate | Substandard | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Originated in current fiscal year | 52,384 | 15,485 |
Originated in prior year | 1,357 | 12,618 |
Originated two years prior | 1,867 | 3,779 |
Originated three years prior | 4,180 | 29,212 |
Originated four years prior | 13,209 | 6,726 |
Originated five or more years prior | 10,365 | 16,531 |
Revolvers | 0 | 0 |
Revolvers converted to term loans | 62 | 84 |
Total loans | 83,424 | 84,435 |
Commercial | Commercial & industrial | Pass | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Originated in current fiscal year | 535,594 | 638,567 |
Originated in prior year | 388,851 | 270,150 |
Originated two years prior | 186,292 | 178,944 |
Originated three years prior | 134,789 | 136,281 |
Originated four years prior | 119,547 | 50,567 |
Originated five or more years prior | 71,503 | 72,904 |
Revolvers | 670,161 | 514,750 |
Revolvers converted to term loans | 15,880 | 4,361 |
Total loans | 2,122,617 | 1,866,524 |
Commercial | Commercial & industrial | Special Mention | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Originated in current fiscal year | 1,695 | 1,037 |
Originated in prior year | 21,745 | 1,831 |
Originated two years prior | 2,686 | 2,740 |
Originated three years prior | 1,047 | 597 |
Originated four years prior | 1,244 | 273 |
Originated five or more years prior | 167 | 303 |
Revolvers | 10,449 | 2,242 |
Revolvers converted to term loans | 309 | 0 |
Total loans | 39,342 | 9,023 |
Commercial | Commercial & industrial | Substandard | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Originated in current fiscal year | 10,431 | 2,741 |
Originated in prior year | 19,477 | 1,615 |
Originated two years prior | 3,880 | 5,284 |
Originated three years prior | 4,557 | 12,685 |
Originated four years prior | 11,019 | 1,232 |
Originated five or more years prior | 1,189 | 5,863 |
Revolvers | 39,333 | 4,326 |
Revolvers converted to term loans | 477 | 869 |
Total loans | 90,363 | 34,615 |
Commercial | Construction | Pass | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Originated in current fiscal year | 732,147 | 378,695 |
Originated in prior year | 391,963 | 303,154 |
Originated two years prior | 256,087 | 149,740 |
Originated three years prior | 78,778 | 40,625 |
Originated four years prior | 11,977 | 22,983 |
Originated five or more years prior | 19,973 | 13,206 |
Revolvers | 70,819 | 12,628 |
Revolvers converted to term loans | 1,433 | 1,673 |
Total loans | 1,563,177 | 922,704 |
Commercial | Construction | Special Mention | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Originated in current fiscal year | 850 | 14,283 |
Originated in prior year | 33 | 16,237 |
Originated two years prior | 1,640 | 13,149 |
Originated three years prior | 13,237 | 22,479 |
Originated four years prior | 4,891 | 11,766 |
Originated five or more years prior | 28 | 52 |
Revolvers | 0 | 0 |
Revolvers converted to term loans | 0 | 0 |
Total loans | 20,679 | 77,966 |
Commercial | Construction | Substandard | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Originated in current fiscal year | 133 | 3,464 |
Originated in prior year | 0 | 157 |
Originated two years prior | 45 | 272 |
Originated three years prior | 2 | 11 |
Originated four years prior | 3,876 | 9,750 |
Originated five or more years prior | 9,693 | 255 |
Revolvers | 0 | 0 |
Revolvers converted to term loans | 243 | 251 |
Total loans | 13,992 | 14,160 |
Commercial | Equipment financing | Pass | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Originated in current fiscal year | 714,044 | 563,618 |
Originated in prior year | 374,030 | 271,913 |
Originated two years prior | 162,463 | 167,904 |
Originated three years prior | 93,690 | 63,254 |
Originated four years prior | 22,753 | 13,145 |
Originated five or more years prior | 1,214 | 903 |
Revolvers | 0 | 0 |
Revolvers converted to term loans | 0 | 0 |
Total loans | 1,368,194 | 1,080,737 |
Commercial | Equipment financing | Special Mention | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Originated in current fiscal year | 0 | 0 |
Originated in prior year | 0 | 0 |
Originated two years prior | 0 | 0 |
Originated three years prior | 0 | 0 |
Originated four years prior | 0 | 0 |
Originated five or more years prior | 0 | 0 |
Revolvers | 0 | 0 |
Revolvers converted to term loans | 0 | 0 |
Total loans | 0 | 0 |
Commercial | Equipment financing | Substandard | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Originated in current fiscal year | 1,625 | 428 |
Originated in prior year | 2,160 | 590 |
Originated two years prior | 1,303 | 676 |
Originated three years prior | 705 | 503 |
Originated four years prior | 236 | 84 |
Originated five or more years prior | 28 | 3 |
Revolvers | 0 | 0 |
Revolvers converted to term loans | 0 | 0 |
Total loans | 6,057 | 2,284 |
Residential | Construction | Pass | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Originated in current fiscal year | 344,443 | 325,111 |
Originated in prior year | 82,289 | 16,301 |
Originated two years prior | 4,478 | 2,802 |
Originated three years prior | 1,742 | 2,278 |
Originated four years prior | 1,545 | 3,144 |
Originated five or more years prior | 7,549 | 9,352 |
Revolvers | 0 | 0 |
Revolvers converted to term loans | 31 | 33 |
Total loans | 442,077 | 359,021 |
Residential | Construction | Special Mention | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Originated in current fiscal year | 0 | 0 |
Originated in prior year | 0 | 0 |
Originated two years prior | 0 | 0 |
Originated three years prior | 0 | 0 |
Originated four years prior | 0 | 0 |
Originated five or more years prior | 0 | 0 |
Revolvers | 0 | 0 |
Revolvers converted to term loans | 0 | 0 |
Total loans | 0 | 0 |
Residential | Construction | Substandard | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Originated in current fiscal year | 32 | 407 |
Originated in prior year | 268 | 0 |
Originated two years prior | 0 | 30 |
Originated three years prior | 20 | 51 |
Originated four years prior | 3 | 0 |
Originated five or more years prior | 153 | 306 |
Revolvers | 0 | 0 |
Revolvers converted to term loans | 0 | 0 |
Total loans | 476 | 794 |
Residential | Residential mortgage | Pass | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Originated in current fiscal year | 894,960 | 781,007 |
Originated in prior year | 742,821 | 370,092 |
Originated two years prior | 329,762 | 108,091 |
Originated three years prior | 91,300 | 64,346 |
Originated four years prior | 55,785 | 71,552 |
Originated five or more years prior | 223,846 | 221,131 |
Revolvers | 8 | 9 |
Revolvers converted to term loans | 3,133 | 3,915 |
Total loans | 2,341,615 | 1,620,143 |
Residential | Residential mortgage | Special Mention | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Originated in current fiscal year | 0 | 0 |
Originated in prior year | 0 | 0 |
Originated two years prior | 0 | 0 |
Originated three years prior | 0 | 0 |
Originated four years prior | 0 | 0 |
Originated five or more years prior | 0 | 0 |
Revolvers | 0 | 0 |
Revolvers converted to term loans | 0 | 0 |
Total loans | 0 | 0 |
Residential | Residential mortgage | Substandard | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Originated in current fiscal year | 1,195 | 3,339 |
Originated in prior year | 964 | 1,585 |
Originated two years prior | 1,364 | 2,813 |
Originated three years prior | 1,836 | 3,229 |
Originated four years prior | 2,589 | 1,205 |
Originated five or more years prior | 5,296 | 4,744 |
Revolvers | 0 | 0 |
Revolvers converted to term loans | 202 | 827 |
Total loans | 13,446 | 17,742 |
Residential | HELOC | Pass | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Originated in current fiscal year | 0 | 0 |
Originated in prior year | 0 | 0 |
Originated two years prior | 0 | 0 |
Originated three years prior | 0 | 0 |
Originated four years prior | 0 | 0 |
Originated five or more years prior | 0 | 0 |
Revolvers | 824,153 | 676,545 |
Revolvers converted to term loans | 23,948 | 14,994 |
Total loans | 848,101 | 691,539 |
Residential | HELOC | Special Mention | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Originated in current fiscal year | 0 | 0 |
Originated in prior year | 0 | 0 |
Originated two years prior | 0 | 0 |
Originated three years prior | 0 | 0 |
Originated four years prior | 0 | 0 |
Originated five or more years prior | 0 | 0 |
Revolvers | 0 | 0 |
Revolvers converted to term loans | 0 | 0 |
Total loans | 0 | 0 |
Residential | HELOC | Substandard | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Originated in current fiscal year | 0 | 0 |
Originated in prior year | 0 | 0 |
Originated two years prior | 0 | 0 |
Originated three years prior | 0 | 0 |
Originated four years prior | 0 | 0 |
Originated five or more years prior | 0 | 0 |
Revolvers | 93 | 329 |
Revolvers converted to term loans | 2,075 | 2,166 |
Total loans | 2,168 | 2,495 |
Residential | Manufactured housing | Pass | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Originated in current fiscal year | 78,097 | |
Originated in prior year | 54,976 | |
Originated two years prior | 48,908 | |
Originated three years prior | 34,836 | |
Originated four years prior | 31,060 | |
Originated five or more years prior | 61,148 | |
Revolvers | 0 | |
Revolvers converted to term loans | 0 | |
Total loans | 309,025 | |
Residential | Manufactured housing | Special Mention | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Originated in current fiscal year | 0 | |
Originated in prior year | 0 | |
Originated two years prior | 0 | |
Originated three years prior | 0 | |
Originated four years prior | 0 | |
Originated five or more years prior | 0 | |
Revolvers | 0 | |
Revolvers converted to term loans | 0 | |
Total loans | 0 | |
Residential | Manufactured housing | Substandard | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Originated in current fiscal year | 1,130 | |
Originated in prior year | 1,267 | |
Originated two years prior | 1,427 | |
Originated three years prior | 990 | |
Originated four years prior | 1,188 | |
Originated five or more years prior | 1,714 | |
Revolvers | 0 | |
Revolvers converted to term loans | 0 | |
Total loans | 7,716 | |
Consumer | Pass | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Originated in current fiscal year | 71,899 | 57,530 |
Originated in prior year | 29,322 | 29,218 |
Originated two years prior | 15,406 | 10,757 |
Originated three years prior | 3,987 | 5,137 |
Originated four years prior | 1,837 | 1,439 |
Originated five or more years prior | 588 | 1,355 |
Revolvers | 25,963 | 32,312 |
Revolvers converted to term loans | 126 | 111 |
Total loans | 149,128 | 137,859 |
Consumer | Special Mention | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Originated in current fiscal year | 0 | 0 |
Originated in prior year | 0 | 0 |
Originated two years prior | 0 | 0 |
Originated three years prior | 0 | 0 |
Originated four years prior | 0 | 0 |
Originated five or more years prior | 0 | 0 |
Revolvers | 0 | 0 |
Revolvers converted to term loans | 0 | 0 |
Total loans | 0 | 0 |
Consumer | Substandard | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Originated in current fiscal year | 20 | 37 |
Originated in prior year | 77 | 16 |
Originated two years prior | 34 | 22 |
Originated three years prior | 1 | 26 |
Originated four years prior | 25 | 22 |
Originated five or more years prior | 4 | 50 |
Revolvers | 1 | 3 |
Revolvers converted to term loans | 0 | 21 |
Total loans | $ 162 | $ 197 |
Loans and Leases and Allowan_11
Loans and Leases and Allowance for Credit Losses - Loans modified under terms of TDR (Details) - Loans receivable $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 USD ($) contract | Dec. 31, 2021 USD ($) contract | Dec. 31, 2020 USD ($) contract | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Number of Contracts | contract | 83 | 92 | 252 |
Post-Modification Outstanding Recorded Investment by Type of Modification | $ 21,025 | $ 9,711 | $ 25,932 |
TDRs Modified Within the Previous Twelve Months That Have Subsequently Defaulted, Number of Contracts | contract | 18 | 24 | 30 |
TDRs Modified Within the Year That Have Subsequently Defaulted, Recorded Investment | $ 1,638 | $ 1,235 | $ 7,969 |
Rate Reduction | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Post-Modification Outstanding Recorded Investment by Type of Modification | 0 | 0 | 0 |
Structure | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Post-Modification Outstanding Recorded Investment by Type of Modification | 11,619 | 7,854 | 17,585 |
Other | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Post-Modification Outstanding Recorded Investment by Type of Modification | $ 9,406 | $ 1,857 | $ 8,347 |
Manufactured housing | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Number of Contracts | contract | 0 | ||
Post-Modification Outstanding Recorded Investment by Type of Modification | $ 0 | ||
TDRs Modified Within the Previous Twelve Months That Have Subsequently Defaulted, Number of Contracts | contract | 0 | ||
TDRs Modified Within the Year That Have Subsequently Defaulted, Recorded Investment | $ 0 | ||
Manufactured housing | Rate Reduction | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Post-Modification Outstanding Recorded Investment by Type of Modification | 0 | ||
Manufactured housing | Structure | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Post-Modification Outstanding Recorded Investment by Type of Modification | 0 | ||
Manufactured housing | Other | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Post-Modification Outstanding Recorded Investment by Type of Modification | $ 0 | ||
Commercial | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Number of Contracts | contract | 67 | 76 | 198 |
Post-Modification Outstanding Recorded Investment by Type of Modification | $ 18,795 | $ 8,126 | $ 21,248 |
TDRs Modified Within the Previous Twelve Months That Have Subsequently Defaulted, Number of Contracts | contract | 14 | 18 | 26 |
TDRs Modified Within the Year That Have Subsequently Defaulted, Recorded Investment | $ 1,129 | $ 550 | $ 7,761 |
Commercial | Rate Reduction | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Post-Modification Outstanding Recorded Investment by Type of Modification | 0 | 0 | 0 |
Commercial | Structure | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Post-Modification Outstanding Recorded Investment by Type of Modification | 9,395 | 6,326 | 12,928 |
Commercial | Other | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Post-Modification Outstanding Recorded Investment by Type of Modification | $ 9,400 | $ 1,800 | $ 8,320 |
Commercial | Owner occupied commercial real estate | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Number of Contracts | contract | 1 | 2 | 8 |
Post-Modification Outstanding Recorded Investment by Type of Modification | $ 112 | $ 731 | $ 2,369 |
TDRs Modified Within the Previous Twelve Months That Have Subsequently Defaulted, Number of Contracts | contract | 0 | 1 | 0 |
TDRs Modified Within the Year That Have Subsequently Defaulted, Recorded Investment | $ 0 | $ 99 | $ 0 |
Commercial | Owner occupied commercial real estate | Rate Reduction | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Post-Modification Outstanding Recorded Investment by Type of Modification | 0 | 0 | 0 |
Commercial | Owner occupied commercial real estate | Structure | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Post-Modification Outstanding Recorded Investment by Type of Modification | 112 | 731 | 833 |
Commercial | Owner occupied commercial real estate | Other | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Post-Modification Outstanding Recorded Investment by Type of Modification | $ 0 | $ 0 | $ 1,536 |
Commercial | Income producing commercial real estate | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Number of Contracts | contract | 0 | 3 | 7 |
Post-Modification Outstanding Recorded Investment by Type of Modification | $ 0 | $ 1,697 | $ 11,555 |
TDRs Modified Within the Previous Twelve Months That Have Subsequently Defaulted, Number of Contracts | contract | 0 | 0 | 1 |
TDRs Modified Within the Year That Have Subsequently Defaulted, Recorded Investment | $ 0 | $ 0 | $ 5,998 |
Commercial | Income producing commercial real estate | Rate Reduction | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Post-Modification Outstanding Recorded Investment by Type of Modification | 0 | 0 | 0 |
Commercial | Income producing commercial real estate | Structure | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Post-Modification Outstanding Recorded Investment by Type of Modification | 0 | 0 | 4,856 |
Commercial | Income producing commercial real estate | Other | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Post-Modification Outstanding Recorded Investment by Type of Modification | $ 0 | $ 1,697 | $ 6,699 |
Commercial | Commercial & industrial | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Number of Contracts | contract | 6 | 8 | 4 |
Post-Modification Outstanding Recorded Investment by Type of Modification | $ 10,518 | $ 700 | $ 601 |
TDRs Modified Within the Previous Twelve Months That Have Subsequently Defaulted, Number of Contracts | contract | 1 | 2 | 3 |
TDRs Modified Within the Year That Have Subsequently Defaulted, Recorded Investment | $ 394 | $ 76 | $ 819 |
Commercial | Commercial & industrial | Rate Reduction | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Post-Modification Outstanding Recorded Investment by Type of Modification | 0 | 0 | 0 |
Commercial | Commercial & industrial | Structure | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Post-Modification Outstanding Recorded Investment by Type of Modification | 1,118 | 597 | 586 |
Commercial | Commercial & industrial | Other | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Post-Modification Outstanding Recorded Investment by Type of Modification | $ 9,400 | $ 103 | $ 15 |
Commercial | Construction | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Number of Contracts | contract | 0 | 1 | 7 |
Post-Modification Outstanding Recorded Investment by Type of Modification | $ 0 | $ 309 | $ 902 |
TDRs Modified Within the Previous Twelve Months That Have Subsequently Defaulted, Number of Contracts | contract | 0 | 0 | 0 |
TDRs Modified Within the Year That Have Subsequently Defaulted, Recorded Investment | $ 0 | $ 0 | $ 0 |
Commercial | Construction | Rate Reduction | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Post-Modification Outstanding Recorded Investment by Type of Modification | 0 | 0 | 0 |
Commercial | Construction | Structure | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Post-Modification Outstanding Recorded Investment by Type of Modification | 0 | 309 | 832 |
Commercial | Construction | Other | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Post-Modification Outstanding Recorded Investment by Type of Modification | $ 0 | $ 0 | $ 70 |
Commercial | Equipment financing | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Number of Contracts | contract | 60 | 62 | 172 |
Post-Modification Outstanding Recorded Investment by Type of Modification | $ 8,165 | $ 4,689 | $ 5,821 |
TDRs Modified Within the Previous Twelve Months That Have Subsequently Defaulted, Number of Contracts | contract | 13 | 15 | 22 |
TDRs Modified Within the Year That Have Subsequently Defaulted, Recorded Investment | $ 735 | $ 375 | $ 944 |
Commercial | Equipment financing | Rate Reduction | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Post-Modification Outstanding Recorded Investment by Type of Modification | 0 | 0 | 0 |
Commercial | Equipment financing | Structure | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Post-Modification Outstanding Recorded Investment by Type of Modification | 8,165 | 4,689 | 5,821 |
Commercial | Equipment financing | Other | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Post-Modification Outstanding Recorded Investment by Type of Modification | $ 0 | $ 0 | $ 0 |
Residential | Construction | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Number of Contracts | contract | 0 | 0 | 3 |
Post-Modification Outstanding Recorded Investment by Type of Modification | $ 0 | $ 0 | $ 123 |
TDRs Modified Within the Previous Twelve Months That Have Subsequently Defaulted, Number of Contracts | contract | 0 | 0 | 0 |
TDRs Modified Within the Year That Have Subsequently Defaulted, Recorded Investment | $ 0 | $ 0 | $ 0 |
Residential | Construction | Rate Reduction | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Post-Modification Outstanding Recorded Investment by Type of Modification | 0 | 0 | 0 |
Residential | Construction | Structure | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Post-Modification Outstanding Recorded Investment by Type of Modification | 0 | 0 | 123 |
Residential | Construction | Other | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Post-Modification Outstanding Recorded Investment by Type of Modification | $ 0 | $ 0 | $ 0 |
Residential | Residential mortgage | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Number of Contracts | contract | 9 | 16 | 40 |
Post-Modification Outstanding Recorded Investment by Type of Modification | $ 982 | $ 1,585 | $ 4,362 |
TDRs Modified Within the Previous Twelve Months That Have Subsequently Defaulted, Number of Contracts | contract | 4 | 4 | 2 |
TDRs Modified Within the Year That Have Subsequently Defaulted, Recorded Investment | $ 509 | $ 593 | $ 145 |
Residential | Residential mortgage | Rate Reduction | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Post-Modification Outstanding Recorded Investment by Type of Modification | 0 | 0 | 0 |
Residential | Residential mortgage | Structure | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Post-Modification Outstanding Recorded Investment by Type of Modification | 982 | 1,528 | 4,359 |
Residential | Residential mortgage | Other | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Post-Modification Outstanding Recorded Investment by Type of Modification | $ 0 | $ 57 | $ 3 |
Residential | HELOC | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Number of Contracts | contract | 7 | 0 | 4 |
Post-Modification Outstanding Recorded Investment by Type of Modification | $ 1,248 | $ 0 | $ 164 |
TDRs Modified Within the Previous Twelve Months That Have Subsequently Defaulted, Number of Contracts | contract | 0 | 2 | 1 |
TDRs Modified Within the Year That Have Subsequently Defaulted, Recorded Investment | $ 0 | $ 92 | $ 60 |
Residential | HELOC | Rate Reduction | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Post-Modification Outstanding Recorded Investment by Type of Modification | 0 | 0 | 0 |
Residential | HELOC | Structure | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Post-Modification Outstanding Recorded Investment by Type of Modification | 1,242 | 0 | 164 |
Residential | HELOC | Other | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Post-Modification Outstanding Recorded Investment by Type of Modification | $ 6 | $ 0 | $ 0 |
Consumer | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Number of Contracts | contract | 0 | 0 | 7 |
Post-Modification Outstanding Recorded Investment by Type of Modification | $ 0 | $ 0 | $ 35 |
TDRs Modified Within the Previous Twelve Months That Have Subsequently Defaulted, Number of Contracts | contract | 0 | 0 | 1 |
TDRs Modified Within the Year That Have Subsequently Defaulted, Recorded Investment | $ 0 | $ 0 | $ 3 |
Consumer | Rate Reduction | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Post-Modification Outstanding Recorded Investment by Type of Modification | 0 | 0 | 0 |
Consumer | Structure | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Post-Modification Outstanding Recorded Investment by Type of Modification | 0 | 0 | 11 |
Consumer | Other | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Post-Modification Outstanding Recorded Investment by Type of Modification | $ 0 | $ 0 | $ 24 |
Loans and Leases and Allowan_12
Loans and Leases and Allowance for Credit Losses - Balance and activity in the ACL by portfolio segment (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Allowance for Credit Loss | |||
ACL - loans, Beginning Balance | $ 102,532 | $ 137,010 | $ 62,089 |
ACL- loans, Initial ACL - PCD loans | 12,737 | 3,544 | 11,152 |
ACL - loans, Charge-Offs | (22,295) | (15,273) | (32,394) |
ACL - loans, Recoveries | 12,641 | 15,235 | 14,078 |
ACL - loans, Provision | 53,742 | (37,984) | 75,205 |
ACL - loans, Ending Balance | 159,357 | 102,532 | 137,010 |
ACL - unfunded commitments, Beginning Balance | 10,992 | 10,558 | 3,458 |
ACL - unfunded commitments, (Release) Provision | 10,171 | 434 | 5,229 |
ACL - unfunded commitments, Ending Balance | 21,163 | 10,992 | 10,558 |
Total ACL, Beginning Balance | 113,524 | 147,568 | 65,547 |
Total ACL, Initial ACL - PCD loans | 12,737 | 3,544 | 11,152 |
Total ACL, Charge-Offs | (22,295) | (15,273) | (32,394) |
Total ACL, Recoveries | 12,641 | 15,235 | 14,078 |
Total ACL, (Release) Provision | 63,913 | (37,550) | 80,434 |
Total ACL, Ending Balance | 180,520 | 113,524 | 147,568 |
Adoption of new accounting standard | |||
Allowance for Credit Loss | |||
ACL - loans, Beginning Balance | 6,880 | ||
ACL - unfunded commitments, Beginning Balance | 1,871 | ||
Total ACL, Beginning Balance | 8,751 | ||
Adjusted Balance | |||
Allowance for Credit Loss | |||
ACL - loans, Beginning Balance | 68,969 | ||
ACL - unfunded commitments, Beginning Balance | 5,329 | ||
Total ACL, Beginning Balance | 74,298 | ||
Loans receivable | Commercial | Owner occupied commercial real estate | |||
Allowance for Credit Loss | |||
ACL - loans, Beginning Balance | 14,282 | 20,673 | 11,404 |
ACL- loans, Initial ACL - PCD loans | 266 | 280 | 1,779 |
ACL - loans, Charge-Offs | (6) | (1,640) | (70) |
ACL - loans, Recoveries | 1,767 | 1,324 | 2,565 |
ACL - loans, Provision | 3,525 | (6,355) | 6,611 |
ACL - loans, Ending Balance | 19,834 | 14,282 | 20,673 |
Loans receivable | Commercial | Owner occupied commercial real estate | Adoption of new accounting standard | |||
Allowance for Credit Loss | |||
ACL - loans, Beginning Balance | (1,616) | ||
Loans receivable | Commercial | Owner occupied commercial real estate | Adjusted Balance | |||
Allowance for Credit Loss | |||
ACL - loans, Beginning Balance | 9,788 | ||
Loans receivable | Commercial | Income producing commercial real estate | |||
Allowance for Credit Loss | |||
ACL - loans, Beginning Balance | 24,156 | 41,737 | 12,306 |
ACL- loans, Initial ACL - PCD loans | 4,366 | 982 | 1,208 |
ACL - loans, Charge-Offs | (606) | (267) | (8,430) |
ACL - loans, Recoveries | 949 | 496 | 3,546 |
ACL - loans, Provision | 3,217 | (18,792) | 33,137 |
ACL - loans, Ending Balance | 32,082 | 24,156 | 41,737 |
Loans receivable | Commercial | Income producing commercial real estate | Adoption of new accounting standard | |||
Allowance for Credit Loss | |||
ACL - loans, Beginning Balance | (30) | ||
Loans receivable | Commercial | Income producing commercial real estate | Adjusted Balance | |||
Allowance for Credit Loss | |||
ACL - loans, Beginning Balance | 12,276 | ||
Loans receivable | Commercial | Commercial & industrial | |||
Allowance for Credit Loss | |||
ACL - loans, Beginning Balance | 16,592 | 22,019 | 5,266 |
ACL- loans, Initial ACL - PCD loans | 2,337 | 312 | 7,680 |
ACL - loans, Charge-Offs | (10,284) | (4,776) | (10,707) |
ACL - loans, Recoveries | 3,824 | 7,275 | 1,371 |
ACL - loans, Provision | 11,035 | (8,238) | 14,397 |
ACL - loans, Ending Balance | 23,504 | 16,592 | 22,019 |
Loans receivable | Commercial | Commercial & industrial | Adoption of new accounting standard | |||
Allowance for Credit Loss | |||
ACL - loans, Beginning Balance | 4,012 | ||
Loans receivable | Commercial | Commercial & industrial | Adjusted Balance | |||
Allowance for Credit Loss | |||
ACL - loans, Beginning Balance | 9,278 | ||
Loans receivable | Commercial | Construction | |||
Allowance for Credit Loss | |||
ACL - loans, Beginning Balance | 9,956 | 10,952 | 9,668 |
ACL- loans, Initial ACL - PCD loans | 2,857 | 1,969 | 74 |
ACL - loans, Charge-Offs | (41) | (334) | (726) |
ACL - loans, Recoveries | 625 | 1,081 | 1,045 |
ACL - loans, Provision | 6,723 | (3,712) | 3,474 |
ACL - loans, Ending Balance | 20,120 | 9,956 | 10,952 |
Loans receivable | Commercial | Construction | Adoption of new accounting standard | |||
Allowance for Credit Loss | |||
ACL - loans, Beginning Balance | (2,583) | ||
Loans receivable | Commercial | Construction | Adjusted Balance | |||
Allowance for Credit Loss | |||
ACL - loans, Beginning Balance | 7,085 | ||
Loans receivable | Commercial | Equipment financing | |||
Allowance for Credit Loss | |||
ACL - loans, Beginning Balance | 16,290 | 16,820 | 7,384 |
ACL- loans, Initial ACL - PCD loans | 0 | 0 | 0 |
ACL - loans, Charge-Offs | (6,980) | (5,724) | (8,764) |
ACL - loans, Recoveries | 3,027 | 2,619 | 2,004 |
ACL - loans, Provision | 11,058 | 2,575 | 10,325 |
ACL - loans, Ending Balance | 23,395 | 16,290 | 16,820 |
Loans receivable | Commercial | Equipment financing | Adoption of new accounting standard | |||
Allowance for Credit Loss | |||
ACL - loans, Beginning Balance | 5,871 | ||
Loans receivable | Commercial | Equipment financing | Adjusted Balance | |||
Allowance for Credit Loss | |||
ACL - loans, Beginning Balance | 13,255 | ||
Loans receivable | Residential | Construction | |||
Allowance for Credit Loss | |||
ACL - loans, Beginning Balance | 1,847 | 764 | 2,504 |
ACL- loans, Initial ACL - PCD loans | 1 | 0 | 0 |
ACL - loans, Charge-Offs | 0 | (10) | (93) |
ACL - loans, Recoveries | 231 | 157 | 156 |
ACL - loans, Provision | (30) | 936 | (32) |
ACL - loans, Ending Balance | 2,049 | 1,847 | 764 |
Loans receivable | Residential | Construction | Adoption of new accounting standard | |||
Allowance for Credit Loss | |||
ACL - loans, Beginning Balance | (1,771) | ||
Loans receivable | Residential | Construction | Adjusted Balance | |||
Allowance for Credit Loss | |||
ACL - loans, Beginning Balance | 733 | ||
Loans receivable | Residential | Residential mortgage | |||
Allowance for Credit Loss | |||
ACL - loans, Beginning Balance | 12,390 | 15,341 | 8,081 |
ACL- loans, Initial ACL - PCD loans | 385 | 0 | 195 |
ACL - loans, Charge-Offs | (55) | (344) | (398) |
ACL - loans, Recoveries | 302 | 564 | 455 |
ACL - loans, Provision | 7,787 | (3,171) | 5,439 |
ACL - loans, Ending Balance | 20,809 | 12,390 | 15,341 |
Loans receivable | Residential | Residential mortgage | Adoption of new accounting standard | |||
Allowance for Credit Loss | |||
ACL - loans, Beginning Balance | 1,569 | ||
Loans receivable | Residential | Residential mortgage | Adjusted Balance | |||
Allowance for Credit Loss | |||
ACL - loans, Beginning Balance | 9,650 | ||
Loans receivable | Residential | HELOC | |||
Allowance for Credit Loss | |||
ACL - loans, Beginning Balance | 6,568 | 8,417 | 4,575 |
ACL- loans, Initial ACL - PCD loans | 60 | 1 | 209 |
ACL - loans, Charge-Offs | (69) | (112) | (221) |
ACL - loans, Recoveries | 687 | 517 | 677 |
ACL - loans, Provision | 1,461 | (2,255) | 1,258 |
ACL - loans, Ending Balance | 8,707 | 6,568 | 8,417 |
Loans receivable | Residential | HELOC | Adoption of new accounting standard | |||
Allowance for Credit Loss | |||
ACL - loans, Beginning Balance | 1,919 | ||
Loans receivable | Residential | HELOC | Adjusted Balance | |||
Allowance for Credit Loss | |||
ACL - loans, Beginning Balance | 6,494 | ||
Loans receivable | Residential | Manufactured housing | |||
Allowance for Credit Loss | |||
ACL - loans, Beginning Balance | 0 | ||
ACL- loans, Initial ACL - PCD loans | 2,438 | ||
ACL - loans, Charge-Offs | (794) | ||
ACL - loans, Recoveries | 29 | ||
ACL - loans, Provision | 6,425 | ||
ACL - loans, Ending Balance | 8,098 | 0 | |
Loans receivable | Consumer | |||
Allowance for Credit Loss | |||
ACL - loans, Beginning Balance | 451 | 287 | 901 |
ACL- loans, Initial ACL - PCD loans | 27 | 0 | 7 |
ACL - loans, Charge-Offs | (3,460) | (2,066) | (2,985) |
ACL - loans, Recoveries | 1,200 | 1,202 | 2,259 |
ACL - loans, Provision | 2,541 | 1,028 | 596 |
ACL - loans, Ending Balance | $ 759 | $ 451 | 287 |
Loans receivable | Consumer | Adoption of new accounting standard | |||
Allowance for Credit Loss | |||
ACL - loans, Beginning Balance | (491) | ||
Loans receivable | Consumer | Adjusted Balance | |||
Allowance for Credit Loss | |||
ACL - loans, Beginning Balance | $ 410 |
Premises and Equipment - Summar
Premises and Equipment - Summary (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Premises and equipments | ||
Premises and equipment, gross | $ 461,443 | $ 394,661 |
Less accumulated depreciation | (162,987) | (149,365) |
Premises and equipment, net | 298,456 | 245,296 |
Land and land improvements | ||
Premises and equipments | ||
Premises and equipment, gross | 101,187 | 95,029 |
Buildings and improvements | ||
Premises and equipments | ||
Premises and equipment, gross | 210,018 | 189,339 |
Furniture and equipment | ||
Premises and equipments | ||
Premises and equipment, gross | 115,569 | 100,205 |
Construction in progress | ||
Premises and equipments | ||
Premises and equipment, gross | $ 34,669 | $ 10,088 |
Premises and Equipment - Narrat
Premises and Equipment - Narrative (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Property, Plant and Equipment [Abstract] | |||
Depreciation expense | $ 17 | $ 15.7 | $ 15.6 |
Derivatives and Hedging Activ_3
Derivatives and Hedging Activities - Fair value of derivative financial instruments (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Derivatives, Fair Value [Line Items] | ||
Notional Amount | $ 2,577,047 | $ 3,052,601 |
Derivative Assets | ||
Total gross derivative instruments | 50,636 | 42,480 |
Less: Amounts subject to master netting agreements | (346) | (694) |
Less: Cash collateral received/pledged | (38,386) | (6,620) |
Net amount | 11,904 | 35,166 |
Derivative Liabilities | ||
Total gross derivative instruments | 99,543 | 25,145 |
Less: Amounts subject to master netting agreements | (346) | (694) |
Less: Cash collateral received/pledged | (13,089) | (14,148) |
Net amount | 86,108 | 10,303 |
Derivative assets | ||
Derivative Assets | ||
Total gross derivative instruments | 50,636 | 42,480 |
Derivative liabilities | ||
Derivative Liabilities | ||
Total gross derivative instruments | 99,543 | 25,145 |
Designated as hedging instrument | ||
Derivatives, Fair Value [Line Items] | ||
Notional Amount | 120,000 | 130,000 |
Designated as hedging instrument | Cash flow hedge of subordinated debt | ||
Derivatives, Fair Value [Line Items] | ||
Notional Amount | 100,000 | 100,000 |
Designated as hedging instrument | Cash flow hedge of trust preferred securities | ||
Derivatives, Fair Value [Line Items] | ||
Notional Amount | 20,000 | 20,000 |
Designated as hedging instrument | Fair value hedge of brokered CDs | ||
Derivatives, Fair Value [Line Items] | ||
Notional Amount | 0 | 10,000 |
Designated as hedging instrument | Derivative assets | ||
Derivative Assets | ||
Derivatives designated as hedging instruments | 16,191 | 6,389 |
Designated as hedging instrument | Derivative assets | Cash flow hedge of subordinated debt | ||
Derivative Assets | ||
Cash flow hedge | 16,191 | 6,389 |
Designated as hedging instrument | Derivative assets | Cash flow hedge of trust preferred securities | ||
Derivative Assets | ||
Cash flow hedge | 0 | 0 |
Designated as hedging instrument | Derivative assets | Fair value hedge of brokered CDs | ||
Derivative Assets | ||
Fair value hedge | 0 | 0 |
Designated as hedging instrument | Derivative liabilities | ||
Derivative Liabilities | ||
Derivatives designated as hedging instruments | 0 | 0 |
Designated as hedging instrument | Derivative liabilities | Cash flow hedge of subordinated debt | ||
Derivative Liabilities | ||
Cash flow hedge | 0 | 0 |
Designated as hedging instrument | Derivative liabilities | Cash flow hedge of trust preferred securities | ||
Derivative Liabilities | ||
Cash flow hedge | 0 | 0 |
Designated as hedging instrument | Derivative liabilities | Fair value hedge of brokered CDs | ||
Derivative Liabilities | ||
Fair value hedge | 0 | 0 |
Not designated as hedging instrument | ||
Derivatives, Fair Value [Line Items] | ||
Notional Amount | 2,457,047 | 2,922,601 |
Not designated as hedging instrument | Customer derivative positions | ||
Derivatives, Fair Value [Line Items] | ||
Notional Amount | 1,097,578 | 1,206,145 |
Not designated as hedging instrument | Dealer offsets to customer derivative positions | ||
Derivatives, Fair Value [Line Items] | ||
Notional Amount | 1,097,578 | 1,230,885 |
Not designated as hedging instrument | Risk participations | ||
Derivatives, Fair Value [Line Items] | ||
Notional Amount | 88,586 | 69,385 |
Not designated as hedging instrument | Mortgage banking - loan commitment | ||
Derivatives, Fair Value [Line Items] | ||
Notional Amount | 19,685 | 110,897 |
Not designated as hedging instrument | Mortgage banking - forward sales commitment | ||
Derivatives, Fair Value [Line Items] | ||
Notional Amount | 49,750 | 201,419 |
Not designated as hedging instrument | Bifurcated embedded derivatives | ||
Derivatives, Fair Value [Line Items] | ||
Notional Amount | 51,935 | 51,935 |
Not designated as hedging instrument | Dealer offsets to bifurcated embedded derivatives | ||
Derivatives, Fair Value [Line Items] | ||
Notional Amount | 51,935 | 51,935 |
Not designated as hedging instrument | Derivative assets | ||
Derivative Assets | ||
Derivatives not designated as hedging instruments | 34,445 | 36,091 |
Not designated as hedging instrument | Derivative assets | Customer derivative positions | ||
Derivative Assets | ||
Derivatives not designated as hedging instruments | 341 | 28,656 |
Not designated as hedging instrument | Derivative assets | Dealer offsets to customer derivative positions | ||
Derivative Assets | ||
Derivatives not designated as hedging instruments | 22,393 | 974 |
Not designated as hedging instrument | Derivative assets | Risk participations | ||
Derivative Assets | ||
Derivatives not designated as hedging instruments | 15 | 16 |
Not designated as hedging instrument | Derivative assets | Mortgage banking - loan commitment | ||
Derivative Assets | ||
Derivatives not designated as hedging instruments | 394 | 3,450 |
Not designated as hedging instrument | Derivative assets | Mortgage banking - forward sales commitment | ||
Derivative Assets | ||
Derivatives not designated as hedging instruments | 198 | 67 |
Not designated as hedging instrument | Derivative assets | Bifurcated embedded derivatives | ||
Derivative Assets | ||
Derivatives not designated as hedging instruments | 11,104 | 2,928 |
Not designated as hedging instrument | Derivative assets | Dealer offsets to bifurcated embedded derivatives | ||
Derivative Assets | ||
Derivatives not designated as hedging instruments | 0 | 0 |
Not designated as hedging instrument | Derivative liabilities | ||
Derivative Liabilities | ||
Derivatives not designated as hedging instruments | 99,543 | 25,145 |
Not designated as hedging instrument | Derivative liabilities | Customer derivative positions | ||
Derivative Liabilities | ||
Derivatives not designated as hedging instruments | 86,358 | 10,663 |
Not designated as hedging instrument | Derivative liabilities | Dealer offsets to customer derivative positions | ||
Derivative Liabilities | ||
Derivatives not designated as hedging instruments | 274 | 9,232 |
Not designated as hedging instrument | Derivative liabilities | Risk participations | ||
Derivative Liabilities | ||
Derivatives not designated as hedging instruments | 1 | 7 |
Not designated as hedging instrument | Derivative liabilities | Mortgage banking - loan commitment | ||
Derivative Liabilities | ||
Derivatives not designated as hedging instruments | 0 | 0 |
Not designated as hedging instrument | Derivative liabilities | Mortgage banking - forward sales commitment | ||
Derivative Liabilities | ||
Derivatives not designated as hedging instruments | 71 | 202 |
Not designated as hedging instrument | Derivative liabilities | Bifurcated embedded derivatives | ||
Derivative Liabilities | ||
Derivatives not designated as hedging instruments | 0 | 0 |
Not designated as hedging instrument | Derivative liabilities | Dealer offsets to bifurcated embedded derivatives | ||
Derivative Liabilities | ||
Derivatives not designated as hedging instruments | $ 12,839 | $ 5,041 |
Derivatives and Hedging Activ_4
Derivatives and Hedging Activities - Narrative (Details) $ in Thousands | Dec. 31, 2022 USD ($) contract | Dec. 31, 2021 USD ($) |
Derivative Instruments [Line Items] | ||
Gains to be reclassified from accumulated other comprehensive income into earnings over the next twelve months | $ 4,510 | |
Interest rate swaps | Deposits | Fair value hedging of interest rate risk | ||
Derivative Instruments [Line Items] | ||
Carrying amount of Assets (Liabilities) | $ (10,000) | |
Hedge Accounting Basis Adjustment | $ (28) | |
Not designated as hedging instrument, economic hedge | Interest rate swaps | ||
Derivative Instruments [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 | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Derivative Instruments [Line Items] | |||
Total interest expense presented in the consolidated statements of income | $ (60,798) | $ (29,760) | $ (56,237) |
Fair value hedging | Interest expense | |||
Effect of hedging relationships on interest expense: | |||
Net income (expense) recognized | 28 | 210 | 281 |
Cash flow hedging | Interest expense | |||
Effect of hedging relationships on interest expense: | |||
Net income (expense) recognized | (269) | (608) | (359) |
Premium amortization expense excluded from assessment of hedge effectiveness | $ 472 | $ 472 | $ 329 |
Derivatives and Hedging Activ_6
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 | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Derivative Instruments [Line Items] | |||
Total gains and losses | $ 10,401 | $ 1,840 | $ (1,544) |
Customer derivatives and dealer offsets | |||
Derivative Instruments [Line Items] | |||
Total gains and losses | 2,063 | 3,302 | 6,732 |
Bifurcated embedded derivatives and dealer offsets | |||
Derivative Instruments [Line Items] | |||
Total gains and losses | 90 | 433 | (63) |
Mortgage banking derivatives | |||
Derivative Instruments [Line Items] | |||
Total gains and losses | 8,144 | (1,805) | (7,873) |
Risk participations | |||
Derivative Instruments [Line Items] | |||
Total gains and losses | $ 104 | $ (90) | $ (340) |
Goodwill and Other Intangible_3
Goodwill and Other Intangible Assets - Carrying amount (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Goodwill and other intangible assets | |||
Total intangibles subject to amortization, net | $ 28,074 | $ 20,400 | |
Goodwill | 751,174 | 452,007 | $ 367,809 |
Total goodwill and other intangible assets, net | 779,248 | 472,407 | |
Core deposit intangible | |||
Goodwill and other intangible assets | |||
Intangibles subject to amortization, gross | 46,900 | 38,192 | |
Less: accumulated amortization | (26,112) | (25,870) | |
Total intangibles subject to amortization, net | 20,788 | 12,322 | |
Customer relationship intangible | |||
Goodwill and other intangible assets | |||
Intangibles subject to amortization, gross | 8,400 | 8,400 | |
Less: accumulated amortization | (1,114) | (322) | |
Total intangibles subject to amortization, net | $ 7,286 | $ 8,078 |
Goodwill and Other Intangible_4
Goodwill and Other Intangible Assets - Narrative (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2021 USD ($) firm | |
Finite-Lived Intangible Assets [Line Items] | |
Number of firms | firm | 2 |
Customer relationship intangible | |
Finite-Lived Intangible Assets [Line Items] | |
Intangible asset acquired | $ | $ 870 |
Goodwill and Other Intangible_5
Goodwill and Other Intangible Assets - Changes in carrying amount of goodwill (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Changes in carrying amount of goodwill | |||
Goodwill, beginning balance | $ 452,007 | $ 367,809 | |
Goodwill, ending balance | 751,174 | 452,007 | |
Accumulated impairment losses | 306,000 | 306,000 | $ 306,000 |
FinTrust | |||
Changes in carrying amount of goodwill | |||
Acquisitions | 14,163 | ||
Aquesta | |||
Changes in carrying amount of goodwill | |||
Acquisitions | $ 70,035 | ||
Reliant | |||
Changes in carrying amount of goodwill | |||
Acquisitions | $ 299,167 |
Goodwill and Other Intangible_6
Goodwill and Other Intangible Assets - Estimated aggregate amortization expense for future periods (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Estimated aggregate amortization expense for future periods | ||
2023 | $ 5,903 | |
2024 | 5,018 | |
2025 | 4,051 | |
2026 | 3,303 | |
2027 | 2,555 | |
Thereafter | 7,244 | |
Total intangibles subject to amortization, net | $ 28,074 | $ 20,400 |
Servicing Assets and Liabilit_3
Servicing Assets and Liabilities - Changes in SBA/USDA loans servicing rights (Details) - SBA/USDA loans - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Servicing Rights Roll Forward | |||
Beginning of period | $ 6,513 | $ 6,462 | $ 6,794 |
Acquired servicing rights | 0 | 581 | 0 |
Originated servicing rights capitalized upon sale of loans | 2,114 | 2,005 | 1,114 |
Disposals | (2,062) | (1,430) | (624) |
Changes in fair value due to change in inputs or assumptions used in the valuation | (1,377) | (1,105) | (822) |
End of period | $ 5,188 | $ 6,513 | $ 6,462 |
Servicing Assets and Liabilit_4
Servicing Assets and Liabilities - Narrative (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
SBA/USDA loans | |||
Schedule Of Servicing Asset [Line Items] | |||
Loans serviced for others not included in balance sheet | $ 426,000 | $ 428,000 | |
Contractually specified servicing fees earned by United on servicing rights | 4,050 | 3,900 | $ 3,770 |
Residential mortgage servicing rights | |||
Schedule Of Servicing Asset [Line Items] | |||
Loans serviced for others not included in balance sheet | 2,880,000 | 2,820,000 | |
Contractually specified servicing fees earned by United on servicing rights | 7,240 | 6,480 | $ 4,820 |
Equipment financing loans | |||
Schedule Of Servicing Asset [Line Items] | |||
Loans serviced for others not included in balance sheet | 125,300 | 78,800 | |
Servicing liabilities | $ 1,120 | $ 675 |
Servicing Assets and Liabilit_5
Servicing Assets and Liabilities - Key characteristics, inputs, and economic assumptions for SBA/USDA loans and related sensitivity (Details) - SBA/USDA loans - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Servicing Assets at Fair Value [Line Items] | ||||
Fair value of retained servicing assets | $ 5,188 | $ 6,513 | $ 6,462 | $ 6,794 |
10% adverse change | (201) | (309) | ||
20% adverse change | (387) | (591) | ||
100 bps adverse change | (107) | (166) | ||
200 bps adverse change | $ (210) | $ (323) | ||
Weighted average | ||||
Servicing Assets at Fair Value [Line Items] | ||||
Prepayment rate assumption | 16.40% | 16.30% | ||
Discount rate | 17.50% | 10.30% | ||
Minimum | ||||
Servicing Assets at Fair Value [Line Items] | ||||
Prepayment rate assumption | 0% | 3.20% | ||
Discount rate | 11.90% | 0% | ||
Maximum | ||||
Servicing Assets at Fair Value [Line Items] | ||||
Prepayment rate assumption | 35.40% | 31.30% | ||
Discount rate | 25% | 45.40% |
Servicing Assets and Liabilit_6
Servicing Assets and Liabilities - Changes in residential mortgage loans servicing rights (Details) - Residential mortgage servicing rights - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Servicing Rights Roll Forward | |||
Beginning of period | $ 25,161 | $ 16,216 | $ 13,565 |
Originated servicing rights capitalized upon sale of loans | 5,051 | 12,510 | 11,911 |
Disposals | (2,360) | (4,275) | (2,868) |
Changes in fair value due to change in inputs or assumptions used in the valuation | 8,707 | 710 | (6,392) |
End of period | $ 36,559 | $ 25,161 | $ 16,216 |
Servicing Assets and Liabilit_7
Servicing Assets and Liabilities - Key characteristics, inputs, and economic assumptions for residential mortgage loans and related sensitivity (Details) - Residential mortgage servicing rights - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Servicing Assets at Fair Value [Line Items] | ||||
Fair value of retained servicing assets | $ 36,559 | $ 25,161 | $ 16,216 | $ 13,565 |
10% adverse change | (1,236) | (1,229) | ||
20% adverse change | (2,404) | (2,367) | ||
100 bps adverse change | (1,488) | (877) | ||
200 bps adverse change | $ (2,865) | $ (1,693) | ||
Weighted average | ||||
Servicing Assets at Fair Value [Line Items] | ||||
Prepayment rate assumption | 7.50% | 12.60% | ||
Discount rate | 9.50% | 9.50% | ||
Minimum | ||||
Servicing Assets at Fair Value [Line Items] | ||||
Prepayment rate assumption | 7% | 7% | ||
Discount rate | 9.50% | 9.50% | ||
Maximum | ||||
Servicing Assets at Fair Value [Line Items] | ||||
Prepayment rate assumption | 31.20% | 77.60% | ||
Discount rate | 11.50% | 10.50% |
Time Deposits - Contractual mat
Time Deposits - Contractual maturities of time deposits (Details) $ in Thousands | Dec. 31, 2022 USD ($) |
Contractual maturities of time deposits | |
2023 | $ 1,251,483 |
2024 | 460,975 |
2025 | 36,811 |
2026 | 18,301 |
2027 | 14,364 |
Thereafter | 50,630 |
Total time deposits | $ 1,832,564 |
Time Deposits - Narrative (Deta
Time Deposits - Narrative (Details) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Deposits [Abstract] | ||
Time deposits (excluding brokered time deposits) that met or exceeded FDIC insurance limit | $ 454 | $ 269 |
Short-term Borrowings and Fed_3
Short-term Borrowings and Federal Home Loan Bank Advances - Schedule of Repurchase Agreements are Secured Borrowings (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Short-Term Debt [Line Items] | ||
Total | $ 158,933 | $ 0 |
Overnight and Continuous | ||
Short-Term Debt [Line Items] | ||
Total | 158,933 | |
Up to 30 Days | ||
Short-Term Debt [Line Items] | ||
Total | 0 | |
30-90 Days | ||
Short-Term Debt [Line Items] | ||
Total | 0 | |
Greater than 90 days | ||
Short-Term Debt [Line Items] | ||
Total | 0 | |
U.S. Treasuries | ||
Short-Term Debt [Line Items] | ||
Total | 158,933 | |
U.S. Treasuries | Overnight and Continuous | ||
Short-Term Debt [Line Items] | ||
Total | 158,933 | |
U.S. Treasuries | Up to 30 Days | ||
Short-Term Debt [Line Items] | ||
Total | 0 | |
U.S. Treasuries | 30-90 Days | ||
Short-Term Debt [Line Items] | ||
Total | 0 | |
U.S. Treasuries | Greater than 90 days | ||
Short-Term Debt [Line Items] | ||
Total | $ 0 |
Short-term Borrowings and Fed_4
Short-term Borrowings and Federal Home Loan Bank Advances - Narrative (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Federal Home Loan Bank, Advances, Branch of FHLB Bank [Line Items] | ||
Carrying amount | $ 163,000 | |
Federal Home Loan Bank advances | $ 550,000 | $ 0 |
Minimum | ||
Federal Home Loan Bank, Advances, Branch of FHLB Bank [Line Items] | ||
FHLB bank, interest rate | 4.11% | |
Maximum | ||
Federal Home Loan Bank, Advances, Branch of FHLB Bank [Line Items] | ||
FHLB bank, interest rate | 4.17% |
Long-term Debt - Schedule of lo
Long-term Debt - Schedule of long-term debt (Details) - USD ($) $ in Thousands | 12 Months Ended | 28 Months Ended | 60 Months Ended | 66 Months Ended | 71 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2027 | Dec. 31, 2029 | Dec. 31, 2030 | Dec. 31, 2028 | Dec. 31, 2021 | |
Debt Instrument [Line Items] | ||||||
Less net discount | $ (4,669) | $ (8,260) | ||||
Total long-term debt | 324,663 | 247,360 | ||||
Senior debentures | ||||||
Debt Instrument [Line Items] | ||||||
Long-term debt, gross | 135,000 | 135,000 | ||||
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 (percent) | 3.71% | |||||
Senior debentures | 2030 senior debentures | ||||||
Debt Instrument [Line Items] | ||||||
Long-term debt, gross | $ 100,000 | 100,000 | ||||
Issue Date | 2020 | |||||
Stated Maturity Date | 2030 | |||||
Earliest Call Date | 2025 | |||||
Interest Rate (percent) | 5% | |||||
Senior debentures | 2030 senior debentures | SOFR | Forecast | ||||||
Debt Instrument [Line Items] | ||||||
Basis spread on variable rate (percent) | 4.87% | |||||
Subordinated debentures | ||||||
Debt Instrument [Line Items] | ||||||
Long-term debt, gross | $ 160,000 | 100,000 | ||||
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 (percent) | 2.12% | |||||
Subordinated debentures | 2029 subordinated debentures | ||||||
Debt Instrument [Line Items] | ||||||
Long-term debt, gross | $ 60,000 | 0 | ||||
Issue Date | 2019 | |||||
Stated Maturity Date | 2029 | |||||
Earliest Call Date | 2024 | |||||
Interest Rate (percent) | 5.125% | |||||
Subordinated debentures | 2029 subordinated debentures | SOFR | Forecast | ||||||
Debt Instrument [Line Items] | ||||||
Basis spread on variable rate (percent) | 3.765% | |||||
Trust preferred securities | ||||||
Debt Instrument [Line Items] | ||||||
Long-term debt, gross | $ 34,332 | 20,620 | ||||
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 | |||||
Trust preferred securities | Tidelands Statutory Trust I | LIBOR | ||||||
Debt Instrument [Line Items] | ||||||
Basis spread on variable rate (percent) | 1.38% | |||||
Trust preferred securities | Four Oaks Statutory Trust I | ||||||
Debt Instrument [Line Items] | ||||||
Long-term debt, gross | $ 12,372 | 12,372 | ||||
Issue Date | 2006 | |||||
Stated Maturity Date | 2036 | |||||
Trust preferred securities | Four Oaks Statutory Trust I | LIBOR | ||||||
Debt Instrument [Line Items] | ||||||
Basis spread on variable rate (percent) | 1.35% | |||||
Trust preferred securities | Community First Capital Trust I | ||||||
Debt Instrument [Line Items] | ||||||
Long-term debt, gross | $ 3,093 | 0 | ||||
Issue Date | 2002 | |||||
Stated Maturity Date | 2032 | |||||
Trust preferred securities | Community First Capital Trust I | Prime Rate | ||||||
Debt Instrument [Line Items] | ||||||
Basis spread on variable rate (percent) | 0.50% | |||||
Trust preferred securities | Community First Capital Trust II | ||||||
Debt Instrument [Line Items] | ||||||
Long-term debt, gross | $ 5,155 | 0 | ||||
Issue Date | 2005 | |||||
Stated Maturity Date | 2035 | |||||
Trust preferred securities | Community First Capital Trust II | LIBOR | ||||||
Debt Instrument [Line Items] | ||||||
Basis spread on variable rate (percent) | 1.50% | |||||
Trust preferred securities | Community First Capital Trust III | ||||||
Debt Instrument [Line Items] | ||||||
Long-term debt, gross | $ 5,464 | $ 0 | ||||
Issue Date | 2007 | |||||
Stated Maturity Date | 2037 | |||||
Trust preferred securities | Community First Capital Trust III | LIBOR | ||||||
Debt Instrument [Line Items] | ||||||
Basis spread on variable rate (percent) | 3% |
Long-term Debt - Narrative (Det
Long-term Debt - Narrative (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Jan. 01, 2022 |
Reliant | ||
Debt Instrument [Line Items] | ||
Long-term debt assumed | $ 76,700 | $ 76,730 |
Operating Leases - ROU asset an
Operating Leases - ROU asset and operating lease liability (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Leases [Abstract] | ||
ROU asset | $ 40,003 | $ 29,421 |
Operating lease liability | $ 41,688 | $ 31,072 |
Operating lease, weighted average remaining lease term (in years) | 5 years 1 month 6 days | 5 years 4 months 24 days |
Operating lease, weighted average discount rate (percent) | 1.80% | 1.60% |
Operating Leases - Narrative (D
Operating Leases - Narrative (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Lessee, Lease, Description [Line Items] | |||
ROU assets resulting in net increase in operating lease liability | $ 23,900 | $ 4,490 | $ 17,400 |
Cash payments for lease liability | 13,200 | ||
Reliant | |||
Lessee, Lease, Description [Line Items] | |||
ROU assets resulting in net increase in operating lease liability | $ 14,300 | ||
FinTrust and Aquesta | |||
Lessee, Lease, Description [Line Items] | |||
ROU assets resulting in net increase in operating lease liability | $ 2,870 | ||
Three Shores | |||
Lessee, Lease, Description [Line Items] | |||
ROU assets resulting in net increase in operating lease liability | $ 15,100 |
Operating Leases - Operating le
Operating Leases - Operating lease income and expense and other supplemental information (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Operating lease income and expense | |||
Operating lease cost | $ 12,161 | $ 8,186 | $ 6,449 |
Variable lease cost | 1,583 | 1,066 | 757 |
Short-term lease cost | 169 | 85 | 100 |
Total lease cost | 13,913 | 9,337 | 7,306 |
Sublease income and rental income from owned properties under operating leases | $ 1,372 | $ 976 | $ 1,022 |
Operating Leases - Future minim
Operating Leases - Future minimum lease payments (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Future minimum lease payments | ||
2023 | $ 11,716 | |
2024 | 8,660 | |
2025 | 6,490 | |
2026 | 5,665 | |
2027 | 4,791 | |
Thereafter | 6,397 | |
Total | 43,719 | |
Less discount | (2,031) | |
Present value of lease liability | $ 41,688 | $ 31,072 |
Fair Value Measurements - Asset
Fair Value Measurements - Assets and liabilities measured at fair value on recurring basis (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Assets: | ||
Debt securities available-for-sale | $ 3,614,333 | $ 4,496,824 |
Equity securities with readily determinable fair values | 13,637 | 1,302 |
Mortgage loans held for sale | 11,794 | 44,109 |
Derivative financial instruments | 50,636 | 42,480 |
Liabilities: | ||
Derivative financial instruments | 99,543 | 25,145 |
U.S. Treasuries | ||
Assets: | ||
Debt securities available-for-sale | 149,352 | 217,520 |
U.S. Government agencies & GSEs | ||
Assets: | ||
Debt securities available-for-sale | 250,116 | 187,032 |
State and political subdivisions | ||
Assets: | ||
Debt securities available-for-sale | 303,748 | 275,844 |
Corporate bonds | ||
Assets: | ||
Debt securities available-for-sale | 212,452 | 193,166 |
Asset-backed securities | ||
Assets: | ||
Debt securities available-for-sale | 231,272 | 604,277 |
Recurring | ||
Assets: | ||
Equity securities with readily determinable fair values | 13,637 | 1,302 |
Mortgage loans held for sale | 11,794 | 44,109 |
Deferred compensation plan assets | 11,436 | 11,769 |
Servicing rights for SBA/USDA loans | 5,188 | 6,513 |
Residential mortgage servicing rights | 36,559 | 25,161 |
Derivative financial instruments | 50,636 | 42,480 |
Total assets | 3,743,583 | 4,628,158 |
Liabilities: | ||
Deferred compensation plan liability | 11,460 | 11,795 |
Derivative financial instruments | 99,543 | 25,145 |
Total liabilities | 111,003 | 36,940 |
Recurring | U.S. Treasuries | ||
Assets: | ||
Debt securities available-for-sale | 149,352 | 217,520 |
Recurring | U.S. Government agencies & GSEs | ||
Assets: | ||
Debt securities available-for-sale | 250,116 | 187,032 |
Recurring | State and political subdivisions | ||
Assets: | ||
Debt securities available-for-sale | 303,748 | 275,844 |
Recurring | Residential MBS | ||
Assets: | ||
Debt securities available-for-sale | 1,795,481 | 2,145,134 |
Recurring | Commercial MBS | ||
Assets: | ||
Debt securities available-for-sale | 671,912 | 873,851 |
Recurring | Corporate bonds | ||
Assets: | ||
Debt securities available-for-sale | 212,452 | 193,166 |
Recurring | Asset-backed securities | ||
Assets: | ||
Debt securities available-for-sale | 231,272 | 604,277 |
Recurring | Level 1 | ||
Assets: | ||
Equity securities with readily determinable fair values | 12,278 | 0 |
Mortgage loans held for sale | 0 | 0 |
Deferred compensation plan assets | 11,436 | 11,769 |
Servicing rights for SBA/USDA loans | 0 | 0 |
Residential mortgage servicing rights | 0 | 0 |
Derivative financial instruments | 0 | 0 |
Total assets | 173,066 | 229,289 |
Liabilities: | ||
Deferred compensation plan liability | 11,460 | 11,795 |
Derivative financial instruments | 0 | 0 |
Total liabilities | 11,460 | 11,795 |
Recurring | Level 1 | U.S. Treasuries | ||
Assets: | ||
Debt securities available-for-sale | 149,352 | 217,520 |
Recurring | Level 1 | U.S. Government agencies & GSEs | ||
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 MBS | ||
Assets: | ||
Debt securities available-for-sale | 0 | 0 |
Recurring | Level 1 | Commercial MBS | ||
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 determinable fair values | 1,359 | 1,302 |
Mortgage loans held for sale | 11,794 | 44,109 |
Deferred compensation plan assets | 0 | 0 |
Servicing rights for SBA/USDA loans | 0 | 0 |
Residential mortgage servicing rights | 0 | 0 |
Derivative financial instruments | 39,123 | 35,722 |
Total assets | 3,515,045 | 4,358,042 |
Liabilities: | ||
Deferred compensation plan liability | 0 | 0 |
Derivative financial instruments | 86,703 | 20,097 |
Total liabilities | 86,703 | 20,097 |
Recurring | Level 2 | U.S. Treasuries | ||
Assets: | ||
Debt securities available-for-sale | 0 | 0 |
Recurring | Level 2 | U.S. Government agencies & GSEs | ||
Assets: | ||
Debt securities available-for-sale | 250,116 | 187,032 |
Recurring | Level 2 | State and political subdivisions | ||
Assets: | ||
Debt securities available-for-sale | 303,748 | 275,844 |
Recurring | Level 2 | Residential MBS | ||
Assets: | ||
Debt securities available-for-sale | 1,795,481 | 2,145,134 |
Recurring | Level 2 | Commercial MBS | ||
Assets: | ||
Debt securities available-for-sale | 671,912 | 873,851 |
Recurring | Level 2 | Corporate bonds | ||
Assets: | ||
Debt securities available-for-sale | 210,240 | 190,771 |
Recurring | Level 2 | Asset-backed securities | ||
Assets: | ||
Debt securities available-for-sale | 231,272 | 604,277 |
Recurring | Level 3 | ||
Assets: | ||
Equity securities with readily determinable fair values | 0 | 0 |
Mortgage loans held for sale | 0 | 0 |
Deferred compensation plan assets | 0 | 0 |
Servicing rights for SBA/USDA loans | 5,188 | 6,513 |
Residential mortgage servicing rights | 36,559 | 25,161 |
Derivative financial instruments | 11,513 | 6,758 |
Total assets | 55,472 | 40,827 |
Liabilities: | ||
Deferred compensation plan liability | 0 | 0 |
Derivative financial instruments | 12,840 | 5,048 |
Total liabilities | 12,840 | 5,048 |
Recurring | Level 3 | U.S. Treasuries | ||
Assets: | ||
Debt securities available-for-sale | 0 | 0 |
Recurring | Level 3 | U.S. Government agencies & GSEs | ||
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 MBS | ||
Assets: | ||
Debt securities available-for-sale | 0 | 0 |
Recurring | Level 3 | Commercial MBS | ||
Assets: | ||
Debt securities available-for-sale | 0 | 0 |
Recurring | Level 3 | Corporate bonds | ||
Assets: | ||
Debt securities available-for-sale | 2,212 | 2,395 |
Recurring | Level 3 | Asset-backed securities | ||
Assets: | ||
Debt securities available-for-sale | $ 0 | $ 0 |
Fair Value Measurements - Recon
Fair Value Measurements - Reconciliation for measurements at fair value on a recurring basis using significant unobservable inputs (Details) - Recurring - Level 3 - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Derivative Liability | |||
Liabilities: | |||
Balance at beginning of period | $ 5,048 | $ 2,408 | $ 8,559 |
Transfers into Level 3 | 0 | 0 | 0 |
Additions | 99 | 170 | 0 |
Sales and settlements | (1) | 0 | |
Fair value adjustments included in OCI | 0 | 0 | 0 |
Fair value adjustments included in earnings | 7,694 | 2,470 | (6,151) |
Balance at end of period | 12,840 | 5,048 | 2,408 |
Derivative Asset | |||
Assets: | |||
Balance at beginning of period | 6,758 | 10,779 | 7,238 |
Transfers into Level 3 | (290) | 74 | 583 |
Additions | 12 | 261 | 368 |
Sales and settlements | 0 | 0 | |
Fair value adjustments included in OCI | 0 | 0 | 0 |
Fair value adjustments included in earnings | 5,033 | (4,356) | 2,590 |
Balance at end of period | 11,513 | 6,758 | 10,779 |
Corporate Bonds | |||
Assets: | |||
Balance at beginning of period | 2,395 | 1,750 | 998 |
Transfers into Level 3 | 0 | 0 | 0 |
Additions | 0 | 500 | 1,750 |
Sales and settlements | 0 | (1,000) | |
Fair value adjustments included in OCI | (183) | 145 | 2 |
Fair value adjustments included in earnings | 0 | 0 | 0 |
Balance at end of period | $ 2,212 | $ 2,395 | $ 1,750 |
Fair Value Measurements - Quant
Fair Value Measurements - Quantitative information about Level 3 measurements for fair value on a recurring basis (Details) - Recurring - Level 3 | Dec. 31, 2022 | Dec. 31, 2021 |
Pull through rate | Low | Derivative assets - mortgage | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets, measurement input | 0.265 | 0.459 |
Pull through rate | High | Derivative assets - mortgage | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets, measurement input | 1 | 1 |
Pull through rate | Weighted Average | Derivative assets - mortgage | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets, measurement input | 0.907 | 0.872 |
Estimated loss rate | Low | Derivative assets - customer derivative positions | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets, measurement input | 0.334 | |
Estimated loss rate | High | Derivative assets - customer derivative positions | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets, measurement input | 0.44 | |
Estimated loss rate | Weighted Average | Derivative assets - customer derivative positions | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets, measurement input | 0.36 | |
Discount rate | Low | Corporate Bonds | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Corporate bonds, measurement input | 0.061 | 0.036 |
Discount rate | High | Corporate Bonds | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Corporate bonds, measurement input | 0.064 | 0.038 |
Discount rate | Weighted Average | Corporate Bonds | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Corporate bonds, measurement input | 0.063 | 0.036 |
Fair Value Measurements - Fair
Fair Value Measurements - Fair value option (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Mortgage Loans Held for Sale | |||
Outstanding principal balance | $ 11,473 | $ 42,581 | |
Fair value | 11,794 | 44,109 | |
Mortgage loan gains and other related fees | $ (1,207) | $ (4,159) | $ 3,815 |
Fair Value Measurements - Ass_2
Fair Value Measurements - Assets and liabilities measured at fair value on nonrecurring basis (Details) - Nonrecurring - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Loans held for investment | $ 7,808 | $ 2,536 |
Mortgage loans held for sale | 1,806 | |
Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Loans held for investment | 0 | 0 |
Mortgage loans held for sale | 0 | |
Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Loans held for investment | 0 | 0 |
Mortgage loans held for sale | 0 | |
Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Loans held for investment | 7,808 | $ 2,536 |
Mortgage loans held for sale | $ 1,806 |
Fair Value Measurements - Narra
Fair Value Measurements - Narrative (Details) | 12 Months Ended |
Dec. 31, 2022 | |
Fair Value Disclosures [Abstract] | |
Maximum remaining maturity of financial instruments having no defined maturity | 180 days |
Fair Value Measurements - Fai_2
Fair Value Measurements - Fair values for other financial instruments that are not measured at fair value on recurring basis (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Assets: | ||
HTM debt securities | $ 2,191,073 | $ 1,148,804 |
Liabilities: | ||
Federal Home Loan Bank advances | 550,000 | 0 |
Carrying Amount | ||
Assets: | ||
HTM debt securities | 2,613,648 | 1,156,098 |
Loans, net | 15,175,270 | 11,657,814 |
Liabilities: | ||
Deposits | 19,876,507 | 18,241,179 |
Federal Home Loan Bank advances | 550,000 | |
Long-term debt | 324,663 | 247,360 |
Fair Value | ||
Assets: | ||
HTM debt securities | 2,191,073 | 1,148,804 |
Loans, net | 14,609,239 | 11,607,821 |
Liabilities: | ||
Deposits | 19,863,380 | 18,239,934 |
Federal Home Loan Bank advances | 549,913 | |
Long-term debt | 313,380 | 267,064 |
Fair Value | Level 1 | ||
Assets: | ||
HTM debt securities | 17,417 | 0 |
Loans, net | 0 | 0 |
Liabilities: | ||
Deposits | 0 | 0 |
Federal Home Loan Bank advances | 0 | |
Long-term debt | 0 | 0 |
Fair Value | Level 2 | ||
Assets: | ||
HTM debt securities | 2,173,656 | 1,148,804 |
Loans, net | 0 | 0 |
Liabilities: | ||
Deposits | 19,863,380 | 18,239,934 |
Federal Home Loan Bank advances | 0 | |
Long-term debt | 0 | 0 |
Fair Value | Level 3 | ||
Assets: | ||
HTM debt securities | 0 | 0 |
Loans, net | 14,609,239 | 11,607,821 |
Liabilities: | ||
Deposits | 0 | 0 |
Federal Home Loan Bank advances | 549,913 | |
Long-term debt | $ 313,380 | $ 267,064 |
Common and Preferred Stock (Det
Common and Preferred Stock (Details) | 12 Months Ended | |||
Dec. 31, 2022 USD ($) shares | Dec. 31, 2021 USD ($) shares | Dec. 31, 2020 USD ($) $ / shares shares | Nov. 30, 2022 USD ($) | |
Class of Stock [Line Items] | ||||
Repurchase program authorized amount | $ 50,000,000 | $ 50,000,000 | ||
Shares repurchased (in shares) | shares | 0 | 492,744 | 826,482 | |
Repurchase program remaining authorization | $ 50,000,000 | |||
Shares issued in connection with DRIP (in shares) | shares | 8,941 | 10,081 | 38,107 | |
Net proceeds from issuance of preferred stock | $ 0 | $ 0 | $ 96,422,000 | |
Preferred stock carrying amount | 96,422,000 | 96,422,000 | ||
Series I perpetual non-cumulative preferred stock | ||||
Class of Stock [Line Items] | ||||
Preferred stock issued | $ 100,000,000 | |||
Issuance of stock (in shares) | shares | 4,000 | |||
Preferred stock dividend rate (percent) | 6.875% | |||
Net proceeds from issuance of preferred stock | $ 96,400,000 | |||
Interest per one share of preferred stock | 0.001 | |||
Preferred stock redemption price (in dollars per share) | $ / shares | $ 25,000 | |||
Preferred stock carrying amount | $ 96,400,000 | $ 96,400,000 | ||
Depositary share on Series I perpetual non-cumulative preferred stock | ||||
Class of Stock [Line Items] | ||||
Preferred stock redemption price (in dollars per share) | $ / shares | $ 25 |
Equity Compensation Plans - Nar
Equity Compensation Plans - Narrative (Details) - USD ($) | 12 Months Ended | |||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Vesting period under plan | 4 years | |||
Exercisable period | 10 years | |||
Additional awards remaining available under plan (in shares) | 2,790,000 | |||
Deferred income tax benefit related to compensation expense for awards | $ 2,220,000 | $ 1,670,000 | $ 2,010,000 | |
Options | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Compensation expense | $ 0 | $ 0 | $ 0 | |
Restricted stock units | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Units outstanding (in shares) | 778,686 | 808,474 | 893,431 | 808,424 |
Compensation expense | $ 8,170,000 | $ 6,070,000 | $ 7,400,000 | |
Unrecognized compensation cost | $ 17,200,000 | |||
Weighted-average recognition period for unrecognized compensation cost | 2 years 8 months 12 days | |||
Restricted stock units | Other operating expenses | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Compensation expense | $ 540,000 | $ 489,000 | $ 484,000 | |
Performance-based restricted stock units | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Units outstanding (in shares) | 133,716 |
Equity Compensation Plans - Res
Equity Compensation Plans - Restricted stock units and options outstanding activity (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Options, Shares | |||
Beginning balance, outstanding (in shares) | 35,460 | 0 | 1,500 |
Granted (in shares) | 48,239 | 62,743 | 0 |
Vested / Exercised (in shares) | (43,361) | (27,283) | 0 |
Expired (in shares) | (1,500) | ||
Cancelled (in shares) | 0 | 0 | 0 |
Ending balance, outstanding (in shares) | 40,338 | 35,460 | 0 |
Vested / Exercised (in shares) | 40,338 | ||
Options, Weighted Average Exercise Price | |||
Beginning balance, outstanding (in dollars per share) | $ 8.38 | $ 0 | $ 27.95 |
Granted (in dollars per share) | 20.88 | 8.30 | 0 |
Vested / Exercised (in dollars per shares) | 19.02 | 8.20 | 0 |
Expired (in dollars per share) | 27.95 | ||
Cancelled (in dollars per share) | 0 | 0 | 0 |
Ending balance, outstanding (in dollars per share) | 11.88 | $ 8.38 | $ 0 |
Vested / Exercised (in dollars per share) | $ 11.88 | ||
Outstanding, Weighted Average Remaining Term (in years) | 2 years 1 month 9 days | ||
Vested / Exercised, Weighted Average Remaining Term (in years) | 2 years 1 month 9 days | ||
Vested / Exercised during period, Aggregate Intrinsic Value | $ 743 | ||
Outstanding, Aggregate Intrinsic Value | 884 | ||
Vested / Exercised, Aggregate Intrinsic Value | $ 884 | ||
Restricted Stock Units | |||
Restricted Stock Units, Shares | |||
Beginning balance, outstanding (in shares) | 808,474 | 893,431 | 808,424 |
Granted (in shares) | 343,526 | 302,701 | 446,512 |
Vested / Exercised (in shares) | (340,691) | (330,598) | (324,697) |
Expired (in shares) | 0 | ||
Cancelled (in shares) | (32,623) | (57,060) | (36,808) |
Ending balance, outstanding (in shares) | 778,686 | 808,474 | 893,431 |
Vested / Exercised (in shares) | 0 | ||
Restricted Stock Units, Weighted Average Grant Date Fair Value | |||
Beginning balance, outstanding (in dollars per share) | $ 25.15 | $ 23.75 | $ 27.94 |
Granted (in dollars per share) | 32.92 | 30.34 | 19.15 |
Vested / Exercised (in dollars per share) | 25.74 | 26.13 | 26.42 |
Expired (in dollars per share) | |||
Cancelled (in dollars per share) | 26.12 | 25.15 | 25.73 |
Ending balance, outstanding (in dollars per share) | 28.28 | $ 25.15 | $ 23.75 |
Vested / Exercised (in dollars per share) | $ 0 | ||
Vested / Exercised, Aggregate Intrinsic Value | $ 12,169 | ||
Outstanding, Aggregate Intrinsic Value | $ 26,320 |
Reclassifications Out of AOCI_2
Reclassifications Out of AOCI (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||
Securities gains (losses), net | $ (3,872) | $ 83 | $ 748 |
Income tax (expense) benefit | (78,530) | (77,962) | (45,356) |
Investment securities interest revenue | 813,155 | 578,794 | 557,996 |
Long-term debt interest expense | (16,768) | (14,912) | (14,434) |
Salaries and employee benefits expense | (276,205) | (241,443) | (224,060) |
Other expense | (24,136) | (17,386) | (15,301) |
Total before tax | 356,002 | 347,763 | 209,445 |
Net income | 277,472 | 269,801 | 164,089 |
Reclassifications Out of AOCI | |||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||
Net income | (10,434) | (1,100) | (899) |
Reclassifications Out of AOCI | Realized gains (losses) on AFS securities: | |||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||
Securities gains (losses), net | (3,872) | 83 | 748 |
Income tax (expense) benefit | 1,026 | 46 | (191) |
Net income | (2,846) | 129 | 557 |
Reclassifications Out of AOCI | Amortization of unrealized losses on HTM securities transferred from AFS: | |||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||
Income tax (expense) benefit | 2,167 | 0 | 173 |
Investment securities interest revenue | (9,049) | 0 | (723) |
Net income | (6,882) | 0 | (550) |
Reclassifications Out of AOCI | Losses on derivative instruments accounted for as cash flow hedges: | |||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||
Income tax (expense) benefit | 69 | 156 | 91 |
Long-term debt interest expense | (269) | (608) | (359) |
Net income | (200) | (452) | (268) |
Reclassifications Out of AOCI | Amortization of defined benefit pension plan net periodic pension cost components: | |||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||
Income tax (expense) benefit | 174 | 267 | 219 |
Total before tax | (680) | (1,044) | (857) |
Net income | (506) | (777) | (638) |
Reclassifications Out of AOCI | Prior service cost | |||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||
Salaries and employee benefits expense | (313) | (469) | (531) |
Reclassifications Out of AOCI | Actuarial losses | |||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||
Other expense | $ (367) | $ (575) | $ (326) |
Earnings Per Share - Computatio
Earnings Per Share - Computation of basic and diluted earnings per share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Computation of basic and diluted earnings per share | |||
Net income | $ 277,472 | $ 269,801 | $ 164,089 |
Earnings allocated to participating securities | (1,462) | (1,657) | (1,287) |
Dividends on preferred stock | (6,875) | (6,875) | (3,533) |
Net income available to common shareholders, basic | 269,135 | 261,269 | 159,269 |
Net income available to common shareholders, diluted | $ 269,135 | $ 261,269 | $ 159,269 |
Net income per common share: | |||
Basic (in dollars per share) | $ 2.52 | $ 2.97 | $ 1.91 |
Diluted (in dollars per share) | $ 2.52 | $ 2.97 | $ 1.91 |
Weighted average common shares: | |||
Basic (in shares) | 106,661 | 87,940 | 83,184 |
Effect of dilutive securities: | |||
Diluted (in shares) | 106,778 | 88,097 | 83,248 |
Stock options | |||
Effect of dilutive securities: | |||
Dilutive securities (in shares) | 39 | 9 | 0 |
Restricted stock units | |||
Effect of dilutive securities: | |||
Dilutive securities (in shares) | 78 | 148 | 64 |
Earnings Per Share - Narrative
Earnings Per Share - Narrative (Details) - shares | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Earnings Per Share [Abstract] | |||
Antidilutive securities excluded from computation (in shares) | 0 | 0 | 0 |
Income Taxes - Income tax expen
Income Taxes - Income tax expense (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Income Tax Disclosure [Abstract] | |||
Current | $ 67,612 | $ 57,175 | $ 42,688 |
Deferred | 10,918 | 20,787 | 2,668 |
Total income tax expense | $ 78,530 | $ 77,962 | $ 45,356 |
Income Taxes - Differences betw
Income Taxes - Differences between provision for income taxes and amount computed as statutory rate (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Differences between the provision for income taxes and statutory federal income tax rate | |||
Income tax expense on pretax income at statutory rates | $ 74,760 | $ 73,030 | $ 43,983 |
Add (deduct): | |||
State taxes, net of federal benefit | 7,096 | 9,188 | 5,928 |
BOLI earnings | (1,379) | (745) | (1,052) |
Adjustment to reserve for uncertain tax positions | 430 | 153 | (1,212) |
Tax-exempt interest revenue | (3,015) | (2,520) | (2,169) |
Equity compensation | (1,313) | (891) | (174) |
Transaction costs | 296 | 117 | 217 |
Tax credit investments | (694) | (598) | (930) |
BOLI surrender | 1,746 | 0 | 0 |
Other | 603 | 228 | 765 |
Total income tax expense | $ 78,530 | $ 77,962 | $ 45,356 |
Income Taxes - Deferred taxes (
Income Taxes - Deferred taxes (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
DTAs: | ||
ACL | $ 38,409 | $ 24,349 |
Net operating loss carryforwards | 15,170 | 16,656 |
Deferred compensation | 11,181 | 11,011 |
Loan purchase accounting adjustments | 5,223 | 4,227 |
Nonqualified share based compensation | 1,253 | 1,374 |
Accrued expenses | 10,369 | 7,936 |
Unamortized pension actuarial losses and prior service cost | 0 | 1,442 |
Unrealized losses on AFS securities | 103,960 | 5,808 |
Derivatives | 86 | 0 |
Deferred gains on SBA/USDA loan sales | 1,683 | 2,217 |
Lease liability | 10,105 | 7,501 |
Other | 2,884 | 2,780 |
Total DTAs | 200,323 | 85,301 |
DTLs: | ||
Unrealized gains on cash flow hedges | 4,507 | 1,189 |
Acquired intangible assets | 4,707 | 2,412 |
Premises and equipment | 9,314 | 5,179 |
Loan origination costs | 8,855 | 6,466 |
True tax leases | 8,748 | 5,984 |
Servicing assets | 9,243 | 6,779 |
Derivatives | 0 | 1,309 |
ROU asset | 9,807 | 7,102 |
Securities purchase accounting adjustments | 4,150 | 2,644 |
BOLI surrender | 1,746 | 0 |
Trust preferred securities debt issuance | 1,606 | 1,673 |
Uncertain tax positions | 1,891 | 1,945 |
Other | 5,514 | 386 |
Total DTLs | 70,088 | 43,068 |
Less valuation allowance | 922 | 911 |
Net DTA | $ 129,313 | $ 41,322 |
Income Taxes - Narrative (Detai
Income Taxes - Narrative (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Tax Credit Carryforward [Line Items] | |||
Increase in net DTA | $ 5,740,000 | ||
Valuation allowance | 922,000 | $ 911,000 | |
Net DTA | 129,313,000 | 41,322,000 | |
Tax benefit related to uncertain tax positions that increases income from continuing operations | 2,250,000 | ||
Penalties and interest related to income taxes | 0 | 0 | $ 0 |
Accrued penalties and interest | 0 | $ 0 | |
Begin to expire in 2025 | State | |||
Tax Credit Carryforward [Line Items] | |||
Net operating loss carryforwards | 19,100,000 | ||
Begin to expire in 2031 | State | |||
Tax Credit Carryforward [Line Items] | |||
Net operating loss carryforwards | 24,400,000 | ||
Begin to expire in 2027 | Federal | |||
Tax Credit Carryforward [Line Items] | |||
Net operating loss carryforwards | 52,400,000 | ||
Begin to expire in 2022 | State | |||
Tax Credit Carryforward [Line Items] | |||
State tax credits | $ 3,240,000 |
Income Taxes - Reconciliation o
Income Taxes - Reconciliation of unrecognized tax benefits (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Reconciliation of the beginning and ending unrecognized tax benefit | |||
Balance at beginning of year | $ 2,356 | $ 2,163 | $ 3,370 |
Additions based on tax positions related to the current year | 962 | 634 | 421 |
Decreases resulting from a lapse in the applicable statute of limitations | (470) | (441) | (1,628) |
Balance at end of year | $ 2,848 | $ 2,356 | $ 2,163 |
Benefit Plans - Narrative (Deta
Benefit Plans - Narrative (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Defined Benefit Plan Disclosure [Line Items] | |||
Employer match of employee contributions (percent) | 100% | ||
Employer matching contribution maximum percent of employee's eligible compensation (percent) | 5% | ||
Service period to receive matching contribution | 90 days | ||
Compensation expense related to 401(k) Plan | $ 9,600,000 | $ 7,310,000 | $ 6,160,000 |
Common stock issuable under the deferred compensation plan (in shares) | 607,128 | 595,705 | |
ESPP, discount rate | 10% | ||
Shares issued through ESPP (in shares) | 6,676 | 34,423 | |
Executive officers, certain key employees, and board of directors | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Matching contributions to deferred compensation plan | $ 104,000 | $ 73,000 | $ 49,000 |
Discretionary contributions to deferred compensation plan | $ 0 | $ 0 | $ 0 |
Benefit Plans - Weighted-averag
Benefit Plans - Weighted-average assumptions to determine pension benefit obligation (Details) - Modified Retirement Plan - Unfunded plan | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Defined Benefit Plan Disclosure [Line Items] | ||
Discount rate for disclosures (percent) | 5.15% | 2.90% |
Discount rate for net periodic benefit cost (percent) | 2.90% | 2.55% |
Benefit Plans - Changes in obli
Benefit Plans - Changes in obligations and plan assets (Details) - Modified Retirement Plan - Unfunded plan - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Accumulated benefit obligation: | |||
Accumulated benefit obligation - beginning of year | $ 26,261 | $ 27,099 | |
Service cost | 626 | 659 | $ 588 |
Interest cost | 744 | 676 | 795 |
Actuarial gains | (5,833) | (1,066) | |
Benefits paid | (1,124) | (1,107) | |
Accumulated benefit obligation - end of year | 20,674 | 26,261 | 27,099 |
Change in plan assets, at fair value: | |||
Beginning plan assets | 0 | 0 | |
Actual return | 0 | 0 | |
Employer contribution | 1,124 | 1,107 | |
Benefits paid | (1,124) | (1,107) | |
Plan assets - end of year | 0 | 0 | $ 0 |
Funded status - end of year (plan assets less benefit obligations) | $ (20,674) | $ (26,261) |
Benefit Plans - Components of n
Benefit Plans - Components of net periodic benefit cost (Details) - Modified Retirement Plan - Unfunded plan - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Components of net periodic benefit cost | |||
Service cost | $ 626 | $ 659 | $ 588 |
Interest cost | 744 | 676 | 795 |
Amortization of prior service cost | 313 | 469 | 531 |
Amortization of net actuarial losses | 367 | 576 | 326 |
Net periodic benefit cost | $ 2,050 | $ 2,380 | $ 2,240 |
Benefit Plans - Estimated futur
Benefit Plans - Estimated future benefit payments expected to be paid (Details) - Modified Retirement Plan - Unfunded plan $ in Thousands | Dec. 31, 2022 USD ($) |
Defined Benefit Plan Disclosure [Line Items] | |
2023 | $ 1,192 |
2024 | 1,186 |
2025 | 1,199 |
2026 | 1,220 |
2027 | 1,510 |
2028-2032 | $ 8,644 |
Regulatory Matters - Regulatory
Regulatory Matters - Regulatory capital ratios and minimum amounts required (Details) $ in Thousands | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) |
Risk-based ratios: | ||
CET1 capital, Minimum | 0.045 | |
CET1 capital, Well Capitalized | 0.065 | |
CET1 capital | 0.1226 | 0.1246 |
Tier 1 capital, Minimum | 0.060 | |
Tier 1 capital, Well Capitalized | 0.080 | |
Tier 1 capital | 0.1281 | 0.1317 |
Total capital, Minimum | 0.080 | |
Total capital, Well Capitalized | 0.100 | |
Total capital | 0.1479 | 0.1465 |
Tier 1 leverage ratio, Minimum | 0.040 | |
Tier 1 leverage ratio, Well Capitalized | 0.050 | |
Tier 1 leverage ratio | 0.0969 | 0.0875 |
CET1 capital | $ 2,164,211 | $ 1,688,176 |
Tier 1 capital | 2,260,633 | 1,784,598 |
Total capital | 2,610,216 | 1,984,376 |
RWAs | 17,648,573 | 13,548,534 |
Average total assets | $ 23,322,018 | $ 20,402,842 |
United Community Bank | ||
Risk-based ratios: | ||
CET1 capital | 0.1283 | 0.1287 |
Tier 1 capital | 0.1283 | 0.1287 |
Total capital | 0.1370 | 0.1346 |
Tier 1 leverage ratio | 0.0969 | 0.0853 |
CET1 capital | $ 2,255,337 | $ 1,738,557 |
Tier 1 capital | 2,255,337 | 1,738,557 |
Total capital | 2,408,895 | 1,818,335 |
RWAs | 17,583,347 | 13,512,405 |
Average total assets | $ 23,285,253 | $ 20,377,319 |
Regulatory Matters - Narrative
Regulatory Matters - Narrative (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Regulatory Capital Requirements Under Banking Regulations [Abstract] | ||
Cash dividend from Bank paid to Holding Company | $ 133 | $ 217 |
Commitments and Contingencies -
Commitments and Contingencies - Contractual amount of off-balance sheet instruments (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Commitments to extend credit | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Financial instruments whose contract amounts represent credit risk | $ 4,683,790 | $ 3,591,975 |
Letters of credit | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Financial instruments whose contract amounts represent credit risk | $ 46,896 | $ 29,312 |
Commitment and Contingencies -
Commitment and Contingencies - Schedule of tax credit and certain equity method investments (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Fintech funds and certain other equity method investments: | ||
Other Commitments [Line Items] | ||
Amount of future funding commitments | $ 23,690 | $ 15,831 |
Other assets | Investments in LIHTC: | ||
Other Commitments [Line Items] | ||
Investments in LIHTC: Carrying amount | 50,054 | 40,243 |
Other assets | Renewable energy investments: | ||
Other Commitments [Line Items] | ||
Carrying amount | 19,617 | 0 |
Other assets | Fintech funds and certain other equity method investments: | ||
Other Commitments [Line Items] | ||
Carrying amount | 27,569 | 12,439 |
Other liabilities | Investments in LIHTC: | ||
Other Commitments [Line Items] | ||
Investments in LIHTC: Amount of future funding commitments included in carrying amount | 18,090 | 14,846 |
Other liabilities | Renewable energy investments: | ||
Other Commitments [Line Items] | ||
Amount of future funding commitments | 18,781 | 0 |
Other liabilities | Fintech funds and certain other equity method investments: | ||
Other Commitments [Line Items] | ||
Amount of future funding commitments | $ 470 | $ 1,410 |
Condensed Financial Statement_3
Condensed Financial Statements of United Community Banks, Inc. (Holding Company Only) - Balance Sheets (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
ASSETS | ||||
Other assets | $ 315,423 | $ 211,199 | ||
Total assets | 24,008,884 | 20,946,771 | ||
LIABILITIES AND SHAREHOLDERS’ EQUITY | ||||
Long-term debt | 324,663 | 247,360 | ||
Total liabilities | 21,308,210 | 18,724,526 | ||
Shareholders’ equity | 2,700,674 | 2,222,245 | $ 2,007,530 | $ 1,635,692 |
Total liabilities and shareholders’ equity | 24,008,884 | 20,946,771 | ||
Holding Company | ||||
ASSETS | ||||
Cash and cash equivalents | 322,353 | 298,316 | ||
Investment in Bank | 2,661,884 | 2,150,683 | ||
Investment in other subsidiaries | 37,325 | 23,194 | ||
Other assets | 76,898 | 46,432 | ||
Total assets | 3,098,460 | 2,518,625 | ||
LIABILITIES AND SHAREHOLDERS’ EQUITY | ||||
Long-term debt | 334,663 | 247,360 | ||
Other liabilities | 63,123 | 49,020 | ||
Total liabilities | 397,786 | 296,380 | ||
Shareholders’ equity | 2,700,674 | 2,222,245 | ||
Total liabilities and shareholders’ equity | $ 3,098,460 | $ 2,518,625 |
Condensed Financial Statement_4
Condensed Financial Statements of United Community Banks, Inc. (Holding Company Only) - Statements of Income (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Statement of Operations | |||
Dividends from Bank | $ 133,000 | $ 217,000 | |
Interest expense | 60,798 | 29,760 | $ 56,237 |
Income tax benefit | (78,530) | (77,962) | (45,356) |
Net income | 277,472 | 269,801 | 164,089 |
Holding Company | |||
Statement of Operations | |||
Dividends from Bank | 132,688 | 217,000 | 150,000 |
Dividends from other subsidiaries | 2,788 | 0 | 0 |
Shared service fees from subsidiaries | 16,335 | 12,402 | 13,020 |
Other | 566 | 3,167 | 1,436 |
Total income | 152,377 | 232,569 | 164,456 |
Interest expense | 17,250 | 14,324 | 13,994 |
Other expense | 18,058 | 16,417 | 16,473 |
Total expenses | 35,308 | 30,741 | 30,467 |
Income tax benefit | 3,251 | 6,908 | 2,681 |
Income before equity in undistributed earnings of subsidiaries | 120,320 | 208,736 | 136,670 |
Equity in undistributed earnings of subsidiaries | 157,152 | 61,065 | 27,419 |
Net income | $ 277,472 | $ 269,801 | $ 164,089 |
Condensed Financial Statement_5
Condensed Financial Statements of United Community Banks, Inc. (Holding Company Only) - Statements of Cash Flows (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Operating activities: | |||
Net income | $ 277,472 | $ 269,801 | $ 164,089 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Stock-based compensation | 8,705 | 6,554 | 7,887 |
Changes in assets and liabilities: | |||
Other assets | (14,694) | 53,416 | (20,139) |
Net cash provided by operating activities | 607,307 | 359,320 | 158,681 |
Investing activities: | |||
Net cash (paid) received for acquisition | 35,243 | 103,065 | 195,699 |
Other investing inflows | 3,189 | 767 | 5,241 |
Other investing outflows | 0 | (610) | 0 |
Net cash (used in) provided by investing activities | (2,020,181) | (1,806,403) | (1,580,563) |
Financing activities: | |||
Proceeds from issuance of preferred stock, net of issuance costs | 0 | 0 | 96,422 |
Repurchase of common stock | 0 | (15,101) | (20,782) |
Cash dividends on preferred stock | (6,875) | (6,876) | (3,533) |
Cash dividends on common stock | (86,883) | (66,914) | (58,912) |
Other financing outflows | (8,154) | (3,182) | (3,119) |
Net cash (used in) provided by financing activities | (258,783) | 2,156,974 | 2,515,295 |
Net change in cash and cash equivalents | (1,671,657) | 709,891 | 1,093,413 |
Cash and cash equivalents at beginning of year | 2,318,510 | 1,608,619 | 515,206 |
Cash and cash equivalents at end of year | 646,853 | 2,318,510 | 1,608,619 |
Holding Company | |||
Operating activities: | |||
Net income | 277,472 | 269,801 | 164,089 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Equity in undistributed earnings of the subsidiaries | (157,152) | (61,065) | (27,419) |
Stock-based compensation | 8,705 | 6,554 | 7,887 |
Changes in assets and liabilities: | |||
Other assets | 6,094 | (7,800) | (3,662) |
Other liabilities | 7,736 | 6,353 | 5,261 |
Net cash provided by operating activities | 142,855 | 213,843 | 146,156 |
Investing activities: | |||
Net cash (paid) received for acquisition | (47) | (47,785) | 3,397 |
Purchases of debt securities available-for-sale and equity securities with readily determinable fair values | (19,060) | (1,500) | (2,750) |
Proceeds from sales and maturities of debt securities available-for-sale and equity securities with readily determinable fair values | 4,473 | 1,253 | 0 |
Other investing inflows | 19 | 860 | 0 |
Other investing outflows | (3,676) | (630) | 0 |
Net cash (used in) provided by investing activities | (18,291) | (47,802) | 647 |
Financing activities: | |||
Repayment of long-term debt | 0 | (65,632) | 0 |
Proceeds from issuance of long-term debt, net of issuance costs | 0 | 0 | 98,552 |
Proceeds from issuance of preferred stock, net of issuance costs | 0 | 0 | 96,422 |
Cash paid for shares withheld to cover payroll taxes related to equity instruments | (3,494) | (3,182) | (3,119) |
Proceeds from issuance of common stock for dividend reinvestment and employee benefit plans | 301 | 506 | 1,317 |
Proceeds from exercise of options and warrants | 824 | 231 | 0 |
Repurchase of common stock | 0 | (15,101) | (20,782) |
Cash dividends on preferred stock | 6,875 | 6,876 | 3,533 |
Cash dividends on common stock | (86,883) | (66,914) | (58,912) |
Other financing outflows | (4,400) | 0 | 0 |
Net cash (used in) provided by financing activities | (100,527) | (156,968) | 109,945 |
Net change in cash and cash equivalents | 24,037 | 9,073 | 256,748 |
Cash and cash equivalents at beginning of year | 298,316 | 289,243 | 32,495 |
Cash and cash equivalents at end of year | $ 322,353 | $ 298,316 | $ 289,243 |
Subsequent Events (Details)
Subsequent Events (Details) $ / shares in Units, shares in Thousands | 2 Months Ended | 12 Months Ended | |||
Feb. 22, 2023 $ / shares | Feb. 24, 2023 USD ($) shares | Dec. 31, 2022 USD ($) office branch $ / shares | Dec. 31, 2021 USD ($) $ / shares | Dec. 31, 2020 $ / shares | |
Subsequent Event [Line Items] | |||||
Assets | $ 24,008,884,000 | $ 20,946,771,000 | |||
Loans | 15,334,627,000 | 11,760,346,000 | |||
Deposits | $ 19,876,507,000 | $ 18,241,179,000 | |||
Cash dividend declared per common share (in dollars per share) | $ / shares | $ 0.86 | $ 0.78 | $ 0.72 | ||
Progress | |||||
Subsequent Event [Line Items] | |||||
Number of banking offices | branch | 13 | ||||
Assets | $ 1,760,000,000 | ||||
Loans | 1,480,000,000 | ||||
Deposits | $ 1,340,000,000 | ||||
First Miami | |||||
Subsequent Event [Line Items] | |||||
Number of banking offices | office | 3 | ||||
Assets | $ 1,000,000,000 | ||||
Loans | 594,000,000 | ||||
Deposits | 867,000,000 | ||||
Assets under administration | $ 312,000,000 | ||||
Subsequent event | Common Stock | |||||
Subsequent Event [Line Items] | |||||
Dividend date declared | Feb. 22, 2023 | ||||
Cash dividend declared per common share (in dollars per share) | $ / shares | $ 0.23 | ||||
Dividend payable date | Apr. 05, 2023 | ||||
Dividend date of record | Mar. 15, 2023 | ||||
Subsequent event | Series I perpetual non-cumulative preferred stock | |||||
Subsequent Event [Line Items] | |||||
Dividend date declared | Feb. 22, 2023 | ||||
Preferred stock dividend per preferred share (in dollars per share) | $ / shares | $ 429.6875 | ||||
Dividend payable date | Mar. 15, 2023 | ||||
Dividend date of record | Feb. 28, 2023 | ||||
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) | $ / shares | $ 0.4296875 | ||||
Subsequent event | Progress | |||||
Subsequent Event [Line Items] | |||||
Total fair value of consideration transferred | $ 307,000,000 | ||||
Common stock issued | $ 296,000,000 | ||||
Shares issued in acquisition (in shares) | shares | 8,770 | ||||
Cash | $ 447,000 | ||||
Options converted | $ 10,000,000 |