Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Sep. 30, 2017 | Oct. 31, 2017 | |
Document and Entity Information [Abstract] | ||
Entity Registrant Name | UNITED COMMUNITY BANKS INC | |
Entity Central Index Key | 857,855 | |
Trading Symbol | ucbi | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Large Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 73,405,731 | |
Document Type | 10-Q | |
Document Period End Date | Sep. 30, 2017 | |
Amendment Flag | false | |
Document Fiscal Year Focus | 2,017 | |
Document Fiscal Period Focus | Q3 |
Consolidated Statement of Incom
Consolidated Statement of Income (Unaudited) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Interest revenue: | ||||
Loans, including fees | $ 80,264 | $ 69,440 | $ 227,816 | $ 196,888 |
Investment securities, including tax exempt of $671, $134, $1,307, and $449 | 17,875 | 15,418 | 53,365 | 48,039 |
Deposits in banks and short-term investments | 700 | 581 | 1,782 | 2,315 |
Total interest revenue | 98,839 | 85,439 | 282,963 | 247,242 |
Deposits: | ||||
NOW | 700 | 452 | 1,932 | 1,381 |
Money market | 1,953 | 1,347 | 4,938 | 3,661 |
Savings | 34 | 43 | 89 | 102 |
Time | 1,870 | 667 | 4,257 | 2,052 |
Total deposit interest expense | 4,557 | 2,509 | 11,216 | 7,196 |
Short-term borrowings | 36 | 98 | 177 | 278 |
Federal Home Loan Bank advances | 1,709 | 1,015 | 4,603 | 2,731 |
Long-term debt | 2,762 | 2,828 | 8,490 | 8,178 |
Total interest expense | 9,064 | 6,450 | 24,486 | 18,383 |
Net interest revenue | 89,775 | 78,989 | 258,477 | 228,859 |
(Release of) provision for credit losses | 1,000 | (300) | 2,600 | (800) |
Net interest revenue after provision for credit losses | 88,775 | 79,289 | 255,877 | 229,659 |
Fee revenue: | ||||
Service charges and fees | 8,220 | 10,819 | 29,525 | 31,460 |
Mortgage loan and other related fees | 4,200 | 6,039 | 13,435 | 13,776 |
Brokerage fees | 1,009 | 1,199 | 3,565 | 3,369 |
Gains from sales of SBA/USDA loans | 2,806 | 2,479 | 7,391 | 6,517 |
Securities gains, net | 188 | 261 | 190 | 922 |
Other | 4,150 | 5,564 | 12,226 | 12,420 |
Total fee revenue | 20,573 | 26,361 | 66,332 | 68,464 |
Total revenue | 109,348 | 105,650 | 322,209 | 298,123 |
Operating expenses: | ||||
Salaries and employee benefits | 38,027 | 36,478 | 112,056 | 103,112 |
Communications and equipment | 4,547 | 4,919 | 14,443 | 13,602 |
Occupancy | 4,945 | 5,132 | 14,802 | 14,393 |
Advertising and public relations | 1,026 | 1,088 | 3,347 | 3,275 |
Postage, printing and supplies | 1,411 | 1,451 | 4,127 | 4,029 |
Professional fees | 2,976 | 3,160 | 8,391 | 9,049 |
FDIC assessments and other regulatory charges | 2,127 | 1,412 | 4,758 | 4,453 |
Amortization of intangibles | 1,212 | 1,119 | 3,085 | 3,116 |
Merger-related and other charges | 3,176 | 3,152 | 7,060 | 6,981 |
Other | 6,227 | 6,112 | 19,660 | 17,958 |
Total operating expenses | 65,674 | 64,023 | 191,729 | 179,968 |
Net income before income taxes | 43,674 | 41,627 | 130,480 | 118,155 |
Income tax expense | 15,728 | 15,753 | 50,743 | 44,720 |
Net income | 27,946 | 25,874 | 79,737 | 73,435 |
Net income available to common shareholders | $ 27,719 | $ 25,874 | $ 79,078 | $ 73,414 |
Earnings per common share: | ||||
Basic (in dollars per share) | $ 0.38 | $ 0.36 | $ 1.10 | $ 1.02 |
Diluted (in dollars per share) | $ 0.38 | $ 0.36 | $ 1.10 | $ 1.02 |
Weighted average common shares outstanding: | ||||
Basic (in shares) | 73,151 | 71,556 | 72,060 | 71,992 |
Diluted (in shares) | 73,162 | 71,561 | 72,071 | 71,996 |
Consolidated Statement of Inco3
Consolidated Statement of Income (Unaudited) (Parentheticals) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Income Statement [Abstract] | ||||
Investment securities tax exemption | $ 671 | $ 134 | $ 1,307 | $ 449 |
Consolidated Statement of Compr
Consolidated Statement of Comprehensive Income (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Consolidated Statement Of Comprehensive Income (Loss) [Abstract] | ||||
Net income, Before-tax Amount | $ 43,674 | $ 41,627 | $ 130,480 | $ 118,155 |
Net income, Tax (Expense) Benefit | (15,728) | (15,753) | (50,743) | (44,720) |
Net income, Net of Tax Amount | 27,946 | 25,874 | 79,737 | 73,435 |
Unrealized gains on available-for-sale securities: | ||||
Unrealized holding gains arising during period, Before-tax Amount | 1,016 | 4,927 | 18,644 | 37,990 |
Unrealized holding gains arising during period, Tax (Expense) Benefit | (355) | (1,927) | (7,036) | (14,488) |
Unrealized holding gains arising during period, Net of Tax Amount | 661 | 3,000 | 11,608 | 23,502 |
Reclassification adjustment for gains included in net income, Before-tax Amount | (188) | (261) | (190) | (922) |
Reclassification adjustment for gains included in net income, Tax (Expense) Benefit | 73 | 101 | 72 | 348 |
Reclassification adjustment for gains included in net income, Net of Tax Amount | (115) | (160) | (118) | (574) |
Net unrealized gains, Before-tax Amount | 828 | 4,666 | 18,454 | 37,068 |
Net unrealized gains, Tax (Expense) Benefit | (282) | (1,826) | (6,964) | (14,140) |
Net unrealized gains, Net of Tax Amount | 546 | 2,840 | 11,490 | 22,928 |
Amortization of losses included in net income on available-for-sale securities transferred to held-to-maturity, Before-tax Amount | 278 | 663 | 849 | 1,601 |
Amortization of losses included in net income on available-for-sale securities transferred to held-to-maturity, Tax (Expense) Benefit | (105) | (237) | (319) | (596) |
Amortization of losses included in net income on available-for-sale securities transferred to held-to-maturity, Net of Tax Amount | 173 | 426 | 530 | 1,005 |
Amortization of losses included in net income on terminated derivative financial instruments that were previously accounted for as cash flow hedges, Before-tax Amount | 150 | 466 | 740 | 1,426 |
Amortization of losses included in net income on terminated derivative financial instruments that were previously accounted for as cash flow hedges, Tax (Expense) Benefit | (58) | (181) | (288) | (555) |
Amortization of losses included in net income on terminated derivative financial instruments that were previously accounted for as cash flow hedges, Net of Tax Amount | 92 | 285 | 452 | 871 |
Reclassification of disproportionate tax effect related to terminated cash flow hedges Before-tax Amount | 0 | |||
Reclassification of disproportionate tax effect related to terminated cash flow hedges Tax (Expense) Benefit | 3,400 | |||
Reclassification of disproportionate tax effect related to terminated cash flow hedges Net of Tax Amount | 3,400 | |||
Net cash flow hedge activity, Before-tax Amount | 150 | 740 | ||
Net cash flow hedge activity, Tax (Expense) Benefit | (58) | 3,112 | ||
Net cash flow hedge activity, Net of Tax Amount | 92 | 3,852 | ||
Net actuarial gain (loss) on defined benefit pension plan, Before-tax Amount | (718) | |||
Net actuarial gain (loss) on defined benefit pension plan, Tax (Expense) Benefit | 280 | |||
Net actuarial gain (loss) on defined benefit pension plan, Net of Tax Amount | (438) | |||
Amortization of prior service cost and actuarial losses included in net periodic pension cost for defined benefit pension plan, Before-tax Amount | 200 | 167 | 600 | 501 |
Amortization of prior service cost and actuarial losses included in net periodic pension cost for defined benefit pension plan, Tax (Expense) Benefit | (78) | (65) | (235) | (195) |
Amortization of prior service cost and actuarial losses included in net periodic pension cost for defined benefit pension plan, Net of Tax Amount | 122 | 102 | 365 | 306 |
Net defined benefit pension plan activity Before-tax Amount | 200 | (118) | ||
Net defined benefit pension plan activity Tax (Expense) Benefit | (78) | 45 | ||
Net defined benefit pension plan activity Net of Tax Amount | 122 | (73) | ||
Total other comprehensive income, Before-tax Amount | 1,456 | 5,962 | 19,925 | 40,596 |
Total other comprehensive income, Tax (Expense) Benefit | (523) | (2,309) | (4,126) | (15,486) |
Total other comprehensive income, net of tax amount | 933 | 3,653 | 15,799 | 25,110 |
Comprehensive income, Before-tax Amount | 45,130 | 47,589 | 150,405 | 158,751 |
Comprehensive income, Tax (Expense) Benefit | (16,251) | (18,062) | (54,869) | (60,206) |
Comprehensive income, Net of Tax Amount | $ 28,879 | $ 29,527 | $ 95,536 | $ 98,545 |
Consolidated Balance Sheet (Una
Consolidated Balance Sheet (Unaudited) - USD ($) $ in Thousands | Sep. 30, 2017 | Dec. 31, 2016 |
ASSETS | ||
Cash and due from banks | $ 98,396 | $ 99,489 |
Interest-bearing deposits in banks | 148,449 | 117,859 |
Cash and cash equivalents | 246,845 | 217,348 |
Securities available for sale | 2,540,470 | 2,432,438 |
Securities held to maturity (fair value $310,446 and $333,170) | 306,741 | 329,843 |
Mortgage loans held for sale (includes $30,093 and $27,891 at fair value) | 30,292 | 29,878 |
Loans, net of unearned income | 7,202,937 | 6,920,636 |
Less allowance for loan losses | (58,605) | (61,422) |
Loans, net | 7,144,332 | 6,859,214 |
Premises and equipment, net | 193,915 | 189,938 |
Bank owned life insurance | 167,680 | 143,543 |
Accrued interest receivable | 29,573 | 28,018 |
Net deferred tax asset | 128,731 | 154,336 |
Derivative financial instruments | 20,972 | 23,688 |
Goodwill and other intangible assets | 182,716 | 156,222 |
Other assets | 136,760 | 144,189 |
Total assets | 11,129,027 | 10,708,655 |
Deposits: | ||
Demand | 2,889,125 | 2,637,004 |
NOW | 1,967,655 | 1,989,763 |
Money market | 1,934,169 | 1,846,440 |
Savings | 605,230 | 549,713 |
Time | 1,363,949 | 1,287,142 |
Brokered | 367,256 | 327,496 |
Total deposits | 9,127,384 | 8,637,558 |
Short-term borrowings | 16,005 | 5,000 |
Federal Home Loan Bank advances | 494,484 | 709,209 |
Long-term debt | 135,707 | 175,078 |
Derivative financial instruments | 22,926 | 27,648 |
Accrued expenses and other liabilities | 111,881 | 78,427 |
Total liabilities | 9,908,387 | 9,632,920 |
Shareholders' equity: | ||
Common stock, $1 par value; 150,000,000 shares authorized; 73,403,453 and 70,899,114 shares issued and outstanding | 73,403 | 70,899 |
Common stock issuable; 588,445 and 519,874 shares | 8,703 | 7,327 |
Capital surplus | 1,341,346 | 1,275,849 |
Accumulated deficit | (192,128) | (251,857) |
Accumulated other comprehensive loss | (10,684) | (26,483) |
Total shareholders' equity | 1,220,640 | 1,075,735 |
Total liabilities and shareholders' equity | $ 11,129,027 | $ 10,708,655 |
Consolidated Balance Sheet (Un6
Consolidated Balance Sheet (Unaudited) (Parentheticals) - USD ($) $ in Thousands | Sep. 30, 2017 | Dec. 31, 2016 |
Consolidated Balance Sheet [Abstract] | ||
Held to maturity, fair value (in dollars) | $ 310,446 | $ 333,170 |
Mortgage loans held for sale, at fair value | $ 30,093 | $ 27,891 |
Common stock, par value (in dollars per share) | $ 1 | $ 1 |
Common stock, shares authorized | 150,000,000 | 150,000,000 |
Common stock, shares issued | 73,403,453 | 70,899,114 |
Common stock, shares outstanding | 73,403,453 | 70,899,114 |
Common stock issuable, shares | 588,445 | 519,874 |
Consolidated Statement of Chang
Consolidated Statement of Changes in Shareholders' Equity (Unaudited) - USD ($) $ in Thousands | Preferred Stock Series H | Non-Voting Common Stock | Common Stock | Common Stock Issuable | Capital Surplus | Accumulated Deficit | Accumulated Other Comprehensive Income (Loss) | Total |
Balance at Dec. 31, 2015 | $ 9,992 | $ 5,286 | $ 66,198 | $ 6,779 | $ 1,286,361 | $ (330,879) | $ (25,452) | $ 1,018,285 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Net income | 73,435 | 73,435 | ||||||
Other comprehensive income | 25,110 | 25,110 | ||||||
Redemption of Series H preferred stock (9,992 shares) | (9,992) | (9,992) | ||||||
Common stock issued to dividend reinvestment plan and to employee benefit plans (13,107 and 15,844 shares for September 30, 2017 and September 30, 2016 respectively) | 16 | 254 | 270 | |||||
Conversion of non-voting common stock to voting (5,285,516 shares) | (5,286) | 5,286 | ||||||
Amortization of stock option and restricted stock awards | 3,257 | 3,257 | ||||||
Vesting of restricted stock, net of shares surrendered to cover payroll taxes (88,622 shares issued, 94,165 shares deferred and 79,430 shares issued, 94,497 shares deferred for period ended September 30, 2017 and September 30, 2016 respectively) | $ 79 | 1,384 | $ (2,428) | $ (965) | ||||
Purchases of common stock (764,000 shares) | (764) | (12,895) | (13,659) | |||||
Deferred compensation plan, net, including dividend equivalents | 291 | $ 291 | ||||||
Shares issued from deferred compensation plan (32,279 and 45,758 shares for September 30, 2017 and September 30, 2016 respectively) | $ 46 | (1,275) | $ 1,229 | |||||
Common stock dividends ($.28 and $..22 per share for September 30, 2017 and September 30, 2017) | (15,849) | (15,849) | ||||||
Tax on restricted stock vesting | (869) | (869) | ||||||
Preferred stock dividends: | ||||||||
Series H | (21) | (21) | ||||||
Balance at Sep. 30, 2016 | 0 | 0 | 70,861 | 7,179 | 1,274,909 | (273,314) | (342) | 1,079,293 |
Balance at Dec. 31, 2016 | 0 | 0 | 70,899 | 7,327 | 1,275,849 | (251,857) | (26,483) | 1,075,735 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Net income | 79,737 | 79,737 | ||||||
Other comprehensive income | 15,799 | 15,799 | ||||||
Common stock issued to dividend reinvestment plan and to employee benefit plans (13,107 and 15,844 shares for September 30, 2017 and September 30, 2016 respectively) | 13 | 315 | 328 | |||||
Common stock issued for acquisition (2,370,331 shares) | 2,370 | 63,430 | 65,800 | |||||
Amortization of stock option and restricted stock awards | 4,359 | 4,359 | ||||||
Vesting of restricted stock, net of shares surrendered to cover payroll taxes (88,622 shares issued, 94,165 shares deferred and 79,430 shares issued, 94,497 shares deferred for period ended September 30, 2017 and September 30, 2016 respectively) | 89 | 1,454 | (2,836) | (1,293) | ||||
Deferred compensation plan, net, including dividend equivalents | 290 | 290 | ||||||
Shares issued from deferred compensation plan (32,279 and 45,758 shares for September 30, 2017 and September 30, 2016 respectively) | 32 | (368) | 229 | (107) | ||||
Common stock dividends ($.28 and $..22 per share for September 30, 2017 and September 30, 2017) | (20,445) | (20,445) | ||||||
Balance at Sep. 30, 2017 | $ 0 | $ 0 | $ 73,403 | $ 8,703 | $ 1,341,346 | (192,128) | $ (10,684) | 1,220,640 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Cumulative effect of change in accounting principle (see Note 1) | $ 437 | $ 437 |
Consolidated Statement of Chan8
Consolidated Statement of Changes in Shareholders' Equity (Unaudited) (Parentheticals) - $ / shares | 9 Months Ended | |
Sep. 30, 2017 | Sep. 30, 2016 | |
Consolidated Statement Of Changes In Shareholders' Equity [Abstract] | ||
Number of shares redeemed of Series H preferred stock | 9,992 | |
Common stock issued to dividend reinvestment plan and employee benefit plans | 13,107 | 15,844 |
Common stock issued for acquisition, shares | 2,370,331 | |
Conversion of non-voting common stock to voting | 5,285,516 | |
Vesting of restricted stock, net of shares surrendered to cover payroll taxes, shares issued | 88,622 | 79,430 |
Vesting of restricted stock, net of shares surrendered to cover payroll taxes, shares deferred | 94,165 | 94,497 |
Purchases of common stock | 764,000 | |
Shares issued from deferred compensation plan | 32,279 | 45,758 |
Common stock dividends (in dollars per share) | $ 0.28 | $ 0.22 |
Consolidated Statement of Cash
Consolidated Statement of Cash Flows (Unaudited) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2017 | Sep. 30, 2016 | |
Operating activities: | ||
Net income | $ 79,737 | $ 73,435 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation, amortization and accretion | 20,137 | 22,612 |
(Release of) provision for credit losses | 2,600 | (800) |
Stock based compensation | 4,359 | 3,257 |
Deferred income tax expense | 51,806 | 45,308 |
Securities gains, net | (190) | (922) |
Gains from sales of SBA/USDA loans | (7,391) | (6,517) |
Net losses (gains) and write downs on sales of other real estate owned | 667 | (59) |
Changes in assets and liabilities: | ||
Other assets and accrued interest receivable | 4,106 | (42,267) |
Accrued expenses and other liabilities | (8,382) | (1,788) |
Mortgage loans held for sale | (414) | (6,441) |
Net cash provided by operating activities | 147,035 | 85,818 |
Investment securities held to maturity: | ||
Proceeds from maturities and calls of securities held to maturity | 44,896 | 49,968 |
Purchases of securities held to maturity | (21,638) | (20,656) |
Investment securities available for sale: | ||
Proceeds from sales of securities available for sale | 275,769 | 189,164 |
Proceeds from maturities and calls of securities available for sale | 465,817 | 292,200 |
Purchases of securities available for sale | (709,742) | (308,800) |
Net increase in loans | (57,260) | (453,541) |
Purchase of bank owned life insurance | (10,000) | |
Proceeds from sales of premises and equipment | 2,229 | 5,038 |
Purchases of premises and equipment | (15,167) | (13,716) |
Net cash received from acquisitions | 17,822 | 1,912 |
Proceeds from sale of other real estate | 7,076 | 9,370 |
Net cash used in investing activities | (198) | (249,061) |
Financing activities: | ||
Net change in deposits | 171,611 | 169,156 |
Net change in short-term borrowings | 9,864 | 8,360 |
Proceeds from FHLB advances | 3,370,000 | 7,080,000 |
Repayments of FHLB advances | (3,609,000) | (7,074,000) |
Cash paid for shares withheld to cover payroll taxes upon vesting of restricted stock | (1,400) | (965) |
Repayment of long-term debt | (40,000) | |
Proceeds from issuance of common stock for dividend reinvestment and employee benefit plans | 328 | 270 |
Retirement of preferred stock | (9,992) | |
Purchase of common stock | (13,659) | |
Cash dividends on common stock | (18,743) | (10,085) |
Cash dividends on preferred stock | (46) | |
Net cash (used in) provided by financing activities | (117,340) | 149,039 |
Net change in cash and cash equivalents | 29,497 | (14,204) |
Cash and cash equivalents at beginning of period | 217,348 | 240,363 |
Cash and cash equivalents at end of period | 246,845 | 226,159 |
Supplemental disclosures of cash flow information: | ||
Interest paid | 25,513 | 25,815 |
Income taxes paid | 5,705 | 3,431 |
Significant non-cash investing and financing transactions: | ||
Unsettled securities purchases | 28,436 | 8,973 |
Unsettled government guaranteed loan sales | 21,517 | 22,355 |
Transfers of loans to foreclosed properties | 1,725 | 6,647 |
Acquisitions: | ||
Assets acquired | 412,477 | 450,958 |
Liabilities assumed | 346,646 | 439,749 |
Net assets acquired | 65,831 | $ 11,209 |
Common stock issued in acquisitions | $ 65,800 |
Accounting Policies
Accounting Policies | 9 Months Ended |
Sep. 30, 2017 | |
Accounting Policies [Abstract] | |
Accounting Policies | Note 1 – Accounting Policies The accounting and financial reporting policies of United Community Banks, Inc. (“United”) and its subsidiaries conform to accounting principles generally accepted in the United States (“GAAP”) and reporting guidelines of banking regulatory authorities and regulators. The accompanying interim consolidated financial statements have not been audited. All material intercompany balances and transactions have been eliminated. A more detailed description of United’s accounting policies is included in its Annual Report on Form 10-K for the year ended December 31, 2016. Effective January 1, 2017, management elected to begin measuring residential mortgage servicing rights at fair value. The cumulative effect adjustment of this election to retained earnings, net of income tax effect, was $437,000. In management’s opinion, all accounting adjustments necessary to accurately reflect the financial position and results of operations on the accompanying financial statements have been made. These adjustments are normal and recurring accruals considered necessary for a fair and accurate statement. The results for interim periods are not necessarily indicative of results for the full year or any other interim periods. Certain 2016 amounts have been reclassified to conform to the 2017 presentation. As discussed in the Form 10-K for the year ended December 31, 2016, certain loan balances previously shown as retail loans were reclassified to several commercial categories to better align the reporting with the business purpose or underlying credit risk of the loans, rather than the collateral type. The reclassifications moved residential mortgages and home equity lines from the residential mortgage and home equity lines of credit categories to the owner-occupied and income-producing commercial real estate categories. Although these loans were secured by one-to-four family residential properties, their purpose was commercial since they included residential home rental property and business purpose loans secured by the borrower’s primary residence. In addition, residential construction loans were reclassified to the commercial construction category. These reclassified loans are to builders and developers of residential properties. Reclassifying these balances better aligned the loan categories with the management of credit risk. For the three and nine months ended September 30, 2016, historic charge-offs and recoveries on these same loans have been reclassified, as well as the corresponding allowance for loan loss balances, average impaired loan balances, and new troubled debt restructurings. |
Accounting Standards Updates an
Accounting Standards Updates and Recently Adopted Standards | 9 Months Ended |
Sep. 30, 2017 | |
Accounting Standards Updates [Abstract] | |
Accounting Standards Updates and Recently Adopted Standards | Note 2 –Accounting Standards Updates and Recently Adopted Standards Accounting Standards Updates In May 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2014-09, Revenue from Contracts with Customers In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842) In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments Receivables – Loans and Debt Securities Acquired with Deteriorated Credit Quality In March 2017, the FASB issued ASU No. 2017-07, Compensation – Retirement Benefits (Topic 715): Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost In March 2017, the FASB issued ASU No. 2017-08, Receivables – Nonrefundable Fees and Other Costs (Subtopic 310-20): Premium Amortization on Purchased Callable Debt Securities In May 2017, the FASB issued ASU No. 2017-09, Compensation – Stock Compensation (Topic 718): Scope of Modification Accounting In August 2017, The FASB issued ASU No. 2017-12, Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities Recently Adopted Standards In March 2016, the FASB issued ASU No. 2016-09, Compensation – Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting |
Acquisitions
Acquisitions | 9 Months Ended |
Sep. 30, 2017 | |
Business Combinations [Abstract] | |
Acquisitions | Note 3 – Acquisitions Acquisition of HCSB Financial Corporation On July 31, 2017, United completed the acquisition of HCSB Financial Corporation (“HCSB”) and its wholly-owned bank subsidiary, Horry County State Bank. HCSB operated eight branches in coastal South Carolina. In connection with the acquisition, United acquired $390 million of assets and assumed $347 million of liabilities. Under the terms of the merger agreement, HCSB shareholders received .0050 shares of United common stock for each share of HCSB common stock issued and outstanding at the closing date. The fair value of consideration paid exceeded the fair value of the identifiable assets and liabilities acquired and resulted in the establishment of goodwill in the amount of $23.9 million, representing the intangible value of HCSB’s business and reputation within the market it served. None of the goodwill recognized is expected to be deductible for income tax purposes. United will amortize the related core deposit intangible of $3.48 million using the sum-of-the-years-digits method over six years, which represents the expected useful life of the asset. United will amortize the related noncompete agreements of $2.24 million using the straight line method over the terms of the agreements, which vary between one year and two years. United’s operating results for the period ended September 30, 2017 include the operating results of the acquired assets and assumed liabilities for the period subsequent to the acquisition date of July 31, 2017. The purchased assets and assumed liabilities were recorded at their acquisition date fair values and are summarized in the table below (in thousands) As Recorded by Fair Value Adjustments (1) As Recorded by Assets Cash and cash equivalents $ 17,855 $ (2 ) $ 17,853 Securities 101,462 (142 ) 101,320 Loans, net 228,483 (12,536 ) 215,947 Premises and equipment, net 14,030 (6,113 ) 7,917 Bank owned life insurance 11,827 - 11,827 Accrued interest receivable 1,322 (275 ) 1,047 Net deferred tax asset - 25,389 25,389 Intangibles - 5,716 5,716 Other real estate owned 1,177 (372 ) 805 Other assets 1,950 (32 ) 1,918 Total assets acquired $ 378,106 $ 11,633 $ 389,739 Liabilities Deposits $ 318,512 $ 430 $ 318,942 Repurchase agreements 1,141 - 1,141 Federal Home Loan Bank advances 24,000 517 24,517 Other liabilities 1,955 91 2,046 Total liabilities assumed 345,608 1,038 346,646 Excess of assets acquired over liabilities assumed $ 32,498 Aggregate fair value adjustments $ 10,595 Total identifiable net assets $ 43,093 Consideration transferred Cash 31 Common stock issued (2,370,331 shares) 65,800 Total fair value of consideration transferred 65,831 Equity interest in HCSB held before the business combination 1,125 Goodwill $ 23,863 (1) The following table presents additional information related to the acquired loan portfolio at the acquisition date (in thousands) July 31, 2017 Accounted for pursuant to ASC 310-30: Contractually required principal and interest $ 46,069 Non-accretable difference 12,413 Cash flows expected to be collected 33,656 Accretable yield 3,410 Fair value $ 30,246 Excluded from ASC 310-30: Fair value $ 185,701 Gross contractual amounts receivable 212,780 Estimate of contractual cash flows not expected to be collected 3,985 Acquisition of Tidelands Bancshares, Inc. On July 1, 2016, United completed the acquisition of Tidelands Bancshares, Inc. (“Tidelands”) and its wholly-owned bank subsidiary Tidelands Bank. Information related to the fair value of assets and liabilities acquired from Tidelands is included in United’s Annual Report on Form 10-K for the year ended December 31, 2016. Pro forma information The following table discloses the impact of the mergers with HCSB and Tidelands since the respective acquisition dates through September 30 of the year of acquisition. The table also presents certain pro forma information as if HCSB had been acquired on January 1, 2016 and Tidelands had been acquired on January 1, 2015. These results combine the historical results of the acquired entities with United’s consolidated statement of income and, while adjustments were made for the estimated impact of certain fair value adjustments and other acquisition-related activity, they are not necessarily indicative of what would have occurred had the acquisition taken place in earlier years. Merger-related costs from the HCSB acquisition of $1.62 million and $1.88 million, respectively, have been excluded from the three months and nine months 2017 pro forma information presented below and included in the three months and nine months 2016 pro forma information below. Merger-related costs of $2.93 million from the Tidelands acquisition have been excluded from the 2016 pro forma information presented below. The actual results and pro forma information were as follows (in thousands) Three Months Ended September 30, Nine Months Ended September 30, Revenue Net Income Revenue Net Income 2017 Actual HCSB results included in statement of income since acquisition date $ 2,404 $ 627 $ 2,404 $ 627 Supplemental consolidated pro forma as if HCSB had been acquired January 1, 2016 110,910 27,590 330,851 80,539 2016 Actual Tidelands results included in statement of income since acquisition date $ 3,988 $ 658 $ 3,988 $ 658 Supplemental consolidated pro forma as if HCSB had been acquired January 1, 2016 and Tidelands had been acquired January 1, 2015 108,549 24,715 309,662 57,114 |
Balance Sheet Offsetting and Re
Balance Sheet Offsetting and Repurchase Agreements Accounted for as Secured Borrowings | 9 Months Ended |
Sep. 30, 2017 | |
Offsetting [Abstract] | |
Balance Sheet Offsetting and Repurchase Agreements Accounted for as Secured Borrowings | Note 4 – Balance Sheet Offsetting and Repurchase Agreements Accounted for as Secured Borrowings United enters into reverse repurchase agreements in order to invest short-term funds. In addition, United enters into repurchase agreements and reverse repurchase agreements with the same counterparty in transactions commonly referred to as collateral swaps that are subject to master netting agreements under which the balances are netted in the balance sheet in accordance with ASC 210-20, Offsetting. The following table presents a summary of amounts outstanding under reverse repurchase agreements and derivative financial instruments including those entered into in connection with the same counterparty under master netting agreements as of the dates indicated (in thousands) Gross Gross Gross Amounts not Offset September 30, 2017 Recognized Balance Net Asset Financial Collateral Received Net Repurchase agreements / reverse repurchase agreements $ 200,000 $ (200,000 ) $ - $ - $ - $ - Derivatives 20,972 - 20,972 (2,232 ) (2,048 ) 16,692 Total $ 220,972 $ (200,000 ) $ 20,972 $ (2,232 ) $ (2,048 ) $ 16,692 Weighted average interest rate of reverse repurchase agreements 2.02 % Gross Gross Gross Amounts not Offset in the Balance Sheet Recognized Balance Net Liability Financial Collateral Pledged Net Repurchase agreements / reverse repurchase agreements $ 200,000 $ (200,000 ) $ - $ - $ - $ - Derivatives 22,926 - 22,926 (2,232 ) (20,900 ) - Total $ 222,926 $ (200,000 ) $ 22,926 $ (2,232 ) $ (20,900 ) $ - Weighted average interest rate of repurchase agreements 1.20 % Gross Gross Gross Amounts not Offset in the December 31, 2016 Recognized Balance Net Asset Financial Collateral Net Repurchase agreements / reverse repurchase agreements $ 150,000 $ (150,000 ) $ - $ - $ - $ - Derivatives 23,688 - 23,688 (3,485 ) (3,366 ) 16,837 Total $ 173,688 $ (150,000 ) $ 23,688 $ (3,485 ) $ (3,366 ) $ 16,837 Weighted average interest rate of reverse repurchase agreements 1.78 % Gross Gross Gross Amounts not Offset in the Recognized Balance Net Liability Financial Collateral Net Repurchase agreements / reverse repurchase agreements $ 150,000 $ (150,000 ) $ - $ - $ - $ - Derivatives 27,648 - 27,648 (3,485 ) (18,505 ) 5,658 Total $ 177,648 $ (150,000 ) $ 27,648 $ (3,485 ) $ (18,505 ) $ 5,658 Weighted average interest rate of repurchase agreements .88 % At September 30, 2017, United recognized the right to reclaim cash collateral of $20.9 million and the obligation to return cash collateral of $2.39 million. At December 31, 2016, United recognized the right to reclaim cash collateral of $18.5 million and the obligation to return cash collateral of $3.37 million. The right to reclaim cash collateral and the obligation to return cash collateral were included in the consolidated balance sheet in other assets and other liabilities, respectively. The following table presents additional detail regarding repurchase agreements accounted for as secured borrowings and the securities underlying these agreements as of the dates indicated (in thousands) Remaining Contractual Maturity of the Agreements As of September 30, 2017 Overnight and Continuous Up to 30 Days 30 to 90 Days 91 to 110 days Total Mortgage-backed securities $ 1,005 $ 100,000 $ - $ 100,000 $ 201,005 Total $ 1,005 $ 100,000 $ - $ 100,000 $ 201,005 Gross amount of recognized liabilities for repurchase agreements in offsetting disclosure $ 200,000 Amounts related to agreements not included in offsetting disclosure $ 1,005 Remaining Contractual Maturity of the Agreements As of December 31, 2016 Overnight and Continuous Up to 30 Days 30 to 90 Days 91 to 110 days Total Mortgage-backed securities $ - $ - $ 50,000 $ 100,000 $ 150,000 Total $ - $ - $ 50,000 $ 100,000 $ 150,000 Gross amount of recognized liabilities for repurchase agreements in offsetting disclosure $ 150,000 Amounts related to agreements not included in offsetting disclosure $ - United is obligated to promptly transfer additional securities if the market value of the securities falls below the repurchase agreement price. United manages this risk by maintaining an unpledged securities portfolio that it believes is sufficient to cover a decline in the market value of the securities sold under agreements to repurchase. |
Securities
Securities | 9 Months Ended |
Sep. 30, 2017 | |
Investment Securities [Abstract] | |
Securities | Note 5 – Securities The amortized cost basis, unrealized gains and losses and fair value of securities held-to-maturity as of the dates indicated are as follows (in thousands) Gross Gross Amortized Unrealized Unrealized Fair Cost Gains Losses Value As of September 30, 2017 State and political subdivisions $ 58,917 $ 2,140 $ 156 $ 60,901 Mortgage-backed securities (1) 247,824 3,445 1,724 249,545 Total $ 306,741 $ 5,585 $ 1,880 $ 310,446 As of December 31, 2016 State and political subdivisions $ 57,134 $ 2,197 $ 249 $ 59,082 Mortgage-backed securities (1) 272,709 4,035 2,656 274,088 Total $ 329,843 $ 6,232 $ 2,905 $ 333,170 (1) The cost basis, unrealized gains and losses, and fair value of securities available-for-sale as of the dates indicated are presented below (in thousands) Gross Gross Amortized Unrealized Unrealized Fair Cost Gains Losses Value As of September 30, 2017 U.S. Treasuries $ 74,434 $ 330 $ - $ 74,764 U.S. Government agencies 27,276 473 21 27,728 State and political subdivisions 171,372 1,402 385 172,389 Mortgage-backed securities (1) 1,644,741 11,365 7,410 1,648,696 Corporate bonds 305,559 3,108 296 308,371 Asset-backed securities 306,127 2,505 167 308,465 Other 57 - - 57 Total $ 2,529,566 $ 19,183 $ 8,279 $ 2,540,470 As of December 31, 2016 U.S. Treasuries $ 170,360 $ 20 $ 764 $ 169,616 U.S. Government agencies 21,053 6 239 20,820 State and political subdivisions 74,555 176 554 74,177 Mortgage-backed securities (1) 1,397,435 8,924 14,677 1,391,682 Corporate bonds 306,824 591 2,023 305,392 Asset-backed securities 468,742 2,798 1,971 469,569 Other 1,182 - - 1,182 Total $ 2,440,151 $ 12,515 $ 20,228 $ 2,432,438 (1) Securities with a carrying value of $1.35 billion and $1.45 billion were pledged to secure public deposits, derivatives and other secured borrowings at September 30, 2017 and December 31, 2016, respectively. The following table summarizes held-to-maturity 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 Loss As of September 30, 2017 State and political subdivisions $ 8,049 $ 156 $ - $ - $ 8,049 $ 156 Mortgage-backed securities 80,277 1,025 18,871 699 99,148 1,724 Total unrealized loss position $ 88,326 $ 1,181 $ 18,871 $ 699 $ 107,197 $ 1,880 As of December 31, 2016 State and political subdivisions $ 18,359 $ 249 $ - $ - $ 18,359 $ 249 Mortgage-backed securities 118,164 2,656 - - 118,164 2,656 Total unrealized loss position $ 136,523 $ 2,905 $ - $ - $ 136,523 $ 2,905 The following table summarizes available-for-sale 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 Loss As of September 30, 2017 U.S. Treasuries $ - $ - $ - $ - $ - $ - U.S. Government agencies 2,656 13 1,007 8 3,663 21 State and political subdivisions 68,936 385 - - 68,936 385 Mortgage-backed securities 466,703 3,666 155,799 3,744 622,502 7,410 Corporate bonds 31,113 106 810 190 31,923 296 Asset-backed securities 64,580 135 5,027 32 69,607 167 Total unrealized loss position $ 633,988 $ 4,305 $ 162,643 $ 3,974 $ 796,631 $ 8,279 As of December 31, 2016 U.S. Treasuries $ 145,229 $ 764 $ - $ - $ 145,229 $ 764 U.S. Government agencies 19,685 239 - - 19,685 239 State and political subdivisions 61,782 554 - - 61,782 554 Mortgage-backed securities 810,686 13,952 26,279 725 836,965 14,677 Corporate bonds 228,504 1,597 15,574 426 244,078 2,023 Asset-backed securities 54,477 540 115,338 1,431 169,815 1,971 Total unrealized loss position $ 1,320,363 $ 17,646 $ 157,191 $ 2,582 $ 1,477,554 $ 20,228 At September 30, 2017, there were 116 available-for-sale securities and 37 held-to-maturity securities that were in an unrealized loss position. United does not intend to sell nor believes it will be required to sell securities in an unrealized loss position prior to the recovery of their amortized cost basis. Unrealized losses at September 30, 2017 were primarily attributable to changes in interest rates and spread relationships. Management evaluates securities for other-than-temporary impairment on a quarterly basis, and more frequently when economic or market concerns warrant such evaluation. Consideration is given to the length of time and the extent to which the fair value has been less than cost, the financial condition and near-term prospects of the issuer, among other factors. In analyzing an issuer’s financial condition, management considers whether the securities are issued by the federal government or its agencies, whether downgrades by bond rating agencies have occurred, and industry analysts’ reports. No impairment charges were recognized during the three or nine months ended September 30, 2017 or 2016. Realized gains and losses are derived using the specific identification method for determining the cost of securities sold. The following table summarizes available-for-sale securities sales activity for the three and nine months ended September 30, 2017 and 2016 (in thousands) Three Months Ended Nine Months Ended 2017 2016 2017 2016 Proceeds from sales $ 181,119 $ 100,867 $ 275,769 $ 189,164 Gross gains on sales $ 923 $ 607 $ 1,248 $ 1,565 Gross losses on sales (735 ) (346 ) (1,058 ) (643 ) Net gains on sales of securities $ 188 $ 261 $ 190 $ 922 Income tax expense attributable to sales $ 73 $ 101 $ 72 $ 348 The amortized cost and fair value of held-to-maturity and available-for-sale securities at September 30, 2017, by contractual maturity, are presented in the following table (in thousands) Available-for-Sale Held-to-Maturity Amortized Cost Fair Value Amortized Cost Fair Value US Treasuries: 1 to 5 years $ 44,523 $ 44,827 $ - $ - 5 to 10 years 29,911 29,937 - - 74,434 74,764 - - US Government agencies: 1 to 5 years 2,103 2,117 - - 5 to 10 years 19,757 19,913 - - More than 10 years 5,416 5,698 - - 27,276 27,728 - - State and political subdivisions: Within 1 year 1,500 1,515 4,092 4,146 1 to 5 years 29,696 29,617 13,661 14,182 5 to 10 years 44,422 44,740 16,956 18,423 More than 10 years 95,754 96,517 24,208 24,150 171,372 172,389 58,917 60,901 Corporate bonds: 1 to 5 years 258,158 260,793 - - 5 to 10 years 46,401 46,768 - - More than 10 years 1,000 810 - - 305,559 308,371 - - Asset-backed securities: 1 to 5 years 6,951 7,121 - - 5 to 10 years 113,881 114,465 - - More than 10 years 185,295 186,879 - - 306,127 308,465 - - Other: More than 10 years 57 57 - - 57 57 - - Total securities other than mortgage-backed securities: Within 1 year 1,500 1,515 4,092 4,146 1 to 5 years 341,431 344,475 13,661 14,182 5 to 10 years 254,372 255,823 16,956 18,423 More than 10 years 287,522 289,961 24,208 24,150 Mortgage-backed securities 1,644,741 1,648,696 247,824 249,545 $ 2,529,566 $ 2,540,470 $ 306,741 $ 310,446 Expected maturities may differ from contractual maturities because issuers and borrowers may have the right to call or prepay obligations. |
Loans and Allowance for Credit
Loans and Allowance for Credit Losses | 9 Months Ended |
Sep. 30, 2017 | |
Loans and Allowance for Credit Losses [Abstract] | |
Loans and Allowance for Credit Losses | Note 6 – Loans and Allowance for Credit Losses Major classifications of loans are summarized as of the dates indicated as follows (in thousands) September 30, December 31, 2017 2016 Owner occupied commercial real estate $ 1,791,762 $ 1,650,360 Income producing commercial real estate 1,413,104 1,281,541 Commercial & industrial 1,083,591 1,069,715 Commercial construction 583,344 633,921 Total commercial 4,871,801 4,635,537 Residential mortgage 933,205 856,725 Home equity lines of credit 688,875 655,410 Residential construction 190,047 190,043 Consumer installment 118,742 123,567 Indirect auto 400,267 459,354 Total loans 7,202,937 6,920,636 Less allowance for loan losses (58,605 ) (61,422 ) Loans, net $ 7,144,332 $ 6,859,214 At September 30, 2017 and December 31, 2016, loans totaling $3.57 billion and $3.33 billion, respectively, were pledged as collateral to secure Federal Home Loan Bank advances and other contingent funding sources. At September 30, 2017, the carrying value and outstanding balance of purchased credit impaired (“PCI”) loans accounted for under ASC 310-30 were $68.7 million and $104 million, respectively. At December 31, 2016, the carrying value and outstanding balance of PCI loans were $62.8 million and $87.9 million, respectively. The following table presents changes in the value of the accretable yield for PCI loans for the periods indicated (in thousands) Three Months Ended September 30, Nine Months Ended September 30, 2017 2016 2017 2016 Balance at beginning of period $ 11,365 $ 5,337 $ 7,981 $ 4,279 Additions due to acquisitions 3,410 2,113 3,410 2,113 Accretion (2,075 ) (1,116 ) (5,177 ) (3,058 ) Reclassification from nonaccretable difference 1,163 1,455 5,879 2,908 Changes in expected cash flows that do not affect nonaccretable difference 735 362 2,505 1,909 Balance at end of period $ 14,598 $ 8,151 $ 14,598 $ 8,151 In addition to the accretable yield on PCI loans, the fair value adjustments on purchased loans outside the scope of ASC 310-30 are also accreted to interest revenue over the life of the loans. At September 30, 2017 and December 31, 2016, the remaining accretable fair value marks on loans acquired through a business combination and not accounted for under ASC 310-30 were $9.19 million and $7.14 million, respectively. In addition, indirect auto loans purchased at a premium outside of a business combination have a remaining premium of $9.19 million and $11.4 million, respectively, as of September 30, 2017 and December 31, 2016. During the three months ended September 30, 2017, United did not purchase indirect auto loans. During the nine months ended September 30, 2017, United purchased indirect auto loans of $81.7 million. During the three and nine months ended September 30, 2016, United purchased indirect auto loans of $38.8 million and $149 million, respectively. The allowance for loan losses represents management’s estimate of probable incurred losses in the loan portfolio as of the end of the period. The allowance for unfunded commitments is included in other liabilities in the consolidated balance sheet. Combined, the allowance for loan losses and allowance for unfunded commitments are referred to as the allowance for credit losses. The following table presents the balance and activity in the allowance for credit losses by portfolio segment for the periods indicated (in thousands) 2017 2016 Three Months Ended September 30, Beginning Charge-Offs Recoveries (Release) Ending Beginning Charge- Recoveries (Release) Ending Owner occupied commercial real estate $ 15,422 $ (100 ) $ 144 $ (624 ) $ 14,842 $ 15,675 $ (461 ) $ 415 $ (353 ) $ 15,276 Income producing commercial real estate 9,354 (1,235 ) 76 1,138 9,333 8,683 (206 ) 136 1,477 10,090 Commercial & industrial 3,620 (329 ) 529 690 4,510 3,202 (850 ) 398 690 3,440 Commercial construction 11,038 (206 ) 320 (946 ) 10,206 13,097 (30 ) 224 (2,367 ) 10,924 Residential mortgage 9,798 (396 ) 83 145 9,630 11,329 (63 ) 109 64 11,439 Home equity lines of credit 4,590 (321 ) 265 187 4,721 5,247 (321 ) 54 197 5,177 Residential construction 3,084 (57 ) 21 (92 ) 2,956 4,851 (253 ) 10 (267 ) 4,341 Consumer installment 584 (475 ) 314 292 715 723 (426 ) 190 183 670 Indirect auto 2,010 (333 ) 65 (50 ) 1,692 1,446 (354 ) 69 443 1,604 Total allowance for loan losses 59,500 (3,452 ) 1,817 740 58,605 64,253 (2,964 ) 1,605 67 62,961 Allowance for unfunded commitments 2,222 - - 260 2,482 2,369 - - (367 ) 2,002 Total allowance for credit losses 61,722 (3,452 ) 1,817 1,000 61,087 $ 66,622 $ (2,964 ) $ 1,605 $ (300 ) $ 64,963 Nine Months Ended September 30, Beginning Charge-Offs Recoveries (Release) Ending Beginning Charge- Recoveries (Release) Ending Owner occupied commercial real estate $ 16,446 $ (283 ) $ 501 $ (1,822 ) $ 14,842 $ 18,016 $ (1,929 ) $ 605 $ (1,416 ) $ 15,276 Income producing commercial real estate 8,843 (2,335 ) 123 2,702 9,333 11,548 (788 ) 463 (1,133 ) 10,090 Commercial & industrial 3,810 (1,143 ) 1,141 702 4,510 4,433 (1,645 ) 1,302 (650 ) 3,440 Commercial construction 13,405 (769 ) 912 (3,342 ) 10,206 9,553 (392 ) 617 1,146 10,924 Residential mortgage 8,545 (1,069 ) 200 1,954 9,630 12,719 (776 ) 248 (752 ) 11,439 Home equity lines of credit 4,599 (1,216 ) 485 853 4,721 5,956 (1,513 ) 361 373 5,177 Residential construction 3,264 (127 ) 153 (334 ) 2,956 4,002 (531 ) 61 809 4,341 Consumer installment 708 (1,374 ) 716 665 715 828 (1,123 ) 625 340 670 Indirect auto 1,802 (1,066 ) 214 742 1,692 1,393 (953 ) 141 1,023 1,604 Total allowance for loan losses 61,422 (9,382 ) 4,445 2,120 58,605 68,448 (9,650 ) 4,423 (260 ) 62,961 Allowance for unfunded commitments 2,002 - - 480 2,482 2,542 - - (540 ) 2,002 Total allowance for credit losses $ 63,424 $ (9,382 ) $ 4,445 $ 2,600 $ 61,087 $ 70,990 $ (9,650 ) $ 4,423 $ (800 ) $ 64,963 The following table represents the recorded investment in loans by portfolio segment and the balance of the allowance for loan losses assigned to each segment based on the method of evaluating the loans for impairment as of the dates indicated (in thousands) Allowance for Loan Losses September 30, 2017 December 31, 2016 Individually Collectively PCI Ending Individually Collectively PCI Ending Owner occupied commercial real estate $ 1,131 $ 13,711 $ - $ 14,842 $ 1,746 $ 14,700 $ - $ 16,446 Income producing commercial real estate 869 8,439 25 9,333 885 7,919 39 8,843 Commercial & industrial 1,040 3,470 - 4,510 58 3,752 - 3,810 Commercial construction 165 10,040 1 10,206 168 13,218 19 13,405 Residential mortgage 1,111 8,504 15 9,630 517 7,997 31 8,545 Home equity lines of credit - 4,721 - 4,721 2 4,597 - 4,599 Residential construction 82 2,874 - 2,956 64 3,198 2 3,264 Consumer installment 8 705 2 715 12 696 - 708 Indirect auto 30 1,662 - 1,692 - 1,802 - 1,802 Total allowance for loan losses 4,436 54,126 43 58,605 3,452 57,879 91 61,422 Allowance for unfunded commitments - 2,482 - 2,482 - 2,002 - 2,002 Total allowance for credit losses $ 4,436 $ 56,608 $ 43 $ 61,087 $ 3,452 $ 59,881 $ 91 $ 63,424 Loans Outstanding September 30, 2017 December 31, 2016 Individually Collectively PCI Ending Individually Collectively PCI Ending Owner occupied commercial real estate $ 29,429 $ 1,744,318 $ 18,015 $ 1,791,762 $ 31,421 $ 1,600,355 $ 18,584 $ 1,650,360 Income producing commercial real estate 26,061 1,361,914 25,129 1,413,104 30,459 1,225,763 25,319 1,281,541 Commercial & industrial 5,653 1,076,890 1,048 1,083,591 1,915 1,066,764 1,036 1,069,715 Commercial construction 4,728 569,841 8,775 583,344 5,050 620,543 8,328 633,921 Residential mortgage 14,352 906,287 12,566 933,205 13,706 836,624 6,395 856,725 Home equity lines of credit 204 687,228 1,443 688,875 63 653,337 2,010 655,410 Residential construction 1,544 188,054 449 190,047 1,594 187,516 933 190,043 Consumer installment 293 117,146 1,303 118,742 290 123,118 159 123,567 Indirect auto 1,312 398,955 - 400,267 1,165 458,189 - 459,354 Total loans $ 83,576 $ 7,050,633 $ 68,728 $ 7,202,937 $ 85,663 $ 6,772,209 $ 62,764 $ 6,920,636 Management individually evaluates for impairment all non-PCI relationships that are on nonaccrual with a balance of $500,000 or greater, all troubled debt restructurings (“TDRs”), and all accruing substandard loans greater than $2 million. Impairment is measured based on the present value of expected future cash flows, discounted at the loan’s effective interest rate, the loan’s observable market price, or the fair value of the collateral if the loan is collateral dependent. A specific reserve is established for impaired loans for the amount of calculated impairment. Interest payments received on impaired nonaccrual loans are applied as a reduction of the recorded investment in the loan. For impaired loans not on nonaccrual status, interest is accrued according to the terms of the loan agreement. Each quarter, management prepares an analysis of the allowance for credit losses to determine the appropriate balance that measures and quantifies the amount of probable incurred losses in the loan portfolio and unfunded loan commitments. The allowance is comprised of specific reserves on individually impaired loans, which are determined as described above, and general reserves which are determined based on historical loss experience as adjusted for current trends and economic conditions multiplied by a loss emergence period factor. Management calculates the loss emergence period for each pool of loans based on the weighted average length of time between the date a loan first exceeds 30 days past due and the date the loan is charged off. On junior lien home equity loans, management has limited ability to monitor the delinquency status of the first lien unless the first lien is also held by United. As a result, management applies the weighted average historical loss factor for this category and appropriately adjusts it to reflect the increased risk of loss from these credits. Management carefully reviews the resulting loss factors for each category of the loan portfolio and evaluates whether qualitative adjustments are necessary to take into consideration recent credit trends such as increases or decreases in past due, nonaccrual, criticized and classified loans, and other macro environmental factors such as changes in unemployment rates, lease vacancy rates and trends in property values and absorption rates. Management believes that its method of determining the balance of the allowance for credit losses provides a reasonable and reliable basis for measuring and reporting losses that are incurred in the loan portfolio as of the reporting date. When a loan officer determines that a loan is uncollectible, he or she is responsible for recommending that the loan be placed on nonaccrual status, evaluating the loan for impairment, and, if necessary, fully or partially charging off the loan. Full or partial charge-offs may also be recommended by the Collections Department, the Special Assets Department, the Loss Mitigation Department and the Foreclosure/OREO Department. Nonaccrual real estate loans are generally charged down to fair value less costs to sell at the time they are placed on nonaccrual status. Commercial and consumer asset quality committees meet monthly to review charge-offs that have occurred during the previous month. Participants include the Chief Credit Officer, Senior Risk Officers, Senior Credit Officers, and Regional Credit Managers. Generally, closed-end retail loans (installment and residential mortgage loans) past due 90 cumulative days are written down to their collateral value less estimated selling costs. Open-end (revolving) unsecured retail loans which are past due 90 cumulative days from their contractual due date are generally charged-off. The following table presents loans individually evaluated for impairment by class of loans as of the dates indicated (in thousands) September 30, 2017 December 31, 2016 Unpaid Recorded Allowance Unpaid Recorded Allowance With no related allowance recorded: Owner occupied commercial real estate $ 8,958 $ 8,126 $ - $ 9,171 $ 8,477 $ - Income producing commercial real estate 14,739 14,739 - 16,864 16,864 - Commercial & industrial 2,387 2,100 - 421 334 - Commercial construction 981 776 - 845 841 - Total commercial 27,065 25,741 - 27,301 26,516 - Residential mortgage 2,980 2,885 - 630 628 - Home equity lines of credit 393 204 - - - - Residential construction 239 164 - - - - Consumer installment 30 30 - - - - Indirect auto 134 134 - 1,165 1,165 - Total with no related allowance recorded 30,841 29,158 - 29,096 28,309 - With an allowance recorded: Owner occupied commercial real estate 21,645 21,303 1,131 23,574 22,944 1,746 Income producing commercial real estate 11,421 11,322 869 13,681 13,595 885 Commercial & industrial 3,655 3,553 1,040 1,679 1,581 58 Commercial construction 4,490 3,952 165 4,739 4,209 168 Total commercial 41,211 40,130 3,205 43,673 42,329 2,857 Residential mortgage 12,009 11,467 1,111 13,565 13,078 517 Home equity lines of credit - - - 63 63 2 Residential construction 1,458 1,380 82 1,947 1,594 64 Consumer installment 267 263 8 293 290 12 Indirect auto 1,178 1,178 30 - - - Total with an allowance recorded 56,123 54,418 4,436 59,541 57,354 3,452 Total $ 86,964 $ 83,576 $ 4,436 $ 88,637 $ 85,663 $ 3,452 As of September 30, 2017 and December 31, 2016, $2.98 million and $2.90 million, respectively, of specific reserves were allocated to customers whose loan terms have been modified in TDRs. United committed to lend additional amounts totaling up to $45,000 and $95,000, respectively, at September 30, 2017 and December 31, 2016 to customers with outstanding loans that are classified as TDRs. The modification of the TDR terms included one or a combination of the following: a reduction of the stated interest rate of the loan or an extension of the amortization period that would not otherwise be considered in the current market for new debt with similar risk characteristics; a restructuring of the borrower’s debt into an “A/B note structure” where the A note would fall within the borrower’s ability to pay and the remainder would be included in the B note; a mandated bankruptcy restructuring; or interest-only payment terms greater than 90 days where the borrower is unable to amortize the loan. Modified PCI loans are not accounted for as TDRs because they are not separated from the pools, and as such are not classified as impaired loans. Loans modified under the terms of a TDR during the three and nine months ended September 30, 2017 and 2016 are presented in the table below. In addition, the following table presents loans modified under the terms of a TDR that defaulted (became 90 days or more delinquent) during the periods presented and were initially restructured within one year prior to default (dollars in thousands) New TDRs Pre- Post- TDRs Modified Within the Number of Recorded Rate Reduction Structure Other Total Number of Recorded Three Months Ended September 30, 2017 Owner occupied commercial real estate 3 $ 743 $ - $ 301 $ 108 $ 409 - $ - Income producing commercial real estate 1 31 - - 26 26 - - Commercial & industrial 1 22 - 22 - 22 - - Commercial construction - - - - - - - - Total commercial 5 796 - 323 134 457 - - Residential mortgage 9 773 - 773 - 773 1 160 Home equity lines of credit - - - - - - - - Residential construction 1 31 - 31 - 31 - - Consumer installment 1 10 - 10 - 10 - - Indirect auto 10 188 - - 188 188 - - Total loans 26 $ 1,798 $ - $ 1,137 $ 322 $ 1,459 1 $ 160 Nine Months Ended September 30, 2017 Owner occupied commercial real estate 6 $ 2,603 $ - $ 2,161 $ 108 $ 2,269 - $ - Income producing commercial real estate 2 257 - - 252 252 - - Commercial & industrial 3 75 - 75 - 75 - - Commercial construction - - - - - - - - Total commercial 11 2,935 - 2,236 360 2,596 - - Residential mortgage 21 1,609 - 1,609 - 1,609 3 815 Home equity lines of credit 1 296 - - 176 176 - - Residential construction 2 71 40 31 - 71 - - Consumer installment 2 16 - 16 - 16 - - Indirect auto 23 521 - - 521 521 - - Total loans 60 $ 5,448 $ 40 $ 3,892 $ 1,057 $ 4,989 3 $ 815 Three Months Ended September 30, 2016 Owner occupied commercial real estate 1 $ 1,007 $ - $ 1,007 $ - $ 1,007 - $ - Income producing commercial real estate 1 257 - 257 - 257 - - Commercial & industrial 2 66 - 66 - 66 2 34 Commercial construction 1 224 - 224 - 224 - - Total commercial 5 1,554 - 1,554 - 1,554 2 34 Residential mortgage 6 605 - 550 - 550 - - Home equity lines of credit - - - - - - - - Residential construction 1 48 - 48 - 48 - - Consumer installment 2 14 - 14 - 14 - - Indirect auto 8 226 - - 226 226 - - Total loans 22 $ 2,447 $ - $ 2,166 $ 226 $ 2,392 2 $ 34 Nine Months Ended September 30, 2016 Owner occupied commercial real estate 8 $ 2,699 $ - $ 2,699 $ - $ 2,699 1 $ 252 Income producing commercial real estate 1 257 - 257 - 257 - - Commercial & industrial 5 1,012 - 1,012 - 1,012 2 34 Commercial construction 3 459 - 393 66 459 - - Total commercial 17 4,427 - 4,361 66 4,427 3 286 Residential mortgage 23 3,033 1,957 982 - 2,939 1 85 Home equity lines of credit 1 38 38 - - 38 - - Residential construction 5 307 45 125 82 252 - - Consumer installment 3 34 - 34 - 34 - - Indirect auto 26 699 - - 699 699 - - Total loans 75 $ 8,538 $ 2,040 $ 5,502 $ 847 $ 8,389 4 $ 371 TDRs that subsequently default and are placed on nonaccrual are charged down to the fair value, less costs of disposal, of the collateral consistent with United’s policy for nonaccrual loans. The average balances of impaired loans and income recognized on impaired loans while they were considered impaired are presented below for the periods indicated (in thousands) 2017 2016 Average Interest Cash Basis Average Interest Cash Basis Three Months Ended September 30, Owner occupied commercial real estate $ 29,764 $ 307 $ 331 $ 35,714 $ 434 $ 433 Income producing commercial real estate 26,203 329 331 31,753 416 380 Commercial & industrial 5,492 53 65 2,553 33 33 Commercial construction 4,863 51 48 5,984 66 69 Total commercial 66,322 740 775 76,004 949 915 Residential mortgage 14,448 139 139 14,060 140 140 Home equity lines of credit 207 4 4 103 1 1 Residential construction 1,561 24 24 1,542 19 17 Consumer installment 300 6 5 291 5 6 Indirect auto 1,339 18 18 959 11 11 Total $ 84,177 $ 931 $ 965 $ 92,959 $ 1,125 $ 1,090 Nine Months Ended September 30, Owner occupied commercial real estate $ 30,149 $ 1,023 $ 1,043 $ 33,997 $ 1,280 $ 1,307 Income producing commercial real estate 27,794 1,039 1,023 32,013 1,054 1,047 Commercial & industrial 3,103 106 110 2,614 98 94 Commercial construction 5,511 174 178 6,135 201 208 Total commercial 66,557 2,342 2,354 74,759 2,633 2,656 Residential mortgage 14,266 407 429 14,224 502 499 Home equity lines of credit 274 7 9 103 3 3 Residential construction 1,581 70 71 1,699 67 66 Consumer installment 298 17 17 303 17 18 Indirect auto 1,199 46 46 871 33 33 Total $ 84,175 $ 2,889 $ 2,926 $ 91,959 $ 3,255 $ 3,275 Nonaccrual loans include both homogeneous loans that are collectively evaluated for impairment and individually evaluated impaired loans, based on the size of the loan. United’s policy is to place loans on nonaccrual status when, in the opinion of management, the principal and interest on a loan is not likely to be repaid in full or when the loan becomes 90 days past due and is not well secured and in the process of collection. When a loan is classified on nonaccrual status, interest previously accrued but not collected is reversed against current interest revenue. Principal and interest payments received on a nonaccrual loan are applied to reduce the loan’s recorded investment. PCI loans are considered past due or delinquent when the contractual principal or interest due in accordance with the terms of the loan agreement remains unpaid after the due date of the scheduled payment. However, these loans are considered to be performing, even though they may be contractually past due, as any non-payment of contractual principal or interest is considered in the periodic re-estimation of expected cash flows and is included in the resulting recognition of current period loan loss provision or future period yield adjustments. The accrual of interest is discontinued on PCI loans if management can no longer reliably estimate future cash flows on the loan. No PCI loans were classified as nonaccrual at September 30, 2017 or December 31, 2016 as the carrying value of the respective loan or pool of loans cash flows were considered estimable and probable of collection. Therefore, interest revenue, through accretion of the difference between the carrying value of the loans and the expected cash flows, is being recognized on all PCI loans. The gross additional interest revenue that would have been earned if the loans classified as nonaccrual had performed in accordance with the original terms was approximately $291,000 and $262,000 for the three months ended September 30, 2017 and 2016, respectively, and $814,000 and $686,000 for the nine months ended September 30, 2017 and 2016, respectively. The following table presents the recorded investment in nonaccrual loans by loan class as of the dates indicated (in thousands) September 30, December 31, 2017 2016 Owner occupied commercial real estate $ 5,027 $ 7,373 Income producing commercial real estate 2,042 1,324 Commercial & industrial 2,378 966 Commercial construction 1,376 1,538 Total commercial 10,823 11,201 Residential mortgage 8,559 6,368 Home equity lines of credit 1,898 1,831 Residential construction 178 776 Consumer installment 84 88 Indirect auto 1,379 1,275 Total $ 22,921 $ 21,539 Excluding PCI loans, substantially all loans more than 90 days past due were on nonaccrual status at September 30, 2017 and December 31, 2016. The following table presents the aging of the recorded investment in past due loans by class of loans as of the dates indicated (in thousands) Loans Past Due Loans Not 30 - 59 Days 60 - 89 Days > 90 Days Total Past Due PCI Loans Total As of September 30, 2017 Owner occupied commercial real estate $ 4,017 $ 1,236 $ 2,176 $ 7,429 $ 1,766,318 $ 18,015 $ 1,791,762 Income producing commercial real estate 1,189 595 463 2,247 1,385,728 25,129 1,413,104 Commercial & industrial 3,088 1,008 1,006 5,102 1,077,441 1,048 1,083,591 Commercial construction 494 5 219 718 573,851 8,775 583,344 Total commercial 8,788 2,844 3,864 15,496 4,803,338 52,967 4,871,801 Residential mortgage 6,133 1,883 3,301 11,317 909,322 12,566 933,205 Home equity lines of credit 2,545 666 608 3,819 683,613 1,443 688,875 Residential construction 400 110 16 526 189,072 449 190,047 Consumer installment 544 39 28 611 116,828 1,303 118,742 Indirect auto 936 415 1,047 2,398 397,869 - 400,267 Total loans $ 19,346 $ 5,957 $ 8,864 $ 34,167 $ 7,100,042 $ 68,728 $ 7,202,937 As of December 31, 2016 Owner occupied commercial real estate $ 2,195 $ 1,664 $ 3,386 $ 7,245 $ 1,624,531 $ 18,584 $ 1,650,360 Income producing commercial real estate 1,373 355 330 2,058 1,254,164 25,319 1,281,541 Commercial & industrial 943 241 178 1,362 1,067,317 1,036 1,069,715 Commercial construction 452 14 292 758 624,835 8,328 633,921 Total commercial 4,963 2,274 4,186 11,423 4,570,847 53,267 4,635,537 Residential mortgage 7,221 1,799 1,700 10,720 839,610 6,395 856,725 Home equity lines of credit 1,996 101 957 3,054 650,346 2,010 655,410 Residential construction 950 759 51 1,760 187,350 933 190,043 Consumer installment 633 117 35 785 122,623 159 123,567 Indirect auto 1,109 301 909 2,319 457,035 - 459,354 Total loans $ 16,872 $ 5,351 $ 7,838 $ 30,061 $ 6,827,811 $ 62,764 $ 6,920,636 Risk Ratings United categorizes commercial loans into risk categories based on relevant information about the ability of borrowers to service their debt such as: current financial information, historical payment experience, credit documentation, public information, and current industry and economic trends, among other factors. United analyzes loans individually by classifying the loans as to credit risk. This analysis is performed on a continual basis. United uses the following definitions for its risk ratings: Watch. Substandard. Doubtful. Loss. Consumer Purpose Loans. Loans not meeting the criteria above that are analyzed individually as part of the above described process are considered to be pass rated loans. Based on the most recent analysis performed, the risk category of loans by class of loans is as follows (in thousands) Doubtful / Pass Watch Substandard Loss Total As of September 30, 2017 Owner occupied commercial real estate $ 1,708,659 $ 32,450 $ 32,638 $ - $ 1,773,747 Income producing commercial real estate 1,337,358 30,584 20,033 - 1,387,975 Commercial & industrial 1,054,999 14,645 12,899 - 1,082,543 Commercial construction 563,616 5,006 5,947 - 574,569 Total commercial 4,664,632 82,685 71,517 - 4,818,834 Residential mortgage 899,000 - 21,639 - 920,639 Home equity lines of credit 680,711 - 6,721 - 687,432 Residential construction 187,684 - 1,914 - 189,598 Consumer installment 116,877 - 562 - 117,439 Indirect auto 397,203 - 3,064 - 400,267 Total loans, excluding PCI loans $ 6,946,107 $ 82,685 $ 105,417 $ - $ 7,134,209 Owner occupied commercial real estate $ 3,628 $ 4,851 $ 9,536 $ - $ 18,015 Income producing commercial real estate 12,459 9,739 2,931 - 25,129 Commercial & industrial 426 403 219 - 1,048 Commercial construction 4,742 2,391 1,642 - 8,775 Total commercial 21,255 17,384 14,328 - 52,967 Residential mortgage 9,732 - 2,834 - 12,566 Home equity lines of credit 663 - 780 - 1,443 Residential construction 431 - 18 - 449 Consumer installment 1,273 - 30 - 1,303 Indirect auto - - - - - Total PCI loans $ 33,354 $ 17,384 $ 17,990 $ - $ 68,728 As of December 31, 2016 Owner occupied commercial real estate $ 1,577,301 $ 18,029 $ 36,446 $ - $ 1,631,776 Income producing commercial real estate 1,220,626 8,502 27,094 - 1,256,222 Commercial & industrial 1,055,282 4,188 9,209 - 1,068,679 Commercial construction 612,900 6,166 6,527 - 625,593 Total commercial 4,466,109 36,885 79,276 - 4,582,270 Residential mortgage 829,844 - 20,486 - 850,330 Home equity lines of credit 647,425 - 5,975 - 653,400 Residential construction 185,643 - 3,467 - 189,110 Consumer installment 122,736 - 672 - 123,408 Indirect auto 456,717 - 2,637 - 459,354 Total loans, excluding PCI loans $ 6,708,474 $ 36,885 $ 112,513 $ - $ 6,857,872 Owner occupied commercial real estate $ 2,044 $ 3,444 $ 13,096 $ - $ 18,584 Income producing commercial real estate 13,236 8,474 3,609 - 25,319 Commercial & industrial 216 160 660 - 1,036 Commercial construction 3,212 1,265 3,851 - 8,328 Total commercial 18,708 13,343 21,216 - 53,267 Residential mortgage 5,189 - 1,206 - 6,395 Home equity lines of credit 1,094 - 916 - 2,010 Residential construction 898 - 35 - 933 Consumer installment 159 - - - 159 Indirect auto - - - - - Total PCI loans $ 26,048 $ 13,343 $ 23,373 $ - $ 62,764 |
Reclassifications Out of Accumu
Reclassifications Out of Accumulated Other Comprehensive Income | 9 Months Ended |
Sep. 30, 2017 | |
Reclassifications Out Of Accumulated Other Comprehensive Income [Abstract] | |
Reclassifications Out of Accumulated Other Comprehensive Income | Note 7 – Reclassifications Out of Accumulated Other Comprehensive Income The following table presents the details regarding amounts reclassified out of accumulated other comprehensive income for the periods indicated (in thousands) Amounts Reclassified from Accumulated Other Details about Accumulated Other For the Three Months For the Nine Months Affected Line Item in the Statement Comprehensive Income Components 2017 2016 2017 2016 Where Net Income is Presented Realized gains on available-for-sale securities: $ 188 $ 261 $ 190 $ 922 Securities gains, net (73 ) (101 ) (72 ) (348 ) Tax expense $ 115 $ 160 $ 118 $ 574 Net of tax Amortization of losses included in net income on available-for-sale securities transferred to held to maturity: $ (278 ) $ (663 ) $ (849 ) $ (1,601 ) Investment securities interest revenue 105 237 319 596 Tax benefit $ (173 ) $ (426 ) $ (530 ) $ (1,005 ) Net of tax Gains included in net income on derivative financial instruments accounted for as cash flow hedges: Amortization of losses on de-designated positions $ - $ - $ - $ (7 ) Deposits in banks and short-term investments interest revenue Amortization of losses on de-designated positions (150 ) (153 ) (448 ) (495 ) Money market deposit interest expense Amortization of losses on de-designated positions - (313 ) (292 ) (924 ) Federal Home Loan Bank advances interest expense (150 ) (466 ) (740 ) (1,426 ) Total before tax 58 181 288 555 Tax benefit $ (92 ) $ (285 ) $ (452 ) $ (871 ) Net of tax Reclassification of disproportionate tax effect related to terminated cash flow hedges: $ - $ - $ (3,400 ) $ - Income tax expense Amortization of prior service cost and actuarial losses included in net periodic pension cost for defined benefit pension plan: Prior service cost $ (140 ) $ (125 ) $ (420 ) $ (375 ) Salaries and employee benefits expense Actuarial losses (60 ) (42 ) (180 ) (126 ) Salaries and employee benefits expense (200 ) (167 ) (600 ) (501 ) Total before tax 78 65 235 195 Tax benefit $ (122 ) $ (102 ) $ (365 ) $ (306 ) Net of tax Total reclassifications for the period $ (272 ) $ (653 ) $ (4,629 ) $ (1,608 ) Net of tax Amounts shown above in parentheses reduce earnings. |
Earnings Per Share
Earnings Per Share | 9 Months Ended |
Sep. 30, 2017 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | Note 8 – Earnings Per Share United is required to report on the face of the consolidated statement of income, earnings per common share with and without the dilutive effects of potential common stock issuances from instruments such as options, convertible securities and warrants. Basic earnings per common share is based on the weighted average number of common shares outstanding during the period while the effects of potential common shares outstanding during the period are included in diluted earnings per common share. During the nine months ended September 30, 2016, United accrued dividends of $21,000 on its Series H preferred stock. The Series H preferred stock was redeemed in the first quarter of 2016; accordingly, United did not accrue any dividends in 2017 or the third quarter of 2016. The following table sets forth the computation of basic and diluted earnings per share for the periods indicated (in thousands, except per share data) Three Months Ended Nine Months Ended September 30, September 30, 2017 2016 2017 2016 Net income $ 27,946 $ 25,874 $ 79,737 $ 73,435 Dividends and undistributed earnings allocated to unvested shares (227 ) - (659 ) - Preferred dividends - - - (21 ) Net income available to common shareholders $ 27,719 $ 25,874 $ 79,078 $ 73,414 Weighted average shares outstanding: Basic 73,151 71,556 72,060 71,992 Effect of dilutive securities Stock options 11 5 11 4 Diluted 73,162 71,561 72,071 71,996 Net income per common share: Basic $ .38 $ .36 $ 1.10 $ 1.02 Diluted $ .38 $ .36 $ 1.10 $ 1.02 At September 30, 2017, United had the following potentially dilutive stock options and warrants outstanding: a warrant to purchase 219,909 shares of common stock at $61.40 per share; 60,489 shares of common stock issuable upon exercise of stock options granted to employees with a weighted average exercise price of $24.15; and 710,145 shares of common stock issuable upon the vesting of restricted stock unit awards. At September 30, 2016, United had the following potentially dilutive stock options and warrants outstanding: a warrant to purchase 219,909 shares of common stock at $61.40 per share; 185,688 shares of common stock issuable upon exercise of stock options granted to employees with a weighted average exercise price of $77.63; and 674,862 shares of common stock issuable upon the vesting of restricted stock unit awards. |
Derivatives and Hedging Activit
Derivatives and Hedging Activities | 9 Months Ended |
Sep. 30, 2017 | |
Derivatives and Hedging Activities [Abstract] | |
Derivatives and Hedging Activities | Note 9 – Derivatives and Hedging Activities Risk Management Objective of Using Derivatives United is exposed to certain risks arising from both its business operations and economic conditions. United principally manages its exposures to a wide variety of business and operational risks through management of its core business activities. United manages interest rate risk primarily by managing the amount, sources, and duration of its investment securities portfolio and wholesale funding and through the use of derivative financial instruments. Specifically, United enters into derivative financial instruments to manage exposures that arise from business activities that result in the receipt or payment of future known and uncertain cash amounts, the value of which are determined by interest rates. Derivative financial instruments are used to manage differences in the amount, timing, and duration of known or expected cash receipts and known or expected cash payments principally related to loans, investment securities, wholesale borrowings and deposits. In conjunction with the FASB’s fair value measurement guidance, United made an accounting policy election to measure the credit risk of its derivative financial instruments that are subject to master netting agreements on a gross basis. 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 sheet (in thousands) Derivatives designated as hedging instruments under ASC 815 Fair Value Interest Rate Products Balance Sheet September 30, December 31, Fair value hedge of corporate bonds Derivative assets $ 67 $ 265 $ 67 $ 265 Fair value hedge of brokered CDs Derivative liabilities $ 1,816 $ 1,980 $ 1,816 $ 1,980 Derivatives not designated as hedging instruments under ASC 815 Fair Value Interest Rate Products Balance Sheet September 30, December 31, Customer derivative positions Derivative assets $ 4,804 $ 5,266 Dealer offsets to customer derivative positions Derivative assets 4,424 3,869 Mortgage banking - loan commitment Derivative assets 1,193 1,552 Mortgage banking - forward sales commitment Derivative assets 149 534 Bifurcated embedded derivatives Derivative assets 9,925 10,225 Interest rate caps Derivative assets 410 - Offsetting positions for de-designated hedges Derivative assets - 1,977 $ 20,905 $ 23,423 Customer derivative positions Derivative liabilities $ 4,524 $ 3,897 Dealer offsets to customer derivative positions Derivative liabilities 3,054 5,328 Risk participations Derivative liabilities 22 26 Mortgage banking - forward sales commitment Derivative liabilities 3 96 Dealer offsets to bifurcated embedded derivatives Derivative liabilities 13,210 14,341 De-designated hedges Derivative liabilities 297 1,980 $ 21,110 $ 25,668 Customer derivative positions are between United and certain commercial loan customers with offsetting positions to dealers under a back-to-back swap/cap program. United also has three interest rate swap contracts that are not designated as hedging instruments but are economic hedges of market-linked brokered certificates of deposit. The market-linked brokered certificates of deposit contain embedded derivatives that are bifurcated from the host instruments and are marked to market through earnings. The fair value marks on the market linked swaps and the bifurcated embedded derivatives tend to move in opposite directions with changes in 90-day LIBOR and therefore provide an economic hedge. To accommodate customers, United occasionally enters into credit risk participation agreements with counterparty banks to accept a portion of the credit risk related to interest rate swaps. This allows customers to execute an interest rate swap with one bank while allowing for the distribution of the credit risk among participating members. Credit risk participation agreements arise when United contracts with other financial institutions, as a guarantor, to share credit risk associated with certain interest rate swaps. These agreements provide for reimbursement of losses resulting from a third party default on the underlying swap. These transactions are typically executed in conjunction with a participation in a loan with the same customer. Collateral used to support the credit risk for the underlying lending relationship is also available to offset the risk of the credit risk participation. In addition, United originates certain residential mortgage loans with the intention of selling these loans. Between the time United enters into an interest-rate lock commitment to originate a residential mortgage loan that is to be held for sale and the time the loan is funded and eventually sold, United is subject to the risk of variability in market prices. United enters into forward sale agreements to mitigate risk and to protect the expected gain on the eventual loan sale. Most of this hedging activity is executed on a matched basis, with a loan sale commitment hedging a specific loan. The commitments to originate residential mortgage loans and forward loan sales commitments are freestanding derivative instruments. Beginning late in the third quarter of 2016 for newly originated mortgage loans, United began to account for the underlying loans at fair value pursuant to the fair value option, and these loans are not reflected in the table above. Fair value adjustments on these derivative instruments are recorded within mortgage loan and other related fee income in the consolidated statement of income. In the second quarter of 2017, United purchased interest rate caps with a notional amount of $200 million to serve as an economic macro hedge of exposure to rising interest rates. Cash Flow Hedges of Interest Rate Risk At September 30, 2017 and December 31, 2016 United did not have any designated cash flow hedges. Changes in balance sheet composition and interest rate risk position made cash flow hedges no longer necessary as protection against rising interest rates. The loss remaining in other comprehensive income on the de-designated swaps is being amortized into earnings over the original term of the swaps as the forecasted transactions that the swaps were originally designated to hedge are still expected to occur. United expects that $545,000 will be reclassified as an increase to interest expense over the next twelve months related to these cash flow hedges. The table below presents the effect of cash flow hedges on the consolidated statement of income for the periods indicated (in thousands) Amount of Gain (Loss) Gain (Loss) Reclassified from Gain (Loss) Recognized in Income on 2017 2016 Location 2017 2016 Location 2017 2016 Three Months Ended September 30, Interest rate swaps $ - $ - Interest expense $ (150 ) $ (466 ) Interest expense $ - $ - Nine Months Ended September 30, Interest rate swaps $ - $ - Interest expense $ (740 ) $ (1,426 ) Interest expense $ - $ - Fair Value Hedges of Interest Rate Risk United is exposed to changes in the fair value of certain of its fixed-rate obligations due to changes in interest rates. United uses interest rate swaps to manage its exposure to changes in fair value on these instruments attributable to changes in interest rates. Interest rate swaps designated as fair value hedges of brokered deposits involve the receipt of fixed-rate amounts from a counterparty in exchange for United making variable rate payments over the life of the agreements without the exchange of the underlying notional amount. Interest rate swaps designated as fair value hedges of fixed-rate investments involve the receipt of variable-rate payments from a counterparty in exchange for United making fixed-rate payments over the life of the instrument without the exchange of the underlying notional amount. At September 30, 2017, United had four interest rate swaps with a notional amount of $40.7 million that were designated as fair value hedges of interest rate risk and were pay-variable / receive-fixed swaps hedging the changes in the fair value of fixed-rate brokered time deposits resulting from changes in interest rates. Also at September 30, 2017, United had one interest rate swap with a notional value of $30.0 million that was designated as a pay-fixed / receive-variable fair value hedge of changes in the fair value of a fixed-rate corporate bond. At December 31, 2016, United had one interest rate swap with an aggregate notional amount of $12.8 million that was designated as a fair value hedge of interest rate risk and was pay-variable / receive-fixed, hedging the changes in the fair value of fixed-rate brokered time deposits resulting from changes in interest rates. Also at December 31, 2016, United had one interest rate swap with a notional value of $30 million that was designated as a pay-fixed / receive-variable fair value hedge of changes in the fair value of a fixed-rate corporate bond. For derivatives designated and that qualify as fair value hedges, the gain or loss on the derivative as well as the offsetting loss or gain on the hedged item attributable to the hedged risk are recognized in earnings. United includes the gain or loss on the hedged items in the same income statement line item as the offsetting loss or gain on the related derivatives. During the three and nine months ended September 30, 2017, United recognized net losses of $160,000 and $612,000, respectively, related to ineffectiveness in the fair value hedging relationships. During the three and nine months ended September 30, 2016, United recognized net gains of $1.51 million and $2.37 million, respectively, related to ineffectiveness in the fair value hedging relationships. United also recognized net reductions of interest expense of $40,000 and $137,000, respectively, for the three and nine months ended September 30, 2017 and net reductions of interest expense of $388,000 and $1.63 million, respectively, for the three and nine months ended September 30, 2016 related to fair value hedges of brokered time deposits, which includes net settlements on the derivatives. United recognized reductions of interest revenue on securities during the three and nine months ended September 30, 2017 of $71,000 and $244,000, respectively, and reductions of interest revenue on securities during the three and nine months ended September 30, 2016 of $262,000 and $508,000, respectively, related to fair value hedges of corporate bonds. The table below presents the effect of derivatives in fair value hedging relationships on the consolidated statement of income for the periods indicated (in thousands) Location of Gain Amount of Gain (Loss) Amount of Gain (Loss) (Loss) Recognized Recognized in Income Recognized in Income in Income on on Derivative on Hedged Item Derivative 2017 2016 2017 2016 Three Months Ended September 30, Fair value hedges of brokered CDs Interest expense $ (217 ) $ (389 ) $ 95 $ 1,945 Fair value hedges of corporate bonds Interest revenue 20 262 (58 ) (307 ) $ (197 ) $ (127 ) $ 37 $ 1,638 Nine Months Ended September 30, Fair value hedges of brokered CDs Interest expense $ (418 ) $ 2,882 $ (60 ) $ (268 ) Fair value hedges of corporate bonds Interest revenue (197 ) (2,145 ) 63 1,896 $ (615 ) $ 737 $ 3 $ 1,628 In certain cases, the estate of deceased brokered certificate of deposit holders may put the certificate of deposit back to United at par upon the death of the holder. When these estate puts occur, a gain or loss is recognized for the difference between the fair value and the par amount of the deposits put back. The change in the fair value of brokered time deposits that are being hedged in fair value hedging relationships reported in the table above includes gains and losses from estate puts and such gains and losses are included in the amount of reported ineffectiveness gains or losses. Derivatives Not Designated as Hedging Instruments under ASC 815 The table below presents the gains and losses recognized in income on derivatives not designated as hedging instruments under ASC 815 for the periods indicated (in thousands) Amount of Gain (Loss) Recognized in Income on Location of Gain Derivative (Loss) Recognized Three Months Ended Nine Months Ended Derivative 2017 2016 2017 2016 Customer derivatives and dealer offsets Other fee revenue $ 554 $ 1,115 $ 1,804 $ 2,952 Bifurcated embedded derivatives and dealer offsets Other fee revenue 225 291 431 (125 ) Interest rate caps Other fee revenue (67 ) - 23 - De-designated hedges Other fee revenue 30 - 34 - Mortgage banking derivatives Mortgage loan revenue 303 884 (573 ) 884 Risk participations Other fee revenue (1 ) 331 4 331 $ 1,044 $ 2,621 $ 1,723 $ 4,042 Credit-Risk-Related Contingent Features United manages its credit exposure on derivatives transactions by entering into a bilateral credit support agreement with each counterparty. The credit support agreements require collateralization of exposures beyond specified minimum threshold amounts. The details of these agreements, including the minimum thresholds, vary by counterparty. As of September 30, 2017, collateral totaling $20.9 million was pledged toward derivatives in a liability position. United’s agreements with each of its derivative counterparties contain a provision where if either party defaults on any of its indebtedness, then it could also be declared in default on its derivative obligations. The agreements with derivatives counterparties also include provisions that if not met, could result in United being declared in default. United has agreements with certain of its derivative counterparties that contain a provision where if United fails to maintain its status as a well-capitalized institution or is subject to a prompt corrective action directive, the counterparty could terminate the derivative positions and United would be required to settle its obligations under the agreements. |
Stock-Based Compensation
Stock-Based Compensation | 9 Months Ended |
Sep. 30, 2017 | |
Disclosure Of Compensation Related Costs, Share-Based Payments [Abstract] | |
Stock-Based Compensation | Note 10 – Stock-Based Compensation United has an equity compensation plan that allows for grants of incentive stock options, nonqualified stock options, restricted stock and restricted stock unit awards (also referred to as “nonvested stock” awards), stock awards, performance share awards or stock appreciation rights. Options granted under the plan can have an exercise price no less than the fair market value of the underlying stock at the date of grant. The general terms of the plan include a vesting period (usually four years) with an exercisable period not to exceed ten years. Certain options, restricted stock and restricted stock unit awards provide for accelerated vesting if there is a change in control (as defined in the plan). Through September 30, 2017, incentive stock options, nonqualified stock options, restricted stock and restricted stock unit awards, base salary stock grants and performance share awards have been granted under the plan. As of September 30, 2017, 1.94 million additional shares remained available for grant under the plan. The following table shows stock option activity for the first nine months of 2017. Options Shares Weighted- Weighted- Aggregate Outstanding at December 31, 2016 72,665 $ 34.34 Expired (1,538 ) 147.60 Cancelled (10,638 ) 75.91 Outstanding at September 30, 2017 60,489 24.15 3.3 $ 365 Exercisable at September 30, 2017 55,489 24.82 3.0 306 The fair value of each option is estimated on the date of grant using the Black-Scholes model. No stock options were granted during the nine months ended September 30, 2017 and 2016. United’s stock option exercise patterns were significantly impacted by the past economic downturn, which rendered most of United’s outstanding options worthless to the grantee. Therefore, historical exercise patterns do not provide a reasonable basis for determining the expected life of new option grants. United therefore uses the formula provided in ASC 718-10-S99 to determine the expected life of options. United recognized $22,000 and $23,000, respectively, in compensation expense related to stock options during the nine months ended September 30, 2017 and 2016. The amount of compensation expense was determined based on the fair value of the options at the time of grant, multiplied by the number of options granted that were expected to vest, which was then amortized over the vesting period. No options were exercised during the first nine months of 2017 or 2016. The table below presents restricted stock units activity for the first nine months of 2017. Restricted Stock Unit Awards Shares Weighted- Weighted- Aggregate Outstanding at December 31, 2016 690,970 $ 18.60 Granted 259,220 26.48 Vested (230,080 ) 17.09 $ 6,326 Cancelled (9,965 ) 19.99 Outstanding at September 30, 2017 710,145 22.06 3.2 20,268 Compensation expense for restricted stock units is based on the fair value of restricted stock unit awards at the time of grant, which is equal to the 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 vesting period. For the nine months ended September 30, 2017 and 2016, expense of $4.13 million and $3.16 million, respectively, was recognized related to employee restricted stock unit awards. Of the expense recognized related to restricted stock unit awards during the nine months ended September 30, 2017, $696,000 relates to the modification of existing awards resulting from an acceleration of vesting of unvested awards due to retirement which was recognized in merger-related and other charges. The remaining expense of $3.43 million was recognized in compensation expense. In addition, for the nine months ended September 30, 2017 and 2016, $212,000 and $75,000, respectively, was recognized in other operating expense for restricted stock unit awards granted to members of United’s board of directors. As of September 30, 2017, there was $12.4 million of unrecognized expense related to non-vested stock options and restricted stock unit awards granted under the plan. That cost is expected to be recognized over a weighted-average period of 3.14 years. |
Common and Preferred Stock Issu
Common and Preferred Stock Issued / Common Stock Issuable | 9 Months Ended |
Sep. 30, 2017 | |
Equity [Abstract] | |
Common and Preferred Stock Issued / Common Stock Issuable | Note 11 – Common and Preferred Stock Issued / Common Stock Issuable United sponsors a Dividend Reinvestment and Share Purchase Plan (“DRIP”) that allows participants who already own United’s common stock to purchase additional shares directly from United. The DRIP also allows participants to automatically reinvest their quarterly dividends in additional shares of common stock without a commission. In the nine months ended September 30, 2017 and 2016, 2,842 shares and 2,938 shares, respectively, were issued through the DRIP. In addition, United has an Employee Stock Purchase Program (“ESPP”) that allows eligible employees to purchase shares of common stock at a 10% discount, with no commission charges. During the first nine months of 2017 and 2016, United issued 10,265 shares and 12,906 shares, respectively, through the ESPP. United offers its common stock as an investment option in its deferred compensation plan. United also allows for the deferral of restricted stock unit awards. The common stock component of the deferred compensation plan is accounted for as an equity instrument and is reflected in the consolidated financial statements as common stock issuable. The deferred compensation plan does not allow for diversification once an election is made to invest in United’s common stock and settlement must be accomplished in shares at the time the deferral period is completed. At September 30, 2017 and December 31, 2016, 588,445 and 519,874 shares of common stock, respectively, were issuable under the deferred compensation plan. On March 22, 2016, United announced that its Board of Directors had authorized a program to repurchase up to $50 million of United’s outstanding common stock through December 31, 2017. Under the program, the shares may be repurchased periodically in open market transactions at prevailing market prices, in privately negotiated transactions, or by other means in accordance with federal securities laws. The actual timing, number and value of shares repurchased under the program depends on a number of factors, including the market price of United’s common stock, general market and economic conditions, and applicable legal requirements. During the first nine months of 2017, United did not repurchase any shares under the program. As of September 30, 2017, $36.3 million of United’s outstanding common stock may be repurchased under the program. In November of 2017, the Board of Directors extended this program through December 31, 2018. |
Income Taxes
Income Taxes | 9 Months Ended |
Sep. 30, 2017 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Note 12 – Income Taxes The income tax provision for the three and nine months ended September 30, 2017 was $15.7 million and $50.7 million, respectively, which represents effective tax rates of 36.0% and 38.9%, respectively, for each period. The income tax provision for the three and nine months ended September 30, 2016 was $15.8 million and $44.7 million, respectively, which represents an effective tax rate of 37.8% for both periods. Upon reversal of United’s former full deferred tax valuation allowance in 2013, certain disproportionate tax effects were retained in accumulated other comprehensive income (loss). During the first quarter of 2017, with the maturity and termination of certain dedesignated cash flow hedges, the disproportionate tax effect associated with these hedges was reversed and recorded as a tax expense of $3.40 million, which was the primary reason for the increase in the effective tax rate compared to the first nine months of 2016. At September 30, 2017 and December 31, 2016, United maintained a valuation allowance on its net deferred tax asset of $4.20 million and $3.88 million, respectively. Management assesses the valuation allowance recorded against its net deferred tax asset at each reporting period. The determination of whether a valuation allowance for its net deferred tax asset is appropriate is subject to considerable judgment and requires an evaluation of all the positive and negative evidence. United evaluated the need for a valuation allowance at September 30, 2017. Based on the assessment of all the positive and negative evidence, management concluded that it is more likely than not that nearly all of its net deferred tax asset will be realized based upon future taxable income. The remaining valuation allowance of $4.20 million is related to specific state income tax credits that have short carryforward periods and 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 September 30, 2017 that it was more likely than not that the net deferred tax asset of $129 million will be realized is based upon internal forecasts that consider historical performance, various internal estimates and assumptions, as well as certain external data all of which management believes to be reasonable although inherently subject to significant judgment. If actual results differ significantly from the current estimates of future taxable income, even if caused by adverse macro-economic conditions, the valuation allowance may need to be increased for some or all of its net deferred tax asset. Such an increase to the net deferred tax asset valuation allowance could have a material adverse effect on United’s financial condition and results of operations. United is subject to income taxation in the United States and various state jurisdictions. United’s federal and state income tax returns are filed on a consolidated basis. Currently, no years for which United filed a federal income tax return are under examination by the IRS, and there are no state tax examinations currently in progress. United is no longer subject to income tax examinations from state and local income tax authorities for years before 2014. Although it is not possible to know the ultimate outcome of future examinations, management believes that the liability recorded for uncertain tax positions is appropriate. At September 30, 2017 and December 31, 2016, unrecognized income tax benefits totaled $3.87 million and $3.89 million, respectively. |
Assets and Liabilities Measured
Assets and Liabilities Measured at Fair Value | 9 Months Ended |
Sep. 30, 2017 | |
Fair Value [Abstract] | |
Assets and Liabilities Measured at Fair Value | Note 13 – Assets and Liabilities Measured at Fair Value Fair value measurements are determined based on the assumptions that market participants would use in pricing the asset or liability. As a basis for considering market participant assumptions in fair value measurements, United uses a fair value hierarchy that distinguishes between market participant assumptions based on market data obtained from sources independent of the reporting entity (observable inputs that are classified within Levels 1 and 2 of the hierarchy) and the reporting entity’s own assumptions about market participant assumptions (unobservable inputs classified within Level 3 of the hierarchy). United has processes in place to review the significant valuation inputs and to reassess how the instruments are classified in the valuation framework. Fair Value Hierarchy Level 1 Level 2 Level 3 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. Securities Available-for-Sale Investment securities available-for-sale 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, United States Department of Treasury (“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 asset-backed securities in less liquid markets. Securities classified as Level 3 are valued based on estimates obtained from broker-dealers and are not directly observable. Deferred Compensation Plan Assets and Liabilities Included in other assets in the consolidated balance sheet are assets related to employee deferred compensation plans. The assets associated with these plans are invested in mutual funds and classified as Level 1. Deferred compensation liabilities, also classified as Level 1, are carried at the fair value of the obligation to the employee, which mirrors the fair value of the invested assets and is included in other liabilities in the consolidated balance sheet. Mortgage Loans Held for Sale Beginning in the third quarter of 2016, United elected the fair value option for newly originated mortgage loans held for sale. United elected the fair value option for its portfolio of mortgage loans held for sale in order to reduce certain timing differences and better match changes in fair values of the loans with changes in the value of derivative instruments used to economically hedge them. The fair value of mortgage loans held for sale is determined using quoted prices for a similar asset, adjusted for specific attributes of that loan (Level 2). Loans United does not record loans at fair value on a recurring basis. However, from time to time, a loan is considered impaired and an allowance for loan losses is established. Loans for which it is probable that payment of interest and principal will not be made in accordance with the contractual terms of the loan agreement are considered impaired. Once a loan is identified as individually impaired, management measures impairment based on the present value of expected future cash flows discounted at the loan's effective interest rate, except that as a practical expedient, a creditor may measure impairment based on a loan's observable market price, or the fair value of the collateral if repayment of the loan is dependent upon the sale of the underlying collateral. Those impaired loans not requiring an allowance represent loans for which the fair value of the expected repayments or collateral exceed the recorded investments in such loans. In accordance with ASC 820, Fair Value Measures and Disclosures Derivative Financial Instruments United uses interest rate swaps and interest rate floors to manage its interest rate risk. The valuation of these instruments is typically determined using widely accepted valuation techniques including discounted cash flow analysis on the expected cash flows of each derivative. This analysis reflects the contractual terms of the derivatives, including the period to maturity, and uses observable market-based inputs, including interest rate curves and implied volatilities. The fair values of interest rate swaps are determined using the market standard methodology of netting the discounted future fixed cash receipts and the discounted expected variable cash payments. The variable cash payments are based on an expectation of future interest rates (forward curves) derived from observable market interest rate curves. United also uses best effort and mandatory delivery forward loan sale commitments to hedge risk in its mortgage lending business. To comply with the provisions of ASC 820, United incorporates credit valuation adjustments to appropriately reflect both its own nonperformance risk and the respective counterparty’s nonperformance risk in the fair value measurements. In adjusting the fair value of its derivative contracts for the effect of nonperformance risk, United has considered the effect of netting and any applicable credit enhancements, such as collateral postings, thresholds, mutual puts, and guarantees. Although management has determined that the majority of the inputs used to value its derivatives fall within Level 2 of the fair value hierarchy, the credit valuation adjustments associated with its derivatives utilize Level 3 inputs, such as estimates of current credit spreads to evaluate the likelihood of default by itself and its counterparties. However, as of September 30, 2017, management had assessed the significance of the effect of the credit valuation adjustments on the overall valuation of its derivative positions and has determined that the credit valuation adjustments are not significant to the overall valuation of its derivatives. Derivatives classified as Level 3 included structured derivatives for which broker quotes, used as a key valuation input, were not observable consistent with a Level 2 disclosure. The fair value of risk participations incorporates Level 3 inputs to evaluate the likelihood of customer default. The fair value of interest rate lock commitments, which is related to mortgage loan commitments, is categorized as Level 3 based on unobservable inputs for commitments that United does not expect to fund. Servicing Rights for SBA/USDA Loans United recognizes servicing rights upon the sale of Small Business Administration and United States Department of Agriculture (“SBA/USDA”) loans sold with servicing retained. Management has elected to carry this asset at fair value. Given the nature of the asset, the key valuation inputs are unobservable and management classifies this asset as Level 3. Residential Mortgage Servicing Rights United recognizes servicing rights upon the sale of residential mortgage loans sold with servicing retained. Effective January 1, 2017, management has elected to carry this asset at fair value. Given the nature of the asset, the key valuation inputs are unobservable and management classifies this asset as Level 3. The cumulative effect adjustment of this election to retained earnings, net of income tax effect, was $437,000. Pension Plan Assets For information on the fair value of pension plan assets, see Note 18 in the Annual Report on Form 10-K for the year ended December 31, 2016. Assets and Liabilities Measured at Fair Value on a Recurring Basis The table below presents United’s assets and liabilities measured at fair value on a recurring basis as of the dates indicated, aggregated by the level in the fair value hierarchy within which those measurements fall (in thousands) September 30, 2017 Level 1 Level 2 Level 3 Total Assets: Securities available for sale: U.S. Treasuries $ 74,764 $ - $ - $ 74,764 U.S. Government agencies - 27,728 - 27,728 State and political subdivisions - 172,389 - 172,389 Mortgage-backed securities - 1,648,696 - 1,648,696 Corporate bonds - 307,561 810 308,371 Asset-backed securities - 308,465 - 308,465 Other - 57 - 57 Mortgage loans held for sale - 30,093 - 30,093 Deferred compensation plan assets 5,368 - - 5,368 Servicing rights for SBA/USDA loans - - 7,067 7,067 Residential mortgage servicing rights - - 6,926 6,926 Derivative financial instruments - 9,854 11,118 20,972 Total assets $ 80,132 $ 2,504,843 $ 25,921 $ 2,610,896 Liabilities: Deferred compensation plan liability $ 5,368 $ - $ - $ 5,368 Derivative financial instruments - 7,581 15,345 22,926 Total liabilities $ 5,368 $ 7,581 $ 15,345 $ 28,294 December 31, 2016 Level 1 Level 2 Level 3 Total Assets: Securities available for sale U.S. Treasuries $ 169,616 $ - $ - $ 169,616 U.S. Agencies - 20,820 - 20,820 State and political subdivisions - 74,177 - 74,177 Mortgage-backed securities - 1,391,682 - 1,391,682 Corporate bonds - 304,717 675 305,392 Asset-backed securities - 469,569 - 469,569 Other - 1,182 - 1,182 Mortgage loans held for sale - 27,891 - 27,891 Deferred compensation plan assets 4,161 - - 4,161 Servicing rights for SBA/USDA loans - - 5,752 5,752 Derivative financial instruments - 11,911 11,777 23,688 Total assets $ 173,777 $ 2,301,949 $ 18,204 $ 2,493,930 Liabilities: Deferred compensation plan liability $ 4,161 $ - $ - $ 4,161 Derivative financial instruments - 11,301 16,347 27,648 Total liabilities $ 4,161 $ 11,301 $ 16,347 $ 31,809 The following table shows a reconciliation of the beginning and ending balances for the periods indicated for assets measured at fair value on a recurring basis using significant unobservable inputs that are classified as Level 3 values (in thousands) 2017 2016 Derivative Derivative Servicing Residential Securities Derivative Derivative Servicing Securities Three Months Ended September 30, Balance at beginning of period $ 11,856 $ 16,091 $ 6,640 $ 6,499 $ 810 $ 2,657 $ 7,531 $ 4,615 $ 500 Additions - - 770 846 - - 16 752 - Sales and settlements (658 ) (909 ) (209 ) (118 ) - (204 ) (483 ) (126 ) - Other comprehensive income - - - - - - - - - Amounts included in earnings - (80 ) 163 (134 ) (301 ) - 2,412 2,529 (141 ) - Transfers between valuation levels, net - - - - - - 22 - - Balance at end of period $ 11,118 $ 15,345 $ 7,067 $ 6,926 $ 810 $ 4,865 $ 9,615 $ 5,100 $ 500 Nine Months Ended September 30, Balance at beginning of period $ 11,777 $ 16,347 $ 5,752 $ - $ 675 $ 9,418 $ 15,794 $ 3,712 $ 750 Transfer from amortization - - - 5,070 - - - - - Additions - - 1,991 2,659 - - 16 1,852 - Sales and settlements (1,744 ) (2,423 ) (508 ) (232 ) - (204 ) (483 ) (297 ) - Other comprehensive income - - - - 135 - - - (250 ) Amounts included in earnings - 1,085 1,421 (168 ) (571 ) - (4,349 ) (5,734 ) (167 ) - Transfers between valuation levels, net - - - - - - 22 - - Balance at end of period $ 11,118 $ 15,345 $ 7,067 $ 6,926 $ 810 $ 4,865 $ 9,615 $ 5,100 $ 500 The following table presents quantitative information about Level 3 fair value measurements for fair value on a recurring basis as of the dates indicated (in thousands) Fair Value Weighted Average Level 3 Assets September 30, December 31, Valuation Unobservable Inputs September 30, December 31, Servicing rights for $ 7,067 $ 5,752 Discounted Discount rate 12.3 % 11.0 % SBA/USDA loans cash flow Prepayment rate 7.85 % 7.12 % Residential mortgage 6,926 - Discounted Discount rate 10.0 % N/A servicing rights cash flow Prepayment rate 10.8 % N/A Corporate bonds 810 675 Indicative bid provided by a broker Multiple factors, including but not limited to, current operations, financial condition, cash flows, and recently executed financing transactions related to the company N/A N/A Derivative assets - mortgage 1,193 1,552 Internal model Pull through rate 80 % 80 % Derivative assets - other 9,925 10,225 Dealer priced Dealer priced N/A N/A Derivative liabilities - risk 22 26 Internal model Probable exposure rate .34 % .35 % participations Probability of default rate 1.80 % 1.80 % Derivative liabilities - other 15,323 16,321 Dealer priced Dealer priced N/A N/A Fair Value Option At September 30, 2017, mortgage loans held for sale for which the fair value option was elected had an aggregate fair value and outstanding principal balance of $30.1 million and $29.1 million, respectively. At December 31, 2016, mortgage loans held for sale for which the fair value option was elected had an aggregate fair value and outstanding principal balance of $27.9 million and $27.6 million, respectively. Interest income on these loans is calculated based on the note rate of the loan and is recorded in interest revenue. During the three and nine months ended September 30, 2017, net gains resulting from changes in fair value of these loans of $264,000 and $708,000, respectively, were recorded in mortgage loan and other related fees. These changes in fair value were mostly offset by hedging activities. An immaterial portion of these amounts was attributable to changes in instrument-specific credit risk. During the three and nine months ended September 30, 2016, net gains resulting from changes in fair value of these loans of $11,000 were recorded in mortgage loan and other related fees. Assets and Liabilities Measured at Fair Value on a Nonrecurring Basis United may be required, from time to time, to measure certain assets at fair value on a nonrecurring basis. These adjustments to fair value usually result from the application of the lower of the amortized cost or fair value accounting or write-downs of individual assets due to impairment. The following table presents the fair value hierarchy and carrying value of all assets that were still held as of September 30, 2017 and December 31, 2016, for which a nonrecurring fair value adjustment was recorded during the year-to-date periods presented (in thousands) Level 1 Level 2 Level 3 Total September 30, 2017 Loans $ - $ - $ 8,843 $ 8,843 December 31, 2016 Loans $ - $ - $ 7,179 $ 7,179 Loans that are reported above as being measured at fair value on a nonrecurring basis are generally impaired loans that have either been partially charged off or have specific reserves assigned to them. Nonaccrual impaired loans that are collateral dependent are generally written down to 80% of appraised value which considers the estimated costs to sell. Specific reserves are established for impaired loans based on appraised value of collateral or discounted cash flows, although only those specific reserves based on the fair value of collateral are considered nonrecurring fair value adjustments. Assets and Liabilities Not Measured at Fair Value For financial instruments that have quoted market prices, those quotes are used to determine fair value. Financial instruments that have no defined maturity, have a remaining maturity of 180 days or less, or reprice frequently to a market rate, are assumed to have a fair value that approximates reported book value, after taking into consideration any applicable credit risk. If no market quotes are available, financial instruments are valued by discounting the expected cash flows using an estimated current market interest rate for the financial instrument. For off-balance sheet derivative instruments, fair value is estimated as the amount that United would receive or pay to terminate the contracts at the reporting date, taking into account the current unrealized gains or losses on open contracts. Cash and cash equivalents and repurchase agreements have short maturities and therefore the carrying value approximates fair value. Due to the short-term settlement of accrued interest receivable and payable, the carrying amount closely approximates fair value. Fair value estimates are made at a specific point in time, based on relevant market information and information about the financial instrument. These estimates do not reflect the premium or discount on any particular financial instrument that could result from the sale of United’s entire holdings. All estimates are inherently subjective in nature. Changes in assumptions could significantly affect the estimates. Fair value estimates are based on existing on and off-balance sheet financial instruments without attempting to estimate the value of anticipated future business and the value of assets and liabilities that are not considered financial instruments. Significant assets and liabilities that are not considered financial instruments include the mortgage banking operation, brokerage network, deferred income taxes, premises and equipment and goodwill. In addition, the tax ramifications related to the realization of the unrealized gains and losses can have a significant effect on fair value estimates and have not been considered in the estimates. Off-balance sheet instruments (commitments to extend credit and standby letters of credit) for which draws can be reasonably predicted are generally short-term in maturity and are priced at variable rates. Therefore, the estimated fair value associated with these instruments is immaterial. The carrying amount and fair values as of the dates indicated for other financial instruments that are not measured at fair value on a recurring basis are as follows (in thousands) Carrying Fair Value Level Amount Level 1 Level 2 Level 3 Total September 30, 2017 Assets: Securities held to maturity $ 306,741 $ - $ 310,446 $ - $ 310,446 Loans, net 7,144,332 - - 7,051,886 7,051,886 Mortgage loans held for sale 199 - 205 - 205 Liabilities: Deposits 9,127,384 - 9,128,990 - 9,128,990 Federal Home Loan Bank advances 494,484 - 494,411 - 494,411 Long-term debt 135,707 - - 136,824 136,824 December 31, 2016 Assets: Securities held to maturity $ 329,843 $ - $ 333,170 $ - $ 333,170 Loans, net 6,859,214 - - 6,824,229 6,824,229 Mortgage loans held for sale 1,987 - 2,018 - 2,018 Residential mortgage servicing rights 4,372 - - 5,175 5,175 Liabilities: Deposits 8,637,558 - 8,635,811 - 8,635,811 Federal Home Loan Bank advances 709,209 - 709,174 - 709,174 Long-term debt 175,078 - - 175,750 175,750 |
Commitments and Contingencies
Commitments and Contingencies | 9 Months Ended |
Sep. 30, 2017 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Note 14 – Commitments and Contingencies United is party to financial instruments with off-balance sheet risk in the normal course of business to meet the financing needs of its customers. These financial instruments include commitments to extend credit and letters of credit. These instruments involve, to varying degrees, elements of credit risk in excess of the amount recognized in the balance sheet. The contract amounts of these instruments reflect the extent of involvement United has in particular classes of financial instruments. The exposure to credit loss in the event of nonperformance by the other party to the financial instrument for commitments to extend credit and letters of credit written is represented by the contractual amount of these instruments. United uses the same credit policies in making commitments and conditional obligations as it uses for underwriting on-balance sheet instruments. In many cases, collateral or other security is required to support financial instruments with credit risk. The following table summarizes the contractual amount of off-balance sheet instruments as of the dates indicated (in thousands) September 30, December 31, 2017 2016 Financial instruments whose contract amounts represent credit risk: Commitments to extend credit $ 1,793,538 $ 1,542,186 Letters of credit 26,763 26,862 United’s wholly-owned bank subsidiary, United Community Bank (the“Bank”), holds minor investments in certain limited partnerships for Community Reinvestment Act purposes. As of September 30, 2017, the Bank had invested $4.13 million in these limited partnerships and had committed to fund an additional $5.37 million related to future capital calls. United, in the normal course of business, is subject to various pending and threatened lawsuits in which claims for monetary damages are asserted. Although it is not possible to predict the outcome of these lawsuits, or the range of any possible loss, management, after consultation with legal counsel, does not anticipate that the ultimate aggregate liability, if any, arising from these lawsuits will have a material adverse effect on United’s financial position or results of operations. |
Goodwill and Other Intangible A
Goodwill and Other Intangible Assets | 9 Months Ended |
Sep. 30, 2017 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Other Intangible Assets | Note 15 – Goodwill and Other Intangible Assets The carrying amount of goodwill and other intangible assets as of the dates indicated is summarized below (in thousands) September 30, December 31, 2017 2016 Core deposit intangible $ 54,822 $ 51,342 Less: accumulated amortization (39,986 ) (37,145 ) Net core deposit intangible 14,836 14,197 Noncompete agreement 2,236 - Less: accumulated amortization (244 ) - Net noncompete agreement 1,992 - Total intangibles subject to amortization, net 16,828 14,197 Goodwill 165,888 142,025 Total goodwill and other intangible assets, net $ 182,716 $ 156,222 The following is a summary of changes in the carrying amounts of goodwill (in thousands) For the Three Months Ended September 30, For the Nine Months Ended September 30, Goodwill, net of Goodwill, net of Accumulated Accumulated Accumulated Accumulated Impairment Impairment Impairment Impairment Goodwill Losses Losses Goodwill Losses Losses 2017 Balance, beginning of period $ 447,615 $ (305,590 ) $ 142,025 $ 447,615 $ (305,590 ) $ 142,025 Acquisition of HCSB 23,863 - 23,863 23,863 - 23,863 Balance, end of period $ 471,478 $ (305,590 ) $ 165,888 $ 471,478 $ (305,590 ) $ 165,888 2016 Balance, beginning of period $ 436,902 $ (305,590 ) $ 131,312 $ 436,202 $ (305,590 ) $ 130,612 Acquisition of Tidelands 10,713 - 10,713 10,713 - 10,713 Measurement period adjustments - - - 700 - 700 Balance, end of period $ 447,615 $ (305,590 ) $ 142,025 $ 447,615 $ (305,590 ) $ 142,025 The estimated aggregate amortization expense for future periods is as follows (in thousands) Year Remainder of 2017 $ 1,384 2018 4,810 2019 3,391 2020 2,272 2021 1,631 Thereafter 3,340 Total $ 16,828 |
Subsequent Events
Subsequent Events | 9 Months Ended |
Sep. 30, 2017 | |
Subsequent Events [Abstract] | |
Subsequent Events | Note 16 – Subsequent Events On October 15, 2017, United paid off $35 million of maturing long-term debt that had an interest rate of 9%. On November 3, 2017, United's Board of Directors approved a regular quarterly cash dividend of ten cents per common share. The dividend is payable January 5, 2018, to shareholders of record on December 15, 2017. Four Oaks Fincorp, Inc. On November 1, 2017, United completed its previously announced acquisition of Four Oaks Fincorp, Inc. (“FOFN”) and its wholly-owned bank subsidiary, Four Oaks Bank & Trust Company. As of June 30, 2017, FOFN had total assets of $740 million, loans of $498 million and deposits of $560 million. Four Oaks Bank & Trust Company, which operated 14 banking offices in the Raleigh, North Carolina metropolitan statistical area, will operate under the Four Oaks Bank & Trust Company brand until the system conversions are completed in the second quarter of 2018, at which time it will begin to operate as United Community Bank. Under the terms of the merger agreement, FOFN shareholders received .6178 shares of United common stock and $1.90 for each share of FOFN common stock, or an aggregate of approximately $128 million based on United’s closing price of $27.42 on October 31, 2017. The acquisition will be accounted for as a business combination, subject to the provisions of ASC 805-10-50, Business Combinations |
Accounting Policies (Policies)
Accounting Policies (Policies) | 9 Months Ended |
Sep. 30, 2017 | |
Accounting Policies [Abstract] | |
Accounting Policies | Accounting Policies The accounting and financial reporting policies of United Community Banks, Inc. (“United”) and its subsidiaries conform to accounting principles generally accepted in the United States (“GAAP”) and reporting guidelines of banking regulatory authorities and regulators. The accompanying interim consolidated financial statements have not been audited. All material intercompany balances and transactions have been eliminated. A more detailed description of United’s accounting policies is included in its Annual Report on Form 10-K for the year ended December 31, 2016. Effective January 1, 2017, management elected to begin measuring residential mortgage servicing rights at fair value. The cumulative effect adjustment of this election to retained earnings, net of income tax effect, was $437,000. In management’s opinion, all accounting adjustments necessary to accurately reflect the financial position and results of operations on the accompanying financial statements have been made. These adjustments are normal and recurring accruals considered necessary for a fair and accurate statement. The results for interim periods are not necessarily indicative of results for the full year or any other interim periods. Certain 2016 amounts have been reclassified to conform to the 2017 presentation. As discussed in the Form 10-K for the year ended December 31, 2016, certain loan balances previously shown as retail loans were reclassified to several commercial categories to better align the reporting with the business purpose or underlying credit risk of the loans, rather than the collateral type. The reclassifications moved residential mortgages and home equity lines from the residential mortgage and home equity lines of credit categories to the owner-occupied and income-producing commercial real estate categories. Although these loans were secured by one-to-four family residential properties, their purpose was commercial since they included residential home rental property and business purpose loans secured by the borrower’s primary residence. In addition, residential construction loans were reclassified to the commercial construction category. These reclassified loans are to builders and developers of residential properties. Reclassifying these balances better aligned the loan categories with the management of credit risk. For the three and nine months ended September 30, 2016, historic charge-offs and recoveries on these same loans have been reclassified, as well as the corresponding allowance for loan loss balances, average impaired loan balances, and new troubled debt restructurings. |
Acquisitions (Tables)
Acquisitions (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Business Acquisition [Line Items] | |
Schedule of actual results and pro forma information | Three Months Ended September 30, Nine Months Ended September 30, Revenue Net Income Revenue Net Income 2017 Actual HCSB results included in statement of income since acquisition date $ 2,404 $ 627 $ 2,404 $ 627 Supplemental consolidated pro forma as if HCSB had been acquired January 1, 2016 110,910 27,590 330,851 80,539 2016 Actual Tidelands results included in statement of income since acquisition date $ 3,988 $ 658 $ 3,988 $ 658 Supplemental consolidated pro forma as if HCSB had been acquired January 1, 2016 and Tidelands had been acquired January 1, 2015 108,549 24,715 309,662 57,114 |
HCSB Financial Corporation | |
Business Acquisition [Line Items] | |
Schedule of purchased assets and assumed liabilities | As Recorded by Fair Value Adjustments (1) As Recorded by Assets Cash and cash equivalents $ 17,855 $ (2 ) $ 17,853 Securities 101,462 (142 ) 101,320 Loans, net 228,483 (12,536 ) 215,947 Premises and equipment, net 14,030 (6,113 ) 7,917 Bank owned life insurance 11,827 - 11,827 Accrued interest receivable 1,322 (275 ) 1,047 Net deferred tax asset - 25,389 25,389 Intangibles - 5,716 5,716 Other real estate owned 1,177 (372 ) 805 Other assets 1,950 (32 ) 1,918 Total assets acquired $ 378,106 $ 11,633 $ 389,739 Liabilities Deposits $ 318,512 $ 430 $ 318,942 Repurchase agreements 1,141 - 1,141 Federal Home Loan Bank advances 24,000 517 24,517 Other liabilities 1,955 91 2,046 Total liabilities assumed 345,608 1,038 346,646 Excess of assets acquired over liabilities assumed $ 32,498 Aggregate fair value adjustments $ 10,595 Total identifiable net assets $ 43,093 Consideration transferred Cash 31 Common stock issued (2,370,331 shares) 65,800 Total fair value of consideration transferred 65,831 Equity interest in HCSB held before the business combination 1,125 Goodwill $ 23,863 (1) |
Schedule of additional information related to acquired loan portfolio at acquisition date | July 31, 2017 Accounted for pursuant to ASC 310-30: Contractually required principal and interest $ 46,069 Non-accretable difference 12,413 Cash flows expected to be collected 33,656 Accretable yield 3,410 Fair value $ 30,246 Excluded from ASC 310-30: Fair value $ 185,701 Gross contractual amounts receivable 212,780 Estimate of contractual cash flows not expected to be collected 3,985 |
Balance Sheet Offsetting and 28
Balance Sheet Offsetting and Repurchase Agreements Accounted for as Secured Borrowings (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Offsetting [Abstract] | |
Schedule of summary of amounts outstanding under reverse repurchase agreements. | Gross Gross Gross Amounts not Offset September 30, 2017 Recognized Balance Net Asset Financial Collateral Received Net Repurchase agreements / reverse repurchase agreements $ 200,000 $ (200,000 ) $ - $ - $ - $ - Derivatives 20,972 - 20,972 (2,232 ) (2,048 ) 16,692 Total $ 220,972 $ (200,000 ) $ 20,972 $ (2,232 ) $ (2,048 ) $ 16,692 Weighted average interest rate of reverse repurchase agreements 2.02 % Gross Gross Gross Amounts not Offset in the Balance Sheet Recognized Balance Net Liability Financial Collateral Pledged Net Repurchase agreements / reverse repurchase agreements $ 200,000 $ (200,000 ) $ - $ - $ - $ - Derivatives 22,926 - 22,926 (2,232 ) (20,900 ) - Total $ 222,926 $ (200,000 ) $ 22,926 $ (2,232 ) $ (20,900 ) $ - Weighted average interest rate of repurchase agreements 1.20 % Gross Gross Gross Amounts not Offset in the December 31, 2016 Recognized Balance Net Asset Financial Collateral Net Repurchase agreements / reverse repurchase agreements $ 150,000 $ (150,000 ) $ - $ - $ - $ - Derivatives 23,688 - 23,688 (3,485 ) (3,366 ) 16,837 Total $ 173,688 $ (150,000 ) $ 23,688 $ (3,485 ) $ (3,366 ) $ 16,837 Weighted average interest rate of reverse repurchase agreements 1.78 % Gross Gross Gross Amounts not Offset in the Recognized Balance Net Liability Financial Collateral Net Repurchase agreements / reverse repurchase agreements $ 150,000 $ (150,000 ) $ - $ - $ - $ - Derivatives 27,648 - 27,648 (3,485 ) (18,505 ) 5,658 Total $ 177,648 $ (150,000 ) $ 27,648 $ (3,485 ) $ (18,505 ) $ 5,658 Weighted average interest rate of repurchase agreements .88 % |
Schedule of repurchase agreements remaining contractual maturity of the agreements | Remaining Contractual Maturity of the Agreements As of September 30, 2017 Overnight and Continuous Up to 30 Days 30 to 90 Days 91 to 110 days Total Mortgage-backed securities $ 1,005 $ 100,000 $ - $ 100,000 $ 201,005 Total $ 1,005 $ 100,000 $ - $ 100,000 $ 201,005 Gross amount of recognized liabilities for repurchase agreements in offsetting disclosure $ 200,000 Amounts related to agreements not included in offsetting disclosure $ 1,005 Remaining Contractual Maturity of the Agreements As of December 31, 2016 Overnight and Continuous Up to 30 Days 30 to 90 Days 91 to 110 days Total Mortgage-backed securities $ - $ - $ 50,000 $ 100,000 $ 150,000 Total $ - $ - $ 50,000 $ 100,000 $ 150,000 Gross amount of recognized liabilities for repurchase agreements in offsetting disclosure $ 150,000 Amounts related to agreements not included in offsetting disclosure $ - |
Securities (Tables)
Securities (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Investment Securities [Abstract] | |
Schedule of cost basis, gross unrealized gains and losses and fair value of securities held to maturity | Gross Gross Amortized Unrealized Unrealized Fair Cost Gains Losses Value As of September 30, 2017 State and political subdivisions $ 58,917 $ 2,140 $ 156 $ 60,901 Mortgage-backed securities (1) 247,824 3,445 1,724 249,545 Total $ 306,741 $ 5,585 $ 1,880 $ 310,446 As of December 31, 2016 State and political subdivisions $ 57,134 $ 2,197 $ 249 $ 59,082 Mortgage-backed securities (1) 272,709 4,035 2,656 274,088 Total $ 329,843 $ 6,232 $ 2,905 $ 333,170 (1) |
Schedule of cost basis, unrealized gains and losses, and fair value of securities available for sale | Gross Gross Amortized Unrealized Unrealized Fair Cost Gains Losses Value As of September 30, 2017 U.S. Treasuries $ 74,434 $ 330 $ - $ 74,764 U.S. Government agencies 27,276 473 21 27,728 State and political subdivisions 171,372 1,402 385 172,389 Mortgage-backed securities (1) 1,644,741 11,365 7,410 1,648,696 Corporate bonds 305,559 3,108 296 308,371 Asset-backed securities 306,127 2,505 167 308,465 Other 57 - - 57 Total $ 2,529,566 $ 19,183 $ 8,279 $ 2,540,470 As of December 31, 2016 U.S. Treasuries $ 170,360 $ 20 $ 764 $ 169,616 U.S. Government agencies 21,053 6 239 20,820 State and political subdivisions 74,555 176 554 74,177 Mortgage-backed securities (1) 1,397,435 8,924 14,677 1,391,682 Corporate bonds 306,824 591 2,023 305,392 Asset-backed securities 468,742 2,798 1,971 469,569 Other 1,182 - - 1,182 Total $ 2,440,151 $ 12,515 $ 20,228 $ 2,432,438 (1) |
Schedule of held to maturity securities in an unrealized loss position | Less than 12 Months 12 Months or More Total Fair Value Unrealized Fair Value Unrealized Fair Value Unrealized Loss As of September 30, 2017 State and political subdivisions $ 8,049 $ 156 $ - $ - $ 8,049 $ 156 Mortgage-backed securities 80,277 1,025 18,871 699 99,148 1,724 Total unrealized loss position $ 88,326 $ 1,181 $ 18,871 $ 699 $ 107,197 $ 1,880 As of December 31, 2016 State and political subdivisions $ 18,359 $ 249 $ - $ - $ 18,359 $ 249 Mortgage-backed securities 118,164 2,656 - - 118,164 2,656 Total unrealized loss position $ 136,523 $ 2,905 $ - $ - $ 136,523 $ 2,905 |
Schedule of available for sale securities in an unrealized loss position | Less than 12 Months 12 Months or More Total Fair Value Unrealized Fair Value Unrealized Fair Value Unrealized Loss As of September 30, 2017 U.S. Treasuries $ - $ - $ - $ - $ - $ - U.S. Government agencies 2,656 13 1,007 8 3,663 21 State and political subdivisions 68,936 385 - - 68,936 385 Mortgage-backed securities 466,703 3,666 155,799 3,744 622,502 7,410 Corporate bonds 31,113 106 810 190 31,923 296 Asset-backed securities 64,580 135 5,027 32 69,607 167 Total unrealized loss position $ 633,988 $ 4,305 $ 162,643 $ 3,974 $ 796,631 $ 8,279 As of December 31, 2016 U.S. Treasuries $ 145,229 $ 764 $ - $ - $ 145,229 $ 764 U.S. Government agencies 19,685 239 - - 19,685 239 State and political subdivisions 61,782 554 - - 61,782 554 Mortgage-backed securities 810,686 13,952 26,279 725 836,965 14,677 Corporate bonds 228,504 1,597 15,574 426 244,078 2,023 Asset-backed securities 54,477 540 115,338 1,431 169,815 1,971 Total unrealized loss position $ 1,320,363 $ 17,646 $ 157,191 $ 2,582 $ 1,477,554 $ 20,228 |
Schedule of summary of securities sales activities | Three Months Ended Nine Months Ended 2017 2016 2017 2016 Proceeds from sales $ 181,119 $ 100,867 $ 275,769 $ 189,164 Gross gains on sales $ 923 $ 607 $ 1,248 $ 1,565 Gross losses on sales (735 ) (346 ) (1,058 ) (643 ) Net gains on sales of securities $ 188 $ 261 $ 190 $ 922 Income tax expense attributable to sales $ 73 $ 101 $ 72 $ 348 |
Schedule of amortized cost and fair value of available for sale and held to maturity securities by contractual maturity | Available-for-Sale Held-to-Maturity Amortized Cost Fair Value Amortized Cost Fair Value US Treasuries: 1 to 5 years $ 44,523 $ 44,827 $ - $ - 5 to 10 years 29,911 29,937 - - 74,434 74,764 - - US Government agencies: 1 to 5 years 2,103 2,117 - - 5 to 10 years 19,757 19,913 - - More than 10 years 5,416 5,698 - - 27,276 27,728 - - State and political subdivisions: Within 1 year 1,500 1,515 4,092 4,146 1 to 5 years 29,696 29,617 13,661 14,182 5 to 10 years 44,422 44,740 16,956 18,423 More than 10 years 95,754 96,517 24,208 24,150 171,372 172,389 58,917 60,901 Corporate bonds: 1 to 5 years 258,158 260,793 - - 5 to 10 years 46,401 46,768 - - More than 10 years 1,000 810 - - 305,559 308,371 - - Asset-backed securities: 1 to 5 years 6,951 7,121 - - 5 to 10 years 113,881 114,465 - - More than 10 years 185,295 186,879 - - 306,127 308,465 - - Other: More than 10 years 57 57 - - 57 57 - - Total securities other than mortgage-backed securities: Within 1 year 1,500 1,515 4,092 4,146 1 to 5 years 341,431 344,475 13,661 14,182 5 to 10 years 254,372 255,823 16,956 18,423 More than 10 years 287,522 289,961 24,208 24,150 Mortgage-backed securities 1,644,741 1,648,696 247,824 249,545 $ 2,529,566 $ 2,540,470 $ 306,741 $ 310,446 |
Loans and Allowance for Credi30
Loans and Allowance for Credit Losses (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Loans and Allowance for Credit Losses [Abstract] | |
Schedule of major classifications of loans | September 30, December 31, 2017 2016 Owner occupied commercial real estate $ 1,791,762 $ 1,650,360 Income producing commercial real estate 1,413,104 1,281,541 Commercial & industrial 1,083,591 1,069,715 Commercial construction 583,344 633,921 Total commercial 4,871,801 4,635,537 Residential mortgage 933,205 856,725 Home equity lines of credit 688,875 655,410 Residential construction 190,047 190,043 Consumer installment 118,742 123,567 Indirect auto 400,267 459,354 Total loans 7,202,937 6,920,636 Less allowance for loan losses (58,605 ) (61,422 ) Loans, net $ 7,144,332 $ 6,859,214 |
Schedule of changes in the value of the accretable yield for acquired loans accounted | Three Months Ended September 30, Nine Months Ended September 30, 2017 2016 2017 2016 Balance at beginning of period $ 11,365 $ 5,337 $ 7,981 $ 4,279 Additions due to acquisitions 3,410 2,113 3,410 2,113 Accretion (2,075 ) (1,116 ) (5,177 ) (3,058 ) Reclassification from nonaccretable difference 1,163 1,455 5,879 2,908 Changes in expected cash flows that do not affect nonaccretable difference 735 362 2,505 1,909 Balance at end of period $ 14,598 $ 8,151 $ 14,598 $ 8,151 |
Schedule of balance and activity in the allowance for credit losses by portfolio segment | 2017 2016 Three Months Ended September 30, Beginning Charge-Offs Recoveries (Release) Ending Beginning Charge- Recoveries (Release) Ending Owner occupied commercial real estate $ 15,422 $ (100 ) $ 144 $ (624 ) $ 14,842 $ 15,675 $ (461 ) $ 415 $ (353 ) $ 15,276 Income producing commercial real estate 9,354 (1,235 ) 76 1,138 9,333 8,683 (206 ) 136 1,477 10,090 Commercial & industrial 3,620 (329 ) 529 690 4,510 3,202 (850 ) 398 690 3,440 Commercial construction 11,038 (206 ) 320 (946 ) 10,206 13,097 (30 ) 224 (2,367 ) 10,924 Residential mortgage 9,798 (396 ) 83 145 9,630 11,329 (63 ) 109 64 11,439 Home equity lines of credit 4,590 (321 ) 265 187 4,721 5,247 (321 ) 54 197 5,177 Residential construction 3,084 (57 ) 21 (92 ) 2,956 4,851 (253 ) 10 (267 ) 4,341 Consumer installment 584 (475 ) 314 292 715 723 (426 ) 190 183 670 Indirect auto 2,010 (333 ) 65 (50 ) 1,692 1,446 (354 ) 69 443 1,604 Total allowance for loan losses 59,500 (3,452 ) 1,817 740 58,605 64,253 (2,964 ) 1,605 67 62,961 Allowance for unfunded commitments 2,222 - - 260 2,482 2,369 - - (367 ) 2,002 Total allowance for credit losses 61,722 (3,452 ) 1,817 1,000 61,087 $ 66,622 $ (2,964 ) $ 1,605 $ (300 ) $ 64,963 Nine Months Ended September 30, Beginning Charge-Offs Recoveries (Release) Ending Beginning Charge- Recoveries (Release) Ending Owner occupied commercial real estate $ 16,446 $ (283 ) $ 501 $ (1,822 ) $ 14,842 $ 18,016 $ (1,929 ) $ 605 $ (1,416 ) $ 15,276 Income producing commercial real estate 8,843 (2,335 ) 123 2,702 9,333 11,548 (788 ) 463 (1,133 ) 10,090 Commercial & industrial 3,810 (1,143 ) 1,141 702 4,510 4,433 (1,645 ) 1,302 (650 ) 3,440 Commercial construction 13,405 (769 ) 912 (3,342 ) 10,206 9,553 (392 ) 617 1,146 10,924 Residential mortgage 8,545 (1,069 ) 200 1,954 9,630 12,719 (776 ) 248 (752 ) 11,439 Home equity lines of credit 4,599 (1,216 ) 485 853 4,721 5,956 (1,513 ) 361 373 5,177 Residential construction 3,264 (127 ) 153 (334 ) 2,956 4,002 (531 ) 61 809 4,341 Consumer installment 708 (1,374 ) 716 665 715 828 (1,123 ) 625 340 670 Indirect auto 1,802 (1,066 ) 214 742 1,692 1,393 (953 ) 141 1,023 1,604 Total allowance for loan losses 61,422 (9,382 ) 4,445 2,120 58,605 68,448 (9,650 ) 4,423 (260 ) 62,961 Allowance for unfunded commitments 2,002 - - 480 2,482 2,542 - - (540 ) 2,002 Total allowance for credit losses $ 63,424 $ (9,382 ) $ 4,445 $ 2,600 $ 61,087 $ 70,990 $ (9,650 ) $ 4,423 $ (800 ) $ 64,963 Allowance for Loan Losses September 30, 2017 December 31, 2016 Individually Collectively PCI Ending Individually Collectively PCI Ending Owner occupied commercial real estate $ 1,131 $ 13,711 $ - $ 14,842 $ 1,746 $ 14,700 $ - $ 16,446 Income producing commercial real estate 869 8,439 25 9,333 885 7,919 39 8,843 Commercial & industrial 1,040 3,470 - 4,510 58 3,752 - 3,810 Commercial construction 165 10,040 1 10,206 168 13,218 19 13,405 Residential mortgage 1,111 8,504 15 9,630 517 7,997 31 8,545 Home equity lines of credit - 4,721 - 4,721 2 4,597 - 4,599 Residential construction 82 2,874 - 2,956 64 3,198 2 3,264 Consumer installment 8 705 2 715 12 696 - 708 Indirect auto 30 1,662 - 1,692 - 1,802 - 1,802 Total allowance for loan losses 4,436 54,126 43 58,605 3,452 57,879 91 61,422 Allowance for unfunded commitments - 2,482 - 2,482 - 2,002 - 2,002 Total allowance for credit losses $ 4,436 $ 56,608 $ 43 $ 61,087 $ 3,452 $ 59,881 $ 91 $ 63,424 Loans Outstanding September 30, 2017 December 31, 2016 Individually Collectively PCI Ending Individually Collectively PCI Ending Owner occupied commercial real estate $ 29,429 $ 1,744,318 $ 18,015 $ 1,791,762 $ 31,421 $ 1,600,355 $ 18,584 $ 1,650,360 Income producing commercial real estate 26,061 1,361,914 25,129 1,413,104 30,459 1,225,763 25,319 1,281,541 Commercial & industrial 5,653 1,076,890 1,048 1,083,591 1,915 1,066,764 1,036 1,069,715 Commercial construction 4,728 569,841 8,775 583,344 5,050 620,543 8,328 633,921 Residential mortgage 14,352 906,287 12,566 933,205 13,706 836,624 6,395 856,725 Home equity lines of credit 204 687,228 1,443 688,875 63 653,337 2,010 655,410 Residential construction 1,544 188,054 449 190,047 1,594 187,516 933 190,043 Consumer installment 293 117,146 1,303 118,742 290 123,118 159 123,567 Indirect auto 1,312 398,955 - 400,267 1,165 458,189 - 459,354 Total loans $ 83,576 $ 7,050,633 $ 68,728 $ 7,202,937 $ 85,663 $ 6,772,209 $ 62,764 $ 6,920,636 |
Schedule of recorded investments in individually evaluated impaired loans | September 30, 2017 December 31, 2016 Unpaid Recorded Allowance Unpaid Recorded Allowance With no related allowance recorded: Owner occupied commercial real estate $ 8,958 $ 8,126 $ - $ 9,171 $ 8,477 $ - Income producing commercial real estate 14,739 14,739 - 16,864 16,864 - Commercial & industrial 2,387 2,100 - 421 334 - Commercial construction 981 776 - 845 841 - Total commercial 27,065 25,741 - 27,301 26,516 - Residential mortgage 2,980 2,885 - 630 628 - Home equity lines of credit 393 204 - - - - Residential construction 239 164 - - - - Consumer installment 30 30 - - - - Indirect auto 134 134 - 1,165 1,165 - Total with no related allowance recorded 30,841 29,158 - 29,096 28,309 - With an allowance recorded: Owner occupied commercial real estate 21,645 21,303 1,131 23,574 22,944 1,746 Income producing commercial real estate 11,421 11,322 869 13,681 13,595 885 Commercial & industrial 3,655 3,553 1,040 1,679 1,581 58 Commercial construction 4,490 3,952 165 4,739 4,209 168 Total commercial 41,211 40,130 3,205 43,673 42,329 2,857 Residential mortgage 12,009 11,467 1,111 13,565 13,078 517 Home equity lines of credit - - - 63 63 2 Residential construction 1,458 1,380 82 1,947 1,594 64 Consumer installment 267 263 8 293 290 12 Indirect auto 1,178 1,178 30 - - - Total with an allowance recorded 56,123 54,418 4,436 59,541 57,354 3,452 Total $ 86,964 $ 83,576 $ 4,436 $ 88,637 $ 85,663 $ 3,452 |
Schedule of TDRs including the number of loan contracts restructured and the pre- and post-modification recorded investment | New TDRs Pre- Post- TDRs Modified Within the Number of Recorded Rate Reduction Structure Other Total Number of Recorded Three Months Ended September 30, 2017 Owner occupied commercial real estate 3 $ 743 $ - $ 301 $ 108 $ 409 - $ - Income producing commercial real estate 1 31 - - 26 26 - - Commercial & industrial 1 22 - 22 - 22 - - Commercial construction - - - - - - - - Total commercial 5 796 - 323 134 457 - - Residential mortgage 9 773 - 773 - 773 1 160 Home equity lines of credit - - - - - - - - Residential construction 1 31 - 31 - 31 - - Consumer installment 1 10 - 10 - 10 - - Indirect auto 10 188 - - 188 188 - - Total loans 26 $ 1,798 $ - $ 1,137 $ 322 $ 1,459 1 $ 160 Nine Months Ended September 30, 2017 Owner occupied commercial real estate 6 $ 2,603 $ - $ 2,161 $ 108 $ 2,269 - $ - Income producing commercial real estate 2 257 - - 252 252 - - Commercial & industrial 3 75 - 75 - 75 - - Commercial construction - - - - - - - - Total commercial 11 2,935 - 2,236 360 2,596 - - Residential mortgage 21 1,609 - 1,609 - 1,609 3 815 Home equity lines of credit 1 296 - - 176 176 - - Residential construction 2 71 40 31 - 71 - - Consumer installment 2 16 - 16 - 16 - - Indirect auto 23 521 - - 521 521 - - Total loans 60 $ 5,448 $ 40 $ 3,892 $ 1,057 $ 4,989 3 $ 815 Three Months Ended September 30, 2016 Owner occupied commercial real estate 1 $ 1,007 $ - $ 1,007 $ - $ 1,007 - $ - Income producing commercial real estate 1 257 - 257 - 257 - - Commercial & industrial 2 66 - 66 - 66 2 34 Commercial construction 1 224 - 224 - 224 - - Total commercial 5 1,554 - 1,554 - 1,554 2 34 Residential mortgage 6 605 - 550 - 550 - - Home equity lines of credit - - - - - - - - Residential construction 1 48 - 48 - 48 - - Consumer installment 2 14 - 14 - 14 - - Indirect auto 8 226 - - 226 226 - - Total loans 22 $ 2,447 $ - $ 2,166 $ 226 $ 2,392 2 $ 34 Nine Months Ended September 30, 2016 Owner occupied commercial real estate 8 $ 2,699 $ - $ 2,699 $ - $ 2,699 1 $ 252 Income producing commercial real estate 1 257 - 257 - 257 - - Commercial & industrial 5 1,012 - 1,012 - 1,012 2 34 Commercial construction 3 459 - 393 66 459 - - Total commercial 17 4,427 - 4,361 66 4,427 3 286 Residential mortgage 23 3,033 1,957 982 - 2,939 1 85 Home equity lines of credit 1 38 38 - - 38 - - Residential construction 5 307 45 125 82 252 - - Consumer installment 3 34 - 34 - 34 - - Indirect auto 26 699 - - 699 699 - - Total loans 75 $ 8,538 $ 2,040 $ 5,502 $ 847 $ 8,389 4 $ 371 |
Schedule of average balances of impaired loans and income recognized on impaired loans | 2017 2016 Average Interest Cash Basis Average Interest Cash Basis Three Months Ended September 30, Owner occupied commercial real estate $ 29,764 $ 307 $ 331 $ 35,714 $ 434 $ 433 Income producing commercial real estate 26,203 329 331 31,753 416 380 Commercial & industrial 5,492 53 65 2,553 33 33 Commercial construction 4,863 51 48 5,984 66 69 Total commercial 66,322 740 775 76,004 949 915 Residential mortgage 14,448 139 139 14,060 140 140 Home equity lines of credit 207 4 4 103 1 1 Residential construction 1,561 24 24 1,542 19 17 Consumer installment 300 6 5 291 5 6 Indirect auto 1,339 18 18 959 11 11 Total $ 84,177 $ 931 $ 965 $ 92,959 $ 1,125 $ 1,090 Nine Months Ended September 30, Owner occupied commercial real estate $ 30,149 $ 1,023 $ 1,043 $ 33,997 $ 1,280 $ 1,307 Income producing commercial real estate 27,794 1,039 1,023 32,013 1,054 1,047 Commercial & industrial 3,103 106 110 2,614 98 94 Commercial construction 5,511 174 178 6,135 201 208 Total commercial 66,557 2,342 2,354 74,759 2,633 2,656 Residential mortgage 14,266 407 429 14,224 502 499 Home equity lines of credit 274 7 9 103 3 3 Residential construction 1,581 70 71 1,699 67 66 Consumer installment 298 17 17 303 17 18 Indirect auto 1,199 46 46 871 33 33 Total $ 84,175 $ 2,889 $ 2,926 $ 91,959 $ 3,255 $ 3,275 |
Schedule of recorded investment in nonaccrual loans by loan class | September 30, December 31, 2017 2016 Owner occupied commercial real estate $ 5,027 $ 7,373 Income producing commercial real estate 2,042 1,324 Commercial & industrial 2,378 966 Commercial construction 1,376 1,538 Total commercial 10,823 11,201 Residential mortgage 8,559 6,368 Home equity lines of credit 1,898 1,831 Residential construction 178 776 Consumer installment 84 88 Indirect auto 1,379 1,275 Total $ 22,921 $ 21,539 |
Schedule of aging of the recorded investment in past due loans | Loans Past Due Loans Not 30 - 59 Days 60 - 89 Days > 90 Days Total Past Due PCI Loans Total As of September 30, 2017 Owner occupied commercial real estate $ 4,017 $ 1,236 $ 2,176 $ 7,429 $ 1,766,318 $ 18,015 $ 1,791,762 Income producing commercial real estate 1,189 595 463 2,247 1,385,728 25,129 1,413,104 Commercial & industrial 3,088 1,008 1,006 5,102 1,077,441 1,048 1,083,591 Commercial construction 494 5 219 718 573,851 8,775 583,344 Total commercial 8,788 2,844 3,864 15,496 4,803,338 52,967 4,871,801 Residential mortgage 6,133 1,883 3,301 11,317 909,322 12,566 933,205 Home equity lines of credit 2,545 666 608 3,819 683,613 1,443 688,875 Residential construction 400 110 16 526 189,072 449 190,047 Consumer installment 544 39 28 611 116,828 1,303 118,742 Indirect auto 936 415 1,047 2,398 397,869 - 400,267 Total loans $ 19,346 $ 5,957 $ 8,864 $ 34,167 $ 7,100,042 $ 68,728 $ 7,202,937 As of December 31, 2016 Owner occupied commercial real estate $ 2,195 $ 1,664 $ 3,386 $ 7,245 $ 1,624,531 $ 18,584 $ 1,650,360 Income producing commercial real estate 1,373 355 330 2,058 1,254,164 25,319 1,281,541 Commercial & industrial 943 241 178 1,362 1,067,317 1,036 1,069,715 Commercial construction 452 14 292 758 624,835 8,328 633,921 Total commercial 4,963 2,274 4,186 11,423 4,570,847 53,267 4,635,537 Residential mortgage 7,221 1,799 1,700 10,720 839,610 6,395 856,725 Home equity lines of credit 1,996 101 957 3,054 650,346 2,010 655,410 Residential construction 950 759 51 1,760 187,350 933 190,043 Consumer installment 633 117 35 785 122,623 159 123,567 Indirect auto 1,109 301 909 2,319 457,035 - 459,354 Total loans $ 16,872 $ 5,351 $ 7,838 $ 30,061 $ 6,827,811 $ 62,764 $ 6,920,636 |
Schedule of risk category of loans by class of loans | Doubtful / Pass Watch Substandard Loss Total As of September 30, 2017 Owner occupied commercial real estate $ 1,708,659 $ 32,450 $ 32,638 $ - $ 1,773,747 Income producing commercial real estate 1,337,358 30,584 20,033 - 1,387,975 Commercial & industrial 1,054,999 14,645 12,899 - 1,082,543 Commercial construction 563,616 5,006 5,947 - 574,569 Total commercial 4,664,632 82,685 71,517 - 4,818,834 Residential mortgage 899,000 - 21,639 - 920,639 Home equity lines of credit 680,711 - 6,721 - 687,432 Residential construction 187,684 - 1,914 - 189,598 Consumer installment 116,877 - 562 - 117,439 Indirect auto 397,203 - 3,064 - 400,267 Total loans, excluding PCI loans $ 6,946,107 $ 82,685 $ 105,417 $ - $ 7,134,209 Owner occupied commercial real estate $ 3,628 $ 4,851 $ 9,536 $ - $ 18,015 Income producing commercial real estate 12,459 9,739 2,931 - 25,129 Commercial & industrial 426 403 219 - 1,048 Commercial construction 4,742 2,391 1,642 - 8,775 Total commercial 21,255 17,384 14,328 - 52,967 Residential mortgage 9,732 - 2,834 - 12,566 Home equity lines of credit 663 - 780 - 1,443 Residential construction 431 - 18 - 449 Consumer installment 1,273 - 30 - 1,303 Indirect auto - - - - - Total PCI loans $ 33,354 $ 17,384 $ 17,990 $ - $ 68,728 As of December 31, 2016 Owner occupied commercial real estate $ 1,577,301 $ 18,029 $ 36,446 $ - $ 1,631,776 Income producing commercial real estate 1,220,626 8,502 27,094 - 1,256,222 Commercial & industrial 1,055,282 4,188 9,209 - 1,068,679 Commercial construction 612,900 6,166 6,527 - 625,593 Total commercial 4,466,109 36,885 79,276 - 4,582,270 Residential mortgage 829,844 - 20,486 - 850,330 Home equity lines of credit 647,425 - 5,975 - 653,400 Residential construction 185,643 - 3,467 - 189,110 Consumer installment 122,736 - 672 - 123,408 Indirect auto 456,717 - 2,637 - 459,354 Total loans, excluding PCI loans $ 6,708,474 $ 36,885 $ 112,513 $ - $ 6,857,872 Owner occupied commercial real estate $ 2,044 $ 3,444 $ 13,096 $ - $ 18,584 Income producing commercial real estate 13,236 8,474 3,609 - 25,319 Commercial & industrial 216 160 660 - 1,036 Commercial construction 3,212 1,265 3,851 - 8,328 Total commercial 18,708 13,343 21,216 - 53,267 Residential mortgage 5,189 - 1,206 - 6,395 Home equity lines of credit 1,094 - 916 - 2,010 Residential construction 898 - 35 - 933 Consumer installment 159 - - - 159 Indirect auto - - - - - Total PCI loans $ 26,048 $ 13,343 $ 23,373 $ - $ 62,764 |
Reclassifications Out of Accu31
Reclassifications Out of Accumulated Other Comprehensive Income (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Reclassifications Out Of Accumulated Other Comprehensive Income [Abstract] | |
Schedule of reclassifications out of accumulated other comprehensive income | Amounts Reclassified from Accumulated Other Details about Accumulated Other For the Three Months For the Nine Months Affected Line Item in the Statement Comprehensive Income Components 2017 2016 2017 2016 Where Net Income is Presented Realized gains on available-for-sale securities: $ 188 $ 261 $ 190 $ 922 Securities gains, net (73 ) (101 ) (72 ) (348 ) Tax expense $ 115 $ 160 $ 118 $ 574 Net of tax Amortization of losses included in net income on available-for-sale securities transferred to held to maturity: $ (278 ) $ (663 ) $ (849 ) $ (1,601 ) Investment securities interest revenue 105 237 319 596 Tax benefit $ (173 ) $ (426 ) $ (530 ) $ (1,005 ) Net of tax Gains included in net income on derivative financial instruments accounted for as cash flow hedges: Amortization of losses on de-designated positions $ - $ - $ - $ (7 ) Deposits in banks and short-term investments interest revenue Amortization of losses on de-designated positions (150 ) (153 ) (448 ) (495 ) Money market deposit interest expense Amortization of losses on de-designated positions - (313 ) (292 ) (924 ) Federal Home Loan Bank advances interest expense (150 ) (466 ) (740 ) (1,426 ) Total before tax 58 181 288 555 Tax benefit $ (92 ) $ (285 ) $ (452 ) $ (871 ) Net of tax Reclassification of disproportionate tax effect related to terminated cash flow hedges: $ - $ - $ (3,400 ) $ - Income tax expense Amortization of prior service cost and actuarial losses included in net periodic pension cost for defined benefit pension plan: Prior service cost $ (140 ) $ (125 ) $ (420 ) $ (375 ) Salaries and employee benefits expense Actuarial losses (60 ) (42 ) (180 ) (126 ) Salaries and employee benefits expense (200 ) (167 ) (600 ) (501 ) Total before tax 78 65 235 195 Tax benefit $ (122 ) $ (102 ) $ (365 ) $ (306 ) Net of tax Total reclassifications for the period $ (272 ) $ (653 ) $ (4,629 ) $ (1,608 ) Net of tax |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Earnings Per Share [Abstract] | |
Schedule of computation of basic and diluted loss per share | Three Months Ended Nine Months Ended September 30, September 30, 2017 2016 2017 2016 Net income $ 27,946 $ 25,874 $ 79,737 $ 73,435 Dividends and undistributed earnings allocated to unvested shares (227 ) - (659 ) - Preferred dividends - - - (21 ) Net income available to common shareholders $ 27,719 $ 25,874 $ 79,078 $ 73,414 Weighted average shares outstanding: Basic 73,151 71,556 72,060 71,992 Effect of dilutive securities Stock options 11 5 11 4 Diluted 73,162 71,561 72,071 71,996 Net income per common share: Basic $ .38 $ .36 $ 1.10 $ 1.02 Diluted $ .38 $ .36 $ 1.10 $ 1.02 |
Derivatives and Hedging Activ33
Derivatives and Hedging Activities (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Derivatives and Hedging Activities [Abstract] | |
Schedule of derivative financial instruments on consolidated balance sheet | Derivatives designated as hedging instruments under ASC 815 Fair Value Interest Rate Products Balance Sheet September 30, December 31, Fair value hedge of corporate bonds Derivative assets $ 67 $ 265 $ 67 $ 265 Fair value hedge of brokered CDs Derivative liabilities $ 1,816 $ 1,980 $ 1,816 $ 1,980 Derivatives not designated as hedging instruments under ASC 815 Fair Value Interest Rate Products Balance Sheet September 30, December 31, Customer derivative positions Derivative assets $ 4,804 $ 5,266 Dealer offsets to customer derivative positions Derivative assets 4,424 3,869 Mortgage banking - loan commitment Derivative assets 1,193 1,552 Mortgage banking - forward sales commitment Derivative assets 149 534 Bifurcated embedded derivatives Derivative assets 9,925 10,225 Interest rate caps Derivative assets 410 - Offsetting positions for de-designated hedges Derivative assets - 1,977 $ 20,905 $ 23,423 Customer derivative positions Derivative liabilities $ 4,524 $ 3,897 Dealer offsets to customer derivative positions Derivative liabilities 3,054 5,328 Risk participations Derivative liabilities 22 26 Mortgage banking - forward sales commitment Derivative liabilities 3 96 Dealer offsets to bifurcated embedded derivatives Derivative liabilities 13,210 14,341 De-designated hedges Derivative liabilities 297 1,980 $ 21,110 $ 25,668 |
Schedule of effect of cash flow hedges on the consolidated statement of income | Amount of Gain (Loss) Gain (Loss) Reclassified from Gain (Loss) Recognized in Income on 2017 2016 Location 2017 2016 Location 2017 2016 Three Months Ended September 30, Interest rate swaps $ - $ - Interest expense $ (150 ) $ (466 ) Interest expense $ - $ - Nine Months Ended September 30, Interest rate swaps $ - $ - Interest expense $ (740 ) $ (1,426 ) Interest expense $ - $ - |
Schedule of effect of cash flow hedges on the consolidated statement of income | Location of Gain Amount of Gain (Loss) Amount of Gain (Loss) (Loss) Recognized Recognized in Income Recognized in Income in Income on on Derivative on Hedged Item Derivative 2017 2016 2017 2016 Three Months Ended September 30, Fair value hedges of brokered CDs Interest expense $ (217 ) $ (389 ) $ 95 $ 1,945 Fair value hedges of corporate bonds Interest revenue 20 262 (58 ) (307 ) $ (197 ) $ (127 ) $ 37 $ 1,638 Nine Months Ended September 30, Fair value hedges of brokered CDs Interest expense $ (418 ) $ 2,882 $ (60 ) $ (268 ) Fair value hedges of corporate bonds Interest revenue (197 ) (2,145 ) 63 1,896 $ (615 ) $ 737 $ 3 $ 1,628 |
Schedule of gains and losses recognized in income on derivatives not designated as hedging instruments | Amount of Gain (Loss) Recognized in Income on Location of Gain Derivative (Loss) Recognized Three Months Ended Nine Months Ended Derivative 2017 2016 2017 2016 Customer derivatives and dealer offsets Other fee revenue $ 554 $ 1,115 $ 1,804 $ 2,952 Bifurcated embedded derivatives and dealer offsets Other fee revenue 225 291 431 (125 ) Interest rate caps Other fee revenue (67 ) - 23 - De-designated hedges Other fee revenue 30 - 34 - Mortgage banking derivatives Mortgage loan revenue 303 884 (573 ) 884 Risk participations Other fee revenue (1 ) 331 4 331 $ 1,044 $ 2,621 $ 1,723 $ 4,042 |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Disclosure Of Compensation Related Costs, Share-Based Payments [Abstract] | |
Schedule of stock option activity | Options Shares Weighted- Weighted- Aggregate Outstanding at December 31, 2016 72,665 $ 34.34 Expired (1,538 ) 147.60 Cancelled (10,638 ) 75.91 Outstanding at September 30, 2017 60,489 24.15 3.3 $ 365 Exercisable at September 30, 2017 55,489 24.82 3.0 306 |
Schedule of restricted stock units activity | Restricted Stock Unit Awards Shares Weighted- Weighted- Aggregate Outstanding at December 31, 2016 690,970 $ 18.60 Granted 259,220 26.48 Vested (230,080 ) 17.09 $ 6,326 Cancelled (9,965 ) 19.99 Outstanding at September 30, 2017 710,145 22.06 3.2 20,268 |
Assets and Liabilities Measur35
Assets and Liabilities Measured at Fair Value (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Fair Value [Abstract] | |
Schedule of assets and liabilities measured at fair value on a recurring basis | September 30, 2017 Level 1 Level 2 Level 3 Total Assets: Securities available for sale: U.S. Treasuries $ 74,764 $ - $ - $ 74,764 U.S. Government agencies - 27,728 - 27,728 State and political subdivisions - 172,389 - 172,389 Mortgage-backed securities - 1,648,696 - 1,648,696 Corporate bonds - 307,561 810 308,371 Asset-backed securities - 308,465 - 308,465 Other - 57 - 57 Mortgage loans held for sale - 30,093 - 30,093 Deferred compensation plan assets 5,368 - - 5,368 Servicing rights for SBA/USDA loans - - 7,067 7,067 Residential mortgage servicing rights - - 6,926 6,926 Derivative financial instruments - 9,854 11,118 20,972 Total assets $ 80,132 $ 2,504,843 $ 25,921 $ 2,610,896 Liabilities: Deferred compensation plan liability $ 5,368 $ - $ - $ 5,368 Derivative financial instruments - 7,581 15,345 22,926 Total liabilities $ 5,368 $ 7,581 $ 15,345 $ 28,294 December 31, 2016 Level 1 Level 2 Level 3 Total Assets: Securities available for sale U.S. Treasuries $ 169,616 $ - $ - $ 169,616 U.S. Agencies - 20,820 - 20,820 State and political subdivisions - 74,177 - 74,177 Mortgage-backed securities - 1,391,682 - 1,391,682 Corporate bonds - 304,717 675 305,392 Asset-backed securities - 469,569 - 469,569 Other - 1,182 - 1,182 Mortgage loans held for sale - 27,891 - 27,891 Deferred compensation plan assets 4,161 - - 4,161 Servicing rights for SBA/USDA loans - - 5,752 5,752 Derivative financial instruments - 11,911 11,777 23,688 Total assets $ 173,777 $ 2,301,949 $ 18,204 $ 2,493,930 Liabilities: Deferred compensation plan liability $ 4,161 $ - $ - $ 4,161 Derivative financial instruments - 11,301 16,347 27,648 Total liabilities $ 4,161 $ 11,301 $ 16,347 $ 31,809 |
Schedule of assets measured at fair value on a recurring basis using significant unobservable inputs | 2017 2016 Derivative Derivative Servicing Residential Securities Derivative Derivative Servicing Securities Three Months Ended September 30, Balance at beginning of period $ 11,856 $ 16,091 $ 6,640 $ 6,499 $ 810 $ 2,657 $ 7,531 $ 4,615 $ 500 Additions - - 770 846 - - 16 752 - Sales and settlements (658 ) (909 ) (209 ) (118 ) - (204 ) (483 ) (126 ) - Other comprehensive income - - - - - - - - - Amounts included in earnings - (80 ) 163 (134 ) (301 ) - 2,412 2,529 (141 ) - Transfers between valuation levels, net - - - - - - 22 - - Balance at end of period $ 11,118 $ 15,345 $ 7,067 $ 6,926 $ 810 $ 4,865 $ 9,615 $ 5,100 $ 500 Nine Months Ended September 30, Balance at beginning of period $ 11,777 $ 16,347 $ 5,752 $ - $ 675 $ 9,418 $ 15,794 $ 3,712 $ 750 Transfer from amortization - - - 5,070 - - - - - Additions - - 1,991 2,659 - - 16 1,852 - Sales and settlements (1,744 ) (2,423 ) (508 ) (232 ) - (204 ) (483 ) (297 ) - Other comprehensive income - - - - 135 - - - (250 ) Amounts included in earnings - 1,085 1,421 (168 ) (571 ) - (4,349 ) (5,734 ) (167 ) - Transfers between valuation levels, net - - - - - - 22 - - Balance at end of period $ 11,118 $ 15,345 $ 7,067 $ 6,926 $ 810 $ 4,865 $ 9,615 $ 5,100 $ 500 |
Schedule of quantitative information about Level 3 fair value measurements for fair value on a recurring basis | Fair Value Weighted Average Level 3 Assets September 30, December 31, Valuation Unobservable Inputs September 30, December 31, Servicing rights for $ 7,067 $ 5,752 Discounted Discount rate 12.3 % 11.0 % SBA/USDA loans cash flow Prepayment rate 7.85 % 7.12 % Residential mortgage 6,926 - Discounted Discount rate 10.0 % N/A servicing rights cash flow Prepayment rate 10.8 % N/A Corporate bonds 810 675 Indicative bid provided by a broker Multiple factors, including but not limited to, current operations, financial condition, cash flows, and recently executed financing transactions related to the company N/A N/A Derivative assets - mortgage 1,193 1,552 Internal model Pull through rate 80 % 80 % Derivative assets - other 9,925 10,225 Dealer priced Dealer priced N/A N/A Derivative liabilities - risk 22 26 Internal model Probable exposure rate .34 % .35 % participations Probability of default rate 1.80 % 1.80 % Derivative liabilities - other 15,323 16,321 Dealer priced Dealer priced N/A N/A |
Schedule of presentation of united's assets and liabilities measured at fair value on nonrecurring basis | Level 1 Level 2 Level 3 Total September 30, 2017 Loans $ - $ - $ 8,843 $ 8,843 December 31, 2016 Loans $ - $ - $ 7,179 $ 7,179 |
Schedule of carrying amount and fair values for other financial instruments that are not measured at fair value on a recurring basis | Carrying Fair Value Level Amount Level 1 Level 2 Level 3 Total September 30, 2017 Assets: Securities held to maturity $ 306,741 $ - $ 310,446 $ - $ 310,446 Loans, net 7,144,332 - - 7,051,886 7,051,886 Mortgage loans held for sale 199 - 205 - 205 Liabilities: Deposits 9,127,384 - 9,128,990 - 9,128,990 Federal Home Loan Bank advances 494,484 - 494,411 - 494,411 Long-term debt 135,707 - - 136,824 136,824 December 31, 2016 Assets: Securities held to maturity $ 329,843 $ - $ 333,170 $ - $ 333,170 Loans, net 6,859,214 - - 6,824,229 6,824,229 Mortgage loans held for sale 1,987 - 2,018 - 2,018 Residential mortgage servicing rights 4,372 - - 5,175 5,175 Liabilities: Deposits 8,637,558 - 8,635,811 - 8,635,811 Federal Home Loan Bank advances 709,209 - 709,174 - 709,174 Long-term debt 175,078 - - 175,750 175,750 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of contractual amount of off-balance sheet instruments | September 30, December 31, 2017 2016 Financial instruments whose contract amounts represent credit risk: Commitments to extend credit $ 1,793,538 $ 1,542,186 Letters of credit 26,763 26,862 |
Goodwill and Other Intangible37
Goodwill and Other Intangible Assets (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of goodwill and other intangible assets | September 30, December 31, 2017 2016 Core deposit intangible $ 54,822 $ 51,342 Less: accumulated amortization (39,986 ) (37,145 ) Net core deposit intangible 14,836 14,197 Noncompete agreement 2,236 - Less: accumulated amortization (244 ) - Net noncompete agreement 1,992 - Total intangibles subject to amortization, net 16,828 14,197 Goodwill 165,888 142,025 Total goodwill and other intangible assets, net $ 182,716 $ 156,222 |
Schedule of changes in the carrying amounts of goodwill | For the Three Months Ended September 30, For the Nine Months Ended September 30, Goodwill, net of Goodwill, net of Accumulated Accumulated Accumulated Accumulated Impairment Impairment Impairment Impairment Goodwill Losses Losses Goodwill Losses Losses 2017 Balance, beginning of period $ 447,615 $ (305,590 ) $ 142,025 $ 447,615 $ (305,590 ) $ 142,025 Acquisition of HCSB 23,863 - 23,863 23,863 - 23,863 Balance, end of period $ 471,478 $ (305,590 ) $ 165,888 $ 471,478 $ (305,590 ) $ 165,888 2016 Balance, beginning of period $ 436,902 $ (305,590 ) $ 131,312 $ 436,202 $ (305,590 ) $ 130,612 Acquisition of Tidelands 10,713 - 10,713 10,713 - 10,713 Measurement period adjustments - - - 700 - 700 Balance, end of period $ 447,615 $ (305,590 ) $ 142,025 $ 447,615 $ (305,590 ) $ 142,025 |
Schedule of amortization expense for future periods | Year Remainder of 2017 $ 1,384 2018 4,810 2019 3,391 2020 2,272 2021 1,631 Thereafter 3,340 Total $ 16,828 |
Accounting Policies (Detail Tex
Accounting Policies (Detail Textuals) $ in Thousands | 9 Months Ended |
Sep. 30, 2017USD ($) | |
Accounting Policies [Abstract] | |
Cumulative effect adjustment to retained earnings, net of income tax effect | $ 437 |
Accounting Standards Updates 39
Accounting Standards Updates and Recently Adopted Standards (Details Textuals) $ in Millions | Dec. 31, 2016USD ($) |
Accounting Standards Updates [Abstract] | |
Present value of future minimum lease payments | $ 29.1 |
Acquisitions (Details)
Acquisitions (Details) - USD ($) $ in Thousands | 1 Months Ended | |||||||
Jul. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Dec. 31, 2015 | ||
Assets | ||||||||
Accrued interest receivable | $ 29,573 | $ 28,018 | ||||||
Consideration transferred | ||||||||
Goodwill | $ 165,888 | $ 142,025 | $ 142,025 | $ 142,025 | $ 131,312 | $ 130,612 | ||
HCSB Financial Corporation | Horry County State Bank | ||||||||
Assets | ||||||||
Total assets acquired | $ 390,000 | |||||||
Liabilities | ||||||||
Total liabilities assumed | 347,000 | |||||||
Consideration transferred | ||||||||
Goodwill | 23,900 | |||||||
HCSB Financial Corporation | Horry County State Bank | As Recorded by HCSB | ||||||||
Assets | ||||||||
Cash and cash equivalents | 17,855 | |||||||
Securities | 101,462 | |||||||
Loans, net | 228,483 | |||||||
Premises and equipment, net | 14,030 | |||||||
Bank owned life insurance | 11,827 | |||||||
Accrued interest receivable | 1,322 | |||||||
Other real estate owned | 1,177 | |||||||
Other assets | 1,950 | |||||||
Total assets acquired | 378,106 | |||||||
Liabilities | ||||||||
Deposits | 318,512 | |||||||
Repurchase agreements | 1,141 | |||||||
Federal Home Loan Bank advances | 24,000 | |||||||
Other liabilities | 1,955 | |||||||
Total liabilities assumed | 345,608 | |||||||
Excess of assets acquired over liabilities assumed | 32,498 | |||||||
HCSB Financial Corporation | Horry County State Bank | Fair Value Adjustments | ||||||||
Assets | ||||||||
Cash and cash equivalents | [1] | (2) | ||||||
Securities | [1] | (142) | ||||||
Loans, net | [1] | (12,536) | ||||||
Premises and equipment, net | [1] | (6,113) | ||||||
Accrued interest receivable | [1] | (275) | ||||||
Net deferred tax asset | [1] | 25,389 | ||||||
Intangibles | [1] | 5,716 | ||||||
Other real estate owned | [1] | (372) | ||||||
Other assets | [1] | (32) | ||||||
Total assets acquired | [1] | 11,633 | ||||||
Liabilities | ||||||||
Deposits | [1] | 430 | ||||||
Federal Home Loan Bank advances | [1] | 517 | ||||||
Other liabilities | [1] | 91 | ||||||
Total liabilities assumed | [1] | 1,038 | ||||||
Aggregate fair value adjustments | [1] | 10,595 | ||||||
HCSB Financial Corporation | Horry County State Bank | As Recorded by United | ||||||||
Assets | ||||||||
Cash and cash equivalents | 17,853 | |||||||
Securities | 101,320 | |||||||
Loans, net | 215,947 | |||||||
Premises and equipment, net | 7,917 | |||||||
Bank owned life insurance | 11,827 | |||||||
Accrued interest receivable | 1,047 | |||||||
Net deferred tax asset | 25,389 | |||||||
Intangibles | 5,716 | |||||||
Other real estate owned | 805 | |||||||
Other assets | 1,918 | |||||||
Total assets acquired | 389,739 | |||||||
Liabilities | ||||||||
Deposits | 318,942 | |||||||
Repurchase agreements | 1,141 | |||||||
Federal Home Loan Bank advances | 24,517 | |||||||
Other liabilities | 2,046 | |||||||
Total liabilities assumed | 346,646 | |||||||
Total identifiable net assets | 43,093 | |||||||
Consideration transferred | ||||||||
Cash | 31 | |||||||
Common stock issued (2,370,331 shares) | 65,800 | |||||||
Total fair value of consideration transferred | 65,831 | |||||||
Equity interest in HCSB held before the business combination | 1,125 | |||||||
Goodwill | $ 23,863 | |||||||
[1] | Fair values are preliminary and are subject to refinement for a period not to exceed one year after the closing date of an acquisition as information relative to closing date fair values becomes available. |
Acquisitions (Details 1)
Acquisitions (Details 1) - HCSB Financial Corporation - Horry County State Bank $ in Thousands | Jul. 31, 2017USD ($) |
Accounted for pursuant to ASC 310-30 | |
Business Acquisition [Line Items] | |
Contractually required principal and interest | $ 46,069 |
Non-accretable difference | 12,413 |
Cash flows expected to be collected | 33,656 |
Accretable yield | 3,410 |
Fair value | 30,246 |
Excluded from ASC 310-30 | |
Business Acquisition [Line Items] | |
Fair value | 185,701 |
Gross contractual amounts receivable | 212,780 |
Estimate of contractual cash flows not expected to be collected | $ 3,985 |
Acquisitions (Details 2)
Acquisitions (Details 2) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Business Acquisition [Line Items] | ||||
Supplemental consolidated pro forma Revenue | $ 108,549 | $ 309,662 | ||
Supplemental consolidated pro forma Net Income | 24,715 | 57,114 | ||
HCSB Financial Corporation | Horry County State Bank | ||||
Business Acquisition [Line Items] | ||||
Actual Revenue | $ 2,404 | $ 2,404 | ||
Actual Net income | 627 | 627 | ||
Supplemental consolidated pro forma Revenue | 110,910 | 330,851 | ||
Supplemental consolidated pro forma Net Income | $ 27,590 | $ 80,539 | ||
Tidelands Bancshares, Inc | Tidelands Bank | ||||
Business Acquisition [Line Items] | ||||
Actual Revenue | 3,988 | 3,988 | ||
Actual Net income | $ 658 | $ 658 |
Acquisitions (Detail Textuals)
Acquisitions (Detail Textuals) $ in Thousands | 1 Months Ended | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||||
Jul. 31, 2017USD ($)Branchshares | Sep. 30, 2017USD ($) | Sep. 30, 2016USD ($) | Sep. 30, 2017USD ($) | Sep. 30, 2016USD ($) | Dec. 31, 2016USD ($) | Jun. 30, 2017USD ($) | Jun. 30, 2016USD ($) | Dec. 31, 2015USD ($) | |
Business Acquisition [Line Items] | |||||||||
Goodwill | $ 165,888 | $ 142,025 | $ 165,888 | $ 142,025 | $ 142,025 | $ 142,025 | $ 131,312 | $ 130,612 | |
Merger-related and other charges | 3,176 | $ 3,152 | 7,060 | $ 6,981 | |||||
HCSB Financial Corporation | |||||||||
Business Acquisition [Line Items] | |||||||||
Number of branches | Branch | 8 | ||||||||
HCSB Financial Corporation | Horry County State Bank | |||||||||
Business Acquisition [Line Items] | |||||||||
Total assets | $ 390,000 | ||||||||
Liabilities assumed | $ 347,000 | ||||||||
Number of shares exchanged | shares | 0.0050 | ||||||||
Goodwill | $ 23,900 | ||||||||
Core deposit intangible | $ 3,480 | ||||||||
Useful life of intangible asset | 6 years | ||||||||
Noncompete agreement | $ 2,240 | ||||||||
Merger-related and other charges | $ 1,620 | $ 1,880 | |||||||
HCSB Financial Corporation | Horry County State Bank | Minimum | |||||||||
Business Acquisition [Line Items] | |||||||||
Useful life of intangible asset | 1 year | ||||||||
HCSB Financial Corporation | Horry County State Bank | Maximum | |||||||||
Business Acquisition [Line Items] | |||||||||
Useful life of intangible asset | 2 years | ||||||||
Tidelands Bancshares, Inc | Tidelands Bank | |||||||||
Business Acquisition [Line Items] | |||||||||
Merger-related and other charges | $ 2,930 |
Balance Sheet Offsetting and 44
Balance Sheet Offsetting and Repurchase Agreements Accounted for as Secured Borrowings - Summary of amounts outstanding under master netting agreements (Details) - USD ($) $ in Thousands | Sep. 30, 2017 | Dec. 31, 2016 |
Offsetting [Abstract] | ||
Repurchase agreements / reverse repurchase agreements, gross amounts of recognized assets | $ 200,000 | $ 150,000 |
Repurchase agreements / reverse repurchase agreements, gross amounts offset on balance sheet assets | (200,000) | (150,000) |
Repurchase agreements / reverse repurchase agreements, net assets balance | 0 | 0 |
Repurchase agreements / reverse repurchase agreements, gross amounts not off set in balance sheet assets of financial instruments | 0 | 0 |
Repurchase agreements / reverse repurchase agreements, gross amounts not off set in balance sheet assets of collateral received | 0 | 0 |
Repurchase agreements / reverse repurchase agreements, net amount | 0 | 0 |
Derivatives, gross amounts of recognized assets | 20,972 | 23,688 |
Derivatives, gross amounts offset on the balance sheet | 0 | 0 |
Derivatives, net asset balance | 20,972 | 23,688 |
Derivatives, gross amounts not off set in balance sheet assets of financial instruments | (2,232) | (3,485) |
Derivative, gross amounts not off set in balance sheet assets of collateral received | (2,048) | (3,366) |
Derivatives, net amount | 16,692 | 16,837 |
Offsetting assets gross amounts offset on balance sheet | 220,972 | 173,688 |
Offsetting assets, gross amounts offset on balance sheet | (200,000) | (150,000) |
Offsetting assets, net asset balance | 20,972 | 23,688 |
Offsetting assets, gross amounts not offset in balance sheet of financial instruments | (2,232) | (3,485) |
Offsetting assets, gross amounts not offset in the balance sheet of collateral received | (2,048) | (3,366) |
Offsetting assets, net amount | $ 16,692 | $ 16,837 |
Weighted average interest rate of reverse repurchase agreements, assets | 2.02% | 1.78% |
Repurchase agreements / reverse repurchase agreements, gross amounts of recognized liabilities | $ 200,000 | $ 150,000 |
Repurchase agreements / reverse repurchase agreements, gross amounts offset on balance sheet liabilities | (200,000) | (150,000) |
Repurchase agreements / reverse repurchase agreements, net liabilities balance | 0 | 0 |
Repurchase agreements / reverse repurchase agreements, gross amounts not off set in balance sheet liabilities of financial instruments | 0 | 0 |
Repurchase agreements / reverse repurchase agreements, gross amounts not off set in balance sheet liabilities of collateral pledged | 0 | 0 |
Repurchase agreements / reverse repurchase agreements, net amount | 0 | 0 |
Derivatives, gross amounts of recognized liabilities | 22,926 | 27,648 |
Derivatives, gross amounts offset on balance sheet liabilities | 0 | 0 |
Derivatives, net liabilities balance | 22,926 | 27,648 |
Derivatives, gross amounts not off set in balance sheet liabilities of financial instruments | (2,232) | (3,485) |
Derivatives, gross amounts not off set in balance sheet liabilities of collateral pledged | (20,900) | (18,505) |
Derivatives, net amount | 0 | 5,658 |
Offsetting liabilities, gross amounts of recognized liabilities | 222,926 | 177,648 |
Offsetting liabilities, gross amounts offset on balance sheet | (200,000) | (150,000) |
Offsetting liabilities, net liabilities balance | 22,926 | 27,648 |
Offsetting liabilities, gross amounts not offset in balance sheet of financial instruments | (2,232) | (3,485) |
Offsetting liabilities, gross amounts not offset in the balance sheet of collateral pledged | (20,900) | (18,505) |
Offsetting liabilities, net amount | $ 0 | $ 5,658 |
Weighted average interest rate of reverse repurchase agreements, liabilities | 1.20% | 0.88% |
Balance Sheet Offsetting and 45
Balance Sheet Offsetting and Repurchase Agreements Accounted for as Secured Borrowings (Details 1) - USD ($) $ in Thousands | Sep. 30, 2017 | Dec. 31, 2016 |
Assets Sold under Agreements to Repurchase [Line Items] | ||
Remaining Contractual Maturity of the Agreements | $ 201,005 | $ 150,000 |
Gross amount of recognized liabilities for repurchase agreements in offsetting disclosure | 200,000 | 150,000 |
Amounts related to agreements not included in offsetting disclosure | 1,005 | 0 |
Overnight and Continuous | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
Remaining Contractual Maturity of the Agreements | 1,005 | |
Up to 30 Days | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
Remaining Contractual Maturity of the Agreements | 100,000 | |
30 to 90 Days | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
Remaining Contractual Maturity of the Agreements | 50,000 | |
91 to 110 days | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
Remaining Contractual Maturity of the Agreements | 100,000 | 100,000 |
Mortgage-backed securities | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
Remaining Contractual Maturity of the Agreements | 201,005 | 150,000 |
Mortgage-backed securities | Overnight and Continuous | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
Remaining Contractual Maturity of the Agreements | 1,005 | |
Mortgage-backed securities | Up to 30 Days | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
Remaining Contractual Maturity of the Agreements | 100,000 | |
Mortgage-backed securities | 30 to 90 Days | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
Remaining Contractual Maturity of the Agreements | 50,000 | |
Mortgage-backed securities | 91 to 110 days | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
Remaining Contractual Maturity of the Agreements | $ 100,000 | $ 100,000 |
Balance Sheet Offsetting and 46
Balance Sheet Offsetting and Repurchase Agreements Accounted for as Secured Borrowings (Details Textuals) - USD ($) $ in Thousands | Sep. 30, 2017 | Dec. 31, 2016 |
Offsetting [Abstract] | ||
Right to reclaim cash collateral | $ 20,900 | $ 18,500 |
Obligation to return cash collateral | $ 2,390 | $ 3,370 |
Securities - Amortized cost, gr
Securities - Amortized cost, gross unrealized gains and losses and fair value of securities held to maturity (Details) - USD ($) $ in Thousands | Sep. 30, 2017 | Dec. 31, 2016 | |
Held-to-maturity securities: | |||
Amortized Cost | $ 306,741 | $ 329,843 | |
Gross Unrealized Gains | 5,585 | 6,232 | |
Gross Unrealized Losses | 1,880 | 2,905 | |
Fair value | 310,446 | 333,170 | |
State and political subdivisions | |||
Held-to-maturity securities: | |||
Amortized Cost | 58,917 | 57,134 | |
Gross Unrealized Gains | 2,140 | 2,197 | |
Gross Unrealized Losses | 156 | 249 | |
Fair value | 60,901 | 59,082 | |
Mortgage-backed securities | |||
Held-to-maturity securities: | |||
Amortized Cost | [1] | 247,824 | 272,709 |
Gross Unrealized Gains | [1] | 3,445 | 4,035 |
Gross Unrealized Losses | [1] | 1,724 | 2,656 |
Fair value | [1] | $ 249,545 | $ 274,088 |
[1] | All are residential type mortgage-backed securities or U.S. government agency commercial mortgage backed securities. |
Securities - Cost basis, unreal
Securities - Cost basis, unrealized gains and losses, and fair value of securities available for sale (Details 1) - USD ($) $ in Thousands | Sep. 30, 2017 | Dec. 31, 2016 | |
Investment securities available for sale: | |||
Amortized Cost | $ 2,529,566 | $ 2,440,151 | |
Gross Unrealized Gains | 19,183 | 12,515 | |
Gross Unrealized Losses | 8,279 | 20,228 | |
Fair Value | 2,540,470 | 2,432,438 | |
U.S. Treasuries | |||
Investment securities available for sale: | |||
Amortized Cost | 74,434 | 170,360 | |
Gross Unrealized Gains | 330 | 20 | |
Gross Unrealized Losses | 764 | ||
Fair Value | 74,764 | 169,616 | |
U.S. Government agencies | |||
Investment securities available for sale: | |||
Amortized Cost | 27,276 | 21,053 | |
Gross Unrealized Gains | 473 | 6 | |
Gross Unrealized Losses | 21 | 239 | |
Fair Value | 27,728 | 20,820 | |
State and political subdivisions | |||
Investment securities available for sale: | |||
Amortized Cost | 171,372 | 74,555 | |
Gross Unrealized Gains | 1,402 | 176 | |
Gross Unrealized Losses | 385 | 554 | |
Fair Value | 172,389 | 74,177 | |
Mortgage-backed securities | |||
Investment securities available for sale: | |||
Amortized Cost | [1] | 1,644,741 | 1,397,435 |
Gross Unrealized Gains | [1] | 11,365 | 8,924 |
Gross Unrealized Losses | [1] | 7,410 | 14,677 |
Fair Value | [1] | 1,648,696 | 1,391,682 |
Corporate bonds | |||
Investment securities available for sale: | |||
Amortized Cost | 305,559 | 306,824 | |
Gross Unrealized Gains | 3,108 | 591 | |
Gross Unrealized Losses | 296 | 2,023 | |
Fair Value | 308,371 | 305,392 | |
Asset-backed securities | |||
Investment securities available for sale: | |||
Amortized Cost | 306,127 | 468,742 | |
Gross Unrealized Gains | 2,505 | 2,798 | |
Gross Unrealized Losses | 167 | 1,971 | |
Fair Value | 308,465 | 469,569 | |
Other | |||
Investment securities available for sale: | |||
Amortized Cost | 57 | 1,182 | |
Gross Unrealized Gains | 0 | 0 | |
Gross Unrealized Losses | 0 | 0 | |
Fair Value | $ 57 | $ 1,182 | |
[1] | All are residential type mortgage-backed securities or U.S. government agency commercial mortgage backed securities. |
Securities - Summary of held to
Securities - Summary of held to maturity securities in unrealized loss position (Details 2) - USD ($) $ in Thousands | Sep. 30, 2017 | Dec. 31, 2016 |
Summary of held to maturity securities in an unrealized loss position | ||
Fair Value, Less than 12 Months | $ 88,326 | $ 136,523 |
Unrealized Loss, Less than 12 Months | 1,181 | 2,905 |
Fair Value, 12 Months or More | 18,871 | |
Unrealized Loss, 12 Months or More | 699 | |
Fair Value, Total | 107,197 | 136,523 |
Unrealized Loss, Total | 1,880 | 2,905 |
State and political subdivisions | ||
Summary of held to maturity securities in an unrealized loss position | ||
Fair Value, Less than 12 Months | 8,049 | 18,359 |
Unrealized Loss, Less than 12 Months | 156 | 249 |
Fair Value, Total | 8,049 | 18,359 |
Unrealized Loss, Total | 156 | 249 |
Mortgage-backed securities | ||
Summary of held to maturity securities in an unrealized loss position | ||
Fair Value, Less than 12 Months | 80,277 | 118,164 |
Unrealized Loss, Less than 12 Months | 1,025 | 2,656 |
Fair Value, 12 Months or More | 18,871 | |
Unrealized Loss, 12 Months or More | 699 | |
Fair Value, Total | 99,148 | 118,164 |
Unrealized Loss, Total | $ 1,724 | $ 2,656 |
Securities - Summary of availab
Securities - Summary of available for sale securities in unrealized loss position (Details 3) - USD ($) $ in Thousands | Sep. 30, 2017 | Dec. 31, 2016 |
Summary of available for sale securities in an unrealized loss position | ||
Fair Value, Less than 12 Months | $ 633,988 | $ 1,320,363 |
Unrealized Loss, Less than 12 Months | 4,305 | 17,646 |
Fair Value, 12 Months or More | 162,643 | 157,191 |
Unrealized Loss, 12 Months or More | 3,974 | 2,582 |
Fair Value, Total | 796,631 | 1,477,554 |
Unrealized Loss, Total | 8,279 | 20,228 |
U.S. Treasuries | ||
Summary of available for sale securities in an unrealized loss position | ||
Fair Value, Less than 12 Months | 145,229 | |
Unrealized Loss, Less than 12 Months | 764 | |
Fair Value, Total | 145,229 | |
Unrealized Loss, Total | 764 | |
U.S. Government agencies | ||
Summary of available for sale securities in an unrealized loss position | ||
Fair Value, Less than 12 Months | 2,656 | 19,685 |
Unrealized Loss, Less than 12 Months | 13 | 239 |
Fair Value, 12 Months or More | 1,007 | |
Unrealized Loss, 12 Months or More | 8 | |
Fair Value, Total | 3,663 | 19,685 |
Unrealized Loss, Total | 21 | 239 |
State and political subdivisions | ||
Summary of available for sale securities in an unrealized loss position | ||
Fair Value, Less than 12 Months | 68,936 | 61,782 |
Unrealized Loss, Less than 12 Months | 385 | 554 |
Fair Value, Total | 68,936 | 61,782 |
Unrealized Loss, Total | 385 | 554 |
Mortgage-backed securities | ||
Summary of available for sale securities in an unrealized loss position | ||
Fair Value, Less than 12 Months | 466,703 | 810,686 |
Unrealized Loss, Less than 12 Months | 3,666 | 13,952 |
Fair Value, 12 Months or More | 155,799 | 26,279 |
Unrealized Loss, 12 Months or More | 3,744 | 725 |
Fair Value, Total | 622,502 | 836,965 |
Unrealized Loss, Total | 7,410 | 14,677 |
Corporate bonds | ||
Summary of available for sale securities in an unrealized loss position | ||
Fair Value, Less than 12 Months | 31,113 | 228,504 |
Unrealized Loss, Less than 12 Months | 106 | 1,597 |
Fair Value, 12 Months or More | 810 | 15,574 |
Unrealized Loss, 12 Months or More | 190 | 426 |
Fair Value, Total | 31,923 | 244,078 |
Unrealized Loss, Total | 296 | 2,023 |
Asset-backed securities | ||
Summary of available for sale securities in an unrealized loss position | ||
Fair Value, Less than 12 Months | 64,580 | 54,477 |
Unrealized Loss, Less than 12 Months | 135 | 540 |
Fair Value, 12 Months or More | 5,027 | 115,338 |
Unrealized Loss, 12 Months or More | 32 | 1,431 |
Fair Value, Total | 69,607 | 169,815 |
Unrealized Loss, Total | $ 167 | $ 1,971 |
Securities - Summary of securit
Securities - Summary of securities sales activity (Details 4) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Investment Securities [Abstract] | ||||
Proceeds from sales | $ 181,119 | $ 100,867 | $ 275,769 | $ 189,164 |
Gross gains on sales | 923 | 607 | 1,248 | 1,565 |
Gross losses on sales | (735) | (346) | (1,058) | (643) |
Net gains on sales of securities | 188 | 261 | 190 | 922 |
Income tax expense attributable to sales | $ 73 | $ 101 | $ 72 | $ 348 |
Securities - Amortized cost and
Securities - Amortized cost and fair value of held to maturity and available for sale securities (Details 5) - USD ($) $ in Thousands | Sep. 30, 2017 | Dec. 31, 2016 | |
Available for Sale - Amortized Cost and Fair Value | |||
Amortized Cost | $ 2,529,566 | $ 2,440,151 | |
Fair Value | 2,540,470 | 2,432,438 | |
Held to Maturity - Amortized Cost and Fair Value | |||
Amortized Cost | 306,741 | 329,843 | |
Fair value | 310,446 | 333,170 | |
U.S. Treasuries | |||
Available for Sale - Amortized Cost and Fair Value | |||
Available-for-Sale, Amortized Cost, 1 to 5 years | 44,523 | ||
Available-for-Sale, Fair Value, 1 to 5 years | 44,827 | ||
Available-for-Sale, Amortized Cost, 5 to 10 years | 29,911 | ||
Available-for-Sale, Fair Value, 5 to 10 years | 29,937 | ||
Amortized Cost | 74,434 | 170,360 | |
Fair Value | 74,764 | 169,616 | |
U.S. Government agencies | |||
Available for Sale - Amortized Cost and Fair Value | |||
Available-for-Sale, Amortized Cost, 1 to 5 years | 2,103 | ||
Available-for-Sale, Fair Value, 1 to 5 years | 2,117 | ||
Available-for-Sale, Amortized Cost, 5 to 10 years | 19,757 | ||
Available-for-Sale, Fair Value, 5 to 10 years | 19,913 | ||
Available-for-Sale, Amortized Cost, More than 10 years | 5,416 | ||
Available-for-Sale, Fair Value, More than 10 years | 5,698 | ||
Amortized Cost | 27,276 | 21,053 | |
Fair Value | 27,728 | 20,820 | |
State and political subdivisions | |||
Available for Sale - Amortized Cost and Fair Value | |||
Available-for-Sale, Amortized Cost, Within 1 year | 1,500 | ||
Available-for-Sale, Fair Value, Within 1 year | 1,515 | ||
Available-for-Sale, Amortized Cost, 1 to 5 years | 29,696 | ||
Available-for-Sale, Fair Value, 1 to 5 years | 29,617 | ||
Available-for-Sale, Amortized Cost, 5 to 10 years | 44,422 | ||
Available-for-Sale, Fair Value, 5 to 10 years | 44,740 | ||
Available-for-Sale, Amortized Cost, More than 10 years | 95,754 | ||
Available-for-Sale, Fair Value, More than 10 years | 96,517 | ||
Amortized Cost | 171,372 | 74,555 | |
Fair Value | 172,389 | 74,177 | |
Held to Maturity - Amortized Cost and Fair Value | |||
Held-to-Maturity, Amortized Cost, Within 1 year | 4,092 | ||
Held-to-Maturity, Fair Value, Within 1 year | 4,146 | ||
Held-to-Maturity, Amortized Cost, 1 to 5 years | 13,661 | ||
Held-to-Maturity, Fair Value, 1 to 5 years | 14,182 | ||
Held-to-Maturity, Amortized Cost, 5 to 10 years | 16,956 | ||
Held-to-Maturity, Fair Value, 5 to 10 years | 18,423 | ||
Held-to-Maturity, Amortized Cost, More than 10 years | 24,208 | ||
Held-to-Maturity, Fair Value, More than 10 years | 24,150 | ||
Amortized Cost | 58,917 | ||
Fair value | 60,901 | ||
Corporate bonds | |||
Available for Sale - Amortized Cost and Fair Value | |||
Available-for-Sale, Amortized Cost, 1 to 5 years | 258,158 | ||
Available-for-Sale, Fair Value, 1 to 5 years | 260,793 | ||
Available-for-Sale, Amortized Cost, 5 to 10 years | 46,401 | ||
Available-for-Sale, Fair Value, 5 to 10 years | 46,768 | ||
Available-for-Sale, Amortized Cost, More than 10 years | 1,000 | ||
Available-for-Sale, Fair Value, More than 10 years | 810 | ||
Amortized Cost | 305,559 | 306,824 | |
Fair Value | 308,371 | 305,392 | |
Asset-backed securities | |||
Available for Sale - Amortized Cost and Fair Value | |||
Available-for-Sale, Amortized Cost, 1 to 5 years | 6,951 | ||
Available-for-Sale, Fair Value, 1 to 5 years | 7,121 | ||
Available-for-Sale, Amortized Cost, 5 to 10 years | 113,881 | ||
Available-for-Sale, Fair Value, 5 to 10 years | 114,465 | ||
Available-for-Sale, Amortized Cost, More than 10 years | 185,295 | ||
Available-for-Sale, Fair Value, More than 10 years | 186,879 | ||
Amortized Cost | 306,127 | 468,742 | |
Fair Value | 308,465 | 469,569 | |
Other | |||
Available for Sale - Amortized Cost and Fair Value | |||
Available-for-Sale, Amortized Cost, More than 10 years | 57 | ||
Available-for-Sale, Fair Value, More than 10 years | 57 | ||
Amortized Cost | 57 | 1,182 | |
Fair Value | 57 | 1,182 | |
Total securities other than mortgage-backed securities | |||
Available for Sale - Amortized Cost and Fair Value | |||
Available-for-Sale, Amortized Cost, Within 1 year | 1,500 | ||
Available-for-Sale, Fair Value, Within 1 year | 1,515 | ||
Available-for-Sale, Amortized Cost, 1 to 5 years | 341,431 | ||
Available-for-Sale, Fair Value, 1 to 5 years | 344,475 | ||
Available-for-Sale, Amortized Cost, 5 to 10 years | 254,372 | ||
Available-for-Sale, Fair Value, 5 to 10 years | 255,823 | ||
Available-for-Sale, Amortized Cost, More than 10 years | 287,522 | ||
Available-for-Sale, Fair Value, More than 10 years | 289,961 | ||
Held to Maturity - Amortized Cost and Fair Value | |||
Held-to-Maturity, Amortized Cost, Within 1 year | 4,092 | ||
Held-to-Maturity, Fair Value, Within 1 year | 4,146 | ||
Held-to-Maturity, Amortized Cost, 1 to 5 years | 13,661 | ||
Held-to-Maturity, Fair Value, 1 to 5 years | 14,182 | ||
Held-to-Maturity, Amortized Cost, 5 to 10 years | 16,956 | ||
Held-to-Maturity, Fair Value, 5 to 10 years | 18,423 | ||
Held-to-Maturity, Amortized Cost, More than 10 years | 24,208 | ||
Held-to-Maturity, Fair Value, More than 10 years | 24,150 | ||
Mortgage-backed securities | |||
Available for Sale - Amortized Cost and Fair Value | |||
Amortized Cost | [1] | 1,644,741 | 1,397,435 |
Fair Value | [1] | 1,648,696 | $ 1,391,682 |
Held to Maturity - Amortized Cost and Fair Value | |||
Amortized Cost | 247,824 | ||
Fair value | $ 249,545 | ||
[1] | All are residential type mortgage-backed securities or U.S. government agency commercial mortgage backed securities. |
Securities (Detail Textuals)
Securities (Detail Textuals) $ in Millions | Sep. 30, 2017USD ($)Security | Dec. 31, 2016USD ($) |
Investment Securities [Abstract] | ||
Carrying value of secure public deposits, derivatives and other secured borrowings | $ | $ 1,350 | $ 1,450 |
Number of available for sale securities in unrealized loss position | 116 | |
Number of held to maturity securities in unrealized loss position | 37 |
Loans and Allowance for Credi54
Loans and Allowance for Credit Losses - Major classifications of loans (Details) - USD ($) $ in Thousands | Sep. 30, 2017 | Dec. 31, 2016 |
Classifications of loans | ||
Total loans | $ 7,202,937 | $ 6,920,636 |
Less allowance for loan losses | (58,605) | (61,422) |
Loans, net | 7,144,332 | 6,859,214 |
Loans Receivable | ||
Classifications of loans | ||
Total loans | 7,202,937 | 6,920,636 |
Less allowance for loan losses | (58,605) | (61,422) |
Loans, net | 7,144,332 | 6,859,214 |
Loans Receivable | Home equity lines of credit | ||
Classifications of loans | ||
Total loans | 688,875 | 655,410 |
Loans Receivable | Indirect auto | ||
Classifications of loans | ||
Total loans | 400,267 | 459,354 |
Loans Receivable | Commercial | ||
Classifications of loans | ||
Total loans | 4,871,801 | 4,635,537 |
Loans Receivable | Commercial | Owner occupied commercial real estate | ||
Classifications of loans | ||
Total loans | 1,791,762 | 1,650,360 |
Loans Receivable | Commercial | Income producing commercial real estate | ||
Classifications of loans | ||
Total loans | 1,413,104 | 1,281,541 |
Loans Receivable | Commercial | Construction | ||
Classifications of loans | ||
Total loans | 583,344 | 633,921 |
Loans Receivable | Commercial | Commercial & industrial | ||
Classifications of loans | ||
Total loans | 1,083,591 | 1,069,715 |
Loans Receivable | Residential | Residential mortgage | ||
Classifications of loans | ||
Total loans | 933,205 | 856,725 |
Loans Receivable | Residential | Construction | ||
Classifications of loans | ||
Total loans | 190,047 | 190,043 |
Loans Receivable | Consumer installment | ||
Classifications of loans | ||
Total loans | $ 118,742 | $ 123,567 |
Loans and Allowance for Credi55
Loans and Allowance for Credit Losses - Changes in the value of the accretable yield for acquired loans (Details 1) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Certain Loans Acquired in Transfer Accounted for as Debt Securities, Accretable Yield Movement Schedule [Roll Forward] | ||||
Balance at beginning of period | $ 11,365 | $ 5,337 | $ 7,981 | $ 4,279 |
Additions due to acquisitions | 3,410 | 2,113 | 3,410 | 2,113 |
Accretion | (2,075) | (1,116) | (5,177) | (3,058) |
Reclassification from nonaccretable difference | 1,163 | 1,455 | 5,879 | 2,908 |
Changes in expected cash flows that do not affect nonaccretable difference | 735 | 362 | 2,505 | 1,909 |
Balance at end of period | $ 14,598 | $ 8,151 | $ 14,598 | $ 8,151 |
Loans and Allowance for Credi56
Loans and Allowance for Credit Losses - Balance and activity in allowance for loan losses by portfolio segment and recorded investment in loans by portfolio segment (Details 2) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||||
Beginning Balance | $ 61,722 | $ 66,622 | $ 63,424 | $ 70,990 |
Charge-Offs | (3,452) | (2,964) | (9,382) | (9,650) |
Recoveries | 1,817 | 1,605 | 4,445 | 4,423 |
(Release) Provision | 1,000 | (300) | 2,600 | (800) |
Ending Balance | 61,087 | 64,963 | 61,087 | 64,963 |
Allowance for unfunded commitments | ||||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||||
Beginning Balance | 2,222 | 2,369 | 2,002 | 2,542 |
(Release) Provision | 260 | (367) | 480 | (540) |
Ending Balance | 2,482 | 2,002 | 2,482 | 2,002 |
Loans Receivable | ||||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||||
Beginning Balance | 59,500 | 64,253 | 61,422 | 68,448 |
Charge-Offs | (3,452) | (2,964) | (9,382) | (9,650) |
Recoveries | 1,817 | 1,605 | 4,445 | 4,423 |
(Release) Provision | 740 | 67 | 2,120 | (260) |
Ending Balance | 58,605 | 62,961 | 58,605 | 62,961 |
Loans Receivable | Home equity lines of credit | ||||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||||
Beginning Balance | 4,590 | 5,247 | 4,599 | 5,956 |
Charge-Offs | (321) | (321) | (1,216) | (1,513) |
Recoveries | 265 | 54 | 485 | 361 |
(Release) Provision | 187 | 197 | 853 | 373 |
Ending Balance | 4,721 | 5,177 | 4,721 | 5,177 |
Loans Receivable | Indirect auto | ||||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||||
Beginning Balance | 2,010 | 1,446 | 1,802 | 1,393 |
Charge-Offs | (333) | (354) | (1,066) | (953) |
Recoveries | 65 | 69 | 214 | 141 |
(Release) Provision | (50) | 443 | 742 | 1,023 |
Ending Balance | 1,692 | 1,604 | 1,692 | 1,604 |
Loans Receivable | Commercial | Owner occupied commercial real estate | ||||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||||
Beginning Balance | 15,422 | 15,675 | 16,446 | 18,016 |
Charge-Offs | (100) | (461) | (283) | (1,929) |
Recoveries | 144 | 415 | 501 | 605 |
(Release) Provision | (624) | (353) | (1,822) | (1,416) |
Ending Balance | 14,842 | 15,276 | 14,842 | 15,276 |
Loans Receivable | Commercial | Income producing commercial real estate | ||||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||||
Beginning Balance | 9,354 | 8,683 | 8,843 | 11,548 |
Charge-Offs | (1,235) | (206) | (2,335) | (788) |
Recoveries | 76 | 136 | 123 | 463 |
(Release) Provision | 1,138 | 1,477 | 2,702 | (1,133) |
Ending Balance | 9,333 | 10,090 | 9,333 | 10,090 |
Loans Receivable | Commercial | Construction | ||||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||||
Beginning Balance | 11,038 | 13,097 | 13,405 | 9,553 |
Charge-Offs | (206) | (30) | (769) | (392) |
Recoveries | 320 | 224 | 912 | 617 |
(Release) Provision | (946) | (2,367) | (3,342) | 1,146 |
Ending Balance | 10,206 | 10,924 | 10,206 | 10,924 |
Loans Receivable | Commercial | Commercial & industrial | ||||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||||
Beginning Balance | 3,620 | 3,202 | 3,810 | 4,433 |
Charge-Offs | (329) | (850) | (1,143) | (1,645) |
Recoveries | 529 | 398 | 1,141 | 1,302 |
(Release) Provision | 690 | 690 | 702 | (650) |
Ending Balance | 4,510 | 3,440 | 4,510 | 3,440 |
Loans Receivable | Residential | Residential mortgage | ||||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||||
Beginning Balance | 9,798 | 11,329 | 8,545 | 12,719 |
Charge-Offs | (396) | (63) | (1,069) | (776) |
Recoveries | 83 | 109 | 200 | 248 |
(Release) Provision | 145 | 64 | 1,954 | (752) |
Ending Balance | 9,630 | 11,439 | 9,630 | 11,439 |
Loans Receivable | Residential | Construction | ||||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||||
Beginning Balance | 3,084 | 4,851 | 3,264 | 4,002 |
Charge-Offs | (57) | (253) | (127) | (531) |
Recoveries | 21 | 10 | 153 | 61 |
(Release) Provision | (92) | (267) | (334) | 809 |
Ending Balance | 2,956 | 4,341 | 2,956 | 4,341 |
Loans Receivable | Consumer installment | ||||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||||
Beginning Balance | 584 | 723 | 708 | 828 |
Charge-Offs | (475) | (426) | (1,374) | (1,123) |
Recoveries | 314 | 190 | 716 | 625 |
(Release) Provision | 292 | 183 | 665 | 340 |
Ending Balance | $ 715 | $ 670 | $ 715 | $ 670 |
Loans and Allowance for Credi57
Loans and Allowance for Credit Losses - Recorded investment in loans by portfolio segment and the balance of the allowance for loan losses (Details 3) - USD ($) $ in Thousands | Sep. 30, 2017 | Jun. 30, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Dec. 31, 2015 |
Financing Receivable, Allowance For Credit Losses [Line Items] | ||||||
Allowance for Loan Losses, Individually evaluated for impairment | $ 4,436 | $ 3,452 | ||||
Allowance for Loan Losses, Collectively evaluated for impairment | 56,608 | 59,881 | ||||
Allowance for Loan Losses, PCI | 43 | 91 | ||||
Allowance for Loan Losses, Ending balance | 61,087 | $ 61,722 | 63,424 | $ 64,963 | $ 66,622 | $ 70,990 |
Loans Outstanding, Ending Balance | 7,202,937 | 6,920,636 | ||||
Allowance for unfunded commitments | ||||||
Financing Receivable, Allowance For Credit Losses [Line Items] | ||||||
Allowance for Loan Losses, Collectively evaluated for impairment | 2,482 | 2,002 | ||||
Allowance for Loan Losses, Ending balance | 2,482 | 2,222 | 2,002 | 2,002 | 2,369 | 2,542 |
Loans Receivable | ||||||
Financing Receivable, Allowance For Credit Losses [Line Items] | ||||||
Allowance for Loan Losses, Individually evaluated for impairment | 4,436 | 3,452 | ||||
Allowance for Loan Losses, Collectively evaluated for impairment | 54,126 | 57,879 | ||||
Allowance for Loan Losses, PCI | 43 | 91 | ||||
Allowance for Loan Losses, Ending balance | 58,605 | 59,500 | 61,422 | 62,961 | 64,253 | 68,448 |
Loans Outstanding, Individually evaluated for impairment | 83,576 | 85,663 | ||||
Loans Outstanding, Collectively evaluated for impairment | 7,050,633 | 6,772,209 | ||||
Loans Outstanding, PCI | 68,728 | 62,764 | ||||
Loans Outstanding, Ending Balance | 7,202,937 | 6,920,636 | ||||
Loans Receivable | Home equity lines of credit | ||||||
Financing Receivable, Allowance For Credit Losses [Line Items] | ||||||
Allowance for Loan Losses, Individually evaluated for impairment | 2 | |||||
Allowance for Loan Losses, Collectively evaluated for impairment | 4,721 | 4,597 | ||||
Allowance for Loan Losses, Ending balance | 4,721 | 4,590 | 4,599 | 5,177 | 5,247 | 5,956 |
Loans Outstanding, Individually evaluated for impairment | 204 | 63 | ||||
Loans Outstanding, Collectively evaluated for impairment | 687,228 | 653,337 | ||||
Loans Outstanding, PCI | 1,443 | 2,010 | ||||
Loans Outstanding, Ending Balance | 688,875 | 655,410 | ||||
Loans Receivable | Indirect auto | ||||||
Financing Receivable, Allowance For Credit Losses [Line Items] | ||||||
Allowance for Loan Losses, Individually evaluated for impairment | 30 | |||||
Allowance for Loan Losses, Collectively evaluated for impairment | 1,662 | 1,802 | ||||
Allowance for Loan Losses, Ending balance | 1,692 | 2,010 | 1,802 | 1,604 | 1,446 | 1,393 |
Loans Outstanding, Individually evaluated for impairment | 1,312 | 1,165 | ||||
Loans Outstanding, Collectively evaluated for impairment | 398,955 | 458,189 | ||||
Loans Outstanding, Ending Balance | 400,267 | 459,354 | ||||
Loans Receivable | Commercial | ||||||
Financing Receivable, Allowance For Credit Losses [Line Items] | ||||||
Loans Outstanding, PCI | 52,967 | 53,267 | ||||
Loans Outstanding, Ending Balance | 4,871,801 | 4,635,537 | ||||
Loans Receivable | Commercial | Owner occupied commercial real estate | ||||||
Financing Receivable, Allowance For Credit Losses [Line Items] | ||||||
Allowance for Loan Losses, Individually evaluated for impairment | 1,131 | 1,746 | ||||
Allowance for Loan Losses, Collectively evaluated for impairment | 13,711 | 14,700 | ||||
Allowance for Loan Losses, Ending balance | 14,842 | 15,422 | 16,446 | 15,276 | 15,675 | 18,016 |
Loans Outstanding, Individually evaluated for impairment | 29,429 | 31,421 | ||||
Loans Outstanding, Collectively evaluated for impairment | 1,744,318 | 1,600,355 | ||||
Loans Outstanding, PCI | 18,015 | 18,584 | ||||
Loans Outstanding, Ending Balance | 1,791,762 | 1,650,360 | ||||
Loans Receivable | Commercial | Income producing commercial real estate | ||||||
Financing Receivable, Allowance For Credit Losses [Line Items] | ||||||
Allowance for Loan Losses, Individually evaluated for impairment | 869 | 885 | ||||
Allowance for Loan Losses, Collectively evaluated for impairment | 8,439 | 7,919 | ||||
Allowance for Loan Losses, PCI | 25 | 39 | ||||
Allowance for Loan Losses, Ending balance | 9,333 | 9,354 | 8,843 | 10,090 | 8,683 | 11,548 |
Loans Outstanding, Individually evaluated for impairment | 26,061 | 30,459 | ||||
Loans Outstanding, Collectively evaluated for impairment | 1,361,914 | 1,225,763 | ||||
Loans Outstanding, PCI | 25,129 | 25,319 | ||||
Loans Outstanding, Ending Balance | 1,413,104 | 1,281,541 | ||||
Loans Receivable | Commercial | Construction | ||||||
Financing Receivable, Allowance For Credit Losses [Line Items] | ||||||
Allowance for Loan Losses, Individually evaluated for impairment | 165 | 168 | ||||
Allowance for Loan Losses, Collectively evaluated for impairment | 10,040 | 13,218 | ||||
Allowance for Loan Losses, PCI | 1 | 19 | ||||
Allowance for Loan Losses, Ending balance | 10,206 | 11,038 | 13,405 | 10,924 | 13,097 | 9,553 |
Loans Outstanding, Individually evaluated for impairment | 4,728 | 5,050 | ||||
Loans Outstanding, Collectively evaluated for impairment | 569,841 | 620,543 | ||||
Loans Outstanding, PCI | 8,775 | 8,328 | ||||
Loans Outstanding, Ending Balance | 583,344 | 633,921 | ||||
Loans Receivable | Commercial | Commercial & industrial | ||||||
Financing Receivable, Allowance For Credit Losses [Line Items] | ||||||
Allowance for Loan Losses, Individually evaluated for impairment | 1,040 | 58 | ||||
Allowance for Loan Losses, Collectively evaluated for impairment | 3,470 | 3,752 | ||||
Allowance for Loan Losses, Ending balance | 4,510 | 3,620 | 3,810 | 3,440 | 3,202 | 4,433 |
Loans Outstanding, Individually evaluated for impairment | 5,653 | 1,915 | ||||
Loans Outstanding, Collectively evaluated for impairment | 1,076,890 | 1,066,764 | ||||
Loans Outstanding, PCI | 1,048 | 1,036 | ||||
Loans Outstanding, Ending Balance | 1,083,591 | 1,069,715 | ||||
Loans Receivable | Residential | Residential mortgage | ||||||
Financing Receivable, Allowance For Credit Losses [Line Items] | ||||||
Allowance for Loan Losses, Individually evaluated for impairment | 1,111 | 517 | ||||
Allowance for Loan Losses, Collectively evaluated for impairment | 8,504 | 7,997 | ||||
Allowance for Loan Losses, PCI | 15 | 31 | ||||
Allowance for Loan Losses, Ending balance | 9,630 | 9,798 | 8,545 | 11,439 | 11,329 | 12,719 |
Loans Outstanding, Individually evaluated for impairment | 14,352 | 13,706 | ||||
Loans Outstanding, Collectively evaluated for impairment | 906,287 | 836,624 | ||||
Loans Outstanding, PCI | 12,566 | 6,395 | ||||
Loans Outstanding, Ending Balance | 933,205 | 856,725 | ||||
Loans Receivable | Residential | Construction | ||||||
Financing Receivable, Allowance For Credit Losses [Line Items] | ||||||
Allowance for Loan Losses, Individually evaluated for impairment | 82 | 64 | ||||
Allowance for Loan Losses, Collectively evaluated for impairment | 2,874 | 3,198 | ||||
Allowance for Loan Losses, PCI | 2 | |||||
Allowance for Loan Losses, Ending balance | 2,956 | 3,084 | 3,264 | 4,341 | 4,851 | 4,002 |
Loans Outstanding, Individually evaluated for impairment | 1,544 | 1,594 | ||||
Loans Outstanding, Collectively evaluated for impairment | 188,054 | 187,516 | ||||
Loans Outstanding, PCI | 449 | 933 | ||||
Loans Outstanding, Ending Balance | 190,047 | 190,043 | ||||
Loans Receivable | Consumer installment | ||||||
Financing Receivable, Allowance For Credit Losses [Line Items] | ||||||
Allowance for Loan Losses, Individually evaluated for impairment | 8 | 12 | ||||
Allowance for Loan Losses, Collectively evaluated for impairment | 705 | 696 | ||||
Allowance for Loan Losses, PCI | 2 | |||||
Allowance for Loan Losses, Ending balance | 715 | $ 584 | 708 | $ 670 | $ 723 | $ 828 |
Loans Outstanding, Individually evaluated for impairment | 293 | 290 | ||||
Loans Outstanding, Collectively evaluated for impairment | 117,146 | 123,118 | ||||
Loans Outstanding, PCI | 1,303 | 159 | ||||
Loans Outstanding, Ending Balance | $ 118,742 | $ 123,567 |
Loans and Allowance for Credi58
Loans and Allowance for Credit Losses - Loans individually evaluated for impairment by class of loans (Details 4) - USD ($) $ in Thousands | Sep. 30, 2017 | Dec. 31, 2016 |
Loans individually evaluated for impairment by class of loans | ||
Allowance for loan losses, Individually evaluated for impairment | $ 4,436 | $ 3,452 |
Loans Receivable | ||
Loans individually evaluated for impairment by class of loans | ||
Unpaid Principal Balance, With no related allowance recorded | 30,841 | 29,096 |
Recorded Investment, With no related allowance recorded | 29,158 | 28,309 |
Unpaid Principal Balance, With an allowance recorded | 56,123 | 59,541 |
Recorded Investment, With allowance recorded | 54,418 | 57,354 |
Allowance for loan losses allocated with allowance | 4,436 | 3,452 |
Unpaid Principal Balance | 86,964 | 88,637 |
Recorded Investment | 83,576 | 85,663 |
Allowance for loan losses, Individually evaluated for impairment | 4,436 | 3,452 |
Loans Receivable | Home equity lines of credit | ||
Loans individually evaluated for impairment by class of loans | ||
Unpaid Principal Balance, With no related allowance recorded | 393 | |
Recorded Investment, With no related allowance recorded | 204 | |
Unpaid Principal Balance, With an allowance recorded | 63 | |
Recorded Investment, With allowance recorded | 63 | |
Allowance for loan losses allocated with allowance | 2 | |
Allowance for loan losses, Individually evaluated for impairment | 2 | |
Loans Receivable | Indirect auto | ||
Loans individually evaluated for impairment by class of loans | ||
Unpaid Principal Balance, With no related allowance recorded | 134 | 1,165 |
Recorded Investment, With no related allowance recorded | 134 | 1,165 |
Unpaid Principal Balance, With an allowance recorded | 1,178 | |
Recorded Investment, With allowance recorded | 1,178 | |
Allowance for loan losses allocated with allowance | 30 | |
Allowance for loan losses, Individually evaluated for impairment | 30 | |
Loans Receivable | Commercial | ||
Loans individually evaluated for impairment by class of loans | ||
Unpaid Principal Balance, With no related allowance recorded | 27,065 | 27,301 |
Recorded Investment, With no related allowance recorded | 25,741 | 26,516 |
Unpaid Principal Balance, With an allowance recorded | 41,211 | 43,673 |
Recorded Investment, With allowance recorded | 40,130 | 42,329 |
Allowance for loan losses allocated with allowance | 3,205 | 2,857 |
Loans Receivable | Commercial | Owner occupied commercial real estate | ||
Loans individually evaluated for impairment by class of loans | ||
Unpaid Principal Balance, With no related allowance recorded | 8,958 | 9,171 |
Recorded Investment, With no related allowance recorded | 8,126 | 8,477 |
Unpaid Principal Balance, With an allowance recorded | 21,645 | 23,574 |
Recorded Investment, With allowance recorded | 21,303 | 22,944 |
Allowance for loan losses allocated with allowance | 1,131 | 1,746 |
Allowance for loan losses, Individually evaluated for impairment | 1,131 | 1,746 |
Loans Receivable | Commercial | Income producing commercial real estate | ||
Loans individually evaluated for impairment by class of loans | ||
Unpaid Principal Balance, With no related allowance recorded | 14,739 | 16,864 |
Recorded Investment, With no related allowance recorded | 14,739 | 16,864 |
Unpaid Principal Balance, With an allowance recorded | 11,421 | 13,681 |
Recorded Investment, With allowance recorded | 11,322 | 13,595 |
Allowance for loan losses allocated with allowance | 869 | 885 |
Allowance for loan losses, Individually evaluated for impairment | 869 | 885 |
Loans Receivable | Commercial | Construction | ||
Loans individually evaluated for impairment by class of loans | ||
Unpaid Principal Balance, With no related allowance recorded | 981 | 845 |
Recorded Investment, With no related allowance recorded | 776 | 841 |
Unpaid Principal Balance, With an allowance recorded | 4,490 | 4,739 |
Recorded Investment, With allowance recorded | 3,952 | 4,209 |
Allowance for loan losses allocated with allowance | 165 | 168 |
Allowance for loan losses, Individually evaluated for impairment | 165 | 168 |
Loans Receivable | Commercial | Commercial & industrial | ||
Loans individually evaluated for impairment by class of loans | ||
Unpaid Principal Balance, With no related allowance recorded | 2,387 | 421 |
Recorded Investment, With no related allowance recorded | 2,100 | 334 |
Unpaid Principal Balance, With an allowance recorded | 3,655 | 1,679 |
Recorded Investment, With allowance recorded | 3,553 | 1,581 |
Allowance for loan losses allocated with allowance | 1,040 | 58 |
Allowance for loan losses, Individually evaluated for impairment | 1,040 | 58 |
Loans Receivable | Residential | Residential mortgage | ||
Loans individually evaluated for impairment by class of loans | ||
Unpaid Principal Balance, With no related allowance recorded | 2,980 | 630 |
Recorded Investment, With no related allowance recorded | 2,885 | 628 |
Unpaid Principal Balance, With an allowance recorded | 12,009 | 13,565 |
Recorded Investment, With allowance recorded | 11,467 | 13,078 |
Allowance for loan losses allocated with allowance | 1,111 | 517 |
Allowance for loan losses, Individually evaluated for impairment | 1,111 | 517 |
Loans Receivable | Residential | Construction | ||
Loans individually evaluated for impairment by class of loans | ||
Unpaid Principal Balance, With no related allowance recorded | 239 | |
Recorded Investment, With no related allowance recorded | 164 | |
Unpaid Principal Balance, With an allowance recorded | 1,458 | 1,947 |
Recorded Investment, With allowance recorded | 1,380 | 1,594 |
Allowance for loan losses allocated with allowance | 82 | 64 |
Allowance for loan losses, Individually evaluated for impairment | 82 | 64 |
Loans Receivable | Consumer installment | ||
Loans individually evaluated for impairment by class of loans | ||
Unpaid Principal Balance, With no related allowance recorded | 30 | |
Recorded Investment, With no related allowance recorded | 30 | |
Unpaid Principal Balance, With an allowance recorded | 267 | 293 |
Recorded Investment, With allowance recorded | 263 | 290 |
Allowance for loan losses allocated with allowance | 8 | 12 |
Allowance for loan losses, Individually evaluated for impairment | $ 8 | $ 12 |
Loans and Allowance for Credi59
Loans and Allowance for Credit Losses - Loans modified under terms of TDR (Details 5) - Loans Receivable $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017USD ($)Contract | Sep. 30, 2016USD ($)Contract | Sep. 30, 2017USD ($)Contract | Sep. 30, 2016USD ($)Contract | |
Financing Receivable, Modifications [Line Items] | ||||
Number of Contracts | Contract | 26 | 22 | 60 | 75 |
Pre-Modification Outstanding Recorded Investment | $ 1,798 | $ 2,447 | $ 5,448 | $ 8,538 |
Post Modification Outstanding Recorded Investment | $ 1,459 | $ 2,392 | $ 4,989 | $ 8,389 |
Modified Within the Previous Twelve Months that Have Subsequently Defaulted, Number of Contracts | Contract | 1 | 2 | 3 | 4 |
Modified Within the Previous Twelve Months that Have Subsequently Defaulted, Recorded Investment | $ 160 | $ 34 | $ 815 | $ 371 |
Rate Reduction | ||||
Financing Receivable, Modifications [Line Items] | ||||
Post Modification Outstanding Recorded Investment | 40 | 2,040 | ||
Structure | ||||
Financing Receivable, Modifications [Line Items] | ||||
Post Modification Outstanding Recorded Investment | 1,137 | 2,166 | 3,892 | 5,502 |
Other | ||||
Financing Receivable, Modifications [Line Items] | ||||
Post Modification Outstanding Recorded Investment | $ 322 | $ 226 | $ 1,057 | $ 847 |
Home equity lines of credit | ||||
Financing Receivable, Modifications [Line Items] | ||||
Number of Contracts | Contract | 1 | 1 | ||
Pre-Modification Outstanding Recorded Investment | $ 296 | $ 38 | ||
Post Modification Outstanding Recorded Investment | 176 | 38 | ||
Home equity lines of credit | Rate Reduction | ||||
Financing Receivable, Modifications [Line Items] | ||||
Post Modification Outstanding Recorded Investment | $ 38 | |||
Home equity lines of credit | Other | ||||
Financing Receivable, Modifications [Line Items] | ||||
Post Modification Outstanding Recorded Investment | $ 176 | |||
Indirect auto | ||||
Financing Receivable, Modifications [Line Items] | ||||
Number of Contracts | Contract | 10 | 8 | 23 | 26 |
Pre-Modification Outstanding Recorded Investment | $ 188 | $ 226 | $ 521 | $ 699 |
Post Modification Outstanding Recorded Investment | 188 | 226 | 521 | 699 |
Indirect auto | Other | ||||
Financing Receivable, Modifications [Line Items] | ||||
Post Modification Outstanding Recorded Investment | $ 188 | $ 226 | $ 521 | $ 699 |
Commercial | ||||
Financing Receivable, Modifications [Line Items] | ||||
Number of Contracts | Contract | 5 | 5 | 11 | 17 |
Pre-Modification Outstanding Recorded Investment | $ 796 | $ 1,554 | $ 2,935 | $ 4,427 |
Post Modification Outstanding Recorded Investment | 457 | $ 1,554 | 2,596 | $ 4,427 |
Modified Within the Previous Twelve Months that Have Subsequently Defaulted, Number of Contracts | Contract | 2 | 3 | ||
Modified Within the Previous Twelve Months that Have Subsequently Defaulted, Recorded Investment | $ 34 | $ 286 | ||
Commercial | Structure | ||||
Financing Receivable, Modifications [Line Items] | ||||
Post Modification Outstanding Recorded Investment | 323 | $ 1,554 | 2,236 | 4,361 |
Commercial | Other | ||||
Financing Receivable, Modifications [Line Items] | ||||
Post Modification Outstanding Recorded Investment | $ 134 | $ 360 | $ 66 | |
Commercial | Owner occupied commercial real estate | ||||
Financing Receivable, Modifications [Line Items] | ||||
Number of Contracts | Contract | 3 | 1 | 6 | 8 |
Pre-Modification Outstanding Recorded Investment | $ 743 | $ 1,007 | $ 2,603 | $ 2,699 |
Post Modification Outstanding Recorded Investment | 409 | 1,007 | 2,269 | $ 2,699 |
Modified Within the Previous Twelve Months that Have Subsequently Defaulted, Number of Contracts | Contract | 1 | |||
Modified Within the Previous Twelve Months that Have Subsequently Defaulted, Recorded Investment | $ 252 | |||
Commercial | Owner occupied commercial real estate | Structure | ||||
Financing Receivable, Modifications [Line Items] | ||||
Post Modification Outstanding Recorded Investment | 301 | $ 1,007 | 2,161 | $ 2,699 |
Commercial | Owner occupied commercial real estate | Other | ||||
Financing Receivable, Modifications [Line Items] | ||||
Post Modification Outstanding Recorded Investment | $ 108 | $ 108 | ||
Commercial | Income producing commercial real estate | ||||
Financing Receivable, Modifications [Line Items] | ||||
Number of Contracts | Contract | 1 | 1 | 2 | 1 |
Pre-Modification Outstanding Recorded Investment | $ 31 | $ 257 | $ 257 | $ 257 |
Post Modification Outstanding Recorded Investment | 26 | 257 | 252 | 257 |
Commercial | Income producing commercial real estate | Structure | ||||
Financing Receivable, Modifications [Line Items] | ||||
Post Modification Outstanding Recorded Investment | $ 257 | $ 257 | ||
Commercial | Income producing commercial real estate | Other | ||||
Financing Receivable, Modifications [Line Items] | ||||
Post Modification Outstanding Recorded Investment | $ 26 | $ 252 | ||
Commercial | Construction | ||||
Financing Receivable, Modifications [Line Items] | ||||
Number of Contracts | Contract | 1 | 3 | ||
Pre-Modification Outstanding Recorded Investment | $ 224 | $ 459 | ||
Post Modification Outstanding Recorded Investment | 224 | 459 | ||
Commercial | Construction | Structure | ||||
Financing Receivable, Modifications [Line Items] | ||||
Post Modification Outstanding Recorded Investment | $ 224 | 393 | ||
Commercial | Construction | Other | ||||
Financing Receivable, Modifications [Line Items] | ||||
Post Modification Outstanding Recorded Investment | $ 66 | |||
Commercial | Commercial & industrial | ||||
Financing Receivable, Modifications [Line Items] | ||||
Number of Contracts | Contract | 1 | 2 | 3 | 5 |
Pre-Modification Outstanding Recorded Investment | $ 22 | $ 66 | $ 75 | $ 1,012 |
Post Modification Outstanding Recorded Investment | 22 | $ 66 | 75 | $ 1,012 |
Modified Within the Previous Twelve Months that Have Subsequently Defaulted, Number of Contracts | Contract | 2 | 2 | ||
Modified Within the Previous Twelve Months that Have Subsequently Defaulted, Recorded Investment | $ 34 | $ 34 | ||
Commercial | Commercial & industrial | Structure | ||||
Financing Receivable, Modifications [Line Items] | ||||
Post Modification Outstanding Recorded Investment | $ 22 | $ 66 | $ 75 | $ 1,012 |
Residential | Residential mortgage | ||||
Financing Receivable, Modifications [Line Items] | ||||
Number of Contracts | Contract | 9 | 6 | 21 | 23 |
Pre-Modification Outstanding Recorded Investment | $ 773 | $ 605 | $ 1,609 | $ 3,033 |
Post Modification Outstanding Recorded Investment | $ 773 | 550 | $ 1,609 | $ 2,939 |
Modified Within the Previous Twelve Months that Have Subsequently Defaulted, Number of Contracts | Contract | 1 | 3 | 1 | |
Modified Within the Previous Twelve Months that Have Subsequently Defaulted, Recorded Investment | $ 160 | $ 815 | $ 85 | |
Residential | Residential mortgage | Rate Reduction | ||||
Financing Receivable, Modifications [Line Items] | ||||
Post Modification Outstanding Recorded Investment | 1,957 | |||
Residential | Residential mortgage | Structure | ||||
Financing Receivable, Modifications [Line Items] | ||||
Post Modification Outstanding Recorded Investment | $ 773 | $ 550 | $ 1,609 | $ 982 |
Residential | Construction | ||||
Financing Receivable, Modifications [Line Items] | ||||
Number of Contracts | Contract | 1 | 1 | 2 | 5 |
Pre-Modification Outstanding Recorded Investment | $ 31 | $ 48 | $ 71 | $ 307 |
Post Modification Outstanding Recorded Investment | 31 | 48 | 71 | 252 |
Residential | Construction | Rate Reduction | ||||
Financing Receivable, Modifications [Line Items] | ||||
Post Modification Outstanding Recorded Investment | 40 | 45 | ||
Residential | Construction | Structure | ||||
Financing Receivable, Modifications [Line Items] | ||||
Post Modification Outstanding Recorded Investment | $ 31 | $ 48 | $ 31 | 125 |
Residential | Construction | Other | ||||
Financing Receivable, Modifications [Line Items] | ||||
Post Modification Outstanding Recorded Investment | $ 82 | |||
Consumer installment | ||||
Financing Receivable, Modifications [Line Items] | ||||
Number of Contracts | Contract | 1 | 2 | 2 | 3 |
Pre-Modification Outstanding Recorded Investment | $ 10 | $ 14 | $ 16 | $ 34 |
Post Modification Outstanding Recorded Investment | 10 | 14 | 16 | 34 |
Consumer installment | Structure | ||||
Financing Receivable, Modifications [Line Items] | ||||
Post Modification Outstanding Recorded Investment | $ 10 | $ 14 | $ 16 | $ 34 |
Loans and Allowance for Credi60
Loans and Allowance for Credit Losses - Average balances of impaired loans and income recognized on impaired loans (Details 6) - Loans Receivable - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Average balances of impaired loans and income recognized on impaired loans | ||||
Average Balance | $ 84,177 | $ 92,959 | $ 84,175 | $ 91,959 |
Interest Revenue Recognized During Impairment | 931 | 1,125 | 2,889 | 3,255 |
Cash Basis Interest Revenue Received | 965 | 1,090 | 2,926 | 3,275 |
Home equity lines of credit | ||||
Average balances of impaired loans and income recognized on impaired loans | ||||
Average Balance | 207 | 103 | 274 | 103 |
Interest Revenue Recognized During Impairment | 4 | 1 | 7 | 3 |
Cash Basis Interest Revenue Received | 4 | 1 | 9 | 3 |
Indirect auto | ||||
Average balances of impaired loans and income recognized on impaired loans | ||||
Average Balance | 1,339 | 959 | 1,199 | 871 |
Interest Revenue Recognized During Impairment | 18 | 11 | 46 | 33 |
Cash Basis Interest Revenue Received | 18 | 11 | 46 | 33 |
Commercial | ||||
Average balances of impaired loans and income recognized on impaired loans | ||||
Average Balance | 66,322 | 76,004 | 66,557 | 74,759 |
Interest Revenue Recognized During Impairment | 740 | 949 | 2,342 | 2,633 |
Cash Basis Interest Revenue Received | 775 | 915 | 2,354 | 2,656 |
Commercial | Commercial & industrial | ||||
Average balances of impaired loans and income recognized on impaired loans | ||||
Average Balance | 5,492 | 2,553 | 3,103 | 2,614 |
Interest Revenue Recognized During Impairment | 53 | 33 | 106 | 98 |
Cash Basis Interest Revenue Received | 65 | 33 | 110 | 94 |
Commercial | Owner occupied commercial real estate | ||||
Average balances of impaired loans and income recognized on impaired loans | ||||
Average Balance | 29,764 | 35,714 | 30,149 | 33,997 |
Interest Revenue Recognized During Impairment | 307 | 434 | 1,023 | 1,280 |
Cash Basis Interest Revenue Received | 331 | 433 | 1,043 | 1,307 |
Commercial | Income producing commercial real estate | ||||
Average balances of impaired loans and income recognized on impaired loans | ||||
Average Balance | 26,203 | 31,753 | 27,794 | 32,013 |
Interest Revenue Recognized During Impairment | 329 | 416 | 1,039 | 1,054 |
Cash Basis Interest Revenue Received | 331 | 380 | 1,023 | 1,047 |
Commercial | Construction | ||||
Average balances of impaired loans and income recognized on impaired loans | ||||
Average Balance | 4,863 | 5,984 | 5,511 | 6,135 |
Interest Revenue Recognized During Impairment | 51 | 66 | 174 | 201 |
Cash Basis Interest Revenue Received | 48 | 69 | 178 | 208 |
Residential | Residential mortgage | ||||
Average balances of impaired loans and income recognized on impaired loans | ||||
Average Balance | 14,448 | 14,060 | 14,266 | 14,224 |
Interest Revenue Recognized During Impairment | 139 | 140 | 407 | 502 |
Cash Basis Interest Revenue Received | 139 | 140 | 429 | 499 |
Residential | Construction | ||||
Average balances of impaired loans and income recognized on impaired loans | ||||
Average Balance | 1,561 | 1,542 | 1,581 | 1,699 |
Interest Revenue Recognized During Impairment | 24 | 19 | 70 | 67 |
Cash Basis Interest Revenue Received | 24 | 17 | 71 | 66 |
Consumer installment | ||||
Average balances of impaired loans and income recognized on impaired loans | ||||
Average Balance | 300 | 291 | 298 | 303 |
Interest Revenue Recognized During Impairment | 6 | 5 | 17 | 17 |
Cash Basis Interest Revenue Received | $ 5 | $ 6 | $ 17 | $ 18 |
Loans and Allowance for Credi61
Loans and Allowance for Credit Losses - Recorded investment in nonaccrual loans by loan class (Details 7) - Loans Receivable - USD ($) $ in Thousands | Sep. 30, 2017 | Dec. 31, 2016 |
Recorded investment in nonaccrual loans by loan class | ||
Nonaccrual Loans | $ 22,921 | $ 21,539 |
Home equity lines of credit | ||
Recorded investment in nonaccrual loans by loan class | ||
Nonaccrual Loans | 1,898 | 1,831 |
Indirect auto | ||
Recorded investment in nonaccrual loans by loan class | ||
Nonaccrual Loans | 1,379 | 1,275 |
Commercial | ||
Recorded investment in nonaccrual loans by loan class | ||
Nonaccrual Loans | 10,823 | 11,201 |
Commercial | Owner occupied commercial real estate | ||
Recorded investment in nonaccrual loans by loan class | ||
Nonaccrual Loans | 5,027 | 7,373 |
Commercial | Income producing commercial real estate | ||
Recorded investment in nonaccrual loans by loan class | ||
Nonaccrual Loans | 2,042 | 1,324 |
Commercial | Construction | ||
Recorded investment in nonaccrual loans by loan class | ||
Nonaccrual Loans | 1,376 | 1,538 |
Commercial | Commercial & industrial | ||
Recorded investment in nonaccrual loans by loan class | ||
Nonaccrual Loans | 2,378 | 966 |
Residential | Residential mortgage | ||
Recorded investment in nonaccrual loans by loan class | ||
Nonaccrual Loans | 8,559 | 6,368 |
Residential | Construction | ||
Recorded investment in nonaccrual loans by loan class | ||
Nonaccrual Loans | 178 | 776 |
Consumer installment | ||
Recorded investment in nonaccrual loans by loan class | ||
Nonaccrual Loans | $ 84 | $ 88 |
Loans and Allowance for Credi62
Loans and Allowance for Credit Losses - Aging of recorded investment in past due loans (Details 8) - USD ($) $ in Thousands | Sep. 30, 2017 | Dec. 31, 2016 |
Recorded investment in nonaccrual loans by loan class | ||
Loans Outstanding, Ending Balance | $ 7,202,937 | $ 6,920,636 |
Loans Receivable | ||
Recorded investment in nonaccrual loans by loan class | ||
Loans, Total Past Due | 34,167 | 30,061 |
Loans Not Past Due | 7,100,042 | 6,827,811 |
Loans Outstanding, PCI | 68,728 | 62,764 |
Loans Outstanding, Ending Balance | 7,202,937 | 6,920,636 |
Loans Receivable | Loans Past Due, 30 - 59 Days | ||
Recorded investment in nonaccrual loans by loan class | ||
Loans, Total Past Due | 19,346 | 16,872 |
Loans Receivable | Loans Past Due, 60 - 89 Days | ||
Recorded investment in nonaccrual loans by loan class | ||
Loans, Total Past Due | 5,957 | 5,351 |
Loans Receivable | Loans Past Due, > 90 Days | ||
Recorded investment in nonaccrual loans by loan class | ||
Loans, Total Past Due | 8,864 | 7,838 |
Loans Receivable | Home equity lines of credit | ||
Recorded investment in nonaccrual loans by loan class | ||
Loans, Total Past Due | 3,819 | 3,054 |
Loans Not Past Due | 683,613 | 650,346 |
Loans Outstanding, PCI | 1,443 | 2,010 |
Loans Outstanding, Ending Balance | 688,875 | 655,410 |
Loans Receivable | Home equity lines of credit | Loans Past Due, 30 - 59 Days | ||
Recorded investment in nonaccrual loans by loan class | ||
Loans, Total Past Due | 2,545 | 1,996 |
Loans Receivable | Home equity lines of credit | Loans Past Due, 60 - 89 Days | ||
Recorded investment in nonaccrual loans by loan class | ||
Loans, Total Past Due | 666 | 101 |
Loans Receivable | Home equity lines of credit | Loans Past Due, > 90 Days | ||
Recorded investment in nonaccrual loans by loan class | ||
Loans, Total Past Due | 608 | 957 |
Loans Receivable | Indirect auto | ||
Recorded investment in nonaccrual loans by loan class | ||
Loans, Total Past Due | 2,398 | 2,319 |
Loans Not Past Due | 397,869 | 457,035 |
Loans Outstanding, Ending Balance | 400,267 | 459,354 |
Loans Receivable | Indirect auto | Loans Past Due, 30 - 59 Days | ||
Recorded investment in nonaccrual loans by loan class | ||
Loans, Total Past Due | 936 | 1,109 |
Loans Receivable | Indirect auto | Loans Past Due, 60 - 89 Days | ||
Recorded investment in nonaccrual loans by loan class | ||
Loans, Total Past Due | 415 | 301 |
Loans Receivable | Indirect auto | Loans Past Due, > 90 Days | ||
Recorded investment in nonaccrual loans by loan class | ||
Loans, Total Past Due | 1,047 | 909 |
Loans Receivable | Commercial | ||
Recorded investment in nonaccrual loans by loan class | ||
Loans, Total Past Due | 15,496 | 11,423 |
Loans Not Past Due | 4,803,338 | 4,570,847 |
Loans Outstanding, PCI | 52,967 | 53,267 |
Loans Outstanding, Ending Balance | 4,871,801 | 4,635,537 |
Loans Receivable | Commercial | Commercial & industrial | ||
Recorded investment in nonaccrual loans by loan class | ||
Loans, Total Past Due | 5,102 | 1,362 |
Loans Not Past Due | 1,077,441 | 1,067,317 |
Loans Outstanding, PCI | 1,048 | 1,036 |
Loans Outstanding, Ending Balance | 1,083,591 | 1,069,715 |
Loans Receivable | Commercial | Loans Past Due, 30 - 59 Days | ||
Recorded investment in nonaccrual loans by loan class | ||
Loans, Total Past Due | 8,788 | 4,963 |
Loans Receivable | Commercial | Loans Past Due, 30 - 59 Days | Commercial & industrial | ||
Recorded investment in nonaccrual loans by loan class | ||
Loans, Total Past Due | 3,088 | 943 |
Loans Receivable | Commercial | Loans Past Due, 60 - 89 Days | ||
Recorded investment in nonaccrual loans by loan class | ||
Loans, Total Past Due | 2,844 | 2,274 |
Loans Receivable | Commercial | Loans Past Due, 60 - 89 Days | Commercial & industrial | ||
Recorded investment in nonaccrual loans by loan class | ||
Loans, Total Past Due | 1,008 | 241 |
Loans Receivable | Commercial | Loans Past Due, > 90 Days | ||
Recorded investment in nonaccrual loans by loan class | ||
Loans, Total Past Due | 3,864 | 4,186 |
Loans Receivable | Commercial | Loans Past Due, > 90 Days | Commercial & industrial | ||
Recorded investment in nonaccrual loans by loan class | ||
Loans, Total Past Due | 1,006 | 178 |
Loans Receivable | Commercial | Owner occupied commercial real estate | ||
Recorded investment in nonaccrual loans by loan class | ||
Loans, Total Past Due | 7,429 | 7,245 |
Loans Not Past Due | 1,766,318 | 1,624,531 |
Loans Outstanding, PCI | 18,015 | 18,584 |
Loans Outstanding, Ending Balance | 1,791,762 | 1,650,360 |
Loans Receivable | Commercial | Owner occupied commercial real estate | Loans Past Due, 30 - 59 Days | ||
Recorded investment in nonaccrual loans by loan class | ||
Loans, Total Past Due | 4,017 | 2,195 |
Loans Receivable | Commercial | Owner occupied commercial real estate | Loans Past Due, 60 - 89 Days | ||
Recorded investment in nonaccrual loans by loan class | ||
Loans, Total Past Due | 1,236 | 1,664 |
Loans Receivable | Commercial | Owner occupied commercial real estate | Loans Past Due, > 90 Days | ||
Recorded investment in nonaccrual loans by loan class | ||
Loans, Total Past Due | 2,176 | 3,386 |
Loans Receivable | Commercial | Income producing commercial real estate | ||
Recorded investment in nonaccrual loans by loan class | ||
Loans, Total Past Due | 2,247 | 2,058 |
Loans Not Past Due | 1,385,728 | 1,254,164 |
Loans Outstanding, PCI | 25,129 | 25,319 |
Loans Outstanding, Ending Balance | 1,413,104 | 1,281,541 |
Loans Receivable | Commercial | Income producing commercial real estate | Loans Past Due, 30 - 59 Days | ||
Recorded investment in nonaccrual loans by loan class | ||
Loans, Total Past Due | 1,189 | 1,373 |
Loans Receivable | Commercial | Income producing commercial real estate | Loans Past Due, 60 - 89 Days | ||
Recorded investment in nonaccrual loans by loan class | ||
Loans, Total Past Due | 595 | 355 |
Loans Receivable | Commercial | Income producing commercial real estate | Loans Past Due, > 90 Days | ||
Recorded investment in nonaccrual loans by loan class | ||
Loans, Total Past Due | 463 | 330 |
Loans Receivable | Commercial | Construction | ||
Recorded investment in nonaccrual loans by loan class | ||
Loans, Total Past Due | 718 | 758 |
Loans Not Past Due | 573,851 | 624,835 |
Loans Outstanding, PCI | 8,775 | 8,328 |
Loans Outstanding, Ending Balance | 583,344 | 633,921 |
Loans Receivable | Commercial | Construction | Loans Past Due, 30 - 59 Days | ||
Recorded investment in nonaccrual loans by loan class | ||
Loans, Total Past Due | 494 | 452 |
Loans Receivable | Commercial | Construction | Loans Past Due, 60 - 89 Days | ||
Recorded investment in nonaccrual loans by loan class | ||
Loans, Total Past Due | 5 | 14 |
Loans Receivable | Commercial | Construction | Loans Past Due, > 90 Days | ||
Recorded investment in nonaccrual loans by loan class | ||
Loans, Total Past Due | 219 | 292 |
Loans Receivable | Residential | Residential mortgage | ||
Recorded investment in nonaccrual loans by loan class | ||
Loans, Total Past Due | 11,317 | 10,720 |
Loans Not Past Due | 909,322 | 839,610 |
Loans Outstanding, PCI | 12,566 | 6,395 |
Loans Outstanding, Ending Balance | 933,205 | 856,725 |
Loans Receivable | Residential | Residential mortgage | Loans Past Due, 30 - 59 Days | ||
Recorded investment in nonaccrual loans by loan class | ||
Loans, Total Past Due | 6,133 | 7,221 |
Loans Receivable | Residential | Residential mortgage | Loans Past Due, 60 - 89 Days | ||
Recorded investment in nonaccrual loans by loan class | ||
Loans, Total Past Due | 1,883 | 1,799 |
Loans Receivable | Residential | Residential mortgage | Loans Past Due, > 90 Days | ||
Recorded investment in nonaccrual loans by loan class | ||
Loans, Total Past Due | 3,301 | 1,700 |
Loans Receivable | Residential | Construction | ||
Recorded investment in nonaccrual loans by loan class | ||
Loans, Total Past Due | 526 | 1,760 |
Loans Not Past Due | 189,072 | 187,350 |
Loans Outstanding, PCI | 449 | 933 |
Loans Outstanding, Ending Balance | 190,047 | 190,043 |
Loans Receivable | Residential | Construction | Loans Past Due, 30 - 59 Days | ||
Recorded investment in nonaccrual loans by loan class | ||
Loans, Total Past Due | 400 | 950 |
Loans Receivable | Residential | Construction | Loans Past Due, 60 - 89 Days | ||
Recorded investment in nonaccrual loans by loan class | ||
Loans, Total Past Due | 110 | 759 |
Loans Receivable | Residential | Construction | Loans Past Due, > 90 Days | ||
Recorded investment in nonaccrual loans by loan class | ||
Loans, Total Past Due | 16 | 51 |
Loans Receivable | Consumer installment | ||
Recorded investment in nonaccrual loans by loan class | ||
Loans, Total Past Due | 611 | 785 |
Loans Not Past Due | 116,828 | 122,623 |
Loans Outstanding, PCI | 1,303 | 159 |
Loans Outstanding, Ending Balance | 118,742 | 123,567 |
Loans Receivable | Consumer installment | Loans Past Due, 30 - 59 Days | ||
Recorded investment in nonaccrual loans by loan class | ||
Loans, Total Past Due | 544 | 633 |
Loans Receivable | Consumer installment | Loans Past Due, 60 - 89 Days | ||
Recorded investment in nonaccrual loans by loan class | ||
Loans, Total Past Due | 39 | 117 |
Loans Receivable | Consumer installment | Loans Past Due, > 90 Days | ||
Recorded investment in nonaccrual loans by loan class | ||
Loans, Total Past Due | $ 28 | $ 35 |
Loans and Allowance for Credi63
Loans and Allowance for Credit Losses - Risk category of loans by class of loans (Details 9) - Loans Receivable - USD ($) $ in Thousands | Sep. 30, 2017 | Dec. 31, 2016 |
Risk category of loans by class of loans | ||
Total loans, excluding PCI loans | $ 7,134,209 | $ 6,857,872 |
Loans Outstanding, PCI | 68,728 | 62,764 |
Pass | ||
Risk category of loans by class of loans | ||
Total loans, excluding PCI loans | 6,946,107 | 6,708,474 |
Loans Outstanding, PCI | 33,354 | 26,048 |
Watch | ||
Risk category of loans by class of loans | ||
Total loans, excluding PCI loans | 82,685 | 36,885 |
Loans Outstanding, PCI | 17,384 | 13,343 |
Substandard | ||
Risk category of loans by class of loans | ||
Total loans, excluding PCI loans | 105,417 | 112,513 |
Loans Outstanding, PCI | 17,990 | 23,373 |
Home equity lines of credit | ||
Risk category of loans by class of loans | ||
Total loans, excluding PCI loans | 687,432 | 653,400 |
Loans Outstanding, PCI | 1,443 | 2,010 |
Home equity lines of credit | Pass | ||
Risk category of loans by class of loans | ||
Total loans, excluding PCI loans | 680,711 | 647,425 |
Loans Outstanding, PCI | 663 | 1,094 |
Home equity lines of credit | Substandard | ||
Risk category of loans by class of loans | ||
Total loans, excluding PCI loans | 6,721 | 5,975 |
Loans Outstanding, PCI | 780 | 916 |
Indirect auto | ||
Risk category of loans by class of loans | ||
Total loans, excluding PCI loans | 400,267 | 459,354 |
Indirect auto | Pass | ||
Risk category of loans by class of loans | ||
Total loans, excluding PCI loans | 397,203 | 456,717 |
Indirect auto | Substandard | ||
Risk category of loans by class of loans | ||
Total loans, excluding PCI loans | 3,064 | 2,637 |
Commercial | ||
Risk category of loans by class of loans | ||
Total loans, excluding PCI loans | 4,818,834 | 4,582,270 |
Loans Outstanding, PCI | 52,967 | 53,267 |
Commercial | Pass | ||
Risk category of loans by class of loans | ||
Total loans, excluding PCI loans | 4,664,632 | 4,466,109 |
Loans Outstanding, PCI | 21,255 | 18,708 |
Commercial | Watch | ||
Risk category of loans by class of loans | ||
Total loans, excluding PCI loans | 82,685 | 36,885 |
Loans Outstanding, PCI | 17,384 | 13,343 |
Commercial | Substandard | ||
Risk category of loans by class of loans | ||
Total loans, excluding PCI loans | 71,517 | 79,276 |
Loans Outstanding, PCI | 14,328 | 21,216 |
Commercial | Owner occupied commercial real estate | ||
Risk category of loans by class of loans | ||
Total loans, excluding PCI loans | 1,773,747 | 1,631,776 |
Loans Outstanding, PCI | 18,015 | 18,584 |
Commercial | Owner occupied commercial real estate | Pass | ||
Risk category of loans by class of loans | ||
Total loans, excluding PCI loans | 1,708,659 | 1,577,301 |
Loans Outstanding, PCI | 3,628 | 2,044 |
Commercial | Owner occupied commercial real estate | Watch | ||
Risk category of loans by class of loans | ||
Total loans, excluding PCI loans | 32,450 | 18,029 |
Loans Outstanding, PCI | 4,851 | 3,444 |
Commercial | Owner occupied commercial real estate | Substandard | ||
Risk category of loans by class of loans | ||
Total loans, excluding PCI loans | 32,638 | 36,446 |
Loans Outstanding, PCI | 9,536 | 13,096 |
Commercial | Income producing commercial real estate | ||
Risk category of loans by class of loans | ||
Total loans, excluding PCI loans | 1,387,975 | 1,256,222 |
Loans Outstanding, PCI | 25,129 | 25,319 |
Commercial | Income producing commercial real estate | Pass | ||
Risk category of loans by class of loans | ||
Total loans, excluding PCI loans | 1,337,358 | 1,220,626 |
Loans Outstanding, PCI | 12,459 | 13,236 |
Commercial | Income producing commercial real estate | Watch | ||
Risk category of loans by class of loans | ||
Total loans, excluding PCI loans | 30,584 | 8,502 |
Loans Outstanding, PCI | 9,739 | 8,474 |
Commercial | Income producing commercial real estate | Substandard | ||
Risk category of loans by class of loans | ||
Total loans, excluding PCI loans | 20,033 | 27,094 |
Loans Outstanding, PCI | 2,931 | 3,609 |
Commercial | Construction | ||
Risk category of loans by class of loans | ||
Total loans, excluding PCI loans | 574,569 | 625,593 |
Loans Outstanding, PCI | 8,775 | 8,328 |
Commercial | Construction | Pass | ||
Risk category of loans by class of loans | ||
Total loans, excluding PCI loans | 563,616 | 612,900 |
Loans Outstanding, PCI | 4,742 | 3,212 |
Commercial | Construction | Watch | ||
Risk category of loans by class of loans | ||
Total loans, excluding PCI loans | 5,006 | 6,166 |
Loans Outstanding, PCI | 2,391 | 1,265 |
Commercial | Construction | Substandard | ||
Risk category of loans by class of loans | ||
Total loans, excluding PCI loans | 5,947 | 6,527 |
Loans Outstanding, PCI | 1,642 | 3,851 |
Commercial | Commercial & industrial | ||
Risk category of loans by class of loans | ||
Total loans, excluding PCI loans | 1,082,543 | 1,068,679 |
Loans Outstanding, PCI | 1,048 | 1,036 |
Commercial | Commercial & industrial | Pass | ||
Risk category of loans by class of loans | ||
Total loans, excluding PCI loans | 1,054,999 | 1,055,282 |
Loans Outstanding, PCI | 426 | 216 |
Commercial | Commercial & industrial | Watch | ||
Risk category of loans by class of loans | ||
Total loans, excluding PCI loans | 14,645 | 4,188 |
Loans Outstanding, PCI | 403 | 160 |
Commercial | Commercial & industrial | Substandard | ||
Risk category of loans by class of loans | ||
Total loans, excluding PCI loans | 12,899 | 9,209 |
Loans Outstanding, PCI | 219 | 660 |
Residential | Residential mortgage | ||
Risk category of loans by class of loans | ||
Total loans, excluding PCI loans | 920,639 | 850,330 |
Loans Outstanding, PCI | 12,566 | 6,395 |
Residential | Residential mortgage | Pass | ||
Risk category of loans by class of loans | ||
Total loans, excluding PCI loans | 899,000 | 829,844 |
Loans Outstanding, PCI | 9,732 | 5,189 |
Residential | Residential mortgage | Substandard | ||
Risk category of loans by class of loans | ||
Total loans, excluding PCI loans | 21,639 | 20,486 |
Loans Outstanding, PCI | 2,834 | 1,206 |
Residential | Construction | ||
Risk category of loans by class of loans | ||
Total loans, excluding PCI loans | 189,598 | 189,110 |
Loans Outstanding, PCI | 449 | 933 |
Residential | Construction | Pass | ||
Risk category of loans by class of loans | ||
Total loans, excluding PCI loans | 187,684 | 185,643 |
Loans Outstanding, PCI | 431 | 898 |
Residential | Construction | Substandard | ||
Risk category of loans by class of loans | ||
Total loans, excluding PCI loans | 1,914 | 3,467 |
Loans Outstanding, PCI | 18 | 35 |
Consumer installment | ||
Risk category of loans by class of loans | ||
Total loans, excluding PCI loans | 117,439 | 123,408 |
Loans Outstanding, PCI | 1,303 | 159 |
Consumer installment | Pass | ||
Risk category of loans by class of loans | ||
Total loans, excluding PCI loans | 116,877 | 122,736 |
Loans Outstanding, PCI | 1,273 | 159 |
Consumer installment | Substandard | ||
Risk category of loans by class of loans | ||
Total loans, excluding PCI loans | 562 | $ 672 |
Loans Outstanding, PCI | $ 30 |
Loans and Allowance for Credi64
Loans and Allowance for Credit Losses (Detail Textuals) - USD ($) | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | Dec. 31, 2016 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Remaining accretable fair value mark on loans | $ 9,190,000 | $ 9,190,000 | $ 7,140,000 | ||
Criteria amount for evaluation of impairment | 500,000 | 500,000 | |||
Accruing substandard relationship | 2,000,000 | 2,000,000 | |||
Specific reserves | 2,980,000 | 2,980,000 | 2,900,000 | ||
Gross additional interest income that would have been earned if the nonaccrual loans had performed as per original terms | 291,000 | $ 262,000 | 814,000 | $ 686,000 | |
FHLB | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Pledged as collateral to secure FHLB advances | 3,570,000,000 | 3,570,000,000 | 3,330,000,000 | ||
Loans Receivable | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Carrying value of purchased credit impaired loans | 68,728,000 | 68,728,000 | 62,764,000 | ||
Unpaid principal balance of purchased credit impaired ("PCI") loans | 104,000,000 | 104,000,000 | 87,900,000 | ||
Loans outstanding classified as troubled debt restructurings | 45,000 | 45,000 | 95,000 | ||
Loans Receivable | Indirect auto | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Remaining accretable fair value mark on loans | $ 9,190,000 | 9,190,000 | $ 11,400,000 | ||
Loan Purchased | $ 38,800,000 | $ 81,700,000 | $ 149,000,000 |
Reclassifications Out of Accu65
Reclassifications Out of Accumulated Other Comprehensive Income (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Securities gains, net | $ 188 | $ 261 | $ 190 | $ 922 |
Money market deposit interest expense | (1,953) | (1,347) | (4,938) | (3,661) |
Income tax benefit (expense) | 15,728 | 15,753 | 50,743 | 44,720 |
Net of tax | 27,719 | 25,874 | 79,078 | 73,414 |
Reclassifications Out of Accumulated Other Comprehensive Income | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Net of tax | (272) | (653) | (4,629) | (1,608) |
Reclassifications Out of Accumulated Other Comprehensive Income | Realized gains on available-for-sale securities: | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Securities gains, net | 188 | 261 | 190 | 922 |
Income tax benefit (expense) | (73) | (101) | (72) | (348) |
Net of tax | 115 | 160 | 118 | 574 |
Reclassifications Out of Accumulated Other Comprehensive Income | Amortization of losses included in net income on available-for-sale securities transferred to held to maturity | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Investment securities interest revenue | (278) | (663) | (849) | (1,601) |
Income tax benefit (expense) | 105 | 237 | 319 | 596 |
Net of tax | (173) | (426) | (530) | (1,005) |
Reclassifications Out of Accumulated Other Comprehensive Income | Gains included in net income on derivative financial instruments accounted for as cash flow hedges | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Deposits in banks and short-term investments interest revenue | (7) | |||
Money market deposit interest expense | (150) | (153) | (448) | (495) |
Federal Home Loan Bank advances interest expense | (313) | (292) | (924) | |
Total before tax | (150) | (466) | (740) | (1,426) |
Income tax benefit (expense) | 58 | 181 | 288 | 555 |
Net of tax | (92) | (285) | (452) | (871) |
Reclassifications Out of Accumulated Other Comprehensive Income | Reclassification of disproportionate tax effect related to terminated cash flow hedges | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Income tax benefit (expense) | (3,400) | |||
Reclassifications Out of Accumulated Other Comprehensive Income | Amortization of prior service cost and actuarial losses included in net periodic pension cost for defined benefit pension plan | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Total before tax | (200) | (167) | (600) | (501) |
Income tax benefit (expense) | 78 | 65 | 235 | 195 |
Net of tax | (122) | (102) | (365) | (306) |
Reclassifications Out of Accumulated Other Comprehensive Income | Amortization of prior service cost and actuarial losses included in net periodic pension cost for defined benefit pension plan | Salaries and employee benefits expense | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Prior service cost | (140) | (125) | (420) | (375) |
Actuarial losses | $ (60) | $ (42) | $ (180) | $ (126) |
Earnings Per Share - Computatio
Earnings Per Share - Computation of basic and diluted earnings per share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Computation of basic and diluted loss per share | ||||
Net income | $ 27,946 | $ 25,874 | $ 79,737 | $ 73,435 |
Dividends and undistributed earnings allocated to unvested shares | (227) | (659) | ||
Preferred dividends | (21) | |||
Net income available to common shareholders | $ 27,719 | $ 25,874 | $ 79,078 | $ 73,414 |
Weighted average shares outstanding: | ||||
Basic (in shares) | 73,151 | 71,556 | 72,060 | 71,992 |
Effect of dilutive securities | ||||
Stock options | 11 | 5 | 11 | 4 |
Diluted (in shares) | 73,162 | 71,561 | 72,071 | 71,996 |
Net income per common share: | ||||
Basic (in dollars per share) | $ 0.38 | $ 0.36 | $ 1.10 | $ 1.02 |
Diluted (in dollars per share) | $ 0.38 | $ 0.36 | $ 1.10 | $ 1.02 |
Earnings Per Share (Detail Text
Earnings Per Share (Detail Textuals) - $ / shares | 9 Months Ended | |
Sep. 30, 2017 | Sep. 30, 2016 | |
Class of Stock [Line Items] | ||
Number of common stock called by warrants | 219,909 | 219,909 |
Exercise of price warrants | $ 61.40 | $ 61.40 |
Employees | ||
Class of Stock [Line Items] | ||
Common shares issuable upon exercise of stock options granted | 60,489 | 185,688 |
Weighted average exercise price of options exercised to issue common shares | $ 24.15 | $ 77.63 |
Restricted Stock | ||
Class of Stock [Line Items] | ||
Vesting of restricted stock awards | 710,145 | 674,862 |
Derivatives and Hedging Activ68
Derivatives and Hedging Activities - Derivatives accounted for as hedges under ASC 815 (Details) - USD ($) $ in Thousands | Sep. 30, 2017 | Dec. 31, 2016 |
Derivatives, Fair Value [Line Items] | ||
Derivatives accounted for as hedges, asset derivatives, fair value | $ 67 | $ 265 |
Derivatives accounted for as hedges, liability derivatives, fair value | 1,816 | 1,980 |
Derivative assets | Fair value hedging | Corporate Bonds | ||
Derivatives, Fair Value [Line Items] | ||
Derivatives accounted for as hedges, asset derivatives, fair value | 67 | 265 |
Derivatives accounted for as hedges, liability derivatives, fair value | $ 1,816 | $ 1,980 |
Derivatives and Hedging Activ69
Derivatives and Hedging Activities - Derivatives not designated as hedging instruments under ASC 815 (Details 1) - USD ($) $ in Thousands | Sep. 30, 2017 | Dec. 31, 2016 |
Derivatives, Fair Value [Line Items] | ||
Interest rate derivative instruments not designated as hedging instruments, assets at fair value | $ 20,905 | $ 23,423 |
Interest rate derivative instruments not designated as hedging instruments, liabilities at fair value | 21,110 | 25,668 |
Derivative assets | Customer derivative positions | ||
Derivatives, Fair Value [Line Items] | ||
Interest rate derivative instruments not designated as hedging instruments, assets at fair value | 4,804 | 5,266 |
Derivative assets | Dealer offsets to customer derivative positions | ||
Derivatives, Fair Value [Line Items] | ||
Interest rate derivative instruments not designated as hedging instruments, assets at fair value | 4,424 | 3,869 |
Derivative assets | Mortgage banking - loan commitment | ||
Derivatives, Fair Value [Line Items] | ||
Interest rate derivative instruments not designated as hedging instruments, assets at fair value | 1,193 | 1,552 |
Derivative assets | Mortgage banking - forward sales commitment | ||
Derivatives, Fair Value [Line Items] | ||
Interest rate derivative instruments not designated as hedging instruments, assets at fair value | 149 | 534 |
Derivative assets | Bifurcated embedded derivatives | ||
Derivatives, Fair Value [Line Items] | ||
Interest rate derivative instruments not designated as hedging instruments, assets at fair value | 9,925 | 10,225 |
Derivative assets | Interest rate cap | ||
Derivatives, Fair Value [Line Items] | ||
Interest rate derivative instruments not designated as hedging instruments, assets at fair value | 410 | |
Derivative assets | Offsetting positions for de-designated cash flow hedges | ||
Derivatives, Fair Value [Line Items] | ||
Interest rate derivative instruments not designated as hedging instruments, assets at fair value | 1,977 | |
Derivative liabilities | Customer derivative positions | ||
Derivatives, Fair Value [Line Items] | ||
Interest rate derivative instruments not designated as hedging instruments, liabilities at fair value | 4,524 | 3,897 |
Derivative liabilities | Dealer offsets to customer derivative positions | ||
Derivatives, Fair Value [Line Items] | ||
Interest rate derivative instruments not designated as hedging instruments, liabilities at fair value | 3,054 | 5,328 |
Derivative liabilities | Risk participations | ||
Derivatives, Fair Value [Line Items] | ||
Interest rate derivative instruments not designated as hedging instruments, liabilities at fair value | 22 | 26 |
Derivative liabilities | Mortgage banking - forward sales commitment | ||
Derivatives, Fair Value [Line Items] | ||
Interest rate derivative instruments not designated as hedging instruments, liabilities at fair value | 3 | 96 |
Derivative liabilities | Dealer offsets to bifurcated embedded derivatives | ||
Derivatives, Fair Value [Line Items] | ||
Interest rate derivative instruments not designated as hedging instruments, liabilities at fair value | 13,210 | 14,341 |
Derivative liabilities | De-designated cash flow hedges | ||
Derivatives, Fair Value [Line Items] | ||
Interest rate derivative instruments not designated as hedging instruments, liabilities at fair value | $ 297 | $ 1,980 |
Derivatives and Hedging Activ70
Derivatives and Hedging Activities - Derivatives in Cash Flow Hedging Relationships (Details 2) - Cash flow hedging - Interest expense - Interest rate swaps - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Amount of Gain (Loss) Recognized in Other Comprehensive Income on Derivative (Effective Portion) | $ 0 | $ 0 | $ 0 | $ 0 |
Gain (Loss) Reclassified from Accumulated Other Comprehensive Income into Income (Effective Portion) | (150) | (466) | (740) | (1,426) |
Gain (Loss) Recognized in Income on Derivative (Ineffective Portion) | $ 0 | $ 0 | $ 0 | $ 0 |
Derivatives and Hedging Activ71
Derivatives and Hedging Activities - Derivatives in Fair Value Hedging Relationships (Details 3) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Effect of fair value hedging derivative financial instruments on the consolidated statement of operations | ||||
Amount of Gain (Loss) Recognized in Income on Derivative | $ (197) | $ (127) | $ (615) | $ 737 |
Amount of Gain (Loss) Recognized in Income on Hedged Item | 37 | 1,638 | 3 | 1,628 |
Fair value hedging | Interest expense | Brokered CD's | ||||
Effect of fair value hedging derivative financial instruments on the consolidated statement of operations | ||||
Amount of Gain (Loss) Recognized in Income on Derivative | (217) | (389) | (418) | 2,882 |
Amount of Gain (Loss) Recognized in Income on Hedged Item | 95 | 1,945 | (60) | (268) |
Fair value hedging | Interest revenue | Corporate Bonds | ||||
Effect of fair value hedging derivative financial instruments on the consolidated statement of operations | ||||
Amount of Gain (Loss) Recognized in Income on Derivative | 20 | 262 | (197) | 2,145 |
Amount of Gain (Loss) Recognized in Income on Hedged Item | $ (58) | $ (307) | $ 63 | $ 1,896 |
Derivatives and Hedging Activ72
Derivatives and Hedging Activities - gains and losses recognized in income on derivatives not designated as hedging instrument(Details 4) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Total gains and losses | $ 1,044 | $ 2,621 | $ 1,723 | $ 4,042 |
Customer derivatives and dealer offsets | Other fee revenue | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Total gains and losses | 554 | 1,115 | 1,804 | 2,952 |
Bifurcated embedded derivatives and dealer offsets | Other fee revenue | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Total gains and losses | 225 | 291 | 431 | (125) |
Interest rate cap | Other fee revenue | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Total gains and losses | (67) | 23 | ||
De-designated cash flow hedges | Other fee revenue | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Total gains and losses | 30 | 34 | ||
Mortgage banking derivatives | Mortgage loan revenue | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Total gains and losses | 303 | 884 | (573) | 884 |
Risk participations | Other fee revenue | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Total gains and losses | $ (1) | $ 331 | $ 4 | $ 331 |
Derivatives and Hedging Activ73
Derivatives and Hedging Activities (Detail Textuals) | 3 Months Ended | 9 Months Ended | ||||
Sep. 30, 2017USD ($)Contract | Sep. 30, 2016USD ($) | Sep. 30, 2017USD ($)Contract | Sep. 30, 2016USD ($) | Jun. 30, 2017USD ($) | Dec. 31, 2016USD ($)Contract | |
Derivative Instruments, Gain (Loss) [Line Items] | ||||||
Collateral pledged toward derivatives | $ 20,900,000 | $ 20,900,000 | ||||
Interest rate cap | ||||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||||
Notional amount | $ 200,000,000 | |||||
Cash flow hedging | Interest Rate Risk | ||||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||||
Increase to deposit interest expense over next twelve months | $ 545,000 | |||||
Fair value hedging of interest rate risk | ||||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||||
Number of derivative contracts outstanding | Contract | 4 | 4 | 1 | |||
Recognized net gain (loss) related to ineffectiveness of hedging relationships | $ (160,000) | $ 1,510,000 | $ (612,000) | $ 2,370,000 | ||
Fair value hedging of interest rate risk | Interest rate swaps | ||||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||||
Total notional amount designated as fair flow hedges | $ 40,700,000 | $ 40,700,000 | $ 12,800,000 | |||
Fair value hedging of interest rate risk | Pay fixed receive variable fair value hedge | Interest rate swaps | ||||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||||
Number of derivative contracts outstanding | Contract | 1 | 1 | 1 | |||
Total notional amount designated as fair flow hedges | $ 30,000,000 | $ 30,000,000 | $ 30,000,000 | |||
Interest expense | Fair value hedging of interest rate risk | ||||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||||
Net reduction of interest expense/revenue | 40,000 | 388,000 | 137,000 | 1,630,000 | ||
Interest revenue | Fair value hedging of interest rate risk | Corporate Bonds | ||||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||||
Net reduction of interest expense/revenue | $ 71,000 | $ 262,000 | $ 244,000 | $ 508,000 |
Stock-Based Compensation - Stoc
Stock-Based Compensation - Stock option activity (Details) - Stock Options $ / shares in Units, $ in Thousands | 9 Months Ended |
Sep. 30, 2017USD ($)$ / sharesshares | |
Shares | |
Outstanding at December 31, 2016 | shares | 72,665 |
Expired | shares | (1,538) |
Cancelled | shares | (10,638) |
Outstanding at September 30, 2017 | shares | 60,489 |
Exercisable at September 30, 2017 | shares | 55,489 |
Weighted-Average Exercise Price | |
Outstanding at December 31, 2016 | $ / shares | $ 34.34 |
Expired | $ / shares | 147.6 |
Cancelled | $ / shares | 75.91 |
Outstanding at September 30, 2017 | $ / shares | 24.15 |
Exercisable at September 30, 2017 | $ / shares | $ 24.82 |
Weighted-Average Remaining Contractual Term (Years), Outstanding | 3 years 3 months 18 days |
Weighted-Average Remaining Contractual Term (Years), Exercisable | 3 years |
Aggregate Intrinsic Value, Outstanding | $ | $ 365 |
Aggregate Intrinsic Value, Exercisable | $ | $ 306 |
Stock-Based Compensation - Rest
Stock-Based Compensation - Restricted stock activity (Details 1) - Restricted Stock and Restricted Stock Unit $ / shares in Units, $ in Thousands | 9 Months Ended |
Sep. 30, 2017USD ($)$ / sharesshares | |
Shares | |
Outstanding at December 31, 2016 | shares | 690,970 |
Granted | shares | 259,220 |
Vested | shares | (230,080) |
Cancelled | shares | (9,965) |
Outstanding at March 31, 2017 | shares | 710,145 |
Weighted-Average Grant-Date Fair Value | |
Outstanding at December 31, 2016 | $ / shares | $ 18.6 |
Granted | $ / shares | 26.48 |
Vested | $ / shares | 17.09 |
Cancelled | $ / shares | 19.99 |
Outstanding at June 30, 2017 | $ / shares | $ 22.06 |
Weighted-Average Remaining Contractual Term (Years), Outstanding | 3 years 2 months 12 days |
Aggregate intrinsic value vested | $ | $ 6,326 |
Aggregate Intrinsic Value, Outstanding | $ | $ 20,268 |
Stock-Based Compensation (Detai
Stock-Based Compensation (Detail textuals) - USD ($) shares in Thousands | 9 Months Ended | |
Sep. 30, 2017 | Sep. 30, 2016 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Unrecognized compensation cost of non-vested stock options and restricted stock unit awards | $ 12,400,000 | |
Recognition period for unrecognized compensation cost related | 3 years 1 month 21 days | |
Recognized in compensation expense | 4,359,000 | $ 3,257,000 |
Stock Options | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Compensation expense | $ 22,000 | 23,000 |
Restricted Stock and Restricted Stock Unit | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Plan vesting period | 4 years | |
Plan exercisable period | 10 years | |
Additional award granted under plan | 1,940 | |
Compensation expense | $ 4,130,000 | 3,160,000 |
Other operating expense for restricted stock units granted | 212,000 | $ 75,000 |
Amount of acceleration of vesting of unvested awards | 696,000 | |
Recognized in compensation expense | $ 3,430,000 |
Common and Preferred Stock Is77
Common and Preferred Stock Issued / Common Stock Issuable (Detail Textuals) - USD ($) $ in Millions | 9 Months Ended | |||
Sep. 30, 2017 | Sep. 30, 2016 | Dec. 31, 2016 | Mar. 22, 2016 | |
Common Stock Issued and Issuable and Preferred Stock Issued [Abstract] | ||||
Shares issued in connection with DRIP | 2,842 | 2,938 | ||
Discount offered to employees under United has an Employee Stock Purchase Program (ESPP) to purchase shares of common stock | 10.00% | |||
Number of stock issued through ESPP | 10,265 | 12,906 | ||
Common stock issuable shares under deferred compensation plan | 588,445 | 519,874 | ||
Shares repurchased authorized amount | $ 50 | |||
Value of shares may be repurchased under program | $ 36.3 |
Income Taxes (Detail Textuals)
Income Taxes (Detail Textuals) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | Dec. 31, 2016 | |
Income Tax Disclosure [Abstract] | |||||
Income tax expense | $ 15,728 | $ 15,753 | $ 50,743 | $ 44,720 | |
Income tax effective tax rate | 36.00% | 37.80% | 38.90% | 37.80% | |
Reverse of dedesignated cash flow hedges | $ 3,400 | ||||
Valuation allowance on deferred tax assets | $ 4,200 | 4,200 | $ 3,880 | ||
Valuation allowance related to specific state income tax credits | 4,200 | ||||
Net deferred tax asset realized based upon future taxable income | 129,000 | 129,000 | |||
Unrecognized income tax benefits | $ 3,870 | $ 3,870 | $ 3,890 |
Assets and Liabilities Measur79
Assets and Liabilities Measured at Fair Value - Assets and liabilities measured at fair value on recurring basis (Details) - Recurring - USD ($) $ in Thousands | Sep. 30, 2017 | Dec. 31, 2016 |
Level 1 | ||
Assets: | ||
Total assets | $ 80,132 | $ 173,777 |
Liabilities: | ||
Total liabilities | 5,368 | 4,161 |
Level 1 | U.S. Treasuries | ||
Assets: | ||
Total assets | 74,764 | 169,616 |
Level 1 | Deferred compensation plan assets | ||
Assets: | ||
Total assets | 5,368 | 4,161 |
Level 1 | Deferred compensation plan liability | ||
Liabilities: | ||
Total liabilities | 5,368 | 4,161 |
Level 2 | ||
Assets: | ||
Total assets | 2,504,843 | 2,301,949 |
Liabilities: | ||
Total liabilities | 7,581 | 11,301 |
Level 2 | U.S. Agencies | ||
Assets: | ||
Total assets | 27,728 | 20,820 |
Level 2 | State and political subdivisions | ||
Assets: | ||
Total assets | 172,389 | 74,177 |
Level 2 | Mortgage-backed securities | ||
Assets: | ||
Total assets | 1,648,696 | 1,391,682 |
Level 2 | Corporate bonds | ||
Assets: | ||
Total assets | 307,561 | 304,717 |
Level 2 | Asset-backed securities | ||
Assets: | ||
Total assets | 308,465 | 469,569 |
Level 2 | Other | ||
Assets: | ||
Total assets | 57 | 1,182 |
Level 2 | Mortgage loans held for sale | ||
Assets: | ||
Total assets | 30,093 | 27,891 |
Level 2 | Derivative financial instruments Assets | ||
Assets: | ||
Total assets | 9,854 | 11,911 |
Level 2 | Derivative financial instruments Liabilities | ||
Liabilities: | ||
Total liabilities | 7,581 | 11,301 |
Level 3 | ||
Assets: | ||
Total assets | 25,921 | 18,204 |
Liabilities: | ||
Total liabilities | 15,345 | 16,347 |
Level 3 | Corporate bonds | ||
Assets: | ||
Total assets | 810 | 675 |
Level 3 | Servicing rights for SBA/USDA loans | ||
Assets: | ||
Total assets | 7,067 | 5,752 |
Level 3 | Residential mortgage servicing rights | ||
Assets: | ||
Total assets | 6,926 | |
Level 3 | Derivative financial instruments Assets | ||
Assets: | ||
Total assets | 11,118 | 11,777 |
Level 3 | Derivative financial instruments Liabilities | ||
Liabilities: | ||
Total liabilities | 15,345 | 16,347 |
Total | ||
Assets: | ||
Total assets | 2,610,896 | 2,493,930 |
Liabilities: | ||
Total liabilities | 28,294 | 31,809 |
Total | U.S. Treasuries | ||
Assets: | ||
Total assets | 74,764 | 169,616 |
Total | U.S. Agencies | ||
Assets: | ||
Total assets | 27,728 | 20,820 |
Total | State and political subdivisions | ||
Assets: | ||
Total assets | 172,389 | 74,177 |
Total | Mortgage-backed securities | ||
Assets: | ||
Total assets | 1,648,696 | 1,391,682 |
Total | Corporate bonds | ||
Assets: | ||
Total assets | 308,371 | 305,392 |
Total | Asset-backed securities | ||
Assets: | ||
Total assets | 308,465 | 469,569 |
Total | Other | ||
Assets: | ||
Total assets | 57 | 1,182 |
Total | Mortgage loans held for sale | ||
Assets: | ||
Total assets | 30,093 | 27,891 |
Total | Deferred compensation plan assets | ||
Assets: | ||
Total assets | 5,368 | 4,161 |
Total | Servicing rights for SBA/USDA loans | ||
Assets: | ||
Total assets | 7,067 | 5,752 |
Total | Residential mortgage servicing rights | ||
Assets: | ||
Total assets | 6,926 | |
Total | Derivative financial instruments Assets | ||
Assets: | ||
Total assets | 20,972 | 23,688 |
Total | Deferred compensation plan liability | ||
Liabilities: | ||
Total liabilities | 5,368 | 4,161 |
Total | Derivative financial instruments Liabilities | ||
Liabilities: | ||
Total liabilities | $ 22,926 | $ 27,648 |
Assets and Liabilities Measur80
Assets and Liabilities Measured at Fair Value - Assets and liabilities measured at fair value (Details 1) - Recurring - Level 3 - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Derivative Asset | ||||
Fair Value, Assets Measured On Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Balance at beginning of period | $ 11,856 | $ 2,657 | $ 11,777 | $ 9,418 |
Sales and settlements | (658) | (204) | (1,744) | (204) |
Amounts included in earnings - fair value adjustments | (80) | 2,412 | 1,085 | (4,349) |
Balance at end of period | 11,118 | 4,865 | 11,118 | 4,865 |
Derivative Liability | ||||
Fair Value, Assets Measured On Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Balance at beginning of period | 16,091 | 7,531 | 16,347 | 15,794 |
Additions | 16 | 16 | ||
Sales and settlements | (909) | (483) | (2,423) | (483) |
Amounts included in earnings - fair value adjustments | 163 | 2,529 | 1,421 | (5,734) |
Transfers between valuation levels, net | 22 | 22 | ||
Balance at end of period | 15,345 | 9,615 | 15,345 | 9,615 |
Servicing rights for SBA/USDA loans | ||||
Fair Value, Assets Measured On Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Balance at beginning of period | 6,640 | 4,615 | 5,752 | 3,712 |
Additions | 770 | 752 | 1,991 | 1,852 |
Sales and settlements | (209) | (126) | (508) | (297) |
Amounts included in earnings - fair value adjustments | (134) | (141) | (168) | (167) |
Balance at end of period | 7,067 | 5,100 | 7,067 | 5,100 |
Residential mortgage servicing rights | ||||
Fair Value, Assets Measured On Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Balance at beginning of period | 6,499 | |||
Transfer from amortization method to fair value | 5,070 | |||
Additions | 846 | 2,659 | ||
Sales and settlements | (118) | (232) | ||
Amounts included in earnings - fair value adjustments | (301) | (571) | ||
Balance at end of period | 6,926 | 6,926 | ||
Securities Available-for-Sale | ||||
Fair Value, Assets Measured On Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Balance at beginning of period | 810 | 500 | 675 | 750 |
Other comprehensive income | 135 | (250) | ||
Balance at end of period | $ 810 | $ 500 | $ 810 | $ 500 |
Assets and Liabilities Measur81
Assets and Liabilities Measured at Fair Value - Level 3 fair value measurements for fair value on recurring basis (Details 2) - Recurring - Level 3 - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended |
Sep. 30, 2017 | Dec. 31, 2016 | |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Total assets | $ 25,921 | $ 18,204 |
Liabilities, fair value | 15,345 | 16,347 |
Servicing rights for SBA/USDA loans | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Total assets | $ 7,067 | $ 5,752 |
ValuationTechnique | Discounted cash flow | Discounted cash flow |
Unobservable Inputs | Discount rate Prepayment rate | Discount rate Prepayment rate |
Servicing rights for SBA/USDA loans | Weighted Average | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Discount rate | 12.30% | 11.00% |
Prepayment Rate | 7.85% | 7.12% |
Residential mortgage servicing rights | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Total assets | $ 6,926 | |
ValuationTechnique | Discounted cash flow | Discounted cash flow |
Unobservable Inputs | Discount rate Prepayment rate | Discount rate Prepayment rate |
Residential mortgage servicing rights | Weighted Average | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Discount rate | 10.00% | |
Prepayment Rate | 10.80% | |
Corporate bonds | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Total assets | $ 810 | $ 675 |
ValuationTechnique | Indicative bid provided by a broker | Indicative bid provided by a broker |
Unobservable Inputs | Multiple factors, including but not limited to, current operations, financial condition, cash flows, and recently executed financing transactions related to the company | Multiple factors, including but not limited to, current operations, financial condition, cash flows, and recently executed financing transactions related to the company |
Derivative assets - mortgage | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Total assets | $ 1,193 | $ 1,552 |
ValuationTechnique | Internal model | Internal model |
Unobservable Inputs | Pull through rate | Pull through rate |
Derivative assets - mortgage | Weighted Average | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Pull through rate | 80.00% | 80.00% |
Derivative assets - other | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Total assets | $ 9,925 | $ 10,225 |
ValuationTechnique | Dealer priced | Dealer priced |
Unobservable Inputs | Dealer priced | Dealer priced |
Derivative liabilities - risk participations | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Liabilities, fair value | $ 22 | $ 26 |
ValuationTechnique | Internal model | Internal model |
Unobservable Inputs | Probable exposure rate Probability of default rate | Probable exposure rate Probability of default rate |
Derivative liabilities - risk participations | Weighted Average | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Probable exposure rate | 0.34% | 0.35% |
Probability of default rate | 1.80% | 1.80% |
Derivative liabilities - other | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Liabilities, fair value | $ 15,323 | $ 16,321 |
ValuationTechnique | Dealer priced | Dealer priced |
Unobservable Inputs | Dealer priced | Dealer priced |
Assets and Liabilities Measur82
Assets and Liabilities Measured at Fair Value - Assets and liabilities measured at fair value on nonrecurring basis (Details 3) - Nonrecurring - USD ($) $ in Thousands | Sep. 30, 2017 | Dec. 31, 2016 |
Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Loans | $ 0 | $ 0 |
Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Loans | 0 | 0 |
Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Loans | 8,843 | 7,179 |
Total | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Loans | $ 8,843 | $ 7,179 |
Assets and Liabilities Measur83
Assets and Liabilities Measured at Fair Value - Fair values for other financial instruments that are not measured at fair value on recurring basis (Details 4) - USD ($) $ in Thousands | Sep. 30, 2017 | Dec. 31, 2016 |
Assets: | ||
Securities held to maturity | $ 310,446 | $ 333,170 |
Mortgage loans held for sale | 30,093 | 27,891 |
Level 2 | ||
Assets: | ||
Securities held to maturity | 310,446 | 333,170 |
Mortgage loans held for sale | 205 | 2,018 |
Liabilities: | ||
Deposits | 9,128,990 | 8,635,811 |
Federal Home Loan Bank advances | 494,411 | 709,174 |
Level 3 | ||
Assets: | ||
Loans, net | 7,051,886 | 6,824,229 |
Residential mortgage servicing rights | 5,175 | |
Liabilities: | ||
Long-term debt | 136,824 | 175,750 |
Carrying Amount | ||
Assets: | ||
Securities held to maturity | 306,741 | 329,843 |
Loans, net | 7,144,332 | 6,859,214 |
Mortgage loans held for sale | 199 | 1,987 |
Residential mortgage servicing rights | 4,372 | |
Liabilities: | ||
Deposits | 9,127,384 | 8,637,558 |
Federal Home Loan Bank advances | 494,484 | 709,209 |
Long-term debt | 135,707 | 175,078 |
Total | ||
Assets: | ||
Securities held to maturity | 310,446 | 333,170 |
Loans, net | 7,051,886 | 6,824,229 |
Mortgage loans held for sale | 205 | 2,018 |
Residential mortgage servicing rights | 5,175 | |
Liabilities: | ||
Deposits | 9,128,990 | 8,635,811 |
Federal Home Loan Bank advances | 494,411 | 709,174 |
Long-term debt | $ 136,824 | $ 175,750 |
Assets and Liabilities Measur84
Assets and Liabilities Measured at Fair Value (Detail Textuals) - USD ($) | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | Dec. 31, 2016 | |
Fair Value [Abstract] | |||||
Cumulative effect adjustment to retained earnings, net of income tax effect | $ 437,000 | ||||
Mortgage loans held for sale | $ 30,093,000 | 30,093,000 | $ 27,891,000 | ||
Mortgage loans held for sale outstanding principal balance | 27,900,000 | 27,900,000 | $ 27,600,000 | ||
Net gains from changes in fair value of loans | $ 264,000 | $ 11,000 | $ 708,000 | $ 11,000 | |
Percentage of written down in appraisal value of nonaccrual impaired loans | 80.00% | ||||
Maximum remaining maturity of financial instruments having no defined maturity | 180 days |
Commitments and Contingencies -
Commitments and Contingencies - Contractual amount of off-balance sheet instruments (Details) - USD ($) $ in Thousands | Sep. 30, 2017 | Dec. 31, 2016 |
Commitments to extend credit | ||
Financial instruments whose contract amounts represent credit risk: | ||
Financial instruments | $ 1,793,538 | $ 1,542,186 |
Letters of credit | ||
Financial instruments whose contract amounts represent credit risk: | ||
Financial instruments | $ 26,763 | $ 26,862 |
Commitments and Contingencies86
Commitments and Contingencies (Detail Textuals) $ in Thousands | Sep. 30, 2017USD ($) |
Commitments and Contingencies Disclosure [Abstract] | |
Investment in limited partnerships | $ 4,130 |
Commitment for additional fund | $ 5,370 |
Goodwill and Other Intangible87
Goodwill and Other Intangible Assets (Details) - USD ($) $ in Thousands | Sep. 30, 2017 | Jun. 30, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Dec. 31, 2015 |
Finite-Lived Intangible Assets [Line Items] | ||||||
Intangible, net | $ 16,828 | $ 14,197 | ||||
Goodwill | 165,888 | $ 142,025 | 142,025 | $ 142,025 | $ 131,312 | $ 130,612 |
Total goodwill and other intangible assets, net | 182,716 | 156,222 | ||||
Core deposit intangible | ||||||
Finite-Lived Intangible Assets [Line Items] | ||||||
Intangible, gross | 54,822 | 51,342 | ||||
Less: accumulated amortization | (39,986) | (37,145) | ||||
Intangible, net | 14,836 | $ 14,197 | ||||
Noncompete agreement | ||||||
Finite-Lived Intangible Assets [Line Items] | ||||||
Intangible, gross | 2,236 | |||||
Less: accumulated amortization | (244) | |||||
Intangible, net | $ 1,992 |
Goodwill and Other Intangible88
Goodwill and Other Intangible Assets (Details 1) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Goodwill [Roll Forward] | ||||
Goodwill Balance, beginning of period | $ 447,615 | $ 436,902 | $ 447,615 | $ 436,202 |
Accumulated impairment losses balance, beginning of year | (305,590) | (305,590) | (305,590) | (305,590) |
Goodwill, net of Accumulated Impairment Losses, beginning of year | 142,025 | 131,312 | 142,025 | 130,612 |
Measurement period adjustments | 0 | 700 | ||
Goodwill balance, end of period | 471,478 | 447,615 | 471,478 | 447,615 |
Accumulated impairment losses balance, end of year | (305,590) | (305,590) | (305,590) | (305,590) |
Goodwill, net of Accumulated Impairment Losses, end of year | 165,888 | 142,025 | 165,888 | 142,025 |
HCSB Financial Corporation | ||||
Goodwill [Roll Forward] | ||||
Acquisition | $ 23,863 | $ 23,863 | ||
Tidelands Bancshares, Inc | ||||
Goodwill [Roll Forward] | ||||
Acquisition | $ 10,713 | $ 10,713 |
Goodwill and Other Intangible89
Goodwill and Other Intangible Assets (Details 2) - USD ($) $ in Thousands | Sep. 30, 2017 | Dec. 31, 2016 |
Goodwill and Intangible Assets Disclosure [Abstract] | ||
Remainder of 2017 | $ 1,384 | |
2,018 | 4,810 | |
2,019 | 3,391 | |
2,020 | 2,272 | |
2,021 | 1,631 | |
Thereafter | 3,340 | |
Total | $ 16,828 | $ 14,197 |
Subsequent Events (Detail Textu
Subsequent Events (Detail Textuals) $ / shares in Units, $ in Thousands | Oct. 15, 2017USD ($) | Nov. 30, 2017Office | Nov. 03, 2017$ / shares | Oct. 31, 2017USD ($)$ / sharesshares | Nov. 01, 2017USD ($) | Sep. 30, 2017USD ($) | Dec. 31, 2016USD ($) |
Subsequent Event [Line Items] | |||||||
Long-term Debt | $ 135,707 | $ 175,078 | |||||
Subsequent event | |||||||
Subsequent Event [Line Items] | |||||||
Long-term Debt | $ 35,000 | ||||||
Quaterly cash dividend per common share | $ / shares | $ 0.10 | ||||||
Dividends payable, date to be paid | Jan. 5, 2018 | ||||||
Dividends payable, date of record | Dec. 15, 2017 | ||||||
Interest rate of debt | 9.00% | ||||||
Subsequent event | Four Oaks Bank & Trust Company | |||||||
Subsequent Event [Line Items] | |||||||
Number of offices | Office | 14 | ||||||
Subsequent event | Four Oaks Fincorp, Inc. | Four Oaks Bank & Trust Company | |||||||
Subsequent Event [Line Items] | |||||||
Total assets | $ 740,000 | ||||||
Loans | 498,000 | ||||||
Deposits | $ 560,000 | ||||||
Subsequent event | Merger Agreement | Four Oaks Fincorp, Inc. | Four Oaks Bank & Trust Company | |||||||
Subsequent Event [Line Items] | |||||||
Common stock issued | shares | 0.6178 | ||||||
Price per share of common stock issued | $ / shares | $ 1.90 | ||||||
Aggregate value of common stock issued | $ 128,000 | ||||||
Closing price | $ / shares | $ 27.42 |