QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
(State or other jurisdiction of incorporation or organization) |
(I.R.S. Employer Identification No.) | |
|
||
(Address of principal executive offices) |
Zip Code |
Title of each class |
Trading |
Name of each exchange on which registered | ||
☒ |
Accelerated filer |
☐ | ||||
Non-accelerated filer |
☐ |
Smaller reporting company |
||||
Emerging growth company |
Page |
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Item 1. |
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4 |
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5 |
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6 |
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7 |
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9 |
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10 |
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Item 2. |
62 |
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Item 3. |
90 |
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Item 4. |
93 |
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Item 1. |
94 |
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Item 1A. |
94 |
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Item 2. |
97 |
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Item 3. |
97 |
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Item 4. |
97 |
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Item 5. |
97 |
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Item 6. |
98 |
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99 |
Item 1. |
FINANCIAL STATEMENTS (UNAUDITED) |
June 30 |
December 31 |
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2020 |
2019 |
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(Unaudited) |
(Note 1) |
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Assets |
||||||||
Cash and due from banks |
$ |
$ |
||||||
Interest-bearing deposits with other banks |
||||||||
Federal funds sold |
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|
|||||
Total cash and cash equivalents |
||||||||
Securities available for sale at estimated fair value (amortized cost-$ at June 30, 2020 and $ at December 31, 2019, allowance for credit losses of $0 at June 30, 2020) |
||||||||
Securities held to maturity, net of allowance for credit losses of $14 at June 30, 2020 (estimated fair value-$ at June 30, 2020 and $ at December 31, 2019) |
||||||||
Equity securities at estimated fair value |
||||||||
Other investment securities |
||||||||
Loans held for sale (at fair value-$ at June 30, 2020 and at December 31, 2019) |
||||||||
Loans and leases |
||||||||
Less: Unearned income |
( |
) |
( |
) | ||||
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|||||
Loans and leases, net of unearned income |
||||||||
Less: Allowance for loan and lease losses |
( |
) |
( |
) | ||||
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|
|||||
Net loans and leases |
||||||||
Bank premises and equipment |
||||||||
Operating lease right-of-use |
||||||||
Goodwill |
||||||||
Mortgage servicing rights, net of valuation allowance |
||||||||
Accrued interest receivable |
||||||||
Other assets |
||||||||
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|
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TOTAL ASSETS |
$ |
$ |
||||||
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|
|||||
Liabilities |
||||||||
Deposits: |
||||||||
Noninterest-bearing |
$ |
$ |
||||||
Interest-bearing |
||||||||
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|
|||||
Total deposits |
||||||||
Borrowings: |
||||||||
Securities sold under agreements to repurchase |
||||||||
Federal Home Loan Bank (“FHLB”)borrowings |
||||||||
Other long-term borrowings |
||||||||
Reserve for lending-related commitments |
||||||||
Operating lease liabilities |
||||||||
Accrued expenses and other liabilities |
||||||||
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|
|||||
TOTAL LIABILITIES |
||||||||
Shareholders’ Equity |
||||||||
Preferred stock, $ par value; Authorized- shares, issued |
||||||||
Common stock, $ par value; Authorized- shares; issued- and at June 30, 2020 and December 31, 2019, respectively, including and shares in treasury at June 30, 2020 and December 31, 2019, respectively |
||||||||
Surplus |
||||||||
Retained earnings |
||||||||
Accumulated other comprehensive gain (loss) |
( |
) | ||||||
Treasury stock, at cost |
( |
) |
( |
) | ||||
|
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|
|||||
TOTAL SHAREHOLDERS’ EQUITY |
||||||||
|
|
|
|
|||||
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY |
$ |
$ |
||||||
|
|
|
|
Three Months Ended |
Six Months Ended |
|||||||||||||||
June 30 |
June 30 |
|||||||||||||||
2020 |
2019 |
2020 |
2019 |
|||||||||||||
Interest income |
||||||||||||||||
Interest and fees on loans |
$ |
$ |
$ |
$ |
||||||||||||
Interest on federal funds sold and other short-term investments |
||||||||||||||||
Interest and dividends on securities: |
||||||||||||||||
Taxable |
||||||||||||||||
Tax-exempt |
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Total interest income |
||||||||||||||||
Interest expense |
||||||||||||||||
Interest on deposits |
||||||||||||||||
Interest on short-term borrowings |
||||||||||||||||
Interest on long-term borrowings |
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|
|||||||||
Total interest expense |
||||||||||||||||
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|||||||||
Net interest income |
||||||||||||||||
Provision for credit losses |
||||||||||||||||
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|||||||||
Net interest income after provision for credit losses |
||||||||||||||||
Other income |
||||||||||||||||
Fees from trust services |
||||||||||||||||
Fees from brokerage services |
||||||||||||||||
Fees from deposit services |
||||||||||||||||
Bankcard fees and merchant discounts |
||||||||||||||||
Other service charges, commissions, and fees |
||||||||||||||||
Income from bank-owned life insurance |
||||||||||||||||
Income from mortgage banking activities |
||||||||||||||||
Mortgage loan servicing income |
||||||||||||||||
Net investment securities gains (losses) |
( |
) | ||||||||||||||
Other income |
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|||||||||
Total other income |
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Other expense |
||||||||||||||||
Employee compensation |
||||||||||||||||
Employee benefits |
||||||||||||||||
Net occupancy expense |
||||||||||||||||
Other real estate owned (“OREO”) expense |
||||||||||||||||
Equipment expense |
||||||||||||||||
Data processing expense |
||||||||||||||||
Mortgage loan servicing expense and impa irment |
||||||||||||||||
Bankcard processing expense |
||||||||||||||||
FDIC insurance expense |
||||||||||||||||
FHLB prepayment penalties |
||||||||||||||||
Other expense |
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|||||||||
Total other expense |
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|||||||||
Income before income taxes |
||||||||||||||||
Income taxes |
||||||||||||||||
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|
|
|
|||||||||
Net income |
$ |
$ |
$ |
$ |
||||||||||||
|
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|
|||||||||
Earnings per common share: |
||||||||||||||||
Basic |
$ |
$ |
$ |
$ |
||||||||||||
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|
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|
|||||||||
Diluted |
$ |
$ |
$ |
$ |
||||||||||||
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|
|||||||||
Average outstanding shares: |
||||||||||||||||
Basic |
||||||||||||||||
Diluted |
Three Months Ended |
Six Months Ended |
|||||||||||||||
June 30 |
June 30 |
|||||||||||||||
2020 |
2019 |
2020 |
2019 |
|||||||||||||
Net income |
$ |
$ |
$ |
$ |
||||||||||||
Change in net unrealized gain on available-for-sale |
||||||||||||||||
Change in net unrealized loss on cash flow hedge, net of tax |
( |
) |
( |
) |
||||||||||||
Change in pension plan assets, net of tax |
||||||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Comprehensive income, net of tax |
$ |
$ |
$ |
$ |
||||||||||||
|
|
|
|
|
|
|
|
Six Months Ended June 30, 2020 |
||||||||||||||||||||||||||||
Accumulated |
||||||||||||||||||||||||||||
Common Stock |
Other |
Total |
||||||||||||||||||||||||||
Par |
Retained |
Comprehensive |
Treasury |
Shareholders’ |
||||||||||||||||||||||||
Shares |
Value |
Surplus |
Earnings |
Income (Loss) |
Stock |
Equity |
||||||||||||||||||||||
Balance at January 1, 2020 |
$ |
$ |
$ |
$ |
( |
) |
$ |
( |
) |
$ |
||||||||||||||||||
Standard Update 2016-13 |
0 |
( |
) |
( |
) | |||||||||||||||||||||||
Comprehensive income: |
||||||||||||||||||||||||||||
Net income |
0 |
|||||||||||||||||||||||||||
Other comprehensive income, net of tax |
0 |
|||||||||||||||||||||||||||
|
|
|||||||||||||||||||||||||||
Total comprehensive income, net of tax |
||||||||||||||||||||||||||||
Stock based compensation expense |
0 |
|||||||||||||||||||||||||||
Purchase of treasury stock ( shares) |
0 |
( |
) |
( |
) | |||||||||||||||||||||||
Cash dividends ($ per share) |
0 |
( |
) |
( |
) | |||||||||||||||||||||||
Grant of restricted stock ( shares) |
( |
) |
||||||||||||||||||||||||||
Forfeiture of restricted stock ( shares) |
0 |
( |
) |
|||||||||||||||||||||||||
Common stock options exercised ( shares) |
||||||||||||||||||||||||||||
Balance at March 31, 2020 |
( |
) |
( |
) |
||||||||||||||||||||||||
Comprehensive income: |
||||||||||||||||||||||||||||
Net income |
0 |
|||||||||||||||||||||||||||
Other comprehensive income, net of tax |
0 |
|||||||||||||||||||||||||||
|
|
|||||||||||||||||||||||||||
Total comprehensive income, net of tax |
||||||||||||||||||||||||||||
Stock based compensation expense |
0 |
|||||||||||||||||||||||||||
Acquisition of Carolina Financial Corporation ( shares) |
||||||||||||||||||||||||||||
Purchase of treasury stock ( shares) |
0 |
|||||||||||||||||||||||||||
Cash dividends ($ per share) |
0 |
( |
) |
( |
) | |||||||||||||||||||||||
Common stock options exercised ( shares) |
||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Balance at June 30, 2020 |
$ |
$ |
$ |
$ |
$ |
( |
) |
$ |
||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Six Months Ended June 30, 2019 |
||||||||||||||||||||||||||||
Accumulated |
||||||||||||||||||||||||||||
Common Stock |
Other |
Total |
||||||||||||||||||||||||||
Par |
Retained |
Comprehensive |
Treasury |
Shareholders’ |
||||||||||||||||||||||||
Shares |
Value |
Surplus |
Earnings |
Income (Loss) |
Stock |
Equity |
||||||||||||||||||||||
Balance at January 1, 2019 |
$ |
$ |
$ |
$ |
( |
) |
$ |
( |
) |
$ |
||||||||||||||||||
Cumulative effect of adopting Accounting Standard Update 2016-02 |
0 |
( |
) |
( |
) | |||||||||||||||||||||||
Reclass due to adopting Accounting Standard Update 2017-12 |
0 |
|||||||||||||||||||||||||||
Comprehensive income |
||||||||||||||||||||||||||||
Net income |
0 |
|||||||||||||||||||||||||||
Other comprehensive income, net of tax |
0 |
|||||||||||||||||||||||||||
|
|
|||||||||||||||||||||||||||
Total comprehensive income, net of tax |
||||||||||||||||||||||||||||
Stock based compensation expense |
0 |
|||||||||||||||||||||||||||
Purchase of treasury stock ( shares) |
0 |
( |
) |
( |
) | |||||||||||||||||||||||
Cash dividends ($ per share) |
0 |
( |
) |
( |
) | |||||||||||||||||||||||
Grant of restricted stock ( shares) |
( |
) |
||||||||||||||||||||||||||
Common stock options exercised ( shares) |
||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Balance at March 31, 2019 |
( |
) |
( |
) |
||||||||||||||||||||||||
Comprehensive income: |
||||||||||||||||||||||||||||
Net income |
0 |
|||||||||||||||||||||||||||
Other comprehensive income, net of tax |
0 |
|||||||||||||||||||||||||||
|
|
|||||||||||||||||||||||||||
Total comprehensive income, net of tax |
||||||||||||||||||||||||||||
Stock based compensation expense |
0 |
|||||||||||||||||||||||||||
Purchase of treasury stock ( shares) |
0 |
( |
) |
( |
) | |||||||||||||||||||||||
Cash dividends ($ per share) |
0 |
( |
) |
( |
) | |||||||||||||||||||||||
Forfeiture of restricted stock ( shares) |
0 |
( |
) |
|||||||||||||||||||||||||
Common stock options exercised ( shares) |
||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Balance at June 30, 2019 |
$ |
$ |
$ |
$ |
( |
) |
$ |
( |
) |
$ |
||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Six Months Ended |
||||||||
June 30 |
||||||||
2020 |
2019 |
|||||||
NET CASH PROVIDED BY OPERATING ACTIVITIES |
$ |
$ |
||||||
INVESTING ACTIVITIES |
||||||||
Proceeds from maturities and calls of securities held to maturity |
||||||||
Proceeds from sales of securities available for sale |
||||||||
Proceeds from maturities and calls of securities available for sale |
||||||||
Purchases of securities available for sale |
( |
) |
( |
) | ||||
Proceeds from sales of equity securities |
||||||||
Purchases of equity securities |
( |
) |
( |
) | ||||
Proceeds from sales and redemptions of other investment securities |
||||||||
Purchases of other investment securities |
( |
) |
( |
) | ||||
Redemption of bank-owned life insurance policies |
||||||||
Purchases of bank premises and equipment |
( |
) |
( |
) | ||||
Proceeds from sales of bank premises and equipment |
||||||||
Proceeds from the sales of OREO properties |
||||||||
Acquisition of Carolina Financial Corporation , net of cash paid |
||||||||
Net change in loans |
( |
) |
( |
) | ||||
|
|
|
|
|||||
NET CASH USED IN INVESTING ACTIVITIES |
( |
) |
( |
) | ||||
|
|
|
|
|||||
FINANCING ACTIVITIES |
||||||||
Cash dividends paid |
( |
) |
( |
) | ||||
Acquisition of treasury stock |
( |
) |
( |
) | ||||
Proceeds from exercise of stock options |
||||||||
Repayment of long-term Federal Home Loan Bank borrowings |
( |
) |
( |
) | ||||
Proceeds from issuance of long-term Federal Home Loan Bank borrowings |
||||||||
Changes in: |
||||||||
Deposits |
||||||||
Federal funds purchased, securities sold under agreements to repurchase and other short-term borrowings |
( |
) |
( |
) | ||||
|
|
|
|
|||||
NET CASH PROVIDED BY FINANCING ACTIVITIES |
||||||||
|
|
|
|
|||||
Increase in cash and cash equivalents |
||||||||
Cash and cash equivalents at beginning of year |
||||||||
|
|
|
|
|||||
Cash and cash equivalents at end of period |
$ |
$ |
||||||
|
|
|
|
|||||
Supplemental information |
||||||||
Noncash investing activities: |
||||||||
Transfers of loans to OREO |
$ |
$ |
||||||
Transfer of held to maturity debt securities to available for sale debt securities |
Purchase price of PCD loans at acquisition |
$ |
|||
Allowance for credit losses at acquisition |
||||
Non-credit discount at acquisition |
||||
|
|
|||
Par value (UPB) of acquired PCD loans at acquisition |
$ |
|||
|
|
Purchase price: |
||||
Value of common shares issued ( |
$ |
|||
Fair value of stock options assumed |
||||
Cash for fractional shares |
||||
|
|
|||
Total purchase price |
||||
|
|
|||
Identifiable assets: |
||||
Cash and cash equivalents |
||||
Investment securities |
||||
Loans held for sale |
||||
Net l oans |
||||
Premises and equipment |
||||
Operating lease right-of-use |
||||
Crescent Mortgage trade name intangible |
||||
Core deposit intangible |
||||
Mortgage servicing rights |
||||
Other assets |
||||
|
|
|||
Total identifiable assets |
$ |
|||
Identifiable liabilities: |
||||
Deposits |
$ |
|||
Short-term borrowings |
||||
Long-term borrowings |
||||
Operating lease liability |
||||
Other liabilities |
||||
|
|
|||
Total identifiable liabilities |
||||
|
|
|||
Preliminary fair value of net assets acquired including identifiable intangible assets |
||||
|
|
|||
Preliminary resulting goodwill |
$ |
|||
|
|
Proforma Six Months Ended June 30 |
||||||||
2020 |
2019 |
|||||||
Total Revenues (1) |
$ |
$ |
||||||
Net Income |
(1) |
Represents net interest income plus other income |
June 30, 2020 |
||||||||||||||||||||
Amortized Cost |
Gross Unrealized Gains |
Gross Unrealized Losses |
Allowance For Credit Losses |
Estimated Fair Value |
||||||||||||||||
U.S. Treasury securities and obligations of U.S. |
$ |
$ |
$ |
$ |
$ |
|||||||||||||||
State and political subdivisions |
||||||||||||||||||||
Residential mortgage-backed securities |
||||||||||||||||||||
Agency |
||||||||||||||||||||
Non-agency |
||||||||||||||||||||
Commercial mortgage-backed securities |
||||||||||||||||||||
Agency |
||||||||||||||||||||
Asset-backed securities |
||||||||||||||||||||
Trust preferred collateralized debt obligations |
||||||||||||||||||||
Single issue trust preferred securities |
||||||||||||||||||||
Other corporate securities |
||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Total |
$ |
$ |
$ |
$ |
$ |
|||||||||||||||
|
|
|
|
|
|
|
|
|
|
December 31, 2019 |
||||||||||||||||||||
Amortized Cost |
Gross Unrealized Gains |
Gross Unrealized Losses |
Estimated Fair Value |
Cumulative OTTI in AOCI (1) |
||||||||||||||||
U.S. Treasury securities and obligations of U.S. |
$ |
$ |
$ |
$ |
$ |
|||||||||||||||
State and political subdivisions |
||||||||||||||||||||
Residential mortgage-backed securities |
||||||||||||||||||||
Agency |
||||||||||||||||||||
Non-agency |
||||||||||||||||||||
Commercial mortgage-backed securities |
||||||||||||||||||||
Agency |
||||||||||||||||||||
Asset-backed securities |
||||||||||||||||||||
Trust preferred collateralized debt obligations |
||||||||||||||||||||
Single issue trust preferred securities |
||||||||||||||||||||
Other corporate securities |
||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Total |
$ |
$ |
$ |
$ |
$ |
|||||||||||||||
|
|
|
|
|
|
|
|
|
|
(1) |
Non-credit related other-than-temporary impairment in accumulated other comprehensive income. Amounts are before-tax. |
Less than 12 months |
12 months or longer |
Total |
||||||||||||||||||||||
Fair |
Unrealized |
Fair |
Unrealized |
Fair |
Unrealized |
|||||||||||||||||||
Value |
Losses |
Value |
Losses |
Value |
Losses |
|||||||||||||||||||
June 30, 2020 |
||||||||||||||||||||||||
U.S. Treasury securities and obligations of U.S. Government corporations and agencies |
$ |
$ |
$ |
$ |
$ |
$ |
||||||||||||||||||
State and political subdivisions |
||||||||||||||||||||||||
Residential mortgage-backed securities |
||||||||||||||||||||||||
Agency |
||||||||||||||||||||||||
Non-agency |
||||||||||||||||||||||||
Commercial mortgage-backed securities |
||||||||||||||||||||||||
Agency |
||||||||||||||||||||||||
Asset-backed securities |
||||||||||||||||||||||||
Trust preferred collateralized debt obligations |
||||||||||||||||||||||||
Single issue trust preferred securities |
||||||||||||||||||||||||
Other corporate securities |
||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Total |
$ |
$ |
$ |
$ |
$ |
$ |
||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
Less than 12 months |
12 months or longer |
Total |
||||||||||||||||||||||
Fair |
Unrealized |
Fair |
Unrealized |
Fair |
Unrealized |
|||||||||||||||||||
Value |
Losses |
Value |
Losses |
Value |
Losses |
|||||||||||||||||||
December 31, 2019 |
||||||||||||||||||||||||
U.S. Treasury securities and obligations of U.S. Government corporations and agencies |
$ |
$ |
$ |
$ |
$ |
$ |
||||||||||||||||||
State and political subdivisions |
||||||||||||||||||||||||
Residential mortgage-backed securities |
||||||||||||||||||||||||
Agency |
||||||||||||||||||||||||
Non-agency |
||||||||||||||||||||||||
Commercial mortgage-backed securities |
||||||||||||||||||||||||
Agency |
||||||||||||||||||||||||
Asset-backed securities |
||||||||||||||||||||||||
Trust preferred collateralized debt obligations |
||||||||||||||||||||||||
Single issue trust preferred securities |
||||||||||||||||||||||||
Other corporate securities |
||||||||||||||||||||||||
Total |
$ |
$ |
$ |
$ |
$ |
$ |
||||||||||||||||||
Three Months Ended June 30 |
Six Months Ended June 30 |
|||||||||||||||
2020 |
2019 |
2020 |
2019 |
|||||||||||||
Proceeds from sales and calls |
$ |
$ |
$ |
$ |
||||||||||||
Gross realized gains |
||||||||||||||||
Gross realized losses |
June 30, 2020 |
December 31, 2019 |
|||||||||||||||
Estimated |
Estimated |
|||||||||||||||
Amortized |
Fair |
Amortized |
Fair |
|||||||||||||
Cost |
Value |
Cost |
Value |
|||||||||||||
Due in one year or less |
$ |
$ |
$ |
$ |
||||||||||||
Due after one year through five years |
||||||||||||||||
Due after five years through ten years |
||||||||||||||||
Due after ten years |
||||||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Total |
$ |
$ |
$ |
$ |
||||||||||||
|
|
|
|
|
|
|
|
Three Months Ended June 30 |
Six Months Ended June 30 |
|||||||||||||||
2020 |
2019 |
2020 |
2019 |
|||||||||||||
Net gains recognized during the period |
$ |
$ |
$ |
$ |
||||||||||||
Net gains recognized during the period on equity securities sold |
||||||||||||||||
Unrealized gains recognized during the period on equity securities still held at period end |
||||||||||||||||
Unrealized losses recognized during the period on equity securities still held at period end |
( |
) |
( |
) |
( |
) |
( |
) |
June 30, 2020 |
December 31, 2019 |
|||||||
Commercial, financial and agricultural: |
||||||||
Owner-occupied commercial real estate |
$ |
$ |
||||||
Nonowner-occupied commercial real estate |
||||||||
Other commercial loans and leases |
||||||||
|
|
|
|
|||||
Total commercial, financial & agricultural |
||||||||
Residential real estate |
||||||||
Construction & land development |
||||||||
Consumer: |
||||||||
Bankcard |
||||||||
Other consumer |
||||||||
|
|
|
|
|||||
Total gross loans and lease s |
$ |
$ |
||||||
|
|
|
|
Reason for modification |
June 30, 2020 |
December 31, 2019 |
||||||
Interest rate reduction |
$ |
$ |
||||||
Interest rate reduction and change in terms |
||||||||
Forgiveness of principal |
||||||||
Transfer of asset |
||||||||
Concession of principal and term |
||||||||
Extended maturity |
||||||||
Change in terms |
||||||||
|
|
|
|
|||||
Total |
$ |
$ |
||||||
|
|
|
|
Troubled Debt Restructurings |
||||||||||||||||||||||||
|
|
For the Three Months Ended |
| |||||||||||||||||||||
June 30, 2020 |
June 30, 2019 |
|||||||||||||||||||||||
Number Contracts |
Pre- Modification Outstanding Recorded Investment |
Post- Modification Outstanding Recorded Investment |
Number Contracts |
Pre- Modification Outstanding Recorded Investment |
Post- Modification Outstanding Recorded Investment |
|||||||||||||||||||
Commercial real estate: |
||||||||||||||||||||||||
Owner-occupied |
$ |
$ |
$ |
$ |
||||||||||||||||||||
Nonowner-occupied |
||||||||||||||||||||||||
Other commercial |
||||||||||||||||||||||||
Residential real estate |
||||||||||||||||||||||||
Construction & land development |
||||||||||||||||||||||||
Consumer: |
||||||||||||||||||||||||
Bankcard |
||||||||||||||||||||||||
Other consumer |
||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Total |
$ |
$ |
$ |
$ |
||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
Troubled Debt Restructurings |
||||||||||||||||||||||||
|
|
For the Six Months Ended |
| |||||||||||||||||||||
June 30, 2020 |
June 30, 2019 |
|||||||||||||||||||||||
Number of Contracts |
Pre- Modification Outstanding Recorded Investment |
Post- Modification Outstanding Recorded Investment |
Number of Contracts |
Pre-Modification Outstanding Recorded Investment |
Post- Modification Outstanding Recorded Investment |
|||||||||||||||||||
Commercial real estate: |
||||||||||||||||||||||||
Owner-occupied |
$ |
$ |
$ |
$ |
||||||||||||||||||||
Nonowner-occupied |
||||||||||||||||||||||||
Other commercial |
||||||||||||||||||||||||
Residential real estate |
||||||||||||||||||||||||
Construction & land development |
||||||||||||||||||||||||
Consumer: |
||||||||||||||||||||||||
Bankcard |
||||||||||||||||||||||||
Other consumer |
||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Total |
$ |
$ |
$ |
$ |
||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
Six Months Ended |
|||||||||||||||
Reason for modification |
June 30, 2020 |
June 30, 2019 |
June 30, 2020 |
June 30, 2019 |
||||||||||||
Interest rate reduction |
$ |
$ |
$ |
$ |
||||||||||||
Interest rate reduction and change in terms |
||||||||||||||||
Forgiveness of principal |
||||||||||||||||
Transfer of asset |
||||||||||||||||
Concession of principal and term |
||||||||||||||||
Extended maturity |
||||||||||||||||
Change in terms |
||||||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Total |
$ |
$ |
$ |
$ |
||||||||||||
|
|
|
|
|
|
|
|
Three Months Ended June 30, 2020 |
Six Months Ended June 30, 2020 |
|||||||||||||||
Number of Contracts |
Recorded Investment |
Number of Contracts |
Recorded Investment |
|||||||||||||
Troubled Debt Restructurings |
||||||||||||||||
Commercial real estate: |
||||||||||||||||
Owner-occupied |
$ |
$ |
||||||||||||||
Nonowner-occupied |
||||||||||||||||
Other commercial |
||||||||||||||||
Residential real estate |
||||||||||||||||
Construction & land development |
||||||||||||||||
Consumer: |
||||||||||||||||
Bankcard |
||||||||||||||||
Other consumer |
||||||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Total |
$ |
$ |
||||||||||||||
|
|
|
|
|
|
|
|
Six Months Ended June 30, 2019 |
||||||||
Number of Contracts |
Recorded Investment |
|||||||
Troubled Debt Restructurings |
||||||||
Commercial real estate: |
||||||||
Owner-occupied |
$ |
|||||||
Nonowner-occupied |
||||||||
Other commercial |
||||||||
Residential real estate |
||||||||
Construction & land development |
||||||||
Consumer: |
||||||||
Bankcard |
||||||||
Other consumer |
||||||||
|
|
|
|
|||||
Total |
$ |
|||||||
|
|
|
|
|
||||||||||||||||||||||||
30-89 Days Past Due |
90 Days or more Past Due |
Total Past Due |
Current & Other |
Total Financing Receivables |
90 Days or More Past Due & Accruing |
|||||||||||||||||||
Commercial real estate: |
||||||||||||||||||||||||
Owner-occupied |
$ |
$ |
$ |
$ |
$ |
$ |
||||||||||||||||||
Nonowner-occupied |
||||||||||||||||||||||||
Other commercial |
||||||||||||||||||||||||
Residential real estate |
||||||||||||||||||||||||
Construction & land development |
||||||||||||||||||||||||
Consumer: |
||||||||||||||||||||||||
Bankcard |
||||||||||||||||||||||||
Other consumer |
||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Total |
$ |
$ |
$ |
$ |
$ |
$ |
||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||
30-89 Days Past Due |
90 Days or more Past Due |
Total Past Due |
Current & Other (1) |
Total Financing Receivables |
90 Days or More Past Due &Accruing |
|||||||||||||||||||
Commercial real estate: |
||||||||||||||||||||||||
Owner-occupied |
$ |
$ |
$ |
$ |
$ |
$ |
||||||||||||||||||
Nonowner-occupied |
||||||||||||||||||||||||
Other commercial |
||||||||||||||||||||||||
Residential real estate |
||||||||||||||||||||||||
Construction & land development |
||||||||||||||||||||||||
Consumer: |
||||||||||||||||||||||||
Bankcard |
||||||||||||||||||||||||
Other consumer |
||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Total |
$ |
$ |
$ |
$ |
$ |
$ |
||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
(1) |
Other includes loans with a recorded investment of $ 310-30 “Loans and Debt Securities Acquired with Deteriorated Credit Quality”. |
At June 30, 2020 |
At December 31, 2019 |
Interest Income Recognized |
||||||||||||||||||||||
Nonaccruals |
With No Related Allowance for Credit Losses |
90 Days or More Past Due & Accruing |
Nonaccruals |
For The Three Months Ended June 30, 2020 |
For The Six Months Ended June 30, 2020 |
|||||||||||||||||||
Commercial Real Estate: |
||||||||||||||||||||||||
Owner-occupied |
$ |
$ |
$ |
$ |
$ |
$ |
||||||||||||||||||
Nonowner-occupied |
||||||||||||||||||||||||
Other Commercial |
||||||||||||||||||||||||
Residential Real Estate |
||||||||||||||||||||||||
Construction |
||||||||||||||||||||||||
Consumer: |
||||||||||||||||||||||||
Bankcard |
||||||||||||||||||||||||
Other consumer |
||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Total |
$ |
$ |
$ |
$ |
$ |
$ |
||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
Collateral Dependent Loans |
||||||||||||||||||||||||
At June 30, 2020 |
||||||||||||||||||||||||
Residential Property |
Business Assets |
Land |
Commercial Property |
Other |
Total |
|||||||||||||||||||
Commercial real estate: |
|
|||||||||||||||||||||||
Owner-occupied |
$ |
$ |
$ |
$ |
$ |
$ |
||||||||||||||||||
Nonowner-occupied |
||||||||||||||||||||||||
Other commercial |
||||||||||||||||||||||||
Residential real estate |
||||||||||||||||||||||||
Construction & land development |
||||||||||||||||||||||||
Consumer: |
||||||||||||||||||||||||
Bankcard |
||||||||||||||||||||||||
Other consumer |
||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Total |
$ |
$ |
$ |
$ |
$ |
$ |
||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
• |
Pass |
• |
Special Mention |
• |
Substandard |
• |
Doubtful |
Commercial Real Estate – Owner-occupied |
||||||||||||||||||||||||||||||||||||
Term Loans |
Revolving loans amortized cost basis |
Revolving loans converted |
Total |
|||||||||||||||||||||||||||||||||
|
|
Origination Year |
| |||||||||||||||||||||||||||||||||
As of June 30, 2020 |
2020 |
2019 |
2018 |
2017 |
2016 |
Prior |
||||||||||||||||||||||||||||||
Internal Risk Grade: |
||||||||||||||||||||||||||||||||||||
Pass |
$ |
$ |
$ |
$ |
$ |
$ |
$ |
$ |
$ |
|||||||||||||||||||||||||||
Special |
||||||||||||||||||||||||||||||||||||
Substandard |
||||||||||||||||||||||||||||||||||||
Doubtful |
||||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
Total |
$ |
$ |
$ |
$ |
$ |
$ |
$ |
$ |
$ |
|||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
YTD charge-offs |
( |
) |
( |
) | ||||||||||||||||||||||||||||||||
YTD recoveries |
||||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
YTD net charge-offs |
$ |
$ |
$ |
$ |
$ |
$ |
( |
) |
$ |
$ |
$ |
( |
) | |||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
Commercial Real Estate – Nonowner-occupied |
||||||||||||||||||||||||||||||||||||
Term Loans |
Revolving loans amortized cost basis |
Revolving loans converted to term loans |
Total |
|||||||||||||||||||||||||||||||||
|
|
Origination Year |
| |||||||||||||||||||||||||||||||||
As of June 30, 2020 |
2020 |
2019 |
2018 |
2017 |
2016 |
Prior |
||||||||||||||||||||||||||||||
Internal Risk Grade: |
||||||||||||||||||||||||||||||||||||
Pass |
$ |
$ |
$ |
$ |
$ |
$ |
$ |
$ |
$ |
|||||||||||||||||||||||||||
Special Mention |
||||||||||||||||||||||||||||||||||||
Substandard |
||||||||||||||||||||||||||||||||||||
Doubtful |
||||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
Total |
$ |
$ |
$ |
$ |
$ |
$ |
$ |
$ |
$ |
|||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
YTD charge-offs |
( |
) |
( |
) |
( |
) | ||||||||||||||||||||||||||||||
YTD recoveries |
||||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
YTD net charge-offs |
$ |
$ |
$ |
$ |
$ |
( |
) |
$ |
( |
) |
$ |
$ |
$ |
( |
) | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
Other commercial |
||||||||||||||||||||||||||||||||||||
Term Loans |
Revolving loans amortized cost basis |
Revolving loans converted to temr loans |
Total |
|||||||||||||||||||||||||||||||||
|
|
Origination Year |
| |||||||||||||||||||||||||||||||||
As of June 30, 2020 |
2020 |
2019 |
2018 |
2017 |
2016 |
Prior |
||||||||||||||||||||||||||||||
Internal Risk Grade: |
||||||||||||||||||||||||||||||||||||
Pass |
$ |
$ |
$ |
$ |
$ |
$ |
$ |
$ |
$ |
|||||||||||||||||||||||||||
Special Mention |
||||||||||||||||||||||||||||||||||||
Substandard |
||||||||||||||||||||||||||||||||||||
Doubtful |
||||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
Total |
$ |
$ |
$ |
$ |
$ |
$ |
$ |
$ |
$ |
|||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
YTD charge-offs |
( |
) |
( |
) |
( |
) |
( |
) |
( |
) |
( |
) | ||||||||||||||||||||||||
YTD recoveries |
||||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
YTD net charge-offs |
$ |
$ |
$ |
( |
) |
$ |
( |
) |
$ |
$ |
( |
) |
$ |
$ |
$ |
( |
) | |||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
Residential Real Estate |
Revolving loans amortized cost basis |
Revolving loans converted to te rm loans |
|
Total |
||||||||||||||||||||||||||||||||
Term Loans |
||||||||||||||||||||||||||||||||||||
|
|
Origination Year |
| |||||||||||||||||||||||||||||||||
As of June 30, 2020 |
2020 |
2019 |
2018 |
2017 |
2016 |
Prior |
||||||||||||||||||||||||||||||
Internal Risk Grade: |
||||||||||||||||||||||||||||||||||||
Pass |
$ |
$ |
$ |
$ |
$ |
$ |
$ |
$ |
$ |
|||||||||||||||||||||||||||
Special Mention |
||||||||||||||||||||||||||||||||||||
Substandard |
||||||||||||||||||||||||||||||||||||
Doubtful |
||||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
Total |
$ |
$ |
$ |
$ |
$ |
$ |
$ |
$ |
$ |
|||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
YTD charge-offs |
( |
) |
( |
) |
( |
) | ||||||||||||||||||||||||||||||
YTD recoveries |
||||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
YTD net charge-offs |
$ |
$ |
$ |
$ |
$ |
( |
) |
$ |
( |
) |
$ |
$ |
$ |
( |
) | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
Construction and Land Development |
Revolving loans converted to term loans |
|||||||||||||||||||||||||||||||||||
Term Loans |
Revolving loans amortized cost basis |
Total |
||||||||||||||||||||||||||||||||||
Origination Year |
||||||||||||||||||||||||||||||||||||
As of June 30, 2020 |
2020 |
2019 |
2018 |
2017 |
2016 |
Prior |
||||||||||||||||||||||||||||||
Internal Risk Grade: |
||||||||||||||||||||||||||||||||||||
Pass |
$ |
$ |
$ |
$ |
$ |
$ |
$ |
$ |
$ |
|||||||||||||||||||||||||||
Special Mention |
||||||||||||||||||||||||||||||||||||
Substandard |
||||||||||||||||||||||||||||||||||||
Doubtful |
||||||||||||||||||||||||||||||||||||
Total |
$ |
$ |
$ |
$ |
$ |
$ |
$ |
$ |
$ |
|||||||||||||||||||||||||||
YTD charge-offs |
( |
) |
( |
) | ||||||||||||||||||||||||||||||||
YTD recoveries |
||||||||||||||||||||||||||||||||||||
YTD net charge-offs |
$ |
$ |
$ |
$ |
$ |
$ |
( |
) |
$ |
$ |
$ |
( |
) | |||||||||||||||||||||||
Bankcard |
Revolving loans converted |
|||||||||||||||||||||||||||||||||||
Term Loans |
Revolving amortized |
Total |
||||||||||||||||||||||||||||||||||
Origination Year |
||||||||||||||||||||||||||||||||||||
As of June 30, 2020 |
2020 |
2019 |
2018 |
2017 |
2016 |
Prior |
||||||||||||||||||||||||||||||
Internal Risk Grade: |
||||||||||||||||||||||||||||||||||||
Pass |
$ |
$ |
$ |
$ |
$ |
$ |
$ |
$ |
$ |
|||||||||||||||||||||||||||
Special Mention |
||||||||||||||||||||||||||||||||||||
Substandard |
||||||||||||||||||||||||||||||||||||
Doubtful |
||||||||||||||||||||||||||||||||||||
Total |
$ |
$ |
$ |
$ |
$ |
$ |
$ |
$ |
$ |
|||||||||||||||||||||||||||
YTD charge-offs |
( |
) |
( |
) | ||||||||||||||||||||||||||||||||
YTD recoveries |
||||||||||||||||||||||||||||||||||||
YTD net charge-offs |
$ |
$ |
$ |
$ |
$ |
$ |
$ |
$ |
( |
) |
$ |
( |
) | |||||||||||||||||||||||
Other Consumer |
Revolving loans converted to term loans |
|||||||||||||||||||||||||||||||||||
Term Loans |
Revolving loans amortized cost basis |
Total |
||||||||||||||||||||||||||||||||||
Origination Year |
||||||||||||||||||||||||||||||||||||
As of June 30, 2020 |
2020 |
2019 |
2018 |
2017 |
2016 |
Prior |
||||||||||||||||||||||||||||||
Internal Risk Grade: |
||||||||||||||||||||||||||||||||||||
Pass |
$ |
$ |
$ |
$ |
$ |
$ |
$ |
$ |
$ |
|||||||||||||||||||||||||||
Special Mention |
||||||||||||||||||||||||||||||||||||
Substandard |
||||||||||||||||||||||||||||||||||||
Doubtful |
||||||||||||||||||||||||||||||||||||
Total |
$ |
$ |
$ |
$ |
$ |
$ |
$ |
$ |
$ |
|||||||||||||||||||||||||||
YTD charge-offs |
( |
) |
( |
) |
( |
) |
( |
) |
( |
) |
( |
) |
( |
) |
( |
) | ||||||||||||||||||||
YTD recoveries |
||||||||||||||||||||||||||||||||||||
YTD net charge-offs |
$ |
( |
) |
$ |
( |
) |
$ |
( |
) |
$ |
( |
) |
$ |
( |
) |
$ |
( |
) |
$ |
( |
) |
$ |
$ |
( |
) | |||||||||||
As of December 31, 2019 |
||||||||||||||||
Commercial Real Estate |
Other Commercial |
Construction & Land Development |
||||||||||||||
Owner- occupied |
Nonowner- occupied |
|||||||||||||||
Grade: |
||||||||||||||||
Pass |
$ |
$ |
$ |
$ |
||||||||||||
Special mention |
||||||||||||||||
Substandard |
||||||||||||||||
Doubtful |
||||||||||||||||
Total |
$ |
$ |
$ |
$ |
||||||||||||
As of December 31, 2019 |
||||||||||||
Residential Real Estate |
Bankcard |
Other Consumer |
||||||||||
Grade: |
||||||||||||
Pass |
$ |
$ |
$ |
|||||||||
Special mention |
||||||||||||
Substandard |
||||||||||||
Doubtful |
||||||||||||
Total |
$ |
$ |
$ |
|||||||||
Accrued Interest Receivable |
Accrued Interest Receivables Written Off by Reversing Interest Income |
|||||||||||
|
At June 30, 2020 |
For the Three Months Ended June 30, 2020 |
For the Six Months Ended June 30, 2020 |
|||||||||
Commercial Real Estate: |
||||||||||||
Owner-occupied |
$ |
$ |
$ |
|||||||||
Nonowner-occupied |
||||||||||||
Other Commercial |
||||||||||||
Residential Real Estate |
||||||||||||
Construction |
||||||||||||
Consumer: |
||||||||||||
Bankcard |
||||||||||||
Other consumer |
||||||||||||
Total |
$ |
$ |
$ |
|||||||||
• |
Method: Probability of Default/Loss Given Default |
• |
Commercial Real Estate Owner-Occupied |
• |
Commercial Real Estate Nonowner-Occupied |
• |
Commercial Other |
• |
Method: Cohort |
• |
Residential Real Estate |
• |
Construction & Land Development |
• |
Consumer |
• |
Bankcard |
• |
Financial assets that are delinquent as of the acquisition date |
• |
Financial assets that have been downgraded since origination |
• |
Financial assets that have been placed on nonaccrual status |
• |
Financial assets for which, after origination, credit spreads have widened beyond the threshold specified in its policy |
• |
Past events – This includes portfolio trends related to business conditions; past due, nonaccrual, and graded loans; and concentrations. |
• |
Current conditions – United considered the impact of COVID-19 (negative) as well as the CARES Act (positive) when making determinations related to factor adjustments, such as collateral values and past due loans, and the reasonable and supportable forecast. This is in contrast with the CECL adoption date (January 1, 2020) estimate as neither of these items were relevant for United’s footprint at the beginning of the year. Additional considerations were made for the Carolina Financial acquisition, such as the experience of lending management and staff and the nature and volume of the portfolio. |
• |
Reasonable and supportable forecasts – The forecast is determined on a portfolio-by-portfolio |
• |
Following the historic drop in GDP in the second quarter of 2020, the forecast projects a large increase in GDP in the third quarter of 2020 with growth rates returning to normal levels by mid-2022. |
• |
The forecast also projects continued high levels of beyond 2022. |
• |
Forecasts account for United’s best estimate of economic impact from government stimulus. |
• |
Reversion to historical loss data occurs via a straight-line method during the year following the one-year reasonable and supportable forecast period. |
Allowance for Loan Losses and Carrying Amount of Loans |
| |||||||||||||||||||||||||||||||||||
For the Three Months Ended June 30, 2020 |
| |||||||||||||||||||||||||||||||||||
Commercial Real Estate |
Construction |
Allowance for |
||||||||||||||||||||||||||||||||||
Owner- occupied |
Nonowner- occupied |
Other Commercial |
Residential Real Estate |
& Land Development |
Bankcard |
Other Consumer |
Estimated Imprecision |
Total |
||||||||||||||||||||||||||||
Allowance for Loan Losses: |
||||||||||||||||||||||||||||||||||||
Beginning balance |
$ |
$ |
$ |
$ |
$ |
$ |
$ |
$ |
$ |
|||||||||||||||||||||||||||
Initial allowance for PCD loans (acquired during the period) |
||||||||||||||||||||||||||||||||||||
Charge-offs |
( |
) |
( |
) |
( |
) |
( |
) |
( |
) |
( |
) |
( |
) |
( |
) | ||||||||||||||||||||
Recoveries |
||||||||||||||||||||||||||||||||||||
Provision |
||||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
Ending balance |
$ |
$ |
$ |
$ |
$ |
$ |
$ |
$ |
$ |
|||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Allowance for Loan Losses and Carrying Amount of Loans |
| |||||||||||||||||||||||||||||||||||
For the Six Months Ended June 30, 2020 |
| |||||||||||||||||||||||||||||||||||
Commercial Real Estate |
Construction |
Allowance for |
||||||||||||||||||||||||||||||||||
Owner- occupied |
Nonowner- occupied |
Other Commercial |
Residential Real Estate |
& Land Development |
Bankcard |
Other Consumer |
Estimated Imprecision |
Total |
||||||||||||||||||||||||||||
Allowance for Loan Losses: |
||||||||||||||||||||||||||||||||||||
Beginning balance |
$ |
$ |
$ |
$ |
$ |
$ |
$ |
$ |
$ |
|||||||||||||||||||||||||||
Impact of the adoption of ASU 2016-13 on January 1, 2020 |
( |
) |
( |
) |
||||||||||||||||||||||||||||||||
Impact of the adoption of ASU 2016-13 for PCD loans on January 1, 2020 |
||||||||||||||||||||||||||||||||||||
Initial allowance for PCD loans (acquired during the period) |
||||||||||||||||||||||||||||||||||||
Charge-offs |
( |
) |
( |
) |
( |
) |
( |
) |
( |
) |
( |
) |
( |
) |
( |
) | ||||||||||||||||||||
Recoveries |
||||||||||||||||||||||||||||||||||||
Provision |
||||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
Ending balance |
$ |
$ |
$ |
$ |
$ |
$ |
$ |
$ |
$ |
|||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Allowance for Loan Losses and Carrying Amount of Loans |
| |||||||||||||||||||||||||||||||
For the Year Ended December 31, 2019 |
| |||||||||||||||||||||||||||||||
Commercial Real Estate |
Other Commercial |
Residential Real Estate |
Construction & Development |
Consumer |
Allowance for Estimated Imprecision |
Total |
||||||||||||||||||||||||||
Owner- occupied |
Nonowner- occupied |
|||||||||||||||||||||||||||||||
Allowance for Loan Losses: |
||||||||||||||||||||||||||||||||
Beginning balance |
$ |
$ |
$ |
$ |
$ |
$ |
$ |
$ |
||||||||||||||||||||||||
Charge-offs |
( |
) |
( |
) |
( |
) |
( |
) |
( |
) |
( |
) |
( |
) | ||||||||||||||||||
Recoveries |
||||||||||||||||||||||||||||||||
Provision |
( |
) |
( |
) |
||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Ending balance |
$ |
$ |
$ |
$ |
$ |
$ |
$ |
$ |
||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Ending Balance: individually evaluated for impairment |
$ |
$ |
$ |
$ |
$ |
$ |
$ |
$ |
||||||||||||||||||||||||
Ending Balance: collectively evaluated for impairment |
$ |
$ |
$ |
$ |
$ |
$ |
$ |
$ |
||||||||||||||||||||||||
Ending Balance: loans acquired with deteriorated credit quality |
$ |
$ |
$ |
$ |
$ |
$ |
$ |
$ |
||||||||||||||||||||||||
Financing receivables: |
||||||||||||||||||||||||||||||||
Ending balance |
$ |
$ |
$ |
$ |
$ |
$ |
$ |
$ |
||||||||||||||||||||||||
Ending Balance: individually evaluated for impairment |
$ |
$ |
$ |
$ |
$ |
$ |
$ |
$ |
||||||||||||||||||||||||
Ending Balance: collectively evaluated for impairment |
$ |
$ |
$ |
$ |
$ |
$ |
$ |
$ |
||||||||||||||||||||||||
Ending Balance: loans acquired with deteriorated credit quality |
$ |
$ |
$ |
$ |
$ |
$ |
$ |
$ |
June 30, 2020 |
||||||||||||||||||||||||
Community Banking |
Mortgage Banking |
Total |
||||||||||||||||||||||
Gross Carrying Amount |
Accumulated Amortization |
Gross Carrying Amount |
Accumulated Amortization |
Gross Carrying Amount |
Accumulated Amortization |
|||||||||||||||||||
Amortized intangible assets: |
||||||||||||||||||||||||
Core deposit intangible assets |
$ |
$ |
( |
) |
$ |
$ |
$ |
$ |
( |
) | ||||||||||||||
Non-amortized intangible assets: |
||||||||||||||||||||||||
George Mason trade name |
$ |
$ |
$ |
|||||||||||||||||||||
Crescent Mortgage trade name |
||||||||||||||||||||||||
Total |
$ |
$ |
$ |
|||||||||||||||||||||
Goodwill not subject to amortization |
$ |
$ |
$ |
|||||||||||||||||||||
December 31, 2019 |
||||||||||||||||||||||||
|
Community Banking |
Mortgage Banking |
Total |
|||||||||||||||||||||
Gross Carrying Amount |
Accumulated Amortization |
Gross Carrying Amount |
Accumulated Amortization |
Gross Carrying Amount |
Accumulated Amortization |
|||||||||||||||||||
Amortized intangible assets: |
||||||||||||||||||||||||
Core deposit intangible assets |
$ |
$ |
( |
) |
$ |
$ |
$ |
$ |
( |
) | ||||||||||||||
Non-amortized intangible assets: |
||||||||||||||||||||||||
George Mason trade name |
$ |
$ |
$ |
|||||||||||||||||||||
Goodwill not subject to amortization |
$ |
$ |
$ |
|||||||||||||||||||||
Community Banking |
Mortgage Banking |
Total |
||||||||||
Goodwill at December 31, 2019 |
$ |
$ |
$ |
|||||||||
Preliminary addition to goodwill from Carolina Financial acquisition |
||||||||||||
Goodwill at June 30, 2020 |
$ |
$ |
$ |
|||||||||
Year |
Amount |
|||
2020 |
$ |
|||
2021 |
||||
2022 |
||||
2023 |
||||
2024 and thereafter |
Three Months Ended June 30, 2020 |
Six Months Ended June 30, 2020 |
|||||||
MSRs beginning balance |
$ |
$ |
||||||
Addition from acquisition of subsidiary |
||||||||
Amount capitalized |
||||||||
Purchased servicing |
||||||||
Amount amortized |
( |
) |
( |
) | ||||
MSRs ending balance |
$ |
$ |
||||||
MSRs valuation allowance beginning balance |
$ |
$ |
||||||
MSRs impairment |
( |
) |
( |
) | ||||
MSRs valuation allowance ending balance |
$ |
( |
) |
$ |
( |
) | ||
MSRs, net of valuation allowance |
$ |
$ |
||||||
Three Months Ended |
Three Months Ended |
|||||||||||
Classification |
June 30, 2020 |
June 30, 2019 |
||||||||||
Operating lease cost |
Net occupancy expense |
$ |
$ |
|||||||||
Sublease income |
Net occupancy expense |
( |
) |
( |
) | |||||||
Net lease cost |
$ |
$ |
||||||||||
Six Months Ended |
Six Months Ended |
|||||||||||
Classification |
June 30, 2020 |
June 30, 2019 |
||||||||||
Operating lease cost |
Net occupancy expense |
$ |
$ |
|||||||||
Sublease income |
Net occupancy expense |
( |
) |
( |
) | |||||||
Net lease cost |
$ |
$ |
||||||||||
Classification |
June 30, 2020 |
December 31, 2019 |
||||||||
Operating lease right-of-use |
Operating lease right-of-use assets |
$ |
$ |
|||||||
Operating lease liabilities |
Operating lease liabilities |
$ |
$ |
June 30, 2020 |
||||
Weighted-average remaining lease term: |
||||
Operating leases |
||||
Weighted-average discount rate: |
||||
Operating leases |
% |
Three Months Ended |
||||||||
June 30, 2020 |
June 30, 2019 |
|||||||
Cash paid for amounts in the measurement of lease liabilities: |
||||||||
Operating cash flows from operating leases |
$ |
$ |
||||||
ROU assets obtained in the exchange for lease liabilities |
Six Months Ended |
||||||||
June 30, 2020 |
June 30, 2019 |
|||||||
Cash paid for amounts in the measurement of lease liabilities: |
||||||||
Operating cash flows from operating leases |
$ |
$ |
||||||
ROU assets obtained in the exchange for lease liabilities |
Amount |
||||||||
Year |
As of June 30, 2020 |
As of December 31, 2019 |
||||||
2020 |
$ |
|||||||
2021 |
||||||||
2022 |
||||||||
2023 |
||||||||
2024 |
||||||||
Thereafter |
||||||||
Total lease payments |
||||||||
Less: imputed interest |
( |
) |
( |
) | ||||
Total |
$ |
$ |
||||||
Year |
Amount |
|||
2020 |
$ |
|||
2021 |
||||
2022 |
||||
2023 |
||||
2024 and thereafter |
||||
Total |
$ |
|||
Asset Derivatives |
||||||||||||||||||||||||
June 30, 2020 |
December 31, 2019 |
|||||||||||||||||||||||
Balance Sheet Location |
Notional Amount |
Fair Value |
Balance Sheet Location |
Notional Amount |
Fair Value |
|||||||||||||||||||
Derivatives not designated as hedging instruments |
||||||||||||||||||||||||
Forward loan sales commitments |
Other |
$ |
$ |
Other |
$ |
$ |
||||||||||||||||||
Interest rate lock commitments |
Other assets |
Other assets |
||||||||||||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||||||
Total derivatives not designated as hedging instruments |
$ |
$ |
$ |
$ |
||||||||||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||||||
Total asset derivatives |
$ |
$ |
$ |
$ |
||||||||||||||||||||
|
|
|
|
|
|
|
|
Liability Derivatives |
||||||||||||||||||||||||
June 30, 2020 |
December 31, 2019 |
|||||||||||||||||||||||
Balance Sheet Location |
Notional Amount |
Fair Value |
Balance Sheet Location |
Notional Amount |
Fair Value |
|||||||||||||||||||
Derivatives designated as hedging instruments |
||||||||||||||||||||||||
Fair Value Hedges: |
||||||||||||||||||||||||
Interest rate swap contracts (hedging commercial loans) |
Other liabilities |
$ |
$ |
Other liabilities |
$ |
$ |
||||||||||||||||||
Total Fair Value Hedges |
$ |
$ |
$ |
$ |
||||||||||||||||||||
Cash Flow Hedge: |
||||||||||||||||||||||||
Interest rate swap contract (hedging FHLB borrowing) |
Other liabilities |
$ |
$ |
Other liabilities |
$ |
$ |
||||||||||||||||||
Total Cash Flow Hedge |
$ |
$ |
$ |
$ |
||||||||||||||||||||
Total derivatives designated as hedging instruments |
$ |
$ |
$ |
$ |
||||||||||||||||||||
Liability Derivatives |
||||||||||||||||||||||||
June 30, 2020 |
December 31, 2019 |
|||||||||||||||||||||||
Balance Sheet Location |
Notional Amount |
Fair Value |
Balance Sheet Location |
Notional Amount |
Fair Value |
|||||||||||||||||||
Derivatives not designated as hedging instruments |
||||||||||||||||||||||||
TBA mortgage-backed securities |
Other |
$ |
$ |
Other |
$ |
$ |
||||||||||||||||||
Total derivatives not designated as hedging instruments |
$ |
$ |
$ |
$ |
||||||||||||||||||||
Total liability derivatives |
$ |
$ |
$ |
$ |
||||||||||||||||||||
Derivatives in Fair Value Hedging Relationships |
Location in the Statement of Condition |
June 30, 2020 |
||||||||||||
Carrying Amount of the Hedged Assets/(Liabilities) |
Cumulative Amount of Fair Value Hedging Adjustment Included in the Carrying Amount of the Hedged Assets/(Liabilities) |
Cumulative Amount of Fair Value Hedging Adjustment Remaining for any Hedged Assets/ (Liabilities) for which Hedge Accounting has been Discontinued |
||||||||||||
Interest rate swaps |
Loans, net of unearned income |
$ |
$ |
( |
) |
$ |
Derivatives in Fair Value Hedging Relationships |
Location in the Statement of Condition |
December 31, 2019 |
||||||||||||
Carrying Amount of the Hedged Assets/(Liabilities) |
Cumulative Amount of Fair Value Hedging Adjustment Included in the Carrying Amount of the Hedged Assets/(Liabilities) |
Cumulative Amount of Fair Value Hedging Adjustment Remaining for any Hedged Assets/ (Liabilities) for which Hedge Accounting has been Discontinued |
||||||||||||
Interest rate swaps |
Loans, net of unearned income |
$ |
$ |
( |
) |
$ |
Three Months Ended |
||||||||||||
Income Statement Location |
June 30, 2020 |
June 30, 2019 |
||||||||||
Derivatives in hedging relationships |
||||||||||||
Fair Value Hedges: |
||||||||||||
Interest rate swap contracts |
Interest and fees on loans |
$ |
( |
) |
$ |
( |
) | |||||
Total derivatives in hedging relationships |
$ |
( |
) |
$ |
( |
) | ||||||
Derivatives not designated as hedging instruments |
||||||||||||
Forward loan sales commitments |
Income from Mortgage Banking Activities |
( |
) |
|||||||||
TBA mortgage-backed securities |
Income from Mortgage Banking Activities |
( |
) | |||||||||
Interest rate lock commitments |
Income from Mortgage Banking Activities |
( |
) |
|||||||||
Total derivatives not designated as hedging instruments |
$ |
$ |
||||||||||
Total derivatives |
$ |
$ |
||||||||||
Six Months Ended |
||||||||||||
Income Statement Location |
June 30, 2020 |
June 30, 2019 |
||||||||||
Derivatives in fair value hedging relationships |
||||||||||||
Fair Value Hedges: |
||||||||||||
Interest rate swap contracts |
Interest and fees on loans |
$ |
( |
) |
$ |
( |
) | |||||
Total derivatives in hedging relationships |
$ |
( |
) |
$ |
( |
) | ||||||
Derivatives not designated as hedging instruments |
||||||||||||
Forward loan sales commitments |
Income from Mortgage Banking Activities |
|||||||||||
TBA mortgage-backed securities |
Income from Mortgage Banking Activities |
( |
) |
( |
) | |||||||
Interest rate lock commitments |
Income from Mortgage Banking Activities |
|||||||||||
Total derivatives not designated as hedging instruments |
$ |
$ |
||||||||||
Total derivatives |
$ |
$ |
||||||||||
Level 1 |
- |
Valuation is based on quoted prices in active markets for identical assets and liabilities. | ||
Level 2 |
- |
Valuation is based on observable inputs including quoted prices in active markets for similar assets and liabilities, quoted prices for identical or similar assets and liabilities in less active markets, and model-based valuation techniques for which significant assumptions can be derived primarily from or corroborated by observable data in the market. | ||
Level 3 |
- |
Valuation is based on prices, inputs and model-based techniques that use one or more significant inputs or assumptions that are unobservable in the market. |
Fair Value at June 30, 2020 Using |
||||||||||||||||
Description |
Balance as of June 30, 2020 |
Quoted Prices in Active Markets for Identical Assets (Level 1) |
Significant Other Observable Inputs (Level 2) |
Significant Unobservable Inputs (Level 3) |
||||||||||||
Assets |
||||||||||||||||
Available for sale debt securities: |
||||||||||||||||
U.S. Treasury securities and obligations of U.S. Government corporations and agencies |
$ |
$ |
$ |
$ |
||||||||||||
State and political subdivisions |
||||||||||||||||
Residential mortgage-backed securities |
||||||||||||||||
Agency |
||||||||||||||||
Non-agency |
||||||||||||||||
Commercial mortgage-backed securities |
||||||||||||||||
Agency |
||||||||||||||||
Asset-backed securities |
||||||||||||||||
Trust preferred collateralized debt obligations |
||||||||||||||||
Single issue trust preferred securities |
||||||||||||||||
Other corporate securities |
||||||||||||||||
Total available for sale securities |
||||||||||||||||
Equity securities: |
||||||||||||||||
Financial services industry |
||||||||||||||||
Equity mutual funds (1) |
||||||||||||||||
Other equity securities |
||||||||||||||||
Total equity securities |
||||||||||||||||
Loans held for sale |
||||||||||||||||
Derivative financial assets: |
||||||||||||||||
Forward sales commitments |
||||||||||||||||
Interest rate lock commitments |
||||||||||||||||
Total derivative financial assets |
||||||||||||||||
Liabilities |
||||||||||||||||
Derivative financial liabilities: |
||||||||||||||||
Interest rate swap contracts |
||||||||||||||||
TBA mortgage-backed securities |
||||||||||||||||
Total derivative financial liabilities |
(1) |
The equity mutual funds are within a rabbi trust for the payment of benefits under a deferred compensation plan for certain key |
Fair Value at December 31, 2019 Using |
||||||||||||||||
Description |
Balance as of December 31, 2019 |
Quoted Prices in Active Markets for Identical Assets (Level 1) |
Significant Other Observable Inputs (Level 2) |
Significant Unobservable Inputs (Level 3) |
||||||||||||
Assets |
||||||||||||||||
Available for sale debt securities: |
||||||||||||||||
U.S. Treasury securities and obligations of U.S. Government corporations and agencies |
$ |
$ |
$ |
$ |
||||||||||||
State and political subdivisions |
||||||||||||||||
Residential mortgage-backed securities |
||||||||||||||||
Agency |
||||||||||||||||
Non-agency |
||||||||||||||||
Commercial mortgage-backed securities |
||||||||||||||||
Agency |
||||||||||||||||
Asset-backed securities |
||||||||||||||||
Trust preferred collateralized debt obligations |
||||||||||||||||
Single issue trust preferred securities |
||||||||||||||||
Other corporate securities |
||||||||||||||||
Total available for sale securities |
||||||||||||||||
Equity securities: |
||||||||||||||||
Financial services industry |
||||||||||||||||
Equity mutual funds (1) |
||||||||||||||||
Other equity securities |
||||||||||||||||
Total equity securities |
||||||||||||||||
Loans held for sale |
||||||||||||||||
Derivative financial assets: |
||||||||||||||||
Interest rate swap contracts |
||||||||||||||||
Forward sales commitments |
||||||||||||||||
Total derivative financial assets |
||||||||||||||||
Liabilities |
||||||||||||||||
Derivative financial liabilities: |
||||||||||||||||
TBA mortgage-backed securities |
||||||||||||||||
Total derivative financial liabilities |
(1) |
The equity mutual funds are within a rabbi trust for the payment of benefits under a deferred compensation plan for certain key officers of United and its subsidiaries. |
Available for sale Securities |
||||||||
Trust preferred collateralized debt obligations |
||||||||
June 30, 2020 |
December 31, 2019 |
|||||||
Balance, beginning of period |
$ |
$ |
||||||
Total gains or losses (realized/unrealized): |
||||||||
Included in earnings (or changes in net assets) |
( |
) | ||||||
Included in other comprehensive income |
( |
) | ||||||
Acquired in Carolina Financial merger |
||||||||
Balance, end of period |
$ |
$ |
||||||
The amount of total gains or losses for the period included in earnings (or changes in net assets) attributable to the change in unrealized gains or losses relating to assets still held at reporting date |
$ |
$ |
Loans held for sale |
||||||||
June 30, 2020 |
December 31, 2019 |
|||||||
Balance, beginning of period |
$ |
$ |
||||||
Originations |
||||||||
Sales |
( |
) |
( |
) | ||||
Total gains or losses during the period recognized in earnings |
||||||||
Balance, end of period |
$ |
$ |
||||||
The amount of total gains or losses for the period included in earnings (or changes in net assets) attributable to the change in unrealized gains or losses relating to assets still held at reporting date |
$ |
$ |
||||||
Derivative Financial Assets Interest Rate Lock Commitments |
||||||||
June 30, 2020 |
December 31, 2019 |
|||||||
Balance, beginning of period |
$ |
$ |
||||||
Transfers other |
||||||||
Balance, end of period |
$ |
$ |
||||||
The amount of total gains or losses for the period included in earnings (or changes in net assets) attributable to the change in unrealized gains or losses relating to assets still held at reporting date |
$ |
$ |
Description |
Three Months Ended June 30, 2020 |
Three Months Ended June 30, 2019 |
||||||
Assets |
||||||||
Loans held for sale |
||||||||
Income from mortgage banking activities |
$ |
$ |
Description |
Six Months Ended June 30, 2020 |
Six Months Ended June 30, 2019 |
||||||
Assets |
||||||||
Loans held for sale |
||||||||
Income from mortgage banking activities |
$ |
$ |
June 30, 2020 |
December 31, 2019 |
|||||||||||||||||||||||
Description |
Unpaid Principal Balance |
Fair Value |
Fair Value Ove r / (Under) Unpaid Principal Balance |
Unpaid Principal Balance |
Fair Value |
Fair Value Over/ (Under) Unpaid Principal Balance |
||||||||||||||||||
Assets |
||||||||||||||||||||||||
Loans held for sale |
$ |
$ |
$ |
$ |
$ |
$ |
Carrying value at June 30, 2020 |
||||||||||||||||||||
Description |
Balance as of June 30, 2020 |
Quoted Prices in Active Markets for Identical Assets (Level 1) |
Significant Other Observable Inputs (Level 2) |
Significant Unobservable Inputs (Level 3) |
YTD Gains (Losses) |
|||||||||||||||
Assets |
||||||||||||||||||||
Loans held for sale |
$ |
$ |
$ |
$ |
$ |
( |
) | |||||||||||||
Individually assessed loans |
||||||||||||||||||||
OREO |
( |
) | ||||||||||||||||||
Mortgage servicing rights |
( |
) |
Carrying value at December 31, 2019 |
||||||||||||||||||||
Description |
Balance as of December 31, 2019 |
Quoted Prices in Active Markets for Identical Assets (Level 1) |
Significant Other Observable Inputs (Level 2) |
Significant Unobservable Inputs (Level 3) |
YTD Gains (Losses) |
|||||||||||||||
Assets |
||||||||||||||||||||
Loans held for sale |
$ |
$ |
$ |
$ |
$ |
( |
) | |||||||||||||
Impaired Loans |
||||||||||||||||||||
OREO |
( |
) |
Fair Value Measurements |
||||||||||||||||||||
Carrying Amount |
Fair Value |
Quoted Prices in Active Markets for Identical Assets (Level 1) |
Significant Other Observable Inputs (Level 2) |
Significant Unobservable Inputs (Level 3) |
||||||||||||||||
June 30, 2020 |
||||||||||||||||||||
Cash and cash equivalents |
$ |
$ |
$ |
$ |
$ |
|||||||||||||||
Securities available for sale |
||||||||||||||||||||
Securities held to maturity |
||||||||||||||||||||
Equity securities |
||||||||||||||||||||
Other securities |
||||||||||||||||||||
Loans held for sale |
||||||||||||||||||||
Net loans |
||||||||||||||||||||
Derivative financial assets |
||||||||||||||||||||
Mortgage servicing rights |
||||||||||||||||||||
Deposits |
||||||||||||||||||||
Short-term borrowings |
||||||||||||||||||||
Long-term borrowings |
||||||||||||||||||||
Derivative financial liabilities |
||||||||||||||||||||
December 31, 2019 |
||||||||||||||||||||
Cash and cash equivalents |
$ |
$ |
$ |
$ |
$ |
|||||||||||||||
Securities available for sale |
||||||||||||||||||||
Securities held to maturity |
||||||||||||||||||||
Equity securities |
||||||||||||||||||||
Other securities |
||||||||||||||||||||
Loans held for sale |
||||||||||||||||||||
Net loans |
||||||||||||||||||||
Derivative financial assets |
||||||||||||||||||||
Deposits |
||||||||||||||||||||
Short-term borrowings |
||||||||||||||||||||
Long-term borrowings |
||||||||||||||||||||
Derivative financial liabilities |
Six Months Ended June 30, 2020 |
||||||||||||||||
Weighted Average |
||||||||||||||||
Aggregate |
Remaining |
|||||||||||||||
Intrinsic |
Contractual |
Exercise |
||||||||||||||
Shares |
Value |
Term (Yrs.) |
Price |
|||||||||||||
Outstanding at January 1, 2020 |
$ |
|||||||||||||||
Assumed in Carolina Financial merger |
||||||||||||||||
Granted |
||||||||||||||||
Exercised |
( |
) |
||||||||||||||
Forfeited or expired |
( |
) |
||||||||||||||
Outstanding at June 30, 2020 |
$ |
$ |
||||||||||||||
Exercisable at June 30, 2020 |
$ |
$ |
||||||||||||||
Shares |
Weighted-Average Grant Date Fair Value Per Share |
|||||||
Nonvested at January 1, 2020 |
$ |
|||||||
Granted |
||||||||
Vested |
( |
) |
||||||
Forfeited or expired |
( |
) |
||||||
Nonvested at June 30, 2020 |
$ |
|||||||
Number of Shares |
Weighted-Average Grant Date Fair Value Per Share |
|||||||
Outstanding at January 1, 2020 |
$ |
|||||||
Granted |
||||||||
Vested |
( |
) |
||||||
Forfeited |
( |
) |
||||||
Outstanding at June 30, 2020 |
$ |
|||||||
Three Months Ended June 30 |
Six Months Ended June 30 |
|||||||||||||||
2020 |
2019 |
2020 |
2019 |
|||||||||||||
Service cost |
$ |
$ |
$ |
$ |
||||||||||||
Interest cost |
||||||||||||||||
Expected return on plan assets |
( |
) |
( |
) |
( |
) |
( |
) | ||||||||
Recognized net actuarial loss |
||||||||||||||||
Net periodic pension cost |
$ |
$ |
$ |
$ |
||||||||||||
Weighted-Average Assumptions: |
||||||||||||||||
Discount rate |
% |
% |
% |
% | ||||||||||||
Expected return on assets |
% |
% |
% |
% | ||||||||||||
Rate of c ompensation i ncrease (prior to age 40) |
% |
n/a |
% |
n/a |
||||||||||||
Rate of c ompensation i ncrease (ages 40-54) |
% |
n/a |
% |
n/a |
||||||||||||
Rate of compensation increase (prior to age 45) |
n/a |
% |
n/a |
% | ||||||||||||
Rate of compensation increase (otherwise) |
% |
% |
% |
% |
Three Months Ended |
Six Months Ended |
|||||||||||||||
June 30 |
June 30 |
|||||||||||||||
2020 |
2019 |
2020 |
2019 |
|||||||||||||
Net Income |
$ |
$ |
$ |
$ |
||||||||||||
Available for sale (“AFS”) securities: |
||||||||||||||||
AFS securities with OTTI charges during the period |
( |
) |
( |
) | ||||||||||||
Related income tax effect |
||||||||||||||||
Less: OTTI charges recognized in net income |
||||||||||||||||
Related income tax benefit |
( |
) |
( |
) | ||||||||||||
Reclassification of previous noncredit OTTI to credit OTTI |
||||||||||||||||
Related income tax benefit |
( |
) |
( |
) | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Net unrealized (losses) gains on AFS securities with OTTI |
||||||||||||||||
AFS securities – all other: |
||||||||||||||||
Change in net unrealized gain on AFS securities arising during the period |
||||||||||||||||
Related income tax effect |
( |
) |
( |
) |
( |
) |
( |
) | ||||||||
Net reclassification adjustment for (gains) losses included in net income |
( |
) |
( |
) |
( |
) | ||||||||||
Related income tax expense (benefit) |
( |
) |
||||||||||||||
|
|
|
|
|
|
|
|
|||||||||
|
|
|
|
|
|
|
|
|||||||||
Net effect of AFS securities on other comprehensive income |
||||||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Cash flow hedge derivatives: |
||||||||||||||||
Unrealized loss on cash flow hedge |
( |
) |
( |
) |
||||||||||||
Related income tax effect |
||||||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Net effect of cash flow hedge derivatives on other comprehensive income |
( |
) |
( |
) |
||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Pension plan: |
||||||||||||||||
Recognized net actuarial loss |
||||||||||||||||
Related income tax benefit |
( |
) |
( |
) |
( |
) |
( |
) | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Net effect of change in pension plan asset on other comprehensive income |
||||||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Total change in other comprehensive income |
||||||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Total Comprehensive Income |
$ |
$ |
$ |
$ |
||||||||||||
|
|
|
|
|
|
|
|
|
Unrealized Gains/Losses on AFS Securities |
Unrealized Gains/Losses on Cash Flow Hedge |
Defined Benefit Pension Items |
Total |
||||||||||||
Balance at January 1, 2020 |
$ |
$ |
$ |
( |
) |
$ |
( |
) | ||||||||
Other comprehensive income before reclassification |
( |
) |
||||||||||||||
Amounts reclassified from accumulated other comprehensive income |
( |
) |
||||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Net current-period other comprehensive income, net of tax |
( |
) |
||||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Balance at June 30, 2020 |
$ |
$ |
( |
) |
$ |
( |
) |
$ |
||||||||
|
|
|
|
|
|
|
|
Details about AOCI Components |
Amount Reclassified from AOCI |
Affected Line Item in the Statement Where Net Income is Presented | ||||||||
Available for sale (“AFS”) securities: |
||||||||||
Net reclassification adjustment for losses (gains) included in net income |
$ |
( |
) |
Net investment securities (losses) gains | ||||||
|
|
|||||||||
( |
) |
Total before tax | ||||||||
Related income tax effect |
Tax expense | |||||||||
|
|
|||||||||
( |
) |
Net of tax | ||||||||
Cash flow hedge: |
||||||||||
Net reclassification adjustment for losses (gains) included in net income |
$ |
Other income (expense) | ||||||||
|
|
|||||||||
Total before tax | ||||||||||
Related income tax effect |
Tax expense | |||||||||
|
|
|||||||||
Pension plan: |
||||||||||
Recognized net actuarial loss |
(a |
) |
||||||||
|
|
|
|
|
|
|
|
|
|
Total before tax |
Related income tax effect |
|
|
( |
|
|
|
|
|
|
Tax expense |
|
|
|
|
|
|
|
|
|
|
|
Total rec lassifications for the period |
|
$ |
|
|
|
|
|
|
|
|
|
|
(a) |
Three Months Ended |
Six Months Ended |
|||||||||||||||
June 30 |
June 30 |
|||||||||||||||
2020 |
2019 |
2020 |
2019 |
|||||||||||||
Distributed earnings allocated to common stock |
$ |
$ |
$ |
$ |
||||||||||||
Undistributed earnings allocated to common stock |
||||||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Net earnings allocated to common shareholders |
$ |
$ |
$ |
$ |
||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Average common shares outstanding |
||||||||||||||||
Equivalents from stock options |
||||||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Average diluted shares outstanding |
||||||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Earnings per basic common share |
$ |
$ |
$ |
$ |
||||||||||||
Earnings per diluted common share |
$ |
$ |
$ |
$ |
Description |
Issuance Date |
Amount of Capital Securities Issued |
Stated Interest Rate |
Maturity Date | ||||||
United Statutory Trust III |
$ |
|
||||||||
United Statutory Trust IV |
$ |
|
||||||||
United Statutory Trust V |
$ |
|
||||||||
United Statutory Trust VI |
$ |
|
||||||||
Premier Statutory Trust II |
$ |
|
||||||||
Premier Statutory Trust III |
$ |
|
||||||||
Premier Statutory Trust IV |
$ |
|
||||||||
Premier Statutory Trust V |
$ |
|
||||||||
Centra Statutory Trust I |
$ |
|
||||||||
Centra Statutory Trust II |
$ |
|
||||||||
Virginia Commerce Trust II |
$ |
|
||||||||
Virginia Commerce Trust III |
$ |
|
||||||||
Cardinal Statutory Trust I |
$ |
|
||||||||
UFBC Capital Trust I |
$ |
|
||||||||
Carolina Financial Capital Trust I |
$ |
|
||||||||
Carolina Financial Capital Trust II |
$ |
|
||||||||
Greer Capital Trust I |
$ |
|
||||||||
Greer Capital Trust II |
$ |
|
||||||||
First South Preferred Trust I |
$ |
|
As of June 30, 2020 |
As of December 31, 2019 |
|||||||||||||||||||||||
Aggregate Assets |
Aggregate Liabilities |
Risk Of Loss (1) |
Aggregate Assets |
Aggregate Liabilities |
Risk Of Loss (1) |
|||||||||||||||||||
Trust preferred securities |
$ |
$ |
$ |
$ |
$ |
$ |
||||||||||||||||||
(1) Represents investment in VIEs. |
|
At and For the Three Months Ended June 30, 2020 |
||||||||||||||||||||
Community Banking |
Mortgage Banking |
Other |
Intersegment Eliminations |
Consolidated |
||||||||||||||||
Net interest income |
$ |
$ |
$ |
( |
) |
$ |
$ |
|||||||||||||
Provision for loans losses |
||||||||||||||||||||
Other income |
( |
) |
||||||||||||||||||
Other expense |
||||||||||||||||||||
Income taxes |
( |
) |
||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Net income (loss) |
$ |
$ |
$ |
( |
) |
$ |
$ |
|||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Total assets (liabilities) |
$ |
$ |
$ |
$ |
( |
) |
$ |
|||||||||||||
Average assets (liabilities) |
( |
) |
||||||||||||||||||
At and For the Three Months Ended June 30, 2019 |
||||||||||||||||||||
Community Banking |
Mortgage Banking |
Other |
Intersegment Eliminations |
Consolidated |
||||||||||||||||
Net interest income |
$ |
$ |
$ |
( |
) |
$ |
$ |
|||||||||||||
Provision for loans losses |
||||||||||||||||||||
Other income |
( |
) |
||||||||||||||||||
Other expense |
( |
) |
||||||||||||||||||
Income taxes |
( |
) |
||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Net income (loss) |
$ |
$ |
$ |
( |
) |
$ |
$ |
|||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Total assets (liabilities) |
$ |
$ |
$ |
$ |
( |
) |
$ |
|||||||||||||
Average assets (liabilities) |
( |
) |
||||||||||||||||||
At and For the Six Months Ended June 30, 2020 |
||||||||||||||||||||
Community Banking |
Mortgage Banking |
Other |
Intersegment Eliminations |
Consolidated |
||||||||||||||||
Net interest income |
$ |
$ |
$ |
( |
) |
$ |
$ |
|||||||||||||
Provision for loans losses |
||||||||||||||||||||
Other income |
( |
) |
||||||||||||||||||
Other expense |
( |
) |
||||||||||||||||||
Income taxes |
( |
) |
||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Net income (loss) |
$ |
$ |
$ |
( |
) |
$ |
$ |
|||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Total assets (liabilities) |
$ |
$ |
$ |
$ |
( |
) |
$ |
|||||||||||||
Average assets (liabilities) |
( |
) |
At and For the Six Months Ended June 30, 2019 |
||||||||||||||||||||
Community Banking |
Mortgage Banking |
Other |
Intersegment Eliminations |
Consolidated |
||||||||||||||||
Net interest income |
$ |
$ |
$ |
( |
) |
$ |
$ |
|||||||||||||
Provision for loans losses |
||||||||||||||||||||
Other income |
( |
) |
||||||||||||||||||
Other expense |
( |
) |
( |
) |
||||||||||||||||
Income taxes |
( |
) |
||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Net income (loss) |
$ |
$ |
$ |
( |
) |
$ |
$ |
|||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Total assets (liabilities) |
$ |
$ |
$ |
$ |
( |
) |
$ |
|||||||||||||
Average assets (liabilities) |
( |
) |
Item 2. |
MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS |
• |
The PPPFA amends the PPP to give borrowers more time to spend loan funds and still obtain forgiveness. |
• |
Borrowers now have 24 weeks to spend loan proceeds, up from 8 weeks. |
• |
The Act also reduces mandatory payroll spending from 75% to 60%. |
• |
Two new exceptions let borrowers obtain full forgiveness even without fully restoring their workforce. |
• |
Changes made by the PPPFA have been incorporated in new forgiveness applications released by the SBA. |
• |
Time to pay off the loan has been extended to five years from the original two. |
• |
The Act now allows businesses to delay paying payroll taxes even if they took a PPP loan. |
• |
Restricted all non-essential travel and large external gatherings and have instituted a mandatory quarantine period for anyone that has traveled to an impacted area. |
• |
Temporarily closed all of our financial center lobbies and other corporate facilities to non-employees, except for certain limited cases by appointment only. United continues to serve our consumer and business customers through our drive-through facilities, ATMs, internet banking, mobile app and telephone customer service capabilities. |
• |
Expanded remote-access availability so that our work-force has the capability to work from home or other remote locations. All activities are performed in accordance with our compliance and information security policies designed to ensure customer data and other information is properly safeguarded. |
• |
Instituted mandatory social distancing policies for those employees not working remotely. Members of certain operations teams have been split into separate buildings or locations to create redundancy for key functions across the organization. |
(Dollars in thousands) |
June 30 2020 |
December 31 2019 |
$ Change |
% Change |
||||||||||||
U.S. Treasury securities and obligations of U.S. Government corporations and agencies |
$ |
67,303 |
$ |
58,676 |
$ |
8,627 |
14.70 |
% | ||||||||
State and political subdivisions |
520,880 |
272,362 |
248,518 |
91.25 |
% | |||||||||||
Mortgage-backed securities |
1,533,981 |
1,455,340 |
78,641 |
5.40 |
% | |||||||||||
Asset-backed securities |
277,721 |
276,139 |
1,582 |
0.57 |
% | |||||||||||
Trust preferred collateralized debt obligations |
12,837 |
4,703 |
8,134 |
172.95 |
% | |||||||||||
Single issue trust preferred securities |
16,191 |
16,774 |
(583 |
) |
(3.48 |
%) | ||||||||||
Corporate securities |
371,028 |
353,302 |
17,726 |
5.02 |
% | |||||||||||
|
|
|
|
|
|
|
|
|||||||||
Total available for sale securities, at fair value |
$ |
2,799,941 |
$ |
2,437,296 |
$ |
362,645 |
14.88 |
% | ||||||||
|
|
|
|
|
|
|
|
(Dollars in thousands) |
June 30 2020 |
December 31 2019 |
$ Change |
% Change |
||||||||||||
U.S. Treasury securities and obligations of U.S. Government corporations and agencies |
$ |
0 |
$ |
0 |
$ |
0 |
0.00 |
% | ||||||||
State and political subdivisions |
1,201 |
(1) |
1,426 |
(225 |
) |
(15.78 |
%) | |||||||||
Mortgage-backed securities |
0 |
0 |
0 |
0.00 |
% | |||||||||||
Single issue trust preferred securities |
0 |
0 |
0 |
0.00 |
% | |||||||||||
Other corporate securities |
20 |
20 |
0 |
0.00 |
% | |||||||||||
|
|
|
|
|
|
|
|
|||||||||
Total held to maturity securities, at amortized cost |
$ |
1,221 |
$ |
1,446 |
$ |
(225 |
) |
(15.56 |
%) | |||||||
|
|
|
|
|
|
|
|
Security |
Moodys |
S&P |
Fitch |
Amortized Cost |
Fair Value |
Unrealized Loss/ (Gain) |
||||||||||||||||||
(Dollars in thousands) |
||||||||||||||||||||||||
Emigrant Bank |
NR |
NR |
WD |
$ |
5,741 |
$ |
4,837 |
$ |
904 |
|||||||||||||||
Truist Bank |
Baa1 |
NR |
BBB |
4,963 |
4,349 |
614 |
||||||||||||||||||
M&T Bank |
NR |
BBB- |
BBB- |
3,048 |
3,207 |
(159 |
) | |||||||||||||||||
Truist Bank |
NR |
BBB- |
BBB |
2,481 |
2,141 |
340 |
||||||||||||||||||
HSBC |
Baa2 |
BBB |
NR |
1,000 |
778 |
222 |
||||||||||||||||||
Royal Bank of Scotland |
Baa3 |
BB+ |
BBB |
978 |
879 |
99 |
||||||||||||||||||
|
|
|
|
|
|
|||||||||||||||||||
$ |
18,211 |
$ |
16,191 |
$ |
2,020 |
|||||||||||||||||||
|
|
|
|
|
|
(Dollars in thousands) |
June 30 2020 |
December 31 2019 |
$ Change |
% Change |
||||||||||||
Loans held for sale |
$ |
625,984 |
$ |
387,514 |
$ |
238,470 |
61.54 |
% | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Commercial, financial, and agricultural: |
||||||||||||||||
Owner-occupied commercial real estate |
$ |
1,624,760 |
$ |
1,201,652 |
$ |
423,108 |
35.21 |
% | ||||||||
Nonowner-occupied commercial real estate |
5,004,790 |
3,965,960 |
1,038,830 |
26.19 |
% | |||||||||||
Other commercial loans and leases |
4,113,505 |
2,285,037 |
1,828,468 |
80.02 |
% | |||||||||||
|
|
|
|
|
|
|
|
|||||||||
Total commercial, financial, and agricultural |
$ |
10,743,055 |
$ |
7,452,649 |
$ |
3,290,406 |
44.15 |
% | ||||||||
Residential real estate |
4,310,156 |
3,686,401 |
623,755 |
16.92 |
% | |||||||||||
Construction & land development |
1,775,728 |
1,408,205 |
367,523 |
26.10 |
% | |||||||||||
Consumer: |
||||||||||||||||
Bankcard |
8,465 |
10,074 |
(1,609 |
) |
(15.97 |
%) | ||||||||||
Other consumer |
1,195,150 |
1,156,219 |
38,931 |
3.37 |
% | |||||||||||
|
|
|
|
|
|
|
|
|||||||||
Total gross loans and leases |
$ |
18,032,554 |
$ |
13,713,548 |
$ |
4,319,006 |
31.49 |
% | ||||||||
Less: Unearned income |
(40,152 |
) |
(1,419 |
) |
(38,733 |
) |
2729.60 |
% | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Total loans and leases, net of unearned income |
$ |
17,992,402 |
$ |
13,712,129 |
$ |
4,280,273 |
31.22 |
% | ||||||||
|
|
|
|
|
|
|
|
(Dollars in thousands) |
June 30 2020 |
December 31 2019 |
$ Change |
% Change |
||||||||||||
Demand deposits |
$ |
5,307,461 |
$ |
3,381,866 |
$ |
1,925,595 |
56.94 |
% | ||||||||
Interest-bearing checking |
1,076,250 |
372,175 |
704,075 |
189.18 |
% | |||||||||||
Regular savings |
1,225,522 |
882,889 |
342,633 |
38.81 |
% | |||||||||||
Money market accounts |
8,791,822 |
6,891,696 |
1,900,126 |
27.57 |
% | |||||||||||
Time deposits under $100,000 |
1,098,106 |
723,941 |
374,165 |
51.68 |
% | |||||||||||
Time deposits over $100,000 (1) |
2,394,682 |
1,599,854 |
794,828 |
49.68 |
% | |||||||||||
|
|
|
|
|
|
|
|
|||||||||
Total deposits |
$ |
19,893,843 |
$ |
13,852,421 |
$ |
6,041,422 |
43.61 |
% | ||||||||
|
|
|
|
|
|
|
|
(1) |
Includes time deposits of $250,000 or more of $1,165,068 and $803,414 at June 30, 2020 and December 31, 2019, respectively. |
(Dollars in thousands) |
June 30 2020 |
December 31 2019 |
$ Change |
% Change |
||||||||||||
Federal funds purchased |
$ |
0 |
$ |
0 |
$ |
0 |
0.00 |
% | ||||||||
Short-term securities sold under agreements to repurchase |
176,168 |
124,654 |
51,514 |
41.33 |
% | |||||||||||
Short-term FHLB advances |
0 |
250,000 |
(250,000 |
) |
(100.00 |
%) | ||||||||||
Long-term FHLB advances |
1,354,879 |
1,601,865 |
(246,986 |
) |
(15.42 |
%) | ||||||||||
Subordinated debt |
9,865 |
0 |
9,865 |
100.00 |
% | |||||||||||
Issuances of trust preferred capital securities |
269,147 |
236,164 |
32.983 |
13.97 |
% | |||||||||||
|
|
|
|
|
|
|
|
|||||||||
Total borrowings |
$ |
1,810,059 |
$ |
2,212,683 |
$ |
(402,624 |
) |
(18.20 |
%) | |||||||
|
|
|
|
|
|
|
|
Three Months Ended |
Six Months Ended |
|||||||||||||||
(Dollars in thousands) |
June 30, 2020 |
June 30, 2019 |
June 30, 2020 |
June 30, 2019 |
||||||||||||
Return on Average Tangible Equity: |
||||||||||||||||
(a) Net Income (GAAP) |
$ |
52,686 |
$ |
67,207 |
$ |
92,869 |
$ |
130,849 |
||||||||
(b) Number of days |
91 |
91 |
182 |
181 |
||||||||||||
Average Total Shareholders’ Equity (GAAP) |
$ |
3,921,289 |
$ |
3,220,987 |
$ |
3,620,425 |
$ |
3,299,061 |
||||||||
Less: Average Total Intangibles |
(1,708,683 |
) |
(1,512,400 |
) |
(1,607,977 |
) |
(1,513,279 |
) | ||||||||
|
|
|
|
|
|
|
|
|||||||||
(c) Average Tangible Equity (non-GAAP) |
$ |
2,212,606 |
$ |
1,808,587 |
$ |
2,012,448 |
$ |
1,785,782 |
||||||||
Return on Tangible Equity (non-GAAP) [(a) / (b)] x 366 or 365/ (c) |
9.58 |
% |
14.90 |
% |
9.28 |
% |
14.78 |
% |
|
Three Months Ended |
|||||||||||
(Dollars in thousands) |
June 30 2020 |
June 30 2019 |
March 31 2020 |
|||||||||
Loan accretion |
$ |
9,549 |
$ |
14,451 |
$ |
9,546 |
||||||
Certificates of deposit |
2,611 |
197 |
141 |
|||||||||
Long-term borrowings |
488 |
269 |
268 |
|||||||||
|
|
|
|
|
|
|||||||
Total |
$ |
12,648 |
$ |
14,917 |
$ |
9,955 |
||||||
|
|
|
|
|
|
|
Six Months Ended |
|||||||
(Dollars in thousands) |
June 30 2020 |
June 30 2019 |
||||||
Loan accretion |
$ |
19,095 |
$ |
22,995 |
||||
Certificates of deposit |
2,752 |
395 |
||||||
Long-term borrowings |
756 |
537 |
||||||
|
|
|
|
|||||
Tax-equivalent net interest income |
$ |
22,603 |
$ |
23,927 |
||||
|
|
|
|
|
Three Months Ended |
|||||||||||
(Dollars in thousands) |
June 30 2020 |
June 30 2019 |
March 31 2020 |
|||||||||
Net interest income, GAAP basis |
$ |
170,602 |
$ |
150,553 |
$ |
141,518 |
||||||
Tax-equivalent adjustment (1) |
1,018 |
977 |
782 |
|||||||||
|
|
|
|
|
|
|||||||
Tax-equivalent net interest income |
$ |
171,620 |
$ |
151,530 |
$ |
142,300 |
||||||
|
|
|
|
|
|
|
Six Months Ended |
|||||||
(Dollars in thousands) |
June 30 2020 |
June 30 2019 |
||||||
Net interest income, GAAP basis |
$ |
312,120 |
$ |
294,721 |
||||
Tax-equivalent adjustment (1) |
1,800 |
1,970 |
||||||
|
|
|
|
|||||
Tax-equivalent net interest income |
$ |
313,920 |
$ |
296,691 |
||||
|
|
|
|
(1) |
The tax-equivalent adjustment combines amounts of interest income on federally nontaxable loans and investment securities using the statutory federal income tax rate of 21% for the three months and six months ended June 30, 2020 and 2019 and the three months ended March 31, 2020. All interest income on loans and investment securities was subject to state income taxes. |
|
Three Months Ended June 30, 2020 |
Three Months Ended June 30, 2019 |
||||||||||||||||||||||
(Dollars in thousands) |
Average Balance |
Interest (1) |
Avg. Rate (1) |
Average Balance |
Interest (1) |
Avg. Rate (1) |
||||||||||||||||||
ASSETS |
||||||||||||||||||||||||
Earning Assets: |
||||||||||||||||||||||||
Federal funds sold and securities purchased under agreements to resell and other short-term investments |
$ |
1,548,759 |
$ |
1,868 |
0.49 |
% |
$ |
770,625 |
$ |
5,405 |
2.81 |
% | ||||||||||||
Investment Securities: |
||||||||||||||||||||||||
Taxable |
2,703,980 |
16,241 |
2.40 |
% |
2,455,549 |
17,748 |
2.89 |
% | ||||||||||||||||
Tax-exempt |
226,942 |
1,641 |
2.89 |
% |
159,781 |
1,218 |
3.05 |
% | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Total Securities |
2,930,922 |
17,882 |
2.44 |
% |
2,615,330 |
18,966 |
2.90 |
% | ||||||||||||||||
Loans, net of unearned income (2) |
17,345,008 |
179,985 |
4.17 |
% |
13,888,716 |
175,851 |
5.08 |
% | ||||||||||||||||
Allowance for loan losses |
(170,947 |
) |
(76,682 |
) |
||||||||||||||||||||
|
|
|
|
|||||||||||||||||||||
Net loans |
17,174,061 |
4.21 |
% |
13,812,034 |
5.10 |
% | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Total earning assets |
21,653,742 |
$ |
199,735 |
3.70 |
% |
17,197,989 |
$ |
200,222 |
4.67 |
% | ||||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||||||
Other assets |
2,748,858 |
2,317,865 |
||||||||||||||||||||||
|
|
|
|
|||||||||||||||||||||
TOTAL ASSETS |
$ |
24,402,600 |
$ |
19,515,854 |
||||||||||||||||||||
|
|
|
|
|||||||||||||||||||||
LIABILITIES |
||||||||||||||||||||||||
Interest-Bearing Funds: |
||||||||||||||||||||||||
Interest-bearing deposits |
$ |
11,600,243 |
$ |
19,249 |
0.67 |
% |
$ |
9,753,724 |
$ |
35,455 |
1.46 |
% | ||||||||||||
Short-term borrowings |
144,866 |
196 |
0.54 |
% |
136,230 |
608 |
1.79 |
% | ||||||||||||||||
Long-term borrowings |
2,070,557 |
8,670 |
1.68 |
% |
1,879,154 |
12,629 |
2.70 |
% | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Total Interest-Bearing Funds |
13,815,666 |
28,115 |
0.82 |
% |
11,769,108 |
48,692 |
1.66 |
% | ||||||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||||||
Noninterest-bearing deposits |
6,412,124 |
4,240,050 |
||||||||||||||||||||||
Accrued expenses and other liabilities |
253,521 |
185,709 |
||||||||||||||||||||||
|
|
|
|
|||||||||||||||||||||
TOTAL LIABILITIES |
20,481,311 |
16,194,867 |
||||||||||||||||||||||
SHAREHOLDERS’ EQUITY |
3,921,289 |
3,320,987 |
||||||||||||||||||||||
|
|
|
|
|||||||||||||||||||||
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY |
$ |
24,402,600 |
|
$ |
19,515,854 |
|
||||||||||||||||||
|
|
|
|
|||||||||||||||||||||
NET INTEREST INCOME |
$ |
171,620 |
$ |
151,530 |
||||||||||||||||||||
|
|
|
|
|||||||||||||||||||||
INTEREST SPREAD |
2.88 |
% |
3.01 |
% | ||||||||||||||||||||
NET INTEREST MARGIN |
3.18 |
% |
3.53 |
% |
(1) |
The interest income and the yields on federally nontaxable loans and investment securities are presented on a tax-equivalent basis using the statutory federal income tax rate of 21%. |
(2) |
Nonaccruing loans are included in the daily average loan amounts outstanding. |
|
Six Months Ended June 30, 2020 |
Six Months Ended June 30, 2019 |
||||||||||||||||||||||
(Dollars in thousands) |
Average Balance |
Interest (1) |
Avg. Rate (1) |
Average Balance |
Interest (1) |
Avg. Rate (1) |
||||||||||||||||||
ASSETS |
||||||||||||||||||||||||
Earning Assets: |
||||||||||||||||||||||||
Federal funds sold and securities repurchased under agreements to resell and other short-term investments |
$ |
1,131,633 |
$ |
5,833 |
1.04 |
% |
$ |
754,865 |
$ |
11,242 |
3.00 |
% | ||||||||||||
Investment Securities: |
||||||||||||||||||||||||
Taxable |
2,620,604 |
33,210 |
2.53 |
% |
2,419,202 |
35,111 |
2.90 |
% | ||||||||||||||||
Tax-exempt |
166,512 |
2,520 |
3.03 |
% |
163,077 |
2,516 |
3.09 |
% | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Total Securities |
2,787,116 |
35,730 |
2.56 |
% |
2,582,279 |
37,627 |
2.91 |
% | ||||||||||||||||
Loans, net of unearned income (2) |
15,708,515 |
339,436 |
4.34 |
% |
13,800,985 |
341,443 |
4.98 |
% | ||||||||||||||||
Allowance for loan losses |
(152,515 |
) |
(76,722 |
) |
||||||||||||||||||||
|
|
|
|
|||||||||||||||||||||
Net loans |
15,556,000 |
4.38 |
% |
13,724,263 |
5.01 |
% | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Total earning assets |
19,474,749 |
$ |
380,999 |
3.93 |
% |
17,061,407 |
$ |
390,312 |
4.60 |
% | ||||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||||||
Other assets |
2,510,632 |
2,322,100 |
||||||||||||||||||||||
|
|
|
|
|||||||||||||||||||||
TOTAL ASSETS |
$ |
21,985,381 |
$ |
19,383,507 |
||||||||||||||||||||
|
|
|
|
|||||||||||||||||||||
LIABILITIES |
||||||||||||||||||||||||
Interest-Bearing Funds: |
||||||||||||||||||||||||
Interest-bearing deposits |
$ |
10,439,513 |
$ |
46,726 |
0.90 |
% |
$ |
9,724,379 |
$ |
68,093 |
1.41 |
% | ||||||||||||
Short-term borrowings |
141,146 |
654 |
0.93 |
% |
154,811 |
1,299 |
1.69 |
% | ||||||||||||||||
Long-term borrowings |
2,036,660 |
19,699 |
1.95 |
% |
1,788,790 |
24,229 |
2.73 |
% | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Total Interest-Bearing Funds |
12,617,319 |
67,079 |
1.07 |
% |
11,667,980 |
93,621 |
1.62 |
% | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Non-interest bearing deposits |
5,519,584 |
4,230,598 |
||||||||||||||||||||||
Accrued expenses and other liabilities |
228,053 |
185,868 |
||||||||||||||||||||||
|
|
|
|
|||||||||||||||||||||
TOTAL LIABILITIES |
18,364,956 |
16,084,446 |
||||||||||||||||||||||
SHAREHOLDERS’ EQUITY |
3,620,425 |
3,299,061 |
||||||||||||||||||||||
|
|
|
|
|||||||||||||||||||||
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY |
$ |
21,985,381 |
|
$ |
19,383,507 |
|
||||||||||||||||||
|
|
|
|
|||||||||||||||||||||
NET INTEREST INCOME |
$ |
313,920 |
$ |
296,691 |
||||||||||||||||||||
|
|
|
|
|||||||||||||||||||||
INTEREST SPREAD |
2.86 |
% |
2.98 |
% | ||||||||||||||||||||
NET INTEREST MARGIN |
3.24 |
% |
3.50 |
% |
(1) |
The interest income and the yields on federally nontaxable loans and investment securities are presented on a tax-equivalent basis using the statutory federal income tax rate of 21%. |
(2) |
Nonaccruing loans are included in the daily average loan amounts outstanding. |
• |
Past events – This includes portfolio trends related to business conditions; past due, nonaccrual, and graded loans; and concentrations. |
• |
Current conditions – United considered the impact of COVID-19 (negative) as well as the CARES Act (positive) when making determinations related to factor adjustments, such as collateral values and past due loans, and the reasonable and supportable forecast. This is in contrast with the CECL adoption date (January 1, 2020) estimate as neither of these items were relevant for United’s footprint at the beginning of the year. Additional considerations were made for the Carolina Financial acquisition, such as the experience of lending management and staff and the nature and volume of the portfolio. |
• |
Reasonable and supportable forecasts – The forecast is determined on a portfolio-by-portfolio |
• |
Following the historic drop in GDP in the second quarter of 2020, the forecast projects a large increase in GDP in the third quarter of 2020 with growth rates returning to normal levels by mid-2022. |
• |
The forecast also projects continued high levels of unemployment with a gradual recovery that stretches beyond 2022. |
• |
Forecasts account for United’s best estimate of economic impact from government stimulus. |
• |
Reversion to historical loss data occurs via a straight-line method during the year following the one-year reasonable and supportable forecast period. |
Item 3. |
QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK |
Change in Interest Rates (basis points) |
Percentage Change in Net Interest Income |
|||||||
June 30, 2020 |
December 31, 2019 |
|||||||
+200 |
(2.50 |
%) |
(2.37 |
%) | ||||
+100 |
(1.50 |
%) |
(1.09 |
%) | ||||
-100 |
0.50 |
% |
0.86 |
% | ||||
-200 |
0.40 |
% |
(1.34 |
%) |
Item 4. |
CONTROLS AND PROCEDURES |
Item 1. |
LEGAL PROCEEDINGS |
Item 1A. |
RISK FACTORS |
• |
Increased unemployment and decreased consumer confidence and business generally, leading to an increased risk of delinquencies, defaults and foreclosures. |
• |
Ratings downgrades, credit deterioration and defaults in many industries, including natural resources, hospitality, transportation and commercial real estate. |
• |
A sudden and significant reduction in the valuation of the equity, fixed-income and commodity markets and the significant increase in the volatility of those markets. |
• |
A decrease in the rates and yields on U.S. Treasury securities, which may lead to decreased net interest income. |
• |
Increased demands on capital and liquidity. |
• |
A reduction in the value of the assets that the Company manages or otherwise administers or services for others, affecting related fee income and demand for the Company’s services. |
• |
Heightened cybersecurity, information security and operational risks as a result of work-from-home arrangements. |
Item 2. |
UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS |
Period |
Total Number of Shares Purchased (1) (2) |
Average Price Paid per Share |
Total Number of Shares Purchased as Part of Publicly Announced Plans (3) |
Maximum Number of Shares that May Yet be Purchased Under the Plans (3) |
||||||||||||
4/01 – 4/30/2020 |
0 |
$ |
00.00 |
0 |
4,000,000 |
|||||||||||
5/01 – 5/31/2020 |
6 |
$ |
22.60 |
0 |
4,000,000 |
|||||||||||
6/01 – 6/30/2020 |
0 |
$ |
00.00 |
0 |
4,000,000 |
|||||||||||
|
|
|
|
|
|
|||||||||||
Total |
6 |
$ |
22.60 |
0 |
||||||||||||
|
|
|
|
|
|
(1) |
Includes shares exchanged in connection with the exercise of stock options and the vesting of restricted shares under United’s long-term incentive plans. Shares are purchased or vested pursuant to the terms of the applicable plan and not pursuant to a publicly announced stock repurchase plan. No shares were exchanged by participants in United’s long-term incentive plans for the quarter ended June 30, 2020. |
(2) |
Includes shares purchased in open market transactions by United for a rabbi trust to provide payment of benefits under a deferred compensation plan for certain key officers of United and its subsidiaries. For the quarter ended June 30, 2020, the following shares were purchased for the deferred compensation plan: May 2020 – 6 shares at an average price of $22.60. |
(3) |
In October 2019, United’s Board of Directors approved a repurchase plan to repurchase up to 4,000,000 shares of United’s common stock on the open market (the 2019 Plan). The timing, price and quantity of purchases under the plans are at the discretion of management and the plan may be discontinued, suspended or restarted at any time depending on the facts and circumstances. |
Item 3. |
DEFAULTS UPON SENIOR SECURITIES |
Item 4. |
MINE SAFETY DISCLOSURES |
Item 5. |
OTHER INFORMATION |
(a) |
None. |
(b) |
No changes were made to the procedures by which security holders may recommend nominees to United’s Board of Directors. |
Item 6. |
EXHIBITS |
Exhibit No. |
Description | |
|
|
|
2.1 |
||
3.1 |
||
3.2 |
||
4.1 |
||
31.1 |
||
31.2 |
||
32.1 |
||
32.2 |
||
101 |
Interactive data file (iXBRL) (filed herewith) | |
104 |
Cover Page (imbedded in iXBRL) |
UNITED BANKSHARES, INC. | ||||||
(Registrant) | ||||||
Date: |
August 10, 2020 |
/s/ Richard M. Adams | ||||
Richard M. Adams, Chairman of the Board and Chief Executive Officer | ||||||
Date: |
August 10, 2020 |
/s/ W. Mark Tatterson | ||||
W. Mark Tatterson, Executive Vice President and Chief Financial Officer |
Exhibit 31.1
CERTIFICATION
I, Richard M. Adams, certify that:
1. | I have reviewed this quarterly report on Form 10-Q of United Bankshares, Inc.; |
2. | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
3. | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; |
4. | The registrants other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: |
(a) | Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
(b) | Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
(c) | Evaluated the effectiveness of the registrants disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and |
(d) | Disclosed in this report any change in the registrants internal control over financial reporting that occurred during the registrants most recent fiscal quarter (the registrants fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrants internal control over financial reporting; and |
5. | The registrants other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrants auditors and the audit committee of the registrants board of directors (or persons performing the equivalent functions): |
(a) | All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrants ability to record, process, summarize and report financial information; and |
(b) | Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrants internal control over financial reporting. |
Date: | August 10, 2020 |
/s/ Richard M. Adams | ||||
Richard M. Adams, Chairman of the | ||||||
Board and Chief Executive Officer |
Exhibit 31.2
CERTIFICATION
I, W. Mark Tatterson, certify that:
1. | I have reviewed this quarterly report on Form 10-Q of United Bankshares, Inc.; |
2. | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
3. | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; |
4. | The registrants other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: |
(a) | Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
(b) | Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
(c) | Evaluated the effectiveness of the registrants disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and |
(d) | Disclosed in this report any change in the registrants internal control over financial reporting that occurred during the registrants most recent fiscal quarter (the registrants fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrants internal control over financial reporting; and |
5. | The registrants other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrants auditors and the audit committee of the registrants board of directors (or persons performing the equivalent functions): |
(a) | All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrants ability to record, process, summarize and report financial information; and |
(b) | Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrants internal control over financial reporting. |
Date: | August 10, 2020 |
/s/ W. Mark Tatterson | ||||||
W. Mark Tatterson, Executive | ||||||||
Vice President and Chief Financial | ||||||||
Officer |
Exhibit 32.1
CERTIFICATION
Pursuant to 18 U.S.C. § 1350, the undersigned officer of United Bankshares, Inc. (the Company), hereby certifies, to such officers knowledge, that the Companys Quarterly Report on Form 10-Q for the quarter ended June 30, 2020 (the Report) fully complies with the requirements of Section 13(a) or 15(d), as applicable, of the Securities Exchange Act of 1934 and that the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.
Date: | August 10, 2020 |
/s/ Richard M. Adams | ||||
Name: Richard M. Adams | ||||||
Title: Chief Executive Officer |
Exhibit 32.2
CERTIFICATION
Pursuant to 18 U.S.C. § 1350, the undersigned officer of United Bankshares, Inc. (the Company), hereby certifies, to such officers knowledge, that the Companys Quarterly Report on Form 10-Q for the quarter ended June 30, 2020 (the Report) fully complies with the requirements of Section 13(a) or 15(d), as applicable, of the Securities Exchange Act of 1934 and that the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.
Date: | August 10, 2020 |
/s/ W. Mark Tatterson | ||||
Name: W. Mark Tatterson | ||||||
Title: Chief Financial Officer |
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands |
Jun. 30, 2020 |
Dec. 31, 2019 |
---|---|---|
Statement of Financial Position [Abstract] | ||
Securities available for sale, amortized cost | $ 2,730,350 | $ 2,426,924 |
Securities held to maturity | 1,220 | 1,447 |
Loans held for sale at fair value | $ 611,277 | $ 384,375 |
Preferred stock, par value | $ 1.00 | $ 1.00 |
Preferred stock, shares authorized | 50,000,000 | 50,000,000 |
Preferred stock, shares issued | 0 | 0 |
Common stock, par value | $ 2.50 | $ 2.50 |
Common stock, shares authorized | 200,000,000 | 200,000,000 |
Common stock, shares issued | 133,716,280 | 105,494,290 |
Common stock, shares in treasury | 3,960,885 | 3,940,619 |
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2020 |
Jun. 30, 2019 |
Jun. 30, 2020 |
Jun. 30, 2019 |
|
Statement of Comprehensive Income [Abstract] | ||||
Net income | $ 52,686 | $ 67,207 | $ 92,869 | $ 130,849 |
Change in net unrealized gain on available-for-sale ("AFS") securities, net of tax | 27,834 | 17,994 | 45,420 | 34,783 |
Change in net unrealized loss on cash flow hedge, net of tax | (1,272) | 0 | (1,272) | 0 |
Change in pension plan assets, net of tax | 1,113 | 909 | 2,225 | 1,819 |
Comprehensive income, net of tax | $ 80,361 | $ 86,110 | $ 139,242 | $ 167,451 |
Consolidated Statement of Changes in Shareholders' Equity - USD ($) $ in Thousands |
Total |
Revision of Prior Period, Reclassification, Adjustment [Member] |
Cumulative Effect, Period of Adoption, Adjustment [Member] |
Common Stock [Member] |
Common Stock [Member]
Revision of Prior Period, Reclassification, Adjustment [Member]
|
Common Stock [Member]
Cumulative Effect, Period of Adoption, Adjustment [Member]
|
Surplus [Member] |
Surplus [Member]
Revision of Prior Period, Reclassification, Adjustment [Member]
|
Surplus [Member]
Cumulative Effect, Period of Adoption, Adjustment [Member]
|
Retained Earnings [Member] |
Retained Earnings [Member]
Revision of Prior Period, Reclassification, Adjustment [Member]
|
Retained Earnings [Member]
Cumulative Effect, Period of Adoption, Adjustment [Member]
|
Accumulated Other Comprehensive Income (Loss) [Member] |
Accumulated Other Comprehensive Income (Loss) [Member]
Revision of Prior Period, Reclassification, Adjustment [Member]
|
Accumulated Other Comprehensive Income (Loss) [Member]
Cumulative Effect, Period of Adoption, Adjustment [Member]
|
Treasury Stock [Member] |
Treasury Stock [Member]
Revision of Prior Period, Reclassification, Adjustment [Member]
|
Treasury Stock [Member]
Cumulative Effect, Period of Adoption, Adjustment [Member]
|
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Beginning Balance at Dec. 31, 2018 | $ 3,251,624 | $ 50 | $ (1,049) | $ 263,098 | $ 0 | $ 0 | $ 2,134,462 | $ 0 | $ 0 | $ 1,013,037 | $ 0 | $ (1,049) | $ (57,019) | $ 50 | $ 0 | $ (101,954) | $ 0 | $ 0 |
Beginning Balance, shares at Dec. 31, 2018 | 105,239,121 | |||||||||||||||||
Net income | 63,642 | $ 0 | 0 | 63,642 | 0 | 0 | ||||||||||||
Other comprehensive income, net of tax | 17,699 | 0 | 0 | 0 | 17,699 | 0 | ||||||||||||
Comprehensive income, net of tax | 81,341 | |||||||||||||||||
Stock based compensation expense | 1,113 | 0 | 1,113 | 0 | 0 | 0 | ||||||||||||
Purchase of treasury stock | (12,072) | 0 | 0 | 0 | 0 | (12,072) | ||||||||||||
Cash dividends | (34,759) | 0 | 0 | (34,759) | 0 | 0 | ||||||||||||
Grant of restricted stock | 0 | $ 316 | (316) | 0 | 0 | 0 | ||||||||||||
Grant of restricted stock, shares | 126,427 | |||||||||||||||||
Common stock options exercised | 643 | $ 84 | 559 | 0 | 0 | 0 | ||||||||||||
Common stock options exercised, shares | 33,816 | |||||||||||||||||
Ending Balance at Mar. 31, 2019 | 3,286,891 | $ 263,498 | 2,135,818 | 1,040,871 | (39,270) | (114,026) | ||||||||||||
Ending Balance, shares at Mar. 31, 2019 | 105,399,364 | |||||||||||||||||
Beginning Balance at Dec. 31, 2018 | 3,251,624 | $ 50 | (1,049) | $ 263,098 | $ 0 | 0 | 2,134,462 | $ 0 | 0 | 1,013,037 | $ 0 | (1,049) | (57,019) | $ 50 | 0 | (101,954) | $ 0 | 0 |
Beginning Balance, shares at Dec. 31, 2018 | 105,239,121 | |||||||||||||||||
Net income | 130,849 | |||||||||||||||||
Other comprehensive income, net of tax | 36,602 | |||||||||||||||||
Comprehensive income, net of tax | $ 167,451 | |||||||||||||||||
Common stock options exercised, shares | 47,960 | |||||||||||||||||
Ending Balance at Jun. 30, 2019 | $ 3,333,858 | $ 263,534 | 2,137,459 | 1,073,390 | (20,367) | (120,158) | ||||||||||||
Ending Balance, shares at Jun. 30, 2019 | 105,413,508 | |||||||||||||||||
Beginning Balance at Mar. 31, 2019 | 3,286,891 | $ 263,498 | 2,135,818 | 1,040,871 | (39,270) | (114,026) | ||||||||||||
Beginning Balance, shares at Mar. 31, 2019 | 105,399,364 | |||||||||||||||||
Net income | 67,207 | $ 0 | 0 | 67,207 | 0 | 0 | ||||||||||||
Other comprehensive income, net of tax | 18,903 | 0 | 0 | 0 | 18,903 | 0 | ||||||||||||
Comprehensive income, net of tax | 86,110 | |||||||||||||||||
Stock based compensation expense | 1,198 | 0 | 1,198 | 0 | 0 | 0 | ||||||||||||
Purchase of treasury stock | (6,032) | 0 | 0 | 0 | 0 | (6,032) | ||||||||||||
Cash dividends | (34,688) | 0 | 0 | (34,688) | 0 | 0 | ||||||||||||
Forfeiture of restricted stock | 0 | 0 | 100 | 0 | 0 | (100) | ||||||||||||
Common stock options exercised | 379 | $ 36 | 343 | 0 | 0 | 0 | ||||||||||||
Common stock options exercised, shares | 14,144 | |||||||||||||||||
Ending Balance at Jun. 30, 2019 | 3,333,858 | $ 263,534 | 2,137,459 | 1,073,390 | (20,367) | (120,158) | ||||||||||||
Ending Balance, shares at Jun. 30, 2019 | 105,413,508 | |||||||||||||||||
Beginning Balance at Dec. 31, 2019 | $ 3,363,833 | (44,331) | $ 263,736 | 0 | 2,140,175 | 0 | 1,132,579 | (44,331) | (34,869) | 0 | (137,788) | 0 | ||||||
Beginning Balance, shares at Dec. 31, 2019 | 105,494,290 | |||||||||||||||||
Accounting Standards Update [Extensible List] | us-gaap:AccountingStandardsUpdate201613Member | |||||||||||||||||
Net income | $ 40,183 | $ 0 | 0 | 40,183 | 0 | 0 | ||||||||||||
Other comprehensive income, net of tax | 18,698 | 0 | 0 | 0 | 18,698 | 0 | ||||||||||||
Comprehensive income, net of tax | 58,881 | |||||||||||||||||
Stock based compensation expense | 1,253 | 0 | 1,253 | 0 | 0 | 0 | ||||||||||||
Purchase of treasury stock | (608) | 0 | 0 | 0 | 0 | (608) | ||||||||||||
Cash dividends | (35,604) | 0 | 0 | (35,604) | 0 | 0 | ||||||||||||
Grant of restricted stock | 0 | $ 439 | (439) | 0 | 0 | 0 | ||||||||||||
Grant of restricted stock, shares | 175,495 | |||||||||||||||||
Forfeiture of restricted stock | 0 | $ 0 | 35 | 0 | 0 | (35) | ||||||||||||
Common stock options exercised | 278 | $ 36 | 242 | 0 | 0 | 0 | ||||||||||||
Common stock options exercised, shares | 14,694 | |||||||||||||||||
Ending Balance at Mar. 31, 2020 | 3,343,702 | $ 264,211 | 2,141,266 | 1,092,827 | (16,171) | (138,431) | ||||||||||||
Ending Balance, shares at Mar. 31, 2020 | 105,684,479 | |||||||||||||||||
Beginning Balance at Dec. 31, 2019 | 3,363,833 | $ (44,331) | $ 263,736 | $ 0 | 2,140,175 | $ 0 | 1,132,579 | $ (44,331) | (34,869) | $ 0 | (137,788) | $ 0 | ||||||
Beginning Balance, shares at Dec. 31, 2019 | 105,494,290 | |||||||||||||||||
Net income | 92,869 | |||||||||||||||||
Other comprehensive income, net of tax | 46,373 | 46,373 | ||||||||||||||||
Comprehensive income, net of tax | $ 139,242 | |||||||||||||||||
Common stock options exercised, shares | 14,994 | |||||||||||||||||
Ending Balance at Jun. 30, 2020 | $ 4,197,855 | $ 334,291 | 2,890,394 | 1,100,097 | 11,504 | (138,431) | ||||||||||||
Ending Balance, shares at Jun. 30, 2020 | 133,716,280 | |||||||||||||||||
Beginning Balance at Mar. 31, 2020 | 3,343,702 | $ 264,211 | 2,141,266 | 1,092,827 | (16,171) | (138,431) | ||||||||||||
Beginning Balance, shares at Mar. 31, 2020 | 105,684,479 | |||||||||||||||||
Net income | 52,686 | $ 0 | 0 | 52,686 | 0 | 0 | ||||||||||||
Other comprehensive income, net of tax | 27,675 | 0 | 0 | 0 | 27,675 | 0 | ||||||||||||
Comprehensive income, net of tax | 80,361 | |||||||||||||||||
Stock based compensation expense | 1,369 | 0 | 1,369 | 0 | 0 | 0 | ||||||||||||
Acquisition, Values | 817,830 | $ 70,079 | 747,751 | 0 | 0 | 0 | ||||||||||||
Acquisition, Shares | 28,031,501 | |||||||||||||||||
Purchase of treasury stock | 0 | $ 0 | 0 | 0 | 0 | 0 | ||||||||||||
Cash dividends | (45,416) | 0 | 0 | (45,416) | 0 | 0 | ||||||||||||
Common stock options exercised | 9 | $ 1 | 8 | 0 | 0 | 0 | ||||||||||||
Common stock options exercised, shares | 300 | |||||||||||||||||
Ending Balance at Jun. 30, 2020 | $ 4,197,855 | $ 334,291 | $ 2,890,394 | $ 1,100,097 | $ 11,504 | $ (138,431) | ||||||||||||
Ending Balance, shares at Jun. 30, 2020 | 133,716,280 |
Consolidated Statement of Changes in Shareholders' Equity (Parenthetical) - $ / shares |
3 Months Ended | |||
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Jun. 30, 2020 |
Mar. 31, 2020 |
Jun. 30, 2019 |
Mar. 31, 2019 |
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Common Stock [Member] | ||||
Cash dividends per share | $ 0.35 | $ 0.35 | $ 0.34 | $ 0.34 |
Grant of restricted stock, shares | 175,495 | 126,427 | ||
Forfeiture of restricted stock, shares | 946 | 2,539 | ||
Common stock options exercised, shares | 300 | 14,694 | 14,144 | 33,816 |
Acquisition, Shares | 28,031,501 | |||
Treasury Stock [Member] | ||||
Purchase of treasury stock, shares | 6 | 19,314 | 166,604 | 365,702 |
Summary of Significant Accounting Policies |
6 Months Ended |
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Jun. 30, 2020 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation The accompanying unaudited consolidated interim financial statements of United Bankshares, Inc. and Subsidiaries (“United” or “the Company”) have been prepared in accordance with accounting principles for interim financial information generally accepted in the United States (GAAP) and with the instructions for Form 10-Q and Article 10 of Regulation S-X. Accordingly, the financial statements do not contain all of the information and footnotes required by accounting principles generally accepted in the United States. In preparing the consolidated financial statements, management is required to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates. The financial statements presented as of June 30, 2020 and 2019 and for the three-month and six-month periods then ended have not been audited. The consolidated balance sheet as of December 31, 2019 has been extracted from the audited financial statements included in United’s 2019 Annual Report to Shareholders. The Notes to Consolidated Financial Statements appearing in United’s 2019 Annual Report on Form 10-K, which includes descriptions of significant accounting policies, should be read in conjunction with these interim financial statements. Please refer to Notes 2, 3, 5, 6 and 8 in these Notes to Consolidated Financial Statements for updated accounting policies for acquired loans, investment securities, troubled debt restructurings (“TDRs”), the allowance for credit losses and mortgage servicing rights (“MSRs”). In the opinion of management, any adjustments necessary for a fair presentation of financial position and results of operations for the interim periods have been made. Such adjustments are of a normal and recurring nature. The accompanying consolidated interim financial statements include the accounts of United and its wholly owned subsidiaries. United operates in two business segments: community banking and mortgage banking. All significant intercompany accounts and transactions have been eliminated in the consolidated financial statements. Information is presented in these notes to the unaudited consolidated interim financial statements with dollars expressed in thousands, except per share or unless otherwise noted. New Accounting Standards In March 2020, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2020-04, Facilitation of the Effects of Reference Rate Reform on Financial Reporting. The ASU provides “optional expedients and exceptions for applying generally accepted accounting principles to contract modifications and hedging relationships, subject to meeting certain criteria, that reference LIBOR or another reference rate expected to be discontinued.” ASU No. 2020-04 is effective for public business entities on March 12, 2020 through December 31, 2022. United is implementing a transition plan to identify and modify its loans and other financial instruments with attributes that are either directly or indirectly influenced by LIBOR. The Company is assessing ASU No. 2020-04 and its impact on the Company’s transition away from LIBOR for its loan and other financial instruments. In February 2020, FASB issued ASU No. 2020-03, Codification Improvements to Financial Instruments. This update makes narrow-scope changes that are intended to improve the board’s standards for financial instruments accounting, including the credit losses standard issued in 2016, as part of FASB’s ongoing project to improve and clarify its Accounting Standards Codification and avoid unintended application. ASU No. 2020-03 was effective for public business entities upon issuance of this final update in March 2020. ASU No. 2020-03 did not have a material impact on the Company’s financial condition or results of operations.In January 2020, the FASB issued ASU No. 2020-01, Investments—Equity Securities (Topic 321), Investments—Equity Method and Joint Ventures (Topic 323), and Derivatives and Hedging (Topic 815)—Clarifying the Interactions between Topic 321, Topic 323, and Topic 815. The new guidance addresses accounting for the transition into and out of the equity method and measuring certain purchased options and forward contracts to acquire investments. ASU No. 2020-01 is effective for public companies for fiscal years, and interim fiscal periods within those fiscal years, beginning after December 15, 2020; early adoption is permitted. ASU No. 2020-01 is not expected to have a material impact on the Company’s financial condition or results of operations. In November 2019, the FASB issued ASU No. 2019-08, Compensation – Stock Compensation (Topic 718) and Revenue from Contracts with Customers (Topic 606): Codification Improvements—Share-Based Consideration Payable to a Customer. ASU No. 2019-08 requires companies to measure and classify (on the balance sheet) share-based payments to customers by applying the guidance in Topic 718, Compensation—Stock Compensation. As a result, the amount recorded as a reduction in revenue would be measured based on the grant-date fair value of the share-based payment. The amendments in this update become effective for annual periods and interim periods within those annual periods beginning after December 15, 2019. ASU No. 2019-08 was adopted by United on January 1, 2020. The adoption did not have a material impact on the Company’s financial condition or results of operations. In April 2019, the FASB issued ASU No. 2019-04 “Codification Improvements to Topic 326, Financial Instruments – Credit Losses, Topic 815, Derivatives and Hedging, and Topic 825, Financial Instruments.” The amendments clarify the scope of the credit losses standard and address issues related to accrued interest receivable balances, recoveries, variable interest rates and prepayments. The amendments also address partial-term fair valued hedges, fair value hedge basis adjustments. The amendments to the credit losses and hedging standards have the same effective dates as those standards, unless an entity has already adopted the standards. The amendments to recognition and measurement guidance are effective for fiscal years beginning after December 15, 2019; early adoption is permitted. ASU No. 2019-04 was adopted by United on January 1, 2020. The adoption did not have a material impact on the Company’s financial condition or results of operations. In August 2018, the FASB issued ASU No. 2018-14 “Compensation – Retirement Benefits - Defined Benefits – General (Topic 715-20): Disclosure Framework – Changes to the Disclosure Requirements for Defined Benefit Plans.” This update amends ASC Topic 715 to add, remove, and clarify disclosure requirements related to defined benefit pension and other post retirement plans. The ASU’s changes related to disclosures are part of the FASB’s disclosure framework project, which the FASB launched in 2014 to improve effectiveness of disclosures in notes to financial statements. ASU No. 2018-14 is effective for public companies for fiscal years, and interim fiscal periods within those fiscal years, beginning after December 15, 2020; early adoption is permitted. ASU No. 2018-14 is not expected to have a material impact on the Company’s financial statements. In August 2018, the FASB issued ASU No. 2018-13 “Fair Value Measurement (Topic 820), Disclosure Framework – Changes to the Disclosure Requirements for Fair Value Measurement.” This amendment changes the fair value measurement disclosure requirements of ASC Topic 820 and is the result of a broader disclosure project called FASB Concepts Statement, Conceptual Framework for Financial Reporting – Chapter 8: Notes to Financial Statements, which was finalized in August 2018. ASU No. 2018-13 is effective for all entities for fiscal years, and interim fiscal periods within those fiscal years, beginning after December 15, 2019; early adoption is permitted for any eliminated or modified disclosure upon issuance of this ASU. ASU No. 2018-13 was adopted by United on January 1, 2020 and did not have a material impact on the Company’s financial condition or results of operations. In August 2017, the FASB issued ASU No. 2017-12, “Targeting Improvement to Accounting for Hedging Activities.” This ASU amends ASC 815 and its objectives are to improve the transparency and understandability of information conveyed to financial statement users about an entity’s risk management activities by better aligning the entity’s financial reporting for hedging relationships with those risk management activities and reduce the complexity and simplify the application of hedge accounting by preparers. This ASU makes certain targeted improvements to simplify the application of the hedge accounting, including to derivative instruments as well as allow a one-time election to reclassify fixed-rate, prepayable debt securities from a held to maturity classification to an available for sale classification. ASU No. 2017-12 is effective for interim and annual reporting periods beginning after December 15, 2018; early adoption is permitted. United adopted the standard on January 1, 2019 using the modified retrospective approach. As part of this adoption, the Company made a one-time election to transfer eligible HTM securities to the AFS category in order to optimize the investment portfolio management for capital and risk management considerations. The Company transferred HTM securities with a carrying amount of $11,544, which resulted in a decrease of $1,098 to AOCI. In January 2017, the FASB issued ASU No. 2017-04, “Intangibles – Goodwill and Other (Topic 350).” ASU 2017-04 eliminates the requirement to calculate the implied fair value of goodwill to measure a goodwill impairment charge. Instead, entities will record an impairment charge based on the excess of a reporting unit’s carrying amount over its fair value. ASU 2017-04 was adopted by United on January 1, 2020. The adoption of ASU 2017-04 did not have a material impact on the Company’s financial condition or results of operations. In June 2016, the FASB issued ASU No. 2016-13, “Financial Instruments – Credit Losses.” ASU No. 2016-13 changes the impairment model for most financial assets and certain other instruments that aren’t measured at fair value through net income. The standard replaces the “incurred loss” approach with an “expected loss” model for instruments measured at amortized cost and requires entities to record allowances for available for sale debt securities rather than reduce the carrying amount under the current other-than-temporary impairment (OTTI) model. ASU No. 2016-13 also simplifies the accounting model for purchased credit-impaired debt securities and loans. Entities will apply the standard’s provisions as a cumulative-effect adjustment to retained earnings as of the beginning of the first reporting period in which the guidance is effective. United engaged a third-party service provider to assist with the implementation of the new accounting standard. ASU No. 2016-13 was adopted by United on January 1, 2020 using a modified retrospective approach. At the January 1, 2020 date of adoption, based on forecasts of macroeconomic conditions and exposures at that time, the aggregate impact to United was a net increase to the allowance for credit losses of $57,442 and a decrease to retained earnings of $44,331, with the difference being an adjustment to deferred tax assets. United has elected to phase-in the impact to retained earnings using a five-year transition provision, allowed by the Federal Reserve Board and other federal banking agencies in response to the coronavirus (COVID-19) pandemic, to delay for two years the full impact of ASU No. 2016-13 on regulatory capital, followed by a three-year transition period. The adoption of ASU No. 2016-13 had an insignificant impact on the Company’s held to maturity and available for sale securities portfolios. In February 2016, the FASB issued ASU No. 2016-02, “Leases (Topic 842)”. ASU No. 2016-02 includes a lessee accounting model that recognizes two types of leases, finance leases and operating leases, while lessor accounting will remain largely unchanged from the current GAAP. ASU No. 2016-02 requires, amongst other things, that a lessee recognize on the balance sheet a right-of-use No. 2018-11 “Leases (Topic 842), Targeted Improvements.” This update creates an additional transition method, and a lessor practical expedient to not separate lease and non-lease components if specified criteria are met. The new transition method allows companies to use the effective date of the new leases standard as the date of initial application transition. Companies that elect this transition option will not adjust their comparative period financial information for the effect of ASC Topic 842, nor will they make the new required lease disclosure for periods before the effective date. In addition, these companies will carry forward their ASC Topic 840 disclosures for comparative periods. The practical expedient permits lessors to make an accounting policy election by class of underlying asset to not separate lease and non-lease components if specified criteria are met. In July 2018, the FASB issued ASU No. 2018-10 “Codification Improvements to ASC Topic 842, Leases.” This update includes narrow amendments to clarify how to apply certain aspects of the new leases standard. The amendments address the rate implicit in the lease, impairment of the net investment in the lease, lessee reassessment of lease classification, lessor reassessment of lease term and purchase options, variable payments that depend on an index or rate and certain transition adjustments. ASU 2018-10 does not make any substantive changes to the core provisions or principals of the new leases standard. United adopted the standard using the modified retrospective transition method on January 1, 2019. The Company evaluated and elected the package of practical expedients, which allows for existing leases to be accounted for consistent with current guidance, with the exception of the balance sheet recognition for lessees. The Company has also elected the practical expedient on not separating lease and nonlease components and instead treating them as a single lease component. Adoption of the standard resulted in the recognition of additional net lease assets and lease liabilities of $67,040 and $70,692, respectively, as of January 1, 2019. Of the difference between these two amounts, $1,049 was recorded as an adjustment to retained earnings.
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Mergers and Acquisitions |
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Mergers and Acquisitions | 2. MERGERS AND ACQUISITIONS On May 1, 2020 (“Acquisition Date”), United acquired 100% of the outstanding shares of Carolina Financial Corporation (“Carolina Financial”), a Delaware corporation headquartered in Charleston, South Carolina. Carolina Financial was merged with and into United (the “Merger”), pursuant to the terms of the Agreement and Plan of Merger, dated November 17, 2019, by and between United and Carolina Financial (the “Merger Agreement”). Upon completion of the Merger, Carolina Financial ceased to exist and United survived and continues to exist as a West Virginia corporation. Under the terms of the Merger Agreement, each outstanding share of common stock of Carolina Financial was converted into the right to receive 1.13 shares of United common stock, par value $2.50 per share. Also pursuant to the Merger Agreement, as of the effective time of the Merger, each outstanding Carolina Financial stock option, whether vested or unvested as of the date of the Merger, at such option holder’s election, (i) vested and converted into an option to acquire United common stock adjusted based on the 1.13 exchange ratio, or (ii) was entitled to receive cash consideration equal to the difference between (a) the option’s exercise price and (b) $28.99, representing the volume weighted average trading price of the Carolina Financial common stock on NASDAQ for the twenty full trading days ending on the second trading day immediately preceding the closing date (the “CFC Closing Price”) multiplied by the number of shares of Carolina Financial common stock subject to such stock option. Also, at the effective time of the Merger, each restricted stock grant, restricted stock unit grant or any other award of a share of Carolina Financial common stock subject to vesting, repurchase or other lapse restriction under a Carolina Financial stock plan (other than a stock option) (each, a “Stock Award”) that was outstanding immediately prior to the effective time of the Merger, vested in accordance with the terms of the Carolina Financial stock plan and at the election of the holder (i) converted into the right to receive shares of United common stock based on the 1.13 exchange ratio or (ii) converted into cash in an amount equal to the CFC Closing Price multiplied by the shares of Carolina Financial common stock subject to the Stock Award. Immediately following the Merger, CresCom Bank, a wholly-owned subsidiary of Carolina Financial, merged with and into United Bank, a wholly-owned subsidiary of United (the “Bank Merger”). United Bank survived the Bank Merger and continues to exist as a Virginia banking corporation. CresCom Bank owned and operated Crescent Mortgage Company (“Crescent Mortgage”), which is based in Atlanta, Georgia. As a result of the Bank Merger, Crescent Mortgage Company is now a wholly-owned subsidiary of United Bank. The Merger was accounted for under the acquisition method of accounting. The results of operations of Carolina Financial are included in the consolidated results of operations from the Acquisition Date. The acquisition of Carolina Financial affords United the opportunity to expand its existing footprint in North Carolina and South Carolina. As of the Acquisition Date, Carolina Financial had $5,005,744 in total assets, $3,292,635 in gross loans and $3,873,183 in deposits. Carolina Financial has banking locations in North Carolina and South Carolina. The aggregate purchase price was approximately $817,877, including common stock valued at $815,997, stock options assumed valued at $1,833, and cash paid for fractional shares of $47. The number of shares issued in the transaction was 28,031,501, which were valued based on the closing market price of $29.11 for United’s common shares on May 1, 2020. The preliminary purchase price has been allocated to the identifiable tangible and intangible assets resulting in preliminary additions to goodwill, core deposit intangibles and the Crescent Mortgage trade name intangible of $316,765, $3,037 and $1,370, respectively. The core deposit intangible are expected to be amortized on an acce l erate d b asis Because the consideration paid was greater than the net fair value of the acquired assets and liabilities, the Company recorded goodwill as part of the acquisition. None of the goodwill from the Carolina Financial acquisition is expected to be deductible for tax purposes. United used an independent third party to help determine the fair values of the assets and liabilities acquired from Carolina Financial. As a result of the merger, United recorded preliminary fair value discounts of $51,553 on the loans acquired, $562 non-PCD loans. The discounts and premium amounts, except for discount on the land and OREO acquired, are being accreted or amortized on an accelerated or straight-line basis over each asset’s or liability’s estimated remaining life at the time of acquisition. At June 30, 2020, the discounts on subordinated debt and trust preferred issuances had an average estimated remaining life of 6.75 years and 16.83 years, respectively, and the premiums on the buildings, interest-bearing deposits and the FHLB advances each had an average estimated remaining life of 31.5 years, 5.1 years and 0.58 years, respectively. The estimated fair values of the acquired assets and assumed liabilities, including identifiable intangible assets are preliminary as of June 30, 2020 and are subject to refinement as additional information relative to closing date fair values becomes available. Any subsequent adjustments to the fair values of acquired assets and liabilities assumed, identifiable intangible assets, or other purchase accounting adjustments will result in adjustments to goodwill within the measurement period following the date of acquisition. Portfolio loans acquired from Carolina Financial were recorded at their fair value at the Acquisition Date based on a discounted cash flow methodology. The estimated fair value incorporates adjustments related to expected credit losses, prevailing market interest rates for comparable assets and other market factors such as liquidity from the perspective of a market participant. Also, acquired portfolio loans were evaluated upon acquisition and classified as either PCD, which indicates that the loan has experienced a more-than-insignificant deterioration in credit quality since origination, or non-PCD. United considered a variety of factors in evaluating the acquired loans for a more-than-insignificant deterioration in credit quality, including but not limited to risk grades, delinquency, nonperforming status, current or previous troubled debt restructurings or bankruptcies, watch list credits and other qualitative factors that indicated a deterioration in credit quality since origination. For PCD loans, an initial allowance is determined based on the same methodology as other portfolio loans. This initial allowance for credit losses is allocated to individual PCD loans and added to the acquisition date fair values to establish the initial amortized cost basis for the PCD loans. The difference between the unpaid principal balance (“UPB”), or par value, of PCD loans and the amortized cost basis is considered to relate to noncredit factors and resulted in a discount of $10,259 at Acquisition Date. This discount will be recognized through interest income on a level-yield method over the life of the loans which is estimated to be a weighted-average of 4.6 years. For non-PCD acquired loans, the differences between the initial fair value and the UPB, or par value, are recognized as interest income on a level-yield basis over the lives of the related loans which is estimated to be a weighted-average of 7.3 years. The total fair value mark on the non-PCD loans at the Acquisition Date was $41,294. At the Acquisition Date, an initial allowance for expected credit losses of $28,948 was recorded with a corresponding charge to the provision for credit losses in the Consolidated Statements of Income. Subsequent changes in the allowance for credit losses related to PCD and non-PCD loans are recognized in the provision for credit losses. The following table provides a reconciliation of the difference between the purchase price and the par value of portfolio loans acquired from Carolina Financial as of the Acquisition Date:
The consideration paid for Carolina Financial’s common equity and the preliminary amounts of acquired identifiable assets and liabilities assumed as of the Carolina Financial Acquisition Date were as follows:
The operating results of United for the six months ended June 30, 2020 include operating results of acquired assets and assumed liabilities subsequent to the Carolina Financial Acquisition Date. The operations of United’s North Carolina and South Carolina geographic area, which includes the acquired operations of Carolina Financial, and Cr escent Mort provided $40,419 in total revenues (net interest income plus other income), and $22,858 in net income from the period from the Carolina Financial Acquisition Date to June 30, 2020. These amounts are included in United’s consolidated financial statements as of and for the six months ended June 30, 2020. Carolina Financial’s results of operations prior to the Carolina Financial Acquisition Date are not included in United’s consolidated gage results of operations . The following table presents certain unaudited pro forma information for the results of operations for the six months ended June 30, 2020 and 2019, as if the Carolina Financial merger had occurred on January 1, 2020 and 2019, respectively. These results combine the historical results of Carolina Financial into United’s consolidated statement of income and, while certain adjustments were made for the estimated impact of certain fair valuation adjustments and other acquisition-related activity, they are not indicative of what would have occurred had the acquisition taken place on the indicated date nor are they intended to represent or be indicative of future results of operations. In particular, no |
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Investments, Debt and Equity Securities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investment Securities | 3. INVESTMENT SECURITIES Securities Available for Sale Securities held for indefinite periods of time are classified as available for sale and carried at estimated fair value. The amortized cost and estimated fair values of securities available for sale are summarized as follows.
United has made a policy election to exclude accrued interest from the amortized cost basis of available-for-sale Available-for-sale non-accrual status when we no longer expect to receive all contractual amounts due, which is generally at 90 days past due. Accrued interest receivable is reversed against interest income when a security is placed on non-accrual status. Accordingly, we do not recognize an allowance for credit loss against accrued interest receivable. The table above excludes accrued interest receivable of $11,275 and $9,890 at June 30, 2020 and December 31, 2019, respectively, that is recorded in “Accrued interest receivable.” The following is a summary of securities available for sale which were in an unrealized loss position at June 30, 2020 and December 31, 2019.
The following table shows the proceeds from maturities, sales and calls of available for sale securities and the gross realized gains and losses on sales and calls of those securities that have been included in earnings as a result of any sales and calls. Gains or losses on sales and calls of available for sale securities were recognized by the specific identification method. The realized losses relate to sales of securities within a rabbi trust for the payment of benefits under a deferred compensation plan for certain key officers and its subsidiaries.
At June 30, 2020, gross unrealized losses on available for sale securities were $21,178 on 77 securities of a total portfolio of 982 available for sale securities. Securities with the most significant gross unrealized losses at June 30, 2020 consisted primarily of asset-backed securities and single issue trust preferred securities. The asset-backed securities are backed by Federal Family Education Loan Program (“FFELP”) student loan collateral which includes a minimum of a 97% government repayment guaranty, as well as additional credit support and subordination in excess of the government guaranteed portion. The single issue trust preferred securities relate to securities of financial institutions. In determining whether or not a security is impaired, management considered the severity of the loss in conjunction with United’s positive intent and the more likely than not ability to hold these securities to recovery of their cost basis or maturity. State and political subdivisions United’s state and political subdivisions portfolio relates to securities issued by various municipalities located throughout the United States. The total amortized cost of available for sale state and political subdivision securities was $502,293 at June 30, 2020. As of June 30, 2020, approximately 57% of the portfolio was supported by the general obligation of the issuing municipality, which allows for the securities to be repaid by any means available to the municipality. The majority of the portfolio was rated AA or higher, and less than 0.1% the portfolio were rated below investment grade as of June 30, 2020. In addition to monitoring the credit ratings of these securities, management also evaluates the financial performance of the underlying issuers on an ongoing basis. Based upon management’s analysis and judgment, it was determined that none of the state and political subdivision securities were impaired at June 30, 2020. Agency mortgage-backed securities United’s agency mortgage-backed securities portfolio relates to securities issued by Fannie Mae, Freddie Mac, and Ginnie Mae. The total amortized cost of available for sale agency mortgage-backed securities was $1,410,376 at June 30, 2020. Of the $1,410,376 amount, $591,303 was related to agency commercial mortgage-backed securities and $819,073 was related to agency residential mortgage-backed securities. Each of the agency mortgage-backed securities provides a guarantee of full and timely payments of principal and interest by the issuing agency. Based upon management’s analysis and judgment, it was determined that none of the agency mortgage-backed securities were impaired at June 30, 2020. Non-agency residential mortgage-backed securities United’s non-agency residential mortgage-backed securities portfolio relates to securities of various private label issuers. The total amortized cost of available for sale non-agency residential mortgage-backed securities was $61,954 at June 30, 2020. Of the $61,954, 93% was rated AAA and 7% was unrated. As of June 30, 2020, none of the non-agency residential mortgage-backed securities were in an unrealized loss position and were therefore not considered to be impaired. Single issue trust preferred securities The majority of United’s single issue trust preferred portfolio consists of obligations from large cap banks (i.e. banks with market capitalization in excess of $10 billion). All single issue trust preferred securities are currently receiving interest payments. The amortized cost of available for sale single issue trust preferred securities as of June 30, 2020 consisted of $11,492 in investment grade bonds, $978 in split rated bonds, and $5,741 in unrated bonds. Management reviews each issuer’s current and projected earnings trends, asset quality, capitalization levels, and other key factors. Upon completing the review for the second quarter of 2020, it was determined that none of the single issue trust preferred securities were impaired. Trust preferred collateralized debt obligations (Trup Cdos) The total amortized cost balance of United’s Trup Cdo portfolio was $11,895 as of June 30, 2020. For any securities in an unrealized loss position, the Company first assesses its intentions regarding any sale of securities as well as the likelihood that it would be required to sell prior to recovery of the amortized cost. As of June 30, 2020, the Company has determined that it does not intend to sell any Trup Cdo and that it is not more likely than not that the Company will be required to sell such securities before recovery of their amortized cost. To determine a net realizable value and assess whether impairment existed, management performed detailed cash flow analysis to determine whether, in management’s judgment, it was more likely that United would not recover the entire amortized cost basis of the security. Based on this review, management does not believe any individual security with an unrealized loss as of June 30, 2020 is impaired. Corporate securities As of June 30, 2020, United’s Corporate securities portfolio had a total amortized cost balance of $365,934. The majority of the portfolio consisted of debt issuances of corporations representing a variety of industries, including financial institutions. Of the $365,934, 88% was investment grade rated and 12% was unrated. For corporate securities, management has evaluated the near-term prospects of the investment in relation to the severity of any unrealized loss. Based upon management’s analysis and judgment, it was determined that none of the corporate securities were impaired at June 30, 2020. The amortized cost and estimated fair value of securities available for sale at June 30, 2020 and December 31, 2019 by contractual maturity are shown as follows. Expected maturities may differ from contractual maturities because the issuers may have the right to call or prepay obligations without penalties.
Equity securities at fair value Equity securities consist mainly of equity securities of financial institutions and mutual funds within a rabbi trust for the payment of benefits under a deferred compensation plan for certain key officers of United and its subsidiaries. The fair value of United’s equity securities was $9,875 at June 30, 2020 and $8,894 at December 31, 2019.
Other investment securities During the second quarter of 2020, United evaluated all of its cost method investments to determine if certain events or changes in circumstances during the second quarter of 2020 had a significant adverse effect on the fair value of any of its cost method securities. United determined that there was no individual security that experienced an adverse event during the second quarter. There were no other events or changes in circumstances during the second quarter which would have an adverse effect on the fair value of its cost method securities. The carrying value of securities pledged to secure public deposits, securities sold under agreements to repurchase, and for other purposes as required or permitted by law, approximated $2,150,574 and $1,540,717 at June 30, 2020 and December 31, 2019, respectively. |
Loans |
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Receivables [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans | 4. LOANS Major classes of loans and leases are as follows:
Included in “Other commercial loans and leases” at June 30, 2020 are leases in the amount of $13,372. These leases, acquired by United in the Carolina Financial merger, are primarily on equipment utilized for business purposes with terms generally ranging from 12 to 60 months and include option to purchase the leased equipment at the end of the lease. The table above does not include loans held for sale of $625,984 and $387,514 at June 30, 2020 and December 31, 2019, respectively. Loans held for sale consist of single-family residential real estate loans originated for sale in the secondary market. United’s subsidiary bank has made loans to the directors and officers of United and its subsidiaries, and to their affiliates. The aggregate dollar amount of these loans was $35,816 and $38,558 at June 30, 2020 and December 31, 2019, respectively. |
Credit Quality |
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Credit Quality | 5. CREDIT QUALITY Management monitors the credit quality of its loans on an ongoing basis. Measurement of delinquency and past due status are based on the contractual terms of each loan. United considers a loan to be past due when it is 30 days or more past its contractual payment due date. For all loan classes, past due loans are reviewed on a monthly basis to identify loans for nonaccrual status. Generally, when collection in full of the principal and interest is jeopardized, the loan is placed on nonaccrual status. The accrual of interest income on commercial and most consumer loans generally is discontinued when a loan becomes 90 to 120 days past due as to principal or interest. However, regardless of delinquency status, if a loan is fully secured and in the process of collection and resolution of collection is expected in the near term (generally less than 90 days), then the loan will not be placed on nonaccrual status. When interest accruals are discontinued, unpaid interest recognized in income in the current year is reversed, and unpaid interest accrued in prior years is charged to the allowance for credit losses. United’s method of income recognition for loans that are classified as nonaccrual is to recognize interest income on a cash basis or apply the cash receipt to principal when the ultimate collectibility of principal is in doubt. Nonaccrual loans will not normally be returned to accrual status unless all past due principal and interest has been paid and the borrower has evidenced their ability to meet the contractual provisions of the note. A loan is categorized as a troubled debt restructuring (“TDR”) if a concession is granted and there is deterioration in the financial condition of the borrower. TDRs can take the form of a reduction of the stated interest rate, splitting a loan into separate loans with market terms on one loan and concessionary terms on the other loan, receipts of assets from a debtor in partial or full satisfaction of a loan, the extension of the maturity date or dates at a stated interest rate lower than the current market rate for new debt with similar risk, the reduction of the face amount or maturity amount of the debt as stated in the instrument or other agreement, the reduction of accrued interest or any other concessionary type of renegotiated debt. Under United’s current loan policy, a loan is not recognized as a TDR until it becomes probable that the loan will be a TDR. In response to the coronavirus (“COVID-19”) pandemic and its economic impact on our customers, United has implemented a short-term modification program that complies with the Coronavirus Aid, Relief, and Economic Security (“CARES”) Act to provide temporary payment relief to those borrowers directly impacted by COVID-19 who were not more than 30 days past due as of December 31, 2019. This program allows for a deferral of payments for 90 days, which we may extend for an additional 90 days, for a maximum of 180 days. As provided for under the CARES Act, these loan modifications are exempt by law from classification as a TDR as defined by GAAP, from the period beginning March 1, 2020 until the earlier of December 31, 2020 or the date that is 60 days after the date on which the national emergency concerning the COVID-19 outbreak declared by President Trump terminates. As of June 30, 2020, United had TDRs of $77,436 as compared to $58,369 as of December 31, 2019. Of the $77,436 aggregate balance of TDRs at June 30, 2020, $59,916 was on nonaccrual and $544 was 30-89 days past due. Of the $58,369 aggregate balance of TDRs at December 31, 2019, $48,387 was on nonaccrual and $902 was 30-89 days past due. All these amounts are included in the appropriate categories in the “Age Analysis of Past Due Loans” table on a subsequent page. As of June 30, 2020, there were commitments to lend additional funds of $124 to a debtor owing receivables whose terms have been modified in TDRs. During the second quarter and first six months of 2020, $38 and $111, respectively, were advanced to this debtor under a loan that had been previously modified. The following tables sets for the balances of TDRs at June 30, 2020 and December 31, 2019 and the reasons for modification:
The following table sets forth United’s troubled debt restructurings that have been restructured during the three months ended June 30, 2020 and 2019, segregated by class of loans:
The following table sets forth United’s troubled debt restructurings that have been restructured during the six months ended June 30, 2020 and 2019, segregated by class of loans:
The following table sets forth United’s troubled debt restructurings, based on their post-modification outstanding recorded balance, that have been restructured during the three and six months ended June 30, 2020 and 2019, segregated by the reason for modification:
The loans were evaluated individually for allocation within United’s allowance for loan losses. The modifications had an immaterial impact on the financial condition and results of operations for United. The following table presents troubled debt restructurings, by class of loan, that were restructured during the twelve-month period ended June 30, 2020 and had charge-offs during the three and six months ended June 30, 2020.
The following table presents troubled debt restructurings, by class of loan, that were restructured during the twelve-month period ended June 30, 2019 and had charge-offs during the six months ended June 30, 2019.
No loans restructured during the twelve-month periods ended June 30, 2019 subsequently defaulted, resulting in a principal charge-off during the second quarter of 2019. The following table sets forth United’s age analysis of its past due loans, segregated by class of loans: Age Analysis of Past Due Loans As of June 30, 2020
Age Analysis of Past Due Loans As of December 31, 2019
The following table sets forth United’s nonaccrual loans, segregated by class of loans:
For the adoption of ASU 2016-13, United elected the practical expedient to measure expected credit losses on collateral dependent loans based on the difference between the loan’s amortized cost and the collateral’s fair value, adjusted for selling costs. The following table presents the amortized cost basis of collateral-dependent loans in which repayment is expected to be derived substantially through the operation or sale of the collateral and where the borrower is experiencing financial difficulty, by class of loans as of June 30, 2020:
United categorizes loans into risk categories based on relevant information about the ability of borrowers to service their debt: current financial information, historical payment experience, credit documentation, underlying collateral (if any), public information and current economic trends, among other factors. United uses the following definitions for risk ratings:
For United’s loans with a corporate credit exposure, United analyzes loans individually to classify the loans as to credit risk. Review and analysis of criticized (special mention-rated loans in the amount of $1,000 or greater) and classified (substandard-rated and worse in the amount of $500 and greater) loans is completed once per quarter. Review of notes with committed exposure of $2,000 or greater is completed at least annually. For loans with a consumer credit exposure, United internally assigns a grade based upon an individual loan’s delinquency status. United reviews and updates, as necessary, these grades on a quarterly basis. Special mention loans, with a corporate credit exposure, have potential weaknesses that deserve management’s close attention. If left uncorrected, these potential weaknesses may result in deterioration of the repayment prospects for the loans or in the Company’s credit position at some future date. Borrowers may be experiencing adverse operating trends (declining revenues or margins) or an ill proportioned balance sheet (e.g., increasing inventory without an increase in sales, high leverage, tight liquidity). Adverse economic or market conditions, such as interest rate increases or the entry of a new competitor, may also support a special mention rating. Nonfinancial reasons for rating a credit exposure special mention include management problems, pending litigation, an ineffective loan agreement or other material structural weakness, and any other significant deviation from prudent lending practices. For loans with a consumer credit exposure, loans that are past due days are generally considered special mention. - A substandard loan with a corporate credit exposure is inadequately protected by the current sound worth and paying capacity of the obligor or of the collateral pledged, if any. Loans so classified have a well-defined weakness, or weaknesses, that jeopardize the liquidation of the debt by the borrower. They are characterized by the distinct possibility that the Company will sustain some loss if the deficiencies are not corrected. They require more intensive supervision by management. Substandard loans are generally characterized by current or expected unprofitable operations, inadequate debt service coverage, inadequate liquidity, or marginal capitalization. Repayment may depend on collateral or other credit risk mitigants. For some substandard loans, the likelihood of full collection of interest and principal may be in doubt and thus, placed on nonaccrual. For loans with a consumer credit exposure, loans that are 90 days or more past due or that have been placed on nonaccrual are considered substandard. A loan with corporate credit exposure is classified as doubtful if it has all the weaknesses inherent in one classified as substandard with the added characteristic that the weaknesses make collection in full, on the basis of currently existing facts, conditions, and values, highly questionable. A doubtful loan has a high probability of total or substantial loss, but because of specific pending events that may strengthen the loan, its classification as loss is deferred. Doubtful borrowers are usually in default, lack adequate liquidity or capital, and lack the resources necessary to remain an operating entity. Pending events can include mergers, acquisitions, liquidations, capital injections, the perfection of liens on additional collateral, the valuation of collateral, and refinancing. Generally, there are not any loans with a consumer credit exposure that are classified as doubtful. Usually, they are charged-off prior to such a classification. Based on the most recent analysis performed, the risk category of loans by class of loans is as follows:
The following tables set forth United’s credit quality indicators information, by class of loans, as of December 31, 2019: Credit Quality Indicators Corporate Credit Exposure
Credit Quality Indicators Consumer Credit Exposure
At June 30, 2020 and December 31, 2019, other real estate owned (“OREO”) included in other assets in the Consolidated Balance Sheets was $29,947 and $15,515, respectively. OREO consists of real estate acquired in foreclosure or other settlement of loans. Such assets are carried at the lower of the investment in the assets or the fair value of the assets less estimated selling costs. Any adjustment to the fair value at the date of transfer is charged against the allowance for loan losses. Any subsequent valuation adjustments as well as any costs relating to operating, holding or disposing of the property are recorded in other expense in the period incurred. At June 30, 2020 and December 31, 2019, the recorded investment of consumer mortgage loans secured by residential real estate properties for which formal foreclosure proceedings are in process was $1,738 and $890, respectively. |
Allowance for Credit Losses |
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Receivables [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Allowance for Credit Losses | 6. ALLOWANCE FOR CREDIT LOSSES United adopted the CECL methodology for measuring credit losses as of January 1, 2020. All disclosures as of and for the three months and six months ended June 30, 2020 are presented in accordance with ASC 326. The Company did not recast comparative financial periods and has presented those disclosures under previously applicable GAAP. The allowance for loan losses is an estimate of the expected credit losses on financial assets measured at amortized cost to present the net amount expected to be collected as of the balance sheet date. Such allowance is based on the credit losses expected to arise over the life of the asset (contractual term). Assets are charged off when United determines that such financial assets are deemed uncollectible or based on regulatory requirements, whichever is earlier. Charge-offs are recognized as a deduction from the allowance for credit losses. Expected recoveries of amounts previously charged-off, not to exceed the aggregate of the amount previously charged-off, are included in determining the necessary reserve at the balance sheet date. United made a policy election to present the accrued interest receivable balance separately in its consolidated balance sheets from the amortized cost of a loan. Accrued interest receivable was $56,124 and $48,130 at June 30, 2020 and December 31, 2019, respectively, related to loans are included separately in “Accrued interest receivable” in the consolidated balance sheets. United also elected not to measure an allowance for loan losses for accrued interest receivables. For all classes of loans receivable, the accrual of interest is discontinued when the contractual payment of principal or interest has become 90 days past due, unless the loan is well secured and in the process of collection. Interest received on nonaccrual loans, generally is either applied against principal or reported as interest income, according to management’s judgment as to the collectability of principal. The following table represents the accrued interest receivable as of June 30, 2020 and the accrued interest receivables written off by reversing interest income as of June 30, 2020:
United estimates the allowance balance using relevant available information, from internal and external sources, relating to past events, current conditions and reasonable and supportable forecasts. Historical credit loss experience provides the basis for the estimation of expected credit losses. Adjustments to historical loss information are made for differences in current loan-specific risk characteristics such as differences in underwriting standards, portfolio mix, delinquency level or term as well as for changes in environmental conditions, such as changes in unemployment rates, property values or other relevant factors. A reversion to historical loss data occurs via a straight-line method during the year following the one-year reasonable and supportable forecast period. United pools its loans based on similar risk characteristics in estimating expected credit losses. United has identified the following portfolio segments and measures the allowance for credit losses using the following methods:
Risk characteristics of commercial real estate owner-occupied loans and commercial other loans are similar in that they are normally dependent upon the borrower’s internal cash flow from operations to service debt. Commercial real estate nonowner-occupied loans differ in that cash flow to service debt is normally dependent on external income from third parties for use of the real estate such as rents, leases and room rates. Residential real estate loans are dependent upon individual borrowers who are affected by changes in general economic conditions, demand for housing and resulting residential real estate valuation. Construction and land development loans are impacted mainly by demand whether for new residential housing or for retail, industrial, office and other types of commercial construction within a given area. Consumer loan pool risk characteristics are influenced by general, regional and local economic conditions. Loans that do not share risk characteristics are evaluated on an individual basis. Loans evaluated individually are not also included in the collective evaluation. When management determines that foreclosure is probable or when the borrower is experiencing financial difficulty at the reporting date and repayment is expected to be provided substantially through the operation or sale of the collateral, expected credit losses are based on the fair value of the collateral at the reporting date, adjusted for selling costs as appropriate. Expected credit losses are estimated over the contractual term of the loans, adjusted for expected prepayments when appropriate. The contractual term excludes expected extensions, renewals and modifications unless either of the following applies: management has a reasonable expectation at the reporting date that a troubled debt restructuring will be executed with an individual borrower or the extension or renewal options are included in the original or modified contract at the reporting date and are not unconditionally cancelable by United. For past loans acquired through the completion of a transfer, including loans acquired in a business combination, that had evidence of deterioration of credit quality since origination (“PCI”) and accounted for under ASC Topic 310, an entity did not have to reassess whether any loans previously accounted for as PCI meet the definition of purchased credit deteriorated (“PCD”) loans upon adoption of ASC Topic 326. Any changes in the allowance for credit losses for these loans were accounted for as an adjustment to the loan’s amortized cost basis and not as a cumulative-effect adjustment to United’s beginning retained earnings. Non-PCI loans are now classified as non-PCD loans with the adoption of ASC Topic 326. In accordance with ASC Topic 326 guidance, United calculated a PCD rate adjustment for all PCD loans at adoption. Such adjustment created a deferred fee balance for any excess amount not deemed to be credit-related between the PCD recorded balance at the adoption date and the contractual principal and interest balances outstanding. For allowance for credit losses under ASC Topic 326 calculation purposes, all acquired loans will be included in their relevant pool and subject to legacy loss rates for that applicable pool unless they meet the criteria for specific review. For loans acquired after the adoption of ASC Topic 326, United will likely take several factors into consideration when determining if loans meet the definition of PCD. ASC Topic 326 lists some, but not all, factors for consideration in the bifurcation of PCD versus non-PCD assets:
United maintains an allowance for loan losses and a reserve for lending-related commitments such as unfunded loan commitments and letters of credit. United estimates expected credit losses over the contractual period in which United is exposed to credit risk via a contractual obligation to extend credit, unless that obligation is unconditionally cancellable by United. The reserve for lending-related commitments on off-balance sheet credit exposures is adjusted as a provision for credit loss expense. The estimate includes consideration of the likelihood that funding will occur and an estimate of expected credit losses on commitments expected to be funded over its estimated life. Methodology is based on a loss rate approach that starts with the probability of funding based on historical experience. Similar to methodology discussed above related to the loans receivable portfolio, adjustments are made to the historical losses for current conditions and reasonable and supportable forecast. The reserve for lending-related commitments of $11,946 and $1,733 at June 30, 2020 and December 31, 2019, respectively, is separately classified on the balance sheet and is included in other liabilities. The combined allowance for loan losses and reserve for lending-related commitments is considered the allowance for credit losses. For the six months ended June 30, 2020 the allowance for credit losses increased significantly from the year ended December 31, 2019 primarily due to the adoption of the current expected credit loss (CECL) model under ASC 326 on January 1, 2020 and the macroeconomic factors surrounding the COVID-19 pandemic considered in the determination of the allowance for loan losses at June 30, 2020. The first six months of 2020 qualitative adjustments include analyses of the following:
A progression of the allowance for loan losses, by portfolio segment, for the periods indicated is summarized as follows:
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Goodwill and Intangible Assets Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Goodwill and Other Intangibles | 7. INTANGIBLE ASSETS The following is a summary of intangible assets subject to amortization and those not subject to amortization:
The following table provides a reconciliation of goodwill:
United incurred amortization expense of $1,646 and $3,223 for the three and six months ended June 30, 2020 as compared to $1,754 and $3,508 for the three and six months ended June 30, 2019, respectively. The following table sets forth the anticipated amortization expense for intangible assets for the years subsequent to 2019:
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Servicing Asset [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Mortage Servicing Rights | 8. MORTGAGE SERVICING RIGHTS Mortgage loans serviced for others are not included in the accompanying Consolidated Balance Sheets. The value of mortgage servicing rights (“MSRs”) is included on the Company’s Consolidated Balance Sheets. The Company initially measures servicing assets and liabilities retained related to the sale of residential loans held for sale at fair value. For subsequent measurement purposes, the Company measures servicing assets and liabilities based on the lower of cost or market using the amortization method. Mortgage servicing rights are amortized in proportion to, and over the period of, estimated net servicing income. The amortization of the mortgage servicing rights is analyzed periodically and is adjusted to reflect changes in prepayment rates and other estimates. The Company evaluates potential impairment of mortgage servicing rights based on the difference between the carrying amount and current estimated fair value of the servicing rights. The valuation of mortgage servicing rights, and the determination of any potential impairment, is performed by aggregating all servicing rights and stratifying them into tranches based on predominant risk characteristics. Generally, loan servicing becomes more valuable when interest rates rise (as prepayments typically decrease) and less valuable when interest rates decline (as prepayments typically increase). If impairment exists, a valuation allowance is established for any excess of amortized cost over the current estimated fair value by a charge to income. If the Company later determines that all or a portion of the impairment no longer exists for a particular tranche, a reduction of the allowance may be recorded as an increase to income. Service fee income is recorded for fees earned for servicing mortgage loans under servicing agreements with the Federal National Mortgage Association (“FNMA”), the Federal Home Loan Mortgage Corporation (“FHLMC”), Government National Mortgage Association (“GNMA”) and certain private investors. The fees are based on a contractual percentage of the outstanding principal balance of the loans serviced and are recorded in noninterest income. Amortization of mortgage servicing rights and mortgage servicing costs are charged to expense when incurred. The unpaid principal balances of loans serviced for others were approximately $3,552,292 at June 30, 2020. The estimated fair value of the mortgage servicing rights was $20,200 at June 30, 2020. The estimated fair value of servicing rights at June 30, 2020 was determined using a net servicing fee of 0.26%, average discount rates ranging from 10.50% to 12.91% with a weighted average discount rate of 10.63%, average constant prepayment rates (“CPR”) ranging from 7.08% to 15.66% with a weighted average prepayment rate of 14.40%, depending upon the stratification of the specific servicing right, and a delinquency rate of 3.78%. Please refer to Note 14 in these Notes to Consolidated Financial Statements for additional information concerning the fair value of MSRs. As disclosed in Note 2 of these Notes to Consolidated Financial Statements , the Company acquired approximately $20,123 of mortgage servicing rights from its acquisition of Carolina Financial Corporation on May 1, 2020. The following presents the activity in mortgage servicing rights, including their valuation allowance for the three and six months ended June 30, 2020:
The Company recorded a $710 temporary impairment of mortgage servicing rights from the date of acquisition to June 30, 2020. The Company does not hedge the mortgage servicing rights positions and the impact of falling long-term interest rates increased prepayment speed assumptions reducing the value of the MSR asset. The estimated amortization expense is based on current information regarding future loan payments and prepayments. Amortization expense could change in future periods based on changes in the volume of prepayments and economic factors. |
Leases |
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Leases [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Leases | 9. LEASES United determines if an arrangement is a lease at inception. United and certain subsidiaries have entered into various noncancelable-operating leases for branch and loan production offices as well as operating facilities. Operating leases are included in operating lease right-of-use United’s operating leases are subject to renewal options under various terms. United’s operating leases have remaining terms of 1 to 13 years, some of which include options to extend leases generally for periods of 5 years. United rents or subleases certain real estate to third parties. Our sublease portfolio consists of operating leases to other organizations for former branch offices. ROU assets represent United’s right to use an underlying asset for the lease term and lease liabilities represent United’s obligation to make lease payments arising from the lease. Operating lease ROU assets and liabilities are recognized at commencement date based on the present value of lease payments over the lease term. As most of United’s leases do not provide an implicit rate, the Company uses its incremental borrowing rate based on the information available at commencement date in determining the present value of lease payments. The operating lease ROU asset also includes any lease payments made and excludes lease incentives. Lease terms may include options to extend the lease when it is reasonably certain that United will exercise that option. Lease expense for lease payments is recognized on a straight-line basis over the lease term. The components of lease expense were as follows:
Supplemental balance sheet information related to leases was as follows:
Other information related to leases was as follows:
Supplemental cash flow information related to leases was as follows:
Maturities of lease liabilities by year and in the aggregate, under operating leases with initial or remaining terms of one year or more, for years subsequent to December 31, 2019, consists of the following as of June 30, 2020 and December 31, 2019:
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Short-Term Borrowings |
6 Months Ended |
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Jun. 30, 2020 | |
Debt Disclosure [Abstract] | |
Short-Term Borrowings | 10. SHORT-TERM BORROWINGS Federal funds purchased and securities sold under agreements to repurchase are a significant source of funds for the Company. United has various unused lines of credit available from certain of its correspondent banks in the aggregate amount of $230,000. These lines of credit, which bear interest at prevailing market rates, permit United to borrow funds in the overnight market, and are renewable annually subject to certain conditions. At June 30, 2020, United did not have any federal funds purchased while total securities sold under agreements to repurchase (“REPOs”) were $176,168. The securities sold under agreements to repurchase were accounted for as collateralized financial transactions. They were recorded at the amounts at which the securities were acquired or sold plus accrued interest. United has a $20,000 line of credit with an unrelated financial institution to provide for general liquidity needs. The line is an unsecured, revolving line of credit. The line will be renewable on a 360-day basis and will carry an indexed, floating-rate of interest. The line requires compliance with various financial and nonfinancial covenants. At June 30, 2020, United had no outstanding balance under this line of credit. |
Long-Term Borrowings |
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Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||
Long-Term Borrowings | 11. LONG-TERM BORROWINGS United’s subsidiary bank is a member of the Federal Home Loan Bank (“FHLB”). Membership in the FHLB makes available short-term and long-term borrowings from collateralized advances. All FHLB borrowings are collateralized by a mix of single-family residential mortgage loans, commercial loans and investment securities. At June 30, 2020, United had an unused borrowing amount of approximately $4,278,441 available subject to delivery of collateral after certain trigger points. Advances may be called by the FHLB or redeemed by United based on predefined factors and penalties. At June 30, 2020, $1,354,879 of FHLB advances with a weighted-average interest rate of 1.59% are scheduled to mature within the next five years. The scheduled maturities of these FHLB borrowings are as follows:
At June 30, 2020, United had a total of nineteen statutory business trusts that were formed for the purpose of issuing or participating in pools of trust preferred capital securities (“Capital Securities”) with the proceeds invested in junior subordinated debt securities (“Debentures”) of United. The Debentures, which are subordinate and junior in right of payment to all present and future senior indebtedness and certain other financial obligations of United, are the sole assets of the trusts and United’s payment under the Debentures is the sole source of revenue for the trusts. United also assumed $10,000 in aggregate principal amount of fixed-to-floating Under the provisions of the junior subordinated debt, United has the right to defer payment of interest on the junior subordinated debt at any time, or from time to time, for periods not exceeding five years. If interest payments on the junior subordinated debt are deferred, the dividends on the Capital Securities are also deferred. Interest on the junior subordinated debt is cumulative. In accordance with the fully-phased in “Basel III Capital Rules” as published by United’s primary federal regulator, the Federal Reserve, United is unable to consider the Capital Securities as Tier 1 capital, but rather the Capital Securities are included as a component of United’s Tier 2 capital. United can include the Capital Securities in its Tier 2 capital on a permanent basis. |
Commitments and Contingent Liabilities |
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Jun. 30, 2020 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingent Liabilities | 12. COMMITMENTS AND CONTINGENT LIABILITIES Lending-related Commitments United is a party to financial instruments with off-balance-sheet risk in the normal course of business to meet the financing needs of its customers and to alter its own exposure to fluctuations in interest rates. These financial instruments include loan commitments, standby letters of credit, and interest rate swap agreements. The instruments involve, to varying degrees, elements of credit and interest rate risk in excess of the amount recognized in the financial statements. United’s maximum exposure to credit loss in the event of nonperformance by the counterparty to the financial instrument for the loan commitments and standby letters of credit is the contractual or notional amount of those instruments. United uses the same policies in making commitments and conditional obligations as it does for on-balance sheet instruments. Collateral may be obtained, if deemed necessary, based on management’s credit evaluation of the counterparty. Commitments to extend credit are agreements to lend to a customer as long as there is no violation of any condition established in the commitment contract. Commitments generally have fixed expiration dates or other termination clauses and may require the payment of a fee. Since many of the commitments are expected to expire without being drawn upon, the total commitment amounts do not necessarily, and historically do not, represent future cash requirements. The amount of collateral obtained, if deemed necessary upon the extension of credit, is based on management’s credit evaluation of the counterparty. United had approximately $5,302,560 and $3,610,777 of loan commitments outstanding as of June 30, 2020 and December 31, 2019, respectively, approximately half of which contractually expire within one year. Included in the June 30, 2020 amount are commitments to extend credit of $498,512 related to mortgage loan funding commitments of United’s mortgage banking segment and are of a short-term nature. Commercial and standby letters of credit are agreements used by United’s customers as a means of improving their credit standing in their dealings with others. Under these agreements, United guarantees certain financial commitments of its customers. A commercial letter of credit is issued specifically to facilitate trade or commerce. Typically, under the terms of a commercial letter of credit, a commitment is drawn upon when the underlying transaction is consummated as intended between the customer and a third party. As of June 30, 2020 and December 31, 2019, United had $5,092 of commercial letters of credit outstanding. A standby letter of credit is generally contingent upon the failure of a customer to perform according to the terms of an underlying contract with a third party. United has issued standby letters of credit of $147,940 and $145,105 as of June 30, 2020 and December 31, 2019, respectively. In accordance with the Contingencies Topic of the FASB Accounting Standards Codification, United has determined that substantially all of its letters of credit are renewed on an annual basis and the fees associated with these letters of credit are immaterial. Mortgage Repurchase Reserve United’s mortgage banking segment provides for its estimated exposure to repurchase loans previously sold to investors for which borrowers failed to provide full and accurate information on their loan application or for which appraisals have not been acceptable or where the loan was not underwritten in accordance with the loan program specified by the loan investor, and for other exposure to its investors related to loan sales activities. United evaluates the merits of each claim and estimates its reserve based on actual and expected claims received and considers the historical amounts paid to settle such claims. United’s mortgage banking segment has a reserve of $1,330 as of June 30, 2020. United has derivative counter-party risk that may arise from the possible inability of United’s mortgage banking segment’s third party investors to meet the terms of their forward sales contracts. United’s mortgage banking segment works with third-party investors that are generally well-capitalized, are investment grade and exhibit strong financial performance to mitigate this risk. United does not expect any third-party investor to fail to meet its obligation. Legal Proceedings United and its subsidiaries are currently involved in various legal proceedings in the normal course of business. Management is vigorously pursuing all its legal and factual defenses and, after consultation with legal counsel, believes that all such litigation will be resolved with no material effect on United’s financial position. Regulatory Matters A variety of consumer products, including mortgage and deposit products, and certain fees and charges related to such products, have come under increased regulatory scrutiny. It is possible that regulatory authorities could bring enforcement actions, including civil money penalties, or take other actions against United in regard to these consumer products. United could also determine of its own accord, or be required by regulators, to refund or otherwise make remediation payments to customers in connection with these products. It is not possible at this time for management to assess the probability of a material adverse outcome or reasonably estimate the amount of any potential loss related to such matters. |
Derivative Financial Instruments |
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Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivative Financial Instruments | 13. DERIVATIVE FINANCIAL INSTRUMENTS United uses derivative instruments to help aid against adverse price changes or interest rate movements on the value of certain assets or liabilities and on future cash flows. These derivatives may consist of interest rate swaps, caps, floors, collars, futures, forward contracts, written and purchased options. United also executes derivative instruments with its commercial banking customers to facilitate its risk management strategies. United accounts for its derivative financial instruments in accordance with ASC Topic 815 which requires all derivative instruments to be carried at fair value on the balance sheet. United has designated certain derivative instruments used to manage interest rate risk as hedge relationships with certain assets, liabilities or cash flows being hedged. Certain derivatives used for interest rate risk management are not designated in a hedge relationship. Derivative instruments designated in a hedge relationship to mitigate exposure to changes in the fair value of an asset, liability, or firm commitment attributable to a particular risk, such as interest rate risk, are considered fair value hedges. Derivative instruments designated in a hedge relationship to mitigate exposure to variability in expected future cash flows, or other types of forecasted transactions, are considered cash flow hedges. For a fair value hedge, the fair value of the interest rate swap is recognized on the balance sheet as either a freestanding asset or liability with a corresponding adjustment to the hedged financial instrument. Subsequent adjustments due to changes in the fair value of a derivative that qualifies as a fair value hedge are offset in current period earnings. For a cash flow hedge, the fair value of the interest rate swap is recognized on the balance sheet as either a freestanding asset or liability with a corresponding adjustment to other comprehensive income within shareholders’ equity, net of tax. Subsequent adjustments due to changes in the fair value of a derivative that qualifies as a cash flow hedge are offset to other comprehensive income, net of tax. The portion of a hedge that is ineffective is recognized immediately in earnings. During the three months ended June 30, 2020, United entered into a new interest rate swap derivative designated as a cash flow hedge. The notional amount of the cash flow hedge derivative totaled $250,000. The derivative is intended to hedge the changes in cash flows associated with floating rate FHLB borrowings. United is required to pay-fixed 0.59% and receive-variable 1-month LIBOR with monthly resets. The tenor of the interest rate swap derivative is 10-years with an expiration date in June 2030. As of June 30, 2020, United has determined that no forecasted transactions related to the cash flow hedge resulted in gains or losses pertaining to cash flow hedge reclassification from AOCI to income because the forecasted transactions became probable of not occurring. United estimates that $1,095 will be reclassified from AOCI as an increase to interest expense over the next 12-months following June 30, 2020 related to the cash flow hedge. As of June 30 , 2020, the maximum length of time over which forecasted transactions are hedged is ten years. At inception of a hedge relationship, United formally documents the hedged item, the particular risk management objective, the nature of the risk being hedged, the derivative being used, how effectiveness of the hedge will be assessed and how the ineffectiveness of the hedge will be measured. United also assesses hedge effectiveness at inception and on an ongoing basis using regression analysis. Hedge ineffectiveness is measured by using the change in fair value method. The change in fair value method compares the change in the fair value of the hedging derivative to the change in the fair value of the hedged exposure, attributable to changes in the benchmark rate. The portion of a hedge that is ineffective is recognized immediately in earnings. United is subject to the Dodd-Frank Act clearing requirement for eligible derivatives. United has executed and cleared eligible derivatives through the London Clearing House (“LCH”). Variation margin at the LCH is distinguished as settled-to-market collateralized-to-market. United through its mortgage banking subsidiaries enters into interest rate lock commitments to finance residential mortgage loans with its customers. These commitments, which contain fixed expiration dates, offer the borrower an interest rate guarantee provided the loan meets underwriting guidelines and closes within the timeframe established by United. Interest rate risk arises on these commitments and subsequently closed loans if interest rates change between the time of the interest rate lock and the delivery of the loan to the investor. Market risk on interest rate lock commitments and mortgage loans held for sale is managed using corresponding forward mortgage loan sales contracts. United is a party to these forward mortgage loan sales contracts to sell loans servicing released and short sales of mortgage-backed securities. When the interest rate is locked with the borrower, the rate lock commitment, forward sale agreement, and mortgage-backed security position are undesignated derivatives and marked to fair value through earnings. The fair value of the rate lock derivative includes the servicing premium and the interest spread for the difference between retail and wholesale mortgage rates. Income from mortgage banking activities includes the gain recognized for the period presented and associated elements of fair value. United sells mortgage loans on either a best efforts or mandatory delivery basis. For loans sold on a mandatory delivery basis, United enters into forward mortgage-backed securities (the “residual hedge”) to mitigate the effect of interest rate risk. Both the rate lock commitment under mandatory delivery and the residual hedge are recorded at fair value through earnings and are not designated as accounting hedges. At the closing of the loan, the loan commitment derivative expires and United records a loan held for sale at fair value and continues to mark these assets to market under the election of fair value option. United closes out of the trading mortgage-backed securities assigned within the residual hedge and replaces the securities with a forward sales contract once a price has been accepted by an investor and recorded at fair value. For those loans selected to be sold under best efforts delivery, at the closing of the loan, the rate lock commitment derivative expires and the Company records a loan held for sale at fair value under the election of fair value option and continues to be obligated under the same forward loan sales contract entered into at inception of the rate lock commitment. The following tables disclose the derivative instruments’ location on the Company’s Consolidated Balance Sheets and the notional amount and fair value of those instruments at June 30, 2020 and December 31, 2019.
The following table represents the carrying amount of the hedged assets/(liabilities) and the cumulative amount of fair value hedging adjustment included in the carrying amount of the hedged assets/(liabilities) that are designated as a fair value accounting relationship as of June 30, 2020 and December 31, 2019.
Derivative contracts involve the risk of dealing with both bank customers and institutional derivative counterparties and their ability to meet contractual terms. Credit risk arises from the possible inability of counterparties to meet the terms of their contracts. United’s exposure is limited to the replacement value of the contracts rather than the notional amount of the contract. The Company’s agreements generally contain provisions that limit the unsecured exposure up to an agreed upon threshold. Additionally, the Company attempts to minimize credit risk through certain approval processes established by management. The effect of United’s derivative financial instruments on its unaudited Consolidated Statements of Income for the three and six months ended June 30, 2020 and 2019 are presented as follows:
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Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Measurements | 14. FAIR VALUE MEASUREMENTS United determines the fair values of its financial instruments based on the fair value hierarchy established by ASC Topic 820, which also clarifies that fair value of certain assets and liabilities is an exit price, representing the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. The Fair Value Measurements and Disclosures Topic specifies a hierarchy of valuation techniques based on whether the inputs to those valuation techniques are observable or unobservable. Observable inputs reflect market data obtained from independent sources, while unobservable inputs reflect United’s market assumptions. The three levels of the fair value hierarchy, based on these two types of inputs, are as follows :
When determining the fair value measurements for assets and liabilities, United looks to active and observable markets to price identical assets or liabilities whenever possible and classifies such items in Level 1. When identical assets and liabilities are not traded in active markets, United looks to market observable data for similar assets and liabilities and classifies such items as Level 2. Nevertheless, certain assets and liabilities are not actively traded in observable markets and United must use alternative valuation techniques using unobservable inputs to determine a fair value and classifies such items as Level 3. For assets and liabilities that are not actively traded, the fair value measurement is based primarily upon estimates that require significant judgment. Therefore, the results may not be realized in an actual sale or immediate settlement of the asset or liability. Additionally, there are inherent weaknesses in any calculation technique, and changes in the underlying assumptions used, including discount rates and estimates of future cash flows, could significantly affect the results of current or future values. The level within the fair value hierarchy is based on the lowest level of input that is significant in the fair value measurement. In accordance with ASC Topic 820, the following describes the valuation techniques used by United to measure certain financial assets and liabilities recorded at fair value on a recurring basis in the financial statements. Securities available for sale and equity securities : Securities available for sale and equity securities are recorded at fair value on a recurring basis. Fair value measurement is based upon quoted market prices, when available (Level 1). If quoted market prices are not available, fair values are measured utilizing independent valuation techniques of identical or similar securities for which significant assumptions are derived primarily from or corroborated by observable market data. Using a market approach valuation methodology, third party vendors compile prices based on observable market inputs, which include benchmark yields, reported trades, issuer spreads, benchmark securities, and “To Be Announced” prices (Level 2). Management internally reviews the fair values provided by third party vendors on a monthly basis. Management also performs a quarterly price testing analysis at the individual security level which compares the pricing provided by the third party vendors to an independent pricing source’s valuation of the same securities. Variances that are deemed to be material are reviewed by management. Additionally, to further assess the reliability of the information received from third party vendors, management obtains documentation from third party vendors related to the sources, methodologies, and inputs utilized in valuing securities classified as Level 2. Management analyzes this information to ensure the underlying assumptions appear reasonable. Management also obtains an independent service auditor’s report from third party vendors to provide reasonable assurance that appropriate controls are in place over the valuation process. Upon completing its review of the pricing from third party vendors at June 30, 2020, management determined that the prices provided by its third party pricing source were reasonable and in line with management’s expectations for the market values of these securities. Therefore, prices obtained from third party vendors that did not reflect forced liquidation or distressed sales were not adjusted by management at June 30, 2020. Management utilizes a number offactors to determine if a market is inactive, all of which may require a significant level of judgment. Factors that management considers include: a significant widening of the bid-ask spread, a considerable decline in the volume and level of trading activity in the instrument, a significant variance in prices among market participants, and a significant reduction in the level of observable inputs. Any securities available for sale not valued based upon quoted market prices or third party pricing models that consider observable market data are considered Level 3. Currently, United considers its valuation of available-for-sale as Level 3. Based upon management’s review of the market conditions for Trup, it was determined that an income approach valuation technique (present value technique) that maximizes the use of relevant observable inputs and minimizes the use of unobservable inputs is the most representative measurement technique for these securities. The present value technique discounts expected future cash flows of a security to arrive at a present value. Management considers the following items when calculating the appropriate discount rate: the implied rate of return when the market was last active, changes in the implied rate of return as markets moved from very active to inactive, recent changes in credit ratings, and recent activity showing that the market has built in increased liquidity and credit premiums. Management’s internal credit review of each security was also factored in to determine the appropriate discount rate. The credit review considered each security’s collateral, subordination, excess spread, priority of claims, principal and interest. Loans held for sale : For residential mortgage loans sold in the mortgage banking segment, the loans closed are recorded at fair value using the fair value option which is measured using valuations from investors for loans with similar characteristics (Level 2) with some adjusted for the Company’s actual sales experience versus the investor’s indicated pricing (Level 3). The unobservable input for Level 3 valuations is the Company’s historical sales prices. For June 30, 2020, the range of historical sales prices increased the investor’s indicated pricing by a range of 0.12% to 0.52% with a weighted average increase of 0.29%. Derivatives : United utilizes interest rate swaps to hedge exposure to interest rate risk and variability of cash flows associated to changes in the underlying interest rate of the hedged item. These hedging interest rate swaps are classified as either a fair value hedge or a cash flow hedge. United utilizes third-party vendors for derivative valuation purposes. These vendors determine the appropriate fair value based on a net present value calculation of the cash flows related to the interest rate swaps using primarily observable market inputs such as interest rate yield curves (Level 2). Valuation adjustments to derivative fair values for liquidity and credit risk are also taken into consideration, as well as the likelihood of default by United and derivative counterparties, the net counterparty exposure and the remaining maturities of the positions. Values obtained from third party vendors are typically not adjusted by management. Management internally reviews the derivative values provided by third party vendors on a quarterly basis. All derivative values are tested for reasonableness by management utilizing a net present value calculation. For a fair value hedge, the fair value of the interest rate swap is recognized on the balance sheet as either a freestanding asset or liability with a corresponding adjustment to the hedged financial instrument. Subsequent adjustments due to changes in the fair value of a derivative that qualifies as a fair value hedge are offset in current period earnings either in interest income or interest expense depending on the nature of the hedged financial instrument. For a cash flow hedge, the fair value of the interest rate swap is recognized on the balance sheet as either a freestanding asset or liability with a corresponding adjustment to other comprehensive income within shareholders’ equity, net of tax. Subsequent adjustments due to changes in the fair value of a derivative that qualifies as a cash flow hedge are offset to other comprehensive income, net of tax. The portion of a hedge that is ineffective is recognized immediately in earnings. The Company records its interest rate lock commitments and forward loan sales commitments at fair value determined as the amount that would be required to settle each of these derivative financial instruments at the balance sheet date. In the normal course of business, United’s mortgage banking subsidiaries enter into contractual interest rate lock commitments to extend credit to borrowers with fixed expiration dates. The commitments become effective when the borrowers “lock-in” a specified interest rate within the timeframes established by the mortgage companies. All borrowers are evaluated for credit worthiness prior to the extension of the commitment. Market risk arises if interest rates move adversely between the time of the interest rate lock by the borrower and the sale date of the loan to the investor. To mitigate the effect of the interest rate risk inherent in providing rate lock commitments to borrowers, United’s mortgage banking subsidiaries enter into either a forward sales contract to sell loans to investors when using best efforts or a TBA mortgage-backed security under mandatory delivery. As TBA mortgage-backed securities are actively traded in an open market, TBA mortgage-backed securities fall into a Level 1 category. The forward sales contracts lock in an interest rate and price for the sale of loans similar to the specific rate lock commitments. Under the Company’s best efforts model, the rate lock commitments to borrowers and the forward sales contracts to investors through to the date the loan closes are undesignated derivatives and accordingly, are marked to fair value through earnings. These valuations fall into a Level 2 category. For residential mortgage loans sold in the mortgage banking segment, the interest rate lock commitments are recorded at fair value which is measured using valuations from investors for loans with similar characteristics (Level 2) with some adjusted for the Company’s actual sales experience versus the investor’s indicated pricing (Level 3). The unobservable input for Level 3 valuations is the Company’s historical sales prices. For June 30, 2020, the range of historical sales prices increased the investor’s indicated pricing by a range of 0.12% to 0.52% with a weighted average increase of 0.29%. For interest rate swap derivatives that are not designated in a hedge relationship, changes in the fair value of the derivatives are recognized in earnings in the same period as the change in the fair value. Unrealized gains and losses due to changes in the fair value of other derivative financial instruments not in hedge relationship are included in noninterest income and noninterest expense, respectively. The following tables present the balances of financial assets and liabilities measured at fair value on a recurring basis as of June 30, 2020 and December 31, 2019, segregated by the level of the valuation inputs within the fair value hierarchy.
officers of United and its subsidiaries.
There were no transfers between Level 1 and Level 2 for financial assets and liabilities measured at fair value on a recurring basis during the six months ended June 30, 2020 and the year ended December 31, 2019. The following table presents additional information about financial assets and liabilities measured at fair value at June 30, 2020 and December 31, 2019 on a recurring basis and for which United has utilized Level 3 inputs to determine fair value:
Certain financial assets are measured at fair value on a nonrecurring basis in accordance with GAAP. Adjustments to the fair value of these assets usually result from the application of lower-of-cost-or-market Fair Value Option United elected the fair value option for the loans held for sale in its mortgage banking segment to mitigate a divergence between accounting losses and economic exposure. The following table reflects the change in fair value included in earnings of financial instruments for which the fair value option has been elected:
The following table reflects the difference between the aggregate fair value and the remaining contractual principal outstanding for financial instruments for which the fair value option has been elected:
Assets and Liabilities Measured at Fair Value on a Nonrecurring Basis The following describes the valuation techniques used by United to measure certain financial assets recorded at fair value on a nonrecurring basis in the financial statements. Loans held for sale : Loans held for sale within the community banking segment that are delivered on a best efforts basis are carried at the lower of cost or fair value. The fair value is based on the price secondary markets are currently offering for similar loans using observable market data which is not materially different than cost due to the short duration between origination and sale (Level 2). As such, United records any fair value adjustments for these loans held for sale on a nonrecurring basis. No nonrecurring fair value adjustments were recorded on loans held for sale during the three months ended June 30, 2020. Gains and losses on sale of loans are recorded within income from mortgage banking activities on the Consolidated Statements of Income. Individually assessed loans : In the determination of the allowance for loan losses, loans that do not share risk characteristics are evaluated on an individual basis. Loans evaluated individually are not also included in the collective evaluation. When management determines that foreclosure is probable or when the borrower is experiencing financial difficulty at the reporting date and repayment is expected to be provided substantially through the operation or sale of the collateral, expected credit losses are based on the fair value of the collateral at the reporting date, adjusted for selling costs as appropriate. Fair value is measured using a market approach based on the value of the collateral securing the loans. Collateral may be in the form of real estate or business assets including equipment, inventory, and accounts receivable. The vast majority of the collateral is real estate. The value of real estate collateral is determined utilizing an appraisal conducted by an independent, licensed appraiser outside of the Company using comparable property sales (Level 2). However, if the collateral is a house or building in the process of construction or if an appraisal of the real estate property is over two years old, then the fair value is considered Level 3. The value ofbusiness equipment is based upon an outside appraisal if deemed significant, or the net book value on the applicable business’ financial statements if not considered significant using observable market data. Likewise, values for inventory and accounts receivables collateral are based on financial statement balances or aging reports (Level 3). For individually assessed loans, a specific reserve is established through the allowance for loan losses, if necessary, by estimating the fair value of the underlying collateral on a nonrecurring basis. Any fair value adjustments are recorded in the period incurred as provision for credit losses expense on the Consolidated Statements of Income. OREO : OREO consists of real estate acquired in foreclosure or other settlement of loans. Such assets are carried on the balance sheet at the lower of the investment in the assets or the fair value of the assets less estimated selling costs. Fair value is determined by one of two market approach methods depending on whether the property has been vacated and an appraisal can be conducted. If the property has yet to be vacated and thus an appraisal cannot be performed, a Brokers Price Opinion (i.e. BPO), is obtained. A BPO represents a best estimate valuation performed by a realtor based on knowledge of current property values and a visual examination of the exterior condition of the property. Once the property is subsequently vacated, a formal appraisal is obtained and the recorded asset value appropriately adjusted. On the other hand, if the OREO property has been vacated and an appraisal can be conducted, the fair value of the property is determined based upon the appraisal using a market approach. An authorized independent appraiser conducts appraisals for United. Appraisals for property other than ongoing construction are based on consideration of comparable property sales (Level 2). In contrast, valuation of ongoing construction assets requires some degree of professional judgment. In conducting an appraisal for ongoing construction property, the appraiser develops two appraised amounts: an “as is” appraised value and a “completed” value. Based on professional judgment and their knowledge of the particular situation, management determines the appropriate fair value to be utilized for such property (Level 3). As a matter of policy, valuations are reviewed at least annually and appraisals are generally updated on a bi-annual basis with values lowered as necessary. Intangible Assets : For United, intangible assets consist of goodwill and core deposit intangibles. Goodwill is tested for impairment at least annually or sooner if indicators of impairment exist. Goodwill impairment would be defined as the difference between the recorded value of goodwill (i.e. book value) and the implied fair value of goodwill. In determining the implied fair value of goodwill for purposes of evaluating goodwill impairment, United determines the fair value of the reporting unit and compares the fair value to its carrying value. United may elect to perform a qualitative analysis to determine whether or not it is more-likely-than not that the fair value of a reporting unit is less than its carrying amount. If United elects to bypass this qualitative analysis, or concludes via qualitative analysis that it is more-likely-than-not that the fair value of a reporting unit is less than its carrying value, United may use either a market or income quantitative approach, whichever is more practical, to determine the fair value of the reporting unit to compare to its carrying value as step one. If the fair value is greater than the carrying value, then the reporting unit’s goodwill is deemed not to be impaired. If the fair value is less than the carrying value, then a second step is performed which measures the amount of impairment by comparing the carrying amount of the goodwill to its implied fair value. If the implied fair value of the goodwill exceeds the carrying amount, there is no impairment. If the carrying amount exceeds the implied fair value of goodwill, an impairment charge is recorded for the excess. At each reporting date, the Company considers potential indicators of impairment. Given the current economic uncertainty and volatility surrounding COVID-19 and the performance of the Company’s stock, United performed a qualitative assessment to determine if any indicators of impairment would imply that it was more likely than not that goodwill was impaired as of June 30, 2020. After assessing several impairment indicators, United determined that it was not more-likely-than-not that goodwill was impaired as of June 30, 2020. In subsequent periods, COVID-19 could cause a further and sustained decline in our stock price and other impairment indicators which would cause us to perform a goodwill impairment test and could result in an impairment charge being recorded for that period if the carrying value of goodwill was found to exceed fair value. Core deposit intangibles relate to the estimated value of the deposit base of acquired institutions. Management reviews core deposit intangible assets on an annual basis, or sooner if indicators of impairment exist, and evaluates changes in facts and circumstances that may indicate impairment in the carrying value. Other than those intangible assets recorded in the acquisition of Carolina Financial in the second quarter of 2020, no other fair value measurement of intangible assets was made during the first six months of 2020 and 2019. Mortgage Servicing Rights ( “ MSRs ” ): A mortgage servicing right asset represents the amount by which the present value of the estimated future net cash flows to be received from servicing loans are expected to more than adequately compensate the Company for performing the servicing. The Company initially measures servicing assets and liabilities retained related to the sale of residential loans held for sale (“mortgage servicing rights”) at fair value, if practicable. For subsequent measurement purposes, the Company measures servicing assets and liabilities based on the lower of cost or market quarterly on a nonrecurring basis. The quarterly determination of fair value of servicing rights is provided by a third party and is estimated using a present value cash flow model. The most important assumptions used in the valuation model are the anticipated rate of the loan prepayments and discount rates. Although some assumptions in determining fair value are based on standards used by market participants, some are based on unobservable inputs and therefore are classified in Level 3 of the valuation hierarchy. The unobservable inputs for Level 3 valuations are market discount rates, anticipated prepayment speeds, projected d elinquency rates, and ancillary fee income net of servicing costs. For June 30, 2020, the average range of discount rates was 10.50% to 12.91% with a weighted average discount rate of 10.63%; the average range of constant prepayment rates was 7.08% to 15.66% with a weighted average prepayment rate of 14.40%; the net servicing fee was 0.26%; and the delinquency rate, including loans on forbearance was 3.78%. The Company recorded a $710 temporary impairment of mortgage servicing rights in the quarter ended June 30, 2020. The Company does not hedge the mortgage servicing rights positions and the impact of falling long-term interest rates increased prepayment speed assumptions reducing the value of MSRs asset. The following table summarizes United’s financial assets that were measured at fair value on a nonrecurring basis during the period:
Fair Value of Other Financial Instruments The following methods and assumptions were used by United in estimating its fair value disclosures for other financial instruments: Cash and Cash Equivalents: The carrying amounts reported in the balance sheet for cash and cash equivalents approximate those assets’ fair values. Securities held to maturity and other securities : The estimated fair values of securities held to maturity are based on quoted market prices, where available. If quoted market prices are not available, fair values are measured utilizing independent valuation techniques of identical or similar securities for which significant assumptions are derived primarily from or corroborated by observable market data. Third party vendors compile prices from various sources and may determine the fair value of identical or similar securities by using pricing models that consider observable market data. Any securities held to maturity, not valued based upon the methods above, are valued based on a discounted cash flow methodology using appropriately adjusted discount rates reflecting nonperformance and liquidity risks. Other securities consist mainly of shares of Federal Home Loan Bank and Federal Reserve Bank stock that do not have readily determinable fair values and are carried at cost. Loans : The fair values of certain mortgage loans (e.g., one-to-four Deposits : The fair values of demand deposits (e.g., interest and noninterest checking, regular savings and certain types of money market accounts) are, by definition, equal to the amount payable on demand at the reporting date (i.e., their carrying amounts). The carrying amounts of variable-rate, fixed-term money market accounts and certificates of deposit approximate their fair values at the reporting date. Fair values of fixed-rate certificates of deposit are estimated using a discounted cash flow calculation that applies interest rates currently being offered on certificates to a schedule of aggregated expected monthly maturities on time deposits. Short-term Borrowings: The carrying amounts of federal funds purchased, borrowings under repurchase agreements and any other short-term borrowings approximate their fair values.Long-term Borrowings: The fair values of United’s Federal Home Loan Bank borrowings and trust preferred securities are estimated using discounted cash flow analyses, based on United’s current incremental borrowing rates for similar types of borrowing arrangements. Summary of Fair Values for All Financial Instruments The estimated fair values of United’s financial instruments are summarized below:
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Stock Based Compensation |
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Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stock Based Compensation | 15. STOCK BASED COMPENSATION On May 12, 2020, United’s shareholders approved the 2020 Long-Term Incentive Plan (“2020 LTI Plan”). The 2020 LTI Plan became effective May 1 3 , 2020. An award granted under the 2020 LTI Plan may consist of any non-qualified stock options or incentive stock options, stock appreciation rights (“SARs”), restricted stock, restricted stock units, performance units or other-stock-based award. These awards all relate to the common stock of United. The maximum number of shares of United common stock which may be issued under the 2020 LTI Plan is 2,300,000. The 2020 LTI Plan will be administered by a board committee appointed by United’s Board of Directors (the “Board”). Unless otherwise determined by the Board, the Compensation Committee of the Board (the “Committee”) shall administer the 2020 LTI Plan. The maximum number of options and stock appreciation rights, in the aggregate, which may be awarded to any individual key employee during any calendar year is 100,000. The maximum number of options and stock appreciation rights, in the aggregate, which may be awarded to any non-employee director during any calendar year is 10,000 or, if such Award is payable in cash, the Fair Market Value equivalent thereof. The maximum number of shares of restricted stock or shares subject to a restricted stock units award that may be granted during any calendar year is 50,000 shares to any individual key employee and 10,000 shares to any individual non-employee director. Subject to certain change in control provisions, the 2020 LTI Plan provides that all awards will vest as the Committee determines in the award agreement, provided that no awards will vest sooner than 1/3 per year over the first three anniversaries of the award. United adopted a clawback policy that applies to named executive officers and other executive officers and permits the Committee to cancel certain awards to recoup gains realized from previous awards should United be required to prepare an accounting restatement due to materially inaccurate performance metrics. A For m S-8 was filed on May 29, 2020 with the Securities and Exchange Commission to register all the shares which were available for the 2020 LTI Plan. The 2020 LTI Plan replaces the 2016 LTI Plan. Compensation expense of $1,369 and $2,622 related to the nonvested awards under United’s Long-Term Incentive Plans was incurred for the second quarter and first six months of 2020, respectively, as compared to the compensation expense of $1,198 and $2,311 related to the nonvested awards under United’s Long-Term Incentive Plans incurred for the second quarter and first six months of 2019, respectively. Compensation expense was included in employee compensation in the unaudited Consolidated Statements of Income. Stock Options United currently has options outstanding from various option plans other than the 2020 LTI Plan (the “Prior Plans”); however, no common shares of United stock are available for grants under the Prior Plans as these plans have expired. Awards outstanding under the Prior Plans will remain in effect in accordance with their respective terms. The maximum term for options granted under the plans is ten (10) years. A summary of activity under United’s stock option plans as of June 30, 2020, and the changes during the first six months of 2020 are presented below:
The following table summarizes the status of United’s nonvested stock option awards during the first six months of 2020:
During the six months ended June 30, 2020 and 2019, 14,994 and 47,960 shares, respectively, were issued in connection with stock option exercises. All shares issued in connection with stock option exercises for the six months ended June 30, 2020 and 2019 were issued from authorized and unissued stock. The total intrinsic value of options exercised under the Plans during the six months ended June 30, 2020 and 2019 was $249 and $713 respectively. Restricted Stock Under the 2020 LTI Plan, United may award restricted common shares to key employees and non-employee directors. Restricted shares granted to participants over the first three anniversaries of the award. Unless determined by the Committee or the Board and provided in the award agreement, recipients The following summarizes the changes to United’s restricted common shares for the period ended June 30, 2020:
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Employee Benefit Plans |
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Retirement Benefits [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Employee Benefit Plans | 16. EMPLOYEE BENEFIT PLANS United has a defined benefit retirement plan covering qualified employees. Pension benefits are based on years of service and the average of the employee’s highest five consecutive plan years of basic compensation paid during the ten plan years preceding the date of determination. Contributions are intended to provide not only for benefits attributed to service to date, but also for those expected to be earned in the future. No discretionary contributions were made during the first six months of 2020 and 2019. In September of 2007, after a recommendation by United’s Pension Committee and approval by United’s Board of Directors, the United Bankshares, Inc. Pension Plan (the “Plan”) was amended to change the participation rules. The decision to change the participation rules for the Plan followed current industry trends, as many large and medium size companies had taken similar steps. The amendment provides that employees hired on or after October 1, 2007, will not be eligible to participate in the Plan. However, new employees will be eligible to participate in United’s Savings and Stock Investment 401(k) plan. This change had no impact on current employees hired prior to October 1, 2007 as they will continue to participate in the Plan, with no change in benefit provisions, and will continue to be eligible to participate in United’s Savings and Stock Investment 401(k) plan. Included in accumulated other comprehensive income at December 31, 2019 are unrecognized actuarial losses of $60,894 ($46,706 net of tax) that have not yet been recognized in net periodic pension cost. The amortization of this item expected to be recognized in net periodic pension cost during the fiscal year ended December 31, 2020 is $5,802 ($4,450 net of tax). Net periodic pension cost for the three and six months ended June 30, 2020 and 2019 included the following components :
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Income Taxes |
6 Months Ended |
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Jun. 30, 2020 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 17. INCOME TAXES United records a liability for uncertain income tax positions based on a recognition threshold of more-likely-than-not, and a measurement attribute for all tax positions taken on a tax return, in order for those tax positions to be recognized in the financial statements. As of June 30, 2020 and 2019, the total amount of accrued interest related to uncertain tax positions was $718 and $726, respectively. United accounts for interest and penalties related to uncertain tax positions as part of its provision for federal and state income taxes. United is currently open to audit under the statute of limitations by the Internal Revenue Service for the years ended December 31, 2016, 2017 and 2018 and certain State Taxing authorities for the years ended December 31, 2016 through 2018. United’s effective tax rate was 17.30% and 18.38% for the second quarter and first six months of 2020 and 20.69% and 21.04% for the second quarter and first six months of 2019. |
Comprehensive Income |
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Equity [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Comprehensive Income | 18. COMPREHENSIVE INCOME The components of total comprehensive income for the three and six months ended June 30, 2020 and 2019 are as follows:
The components of accumulated other comprehensive income for the six months ended June 30, 2020 are as follows: Changes in Accumulated Other Comprehensive Income (AOCI) by Component (a) For the Six Months Ended June 30, 2020
Reclassifications out of Accumulated Other Comprehensive Income (AOCI) For the Six Months Ended June 30, 2020
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Earnings Per Share |
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Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings Per Share | 19. EARNINGS PER SHARE The reconciliation of the numerator and denominator of basic earnings per share with that of diluted earnings per share is presented as follows:
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Variable Interest Entities |
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Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Variable Interest Entities | 20. VARIABLE INTEREST ENTITIES Variable interest entities (“VIEs”) are entities that either have a total equity investment that is insufficient to permit the entity to finance its activities without additional subordinated financial support or whose equity investors lack the characteristics of a controlling financial interest (i.e., ability to make significant decisions, through voting rights, right to receive the expected residual returns of the entity, and obligation to absorb the expected losses of the entity). VIEs can be structured as corporations, trusts, partnerships, or other legal entities. United’s business practices include relationships with certain VIEs. For United, the business purpose of these relationships primarily consists of funding activities in the form of issuing trust preferred securities. United currently sponsors nineteen statutory business trusts that were created for the purpose of raising funds that originally qualified for Tier I regulatory capital. As previously discussed, these trusts now are considered Tier II regulatory capital. These trusts, of which several were acquired through bank acquisitions, issued or participated in pools of trust preferred capital securities to third-party investors with the proceeds invested in junior subordinated debt securities of United. The Company, through a small capital contribution, owns 100% of the voting equity shares of each trust. The assets, liabilities, operations, and cash flows of each trust are solely related to the issuance, administration, and repayment of the preferred equity securities held by third-party investors. United fully and unconditionally guarantees the obligations of each trust and is obligated to redeem the junior subordinated debentures upon maturity. United does not consolidate these trusts as it is not the primary beneficiary of these entities because United’s wholly owned and indirect wholly owned statutory trust subsidiaries do not have a controlling financial interest in the VIEs. A controlling financial interest is present when an enterprise has both the power to direct the activities of the VIE that most significantly impact the VIE’s economic performance and an obligation to absorb losses or the right to receive benefits that could potentially be significant to the VIE. The enterprise with a controlling financial interest, known as the primary beneficiary, consolidates the VIE. Information related to United’s statutory trusts is presented in the table below:
United, through its banking subsidiary, also makes limited partner equity investments in various low income housing and community development partnerships sponsored by independent third-parties. United invests in these partnerships to either realize tax credits on its consolidated federal income tax return or for purposes of earning a return on its investment. These partnerships are considered VIEs as the limited partners lack a controlling financial interest in the entities through their inability to make decisions that have a significant effect on the operations and success of the partnerships. United’s limited partner interests in these entities is immaterial, however; these partnerships are not consolidated as United is not deemed to be the primary beneficiary. The following table summarizes quantitative information about United’s significant involvement in unconsolidated VIEs:
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Segment Information |
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Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Information | 21. SEGMENT INFORMATION United operates in two business segments: community banking and mortgage banking. Through its community banking segment, United offers a full range of products and services through various delivery channels. In particular, the community banking segment includes both commercial and consumer lending and provides customers with such products as commercial loans, real estate loans, business financing and consumer loans. In addition, this segment provides customers with several choices of deposit products including demand deposit accounts, savings accounts and certificates of deposit as well as investment and financial advisory services to businesses and individuals, including financial planning, retirement/estate planning, and investment management. The mortgage banking segment engages primarily in the origination and acquisition of residential mortgages for sale into the secondary market though United’s mortgage banking subsidiaries, George Mason and Crescent Mortgage. Crescent Mortgage may retain servicing rights on their mortgage loans sold. At certain times, Crescent may purchase rights to service loans from third parties. These rights are known as mortgage servicing rights provide the owner with the contractual right to receive a stream of cash flows in exchange for performing specified mortgage servicing functions. The community banking segment provides the mortgage banking segment (George Mason and Crescent Mortgage) with short-term funds to originate mortgage loans through a warehouse line of credit and charges the mortgage banking segment interest based on the 30-day LIBOR rate. These transactions are eliminated in the consolidation process. The Company does not have any operating segments other than those reported. The “Other” category consists of financial information not directly attributable to a specific segment, including interest income from investments and net securities gains or losses of parent companies and their non-banking subsidiaries, interest expense related to subordinated notes of unconsolidated subsidiaries as well as the elimination of non-segment related intercompany transactions such as management fees. The “Other” represents an overhead function rather than an operating segment. Information about the reportable segments and reconciliation of this information to the consolidated financial statements at and for the three and six months ended June 30, 2020 and 2019 is as follows:
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Summary of Significant Accounting Policies (Policies) |
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Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation The accompanying unaudited consolidated interim financial statements of United Bankshares, Inc. and Subsidiaries (“United” or “the Company”) have been prepared in accordance with accounting principles for interim financial information generally accepted in the United States (GAAP) and with the instructions for Form 10-Q and Article 10 of Regulation S-X. Accordingly, the financial statements do not contain all of the information and footnotes required by accounting principles generally accepted in the United States. In preparing the consolidated financial statements, management is required to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates. The financial statements presented as of June 30, 2020 and 2019 and for the three-month and six-month periods then ended have not been audited. The consolidated balance sheet as of December 31, 2019 has been extracted from the audited financial statements included in United’s 2019 Annual Report to Shareholders. The Notes to Consolidated Financial Statements appearing in United’s 2019 Annual Report on Form 10-K, which includes descriptions of significant accounting policies, should be read in conjunction with these interim financial statements. Please refer to Notes 2, 3, 5, 6 and 8 in these Notes to Consolidated Financial Statements for updated accounting policies for acquired loans, investment securities, troubled debt restructurings (“TDRs”), the allowance for credit losses and mortgage servicing rights (“MSRs”). In the opinion of management, any adjustments necessary for a fair presentation of financial position and results of operations for the interim periods have been made. Such adjustments are of a normal and recurring nature. The accompanying consolidated interim financial statements include the accounts of United and its wholly owned subsidiaries. United operates in two business segments: community banking and mortgage banking. All significant intercompany accounts and transactions have been eliminated in the consolidated financial statements. Information is presented in these notes to the unaudited consolidated interim financial statements with dollars expressed in thousands, except per share or unless otherwise noted. |
Recent Accounting Pronouncements | New Accounting Standards In March 2020, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2020-04, Facilitation of the Effects of Reference Rate Reform on Financial Reporting. The ASU provides “optional expedients and exceptions for applying generally accepted accounting principles to contract modifications and hedging relationships, subject to meeting certain criteria, that reference LIBOR or another reference rate expected to be discontinued.” ASU No. 2020-04 is effective for public business entities on March 12, 2020 through December 31, 2022. United is implementing a transition plan to identify and modify its loans and other financial instruments with attributes that are either directly or indirectly influenced by LIBOR. The Company is assessing ASU No. 2020-04 and its impact on the Company’s transition away from LIBOR for its loan and other financial instruments. In February 2020, FASB issued ASU No. 2020-03, Codification Improvements to Financial Instruments. This update makes narrow-scope changes that are intended to improve the board’s standards for financial instruments accounting, including the credit losses standard issued in 2016, as part of FASB’s ongoing project to improve and clarify its Accounting Standards Codification and avoid unintended application. ASU No. 2020-03 was effective for public business entities upon issuance of this final update in March 2020. ASU No. 2020-03 did not have a material impact on the Company’s financial condition or results of operations.In January 2020, the FASB issued ASU No. 2020-01, Investments—Equity Securities (Topic 321), Investments—Equity Method and Joint Ventures (Topic 323), and Derivatives and Hedging (Topic 815)—Clarifying the Interactions between Topic 321, Topic 323, and Topic 815. The new guidance addresses accounting for the transition into and out of the equity method and measuring certain purchased options and forward contracts to acquire investments. ASU No. 2020-01 is effective for public companies for fiscal years, and interim fiscal periods within those fiscal years, beginning after December 15, 2020; early adoption is permitted. ASU No. 2020-01 is not expected to have a material impact on the Company’s financial condition or results of operations. In November 2019, the FASB issued ASU No. 2019-08, Compensation – Stock Compensation (Topic 718) and Revenue from Contracts with Customers (Topic 606): Codification Improvements—Share-Based Consideration Payable to a Customer. ASU No. 2019-08 requires companies to measure and classify (on the balance sheet) share-based payments to customers by applying the guidance in Topic 718, Compensation—Stock Compensation. As a result, the amount recorded as a reduction in revenue would be measured based on the grant-date fair value of the share-based payment. The amendments in this update become effective for annual periods and interim periods within those annual periods beginning after December 15, 2019. ASU No. 2019-08 was adopted by United on January 1, 2020. The adoption did not have a material impact on the Company’s financial condition or results of operations. In April 2019, the FASB issued ASU No. 2019-04 “Codification Improvements to Topic 326, Financial Instruments – Credit Losses, Topic 815, Derivatives and Hedging, and Topic 825, Financial Instruments.” The amendments clarify the scope of the credit losses standard and address issues related to accrued interest receivable balances, recoveries, variable interest rates and prepayments. The amendments also address partial-term fair valued hedges, fair value hedge basis adjustments. The amendments to the credit losses and hedging standards have the same effective dates as those standards, unless an entity has already adopted the standards. The amendments to recognition and measurement guidance are effective for fiscal years beginning after December 15, 2019; early adoption is permitted. ASU No. 2019-04 was adopted by United on January 1, 2020. The adoption did not have a material impact on the Company’s financial condition or results of operations. In August 2018, the FASB issued ASU No. 2018-14 “Compensation – Retirement Benefits - Defined Benefits – General (Topic 715-20): Disclosure Framework – Changes to the Disclosure Requirements for Defined Benefit Plans.” This update amends ASC Topic 715 to add, remove, and clarify disclosure requirements related to defined benefit pension and other post retirement plans. The ASU’s changes related to disclosures are part of the FASB’s disclosure framework project, which the FASB launched in 2014 to improve effectiveness of disclosures in notes to financial statements. ASU No. 2018-14 is effective for public companies for fiscal years, and interim fiscal periods within those fiscal years, beginning after December 15, 2020; early adoption is permitted. ASU No. 2018-14 is not expected to have a material impact on the Company’s financial statements. In August 2018, the FASB issued ASU No. 2018-13 “Fair Value Measurement (Topic 820), Disclosure Framework – Changes to the Disclosure Requirements for Fair Value Measurement.” This amendment changes the fair value measurement disclosure requirements of ASC Topic 820 and is the result of a broader disclosure project called FASB Concepts Statement, Conceptual Framework for Financial Reporting – Chapter 8: Notes to Financial Statements, which was finalized in August 2018. ASU No. 2018-13 is effective for all entities for fiscal years, and interim fiscal periods within those fiscal years, beginning after December 15, 2019; early adoption is permitted for any eliminated or modified disclosure upon issuance of this ASU. ASU No. 2018-13 was adopted by United on January 1, 2020 and did not have a material impact on the Company’s financial condition or results of operations. In August 2017, the FASB issued ASU No. 2017-12, “Targeting Improvement to Accounting for Hedging Activities.” This ASU amends ASC 815 and its objectives are to improve the transparency and understandability of information conveyed to financial statement users about an entity’s risk management activities by better aligning the entity’s financial reporting for hedging relationships with those risk management activities and reduce the complexity and simplify the application of hedge accounting by preparers. This ASU makes certain targeted improvements to simplify the application of the hedge accounting, including to derivative instruments as well as allow a one-time election to reclassify fixed-rate, prepayable debt securities from a held to maturity classification to an available for sale classification. ASU No. 2017-12 is effective for interim and annual reporting periods beginning after December 15, 2018; early adoption is permitted. United adopted the standard on January 1, 2019 using the modified retrospective approach. As part of this adoption, the Company made a one-time election to transfer eligible HTM securities to the AFS category in order to optimize the investment portfolio management for capital and risk management considerations. The Company transferred HTM securities with a carrying amount of $11,544, which resulted in a decrease of $1,098 to AOCI. In January 2017, the FASB issued ASU No. 2017-04, “Intangibles – Goodwill and Other (Topic 350).” ASU 2017-04 eliminates the requirement to calculate the implied fair value of goodwill to measure a goodwill impairment charge. Instead, entities will record an impairment charge based on the excess of a reporting unit’s carrying amount over its fair value. ASU 2017-04 was adopted by United on January 1, 2020. The adoption of ASU 2017-04 did not have a material impact on the Company’s financial condition or results of operations. In June 2016, the FASB issued ASU No. 2016-13, “Financial Instruments – Credit Losses.” ASU No. 2016-13 changes the impairment model for most financial assets and certain other instruments that aren’t measured at fair value through net income. The standard replaces the “incurred loss” approach with an “expected loss” model for instruments measured at amortized cost and requires entities to record allowances for available for sale debt securities rather than reduce the carrying amount under the current other-than-temporary impairment (OTTI) model. ASU No. 2016-13 also simplifies the accounting model for purchased credit-impaired debt securities and loans. Entities will apply the standard’s provisions as a cumulative-effect adjustment to retained earnings as of the beginning of the first reporting period in which the guidance is effective. United engaged a third-party service provider to assist with the implementation of the new accounting standard. ASU No. 2016-13 was adopted by United on January 1, 2020 using a modified retrospective approach. At the January 1, 2020 date of adoption, based on forecasts of macroeconomic conditions and exposures at that time, the aggregate impact to United was a net increase to the allowance for credit losses of $57,442 and a decrease to retained earnings of $44,331, with the difference being an adjustment to deferred tax assets. United has elected to phase-in the impact to retained earnings using a five-year transition provision, allowed by the Federal Reserve Board and other federal banking agencies in response to the coronavirus (COVID-19) pandemic, to delay for two years the full impact of ASU No. 2016-13 on regulatory capital, followed by a three-year transition period. The adoption of ASU No. 2016-13 had an insignificant impact on the Company’s held to maturity and available for sale securities portfolios. In February 2016, the FASB issued ASU No. 2016-02, “Leases (Topic 842)”. ASU No. 2016-02 includes a lessee accounting model that recognizes two types of leases, finance leases and operating leases, while lessor accounting will remain largely unchanged from the current GAAP. ASU No. 2016-02 requires, amongst other things, that a lessee recognize on the balance sheet a right-of-use No. 2018-11 “Leases (Topic 842), Targeted Improvements.” This update creates an additional transition method, and a lessor practical expedient to not separate lease and non-lease components if specified criteria are met. The new transition method allows companies to use the effective date of the new leases standard as the date of initial application transition. Companies that elect this transition option will not adjust their comparative period financial information for the effect of ASC Topic 842, nor will they make the new required lease disclosure for periods before the effective date. In addition, these companies will carry forward their ASC Topic 840 disclosures for comparative periods. The practical expedient permits lessors to make an accounting policy election by class of underlying asset to not separate lease and non-lease components if specified criteria are met. In July 2018, the FASB issued ASU No. 2018-10 “Codification Improvements to ASC Topic 842, Leases.” This update includes narrow amendments to clarify how to apply certain aspects of the new leases standard. The amendments address the rate implicit in the lease, impairment of the net investment in the lease, lessee reassessment of lease classification, lessor reassessment of lease term and purchase options, variable payments that depend on an index or rate and certain transition adjustments. ASU 2018-10 does not make any substantive changes to the core provisions or principals of the new leases standard. United adopted the standard using the modified retrospective transition method on January 1, 2019. The Company evaluated and elected the package of practical expedients, which allows for existing leases to be accounted for consistent with current guidance, with the exception of the balance sheet recognition for lessees. The Company has also elected the practical expedient on not separating lease and nonlease components and instead treating them as a single lease component. Adoption of the standard resulted in the recognition of additional net lease assets and lease liabilities of $67,040 and $70,692, respectively, as of January 1, 2019. Of the difference between these two amounts, $1,049 was recorded as an adjustment to retained earnings.
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Mergers and Acquisitions (Tables) |
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Summary of Reconciliation of Difference Between Purchase Price and Par Value of Purchase Credit Loans Acquired | The following table provides a reconciliation of the difference between the purchase price and the par value of portfolio loans acquired from Carolina Financial as of the Acquisition Date:
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Summary of Business Acquisitions, by Acquisition | The consideration paid for Carolina Financial’s common equity and the preliminary amounts of acquired identifiable assets and liabilities assumed as of the Carolina Financial Acquisition Date were as follows:
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Summary of Business Acquisition, Pro Forma Information |
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Investment Securities (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Amortized Cost and Estimated Fair Values of Available for Sale Securities | Securities held for indefinite periods of time are classified as available for sale and carried at estimated fair value. The amortized cost and estimated fair values of securities available for sale are summarized as follows.
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Summary of Securities Available for Sale in an Unrealized Loss Position | The following is a summary of securities available for sale which were in an unrealized loss position at June 30, 2020 and December 31, 2019.
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Summary of Gains or Losses on Proceeds from Maturities, Sales and Calls of Available for Sale Securities by Specific Identification Method | The realized losses relate to sales of securities within a rabbi trust for the payment of benefits under a deferred compensation plan for certain key officers and its subsidiaries
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Summary of Equity Securities | The fair value of United’s equity securities was $9,875 at June 30, 2020 and $8,894 at December 31, 2019.
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Available-for-sale Securities [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Maturities of Debt Securities Held to Maturity by Amortized Cost and Estimated Fair Value | Expected maturities may differ from contractual maturities because the issuers may have the right to call or prepay obligations without penalties.
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Loans (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Major Classes of Loans And Leases | Major classes of loans and leases are as follows:
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Credit Quality (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Schedule of Troubled Debt Restructurings, Segregated by Class of Loans | The following table sets forth United’s troubled debt restructurings that have been restructured during the three months ended June 30, 2020 and 2019, segregated by class of loans:
The following table sets forth United’s troubled debt restructurings that have been restructured during the six months ended June 30, 2020 and 2019, segregated by class of loans:
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Schedule of Charged-off Troubled Debt Restructurings on Financing Receivables | The following table presents troubled debt restructurings, by class of loan, that were restructured during the twelve-month period ended June 30, 2020 and had charge-offs during the three and six months ended June 30, 2020.
The following table presents troubled debt restructurings, by class of loan, that were restructured during the twelve-month period ended June 30, 2019 and had charge-offs during the six months ended June 30, 2019.
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Schedule of Age Analysis of Past Due Loans, Segregated by Class of Loans | The following table sets forth United’s age analysis of its past due loans, segregated by class of loans: Age Analysis of Past Due Loans As of June 30, 2020
Age Analysis of Past Due Loans As of December 31, 2019
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Schedule of Nonaccrual Loans, Segregated by Class of Loans | The following table sets forth United’s nonaccrual loans, segregated by class of loans:
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Schedule of Collateral Dependent Loans | For the adoption of ASU 2016-13, United elected the practical expedient to measure expected credit losses on collateral dependent loans based on the difference between the loan’s amortized cost and the collateral’s fair value, adjusted for selling costs. The following table presents the amortized cost basis of collateral-dependent loans in which repayment is expected to be derived substantially through the operation or sale of the collateral and where the borrower is experiencing financial difficulty, by class of loans as of June 30, 2020:
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Schedule Of Term Loans And Financing Receivable |
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Schedule of Credit Quality Indicators Information, by Class of Loans | The following tables set forth United’s credit quality indicators information, by class of loans, as of December 31, 2019: Credit Quality Indicators Corporate Credit Exposure
Credit Quality Indicators Consumer Credit Exposure
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Schedule of Reasons For Modification Troubled Debt Restructuring Loans | The following tables sets for the balances of TDRs at June 30, 2020 and December 31, 2019 and the reasons for modification:
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Schedule Of Troubled Debt Restructuring Loan Modification Based On Post Modification Outstanding Balance | The following table sets forth United’s troubled debt restructurings, based on their post-modification outstanding recorded balance, that have been restructured during the three and six months ended June 30, 2020 and 2019, segregated by the reason for modification:
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Allowance for Credit Losses (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
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Receivables [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule Of Credit Losses Related To Accrued Interest Receivables and Written Off | The following table represents the accrued interest receivable as of June 30, 2020 and the accrued interest receivables written off by reversing interest income as of June 30, 2020:
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Schedule of Allowance for Loan Losses and Carrying Amount of Loans | A progression of the allowance for loan losses, by portfolio segment, for the periods indicated is summarized as follows:
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Intangible Assets (Tables) |
6 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2020 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Intangible Assets | The following is a summary of intangible assets subject to amortization and those not subject to amortization:
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Reconciliation of Goodwill | The following table provides a reconciliation of goodwill:
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Schedule of Anticipated Amortization Expense | The following table sets forth the anticipated amortization expense for intangible assets for the years subsequent to 2019:
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Mortage Servicing Rights (Tables) |
6 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2020 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Servicing Asset [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Activity in Mortgage Servicing Rights | The following presents the activity in mortgage servicing rights, including their valuation allowance for the three and six months ended June 30, 2020:
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Leases (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Leases [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Components of Lease Expense | The components of lease expense were as follows:
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Supplemental Balance Sheet Information Related to Leases | Supplemental balance sheet information related to leases was as follows:
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Other Information Related to Leases | Other information related to leases was as follows:
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Supplemental Cash Flow Information Related to Leases | Supplemental cash flow information related to leases was as follows:
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Maturities of Lease Liabilities by Year | Maturities of lease liabilities by year and in the aggregate, under operating leases with initial or remaining terms of one year or more, for years subsequent to December 31, 2019, consists of the following as of June 30, 2020 and December 31, 2019:
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Long-Term Borrowings (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Maturities of Long-term Borrowings | The scheduled maturities of these FHLB borrowings are as follows:
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Derivative Financial Instruments (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Notional Amount and Fair Value of Derivative Financial Instruments | The following tables disclose the derivative instruments’ location on the Company’s Consolidated Balance Sheets and the notional amount and fair value of those instruments at June 30, 2020 and December 31, 2019.
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Summary of Carrying Amount Hedged Assets/(Liabilities) | The following table represents the carrying amount of the hedged assets/(liabilities) and the cumulative amount of fair value hedging adjustment included in the carrying amount of the hedged assets/(liabilities) that are designated as a fair value accounting relationship as of June 30, 2020 and December 31, 2019.
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Schedule of Derivative Financial Instruments on Statement of Income | The effect of United’s derivative financial instruments on its unaudited Consolidated Statements of Income for the three and six months ended June 30, 2020 and 2019 are presented as follows:
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Fair Value Measurements (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Financial Assets and Liabilities Measured at Fair Value | The following tables present the balances of financial assets and liabilities measured at fair value on a recurring basis as of June 30, 2020 and December 31, 2019, segregated by the level of the valuation inputs within the fair value hierarchy.
officers of United and its subsidiaries.
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Schedule of Additional Information about Financial Assets and Liabilities Measured at Fair Value Utilized Level 3 | The following table presents additional information about financial assets and liabilities measured at fair value at June 30, 2020 and December 31, 2019 on a recurring basis and for which United has utilized Level 3 inputs to determine fair value:
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Schedule of Changes in Fair Value Included in Earnings of Financial Instruments for which Fair Value Option has been Elected | The following table reflects the change in fair value included in earnings of financial instruments for which the fair value option has been elected:
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Summary of Difference Between Aggregate Fair Value and Remaining Contractual Principal Outstanding for Financial Instruments for which Fair Value Option has been Elected | The following table reflects the difference between the aggregate fair value and the remaining contractual principal outstanding for financial instruments for which the fair value option has been elected:
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Summary of Financial Assets Measured at Fair Value on Nonrecurring Basis | The following table summarizes United’s financial assets that were measured at fair value on a nonrecurring basis during the period:
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Summary of Estimated Fair Values of Financial Instruments | The estimated fair values of United’s financial instruments are summarized below:
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Stock Based Compensation (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Stock Option Plans | A summary of activity under United’s stock option plans as of June 30, 2020, and the changes during the first six months of 2020 are presented below:
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Status of United's Nonvested Stock Option Awards | The following table summarizes the status of United’s nonvested stock option awards during the first six months of 2020:
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Changes to United's Restricted Common Shares | The following summarizes the changes to United’s restricted common shares for the period ended June 30, 2020:
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Employee Benefit Plans (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Retirement Benefits [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net Periodic Pension Cost | Net periodic pension cost for the three and six months ended June 30, 2020 and 2019 included the following components :
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Comprehensive Income (Tables) |
6 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2020 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Components of Total Comprehensive Income | The components of total comprehensive income for the three and six months ended June 30, 2020 and 2019 are as follows:
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Components of Accumulated Other Comprehensive Income | The components of accumulated other comprehensive income for the six months ended June 30, 2020 are as follows: Changes in Accumulated Other Comprehensive Income (AOCI) by Component (a) For the Six Months Ended June 30, 2020
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Reclassifications Out of Accumulated Other Comprehensive Income | Reclassifications out of Accumulated Other Comprehensive Income (AOCI) For the Six Months Ended June 30, 2020
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Earnings Per Share (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Reconciliation of Numerator and Denominator of Basic Earnings Per Share with that of Diluted Earnings Per Share | The reconciliation of the numerator and denominator of basic earnings per share with that of diluted earnings per share is presented as follows:
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Variable Interest Entities (Tables) |
6 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2020 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Information Related to Statutory Trusts | Information related to United’s statutory trusts is presented in the table below:
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Summary of Quantitative Information Related to Significant Involvement in Unconsolidated Variable Interest Entities | The following table summarizes quantitative information about United’s significant involvement in unconsolidated VIEs:
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Segment Information (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Segment Reporting Information | Information about the reportable segments and reconciliation of this information to the consolidated financial statements at and for the three and six months ended June 30, 2020 and 2019 is as follows:
|
Mergers and Acquisitions - Summary of Reconciliation of Difference Between Purchase Price and Par Value of Purchase Credit Loans Acquired (Detail) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | |
---|---|---|---|
May 01, 2020 |
Jun. 30, 2020 |
Jun. 30, 2020 |
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Disclosure Detail of Reconciliation of Difference Between Purchase Price and Par Value of Purchase Credit Loans Acquired [Line Items] | |||
Allowance for credit losses at acquisition | $ 18,635 | $ 18,635 | |
Carolina Financial [Member] | |||
Disclosure Detail of Reconciliation of Difference Between Purchase Price and Par Value of Purchase Credit Loans Acquired [Line Items] | |||
Purchase price of PCD loans at acquisition | $ 1,053,014 | ||
Allowance for credit losses at acquisition | 18,635 | ||
Non-credit discount at acquisition | 10,259 | ||
Par value (UPB) of acquired PCD loans at acquisition | $ 1,081,908 |
Mergers and Acquisitions - Summary of Business Acquisitions, by Acquisition (Parenthetical) (Detail) |
May 01, 2020
shares
|
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Carolina Financial [Member] | |
Business Acquisition [Line Items] | |
Business combination shares issued during the year | 28,031,501 |
Mergers and Acquisitions - Summary Of Operating Cost Savings And Other Business Synergies (Detail) - Carolina Financial [Member] - USD ($) $ in Thousands |
6 Months Ended | |
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Jun. 30, 2020 |
Jun. 30, 2019 |
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Business Acquisition ProForma Information [Line Items] | ||
Total Revenues | $ 485,327 | $ 461,393 |
Net Income | $ 71,420 | $ 165,930 |
Investment Securities - Summary of Gains or Losses on Proceeds from Maturities, Sales and Calls of Available for Sale Securities by Specific Identification Method (Detail) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2020 |
Jun. 30, 2019 |
Jun. 30, 2020 |
Jun. 30, 2019 |
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Investments, Debt and Equity Securities [Abstract] | ||||
Proceeds from sales and calls | $ 280,780 | $ 188,432 | $ 413,706 | $ 384,763 |
Gross realized gains | 1,565 | 739 | 1,818 | 754 |
Gross realized losses | $ 98 | $ 608 | $ 177 | $ 972 |
Investment Securities - Summary of Maturities of Securities Available for Sale by Amortized Cost and Estimated Fair Value (Detail) - USD ($) $ in Thousands |
Jun. 30, 2020 |
Dec. 31, 2019 |
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Investments, Debt and Equity Securities [Abstract] | ||
Due in one year or less, Amortized Cost | $ 125,837 | $ 92,422 |
Due after one year through five years, Amortized Cost | 497,487 | 583,715 |
Due after five years through ten years, Amortized Cost | 634,934 | 564,922 |
Due after ten years, Amortized Cost | 1,472,092 | 1,185,865 |
Amortized Cost | 2,730,350 | 2,426,924 |
Due in one year or less, Estimated Fair Value | 127,307 | 92,473 |
Due after one year through five years, Estimated Fair Value | 514,819 | 592,850 |
Due after five years through ten years, Estimated Fair Value | 658,516 | 568,241 |
Due after ten years, Estimated Fair Value | 1,499,299 | 1,183,732 |
Total available for sale securities | $ 2,799,941 | $ 2,437,296 |
Investment Securities - Summary of Equity Securities (Detail) - Marketable Equity Securities [Member] - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2020 |
Jun. 30, 2019 |
Jun. 30, 2020 |
Jun. 30, 2019 |
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Debt Securities, Available-for-sale [Line Items] | ||||
Net gains recognized during the period | $ 43 | $ 55 | $ 65 | $ 244 |
Net gains recognized during the period on equity securities sold | 1 | 2 | 7 | 134 |
Unrealized gains recognized during the period on equity securities still held at period end | 43 | 64 | 114 | 122 |
Unrealized losses recognized during the period on equity securities still held at period end | $ (1) | $ (11) | $ (56) | $ (12) |
Loans - Major Classes of Loans And Leases (Detail) - USD ($) $ in Thousands |
Jun. 30, 2020 |
Dec. 31, 2019 |
---|---|---|
Commercial, financial, and agricultural | ||
Total commercial, financial & agricultural | $ 10,743,055 | $ 7,452,649 |
Residential real estate | 4,310,156 | 3,686,401 |
Construction & land development | 1,775,728 | 1,408,205 |
Consumer: | ||
Bankcard | 8,465 | 10,074 |
Other consumer | 1,195,150 | 1,156,219 |
Total Financing Receivables | 18,032,554 | 13,713,548 |
Owner-Occupied Commercial Real Estate [Member] | ||
Commercial, financial, and agricultural | ||
Total commercial, financial & agricultural | 1,624,760 | 1,201,652 |
Nonowner-Occupied Commercial Real Estate [Member] | ||
Commercial, financial, and agricultural | ||
Total commercial, financial & agricultural | 5,004,790 | 3,965,960 |
Other Commercial Loans And Leases [Member] | ||
Commercial, financial, and agricultural | ||
Total commercial, financial & agricultural | $ 4,113,505 | $ 2,285,037 |
Loans - Additional Information (Detail) - USD ($) $ in Thousands |
Jun. 30, 2020 |
Dec. 31, 2019 |
---|---|---|
Loans held for sale | $ 625,984 | $ 387,514 |
Other Commercial Loans [Member] | Carolina Financial [Member] | ||
Business combination lease receivable acquired gross outstanding | $ 13,372 | |
Other Commercial Loans [Member] | Carolina Financial [Member] | Maximum [Member] | ||
Business combination lease receivable acquired lease term | 60 months | |
Other Commercial Loans [Member] | Carolina Financial [Member] | Minimum [Member] | ||
Business combination lease receivable acquired lease term | 12 months | |
Directors and Officers [Member] | ||
Related party loans | $ 35,816 | $ 38,558 |
Credit Quality - Additional Information (Detail) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | 12 Months Ended |
---|---|---|---|
Jun. 30, 2020 |
Jun. 30, 2020 |
Dec. 31, 2019 |
|
Minimum days for discontinue of accrual interest on commercial and consumer loan | 90 days | ||
Maximum days for discontinue of accrual interest on commercial and consumer loan | 120 days | ||
Troubled debt restructuring | $ 77,436 | $ 58,369 | |
Restructured loans on nonaccrual status | $ 59,916 | $ 59,916 | 48,387 |
Minimum number of days required for special mention | 30 days | ||
Maximum number of days required for special mention | 89 days | ||
OREO | 29,947 | $ 29,947 | 15,515 |
Recorded investment of consumer mortgage loans | 1,738 | 1,738 | 890 |
Troubled debt restructurings post modification additional funds recorded investment | $ 124 | ||
Description of Credit Risk Exposure | For United’s loans with a corporate credit exposure, United analyzes loans individually to classify the loans as to credit risk. Review and analysis of criticized (special mention-rated loans in the amount of $1,000 or greater) and classified (substandard-rated and worse in the amount of $500 and greater) loans is completed once per quarter. Review of notes with committed exposure of $2,000 or greater is completed at least annually. | ||
Payments under funding commitments | 38 | $ 111 | |
Loans Modification Explanation | As provided for under the CARES Act, these loan modifications are exempt by law from classification as a TDR as defined by GAAP, from the period beginning March 1, 2020 until the earlier of December 31, 2020 or the date that is 60 days after the date | ||
Payment Deferral [Member] | Minimum [Member] | |||
Loans Repayments Minimum Term | 90 days | ||
Loans Repayments Maximum Term | 180 days | ||
Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | |||
Restructured loans on nonaccrual status | $ 544 | $ 544 | $ 902 |
Credit Quality - Schedule of Age Analysis of its Past Due Loans, Segregated by Class of Loans (Parenthetical) (Detail) $ in Thousands |
Dec. 31, 2019
USD ($)
|
---|---|
Financing Receivable, Recorded Investment, Past Due [Line Items] | |
Acquired impaired loans from merger | $ 13,713,548 |
Loans Acquired with Deteriorated Credit Quality [Member] | |
Financing Receivable, Recorded Investment, Past Due [Line Items] | |
Acquired impaired loans from merger | 96,004 |
Loans Acquired with Deteriorated Credit Quality [Member] | Loans and Debt Securities Acquired with Deteriorated Credit Quality [Member] | |
Financing Receivable, Recorded Investment, Past Due [Line Items] | |
Acquired impaired loans from merger | $ 96,004 |
Allowance for Credit Losses - Additional Information (Detail) - USD ($) $ in Thousands |
6 Months Ended | |
---|---|---|
Jun. 30, 2020 |
Dec. 31, 2019 |
|
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Reserve for lending-related commitments | $ 11,946 | $ 1,733 |
Maximum Period Related To Accrual Of Interest On Discontinued Loans | 90 days | |
Accrued interest receivable | $ 56,124 | $ 48,130 |
Intangible Assets - Reconciliation of Goodwill (Detail) $ in Thousands |
6 Months Ended |
---|---|
Jun. 30, 2020
USD ($)
| |
Goodwill [Line Items] | |
Goodwill at December 31, 2019 | $ 1,478,014 |
Preliminary addition to goodwill from Carolina Financial acquisition | 316,765 |
Goodwill at june 30, 2020 | 1,794,779 |
Community Banking [Member] | |
Goodwill [Line Items] | |
Goodwill at December 31, 2019 | 1,472,699 |
Preliminary addition to goodwill from Carolina Financial acquisition | 316,765 |
Goodwill at june 30, 2020 | 1,789,464 |
Mortgage Banking [Member] | |
Goodwill [Line Items] | |
Goodwill at December 31, 2019 | 5,315 |
Preliminary addition to goodwill from Carolina Financial acquisition | 0 |
Goodwill at june 30, 2020 | $ 5,315 |
Intangible Assets - Additional Information (Detail) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2020 |
Jun. 30, 2019 |
Jun. 30, 2020 |
Jun. 30, 2019 |
|
Amortization Expense On Intangible Assets | $ 1,646 | $ 1,754 | $ 3,223 | $ 3,508 |
Intangible Assets - Schedule of Anticipated Amortization Expense (Detail) $ in Thousands |
Dec. 31, 2019
USD ($)
|
---|---|
Goodwill and Intangible Assets Disclosure [Abstract] | |
2020 | $ 6,612 |
2021 | 5,780 |
2022 | 4,939 |
2023 | 4,641 |
2024 and thereafter | $ 9,916 |
Mortage Servicing Rights - Summary of Activity in Mortgage Servicing Rights (Detail) $ in Thousands |
2 Months Ended | 3 Months Ended | 6 Months Ended |
---|---|---|---|
Jun. 30, 2020
USD ($)
|
Jun. 30, 2020
USD ($)
|
Jun. 30, 2020
USD ($)
|
|
Servicing Asset at Amortized Cost [Line Items] | |||
Addition from acquisition of subsidiary | $ 20,123 | ||
MSRs valuation allowance beginning balance | $ 0 | 0 | |
MSRs impairment | $ (710) | (710) | (710) |
MSRs valuation allowance ending balance | (710) | (710) | (710) |
MSRs, net of valuation allowance | 20,200 | 20,200 | 20,200 |
Mortgage Servicing Rights [Member] | |||
Servicing Asset at Amortized Cost [Line Items] | |||
MSRs beginning balance | 0 | 0 | |
Addition from acquisition of subsidiary | 20,123 | 20,123 | |
Amount capitalized | 1,891 | 1,891 | |
Purchased servicing | 0 | 0 | |
Amount amortized | (1,104) | (1,104) | |
MSRs ending balance | $ 20,910 | $ 20,910 | 20,910 |
MSRs impairment | $ (710) |
Leases - Additional Information (Detail) |
Jun. 30, 2020 |
---|---|
Operating leases, option to extend term | 5 years |
Maximum [Member] | |
Operating lease remaining lease term | 13 years |
Minimum [Member] | |
Operating lease remaining lease term | 1 year |
Leases - Components of Lease Expense (Detail) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2020 |
Jun. 30, 2019 |
Jun. 30, 2020 |
Jun. 30, 2019 |
|
Operating lease cost | $ 5,895 | $ 4,886 | $ 10,961 | $ 9,707 |
Sublease income | (189) | (197) | (394) | (473) |
Net lease cost | $ 5,706 | $ 4,689 | $ 10,567 | $ 9,234 |
Leases - Supplemental Balance Sheet Information Related to Leases (Detail) - USD ($) $ in Thousands |
Jun. 30, 2020 |
Dec. 31, 2019 |
---|---|---|
Operating lease right-of-use assets | $ 70,655 | $ 57,783 |
Operating lease liabilities | $ 74,435 | $ 61,342 |
Leases - Other Information Related to Leases (Detail) |
Jun. 30, 2020 |
---|---|
Weightedaverage remaining lease term [Abstract] | |
Operating leases | 5 years 6 months |
Weightedaverage discount rate [Abstract] | |
Operating leases | 2.68% |
Leases - Supplemental Cash Flow Information Related to Leases (Detail) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2020 |
Jun. 30, 2019 |
Jun. 30, 2020 |
Jun. 30, 2019 |
|
Cash paid for amounts in the measurement of lease liabilities [Abstract] | ||||
Operating cash flows from operating leases | $ 5,722 | $ 4,931 | $ 10,739 | $ 9,649 |
ROU assets obtained in the exchange for lease liabilities | $ 8,549 | $ 4,214 | $ 12,332 | $ 4,416 |
Leases - Maturities of Lease Liabilities by Year (Detail) - USD ($) $ in Thousands |
Jun. 30, 2020 |
Dec. 31, 2019 |
---|---|---|
2020 | $ 10,670 | $ 17,725 |
2021 | 18,884 | 15,180 |
2022 | 14,782 | 11,522 |
2023 | 11,412 | 8,751 |
2024 | 7,264 | 5,127 |
Thereafter | 16,909 | 8,190 |
Total lease payments | 79,921 | 66,495 |
Less: imputed interest | (5,486) | (5,153) |
Total | $ 74,435 | $ 61,342 |
Short-Term Borrowings - Additional Information (Detail) |
6 Months Ended |
---|---|
Jun. 30, 2020
USD ($)
| |
Short-term Debt [Line Items] | |
Unused lines of credit | $ 230,000 |
Federal funds purchased | 0 |
Repurchase agreements | 176,168 |
Unrelated Financial Institution [Member] | |
Short-term Debt [Line Items] | |
Unused lines of credit | $ 20,000 |
Renewal period of line of credit | 360-day |
Amount of outstanding balance under line of credit | $ 0 |
Long-Term Borrowings - Additional Information (Detail) - USD ($) |
6 Months Ended | |
---|---|---|
Jun. 30, 2020 |
Dec. 31, 2019 |
|
Debt Instrument [Line Items] | ||
Unused borrowing amount | $ 4,278,441 | |
Outstanding balances of debentures | $ 279,012 | $ 236,164 |
Maximum time to defer payment of interest on subordinate debt | 5 years | |
Advances from Federal Home Loan Banks | $ 1,354,879,000 | $ 1,851,865,000 |
Federal Home Loan Bank, Advances, Activity for Year, Average Interest Rate for Year | 1.59% | |
Advances From Federal Home Loan Banks Maximum Maturity Period | 5 years |
Long -Term Borrowings - Schedule of Maturities of Long-term Borrowings (Detail) $ in Thousands |
Jun. 30, 2020
USD ($)
|
---|---|
Debt Disclosure [Abstract] | |
2020 | $ 495,170 |
2021 | 827,724 |
2022 | 20,989 |
2023 | 0 |
2024 and thereafter | 10,996 |
Total | $ 1,354,879 |
Commitments and Contingent Liabilities - Additional Information (Detail) - USD ($) |
6 Months Ended | |
---|---|---|
Jun. 30, 2020 |
Dec. 31, 2019 |
|
Loss Contingencies [Line Items] | ||
Loan commitments outstanding | $ 5,302,560 | $ 3,610,777 |
Loan commitments expiry period | 1 year | |
George Mason [Member] | ||
Loss Contingencies [Line Items] | ||
Reserve for possible losses due to the repurchase of loans previously sold to investors | $ 1,330 | |
Commitments to Extend Credit [Member] | George Mason [Member] | Short-term Contract with Customer [Member] | ||
Loss Contingencies [Line Items] | ||
Additional commitments to extend credit | 498,512 | |
Commercial Letters of Credit [Member] | ||
Loss Contingencies [Line Items] | ||
Letters of credit issued | 5,092 | 5,092 |
Standby Letters of Credit [Member] | ||
Loss Contingencies [Line Items] | ||
Letters of credit issued | $ 147,940 | $ 145,105 |
Derivative Financial Instruments - Additional information (Detail) - USD ($) $ in Thousands |
6 Months Ended | |
---|---|---|
Jun. 30, 2020 |
Dec. 31, 2019 |
|
Derivative [Line Items] | ||
Derivative liabilities notional amount | $ 515,725 | $ 356,243 |
Federal Home Loan Bank Borrowings [Member] | Interest Rate Cash Flow Hedge [Member] | ||
Derivative [Line Items] | ||
Derivative liabilities notional amount | $ 250,000 | |
Derivative instrument pay fixed rate of interest and receive floating rate | 0.59% | |
Derivative instrument term of the interest rate swap | 10 years | |
Cash flow hedge reclassification amount to be reclassified from aoci to income in the next twelve months | $ 1,095 | |
Fair value of interest rate swaps liability net | $ 0 |
Derivative Financial Instruments - Summary of Carrying Amount Hedged Assets/(Liabilities) (Detail) - Designated as Hedging Instrument [Member] - Interest Rate Swap [Member] - Loans Net Of Unearned Income [Member] - USD ($) $ in Thousands |
Jun. 30, 2020 |
Dec. 31, 2019 |
---|---|---|
Carrying Amount of the Hedged Assets/(Liabilities) | $ 80,048 | $ 81,397 |
Cumulative Amount of Fair Value Hedging Adjustment Included in the Carrying Amount of the Hedged Assets/(Liabilities) | (8,424) | (2,394) |
Cumulative Amount of Fair Value Hedging Adjustment Remaining for any Hedged Assets/(Liabilities) for which Hedge Accounting has been Discontinued | $ 0 | $ 0 |
Fair Value Measurements - Schedule of Additional Information about Financial Assets and Liabilities Measured at Fair Value Utilized Level 3 (Detail) - Fair Value, Measurements, Recurring [Member] - USD ($) $ in Thousands |
6 Months Ended | 12 Months Ended |
---|---|---|
Jun. 30, 2020 |
Dec. 31, 2019 |
|
Trust Preferred Collateralized Debt Obligations [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Balance, beginning of period | $ 4,703 | $ 5,917 |
Included in earnings (or changes in net assets) | 0 | (155) |
Included in other comprehensive income | 2,318 | (1,059) |
Acquired in Carolina Financial merger | 5,816 | 0 |
Balance, end of period | 12,837 | 4,703 |
The amount of total gains or losses for the period included in earnings (or changes in net assets) attributable to the change in unrealized gains or losses relating to assets still held at reporting date | 0 | 0 |
Loans Held For Sale [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Balance, beginning of period | 384,375 | 247,104 |
Included in earnings (or changes in net assets) | 78,712 | 83,806 |
Originations | 2,363,759 | 2,941,722 |
Sales | (2,261,049) | (2,888,257) |
Balance, end of period | 565,797 | 384,375 |
The amount of total gains or losses for the period included in earnings (or changes in net assets) attributable to the change in unrealized gains or losses relating to assets still held at reporting date | 0 | 0 |
Interest Rate Lock Commitments [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Balance, beginning of period | 4,518 | 4,103 |
Transfers other | 15,902 | 415 |
Balance, end of period | 20,420 | 4,518 |
The amount of total gains or losses for the period included in earnings (or changes in net assets) attributable to the change in unrealized gains or losses relating to assets still held at reporting date | $ 0 | $ 0 |
Fair Value Measurements - Schedule of Changes in Fair Value Included in Earnings of Financial Instruments for which Fair Value Option has been Elected (Detail) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2020 |
Jun. 30, 2019 |
Jun. 30, 2020 |
Jun. 30, 2019 |
|
Mortgage Banking [Member] | ||||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||||
Income from mortgage banking activities | $ 8,846 | $ 4,578 | $ 10,471 | $ 6,542 |
Fair Value Measurements - Summary of Difference Between Aggregate Fair Value and Remaining Contractual Principal Outstanding for Financial Instruments for which Fair Value Option has been Elected (Detail) - USD ($) $ in Thousands |
Jun. 30, 2020 |
Dec. 31, 2019 |
---|---|---|
Fair Value Disclosures [Abstract] | ||
Loans held for sale, unpaid principal balance | $ 591,397 | $ 375,274 |
Loans held for sale, fair value | 611,277 | 384,375 |
Loans held for sale, fair value over/(under) unpaid principal balance | $ 19,880 | $ 9,101 |
Fair Value Measurements - Summary of Financial Assets Measured at Fair Value on Nonrecurring Basis (Detail) - USD ($) $ in Thousands |
2 Months Ended | 3 Months Ended | 6 Months Ended | 12 Months Ended |
---|---|---|---|---|
Jun. 30, 2020 |
Jun. 30, 2020 |
Jun. 30, 2020 |
Dec. 31, 2019 |
|
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
YTD Losses, Loans held for sale | $ (2) | $ (4) | ||
YTD Losses, Individually assessed loans | 568 | |||
YTD Losses, Impaired Loans | 1,831 | |||
YTD Losses, OREO | (440) | (785) | ||
YTD Losses, Mortgage servicing rights | $ (710) | $ (710) | (710) | |
Loans held for sale | 611,277 | 611,277 | 611,277 | 384,375 |
Individually assessed loans | 123,505 | |||
OREO | 29,947 | 29,947 | 29,947 | 15,515 |
Mortgage servicing rights | 20,200 | 20,200 | 20,200 | |
Mortgage Servicing Rights [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
YTD Losses, Mortgage servicing rights | (710) | |||
Fair Value, Measurements, Nonrecurring [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Loans held for sale | 14,707 | 14,707 | 14,707 | 3,139 |
Individually assessed loans | 59,488 | 59,488 | 59,488 | |
Impaired Loans | 68,213 | |||
OREO | 29,947 | 29,947 | 29,947 | 15,515 |
Fair Value, Measurements, Nonrecurring [Member] | Mortgage Servicing Rights [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Mortgage servicing rights | 20,200 | 20,200 | 20,200 | |
Fair Value, Measurements, Nonrecurring [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Loans held for sale | 0 | 0 | 0 | 0 |
Individually assessed loans | 0 | 0 | 0 | |
Impaired Loans | 0 | |||
OREO | 0 | 0 | 0 | 0 |
Fair Value, Measurements, Nonrecurring [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Mortgage Servicing Rights [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Mortgage servicing rights | 0 | 0 | 0 | |
Fair Value, Measurements, Nonrecurring [Member] | Significant Other Observable Inputs (Level 2) [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Loans held for sale | 14,707 | 14,707 | 14,707 | 3,139 |
Individually assessed loans | 49,732 | 49,732 | 49,732 | |
Impaired Loans | 55,792 | |||
OREO | 29,898 | 29,898 | 29,898 | 15,495 |
Fair Value, Measurements, Nonrecurring [Member] | Significant Other Observable Inputs (Level 2) [Member] | Mortgage Servicing Rights [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Mortgage servicing rights | 0 | 0 | 0 | |
Fair Value, Measurements, Nonrecurring [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Loans held for sale | 0 | 0 | 0 | 0 |
Individually assessed loans | 9,756 | 9,756 | 9,756 | |
Impaired Loans | 12,421 | |||
OREO | 49 | 49 | 49 | $ 20 |
Fair Value, Measurements, Nonrecurring [Member] | Significant Unobservable Inputs (Level 3) [Member] | Mortgage Servicing Rights [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Mortgage servicing rights | $ 20,200 | $ 20,200 | $ 20,200 |
Fair Value Measurements - Summary of Estimated Fair Values of Financial Instruments (Detail) - USD ($) $ in Thousands |
Jun. 30, 2020 |
Dec. 31, 2019 |
Jun. 30, 2019 |
Dec. 31, 2018 |
---|---|---|---|---|
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Cash and cash equivalents | $ 2,062,813 | $ 837,493 | $ 1,253,573 | $ 1,020,396 |
Securities available for sale | 2,799,941 | 2,437,296 | ||
Securities held to maturity | 1,221 | 1,446 | ||
Other securities | 251,161 | 222,161 | ||
Loans held for sale | 625,984 | 387,514 | ||
Net loans | 17,992,402 | 13,712,129 | ||
Mortgage servicing rights | 20,200 | 0 | ||
Deposits | 19,893,843 | 13,852,421 | ||
Carrying Amount [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Cash and cash equivalents | 2,062,813 | 837,493 | ||
Securities available for sale | 2,799,941 | 2,437,296 | ||
Securities held to maturity | 1,221 | 1,446 | ||
Other securities | 251,161 | 222,161 | ||
Loans held for sale | 625,984 | 387,514 | ||
Net loans | 17,777,281 | 13,635,072 | ||
Derivative financial assets | 29,578 | 4,527 | ||
Mortgage servicing rights | 20,200 | |||
Deposits | 19,893,843 | 13,852,421 | ||
Short-term borrowings | 176,168 | 374,654 | ||
Long-term borrowings | 1,633,891 | 1,838,029 | ||
Derivative financial liabilities | 14,307 | 3,065 | ||
Carrying Amount [Member] | Marketable Equity Securities [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Equity securities | 9,875 | 8,894 | ||
Fair Value [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Cash and cash equivalents | 2,062,813 | 837,493 | ||
Securities available for sale | 2,799,941 | 2,437,296 | ||
Securities held to maturity | 1,220 | 1,447 | ||
Other securities | 238,603 | 211,053 | ||
Loans held for sale | 625,984 | 387,514 | ||
Net loans | 17,191,993 | 13,185,955 | ||
Derivative financial assets | 29,578 | 4,527 | ||
Mortgage servicing rights | 20,200 | |||
Deposits | 19,902,498 | 13,843,077 | ||
Short-term borrowings | 176,168 | 374,654 | ||
Long-term borrowings | 1,597,685 | 1,820,297 | ||
Derivative financial liabilities | 14,307 | 3,065 | ||
Fair Value [Member] | Marketable Equity Securities [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Equity securities | 9,875 | 8,894 | ||
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Cash and cash equivalents | 0 | 0 | ||
Securities available for sale | 6,432 | 6,586 | ||
Securities held to maturity | 0 | 0 | ||
Other securities | 0 | 0 | ||
Loans held for sale | 0 | 0 | ||
Net loans | 0 | 0 | ||
Derivative financial assets | 0 | 0 | ||
Mortgage servicing rights | 0 | |||
Deposits | 0 | 0 | ||
Short-term borrowings | 0 | 0 | ||
Long-term borrowings | 0 | 0 | ||
Derivative financial liabilities | 0 | 0 | ||
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Marketable Equity Securities [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Equity securities | 9,875 | 8,894 | ||
Significant Other Observable Inputs (Level 2) [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Cash and cash equivalents | 2,062,813 | 837,493 | ||
Securities available for sale | 2,780,672 | 2,426,007 | ||
Securities held to maturity | 200 | 427 | ||
Other securities | 0 | 0 | ||
Loans held for sale | 60,187 | 3,139 | ||
Net loans | 0 | 0 | ||
Derivative financial assets | 9,158 | 9 | ||
Mortgage servicing rights | 0 | |||
Deposits | 19,902,498 | 13,843,077 | ||
Short-term borrowings | 176,168 | 374,654 | ||
Long-term borrowings | 1,597,685 | 1,820,297 | ||
Derivative financial liabilities | 14,307 | 3,065 | ||
Significant Other Observable Inputs (Level 2) [Member] | Marketable Equity Securities [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Equity securities | 0 | 0 | ||
Significant Unobservable Inputs (Level 3) [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Cash and cash equivalents | 0 | 0 | ||
Securities available for sale | 12,837 | 4,703 | ||
Securities held to maturity | 1,020 | 1,020 | ||
Other securities | 238,603 | 211,053 | ||
Loans held for sale | 565,797 | 384,375 | ||
Net loans | 17,191,993 | 13,185,955 | ||
Derivative financial assets | 20,420 | 4,518 | ||
Mortgage servicing rights | 20,200 | |||
Deposits | 0 | 0 | ||
Short-term borrowings | 0 | 0 | ||
Long-term borrowings | 0 | 0 | ||
Derivative financial liabilities | 0 | 0 | ||
Significant Unobservable Inputs (Level 3) [Member] | Marketable Equity Securities [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Equity securities | $ 0 | $ 0 |
Stock Based Compensation - Additional Information (Detail) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | 12 Months Ended | |||
---|---|---|---|---|---|---|
Jun. 30, 2020 |
Jun. 30, 2019 |
Jun. 30, 2020 |
Jun. 30, 2019 |
Dec. 31, 2019 |
May 12, 2020 |
|
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Authorized shares of stock, option plan, maximum | 2,300,000 | |||||
Maximum number of shares of restricted stock or shares subject to a restricted stock units award granted | 50,000 | |||||
Maximum number of options and SARs | 100,000 | |||||
Maximum number of stock options and SARs awarded | 10,000 | |||||
Maximum number of Shares of restricted stock or shares subject to a restricted stock units award granted to individual non-employee director | 10,000 | |||||
Vesting period of awards | 1/3 per year | |||||
Recognition of compensation expense | $ 1,369 | $ 1,198 | $ 2,622 | $ 2,311 | ||
Maximum term for awards granted (years) | 10 years | |||||
Shares issued related stock option exercises | 14,994 | 47,960 | ||||
Total intrinsic value of options exercised | $ 249 | $ 713 | ||||
Restricted Stock [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Vesting period | 0 months |
Stock Based Compensation - Summary of Stock Option Plans (Detail) $ / shares in Units, $ in Thousands |
6 Months Ended | |
---|---|---|
Jun. 30, 2020
USD ($)
$ / shares
shares
|
Jun. 30, 2019
shares
|
|
Disclosure Stock Based Compensation Stock Option Plan [Abstract] | ||
Shares, Outstanding, Beginning balance | shares | 1,715,316 | |
Shares, Assumed | shares | 117,116 | |
Shares, Granted | shares | 183,551 | |
Shares, Exercised | shares | (14,994) | (47,960) |
Shares, Forfeited or expired | shares | (8,915) | |
Shares, Outstanding, Ending balance | shares | 1,992,074 | |
Shares, Exercisable at June 30, 2020 | shares | 1,446,719 | |
Aggregate Intrinsic Value, Outstanding at June 30, 2020 | $ | $ 2,513 | |
Aggregate Intrinsic Value, Exercisable at June 30, 2020 | $ | $ 2,513 | |
Weighted Average Remaining Contractual Term, Outstanding at June 30, 2020 | 5 years 6 months | |
Weighted Average Remaining Contractual Term, Exercisable at June 30, 2020 | 4 years 4 months 24 days | |
Weighted Average Exercise Price, Outstanding, Beginning balance | $ / shares | $ 34.49 | |
Weighted Average Exercise Price, Assumed | $ / shares | 12.14 | |
Weighted Average Exercise Price, Granted | $ / shares | 32.51 | |
Weighted Average Exercise Price, Exercised | $ / shares | 20.48 | |
Weighted Average Exercise Price, Forfeited or expired | $ / shares | 28.47 | |
Weighted Average Exercise Price, Outstanding, Ending balance | $ / shares | 33.13 | |
Weighted Average Exercise Price, Exercisable | $ / shares | $ 31.67 |
Stock Based Compensation - Status of United's Nonvested Stock Option Awards (Detail) |
6 Months Ended |
---|---|
Jun. 30, 2020
$ / shares
shares
| |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Shares, Nonvested, Beginning balance | shares | 589,737 |
Shares, Granted | shares | 183,551 |
Shares, Vested | shares | (225,582) |
Shares, Forfeited or expired | shares | (2,351) |
Shares, Nonvested, Ending balance | shares | 545,355 |
Weighted-Average Grant Date Fair Value Per Share, Nonvested Beginning balance | $ / shares | $ 7.62 |
Weighted-Average Grant Date Fair Value Per Share, Granted | $ / shares | 5.65 |
Weighted-Average Grant Date Fair Value Per Share, Vested | $ / shares | 7.68 |
Weighted-Average Grant Date Fair Value Per Share, Forfeited or expired | $ / shares | 7.32 |
Weighted-Average Grant Date Fair Value Per Share, Nonvested Ending balance | $ / shares | $ 6.93 |
Stock Based Compensation - Changes to United's Restricted Common Shares (Detail) - Restricted Stock [Member] |
6 Months Ended |
---|---|
Jun. 30, 2020
$ / shares
shares
| |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Number of Shares, Outstanding, Beginning balance | shares | 247,896 |
Shares, Granted | shares | 175,495 |
Shares, Vested | shares | (88,671) |
Shares, Forfeited | shares | (946) |
Number of Shares, Outstanding, Ending balance | shares | 333,774 |
Weighted-Average Grant Date Fair Value Per Share, Outstanding, Beginning balance | $ / shares | $ 39.20 |
Weighted-Average Grant Date Fair Value Per Share, Granted | $ / shares | 32.51 |
Weighted-Average Grant Date Fair Value Per Share, Vested | $ / shares | 39.32 |
Weighted-Average Grant Date Fair Value Per Share, Forfeited | $ / shares | 36.58 |
Weighted-Average Grant Date Fair Value Per Share, Outstanding, Ending balance | $ / shares | $ 35.66 |
Employee Benefit Plans - Additional Information (Detail) - USD ($) $ in Thousands |
6 Months Ended | ||
---|---|---|---|
Jun. 30, 2020 |
Jun. 30, 2019 |
Dec. 31, 2019 |
|
Defined Benefit Plan Disclosure [Line Items] | |||
Unrecognized actuarial gains (losses), before tax | $ 60,894 | ||
Unrecognized actuarial gains (losses), net of tax | $ 46,706 | ||
Amortization expected to be recognized | $ 5,802 | ||
Amortization expected to be recognized, net of tax | 4,450 | ||
Employer discretionary contribution amount | $ 0 | $ 0 |
Employee Benefit Plans - Net Periodic Pension Cost (Detail) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2020 |
Jun. 30, 2019 |
Jun. 30, 2020 |
Jun. 30, 2019 |
|
Defined Benefit Plan Disclosure [Line Items] | ||||
Service cost | $ 715 | $ 561 | $ 1,430 | $ 1,116 |
Interest cost | 1,286 | 1,459 | 2,573 | 2,901 |
Expected return on plan assets | (2,630) | (2,356) | (5,259) | (4,686) |
Recognized net actuarial loss | 1,442 | 1,184 | 2,884 | 2,355 |
Net periodic pension cost | $ 813 | $ 848 | $ 1,628 | $ 1,686 |
Weighted-Average Assumptions: | ||||
Discount Rate | 3.42% | 4.52% | 3.42% | 4.52% |
Expected return on assets | 6.75% | 7.00% | 6.75% | 7.00% |
Prior to Age 40 [Member] | ||||
Weighted-Average Assumptions: | ||||
Rate of compensation increase | 5.00% | 5.00% | ||
Ages 40 to 54 [Member] | ||||
Weighted-Average Assumptions: | ||||
Rate of compensation increase | 4.00% | 4.00% | ||
Prior to Age 45 [Member] | ||||
Weighted-Average Assumptions: | ||||
Rate of compensation increase | 3.50% | 3.50% | ||
Otherwise [Member] | ||||
Weighted-Average Assumptions: | ||||
Rate of compensation increase | 3.50% | 3.00% | 3.50% | 3.00% |
Income Taxes - Additional Information (Detail) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2020 |
Jun. 30, 2019 |
Jun. 30, 2020 |
Jun. 30, 2019 |
|
Income Taxes [Line Items] | ||||
Accrued interest related to uncertain tax positions | $ 718 | $ 726 | $ 718 | $ 726 |
Effective tax rate | 17.30% | 20.69% | 18.38% | 21.04% |
Comprehensive Income - Components of Total Comprehensive Income (Detail) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||||
---|---|---|---|---|---|---|
Jun. 30, 2020 |
Mar. 31, 2020 |
Jun. 30, 2019 |
Mar. 31, 2019 |
Jun. 30, 2020 |
Jun. 30, 2019 |
|
Comprehensive Income (Loss), Net of Tax, Attributable to Parent [Abstract] | ||||||
Net Income | $ 52,686 | $ 40,183 | $ 67,207 | $ 63,642 | $ 92,869 | $ 130,849 |
AFS securities with OTTI charges during the period | 0 | (75) | 0 | (75) | ||
Related income tax effect | 0 | 17 | 0 | 17 | ||
Less: OTTI charges recognized in net income | 0 | 75 | 0 | 75 | ||
Related income tax benefit | 0 | (17) | 0 | (17) | ||
Reclassification of previous noncredit OTTI to credit OTTI | 0 | 2,188 | 0 | 2,188 | ||
Related income tax benefit | 0 | (510) | 0 | (510) | ||
Net unrealized (losses) gains on AFS securities with OTTI | 0 | 1,678 | 0 | 1,678 | ||
Change in net unrealized gain on AFS securities arising during the period | 37,756 | 21,141 | 60,859 | 43,379 | ||
Related income tax effect | (8,797) | (4,925) | (14,180) | (10,107) | ||
Net reclassification adjustment for (gains) losses included in net income | (1,466) | 130 | (1,641) | (218) | ||
Related income tax expense (benefit) | 341 | (30) | 382 | 51 | ||
Total AFS securities - all other | 27,834 | 16,316 | 45,420 | 33,105 | ||
Net effect of AFS securities on other comprehensive income | 27,834 | 17,994 | 45,420 | 34,783 | ||
Cash flow hedge derivatives: | ||||||
Unrealized loss on cash flow hedge | (1,659) | 0 | (1,659) | 0 | ||
Related income tax effect | 387 | 0 | 387 | 0 | ||
Net effect of cash flow hedge derivatives on other comprehensive income | (1,272) | 0 | (1,272) | 0 | ||
Pension plan: | ||||||
Recognized net actuarial loss | 1,442 | 1,184 | 2,884 | 2,355 | ||
Related income tax benefit | (329) | (275) | (659) | (536) | ||
Net effect of change in pension plan asset on other comprehensive income | 1,113 | 909 | 2,225 | 1,819 | ||
Net current-period other comprehensive income, net of tax | 27,675 | 18,698 | 18,903 | 17,699 | 46,373 | 36,602 |
Total Comprehensive Income | $ 80,361 | $ 58,881 | $ 86,110 | $ 81,341 | $ 139,242 | $ 167,451 |
Comprehensive Income - Components of Accumulated Other Comprehensive Income (Detail) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||||
---|---|---|---|---|---|---|
Jun. 30, 2020 |
Mar. 31, 2020 |
Jun. 30, 2019 |
Mar. 31, 2019 |
Jun. 30, 2020 |
Jun. 30, 2019 |
|
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||
Beginning Balance | $ 3,343,702 | $ 3,363,833 | $ 3,286,891 | $ 3,251,624 | $ 3,363,833 | $ 3,251,624 |
Net current-period other comprehensive income, net of tax | 27,675 | 18,698 | 18,903 | 17,699 | 46,373 | 36,602 |
Ending Balance | 4,197,855 | 3,343,702 | 3,333,858 | 3,286,891 | 4,197,855 | 3,333,858 |
Pension Plan [Member] | ||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||
Beginning Balance | (42,825) | (42,825) | ||||
Other comprehensive income before reclassification | 0 | |||||
Amounts reclassified from accumulated other comprehensive income | 2,225 | |||||
Net current-period other comprehensive income, net of tax | 2,225 | |||||
Ending Balance | (40,600) | (40,600) | ||||
Unrealized Gains/Losses on AFS Securities [Member] | ||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||
Beginning Balance | 7,956 | 7,956 | ||||
Other comprehensive income before reclassification | 46,679 | |||||
Amounts reclassified from accumulated other comprehensive income | (1,259) | |||||
Net current-period other comprehensive income, net of tax | 45,420 | |||||
Ending Balance | 53,376 | 53,376 | ||||
Accumulated Gain (Loss) Net Cash Flow Hedge Parent [Member] | ||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||
Beginning Balance | 0 | 0 | ||||
Other comprehensive income before reclassification | (1,272) | |||||
Amounts reclassified from accumulated other comprehensive income | 0 | |||||
Net current-period other comprehensive income, net of tax | (1,272) | |||||
Ending Balance | (1,272) | (1,272) | ||||
Accumulated Other Comprehensive Income (Loss) [Member] | ||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||
Beginning Balance | (16,171) | (34,869) | (39,270) | (57,019) | (34,869) | (57,019) |
Other comprehensive income before reclassification | 45,407 | |||||
Amounts reclassified from accumulated other comprehensive income | 966 | |||||
Net current-period other comprehensive income, net of tax | 27,675 | 18,698 | 18,903 | 17,699 | 46,373 | |
Ending Balance | $ 11,504 | $ (16,171) | $ (20,367) | $ (39,270) | $ 11,504 | $ (20,367) |
Comprehensive Income - Reclassifications Out of Accumulated Other Comprehensive Income (Detail) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||||||
---|---|---|---|---|---|---|---|---|
Jun. 30, 2020 |
Mar. 31, 2020 |
Jun. 30, 2019 |
Mar. 31, 2019 |
Jun. 30, 2020 |
Jun. 30, 2019 |
|||
Available for sale ("AFS") securities: | ||||||||
Income before income taxes | $ 63,707 | $ 84,736 | $ 113,779 | $ 165,706 | ||||
Related income tax effect | (11,021) | (17,529) | (20,910) | (34,857) | ||||
Net income | 52,686 | $ 40,183 | 67,207 | $ 63,642 | 92,869 | 130,849 | ||
Cash flow hedge: | ||||||||
(gains) included in net income | 63,707 | 84,736 | 113,779 | 165,706 | ||||
Related income tax effect | 11,021 | 17,529 | 20,910 | 34,857 | ||||
Pension plan: | ||||||||
Income before income taxes | 63,707 | 84,736 | 113,779 | 165,706 | ||||
Related income tax effect | (11,021) | (17,529) | (20,910) | (34,857) | ||||
Net income | $ 52,686 | $ 40,183 | $ 67,207 | $ 63,642 | 92,869 | $ 130,849 | ||
Reclassification out of Accumulated Other Comprehensive Income [Member] | ||||||||
Available for sale ("AFS") securities: | ||||||||
Net income | 966 | |||||||
Pension plan: | ||||||||
Net income | 966 | |||||||
Reclassification out of Accumulated Other Comprehensive Income [Member] | Unrealized Gains/Losses on AFS Securities [Member] | ||||||||
Available for sale ("AFS") securities: | ||||||||
Net reclassification adjustment for losses (gains) included in net income | (1,641) | |||||||
Income before income taxes | (1,641) | |||||||
Related income tax effect | 382 | |||||||
Net income | (1,259) | |||||||
Cash flow hedge: | ||||||||
(gains) included in net income | (1,641) | |||||||
Related income tax effect | (382) | |||||||
Pension plan: | ||||||||
Income before income taxes | (1,641) | |||||||
Related income tax effect | 382 | |||||||
Net income | (1,259) | |||||||
Reclassification out of Accumulated Other Comprehensive Income [Member] | Accumulated Gain (Loss) Net Cash Flow Hedge Parent [Member] | ||||||||
Available for sale ("AFS") securities: | ||||||||
Income before income taxes | 0 | |||||||
Related income tax effect | 0 | |||||||
Cash flow hedge: | ||||||||
Net reclassification adjustment for losses | 0 | |||||||
(gains) included in net income | 0 | |||||||
Related income tax effect | 0 | |||||||
Pension plan: | ||||||||
Income before income taxes | 0 | |||||||
Related income tax effect | 0 | |||||||
Reclassification out of Accumulated Other Comprehensive Income [Member] | Accumulated Defined Benefit Plans Adjustment [Member] | ||||||||
Available for sale ("AFS") securities: | ||||||||
Income before income taxes | 2,884 | |||||||
Related income tax effect | (659) | |||||||
Net income | 2,225 | |||||||
Cash flow hedge: | ||||||||
(gains) included in net income | 2,884 | |||||||
Related income tax effect | 659 | |||||||
Pension plan: | ||||||||
Recognized net actuarial loss | [1] | 2,884 | ||||||
Income before income taxes | 2,884 | |||||||
Related income tax effect | (659) | |||||||
Net income | $ 2,225 | |||||||
|
Earnings Per Share - Reconciliation of Numerator and Denominator of Basic Earnings Per Share with that of Diluted Earnings Per Share (Detail) - USD ($) $ / shares in Units, $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2020 |
Jun. 30, 2019 |
Jun. 30, 2020 |
Jun. 30, 2019 |
|
Earnings Per Share [Abstract] | ||||
Distributed earnings allocated to common stock | $ 45,298 | $ 34,604 | $ 80,785 | $ 69,276 |
Undistributed earnings allocated to common stock | 7,262 | 32,446 | 11,840 | 61,276 |
Net earnings allocated to common shareholders | $ 52,560 | $ 67,050 | $ 92,625 | $ 130,552 |
Average common shares outstanding | 119,823,652 | 101,773,643 | 110,559,363 | 101,833,880 |
Equivalents from stock options | 64,171 | 274,202 | 65,613 | 265,929 |
Average diluted shares outstanding | 119,887,823 | 102,047,845 | 110,624,976 | 102,099,809 |
Earnings per basic common share | $ 0.44 | $ 0.66 | $ 0.84 | $ 1.28 |
Earnings per diluted common share | $ 0.44 | $ 0.66 | $ 0.84 | $ 1.28 |
Variable Interest Entities - Additional Information (Detail) |
6 Months Ended |
---|---|
Jun. 30, 2020
Trust
| |
Variable Interest Entity, Not Primary Beneficiary, Disclosures [Abstract] | |
Number of statutory business trusts | 19 |
Percentage of equity shares of each trust owned by the company | 100.00% |
Variable Interest Entities - Information Related to Statutory Trusts (Detail) $ in Thousands |
6 Months Ended |
---|---|
Jun. 30, 2020
USD ($)
| |
United Statutory Trust III [Member] | |
Variable Interest Entity [Line Items] | |
Issuance Date | Dec. 17, 2003 |
Amount of Capital Securities Issued | $ 20,000 |
Stated Interest Rate | 3-month |
Maturity Date | Dec. 17, 2033 |
United Statutory Trust IV [Member] | |
Variable Interest Entity [Line Items] | |
Issuance Date | Dec. 19, 2003 |
Amount of Capital Securities Issued | $ 25,000 |
Stated Interest Rate | 3-month |
Maturity Date | Jan. 23, 2034 |
United Statutory Trust V [Member] | |
Variable Interest Entity [Line Items] | |
Issuance Date | Jul. 12, 2007 |
Amount of Capital Securities Issued | $ 50,000 |
Stated Interest Rate | 3-month |
Maturity Date | Oct. 01, 2037 |
United Statutory Trust VI [Member] | |
Variable Interest Entity [Line Items] | |
Issuance Date | Sep. 20, 2007 |
Amount of Capital Securities Issued | $ 30,000 |
Stated Interest Rate | 3-month |
Maturity Date | Dec. 15, 2037 |
Premier Statutory Trust II [Member] | |
Variable Interest Entity [Line Items] | |
Issuance Date | Sep. 25, 2003 |
Amount of Capital Securities Issued | $ 6,000 |
Stated Interest Rate | 3-month |
Maturity Date | Oct. 08, 2033 |
Premier Statutory Trust III [Member] | |
Variable Interest Entity [Line Items] | |
Issuance Date | May 16, 2005 |
Amount of Capital Securities Issued | $ 8,000 |
Stated Interest Rate | 3-month |
Maturity Date | Jun. 15, 2035 |
Premier Statutory Trust IV [Member] | |
Variable Interest Entity [Line Items] | |
Issuance Date | Jun. 20, 2006 |
Amount of Capital Securities Issued | $ 14,000 |
Stated Interest Rate | 3-month |
Maturity Date | Sep. 23, 2036 |
Premier Statutory Trust V [Member] | |
Variable Interest Entity [Line Items] | |
Issuance Date | Dec. 14, 2006 |
Amount of Capital Securities Issued | $ 10,000 |
Stated Interest Rate | 3-month |
Maturity Date | Mar. 01, 2037 |
Centra Statutory Trust I [Member] | |
Variable Interest Entity [Line Items] | |
Issuance Date | Sep. 20, 2004 |
Amount of Capital Securities Issued | $ 10,000 |
Stated Interest Rate | 3-month |
Maturity Date | Sep. 20, 2034 |
Centra Statutory Trust II [Member] | |
Variable Interest Entity [Line Items] | |
Issuance Date | Jun. 15, 2006 |
Amount of Capital Securities Issued | $ 10,000 |
Stated Interest Rate | 3-month |
Maturity Date | Jul. 07, 2036 |
Virginia Commerce Trust II [Member] | |
Variable Interest Entity [Line Items] | |
Issuance Date | Dec. 19, 2002 |
Amount of Capital Securities Issued | $ 15,000 |
Stated Interest Rate | 6-month |
Maturity Date | Dec. 19, 2032 |
Virginia Commerce Trust III [Member] | |
Variable Interest Entity [Line Items] | |
Issuance Date | Dec. 20, 2005 |
Amount of Capital Securities Issued | $ 25,000 |
Stated Interest Rate | 3-month |
Maturity Date | Feb. 23, 2036 |
Cardinal Statutory Trust I [Member] | |
Variable Interest Entity [Line Items] | |
Issuance Date | Jul. 27, 2004 |
Amount of Capital Securities Issued | $ 20,000 |
Stated Interest Rate | 3-month |
Maturity Date | Sep. 15, 2034 |
UFBC Capital Trust I [Member] | |
Variable Interest Entity [Line Items] | |
Issuance Date | Dec. 30, 2004 |
Amount of Capital Securities Issued | $ 5,000 |
Stated Interest Rate | 3-month |
Maturity Date | Mar. 15, 2035 |
Carolina Financial Capital Trust I [Member] | |
Variable Interest Entity [Line Items] | |
Issuance Date | Dec. 19, 2002 |
Amount of Capital Securities Issued | $ 5,000 |
Stated Interest Rate | Prime |
Maturity Date | Dec. 31, 2032 |
Carolina Financial Capital Trust II [Member] | |
Variable Interest Entity [Line Items] | |
Issuance Date | Nov. 05, 2003 |
Amount of Capital Securities Issued | $ 10,000 |
Stated Interest Rate | 3-month |
Maturity Date | Jan. 07, 2034 |
Greer Capital Trust I [Member] | |
Variable Interest Entity [Line Items] | |
Issuance Date | Oct. 12, 2004 |
Amount of Capital Securities Issued | $ 6,000 |
Stated Interest Rate | 3-month |
Maturity Date | Oct. 18, 2034 |
Greer Capital Trust II [Member] | |
Variable Interest Entity [Line Items] | |
Issuance Date | Dec. 28, 2006 |
Amount of Capital Securities Issued | $ 5,000 |
Stated Interest Rate | 3-month |
Maturity Date | Jan. 30, 2037 |
First South Preferred Trust I [Member] | |
Variable Interest Entity [Line Items] | |
Issuance Date | Sep. 26, 2003 |
Amount of Capital Securities Issued | $ 10,000 |
Stated Interest Rate | 3-month |
Maturity Date | Sep. 30, 2033 |
Variable Interest Entities - Summary of Quantitative Information Related to Significant Involvement in Unconsolidated Variable Interest Entities (Detail) - USD ($) $ in Thousands |
Jun. 30, 2020 |
Dec. 31, 2019 |
Jun. 30, 2019 |
---|---|---|---|
Variable Interest Entity [Line Items] | |||
Aggregate Assets | $ 26,234,973 | $ 19,662,324 | |
Aggregate Liabilities | 22,037,118 | 16,298,491 | |
Risk Of Loss | 26,234,973 | $ 19,882,539 | |
Trust Preferred Securities [Member] | |||
Variable Interest Entity [Line Items] | |||
Risk Of Loss | 10,606 | 9,261 | |
Trust Preferred Securities [Member] | Variable Interest Entity, Not Primary Beneficiary [Member] | |||
Variable Interest Entity [Line Items] | |||
Aggregate Assets | 295,263 | 257,941 | |
Aggregate Liabilities | $ 284,657 | $ 248,680 |
Segment Information - Additional Information (Detail) |
6 Months Ended |
---|---|
Jun. 30, 2020
Segment
| |
Segment Reporting [Abstract] | |
Number of business segment | 2 |
Segment Information - Summary of Segment Reporting Information (Detail) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||||
---|---|---|---|---|---|---|
Jun. 30, 2020 |
Mar. 31, 2020 |
Jun. 30, 2019 |
Mar. 31, 2019 |
Jun. 30, 2020 |
Jun. 30, 2019 |
|
Segment Reporting Information [Line Items] | ||||||
Net interest income | $ 170,602 | $ 150,553 | $ 312,120 | $ 294,721 | ||
Provision for loans losses | 45,911 | 5,417 | 73,030 | 10,413 | ||
Other income | 88,390 | 39,795 | 125,196 | 71,018 | ||
Other expense | 149,374 | 100,195 | 250,507 | 189,620 | ||
Income taxes | 11,021 | 17,529 | 20,910 | 34,857 | ||
Net income | 52,686 | $ 40,183 | 67,207 | $ 63,642 | 92,869 | 130,849 |
Total assets (liabilities) | 26,234,973 | 19,882,539 | 26,234,973 | 19,882,539 | ||
Average assets (liabilities) | 24,402,600 | 19,515,854 | 21,985,381 | 19,383,507 | ||
Operating Segments [Member] | Community Banking [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Net interest income | 167,703 | 152,517 | 308,123 | 298,407 | ||
Provision for loans losses | 45,911 | 5,417 | 73,030 | 10,413 | ||
Other income | 20,301 | 18,398 | 39,868 | 36,050 | ||
Other expense | 106,477 | 82,304 | 186,941 | 158,298 | ||
Income taxes | 5,841 | 17,207 | 16,191 | 34,873 | ||
Net income | 29,775 | 65,987 | 71,829 | 130,873 | ||
Total assets (liabilities) | 25,924,599 | 19,735,901 | 25,924,599 | 19,735,901 | ||
Average assets (liabilities) | 24,198,414 | 19,447,629 | 21,825,005 | 19,324,956 | ||
Operating Segments [Member] | Mortgage Banking [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Net interest income | 2,246 | 111 | 3,195 | 166 | ||
Provision for loans losses | 0 | 0 | 0 | 0 | ||
Other income | 71,013 | 23,501 | 92,203 | 39,607 | ||
Other expense | 35,261 | 18,771 | 56,018 | 33,613 | ||
Income taxes | 6,946 | 1,004 | 7,219 | 1,286 | ||
Net income | 31,052 | 3,837 | 32,161 | 4,874 | ||
Total assets (liabilities) | 730,637 | 442,188 | 730,637 | 442,188 | ||
Average assets (liabilities) | 660,483 | 326,525 | 513,431 | 296,008 | ||
Other [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Net interest income | (2,556) | (3,209) | (5,245) | (6,532) | ||
Provision for loans losses | 0 | 0 | 0 | 0 | ||
Other income | 47 | 53 | 56 | 255 | ||
Other expense | 7,398 | 143 | 8,432 | (77) | ||
Income taxes | (1,766) | (682) | (2,500) | (1,302) | ||
Net income | (8,141) | (2,617) | (11,121) | (4,898) | ||
Total assets (liabilities) | 25,678 | 16,729 | 25,678 | 16,729 | ||
Average assets (liabilities) | 16,574 | 5,387 | 21,756 | 1,824 | ||
Intersegment Eliminations [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Net interest income | 3,209 | 1,134 | 6,047 | 2,680 | ||
Provision for loans losses | 0 | 0 | 0 | 0 | ||
Other income | (2,971) | (2,157) | (6,931) | (4,894) | ||
Other expense | 238 | (1,023) | (884) | (2,214) | ||
Income taxes | 0 | 0 | 0 | 0 | ||
Net income | 0 | 0 | 0 | 0 | ||
Total assets (liabilities) | (445,941) | (312,279) | (445,941) | (312,279) | ||
Average assets (liabilities) | $ (472,871) | $ (263,687) | $ (374,811) | $ (239,281) |
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