Segment Information

6 Months Ended

Jun. 30, 2020

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:

	At and For the Three Months Ended June 30, 2020
	Community Banking		Mortgage Banking		Other			Intersegment Eliminations			Consolidated
Net interest income	$	167,703	$	2,246	$	(2,556	)	$	3,209		$	170,602
Provision for loans losses		45,911		0		0			0			45,911
Other income		20,301		71,013		47			(2,971	)		88,390
Other expense		106,477		35,261		7,398			238			149,374
Income taxes		5,841		6,946		(1,766	)		0			11,021
Net income (loss)	$	29,775	$	31,052	$	(8,141	)	$	0		$	52,686
Total assets (liabilities)	$	25,924,599	$	730,637	$	25,678		$	(445,941	)	$	26,234,973
Average assets (liabilities)		24,198,414		660,483		16,574			(472,871	)		24,402,600
	At and For the Three Months Ended June 30, 2019
	Community Banking		Mortgage Banking		Other			Intersegment Eliminations			Consolidated
Net interest income	$	152,517	$	111	$	(3,209	)	$	1,134		$	150,553
Provision for loans losses		5,417		0		0			0			5,417
Other income		18,398		23,501		53			(2,157	)		39,795
Other expense		82,304		18,771		143			(1,023	)		100,195
Income taxes		17,207		1,004		(682	)		0			17,529
Net income (loss)	$	65,987	$	3,837	$	(2,617	)	$	0		$	67,207
Total assets (liabilities)	$	19,735,901	$	442,188	$	16,729		$	(312,279	)	$	19,882,539
Average assets (liabilities)		19,447,629		326,525		5,387			(263,687	)		19,515,854
	At and For the Six Months Ended June 30, 2020
	Community Banking		Mortgage Banking		Other			Intersegment Eliminations			Consolidated
Net interest income	$	308,123	$	3,195	$	(5,245	)	$	6,047		$	312,120
Provision for loans losses		73,030		0		0			0			73,030
Other income		39,868		92,203		56			(6,931	)		125,196
Other expense		186,941		56,018		8,432			(884	)		250,507
Income taxes		16,191		7,219		(2,500	)		0			20,910
Net income (loss)	$	71,829	$	32,161	$	(11,121	)	$	0		$	92,869
Total assets (liabilities)	$	25,924,599	$	730,637	$	25,678		$	(445,941	)	$	26,234,973
Average assets (liabilities)		21,825,005		513,431		21,756			(374,811	)		21,985,381

	At and For the Six Months Ended June 30, 2019
	Community Banking		Mortgage Banking		Other			Intersegment Eliminations			Consolidated
Net interest income	$	298,407	$	166	$	(6,532	)	$	2,680		$	294,721
Provision for loans losses		10,413		0		0			0			10,413
Other income		36,050		39,607		255			(4,894	)		71,018
Other expense		158,298		33,613		(77	)		(2,214	)		189,620
Income taxes		34,873		1,286		(1,302	)		0			34,857
Net income (loss)	$	130,873	$	4,874	$	(4,898	)	$	0		$	130,849
Total assets (liabilities)	$	19,735,901	$	442,188	$	16,729		$	(312,279	)	$	19,882,539
Average assets (liabilities)		19,324,956		296,008		1,824			(239,281	)		19,383,507