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 Symbol(s) |
Name of each exchange on which registered | ||
☒ | Accelerated filer | ☐ | ||||
Non-accelerated filer |
☐ | Smaller reporting company | ||||
Emerging growth company |
Page |
||||
4 |
||||
5 |
||||
7 |
||||
8 |
||||
10 |
||||
11 |
||||
60 |
||||
84 |
||||
86 |
||||
88 |
||||
88 |
||||
88 |
||||
88 |
||||
89 |
||||
89 |
||||
89 |
||||
90 |
Item 1. |
FINANCIAL STATEMENTS (UNAUDITED) |
(Dollars in thousands, except par value) |
June 30 2021 |
December 31 2020 |
||||||
(Unaudited) |
(Note 1) |
|||||||
Assets |
||||||||
Cash and due from banks |
$ | $ | ||||||
Interest-bearing deposits with other banks |
||||||||
Federal funds sold |
||||||||
|
|
|
|
|||||
Total cash and cash equivalents |
||||||||
Securities available for sale at estimated fair value (amortized cost-$ |
||||||||
Securities held to maturity, net of allowance for credit losses of $ |
||||||||
Equity securities at estimated fair value |
||||||||
Other investment securities |
||||||||
Loans held for sale (at fair value-$ |
||||||||
Loans and leases |
||||||||
Less: Unearned income |
( |
) | ( |
) | ||||
|
|
|
|
|||||
Loans and leases, net of unearned income |
||||||||
Less: Allowance for loan and lease losses |
( |
) | ( |
) | ||||
|
|
|
|
|||||
Net loans and leases |
||||||||
Bank premises and equipment |
||||||||
Operating lease right-of-use |
||||||||
Goodwill |
||||||||
Mortgage servicing rights, net of valuation allowance of $ |
||||||||
Accrued interest receivable, net of allowance for credit losses of $ |
||||||||
Other assets |
||||||||
|
|
|
|
|||||
TOTAL ASSETS |
$ | $ | ||||||
|
|
|
|
|||||
Liabilities |
||||||||
Deposits: |
||||||||
Noninterest-bearing |
$ | $ | ||||||
Interest-bearing |
||||||||
|
|
|
|
|||||
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 |
||||||||
|
|
|
|
|||||
TOTAL LIABILITIES |
||||||||
Shareholders’ Equity |
||||||||
Preferred stock, $ Authorized- shares, |
||||||||
Common stock, $ Authorized- shares; issued- and |
||||||||
Surplus |
||||||||
Retained earnings |
||||||||
Accumulated other comprehensive gain |
||||||||
Treasury stock, at cost |
( |
) | ( |
) | ||||
|
|
|
|
|||||
TOTAL SHAREHOLDERS’ EQUITY |
||||||||
|
|
|
|
|||||
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY |
$ | $ | ||||||
|
|
|
|
(Dollars in thousands, except per share data) |
Three Months Ended June 30 |
Six Months Ended June 30 |
||||||||||||||
2021 |
2020 |
2021 |
2020 |
|||||||||||||
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 |
||||||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Total interest income |
||||||||||||||||
Interest expense |
||||||||||||||||
Interest on deposits |
||||||||||||||||
Interest on short-term borrowings |
||||||||||||||||
Interest on long-term borrowings |
||||||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Total interest expense |
||||||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Net interest income |
||||||||||||||||
Provision for credit losses |
( |
) | ( |
) | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
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 |
||||||||||||||||
Other income |
||||||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Total other income |
||||||||||||||||
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 impairment |
||||||||||||||||
Bankcard processing expense |
||||||||||||||||
FDIC insurance expense |
||||||||||||||||
Other expense |
||||||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Total other expense |
||||||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Income before income taxes |
||||||||||||||||
Income taxes |
||||||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Net income |
$ | $ | $ | $ | ||||||||||||
|
|
|
|
|
|
|
|
(Dollars in thousands, except per share data) |
Three Months Ended June 30 |
Six Months Ended June 30 |
||||||||||||||
2021 |
2020 |
2021 |
2020 |
|||||||||||||
Earnings per common share: |
||||||||||||||||
Basic |
$ | $ | $ | $ | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Diluted |
$ | $ | $ | $ | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Average outstanding shares: |
||||||||||||||||
Basic |
||||||||||||||||
Diluted |
(Dollars in thousands) |
Three Months Ended June 30 |
Six Months Ended June 30 |
||||||||||||||
2021 |
2020 |
2021 |
2020 |
|||||||||||||
Net income |
$ | $ | $ | $ | ||||||||||||
Change in net unrealized gain (loss) on available-for-sale |
( |
) | ||||||||||||||
Change in net unrealized (loss) gain on cash flow hedge, net of tax |
( |
) | ( |
) | ( |
) | ||||||||||
Change in pension plan assets, net of tax |
||||||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Comprehensive income, net of tax |
$ | $ | $ | $ | ||||||||||||
|
|
|
|
|
|
|
|
(Dollars in thousands, except per share data) |
||||||||||||||||||||||||||||
Six Months Ended June 30, 2021 |
||||||||||||||||||||||||||||
Common Stock |
Surplus |
Retained Earnings |
Accumulated Other Comprehensive Income (Loss) |
Treasury Stock |
Total Shareholders’ Equity |
|||||||||||||||||||||||
Shares |
Par Value |
|||||||||||||||||||||||||||
Balance at January 1, 2021 |
$ | $ | $ | $ | $ | ( |
) | $ | ||||||||||||||||||||
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 ( |
0 | ( |
) | ( |
) | |||||||||||||||||||||||
Cash dividends ($ |
0 | ( |
) | ( |
) | |||||||||||||||||||||||
Grant of restricted stock ( |
( |
) | ||||||||||||||||||||||||||
Common stock options exercised ( |
||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Balance at March 31, 2021 |
( |
) | ||||||||||||||||||||||||||
Comprehensive income: |
||||||||||||||||||||||||||||
Net income |
0 | |||||||||||||||||||||||||||
Other comprehensive income, net of tax |
0 | |||||||||||||||||||||||||||
|
|
|||||||||||||||||||||||||||
Total comprehensive income, net of tax |
||||||||||||||||||||||||||||
Stock based compensation expense |
0 | |||||||||||||||||||||||||||
Cash dividends ($ |
0 | ( |
) | ( |
) | |||||||||||||||||||||||
Stock grant forfeiture ( |
0 | ( |
) | |||||||||||||||||||||||||
Grant of restricted stock ( |
( |
) | ||||||||||||||||||||||||||
Common stock options exercised ( |
||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Balance at June 30, 2021 |
$ | $ | $ | $ | $ | ( |
) | $ | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Dollars in thousands, except per share data) |
||||||||||||||||||||||||||||
Six Months Ended June 30, 2020 |
||||||||||||||||||||||||||||
Common Stock |
Surplus |
Retained Earnings |
Accumulated Other Comprehensive Income (Loss) |
Treasury Stock |
Total Shareholders’ Equity |
|||||||||||||||||||||||
Shares |
Par Value |
|||||||||||||||||||||||||||
Balance at January 1, 2020 |
$ | $ | $ | $ | ( |
) | $ | ( |
) | $ | ||||||||||||||||||
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 ( |
0 | ( |
) | ( |
) | |||||||||||||||||||||||
Cash dividends ($ |
0 | ( |
) | ( |
) | |||||||||||||||||||||||
Grant of restricted stock ( |
( |
) | ||||||||||||||||||||||||||
Forfeiture of restricted stock ( |
0 | ( |
) | |||||||||||||||||||||||||
Common stock options exercised ( |
||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
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 ( |
||||||||||||||||||||||||||||
Purchase of treasury stock ( |
0 | |||||||||||||||||||||||||||
Cash dividends ($ |
0 | ( |
) | ( |
) | |||||||||||||||||||||||
Common stock options exercised ( |
||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Balance at June 30, 2020 |
$ | $ | $ | $ | $ | ( |
) | $ | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Dollars in thousands) |
||||||||
Six Months Ended June 30 |
||||||||
2021 |
2020 |
|||||||
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 |
( |
) | ( |
) | ||||
Purchases of bank-owned life insurance policies |
( |
) | ||||||
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 PROVIDED BY (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 |
$ | $ | ||||||
Acquisition of Carolina Financial: |
||||||||
Assets acquired, net of cash |
( |
) | ||||||
Liabilities assumed |
||||||||
Goodwill |
Purchase price of PCD loans and leases at acquisition |
$ |
|||
Allowance for credit losses at acquisition |
||||
Non-credit discount at acquisition |
||||
|
|
|||
Par value (UPB) of acquired PCD loans and leases 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 loans and leases |
||||
Premises and equipment |
||||
Operating lease right-of-use |
||||
Crescent 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 |
||||
|
|
|||
Fair value of net assets acquired including identifiable intangible assets |
||||
|
|
|||
Resulting goodwill |
$ | |||
|
|
June 30, 2021 |
||||||||||||||||||||
Amortized Cost |
Gross Unrealized Gains |
Gross Unrealized Losses |
Allowance For Credit Losses |
Estimated Fair Value |
||||||||||||||||
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 |
||||||||||||||||||||
Single issue trust preferred securities |
||||||||||||||||||||
Other corporate securities |
||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Total |
$ | $ | $ | $ | $ | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
December 31, 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. Government corporations and agencies |
$ | $ | $ | $ | $ | |||||||||||||||
State and political subdivisions |
||||||||||||||||||||
Residential mortgage-backed securities |
||||||||||||||||||||
Agency |
||||||||||||||||||||
Non-agency |
||||||||||||||||||||
Commercial mortgage-backed securities |
||||||||||||||||||||
Agency |
||||||||||||||||||||
Asset-backed securities |
||||||||||||||||||||
Single issue trust preferred securities |
||||||||||||||||||||
Other corporate securities |
||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Total |
$ | $ | $ | $ | $ | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
Less than 12 months |
12 months or longer |
Total |
||||||||||||||||||||||
Fair Value |
Unrealized Losses |
Fair Value |
Unrealized Losses |
Fair Value |
Unrealized Losses |
|||||||||||||||||||
June 30, 2021 |
||||||||||||||||||||||||
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 Value |
Unrealized Losses |
Fair Value |
Unrealized Losses |
Fair Value |
Unrealized Losses |
|||||||||||||||||||
December 31, 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 |
$ |
$ | $ |
$ | $ |
$ | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended June 30 |
Six Months Ended June 30 |
|||||||||||||||
2021 |
2020 |
2021 |
2020 |
|||||||||||||
Proceeds from sales and calls |
$ | |
$ | |
$ | |
$ | |
||||||||
Gross realized gains |
||||||||||||||||
Gross realized losses |
June 30, 2021 |
December 31, 2020 |
|||||||||||||||
Amortized Cost |
Estimated Fair Value |
Amortized Cost |
Estimated Fair 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 |
|||||||||||||||
2021 |
2020 |
2021 |
2020 |
|||||||||||||
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, 2021 |
December 31, 2020 |
|||||||
Commercial, financial and agricultural: |
||||||||
Owner-occupied commercial real estate |
$ | $ | ||||||
Nonowner-occupied commercial real estate |
||||||||
Other commercial |
||||||||
|
|
|
|
|||||
Total commercial, financial & agricultural |
||||||||
Residential real estate |
||||||||
Construction & land development |
||||||||
Consumer: |
||||||||
Bankcard |
||||||||
Other consumer |
||||||||
Less: Unearned income |
( |
) | ( |
) | ||||
|
|
|
|
|||||
Total gross loans |
$ | $ | ||||||
|
|
|
|
Reason for modification |
June 30, 2021 |
December 31, 2020 |
||||||
Interest rate reduction |
$ | $ | ||||||
Interest rate reduction and change in terms |
||||||||
Forgiveness of principal |
||||||||
Concession of principal and term |
||||||||
Transfer of asset |
||||||||
Extended maturity |
||||||||
Change in terms |
||||||||
|
|
|
|
|||||
Total |
$ | $ | ||||||
|
|
|
|
Troubled Debt Restructurings For the Three Months Ended |
||||||||||||||||||||||||
June 30, 2021 |
June 30, 2020 |
|||||||||||||||||||||||
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 |
$ | $ | $ | $ | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
Troubled Debt Restructurings |
||||||||||||||||||||||||
For the Six Months Ended |
||||||||||||||||||||||||
June 30, 2021 |
June 30, 2020 |
|||||||||||||||||||||||
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 June 30, 2021 |
Six Months Ended June 30, 2021 |
|||||||||||||||
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 |
Three Months Ended June 30, 2021 |
Six Months Ended June 30, 2021 |
|||||||||||||||
Number of Contracts |
Recorded Investment |
Number of Contracts |
Recorded Investment |
|||||||||||||
Troubled Debt Restructurings |
||||||||||||||||
Construction & land development |
||||||||||||||||
Consumer: |
||||||||||||||||
Bankcard |
||||||||||||||||
Other consumer |
||||||||||||||||
|
|
|
|
|
|
|
|
|||||||||
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 |
$ | $ | ||||||||||||||
|
|
|
|
|
|
|
|
Age Analysis of Past Due Loans and Leases |
||||||||||||||||||||||||
As of June 30, 2021 | ||||||||||||||||||||||||
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 |
$ | $ | $ | $ | $ | $ | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
Age Analysis of Past Due Loans and Leases |
||||||||||||||||||||||||
As of December 31, 2020 | ||||||||||||||||||||||||
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 |
Age Analysis of Past Due Loans and Leases |
||||||||||||||||||||||||
As of December 31, 2020 |
||||||||||||||||||||||||
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 |
|||||||||||||||||||
Residential real estate |
||||||||||||||||||||||||
Construction & land development |
||||||||||||||||||||||||
Consumer: |
||||||||||||||||||||||||
Bankcard |
||||||||||||||||||||||||
Other consumer |
||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Total |
$ | $ | $ | $ | $ | $ | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
At June 30, 2021 |
At December 31, 2020 |
|||||||||||||||||||||||
Nonaccruals |
With No Related Allowance for Credit Losses |
90 Days or More Past Due & Accruing |
Nonaccruals |
With No Related Allowance for Credit Losses |
90 Days or More Past Due & Accruing |
|||||||||||||||||||
Commercial Real Estate: |
||||||||||||||||||||||||
Owner-occupied |
$ | $ | $ | $ | $ | $ | ||||||||||||||||||
Nonowner-occupied |
||||||||||||||||||||||||
Other Commercial |
||||||||||||||||||||||||
Residential Real Estate |
||||||||||||||||||||||||
Construction |
||||||||||||||||||||||||
Consumer: |
||||||||||||||||||||||||
Bankcard |
||||||||||||||||||||||||
Other consumer |
||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Total |
$ | $ | $ | $ | $ | $ | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
Collateral Dependent Loans and Leases |
||||||||||||||||||||||||
At June 30, 2021 |
||||||||||||||||||||||||
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 |
$ | $ | $ | $ | $ | $ | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
Collateral Dependent Loans and Leases |
||||||||||||||||||||||||
At December 31, 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 |
Term Loans Origination Year |
Revolving loans amortized cost basis |
Revolving loans converted to term loans |
Total |
|||||||||||||||||||||||||||||||||
As of June 30, 2021 |
2021 |
2020 |
2019 |
2018 |
2017 |
Prior |
||||||||||||||||||||||||||||||
Internal Risk Grade: |
||||||||||||||||||||||||||||||||||||
Pass |
$ | $ | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||
Special Mention |
||||||||||||||||||||||||||||||||||||
Substandard |
||||||||||||||||||||||||||||||||||||
Doubtful |
||||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
Total |
$ | $ | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
YTD charge-offs |
( |
) | ( |
) | ( |
) | ||||||||||||||||||||||||||||||
YTD recoveries |
||||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
YTD net charge-offs |
$ | $ | $ | $ | $ | ( |
) | $ | ( |
) | $ | $ | $ | ( |
) | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
Term Loans Origination Year |
Revolving loans amortized cost basis |
Revolving loans converted to term loans |
Total |
|||||||||||||||||||||||||||||||||
As of December 31, 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 |
$ | $ | $ | $ | $ | $ | ( |
) | $ | $ | $ | ( |
) | |||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
Commercial Real Estate – Nonowner-occupied |
||||||||||||||||||||||||||||||||||||
Term Loans Origination Year |
Revolving loans amortized cost basis |
Revolving loans converted to term loan |
Total |
|||||||||||||||||||||||||||||||||
As of June 30, 2021 |
2021 |
2020 |
2019 |
2018 |
2017 |
Prior |
||||||||||||||||||||||||||||||
Internal Risk Grade: |
||||||||||||||||||||||||||||||||||||
Pass |
$ | $ | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||
Special Mention |
||||||||||||||||||||||||||||||||||||
Substandard |
||||||||||||||||||||||||||||||||||||
Doubtful |
||||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
Total |
$ | $ | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
YTD charge-offs |
( |
) | ( |
) | ||||||||||||||||||||||||||||||||
YTD recoveries |
||||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
YTD net charge-offs |
$ | $ | $ | $ | $ | $ | ( |
) | $ | $ | $ | ( |
) | |||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Term Loans Origination Year |
Revolving loans amortized cost basis |
Revolving loans connverted to term loans |
Total |
|||||||||||||||||||||||||||||||||
As of December 31, 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 and leases Origination Year |
Revolving loans and leases amortized cost basis |
Revolving loans and leases converted to term loans |
Total |
|||||||||||||||||||||||||||||||||
As of June 30, 2021 |
2021 |
2020 |
2019 |
2018 |
2017 |
Prior |
||||||||||||||||||||||||||||||
Internal Risk Grade: |
||||||||||||||||||||||||||||||||||||
Pass |
$ | $ | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||
Special Mention |
||||||||||||||||||||||||||||||||||||
Substandard |
||||||||||||||||||||||||||||||||||||
Doubtful |
||||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
Total |
$ | $ | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
YTD charge-offs |
( |
) | ( |
) | ( |
) | ( |
) | ( |
) | ( |
) | ||||||||||||||||||||||||
YTD recoveries |
||||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
YTD net charge-offs |
$ | $ | $ | ( |
) | $ | ( |
) | $ | $ | ( |
) | $ | ( |
) | $ | $ | ( |
) | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
Term Loans and leases Origination Year |
Revolving loans and leases amortized cost basis |
Revolving loans and leases converted to term loans |
Total |
|||||||||||||||||||||||||||||||||
As of December 31, 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 |
||||||||||||||||||||||||||||||||||||
Term Loans Origination Year |
Revolving loans amortized cost basis |
Revolving loans converted to term loans |
Total |
|||||||||||||||||||||||||||||||||
As of June 30, 2021 |
2021 |
2020 |
2019 |
2018 |
2017 |
Prior |
||||||||||||||||||||||||||||||
Internal Risk Grade: |
||||||||||||||||||||||||||||||||||||
Pass |
$ | $ | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||
Special Mention |
||||||||||||||||||||||||||||||||||||
Substandard |
||||||||||||||||||||||||||||||||||||
Doubtful |
||||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
Total |
$ | $ | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
YTD charge-offs |
( |
) | ( |
) | ( |
) | ( |
) | ||||||||||||||||||||||||||||
YTD recoveries |
||||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
YTD net charge-offs |
$ | $ | $ | ( |
) | $ | $ | ( |
) | $ | ( |
) | $ | $ | $ | ( |
) | |||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Term Loans Origination Year |
Revolving loans amortized cost basis |
Revolving loans converted to term loans |
Total |
|||||||||||||||||||||||||||||||||
As of December 31, 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 |
||||||||||||||||||||||||||||||||||||
Term Loans Origination Year |
Revolving loans amortized cost basis |
Revolving loans converted to term loans |
Total |
|||||||||||||||||||||||||||||||||
As of June 30, 2021 |
2021 |
2020 |
2019 |
2018 |
2017 |
Prior |
||||||||||||||||||||||||||||||
Internal Risk Grade: |
||||||||||||||||||||||||||||||||||||
Pass |
$ | $ | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||
Special Mention |
||||||||||||||||||||||||||||||||||||
Substandard |
||||||||||||||||||||||||||||||||||||
Doubtful |
||||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
Total |
$ | $ | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
YTD charge-offs |
( |
) | ( |
) | ||||||||||||||||||||||||||||||||
YTD recoveries |
||||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
YTD net charge-offs |
$ | $ | $ | $ | $ | $ | ( |
) | $ | $ | $ | ( |
) | |||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
Term Loans Origination Year |
Revolving loans amortized cost basis |
Revolving loans converted to term loans |
Total |
|||||||||||||||||||||||||||||||||
\ As of December 31, 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 |
||||||||||||||||||||||||||||||||||||
Term Loans Origination Year |
Revolving loans amortized cost basis |
Revolving loans converted to term loans |
Total |
|||||||||||||||||||||||||||||||||
As of June 30, 2021 |
2021 |
2020 |
2019 |
2018 |
2017 |
Prior |
||||||||||||||||||||||||||||||
Internal Risk Grade: |
||||||||||||||||||||||||||||||||||||
Pass |
$ | $ | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||
Special Mention |
||||||||||||||||||||||||||||||||||||
Substandard |
||||||||||||||||||||||||||||||||||||
Doubtful |
||||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
Total |
$ | $ | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
YTD charge-offs |
( |
) | ( |
) | ||||||||||||||||||||||||||||||||
YTD recoveries |
||||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
YTD net charge-offs |
$ | $ | $ | $ | $ | $ | $ | ( |
) | $ | $ | ( |
) | |||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Term Loans Origination Year |
Revolving loans amortized cost basis |
Revolving loans converted to term loans |
Total |
|||||||||||||||||||||||||||||||||
As of December 31, 2020 |
||||||||||||||||||||||||||||||||||||
Internal Risk Grade: |
||||||||||||||||||||||||||||||||||||
Pass |
$ | $ | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||
Special Mention |
||||||||||||||||||||||||||||||||||||
Substandard |
||||||||||||||||||||||||||||||||||||
Doubtful |
||||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
Total |
$ | $ | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
YTD charge-offs |
( |
) | ( |
) | ||||||||||||||||||||||||||||||||
YTD recoveries |
||||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
YTD net charge-offs |
$ | $ | $ | $ | $ | $ | $ | ( |
) | $ | $ | ( |
) | |||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
Other Consumer |
||||||||||||||||||||||||||||||||||||
Term Loans Origination Year |
Revolving loans amortized cost basis |
Revolving loans converted to term loans |
Total |
|||||||||||||||||||||||||||||||||
As of June 30, 2021 |
2021 |
2020 |
2019 |
2018 |
2017 |
Prior |
||||||||||||||||||||||||||||||
Internal Risk Grade: |
||||||||||||||||||||||||||||||||||||
Pass |
$ | $ | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||
Special Mention |
||||||||||||||||||||||||||||||||||||
Substandard |
||||||||||||||||||||||||||||||||||||
Doubtful |
||||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
Total |
$ | $ | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
YTD charge-offs |
( |
) | ( |
) | ( |
) | ( |
) | ( |
) | ( |
) | ( |
) | ||||||||||||||||||||||
YTD recoveries |
||||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
YTD net charge-offs |
$ | $ | ( |
) | $ | ( |
) | $ | ( |
) | $ | ( |
) | $ | ( |
) | $ | ( |
) | $ | $ | ( |
) | |||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
Term Loans Origination Year |
Revolving loans amortized cost basis |
Revolving loans converted to term loans |
Total |
|||||||||||||||||||||||||||||||||
As of December 31, 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 |
$ | ( |
) | $ | ( |
) | $ | ( |
) | $ | ( |
) | $ | ( |
) | $ | ( |
) | $ | ( |
) | $ | $ | ( |
) | |||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Accrued Interest Receivable |
||||||||
At June 30, 2021 |
At December 31, 2020 |
|||||||
Commercial Real Estate: |
||||||||
Owner-occupied |
$ | $ | ||||||
Nonowner-occupied |
||||||||
Other Commercial |
||||||||
Residential Real Estate |
||||||||
Construction |
||||||||
Consumer: |
||||||||
Bankcard |
||||||||
Other consumer |
||||||||
|
|
|
|
|
||||
|
$ | $ | ||||||
Less: Allowance for credit losses |
( |
) | ( |
) | ||||
|
|
|
|
|||||
Total |
$ | $ | ||||||
|
|
|
|
Accrued Interest Receivables Written Off by Reversing Interest Income |
||||||||||||||||
Three Months Ended June 30 |
Six Months Ended June 30 |
|||||||||||||||
2021 |
2020 |
2021 |
2020 |
|||||||||||||
Commercial real estate: |
||||||||||||||||
Owner-occupied |
$ | $ | $ | $ | ||||||||||||
Nonowner-occupied |
||||||||||||||||
Other commercial |
||||||||||||||||
Residential real estate |
||||||||||||||||
Construction & land development |
||||||||||||||||
Consumer: |
||||||||||||||||
Bankcard |
||||||||||||||||
Other consumer |
||||||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Total |
$ | $ | $ | $ | ||||||||||||
|
|
|
|
|
|
|
|
• |
Method: Probability of Default/Loss Given Default (PD/LGD) |
• |
Commercial Real Estate Owner-Occupied |
• |
Commercial Real Estate Nonowner-Occupied |
• |
Commercial Other |
• |
Method: Cohort |
• |
Residential Real Estate |
• |
Construction & Land Development |
• |
Consumer |
• |
Bankcard |
• |
Past events – This includes portfolio trends related to business conditions; past due, nonaccrual, and graded loans and leases; and concentrations. |
• |
Current conditions – United considered the continued impact of COVID-19 on the economy as well as loan deferrals and modifications made in light of the pandemic when making determinations related to factor adjustments, such as changes in economic and business conditions, collateral values, external factors and past due loans and leases. |
• |
Reasonable and supportable forecasts – The forecast is determined on a portfolio-by-portfolio |
• |
The forecast improved in the second quarter of 2021 as compared to the first quarter while maintaining a gradual recovery pace extending into 2023. |
• |
Greater risk of loss is probable in the hotel and accommodations portfolio due to weakened economic conditions brought on by the pandemic which resulted in a more negative forecast relative to other portfolios and a longer projected recovery period to extend into late 2023 or 2024. |
• |
Consideration was given to the $ |
• |
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, 2021 |
||||||||||||||||||||||||||||||||||||
Commercial Real Estate |
Other Commercial |
Residential Real Estate |
Construction & Land Development |
Bankcard |
Allowance for Estimated Imprecision |
Total |
||||||||||||||||||||||||||||||
Owner- occupied |
Nonowner- occupied |
Other Consumer |
||||||||||||||||||||||||||||||||||
Allowance for Loan Losses: |
||||||||||||||||||||||||||||||||||||
Beginning balance |
$ | $ | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||
Charge-offs |
( |
) | ( |
) | ( |
) | ( |
) | ( |
) | ( |
) | ( |
) | ( |
) | ||||||||||||||||||||
Recoveries |
||||||||||||||||||||||||||||||||||||
Provision |
( |
) | ( |
) | ( |
) | ( |
) | ( |
) | ||||||||||||||||||||||||||
Ending balance |
$ | $ | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||
For the Six Months Ended June 30, 2021 |
||||||||||||||||||||||||||||||||||||
Commercial Real Estate |
Other Commercial |
Residential Real Estate |
Construction & Land Development |
Allowance for Estimated Imprecision |
Total |
|||||||||||||||||||||||||||||||
Owner- occupied |
Nonowner- occupied |
Bankcard |
Other Consumer |
|||||||||||||||||||||||||||||||||
Allowance for Loan Losses: |
||||||||||||||||||||||||||||||||||||
Beginning balance |
$ | $ | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||
Charge-offs |
( |
) | ( |
) | ( |
) | ( |
) | ( |
) | ( |
) | ( |
) | ( |
) | ||||||||||||||||||||
Recoveries |
||||||||||||||||||||||||||||||||||||
Provision |
( |
) | ( |
) | ( |
) | ( |
) | ( |
) | ||||||||||||||||||||||||||
Ending balance |
$ | $ | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||
Allowance for Loan and Lease Losses and Carrying Amount of Loans and Leases |
||||||||||||||||||||||||||||||||||||
For the Year Ended December 31, 2020 |
||||||||||||||||||||||||||||||||||||
Commercial Real Estate |
Other Commercial |
Residential Real Estate |
Construction & Land Development |
Bankcard |
Allowance for Estimated Imprecision |
Total |
||||||||||||||||||||||||||||||
Owner- occupied |
Nonowner- occupied |
Other Consumer |
||||||||||||||||||||||||||||||||||
Allowance for Loan and Lease 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 |
$ | $ | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||
June 30, 2021 |
||||||||||||||||||||||||
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 trade name |
||||||||||||||||||||||||
Total |
$ | $ | $ | |||||||||||||||||||||
Goodwill not subject to amortization |
$ | $ | $ | |||||||||||||||||||||
December 31, 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 trade name |
||||||||||||||||||||||||
Total |
$ | $ | $ | |||||||||||||||||||||
Goodwill not subject to amortization |
$ | $ | $ | |||||||||||||||||||||
Community Banking |
Mortgage Banking |
Total |
||||||||||
Goodwill at December 31, 2020 |
$ | $ | $ | |||||||||
Goodwill from Carolina Financial acquisition |
||||||||||||
Goodwill at June 30, 2021 |
$ | $ | $ | |||||||||
Year |
Amount |
|||
2021 |
$ | |||
2022 |
||||
2023 |
||||
2024 |
||||
2025 |
||||
2026 and thereafter |
Three Months Ended June 30 |
Six Months Ended June 30 |
|||||||||||||||
2021 |
2020 |
2021 |
2020 |
|||||||||||||
MSRs beginning balance |
$ | $ | $ | $ | ||||||||||||
Addition from acquisition of subsidiary |
||||||||||||||||
Amount capitalized |
||||||||||||||||
Amount amortized |
( |
) | ( |
) | ( |
) | ( |
) | ||||||||
MSRs ending balance |
$ | $ | $ | $ | ||||||||||||
MSRs valuation allowance beginning balance |
$ | ( |
) | $ | $ | ( |
) | $ | ||||||||
Aggregate additions charged and recoveries credited to operations |
||||||||||||||||
MSRs impairment |
( |
) | ( |
) | ( |
) | ( |
) | ||||||||
MSRs valuation allowance ending balance |
$ | ( |
) | $ | ( |
) | $ | ( |
) | $ | ( |
) | ||||
MSRs, net of valuation allowance |
$ | $ | $ | $ | ||||||||||||
Classification |
Three Months Ended June 30, 2021 |
Three Months Ended June 30, 2020 |
||||||||
Operating lease cost |
Net occupancy expense | $ | $ | |||||||
Sublease income |
Net occupancy expense | ( |
) | ( |
) | |||||
Net lease cost |
$ | $ | ||||||||
Classification |
Six Months Ended June 30, 2021 |
Six Months Ended June 30, 2020 |
||||||||
Operating lease cost |
Net occupancy expense | $ | $ | |||||||
Sublease income |
Net occupancy expense | ( |
) | ( |
) | |||||
Net lease cost |
$ | $ | ||||||||
Classifi |
June 30, 2021 |
December 31, 2020 |
||||||||
Operating lease right-of-use |
Operating lease right-of-use assets |
$ | $ | |||||||
Operating lease liabilities |
Operating lease liabilities | $ | $ |
June 30, 2021 |
||||
Weighted-average remaining lease term: |
||||
Operating leases |
||||
Weighted-average discount rate: |
||||
Operating leases |
% |
Three Months Ended |
||||||||
June 30, 2021 |
June 30, 2020 |
|||||||
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, 2021 |
June 30, 2020 |
|||||||
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, 2021 |
As of December 31, 2020 |
||||||
2021 |
$ | $ | ||||||
2022 |
||||||||
2023 |
||||||||
2024 |
||||||||
2025 |
||||||||
Thereafter |
||||||||
Total lease payments |
||||||||
Less: imputed interest |
( |
) | ( |
) | ||||
Total |
$ | $ | ||||||
Year |
Amount |
|||
2021 |
$ | |||
2022 |
||||
2023 |
||||
2024 |
||||
2025 and thereafter |
||||
Total |
$ | |||
Asset Derivatives |
||||||||||||||||||||||||
June 30, 2021 |
December 31, 2020 |
|||||||||||||||||||||||
Balance Sheet Location |
Notional Amount |
Fair Value |
Balance Sheet Location |
Notional Amount |
Fair Value |
|||||||||||||||||||
Cash Flow Hedges: |
||||||||||||||||||||||||
Interest rate swap contracts |
Other assets | $ | $ | |
Other assets | $ | $ | |||||||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||||||
Total Cash Flow Hedges |
$ | $ | $ | $ | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||||||
Total derivatives designated as hedging instruments |
$ | $ | $ | $ | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||||||
Derivatives not designated as hedging instruments |
||||||||||||||||||||||||
Forward loan sales commitments |
Other assets | $ | $ | Other assets | $ | $ | ||||||||||||||||||
TBA mortgage-backed securities |
Other assets | Other assets | ||||||||||||||||||||||
Interest rate lock commitments |
Other assets | Other assets | ||||||||||||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||||||
Total derivatives not designated as hedging instruments |
$ | $ | $ | $ | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||||||
Total asset derivatives |
$ | $ | $ | $ | |
|||||||||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||||||
Liability Derivatives |
||||||||||||||||||||||||
June 30, 2021 |
December 31, 2020 |
|||||||||||||||||||||||
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 |
Other liabilities | $ | $ | |
Other liabilities | $ | $ | |||||||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||||||
Total Fair Value Hedges |
$ | $ | $ | $ | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||||||
Total derivatives designated as hedging instruments |
$ | $ | $ | $ | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||||||
Derivatives not designated as hedging instruments |
||||||||||||||||||||||||
Forward loan sales commitments |
Other liabilities | $ | $ | Other liabilities | $ | $ | ||||||||||||||||||
TBA mortgage-backed securities |
Other liabilities | |||||||||||||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||||||
Total derivatives not designated as hedging instruments |
$ | |
$ | $ | |
$ | ||||||||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||||||
Total liability derivatives |
$ | $ | $ | $ | |
|||||||||||||||||||
|
|
|
|
|
|
|
|
June 30, 2021 |
||||||||||||||
Derivatives in Fair Value Hedging Relationships |
Location in the Statement of Condition |
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 | $ | |
$ | ( |
) | $ | |
||||||
December 31, 2020 |
||||||||||||||
Derivatives in Fair Value Hedging Relationships |
Location in the Statement of Condition |
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 | $ | $ | ( |
) | $ |
Income Statement Location |
Three Months Ended |
|||||||||
June 30, 2021 |
June 30, 2020 |
|||||||||
Derivatives in hedging relationships |
||||||||||
Cash flow Hedges: |
||||||||||
Interest rate swap contracts |
Interest on long-term borrowings | $ | ( |
) | $ | |||||
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 |
$ | ( |
) | $ | ||||||
|
|
|
|
Income Statement Location |
Six Months Ended |
|||||||||
June 30, 2021 |
June 30, 2020 |
|||||||||
Derivatives in hedging relationships |
||||||||||
Cash flow Hedges: |
||||||||||
Interest rate swap contracts |
Interest on long-term borrowings | $ | ( |
) | $ | |||||
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 model-based techniques that use one or more significant inputs or assumptions that are unobservable in the market. |
Fair Value at June 30, 2021 Using |
||||||||||||||||
Description |
Balance as of June 30, 2021 |
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 sec urities |
||||||||||||||||
Agency |
||||||||||||||||
Asset-backed securities |
||||||||||||||||
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 |
Fair Value at June 30, 2021 Using |
||||||||||||||||
Description |
Balance as of June 30, 2021 |
Quoted Prices in Active Markets for Identical Assets (Level 1) |
Significant Other Observable Inputs (Level 2) |
Significant Unobservable Inputs (Level 3) |
||||||||||||
Derivative financial assets: |
||||||||||||||||
Interest rate swap contracts |
||||||||||||||||
Forward sales commitments |
||||||||||||||||
TBA mortgage-backed securities |
||||||||||||||||
Interest rate lock commitments |
||||||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Total derivative financial assets |
||||||||||||||||
Liabilities |
||||||||||||||||
Derivative financial liabilities: |
||||||||||||||||
Interest rate swap contracts |
||||||||||||||||
Forward sales commitments |
||||||||||||||||
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. |
| |||||||||||||||
Fair Value at December 31, 2020 Using |
||||||||||||||||
Description |
Balance as of December 31, 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 |
||||||||||||||||
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 |
||||||||||||||||
TBA mortgage-backed securities |
||||||||||||||||
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 officers of United and its subsidiaries. |
|
Loans held for sale |
||||||||
June 30, 2021 |
December 31, 2020 |
|||||||
Balance, beginning of period |
$ | $ | ||||||
Originations |
||||||||
Sales |
( |
) | ( |
) | ||||
Total gains or losses during the period recognized in earnings |
||||||||
Transfers in and/or out of Level 3 |
( |
) | ( |
) | ||||
|
|
|
|
|||||
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 TBA Securities |
||||||||
June 30, 2021 |
December 31, 2020 |
|||||||
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 |
$ | $ | ||||||
Derivative Financial Assets Interest Rate Lock Commitments |
||||||||
June 30, 2021 |
December 31, 2020 |
|||||||
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 |
$ | $ | ||||||
|
|
| ||||||
Derivative Financial Liabilities Forward Sales Commitments |
||||||||
June 30, 2021 |
December 31, 2020 |
|||||||
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 |
$ | $ |
Derivative Financial Liabilities TBA Securities |
||||||||
June 30, 2021 |
December 31, 2020 |
|||||||
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, 2021 |
Three Months Ended June 30, 2020 |
||||||
Income from mortgage banking activities |
$ | |
$ | |
||||
Description |
Six Months Ended June 30, 2021 |
Six Months Ended June 30, 2020 |
||||||
Income from mortgage banking activities |
$ | ( |
) | $ | |
June 30, 2021 |
December 31, 2020 |
|||||||||||||||||||||||
Description |
Unpaid Principal Balance |
Fair Value |
Fair Value Over/(Under) Unpaid Principal Balance |
Unpaid Principal Balance |
Fair Value |
Fair Value Over/(Under) Unpaid Principal Balance |
||||||||||||||||||
Loans held for sale |
$ | |
$ | |
$ | |
$ | |
$ | |
$ | |
Description |
Balance as of June 30, 2021 |
Carrying value at June 30, 2021 |
YTD Gains (Losses) |
|||||||||||||||||
Quoted Prices in Active Markets for Identical Assets (Level 1) |
Significant Other Observable Inputs (Level 2) |
Significant Unobservable Inputs (Level 3) |
||||||||||||||||||
Assets |
||||||||||||||||||||
Individually assessed loans |
$ | $ | $ | $ | $ | ( |
) | |||||||||||||
OREO |
( |
) | ||||||||||||||||||
Mortgage servicing rights |
( |
) |
Description |
Balance as of December 31, 2020 |
Carrying value at December 31, 2020 |
YTD Gains (Losses) |
|||||||||||||||||
Quoted Prices in Active Markets for Identical Assets (Level 1) |
Significant Other Observable Inputs (Level 2) |
Significant Unobservable Inputs (Level 3) |
||||||||||||||||||
Assets |
||||||||||||||||||||
Loans held for sale |
$ | $ | $ | $ | $ | ( |
) | |||||||||||||
Individually assessed loans |
||||||||||||||||||||
OREO |
( |
) | ||||||||||||||||||
Mortgage servicing rights |
( |
) |
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, 2021 |
||||||||||||||||||||
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, 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 |
Six Months Ended June 30, 2021 |
||||||||||||||||
Weighted Average |
||||||||||||||||
Shares |
Aggregate Intrinsic Value |
Remaining Contractual Term (Yrs.) |
Exercise Price |
|||||||||||||
Outstanding at January 1, 2021 |
$ | |||||||||||||||
Granted |
||||||||||||||||
Exercised |
( |
) | ||||||||||||||
Forfeited or expired |
( |
) | ||||||||||||||
Outstanding at June 30, 2021 |
$ | $ | ||||||||||||||
Exercisable at June 30, 2021 |
$ | $ | ||||||||||||||
Shares |
Weighted-Average Grant Date Fair Value Per Share |
|||||||
Nonvested at January 1, 2021 |
$ | |||||||
Granted |
||||||||
Vested |
( |
) | ||||||
Forfeited or expired |
( |
) | ||||||
Nonvested at June 30, 2021 |
$ | |||||||
Shares |
Weighted-Average Grant Date Fair Value Per Share |
|||||||
Nonvested at January 1, 2021 |
$ | |||||||
Granted |
||||||||
Vested |
( |
) | ||||||
Forfeited |
( |
) | ||||||
Nonvested at June 30, 2021 |
$ | |||||||
Shares |
Weighted-Average Grant Date Fair Value Per Share |
|||||||
Nonvested at January 1, 2021 |
$ | |||||||
Granted |
||||||||
Vested |
||||||||
Forfeited or expired |
||||||||
Nonvested at June 30, 2021 |
$ | |||||||
Three Months Ended June 30 |
Six Months Ended June 30 |
|||||||||||||||
2021 |
2020 |
2021 |
2020 |
|||||||||||||
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 compensation increase (prior to age 40) |
% | % | % | % | ||||||||||||
Rate of compensation increase (ages 40-54) |
% | % | % | % | ||||||||||||
Rate of compensation increase (otherwise) |
% | % | % | % |
Three Months Ended June 30 |
Six Months Ended June 30 |
|||||||||||||||
2021 |
2020 |
2021 |
2020 |
|||||||||||||
Net Income |
$ |
$ |
$ |
$ |
||||||||||||
Available for sale (“AFS”) securities: |
||||||||||||||||
Change in net unrealized gain on AFS securities arising during the period |
( |
) | ||||||||||||||
Related income tax effect |
( |
) | ( |
) | ( |
) | ||||||||||
Net reclassification adjustment for gains included in net income |
( |
) | ( |
) | ( |
) | ( |
) | ||||||||
Related income tax expense |
||||||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Net effect of AFS securities on other comprehensive income |
( |
) |
||||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Cash flow hedge derivatives: |
||||||||||||||||
Unrealized gain on cash flow hedge before reclassification to interest expense |
( |
) | ( |
) | ( |
) | ||||||||||
Related income tax effect |
( |
) | ||||||||||||||
Net reclassification adjustment for losses included in net income |
||||||||||||||||
Related income tax effect |
( |
) | ( |
) | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Net effect of cash flow hedge derivatives on other comprehensive income |
( |
) |
( |
) |
( |
) | ||||||||||
|
|
|
|
|
|
|
|
Three Months Ended June 30 |
Six Months Ended June 30 |
|||||||||||||||
2021 |
2020 |
2021 |
2020 |
|||||||||||||
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 |
$ |
$ |
$ |
$ |
||||||||||||
|
|
|
|
|
|
|
|
Changes in Accumulated Other Comprehensive Income (AOCI) by Component (a) |
||||||||||||||||
For the Six Months Ended June 30, 2021 |
||||||||||||||||
Unrealized Gains/Losses on AFS Securities |
Unrealized Gains/Losses on Cash Hedges |
Defined Benefit Pension Items |
Total |
|||||||||||||
Balance at January 1, 2021 |
$ | $ | $ | ( |
) | $ | ||||||||||
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, 2021 |
$ | $ | $ | ( |
) | $ | ||||||||||
|
|
|
|
|
|
|
|
(a) |
All amounts are net-of-tax. |
Reclassifications out of Accumulated Other Comprehensive Income (AOCI) | ||||||||
For the Six Months Ended June 30, 2021 | ||||||||
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 gains included in net income |
$ | ( |
) | |
|
Net investment securities gains | ||
|
|
|
|
|||||
( |
) | |
|
Total before tax | ||||
Related income tax effect |
|
|
Tax expense | |||||
|
|
|
|
|||||
( |
) | |
|
Net of tax | ||||
Cash flow hedge: |
|
|
||||||
Net reclassification adjustment for losses included in net income |
$ | |
|
Interest expense | ||||
|
|
|
|
|||||
|
|
Total before tax | ||||||
Related income tax effect |
( |
) | |
|
Tax expense | |||
|
|
|
|
|||||
|
|
Net of tax | ||||||
|
|
|
|
|||||
Pension plan: |
|
|
||||||
Recognized net actuarial loss |
(a) |
|||||||
|
|
|
|
|||||
|
|
Total before tax | ||||||
Related income tax effect |
( |
) | |
|
Tax expense | |||
|
|
|
|
|||||
|
|
Net of tax | ||||||
|
|
|
|
|||||
Total reclassifications for the period |
$ | |
|
|||||
|
|
|
|
(a) |
This AOCI component is included in the computation of changes in plan assets (see Note 16, Employee Benefit Plans) |
Three Months Ended |
Six Months Ended |
|||||||||||||||
June 30 |
June 30 |
|||||||||||||||
2021 |
2020 |
2021 |
2020 |
|||||||||||||
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, 2021 |
As of December 31, 2020 |
|||||||||||||||||||||||
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, 2021 |
||||||||||||||||||||
Community Banking |
Mortgage Banking |
Other |
Intersegment Eliminations |
Consolidated |
||||||||||||||||
Net interest income |
$ | $ | $ | ( |
) | $ | $ | |||||||||||||
Provision for credit 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, 2020 |
||||||||||||||||||||
Community Banking |
Mortgage Banking |
Other |
Intersegment Eliminations |
Consolidated |
||||||||||||||||
Net interest income |
$ | $ | $ | ( |
) | $ | $ | |||||||||||||
Provision for credit 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, 2021 |
||||||||||||||||||||
Community Banking |
Mortgage Banking |
Other |
Intersegment Eliminations |
Consolidated |
||||||||||||||||
Net interest income |
$ | $ | $ | ( |
) | $ | $ | |||||||||||||
Provision for credit 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 credit 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 |
(Dollars in thousands) |
June 30 2021 |
December 31 2020 |
$ Change |
% Change |
||||||||||||
U.S. Treasury securities and obligations of U.S. Government corporations and agencies |
$ | 15,147 | $ | 66,344 | $ | (51,197 | ) | (77.17 | %) | |||||||
State and political subdivisions |
614,046 | 565,160 | 48,886 | 8.65 | % | |||||||||||
Mortgage-backed securities |
1,677,162 | 1,625,812 | 51,350 | 3.16 | % | |||||||||||
Asset-backed securities |
489,433 | 294,623 | 194,810 | 66.12 | % | |||||||||||
Single issue trust preferred securities |
17,417 | 17,027 | 390 | 2.29 | % | |||||||||||
Corporate securities |
463,869 | 384,393 | 79,476 | 20.68 | % | |||||||||||
|
|
|
|
|
|
|
|
|||||||||
Total available for sale securities, at fair value |
$ | 3,277,074 | $ | 2,953,359 | $ | 323,715 | 10.96 | % | ||||||||
|
|
|
|
|
|
|
|
(Dollars in thousands) |
June 30 2021 |
December 31 2020 |
$ Change |
% Change |
||||||||||||||||||||
State and political subdivisions |
$ | 970 | (1 | ) | $ | 1,192 | (2 | ) | $ | (222 | ) | (18.62 | %) | |||||||||||
Other corporate securities |
19 | 20 | (1 | ) | (5.00 | %) | ||||||||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||||||
Total held to maturity securities, at amortized cost |
$ | 989 | $ | 1,212 | $ | (223 | ) | (18.40 | %) | |||||||||||||||
|
|
|
|
|
|
|
|
(Dollars in thousands) |
June 30 2021 |
December 31 2020 |
$ Change |
% Change |
||||||||||||
Loans held for sale |
$ | 576,827 | $ | 718,937 | $ | (142,110 | ) | (19.77 | %) | |||||||
|
|
|
|
|
|
|
|
|||||||||
Commercial, financial, and agricultural: |
||||||||||||||||
Owner-occupied commercial real estate |
$ | 1,589,701 | $ | 1,622,687 | $ | (32,986 | ) | (2.03 | %) | |||||||
Nonowner-occupied commercial real estate |
4,981,226 | 5,017,727 | (36,501 | ) | (0.73 | %) | ||||||||||
Other commercial loans |
3,657,772 | 4,054,418 | (396,646 | ) | (9.78 | %) | ||||||||||
|
|
|
|
|
|
|
|
|||||||||
Total commercial, financial, and agricultural |
$ | 10,228,699 | $ | 10,694,832 | $ | (466,133 | ) | (4.36 | %) | |||||||
Residential real estate |
3,587,057 | 3,899,885 | (312,828 | ) | (8.02 | %) | ||||||||||
Construction & land development |
1,929,052 | 1,826,349 | 102,703 | 5.62 | % | |||||||||||
Consumer: |
||||||||||||||||
Bankcard |
7,940 | 8,937 | (997 | ) | (11.16 | %) | ||||||||||
Other consumer |
1,168,904 | 1,192,580 | (23,676 | ) | (1.99 | %) | ||||||||||
|
|
|
|
|
|
|
|
|||||||||
Total gross loans |
$ | 16,921,652 | $ | 17,622,583 | $ | (700,931 | ) | (3.98 | %) | |||||||
Less: Unearned income |
(33,651 | ) | (31,170 | ) | (2,481 | ) | 7.96 | % | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Total Loans, net of unearned income |
$ | 16,888,001 | $ | 17,591,413 | $ | (703,412 | ) | (4.00 | %) | |||||||
|
|
|
|
|
|
|
|
(Dollars in thousands) |
June 30 2021 |
December 31 2020 |
$ Change |
% Change |
||||||||||||
Demand deposits |
$ | 6,026,206 | $ | 5,428,398 | $ | 597,808 | 11.01 | % | ||||||||
Interest-bearing checking |
812,018 | 799,635 | 12,383 | 1.55 | % | |||||||||||
Regular savings |
1,424,220 | 1,283,823 | 140,397 | 10.94 | % | |||||||||||
Money market accounts |
10,859,968 | 10,165,334 | 694,634 | 6.83 | % | |||||||||||
Time deposits under $100,000 |
896,973 | 979,988 | (83,015 | ) | (8.47 | %) | ||||||||||
Time deposits over $100,000 (1) |
1,548,006 | 1,927,982 | (379,976 | ) | (19.71 | %) | ||||||||||
|
|
|
|
|
|
|
|
|||||||||
Total deposits |
$ | 21,567,391 | $ | 20,585,160 | $ | 982,231 | 4.77 | % | ||||||||
|
|
|
|
|
|
|
|
(1) | Includes time deposits of $250,000 or more of $623,652 and $889,334 at June 30, 2021 and December 31, 2020, respectively. |
(Dollars in thousands) |
June 30 2021 |
December 31 2020 |
$ Change |
% Change |
||||||||||||
Short-term securities sold under agreements to repurchase |
$ | 127,745 | $ | 142,300 | $ | (14,555 | ) | (10.23 | %) | |||||||
Long-term FHLB advances |
533,365 | 584,532 | (51,167 | ) | (8.75 | %) | ||||||||||
Subordinated debt |
9,865 | 9,865 | 0 | 0.00 | % | |||||||||||
Issuances of trust preferred capital securities |
270,792 | 269,972 | 820 | 0.30 | % | |||||||||||
|
|
|
|
|
|
|
|
|||||||||
Total borrowings |
$ | 941,767 | $ | 1,006,669 | $ | (64,902 | ) | (6.45 | %) | |||||||
|
|
|
|
|
|
|
|
Three Months Ended |
Six Months Ended |
|||||||||||||||
(Dollars in thousands) |
June 30, 2021 |
June 30, 2020 |
June 30, 2021 |
June 30, 2020 |
||||||||||||
Return on Average Tangible Equity: |
||||||||||||||||
(a) Net Income (GAAP) |
$ | 94,836 | $ | 52,686 | $ | 201,734 | $ | 92,869 | ||||||||
(b) Number of days |
91 | 91 | 181 | 182 | ||||||||||||
Average Total Shareholders’ Equity (GAAP) |
$ | 4,378,898 | $ | 3,921,289 | $ | 4,363,053 | $ | 3,620,425 | ||||||||
Less: Average Total Intangibles |
(1,834,920 | ) | (1,708,683 | ) | (1,830,305 | ) | (1,607,977 | ) | ||||||||
|
|
|
|
|
|
|
|
|||||||||
(c) Average Tangible Equity (non-GAAP) |
$ | 2,543,978 | $ | 2,212,606 | $ | 2,532,748 | $ | 2,012,448 | ||||||||
Return on Tangible Equity (non-GAAP) |
||||||||||||||||
[(a) / (b)] x 366 or 365/ (c) |
14.95 | % | 9.58 | % | 16.06 | % | 9.28 | % |
Three Months Ended |
||||||||||||
(Dollars in thousands) |
June 2021 |
June 2020 |
March 2021 |
|||||||||
Income Statement Summary: |
||||||||||||
Interest income |
$ | 200,186 | $ | 198,717 | $ | 205,657 | ||||||
Interest expense |
13,669 | 28,115 | 14,697 | |||||||||
|
|
|
|
|
|
|||||||
Net interest income |
186,517 | 170,602 | 190,960 | |||||||||
Provision for credit losses |
(8,879 | ) | 45,911 | 143 | ||||||||
Other income |
62,846 | 88,390 | 92,573 | |||||||||
Other expense |
138,951 | 149,374 | 148,927 | |||||||||
|
|
|
|
|
|
|||||||
Income before income taxes |
119,291 | 63,707 | 134,463 | |||||||||
Income taxes |
24,455 | 11,021 | 27,565 | |||||||||
|
|
|
|
|
|
|||||||
Net income |
$ | 94,836 | $ | 52,686 | $ | 106,898 | ||||||
|
|
|
|
|
|
Six Months Ended |
||||||||
(Dollars in thousands) |
June 2021 |
June 2020 |
||||||
Income Statement Summary: |
||||||||
Interest income |
$ | 405,843 | $ | 379,199 | ||||
Interest expense |
28,366 | 67,079 | ||||||
|
|
|
|
|||||
Net interest income |
377,477 | 312,120 | ||||||
Provision for credit losses |
(8,736 | ) | 73,030 | |||||
Other income |
155,419 | 125,196 | ||||||
Other expense |
287,878 | 250,507 | ||||||
|
|
|
|
|||||
Income before income taxes |
253,754 | 113,779 | ||||||
Income taxes |
52,020 | 20,910 | ||||||
|
|
|
|
|||||
Net income |
$ | 201,734 | $ | 92,869 | ||||
|
|
|
|
Three Months Ended |
||||||||||||
(Dollars in thousands) |
June 30 2021 |
June 30 2020 |
March 31 2021 |
|||||||||
Loan accretion |
$ | 9,669 | $ | 9,549 | $ | 9,800 | ||||||
Certificates of deposit |
1,050 | 2,611 | 1,449 | |||||||||
Long-term borrowings |
174 | 488 | 174 | |||||||||
|
|
|
|
|
|
|||||||
Total |
$ | 10,893 | $ | 12,648 | $ | 11,423 | ||||||
|
|
|
|
|
|
Six Months Ended |
||||||||
(Dollars in thousands) |
June 30 2021 |
June 30 2020 |
||||||
Loan accretion |
$ | 19,469 | $ | 19,095 | ||||
Certificates of deposit |
2,499 | 2,752 | ||||||
Long-term borrowings |
348 | 756 | ||||||
|
|
|
|
|||||
Tax-equivalent net interest income |
$ | 22,316 | $ | 22,603 | ||||
|
|
|
|
Three Months Ended |
||||||||||||
(Dollars in thousands) |
June 30 2021 |
June 30 2020 |
March 31 2021 |
|||||||||
Net interest income, GAAP basis |
$ | 186,517 | $ | 170,602 | $ | 190,960 | ||||||
Tax-equivalent adjustment (1) |
1,075 | 1,018 | 1,047 | |||||||||
|
|
|
|
|
|
|||||||
Tax-equivalent net interest income |
$ | 187,592 | $ | 171,620 | $ | 192,007 | ||||||
|
|
|
|
|
|
Six Months Ended |
||||||||
(Dollars in thousands) |
June 30 2021 |
June 30 2020 |
||||||
Net interest income, GAAP basis |
$ | 377,477 | $ | 312,120 | ||||
Tax-equivalent adjustment (1) |
2,122 | 1,800 | ||||||
|
|
|
|
|||||
Tax-equivalent net interest income |
$ | 379,599 | $ | 313,920 | ||||
|
|
|
|
(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, 2021 and 2020 and the three months ended March 31, 2021. All interest income on loans and investment securities was subject to state income taxes. |
Three Months Ended June 30, 2021 |
Three Months Ended June 30, 2020 |
|||||||||||||||||||||||
(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 |
$ | 2,905,604 | $ | 1,757 | 0.24 | % | $ | 1,548,759 | $ | 1,868 | 0.49 | % | ||||||||||||
Investment Securities: |
||||||||||||||||||||||||
Taxable |
3,114,902 | 13,846 | 1.78 | % | 2,703,980 | 16,241 | 2.40 | % | ||||||||||||||||
Tax-exempt |
353,223 | 2,331 | 2.64 | % | 226,942 | 1,641 | 2.89 | % | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Total Securities |
3,468,125 | 16,177 | 1.87 | % | 2,930,922 | 17,882 | 2.44 | % | ||||||||||||||||
Loans, net of unearned income (2) |
17,825,433 | 183,327 | 4.12 | % | 17,345,008 | 179,985 | 4.17 | % | ||||||||||||||||
Allowance for loan losses |
(231,422 | ) | (170,947 | ) | ||||||||||||||||||||
|
|
|
|
|||||||||||||||||||||
Net loans |
17,594,011 | 4.18 | % | 17,174,061 | 4.21 | % | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Total earning assets |
23,967,740 | $ | 201,261 | 3.37 | % | 21,653,742 | $ | 199,735 | 3.70 | % | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Other assets |
3,038,218 | 2,748,858 | ||||||||||||||||||||||
|
|
|
|
|||||||||||||||||||||
TOTAL ASSETS |
$ | 27,005,958 | $ | 24,402,600 | ||||||||||||||||||||
|
|
|
|
|||||||||||||||||||||
LIABILITIES |
||||||||||||||||||||||||
Interest-Bearing Funds: |
||||||||||||||||||||||||
Interest-bearing deposits |
$ | 13,219,572 | $ | 11,012 | 0.33 | % | $ | 11,600,243 | $ | 19,249 | 0.67 | % | ||||||||||||
Short-term borrowings |
136,801 | 182 | 0.54 | % | 144,866 | 196 | 0.54 | % | ||||||||||||||||
Long-term borrowings |
814,151 | 2,475 | 1.22 | % | 2,070,557 | 8,670 | 1.68 | % | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Total Interest-Bearing Funds |
14,170,524 | 13,669 | 0.39 | % | 13,815,666 | 28,115 | 0.82 | % | ||||||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||||||
Noninterest-bearing deposits |
8,227,147 | 6,412,124 | ||||||||||||||||||||||
Accrued expenses and other liabilities |
229,389 | 253,521 | ||||||||||||||||||||||
|
|
|
|
|||||||||||||||||||||
TOTAL LIABILITIES |
22,627,060 | 20,481,311 | ||||||||||||||||||||||
SHAREHOLDERS’ EQUITY |
4,378,898 | 3,921,289 | ||||||||||||||||||||||
|
|
|
|
|||||||||||||||||||||
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY |
$ | 27,005,958 | $ | 24,402,600 | ||||||||||||||||||||
|
|
|
|
|||||||||||||||||||||
NET INTEREST INCOME |
$ | 187,592 | $ | 171,620 | ||||||||||||||||||||
|
|
|
|
|||||||||||||||||||||
INTEREST SPREAD |
2.98 | % | 2.88 | % | ||||||||||||||||||||
NET INTEREST MARGIN |
3.14 | % | 3.18 | % |
(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, 2021 |
Six Months Ended June 30, 2020 |
|||||||||||||||||||||||
(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 |
$ | 2,599,276 | $ | 3,650 | 0.28 | % | $ | 1,131,633 | $ | 5,833 | 1.04 | % | ||||||||||||
Investment Securities: |
||||||||||||||||||||||||
Taxable |
3,018,633 | 27,372 | 1.81 | % | 2,620,604 | 33,210 | 2.53 | % | ||||||||||||||||
Tax-exempt |
324,183 | 4,312 | 2.66 | % | 166,512 | 2,520 | 3.03 | % | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Total Securities |
3,342,816 | 31,684 | 1.90 | % | 2,787,116 | 35,730 | 2.56 | % | ||||||||||||||||
Loans, net of unearned income (2) |
18,030,354 | 372,631 | 4.16 | % | 15,708,515 | 339,436 | 4.34 | % | ||||||||||||||||
Allowance for loan losses |
(233,597 | ) | (152,515 | ) | ||||||||||||||||||||
|
|
|
|
|||||||||||||||||||||
Net loans |
17,796,757 | 4.22 | % | 15,556,000 | 4.38 | % | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Total earning assets |
23,738,849 | $ | 407,965 | 3.46 | % | 19,474,749 | $ | 380,999 | 3.93 | % | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Other assets |
3,011,252 | 2,510,632 | ||||||||||||||||||||||
|
|
|
|
|||||||||||||||||||||
TOTAL ASSETS |
$ | 26,750,101 | $ | 21,985,381 | ||||||||||||||||||||
|
|
|
|
|||||||||||||||||||||
LIABILITIES |
||||||||||||||||||||||||
Interest-Bearing Funds: |
||||||||||||||||||||||||
Interest-bearing deposits |
$ | 13,202,246 | $ | 22,997 | 0.35 | % | $ | 10,439,513 | $ | 46,726 | 0.90 | % | ||||||||||||
Short-term borrowings |
139,463 | 360 | 0.52 | % | 141,146 | 654 | 0.93 | % | ||||||||||||||||
Long-term borrowings |
823,705 | 5,009 | 1.23 | % | 2,036,660 | 19,699 | 1.95 | % | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Total Interest-Bearing Funds |
14,165,414 | 28,366 | 0.40 | % | 12,617,319 | 67,079 | 1.07 | % | ||||||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||||||
Non-interest bearing deposits |
7,982,751 | 5,519,584 | ||||||||||||||||||||||
Accrued expenses and other liabilities |
238,883 | 228,053 | ||||||||||||||||||||||
|
|
|
|
|||||||||||||||||||||
TOTAL LIABILITIES |
22,387,048 | 18,364,956 | ||||||||||||||||||||||
SHAREHOLDERS’ EQUITY |
4,363,053 | 3,620,425 | ||||||||||||||||||||||
|
|
|
|
|||||||||||||||||||||
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY |
$ | 26,750,101 | $ | 21,985,381 | ||||||||||||||||||||
|
|
|
|
|||||||||||||||||||||
NET INTEREST INCOME |
$ | 379,599 | $ | 313,920 | ||||||||||||||||||||
|
|
|
|
|||||||||||||||||||||
INTEREST SPREAD |
3.06 | % | 2.86 | % | ||||||||||||||||||||
NET INTEREST MARGIN |
3.22 | % | 3.24 | % |
(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 leases; and concentrations. |
• | Current conditions – United considered the continued impact of COVID-19 on the economy as well as loan deferrals and modifications made in light of the pandemic when making determinations related to factor adjustments, such as changes in economic and business conditions, collateral values, external factors and past due loans and leases. |
• | Reasonable and supportable forecasts – The forecast is determined on a portfolio-by-portfolio |
• | The forecast improved in the second quarter of 2021 as compared to the first quarter while maintaining a gradual recovery pace extending into 2023. |
• | Greater risk of loss is probable in the hotel and accommodations portfolio due to weakened economic conditions brought on by the pandemic which resulted in a more negative forecast relative to other portfolios and a longer projected recovery period to extend into late 2023 or 2024. |
• | Consideration was given to the $1.9 trillion American Rescue Plan (effective March 11, 2021) during the forecast selection process as it is likely this stimulus package continues to have a positive impact on the economy. |
• | Reversion to historical loss data occurs via a straight-line method during the year following the one-year reasonable and supportable forecast period. |
Change in Interest Rates (basis points) |
Percentage Change in Net Interest Income | |||
June 30, 2021 |
December 31, 2020 | |||
+200 |
2.60% | (4.32%) | ||
+100 |
1.16% | (2.61%) | ||
-100 |
(0.82%) | 0.03% | ||
-200 |
(1.37%) | (0.05%) |
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 – 4/30/2021 |
0 | $ | 00.00 | 0 | 3,033,796 | |||||||||||
5/01 – 5/31/2021 |
1,915 | $ | 41.38 | 0 | 3,033,796 | |||||||||||
6/01 – 6/30/2021 |
0 | $ | 00.00 | 0 | 3,033,796 | |||||||||||
|
|
|
|
|
|
|||||||||||
Total |
1,915 | $ | 41.38 | 0 | ||||||||||||
|
|
|
|
|
|
(1) | Includes shares exchanged in connection with the exercise of stock options or the vesting of restricted stock under United’s long-term incentive plans. Shares are purchased pursuant to the terms of the applicable plan and not pursuant to a publicly announced stock repurchase plan. For the quarter ended June 30, 2021 – 1,912 shares at an average price of $41.39 were exchanged by participants in United’s long-term incentive plans. |
(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, 2021, the following shares were purchased for the deferred compensation plan: May 2021 – 3 shares at an average price of $38.67. |
(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. |
(a) | None. |
(b) | No changes were made to the procedures by which security holders may recommend nominees to United’s Board of Directors. |
UNITED BANKSHARES, INC. | ||||||
(Registrant) | ||||||
Date: | August 9, 2021 |
/s/ Richard M. Adams | ||||
Richard M. Adams, Chairman of | ||||||
the Board and Chief Executive Officer | ||||||
Date: | August 9, 2021 |
/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 9, 2021 |
/s/ Richard M. Adams | ||||
Richard M. Adams, Chairman of the Board and Chief Executive Officer |
91
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 9, 2021 |
/s/ W. Mark Tatterson | ||||
W. Mark Tatterson, Executive | ||||||
Vice President and Chief Financial Officer |
92
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, 2021 (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 9, 2021 |
/s/ Richard M. Adams | ||||||
Name: | Richard M. Adams | |||||||
Title: | Chief Executive Officer |
93
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, 2021 (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 9, 2021 |
/s/ W. Mark Tatterson | ||||||
Name: | W. Mark Tatterson | |||||||
Title: | Chief Financial Officer |
94
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands |
Jun. 30, 2021 |
Dec. 31, 2020 |
---|---|---|
Statement of Financial Position [Abstract] | ||
Securities available for sale, amortized cost | $ 3,221,432 | $ 2,868,346 |
Securities held to maturity | 1,020 | 1,235 |
Loans held for sale at fair value | $ 576,827 | $ 698,341 |
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 | 134,165,663 | 133,809,374 |
Common stock, shares in treasury | 4,962,070 | 4,620,867 |
Allowance for credit losses on securities held for sale | $ 0 | $ 0 |
Allowances for credit losses on securities held to maturity | 31 | 23 |
Allowance for credit loss on accrued interest receivable | 29 | 250 |
Mortgage servicing rights, net of valuation allowance | $ 1,633 | $ 1,383 |
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2021 |
Jun. 30, 2020 |
Jun. 30, 2021 |
Jun. 30, 2020 |
|
Statement of Comprehensive Income [Abstract] | ||||
Net income | $ 94,836 | $ 52,686 | $ 201,734 | $ 92,869 |
Change in net unrealized gain (loss) on available-for-sale ("AFS") securities, net of tax | 13,837 | 27,834 | (22,528) | 45,420 |
Change in net unrealized (loss) gain on cash flow hedge, net of tax | (6,044) | (1,272) | 8,943 | (1,272) |
Change in pension plan assets, net of tax | 869 | 1,113 | 1,738 | 2,225 |
Comprehensive income, net of tax | $ 103,498 | $ 80,361 | $ 189,887 | $ 139,242 |
Consolidated Statement of Changes in Shareholders' Equity - USD ($) $ in Thousands |
Total |
Cumulative Effect, Period of Adoption, Adjustment [Member] |
Common Stock [Member] |
Common Stock [Member]
Cumulative Effect, Period of Adoption, Adjustment [Member]
|
Surplus [Member] |
Surplus [Member]
Cumulative Effect, Period of Adoption, Adjustment [Member]
|
Retained Earnings [Member] |
Retained Earnings [Member]
Cumulative Effect, Period of Adoption, Adjustment [Member]
|
Accumulated Other Comprehensive Income (Loss) [Member] |
Accumulated Other Comprehensive Income (Loss) [Member]
Cumulative Effect, Period of Adoption, Adjustment [Member]
|
Treasury Stock [Member] |
Treasury Stock [Member]
Cumulative Effect, Period of Adoption, Adjustment [Member]
|
|||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
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 | ||||||||||||||
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 of Carolina Financial Corporation, Values | $ 817,830 | 70,079 | 747,751 | 0 | 0 | 0 | |||||||||
Acquisition of Carolina Financial Corporation, 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 | ||||||||||||||
Beginning Balance at Dec. 31, 2020 | 4,297,620 | $ 334,523 | 2,894,471 | 1,205,395 | 22,370 | [1] | (159,139) | ||||||||
Beginning Balance, shares at Dec. 31, 2020 | 133,809,374 | ||||||||||||||
Net income | 106,898 | $ 0 | 0 | 106,898 | 0 | 0 | |||||||||
Other comprehensive income, net of tax | (20,509) | 0 | 0 | 0 | (20,509) | 0 | |||||||||
Comprehensive income, net of tax | 86,389 | ||||||||||||||
Stock based compensation expense | 1,688 | 0 | 1,688 | 0 | 0 | 0 | |||||||||
Purchase of treasury stock | (11,210) | 0 | 0 | 0 | 0 | (11,210) | |||||||||
Cash dividends | (45,254) | 0 | 0 | (45,254) | 0 | 0 | |||||||||
Grant of restricted stock | 0 | $ 452 | (452) | 0 | 0 | 0 | |||||||||
Grant of restricted stock, shares | 180,901 | ||||||||||||||
Common stock options exercised | 3,465 | $ 365 | 3,100 | 0 | 0 | 0 | |||||||||
Common stock options exercised, shares | 145,621 | ||||||||||||||
Ending Balance at Mar. 31, 2021 | 4,332,698 | $ 335,340 | 2,898,807 | 1,267,039 | 1,861 | (170,349) | |||||||||
Ending Balance, shares at Mar. 31, 2021 | 134,135,896 | ||||||||||||||
Beginning Balance at Dec. 31, 2020 | 4,297,620 | $ 334,523 | 2,894,471 | 1,205,395 | 22,370 | [1] | (159,139) | ||||||||
Beginning Balance, shares at Dec. 31, 2020 | 133,809,374 | ||||||||||||||
Net income | 201,734 | ||||||||||||||
Other comprehensive income, net of tax | (11,847) | (11,847) | [1] | ||||||||||||
Comprehensive income, net of tax | $ 189,887 | ||||||||||||||
Common stock options exercised, shares | 173,945 | ||||||||||||||
Ending Balance at Jun. 30, 2021 | $ 4,393,713 | $ 335,414 | 2,901,591 | 1,316,607 | 10,523 | [1] | (170,422) | ||||||||
Ending Balance, shares at Jun. 30, 2021 | 134,165,663 | ||||||||||||||
Beginning Balance at Mar. 31, 2021 | 4,332,698 | $ 335,340 | 2,898,807 | 1,267,039 | 1,861 | (170,349) | |||||||||
Beginning Balance, shares at Mar. 31, 2021 | 134,135,896 | ||||||||||||||
Net income | 94,836 | $ 0 | 0 | 94,836 | 0 | 0 | |||||||||
Other comprehensive income, net of tax | 8,662 | 0 | 0 | 0 | 8,662 | 0 | |||||||||
Comprehensive income, net of tax | 103,498 | ||||||||||||||
Stock based compensation expense | 1,892 | 0 | 1,892 | 0 | 0 | 0 | |||||||||
Cash dividends | (45,268) | 0 | 0 | (45,268) | 0 | 0 | |||||||||
Grant of restricted stock | 0 | $ 4 | (4) | 0 | 0 | 0 | |||||||||
Grant of restricted stock, shares | 1,443 | ||||||||||||||
Forfeiture of restricted stock | 0 | $ 0 | 73 | 0 | 0 | (73) | |||||||||
Common stock options exercised | 893 | $ 70 | 823 | 0 | 0 | 0 | |||||||||
Common stock options exercised, shares | 28,324 | ||||||||||||||
Ending Balance at Jun. 30, 2021 | $ 4,393,713 | $ 335,414 | $ 2,901,591 | $ 1,316,607 | $ 10,523 | [1] | $ (170,422) | ||||||||
Ending Balance, shares at Jun. 30, 2021 | 134,165,663 | ||||||||||||||
|
Consolidated Statement of Changes in Shareholders' Equity (Parenthetical) - $ / shares |
3 Months Ended | |||
---|---|---|---|---|
Jun. 30, 2021 |
Mar. 31, 2021 |
Jun. 30, 2020 |
Mar. 31, 2020 |
|
Acquisition, Shares | 28,031,501 | |||
Common Stock [Member] | ||||
Cash dividends per share | $ 0.35 | $ 0.35 | $ 0.35 | $ 0.35 |
Grant of restricted stock, shares | 1,443 | 180,901 | 175,495 | |
Forfeiture of restricted stock, shares | 1,971 | 946 | ||
Common stock options exercised, shares | 28,324 | 145,621 | 300 | 14,694 |
Treasury Stock [Member] | ||||
Purchase of treasury stock, shares | 339,229 | 6 | 19,314 | |
Carolina Financial Corporation [Member] | Common Stock [Member] | ||||
Acquisition, Shares | 28,031,501 |
Summary of Significant Accounting Policies |
6 Months Ended |
---|---|
Jun. 30, 2021 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | 1. 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, 2021 and 2020 and for the three-month and six-month periods then ended have not been audited. The consolidated balance sheet as of December 31, 2020 has been extracted from the audited financial statements included in United’s 2020 Annual Report to Shareholders. The Notes to Consolidated Financial Statements appearing in United’s 2020 Annual Report on Form 10-K, which includes descriptions of significant accounting policies, should be read in conjunction with these interim financial statements. 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 January 2021, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2021-01, “Reference Rate Reform (Topic 848).” This update refines the scope of ASC Topic 848 and permits entities to elect certain optional expedients and exceptions when accounting for derivative contracts and certain hedging relationships affected by change in the interest rates used for discounting cash flows, for computing variation margin settlements, and for calculating price alignment interest in connection with reference rate reform activities under way in global financial markets. ASU No. 2021-01 is effective for public business entities upon issuance 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. 2021-01 and its impact on the Company’s transition away from LIBOR for its loan and other financial instruments. In August 2020, the FASB issued ASU No. 2020-06, “Debt – Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging – Contracts in Entity’s Own Equity (Subtopic 815-40).” The amendments in the ASU remove certain separation models for convertible debt instruments and convertible preferred stock that require the separation of a convertible debt instrument into a debt component and an equity or derivative component. The ASU also amends the derivative scope exception guidance for contracts in an entity’s own equity. The amendments remove three settlement conditions that are required for equity contracts to qualify for the derivative scope exception. In addition, the ASU expands disclosure requirements for convertible instruments and simplifies areas of the guidance for diluted earnings-per-share No. 2020-06 is effective for public business entities for fiscal years beginning after December 15, 2021, including interim periods within those fiscal years. Entities may elect to adopt the amendments through either a modified retrospective method of transition or a fully retrospective method of transition. ASU No. 2020-06 is not expected to have a material impact on the Company’s financial condition or results of operations. In March 2020, the FASB issued 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 under ASC Topic 848 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 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 was adopted by United on January 1, 2021. 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- 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 was adopted by United on January 1, 2021. The adoption did not have a material impact on the Company’s financial condition or results of operations. |
Mergers and Acquisitions |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Business Combinations [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Mergers and Acquisitions | 2. MERGERS AND ACQUISITIONS Community Bankers Trust Corporation On June 2, 2021, United entered into an Agreement and Plan of Reorganization (the “Community Bankers Trust Agreement”) with Community Bankers Trust Corporation (“Community Bankers Trust”), a Virginia corporation headquartered in Richmond, Virginia. In accordance with the Community Bankers Trust Agreement, Community Bankers Trust will merge with and into United (the “Community Bankers Trust Merger”). Community Bankers Trust will cease to exist and United shall survive and continue to exist as a West Virginia corporation. United may at any time prior to the effective time of the Community Bankers Trust Merger change the method of effecting the combination with Community Bankers Trust subject to certain conditions contained in the Community Bankers Trust Agreement. The Community Bankers Trust Agreement provides that upon consummation of the Community Bankers Trust Merger, each outstanding share of common stock of Community Bankers Trust will be converted into the right to receive 0.3173 shares of United common stock, par value $2.50 per share. Pursuant to the Community Bankers Trust Agreement, at the effective time of the Community Bankers Trust Merger, each outstanding Community Bankers Trust stock option granted under a Community Bankers Trust stock plan, whether vested or unvested as of the date of the Community Bankers Trust Agreement, will vest only as provided pursuant to the terms of such Community Bankers Trust stock plan and convert into an option to acquire United common stock adjusted based on the 0.3173 exchange ratio. Also, at the effective time of the Community Bankers Trust Merger, each restricted stock unit granted under a Community Bankers Trust stock plan that is outstanding immediately prior to the effective time of the Community Bankers Trust Merger will vest only in accordance with the formula and other terms of the Community Bankers Trust stock plan and convert into the right to receive shares of United common stock based on the 0.3173 exchange ratio. At the effective time of the Community Bankers Trust Merger, Essex Bank, a wholly-owned subsidiary of Community Bankers Trust, will merge with and into United Bank, a wholly-owned subsidiary of United (the “Essex Bank Merger”). United Bank will survive the Essex Bank Merger and continue to exist as a Virginia banking corporation. The acquisition of Community Bankers Trust will enhance United’s existing presence in the DC Metro MSA and will take United into new markets including Baltimore, Annapolis, Lynchburg, Richmond, and the Northern Neck of Virginia. It also strategically connects our Mid-Atlantic and Southeast footprints.As of June 30, 2021, Community Bankers Trust had $1,754,213 in total assets, $1,209,784 in gross loans and $1,488,828 in deposits. The merger agreement was approved by the boards of directors of both companies. The merger is expected to close in the fourth quarter of 2021, subject to satisfaction of customary closing conditions, including receipt of customary regulatory approvals and approval by the shareholders of Community Bankers Trust. Carolina Financial Corporation 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 “Carolina Financial Merger”), pursuant to the terms of the Agreement and Plan of Merger, dated November 17, 2019, by and between United and Carolina Financial (the “Carolina Financial Agreement”). Upon completion of the Carolina Financial Merger, Carolina Financial ceased to exist and United survived and continues to exist as a West Virginia corporation. Under the terms of the Carolina Financial 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 Carolina Financial Agreement, as of the effective time of the Carolina Financial Merger, each outstanding Carolina Financial stock option, whether vested or unvested as of the date of the Carolina Financial 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 Carolina Financial 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 Carolina Financial 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 Carolina Financial Merger, CresCom Bank, a wholly-owned subsidiary of Carolina Financial, merged with and into United Bank, a wholly-owned subsidiary of United (the “CresCom Bank Merger”). United Bank survived the CresCom Bank Merger and continues to exist as a Virginia banking corporation. CresCom Bank owned and operated Crescent Mortgage Company (“Crescent”), which is based in Atlanta, Georgia. As a result of the CresCom Bank Merger, Crescent is now a wholly-owned subsidiary of United Bank. For the second quarter and first half of 2021, United did not record any acquisition-related costs associated with the Carolina Financial Merger as compared to acquisition-related costs of $46,449 and $48,009 for the second quarter and first half of 2020. The Carolina Financial 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. Carolina Financial had banking locations in North Carolina and South Carolina. As of the Acquisition Date, Carolina Financial had $5,004,990 in total assets, $3,292,635 in loans and leases, net of unearned income and $3,873,183 in deposits. The aggregate purchase price was $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 purchase price has been allocated to the identifiable 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 fair value discounts of $47,425 on the loans and leases acquired, $620 on investment securities, $272 on OREO, $4,831 on trust preferred issuances and $135 on subordinated notes, respectively, and premiums of $5,908 on buildings acquired, $4,357 on land acquired, $12,818 on interest-bearing deposits, and $468 on long-term FHLB advances, respectively. United also recorded an allowance for credit losses, including a reserve for unfunded commitments, of $50,562 on the loans and commitments acquired split between $19,797 for purchased credit deteriorated (“PCD”) loans and $30,765 for 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, based on the type of asset or liability, over each asset’s or liability’s estimated remaining life at the time of acquisition. At June 30, 2021, the discounts on subordinated debt and trust preferred issuances had an average estimated remaining life of 6.50 years and 15.75 years, respectively, and the premiums on the buildings, and interest-bearing deposits each had an average estimated remaining life of 30.50 years, and 4.10 years, respectively. The estimated fair values of the acquired assets and assumed liabilities, including identifiable intangible assets and goodwill were considered final as of June 30, 2021. Portfolio loans and leases 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 market loss assumptions and 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 and leases 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 and leases 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 and leases, an initial allowance is determined based on the same methodology as other portfolio loans and leases. This initial allowance for credit losses is allocated to individual PCD loans and leases and added to the acquisition date fair values to establish the initial amortized cost basis for the PCD loans and leases. The difference between the unpaid principal balance (“UPB”), or par value, of PCD loans and leases and the amortized cost basis is considered to relate to noncredit factors and resulted in a discount of $7,212 at Acquisition Date. This discount is being 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 and leases, 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 and leases which is estimated to be a weighted-average of 7.3 years. The total fair value mark on the non-PCD loans and leases at the Acquisition Date was $40,213. 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 and leases 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 PCD loans and leases acquired from Carolina Financial as of the Acquisition Date:
The consideration paid for Carolina Financial’s common equity and the amounts of acquired identifiable assets and liabilities assumed as of the Acquisition Date were as follows:
The operating results of United include operating results of acquired assets and assumed liabilities subsequent to the Acquisition Date. The operations of United’s North Carolina and South Carolina geographic area, which includes the acquired operations of Carolina Financial and Crescent Mortgage provided $104,069 in total revenues (net interest income plus other income), and $53,632 in net income for the first six months of 2021. These amounts are included in United’s consolidated financial statements as of and for the six months ended June 30, 2021. Carolina Financial’s results of operations prior to the Acquisition Date are not included in United’s consolidated results of operations. |
Investment Securities |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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, estimated fair values, and allowance for credit losses of securities available for sale are summarized as follows.
For the adoption of ASC Topic 326, “Financial Instruments—Credit Losses,” United 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, United does not currently recognize an allowance for credit loss against accrued interest receivable on available-for-sale The following is a summary of securities available for sale which were in an unrealized loss position at June 30, 2021 and December 31, 2020.
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.
At June 30, 2021, gross unrealized losses on available for sale securities were $12,713 on 113 securities of a total portfolio of 1,005 available for sale securities. Securities with the most significant gross unrealized losses at June 30, 2021 consisted primarily of agency residential mortgage-backed securities and agency commercial mortgage-backed securities. In 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 $592,778 at June 30, 2021. As of June 30, 2021, approximately 59% 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 no securities within the portfolio were rated below investment grade as of June 30, 2021. 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 had credit losses at June 30, 2021. 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 $1,607,975 at June 30, 2021. Of the $1,607,975 amount, $634,647 was related to agency commercial mortgage-backed securities and $973,328 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 had credit losses at June 30, 2021. 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 $39,792 at June 30, 2021. Of the $39,792, 100% was rated AAA. Based upon management’s analysis and judgment, it was determined that none of the non-agency residential mortgage-backed securities had credit losses at June 30, 2021. Asset-backed securities As of June 30, 2021, United’s asset-backed securities portfolio had a total amortized cost balance of $489,901. The entire portfolio was rated AA+ or better as of June 30, 2021. Approximately 55% of the portfolio relates to securities that 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. Approximately 41% of the portfolio relates to collateralized loan obligation securities that are all AAA rated. The remaining 4% of the portfolio relates to various other asset-backed securities that are all AAA rated. Upon reviewing this portfolio for the second quarter of 2021, it was determined that none of the asset-backed securities had credit losses. 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, 2021 consisted of $11,514 in investment grade bonds, $978 in split rated bonds, and $5,757 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 2021, it was determined that none of the single issue trust preferred securities had credit losses. Corporate securities As of June 30, 2021, United’s Corporate securities portfolio had a total amortized cost balance of $457,829. The majority of the portfolio consisted of debt issuances of corporations representing a variety of industries, including financial institutions. Of the $457,829 total amortized cost balance, 86% had at least one rating above investment grade, 2% was below 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 had credit losses at June 30, 2021. The amortized cost and estimated fair value of securities available for sale at June 30, 2021 and December 31, 2020 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 $11,507 at June 30, 2021 and $10,718 at December 31, 2020.
Other investment securities During the second quarter of 2021, United evaluated all of its cost method investments to determine if certain events or changes in circumstances during the second quarter of 2021 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 $1,912,762 and $1,942,087 at June 30, 2021 and December 31, 2020, respectively. |
Loans and Leases |
6 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2021 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Receivables [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loans and Leases | 4. LOANS AND LEASES Major classes of loans and leases are as follows:
The table above does not include loans held for sale of $576,827 and $718,937 at June 30, 2021 and December 31, 2020, 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 $32,791 and $35,756 at June 30, 2021 and December 31, 2020, respectively. |
Credit Quality |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Text Block [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Credit Quality | 5. CREDIT QUALITY Management monitors the credit quality of its loans and leases 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 and leases are reviewed on a monthly basis to identify loans and leases 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 and leases 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 and leases 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. Generally, a loan is categorized as a TDR if a concession is granted and there is deterioration in the financial condition of the borrower. The portfolio of TDR loans is monitored monthly. 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. A loan classified as a TDR will generally retain such classification until the loan is paid in full. However, a one-to-four-family 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 from the period beginning March 1, 2020 until the earlier of January 1, 2022 or the date that is 60 days after the date on which the national emergency concerning the COVID-19 outbreak terminates. As provided for under the CARES Act, these loan modifications are exempt by law from classification as a TDR as defined by GAAP. As of June 30, 2021, United has 238 eligible loan modifications in deferral under section 4013, “Temporary Relief from Troubled Debt Restructurings,” of the CARES Act on $66,364 of loans outstanding, down from 1,002 eligible loan modifications in deferral on $399,857 of loans outstanding at December 31, 2020. As of June 30, 2021, United had TDRs of $47,271 as compared to $55,657 as of December 31, 2020. Of the $47,271 aggregate balance of TDRs at June 30, 2021, $32,471 was on nonaccrual, $46 was 90 days or more past due and $1,362 was 30-89 days past due. Of the $55,657 aggregate balance of TDRs at December 31, 2020, $41,185 was on nonaccrual and $197 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, 2021, there was a commitment to lend additional funds of $125 to a debtor owing a receivable whose terms have been modified in a TDR. During the second quarter and first six months of 2021, advances totaling $13 were made to this debtor under a loan that had been previously modified. The following tables sets forth the balances of TDRs at June 30, 2021 and December 31, 2020 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, 2021 and 2020, segregated by class of loans:
The
The following table presents troubled debt restructurings, by class of loan, that were restructured during the twelve-month period ended June 30, 2021 and had charge-offs during the three months and six months ended June 30, 2021. The recorded investment amounts presented were as of the June 30, 2021 balance sheet date.
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 recorded investment amounts presented were as of the June 30, 2020 balance sheet date.
The following table sets forth United’s age analysis of its past due loans and leases, segregated by class of loans:
The following table sets forth United’s nonaccrual loans and leases, segregated by class of loans:
Interest income recognized on nonaccrual loans was insignificant during the three and six months ended June 30, 2021 and 2020. For the adoption of ASC Topic 326, United elected the practical expedient to measure expected credit losses on collateral dependent loans and leases 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 and leases 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 and leases as of June 30, 2021 and December 31, 2020:
United categorizes loans and leases 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 charged-off prior to such a classification. Based on the most recent analysis Commercial Real Estate O wner-occupied
At June 30, 2021 and December 31, 2020, other real estate owned (“OREO”) included in other assets in the Consolidated Balance Sheets was $18,474 and $22,595, 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, 2021, the recorded investment of consumer mortgage loans secured by residential real estate properties for which formal foreclosure proceedings are in process was $71. There were no consumer mortgage loans secured by residential real estate pro perties for which formal foreclosure proceedings were in process as of December 31, 2020. |
Allowance for Credit Losses |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Receivables [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Allowance for Credit Losses | 6. ALLOWANCE FOR CREDIT LOSSES As of January 1, 2020, United adopted the CECL methodology for measuring credit losses in accordance with ASC Topic 326. Under ASC Topic 326, 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, net of an allowance for credit losses, of $48,559 The following table represents the accrued interest receivable as of June 30, 2021 and December 31, 2020:
The following table represents the accrued interest receivables written off by reversing interest income for the three months and six months ended June 30, 2021 and 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 and leases 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 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, but may also include other non-performing loans or TDRs, expected credit losses are based on the fair value of the collateral at the reporting date, adjusted for selling costs as appropriate. These individually evaluated loans are removed from their respective pools and typically represent collateral dependent loans. In addition, the Company individually evaluates “reasonably expected” TDRs, which are identified by the Company as a loan expected to be classified as a TDR. Expected credit losses are estimated over the contractual term of the loans and leases, 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 and leases acquired through the completion of a transfer, including loans and leases 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 and leases previously accounted for as PCI meet the definition of purchased credit deteriorated (“PCD”) loans and leases upon adoption of ASC Topic 326. Any changes in the allowance for credit losses for these loans and leases were accounted for as an adjustment to the loan’s amortized cost basis and not as a cumulative-effect adjustment to an entity’s beginning retained earnings. Non-PCI loans and leases are now classified as non-PCD loans and leases with the adoption of ASC Topic 326. In accordance with ASC Topic 326 guidance, United calculated a PCD rate adjustment for all PCD loans and leases at adoption. Such adjustment created a discount 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. At the acquisition date, an initial allowance for expected credit losses is estimated and recorded as credit loss expense. The subsequent measurement of expected credit losses for all acquired loans is the same as the subsequent measurement of expected credit losses for originated loans. For allowance for credit losses under ASC Topic 326 calculation purposes, United includes its acquired loans and leases in their relevant pool unless they meet the criteria for specific review. United maintains an allowance for loan losses and a reserve for lending-related commitments such as unfunded loan commitments and letters of credit. The reserve for lending-related commitments of $20,897 and $19,250 at June 30, 2021 and December 31, 2020, 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. As of June 30, 2021, the allowance for credit losses decreased from December 31, 2020 primarily due to better performance trends within the loan portfolio and improved macroeconomic factors surrounding the COVID-19 pandemic considered in the determination of the allowance for loan and lease losses at June 30, 2021. Reserves are initially determined based on losses identified from the PD/LGD and Cohort models which utilize the Company’s historical information. Then any qualitative adjustments are applied to account for the Company’s view of the future. If current conditions underlying any qualitative adjustment factor were deemed to be materially different than historical conditions, then an adjustment was made for that factor. The second quarter of 2021 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:
|
Intangible Assets |
6 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2021 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Goodwill and Other Intangibles | 7. INTANGIBLE ASSETS The following is a summary
United incurred amortization expense of $1,467 and $2,933 for the three and six months ended June 30, 2021 as compared to $1,646 and $3,223 for the three and six months ended June 30, 2020, respectively. For the first six months of 2021, goodwill of $13,192 was recorded for the Carolina Financial acquisition due to adjustments in current and deferred income taxes. The following table provides a reconciliation of goodwill:
The following table sets forth the anticipated amortization expense for intangible assets for the years subsequent to 2020:
|
Mortgage Servicing Rights |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Servicing Asset [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Mortgage 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 (“MSRs”) at fair value, if practicable. For subsequent measurement purposes, the Company measures servicing assets and liabilities based on the lower of cost or market using the amortization method. MSRs are amortized in proportion to, and over the period of, estimated net servicing income. The amortization of the MSRs is analyzed periodically and is adjusted to reflect changes in prepayment rates and other estimates. The Company evaluates potential impairment of MSRs based on the difference between the carrying amount and current estimated fair value of the servicing rights. In determining impairment, the Company aggregates all servicing rights and stratifies them into tranches based on predominant risk characteristics. 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 N ational Mortgage Association (“FNMA”), the Federal H ome L oan Mortgage Corporation (“FHLMC”), Government N ational 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 MSRs and mortgage servicing costs are charged to expense when incurred. The unpaid principal balances of loans serviced for others were approximately $3,674,023 at June 30, 2021 and $3,587,953 at December 31, 2020. The estimated fair value of the mortgage servicing rights was $24,630 and $20,955 at June 30, 2021 and December 31, 2020, respectively. The estimated fair value of servicing rights at June 30, 2021 was determined using a net servicing fee of 0.26%, average discount rates ranging from 10.50% to 12.00% with a weighted average discount rate of 10.61%, average constant prepayment rates (“CPR”) ranging from 11.29% to 22.83% with a weighted average prepayment rate of 17.53%, depending upon the stratification of the specific servicing right, and a delinquency rate, including loans on forbearance of 2.76%. The estimated fair value of servicing rights at December 31, 2020 was determined using a net servicing fee of 0.26%, average discount rates ranging from 9.50% to 14.07% with a weighted average discount rate of 10.62%, average CPR ranging from 7.98% to 18.42% with a weighted average prepayment rate of 14.60%, depending upon the stratification of the specific servicing right, and a delinquency rate, including loans on forbearance of 2.88%. Please refer to Note 1 4 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 $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, 2021 and 2020:
In determining impairment, the Company aggregates all servicing rights and stratifies them into tranches based on predominant risk characteristics. The Company recorded a $250 temporary impairment , net of recoveries on mortgage servicing rights for the three and six months ended June 30, 2021. The Company recorded a $710 temporary impairment of mortgage servicing rights from the date of acquisition to June 30, 2020. 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 |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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 12 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, 2020, consists of the following as of June 30, 2021 and December 31, 2020:
|
Short-Term Borrowings |
6 Months Ended |
---|---|
Jun. 30, 2021 | |
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, 2021, United did not have any federal funds purchased while total securities sold under agreements to repurchase (“REPOs”) were $127,745. 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, 2021, United had no outstanding balance under this line of credit. |
Long-Term Borrowings |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||
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, 2021, United had an unused borrowing amount of approximately $7,005,031 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, 2021, $533,365 of FHLB advances with a weighted-average contractual interest rate of 0.34% and a weighted-average effective interest rate of 0.55% are scheduled to mature within the next four years. The scheduled maturities of these FHLB borrowings are as follows:
At June 30, 2021, 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. At June 30, 2021 and December 31, 2020, the outstanding balance of the Debentures was $270,792 and $269,972, respectively. 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 or the subordinated notes as Tier 1 capital, but rather the Capital Securities and subordinated notes are included as a component of United’s Tier 2 capital. United can include the Capital Securities and subordinated notes in its Tier 2 capital on a permanent basis. |
Commitments and Contingent Liabilities |
6 Months Ended |
---|---|
Jun. 30, 2021 | |
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 $6,368,974 and $5,730,876 of loan commitments outstanding as of June 30, 2021 and December 31, 2020, respectively, approximately 43% of which contractually expire within one year. Included in the June 30, 2021 amount are commitments to extend credit of $597,304 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. United had $3,055 and $5,092 of commercial letters of credit outstanding as of June 30, 2021 and December 31, 2020, respectively. 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 $151,289 and $134,916 as of June 30, 2021 and December 31, 2020, 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 had a reserve of $1,209 and $1,216 as of June 30, 2021 and December 31, 2020, respectively. 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 |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivative Financial Instruments | 13. DERIVATIVE 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. 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. During the second quarter of 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. During the third quarter of 2020, United entered into an additional 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 0.19% and receive-variable 1-month LIBOR with monthly resets. The tenor of the interest rate swap derivative is 4 years with an expiration date in August 2024. As of June 30, 2021, United has determined that no forecasted transactions related to its cash flow hedges 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 $1,352 will be reclassified from AOCI as an increase to interest expense over the next 12-months following June 30, 2021 related to the cash flow hedges. As of June 30, 2021, the maximum length of time over which forecasted transactions are hedged is nine 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. 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 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. 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, 2021 and December 31, 2020.
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, 2021 and December 31, 2020.
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, 2021 and 2020 are presented as follows:
|
Fair Value Measurements |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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 in 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. ASC Topic 820 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. Uponbid-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 does not have any available-for-sale 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, 2021, the range of historical sales prices increased the investor’s indicated pricing by a range of 0.11% to 0.31% with a weighted average increase of 0.21%. 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 accumulated 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 accumulated other comprehensive income, net of tax and reclassified into earnings in the same line associated with the forecasted transaction when the forecasted transaction affects 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, 2021, the range of historical sales prices increased the investor’s indicated pricing by a range of 0.11% to 0.31% with a weighted average increase of 0.21%. 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, 2021 and December 31, 2020, segregated by the level of the valuation inputs within the fair value hierarchy.
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, 2021 and the year ended December 31, 2020. The following table presents additional information about financial assets and liabilities measured at fair value at June 30, 2021 and December 31, 2020 on a recurring basis and for which United has utilized Level 3 inputs to determine fair value:
Fair Value Option As of January 1, 2021, United elected the fair value option for new loans held for sale originated in its community banking segment after that date to mitigate a divergence between accounting losses and economic exposure. Prior to January 1, 2021, United elected the fair value option only for its loans held for sale in its mortgage banking segment . 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 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 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 : Prior to January 1, 2021, loans held for sale within the community banking segment that were delivered on a best efforts basis were carried at the lower of cost or fair value. As previously mentioned, United elected the fair value option for all loans held for sale as of January 1, 2021. Under the lower of cost or fair value accounting method, the fair value of loans held for sale within the community banking segment was based on the price secondary markets offered at the time for similar loans using observable market data which was not materially different than cost due to the short duration between origination and sale (“Level 2”). As such, United recorded any fair value adjustments for these loans held for sale on a nonrecurring basis. Gains and losses on sale of loans were 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 of business 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 primarily 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. United performed its annual goodwill impairment test on the Company’s reporting units as of September 30, 2020. The goodwill impairment test did not identify any goodwill impairment. In subsequent periods, economic uncertainty and volatility surrounding COVID-19 and the performance of the Company’s stock as well as possible other impairment indicators could cause us to perform a goodwill impairment test which 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. No other fair value measurement of intangible assets was made during the first six months of 2021 and 2020 other than those intangible assets recorded in the acquisition of Carolina Financial in the second quarter of 2020. 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 delinquency rates, and ancillary fee income net of servicing costs. For June 30, 2021, the average range of discount rates was 10.50% to 12.00% with a weighted average discount rate of 10.61%; the average range of constant prepayment rates was 11.29% to 22.83% with a weighted average prepayment rate of 17.53%; the net servicing fee was 0.26%; and the delinquency rate, including loans on forbearance was 2.76%. For December 31, 2020, the average range of discount rates was 9.50% to 14.07% with a weighted average discount rate of 10.62%; the average range of constant prepayment rates was 7.98% to 18.42% with a weighted average prepayment rate of 14.60%; the net servicing fee was 0.26%; and the delinquency rate, including loans on forbearance was 2.88%. The Company recorded a temporary impairment , net of recoveries of $250 on mortgage servicing rights in the quarter and six months ended June 30, 2021. The Company recorded a $710 temporary impairment of mortgage servicing rights in the quarter and six months 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 in 2020. 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 and leases : 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:
|
Stock Based Compensation |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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 13, 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 225,000 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 of will vest as the Committee determines in the award agreement, provided thatno 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 and to recoup gains realized from previous awards should United be required to prepare an accounting restatement due to materially inaccurate performance metrics. A Form 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 $1,892 and $3,580 related to the nonvested awards under United’s Long-Term Incentive Plans was incurred for the second quarter and first six months of 2021, respectively, as compared to the compensation expense of $1,369 and $2,622 related to the nonvested awards under United’s Long-Term Incentive Plans incurred for the second quarter and first six months of 2020, 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, 2021, and the changes during the first six months of 2021 are presented below:
The following table summarizes the status of United’s nonvested stock option awards during the first six months of 2021:
During the six months ended June 30, 2021 and 2020, 173,945 and 14,994 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, 2021 and 2020 were issued from authorized and unissued stock. The total intrinsic value of options exercised under the Plans during the six months ended June 30, 2021 and 2020 was $1,644 and $249 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 will vest over the first three anniversaries of the award. Unless determined by the Committee or the Board and provided in the award agreement, recipients of restricted shares do not pay any consideration to United for the shares, have the right to vote all shares subject to such grant and receive all dividends with respect to such shares, whether or not the shares have vested. Presently, these nonvested participating securities have an immaterial impact on diluted earnings per share. The following summarizes the changes to United’s nonvested restricted common shares for the period ended June 30, 2021:
Restricted Stock Units Under the 2020 LTI Plan, United may grant restricted stock units (“RSUs”) to key employees. These awards help align the interests of these employees with the interests of the shareholders of United by providing economic value directly related to the performance of the Company. These RSU grants could be time-vested RSUs, performance-vested RSUs, or a combination of both. Currently, time-vested RSUs vest ratably over three years from the date of grant. Performance-vested RSUs cliff-vest after assessment of the Company’s performance over a period of three years. The number of performance-vested RSUs that vest is determined by two metrics measured relative to peers: Return on Average Tangible Common Equity (“ROATCE”) and Total Shareholder Return (“TSR”). Based on ASC Topic 718, the ROATCE comparison is considered a performance condition while the TSR comparison is considered a market condition. There will be no payout of the performance-vested awards if the threshold performance is not achieved. United communicates the specific threshold, target, and maximum performance-vested RSU awards and performance targets to the applicable key employees at the beginning of a performance period. Dividends are accrued but not paid in respect to the awards until the RSUs vest. The holder does not have the right to vote the shares during the time and performance periods. The value of the time-vested RSUs and the performance-vested, based on the performance condition, RSUs awarded is established as the fair market value of the stock at the time of the grant. The value of the performance-vested, based on the market condition, RSUs awarded is estimated through the use of a Monte Carlo valuation model as of the grant date. The Company recognizes expense on the RSUs in accordance with ASC Topic 718. The following table summarizes the status of United’s nonvested RSUs during the first six months of 2021:
|
Employee Benefit Plans |
6 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2021 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Retirement Benefits [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Employee Benefit Plans | 16. EMPLOYEE BENEFIT PLANS United has a defined benefit retirement plan covering qualified employees hired prior to October 1, 2007. 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 2021 and 2020. Included in accumulated other comprehensive income at December 31, 2020 are unrecognized actuarial losses of $65,426 ($50,182 net of tax) that have not yet been recognized in net periodic pension cost. Net periodic pension cost for the three and six months ended June 30, 2021 and 2020 included the following components:
|
Income Taxes |
6 Months Ended |
---|---|
Jun. 30, 2021 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 17. INCOME 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, 2021 and 2020, the total amount of accrued interest related to uncertain tax positions was $722 and $718, 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, 2017, 2018 and 2019 and certain State Taxing authorities for the years ended December 31, 2017 through 2019. United’s effective tax rate was 20.50% for both the second quarter and first six months of 2021 and 17.30% and 18.38% for the second quarter and first six months of 2020. |
Comprehensive Income |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Comprehensive Income | 18. COMPREHENSIVE INCOME The components of total comprehensive income for the three and six months ended June 30, 2021 and 2020 are as follows:
The components of accumulated other comprehensive income for the six months ended June 30, 2021 are as follows:
|
Earnings Per Share |
6 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2021 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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:
Antidilutive stock options and restricted stock outstanding of 468,892 and 978,095 for the three months and six months ended June 30, 2021, respectively, were excluded from the earnings per diluted common share calculation as compared to 2,027,073 and 1,700,493 for the three months and six months ended June 30, 2020, respectively. |
Variable Interest Entities |
6 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2021 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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:
|
Segment Information |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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. Crescent 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 and 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) 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, 2021 and 2020 is as follows:
|
Summary of Significant Accounting Policies (Policies) |
6 Months Ended |
---|---|
Jun. 30, 2021 | |
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, 2021 and 2020 and for the three-month and six-month periods then ended have not been audited. The consolidated balance sheet as of December 31, 2020 has been extracted from the audited financial statements included in United’s 2020 Annual Report to Shareholders. The Notes to Consolidated Financial Statements appearing in United’s 2020 Annual Report on Form 10-K, which includes descriptions of significant accounting policies, should be read in conjunction with these interim financial statements. 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 | New Accounting Standards In January 2021, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2021-01, “Reference Rate Reform (Topic 848).” This update refines the scope of ASC Topic 848 and permits entities to elect certain optional expedients and exceptions when accounting for derivative contracts and certain hedging relationships affected by change in the interest rates used for discounting cash flows, for computing variation margin settlements, and for calculating price alignment interest in connection with reference rate reform activities under way in global financial markets. ASU No. 2021-01 is effective for public business entities upon issuance 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. 2021-01 and its impact on the Company’s transition away from LIBOR for its loan and other financial instruments. In August 2020, the FASB issued ASU No. 2020-06, “Debt – Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging – Contracts in Entity’s Own Equity (Subtopic 815-40).” The amendments in the ASU remove certain separation models for convertible debt instruments and convertible preferred stock that require the separation of a convertible debt instrument into a debt component and an equity or derivative component. The ASU also amends the derivative scope exception guidance for contracts in an entity’s own equity. The amendments remove three settlement conditions that are required for equity contracts to qualify for the derivative scope exception. In addition, the ASU expands disclosure requirements for convertible instruments and simplifies areas of the guidance for diluted earnings-per-share No. 2020-06 is effective for public business entities for fiscal years beginning after December 15, 2021, including interim periods within those fiscal years. Entities may elect to adopt the amendments through either a modified retrospective method of transition or a fully retrospective method of transition. ASU No. 2020-06 is not expected to have a material impact on the Company’s financial condition or results of operations. In March 2020, the FASB issued 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 under ASC Topic 848 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 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 was adopted by United on January 1, 2021. 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- 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 was adopted by United on January 1, 2021. The adoption did not have a material impact on the Company’s financial condition or results of operations. |
Mergers and Acquisitions (Tables) |
6 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2021 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Business Combinations [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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 PCD loans and leases acquired from Carolina Financial as of the Acquisition Date:
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Business Acquisitions, by Acquisition | The consideration paid for Carolina Financial’s common equity and the amounts of acquired identifiable assets and liabilities assumed as of the Acquisition Date were as follows:
|
Investment Securities (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Amortized Cost and Estimated Fair Values of Available for Sale Securities | The amortized cost, estimated fair values, and allowance for credit losses of securities available for sale are summarized as follows.
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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, 2021 and December 31, 2020.
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Gains or Losses on Proceeds from Maturities, Sales and Calls of Available for Sale Securities by Specific Identification Method | 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.
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Equity Securities | The fair value of United’s equity securities was $11,507 at June 30, 2021 and $10,718 at December 31, 2020.
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Available-for-sale Securities [Member] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Maturities of Debt Securities Held to Maturity by Amortized Cost and Estimated Fair Value |
|
Loans and Leases (Tables) |
6 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2021 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Receivables [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Major Classes of Loans And Leases | Major classes of loans and leases are as follows:
|
Credit Quality (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Text Block [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Reasons For Modification Troubled Debt Restructuring Loans | The following tables sets forth the balances of TDRs at June 30, 2021 and December 31, 2020 and the reasons for modification:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Troubled Debt Restructurings, Segregated by Class of Loans and Leases | The following table sets forth United’s troubled debt restructurings that have been restructured during the three months ended June 30, 2021 and 2020, segregated by class of loans:
The
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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, 2021 and had charge-offs during the three months and six months ended June 30, 2021. The recorded investment amounts presented were as of the June 30, 2021 balance sheet date.
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 recorded investment amounts presented were as of the June 30, 2020 balance sheet date.
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Age Analysis of Past Due Loans and Leases, Segregated by Class of Loans and Leases | The following table sets forth United’s age analysis of its past due loans and leases, segregated by class of loans:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Nonaccrual Loans and Leases, Segregated by Class of Loans and Leases | The following table sets forth United’s nonaccrual loans and leases, segregated by class of loans:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Collateral Dependent Loans and Leases | For the adoption of ASC Topic 326, United elected the practical expedient to measure expected credit losses on collateral dependent loans and leases 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 and leases 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 and leases as of June 30, 2021 and December 31, 2020:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule Of Term Loans And Financing Receivable | Commercial Real Estate O wner-occupied
|
Allowance for Credit Losses (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Receivables [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule Of Credit Losses Related To Accrued Interest Receivables | The following table represents the accrued interest receivable as of June 30, 2021 and December 31, 2020:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Accrued Interest Receivables Written off by Reversing Interest | The following table represents the accrued interest receivables written off by reversing interest income for the three months and six months ended June 30, 2021 and 2020 :
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Allowance for Loan Losses and Carrying Amount of Loans and Leases | A progression of the allowance for loan losses, by portfolio segment, for the periods indicated is summarized as follows:
|
Intangible Assets (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Intangible Assets | The following is a summary
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Reconciliation of Goodwill | The following table provides a reconciliation of goodwill:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Anticipated Amortization Expense | The following table sets forth the anticipated amortization expense for intangible assets for the years subsequent to 2020:
|
Mortgage Servicing Rights (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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, 2021 and 2020:
|
Leases (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Leases [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Components of Lease Expense | The components of lease expense were as follows:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Supplemental Balance Sheet Information Related to Leases | Supplemental balance sheet information related to leases was as follows:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Information Related to Leases | Other information related to leases was as follows:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Supplemental Cash Flow Information Related to Leases | Supplemental cash flow information related to leases was as follows:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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, 2020, consists of the following as of June 30, 2021 and December 31, 2020:
|
Long-Term Borrowings (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Maturities of Long-term Borrowings | The scheduled maturities of these FHLB borrowings are as follows:
|
Derivative Financial Instruments (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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, 2021 and December 31, 2020.
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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, 2021 and December 31, 2020.
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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, 2021 and 2020 are presented as follows:
|
Fair Value Measurements (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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, 2021 and December 31, 2020, segregated by the level of the valuation inputs within the fair value hierarchy.
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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, 2021 and December 31, 2020 on a recurring basis and for which United has utilized Level 3 inputs to determine fair value:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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 :
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Estimated Fair Values of Financial Instruments | The estimated fair values of United’s financial instruments are summarized below:
|
Stock Based Compensation (Tables) |
6 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2021 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stock Based Compensation [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Stock Option Plans | A summary of activity under United’s stock option plans as of June 30, 2021, and the changes during the first six months of 2021 are presented below:
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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 2021:
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Changes to United's Restricted Common Shares | The following summarizes the changes to United’s nonvested restricted common shares for the period ended June 30, 2021:
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Restricted Stock Units (RSUs) [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stock Based Compensation [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Status of United's Nonvested Stock Option Awards | The following table summarizes the status of United’s nonvested RSUs during the first six months of 2021:
|
Employee Benefit Plans (Tables) |
6 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2021 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Retirement Benefits [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net Periodic Pension Cost | Net periodic pension cost for the three and six months ended June 30, 2021 and 2020 included the following components:
|
Comprehensive Income (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Components of Total Comprehensive Income | The components of total comprehensive income for the three and six months ended June 30, 2021 and 2020 are as follows:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Components of Accumulated Other Comprehensive Income | The components of accumulated other comprehensive income for the six months ended June 30, 2021 are as follows:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Reclassifications Out of Accumulated Other Comprehensive Income |
|
Earnings Per Share (Tables) |
6 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2021 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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:
|
Variable Interest Entities (Tables) |
6 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2021 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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:
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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:
|
Segment Information (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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, 2021 and 2020 is as follows:
|
Mergers and Acquisitions - Summary of Business Acquisitions, by Acquisition (Parenthetical) (Detail) - shares |
6 Months Ended | |
---|---|---|
May 01, 2020 |
Jun. 30, 2021 |
|
Carolina Financial [Member] | ||
Business Acquisition [Line Items] | ||
Business combination shares issued during the year | 28,031,501 | 28,031,501 |
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, 2021 |
Jun. 30, 2020 |
Jun. 30, 2021 |
Jun. 30, 2020 |
|
Investments, Debt and Equity Securities [Abstract] | ||||
Proceeds from sales and calls | $ 131,464 | $ 280,780 | $ 400,993 | $ 413,706 |
Gross realized gains | 0 | 1,565 | 1,542 | 1,818 |
Gross realized losses | $ 0 | $ 98 | $ 98 | $ 177 |
Investment Securities - Summary of Maturities of Securities Available for Sale by Amortized Cost and Estimated Fair Value (Detail) - USD ($) $ in Thousands |
Jun. 30, 2021 |
Dec. 31, 2020 |
---|---|---|
Investments, Debt and Equity Securities [Abstract] | ||
Due in one year or less, Amortized Cost | $ 72,479 | $ 150,575 |
Due after one year through five years, Amortized Cost | 596,359 | 495,922 |
Due after five years through ten years, Amortized Cost | 688,537 | 688,264 |
Due after ten years, Amortized Cost | 1,864,057 | 1,533,585 |
Amortized Cost | 3,221,432 | 2,868,346 |
Due in one year or less, Estimated Fair Value | 72,978 | 151,651 |
Due after one year through five years, Estimated Fair Value | 611,994 | 514,441 |
Due after five years through ten years, Estimated Fair Value | 702,870 | 714,416 |
Due after ten years, Estimated Fair Value | 1,889,232 | 1,572,851 |
Total available for sale securities | $ 3,277,074 | $ 2,953,359 |
Investment Securities - Summary of Equity Securities (Detail) - Marketable Equity Securities [Member] - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2021 |
Jun. 30, 2020 |
Jun. 30, 2021 |
Jun. 30, 2020 |
|
Debt Securities, Available-for-sale [Line Items] | ||||
Net gains recognized during the period | $ 24 | $ 43 | $ 734 | $ 65 |
Net gains recognized during the period on equity securities sold | 0 | 1 | 788 | 7 |
Unrealized gains recognized during the period on equity securities still held at period end | 24 | 43 | 51 | 114 |
Unrealized losses recognized during the period on equity securities still held at period end | $ 0 | $ (1) | $ (105) | $ (56) |
Loans - Major Classes of Loans And Leases (Detail) - USD ($) $ in Thousands |
Jun. 30, 2021 |
Dec. 31, 2020 |
---|---|---|
Commercial, financial, and agricultural | ||
Total commercial, financial & agricultural | $ 10,228,699 | $ 10,694,832 |
Residential real estate | 3,587,057 | 3,899,885 |
Construction & land development | 1,929,052 | 1,826,349 |
Consumer: | ||
Bankcard | 7,940 | 8,937 |
Other consumer | 1,168,904 | 1,192,580 |
Less: Unearned income | (33,651) | (31,170) |
Loans and leases, net of unearned income | 16,888,001 | 17,591,413 |
Owner-Occupied Commercial Real Estate [Member] | ||
Commercial, financial, and agricultural | ||
Total commercial, financial & agricultural | 1,589,701 | 1,622,687 |
Nonowner-Occupied Commercial Real Estate [Member] | ||
Commercial, financial, and agricultural | ||
Total commercial, financial & agricultural | 4,981,226 | 5,017,727 |
Other Commercial Loans And Leases [Member] | ||
Commercial, financial, and agricultural | ||
Total commercial, financial & agricultural | $ 3,657,772 | $ 4,054,418 |
Loans - Additional Information (Detail) - USD ($) $ in Thousands |
Jun. 30, 2021 |
Dec. 31, 2020 |
---|---|---|
Loans held for sale | $ 576,827 | $ 718,937 |
Directors and Officers [Member] | ||
Related party loans | $ 32,791 | $ 35,756 |
Credit Quality - Additional Information (Detail) $ in Thousands |
3 Months Ended | 6 Months Ended | 12 Months Ended | ||
---|---|---|---|---|---|
Jun. 30, 2021
USD ($)
Contract
|
Jun. 30, 2020
Contract
|
Jun. 30, 2021
USD ($)
Contract
|
Jun. 30, 2020
Contract
|
Dec. 31, 2020
USD ($)
|
|
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 | $ 47,271 | $ 55,657 | |||
Restructured loans on nonaccrual status | $ 32,471 | $ 32,471 | 41,185 | ||
Minimum number of days required for special mention | 30 days | ||||
Maximum number of days required for special mention | 89 days | ||||
Number of days required for substandard | 90 days | ||||
OREO | 18,474 | $ 18,474 | 22,595 | ||
Recorded investment of consumer mortgage loans | 71 | 71 | |||
Troubled debt restructurings post modification additional funds recorded investment | $ 125 | ||||
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 | $ 13 | $ 13 | |||
Loans Modification Explanation | This program allows for a deferral of payments from the period beginning March 1, 2020 until the earlier of January 1, 2022 or the date that is 60 days after the date on which the national emergency concerning the COVID-19 outbreak terminates. As provided for under the CARES Act, these loan modifications are exempt by law from classification as a TDR as defined by GAAP. | ||||
Number of eligible loans modification received | Contract | 2 | 1 | 3 | 1 | |
Mortgage Loan Related to Property Sales | 0 | ||||
Temporary Relief From Troubled Debt Restructurings [Member] | Covid 19 [Member] | |||||
Number of eligible loans modification received | 238 | ||||
Restructured loans modified by temporary relief from trouble debt restructurings amount during period | $ 66,364 | ||||
No of eligible loan modifications outstanding | 1,002 | 1,002 | |||
Troubled debt restructuring | $ 399,857 | $ 399,857 | |||
Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | |||||
Restructured loans on nonaccrual status | 46 | 46 | $ 197 | ||
Financing Receivables 30 To 89 Days Past Due [Member] | |||||
Restructured loans on nonaccrual status | $ 1,362 | $ 1,362 |
Allowance for Credit Losses - Additional Information (Detail) - USD ($) $ in Thousands |
6 Months Ended | |
---|---|---|
Jun. 30, 2021 |
Dec. 31, 2020 |
|
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Reserve for lending-related commitments | $ 20,897 | $ 19,250 |
Maximum Period Related To Accrual Of Interest On Discontinued Loans | 90 days | |
Accrued interest receivable | $ 48,588 | 56,393 |
Accrued interest receivable net of allowance for credit loss | 60,877 | 66,832 |
Financing receivable, allowance for credit losses | 29 | 250 |
American Rescue Plan [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Consideration given as a rescue plan | 1,900,000,000 | |
Accrued Income Receivable [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Accrued interest receivable | $ 56,143 | |
Accrued interest receivable net of allowance for credit loss | $ 48,559 |
Intangible Assets - Reconciliation of Goodwill (Detail) $ in Thousands |
6 Months Ended |
---|---|
Jun. 30, 2021
USD ($)
| |
Goodwill [Line Items] | |
Goodwill at December 31, 2020 | $ 1,796,848 |
Preliminary addition to goodwill from Carolina Financial acquisition | 13,192 |
Goodwill at June 30, 2021 | 1,810,040 |
Community Banking [Member] | |
Goodwill [Line Items] | |
Goodwill at December 31, 2020 | 1,791,533 |
Preliminary addition to goodwill from Carolina Financial acquisition | 13,192 |
Goodwill at June 30, 2021 | 1,804,725 |
Mortgage Banking [Member] | |
Goodwill [Line Items] | |
Goodwill at December 31, 2020 | 5,315 |
Preliminary addition to goodwill from Carolina Financial acquisition | 0 |
Goodwill at June 30, 2021 | $ 5,315 |
Intangible Assets - Additional Information (Detail) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2021 |
Jun. 30, 2020 |
Jun. 30, 2021 |
Jun. 30, 2020 |
|
Amortization expense on intangible assets | $ 1,467 | $ 1,646 | $ 2,933 | $ 3,223 |
Goodwill acquired during period | $ 13,192 |
Intangible Assets - Schedule of Anticipated Amortization Expense (Detail) $ in Thousands |
Dec. 31, 2020
USD ($)
|
---|---|
Goodwill and Intangible Assets Disclosure [Abstract] | |
2021 | $ 5,866 |
2022 | 4,983 |
2023 | 4,680 |
2024 | 3,255 |
2025 | 2,942 |
2026 and thereafter | $ 3,921 |
Mortgage Servicing Rights - Summary of Activity in Mortgage Servicing Rights (Detail) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2021 |
Jun. 30, 2020 |
Jun. 30, 2021 |
Jun. 30, 2020 |
|
Servicing Asset at Amortized Cost [Line Items] | ||||
Addition from acquisition of subsidiary | $ 20,123 | |||
MSRs valuation allowance beginning balance | $ (1,383) | $ 0 | (1,383) | $ 0 |
Aggregate additions charged and recoveries credited to operations | 379 | 0 | 379 | 0 |
MSRs impairment | (629) | (710) | (629) | (710) |
MSRs valuation allowance ending balance | (1,633) | (710) | (1,633) | (710) |
MSRs, net of valuation allowance | 22,540 | 20,200 | 22,540 | 20,200 |
Mortgage Servicing Rights [Member] | ||||
Servicing Asset at Amortized Cost [Line Items] | ||||
MSRs beginning balance | 23,401 | 0 | 22,338 | 0 |
Addition from acquisition of subsidiary | 0 | 20,123 | 0 | 20,123 |
Amount capitalized | 3,111 | 1,891 | 6,335 | 1,891 |
Amount amortized | (2,339) | (1,104) | (4,500) | (1,104) |
MSRs ending balance | $ 24,173 | $ 20,910 | $ 24,173 | $ 20,910 |
Leases - Additional Information (Detail) |
Jun. 30, 2021 |
---|---|
Operating leases, option to extend term | 5 years |
Maximum [Member] | |
Operating lease remaining lease term | 12 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, 2021 |
Jun. 30, 2020 |
Jun. 30, 2021 |
Jun. 30, 2020 |
|
Operating lease cost | $ 5,328 | $ 5,895 | $ 10,677 | $ 10,961 |
Sublease income | (358) | (189) | (655) | (394) |
Net lease cost | $ 4,970 | $ 5,706 | $ 10,022 | $ 10,567 |
Leases - Supplemental Balance Sheet Information Related to Leases (Detail) - USD ($) $ in Thousands |
Jun. 30, 2021 |
Dec. 31, 2020 |
---|---|---|
Operating lease right-of-use assets | $ 66,635 | $ 69,520 |
Operating lease liabilities | $ 70,546 | $ 73,213 |
Leases - Other Information Related to Leases (Detail) |
Jun. 30, 2021 |
---|---|
Weightedaverage remaining lease term [Abstract] | |
Operating leases | 5 years 9 months 18 days |
Weightedaverage discount rate [Abstract] | |
Operating leases | 2.37% |
Leases - Supplemental Cash Flow Information Related to Leases (Detail) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2021 |
Jun. 30, 2020 |
Jun. 30, 2021 |
Jun. 30, 2020 |
|
Cash paid for amounts in the measurement of lease liabilities [Abstract] | ||||
Operating cash flows from operating leases | $ 5,581 | $ 5,722 | $ 11,027 | $ 10,739 |
ROU assets obtained in the exchange for lease liabilities | $ 1,839 | $ 8,549 | $ 6,282 | $ 12,332 |
Leases - Maturities of Lease Liabilities by Year (Detail) - USD ($) $ in Thousands |
Jun. 30, 2021 |
Dec. 31, 2020 |
---|---|---|
2021 | $ 10,221 | $ 20,172 |
2022 | 17,074 | 16,196 |
2023 | 13,616 | 12,723 |
2024 | 9,096 | 8,242 |
2025 | 6,362 | 5,516 |
Thereafter | 18,842 | 15,330 |
Total lease payments | 75,211 | 78,179 |
Less: imputed interest | (4,665) | (4,966) |
Total | $ 70,546 | $ 73,213 |
Short-Term Borrowings - Additional Information (Detail) |
6 Months Ended |
---|---|
Jun. 30, 2021
USD ($)
| |
Short-term Debt [Line Items] | |
Unused lines of credit | $ 230,000 |
Federal funds purchased | 0 |
Repurchase agreements | 127,745 |
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) |
6 Months Ended | |
---|---|---|
Jun. 30, 2021
USD ($)
Trust
|
Dec. 31, 2020
USD ($)
|
|
Debt Instrument [Line Items] | ||
Unused borrowing amount | $ 7,005,031 | |
Outstanding balances of debentures | $ 270,792 | $ 269,972 |
Maximum time to defer payment of interest on subordinate debt | 5 years | |
Advances from Federal Home Loan Banks | $ 533,365,000 | 584,532,000 |
Federal Home Loan Bank, Advances, Activity for Year, Average Interest Rate for Year | 0.34% | |
Number of statutory business trusts | Trust | 19 | |
Debt, Weighted Average Interest Rate | 0.55% | |
Capital Securities [member] | ||
Debt Instrument [Line Items] | ||
Outstanding balances of debentures | $ 9,865 | $ 9,865 |
Number of statutory business trusts | Trust | 19 |
Long -Term Borrowings - Schedule of Maturities of Long-term Borrowings (Detail) $ in Thousands |
Jun. 30, 2021
USD ($)
|
---|---|
Debt Disclosure [Abstract] | |
2021 | $ 500,000 |
2022 | 22,159 |
2023 | 0 |
2024 | 0 |
2025 and thereafter | 11,206 |
Total | $ 533,365 |
Commitments and Contingent Liabilities - Additional Information (Detail) - USD ($) |
6 Months Ended | 12 Months Ended |
---|---|---|
Jun. 30, 2021 |
Dec. 31, 2020 |
|
Loss Contingencies [Line Items] | ||
Loan commitments outstanding | $ 6,368,974 | $ 5,730,876 |
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 | $ 1,209 | 1,216 |
Commitments to Extend Credit [Member] | George Mason [Member] | Short-term Contract with Customer [Member] | ||
Loss Contingencies [Line Items] | ||
Additional commitments to extend credit | 597,304 | |
Commercial Letters of Credit [Member] | ||
Loss Contingencies [Line Items] | ||
Letters of credit issued | 3,055 | 5,092 |
Standby Letters of Credit [Member] | ||
Loss Contingencies [Line Items] | ||
Letters of credit issued | $ 151,289 | $ 134,916 |
Derivative Financial Instruments - Additional information (Detail) - USD ($) $ in Thousands |
6 Months Ended | ||
---|---|---|---|
Jun. 30, 2021 |
Jun. 30, 2020 |
Dec. 31, 2020 |
|
Derivative [Line Items] | |||
Derivative liabilities notional amount | $ 819,154 | $ 866,011 | |
Interest Rate Cash Flow Hedge [Member] | |||
Derivative [Line Items] | |||
Derivative liabilities notional amount | 500,000 | ||
Federal Home Loan Bank Borrowings [Member] | |||
Derivative [Line Items] | |||
Fair value of interest rate swaps liability net | 0 | ||
Federal Home Loan Bank Borrowings [Member] | Interest Rate Cash Flow Hedge [Member] | |||
Derivative [Line Items] | |||
Derivative liabilities notional amount | $ 250,000 | $ 250,000 | |
Derivative instrument pay fixed rate of interest and receive floating rate | 0.19% | 0.59% | |
Derivative instrument term of the interest rate swap | 4 years | 10 years | |
Cash flow hedge reclassification amount to be reclassified from aoci to income in the next twelve months | $ 1,352 |
Derivative Financial Instruments - Summary of Carrying Amount Hedged Assets/(Liabilities) (Detail) - Designated as Hedging Instrument [Member] - Interest Rate Swap [Member] - Loans And Leases Net Of Unearned Income [Member] - USD ($) $ in Thousands |
Jun. 30, 2021 |
Dec. 31, 2020 |
---|---|---|
Carrying Amount of the Hedged Assets/(Liabilities) | $ 75,523 | $ 77,810 |
Cumulative Amount of Fair Value Hedging Adjustment Included in the Carrying Amount of the Hedged Assets/(Liabilities) | (4,484) | (6,782) |
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 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, 2021 |
Jun. 30, 2020 |
Jun. 30, 2021 |
Jun. 30, 2020 |
|
Mortgage Banking [Member] | ||||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||||
Income from mortgage banking activities | $ 6,075 | $ 8,846 | $ (11,776) | $ 10,471 |
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, 2021 |
Dec. 31, 2020 |
---|---|---|
Fair Value Disclosures [Abstract] | ||
Loans held for sale, unpaid principal balance | $ 562,200 | $ 672,458 |
Loans held for sale, fair value | 576,827 | 698,341 |
Loans held for sale, fair value over/(under) unpaid principal balance | $ 14,627 | $ 25,883 |
Stock Based Compensation - Changes to United's Restricted Common Shares (Detail) - Restricted Stock [Member] |
6 Months Ended |
---|---|
Jun. 30, 2021
$ / shares
shares
| |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Number of Shares, Outstanding, Beginning balance | shares | 340,976 |
Shares, Granted | shares | 182,344 |
Shares, Vested | shares | (129,061) |
Shares, Forfeited | shares | (1,971) |
Number of Shares, Outstanding, Ending balance | shares | 392,288 |
Weighted-Average Grant Date Fair Value Per Share, Outstanding, Beginning balance | $ / shares | $ 35.41 |
Weighted-Average Grant Date Fair Value Per Share, Granted | $ / shares | 35.97 |
Weighted-Average Grant Date Fair Value Per Share, Vested | $ / shares | 36.90 |
Weighted-Average Grant Date Fair Value Per Share, Forfeited | $ / shares | 36.70 |
Weighted-Average Grant Date Fair Value Per Share, Outstanding, Ending balance | $ / shares | $ 35.18 |
Employee Benefit Plans - Additional Information (Detail) - USD ($) $ in Thousands |
6 Months Ended | 12 Months Ended | |
---|---|---|---|
Jun. 30, 2021 |
Jun. 30, 2020 |
Dec. 31, 2020 |
|
Defined Benefit Plan Disclosure [Line Items] | |||
Unrecognized actuarial gains (losses), before tax | $ 65,426 | ||
Amortization expected to be recognized, net of tax | $ 50,182 | ||
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, 2021 |
Jun. 30, 2020 |
Jun. 30, 2021 |
Jun. 30, 2020 |
|
Defined Benefit Plan Disclosure [Line Items] | ||||
Service cost | $ 758 | $ 715 | $ 1,508 | $ 1,430 |
Interest cost | 1,031 | 1,286 | 2,051 | 2,573 |
Expected return on plan assets | (2,957) | (2,630) | (5,881) | (5,259) |
Recognized net actuarial loss | 1,589 | 1,442 | 3,161 | 2,884 |
Net periodic pension cost | $ 421 | $ 813 | $ 839 | $ 1,628 |
Weighted-average assumptions: | ||||
Discount rate | 2.81% | 3.42% | 2.81% | 3.42% |
Expected return on assets | 6.25% | 6.75% | 6.25% | 6.75% |
Prior to Age 40 [Member] | ||||
Weighted-average assumptions: | ||||
Rate of compensation increase | 5.00% | 5.00% | 5.00% | 5.00% |
Ages 40 to 54 [Member] | ||||
Weighted-average assumptions: | ||||
Rate of compensation increase | 4.00% | 4.00% | 4.00% | 4.00% |
Otherwise [Member] | ||||
Weighted-average assumptions: | ||||
Rate of compensation increase | 3.50% | 3.50% | 3.50% | 3.50% |
Income Taxes - Additional Information (Detail) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2021 |
Jun. 30, 2020 |
Jun. 30, 2021 |
Jun. 30, 2020 |
|
Income Taxes [Line Items] | ||||
Accrued interest related to uncertain tax positions | $ 722 | $ 718 | $ 722 | $ 718 |
Effective tax rate | 20.50% | 17.30% | 20.50% | 18.38% |
Comprehensive Income - Reclassifications Out of Accumulated Other Comprehensive Income (Detail) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||||||
---|---|---|---|---|---|---|---|---|
Jun. 30, 2021 |
Mar. 31, 2021 |
Jun. 30, 2020 |
Mar. 31, 2020 |
Jun. 30, 2021 |
Jun. 30, 2020 |
|||
Available for sale ("AFS") securities: | ||||||||
Income before income taxes | $ 119,291 | $ 63,707 | $ 253,754 | $ 113,779 | ||||
Related income tax effect | (24,455) | (11,021) | (52,020) | (20,910) | ||||
Net income | 94,836 | $ 106,898 | 52,686 | $ 40,183 | 201,734 | 92,869 | ||
Cash flow hedge: | ||||||||
(gains) included in net income | 119,291 | 63,707 | 253,754 | 113,779 | ||||
Related income tax effect | 24,455 | 11,021 | 52,020 | 20,910 | ||||
Net income | 94,836 | 106,898 | 52,686 | 40,183 | 201,734 | 92,869 | ||
Pension plan: | ||||||||
Income before income taxes | 119,291 | 63,707 | 253,754 | 113,779 | ||||
Related income tax effect | (24,455) | (11,021) | (52,020) | (20,910) | ||||
Net income | $ 94,836 | $ 106,898 | $ 52,686 | $ 40,183 | 201,734 | $ 92,869 | ||
Reclassification out of Accumulated Other Comprehensive Income [Member] | ||||||||
Available for sale ("AFS") securities: | ||||||||
Net income | 1,079 | |||||||
Cash flow hedge: | ||||||||
Net income | 1,079 | |||||||
Pension plan: | ||||||||
Net income | 1,079 | |||||||
Reclassification out of Accumulated Other Comprehensive Income [Member] | Unrealized Gains/Losses on AFS Securities [Member] | ||||||||
Available for sale ("AFS") securities: | ||||||||
Net reclassification adjustment for gains included in net income | (1,444) | |||||||
Income before income taxes | (1,444) | |||||||
Related income tax effect | 336 | |||||||
Net income | (1,108) | |||||||
Cash flow hedge: | ||||||||
(gains) included in net income | (1,444) | |||||||
Related income tax effect | (336) | |||||||
Net income | (1,108) | |||||||
Pension plan: | ||||||||
Income before income taxes | (1,444) | |||||||
Related income tax effect | 336 | |||||||
Net income | (1,108) | |||||||
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 | 586 | |||||||
Related income tax effect | 137 | |||||||
Net income | 449 | |||||||
Cash flow hedge: | ||||||||
Net reclassification adjustment for losses included in net income | 586 | |||||||
(gains) included in net income | 586 | |||||||
Related income tax effect | (137) | |||||||
Net income | 449 | |||||||
Pension plan: | ||||||||
Income before income taxes | 586 | |||||||
Related income tax effect | 137 | |||||||
Net income | 449 | |||||||
Reclassification out of Accumulated Other Comprehensive Income [Member] | Accumulated Defined Benefit Plans Adjustment [Member] | ||||||||
Available for sale ("AFS") securities: | ||||||||
Income before income taxes | 3,161 | |||||||
Related income tax effect | (1,423) | |||||||
Net income | 1,738 | |||||||
Cash flow hedge: | ||||||||
(gains) included in net income | 3,161 | |||||||
Related income tax effect | 1,423 | |||||||
Net income | 1,738 | |||||||
Pension plan: | ||||||||
Recognized net actuarial loss | [1] | 3,161 | ||||||
Income before income taxes | 3,161 | |||||||
Related income tax effect | (1,423) | |||||||
Net income | $ 1,738 | |||||||
|
Earnings Per Share - Additional Information (Detail) - shares shares in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2021 |
Jun. 30, 2020 |
Jun. 30, 2021 |
Jun. 30, 2020 |
|
Share-based Payment Arrangement, Option [Member] | ||||
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | ||||
Antidilutive securities excluded from computation of earnings per share amount | 468,892 | 2,027,073 | ||
Restricted Stock [Member] | ||||
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | ||||
Antidilutive securities excluded from computation of earnings per share amount | 978,095 | 1,700,493 |
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, 2021 |
Jun. 30, 2020 |
Jun. 30, 2021 |
Jun. 30, 2020 |
|
Earnings Per Share [Abstract] | ||||
Distributed earnings allocated to common stock | $ 45,085 | $ 45,298 | $ 90,153 | $ 80,785 |
Undistributed earnings allocated to common stock | 49,478 | 7,262 | 111,007 | 11,840 |
Net earnings allocated to common shareholders | $ 94,563 | $ 52,560 | $ 201,160 | $ 92,625 |
Average common shares outstanding | 128,750,851 | 119,823,652 | 128,693,616 | 110,559,363 |
Equivalents from stock options | 283,137 | 64,171 | 252,664 | 65,613 |
Average diluted shares outstanding | 129,033,988 | 119,887,823 | 128,946,280 | 110,624,976 |
Earnings per basic common share | $ 0.73 | $ 0.44 | $ 1.56 | $ 0.84 |
Earnings per diluted common share | $ 0.73 | $ 0.44 | $ 1.56 | $ 0.84 |
Variable Interest Entities - Additional Information (Detail) |
6 Months Ended |
---|---|
Jun. 30, 2021
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, 2021
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, 2021 |
Dec. 31, 2020 |
Jun. 30, 2020 |
---|---|---|---|
Variable Interest Entity [Line Items] | |||
Aggregate Assets | $ 27,190,926 | $ 26,184,247 | |
Aggregate Liabilities | 22,797,213 | 21,886,627 | |
Risk Of Loss | 27,190,926 | $ 26,234,973 | |
Trust Preferred Securities [Member] | |||
Variable Interest Entity [Line Items] | |||
Aggregate Assets | 295,246 | 295,466 | |
Aggregate Liabilities | 284,503 | 284,788 | |
Risk Of Loss | $ 10,743 | $ 10,678 |
Segment Information - Additional Information (Detail) |
6 Months Ended |
---|---|
Jun. 30, 2021
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, 2021 |
Mar. 31, 2021 |
Jun. 30, 2020 |
Mar. 31, 2020 |
Jun. 30, 2021 |
Jun. 30, 2020 |
|
Segment Reporting Information [Line Items] | ||||||
Net interest income | $ 186,517 | $ 170,602 | $ 377,477 | $ 312,120 | ||
Provision for credit losses | (8,879) | 45,911 | (8,736) | 73,030 | ||
Other income | 62,846 | 88,390 | 155,419 | 125,196 | ||
Other expense | 138,951 | 149,374 | 287,878 | 250,507 | ||
Income taxes | 24,455 | 11,021 | 52,020 | 20,910 | ||
Net income (loss) | 94,836 | $ 106,898 | 52,686 | $ 40,183 | 201,734 | 92,869 |
Total assets (liabilities) | 27,190,926 | 26,234,973 | 27,190,926 | 26,234,973 | ||
Average assets (liabilities) | 27,005,958 | 24,402,600 | 26,750,101 | 21,985,381 | ||
Operating Segments [Member] | Community Banking [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Net interest income | 183,400 | 167,703 | 370,597 | 308,123 | ||
Provision for credit losses | (8,879) | 45,911 | (8,736) | 73,030 | ||
Other income | 24,072 | 20,301 | 50,460 | 39,868 | ||
Other expense | 103,429 | 106,477 | 213,446 | 186,941 | ||
Income taxes | 23,149 | 5,841 | 44,351 | 16,191 | ||
Net income (loss) | 89,773 | 29,775 | 171,996 | 71,829 | ||
Total assets (liabilities) | 26,831,380 | 25,924,599 | 26,831,380 | 25,924,599 | ||
Average assets (liabilities) | 26,661,453 | 24,198,414 | 26,409,142 | 21,825,005 | ||
Operating Segments [Member] | Mortgage Banking [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Net interest income | 2,871 | 2,246 | 5,521 | 3,195 | ||
Provision for credit losses | 0 | 0 | 0 | 0 | ||
Other income | 39,765 | 71,013 | 107,272 | 92,203 | ||
Other expense | 36,391 | 35,261 | 77,574 | 56,018 | ||
Income taxes | 1,280 | 6,946 | 7,220 | 7,219 | ||
Net income (loss) | 4,965 | 31,052 | 27,999 | 32,161 | ||
Total assets (liabilities) | 720,912 | 730,637 | 720,912 | 730,637 | ||
Average assets (liabilities) | 729,114 | 660,483 | 722,997 | 513,431 | ||
Other [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Net interest income | (2,106) | (2,556) | (4,244) | (5,245) | ||
Provision for credit losses | 0 | 0 | 0 | 0 | ||
Other income | 1,132 | 47 | 2,653 | 56 | ||
Other expense | (1,098) | 7,398 | (3,779) | 8,432 | ||
Income taxes | 26 | (1,766) | 449 | (2,500) | ||
Net income (loss) | 98 | (8,141) | 1,739 | (11,121) | ||
Total assets (liabilities) | 32,619 | 25,678 | 32,619 | 25,678 | ||
Average assets (liabilities) | 26,090 | 16,574 | 24,709 | 21,756 | ||
Intersegment Eliminations [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Net interest income | 2,352 | 3,209 | 5,603 | 6,047 | ||
Provision for credit losses | 0 | 0 | 0 | 0 | ||
Other income | (2,123) | (2,971) | (4,966) | (6,931) | ||
Other expense | 229 | 238 | 637 | (884) | ||
Income taxes | 0 | 0 | 0 | 0 | ||
Net income (loss) | 0 | 0 | 0 | 0 | ||
Total assets (liabilities) | (393,985) | (445,941) | (393,985) | (445,941) | ||
Average assets (liabilities) | $ (410,699) | $ (472,871) | $ (406,747) | $ (374,811) |
V(R
MOY[,-Y/-QB8C22' +I$(GS%E>,<(@OV()&;D >&,"T7_A6PD7*JAT);F0V->
M[]+SRO<\=^9["_O
00?Z0,T>*^IP%0N3&[)#+P7JN$V
MP&UKY"7?]9I.QBPU_?75>;=8+_OJE-8V)/1DV'W-SONXQ?J^#_NH(T\?)J1@
M,#D:D]1%LZ./#J\DG5(B[TG7]X?]29AP'./R!M6I@Y9WO" O.LBPR=9)F[B
MS4)'DNT4_YHOLCQ%.^!4;5"!4E*L4?W64Q]!=S%>I4LB\G VY"_%1O!3W
M"KDO(_U?(^PL7ROQC[]-/6_PPZ'#*T&\SOWA'-&=KU^DZ]EQT:5 1TCQFTY7
M.M)2^(W]:R#4'X5,2\O$O?;7FS@*G&I]7WPD6,"N0$:^,KJ15<^:XQQ
V%B<8NL19&D;(KA%)
M)>IQ T3(Q%2EH#(2!N
BXZE\@JINR8S_K7SV&!#
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M?'4