Segment Information

9 Months Ended

Sep. 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 nine months ended September 30, 2021 and 2020 is as follows:

	At and For the Three Months Ended September 30, 2021
	Community Banking			Mortgage Banking		Other			Intersegment Eliminations			Consolidated
Net interest income	$	179,444		$	2,367	$	(2,072	)	$	1,840		$	181,579
Provision for credit losses		(7,829	)		0		0			0			(7,829	)
Other income		24,711			45,023		815			(1,925	)		68,624
Other expense		109,134			31,787		1,440			(85	)		142,276
Income taxes		20,969			3,179		(544	)		0			23,604
Net income (loss)	$	81,881		$	12,424	$	(2,153	)	$	0		$	92,152
Total assets (liabilities)	$	27,129,820		$	643,171	$	34,546		$	(300,020	)	$	27,507,517
Average assets (liabilities)		27,089,160			572,450		28,381			(252,281	)		27,437,710
	At and For the Three Months Ended September 30, 2020
	Community Banking			Mortgage Banking		Other			Intersegment Eliminations			Consolidated
Net interest income	$	182,187		$	2,740	$	(2,241	)	$	2,978		$	185,664
Provision for credit losses		16,781			0		0			0			16,781
Other income		26,615			110,900		33			(2,080	)		135,468
Other expense		125,681			43,417		1,597			898			171,593
Income taxes		15,053			14,823		(902	)		0			28,974
Net income (loss)	$	51,287		$	55,400	$	(2,903	)	$	0		$	103,784
Total assets (liabilities)	$	25,620,814		$	953,531	$	27,841		$	(670,878	)	$	25,931,308
Average assets (liabilities)		26,148,305			763,170		22,239			(518,091	)		26,415,623

	At and For the Nine Months Ended September 30, 2021
	Community Banking			Mortgage Banking		Other			Intersegment Eliminations			Consolidated
Net interest income	$	550,041		$	7,888	$	(6,316	)	$	7,443		$	559,056
Provision for credit losses		(16,565	)		0		0			0			(16,565	)
Other income		75,171			152,295		3,468			(6,891	)		224,043
Other expense		322,580			109,361		(2,339	)		552			430,154
Income taxes		65,320			10,399		(95	)		0			75,624
Net income (loss)	$	253,877		$	40,423	$	(414	)	$	0		$	293,886
Total assets (liabilities)	$	27,129,820		$	643,171	$	34,546		$	(300,020	)	$	27,507,517
Average assets (liabilities)		26,638,303			672,263		26,014			(354,693	)		26,981,887
	At and For the Nine Months Ended September 30, 2020
	Community Banking			Mortgage Banking		Other			Intersegment Eliminations			Consolidated
Net interest income	$	490,311		$	5,935	$	(7,487	)	$	9,025		$	497,784
Provision for credit losses		89,811			0		0			0			89,811
Other income		66,483			203,103		89			(9,011	)		260,664
Other expense		312,621			99,435		10,030			14			422,100
Income taxes		31,245			22,042		(3,403	)		0			49,884
Net income (loss)	$	123,117		$	87,561	$	(14,025	)	$	0		$	196,653
Total assets (liabilities)	$	25,620,814		$	953,531	$	27,841		$	(670,878	)	$	25,931,308
Average assets (liabilities)		23,294,069			597,057		4,101			(422,920	)		23,472,307