Segment Information

6 Months Ended

Jun. 30, 2022

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, which are known as mortgage servicing rights, provide the owner with the contractual right to receive a stream of cash flows in exchange for performing specified mortgage servicing functions.

The community banking segment provides the mortgage banking segment (George Mason and Crescent) 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, 2022 and 2021 is as follows:

	At and For the Three Months Ended June 30, 2022
	Community Banking			Mortgage Banking			Other			Intersegment Eliminations			Consolidated
Net interest income	$	211,592		$	2,870		$	(2,662	)	$	3,103		$	214,903
Provision for credit losses		(1,807	)		0			0			0			(1,807	)
Other income		26,899			21,468			2,222			(6,981	)		43,608
Other expense		119,249			25,776			27			(3,878	)		141,174
Income taxes		23,907			(285	)		(91	)		0			23,531
Net income (loss)	$	97,142		$	(1,153)		$	(376)		$	0		$	95,613
Total assets (liabilities)	$	28,444,813		$	477,673		$	42,074		$	(186,664	)	$	28,777,896
Average assets (liabilities)		28,680,546			488,230			30,511			(189,839	)		29,009,448

	At and For the Three Months Ended June 30, 2021
	Community Banking			Mortgage Banking			Other			Intersegment Eliminations			Consolidated
Net interest income	$	183,400		$	2,871		$	(2,106	)	$	2,352		$	186,517
Provision for credit losses		(8,879	)		0			0			0			(8,879	)
Other income		24,090			39,765			1,132			(2,123	)		62,864
Other expense		103,447			36,391			(1,098	)		229			138,969
Income taxes		23,149			1,280			26			0			24,455
Net income (loss)	$	89,773		$	4,965		$	98		$	0		$	94,836
Total assets (liabilities)	$	26,831,380		$	720,912		$	32,619		$	(393,985	)	$	27,190,926
Average assets (liabilities)		26,661,453			729,114			26,090			(410,699	)		27,005,958
	At and For the Six Months Ended June 30, 2022
	Community Banking			Mortgage Banking			Other			Intersegment Eliminations			Consolidated
Net interest income	$	401,274		$	5,187		$	(4,787	)	$	4,731		$	406,405
Provision for credit losses		(5,217	)		0			0			0			(5,217	)
Other income		51,800			44,865			2,162			(9,194	)		89,633
Other expense		233,788			51,224			(200	)		(4,463	)		280,349
Income taxes		44,336			(228	)		(479	)		0			43,629
Net income (loss)	$	180,167		$	(944)		$	(1,946	)	$	0		$	177,277
Total assets (liabilities)	$	28,444,813		$	477,673		$	42,074		$	(186,664	)	$	28,777,896
Average assets (liabilities)		28,851,275			481,773			32,358			(188,915	)		29,176,491
	At and For the Six Months Ended June 30, 2021
	Community Banking			Mortgage Banking			Other			Intersegment Eliminations			Consolidated
Net interest income	$	370,597		$	5,521		$	(4,244	)	$	5,603		$	377,477
Provision for credit losses		(8,736	)		0			0			0			(8,736	)
Other income		50,485			107,272			2,653			(4,966	)		155,444
Other expense		213,471			77,574			(3,779	)		637			287,903
Income taxes		44,351			7,220			449			0			52,020
Net income (loss)	$	171,996		$	27,999		$	1,739		$	0		$	201,734
Total assets (liabilities)	$	26,831,380		$	720,912		$	32,619		$	(393,985	)	$	27,190,926
Average assets (liabilities)		26,409,142			722,997			24,709			(406,747	)		26,750,101