Derivative Financial Instruments (Tables)

6 Months Ended

Jun. 30, 2022

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, 2022 and December 31, 2021.

	Asset Derivatives
	June 30, 2022						December 31, 2021
	Balance Sheet Location		Notional Amount		Fair Value		Balance Sheet Location		Notional Amount		Fair Value
Derivatives designated as hedging instruments
Fair Value Hedges:
Interest rate swap contracts (hedging commercial loans)		Other assets	$	57,244	$	1,849		Other assets	$	0	$	0
Total Fair Value Hedges			$	57,244	$	1,849			$	0	$	0
Cash Flow Hedges:
Interest rate swap contracts (hedging FHLB borrowings)		Other assets	$	500,000	$	55,317		Other assets	$	500,000	$	21,328
Total Cash Flow Hedges			$	500,000	$	55,317			$	500,000	$	21,328
Total derivatives designated as hedging instruments			$	557,244	$	57,166			$	500,000	$	21,328
Derivatives not designated as hedging instruments
Forward loan sales commitments		Other assets	$	31,084	$	112		Other assets	$	33,349	$	430
TBA mortgage-backed securities		Other assets		238,555		764		Other assets		133,747		127
Interest rate lock commitments		Other assets		214,578		4,219		Other assets		467,472		10,380
Total derivatives not designated as hedging instruments			$	484,217	$	5,095			$	634,568	$	10,937
Total asset derivatives			$	1,041,461	$	62,261			$	1,134,568	$	32,265

	Liability Derivatives
	June 30, 2022						December 31, 2021
	Balance Sheet Location		Notional Amount		Fair Value		Balance Sheet Location		Notional Amount		Fair Value
Derivatives designated as hedging instruments
Fair Value Hedges:
Interest rate swap contracts (hedging commercial loans)		Other liabilities	$	0	$	0		Other liabilities	$	72,447	$	3,197
Total Fair Value Hedges			$	0	$	0			$	72,447	$	3,197
Total derivatives designated as hedging instruments			$	0	$	0			$	72,447	$	3,197
Derivatives not designated as hedging instruments
Forward loan sales commitments		Other liabilities	$	5,356	$	43		Other liabilities	$	15,005	$	36
TBA mortgage-backed securities		Other liabilities		0		0		Other liabilities		550,000		470
Interest rate lock commitments		Other liabilities		136,889		1,879		Other liabilities		24,743		25
Total derivatives not designated as hedging instruments			$	142,245	$	1,922			$	589,748	$	531
Total liability derivatives			$	142,245	$	1,922			$	662,195	$	3,728

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, 2022 and December 31, 2021.

Summary of Carrying Amount Hedged Assets/(Liabilities)

Derivatives in Fair Value Hedging Relationships	Location in the Statement of Condition	June 30, 2022
		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	$	57,967	$	0	$	0
Derivatives in Fair Value Hedging Relationships	Location in the Statement of Condition	December 31, 2021
		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	$	73,232	$	0	$	0

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, 2022 and 2021 are presented as follows:

		Three Months Ended
	Income Statement Location	June 30, 2022		June 30, 2021
Derivatives in hedging relationships
Cash flow Hedges:
Interest rate swap contracts	Interest on long-term borrowings	$	263	$	(363)
Fair Value Hedges:
Interest rate swap contracts	Interest and fees on loans	$	(169)	$	(558)
Total derivatives in hedging relationships		$	94	$	(921)
Derivatives not designated as hedging instruments
Forward loan sales commitments	Income from Mortgage Banking Activities	$	723	$	1,706
TBA mortgage-backed securities	Income from Mortgage Banking Activities		(10,303)		(19,459)
Interest rate lock commitments	Income from Mortgage Banking Activities		(1,631)		(8,996)
Total derivatives not designated as hedging instruments		$	(11,211)	$	(26,749)
Total derivatives		$	(11,117)	$	(27,670)

		Six Months Ended
	Income Statement Location	June 30, 2022		June 30, 2021
Derivatives in hedging relationships
Cash flow Hedges:
Interest rate swap contracts	Interest on long-term borrowings	$	(79)	$	(586)
Fair Value Hedges:
Interest rate swap contracts	Interest and fees on loans	$	(334)	$	(793)
Total derivatives in hedging relationships		$	(413)	$	(1,379)
Derivatives not designated as hedging instruments
Forward loan sales commitments	Income from Mortgage Banking Activities	$	(324)	$	(1,284)
TBA mortgage-backed securities	Income from Mortgage Banking Activities		1,107		4,704
Interest rate lock commitments	Income from Mortgage Banking Activities		(5,337)		(15,987)
Total derivatives not designated as hedging instruments		$	(4,554)	$	(12,567)
Total derivatives		$	(4,967)	$	(13,946)