Derivative Financial Instruments (Tables)

3 Months Ended

Mar. 31, 2023

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 March 31, 2023 and December 31, 2022.

	Asset Derivatives
	March 31, 2023						December 31, 2022
	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	$	53,964	$	3,057		Other assets	$	55,073	$	4,038
Total Fair Value Hedges			$	53,964	$	3,057			$	55,073	$	4,038
Cash Flow Hedges:
Interest rate swap contracts (hedging FHLB borrowings)		Other assets	$	500,000	$	0		Other assets	$	500,000	$	0
Total Cash Flow Hedges			$	500,000	$	0			$	500,000	$	0
Total derivatives designated as hedging instruments			$	553,964	$	3,057			$	555,073	$	4,038
Derivatives not designated as hedging instruments
Forward loan sales commitments		Other assets	$	10,041	$	127		Other assets	$	15,475	$	220
TBA mortgage-backed securities		Other assets		0		0		Other assets		22,649		146
Interest rate lock commitments		Other assets		102,390		2,099		Other assets		73,412		1,146
Total derivatives not designated as hedging instruments			$	112,431	$	2,226			$	111,536	$	1,512
Total asset derivatives			$	666,395	$	5,283			$	666,609	$	5,550

	Liability Derivatives
	March 31, 2023						December 31, 2022
	Balance Sheet Location		Notional Amount		Fair Value		Balance Sheet Location		Notional Amount		Fair Value
Derivatives not designated as hedging instruments
Forward loan sales commitments		Other liabilities	$	0	$	0		Other liabilities	$	0	$	0
TBA mortgage-backed securities		Other liabilities		107,014		567		Other liabilities		63,000		213
Interest rate lock commitments		Other liabilities		0		0		Other liabilities		48,949		348
Total derivatives not designated as hedging instruments			$	107,014	$	567			$	111,949	$	561
Total liability derivatives			$	107,014	$	567			$	111,949	$	561

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 March 31, 2023 and December 31, 2022.

		March 31, 2023
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	$	54,648	$	(2,177	)	$	0
		December 31, 2022
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	$	55,770	$	(3,069	)	$	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 months ended March 31, 2023 and 2022 are presented as follows:

		Three Months Ended
	Income Statement Location	March 31, 2023			March 31, 2022
Derivatives in hedging relationships
Fair Value Hedges:
Interest rate swap contracts	Interest and fees on loans	$	89		$	(601	)
Cash flow Hedges:
Interest rate swap contracts	Interest on long-term borrowings	$	4,915		$	(342	)
Total derivatives in hedging relationships		$	5,004		$	(943	)
Derivatives not designated as hedging instruments
Forward loan sales commitments	Income from Mortgage Banking Activities	$	(93	)	$	(1,049	)
TBA mortgage-backed securities	Income from Mortgage Banking Activities		(499	)		11,410
Interest rate lock commitments	Income from Mortgage Banking Activities		607			(3,704	)
Total derivatives not designated as hedging instruments		$	15		$	6,657
Total derivatives		$	5,019		$	5,714