☒ | 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 |
West Virginia | 55-0641179 | ||
(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) | ||
300 United Center 500 Virginia Street, East | |||
Charleston, West Virginia | 25301 | ||
(Address of principal executive offices) | Zip Code |
Title of each class | TradingSymbol(s) | Name of each exchange on which registered | ||||
Common Stock, | UBSI | NASDAQ Global Select Market |
Large accelerated filer | ☒ | Accelerated filer | ☐ | ||||||
Non-accelerated filer | ☐ | Smaller reporting company | ☐ | ||||||
Emerging growth company | ☐ |
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Item | 94 | ||||||||||
Item 2. | 97 | ||||||||||
Item 3. | 97 | ||||||||||
Item 4. | 97 | ||||||||||
Item 5. | 97 | ||||||||||
Item 6. | 98 | ||||||||||
99 |
Item 1. | FINANCIAL STATEMENTS (UNAUDITED) |
June 30 2019 | December 31 2018 | |||||||
(Unaudited) | (Note 1) | |||||||
Assets | ||||||||
Cash and due from banks | $ | 198,171 | $ | 187,886 | ||||
Interest-bearing deposits with other banks | 1,054,589 | 831,707 | ||||||
Federal funds sold | 813 | 803 | ||||||
Total cash and cash equivalents | 1,253,573 | 1,020,396 | ||||||
Securities available for sale at estimated fair value (amortized cost-$2,324,286 at June 30, 2019 and $2,360,884 at December 31, 2018) | 2,345,791 | 2,337,039 | ||||||
Securities held to maturity (estimated fair value-$6,483 at June 30, 2019 and $18,655 at December 31, 2018) | 6,461 | 19,999 | ||||||
Equity securities at estimated fair value | 9,098 | 9,734 | ||||||
Other investment securities | 201,912 | 176,955 | ||||||
Loans held for sale (at fair value-$365,440 at June 30, 2019 and $247,104 at December 31, 2018) | 370,593 | 249,846 | ||||||
Loans | 13,639,946 | 13,429,532 | ||||||
Less: Unearned income | (4,680 | ) | (7,310 | ) | ||||
Loans net of unearned income | 13,635,266 | 13,422,222 | ||||||
Less: Allowance for loan losses | (76,400 | ) | (76,703 | ) | ||||
Net loans | 13,558,866 | 13,345,519 | ||||||
Bank premises and equipment | 94,545 | 95,245 | ||||||
Operating lease right-of-use assets | 63,113 | 0 | ||||||
Goodwill | 1,478,014 | 1,478,014 | ||||||
Accrued interest receivable | 60,934 | 60,597 | ||||||
Other assets | 439,639 | 457,154 | ||||||
TOTAL ASSETS | $ | 19,882,539 | $ | 19,250,498 | ||||
Liabilities | ||||||||
Deposits: | ||||||||
Noninterest-bearing | $ | 4,330,665 | $ | 4,416,815 | ||||
Interest-bearing | 10,073,420 | 9,577,934 | ||||||
Total deposits | 14,404,085 | 13,994,749 | ||||||
Borrowings: | ||||||||
Federal funds purchased | 0 | 23,400 | ||||||
Securities sold under agreements to repurchase | 122,159 | 152,927 | ||||||
Federal Home Loan Bank (FHLB) borrowings | 1,548,032 | 1,439,198 | ||||||
Other long-term borrowings | 235,535 | 234,905 | ||||||
Reserve for lending-related commitments | 1,752 | 1,389 | ||||||
Operating lease liabilities | 66,821 | 0 | ||||||
Accrued expenses and other liabilities | 170,297 | 152,306 | ||||||
TOTAL LIABILITIES | 16,548,681 | 15,998,874 | ||||||
Shareholders’ Equity | ||||||||
Preferred stock, $1.00 par value; Authorized-50,000,000 shares, none issued | 0 | 0 | ||||||
Common stock, $2.50 par value; Authorized-200,000,000 shares;issued-105,413,508 and 105,239,121 at June 30, 2019 and December 31, 2018, respectively, including 3,450,478 and 2,915,633 shares in treasury at June 30, 2019 and December 31, 2018, respectively | 263,534 | 263,098 | ||||||
Surplus | 2,137,459 | 2,134,462 | ||||||
Retained earnings | 1,073,390 | 1,013,037 | ||||||
Accumulated other comprehensive loss | (20,367 | ) | (57,019 | ) | ||||
Treasury stock, at cost | (120,158 | ) | (101,954 | ) | ||||
TOTAL SHAREHOLDERS’ EQUITY | 3,333,858 | 3,251,624 | ||||||
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY | $ | 19,882,539 | $ | 19,250,498 | ||||
June 30 | December 31 | |||||||
2020 | 2019 | |||||||
(Unaudited) | (Note 1) | |||||||
Assets | ||||||||
Cash and due from banks | $ | 274,293 | $ | 185,238 | ||||
Interest-bearing deposits with other banks | 1,787,697 | 651,435 | ||||||
Federal funds sold | 823 | 820 | ||||||
Total cash and cash equivalents | 2,062,813 | 837,493 | ||||||
Securities available for sale at estimated fair value (amortized cost-$2,730,350 at June 30, 2020 and $2,426,924 at December 31, 2019, allowance for credit losses of $0 at June 30, 2020) | 2,799,941 | 2,437,296 | ||||||
Securities held to maturity, net of allowance for credit losses of $14 at June 30, 2020 (estimated fair value-$1,220 at June 30, 2020 and $1,447 at December 31, 2019) | 1,221 | 1,446 | ||||||
Equity securities at estimated fair value | 9,875 | 8,894 | ||||||
Other investment securities | 251,161 | 222,161 | ||||||
Loans held for sale (at fair value-$611,277 at June 30, 2020 and at December 31, 2019) | 625,984 | 387,514 | ||||||
Loans and leases | 18,032,554 | 13,713,548 | ||||||
Less: Unearned income | (40,152 | ) | (1,419 | ) | ||||
Loans and leases, net of unearned income | 17,992,402 | 13,712,129 | ||||||
Less: Allowance for loan and lease losses | (215,121 | ) | (77,057 | ) | ||||
Net loans and leases | 17,777,281 | 13,635,072 | ||||||
Bank premises and equipment | 181,238 | 96,644 | ||||||
Operating lease right-of-use | 70,655 | 57,783 | ||||||
Goodwill | 1,794,779 | 1,478,014 | ||||||
Mortgage servicing rights, net of valuation allowance | 20,200 | 0 | ||||||
Accrued interest receivable | 67,761 | 58,085 | ||||||
Other assets | 572,064 | 441,922 | ||||||
TOTAL ASSETS | $ | 26,234,973 | $ | 19,662,324 | ||||
Liabilities | ||||||||
Deposits: | ||||||||
Noninterest-bearing | $ | 7,096,574 | $ | 4,621,362 | ||||
Interest-bearing | 12,797,269 | 9,231,059 | ||||||
Total deposits | 19,893,843 | 13,852,421 | ||||||
Borrowings: | ||||||||
Securities sold under agreements to repurchase | 176,168 | 124,654 | ||||||
Federal Home Loan Bank (“FHLB”)borrowings | 1,354,879 | 1,851,865 | ||||||
Other long-term borrowings | 279,012 | 236,164 | ||||||
Reserve for lending-related commitments | 11,946 | 1,733 | ||||||
Operating lease liabilities | 74,435 | 61,342 | ||||||
Accrued expenses and other liabilities | 246,835 | 170,312 | ||||||
TOTAL LIABILITIES | 22,037,118 | 16,298,491 | ||||||
Shareholders’ Equity | ||||||||
Preferred stock, $1.00 par value; Authorized-50,000,000 shares, NaNissued | 0 | 0 | ||||||
Common stock, $2.50 par value; Authorized-200,000,000 shares;issued-133,716,280 and 105,494,290at June 30, 2020 and December 31, 2019, respectively, including 3,960,885 and 3,940,619 shares in treasury at June 30, 2020 and December 31, 2019, respectively | 334,291 | 263,736 | ||||||
Surplus | 2,890,394 | 2,140,175 | ||||||
Retained earnings | 1,100,097 | 1,132,579 | ||||||
Accumulated other comprehensive gain (loss) | 11,504 | (34,869 | ) | |||||
Treasury stock, at cost | (138,431 | ) | (137,788 | ) | ||||
TOTAL SHAREHOLDERS’ EQUITY | 4,197,855 | 3,363,833 | ||||||
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY | $ | 26,234,973 | $ | 19,662,324 | ||||
Three Months Ended | Six Months Ended | |||||||||||||||
June 30 | June 30 | |||||||||||||||
2020 | 2019 | 2020 | 2019 | |||||||||||||
Interest income | ||||||||||||||||
Interest and fees on loans | $ | 179,311 | $ | 175,130 | $ | 338,165 | $ | 340,001 | ||||||||
Interest on federal funds sold and other short-term investments | 1,868 | 5,405 | 5,833 | 11,242 | ||||||||||||
Interest and dividends on securities: | ||||||||||||||||
Taxable | 16,241 | 17,748 | 33,210 | 35,111 | ||||||||||||
Tax-exempt | 1,297 | 962 | 1,991 | 1,988 | ||||||||||||
Total interest income | 198,717 | 199,245 | 379,199 | 388,342 | ||||||||||||
Interest expense | ||||||||||||||||
Interest on deposits | 19,249 | 35,455 | 46,726 | 68,093 | ||||||||||||
Interest on short-term borrowings | 196 | 608 | 654 | 1,299 | ||||||||||||
Interest on long-term borrowings | 8,670 | 12,629 | 19,699 | 24,229 | ||||||||||||
Total interest expense | 28,115 | 48,692 | 67,079 | 93,621 | ||||||||||||
Net interest income | 170,602 | 150,553 | 312,120 | 294,721 | ||||||||||||
Provision for credit losses | 45,911 | 5,417 | 73,030 | 10,413 | ||||||||||||
Net interest income after provision for credit losses | 124,691 | 145,136 | 239,090 | 284,308 | ||||||||||||
Other income | ||||||||||||||||
Fees from trust services | 3,261 | 3,438 | 6,744 | 6,702 | ||||||||||||
Fees from brokerage services | 2,651 | 2,766 | 5,567 | 5,290 | ||||||||||||
Fees from deposit services | 8,055 | 8,464 | 16,012 | 16,517 | ||||||||||||
Bankcard fees and merchant discounts | 718 | 1,102 | 1,711 | 2,258 | ||||||||||||
Other service charges, commissions, and fees | 610 | 576 | 1,128 | 1,097 | ||||||||||||
Income from bank-owned life insurance | 1,291 | 1,326 | 3,679 | 3,153 | ||||||||||||
Income from mortgage banking activities | 68,213 | 21,704 | 85,844 | 35,385 | ||||||||||||
Mortgage loan servicing income | 1,534 | 0 | 1,534 | 0 | ||||||||||||
Net investment securities gains (losses) | 1,510 | 109 | 1,706 | (50 | ) | |||||||||||
Other income | 547 | 310 | 1,271 | 666 | ||||||||||||
Total other income | 88,390 | 39,795 | 125,196 | 71,018 | ||||||||||||
Other expense | ||||||||||||||||
Employee compensation | 68,664 | 44,301 | 113,205 | 83,250 | ||||||||||||
Employee benefits | 12,779 | 8,578 | 23,565 | 18,009 | ||||||||||||
Net occupancy expense | 10,318 | 8,667 | 19,380 | 17,418 | ||||||||||||
Other real estate owned (“OREO”) expense | 607 | 633 | 1,513 | 2,049 | ||||||||||||
Equipment expense | 5,004 | 3,675 | 8,849 | 6,990 | ||||||||||||
Data processing expense | 15,926 | 5,567 | 21,432 | 10,729 | ||||||||||||
Mortgage loan servicing expense and impa irment | 2,510 | 106 | 2,648 | 197 | ||||||||||||
Bankcard processing expense | 392 | 448 | 869 | 928 | ||||||||||||
FDIC insurance expense | 2,782 | 3,300 | 5,182 | 6,600 | ||||||||||||
FHLB prepayment penalties | 0 | 5,105 | 0 | 5,105 | ||||||||||||
Other expense | 30,392 | 19,815 | 53,864 | 38,345 | ||||||||||||
Total other expense | 149,374 | 100,195 | 250,507 | 189,620 | ||||||||||||
Income before income taxes | 63,707 | 84,736 | 113,779 | 165,706 | ||||||||||||
Income taxes | 11,021 | 17,529 | 20,910 | 34,857 | ||||||||||||
Net income | $ | 52,686 | $ | 67,207 | $ | 92,869 | $ | 130,849 | ||||||||
Earnings per common share: | ||||||||||||||||
Basic | $ | 0.44 | $ | 0.66 | $ | 0.84 | $ | 1.28 | ||||||||
Diluted | $ | 0.44 | $ | 0.66 | $ | 0.84 | $ | 1.28 | ||||||||
Average outstanding shares: | ||||||||||||||||
Basic | 119,823,652 | 101,773,643 | 110,559,363 | 101,833,880 | ||||||||||||
Diluted | 119,887,823 | 102,047,845 | 110,624,976 | 102,099,809 |
Three Months Ended | Six Months Ended | |||||||||||||||
June 30 | June 30 | |||||||||||||||
2020 | 2019 | 2020 | 2019 | |||||||||||||
Net income | $ | 52,686 | $ | 67,207 | $ | 92,869 | $ | 130,849 | ||||||||
Change in net unrealized gain on available-for-sale | 27,834 | 17,994 | 45,420 | 34,783 | ||||||||||||
Change in net unrealized loss on cash flow hedge, net of tax | (1,272 | ) | 0 | (1,272 | ) | 0 | ||||||||||
Change in pension plan assets, net of tax | 1,113 | 909 | 2,225 | 1,819 | ||||||||||||
Comprehensive income, net of tax | $ | 80,361 | $ | 86,110 | $ | 139,242 | $ | 167,451 | ||||||||
Six Months Ended June 30, 2020 | ||||||||||||||||||||||||||||
Accumulated | ||||||||||||||||||||||||||||
Common Stock | Other | Total | ||||||||||||||||||||||||||
Par | Retained | Comprehensive | Treasury | Shareholders’ | ||||||||||||||||||||||||
Shares | Value | Surplus | Earnings | Income (Loss) | Stock | Equity | ||||||||||||||||||||||
Balance at January 1, 2020 | 105,494,290 | $ | 263,736 | $ | 2,140,175 | $ | 1,132,579 | $ | (34,869 | ) | $ | (137,788 | ) | $ | 3,363,833 | |||||||||||||
Cumulative effect of adopting Accounting Standard Update 2016-13 | 0 | 0 | 0 | (44,331 | ) | 0 | 0 | (44,331 | ) | |||||||||||||||||||
Comprehensive income: | ||||||||||||||||||||||||||||
Net income | 0 | 0 | 0 | 40,183 | 0 | 0 | 40,183 | |||||||||||||||||||||
Other comprehensive income, net of tax | 0 | 0 | 0 | 0 | 18,698 | 0 | 18,698 | |||||||||||||||||||||
Total comprehensive income, net of tax | 58,881 | |||||||||||||||||||||||||||
Stock based compensation expense | 0 | 0 | 1,253 | 0 | 0 | 0 | 1,253 | |||||||||||||||||||||
Purchase of treasury stock (19,314 shares) | 0 | 0 | 0 | 0 | 0 | (608 | ) | (608 | ) | |||||||||||||||||||
Cash dividends ($0.35 per share) | 0 | 0 | 0 | (35,604 | ) | 0 | 0 | (35,604 | ) | |||||||||||||||||||
Grant of restricted stock (175,495 shares) | 175,495 | 439 | (439 | ) | 0 | 0 | 0 | 0 | ||||||||||||||||||||
Forfeiture of restricted stock (946 shares) | 0 | 0 | 35 | 0 | 0 | (35 | ) | 0 | ||||||||||||||||||||
Common stock options exercised (14,694 shares) | 14,694 | 36 | 242 | 0 | 0 | 0 | 278 | |||||||||||||||||||||
Balance at March 31, 2020 | 105,684,479 | 264,211 | 2,141,266 | 1,092,827 | (16,171 | ) | (138,431 | ) | 3,343,702 | |||||||||||||||||||
Comprehensive income: | ||||||||||||||||||||||||||||
Net income | 0 | 0 | 0 | 52,686 | 0 | 0 | 52,686 | |||||||||||||||||||||
Other comprehensive income, net of tax | 0 | 0 | 0 | 0 | 27,675 | 0 | 27,675 | |||||||||||||||||||||
Total comprehensive income, net of tax | 80,361 | |||||||||||||||||||||||||||
Stock based compensation expense | 0 | 0 | 1,369 | 0 | 0 | 0 | 1,369 | |||||||||||||||||||||
Acquisition of Carolina Financial Corporation (28,031,501 shares) | 28,031,501 | 70,079 | 747,751 | 0 | 0 | 0 | 817,830 | |||||||||||||||||||||
Purchase of treasury stock (6 shares) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||||||||||||||||||
Cash dividends ($0.35 per share) | 0 | 0 | 0 | (45,416 | ) | 0 | 0 | (45,416 | ) | |||||||||||||||||||
Common stock options exercised (300 shares) | 300 | 1 | 8 | 0 | 0 | 0 | 9 | |||||||||||||||||||||
Balance at June 30, 2020 | 133,716,280 | $ | 334,291 | $ | 2,890,394 | $ | 1,100,097 | $ | 11,504 | $ | (138,431 | ) | $ | 4,197,855 | ||||||||||||||
Six Months Ended June 30, 2019 | ||||||||||||||||||||||||||||
Accumulated | ||||||||||||||||||||||||||||
Common Stock | Other | Total | ||||||||||||||||||||||||||
Par | Retained | Comprehensive | Treasury | Shareholders’ | ||||||||||||||||||||||||
Shares | Value | Surplus | Earnings | Income (Loss) | Stock | Equity | ||||||||||||||||||||||
Balance at January 1, 2019 | 105,239,121 | $ | 263,098 | $ | 2,134,462 | $ | 1,013,037 | $ | (57,019 | ) | $ | (101,954 | ) | $ | 3,251,624 | |||||||||||||
Cumulative effect of adopting Accounting Standard Update 2016-02 | 0 | 0 | 0 | (1,049 | ) | 0 | 0 | (1,049 | ) | |||||||||||||||||||
Reclass due to adopting Accounting Standard Update 2017-12 | 0 | 0 | 0 | 0 | 50 | 0 | 50 | |||||||||||||||||||||
Comprehensive income | ||||||||||||||||||||||||||||
Net income | 0 | 0 | 0 | 63,642 | 0 | 0 | 63,642 | |||||||||||||||||||||
Other comprehensive income, net of tax | 0 | 0 | 0 | 0 | 17,699 | 0 | 17,699 | |||||||||||||||||||||
Total comprehensive income, net of tax | 81,341 | |||||||||||||||||||||||||||
Stock based compensation expense | 0 | 0 | 1,113 | 0 | 0 | 0 | 1,113 | |||||||||||||||||||||
Purchase of treasury stock (365,702 shares) | 0 | 0 | 0 | 0 | 0 | (12,072 | ) | (12,072 | ) | |||||||||||||||||||
Cash dividends ($0.34 per share) | 0 | 0 | 0 | (34,759 | ) | 0 | 0 | (34,759 | ) | |||||||||||||||||||
Grant of restricted stock (126,427 shares) | 126,427 | 316 | (316 | ) | 0 | 0 | 0 | 0 | ||||||||||||||||||||
Common stock options exercised (33,816 shares) | 33,816 | 84 | 559 | 0 | 0 | 0 | 643 | |||||||||||||||||||||
Balance at March 31, 2019 | 105,399,364 | 263,498 | 2,135,818 | 1,040,871 | (39,270 | ) | (114,026 | ) | 3,286,891 | |||||||||||||||||||
Comprehensive income: | ||||||||||||||||||||||||||||
Net income | 0 | 0 | 0 | 67,207 | 0 | 0 | 67,207 | |||||||||||||||||||||
Other comprehensive income, net of tax | 0 | 0 | 0 | 0 | 18,903 | 0 | 18,903 | |||||||||||||||||||||
Total comprehensive income, net of tax | 86,110 | |||||||||||||||||||||||||||
Stock based compensation expense | 0 | 0 | 1,198 | 0 | 0 | 0 | 1,198 | |||||||||||||||||||||
Purchase of treasury stock (166,604 shares) | 0 | 0 | 0 | 0 | 0 | (6,032 | ) | (6,032 | ) | |||||||||||||||||||
Cash dividends ($0.34 per share) | 0 | 0 | 0 | (34,688 | ) | 0 | 0 | (34,688 | ) | |||||||||||||||||||
Forfeiture of restricted stock (2,539 shares) | 0 | 0 | 100 | 0 | 0 | (100 | ) | 0 | ||||||||||||||||||||
Common stock options exercised (14,144 shares) | 14,144 | 36 | 343 | 0 | 0 | 0 | 379 | |||||||||||||||||||||
Balance at June 30, 2019 | 105,413,508 | $ | 263,534 | $ | 2,137,459 | $ | 1,073,390 | $ | (20,367 | ) | $ | (120,158 | ) | $ | 3,333,858 | |||||||||||||
Three Months Ended June 30 | Six Months Ended June 30 | |||||||||||||||
2019 | 2018 | 2019 | 2018 | |||||||||||||
Interest income | ||||||||||||||||
Interest and fees on loans | $ | 175,130 | $ | 159,294 | $ | 340,001 | $ | 308,222 | ||||||||
Interest on federal funds sold and other short-term investments | 5,405 | 3,465 | 11,242 | 8,382 | ||||||||||||
Interest and dividends on securities: | ||||||||||||||||
Taxable | 17,748 | 13,810 | 35,111 | 25,685 | ||||||||||||
Tax-exempt | 962 | 1,431 | 1,988 | 2,896 | ||||||||||||
Total interest income | 199,245 | 178,000 | 388,342 | 345,185 | ||||||||||||
Interest expense | ||||||||||||||||
Interest on deposits | 35,455 | 19,076 | 68,093 | 34,733 | ||||||||||||
Interest on short-term borrowings | 608 | 464 | 1,299 | 885 | ||||||||||||
Interest on long-term borrowings | 12,629 | 9,338 | 24,229 | 16,402 | ||||||||||||
Total interest expense | 48,692 | 28,878 | 93,621 | 52,020 | ||||||||||||
Net interest income | 150,553 | 149,122 | 294,721 | 293,165 | ||||||||||||
Provision for loan losses | 5,417 | 6,204 | 10,413 | 11,382 | ||||||||||||
Net interest income after provision for loan losses | 145,136 | 142,918 | 284,308 | 281,783 | ||||||||||||
Other income | ||||||||||||||||
Fees from trust services | 3,438 | 3,104 | 6,702 | 6,195 | ||||||||||||
Fees from brokerage services | 2,766 | 1,953 | 5,290 | 4,177 | ||||||||||||
Fees from deposit services | 8,464 | 8,420 | 16,517 | 16,650 | ||||||||||||
Bankcard fees and merchant discounts | 1,102 | 1,479 | 2,258 | 2,835 | ||||||||||||
Other service charges, commissions, and fees | 576 | 599 | 1,097 | 1,108 | ||||||||||||
Income from bank-owned life insurance | 1,326 | 1,271 | 3,153 | 2,525 | ||||||||||||
Income from mortgage banking activities | 21,704 | 18,692 | 35,385 | 33,262 | ||||||||||||
Net investment securities gains(losses) | 109 | (55 | ) | (50 | ) | (540 | ) | |||||||||
Other income | 310 | 544 | 666 | 987 | ||||||||||||
Total other income | 39,795 | 36,007 | 71,018 | 67,199 | ||||||||||||
Other expense | ||||||||||||||||
Employee compensation | 44,301 | 43,120 | 83,250 | 83,956 | ||||||||||||
Employee benefits | 8,578 | 9,298 | 18,009 | 18,869 | ||||||||||||
Net occupancy expense | 8,667 | 9,076 | 17,418 | 18,503 | ||||||||||||
Other real estate owned (OREO) expense | 633 | 556 | 2,049 | 1,502 | ||||||||||||
Equipment expense | 3,675 | 3,279 | 6,990 | 6,436 | ||||||||||||
Data processing expense | 5,567 | 5,817 | 10,729 | 11,667 | ||||||||||||
Bankcard processing expense | 448 | 480 | 928 | 946 | ||||||||||||
FDIC insurance expense | 3,300 | 2,842 | 6,600 | 4,690 | ||||||||||||
FHLB prepayment penalties | 5,105 | 0 | 5,105 | 0 | ||||||||||||
Other expense | 19,921 | 18,942 | 38,542 | 37,293 | ||||||||||||
Total other expense | 100,195 | 93,410 | 189,620 | 183,862 | ||||||||||||
Income before income taxes | 84,736 | 85,515 | 165,706 | 165,120 | ||||||||||||
Income taxes | 17,529 | 19,241 | 34,857 | 37,140 | ||||||||||||
Net income | $ | 67,207 | $ | 66,274 | $ | 130,849 | $ | 127,980 | ||||||||
Three Months Ended June 30 | Six Months Ended June 30 | |||||||||||||||
2019 | 2018 | 2019 | 2018 | |||||||||||||
Earnings per common share: | ||||||||||||||||
Basic | $ | 0.66 | $ | 0.63 | $ | 1.28 | $ | 1.22 | ||||||||
Diluted | $ | 0.66 | $ | 0.63 | $ | 1.28 | $ | 1.22 | ||||||||
Average outstanding shares: | ||||||||||||||||
Basic | 101,773,643 | 104,682,910 | 101,833,880 | 104,770,681 | ||||||||||||
Diluted | 102,047,845 | 104,952,788 | 102,099,809 | 105,058,014 |
Three Months Ended | Six Months Ended | |||||||||||||||
June 30 | June 30 | |||||||||||||||
2019 | 2018 | 2019 | 2018 | |||||||||||||
Net income | $ | 67,207 | $ | 66,274 | $ | 130,849 | $ | 127,980 | ||||||||
Change in net unrealized gain (loss) on available-for-sale (AFS) securities, net of tax | 17,994 | (6,501 | ) | 34,783 | (23,274 | ) | ||||||||||
Accretion of the net unrealized loss on the transfer of AFS securities to held-to-maturity (HTM) securities, net of tax | 0 | 1 | 0 | 2 | ||||||||||||
Change in pension plan assets, net of tax | 909 | 1,052 | 1,819 | 1,785 | ||||||||||||
Comprehensive income, net of tax | $ | 86,110 | $ | 60,826 | $ | 167,451 | $ | 106,493 | ||||||||
Six Months Ended June 30, 2019 | |||||||||||||||||||||||||||||
Accumulated | |||||||||||||||||||||||||||||
Common Stock | Other | Total | |||||||||||||||||||||||||||
Par | Retained | Comprehensive | Treasury | Shareholders’ | |||||||||||||||||||||||||
Shares | Value | Surplus | Earnings | Income (Loss) | Stock | Equity | |||||||||||||||||||||||
Balance at January 1, 2019 | 105,239,121 | $ | 263,098 | $ | 2,134,462 | $ | 1,013,037 | $ | (57,019 | ) | $ | (101,954 | ) | $ | 3,251,624 | ||||||||||||||
Cumulative effect of adopting Accounting Standard Update 2016-02 | 0 | 0 | 0 | (1,049 | ) | 0 | 0 | (1,049 | ) | ||||||||||||||||||||
Reclass due to adopting Accounting Standard Update 2017-12 | 0 | 0 | 0 | 0 | 50 | 0 | 50 | ||||||||||||||||||||||
Comprehensive income | |||||||||||||||||||||||||||||
Net income | 0 | 0 | 0 | 63,642 | 0 | 0 | 63,642 | ||||||||||||||||||||||
Other comprehensive income, net of tax | 0 | 0 | 0 | 0 | 17,699 | 0 | 17,699 | ||||||||||||||||||||||
Total comprehensive income, net of tax | 81,341 | ||||||||||||||||||||||||||||
Stock based compensation expense | 0 | 0 | 1,113 | 0 | 0 | 0 | 1,113 | ||||||||||||||||||||||
Purchase of treasury stock (365,702 shares) | 0 | 0 | 0 | 0 | 0 | (12,072 | ) | (12,072 | ) | ||||||||||||||||||||
Cash dividends ($0.34 per share) | 0 | 0 | 0 | (34,759 | ) | 0 | 0 | (34,759 | ) | ||||||||||||||||||||
Grant of restricted stock (126,427 shares) | 126,427 | 316 | (316 | ) | 0 | 0 | 0 | 0 | |||||||||||||||||||||
Common stock options exercised (33,816 shares) | 33,816 | 84 | 559 | 0 | 0 | 0 | 643 | ||||||||||||||||||||||
Balance at March 31, 2019 | 105,399,364 | 263,498 | 2,135,818 | 1,040,871 | (39,270 | ) | (114,026 | ) | 3,286,891 | ||||||||||||||||||||
Comprehensive income: | |||||||||||||||||||||||||||||
Net income | 0 | 0 | 0 | 67,207 | 0 | 0 | 67,207 | ||||||||||||||||||||||
Other comprehensive income, net of tax | 0 | 0 | 0 | 0 | 18,903 | 0 | 18,903 | ||||||||||||||||||||||
Total comprehensive income, net of tax | 86,110 | ||||||||||||||||||||||||||||
Stock based compensation expense | 0 | 0 | 1,198 | 0 | 0 | 0 | 1,198 | ||||||||||||||||||||||
Purchase of treasury stock (166,604 shares) | 0 | 0 | 0 | 0 | 0 | (6,032 | ) | (6,032 | ) | ||||||||||||||||||||
Cash dividends ($0.34 per share) | 0 | 0 | 0 | (34,688 | ) | 0 | 0 | (34,688 | ) | ||||||||||||||||||||
Forfeiture of restricted stock (2,539 shares) | 0 | 0 | 100 | 0 | 0 | (100 | ) | 0 | |||||||||||||||||||||
Common stock options exercised (14,144 shares) | 14,144 | 36 | 343 | 0 | 0 | 0 | 379 | ||||||||||||||||||||||
Balance at June 30, 2019 | 105,413,508 | $ | 263,534 | $ | 2,137,459 | $ | 1,073,390 | $ | (20,367 | ) | $ | (120,158 | ) | $ | 3,333,858 | ||||||||||||||
Six Months Ended June 30, 2018 | |||||||||||||||||||||||||||||
Accumulated | |||||||||||||||||||||||||||||
Common Stock | Other | Total | |||||||||||||||||||||||||||
Par | Retained | Comprehensive | Treasury | Shareholders’ | |||||||||||||||||||||||||
Shares | Value | Surplus | Earnings | Income (Loss) | Stock | Equity | |||||||||||||||||||||||
Balance at January 1, 2018 | 105,069,821 | $ | 262,675 | $ | 2,129,077 | $ | 891,816 | ($ | 42,025 | ) | ($ | 1,013 | ) | $ | 3,240,530 | ||||||||||||||
Cumulative effect of adopting Accounting Standard Update 2016-01 | 0 | 0 | 0 | 136 | (136 | ) | 0 | 0 | |||||||||||||||||||||
Reclass due to adopting Accounting Standard Update 2018-02 | 0 | 0 | 0 | 6,353 | (6,353 | ) | 0 | 0 | |||||||||||||||||||||
Comprehensive income: | |||||||||||||||||||||||||||||
Net income | 0 | 0 | 0 | 61,706 | 0 | 0 | 61,706 | ||||||||||||||||||||||
Other comprehensive income, net of tax | 0 | 0 | 0 | 0 | (16,039 | ) | 0 | (16,039 | ) | ||||||||||||||||||||
Total comprehensive income, net of tax | 45,667 | ||||||||||||||||||||||||||||
Stock based compensation expense | 0 | 0 | 968 | 0 | 0 | 0 | 968 | ||||||||||||||||||||||
Purchase of treasury stock (10,842 shares) | 0 | 0 | 0 | 0 | 0 | (404 | ) | (404 | ) | ||||||||||||||||||||
Cash dividends ($0.34 per share) | 0 | (35,748 | ) | 0 | 0 | (35,748 | ) | ||||||||||||||||||||||
Grant of restricted stock (97,004 shares) | 97,004 | 243 | (243 | ) | 0 | 0 | 0 | 0 | |||||||||||||||||||||
Forfeiture of restricted stock (683 shares) | 0 | 0 | 27 | 0 | 0 | (27 | ) | 0 | |||||||||||||||||||||
Common stock options exercised (15,043 shares) | 15,043 | 37 | 263 | 0 | 0 | 0 | 300 | ||||||||||||||||||||||
Balance at March 31, 2018 | 105,181,868 | 262,955 | 2,130,092 | 924,263 | (64,553 | ) | (1,444 | ) | 3,251,313 | ||||||||||||||||||||
Comprehensive income: | |||||||||||||||||||||||||||||
Net income | 0 | 0 | 0 | 66,274 | 0 | 0 | 66,274 | ||||||||||||||||||||||
Other comprehensive income, net of tax | 0 | 0 | 0 | 0 | (5,448 | ) | 0 | (5,448 | ) | ||||||||||||||||||||
Total comprehensive income, net of tax | 60,826 | ||||||||||||||||||||||||||||
Stock based compensation expense | 0 | 0 | 1,024 | 0 | 0 | 0 | 1,024 | ||||||||||||||||||||||
Purchase of treasury stock (962,504 shares) | 0 | 0 | 0 | 0 | 0 | (35,580 | ) | (35,580 | ) | ||||||||||||||||||||
Cash dividends ($0.34 per share) | 0 | 0 | 0 | (35,584 | ) | 0 | 0 | (35,584 | ) | ||||||||||||||||||||
Forfeiture of restricted stock (2,170 shares) | 0 | 0 | 82 | 0 | 0 | (82 | ) | 0 | |||||||||||||||||||||
Common stock options exercised (27,046 shares) | 27,046 | 67 | 499 | 0 | 0 | 0 | 566 | ||||||||||||||||||||||
Balance at June 30, 2018 | 105,208,914 | $ | 263,022 | $ | 2,131,697 | $ | 954,953 | $ | (70,001 | ) | ($ | 37,106 | ) | $ | 3,242,565 | ||||||||||||||
Six Months Ended | ||||||||
June 30 | ||||||||
2019 | 2018 | |||||||
NET CASH PROVIDED BY OPERATING ACTIVITIES | $ | 31,786 | $ | 98,498 | ||||
INVESTING ACTIVITIES | ||||||||
Proceeds from maturities and calls of securities held to maturity | 2,000 | 2 | ||||||
Proceeds from sales of securities available for sale | 248,187 | 53,179 | ||||||
Proceeds from maturities and calls of securities available for sale | 136,576 | 124,894 | ||||||
Purchases of securities available for sale | (338,983 | ) | (391,186 | ) | ||||
Proceeds from sales of equity securities | 1,497 | 1,826 | ||||||
Purchases of equity securities | (618 | ) | (380 | ) | ||||
Proceeds from sales and redemptions of other investment securities | 50,271 | 15,606 | ||||||
Purchases of other investment securities | (75,228 | ) | (33,279 | ) | ||||
Redemption of bank-owned life insurance policies | 2,829 | 0 | ||||||
Purchases of bank premises and equipment | (4,110 | ) | (2,159 | ) | ||||
Proceeds from sales of bank premises and equipment | 251 | 2,123 | ||||||
Proceeds from the sales of OREO properties | 3,870 | 4,658 | ||||||
Net change in loans | (203,898 | ) | (493,787 | ) | ||||
NET CASH USED IN INVESTING ACTIVITIES | (177,356 | ) | (718,503 | ) | ||||
FINANCING ACTIVITIES | ||||||||
Cash dividends paid | (69,732 | ) | (71,461 | ) | ||||
Acquisition of treasury stock | (18,104 | ) | (35,984 | ) | ||||
Proceeds from exercise of stock options | 1,020 | 851 | ||||||
Repayment of long-term Federal Home Loan Bank borrowings | (1,115,000 | ) | (625,000 | ) | ||||
Proceeds from issuance of long-term Federal Home Loan Bank borrowings | 1,400,000 | 1,115,000 | ||||||
Repayment of trust preferred issuance | 0 | (9,374 | ) | |||||
Changes in: | ||||||||
Deposits | 409,731 | 812 | ||||||
Federal funds purchased, securities sold under agreements to repurchase and other short-term borrowings | (229,168 | ) | (328,080 | ) | ||||
NET CASH PROVIDED BY FINANCING ACTIVITIES | 378,747 | 46,764 | ||||||
Increase (Decrease) in cash and cash equivalents | 233,177 | (573,241 | ) | |||||
Cash and cash equivalents at beginning of year | 1,020,396 | 1,666,167 | ||||||
Cash and cash equivalents at end of period | $ | 1,253,573 | $ | 1,092,926 | ||||
Supplemental information | ||||||||
Noncash investing activities: | ||||||||
Transfers of loans to OREO | $ | 3,133 | $ | 527 | ||||
Transfer of held to maturity debt securities to available for sale debt securities | 11,544 | 0 |
Six Months Ended | ||||||||
June 30 | ||||||||
2020 | 2019 | |||||||
NET CASH PROVIDED BY OPERATING ACTIVITIES | $ | 72,099 | $ | 31,786 | ||||
INVESTING ACTIVITIES | ||||||||
Proceeds from maturities and calls of securities held to maturity | 210 | 2,000 | ||||||
Proceeds from sales of securities available for sale | 164,850 | 248,187 | ||||||
Proceeds from maturities and calls of securities available for sale | 248,856 | 136,576 | ||||||
Purchases of securities available for sale | (159,548 | ) | (338,983 | ) | ||||
Proceeds from sales of equity securities | 1,042 | 1,497 | ||||||
Purchases of equity securities | (514 | ) | (618 | ) | ||||
Proceeds from sales and redemptions of other investment securities | 97,177 | 50,271 | ||||||
Purchases of other investment securities | (110,191 | ) | (75,228 | ) | ||||
Redemption of bank-owned life insurance policies | 1,186 | 2,829 | ||||||
Purchases of bank premises and equipment | (6,831 | ) | (4,110 | ) | ||||
Proceeds from sales of bank premises and equipment | 278 | 251 | ||||||
Proceeds from the sales of OREO properties | 5,106 | 3,870 | ||||||
Acquisition of Carolina Financial Corporation , net of cash paid | 629,107 | 0 | ||||||
Net change in loans | (1,028,035 | ) | (203,898 | ) | ||||
NET CASH USED IN INVESTING ACTIVITIES | (157,307 | ) | (177,356 | ) | ||||
FINANCING ACTIVITIES | ||||||||
Cash dividends paid | (71,862 | ) | (69,732 | ) | ||||
Acquisition of treasury stock | (608 | ) | (18,104 | ) | ||||
Proceeds from exercise of stock options | 288 | 1,020 | ||||||
Repayment of long-term Federal Home Loan Bank borrowings | (828,000 | ) | (1,115,000 | ) | ||||
Proceeds from issuance of long-term Federal Home Loan Bank borrowings | 250,000 | 1,400,000 | ||||||
Changes in: | ||||||||
Deposits | 2,159,196 | 409,731 | ||||||
Federal funds purchased, securities sold under agreements to repurchase and other short-term borrowings | (198,486 | ) | (229,168 | ) | ||||
NET CASH PROVIDED BY FINANCING ACTIVITIES | 1,310,528 | 378,747 | ||||||
Increase in cash and cash equivalents | 1,225,320 | 233,177 | ||||||
Cash and cash equivalents at beginning of year | 837,493 | 1,020,396 | ||||||
Cash and cash equivalents at end of period | $ | 2,062,813 | $ | 1,253,573 | ||||
Supplemental information | ||||||||
Noncash investing activities: | ||||||||
Transfers of loans to OREO | $ | 18,925 | $ | 3,133 | ||||
Transfer of held to maturity debt securities to available for sale debt securities | 0 | 11,544 |
Purchase price of PCD loans at acquisition | $ | 1,053,014 | ||
Allowance for credit losses at acquisition | 18,635 | |||
Non-credit discount at acquisition | 10,259 | |||
Par value (UPB) of acquired PCD loans at acquisition | $ | 1,081,908 | ||
Purchase price: | ||||
Value of common shares issued (28,031,501 shares) | $ | 815,997 | ||
Fair value of stock options assumed | 1,833 | |||
Cash for fractional shares | 47 | |||
Total purchase price | 817,877 | |||
Identifiable assets: | ||||
Cash and cash equivalents | 629,154 | |||
Investment securities | 580,849 | |||
Loans held for sale | 65,757 | |||
Net l oans | 3,242,812 | |||
Premises and equipment | 83,859 | |||
Operating lease right-of-use | 9,861 | |||
Crescent Mortgage trade name intangible | 1,370 | |||
Core deposit intangible | 3,037 | |||
Mortgage servicing rights | 20,123 | |||
Other assets | 166,175 | |||
Total identifiable assets | $ | 4,802,997 | ||
Identifiable liabilities: | ||||
Deposits | $ | 3,884,977 | ||
Short-term borrowings | 332,000 | |||
Long-term borrowings | 42,738 | |||
Operating lease liability | 9,861 | |||
Other liabilities | 32,309 | |||
Total identifiable liabilities | 4,301,885 | |||
Preliminary fair value of net assets acquired including identifiable intangible assets | 501,112 | |||
Preliminary resulting goodwill | $ | 316,765 | ||
Proforma Six Months Ended June 30 | ||||||||
2020 | 2019 | |||||||
Total Revenues (1) | $ | 485,327 | $ | 461,393 | ||||
Net Income | 71,420 | 165,930 |
(1) | Represents net interest income plus other income |
June 30, 2019 | ||||||||||||||||||||
Gross | Gross | Estimated | Cumulative | |||||||||||||||||
Amortized | Unrealized | Unrealized | Fair | OTTI in | ||||||||||||||||
Cost | Gains | Losses | Value | AOCI (1) | ||||||||||||||||
U.S. Treasury securities and obligations of U.S. Government corporations and agencies | $ | 73,369 | $ | 1,116 | $ | 1 | $ | 74,484 | $ | 0 | ||||||||||
State and political subdivisions | 178,833 | 2,968 | 542 | 181,259 | 0 | |||||||||||||||
Residential mortgage-backed securities | ||||||||||||||||||||
Agency | 866,597 | 12,539 | 1,569 | 877,567 | 0 | |||||||||||||||
Non-agency | 3,598 | 380 | 0 | 3,978 | 86 | |||||||||||||||
Commercial mortgage-backed securities | ||||||||||||||||||||
Agency | 566,366 | 8,738 | 383 | 574,721 | 0 | |||||||||||||||
Asset-backed securities | 272,423 | 0 | 3,569 | 268,854 | 0 | |||||||||||||||
Trust preferred collateralized debt obligations | 6,136 | 0 | 723 | 5,413 | 398 | |||||||||||||||
Single issue trust preferred securities | 18,180 | 175 | 1,511 | 16,844 | 0 | |||||||||||||||
Other corporate securities | 338,784 | 3,900 | 13 | 342,671 | 0 | |||||||||||||||
Total | $ | 2,324,286 | $ | 29,816 | $ | 8,311 | $ | 2,345,791 | $ | 484 | ||||||||||
June 30, 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. | $ | 66,394 | $ | 912 | $ | 3 | $ | 0 | $ | 67,303 | ||||||||||
State and political subdivisions | 502,293 | 18,823 | 236 | 0 | 520,880 | |||||||||||||||
Residential mortgage-backed securities | ||||||||||||||||||||
Agency | 819,073 | 29,209 | 51 | 0 | 848,231 | |||||||||||||||
Non-agency | 61,954 | 1,011 | 0 | 0 | 62,965 | |||||||||||||||
Commercial mortgage-backed securities | ||||||||||||||||||||
Agency | 591,303 | 31,581 | 99 | 0 | 622,785 | |||||||||||||||
Asset-backed securities | 293,293 | 0 | 15,572 | 0 | 277,721 | |||||||||||||||
Trust preferred collateralized debt obligations | 11,895 | 2,644 | 1,702 | 0 | 12,837 | |||||||||||||||
Single issue trust preferred securities | 18,211 | 159 | 2,179 | 0 | 16,191 | |||||||||||||||
Other corporate securities | 365,934 | 6,430 | 1,336 | 0 | 371,028 | |||||||||||||||
Total | $ | 2,730,350 | $ | 90,769 | $ | 21,178 | $ | 0 | $ | 2,799,941 | ||||||||||
December 31, 2018 | ||||||||||||||||||||
Gross | Gross | Estimated | Cumulative | |||||||||||||||||
Amortized | Unrealized | Unrealized | Fair | OTTI in | ||||||||||||||||
Cost | Gains | Losses | Value | AOCI (1) | ||||||||||||||||
U.S. Treasury securities and obligations of U.S. Government corporations and agencies | $ | 86,285 | $ | 35 | $ | 430 | $ | 85,890 | $ | 0 | ||||||||||
State and political subdivisions | 212,670 | 439 | 4,121 | 208,988 | 0 | |||||||||||||||
Residential mortgage-backed securities | ||||||||||||||||||||
Agency | 1,047,345 | 3,235 | 14,930 | 1,035,650 | 0 | |||||||||||||||
Non-agency | 3,927 | 332 | 0 | 4,259 | 86 | |||||||||||||||
Commercial mortgage-backed securities | ||||||||||||||||||||
Agency | 560,634 | 996 | 7,030 | 554,600 | 0 | |||||||||||||||
Asset-backed securities | 272,459 | 450 | 939 | 271,970 | 0 | |||||||||||||||
Trust preferred collateralized debt obligations | 6,176 | 91 | 350 | 5,917 | 2,586 | |||||||||||||||
Single issue trust preferred securities | 8,754 | 169 | 561 | 8,362 | 0 | |||||||||||||||
Other corporate securities | 162,634 | 118 | 1,349 | 161,403 | 0 | |||||||||||||||
Total | $ | 2,360,884 | $ | 5,865 | $ | 29,710 | $ | 2,337,039 | $ | 2,672 | ||||||||||
December 31, 2019 | ||||||||||||||||||||
Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Estimated Fair Value | Cumulative OTTI in AOCI (1) | ||||||||||||||||
U.S. Treasury securities and obligations of U.S. | $ | 58,127 | $ | 555 | $ | 6 | $ | 58,676 | $ | 0 | ||||||||||
State and political subdivisions | 272,014 | 3,644 | 3,296 | 272,362 | 0 | |||||||||||||||
Residential mortgage-backed securities | ||||||||||||||||||||
Agency | 826,857 | 10,923 | 1,246 | 836,534 | 0 | |||||||||||||||
Non-agency | 3,429 | 404 | 0 | 3,833 | 86 | |||||||||||||||
Commercial mortgage-backed securities | ||||||||||||||||||||
Agency | 609,461 | 8,319 | 2,807 | 614,973 | 0 | |||||||||||||||
Asset-backed securities | 284,390 | 0 | 8,251 | 276,139 | 0 | |||||||||||||||
Trust preferred collateralized debt obligations | 6,045 | 0 | 1,342 | 4,703 | 842 | |||||||||||||||
Single issue trust preferred securities | 18,196 | 170 | 1,592 | 16,774 | 0 | |||||||||||||||
Other corporate securities | 348,405 | 4,897 | 0 | 353,302 | 0 | |||||||||||||||
Total | $ | 2,426,924 | $ | 28,912 | $ | 18,540 | $ | 2,437,296 | $ | 928 | ||||||||||
(1) | Non-credit related other-than-temporary impairment in accumulated other comprehensive income. Amounts arebefore-tax. |
Less than 12 months | 12 months or longer | |||||||||||||||
Fair | Unrealized | Fair | Unrealized | |||||||||||||
Value | Losses | Value | Losses | |||||||||||||
June 30, 2019 | ||||||||||||||||
U.S. Treasury securities and obligations of U.S. Government corporations and agencies | $ | 0 | $ | 0 | $ | 2,621 | $ | 1 | ||||||||
State and political subdivisions | 1,127 | 6 | 50,689 | 536 | ||||||||||||
Residential mortgage-backed securities | ||||||||||||||||
Agency | 9,460 | 9 | 180,352 | 1,560 | ||||||||||||
Non-agency | 0 | 0 | 0 | 0 | ||||||||||||
Commercial mortgage-backed securities | ||||||||||||||||
Agency | 42,489 | 47 | 110,943 | 336 | ||||||||||||
Asset-backed securities | 261,566 | 3,462 | 7,288 | 107 | ||||||||||||
Trust preferred collateralized debt obligations | 0 | 0 | 5,412 | 723 | ||||||||||||
Single issue trust preferred securities | 0 | 0 | 13,633 | 1,511 | ||||||||||||
Other corporate securities | 12,679 | 13 | 0 | 0 | ||||||||||||
Total | $ | 327,321 | $ | 3,537 | $ | 370,938 | $ | 4,774 | ||||||||
Less than 12 months | 12 months or longer | Total | ||||||||||||||||||||||
Fair | Unrealized | Fair | Unrealized | Fair | Unrealized | |||||||||||||||||||
Value | Losses | Value | Losses | Value | Losses | |||||||||||||||||||
June 30, 2020 | ||||||||||||||||||||||||
U.S. Treasury securities and obligations of U.S. Government corporations and agencies | $ | 348 | $ | 3 | $ | 0 | $ | 0 | $ | 348 | $ | 3 | ||||||||||||
State and political subdivisions | 17,795 | 235 | 226 | 1 | 18,021 | 236 | ||||||||||||||||||
Residential mortgage-backed securities | ||||||||||||||||||||||||
Agency | 26,496 | 51 | 0 | 0 | 26,496 | 51 | ||||||||||||||||||
Non-agency | 0 | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||||
Commercial mortgage-backed securities | ||||||||||||||||||||||||
Agency | 14,025 | 99 | 0 | 0 | 14,025 | 99 | ||||||||||||||||||
Asset-backed securities | 11,202 | 675 | 254,882 | 14,897 | 266,084 | 15,572 | ||||||||||||||||||
Trust preferred collateralized debt obligations | 0 | 0 | 4,347 | 1,702 | 4,347 | 1,702 | ||||||||||||||||||
Single issue trust preferred securities | 0 | 0 | 12,984 | 2,179 | 12,984 | 2,179 | ||||||||||||||||||
Other corporate securities | 96,038 | 1,336 | 0 | 0 | 96,038 | 1,336 | ||||||||||||||||||
Total | $ | 165,904 | $ | 2,399 | $ | 272,439 | $ | 18,779 | $ | 438,343 | $ | 21,178 | ||||||||||||
Less than 12 months | 12 months or longer | Total | ||||||||||||||||||||||
Fair | Unrealized | Fair | Unrealized | Fair | Unrealized | |||||||||||||||||||
Value | Losses | Value | Losses | Value | Losses | |||||||||||||||||||
December 31, 2019 | ||||||||||||||||||||||||
U.S. Treasury securities and obligations of U.S. Government corporations and agencies | $ | 1,415 | $ | 6 | $ | 0 | $ | 0 | $ | 1,415 | $ | 6 | ||||||||||||
State and political subdivisions | 144,307 | 3,291 | 885 | 5 | 145,192 | 3,296 | ||||||||||||||||||
Residential mortgage-backed securities | ||||||||||||||||||||||||
Agency | 108,072 | 502 | 71,736 | 744 | 179,808 | 1,246 | ||||||||||||||||||
Non-agency | 0 | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||||
Commercial mortgage-backed securities | ||||||||||||||||||||||||
Agency | 173,039 | 2,676 | 45,251 | 131 | 218,290 | 2,807 | ||||||||||||||||||
Asset-backed securities | 135,174 | 3,252 | 140,965 | 4,999 | 276,139 | 8,251 | ||||||||||||||||||
Trust preferred collateralized debt obligations | 2,703 | 842 | 2,000 | 500 | 4,703 | 1,342 | ||||||||||||||||||
Single issue trust preferred securities | 0 | 0 | 13,562 | 1,592 | 13,562 | 1,592 | ||||||||||||||||||
Other corporate securities | 0 | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||||
Total | $ | 564,710 | $ | 10,569 | $ | 274,399 | $ | 7,971 | $ | 839,109 | $ | 18,540 | ||||||||||||
Less than 12 months | 12 months or longer | |||||||||||||||
Fair | Unrealized | Fair | Unrealized | |||||||||||||
Value | Losses | Value | Losses | |||||||||||||
December 31, 2018 | ||||||||||||||||
U.S. Treasury securities and obligations of U.S. Government corporations and agencies | $ | 66,072 | $ | 250 | $ | 7,374 | $ | 180 | ||||||||
State and political subdivisions | 53,421 | 544 | 94,337 | 3,577 | ||||||||||||
Residential mortgage-backed securities | ||||||||||||||||
Agency | 195,009 | 1,597 | 508,041 | 13,333 | ||||||||||||
Non-agency | 0 | 0 | 0 | 0 | ||||||||||||
Commercial mortgage-backed securities | ||||||||||||||||
Agency | 107,443 | 1,124 | 294,129 | 5,906 | ||||||||||||
Asset-backed securities | 151,427 | 939 | 0 | 0 | ||||||||||||
Trust preferred collateralized debt obligations | 0 | 0 | 2,150 | 350 | ||||||||||||
Single issue trust preferred securities | 0 | 0 | 5,163 | 561 | ||||||||||||
Other corporate securities | 129,709 | 1,233 | 6,879 | 116 | ||||||||||||
Total | $ | 703,081 | $ | 5,687 | $ | 918,073 | $ | 24,023 | ||||||||
Three Months Ended June 30 | Six Months Ended June 30 | |||||||||||||||
2020 | 2019 | 2020 | 2019 | |||||||||||||
Proceeds from sales and calls | $ | 280,780 | $ | 188,432 | $ | 413,706 | $ | 384,763 | ||||||||
Gross realized gains | 1,565 | 739 | 1,818 | 754 | ||||||||||||
Gross realized losses | 98 | 608 | 177 | 972 |
Three Months Ended June 30 | Six Months Ended June 30 | |||||||||||||||
2019 | 2018 | 2019 | 2018 | |||||||||||||
Proceeds from sales and calls | $ | 188,432 | $ | 75,157 | $ | 384,763 | $ | 174,860 | ||||||||
Gross realized gains | 739 | 58 | 754 | 1,221 | ||||||||||||
Gross realized losses | 608 | 85 | 972 | 1,397 |
Three Months Ended June 30 | Six Months Ended June 30 | |||||||||||||||
2019 | 2018 | 2019 | 2018 | |||||||||||||
Balance of cumulative credit losses at beginning of period | $ | 3,138 | $ | 3,199 | $ | 3,138 | $ | 18,060 | ||||||||
Additional credit losses on securities for which OTTI was previously recognized | 54 | 0 | 54 | 0 | ||||||||||||
Reductions for securities sold or paid off during the period | 0 | 0 | 0 | (14,861 | ) | |||||||||||
Balance of cumulative credit losses at end of period | $ | 3,192 | $ | 3,199 | $ | 3,192 | $ | 3,199 | ||||||||
June 30, 2019 | December 31, 2018 | |||||||||||||||
Estimated | Estimated | |||||||||||||||
Amortized | Fair | Amortized | Fair | |||||||||||||
Cost | Value | Cost | Value | |||||||||||||
Due in one year or less | $ | 150,318 | $ | 150,304 | $ | 77,534 | $ | 77,266 | ||||||||
Due after one year through five years | 560,933 | 567,674 | 518,975 | 514,734 | ||||||||||||
Due after five years through ten years | 519,370 | 527,238 | 483,567 | 477,135 | ||||||||||||
Due after ten years | 1,093,665 | 1,100,575 | 1,280,808 | 1,267,904 | ||||||||||||
Total | $ | 2,324,286 | $ | 2,345,791 | $ | 2,360,884 | $ | 2,337,039 | ||||||||
June 30, 2020 | December 31, 2019 | |||||||||||||||
Estimated | Estimated | |||||||||||||||
Amortized | Fair | Amortized | Fair | |||||||||||||
Cost | Value | Cost | Value | |||||||||||||
Due in one year or less | $ | 125,837 | $ | 127,307 | $ | 92,422 | $ | 92,473 | ||||||||
Due after one year through five years | 497,487 | 514,819 | 583,715 | 592,850 | ||||||||||||
Due after five years through ten years | 634,934 | 658,516 | 564,922 | 568,241 | ||||||||||||
Due after ten years | 1,472,092 | 1,499,299 | 1,185,865 | 1,183,732 | ||||||||||||
Total | $ | 2,730,350 | $ | 2,799,941 | $ | 2,426,924 | $ | 2,437,296 | ||||||||
June 30, 2019 | ||||||||||||||||
Gross | Gross | Estimated | ||||||||||||||
Amortized | Unrealized | Unrealized | Fair | |||||||||||||
Cost | Gains | Losses | Value | |||||||||||||
U.S. Treasury securities and obligations of U.S. Government corporations and agencies | $ | 5,015 | $ | 21 | $ | 0 | $ | 5,036 | ||||||||
State and political subdivisions | 1,426 | 1 | 0 | 1,427 | ||||||||||||
Residential mortgage-backed securities | ||||||||||||||||
Agency | 0 | 0 | 0 | 0 | ||||||||||||
Single issue trust preferred securities | 0 | 0 | 0 | 0 | ||||||||||||
Other corporate securities | 20 | 0 | 0 | 20 | ||||||||||||
Total | $ | 6,461 | $ | 22 | $ | 0 | $ | 6,483 | ||||||||
December 31, 2018 | ||||||||||||||||
Gross | Gross | Estimated | ||||||||||||||
Amortized | Unrealized | Unrealized | Fair | |||||||||||||
Cost | Gains | Losses | Value | |||||||||||||
U.S. Treasury securities and obligations of U.S. Government corporations and agencies | $ | 5,074 | $ | 90 | $ | 0 | $ | 5,164 | ||||||||
State and political subdivisions | 5,473 | 7 | 1 | 5,479 | ||||||||||||
Residential mortgage-backed securities | ||||||||||||||||
Agency | 20 | 2 | 0 | 22 | ||||||||||||
Single issue trust preferred securities | 9,412 | 0 | 1,442 | 7,970 | ||||||||||||
Other corporate securities | 20 | 0 | 0 | 20 | ||||||||||||
Total | $ | 19,999 | $ | 99 | $ | 1,443 | $ | 18,655 | ||||||||
June 30, 2019 | December 31, 2018 | |||||||||||||||
Estimated | Estimated | |||||||||||||||
Amortized | Fair | Amortized | Fair | |||||||||||||
Cost | Value | Cost | Value | |||||||||||||
Due in one year or less | $ | 5,225 | $ | 5,246 | $ | 7,913 | $ | 8,005 | ||||||||
Due after one year through five years | 216 | 217 | 1,059 | 1,061 | ||||||||||||
Due after five years through ten years | 0 | 0 | 8,030 | 7,134 | ||||||||||||
Due after ten years | 1,020 | 1,020 | 2,997 | 2,455 | ||||||||||||
Total | $ | 6,461 | $ | 6,483 | $ | 19,999 | $ | 18,655 | ||||||||
Three Months Ended June 30 | Six Months Ended June 30 | |||||||||||||||
2019 | 2018 | 2019 | 2018 | |||||||||||||
Net gains (losses) recognized during the period | $ | 55 | $ | (28 | ) | $ | 244 | $ | (64 | ) | ||||||
Net gains (losses) recognized during the period on equity securities sold | 2 | (4 | ) | 134 | (2 | ) | ||||||||||
Unrealized gains recognized during the period on equity securities still held at period end | 64 | 11 | 122 | 50 | ||||||||||||
Unrealized losses recognized during the period on equity securities still held at period end | 11 | 35 | 12 | 112 |
Three Months Ended June 30 | Six Months Ended June 30 | |||||||||||||||
2020 | 2019 | 2020 | 2019 | |||||||||||||
Net gains recognized during the period | $ | 43 | $ | 55 | $ | 65 | $ | 244 | ||||||||
Net gains recognized during the period on equity securities sold | 1 | 2 | 7 | 134 | ||||||||||||
Unrealized gains recognized during the period on equity securities still held at period end | 43 | 64 | 114 | 122 | ||||||||||||
Unrealized losses recognized during the period on equity securities still held at period end | (1 | ) | (11 | ) | (56 | ) | (12 | ) |
June 30, 2019 | December 31, 2018 | |||||||
Commercial, financial and agricultural: | ||||||||
Owner-occupied commercial real estate | $ | 1,239,954 | $ | 1,291,790 | ||||
Nonowner-occupied commercial real estate | 4,194,064 | 4,303,613 | ||||||
Other commercial loans | 2,021,953 | 1,957,641 | ||||||
Total commercial, financial & agricultural | 7,455,971 | 7,553,044 | ||||||
Residential real estate | 3,674,005 | 3,501,393 | ||||||
Construction & land development | 1,464,064 | 1,410,468 | ||||||
Consumer: | ||||||||
Bankcard | 9,380 | 10,203 | ||||||
Other consumer | 1,036,526 | 954,424 | ||||||
Total gross loans | $ | 13,639,946 | $ | 13,429,532 | ||||
June 30, 2020 | December 31, 2019 | |||||||
Commercial, financial and agricultural: | ||||||||
Owner-occupied commercial real estate | $ | 1,624,760 | $ | 1,201,652 | ||||
Nonowner-occupied commercial real estate | 5,004,790 | 3,965,960 | ||||||
Other commercial loans and leases | 4,113,505 | 2,285,037 | ||||||
Total commercial, financial & agricultural | 10,743,055 | 7,452,649 | ||||||
Residential real estate | 4,310,156 | 3,686,401 | ||||||
Construction & land development | 1,775,728 | 1,408,205 | ||||||
Consumer: | ||||||||
Bankcard | 8,465 | 10,074 | ||||||
Other consumer | 1,195,150 | 1,156,219 | ||||||
Total gross loans and lease s | $ | 18,032,554 | $ | 13,713,548 | ||||
Accretable yield at the beginning of the period | $ | 26,289 | ||
Accretion (including cash recoveries) | (5,850 | ) | ||
Additions | 0 | |||
Net reclassifications to accretable from non-accretable | 7,051 | |||
Disposals (including maturities, foreclosures, and charge-offs) | (4,335 | ) | ||
Accretable yield at the end of the period | $ | 23,155 | ||
Reason for modification | June 30, 2020 | December 31, 2019 | ||||||
Interest rate reduction | $ | 11,662 | $ | 1,685 | ||||
Interest rate reduction and change in terms | 3,039 | 1,733 | ||||||
Forgiveness of principal | 252 | 0 | ||||||
Transfer of asset | 121 | 0 | ||||||
Concession of principal and term | 24 | 0 | ||||||
Extended maturity | 4,879 | 0 | ||||||
Change in terms | 57,459 | 54,951 | ||||||
Total | $ | 77,436 | $ | 58,369 | ||||
Troubled Debt Restructurings For the Three Months Ended | ||||||||||||||||||||||||
June 30, 2019 | June 30, 2018 | |||||||||||||||||||||||
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 | 1 | $ | 150 | $ | 150 | 0 | $ | 0 | $ | 0 | ||||||||||||||
Nonowner-occupied | 0 | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||||
Other commercial | 1 | 559 | 559 | 4 | 9,571 | 9,571 | ||||||||||||||||||
Residential real estate | 2 | 1,845 | 1,832 | 2 | 6,953 | 6,953 | ||||||||||||||||||
Construction & land development | 3 | 2,242 | 2,202 | 0 | 0 | 0 | ||||||||||||||||||
Consumer: | ||||||||||||||||||||||||
Bankcard | 0 | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||||
Other consumer | 0 | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||||
Total | 7 | $ | 4,796 | $ | 4,743 | 6 | $ | 16,524 | $ | 16,524 | ||||||||||||||
Troubled Debt Restructurings | ||||||||||||||||||||||||
For the Three Months Ended | ||||||||||||||||||||||||
June 30, 2020 | June 30, 2019 | |||||||||||||||||||||||
Number Contracts | Pre- Modification Outstanding Recorded Investment | Post- Modification Outstanding Recorded Investment | Number Contracts | Pre- Modification Outstanding Recorded Investment | Post- Modification Outstanding Recorded Investment | |||||||||||||||||||
Commercial real estate: | ||||||||||||||||||||||||
Owner-occupied | 18 | $ | 10,628 | $ | 10,586 | 1 | $ | 150 | $ | 150 | ||||||||||||||
Nonowner-occupied | 6 | 2,259 | 2,248 | 0 | 0 | 0 | ||||||||||||||||||
Other commercial | 14 | 3,169 | 3,090 | 1 | 559 | 559 | ||||||||||||||||||
Residential real estate | 19 | 3,889 | 3,872 | 2 | 1,845 | 1,832 | ||||||||||||||||||
Construction & land development | 9 | 2,562 | 2,557 | 3 | 2,242 | 2,202 | ||||||||||||||||||
Consumer: | ||||||||||||||||||||||||
Bankcard | 0 | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||||
Other consumer | 3 | 69 | 36 | 0 | 0 | 0 | ||||||||||||||||||
Total | 69 | $ | 22,576 | $ | 22,389 | 7 | $ | 4,796 | $ | 4,743 | ||||||||||||||
Troubled Debt Restructurings For the Six Months Ended | ||||||||||||||||||||||||
June 30, 2019 | June 30, 2018 | |||||||||||||||||||||||
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 | 1 | $ | 150 | $ | 150 | 0 | $ | 0 | $ | 0 | ||||||||||||||
Nonowner-occupied | 0 | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||||
Other commercial | 2 | 824 | 811 | 4 | 9,571 | 9,571 | ||||||||||||||||||
Residential real estate | 3 | 2,258 | 2,234 | 2 | 6,953 | 6,953 | ||||||||||||||||||
Construction & land development | 3 | 2,242 | 2,202 | 0 | 0 | 0 | ||||||||||||||||||
Consumer: | ||||||||||||||||||||||||
Bankcard | 0 | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||||
Other consumer | 0 | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||||
Total | 9 | $ | 5,474 | $ | 5,397 | 6 | $ | 16,524 | $ | 16,524 | ||||||||||||||
Troubled Debt Restructurings | ||||||||||||||||||||||||
For the Six Months Ended | ||||||||||||||||||||||||
June 30, 2020 | June 30, 2019 | |||||||||||||||||||||||
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 | 21 | $ | 18,579 | $ | 18,345 | 1 | $ | 150 | $ | 150 | ||||||||||||||
Nonowner-occupied | 6 | 2,259 | 2,248 | 0 | 0 | 0 | ||||||||||||||||||
Other commercial | 18 | 3,667 | 3,322 | 2 | 824 | 811 | ||||||||||||||||||
Residential real estate | 19 | 3,889 | 3,872 | 3 | 2,258 | 2,234 | ||||||||||||||||||
Construction & land development | 12 | 4,607 | 4,570 | 3 | 2,242 | 2,202 | ||||||||||||||||||
Consumer: | ||||||||||||||||||||||||
Bankcard | 0 | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||||
Other consumer | 3 | 69 | 36 | 0 | 0 | 0 | ||||||||||||||||||
Total | 79 | $ | 33,070 | $ | 32,393 | 9 | $ | 5,474 | $ | 5,397 | ||||||||||||||
Three Months Ended | Six Months Ended | |||||||||||||||
Reason for modification | June 30, 2020 | June 30, 2019 | June 30, 2020 | June 30, 2019 | ||||||||||||
Interest rate reduction | $ | 2,675 | $ | 0 | $ | 10,028 | $ | 251 | ||||||||
Interest rate reduction and change in terms | 1,326 | 0 | 1,326 | 0 | ||||||||||||
Forgiveness of principal | 252 | 0 | 252 | 0 | ||||||||||||
Transfer of asset | 121 | 0 | 121 | 0 | ||||||||||||
Concession of principal and term | 24 | 0 | 24 | 0 | ||||||||||||
Extended maturity | 4,879 | 0 | 4,879 | 0 | ||||||||||||
Change in terms | 13,112 | 4,743 | 15,763 | 5,146 | ||||||||||||
Total | $ | 22,389 | $ | 4,743 | $ | 32,393 | $ | 5,397 | ||||||||
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 | 0 | $ | 0 | 0 | $ | 0 | ||||||||||
Nonowner-occupied | 0 | 0 | 0 | 0 | ||||||||||||
Other commercial | 0 | 0 | 0 | 0 | ||||||||||||
Residential real estate | 0 | 0 | 0 | 0 | ||||||||||||
Construction & land development | 1 | 690 | 1 | 690 | ||||||||||||
Consumer: | ||||||||||||||||
Bankcard | 0 | 0 | 0 | 0 | ||||||||||||
Other consumer | 0 | 0 | 0 | 0 | ||||||||||||
Total | 1 | $ | 690 | 1 | $ | 690 | ||||||||||
Six Months Ended June 30, 2019 | ||||||||
(In thousands) | Number of Contracts | Recorded Investment | ||||||
Troubled Debt Restructurings | ||||||||
Commercial real estate: | ||||||||
Owner-occupied | 0 | $ | 0 | |||||
Nonowner-occupied | 0 | 0 | ||||||
Other commercial | 1 | 1,321 | ||||||
Residential real estate | 0 | 0 | ||||||
Construction & land development | 0 | 0 | ||||||
Consumer: | ||||||||
Bankcard | 0 | 0 | ||||||
Other consumer | 0 | 0 | ||||||
Total | 1 | $ | 1,321 | |||||
Six Months Ended June 30, 2019 | ||||||||
Number of Contracts | Recorded Investment | |||||||
Troubled Debt Restructurings | ||||||||
Commercial real estate: | ||||||||
Owner-occupied | 0 | $ | 0 | |||||
Nonowner-occupied | 0 | 0 | ||||||
Other commercial | 1 | 1,321 | ||||||
Residential real estate | 0 | 0 | ||||||
Construction & land development | 0 | 0 | ||||||
Consumer: | ||||||||
Bankcard | 0 | 0 | ||||||
Other consumer | 0 | 0 | ||||||
Total | 1 | $ | 1,321 | |||||
30-89 Days Past Due | 90 Days or more Past Due | Total Past Due | Current & Other (1) | Total Financing Receivables | Recorded Investment >90 Days & Accruing | |||||||||||||||||||
Commercial real estate: | ||||||||||||||||||||||||
Owner-occupied | $ | 11,074 | $ | 17,603 | $ | 28,677 | $ | 1,211,277 | $ | 1,239,954 | $ | 1,136 | ||||||||||||
Nonowner-occupied | 7,572 | 19,678 | 27,250 | 4,166,814 | 4,194,064 | 2,713 | ||||||||||||||||||
Other commercial | 10,075 | 44,843 | 54,918 | 1,967,035 | 2,021,953 | 745 | ||||||||||||||||||
Residential real estate | 33,514 | 32,418 | 65,932 | 3,608,073 | 3,674,005 | 7,069 | ||||||||||||||||||
Construction & land development | 4,233 | 17,083 | 21,316 | 1,442,748 | 1,464,064 | 495 | ||||||||||||||||||
Consumer: | ||||||||||||||||||||||||
Bankcard | 450 | 129 | 579 | 8,801 | 9,380 | 129 | ||||||||||||||||||
Other consumer | 8,011 | 684 | 8,695 | 1,027,831 | 1,036,526 | 442 | ||||||||||||||||||
Total | $ | 74,929 | $ | 132,438 | $ | 207,367 | $ | 13,432,579 | $ | 13,639,946 | $ | 12,729 | ||||||||||||
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 | $ | 4,281 | $ | 33,199 | $ | 37,480 | $ | 1,587,280 | $ | 1,624,760 | $ | 1,419 | ||||||||||||
Nonowner-occupied | 3,633 | 23,365 | 26,998 | 4,977,792 | 5,004,790 | 859 | ||||||||||||||||||
Other commercial | 10,781 | 43,456 | 54,237 | 4,059,268 | 4,113,505 | 777 | ||||||||||||||||||
Residential real estate | 34,510 | 29,883 | 64,393 | 4,245,763 | 4,310,156 | 6,234 | ||||||||||||||||||
Construction & land development | 5,427 | 6,888 | 12,315 | 1,763,413 | 1,775,728 | 84 | ||||||||||||||||||
Consumer: | ||||||||||||||||||||||||
Bankcard | 173 | 160 | 333 | 8,132 | 8,465 | 160 | ||||||||||||||||||
Other consumer | 7,814 | 2,023 | 9,837 | 1,185,313 | 1,195,150 | 1,617 | ||||||||||||||||||
Total | $ | 66,619 | $ | 138,974 | $ | 205,593 | $ | 17,826,961 | $ | 18,032,554 | $ | 11,150 | ||||||||||||
30-89 Days Past Due | 90 Days or more Past Due | Total Past Due | Current & Other (1) | Total Financing Receivables | 90 Days or More Past Due &Accruing | |||||||||||||||||||
Commercial real estate: | ||||||||||||||||||||||||
Owner-occupied | $ | 8,878 | $ | 11,209 | $ | 20,087 | $ | 1,181,565 | $ | 1,201,652 | $ | 544 | ||||||||||||
Nonowner-occupied | 6,318 | 16,129 | 22,447 | 3,943,513 | 3,965,960 | 471 | ||||||||||||||||||
Other commercial | 5,238 | 51,541 | 56,779 | 2,228,258 | 2,285,037 | 668 | ||||||||||||||||||
Residential real estate | 31,727 | 24,343 | 56,070 | 3,630,331 | 3,686,401 | 6,256 | ||||||||||||||||||
Construction & land development | 2,219 | 16,043 | 18,262 | 1,389,943 | 1,408,205 | 0 | ||||||||||||||||||
Consumer: | ||||||||||||||||||||||||
Bankcard | 445 | 218 | 663 | 9,411 | 10,074 | 218 | ||||||||||||||||||
Other consumer | 10,991 | 1,607 | 12,598 | 1,143,621 | 1,156,219 | 1,337 | ||||||||||||||||||
Total | $ | 65,816 | $ | 121,090 | $ | 186,906 | $ | 13,526,642 | $ | 13,713,548 | $ | 9,494 | ||||||||||||
(1) | Other includes loans with a recorded investment of 310-30 “Loans and Debt Securities Acquired with Deteriorated Credit Quality”. |
30-89 Days Past Due | 90 Days or more Past Due | Total Past Due | Current & Other (1) | Total Financing Receivables | Recorded Investment >90 Days & Accruing | |||||||||||||||||||
Commercial real estate: | ||||||||||||||||||||||||
Owner-occupied | $ | 9,224 | $ | 17,742 | $ | 26,966 | $ | 1,264,824 | $ | 1,291,790 | $ | 629 | ||||||||||||
Nonowner-occupied | 16,108 | 18,092 | 34,200 | 4,269,413 | 4,303,613 | 1,171 | ||||||||||||||||||
Other commercial | 13,556 | 46,040 | 59,596 | 1,898,045 | 1,957,641 | 2,850 | ||||||||||||||||||
Residential real estate | 37,111 | 30,278 | 67,389 | 3,434,004 | 3,501,393 | 9,141 | ||||||||||||||||||
Construction & land development | 8,462 | 19,412 | 27,874 | 1,382,594 | 1,410,468 | 680 | ||||||||||||||||||
Consumer: | ||||||||||||||||||||||||
Bankcard | 657 | 177 | 834 | 9,369 | 10,203 | 177 | ||||||||||||||||||
Other consumer | 8,909 | 1,243 | 10,152 | 944,272 | 954,424 | 893 | ||||||||||||||||||
Total | $ | 94,027 | $ | 132,984 | $ | 227,011 | $ | 13,202,521 | $ | 13,429,532 | $ | 15,541 | ||||||||||||
At June 30, 2020 | At December 31, 2019 | Interest Income Recognized | ||||||||||||||||||||||
Nonaccruals | With No Related Allowance for Credit Losses | 90 Days or More Past Due & Accruing | Nonaccruals | For The Three Months Ended June 30, 2020 | For The Six Months Ended June 30, 2020 | |||||||||||||||||||
Commercial Real Estate: | ||||||||||||||||||||||||
Owner-occupied | $ | 31,780 | $ | 26,723 | $ | 1,419 | $ | 10,665 | $ | 17 | $ | 32 | ||||||||||||
Nonowner-occupied | 22,506 | 19,882 | 859 | 15,658 | 1 | 1 | ||||||||||||||||||
Other Commercial | 42,679 | 18,909 | 777 | 50,873 | 1 | 1 | ||||||||||||||||||
Residential Real Estate | 23,649 | 22,022 | 6,234 | 18,087 | 3 | 3 | ||||||||||||||||||
Construction | 6,804 | 6,759 | 84 | 16,043 | 0 | 0 | ||||||||||||||||||
Consumer: | ||||||||||||||||||||||||
Bankcard | 0 | 0 | 160 | 0 | 0 | 0 | ||||||||||||||||||
Other consumer | 406 | 406 | 1,617 | 270 | 0 | 0 | ||||||||||||||||||
Total | $ | 127,824 | $ | 94,701 | $ | 11,150 | $ | 111,596 | $ | 22 | $ | 37 | ||||||||||||
June 30, 2019 | December 31, 2018 | |||||||
Commercial real estate: | ||||||||
Owner-occupied | $ | 16,467 | $ | 17,113 | ||||
Nonowner-occupied | 16,965 | 16,921 | ||||||
Other commercial | 44,098 | 43,190 | ||||||
Residential real estate | 25,349 | 21,137 | ||||||
Construction & land development | 16,588 | 18,732 | ||||||
Consumer: | ||||||||
Bankcard | 0 | 0 | ||||||
Other consumer | 242 | 350 | ||||||
Total | $ | 119,709 | $ | 117,443 | ||||
Collateral Dependent Loans | ||||||||||||||||||||||||
At June 30, 2020 | ||||||||||||||||||||||||
Residential Property | Business Assets | Land | Commercial Property | Other | Total | |||||||||||||||||||
Commercial real estate: | ||||||||||||||||||||||||
Owner-occupied | $ | 2,084 | $ | 84 | $ | 0 | $ | 19,246 | $ | 28,719 | $ | 50,133 | ||||||||||||
Nonowner-occupied | 12,806 | 0 | 2,981 | 15,550 | 17,076 | 48,413 | ||||||||||||||||||
Other commercial | 6,037 | 47,707 | 0 | 0 | 49 | 53,793 | ||||||||||||||||||
Residential real estate | 25,104 | 229 | 255 | 0 | 0 | 25,588 | ||||||||||||||||||
Construction & land development | 9,939 | 0 | 9,869 | 0 | 746 | 20,554 | ||||||||||||||||||
Consumer: | ||||||||||||||||||||||||
Bankcard | 0 | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||||
Other consumer | 0 | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||||
Total | $ | 55,970 | $ | 48,020 | $ | 13,105 | $ | 34,796 | $ | 46,590 | $ | 198,481 | ||||||||||||
• | Pass |
• | Special Mention |
• | Substandard |
• | Doubtful |
Commercial Real Estate – Owner-occupied | ||||||||||||||||||||||||||||||||||||
Term Loans | Revolving loans amortized cost basis | Revolving loans converted | Total | |||||||||||||||||||||||||||||||||
Origination Year | ||||||||||||||||||||||||||||||||||||
As of June 30, 2020 | 2020 | 2019 | 2018 | 2017 | 2016 | Prior | ||||||||||||||||||||||||||||||
Internal Risk Grade: | ||||||||||||||||||||||||||||||||||||
Pass | $ | 107,784 | $ | 163,097 | $ | 133,255 | $ | 244,528 | $ | 304,759 | $ | 565,627 | $ | 23,576 | $ | 0 | $ | 1,542,626 | ||||||||||||||||||
Special | 0 | 1,225 | 6,995 | 781 | 2,100 | 9,634 | 0 | 468 | 21,203 | |||||||||||||||||||||||||||
Substandard | 1,831 | 72 | 0 | 2,235 | 4,542 | 50,394 | 1,364 | 149 | 60,587 | |||||||||||||||||||||||||||
Doubtful | 0 | 0 | 0 | 0 | 0 | 344 | 0 | 0 | 344 | |||||||||||||||||||||||||||
Total | $ | 109,615 | $ | 164,394 | $ | 140,250 | $ | 247,544 | $ | 311,401 | $ | 625,999 | $ | 24,940 | $ | 617 | $ | 1,624,760 | ||||||||||||||||||
YTD charge-offs | 0 | 0 | 0 | 0 | 0 | (535 | ) | 0 | 0 | (535 | ) | |||||||||||||||||||||||||
YTD recoveries | 0 | 0 | 0 | 0 | 0 | 310 | 0 | 0 | 310 | |||||||||||||||||||||||||||
YTD net charge-offs | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | (225 | ) | $ | 0 | $ | 0 | $ | (225 | ) | ||||||||||||||||
Commercial Real Estate – Nonowner-occupied | ||||||||||||||||||||||||||||||||||||
Term Loans | Revolving loans amortized cost basis | Revolving loans converted to term loans | Total | |||||||||||||||||||||||||||||||||
Origination Year | ||||||||||||||||||||||||||||||||||||
As of June 30, 2020 | 2020 | 2019 | 2018 | 2017 | 2016 | Prior | ||||||||||||||||||||||||||||||
Internal Risk Grade: | ||||||||||||||||||||||||||||||||||||
Pass | $ | 297,474 | $ | 748,897 | $ | 685,228 | $ | 620,528 | $ | 582,809 | $ | 1,844,405 | $ | 115,345 | $ | 2,145 | $ | 4,896,831 | ||||||||||||||||||
Special Mention | 0 | 347 | 0 | 977 | 10,645 | 27,024 | 0 | 0 | 38,993 | |||||||||||||||||||||||||||
Substandard | 73 | 964 | 8,618 | 1,702 | 13,245 | 44,364 | 0 | 0 | 68,966 | |||||||||||||||||||||||||||
Doubtful | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||||||||||||||||||||||||
Total | $ | 297,547 | $ | 750,208 | $ | 693,846 | $ | 623,207 | $ | 606,699 | $ | 1,915,793 | $ | 115,345 | $ | 2,145 | $ | 5,004,790 | ||||||||||||||||||
YTD charge-offs | 0 | 0 | 0 | 0 | (690 | ) | (1,247 | ) | 0 | 0 | (1,937 | ) | ||||||||||||||||||||||||
YTD recoveries | 0 | 0 | 0 | 0 | 0 | 722 | 0 | 0 | 722 | |||||||||||||||||||||||||||
YTD net charge-offs | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | (690 | ) | $ | (525 | ) | $ | 0 | $ | 0 | $ | (1,215 | ) | |||||||||||||||
Other commercial | ||||||||||||||||||||||||||||||||||||
Term Loans | Revolving loans amortized cost basis | Revolving loans converted to temr loans | Total | |||||||||||||||||||||||||||||||||
Origination Year | ||||||||||||||||||||||||||||||||||||
As of June 30, 2020 | 2020 | 2019 | 2018 | 2017 | 2016 | Prior | ||||||||||||||||||||||||||||||
Internal Risk Grade: | ||||||||||||||||||||||||||||||||||||
Pass | $ | 1,509,244 | $ | 451,574 | $ | 212,881 | $ | 150,587 | $ | 150,389 | $ | 311,422 | $ | 1,213,494 | $ | 3,071 | $ | 4,002,662 | ||||||||||||||||||
Special Mention | 99 | 313 | 430 | 2,044 | 202 | 20,072 | 4,053 | 423 | 27,636 | |||||||||||||||||||||||||||
Substandard | 0 | 895 | 2,635 | 2,535 | 11,386 | 48,486 | 16,794 | 404 | 83,135 | |||||||||||||||||||||||||||
Doubtful | 0 | 0 | 0 | 0 | 0 | 72 | 0 | 0 | 72 | |||||||||||||||||||||||||||
Total | $ | 1,509,343 | $ | 452,782 | $ | 215,946 | $ | 155,166 | $ | 161,977 | $ | 380,052 | $ | 1,234,341 | $ | 3,898 | $ | 4,113,505 | ||||||||||||||||||
YTD charge-offs | 0 | (11 | ) | (964 | ) | (365 | ) | (6 | ) | (5,682 | ) | 0 | 0 | (7,028 | ) | |||||||||||||||||||||
YTD recoveries | 0 | 42 | 16 | 3 | 21 | 332 | 32 | 0 | 446 | |||||||||||||||||||||||||||
YTD net charge-offs | $ | 0 | $ | 31 | $ | (948 | ) | $ | (362 | ) | $ | 15 | $ | (5,350 | ) | $ | 32 | $ | 0 | $ | (6,582 | ) | ||||||||||||||
Residential Real Estate | Revolving loans amortized cost basis | Revolving loans converted to te rm loans | Total | |||||||||||||||||||||||||||||||||
Term Loans | ||||||||||||||||||||||||||||||||||||
Origination Year | ||||||||||||||||||||||||||||||||||||
As of June 30, 2020 | 2020 | 2019 | 2018 | 2017 | 2016 | Prior | ||||||||||||||||||||||||||||||
Internal Risk Grade: | ||||||||||||||||||||||||||||||||||||
Pass | $ | 324,682 | $ | 750,044 | $ | 857,069 | $ | 393,030 | $ | 347,781 | $ | 1,111,476 | $ | 476,577 | $ | 4,332 | $ | 4,264,991 | ||||||||||||||||||
Special Mention | 0 | 271 | 0 | 226 | 2,349 | 7,014 | 435 | 0 | 10,295 | |||||||||||||||||||||||||||
Substandard | 0 | 226 | 459 | 3,800 | 5,333 | 24,252 | 437 | 234 | 34,741 | |||||||||||||||||||||||||||
Doubtful | 0 | 0 | 0 | 0 | 0 | 129 | 0 | 0 | 129 | |||||||||||||||||||||||||||
Total | $ | 324,682 | $ | 750,541 | $ | 857,528 | $ | 397,056 | $ | 355,463 | $ | 1,142,871 | $ | 477,449 | $ | 4,566 | $ | 4,310,156 | ||||||||||||||||||
YTD charge-offs | 0 | 0 | 0 | 0 | (1 | ) | (889 | ) | 0 | 0 | (890 | ) | ||||||||||||||||||||||||
YTD recoveries | 0 | 0 | 0 | 101 | 0 | 201 | 0 | 0 | 302 | |||||||||||||||||||||||||||
YTD net charge-offs | $ | 0 | $ | 0 | $ | 0 | $ | 101 | $ | (1 | ) | $ | (688 | ) | $ | 0 | $ | 0 | $ | (588 | ) | |||||||||||||||
Construction and Land Development | Revolving loans converted to term loans | |||||||||||||||||||||||||||||||||||
Term Loans | Revolving loans amortized cost basis | Total | ||||||||||||||||||||||||||||||||||
Origination Year | ||||||||||||||||||||||||||||||||||||
As of June 30, 2020 | 2020 | 2019 | 2018 | 2017 | 2016 | Prior | ||||||||||||||||||||||||||||||
Internal Risk Grade: | ||||||||||||||||||||||||||||||||||||
Pass | $ | 163,253 | $ | 706,921 | $ | 375,025 | $ | 173,269 | $ | 133,679 | $ | 70,466 | $ | 102,752 | $ | 143 | $ | 1,725,510 | ||||||||||||||||||
Special Mention | 0 | 0 | 1,506 | 0 | 561 | 2,681 | 995 | 0 | 5,743 | |||||||||||||||||||||||||||
Substandard | 0 | 156 | 1,553 | 25 | 0 | 20,443 | 22,298 | 0 | 44,475 | |||||||||||||||||||||||||||
Doubtful | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||||||||||||||||||||||||
Total | $ | 163,253 | $ | 707,077 | $ | 378,084 | $ | 173,294 | $ | 134,240 | $ | 93,590 | $ | 126,045 | $ | 143 | $ | 1,775,728 | ||||||||||||||||||
YTD charge-offs | 0 | 0 | 0 | 0 | 0 | (1,969 | ) | 0 | 0 | (1,969 | ) | |||||||||||||||||||||||||
YTD recoveries | 0 | 0 | 0 | 0 | 0 | 1,361 | 0 | 0 | 1,361 | |||||||||||||||||||||||||||
YTD net charge-offs | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | (608 | ) | $ | 0 | $ | 0 | $ | (608 | ) | ||||||||||||||||
Bankcard | Revolving loans converted | |||||||||||||||||||||||||||||||||||
Term Loans | Revolving amortized | Total | ||||||||||||||||||||||||||||||||||
Origination Year | ||||||||||||||||||||||||||||||||||||
As of June 30, 2020 | 2020 | 2019 | 2018 | 2017 | 2016 | Prior | ||||||||||||||||||||||||||||||
Internal Risk Grade: | ||||||||||||||||||||||||||||||||||||
Pass | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 8,133 | $ | 8,133 | ||||||||||||||||||
Special Mention | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 172 | 172 | |||||||||||||||||||||||||||
Substandard | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 160 | 160 | |||||||||||||||||||||||||||
Doubtful | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||||||||||||||||||||||||
Total | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 8,465 | $ | 8,465 | ||||||||||||||||||
YTD charge-offs | 0 | 0 | 0 | 0 | 0 | 0 | 0 | (128 | ) | (128 | ) | |||||||||||||||||||||||||
YTD recoveries | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 12 | 12 | |||||||||||||||||||||||||||
YTD net charge-offs | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | (116 | ) | $ | (116 | ) | ||||||||||||||||
Other Consumer | Revolving loans converted to term loans | |||||||||||||||||||||||||||||||||||
Term Loans | Revolving loans amortized cost basis | Total | ||||||||||||||||||||||||||||||||||
Origination Year | ||||||||||||||||||||||||||||||||||||
As of June 30, 2020 | 2020 | 2019 | 2018 | 2017 | 2016 | Prior | ||||||||||||||||||||||||||||||
Internal Risk Grade: | ||||||||||||||||||||||||||||||||||||
Pass | $ | 220,924 | $ | 494,700 | $ | 298,460 | $ | 104,779 | $ | 54,766 | $ | 14,247 | $ | 7,095 | $ | 0 | $ | 1,194,971 | ||||||||||||||||||
Special Mention | 0 | 0 | 11 | 0 | 0 | 152 | 4 | 0 | 167 | |||||||||||||||||||||||||||
Substandard | 3 | 0 | 0 | 0 | 0 | 9 | 0 | 0 | 12 | |||||||||||||||||||||||||||
Doubtful | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||||||||||||||||||||||||
Total | $ | 220,927 | $ | 494,700 | $ | 298,471 | $ | 104,779 | $ | 54,766 | $ | 14,408 | $ | 7,099 | $ | 0 | $ | 1,195,150 | ||||||||||||||||||
YTD charge-offs | (16 | ) | (589 | ) | (652 | ) | (272 | ) | (152 | ) | (225 | ) | (2 | ) | 0 | (1,908 | ) | |||||||||||||||||||
YTD recoveries | 0 | 24 | 33 | 11 | 18 | 124 | 0 | 0 | 210 | |||||||||||||||||||||||||||
YTD net charge-offs | $ | (16 | ) | $ | (565 | ) | $ | (619 | ) | $ | (261 | ) | $ | (134 | ) | $ | (101 | ) | $ | (2 | ) | $ | 0 | $ | (1,698 | ) | ||||||||||
As of June 30, 2019 | |||||||||||||||||
Commercial Real Estate | Other Commercial | Construction & Land Development | |||||||||||||||
Owner- occupied | Nonowner- occupied | ||||||||||||||||
Grade: | |||||||||||||||||
Pass | $ | 1,146,018 | $ | 4,080,814 | $ | 1,892,676 | $ | 1,377,072 | |||||||||
Special mention | 33,082 | 37,946 | 55,345 | 11,038 | |||||||||||||
Substandard | 60,854 | 75,304 | 73,497 | 75,954 | |||||||||||||
Doubtful | 0 | 0 | 435 | 0 | |||||||||||||
Total | $ | 1,239,954 | $ | 4,194,064 | $ | 2,021,953 | $ | 1,464,064 | |||||||||
As of December 31, 2018 | |||||||||||||||||
Commercial Real Estate | Other Commercial | Construction & Land Development | |||||||||||||||
Owner- occupied | Nonowner- occupied | ||||||||||||||||
Grade: | |||||||||||||||||
Pass | $ | 1,201,387 | $ | 4,161,149 | $ | 1,858,821 | $ | 1,330,899 | |||||||||
Special mention | 34,487 | 46,442 | 14,424 | 28,629 | |||||||||||||
Substandard | 55,916 | 96,022 | 81,946 | 50,940 | |||||||||||||
Doubtful | 0 | 0 | 2,450 | 0 | |||||||||||||
Total | $ | 1,291,790 | $ | 4,303,613 | $ | 1,957,641 | $ | 1,410,468 | |||||||||
As of December 31, 2019 | ||||||||||||||||
Commercial Real Estate | Other Commercial | Construction & Land Development | ||||||||||||||
Owner- occupied | Nonowner- occupied | |||||||||||||||
Grade: | ||||||||||||||||
Pass | $ | 1,136,589 | $ | 3,850,886 | $ | 2,136,266 | $ | 1,334,950 | ||||||||
Special mention | 14,449 | 44,134 | 75,511 | 4,614 | ||||||||||||
Substandard | 50,346 | 70,940 | 72,451 | 68,641 | ||||||||||||
Doubtful | 268 | 0 | 809 | 0 | ||||||||||||
Total | $ | 1,201,652 | $ | 3,965,960 | $ | 2,285,037 | $ | 1,408,205 | ||||||||
As of June 30, 2019 | ||||||||||||
Residential Real Estate | Bankcard | Other Consumer | ||||||||||
Grade: | ||||||||||||
Pass | $ | 3,611,502 | $ | 8,801 | $ | 1,027,772 | ||||||
Special mention | 15,833 | 450 | 8,015 | |||||||||
Substandard | 46,670 | 129 | 739 | |||||||||
Doubtful | 0 | 0 | 0 | |||||||||
Total | $ | 3,674,005 | $ | 9,380 | $ | 1,036,526 | ||||||
As of December 31, 2018 | ||||||||||||
Residential Real Estate | Bankcard | Other Consumer | ||||||||||
Grade: | ||||||||||||
Pass | $ | 3,436,584 | $ | 9,369 | $ | 944,241 | ||||||
Special mention | 19,051 | 657 | 8,914 | |||||||||
Substandard | 45,758 | 177 | 1,269 | |||||||||
Doubtful | 0 | 0 | 0 | |||||||||
Total | $ | 3,501,393 | $ | 10,203 | $ | 954,424 | ||||||
As of December 31, 2019 | ||||||||||||
Residential Real Estate | Bankcard | Other Consumer | ||||||||||
Grade: | ||||||||||||
Pass | $ | 3,645,654 | $ | 9,411 | $ | 1,143,608 | ||||||
Special mention | 12,038 | 445 | 10,993 | |||||||||
Substandard | 28,572 | 218 | 1,618 | |||||||||
Doubtful | 137 | 0 | 0 | |||||||||
Total | $ | 3,686,401 | $ | 10,074 | $ | 1,156,219 | ||||||
Impaired Loans | ||||||||||||||||||||||||
June 30, 2019 | December 31, 2018 | |||||||||||||||||||||||
Recorded Investment | Unpaid Principal Balance | Related Allowance | Recorded Investment | Unpaid Principal Balance | Related Allowance | |||||||||||||||||||
With no related allowance recorded: | ||||||||||||||||||||||||
Commercial real estate: | ||||||||||||||||||||||||
Owner-occupied | $ | 71,948 | $ | 73,267 | $ | 0 | $ | 63,633 | $ | 63,798 | $ | 0 | ||||||||||||
Nonowner-occupied | 50,228 | 50,294 | 0 | 98,845 | 98,904 | 0 | ||||||||||||||||||
Other commercial | 63,121 | 68,326 | 0 | 40,291 | 50,459 | 0 | ||||||||||||||||||
Residential real estate | 34,972 | 35,174 | 0 | 28,207 | 29,279 | 0 | ||||||||||||||||||
Construction & land development | 36,868 | 43,318 | 0 | 37,174 | 40,459 | 0 | ||||||||||||||||||
Consumer: | ||||||||||||||||||||||||
Bankcard | 0 | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||||
Other consumer | 31 | 31 | 0 | 27 | 27 | 0 | ||||||||||||||||||
With an allowance recorded: | ||||||||||||||||||||||||
Commercial real estate: | ||||||||||||||||||||||||
Owner-occupied | $ | 4,942 | $ | 4,942 | $ | 1,390 | $ | 10,004 | $ | 10,004 | $ | 2,542 | ||||||||||||
Nonowner-occupied | 10,371 | 10,371 | 1,524 | 15,720 | 15,720 | 2,715 | ||||||||||||||||||
Other commercial | 35,166 | 37,403 | 7,805 | 61,266 | 62,812 | 17,581 | ||||||||||||||||||
Residential real estate | 12,013 | 13,618 | 1,390 | 19,623 | 22,064 | 3,265 | ||||||||||||||||||
Construction & land development | 14,085 | 16,135 | 1,954 | 14,742 | 19,446 | 2,254 | ||||||||||||||||||
Consumer: | ||||||||||||||||||||||||
Bankcard | 0 | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||||
Other consumer | 0 | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||||
Total: | ||||||||||||||||||||||||
Commercial real estate: | ||||||||||||||||||||||||
Owner-occupied | $ | 76,890 | $ | 78,209 | $ | 1,390 | $ | 73,637 | $ | 73,802 | $ | 2,542 | ||||||||||||
Nonowner-occupied | 60,599 | 60,665 | 1,524 | 114,565 | 114,624 | 2,715 | ||||||||||||||||||
Other commercial | 98,287 | 105,729 | 7,805 | 101,557 | 113,271 | 17,581 | ||||||||||||||||||
Residential real estate | 46,985 | 48,792 | 1,390 | 47,830 | 51,343 | 3,265 | ||||||||||||||||||
Construction & land development | 50,953 | 59,453 | 1,954 | 51,916 | 59,905 | 2,254 | ||||||||||||||||||
Consumer: | ||||||||||||||||||||||||
Bankcard | 0 | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||||
Other consumer | 31 | 31 | 0 | 27 | 27 | 0 |
Impaired Loans | ||||||||||||||||
For the Three Months Ended | ||||||||||||||||
June 30, 2019 | June 30, 2018 | |||||||||||||||
Average Recorded Investment | Interest Income Recognized | Average Recorded Investment | Interest Income Recognized | |||||||||||||
With no related allowance recorded: | ||||||||||||||||
Commercial real estate: | ||||||||||||||||
Owner-occupied | $ | 70,051 | $ | 467 | $ | 74,330 | $ | 354 | ||||||||
Nonowner-occupied | 68,371 | 354 | 108,343 | 159 | ||||||||||||
Other commercial | 52,659 | 327 | 52,384 | 246 | ||||||||||||
Residential real estate | 32,287 | 158 | 24,220 | 85 | ||||||||||||
Construction & land development | 36,654 | 199 | 46,909 | 98 | ||||||||||||
Consumer: | ||||||||||||||||
Bankcard | 0 | 0 | 0 | 0 | ||||||||||||
Other consumer | 29 | 0 | 32 | 0 |
Impaired Loans | ||||||||||||||||
For the Three Months Ended | ||||||||||||||||
June 30, 2019 | June 30, 2018 | |||||||||||||||
Average Recorded Investment | Interest Income Recognized | Average Recorded Investment | Interest Income Recognized | |||||||||||||
With an allowance recorded: | ||||||||||||||||
Commercial real estate: | ||||||||||||||||
Owner-occupied | $ | 5,212 | $ | 0 | $ | 5,319 | $ | 6 | ||||||||
Nonowner-occupied | 12,210 | 39 | 9,503 | 60 | ||||||||||||
Other commercial | 41,641 | 9 | 46,376 | 10 | ||||||||||||
Residential real estate | 14,451 | 48 | 11,992 | 11 | ||||||||||||
Construction & land development | 14,413 | 20 | 2,008 | 20 | ||||||||||||
Consumer: | ||||||||||||||||
Bankcard | 0 | 0 | 0 | 0 | ||||||||||||
Other consumer | 0 | 0 | 0 | 0 | ||||||||||||
Total: | ||||||||||||||||
Commercial real estate: | ||||||||||||||||
Owner-occupied | $ | 75,263 | $ | 467 | $ | 79,649 | $ | 360 | ||||||||
Nonowner-occupied | 80,581 | 393 | 117,846 | 219 | ||||||||||||
Other commercial | 94,300 | 336 | 98,760 | 256 | ||||||||||||
Residential real estate | 46,738 | 206 | 36,212 | 96 | ||||||||||||
Construction & land development | 51,067 | 219 | 48,917 | 118 | ||||||||||||
Consumer: | ||||||||||||||||
Bankcard | 0 | 0 | 0 | 0 | ||||||||||||
Other consumer | 29 | 0 | 32 | 0 |
Impaired Loans | ||||||||||||||||
For the Six Months Ended | ||||||||||||||||
June 30, 2019 | June 30, 2018 | |||||||||||||||
Average Recorded Investment | Interest Income Recognized | Average Recorded Investment | Interest Income Recognized | |||||||||||||
With no related allowance recorded: | ||||||||||||||||
Commercial real estate: | ||||||||||||||||
Owner-occupied | $ | 67,911 | $ | 911 | $ | 75,592 | $ | 739 | ||||||||
Nonowner-occupied | 78,529 | 708 | 116,941 | 328 | ||||||||||||
Other commercial | 48,536 | 614 | 50,587 | 470 | ||||||||||||
Residential real estate | 30,927 | 342 | 25,064 | 180 | ||||||||||||
Construction & land development | 36,828 | 417 | 48,699 | 197 | ||||||||||||
Consumer: | ||||||||||||||||
Bankcard | 0 | 0 | 0 | 0 | ||||||||||||
Other consumer | 28 | 0 | 26 | 0 | ||||||||||||
With an allowance recorded: | ||||||||||||||||
Commercial real estate: | ||||||||||||||||
Owner-occupied | $ | 6,809 | $ | 0 | $ | 6,590 | $ | 31 | ||||||||
Nonowner-occupied | 13,380 | 84 | 8,934 | 119 | ||||||||||||
Other commercial | 48,183 | 49 | 51,088 | 28 | ||||||||||||
Residential real estate | 16,175 | 140 | 11,266 | 21 | ||||||||||||
Construction & land development | 14,522 | 40 | 1,800 | 40 | ||||||||||||
Consumer: | ||||||||||||||||
Bankcard | 0 | 0 | 0 | 0 | ||||||||||||
Other consumer | 0 | 0 | 0 | 0 | ||||||||||||
Total: | ||||||||||||||||
Commercial real estate: | ||||||||||||||||
Owner-occupied | $ | 74,720 | $ | 911 | $ | 82,182 | $ | 770 | ||||||||
Nonowner-occupied | 91,909 | 792 | 125,875 | 447 | ||||||||||||
Other commercial | 96,719 | 663 | 101,675 | 498 | ||||||||||||
Residential real estate | 47,102 | 482 | 36,330 | 201 | ||||||||||||
Construction & land development | 51,350 | 457 | 50,499 | 237 | ||||||||||||
Consumer: | ||||||||||||||||
Bankcard | 0 | 0 | 0 | 0 | ||||||||||||
Other consumer | 28 | 0 | 26 | 0 |
Accrued Interest Receivable | Accrued Interest Receivables Written Off by Reversing Interest Income | |||||||||||
At June 30, 2020 | For the Three Months Ended June 30, 2020 | For the Six Months Ended June 30, 2020 | ||||||||||
Commercial Real Estate: | ||||||||||||
Owner-occupied | $ | 4,910 | $ | 83 | $ | 100 | ||||||
Nonowner-occupied | 18,107 | 38 | 45 | |||||||||
Other Commercial | 9,350 | 33 | 45 | |||||||||
Residential Real Estate | 14,085 | 64 | 134 | |||||||||
Construction | 6,825 | 0 | 0 | |||||||||
Consumer: | ||||||||||||
Bankcard | 0 | 0 | 0 | |||||||||
Other consumer | 2,847 | 27 | 67 | |||||||||
Total | $ | 56,124 | $ | 245 | $ | 391 | ||||||
Allowance for Loan Losses and Carrying Amount of Loans | ||||||||||||||||||||||||||||||||||||
For the Three Months Ended June 30, 2020 | ||||||||||||||||||||||||||||||||||||
Commercial Real Estate | Construction | Allowance for | ||||||||||||||||||||||||||||||||||
Owner- occupied | Nonowner- occupied | Other Commercial | Residential Real Estate | & Land Development | Bankcard | Other Consumer | Estimated Imprecision | Total | ||||||||||||||||||||||||||||
Allowance for Loan Losses: | ||||||||||||||||||||||||||||||||||||
Beginning balance | $ | 19,495 | $ | 17,569 | $ | 53,827 | $ | 30,624 | $ | 18,792 | $ | 226 | $ | 14,390 | $ | 0 | $ | 154,923 | ||||||||||||||||||
Initial allowance for PCD loans (acquired during the period) | 1,955 | 6,418 | 7,032 | 652 | 2,570 | 0 | 8 | 0 | 18,635 | |||||||||||||||||||||||||||
Charge-offs | (356 | ) | (1,937 | ) | (1,340 | ) | (523 | ) | (225 | ) | (82 | ) | (1,171 | ) | 0 | (5,634 | ) | |||||||||||||||||||
Recoveries | 244 | 137 | 131 | 160 | 517 | 6 | 95 | 0 | 1,290 | |||||||||||||||||||||||||||
Provision | 1,400 | 3,590 | 19,754 | 7,970 | 10,649 | 130 | 2,414 | 0 | 45,907 | |||||||||||||||||||||||||||
Ending balance | $ | 22,738 | $ | 25,777 | $ | 79,404 | $ | 38,883 | $ | 32,303 | $ | 280 | $ | 15,736 | $ | 0 | $ | 215,121 | ||||||||||||||||||
Commercial Real Estate | Construction | Allowance for | |||||||||||||||||||||||||||||||
Owner- occupied | Nonowner- occupied | Other Commercial | Residential Real Estate | & Land Development | Consumer | Estimated Imprecision | Total | ||||||||||||||||||||||||||
Allowance for Loan Losses: | |||||||||||||||||||||||||||||||||
Beginning balance | $ | 6,164 | $ | 6,718 | $ | 40,664 | $ | 13,022 | $ | 7,186 | $ | 2,748 | $ | 384 | $ | 76,886 | |||||||||||||||||
Charge-offs | 2,784 | 69 | 3,645 | 309 | 8 | 773 | 0 | 7,588 | |||||||||||||||||||||||||
Recoveries | 714 | 22 | 420 | 269 | 39 | 221 | 0 | 1,685 | |||||||||||||||||||||||||
Provision | 1,503 | (630 | ) | 7,270 | (2,810 | ) | (292 | ) | 527 | (151 | ) | 5,417 | |||||||||||||||||||||
Ending balance | $ | 5,597 | $ | 6,041 | $ | 44,709 | $ | 10,172 | $ | 6,925 | $ | 2,723 | $ | 233 | $ | 76,400 | |||||||||||||||||
Commercial Real Estate | Construction | Allowance for | |||||||||||||||||||||||||||||||
Owner- occupied | Nonowner- occupied | Other Commercial | Residential Real Estate | & Land Development | Consumer | Estimated Imprecision | Total | ||||||||||||||||||||||||||
Allowance for Loan Losses: | |||||||||||||||||||||||||||||||||
Beginning balance | $ | 5,063 | $ | 6,919 | $ | 41,341 | $ | 12,448 | $ | 7,992 | $ | 2,695 | $ | 245 | $ | 76,703 | |||||||||||||||||
Charge-offs | 6,521 | 69 | 4,579 | 750 | 573 | 1,510 | 0 | 14,002 | |||||||||||||||||||||||||
Recoveries | 1,618 | 41 | 717 | 354 | 152 | 404 | 0 | 3,286 | |||||||||||||||||||||||||
Provision | 5,437 | (850 | ) | 7,230 | (1,880 | ) | (646 | ) | 1,134 | (12 | ) | 10,413 | |||||||||||||||||||||
Ending balance | $ | 5,597 | $ | 6,041 | $ | 44,709 | $ | 10,172 | $ | 6,925 | $ | 2,723 | $ | 233 | $ | 76,400 | |||||||||||||||||
Allowance for Loan Losses and Carrying Amount of Loans | ||||||||||||||||||||||||||||||||||||
For the Six Months Ended June 30, 2020 | ||||||||||||||||||||||||||||||||||||
Commercial Real Estate | Construction | Allowance for | ||||||||||||||||||||||||||||||||||
Owner- occupied | Nonowner- occupied | Other Commercial | Residential Real Estate | & Land Development | Bankcard | Other Consumer | Estimated Imprecision | Total | ||||||||||||||||||||||||||||
Allowance for Loan Losses: | ||||||||||||||||||||||||||||||||||||
Beginning balance | $ | 5,554 | $ | 8,524 | $ | 47,325 | $ | 8,997 | $ | 3,353 | $ | 74 | $ | 2,933 | $ | 297 | $ | 77,057 | ||||||||||||||||||
Impact of the adoption of ASU 2016-13 on January 1, 2020 | 9,737 | 9,023 | (4,829 | ) | 13,097 | 14,817 | 28 | 10,745 | (297 | ) | 52,321 | |||||||||||||||||||||||||
Impact of the adoption of ASU 2016-13 for PCD loans on January 1, 2020 | 1,843 | 121 | 938 | 174 | 2,045 | 0 | 0 | 0 | 5,121 | |||||||||||||||||||||||||||
Initial allowance for PCD loans (acquired during the period) | 1,955 | 6,418 | 7,032 | 652 | 2,570 | 0 | 8 | 0 | 18,635 | |||||||||||||||||||||||||||
Charge-offs | (535 | ) | (1,937 | ) | (7,028 | ) | (890 | ) | (1,969 | ) | (128 | ) | (1,908 | ) | 0 | (14,395 | ) | |||||||||||||||||||
Recoveries | 310 | 722 | 446 | 302 | 1,361 | 12 | 210 | 0 | 3,363 | |||||||||||||||||||||||||||
Provision | 3,874 | 2,906 | 35,520 | 16,551 | 10,126 | 294 | 3,748 | 0 | 73,019 | |||||||||||||||||||||||||||
Ending balance | $ | 22,738 | $ | 25,777 | $ | 79,404 | $ | 38,883 | $ | 32,303 | $ | 280 | $ | 15,736 | $ | 0 | $ | 215,121 | ||||||||||||||||||
Allowance for Loan Losses and Carrying Amount of Loans | ||||||||||||||||||||||||||||||||
For the Year Ended December 31, 2019 | ||||||||||||||||||||||||||||||||
Commercial Real Estate | Other Commercial | Residential Real Estate | Construction & Development | Consumer | Allowance for Estimated Imprecision | Total | ||||||||||||||||||||||||||
Owner- occupied | Nonowner- occupied | |||||||||||||||||||||||||||||||
Allowance for Loan Losses: | ||||||||||||||||||||||||||||||||
Beginning balance | $ | 5,063 | $ | 6,919 | $ | 41,341 | $ | 12,448 | $ | 7,992 | $ | 2,695 | $ | 245 | $ | 76,703 | ||||||||||||||||
Charge-offs | (7,905 | ) | (1,093 | ) | (12,975 | ) | (2,967 | ) | (1,303 | ) | (2,867 | ) | 0 | (29,110 | ) | |||||||||||||||||
Recoveries | 3,733 | 80 | 2,599 | 858 | 175 | 706 | 0 | 8,151 | ||||||||||||||||||||||||
Provision | 4,663 | 2,618 | 16,360 | (1,342 | ) | (3,511 | ) | 2,473 | 52 | 21,313 | ||||||||||||||||||||||
Ending balance | $ | 5,554 | $ | 8,524 | $ | 47,325 | $ | 8,997 | $ | 3,353 | $ | 3,007 | $ | 297 | $ | 77,057 | ||||||||||||||||
Ending Balance: individually evaluated for impairment | $ | 973 | $ | 2,979 | $ | 11,931 | $ | 354 | $ | 262 | $ | 0 | $ | 0 | $ | 16,499 | ||||||||||||||||
Ending Balance: collectively evaluated for impairment | $ | 4,581 | $ | 5,545 | $ | 35,394 | $ | 8,643 | $ | 3,091 | $ | 3,007 | $ | 297 | $ | 60,558 | ||||||||||||||||
Ending Balance: loans acquired with deteriorated credit quality | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | ||||||||||||||||
Financing receivables: | ||||||||||||||||||||||||||||||||
Ending balance | $ | 1,201,652 | $ | 3,965,960 | $ | 2,285,037 | $ | 3,686,401 | $ | 1,408,205 | $ | 1,166,293 | $ | 0 | $ | 13,713,548 | ||||||||||||||||
Ending Balance: individually evaluated for impairment | $ | 16,703 | $ | 27,121 | $ | 54,108 | $ | 11,526 | $ | 14,047 | $ | 0 | $ | 0 | $ | 123,505 | ||||||||||||||||
Ending Balance: collectively evaluated for impairment | $ | 1,160,556 | $ | 3,925,249 | $ | 2,194,432 | $ | 3,665,140 | $ | 1,382,369 | $ | 1,166,293 | $ | 0 | $ | 13,494,039 | ||||||||||||||||
Ending Balance: loans acquired with deteriorated credit quality | $ | 24,393 | $ | 13,590 | $ | 36,497 | $ | 9,735 | $ | 11,789 | $ | 0 | $ | 0 | $ | 96,004 |
Commercial Real Estate | Construction | Allowance for | ||||||||||||||||||||||||||||||
Owner- occupied | Nonowner- occupied | Other Commercial | Residential Real Estate | & Land Development | Consumer | Estimated Imprecision | Total | |||||||||||||||||||||||||
Ending Balance: individually evaluated for impairment | $ | 1,390 | $ | 1,524 | $ | 7,805 | $ | 1,390 | $ | 1,954 | $ | 0 | $ | 0 | $ | 14,063 | ||||||||||||||||
Ending Balance: collectively evaluated for impairment | $ | 4,207 | $ | 4,517 | $ | 36,904 | $ | 8,782 | $ | 4,971 | $ | 2,723 | $ | 233 | $ | 62,337 | ||||||||||||||||
Ending Balance: loans acquired with deteriorated credit quality | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | ||||||||||||||||
Financing receivables: | ||||||||||||||||||||||||||||||||
Ending balance | $ | 1,239,954 | $ | 4,194,064 | $ | 2,021,953 | $ | 3,674,005 | $ | 1,464,064 | $ | 1,045,906 | $ | 0 | $ | 13,639,946 | ||||||||||||||||
Ending Balance: individually evaluated for impairment | $ | 27,882 | $ | 29,559 | $ | 54,549 | $ | 20,267 | $ | 14,085 | $ | 0 | $ | 0 | $ | 146,342 | ||||||||||||||||
Ending Balance: collectively evaluated for impairment | $ | 1,185,613 | $ | 4,147,831 | $ | 1,930,570 | $ | 3,642,859 | $ | 1,429,245 | $ | 1,045,906 | $ | 0 | $ | 13,381,993 | ||||||||||||||||
Ending Balance: loans acquired with deteriorated credit quality | $ | 26,459 | $ | 16,674 | $ | 36,834 | $ | 10,879 | $ | 20,734 | $ | 31 | $ | 0 | $ | 111,611 |
Commercial Real Estate | Construction | Allowance for | |||||||||||||||||||||||||||||||
Owner- occupied | Nonowner- occupied | Other Commercial | Residential Real Estate | & Land Development | Consumer | Estimated Imprecision | Total | ||||||||||||||||||||||||||
Allowance for Loan Losses: | |||||||||||||||||||||||||||||||||
Beginning balance | $ | 5,401 | $ | 6,369 | $ | 45,189 | $ | 9,927 | $ | 7,187 | $ | 2,481 | $ | 73 | $ | 76,627 | |||||||||||||||||
Charge-offs | 3,225 | 314 | 16,424 | 3,162 | 2,731 | 2,750 | 0 | 28,606 | |||||||||||||||||||||||||
Recoveries | 1,189 | 563 | 2,944 | 1,114 | 197 | 662 | 0 | 6,669 | |||||||||||||||||||||||||
Provision | 1,698 | 301 | 9,632 | 4,569 | 3,339 | 2,302 | 172 | 22,013 | |||||||||||||||||||||||||
Ending balance | $ | 5,063 | $ | 6,919 | $ | 41,341 | $ | 12,448 | $ | 7,992 | $ | 2,695 | $ | 245 | $ | 76,703 | |||||||||||||||||
Ending Balance: individually evaluated for impairment | $ | 2,543 | $ | 2,715 | $ | 17,581 | $ | 3,265 | $ | 2,254 | $ | 0 | $ | 0 | $ | 28,358 | |||||||||||||||||
Ending Balance: collectively evaluated for impairment | $ | 2,520 | $ | 4,204 | $ | 23,760 | $ | 9,183 | $ | 5,738 | $ | 2,695 | $ | 245 | $ | 48,345 |
Commercial Real Estate | Construction | Allowance for | ||||||||||||||||||||||||||||||
Owner- occupied | Nonowner- occupied | Other Commercial | Residential Real Estate | & Land Development | Consumer | Estimated Imprecision | Total | |||||||||||||||||||||||||
Ending Balance: loans acquired with deteriorated credit quality | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | ||||||||||||||||
Financing receivables: | ||||||||||||||||||||||||||||||||
Ending balance | $ | 1,291,790 | $ | 4,303,613 | $ | 1,957,641 | $ | 3,501,393 | $ | 1,410,468 | $ | 964,627 | $ | 0 | $ | 13,429,532 | ||||||||||||||||
Ending Balance: individually evaluated for impairment | $ | 27,599 | $ | 25,231 | $ | 72,300 | $ | 21,998 | $ | 14,807 | $ | 0 | $ | 0 | $ | 161,935 | ||||||||||||||||
Ending Balance: collectively evaluated for impairment | $ | 1,234,919 | $ | 4,215,060 | $ | 1,860,085 | $ | 3,468,356 | $ | 1,374,840 | $ | 964,600 | $ | 0 | $ | 13,117,860 | ||||||||||||||||
Ending Balance: loans acquired with deteriorated credit quality | $ | 29,272 | $ | 63,322 | $ | 25,256 | $ | 11,039 | $ | 20,821 | $ | 27 | $ | 0 | $ | 149,737 |
�� | ||||||||||||||||||||||||
June 30, 2019 | ||||||||||||||||||||||||
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 | $ | 98,359 | $ | ( 66,000 | ) | $ | 0 | $ | 0 | $ | 98,359 | $ | ( 66,000 | ) | ||||||||||
Non-amortized intangible assets: | ||||||||||||||||||||||||
George Mason trade name | $ | 0 | $ | 1,080 | $ | 1,080 | ||||||||||||||||||
Goodwill not subject to amortization | $ | 1,472,699 | $ | 5,315 | $ | 1,478,014 | ||||||||||||||||||
June 30, 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 | $ | 101,396 | $ | (72,738 | ) | $ | 0 | $ | 0 | $ | 101,396 | $ | (72,738 | ) | ||||||||||
Non-amortized intangible assets: | ||||||||||||||||||||||||
George Mason trade name | $ | 0 | $ | 1,080 | $ | 1,080 | ||||||||||||||||||
Crescent Mortgage trade name | 0 | 1,370 | 1,370 | |||||||||||||||||||||
Total | $ | 0 | $ | 2,450 | $ | 2,450 | ||||||||||||||||||
Goodwill not subject to amortization | $ | 1,789,464 | $ | 5,315 | $ | 1,794,779 | ||||||||||||||||||
December 31, 2019 | ||||||||||||||||||||||||
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 | $ | 98,359 | $ | (69,508 | ) | $ | 0 | $ | 0 | $ | 98,359 | $ | (69,508 | ) | ||||||||||
Non-amortized intangible assets: | ||||||||||||||||||||||||
George Mason trade name | $ | 0 | $ | 1,080 | $ | 1,080 | ||||||||||||||||||
Goodwill not subject to amortization | $ | 1,472,699 | $ | 5,315 | $ | 1,478,014 | ||||||||||||||||||
December 31, 2018 | ||||||||||||||||||||||||
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 | $ | 98,359 | $ | ( 62,492 | ) | $ | 0 | $ | 0 | $ | 98,359 | $ | ( 62,492 | ) | ||||||||||
Non-amortized intangible assets: | ||||||||||||||||||||||||
George Mason trade name | $ | 0 | $ | 1,080 | $ | 1,080 | ||||||||||||||||||
Goodwill not subject to amortization | $ | 1,472,699 | $ | 5,315 | $ | 1,478,014 | ||||||||||||||||||
Community Banking | Mortgage Banking | Total | ||||||||||
Goodwill at December 31, 2018 | $ | 1,472,699 | $ | 5,315 | $ | 1,478,014 | ||||||
Additions to goodwill | 0 | 0 | 0 | |||||||||
Goodwill at June 30, 2019 | $ | 1,472,699 | $ | 5,315 | $ | 1,478,014 | ||||||
Community Banking | Mortgage Banking | Total | ||||||||||
Goodwill at December 31, 2019 | $ | 1,472,699 | $ | 5,315 | $ | 1,478,014 | ||||||
Preliminary addition to goodwill from Carolina Financial acquisition | 316,765 | 0 | 316,765 | |||||||||
Goodwill at June 30, 2020 | $ | 1,789,464 | $ | 5,315 | $ | 1,794,779 | ||||||
Year | Amount | |||
2019 | $ | 7,016 | ||
2020 | 6,309 | |||
2021 | 5,369 | |||
2022 | 4,581 | |||
2023 and thereafter | 12,592 |
Year | Amount | |||
2020 | $ | 6,612 | ||
2021 | 5,780 | |||
2022 | 4,939 | |||
2023 | 4,641 | |||
2024 and thereafter | 9,916 |
Three Months Ended June 30, 2020 | Six Months Ended June 30, 2020 | |||||||
MSRs beginning balance | $ | 0 | $ | 0 | ||||
Addition from acquisition of subsidiary | 20,123 | 20,123 | ||||||
Amount capitalized | 1,891 | 1,891 | ||||||
Purchased servicing | 0 | 0 | ||||||
Amount amortized | (1,104 | ) | (1,104 | ) | ||||
MSRs ending balance | $ | 20,910 | $ | 20,910 | ||||
MSRs valuation allowance beginning balance | $ | 0 | $ | 0 | ||||
MSRs impairment | (710 | ) | (710 | ) | ||||
MSRs valuation allowance ending balance | $ | (710 | ) | $ | (710 | ) | ||
MSRs, net of valuation allowance | $ | 20,200 | $ | 20,200 | ||||
Three Months Ended | Six Months Ended | |||||||||||
Classification | June 30, 2019 | June 30, 2019 | ||||||||||
Operating lease cost | Net occupancy expense | $ | 4,886 | $ | 9,707 | |||||||
Sublease income | Net occupancy expense | (197 | ) | (473 | ) | |||||||
Net lease cost | $ | 4,689 | $ | 9,234 | ||||||||
Three Months Ended | Three Months Ended | |||||||||||
Classification | June 30, 2020 | June 30, 2019 | ||||||||||
Operating lease cost | Net occupancy expense | $ | 5,895 | $ | 4,886 | |||||||
Sublease income | Net occupancy expense | (189 | ) | (197 | ) | |||||||
Net lease cost | $ | 5,706 | $ | 4,689 | ||||||||
Six Months Ended | Six Months Ended | |||||||||||
Classification | June 30, 2020 | June 30, 2019 | ||||||||||
Operating lease cost | Net occupancy expense | $ | 10,961 | $ | 9,707 | |||||||
Sublease income | Net occupancy expense | (394 | ) | (473 | ) | |||||||
Net lease cost | $ | 10,567 | $ | 9,234 | ||||||||
Classification | June 30, 2019 | |||||||
Operating lease right-of-use assets | Operating lease right-of-use assets | $ | 63,113 | |||||
Operating lease liabilities | Operating lease liabilities | $ | 66,821 |
Classification | June 30, 2020 | December 31, 2019 | ||||||||
Operating lease right-of-use | Operating lease right-of-use assets | $ | 70,655 | $ | 57,783 | |||||
Operating lease liabilities | Operating lease liabilities | $ | 74,435 | $ | 61,342 |
June 30, | ||||
Weighted-average remaining lease term: | ||||
Operating leases | ||||
Weighted-average discount rate: | ||||
Operating leases | % |
Three Months Ended | Six Months Ended | |||||||
June 30, 2019 | June 30, 2019 | |||||||
Cash paid for amounts in the measurement of lease liabilities: | ||||||||
Operating cash flows from operating leases | $ | 4,931 | $ | 9,649 | ||||
ROU assets obtained in the exchange for lease liabilities | 4,214 | 4,416 |
Three Months Ended | ||||||||
June 30, 2020 | June 30, 2019 | |||||||
Cash paid for amounts in the measurement of lease liabilities: | ||||||||
Operating cash flows from operating leases | $ | 5,722 | $ | 4,931 | ||||
ROU assets obtained in the exchange for lease liabilities | 8,549 | 4,214 |
Six Months Ended | ||||||||
June 30, 2020 | June 30, 2019 | |||||||
Cash paid for amounts in the measurement of lease liabilities: | ||||||||
Operating cash flows from operating leases | $ | 10,739 | $ | 9,649 | ||||
ROU assets obtained in the exchange for lease liabilities | 12,332 | 4,416 |
Amount | ||||||||
Year | As of June 30, 2019 | As of December 31, 2018 | ||||||
2019 | $ | 9,618 | $ | 18,590 | ||||
2020 | 17,249 | 16,359 | ||||||
2021 | 14,672 | 13,850 | ||||||
2022 | 11,008 | 10,269 | ||||||
2023 | 8,231 | 7,600 | ||||||
Thereafter | 11,966 | 10,640 | ||||||
Total lease payments | 72,744 | 77,308 | ||||||
Less: imputed interest | (5,923 | ) | (0 | ) | ||||
Total | $ | 66,821 | $ | 77,308 | ||||
Amount | ||||||||
Year | As of June 30, 2020 | As of December 31, 2019 | ||||||
2020 | $ | 10,670 | 17,725 | |||||
2021 | 18,884 | 15,180 | ||||||
2022 | 14,782 | 11,522 | ||||||
2023 | 11,412 | 8,751 | ||||||
2024 | 7,264 | 5,127 | ||||||
Thereafter | 16,909 | 8,190 | ||||||
Total lease payments | 79,921 | 66,495 | ||||||
Less: imputed interest | (5,486 | ) | (5,153 | ) | ||||
Total | $ | 74,435 | $ | 61,342 | ||||
Year | Amount | |||
2019 | $ | 471,000 | ||
2020 | 442,000 | |||
2021 | 602,845 | |||
2022 | 21,000 | |||
2023 and thereafter | 11,187 | |||
Total | $ | 1,548,032 | ||
Year | Amount | |||
2020 | $ | 495,170 | ||
2021 | 827,724 | |||
2022 | 20,989 | |||
2023 | 0 | |||
2024 and thereafter | 10,996 | |||
Total | $ | 1,354,879 | ||
Asset Derivatives | ||||||||||||||||||||||||
June 30, 2019 | December 31, 2018 | |||||||||||||||||||||||
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 | $ | 0 | $ | 0 | Other assets | $ | 85,623 | $ | 1,859 | ||||||||||||||
Total derivatives designated as hedging instruments | $ | 0 | $ | 0 | $ | 85,623 | $ | 1,859 | ||||||||||||||||
Derivatives not designated as hedging instruments | ||||||||||||||||||||||||
Interest rate swap contracts | Other assets | $ | 0 | $ | 0 | Other assets | $ | 0 | $ | 0 | ||||||||||||||
Forward loan sales commitments | Other assets | 48,488 | 492 | Other assets | 21,604 | 542 | ||||||||||||||||||
Interest rate lock commitments | Other assets | 250,487 | 8,127 | Other assets | 93,955 | 4,103 | ||||||||||||||||||
Total derivatives not designated as hedging instruments | $ | 298,975 | $ | 8,619 | $ | 115,559 | $ | 4,645 | ||||||||||||||||
Total asset derivatives | $ | 298,975 | $ | 8,619 | $ | 201,182 | $ | 6,504 | ||||||||||||||||
Asset Derivatives | ||||||||||||||||||||||||
June 30, 2020 | December 31, 2019 | |||||||||||||||||||||||
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 | $ | 73,432 | $ | 1,745 | Other | $ | 27,260 | $ | 9 | ||||||||||||||
Interest rate lock commitments | Other assets | 878,925 | 27,833 | Other assets | 117,252 | 4,518 | ||||||||||||||||||
Total derivatives not designated as hedging instruments | $ | 952,357 | $ | 29,578 | $ | 144,512 | $ | 4,527 | ||||||||||||||||
Total asset derivatives | $ | 952,357 | $ | 29,578 | $ | 144,512 | $ | 4,527 | ||||||||||||||||
Liability Derivatives | ||||||||||||||||||||||||
June 30, 2020 | December 31, 2019 | |||||||||||||||||||||||
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 | $ | 79,225 | $ | 8,424 | Other liabilities | $ | 82,243 | $ | 2,394 | ||||||||||||||
Total Fair Value Hedges | $ | 79,225 | $ | 8,424 | $ | 82,243 | $ | 2,394 | ||||||||||||||||
Cash Flow Hedge: | ||||||||||||||||||||||||
Interest rate swap contract (hedging FHLB borrowing) | Other liabilities | $ | 250,000 | $ | 1,659 | Other liabilities | $ | 0 | $ | 0 | ||||||||||||||
Total Cash Flow Hedge | $ | 250,000 | $ | 1,659 | $ | 0 | $ | 0 | ||||||||||||||||
Total derivatives designated as hedging instruments | $ | 329,225 | $ | 10,083 | $ | 82,243 | $ | 2,394 | ||||||||||||||||
Liability Derivatives | |||||||||||||||||||||||||
June 30, 2019 | December 31, 2018 | ||||||||||||||||||||||||
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 | $ | 84,397 | $ | 2,146 | Other liabilities | $ | 0 | $ | 0 | |||||||||||||||
Total derivatives designated as hedging instruments | $ | 84,397 | $ | 2,146 | $ | 0 | $ | 0 | |||||||||||||||||
Derivatives not designated as hedging instruments | |||||||||||||||||||||||||
Interest rate swap contracts | Other liabilities | $ | 0 | $ | 0 | Other liabilities | $ | 0 | $ | 0 | |||||||||||||||
TBA mortgage-backed securities | Other liabilities | 405,299 | 3,476 | Other liabilities | 200,281 | 3,002 | |||||||||||||||||||
Interest rate lock commitments | Other liabilities | 0 | 0 | Other liabilities | 0 | 0 | |||||||||||||||||||
Total derivatives not designated as hedging instruments | $ | 405,299 | $ | 3,476 | $ | 200,281 | $ | 3,002 | |||||||||||||||||
Total liability derivatives | $ | 489,696 | $ | 5,622 | $ | 200,281 | $ | 3,002 | |||||||||||||||||
Liability Derivatives | ||||||||||||||||||||||||
June 30, 2020 | December 31, 2019 | |||||||||||||||||||||||
Balance Sheet Location | Notional Amount | Fair Value | Balance Sheet Location | Notional Amount | Fair Value | |||||||||||||||||||
Derivatives not designated as hedging instruments | ||||||||||||||||||||||||
TBA mortgage-backed securities | Other | $ | 186,500 | $ | 4,224 | Other | $ | 274,000 | $ | 671 | ||||||||||||||
Total derivatives not designated as hedging instruments | $ | 186,500 | $ | 4,224 | $ | 274,000 | $ | 671 | ||||||||||||||||
Total liability derivatives | $ | 515,725 | $ | 14,307 | $ | 356,243 | $ | 3,065 | ||||||||||||||||
Derivatives in Fair Value Hedging Relationships | Location in the Statement of Condition | June 30, 2019 | ||||||||||||||
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 | $ | 83,527 | $ | (2,146 | ) | $ | 0 |
Derivatives in Fair Value Hedging Relationships | Location in the Statement of Condition | June 30, 2020 | ||||||||||||
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 | $ | 80,048 | $ | (8,424 | ) | $ | 0 |
Derivatives in Fair Value Hedging Relationships | Location in the Statement of Condition | December 31, 2019 | ||||||||||||
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 | $ | 81,397 | $ | (2,394 | ) | $ | 0 |
Three Months Ended | ||||||||||
Income Statement Location | June 30, 2019 | June 30, 2018 | ||||||||
Derivatives in hedging relationships Fair Value Hedges: | ||||||||||
Interest rate swap contracts | Interest income/(expense) | $ | (68 | ) | $ | 24 | ||||
Total derivatives in hedging relationships | $ | (68 | ) | $ | 24 | |||||
Derivatives not designated as hedging instruments | ||||||||||
Forward loan sales commitments | Income from Mortgage Banking Activities | 492 | 112 | |||||||
TBA mortgage-backed securities | Income from Mortgage Banking Activities | (962 | ) | (660 | ) | |||||
Interest rate lock commitments | Income from Mortgage Banking Activities | 3,833 | 2,888 | |||||||
Total derivatives not designated as hedging instruments | $ | 3,363 | $ | 2,340 | ||||||
Total derivatives | $ | 3,295 | $ | 2,364 | ||||||
Six Months Ended | ||||||||||
Income Statement Location | June 30, 2019 | June 30, 2018 | ||||||||
Derivatives in fair value hedging relationships Fair Value Hedges: | ||||||||||
Interest rate swap contracts | Interest income/(expense) | $ | (98 | ) | $ | (18 | ) | |||
Cash Flow Hedges: | ||||||||||
Forward loan sales commitments | Other income | 0 | 0 | |||||||
Total derivatives in hedging relationships | $ | (98 | ) | $ | (18 | ) | ||||
Derivatives not designated as hedging instruments | ||||||||||
Forward loan sales commitments | Income from Mortgage Banking Activities | 872 | 185 | |||||||
TBA mortgage-backed securities | Income from Mortgage Banking Activities | (474 | ) | (1,110 | ) | |||||
Interest rate lock commitments | Income from Mortgage Banking Activities | 5,870 | 1,619 | |||||||
Total derivatives not designated as hedging instruments | $ | 6,268 | $ | 694 | ||||||
Total derivatives | $ | 6,170 | $ | 676 | ||||||
Three Months Ended | ||||||||||||
Income Statement Location | June 30, 2020 | June 30, 2019 | ||||||||||
Derivatives in hedging relationships | ||||||||||||
Fair Value Hedges: | ||||||||||||
Interest rate swap contracts | Interest and fees on loans | $ | (277 | ) | $ | (68 | ) | |||||
Total derivatives in hedging relationships | $ | (277 | ) | $ | (68 | ) | ||||||
Derivatives not designated as hedging instruments | ||||||||||||
Forward loan sales commitments | Income from Mortgage Banking Activities | (553 | ) | 492 | ||||||||
TBA mortgage-backed securities | Income from Mortgage Banking Activities | 17,204 | (962 | ) | ||||||||
Interest rate lock commitments | Income from Mortgage Banking Activities | (1,527 | ) | 3,833 | ||||||||
Total derivatives not designated as hedging instruments | $ | 15,124 | $ | 3,363 | ||||||||
Total derivatives | $ | 14,847 | $ | 3,295 | ||||||||
Six Months Ended | ||||||||||||
Income Statement Location | June 30, 2020 | June 30, 2019 | ||||||||||
Derivatives in fair value hedging relationships | ||||||||||||
Fair Value Hedges: | ||||||||||||
Interest rate swap contracts | Interest and fees on loans | $ | (720 | ) | $ | (98 | ) | |||||
Total derivatives in hedging relationships | $ | (720 | ) | $ | (98 | ) | ||||||
Derivatives not designated as hedging instruments | ||||||||||||
Forward loan sales commitments | Income from Mortgage Banking Activities | 207 | 872 | |||||||||
TBA mortgage-backed securities | Income from Mortgage Banking Activities | (1,771 | ) | (474 | ) | |||||||
Interest rate lock commitments | Income from Mortgage Banking Activities | 12,169 | 5,870 | |||||||||
Total derivatives not designated as hedging instruments | $ | 10,605 | $ | 6,268 | ||||||||
Total derivatives | $ | 9,885 | $ | 6,170 | ||||||||
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 prices, inputs and model-based techniques that use one or more significant inputs or assumptions that are unobservable in the market. |
Fair Value at June 30, 2019 Using | ||||||||||||||||
Description | Balance as of June 30, 2019 | 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 | $ | 74,484 | $ | 0 | $ | 74,484 | $ | 0 | ||||||||
State and political subdivisions | 181,259 | 0 | 181,259 | 0 | ||||||||||||
Residential mortgage-backed securities | ||||||||||||||||
Agency | 877,567 | 0 | 877,567 | 0 | ||||||||||||
Non-agency | 3,978 | 0 | 3,978 | 0 | ||||||||||||
Commercial mortgage-backed securities | ||||||||||||||||
Agency | 574,721 | 0 | 574,721 | 0 | ||||||||||||
Asset-backed securities | 268,854 | 0 | 268,854 | 0 | ||||||||||||
Trust preferred collateralized debt obligations | 5,413 | 0 | 0 | 5,413 | ||||||||||||
Single issue trust preferred securities | 16,844 | 0 | 16,844 | 0 | ||||||||||||
Other corporate securities | 342,671 | 6,712 | 335,959 | 0 | ||||||||||||
Total available for sale securities | 2,345,791 | 6,712 | 2,333,666 | 5,413 | ||||||||||||
Equity securities: | ||||||||||||||||
Financial services industry | 133 | 133 | 0 | 0 | ||||||||||||
Equity mutual funds (1) | 4,209 | 4,209 | 0 | 0 | ||||||||||||
Other equity securities | 4,756 | 4,756 | 0 | 0 | ||||||||||||
Total equity securities | 9,098 | 9,098 | 0 | 0 |
Fair Value at June 30, 2020 Using | ||||||||||||||||
Description | Balance as of June 30, 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 | $ | 67,303 | $ | 0 | $ | 67,303 | $ | 0 | ||||||||
State and political subdivisions | 520,880 | 0 | 520,880 | 0 | ||||||||||||
Residential mortgage-backed securities | ||||||||||||||||
Agency | 848,231 | 0 | 848,231 | 0 | ||||||||||||
Non-agency | 62,965 | 0 | 62,965 | 0 | ||||||||||||
Commercial mortgage-backed securities | ||||||||||||||||
Agency | 622,785 | 0 | 622,785 | 0 | ||||||||||||
Asset-backed securities | 277,721 | 0 | 277,721 | 0 | ||||||||||||
Trust preferred collateralized debt obligations | 12,837 | 0 | 0 | 12,837 | ||||||||||||
Single issue trust preferred securities | 16,191 | 0 | 16,191 | 0 | ||||||||||||
Other corporate securities | 371,028 | 6,432 | 364,596 | 0 | ||||||||||||
Total available for sale securities | 2,799,941 | 6,432 | 2,780,672 | 12,837 | ||||||||||||
Equity securities: | ||||||||||||||||
Financial services industry | 103 | 103 | 0 | 0 | ||||||||||||
Equity mutual funds (1) | 3,783 | 3,783 | 0 | 0 | ||||||||||||
Other equity securities | 5,989 | 5,989 | 0 | 0 | ||||||||||||
Total equity securities | 9,875 | 9,875 | 0 | 0 | ||||||||||||
Loans held for sale | 611,277 | 0 | 45,480 | 565,797 | ||||||||||||
Derivative financial assets: | ||||||||||||||||
Forward sales commitments | 1,745 | 0 | 1,745 | 0 | ||||||||||||
Interest rate lock commitments | 27,833 | 0 | 7,413 | 20,420 | ||||||||||||
Total derivative financial assets | 29,578 | 0 | 9,158 | 20,420 | ||||||||||||
Liabilities | ||||||||||||||||
Derivative financial liabilities: | ||||||||||||||||
Interest rate swap contracts | 10,083 | 0 | 10,083 | 0 | ||||||||||||
TBA mortgage-backed securities | 4,224 | 0 | 4,224 | 0 | ||||||||||||
Total derivative financial liabilities | 14,307 | 0 | 14,307 | 0 |
(1) | The equity mutual funds are within a rabbi trust for the payment of benefits under a deferred compensation plan for certain key |
Fair Value at June 30, 2019 Using | ||||||||||||||||
Description | Balance as of June 30, 2019 | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | ||||||||||||
Loans held for sale | 365,440 | 0 | 0 | 365,440 | ||||||||||||
Derivative financial assets: | ||||||||||||||||
Interest rate swap contracts | 0 | 0 | 0 | 0 | ||||||||||||
Forward sales commitments | 492 | 0 | 492 | 0 | ||||||||||||
Interest rate lock commitments | 8,127 | 0 | �� | 0 | 8,127 | |||||||||||
Total derivative financial assets | 8,619 | 0 | 492 | 8,127 | ||||||||||||
Liabilities | ||||||||||||||||
Derivative financial liabilities: | ||||||||||||||||
Interest rate swap contracts | 2,146 | 0 | 2,146 | 0 | ||||||||||||
TBA mortgage-backed securities | 3,476 | 0 | 3,476 | 0 | ||||||||||||
Total derivative financial liabilities | 5,622 | 0 | 5,622 | 0 |
Fair Value at December 31, 2019 Using | ||||||||||||||||
Description | Balance as of December 31, 2019 | 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 | $ | 58,676 | $ | 0 | $ | 58,676 | $ | 0 | ||||||||
State and political subdivisions | 272,362 | 0 | 272,362 | 0 | ||||||||||||
Residential mortgage-backed securities | ||||||||||||||||
Agency | 836,534 | 0 | 836,534 | 0 | ||||||||||||
Non-agency | 3,833 | 0 | 3,833 | 0 | ||||||||||||
Commercial mortgage-backed securities | ||||||||||||||||
Agency | 614,973 | 0 | 614,973 | 0 | ||||||||||||
Asset-backed securities | 276,139 | 0 | 276,139 | 0 | ||||||||||||
Trust preferred collateralized debt obligations | 4,703 | 0 | 0 | 4,703 | ||||||||||||
Single issue trust preferred securities | 16,774 | 0 | 16,774 | 0 | ||||||||||||
Other corporate securities | 353,302 | 6,586 | 346,716 | 0 | ||||||||||||
Total available for sale securities | 2,437,296 | 6,586 | 2,426,007 | 4,703 | ||||||||||||
Equity securities: | ||||||||||||||||
Financial services industry | 154 | 154 | 0 | 0 | ||||||||||||
Equity mutual funds (1) | 3,971 | 3,971 | 0 | 0 | ||||||||||||
Other equity securities | 4,769 | 4,769 | 0 | 0 | ||||||||||||
Total equity securities | 8,894 | 8,894 | 0 | 0 | ||||||||||||
Loans held for sale | 384,375 | 0 | 0 | 384,375 | ||||||||||||
Derivative financial assets: | ||||||||||||||||
Interest rate swap contracts | 9 | 0 | 9 | 0 | ||||||||||||
Forward sales commitments | 4,518 | 0 | 0 | 4,518 | ||||||||||||
Total derivative financial assets | 4,527 | 0 | 9 | 4,518 | ||||||||||||
Liabilities | ||||||||||||||||
Derivative financial liabilities: | 2,394 | 0 | 2,394 | 0 | ||||||||||||
TBA mortgage-backed securities | 671 | 0 | 671 | 0 | ||||||||||||
Total derivative financial liabilities | 3,065 | 0 | 3,065 | 0 |
(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, 2018 Using | ||||||||||||||||
Description | Balance as of December 31, 2018 | 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 | $ | 85,890 | $ | 0 | $ | 85,890 | $ | 0 | ||||||||
State and political subdivisions | 208,988 | 0 | 208,988 | 0 | ||||||||||||
Residential mortgage-backed securities | ||||||||||||||||
Agency | 1,035,650 | 0 | 1,035,650 | 0 | ||||||||||||
Non-agency | 4,259 | 0 | 4,259 | 0 | ||||||||||||
Commercial mortgage-backed securities | ||||||||||||||||
Agency | 554,600 | 0 | 554,600 | 0 | ||||||||||||
Asset-backed securities | 271,970 | 0 | 271,970 | 0 | ||||||||||||
Trust preferred collateralized debt obligations | 5,917 | 0 | 0 | 5,917 | ||||||||||||
Single issue trust preferred securities | 8,362 | 0 | 8,362 | 0 | ||||||||||||
Other corporate securities | 161,403 | 6,822 | 154,581 | 0 | ||||||||||||
Total available for sale securities | 2,337,039 | 6,822 | 2,324,300 | 5,917 | ||||||||||||
Equity securities: | ||||||||||||||||
Financial services industry | 140 | 140 | 0 | 0 | ||||||||||||
Equity mutual funds (1) | 4,954 | 4,954 | 0 | 0 | ||||||||||||
Other equity securities | 4,640 | 4,640 | 0 | 0 | ||||||||||||
Total equity securities | 9,734 | 9,734 | 0 | 0 | ||||||||||||
Loans held for sale | 247,104 | 0 | 0 | 247,104 | ||||||||||||
Derivative financial assets: | ||||||||||||||||
Interest rate swap contracts | 1,859 | 0 | 1,859 | 0 | ||||||||||||
Forward sales commitments | 542 | 0 | 542 | 0 | ||||||||||||
Interest rate lock commitments | 4,103 | 0 | 0 | 4,103 | ||||||||||||
Total derivative financial assets | 6,504 | 0 | 2,401 | 4,103 |
Fair Value at December 31, 2018 Using | ||||||||||||||||
Description | Balance as of December 31, 2018 | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | ||||||||||||
Liabilities | ||||||||||||||||
Derivative financial liabilities: | ||||||||||||||||
TBA mortgage-backed securities | 3,002 | 0 | 3,002 | 0 | ||||||||||||
Total derivative financial liabilities | 3,002 | 0 | 3,002 | 0 |
Available for sale Securities | ||||||||
Trust preferred collateralized debt obligations | ||||||||
June 30, 2020 | December 31, 2019 | |||||||
Balance, beginning of period | $ | 4,703 | $ | 5,917 | ||||
Total gains or losses (realized/unrealized): | ||||||||
Included in earnings (or changes in net assets) | 0 | (155 | ) | |||||
Included in other comprehensive income | 2,318 | (1,059 | ) | |||||
Acquired in Carolina Financial merger | 5,816 | 0 | ||||||
Balance, end of period | $ | 12,837 | $ | 4,703 | ||||
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 | $ | 0 | $ | 0 |
Available for sale Securities | ||||||||
Trust preferred collateralized debt obligations | ||||||||
June 30, 2019 | December 31, 2018 | |||||||
Balance, beginning of period | $ | 5,917 | $ | 34,269 | ||||
Total gains or losses (realized/unrealized): | ||||||||
Included in earnings (or changes in net assets) | (53 | ) | 28 | |||||
Included in other comprehensive income | (451 | ) | 920 | |||||
Purchases, issuances, and settlements | 0 | 0 | ||||||
Sales | 0 | (29,300 | ) | |||||
Transfers in and/or out of Level 3 | 0 | 0 | ||||||
Balance, end of period | $ | 5,413 | $ | 5,917 | ||||
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 | $ | 0 | $ | 0 | ||||
Loans held for sale | ||||||||
June 30, 2019 | December 31, 2018 | |||||||
Balance, beginning of period | $ | 247,104 | $ | 263,308 | ||||
Originations | 1,256,514 | 2,619,454 | ||||||
Sales | (1,177,754 | ) | (2,676,797 | ) | ||||
Total gains or losses during the period recognized in earnings | 39,576 | 68,555 | ||||||
Transfers in and/or out of Level 3 | 0 | (27,416 | ) | |||||
Balance, end of period | $ | 365,440 | $ | 247,104 | ||||
Loans held for sale | ||||||||
June 30, 2020 | December 31, 2019 | |||||||
Balance, beginning of period | $ | 384,375 | $ | 247,104 | ||||
Originations | 2,363,759 | 2,941,722 | ||||||
Sales | (2,261,049 | ) | (2,888,257 | ) | ||||
Total gains or losses during the period recognized in earnings | 78,712 | 83,806 | ||||||
Balance, end of period | $ | 565,797 | $ | 384,375 | ||||
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 | $ | 0 | $ | 0 | ||||
Derivative Financial Assets Interest Rate Lock Commitments | ||||||||
June 30, 2020 | December 31, 2019 | |||||||
Balance, beginning of period | $ | 4,518 | $ | 4,103 | ||||
Transfers other | 15,902 | 415 | ||||||
Balance, end of period | $ | 20,420 | $ | 4,518 | ||||
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 | $ | 0 | $ | 0 |
Available for sale Securities | ||||||||
Trust preferred collateralized debt obligations | ||||||||
June 30, 2019 | December 31, 2018 | |||||||
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 | $ | 0 | $ | 0 | ||||
Derivative Financial Assets Interest Rate Lock Commitments | ||||||||
June 30, 2019 | December 31, 2018 | |||||||
Balance, beginning of period | $ | 4,103 | $ | 4,559 | ||||
Transfers other | 4,024 | (456 | ) | |||||
Balance, end of period | $ | 8,127 | $ | 4,103 | ||||
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 | $ | 0 | $ | 0 |
Description | Three Months Ended June 30, 2019 | Three Months Ended June 30, 2018 | ||||||
Assets | ||||||||
Loans held for sale | ||||||||
Income from mortgage banking activities | $ | 4,578 | $ | 3,929 | ||||
Description | Six Months Ended June 30, 2019 | Six Months Ended June 30, 2018 | ||||||
Assets | ||||||||
Loans held for sale | ||||||||
Income from mortgage banking activities | $ | 6,542 | $ | 3,092 |
Description | Three Months Ended June 30, 2020 | Three Months Ended June 30, 2019 | ||||||
Assets | ||||||||
Loans held for sale | ||||||||
Income from mortgage banking activities | $ | 8,846 | $ | 4,578 |
Description | Six Months Ended June 30, 2020 | Six Months Ended June 30, 2019 | ||||||
Assets | ||||||||
Loans held for sale | ||||||||
Income from mortgage banking activities | $ | 10,471 | $ | 6,542 |
June 30, 2019 | December 31, 2018 | |||||||||||||||||||||||
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 | ||||||||||||||||||
Assets | ||||||||||||||||||||||||
Loans held for sale | $ | 357,112 | $ | 365,440 | $ | 8,328 | $ | 241,293 | $ | 247,104 | $ | 5,811 |
June 30, 2020 | December 31, 2019 | |||||||||||||||||||||||
Description | Unpaid Principal Balance | Fair Value | Fair Value Ove r / (Under) Unpaid Principal Balance | Unpaid Principal Balance | Fair Value | Fair Value Over/ (Under) Unpaid Principal Balance | ||||||||||||||||||
Assets | ||||||||||||||||||||||||
Loans held for sale | $ | 591,397 | $ | 611,277 | $ | 19,880 | $ | 375,274 | $ | 384,375 | $ | 9,101 |
Carrying value at June 30, 2020 | ||||||||||||||||||||
Description | Balance as of June 30, 2020 | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | YTD Gains (Losses) | |||||||||||||||
Assets | ||||||||||||||||||||
Loans held for sale | $ | 14,707 | $ | 0 | $ | 14,707 | $ | 0 | $ | (2 | ) | |||||||||
Individually assessed loans | 59,488 | 0 | 49,732 | 9,756 | 568 | |||||||||||||||
OREO | 29,947 | 0 | 29,898 | 49 | (440 | ) | ||||||||||||||
Mortgage servicing rights | 20,200 | 0 | 0 | 20,200 | (710 | ) |
Carrying value at December 31, 2019 | ||||||||||||||||||||
Description | Balance as of December 31, 2019 | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | YTD Gains (Losses) | |||||||||||||||
Assets | ||||||||||||||||||||
Loans held for sale | $ | 3,139 | $ | 0 | $ | 3,139 | $ | 0 | $ | (4 | ) | |||||||||
Impaired Loans | 68,213 | 0 | 55,792 | 12,421 | 1,831 | |||||||||||||||
OREO | 15,515 | 0 | 15,495 | 20 | (785 | ) |
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, 2020 | ||||||||||||||||||||
Cash and cash equivalents | $ | 2,062,813 | $ | 2,062,813 | $ | 0 | $ | 2,062,813 | $ | 0 | ||||||||||
Securities available for sale | 2,799,941 | 2,799,941 | 6,432 | 2,780,672 | 12,837 | |||||||||||||||
Securities held to maturity | 1,221 | 1,220 | 0 | 200 | 1,020 | |||||||||||||||
Equity securities | 9,875 | 9,875 | 9,875 | 0 | 0 | |||||||||||||||
Other securities | 251,161 | 238,603 | 0 | 0 | 238,603 | |||||||||||||||
Loans held for sale | 625,984 | 625,984 | 0 | 60,187 | 565,797 | |||||||||||||||
Net loans | 17,777,281 | 17,191,993 | 0 | 0 | 17,191,993 | |||||||||||||||
Derivative financial assets | 29,578 | 29,578 | 0 | 9,158 | 20,420 | |||||||||||||||
Mortgage servicing rights | 20,200 | 20,200 | 0 | 0 | 20,200 | |||||||||||||||
Deposits | 19,893,843 | 19,902,498 | 0 | 19,902,498 | 0 | |||||||||||||||
Short-term borrowings | 176,168 | 176,168 | 0 | 176,168 | 0 | |||||||||||||||
Long-term borrowings | 1,633,891 | 1,597,685 | 0 | 1,597,685 | 0 | |||||||||||||||
Derivative financial liabilities | 14,307 | 14,307 | 0 | 14,307 | 0 | |||||||||||||||
December 31, 2019 | ||||||||||||||||||||
Cash and cash equivalents | $ | 837,493 | $ | 837,493 | $ | 0 | $ | 837,493 | $ | 0 | ||||||||||
Securities available for sale | 2,437,296 | 2,437,296 | 6,586 | 2,426,007 | 4,703 | |||||||||||||||
Securities held to maturity | 1,446 | 1,447 | 0 | 427 | 1,020 | |||||||||||||||
Equity securities | 8,894 | 8,894 | 8,894 | 0 | 0 | |||||||||||||||
Other securities | 222,161 | 211,053 | 0 | 0 | 211,053 | |||||||||||||||
Loans held for sale | 387,514 | 387,514 | 0 | 3,139 | 384,375 | |||||||||||||||
Net loans | 13,635,072 | 13,185,955 | 0 | 0 | 13,185,955 | |||||||||||||||
Derivative financial assets | 4,527 | 4,527 | 0 | 9 | 4,518 | |||||||||||||||
Deposits | 13,852,421 | 13,843,077 | 0 | 13,843,077 | 0 | |||||||||||||||
Short-term borrowings | 374,654 | 374,654 | 0 | 374,654 | 0 | |||||||||||||||
Long-term borrowings | 1,838,029 | 1,820,297 | 0 | 1,820,297 | 0 | |||||||||||||||
Derivative financial liabilities | 3,065 | 3,065 | 0 | 3,065 | 0 |
Carrying value at June 30, 2019 | |||||||||||||||||||||
Description | Balance as of June 30, 2019 | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | YTD Gains (Losses) | ||||||||||||||||
Assets | |||||||||||||||||||||
Loans held for sale | $ | 5,153 | $ | 0 | $ | 5,153 | $ | 0 | $ | (4 | ) | ||||||||||
Impaired Loans | 76,577 | 0 | 65,604 | 10,973 | 4,781 | ||||||||||||||||
OREO | 14,469 | 0 | 14,391 | 78 | (340 | ) |
Carrying value at December 31, 2018 | |||||||||||||||||||||
Description | Balance as of December 31, 2018 | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | YTD Gains (Losses) | ||||||||||||||||
Assets | |||||||||||||||||||||
Loans held for sale | $ | 2,742 | $ | 0 | $ | 2,742 | $ | 0 | $ | (3 | ) | ||||||||||
Impaired Loans | 121,355 | 0 | 108,899 | 12,456 | (12,301 | ) | |||||||||||||||
OREO | 16,865 | 0 | 16,865 | 0 | (910 | ) |
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, 2019 | ||||||||||||||||||||
Cash and cash equivalents | $ | 1,253,573 | $ | 1,253,573 | $ | 0 | $ | 1,253,573 | $ | 0 | ||||||||||
Securities available for sale | 2,345,791 | 2,345,791 | 6,712 | 2,333,666 | 5,413 | |||||||||||||||
Securities held to maturity | 6,461 | 6,483 | 0 | 5,463 | 1,020 | |||||||||||||||
Equity securities | 9,098 | 9,098 | 9,098 | 0 | 0 | |||||||||||||||
Other securities | 201,912 | 200,367 | 0 | 0 | 200,367 | |||||||||||||||
Loans held for sale | 370,593 | 370,593 | 0 | 5,153 | 365,440 | |||||||||||||||
Loans | 13,558,866 | 13,076,745 | 0 | 0 | 13,076,745 |
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) | ||||||||||||||||
Derivative financial assets | 8,619 | 8,619 | 0 | 492 | 8,127 | |||||||||||||||
Deposits | 14,404,085 | 14,372,448 | 0 | 14,372,448 | 0 | |||||||||||||||
Short-term borrowings | 122,159 | 122,159 | 0 | 122,159 | 0 | |||||||||||||||
Long-term borrowings | 1,783,567 | 1,762,173 | 0 | 1,762,173 | 0 | |||||||||||||||
Derivative financial liabilities | 5,622 | 5,622 | 0 | 5,622 | 0 | |||||||||||||||
December 31, 2018 | ||||||||||||||||||||
Cash and cash equivalents | $ | 1,020,396 | $ | 1,020,396 | $ | 0 | $ | 1,020,396 | $ | 0 | ||||||||||
Securities available for sale | 2,337,039 | 2,337,039 | 6,822 | 2,324,300 | 5,917 | |||||||||||||||
Securities held to maturity | 19,999 | 18,655 | 0 | 15,635 | 3,020 | |||||||||||||||
Equity securities | 9,734 | 9,734 | 9,734 | 0 | 0 | |||||||||||||||
Other securities | 176,955 | 168,107 | 0 | 0 | 168,107 | |||||||||||||||
Loans held for sale | 249,846 | 249,846 | 0 | 2,742 | 247,104 | |||||||||||||||
Loans | 13,422,222 | 12,657,073 | 0 | 0 | 12,657,073 | |||||||||||||||
Derivative financial assets | 6,504 | 6,504 | 0 | 2,401 | 4,103 | |||||||||||||||
Deposits | 13,994,749 | 13,954,574 | 0 | 13,954,574 | 0 | |||||||||||||||
Short-term borrowings | 351,327 | 351,327 | 0 | 351,327 | 0 | |||||||||||||||
Long-term borrowings | 1,499,103 | 1,475,237 | 0 | 1,475,237 | 0 | |||||||||||||||
Derivative financial liabilities | 3,002 | 3,002 | 0 | 3,002 | 0 |
Six Months Ended June 30, 2019 | ||||||||||||||||
Weighted Average | ||||||||||||||||
Shares | Aggregate Intrinsic Value | Remaining Contractual Term (Yrs.) | Exercise Price | |||||||||||||
Outstanding at January 1, 2019 | 1,730,389 | $ | 32.43 | |||||||||||||
Granted | 240,205 | 38.49 | ||||||||||||||
Exercised | (47,960 | ) | 21.92 | |||||||||||||
Forfeited or expired | (12,548 | ) | 35.27 | |||||||||||||
Outstanding at June 30, 2019 | 1,910,086 | $ | 9,445,566 | 5.7 | $ | 33.43 | ||||||||||
Exercisable at June 30, 2019 | 1,314,149 | $ | 9,355,396 | 4.3 | $ | 30.76 | ||||||||||
Six Months Ended June 30, 2020 | ||||||||||||||||
Weighted Average | ||||||||||||||||
Aggregate | Remaining | |||||||||||||||
Intrinsic | Contractual | Exercise | ||||||||||||||
Shares | Value | Term (Yrs.) | Price | |||||||||||||
Outstanding at January 1, 2020 | 1,715,316 | $ | 34.49 | |||||||||||||
Assumed in Carolina Financial merger | 117,116 | 12.14 | ||||||||||||||
Granted | 183,551 | 32.51 | ||||||||||||||
Exercised | (14,994 | ) | 20.48 | |||||||||||||
Forfeited or expired | (8,915 | ) | 28.47 | |||||||||||||
Outstanding at June 30, 2020 | 1,992,074 | $ | 2,513 | 5.5 | $ | 33.13 | ||||||||||
Exercisable at June 30, 2020 | 1,446,719 | $ | 2,513 | 4.4 | $ | 31.67 | ||||||||||
Shares | Weighted-Average Grant Date Fair Value Per Share | |||||||
Nonvested at January 1, 2019 | 575,672 | $ | 7.86 | |||||
Granted | 240,205 | 7.16 | ||||||
Vested | (210,876 | ) | 7.74 | |||||
Forfeited or expired | (9,064 | ) | 7.65 | |||||
Nonvested at June 30, 2019 | 595,937 | $ | 7.62 | |||||
Shares | Weighted-Average Grant Date Fair Value Per Share | |||||||
Nonvested at January 1, 2020 | 589,737 | $ | 7.62 | |||||
Granted | 183,551 | 5.65 | ||||||
Vested | (225,582 | ) | 7.68 | |||||
Forfeited or expired | (2,351 | ) | 7.32 | |||||
Nonvested at June 30, 2020 | 545,355 | $ | 6.93 | |||||
Number of Shares | Weighted-Average Grant Date Fair Value Per Share | |||||||
Outstanding at January 1, 2019 | 199,303 | $ | 39.67 | |||||
Granted | 126,427 | 38.49 | ||||||
Vested | (73,535 | ) | 39.28 | |||||
Forfeited | (2,539 | ) | 39.49 | |||||
Outstanding at June 30, 2019 | 249,656 | $ | 39.19 | |||||
Number of Shares | Weighted-Average Grant Date Fair Value Per Share | |||||||
Outstanding at January 1, 2020 | 247,896 | $ | 39.20 | |||||
Granted | 175,495 | 32.51 | ||||||
Vested | (88,671 | ) | 39.32 | |||||
Forfeited | (946 | ) | 36.58 | |||||
Outstanding at June 30, 2020 | 333,774 | $ | 35.66 | |||||
Three Months Ended June 30 | Six Months Ended June 30 | |||||||||||||||
2019 | 2018 | 2019 | 2018 | |||||||||||||
Service cost | $ | 561 | $ | 666 | $ | 1,116 | $ | 1,324 | ||||||||
Interest cost | 1,459 | 1,308 | 2,901 | 2,603 | ||||||||||||
Expected return on plan assets | (2,356 | ) | (2,551 | ) | (4,686 | ) | (5,073 | ) | ||||||||
Recognized net actuarial loss | 1,184 | 1,162 | 2,355 | 2,311 | ||||||||||||
Net periodic pension (benefit) cost | $ | 848 | $ | 585 | $ | 1,686 | $ | 1,165 | ||||||||
Weighted-Average Assumptions: | ||||||||||||||||
Discount rate | 4.52 | % | 3.83 | % | 4.52 | % | 3.83 | % | ||||||||
Expected return on assets | 7.00 | % | 7.00 | % | 7.00 | % | 7.00 | % | ||||||||
Rate of compensation increase (prior to age 45) | 3.50 | % | 3.50 | % | 3.50 | % | 3.50 | % | ||||||||
Rate of compensation increase | 3.00 | % | 3.00 | % | 3.00 | % | 3.00 | % |
Three Months Ended June 30 | Six Months Ended June 30 | |||||||||||||||
2020 | 2019 | 2020 | 2019 | |||||||||||||
Service cost | $ | 715 | $ | 561 | $ | 1,430 | $ | 1,116 | ||||||||
Interest cost | 1,286 | 1,459 | 2,573 | 2,901 | ||||||||||||
Expected return on plan assets | (2,630 | ) | (2,356 | ) | (5,259 | ) | (4,686 | ) | ||||||||
Recognized net actuarial loss | 1,442 | 1,184 | 2,884 | 2,355 | ||||||||||||
Net periodic pension cost | $ | 813 | $ | 848 | $ | 1,628 | $ | 1,686 | ||||||||
Weighted-Average Assumptions: | ||||||||||||||||
Discount rate | 3.42 | % | 4.52 | % | 3.42 | % | 4.52 | % | ||||||||
Expected return on assets | 6.75 | % | 7.00 | % | 6.75 | % | 7.00 | % | ||||||||
Rate of c ompensationi ncrease (prior to age 40) | 5.00 | % | n/a | 5.00 | % | n/a | ||||||||||
Rate of c ompensationi ncrease (ages40-54) | 4.00 | % | n/a | 4.00 | % | n/a | ||||||||||
Rate of compensation increase (prior to age 45) | n/a | 3.50 | % | n/a | 3.50 | % | ||||||||||
Rate of compensation increase (otherwise) | 3.50 | % | 3.00 | % | 3.50 | % | 3.00 | % |
Three Months Ended | Six Months Ended | |||||||||||||||
June 30 | June 30 | |||||||||||||||
2020 | 2019 | 2020 | 2019 | |||||||||||||
Net Income | $ | 52,686 | $ | 67,207 | $ | 92,869 | $ | 130,849 | ||||||||
Available for sale (“AFS”) securities: | ||||||||||||||||
AFS securities with OTTI charges during the period | 0 | (75 | ) | 0 | (75 | ) | ||||||||||
Related income tax effect | 0 | 17 | 0 | 17 | ||||||||||||
Less: OTTI charges recognized in net income | 0 | 75 | 0 | 75 | ||||||||||||
Related income tax benefit | 0 | (17 | ) | 0 | (17 | ) | ||||||||||
Reclassification of previous noncredit OTTI to credit OTTI | 0 | 2,188 | 0 | 2,188 | ||||||||||||
Related income tax benefit | 0 | (510 | ) | 0 | (510 | ) | ||||||||||
Net unrealized (losses) gains on AFS securities with OTTI | 0 | 1,678 | 0 | 1,678 | ||||||||||||
AFS securities – all other: | ||||||||||||||||
Change in net unrealized gain on AFS securities arising during the period | 37,756 | 21,141 | 60,859 | 43,379 | ||||||||||||
Related income tax effect | (8,797 | ) | (4,925 | ) | (14,180 | ) | (10,107 | ) | ||||||||
Net reclassification adjustment for (gains) losses included in net income | (1,466 | ) | 130 | (1,641 | ) | (218 | ) | |||||||||
Related income tax expense (benefit) | 341 | (30 | ) | 382 | 51 | |||||||||||
27,834 | 16,316 | 45,420 | 33,105 | |||||||||||||
Net effect of AFS securities on other comprehensive income | 27,834 | 17,994 | 45,420 | 34,783 | ||||||||||||
Cash flow hedge derivatives: | ||||||||||||||||
Unrealized loss on cash flow hedge | (1,659 | ) | 0 | (1,659 | ) | 0 | ||||||||||
Related income tax effect | 387 | 0 | 387 | 0 | ||||||||||||
Net effect of cash flow hedge derivatives on other comprehensive income | (1,272 | ) | 0 | (1,272 | ) | 0 | ||||||||||
Pension plan: | ||||||||||||||||
Recognized net actuarial loss | 1,442 | 1,184 | 2,884 | 2,355 | ||||||||||||
Related income tax benefit | (329 | ) | (275 | ) | (659 | ) | (536 | ) | ||||||||
Net effect of change in pension plan asset on other comprehensive income | 1,113 | 909 | 2,225 | 1,819 | ||||||||||||
Total change in other comprehensive income | 27,675 | 18,903 | 46,373 | 36,602 | ||||||||||||
Total Comprehensive Income | $ | 80,361 | $ | 86,110 | $ | 139,242 | $ | 167,451 | ||||||||
Three Months Ended | Six Months Ended | |||||||||||||||
June 30 | June 30 | |||||||||||||||
2019 | 2018 | 2019 | 2018 | |||||||||||||
Net Income | $ | 67,207 | $ | 66,274 | $ | 130,849 | $ | 127,980 | ||||||||
Available for sale (“AFS”) securities: | ||||||||||||||||
AFS securities with OTTI charges during the period | (75 | ) | 0 | (75 | ) | 0 | ||||||||||
Related income tax effect | 17 | 0 | 17 | 0 | ||||||||||||
Less: OTTI charges recognized in net income | 75 | 0 | 75 | 0 | ||||||||||||
Related income tax benefit | (17 | ) | 0 | (17 | ) | 0 | ||||||||||
Reclassification of previous noncredit OTTI to credit OTTI | 2,188 | 0 | 2,188 | 0 | ||||||||||||
Related income tax benefit | (510 | ) | 0 | (510 | ) | 0 | ||||||||||
Net unrealized (losses) gains on AFS securities with OTTI | 1,678 | 0 | 1,678 | 0 | ||||||||||||
AFS securities – all other: | ||||||||||||||||
Change in net unrealized gain on AFS securities arising during the period | 21,141 | (10,684 | ) | 43,379 | (32,701 | ) | ||||||||||
Related income tax effect | (4,925 | ) | 4,162 | (10,107 | ) | 9,292 | ||||||||||
Net reclassification adjustment for (gains) losses included in net income | 130 | 27 | (218 | ) | 176 | |||||||||||
Related income tax expense (benefit) | (30 | ) | (6 | ) | 51 | (41 | ) | |||||||||
16,316 | (6,501 | ) | 33,105 | (23,274 | ) | |||||||||||
Net effect of AFS securities on other comprehensive income | 17,994 | (6,501 | ) | 34,783 | (23,274 | ) | ||||||||||
Held to maturity (“HTM”) securities: | ||||||||||||||||
Accretion on the unrealized loss for securities transferred from AFS to the HTM investment portfolio prior to call or maturity | 0 | 2 | 0 | 4 | ||||||||||||
Related income tax expense | (0 | ) | (1 | ) | (0 | ) | (2 | ) | ||||||||
Net effect of HTM securities on other comprehensive income | 0 | 1 | 0 | 2 | ||||||||||||
Pension plan: | ||||||||||||||||
Recognized net actuarial loss | 1,184 | 1,162 | 2,355 | 2,311 | ||||||||||||
Related income tax benefit | (275 | ) | (110 | ) | (536 | ) | (526 | ) | ||||||||
Net effect of change in pension plan asset on other comprehensive income | 909 | 1,052 | 1,819 | 1,785 | ||||||||||||
Total change in other comprehensive income | 18,903 | (5,448 | ) | 36,602 | (21,487 | ) | ||||||||||
Total Comprehensive Income | $ | 86,110 | $ | 60,826 | $ | 167,451 | $ | 106,493 | ||||||||
Unrealized Gains/Losses on AFS Securities | Unrealized Gains/Losses on Cash Flow Hedge | Defined Benefit Pension Items | Total | |||||||||||||
Balance at January 1, 2020 | $ | 7,956 | $ | 0 | $ | (42,825 | ) | $ | (34,869 | ) | ||||||
Other comprehensive income before reclassification | 46,679 | (1,272 | ) | 0 | 45,407 | |||||||||||
Amounts reclassified from accumulated other comprehensive income | (1,259 | ) | 0 | 2,225 | 966 | |||||||||||
Net current-period other comprehensive income, net of tax | 45,420 | (1,272 | ) | 2,225 | 46,373 | |||||||||||
Balance at June 30, 2020 | $ | 53,376 | $ | (1,272 | ) | $ | (40,600 | ) | $ | 11,504 | ||||||
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 losses (gains) included in net income | $ | (1,641 | ) | Net investment securities (losses) gains | ||||||
(1,641 | ) | Total before tax | ||||||||
Related income tax effect | 382 | Tax expense | ||||||||
(1,259 | ) | Net of tax | ||||||||
Cash flow hedge: | ||||||||||
Net reclassification adjustment for losses (gains) included in net income | $ | 0 | Other income (expense) | |||||||
0 | Total before tax | |||||||||
Related income tax effect | 0 | Tax expense | ||||||||
Pension plan: | ||||||||||
Recognized net actuarial loss | 2,884 | (a | ) | |||||||
2,884 | Total before tax | |||||||||
Related income tax effect | (659) | Tax expense | ||||||||
2,225 | ||||||||||
Total rec lassifications for the period | $ | 966 | ||||||||
(a) |
Unrealized Gains/Losses on AFS Securities | Accretion on the unrealized loss for securities transferred from AFS to the HTM | Defined Benefit Pension Items | Total | |||||||||||||
Balance at January 1, 2019 | ($ | 18,289 | ) | ($ | 50 | ) | ($ | 36,680 | ) | ($ | 57,019 | ) | ||||
Reclass due to adopting Accounting Standard Update 2017-12 | 0 | 50 | 0 | 50 | ||||||||||||
Other comprehensive income before reclassification | 33,272 | 0 | 0 | 33,272 | ||||||||||||
Amounts reclassified from accumulated other comprehensive income | 1,511 | 0 | 1,819 | 3,330 | ||||||||||||
Net current-period other comprehensive income, net of tax | 34,783 | 0 | 1,819 | 36,602 | ||||||||||||
Balance at June 30, 2019 | $ | 16,494 | $ | 0 | ($ | 36,861 | ) | ($ | 20,367 | ) | ||||||
Details about AOCI Components | Amount Reclassified from AOCI | Affected Line Item in the Statement Where Net Income is Presented | ||||
Available for sale (“AFS”) securities: | ||||||
Reclassification of previous noncredit OTTI to credit OTTI | $ | 2,188 | Net investment securities (losses) gains | |||
Net reclassification adjustment for losses (gains) included in net income | (218 | ) | Net investment securities (losses) gains | |||
1,970 | Total before tax | |||||
Related income tax effect | (459 | ) | Tax expense | |||
1,511 | Net of tax | |||||
Pension plan: | ||||||
Recognized net actuarial loss | 2,355 | (a) | ||||
2,355 | Total before tax | |||||
Related income tax effect | (536 | ) | Tax expense | |||
1,819 | Net of tax | |||||
Total reclassifications for the period | $ | 3,330 | ||||
Three Months Ended | Six Months Ended | |||||||||||||||
June 30 | June 30 | |||||||||||||||
2019 | 2018 | 2019 | 2018 | |||||||||||||
Distributed earnings allocated to common stock | $ | 34,604 | $ | 35,516 | $ | 69,276 | $ | 71,195 | ||||||||
Undistributed earnings allocated to common stock | 32,446 | 30,637 | 61,276 | 56,557 | ||||||||||||
Net earnings allocated to common shareholders | $ | 67,050 | $ | 66,153 | $ | 130,552 | $ | 127,752 | ||||||||
Average common shares outstanding | 101,773,643 | 104,682,910 | 101,833,880 | 104,770,681 | ||||||||||||
Equivalents from stock options | 274,202 | 269,878 | 265,929 | 287,333 | ||||||||||||
Average diluted shares outstanding | 102,047,845 | 104,952,788 | 102,099,809 | 105,058,014 | ||||||||||||
Earnings per basic common share | $ | 0.66 | $ | 0.63 | $ | 1.28 | $ | 1.22 | ||||||||
Earnings per diluted common share | $ | 0.66 | $ | 0.63 | $ | 1.28 | $ | 1.22 |
Three Months Ended | Six Months Ended | |||||||||||||||
June 30 | June 30 | |||||||||||||||
2020 | 2019 | 2020 | 2019 | |||||||||||||
Distributed earnings allocated to common stock | $ | 45,298 | $ | 34,604 | $ | 80,785 | $ | 69,276 | ||||||||
Undistributed earnings allocated to common stock | 7,262 | 32,446 | 11,840 | 61,276 | ||||||||||||
Net earnings allocated to common shareholders | $ | 52,560 | $ | 67,050 | $ | 92,625 | $ | 130,552 | ||||||||
Average common shares outstanding | 119,823,652 | 101,773,643 | 110,559,363 | 101,833,880 | ||||||||||||
Equivalents from stock options | 64,171 | 274,202 | 65,613 | 265,929 | ||||||||||||
Average diluted shares outstanding | 119,887,823 | 102,047,845 | 110,624,976 | 102,099,809 | ||||||||||||
Earnings per basic common share | $ | 0.44 | $ | 0.66 | $ | 0.84 | $ | 1.28 | ||||||||
Earnings per diluted common share | $ | 0.44 | $ | 0.66 | $ | 0.84 | $ | 1.28 |
Description | Issuance Date | Amount of Capital Securities Issued | Interest Rate | Maturity Date | ||||||||
United Statutory Trust III | December 17, 2003 | $ | 20,000 | 3-month LIBOR + 2.85% | December 17, 2033 | |||||||
United Statutory Trust IV | December 19, 2003 | $ | 25,000 | 3-month LIBOR + 2.85% | January 23, 2034 | |||||||
United Statutory Trust V | July 12, 2007 | $ | 50,000 | 3-month LIBOR + 1.55% | October 1, 2037 | |||||||
United Statutory Trust VI | September 20, 2007 | $ | 30,000 | 3-month LIBOR + 1.30% | December 15, 2037 | |||||||
Premier Statutory Trust II | September 25, 2003 | $ | 6,000 | 3-month LIBOR + 3.10% | October 8, 2033 | |||||||
Premier Statutory Trust III | May 16, 2005 | $ | 8,000 | 3-month LIBOR + 1.74% | June 15, 2035 | |||||||
Premier Statutory Trust IV | June 20, 2006 | $ | 14,000 | 3-month LIBOR + 1.55% | September 23, 2036 | |||||||
Premier Statutory Trust V | December 14, 2006 | $ | 10,000 | 3-month LIBOR + 1.61% | March 1, 2037 | |||||||
Centra Statutory Trust I | September 20, 2004 | $ | 10,000 | 3-month LIBOR + 2.29% | September 20, 2034 | |||||||
Centra Statutory Trust II | June 15, 2006 | $ | 10,000 | 3-month LIBOR + 1.65% | July 7, 2036 | |||||||
Virginia Commerce Trust II | December 19, 2002 | $ | 15,000 | 6-month LIBOR + 3.30% | December 19, 2032 | |||||||
Virginia Commerce Trust III | December 20, 2005 | $ | 25,000 | 3-month LIBOR + 1.42% | February 23, 2036 | |||||||
Cardinal Statutory Trust I | July 27, 2004 | $ | 20,000 | 3-month LIBOR + 2.40% | September 15, 2034 | |||||||
UFBC Capital Trust I | December 30, 2004 | $ | 5,000 | 3-month LIBOR + 2.10% | March 15, 2035 |
Description | Issuance Date | Amount of Capital Securities Issued | Stated Interest Rate | Maturity Date | ||||||
United Statutory Trust III | December 17, 2003 | $ | 20,000 | 3-month LIBOR + 2.85% | December 17, 2033 | |||||
United Statutory Trust IV | December 19, 2003 | $ | 25,000 | 3-month LIBOR + 2.85% | January 23, 2034 | |||||
United Statutory Trust V | July 12, 2007 | $ | 50,000 | 3-month LIBOR + 1.55% | October 1, 2037 | |||||
United Statutory Trust VI | September 20, 2007 | $ | 30,000 | 3-month LIBOR + 1.30% | December 15, 2037 | |||||
Premier Statutory Trust II | September 25, 2003 | $ | 6,000 | 3-month LIBOR + 3.10% | October 8, 2033 | |||||
Premier Statutory Trust III | May 16, 2005 | $ | 8,000 | 3-month LIBOR + 1.74% | June 15, 2035 | |||||
Premier Statutory Trust IV | June 20, 2006 | $ | 14,000 | 3-month LIBOR + 1.55% | September 23, 2036 | |||||
Premier Statutory Trust V | December 14, 2006 | $ | 10,000 | 3-month LIBOR + 1.61% | March 1, 2037 | |||||
Centra Statutory Trust I | September 20, 2004 | $ | 10,000 | 3-month LIBOR + 2.29% | September 20, 2034 | |||||
Centra Statutory Trust II | June 15, 2006 | $ | 10,000 | 3-month LIBOR + 1.65% | July 7, 2036 | |||||
Virginia Commerce Trust II | December 19, 2002 | $ | 15,000 | 6-month LIBOR + 3.30% | December 19, 2032 | |||||
Virginia Commerce Trust III | December 20, 2005 | $ | 25,000 | 3-month LIBOR + 1.42% | February 23, 2036 | |||||
Cardinal Statutory Trust I | July 27, 2004 | $ | 20,000 | 3-month LIBOR + 2.40% | September 15, 2034 | |||||
UFBC Capital Trust I | December 30, 2004 | $ | 5,000 | 3-month LIBOR + 2.10% | March 15, 2035 | |||||
Carolina Financial Capital Trust I | December 19, 2002 | $ | 5,000 | Prime + 0.50% | December 31, 2032 | |||||
Carolina Financial Capital Trust II | November 5, 2003 | $ | 10,000 | 3-month LIBOR + 3.05% | January 7, 2034 | |||||
Greer Capital Trust I | October 12, 2004 | $ | 6,000 | 3-month LIBOR + 2.20% | October 18, 2034 | |||||
Greer Capital Trust II | December 28, 2006 | $ | 5,000 | 3-month LIBOR + 1.73% | January 30, 2037 | |||||
First South Preferred Trust I | September 26, 2003 | $ | 10,000 | 3-month LIBOR + 2.95% | September 30, 2033 |
As of June 30, 2019 | As of December 31, 2018 | |||||||||||||||||||||||
Aggregate Assets | Aggregate Liabilities | Risk Of Loss (1) | Aggregate Assets | Aggregate Liabilities | Risk Of Loss (1) | |||||||||||||||||||
Trust preferred securities | $ | 257,888 | $ | 248,746 | $ | 9,142 | $ | 257,754 | $ | 248,741 | $ | 9,013 |
As of June 30, 2020 | As of December 31, 2019 | |||||||||||||||||||||||
Aggregate Assets | Aggregate Liabilities | Risk Of Loss (1) | Aggregate Assets | Aggregate Liabilities | Risk Of Loss (1) | |||||||||||||||||||
Trust preferred securities | $ | 295,263 | $ | 284,657 | $ | 10,606 | $ | 257,941 | $ | 248,680 | $ | 9,261 | ||||||||||||
(1) Represents investment in VIEs. |
At and For the Three Months Ended June 30, 2019 | ||||||||||||||||||||
Community Banking | Mortgage Banking | Other | Intersegment Eliminations | Consolidated | ||||||||||||||||
Net interest income | $ | 152,517 | $ | 111 | $ | (3,209 | ) | $ | 1,134 | $ | 150,553 | |||||||||
Provision for loans losses | 5,417 | 0 | 0 | 0 | 5,417 | |||||||||||||||
Other income | 18,398 | 23,501 | 53 | (2,157 | ) | 39,795 | ||||||||||||||
Other expense | 82,304 | 18,771 | 143 | (1,023 | ) | 100,195 | ||||||||||||||
Income taxes | 17,207 | 1,004 | (682 | ) | 0 | 17,529 | ||||||||||||||
Net income (loss) | $ | 65,987 | $ | 3,837 | $ | (2,617 | ) | $ | 0 | $ | 67,207 | |||||||||
Total assets (liabilities) | $ | 19,735,901 | $ | 442,188 | $ | 16,729 | $ | (312,279 | ) | $ | 19,882,539 | |||||||||
Average assets (liabilities) | 19,447,629 | 326,525 | 5,387 | (263,687 | ) | 19,515,854 | ||||||||||||||
At and For the Three Months Ended June 30, 2018 | ||||||||||||||||||||
Community Banking | Mortgage Banking | Other | Intersegment Eliminations | Consolidated | ||||||||||||||||
Net interest income | $ | 149,448 | $ | 264 | $ | (3,032 | ) | $ | 2,442 | $ | 149,122 | |||||||||
Provision for loans losses | 6,204 | 0 | 0 | 0 | 6,204 | |||||||||||||||
Other income | 17,465 | 23,468 | 68 | (4,994 | ) | 36,007 | ||||||||||||||
Other expense | 76,495 | 21,225 | (1,758 | ) | (2,552 | ) | 93,410 | |||||||||||||
Income taxes | 18,948 | 564 | (271 | ) | 0 | 19,241 | ||||||||||||||
Net income (loss) | $ | 65,266 | $ | 1,943 | $ | (935 | ) | $ | 0 | $ | 66,274 | |||||||||
Total assets (liabilities) | $ | 19,112,133 | $ | 388,292 | $ | 10,895 | $ | (303,717 | ) | $ | 19,207,603 | |||||||||
Average assets (liabilities) | 18,658,168 | 335,781 | 6,776 | (288,341 | ) | 18,712,384 |
At and For the Three Months Ended June 30, 2020 | ||||||||||||||||||||
Community Banking | Mortgage Banking | Other | Intersegment Eliminations | Consolidated | ||||||||||||||||
Net interest income | $ | 167,703 | $ | 2,246 | $ | (2,556 | ) | $ | 3,209 | $ | 170,602 | |||||||||
Provision for loans losses | 45,911 | 0 | 0 | 0 | 45,911 | |||||||||||||||
Other income | 20,301 | 71,013 | 47 | (2,971 | ) | 88,390 | ||||||||||||||
Other expense | 106,477 | 35,261 | 7,398 | 238 | 149,374 | |||||||||||||||
Income taxes | 5,841 | 6,946 | (1,766 | ) | 0 | 11,021 | ||||||||||||||
Net income (loss) | $ | 29,775 | $ | 31,052 | $ | (8,141 | ) | $ | 0 | $ | 52,686 | |||||||||
Total assets (liabilities) | $ | 25,924,599 | $ | 730,637 | $ | 25,678 | $ | (445,941 | ) | $ | 26,234,973 | |||||||||
Average assets (liabilities) | 24,198,414 | 660,483 | 16,574 | (472,871 | ) | 24,402,600 | ||||||||||||||
At and For the Three Months Ended June 30, 2019 | ||||||||||||||||||||
Community Banking | Mortgage Banking | Other | Intersegment Eliminations | Consolidated | ||||||||||||||||
Net interest income | $ | 152,517 | $ | 111 | $ | (3,209 | ) | $ | 1,134 | $ | 150,553 | |||||||||
Provision for loans losses | 5,417 | 0 | 0 | 0 | 5,417 | |||||||||||||||
Other income | 18,398 | 23,501 | 53 | (2,157 | ) | 39,795 | ||||||||||||||
Other expense | 82,304 | 18,771 | 143 | (1,023 | ) | 100,195 | ||||||||||||||
Income taxes | 17,207 | 1,004 | (682 | ) | 0 | 17,529 | ||||||||||||||
Net income (loss) | $ | 65,987 | $ | 3,837 | $ | (2,617 | ) | $ | 0 | $ | 67,207 | |||||||||
Total assets (liabilities) | $ | 19,735,901 | $ | 442,188 | $ | 16,729 | $ | (312,279 | ) | $ | 19,882,539 | |||||||||
Average assets (liabilities) | 19,447,629 | 326,525 | 5,387 | (263,687 | ) | 19,515,854 | ||||||||||||||
At and For the Six Months Ended June 30, 2020 | ||||||||||||||||||||
Community Banking | Mortgage Banking | Other | Intersegment Eliminations | Consolidated | ||||||||||||||||
Net interest income | $ | 308,123 | $ | 3,195 | $ | (5,245 | ) | $ | 6,047 | $ | 312,120 | |||||||||
Provision for loans losses | 73,030 | 0 | 0 | 0 | 73,030 | |||||||||||||||
Other income | 39,868 | 92,203 | 56 | (6,931 | ) | 125,196 | ||||||||||||||
Other expense | 186,941 | 56,018 | 8,432 | (884 | ) | 250,507 | ||||||||||||||
Income taxes | 16,191 | 7,219 | (2,500 | ) | 0 | 20,910 | ||||||||||||||
Net income (loss) | $ | 71,829 | $ | 32,161 | $ | (11,121 | ) | $ | 0 | $ | 92,869 | |||||||||
Total assets (liabilities) | $ | 25,924,599 | $ | 730,637 | $ | 25,678 | $ | (445,941 | ) | $ | 26,234,973 | |||||||||
Average assets (liabilities) | 21,825,005 | 513,431 | 21,756 | (374,811 | ) | 21,985,381 |
At and For the Six Months Ended June 30, 2019 | ||||||||||||||||||||
Community Banking | Mortgage Banking | Other | Intersegment Eliminations | Consolidated | ||||||||||||||||
Net interest income | $ | 298,407 | $ | 166 | $ | (6,532 | ) | $ | 2,680 | $ | 294,721 | |||||||||
Provision for loans losses | 10,413 | 0 | 0 | 0 | 10,413 | |||||||||||||||
Other income | 36,050 | 39,607 | 255 | (4,894 | ) | 71,018 | ||||||||||||||
Other expense | 158,298 | 33,613 | (77 | ) | (2,214 | ) | 189,620 | |||||||||||||
Income taxes | 34,873 | 1,286 | (1,302 | ) | 0 | 34,857 | ||||||||||||||
Net income (loss) | $ | 130,873 | $ | 4,874 | $ | (4,898 | ) | $ | 0 | $ | 130,849 | |||||||||
Total assets (liabilities) | $ | 19,735,901 | $ | 442,188 | $ | 16,729 | $ | (312,279 | ) | $ | 19,882,539 | |||||||||
Average assets (liabilities) | 19,324,956 | 296,008 | 1,824 | (239,281 | ) | 19,383,507 |
At and For the Six Months Ended June 30, 2018 | ||||||||||||||||||||
Community Banking | Mortgage Banking | Other | Intersegment Eliminations | Consolidated | ||||||||||||||||
Net interest income | $ | 295,070 | $ | 640 | $ | (5,626 | ) | $ | 3,081 | $ | 293,165 | |||||||||
Provision for loans losses | 11,382 | 0 | 0 | 0 | 11,382 | |||||||||||||||
Other income | 35,235 | 38,351 | (754 | ) | (5,633 | ) | 67,199 | |||||||||||||
Other expense | 148,986 | 39,609 | (2,181 | ) | (2,552 | ) | 183,862 | |||||||||||||
Income taxes | 38,224 | (139 | ) | (945 | ) | 0 | 37,140 | |||||||||||||
Net income (loss) | $ | 131,713 | $ | (479 | ) | $ | (3,254 | ) | $ | 0 | $ | 127,980 | ||||||||
Total assets (liabilities) | $ | 19,112,133 | $ | 388,292 | $ | 10,895 | $ | (303,717 | ) | $ | 19,207,603 | |||||||||
Average assets (liabilities) | 18,583,975 | 274,211 | 9,231 | (238,796 | ) | 18,628,621 |
At and For the Six Months Ended June 30, 2019 | ||||||||||||||||||||
Community Banking | Mortgage Banking | Other | Intersegment Eliminations | Consolidated | ||||||||||||||||
Net interest income | $ | 298,407 | $ | 166 | $ | (6,532 | ) | $ | 2,680 | $ | 294,721 | |||||||||
Provision for loans losses | 10,413 | 0 | 0 | 0 | 10,413 | |||||||||||||||
Other income | 36,050 | 39,607 | 255 | (4,894 | ) | 71,018 | ||||||||||||||
Other expense | 158,298 | 33,613 | (77 | ) | (2,214 | ) | 189,620 | |||||||||||||
Income taxes | 34,873 | 1,286 | (1,302 | ) | 0 | 34,857 | ||||||||||||||
Net income (loss) | $ | 130,873 | $ | 4,874 | $ | (4,898 | ) | $ | 0 | $ | 130,849 | |||||||||
Total assets (liabilities) | $ | 19,735,901 | $ | 442,188 | $ | 16,729 | $ | (312,279 | ) | $ | 19,882,539 | |||||||||
Average assets (liabilities) | 19,324,956 | 296,008 | 1,824 | (239,281 | ) | 19,383,507 |
Item 2. | MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS |
• | The PPPFA amends the PPP to give borrowers more time to spend loan funds and still obtain forgiveness. |
• | Borrowers now have 24 weeks to spend loan proceeds, up from 8 weeks. |
• | The Act also reduces mandatory payroll spending from 75% to 60%. |
• | Two new exceptions let borrowers obtain full forgiveness even without fully restoring their workforce. |
• | Changes made by the PPPFA have been incorporated in new forgiveness applications released by the SBA. |
• | Time to pay off the loan has been extended to five years from the original two. |
• | The Act now allows businesses to delay paying payroll taxes even if they took a PPP loan. |
• | Restricted all non-essential travel and large external gatherings and have instituted a mandatory quarantine period for anyone that has traveled to an impacted area. |
• | Temporarily closed all of our financial center lobbies and other corporate facilities to non-employees, except for certain limited cases by appointment only. United continues to serve our consumer and business customers through our drive-through facilities, ATMs, internet banking, mobile app and telephone customer service capabilities. |
• | Expanded remote-access availability so that our work-force has the capability to work from home or other remote locations. All activities are performed in accordance with our compliance and information security policies designed to ensure customer data and other information is properly safeguarded. |
• | Instituted mandatory social distancing policies for those employees not working remotely. Members of certain operations teams have been split into separate buildings or locations to create redundancy for key functions across the organization. |
June 30 | December 31 | |||||||||||||||
(Dollars in thousands) | 2019 | 2018 | $ Change | % Change | ||||||||||||
U.S. Treasury securities and obligations of U.S. Government corporations and agencies | $ | 74,484 | $ | 85,890 | $ | (11,406 | ) | (13.28 | %) | |||||||
State and political subdivisions | 181,259 | 208,988 | (27,729 | ) | (13.27 | %) | ||||||||||
Mortgage-backed securities | 1,456,266 | 1,594,509 | (138,243 | ) | (8.67 | %) | ||||||||||
Asset-backed securities | 268,854 | 271,970 | (3,116 | ) | (1.15 | %) | ||||||||||
Trust preferred collateralized debt obligations | 5,413 | 5,917 | (504 | ) | (8.52 | %) | ||||||||||
Single issue trust preferred securities | 16,844 | 8,362 | 8,482 | 101.44 | % | |||||||||||
Corporate securities | 342,671 | 161,403 | 181,268 | 112.31 | % | |||||||||||
Total available for sale securities, at fair value | $ | 2,345,791 | $ | 2,337,039 | $ | 8,752 | 0.37 | % | ||||||||
The following table summarizes the changes in the held to maturity securities since year-end 2018: | ||||||||||||||||
June 30 | December 31 | |||||||||||||||
(Dollars in thousands) | 2019 | 2018 | $ Change | % Change | ||||||||||||
U.S. Treasury securities and obligations of U.S. Government corporations and agencies | $ | 5,015 | $ | 5,074 | $ | (59 | ) | (1.16 | %) | |||||||
State and political subdivisions | 1,426 | 5,473 | (4,047 | ) | (73.94 | %) | ||||||||||
Mortgage-backed securities | 0 | 20 | (20 | ) | (100.00 | %) | ||||||||||
Single issue trust preferred securities | 0 | 9,412 | (9,412 | ) | (100.00 | %) | ||||||||||
Other corporate securities | 20 | 20 | 0 | 0.00 | % | |||||||||||
Total held to maturity securities, at amortized cost | $ | 6,461 | $ | 19,999 | $ | (13,538 | ) | (67.69 | %) | |||||||
(Dollars in thousands) | June 30 2020 | December 31 2019 | $ Change | % Change | ||||||||||||
U.S. Treasury securities and obligations of U.S. Government corporations and agencies | $ | 67,303 | $ | 58,676 | $ | 8,627 | 14.70 | % | ||||||||
State and political subdivisions | 520,880 | 272,362 | 248,518 | 91.25 | % | |||||||||||
Mortgage-backed securities | 1,533,981 | 1,455,340 | 78,641 | 5.40 | % | |||||||||||
Asset-backed securities | 277,721 | 276,139 | 1,582 | 0.57 | % | |||||||||||
Trust preferred collateralized debt obligations | 12,837 | 4,703 | 8,134 | 172.95 | % | |||||||||||
Single issue trust preferred securities | 16,191 | 16,774 | (583 | ) | (3.48 | %) | ||||||||||
Corporate securities | 371,028 | 353,302 | 17,726 | 5.02 | % | |||||||||||
Total available for sale securities, at fair value | $ | 2,799,941 | $ | 2,437,296 | $ | 362,645 | 14.88 | % | ||||||||
(Dollars in thousands) | June 30 2020 | December 31 2019 | $ Change | % Change | ||||||||||||
U.S. Treasury securities and obligations of U.S. Government corporations and agencies | $ | 0 | $ | 0 | $ | 0 | 0.00 | % | ||||||||
State and political subdivisions | 1,201 | (1) | 1,426 | (225 | ) | (15.78 | %) | |||||||||
Mortgage-backed securities | 0 | 0 | 0 | 0.00 | % | |||||||||||
Single issue trust preferred securities | 0 | 0 | 0 | 0.00 | % | |||||||||||
Other corporate securities | 20 | 20 | 0 | 0.00 | % | |||||||||||
Total held to maturity securities, at amortized cost | $ | 1,221 | $ | 1,446 | $ | (225 | ) | (15.56 | %) | |||||||
Security | Moodys | S&P | Fitch | Amortized Cost | Fair Value | Unrealized Loss/ (Gain) | ||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||||||
Emigrant Bank | NR | NR | WD | $ | 5,729 | $ | 5,240 | $ | 489 | |||||||||||||||
SunTrust Bank | Baa2 | NR | BB+ | 4,958 | 4,600 | 358 | ||||||||||||||||||
M&T Bank | NR | BBB- | BBB- | 3,036 | 3,211 | (175 | ) | |||||||||||||||||
SunTrust Bank | NR | BB+ | BB+ | 2,480 | 2,282 | 198 | ||||||||||||||||||
HSBC | Baa2 | BBB+ | NR | 1,000 | 710 | 290 | ||||||||||||||||||
Royal Bank of Scotland | Baa3 | BB+ | BBB | 977 | 801 | 176 | ||||||||||||||||||
$ | 18,180 | $ | 16,844 | $ | 1,336 | |||||||||||||||||||
Security | Moodys | S&P | Fitch | Amortized Cost | Fair Value | Unrealized Loss/ (Gain) | ||||||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||||||
Emigrant Bank | NR | NR | WD | $ | 5,741 | $ | 4,837 | $ | 904 | |||||||||||||||
Truist Bank | Baa1 | NR | BBB | 4,963 | 4,349 | 614 | ||||||||||||||||||
M&T Bank | NR | BBB- | BBB- | 3,048 | 3,207 | (159 | ) | |||||||||||||||||
Truist Bank | NR | BBB- | BBB | 2,481 | 2,141 | 340 | ||||||||||||||||||
HSBC | Baa2 | BBB | NR | 1,000 | 778 | 222 | ||||||||||||||||||
Royal Bank of Scotland | Baa3 | BB+ | BBB | 978 | 879 | 99 | ||||||||||||||||||
$ | 18,211 | $ | 16,191 | $ | 2,020 | |||||||||||||||||||
June 30 | December 31 | |||||||||||||||
(Dollars in thousands) | 2019 | 2018 | $ Change | % Change | ||||||||||||
Loans held for sale | $ | 370,593 | $ | 249,846 | $ | 120,747 | 48.33 | % | ||||||||
Commercial, financial, and agricultural: | ||||||||||||||||
Owner-occupied commercial real estate | $ | 1,239,954 | $ | 1,291,790 | $ | (51,836 | ) | (4.01 | %) | |||||||
Nonowner-occupied commercial real estate | 4,194,064 | 4,303,613 | (109,549 | ) | (2.55 | %) | ||||||||||
Other commercial loans | 2,021,953 | 1,957,641 | 64,312 | 3.29 | % | |||||||||||
Total commercial, financial, and agricultural | $ | 7,455,971 | $ | 7,553,044 | $ | (97,073 | ) | (1.29 | %) | |||||||
Residential real estate | 3,674,005 | 3,501,393 | 172,612 | 4.93 | % | |||||||||||
Construction & land development | 1,464,064 | 1,410,468 | 53,596 | 3.80 | % | |||||||||||
Consumer: | ||||||||||||||||
Bankcard | 9,380 | 10,203 | (823 | ) | (8.07 | %) | ||||||||||
Other consumer | 1,036,526 | 954,424 | 82,102 | 8.60 | % | |||||||||||
Total gross loans | $ | 13,639,946 | $ | 13,429,532 | $ | 210,414 | 1.57 | % | ||||||||
Less: Unearned income | (4,680 | ) | (7,310 | ) | 2,630 | (35.98 | %) | |||||||||
Total Loans, net of unearned income | $ | 13,635,266 | $ | 13,422,222 | $ | 213,044 | 1.59 | % | ||||||||
(Dollars in thousands) | June 30 2020 | December 31 2019 | $ Change | % Change | ||||||||||||
Loans held for sale | $ | 625,984 | $ | 387,514 | $ | 238,470 | 61.54 | % | ||||||||
Commercial, financial, and agricultural: | ||||||||||||||||
Owner-occupied commercial real estate | $ | 1,624,760 | $ | 1,201,652 | $ | 423,108 | 35.21 | % | ||||||||
Nonowner-occupied commercial real estate | 5,004,790 | 3,965,960 | 1,038,830 | 26.19 | % | |||||||||||
Other commercial loans and leases | 4,113,505 | 2,285,037 | 1,828,468 | 80.02 | % | |||||||||||
Total commercial, financial, and agricultural | $ | 10,743,055 | $ | 7,452,649 | $ | 3,290,406 | 44.15 | % | ||||||||
Residential real estate | 4,310,156 | 3,686,401 | 623,755 | 16.92 | % | |||||||||||
Construction & land development | 1,775,728 | 1,408,205 | 367,523 | 26.10 | % | |||||||||||
Consumer: | ||||||||||||||||
Bankcard | 8,465 | 10,074 | (1,609 | ) | (15.97 | %) | ||||||||||
Other consumer | 1,195,150 | 1,156,219 | 38,931 | 3.37 | % | |||||||||||
Total gross loans and leases | $ | 18,032,554 | $ | 13,713,548 | $ | 4,319,006 | 31.49 | % | ||||||||
Less: Unearned income | (40,152 | ) | (1,419 | ) | (38,733 | ) | 2729.60 | % | ||||||||
Total loans and leases, net of unearned income | $ | 17,992,402 | $ | 13,712,129 | $ | 4,280,273 | 31.22 | % | ||||||||
June 30, 2019 | ||||||||||||||||||||
(In thousands) | Commercial, financial and agricultural | Residential real estate | Construction & land development | Consumer | Total | |||||||||||||||
Originated | $ | 5,101,650 | $ | 2,944,711 | $ | 1,273,243 | $ | 1,041,262 | $ | 10,360,866 | ||||||||||
Acquired | 2,354,321 | 729,294 | 190,821 | 4,644 | 3,279,080 | |||||||||||||||
Total gross loans | $ | 7,455,971 | $ | 3,674,005 | $ | 1,464,064 | $ | 1,045,906 | $ | 13,639,946 | ||||||||||
December 31, 2018 | ||||||||||||||||||||
(In thousands) | Commercial, financial and agricultural | Residential real estate | Construction & land development | Consumer | Total | |||||||||||||||
Originated | $ | 4,887,688 | $ | 2,686,817 | $ | 1,179,676 | $ | 959,392 | $ | 9,713,573 | ||||||||||
Acquired | 2,665,356 | 814,576 | 230,792 | 5,235 | 3,715,959 | |||||||||||||||
Total gross loans | $ | 7,553,044 | $ | 3,501,393 | $ | 1,410,468 | $ | 964,627 | $ | 13,429,532 | ||||||||||
June 30 | December 31 | |||||||||||||||
(Dollars in thousands) | 2019 | 2018 | $ Change | % Change | ||||||||||||
Demand deposits | $ | 3,123,634 | $ | 3,212,878 | $ | (89,244 | ) | (2.78 | %) | |||||||
Interest-bearing checking | 367,115 | 374,495 | (7,380 | ) | (1.97 | %) | ||||||||||
Regular savings | 966,559 | 954,961 | 11,598 | 1.21 | % | |||||||||||
Money market accounts | 7,261,789 | 7,157,028 | 104,761 | 1.46 | % | |||||||||||
Time deposits under $100,000 | 721,387 | 712,313 | 9,074 | 1.27 | % | |||||||||||
Time deposits over $100,000 (1) | 1,963,601 | 1,583,074 | 380,527 | 24.04 | % | |||||||||||
Total deposits | $ | 14,404,085 | $ | 13,994,749 | $ | 409,336 | 2.92 | % | ||||||||
(Dollars in thousands) | June 30 2020 | December 31 2019 | $ Change | % Change | ||||||||||||
Demand deposits | $ | 5,307,461 | $ | 3,381,866 | $ | 1,925,595 | 56.94 | % | ||||||||
Interest-bearing checking | 1,076,250 | 372,175 | 704,075 | 189.18 | % | |||||||||||
Regular savings | 1,225,522 | 882,889 | 342,633 | 38.81 | % | |||||||||||
Money market accounts | 8,791,822 | 6,891,696 | 1,900,126 | 27.57 | % | |||||||||||
Time deposits under $100,000 | 1,098,106 | 723,941 | 374,165 | 51.68 | % | |||||||||||
Time deposits over $100,000 (1) | 2,394,682 | 1,599,854 | 794,828 | 49.68 | % | |||||||||||
Total deposits | $ | 19,893,843 | $ | 13,852,421 | $ | 6,041,422 | 43.61 | % | ||||||||
(1) | Includes time deposits of $250,000 or more of |
June 30 | December 31 | |||||||||||||||
(Dollars in thousands) | 2019 | 2018 | $ Change | % Change | ||||||||||||
Federal funds purchased | $ | 0 | $ | 23,400 | $ | (23,400 | ) | (100.00 | %) | |||||||
Short-term securities sold under agreements to repurchase | 122,159 | 152,927 | (30,768 | ) | (20.12 | %) | ||||||||||
Short-term FHLB advances | 0 | 175,000 | (175,000 | ) | (100.00 | %) | ||||||||||
Long-term FHLB advances | 1,548,032 | 1,264,198 | 283,834 | 22.45 | % | |||||||||||
Issuances of trust preferred capital securities | 235,535 | 234,905 | 630 | 0.27 | % | |||||||||||
Total borrowings | $ | 1,905,726 | $ | 1,850,430 | $ | 55,296 | 2.99 | % | ||||||||
(Dollars in thousands) | June 30 2020 | December 31 2019 | $ Change | % Change | ||||||||||||
Federal funds purchased | $ | 0 | $ | 0 | $ | 0 | 0.00 | % | ||||||||
Short-term securities sold under agreements to repurchase | 176,168 | 124,654 | 51,514 | 41.33 | % | |||||||||||
Short-term FHLB advances | 0 | 250,000 | (250,000 | ) | (100.00 | %) | ||||||||||
Long-term FHLB advances | 1,354,879 | 1,601,865 | (246,986 | ) | (15.42 | %) | ||||||||||
Subordinated debt | 9,865 | 0 | 9,865 | 100.00 | % | |||||||||||
Issuances of trust preferred capital securities | 269,147 | 236,164 | 32.983 | 13.97 | % | |||||||||||
Total borrowings | $ | 1,810,059 | $ | 2,212,683 | $ | (402,624 | ) | (18.20 | %) | |||||||
Three Months Ended | Six Months Ended | |||||||||||||||
(Dollars in thousands) | June 30, 2019 | June 30, 2018 | June 30, 2019 | June 30, 2018 | ||||||||||||
Return on Average Tangible Equity: | ||||||||||||||||
(a) Net Income (GAAP) | $ | 67,207 | $ | 66,274 | $ | 130,849 | $ | 127,980 | ||||||||
(b) Number of days | 91 | 91 | 181 | 181 | ||||||||||||
Average Total Shareholders’ Equity (GAAP) | $ | 3,220,987 | $ | 3,276,099 | $ | 3,299,061 | $ | 3,274,639 | ||||||||
Less: Average Total Intangibles | (1,512,400 | ) | (1,520,253 | ) | (1,513,279 | ) | (1,521,323 | ) | ||||||||
(c) Average Tangible Equity (non-GAAP) | $ | 1,808,587 | $ | 1,755,846 | $ | 1,785,782 | $ | 1,753,316 | ||||||||
Return on Tangible Equity (non-GAAP) [(a) / (b)] x 365 / (c) | 14.90 | % | 15.14 | % | 14.78 | % | 14.72 | % |
Three Months Ended | Six Months Ended | |||||||||||||||
(Dollars in thousands) | June 30, 2020 | June 30, 2019 | June 30, 2020 | June 30, 2019 | ||||||||||||
Return on Average Tangible Equity: | ||||||||||||||||
(a) Net Income (GAAP) | $ | 52,686 | $ | 67,207 | $ | 92,869 | $ | 130,849 | ||||||||
(b) Number of days | 91 | �� | 91 | 182 | 181 | |||||||||||
Average Total Shareholders’ Equity (GAAP) | $ | 3,921,289 | $ | 3,220,987 | $ | 3,620,425 | $ | 3,299,061 | ||||||||
Less: Average Total Intangibles | (1,708,683 | ) | (1,512,400 | ) | (1,607,977 | ) | (1,513,279 | ) | ||||||||
(c) Average Tangible Equity (non-GAAP) | $ | 2,212,606 | $ | 1,808,587 | $ | 2,012,448 | $ | 1,785,782 | ||||||||
Return on Tangible Equity (non-GAAP) [(a) / (b)] x 366 or 365/ (c) | 9.58 | % | 14.90 | % | 9.28 | % | 14.78 | % |
Three Months Ended | ||||||||||||
June 30 | June 30 | March 31 | ||||||||||
(Dollars in thousands) | 2019 | 2018 | 2019 | |||||||||
Loan accretion | $ | 14,451 | $ | 12,056 | $ | 8,544 | ||||||
Certificates of deposit | 197 | 311 | 198 | |||||||||
Long-term borrowings | 269 | 268 | 268 | |||||||||
Total | $ | 14,917 | $ | 12,635 | $ | 9,010 | ||||||
Three Months Ended | ||||||||||||
(Dollars in thousands) | June 30 2020 | June 30 2019 | March 31 2020 | |||||||||
Loan accretion | $ | 9,549 | $ | 14,451 | $ | 9,546 | ||||||
Certificates of deposit | 2,611 | 197 | 141 | |||||||||
Long-term borrowings | 488 | 269 | 268 | |||||||||
Total | $ | 12,648 | $ | 14,917 | $ | 9,955 | ||||||
Six Months Ended | ||||||||
June 30 | June 30 | |||||||
(Dollars in thousands) | 2019 | 2018 | ||||||
Loan accretion | $ | 22,995 | $ | 22,822 | ||||
Certificates of deposit | 395 | 637 | ||||||
Long-term borrowings | 537 | 537 | ||||||
Tax-equivalent net interest income | $ | 23,927 | $ | 23,996 | ||||
Six Months Ended | ||||||||
(Dollars in thousands) | June 30 2020 | June 30 2019 | ||||||
Loan accretion | $ | 19,095 | $ | 22,995 | ||||
Certificates of deposit | 2,752 | 395 | ||||||
Long-term borrowings | 756 | 537 | ||||||
Tax-equivalent net interest income | $ | 22,603 | $ | 23,927 | ||||
Three Months Ended | ||||||||||||
June 30 | June 30 | March 31 | ||||||||||
(Dollars in thousands) | 2019 | 2018 | 2019 | |||||||||
Net interest income, GAAP basis | $ | 150,553 | $ | 149,122 | $ | 144,168 | ||||||
Tax-equivalent adjustment (1) | 977 | 1,115 | 993 | |||||||||
Tax-equivalent net interest income | $ | 151,530 | $ | 150,237 | $ | 145,161 | ||||||
Three Months Ended | ||||||||||||
(Dollars in thousands) | June 30 2020 | June 30 2019 | March 31 2020 | |||||||||
Net interest income, GAAP basis | $ | 170,602 | $ | 150,553 | $ | 141,518 | ||||||
Tax-equivalent adjustment (1) | 1,018 | 977 | 782 | |||||||||
Tax-equivalent net interest income | $ | 171,620 | $ | 151,530 | $ | 142,300 | ||||||
Six Months Ended | ||||||||
(Dollars in thousands) | June 30 2020 | June 30 2019 | ||||||
Net interest income, GAAP basis | $ | 312,120 | $ | 294,721 | ||||
Tax-equivalent adjustment (1) | 1,800 | 1,970 | ||||||
Tax-equivalent net interest income | $ | 313,920 | $ | 296,691 | ||||
Six Months Ended | ||||||||
June 30 | June 30 | |||||||
(Dollars in thousands) | 2019 | 2018 | ||||||
Net interest income, GAAP basis | $ | 294,721 | $ | 293,165 | ||||
Tax-equivalent adjustment (1) | 1,970 | 2,219 | ||||||
Tax-equivalent net interest income | $ | 296,691 | $ | 295,384 | ||||
(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, |
Three Months Ended | Three Months Ended | |||||||||||||||||||||||
June 30, 2019 | June 30, 2018 | |||||||||||||||||||||||
(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 | $ | 770,625 | $ | 5,405 | 2.81 | % | $ | 649,282 | $ | 3,465 | 2.14 | % | ||||||||||||
Investment Securities: | ||||||||||||||||||||||||
Taxable | 2,455,549 | 17,748 | 2.89 | % | 2,049,301 | 13,810 | 2.70 | % | ||||||||||||||||
Tax-exempt | 159,781 | 1,218 | 3.05 | % | 243,048 | 1,811 | 2.98 | % | ||||||||||||||||
Total Securities | 2,615,330 | 18,966 | 2.90 | % | 2,292,349 | 15,621 | 2.73 | % | ||||||||||||||||
Loans, net of unearned income (2) | 13,888,716 | 175,851 | 5.08 | % | 13,547,371 | 160,029 | 4.74 | % | ||||||||||||||||
Allowance for loan losses | (76,682 | ) | (76,773 | ) | ||||||||||||||||||||
Net loans | 13,812,034 | 5.10 | % | 13,470,598 | 4.76 | % | ||||||||||||||||||
Total earning assets | 17,197,989 | $ | 200,222 | 4.67 | % | 16,412,229 | $ | 179,115 | 4.37 | % | ||||||||||||||
Other assets | 2,317,865 | 2,300,155 | ||||||||||||||||||||||
TOTAL ASSETS | $ | 19,515,854 | $ | 18,712,384 | ||||||||||||||||||||
LIABILITIES | ||||||||||||||||||||||||
Interest-Bearing Funds: | ||||||||||||||||||||||||
Interest-bearing deposits | $ | 9,753,724 | $ | 35,455 | 1.46 | % | $ | 9,210,282 | $ | 19,076 | 0.83 | % | ||||||||||||
Short-term borrowings | 136,230 | 608 | 1.79 | % | 208,058 | 464 | 0.89 | % | ||||||||||||||||
Long-term borrowings | 1,879,154 | 12,629 | 2.70 | % | 1,659,613 | 9,338 | 2.26 | % | ||||||||||||||||
Total Interest-Bearing Funds | 11,769,108 | 48,692 | 1.66 | % | 11,077,953 | 28,878 | 1.05 | % | ||||||||||||||||
Noninterest-bearing deposits | 4,240,050 | 4,255,840 | ||||||||||||||||||||||
Accrued expenses and other liabilities | 185,709 | 102,492 | ||||||||||||||||||||||
TOTAL LIABILITIES | 16,194,867 | 15,436,285 | ||||||||||||||||||||||
SHAREHOLDERS’ EQUITY | 3,320,987 | 3,276,099 | ||||||||||||||||||||||
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY | $ | 19,515,854 | $ | 18,712,384 | ||||||||||||||||||||
NET INTEREST INCOME | $ | 151,530 | $ | 150,237 | ||||||||||||||||||||
INTEREST SPREAD | 3.01 | % | 3.32 | % | ||||||||||||||||||||
NET INTEREST MARGIN | 3.53 | % | 3.67 | % |
Three Months Ended June 30, 2020 | Three Months Ended June 30, 2019 | |||||||||||||||||||||||
(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 | $ | 1,548,759 | $ | 1,868 | 0.49 | % | $ | 770,625 | $ | 5,405 | 2.81 | % | ||||||||||||
Investment Securities: | ||||||||||||||||||||||||
Taxable | 2,703,980 | 16,241 | 2.40 | % | 2,455,549 | 17,748 | 2.89 | % | ||||||||||||||||
Tax-exempt | 226,942 | 1,641 | 2.89 | % | 159,781 | 1,218 | 3.05 | % | ||||||||||||||||
Total Securities | 2,930,922 | 17,882 | 2.44 | % | 2,615,330 | 18,966 | 2.90 | % | ||||||||||||||||
Loans, net of unearned income (2) | 17,345,008 | 179,985 | 4.17 | % | 13,888,716 | 175,851 | 5.08 | % | ||||||||||||||||
Allowance for loan losses | (170,947 | ) | (76,682 | ) | ||||||||||||||||||||
Net loans | 17,174,061 | 4.21 | % | 13,812,034 | 5.10 | % | ||||||||||||||||||
Total earning assets | 21,653,742 | $ | 199,735 | 3.70 | % | 17,197,989 | $ | 200,222 | 4.67 | % | ||||||||||||||
Other assets | 2,748,858 | 2,317,865 | ||||||||||||||||||||||
TOTAL ASSETS | $ | 24,402,600 | $ | 19,515,854 | ||||||||||||||||||||
LIABILITIES | ||||||||||||||||||||||||
Interest-Bearing Funds: | ||||||||||||||||||||||||
Interest-bearing deposits | $ | 11,600,243 | $ | 19,249 | 0.67 | % | $ | 9,753,724 | $ | 35,455 | 1.46 | % | ||||||||||||
Short-term borrowings | 144,866 | 196 | 0.54 | % | 136,230 | 608 | 1.79 | % | ||||||||||||||||
Long-term borrowings | 2,070,557 | 8,670 | 1.68 | % | 1,879,154 | 12,629 | 2.70 | % | ||||||||||||||||
Total Interest-Bearing Funds | 13,815,666 | 28,115 | 0.82 | % | 11,769,108 | 48,692 | 1.66 | % | ||||||||||||||||
Noninterest-bearing deposits | 6,412,124 | 4,240,050 | ||||||||||||||||||||||
Accrued expenses and other liabilities | 253,521 | 185,709 | ||||||||||||||||||||||
TOTAL LIABILITIES | 20,481,311 | 16,194,867 | ||||||||||||||||||||||
SHAREHOLDERS’ EQUITY | 3,921,289 | 3,320,987 | ||||||||||||||||||||||
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY | $ | 24,402,600 | $ | 19,515,854 | ||||||||||||||||||||
NET INTEREST INCOME | $ | 171,620 | $ | 151,530 | ||||||||||||||||||||
INTEREST SPREAD | 2.88 | % | 3.01 | % | ||||||||||||||||||||
NET INTEREST MARGIN | 3.18 | % | 3.53 | % |
(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 | Six Months Ended | |||||||||||||||||||||||
June 30, 2019 | June 30, 2018 | |||||||||||||||||||||||
(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 | $ | 754,865 | $ | 11,242 | 3.00 | % | $ | 813,562 | $ | 8,382 | 2.08 | % | ||||||||||||
Investment Securities: | ||||||||||||||||||||||||
Taxable | 2,419,202 | 35,111 | 2.90 | % | 1,986,668 | 25,685 | 2.59 | % | ||||||||||||||||
Tax-exempt | 163,077 | 2,516 | 3.09 | % | 249,488 | 3,666 | 2.94 | % | ||||||||||||||||
Total Securities | 2,582,279 | 37,627 | 2.91 | % | 2,236,156 | 29,351 | 2.63 | % | ||||||||||||||||
Loans, net of unearned income (2) | 13,800,985 | 341,443 | 4.98 | % | 13,361,545 | 309,671 | 4.67 | % | ||||||||||||||||
Allowance for loan losses | (76,722 | ) | (76,675 | ) | ||||||||||||||||||||
Net loans | 13,724,263 | 5.01 | % | 13,284,870 | 4.70 | % | ||||||||||||||||||
Total earning assets | 17,061,407 | $ | 390,312 | 4.60 | % | 16,334,588 | $ | 347,404 | 4.28 | % | ||||||||||||||
Other assets | 2,322,100 | 2,294,033 | ||||||||||||||||||||||
TOTAL ASSETS | $ | 19,383,507 | $ | 18,628,621 | ||||||||||||||||||||
LIABILITIES | ||||||||||||||||||||||||
Interest-Bearing Funds: | ||||||||||||||||||||||||
Interest-bearing deposits | $ | 9,724,379 | $ | 68,093 | 1.41 | % | $ | 9,281,485 | $ | 34,733 | 0.75 | % | ||||||||||||
Short-term borrowings | 154,811 | 1,299 | 1.69 | % | 246,988 | 885 | 0.72 | % | ||||||||||||||||
Long-term borrowings | 1,788,790 | 24,229 | 2.73 | % | 1,506,795 | 16,402 | 2.20 | % | ||||||||||||||||
Total Interest-Bearing Funds | 11,667,980 | 93,621 | 1.62 | % | 11,035,268 | 52,020 | 0.95 | % | ||||||||||||||||
Non-interest bearing deposits | 4,230,598 | 4,215,230 | ||||||||||||||||||||||
Accrued expenses and other liabilities | 185,868 | 103,484 | ||||||||||||||||||||||
�� | ||||||||||||||||||||||||
TOTAL LIABILITIES | 16,084,446 | 15,353,982 | ||||||||||||||||||||||
SHAREHOLDERS’ EQUITY | 3,299,061 | 3,274,639 | ||||||||||||||||||||||
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY | $ | 19,383,507 | $ | 18,628,621 | ||||||||||||||||||||
NET INTEREST INCOME | $ | 296,691 | $ | 295,384 | ||||||||||||||||||||
INTEREST SPREAD | 2.98 | % | 3.33 | % | ||||||||||||||||||||
NET INTEREST MARGIN | 3.50 | % | 3.64 | % |
Six Months Ended June 30, 2020 | Six Months Ended June 30, 2019 | |||||||||||||||||||||||
(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 | $ | 1,131,633 | $ | 5,833 | 1.04 | % | $ | 754,865 | $ | 11,242 | 3.00 | % | ||||||||||||
Investment Securities: | ||||||||||||||||||||||||
Taxable | 2,620,604 | 33,210 | 2.53 | % | 2,419,202 | 35,111 | 2.90 | % | ||||||||||||||||
Tax-exempt | 166,512 | 2,520 | 3.03 | % | 163,077 | 2,516 | 3.09 | % | ||||||||||||||||
Total Securities | 2,787,116 | 35,730 | 2.56 | % | 2,582,279 | 37,627 | 2.91 | % | ||||||||||||||||
Loans, net of unearned income (2) | 15,708,515 | 339,436 | 4.34 | % | 13,800,985 | 341,443 | 4.98 | % | ||||||||||||||||
Allowance for loan losses | (152,515 | ) | (76,722 | ) | ||||||||||||||||||||
Net loans | 15,556,000 | 4.38 | % | 13,724,263 | 5.01 | % | ||||||||||||||||||
Total earning assets | 19,474,749 | $ | 380,999 | 3.93 | % | 17,061,407 | $ | 390,312 | 4.60 | % | ||||||||||||||
Other assets | 2,510,632 | 2,322,100 | ||||||||||||||||||||||
TOTAL ASSETS | $ | 21,985,381 | $ | 19,383,507 | ||||||||||||||||||||
LIABILITIES | ||||||||||||||||||||||||
Interest-Bearing Funds: | ||||||||||||||||||||||||
Interest-bearing deposits | $ | 10,439,513 | $ | 46,726 | 0.90 | % | $ | 9,724,379 | $ | 68,093 | 1.41 | % | ||||||||||||
Short-term borrowings | 141,146 | 654 | 0.93 | % | 154,811 | 1,299 | 1.69 | % | ||||||||||||||||
Long-term borrowings | 2,036,660 | 19,699 | 1.95 | % | 1,788,790 | 24,229 | 2.73 | % | ||||||||||||||||
Total Interest-Bearing Funds | 12,617,319 | 67,079 | 1.07 | % | 11,667,980 | 93,621 | 1.62 | % | ||||||||||||||||
Non-interest bearing deposits | 5,519,584 | 4,230,598 | ||||||||||||||||||||||
Accrued expenses and other liabilities | 228,053 | 185,868 | ||||||||||||||||||||||
TOTAL LIABILITIES | 18,364,956 | 16,084,446 | ||||||||||||||||||||||
SHAREHOLDERS’ EQUITY | 3,620,425 | 3,299,061 | ||||||||||||||||||||||
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY | $ | 21,985,381 | $ | 19,383,507 | ||||||||||||||||||||
NET INTEREST INCOME | $ | 313,920 | $ | 296,691 | ||||||||||||||||||||
INTEREST SPREAD | 2.86 | % | 2.98 | % | ||||||||||||||||||||
NET INTEREST MARGIN | 3.24 | % | 3.50 | % |
(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. |
June 30, | December 31, | |||||||||||||||||||||||
(In thousands) | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | ||||||||||||||||||
Nonaccrual loans (1) | ||||||||||||||||||||||||
Originated | $ | 60,731 | $ | 57,258 | $ | 97,971 | $ | 77,111 | $ | 83,146 | $ | 64,312 | ||||||||||||
Acquired | 10,392 | 11,286 | 10,832 | 6,414 | 8,043 | 10,739 | ||||||||||||||||||
Loans which are contractually past due 90 days or more as to interest or principal and are still accruing interest (1) | ||||||||||||||||||||||||
Originated | 9,485 | 11,945 | 7,288 | 7,763 | 11,462 | 10,868 | ||||||||||||||||||
Acquired | 3,244 | 2,906 | 2,515 | 823 | 166 | 807 | ||||||||||||||||||
Restructured loans (1) | ||||||||||||||||||||||||
Originated | 55,155 | 58,101 | 48,709 | 21,115 | 23,890 | 22,234 | ||||||||||||||||||
Acquired | 3,595 | 1,324 | 1,420 | 37 | 0 | 0 | ||||||||||||||||||
Total nonperforming loans | $ | 142,602 | $ | 142,820 | $ | 168,835 | $ | 113,263 | $ | 126,707 | $ | 108,960 | ||||||||||||
Other real estate owned | 14,469 | 16,865 | 24,348 | 31,510 | 32,228 | 38,778 | ||||||||||||||||||
TOTAL NONPERFORMING ASSETS | $ | 157,071 | $ | 159,685 | $ | 193,083 | $ | 144,773 | $ | 158,935 | $ | 147,738 | ||||||||||||
Item 3. | QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK |
Change in Interest Rates (basis points) | Percentage Change in Net Interest Income | |||||||
June 30, 2019 | December 31, 2018 | |||||||
+200 | (1.97 | %) | (2.71 | %) | ||||
+100 | (0.70 | %) | (1.29 | %) | ||||
-100 | 0.44 | % | 0.97 | % | ||||
-200 | (1.80 | %) | (0.97 | %) |
Change in Interest Rates (basis points) | Percentage Change in Net Interest Income | |||||||
June 30, 2020 | December 31, 2019 | |||||||
+200 | (2.50 | %) | (2.37 | %) | ||||
+100 | (1.50 | %) | (1.09 | %) | ||||
-100 | 0.50 | % | 0.86 | % | ||||
-200 | 0.40 | % | (1.34 | %) |
Item 4. | CONTROLS AND PROCEDURES |
Item 1. | LEGAL PROCEEDINGS |
Item 1A. | RISK FACTORS |
Item 2. | UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS |
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 – 4/30/2019 | 31,500 | $ | 36.19 | 31,500 | 2,096,500 | |||||||||||
5/01 – 5/31/2019 | 15,004 | $ | 36.50 | 15,000 | 2,081,500 | |||||||||||
6/01 – 6/30/2019 | 120,100 | $ | 36.17 | 120,100 | 1,961,400 | |||||||||||
Total | 166,604 | $ | 36.20 | 166,600 | ||||||||||||
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 – 4/30/2020 | 0 | $ | 00.00 | 0 | 4,000,000 | |||||||||||
5/01 – 5/31/2020 | 6 | $ | 22.60 | 0 | 4,000,000 | |||||||||||
6/01 – 6/30/2020 | 0 | $ | 00.00 | 0 | 4,000,000 | |||||||||||
Total | 6 | $ | 22.60 | 0 | ||||||||||||
(1) | Includes shares exchanged in connection with the exercise of stock options and the vesting of restricted shares under United’s long-term incentive plans. Shares are purchased or vested pursuant to the terms of the applicable plan and not pursuant to a publicly announced stock repurchase plan. No shares were exchanged by participants in United’s long-term incentive plans for the quarter ended June 30, |
(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, |
(3) | In |
Item 3. | DEFAULTS UPON SENIOR SECURITIES |
Item 4. | MINE SAFETY DISCLOSURES |
Item 5. | OTHER INFORMATION |
(a) | None. |
(b) | No changes were made to the procedures by which security holders may recommend nominees to United’s Board of Directors. |
Item 6. | EXHIBITS |
Exhibit No. | Description | ||||
2.1 | |||||
3.1 | |||||
3.2 | |||||
4.1 | |||||
31.1 | |||||
31.2 | |||||
32.1 | |||||
32.2 | |||||
101 | |||||
Interactive data file | |||||
104 | Cover Page (imbedded in iXBRL) |
UNITED BANKSHARES, INC. | |||||||||
(Registrant) | |||||||||
Date: | August | /s/ Richard M. Adams | |||||||
Richard M. Adams, Chairman of the Board and Chief Executive Officer | |||||||||
Date: | August | /s/ W. Mark Tatterson | |||||||
W. Mark Tatterson, Executive Vice President and Chief Financial Officer |