Document_and_Entity_Informatio
Document and Entity Information (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Jan. 31, 2014 | Jun. 30, 2013 | |
Document And Entity Information [Abstract] | ' | ' | ' |
Document Type | '10-K | ' | ' |
Amendment Flag | 'false | ' | ' |
Document Period End Date | 31-Dec-13 | ' | ' |
Document Fiscal Year Focus | '2013 | ' | ' |
Document Fiscal Period Focus | 'FY | ' | ' |
Entity Registrant Name | 'UNITED BANKSHARES INC/WV | ' | ' |
Entity Central Index Key | '0000729986 | ' | ' |
Current Fiscal Year End Date | '--12-31 | ' | ' |
Entity Well-known Seasoned Issuer | 'Yes | ' | ' |
Entity Current Reporting Status | 'Yes | ' | ' |
Entity Voluntary Filers | 'No | ' | ' |
Entity Filer Category | 'Large Accelerated Filer | ' | ' |
Entity Common Stock, Shares Outstanding | ' | 68,767,594 | ' |
Entity Public Float | ' | ' | $1,213,705,516 |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Assets | ' | ' |
Cash and due from banks | $134,808 | $157,539 |
Interest-bearing deposits with other banks | 281,090 | 273,517 |
Federal funds sold | 719 | 1,021 |
Total cash and cash equivalents | 416,617 | 432,077 |
Securities available for sale at estimated fair value (amortized cost-$813,049 at December 31, 2013 and $673,315 at December 31, 2012) | 775,284 | 625,625 |
Securities held to maturity (estimated fair value-$38,293 at December 31, 2013 and $42,695 at December 31, 2012) | 40,965 | 43,467 |
Other investment securities | 73,093 | 60,310 |
Loans held for sale | 4,236 | 17,762 |
Loans | 6,713,599 | 6,517,780 |
Less: Unearned income | -9,016 | -6,364 |
Loans net of unearned income | 6,704,583 | 6,511,416 |
Less: Allowance for loan losses | -74,198 | -73,901 |
Net loans | 6,630,385 | 6,437,515 |
Bank premises and equipment | 69,897 | 72,170 |
Goodwill | 375,547 | 375,583 |
Accrued interest receivable | 26,666 | 26,302 |
Other assets | 322,634 | 329,202 |
Total Assets | 8,735,324 | 8,420,013 |
Deposits: | ' | ' |
Noninterest-bearing | 1,874,520 | 1,824,411 |
Interest-bearing | 4,747,051 | 4,928,575 |
Total deposits | 6,621,571 | 6,752,986 |
Borrowings: | ' | ' |
Federal funds purchased | 27,685 | 5,446 |
Securities sold under agreements to repurchase | 188,069 | 209,516 |
Federal Home Loan Bank borrowings | 592,069 | 186,411 |
Other long-term borrowings | 198,628 | 198,515 |
Allowance for lending-related commitments | 2,143 | 1,656 |
Accrued expenses and other liabilities | 63,427 | 73,232 |
TOTAL LIABILITIES | 7,693,592 | 7,427,762 |
Shareholders' Equity | ' | ' |
Preferred stock, $1.00 par value; Authorized-50,000,000 shares; none issued | 0 | 0 |
Common stock, $2.50 par value; Authorized-100,000,000 shares; issued- 50,867,630 at December 31, 2013 and 2012, including 437,363 and 591,057 shares in treasury at December 31, 2013 and 2012, respectively | 127,169 | 127,169 |
Surplus | 237,674 | 238,739 |
Retained earnings | 734,945 | 712,299 |
Accumulated other comprehensive loss | -43,047 | -65,748 |
Treasury stock, at cost | -15,009 | -20,208 |
TOTAL SHAREHOLDERS' EQUITY | 1,041,732 | 992,251 |
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | $8,735,324 | $8,420,013 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parenthetical) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, except Share data, unless otherwise specified | ||
Statement Of Financial Position [Abstract] | ' | ' |
Securities available for sale, amortized cost | $813,049 | $673,315 |
Securities held to maturity | $38,293 | $42,695 |
Preferred stock, par value | $1 | $1 |
Preferred stock, shares authorized | 50,000,000 | 50,000,000 |
Preferred stock, shares issued | ' | ' |
Common stock, par value | $2.50 | $2.50 |
Common stock, shares authorized | 100,000,000 | 100,000,000 |
Common stock, shares issued | 50,867,630 | 50,867,630 |
Common stock, shares in treasury | 437,363 | 591,057 |
Consolidated_Statements_of_Inc
Consolidated Statements of Income (USD $) | 12 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Interest income | ' | ' | ' |
Interest and fees on loans | $286,033 | $301,840 | $288,213 |
Interest on federal funds sold and other short-term investments | 613 | 1,169 | 1,255 |
Interest and dividends on securities: | ' | ' | ' |
Taxable | 16,646 | 17,364 | 23,069 |
Tax-exempt | 2,862 | 3,524 | 3,985 |
Total interest income | 306,154 | 323,897 | 316,522 |
Interest expense | ' | ' | ' |
Interest on deposits | 26,531 | 32,248 | 39,075 |
Interest on short-term borrowings | 895 | 303 | 166 |
Interest on long-term borrowings | 8,887 | 13,639 | 16,553 |
Total interest expense | 36,313 | 46,190 | 55,794 |
Net interest income | 269,841 | 277,707 | 260,728 |
Provision for loan losses | 19,267 | 17,862 | 17,141 |
Net interest income after provision for loan losses | 250,574 | 259,845 | 243,587 |
Other income | ' | ' | ' |
Fees from trust and brokerage services | 16,447 | 15,845 | 13,343 |
Fees from deposit services | 40,245 | 41,832 | 42,110 |
Bankcard fees and merchant discounts | 3,591 | 2,996 | 2,572 |
Other service charges, commissions, and fees | 2,247 | 2,229 | 1,849 |
Income from bank-owned life insurance | 5,788 | 5,039 | 5,286 |
Income from mortgage banking | 2,571 | 2,471 | 952 |
Other income | 2,748 | 2,810 | 3,563 |
Total other-than-temporary impairment losses | -860 | -4,955 | -20,958 |
Portion of loss recognized in other comprehensive income | -6,472 | -2,421 | 544 |
Net other-than-temporary impairment losses | -7,332 | -7,376 | -20,414 |
Net gains on sales/calls of investment securities | 1,523 | 446 | 1,576 |
Net investment securities losses | -5,809 | -6,930 | -18,838 |
Total other income | 67,828 | 66,292 | 50,837 |
Other expense | ' | ' | ' |
Employee compensation | 68,074 | 71,402 | 64,611 |
Employee benefits | 22,970 | 21,178 | 17,358 |
Net occupancy expense | 19,818 | 20,428 | 18,596 |
Other real estate owned (OREO) expense | 6,441 | 8,556 | 7,008 |
Equipment expense | 7,748 | 8,307 | 7,976 |
Data processing expense | 11,394 | 12,532 | 11,637 |
Bankcard processing expense | 1,332 | 1,315 | 1,051 |
FDIC insurance expense | 6,188 | 6,064 | 8,468 |
Other expense | 49,393 | 54,874 | 47,343 |
Total other expense | 193,358 | 204,656 | 184,048 |
Income before income taxes | 125,044 | 121,481 | 110,376 |
Income taxes | 39,416 | 38,874 | 34,766 |
Net income | $85,628 | $82,607 | $75,610 |
Earnings per common share: | ' | ' | ' |
Basic | $1.70 | $1.64 | $1.62 |
Diluted | $1.70 | $1.64 | $1.61 |
Dividends per common share | $1.25 | $1.24 | $1.21 |
Average outstanding shares: | ' | ' | ' |
Basic | 50,353,452 | 50,265,620 | 46,803,432 |
Diluted | 50,426,078 | 50,298,019 | 46,837,363 |
Consolidated_Statements_of_Com
Consolidated Statements of Comprehensive Income (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Statement Of Income And Comprehensive Income [Abstract] | ' | ' | ' |
Net income | $85,628 | $82,607 | $75,610 |
Change in net unrealized (loss) gain on available-for-sale (AFS) securities, net of tax | 6,452 | 5,120 | 5,820 |
Accretion of the net unrealized loss on the transfer of AFS securities to held-to-maturity (HTM) securities, net of tax | 5 | 4 | 5 |
Change in defined benefit pension plan, net of tax | 16,244 | -4,114 | -11,927 |
Comprehensive income, net of tax | $108,329 | $83,617 | $69,508 |
Consolidated_Statement_of_Chan
Consolidated Statement of Changes in Shareholders' Equity (USD $) | Total | Common Stock [Member] | Surplus [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Treasury Stock [Member] |
In Thousands, except Share data | ||||||
Beginning Balance at Dec. 31, 2010 | $793,012 | $110,798 | $93,431 | $673,260 | ($60,656) | ($23,821) |
Beginning Balance, shares at Dec. 31, 2010 | ' | 44,319,157 | ' | ' | ' | ' |
Net income | 75,610 | 0 | 0 | 75,610 | 0 | 0 |
Other comprehensive income, net of tax | -6,102 | 0 | 0 | 0 | -6,102 | 0 |
Comprehensive income, net of tax | 69,508 | ' | ' | ' | ' | ' |
Acquisition of Centra Financial Holdings, Inc. | 161,420 | 16,371 | 145,049 | 0 | 0 | 0 |
Acquisition of Centra Financial Holdings, Inc., shares | ' | 6,548,473 | ' | ' | ' | ' |
Stock based compensation expense | 1,133 | 0 | 1,133 | 0 | 0 | 0 |
Purchase of treasury stock | -18 | 0 | 0 | 0 | 0 | -18 |
Distribution of treasury stock for deferred compensation plan | 74 | 0 | 0 | 0 | 0 | 74 |
Cash dividends | -56,827 | 0 | 0 | -56,827 | 0 | 0 |
Common stock options exercised | 542 | 0 | -852 | 0 | 0 | 1,394 |
Ending Balance at Dec. 31, 2011 | 968,844 | 127,169 | 238,761 | 692,043 | -66,758 | -22,371 |
Ending Balance, shares at Dec. 31, 2011 | ' | 50,867,630 | ' | ' | ' | ' |
Net income | 82,607 | 0 | 0 | 82,607 | 0 | 0 |
Other comprehensive income, net of tax | 1,010 | 0 | 0 | 0 | 1,010 | 0 |
Comprehensive income, net of tax | 83,617 | ' | ' | ' | ' | ' |
Stock based compensation expense | 1,908 | 0 | 1,908 | 0 | 0 | 0 |
Purchase of treasury stock | -13 | 0 | 0 | 0 | 0 | -13 |
Distribution of treasury stock for deferred compensation plan | 131 | 0 | 0 | 0 | 0 | 131 |
Cash dividends | -62,351 | 0 | 0 | -62,351 | 0 | 0 |
Grant of restricted stock | 0 | 0 | -1,816 | 0 | 0 | 1,816 |
Forfeiture of restricted stock | 0 | 0 | 29 | 0 | 0 | -29 |
Common stock options exercised | 115 | 0 | -143 | 0 | 0 | 258 |
Ending Balance at Dec. 31, 2012 | 992,251 | 127,169 | 238,739 | 712,299 | -65,748 | -20,208 |
Ending Balance, shares at Dec. 31, 2012 | ' | 50,867,630 | ' | ' | ' | ' |
Net income | 85,628 | 0 | 0 | 85,628 | 0 | 0 |
Other comprehensive income, net of tax | 22,701 | 0 | 0 | 0 | 22,701 | 0 |
Comprehensive income, net of tax | 108,329 | ' | ' | ' | ' | ' |
Stock based compensation expense | 1,786 | 0 | 1,786 | 0 | 0 | 0 |
Purchase of treasury stock | -93 | 0 | 0 | 0 | 0 | -93 |
Distribution of treasury stock for deferred compensation plan | 77 | 0 | 0 | 0 | 0 | 77 |
Cash dividends | -62,982 | 0 | 0 | -62,982 | 0 | 0 |
Grant of restricted stock | 0 | 0 | -1,819 | 0 | 0 | 1,819 |
Forfeiture of restricted stock | 0 | 0 | 57 | 0 | 0 | -57 |
Common stock options exercised | 2,364 | 0 | -1,089 | 0 | 0 | 3,453 |
Ending Balance at Dec. 31, 2013 | $1,041,732 | $127,169 | $237,674 | $734,945 | ($43,047) | ($15,009) |
Ending Balance, shares at Dec. 31, 2013 | ' | 50,867,630 | ' | ' | ' | ' |
Consolidated_Statement_of_Chan1
Consolidated Statement of Changes in Shareholders' Equity (Parenthetical) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Cash dividends per share | $1.25 | $1.24 | $1.21 |
Common stock options exercised, shares | 100,302 | 7,510 | ' |
Common Stock [Member] | ' | ' | ' |
Grant of restricted stock, shares | 52,825 | 52,700 | ' |
Forfeiture of restricted stock, shares | 1,664 | 840 | ' |
Common stock options exercised, shares | 100,302 | 7,510 | 4.0447 |
Treasury Stock [Member] | ' | ' | ' |
Purchase of treasury stock, shares | 1,596 | 455 | 0.0676 |
Distribution of treasury stock for deferred compensation plan, shares | 3,827 | 4,710 | 0.3069 |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
OPERATING ACTIVITIES | ' | ' | ' |
Net income | $85,628 | $82,607 | $75,610 |
Adjustments to reconcile net income to net cash provided by operating activities: | ' | ' | ' |
Provision for loan losses | 19,267 | 17,862 | 17,141 |
Depreciation, amortization and accretion | 11,679 | 9,723 | 7,340 |
Loss on sales of bank premises, OREO and equipment | 592 | 262 | 1,072 |
Loss on securities | 5,809 | 6,930 | 18,838 |
Loans originated for sale | -135,260 | -146,966 | -66,990 |
Proceeds from sales of loans | 151,357 | 135,577 | 72,971 |
Gain on sales of loans | -2,571 | -2,471 | -952 |
Stock-based compensation | 1,786 | 1,908 | 1,133 |
Deferred income tax expense | 2,990 | 337 | 10,907 |
Increase in cash surrender value of bank-owned life insurance policies | -6,043 | -5,039 | -5,195 |
Amortization of net periodic pension costs | 4,094 | 3,567 | 912 |
Changes in: | ' | ' | ' |
Interest receivable | -364 | 159 | -2,897 |
Other assets | 9,721 | 17,264 | 3,329 |
Accrued expenses and other liabilities | -6,486 | 7,719 | -14,652 |
NET CASH PROVIDED BY OPERATING ACTIVITIES | 142,199 | 129,439 | 118,567 |
INVESTING ACTIVITIES | ' | ' | ' |
Proceeds from maturities and calls of held to maturity securities | 2,479 | 15,973 | 7,635 |
Proceeds from sales of securities available for sale | 14,352 | 5,381 | 24,763 |
Proceeds from maturities and calls of securities available for sale | 683,913 | 1,991,166 | 1,462,173 |
Purchases of securities available for sale | -845,908 | -1,926,898 | -1,417,978 |
Redemption of bank-owned life insurance policies | 2,573 | 0 | 822 |
Purchases of bank premises and equipment | -5,995 | -5,207 | -8,018 |
Proceeds from sales of bank premises and equipment | 203 | 2,238 | 24 |
Acquisition of Centra Financial Holdings, Inc., net of cash acquired | 0 | 0 | 49,085 |
Proceeds from sales and redemptions of other investment securities | 27,648 | 13,345 | 10,819 |
Purchases of other investment securities | -40,237 | -5,665 | -338 |
Net change in loans | -212,137 | -298,474 | 29,350 |
NET CASH (USED IN) PROVIDED BY INVESTING ACTIVITIES | -373,109 | -208,141 | 158,337 |
FINANCING ACTIVITIES | ' | ' | ' |
Cash dividends paid | -62,434 | -62,333 | -54,344 |
Excess tax benefits from stock-based compensation arrangements | 331 | 35 | 3,114 |
Acquisition of treasury stock | -93 | -12 | -18 |
Proceeds from exercise of stock options | 2,364 | 115 | 542 |
Distribution of treasury stock for deferred compensation plan | 77 | 130 | 74 |
Repayment of long-term Federal Home Loan Bank borrowings | -54,342 | -55,398 | -60,372 |
Proceeds of long-term Federal Home Loan Bank borrowings | 345,000 | 0 | 0 |
Redemption of issued trust preferred securities | 0 | -5,155 | 0 |
Changes in: | ' | ' | ' |
Time deposits | -220,640 | -299,803 | -274,652 |
Other deposits | 89,395 | 237,001 | 250,380 |
Federal funds purchased, securities sold under agreements to repurchase and other short-term borrowings | 115,792 | 60,196 | 32,986 |
NET CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES | 215,450 | -125,224 | -102,290 |
(DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS | -15,460 | -203,926 | 174,614 |
CASH AND CASH EQUIVALENTS AT BEGINNING OF YEAR | 432,077 | 636,003 | 461,389 |
CASH AND CASH EQUIVALENTS AT END OF YEAR | $416,617 | $432,077 | $636,003 |
Summary_of_Significant_Account
Summary of Significant Accounting Policies | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Accounting Policies [Abstract] | ' | ||||||||||||
Summary of Significant Accounting Policies | ' | ||||||||||||
NOTE A--SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | |||||||||||||
Nature of Operations: United Bankshares, Inc. (United, the Company) is a multi-bank holding company headquartered in Charleston, West Virginia. United considers all of West Virginia to be included in its market area. This area includes the five largest West Virginia Metropolitan Statistical Areas (MSA): the Parkersburg MSA, the Charleston MSA, the Huntington MSA, the Morgantown MSA and the Wheeling MSA. United serves the Ohio counties of Lawrence, Belmont, Jefferson and Washington and Fayette county in Pennsylvania primarily because of their close proximity to the Ohio and Pennsylvania borders and United banking offices located in those counties or in nearby West Virginia. United’s Virginia markets include the Maryland, northern Virginia and Washington, D.C. MSA, the Winchester MSA, the Harrisonburg MSA, and the Charlottesville MSA. United considers all of the above locations to be the primary market area for the business of its banking subsidiaries. | |||||||||||||
Operating Segments: United’s business activities are confined to one reportable segment which is community banking. As a community banking entity, United offers a full range of products and services through various delivery channels. | |||||||||||||
Basis of Presentation: The consolidated financial statements and the notes to consolidated financial statements include the accounts of United Bankshares, Inc. and its wholly owned subsidiaries. All significant intercompany accounts and transactions have been eliminated in the consolidated financial statements. | |||||||||||||
United determines whether it has a controlling financial interest in an entity by first evaluating whether the entity is a voting interest entity or a variable interest entity (VIE) under U.S. generally accepted accounting principles. Voting interest entities are entities in which the total equity investment at risk is sufficient to enable the entity to finance itself independently and provides the equity holders with the obligation to absorb losses, the right to receive residual returns and the right to make decisions about the entity’s activities. United consolidates voting interest entities in which it has all, or at least a majority of, the voting interest. As defined in applicable accounting standards, VIEs are entities that lack one or more of the characteristics of a voting interest entity. A controlling financial interest in a VIE is present when an enterprise has both the power to direct the activities of the VIE that most significantly impact the VIE’s economic performance and an obligation to absorb losses or the right to receive benefits that could potentially be significant to the VIE. The enterprise with a controlling financial interest, known as the primary beneficiary, consolidates the VIE. United’s wholly owned and indirect wholly owned statutory trust subsidiaries are VIEs for which United is not the primary beneficiary. Accordingly, its accounts are not included in United’s consolidated financial statements. | |||||||||||||
The accounting and reporting policies of United conform with U.S. generally accepted accounting principles. In preparing the consolidated financial statements, management is required to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates. To conform to the 2013 presentation, certain reclassifications have been made to prior period amounts, which had no impact on net income, comprehensive income or shareholders’ equity. In the opinion of management, all adjustments necessary for a fair presentation of financial position and results of operations have been made. Such adjustments are of a normal and recurring nature. | |||||||||||||
The Company has evaluated events and transactions subsequent to December 31, 2013 through the date these financial statements were issued. Based on definitions and requirements of generally accepted accounting principles for “Subsequent Events,” the Company has not identified any events that would require adjustments to, or disclosure in the financial statements other than the acquisition of Virginia Commerce Bancorp, Inc. after the close of business on January 31, 2014 (see Note B to these Notes to Consolidated Financial Statements). In addition, on February 20, 2014, United sold a former branch building for approximately $11.1 million and recognized a before-tax gain of approximately $8.9 million. A description of the significant accounting policies is presented below. | |||||||||||||
Cash and Cash Equivalents: United considers cash and due from banks, interest-bearing deposits with other banks and federal funds sold as cash and cash equivalents. | |||||||||||||
Securities: Management determines the appropriate classification of securities at the time of purchase. Debt securities that United has the positive intent and the ability to hold to maturity are carried at amortized cost. Securities to be held for indefinite periods of time and all marketable equity securities are classified as available for sale and carried at estimated fair value. Unrealized gains and losses on securities classified as available for sale are carried as a separate component of Accumulated Other Comprehensive Income (Loss), net of deferred income taxes. | |||||||||||||
Gains or losses on sales of securities are recognized by the specific identification method and are reported in securities gains and losses within noninterest income of the Consolidated Statements of Income. United reviews available-for-sale and held-to-maturity securities on a quarterly basis for possible impairment. United determines whether a decline in fair value below the amortized cost basis of a security is other-than-temporary. This determination requires significant judgment. In making this judgment, United’s review includes an analysis of the facts and circumstances of each individual investment such as the severity of loss, the length of time the fair value has been below cost, the expectation for that security’s performance, the creditworthiness of the issuer, recent changes in external credit ratings, and the assessment of collection of the security’s contractual amounts from the issuer or issuers. If United intends to sell, or it is more likely than not that United will be required to sell an impaired debt security before recovery of its amortized cost basis less any current period credit loss, other-than-temporary impairment is recognized in earnings. The credit loss is defined as the difference between the present value of cash flows expected to be collected (discounted at the contractual rate) and the amortized cost basis. The amount recognized in earnings is equal to the entire difference between the security’s amortized cost basis and its fair value at the balance sheet date. If United does not intend to sell, and it is not more likely than not that United will be required to sell the impaired debt security prior to recovery of its amortized cost basis less any current-period credit loss, the other-than-temporary impairment is separated into the following: 1) the amount representing the credit loss, which is recognized within noninterest income of the Consolidated Statements of Income, and 2) the amount related to all other factors, which is recognized in other comprehensive income within shareholders’ equity of the Consolidated Balance Sheets. | |||||||||||||
For equity securities, United evaluates the near-term prospects of the investment in relation to the severity and duration of any impairment and United’s ability and intent to hold these equity securities until a recovery of their fair value to at least the cost basis of the investment. Equity securities that are deemed to be other-than-temporarily impaired are written down to the fair value with the write-down recognized within noninterest income of the Consolidated Statements of Income. | |||||||||||||
Certain security investments that do not have readily determinable fair values and for which United does not exercise significant influence are carried at cost and are classified as other investment securities on the balance sheet. These cost-method investments are reviewed for impairment at least annually or sooner if events or changes in circumstances indicate the carrying value may not be recoverable. | |||||||||||||
Securities Purchased Under Resale Agreements and Securities Sold Under Agreements to Repurchase: Securities purchased under agreements to resell and securities sold under agreements to repurchase are accounted for as collateralized financing transactions. They are recorded at the amounts at which the securities were acquired or sold plus accrued interest. Securities, generally U.S. government and federal agency securities, pledged as collateral under these financing arrangements cannot be repledged or sold, unless replaced, by the secured party. The fair value of the collateral either received from or provided to a third party is continually monitored and additional collateral is obtained or is requested to be returned to United as deemed appropriate. | |||||||||||||
Loans: Loans are reported at the principal amount outstanding, net of unearned income. Interest on loans is accrued and credited to operations using methods that produce a level yield on individual principal amounts outstanding. Loan origination and commitment fees and related direct loan origination costs are deferred and amortized as an adjustment of loan yield over the estimated life of the related loan. Loan fees accreted and included in interest income were $7,427,000, $10,765,000 and $6,264,000 for the years of 2013, 2012 and 2011, respectively. The accrual of interest income on commercial and most consumer loans generally is discontinued when a loan becomes 90 to 120 days past due as to principal or interest. When interest accruals are discontinued, unpaid interest recognized in income in the current year is reversed, and interest accrued in prior years is charged to the allowance for loan losses. Management may elect to continue the accrual of interest when the estimated net realizable value of collateral exceeds the principal balance and accrued interest, and the loan is in the process of collection. | |||||||||||||
Loans are designated as impaired when, in the opinion of management, based on current information and events, the collection of principal and interest in accordance with the loan contract is doubtful. Consistent with United’s existing method of income recognition for loans, interest on impaired loans, except those classified as nonaccrual, is recognized as income using the accrual method. United’s method of income recognition for impaired loans that are classified as nonaccrual is to recognize interest income on the cash basis or apply the cash receipt to principal when the ultimate collectibility of principal is in doubt. | |||||||||||||
A loan is categorized as restructured if a significant concession is granted to provide for a reduction of either interest or principal due to a deterioration in the financial condition of the borrower. A loan classified as restructured will generally retain such classification until the loan is paid in full. However, a restructured one-to-four-family residential mortgage loan that yields a market rate and demonstrates the ability to pay under the terms of the restructured note through a sustained period of repayment performance, which is generally one year, is removed from the restructured classification. Interest income on restructured loans is accrued at the reduced rate and the loan is returned to performing status once the borrower demonstrates the ability to pay under the terms of the restructured note through a sustained period of repayment performance, which is generally six months. The portfolio of restructured loans is monitored monthly. | |||||||||||||
Loans Acquired Through Transfer: Loans acquired through the completion of a transfer, including loans acquired in a business combination, that have evidence of deterioration of credit quality since origination and for which it is probable, at acquisition, that United will be unable to collect all contractually required payment receivable are initially recorded at fair value (as determined by the present value of expected future cash flows) with no valuation allowance. The difference between the undiscounted cash flows expected at acquisition and the investment in the loan, or the “accretable yield,” is recognized as interest income on a level-yield method over the life of the loan. Contractually required payments for interest and principal that exceed the undiscounted cash flows expected at acquisition, or the “nonaccretable difference,” are not recognized as a yield adjustment or as a loss accrual or a valuation allowance. Increases in expected cash flows subsequent to the initial investment are recognized prospectively through adjustment of the yield on the loan over its remaining life. Decreases in expected cash flows are recognized as impairment. Valuation allowances on these impaired loans reflect only losses incurred after the acquisition (meaning the present value of all cash flows expected at acquisition that ultimately are not to be received). | |||||||||||||
Loans Held for Sale: Loans held for sale consist of one-to-four family conforming residential real estate loans originated for sale in the secondary market and carried at the lower of cost or fair value determined on an aggregate basis. Generally, United’s current practice is to sell all fixed-rate, one-to-four family conforming residential real estate loans while holding adjustable–rate loans. However, United will sell certain adjustable-rate, one-to-four family conforming residential real estate loans based on prevailing interest rate conditions and interest rate risk management needs. Gains and losses on sales of loans held for sale are included in mortgage banking income. | |||||||||||||
Allowance for Credit Losses: United maintains an allowance for loan losses and a reserve for lending-related commitments such as unfunded loan commitments and letters of credit. The combined allowance for loan losses and reserve for lending-related commitments are referred to as the allowance for credit losses. | |||||||||||||
The allowance for loan losses is management’s estimate of the probable credit losses inherent in the loan portfolio. Management’s evaluation of the adequacy of the allowance for loan losses and the appropriate provision for credit losses is based upon a quarterly evaluation of the portfolio. This evaluation is inherently subjective and requires significant estimates, including the amounts and timing of estimated future cash flows, estimated losses on pools of loans based on historical loss experience, and consideration of current economic trends, all of which are susceptible to constant and significant change. The amounts allocated to specific credits and loan pools grouped by similar risk characteristics are reviewed on a quarterly basis and adjusted as necessary based upon subsequent changes in circumstances. In determining the components of the allowance for credit losses, management considers the risk arising in part from, but not limited to, charge-off and delinquency trends, current economic and business conditions, lending policies and procedures, the size and risk characteristics of the loan portfolio, concentrations of credit, and other various factors. Loans deemed to be uncollectible are charged against the allowance for loan losses, while recoveries of previously charged-off amounts are credited to the allowance for loan losses. | |||||||||||||
In determining the adequacy of the allowance for loan losses, management makes allocations to specific commercial loans classified by management as to risk. Management determines the loan’s risk by considering the borrowers’ ability to repay, the collateral securing the credit and other borrower-specific factors that may impact collectibility. For impaired loans, specific allocations are based on the present value of expected future cash flows using the loan’s effective interest rate, or as a practical expedient, at the loan’s observable market price or the fair value of the collateral if the loan is collateral-dependent. Other commercial loans not specifically reviewed on an individual basis are evaluated based on loan pools, which are grouped by similar risk characteristics using management’s internal risk ratings. Allocations for these commercial loan pools are determined based upon historical loss experience adjusted for current environmental conditions and risk factors. Allocations for loans, other than commercial loans, are developed by applying historical loss experience adjusted for current environmental conditions and risk factors to loan pools grouped by similar risk characteristics. The environmental factors considered for each of the loan portfolios includes estimated probable inherent but undetected losses within the portfolio due to uncertainties in economic conditions, delays in obtaining information, including unfavorable information about a borrower’s financial condition, the difficulty in identifying triggering events that correlate perfectly to subsequent loss rates, and risk factors that have not yet fully manifested themselves in loss allocation factors. While allocations are made to specific loans and pools of loans, the allowance is available for all loan losses. In addition, a portion of the allowance accounts for the inherent imprecision in the allowance for credit losses analysis. Management believes that the allowance for credit losses is adequate to provide for probable losses on existing loans and loan-related commitments based on information currently available. | |||||||||||||
Bank Premises and Equipment: Bank premises and equipment are stated at cost, less allowances for depreciation and amortization. The provision for depreciation is computed principally by the straight-line method over the estimated useful lives of the respective assets. Useful lives range primarily from three to 15 years for furniture, fixtures and equipment and five to 40 years for buildings and improvements. Leasehold improvements are generally amortized over the lesser of the term of the respective leases or the estimated useful lives of the improvements. | |||||||||||||
Other Real Estate Owned: At December 31, 2013 and 2012, other real estate owned (OREO) included in other assets in the Consolidated Balance Sheets was $38,182,000 and $49,484,000, respectively. OREO consists of real estate acquired in foreclosure or other settlement of loans. Such assets are carried at the lower of the investment in the assets or the fair value of the assets less estimated selling costs. Any adjustment to the fair value at the date of transfer is charged against the allowance for loan losses. Any subsequent valuation adjustments as well as any costs relating to operating, holding or disposing of the property are recorded in other expense in the period incurred. | |||||||||||||
Advertising Costs: Advertising costs are generally expensed as incurred and included in Other Expense on the Consolidated Statements of Income. Advertising expense was $3,777,000, $4,270,000 and $4,172,000 for the years of 2013, 2012, and 2011, respectively. | |||||||||||||
Income Taxes: Income tax expense is the total of the current year income tax due or refundable and the change in deferred tax assets and liabilities (excluding deferred tax assets and liabilities related to business combinations or components of other comprehensive income). Deferred tax assets and liabilities are the expected future tax amounts for the temporary differences between carrying amounts and tax bases of assets and liabilities, computed using enacted tax rates. A valuation allowance, if needed, reduces deferred tax assets to the expected amount most likely to be realized. Realization of deferred tax assets is dependent upon the generation of a sufficient level of future taxable income and recoverable taxes paid in prior years. Although realization is not assured, management believes it is more likely than not that all of the deferred tax assets will be realized. Interest and/or penalties related to income taxes are reported as a component of income tax expense. | |||||||||||||
For uncertain income tax positions, United records a liability based on a recognition threshold of more-likely-than-not, and a measurement attribute for all tax positions taken on a tax return, in order for those tax positions to be recognized in the financial statements. | |||||||||||||
United files a consolidated income tax return with its subsidiaries. Federal income tax expense or benefit has been allocated to subsidiaries on a separate return basis. | |||||||||||||
Intangible Assets: Intangible assets relating to the estimated fair value of the deposit base of the acquired institutions are being amortized on an accelerated basis over a one to seven year period. Management reviews intangible assets on an annual basis, or sooner if indicators of impairment exist, and evaluates changes in facts and circumstances that may indicate impairment in the carrying value. United incurred amortization expense of $1,969,000, $2,852,000 and $2,429,000 in 2013, 2012, and 2011, respectively, related to all intangible assets. | |||||||||||||
Goodwill is not amortized, but is tested for impairment at least annually or sooner if indicators of impairment exist. Intangible assets with definite useful lives (such as core deposit intangibles) are amortized over their respective estimated useful lives to their estimated residual values, and reviewed for impairment at least annually. Based on the most recent goodwill impairment test, no impairment was noted. As of December 31, 2013 and 2012, total goodwill approximated $375,547,000 and $375,583,000, respectively. | |||||||||||||
Derivative Financial Instruments: United accounts for its derivative financial instruments in accordance with the Derivatives and Hedging topic of the FASB Accounting Standards Codification. The Derivatives and Hedging topic requires all derivative instruments to be carried at fair value on the balance sheet. United has designated certain derivative instruments to manage interest rate risk as hedge relationships with certain assets, liabilities or cash flows being hedged. Certain derivatives used for interest rate risk management are not designated in a hedge relationship. | |||||||||||||
Derivative instruments designated in a hedge relationship to mitigate exposure to changes in the fair value of an asset, liability, or firm commitment attributable to a particular risk, such as interest rate risk, are considered fair value hedges. Derivative instruments designated in a hedge relationship to mitigate exposure to variability in expected future cash flows, or other types of forecasted transactions, are considered cash flow hedges. | |||||||||||||
For a fair value hedge, the fair value of the interest rate swap is recognized on the balance sheet as either a freestanding asset or liability with a corresponding adjustment to the hedged financial instrument. Subsequent adjustments due to changes in the fair value of a derivative that qualifies as a fair value hedge are offset in current period earnings. For a cash flow hedge, the fair value of the interest rate swap is recognized on the balance sheet as either a freestanding asset or liability with a corresponding adjustment to other comprehensive income within shareholders’ equity, net of tax. Subsequent adjustments due to changes in the fair value of a derivative that qualifies as a cash flow hedge are offset to other comprehensive income, net of tax. The portion of a hedge that is ineffective is recognized immediately in earnings. | |||||||||||||
At inception of a hedge relationship, United formally documents the hedged item, the particular risk management objective, the nature of the risk being hedged, the derivative being used, how effectiveness of the hedge will be assessed and how the ineffectiveness of the hedge will be measured. United also assesses hedge effectiveness at inception and on an ongoing basis using regression analysis. Hedge ineffectiveness is measured by using the change in fair value method. The change in fair value method compares the change in the fair value of the hedging derivative to the change in the fair value of the hedged exposure, attributable to changes in the benchmark rate. Prior to January 1, 2006, United used the shortcut method for interest rate swaps that met the criteria as defined under the Derivatives and Hedging topic. Effective January 1, 2006, United adopted an internal policy accounting for all new derivative instruments entered thereafter whereby the shortcut method would no longer be used. | |||||||||||||
For derivatives that are not designated in a hedge relationship, changes in the fair value of the derivatives are recognized in earnings in the same period as the change in the fair value. | |||||||||||||
Stock-Based Compensation: Compensation expense related to stock options and restricted stock awards issued to participants is based upon the fair value of the award at the date of grant. The fair value of stock options is estimated at the date of grant using a binomial lattice option pricing model, while the fair value of restricted stock awards is based upon the stock price at the date of grant. Compensation expense is recognized on a straight line basis over the vesting period for options and the respective period for stock awards. | |||||||||||||
Stock-based compensation expense was $1,786,000 in 2013, $1,908,000 in 2012 and $1,133,000 in 2011. | |||||||||||||
Treasury Stock: United records common stock purchased for treasury at cost. At the date of subsequent reissuance, the treasury stock account is reduced by the cost of such stock using the weighted-average cost method. | |||||||||||||
Trust Assets and Income: Assets held in a fiduciary or agency capacity for customers are not included in the balance sheets since such items are not assets of the company. Trust income is reported on an accrual basis. | |||||||||||||
Earnings Per Common Share: Basic earnings per common share is calculated by dividing net income by the weighted-average number of shares of common stock outstanding, excluding participating securities, for the respective period. For diluted earnings per common share, the weighted-average number of shares of common stock outstanding, excluding participating securities, for the respective period is increased by the number of shares of common stock that would be issued assuming the exercise of common stock options which have an exercise price below market price. The dilutive effect of stock options approximated 72,626 shares in 2013, 32,399 shares in 2012 and 33,931 shares in 2011. There are no other common stock equivalents. | |||||||||||||
Under the 2011 LTI Plan, United may award restricted common shares to key employees and non-employee directors. In the first quarter of 2013 and 2012, United granted 52,825 and 52,700 restricted shares, respectively, to participants with a four-year time-based vesting period. Recipients of restricted shares do not pay any consideration to United for the shares, have the right to vote all shares subject to such grant and receive all dividends with respect to such shares, whether or not the shares have vested. Presently, these nonvested participating securities have an immaterial impact on diluted earnings per share. | |||||||||||||
The reconciliation of the numerator and denominator of basic earnings per share with that of diluted earnings per share is presented as follows: | |||||||||||||
Year Ended December 31 | |||||||||||||
(Dollars in thousands, except per share) | 2013 | 2012 | 2011 | ||||||||||
Distributed earnings allocated to common stock | $ | 62,982 | $ | 62,286 | $ | 56,827 | |||||||
Undistributed earnings allocated to common stock | 22,512 | 20,245 | 18,783 | ||||||||||
Net earnings allocated to common shareholders | $ | 85,494 | $ | 82,531 | $ | 75,610 | |||||||
Average common shares outstanding | 50,353,452 | 50,265,620 | 46,803,432 | ||||||||||
Equivalents from stock options | 72,626 | 32,399 | 33,931 | ||||||||||
Average diluted shares outstanding | 50,426,078 | 50,298,019 | 46,837,363 | ||||||||||
Earnings per basic common share | $ | 1.7 | $ | 1.64 | $ | 1.62 | |||||||
Earnings per diluted common share | $ | 1.7 | $ | 1.64 | $ | 1.61 | |||||||
Fair Value Measurements: United determines the fair values of its financial instruments based on the fair value hierarchy established in ASC topic 820, which also clarifies that fair value of certain assets and liabilities is an exit price, representing the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. | |||||||||||||
The Fair Value Measurements and Disclosures topic specifies a hierarchy of valuation techniques based on whether the inputs to those valuation techniques are observable or unobservable. Observable inputs reflect market data obtained from independent sources, while unobservable inputs reflect United’s market assumptions. | |||||||||||||
The three levels of the fair value hierarchy based on these two types of inputs are as follows: | |||||||||||||
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 model-based techniques that use one or more significant inputs or assumptions that are unobservable in the market. | |||||||||||
When determining the fair value measurements for assets and liabilities, United looks to active and observable markets to price identical assets or liabilities whenever possible and classifies such items in Level 1. When identical assets and liabilities are not traded in active markets, United looks to market observable data for similar assets and liabilities and classifies such items as Level 2. Nevertheless, certain assets and liabilities are not actively traded in observable markets and United must use alternative valuation techniques using unobservable inputs to determine a fair value and classifies such items as Level 3. For assets and liabilities that are not actively traded, the fair value measurement is based primarily upon estimates that require significant judgment. Therefore, the results may not be realized in an actual sale or immediate settlement of the asset or liability. Additionally, there are inherent weaknesses in any calculation technique, and changes in the underlying assumptions used, including discount rates and estimates of future cash flows, could significantly affect the results of current or future values. The level within the fair value hierarchy is based on the lowest level of input that is significant in the fair value measurement. | |||||||||||||
Recent Accounting Pronouncements: In February 2013, the FASB issued ASU 2013-02, “Reporting of Amounts Reclassified out of Accumulated Other Comprehensive Income.” ASU 2013-02 is intended to improve the reporting of reclassifications out of accumulated other comprehensive income of various components. ASU 2013-02 requires entities to disclose in a single location, either on the face of financial statement that reports net income or in the notes, the effects of reclassification out of accumulated other comprehensive income (AOCI). For items reclassified out of AOCI and into net income in their entirety, such as realized gains or losses on available-for-sale securities reclassified into net income on sale, entities must disclose the effect of the reclassification on each affected net income item. For AOCI reclassification items that are not reclassified in their entirety into net income, such as actuarial gains or losses amortized into pension cost that may be capitalized into inventory or other assets, entities must provide a cross reference to other required U.S. GAAP disclosures. ASU 2013-02 was effective for United on January 1, 2013 and did not have a significant impact on the Company’s financial condition or results of operation. | |||||||||||||
In February 2013, the FASB issued ASU 2013-04, “Obligations Resulting from Joint and Several Liability Arrangements for which the Total Amount of the Obligation is Fixed at the Reporting Date.” ASU 2013-04 addresses the recognition, measurement and disclosure of certain obligations including debt arrangements, other contractual obligations, and settled litigation and judicial ruling. In particular, ASU 2013-04 requires entities to record an obligation resulting from joint and several liability arrangements that are fixed at the reporting date at the greater of the amount that the entity has agreed to pay or the amount the entity expects to pay. The guidance applies retrospectively for obligations that exist at the beginning of an entity’s fiscal year of adoption. ASU 2013-04 is effective for United beginning January 1, 2014 and is not expected to have a significant impact on the Company’s financial condition or results of operation. |
Mergers_and_Acquisitions
Mergers and Acquisitions | 12 Months Ended |
Dec. 31, 2013 | |
Business Combinations [Abstract] | ' |
Mergers and Acquisitions | ' |
NOTE B—MERGERS AND ACQUISITIONS | |
At the close of business on January 31, 2014, United acquired 100% of the outstanding common stock of Virginia Commerce Bancorp, Inc. (Virginia Commerce), a Virginia corporation headquartered in Arlington, Virginia. The results of operations of Virginia Commerce will be included in the consolidated results of operations from the date of acquisition. | |
At consummation, Virginia Commerce had assets of approximately $2.77 billion, loans of $2.10 billion and deposits of $2.02 billion. The transaction will be accounted for under the purchase acquisition method of accounting and accordingly, assets acquired, liabilities assumed and consideration exchanged will be recorded at estimated fair value on the acquisition date. | |
In accordance of the merger agreement, each outstanding share of common stock of Virginia Commerce, par value $1.00 per share (other than shares held by United or its subsidiaries, in each case except for shares held by them in a fiduciary capacity or in satisfaction of a debt previously contracted) were converted into the right to receive 0.5442 shares of United common stock, par value $2.50 per share, plus cash in lieu of fractional shares. Shares of Virginia Commerce restricted stock that were outstanding immediately prior to the merger converted into the right to receive 0.5442 shares of United common stock, par value $2.50 per share, plus cash in lieu of fractional shares. Almost all of the shares of Virginia Commerce restricted stock fully vested upon the merger under the terms of the restricted stock agreements. Those shares of Virginia Commerce restricted stock that did not fully vest upon the merger were converted into restricted shares of United common stock in accordance with the exchange ratio. Also under the terms of the merger agreement, outstanding Virginia Commerce stock options, whether vested or not, converted into fully vested and exercisable stock options with respect to shares of United’s common stock, with appropriate adjustments to reflect the exchange ratio. As a result of the Merger, United issued approximately 18.3 million shares of its common stock for all of Virginia Commerce’s outstanding common stock and restricted stock, and issued options to purchase approximately 441 thousand shares of its common stock upon conversion of Virginia Commerce’s stock options. United paid approximately $8 thousand in cash to holders of Virginia Commerce common stock and restricted stock in lieu of fractional shares of United common stock. The cash was funded by cash on hand. Effective January 31, 2014, the warrant held by the U.S. Department of the Treasury (the Treasury) issued by Virginia Commerce in connection with the TARP Capital Purchase Program was purchased by United for $33.263 million. The repurchase price was based on the fair market value of the warrant as agreed upon by United and the Treasury. As a result of the repurchase by United, the warrant has been canceled. | |
Because the merger occurred on January 31, 2014, the initial accounting for the business combination is incomplete at this time. United is in the process of determining the fair values which are subject to refinement for up to one year after the closing date of the acquisition. United is using an independent third party to help determine the fair values of the acquired assets and liabilities. The resulting goodwill will not be deductible for income tax purposes as the acquisition is accounted for as a tax-free exchange for tax purposes. |
Investment_Securities
Investment Securities | 12 Months Ended | ||||||||||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||||||||||
Investments Debt And Equity Securities [Abstract] | ' | ||||||||||||||||||||||||||||||||
Investment Securities | ' | ||||||||||||||||||||||||||||||||
NOTE C—INVESTMENT SECURITIES | |||||||||||||||||||||||||||||||||
The following is a summary of the amortized cost and estimated fair values of securities available for sale. | |||||||||||||||||||||||||||||||||
December 31, 2013 | |||||||||||||||||||||||||||||||||
(In thousands) | Amortized | Gross | Gross | Estimated | Cumulative | ||||||||||||||||||||||||||||
Cost | Unrealized | Unrealized | Fair | OTTI in | |||||||||||||||||||||||||||||
Gains | Losses | Value | AOCI (1) | ||||||||||||||||||||||||||||||
U.S. Treasury securities and obligations of U.S. Government corporations and agencies | $ | 172,324 | $ | 178 | $ | 748 | $ | 171,754 | $ | 0 | |||||||||||||||||||||||
State and political subdivisions | 60,861 | 1,874 | 26 | 62,709 | 0 | ||||||||||||||||||||||||||||
Residential mortgage-backed securities | |||||||||||||||||||||||||||||||||
Agency | 215,788 | 2,491 | 1,815 | 216,464 | 0 | ||||||||||||||||||||||||||||
Non-agency | 16,369 | 163 | 0 | 16,532 | 458 | ||||||||||||||||||||||||||||
Commercial mortgage-backed securities | |||||||||||||||||||||||||||||||||
Agency | 241,947 | 225 | 8,740 | 233,432 | 0 | ||||||||||||||||||||||||||||
Asset-backed securities | 9,257 | 1 | 31 | 9,227 | 0 | ||||||||||||||||||||||||||||
Trust preferred collateralized debt obligations | 73,862 | 210 | 30,623 | 43,449 | 34,299 | ||||||||||||||||||||||||||||
Single issue trust preferred securities | 14,346 | 305 | 2,019 | 12,632 | 0 | ||||||||||||||||||||||||||||
Other corporate securities | 4,996 | 219 | 0 | 5,215 | 0 | ||||||||||||||||||||||||||||
Marketable equity securities | 3,299 | 572 | 1 | 3,870 | 0 | ||||||||||||||||||||||||||||
Total | $ | 813,049 | $ | 6,238 | $ | 44,003 | $ | 775,284 | $ | 34,757 | |||||||||||||||||||||||
December 31, 2012 | |||||||||||||||||||||||||||||||||
(In thousands) | Amortized | Gross | Gross | Estimated | Cumulative | ||||||||||||||||||||||||||||
Cost | Unrealized | Unrealized | Fair | OTTI in | |||||||||||||||||||||||||||||
Gains | Losses | Value | AOCI (1) | ||||||||||||||||||||||||||||||
U.S. Treasury securities and obligations of U.S. | $ | 336,747 | $ | 827 | $ | 52 | $ | 337,522 | $ | 0 | |||||||||||||||||||||||
Government corporations and agencies | |||||||||||||||||||||||||||||||||
State and political subdivisions | 76,765 | 3,664 | 1 | 80,428 | 0 | ||||||||||||||||||||||||||||
Residential mortgage-backed securities | |||||||||||||||||||||||||||||||||
Agency | 101,769 | 4,741 | 0 | 106,510 | 0 | ||||||||||||||||||||||||||||
Non-agency | 24,569 | 934 | 458 | 25,045 | 458 | ||||||||||||||||||||||||||||
Asset-backed securities | 11,729 | 0 | 20 | 11,709 | 0 | ||||||||||||||||||||||||||||
Trust preferred collateralized debt obligations | 94,794 | 5 | 54,186 | 40,613 | 46,522 | ||||||||||||||||||||||||||||
Single issue trust preferred securities | 15,286 | 312 | 3,469 | 12,129 | 0 | ||||||||||||||||||||||||||||
Other corporate securities | 4,996 | 287 | 0 | 5,283 | 0 | ||||||||||||||||||||||||||||
Marketable equity securities | 6,660 | 257 | 531 | 6,386 | 0 | ||||||||||||||||||||||||||||
Total | $ | 673,315 | $ | 11,027 | $ | 58,717 | $ | 625,625 | $ | 46,980 | |||||||||||||||||||||||
-1 | Other-than-temporary impairment in accumulated other comprehensive income. Amounts are before-tax. | ||||||||||||||||||||||||||||||||
The following is a summary of securities available for sale which were in an unrealized loss position at December 31, 2013 and 2012. | |||||||||||||||||||||||||||||||||
Less than 12 months | 12 months or longer | ||||||||||||||||||||||||||||||||
(In thousands) | Fair | Unrealized | Fair | Unrealized | |||||||||||||||||||||||||||||
Value | Losses | Value | Losses | ||||||||||||||||||||||||||||||
December 31, 2013 | |||||||||||||||||||||||||||||||||
U.S. Treasury securities and obligations of U.S. Government corporations and agencies | $ | 61,517 | $ | 748 | $ | 0 | $ | 0 | |||||||||||||||||||||||||
State and political subdivisions | 2,353 | 26 | 0 | 0 | |||||||||||||||||||||||||||||
Residential mortgage-backed securities | |||||||||||||||||||||||||||||||||
Agency | 160,835 | 1,815 | 0 | 0 | |||||||||||||||||||||||||||||
Commercial mortgage-backed securities | |||||||||||||||||||||||||||||||||
Agency | 208,979 | 8,740 | 0 | 0 | |||||||||||||||||||||||||||||
Asset-backed securities | 7,976 | 31 | 0 | 0 | |||||||||||||||||||||||||||||
Trust preferred collateralized debt obligations | 0 | 0 | 27,167 | 30,623 | |||||||||||||||||||||||||||||
Single issue trust preferred securities | 502 | 2 | 8,210 | 2,017 | |||||||||||||||||||||||||||||
Marketable equity securities | 0 | 0 | 25 | 1 | |||||||||||||||||||||||||||||
Total | $ | 442,162 | $ | 11,362 | $ | 35,402 | $ | 32,641 | |||||||||||||||||||||||||
31-Dec-12 | |||||||||||||||||||||||||||||||||
U.S. Treasury securities and obligations of U.S. Government corporations and agencies | $ | 25,170 | $ | 52 | $ | 0 | $ | 0 | |||||||||||||||||||||||||
State and political subdivisions | 126 | 1 | 0 | 0 | |||||||||||||||||||||||||||||
Residential mortgage-backed securities | |||||||||||||||||||||||||||||||||
Non-agency | 0 | 0 | 10,879 | 458 | |||||||||||||||||||||||||||||
Asset-backed securities | 7,993 | 20 | 0 | 0 | |||||||||||||||||||||||||||||
Trust preferred collateralized debt obligations | 0 | 0 | 40,613 | 54,186 | |||||||||||||||||||||||||||||
Single issue trust preferred securities | 0 | 0 | 7,221 | 3,469 | |||||||||||||||||||||||||||||
Marketable equity securities | 603 | 507 | 313 | 24 | |||||||||||||||||||||||||||||
Total | $ | 33,892 | $ | 580 | $ | 59,026 | $ | 58,137 | |||||||||||||||||||||||||
Marketable equity securities consist mainly of equity securities of financial institutions and mutual funds within a rabbi trust for the payment of benefits under a deferred compensation plan for certain key officers of United and its subsidiaries. The following table shows the proceeds from maturities, sales and calls of available for sale securities and the gross realized gains and losses on sales and calls of those securities that have been included in earnings as a result of any sales and calls. Gains or losses on sales and calls of available for sale securities were recognized by the specific identification method. The realized losses relate to sales of securities within a rabbi trust for the payment of benefits under a deferred compensation plan for certain key officers and its subsidiaries. | |||||||||||||||||||||||||||||||||
Year Ended | |||||||||||||||||||||||||||||||||
(In thousands) | 2013 | 2012 | 2011 | ||||||||||||||||||||||||||||||
Proceeds from maturities, sales and calls | $ | 698,264 | $ | 1,996,547 | $ | 1,486,936 | |||||||||||||||||||||||||||
Gross realized gains | 1,259 | 157 | 1,729 | ||||||||||||||||||||||||||||||
Gross realized losses | 43 | 141 | 311 | ||||||||||||||||||||||||||||||
At December 31, 2013, gross unrealized losses on available for sale securities were $44,003,000 on 89 securities of a total portfolio of 281 available for sale securities. Securities in an unrealized loss position at December 31, 2013 consisted primarily of pooled trust preferred collateralized debt obligations (Trup Cdos), single issue trust preferred securities and agency commercial mortgage-backed securities. The Trup Cdos and the single issue trust preferred securities relate mainly to securities of financial institutions. The agency commercial mortgage-backed securities relate to income-producing multifamily properties and provide a guaranty of full and timely payments of principal and interest by Fannie Mae. In determining whether or not a security is other-than-temporarily impaired (OTTI), management considered the severity and the duration of the loss in conjunction with United’s positive intent and the more likely than not ability to hold these securities to recovery of their cost basis or maturity. | |||||||||||||||||||||||||||||||||
Agency mortgage-backed securities | |||||||||||||||||||||||||||||||||
United’s agency mortgage-backed securities portfolio relates to securities issued by Fannie Mae, Freddie Mac, and Ginnie Mae. The total amortized cost of available for sale agency mortgage securities was $457.74 million at December 31, 2013. Of the $457.74 million, $241.95 million was related to agency commercial mortgage securities and $215.79 million was related to agency residential mortgage securities. Each of the agency mortgage securities provides a guarantee of full and timely payments of principal and interest by the issuing agency. Based upon management’s analysis and judgment, it was determined that none of the agency mortgage-backed securities were other-than-temporarily impaired at December 31, 2013. | |||||||||||||||||||||||||||||||||
Non-agency residential mortgage-backed securities | |||||||||||||||||||||||||||||||||
United’s non-agency residential mortgage-backed securities portfolio relates to securities of various private label issuers. The Company has no exposure to real estate investment trusts (REITS) in its investment portfolio. The total amortized cost of available for sale non-agency residential mortgage securities was $16.37 million at December 31, 2013. Of the $16.37 million, $6.31 million was rated above investment grade and $10.06 million was rated below investment grade. Approximately 47% of the portfolio includes collateral that was originated during the year of 2005 or before. The remaining 53% includes collateral that was originated in the years of 2006 and 2007. The entire portfolio of the non-agency residential mortgage securities are either the senior or super-senior tranches of their respective structure. In determining whether or not the non-agency mortgage-backed securities are other-than-temporarily impaired, management performs an in-depth analysis on each non-agency residential mortgage-backed security on a quarterly basis. The analysis includes a review of the following factors: weighted average loan to value, weighted average maturity, average FICO scores, historical collateral performance, geographic concentration, credit subordination, cross-collateralization, coverage ratios, origination year, full documentation percentage, event risk (repricing), and collateral type. Management completes a monthly stress test to determine the level of loss protection remaining in each individual security and compares the protection remaining to the future expected performance of the underlying collateral. Additionally, management utilizes a third-party cash flow model to perform a cash flow test for each bond below investment grade. The model produces a bond specific set of cash flows based upon assumptions input by management. The input assumptions that are incorporated include the projected constant default rate (CDR) of the underlying mortgages, the loss severity upon default, and the prepayment rate on the underlying mortgage collateral. CDR and loss severities are forecasted by management after full evaluation of the underlying collateral including recent performance statistics. Therefore, based upon management’s analysis and judgment, there was no additional credit-related or noncredit-related other-than-temporary impairment recognized on the non-agency residential mortgage-backed securities at December 31, 2013. There was no credit-related or noncredit-related other-than-temporary impairment recognized in earnings for the full year of 2013 on the non-agency residential mortgage-backed securities. | |||||||||||||||||||||||||||||||||
Single issue trust preferred securities | |||||||||||||||||||||||||||||||||
The majority of United’s single-issue trust preferred portfolio consists of obligations from large cap banks (i.e. banks with market capitalization in excess of $10 billion). Management reviews each issuer’s current and projected earnings trends, asset quality, capitalization levels, TARP participation status, and other key factors. Upon completing the review for the fourth quarter of 2013, it was determined that none of the single issue securities were other-than-temporarily impaired. With the exception of two securities, all single-issue trust preferred securities are currently receiving interest payments. The two securities that are deferring interest payments are from the same issuer with a total amortized cost of $632 thousand. The issuer has the contractual ability to defer interest payments for up to 5 years. The available for sale single issue trust preferred securities’ ratings ranged from a low of CCC to a high of BBB. The amortized cost of available for sale single issue trust preferred securities as of December 31, 2013 consisted of $2.98 million in split-rated bonds and $11.23 million in below investment grade bonds. Of the $11.23 million in below investment grade bonds, $10.23 million was in an unrealized loss position for twelve months or longer as of December 31, 2013. | |||||||||||||||||||||||||||||||||
Trust preferred collateralized debt obligations (Trup Cdos) | |||||||||||||||||||||||||||||||||
In analyzing the duration and severity of the losses on Trup Cdos, management considered the following: (1) the market for these securities was not active as evidenced by the lack of trades and the severe widening of the bid/ask spread; (2) the markets for Trup Cdos are dysfunctional with no significant transactions to report; (3) low market prices for certain bonds, in the overall debt markets, were evidence of credit stress in the general markets and not necessarily an indication of credit problems with a particular issuer; and (4) the general widening in overall risk premiums over the past four years in the broader markets was responsible for a significant amount of the price decline in the Trup Cdos portfolio. | |||||||||||||||||||||||||||||||||
In order to determine how and when the Company recognizes OTTI, the Company first assesses its intentions regarding any sale of securities as well as the likelihood that it would be required to sell prior to recovery of the amortized cost. As a result of Section 619 of the Dodd-Frank Wall Street Reform and Consumer Protection Act, commonly known as the Volcker Rule, the Company has determined that, as of December 31, 2013, it is more likely than not that the Company will be required to sell four of its Trup Cdos prior to recovery of the amortized cost. Therefore, the Company is required to mark these four securities to their respective fair values as of December 31, 2013. This resulted in credit-related other-than-temporary impairment of $2.33 million recognized in earnings on these four securities during the fourth quarter of 2013. The Company was also notified by the Trustee of one additional Trup Cdo during the fourth quarter of 2013 that it had been instructed to auction the underlying collateral of the security. With the proceeds from the auction insufficient to cover the amortized cost basis of the security, the Company was required to recognize credit-related other-than-temporary impairment of $4.03 million during the fourth quarter of 2013. Excluding these five Trup Cdos, the Company has determined that it does not intend to sell any other pooled trust preferred security and that it is not more likely than not that the Company will be required to sell such securities before recovery of their amortized cost. | |||||||||||||||||||||||||||||||||
To determine a net realizable value and assess whether other-than-temporary impairment existed on those securities which the Company is not more likely than not required to sell, management performed detailed cash flow analysis to determine whether, in management’s judgment, it was more likely that United would not recover the entire amortized cost basis of the security. The Company discounts the security-specific cash flow projection at the security-specific interest rate and compares the present value to the amortized cost. Management’s cash flow analysis was performed for each security and considered the current deferrals and defaults within the underlying collateral, the likelihood that current deferrals would cure or ultimately default, potential future deferrals and defaults, potential prepayments, cash reserves, excess interest spread, credit analysis of the underlying collateral and the priority of payments in the cash flow structure. The underlying collateral analysis for each issuer took into consideration multiple factors including TARP participation, capital adequacy, earnings trends and asset quality. | |||||||||||||||||||||||||||||||||
After completing its analysis of estimated cash flows, other than the five Trup Cdos mentioned above, management determined that none of the remaining Trup Cdos experienced an adverse change in cash flows during the fourth quarter of 2013, as the expected discounted cash flows from these securities were greater than or equal to the discounted cash flows originally expected at purchase or from the previous date of other-than-temporary impairment (cash flows are discounted at the contractual coupon rate for purposes of assessing OTTI). | |||||||||||||||||||||||||||||||||
The total credit-related other-than-temporary impairment recognized in earnings for the fourth quarter of 2013 related to the Trup Cdos was $6.36 million. The noncredit-related other-than-temporary impairment recognized in accumulated other comprehensive income (loss) in the fourth quarter on these securities resulted in a reduction of $5.22 million, or $3.39 million, net of taxes. | |||||||||||||||||||||||||||||||||
The credit-related other-than-temporary impairment recognized in earnings during 2013 related to these securities was $7.20 million, compared to $5.97 million in 2012. The noncredit-related other-than-temporary impairment recognized in accumulated other comprehensive income (loss) (OCI) during 2013 on these securities, which are not expected to be sold, resulted in a reduction of $12.22 million, or $7.94 million, net of taxes. At December 31, 2013, the balance of the noncredit-related other-than-temporary impairment recognized on United’s Trup Cdo portfolio was $34.30 million as compared to $46.52 million at December 31, 2012. | |||||||||||||||||||||||||||||||||
The amortized cost of available for sale Trup Cdos in an unrealized loss position for twelve months or longer as of December 31, 2013 consisted of $6.58 million in investment grade bonds, $5.00 million in split-rated bonds and $62.28 million in below investment grade bonds. | |||||||||||||||||||||||||||||||||
The following is a summary of the available for sale Trup Cdos and single issue trust preferred securities in an unrealized loss position twelve months or greater as of December 31, 2013. | |||||||||||||||||||||||||||||||||
Amortized Cost | |||||||||||||||||||||||||||||||||
Class | Amortized | Fair | Unrealized | Investment | Split | Below | |||||||||||||||||||||||||||
Cost | Value | Loss | Grade | Rated | Investment | ||||||||||||||||||||||||||||
Grade | |||||||||||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||||||||
Senior – Bank | $ | 8,485 | $ | 6,150 | $ | 2,335 | $ | 0 | $ | 5,000 | $ | 3,485 | |||||||||||||||||||||
Senior – Insurance | 6,577 | 6,577 | 0 | 6,577 | 0 | 0 | |||||||||||||||||||||||||||
Mezzanine —Bank (now in senior position) | 13,741 | 8,929 | 4,812 | 0 | 0 | 13,741 | |||||||||||||||||||||||||||
Mezzanine – Bank | 34,583 | 14,501 | 20,082 | 0 | 0 | 34,583 | |||||||||||||||||||||||||||
Mezzanine – Insurance | 5,330 | 5,330 | 0 | 0 | 0 | 5,330 | |||||||||||||||||||||||||||
Mezzanine – Bank & Insurance (combination) | 5,146 | 1,962 | 3,184 | 0 | 0 | 5,146 | |||||||||||||||||||||||||||
Totals | $ | 73,862 | $ | 43,449 | $ | 30,413 | $ | 6,577 | $ | 5,000 | $ | 62,285 | |||||||||||||||||||||
While a large difference remains between the fair value and amortized cost, the Company believes the remaining unrealized losses are related to the illiquid market for Trup Cdos rather than an adverse change in expected cash flows. The expected future cash flow substantiates the return of the remaining amortized cost of the security. The Company believes the following evidence supports the position that the remaining unrealized loss is related to the illiquid market for Trup Cdos: | |||||||||||||||||||||||||||||||||
• | The market for new issuance of Trup Cdos was robust from 2000 to 2007 with an estimated $60 billion in new issuance. The new market issuances came to an abrupt halt in 2007. | ||||||||||||||||||||||||||||||||
• | The secondary market for Trup Cdos ultimately became illiquid and is not reflective of orderly transactions between market participants. In making this determination, the Company holds discussions with institutional traders to identify trends in the number and type of transactions related to the Trup Cdos. | ||||||||||||||||||||||||||||||||
• | The presence of a below-investment grade rating severely limits the pool of available buyers and contributes to the illiquidity of the market. | ||||||||||||||||||||||||||||||||
• | Trup Cdos have a more complex structure than most debt instruments, making projections of tranche returns difficult for non-specialists in the product. Deferral features available to the underlying issuers within each pool are unique to these securities. Additionally, it can be difficult for market participants to predict whether deferrals will ultimately cure or ultimately default. Due to the lack of transparency, market participants will require a higher risk premium, thus resulting in higher required discount rates. | ||||||||||||||||||||||||||||||||
• | The variability of cash flows at the time the securities were originated was expected to be very limited. Due to the financial crisis, Trup Cdos have experienced more substantive variability of cash flows compared to expectations, resulting in a higher risk premium when evaluating discount rates. | ||||||||||||||||||||||||||||||||
• | The limited, yet relevant, observable inputs indicate that market yield requirements for Trup Cdos, on a credit-adjusted basis, remained very high relative to discount rates at purchase and compared to other similarly rated debt securities. | ||||||||||||||||||||||||||||||||
Overall, the Company believes the lack of new issuances, illiquid secondary market, limited pool of buyers, below investment grade ratings, complex structures and high market discount rates are the key drivers of the remaining unrealized losses in the Company’s Trup Cdos and the robust expected cash flow analysis substantiates the return of the remaining amortized cost under ASC 320. | |||||||||||||||||||||||||||||||||
Management also considered the ratings of the Company’s bonds in its portfolio and the extent of downgrades in United’s impairment analysis. However, due to historical discrepancies in ratings from the various rating agencies, management considered it imperative to independently perform its own credit analysis based on cash flows as described. The ratings of the investment grade Trup Cdos in the table above range from a low of BBB to a high of AA+. The ratings of the split-rated Trup Cdos range from a low of B+ to a high of Aa2, while the below investment grade Trup Cdos range from a low of D to a high of Ba1. | |||||||||||||||||||||||||||||||||
The Company has recognized cumulative credit-related other-than-temporary impairment of $43.11 million on certain Trup Cdos since the third quarter of 2009. | |||||||||||||||||||||||||||||||||
On the Trup Cdos that have not been deemed to be other-than-temporarily impaired, the collateralization ratios range from a low of 93.6% to a high of 209.2%, with a median of 133.4%, and a weighted average of 158.97%. The collateralization ratio is defined as the current performing collateral in a security, divided by the current balance of the specific tranche the Company owns, plus any debt which is senior or pari passu with the Company’s security’s priority level. Performing collateral excludes the balance of any issuer that has either defaulted or has deferred its interest payment. It is not uncommon for the collateralization of a security that is not other-than-temporarily impaired to be less than 100% due to the excess spread built into the securitization structure. | |||||||||||||||||||||||||||||||||
Except for the debt securities that have already been deemed to be other-than-temporarily impaired, management does not believe any other individual security with an unrealized loss as of December 31, 2013 is other-than-temporarily impaired. For these securities, United believes the decline in value resulted from changes in market interest rates, credit spreads and liquidity, not a change in the expected contractual cash flows. Based on a review of each of the securities in the investment portfolio, management concluded that it expected to recover the amortized cost basis of the investment in such securities. | |||||||||||||||||||||||||||||||||
Equity securities | |||||||||||||||||||||||||||||||||
The amortized cost of United’s equity securities was $3.30 million at December 31, 2013. For equity securities, management has evaluated the near-term prospects of the investment in relation to the severity and duration of any impairment and based on that evaluation, management determined that no equity securities were other-than-temporarily impaired at December 31, 2013. As of December 31, 2013, United has the ability and intent to hold these equity securities until a recovery of their fair value to at least the cost basis of the investment. | |||||||||||||||||||||||||||||||||
Other investment securities (cost method) | |||||||||||||||||||||||||||||||||
During the fourth quarter of 2013, United also evaluated all of its cost method investments to determine if certain events or changes in circumstances during the fourth quarter of 2013 had a significant adverse effect on the fair value of any of its cost method securities. United determined that there were no events or changes in circumstances during the fourth quarter which would have an adverse effect on the fair value of any of its cost method securities. Therefore, no impairment was recorded. | |||||||||||||||||||||||||||||||||
Below is a progression of the credit losses on securities which United has recorded other-than-temporary charges. These charges were recorded through earnings and other comprehensive income. | |||||||||||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||||||||
Balance of cumulative credit losses at December 31, 2012 | $ | 63,114 | |||||||||||||||||||||||||||||||
Additions for credit losses on securities for which OTTI was not previously recognized | 1,267 | ||||||||||||||||||||||||||||||||
Additions for additional credit losses on securities for which OTTI was previously recognized | 6,065 | ||||||||||||||||||||||||||||||||
Balance of cumulative credit losses at December 31, 2013 | $ | 70,446 | |||||||||||||||||||||||||||||||
The amortized cost and estimated fair value of securities available for sale at December 31, 2013 by contractual maturity are shown below. Expected maturities may differ from contractual maturities because the issuers may have the right to call or prepay obligations without penalties. | |||||||||||||||||||||||||||||||||
Maturities of mortgage-backed securities with an amortized cost of $474,104,000 and an estimated fair value of $466,428,000 at December 31, 2013 are included below based upon contractual maturity. | |||||||||||||||||||||||||||||||||
Estimated | |||||||||||||||||||||||||||||||||
(In thousands) | Amortized | Fair | |||||||||||||||||||||||||||||||
Cost | Value | ||||||||||||||||||||||||||||||||
Due in one year or less | $ | 28,837 | $ | 28,960 | |||||||||||||||||||||||||||||
Due after one year through five years | 217,415 | 218,498 | |||||||||||||||||||||||||||||||
Due after five years through ten years | 292,460 | 286,534 | |||||||||||||||||||||||||||||||
Due after ten years | 271,038 | 237,422 | |||||||||||||||||||||||||||||||
Marketable equity securities | 3,299 | 3,870 | |||||||||||||||||||||||||||||||
Total | $ | 813,049 | $ | 775,284 | |||||||||||||||||||||||||||||
The following is a summary of the amortized cost and estimated fair values of securities held to maturity. | |||||||||||||||||||||||||||||||||
December 31, 2013 | |||||||||||||||||||||||||||||||||
(In thousands) | Amortized | Gross | Gross | Estimated | |||||||||||||||||||||||||||||
Cost | Unrealized | Unrealized | Fair | ||||||||||||||||||||||||||||||
Gains | Losses | Value | |||||||||||||||||||||||||||||||
U.S. Treasury securities and obligations of U.S. Government corporations and agencies | $ | 10,762 | $ | 1,689 | $ | 0 | $ | 12,451 | |||||||||||||||||||||||||
State and political subdivisions | 10,367 | 37 | 299 | 10,105 | |||||||||||||||||||||||||||||
Residential mortgage-backed securities | |||||||||||||||||||||||||||||||||
Agency | 50 | 9 | 0 | 59 | |||||||||||||||||||||||||||||
Single issue trust preferred securities | 19,766 | 0 | 4,108 | 15,658 | |||||||||||||||||||||||||||||
Other corporate securities | 20 | 0 | 0 | 20 | |||||||||||||||||||||||||||||
Total | $ | 40,965 | $ | 1,735 | $ | 4,407 | $ | 38,293 | |||||||||||||||||||||||||
December 31, 2012 | |||||||||||||||||||||||||||||||||
(In thousands) | Amortized | Gross | Gross | Estimated | |||||||||||||||||||||||||||||
Cost | Unrealized | Unrealized | Fair | ||||||||||||||||||||||||||||||
Gains | Losses | Value | |||||||||||||||||||||||||||||||
U.S. Treasury securities and obligations of U.S. Government corporations and agencies | $ | 10,916 | $ | 2,500 | $ | 0 | $ | 13,416 | |||||||||||||||||||||||||
State and political subdivisions | 12,515 | 108 | 0 | 12,623 | |||||||||||||||||||||||||||||
Residential mortgage-backed securities | |||||||||||||||||||||||||||||||||
Agency | 61 | 10 | 0 | 71 | |||||||||||||||||||||||||||||
Single issue trust preferred securities | 19,750 | 0 | 3,390 | 16,360 | |||||||||||||||||||||||||||||
Other corporate securities | 225 | 0 | 0 | 225 | |||||||||||||||||||||||||||||
Total | $ | 43,467 | $ | 2,618 | $ | 3,390 | $ | 42,695 | |||||||||||||||||||||||||
Even though the market value of the held-to-maturity investment portfolio is less than its cost, the unrealized loss has no impact on the net worth or regulatory capital requirements of United. As of December 31, 2013, the Company’s two largest held-to-maturity single-issue trust preferred exposures were to Wells Fargo ($9.90 million) and SunTrust Bank ($7.39 million). The two held-to-maturity single-issue trust preferred exposures with at least one rating below investment grade included SunTrust Bank ($7.39 million) and Royal Bank of Scotland ($972 thousand). Other corporate securities consist mainly of bonds of corporations. | |||||||||||||||||||||||||||||||||
The following table shows the gross realized gains and losses on calls and sales of held to maturity securities that have been included in earnings as a result of those calls and sales. Gains or losses on calls of held to maturity securities are recognized by the specific identification method. | |||||||||||||||||||||||||||||||||
Year Ended | |||||||||||||||||||||||||||||||||
(In thousands) | 2013 | 2012 | 2011 | ||||||||||||||||||||||||||||||
Gross realized gains | $ | 114 | $ | 352 | $ | 1 | |||||||||||||||||||||||||||
Gross realized losses | 0 | 0 | 0 | ||||||||||||||||||||||||||||||
The amortized cost and estimated fair value of debt securities held to maturity at December 31, 2013 by contractual maturity are shown below. Expected maturities may differ from contractual maturities because the issuers may have the right to call or prepay obligations with or without call or prepayment penalties. | |||||||||||||||||||||||||||||||||
Maturities of mortgage-backed securities with an amortized cost of $50,000 and an estimated fair value of $59,000 at December 31, 2013 are included below based upon contractual maturity. | |||||||||||||||||||||||||||||||||
Estimated | |||||||||||||||||||||||||||||||||
(In thousands) | Amortized | Fair | |||||||||||||||||||||||||||||||
Cost | Value | ||||||||||||||||||||||||||||||||
Due in one year or less | $ | 555 | $ | 556 | |||||||||||||||||||||||||||||
Due after one year through five years | 6,683 | 7,312 | |||||||||||||||||||||||||||||||
Due after five years through ten years | 13,026 | 13,821 | |||||||||||||||||||||||||||||||
Due after ten years | 20,701 | 16,604 | |||||||||||||||||||||||||||||||
Total | $ | 40,965 | $ | 38,293 | |||||||||||||||||||||||||||||
The carrying value of securities pledged to secure public deposits, securities sold under agreements to repurchase, and for other purposes as required or permitted by law, approximated $640,870,000 and $569,680,000 at December 31, 2013 and 2012, respectively. | |||||||||||||||||||||||||||||||||
The fair value of mortgage-backed securities is affected by changes in interest rates and prepayment speeds. When interest rates decline, prepayment speeds generally accelerate due to homeowners refinancing their mortgages at lower interest rates. This may result in the proceeds being reinvested at lower interest rates. Rising interest rates may decrease the assumed prepayment speed. Slower prepayment speeds may extend the maturity of the security beyond its estimated maturity. Therefore, investors may not be able to invest at current higher market rates due to the extended expected maturity of the security. United had a net unrealized loss of $7,667,000 at December 31, 2013 and a net unrealized gain of $5,227,000 at December 31, 2012 on all mortgage-backed securities. | |||||||||||||||||||||||||||||||||
The following table sets forth the maturities of all securities (based on amortized cost) at December 31, 2013, and the weighted-average yields of such securities (calculated on the basis of the cost and the effective yields weighted for the scheduled maturity of each security). | |||||||||||||||||||||||||||||||||
(Dollars in thousands) | Within 1 Year | After 1 But | After 5 But | After 10 Years | |||||||||||||||||||||||||||||
Within 5 Years | Within 10 Years | ||||||||||||||||||||||||||||||||
Amount | Yield | Amount | Yield | Amount | Yield | Amount | Yield | ||||||||||||||||||||||||||
U.S. Treasury and other U.S. Government agencies and corporations | $ | 14,998 | 0.26% | $ | 117,261 | 1.06% | $ | 50,826 | 1.12% | $ | 0 | 0.00% | |||||||||||||||||||||
States and political subdivisions (1) | 14,383 | 4.07% | 28,895 | 5.66% | 24,037 | 6.38% | 3,912 | 6.78% | |||||||||||||||||||||||||
Residential mortgage-backed securities | |||||||||||||||||||||||||||||||||
Agency | 12 | 6.00% | 7,130 | 3.56% | 45,918 | 3.73% | 162,778 | 2.34% | |||||||||||||||||||||||||
Non-agency | 0 | 0.00% | 443 | 4.58% | 6,872 | 5.02% | 9,054 | 5.82% | |||||||||||||||||||||||||
Commercial mortgage-backed | |||||||||||||||||||||||||||||||||
Agency | 0 | 0.00% | 54,449 | 1.19% | 179,499 | 2.21% | 7,999 | 2.75% | |||||||||||||||||||||||||
Asset-backed securities | 0 | 0.00% | 8,008 | 0.69% | 1,249 | 0.35% | 0 | 0.00% | |||||||||||||||||||||||||
Trust preferred collateralized debt obligations | 0 | 0.00% | 0 | 0.00% | 0 | 0.00% | 73,862 | 4.58% | |||||||||||||||||||||||||
Single issue trust preferred securities | 0 | 0.00% | 0 | 0.00% | 0 | 0.00% | 34,112 | 2.40% | |||||||||||||||||||||||||
Marketable equity securities | 0 | 0.00% | 0 | 0.00% | 0 | 0.00% | 3,299 | 2.47% | |||||||||||||||||||||||||
Other Corporate securities | 0 | 0.00% | 4,996 | 2.73% | 0 | 0.00% | 20 | 0.00% | |||||||||||||||||||||||||
-1 | Tax-equivalent adjustments (using a 35% federal rate) have been made in calculating yields on obligations of states and political subdivisions. | ||||||||||||||||||||||||||||||||
There are no securities with a single issuer, other than the U.S. government and its agencies and corporations, the book value of which in the aggregate exceeds 10% of United’s total shareholders’ equity. |
Loans
Loans | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Receivables [Abstract] | ' | ||||||||
Loans | ' | ||||||||
NOTE D—LOANS | |||||||||
Major classes of loans are as follows: | |||||||||
December 31 | |||||||||
(In thousands) | 2013 | 2012 | |||||||
Commercial, financial, and agricultural | |||||||||
Owner-occupied | $ | 654,963 | $ | 728,906 | |||||
Nonowner-occupied | 1,917,785 | 1,740,420 | |||||||
Other commercial | 1,338,355 | 1,377,083 | |||||||
Total commercial, financial & agricultural | 3,911,103 | 3,846,409 | |||||||
Residential real estate | 1,821,378 | 1,838,252 | |||||||
Construction & land development | 670,364 | 550,677 | |||||||
Consumer: | |||||||||
Bankcard | 11,023 | 11,236 | |||||||
Other Consumer | 299,731 | 271,206 | |||||||
Less: Unearned interest | (9,016 | ) | (6,364 | ) | |||||
Total Loans, net of unearned interest | $ | 6,704,583 | $ | 6,511,416 | |||||
The table above does not include loans held for sale of $4,236,000 and $17,762,000 at December 31, 2013 and December 31, 2012, respectively. Loans held for sale consist of single-family residential real estate loans originated for sale in the secondary market. | |||||||||
The outstanding balances in the table above include acquired impaired loans with a recorded investment of $31,099,000 and $33,206,000, or less than 1% of total gross loans, at December 31, 2013 and 2012, respectively. The contractual principal in these acquired impaired loans was $52,237,000 and $55,685,000 at December 31, 2013 and 2012, respectively. The balances above do not include future accretable net interest (i.e. the difference between the undiscounted expected cash flows and the recorded investment in the loan) on the acquired impaired loans. | |||||||||
Activity for the accretable yield for the year of 2013 follows. | |||||||||
(In thousands) | |||||||||
Accretable yield at the beginning of the period | $ | 2,331 | |||||||
Accretion (including cash recoveries) | (3,192 | ) | |||||||
Net reclassifications to accretable from non-accretable | 3,373 | ||||||||
Disposals (including maturities, foreclosures, and charge-offs) | (261 | ) | |||||||
Accretable yield at the ending of the period | $ | 2,251 | |||||||
At December 31, 2013 and 2012, loans-in-process of $43,158,000 and $68,255,000 and overdrafts from deposit accounts of $4,344,000 and $11,231,000, respectively, are included within the appropriate loan classifications above. | |||||||||
United’s subsidiary banks have made loans, in the normal course of business, to the directors and officers of United and its subsidiaries, and to their associates. Such related party loans were made on substantially the same terms, including interest rates and collateral, as those prevailing at the time for comparable transactions with unrelated persons and did not involve more than normal risk of collectibility. The aggregate dollar amount of these loans was $150,798,000 and $150,638,000 at December 31, 2013 and 2012, respectively. During 2013, $208,970,000 of new loans were made and repayments totaled $208,810,000. |
Credit_Quality
Credit Quality | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||
Text Block [Abstract] | ' | ||||||||||||||||||||||||
Credit Quality | ' | ||||||||||||||||||||||||
NOTE E—CREDIT QUALITY | |||||||||||||||||||||||||
Management monitors the credit quality of its loans on an ongoing basis. Measurement of delinquency and past due status are based on the contractual terms of each loan. | |||||||||||||||||||||||||
For all loan classes, past due loans are reviewed on a monthly basis to identify loans for nonaccrual status. Generally, when collection in full of the principal and interest is jeopardized, the loan is placed on nonaccrual status. The accrual of interest income on commercial and most consumer loans generally is discontinued when a loan becomes 90 to 120 days past due as to principal or interest. However, regardless of delinquency status, if a loan is fully secured and in the process of collection and resolution of collection is expected in the near term (generally less than 90 days), then the loan will not be placed on nonaccrual status. When interest accruals are discontinued, unpaid interest recognized in income in the current year is reversed, and unpaid interest accrued in prior years is charged to the allowance for loan losses. United’s method of income recognition for loans that are classified as nonaccrual is to recognize interest income on a cash basis or apply the cash receipt to principal when the ultimate collectibility of principal is in doubt. Nonaccrual loans will not normally be returned to accrual status unless all past due principal and interest has been paid and the borrower has evidenced their ability to meet the contractual provisions of the note. | |||||||||||||||||||||||||
A loan is categorized as a troubled debt restructuring (TDR) if a concession is granted and there is deterioration in the financial condition of the borrower. TDRs can take the form of a reduction of the stated interest rate, splitting a loan into separate loans with market terms on one loan and concessionary terms on the other loan, receipts of assets from a debtor in partial or full satisfaction of a loan, the extension of the maturity date or dates at a stated interest rate lower than the current market rate for new debt with similar risk, the reduction of the face amount or maturity amount of the debt as stated in the instrument or other agreement, the reduction of accrued interest or any other concessionary type of renegotiated debt. As of December 31, 2013, United had TDRs of $8,157,000 as compared to $3,175,000 as of December 31, 2012. Of the $8,157,000 aggregate balance of TDRs at December 31, 2013, $861,000 was on nonaccrual status and included in the “Loans on Nonaccrual Status” on the following page. Of the $3,175,000 aggregate balance of TDRs at December 31, 2012, $375,000 was on nonaccrual status and included in the “Loans on Nonaccrual Status” on the following page. As of December 31, 2013, there were no commitments to lend additional funds to debtors owing receivables whose terms have been modified in TDRs. At December 31, 2013, United had restructured loans in the amount of $4,267,000 that were modified by a reduction in the interest rate, $2,954,000 that were modified by a combination of a reduction in the interest rate and the principal and $936,000 that was modified by a change in terms. | |||||||||||||||||||||||||
A loan acquired and accounted for under ASC topic 310-30 “Loans and Debt Securities Acquired with Deteriorated Credit Quality” is reported as an accruing loan and a performing asset. | |||||||||||||||||||||||||
The following table sets forth United’s troubled debt restructurings that have been restructured during the year ended December 31, 2013 and 2012, segregated by class of loans: | |||||||||||||||||||||||||
Troubled Debt Restructurings | |||||||||||||||||||||||||
For the Year Ended December 31, 2013 | |||||||||||||||||||||||||
(In thousands) | Number of | Pre-Modification | Post-Modification | ||||||||||||||||||||||
Contracts | Outstanding | Outstanding | |||||||||||||||||||||||
Recorded Investment | Recorded Investment | ||||||||||||||||||||||||
Commercial real estate: | |||||||||||||||||||||||||
Owner-occupied | 4 | $ | 5,143 | $ | 4,561 | ||||||||||||||||||||
Nonowner-occupied | 2 | 762 | 757 | ||||||||||||||||||||||
Other commercial | 0 | 0 | 0 | ||||||||||||||||||||||
Residential real estate | 1 | 105 | 104 | ||||||||||||||||||||||
Construction & land development | 0 | 0 | 0 | ||||||||||||||||||||||
Consumer: | |||||||||||||||||||||||||
Bankcard | 0 | 0 | 0 | ||||||||||||||||||||||
Other consumer | 0 | 0 | 0 | ||||||||||||||||||||||
Total | 7 | $ | 6,010 | $ | 5,422 | ||||||||||||||||||||
Troubled Debt Restructurings | |||||||||||||||||||||||||
For the Year Ended December 31, 2012 | |||||||||||||||||||||||||
(In thousands) | Number of | Pre-Modification | Post-Modification | ||||||||||||||||||||||
Contracts | Outstanding | Outstanding | |||||||||||||||||||||||
Recorded Investment | Recorded Investment | ||||||||||||||||||||||||
Commercial real estate: | |||||||||||||||||||||||||
Owner-occupied | 0 | $ | 0 | $ | 0 | ||||||||||||||||||||
Nonowner-occupied | 0 | 0 | 0 | ||||||||||||||||||||||
Other commercial | 0 | 0 | 0 | ||||||||||||||||||||||
Residential real estate | 1 | 640 | 651 | ||||||||||||||||||||||
Construction & land development | 1 | 731 | 375 | ||||||||||||||||||||||
Consumer: | |||||||||||||||||||||||||
Bankcard | 0 | 0 | 0 | ||||||||||||||||||||||
Other consumer | 0 | 0 | 0 | ||||||||||||||||||||||
Total | 2 | $ | 1,371 | $ | 1,026 | ||||||||||||||||||||
During 2013, restructured loans of $2,954,000 were modified by a combination of a reduction in the interest rate and a change in terms. The remaining $2,166,000 and $302,000 of loans restructured during 2013 was modified by a reduction in the interest rate and a change in terms, respectively. During 2012, $375,000 of restructured loans was modified by a combination of a reduction in the interest rate and change in terms and the remaining $651,000 of restructured loans was modified by a change in terms. In some instances, the post-modification balance on a restructured loan is larger than the pre-modification balance due to the advancement of monies for items such as delinquent taxes on real estate property. The loans were evaluated individually for allocation within United’s allowance for loan losses. The modifications had an immaterial impact on the financial condition and results of operations for United. | |||||||||||||||||||||||||
The following table presents troubled debt restructurings, by class of loan, that had charge-offs during the years ended December 31, 2013 and 2012. These loans were restructured during the last twelve months and subsequently defaulted, resulting in a principal charge-off during the respective time periods. Loans modified in a troubled debt restructuring that defaulted with a recorded investment of zero were fully paid down through the sale of foreclosed real estate property prior to period end. | |||||||||||||||||||||||||
Year Ended | Year Ended | ||||||||||||||||||||||||
December 31, 2013 | December 31, 2012 | ||||||||||||||||||||||||
(In thousands) | Number of | Recorded | Number of | Recorded | |||||||||||||||||||||
Contracts | Investment | Contracts | Investment | ||||||||||||||||||||||
Troubled Debt Restructurings | |||||||||||||||||||||||||
Commercial real estate: | 0 | $ | 0 | 0 | $ | 0 | |||||||||||||||||||
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 | 375 | 1 | 375 | |||||||||||||||||||||
Consumer: | 0 | 0 | 0 | 0 | |||||||||||||||||||||
Bankcard | 0 | 0 | 0 | 0 | |||||||||||||||||||||
Other consumer | 0 | 0 | 0 | 0 | |||||||||||||||||||||
Total | 1 | $ | 375 | 1 | $ | 375 | |||||||||||||||||||
The following table sets forth United’s age analysis of its past due loans, segregated by class of loans: | |||||||||||||||||||||||||
Age Analysis of Past Due Loans | |||||||||||||||||||||||||
As of December 31, 2013 | |||||||||||||||||||||||||
(In thousands) | 30-89 | 90 Days | Total Past | Current | Total | Recorded | |||||||||||||||||||
Days Past | or more | Due | Financing | Investment | |||||||||||||||||||||
Due | Past Due | Receivables | >90 Days | ||||||||||||||||||||||
& Accruing | |||||||||||||||||||||||||
Commercial real estate: | |||||||||||||||||||||||||
Owner-occupied | $ | 14,144 | $ | 4,537 | $ | 18,681 | $ | 636,282 | $ | 654,963 | $ | 1,383 | |||||||||||||
Nonowner-occupied | 30,836 | 11,725 | 42,561 | 1,875,224 | 1,917,785 | 186 | |||||||||||||||||||
Other commercial | 54,319 | 11,794 | 66,113 | 1,272,242 | 1,338,355 | 896 | |||||||||||||||||||
Residential real estate | 54,271 | 25,446 | 79,717 | 1,741,661 | 1,821,378 | 5,214 | |||||||||||||||||||
Construction & land development | 9,921 | 18,491 | 28,412 | 641,952 | 670,364 | 1,611 | |||||||||||||||||||
Consumer: | |||||||||||||||||||||||||
Bankcard | 229 | 128 | 357 | 10,666 | 11,023 | 128 | |||||||||||||||||||
Other consumer | 9,466 | 1,712 | 11,178 | 288,553 | 299,731 | 1,626 | |||||||||||||||||||
Total | $ | 173,186 | $ | 73,833 | $ | 247,019 | $ | 6,466,580 | $ | 6,713,599 | $ | 11,044 | |||||||||||||
Age Analysis of Past Due Loans | |||||||||||||||||||||||||
As of December 31, 2012 | |||||||||||||||||||||||||
(In thousands) | 30-89 | 90 Days | Total Past | Current | Total | Recorded | |||||||||||||||||||
Days Past | or more | Due | Financing | Investment | |||||||||||||||||||||
Due | Past Due | Receivables | >90 Days | ||||||||||||||||||||||
& Accruing | |||||||||||||||||||||||||
Commercial real estate: | |||||||||||||||||||||||||
Owner-occupied | $ | 11,122 | $ | 16,691 | $ | 27,813 | $ | 701,093 | $ | 728,906 | $ | 4,038 | |||||||||||||
Nonowner-occupied | 12,793 | 11,643 | 24,436 | 1,715,984 | 1,740,420 | 2,549 | |||||||||||||||||||
Other commercial | 8,379 | 20,808 | 29,187 | 1,347,896 | 1,377,083 | 1,687 | |||||||||||||||||||
Residential real estate | 54,168 | 22,095 | 76,263 | 1,761,989 | 1,838,252 | 7,363 | |||||||||||||||||||
Construction & land development | 14,046 | 16,918 | 30,964 | 519,713 | 550,677 | 654 | |||||||||||||||||||
Consumer: | |||||||||||||||||||||||||
Bankcard | 394 | 164 | 558 | 10,678 | 11,236 | 164 | |||||||||||||||||||
Other consumer | 8,738 | 1,683 | 10,421 | 260,785 | 271,206 | 1,613 | |||||||||||||||||||
Total | $ | 109,640 | $ | 90,002 | $ | 199,642 | $ | 6,318,138 | $ | 6,517,780 | $ | 18,068 | |||||||||||||
The following table sets forth United’s nonaccrual loans, segregated by class of loans: | |||||||||||||||||||||||||
Loans on Nonaccrual Status | |||||||||||||||||||||||||
(In thousands) | December 31, | December 31, | |||||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||||||
Commercial real estate: | |||||||||||||||||||||||||
Owner-occupied | $ | 3,154 | $ | 12,653 | |||||||||||||||||||||
Nonowner-occupied | 11,539 | 9,094 | |||||||||||||||||||||||
Other commercial | 10,898 | 19,121 | |||||||||||||||||||||||
Residential real estate | 20,232 | 14,732 | |||||||||||||||||||||||
Construction & land development | 16,880 | 16,264 | |||||||||||||||||||||||
Consumer: | |||||||||||||||||||||||||
Bankcard | 0 | 0 | |||||||||||||||||||||||
Other consumer | 86 | 70 | |||||||||||||||||||||||
Total | $ | 62,789 | $ | 71,934 | |||||||||||||||||||||
United assigns credit quality indicators of pass, special mention, substandard and doubtful to its loans. For United’s loans with a corporate credit exposure, United internally assigns a grade based on the creditworthiness of the borrower. For loans with a consumer credit exposure, United internally assigns a grade based upon an individual loan’s delinquency status. United reviews and updates, as necessary, these grades on a quarterly basis. | |||||||||||||||||||||||||
Special mention loans, with a corporate credit exposure, have potential weaknesses that deserve management’s close attention. If left uncorrected, these potential weaknesses may result in deterioration of the repayment prospects for the loans or in the Company’s credit position at some future date. Borrowers may be experiencing adverse operating trends (declining revenues or margins) or an ill proportioned balance sheet (e.g., increasing inventory without an increase in sales, high leverage, tight liquidity). Adverse economic or market conditions, such as interest rate increases or the entry of a new competitor, may also support a special mention rating. Nonfinancial reasons for rating a credit exposure special mention include management problems, pending litigation, an ineffective loan agreement or other material structural weakness, and any other significant deviation from prudent lending practices. For loans with a consumer credit exposure, loans that are past due 30-89 days are considered special mention. | |||||||||||||||||||||||||
A substandard loan with a corporate credit exposure is inadequately protected by the current sound worth and paying capacity of the obligor or of the collateral pledged, if any. Loans so classified have a well-defined weakness, or weaknesses, that jeopardize the liquidation of the debt by the borrower. They are characterized by the distinct possibility that the Company will sustain some loss if the deficiencies are not corrected. They require more intensive supervision by management. Substandard loans are generally characterized by current or expected unprofitable operations, inadequate debt service coverage, inadequate liquidity, or marginal capitalization. Repayment may depend on collateral or other credit risk mitigants. For some substandard loans, the likelihood of full collection of interest and principal may be in doubt and thus, placed on nonaccrual. For loans with a consumer credit exposure, loans that are 90 days or more past due or that have been placed on nonaccrual are considered substandard. | |||||||||||||||||||||||||
A loan with corporate credit exposure is classified as doubtful if it has all the weaknesses inherent in one classified as substandard with the added characteristic that the weaknesses make collection in full, on the basis of currently existing facts, conditions, and values, highly questionable and improbable. A doubtful loan has a high probability of total or substantial loss, but because of specific pending events that may strengthen the loan, its classification as loss is deferred. Doubtful borrowers are usually in default, lack adequate liquidity or capital, and lack the resources necessary to remain an operating entity. Pending events can include mergers, acquisitions, liquidations, capital injections, the perfection of liens on additional collateral, the valuation of collateral, and refinancing. Generally, there are not any loans with a consumer credit exposure that are classified as doubtful. Usually, they are charged-off prior to such a classification. Loans classified as doubtful are also considered impaired. | |||||||||||||||||||||||||
The following tables set forth United’s credit quality indicators information, by class of loans: | |||||||||||||||||||||||||
Credit Quality Indicators | |||||||||||||||||||||||||
Corporate Credit Exposure | |||||||||||||||||||||||||
As of December 31, 2013 | |||||||||||||||||||||||||
Commercial Real Estate | |||||||||||||||||||||||||
(In thousands) | Owner- | Nonowner- | Other | Construction | |||||||||||||||||||||
occupied | occupied | Commercial | & Land | ||||||||||||||||||||||
Development | |||||||||||||||||||||||||
Grade: | |||||||||||||||||||||||||
Pass | $ | 604,129 | $ | 1,811,915 | $ | 1,206,030 | $ | 510,911 | |||||||||||||||||
Special mention | 27,576 | 45,617 | 60,668 | 63,375 | |||||||||||||||||||||
Substandard | 23,258 | 60,253 | 71,148 | 96,078 | |||||||||||||||||||||
Doubtful | 0 | 0 | 509 | 0 | |||||||||||||||||||||
Total | $ | 654,963 | $ | 1,917,785 | $ | 1,338,355 | $ | 670,364 | |||||||||||||||||
Credit Quality Indicators | |||||||||||||||||||||||||
Corporate Credit Exposure | |||||||||||||||||||||||||
As of December 31, 2012 | |||||||||||||||||||||||||
Commercial Real Estate | |||||||||||||||||||||||||
(In thousands) | Owner- | Nonowner- | Other | Construction | |||||||||||||||||||||
occupied | occupied | Commercial | & Land | ||||||||||||||||||||||
Development | |||||||||||||||||||||||||
Grade: | |||||||||||||||||||||||||
Pass | $ | 669,157 | $ | 1,621,338 | $ | 1,286,471 | $ | 392,096 | |||||||||||||||||
Special mention | 25,487 | 54,399 | 31,293 | 92,667 | |||||||||||||||||||||
Substandard | 34,262 | 64,683 | 57,386 | 65,914 | |||||||||||||||||||||
Doubtful | 0 | 0 | 1,933 | 0 | |||||||||||||||||||||
Total | $ | 728,906 | $ | 1,740,420 | $ | 1,377,083 | $ | 550,677 | |||||||||||||||||
Credit Quality Indicators | |||||||||||||||||||||||||
Consumer Credit Exposure | |||||||||||||||||||||||||
As of December 31, 2013 | |||||||||||||||||||||||||
(In thousands) | Residential | Bankcard | Other | ||||||||||||||||||||||
Real Estate | Consumer | ||||||||||||||||||||||||
Grade: | |||||||||||||||||||||||||
Pass | $ | 1,773,244 | $ | 10,666 | $ | 288,401 | |||||||||||||||||||
Special mention | 13,006 | 229 | 9,466 | ||||||||||||||||||||||
Substandard | 35,128 | 128 | 1,712 | ||||||||||||||||||||||
Doubtful | 0 | 0 | 152 | ||||||||||||||||||||||
Total | $ | 1,821,378 | $ | 11,023 | $ | 299,731 | |||||||||||||||||||
As of December 31, 2012 | |||||||||||||||||||||||||
(In thousands) | Residential | Bankcard | Other | ||||||||||||||||||||||
Real Estate | Consumer | ||||||||||||||||||||||||
Grade: | |||||||||||||||||||||||||
Pass | $ | 1,800,377 | $ | 10,678 | $ | 271,054 | |||||||||||||||||||
Special mention | 7,866 | 394 | 0 | ||||||||||||||||||||||
Substandard | 30,009 | 164 | 152 | ||||||||||||||||||||||
Doubtful | 0 | 0 | 0 | ||||||||||||||||||||||
Total | $ | 1,838,252 | $ | 11,236 | $ | 271,206 | |||||||||||||||||||
Loans are designated as impaired when, in the opinion of management, based on current information and events, the collection of principal and interest in accordance with the loan contract is doubtful. Typically, United does not consider loans for impairment unless a sustained period of delinquency (i.e. 90-plus days) is noted or there are subsequent events that impact repayment probability (i.e. negative financial trends, bankruptcy filings, eminent foreclosure proceedings, etc.). Impairment is evaluated in total for smaller-balance loans of a similar nature and on an individual loan basis for other loans. Consistent with United’s existing method of income recognition for loans, interest on impaired loans, except those classified as nonaccrual, is recognized as income using the accrual method. Impaired loans, or portions thereof, are charged off when deemed uncollectible. | |||||||||||||||||||||||||
The following table set forth United’s impaired loans information, by class of loans: | |||||||||||||||||||||||||
Impaired Loans | |||||||||||||||||||||||||
December 31, 2013 | December 31, 2012 | ||||||||||||||||||||||||
(In thousands) | Recorded | Unpaid | Related | Recorded | Unpaid | Related | |||||||||||||||||||
Investment | Principal | Allowance | Investment | Principal | Allowance | ||||||||||||||||||||
Balance | Balance | ||||||||||||||||||||||||
With no related allowance recorded: | |||||||||||||||||||||||||
Commercial real estate: | |||||||||||||||||||||||||
Owner-occupied | $ | 4,672 | $ | 4,672 | $ | 0 | $ | 15,591 | $ | 16,279 | $ | 0 | |||||||||||||
Nonowner-occupied | 5,938 | 6,651 | 0 | 10,907 | 14,601 | 0 | |||||||||||||||||||
Other commercial | 10,292 | 17,753 | 0 | 3,036 | 5,501 | 0 | |||||||||||||||||||
Residential real estate | 12,009 | 12,193 | 0 | 7,035 | 9,157 | 0 | |||||||||||||||||||
Construction & land development | 13,866 | 14,662 | 0 | 7,682 | 10,089 | 0 | |||||||||||||||||||
Consumer: | |||||||||||||||||||||||||
Bankcard | 0 | 0 | 0 | 0 | 0 | 0 | |||||||||||||||||||
Other consumer | 0 | 0 | 0 | 152 | 152 | 0 | |||||||||||||||||||
With an allowance recorded: | |||||||||||||||||||||||||
Commercial real estate: | |||||||||||||||||||||||||
Owner-occupied | $ | 4,358 | $ | 4,358 | $ | 638 | $ | 1,284 | $ | 1,284 | $ | 397 | |||||||||||||
Nonowner-occupied | 9,350 | 10,563 | 1,631 | 3,423 | 4,423 | 1,154 | |||||||||||||||||||
Other commercial | 13,304 | 16,240 | 2,192 | 27,610 | 30,411 | 7,564 | |||||||||||||||||||
Residential real estate | 7,669 | 8,191 | 4,112 | 5,635 | 7,028 | 1,427 | |||||||||||||||||||
Construction & land development | 11,050 | 14,833 | 3,752 | 13,033 | 17,029 | 3,659 | |||||||||||||||||||
Consumer: | |||||||||||||||||||||||||
Bankcard | 0 | 0 | 0 | 0 | 0 | 0 | |||||||||||||||||||
Other consumer | 152 | 152 | 152 | 0 | 0 | 0 | |||||||||||||||||||
Total: | |||||||||||||||||||||||||
Commercial real estate: | |||||||||||||||||||||||||
Owner-occupied | $ | 9,030 | $ | 9,030 | $ | 638 | $ | 16,875 | $ | 17,563 | $ | 397 | |||||||||||||
Nonowner-occupied | 15,288 | 17,214 | 1,631 | 14,330 | 19,024 | 1,154 | |||||||||||||||||||
Other commercial | 23,596 | 33,993 | 2,192 | 30,646 | 35,912 | 7,564 | |||||||||||||||||||
Residential real estate | 19,678 | 20,384 | 4,112 | 12,670 | 16,185 | 1,427 | |||||||||||||||||||
Construction & land development | 24,916 | 29,495 | 3,752 | 20,715 | 27,118 | 3,659 | |||||||||||||||||||
Consumer: | |||||||||||||||||||||||||
Bankcard | 0 | 0 | 0 | 0 | 0 | 0 | |||||||||||||||||||
Other consumer | 152 | 152 | 152 | 152 | 152 | 0 | |||||||||||||||||||
Impaired Loans | |||||||||||||||||||||||||
For the Year Ended | |||||||||||||||||||||||||
December 31, 2013 | December 31, 2012 | ||||||||||||||||||||||||
(In thousands) | Average | Interest | Average | Interest | |||||||||||||||||||||
Recorded | Income | Recorded | Income | ||||||||||||||||||||||
Investment | Recognized | Investment | Recognized | ||||||||||||||||||||||
With no related allowance recorded: | |||||||||||||||||||||||||
Commercial real estate: | |||||||||||||||||||||||||
Owner-occupied | $ | 11,379 | $ | 242 | $ | 12,160 | $ | 770 | |||||||||||||||||
Nonowner-occupied | 10,168 | 194 | 23,393 | 431 | |||||||||||||||||||||
Other commercial | 11,550 | 1,828 | 5,208 | 178 | |||||||||||||||||||||
Residential real estate | 9,211 | 358 | 10,982 | 418 | |||||||||||||||||||||
Construction & land development | 9,305 | 373 | 18,104 | 285 | |||||||||||||||||||||
Consumer: | |||||||||||||||||||||||||
Bankcard | 0 | 0 | 0 | 0 | |||||||||||||||||||||
Other consumer | 114 | 0 | 165 | 0 | |||||||||||||||||||||
With an allowance recorded: | |||||||||||||||||||||||||
Commercial real estate: | |||||||||||||||||||||||||
Owner-occupied | $ | 2,543 | $ | 159 | $ | 1,151 | $ | 51 | |||||||||||||||||
Nonowner-occupied | 6,352 | 289 | 3,477 | 67 | |||||||||||||||||||||
Other commercial | 16,129 | 286 | 26,240 | 1,969 | |||||||||||||||||||||
Residential real estate | 6,009 | 283 | 8,989 | 380 | |||||||||||||||||||||
Construction & land development | 13,393 | 58 | 12,904 | 322 | |||||||||||||||||||||
Consumer: | |||||||||||||||||||||||||
Bankcard | 0 | 0 | 0 | 0 | |||||||||||||||||||||
Other consumer | 38 | 0 | 0 | 0 | |||||||||||||||||||||
Total: | |||||||||||||||||||||||||
Commercial real estate: | |||||||||||||||||||||||||
Owner-occupied | $ | 13,922 | $ | 401 | $ | 13,311 | $ | 821 | |||||||||||||||||
Nonowner-occupied | 16,520 | 483 | 26,870 | 498 | |||||||||||||||||||||
Other commercial | 27,679 | 2,114 | 31,448 | 2,147 | |||||||||||||||||||||
Residential real estate | 15,220 | 641 | 19,971 | 798 | |||||||||||||||||||||
Construction & land development | 22,698 | 431 | 31,008 | 607 | |||||||||||||||||||||
Consumer: | |||||||||||||||||||||||||
Bankcard | 0 | 0 | 0 | 0 | |||||||||||||||||||||
Other consumer | 152 | 0 | 165 | 0 |
Allowance_for_Credit_Losses
Allowance for Credit Losses | 12 Months Ended | ||||||||||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||||||||||
Receivables [Abstract] | ' | ||||||||||||||||||||||||||||||||
Allowance for Credit Losses | ' | ||||||||||||||||||||||||||||||||
NOTE F—ALLOWANCE FOR CREDIT LOSSES | |||||||||||||||||||||||||||||||||
The allowance for loan losses is management’s estimate of the probable credit losses inherent in the loan portfolio. For purposes of determining the general allowance, the loan portfolio is segregated by product type to recognize differing risk profiles among categories. It is further segregated by credit grade for risk-rated loan pools and delinquency for homogeneous loan pools. The outstanding principal balance within each pool is multiplied by historical loss data and certain qualitative factors to derive the general loss allocation per pool. Specific loss allocations are calculated for loans in excess of $500 thousand in accordance with ASC topic 310. Risk characteristics of owner-occupied commercial real estate loans and other commercial loans are similar in that they are normally dependent upon the borrower’s internal cash flow from operations to service debt. Nonowner-occupied commercial real estate loans differ in that cash flow to service debt is normally dependent on external income from third parties for use of the real estate such as rents, leases and room rates. Residential real estate loans are dependent upon individual borrowers who are affected by changes in general economic conditions, demand for housing and resulting residential real estate valuation. Construction and land development loans are impacted mainly by demand whether for new residential housing or for retail, industrial, office and other types of commercial construction within a given area. Consumer loan pool risk characteristics are influenced by general, regional and local economic conditions. During the year of 2013, there were no material changes to the accounting policy or methodology related to the allowance for loan losses. | |||||||||||||||||||||||||||||||||
Loans deemed to be uncollectible are charged against the allowance for loan losses, while recoveries of previously charged-off amounts are credited to the allowance for loan losses. For commercial loans, when a loan or a portion of a loan is identified to contain a loss, a charge-off recommendation is directed to management to charge-off all or a portion of that loan. Generally, any unsecured commercial loan more than six months delinquent in payment of interest must be charged-off in full. If secured, the charge-off is generally made to reduce the loan balance to a level equal to the liquidation value of the collateral when payment of principal and interest is six months delinquent. Any commercial loan, secured or unsecured, on which a principal or interest payment has not been made within 90 days, is reviewed monthly for appropriate action. | |||||||||||||||||||||||||||||||||
For consumer loans, closed-end retail loans that are past due 120 cumulative days delinquent from the contractual due date and open-end loans 180 cumulative days delinquent from the contractual due date are charged-off. Any consumer loan on which a principal or interest payment has not been made within 90 days is reviewed monthly for appropriate action. For a one-to-four family open-end or closed-end residential real estate loan, home equity loan, or high-loan-to-value loan that has reached 180 or more days past due, management evaluates the collateral position and charge-offs any amount that exceeds the value of the collateral. On retail credits for which the borrower is in bankruptcy, all amounts deemed unrecoverable are charged off within 60 days of the receipt of the notification. On retail credits effected by fraud, a loan is charged-off within 90 days of the discovery of the fraud. In the event of the borrower’s death and if repayment within the required timeframe is uncertain, the loan is generally charged-off as soon as the amount of the loss is determined. | |||||||||||||||||||||||||||||||||
United maintains an allowance for loan losses and a reserve for lending-related commitments such as unfunded loan commitments and letters of credit. The reserve for lending-related commitments of $2,143,000 and $1,656,000 at December 31, 2013 and December 31, 2012, respectively, is separately classified on the balance sheet and is included in other liabilities. The combined allowance for loan losses and reserve for lending-related commitments are referred to as the allowance for credit losses. | |||||||||||||||||||||||||||||||||
A progression of the allowance for credit losses, which includes the allowance for credit losses and the reserve for lending-related commitments, for the periods presented is summarized as follows: | |||||||||||||||||||||||||||||||||
Year Ended December 31 | |||||||||||||||||||||||||||||||||
(In thousands) | 2013 | 2012 | 2011 | ||||||||||||||||||||||||||||||
Balance at beginning of period | $ | 75,557 | $ | 75,727 | $ | 75,039 | |||||||||||||||||||||||||||
Provision for credit losses | 19,754 | 17,665 | 16,988 | ||||||||||||||||||||||||||||||
95,311 | 93,392 | 92,027 | |||||||||||||||||||||||||||||||
Loans charged off | 21,006 | 20,555 | 19,605 | ||||||||||||||||||||||||||||||
Less recoveries | 2,036 | 2,720 | 3,305 | ||||||||||||||||||||||||||||||
Net charge-offs | 18,970 | 17,835 | 16,300 | ||||||||||||||||||||||||||||||
Balance at end of period | $ | 76,341 | $ | 75,557 | $ | 75,727 | |||||||||||||||||||||||||||
A progression of the allowance for loan losses, by portfolio segment, for the year ended December 31, 2013 and 2012 is summarized as follows: | |||||||||||||||||||||||||||||||||
Allowance for Loan Losses and Carrying Amount of Loans | |||||||||||||||||||||||||||||||||
For the Year Ended December 31, 2013 | |||||||||||||||||||||||||||||||||
(In thousands) | Commercial Real Estate | Other | Residential | Construction | Consumer | Allowance | Total | ||||||||||||||||||||||||||
Commercial | Real Estate | & Land | for | ||||||||||||||||||||||||||||||
Development | Estimated | ||||||||||||||||||||||||||||||||
Owner- | Nonowner- | Imprecision | |||||||||||||||||||||||||||||||
occupied | occupied | ||||||||||||||||||||||||||||||||
Allowance for Loan Losses: | |||||||||||||||||||||||||||||||||
Beginning balance | $ | 3,877 | $ | 12,876 | $ | 20,511 | $ | 14,895 | $ | 18,858 | $ | 2,620 | $ | 264 | $ | 73,901 | |||||||||||||||||
Charge-offs | 5,344 | 1,164 | 7,699 | 4,111 | 896 | 1,792 | 0 | 21,006 | |||||||||||||||||||||||||
Recoveries | 150 | 56 | 641 | 698 | 73 | 418 | 0 | 2,036 | |||||||||||||||||||||||||
Provision | 6,970 | (2,776 | ) | 7,464 | 5,212 | 918 | 1,699 | (220 | ) | 19,267 | |||||||||||||||||||||||
Ending balance | $ | 5,653 | $ | 8,992 | $ | 20,917 | $ | 16,694 | $ | 18,953 | $ | 2,945 | $ | 44 | $ | 74,198 | |||||||||||||||||
Ending Balance: individually evaluated for impairment | $ | 638 | $ | 1,631 | $ | 2,192 | $ | 4,112 | $ | 3,752 | $ | 152 | $ | 0 | $ | 12,477 | |||||||||||||||||
Ending Balance: collectively evaluated for impairment | $ | 5,015 | $ | 7,361 | $ | 18,725 | $ | 12,582 | $ | 15,201 | $ | 2,793 | $ | 44 | $ | 61,721 | |||||||||||||||||
Ending Balance: loans acquired with deteriorated credit quality | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | |||||||||||||||||
Financing receivables: | |||||||||||||||||||||||||||||||||
Ending balance | $ | 654,963 | $ | 1,917,785 | $ | 1,338,355 | $ | 1,821,378 | $ | 670,364 | $ | 310,754 | $ | 0 | $ | 6,713,599 | |||||||||||||||||
Ending Balance: individually evaluated for impairment | $ | 7,157 | $ | 13,913 | $ | 22,327 | $ | 16,160 | $ | 21,593 | $ | 152 | $ | 0 | $ | 81,302 | |||||||||||||||||
Ending Balance: collectively evaluated for impairment | $ | 646,548 | $ | 1,894,421 | $ | 1,314,543 | $ | 1,802,686 | $ | 632,407 | $ | 310,593 | $ | 0 | $ | 6,601,198 | |||||||||||||||||
Ending Balance: loans acquired with deteriorated credit quality | $ | 1,258 | $ | 9,451 | $ | 1,485 | $ | 2,532 | $ | 16,364 | $ | 9 | $ | 0 | $ | 31,099 | |||||||||||||||||
Allowance for Loan Losses and Carrying Amount of Loans | |||||||||||||||||||||||||||||||||
For the Year Ended December 31, 2012 | |||||||||||||||||||||||||||||||||
(In thousands) | Commercial Real Estate | Other | Residential | Construction | Consumer | Allowance | Total | ||||||||||||||||||||||||||
Commercial | Real Estate | & Land | for | ||||||||||||||||||||||||||||||
Development | Estimated | ||||||||||||||||||||||||||||||||
Owner- | Nonowner- | Imprecision | |||||||||||||||||||||||||||||||
occupied | occupied | ||||||||||||||||||||||||||||||||
Allowance for Loan Losses: | |||||||||||||||||||||||||||||||||
Beginning balance | $ | 3,670 | $ | 11,647 | $ | 20,803 | $ | 13,880 | $ | 19,151 | $ | 2,151 | $ | 2,572 | $ | 73,874 | |||||||||||||||||
Charge-offs | 801 | 2,608 | 3,619 | 8,882 | 3,099 | 1,546 | 0 | 20,555 | |||||||||||||||||||||||||
Recoveries | 60 | 122 | 1,362 | 821 | 54 | 301 | 0 | 2,720 | |||||||||||||||||||||||||
Provision | 948 | 3,715 | 1,965 | 9,076 | 2,752 | 1,714 | (2,308 | ) | 17,862 | ||||||||||||||||||||||||
Ending balance | $ | 3,877 | $ | 12,876 | $ | 20,511 | $ | 14,895 | $ | 18,858 | $ | 2,620 | $ | 264 | $ | 73,901 | |||||||||||||||||
Ending Balance: individually evaluated for impairment | $ | 417 | $ | 1,154 | $ | 7,564 | $ | 996 | $ | 3,659 | $ | 0 | $ | 0 | $ | 13,790 | |||||||||||||||||
Ending Balance: collectively evaluated for impairment | $ | 3,460 | $ | 11,722 | $ | 12,947 | $ | 13,899 | $ | 15,199 | $ | 2,620 | $ | 264 | $ | 60,111 | |||||||||||||||||
Ending Balance: loans acquired with deteriorated credit quality | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | |||||||||||||||||
Financing receivables: | |||||||||||||||||||||||||||||||||
Ending balance | $ | 728,906 | $ | 1,740,420 | $ | 1,377,083 | $ | 1,838,252 | $ | 550,677 | $ | 282,442 | $ | 0 | $ | 6,517,780 | |||||||||||||||||
Ending Balance: individually evaluated for impairment | $ | 14,474 | $ | 12,101 | $ | 28,997 | $ | 8,541 | $ | 17,827 | $ | 0 | $ | 0 | $ | 81,940 | |||||||||||||||||
Ending Balance: collectively evaluated for impairment | $ | 712,776 | $ | 1,718,913 | $ | 1,346,600 | $ | 1,826,196 | $ | 515,718 | $ | 282,431 | $ | 0 | $ | 6,402,634 | |||||||||||||||||
Ending Balance: loans acquired with deteriorated credit quality | $ | 1,656 | $ | 9,406 | $ | 1,486 | $ | 3,515 | $ | 17,132 | $ | 11 | $ | 0 | $ | 33,206 |
Bank_Premises_and_Equipment_an
Bank Premises and Equipment and Leases | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Property Plant And Equipment [Abstract] | ' | ||||||||
Bank Premises and Equipment and Leases | ' | ||||||||
NOTE G—BANK PREMISES AND EQUIPMENT AND LEASES | |||||||||
Bank premises and equipment are summarized as follows: | |||||||||
December 31 | |||||||||
(In thousands) | 2013 | 2012 | |||||||
Land | $ | 23,018 | $ | 23,166 | |||||
Buildings and improvements | 83,144 | 80,997 | |||||||
Leasehold improvements | 22,092 | 20,906 | |||||||
Furniture, fixtures and equipment | 49,697 | 46,843 | |||||||
177,951 | 171,912 | ||||||||
Less allowance for depreciation and amortization | 108,054 | 99,742 | |||||||
Net bank premises and equipment | $ | 69,897 | $ | 72,170 | |||||
Depreciation expense was $7,912,000, $7,790,000, and $6,966,000 for years ending December 31, 2013, 2012 and 2011, respectively, while amortization expense was $103,000 in each of these respective periods. | |||||||||
United and certain banking subsidiaries have entered into various noncancelable-operating leases. These noncancelable operating leases are subject to renewal options under various terms and some leases provide for periodic rate adjustments based on cost-of-living index changes. Rent expense for noncancelable operating leases approximated $8,969,000, $9,427,000 and $8,740,000 for the years ended December 31, 2013, 2012 and 2011, respectively. United Bank (WV) leases three of its offices from companies that are beneficially owned by two former United directors. Rent expense incurred on these facilities was $999,000, $1,755,000, and $1,044,000 for the years ended December 31, 2013, 2012, and 2011, respectively. | |||||||||
Future minimum lease payments, by year and in the aggregate, under noncancelable operating leases with initial or remaining terms of one year or more, for years subsequent to December 31, 2013, consisted of the following: | |||||||||
Year | Amount | ||||||||
(In thousands) | |||||||||
2014 | $ | 8,181 | |||||||
2015 | 6,903 | ||||||||
2016 | 6,030 | ||||||||
2017 | 5,606 | ||||||||
2018 | 5,644 | ||||||||
Thereafter | 11,292 | ||||||||
Total minimum lease payments | $ | 43,656 | |||||||
Goodwill_and_Other_Intangibles
Goodwill and Other Intangibles | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Goodwill And Intangible Assets Disclosure [Abstract] | ' | ||||||||||||
Goodwill and Other Intangibles | ' | ||||||||||||
NOTE H—GOODWILL AND OTHER INTANGIBLES | |||||||||||||
The following is a summary of intangible assets subject to amortization and those not subject to amortization: | |||||||||||||
As of December 31, 2013 | |||||||||||||
(In thousands) | Gross Carrying | Accumulated | Net Carrying | ||||||||||
Amount | Amortization | Amount | |||||||||||
Amortized intangible assets: | |||||||||||||
Core deposit intangible assets | $ | 43,434 | $ | (35,296 | ) | $ | 8,138 | ||||||
Goodwill not subject to amortization | $ | 375,547 | |||||||||||
As of December 31, 2012 | |||||||||||||
Gross Carrying | Accumulated | Net Carrying | |||||||||||
Amount | Amortization | Amount | |||||||||||
Amortized intangible assets: | |||||||||||||
Core deposit intangible assets | $ | 43,434 | $ | (33,327 | ) | $ | 10,107 | ||||||
Goodwill not subject to amortization | $ | 375,583 | |||||||||||
The following table sets forth the anticipated amortization expense for intangible assets for the years subsequent to 2013: | |||||||||||||
Year | Amount | ||||||||||||
(In thousands) | |||||||||||||
2014 | $ | 1,478 | |||||||||||
2015 | 1,149 | ||||||||||||
2016 | 1,089 | ||||||||||||
2017 | 1,047 | ||||||||||||
2018 and thereafter | 3,375 |
Deposits
Deposits | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Banking And Thrift [Abstract] | ' | ||||||||
Deposits | ' | ||||||||
NOTE I—DEPOSITS | |||||||||
The book value of deposits consisted of the following: | |||||||||
(Dollars in thousands) | December 31 | ||||||||
2013 | 2012 | ||||||||
Demand deposits | $ | 1,874,520 | $ | 1,824,411 | |||||
Interest-bearing checking | 1,195,956 | 1,210,463 | |||||||
Regular savings | 556,183 | 523,336 | |||||||
Money market accounts | 1,224,116 | 1,203,341 | |||||||
Time deposits under $100,000 | 887,516 | 1,035,815 | |||||||
Time deposits over $100,000 | 883,280 | 955,620 | |||||||
Total deposits | $ | 6,621,571 | $ | 6,752,986 | |||||
Interest paid on deposits approximated $27,182,000, $33,133,000 and $39,853,000 in 2013, 2012 and 2011, respectively. | |||||||||
United’s subsidiary banks have received deposits, in the normal course of business, from the directors and officers of United and its subsidiaries, and their associates. Such related party deposits were accepted on substantially the same terms, including interest rates and maturities, as those prevailing at the time for comparable transactions with unrelated persons. The aggregate dollar amount of these deposits was $137,428,000 and $77,167,000 at December 31, 2013 and 2012, respectively. |
ShortTerm_Borrowings
Short-Term Borrowings | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Debt Disclosure [Abstract] | ' | ||||||||||||||||
Short-Term Borrowings | ' | ||||||||||||||||
NOTE J—SHORT-TERM BORROWINGS | |||||||||||||||||
At December 31, 2013 and 2012, short-term borrowings and the related weighted-average interest rates were as follows: | |||||||||||||||||
2013 | 2012 | ||||||||||||||||
Weighted- | Weighted- | ||||||||||||||||
(Dollars in thousands) | Average | Average | |||||||||||||||
Amount | Rate | Amount | Rate | ||||||||||||||
Federal funds purchased | $ | 27,685 | 0.20% | $ | 5,446 | 0.20% | |||||||||||
Securities sold under agreements to repurchase | 188,069 | 0.09% | 209,516 | 0.09% | |||||||||||||
Total | $ | 215,754 | $ | 214,962 | |||||||||||||
Federal funds purchased and securities sold under agreements to repurchase have been a significant source of funds for the company. United has various unused lines of credit available from certain of its correspondent banks in the aggregate amount of $234,000,000. These lines of credit, which bear interest at prevailing market rates, permit United to borrow funds in the overnight market, and are renewable annually subject to certain conditions. | |||||||||||||||||
The following table shows the distribution of United’s federal funds purchased and securities sold under agreements to repurchase and the weighted-average interest rates thereon at the end of each of the last three years. Also provided are the maximum amount of borrowings and the average amounts of borrowings as well as weighted-average interest rates for the last three years. | |||||||||||||||||
(Dollars in thousands) | Federal | Securities Sold | |||||||||||||||
Funds | Under | ||||||||||||||||
Purchased | Agreements | ||||||||||||||||
To Repurchase | |||||||||||||||||
At December 31: | |||||||||||||||||
2013 | $ 27,685 | $ 188,069 | |||||||||||||||
2012 | 5,446 | 209,516 | |||||||||||||||
2011 | 7,120 | 247,646 | |||||||||||||||
Weighted-average interest rate at year-end: | |||||||||||||||||
2013 | 0.20% | 0.09% | |||||||||||||||
2012 | 0.20% | 0.09% | |||||||||||||||
2011 | 0.20% | 0.07% | |||||||||||||||
Maximum amount outstanding at any month’s end: | |||||||||||||||||
2013 | $ 27,685 | $ 220,155 | |||||||||||||||
2012 | 23,100 | 273,041 | |||||||||||||||
2011 | 20,440 | 274,546 | |||||||||||||||
Average amount outstanding during the year: | |||||||||||||||||
2013 | $ 12,595 | $ 199,823 | |||||||||||||||
2012 | 16,314 | 261,558 | |||||||||||||||
2011 | 13,377 | 242,371 | |||||||||||||||
Weighted-average interest rate during the year: | |||||||||||||||||
2013 | 0.20% | 0.10% | |||||||||||||||
2012 | 0.20% | 0.08% | |||||||||||||||
2011 | 0.21% | 0.06% | |||||||||||||||
At December 31, 2013, all the repurchase agreements were in overnight accounts. The rates offered on these funds vary according to movements in the federal funds and short-term investment market rates. | |||||||||||||||||
United has a $10,000,000 line of credit with an unrelated financial institution to provide for general liquidity needs. The line is an unsecured, revolving line of credit. The line is renewable on a 360 day basis and carries an indexed, floating-rate of interest. The line requires compliance with various financial and nonfinancial covenants. At December 31, 2013, United had no outstanding balance under this credit. | |||||||||||||||||
Interest paid on short-term borrowings approximated $894,000, $304,000 and $464,000 in 2013, 2012 and 2011, respectively. |
LongTerm_Borrowings
Long-Term Borrowings | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||
Debt Disclosure [Abstract] | ' | ||||||||||||||||||||||||
Long-Term Borrowings | ' | ||||||||||||||||||||||||
NOTE K—LONG-TERM BORROWINGS | |||||||||||||||||||||||||
United’s subsidiary banks are members of the Federal Home Loan Bank (FHLB). Membership in the FHLB makes available short-term and long-term borrowings from collateralized advances. All FHLB borrowings are collateralized by a mix of single-family residential mortgage loans, commercial loans and investment securities. At December 31, 2013, the total carrying value of loans pledged as collateral for FHLB advances approximated $3,065,080,000. United had an unused borrowing amount as of December 31, 2013 of approximately $1,413,927,000 available subject to delivery of collateral after certain trigger points. Advances may be called by the FHLB or redeemed by United based on predefined factors and penalties. | |||||||||||||||||||||||||
At December 31, 2013 and 2012, FHLB advances and the related weighted-average interest rates were as follows: | |||||||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||||||
(Dollars in thousands) | Amount | Weighted- | Weighted- | Amount | Weighted- | Weighted- | |||||||||||||||||||
Average | Average | Average | Average | ||||||||||||||||||||||
Contractual | Effective | Contractual | Effective | ||||||||||||||||||||||
Rate | Rate | Rate | Rate | ||||||||||||||||||||||
FHLB advances | $ | 592,069 | 0.56 | % | 0.56 | % | $ | 186,411 | 2.17 | % | 2.17 | % | |||||||||||||
Overnight funds of $215,000,000 were included in the $592,069,000 above at December 31, 2013. Overnight funds of $100,000,000 were included in the $186,411,000 above at December 31, 2012. The weighted-average effective rate considers the effect of any interest rate swaps designated as fair value hedges outstanding at year-end 2013 and 2012 to manage interest rate risk on its long-term debt. Additional information is provided in Note P, Notes to Consolidated Financial Statements. | |||||||||||||||||||||||||
At December 31, 2013, United had a total of twelve statutory business trusts that were formed for the purpose of issuing or participating in pools of trust preferred capital securities (Capital Securities) with the proceeds invested in junior subordinated debt securities (Debentures) of United. The Debentures, which are subordinate and junior in right of payment to all present and future senior indebtedness and certain other financial obligations of United, are the sole assets of the trusts and United’s payment under the Debentures is the sole source of revenue for the trusts. At December 31, 2013 and 2012, the outstanding balance of the Debentures was $198,628,000 and $198,515,000, respectively, and was included in the category of long-term debt on the Consolidated Balance Sheets entitled “Other long-term borrowings.” The Capital Securities are not included as a component of shareholders’ equity in the Consolidated Balance Sheets. United fully and unconditionally guarantees each individual trust’s obligations under the Capital Securities. | |||||||||||||||||||||||||
Under the provisions of the subordinated debt, United has the right to defer payment of interest on the subordinated debt at any time, or from time to time, for periods not exceeding five years. If interest payments on the subordinated debt are deferred, the dividends on the Capital Securities are also deferred. Interest on the subordinated debt is cumulative. | |||||||||||||||||||||||||
The Trust Preferred Securities currently qualify as Tier 1 regulatory capital of United for regulatory purposes. In July of 2013, United’s primary federal regulator, the Federal Reserve, published final rules (the “Basel III Capital Rules”) establishing a new comprehensive capital framework for U.S. banking organizations. The Basel III Capital Rules grandfathers United’s Trust Preferred Securities as Tier 1 capital under the limitations for restricted capital elements in the general risk-based capital rules. As a result, beginning in 2015, United’s Trust Preferred Securities will be subject to a limit of 25 percent of Tier 1 capital elements excluding any non-qualifying capital instruments and after all regulatory capital deductions and adjustments applied to Tier 1 capital, which is substantially similar to the limit in the general risk-based capital rules. Trust preferred securities no longer included in United’s Tier 1 capital may be included as a component of Tier 2 capital on a permanent basis without phase-out. | |||||||||||||||||||||||||
Information related to United’s statutory trusts is presented in the table below: | |||||||||||||||||||||||||
(Dollars in thousands) | Issuance Date | Amount of | Interest Rate | Maturity Date | |||||||||||||||||||||
Description | Capital | ||||||||||||||||||||||||
Securities | |||||||||||||||||||||||||
Issued | |||||||||||||||||||||||||
Century Trust | 23-Mar-00 | $ | 8,800 | 10.875% Fixed | 8-Mar-30 | ||||||||||||||||||||
Sequoia Trust I | March 28, 2001 | $ | 2,000 | 10.18% Fixed | 8-Jun-31 | ||||||||||||||||||||
United Statutory Trust III | 17-Dec-03 | $ | 20,000 | 3-month LIBOR + 2.85% | 17-Dec-33 | ||||||||||||||||||||
United Statutory Trust IV | 19-Dec-03 | $ | 25,000 | 3-month LIBOR + 2.85% | 23-Jan-34 | ||||||||||||||||||||
United Statutory Trust V | 12-Jul-07 | $ | 50,000 | 3-month LIBOR + 1.55% | 1-Oct-37 | ||||||||||||||||||||
United Statutory Trust VI | 20-Sep-07 | $ | 30,000 | 3-month LIBOR + 1.30% | 15-Dec-37 | ||||||||||||||||||||
Premier Statutory Trust II | September 25, 2003 | $ | 6,000 | 3-month LIBOR + 3.10% | 8-Oct-33 | ||||||||||||||||||||
Premier Statutory Trust III | 16-May-05 | $ | 8,000 | 3-month LIBOR + 1.74% | 15-Jun-35 | ||||||||||||||||||||
Premier Statutory Trust IV | 20-Jun-06 | $ | 14,000 | 3-month LIBOR + 1.55% | September 23, 2036 | ||||||||||||||||||||
Premier Statutory Trust V | 14-Dec-06 | $ | 10,000 | 3-month LIBOR + 1.61% | 1-Mar-37 | ||||||||||||||||||||
Centra Statutory Trust I | 20-Sep-04 | $ | 10,000 | 3-month LIBOR + 2.29% | 20-Sep-34 | ||||||||||||||||||||
Centra Statutory Trust II | 15-Jun-06 | $ | 10,000 | 3-month LIBOR + 1.65% | 7-Jul-36 | ||||||||||||||||||||
At December 31, 2013 and 2012, the Debentures and their related weighted-average interest rates were as follows: | |||||||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||||||
(Dollars in thousands) | Amount | Weighted- | Amount | Weighted- | |||||||||||||||||||||
Average | Average | ||||||||||||||||||||||||
Rate | Rate | ||||||||||||||||||||||||
Century Trust | $ | 8,800 | 10.88 | % | $ | 8,800 | 10.88 | % | |||||||||||||||||
Sequoia Trust I | 2,065 | 10.18 | % | 2,064 | 10.18 | % | |||||||||||||||||||
United Statutory Trust III | 20,619 | 3.1 | % | 20,619 | 3.16 | % | |||||||||||||||||||
United Statutory Trust IV | 25,774 | 3.09 | % | 25,774 | 3.16 | % | |||||||||||||||||||
United Statutory Trust V | 51,547 | 1.8 | % | 51,547 | 1.91 | % | |||||||||||||||||||
United Statutory Trust VI | 30,928 | 1.54 | % | 30,928 | 1.61 | % | |||||||||||||||||||
Premier Statutory Trust II | 6,186 | 3.34 | % | 6,186 | 3.44 | % | |||||||||||||||||||
Premier Statutory Trust III | 8,248 | 1.98 | % | 8,248 | 2.05 | % | |||||||||||||||||||
Premier Statutory Trust IV | 14,433 | 1.8 | % | 14,433 | 1.86 | % | |||||||||||||||||||
Premier Statutory Trust V | 10,310 | 1.85 | % | 10,310 | 1.92 | % | |||||||||||||||||||
Centra Statutory Trust I | 9,859 | 2.54 | % | 9,803 | 2.6 | % | |||||||||||||||||||
Centra Statutory Trust II | 9,859 | 1.89 | % | 9,803 | 1.99 | % | |||||||||||||||||||
Total | $ | 198,628 | $ | 198,515 | |||||||||||||||||||||
At December 31, 2013, the scheduled maturities of long-term borrowings were as follows: | |||||||||||||||||||||||||
Year | Amount | ||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||
2014 | $ | 321,388 | |||||||||||||||||||||||
2015 | 4,395 | ||||||||||||||||||||||||
2016 | 622 | ||||||||||||||||||||||||
2017 | 383 | ||||||||||||||||||||||||
2018 and thereafter | 248,909 | ||||||||||||||||||||||||
Total | $ | 575,697 | |||||||||||||||||||||||
Interest paid on long-term borrowings approximated $8,846,000, $14,370,000 and $16,335,000 in 2013, 2012 and 2011, respectively. |
Income_Taxes
Income Taxes | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||
Income Tax Disclosure [Abstract] | ' | ||||||||||||||||||||||||
Income Taxes | ' | ||||||||||||||||||||||||
NOTE L—INCOME TAXES | |||||||||||||||||||||||||
The income tax provisions included in the consolidated statements of income are summarized as follows: | |||||||||||||||||||||||||
(In thousands) | Year Ended December 31 | ||||||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||||||
Current expense: | |||||||||||||||||||||||||
Federal | $ | 32,378 | $ | 37,623 | $ | 23,341 | |||||||||||||||||||
State | 4,048 | 914 | 518 | ||||||||||||||||||||||
Deferred expense: | |||||||||||||||||||||||||
Federal and State | 2,990 | 337 | 10,907 | ||||||||||||||||||||||
Total income taxes | $ | 39,416 | $ | 38,874 | $ | 34,766 | |||||||||||||||||||
The following is a reconciliation of income tax expense to the amount computed by applying the statutory federal income tax rate to income before income taxes. | |||||||||||||||||||||||||
Year Ended December 31 | |||||||||||||||||||||||||
(Dollars in thousands) | 2013 | 2012 | 2011 | ||||||||||||||||||||||
Amount | % | Amount | % | Amount | % | ||||||||||||||||||||
Tax on income before taxes | $ | 43,765 | 35.00% | $ | 42,519 | 35.00% | $ | 38,632 | 35.0% | ||||||||||||||||
at statutory federal rate | |||||||||||||||||||||||||
Plus: State income taxes | 2,392 | 1.9 | 594 | 0.5 | 336 | 0.3 | |||||||||||||||||||
net of federal tax benefits | |||||||||||||||||||||||||
46,157 | 36.9 | 43,113 | 35.5 | 38,968 | 35.3 | ||||||||||||||||||||
Increase (decrease) resulting from: | |||||||||||||||||||||||||
Tax-exempt interest income | -3,837 | -3.1 | -4,127 | -3.4 | -4,226 | -3.8 | |||||||||||||||||||
Other items-net | -2,904 | -2.3 | -112 | -0.1 | 24 | 0 | |||||||||||||||||||
Income taxes | $ | 39,416 | 31.5% | $ | 38,874 | 32.0% | $ | 34,766 | 31.5% | ||||||||||||||||
For years ended 2013, 2012 and 2011, United incurred federal income tax expense applicable to the sales and calls of securities of $533,000, $156,000 and $552,000, respectively. Income taxes paid approximated $49,114,000, $27,057,000 and $34,531,000 in 2013, 2012 and 2011, respectively. Deferred income taxes reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. At December 31, 2013, United had no state net operating loss carryforwards. | |||||||||||||||||||||||||
Taxes not on income, which consists mainly of business franchise taxes, were $4,816,000, $4,717,000 and $4,466,000 for the years ended December 31, 2013, 2012 and 2011, respectively. These amounts are recorded in other expense in the Consolidated Statements of Income. | |||||||||||||||||||||||||
Significant components of United’s deferred tax assets and liabilities (included in other assets in the Consolidated Balance Sheets) at December 31, 2013 and 2012 are as follows: | |||||||||||||||||||||||||
(In thousands) | 2013 | 2012 | |||||||||||||||||||||||
Deferred tax assets: | |||||||||||||||||||||||||
Allowance for credit losses | $ | 28,108 | $ | 41,853 | |||||||||||||||||||||
Other accrued liabilities | 830 | 29 | |||||||||||||||||||||||
Unrecognized components of net periodic pension costs | 12,168 | 21,696 | |||||||||||||||||||||||
Unrealized loss on securities available for sale | 13,255 | 16,703 | |||||||||||||||||||||||
Other real estate owned | 4,288 | 0 | |||||||||||||||||||||||
Purchase accounting intangibles | 3,598 | 0 | |||||||||||||||||||||||
Net operating loss | 0 | 846 | |||||||||||||||||||||||
Total deferred tax assets | 62,247 | 81,127 | |||||||||||||||||||||||
Deferred tax liabilities: | |||||||||||||||||||||||||
Purchase accounting intangibles | 0 | 6,436 | |||||||||||||||||||||||
Deferred mortgage points | 283 | 377 | |||||||||||||||||||||||
Accrued benefits payable | 7,806 | 10,961 | |||||||||||||||||||||||
Premises and equipment | 2,563 | 857 | |||||||||||||||||||||||
Other | 2,117 | 2,764 | |||||||||||||||||||||||
Total deferred tax liabilities | 12,769 | 21,395 | |||||||||||||||||||||||
Net deferred tax assets | $ | 49,478 | $ | 59,732 | |||||||||||||||||||||
In accordance with ASC topic 740, “Income Taxes,” United records a liability for uncertain income tax positions based on a recognition threshold of more-likely-than-not, and a measurement attribute for all tax positions taken on a tax return, in order for those tax positions to be recognized in the financial statements. | |||||||||||||||||||||||||
Below is a reconciliation of the total amounts of unrecognized tax benefits: | |||||||||||||||||||||||||
December 31 | |||||||||||||||||||||||||
(In thousands) | 2013 | 2012 | |||||||||||||||||||||||
Unrecognized tax benefits at beginning of year | $ 2,106 | $ 2,028 | |||||||||||||||||||||||
Decrease in unrecognized tax benefits as a result of tax positions settled during the current period | -213 | 0 | |||||||||||||||||||||||
Increase in unrecognized tax benefits as a result of tax positions taken during the current period | 661 | 226 | |||||||||||||||||||||||
Decreases in the unrecognized tax benefits as a result of a | -42 | (148) | |||||||||||||||||||||||
lapse of the applicable statute of limitations | |||||||||||||||||||||||||
Unrecognized tax benefits at end of year | $ 2,512 | $ 2,106 | |||||||||||||||||||||||
The entire amount of unrecognized tax benefits, if recognized, would impact United’s effective tax rate. Over the next 12 months, the statute of limitations will close on certain income tax returns. However, at this time, United cannot reasonably estimate the amount of tax benefits it may recognize over the next 12 months. | |||||||||||||||||||||||||
United is currently open to audit under the statute of limitations by the Internal Revenue Service for the years ended December 31, 2011 and 2012 and State Taxing authorities for the years ended December 31, 2009 through 2012. | |||||||||||||||||||||||||
As of December 31, 2013 and 2012, the total amount of accrued interest related to uncertain tax positions was $455,000 and $1,138,000, respectively. United accounts for interest and penalties related to uncertain tax positions as part of its provision for federal and state income taxes. No interest or penalties were recognized in the results of operations for the years of 2013, 2012 and 2011. |
Employee_Benefit_Plans
Employee Benefit Plans | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Compensation And Retirement Disclosure [Abstract] | ' | ||||||||||||||||
Employee Benefit Plans | ' | ||||||||||||||||
NOTE M--EMPLOYEE BENEFIT PLANS | |||||||||||||||||
United has a defined benefit retirement plan covering a majority of all employees. Pension benefits are based on years of service and the average of the employee’s highest five consecutive plan years of basic compensation paid during the ten plan years preceding the date of determination. Contributions by United are intended to provide not only for benefits attributed to service to date, but also for those expected to be earned in the future. | |||||||||||||||||
In September of 2007, after a recommendation by United’s Pension Committee and approval by United’s Board of Directors, the United Bankshares, Inc. Pension Plan (the Plan) was amended to change the participation rules. The decision to change the participation rules for the Plan followed current industry trends, as many large and medium size companies have taken similar steps. The amendment provided that employees hired on or after October 1, 2007, will not be eligible to participate in the Plan. However, new employees will continue to be eligible to participate in United’s Savings and Stock Investment 401(k) plan. This change had no impact on current employees hired prior to October 1, 2007 as they will continue to participate in the Plan, with no change in benefit provisions, and will continue to be eligible to participate in United’s Savings and Stock Investment 401(k) Plan. | |||||||||||||||||
Included in accumulated other comprehensive income at December 31, 2013 are the following amounts that have not yet been recognized in net periodic pension cost: unrecognized prior service costs of $2,000 ($1,000 net of tax) and unrecognized actuarial losses of $31,151,000 ($20,248,000 net of tax). The amortization of these items expected to be recognized in net periodic pension cost during the fiscal year ended December 31, 2014 is $1,000 ($1,000 net of tax), and $4,821,000 ($3,134,000 net of tax), respectively. | |||||||||||||||||
Net consolidated periodic pension cost included the following components: | |||||||||||||||||
(Dollars in thousands) | Year Ended December 31, | ||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||
Service cost | $ 2,672 | $ 2,517 | $ 2,272 | ||||||||||||||
Interest cost | 4,913 | 4,849 | 4,555 | ||||||||||||||
Expected return on plan assets | -8,313 | -7,999 | -8,343 | ||||||||||||||
Recognized net actuarial loss | 4,821 | 4,199 | 2,427 | ||||||||||||||
Amortization of prior service cost | 1 | 1 | 1 | ||||||||||||||
Net periodic pension cost | $ 4,094 | $ 3,567 | $ 912 | ||||||||||||||
Weighted-Average Assumptions: | |||||||||||||||||
Discount rate | 4.40% | 5.15% | 5.75% | ||||||||||||||
Expected return on assets | 7.75% | 8.00% | 8.00% | ||||||||||||||
Rate of Compensation Increase (prior to age 45) | 3.75% | 3.75% | 3.75% | ||||||||||||||
Rate of Compensation Increase (otherwise) | 2.75% | 2.75% | 2.75% | ||||||||||||||
The reconciliation of the beginning and ending balances of the projected benefit obligation and the fair value of plan assets for the year ended December 31, 2013 and the accumulated benefit obligation at December 31, 2013 is as follows: | |||||||||||||||||
(Dollars in thousands) | December 31, | ||||||||||||||||
Change in Projected Benefit Obligation | 2013 | 2012 | |||||||||||||||
Projected Benefit Obligation at the Beginning of the Year | $ | 112,534 | $ | 95,162 | |||||||||||||
Service Cost | 2,672 | 2,517 | |||||||||||||||
Interest Cost | 4,913 | 4,849 | |||||||||||||||
Actuarial (Gain) Loss | -11,646 | 13,000 | |||||||||||||||
Benefits Paid | -3,287 | -2,994 | |||||||||||||||
Projected Benefit at the End of the Year | $ | 105,186 | $ | 112,534 | |||||||||||||
Accumulated Benefit Obligation at the End of the Year | $ | 95,859 | $ | 102,156 | |||||||||||||
Change in Plan Assets | |||||||||||||||||
Fair Value of Plan Assets at the Beginning of the Year | $ | 108,859 | $ | 101,383 | |||||||||||||
Actual Return on Plan Assets | 17,616 | 10,470 | |||||||||||||||
Benefits Paid | -3,287 | -2,994 | |||||||||||||||
Employer Contributions | 0 | 0 | |||||||||||||||
Fair value of plan assets at end of year | $ | 123,188 | $ | 108,859 | |||||||||||||
Net Amount Recognized | |||||||||||||||||
Funded Status | $ | 18,002 | $ | (3,675) | |||||||||||||
Unrecognized Transition Asset | 0 | 0 | |||||||||||||||
Unrecognized Prior Service Cost | 2 | 3 | |||||||||||||||
Unrecognized Net Loss | 31,151 | 56,921 | |||||||||||||||
Net Amount Recognized | $ | 49,155 | $ | 53,249 | |||||||||||||
Weighted-Average Assumptions at the End of the Year | |||||||||||||||||
Discount Rate | 5.20% | 4.40% | |||||||||||||||
Rate of Compensation Increase (prior to age 45) | 3.50% | 3.75% | |||||||||||||||
Rate of Compensation Increase (otherwise) | 3.00% | 2.75% | |||||||||||||||
Asset allocation for the defined benefit pension plan as of the measurement date, by asset category, is as follows: | |||||||||||||||||
Plan Assets | Target Allocation | Allowable | Percentage of | ||||||||||||||
2014 | Allocation Range | Plan Assets at | |||||||||||||||
December 31, | December 31, | ||||||||||||||||
2013 | 2012 | ||||||||||||||||
Equity Securities | 62 | % | 50-70 | % | 66 | % | 63% | ||||||||||
Debt Securities | 26 | % | 20-50 | % | 21 | % | 32% | ||||||||||
Other | 12 | % | 15-Mar | % | 13 | % | 5% | ||||||||||
Total | 100 | % | 100% | ||||||||||||||
Equity securities include United common stock in the amounts of $3,328,000 (3%) at December 31, 2013 and $2,576,000 (2%) at December 31, 2012. | |||||||||||||||||
The policy, as established by the Pension Committee, primarily consisting of United’s Executive Management, is to invest assets based upon the target allocations stated above. The assets are reallocated periodically to meet the above target allocations. The investment policy is reviewed at least annually, subject to the approval of the Pension Committee, to determine if the policy should be changed. Prohibited investments include, but are not limited to, futures contracts, private placements, uncovered options, real estate, the use of margin, short sales, derivatives for speculative purposes, and other investments that are speculative in nature. In order to achieve a prudent level of portfolio diversification, the securities of any one company are not to exceed 10% of the total plan assets, and no more than the 15% of total plan assets is to be invested in any one industry (other than securities of U.S. Government or Agencies). Additionally, no more than 15% of the plan assets is to be invested in foreign securities, both equity and fixed. The expected long-term rate of return for the plan’s total assets is based on the expected return of each of the above categories, weighted based on the median of the target allocation for each class. | |||||||||||||||||
At December 31, 2013, the benefits expected to be paid in each of the next five fiscal years, and in the aggregate for the five years thereafter are as follows: | |||||||||||||||||
Year | Amount | ||||||||||||||||
(In thousands) | |||||||||||||||||
2014 | $ 3,728 | ||||||||||||||||
2015 | 4,053 | ||||||||||||||||
2016 | 4,432 | ||||||||||||||||
2017 | 4,780 | ||||||||||||||||
2018 | 5,159 | ||||||||||||||||
2019 through 2023 | 30,746 | ||||||||||||||||
United did not contribute to the plan in 2013 and 2012 as no contributions were required by funding regulations or law. For 2014, no contributions to the plan are required by funding regulations or law. However, United may make a discretionary contribution in 2014, the amount of which cannot be reasonably estimated at this time. | |||||||||||||||||
In accordance with ASC topic 715 and using the guidance contained in ASC topic 820, the following is a description of the valuation methodologies used to measure the plan assets at fair value. | |||||||||||||||||
Cash and Cash Equivalents: These underlying assets are highly liquid U.S. government obligations. The fair value of cash and cash equivalents approximates cost (Level 1). | |||||||||||||||||
Debt Securities: Securities of the U.S. Government, municipalities, private issuers and corporations are valued at the closing price reported in the active market in which the individual security is traded, when available (Level 1). If quoted market prices are not available, fair values are measured utilizing independent valuation techniques of identical or similar securities for which significant assumptions are derived primarily from or corroborated by observable market data. Using a market approach valuation methodology, third party vendors compile prices from various sources and may determine the fair value of identical or similar securities by using pricing models that considers observable market data (Level 2). | |||||||||||||||||
Common and Preferred Stock: Theses securities are valued at the closing price on the respective stock exchange (Level 1). | |||||||||||||||||
Mutual Funds: Generally, these securities are valued at the closing price reported in the active market in which the individual mutual fund is traded (Level 1). However, certain funds are valued by the fund administrator using pricing models that considers observable market data (Level 2). | |||||||||||||||||
The following tables present the balances of the plan assets, by fair value hierarchy level, as of December 31, 2013 and 2012: | |||||||||||||||||
Fair Value Measurements at December 31, 2013 Using | |||||||||||||||||
(In thousands) | Balance as of | Quoted Prices | Significant | Significant | |||||||||||||
December 31, | in Active | Other | Unobservable | ||||||||||||||
Description | 2013 | Markets for | Observable | Inputs | |||||||||||||
Identical | Inputs | (Level 3) | |||||||||||||||
Assets | (Level 2) | ||||||||||||||||
(Level 1) | |||||||||||||||||
Cash and Cash equivalents | $ | 2,985 | $ | 2,985 | $ | 0 | $ | 0 | |||||||||
Fixed Income Securities: | |||||||||||||||||
Mortgage backed securities | 118 | 0 | 118 | 0 | |||||||||||||
Collateralized mortgage obligations | 245 | 0 | 245 | 0 | |||||||||||||
Municipal obligations | 1,112 | 0 | 1,112 | 0 | |||||||||||||
Corporate bonds | 2,363 | 0 | 2,363 | 0 | |||||||||||||
Fixed Income Mutual Funds: | |||||||||||||||||
Strategic income | 3,985 | 3,985 | 0 | 0 | |||||||||||||
Taxable | 3,970 | 3,970 | |||||||||||||||
Domestic | 13,834 | 13,834 | 0 | 0 | |||||||||||||
Alternative | 6,131 | 6,131 | 0 | 0 | |||||||||||||
Equity Securities: | |||||||||||||||||
Preferred stock | 195 | 195 | 0 | 0 | |||||||||||||
Common stock | 20,089 | 20,089 | 0 | 0 | |||||||||||||
Equity Mutual Funds: | |||||||||||||||||
Domestic equity large cap | 23,042 | 23,042 | 0 | 0 | |||||||||||||
Domestic equity mid cap | 5,540 | 5,540 | 0 | 0 | |||||||||||||
Domestic equity small cap | 15,293 | 15,293 | 0 | 0 | |||||||||||||
International emerging equity | 6,076 | 6,076 | 0 | 0 | |||||||||||||
International equity developed | 11,817 | 11,817 | 0 | 0 | |||||||||||||
Alternative equity | 5,692 | 5,692 | 0 | 0 | |||||||||||||
Other Assets: | |||||||||||||||||
Partnerships | 701 | 0 | 701 | 0 | |||||||||||||
Total | $ | 123,188 | $ | 118,649 | $ | 4,539 | $ | 0 | |||||||||
Fair Value Measurements at December 31, 2012 Using | |||||||||||||||||
(In thousands) | Balance as of | Quoted Prices | Significant | Significant | |||||||||||||
December 31, | in Active | Other | Unobservable | ||||||||||||||
Description | 2012 | Markets for | Observable | Inputs | |||||||||||||
Identical | Inputs | (Level 3) | |||||||||||||||
Assets | (Level 2) | ||||||||||||||||
(Level 1) | |||||||||||||||||
Cash and Cash equivalents | $ 4,396 | $ 4,396 | $ 0 | $ 0 | |||||||||||||
Fixed Income Securities: | |||||||||||||||||
Mortgage backed securities | 207 | 0 | 207 | 0 | |||||||||||||
Collateralized mortgage obligations | 208 | 0 | 208 | 0 | |||||||||||||
Municipal obligations | 910 | 0 | 910 | 0 | |||||||||||||
Corporate bonds | 2,588 | 2,226 | 362 | 0 | |||||||||||||
Fixed Income Mutual Funds: | |||||||||||||||||
Fixed income—general | 12,463 | 12,463 | 0 | 0 | |||||||||||||
Domestic | 12,600 | 12,600 | 0 | 0 | |||||||||||||
Alternative | 6,116 | 6,116 | 0 | 0 | |||||||||||||
Equity Securities: | |||||||||||||||||
Preferred stock | 209 | 209 | 0 | 0 | |||||||||||||
Common stock | 14,712 | 14,712 | 0 | 0 | |||||||||||||
Equity Mutual Funds: | |||||||||||||||||
Global equity | 5,186 | 5,186 | 0 | 0 | |||||||||||||
Domestic equity large cap | 19,172 | 19,172 | 0 | 0 | |||||||||||||
Domestic equity mid cap | 2,552 | 2,552 | 0 | 0 | |||||||||||||
Domestic equity small cap | 10,688 | 10,688 | 0 | 0 | |||||||||||||
International emerging equity | 5,241 | 5,241 | 0 | 0 | |||||||||||||
International equity developed | 4,158 | 4,158 | 0 | 0 | |||||||||||||
Alternative equity | 6,727 | 6,727 | 0 | 0 | |||||||||||||
Other Assets: | |||||||||||||||||
Partnerships | 726 | 0 | 726 | 0 | |||||||||||||
Total | $ 108,859 | $ 106,446 | $ 2,413 | $ 0 | |||||||||||||
Preferred stock investments are in financial institutions. Common stock investments are diversified amongst various industries with no industry representing more than 5% of the total plan assets. | |||||||||||||||||
The United Bankshares, Inc. Savings and Stock Investment Plan (the Plan) is a defined contribution plan under Section 401(k) of the Internal Revenue Code. Each employee of United, who completes ninety (90) days of qualified service, is eligible to participate in the Plan. Each participant may contribute from 1% to 100% of compensation to his/her account, subject to Internal Revenue Service maximum deferral limits. Prior to December 31, 2008, after one year of eligible service, United matched 100% of the first 2% of salary deferred and 25% of the second 2% of salary deferred with United stock. Beginning January 1, 2009, United matched 100% of the first 3% of salary deferred and 25% of the next 1% of salary deferred with United stock. Vesting is 100% for employee deferrals and the company match at the time the employee makes his/her deferral. United’s expense relating to the Plan approximated $1,411,000, $1,330,000 and $1,332,000 in 2013, 2012 and 2011, respectively. | |||||||||||||||||
The assets of United’s defined benefit plan and 401(k) Plan each include investments in United common stock. At December 31, 2013 and 2012, the combined plan assets included 912,713 and 932,125 shares, respectively, of United common stock with an approximate fair value of $28,705,000 and $22,671,000, respectively. Dividends paid on United common stock held by the plans approximated $1,171,631, $1,112,000 and $1,022,000 for the years ended December 31, 2013, 2012, and 2011, respectively. | |||||||||||||||||
United has certain other supplemental deferred compensation plans covering various key employees. Periodic charges are made to operations so that the liability due each employee is fully recorded as of the date of their retirement. Amounts charged to expense have not been significant in any year. |
Stock_Based_Compensation
Stock Based Compensation | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | ' | ||||||||||||||||
Stock Based Compensation | ' | ||||||||||||||||
NOTE N—STOCK BASED COMPENSATION | |||||||||||||||||
On May 16, 2011, United’s shareholders approved the 2011 Long-Term Incentive Plan (2011 LTI Plan). The 2011 LTI Plan became effective as of July 1, 2011. An award granted under the 2011 LTI Plan may consist of any non-qualified stock options or incentive stock options, stock appreciation rights, restricted stock, or restricted stock units. These awards all relate to the common stock of United. The maximum number of shares of United common stock which may be issued under the 2011 LTI Plan is 1,500,000. Any and all shares may be issued in respect of any of the types of awards, provided that (1) the aggregate number of shares that may be issued in respect of restricted stock awards, and restricted stock units awards which are settled in shares is 350,000, and (2) the aggregate number of shares that may be issued pursuant to stock options is 1,150,000. The shares to be offered under the 2011 LTI Plan may be authorized and unissued shares or treasury shares. With respect to awards that are intended to satisfy the requirements for performance-based compensation under Code Section 162(m), the maximum number of options and stock appreciation rights, in the aggregate, which may be awarded pursuant to the 2011 LTI Plan to any individual participant during any calendar year is 100,000, and the maximum number of shares of restricted stock and/or shares subject to a restricted stock units award that may be granted pursuant to the 2011 LTI Plan to any individual participant during any calendar year is 50,000 shares. A participant may be any key employee of United or its affiliates or a non-employee member of United’s Board of Directors. Subject to certain change in control provisions, stock options, SARs, restricted stock and restricted stock units will vest in 25% increments over the first four anniversaries of the awards unless the Committee specifies otherwise in the award agreement. No award will vest sooner than 1/3 per year over the first three anniversaries of the award. A Form S-8 was filed on September 2, 2011 with the Securities and Exchange Commission to register all the shares which were available for the 2011 LTI Plan. During the year of 2013, a total of 194,225 non-qualified stock options and 52,825 shares of restricted stock were granted under the 2011 LTI Plan. | |||||||||||||||||
Compensation expense of $1,786,000 and $1,908,000 related to the nonvested awards under the 2011 LTI Plan and the 2006 Stock Option Plan was incurred for the years 2013 and 2012, respectively. Compensation expense was included in employee compensation in the Consolidated Statements of Income. | |||||||||||||||||
Stock Options | |||||||||||||||||
United currently has options outstanding from various option plans other than the 2006 Stock Option Plan (the Prior Plans); however, no common shares of United stock are available for grants under the Prior Plans as these plans have expired. Awards outstanding under the Prior Plans will remain in effect in accordance with their respective terms. The maximum term for options granted under the plans is ten (10) years. | |||||||||||||||||
The fair value of the options for 2013 was estimated at the date of grant using a binomial lattice option pricing model with the following weighted-average assumptions: risk-free interest rates of 1.42%; dividend yield of 3.00%; volatility factors of the expected market price of United’s common stock of 0.316; and a weighted-average expected option life of 7.18 years, respectively. The estimated fair value of the options at the date of grant was $5.74 for the options granted during 2013. ASC topic 718, “Compensation – Stock Compensation” defines a lattice model as a model that produces an estimated fair value based on the assumed changes in prices of a financial instrument over successive periods of time. A binomial lattice model assumes at least two price movements are possible in each period of time. | |||||||||||||||||
A summary of activity under the United’s stock option plans as of December 31, 2013, and the changes during the year of 2013 are presented below: | |||||||||||||||||
Year ended December 31, 2013 | |||||||||||||||||
Weighted Average | |||||||||||||||||
(Dollars in thousands, except per share data) | Shares | Aggregate | Remaining | Exercise | |||||||||||||
Intrinsic | Contractual | Price | |||||||||||||||
Value | Term (Yrs.) | ||||||||||||||||
Outstanding at January 1, 2013 | 1,629,237 | $ | 29.64 | ||||||||||||||
Granted | 194,225 | 26.24 | |||||||||||||||
Exercised | 100,302 | 23.56 | |||||||||||||||
Forfeited or expired | 275,163 | 31.1 | |||||||||||||||
Outstanding at December 31, 2013 | 1,447,997 | $ | 5,145 | 5.4 | $ | 29.33 | |||||||||||
Exercisable at December 31, 2013 | 858,800 | $ | 3,148 | 3.6 | $ | 30.2 | |||||||||||
The following table summarizes the status of United’s nonvested awards for the year ended December 31, 2013: | |||||||||||||||||
Shares | Weighted-Average | ||||||||||||||||
Grant Date Fair Value | |||||||||||||||||
Per Share | |||||||||||||||||
Nonvested at January 1, 2013 | 770,750 | $ | 7.04 | ||||||||||||||
Granted | 194,225 | 5.74 | |||||||||||||||
Vested | 348,339 | 6.33 | |||||||||||||||
Forfeited or expired | 27,439 | 7.53 | |||||||||||||||
Nonvested at December 31, 2013 | 589,197 | $ | 7.01 | ||||||||||||||
As of December 31, 2013, the total unrecognized compensation cost related to nonvested option awards was $1,290,000 with a weighted-average expense recognition period of 0.9 years. The total fair value of awards vested during the year ended December 31, 2013, was $2,204,000. | |||||||||||||||||
Cash received from options exercised under the Plans for the years ended December 31, 2013, 2012 and 2011 was $2,364,000, $115,000, and $542,000, respectively. During 2013 and 2012, 100,302 and 7,510 shares, respectively, were issued in connection with stock option exercises. All shares issued in connection with stock option exercises were issued from available treasury stock for 2013 and 2012. The weighted-average grant-date fair value of options granted in the year of 2013, 2012, and 2011 was $5.74, $6.86, and $7.91, respectively. The total intrinsic value of options exercised under the Plans during the years ended December 31, 2013, 2012, and 2011 was $507,000, $98,000, and $518,000, respectively. | |||||||||||||||||
The Statement of Cash Flows topic of the FASB Accounting Standards Codification requires the benefits of tax deductions in excess of recognized compensation cost to be reported as a financing cash flow, rather than as an operating cash flow as required under previous standards. This requirement reduces net operating cash flows and increase net financing cash flows in periods after adoption. While the company cannot estimate what those amounts will be in the future (because they depend on, among other things, the date employees exercise stock options), United recognized cash flows from financing activities of $331,000, $35,000 and $3,114,000 from excess tax benefits related to share-based compensation for the year of 2013, 2012 and 2011, respectively. | |||||||||||||||||
Restricted Stock | |||||||||||||||||
Under the 2011 LTI Plan, United may award restricted common shares to key employees and non-employee directors. In the first quarters of 2013 and 2012, United granted restricted shares to participants with a four-year time-based vesting period. Recipients of restricted shares do not pay any consideration to United for the shares, have the right to vote all shares subject to such grant and receive all dividends with respect to such shares, whether or not the shares have vested. Presently, these nonvested participating securities have an immaterial impact on diluted earnings per share. As of December 31, 2013, the total unrecognized compensation cost related to nonvested stock awards was $1,441,000 with a weighted-average expense recognition period of 1.5 years. | |||||||||||||||||
The following summarizes the changes to United’s restricted common shares for the year ended December 31, 2013: | |||||||||||||||||
Number of | Weighted-Average | ||||||||||||||||
Shares | Grant Date Fair Value | ||||||||||||||||
Per Share | |||||||||||||||||
Outstanding at January 1, 2013 | 51,125 | $ | 29.4 | ||||||||||||||
Granted | 52,825 | 26.19 | |||||||||||||||
Vested | 16,789 | 28.96 | |||||||||||||||
Forfeited | 1,664 | 27.91 | |||||||||||||||
Outstanding at December 31, 2013 | 85,497 | $ | 27.53 | ||||||||||||||
Commitments_and_Contingent_Lia
Commitments and Contingent Liabilities | 12 Months Ended |
Dec. 31, 2013 | |
Commitments And Contingencies Disclosure [Abstract] | ' |
Commitments and Contingent Liabilities | ' |
NOTE O--COMMITMENTS AND CONTINGENT LIABILITIES | |
United is a party to financial instruments with off-balance-sheet risk in the normal course of business to meet the financing needs of its customers and to alter its own exposure to fluctuations in interest rates. These financial instruments include loan commitments, standby letters of credit, and interest rate swap agreements. The instruments involve, to varying degrees, elements of credit and interest rate risk in excess of the amount recognized in the financial statements. | |
United’s maximum exposure to credit loss in the event of nonperformance by the counterparty to the financial instrument for the loan commitments and standby letters of credit is the contractual or notional amount of those instruments. United uses the same policies in making commitments and conditional obligations as it does for on-balance sheet instruments. Collateral may be obtained, if deemed necessary, based on management’s credit evaluation of the counterparty. | |
Commitments to extend credit are agreements to lend to a customer as long as there is no violation of any condition established in the commitment contract. Commitments generally have fixed expiration dates or other termination clauses and may require the payment of a fee. Since many of the commitments are expected to expire without being drawn upon, the total commitment amounts do not necessarily, and historically do not, represent future cash requirements. The amount of collateral obtained, if deemed necessary upon the extension of credit, is based on management’s credit evaluation of the counterparty. United had approximately $2,504,093,000 and $2,173,377,000 of loan commitments outstanding as of December 31, 2013 and 2012, respectively, substantially all of which contractually expire within one year. | |
Commercial and standby letters of credit are agreements used by United’s customers as a means of improving their credit standing in their dealings with others. Under these agreements, United guarantees certain financial commitments of its customers. A commercial letter of credit is issued specifically to facilitate trade or commerce. Typically, under the terms of a commercial letter of credit, a commitment is drawn upon when the underlying transaction is consummated as intended between the customer and a third party. As of December 31, 2013, United had no outstanding commercial letters of credit and $250,000 as of December 31, 2012. A standby letter of credit is generally contingent upon the failure of a customer to perform according to the terms of an underlying contract with a third party. United has issued standby letters of credit of $114,664,000 and $96,856,000 as of December 31, 2013 and 2012, respectively. In accordance with the Contingencies Topic of the FASB Accounting Standards Codification, United has determined that substantially all of its letters of credit are renewed on an annual basis and the fees associated with these letters of credit are immaterial. | |
United and its subsidiaries are currently involved in various legal proceedings in the normal course of business. Management is vigorously pursuing all its legal and factual defenses and, after consultation with legal counsel, believes that all such litigation will be resolved with no material effect on United’s financial position. |
Derivative_Financial_Instrumen
Derivative Financial Instruments | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Derivative Instruments And Hedging Activities Disclosure [Abstract] | ' | ||||||||||||||||
Derivative Financial Instruments | ' | ||||||||||||||||
NOTE P—DERIVATIVE FINANCIAL INSTRUMENTS | |||||||||||||||||
United uses derivative instruments to help aid against adverse prices or interest rate movements on the value of certain assets or liabilities and on future cash flows. These derivatives may consist of interest rate swaps, caps, floors, collars, futures, forward contracts, written and purchased options. United also executes derivative instruments with its commercial banking customers to facilitate its risk management strategies. | |||||||||||||||||
Derivative instruments designated in a hedge relationship to mitigate exposure to changes in the fair value of an asset, liability, or firm commitment attributable to a particular risk, such as interest rate risk, are considered fair value hedges. Derivative instruments designated in a hedge relationship to mitigate exposure to variability in expected future cash flows, or other types of forecasted transactions, are considered cash flow hedges. As of December 31, 2013, United has only fair value hedges. | |||||||||||||||||
For the years ended December 31, 2013 and 2012, the derivative portfolio also included derivative financial instruments not included in hedge relationships. These derivatives consist of interest rate swaps used for interest rate management purposes and derivatives executed with commercial banking customers to facilitate their interest rate management strategies. Gains and losses on other derivative financial instruments are included in noninterest income and noninterest expense, respectively. | |||||||||||||||||
The following table sets forth certain information regarding interest rate derivatives portfolio used for interest-rate risk management purposes and designated as accounting hedges at December 31, 2013 and 2012. | |||||||||||||||||
Derivative Hedging Instruments | |||||||||||||||||
December 31, 2013 | December 31, 2012 | ||||||||||||||||
(Dollars in thousands) | Notional | Average | Notional | Average | |||||||||||||
Amount | Pay | Amount | Pay | ||||||||||||||
Rate | Rate | ||||||||||||||||
Fair Value Hedges: | |||||||||||||||||
Pay Fixed Swap (Hedging Commercial Loans) | $ | 41,868 | 5.07 | % | $ | 52,558 | 5.14 | % | |||||||||
Total Derivatives Used in Fair Value Hedges | $ | 41,868 | $ | 52,558 | |||||||||||||
Total Derivatives Used for Interest Rate Risk Management and Designated as Hedges | $ | 41,868 | $ | 52,558 | |||||||||||||
The following tables summarize the fair value of United’s derivative financial instruments: | |||||||||||||||||
Asset Derivatives | |||||||||||||||||
December 31, 2013 | December 31, 2012 | ||||||||||||||||
(In thousands) | Balance | Fair | Balance | Fair | |||||||||||||
Sheet | Value | Sheet | Value | ||||||||||||||
Location | Location | ||||||||||||||||
Derivatives designated as hedging instruments | |||||||||||||||||
Interest rate contracts | Other assets | $ | 2,179 | Other assets | $ | 0 | |||||||||||
Total derivatives designated as hedging instruments | $ | 2,179 | $ | 0 | |||||||||||||
Derivatives not designated as hedging instruments | |||||||||||||||||
Interest rate contracts | Other assets | $ | 1,045 | Other assets | $ | 2,367 | |||||||||||
Total derivatives not designated as hedging instruments | $ | 1,045 | $ | 2,367 | |||||||||||||
Total asset derivatives | $ | 3,224 | $ | 2,367 | |||||||||||||
Liability Derivatives | |||||||||||||||||
December 31, 2013 | December 31, 2012 | ||||||||||||||||
(In thousands) | Balance | Fair | Balance | Fair | |||||||||||||
Sheet | Value | Sheet | Value | ||||||||||||||
Location | Location | ||||||||||||||||
Derivatives designated as hedging instruments | |||||||||||||||||
Interest rate contracts | Other liabilities | $ | 149 | Other liabilities | $ | 1,914 | |||||||||||
Total derivatives designated as hedging instruments | $ | 149 | $ | 1,914 | |||||||||||||
Derivatives not designated as hedging instruments | |||||||||||||||||
Interest rate contracts | Other liabilities | $ | 1,045 | Other liabilities | $ | 2,367 | |||||||||||
Total derivatives not designated as hedging instruments | $ | 1,045 | $ | 2,367 | |||||||||||||
Total liability derivatives | $ | 1,194 | $ | 4,281 | |||||||||||||
Derivative contracts involve the risk of dealing with both bank customers and institutional derivative counterparties and their ability to meet contractual terms. Credit risk arises from the possible inability of counterparties to meet the terms of their contracts. United’s exposure is limited to the replacement value of the contracts rather than the notional amount of the contract. The Company’s agreements generally contain provisions that limit the unsecured exposure up to an agreed upon threshold. Additionally, the Company attempts to minimize credit risk through certain approval processes established by management. | |||||||||||||||||
The effect of United’s derivative financial instruments on its Consolidated Statements of Income for the years ended December 31, 2013, 2012 and 2011 is presented as follows: | |||||||||||||||||
Year Ended | |||||||||||||||||
(In thousands) | Income Statement | December 31, | December 31, | December 31, | |||||||||||||
Location | 2013 | 2012 | 2011 | ||||||||||||||
Derivatives in fair value hedging relationships | |||||||||||||||||
Interest rate contracts | Interest income/ (expense) | $ | (522 | ) | $ | (298 | ) | $ | 81 | ||||||||
Total derivatives in fair value hedging relationships | $ | (522 | ) | $ | (298 | ) | $ | 81 | |||||||||
Derivatives not designated as hedging instruments | |||||||||||||||||
Interest rate contracts (1) | Other income | $ | 1,322 | $ | 1,450 | $ | 1,782 | ||||||||||
Interest rate contracts (2) | Other expense | $ | (1,322 | ) | $ | (1,450 | ) | $ | (1,782 | ) | |||||||
Total derivatives not designated as hedging instruments | $ | 0 | $ | 0 | $ | 0 | |||||||||||
Total derivatives | $ | (522 | ) | $ | (298 | ) | $ | 81 | |||||||||
-1 | Represents net gains from derivative assets not designated as hedging instruments. | ||||||||||||||||
-2 | Represents net losses from derivative liabilities not designated as hedging instruments. | ||||||||||||||||
For the years ended December 31, 2013, 2012 and 2011, changes in the fair value of any interest rate swaps attributed to hedge ineffectiveness were not significant to United’s Consolidated Statements of Income. |
Comprehensive_Income
Comprehensive Income | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Equity [Abstract] | ' | ||||||||||||||||
Comprehensive Income | ' | ||||||||||||||||
NOTE Q—COMPREHENSIVE INCOME | |||||||||||||||||
The changes in accumulated other comprehensive income are as follows: | |||||||||||||||||
For the Years Ended December 31 | |||||||||||||||||
(In thousands) | 2013 | 2012 | 2011 | ||||||||||||||
Net Income | $ | 85,628 | $ | 82,607 | $ | 75,610 | |||||||||||
Available for sale (“AFS”) securities: | |||||||||||||||||
AFS securities with OTTI charges during the period | (7,534 | ) | (10,840 | ) | (33,580 | ) | |||||||||||
Related income tax effect | 2,637 | 3,794 | 11,753 | ||||||||||||||
Less : OTTI charges recognized in net income | 7,332 | 7,376 | 20,414 | ||||||||||||||
Related income tax effect | (2,566 | ) | (2,582 | ) | (7,145 | ) | |||||||||||
Reclassification of previous noncredit OTTI to credit OTTI | 12,425 | 5,887 | 12,622 | ||||||||||||||
Related income tax effect | (4,349 | ) | (2,061 | ) | (4,418 | ) | |||||||||||
Net unrealized gains (losses) on AFS securities with OTTI | 7,945 | 1,574 | (354 | ) | |||||||||||||
Net change in unrealized (losses) gains on AFS securities arising during the period | (1,082 | ) | 5,471 | 10,917 | |||||||||||||
Related income tax effect | 379 | (1,915 | ) | (3,821 | ) | ||||||||||||
Net reclassification adjustment for gains included in net income | (1,216 | ) | (16 | ) | (1,418 | ) | |||||||||||
Related income tax effect | 426 | 6 | 496 | ||||||||||||||
(1,493 | ) | 3,546 | 6,174 | ||||||||||||||
Net effect of AFS securities on other comprehensive income | 6,452 | 5,120 | 5,820 | ||||||||||||||
Held to maturity (“HTM”) securities: | |||||||||||||||||
Unrealized loss related to the call of HTM securities transferred from AFS to the HTM portfolio | 0 | 0 | 0 | ||||||||||||||
Related income tax effect | 0 | 0 | 0 | ||||||||||||||
Accretion on the unrealized loss for securities transferred from AFS to the HTM investment portfolio prior to call or maturity | 8 | 7 | 8 | ||||||||||||||
Related income tax effect | (3 | ) | (3 | ) | (3 | ) | |||||||||||
Net effect of HTM securities on other comprehensive income | 5 | 4 | 5 | ||||||||||||||
Defined benefit pension plan: | |||||||||||||||||
Net actuarial loss during the period | 20,305 | (10,206 | ) | (20,591 | ) | ||||||||||||
Related income tax effect | (7,107 | ) | 3,572 | 7,206 | |||||||||||||
Amortization of transition asset recognized in net income | 0 | 0 | 0 | ||||||||||||||
Related income tax effect | 0 | 0 | 0 | ||||||||||||||
Amortization of prior service cost recognized in net income | 1 | 1 | 1 | ||||||||||||||
Related income tax effect | 0 | 0 | 0 | ||||||||||||||
Amortization of net actuarial loss recognized in net income | 4,821 | 4,199 | 2,427 | ||||||||||||||
Related income tax effect | (1,776 | ) | (1,680 | ) | (970 | ) | |||||||||||
Net effect of change in defined benefit pension plan on other comprehensive income | 16,244 | (4,114 | ) | (11,927 | ) | ||||||||||||
Total change in other comprehensive income, net of tax | 22,701 | 1,010 | (6,102 | ) | |||||||||||||
Total Comprehensive Income | $ | 108,329 | $ | 83,617 | $ | 69,508 | |||||||||||
The components of accumulated other comprehensive income for the year ended December 31, 2013 are as follows: | |||||||||||||||||
Changes in Accumulated Other Comprehensive Income (AOCI) by Component (a) | |||||||||||||||||
For the Year Ended December 31, 2013 | |||||||||||||||||
(Dollars in thousands) | Unrealized | Accretion on | Defined | Total | |||||||||||||
Gains/Losses | the unrealized | Benefit | |||||||||||||||
on AFS | loss for | Pension | |||||||||||||||
Securities | securities | Items | |||||||||||||||
transferred | |||||||||||||||||
from AFS to | |||||||||||||||||
the HTM | |||||||||||||||||
Balance at January 1, 2013 | ($ | 29,687 | ) | ($ | 72 | ) | ($ | 35,989 | ) | ($ | 65,748 | ) | |||||
Other comprehensive income before reclassification | (834 | ) | 5 | 0 | (829 | ) | |||||||||||
Amounts reclassified from accumulated other comprehensive income | 7,286 | 0 | 16,244 | 23,530 | |||||||||||||
Net current-period other comprehensive income, net of tax | 6,452 | 5 | 16,244 | 22,701 | |||||||||||||
Balance at December 31, 2013 | ($ | 23,235 | ) | ($ | 67 | ) | ($ | 19,745 | ) | ($ | 43,047 | ) | |||||
(a) | All amounts are net-of-tax. | ||||||||||||||||
Reclassifications out of Accumulated Other Comprehensive Income (AOCI) | |||||||||||||||||
For the Year Ended December 31, 2013 | |||||||||||||||||
(Dollars in thousands) | Amount | Affected Line Item in the Statement Where | |||||||||||||||
Reclassified | Net Income is Presented | ||||||||||||||||
Details about AOCI Components | from AOCI | ||||||||||||||||
Available for sale (“AFS”) securities: | |||||||||||||||||
Reclassification of previous noncredit OTTI to credit OTTI | $ | 12,425 | Total other-than-temporary impairment losses | ||||||||||||||
Net reclassification adjustment for losses (gains) included in net income | (1,216 | ) | Net gains on sales/calls of investment securities | ||||||||||||||
11,209 | Total before tax | ||||||||||||||||
Related income tax effect | (3,923 | ) | Tax expense | ||||||||||||||
7,286 | Net of tax | ||||||||||||||||
Pension plan: | |||||||||||||||||
Change in pension asset | 20,305 | (a) | |||||||||||||||
Amortization of transition asset | 1 | (b) | |||||||||||||||
Recognized net actuarial loss | 4,821 | (b) | |||||||||||||||
25,127 | Total before tax | ||||||||||||||||
Related income tax effect | (8,883 | ) | Tax expense | ||||||||||||||
16,244 | Net of tax | ||||||||||||||||
Total reclassifications for the period | $ | 23,530 | |||||||||||||||
(a) | This AOCI component is included in the computation of changes in plan assets (see Note M, Employee Benefit Plans) | ||||||||||||||||
(b) | This AOCI component is included in the computation of net periodic pension cost (see Note M, Employee Benefit Plans) |
United_Bankshares_Inc_Parent_C
United Bankshares, Inc. (Parent Company Only) Financial Information | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Condensed Financial Information Of Parent Company Only Disclosure [Abstract] | ' | ||||||||||||
United Bankshares, Inc. (Parent Company Only) Financial Information | ' | ||||||||||||
NOTE R—UNITED BANKSHARES, INC. (PARENT COMPANY ONLY) FINANCIAL INFORMATION | |||||||||||||
Condensed Balance Sheets | |||||||||||||
December 31 | |||||||||||||
(In thousands) | 2013 | 2012 | |||||||||||
Assets | |||||||||||||
Cash and due from banks | $ | 43,613 | $ | 30,585 | |||||||||
Securities available for sale | 1,925 | 3,271 | |||||||||||
Securities held to maturity | 20 | 225 | |||||||||||
Other investment securities | 125 | 162 | |||||||||||
Investment in subsidiaries: | |||||||||||||
Bank subsidiaries | 1,139,786 | 1,100,880 | |||||||||||
Nonbank subsidiaries | 6,396 | 6,355 | |||||||||||
Other assets | 11,751 | 10,069 | |||||||||||
Total Assets | $ | 1,203,616 | $ | 1,151,547 | |||||||||
Liabilities and Shareholders’ Equity | |||||||||||||
Junior subordinated debentures of subsidiary trusts | $ | 128,868 | $ | 128,868 | |||||||||
Accrued expenses and other liabilities | 33,016 | 30,428 | |||||||||||
Shareholders’ equity (including other accumulated comprehensive loss of $43,047 and $65,748 at December 31, 2013 and 2012, respectively) | 1,041,732 | 992,251 | |||||||||||
Total Liabilities and Shareholders’ Equity | $ | 1,203,616 | $ | 1,151,547 | |||||||||
Condensed Statements of Income | |||||||||||||
Year Ended December 31 | |||||||||||||
(In thousands) | 2013 | 2012 | 2011 | ||||||||||
Income | |||||||||||||
Dividends from banking subsidiaries | $ | 69,500 | $ | 67,600 | $ | 68,323 | |||||||
Net interest income | 74 | 119 | 417 | ||||||||||
Management fees: | |||||||||||||
Bank subsidiaries | 17,665 | 15,854 | 13,000 | ||||||||||
Nonbank subsidiaries | 27 | 27 | 27 | ||||||||||
Other income | 555 | 105 | 414 | ||||||||||
Total Income | 87,821 | 83,705 | 82,181 | ||||||||||
Expenses | |||||||||||||
Operating expenses | 20,595 | 20,879 | 20,431 | ||||||||||
Income Before Income Taxes and Equity in Undistributed Net Income of Subsidiaries | 67,226 | 62,826 | 61,750 | ||||||||||
Applicable income tax benefit | (709 | ) | (1,487 | ) | (2,025 | ) | |||||||
Income Before Equity in Undistributed Net Income of Subsidiaries | 67,935 | 64,313 | 63,775 | ||||||||||
Equity in undistributed net income of subsidiaries: | |||||||||||||
Bank subsidiaries | 17,652 | 18,186 | 11,710 | ||||||||||
Nonbank subsidiaries | 41 | 108 | 125 | ||||||||||
Net Income | $ | 85,628 | $ | 82,607 | $ | 75,610 | |||||||
Condensed Statements of Cash Flows | |||||||||||||
Year Ended December 31 | |||||||||||||
(In thousands) | 2013 | 2012 | 2011 | ||||||||||
Operating Activities | |||||||||||||
Net income | $ | 85,628 | $ | 82,607 | $ | 75,610 | |||||||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||||||
Equity in undistributed net income of subsidiaries | (17,693 | ) | (18,294 | ) | (11,835 | ) | |||||||
Amortization of net periodic pension costs | 373 | 117 | 76 | ||||||||||
Stock-based compensation | 1,786 | 1,908 | 1,133 | ||||||||||
Net (gain) loss on securities transactions | (556 | ) | (55 | ) | (12 | ) | |||||||
Net change in other assets and liabilities | 867 | (1,553 | ) | (6,895 | ) | ||||||||
Net Cash Provided by Operating Activities | 70,405 | 64,730 | 58,077 | ||||||||||
Investing Activities | |||||||||||||
Net proceeds from (purchases of) sales of securities | 2,341 | 1,541 | 4,854 | ||||||||||
Net cash paid in acquisition of subsidiary | 0 | 0 | (8,576 | ) | |||||||||
Change in other investment securities | 37 | 38 | 1,376 | ||||||||||
Net Cash Provided by (Used in) Investing Activities | 2,378 | 1,579 | (2,346 | ) | |||||||||
Financing Activities | |||||||||||||
Cash dividends paid | (62,434 | ) | (62,333 | ) | (54,344 | ) | |||||||
Net (repayment) liquidation of subsidiary trusts | 0 | (5,155 | ) | 0 | |||||||||
Acquisition of treasury stock | (93 | ) | (12 | ) | (18 | ) | |||||||
Proceeds from sale of treasury stock from deferred compensation plan | 77 | 130 | 74 | ||||||||||
Excess tax benefits from stock-based compensation arrangements | 331 | 35 | 3,114 | ||||||||||
Proceeds from exercise of stock options | 2,364 | 115 | 542 | ||||||||||
Net Cash Used in Financing Activities | (59,755 | ) | (67,220 | ) | (50,632 | ) | |||||||
Increase (Decrease) in Cash and Cash Equivalents | 13,028 | (911 | ) | 5,099 | |||||||||
Cash and Cash Equivalents at Beginning of Year | 30,585 | 31,496 | 26,397 | ||||||||||
Cash and Cash Equivalents at End of Year | $ | 43,613 | $ | 30,585 | $ | 31,496 | |||||||
Regulatory_Matters
Regulatory Matters | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||
Banking And Thrift [Abstract] | ' | ||||||||||||||||||||||||
Regulatory Matters | ' | ||||||||||||||||||||||||
NOTE S--REGULATORY MATTERS | |||||||||||||||||||||||||
The subsidiary banks are required to maintain average reserve balances with their respective Federal Reserve Bank. The average amount of those reserve balances maintained and required for the year ended December 31, 2013, were approximately $245,566,000 and $239,755,000, respectively. The average amount of those reserve balances maintained and required for the year ended December 31, 2012, was approximately $438,761,000 and $89,439,000, respectively. | |||||||||||||||||||||||||
The primary source of funds for the dividends paid by United Bankshares, Inc. to its shareholders is dividends received from its subsidiary banks. Dividends paid by United’s subsidiary banks are subject to certain regulatory limitations. Generally, the most restrictive provision requires regulatory approval if dividends declared in any year exceed that year’s net income, as defined, plus the retained net profits of the two preceding years. | |||||||||||||||||||||||||
During 2014, the retained net profits available for distribution to United Bankshares, Inc. by its banking subsidiaries as dividends without regulatory approval, are approximately $35,547,000, plus net income for the interim period through the date of declaration. | |||||||||||||||||||||||||
Under Federal Reserve regulation, the banking subsidiaries are also limited as to the amount they may loan to affiliates, including the parent company. Loans from the banking subsidiaries to the parent company are limited to 10% of the banking subsidiaries’ capital and surplus, as defined, or $77,648,000 at December 31, 2013, and must be secured by qualifying collateral. | |||||||||||||||||||||||||
United’s subsidiary banks are subject to various regulatory capital requirements administered by federal banking agencies. Pursuant to capital adequacy guidelines, United’s subsidiary banks must meet specific capital guidelines that involve various quantitative measures of the banks’ assets, liabilities, and certain off-balance-sheet items as calculated under regulatory accounting practices. United’s subsidiary banks’ capital amounts and classifications are also subject to qualitative judgments by the regulators about components, risk weightings, and other factors. | |||||||||||||||||||||||||
Quantitative measures established by regulation to ensure capital adequacy require United to maintain minimum amounts and ratios of total and Tier I capital, as defined in the regulations, to risk-weighted assets, as defined, and of Tier I capital, as defined, to average assets, as defined. Failure to meet minimum capital requirements can initiate certain mandatory and possibly additional discretionary actions by regulators that, if undertaken, could have a direct material effect on United’s financial statements. As of December 31, 2013, United exceeds all capital adequacy requirements to which it is subject. | |||||||||||||||||||||||||
At December 31, 2013, the most recent notification from its regulators, United and its subsidiary banks were categorized as well-capitalized. To be categorized as well-capitalized, United must maintain minimum total risk-based, Tier I risk-based, and Tier I leverage ratios as set forth in the following table. There are no conditions or events since that notification that management believes would impact United’s well-capitalized status. | |||||||||||||||||||||||||
United’s and its subsidiary banks’, United Bank (WV) and United Bank (VA), capital amounts (in thousands of dollars) and ratios are presented in the following table. | |||||||||||||||||||||||||
(Dollars in thousands) | Actual | For Capital | To Be Well- | ||||||||||||||||||||||
Adequacy Purposes | Capitalized | ||||||||||||||||||||||||
Amount | Ratio | Amount | Ratio | Amount | Ratio | ||||||||||||||||||||
As of December 31, 2013: | |||||||||||||||||||||||||
Total Capital (to Risk-Weighted Assets): | |||||||||||||||||||||||||
United Bankshares | $ 971,401 | 13.70% | $ 566,836 | ³8.0% | $ 708,545 | ³10.0% | |||||||||||||||||||
United Bank (WV) | 525,517 | 12.50% | 336,100 | ³8.0% | 420,125 | ³10.0% | |||||||||||||||||||
United Bank (VA) | 412,120 | 14.40% | 229,656 | ³8.0% | 287,070 | ³10.0% | |||||||||||||||||||
Tier I Capital (to Risk-Weighted Assets): | |||||||||||||||||||||||||
United Bankshares | 886,094 | 12.50% | 283,418 | ³4.0% | 425,127 | ³6.0% | |||||||||||||||||||
United Bank (WV) | 485,038 | 11.60% | 168,050 | ³4.0% | 252,075 | ³6.0% | |||||||||||||||||||
United Bank (VA) | 376,255 | 13.10% | 114,828 | ³4.0% | 172,242 | ³6.0% | |||||||||||||||||||
Tier I Capital (to Average Assets): | |||||||||||||||||||||||||
United Bankshares | 886,094 | 10.70% | 330,614 | ³4.0% | 413,267 | ³5.0% | |||||||||||||||||||
United Bank (WV) | 485,038 | 9.70% | 199,209 | ³4.0% | 249,012 | ³5.0% | |||||||||||||||||||
United Bank (VA) | 376,255 | 11.20% | 134,613 | ³4.0% | 168,266 | ³5.0% | |||||||||||||||||||
(Dollars in thousands) | Actual | For Capital | To Be Well- | ||||||||||||||||||||||
Adequacy Purposes | Capitalized | ||||||||||||||||||||||||
Amount | Ratio | Amount | Ratio | Amount | Ratio | ||||||||||||||||||||
As of December 31, 2012: | |||||||||||||||||||||||||
Total Capital (to Risk-Weighted Assets): | |||||||||||||||||||||||||
United Bankshares | $ 941,448 | 13.70% | $ 551,114 | ³8.0% | $ 688,892 | ³10.0% | |||||||||||||||||||
United Bank (WV) | 511,451 | 12.70% | 321,957 | ³8.0% | 402,446 | ³10.0% | |||||||||||||||||||
United Bank (VA) | 404,405 | 14.10% | 229,769 | ³8.0% | 287,211 | ³10.0% | |||||||||||||||||||
(Dollars in thousands) | Actual | For Capital | To Be Well- | ||||||||||||||||||||||
Adequacy Purposes | Capitalized | ||||||||||||||||||||||||
Amount | Ratio | Amount | Ratio | Amount | Ratio | ||||||||||||||||||||
Tier I Capital (to Risk-Weighted Assets): | |||||||||||||||||||||||||
United Bankshares | 857,091 | 12.40% | 275,557 | ³4.0% | 413,335 | ³6.0% | |||||||||||||||||||
United Bank (WV) | 473,044 | 11.80% | 160,978 | ³4.0% | 241,468 | ³6.0% | |||||||||||||||||||
United Bank (VA) | 368,488 | 12.80% | 114,884 | ³4.0% | 172,327 | ³6.0% | |||||||||||||||||||
Tier I Capital (to Average Assets): | |||||||||||||||||||||||||
United Bankshares | 857,091 | 10.60% | 322,941 | ³4.0% | 403,676 | ³5.0% | |||||||||||||||||||
United Bank (WV) | 473,044 | 9.80% | 193,775 | ³4.0% | 242,218 | ³5.0% | |||||||||||||||||||
United Bank (VA) | 368,488 | 11.20% | 132,158 | ³4.0% | 165,197 | ³5.0% |
Fair_Values_of_Financial_Instr
Fair Values of Financial Instruments | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||
Fair Value Disclosures [Abstract] | ' | ||||||||||||||||||||
Fair Values of Financial Instruments | ' | ||||||||||||||||||||
NOTE T--FAIR VALUES OF FINANCIAL INSTRUMENTS | |||||||||||||||||||||
In accordance with ASC topic 820, the following describes the valuation techniques used by United to measure certain financial assets and liabilities recorded at fair value on a recurring basis in the financial statements. | |||||||||||||||||||||
Securities available for sale: Securities available for sale are recorded at fair value on a recurring basis. Fair value measurement is based upon quoted market prices, when available (Level 1). If quoted market prices are not available, fair values are measured utilizing independent valuation techniques of identical or similar securities for which significant assumptions are derived primarily from or corroborated by observable market data. Using a market approach valuation methodology, third party vendors compile prices from various sources and may determine the fair value of identical or similar securities by using pricing models that considers observable market data (Level 2). Management internally reviews the fair values provided by third party vendors on a monthly basis. Management’s review consists of comparing fair values assigned by third party vendors to trades and offerings observed by management. The review requires some degree of judgment as to the number or percentage of securities to review on the part of management which could fluctuate based on results of past reviews and in comparison to current expectations. Exceptions that are deemed to be material are reviewed by management. Additionally, to assess the reliability of the information received from third party vendors, management obtains documentation from third party vendors related to the sources, methodologies, and inputs utilized in valuing securities classified as Level 2. Management analyzes this information to ensure the underlying assumptions appear reasonable. Management also obtains an independent service auditor’s report from third party vendors to provide reasonable assurance that appropriate controls are in place over the valuation process. Upon completing its review of the pricing from third party vendors at December 31, 2013, management determined that the prices provided by its third party pricing source were reasonable and in line with management’s expectations for the market values of these securities. Therefore, prices obtained from third party vendors that did not reflect forced liquidation or distressed sales were not adjusted by management at December 31, 2013. Management utilizes a number of factors to determine if a market is inactive, all of which may require a significant level of judgment. Factors that management considers include: a significant widening of the bid-ask spread, a considerable decline in the volume and level of trading activity in the instrument, a significant variance in prices among market participants, and a significant reduction in the level of observable inputs. Any securities available for sale not valued based upon quoted market prices or third party pricing models that consider observable market data are considered Level 3. Currently, United considers its valuation of available-for-sale Trup Cdos as Level 3. The Fair Value Measurements and Disclosures topic assumes that fair values of financial assets are determined in an orderly transaction and not a forced liquidation or distressed sale at the measurement date. Based on financial market conditions, United feels that the fair values obtained from its third party vendor reflect forced liquidation or distressed sales for these Trup Cdos due to decreased volume and trading activity. Additionally, management held discussions with institutional traders to identify trends in the number and type of transactions related to the Trup Cdos sector. Based upon management’s review of the market conditions for Trup Cdos, it was determined that an income approach valuation technique (present value technique) that maximizes the use of relevant observable inputs and minimizes the use of unobservable inputs is more representative of fair value than the valuation technique used by United’s third party vendor. The present value technique discounts expected future cash flows of a security to arrive at a present value. Management considers the following items when calculating the appropriate discount rate: the implied rate of return when the market | |||||||||||||||||||||
was last active, changes in the implied rate of return as markets moved from very active to inactive, recent changes in credit ratings, and recent activity showing that the market has built in increased liquidity and credit premiums. Management’s internal credit review of each security was also factored in to determine the appropriate discount rate. The credit review considered each security’s collateral, subordination, excess spread, priority of claims, principal and interest. Discount margins used in the valuation at December 31, 2013 ranged from LIBOR plus 3.75% to LIBOR plus 19.00%. Management completed a sensitivity analysis on the fair value of its Trup Cdos. Given a comprehensive 200 basis point increase in the discount rates, the total fair value of these securities would decline by approximately 17%. | |||||||||||||||||||||
Derivatives: United utilizes interest rate swaps to hedge exposure to interest rate risk and variability of cash flows associated to changes in the underlying interest rate of the hedged item. These hedging interest rate swaps are classified as either a fair value hedge or a cash flow hedge. United’s derivative portfolio also includes derivative financial instruments not included in hedge relationships. These derivatives consist of interest rate swaps used for interest rate management purposes and derivatives executed with commercial banking customers to facilitate their interest rate management strategies. United utilizes third-party vendors for derivative valuation purposes. These vendors determine the appropriate fair value based on a net present value calculation of the cash flows related to the interest rate swaps using primarily observable market inputs such as interest rate yield curves (Level 2). Valuation adjustments to derivative fair values for liquidity and credit risk are also taken into consideration, as well as the likelihood of default by United and derivative counterparties, the net counterparty exposure and the remaining maturities of the positions. Values obtained from third party vendors are typically not adjusted by management. Management internally reviews the derivative values provided by third party vendors on a quarterly basis. All derivative values are tested for reasonableness by management utilizing a net present value calculation. | |||||||||||||||||||||
For a fair value hedge, the fair value of the interest rate swap is recognized on the balance sheet as either a freestanding asset or liability with a corresponding adjustment to the hedged financial instrument. Subsequent adjustments due to changes in the fair value of a derivative that qualifies as a fair value hedge are offset in current period earnings either in interest income or interest expense depending on the nature of the hedged financial instrument. For a cash flow hedge, the fair value of the interest rate swap is recognized on the balance sheet as either a freestanding asset or liability with a corresponding adjustment to other comprehensive income within shareholders’ equity, net of tax. Subsequent adjustments due to changes in the fair value of a derivative that qualifies as a cash flow hedge are offset to other comprehensive income, net of tax. The portion of a hedge that is ineffective is recognized immediately in earnings. | |||||||||||||||||||||
For derivatives that are not designated in a hedge relationship, changes in the fair value of the derivatives are recognized in earnings in the same period as the change in the fair value. Unrealized gains and losses due to changes in the fair value of other derivative financial instruments not in hedge relationship are included in noninterest income and noninterest expense, respectively. | |||||||||||||||||||||
The following table presents the balances of financial assets and liabilities measured at fair value on a recurring basis as of December 31, 2013 and 2012, segregated by the level of the valuation inputs within the fair value hierarchy: | |||||||||||||||||||||
Balance as of | Fair Value at December 31, 2013 Using | ||||||||||||||||||||
December 31, | |||||||||||||||||||||
Description | 2013 | Quoted Prices | Significant | Significant | |||||||||||||||||
in Active | Other | Unobservable | |||||||||||||||||||
Markets for | Observable | Inputs | |||||||||||||||||||
Identical | Inputs | (Level 3) | |||||||||||||||||||
Assets | (Level 2) | ||||||||||||||||||||
(Level 1) | |||||||||||||||||||||
Assets | |||||||||||||||||||||
Available for sale debt securities: | |||||||||||||||||||||
U.S. Treasury securities and obligations of U.S. Government corporations and agencies | $ 171,754 | $ 0 | $ 171,754 | $ 0 | |||||||||||||||||
State and political subdivisions | 62,709 | 0 | 62,709 | 0 | |||||||||||||||||
Residential mortgage-backed securities | |||||||||||||||||||||
Agency | 216,464 | 0 | 216,464 | 0 | |||||||||||||||||
Non-agency | 16,532 | 0 | 16,532 | 0 | |||||||||||||||||
Asset-backed securities | 9,227 | 0 | 9,227 | 0 | |||||||||||||||||
Commercial mortgage-backed securities Agency | 233,432 | 0 | 233,432 | 0 | |||||||||||||||||
Trust preferred collateralized debt obligations | 43,449 | 0 | 0 | 43,449 | |||||||||||||||||
Single issue trust preferred securities | 12,632 | 502 | 12,130 | 0 | |||||||||||||||||
Other corporate securities | 5,215 | 0 | 5,215 | 0 | |||||||||||||||||
Total available for sale debt securities | 771,414 | 502 | 727,463 | 43,449 | |||||||||||||||||
Available for sale equity securities: | |||||||||||||||||||||
Financial services industry | 2,292 | 716 | 1,576 | 0 | |||||||||||||||||
Equity mutual funds (1) | 434 | 434 | 0 | 0 | |||||||||||||||||
Other equity securities | 1,144 | 1,144 | 0 | 0 | |||||||||||||||||
Total available for sale equity securities | 3,870 | 2,294 | 1,576 | 0 | |||||||||||||||||
Total available for sale securities | 775,284 | 2,796 | 729,039 | 43,449 | |||||||||||||||||
Derivative financial assets: | |||||||||||||||||||||
Interest rate contracts | 3,224 | 0 | 3,224 | 0 | |||||||||||||||||
Liabilities | |||||||||||||||||||||
Derivative financial liabilities: | |||||||||||||||||||||
Interest rate contracts | 1,194 | 0 | 1,194 | 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, 2012 Using | |||||||||||||||||||||
Description | Balance as of | Quoted Prices | Significant | Significant | |||||||||||||||||
December 31, | in Active | Other | Unobservable | ||||||||||||||||||
2012 | Markets for | Observable | Inputs | ||||||||||||||||||
Identical | Inputs | (Level 3) | |||||||||||||||||||
Assets | (Level 2) | ||||||||||||||||||||
(Level 1) | |||||||||||||||||||||
Assets | |||||||||||||||||||||
Available for sale debt securities: | |||||||||||||||||||||
U.S. Treasury securities and obligations of U.S. Government corporations and agencies | $ 337,522 | $ 0 | $ 337,522 | $ 0 | |||||||||||||||||
State and political subdivisions | 80,428 | 0 | 80,428 | 0 | |||||||||||||||||
Residential mortgage-backed securities | |||||||||||||||||||||
Agency | 106,510 | 0 | 106,510 | 0 | |||||||||||||||||
Non-agency | 25,045 | 0 | 25,045 | 0 | |||||||||||||||||
Asset-backed securities | 11,709 | 0 | 11,709 | 0 | |||||||||||||||||
Trust preferred collateralized debt obligations | 40,613 | 0 | 0 | 40,613 | |||||||||||||||||
Single issue trust preferred securities | 12,129 | 499 | 11,630 | 0 | |||||||||||||||||
Other corporate securities | 5,283 | 0 | 5,283 | 0 | |||||||||||||||||
Total available for sale debt securities | 619,239 | 499 | 578,127 | 40,613 | |||||||||||||||||
Available for sale equity securities: | |||||||||||||||||||||
Financial services industry | 5,382 | 2,304 | 3,078 | 0 | |||||||||||||||||
Equity mutual funds (1) | 55 | 55 | 0 | 0 | |||||||||||||||||
Other equity securities | 949 | 949 | 0 | 0 | |||||||||||||||||
Total available for sale equity securities | 6,386 | 3,308 | 3,078 | 0 | |||||||||||||||||
Total available for sale securities | 625,625 | 3,807 | 581,205 | 40,613 | |||||||||||||||||
Derivative financial assets: | |||||||||||||||||||||
Interest rate contracts | 2,367 | 0 | 2,367 | 0 | |||||||||||||||||
Liabilities | |||||||||||||||||||||
Derivative financial liabilities: | |||||||||||||||||||||
Interest rate contracts | 4,281 | 0 | 4,281 | 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. | ||||||||||||||||||||
The following table presents additional information about financial assets and liabilities measured at fair value at December 31, 2013 and 2012 on a recurring basis and for which United has utilized Level 3 inputs to determine fair value: | |||||||||||||||||||||
Available-for-sale | |||||||||||||||||||||
Securities | |||||||||||||||||||||
(In thousands) | Trust preferred | ||||||||||||||||||||
collateralized debt obligations | |||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||
Balance, beginning of year | $ 40,613 | $ 42,369 | |||||||||||||||||||
Total gains or losses (realized/unrealized): | |||||||||||||||||||||
Included in earnings (or changes in net assets) | (6,456 | ) | (5,970 | ) | |||||||||||||||||
Included in other comprehensive income | 14,520 | 4,214 | |||||||||||||||||||
Purchases, issuances, and settlements | (5,228 | ) | 0 | ||||||||||||||||||
Transfers in and/or out of Level 3 | 0 | 0 | |||||||||||||||||||
Balance, ending of year | $ 43,449 | $ 40,613 | |||||||||||||||||||
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 | |||||||||||||||||||
Certain financial assets are measured at fair value on a nonrecurring basis in accordance with GAAP. Adjustments to the fair value of these assets usually result from the application of lower-of-cost-or-market accounting or write-downs of individual assets. | |||||||||||||||||||||
The following describes the valuation techniques used by United to measure certain financial assets recorded at fair value on a nonrecurring basis in the financial statements. | |||||||||||||||||||||
Loans held for sale: Loans held for sale are carried at the lower of cost or market value. These loans currently consist of one-to-four family residential loans originated for sale in the secondary market. Fair value is based on the price secondary markets are currently offering for similar loans using observable market data which is not materially different than cost due to the short duration between origination and sale (Level 2). As such, United records any fair value adjustments on a nonrecurring basis. No nonrecurring fair value adjustments were recorded on loans held for sale during the year ended December 31, 2013. Gains and losses on sale of loans are recorded within income from mortgage banking on the Consolidated Statements of Income. | |||||||||||||||||||||
Impaired Loans: Loans are designated as impaired when, in the judgment of management based on current information and events, it is probable that all amounts due according to the contractual terms of the loan agreement will not be collected. Impairment is measured based upon the present value of expected future cash flows from the loan discounted at the loan’s effective rate and the loan’s observable market price or the fair value of collateral, if the loan is collateral dependent. Fair value is measured using a market approach based on the value of the collateral securing the loans. Collateral may be in the form of real estate or business assets including equipment, inventory, and accounts receivable. The vast majority of the collateral is real estate. The value of real estate collateral is determined utilizing an appraisal conducted by an independent, licensed appraiser outside of the Company using comparable property sales (Level 2). However, if the collateral is a house or building in the process of construction or if an appraisal of the real estate property is over two years old, then the fair value is considered Level 3. The value of business equipment is based upon an outside appraisal if deemed significant, or the net book value on the applicable business’ financial statements if not considered significant using observable market data. Likewise, values for inventory and accounts receivables collateral are based on financial statement balances or aging reports (Level 3). Impaired loans allocated to the Allowance for Loan Losses are measured at fair value on a nonrecurring basis. Any fair value adjustments are recorded in the period incurred as provision for credit losses expense on the Consolidated Statements of Income. | |||||||||||||||||||||
OREO: OREO consists of real estate acquired in foreclosure or other settlement of loans. Such assets are carried on the balance sheet at the lower of the investment in the assets or the fair value of the assets less estimated selling costs. Fair value is determined by one of two market approach methods depending on whether the property has been vacated and an appraisal can be conducted. If the property has yet to be vacated and thus an appraisal cannot be performed, a Brokers Price Opinion (i.e. BPO), is obtained. A BPO represents a best estimate valuation performed by a realtor based on knowledge of current property values and a visual examination of the exterior condition of the property. Once the property is subsequently vacated, a formal appraisal is obtained and the recorded asset value appropriately adjusted. On the other hand, if the OREO property has been vacated and an appraisal can be conducted, the fair value of the property is determined based upon the appraisal using a market approach. An authorized independent appraiser conducts appraisals for United. Appraisals for property other than ongoing construction are based on consideration of comparable property sales (Level 2). In contrast, valuation of ongoing construction assets requires some degree of professional judgment. In conducting an appraisal for ongoing construction property, the appraiser develops two appraised amounts: an “as is” appraised value and a “completed” value. Based on professional judgment and their knowledge of the particular situation, management determines the appropriate fair value to be utilized for such property (Level 3). As a matter of policy, valuations are reviewed at least annually and appraisals are generally updated on a bi-annual basis with values lowered as necessary. | |||||||||||||||||||||
Intangible Assets: For United, intangible assets consist of goodwill and core deposit intangibles. Goodwill is tested for impairment at least annually or sooner if indicators of impairment exist. Goodwill impairment would be defined as the difference between the recorded value of goodwill (i.e. book value) and the implied fair value of goodwill. In determining the implied fair value of goodwill for purposes of evaluating goodwill impairment, United determines the fair value of the reporting unit using a market approach and compares the fair value to its carrying value. If the carrying value exceeds the fair value, a step two test is performed whereby the implied fair value is computed by deducting the fair value of all tangible and intangible net assets from the fair value of the reporting unit. Core deposit intangibles relate to the estimated value of the deposit base of acquired institutions. Management reviews core deposit intangible assets on an annual basis, or sooner if indicators of impairment exist, and evaluates changes in facts and circumstances that may indicate impairment in the carrying value. Other than those intangible assets recorded in the acquisition of Centra, no fair value measurement of intangible assets was made during the year of 2013 and 2012. | |||||||||||||||||||||
The following table summarizes United’s financial assets that were measured at fair value on a nonrecurring basis as of December 31, 2013 and 2012: | |||||||||||||||||||||
(In thousands) | Balance as of | Fair Value at December 31, 2013 Using | YTD | ||||||||||||||||||
December 31, | Losses | ||||||||||||||||||||
Description | 2013 | Quoted Prices | Significant | Significant | |||||||||||||||||
in Active | Other | Unobservable | |||||||||||||||||||
Markets for | Observable | Inputs | |||||||||||||||||||
Identical | Inputs | (Level 3) | |||||||||||||||||||
Assets | (Level 2) | ||||||||||||||||||||
(Level 1) | |||||||||||||||||||||
Assets | |||||||||||||||||||||
Impaired Loans | $ | 45,883 | $ | 0 | $ | 13,081 | $ | 32,802 | $ | 1,886 | |||||||||||
OREO | 38,182 | 0 | 38,107 | 75 | 2,548 | ||||||||||||||||
(In thousands) | Balance as of | Fair Value at December 31, 2012 Using | YTD | ||||||||||||||||||
December 31, | Losses | ||||||||||||||||||||
Description | 2012 | Quoted Prices | Significant | Significant | |||||||||||||||||
in Active | Other | Unobservable | |||||||||||||||||||
Markets for | Observable | Inputs | |||||||||||||||||||
Identical | Inputs | (Level 3) | |||||||||||||||||||
Assets | (Level 2) | ||||||||||||||||||||
(Level 1) | |||||||||||||||||||||
Assets | |||||||||||||||||||||
Impaired Loans | $ | 50,985 | $ | 0 | $ | 28,947 | $ | 22,038 | $ | 3,238 | |||||||||||
OREO | 49,484 | 0 | 45,588 | 3,896 | 3,677 | ||||||||||||||||
The following methods and assumptions were used by United in estimating its fair value disclosures for other financial instruments: | |||||||||||||||||||||
Cash and Cash Equivalents: The carrying amounts reported in the balance sheet for cash and cash equivalents approximate those assets’ fair values. | |||||||||||||||||||||
Securities held to maturity and other securities: The estimated fair values of held to maturity are based on quoted market prices, where available. If quoted market prices are not available, fair values are measured utilizing independent valuation techniques of identical or similar securities for which significant assumptions are derived primarily from or corroborated by observable market data. Third party vendors compile prices from various sources and may determine the fair value of identical or similar securities by using pricing models that considers observable market data. Any securities held to maturity not valued based upon the methods above are valued based on a discounted cash flow methodology using appropriately adjusted discount rates reflecting nonperformance and liquidity risks. Other securities consist mainly of shares of Federal Home Loan Bank and Federal Reserve Bank stock that do not have readily determinable fair values and are carried at cost. | |||||||||||||||||||||
Loans: The fair values of certain mortgage loans (e.g., one-to-four family residential), credit card loans, and other consumer loans are based on quoted market prices of similar loans sold in conjunction with securitization transactions, adjusted for differences in loan characteristics. The fair values of other loans (e.g., commercial real estate and rental property mortgage loans, commercial and industrial loans, financial institution loans and agricultural loans) are estimated using discounted cash flow analyses, using market interest rates currently being offered for loans with similar terms to borrowers of similar creditworthiness, which include adjustments for liquidity concerns. | |||||||||||||||||||||
Deposits: The fair values of demand deposits (e.g., interest and noninterest checking, regular savings and certain types of money market accounts) are, by definition, equal to the amount payable on demand at the reporting date (i.e., their carrying amounts). The carrying amounts of variable-rate, fixed-term money market accounts and certificates of deposit approximate their fair values at the reporting date. Fair values of fixed-rate certificates of deposit are estimated using a discounted cash flow calculation that applies interest rates currently being offered on certificates to a schedule of aggregated expected monthly maturities on time deposits. | |||||||||||||||||||||
Short-term Borrowings: The carrying amounts of federal funds purchased, borrowings under repurchase agreements and other short-term borrowings approximate their fair values. | |||||||||||||||||||||
Long-term Borrowings: The fair values of United’s Federal Home Loan Bank borrowings and trust preferred securities are estimated using discounted cash flow analyses, based on United’s current incremental borrowing rates for similar types of borrowing arrangements. | |||||||||||||||||||||
The estimated fair values of United’s financial instruments are summarized below: | |||||||||||||||||||||
Fair Value Measurements | |||||||||||||||||||||
Carrying | Fair | Quoted Prices | Significant | Significant | |||||||||||||||||
Amount | Value | in Active | Other | Unobservable | |||||||||||||||||
Markets for | Observable | Inputs | |||||||||||||||||||
Identical | Inputs | (Level 3) | |||||||||||||||||||
Assets | (Level 2) | ||||||||||||||||||||
(Level 1) | |||||||||||||||||||||
December 31, 2013 | |||||||||||||||||||||
Cash and cash equivalents | $ | 416,617 | $ | 416,617 | $ | 0 | $ | 416,617 | $ | 0 | |||||||||||
Securities available for sale | 775,284 | 775,284 | 2,796 | 729,039 | 43,449 | ||||||||||||||||
Securities held to maturity | 40,965 | 38,293 | 0 | 35,773 | 2,520 | ||||||||||||||||
Other securities | 73,093 | 70,072 | 0 | 0 | 70,072 | ||||||||||||||||
Loans held for sale | 4,236 | 4,236 | 0 | 4,236 | 0 | ||||||||||||||||
Loans | 6,630,385 | 6,657,376 | 0 | 0 | 6,657,376 | ||||||||||||||||
Derivative financial assets | 3,224 | 3,224 | 0 | 3,224 | 0 | ||||||||||||||||
Deposits | 6,621,571 | 6,641,070 | 0 | 6,641,070 | 0 | ||||||||||||||||
Short-term borrowings | 430,754 | 430,754 | 0 | 430,754 | 0 | ||||||||||||||||
Long-term borrowings | 575,697 | 553,796 | 0 | 553,796 | 0 | ||||||||||||||||
Derivative financial liabilities | 1,194 | 1,194 | 0 | 1,194 | 0 | ||||||||||||||||
December 31, 2012 | |||||||||||||||||||||
Cash and cash equivalents | $ | 432,077 | $ | 432,077 | $ | 0 | $ | 432,077 | $ | 0 | |||||||||||
Securities available for sale | 625,625 | 625,625 | 3,807 | 581,205 | 40,613 | ||||||||||||||||
Securities held to maturity | 43,467 | 42,696 | 0 | 36,999 | 5,697 | ||||||||||||||||
Other securities | 60,310 | 57,643 | 0 | 0 | 57,643 | ||||||||||||||||
Loans held for sale | 17,762 | 17,762 | 0 | 17,762 | 0 | ||||||||||||||||
Loans | 6,437,515 | 6,473,974 | 0 | 0 | 6,473,974 | ||||||||||||||||
Derivative financial assets | 2,367 | 2,367 | 0 | 2,367 | 0 | ||||||||||||||||
Deposits | 6,752,986 | 6,776,012 | 0 | 6,776,012 | 0 | ||||||||||||||||
Short-term borrowings | 314,962 | 314,962 | 0 | 314,962 | 0 | ||||||||||||||||
Long-term borrowings | 284,926 | 277,899 | 0 | 277,899 | 0 | ||||||||||||||||
Derivative financial liabilities | 4,281 | 4,281 | 0 | 4,281 | 0 |
Variable_Interest_Entities
Variable Interest Entities | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||
Text Block [Abstract] | ' | ||||||||||||||||||||||||
Variable Interest Entities | ' | ||||||||||||||||||||||||
NOTE U--VARIABLE INTEREST ENTITIES | |||||||||||||||||||||||||
Variable interest entities (VIEs) are entities that either have a total equity investment that is insufficient to permit the entity to finance its activities without additional subordinated financial support or whose equity investors lack the characteristics of a controlling financial interest (i.e., ability to make significant decisions, through voting rights, right to receive the expected residual returns of the entity, and obligation to absorb the expected losses of the entity). VIEs can be structured as corporations, trusts, partnerships, or other legal entities. United’s business practices include relationships with certain VIEs. For United, the business purpose of these relationships primarily consists of funding activities in the form of issuing trust preferred securities. | |||||||||||||||||||||||||
United currently sponsors ten statutory business trusts that were created for the purpose of raising funds that qualify for Tier I regulatory capital. These trusts, of which several were acquired through bank acquisitions, issued or participated in pools of trust preferred capital securities to third-party investors with the proceeds invested in junior subordinated debt securities of United. The Company, through a small capital contribution, owns 100% of the voting equity shares of each trust. The assets, liabilities, operations, and cash flows of each trust are solely related to the issuance, administration, and repayment of the preferred equity securities held by third-party investors. United fully and unconditionally guarantees the obligations of each trust and is obligated to redeem the junior subordinated debentures upon maturity. | |||||||||||||||||||||||||
The trusts utilized in these transactions are variable interest entities (VIEs) as the third-party equity holders lack a controlling financial interest in the trusts through their inability to make decisions that have a significant effect on the operations and success of the entities. United does not consolidate these trusts as it is not the primary beneficiary of these entities because United’s equity interest does not absorb the majority of the trusts’ expected losses or receive a majority of their expected residual returns. Information related to United’s statutory trusts is presented in Note K, Notes to Consolidated Financial Statements. | |||||||||||||||||||||||||
The following table summarizes quantitative information about United’s significant involvement in unconsolidated VIEs: | |||||||||||||||||||||||||
As of December 31, 2013 | As of December 31, 2012 | ||||||||||||||||||||||||
(In thousands) | Aggregate | Aggregate | Risk Of | Aggregate | Aggregate | Risk Of | |||||||||||||||||||
Assets | Liabilities | Loss (1) | Assets | Liabilities | Loss (1) | ||||||||||||||||||||
Trust preferred securities | $201,186 | $194,453 | $6,733 | $201,297 | $194,636 | $6,661 | |||||||||||||||||||
(1) Represents investment in VIEs. | |||||||||||||||||||||||||
United, through its banking subsidiaries, also makes limited partner equity investments in various low income housing and community development partnerships sponsored by independent third-parties. United invests in these partnerships to either realize tax credits on its consolidated federal income tax return or for purposes of earning a return on its investment. These partnerships are considered VIEs as the limited partners lack a controlling financial interest in the entities through their inability to make decisions that have a significant effect on the operations and success of the partnerships. United’s limited partner interests in these entities is immaterial; however, these partnerships are not consolidated as United is not deemed to be the primary beneficiary. | |||||||||||||||||||||||||
On July 11, 2012, a wholly-owned subsidiary of United submitted a redemption notice to the trustee of Sequoia Trust I, to redeem $5.0 million of the trust preferred securities outstanding. The Federal Reserve Board did not object to the partial redemption of the securities. The redemption was made by a cash payment on August 20, 2012 (the “Redemption Date”) equal to the redemption price of 104.581% of $5.0 million of the principal amount of the Securities (total of $5.23 million) plus any accrued and unpaid interest up to the Redemption Date. The partial redemption was funded with excess cash currently available to United. |
Quarterly_Financial_Data
Quarterly Financial Data | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | ' | ||||||||||||||||
Quarterly Financial Data | ' | ||||||||||||||||
NOTE V--QUARTERLY FINANCIAL DATA (UNAUDITED) | |||||||||||||||||
Quarterly financial data for 2013 and 2012 is summarized below (dollars in thousands, except for per share data): | |||||||||||||||||
1st Quarter | 2nd Quarter | 3rd Quarter | 4th Quarter | ||||||||||||||
2013 | |||||||||||||||||
Interest income | $76,325 | $75,485 | $76,705 | $77,639 | |||||||||||||
Interest expense | 9,503 | 9,282 | 9,075 | 8,453 | |||||||||||||
Net interest income | 66,822 | 66,203 | 67,630 | 69,186 | |||||||||||||
Provision for credit losses | 5,187 | 4,960 | 4,777 | 4,343 | |||||||||||||
Mortgage banking income | 965 | 739 | 605 | 262 | |||||||||||||
Securities (losses) gains, net | -694 | 211 | 101 | -5,427 | |||||||||||||
Other noninterest income | 18,077 | 18,149 | 17,629 | 17,211 | |||||||||||||
Noninterest expense | 48,249 | 48,547 | 48,585 | 47,977 | |||||||||||||
Income taxes | 10,155 | 9,576 | 10,433 | 9,252 | |||||||||||||
Net income (1) | 21,579 | 22,219 | 22,170 | 19,660 | |||||||||||||
Per share data: | |||||||||||||||||
Average shares outstanding (000s): | |||||||||||||||||
Basic | 50,302 | 50,346 | 50,379 | 50,417 | |||||||||||||
Diluted | 50,332 | 50,402 | 50,473 | 50,564 | |||||||||||||
Net income per share: | |||||||||||||||||
Basic | $0.43 | $0.44 | $0.44 | $0.39 | |||||||||||||
Diluted | $0.43 | $0.44 | $0.44 | $0.39 | |||||||||||||
Dividends per share | $0.31 | $0.31 | $0.31 | $0.32 | |||||||||||||
1st Quarter | 2nd Quarter | 3rd Quarter | 4th Quarter | ||||||||||||||
2012 | |||||||||||||||||
Interest income | $81,788 | $81,105 | $81,336 | $79,668 | |||||||||||||
Interest expense | 12,822 | 12,050 | 11,322 | 9,996 | |||||||||||||
Net interest income | 68,966 | 69,055 | 70,014 | 69,672 | |||||||||||||
Provision for credit losses | 4,133 | 3,436 | 4,346 | 5,947 | |||||||||||||
Mortgage banking income | 318 | 483 | 819 | 851 | |||||||||||||
Securities losses, net | -1,459 | -1,543 | -2,188 | -1,740 | |||||||||||||
Other noninterest income | 17,467 | 17,647 | 18,003 | 17,634 | |||||||||||||
Noninterest expense | 50,262 | 51,252 | 53,869 | 49,273 | |||||||||||||
Income taxes | 9,887 | 9,905 | 9,099 | 9,983 | |||||||||||||
Net income (1) | 21,010 | 21,049 | 19,334 | 21,214 | |||||||||||||
Per share data: | |||||||||||||||||
Average shares outstanding (000s): | |||||||||||||||||
Basic | 50,235 | 50,275 | 50,276 | 50,276 | |||||||||||||
Diluted | 50,301 | 50,308 | 50,295 | 50,295 | |||||||||||||
Net income per share: | |||||||||||||||||
Basic | $0.42 | $0.42 | $0.38 | $0.42 | |||||||||||||
Diluted | $0.42 | $0.42 | $0.38 | $0.42 | |||||||||||||
Dividends per share | $0.31 | $0.31 | $0.31 | $0.31 | |||||||||||||
(1) | For further information, see the related discussion “Quarterly Results” included in Management’s Discussion and Analysis. |
Summary_of_Significant_Account1
Summary of Significant Accounting Policies (Policies) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Accounting Policies [Abstract] | ' | ||||||||||||
Nature of Operations | ' | ||||||||||||
Nature of Operations: United Bankshares, Inc. (United, the Company) is a multi-bank holding company headquartered in Charleston, West Virginia. United considers all of West Virginia to be included in its market area. This area includes the five largest West Virginia Metropolitan Statistical Areas (MSA): the Parkersburg MSA, the Charleston MSA, the Huntington MSA, the Morgantown MSA and the Wheeling MSA. United serves the Ohio counties of Lawrence, Belmont, Jefferson and Washington and Fayette county in Pennsylvania primarily because of their close proximity to the Ohio and Pennsylvania borders and United banking offices located in those counties or in nearby West Virginia. United’s Virginia markets include the Maryland, northern Virginia and Washington, D.C. MSA, the Winchester MSA, the Harrisonburg MSA, and the Charlottesville MSA. United considers all of the above locations to be the primary market area for the business of its banking subsidiaries. | |||||||||||||
Operating Segments | ' | ||||||||||||
Operating Segments: United’s business activities are confined to one reportable segment which is community banking. As a community banking entity, United offers a full range of products and services through various delivery channels. | |||||||||||||
Basis of Presentation | ' | ||||||||||||
Basis of Presentation: The consolidated financial statements and the notes to consolidated financial statements include the accounts of United Bankshares, Inc. and its wholly owned subsidiaries. All significant intercompany accounts and transactions have been eliminated in the consolidated financial statements. | |||||||||||||
United determines whether it has a controlling financial interest in an entity by first evaluating whether the entity is a voting interest entity or a variable interest entity (VIE) under U.S. generally accepted accounting principles. Voting interest entities are entities in which the total equity investment at risk is sufficient to enable the entity to finance itself independently and provides the equity holders with the obligation to absorb losses, the right to receive residual returns and the right to make decisions about the entity’s activities. United consolidates voting interest entities in which it has all, or at least a majority of, the voting interest. As defined in applicable accounting standards, VIEs are entities that lack one or more of the characteristics of a voting interest entity. A controlling financial interest in a VIE is present when an enterprise has both the power to direct the activities of the VIE that most significantly impact the VIE’s economic performance and an obligation to absorb losses or the right to receive benefits that could potentially be significant to the VIE. The enterprise with a controlling financial interest, known as the primary beneficiary, consolidates the VIE. United’s wholly owned and indirect wholly owned statutory trust subsidiaries are VIEs for which United is not the primary beneficiary. Accordingly, its accounts are not included in United’s consolidated financial statements. | |||||||||||||
The accounting and reporting policies of United conform with U.S. generally accepted accounting principles. In preparing the consolidated financial statements, management is required to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates. To conform to the 2013 presentation, certain reclassifications have been made to prior period amounts, which had no impact on net income, comprehensive income or shareholders’ equity. In the opinion of management, all adjustments necessary for a fair presentation of financial position and results of operations have been made. Such adjustments are of a normal and recurring nature. | |||||||||||||
The Company has evaluated events and transactions subsequent to December 31, 2013 through the date these financial statements were issued. Based on definitions and requirements of generally accepted accounting principles for “Subsequent Events,†the Company has not identified any events that would require adjustments to, or disclosure in the financial statements other than the acquisition of Virginia Commerce Bancorp, Inc. after the close of business on January 31, 2014 (see Note B to these Notes to Consolidated Financial Statements). In addition, on February 20, 2014, United sold a former branch building for approximately $11.1 million and recognized a before-tax gain of approximately $8.9 million. A description of the significant accounting policies is presented below. | |||||||||||||
Cash and Cash Equivalents | ' | ||||||||||||
Cash and Cash Equivalents: United considers cash and due from banks, interest-bearing deposits with other banks and federal funds sold as cash and cash equivalents. | |||||||||||||
Securities | ' | ||||||||||||
Securities: Management determines the appropriate classification of securities at the time of purchase. Debt securities that United has the positive intent and the ability to hold to maturity are carried at amortized cost. Securities to be held for indefinite periods of time and all marketable equity securities are classified as available for sale and carried at estimated fair value. Unrealized gains and losses on securities classified as available for sale are carried as a separate component of Accumulated Other Comprehensive Income (Loss), net of deferred income taxes. | |||||||||||||
Gains or losses on sales of securities are recognized by the specific identification method and are reported in securities gains and losses within noninterest income of the Consolidated Statements of Income. United reviews available-for-sale and held-to-maturity securities on a quarterly basis for possible impairment. United determines whether a decline in fair value below the amortized cost basis of a security is other-than-temporary. This determination requires significant judgment. In making this judgment, United’s review includes an analysis of the facts and circumstances of each individual investment such as the severity of loss, the length of time the fair value has been below cost, the expectation for that security’s performance, the creditworthiness of the issuer, recent changes in external credit ratings, and the assessment of collection of the security’s contractual amounts from the issuer or issuers. If United intends to sell, or it is more likely than not that United will be required to sell an impaired debt security before recovery of its amortized cost basis less any current period credit loss, other-than-temporary impairment is recognized in earnings. The credit loss is defined as the difference between the present value of cash flows expected to be collected (discounted at the contractual rate) and the amortized cost basis. The amount recognized in earnings is equal to the entire difference between the security’s amortized cost basis and its fair value at the balance sheet date. If United does not intend to sell, and it is not more likely than not that United will be required to sell the impaired debt security prior to recovery of its amortized cost basis less any current-period credit loss, the other-than-temporary impairment is separated into the following: 1) the amount representing the credit loss, which is recognized within noninterest income of the Consolidated Statements of Income, and 2) the amount related to all other factors, which is recognized in other comprehensive income within shareholders’ equity of the Consolidated Balance Sheets. | |||||||||||||
For equity securities, United evaluates the near-term prospects of the investment in relation to the severity and duration of any impairment and United’s ability and intent to hold these equity securities until a recovery of their fair value to at least the cost basis of the investment. Equity securities that are deemed to be other-than-temporarily impaired are written down to the fair value with the write-down recognized within noninterest income of the Consolidated Statements of Income. | |||||||||||||
Certain security investments that do not have readily determinable fair values and for which United does not exercise significant influence are carried at cost and are classified as other investment securities on the balance sheet. These cost-method investments are reviewed for impairment at least annually or sooner if events or changes in circumstances indicate the carrying value may not be recoverable. | |||||||||||||
Securities Purchased Under Resale Agreements and Securities Sold Under Agreements to Repurchase | ' | ||||||||||||
Securities Purchased Under Resale Agreements and Securities Sold Under Agreements to Repurchase: Securities purchased under agreements to resell and securities sold under agreements to repurchase are accounted for as collateralized financing transactions. They are recorded at the amounts at which the securities were acquired or sold plus accrued interest. Securities, generally U.S. government and federal agency securities, pledged as collateral under these financing arrangements cannot be repledged or sold, unless replaced, by the secured party. The fair value of the collateral either received from or provided to a third party is continually monitored and additional collateral is obtained or is requested to be returned to United as deemed appropriate. | |||||||||||||
Loans | ' | ||||||||||||
Loans: Loans are reported at the principal amount outstanding, net of unearned income. Interest on loans is accrued and credited to operations using methods that produce a level yield on individual principal amounts outstanding. Loan origination and commitment fees and related direct loan origination costs are deferred and amortized as an adjustment of loan yield over the estimated life of the related loan. Loan fees accreted and included in interest income were $7,427,000, $10,765,000 and $6,264,000 for the years of 2013, 2012 and 2011, respectively. The accrual of interest income on commercial and most consumer loans generally is discontinued when a loan becomes 90 to 120 days past due as to principal or interest. When interest accruals are discontinued, unpaid interest recognized in income in the current year is reversed, and interest accrued in prior years is charged to the allowance for loan losses. Management may elect to continue the accrual of interest when the estimated net realizable value of collateral exceeds the principal balance and accrued interest, and the loan is in the process of collection. | |||||||||||||
Loans are designated as impaired when, in the opinion of management, based on current information and events, the collection of principal and interest in accordance with the loan contract is doubtful. Consistent with United’s existing method of income recognition for loans, interest on impaired loans, except those classified as nonaccrual, is recognized as income using the accrual method. United’s method of income recognition for impaired loans that are classified as nonaccrual is to recognize interest income on the cash basis or apply the cash receipt to principal when the ultimate collectibility of principal is in doubt. | |||||||||||||
A loan is categorized as restructured if a significant concession is granted to provide for a reduction of either interest or principal due to a deterioration in the financial condition of the borrower. A loan classified as restructured will generally retain such classification until the loan is paid in full. However, a restructured one-to-four-family residential mortgage loan that yields a market rate and demonstrates the ability to pay under the terms of the restructured note through a sustained period of repayment performance, which is generally one year, is removed from the restructured classification. Interest income on restructured loans is accrued at the reduced rate and the loan is returned to performing status once the borrower demonstrates the ability to pay under the terms of the restructured note through a sustained period of repayment performance, which is generally six months. The portfolio of restructured loans is monitored monthly. | |||||||||||||
Loans Acquired Through Transfer | ' | ||||||||||||
Loans Acquired Through Transfer: Loans acquired through the completion of a transfer, including loans acquired in a business combination, that have evidence of deterioration of credit quality since origination and for which it is probable, at acquisition, that United will be unable to collect all contractually required payment receivable are initially recorded at fair value (as determined by the present value of expected future cash flows) with no valuation allowance. The difference between the undiscounted cash flows expected at acquisition and the investment in the loan, or the “accretable yield,” is recognized as interest income on a level-yield method over the life of the loan. Contractually required payments for interest and principal that exceed the undiscounted cash flows expected at acquisition, or the “nonaccretable difference,” are not recognized as a yield adjustment or as a loss accrual or a valuation allowance. Increases in expected cash flows subsequent to the initial investment are recognized prospectively through adjustment of the yield on the loan over its remaining life. Decreases in expected cash flows are recognized as impairment. Valuation allowances on these impaired loans reflect only losses incurred after the acquisition (meaning the present value of all cash flows expected at acquisition that ultimately are not to be received). | |||||||||||||
Loans Held for Sale | ' | ||||||||||||
Loans Held for Sale: Loans held for sale consist of one-to-four family conforming residential real estate loans originated for sale in the secondary market and carried at the lower of cost or fair value determined on an aggregate basis. Generally, United’s current practice is to sell all fixed-rate, one-to-four family conforming residential real estate loans while holding adjustable–rate loans. However, United will sell certain adjustable-rate, one-to-four family conforming residential real estate loans based on prevailing interest rate conditions and interest rate risk management needs. Gains and losses on sales of loans held for sale are included in mortgage banking income. | |||||||||||||
Allowance for Credit Losses | ' | ||||||||||||
Allowance for Credit Losses: United maintains an allowance for loan losses and a reserve for lending-related commitments such as unfunded loan commitments and letters of credit. The combined allowance for loan losses and reserve for lending-related commitments are referred to as the allowance for credit losses. | |||||||||||||
The allowance for loan losses is management’s estimate of the probable credit losses inherent in the loan portfolio. Management’s evaluation of the adequacy of the allowance for loan losses and the appropriate provision for credit losses is based upon a quarterly evaluation of the portfolio. This evaluation is inherently subjective and requires significant estimates, including the amounts and timing of estimated future cash flows, estimated losses on pools of loans based on historical loss experience, and consideration of current economic trends, all of which are susceptible to constant and significant change. The amounts allocated to specific credits and loan pools grouped by similar risk characteristics are reviewed on a quarterly basis and adjusted as necessary based upon subsequent changes in circumstances. In determining the components of the allowance for credit losses, management considers the risk arising in part from, but not limited to, charge-off and delinquency trends, current economic and business conditions, lending policies and procedures, the size and risk characteristics of the loan portfolio, concentrations of credit, and other various factors. Loans deemed to be uncollectible are charged against the allowance for loan losses, while recoveries of previously charged-off amounts are credited to the allowance for loan losses. | |||||||||||||
In determining the adequacy of the allowance for loan losses, management makes allocations to specific commercial loans classified by management as to risk. Management determines the loan’s risk by considering the borrowers’ ability to repay, the collateral securing the credit and other borrower-specific factors that may impact collectibility. For impaired loans, specific allocations are based on the present value of expected future cash flows using the loan’s effective interest rate, or as a practical expedient, at the loan’s observable market price or the fair value of the collateral if the loan is collateral-dependent. Other commercial loans not specifically reviewed on an individual basis are evaluated based on loan pools, which are grouped by similar risk characteristics using management’s internal risk ratings. Allocations for these commercial loan pools are determined based upon historical loss experience adjusted for current environmental conditions and risk factors. Allocations for loans, other than commercial loans, are developed by applying historical loss experience adjusted for current environmental conditions and risk factors to loan pools grouped by similar risk characteristics. The environmental factors considered for each of the loan portfolios includes estimated probable inherent but undetected losses within the portfolio due to uncertainties in economic conditions, delays in obtaining information, including unfavorable information about a borrower’s financial condition, the difficulty in identifying triggering events that correlate perfectly to subsequent loss rates, and risk factors that have not yet fully manifested themselves in loss allocation factors. While allocations are made to specific loans and pools of loans, the allowance is available for all loan losses. In addition, a portion of the allowance accounts for the inherent imprecision in the allowance for credit losses analysis. Management believes that the allowance for credit losses is adequate to provide for probable losses on existing loans and loan-related commitments based on information currently available. | |||||||||||||
Bank Premises and Equipment | ' | ||||||||||||
Bank Premises and Equipment: Bank premises and equipment are stated at cost, less allowances for depreciation and amortization. The provision for depreciation is computed principally by the straight-line method over the estimated useful lives of the respective assets. Useful lives range primarily from three to 15 years for furniture, fixtures and equipment and five to 40 years for buildings and improvements. Leasehold improvements are generally amortized over the lesser of the term of the respective leases or the estimated useful lives of the improvements. | |||||||||||||
Other Real Estate Owned | ' | ||||||||||||
Other Real Estate Owned: At December 31, 2013 and 2012, other real estate owned (OREO) included in other assets in the Consolidated Balance Sheets was $38,182,000 and $49,484,000, respectively. OREO consists of real estate acquired in foreclosure or other settlement of loans. Such assets are carried at the lower of the investment in the assets or the fair value of the assets less estimated selling costs. Any adjustment to the fair value at the date of transfer is charged against the allowance for loan losses. Any subsequent valuation adjustments as well as any costs relating to operating, holding or disposing of the property are recorded in other expense in the period incurred. | |||||||||||||
Advertising Costs | ' | ||||||||||||
Advertising Costs: Advertising costs are generally expensed as incurred and included in Other Expense on the Consolidated Statements of Income. Advertising expense was $3,777,000, $4,270,000 and $4,172,000 for the years of 2013, 2012, and 2011, respectively. | |||||||||||||
Income Taxes | ' | ||||||||||||
Income Taxes: Income tax expense is the total of the current year income tax due or refundable and the change in deferred tax assets and liabilities (excluding deferred tax assets and liabilities related to business combinations or components of other comprehensive income). Deferred tax assets and liabilities are the expected future tax amounts for the temporary differences between carrying amounts and tax bases of assets and liabilities, computed using enacted tax rates. A valuation allowance, if needed, reduces deferred tax assets to the expected amount most likely to be realized. Realization of deferred tax assets is dependent upon the generation of a sufficient level of future taxable income and recoverable taxes paid in prior years. Although realization is not assured, management believes it is more likely than not that all of the deferred tax assets will be realized. Interest and/or penalties related to income taxes are reported as a component of income tax expense. | |||||||||||||
For uncertain income tax positions, United records a liability based on a recognition threshold of more-likely-than-not, and a measurement attribute for all tax positions taken on a tax return, in order for those tax positions to be recognized in the financial statements. | |||||||||||||
United files a consolidated income tax return with its subsidiaries. Federal income tax expense or benefit has been allocated to subsidiaries on a separate return basis. | |||||||||||||
Intangible Assets | ' | ||||||||||||
Intangible Assets: Intangible assets relating to the estimated fair value of the deposit base of the acquired institutions are being amortized on an accelerated basis over a one to seven year period. Management reviews intangible assets on an annual basis, or sooner if indicators of impairment exist, and evaluates changes in facts and circumstances that may indicate impairment in the carrying value. United incurred amortization expense of $1,969,000, $2,852,000 and $2,429,000 in 2013, 2012, and 2011, respectively, related to all intangible assets. | |||||||||||||
Goodwill is not amortized, but is tested for impairment at least annually or sooner if indicators of impairment exist. Intangible assets with definite useful lives (such as core deposit intangibles) are amortized over their respective estimated useful lives to their estimated residual values, and reviewed for impairment at least annually. Based on the most recent goodwill impairment test, no impairment was noted. As of December 31, 2013 and 2012, total goodwill approximated $375,547,000 and $375,583,000, respectively. | |||||||||||||
Derivative Financial Instruments | ' | ||||||||||||
Derivative Financial Instruments: United accounts for its derivative financial instruments in accordance with the Derivatives and Hedging topic of the FASB Accounting Standards Codification. The Derivatives and Hedging topic requires all derivative instruments to be carried at fair value on the balance sheet. United has designated certain derivative instruments to manage interest rate risk as hedge relationships with certain assets, liabilities or cash flows being hedged. Certain derivatives used for interest rate risk management are not designated in a hedge relationship. | |||||||||||||
Derivative instruments designated in a hedge relationship to mitigate exposure to changes in the fair value of an asset, liability, or firm commitment attributable to a particular risk, such as interest rate risk, are considered fair value hedges. Derivative instruments designated in a hedge relationship to mitigate exposure to variability in expected future cash flows, or other types of forecasted transactions, are considered cash flow hedges. | |||||||||||||
For a fair value hedge, the fair value of the interest rate swap is recognized on the balance sheet as either a freestanding asset or liability with a corresponding adjustment to the hedged financial instrument. Subsequent adjustments due to changes in the fair value of a derivative that qualifies as a fair value hedge are offset in current period earnings. For a cash flow hedge, the fair value of the interest rate swap is recognized on the balance sheet as either a freestanding asset or liability with a corresponding adjustment to other comprehensive income within shareholders’ equity, net of tax. Subsequent adjustments due to changes in the fair value of a derivative that qualifies as a cash flow hedge are offset to other comprehensive income, net of tax. The portion of a hedge that is ineffective is recognized immediately in earnings. | |||||||||||||
At inception of a hedge relationship, United formally documents the hedged item, the particular risk management objective, the nature of the risk being hedged, the derivative being used, how effectiveness of the hedge will be assessed and how the ineffectiveness of the hedge will be measured. United also assesses hedge effectiveness at inception and on an ongoing basis using regression analysis. Hedge ineffectiveness is measured by using the change in fair value method. The change in fair value method compares the change in the fair value of the hedging derivative to the change in the fair value of the hedged exposure, attributable to changes in the benchmark rate. Prior to January 1, 2006, United used the shortcut method for interest rate swaps that met the criteria as defined under the Derivatives and Hedging topic. Effective January 1, 2006, United adopted an internal policy accounting for all new derivative instruments entered thereafter whereby the shortcut method would no longer be used. | |||||||||||||
For derivatives that are not designated in a hedge relationship, changes in the fair value of the derivatives are recognized in earnings in the same period as the change in the fair value. | |||||||||||||
Stock-Based Compensation | ' | ||||||||||||
Stock-Based Compensation: Compensation expense related to stock options and restricted stock awards issued to participants is based upon the fair value of the award at the date of grant. The fair value of stock options is estimated at the date of grant using a binomial lattice option pricing model, while the fair value of restricted stock awards is based upon the stock price at the date of grant. Compensation expense is recognized on a straight line basis over the vesting period for options and the respective period for stock awards. | |||||||||||||
Stock-based compensation expense was $1,786,000 in 2013, $1,908,000 in 2012 and $1,133,000 in 2011. | |||||||||||||
Treasury Stock | ' | ||||||||||||
Treasury Stock: United records common stock purchased for treasury at cost. At the date of subsequent reissuance, the treasury stock account is reduced by the cost of such stock using the weighted-average cost method. | |||||||||||||
Trust Assets and Income | ' | ||||||||||||
Trust Assets and Income: Assets held in a fiduciary or agency capacity for customers are not included in the balance sheets since such items are not assets of the company. Trust income is reported on an accrual basis. | |||||||||||||
Earnings Per Common Share | ' | ||||||||||||
Earnings Per Common Share: Basic earnings per common share is calculated by dividing net income by the weighted-average number of shares of common stock outstanding, excluding participating securities, for the respective period. For diluted earnings per common share, the weighted-average number of shares of common stock outstanding, excluding participating securities, for the respective period is increased by the number of shares of common stock that would be issued assuming the exercise of common stock options which have an exercise price below market price. The dilutive effect of stock options approximated 72,626 shares in 2013, 32,399 shares in 2012 and 33,931 shares in 2011. There are no other common stock equivalents. | |||||||||||||
Under the 2011 LTI Plan, United may award restricted common shares to key employees and non-employee directors. In the first quarter of 2013 and 2012, United granted 52,825 and 52,700 restricted shares, respectively, to participants with a four-year time-based vesting period. Recipients of restricted shares do not pay any consideration to United for the shares, have the right to vote all shares subject to such grant and receive all dividends with respect to such shares, whether or not the shares have vested. Presently, these nonvested participating securities have an immaterial impact on diluted earnings per share. | |||||||||||||
The reconciliation of the numerator and denominator of basic earnings per share with that of diluted earnings per share is presented as follows: | |||||||||||||
Year Ended December 31 | |||||||||||||
(Dollars in thousands, except per share) | 2013 | 2012 | 2011 | ||||||||||
Distributed earnings allocated to common stock | $ | 62,982 | $ | 62,286 | $ | 56,827 | |||||||
Undistributed earnings allocated to common stock | 22,512 | 20,245 | 18,783 | ||||||||||
Net earnings allocated to common shareholders | $ | 85,494 | $ | 82,531 | $ | 75,610 | |||||||
Average common shares outstanding | 50,353,452 | 50,265,620 | 46,803,432 | ||||||||||
Equivalents from stock options | 72,626 | 32,399 | 33,931 | ||||||||||
Average diluted shares outstanding | 50,426,078 | 50,298,019 | 46,837,363 | ||||||||||
Earnings per basic common share | $ | 1.7 | $ | 1.64 | $ | 1.62 | |||||||
Earnings per diluted common share | $ | 1.7 | $ | 1.64 | $ | 1.61 | |||||||
Fair Value Measurements | ' | ||||||||||||
Fair Value Measurements: United determines the fair values of its financial instruments based on the fair value hierarchy established in ASC topic 820, which also clarifies that fair value of certain assets and liabilities is an exit price, representing the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. | |||||||||||||
The Fair Value Measurements and Disclosures topic specifies a hierarchy of valuation techniques based on whether the inputs to those valuation techniques are observable or unobservable. Observable inputs reflect market data obtained from independent sources, while unobservable inputs reflect United’s market assumptions. | |||||||||||||
The three levels of the fair value hierarchy based on these two types of inputs are as follows: | |||||||||||||
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 model-based techniques that use one or more significant inputs or assumptions that are unobservable in the market. | |||||||||||
When determining the fair value measurements for assets and liabilities, United looks to active and observable markets to price identical assets or liabilities whenever possible and classifies such items in Level 1. When identical assets and liabilities are not traded in active markets, United looks to market observable data for similar assets and liabilities and classifies such items as Level 2. Nevertheless, certain assets and liabilities are not actively traded in observable markets and United must use alternative valuation techniques using unobservable inputs to determine a fair value and classifies such items as Level 3. For assets and liabilities that are not actively traded, the fair value measurement is based primarily upon estimates that require significant judgment. Therefore, the results may not be realized in an actual sale or immediate settlement of the asset or liability. Additionally, there are inherent weaknesses in any calculation technique, and changes in the underlying assumptions used, including discount rates and estimates of future cash flows, could significantly affect the results of current or future values. The level within the fair value hierarchy is based on the lowest level of input that is significant in the fair value measurement. | |||||||||||||
Recent Accounting Pronouncements | ' | ||||||||||||
Recent Accounting Pronouncements: In February 2013, the FASB issued ASU 2013-02, “Reporting of Amounts Reclassified out of Accumulated Other Comprehensive Income.” ASU 2013-02 is intended to improve the reporting of reclassifications out of accumulated other comprehensive income of various components. ASU 2013-02 requires entities to disclose in a single location, either on the face of financial statement that reports net income or in the notes, the effects of reclassification out of accumulated other comprehensive income (AOCI). For items reclassified out of AOCI and into net income in their entirety, such as realized gains or losses on available-for-sale securities reclassified into net income on sale, entities must disclose the effect of the reclassification on each affected net income item. For AOCI reclassification items that are not reclassified in their entirety into net income, such as actuarial gains or losses amortized into pension cost that may be capitalized into inventory or other assets, entities must provide a cross reference to other required U.S. GAAP disclosures. ASU 2013-02 was effective for United on January 1, 2013 and did not have a significant impact on the Company’s financial condition or results of operation. | |||||||||||||
In February 2013, the FASB issued ASU 2013-04, “Obligations Resulting from Joint and Several Liability Arrangements for which the Total Amount of the Obligation is Fixed at the Reporting Date.” ASU 2013-04 addresses the recognition, measurement and disclosure of certain obligations including debt arrangements, other contractual obligations, and settled litigation and judicial ruling. In particular, ASU 2013-04 requires entities to record an obligation resulting from joint and several liability arrangements that are fixed at the reporting date at the greater of the amount that the entity has agreed to pay or the amount the entity expects to pay. The guidance applies retrospectively for obligations that exist at the beginning of an entity’s fiscal year of adoption. ASU 2013-04 is effective for United beginning January 1, 2014 and is not expected to have a significant impact on the Company’s financial condition or results of operation. |
Summary_of_Significant_Account2
Summary of Significant Accounting Policies (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Accounting Policies [Abstract] | ' | ||||||||||||
Reconciliation of Numerator and Denominator of Basic Earnings Per Share with that of Diluted Earnings Per Share | ' | ||||||||||||
The reconciliation of the numerator and denominator of basic earnings per share with that of diluted earnings per share is presented as follows: | |||||||||||||
Year Ended December 31 | |||||||||||||
(Dollars in thousands, except per share) | 2013 | 2012 | 2011 | ||||||||||
Distributed earnings allocated to common stock | $ | 62,982 | $ | 62,286 | $ | 56,827 | |||||||
Undistributed earnings allocated to common stock | 22,512 | 20,245 | 18,783 | ||||||||||
Net earnings allocated to common shareholders | $ | 85,494 | $ | 82,531 | $ | 75,610 | |||||||
Average common shares outstanding | 50,353,452 | 50,265,620 | 46,803,432 | ||||||||||
Equivalents from stock options | 72,626 | 32,399 | 33,931 | ||||||||||
Average diluted shares outstanding | 50,426,078 | 50,298,019 | 46,837,363 | ||||||||||
Earnings per basic common share | $ | 1.7 | $ | 1.64 | $ | 1.62 | |||||||
Earnings per diluted common share | $ | 1.7 | $ | 1.64 | $ | 1.61 |
Investment_Securities_Tables
Investment Securities (Tables) | 12 Months Ended | ||||||||||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||||||||||
Investments Debt And Equity Securities [Abstract] | ' | ||||||||||||||||||||||||||||||||
Summary of Amortized Cost and Estimated Fair Values of Available for Sale Securities | ' | ||||||||||||||||||||||||||||||||
The following is a summary of the amortized cost and estimated fair values of securities available for sale. | |||||||||||||||||||||||||||||||||
December 31, 2013 | |||||||||||||||||||||||||||||||||
(In thousands) | 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 | $ | 172,324 | $ | 178 | $ | 748 | $ | 171,754 | $ | 0 | |||||||||||||||||||||||
State and political subdivisions | 60,861 | 1,874 | 26 | 62,709 | 0 | ||||||||||||||||||||||||||||
Residential mortgage-backed securities | |||||||||||||||||||||||||||||||||
Agency | 215,788 | 2,491 | 1,815 | 216,464 | 0 | ||||||||||||||||||||||||||||
Non-agency | 16,369 | 163 | 0 | 16,532 | 458 | ||||||||||||||||||||||||||||
Commercial mortgage-backed securities | |||||||||||||||||||||||||||||||||
Agency | 241,947 | 225 | 8,740 | 233,432 | 0 | ||||||||||||||||||||||||||||
Asset-backed securities | 9,257 | 1 | 31 | 9,227 | 0 | ||||||||||||||||||||||||||||
Trust preferred collateralized debt obligations | 73,862 | 210 | 30,623 | 43,449 | 34,299 | ||||||||||||||||||||||||||||
Single issue trust preferred securities | 14,346 | 305 | 2,019 | 12,632 | 0 | ||||||||||||||||||||||||||||
Other corporate securities | 4,996 | 219 | 0 | 5,215 | 0 | ||||||||||||||||||||||||||||
Marketable equity securities | 3,299 | 572 | 1 | 3,870 | 0 | ||||||||||||||||||||||||||||
Total | $ | 813,049 | $ | 6,238 | $ | 44,003 | $ | 775,284 | $ | 34,757 | |||||||||||||||||||||||
December 31, 2012 | |||||||||||||||||||||||||||||||||
(In thousands) | 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 | $ | 336,747 | $ | 827 | $ | 52 | $ | 337,522 | $ | 0 | |||||||||||||||||||||||
State and political subdivisions | 76,765 | 3,664 | 1 | 80,428 | 0 | ||||||||||||||||||||||||||||
Residential mortgage-backed securities | |||||||||||||||||||||||||||||||||
Agency | 101,769 | 4,741 | 0 | 106,510 | 0 | ||||||||||||||||||||||||||||
Non-agency | 24,569 | 934 | 458 | 25,045 | 458 | ||||||||||||||||||||||||||||
Asset-backed securities | 11,729 | 0 | 20 | 11,709 | 0 | ||||||||||||||||||||||||||||
Trust preferred collateralized debt obligations | 94,794 | 5 | 54,186 | 40,613 | 46,522 | ||||||||||||||||||||||||||||
Single issue trust preferred securities | 15,286 | 312 | 3,469 | 12,129 | 0 | ||||||||||||||||||||||||||||
Other corporate securities | 4,996 | 287 | 0 | 5,283 | 0 | ||||||||||||||||||||||||||||
Marketable equity securities | 6,660 | 257 | 531 | 6,386 | 0 | ||||||||||||||||||||||||||||
Total | $ | 673,315 | $ | 11,027 | $ | 58,717 | $ | 625,625 | $ | 46,980 | |||||||||||||||||||||||
-1 | Other-than-temporary impairment in accumulated other comprehensive income. Amounts are before-tax. | ||||||||||||||||||||||||||||||||
Summary of Securities Available for Sale in an Unrealized Loss Position | ' | ||||||||||||||||||||||||||||||||
The following is a summary of securities available for sale which were in an unrealized loss position at December 31, 2013 and 2012. | |||||||||||||||||||||||||||||||||
Less than 12 months | 12 months or longer | ||||||||||||||||||||||||||||||||
(In thousands) | Fair | Unrealized | Fair | Unrealized | |||||||||||||||||||||||||||||
Value | Losses | Value | Losses | ||||||||||||||||||||||||||||||
December 31, 2013 | |||||||||||||||||||||||||||||||||
U.S. Treasury securities and obligations of U.S. Government corporations and agencies | $ | 61,517 | $ | 748 | $ | 0 | $ | 0 | |||||||||||||||||||||||||
State and political subdivisions | 2,353 | 26 | 0 | 0 | |||||||||||||||||||||||||||||
Residential mortgage-backed securities | |||||||||||||||||||||||||||||||||
Agency | 160,835 | 1,815 | 0 | 0 | |||||||||||||||||||||||||||||
Commercial mortgage-backed securities | |||||||||||||||||||||||||||||||||
Agency | 208,979 | 8,740 | 0 | 0 | |||||||||||||||||||||||||||||
Asset-backed securities | 7,976 | 31 | 0 | 0 | |||||||||||||||||||||||||||||
Trust preferred collateralized debt obligations | 0 | 0 | 27,167 | 30,623 | |||||||||||||||||||||||||||||
Single issue trust preferred securities | 502 | 2 | 8,210 | 2,017 | |||||||||||||||||||||||||||||
Marketable equity securities | 0 | 0 | 25 | 1 | |||||||||||||||||||||||||||||
Total | $ | 442,162 | $ | 11,362 | $ | 35,402 | $ | 32,641 | |||||||||||||||||||||||||
December 31, 2012 | |||||||||||||||||||||||||||||||||
U.S. Treasury securities and obligations of U.S. Government corporations and agencies | $ | 25,170 | $ | 52 | $ | 0 | $ | 0 | |||||||||||||||||||||||||
State and political subdivisions | 126 | 1 | 0 | 0 | |||||||||||||||||||||||||||||
Residential mortgage-backed securities | |||||||||||||||||||||||||||||||||
Non-agency | 0 | 0 | 10,879 | 458 | |||||||||||||||||||||||||||||
Asset-backed securities | 7,993 | 20 | 0 | 0 | |||||||||||||||||||||||||||||
Trust preferred collateralized debt obligations | 0 | 0 | 40,613 | 54,186 | |||||||||||||||||||||||||||||
Single issue trust preferred securities | 0 | 0 | 7,221 | 3,469 | |||||||||||||||||||||||||||||
Marketable equity securities | 603 | 507 | 313 | 24 | |||||||||||||||||||||||||||||
Total | $ | 33,892 | $ | 580 | $ | 59,026 | $ | 58,137 | |||||||||||||||||||||||||
Summary of Gains or Losses on Proceeds from Maturities, Sales and Calls of Available for Sale Securities by Specific Identification Method | ' | ||||||||||||||||||||||||||||||||
The realized losses relate to sales of securities within a rabbi trust for the payment of benefits under a deferred compensation plan for certain key officers and its subsidiaries. | |||||||||||||||||||||||||||||||||
Year Ended | |||||||||||||||||||||||||||||||||
(In thousands) | 2013 | 2012 | 2011 | ||||||||||||||||||||||||||||||
Proceeds from maturities, sales and calls | $ | 698,264 | $ | 1,996,547 | $ | 1,486,936 | |||||||||||||||||||||||||||
Gross realized gains | 1,259 | 157 | 1,729 | ||||||||||||||||||||||||||||||
Gross realized losses | 43 | 141 | 311 | ||||||||||||||||||||||||||||||
Summary of Unrealized Loss Positions of Available for Sale TRUP CDOs and Single Issue Trust Preferred Securities | ' | ||||||||||||||||||||||||||||||||
The following is a summary of the available for sale Trup Cdos and single issue trust preferred securities in an unrealized loss position twelve months or greater as of December 31, 2013. | |||||||||||||||||||||||||||||||||
Amortized Cost | |||||||||||||||||||||||||||||||||
Class | Amortized | Fair | Unrealized | Investment | Split | Below | |||||||||||||||||||||||||||
Cost | Value | Loss | Grade | Rated | Investment | ||||||||||||||||||||||||||||
Grade | |||||||||||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||||||||
Senior – Bank | $ | 8,485 | $ | 6,150 | $ | 2,335 | $ | 0 | $ | 5,000 | $ | 3,485 | |||||||||||||||||||||
Senior – Insurance | 6,577 | 6,577 | 0 | 6,577 | 0 | 0 | |||||||||||||||||||||||||||
Mezzanine – Bank (now in senior position) | 13,741 | 8,929 | 4,812 | 0 | 0 | 13,741 | |||||||||||||||||||||||||||
Mezzanine – Bank | 34,583 | 14,501 | 20,082 | 0 | 0 | 34,583 | |||||||||||||||||||||||||||
Mezzanine – Insurance | 5,330 | 5,330 | 0 | 0 | 0 | 5,330 | |||||||||||||||||||||||||||
Mezzanine – Bank & Insurance (combination) | 5,146 | 1,962 | 3,184 | 0 | 0 | 5,146 | |||||||||||||||||||||||||||
Totals | $ | 73,862 | $ | 43,449 | $ | 30,413 | $ | 6,577 | $ | 5,000 | $ | 62,285 | |||||||||||||||||||||
Roll Forward of Credit Losses on Securities | ' | ||||||||||||||||||||||||||||||||
Below is a progression of the credit losses on securities which United has recorded other-than-temporary charges. These charges were recorded through earnings and other comprehensive income. | |||||||||||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||||||||
Balance of cumulative credit losses at December 31, 2012 | $ | 63,114 | |||||||||||||||||||||||||||||||
Additions for credit losses on securities for which OTTI was not previously recognized | 1,267 | ||||||||||||||||||||||||||||||||
Additions for additional credit losses on securities for which OTTI was previously recognized | 6,065 | ||||||||||||||||||||||||||||||||
Balance of cumulative credit losses at December 31, 2013 | $ | 70,446 | |||||||||||||||||||||||||||||||
Summary of Maturities of Securities Available for Sale by Amortized Cost and Estimated Fair Value | ' | ||||||||||||||||||||||||||||||||
The amortized cost and estimated fair value of securities available for sale at December 31, 2013 by contractual maturity are shown below. Expected maturities may differ from contractual maturities because the issuers may have the right to call or prepay obligations without penalties. | |||||||||||||||||||||||||||||||||
Maturities of mortgage-backed securities with an amortized cost of $474,104,000 and an estimated fair value of $466,428,000 at December 31, 2013 are included below based upon contractual maturity. | |||||||||||||||||||||||||||||||||
Estimated | |||||||||||||||||||||||||||||||||
(In thousands) | Amortized | Fair | |||||||||||||||||||||||||||||||
Cost | Value | ||||||||||||||||||||||||||||||||
Due in one year or less | $ | 28,837 | $ | 28,960 | |||||||||||||||||||||||||||||
Due after one year through five years | 217,415 | 218,498 | |||||||||||||||||||||||||||||||
Due after five years through ten years | 292,460 | 286,534 | |||||||||||||||||||||||||||||||
Due after ten years | 271,038 | 237,422 | |||||||||||||||||||||||||||||||
Marketable equity securities | 3,299 | 3,870 | |||||||||||||||||||||||||||||||
Total | $ | 813,049 | $ | 775,284 | |||||||||||||||||||||||||||||
Summary of Amortized Cost and Estimated Fair Values of Securities Held to Maturity | ' | ||||||||||||||||||||||||||||||||
The following is a summary of the amortized cost and estimated fair values of securities held to maturity. | |||||||||||||||||||||||||||||||||
December 31, 2013 | |||||||||||||||||||||||||||||||||
(In thousands) | Gross | Gross | Estimated | ||||||||||||||||||||||||||||||
Amortized | Unrealized | Unrealized | Fair | ||||||||||||||||||||||||||||||
Cost | Gains | Losses | Value | ||||||||||||||||||||||||||||||
U.S. Treasury securities and obligations of U.S. Government corporations and agencies | $ | 10,762 | $ | 1,689 | $ | 0 | $ | 12,451 | |||||||||||||||||||||||||
State and political subdivisions | 10,367 | 37 | 299 | 10,105 | |||||||||||||||||||||||||||||
Residential mortgage-backed securities | |||||||||||||||||||||||||||||||||
Agency | 50 | 9 | 0 | 59 | |||||||||||||||||||||||||||||
Single issue trust preferred securities | 19,766 | 0 | 4,108 | 15,658 | |||||||||||||||||||||||||||||
Other corporate securities | 20 | 0 | 0 | 20 | |||||||||||||||||||||||||||||
Total | $ | 40,965 | $ | 1,735 | $ | 4,407 | $ | 38,293 | |||||||||||||||||||||||||
December 31, 2012 | |||||||||||||||||||||||||||||||||
(In thousands) | Gross | Gross | Estimated | ||||||||||||||||||||||||||||||
Amortized | Unrealized | Unrealized | Fair | ||||||||||||||||||||||||||||||
Cost | Gains | Losses | Value | ||||||||||||||||||||||||||||||
U.S. Treasury securities and obligations of U.S. Government corporations and agencies | $ | 10,916 | $ | 2,500 | $ | 0 | $ | 13,416 | |||||||||||||||||||||||||
State and political subdivisions | 12,515 | 108 | 0 | 12,623 | |||||||||||||||||||||||||||||
Residential mortgage-backed securities | |||||||||||||||||||||||||||||||||
Agency | 61 | 10 | 0 | 71 | |||||||||||||||||||||||||||||
Single issue trust preferred securities | 19,750 | 0 | 3,390 | 16,360 | |||||||||||||||||||||||||||||
Other corporate securities | 225 | 0 | 0 | 225 | |||||||||||||||||||||||||||||
Total | $ | 43,467 | $ | 2,618 | $ | 3,390 | $ | 42,695 | |||||||||||||||||||||||||
Summary of Gross Realized Gains and Losses on Calls and Sales of Held to Maturity Securities Included in Earnings | ' | ||||||||||||||||||||||||||||||||
The following table shows the gross realized gains and losses on calls and sales of held to maturity securities that have been included in earnings as a result of those calls and sales. Gains or losses on calls of held to maturity securities are recognized by the specific identification method. | |||||||||||||||||||||||||||||||||
Year Ended | |||||||||||||||||||||||||||||||||
(In thousands) | 2013 | 2012 | 2011 | ||||||||||||||||||||||||||||||
Gross realized gains | $ | 114 | $ | 352 | $ | 1 | |||||||||||||||||||||||||||
Gross realized losses | 0 | 0 | 0 | ||||||||||||||||||||||||||||||
Summary of Maturities of Debt Securities Held to Maturity by Amortized Cost and Estimated Fair Value | ' | ||||||||||||||||||||||||||||||||
The amortized cost and estimated fair value of debt securities held to maturity at December 31, 2013 by contractual maturity are shown below. Expected maturities may differ from contractual maturities because the issuers may have the right to call or prepay obligations with or without call or prepayment penalties. | |||||||||||||||||||||||||||||||||
Maturities of mortgage-backed securities with an amortized cost of $50,000 and an estimated fair value of $59,000 at December 31, 2013 are included below based upon contractual maturity. | |||||||||||||||||||||||||||||||||
Estimated | |||||||||||||||||||||||||||||||||
(In thousands) | Amortized | Fair | |||||||||||||||||||||||||||||||
Cost | Value | ||||||||||||||||||||||||||||||||
Due in one year or less | $ | 555 | $ | 556 | |||||||||||||||||||||||||||||
Due after one year through five years | 6,683 | 7,312 | |||||||||||||||||||||||||||||||
Due after five years through ten years | 13,026 | 13,821 | |||||||||||||||||||||||||||||||
Due after ten years | 20,701 | 16,604 | |||||||||||||||||||||||||||||||
Total | $ | 40,965 | $ | 38,293 | |||||||||||||||||||||||||||||
Maturities and Weighted-Average Yields of Securities | ' | ||||||||||||||||||||||||||||||||
The following table sets forth the maturities of all securities (based on amortized cost) at December 31, 2013, and the weighted-average yields of such securities (calculated on the basis of the cost and the effective yields weighted for the scheduled maturity of each security). | |||||||||||||||||||||||||||||||||
After 1 But | After 5 But | ||||||||||||||||||||||||||||||||
(Dollars in thousands) | Within 1 Year | Within 5 Years | Within 10 Years | After 10 Years | |||||||||||||||||||||||||||||
Amount | Yield | Amount | Yield | Amount | Yield | Amount | Yield | ||||||||||||||||||||||||||
U.S. Treasury and other U.S. Government agencies and corporations | $ | 14,998 | 0.26 | % | $ | 117,261 | 1.06 | % | $ | 50,826 | 1.12 | % | $ | 0 | 0 | % | |||||||||||||||||
States and political subdivisions (1) | 14,383 | 4.07 | % | 28,895 | 5.66 | % | 24,037 | 6.38 | % | 3,912 | 6.78 | % | |||||||||||||||||||||
Residential mortgage-backed securities | |||||||||||||||||||||||||||||||||
Agency | 12 | 6 | % | 7,130 | 3.56 | % | 45,918 | 3.73 | % | 162,778 | 2.34 | % | |||||||||||||||||||||
Non-agency | 0 | 0 | % | 443 | 4.58 | % | 6,872 | 5.02 | % | 9,054 | 5.82 | % | |||||||||||||||||||||
Commercial mortgage-backed | |||||||||||||||||||||||||||||||||
Agency | 0 | 0 | % | 54,449 | 1.19 | % | 179,499 | 2.21 | % | 7,999 | 2.75 | % | |||||||||||||||||||||
Asset-backed securities | 0 | 0 | % | 8,008 | 0.69 | % | 1,249 | 0.35 | % | 0 | 0 | % | |||||||||||||||||||||
Trust preferred collateralized debt obligations | 0 | 0 | % | 0 | 0 | % | 0 | 0 | % | 73,862 | 4.58 | % | |||||||||||||||||||||
Single issue trust preferred securities | 0 | 0 | % | 0 | 0 | % | 0 | 0 | % | 34,112 | 2.4 | % | |||||||||||||||||||||
Marketable equity securities | 0 | 0 | % | 0 | 0 | % | 0 | 0 | % | 3,299 | 2.47 | % | |||||||||||||||||||||
Other Corporate securities | 0 | 0 | % | 4,996 | 2.73 | % | 0 | 0 | % | 20 | 0 | % | |||||||||||||||||||||
-1 | Tax-equivalent adjustments (using a 35% federal rate) have been made in calculating yields on obligations of states and political subdivisions. |
Loans_Tables
Loans (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Receivables [Abstract] | ' | ||||||||
Classes of Loans | ' | ||||||||
Major classes of loans are as follows: | |||||||||
December 31 | |||||||||
(In thousands) | 2013 | 2012 | |||||||
Commercial, financial, and agricultural | |||||||||
Owner-occupied | $ | 654,963 | $ | 728,906 | |||||
Nonowner-occupied | 1,917,785 | 1,740,420 | |||||||
Other commercial | 1,338,355 | 1,377,083 | |||||||
Total commercial, financial & agricultural | 3,911,103 | 3,846,409 | |||||||
Residential real estate | 1,821,378 | 1,838,252 | |||||||
Construction & land development | 670,364 | 550,677 | |||||||
Consumer: | |||||||||
Bankcard | 11,023 | 11,236 | |||||||
Other Consumer | 299,731 | 271,206 | |||||||
Less: Unearned interest | (9,016 | ) | (6,364 | ) | |||||
Total Loans, net of unearned interest | $ | 6,704,583 | $ | 6,511,416 | |||||
Activity for Accretable Yield | ' | ||||||||
Activity for the accretable yield for the year of 2013 follows. | |||||||||
(In thousands) | |||||||||
Accretable yield at the beginning of the period | $ | 2,331 | |||||||
Accretion (including cash recoveries) | (3,192 | ) | |||||||
Net reclassifications to accretable from non-accretable | 3,373 | ||||||||
Disposals (including maturities, foreclosures, and charge-offs) | (261 | ) | |||||||
Accretable yield at the ending of the period | $ | 2,251 | |||||||
Credit_Quality_Tables
Credit Quality (Tables) | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||
Text Block [Abstract] | ' | ||||||||||||||||||||||||
Schedule of Troubled Debt Restructurings, Segregated by Class of Loans | ' | ||||||||||||||||||||||||
The following table sets forth United’s troubled debt restructurings that have been restructured during the year ended December 31, 2013 and 2012, segregated by class of loans: | |||||||||||||||||||||||||
Troubled Debt Restructurings | |||||||||||||||||||||||||
For the Year Ended December 31, 2013 | |||||||||||||||||||||||||
(In thousands) | Number of | Pre-Modification | Post-Modification | ||||||||||||||||||||||
Contracts | Outstanding | Outstanding | |||||||||||||||||||||||
Recorded Investment | Recorded Investment | ||||||||||||||||||||||||
Commercial real estate: | |||||||||||||||||||||||||
Owner-occupied | 4 | $ | 5,143 | $ | 4,561 | ||||||||||||||||||||
Nonowner-occupied | 2 | 762 | 757 | ||||||||||||||||||||||
Other commercial | 0 | 0 | 0 | ||||||||||||||||||||||
Residential real estate | 1 | 105 | 104 | ||||||||||||||||||||||
Construction & land development | 0 | 0 | 0 | ||||||||||||||||||||||
Consumer: | |||||||||||||||||||||||||
Bankcard | 0 | 0 | 0 | ||||||||||||||||||||||
Other consumer | 0 | 0 | 0 | ||||||||||||||||||||||
Total | 7 | $ | 6,010 | $ | 5,422 | ||||||||||||||||||||
Troubled Debt Restructurings | |||||||||||||||||||||||||
For the Year Ended December 31, 2012 | |||||||||||||||||||||||||
(In thousands) | Number of | Pre-Modification | Post-Modification | ||||||||||||||||||||||
Contracts | Outstanding | Outstanding | |||||||||||||||||||||||
Recorded Investment | Recorded Investment | ||||||||||||||||||||||||
Commercial real estate: | |||||||||||||||||||||||||
Owner-occupied | 0 | $ | 0 | $ | 0 | ||||||||||||||||||||
Nonowner-occupied | 0 | 0 | 0 | ||||||||||||||||||||||
Other commercial | 0 | 0 | 0 | ||||||||||||||||||||||
Residential real estate | 1 | 640 | 651 | ||||||||||||||||||||||
Construction & land development | 1 | 731 | 375 | ||||||||||||||||||||||
Consumer: | |||||||||||||||||||||||||
Bankcard | 0 | 0 | 0 | ||||||||||||||||||||||
Other consumer | 0 | 0 | 0 | ||||||||||||||||||||||
Total | 2 | $ | 1,371 | $ | 1,026 | ||||||||||||||||||||
Schedule of Charged-off Troubled Debt Restructurings on Financing Receivables | ' | ||||||||||||||||||||||||
The following table presents troubled debt restructurings, by class of loan, that had charge-offs during the years ended December 31, 2013 and 2012. | |||||||||||||||||||||||||
Year Ended | Year Ended | ||||||||||||||||||||||||
December 31, 2013 | December 31, 2012 | ||||||||||||||||||||||||
(In thousands) | Number of | Recorded | Number of | Recorded | |||||||||||||||||||||
Contracts | Investment | Contracts | Investment | ||||||||||||||||||||||
Troubled Debt Restructurings | |||||||||||||||||||||||||
Commercial real estate: | 0 | $ | 0 | 0 | $ | 0 | |||||||||||||||||||
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 | 375 | 1 | 375 | |||||||||||||||||||||
Consumer: | 0 | 0 | 0 | 0 | |||||||||||||||||||||
Bankcard | 0 | 0 | 0 | 0 | |||||||||||||||||||||
Other consumer | 0 | 0 | 0 | 0 | |||||||||||||||||||||
Total | 1 | $ | 375 | 1 | $ | 375 | |||||||||||||||||||
Schedule of Age Analysis of its Past Due Loans, Segregated by Class of Loans | ' | ||||||||||||||||||||||||
The following table sets forth United’s age analysis of its past due loans, segregated by class of loans: | |||||||||||||||||||||||||
Age Analysis of Past Due Loans | |||||||||||||||||||||||||
As of December 31, 2013 | |||||||||||||||||||||||||
(In thousands) | 30-89 | 90 Days | Total Past | Current | Total | Recorded | |||||||||||||||||||
Days Past | or more | Due | Financing | Investment | |||||||||||||||||||||
Due | Past Due | Receivables | >90 Days | ||||||||||||||||||||||
& Accruing | |||||||||||||||||||||||||
Commercial real estate: | |||||||||||||||||||||||||
Owner-occupied | $ | 14,144 | $ | 4,537 | $ | 18,681 | $ | 636,282 | $ | 654,963 | $ | 1,383 | |||||||||||||
Nonowner-occupied | 30,836 | 11,725 | 42,561 | 1,875,224 | 1,917,785 | 186 | |||||||||||||||||||
Other commercial | 54,319 | 11,794 | 66,113 | 1,272,242 | 1,338,355 | 896 | |||||||||||||||||||
Residential real estate | 54,271 | 25,446 | 79,717 | 1,741,661 | 1,821,378 | 5,214 | |||||||||||||||||||
Construction & land development | 9,921 | 18,491 | 28,412 | 641,952 | 670,364 | 1,611 | |||||||||||||||||||
Consumer: | |||||||||||||||||||||||||
Bankcard | 229 | 128 | 357 | 10,666 | 11,023 | 128 | |||||||||||||||||||
Other consumer | 9,466 | 1,712 | 11,178 | 288,553 | 299,731 | 1,626 | |||||||||||||||||||
Total | $ | 173,186 | $ | 73,833 | $ | 247,019 | $ | 6,466,580 | $ | 6,713,599 | $ | 11,044 | |||||||||||||
Age Analysis of Past Due Loans | |||||||||||||||||||||||||
As of December 31, 2012 | |||||||||||||||||||||||||
(In thousands) | 30-89 | 90 Days | Total Past | Current | Total | Recorded | |||||||||||||||||||
Days Past | or more | Due | Financing | Investment | |||||||||||||||||||||
Due | Past Due | Receivables | >90 Days | ||||||||||||||||||||||
& Accruing | |||||||||||||||||||||||||
Commercial real estate: | |||||||||||||||||||||||||
Owner-occupied | $ | 11,122 | $ | 16,691 | $ | 27,813 | $ | 701,093 | $ | 728,906 | $ | 4,038 | |||||||||||||
Nonowner-occupied | 12,793 | 11,643 | 24,436 | 1,715,984 | 1,740,420 | 2,549 | |||||||||||||||||||
Other commercial | 8,379 | 20,808 | 29,187 | 1,347,896 | 1,377,083 | 1,687 | |||||||||||||||||||
Residential real estate | 54,168 | 22,095 | 76,263 | 1,761,989 | 1,838,252 | 7,363 | |||||||||||||||||||
Construction & land development | 14,046 | 16,918 | 30,964 | 519,713 | 550,677 | 654 | |||||||||||||||||||
Consumer: | |||||||||||||||||||||||||
Bankcard | 394 | 164 | 558 | 10,678 | 11,236 | 164 | |||||||||||||||||||
Other consumer | 8,738 | 1,683 | 10,421 | 260,785 | 271,206 | 1,613 | |||||||||||||||||||
Total | $ | 109,640 | $ | 90,002 | $ | 199,642 | $ | 6,318,138 | $ | 6,517,780 | $ | 18,068 | |||||||||||||
Schedule of Nonaccrual Loans, Segregated by Class of Loans | ' | ||||||||||||||||||||||||
The following table sets forth United’s nonaccrual loans, segregated by class of loans: | |||||||||||||||||||||||||
Loans on Nonaccrual Status | |||||||||||||||||||||||||
(In thousands) | December 31, | December 31, | |||||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||||||
Commercial real estate: | |||||||||||||||||||||||||
Owner-occupied | $ | 3,154 | $ | 12,653 | |||||||||||||||||||||
Nonowner-occupied | 11,539 | 9,094 | |||||||||||||||||||||||
Other commercial | 10,898 | 19,121 | |||||||||||||||||||||||
Residential real estate | 20,232 | 14,732 | |||||||||||||||||||||||
Construction & land development | 16,880 | 16,264 | |||||||||||||||||||||||
Consumer: | |||||||||||||||||||||||||
Bankcard | 0 | 0 | |||||||||||||||||||||||
Other consumer | 86 | 70 | |||||||||||||||||||||||
Total | $ | 62,789 | $ | 71,934 | |||||||||||||||||||||
Schedule of Credit Quality Indicators Information, by Class of Loans | ' | ||||||||||||||||||||||||
The following tables set forth United’s credit quality indicators information, by class of loans: | |||||||||||||||||||||||||
Credit Quality Indicators | |||||||||||||||||||||||||
Corporate Credit Exposure | |||||||||||||||||||||||||
As of December 31, 2013 | |||||||||||||||||||||||||
Commercial Real Estate | |||||||||||||||||||||||||
(In thousands) | Owner- | Nonowner- | Other | Construction | |||||||||||||||||||||
occupied | occupied | Commercial | & Land | ||||||||||||||||||||||
Development | |||||||||||||||||||||||||
Grade: | |||||||||||||||||||||||||
Pass | $ | 604,129 | $ | 1,811,915 | $ | 1,206,030 | $ | 510,911 | |||||||||||||||||
Special mention | 27,576 | 45,617 | 60,668 | 63,375 | |||||||||||||||||||||
Substandard | 23,258 | 60,253 | 71,148 | 96,078 | |||||||||||||||||||||
Doubtful | 0 | 0 | 509 | 0 | |||||||||||||||||||||
Total | $ | 654,963 | $ | 1,917,785 | $ | 1,338,355 | $ | 670,364 | |||||||||||||||||
Credit Quality Indicators | |||||||||||||||||||||||||
Corporate Credit Exposure | |||||||||||||||||||||||||
As of December 31, 2012 | |||||||||||||||||||||||||
Commercial Real Estate | |||||||||||||||||||||||||
(In thousands) | Owner- | Nonowner- | Other | Construction | |||||||||||||||||||||
occupied | occupied | Commercial | & Land | ||||||||||||||||||||||
Development | |||||||||||||||||||||||||
Grade: | |||||||||||||||||||||||||
Pass | $ | 669,157 | $ | 1,621,338 | $ | 1,286,471 | $ | 392,096 | |||||||||||||||||
Special mention | 25,487 | 54,399 | 31,293 | 92,667 | |||||||||||||||||||||
Substandard | 34,262 | 64,683 | 57,386 | 65,914 | |||||||||||||||||||||
Doubtful | 0 | 0 | 1,933 | 0 | |||||||||||||||||||||
Total | $ | 728,906 | $ | 1,740,420 | $ | 1,377,083 | $ | 550,677 | |||||||||||||||||
Credit Quality Indicators | |||||||||||||||||||||||||
Consumer Credit Exposure | |||||||||||||||||||||||||
As of December 31, 2013 | |||||||||||||||||||||||||
(In thousands) | Residential | Bankcard | Other | ||||||||||||||||||||||
Real Estate | Consumer | ||||||||||||||||||||||||
Grade: | |||||||||||||||||||||||||
Pass | $ | 1,773,244 | $ | 10,666 | $ | 288,401 | |||||||||||||||||||
Special mention | 13,006 | 229 | 9,466 | ||||||||||||||||||||||
Substandard | 35,128 | 128 | 1,712 | ||||||||||||||||||||||
Doubtful | 0 | 0 | 152 | ||||||||||||||||||||||
Total | $ | 1,821,378 | $ | 11,023 | $ | 299,731 | |||||||||||||||||||
As of December 31, 2012 | |||||||||||||||||||||||||
(In thousands) | Residential | Bankcard | Other | ||||||||||||||||||||||
Real Estate | Consumer | ||||||||||||||||||||||||
Grade: | |||||||||||||||||||||||||
Pass | $ | 1,800,377 | $ | 10,678 | $ | 271,054 | |||||||||||||||||||
Special mention | 7,866 | 394 | 0 | ||||||||||||||||||||||
Substandard | 30,009 | 164 | 152 | ||||||||||||||||||||||
Doubtful | 0 | 0 | 0 | ||||||||||||||||||||||
Total | $ | 1,838,252 | $ | 11,236 | $ | 271,206 | |||||||||||||||||||
Schedule of Impaired Loans Information by Class of Loans | ' | ||||||||||||||||||||||||
The following table set forth United’s impaired loans information, by class of loans: | |||||||||||||||||||||||||
Impaired Loans | |||||||||||||||||||||||||
December 31, 2013 | December 31, 2012 | ||||||||||||||||||||||||
(In thousands) | Recorded | Unpaid | Related | Recorded | Unpaid | Related | |||||||||||||||||||
Investment | Principal | Allowance | Investment | Principal | Allowance | ||||||||||||||||||||
Balance | Balance | ||||||||||||||||||||||||
With no related allowance recorded: | |||||||||||||||||||||||||
Commercial real estate: | |||||||||||||||||||||||||
Owner-occupied | $ | 4,672 | $ | 4,672 | $ | 0 | $ | 15,591 | $ | 16,279 | $ | 0 | |||||||||||||
Nonowner-occupied | 5,938 | 6,651 | 0 | 10,907 | 14,601 | 0 | |||||||||||||||||||
Other commercial | 10,292 | 17,753 | 0 | 3,036 | 5,501 | 0 | |||||||||||||||||||
Residential real estate | 12,009 | 12,193 | 0 | 7,035 | 9,157 | 0 | |||||||||||||||||||
Construction & land development | 13,866 | 14,662 | 0 | 7,682 | 10,089 | 0 | |||||||||||||||||||
Consumer: | |||||||||||||||||||||||||
Bankcard | 0 | 0 | 0 | 0 | 0 | 0 | |||||||||||||||||||
Other consumer | 0 | 0 | 0 | 152 | 152 | 0 | |||||||||||||||||||
With an allowance recorded: | |||||||||||||||||||||||||
Commercial real estate: | |||||||||||||||||||||||||
Owner-occupied | $ | 4,358 | $ | 4,358 | $ | 638 | $ | 1,284 | $ | 1,284 | $ | 397 | |||||||||||||
Nonowner-occupied | 9,350 | 10,563 | 1,631 | 3,423 | 4,423 | 1,154 | |||||||||||||||||||
Other commercial | 13,304 | 16,240 | 2,192 | 27,610 | 30,411 | 7,564 | |||||||||||||||||||
Residential real estate | 7,669 | 8,191 | 4,112 | 5,635 | 7,028 | 1,427 | |||||||||||||||||||
Construction & land development | 11,050 | 14,833 | 3,752 | 13,033 | 17,029 | 3,659 | |||||||||||||||||||
Consumer: | |||||||||||||||||||||||||
Bankcard | 0 | 0 | 0 | 0 | 0 | 0 | |||||||||||||||||||
Other consumer | 152 | 152 | 152 | 0 | 0 | 0 | |||||||||||||||||||
Total: | |||||||||||||||||||||||||
Commercial real estate: | |||||||||||||||||||||||||
Owner-occupied | $ | 9,030 | $ | 9,030 | $ | 638 | $ | 16,875 | $ | 17,563 | $ | 397 | |||||||||||||
Nonowner-occupied | 15,288 | 17,214 | 1,631 | 14,330 | 19,024 | 1,154 | |||||||||||||||||||
Other commercial | 23,596 | 33,993 | 2,192 | 30,646 | 35,912 | 7,564 | |||||||||||||||||||
Residential real estate | 19,678 | 20,384 | 4,112 | 12,670 | 16,185 | 1,427 | |||||||||||||||||||
Construction & land development | 24,916 | 29,495 | 3,752 | 20,715 | 27,118 | 3,659 | |||||||||||||||||||
Consumer: | |||||||||||||||||||||||||
Bankcard | 0 | 0 | 0 | 0 | 0 | 0 | |||||||||||||||||||
Other consumer | 152 | 152 | 152 | 152 | 152 | 0 | |||||||||||||||||||
Impaired Loans | |||||||||||||||||||||||||
For the Year Ended | |||||||||||||||||||||||||
December 31, 2013 | December 31, 2012 | ||||||||||||||||||||||||
(In thousands) | Average | Interest | Average | Interest | |||||||||||||||||||||
Recorded | Income | Recorded | Income | ||||||||||||||||||||||
Investment | Recognized | Investment | Recognized | ||||||||||||||||||||||
With no related allowance recorded: | |||||||||||||||||||||||||
Commercial real estate: | |||||||||||||||||||||||||
Owner-occupied | $ | 11,379 | $ | 242 | $ | 12,160 | $ | 770 | |||||||||||||||||
Nonowner-occupied | 10,168 | 194 | 23,393 | 431 | |||||||||||||||||||||
Other commercial | 11,550 | 1,828 | 5,208 | 178 | |||||||||||||||||||||
Residential real estate | 9,211 | 358 | 10,982 | 418 | |||||||||||||||||||||
Construction & land development | 9,305 | 373 | 18,104 | 285 | |||||||||||||||||||||
Consumer: | |||||||||||||||||||||||||
Bankcard | 0 | 0 | 0 | 0 | |||||||||||||||||||||
Other consumer | 114 | 0 | 165 | 0 | |||||||||||||||||||||
With an allowance recorded: | |||||||||||||||||||||||||
Commercial real estate: | |||||||||||||||||||||||||
Owner-occupied | $ | 2,543 | $ | 159 | $ | 1,151 | $ | 51 | |||||||||||||||||
Nonowner-occupied | 6,352 | 289 | 3,477 | 67 | |||||||||||||||||||||
Other commercial | 16,129 | 286 | 26,240 | 1,969 | |||||||||||||||||||||
Residential real estate | 6,009 | 283 | 8,989 | 380 | |||||||||||||||||||||
Construction & land development | 13,393 | 58 | 12,904 | 322 | |||||||||||||||||||||
Consumer: | |||||||||||||||||||||||||
Bankcard | 0 | 0 | 0 | 0 | |||||||||||||||||||||
Other consumer | 38 | 0 | 0 | 0 | |||||||||||||||||||||
Total: | |||||||||||||||||||||||||
Commercial real estate: | |||||||||||||||||||||||||
Owner-occupied | $ | 13,922 | $ | 401 | $ | 13,311 | $ | 821 | |||||||||||||||||
Nonowner-occupied | 16,520 | 483 | 26,870 | 498 | |||||||||||||||||||||
Other commercial | 27,679 | 2,114 | 31,448 | 2,147 | |||||||||||||||||||||
Residential real estate | 15,220 | 641 | 19,971 | 798 | |||||||||||||||||||||
Construction & land development | 22,698 | 431 | 31,008 | 607 | |||||||||||||||||||||
Consumer: | |||||||||||||||||||||||||
Bankcard | 0 | 0 | 0 | 0 | |||||||||||||||||||||
Other consumer | 152 | 0 | 165 | 0 |
Allowance_for_Credit_Losses_Ta
Allowance for Credit Losses (Tables) | 12 Months Ended | ||||||||||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||||||||||
Receivables [Abstract] | ' | ||||||||||||||||||||||||||||||||
Progression of Allowance for Credit Losses Including Allowance for Credit Losses and Reserve for Lending-Related Commitments | ' | ||||||||||||||||||||||||||||||||
A progression of the allowance for credit losses, which includes the allowance for credit losses and the reserve for lending-related commitments, for the periods presented is summarized as follows: | |||||||||||||||||||||||||||||||||
Year Ended December 31 | |||||||||||||||||||||||||||||||||
(In thousands) | 2013 | 2012 | 2011 | ||||||||||||||||||||||||||||||
Balance at beginning of period | $ | 75,557 | $ | 75,727 | $ | 75,039 | |||||||||||||||||||||||||||
Provision for credit losses | 19,754 | 17,665 | 16,988 | ||||||||||||||||||||||||||||||
95,311 | 93,392 | 92,027 | |||||||||||||||||||||||||||||||
Loans charged off | 21,006 | 20,555 | 19,605 | ||||||||||||||||||||||||||||||
Less recoveries | 2,036 | 2,720 | 3,305 | ||||||||||||||||||||||||||||||
Net charge-offs | 18,970 | 17,835 | 16,300 | ||||||||||||||||||||||||||||||
Balance at end of period | $ | 76,341 | $ | 75,557 | $ | 75,727 | |||||||||||||||||||||||||||
Schedule of Allowance for Loan Losses and Carrying Amount of Loans | ' | ||||||||||||||||||||||||||||||||
A progression of the allowance for loan losses, by portfolio segment, for the year ended December 31, 2013 and 2012 is summarized as follows: | |||||||||||||||||||||||||||||||||
Allowance for Loan Losses and Carrying Amount of Loans | |||||||||||||||||||||||||||||||||
For the Year Ended December 31, 2013 | |||||||||||||||||||||||||||||||||
(In thousands) | Commercial Real Estate | Other | Residential | Construction | Consumer | Allowance | Total | ||||||||||||||||||||||||||
Commercial | Real Estate | & Land | for | ||||||||||||||||||||||||||||||
Development | Estimated | ||||||||||||||||||||||||||||||||
Owner- | Nonowner- | Imprecision | |||||||||||||||||||||||||||||||
occupied | occupied | ||||||||||||||||||||||||||||||||
Allowance for Loan Losses: | |||||||||||||||||||||||||||||||||
Beginning balance | $ | 3,877 | $ | 12,876 | $ | 20,511 | $ | 14,895 | $ | 18,858 | $ | 2,620 | $ | 264 | $ | 73,901 | |||||||||||||||||
Charge-offs | 5,344 | 1,164 | 7,699 | 4,111 | 896 | 1,792 | 0 | 21,006 | |||||||||||||||||||||||||
Recoveries | 150 | 56 | 641 | 698 | 73 | 418 | 0 | 2,036 | |||||||||||||||||||||||||
Provision | 6,970 | (2,776 | ) | 7,464 | 5,212 | 918 | 1,699 | (220 | ) | 19,267 | |||||||||||||||||||||||
Ending balance | $ | 5,653 | $ | 8,992 | $ | 20,917 | $ | 16,694 | $ | 18,953 | $ | 2,945 | $ | 44 | $ | 74,198 | |||||||||||||||||
Ending Balance: individually evaluated for impairment | $ | 638 | $ | 1,631 | $ | 2,192 | $ | 4,112 | $ | 3,752 | $ | 152 | $ | 0 | $ | 12,477 | |||||||||||||||||
Ending Balance: collectively evaluated for impairment | $ | 5,015 | $ | 7,361 | $ | 18,725 | $ | 12,582 | $ | 15,201 | $ | 2,793 | $ | 44 | $ | 61,721 | |||||||||||||||||
Ending Balance: loans acquired with deteriorated credit quality | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | |||||||||||||||||
Financing receivables: | |||||||||||||||||||||||||||||||||
Ending balance | $ | 654,963 | $ | 1,917,785 | $ | 1,338,355 | $ | 1,821,378 | $ | 670,364 | $ | 310,754 | $ | 0 | $ | 6,713,599 | |||||||||||||||||
Ending Balance: individually evaluated for impairment | $ | 7,157 | $ | 13,913 | $ | 22,327 | $ | 16,160 | $ | 21,593 | $ | 152 | $ | 0 | $ | 81,302 | |||||||||||||||||
Ending Balance: collectively evaluated for impairment | $ | 646,548 | $ | 1,894,421 | $ | 1,314,543 | $ | 1,802,686 | $ | 632,407 | $ | 310,593 | $ | 0 | $ | 6,601,198 | |||||||||||||||||
Ending Balance: loans acquired with deteriorated credit quality | $ | 1,258 | $ | 9,451 | $ | 1,485 | $ | 2,532 | $ | 16,364 | $ | 9 | $ | 0 | $ | 31,099 | |||||||||||||||||
Allowance for Loan Losses and Carrying Amount of Loans | |||||||||||||||||||||||||||||||||
For the Year Ended December 31, 2012 | |||||||||||||||||||||||||||||||||
(In thousands) | Commercial Real Estate | Other | Residential | Construction | Consumer | Allowance | Total | ||||||||||||||||||||||||||
Commercial | Real Estate | & Land | for | ||||||||||||||||||||||||||||||
Development | Estimated | ||||||||||||||||||||||||||||||||
Owner- | Nonowner- | Imprecision | |||||||||||||||||||||||||||||||
occupied | occupied | ||||||||||||||||||||||||||||||||
Allowance for Loan Losses: | |||||||||||||||||||||||||||||||||
Beginning balance | $ | 3,670 | $ | 11,647 | $ | 20,803 | $ | 13,880 | $ | 19,151 | $ | 2,151 | $ | 2,572 | $ | 73,874 | |||||||||||||||||
Charge-offs | 801 | 2,608 | 3,619 | 8,882 | 3,099 | 1,546 | 0 | 20,555 | |||||||||||||||||||||||||
Recoveries | 60 | 122 | 1,362 | 821 | 54 | 301 | 0 | 2,720 | |||||||||||||||||||||||||
Provision | 948 | 3,715 | 1,965 | 9,076 | 2,752 | 1,714 | (2,308 | ) | 17,862 | ||||||||||||||||||||||||
Ending balance | $ | 3,877 | $ | 12,876 | $ | 20,511 | $ | 14,895 | $ | 18,858 | $ | 2,620 | $ | 264 | $ | 73,901 | |||||||||||||||||
Ending Balance: individually evaluated for impairment | $ | 417 | $ | 1,154 | $ | 7,564 | $ | 996 | $ | 3,659 | $ | 0 | $ | 0 | $ | 13,790 | |||||||||||||||||
Ending Balance: collectively evaluated for impairment | $ | 3,460 | $ | 11,722 | $ | 12,947 | $ | 13,899 | $ | 15,199 | $ | 2,620 | $ | 264 | $ | 60,111 | |||||||||||||||||
Ending Balance: loans acquired with deteriorated credit quality | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | |||||||||||||||||
Financing receivables: | |||||||||||||||||||||||||||||||||
Ending balance | $ | 728,906 | $ | 1,740,420 | $ | 1,377,083 | $ | 1,838,252 | $ | 550,677 | $ | 282,442 | $ | 0 | $ | 6,517,780 | |||||||||||||||||
Ending Balance: individually evaluated for impairment | $ | 14,474 | $ | 12,101 | $ | 28,997 | $ | 8,541 | $ | 17,827 | $ | 0 | $ | 0 | $ | 81,940 | |||||||||||||||||
Ending Balance: collectively evaluated for impairment | $ | 712,776 | $ | 1,718,913 | $ | 1,346,600 | $ | 1,826,196 | $ | 515,718 | $ | 282,431 | $ | 0 | $ | 6,402,634 | |||||||||||||||||
Ending Balance: loans acquired with deteriorated credit quality | $ | 1,656 | $ | 9,406 | $ | 1,486 | $ | 3,515 | $ | 17,132 | $ | 11 | $ | 0 | $ | 33,206 |
Bank_Premises_and_Equipment_an1
Bank Premises and Equipment and Leases (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Property Plant And Equipment [Abstract] | ' | ||||||||
Bank Premises and Equipment | ' | ||||||||
Bank premises and equipment are summarized as follows: | |||||||||
December 31 | |||||||||
(In thousands) | 2013 | 2012 | |||||||
Land | $ | 23,018 | $ | 23,166 | |||||
Buildings and improvements | 83,144 | 80,997 | |||||||
Leasehold improvements | 22,092 | 20,906 | |||||||
Furniture, fixtures and equipment | 49,697 | 46,843 | |||||||
177,951 | 171,912 | ||||||||
Less allowance for depreciation and amortization | 108,054 | 99,742 | |||||||
Net bank premises and equipment | $ | 69,897 | $ | 72,170 | |||||
Future Minimum Lease Payments | ' | ||||||||
Future minimum lease payments, by year and in the aggregate, under noncancelable operating leases with initial or remaining terms of one year or more, for years subsequent to December 31, 2013, consisted of the following: | |||||||||
Year | Amount | ||||||||
(In thousands) | |||||||||
2014 | $ | 8,181 | |||||||
2015 | 6,903 | ||||||||
2016 | 6,030 | ||||||||
2017 | 5,606 | ||||||||
2018 | 5,644 | ||||||||
Thereafter | 11,292 | ||||||||
Total minimum lease payments | $ | 43,656 | |||||||
Goodwill_and_Other_Intangibles1
Goodwill and Other Intangibles (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Goodwill And Intangible Assets Disclosure [Abstract] | ' | ||||||||||||
Summary of Intangible Assets | ' | ||||||||||||
The following is a summary of intangible assets subject to amortization and those not subject to amortization: | |||||||||||||
As of December 31, 2013 | |||||||||||||
(In thousands) | Gross Carrying | Accumulated | Net Carrying | ||||||||||
Amount | Amortization | Amount | |||||||||||
Amortized intangible assets: | |||||||||||||
Core deposit intangible assets | $ | 43,434 | $ | (35,296 | ) | $ | 8,138 | ||||||
Goodwill not subject to amortization | $ | 375,547 | |||||||||||
As of December 31, 2012 | |||||||||||||
Gross Carrying | Accumulated | Net Carrying | |||||||||||
Amount | Amortization | Amount | |||||||||||
Amortized intangible assets: | |||||||||||||
Core deposit intangible assets | $ | 43,434 | $ | (33,327 | ) | $ | 10,107 | ||||||
Goodwill not subject to amortization | $ | 375,583 | |||||||||||
Schedule of Anticipated Amortization Expense | ' | ||||||||||||
The following table sets forth the anticipated amortization expense for intangible assets for the years subsequent to 2013: | |||||||||||||
Year | Amount | ||||||||||||
(In thousands) | |||||||||||||
2014 | $ | 1,478 | |||||||||||
2015 | 1,149 | ||||||||||||
2016 | 1,089 | ||||||||||||
2017 | 1,047 | ||||||||||||
2018 and thereafter | 3,375 |
Deposits_Tables
Deposits (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Banking And Thrift [Abstract] | ' | ||||||||
Book Value of Deposits | ' | ||||||||
The book value of deposits consisted of the following: | |||||||||
(Dollars in thousands) | December 31 | ||||||||
2013 | 2012 | ||||||||
Demand deposits | $ | 1,874,520 | $ | 1,824,411 | |||||
Interest-bearing checking | 1,195,956 | 1,210,463 | |||||||
Regular savings | 556,183 | 523,336 | |||||||
Money market accounts | 1,224,116 | 1,203,341 | |||||||
Time deposits under $100,000 | 887,516 | 1,035,815 | |||||||
Time deposits over $100,000 | 883,280 | 955,620 | |||||||
Total deposits | $ | 6,621,571 | $ | 6,752,986 | |||||
ShortTerm_Borrowings_Tables
Short-Term Borrowings (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Funds Purchased and Securities Sold Under Agreements to Repurchase and Weighted-Average Interest Rates | ' | ||||||||||||||||
At December 31, 2013 and 2012, short-term borrowings and the related weighted-average interest rates were as follows: | |||||||||||||||||
2013 | 2012 | ||||||||||||||||
(Dollars in thousands) | Amount | Weighted- | Amount | Weighted- | |||||||||||||
Average | Average | ||||||||||||||||
Rate | Rate | ||||||||||||||||
Federal funds purchased | $ | 27,685 | 0.2 | % | $ | 5,446 | 0.2 | % | |||||||||
Securities sold under agreements to repurchase | 188,069 | 0.09 | % | 209,516 | 0.09 | % | |||||||||||
Total | $ | 215,754 | $ | 214,962 | |||||||||||||
Federal Funds Purchased and Securities Sold under Agreements to Repurchase [Member] | ' | ||||||||||||||||
Funds Purchased and Securities Sold Under Agreements to Repurchase and Weighted-Average Interest Rates | ' | ||||||||||||||||
The following table shows the distribution of United’s federal funds purchased and securities sold under agreements to repurchase and the weighted-average interest rates thereon at the end of each of the last three years. Also provided are the maximum amount of borrowings and the average amounts of borrowings as well as weighted-average interest rates for the last three years. | |||||||||||||||||
(Dollars in thousands) | Federal | Securities Sold | |||||||||||||||
Funds | Under | ||||||||||||||||
Purchased | Agreements | ||||||||||||||||
To Repurchase | |||||||||||||||||
At December 31: | |||||||||||||||||
2013 | $ 27,685 | $ 188,069 | |||||||||||||||
2012 | 5,446 | 209,516 | |||||||||||||||
2011 | 7,120 | 247,646 | |||||||||||||||
Weighted-average interest rate at year-end: | |||||||||||||||||
2013 | 0.20% | 0.09% | |||||||||||||||
2012 | 0.20% | 0.09% | |||||||||||||||
2011 | 0.20% | 0.07% | |||||||||||||||
Maximum amount outstanding at any month’s end: | |||||||||||||||||
2013 | $ 27,685 | $ 220,155 | |||||||||||||||
2012 | 23,100 | 273,041 | |||||||||||||||
2011 | 20,440 | 274,546 | |||||||||||||||
Average amount outstanding during the year: | |||||||||||||||||
2013 | $ 12,595 | $ 199,823 | |||||||||||||||
2012 | 16,314 | 261,558 | |||||||||||||||
2011 | 13,377 | 242,371 | |||||||||||||||
Weighted-average interest rate during the year: | |||||||||||||||||
2013 | 0.20% | 0.10% | |||||||||||||||
2012 | 0.20% | 0.08% | |||||||||||||||
2011 | 0.21% | 0.06% |
LongTerm_Borrowings_Tables
Long-Term Borrowings (Tables) | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||
Debt Disclosure [Abstract] | ' | ||||||||||||||||||||||||
FHLB Advances and Related Weighted Average Interest Rates | ' | ||||||||||||||||||||||||
At December 31, 2013 and 2012, FHLB advances and the related weighted-average interest rates were as follows: | |||||||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||||||
(Dollars in thousands) | Amount | Weighted- | Weighted- | Amount | Weighted- | Weighted- | |||||||||||||||||||
Average | Average | Average | Average | ||||||||||||||||||||||
Contractual | Effective | Contractual | Effective | ||||||||||||||||||||||
Rate | Rate | Rate | Rate | ||||||||||||||||||||||
FHLB advances | $ | 592,069 | 0.56 | % | 0.56 | % | $ | 186,411 | 2.17 | % | 2.17 | % | |||||||||||||
Tier One Regulatory Capital | ' | ||||||||||||||||||||||||
Information related to United’s statutory trusts is presented in the table below: | |||||||||||||||||||||||||
(Dollars in thousands) | Issuance Date | Amount of | Interest Rate | Maturity Date | |||||||||||||||||||||
Description | Capital | ||||||||||||||||||||||||
Securities | |||||||||||||||||||||||||
Issued | |||||||||||||||||||||||||
Century Trust | 23-Mar-00 | $ | 8,800 | 10.875% Fixed | 8-Mar-30 | ||||||||||||||||||||
Sequoia Trust I | March 28, 2001 | $ | 2,000 | 10.18% Fixed | 8-Jun-31 | ||||||||||||||||||||
United Statutory Trust III | 17-Dec-03 | $ | 20,000 | 3-month LIBOR + 2.85% | 17-Dec-33 | ||||||||||||||||||||
United Statutory Trust IV | 19-Dec-03 | $ | 25,000 | 3-month LIBOR + 2.85% | 23-Jan-34 | ||||||||||||||||||||
United Statutory Trust V | 12-Jul-07 | $ | 50,000 | 3-month LIBOR + 1.55% | 1-Oct-37 | ||||||||||||||||||||
United Statutory Trust VI | 20-Sep-07 | $ | 30,000 | 3-month LIBOR + 1.30% | 15-Dec-37 | ||||||||||||||||||||
Premier Statutory Trust II | September 25, 2003 | $ | 6,000 | 3-month LIBOR + 3.10% | 8-Oct-33 | ||||||||||||||||||||
Premier Statutory Trust III | 16-May-05 | $ | 8,000 | 3-month LIBOR + 1.74% | 15-Jun-35 | ||||||||||||||||||||
Premier Statutory Trust IV | 20-Jun-06 | $ | 14,000 | 3-month LIBOR + 1.55% | September 23, 2036 | ||||||||||||||||||||
Premier Statutory Trust V | 14-Dec-06 | $ | 10,000 | 3-month LIBOR + 1.61% | 1-Mar-37 | ||||||||||||||||||||
Centra Statutory Trust I | 20-Sep-04 | $ | 10,000 | 3-month LIBOR + 2.29% | 20-Sep-34 | ||||||||||||||||||||
Centra Statutory Trust II | 15-Jun-06 | $ | 10,000 | 3-month LIBOR + 1.65% | 7-Jul-36 | ||||||||||||||||||||
Debentures and Related Weighted Average Interest Rates | ' | ||||||||||||||||||||||||
At December 31, 2013 and 2012, the Debentures and their related weighted-average interest rates were as follows: | |||||||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||||||
(Dollars in thousands) | Amount | Weighted- | Amount | Weighted- | |||||||||||||||||||||
Average | Average | ||||||||||||||||||||||||
Rate | Rate | ||||||||||||||||||||||||
Century Trust | $ | 8,800 | 10.88 | % | $ | 8,800 | 10.88 | % | |||||||||||||||||
Sequoia Trust I | 2,065 | 10.18 | % | 2,064 | 10.18 | % | |||||||||||||||||||
United Statutory Trust III | 20,619 | 3.1 | % | 20,619 | 3.16 | % | |||||||||||||||||||
United Statutory Trust IV | 25,774 | 3.09 | % | 25,774 | 3.16 | % | |||||||||||||||||||
United Statutory Trust V | 51,547 | 1.8 | % | 51,547 | 1.91 | % | |||||||||||||||||||
United Statutory Trust VI | 30,928 | 1.54 | % | 30,928 | 1.61 | % | |||||||||||||||||||
Premier Statutory Trust II | 6,186 | 3.34 | % | 6,186 | 3.44 | % | |||||||||||||||||||
Premier Statutory Trust III | 8,248 | 1.98 | % | 8,248 | 2.05 | % | |||||||||||||||||||
Premier Statutory Trust IV | 14,433 | 1.8 | % | 14,433 | 1.86 | % | |||||||||||||||||||
Premier Statutory Trust V | 10,310 | 1.85 | % | 10,310 | 1.92 | % | |||||||||||||||||||
Centra Statutory Trust I | 9,859 | 2.54 | % | 9,803 | 2.6 | % | |||||||||||||||||||
Centra Statutory Trust II | 9,859 | 1.89 | % | 9,803 | 1.99 | % | |||||||||||||||||||
Total | $ | 198,628 | $ | 198,515 | |||||||||||||||||||||
Schedule of Maturities of FHLB Borrowings | ' | ||||||||||||||||||||||||
At December 31, 2013, the scheduled maturities of long-term borrowings were as follows: | |||||||||||||||||||||||||
Year | Amount | ||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||
2014 | $ | 321,388 | |||||||||||||||||||||||
2015 | 4,395 | ||||||||||||||||||||||||
2016 | 622 | ||||||||||||||||||||||||
2017 | 383 | ||||||||||||||||||||||||
2018 and thereafter | 248,909 | ||||||||||||||||||||||||
Total | $ | 575,697 | |||||||||||||||||||||||
Income_Taxes_Tables
Income Taxes (Tables) | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||
Income Tax Disclosure [Abstract] | ' | ||||||||||||||||||||||||
Income Tax Provisions Included in the Consolidated Statements of Income | ' | ||||||||||||||||||||||||
The income tax provisions included in the consolidated statements of income are summarized as follows: | |||||||||||||||||||||||||
(In thousands) | Year Ended December 31 | ||||||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||||||
Current expense: | |||||||||||||||||||||||||
Federal | $ | 32,378 | $ | 37,623 | $ | 23,341 | |||||||||||||||||||
State | 4,048 | 914 | 518 | ||||||||||||||||||||||
Deferred expense: | |||||||||||||||||||||||||
Federal and State | 2,990 | 337 | 10,907 | ||||||||||||||||||||||
Total income taxes | $ | 39,416 | $ | 38,874 | $ | 34,766 | |||||||||||||||||||
Reconciliation of Income Tax Expense to the Amount Computed by Applying the Statutory Federal Income Tax Rate | ' | ||||||||||||||||||||||||
The following is a reconciliation of income tax expense to the amount computed by applying the statutory federal income tax rate to income before income taxes. | |||||||||||||||||||||||||
Year Ended December 31 | |||||||||||||||||||||||||
(Dollars in thousands) | 2013 | 2012 | 2011 | ||||||||||||||||||||||
Amount | % | Amount | % | Amount | % | ||||||||||||||||||||
Tax on income before taxes | $ | 43,765 | 35.00% | $ | 42,519 | 35.00% | $ | 38,632 | 35.0% | ||||||||||||||||
at statutory federal rate | |||||||||||||||||||||||||
Plus: State income taxes | 2,392 | 1.9 | 594 | 0.5 | 336 | 0.3 | |||||||||||||||||||
net of federal tax benefits | |||||||||||||||||||||||||
46,157 | 36.9 | 43,113 | 35.5 | 38,968 | 35.3 | ||||||||||||||||||||
Increase (decrease) resulting from: | |||||||||||||||||||||||||
Tax-exempt interest income | -3,837 | -3.1 | -4,127 | -3.4 | -4,226 | -3.8 | |||||||||||||||||||
Other items-net | -2,904 | -2.3 | -112 | -0.1 | 24 | 0 | |||||||||||||||||||
Income taxes | $ | 39,416 | 31.5% | $ | 38,874 | 32.0% | $ | 34,766 | 31.5% | ||||||||||||||||
Components of United's Deferred Tax Assets and Liabilities | ' | ||||||||||||||||||||||||
Significant components of United’s deferred tax assets and liabilities (included in other assets in the Consolidated Balance Sheets) at December 31, 2013 and 2012 are as follows: | |||||||||||||||||||||||||
(In thousands) | 2013 | 2012 | |||||||||||||||||||||||
Deferred tax assets: | |||||||||||||||||||||||||
Allowance for credit losses | $ | 28,108 | $ | 41,853 | |||||||||||||||||||||
Other accrued liabilities | 830 | 29 | |||||||||||||||||||||||
Unrecognized components of net periodic pension costs | 12,168 | 21,696 | |||||||||||||||||||||||
Unrealized loss on securities available for sale | 13,255 | 16,703 | |||||||||||||||||||||||
Other real estate owned | 4,288 | 0 | |||||||||||||||||||||||
Purchase accounting intangibles | 3,598 | 0 | |||||||||||||||||||||||
Net operating loss | 0 | 846 | |||||||||||||||||||||||
Total deferred tax assets | 62,247 | 81,127 | |||||||||||||||||||||||
Deferred tax liabilities: | |||||||||||||||||||||||||
Purchase accounting intangibles | 0 | 6,436 | |||||||||||||||||||||||
Deferred mortgage points | 283 | 377 | |||||||||||||||||||||||
Accrued benefits payable | 7,806 | 10,961 | |||||||||||||||||||||||
Premises and equipment | 2,563 | 857 | |||||||||||||||||||||||
Other | 2,117 | 2,764 | |||||||||||||||||||||||
Total deferred tax liabilities | 12,769 | 21,395 | |||||||||||||||||||||||
Net deferred tax assets | $ | 49,478 | $ | 59,732 | |||||||||||||||||||||
Reconciliation of the Total Amounts of Unrecognized Tax Benefits | ' | ||||||||||||||||||||||||
Below is a reconciliation of the total amounts of unrecognized tax benefits: | |||||||||||||||||||||||||
December 31 | |||||||||||||||||||||||||
(In thousands) | 2013 | 2012 | |||||||||||||||||||||||
Unrecognized tax benefits at beginning of year | $ 2,106 | $ 2,028 | |||||||||||||||||||||||
Decrease in unrecognized tax benefits as a result of tax positions settled during the current period | -213 | 0 | |||||||||||||||||||||||
Increase in unrecognized tax benefits as a result of tax positions taken during the current period | 661 | 226 | |||||||||||||||||||||||
Decreases in the unrecognized tax benefits as a result of a | -42 | (148) | |||||||||||||||||||||||
lapse of the applicable statute of limitations | |||||||||||||||||||||||||
Unrecognized tax benefits at end of year | $ 2,512 | $ 2,106 | |||||||||||||||||||||||
Employee_Benefit_Plans_Tables
Employee Benefit Plans (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Compensation And Retirement Disclosure [Abstract] | ' | ||||||||||||||||
Net Periodic Pension Cost | ' | ||||||||||||||||
Net consolidated periodic pension cost included the following components: | |||||||||||||||||
(Dollars in thousands) | Year Ended December 31, | ||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||
Service cost | $ 2,672 | $ 2,517 | $ 2,272 | ||||||||||||||
Interest cost | 4,913 | 4,849 | 4,555 | ||||||||||||||
Expected return on plan assets | -8,313 | -7,999 | -8,343 | ||||||||||||||
Recognized net actuarial loss | 4,821 | 4,199 | 2,427 | ||||||||||||||
Amortization of prior service cost | 1 | 1 | 1 | ||||||||||||||
Net periodic pension cost | $ 4,094 | $ 3,567 | $ 912 | ||||||||||||||
Weighted-Average Assumptions: | |||||||||||||||||
Discount rate | 4.40% | 5.15% | 5.75% | ||||||||||||||
Expected return on assets | 7.75% | 8.00% | 8.00% | ||||||||||||||
Rate of Compensation Increase (prior to age 45) | 3.75% | 3.75% | 3.75% | ||||||||||||||
Rate of Compensation Increase (otherwise) | 2.75% | 2.75% | 2.75% | ||||||||||||||
Reconciliation of the Beginning and Ending Balances of the Projected Benefit Obligation and the Fair Value of Plan Assets and the Accumulated Benefit Obligation | ' | ||||||||||||||||
The reconciliation of the beginning and ending balances of the projected benefit obligation and the fair value of plan assets for the year ended December 31, 2013 and the accumulated benefit obligation at December 31, 2013 is as follows: | |||||||||||||||||
(Dollars in thousands) | December 31, | ||||||||||||||||
Change in Projected Benefit Obligation | 2013 | 2012 | |||||||||||||||
Projected Benefit Obligation at the Beginning of the Year | $ | 112,534 | $ | 95,162 | |||||||||||||
Service Cost | 2,672 | 2,517 | |||||||||||||||
Interest Cost | 4,913 | 4,849 | |||||||||||||||
Actuarial (Gain) Loss | -11,646 | 13,000 | |||||||||||||||
Benefits Paid | -3,287 | -2,994 | |||||||||||||||
Projected Benefit at the End of the Year | $ | 105,186 | $ | 112,534 | |||||||||||||
Accumulated Benefit Obligation at the End of the Year | $ | 95,859 | $ | 102,156 | |||||||||||||
Change in Plan Assets | |||||||||||||||||
Fair Value of Plan Assets at the Beginning of the Year | $ | 108,859 | $ | 101,383 | |||||||||||||
Actual Return on Plan Assets | 17,616 | 10,470 | |||||||||||||||
Benefits Paid | -3,287 | -2,994 | |||||||||||||||
Employer Contributions | 0 | 0 | |||||||||||||||
Fair value of plan assets at end of year | $ | 123,188 | $ | 108,859 | |||||||||||||
Net Amount Recognized | |||||||||||||||||
Funded Status | $ | 18,002 | $ | (3,675) | |||||||||||||
Unrecognized Transition Asset | 0 | 0 | |||||||||||||||
Unrecognized Prior Service Cost | 2 | 3 | |||||||||||||||
Unrecognized Net Loss | 31,151 | 56,921 | |||||||||||||||
Net Amount Recognized | $ | 49,155 | $ | 53,249 | |||||||||||||
Weighted-Average Assumptions at the End of the Year | |||||||||||||||||
Discount Rate | 5.20% | 4.40% | |||||||||||||||
Rate of Compensation Increase (prior to age 45) | 3.50% | 3.75% | |||||||||||||||
Rate of Compensation Increase (otherwise) | 3.00% | 2.75% | |||||||||||||||
Asset Allocation for the Defined Benefit Pension Plan as of the Measurement Date, by Asset Category | ' | ||||||||||||||||
Asset allocation for the defined benefit pension plan as of the measurement date, by asset category, is as follows: | |||||||||||||||||
Plan Assets | Target Allocation | Allowable | Percentage of | ||||||||||||||
2014 | Allocation Range | Plan Assets at | |||||||||||||||
December 31, | December 31, | ||||||||||||||||
2013 | 2012 | ||||||||||||||||
Equity Securities | 62 | % | 50-70% | 66 | % | 63 | % | ||||||||||
Debt Securities | 26 | % | 20-50% | 21 | % | 32 | % | ||||||||||
Other | 12 | % | 3-15% | 13 | % | 5 | % | ||||||||||
Total | 100 | % | 100 | % | |||||||||||||
Expected Benefit Payments | ' | ||||||||||||||||
At December 31, 2013, the benefits expected to be paid in each of the next five fiscal years, and in the aggregate for the five years thereafter are as follows: | |||||||||||||||||
Year | Amount | ||||||||||||||||
(In thousands) | |||||||||||||||||
2014 | $ | 3,728 | |||||||||||||||
2015 | 4,053 | ||||||||||||||||
2016 | 4,432 | ||||||||||||||||
2017 | 4,780 | ||||||||||||||||
2018 | 5,159 | ||||||||||||||||
2019 through 2023 | 30,746 | ||||||||||||||||
Balances of the Plan Assets, by Fair Value Hierarchy Level | ' | ||||||||||||||||
The following tables present the balances of the plan assets, by fair value hierarchy level, as of December 31, 2013 and 2012: | |||||||||||||||||
Fair Value Measurements at December 31, 2013 Using | |||||||||||||||||
(In thousands) | Balance as of | Quoted Prices | Significant | Significant | |||||||||||||
Description | December 31, | in Active | Other | Unobservable | |||||||||||||
2013 | Markets for | Observable | Inputs | ||||||||||||||
Identical | Inputs | (Level 3) | |||||||||||||||
Assets | (Level 2) | ||||||||||||||||
(Level 1) | |||||||||||||||||
Cash and Cash equivalents | $ | 2,985 | $ | 2,985 | $ | 0 | $ | 0 | |||||||||
Fixed Income Securities: | |||||||||||||||||
Mortgage backed securities | 118 | 0 | 118 | 0 | |||||||||||||
Collateralized mortgage obligations | 245 | 0 | 245 | 0 | |||||||||||||
Municipal obligations | 1,112 | 0 | 1,112 | 0 | |||||||||||||
Corporate bonds | 2,363 | 0 | 2,363 | 0 | |||||||||||||
Fixed Income Mutual Funds: | |||||||||||||||||
Strategic income | 3,985 | 3,985 | 0 | 0 | |||||||||||||
Taxable | 3,970 | 3,970 | |||||||||||||||
Domestic | 13,834 | 13,834 | 0 | 0 | |||||||||||||
Alternative | 6,131 | 6,131 | 0 | 0 | |||||||||||||
Equity Securities: | |||||||||||||||||
Preferred stock | 195 | 195 | 0 | 0 | |||||||||||||
Common stock | 20,089 | 20,089 | 0 | 0 | |||||||||||||
Equity Mutual Funds: | |||||||||||||||||
Domestic equity large cap | 23,042 | 23,042 | 0 | 0 | |||||||||||||
Domestic equity mid cap | 5,540 | 5,540 | 0 | 0 | |||||||||||||
Domestic equity small cap | 15,293 | 15,293 | 0 | 0 | |||||||||||||
International emerging equity | 6,076 | 6,076 | 0 | 0 | |||||||||||||
International equity developed | 11,817 | 11,817 | 0 | 0 | |||||||||||||
Alternative equity | 5,692 | 5,692 | 0 | 0 | |||||||||||||
Other Assets: | |||||||||||||||||
Partnerships | 701 | 0 | 701 | 0 | |||||||||||||
Total | $ | 123,188 | $ | 118,649 | $ | 4,539 | $ | 0 | |||||||||
Fair Value Measurements at December 31, 2012 Using | |||||||||||||||||
(In thousands) | Balance as of | Quoted Prices | Significant | Significant | |||||||||||||
Description | December 31, | in Active | Other | Unobservable | |||||||||||||
2012 | Markets for | Observable | Inputs | ||||||||||||||
Identical | Inputs | (Level 3) | |||||||||||||||
Assets | (Level 2) | ||||||||||||||||
(Level 1) | |||||||||||||||||
Cash and Cash equivalents | $ | 4,396 | $ | 4,396 | $ | 0 | $ | 0 | |||||||||
Fixed Income Securities: | |||||||||||||||||
Mortgage backed securities | 207 | 0 | 207 | 0 | |||||||||||||
Collateralized mortgage obligations | 208 | 0 | 208 | 0 | |||||||||||||
Municipal obligations | 910 | 0 | 910 | 0 | |||||||||||||
Corporate bonds | 2,588 | 2,226 | 362 | 0 | |||||||||||||
Fixed Income Mutual Funds: | |||||||||||||||||
Fixed income - general | 12,463 | 12,463 | 0 | 0 | |||||||||||||
Domestic | 12,600 | 12,600 | 0 | 0 | |||||||||||||
Alternative | 6,116 | 6,116 | 0 | 0 | |||||||||||||
Equity Securities: | |||||||||||||||||
Preferred stock | 209 | 209 | 0 | 0 | |||||||||||||
Common stock | 14,712 | 14,712 | 0 | 0 | |||||||||||||
Equity Mutual Funds: | |||||||||||||||||
Global equity | 5,186 | 5,186 | 0 | 0 | |||||||||||||
Domestic equity large cap | 19,172 | 19,172 | 0 | 0 | |||||||||||||
Domestic equity mid cap | 2,552 | 2,552 | 0 | 0 | |||||||||||||
Domestic equity small cap | 10,688 | 10,688 | 0 | 0 | |||||||||||||
International emerging equity | 5,241 | 5,241 | 0 | 0 | |||||||||||||
International equity developed | 4,158 | 4,158 | 0 | 0 | |||||||||||||
Alternative equity | 6,727 | 6,727 | 0 | 0 | |||||||||||||
Other Assets: | |||||||||||||||||
Partnerships | 726 | 0 | 726 | 0 | |||||||||||||
Total | $ | 108,859 | $ | 106,446 | $ | 2,413 | $ | 0 | |||||||||
Stock_Based_Compensation_Table
Stock Based Compensation (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | ' | ||||||||||||||||
Summary of Stock Option Plans | ' | ||||||||||||||||
A summary of activity under the United’s stock option plans as of December 31, 2013, and the changes during the year of 2013 are presented below: | |||||||||||||||||
Year ended December 31, 2013 | |||||||||||||||||
Weighted Average | |||||||||||||||||
(Dollars in thousands, except per share data) | Shares | Aggregate | Remaining | Exercise | |||||||||||||
Intrinsic | Contractual | Price | |||||||||||||||
Value | Term (Yrs.) | ||||||||||||||||
Outstanding at January 1, 2013 | 1,629,237 | $ | 29.64 | ||||||||||||||
Granted | 194,225 | 26.24 | |||||||||||||||
Exercised | 100,302 | 23.56 | |||||||||||||||
Forfeited or expired | 275,163 | 31.1 | |||||||||||||||
Outstanding at December 31, 2013 | 1,447,997 | $ | 5,145 | 5.4 | $ | 29.33 | |||||||||||
Exercisable at December 31, 2013 | 858,800 | $ | 3,148 | 3.6 | $ | 30.2 | |||||||||||
Status of United's Nonvested Stock Option Awards | ' | ||||||||||||||||
The following table summarizes the status of United’s nonvested awards for the year ended December 31, 2013: | |||||||||||||||||
Shares | Weighted-Average | ||||||||||||||||
Grant Date Fair Value | |||||||||||||||||
Per Share | |||||||||||||||||
Nonvested at January 1, 2013 | 770,750 | $ | 7.04 | ||||||||||||||
Granted | 194,225 | 5.74 | |||||||||||||||
Vested | 348,339 | 6.33 | |||||||||||||||
Forfeited or expired | 27,439 | 7.53 | |||||||||||||||
Nonvested at December 31, 2013 | 589,197 | $ | 7.01 | ||||||||||||||
Changes to United's Restricted Common Shares | ' | ||||||||||||||||
The following summarizes the changes to United’s restricted common shares for the year ended December 31, 2013: | |||||||||||||||||
Number of | Weighted-Average | ||||||||||||||||
Shares | Grant Date Fair Value | ||||||||||||||||
Per Share | |||||||||||||||||
Outstanding at January 1, 2013 | 51,125 | $ | 29.4 | ||||||||||||||
Granted | 52,825 | 26.19 | |||||||||||||||
Vested | 16,789 | 28.96 | |||||||||||||||
Forfeited | 1,664 | 27.91 | |||||||||||||||
Outstanding at December 31, 2013 | 85,497 | $ | 27.53 | ||||||||||||||
Derivative_Financial_Instrumen1
Derivative Financial Instruments (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Derivative Instruments And Hedging Activities Disclosure [Abstract] | ' | ||||||||||||||||
Schedule of Derivative Instruments | ' | ||||||||||||||||
The following table sets forth certain information regarding interest rate derivatives portfolio used for interest-rate risk management purposes and designated as accounting hedges at December 31, 2013 and 2012. | |||||||||||||||||
Derivative Hedging Instruments | |||||||||||||||||
December 31, 2013 | December 31, 2012 | ||||||||||||||||
(Dollars in thousands) | Notional | Average | Notional | Average | |||||||||||||
Amount | Pay | Amount | Pay | ||||||||||||||
Rate | Rate | ||||||||||||||||
Fair Value Hedges: | |||||||||||||||||
Pay Fixed Swap (Hedging Commercial Loans) | $ | 41,868 | 5.07 | % | $ | 52,558 | 5.14 | % | |||||||||
Total Derivatives Used in Fair Value Hedges | $ | 41,868 | $ | 52,558 | |||||||||||||
Total Derivatives Used for Interest Rate Risk Management and Designated as Hedges | $ | 41,868 | $ | 52,558 | |||||||||||||
Schedule of Fair Value Derivative Financial Instruments | ' | ||||||||||||||||
The following tables summarize the fair value of United’s derivative financial instruments: | |||||||||||||||||
Asset Derivatives | |||||||||||||||||
December 31, 2013 | December 31, 2012 | ||||||||||||||||
(In thousands) | Balance | Fair | Balance | Fair | |||||||||||||
Sheet | Value | Sheet | Value | ||||||||||||||
Location | Location | ||||||||||||||||
Derivatives designated as hedging instruments | |||||||||||||||||
Interest rate contracts | Other assets | $ | 2,179 | Other assets | $ | 0 | |||||||||||
Total derivatives designated as hedging instruments | $ | 2,179 | $ | 0 | |||||||||||||
Derivatives not designated as hedging instruments | |||||||||||||||||
Interest rate contracts | Other assets | $ | 1,045 | Other assets | $ | 2,367 | |||||||||||
Total derivatives not designated as hedging instruments | $ | 1,045 | $ | 2,367 | |||||||||||||
Total asset derivatives | $ | 3,224 | $ | 2,367 | |||||||||||||
Liability Derivatives | |||||||||||||||||
December 31, 2013 | December 31, 2012 | ||||||||||||||||
(In thousands) | Balance | Fair | Balance | Fair | |||||||||||||
Sheet | Value | Sheet | Value | ||||||||||||||
Location | Location | ||||||||||||||||
Derivatives designated as hedging instruments | |||||||||||||||||
Interest rate contracts | Other liabilities | $ | 149 | Other liabilities | $ | 1,914 | |||||||||||
Total derivatives designated as hedging instruments | $ | 149 | $ | 1,914 | |||||||||||||
Derivatives not designated as hedging instruments | |||||||||||||||||
Interest rate contracts | Other liabilities | $ | 1,045 | Other liabilities | $ | 2,367 | |||||||||||
Total derivatives not designated as hedging instruments | $ | 1,045 | $ | 2,367 | |||||||||||||
Total liability derivatives | $ | 1,194 | $ | 4,281 | |||||||||||||
Schedule of Derivative Financial Instruments on Statement of Income | ' | ||||||||||||||||
The effect of United’s derivative financial instruments on its Consolidated Statements of Income for the years ended December 31, 2013, 2012 and 2011 is presented as follows: | |||||||||||||||||
Year Ended | |||||||||||||||||
(In thousands) | Income Statement | December 31, | December 31, | December 31, | |||||||||||||
Location | 2013 | 2012 | 2011 | ||||||||||||||
Derivatives in fair value hedging relationships | |||||||||||||||||
Interest rate contracts | Interest income/ (expense) | $ | (522 | ) | $ | (298 | ) | $ | 81 | ||||||||
Total derivatives in fair value hedging relationships | $ | (522 | ) | $ | (298 | ) | $ | 81 | |||||||||
Derivatives not designated as hedging instruments | |||||||||||||||||
Interest rate contracts (1) | Other income | $ | 1,322 | $ | 1,450 | $ | 1,782 | ||||||||||
Interest rate contracts (2) | Other expense | $ | (1,322 | ) | $ | (1,450 | ) | $ | (1,782 | ) | |||||||
Total derivatives not designated as hedging instruments | $ | 0 | $ | 0 | $ | 0 | |||||||||||
Total derivatives | $ | (522 | ) | $ | (298 | ) | $ | 81 | |||||||||
-1 | Represents net gains from derivative assets not designated as hedging instruments. | ||||||||||||||||
-2 | Represents net losses from derivative liabilities not designated as hedging instruments. |
Comprehensive_Income_Tables
Comprehensive Income (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Equity [Abstract] | ' | ||||||||||||||||
Components of Total Comprehensive Income | ' | ||||||||||||||||
The changes in accumulated other comprehensive income are as follows: | |||||||||||||||||
For the Years Ended December 31 | |||||||||||||||||
(In thousands) | 2013 | 2012 | 2011 | ||||||||||||||
Net Income | $ | 85,628 | $ | 82,607 | $ | 75,610 | |||||||||||
Available for sale (“AFS”) securities: | |||||||||||||||||
AFS securities with OTTI charges during the period | (7,534 | ) | (10,840 | ) | (33,580 | ) | |||||||||||
Related income tax effect | 2,637 | 3,794 | 11,753 | ||||||||||||||
Less : OTTI charges recognized in net income | 7,332 | 7,376 | 20,414 | ||||||||||||||
Related income tax effect | (2,566 | ) | (2,582 | ) | (7,145 | ) | |||||||||||
Reclassification of previous noncredit OTTI to credit OTTI | 12,425 | 5,887 | 12,622 | ||||||||||||||
Related income tax effect | (4,349 | ) | (2,061 | ) | (4,418 | ) | |||||||||||
Net unrealized gains (losses) on AFS securities with OTTI | 7,945 | 1,574 | (354 | ) | |||||||||||||
Net change in unrealized (losses) gains on AFS securities arising during the period | (1,082 | ) | 5,471 | 10,917 | |||||||||||||
Related income tax effect | 379 | (1,915 | ) | (3,821 | ) | ||||||||||||
Net reclassification adjustment for gains included in net income | (1,216 | ) | (16 | ) | (1,418 | ) | |||||||||||
Related income tax effect | 426 | 6 | 496 | ||||||||||||||
(1,493 | ) | 3,546 | 6,174 | ||||||||||||||
Net effect of AFS securities on other comprehensive income | 6,452 | 5,120 | 5,820 | ||||||||||||||
Held to maturity (“HTM”) securities: | |||||||||||||||||
Unrealized loss related to the call of HTM securities transferred from AFS to the HTM portfolio | 0 | 0 | 0 | ||||||||||||||
Related income tax effect | 0 | 0 | 0 | ||||||||||||||
Accretion on the unrealized loss for securities transferred from AFS to the HTM investment portfolio prior to call or maturity | 8 | 7 | 8 | ||||||||||||||
Related income tax effect | (3 | ) | (3 | ) | (3 | ) | |||||||||||
Net effect of HTM securities on other comprehensive income | 5 | 4 | 5 | ||||||||||||||
Defined benefit pension plan: | |||||||||||||||||
Net actuarial loss during the period | 20,305 | (10,206 | ) | (20,591 | ) | ||||||||||||
Related income tax effect | (7,107 | ) | 3,572 | 7,206 | |||||||||||||
Amortization of transition asset recognized in net income | 0 | 0 | 0 | ||||||||||||||
Related income tax effect | 0 | 0 | 0 | ||||||||||||||
Amortization of prior service cost recognized in net income | 1 | 1 | 1 | ||||||||||||||
Related income tax effect | 0 | 0 | 0 | ||||||||||||||
Amortization of net actuarial loss recognized in net income | 4,821 | 4,199 | 2,427 | ||||||||||||||
Related income tax effect | (1,776 | ) | (1,680 | ) | (970 | ) | |||||||||||
Net effect of change in defined benefit pension plan on other comprehensive income | 16,244 | (4,114 | ) | (11,927 | ) | ||||||||||||
Total change in other comprehensive income, net of tax | 22,701 | 1,010 | (6,102 | ) | |||||||||||||
Total Comprehensive Income | $ | 108,329 | $ | 83,617 | $ | 69,508 | |||||||||||
Components of Accumulated Other Comprehensive Income | ' | ||||||||||||||||
The components of accumulated other comprehensive income for the year ended December 31, 2013 are as follows: | |||||||||||||||||
Changes in Accumulated Other Comprehensive Income (AOCI) by Component (a) | |||||||||||||||||
For the Year Ended December 31, 2013 | |||||||||||||||||
(Dollars in thousands) | Unrealized | Accretion on | Defined | Total | |||||||||||||
Gains/Losses | the unrealized | Benefit | |||||||||||||||
on AFS | loss for | Pension | |||||||||||||||
Securities | securities | Items | |||||||||||||||
transferred | |||||||||||||||||
from AFS to | |||||||||||||||||
the HTM | |||||||||||||||||
Balance at January 1, 2013 | ($ | 29,687 | ) | ($ | 72 | ) | ($ | 35,989 | ) | ($ | 65,748 | ) | |||||
Other comprehensive income before reclassification | (834 | ) | 5 | 0 | (829 | ) | |||||||||||
Amounts reclassified from accumulated other comprehensive income | 7,286 | 0 | 16,244 | 23,530 | |||||||||||||
Net current-period other comprehensive income, net of tax | 6,452 | 5 | 16,244 | 22,701 | |||||||||||||
Balance at December 31, 2013 | ($ | 23,235 | ) | ($ | 67 | ) | ($ | 19,745 | ) | ($ | 43,047 | ) | |||||
(a) | All amounts are net-of-tax. | ||||||||||||||||
Reclassifications Out of Accumulated Other Comprehensive Income | ' | ||||||||||||||||
Reclassifications out of Accumulated Other Comprehensive Income (AOCI) | |||||||||||||||||
For the Year Ended December 31, 2013 | |||||||||||||||||
(Dollars in thousands) | Amount | Affected Line Item in the Statement Where | |||||||||||||||
Reclassified | Net Income is Presented | ||||||||||||||||
Details about AOCI Components | from AOCI | ||||||||||||||||
Available for sale (“AFS”) securities: | |||||||||||||||||
Reclassification of previous noncredit OTTI to credit OTTI | $ | 12,425 | Total other-than-temporary impairment losses | ||||||||||||||
Net reclassification adjustment for losses (gains) included in net income | (1,216 | ) | Net gains on sales/calls of investment securities | ||||||||||||||
11,209 | Total before tax | ||||||||||||||||
Related income tax effect | (3,923 | ) | Tax expense | ||||||||||||||
7,286 | Net of tax | ||||||||||||||||
Pension plan: | |||||||||||||||||
Change in pension asset | 20,305 | (a) | |||||||||||||||
Amortization of transition asset | 1 | (b) | |||||||||||||||
Recognized net actuarial loss | 4,821 | (b) | |||||||||||||||
25,127 | Total before tax | ||||||||||||||||
Related income tax effect | (8,883 | ) | Tax expense | ||||||||||||||
16,244 | Net of tax | ||||||||||||||||
Total reclassifications for the period | $ | 23,530 | |||||||||||||||
(a) | This AOCI component is included in the computation of changes in plan assets (see Note M, Employee Benefit Plans) | ||||||||||||||||
(b) | This AOCI component is included in the computation of net periodic pension cost (see Note M, Employee Benefit Plans) |
United_Bankshares_Inc_Parent_C1
United Bankshares, Inc. (Parent Company Only) Financial Information (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Condensed Financial Information Of Parent Company Only Disclosure [Abstract] | ' | ||||||||||||
Condensed Balance Sheets | ' | ||||||||||||
Condensed Balance Sheets | |||||||||||||
December 31 | |||||||||||||
(In thousands) | 2013 | 2012 | |||||||||||
Assets | |||||||||||||
Cash and due from banks | $ | 43,613 | $ | 30,585 | |||||||||
Securities available for sale | 1,925 | 3,271 | |||||||||||
Securities held to maturity | 20 | 225 | |||||||||||
Other investment securities | 125 | 162 | |||||||||||
Investment in subsidiaries: | |||||||||||||
Bank subsidiaries | 1,139,786 | 1,100,880 | |||||||||||
Nonbank subsidiaries | 6,396 | 6,355 | |||||||||||
Other assets | 11,751 | 10,069 | |||||||||||
Total Assets | $ | 1,203,616 | $ | 1,151,547 | |||||||||
Liabilities and Shareholders’ Equity | |||||||||||||
Junior subordinated debentures of subsidiary trusts | $ | 128,868 | $ | 128,868 | |||||||||
Accrued expenses and other liabilities | 33,016 | 30,428 | |||||||||||
Shareholders’ equity (including other accumulated comprehensive loss of $43,047 and $65,748 at December 31, 2013 and 2012, respectively) | 1,041,732 | 992,251 | |||||||||||
Total Liabilities and Shareholders’ Equity | $ | 1,203,616 | $ | 1,151,547 | |||||||||
Condensed Statements of Income | ' | ||||||||||||
Condensed Statements of Income | |||||||||||||
Year Ended December 31 | |||||||||||||
(In thousands) | 2013 | 2012 | 2011 | ||||||||||
Income | |||||||||||||
Dividends from banking subsidiaries | $ | 69,500 | $ | 67,600 | $ | 68,323 | |||||||
Net interest income | 74 | 119 | 417 | ||||||||||
Management fees: | |||||||||||||
Bank subsidiaries | 17,665 | 15,854 | 13,000 | ||||||||||
Nonbank subsidiaries | 27 | 27 | 27 | ||||||||||
Other income | 555 | 105 | 414 | ||||||||||
Total Income | 87,821 | 83,705 | 82,181 | ||||||||||
Expenses | |||||||||||||
Operating expenses | 20,595 | 20,879 | 20,431 | ||||||||||
Income Before Income Taxes and Equity in Undistributed Net Income of Subsidiaries | 67,226 | 62,826 | 61,750 | ||||||||||
Applicable income tax benefit | (709 | ) | (1,487 | ) | (2,025 | ) | |||||||
Income Before Equity in Undistributed Net Income of Subsidiaries | 67,935 | 64,313 | 63,775 | ||||||||||
Equity in undistributed net income of subsidiaries: | |||||||||||||
Bank subsidiaries | 17,652 | 18,186 | 11,710 | ||||||||||
Nonbank subsidiaries | 41 | 108 | 125 | ||||||||||
Net Income | $ | 85,628 | $ | 82,607 | $ | 75,610 | |||||||
Condensed Statements of Cash Flows | ' | ||||||||||||
Condensed Statements of Cash Flows | |||||||||||||
Year Ended December 31 | |||||||||||||
(In thousands) | 2013 | 2012 | 2011 | ||||||||||
Operating Activities | |||||||||||||
Net income | $ | 85,628 | $ | 82,607 | $ | 75,610 | |||||||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||||||
Equity in undistributed net income of subsidiaries | (17,693 | ) | (18,294 | ) | (11,835 | ) | |||||||
Amortization of net periodic pension costs | 373 | 117 | 76 | ||||||||||
Stock-based compensation | 1,786 | 1,908 | 1,133 | ||||||||||
Net (gain) loss on securities transactions | (556 | ) | (55 | ) | (12 | ) | |||||||
Net change in other assets and liabilities | 867 | (1,553 | ) | (6,895 | ) | ||||||||
Net Cash Provided by Operating Activities | 70,405 | 64,730 | 58,077 | ||||||||||
Investing Activities | |||||||||||||
Net proceeds from (purchases of) sales of securities | 2,341 | 1,541 | 4,854 | ||||||||||
Net cash paid in acquisition of subsidiary | 0 | 0 | (8,576 | ) | |||||||||
Change in other investment securities | 37 | 38 | 1,376 | ||||||||||
Net Cash Provided by (Used in) Investing Activities | 2,378 | 1,579 | (2,346 | ) | |||||||||
Financing Activities | |||||||||||||
Cash dividends paid | (62,434 | ) | (62,333 | ) | (54,344 | ) | |||||||
Net (repayment) liquidation of subsidiary trusts | 0 | (5,155 | ) | 0 | |||||||||
Acquisition of treasury stock | (93 | ) | (12 | ) | (18 | ) | |||||||
Proceeds from sale of treasury stock from deferred compensation plan | 77 | 130 | 74 | ||||||||||
Excess tax benefits from stock-based compensation arrangements | 331 | 35 | 3,114 | ||||||||||
Proceeds from exercise of stock options | 2,364 | 115 | 542 | ||||||||||
Net Cash Used in Financing Activities | (59,755 | ) | (67,220 | ) | (50,632 | ) | |||||||
Increase (Decrease) in Cash and Cash Equivalents | 13,028 | (911 | ) | 5,099 | |||||||||
Cash and Cash Equivalents at Beginning of Year | 30,585 | 31,496 | 26,397 | ||||||||||
Cash and Cash Equivalents at End of Year | $ | 43,613 | $ | 30,585 | $ | 31,496 | |||||||
Regulatory_Matters_Tables
Regulatory Matters (Tables) | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||
Banking And Thrift [Abstract] | ' | ||||||||||||||||||||||||
Capital Amounts and Ratios | ' | ||||||||||||||||||||||||
United’s and its subsidiary banks’, United Bank (WV) and United Bank (VA), capital amounts (in thousands of dollars) and ratios are presented in the following table. | |||||||||||||||||||||||||
(Dollars in thousands) | Actual | For Capital | To Be Well- | ||||||||||||||||||||||
Adequacy Purposes | Capitalized | ||||||||||||||||||||||||
Amount | Ratio | Amount | Ratio | Amount | Ratio | ||||||||||||||||||||
As of December 31, 2013: | |||||||||||||||||||||||||
Total Capital (to Risk-Weighted Assets): | |||||||||||||||||||||||||
United Bankshares | $ 971,401 | 13.70% | $ 566,836 | ³8.0% | $ 708,545 | ³10.0% | |||||||||||||||||||
United Bank (WV) | 525,517 | 12.50% | 336,100 | ³8.0% | 420,125 | ³10.0% | |||||||||||||||||||
United Bank (VA) | 412,120 | 14.40% | 229,656 | ³8.0% | 287,070 | ³10.0% | |||||||||||||||||||
Tier I Capital (to Risk-Weighted Assets): | |||||||||||||||||||||||||
United Bankshares | 886,094 | 12.50% | 283,418 | ³4.0% | 425,127 | ³6.0% | |||||||||||||||||||
United Bank (WV) | 485,038 | 11.60% | 168,050 | ³4.0% | 252,075 | ³6.0% | |||||||||||||||||||
United Bank (VA) | 376,255 | 13.10% | 114,828 | ³4.0% | 172,242 | ³6.0% | |||||||||||||||||||
Tier I Capital (to Average Assets): | |||||||||||||||||||||||||
United Bankshares | 886,094 | 10.70% | 330,614 | ³4.0% | 413,267 | ³5.0% | |||||||||||||||||||
United Bank (WV) | 485,038 | 9.70% | 199,209 | ³4.0% | 249,012 | ³5.0% | |||||||||||||||||||
United Bank (VA) | 376,255 | 11.20% | 134,613 | ³4.0% | 168,266 | ³5.0% | |||||||||||||||||||
(Dollars in thousands) | Actual | For Capital | To Be Well- | ||||||||||||||||||||||
Adequacy Purposes | Capitalized | ||||||||||||||||||||||||
Amount | Ratio | Amount | Ratio | Amount | Ratio | ||||||||||||||||||||
As of December 31, 2012: | |||||||||||||||||||||||||
Total Capital (to Risk-Weighted Assets): | |||||||||||||||||||||||||
United Bankshares | $ 941,448 | 13.70% | $ 551,114 | ³8.0% | $ 688,892 | ³10.0% | |||||||||||||||||||
United Bank (WV) | 511,451 | 12.70% | 321,957 | ³8.0% | 402,446 | ³10.0% | |||||||||||||||||||
United Bank (VA) | 404,405 | 14.10% | 229,769 | ³8.0% | 287,211 | ³10.0% | |||||||||||||||||||
(Dollars in thousands) | Actual | For Capital | To Be Well- | ||||||||||||||||||||||
Adequacy Purposes | Capitalized | ||||||||||||||||||||||||
Amount | Ratio | Amount | Ratio | Amount | Ratio | ||||||||||||||||||||
Tier I Capital (to Risk-Weighted Assets): | |||||||||||||||||||||||||
United Bankshares | 857,091 | 12.40% | 275,557 | ³4.0% | 413,335 | ³6.0% | |||||||||||||||||||
United Bank (WV) | 473,044 | 11.80% | 160,978 | ³4.0% | 241,468 | ³6.0% | |||||||||||||||||||
United Bank (VA) | 368,488 | 12.80% | 114,884 | ³4.0% | 172,327 | ³6.0% | |||||||||||||||||||
Tier I Capital (to Average Assets): | |||||||||||||||||||||||||
United Bankshares | 857,091 | 10.60% | 322,941 | ³4.0% | 403,676 | ³5.0% | |||||||||||||||||||
United Bank (WV) | 473,044 | 9.80% | 193,775 | ³4.0% | 242,218 | ³5.0% | |||||||||||||||||||
United Bank (VA) | 368,488 | 11.20% | 132,158 | ³4.0% | 165,197 | ³5.0% |
Fair_Values_of_Financial_Instr1
Fair Values of Financial Instruments (Tables) | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||
Fair Value Disclosures [Abstract] | ' | ||||||||||||||||||||
Schedule of Financial Assets and Liabilities Measured at Fair Value | ' | ||||||||||||||||||||
The following table presents the balances of financial assets and liabilities measured at fair value on a recurring basis as of December 31, 2013 and 2012, segregated by the level of the valuation inputs within the fair value hierarchy: | |||||||||||||||||||||
Balance as of | Fair Value at December 31, 2013 Using | ||||||||||||||||||||
December 31, | |||||||||||||||||||||
Description | 2013 | Quoted Prices | Significant | Significant | |||||||||||||||||
in Active | Other | Unobservable | |||||||||||||||||||
Markets for | Observable | Inputs | |||||||||||||||||||
Identical | Inputs | (Level 3) | |||||||||||||||||||
Assets | (Level 2) | ||||||||||||||||||||
(Level 1) | |||||||||||||||||||||
Assets | |||||||||||||||||||||
Available for sale debt securities: | |||||||||||||||||||||
U.S. Treasury securities and obligations of U.S. Government corporations and agencies | $ 171,754 | $ 0 | $ 171,754 | $ 0 | |||||||||||||||||
State and political subdivisions | 62,709 | 0 | 62,709 | 0 | |||||||||||||||||
Residential mortgage-backed securities | |||||||||||||||||||||
Agency | 216,464 | 0 | 216,464 | 0 | |||||||||||||||||
Non-agency | 16,532 | 0 | 16,532 | 0 | |||||||||||||||||
Asset-backed securities | 9,227 | 0 | 9,227 | 0 | |||||||||||||||||
Commercial mortgage-backed securities Agency | 233,432 | 0 | 233,432 | 0 | |||||||||||||||||
Trust preferred collateralized debt obligations | 43,449 | 0 | 0 | 43,449 | |||||||||||||||||
Single issue trust preferred securities | 12,632 | 502 | 12,130 | 0 | |||||||||||||||||
Other corporate securities | 5,215 | 0 | 5,215 | 0 | |||||||||||||||||
Total available for sale debt securities | 771,414 | 502 | 727,463 | 43,449 | |||||||||||||||||
Available for sale equity securities: | |||||||||||||||||||||
Financial services industry | 2,292 | 716 | 1,576 | 0 | |||||||||||||||||
Equity mutual funds (1) | 434 | 434 | 0 | 0 | |||||||||||||||||
Other equity securities | 1,144 | 1,144 | 0 | 0 | |||||||||||||||||
Total available for sale equity securities | 3,870 | 2,294 | 1,576 | 0 | |||||||||||||||||
Total available for sale securities | 775,284 | 2,796 | 729,039 | 43,449 | |||||||||||||||||
Derivative financial assets: | |||||||||||||||||||||
Interest rate contracts | 3,224 | 0 | 3,224 | 0 | |||||||||||||||||
Liabilities | |||||||||||||||||||||
Derivative financial liabilities: | |||||||||||||||||||||
Interest rate contracts | 1,194 | 0 | 1,194 | 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, 2012 Using | |||||||||||||||||||||
Description | Balance as of | Quoted Prices | Significant | Significant | |||||||||||||||||
December 31, | in Active | Other | Unobservable | ||||||||||||||||||
2012 | Markets for | Observable | Inputs | ||||||||||||||||||
Identical | Inputs | (Level 3) | |||||||||||||||||||
Assets | (Level 2) | ||||||||||||||||||||
(Level 1) | |||||||||||||||||||||
Assets | |||||||||||||||||||||
Available for sale debt securities: | |||||||||||||||||||||
U.S. Treasury securities and obligations of U.S. Government corporations and agencies | $ 337,522 | $ 0 | $ 337,522 | $ 0 | |||||||||||||||||
State and political subdivisions | 80,428 | 0 | 80,428 | 0 | |||||||||||||||||
Residential mortgage-backed securities | |||||||||||||||||||||
Agency | 106,510 | 0 | 106,510 | 0 | |||||||||||||||||
Non-agency | 25,045 | 0 | 25,045 | 0 | |||||||||||||||||
Asset-backed securities | 11,709 | 0 | 11,709 | 0 | |||||||||||||||||
Trust preferred collateralized debt obligations | 40,613 | 0 | 0 | 40,613 | |||||||||||||||||
Single issue trust preferred securities | 12,129 | 499 | 11,630 | 0 | |||||||||||||||||
Other corporate securities | 5,283 | 0 | 5,283 | 0 | |||||||||||||||||
Total available for sale debt securities | 619,239 | 499 | 578,127 | 40,613 | |||||||||||||||||
Available for sale equity securities: | |||||||||||||||||||||
Financial services industry | 5,382 | 2,304 | 3,078 | 0 | |||||||||||||||||
Equity mutual funds (1) | 55 | 55 | 0 | 0 | |||||||||||||||||
Other equity securities | 949 | 949 | 0 | 0 | |||||||||||||||||
Total available for sale equity securities | 6,386 | 3,308 | 3,078 | 0 | |||||||||||||||||
Total available for sale securities | 625,625 | 3,807 | 581,205 | 40,613 | |||||||||||||||||
Derivative financial assets: | |||||||||||||||||||||
Interest rate contracts | 2,367 | 0 | 2,367 | 0 | |||||||||||||||||
Liabilities | |||||||||||||||||||||
Derivative financial liabilities: | |||||||||||||||||||||
Interest rate contracts | 4,281 | 0 | 4,281 | 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. | ||||||||||||||||||||
Schedule of Additional Information about Financial Assets and Liabilities Measured at Fair Value Utilized Level 3 | ' | ||||||||||||||||||||
The following table presents additional information about financial assets and liabilities measured at fair value at December 31, 2013 and 2012 on a recurring basis and for which United has utilized Level 3 inputs to determine fair value: | |||||||||||||||||||||
Available-for-sale | |||||||||||||||||||||
Securities | |||||||||||||||||||||
(In thousands) | Trust preferred | ||||||||||||||||||||
collateralized debt obligations | |||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||
Balance, beginning of year | $ | 40,613 | $ | 42,369 | |||||||||||||||||
Total gains or losses (realized/unrealized): | |||||||||||||||||||||
Included in earnings (or changes in net assets) | (6,456 | ) | (5,970 | ) | |||||||||||||||||
Included in other comprehensive income | 14,520 | 4,214 | |||||||||||||||||||
Purchases, issuances, and settlements | (5,228 | ) | 0 | ||||||||||||||||||
Transfers in and/or out of Level 3 | 0 | 0 | |||||||||||||||||||
Balance, ending of year | $ | 43,449 | $ | 40,613 | |||||||||||||||||
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 | |||||||||||||||||||
Summary of Financial Assets Measured at Fair Value on Nonrecurring Basis | ' | ||||||||||||||||||||
The following table summarizes United’s financial assets that were measured at fair value on a nonrecurring basis as of December 31, 2013 and 2012: | |||||||||||||||||||||
Fair Value at December 31, 2013 Using | |||||||||||||||||||||
(In thousands) | Balance as of | Quoted Prices | Significant | Significant | YTD | ||||||||||||||||
December 31, | in Active | Other | Unobservable | Losses | |||||||||||||||||
Description | 2013 | Markets for | Observable | Inputs | |||||||||||||||||
Identical | Inputs | (Level 3) | |||||||||||||||||||
Assets | (Level 2) | ||||||||||||||||||||
(Level 1) | |||||||||||||||||||||
Assets | |||||||||||||||||||||
Impaired Loans | $ | 45,883 | $ | 0 | $ | 13,081 | $ | 32,802 | $ | 1,886 | |||||||||||
OREO | 38,182 | 0 | 38,107 | 75 | 2,548 | ||||||||||||||||
Fair Value at December 31, 2012 Using | |||||||||||||||||||||
(In thousands) | Balance as of | Quoted Prices | Significant | Significant | YTD | ||||||||||||||||
December 31, | in Active | Other | Unobservable | Losses | |||||||||||||||||
Description | 2012 | Markets for | Observable | Inputs | |||||||||||||||||
Identical | Inputs | (Level 3) | |||||||||||||||||||
Assets | (Level 2) | ||||||||||||||||||||
(Level 1) | |||||||||||||||||||||
Assets | |||||||||||||||||||||
Impaired Loans | $ | 50,985 | $ | 0 | $ | 28,947 | $ | 22,038 | $ | 3,238 | |||||||||||
OREO | 49,484 | 0 | 45,588 | 3,896 | 3,677 | ||||||||||||||||
Summary of Estimated Fair Values of Financial Instruments | ' | ||||||||||||||||||||
The estimated fair values of United’s financial instruments are summarized below: | |||||||||||||||||||||
Fair Value Measurements | |||||||||||||||||||||
Carrying | Fair | Quoted Prices | Significant | Significant | |||||||||||||||||
Amount | Value | in Active | Other | Unobservable | |||||||||||||||||
Markets for | Observable | Inputs | |||||||||||||||||||
Identical | Inputs | (Level 3) | |||||||||||||||||||
Assets | (Level 2) | ||||||||||||||||||||
(Level 1) | |||||||||||||||||||||
December 31, 2013 | |||||||||||||||||||||
Cash and cash equivalents | $ | 416,617 | $ | 416,617 | $ | 0 | $ | 416,617 | $ | 0 | |||||||||||
Securities available for sale | 775,284 | 775,284 | 2,796 | 729,039 | 43,449 | ||||||||||||||||
Securities held to maturity | 40,965 | 38,293 | 0 | 35,773 | 2,520 | ||||||||||||||||
Other securities | 73,093 | 70,072 | 0 | 0 | 70,072 | ||||||||||||||||
Loans held for sale | 4,236 | 4,236 | 0 | 4,236 | 0 | ||||||||||||||||
Loans | 6,630,385 | 6,657,376 | 0 | 0 | 6,657,376 | ||||||||||||||||
Derivative financial assets | 3,224 | 3,224 | 0 | 3,224 | 0 | ||||||||||||||||
Deposits | 6,621,571 | 6,641,070 | 0 | 6,641,070 | 0 | ||||||||||||||||
Short-term borrowings | 430,754 | 430,754 | 0 | 430,754 | 0 | ||||||||||||||||
Long-term borrowings | 575,697 | 553,796 | 0 | 553,796 | 0 | ||||||||||||||||
Derivative financial liabilities | 1,194 | 1,194 | 0 | 1,194 | 0 | ||||||||||||||||
December 31, 2012 | |||||||||||||||||||||
Cash and cash equivalents | $ | 432,077 | $ | 432,077 | $ | 0 | $ | 432,077 | $ | 0 | |||||||||||
Securities available for sale | 625,625 | 625,625 | 3,807 | 581,205 | 40,613 | ||||||||||||||||
Securities held to maturity | 43,467 | 42,696 | 0 | 36,999 | 5,697 | ||||||||||||||||
Other securities | 60,310 | 57,643 | 0 | 0 | 57,643 | ||||||||||||||||
Loans held for sale | 17,762 | 17,762 | 0 | 17,762 | 0 | ||||||||||||||||
Loans | 6,437,515 | 6,473,974 | 0 | 0 | 6,473,974 | ||||||||||||||||
Derivative financial assets | 2,367 | 2,367 | 0 | 2,367 | 0 | ||||||||||||||||
Deposits | 6,752,986 | 6,776,012 | 0 | 6,776,012 | 0 | ||||||||||||||||
Short-term borrowings | 314,962 | 314,962 | 0 | 314,962 | 0 | ||||||||||||||||
Long-term borrowings | 284,926 | 277,899 | 0 | 277,899 | 0 | ||||||||||||||||
Derivative financial liabilities | 4,281 | 4,281 | 0 | 4,281 | 0 |
Variable_Interest_Entities_Tab
Variable Interest Entities (Tables) | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||
Text Block [Abstract] | ' | ||||||||||||||||||||||||
Summary of Quantitative Information Related to Significant Involvement in Unconsolidated Variable Interest Entities | ' | ||||||||||||||||||||||||
The following table summarizes quantitative information about United’s significant involvement in unconsolidated VIEs: | |||||||||||||||||||||||||
As of December 31, 2013 | As of December 31, 2012 | ||||||||||||||||||||||||
(In thousands) | Aggregate | Aggregate | Risk Of | Aggregate | Aggregate | Risk Of | |||||||||||||||||||
Assets | Liabilities | Loss (1) | Assets | Liabilities | Loss (1) | ||||||||||||||||||||
Trust preferred securities | $201,186 | $194,453 | $6,733 | $201,297 | $194,636 | $6,661 | |||||||||||||||||||
(1) Represents investment in VIEs. |
Quarterly_Financial_Data_Table
Quarterly Financial Data (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | ' | ||||||||||||||||
Quarterly Financial Data | ' | ||||||||||||||||
Quarterly financial data for 2013 and 2012 is summarized below (dollars in thousands, except for per share data): | |||||||||||||||||
1st Quarter | 2nd Quarter | 3rd Quarter | 4th Quarter | ||||||||||||||
2013 | |||||||||||||||||
Interest income | $ | 76,325 | $ | 75,485 | $ | 76,705 | $ | 77,639 | |||||||||
Interest expense | 9,503 | 9,282 | 9,075 | 8,453 | |||||||||||||
Net interest income | 66,822 | 66,203 | 67,630 | 69,186 | |||||||||||||
Provision for credit losses | 5,187 | 4,960 | 4,777 | 4,343 | |||||||||||||
Mortgage banking income | 965 | 739 | 605 | 262 | |||||||||||||
Securities (losses) gains, net | (694 | ) | 211 | 101 | (5,427 | ) | |||||||||||
Other noninterest income | 18,077 | 18,149 | 17,629 | 17,211 | |||||||||||||
Noninterest expense | 48,249 | 48,547 | 48,585 | 47,977 | |||||||||||||
Income taxes | 10,155 | 9,576 | 10,433 | 9,252 | |||||||||||||
Net income (1) | 21,579 | 22,219 | 22,170 | 19,660 | |||||||||||||
Per share data: | |||||||||||||||||
Average shares outstanding (000s): | |||||||||||||||||
Basic | 50,302 | 50,346 | 50,379 | 50,417 | |||||||||||||
Diluted | 50,332 | 50,402 | 50,473 | 50,564 | |||||||||||||
Net income per share: | |||||||||||||||||
Basic | $ | 0.43 | $ | 0.44 | $ | 0.44 | $ | 0.39 | |||||||||
Diluted | $ | 0.43 | $ | 0.44 | $ | 0.44 | $ | 0.39 | |||||||||
Dividends per share | $ | 0.31 | $ | 0.31 | $ | 0.31 | $ | 0.32 | |||||||||
1st Quarter | 2nd Quarter | 3rd Quarter | 4th Quarter | ||||||||||||||
2012 | |||||||||||||||||
Interest income | $ | 81,788 | $ | 81,105 | $ | 81,336 | $ | 79,668 | |||||||||
Interest expense | 12,822 | 12,050 | 11,322 | 9,996 | |||||||||||||
Net interest income | 68,966 | 69,055 | 70,014 | 69,672 | |||||||||||||
Provision for credit losses | 4,133 | 3,436 | 4,346 | 5,947 | |||||||||||||
Mortgage banking income | 318 | 483 | 819 | 851 | |||||||||||||
Securities losses, net | (1,459 | ) | (1,543 | ) | (2,188 | ) | (1,740 | ) | |||||||||
Other noninterest income | 17,467 | 17,647 | 18,003 | 17,634 | |||||||||||||
Noninterest expense | 50,262 | 51,252 | 53,869 | 49,273 | |||||||||||||
Income taxes | 9,887 | 9,905 | 9,099 | 9,983 | |||||||||||||
Net income (1) | 21,010 | 21,049 | 19,334 | 21,214 | |||||||||||||
Per share data: | |||||||||||||||||
Average shares outstanding (000s): | |||||||||||||||||
Basic | 50,235 | 50,275 | 50,276 | 50,276 | |||||||||||||
Diluted | 50,301 | 50,308 | 50,295 | 50,295 | |||||||||||||
Net income per share: | |||||||||||||||||
Basic | $ | 0.42 | $ | 0.42 | $ | 0.38 | $ | 0.42 | |||||||||
Diluted | $ | 0.42 | $ | 0.42 | $ | 0.38 | $ | 0.42 | |||||||||
Dividends per share | $ | 0.31 | $ | 0.31 | $ | 0.31 | $ | 0.31 | |||||||||
(1) | For further information, see the related discussion “Quarterly Results” included in Management’s Discussion and Analysis. |
Summary_of_Significant_Account3
Summary of Significant Accounting Policies - Additional Information (Detail) (USD $) | 3 Months Ended | 12 Months Ended | 0 Months Ended | 12 Months Ended | ||||||||
Mar. 31, 2013 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Feb. 20, 2014 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | |
Region | Subsequent Event [Member] | Minimum [Member] | Maximum [Member] | Furniture Fixtures and Equipment [Member] | Furniture Fixtures and Equipment [Member] | Buildings and Improvements [Member] | Buildings and Improvements [Member] | |||||
Core Deposit Intangible Assets [Member] | Core Deposit Intangible Assets [Member] | Minimum [Member] | Maximum [Member] | Minimum [Member] | Maximum [Member] | |||||||
Summary Of Significant Accounting Policies [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of Metropolitan Statistical Areas | ' | ' | 5 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Sale of former branch building | ' | ' | ' | ' | ' | $11,100,000 | ' | ' | ' | ' | ' | ' |
Recognized before-tax gain | ' | ' | -592,000 | -262,000 | -1,072,000 | 8,900,000 | ' | ' | ' | ' | ' | ' |
Loan fees amortized and included in interest income | ' | ' | 7,427,000 | 10,765,000 | 6,264,000 | ' | ' | ' | ' | ' | ' | ' |
Minimum days, related to accrual of interest on discontinued commercial and consumer loans | ' | ' | '90 days | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Maximum days, related to accrual of interest on discontinued commercial and consumer loans | ' | ' | '120 days | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Sustained period of repayment performance in restructured loans | ' | ' | '6 months | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Bank premises and equipment, useful life | ' | ' | ' | ' | ' | ' | ' | ' | '3 years | '15 years | '5 years | '40 years |
Real estate acquired in foreclosure or other settlement of loans | ' | ' | 38,182,000 | 49,484,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Advertising expense | ' | ' | 3,777,000 | 4,270,000 | 4,172,000 | ' | ' | ' | ' | ' | ' | ' |
Amortization expense on intangible assets | ' | ' | 1,969,000 | 2,852,000 | 2,429,000 | ' | ' | ' | ' | ' | ' | ' |
Intangible assets amortization period | ' | ' | ' | ' | ' | ' | '1 year | '7 years | ' | ' | ' | ' |
Total goodwill | ' | ' | 375,547,000 | 375,583,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Stock based compensation expense | ' | ' | $1,786,000 | $1,908,000 | $1,133,000 | ' | ' | ' | ' | ' | ' | ' |
Equivalents from stock options | ' | ' | 72,626 | 32,399 | 33,931 | ' | ' | ' | ' | ' | ' | ' |
Restricted shares, granted | 52,825 | 52,700 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Restricted shares, vesting period | 'Four-year | 'Four-year | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Summary_of_Significant_Account4
Summary of Significant Accounting Policies - Reconciliation of Numerator and Denominator of Basic Earnings Per Share with that of Diluted Earnings Per Share (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Regulatory Assets [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Distributed earnings allocated to common stock | ' | ' | ' | ' | ' | ' | ' | ' | $62,982 | $62,286 | $56,827 |
Undistributed earnings allocated to common stock | ' | ' | ' | ' | ' | ' | ' | ' | 22,512 | 20,245 | 18,783 |
Net earnings allocated to common shareholders | ' | ' | ' | ' | ' | ' | ' | ' | $85,494 | $82,531 | $75,610 |
Average common shares outstanding | 50,417,000 | 50,379,000 | 50,346,000 | 50,302,000 | 50,276,000 | 50,276,000 | 50,275,000 | 50,235,000 | 50,353,452 | 50,265,620 | 46,803,432 |
Equivalents from stock options | ' | ' | ' | ' | ' | ' | ' | ' | 72,626 | 32,399 | 33,931 |
Average diluted shares outstanding | 50,564,000 | 50,473,000 | 50,402,000 | 50,332,000 | 50,295,000 | 50,295,000 | 50,308,000 | 50,301,000 | 50,426,078 | 50,298,019 | 46,837,363 |
Earnings per basic common share | $0.39 | $0.44 | $0.44 | $0.43 | $0.42 | $0.38 | $0.42 | $0.42 | $1.70 | $1.64 | $1.62 |
Earnings per diluted common share | $0.39 | $0.44 | $0.44 | $0.43 | $0.42 | $0.38 | $0.42 | $0.42 | $1.70 | $1.64 | $1.61 |
Mergers_and_Acquisition_Additi
Mergers and Acquisition - Additional Information (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Jan. 31, 2014 | Dec. 31, 2013 |
Virginia Commerce Bancorp, Inc. [Member] | Subsequent [Member] | Centra Financial Holdings Inc [Member] | |||
Outstanding common stock acquired | ' | ' | ' | 100.00% | ' |
Total assets at consummation | $8,735,324,000 | $8,420,013,000 | ' | ' | $2,770,000,000 |
Loans at consummation | 6,713,599,000 | 6,517,780,000 | ' | ' | 2,100,000,000 |
Deposits at consummation | 6,621,571,000 | 6,752,986,000 | ' | ' | 2,020,000,000 |
Common stock, par value | $2.50 | $2.50 | $1 | ' | ' |
Outstanding share of common stock | ' | ' | 0.5442 | ' | ' |
Issue of common stock | ' | ' | 18,300,000 | ' | ' |
Issue of options to purchase upon conversion of Commerce's stock options | ' | ' | 441,000 | ' | ' |
Common stock paid in cash | ' | ' | 8,000 | ' | ' |
Warrant held and purchased by TARP Capital Purchase Program | ' | ' | $33,263,000 | ' | ' |
Investment_Securities_Summary_
Investment Securities - Summary of Amortized Cost and Estimated Fair Values of Available for Sale Securities (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Schedule of Investments [Line Items] | ' | ' |
Amortized Cost | $813,049 | $673,315 |
Gross Unrealized Gains | 6,238 | 11,027 |
Gross Unrealized Losses | 44,003 | 58,717 |
Estimated Fair Value | 775,284 | 625,625 |
Cumulative OTTI in AOCI | 34,757 | 46,980 |
U.S. Treasury Securities and Obligations of U.S. Government Corporations and Agencies [Member] | ' | ' |
Schedule of Investments [Line Items] | ' | ' |
Amortized Cost | 172,324 | 336,747 |
Gross Unrealized Gains | 178 | 827 |
Gross Unrealized Losses | 748 | 52 |
Estimated Fair Value | 171,754 | 337,522 |
Cumulative OTTI in AOCI | 0 | 0 |
State and Political Subdivisions [Member] | ' | ' |
Schedule of Investments [Line Items] | ' | ' |
Amortized Cost | 60,861 | 76,765 |
Gross Unrealized Gains | 1,874 | 3,664 |
Gross Unrealized Losses | 26 | 1 |
Estimated Fair Value | 62,709 | 80,428 |
Cumulative OTTI in AOCI | 0 | 0 |
Residential Mortgage-Backed Securities, Agency [Member] | ' | ' |
Schedule of Investments [Line Items] | ' | ' |
Amortized Cost | 215,788 | 101,769 |
Gross Unrealized Gains | 2,491 | 4,741 |
Gross Unrealized Losses | 1,815 | 0 |
Estimated Fair Value | 216,464 | 106,510 |
Cumulative OTTI in AOCI | 0 | 0 |
Residential Mortgage-Backed Securities, Non-agency [Member] | ' | ' |
Schedule of Investments [Line Items] | ' | ' |
Amortized Cost | 16,369 | 24,569 |
Gross Unrealized Gains | 163 | 934 |
Gross Unrealized Losses | 0 | 458 |
Estimated Fair Value | 16,532 | 25,045 |
Cumulative OTTI in AOCI | 458 | 458 |
Commercial Mortgage-Backed Securities Agency [Member] | ' | ' |
Schedule of Investments [Line Items] | ' | ' |
Amortized Cost | 241,947 | ' |
Gross Unrealized Gains | 225 | ' |
Gross Unrealized Losses | 8,740 | ' |
Estimated Fair Value | 233,432 | ' |
Cumulative OTTI in AOCI | 0 | ' |
Asset-Backed Securities [Member] | ' | ' |
Schedule of Investments [Line Items] | ' | ' |
Amortized Cost | 9,257 | 11,729 |
Gross Unrealized Gains | 1 | 0 |
Gross Unrealized Losses | 31 | 20 |
Estimated Fair Value | 9,227 | 11,709 |
Cumulative OTTI in AOCI | 0 | 0 |
Trust Preferred Collateralized Debt Obligations [Member] | ' | ' |
Schedule of Investments [Line Items] | ' | ' |
Amortized Cost | 73,862 | 94,794 |
Gross Unrealized Gains | 210 | 5 |
Gross Unrealized Losses | 30,623 | 54,186 |
Estimated Fair Value | 43,449 | 40,613 |
Cumulative OTTI in AOCI | 34,299 | 46,522 |
Single Issue Trust Preferred Securities [Member] | ' | ' |
Schedule of Investments [Line Items] | ' | ' |
Amortized Cost | 14,346 | 15,286 |
Gross Unrealized Gains | 305 | 312 |
Gross Unrealized Losses | 2,019 | 3,469 |
Estimated Fair Value | 12,632 | 12,129 |
Cumulative OTTI in AOCI | 0 | 0 |
Other Corporate Securities [Member] | ' | ' |
Schedule of Investments [Line Items] | ' | ' |
Amortized Cost | 4,996 | 4,996 |
Gross Unrealized Gains | 219 | 287 |
Gross Unrealized Losses | 0 | 0 |
Estimated Fair Value | 5,215 | 5,283 |
Cumulative OTTI in AOCI | 0 | 0 |
Marketable Equity Securities [Member] | ' | ' |
Schedule of Investments [Line Items] | ' | ' |
Amortized Cost | 3,299 | 6,660 |
Gross Unrealized Gains | 572 | 257 |
Gross Unrealized Losses | 1 | 531 |
Estimated Fair Value | 3,870 | 6,386 |
Cumulative OTTI in AOCI | $0 | $0 |
Investment_Securities_Summary_1
Investment Securities - Summary of Securities Available for Sale in an Unrealized Loss Position (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Schedule of Investments [Line Items] | ' | ' |
Less than 12 months, Fair Value | $442,162 | $33,892 |
Less than 12 months, Unrealized Losses | 11,362 | 580 |
12 months or longer, Fair Value | 35,402 | 59,026 |
12 months or longer, Unrealized Losses | 32,641 | 58,137 |
U.S. Treasury Securities and Obligations of U.S. Government Corporations and Agencies [Member] | ' | ' |
Schedule of Investments [Line Items] | ' | ' |
Less than 12 months, Fair Value | 61,517 | 25,170 |
Less than 12 months, Unrealized Losses | 748 | 52 |
12 months or longer, Fair Value | 0 | 0 |
12 months or longer, Unrealized Losses | 0 | 0 |
State and Political Subdivisions [Member] | ' | ' |
Schedule of Investments [Line Items] | ' | ' |
Less than 12 months, Fair Value | 2,353 | 126 |
Less than 12 months, Unrealized Losses | 26 | 1 |
12 months or longer, Fair Value | 0 | 0 |
12 months or longer, Unrealized Losses | 0 | 0 |
Residential Mortgage-Backed Securities, Agency [Member] | ' | ' |
Schedule of Investments [Line Items] | ' | ' |
Less than 12 months, Fair Value | 160,835 | ' |
Less than 12 months, Unrealized Losses | 1,815 | ' |
12 months or longer, Fair Value | 0 | ' |
12 months or longer, Unrealized Losses | 0 | ' |
Commercial Mortgage-Backed Securities Agency [Member] | ' | ' |
Schedule of Investments [Line Items] | ' | ' |
Less than 12 months, Fair Value | 208,979 | ' |
Less than 12 months, Unrealized Losses | 8,740 | ' |
12 months or longer, Fair Value | 0 | ' |
12 months or longer, Unrealized Losses | 0 | ' |
Residential Mortgage-Backed Securities, Non-agency [Member] | ' | ' |
Schedule of Investments [Line Items] | ' | ' |
Less than 12 months, Fair Value | ' | 0 |
Less than 12 months, Unrealized Losses | ' | 0 |
12 months or longer, Fair Value | ' | 10,879 |
12 months or longer, Unrealized Losses | ' | 458 |
Asset-Backed Securities [Member] | ' | ' |
Schedule of Investments [Line Items] | ' | ' |
Less than 12 months, Fair Value | 7,976 | 7,993 |
Less than 12 months, Unrealized Losses | 31 | 20 |
12 months or longer, Fair Value | 0 | 0 |
12 months or longer, Unrealized Losses | 0 | 0 |
Trust Preferred Collateralized Debt Obligations [Member] | ' | ' |
Schedule of Investments [Line Items] | ' | ' |
Less than 12 months, Fair Value | 0 | 0 |
Less than 12 months, Unrealized Losses | 0 | 0 |
12 months or longer, Fair Value | 27,167 | 40,613 |
12 months or longer, Unrealized Losses | 30,623 | 54,186 |
Single Issue Trust Preferred Securities [Member] | ' | ' |
Schedule of Investments [Line Items] | ' | ' |
Less than 12 months, Fair Value | 502 | 0 |
Less than 12 months, Unrealized Losses | 2 | 0 |
12 months or longer, Fair Value | 8,210 | 7,221 |
12 months or longer, Unrealized Losses | 2,017 | 3,469 |
Marketable Equity Securities [Member] | ' | ' |
Schedule of Investments [Line Items] | ' | ' |
Less than 12 months, Fair Value | 0 | 603 |
Less than 12 months, Unrealized Losses | 0 | 507 |
12 months or longer, Fair Value | 25 | 313 |
12 months or longer, Unrealized Losses | $1 | $24 |
Investment_Securities_Summary_2
Investment Securities - Summary of Gains or Losses on Proceeds from Maturities, Sales and Calls of Available for Sale Securities by Specific Identification Method (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Investments Debt And Equity Securities [Abstract] | ' | ' | ' |
Proceeds from maturities, sales and calls | $698,264 | $1,996,547 | $1,486,936 |
Gross realized gains | 1,259 | 157 | 1,729 |
Gross realized losses | $43 | $141 | $311 |
Investment_Securities_Addition
Investment Securities - Additional Information (Detail) (USD $) | 12 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | 3 Months Ended | 12 Months Ended | 12 Months Ended | ||||||||||||||||||||||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | |
Securities | Wells Fargo [Member] | SunTrust Bank [Member] | Royal Bank of Scotland [Member] | Split Rated [Member] | Below Investment Grade [Member] | Marketable Equity Securities [Member] | Marketable Equity Securities [Member] | Residential Mortgage-Backed Securities, Non-agency [Member] | Residential Mortgage-Backed Securities, Non-agency [Member] | Single Issue Trust Preferred [Member] | U.S. Treasury Securities and Obligations of U.S. Government Corporations and Agencies [Member] | U.S. Treasury Securities and Obligations of U.S. Government Corporations and Agencies [Member] | Commercial Mortgage-Backed Securities Agency [Member] | Residential Mortgage-Backed Securities, Agency [Member] | Residential Mortgage-Backed Securities, Agency [Member] | Originated Prior to 2005 [Member] | Originated in 2006 and 2007 [Member] | TRUP CDOs [Member] | TRUP CDOs [Member] | TRUP CDOs [Member] | TRUP CDOs [Member] | TRUP CDOs [Member] | TRUP CDOs [Member] | TRUP CDOs [Member] | Mortgage Backed Securities [Member] | Mortgage Backed Securities [Member] | |||
Securities | Below Investment Grade [Member] | Securities | Likely Sold Four Securities [Member] | Split Rated [Member] | Below Investment Grade [Member] | Investment Grade [Member] | |||||||||||||||||||||||
Schedule of Investments [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Gross unrealized losses on available for sale securities | $44,003,000 | $58,717,000 | ' | ' | ' | ' | ' | ' | $1,000 | $531,000 | $0 | $458,000 | ' | $748,000 | $52,000 | $8,740,000 | $1,815,000 | $0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Available for sale securities in unrealized loss position | 89 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Available for sale securities in portfolio, number | 281 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Amortized cost agency residential mortgage securities | 813,049,000 | 673,315,000 | ' | ' | ' | ' | ' | ' | 3,299,000 | 6,660,000 | 16,369,000 | 24,569,000 | ' | 172,324,000 | 336,747,000 | 241,947,000 | 215,788,000 | 101,769,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Amortized cost | ' | ' | ' | ' | ' | ' | ' | ' | 3,300,000 | ' | 16,370,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Amortized cost above investment grade | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 6,310,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Amortized cost below investment grade | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 10,060,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of portfolio of non-agency mortgage backed securities with collateral | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 47.00% | 53.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Credit-related other-than-temporary impairment recognized in earnings | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 6,360,000 | 7,200,000 | 5,970,000 | ' | ' | ' | ' | ' | ' |
Noncredit-related other-than-temporary impairment recognized in accumulated other comprehensive income (loss) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5,220,000 | 12,220,000 | 7,940,000 | ' | ' | ' | ' | ' | ' |
Capitalization of banks, equal to or greater than, in the single-issue trust preferred portfolio | 10,000,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of trust preferred securities deferring interest payments | 2 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Amortized cost of trust preferred securities | 632,000 | ' | ' | 9,900,000 | 7,390,000 | 972,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Defer interest payments, maximum period | '5 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Amortized cost of available for sale single issue trust preferred securities | ' | ' | ' | ' | ' | ' | 2,980,000 | 11,230,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Amortized cost of available for sale TRUP CDOs and single issue trust preferred securities in an unrealized loss position 12 months or longer | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 10,230,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5,000,000 | ' | ' | ' | ' |
Period of general widening in overall risk premiums | '4 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Credit-related other-than-temporary impairment | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4,030,000 | ' | 2,330,000 | ' | ' | ' | ' | ' |
Issue of Trup Cdos securities | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4 | ' | ' | ' | ' | ' | ' | ' |
Issue of Additional Trup Cdos securities | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1 | ' | ' | ' | ' | ' | ' | ' |
Excluded Trup Cdos securities | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5 | ' | ' | ' | ' | ' | ' | ' |
Noncredit related other-than-temporary impairment, net of deferred taxes | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3,390,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Noncredit-related other-than-temporary impairment recognized | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 34,300,000 | 34,300,000 | 46,520,000 | ' | ' | ' | ' | ' | ' |
Amortized cost of available for sale TRUP CDOs and single issue trust preferred securities in an unrealized loss position 12 months or longer | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 62,280,000 | 6,580,000 | ' | ' |
New issuance of Preferred Stock estimated | 60,000,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Recognized cumulative credit-related other-than-temporary impairment | 860,000 | 4,955,000 | 20,958,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Other-than-temporarily impaired, the collateralization ratios low | 93.60% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Other-than-temporarily impaired, the collateralization ratios high | 209.20% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Other-than-temporarily impaired, the collateralization ratios median | 133.40% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Other-than-temporarily impaired, the collateralization ratios weighted average | 158.97% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Security other-than-temporarily impaired | 100.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of equity securities other-than-temporarily impaired | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Available-for-sale securities amortized cost | 813,049,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 474,104,000 | ' |
Available-for-sale securities estimated fair value | 775,284,000 | 625,625,000 | ' | ' | ' | ' | ' | ' | 3,870,000 | 6,386,000 | 16,532,000 | 25,045,000 | ' | 171,754,000 | 337,522,000 | 233,432,000 | 216,464,000 | 106,510,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 466,428,000 | ' |
Held-to-maturity securities amortized cost | 40,965,000 | 43,467,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 10,762,000 | 10,916,000 | ' | 50,000 | 61,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 50,000 | ' |
Held-to-maturity securities estimated fair value | 38,293,000 | 42,695,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 12,451,000 | 13,416,000 | ' | 59,000 | 71,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 59,000 | ' |
Carrying value of securities pledged | 640,870,000 | 569,680,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Mortgage backed securities net unrealized gains | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $7,667,000 | $5,227,000 |
Aggregate book value percentage of securities to shareholders' equity | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 10.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Investment_Securities_Summary_3
Investment Securities - Summary of Unrealized Loss Positions of Available for Sale TRUP CDOs and Single Issue Trust Preferred Securities (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Assumptions Utilized In Other Than Temporary Impairment Analysis Of Securities [Line Items] | ' | ' |
Fair Value | $35,402 | $59,026 |
Unrealized Loss | 32,641 | 58,137 |
Trup CDOs and Single Issue Trust Preferred Securities [Member] | ' | ' |
Assumptions Utilized In Other Than Temporary Impairment Analysis Of Securities [Line Items] | ' | ' |
Amortized Cost | 73,862 | ' |
Fair Value | 43,449 | ' |
Unrealized Loss | 30,413 | ' |
Investment Grade [Member] | Trup CDOs and Single Issue Trust Preferred Securities [Member] | ' | ' |
Assumptions Utilized In Other Than Temporary Impairment Analysis Of Securities [Line Items] | ' | ' |
Amortized Cost | 6,577 | ' |
Split Rated [Member] | Trup CDOs and Single Issue Trust Preferred Securities [Member] | ' | ' |
Assumptions Utilized In Other Than Temporary Impairment Analysis Of Securities [Line Items] | ' | ' |
Amortized Cost | 5,000 | ' |
Below Investment Grade [Member] | Trup CDOs and Single Issue Trust Preferred Securities [Member] | ' | ' |
Assumptions Utilized In Other Than Temporary Impairment Analysis Of Securities [Line Items] | ' | ' |
Amortized Cost | 62,285 | ' |
Senior - Bank [Member] | Trup CDOs and Single Issue Trust Preferred Securities [Member] | ' | ' |
Assumptions Utilized In Other Than Temporary Impairment Analysis Of Securities [Line Items] | ' | ' |
Amortized Cost | 8,485 | ' |
Fair Value | 6,150 | ' |
Unrealized Loss | 2,335 | ' |
Senior - Bank [Member] | Investment Grade [Member] | Trup CDOs and Single Issue Trust Preferred Securities [Member] | ' | ' |
Assumptions Utilized In Other Than Temporary Impairment Analysis Of Securities [Line Items] | ' | ' |
Amortized Cost | 0 | ' |
Senior - Bank [Member] | Split Rated [Member] | Trup CDOs and Single Issue Trust Preferred Securities [Member] | ' | ' |
Assumptions Utilized In Other Than Temporary Impairment Analysis Of Securities [Line Items] | ' | ' |
Amortized Cost | 5,000 | ' |
Senior - Bank [Member] | Below Investment Grade [Member] | Trup CDOs and Single Issue Trust Preferred Securities [Member] | ' | ' |
Assumptions Utilized In Other Than Temporary Impairment Analysis Of Securities [Line Items] | ' | ' |
Amortized Cost | 3,485 | ' |
Senior - Insurance [Member] | Trup CDOs and Single Issue Trust Preferred Securities [Member] | ' | ' |
Assumptions Utilized In Other Than Temporary Impairment Analysis Of Securities [Line Items] | ' | ' |
Amortized Cost | 6,577 | ' |
Fair Value | 6,577 | ' |
Unrealized Loss | 0 | ' |
Senior - Insurance [Member] | Investment Grade [Member] | Trup CDOs and Single Issue Trust Preferred Securities [Member] | ' | ' |
Assumptions Utilized In Other Than Temporary Impairment Analysis Of Securities [Line Items] | ' | ' |
Amortized Cost | 6,577 | ' |
Senior - Insurance [Member] | Split Rated [Member] | Trup CDOs and Single Issue Trust Preferred Securities [Member] | ' | ' |
Assumptions Utilized In Other Than Temporary Impairment Analysis Of Securities [Line Items] | ' | ' |
Amortized Cost | 0 | ' |
Senior - Insurance [Member] | Below Investment Grade [Member] | Trup CDOs and Single Issue Trust Preferred Securities [Member] | ' | ' |
Assumptions Utilized In Other Than Temporary Impairment Analysis Of Securities [Line Items] | ' | ' |
Amortized Cost | 0 | ' |
Mezzanine - Bank (now in senior position) [Member] | Trup CDOs and Single Issue Trust Preferred Securities [Member] | ' | ' |
Assumptions Utilized In Other Than Temporary Impairment Analysis Of Securities [Line Items] | ' | ' |
Amortized Cost | 13,741 | ' |
Fair Value | 8,929 | ' |
Unrealized Loss | 4,812 | ' |
Mezzanine - Bank (now in senior position) [Member] | Investment Grade [Member] | Trup CDOs and Single Issue Trust Preferred Securities [Member] | ' | ' |
Assumptions Utilized In Other Than Temporary Impairment Analysis Of Securities [Line Items] | ' | ' |
Amortized Cost | 0 | ' |
Mezzanine - Bank (now in senior position) [Member] | Split Rated [Member] | Trup CDOs and Single Issue Trust Preferred Securities [Member] | ' | ' |
Assumptions Utilized In Other Than Temporary Impairment Analysis Of Securities [Line Items] | ' | ' |
Amortized Cost | 0 | ' |
Mezzanine - Bank (now in senior position) [Member] | Below Investment Grade [Member] | Trup CDOs and Single Issue Trust Preferred Securities [Member] | ' | ' |
Assumptions Utilized In Other Than Temporary Impairment Analysis Of Securities [Line Items] | ' | ' |
Amortized Cost | 13,741 | ' |
Mezzanine - Bank [Member] | Trup CDOs and Single Issue Trust Preferred Securities [Member] | ' | ' |
Assumptions Utilized In Other Than Temporary Impairment Analysis Of Securities [Line Items] | ' | ' |
Amortized Cost | 34,583 | ' |
Fair Value | 14,501 | ' |
Unrealized Loss | 20,082 | ' |
Mezzanine - Bank [Member] | Investment Grade [Member] | Trup CDOs and Single Issue Trust Preferred Securities [Member] | ' | ' |
Assumptions Utilized In Other Than Temporary Impairment Analysis Of Securities [Line Items] | ' | ' |
Amortized Cost | 0 | ' |
Mezzanine - Bank [Member] | Split Rated [Member] | Trup CDOs and Single Issue Trust Preferred Securities [Member] | ' | ' |
Assumptions Utilized In Other Than Temporary Impairment Analysis Of Securities [Line Items] | ' | ' |
Amortized Cost | 0 | ' |
Mezzanine - Bank [Member] | Below Investment Grade [Member] | Trup CDOs and Single Issue Trust Preferred Securities [Member] | ' | ' |
Assumptions Utilized In Other Than Temporary Impairment Analysis Of Securities [Line Items] | ' | ' |
Amortized Cost | 34,583 | ' |
Mezzanine - Insurance [Member] | Trup CDOs and Single Issue Trust Preferred Securities [Member] | ' | ' |
Assumptions Utilized In Other Than Temporary Impairment Analysis Of Securities [Line Items] | ' | ' |
Amortized Cost | 5,330 | ' |
Fair Value | 5,330 | ' |
Unrealized Loss | 0 | ' |
Mezzanine - Insurance [Member] | Investment Grade [Member] | Trup CDOs and Single Issue Trust Preferred Securities [Member] | ' | ' |
Assumptions Utilized In Other Than Temporary Impairment Analysis Of Securities [Line Items] | ' | ' |
Amortized Cost | 0 | ' |
Mezzanine - Insurance [Member] | Split Rated [Member] | Trup CDOs and Single Issue Trust Preferred Securities [Member] | ' | ' |
Assumptions Utilized In Other Than Temporary Impairment Analysis Of Securities [Line Items] | ' | ' |
Amortized Cost | 0 | ' |
Mezzanine - Insurance [Member] | Below Investment Grade [Member] | Trup CDOs and Single Issue Trust Preferred Securities [Member] | ' | ' |
Assumptions Utilized In Other Than Temporary Impairment Analysis Of Securities [Line Items] | ' | ' |
Amortized Cost | 5,330 | ' |
Mezzanine - Bank & Insurance (combination) [Member] | Trup CDOs and Single Issue Trust Preferred Securities [Member] | ' | ' |
Assumptions Utilized In Other Than Temporary Impairment Analysis Of Securities [Line Items] | ' | ' |
Amortized Cost | 5,146 | ' |
Fair Value | 1,962 | ' |
Unrealized Loss | 3,184 | ' |
Mezzanine - Bank & Insurance (combination) [Member] | Investment Grade [Member] | Trup CDOs and Single Issue Trust Preferred Securities [Member] | ' | ' |
Assumptions Utilized In Other Than Temporary Impairment Analysis Of Securities [Line Items] | ' | ' |
Amortized Cost | 0 | ' |
Mezzanine - Bank & Insurance (combination) [Member] | Split Rated [Member] | Trup CDOs and Single Issue Trust Preferred Securities [Member] | ' | ' |
Assumptions Utilized In Other Than Temporary Impairment Analysis Of Securities [Line Items] | ' | ' |
Amortized Cost | 0 | ' |
Mezzanine - Bank & Insurance (combination) [Member] | Below Investment Grade [Member] | Trup CDOs and Single Issue Trust Preferred Securities [Member] | ' | ' |
Assumptions Utilized In Other Than Temporary Impairment Analysis Of Securities [Line Items] | ' | ' |
Amortized Cost | $5,146 | ' |
Investment_Securities_Roll_For
Investment Securities - Roll Forward of Credit Losses on Securities (Detail) (USD $) | 12 Months Ended |
In Thousands, unless otherwise specified | Dec. 31, 2013 |
Investments Debt And Equity Securities [Abstract] | ' |
Cumulative credit losses, Beginning Balance | $63,114 |
Additions for credit losses on securities for which OTTI was not previously recognized | 1,267 |
Additions for additional credit losses on securities for which OTTI was previously recognized | 6,065 |
Cumulative credit losses, Ending Balance | $70,446 |
Investment_Securities_Summary_4
Investment Securities - Summary of Maturities of Securities Available for Sale by Amortized Cost and Estimated Fair Value (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Investments Debt And Equity Securities [Abstract] | ' | ' |
Due in one year or less, Amortized Cost | $28,837 | ' |
Due after one year through five years, Amortized Cost | 217,415 | ' |
Due after five years through ten years, Amortized Cost | 292,460 | ' |
Due after ten years, Amortized Cost | 271,038 | ' |
Marketable equity securities, Amortized Cost | 3,299 | ' |
Amortized Cost, Total | 813,049 | ' |
Due in one year or less, Estimated Fair Value | 28,960 | ' |
Due after one year through five years, Estimated Fair Value | 218,498 | ' |
Due after five years through ten years, Estimated Fair Value | 286,534 | ' |
Due after ten years, Estimated Fair Value | 237,422 | ' |
Marketable equity securities, Estimated Fair Value | 3,870 | ' |
Total available for sale securities | $775,284 | $625,625 |
Investment_Securities_Summary_5
Investment Securities - Summary of Amortized Cost and Estimated Fair Values of Securities Held to Maturity (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
Schedule of Investments [Line Items] | ' | ' |
Amortized Cost | $40,965,000 | $43,467,000 |
Gross Unrealized Gains | 1,735,000 | 2,618,000 |
Gross Unrealized Losses | 4,407,000 | 3,390,000 |
Estimated Fair Value | 38,293,000 | 42,695,000 |
U.S. Treasury Securities and Obligations of U.S. Government Corporations and Agencies [Member] | ' | ' |
Schedule of Investments [Line Items] | ' | ' |
Amortized Cost | 10,762,000 | 10,916,000 |
Gross Unrealized Gains | 1,689,000 | 2,500,000 |
Gross Unrealized Losses | 0 | 0 |
Estimated Fair Value | 12,451,000 | 13,416,000 |
State and Political Subdivisions [Member] | ' | ' |
Schedule of Investments [Line Items] | ' | ' |
Amortized Cost | 10,367,000 | 12,515,000 |
Gross Unrealized Gains | 37,000 | 108,000 |
Gross Unrealized Losses | 299,000 | 0 |
Estimated Fair Value | 10,105,000 | 12,623,000 |
Residential Mortgage-Backed Securities, Agency [Member] | ' | ' |
Schedule of Investments [Line Items] | ' | ' |
Amortized Cost | 50,000 | 61,000 |
Gross Unrealized Gains | 9,000 | 10,000 |
Gross Unrealized Losses | 0 | 0 |
Estimated Fair Value | 59,000 | 71,000 |
Single Issue Trust Preferred Securities [Member] | ' | ' |
Schedule of Investments [Line Items] | ' | ' |
Amortized Cost | 19,766,000 | 19,750,000 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | 4,108,000 | 3,390,000 |
Estimated Fair Value | 15,658,000 | 16,360,000 |
Other Corporate Securities [Member] | ' | ' |
Schedule of Investments [Line Items] | ' | ' |
Amortized Cost | 20,000 | 225,000 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | 0 | 0 |
Estimated Fair Value | $20,000 | $225,000 |
Investment_Securities_Summary_6
Investment Securities - Summary of Gross Realized Gains and Losses on Calls and Sales of Held to Maturity Securities Included in Earnings (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Amortized Cost And Fair Value Debt Securities [Abstract] | ' | ' | ' |
Gross realized gains | $114 | $352 | $1 |
Gross realized losses | $0 | $0 | $0 |
Investment_Securities_Summary_7
Investment Securities - Summary of Maturities of Debt Securities Held to Maturity by Amortized Cost and Estimated Fair Value (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Investments Debt And Equity Securities [Abstract] | ' | ' |
Due in one year or less, Amortized Cost | $555 | ' |
Due after one year through five years, Amortized Cost | 6,683 | ' |
Due after five years through ten years, Amortized Cost | 13,026 | ' |
Due after ten years, Amortized Cost | 20,701 | ' |
Amortized Cost, Total | 40,965 | 43,467 |
Due in one year or less, Estimated Fair Value | 556 | ' |
Due after one year through five years, Estimated Fair Value | 7,312 | ' |
Due after five years through ten years, Estimated Fair Value | 13,821 | ' |
Due after ten years, Estimated Fair Value | 16,604 | ' |
Estimated Fair Value, Total | $38,293 | $42,695 |
Investment_Securities_Maturiti
Investment Securities - Maturities and Weighted-Average Yields of Securities (Detail) (USD $) | Dec. 31, 2013 |
In Thousands, unless otherwise specified | |
Schedule of Held-to-maturity Securities [Line Items] | ' |
Securities matured Within 1 Year, Amount | $555 |
Securities matured After 1 But Within 5 Years, Amount | 6,683 |
Securities matured After 5 But Within 10 Years, Amount | 13,026 |
Securities matured After 10 Years, Amount | 20,701 |
U.S. Treasury Securities and Obligations of U.S. Government Corporations and Agencies [Member] | ' |
Schedule of Held-to-maturity Securities [Line Items] | ' |
Securities matured Within 1 Year, Amount | 14,998 |
Weighted-average Within 1 Year, Yield | 0.26% |
Securities matured After 1 But Within 5 Years, Amount | 117,261 |
Weighted-average After 1 But Within 5 Years, Yield | 1.06% |
Securities matured After 5 But Within 10 Years, Amount | 50,826 |
Weighted-average After 5 But Within 10 Years, Yield | 1.12% |
Securities matured After 10 Years, Amount | 0 |
Weighted-average After 10 Years, Yield | 0.00% |
State and Political Subdivisions [Member] | ' |
Schedule of Held-to-maturity Securities [Line Items] | ' |
Securities matured Within 1 Year, Amount | 14,383 |
Weighted-average Within 1 Year, Yield | 4.07% |
Securities matured After 1 But Within 5 Years, Amount | 28,895 |
Weighted-average After 1 But Within 5 Years, Yield | 5.66% |
Securities matured After 5 But Within 10 Years, Amount | 24,037 |
Weighted-average After 5 But Within 10 Years, Yield | 6.38% |
Securities matured After 10 Years, Amount | 3,912 |
Weighted-average After 10 Years, Yield | 6.78% |
Residential Mortgage-Backed Securities, Agency [Member] | ' |
Schedule of Held-to-maturity Securities [Line Items] | ' |
Securities matured Within 1 Year, Amount | 12 |
Weighted-average Within 1 Year, Yield | 6.00% |
Securities matured After 1 But Within 5 Years, Amount | 7,130 |
Weighted-average After 1 But Within 5 Years, Yield | 3.56% |
Securities matured After 5 But Within 10 Years, Amount | 45,918 |
Weighted-average After 5 But Within 10 Years, Yield | 3.73% |
Securities matured After 10 Years, Amount | 162,778 |
Weighted-average After 10 Years, Yield | 2.34% |
Residential Mortgage-Backed Securities, Non-agency [Member] | ' |
Schedule of Held-to-maturity Securities [Line Items] | ' |
Securities matured Within 1 Year, Amount | 0 |
Weighted-average Within 1 Year, Yield | 0.00% |
Securities matured After 1 But Within 5 Years, Amount | 443 |
Weighted-average After 1 But Within 5 Years, Yield | 4.58% |
Securities matured After 5 But Within 10 Years, Amount | 6,872 |
Weighted-average After 5 But Within 10 Years, Yield | 5.02% |
Securities matured After 10 Years, Amount | 9,054 |
Weighted-average After 10 Years, Yield | 5.82% |
Commercial Mortgage-backed Agency [Member] | ' |
Schedule of Held-to-maturity Securities [Line Items] | ' |
Securities matured Within 1 Year, Amount | 0 |
Weighted-average Within 1 Year, Yield | 0.00% |
Securities matured After 1 But Within 5 Years, Amount | 54,449 |
Weighted-average After 1 But Within 5 Years, Yield | 1.19% |
Securities matured After 5 But Within 10 Years, Amount | 179,499 |
Weighted-average After 5 But Within 10 Years, Yield | 2.21% |
Securities matured After 10 Years, Amount | 7,999 |
Weighted-average After 10 Years, Yield | 2.75% |
Asset-Backed Securities [Member] | ' |
Schedule of Held-to-maturity Securities [Line Items] | ' |
Securities matured Within 1 Year, Amount | 0 |
Weighted-average Within 1 Year, Yield | 0.00% |
Securities matured After 1 But Within 5 Years, Amount | 8,008 |
Weighted-average After 1 But Within 5 Years, Yield | 0.69% |
Securities matured After 5 But Within 10 Years, Amount | 1,249 |
Weighted-average After 5 But Within 10 Years, Yield | 0.35% |
Securities matured After 10 Years, Amount | 0 |
Weighted-average After 10 Years, Yield | 0.00% |
Trust Preferred Collateralized Debt Obligations [Member] | ' |
Schedule of Held-to-maturity Securities [Line Items] | ' |
Securities matured Within 1 Year, Amount | 0 |
Weighted-average Within 1 Year, Yield | 0.00% |
Securities matured After 1 But Within 5 Years, Amount | 0 |
Weighted-average After 1 But Within 5 Years, Yield | 0.00% |
Securities matured After 5 But Within 10 Years, Amount | 0 |
Weighted-average After 5 But Within 10 Years, Yield | 0.00% |
Securities matured After 10 Years, Amount | 73,862 |
Weighted-average After 10 Years, Yield | 4.58% |
Single Issue Trust Preferred Securities [Member] | ' |
Schedule of Held-to-maturity Securities [Line Items] | ' |
Securities matured Within 1 Year, Amount | 0 |
Weighted-average Within 1 Year, Yield | 0.00% |
Securities matured After 1 But Within 5 Years, Amount | 0 |
Weighted-average After 1 But Within 5 Years, Yield | 0.00% |
Securities matured After 5 But Within 10 Years, Amount | 0 |
Weighted-average After 5 But Within 10 Years, Yield | 0.00% |
Securities matured After 10 Years, Amount | 34,112 |
Weighted-average After 10 Years, Yield | 2.40% |
Marketable Equity Securities [Member] | ' |
Schedule of Held-to-maturity Securities [Line Items] | ' |
Securities matured Within 1 Year, Amount | 0 |
Weighted-average Within 1 Year, Yield | 0.00% |
Securities matured After 1 But Within 5 Years, Amount | 0 |
Weighted-average After 1 But Within 5 Years, Yield | 0.00% |
Securities matured After 5 But Within 10 Years, Amount | 0 |
Weighted-average After 5 But Within 10 Years, Yield | 0.00% |
Securities matured After 10 Years, Amount | 3,299 |
Weighted-average After 10 Years, Yield | 2.47% |
Other Corporate Securities [Member] | ' |
Schedule of Held-to-maturity Securities [Line Items] | ' |
Securities matured Within 1 Year, Amount | 0 |
Weighted-average Within 1 Year, Yield | 0.00% |
Securities matured After 1 But Within 5 Years, Amount | 4,996 |
Weighted-average After 1 But Within 5 Years, Yield | 2.73% |
Securities matured After 5 But Within 10 Years, Amount | 0 |
Weighted-average After 5 But Within 10 Years, Yield | 0.00% |
Securities matured After 10 Years, Amount | $20 |
Weighted-average After 10 Years, Yield | 0.00% |
Investment_Securities_Maturiti1
Investment Securities - Maturities and Weighted-Average Yields of Securities (Parenthetical) (Detail) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Amortized Cost And Fair Value Debt Securities [Abstract] | ' | ' | ' |
Tax on income before taxes at statutory federal rate, rate | 35.00% | 35.00% | 35.00% |
Loans_Classes_of_Loans_Detail
Loans - Classes of Loans (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Total commercial, financial & agricultural | $3,911,103 | $3,846,409 |
Residential real estate | 1,821,378 | 1,838,252 |
Construction & land development | 670,364 | 550,677 |
Bankcard | 11,023 | 11,236 |
Other Consumer | 299,731 | 271,206 |
Less: Unearned interest | -9,016 | -6,364 |
Loans net of unearned income | 6,704,583 | 6,511,416 |
Owner-Occupied [Member] | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Commercial real estate | 654,963 | 728,906 |
Nonowner-Occupied [Member] | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Commercial real estate | 1,917,785 | 1,740,420 |
Other Commercial [Member] | ' | ' |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' |
Commercial real estate | $1,338,355 | $1,377,083 |
Loans_Additional_Information_D
Loans - Additional Information (Detail) (USD $) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Loans [Abstract] | ' | ' |
Loans held for sale | $4,236,000 | $17,762,000 |
Acquired impaired loans from merger | 31,099,000 | 33,206,000 |
Percentage of acquired impaired loans from merger on total gross loans | 1.00% | 1.00% |
Recorded investment in acquired impaired loans | 52,237,000 | 55,685,000 |
Loans-in-process | 43,158,000 | 68,255,000 |
Overdrafts from deposit accounts | 4,344,000 | 11,231,000 |
Related party loans | 150,798,000 | 150,638,000 |
Additional amount of loan | 208,970,000 | ' |
Repayment of Loan | $208,810,000 | ' |
Loans_Activity_for_Accretable_
Loans - Activity for Accretable Yield (Detail) (USD $) | 12 Months Ended |
In Thousands, unless otherwise specified | Dec. 31, 2013 |
Loans [Abstract] | ' |
Accretable yield at the beginning of the period | $2,331 |
Accretion (including cash recoveries) | -3,192 |
Net reclassifications to accretable from non-accretable | 3,373 |
Disposals (including maturities, foreclosures, and charge-offs) | -261 |
Accretable yield at the ending of the period | $2,251 |
Credit_Quality_Additional_Info
Credit Quality - Additional Information (Detail) (USD $) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Minimum days for discontinue of accrual interest on commercial and consumer loan | '90 days | ' |
Maximum days for discontinue of accrual interest on commercial and consumer loan | '120 days | ' |
Troubled debt restructuring | $8,157,000 | $3,175,000 |
Loans on nonaccrual status | 861,000 | 375,000 |
Restructured loans modified by reduction in interest | 4,267,000 | ' |
Restructured Loan and Interest | 2,954,000 | ' |
Restructured loans modified by reduction in interest | 936,000 | 651,000 |
Restructured loans and interest | $2,166,000 | $375,000 |
Number of days required for substandard | '90 days | ' |
Minimum [Member] | ' | ' |
Number of days required for special mention | '30 days | ' |
Maximum [Member] | ' | ' |
Number of days required for special mention | '89 days | ' |
Credit_Quality_Schedule_of_Tro
Credit Quality - Schedule of Troubled Debt Restructurings, Segregated by Class of Loans (Detail) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Contract | Contract | |
Financing Receivable, Modifications [Line Items] | ' | ' |
Number of Contracts | 7 | 2 |
Pre-Modification Outstanding Recorded Investment | $6,010 | $1,371 |
Post-Modification Outstanding Recorded Investment | 5,422 | 1,026 |
Owner-Occupied [Member] | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' |
Number of Contracts | 4 | 0 |
Pre-Modification Outstanding Recorded Investment | 5,143 | 0 |
Post-Modification Outstanding Recorded Investment | 4,561 | 0 |
Nonowner-Occupied [Member] | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' |
Number of Contracts | 2 | 0 |
Pre-Modification Outstanding Recorded Investment | 762 | 0 |
Post-Modification Outstanding Recorded Investment | 757 | 0 |
Other Commercial [Member] | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' |
Number of Contracts | 0 | 0 |
Pre-Modification Outstanding Recorded Investment | 0 | 0 |
Post-Modification Outstanding Recorded Investment | 0 | 0 |
Residential Real Estate [Member] | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' |
Number of Contracts | 1 | 1 |
Pre-Modification Outstanding Recorded Investment | 105 | 640 |
Post-Modification Outstanding Recorded Investment | 104 | 651 |
Construction & Land Development [Member] | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' |
Number of Contracts | 0 | 1 |
Pre-Modification Outstanding Recorded Investment | 0 | 731 |
Post-Modification Outstanding Recorded Investment | 0 | 375 |
Bankcard [Member] | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' |
Number of Contracts | 0 | 0 |
Pre-Modification Outstanding Recorded Investment | 0 | 0 |
Post-Modification Outstanding Recorded Investment | 0 | 0 |
Other Consumer [Member] | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' |
Number of Contracts | 0 | 0 |
Pre-Modification Outstanding Recorded Investment | 0 | 0 |
Post-Modification Outstanding Recorded Investment | $0 | $0 |
Credit_Quality_Schedule_of_Cha
Credit Quality - Schedule of Charged-off Troubled Debt Restructurings on Financing Receivables (Detail) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Contract | Contract | |
Financing Receivable Modifications Number Of Contracts [Line Items] | ' | ' |
Number of Contracts | 1 | 1 |
Recorded Investment | $375 | $375 |
Owner-Occupied [Member] | ' | ' |
Financing Receivable Modifications Number Of Contracts [Line Items] | ' | ' |
Number of Contracts | 0 | 0 |
Recorded Investment | 0 | 0 |
Nonowner-Occupied [Member] | ' | ' |
Financing Receivable Modifications Number Of Contracts [Line Items] | ' | ' |
Number of Contracts | 0 | 0 |
Recorded Investment | 0 | 0 |
Other Commercial [Member] | ' | ' |
Financing Receivable Modifications Number Of Contracts [Line Items] | ' | ' |
Number of Contracts | 0 | 0 |
Recorded Investment | 0 | 0 |
Residential Real Estate [Member] | ' | ' |
Financing Receivable Modifications Number Of Contracts [Line Items] | ' | ' |
Number of Contracts | 0 | 0 |
Recorded Investment | 0 | 0 |
Construction & Land Development [Member] | ' | ' |
Financing Receivable Modifications Number Of Contracts [Line Items] | ' | ' |
Number of Contracts | 1 | 1 |
Recorded Investment | 375 | 375 |
Bankcard [Member] | ' | ' |
Financing Receivable Modifications Number Of Contracts [Line Items] | ' | ' |
Number of Contracts | 0 | 0 |
Recorded Investment | 0 | 0 |
Other Consumer [Member] | ' | ' |
Financing Receivable Modifications Number Of Contracts [Line Items] | ' | ' |
Number of Contracts | 0 | 0 |
Recorded Investment | $0 | $0 |
Credit_Quality_Schedule_of_Age
Credit Quality - Schedule of Age Analysis of its Past Due Loans, Segregated by Class of Loans (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
Loans, 30-89 Days Past Due | $173,186 | $109,640 |
Loans, 90 Days or more Past Due | 73,833 | 90,002 |
Loans, Total Past Due | 247,019 | 199,642 |
Loans, Current | 6,466,580 | 6,318,138 |
Total gross loans | 6,713,599 | 6,517,780 |
Loans, Recorded Investment >90 Days & Accruing | 11,044 | 18,068 |
Owner-Occupied [Member] | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
Loans, 30-89 Days Past Due | 14,144 | 11,122 |
Loans, 90 Days or more Past Due | 4,537 | 16,691 |
Loans, Total Past Due | 18,681 | 27,813 |
Loans, Current | 636,282 | 701,093 |
Total gross loans | 654,963 | 728,906 |
Loans, Recorded Investment >90 Days & Accruing | 1,383 | 4,038 |
Nonowner-Occupied [Member] | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
Loans, 30-89 Days Past Due | 30,836 | 12,793 |
Loans, 90 Days or more Past Due | 11,725 | 11,643 |
Loans, Total Past Due | 42,561 | 24,436 |
Loans, Current | 1,875,224 | 1,715,984 |
Total gross loans | 1,917,785 | 1,740,420 |
Loans, Recorded Investment >90 Days & Accruing | 186 | 2,549 |
Other Commercial [Member] | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
Loans, 30-89 Days Past Due | 54,319 | 8,379 |
Loans, 90 Days or more Past Due | 11,794 | 20,808 |
Loans, Total Past Due | 66,113 | 29,187 |
Loans, Current | 1,272,242 | 1,347,896 |
Total gross loans | 1,338,355 | 1,377,083 |
Loans, Recorded Investment >90 Days & Accruing | 896 | 1,687 |
Residential Real Estate [Member] | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
Loans, 30-89 Days Past Due | 54,271 | 54,168 |
Loans, 90 Days or more Past Due | 25,446 | 22,095 |
Loans, Total Past Due | 79,717 | 76,263 |
Loans, Current | 1,741,661 | 1,761,989 |
Total gross loans | 1,821,378 | 1,838,252 |
Loans, Recorded Investment >90 Days & Accruing | 5,214 | 7,363 |
Construction & Land Development [Member] | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
Loans, 30-89 Days Past Due | 9,921 | 14,046 |
Loans, 90 Days or more Past Due | 18,491 | 16,918 |
Loans, Total Past Due | 28,412 | 30,964 |
Loans, Current | 641,952 | 519,713 |
Total gross loans | 670,364 | 550,677 |
Loans, Recorded Investment >90 Days & Accruing | 1,611 | 654 |
Bankcard [Member] | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
Loans, 30-89 Days Past Due | 229 | 394 |
Loans, 90 Days or more Past Due | 128 | 164 |
Loans, Total Past Due | 357 | 558 |
Loans, Current | 10,666 | 10,678 |
Total gross loans | 11,023 | 11,236 |
Loans, Recorded Investment >90 Days & Accruing | 128 | 164 |
Other Consumer [Member] | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
Loans, 30-89 Days Past Due | 9,466 | 8,738 |
Loans, 90 Days or more Past Due | 1,712 | 1,683 |
Loans, Total Past Due | 11,178 | 10,421 |
Loans, Current | 288,553 | 260,785 |
Total gross loans | 299,731 | 271,206 |
Loans, Recorded Investment >90 Days & Accruing | $1,626 | $1,613 |
Credit_Quality_Schedule_of_Non
Credit Quality - Schedule of Nonaccrual Loans, Segregated by Class of Loans (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Non Accrual Loans Segregated By Class Of Loans [Line Items] | ' | ' |
Loans on Nonaccrual Status | $62,789 | $71,934 |
Owner-Occupied [Member] | ' | ' |
Non Accrual Loans Segregated By Class Of Loans [Line Items] | ' | ' |
Loans on Nonaccrual Status | 3,154 | 12,653 |
Nonowner-Occupied [Member] | ' | ' |
Non Accrual Loans Segregated By Class Of Loans [Line Items] | ' | ' |
Loans on Nonaccrual Status | 11,539 | 9,094 |
Other Commercial [Member] | ' | ' |
Non Accrual Loans Segregated By Class Of Loans [Line Items] | ' | ' |
Loans on Nonaccrual Status | 10,898 | 19,121 |
Residential Real Estate [Member] | ' | ' |
Non Accrual Loans Segregated By Class Of Loans [Line Items] | ' | ' |
Loans on Nonaccrual Status | 20,232 | 14,732 |
Construction & Land Development [Member] | ' | ' |
Non Accrual Loans Segregated By Class Of Loans [Line Items] | ' | ' |
Loans on Nonaccrual Status | 16,880 | 16,264 |
Bankcard [Member] | ' | ' |
Non Accrual Loans Segregated By Class Of Loans [Line Items] | ' | ' |
Loans on Nonaccrual Status | 0 | 0 |
Other Consumer [Member] | ' | ' |
Non Accrual Loans Segregated By Class Of Loans [Line Items] | ' | ' |
Loans on Nonaccrual Status | $86 | $70 |
Credit_Quality_Schedule_of_Cre
Credit Quality - Schedule of Credit Quality Indicators Information, by Class of Loans (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Financing receivable, credit quality indicators information | $6,713,599 | $6,517,780 |
Owner-Occupied [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Financing receivable, credit quality indicators information | 654,963 | 728,906 |
Owner-Occupied [Member] | Pass [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Financing receivable, credit quality indicators information | 604,129 | 669,157 |
Owner-Occupied [Member] | Special Mention [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Financing receivable, credit quality indicators information | 27,576 | 25,487 |
Owner-Occupied [Member] | Substandard [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Financing receivable, credit quality indicators information | 23,258 | 34,262 |
Owner-Occupied [Member] | Doubtful [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Financing receivable, credit quality indicators information | 0 | 0 |
Nonowner-Occupied [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Financing receivable, credit quality indicators information | 1,917,785 | 1,740,420 |
Nonowner-Occupied [Member] | Pass [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Financing receivable, credit quality indicators information | 1,811,915 | 1,621,338 |
Nonowner-Occupied [Member] | Special Mention [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Financing receivable, credit quality indicators information | 45,617 | 54,399 |
Nonowner-Occupied [Member] | Substandard [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Financing receivable, credit quality indicators information | 60,253 | 64,683 |
Nonowner-Occupied [Member] | Doubtful [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Financing receivable, credit quality indicators information | 0 | 0 |
Other Commercial [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Financing receivable, credit quality indicators information | 1,338,355 | 1,377,083 |
Other Commercial [Member] | Pass [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Financing receivable, credit quality indicators information | 1,206,030 | 1,286,471 |
Other Commercial [Member] | Special Mention [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Financing receivable, credit quality indicators information | 60,668 | 31,293 |
Other Commercial [Member] | Substandard [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Financing receivable, credit quality indicators information | 71,148 | 57,386 |
Other Commercial [Member] | Doubtful [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Financing receivable, credit quality indicators information | 509 | 1,933 |
Construction & Land Development [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Financing receivable, credit quality indicators information | 670,364 | 550,677 |
Construction & Land Development [Member] | Pass [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Financing receivable, credit quality indicators information | 510,911 | 392,096 |
Construction & Land Development [Member] | Special Mention [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Financing receivable, credit quality indicators information | 63,375 | 92,667 |
Construction & Land Development [Member] | Substandard [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Financing receivable, credit quality indicators information | 96,078 | 65,914 |
Construction & Land Development [Member] | Doubtful [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Financing receivable, credit quality indicators information | 0 | 0 |
Residential Real Estate [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Financing receivable, credit quality indicators information | 1,821,378 | 1,838,252 |
Residential Real Estate [Member] | Pass [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Financing receivable, credit quality indicators information | 1,773,244 | 1,800,377 |
Residential Real Estate [Member] | Special Mention [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Financing receivable, credit quality indicators information | 13,006 | 7,866 |
Residential Real Estate [Member] | Substandard [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Financing receivable, credit quality indicators information | 35,128 | 30,009 |
Residential Real Estate [Member] | Doubtful [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Financing receivable, credit quality indicators information | 0 | 0 |
Bankcard [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Financing receivable, credit quality indicators information | 11,023 | 11,236 |
Bankcard [Member] | Pass [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Financing receivable, credit quality indicators information | 10,666 | 10,678 |
Bankcard [Member] | Special Mention [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Financing receivable, credit quality indicators information | 229 | 394 |
Bankcard [Member] | Substandard [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Financing receivable, credit quality indicators information | 128 | 164 |
Bankcard [Member] | Doubtful [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Financing receivable, credit quality indicators information | 0 | 0 |
Other Consumer [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Financing receivable, credit quality indicators information | 299,731 | 271,206 |
Other Consumer [Member] | Pass [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Financing receivable, credit quality indicators information | 288,401 | 271,054 |
Other Consumer [Member] | Special Mention [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Financing receivable, credit quality indicators information | 9,466 | 0 |
Other Consumer [Member] | Substandard [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Financing receivable, credit quality indicators information | 1,712 | 152 |
Other Consumer [Member] | Doubtful [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Financing receivable, credit quality indicators information | $152 | $0 |
Credit_Quality_Schedule_of_Imp
Credit Quality - Schedule of Impaired Loans Information by Class of Loans (Detail) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Owner-Occupied [Member] | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' |
Impaired Loans, Recorded Investment | $9,030 | $16,875 |
Impaired Loans, Unpaid Principal Balance | 9,030 | 17,563 |
Impaired Loans, Related Allowance | 638 | 397 |
Impaired Loans, Average Recorded Investment | 13,922 | 13,311 |
Impaired Loans, Interest Income Recognized | 401 | 821 |
Nonowner-Occupied [Member] | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' |
Impaired Loans, Recorded Investment | 15,288 | 14,330 |
Impaired Loans, Unpaid Principal Balance | 17,214 | 19,024 |
Impaired Loans, Related Allowance | 1,631 | 1,154 |
Impaired Loans, Average Recorded Investment | 16,520 | 26,870 |
Impaired Loans, Interest Income Recognized | 483 | 498 |
Other Commercial [Member] | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' |
Impaired Loans, Recorded Investment | 23,596 | 30,646 |
Impaired Loans, Unpaid Principal Balance | 33,993 | 35,912 |
Impaired Loans, Related Allowance | 2,192 | 7,564 |
Impaired Loans, Average Recorded Investment | 27,679 | 31,448 |
Impaired Loans, Interest Income Recognized | 2,114 | 2,147 |
Residential Real Estate [Member] | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' |
Impaired Loans, Recorded Investment | 19,678 | 12,670 |
Impaired Loans, Unpaid Principal Balance | 20,384 | 16,185 |
Impaired Loans, Related Allowance | 4,112 | 1,427 |
Impaired Loans, Average Recorded Investment | 15,220 | 19,971 |
Impaired Loans, Interest Income Recognized | 641 | 798 |
Construction & Land Development [Member] | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' |
Impaired Loans, Recorded Investment | 24,916 | 20,715 |
Impaired Loans, Unpaid Principal Balance | 29,495 | 27,118 |
Impaired Loans, Related Allowance | 3,752 | 3,659 |
Impaired Loans, Average Recorded Investment | 22,698 | 31,008 |
Impaired Loans, Interest Income Recognized | 431 | 607 |
Bankcard [Member] | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' |
Impaired Loans, Recorded Investment | 0 | 0 |
Impaired Loans, Unpaid Principal Balance | 0 | 0 |
Impaired Loans, Related Allowance | 0 | 0 |
Impaired Loans, Average Recorded Investment | 0 | 0 |
Impaired Loans, Interest Income Recognized | 0 | 0 |
Other Consumer [Member] | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' |
Impaired Loans, Recorded Investment | 152 | 152 |
Impaired Loans, Unpaid Principal Balance | 152 | 152 |
Impaired Loans, Related Allowance | 152 | 0 |
Impaired Loans, Average Recorded Investment | 152 | 165 |
Impaired Loans, Interest Income Recognized | 0 | 0 |
Impaired Loans with no Related Allowance Recorded [Member] | Owner-Occupied [Member] | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' |
Impaired Loans, Recorded Investment | 4,672 | 15,591 |
Impaired Loans, Unpaid Principal Balance | 4,672 | 16,279 |
Impaired Loans, Related Allowance | 0 | 0 |
Impaired Loans, Average Recorded Investment | 11,379 | 12,160 |
Impaired Loans, Interest Income Recognized | 242 | 770 |
Impaired Loans with no Related Allowance Recorded [Member] | Nonowner-Occupied [Member] | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' |
Impaired Loans, Recorded Investment | 5,938 | 10,907 |
Impaired Loans, Unpaid Principal Balance | 6,651 | 14,601 |
Impaired Loans, Related Allowance | 0 | 0 |
Impaired Loans, Average Recorded Investment | 10,168 | 23,393 |
Impaired Loans, Interest Income Recognized | 194 | 431 |
Impaired Loans with no Related Allowance Recorded [Member] | Other Commercial [Member] | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' |
Impaired Loans, Recorded Investment | 10,292 | 3,036 |
Impaired Loans, Unpaid Principal Balance | 17,753 | 5,501 |
Impaired Loans, Related Allowance | 0 | 0 |
Impaired Loans, Average Recorded Investment | 11,550 | 5,208 |
Impaired Loans, Interest Income Recognized | 1,828 | 178 |
Impaired Loans with no Related Allowance Recorded [Member] | Residential Real Estate [Member] | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' |
Impaired Loans, Recorded Investment | 12,009 | 7,035 |
Impaired Loans, Unpaid Principal Balance | 12,193 | 9,157 |
Impaired Loans, Related Allowance | 0 | 0 |
Impaired Loans, Average Recorded Investment | 9,211 | 10,982 |
Impaired Loans, Interest Income Recognized | 358 | 418 |
Impaired Loans with no Related Allowance Recorded [Member] | Construction & Land Development [Member] | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' |
Impaired Loans, Recorded Investment | 13,866 | 7,682 |
Impaired Loans, Unpaid Principal Balance | 14,662 | 10,089 |
Impaired Loans, Related Allowance | 0 | 0 |
Impaired Loans, Average Recorded Investment | 9,305 | 18,104 |
Impaired Loans, Interest Income Recognized | 373 | 285 |
Impaired Loans with no Related Allowance Recorded [Member] | Bankcard [Member] | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' |
Impaired Loans, Recorded Investment | 0 | 0 |
Impaired Loans, Unpaid Principal Balance | 0 | 0 |
Impaired Loans, Related Allowance | 0 | 0 |
Impaired Loans, Average Recorded Investment | 0 | 0 |
Impaired Loans, Interest Income Recognized | 0 | 0 |
Impaired Loans with no Related Allowance Recorded [Member] | Other Consumer [Member] | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' |
Impaired Loans, Recorded Investment | 0 | 152 |
Impaired Loans, Unpaid Principal Balance | 0 | 152 |
Impaired Loans, Related Allowance | 0 | 0 |
Impaired Loans, Average Recorded Investment | 114 | 165 |
Impaired Loans, Interest Income Recognized | 0 | 0 |
Impaired Loans with an Allowance Recorded [Member] | Owner-Occupied [Member] | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' |
Impaired Loans, Recorded Investment | 4,358 | 1,284 |
Impaired Loans, Unpaid Principal Balance | 4,358 | 1,284 |
Impaired Loans, Related Allowance | 638 | 397 |
Impaired Loans, Average Recorded Investment | 2,543 | 1,151 |
Impaired Loans, Interest Income Recognized | 159 | 51 |
Impaired Loans with an Allowance Recorded [Member] | Nonowner-Occupied [Member] | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' |
Impaired Loans, Recorded Investment | 9,350 | 3,423 |
Impaired Loans, Unpaid Principal Balance | 10,563 | 4,423 |
Impaired Loans, Related Allowance | 1,631 | 1,154 |
Impaired Loans, Average Recorded Investment | 6,352 | 3,477 |
Impaired Loans, Interest Income Recognized | 289 | 67 |
Impaired Loans with an Allowance Recorded [Member] | Other Commercial [Member] | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' |
Impaired Loans, Recorded Investment | 13,304 | 27,610 |
Impaired Loans, Unpaid Principal Balance | 16,240 | 30,411 |
Impaired Loans, Related Allowance | 2,192 | 7,564 |
Impaired Loans, Average Recorded Investment | 16,129 | 26,240 |
Impaired Loans, Interest Income Recognized | 286 | 1,969 |
Impaired Loans with an Allowance Recorded [Member] | Residential Real Estate [Member] | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' |
Impaired Loans, Recorded Investment | 7,669 | 5,635 |
Impaired Loans, Unpaid Principal Balance | 8,191 | 7,028 |
Impaired Loans, Related Allowance | 4,112 | 1,427 |
Impaired Loans, Average Recorded Investment | 6,009 | 8,989 |
Impaired Loans, Interest Income Recognized | 283 | 380 |
Impaired Loans with an Allowance Recorded [Member] | Construction & Land Development [Member] | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' |
Impaired Loans, Recorded Investment | 11,050 | 13,033 |
Impaired Loans, Unpaid Principal Balance | 14,833 | 17,029 |
Impaired Loans, Related Allowance | 3,752 | 3,659 |
Impaired Loans, Average Recorded Investment | 13,393 | 12,904 |
Impaired Loans, Interest Income Recognized | 58 | 322 |
Impaired Loans with an Allowance Recorded [Member] | Bankcard [Member] | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' |
Impaired Loans, Recorded Investment | 0 | 0 |
Impaired Loans, Unpaid Principal Balance | 0 | 0 |
Impaired Loans, Related Allowance | 0 | 0 |
Impaired Loans, Average Recorded Investment | 0 | 0 |
Impaired Loans, Interest Income Recognized | 0 | 0 |
Impaired Loans with an Allowance Recorded [Member] | Other Consumer [Member] | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' |
Impaired Loans, Recorded Investment | 152 | 0 |
Impaired Loans, Unpaid Principal Balance | 152 | 0 |
Impaired Loans, Related Allowance | 152 | 0 |
Impaired Loans, Average Recorded Investment | 38 | 0 |
Impaired Loans, Interest Income Recognized | $0 | $0 |
Allowance_for_Credit_Losses_Ad
Allowance for Credit Losses - Additional Information (Detail) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' |
Specific loss allocations are calculated for loans in excess | $500 | ' |
Number of days for collecting principal or interest on consumer loans | '90 days | ' |
Minimum collection period for home equity loan or high loan to value loan | '180 days | ' |
Retail credits amount deemed unrecoverable charged-off period | '60 days | ' |
Retail credits charged off period after discovery of the fraud | '90 days | ' |
Reserve for lending-related commitments | $2,143 | $1,656 |
Closed-End Retail Loans [Member] | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' |
Number of days delinquent from contractual due date | '120 days | ' |
Open-End Loans [Member] | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' |
Number of days delinquent from contractual due date | '180 days | ' |
Allowance_for_Credit_Losses_Pr
Allowance for Credit Losses - Progression of Allowance for Credit Losses Including Allowance for Credit Losses and Reserve for Lending-Related Commitments (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Receivables [Abstract] | ' | ' | ' |
Balance at beginning of period | $75,557 | $75,727 | $75,039 |
Provision for credit losses | 19,754 | 17,665 | 16,988 |
Financing receivable allowance and provisions for credit losses | 95,311 | 93,392 | 92,027 |
Loans charged off | 21,006 | 20,555 | 19,605 |
Less recoveries | 2,036 | 2,720 | 3,305 |
Net charge-offs | 18,970 | 17,835 | 16,300 |
Balance at end of period | $76,341 | $75,557 | $75,727 |
Allowance_for_Credit_Losses_Sc
Allowance for Credit Losses - Schedule of Allowance for Loan Losses and Carrying Amount of Loans (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Allowance for Loan Losses: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Beginning balance | ' | ' | ' | $73,901 | ' | ' | ' | $73,874 | $73,901 | $73,874 | ' |
Charge-offs | ' | ' | ' | ' | ' | ' | ' | ' | 21,006 | 20,555 | ' |
Recoveries | ' | ' | ' | ' | ' | ' | ' | ' | 2,036 | 2,720 | ' |
Provision | 4,343 | 4,777 | 4,960 | 5,187 | 5,947 | 4,346 | 3,436 | 4,133 | 19,267 | 17,862 | 17,141 |
Ending balance | 74,198 | ' | ' | ' | 73,901 | ' | ' | ' | 74,198 | 73,901 | 73,874 |
Ending Balance: individually evaluated for impairment | 12,477 | ' | ' | ' | 13,790 | ' | ' | ' | 12,477 | 13,790 | ' |
Ending Balance: collectively evaluated for impairment | 61,721 | ' | ' | ' | 60,111 | ' | ' | ' | 61,721 | 60,111 | ' |
Ending Balance: loans acquired with deteriorated credit quality | 0 | ' | ' | ' | 0 | ' | ' | ' | 0 | 0 | ' |
Financing receivables: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Ending balance | 6,713,599 | ' | ' | ' | 6,517,780 | ' | ' | ' | 6,713,599 | 6,517,780 | ' |
Ending Balance: individually evaluated for impairment | 81,302 | ' | ' | ' | 81,940 | ' | ' | ' | 81,302 | 81,940 | ' |
Ending Balance: collectively evaluated for impairment | 6,601,198 | ' | ' | ' | 6,402,634 | ' | ' | ' | 6,601,198 | 6,402,634 | ' |
Ending Balance: loans acquired with deteriorated credit quality | 31,099 | ' | ' | ' | 33,206 | ' | ' | ' | 31,099 | 33,206 | ' |
Owner-Occupied [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Allowance for Loan Losses: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Beginning balance | ' | ' | ' | 3,877 | ' | ' | ' | 3,670 | 3,877 | 3,670 | ' |
Charge-offs | ' | ' | ' | ' | ' | ' | ' | ' | 5,344 | 801 | ' |
Recoveries | ' | ' | ' | ' | ' | ' | ' | ' | 150 | 60 | ' |
Provision | ' | ' | ' | ' | ' | ' | ' | ' | 6,970 | 948 | ' |
Ending balance | 5,653 | ' | ' | ' | 3,877 | ' | ' | ' | 5,653 | 3,877 | ' |
Ending Balance: individually evaluated for impairment | 638 | ' | ' | ' | 417 | ' | ' | ' | 638 | 417 | ' |
Ending Balance: collectively evaluated for impairment | 5,015 | ' | ' | ' | 3,460 | ' | ' | ' | 5,015 | 3,460 | ' |
Ending Balance: loans acquired with deteriorated credit quality | 0 | ' | ' | ' | 0 | ' | ' | ' | 0 | 0 | ' |
Financing receivables: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Ending balance | 654,963 | ' | ' | ' | 728,906 | ' | ' | ' | 654,963 | 728,906 | ' |
Ending Balance: individually evaluated for impairment | 7,157 | ' | ' | ' | 14,474 | ' | ' | ' | 7,157 | 14,474 | ' |
Ending Balance: collectively evaluated for impairment | 646,548 | ' | ' | ' | 712,776 | ' | ' | ' | 646,548 | 712,776 | ' |
Ending Balance: loans acquired with deteriorated credit quality | 1,258 | ' | ' | ' | 1,656 | ' | ' | ' | 1,258 | 1,656 | ' |
Nonowner-Occupied [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Allowance for Loan Losses: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Beginning balance | ' | ' | ' | 12,876 | ' | ' | ' | 11,647 | 12,876 | 11,647 | ' |
Charge-offs | ' | ' | ' | ' | ' | ' | ' | ' | 1,164 | 2,608 | ' |
Recoveries | ' | ' | ' | ' | ' | ' | ' | ' | 56 | 122 | ' |
Provision | ' | ' | ' | ' | ' | ' | ' | ' | -2,776 | 3,715 | ' |
Ending balance | 8,992 | ' | ' | ' | 12,876 | ' | ' | ' | 8,992 | 12,876 | ' |
Ending Balance: individually evaluated for impairment | 1,631 | ' | ' | ' | 1,154 | ' | ' | ' | 1,631 | 1,154 | ' |
Ending Balance: collectively evaluated for impairment | 7,361 | ' | ' | ' | 11,722 | ' | ' | ' | 7,361 | 11,722 | ' |
Ending Balance: loans acquired with deteriorated credit quality | 0 | ' | ' | ' | 0 | ' | ' | ' | 0 | 0 | ' |
Financing receivables: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Ending balance | 1,917,785 | ' | ' | ' | 1,740,420 | ' | ' | ' | 1,917,785 | 1,740,420 | ' |
Ending Balance: individually evaluated for impairment | 13,913 | ' | ' | ' | 12,101 | ' | ' | ' | 13,913 | 12,101 | ' |
Ending Balance: collectively evaluated for impairment | 1,894,421 | ' | ' | ' | 1,718,913 | ' | ' | ' | 1,894,421 | 1,718,913 | ' |
Ending Balance: loans acquired with deteriorated credit quality | 9,451 | ' | ' | ' | 9,406 | ' | ' | ' | 9,451 | 9,406 | ' |
Other Commercial [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Allowance for Loan Losses: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Beginning balance | ' | ' | ' | 20,511 | ' | ' | ' | 20,803 | 20,511 | 20,803 | ' |
Charge-offs | ' | ' | ' | ' | ' | ' | ' | ' | 7,699 | 3,619 | ' |
Recoveries | ' | ' | ' | ' | ' | ' | ' | ' | 641 | 1,362 | ' |
Provision | ' | ' | ' | ' | ' | ' | ' | ' | 7,464 | 1,965 | ' |
Ending balance | 20,917 | ' | ' | ' | 20,511 | ' | ' | ' | 20,917 | 20,511 | ' |
Ending Balance: individually evaluated for impairment | 2,192 | ' | ' | ' | 7,564 | ' | ' | ' | 2,192 | 7,564 | ' |
Ending Balance: collectively evaluated for impairment | 18,725 | ' | ' | ' | 12,947 | ' | ' | ' | 18,725 | 12,947 | ' |
Ending Balance: loans acquired with deteriorated credit quality | 0 | ' | ' | ' | 0 | ' | ' | ' | 0 | 0 | ' |
Financing receivables: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Ending balance | 1,338,355 | ' | ' | ' | 1,377,083 | ' | ' | ' | 1,338,355 | 1,377,083 | ' |
Ending Balance: individually evaluated for impairment | 22,327 | ' | ' | ' | 28,997 | ' | ' | ' | 22,327 | 28,997 | ' |
Ending Balance: collectively evaluated for impairment | 1,314,543 | ' | ' | ' | 1,346,600 | ' | ' | ' | 1,314,543 | 1,346,600 | ' |
Ending Balance: loans acquired with deteriorated credit quality | 1,485 | ' | ' | ' | 1,486 | ' | ' | ' | 1,485 | 1,486 | ' |
Residential Real Estate [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Allowance for Loan Losses: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Beginning balance | ' | ' | ' | 14,895 | ' | ' | ' | 13,880 | 14,895 | 13,880 | ' |
Charge-offs | ' | ' | ' | ' | ' | ' | ' | ' | 4,111 | 8,882 | ' |
Recoveries | ' | ' | ' | ' | ' | ' | ' | ' | 698 | 821 | ' |
Provision | ' | ' | ' | ' | ' | ' | ' | ' | 5,212 | 9,076 | ' |
Ending balance | 16,694 | ' | ' | ' | 14,895 | ' | ' | ' | 16,694 | 14,895 | ' |
Ending Balance: individually evaluated for impairment | 4,112 | ' | ' | ' | 996 | ' | ' | ' | 4,112 | 996 | ' |
Ending Balance: collectively evaluated for impairment | 12,582 | ' | ' | ' | 13,899 | ' | ' | ' | 12,582 | 13,899 | ' |
Ending Balance: loans acquired with deteriorated credit quality | 0 | ' | ' | ' | 0 | ' | ' | ' | 0 | 0 | ' |
Financing receivables: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Ending balance | 1,821,378 | ' | ' | ' | 1,838,252 | ' | ' | ' | 1,821,378 | 1,838,252 | ' |
Ending Balance: individually evaluated for impairment | 16,160 | ' | ' | ' | 8,541 | ' | ' | ' | 16,160 | 8,541 | ' |
Ending Balance: collectively evaluated for impairment | 1,802,686 | ' | ' | ' | 1,826,196 | ' | ' | ' | 1,802,686 | 1,826,196 | ' |
Ending Balance: loans acquired with deteriorated credit quality | 2,532 | ' | ' | ' | 3,515 | ' | ' | ' | 2,532 | 3,515 | ' |
Construction & Land Development [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Allowance for Loan Losses: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Beginning balance | ' | ' | ' | 18,858 | ' | ' | ' | 19,151 | 18,858 | 19,151 | ' |
Charge-offs | ' | ' | ' | ' | ' | ' | ' | ' | 896 | 3,099 | ' |
Recoveries | ' | ' | ' | ' | ' | ' | ' | ' | 73 | 54 | ' |
Provision | ' | ' | ' | ' | ' | ' | ' | ' | 918 | 2,752 | ' |
Ending balance | 18,953 | ' | ' | ' | 18,858 | ' | ' | ' | 18,953 | 18,858 | ' |
Ending Balance: individually evaluated for impairment | 3,752 | ' | ' | ' | 3,659 | ' | ' | ' | 3,752 | 3,659 | ' |
Ending Balance: collectively evaluated for impairment | 15,201 | ' | ' | ' | 15,199 | ' | ' | ' | 15,201 | 15,199 | ' |
Ending Balance: loans acquired with deteriorated credit quality | 0 | ' | ' | ' | 0 | ' | ' | ' | 0 | 0 | ' |
Financing receivables: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Ending balance | 670,364 | ' | ' | ' | 550,677 | ' | ' | ' | 670,364 | 550,677 | ' |
Ending Balance: individually evaluated for impairment | 21,593 | ' | ' | ' | 17,827 | ' | ' | ' | 21,593 | 17,827 | ' |
Ending Balance: collectively evaluated for impairment | 632,407 | ' | ' | ' | 515,718 | ' | ' | ' | 632,407 | 515,718 | ' |
Ending Balance: loans acquired with deteriorated credit quality | 16,364 | ' | ' | ' | 17,132 | ' | ' | ' | 16,364 | 17,132 | ' |
Consumer [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Allowance for Loan Losses: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Beginning balance | ' | ' | ' | 2,620 | ' | ' | ' | 2,151 | 2,620 | 2,151 | ' |
Charge-offs | ' | ' | ' | ' | ' | ' | ' | ' | 1,792 | 1,546 | ' |
Recoveries | ' | ' | ' | ' | ' | ' | ' | ' | 418 | 301 | ' |
Provision | ' | ' | ' | ' | ' | ' | ' | ' | 1,699 | 1,714 | ' |
Ending balance | 2,945 | ' | ' | ' | 2,620 | ' | ' | ' | 2,945 | 2,620 | ' |
Ending Balance: individually evaluated for impairment | 152 | ' | ' | ' | 0 | ' | ' | ' | 152 | 0 | ' |
Ending Balance: collectively evaluated for impairment | 2,793 | ' | ' | ' | 2,620 | ' | ' | ' | 2,793 | 2,620 | ' |
Ending Balance: loans acquired with deteriorated credit quality | 0 | ' | ' | ' | 0 | ' | ' | ' | 0 | 0 | ' |
Financing receivables: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Ending balance | 310,754 | ' | ' | ' | 282,442 | ' | ' | ' | 310,754 | 282,442 | ' |
Ending Balance: individually evaluated for impairment | 152 | ' | ' | ' | 0 | ' | ' | ' | 152 | 0 | ' |
Ending Balance: collectively evaluated for impairment | 310,593 | ' | ' | ' | 282,431 | ' | ' | ' | 310,593 | 282,431 | ' |
Ending Balance: loans acquired with deteriorated credit quality | 9 | ' | ' | ' | 11 | ' | ' | ' | 9 | 11 | ' |
Allowance for Estimated Imprecision [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Allowance for Loan Losses: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Beginning balance | ' | ' | ' | 264 | ' | ' | ' | 2,572 | 264 | 2,572 | ' |
Charge-offs | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | ' |
Recoveries | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | ' |
Provision | ' | ' | ' | ' | ' | ' | ' | ' | -220 | -2,308 | ' |
Ending balance | 44 | ' | ' | ' | 264 | ' | ' | ' | 44 | 264 | ' |
Ending Balance: individually evaluated for impairment | 0 | ' | ' | ' | 0 | ' | ' | ' | 0 | 0 | ' |
Ending Balance: collectively evaluated for impairment | 44 | ' | ' | ' | 264 | ' | ' | ' | 44 | 264 | ' |
Ending Balance: loans acquired with deteriorated credit quality | 0 | ' | ' | ' | 0 | ' | ' | ' | 0 | 0 | ' |
Financing receivables: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Ending balance | 0 | ' | ' | ' | 0 | ' | ' | ' | 0 | 0 | ' |
Ending Balance: individually evaluated for impairment | 0 | ' | ' | ' | 0 | ' | ' | ' | 0 | 0 | ' |
Ending Balance: collectively evaluated for impairment | 0 | ' | ' | ' | 0 | ' | ' | ' | 0 | 0 | ' |
Ending Balance: loans acquired with deteriorated credit quality | $0 | ' | ' | ' | $0 | ' | ' | ' | $0 | $0 | ' |
Bank_Premises_and_Equipment_an2
Bank Premises and Equipment and Leases - Bank Premises and Equipment (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Property, Plant and Equipment [Line Items] | ' | ' |
Bank premises and equipment, Gross | $177,951 | $171,912 |
Less allowance for depreciation and amortization | 108,054 | 99,742 |
Bank premises and equipment, Net | 69,897 | 72,170 |
Land [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Bank premises and equipment, Gross | 23,018 | 23,166 |
Building and Improvements [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Bank premises and equipment, Gross | 83,144 | 80,997 |
Leasehold Improvements [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Bank premises and equipment, Gross | 22,092 | 20,906 |
Furniture, Fixtures and Equipment [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Bank premises and equipment, Gross | $49,697 | $46,843 |
Bank_Premises_and_Equipment_an3
Bank Premises and Equipment and Leases - Additional Information (Detail) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Office | |||
Directors | |||
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Depreciation expense | $7,912,000 | $7,790,000 | $6,966,000 |
Amortization expense | 103,000 | 103,000 | 103,000 |
Rent expense related to properties owned by related parties | 8,969,000 | 9,427,000 | 8,740,000 |
Number of offices on lease from related parties | 3 | ' | ' |
Number of former directors | 2 | ' | ' |
Two Former Founder Directors [Member] | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Rent expense related to properties owned by related parties | $999,000 | $1,755,000 | $1,044,000 |
Bank_Premises_and_Equipment_an4
Bank Premises and Equipment and Leases - Future Minimum Lease Payments (Detail) (USD $) | Dec. 31, 2013 |
In Thousands, unless otherwise specified | |
Property Plant And Equipment Useful Life And Values [Abstract] | ' |
2014 | $8,181 |
2015 | 6,903 |
2016 | 6,030 |
2017 | 5,606 |
2018 | 5,644 |
Thereafter | 11,292 |
Total minimum lease payments | $43,656 |
Goodwill_and_Other_Intangibles2
Goodwill and Other Intangibles - Summary of Intangible Assets (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Core Deposit Intangible Assets [Member] | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Gross Carrying Amount | $43,434 | $43,434 |
Accumulated Amortization | -35,296 | -33,327 |
Net Carrying Amount | 8,138 | 10,107 |
Goodwill Not Subject to Amortization [Member] | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Net Carrying Amount | $375,547 | $375,583 |
Goodwill_and_Other_Intangibles3
Goodwill and Other Intangibles - Schedule of Anticipated Amortization Expense (Detail) (USD $) | Dec. 31, 2013 |
In Thousands, unless otherwise specified | |
Goodwill And Intangible Assets Disclosure [Abstract] | ' |
2014 | $1,478 |
2015 | 1,149 |
2016 | 1,089 |
2017 | 1,047 |
2018 and thereafter | $3,375 |
Deposits_Book_Value_of_Deposit
Deposits - Book Value of Deposits (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Deposits [Abstract] | ' | ' |
Demand deposits | $1,874,520 | $1,824,411 |
Interest-bearing checking | 1,195,956 | 1,210,463 |
Regular savings | 556,183 | 523,336 |
Money market accounts | 1,224,116 | 1,203,341 |
Time deposits under $100,000 | 887,516 | 1,035,815 |
Time deposits over $100,000 | 883,280 | 955,620 |
Total deposits | $6,621,571 | $6,752,986 |
Deposits_Additional_Informatio
Deposits - Additional Information (Detail) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Deposits [Line Items] | ' | ' | ' |
Deposits | $6,621,571,000 | $6,752,986,000 | ' |
Subsidiaries [Member] | ' | ' | ' |
Deposits [Line Items] | ' | ' | ' |
Deposits | 137,428,000 | 77,167,000 | ' |
Deposits [Member] | ' | ' | ' |
Deposits [Line Items] | ' | ' | ' |
Interest paid | $27,182,000 | $33,133,000 | $39,853,000 |
ShortTerm_Borrowings_ShortTerm
Short-Term Borrowings -Short-Term Borrowings and the Related Weighted-Average Interest Rates (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
In Thousands, unless otherwise specified | |||
Short-term Debt [Line Items] | ' | ' | ' |
Short-term borrowings | $215,754 | $214,962 | ' |
Federal Funds Purchased [Member] | ' | ' | ' |
Short-term Debt [Line Items] | ' | ' | ' |
Weighted-Average Rate | 0.20% | 0.20% | 0.20% |
Short-term borrowings | 27,685 | 5,446 | 7,120 |
Securities Sold Under Agreements to Repurchase [Member] | ' | ' | ' |
Short-term Debt [Line Items] | ' | ' | ' |
Weighted-Average Rate | 0.09% | 0.09% | 0.07% |
Short-term borrowings | $188,069 | $209,516 | $247,646 |
ShortTerm_Borrowings_Additiona
Short-Term Borrowings - Additional Information (Detail) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Short-term Debt [Line Items] | ' | ' | ' |
Unused lines of credit | $234,000,000 | ' | ' |
Short-Term Borrowings [Member] | ' | ' | ' |
Short-term Debt [Line Items] | ' | ' | ' |
Interest paid | 894,000 | 304,000 | 464,000 |
Unrelated Financial Institution [Member] | ' | ' | ' |
Short-term Debt [Line Items] | ' | ' | ' |
Unused lines of credit | 10,000,000 | ' | ' |
Renewal period of line of credit | '360 days | ' | ' |
Amount of outstanding balance under line of credit | $0 | ' | ' |
ShortTerm_Borrowings_Funds_Pur
Short-Term Borrowings - Funds Purchased and Securities Sold Under Agreements to Repurchase and Weighted-Average Interest Rates (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Short-term Debt [Line Items] | ' | ' | ' |
Short-term borrowings | $215,754 | $214,962 | ' |
Federal Funds Purchased [Member] | ' | ' | ' |
Short-term Debt [Line Items] | ' | ' | ' |
Short-term borrowings | 27,685 | 5,446 | 7,120 |
Weighted-average interest rate at year-end | 0.20% | 0.20% | 0.20% |
Maximum amount outstanding at any month's end | 27,685 | 23,100 | 20,440 |
Average amount outstanding during the year | 12,595 | 16,314 | 13,377 |
Weighted-average interest rate during the year | 0.20% | 0.20% | 0.21% |
Securities Sold Under Agreements to Repurchase [Member] | ' | ' | ' |
Short-term Debt [Line Items] | ' | ' | ' |
Short-term borrowings | 188,069 | 209,516 | 247,646 |
Weighted-average interest rate at year-end | 0.09% | 0.09% | 0.07% |
Maximum amount outstanding at any month's end | 220,155 | 273,041 | 274,546 |
Average amount outstanding during the year | $199,823 | $261,558 | $242,371 |
Weighted-average interest rate during the year | 0.10% | 0.08% | 0.06% |
LongTerm_Borrowings_Additional
Long-Term Borrowings - Additional Information (Detail) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Debt Instrument [Line Items] | ' | ' | ' |
Overnight funds | $215,000,000 | $100,000,000 | ' |
FHLB advances | 592,069,000 | 186,411,000 | ' |
Number of statutory business trusts | 12 | ' | ' |
Outstanding balances of debentures | 198,628,000 | 198,515,000 | ' |
Maximum time to defer payment of interest on subordinate debt | '5 years | ' | ' |
Trust Preferred Securities limit percentage | 25.00% | ' | ' |
Federal Home Loan Bank Borrowings [Member] | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' |
Carrying value of loans pledged as collateral for FHLB advances | 3,065,080,000 | ' | ' |
Unused borrowing amount | 1,413,927,000 | ' | ' |
Long-Term Borrowings [Member] | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' |
Interest paid | $8,846,000 | $14,370,000 | $16,335,000 |
LongTerm_Borrowings_FHLB_Advan
Long-Term Borrowings - FHLB Advances and Related Weighted Average Interest Rates (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Debt Disclosure [Abstract] | ' | ' |
FHLB advances, Amount | $592,069 | $186,411 |
FHLB advances, Weighted-Average Contractual Rate | 0.56% | 2.17% |
FHLB advances, Weighted-Average Effective Rate | 0.56% | 2.17% |
LongTerm_Borrowings_Tier_One_R
Long-Term Borrowings - Tier One Regulatory capital (Detail) (USD $) | 1 Months Ended | 12 Months Ended | |||||||||||
In Thousands, unless otherwise specified | Aug. 20, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 |
Century Trust [Member] | Sequoia Trust I [Member] | United Statutory Trust III [Member] | United Statutory Trust IV [Member] | United Statutory Trust V [Member] | United Statutory Trust VI [Member] | Premier Statutory Trust II [Member] | Premier Statutory Trust III [Member] | Premier Statutory Trust IV [Member] | Premier Statutory Trust V [Member] | Centra Statutory Trust I [Member] | Centra Statutory Trust II [Member] | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Issuance Date | ' | 23-Mar-00 | 28-Mar-01 | 17-Dec-03 | 19-Dec-03 | 12-Jul-07 | 20-Sep-07 | 25-Sep-03 | 16-May-05 | 20-Jun-06 | 14-Dec-06 | 20-Sep-04 | 15-Jun-06 |
Amount of Capital Securities Issued | ' | $8,800 | $2,000 | $20,000 | $25,000 | $50,000 | $30,000 | $6,000 | $8,000 | $14,000 | $10,000 | $10,000 | $10,000 |
Interest Rate | ' | '10.875% Fixed | '10.18% Fixed | '3-month LIBOR + 2.85% | '3-month LIBOR + 2.85% | '3-month LIBOR + 1.55% | '3-month LIBOR + 1.30% | '3-month LIBOR + 3.10% | '3-month LIBOR + 1.74% | '3-month LIBOR + 1.55% | '3-month LIBOR + 1.61% | '3-month LIBOR + 2.29% | '3-month LIBOR + 1.65% |
Maturity Date | 20-Aug-12 | 8-Mar-30 | 8-Jun-31 | 17-Dec-33 | 23-Jan-34 | 1-Oct-37 | 15-Dec-37 | 8-Oct-33 | 15-Jun-35 | 23-Sep-36 | 1-Mar-37 | 20-Sep-34 | 7-Jul-36 |
Long_Term_Borrowings_Debenture
Long -Term Borrowings - Debentures and Related Weighted Average Interest Rates (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Debt Instrument [Line Items] | ' | ' |
Amount | $198,628 | $198,515 |
Century Trust [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Amount | 8,800 | 8,800 |
Weighted-Average Rate | 10.88% | 10.88% |
Sequoia Trust I [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Amount | 2,065 | 2,064 |
Weighted-Average Rate | 10.18% | 10.18% |
United Statutory Trust III [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Amount | 20,619 | 20,619 |
Weighted-Average Rate | 3.10% | 3.16% |
United Statutory Trust IV [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Amount | 25,774 | 25,774 |
Weighted-Average Rate | 3.09% | 3.16% |
United Statutory Trust V [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Amount | 51,547 | 51,547 |
Weighted-Average Rate | 1.80% | 1.91% |
United Statutory Trust VI [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Amount | 30,928 | 30,928 |
Weighted-Average Rate | 1.54% | 1.61% |
Premier Statutory Trust II [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Amount | 6,186 | 6,186 |
Weighted-Average Rate | 3.34% | 3.44% |
Premier Statutory Trust III [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Amount | 8,248 | 8,248 |
Weighted-Average Rate | 1.98% | 2.05% |
Premier Statutory Trust IV [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Amount | 14,433 | 14,433 |
Weighted-Average Rate | 1.80% | 1.86% |
Premier Statutory Trust V [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Amount | 10,310 | 10,310 |
Weighted-Average Rate | 1.85% | 1.92% |
Centra Statutory Trust I [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Amount | 9,859 | 9,803 |
Weighted-Average Rate | 2.54% | 2.60% |
Centra Statutory Trust II [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Amount | $9,859 | $9,803 |
Weighted-Average Rate | 1.89% | 1.99% |
LongTerm_Borrowings_Schedule_o
Long-Term Borrowings - Schedule of Maturities of FHLB Borrowings (Detail) (USD $) | Dec. 31, 2013 |
In Thousands, unless otherwise specified | |
Debt Disclosure [Abstract] | ' |
2014 | $321,388 |
2015 | 4,395 |
2016 | 622 |
2017 | 383 |
2018 and thereafter | 248,909 |
Total | $575,697 |
Income_Taxes_Income_Tax_Provis
Income Taxes - Income Tax Provisions Included in the Consolidated Statements of Income (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Current expense: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Federal | ' | ' | ' | ' | ' | ' | ' | ' | $32,378 | $37,623 | $23,341 |
State | ' | ' | ' | ' | ' | ' | ' | ' | 4,048 | 914 | 518 |
Deferred expense: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Federal and State | ' | ' | ' | ' | ' | ' | ' | ' | 2,990 | 337 | 10,907 |
Total income taxes | $9,252 | $10,433 | $9,576 | $10,155 | $9,983 | $9,099 | $9,905 | $9,887 | $39,416 | $38,874 | $34,766 |
Income_Taxes_Reconciliation_of
Income Taxes - Reconciliation of Income Tax Expense to the Amount Computed by Applying the Statutory Federal Income Tax Rate (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Income Tax Disclosure [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Tax on income before taxes at statutory federal rate | ' | ' | ' | ' | ' | ' | ' | ' | $43,765 | $42,519 | $38,632 |
Plus: State income taxes net of federal tax benefits | ' | ' | ' | ' | ' | ' | ' | ' | 2,392 | 594 | 336 |
Income tax before adjustments | ' | ' | ' | ' | ' | ' | ' | ' | 46,157 | 43,113 | 38,968 |
Tax-exempt interest income | ' | ' | ' | ' | ' | ' | ' | ' | -3,837 | -4,127 | -4,226 |
Other items-net | ' | ' | ' | ' | ' | ' | ' | ' | -2,904 | -112 | 24 |
Total income taxes | $9,252 | $10,433 | $9,576 | $10,155 | $9,983 | $9,099 | $9,905 | $9,887 | $39,416 | $38,874 | $34,766 |
Tax on income before taxes at statutory federal rate, rate | ' | ' | ' | ' | ' | ' | ' | ' | 35.00% | 35.00% | 35.00% |
Plus: State income taxes net of federal tax benefits, rate | ' | ' | ' | ' | ' | ' | ' | ' | 1.90% | 0.50% | 0.30% |
Income tax before adjustments, rate | ' | ' | ' | ' | ' | ' | ' | ' | 36.90% | 35.50% | 35.30% |
Increase (decrease) resulting from: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Tax-exempt interest income, rate | ' | ' | ' | ' | ' | ' | ' | ' | -3.10% | -3.40% | -3.80% |
Other items-net, rate | ' | ' | ' | ' | ' | ' | ' | ' | -2.30% | -0.10% | 0.00% |
Income taxes, rate | ' | ' | ' | ' | ' | ' | ' | ' | 31.50% | 32.00% | 31.50% |
Income_Taxes_Additional_Inform
Income Taxes - Additional Information (Detail) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Income Tax Disclosure [Abstract] | ' | ' | ' |
Federal income tax expense applicable to sales and calls of securities | $533,000 | $156,000 | $552,000 |
Income taxes paid | 49,114,000 | 27,057,000 | 34,531,000 |
State net operating loss carryforwards | 0 | ' | ' |
Business franchise taxes | 4,816,000 | 4,717,000 | 4,466,000 |
Estimate of unrecognized tax benefits, reasonable possible | 'United cannot reasonably estimate the amount of tax benefits it may recognize over the next 12 months | ' | ' |
Accrued interest related to uncertain tax positions | 455,000 | 1,138,000 | ' |
Interest or penalties were recognized | $0 | $0 | ' |
Income_Taxes_Components_of_Uni
Income Taxes - Components of United's Deferred Tax Assets and Liabilities (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Deferred tax assets: | ' | ' |
Allowance for credit losses | $28,108 | $41,853 |
Other accrued liabilities | 830 | 29 |
Unrecognized components of net periodic pension costs | 12,168 | 21,696 |
Unrealized loss on securities available for sale | 13,255 | 16,703 |
Other real estate owned | 4,288 | 0 |
Purchase accounting intangibles | 3,598 | 0 |
Net operating loss | 0 | 846 |
Total deferred tax assets | 62,247 | 81,127 |
Deferred tax liabilities: | ' | ' |
Purchase accounting intangibles | 0 | 6,436 |
Deferred mortgage points | 283 | 377 |
Accrued benefits payable | 7,806 | 10,961 |
Premises and equipment | 2,563 | 857 |
Other | 2,117 | 2,764 |
Total deferred tax liabilities | 12,769 | 21,395 |
Net deferred tax assets | $49,478 | $59,732 |
Income_Taxes_Reconciliation_of1
Income Taxes - Reconciliation of the Total Amounts of Unrecognized Tax Benefits (Detail) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Income Tax Disclosure [Abstract] | ' | ' |
Unrecognized tax benefits at beginning of year | $2,106 | $2,028 |
Decreases in unrecognized tax benefits as a result of tax positions settled during the current period | -213 | 0 |
Increase in unrecognized tax benefits as a result of tax positions taken during the current period | 661 | 226 |
Decreases in the unrecognized tax benefits as a result of a lapse of the applicable statute of limitations | -42 | -148 |
Unrecognized tax benefits at end of year | $2,512 | $2,106 |
Employee_Benefit_Plans_Additio
Employee Benefit Plans - Additional Information (Detail) (USD $) | 12 Months Ended | ||||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2008 | Dec. 31, 2007 | |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ' | ' |
Unrecognized prior service costs, before tax | $2,000 | ' | ' | ' | ' |
Unrecognized prior service costs, net of tax | 1,000 | ' | ' | ' | ' |
Unrecognized actuarial losses, before tax | 31,151,000 | ' | ' | ' | ' |
Unrecognized actuarial losses, net of tax | 20,248,000 | ' | ' | ' | ' |
Amortization of transition asset, before tax, expected for fiscal year ended December 31, 2013 | 1,000 | ' | ' | ' | ' |
Amortization of transition asset, net of tax, expected for fiscal year ended December 31, 2013 | 1,000 | ' | ' | ' | ' |
Amortization of actuarial losses, before tax, expected for fiscal year ended December 31, 2013 | 4,821,000 | ' | ' | ' | ' |
Amortization of actuarial losses, net of tax, expected for fiscal year ended December 31, 2013 | 3,134,000 | ' | ' | ' | ' |
Amount of United common stock held in the pension plan | 123,188,000 | 108,859,000 | 101,383,000 | ' | ' |
Percentage of equity securities include united common stock | 100.00% | 100.00% | ' | ' | ' |
Minimum number of days required to be eligible for the participation in the plan | '90 days | ' | ' | ' | ' |
Percentage of salary deferred under condition one of contribution by company | ' | ' | ' | 100.00% | 100.00% |
First percentage of salary deferred under condition one of contribution by company | ' | ' | ' | 3.00% | 2.00% |
Percentage of salary deferred under condition two of contribution by company | ' | ' | ' | 25.00% | 25.00% |
Second percentage of salary deferred under condition two of contribution by company | ' | ' | ' | 1.00% | 2.00% |
Vesting percentage of employee deferrals | ' | ' | ' | 100.00% | ' |
Cost related to savings and stock investment plan | 1,411,000 | 1,330,000 | 1,332,000 | ' | ' |
Employer contribution in shares of common stock | 912,713 | 932,125 | ' | ' | ' |
Dividends paid on United common stock | 1,171,631 | 1,112,000 | 1,022,000 | ' | ' |
Minimum [Member] | ' | ' | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ' | ' |
Maximum percentage allowed as of contribution to respective accounts by participants | 1.00% | ' | ' | ' | ' |
Maximum [Member] | ' | ' | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ' | ' |
Maximum percentage allowed as of contribution to respective accounts by participants | 100.00% | ' | ' | ' | ' |
Company [Member] | ' | ' | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ' | ' |
Maximum percentage limit of common stock to invest in portfolio for any industry | 10.00% | ' | ' | ' | ' |
Industry [Member] | ' | ' | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ' | ' |
Maximum percentage limit of common stock to invest in portfolio for any industry | 15.00% | ' | ' | ' | ' |
Securities of U.S. Government or Agencies [Member] | ' | ' | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ' | ' |
Maximum percentage limit of common stock to invest in portfolio for any industry | 15.00% | ' | ' | ' | ' |
Common Stock [Member] | ' | ' | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ' | ' |
Amount of United common stock held in the pension plan | 20,089,000 | 14,712,000 | ' | ' | ' |
Percentage of equity securities include united common stock | 3.00% | 2.00% | ' | ' | ' |
Maximum percentage limit of common stock to invest in portfolio for any industry | 5.00% | ' | ' | ' | ' |
Marketable Equity Securities [Member] | ' | ' | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ' | ' |
Amount of United common stock held in the pension plan | $3,328,000 | $2,576,000 | ' | ' | ' |
Percentage of equity securities include united common stock | 66.00% | 63.00% | ' | ' | ' |
Maximum percentage limit of common stock to invest in portfolio for any industry | -70.00% | ' | ' | ' | ' |
Employee_Benefit_Plans_Net_Per
Employee Benefit Plans - Net Periodic Pension Cost (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Service Cost | $2,672 | $2,517 | $2,272 |
Interest cost | 4,913 | 4,849 | 4,555 |
Expected return on plan assets | -8,313 | -7,999 | -8,343 |
Recognized net actuarial loss | 4,821 | 4,199 | 2,427 |
Amortization of prior service cost | 1 | 1 | 1 |
Net periodic pension cost | $4,094 | $3,567 | $912 |
Weighted-Average Assumptions: | ' | ' | ' |
Discount rate | 4.40% | 5.15% | 5.75% |
Expected return on assets | 7.75% | 8.00% | 8.00% |
Rate of Compensation Increase | 2.75% | 2.75% | 2.75% |
Prior to Age 45 [Member] | ' | ' | ' |
Weighted-Average Assumptions: | ' | ' | ' |
Rate of Compensation Increase | 3.75% | 3.75% | 3.75% |
Employee_Benefit_Plans_Reconci
Employee Benefit Plans - Reconciliation of the Beginning and Ending Balances of the Projected Benefit Obligation and the Fair Value of Plan Assets and the Accumulated Benefit Obligation (Detail) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Change in Projected Benefit Obligation | ' | ' | ' |
Projected Benefit Obligation at the Beginning of the Year | $112,534,000 | $95,162,000 | ' |
Service Cost | 2,672,000 | 2,517,000 | 2,272,000 |
Interest cost | 4,913,000 | 4,849,000 | 4,555,000 |
Actuarial (Gain) Loss | -11,646,000 | 13,000,000 | ' |
Benefits Paid | -3,287,000 | -2,994,000 | ' |
Projected Benefit at the End of the Year | 105,186,000 | 112,534,000 | 95,162,000 |
Accumulated Benefit Obligation at the End of the Year | 95,859,000 | 102,156,000 | ' |
Change in Plan Assets | ' | ' | ' |
Fair Value of Plan Assets at the Beginning of the Year | 108,859,000 | 101,383,000 | ' |
Actual Return on Plan Assets | 17,616,000 | 10,470,000 | ' |
Benefits Paid | -3,287,000 | -2,994,000 | ' |
Employer Contributions | 0 | 0 | ' |
Fair value of plan assets at end of year | 123,188,000 | 108,859,000 | 101,383,000 |
Net Amount Recognized | ' | ' | ' |
Funded Status | 18,002,000 | -3,675,000 | ' |
Unrecognized Transition Asset | 0 | 0 | ' |
Unrecognized Prior Service Cost | 2,000 | 3,000 | ' |
Unrecognized Net Loss | 31,151,000 | 56,921,000 | ' |
Net Amount Recognized | $49,155,000 | $53,249,000 | ' |
Weighted-Average Assumptions at the End of the Year | ' | ' | ' |
Discount Rate | 5.20% | 4.40% | ' |
Rate of Compensation Increase | 2.75% | 2.75% | 2.75% |
Prior to Age 45 [Member] | ' | ' | ' |
Weighted-Average Assumptions at the End of the Year | ' | ' | ' |
Rate of Compensation Increase | 3.75% | 3.75% | 3.75% |
Employee_Benefit_Plans_Asset_A
Employee Benefit Plans - Asset Allocation for the Defined Benefit Pension Plan as of the Measurement Date, by Asset Category (Detail) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Pension Plans, Postretirement and Other Employee Benefits [Line Items] | ' | ' |
Percentage of Plan Assets | 100.00% | 100.00% |
Marketable Equity Securities [Member] | ' | ' |
Pension Plans, Postretirement and Other Employee Benefits [Line Items] | ' | ' |
Target Allocation 2014 | 62.00% | ' |
Allowable Allocation Range, Minimum | 50.00% | ' |
Allowable Allocation Range, Maximum | -70.00% | ' |
Percentage of Plan Assets | 66.00% | 63.00% |
Debt Securities [Member] | ' | ' |
Pension Plans, Postretirement and Other Employee Benefits [Line Items] | ' | ' |
Target Allocation 2014 | 26.00% | ' |
Allowable Allocation Range, Minimum | 20.00% | ' |
Allowable Allocation Range, Maximum | -50.00% | ' |
Percentage of Plan Assets | 21.00% | 32.00% |
Other [Member] | ' | ' |
Pension Plans, Postretirement and Other Employee Benefits [Line Items] | ' | ' |
Target Allocation 2014 | 12.00% | ' |
Allowable Allocation Range, Minimum | -3.00% | ' |
Allowable Allocation Range, Maximum | 15.00% | ' |
Percentage of Plan Assets | 13.00% | 5.00% |
Employee_Benefit_Plans_Expecte
Employee Benefit Plans - Expected Benefit Payments (Detail) (USD $) | Dec. 31, 2013 |
In Thousands, unless otherwise specified | |
Compensation And Retirement Disclosure [Abstract] | ' |
2014 | $3,728 |
2015 | 4,053 |
2016 | 4,432 |
2017 | 4,780 |
2018 | 5,159 |
2019 through 2023 | $30,746 |
Employee_Benefit_Plans_Balance
Employee Benefit Plans - Balances of the Plan Assets, by Fair Value Hierarchy Level (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Asset at fair value | $123,188,000 | $108,859,000 | $101,383,000 |
Cash and Cash Equivalents [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Asset at fair value | 2,985,000 | 4,396,000 | ' |
Mortgage Backed Securities [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Asset at fair value | 118,000 | 207,000 | ' |
Collateralized Mortgage Obligations [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Asset at fair value | 245,000 | 208,000 | ' |
Municipal Obligations [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Asset at fair value | 1,112,000 | 910,000 | ' |
Corporate Bonds [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Asset at fair value | 2,363,000 | 2,588,000 | ' |
Strategic Income Fund [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Asset at fair value | 3,985,000 | ' | ' |
Taxable Income [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Asset at fair value | 3,970,000 | ' | ' |
Fixed Income Funds Domestic [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Asset at fair value | 13,834,000 | 12,600,000 | ' |
Fixed Income Funds Alternative [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Asset at fair value | 6,131,000 | 6,116,000 | ' |
Preferred Stock [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Asset at fair value | 195,000 | 209,000 | ' |
Common Stock [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Asset at fair value | 20,089,000 | 14,712,000 | ' |
Equity Mutual Funds Domestic Equity Large Cap [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Asset at fair value | 23,042,000 | 19,172,000 | ' |
Equity Mutual Funds Domestic Equity Mid Cap [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Asset at fair value | 5,540,000 | 2,552,000 | ' |
Equity Mutual Funds Domestic Equity Small Cap [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Asset at fair value | 15,293,000 | 10,688,000 | ' |
Equity Mutual Funds International Emerging Equity [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Asset at fair value | 6,076,000 | 5,241,000 | ' |
Equity Mutual Funds International Equity Developed [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Asset at fair value | 11,817,000 | 4,158,000 | ' |
Equity Mutual Funds Alternative Equity [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Asset at fair value | 5,692,000 | 6,727,000 | ' |
Partnerships [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Asset at fair value | 701,000 | 726,000 | ' |
Fixed Income Funds General [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Asset at fair value | ' | 12,463,000 | ' |
Equity Mutual Funds Global Equity [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Asset at fair value | ' | 5,186,000 | ' |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Asset at fair value | 118,649,000 | 106,446,000 | ' |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Cash and Cash Equivalents [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Asset at fair value | 2,985,000 | 4,396,000 | ' |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Mortgage Backed Securities [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Asset at fair value | 0 | 0 | ' |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Collateralized Mortgage Obligations [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Asset at fair value | 0 | 0 | ' |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Municipal Obligations [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Asset at fair value | 0 | 0 | ' |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Corporate Bonds [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Asset at fair value | 0 | 2,226,000 | ' |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Strategic Income Fund [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Asset at fair value | 3,985,000 | ' | ' |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Taxable Income [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Asset at fair value | 3,970,000 | ' | ' |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Fixed Income Funds Domestic [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Asset at fair value | 13,834,000 | 12,600,000 | ' |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Fixed Income Funds Alternative [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Asset at fair value | 6,131,000 | 6,116,000 | ' |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Preferred Stock [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Asset at fair value | 195,000 | 209,000 | ' |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Common Stock [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Asset at fair value | 20,089,000 | 14,712,000 | ' |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Equity Mutual Funds Domestic Equity Large Cap [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Asset at fair value | 23,042,000 | 19,172,000 | ' |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Equity Mutual Funds Domestic Equity Mid Cap [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Asset at fair value | 5,540,000 | 2,552,000 | ' |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Equity Mutual Funds Domestic Equity Small Cap [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Asset at fair value | 15,293,000 | 10,688,000 | ' |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Equity Mutual Funds International Emerging Equity [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Asset at fair value | 6,076,000 | 5,241,000 | ' |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Equity Mutual Funds International Equity Developed [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Asset at fair value | 11,817,000 | 4,158,000 | ' |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Equity Mutual Funds Alternative Equity [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Asset at fair value | 5,692,000 | 6,727,000 | ' |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Partnerships [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Asset at fair value | 0 | 0 | ' |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Fixed Income Funds General [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Asset at fair value | ' | 12,463,000 | ' |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Equity Mutual Funds Global Equity [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Asset at fair value | ' | 5,186,000 | ' |
Significant Other Observable Inputs (Level 2) [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Asset at fair value | 4,539,000 | 2,413,000 | ' |
Significant Other Observable Inputs (Level 2) [Member] | Cash and Cash Equivalents [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Asset at fair value | 0 | 0 | ' |
Significant Other Observable Inputs (Level 2) [Member] | Mortgage Backed Securities [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Asset at fair value | 118,000 | 207,000 | ' |
Significant Other Observable Inputs (Level 2) [Member] | Collateralized Mortgage Obligations [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Asset at fair value | 245,000 | 208,000 | ' |
Significant Other Observable Inputs (Level 2) [Member] | Municipal Obligations [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Asset at fair value | 1,112,000 | 910,000 | ' |
Significant Other Observable Inputs (Level 2) [Member] | Corporate Bonds [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Asset at fair value | 2,363,000 | 362,000 | ' |
Significant Other Observable Inputs (Level 2) [Member] | Strategic Income Fund [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Asset at fair value | 0 | ' | ' |
Significant Other Observable Inputs (Level 2) [Member] | Fixed Income Funds Domestic [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Asset at fair value | 0 | 0 | ' |
Significant Other Observable Inputs (Level 2) [Member] | Fixed Income Funds Alternative [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Asset at fair value | 0 | 0 | ' |
Significant Other Observable Inputs (Level 2) [Member] | Preferred Stock [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Asset at fair value | 0 | 0 | ' |
Significant Other Observable Inputs (Level 2) [Member] | Common Stock [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Asset at fair value | 0 | 0 | ' |
Significant Other Observable Inputs (Level 2) [Member] | Equity Mutual Funds Domestic Equity Large Cap [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Asset at fair value | 0 | 0 | ' |
Significant Other Observable Inputs (Level 2) [Member] | Equity Mutual Funds Domestic Equity Mid Cap [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Asset at fair value | 0 | 0 | ' |
Significant Other Observable Inputs (Level 2) [Member] | Equity Mutual Funds Domestic Equity Small Cap [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Asset at fair value | 0 | 0 | ' |
Significant Other Observable Inputs (Level 2) [Member] | Equity Mutual Funds International Emerging Equity [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Asset at fair value | 0 | 0 | ' |
Significant Other Observable Inputs (Level 2) [Member] | Equity Mutual Funds International Equity Developed [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Asset at fair value | 0 | 0 | ' |
Significant Other Observable Inputs (Level 2) [Member] | Equity Mutual Funds Alternative Equity [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Asset at fair value | 0 | 0 | ' |
Significant Other Observable Inputs (Level 2) [Member] | Partnerships [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Asset at fair value | 701,000 | 726,000 | ' |
Significant Other Observable Inputs (Level 2) [Member] | Fixed Income Funds General [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Asset at fair value | ' | 0 | ' |
Significant Other Observable Inputs (Level 2) [Member] | Equity Mutual Funds Global Equity [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Asset at fair value | ' | 0 | ' |
Significant Unobservable Inputs (Level 3) [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Asset at fair value | 0 | 0 | ' |
Significant Unobservable Inputs (Level 3) [Member] | Cash and Cash Equivalents [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Asset at fair value | 0 | 0 | ' |
Significant Unobservable Inputs (Level 3) [Member] | Mortgage Backed Securities [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Asset at fair value | 0 | 0 | ' |
Significant Unobservable Inputs (Level 3) [Member] | Collateralized Mortgage Obligations [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Asset at fair value | 0 | 0 | ' |
Significant Unobservable Inputs (Level 3) [Member] | Municipal Obligations [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Asset at fair value | 0 | 0 | ' |
Significant Unobservable Inputs (Level 3) [Member] | Corporate Bonds [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Asset at fair value | 0 | 0 | ' |
Significant Unobservable Inputs (Level 3) [Member] | Strategic Income Fund [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Asset at fair value | 0 | ' | ' |
Significant Unobservable Inputs (Level 3) [Member] | Fixed Income Funds Domestic [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Asset at fair value | 0 | 0 | ' |
Significant Unobservable Inputs (Level 3) [Member] | Fixed Income Funds Alternative [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Asset at fair value | 0 | 0 | ' |
Significant Unobservable Inputs (Level 3) [Member] | Preferred Stock [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Asset at fair value | 0 | 0 | ' |
Significant Unobservable Inputs (Level 3) [Member] | Common Stock [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Asset at fair value | 0 | 0 | ' |
Significant Unobservable Inputs (Level 3) [Member] | Equity Mutual Funds Domestic Equity Large Cap [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Asset at fair value | 0 | 0 | ' |
Significant Unobservable Inputs (Level 3) [Member] | Equity Mutual Funds Domestic Equity Mid Cap [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Asset at fair value | 0 | 0 | ' |
Significant Unobservable Inputs (Level 3) [Member] | Equity Mutual Funds Domestic Equity Small Cap [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Asset at fair value | 0 | 0 | ' |
Significant Unobservable Inputs (Level 3) [Member] | Equity Mutual Funds International Emerging Equity [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Asset at fair value | 0 | 0 | ' |
Significant Unobservable Inputs (Level 3) [Member] | Equity Mutual Funds International Equity Developed [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Asset at fair value | 0 | 0 | ' |
Significant Unobservable Inputs (Level 3) [Member] | Equity Mutual Funds Alternative Equity [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Asset at fair value | 0 | 0 | ' |
Significant Unobservable Inputs (Level 3) [Member] | Partnerships [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Asset at fair value | 0 | 0 | ' |
Significant Unobservable Inputs (Level 3) [Member] | Fixed Income Funds General [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Asset at fair value | ' | 0 | ' |
Significant Unobservable Inputs (Level 3) [Member] | Equity Mutual Funds Global Equity [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Asset at fair value | ' | $0 | ' |
Stock_Based_Compensation_Addit
Stock Based Compensation - Additional Information (Detail) (USD $) | 0 Months Ended | 12 Months Ended | ||
16-May-11 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Authorized shares of stock, option plan, maximum | 1,500,000 | ' | ' | ' |
Aggregate number of shares issued in respect of restricted stock awards | 350,000 | ' | ' | ' |
Options available for award each plan year | 1,150,000 | ' | ' | ' |
Maximum number of shares of restricted stock or shares subject to a restricted stock units award granted | ' | 50,000 | ' | ' |
Maximum number of options and stock appreciation rights | ' | 100,000 | ' | ' |
Percentage of restricted stock and restricted stock units vest | ' | 25.00% | ' | ' |
Vesting period of awards | ' | '1/3 per year over the first three anniversaries of the award | ' | ' |
Recognition of compensation expense | ' | $1,786,000 | $1,908,000 | ' |
Maximum term for awards granted (years) | ' | '10 years | ' | ' |
Weighted average risk free interest rate | ' | 1.42% | ' | ' |
Weighted average dividend yield | ' | 3.00% | ' | ' |
Weighted average volatility factors of the expected market price of United's common stock | ' | 0.32% | ' | ' |
Weighted-average expected option life | ' | '7 years 2 months 5 days | ' | ' |
Estimated fair value of the options at the date of grant | ' | $5.74 | ' | ' |
Total unrecognized compensation cost related to nonvested option awards | ' | 1,290,000 | ' | ' |
Weighted-average expense recognition period | ' | '10 months 24 days | ' | ' |
Total fair value of awards vested | ' | 2,204,000 | ' | ' |
Cash received from options exercised under the plans | ' | 2,364,000 | 115,000 | 542,000 |
Shares issued related stock option exercises | ' | 100,302 | 7,510 | ' |
Weighted-average grant-date fair value of options granted | ' | $5.74 | $6.86 | $7.91 |
Total intrinsic value of options exercised | ' | 507,000 | 98,000 | 518,000 |
Excess tax benefits related to share-based compensation | ' | 331,000 | 35,000 | 3,114,000 |
Nonvested Stock Awards [Member] | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Total unrecognized compensation cost related to nonvested option awards | ' | $1,441,000 | ' | ' |
Weighted-average expense recognition period | ' | '1 year 6 months | ' | ' |
Restricted Stock [Member] | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Shares, Granted | ' | 52,825 | ' | ' |
Weighted-average grant-date fair value of options granted | ' | $26.19 | ' | ' |
Vesting period | ' | '4 years | '4 years | ' |
Non-qualified Stock Options [Member] | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Shares, Granted | ' | 194,225 | ' | ' |
Stock_Based_Compensation_Summa
Stock Based Compensation - Summary of Stock Option Plans (Detail) (USD $) | 12 Months Ended | |
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | ' | ' |
Shares, Outstanding, Beginning balance | 1,629,237 | ' |
Shares, Granted | 194,225 | ' |
Shares, Exercised | 100,302 | 7,510 |
Shares, Forfeited or expired | 275,163 | ' |
Shares, Outstanding, Ending balance | 1,447,997 | 1,629,237 |
Shares, Exercisable at December 31, 2013 | 858,800 | ' |
Aggregate Intrinsic Value, Outstanding at December 31, 2013 | $5,145 | ' |
Aggregate Intrinsic Value, Exercisable at December 31, 2013 | $3,148 | ' |
Weighted Average Remaining Contractual Term, Outstanding at December 31, 2013 | '5 years 4 months 24 days | ' |
Weighted Average Remaining Contractual Term, Exercisable at December 31, 2013 | '3 years 7 months 6 days | ' |
Weighted Average Exercise Price, Outstanding, Beginning balance | $29.64 | ' |
Weighted Average Exercise Price, Granted | $26.24 | ' |
Weighted Average Exercise Price, Exercised | $23.56 | ' |
Weighted Average Exercise Price, Forfeited or expired | $31.10 | ' |
Weighted Average Exercise Price, Outstanding, Ending balance | $29.33 | $29.64 |
Weighted Average Exercise Price, Exercisable at September December 31, 2013 | $30.20 | ' |
Stock_Based_Compensation_Statu
Stock Based Compensation - Status of United's Nonvested Stock Option Awards (Detail) (USD $) | 12 Months Ended |
Dec. 31, 2013 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | ' |
Shares, Nonvested, Beginning balance | 770,750 |
Shares, Granted | 194,225 |
Shares, Vested | 348,339 |
Shares, Forfeited or expired | 27,439 |
Shares, Nonvested, Ending balance | 589,197 |
Weighted-Average Grant Date Fair Value Per Share, Nonvested beginning Balance | $7.04 |
Weighted-Average Grant Date Fair Value Per Share, Granted | $5.74 |
Weighted-Average Grant Date Fair Value Per Share, Vested | $6.33 |
Weighted-Average Grant Date Fair Value Per Share, Forfeited or expired | $7.53 |
Weighted-Average Grant Date Fair Value Per Share, Nonvested Ending balance | $7.01 |
Stock_Based_Compensation_Chang
Stock Based Compensation - Changes to United's Restricted Common Shares (Detail) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Weighted-Average Grant Date Fair Value Per Share, Granted | $5.74 | $6.86 | $7.91 |
Restricted Stock [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Number of Shares, Outstanding, Beginning balance | 51,125 | ' | ' |
Shares, Granted | 52,825 | ' | ' |
Shares, Vested | 16,789 | ' | ' |
Shares, Forfeited | 1,664 | ' | ' |
Number of Shares, Outstanding, Ending balance | 85,497 | ' | ' |
Weighted-Average Grant Date Fair Value Per Share, Outstanding, Beginning Balance | $29.40 | ' | ' |
Weighted-Average Grant Date Fair Value Per Share, Granted | $26.19 | ' | ' |
Weighted-Average Grant Date Fair Value Per Share, Vested | $28.96 | ' | ' |
Weighted-Average Grant Date Fair Value Per Share, Forfeited | $27.91 | ' | ' |
Weighted-Average Grant Date Fair Value Per Share, Outstanding, Ending Balance | $27.53 | ' | ' |
Commitments_and_Contingent_Lia1
Commitments and Contingent Liabilities - Additional Information (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
Loss Contingencies [Line Items] | ' | ' |
Loan commitments outstanding | $2,504,093,000 | $2,173,377,000 |
Commercial Letters of Credit [Member] | ' | ' |
Loss Contingencies [Line Items] | ' | ' |
Letters of credit issued | 0 | 250,000 |
Standby Letters of Credit [Member] | ' | ' |
Loss Contingencies [Line Items] | ' | ' |
Letters of credit issued | $114,664,000 | $96,856,000 |
Derivative_Financial_Instrumen2
Derivative Financial Instruments - Schedule of Derivative Instruments (Detail) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' |
Total Derivatives Used for Interest Rate Risk Management and Designated as Hedges | $41,868 | $52,558 |
Average Pay Rate | 5.07% | 5.14% |
Fair Value Hedging [Member] | Interest Rate Contracts [Member] | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' |
Notional Amount, Pay Fixed Swap (Hedging Commercial Loans) | 41,868 | 52,558 |
Cash Flow Hedging [Member] | Interest Rate Contracts [Member] | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' |
Notional Amount, Pay Fixed Swap (Hedging Commercial Loans) | $41,868 | $52,558 |
Derivative_Financial_Instrumen3
Derivative Financial Instruments - Schedule of Fair Value Derivative Financial Instruments (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Derivative [Line Items] | ' | ' |
Derivatives designated as hedging instruments | $2,179 | $0 |
Derivatives not designated as hedging instruments | 1,045 | 2,367 |
Total asset derivatives | 3,224 | 2,367 |
Derivatives designated as hedging instruments | 149 | 1,914 |
Derivatives not designated as hedging instruments | 1,045 | 2,367 |
Total liability derivatives | 1,194 | 4,281 |
Interest Rate Contracts [Member] | Other Assets [Member] | ' | ' |
Derivative [Line Items] | ' | ' |
Derivatives designated as hedging instruments | 2,179 | 0 |
Derivatives not designated as hedging instruments | 1,045 | 2,367 |
Interest Rate Contracts [Member] | Other Liabilities [Member] | ' | ' |
Derivative [Line Items] | ' | ' |
Derivatives designated as hedging instruments | 149 | 1,914 |
Derivatives not designated as hedging instruments | $1,045 | $2,367 |
Derivative_Financial_Instrumen4
Derivative Financial Instruments - Schedule of Derivative Financial Instruments on Statement of Income (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Interest Rate Contracts [Member] | ' | ' | ' |
Derivative [Line Items] | ' | ' | ' |
Derivatives in fair value hedging relationships | ($522) | ($298) | $81 |
Interest Income/(Expense) [Member] | ' | ' | ' |
Derivative [Line Items] | ' | ' | ' |
Derivatives in fair value hedging relationships | -522 | -298 | 81 |
Interest Income/(Expense) [Member] | Interest Rate Contracts [Member] | ' | ' | ' |
Derivative [Line Items] | ' | ' | ' |
Derivatives in fair value hedging relationships | -522 | -298 | 81 |
Other Income [Member] | Interest Rate Contracts [Member] | ' | ' | ' |
Derivative [Line Items] | ' | ' | ' |
Derivative instruments not designated as hedging instruments, gain | 1,322 | 1,450 | 1,782 |
Other Expense [Member] | Interest Rate Contracts [Member] | ' | ' | ' |
Derivative [Line Items] | ' | ' | ' |
Derivative instruments not designated as hedging instruments, loss | -1,322 | -1,450 | -1,782 |
Other Income/ (Expense) [Member] | Interest Rate Contracts [Member] | ' | ' | ' |
Derivative [Line Items] | ' | ' | ' |
Derivative instruments not designated as hedging instruments, net | $0 | $0 | $0 |
Comprehensive_Income_Component
Comprehensive Income - Components of Total Comprehensive Income (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Comprehensive Income Net Of Tax [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net income | $19,660 | $22,170 | $22,219 | $21,579 | $21,214 | $19,334 | $21,049 | $21,010 | $85,628 | $82,607 | $75,610 |
Available for sale ("AFS") securities: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
AFS securities with OTTI charges during the period | ' | ' | ' | ' | ' | ' | ' | ' | -7,534 | -10,840 | -33,580 |
Related income tax effect | ' | ' | ' | ' | ' | ' | ' | ' | 2,637 | 3,794 | 11,753 |
Less : OTTI charges recognized in net income | ' | ' | ' | ' | ' | ' | ' | ' | 7,332 | 7,376 | 20,414 |
Related income tax effect | ' | ' | ' | ' | ' | ' | ' | ' | -2,566 | -2,582 | -7,145 |
Reclassification of previous noncredit OTTI to credit OTTI | ' | ' | ' | ' | ' | ' | ' | ' | 12,425 | 5,887 | 12,622 |
Related income tax effect | ' | ' | ' | ' | ' | ' | ' | ' | -4,349 | -2,061 | -4,418 |
Net unrealized gains (losses) on AFS securities with OTTI | ' | ' | ' | ' | ' | ' | ' | ' | 7,945 | 1,574 | -354 |
Net change in unrealized (losses) gains on AFS securities arising during the period | ' | ' | ' | ' | ' | ' | ' | ' | -1,082 | 5,471 | 10,917 |
Related income tax effect | ' | ' | ' | ' | ' | ' | ' | ' | 379 | -1,915 | -3,821 |
Net reclassification adjustment for gains included in net income | ' | ' | ' | ' | ' | ' | ' | ' | -1,216 | -16 | -1,418 |
Related income tax effect | ' | ' | ' | ' | ' | ' | ' | ' | 426 | 6 | 496 |
Total AFS securities - all other | ' | ' | ' | ' | ' | ' | ' | ' | -1,493 | 3,546 | 6,174 |
Net effect of AFS securities on other comprehensive income | ' | ' | ' | ' | ' | ' | ' | ' | 6,452 | 5,120 | 5,820 |
Held to maturity ("HTM") securities: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Unrealized loss related to the call of HTM securities transferred from AFS to the HTM portfolio | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
Related income tax effect | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
Accretion on the unrealized loss for securities transferred from AFS to the HTM investment portfolio prior to call or maturity | ' | ' | ' | ' | ' | ' | ' | ' | 8 | 7 | 8 |
Related income tax effect | ' | ' | ' | ' | ' | ' | ' | ' | -3 | -3 | -3 |
Net effect of HTM securities on other comprehensive income | ' | ' | ' | ' | ' | ' | ' | ' | 5 | 4 | 5 |
Defined benefit pension plan: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net actuarial loss during the period | ' | ' | ' | ' | ' | ' | ' | ' | 20,305 | -10,206 | -20,591 |
Related income tax effect | ' | ' | ' | ' | ' | ' | ' | ' | -7,107 | 3,572 | 7,206 |
Amortization of transition asset recognized in net income | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
Related income tax effect | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
Amortization of prior service cost recognized in net income | ' | ' | ' | ' | ' | ' | ' | ' | 1 | 1 | 1 |
Related income tax effect | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
Amortization of net actuarial loss recognized in net income | ' | ' | ' | ' | ' | ' | ' | ' | 4,821 | 4,199 | 2,427 |
Related income tax effect | ' | ' | ' | ' | ' | ' | ' | ' | -1,776 | -1,680 | -970 |
Net effect of change in defined benefit pension plan on other comprehensive income | ' | ' | ' | ' | ' | ' | ' | ' | 16,244 | -4,114 | -11,927 |
Total change in other comprehensive income, net of tax | ' | ' | ' | ' | ' | ' | ' | ' | 22,701 | 1,010 | -6,102 |
Comprehensive income, net of tax | ' | ' | ' | ' | ' | ' | ' | ' | $108,329 | $83,617 | $69,508 |
Comprehensive_Income_Component1
Comprehensive Income - Components of Accumulated Other Comprehensive Income (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | ' |
Balance at January 1, 2013 | ($65,748) | ' | ' |
Other comprehensive income before reclassification | -829 | ' | ' |
Amounts reclassified from accumulated other comprehensive income | 23,530 | ' | ' |
Net current-period other comprehensive income, net of tax | 22,701 | 1,010 | -6,102 |
Balance at December 31, 2013 | -43,047 | -65,748 | ' |
Unrealized Gains/Losses on AFS Securities [Member] | ' | ' | ' |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | ' |
Balance at January 1, 2013 | -29,687 | ' | ' |
Other comprehensive income before reclassification | -834 | ' | ' |
Amounts reclassified from accumulated other comprehensive income | 7,286 | ' | ' |
Net current-period other comprehensive income, net of tax | 6,452 | ' | ' |
Balance at December 31, 2013 | -23,235 | ' | ' |
Accretion on the Unrealized Loss for Securities Transferred from AFS to the HTM [Member] | ' | ' | ' |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | ' |
Balance at January 1, 2013 | -72 | ' | ' |
Other comprehensive income before reclassification | 5 | ' | ' |
Amounts reclassified from accumulated other comprehensive income | 0 | ' | ' |
Net current-period other comprehensive income, net of tax | 5 | ' | ' |
Balance at December 31, 2013 | -67 | ' | ' |
Defined Benefit Pension Items [Member] | ' | ' | ' |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | ' |
Balance at January 1, 2013 | -35,989 | ' | ' |
Other comprehensive income before reclassification | 0 | ' | ' |
Amounts reclassified from accumulated other comprehensive income | 16,244 | ' | ' |
Net current-period other comprehensive income, net of tax | 16,244 | ' | ' |
Balance at December 31, 2013 | ($19,745) | ' | ' |
Comprehensive_Income_Reclassif
Comprehensive Income - Reclassifications Out of Accumulated Other Comprehensive Income (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Available for sale ("AFS") securities: | ' | ' | ' |
Reclassification of previous noncredit OTTI to credit OTTI | $12,425 | $5,887 | $12,622 |
Net reclassification adjustment for losses (gains) included in net income | -1,216 | ' | ' |
Total before tax | 11,209 | ' | ' |
Related income tax effect | -3,923 | ' | ' |
Net of tax | 7,286 | ' | ' |
Pension plan: | ' | ' | ' |
Change in pension asset | 20,305 | -10,206 | -20,591 |
Amortization of transition asset | 1 | ' | ' |
Recognized net actuarial loss | 4,821 | ' | ' |
Total before tax | 20,305 | -10,206 | -20,591 |
Related income tax effect | -8,883 | ' | ' |
Net effect of change in defined benefit pension plan on other comprehensive income | 16,244 | -4,114 | -11,927 |
Total reclassifications for the period | $23,530 | ' | ' |
United_Bankshares_Inc_Parent_C2
United Bankshares, Inc. (Parent Company Only) Financial Information - Condensed Balance Sheets (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 |
Condensed Balance Sheet Statements, Captions [Line Items] | ' | ' | ' | ' |
Cash and due from banks | $134,808,000 | $157,539,000 | ' | ' |
Securities available for sale | 775,284,000 | 625,625,000 | ' | ' |
Securities held to maturity | 38,293,000 | 42,695,000 | ' | ' |
Other investment securities | 73,093,000 | 60,310,000 | ' | ' |
Other assets | 322,634,000 | 329,202,000 | ' | ' |
Total Assets | 8,735,324,000 | 8,420,013,000 | ' | ' |
Accrued expenses and other liabilities | 63,427,000 | 73,232,000 | ' | ' |
Shareholders' equity (including other accumulated comprehensive loss of $43,047 and $65,748 at December 31, 2013 and 2012, respectively) | 1,041,732,000 | 992,251,000 | 968,844,000 | 793,012,000 |
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | 8,735,324,000 | 8,420,013,000 | ' | ' |
United Bankshares [Member] | ' | ' | ' | ' |
Condensed Balance Sheet Statements, Captions [Line Items] | ' | ' | ' | ' |
Cash and due from banks | 43,613,000 | 30,585,000 | ' | ' |
Securities available for sale | 1,925,000 | 3,271,000 | ' | ' |
Securities held to maturity | 20,000 | 225,000 | ' | ' |
Other investment securities | 125,000 | 162,000 | ' | ' |
Bank subsidiaries | 1,139,786,000 | 1,100,880,000 | ' | ' |
Nonbank subsidiaries | 6,396,000 | 6,355,000 | ' | ' |
Other assets | 11,751,000 | 10,069,000 | ' | ' |
Total Assets | 1,203,616,000 | 1,151,547,000 | ' | ' |
Junior subordinated debentures of subsidiary trusts | 128,868,000 | 128,868,000 | ' | ' |
Accrued expenses and other liabilities | 33,016,000 | 30,428,000 | ' | ' |
Shareholders' equity (including other accumulated comprehensive loss of $43,047 and $65,748 at December 31, 2013 and 2012, respectively) | 1,041,732,000 | 992,251,000 | ' | ' |
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | $1,203,616,000 | $1,151,547,000 | ' | ' |
United_Bankshares_Inc_Parent_C3
United Bankshares, Inc. (Parent Company Only) Financial Information - Condensed Balance Sheets (Parenthetical) (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Condensed Balance Sheet Statements, Captions [Line Items] | ' | ' |
Accumulated other comprehensive loss | ($43,047) | ($65,748) |
United Bankshares [Member] | ' | ' |
Condensed Balance Sheet Statements, Captions [Line Items] | ' | ' |
Accumulated other comprehensive loss | $43,047 | $65,748 |
United_Bankshares_Inc_Parent_C4
United Bankshares, Inc. (Parent Company Only) Financial Information - Condensed Statements of Income (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Condensed Income Statements, Captions [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net interest income | $69,186 | $67,630 | $66,203 | $66,822 | $69,672 | $70,014 | $69,055 | $68,966 | $269,841 | $277,707 | $260,728 |
Income before income taxes | ' | ' | ' | ' | ' | ' | ' | ' | 125,044 | 121,481 | 110,376 |
Applicable income tax benefit | -9,252 | -10,433 | -9,576 | -10,155 | -9,983 | -9,099 | -9,905 | -9,887 | -39,416 | -38,874 | -34,766 |
Net income | 19,660 | 22,170 | 22,219 | 21,579 | 21,214 | 19,334 | 21,049 | 21,010 | 85,628 | 82,607 | 75,610 |
United Bankshares [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Condensed Income Statements, Captions [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Dividends from banking subsidiaries | ' | ' | ' | ' | ' | ' | ' | ' | 69,500 | 67,600 | 68,323 |
Net interest income | ' | ' | ' | ' | ' | ' | ' | ' | 74 | 119 | 417 |
Bank subsidiaries | ' | ' | ' | ' | ' | ' | ' | ' | 17,665 | 15,854 | 13,000 |
Nonbank subsidiaries | ' | ' | ' | ' | ' | ' | ' | ' | 27 | 27 | 27 |
Other income | ' | ' | ' | ' | ' | ' | ' | ' | 555 | 105 | 414 |
Total Income | ' | ' | ' | ' | ' | ' | ' | ' | 87,821 | 83,705 | 82,181 |
Operating expenses | ' | ' | ' | ' | ' | ' | ' | ' | 20,595 | 20,879 | 20,431 |
Income before income taxes | ' | ' | ' | ' | ' | ' | ' | ' | 67,226 | 62,826 | 61,750 |
Applicable income tax benefit | ' | ' | ' | ' | ' | ' | ' | ' | -709 | -1,487 | -2,025 |
Income Before Equity in Undistributed Net Income of Subsidiaries | ' | ' | ' | ' | ' | ' | ' | ' | 67,935 | 64,313 | 63,775 |
Bank subsidiaries | ' | ' | ' | ' | ' | ' | ' | ' | 17,652 | 18,186 | 11,710 |
Nonbank subsidiaries | ' | ' | ' | ' | ' | ' | ' | ' | 41 | 108 | 125 |
Net income | ' | ' | ' | ' | ' | ' | ' | ' | $85,628 | $82,607 | $75,610 |
United_Bankshares_Inc_Parent_C5
United Bankshares, Inc. (Parent Company Only) Financial Information - Condensed Statements of Cash Flows (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Condensed Cash Flow Statements, Captions [Line Items] | ' | ' | ' |
Net income | $85,628 | $82,607 | $75,610 |
Amortization of net periodic pension costs | 4,094 | 3,567 | 912 |
Stock-based compensation | 1,786 | 1,908 | 1,133 |
Net (gain) loss on securities transactions | 5,809 | 6,930 | 18,838 |
NET CASH PROVIDED BY OPERATING ACTIVITIES | 142,199 | 129,439 | 118,567 |
NET CASH (USED IN) PROVIDED BY INVESTING ACTIVITIES | -373,109 | -208,141 | 158,337 |
Cash dividends paid | -62,434 | -62,333 | -54,344 |
Acquisition of treasury stock | -93 | -12 | -18 |
Proceeds from sale of treasury stock from deferred compensation plan | 77 | 130 | 74 |
Excess tax benefits from stock-based compensation arrangements | 331 | 35 | 3,114 |
Proceeds from exercise of stock options | 2,364 | 115 | 542 |
NET CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES | 215,450 | -125,224 | -102,290 |
Increase (Decrease) in Cash and Cash Equivalents | -15,460 | -203,926 | 174,614 |
CASH AND CASH EQUIVALENTS AT BEGINNING OF YEAR | 432,077 | 636,003 | 461,389 |
CASH AND CASH EQUIVALENTS AT END OF YEAR | 416,617 | 432,077 | 636,003 |
United Bankshares [Member] | ' | ' | ' |
Condensed Cash Flow Statements, Captions [Line Items] | ' | ' | ' |
Net income | 85,628 | 82,607 | 75,610 |
Equity in undistributed net income of subsidiaries | -17,693 | -18,294 | -11,835 |
Amortization of net periodic pension costs | 373 | 117 | 76 |
Stock-based compensation | 1,786 | 1,908 | 1,133 |
Net (gain) loss on securities transactions | -556 | -55 | -12 |
Net change in other assets and liabilities | 867 | -1,553 | -6,895 |
NET CASH PROVIDED BY OPERATING ACTIVITIES | 70,405 | 64,730 | 58,077 |
Net proceeds from (purchases of) sales of securities | 2,341 | 1,541 | 4,854 |
Net cash paid in acquisition of subsidiary | 0 | 0 | -8,576 |
Change in other investment securities | 37 | 38 | 1,376 |
NET CASH (USED IN) PROVIDED BY INVESTING ACTIVITIES | 2,378 | 1,579 | -2,346 |
Cash dividends paid | -62,434 | -62,333 | -54,344 |
Net (repayment) liquidation of subsidiary trusts | 0 | -5,155 | 0 |
Acquisition of treasury stock | -93 | -12 | -18 |
Proceeds from sale of treasury stock from deferred compensation plan | 77 | 130 | 74 |
Excess tax benefits from stock-based compensation arrangements | 331 | 35 | 3,114 |
Proceeds from exercise of stock options | 2,364 | 115 | 542 |
NET CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES | -59,755 | -67,220 | -50,632 |
Increase (Decrease) in Cash and Cash Equivalents | 13,028 | -911 | 5,099 |
CASH AND CASH EQUIVALENTS AT BEGINNING OF YEAR | 30,585 | 31,496 | 26,397 |
CASH AND CASH EQUIVALENTS AT END OF YEAR | $43,613 | $30,585 | $31,496 |
Regulatory_Matters_Additional_
Regulatory Matters - Additional Information (Detail) (USD $) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Regulated Operations [Abstract] | ' | ' |
Average reserve balances to be maintained by subsidiary banks | $245,566,000 | $239,755,000 |
Average reserve balances required by subsidiary banks | 438,761,000 | 89,439,000 |
Retained net profits available for distribution to United Bankshares, Inc. by its banking subsidiaries as dividends | 35,547,000 | ' |
Maximum loan to parent company by subsidiaries as percentage it's of capital and surplus | 10.00% | ' |
Maximum amount of loan to parent company by subsidiaries | $77,648,000 | ' |
Regulatory_Matters_Capital_Amo
Regulatory Matters - Capital Amounts and Ratios (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
United Bankshares [Member] | ' | ' |
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ' | ' |
Total Capital to Risk-Weighted Assets, Actual Amount | $971,401 | $941,448 |
Tier 1 Capital to Risk-Weighted Assets, Actual Amount | 886,094 | 857,091 |
Tier 1 Capital to Average Assets, Amount | 886,094 | 857,091 |
Total Capital to Risk-Weighted Assets, Actual Ratio | 13.70% | 13.70% |
Tier 1 Capital to Risk-Weighted Assets, Actual Ratio | 12.50% | 12.40% |
Tier 1 Capital to Average Assets, Actual Ratio | 10.70% | 10.60% |
Total Capital to Risk-Weighted Assets, For Capital Adequacy Purposes, Amount | 566,836 | 551,114 |
Tier 1 Capital to Risk-Weighted Assets, For Capital Adequacy Purposes, Amount | 283,418 | 275,557 |
Tier 1 Capital to Average Assets, For Capital Adequacy Purposes, Amount | 330,614 | 322,941 |
Total Capital to Risk-Weighted Assets, For Capital Adequacy, Ratio | 8.00% | 8.00% |
Tier 1 Capital to Risk-Weighted Assets, For Capital Adequacy Purposes, Ratio | 4.00% | 4.00% |
Tier 1 Capital to Average Assets, For Capital Adequacy Purposes, Ratio | 4.00% | 4.00% |
Total Capital to Risk-Weighted Assets, To Be Well Capitalized, Amount | 708,545 | 688,892 |
Tier 1 Capital to Risk-Weighted Assets, To Be Well Capitalized, Amount | 425,127 | 413,335 |
Tier 1 Capital to Average Assets, To Be Well Capitalized, Amount | 413,267 | 403,676 |
Total Capital to Risk-Weighted Assets, To Be Well Capitalized, Ratio | 10.00% | 10.00% |
Tier 1 Capital to Risk-Weighted Assets, To Be Well Capitalized, Ratio | 6.00% | 6.00% |
Tier 1 Capital to Average Assets To Be Well Capitalized, Ratio | 5.00% | 5.00% |
United Bank (WV) [Member] | ' | ' |
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ' | ' |
Total Capital to Risk-Weighted Assets, Actual Amount | 525,517 | 511,451 |
Tier 1 Capital to Risk-Weighted Assets, Actual Amount | 485,038 | 473,044 |
Tier 1 Capital to Average Assets, Amount | 485,038 | 473,044 |
Total Capital to Risk-Weighted Assets, Actual Ratio | 12.50% | 12.70% |
Tier 1 Capital to Risk-Weighted Assets, Actual Ratio | 11.60% | 11.80% |
Tier 1 Capital to Average Assets, Actual Ratio | 9.70% | 9.80% |
Total Capital to Risk-Weighted Assets, For Capital Adequacy Purposes, Amount | 336,100 | 321,957 |
Tier 1 Capital to Risk-Weighted Assets, For Capital Adequacy Purposes, Amount | 168,050 | 160,978 |
Tier 1 Capital to Average Assets, For Capital Adequacy Purposes, Amount | 199,209 | 193,775 |
Total Capital to Risk-Weighted Assets, For Capital Adequacy, Ratio | 8.00% | 8.00% |
Tier 1 Capital to Risk-Weighted Assets, For Capital Adequacy Purposes, Ratio | 4.00% | 4.00% |
Tier 1 Capital to Average Assets, For Capital Adequacy Purposes, Ratio | 4.00% | 4.00% |
Total Capital to Risk-Weighted Assets, To Be Well Capitalized, Amount | 420,125 | 402,446 |
Tier 1 Capital to Risk-Weighted Assets, To Be Well Capitalized, Amount | 252,075 | 241,468 |
Tier 1 Capital to Average Assets, To Be Well Capitalized, Amount | 249,012 | 242,218 |
Total Capital to Risk-Weighted Assets, To Be Well Capitalized, Ratio | 10.00% | 10.00% |
Tier 1 Capital to Risk-Weighted Assets, To Be Well Capitalized, Ratio | 6.00% | 6.00% |
Tier 1 Capital to Average Assets To Be Well Capitalized, Ratio | 5.00% | 5.00% |
United Bank (VA) [Member] | ' | ' |
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ' | ' |
Total Capital to Risk-Weighted Assets, Actual Amount | 412,120 | 404,405 |
Tier 1 Capital to Risk-Weighted Assets, Actual Amount | 376,255 | 368,488 |
Tier 1 Capital to Average Assets, Amount | 376,255 | 368,488 |
Total Capital to Risk-Weighted Assets, Actual Ratio | 14.40% | 14.10% |
Tier 1 Capital to Risk-Weighted Assets, Actual Ratio | 13.10% | 12.80% |
Tier 1 Capital to Average Assets, Actual Ratio | 11.20% | 11.20% |
Total Capital to Risk-Weighted Assets, For Capital Adequacy Purposes, Amount | 229,656 | 229,769 |
Tier 1 Capital to Risk-Weighted Assets, For Capital Adequacy Purposes, Amount | 114,828 | 114,884 |
Tier 1 Capital to Average Assets, For Capital Adequacy Purposes, Amount | 134,613 | 132,158 |
Total Capital to Risk-Weighted Assets, For Capital Adequacy, Ratio | 8.00% | 8.00% |
Tier 1 Capital to Risk-Weighted Assets, For Capital Adequacy Purposes, Ratio | 4.00% | 4.00% |
Tier 1 Capital to Average Assets, For Capital Adequacy Purposes, Ratio | 4.00% | 4.00% |
Total Capital to Risk-Weighted Assets, To Be Well Capitalized, Amount | 287,070 | 287,211 |
Tier 1 Capital to Risk-Weighted Assets, To Be Well Capitalized, Amount | 172,242 | 172,327 |
Tier 1 Capital to Average Assets, To Be Well Capitalized, Amount | $168,266 | $165,197 |
Total Capital to Risk-Weighted Assets, To Be Well Capitalized, Ratio | 10.00% | 10.00% |
Tier 1 Capital to Risk-Weighted Assets, To Be Well Capitalized, Ratio | 6.00% | 6.00% |
Tier 1 Capital to Average Assets To Be Well Capitalized, Ratio | 5.00% | 5.00% |
Fair_Value_Measurements_Additi
Fair Value Measurements - Additional Information (Detail) (USD $) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Discount rates utilized, minimum | 3.75% | ' |
Discount rates utilized, maximum | 19.00% | ' |
Nonrecurring fair value adjustments on loans held for sale | $0 | ' |
Fair value measurement of intangible assets | $0 | $0 |
Trust Preferred Collateralized Debt Obligations [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Decrease in fair value of securities | 17.00% | ' |
Increase in discount rates, basis point | 200.00% | ' |
Fair_Value_Measurements_Schedu
Fair Value Measurements - Schedule of Financial Assets and Liabilities Measured at Fair Value (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Total available for sale securities | $775,284 | $625,625 |
Derivative financial assets | 3,224 | 2,367 |
Derivative financial liabilities | 1,194 | 4,281 |
U.S. Treasury Securities and Obligations of U.S. Government Corporations and Agencies [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Total available for sale securities | 171,754 | 337,522 |
State and Political Subdivisions [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Total available for sale securities | 62,709 | 80,428 |
Residential Mortgage-Backed Securities, Agency [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Total available for sale securities | 216,464 | 106,510 |
Residential Mortgage-Backed Securities, Non-agency [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Total available for sale securities | 16,532 | 25,045 |
Asset-Backed Securities [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Total available for sale securities | 9,227 | 11,709 |
Trust Preferred Collateralized Debt Obligations [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Total available for sale securities | 43,449 | 40,613 |
Commercial Mortgage-Backed Securities Agency [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Total available for sale securities | 233,432 | ' |
Fair Value, Measurements, Recurring [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Available for sale debt securities | 771,414 | 619,239 |
Available for sale equity securities | 3,870 | 6,386 |
Total available for sale securities | 775,284 | 625,625 |
Fair Value, Measurements, Recurring [Member] | U.S. Treasury Securities and Obligations of U.S. Government Corporations and Agencies [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Available for sale debt securities | 171,754 | 337,522 |
Fair Value, Measurements, Recurring [Member] | State and Political Subdivisions [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Available for sale debt securities | 62,709 | 80,428 |
Fair Value, Measurements, Recurring [Member] | Residential Mortgage-Backed Securities, Agency [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Available for sale debt securities | 216,464 | 106,510 |
Fair Value, Measurements, Recurring [Member] | Residential Mortgage-Backed Securities, Non-agency [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Available for sale debt securities | 16,532 | 25,045 |
Fair Value, Measurements, Recurring [Member] | Asset-Backed Securities [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Available for sale debt securities | 9,227 | 11,709 |
Fair Value, Measurements, Recurring [Member] | Trust Preferred Collateralized Debt Obligations [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Available for sale debt securities | 43,449 | 40,613 |
Fair Value, Measurements, Recurring [Member] | Single Issue Trust Preferred Securities [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Available for sale debt securities | 12,632 | 12,129 |
Fair Value, Measurements, Recurring [Member] | Other Corporate Securities [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Available for sale debt securities | 5,215 | 5,283 |
Fair Value, Measurements, Recurring [Member] | Financial Services Industry [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Available for sale equity securities | 2,292 | 5,382 |
Fair Value, Measurements, Recurring [Member] | Equity Mutual Funds [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Available for sale equity securities | 434 | 55 |
Fair Value, Measurements, Recurring [Member] | Other Equity Securities [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Available for sale equity securities | 1,144 | 949 |
Fair Value, Measurements, Recurring [Member] | Interest Rate Contracts [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Derivative financial assets | 3,224 | 2,367 |
Derivative financial liabilities | 1,194 | 4,281 |
Fair Value, Measurements, Recurring [Member] | Commercial Mortgage-Backed Securities Agency [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Available for sale debt securities | 233,432 | ' |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Total available for sale securities | 2,796 | 3,807 |
Derivative financial assets | 0 | 0 |
Derivative financial liabilities | 0 | 0 |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Fair Value, Measurements, Recurring [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Available for sale debt securities | 502 | 499 |
Available for sale equity securities | 2,294 | 3,308 |
Total available for sale securities | 2,796 | 3,807 |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Fair Value, Measurements, Recurring [Member] | U.S. Treasury Securities and Obligations of U.S. Government Corporations and Agencies [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Available for sale debt securities | 0 | 0 |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Fair Value, Measurements, Recurring [Member] | State and Political Subdivisions [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Available for sale debt securities | 0 | 0 |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Fair Value, Measurements, Recurring [Member] | Residential Mortgage-Backed Securities, Agency [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Available for sale debt securities | 0 | 0 |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Fair Value, Measurements, Recurring [Member] | Residential Mortgage-Backed Securities, Non-agency [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Available for sale debt securities | 0 | 0 |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Fair Value, Measurements, Recurring [Member] | Asset-Backed Securities [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Available for sale debt securities | 0 | 0 |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Fair Value, Measurements, Recurring [Member] | Trust Preferred Collateralized Debt Obligations [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Available for sale debt securities | 0 | 0 |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Fair Value, Measurements, Recurring [Member] | Single Issue Trust Preferred Securities [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Available for sale debt securities | 502 | 499 |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Fair Value, Measurements, Recurring [Member] | Other Corporate Securities [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Available for sale debt securities | 0 | 0 |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Fair Value, Measurements, Recurring [Member] | Financial Services Industry [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Available for sale equity securities | 716 | 2,304 |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Fair Value, Measurements, Recurring [Member] | Equity Mutual Funds [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Available for sale equity securities | 434 | 55 |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Fair Value, Measurements, Recurring [Member] | Other Equity Securities [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Available for sale equity securities | 1,144 | 949 |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Fair Value, Measurements, Recurring [Member] | Interest Rate Contracts [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Derivative financial assets | 0 | 0 |
Derivative financial liabilities | 0 | 0 |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Fair Value, Measurements, Recurring [Member] | Commercial Mortgage-Backed Securities Agency [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Available for sale debt securities | 0 | ' |
Significant Other Observable Inputs (Level 2) [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Total available for sale securities | 729,039 | 581,205 |
Derivative financial assets | 3,224 | 2,367 |
Derivative financial liabilities | 1,194 | 4,281 |
Significant Other Observable Inputs (Level 2) [Member] | Fair Value, Measurements, Recurring [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Available for sale debt securities | 727,463 | 578,127 |
Available for sale equity securities | 1,576 | 3,078 |
Total available for sale securities | 729,039 | 581,205 |
Significant Other Observable Inputs (Level 2) [Member] | Fair Value, Measurements, Recurring [Member] | U.S. Treasury Securities and Obligations of U.S. Government Corporations and Agencies [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Available for sale debt securities | 171,754 | 337,522 |
Significant Other Observable Inputs (Level 2) [Member] | Fair Value, Measurements, Recurring [Member] | State and Political Subdivisions [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Available for sale debt securities | 62,709 | 80,428 |
Significant Other Observable Inputs (Level 2) [Member] | Fair Value, Measurements, Recurring [Member] | Residential Mortgage-Backed Securities, Agency [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Available for sale debt securities | 216,464 | 106,510 |
Significant Other Observable Inputs (Level 2) [Member] | Fair Value, Measurements, Recurring [Member] | Residential Mortgage-Backed Securities, Non-agency [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Available for sale debt securities | 16,532 | 25,045 |
Significant Other Observable Inputs (Level 2) [Member] | Fair Value, Measurements, Recurring [Member] | Asset-Backed Securities [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Available for sale debt securities | 9,227 | 11,709 |
Significant Other Observable Inputs (Level 2) [Member] | Fair Value, Measurements, Recurring [Member] | Trust Preferred Collateralized Debt Obligations [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Available for sale debt securities | 0 | 0 |
Significant Other Observable Inputs (Level 2) [Member] | Fair Value, Measurements, Recurring [Member] | Single Issue Trust Preferred Securities [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Available for sale debt securities | 12,130 | 11,630 |
Significant Other Observable Inputs (Level 2) [Member] | Fair Value, Measurements, Recurring [Member] | Other Corporate Securities [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Available for sale debt securities | 5,215 | 5,283 |
Significant Other Observable Inputs (Level 2) [Member] | Fair Value, Measurements, Recurring [Member] | Financial Services Industry [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Available for sale equity securities | 1,576 | 3,078 |
Significant Other Observable Inputs (Level 2) [Member] | Fair Value, Measurements, Recurring [Member] | Equity Mutual Funds [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Available for sale equity securities | 0 | 0 |
Significant Other Observable Inputs (Level 2) [Member] | Fair Value, Measurements, Recurring [Member] | Other Equity Securities [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Available for sale equity securities | 0 | 0 |
Significant Other Observable Inputs (Level 2) [Member] | Fair Value, Measurements, Recurring [Member] | Interest Rate Contracts [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Derivative financial assets | 3,224 | 2,367 |
Derivative financial liabilities | 1,194 | 4,281 |
Significant Other Observable Inputs (Level 2) [Member] | Fair Value, Measurements, Recurring [Member] | Commercial Mortgage-Backed Securities Agency [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Available for sale debt securities | 233,432 | ' |
Significant Unobservable Inputs (Level 3) [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Total available for sale securities | 43,449 | 40,613 |
Derivative financial assets | 0 | 0 |
Derivative financial liabilities | 0 | 0 |
Significant Unobservable Inputs (Level 3) [Member] | Fair Value, Measurements, Recurring [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Available for sale debt securities | 43,449 | 40,613 |
Available for sale equity securities | 0 | 0 |
Total available for sale securities | 43,449 | 40,613 |
Significant Unobservable Inputs (Level 3) [Member] | Fair Value, Measurements, Recurring [Member] | U.S. Treasury Securities and Obligations of U.S. Government Corporations and Agencies [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Available for sale debt securities | 0 | 0 |
Significant Unobservable Inputs (Level 3) [Member] | Fair Value, Measurements, Recurring [Member] | State and Political Subdivisions [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Available for sale debt securities | 0 | 0 |
Significant Unobservable Inputs (Level 3) [Member] | Fair Value, Measurements, Recurring [Member] | Residential Mortgage-Backed Securities, Agency [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Available for sale debt securities | 0 | 0 |
Significant Unobservable Inputs (Level 3) [Member] | Fair Value, Measurements, Recurring [Member] | Residential Mortgage-Backed Securities, Non-agency [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Available for sale debt securities | 0 | 0 |
Significant Unobservable Inputs (Level 3) [Member] | Fair Value, Measurements, Recurring [Member] | Asset-Backed Securities [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Available for sale debt securities | 0 | 0 |
Significant Unobservable Inputs (Level 3) [Member] | Fair Value, Measurements, Recurring [Member] | Trust Preferred Collateralized Debt Obligations [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Available for sale debt securities | 43,449 | 40,613 |
Significant Unobservable Inputs (Level 3) [Member] | Fair Value, Measurements, Recurring [Member] | Single Issue Trust Preferred Securities [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Available for sale debt securities | 0 | 0 |
Significant Unobservable Inputs (Level 3) [Member] | Fair Value, Measurements, Recurring [Member] | Other Corporate Securities [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Available for sale debt securities | 0 | 0 |
Significant Unobservable Inputs (Level 3) [Member] | Fair Value, Measurements, Recurring [Member] | Financial Services Industry [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Available for sale equity securities | 0 | 0 |
Significant Unobservable Inputs (Level 3) [Member] | Fair Value, Measurements, Recurring [Member] | Equity Mutual Funds [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Available for sale equity securities | 0 | 0 |
Significant Unobservable Inputs (Level 3) [Member] | Fair Value, Measurements, Recurring [Member] | Other Equity Securities [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Available for sale equity securities | 0 | 0 |
Significant Unobservable Inputs (Level 3) [Member] | Fair Value, Measurements, Recurring [Member] | Interest Rate Contracts [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Derivative financial assets | 0 | 0 |
Derivative financial liabilities | 0 | 0 |
Significant Unobservable Inputs (Level 3) [Member] | Fair Value, Measurements, Recurring [Member] | Commercial Mortgage-Backed Securities Agency [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Available for sale debt securities | $0 | ' |
Fair_Value_Measurements_Schedu1
Fair Value Measurements - Schedule of Additional Information about Financial Assets and Liabilities Measured at Fair Value Utilized Level 3 (Detail) (Trust Preferred Collateralized Debt Obligations [Member], Fair Value, Measurements, Recurring [Member], USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Trust Preferred Collateralized Debt Obligations [Member] | Fair Value, Measurements, Recurring [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Balance, beginning of year | $40,613 | $42,369 |
Included in earnings (or changes in net assets) | -6,456 | -5,970 |
Included in other comprehensive income | 14,520 | 4,214 |
Purchases, issuances, and settlements | -5,228 | 0 |
Transfers in and/or out of Level 3 | 0 | 0 |
Balance, ending of year | 43,449 | 40,613 |
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 |
Fair_Value_Measurements_Summar
Fair Value Measurements - Summary of Financial Assets Measured at Fair Value on Nonrecurring Basis (Detail) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
YTD Losses, Impaired Loans | $1,886 | $3,238 |
YTD Losses, OREO | 2,548 | 3,677 |
Impaired Loans | 45,883 | 50,985 |
OREO | 38,182 | 49,484 |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Impaired Loans | 0 | 0 |
OREO | 0 | 0 |
Significant Other Observable Inputs (Level 2) [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Impaired Loans | 13,081 | 28,947 |
OREO | 38,107 | 45,588 |
Significant Unobservable Inputs (Level 3) [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Impaired Loans | 32,802 | 22,038 |
OREO | $75 | $3,896 |
Fair_Value_Measurements_Summar1
Fair Value Measurements - Summary of Estimated Fair Values of Financial Instruments (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Cash and cash equivalents | $416,617,000 | $432,077,000 |
Securities available for sale | 775,284,000 | 625,625,000 |
Securities held to maturity | 40,965,000 | 43,467,000 |
Other securities | 73,093,000 | 60,310,000 |
Loans held for sale | 4,236,000 | 17,762,000 |
Loans | 6,704,583,000 | 6,511,416,000 |
Derivative financial assets | 3,224,000 | 2,367,000 |
Deposits | 6,621,571,000 | 6,752,986,000 |
Derivative financial liabilities | 1,194,000 | 4,281,000 |
Carrying Amount [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Cash and cash equivalents | 416,617,000 | 432,077,000 |
Securities available for sale | 775,284,000 | 625,625,000 |
Securities held to maturity | 40,965,000 | 43,467,000 |
Other securities | 73,093,000 | 60,310,000 |
Loans held for sale | 4,236,000 | 17,762,000 |
Loans | 6,630,385,000 | 6,437,515,000 |
Derivative financial assets | 3,224,000 | 2,367,000 |
Deposits | 6,621,571,000 | 6,752,986,000 |
Short-term borrowings | 430,754,000 | 314,962,000 |
Long-term borrowings | 575,697,000 | 284,926,000 |
Derivative financial liabilities | 1,194,000 | 4,281,000 |
Fair Value [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Cash and cash equivalents | 416,617,000 | 432,077,000 |
Securities available for sale | 775,284,000 | 625,625,000 |
Securities held to maturity | 38,293,000 | 42,696,000 |
Other securities | 70,072,000 | 57,643,000 |
Loans held for sale | 4,236,000 | 17,762,000 |
Loans | 6,657,376,000 | 6,473,974,000 |
Derivative financial assets | 3,224,000 | 2,367,000 |
Deposits | 6,641,070,000 | 6,776,012,000 |
Short-term borrowings | 430,754,000 | 314,962,000 |
Long-term borrowings | 553,796,000 | 277,899,000 |
Derivative financial liabilities | 1,194,000 | 4,281,000 |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Cash and cash equivalents | 0 | 0 |
Securities available for sale | 2,796,000 | 3,807,000 |
Securities held to maturity | 0 | 0 |
Other securities | 0 | 0 |
Loans held for sale | 0 | 0 |
Loans | 0 | 0 |
Derivative financial assets | 0 | 0 |
Deposits | 0 | 0 |
Short-term borrowings | 0 | 0 |
Long-term borrowings | 0 | 0 |
Derivative financial liabilities | 0 | 0 |
Significant Other Observable Inputs (Level 2) [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Cash and cash equivalents | 416,617,000 | 432,077,000 |
Securities available for sale | 729,039,000 | 581,205,000 |
Securities held to maturity | 35,773,000 | 36,999,000 |
Other securities | 0 | 0 |
Loans held for sale | 4,236,000 | 17,762,000 |
Loans | 0 | 0 |
Derivative financial assets | 3,224,000 | 2,367,000 |
Deposits | 6,641,070,000 | 6,776,012,000 |
Short-term borrowings | 430,754,000 | 314,962,000 |
Long-term borrowings | 553,796,000 | 277,899,000 |
Derivative financial liabilities | 1,194,000 | 4,281,000 |
Significant Unobservable Inputs (Level 3) [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Cash and cash equivalents | 0 | 0 |
Securities available for sale | 43,449,000 | 40,613,000 |
Securities held to maturity | 2,520,000 | 5,697,000 |
Other securities | 70,072,000 | 57,643,000 |
Loans held for sale | 0 | 0 |
Loans | 6,657,376,000 | 6,473,974,000 |
Derivative financial assets | 0 | 0 |
Deposits | 0 | 0 |
Short-term borrowings | 0 | 0 |
Long-term borrowings | 0 | 0 |
Derivative financial liabilities | $0 | $0 |
Variable_Interest_Entities_Add
Variable Interest Entities - Additional Information (Detail) (USD $) | 1 Months Ended | 12 Months Ended | |
In Millions, unless otherwise specified | Aug. 20, 2012 | Jul. 11, 2012 | Dec. 31, 2013 |
Variable Interest Entity Not Primary Beneficiary Disclosures [Abstract] | ' | ' | ' |
Percentage of equity shares of each trust owned by the company | ' | ' | 100.00% |
Redemption trust preferred securities outstanding | ' | $5 | ' |
Redemption payment date | 20-Aug-12 | ' | ' |
Redemption Price Percentage | 104.58% | ' | ' |
Redemption principal amount | $5.23 | ' | ' |
Variable_Interest_Entities_Sum
Variable Interest Entities - Summary of Quantitative Information Related to Significant Involvement in Unconsolidated Variable Interest Entities (Detail) (Trust Preferred Securities [Member], USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Trust Preferred Securities [Member] | ' | ' |
Variable Interest Entity [Line Items] | ' | ' |
Aggregate Assets | $201,186 | $201,297 |
Aggregate Liabilities | 194,453 | 194,636 |
Risk Of Loss | $6,733 | $6,661 |
Quarterly_Financial_Data_Quart
Quarterly Financial Data - Quarterly Financial Data (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Quarterly Financial Information Disclosure [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest income | $77,639 | $76,705 | $75,485 | $76,325 | $79,668 | $81,336 | $81,105 | $81,788 | $306,154 | $323,897 | $316,522 |
Interest expense | 8,453 | 9,075 | 9,282 | 9,503 | 9,996 | 11,322 | 12,050 | 12,822 | 36,313 | 46,190 | 55,794 |
Net interest income | 69,186 | 67,630 | 66,203 | 66,822 | 69,672 | 70,014 | 69,055 | 68,966 | 269,841 | 277,707 | 260,728 |
Provision for credit losses | 4,343 | 4,777 | 4,960 | 5,187 | 5,947 | 4,346 | 3,436 | 4,133 | 19,267 | 17,862 | 17,141 |
Mortgage banking income | 262 | 605 | 739 | 965 | 851 | 819 | 483 | 318 | ' | ' | ' |
Securities (losses) gains, net | -5,427 | 101 | 211 | -694 | -1,740 | -2,188 | -1,543 | -1,459 | -5,809 | -6,930 | -18,838 |
Other noninterest income | 17,211 | 17,629 | 18,149 | 18,077 | 17,634 | 18,003 | 17,647 | 17,467 | 67,828 | 66,292 | 50,837 |
Noninterest expense | 47,977 | 48,585 | 48,547 | 48,249 | 49,273 | 53,869 | 51,252 | 50,262 | 193,358 | 204,656 | 184,048 |
Income taxes | 9,252 | 10,433 | 9,576 | 10,155 | 9,983 | 9,099 | 9,905 | 9,887 | 39,416 | 38,874 | 34,766 |
Net income | $19,660 | $22,170 | $22,219 | $21,579 | $21,214 | $19,334 | $21,049 | $21,010 | $85,628 | $82,607 | $75,610 |
Average shares outstanding (000s): | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Basic | 50,417,000 | 50,379,000 | 50,346,000 | 50,302,000 | 50,276,000 | 50,276,000 | 50,275,000 | 50,235,000 | 50,353,452 | 50,265,620 | 46,803,432 |
Diluted | 50,564,000 | 50,473,000 | 50,402,000 | 50,332,000 | 50,295,000 | 50,295,000 | 50,308,000 | 50,301,000 | 50,426,078 | 50,298,019 | 46,837,363 |
Net income per share: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Basic | $0.39 | $0.44 | $0.44 | $0.43 | $0.42 | $0.38 | $0.42 | $0.42 | $1.70 | $1.64 | $1.62 |
Diluted | $0.39 | $0.44 | $0.44 | $0.43 | $0.42 | $0.38 | $0.42 | $0.42 | $1.70 | $1.64 | $1.61 |
Dividends per share | $0.32 | $0.31 | $0.31 | $0.31 | $0.31 | $0.31 | $0.31 | $0.31 | $1.25 | $1.24 | $1.21 |