Document_and_Entity_Informatio
Document and Entity Information | 6 Months Ended | |
Jun. 30, 2014 | Jul. 31, 2014 | |
Document And Entity Information [Abstract] | ' | ' |
Document Type | '10-Q | ' |
Amendment Flag | 'false | ' |
Document Period End Date | 30-Jun-14 | ' |
Document Fiscal Year Focus | '2014 | ' |
Document Fiscal Period Focus | 'Q2 | ' |
Entity Registrant Name | 'UNITED BANKSHARES INC/WV | ' |
Entity Central Index Key | '0000729986 | ' |
Current Fiscal Year End Date | '--12-31 | ' |
Entity Filer Category | 'Large Accelerated Filer | ' |
Entity Common Stock, Shares Outstanding | ' | 69,171,374 |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Assets | ' | ' |
Cash and due from banks | $197,656 | $134,808 |
Interest-bearing deposits with other banks | 517,000 | 281,090 |
Federal funds sold | 720 | 719 |
Total cash and cash equivalents | 715,376 | 416,617 |
Securities available for sale at estimated fair value (amortized cost-$1,148,927 at June 30, 2014 and $813,049 at December 31, 2013) | 1,137,024 | 775,284 |
Securities held to maturity (estimated fair value-$38,870 at June 30, 2014 and $38,293 at December 31, 2013) | 40,717 | 40,965 |
Other investment securities | 104,302 | 73,093 |
Loans held for sale | 9,466 | 4,236 |
Loans | 8,885,808 | 6,713,599 |
Less: Unearned income | -13,373 | -9,016 |
Loans net of unearned income | 8,872,435 | 6,704,583 |
Less: Allowance for loan losses | -74,975 | -74,198 |
Net loans | 8,797,460 | 6,630,385 |
Bank premises and equipment | 78,321 | 69,897 |
Goodwill | 710,165 | 375,547 |
Accrued interest receivable | 32,076 | 26,666 |
Other assets | 426,803 | 322,634 |
TOTAL ASSETS | 12,051,710 | 8,735,324 |
Deposits: | ' | ' |
Noninterest-bearing | 2,466,226 | 1,874,520 |
Interest-bearing | 6,279,921 | 4,747,051 |
Total deposits | 8,746,147 | 6,621,571 |
Borrowings: | ' | ' |
Federal funds purchased | 16,700 | 27,685 |
Securities sold under agreements to repurchase | 466,480 | 188,069 |
Federal Home Loan Bank borrowings | 861,337 | 592,069 |
Other long-term borrowings | 249,641 | 198,628 |
Reserve for lending-related commitments | 2,441 | 2,143 |
Accrued expenses and other liabilities | 69,681 | 63,427 |
TOTAL LIABILITIES | 10,412,427 | 7,693,592 |
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-69,197,977 and 50,867,630 at June 30, 2014 and December 31, 2013, respectively, including 34,723 and 437,363 shares in treasury at June 30, 2014 and December 31, 2013, respectively | 172,995 | 127,169 |
Surplus | 738,993 | 237,674 |
Retained earnings | 754,101 | 734,945 |
Accumulated other comprehensive loss | -25,616 | -43,047 |
Treasury stock, at cost | -1,190 | -15,009 |
TOTAL SHAREHOLDERS' EQUITY | 1,639,283 | 1,041,732 |
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | $12,051,710 | $8,735,324 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parenthetical) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Thousands, except Share data, unless otherwise specified | ||
Statement Of Financial Position [Abstract] | ' | ' |
Securities available for sale, amortized cost | $1,148,927 | $813,049 |
Securities held to maturity | $38,870 | $38,293 |
Preferred stock, par value | $1 | $1 |
Preferred stock, shares authorized | 50,000,000 | 50,000,000 |
Preferred stock, shares issued | 0 | 0 |
Common stock, par value | $2.50 | $2.50 |
Common stock, shares authorized | 100,000,000 | 100,000,000 |
Common stock, shares issued | 69,197,977 | 50,867,630 |
Common stock, shares in treasury | 34,723 | 437,363 |
Consolidated_Statements_of_Inc
Consolidated Statements of Income (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Interest income | ' | ' | ' | ' |
Interest and fees on loans | $96,175 | $70,822 | $183,789 | $142,645 |
Interest on federal funds sold and other short-term investments | 248 | 160 | 415 | 289 |
Interest and dividends on securities: | ' | ' | ' | ' |
Taxable | 7,467 | 3,776 | 13,996 | 7,388 |
Tax-exempt | 909 | 727 | 1,763 | 1,488 |
Total interest income | 104,799 | 75,485 | 199,963 | 151,810 |
Interest expense | ' | ' | ' | ' |
Interest on deposits | 7,015 | 6,857 | 13,416 | 13,834 |
Interest on short-term borrowings | 324 | 218 | 677 | 418 |
Interest on long-term borrowings | 3,528 | 2,207 | 6,636 | 4,533 |
Total interest expense | 10,867 | 9,282 | 20,729 | 18,785 |
Net interest income | 93,932 | 66,203 | 179,234 | 133,025 |
Provision for loan losses | 6,201 | 4,960 | 10,880 | 10,147 |
Net interest income after provision for loan losses | 87,731 | 61,243 | 168,354 | 122,878 |
Other income | ' | ' | ' | ' |
Fees from trust and brokerage services | 4,641 | 4,370 | 9,234 | 8,200 |
Fees from deposit services | 10,902 | 10,208 | 20,461 | 19,832 |
Bankcard fees and merchant discounts | 1,127 | 899 | 1,873 | 1,696 |
Other service charges, commissions, and fees | 602 | 626 | 1,029 | 1,187 |
Income from bank-owned life insurance | 1,445 | 1,185 | 2,696 | 3,574 |
Income from mortgage banking | 438 | 739 | 697 | 1,704 |
Net gain on the sale of bank premises | 0 | 0 | 8,976 | 0 |
Other income | 400 | 861 | 924 | 1,737 |
Total other-than-temporary impairment losses | 0 | -137 | 1,046 | 285 |
Portion of loss recognized in other comprehensive income | -421 | 0 | -2,106 | -1,256 |
Net other-than-temporary impairment losses | -421 | -137 | -1,060 | -971 |
Net gains on sales/calls of investment securities | 1 | 348 | 825 | 488 |
Net investment securities (losses) gains | -420 | 211 | -235 | -483 |
Total other income | 19,135 | 19,099 | 45,655 | 37,447 |
Other expense | ' | ' | ' | ' |
Employee compensation | 21,546 | 16,957 | 46,553 | 33,561 |
Employee benefits | 5,190 | 5,675 | 10,814 | 11,668 |
Net occupancy expense | 6,514 | 4,821 | 12,949 | 10,012 |
Other real estate owned (OREO) expense | 1,037 | 2,330 | 3,150 | 3,600 |
Equipment expense | 2,241 | 1,711 | 4,142 | 3,410 |
Data processing expense | 3,589 | 2,813 | 6,826 | 5,544 |
Bankcard processing expense | 348 | 331 | 672 | 657 |
FDIC insurance expense | 2,071 | 1,564 | 3,578 | 3,123 |
Other expense | 14,708 | 12,345 | 29,719 | 25,221 |
Total other expense | 57,244 | 48,547 | 118,403 | 96,796 |
Income before income taxes | 49,622 | 31,795 | 95,606 | 63,529 |
Income taxes | 16,375 | 9,576 | 32,235 | 19,731 |
Net income | $33,247 | $22,219 | $63,371 | $43,798 |
Earnings per common share: | ' | ' | ' | ' |
Basic | $0.48 | $0.44 | $0.96 | $0.87 |
Diluted | $0.48 | $0.44 | $0.96 | $0.87 |
Dividends per common share | $0.32 | $0.31 | $0.64 | $0.62 |
Average outstanding shares: | ' | ' | ' | ' |
Basic | 68,956,123 | 50,345,733 | 65,713,854 | 50,322,783 |
Diluted | 69,154,032 | 50,402,194 | 65,949,455 | 50,382,170 |
Consolidated_Statements_of_Com
Consolidated Statements of Comprehensive Income (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Statement Of Income And Comprehensive Income [Abstract] | ' | ' | ' | ' |
Net Income | $33,247 | $22,219 | $63,371 | $43,798 |
Change in net unrealized gain (loss) on available-for-sale (AFS) securities, net of tax | 8,415 | -2,520 | 16,810 | -1,767 |
Accretion of the net unrealized loss on the transfer of AFS securities to held-to-maturity (HTM) securities, net of tax | 1 | 1 | 2 | 2 |
Change in pension plan assets, net of tax | 310 | 742 | 619 | 1,483 |
Comprehensive income, net of tax | $41,973 | $20,442 | $80,802 | $43,516 |
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, unless otherwise specified | ||||||
Beginning Balance at Dec. 31, 2013 | $1,041,732 | $127,169 | $237,674 | $734,945 | ($43,047) | ($15,009) |
Beginning Balance, shares at Dec. 31, 2013 | ' | 50,867,630 | ' | ' | ' | ' |
Comprehensive income: | ' | ' | ' | ' | ' | ' |
Net Income | 63,371 | 0 | 0 | 63,371 | 0 | 0 |
Other comprehensive income, net of tax: | 17,431 | 0 | 0 | 0 | 17,431 | 0 |
Comprehensive income, net of tax | 80,802 | ' | ' | ' | ' | ' |
Stock based compensation expense | 1,160 | 0 | 1,160 | 0 | 0 | 0 |
Acquisition of Virginia Commerce Bancorp, Inc. (18,330,347 shares) | 552,262 | 45,826 | 506,436 | 0 | 0 | 0 |
Acquisition of Virginia Commerce Bancorp, Inc., shares | ' | 18,330,347 | ' | ' | ' | ' |
Distribution of treasury stock for deferred compensation plan (3,614 shares) | 79 | 0 | 0 | 0 | 0 | 79 |
Purchase of treasury stock (720 shares) | -24 | 0 | 0 | 0 | 0 | -24 |
Cash dividends ($0.64 per share) | -44,215 | 0 | 0 | -44,215 | 0 | 0 |
Grant of restricted stock (66,949 shares) | 0 | 0 | -2,305 | 0 | 0 | 2,305 |
Forfeiture of restricted stock (1,865 shares) | 0 | 0 | 64 | 0 | 0 | -64 |
Common stock options exercised (334,662 shares) | 7,487 | 0 | -4,036 | 0 | 0 | 11,523 |
Ending Balance at Jun. 30, 2014 | $1,639,283 | $172,995 | $738,993 | $754,101 | ($25,616) | ($1,190) |
Ending Balance, shares at Jun. 30, 2014 | ' | 69,197,977 | ' | ' | ' | ' |
Consolidated_Statement_of_Chan1
Consolidated Statement of Changes in Shareholders' Equity (Parenthetical) (USD $) | 6 Months Ended |
Jun. 30, 2014 | |
Cash dividends per share | $0.64 |
Common stock options exercised, shares | 334,662 |
Common Stock [Member] | ' |
Acquisition of Virginia Commerce Bancorp, Inc., shares | 18,330,347 |
Grant of restricted stock, shares | 66,949 |
Forfeiture of restricted stock, shares | 1,865 |
Common stock options exercised, shares | 334,662 |
Treasury Stock [Member] | ' |
Distribution of treasury stock for deferred compensation plan, shares | 3,614 |
Purchase of treasury stock, shares | 720 |
Condensed_Consolidated_Stateme
Condensed Consolidated Statements of Cash Flows (USD $) | 6 Months Ended | |
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 |
Statement Of Cash Flows [Abstract] | ' | ' |
NET CASH PROVIDED BY OPERATING ACTIVITIES | $57,520 | $72,347 |
INVESTING ACTIVITIES | ' | ' |
Proceeds from maturities and calls of securities held to maturity | 176 | 1,029 |
Proceeds from sales of securities available for sale | 81,194 | 5,821 |
Proceeds from maturities and calls of securities available for sale | 354,689 | 398,962 |
Purchases of securities available for sale | -311,575 | -487,731 |
Purchases of bank premises and equipment | -4,263 | -1,518 |
Proceeds from sales of bank premises and equipment | 11,426 | 197 |
Redemption of bank-owned life insurance policies | 135 | 1,953 |
Purchases of other investment securities | -49,758 | -11,322 |
Proceeds from sales and redemptions of other investment securities | 33,329 | 4,559 |
Acquisition of Virginia Commerce Bancorp, Inc., net of cash paid | 97,298 | 0 |
Net change in loans | -161,656 | -65,236 |
NET CASH PROVIDED BY (USED IN) INVESTING ACTIVITIES | 50,995 | -153,286 |
FINANCING ACTIVITIES | ' | ' |
Cash dividends paid | -38,224 | -31,196 |
Excess tax benefits from stock-based compensation arrangements | 431 | 36 |
Acquisition of treasury stock | -1 | -91 |
Proceeds from exercise of stock options | 6,272 | 676 |
Repayment of long-term Federal Home Loan Bank borrowings | -420,732 | -210 |
Proceeds from issuance of long-term Federal Home Loan Bank borrowings | 700,000 | 0 |
Distribution of treasury stock for deferred compensation plan | 79 | 69 |
Changes in: | ' | ' |
Deposits | 101,892 | -174,980 |
Federal funds purchased, securities sold under agreements to repurchase and other short-term borrowings | -159,473 | 233,599 |
NET CASH PROVIDED BY FINANCING ACTIVITIES | 190,244 | 27,903 |
Increase (Decrease) in cash and cash equivalents | 298,759 | -53,036 |
Cash and cash equivalents at beginning of year | 416,617 | 432,077 |
Cash and cash equivalents at end of period | $715,376 | $379,041 |
General
General | 6 Months Ended |
Jun. 30, 2014 | |
Accounting Policies [Abstract] | ' |
General | ' |
1. GENERAL | |
The accompanying unaudited consolidated interim financial statements of United Bankshares, Inc. and Subsidiaries (“United” or “the Company”) have been prepared in accordance with accounting principles for interim financial information generally accepted in the United States and with the instructions for Form 10-Q and Article 10 of Regulation S-X. Accordingly, the financial statements do not contain all of the information and footnotes required by accounting principles generally accepted in the United States. 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. The financial statements presented as of June 30, 2014 and 2013 and for the three-month and six-month periods then ended have not been audited. The consolidated balance sheet as of December 31, 2013 has been extracted from the audited financial statements included in United’s 2013 Annual Report to Shareholders. The accounting and reporting policies followed in the presentation of these financial statements are consistent with those applied in the preparation of the 2013 Annual Report of United on Form 10-K. 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 stockholders’ equity. In the opinion of management, all adjustments necessary for a fair presentation of financial position and results of operations for the interim periods have been made. Such adjustments are of a normal and recurring nature. | |
The accompanying consolidated interim financial statements include the accounts of United and its wholly owned subsidiaries. United considers all of its principal business activities to be bank related. All significant intercompany accounts and transactions have been eliminated in the consolidated financial statements. Dollars are in thousands, except per share or unless otherwise noted. | |
New Accounting Standards | |
In June 2014, the FASB issued ASU 2014-11, “Transfers and Servicing (Topic 860): Repurchase-to-Maturity Transactions, Repurchase Financings, and Disclosures.” ASU 2014-11 modifies accounting for repurchase-to-maturity transactions and repurchase financing arrangements, as well as modifies required disclosures. Under ASU 2014-11, repurchase-to-maturity transactions, repurchase agreements executed as repurchase financings, and other typical repurchase agreements are accounted for as secured borrowings. ASU 2014-11 also eliminates off-balance-sheet accounting for transfers of financial assets with contemporaneous repurchase financings. ASU 2014-11 is effective for United on January 1, 2015, and is not expected to have a significant impact on the Company’s financial condition or results of operation. | |
In January 2014, the FASB issued ASU 2014-04, “Reclassification of Residential Real Estate Collateralized Consumer Mortgage Loans upon Foreclosure.” ASU 2014-04 clarifies when banks and similar institutions should reclassify mortgage loans collateralized by residential real estate properties from the loan portfolio to other real estate owned (OREO). An entity can elect either a retrospective or a prospective transition method, and early adoption is permitted. ASU 2014-04 is effective for United on January 1, 2015, and is not expected to have a significant impact on the Company’s financial condition or results of operation. | |
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 on 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 was effective for United beginning January 1, 2014 and did not have a significant impact on the Company’s financial condition or results of operation. |
Mergers_and_Acquisitions
Mergers and Acquisitions | 6 Months Ended | ||||||||
Jun. 30, 2014 | |||||||||
Business Combinations [Abstract] | ' | ||||||||
Mergers and Acquisitions | ' | ||||||||
2. MERGERS AND ACQUISITIONS | |||||||||
At the close of business on January 31, 2014 (Acquisition Date), United acquired 100% of the outstanding common stock of Virginia Commerce Bancorp, Inc. (Virginia Commerce), a Virginia corporation headquartered in Arlington, Virginia. The acquisition of Virginia Commerce significantly enhances United’s existing footprint in the Washington, D.C. Metropolitan Statistical Area. The results of operations of Virginia Commerce are 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 was accounted for under the purchase acquisition method of accounting and accordingly, assets acquired, liabilities assumed and consideration exchanged were recorded at estimated fair value on the Acquisition Date. | |||||||||
The aggregate purchase price was approximately $585.53 million, including common stock issued valued at $547.89 million, stock options exchanged valued at $4.37 million, $33.263 million paid in cash to redeem 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 and $8 thousand paid 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. The repurchase price of the warrant was based on its fair market as agreed upon by United and the Treasury. As a result of the repurchase by United, the warrant has been canceled. The number of shares issued in the transaction was 18,330,347, which were valued based on the closing market price of $29.89 for United’s common shares on January 31, 2014. The preliminary purchase price has been allocated to the identifiable tangible and intangible assets resulting in preliminary additions to goodwill and core deposit intangibles of $335.98 million and $17.14 million, respectively. The core deposit intangibles are expected to be amortized over ten years. Because the consideration paid was greater than the net fair value of the acquired assets and liabilities, the Company recorded goodwill as part of the acquisition. None of the goodwill from the Virginia Commerce acquisition is expected to be deductible for tax purposes. As a result of the merger, United recorded a downward fair value adjustment of $90.39 million on the loans acquired from Virginia Commerce, a downward fair value adjustment of $1.71 million on certain other real estate owned properties, a premium on interest-bearing deposits of $6.01 million, a premium on term securities sold under agreements to repurchase of $3.70 million and a discount of $16.38 million on junior subordinated debt securities. The discount and premium amounts are being amortized or accreted on an accelerated basis over each asset’s or liability’s estimated remaining life at the time of acquisition. At June 30, 2014, the premium on the interest-bearing deposits and the securities sold under agreements to repurchase has an estimated remaining life of 1.5 years and 2.08 years, respectively, while the discount on the junior subordinated debt securities has an estimated remaining life of 21.64 years. United assumed approximately $109 thousand of liabilities to provide severance benefits to terminated | |||||||||
employees of Virginia Commerce which has no remaining balance as of June 30, 2014. The estimated fair values of the acquired assets and assumed liabilities, including identifiable intangible assets, are subject to refinement as additional information relative to closing date fair values becomes available. Any subsequent adjustments to the fair values of acquired assets and liabilities assumed, identifiable intangible assets, or other purchase accounting adjustments will result in adjustments to goodwill within the first 12 months following the date of acquisition. | |||||||||
In many cases, determining the estimated fair value of the acquired assets and assumed liabilities required United to estimate cash flows expected to result from those assets and liabilities and to discount those cash flows at appropriate rates of interest. The most significant of those determinations related to the fair valuation of acquired loans. The fair value of the acquired loans was based on the present value of the expected cash flows. Periodic principal and interest cash flows were adjusted for expected losses and prepayments, then discounted to determine the present value and summed to arrive at the estimated fair value. For such loans, the excess of cash flows expected at acquisition over the estimated fair value is recognized as interest income over the remaining lives of the loans. The difference between contractually required payments at acquisition and the cash flows expected to be collected at acquisition reflects the impact of estimated credit losses and other factors, such as prepayments. In accordance with GAAP, there was no carry-over of Virginia Commerce’s previously established allowance for loan losses. As a result, standard industry coverage ratios with regard to the allowance for credit losses are less meaningful after the acquisition of Virginia Commerce. | |||||||||
The acquired loans were divided into loans with evidence of credit quality deterioration, which are accounted for under ASC topic 310-30 (acquired impaired) and loans that do not meet this criteria, which are accounted for under ASC topic 310-20 (acquired performing). Acquired impaired loans have experienced a deterioration of credit quality from origination to acquisition for which it is probable that United will be unable to collect all contractually required payments receivable, including both principal and interest. Subsequent decreases in the expected cash flows require United to evaluate the need for additions to the Company’s allowance for credit losses. Subsequent improvements in expected cash flows generally result in the recognition of additional interest income over the then remaining lives of the loans. | |||||||||
In conjunction with the Virginia Commerce merger, the acquired loan portfolio was accounted for at fair value as follows: | |||||||||
January 31, 2014 | |||||||||
Contractually required principal and interest at acquisition | $ | 2,683,966 | |||||||
Contractual cash flows not expected to be collected | (396,983 | ) | |||||||
Expected cash flows at acquisition | 2,286,983 | ||||||||
Interest component of expected cash flows | (274,462 | ) | |||||||
Basis in acquired loans at acquisition – estimated fair value | $ | 2,012,521 | |||||||
Included in the above table is information related to acquired impaired loans. Specifically, contractually required principal and interest, cash flows expected to be collected and estimated fair value of acquired impaired loans were $405,109, $166,874, and $157,759, respectively. | |||||||||
The consideration paid for Virginia Commerce’s common equity and the amounts of acquired identifiable assets and liabilities assumed as of the Acquisition Date were as follows: | |||||||||
Purchase price: | |||||||||
Value of common shares issued (18,330,347 shares) | $ | 547,894 | |||||||
Fair value of stock options assumed | 4,368 | ||||||||
Cash to redeem the Treasury warrant | 33,263 | ||||||||
Cash for fractional shares | 8 | ||||||||
Total purchase price | 585,533 | ||||||||
Identifiable assets: | |||||||||
Cash and cash equivalents | 130,569 | ||||||||
Investment securities | 476,541 | ||||||||
Loans | 2,012,521 | ||||||||
Premises and equipment | 10,786 | ||||||||
Core deposit intangibles | 17,143 | ||||||||
Other assets | 106,244 | ||||||||
Total identifiable assets | $ | 2,753,804 | |||||||
Identifiable liabilities: | |||||||||
Deposits | $ | 2,024,969 | |||||||
Short-term borrowings | 263,816 | ||||||||
Long-term borrowings | 204,335 | ||||||||
Other liabilities | 11,133 | ||||||||
Total identifiable liabilities | 2,504,253 | ||||||||
Net assets acquired including identifiable intangible assets | 249,551 | ||||||||
Resulting goodwill | $ | 335,982 | |||||||
The following table provides a reconciliation of goodwill: | |||||||||
Goodwill at December 31, 2013 | $ | 375,547 | |||||||
Addition to goodwill from Virginia Commerce acquisition | 335,982 | ||||||||
Reduction to goodwill for options exercised from previous acquisitions | (22 | ) | |||||||
Reclassification from goodwill | (1,342 | ) | |||||||
Goodwill at June 30, 2014 | $ | 710,165 | |||||||
The operating results of United for the six months ended June 30, 2014 include operating results of acquired assets and assumed liabilities subsequent to the Acquisition Date. The operations of United’s metropolitan Washington D.C. geographic area, which primarily includes the acquired operations of Virginia Commerce, provided approximately $50.41 million in total revenues, which represents net interest income plus other income, and approximately $23.07 million in net income from the period from the Acquisition Date to June 30, 2014. These amounts are included in United’s consolidated financial statements as of and for the six months ended June 30, 2014. Virginia Commerce’s results of operations prior to the Acquisition Date are not included in United’s consolidated financial statements. | |||||||||
The following table presents certain unaudited pro forma information for the results of operations for the six months ended June 30, 2014 and 2013, as if the Virginia Commerce merger had occurred on January 1, 2014 and 2013, respectively. These results combine the historical results of Virginia Commerce into United’s consolidated statement of income and, while certain adjustments were made for the estimated impact of certain fair valuation adjustments and other acquisition-related activity, they are not indicative of what would have occurred had the acquisition taken place on the indicated date nor are they intended to represent or be indicative of future results of operations. In particular, no adjustments have been made to eliminate the amount of Virginia Commerce’s provision for credit losses for 2014 and 2013 that may not have been necessary had the acquired loans been recorded at fair value as of the beginning of 2014 and 2013. Additionally, United expects to achieve operating cost savings and other business synergies as a result of the acquisition which are not reflected in the pro forma amounts. | |||||||||
Proforma | |||||||||
Six Months Ended | |||||||||
June 30 | |||||||||
2014 | 2013 | ||||||||
Total Revenues (1) | $ | 234,357 | $ | 233,117 | |||||
Net Income | 56,228 | 60,337 | |||||||
(1) | Represents net interest income plus other income | ||||||||
Investment_Securities
Investment Securities | 6 Months Ended | ||||||||||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||||||||||
Investments Debt And Equity Securities [Abstract] | ' | ||||||||||||||||||||||||
Investment Securities | ' | ||||||||||||||||||||||||
3. INVESTMENT SECURITIES | |||||||||||||||||||||||||
Securities held for indefinite periods of time and all marketable equity securities are classified as available for sale and carried at estimated fair value. The amortized cost and estimated fair values of securities available for sale are summarized as follows. | |||||||||||||||||||||||||
June 30, 2014 | |||||||||||||||||||||||||
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 | $ | 114,910 | $ | 796 | $ | 43 | $ | 115,663 | $ | 0 | |||||||||||||||
State and political subdivisions | 138,413 | 3,234 | 4 | 141,643 | 0 | ||||||||||||||||||||
Residential mortgage-backed securities | |||||||||||||||||||||||||
Agency | 519,765 | 6,692 | 860 | 525,597 | 0 | ||||||||||||||||||||
Non-agency | 14,873 | 625 | 0 | 15,498 | 458 | ||||||||||||||||||||
Commercial mortgage-backed securities | |||||||||||||||||||||||||
Agency | 264,392 | 1,401 | 3,217 | 262,576 | 0 | ||||||||||||||||||||
Asset-backed securities | 8,058 | 6 | 0 | 8,064 | 0 | ||||||||||||||||||||
Trust preferred collateralized debt obligations | 66,531 | 1,291 | 21,002 | 46,820 | 32,193 | ||||||||||||||||||||
Single issue trust preferred securities | 13,866 | 290 | 1,917 | 12,239 | 0 | ||||||||||||||||||||
Other corporate securities | 4,997 | 195 | 0 | 5,192 | 0 | ||||||||||||||||||||
Marketable equity securities | 3,122 | 610 | 0 | 3,732 | 0 | ||||||||||||||||||||
Total | $ | 1,148,927 | $ | 15,140 | $ | 27,043 | $ | 1,137,024 | $ | 32,651 | |||||||||||||||
December 31, 2013 | |||||||||||||||||||||||||
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 | |||||||||||||||
-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 June 30, 2014 and December 31, 2013. | |||||||||||||||||||||||||
Less than 12 months | 12 months or longer | ||||||||||||||||||||||||
Fair | Unrealized | Fair | Unrealized | ||||||||||||||||||||||
Value | Losses | Value | Losses | ||||||||||||||||||||||
June 30, 2014 | |||||||||||||||||||||||||
U.S. Treasury securities and obligations of U.S. Government corporations and agencies | $ | 27,093 | $ | 43 | $ | 0 | $ | 0 | |||||||||||||||||
State and political subdivisions | 4,968 | 4 | 0 | 0 | |||||||||||||||||||||
Residential mortgage-backed securities | |||||||||||||||||||||||||
Agency | 125,628 | 860 | 0 | 0 | |||||||||||||||||||||
Commercial mortgage-backed securities | |||||||||||||||||||||||||
Agency | 27,068 | 291 | 158,331 | 2,926 | |||||||||||||||||||||
Asset-backed securities | 0 | 0 | 0 | 0 | |||||||||||||||||||||
Trust preferred collateralized debt obligations | 0 | 0 | 33,709 | 21,002 | |||||||||||||||||||||
Single issue trust preferred securities | 0 | 0 | 8,330 | 1,917 | |||||||||||||||||||||
Marketable equity securities | 0 | 0 | 0 | 0 | |||||||||||||||||||||
Total | $ | 184,757 | $ | 1,198 | $ | 200,370 | $ | 25,845 | |||||||||||||||||
31-Dec-13 | |||||||||||||||||||||||||
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 | |||||||||||||||||
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 those 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 of United and its subsidiaries. | |||||||||||||||||||||||||
Three Months Ended | Six Months Ended | ||||||||||||||||||||||||
June 30 | June 30 | ||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||||||||||
Proceeds from sales and calls | $ | 175,451 | $ | 228,833 | $ | 435,883 | $ | 404,783 | |||||||||||||||||
Gross realized gains | 3 | 238 | 1,052 | 390 | |||||||||||||||||||||
Gross realized losses | 2 | 3 | 227 | 15 | |||||||||||||||||||||
At June 30, 2014, gross unrealized losses on available for sale securities were $27,043 on 86 securities of a total portfolio of 454 available for sale securities. Securities in an unrealized loss position at June 30, 2014 consisted primarily of pooled trust preferred collateralized debt obligations (Trup Cdos) and agency commercial mortgage-backed securities. The Trup Cdos relate mainly to securities of financial institutions. The agency commercial mortgage-backed securities relate mainly to income-producing multifamily properties and provide a guaranty of full and timely payments of principal and interest by either Fannie Mae or Freddie Mac. 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 $784.16 million at June 30, 2014. Of the $784.16 million, $264.39 million was related to agency commercial mortgage securities and $519.77 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 June 30, 2014. | |||||||||||||||||||||||||
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 $14.87 million at June 30, 2014. Of the $14.87 million, $5.61 million was rated above investment grade and $9.26 million was rated below investment grade. Approximately 46% of the portfolio includes collateral that was originated during the year of 2005 or before. The remaining 54% 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 quarterly 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 June 30, 2014. | |||||||||||||||||||||||||
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 second quarter of 2014, 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 B to a high of BBB. The amortized cost of available for sale single issue trust preferred securities as of June 30, 2014 consisted of $2.99 million in split-rated bonds and $10.75 million in below investment grade bonds. Of the $10.75 million in below investment grade bonds, $10.25 million was in an unrealized loss position for twelve months or longer as of June 30, 2014. | |||||||||||||||||||||||||
Trust preferred collateralized debt obligations (Trup Cdos) | |||||||||||||||||||||||||
At June 30, 2014, United determined that certain Trup Cdos were other-than-temporarily impaired. 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 June 30, 2014, 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. This is consistent with the determination made as of December 31, 2013, at which time the Company recognized credit-related other-than-temporary impairment of $2.33 million related to these four securities. None of these four securities were in an unrealized loss position as of June 30, 2014. Excluding these four 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, management determined that an adverse change in cash flows had occurred for one Trup Cdo as the expected discounted cash flows from these particular securities were less than 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). Therefore, based upon management’s analysis and judgment, one Trup Cdo was determined to be other-than-temporarily impaired. | |||||||||||||||||||||||||
The total credit-related other-than-temporary impairment recognized in earnings for the second quarter of 2014 related to this security was $421 thousand. There was no credit-related other-than-temporary impairment recognized in earnings for the second quarter of 2013 related to these securities. At June 30, 2014, the balance of the noncredit-related other-than-temporary impairment recognized on United’s Trup Cdo portfolio was $32.19 million as compared to $34.30 million at December 31, 2013. This decline is attributable to improvements in the overall fair values of these securities. | |||||||||||||||||||||||||
The amortized cost of available for sale Trup Cdos in as of June 30, 2014 consisted of $4.81 million in investment grade bonds, $5.00 million in split-rated bonds and $56.72 million in below investment grade bonds. | |||||||||||||||||||||||||
The following is a summary of the available for sale Trup Cdos as of June 30, 2014: | |||||||||||||||||||||||||
Amortized Cost | |||||||||||||||||||||||||
Class | Amortized | Fair | Unrealized | Investment | Split | Below | |||||||||||||||||||
Cost | Value | Loss/(Gain) | Grade | Rated | Investment | ||||||||||||||||||||
Grade | |||||||||||||||||||||||||
Senior – Bank | $ | 7,725 | $ | 6,233 | $ | 1,492 | $ | 0 | $ | 5,000 | $ | 2,725 | |||||||||||||
Senior – Insurance | 4,806 | 5,239 | (433 | ) | 4,806 | 0 | 0 | ||||||||||||||||||
Mezzanine – Bank (now in senior position) | 13,147 | 10,060 | 3,087 | 0 | 0 | 13,147 | |||||||||||||||||||
Mezzanine – Insurance (now in senior position) | 2,019 | 2,359 | (340 | ) | 0 | 0 | 2,019 | ||||||||||||||||||
Mezzanine – Bank | 31,626 | 17,616 | 14,010 | 0 | 0 | 31,626 | |||||||||||||||||||
Mezzanine – Insurance | 2,050 | 2,150 | (100 | ) | 0 | 0 | 2,050 | ||||||||||||||||||
Mezzanine – Bank & Insurance (combination) | 5,158 | 3,163 | 1,995 | 0 | 0 | 5,158 | |||||||||||||||||||
Totals | $ | 66,531 | $ | 46,820 | $ | 19,711 | $ | 4,806 | $ | 5,000 | $ | 56,725 | |||||||||||||
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 BB+ 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 $44.17 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 97.1% to a high of 246.6%, with a median of 134.7%, and a weighted average of 177.3%. 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 June 30, 2014 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 $3.12 million at June 30, 2014. 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 June 30, 2014. These securities were in an unrealized gain position of $610 thousand at June 30, 2014. | |||||||||||||||||||||||||
Other investment securities (cost method) | |||||||||||||||||||||||||
During the second quarter of 2014, United also evaluated all of its cost method investments to determine if certain events or changes in circumstances during the second quarter of 2014 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 second 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 through earnings and other comprehensive income. | |||||||||||||||||||||||||
Balance of cumulative credit losses at December 31, 2013 | $ | 70,446 | |||||||||||||||||||||||
Additions for credit losses on securities for which OTTI was not previously recognized | 0 | ||||||||||||||||||||||||
Additions for additional credit losses on securities for which OTTI was previously recognized | 1,060 | ||||||||||||||||||||||||
Balance of cumulative credit losses at June 30, 2014 | $ | 71,506 | |||||||||||||||||||||||
The amortized cost and estimated fair value of securities available for sale at June 30, 2014 and December 31, 2013 by contractual maturity are shown as follows. Expected maturities may differ from contractual maturities because the issuers may have the right to call or prepay obligations without penalties. | |||||||||||||||||||||||||
June 30, 2014 | December 31, 2013 | ||||||||||||||||||||||||
Estimated | Estimated | ||||||||||||||||||||||||
Amortized | Fair | Amortized | Fair | ||||||||||||||||||||||
Cost | Value | Cost | Value | ||||||||||||||||||||||
Due in one year or less | $ | 24,906 | $ | 25,123 | $ | 28,837 | $ | 28,960 | |||||||||||||||||
Due after one year through five years | 142,657 | 143,863 | 217,415 | 218,498 | |||||||||||||||||||||
Due after five years through ten years | 379,516 | 381,731 | 292,460 | 286,534 | |||||||||||||||||||||
Due after ten years | 598,726 | 582,575 | 271,038 | 237,422 | |||||||||||||||||||||
Marketable equity securities | 3,122 | 3,732 | 3,299 | 3,870 | |||||||||||||||||||||
Total | $ | 1,148,927 | $ | 1,137,024 | $ | 813,049 | $ | 775,284 | |||||||||||||||||
The amortized cost and estimated fair values of securities held to maturity are summarized as follows: | |||||||||||||||||||||||||
June 30, 2014 | |||||||||||||||||||||||||
Gross | Gross | Estimated | |||||||||||||||||||||||
Amortized | Unrealized | Unrealized | Fair | ||||||||||||||||||||||
Cost | Gains | Losses | Value | ||||||||||||||||||||||
U.S. Treasury securities and obligations of U.S. Government corporations and agencies | $ | 10,682 | $ | 1,554 | $ | 0 | $ | 12,236 | |||||||||||||||||
State and political subdivisions | 10,198 | 38 | 422 | 9,814 | |||||||||||||||||||||
Residential mortgage-backed securities | |||||||||||||||||||||||||
Agency | 44 | 7 | 0 | 51 | |||||||||||||||||||||
Single issue trust preferred securities | 19,773 | 0 | 3,024 | 16,749 | |||||||||||||||||||||
Other corporate securities | 20 | 0 | 0 | 20 | |||||||||||||||||||||
Total | $ | 40,717 | $ | 1,599 | $ | 3,446 | $ | 38,870 | |||||||||||||||||
December 31, 2013 | |||||||||||||||||||||||||
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 | |||||||||||||||||
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 June 30, 2014, the Company’s two largest held-to-maturity single-issue trust preferred exposures were to Wells Fargo ($9.90 million) and SunTrust Bank ($7.40 million). The two held-to-maturity single-issue trust preferred exposures with at least one rating below investment grade included SunTrust Bank ($7.40 million) and Royal Bank of Scotland ($973 thousand). Other corporate securities consist mainly of bonds of corporations. | |||||||||||||||||||||||||
The following table shows the gross realized gains and losses on calls that have been included in earnings as a result of those calls. Gains or losses on calls of held-to-maturity securities are recognized by the specific identification method. | |||||||||||||||||||||||||
Three Months Ended | Six Months Ended | ||||||||||||||||||||||||
June 30 | June 30 | ||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||||||||||
Gross realized gains | $ | 0 | $ | 114 | $ | 0 | $ | 114 | |||||||||||||||||
Gross realized losses | 0 | 0 | 0 | 0 | |||||||||||||||||||||
The amortized cost and estimated fair value of debt securities held to maturity at June 30, 2014 and 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. | |||||||||||||||||||||||||
June 30, 2014 | December 31, 2013 | ||||||||||||||||||||||||
Estimated | Estimated | ||||||||||||||||||||||||
Amortized | Fair | Amortized | Fair | ||||||||||||||||||||||
Cost | Value | Cost | Value | ||||||||||||||||||||||
Due in one year or less | $ | 385 | $ | 386 | $ | 555 | $ | 556 | |||||||||||||||||
Due after one year through five years | 7,647 | 8,158 | 6,683 | 7,312 | |||||||||||||||||||||
Due after five years through ten years | 11,982 | 12,638 | 13,026 | 13,821 | |||||||||||||||||||||
Due after ten years | 20,703 | 17,688 | 20,701 | 16,604 | |||||||||||||||||||||
Total | $ | 40,717 | $ | 38,870 | $ | 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 $1,006,002 and $640,870 at June 30, 2014 and December 31, 2013, respectively. |
Loans
Loans | 6 Months Ended | ||||||||
Jun. 30, 2014 | |||||||||
Receivables [Abstract] | ' | ||||||||
Loans | ' | ||||||||
4. LOANS | |||||||||
Major classes of loans are as follows: | |||||||||
June 30, | December 31, | ||||||||
2014 | 2013 | ||||||||
Commercial, financial and agricultural: | |||||||||
Owner-occupied commercial real estate | $ | 1,058,533 | $ | 654,963 | |||||
Nonowner-occupied commercial real estate | 2,694,148 | 1,917,785 | |||||||
Other commercial loans | 1,596,130 | 1,338,355 | |||||||
Total commercial, financial & agricultural | 5,348,811 | 3,911,103 | |||||||
Residential real estate | 2,204,879 | 1,821,378 | |||||||
Construction & land development | 991,503 | 670,364 | |||||||
Consumer: | |||||||||
Bankcard | 10,387 | 11,023 | |||||||
Other consumer | 330,228 | 299,731 | |||||||
Total gross loans | $ | 8,885,808 | $ | 6,713,599 | |||||
The table above does not include loans held for sale of $9,466 and $4,236 at June 30, 2014 and December 31, 2013, 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 $174,120 or 1.96% of total gross loans at June 30, 2014 and $31,099 or less than 1% of total gross loans at December 31, 2013. The contractual principal in these acquired impaired loans was $266,114 and $52,237 at June 30, 2014 and December 31, 2013, 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 first six months of 2014 follows: | |||||||||
Accretable yield at the beginning of the period | $ | 2,251 | |||||||
Additions | 9,116 | ||||||||
Accretion (including cash recoveries) | (4,214 | ) | |||||||
Net reclassifications to accretable from non-accretable | 948 | ||||||||
Disposals (including maturities, foreclosures, and charge-offs) | (410 | ) | |||||||
Accretable yield at the ending of the period | $ | 7,691 | |||||||
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 affiliates. 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 $139,578 and $150,798 at June 30, 2014 and December 31, 2013, respectively. |
Credit_Quality
Credit Quality | 6 Months Ended | ||||||||||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||||||||||
Text Block [Abstract] | ' | ||||||||||||||||||||||||
Credit Quality | ' | ||||||||||||||||||||||||
5. 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. 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. 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 June 30, 2014, United had TDRs of $13,648 as compared to $8,157 as of December 31, 2013. Of the $13,648 aggregate balance of TDRs at June 30, 2014, $827 was on nonaccrual status and included in the “Loans on Nonaccrual Status” on the following page. Of the $8,157 aggregate balance of TDRs at December 31, 2013, $861 was on nonaccrual status and included in the “Loans on Nonaccrual Status” on the following page. As of June 30, 2014, there were no commitments to lend additional funds to debtors owing receivables whose terms have been modified in TDRs. At June 30, 2014, United had restructured loans in the amount of $4,193 that were modified by a reduction in the interest rate, $8,544 that were modified by a combination of a reduction in the interest rate and the principal and $911 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, even if contractually past due (or if United does not expect to receive payment in full based on the original contractual terms), as United is currently accreting interest income over the expected life of the loans. See Notes 2 and 4 in the Notes to Consolidated Financial Statements for additional information on these loans. | |||||||||||||||||||||||||
The following table sets forth United’s troubled debt restructurings that have been restructured during the three months ended June 30, 2014 and 2013, segregated by class of loans: | |||||||||||||||||||||||||
Troubled Debt Restructurings | |||||||||||||||||||||||||
For the Three Months Ended | |||||||||||||||||||||||||
June 30, 2014 | June 30, 2013 | ||||||||||||||||||||||||
Number of | Pre-Modification | Post- | Number of | Pre-Modification | Post- | ||||||||||||||||||||
Contracts | Outstanding | Modification | Contracts | Outstanding | Modification | ||||||||||||||||||||
Recorded | Outstanding | Recorded | Outstanding | ||||||||||||||||||||||
Investment | Recorded | Investment | Recorded | ||||||||||||||||||||||
Investment | Investment | ||||||||||||||||||||||||
Commercial real estate: | |||||||||||||||||||||||||
Owner-occupied | 0 | $ | 0 | $ | 0 | 2 | $ | 2,993 | $ | 2,993 | |||||||||||||||
Nonowner-occupied | 0 | 0 | 0 | 0 | 0 | 0 | |||||||||||||||||||
Other commercial | 2 | 5,630 | 5,630 | 0 | 0 | 0 | |||||||||||||||||||
Residential real estate | 0 | 0 | 0 | 0 | 0 | 0 | |||||||||||||||||||
Construction & land development | 0 | 0 | 0 | 0 | 0 | 0 | |||||||||||||||||||
Consumer: | |||||||||||||||||||||||||
Bankcard | 0 | 0 | 0 | 0 | 0 | 0 | |||||||||||||||||||
Other consumer | 0 | 0 | 0 | 0 | 0 | 0 | |||||||||||||||||||
Total | 2 | $ | 5,630 | $ | 5,630 | 2 | $ | 2,993 | $ | 2,993 | |||||||||||||||
The following table sets forth United’s troubled debt restructurings that have been restructured during the six months ended June 30, 2014 and 2013, segregated by class of loans: | |||||||||||||||||||||||||
Troubled Debt Restructurings | |||||||||||||||||||||||||
For the Six Months Ended | |||||||||||||||||||||||||
June 30, 2014 | June 30, 2013 | ||||||||||||||||||||||||
Number of | Pre-Modification | Post- | Number of | Pre-Modification | Post- | ||||||||||||||||||||
Contracts | Outstanding | Modification | Contracts | Outstanding | Modification | ||||||||||||||||||||
Recorded | Outstanding | Recorded | Outstanding | ||||||||||||||||||||||
Investment | Recorded | Investment | Recorded | ||||||||||||||||||||||
Investment | Investment | ||||||||||||||||||||||||
Commercial real estate: | |||||||||||||||||||||||||
Owner-occupied | 0 | $ | 0 | $ | 0 | 4 | $ | 5,143 | $ | 5,143 | |||||||||||||||
Nonowner-occupied | 0 | 0 | 0 | 0 | 0 | 0 | |||||||||||||||||||
Other commercial | 2 | 5,630 | 5,630 | 0 | 0 | 0 | |||||||||||||||||||
Residential real estate | 0 | 0 | 0 | 0 | 0 | 0 | |||||||||||||||||||
Construction & land development | 0 | 0 | 0 | 0 | 0 | 0 | |||||||||||||||||||
Consumer: | |||||||||||||||||||||||||
Bankcard | 0 | 0 | 0 | 0 | 0 | 0 | |||||||||||||||||||
Other consumer | 0 | 0 | 0 | 0 | 0 | 0 | |||||||||||||||||||
Total | 2 | $ | 5,630 | $ | 5,630 | 4 | $ | 5,143 | $ | 5,143 | |||||||||||||||
During the second quarter and first six months of 2014, $5,630 of restructured loans were modified by a combination of a reduction in the interest rate and an extension of the maturity date. During the second quarter of 2013, $2,993 of restructured loans were modified by a combination of a reduction in the interest rate and an extension of the maturity date. In addition to these loans, the remaining $2,150 of loans restructured during the first six months of 2013 was modified by a reduction in the interest rate. 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. | |||||||||||||||||||||||||
No loans restructured during the twelve-month period ended June 30, 2014 subsequently defaulted, resulting in a principal charge-off during the first six months of 2014. | |||||||||||||||||||||||||
The following table presents troubled debt restructurings, by class of loan, that had charge-offs during the three and six months ended June 30, 2013. The loan was restructured during the last twelve months and subsequently defaulted, resulting in a principal charge-off and a transfer of the remaining balance to other real estate owned (OREO) during the respective time periods. | |||||||||||||||||||||||||
Three Months Ended June 30, 2013 | Six Months Ended June 30, 2013 | ||||||||||||||||||||||||
(In thousands) | Number of | Recorded | Number of | Recorded | |||||||||||||||||||||
Contracts | Investment | Contracts | Investment | ||||||||||||||||||||||
Troubled Debt Restructurings | |||||||||||||||||||||||||
Commercial real estate: | |||||||||||||||||||||||||
Owner-occupied | 0 | $ | 0 | 0 | $ | 0 | |||||||||||||||||||
TNonowner-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: | |||||||||||||||||||||||||
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 June 30, 2014 | |||||||||||||||||||||||||
(In thousands) | 30-89 | 90 Days or | Total Past | Current | Total | Recorded | |||||||||||||||||||
Days Past | more Past | Due | Loans | Investment | |||||||||||||||||||||
Due | Due | >90 Days & | |||||||||||||||||||||||
Accruing | |||||||||||||||||||||||||
Commercial real estate: | |||||||||||||||||||||||||
Owner-occupied | $ | 9,057 | $ | 4,340 | $ | 13,397 | $ | 1,045,136 | $ | 1,058,533 | $ | 192 | |||||||||||||
Nonowner-occupied | 21,708 | 9,909 | 31,617 | 2,662,531 | 2,694,148 | 1,624 | |||||||||||||||||||
Other commercial | 16,773 | 17,113 | 33,886 | 1,562,244 | 1,596,130 | 5,071 | |||||||||||||||||||
Residential real estate | 48,556 | 26,235 | 74,791 | 2,130,088 | 2,204,879 | 9,052 | |||||||||||||||||||
Construction & land development | 16,823 | 14,899 | 31,722 | 959,781 | 991,503 | 671 | |||||||||||||||||||
Consumer: | |||||||||||||||||||||||||
Bankcard | 293 | 97 | 390 | 9,997 | 10,387 | 97 | |||||||||||||||||||
Other consumer | 8,648 | 1,801 | 10,449 | 319,779 | 330,228 | 1,710 | |||||||||||||||||||
Total | $ | 121,858 | $ | 74,394 | $ | 196,252 | $ | 8,689,556 | $ | 8,885,808 | $ | 18,417 | |||||||||||||
Age Analysis of Past Due Loans | |||||||||||||||||||||||||
As of December 31, 2013 | |||||||||||||||||||||||||
30-89 | 90 Days or | Total Past | Current | Total | Recorded | ||||||||||||||||||||
Days Past | more Past | Due | Financing | Investment | |||||||||||||||||||||
Due | 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 | |||||||||||||
The following table sets forth United’s nonaccrual loans, segregated by class of loans: | |||||||||||||||||||||||||
Loans on Nonaccrual Status | |||||||||||||||||||||||||
June 30, | December 31, | ||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||
Commercial real estate: | |||||||||||||||||||||||||
Owner-occupied | $ | 4,148 | $ | 3,154 | |||||||||||||||||||||
Nonowner-occupied | 8,285 | 11,539 | |||||||||||||||||||||||
Other commercial | 12,042 | 10,898 | |||||||||||||||||||||||
Residential real estate | 17,183 | 20,232 | |||||||||||||||||||||||
Construction & land development | 14,228 | 16,880 | |||||||||||||||||||||||
Consumer: | |||||||||||||||||||||||||
Bankcard | 0 | 0 | |||||||||||||||||||||||
Other consumer | 91 | 86 | |||||||||||||||||||||||
Total | $ | 55,977 | $ | 62,789 | |||||||||||||||||||||
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 June 30, 2014 | |||||||||||||||||||||||||
Commercial Real Estate | Other | Construction | |||||||||||||||||||||||
Commercial | & Land | ||||||||||||||||||||||||
Owner- | Nonowner- | Development | |||||||||||||||||||||||
occupied | occupied | ||||||||||||||||||||||||
Grade: | |||||||||||||||||||||||||
Pass | $ | 975,085 | $ | 2,534,839 | $ | 1,391,284 | $ | 788,493 | |||||||||||||||||
Special mention | 14,667 | 40,122 | 44,876 | 74,537 | |||||||||||||||||||||
Substandard | 68,781 | 119,187 | 158,338 | 128,473 | |||||||||||||||||||||
Doubtful | 0 | 0 | 1,632 | 0 | |||||||||||||||||||||
Total | $ | 1,058,533 | $ | 2,694,148 | $ | 1,596,130 | $ | 991,503 | |||||||||||||||||
As of December 31, 2013 | |||||||||||||||||||||||||
Commercial Real Estate | Other | Construction | |||||||||||||||||||||||
Commercial | & Land | ||||||||||||||||||||||||
Owner- | Nonowner- | Development | |||||||||||||||||||||||
occupied | occupied | ||||||||||||||||||||||||
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 | |||||||||||||||||||||||||
Consumer Credit Exposure | |||||||||||||||||||||||||
As of June 30, 2014 | |||||||||||||||||||||||||
Residential | Bankcard | Other | |||||||||||||||||||||||
Real Estate | Consumer | ||||||||||||||||||||||||
Grade: | |||||||||||||||||||||||||
Pass | $ | 2,118,964 | $ | 9,997 | $ | 319,308 | |||||||||||||||||||
Special mention | 17,981 | 293 | 8,769 | ||||||||||||||||||||||
Substandard | 66,456 | 97 | 1,999 | ||||||||||||||||||||||
Doubtful | 1,478 | 0 | 152 | ||||||||||||||||||||||
Total | $ | 2,204,879 | $ | 10,387 | $ | 330,228 | |||||||||||||||||||
As of December 31, 2013 | |||||||||||||||||||||||||
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 | |||||||||||||||||||
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 days or more) 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 sets forth United’s impaired loans information, by class of loans: | |||||||||||||||||||||||||
Impaired Loans | |||||||||||||||||||||||||
June 30, 2014 | December 31, 2013 | ||||||||||||||||||||||||
Recorded | Unpaid | Related | Recorded | Unpaid | Related | ||||||||||||||||||||
Investment | Principal | Allowance | Investment | Principal | Allowance | ||||||||||||||||||||
Balance | Balance | ||||||||||||||||||||||||
With no related allowance recorded: | |||||||||||||||||||||||||
Commercial real estate: | |||||||||||||||||||||||||
Owner-occupied | $ | 39,060 | $ | 39,060 | $ | 0 | $ | 4,672 | $ | 4,672 | $ | 0 | |||||||||||||
Nonowner-occupied | 65,740 | 67,621 | 0 | 5,938 | 6,651 | 0 | |||||||||||||||||||
Other commercial | 22,824 | 27,108 | 0 | 10,292 | 17,753 | 0 | |||||||||||||||||||
Residential real estate | 36,895 | 37,564 | 0 | 12,009 | 12,193 | 0 | |||||||||||||||||||
Construction & land development | 45,288 | 46,855 | 0 | 13,866 | 14,662 | 0 | |||||||||||||||||||
Consumer: | |||||||||||||||||||||||||
Bankcard | 0 | 0 | 0 | 0 | 0 | 0 | |||||||||||||||||||
Other consumer | 60 | 60 | 0 | 0 | 0 | 0 | |||||||||||||||||||
With an allowance recorded: | |||||||||||||||||||||||||
Commercial real estate: | |||||||||||||||||||||||||
Owner-occupied | $ | 3,667 | $ | 3,667 | $ | 424 | $ | 4,358 | $ | 4,358 | $ | 638 | |||||||||||||
Nonowner-occupied | 7,475 | 7,475 | 876 | 9,350 | 10,563 | 1,631 | |||||||||||||||||||
Other commercial | 11,434 | 14,509 | 3,702 | 13,304 | 16,240 | 2,192 | |||||||||||||||||||
Impaired Loans | |||||||||||||||||||||||||
June 30, 2014 | December 31, 2013 | ||||||||||||||||||||||||
Recorded | Unpaid | Related | Recorded | Unpaid | Related | ||||||||||||||||||||
Investment | Principal | Allowance | Investment | Principal | Allowance | ||||||||||||||||||||
Balance | Balance | ||||||||||||||||||||||||
Residential real estate | 5,192 | 5,778 | 3,273 | 7,669 | 8,191 | 4,112 | |||||||||||||||||||
Construction & land development | 10,954 | 14,347 | 3,836 | 11,050 | 14,833 | 3,752 | |||||||||||||||||||
Consumer: | |||||||||||||||||||||||||
Bankcard | 0 | 0 | 0 | 0 | 0 | 0 | |||||||||||||||||||
Other consumer | 152 | 152 | 152 | 152 | 152 | 152 | |||||||||||||||||||
Total: | |||||||||||||||||||||||||
Commercial real estate: | |||||||||||||||||||||||||
Owner-occupied | $ | 42,727 | $ | 42,727 | $ | 424 | $ | 9,030 | $ | 9,030 | $ | 638 | |||||||||||||
Nonowner-occupied | 73,215 | 75,096 | 876 | 15,288 | 17,214 | 1,631 | |||||||||||||||||||
Other commercial | 34,258 | 41,617 | 3,702 | 23,596 | 33,993 | 2,192 | |||||||||||||||||||
Residential real estate | 42,087 | 43,342 | 3,273 | 19,678 | 20,384 | 4,112 | |||||||||||||||||||
Construction & land development | 56,242 | 61,202 | 3,836 | 24,916 | 29,495 | 3,752 | |||||||||||||||||||
Consumer: | |||||||||||||||||||||||||
Bankcard | 0 | 0 | 0 | 0 | 0 | 0 | |||||||||||||||||||
Other consumer | 212 | 212 | 152 | 152 | 152 | 152 | |||||||||||||||||||
Impaired Loans | |||||||||||||||||||||||||
For the Three Months Ended | |||||||||||||||||||||||||
June 30, 2014 | June 30, 2013 | ||||||||||||||||||||||||
Average | Interest | Average | Interest | ||||||||||||||||||||||
Recorded | Income | Recorded | Income | ||||||||||||||||||||||
Investment | Recognized | Investment | Recognized | ||||||||||||||||||||||
With no related allowance recorded: | |||||||||||||||||||||||||
Commercial real estate: | |||||||||||||||||||||||||
Owner-occupied | $ | 37,654 | $ | 425 | $ | 13,061 | $ | 57 | |||||||||||||||||
Nonowner-occupied | 63,135 | 154 | 12,116 | 99 | |||||||||||||||||||||
Other commercial | 31,403 | 147 | 7,058 | 73 | |||||||||||||||||||||
Residential real estate | 30,535 | 96 | 7,333 | 110 | |||||||||||||||||||||
Construction & land development | 47,169 | 68 | 7,991 | 126 | |||||||||||||||||||||
Consumer: | |||||||||||||||||||||||||
Bankcard | 0 | 0 | 0 | 0 | |||||||||||||||||||||
Other consumer | 42 | 0 | 152 | 0 | |||||||||||||||||||||
With an allowance recorded: | |||||||||||||||||||||||||
Commercial real estate: | |||||||||||||||||||||||||
Owner-occupied | $ | 3,695 | $ | 34 | $ | 831 | $ | 14 | |||||||||||||||||
Nonowner-occupied | 7,794 | 46 | 4,290 | 37 | |||||||||||||||||||||
Other commercial | 12,234 | 82 | 21,068 | 317 | |||||||||||||||||||||
Residential real estate | 7,880 | 29 | 3,972 | 37 | |||||||||||||||||||||
Construction & land development | 10,328 | 12 | 13,131 | 137 | |||||||||||||||||||||
Consumer: | |||||||||||||||||||||||||
Bankcard | 0 | 0 | 0 | 0 | |||||||||||||||||||||
Other consumer | 152 | 0 | 0 | 0 | |||||||||||||||||||||
Total: | |||||||||||||||||||||||||
Commercial real estate: | |||||||||||||||||||||||||
Owner-occupied | $ | 41,349 | $ | 459 | $ | 13,892 | $ | 71 | |||||||||||||||||
Nonowner-occupied | 70,929 | 200 | 16,406 | 136 | |||||||||||||||||||||
Other commercial | 43,637 | 229 | 28,126 | 390 | |||||||||||||||||||||
Residential real estate | 38,415 | 125 | 11,305 | 147 | |||||||||||||||||||||
Construction & land development | 57,497 | 80 | 21,122 | 263 | |||||||||||||||||||||
Consumer: | |||||||||||||||||||||||||
Bankcard | 0 | 0 | 0 | 0 | |||||||||||||||||||||
Other consumer | 194 | 0 | 152 | 0 | |||||||||||||||||||||
Impaired Loans | |||||||||||||||||||||||||
For the Six Months Ended | |||||||||||||||||||||||||
June 30, 2014 | June 30, 2013 | ||||||||||||||||||||||||
Average | Interest | Average | Interest | ||||||||||||||||||||||
Recorded | Income | Recorded | Income | ||||||||||||||||||||||
Investment | Recognized | Investment | Recognized | ||||||||||||||||||||||
With no related allowance recorded: | |||||||||||||||||||||||||
Commercial real estate: | |||||||||||||||||||||||||
Owner-occupied | $ | 26,752 | $ | 488 | $ | 14,412 | $ | 77 | |||||||||||||||||
Nonowner-occupied | 44,110 | 210 | 11,272 | 194 | |||||||||||||||||||||
Other commercial | 24,368 | 158 | 5,334 | 89 | |||||||||||||||||||||
Residential real estate | 24,369 | 149 | 6,736 | 167 | |||||||||||||||||||||
Construction & land development | 36,118 | 137 | 8,164 | 185 | |||||||||||||||||||||
Consumer: | |||||||||||||||||||||||||
Bankcard | 0 | 0 | 0 | 0 | |||||||||||||||||||||
Other consumer | 28 | 0 | 152 | 0 | |||||||||||||||||||||
With an allowance recorded: | |||||||||||||||||||||||||
Commercial real estate: | |||||||||||||||||||||||||
Owner-occupied | $ | 3,916 | $ | 75 | $ | 982 | $ | 27 | |||||||||||||||||
Nonowner-occupied | 8,313 | 92 | 4,201 | 49 | |||||||||||||||||||||
Other commercial | 12,680 | 88 | 24,407 | 932 | |||||||||||||||||||||
Residential real estate | 7,810 | 93 | 5,554 | 81 | |||||||||||||||||||||
Construction & land development | 10,569 | 16 | 13,226 | 267 | |||||||||||||||||||||
Consumer: | |||||||||||||||||||||||||
Bankcard | 0 | 0 | 0 | 0 | |||||||||||||||||||||
Other consumer | 152 | 0 | 0 | 0 | |||||||||||||||||||||
Total: | |||||||||||||||||||||||||
Commercial real estate: | |||||||||||||||||||||||||
Owner-occupied | $ | 30,668 | $ | 563 | $ | 15,394 | $ | 104 | |||||||||||||||||
Nonowner-occupied | 52,423 | 302 | 15,473 | 243 | |||||||||||||||||||||
Other commercial | 37,048 | 246 | 29,741 | 1,021 | |||||||||||||||||||||
Residential real estate | 32,179 | 242 | 12,290 | 248 | |||||||||||||||||||||
Construction & land development | 46,687 | 153 | 21,390 | 452 | |||||||||||||||||||||
Consumer: | |||||||||||||||||||||||||
Bankcard | 0 | 0 | 0 | 0 | |||||||||||||||||||||
Other consumer | 180 | 0 | 152 | 0 | |||||||||||||||||||||
Allowance_for_Credit_Losses
Allowance for Credit Losses | 6 Months Ended | ||||||||||||||||||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||||||||||||||||||
Receivables [Abstract] | ' | ||||||||||||||||||||||||||||||||
Allowance for Credit Losses | ' | ||||||||||||||||||||||||||||||||
6. 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. Allocations are made for specific commercial loans based upon management’s estimate of the borrowers’ ability to repay and other factors impacting collectibility. Other commercial loans not specifically reviewed on an individual basis are evaluated based on historical loss percentages applied to loan pools that have been segregated by the type of risk. Allocations for loans other than commercial loans are made based upon historical loss experience adjusted for current environmental conditions. The allowance for credit losses 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. In addition, a portion of the allowance accounts for the inherent imprecision in the allowance for credit losses analysis. | |||||||||||||||||||||||||||||||||
For purposes of determining the general allowance, the loan portfolio is segregated by loan product type to recognize differing risk profiles among loan 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 first six months of 2014, 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. Retail credits for which the borrower is in bankruptcy, all amounts deemed unrecoverable are charged-off within 60 days or before 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 $2,441 and $2,143 at June 30, 2014 and December 31, 2013, 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 loan losses, by portfolio segment, for the periods indicated is summarized on the following page. | |||||||||||||||||||||||||||||||||
Allowance for Loan Losses | |||||||||||||||||||||||||||||||||
For the Three Months Ended June 30, 2014 | |||||||||||||||||||||||||||||||||
Commercial Real Estate | Other | Residential | Construction | Consumer | Allowance | Total | |||||||||||||||||||||||||||
Commercial | Real | & Land | for | ||||||||||||||||||||||||||||||
Estate | Development | Estimated | |||||||||||||||||||||||||||||||
Owner- | Nonowner- | Imprecision | |||||||||||||||||||||||||||||||
occupied | occupied | ||||||||||||||||||||||||||||||||
Allowance for Loan Losses: | |||||||||||||||||||||||||||||||||
Beginning balance | $ | 5,466 | $ | 8,274 | $ | 23,988 | $ | 15,884 | $ | 17,584 | $ | 2,896 | $ | 246 | $ | 74,338 | |||||||||||||||||
Charge-offs | 875 | 189 | 901 | 1,293 | 3,300 | 686 | 0 | 7,244 | |||||||||||||||||||||||||
Recoveries | 1,057 | 216 | 48 | 140 | 74 | 145 | 0 | 1,680 | |||||||||||||||||||||||||
Provision | (1,838 | ) | (265 | ) | 3,643 | 54 | 3,962 | 791 | (146 | ) | 6,201 | ||||||||||||||||||||||
Ending balance | $ | 3,810 | $ | 8,036 | $ | 26,778 | $ | 14,785 | $ | 18,320 | $ | 3,146 | $ | 100 | $ | 74,975 | |||||||||||||||||
Allowance for Loan Losses and Carrying Amount of Loans | |||||||||||||||||||||||||||||||||
For the Six Months Ended June 30, 2014 | |||||||||||||||||||||||||||||||||
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 | $ | 5,653 | $ | 8,992 | $ | 20,917 | $ | 16,694 | $ | 18,953 | $ | 2,945 | $ | 44 | $ | 74,198 | |||||||||||||||||
Charge-offs | 1,137 | 837 | 2,091 | 2,592 | 4,683 | 1,252 | 0 | 12,592 | |||||||||||||||||||||||||
Recoveries | 1,498 | 234 | 117 | 264 | 124 | 252 | 0 | 2,489 | |||||||||||||||||||||||||
Provision | (2,204 | ) | (353 | ) | 7,835 | 419 | 3,926 | 1,201 | 56 | 10,880 | |||||||||||||||||||||||
Ending balance | $ | 3,810 | $ | 8,036 | $ | 26,778 | $ | 14,785 | $ | 18,320 | $ | 3,146 | $ | 100 | $ | 74,975 | |||||||||||||||||
Ending Balance: individually evaluated for impairment | $ | 424 | $ | 876 | $ | 3,702 | $ | 3,273 | $ | 3,836 | $ | 152 | $ | 0 | $ | 12,263 | |||||||||||||||||
Ending Balance: collectively evaluated for impairment | $ | 3,386 | $ | 7,160 | $ | 23,076 | $ | 11,512 | $ | 14,484 | $ | 2,994 | $ | 100 | $ | 62,712 | |||||||||||||||||
Ending Balance: loans acquired with deteriorated credit quality | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | |||||||||||||||||
Financing receivables: | |||||||||||||||||||||||||||||||||
Ending balance | $ | 1,058,533 | $ | 2,694,148 | $ | 1,596,130 | $ | 2,204,879 | $ | 991,503 | $ | 340,615 | $ | 0 | $ | 8,885,808 | |||||||||||||||||
Ending Balance: individually evaluated for impairment | $ | 12,798 | $ | 11,434 | $ | 19,493 | $ | 15,570 | $ | 16,393 | $ | 152 | $ | 0 | $ | 75,840 | |||||||||||||||||
Allowance for Loan Losses and Carrying Amount of Loans | |||||||||||||||||||||||||||||||||
For the Six Months Ended June 30, 2014 | |||||||||||||||||||||||||||||||||
Commercial Real Estate | Other | Residential | Construction | Consumer | Allowance | Total | |||||||||||||||||||||||||||
Commercial | Real Estate | & Land | for | ||||||||||||||||||||||||||||||
Development | Estimated | ||||||||||||||||||||||||||||||||
Owner- | Nonowner- | Imprecision | |||||||||||||||||||||||||||||||
occupied | occupied | ||||||||||||||||||||||||||||||||
Ending Balance: collectively evaluated for impairment | $ | 1,019,218 | $ | 2,624,210 | $ | 1,563,608 | $ | 2,167,613 | $ | 920,804 | $ | 340,395 | $ | 0 | $ | 8,635,848 | |||||||||||||||||
Ending Balance: loans acquired with deteriorated credit quality | $ | 26,517 | $ | 58,504 | $ | 13,029 | $ | 21,696 | $ | 54,306 | $ | 68 | $ | 0 | $ | 174,120 | |||||||||||||||||
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 | |||||||||||||||||
Intangible_Assets
Intangible Assets | 6 Months Ended | ||||||||||||
Jun. 30, 2014 | |||||||||||||
Goodwill And Intangible Assets Disclosure [Abstract] | ' | ||||||||||||
Intangible Assets | ' | ||||||||||||
7. INTANGIBLE ASSETS | |||||||||||||
The following is a summary of intangible assets subject to amortization and those not subject to amortization: | |||||||||||||
As of June 30, 2014 | |||||||||||||
Gross Carrying | Accumulated | Net Carrying | |||||||||||
Amount | Amortization | Amount | |||||||||||
Amortized intangible assets: | |||||||||||||
Core deposit intangible assets | $ | 60,577 | ($ | 37,209 | ) | $ | 23,368 | ||||||
Goodwill not subject to amortization | $ | 710,165 | |||||||||||
As of December 31, 2013 | |||||||||||||
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 | |||||||||||
United incurred amortization expense of $1,104 and $1,913 for the quarter and six months ended June 30, 2014, respectively, and $506 and $1,040 for the quarter and six months ended June 30, 2013, respectively, related to intangible assets. The following table sets forth the anticipated amortization expense for intangible assets for the years subsequent to 2013: | |||||||||||||
Year | Amount | ||||||||||||
2014 | $ | 4,133 | |||||||||||
2015 | 3,383 | ||||||||||||
2016 | 2,943 | ||||||||||||
2017 | 2,730 | ||||||||||||
2018 and thereafter | 12,092 | ||||||||||||
ShortTerm_Borrowings
Short-Term Borrowings | 6 Months Ended |
Jun. 30, 2014 | |
Debt Disclosure [Abstract] | ' |
Short-Term Borrowings | ' |
8. SHORT-TERM BORROWINGS | |
Federal funds purchased and securities sold under agreements to repurchase are 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. 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. At June 30, 2014, federal funds purchased were $16,700 while securities sold under agreements to repurchase (REPOs) were $466,480. Included in the $466,480 of total REPOs were wholesale REPOs of $53,083, including purchase accounting amounts, assumed in the Virginia Commerce merger. These wholesale REPOs are scheduled to mature in July of 2018. The securities sold under agreements to repurchase were accounted for as collateralized financial transactions. They were recorded at the amounts at which the securities were acquired or sold plus accrued interest. | |
United has a $10,000 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 will be renewable on a 360 day basis and will carry an indexed, floating-rate of interest. The line requires compliance with various financial and nonfinancial covenants. At June 30, 2014, United had no outstanding balance under this line of credit. |
LongTerm_Borrowings
Long-Term Borrowings | 6 Months Ended | ||||
Jun. 30, 2014 | |||||
Debt Disclosure [Abstract] | ' | ||||
Long-Term Borrowings | ' | ||||
9. 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 June 30, 2014, United had an unused borrowing amount of approximately $2,272,863 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 June 30, 2014, $861,337 of FHLB advances with a weighted-average interest rate of 0.47% are scheduled to mature within the next five years. Overnight funds of $105,000 are included in the $861,337 above at June 30, 2014. The scheduled maturities of these FHLB borrowings are as follows: | |||||
Year | Amount | ||||
2014 | $ | 705,883 | |||
2015 | 104,434 | ||||
2016 | 663 | ||||
2017 | 357 | ||||
2018 and thereafter | 50,000 | ||||
Total | $ | 861,337 | |||
At June 30, 2014, United had a total of fifteen 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 June 30, 2014, and December 31, 2013, the outstanding balance of the Debentures was $249,641 and $198,628, 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. United has not deferred any payment as of June 30, 2014. | |||||
As part of the acquisition of Virginia Commerce on January 31, 2014, United assumed all the obligations of Virginia Commerce and its subsidiaries. Virginia Commerce has a total of three statutory business trusts that were formed for the purpose of issuing or participating in Capital Securities with the proceeds invested in Debentures of Virginia Commerce. At merger, the outstanding balance of Virginia Commerce’s Debentures was $50,635, including purchase accounting adjustments. | |||||
The Trust Preferred Securities currently qualify as Tier 1 capital of United for regulatory purposes. |
Commitments_and_Contingent_Lia
Commitments and Contingent Liabilities | 6 Months Ended |
Jun. 30, 2014 | |
Commitments And Contingencies Disclosure [Abstract] | ' |
Commitments and Contingent Liabilities | ' |
10. 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 $2,474,381 and $1,895,682 of loan commitments outstanding as of June 30, 2014 and December 31, 2013, respectively, substantially all of which 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 June 30, 2014 and December 31, 2013, United had no outstanding commercial letters of credit. 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 $163,831 and $114,664 as of June 30, 2014 and December 31, 2013, 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 | 6 Months Ended | ||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||
Derivative Instruments And Hedging Activities Disclosure [Abstract] | ' | ||||||||||||||||
Derivative Financial Instruments | ' | ||||||||||||||||
11. DERIVATIVE FINANCIAL INSTRUMENTS | |||||||||||||||||
United uses derivative instruments to help manage 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. | |||||||||||||||||
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 require all derivative instruments to be carried at fair value on the balance sheet. United has designated certain derivative instruments used 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. As of June 30, 2014, United has only fair value 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. | |||||||||||||||||
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. The portion of a hedge that is ineffective is recognized immediately in earnings. | |||||||||||||||||
The 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. 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 fair value. 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 the interest rate derivatives portfolio used for interest-rate risk management purposes and designated as accounting hedges under the Derivatives and Hedging topic at June 30, 2014. | |||||||||||||||||
Derivative Classifications and Hedging Relationships | |||||||||||||||||
June 30, 2014 | |||||||||||||||||
Notional | Average | ||||||||||||||||
Amount | Pay Rate | ||||||||||||||||
Fair Value Hedges: | |||||||||||||||||
Pay Fixed Swaps (Hedging Commercial Loans) | $ | 41,155 | 5.07 | % | |||||||||||||
Total Derivatives Used in Fair Value Hedges | $ | 41,155 | |||||||||||||||
Total Derivatives Used for Interest Rate Risk Management and Designated as Hedges | $ | 41,155 | |||||||||||||||
The following tables summarize the fair value of United’s derivative financial instruments. | |||||||||||||||||
Asset Derivatives | |||||||||||||||||
June 30, 2014 | December 31, 2013 | ||||||||||||||||
Balance | Fair | Balance | Fair | ||||||||||||||
Sheet | Value | Sheet | Value | ||||||||||||||
Location | Location | ||||||||||||||||
Derivatives designated as hedging instruments | |||||||||||||||||
Interest rate contracts | Other assets | $ | 662 | Other assets | $ | 2,179 | |||||||||||
Total derivatives designated as hedging instruments | $ | 662 | $ | 2,179 | |||||||||||||
Derivatives not designated as hedging instruments | |||||||||||||||||
Interest rate contracts | Other assets | $ | 772 | Other assets | $ | 1,045 | |||||||||||
Total derivatives not designated as hedging instruments | $ | 772 | $ | 1,045 | |||||||||||||
Total asset derivatives | $ | 1,434 | $ | 3,224 | |||||||||||||
Liability Derivatives | |||||||||||||||||
June 30, 2014 | December 31, 2013 | ||||||||||||||||
Balance | Fair | Balance | Fair | ||||||||||||||
Sheet | Value | Sheet | Value | ||||||||||||||
Location | Location | ||||||||||||||||
Derivatives designated as hedging instruments | |||||||||||||||||
Interest rate contracts | Other liabilities | $ | 80 | Other liabilities | $ | 149 | |||||||||||
Total derivatives designated as hedging instruments | $ | 80 | $ | 149 | |||||||||||||
Derivatives not designated as hedging instruments | |||||||||||||||||
Interest rate contracts | Other liabilities | $ | 772 | Other liabilities | $ | 1,045 | |||||||||||
Total derivatives not designated as hedging instruments | $ | 772 | $ | 1,045 | |||||||||||||
Total liability derivatives | $ | 852 | $ | 1,194 | |||||||||||||
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 unaudited Consolidated Statements of Income for the three and six months ended June 30, 2014 and 2013 are presented as follows: | |||||||||||||||||
Three Months Ended | |||||||||||||||||
Income Statement | June 30, 2014 | June 30, 2013 | |||||||||||||||
Location | |||||||||||||||||
Derivatives in fair value hedging relationships | |||||||||||||||||
Interest rate contracts | Interest income/ | (expense) | $ | (273 | ) | $ | (64 | ) | |||||||||
Total derivatives in fair value hedging relationships | $ | (273 | ) | $ | (64 | ) | |||||||||||
Derivatives not designated as hedging instruments | |||||||||||||||||
Interest rate contracts (1) | Other income | $ | 141 | $ | 502 | ||||||||||||
Interest rate contracts (2) | Other expense | $ | (141 | ) | $ | (502 | ) | ||||||||||
Total derivatives not designated as hedging instruments | $ | 0 | $ | 0 | |||||||||||||
Total derivatives | $ | (273 | ) | $ | (64 | ) | |||||||||||
Six Months Ended | |||||||||||||||||
Income Statement | June 30, | June 30, | |||||||||||||||
Location | 2014 | 2013 | |||||||||||||||
Derivatives in fair value hedging relationships | |||||||||||||||||
Interest rate contracts | Interest income/ | (expense) | $ | (524 | ) | $ | (244 | ) | |||||||||
Total derivatives in fair value hedging relationships | $ | (524 | ) | $ | (244 | ) | |||||||||||
Derivatives not designated as hedging instruments | |||||||||||||||||
Interest rate contracts (1) | Other income | $ | 273 | $ | 963 | ||||||||||||
Interest rate contracts (2) | Other expense | $ | (273 | ) | $ | (963 | ) | ||||||||||
Total derivatives not designated as hedging instruments | $ | 0 | $ | 0 | |||||||||||||
Total derivatives | $ | (524 | ) | $ | (244 | ) | |||||||||||
-1 | Represents net gains from derivative assets not designated as hedging instruments. | ||||||||||||||||
-2 | Represents net losses from derivative liabilities not designated as hedging instruments. | ||||||||||||||||
Fair_Value_Measurements
Fair Value Measurements | 6 Months Ended | ||||||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||||||
Fair Value Disclosures [Abstract] | ' | ||||||||||||||||||||
Fair Value Measurements | ' | ||||||||||||||||||||
12. FAIR VALUE MEASUREMENTS | |||||||||||||||||||||
United determines the fair values of its financial instruments based on the fair value hierarchy established by 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. | |||||||||||||||||||||
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. As part of management’s review, any items that exceed the scope of expected values are further investigated. 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 June 30, 2014, 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 June 30, 2014. 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 June 30, 2014 ranged from LIBOR plus 3.50% to LIBOR plus 16.00%. 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 18%, or $8.6 million. | |||||||||||||||||||||
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 tables present the balances of financial assets and liabilities measured at fair value on a recurring basis as of June 30, 2014 and December 31, 2013, segregated by the level of the valuation inputs within the fair value hierarchy. | |||||||||||||||||||||
Fair Value at June 30, 2014 Using | |||||||||||||||||||||
Description | Balance as of | Quoted Prices | Significant | Significant | |||||||||||||||||
June 30, | in Active | Other | Unobservable | ||||||||||||||||||
2014 | 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 | $ | 115,663 | $ | 0 | $ | 115,663 | $ | 0 | |||||||||||||
State and political subdivisions | 141,643 | 0 | 141,643 | 0 | |||||||||||||||||
Residential mortgage-backed securities | |||||||||||||||||||||
Agency | 525,597 | 0 | 525,597 | 0 | |||||||||||||||||
Non-agency | 15,498 | 0 | 15,498 | 0 | |||||||||||||||||
Fair Value at June 30, 2014 Using | |||||||||||||||||||||
Description | Balance as of | Quoted Prices | Significant | Significant | |||||||||||||||||
June 30, | in Active | Other | Unobservable | ||||||||||||||||||
2014 | Markets for | Observable | Inputs | ||||||||||||||||||
Identical | Inputs | (Level 3) | |||||||||||||||||||
Assets | (Level 2) | ||||||||||||||||||||
(Level 1) | |||||||||||||||||||||
Asset-backed securities | 8,064 | 0 | 8,064 | 0 | |||||||||||||||||
Commercial mortgage-backed securities | |||||||||||||||||||||
Agency | 262,576 | 0 | 262,576 | 0 | |||||||||||||||||
Trust preferred collateralized debt obligations | 46,820 | 0 | 0 | 46,820 | |||||||||||||||||
Single issue trust preferred securities | 12,239 | 0 | 12,239 | 0 | |||||||||||||||||
Other corporate securities | 5,192 | 0 | 5,192 | 0 | |||||||||||||||||
Total available for sale debt securities | 1,133,292 | 0 | 1,086,472 | 46,820 | |||||||||||||||||
Available for sale equity securities: | |||||||||||||||||||||
Financial services industry | 2,065 | 703 | 1,362 | 0 | |||||||||||||||||
Equity mutual funds (1) | 474 | 474 | 0 | 0 | |||||||||||||||||
Other equity securities | 1,193 | 1,193 | 0 | 0 | |||||||||||||||||
Total available for sale equity securities | 3,732 | 2,370 | 1,362 | 0 | |||||||||||||||||
Total available for sale securities | 1,137,024 | 2,370 | 1,087,834 | 46,820 | |||||||||||||||||
Derivative financial assets: | |||||||||||||||||||||
Interest rate contracts | 1,434 | 0 | 1,434 | 0 | |||||||||||||||||
Liabilities | |||||||||||||||||||||
Derivative financial liabilities: | |||||||||||||||||||||
Interest rate contracts | 852 | 0 | 852 | 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, 2013 Using | |||||||||||||||||||||
Description | Balance as of | Quoted Prices | Significant | Significant | |||||||||||||||||
December 31, | in Active | Other | Unobservable | ||||||||||||||||||
2013 | 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 | |||||||||||||||||
Fair Value at December 31, 2013 Using | |||||||||||||||||||||
Description | Balance as of | Quoted Prices | Significant | Significant | |||||||||||||||||
December 31, | in Active | Other | Unobservable | ||||||||||||||||||
2013 | Markets for | Observable | Inputs | ||||||||||||||||||
Identical | Inputs | (Level 3) | |||||||||||||||||||
Assets | (Level 2) | ||||||||||||||||||||
(Level 1) | |||||||||||||||||||||
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. | ||||||||||||||||||||
The following table presents additional information about financial assets and liabilities measured at fair value at June 30, 2014 and December 31, 2013 on a recurring basis and for which United has utilized Level 3 inputs to determine fair value: | |||||||||||||||||||||
Available-for-sale | |||||||||||||||||||||
Securities | |||||||||||||||||||||
Trust preferred | |||||||||||||||||||||
collateralized debt obligations | |||||||||||||||||||||
June 30, | December 31, | ||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||
Balance, beginning of period | $ | 43,449 | $ | 40,613 | |||||||||||||||||
Total gains or losses (realized/unrealized): | |||||||||||||||||||||
Included in earnings (or changes in net assets) | (1,120 | ) | (6,456 | ) | |||||||||||||||||
Included in other comprehensive income | 6,816 | 14,520 | |||||||||||||||||||
Purchases, issuances, and settlements | (2,325 | ) | (5,228 | ) | |||||||||||||||||
Transfers in and/or out of Level 3 | 0 | 0 | |||||||||||||||||||
Balance, ending of period | $ | 46,820 | $ | 43,449 | |||||||||||||||||
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 non-recurring basis in the financial statements. | |||||||||||||||||||||
Loans held for sale: Loans held for sale are carried at the lower of cost or fair 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 quarter ended June 30, 2014. 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). For impaired loans, a specific reserve is established through the Allowance for Loan Losses, if necessary, by estimating the fair value of the underlying collateral 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 Virginia Commerce, no fair value measurement of intangible assets was made during the first six months of 2014. | |||||||||||||||||||||
The following table summarizes United’s financial assets that were measured at fair value on a nonrecurring basis during the period: | |||||||||||||||||||||
Description | Balance as of | Fair Value Measurements at June 30, 2014 Using | YTD | ||||||||||||||||||
June 30, | Losses | ||||||||||||||||||||
2014 | Quoted Prices | Significant | Significant | ||||||||||||||||||
in Active | Other | Unobservable | |||||||||||||||||||
Markets for | Observable | Inputs | |||||||||||||||||||
Identical | Inputs | (Level 3) | |||||||||||||||||||
Assets | (Level 2) | ||||||||||||||||||||
(Level 1) | |||||||||||||||||||||
Assets | |||||||||||||||||||||
Impaired Loans | $ | 38,874 | $ | 0 | $ | 14,625 | $ | 24,249 | $ | 1,538 | |||||||||||
OREO | 43,232 | 0 | 43,232 | 0 | 1,753 | ||||||||||||||||
Description | Balance as of | at December 31, 2013 Using | YTD | ||||||||||||||||||
December 31, | Losses | ||||||||||||||||||||
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 | ||||||||||||||||
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 Value | Quoted Prices | Significant | Significant | |||||||||||||||||
Amount | in Active | Other | Unobservable | ||||||||||||||||||
Markets for | Observable | Inputs | |||||||||||||||||||
Identical | Inputs | (Level 3) | |||||||||||||||||||
Assets | (Level 2) | ||||||||||||||||||||
(Level 1) | |||||||||||||||||||||
30-Jun-14 | |||||||||||||||||||||
Cash and cash equivalents | $ | 715,376 | $ | 715,376 | $ | 0 | $ | 715,376 | $ | 0 | |||||||||||
Securities available for sale | 1,137,024 | 1,137,024 | 2,370 | 1,087,834 | 46,820 | ||||||||||||||||
Securities held to maturity | 40,717 | 38,870 | 0 | 36,350 | 2,520 | ||||||||||||||||
Other securities | 104,302 | 99,086 | 0 | 0 | 99,086 | ||||||||||||||||
Loans held for sale | 9,466 | 9,466 | 0 | 9,466 | 0 | ||||||||||||||||
Loans | 8,797,460 | 8,928,709 | 0 | 0 | 8,928,709 | ||||||||||||||||
Derivative financial assets | 1,434 | 1,434 | 0 | 1,434 | 0 | ||||||||||||||||
Deposits | 8,746,147 | 8,758,654 | 0 | 8,758,654 | 0 | ||||||||||||||||
Short-term borrowings | 535,097 | 535,097 | 0 | 535,097 | 0 | ||||||||||||||||
Long-term borrowings | 1,059,061 | 1,057,187 | 0 | 1,057,187 | 0 | ||||||||||||||||
Derivative financial liabilities | 852 | 852 | 0 | 852 | 0 | ||||||||||||||||
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 | ||||||||||||||||
Stock_Based_Compensation
Stock Based Compensation | 6 Months Ended | ||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | ' | ||||||||||||||||
Stock Based Compensation | ' | ||||||||||||||||
13. 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 first six months of 2014, a total of 204,800 non-qualified stock options and 66,949 shares of restricted stock were granted under the 2011 LTI Plan. | |||||||||||||||||
Compensation expense of $670 and $1,160 related to the nonvested awards under the 2011 LTI Plan and the 2006 Stock Option Plan was incurred for the second quarter and first six months of 2014, respectively, as compared to the compensation expense of $471 and $855 related to the nonvested awards under the 2006 Stock Option Plan incurred for the second quarter and first six months of 2013, respectively. Compensation expense was included in employee compensation in the unaudited 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. | |||||||||||||||||
A summary of activity under United’s stock option plans as of June 30, 2014, and the changes during the first six months of 2014 are presented below: | |||||||||||||||||
Six Months Ended June 30, 2014 | |||||||||||||||||
Weighted Average | |||||||||||||||||
Aggregate | Remaining | ||||||||||||||||
Intrinsic | Contractual | Exercise | |||||||||||||||
Shares | Value | Term (Yrs.) | Price | ||||||||||||||
Outstanding at January 1, 2014 | 1,447,997 | $ | 29.33 | ||||||||||||||
Assumed in Virginia Commerce merger | 440,813 | 19.55 | |||||||||||||||
Granted | 204,800 | 28.89 | |||||||||||||||
Exercised | (334,662 | ) | 18.8 | ||||||||||||||
Forfeited or expired | (46,591 | ) | 30.33 | ||||||||||||||
Outstanding at June 30, 2014 | 1,712,357 | $ | 7,782 | 5.3 | $ | 28.79 | |||||||||||
Exercisable at June 30, 2014 | 1,308,430 | $ | 6,092 | 4.2 | $ | 28.99 | |||||||||||
The following table summarizes the status of United’s nonvested stock option awards during the first six months of 2014: | |||||||||||||||||
Shares | Weighted-Average | ||||||||||||||||
Grant Date Fair Value | |||||||||||||||||
Per Share | |||||||||||||||||
Nonvested at January 1, 2014 | 589,197 | $ | 7.01 | ||||||||||||||
Granted | 204,800 | 6.42 | |||||||||||||||
Vested | (382,225 | ) | 7.46 | ||||||||||||||
Forfeited or expired | (7,845 | ) | 6.52 | ||||||||||||||
Nonvested at June 30, 2014 | 403,927 | $ | 6.29 | ||||||||||||||
During the six months ended June 30, 2014 and 2013, 334,662 and 30,350 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 the six months ended June 30, 2014 and 2013. The total intrinsic value of options exercised under the Plans during the six months ended June 30, 2014 and 2013 was $3,757 and $118, respectively. | |||||||||||||||||
Restricted Stock | |||||||||||||||||
Under the 2011 LTI Plan, United may award restricted common shares to key employees and non-employee directors. Restricted shares granted to participants have 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 following summarizes the changes to United’s restricted common shares for the period ended June 30, 2014: | |||||||||||||||||
Number of | Weighted-Average | ||||||||||||||||
Shares | Grant Date Fair Value | ||||||||||||||||
Per Share | |||||||||||||||||
Outstanding at January 1, 2014 | 85,497 | $ | 27.53 | ||||||||||||||
Assumed in Virginia Commerce merger | 34,538 | 29.89 | |||||||||||||||
Granted | 66,949 | 28.89 | |||||||||||||||
Vested | (57,204 | ) | 28.83 | ||||||||||||||
Forfeited | (1,865 | ) | 28.11 | ||||||||||||||
Outstanding at June 30, 2014 | 127,915 | $ | 28.29 | ||||||||||||||
Employee_Benefit_Plans
Employee Benefit Plans | 6 Months Ended | ||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||
Compensation And Retirement Disclosure [Abstract] | ' | ||||||||||||||||
Employee Benefit Plans | ' | ||||||||||||||||
14. EMPLOYEE BENEFIT PLANS | |||||||||||||||||
United has a defined benefit retirement plan covering some of its 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 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 had taken similar steps. The amendment provides that employees hired on or after October 1, 2007, will not be eligible to participate in the Plan. However, new employees, including those retained in the Virginia Commerce acquisition, will 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 ($1 net of tax) and unrecognized actuarial losses of $31,151 ($20,248 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 ($1 net of tax), and $4,821 ($3,134 net of tax), respectively. | |||||||||||||||||
Net periodic pension cost for the three and six months ended June 30, 2014 and 2013 included the following components: | |||||||||||||||||
Three Months Ended | Six Months Ended | ||||||||||||||||
June 30 | June 30 | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Service cost | $ | 574 | $ | 768 | $ | 1,141 | $ | 1,527 | |||||||||
Interest cost | 1,346 | 1,222 | 2,678 | 2,430 | |||||||||||||
Expected return on plan assets | (2,269 | ) | (2,074 | ) | (4,513 | ) | (4,126 | ) | |||||||||
Amortization of transition asset | 0 | 0 | 0 | 0 | |||||||||||||
Recognized net actuarial loss | 486 | 1,172 | 967 | 2,331 | |||||||||||||
Amortization of prior service cost | 0 | 0 | 0 | 0 | |||||||||||||
Net periodic pension (benefit) cost | $ | 137 | $ | 1,088 | $ | 273 | $ | 2,162 | |||||||||
Weighted-Average Assumptions: | |||||||||||||||||
Discount rate | 5.2 | % | 4.4 | % | 5.2 | % | 4.4 | % | |||||||||
Expected return on assets | 7.5 | % | 8 | % | 7.5 | % | 8 | % | |||||||||
Rate of compensation increase (prior to age 45) | 3.5 | % | 3.75 | % | 3.5 | % | 3.75 | % | |||||||||
Rate of compensation increase | 3 | % | 2.75 | % | 3 | % | 2.75 | % | |||||||||
Income_Taxes
Income Taxes | 6 Months Ended |
Jun. 30, 2014 | |
Income Tax Disclosure [Abstract] | ' |
Income Taxes | ' |
15. 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. | |
As of June 30, 2014, United has provided a liability for $2,848 of unrecognized tax benefits related to various federal and state income tax matters. 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 periods. 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 June 30, 2014 and 2013, the total amount of accrued interest related to uncertain tax positions was $512 and $398, respectively. United accounts for interest and penalties related to uncertain tax positions as part of its provision for federal and state income taxes. |
Comprehensive_Income
Comprehensive Income | 6 Months Ended | ||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||
Equity [Abstract] | ' | ||||||||||||||||
Comprehensive Income | ' | ||||||||||||||||
16. COMPREHENSIVE INCOME | |||||||||||||||||
The components of total comprehensive income for the three and six months ended June 30, 2014 and 2013 are as follows: | |||||||||||||||||
Three Months Ended | Six Months Ended | ||||||||||||||||
June 30 | June 30 | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Net Income | $ | 33,247 | $ | 22,219 | $ | 63,371 | $ | 43,798 | |||||||||
Available for sale (“AFS”) securities: | |||||||||||||||||
AFS securities with OTTI charges during the period | (421 | ) | (137 | ) | (1,060 | ) | (1,172 | ) | |||||||||
Related income tax effect | 147 | 48 | 371 | 410 | |||||||||||||
Less : OTTI charges recognized in net income | 421 | 137 | 1,060 | 971 | |||||||||||||
Related income tax benefit | (147 | ) | (48 | ) | (371 | ) | (340 | ) | |||||||||
Reclassification of previous noncredit OTTI to credit OTTI | 421 | 0 | 2,106 | 1,458 | |||||||||||||
Related income tax benefit | (147 | ) | 0 | (737 | ) | (510 | ) | ||||||||||
Net unrealized (losses) gains on AFS securities with OTTI | 274 | 0 | 1,369 | 817 | |||||||||||||
AFS securities – all other: | |||||||||||||||||
Change in net unrealized gain on AFS securities arising during the period | 12,526 | (3,642 | ) | 24,581 | (3,600 | ) | |||||||||||
Related income tax effect | (4,385 | ) | 1,275 | (8,604 | ) | 1,260 | |||||||||||
Net reclassification adjustment for (gains) losses included in net income | (1 | ) | (235 | ) | (825 | ) | (375 | ) | |||||||||
Related income tax expense (benefit) | 1 | 82 | 289 | 131 | |||||||||||||
8,141 | (2,520 | ) | 15,441 | (2,584 | ) | ||||||||||||
Net effect of AFS securities on other comprehensive income | 8,415 | (2,520 | ) | 16,810 | (1,767 | ) | |||||||||||
Held to maturity (“HTM”) securities: | |||||||||||||||||
Accretion on the unrealized loss for securities transferred from | 3 | 2 | 4 | 4 | |||||||||||||
AFS to the HTM investment portfolio prior to call or maturity | |||||||||||||||||
Related income tax expense | (2 | ) | (1 | ) | (2 | ) | (2 | ) | |||||||||
Net effect of HTM securities on other comprehensive income | 1 | 1 | 2 | 2 | |||||||||||||
Pension plan: | |||||||||||||||||
Recognized net actuarial loss | 486 | 1,172 | 967 | 2,331 | |||||||||||||
Related income tax benefit | (176 | ) | (430 | ) | (348 | ) | (848 | ) | |||||||||
Net effect of change in pension plan asset on other comprehensive income | 310 | 742 | 619 | 1,483 | |||||||||||||
Total change in other comprehensive income | 8,726 | (1,777 | ) | 17,431 | (282 | ) | |||||||||||
Total Comprehensive Income | $ | 41,973 | $ | 20,442 | $ | 80,802 | $ | 43,516 | |||||||||
The components of accumulated other comprehensive income for the six months ended June 30, 2014 are as follows: | |||||||||||||||||
Changes in Accumulated Other Comprehensive Income (AOCI) by Component (a) | |||||||||||||||||
For the Six Months Ended June 30, 2014 | |||||||||||||||||
(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, 2014 | ($ | 23,235 | ) | ($ | 67 | ) | ($ | 19,745 | ) | ($ | 43,047 | ) | |||||
Other comprehensive income before reclassification | 15,977 | 2 | 0 | 15,979 | |||||||||||||
Amounts reclassified from accumulated other comprehensive income | 833 | 0 | 619 | 1,452 | |||||||||||||
Changes in Accumulated Other Comprehensive Income (AOCI) by Component (a) | |||||||||||||||||
For the Six Months Ended June 30, 2014 | |||||||||||||||||
(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 | |||||||||||||||||
Net current-period other comprehensive income, net of tax | 16,810 | 2 | 619 | 17,431 | |||||||||||||
Balance at June 30, 2014 | ($ | 6,425 | ) | ($ | 65 | ) | ($ | 19,126 | ) | ($ | 25,616 | ) | |||||
(a) | All amounts are net-of-tax. | ||||||||||||||||
Reclassifications out of Accumulated Other Comprehensive Income (AOCI) | |||||||||||||||||
For the Six Months Ended June 30, 2014 | |||||||||||||||||
(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 | $ | 2,106 | Total other-than-temporary impairment losses | ||||||||||||||
Net reclassification adjustment for losses | (825 | ) | Net gains on sales/calls of investment securities | ||||||||||||||
(gains) included in net income | |||||||||||||||||
1,281 | Total before tax | ||||||||||||||||
Related income tax effect | (448 | ) | Tax expense | ||||||||||||||
833 | Net of tax | ||||||||||||||||
Pension plan: | |||||||||||||||||
Recognized net actuarial loss | 967 | (a) | |||||||||||||||
967 | Total before tax | ||||||||||||||||
Related income tax effect | (348 | ) | Tax expense | ||||||||||||||
619 | Net of tax | ||||||||||||||||
Total reclassifications for the period | $ | 1,452 | |||||||||||||||
(a) | This AOCI component is included in the computation of net periodic pension cost (see Note 14, Employee Benefit Plans) | ||||||||||||||||
Earnings_Per_Share
Earnings Per Share | 6 Months Ended | ||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||
Earnings Per Share [Abstract] | ' | ||||||||||||||||
Earnings Per Share | ' | ||||||||||||||||
17. 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: | |||||||||||||||||
Three Months Ended | Six Months Ended | ||||||||||||||||
June 30 | June 30 | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Distributed earnings allocated to common stock | $ | 22,124 | $ | 15,586 | $ | 44,160 | $ | 31,163 | |||||||||
Undistributed earnings allocated to common stock | 11,065 | 6,598 | 19,093 | 12,567 | |||||||||||||
Net earnings allocated to common shareholders | $ | 33,189 | $ | 22,184 | $ | 63,253 | $ | 43,730 | |||||||||
Average common shares outstanding | 68,956,123 | 50,345,733 | 65,713,854 | 50,322,783 | |||||||||||||
Equivalents from stock options | 197,909 | 56,461 | 235,601 | 59,387 | |||||||||||||
Average diluted shares outstanding | 69,154,032 | 50,402,194 | 65,949,455 | 50,382,170 | |||||||||||||
Earnings per basic common share | $ | 0.48 | $ | 0.44 | $ | 0.96 | $ | 0.87 | |||||||||
Earnings per diluted common share | $ | 0.48 | $ | 0.44 | $ | 0.96 | $ | 0.87 | |||||||||
Variable_Interest_Entities
Variable Interest Entities | 6 Months Ended | ||||||||||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||||||||||
Equity Method Investments And Joint Ventures [Abstract] | ' | ||||||||||||||||||||||||
Variable Interest Entities | ' | ||||||||||||||||||||||||
18. 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 fifteen 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 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 the table below: | |||||||||||||||||||||||||
Description | Issuance Date | Amount of | Interest Rate | Maturity Date | |||||||||||||||||||||
Capital | |||||||||||||||||||||||||
Securities | |||||||||||||||||||||||||
Issued | |||||||||||||||||||||||||
Century Trust | March 23, 2000 | $ | 8,800 | 10.875% Fixed | March 8, 2030 | ||||||||||||||||||||
Sequoia Trust I | 28-Mar-01 | $ | 2,000 | 10.18% Fixed | 8-Jun-31 | ||||||||||||||||||||
United Statutory Trust III | December 17, 2003 | $ | 20,000 | 3-month LIBOR + 2.85% | December 17, 2033 | ||||||||||||||||||||
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 | September 20, 2007 | $ | 30,000 | 3-month LIBOR + 1.30% | 15-Dec-37 | ||||||||||||||||||||
Premier Statutory Trust II | 25-Sep-03 | $ | 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 | ||||||||||||||||||||
Virginia Commerce Trust II | 19-Dec-02 | $ | 15,000 | 6-month LIBOR + 3.30% | 19-Dec-32 | ||||||||||||||||||||
Virginia Commerce Trust III | 20-Dec-05 | $ | 25,000 | 3-month LIBOR + 1.42% | 23-Feb-36 | ||||||||||||||||||||
Virginia Commerce Trust IV | 24-Sep-08 | $ | 25,000 | 10.20% Fixed | 30-Sep-38 | ||||||||||||||||||||
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. | |||||||||||||||||||||||||
The following table summarizes quantitative information about United’s significant involvement in unconsolidated VIEs: | |||||||||||||||||||||||||
As of June 30, 2014 | As of December 31, 2013 | ||||||||||||||||||||||||
Aggregate | Aggregate | Risk Of | Aggregate | Aggregate | Risk Of | ||||||||||||||||||||
Assets | Liabilities | Loss (1) | Assets | Liabilities | Loss (1) | ||||||||||||||||||||
Trust preferred securities | $ | 268,323 | $ | 259,500 | $ | 8,823 | $ | 201,186 | $ | 194,453 | $ | 6,733 | |||||||||||||
-1 | Represents investment in VIEs. | ||||||||||||||||||||||||
General_Policies
General (Policies) | 6 Months Ended | ||||||
Jun. 30, 2014 | |||||||
Fair Value Disclosures [Abstract] | ' | ||||||
New Accounting Standards | ' | ||||||
New Accounting Standards | |||||||
In June 2014, the FASB issued ASU 2014-11, “Transfers and Servicing (Topic 860): Repurchase-to-Maturity Transactions, Repurchase Financings, and Disclosures.” ASU 2014-11 modifies accounting for repurchase-to-maturity transactions and repurchase financing arrangements, as well as modifies required disclosures. Under ASU 2014-11, repurchase-to-maturity transactions, repurchase agreements executed as repurchase financings, and other typical repurchase agreements are accounted for as secured borrowings. ASU 2014-11 also eliminates off-balance-sheet accounting for transfers of financial assets with contemporaneous repurchase financings. ASU 2014-11 is effective for United on January 1, 2015, and is not expected to have a significant impact on the Company’s financial condition or results of operation. | |||||||
In January 2014, the FASB issued ASU 2014-04, “Reclassification of Residential Real Estate Collateralized Consumer Mortgage Loans upon Foreclosure.” ASU 2014-04 clarifies when banks and similar institutions should reclassify mortgage loans collateralized by residential real estate properties from the loan portfolio to other real estate owned (OREO). An entity can elect either a retrospective or a prospective transition method, and early adoption is permitted. ASU 2014-04 is effective for United on January 1, 2015, and is not expected to have a significant impact on the Company’s financial condition or results of operation. | |||||||
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 on 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 was effective for United beginning January 1, 2014 and did not have a significant impact on the Company’s financial condition or results of operation. | |||||||
Fair Value Measurement | ' | ||||||
United determines the fair values of its financial instruments based on the fair value hierarchy established by 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. |
Mergers_and_Acquisitions_Table
Mergers and Acquisitions (Tables) | 6 Months Ended | ||||||||
Jun. 30, 2014 | |||||||||
Business Combinations [Abstract] | ' | ||||||||
Schedule of Acquired Loans Accounted for at Fair value | ' | ||||||||
In conjunction with the Virginia Commerce merger, the acquired loan portfolio was accounted for at fair value as follows: | |||||||||
January 31, 2014 | |||||||||
Contractually required principal and interest at acquisition | $ | 2,683,966 | |||||||
Contractual cash flows not expected to be collected | (396,983 | ) | |||||||
Expected cash flows at acquisition | 2,286,983 | ||||||||
Interest component of expected cash flows | (274,462 | ) | |||||||
Basis in acquired loans at acquisition – estimated fair value | $ | 2,012,521 | |||||||
Schedule of Acquired Identifiable Assets and Liabilities Assumed | ' | ||||||||
The consideration paid for Virginia Commerce’s common equity and the amounts of acquired identifiable assets and liabilities assumed as of the Acquisition Date were as follows: | |||||||||
Purchase price: | |||||||||
Value of common shares issued (18,330,347 shares) | $ | 547,894 | |||||||
Fair value of stock options assumed | 4,368 | ||||||||
Cash to redeem the Treasury warrant | 33,263 | ||||||||
Cash for fractional shares | 8 | ||||||||
Total purchase price | 585,533 | ||||||||
Identifiable assets: | |||||||||
Cash and cash equivalents | 130,569 | ||||||||
Investment securities | 476,541 | ||||||||
Loans | 2,012,521 | ||||||||
Premises and equipment | 10,786 | ||||||||
Core deposit intangibles | 17,143 | ||||||||
Other assets | 106,244 | ||||||||
Total identifiable assets | $ | 2,753,804 | |||||||
Identifiable liabilities: | |||||||||
Deposits | $ | 2,024,969 | |||||||
Short-term borrowings | 263,816 | ||||||||
Long-term borrowings | 204,335 | ||||||||
Other liabilities | 11,133 | ||||||||
Total identifiable liabilities | 2,504,253 | ||||||||
Net assets acquired including identifiable intangible assets | 249,551 | ||||||||
Resulting goodwill | $ | 335,982 | |||||||
Schedule of Acquired Reconciliation of Goodwill | ' | ||||||||
The following table provides a reconciliation of goodwill: | |||||||||
Goodwill at December 31, 2013 | $ | 375,547 | |||||||
Addition to goodwill from Virginia Commerce acquisition | 335,982 | ||||||||
Reduction to goodwill for options exercised from previous acquisitions | (22 | ) | |||||||
Reclassification from goodwill | (1,342 | ) | |||||||
Goodwill at June 30, 2014 | $ | 710,165 | |||||||
Schedule of Business Acquisition Pro Forma Information | ' | ||||||||
The following table presents certain unaudited pro forma information for the results of operations for the six months ended June 30, 2014 and 2013, as if the Virginia Commerce merger had occurred on January 1, 2014 and 2013, respectively. | |||||||||
Proforma | |||||||||
Six Months Ended | |||||||||
June 30 | |||||||||
2014 | 2013 | ||||||||
Total Revenues (1) | $ | 234,357 | $ | 233,117 | |||||
Net Income | 56,228 | 60,337 | |||||||
(1) | Represents net interest income plus other income |
Investment_Securities_Tables
Investment Securities (Tables) | 6 Months Ended | ||||||||||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||||||||||
Summary of Amortized Cost and Estimated Fair Values of Available for Sale Securities | ' | ||||||||||||||||||||||||
The amortized cost and estimated fair values of securities available for sale are summarized as follows. | |||||||||||||||||||||||||
June 30, 2014 | |||||||||||||||||||||||||
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 | $ | 114,910 | $ | 796 | $ | 43 | $ | 115,663 | $ | 0 | |||||||||||||||
State and political subdivisions | 138,413 | 3,234 | 4 | 141,643 | 0 | ||||||||||||||||||||
Residential mortgage-backed securities | |||||||||||||||||||||||||
Agency | 519,765 | 6,692 | 860 | 525,597 | 0 | ||||||||||||||||||||
Non-agency | 14,873 | 625 | 0 | 15,498 | 458 | ||||||||||||||||||||
Commercial mortgage-backed securities | |||||||||||||||||||||||||
Agency | 264,392 | 1,401 | 3,217 | 262,576 | 0 | ||||||||||||||||||||
Asset-backed securities | 8,058 | 6 | 0 | 8,064 | 0 | ||||||||||||||||||||
Trust preferred collateralized debt obligations | 66,531 | 1,291 | 21,002 | 46,820 | 32,193 | ||||||||||||||||||||
Single issue trust preferred securities | 13,866 | 290 | 1,917 | 12,239 | 0 | ||||||||||||||||||||
Other corporate securities | 4,997 | 195 | 0 | 5,192 | 0 | ||||||||||||||||||||
Marketable equity securities | 3,122 | 610 | 0 | 3,732 | 0 | ||||||||||||||||||||
Total | $ | 1,148,927 | $ | 15,140 | $ | 27,043 | $ | 1,137,024 | $ | 32,651 | |||||||||||||||
December 31, 2013 | |||||||||||||||||||||||||
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 | |||||||||||||||
-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 June 30, 2014 and December 31, 2013. | |||||||||||||||||||||||||
Less than 12 months | 12 months or longer | ||||||||||||||||||||||||
Fair | Unrealized | Fair | Unrealized | ||||||||||||||||||||||
Value | Losses | Value | Losses | ||||||||||||||||||||||
June 30, 2014 | |||||||||||||||||||||||||
U.S. Treasury securities and obligations of U.S. Government corporations and agencies | $ | 27,093 | $ | 43 | $ | 0 | $ | 0 | |||||||||||||||||
State and political subdivisions | 4,968 | 4 | 0 | 0 | |||||||||||||||||||||
Residential mortgage-backed securities | |||||||||||||||||||||||||
Agency | 125,628 | 860 | 0 | 0 | |||||||||||||||||||||
Commercial mortgage-backed securities | |||||||||||||||||||||||||
Agency | 27,068 | 291 | 158,331 | 2,926 | |||||||||||||||||||||
Asset-backed securities | 0 | 0 | 0 | 0 | |||||||||||||||||||||
Trust preferred collateralized debt obligations | 0 | 0 | 33,709 | 21,002 | |||||||||||||||||||||
Single issue trust preferred securities | 0 | 0 | 8,330 | 1,917 | |||||||||||||||||||||
Marketable equity securities | 0 | 0 | 0 | 0 | |||||||||||||||||||||
Total | $ | 184,757 | $ | 1,198 | $ | 200,370 | $ | 25,845 | |||||||||||||||||
31-Dec-13 | |||||||||||||||||||||||||
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 | |||||||||||||||||
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 of United and its subsidiaries. | |||||||||||||||||||||||||
Three Months Ended | Six Months Ended | ||||||||||||||||||||||||
June 30 | June 30 | ||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||||||||||
Proceeds from sales and calls | $ | 175,451 | $ | 228,833 | $ | 435,883 | $ | 404,783 | |||||||||||||||||
Gross realized gains | 3 | 238 | 1,052 | 390 | |||||||||||||||||||||
Gross realized losses | 2 | 3 | 227 | 15 | |||||||||||||||||||||
Summary of Available for Sale TRUP CDOs | ' | ||||||||||||||||||||||||
The following is a summary of the available for sale Trup Cdos as of June 30, 2014: | |||||||||||||||||||||||||
Amortized Cost | |||||||||||||||||||||||||
Class | Amortized | Fair | Unrealized | Investment | Split | Below | |||||||||||||||||||
Cost | Value | Loss/(Gain) | Grade | Rated | Investment | ||||||||||||||||||||
Grade | |||||||||||||||||||||||||
Senior – Bank | $ | 7,725 | $ | 6,233 | $ | 1,492 | $ | 0 | $ | 5,000 | $ | 2,725 | |||||||||||||
Senior – Insurance | 4,806 | 5,239 | (433 | ) | 4,806 | 0 | 0 | ||||||||||||||||||
Mezzanine – Bank (now in senior position) | 13,147 | 10,060 | 3,087 | 0 | 0 | 13,147 | |||||||||||||||||||
Mezzanine – Insurance (now in senior position) | 2,019 | 2,359 | (340 | ) | 0 | 0 | 2,019 | ||||||||||||||||||
Mezzanine – Bank | 31,626 | 17,616 | 14,010 | 0 | 0 | 31,626 | |||||||||||||||||||
Mezzanine – Insurance | 2,050 | 2,150 | (100 | ) | 0 | 0 | 2,050 | ||||||||||||||||||
Mezzanine – Bank & Insurance (combination) | 5,158 | 3,163 | 1,995 | 0 | 0 | 5,158 | |||||||||||||||||||
Totals | $ | 66,531 | $ | 46,820 | $ | 19,711 | $ | 4,806 | $ | 5,000 | $ | 56,725 | |||||||||||||
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 through earnings and other comprehensive income. | |||||||||||||||||||||||||
Balance of cumulative credit losses at December 31, 2013 | $ | 70,446 | |||||||||||||||||||||||
Additions for credit losses on securities for which OTTI was not previously recognized | 0 | ||||||||||||||||||||||||
Additions for additional credit losses on securities for which OTTI was previously recognized | 1,060 | ||||||||||||||||||||||||
Balance of cumulative credit losses at June 30, 2014 | $ | 71,506 | |||||||||||||||||||||||
Summary of Amortized Cost and Estimated Fair Values of Securities Held to Maturity | ' | ||||||||||||||||||||||||
The amortized cost and estimated fair values of securities held to maturity are summarized as follows: | |||||||||||||||||||||||||
June 30, 2014 | |||||||||||||||||||||||||
Gross | Gross | Estimated | |||||||||||||||||||||||
Amortized | Unrealized | Unrealized | Fair | ||||||||||||||||||||||
Cost | Gains | Losses | Value | ||||||||||||||||||||||
U.S. Treasury securities and obligations of U.S. Government corporations and agencies | $ | 10,682 | $ | 1,554 | $ | 0 | $ | 12,236 | |||||||||||||||||
State and political subdivisions | 10,198 | 38 | 422 | 9,814 | |||||||||||||||||||||
Residential mortgage-backed securities | |||||||||||||||||||||||||
Agency | 44 | 7 | 0 | 51 | |||||||||||||||||||||
Single issue trust preferred securities | 19,773 | 0 | 3,024 | 16,749 | |||||||||||||||||||||
Other corporate securities | 20 | 0 | 0 | 20 | |||||||||||||||||||||
Total | $ | 40,717 | $ | 1,599 | $ | 3,446 | $ | 38,870 | |||||||||||||||||
December 31, 2013 | |||||||||||||||||||||||||
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 | |||||||||||||||||
Summary of Gross Realized Gains and Losses on Calls That Have Been Included in Earnings as a Result of Calls of Held-to-maturity Securities | ' | ||||||||||||||||||||||||
The following table shows the gross realized gains and losses on calls that have been included in earnings as a result of those calls. Gains or losses on calls of held-to-maturity securities are recognized by the specific identification method. | |||||||||||||||||||||||||
Three Months Ended | Six Months Ended | ||||||||||||||||||||||||
June 30 | June 30 | ||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||||||||||
Gross realized gains | $ | 0 | $ | 114 | $ | 0 | $ | 114 | |||||||||||||||||
Gross realized losses | 0 | 0 | 0 | 0 | |||||||||||||||||||||
Available-for-sale Securities [Member] | ' | ||||||||||||||||||||||||
Summary of Maturities of Debt Securities Held to Maturity by Amortized Cost and Estimated Fair Value | ' | ||||||||||||||||||||||||
The amortized cost and estimated fair value of securities available for sale at June 30, 2014 and December 31, 2013 by contractual maturity are shown as follows. Expected maturities may differ from contractual maturities because the issuers may have the right to call or prepay obligations without penalties. | |||||||||||||||||||||||||
June 30, 2014 | December 31, 2013 | ||||||||||||||||||||||||
Estimated | Estimated | ||||||||||||||||||||||||
Amortized | Fair | Amortized | Fair | ||||||||||||||||||||||
Cost | Value | Cost | Value | ||||||||||||||||||||||
Due in one year or less | $ | 24,906 | $ | 25,123 | $ | 28,837 | $ | 28,960 | |||||||||||||||||
Due after one year through five years | 142,657 | 143,863 | 217,415 | 218,498 | |||||||||||||||||||||
Due after five years through ten years | 379,516 | 381,731 | 292,460 | 286,534 | |||||||||||||||||||||
Due after ten years | 598,726 | 582,575 | 271,038 | 237,422 | |||||||||||||||||||||
Marketable equity securities | 3,122 | 3,732 | 3,299 | 3,870 | |||||||||||||||||||||
Total | $ | 1,148,927 | $ | 1,137,024 | $ | 813,049 | $ | 775,284 | |||||||||||||||||
Held-to-maturity Securities [Member] | ' | ||||||||||||||||||||||||
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 June 30, 2014 and 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. | |||||||||||||||||||||||||
June 30, 2014 | December 31, 2013 | ||||||||||||||||||||||||
Estimated | Estimated | ||||||||||||||||||||||||
Amortized | Fair | Amortized | Fair | ||||||||||||||||||||||
Cost | Value | Cost | Value | ||||||||||||||||||||||
Due in one year or less | $ | 385 | $ | 386 | $ | 555 | $ | 556 | |||||||||||||||||
Due after one year through five years | 7,647 | 8,158 | 6,683 | 7,312 | |||||||||||||||||||||
Due after five years through ten years | 11,982 | 12,638 | 13,026 | 13,821 | |||||||||||||||||||||
Due after ten years | 20,703 | 17,688 | 20,701 | 16,604 | |||||||||||||||||||||
Total | $ | 40,717 | $ | 38,870 | $ | 40,965 | $ | 38,293 | |||||||||||||||||
Loans_Tables
Loans (Tables) | 6 Months Ended | ||||||||
Jun. 30, 2014 | |||||||||
Receivables [Abstract] | ' | ||||||||
Major Classes of Loans | ' | ||||||||
Major classes of loans are as follows: | |||||||||
June 30, | December 31, | ||||||||
2014 | 2013 | ||||||||
Commercial, financial and agricultural: | |||||||||
Owner-occupied commercial real estate | $ | 1,058,533 | $ | 654,963 | |||||
Nonowner-occupied commercial real estate | 2,694,148 | 1,917,785 | |||||||
Other commercial loans | 1,596,130 | 1,338,355 | |||||||
Total commercial, financial & agricultural | 5,348,811 | 3,911,103 | |||||||
Residential real estate | 2,204,879 | 1,821,378 | |||||||
Construction & land development | 991,503 | 670,364 | |||||||
Consumer: | |||||||||
Bankcard | 10,387 | 11,023 | |||||||
Other consumer | 330,228 | 299,731 | |||||||
Total gross loans | $ | 8,885,808 | $ | 6,713,599 | |||||
Activity for Accretable Yield | ' | ||||||||
Activity for the accretable yield for the first six months of 2014 follows: | |||||||||
Accretable yield at the beginning of the period | $ | 2,251 | |||||||
Additions | 9,116 | ||||||||
Accretion (including cash recoveries) | (4,214 | ) | |||||||
Net reclassifications to accretable from non-accretable | 948 | ||||||||
Disposals (including maturities, foreclosures, and charge-offs) | (410 | ) | |||||||
Accretable yield at the ending of the period | $ | 7,691 | |||||||
Credit_Quality_Tables
Credit Quality (Tables) | 6 Months Ended | ||||||||||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||||||||||
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 three months ended June 30, 2014 and 2013, segregated by class of loans: | |||||||||||||||||||||||||
Troubled Debt Restructurings | |||||||||||||||||||||||||
For the Three Months Ended | |||||||||||||||||||||||||
June 30, 2014 | June 30, 2013 | ||||||||||||||||||||||||
Number of | Pre-Modification | Post- | Number of | Pre-Modification | Post- | ||||||||||||||||||||
Contracts | Outstanding | Modification | Contracts | Outstanding | Modification | ||||||||||||||||||||
Recorded | Outstanding | Recorded | Outstanding | ||||||||||||||||||||||
Investment | Recorded | Investment | Recorded | ||||||||||||||||||||||
Investment | Investment | ||||||||||||||||||||||||
Commercial real estate: | |||||||||||||||||||||||||
Owner-occupied | 0 | $ | 0 | $ | 0 | 2 | $ | 2,993 | $ | 2,993 | |||||||||||||||
Nonowner-occupied | 0 | 0 | 0 | 0 | 0 | 0 | |||||||||||||||||||
Other commercial | 2 | 5,630 | 5,630 | 0 | 0 | 0 | |||||||||||||||||||
Residential real estate | 0 | 0 | 0 | 0 | 0 | 0 | |||||||||||||||||||
Construction & land development | 0 | 0 | 0 | 0 | 0 | 0 | |||||||||||||||||||
Consumer: | |||||||||||||||||||||||||
Bankcard | 0 | 0 | 0 | 0 | 0 | 0 | |||||||||||||||||||
Other consumer | 0 | 0 | 0 | 0 | 0 | 0 | |||||||||||||||||||
Total | 2 | $ | 5,630 | $ | 5,630 | 2 | $ | 2,993 | $ | 2,993 | |||||||||||||||
The following table sets forth United’s troubled debt restructurings that have been restructured during the six months ended June 30, 2014 and 2013, segregated by class of loans: | |||||||||||||||||||||||||
Troubled Debt Restructurings | |||||||||||||||||||||||||
For the Six Months Ended | |||||||||||||||||||||||||
June 30, 2014 | June 30, 2013 | ||||||||||||||||||||||||
Number of | Pre-Modification | Post- | Number of | Pre-Modification | Post- | ||||||||||||||||||||
Contracts | Outstanding | Modification | Contracts | Outstanding | Modification | ||||||||||||||||||||
Recorded | Outstanding | Recorded | Outstanding | ||||||||||||||||||||||
Investment | Recorded | Investment | Recorded | ||||||||||||||||||||||
Investment | Investment | ||||||||||||||||||||||||
Commercial real estate: | |||||||||||||||||||||||||
Owner-occupied | 0 | $ | 0 | $ | 0 | 4 | $ | 5,143 | $ | 5,143 | |||||||||||||||
Nonowner-occupied | 0 | 0 | 0 | 0 | 0 | 0 | |||||||||||||||||||
Other commercial | 2 | 5,630 | 5,630 | 0 | 0 | 0 | |||||||||||||||||||
Residential real estate | 0 | 0 | 0 | 0 | 0 | 0 | |||||||||||||||||||
Construction & land development | 0 | 0 | 0 | 0 | 0 | 0 | |||||||||||||||||||
Consumer: | |||||||||||||||||||||||||
Bankcard | 0 | 0 | 0 | 0 | 0 | 0 | |||||||||||||||||||
Other consumer | 0 | 0 | 0 | 0 | 0 | 0 | |||||||||||||||||||
Total | 2 | $ | 5,630 | $ | 5,630 | 4 | $ | 5,143 | $ | 5,143 | |||||||||||||||
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 three and six months ended June 30, 2013. | |||||||||||||||||||||||||
Three Months Ended June 30, 2013 | Six Months Ended June 30, 2013 | ||||||||||||||||||||||||
(In thousands) | Number of | Recorded | Number of | Recorded | |||||||||||||||||||||
Contracts | Investment | Contracts | Investment | ||||||||||||||||||||||
Troubled Debt Restructurings | |||||||||||||||||||||||||
Commercial real estate: | |||||||||||||||||||||||||
Owner-occupied | 0 | $ | 0 | 0 | $ | 0 | |||||||||||||||||||
TNonowner-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: | |||||||||||||||||||||||||
Bankcard | 0 | 0 | 0 | 0 | |||||||||||||||||||||
Other consumer | 0 | 0 | 0 | 0 | |||||||||||||||||||||
Total | 1 | $ | 375 | 1 | $ | 375 | |||||||||||||||||||
Schedule of Age Analysis of 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 June 30, 2014 | |||||||||||||||||||||||||
(In thousands) | 30-89 | 90 Days or | Total Past | Current | Total | Recorded | |||||||||||||||||||
Days Past | more Past | Due | Loans | Investment | |||||||||||||||||||||
Due | Due | >90 Days & | |||||||||||||||||||||||
Accruing | |||||||||||||||||||||||||
Commercial real estate: | |||||||||||||||||||||||||
Owner-occupied | $ | 9,057 | $ | 4,340 | $ | 13,397 | $ | 1,045,136 | $ | 1,058,533 | $ | 192 | |||||||||||||
Nonowner-occupied | 21,708 | 9,909 | 31,617 | 2,662,531 | 2,694,148 | 1,624 | |||||||||||||||||||
Other commercial | 16,773 | 17,113 | 33,886 | 1,562,244 | 1,596,130 | 5,071 | |||||||||||||||||||
Residential real estate | 48,556 | 26,235 | 74,791 | 2,130,088 | 2,204,879 | 9,052 | |||||||||||||||||||
Construction & land development | 16,823 | 14,899 | 31,722 | 959,781 | 991,503 | 671 | |||||||||||||||||||
Consumer: | |||||||||||||||||||||||||
Bankcard | 293 | 97 | 390 | 9,997 | 10,387 | 97 | |||||||||||||||||||
Other consumer | 8,648 | 1,801 | 10,449 | 319,779 | 330,228 | 1,710 | |||||||||||||||||||
Total | $ | 121,858 | $ | 74,394 | $ | 196,252 | $ | 8,689,556 | $ | 8,885,808 | $ | 18,417 | |||||||||||||
Age Analysis of Past Due Loans | |||||||||||||||||||||||||
As of December 31, 2013 | |||||||||||||||||||||||||
30-89 | 90 Days or | Total Past | Current | Total | Recorded | ||||||||||||||||||||
Days Past | more Past | Due | Financing | Investment | |||||||||||||||||||||
Due | 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 | |||||||||||||
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 | |||||||||||||||||||||||||
June 30, | December 31, | ||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||
Commercial real estate: | |||||||||||||||||||||||||
Owner-occupied | $ | 4,148 | $ | 3,154 | |||||||||||||||||||||
Nonowner-occupied | 8,285 | 11,539 | |||||||||||||||||||||||
Other commercial | 12,042 | 10,898 | |||||||||||||||||||||||
Residential real estate | 17,183 | 20,232 | |||||||||||||||||||||||
Construction & land development | 14,228 | 16,880 | |||||||||||||||||||||||
Consumer: | |||||||||||||||||||||||||
Bankcard | 0 | 0 | |||||||||||||||||||||||
Other consumer | 91 | 86 | |||||||||||||||||||||||
Total | $ | 55,977 | $ | 62,789 | |||||||||||||||||||||
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 June 30, 2014 | |||||||||||||||||||||||||
Commercial Real Estate | Other | Construction | |||||||||||||||||||||||
Commercial | & Land | ||||||||||||||||||||||||
Owner- | Nonowner- | Development | |||||||||||||||||||||||
occupied | occupied | ||||||||||||||||||||||||
Grade: | |||||||||||||||||||||||||
Pass | $ | 975,085 | $ | 2,534,839 | $ | 1,391,284 | $ | 788,493 | |||||||||||||||||
Special mention | 14,667 | 40,122 | 44,876 | 74,537 | |||||||||||||||||||||
Substandard | 68,781 | 119,187 | 158,338 | 128,473 | |||||||||||||||||||||
Doubtful | 0 | 0 | 1,632 | 0 | |||||||||||||||||||||
Total | $ | 1,058,533 | $ | 2,694,148 | $ | 1,596,130 | $ | 991,503 | |||||||||||||||||
As of December 31, 2013 | |||||||||||||||||||||||||
Commercial Real Estate | Other | Construction | |||||||||||||||||||||||
Commercial | & Land | ||||||||||||||||||||||||
Owner- | Nonowner- | Development | |||||||||||||||||||||||
occupied | occupied | ||||||||||||||||||||||||
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 | |||||||||||||||||||||||||
Consumer Credit Exposure | |||||||||||||||||||||||||
As of June 30, 2014 | |||||||||||||||||||||||||
Residential | Bankcard | Other | |||||||||||||||||||||||
Real Estate | Consumer | ||||||||||||||||||||||||
Grade: | |||||||||||||||||||||||||
Pass | $ | 2,118,964 | $ | 9,997 | $ | 319,308 | |||||||||||||||||||
Special mention | 17,981 | 293 | 8,769 | ||||||||||||||||||||||
Substandard | 66,456 | 97 | 1,999 | ||||||||||||||||||||||
Doubtful | 1,478 | 0 | 152 | ||||||||||||||||||||||
Total | $ | 2,204,879 | $ | 10,387 | $ | 330,228 | |||||||||||||||||||
As of December 31, 2013 | |||||||||||||||||||||||||
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 | |||||||||||||||||||
Schedule of Impaired Loans Information by Class of Loans | ' | ||||||||||||||||||||||||
The following table sets forth United’s impaired loans information, by class of loans: | |||||||||||||||||||||||||
Impaired Loans | |||||||||||||||||||||||||
June 30, 2014 | December 31, 2013 | ||||||||||||||||||||||||
Recorded | Unpaid | Related | Recorded | Unpaid | Related | ||||||||||||||||||||
Investment | Principal | Allowance | Investment | Principal | Allowance | ||||||||||||||||||||
Balance | Balance | ||||||||||||||||||||||||
With no related allowance recorded: | |||||||||||||||||||||||||
Commercial real estate: | |||||||||||||||||||||||||
Owner-occupied | $ | 39,060 | $ | 39,060 | $ | 0 | $ | 4,672 | $ | 4,672 | $ | 0 | |||||||||||||
Nonowner-occupied | 65,740 | 67,621 | 0 | 5,938 | 6,651 | 0 | |||||||||||||||||||
Other commercial | 22,824 | 27,108 | 0 | 10,292 | 17,753 | 0 | |||||||||||||||||||
Residential real estate | 36,895 | 37,564 | 0 | 12,009 | 12,193 | 0 | |||||||||||||||||||
Construction & land development | 45,288 | 46,855 | 0 | 13,866 | 14,662 | 0 | |||||||||||||||||||
Consumer: | |||||||||||||||||||||||||
Bankcard | 0 | 0 | 0 | 0 | 0 | 0 | |||||||||||||||||||
Other consumer | 60 | 60 | 0 | 0 | 0 | 0 | |||||||||||||||||||
With an allowance recorded: | |||||||||||||||||||||||||
Commercial real estate: | |||||||||||||||||||||||||
Owner-occupied | $ | 3,667 | $ | 3,667 | $ | 424 | $ | 4,358 | $ | 4,358 | $ | 638 | |||||||||||||
Nonowner-occupied | 7,475 | 7,475 | 876 | 9,350 | 10,563 | 1,631 | |||||||||||||||||||
Other commercial | 11,434 | 14,509 | 3,702 | 13,304 | 16,240 | 2,192 | |||||||||||||||||||
Impaired Loans | |||||||||||||||||||||||||
June 30, 2014 | December 31, 2013 | ||||||||||||||||||||||||
Recorded | Unpaid | Related | Recorded | Unpaid | Related | ||||||||||||||||||||
Investment | Principal | Allowance | Investment | Principal | Allowance | ||||||||||||||||||||
Balance | Balance | ||||||||||||||||||||||||
Residential real estate | 5,192 | 5,778 | 3,273 | 7,669 | 8,191 | 4,112 | |||||||||||||||||||
Construction & land development | 10,954 | 14,347 | 3,836 | 11,050 | 14,833 | 3,752 | |||||||||||||||||||
Consumer: | |||||||||||||||||||||||||
Bankcard | 0 | 0 | 0 | 0 | 0 | 0 | |||||||||||||||||||
Other consumer | 152 | 152 | 152 | 152 | 152 | 152 | |||||||||||||||||||
Total: | |||||||||||||||||||||||||
Commercial real estate: | |||||||||||||||||||||||||
Owner-occupied | $ | 42,727 | $ | 42,727 | $ | 424 | $ | 9,030 | $ | 9,030 | $ | 638 | |||||||||||||
Nonowner-occupied | 73,215 | 75,096 | 876 | 15,288 | 17,214 | 1,631 | |||||||||||||||||||
Other commercial | 34,258 | 41,617 | 3,702 | 23,596 | 33,993 | 2,192 | |||||||||||||||||||
Residential real estate | 42,087 | 43,342 | 3,273 | 19,678 | 20,384 | 4,112 | |||||||||||||||||||
Construction & land development | 56,242 | 61,202 | 3,836 | 24,916 | 29,495 | 3,752 | |||||||||||||||||||
Consumer: | |||||||||||||||||||||||||
Bankcard | 0 | 0 | 0 | 0 | 0 | 0 | |||||||||||||||||||
Other consumer | 212 | 212 | 152 | 152 | 152 | 152 | |||||||||||||||||||
Impaired Loans | |||||||||||||||||||||||||
For the Three Months Ended | |||||||||||||||||||||||||
June 30, 2014 | June 30, 2013 | ||||||||||||||||||||||||
Average | Interest | Average | Interest | ||||||||||||||||||||||
Recorded | Income | Recorded | Income | ||||||||||||||||||||||
Investment | Recognized | Investment | Recognized | ||||||||||||||||||||||
With no related allowance recorded: | |||||||||||||||||||||||||
Commercial real estate: | |||||||||||||||||||||||||
Owner-occupied | $ | 37,654 | $ | 425 | $ | 13,061 | $ | 57 | |||||||||||||||||
Nonowner-occupied | 63,135 | 154 | 12,116 | 99 | |||||||||||||||||||||
Other commercial | 31,403 | 147 | 7,058 | 73 | |||||||||||||||||||||
Residential real estate | 30,535 | 96 | 7,333 | 110 | |||||||||||||||||||||
Construction & land development | 47,169 | 68 | 7,991 | 126 | |||||||||||||||||||||
Consumer: | |||||||||||||||||||||||||
Bankcard | 0 | 0 | 0 | 0 | |||||||||||||||||||||
Other consumer | 42 | 0 | 152 | 0 | |||||||||||||||||||||
With an allowance recorded: | |||||||||||||||||||||||||
Commercial real estate: | |||||||||||||||||||||||||
Owner-occupied | $ | 3,695 | $ | 34 | $ | 831 | $ | 14 | |||||||||||||||||
Nonowner-occupied | 7,794 | 46 | 4,290 | 37 | |||||||||||||||||||||
Other commercial | 12,234 | 82 | 21,068 | 317 | |||||||||||||||||||||
Residential real estate | 7,880 | 29 | 3,972 | 37 | |||||||||||||||||||||
Construction & land development | 10,328 | 12 | 13,131 | 137 | |||||||||||||||||||||
Consumer: | |||||||||||||||||||||||||
Bankcard | 0 | 0 | 0 | 0 | |||||||||||||||||||||
Other consumer | 152 | 0 | 0 | 0 | |||||||||||||||||||||
Total: | |||||||||||||||||||||||||
Commercial real estate: | |||||||||||||||||||||||||
Owner-occupied | $ | 41,349 | $ | 459 | $ | 13,892 | $ | 71 | |||||||||||||||||
Nonowner-occupied | 70,929 | 200 | 16,406 | 136 | |||||||||||||||||||||
Other commercial | 43,637 | 229 | 28,126 | 390 | |||||||||||||||||||||
Residential real estate | 38,415 | 125 | 11,305 | 147 | |||||||||||||||||||||
Construction & land development | 57,497 | 80 | 21,122 | 263 | |||||||||||||||||||||
Consumer: | |||||||||||||||||||||||||
Bankcard | 0 | 0 | 0 | 0 | |||||||||||||||||||||
Other consumer | 194 | 0 | 152 | 0 | |||||||||||||||||||||
Impaired Loans | |||||||||||||||||||||||||
For the Six Months Ended | |||||||||||||||||||||||||
June 30, 2014 | June 30, 2013 | ||||||||||||||||||||||||
Average | Interest | Average | Interest | ||||||||||||||||||||||
Recorded | Income | Recorded | Income | ||||||||||||||||||||||
Investment | Recognized | Investment | Recognized | ||||||||||||||||||||||
With no related allowance recorded: | |||||||||||||||||||||||||
Commercial real estate: | |||||||||||||||||||||||||
Owner-occupied | $ | 26,752 | $ | 488 | $ | 14,412 | $ | 77 | |||||||||||||||||
Nonowner-occupied | 44,110 | 210 | 11,272 | 194 | |||||||||||||||||||||
Other commercial | 24,368 | 158 | 5,334 | 89 | |||||||||||||||||||||
Residential real estate | 24,369 | 149 | 6,736 | 167 | |||||||||||||||||||||
Construction & land development | 36,118 | 137 | 8,164 | 185 | |||||||||||||||||||||
Consumer: | |||||||||||||||||||||||||
Bankcard | 0 | 0 | 0 | 0 | |||||||||||||||||||||
Other consumer | 28 | 0 | 152 | 0 | |||||||||||||||||||||
With an allowance recorded: | |||||||||||||||||||||||||
Commercial real estate: | |||||||||||||||||||||||||
Owner-occupied | $ | 3,916 | $ | 75 | $ | 982 | $ | 27 | |||||||||||||||||
Nonowner-occupied | 8,313 | 92 | 4,201 | 49 | |||||||||||||||||||||
Other commercial | 12,680 | 88 | 24,407 | 932 | |||||||||||||||||||||
Residential real estate | 7,810 | 93 | 5,554 | 81 | |||||||||||||||||||||
Construction & land development | 10,569 | 16 | 13,226 | 267 | |||||||||||||||||||||
Consumer: | |||||||||||||||||||||||||
Bankcard | 0 | 0 | 0 | 0 | |||||||||||||||||||||
Other consumer | 152 | 0 | 0 | 0 | |||||||||||||||||||||
Total: | |||||||||||||||||||||||||
Commercial real estate: | |||||||||||||||||||||||||
Owner-occupied | $ | 30,668 | $ | 563 | $ | 15,394 | $ | 104 | |||||||||||||||||
Nonowner-occupied | 52,423 | 302 | 15,473 | 243 | |||||||||||||||||||||
Other commercial | 37,048 | 246 | 29,741 | 1,021 | |||||||||||||||||||||
Residential real estate | 32,179 | 242 | 12,290 | 248 | |||||||||||||||||||||
Construction & land development | 46,687 | 153 | 21,390 | 452 | |||||||||||||||||||||
Consumer: | |||||||||||||||||||||||||
Bankcard | 0 | 0 | 0 | 0 | |||||||||||||||||||||
Other consumer | 180 | 0 | 152 | 0 | |||||||||||||||||||||
Allowance_for_Credit_Losses_Ta
Allowance for Credit Losses (Tables) | 6 Months Ended | ||||||||||||||||||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||||||||||||||||||
Receivables [Abstract] | ' | ||||||||||||||||||||||||||||||||
Schedule of Allowance for Loan Losses and Carrying Amount of Loans | ' | ||||||||||||||||||||||||||||||||
A progression of the allowance for loan losses, by portfolio segment, for the periods indicated is summarized on the following page. | |||||||||||||||||||||||||||||||||
Allowance for Loan Losses | |||||||||||||||||||||||||||||||||
For the Three Months Ended June 30, 2014 | |||||||||||||||||||||||||||||||||
Commercial Real Estate | Other | Residential | Construction | Consumer | Allowance | Total | |||||||||||||||||||||||||||
Commercial | Real | & Land | for | ||||||||||||||||||||||||||||||
Estate | Development | Estimated | |||||||||||||||||||||||||||||||
Owner- | Nonowner- | Imprecision | |||||||||||||||||||||||||||||||
occupied | occupied | ||||||||||||||||||||||||||||||||
Allowance for Loan Losses: | |||||||||||||||||||||||||||||||||
Beginning balance | $ | 5,466 | $ | 8,274 | $ | 23,988 | $ | 15,884 | $ | 17,584 | $ | 2,896 | $ | 246 | $ | 74,338 | |||||||||||||||||
Charge-offs | 875 | 189 | 901 | 1,293 | 3,300 | 686 | 0 | 7,244 | |||||||||||||||||||||||||
Recoveries | 1,057 | 216 | 48 | 140 | 74 | 145 | 0 | 1,680 | |||||||||||||||||||||||||
Provision | (1,838 | ) | (265 | ) | 3,643 | 54 | 3,962 | 791 | (146 | ) | 6,201 | ||||||||||||||||||||||
Ending balance | $ | 3,810 | $ | 8,036 | $ | 26,778 | $ | 14,785 | $ | 18,320 | $ | 3,146 | $ | 100 | $ | 74,975 | |||||||||||||||||
Allowance for Loan Losses and Carrying Amount of Loans | |||||||||||||||||||||||||||||||||
For the Six Months Ended June 30, 2014 | |||||||||||||||||||||||||||||||||
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 | $ | 5,653 | $ | 8,992 | $ | 20,917 | $ | 16,694 | $ | 18,953 | $ | 2,945 | $ | 44 | $ | 74,198 | |||||||||||||||||
Charge-offs | 1,137 | 837 | 2,091 | 2,592 | 4,683 | 1,252 | 0 | 12,592 | |||||||||||||||||||||||||
Recoveries | 1,498 | 234 | 117 | 264 | 124 | 252 | 0 | 2,489 | |||||||||||||||||||||||||
Provision | (2,204 | ) | (353 | ) | 7,835 | 419 | 3,926 | 1,201 | 56 | 10,880 | |||||||||||||||||||||||
Ending balance | $ | 3,810 | $ | 8,036 | $ | 26,778 | $ | 14,785 | $ | 18,320 | $ | 3,146 | $ | 100 | $ | 74,975 | |||||||||||||||||
Ending Balance: individually evaluated for impairment | $ | 424 | $ | 876 | $ | 3,702 | $ | 3,273 | $ | 3,836 | $ | 152 | $ | 0 | $ | 12,263 | |||||||||||||||||
Ending Balance: collectively evaluated for impairment | $ | 3,386 | $ | 7,160 | $ | 23,076 | $ | 11,512 | $ | 14,484 | $ | 2,994 | $ | 100 | $ | 62,712 | |||||||||||||||||
Ending Balance: loans acquired with deteriorated credit quality | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | |||||||||||||||||
Financing receivables: | |||||||||||||||||||||||||||||||||
Ending balance | $ | 1,058,533 | $ | 2,694,148 | $ | 1,596,130 | $ | 2,204,879 | $ | 991,503 | $ | 340,615 | $ | 0 | $ | 8,885,808 | |||||||||||||||||
Ending Balance: individually evaluated for impairment | $ | 12,798 | $ | 11,434 | $ | 19,493 | $ | 15,570 | $ | 16,393 | $ | 152 | $ | 0 | $ | 75,840 | |||||||||||||||||
Allowance for Loan Losses and Carrying Amount of Loans | |||||||||||||||||||||||||||||||||
For the Six Months Ended June 30, 2014 | |||||||||||||||||||||||||||||||||
Commercial Real Estate | Other | Residential | Construction | Consumer | Allowance | Total | |||||||||||||||||||||||||||
Commercial | Real Estate | & Land | for | ||||||||||||||||||||||||||||||
Development | Estimated | ||||||||||||||||||||||||||||||||
Owner- | Nonowner- | Imprecision | |||||||||||||||||||||||||||||||
occupied | occupied | ||||||||||||||||||||||||||||||||
Ending Balance: collectively evaluated for impairment | $ | 1,019,218 | $ | 2,624,210 | $ | 1,563,608 | $ | 2,167,613 | $ | 920,804 | $ | 340,395 | $ | 0 | $ | 8,635,848 | |||||||||||||||||
Ending Balance: loans acquired with deteriorated credit quality | $ | 26,517 | $ | 58,504 | $ | 13,029 | $ | 21,696 | $ | 54,306 | $ | 68 | $ | 0 | $ | 174,120 | |||||||||||||||||
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 | |||||||||||||||||
Intangible_Assets_Tables
Intangible Assets (Tables) | 6 Months Ended | ||||||||||||
Jun. 30, 2014 | |||||||||||||
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 June 30, 2014 | |||||||||||||
Gross Carrying | Accumulated | Net Carrying | |||||||||||
Amount | Amortization | Amount | |||||||||||
Amortized intangible assets: | |||||||||||||
Core deposit intangible assets | $ | 60,577 | ($ | 37,209 | ) | $ | 23,368 | ||||||
Goodwill not subject to amortization | $ | 710,165 | |||||||||||
As of December 31, 2013 | |||||||||||||
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 | |||||||||||
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 | ||||||||||||
2014 | $ | 4,133 | |||||||||||
2015 | 3,383 | ||||||||||||
2016 | 2,943 | ||||||||||||
2017 | 2,730 | ||||||||||||
2018 and thereafter | 12,092 |
LongTerm_Borrowings_Tables
Long-Term Borrowings (Tables) | 6 Months Ended | ||||
Jun. 30, 2014 | |||||
Debt Disclosure [Abstract] | ' | ||||
Schedule of Maturities of FHLB Borrowings | ' | ||||
The scheduled maturities of these FHLB borrowings are as follows: | |||||
Year | Amount | ||||
2014 | $ | 705,883 | |||
2015 | 104,434 | ||||
2016 | 663 | ||||
2017 | 357 | ||||
2018 and thereafter | 50,000 | ||||
Total | $ | 861,337 | |||
Derivative_Financial_Instrumen1
Derivative Financial Instruments (Tables) | 6 Months Ended | ||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||
Derivative Instruments And Hedging Activities Disclosure [Abstract] | ' | ||||||||||||||||
Schedule of Derivative Instruments | ' | ||||||||||||||||
The following table sets forth certain information regarding the interest rate derivatives portfolio used for interest-rate risk management purposes and designated as accounting hedges under the Derivatives and Hedging topic at June 30, 2014. | |||||||||||||||||
Derivative Classifications and Hedging Relationships | |||||||||||||||||
June 30, 2014 | |||||||||||||||||
Notional | Average | ||||||||||||||||
Amount | Pay Rate | ||||||||||||||||
Fair Value Hedges: | |||||||||||||||||
Pay Fixed Swaps (Hedging Commercial Loans) | $ | 41,155 | 5.07 | % | |||||||||||||
Total Derivatives Used in Fair Value Hedges | $ | 41,155 | |||||||||||||||
Total Derivatives Used for Interest Rate Risk Management and Designated as Hedges | $ | 41,155 | |||||||||||||||
Schedule of Fair Value Derivative Financial Instruments | ' | ||||||||||||||||
The following tables summarize the fair value of United’s derivative financial instruments. | |||||||||||||||||
Asset Derivatives | |||||||||||||||||
June 30, 2014 | December 31, 2013 | ||||||||||||||||
Balance | Fair | Balance | Fair | ||||||||||||||
Sheet | Value | Sheet | Value | ||||||||||||||
Location | Location | ||||||||||||||||
Derivatives designated as hedging instruments | |||||||||||||||||
Interest rate contracts | Other assets | $ | 662 | Other assets | $ | 2,179 | |||||||||||
Total derivatives designated as hedging instruments | $ | 662 | $ | 2,179 | |||||||||||||
Derivatives not designated as hedging instruments | |||||||||||||||||
Interest rate contracts | Other assets | $ | 772 | Other assets | $ | 1,045 | |||||||||||
Total derivatives not designated as hedging instruments | $ | 772 | $ | 1,045 | |||||||||||||
Total asset derivatives | $ | 1,434 | $ | 3,224 | |||||||||||||
Liability Derivatives | |||||||||||||||||
June 30, 2014 | December 31, 2013 | ||||||||||||||||
Balance | Fair | Balance | Fair | ||||||||||||||
Sheet | Value | Sheet | Value | ||||||||||||||
Location | Location | ||||||||||||||||
Derivatives designated as hedging instruments | |||||||||||||||||
Interest rate contracts | Other liabilities | $ | 80 | Other liabilities | $ | 149 | |||||||||||
Total derivatives designated as hedging instruments | $ | 80 | $ | 149 | |||||||||||||
Derivatives not designated as hedging instruments | |||||||||||||||||
Interest rate contracts | Other liabilities | $ | 772 | Other liabilities | $ | 1,045 | |||||||||||
Total derivatives not designated as hedging instruments | $ | 772 | $ | 1,045 | |||||||||||||
Total liability derivatives | $ | 852 | $ | 1,194 | |||||||||||||
Schedule of Derivative Financial Instruments on Statement of Income | ' | ||||||||||||||||
The effect of United’s derivative financial instruments on its unaudited Consolidated Statements of Income for the three and six months ended June 30, 2014 and 2013 are presented as follows: | |||||||||||||||||
Three Months Ended | |||||||||||||||||
Income Statement | June 30, 2014 | June 30, 2013 | |||||||||||||||
Location | |||||||||||||||||
Derivatives in fair value hedging relationships | |||||||||||||||||
Interest rate contracts | Interest income/ | (expense) | $ | (273 | ) | $ | (64 | ) | |||||||||
Total derivatives in fair value hedging relationships | $ | (273 | ) | $ | (64 | ) | |||||||||||
Derivatives not designated as hedging instruments | |||||||||||||||||
Interest rate contracts (1) | Other income | $ | 141 | $ | 502 | ||||||||||||
Interest rate contracts (2) | Other expense | $ | (141 | ) | $ | (502 | ) | ||||||||||
Total derivatives not designated as hedging instruments | $ | 0 | $ | 0 | |||||||||||||
Total derivatives | $ | (273 | ) | $ | (64 | ) | |||||||||||
Six Months Ended | |||||||||||||||||
Income Statement | June 30, | June 30, | |||||||||||||||
Location | 2014 | 2013 | |||||||||||||||
Derivatives in fair value hedging relationships | |||||||||||||||||
Interest rate contracts | Interest income/ | (expense) | $ | (524 | ) | $ | (244 | ) | |||||||||
Total derivatives in fair value hedging relationships | $ | (524 | ) | $ | (244 | ) | |||||||||||
Derivatives not designated as hedging instruments | |||||||||||||||||
Interest rate contracts (1) | Other income | $ | 273 | $ | 963 | ||||||||||||
Interest rate contracts (2) | Other expense | $ | (273 | ) | $ | (963 | ) | ||||||||||
Total derivatives not designated as hedging instruments | $ | 0 | $ | 0 | |||||||||||||
Total derivatives | $ | (524 | ) | $ | (244 | ) | |||||||||||
-1 | Represents net gains from derivative assets not designated as hedging instruments. | ||||||||||||||||
-2 | Represents net losses from derivative liabilities not designated as hedging instruments. | ||||||||||||||||
Fair_Value_Measurements_Tables
Fair Value Measurements (Tables) | 6 Months Ended | ||||||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||||||
Fair Value Disclosures [Abstract] | ' | ||||||||||||||||||||
Schedule of Financial Assets and Liabilities Measured at Fair Value | ' | ||||||||||||||||||||
The following tables present the balances of financial assets and liabilities measured at fair value on a recurring basis as of June 30, 2014 and December 31, 2013, segregated by the level of the valuation inputs within the fair value hierarchy. | |||||||||||||||||||||
Fair Value at June 30, 2014 Using | |||||||||||||||||||||
Description | Balance as of | Quoted Prices | Significant | Significant | |||||||||||||||||
June 30, | in Active | Other | Unobservable | ||||||||||||||||||
2014 | 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 | $ | 115,663 | $ | 0 | $ | 115,663 | $ | 0 | |||||||||||||
State and political subdivisions | 141,643 | 0 | 141,643 | 0 | |||||||||||||||||
Residential mortgage-backed securities | |||||||||||||||||||||
Agency | 525,597 | 0 | 525,597 | 0 | |||||||||||||||||
Non-agency | 15,498 | 0 | 15,498 | 0 | |||||||||||||||||
Fair Value at June 30, 2014 Using | |||||||||||||||||||||
Description | Balance as of | Quoted Prices | Significant | Significant | |||||||||||||||||
June 30, | in Active | Other | Unobservable | ||||||||||||||||||
2014 | Markets for | Observable | Inputs | ||||||||||||||||||
Identical | Inputs | (Level 3) | |||||||||||||||||||
Assets | (Level 2) | ||||||||||||||||||||
(Level 1) | |||||||||||||||||||||
Asset-backed securities | 8,064 | 0 | 8,064 | 0 | |||||||||||||||||
Commercial mortgage-backed securities | |||||||||||||||||||||
Agency | 262,576 | 0 | 262,576 | 0 | |||||||||||||||||
Trust preferred collateralized debt obligations | 46,820 | 0 | 0 | 46,820 | |||||||||||||||||
Single issue trust preferred securities | 12,239 | 0 | 12,239 | 0 | |||||||||||||||||
Other corporate securities | 5,192 | 0 | 5,192 | 0 | |||||||||||||||||
Total available for sale debt securities | 1,133,292 | 0 | 1,086,472 | 46,820 | |||||||||||||||||
Available for sale equity securities: | |||||||||||||||||||||
Financial services industry | 2,065 | 703 | 1,362 | 0 | |||||||||||||||||
Equity mutual funds (1) | 474 | 474 | 0 | 0 | |||||||||||||||||
Other equity securities | 1,193 | 1,193 | 0 | 0 | |||||||||||||||||
Total available for sale equity securities | 3,732 | 2,370 | 1,362 | 0 | |||||||||||||||||
Total available for sale securities | 1,137,024 | 2,370 | 1,087,834 | 46,820 | |||||||||||||||||
Derivative financial assets: | |||||||||||||||||||||
Interest rate contracts | 1,434 | 0 | 1,434 | 0 | |||||||||||||||||
Liabilities | |||||||||||||||||||||
Derivative financial liabilities: | |||||||||||||||||||||
Interest rate contracts | 852 | 0 | 852 | 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, 2013 Using | |||||||||||||||||||||
Description | Balance as of | Quoted Prices | Significant | Significant | |||||||||||||||||
December 31, | in Active | Other | Unobservable | ||||||||||||||||||
2013 | 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 | |||||||||||||||||
Fair Value at December 31, 2013 Using | |||||||||||||||||||||
Description | Balance as of | Quoted Prices | Significant | Significant | |||||||||||||||||
December 31, | in Active | Other | Unobservable | ||||||||||||||||||
2013 | Markets for | Observable | Inputs | ||||||||||||||||||
Identical | Inputs | (Level 3) | |||||||||||||||||||
Assets | (Level 2) | ||||||||||||||||||||
(Level 1) | |||||||||||||||||||||
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. | ||||||||||||||||||||
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 June 30, 2014 and December 31, 2013 on a recurring basis and for which United has utilized Level 3 inputs to determine fair value: | |||||||||||||||||||||
Available-for-sale | |||||||||||||||||||||
Securities | |||||||||||||||||||||
Trust preferred | |||||||||||||||||||||
collateralized debt obligations | |||||||||||||||||||||
June 30, | December 31, | ||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||
Balance, beginning of period | $ | 43,449 | $ | 40,613 | |||||||||||||||||
Total gains or losses (realized/unrealized): | |||||||||||||||||||||
Included in earnings (or changes in net assets) | (1,120 | ) | (6,456 | ) | |||||||||||||||||
Included in other comprehensive income | 6,816 | 14,520 | |||||||||||||||||||
Purchases, issuances, and settlements | (2,325 | ) | (5,228 | ) | |||||||||||||||||
Transfers in and/or out of Level 3 | 0 | 0 | |||||||||||||||||||
Balance, ending of period | $ | 46,820 | $ | 43,449 | |||||||||||||||||
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 during the period: | |||||||||||||||||||||
Description | Balance as of | Fair Value Measurements at June 30, 2014 Using | YTD | ||||||||||||||||||
June 30, | Losses | ||||||||||||||||||||
2014 | Quoted Prices | Significant | Significant | ||||||||||||||||||
in Active | Other | Unobservable | |||||||||||||||||||
Markets for | Observable | Inputs | |||||||||||||||||||
Identical | Inputs | (Level 3) | |||||||||||||||||||
Assets | (Level 2) | ||||||||||||||||||||
(Level 1) | |||||||||||||||||||||
Assets | |||||||||||||||||||||
Impaired Loans | $ | 38,874 | $ | 0 | $ | 14,625 | $ | 24,249 | $ | 1,538 | |||||||||||
OREO | 43,232 | 0 | 43,232 | 0 | 1,753 | ||||||||||||||||
Description | Balance as of | at December 31, 2013 Using | YTD | ||||||||||||||||||
December 31, | Losses | ||||||||||||||||||||
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 | ||||||||||||||||
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 Value | Quoted Prices | Significant | Significant | |||||||||||||||||
Amount | in Active | Other | Unobservable | ||||||||||||||||||
Markets for | Observable | Inputs | |||||||||||||||||||
Identical | Inputs | (Level 3) | |||||||||||||||||||
Assets | (Level 2) | ||||||||||||||||||||
(Level 1) | |||||||||||||||||||||
30-Jun-14 | |||||||||||||||||||||
Cash and cash equivalents | $ | 715,376 | $ | 715,376 | $ | 0 | $ | 715,376 | $ | 0 | |||||||||||
Securities available for sale | 1,137,024 | 1,137,024 | 2,370 | 1,087,834 | 46,820 | ||||||||||||||||
Securities held to maturity | 40,717 | 38,870 | 0 | 36,350 | 2,520 | ||||||||||||||||
Other securities | 104,302 | 99,086 | 0 | 0 | 99,086 | ||||||||||||||||
Loans held for sale | 9,466 | 9,466 | 0 | 9,466 | 0 | ||||||||||||||||
Loans | 8,797,460 | 8,928,709 | 0 | 0 | 8,928,709 | ||||||||||||||||
Derivative financial assets | 1,434 | 1,434 | 0 | 1,434 | 0 | ||||||||||||||||
Deposits | 8,746,147 | 8,758,654 | 0 | 8,758,654 | 0 | ||||||||||||||||
Short-term borrowings | 535,097 | 535,097 | 0 | 535,097 | 0 | ||||||||||||||||
Long-term borrowings | 1,059,061 | 1,057,187 | 0 | 1,057,187 | 0 | ||||||||||||||||
Derivative financial liabilities | 852 | 852 | 0 | 852 | 0 | ||||||||||||||||
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 | ||||||||||||||||
Stock_Based_Compensation_Table
Stock Based Compensation (Tables) | 6 Months Ended | ||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | ' | ||||||||||||||||
Summary of Stock Option Plans | ' | ||||||||||||||||
A summary of activity under United’s stock option plans as of June 30, 2014, and the changes during the first six months of 2014 are presented below: | |||||||||||||||||
Six Months Ended June 30, 2014 | |||||||||||||||||
Weighted Average | |||||||||||||||||
Aggregate | Remaining | ||||||||||||||||
Intrinsic | Contractual | Exercise | |||||||||||||||
Shares | Value | Term (Yrs.) | Price | ||||||||||||||
Outstanding at January 1, 2014 | 1,447,997 | $ | 29.33 | ||||||||||||||
Assumed in Virginia Commerce merger | 440,813 | 19.55 | |||||||||||||||
Granted | 204,800 | 28.89 | |||||||||||||||
Exercised | (334,662 | ) | 18.8 | ||||||||||||||
Forfeited or expired | (46,591 | ) | 30.33 | ||||||||||||||
Outstanding at June 30, 2014 | 1,712,357 | $ | 7,782 | 5.3 | $ | 28.79 | |||||||||||
Exercisable at June 30, 2014 | 1,308,430 | $ | 6,092 | 4.2 | $ | 28.99 | |||||||||||
Status of United's Nonvested Stock Option Awards | ' | ||||||||||||||||
The following table summarizes the status of United’s nonvested stock option awards during the first six months of 2014: | |||||||||||||||||
Shares | Weighted-Average | ||||||||||||||||
Grant Date Fair Value | |||||||||||||||||
Per Share | |||||||||||||||||
Nonvested at January 1, 2014 | 589,197 | $ | 7.01 | ||||||||||||||
Granted | 204,800 | 6.42 | |||||||||||||||
Vested | (382,225 | ) | 7.46 | ||||||||||||||
Forfeited or expired | (7,845 | ) | 6.52 | ||||||||||||||
Nonvested at June 30, 2014 | 403,927 | $ | 6.29 | ||||||||||||||
Changes to United's Restricted Common Shares | ' | ||||||||||||||||
The following summarizes the changes to United’s restricted common shares for the period ended June 30, 2014: | |||||||||||||||||
Number of | Weighted-Average | ||||||||||||||||
Shares | Grant Date Fair Value | ||||||||||||||||
Per Share | |||||||||||||||||
Outstanding at January 1, 2014 | 85,497 | $ | 27.53 | ||||||||||||||
Assumed in Virginia Commerce merger | 34,538 | 29.89 | |||||||||||||||
Granted | 66,949 | 28.89 | |||||||||||||||
Vested | (57,204 | ) | 28.83 | ||||||||||||||
Forfeited | (1,865 | ) | 28.11 | ||||||||||||||
Outstanding at June 30, 2014 | 127,915 | $ | 28.29 | ||||||||||||||
Employee_Benefit_Plans_Tables
Employee Benefit Plans (Tables) | 6 Months Ended | ||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||
Compensation And Retirement Disclosure [Abstract] | ' | ||||||||||||||||
Net Periodic Pension Cost | ' | ||||||||||||||||
Net periodic pension cost for the three and six months ended June 30, 2014 and 2013 included the following components: | |||||||||||||||||
Three Months Ended | Six Months Ended | ||||||||||||||||
June 30 | June 30 | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Service cost | $ | 574 | $ | 768 | $ | 1,141 | $ | 1,527 | |||||||||
Interest cost | 1,346 | 1,222 | 2,678 | 2,430 | |||||||||||||
Expected return on plan assets | (2,269 | ) | (2,074 | ) | (4,513 | ) | (4,126 | ) | |||||||||
Amortization of transition asset | 0 | 0 | 0 | 0 | |||||||||||||
Recognized net actuarial loss | 486 | 1,172 | 967 | 2,331 | |||||||||||||
Amortization of prior service cost | 0 | 0 | 0 | 0 | |||||||||||||
Net periodic pension (benefit) cost | $ | 137 | $ | 1,088 | $ | 273 | $ | 2,162 | |||||||||
Weighted-Average Assumptions: | |||||||||||||||||
Discount rate | 5.2 | % | 4.4 | % | 5.2 | % | 4.4 | % | |||||||||
Expected return on assets | 7.5 | % | 8 | % | 7.5 | % | 8 | % | |||||||||
Rate of compensation increase (prior to age 45) | 3.5 | % | 3.75 | % | 3.5 | % | 3.75 | % | |||||||||
Rate of compensation increase | 3 | % | 2.75 | % | 3 | % | 2.75 | % | |||||||||
Comprehensive_Income_Tables
Comprehensive Income (Tables) | 6 Months Ended | ||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||
Equity [Abstract] | ' | ||||||||||||||||
Components of Total Comprehensive Income | ' | ||||||||||||||||
The components of total comprehensive income for the three and six months ended June 30, 2014 and 2013 are as follows: | |||||||||||||||||
Three Months Ended | Six Months Ended | ||||||||||||||||
June 30 | June 30 | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Net Income | $ | 33,247 | $ | 22,219 | $ | 63,371 | $ | 43,798 | |||||||||
Available for sale (“AFS”) securities: | |||||||||||||||||
AFS securities with OTTI charges during the period | (421 | ) | (137 | ) | (1,060 | ) | (1,172 | ) | |||||||||
Related income tax effect | 147 | 48 | 371 | 410 | |||||||||||||
Less : OTTI charges recognized in net income | 421 | 137 | 1,060 | 971 | |||||||||||||
Related income tax benefit | (147 | ) | (48 | ) | (371 | ) | (340 | ) | |||||||||
Reclassification of previous noncredit OTTI to credit OTTI | 421 | 0 | 2,106 | 1,458 | |||||||||||||
Related income tax benefit | (147 | ) | 0 | (737 | ) | (510 | ) | ||||||||||
Net unrealized (losses) gains on AFS securities with OTTI | 274 | 0 | 1,369 | 817 | |||||||||||||
AFS securities – all other: | |||||||||||||||||
Change in net unrealized gain on AFS securities arising during the period | 12,526 | (3,642 | ) | 24,581 | (3,600 | ) | |||||||||||
Related income tax effect | (4,385 | ) | 1,275 | (8,604 | ) | 1,260 | |||||||||||
Net reclassification adjustment for (gains) losses included in net income | (1 | ) | (235 | ) | (825 | ) | (375 | ) | |||||||||
Related income tax expense (benefit) | 1 | 82 | 289 | 131 | |||||||||||||
8,141 | (2,520 | ) | 15,441 | (2,584 | ) | ||||||||||||
Net effect of AFS securities on other comprehensive income | 8,415 | (2,520 | ) | 16,810 | (1,767 | ) | |||||||||||
Held to maturity (“HTM”) securities: | |||||||||||||||||
Accretion on the unrealized loss for securities transferred from | 3 | 2 | 4 | 4 | |||||||||||||
AFS to the HTM investment portfolio prior to call or maturity | |||||||||||||||||
Related income tax expense | (2 | ) | (1 | ) | (2 | ) | (2 | ) | |||||||||
Net effect of HTM securities on other comprehensive income | 1 | 1 | 2 | 2 | |||||||||||||
Pension plan: | |||||||||||||||||
Recognized net actuarial loss | 486 | 1,172 | 967 | 2,331 | |||||||||||||
Related income tax benefit | (176 | ) | (430 | ) | (348 | ) | (848 | ) | |||||||||
Net effect of change in pension plan asset on other comprehensive income | 310 | 742 | 619 | 1,483 | |||||||||||||
Total change in other comprehensive income | 8,726 | (1,777 | ) | 17,431 | (282 | ) | |||||||||||
Total Comprehensive Income | $ | 41,973 | $ | 20,442 | $ | 80,802 | $ | 43,516 | |||||||||
Components of Accumulated Other Comprehensive Income | ' | ||||||||||||||||
The components of accumulated other comprehensive income for the six months ended June 30, 2014 are as follows: | |||||||||||||||||
Changes in Accumulated Other Comprehensive Income (AOCI) by Component (a) | |||||||||||||||||
For the Six Months Ended June 30, 2014 | |||||||||||||||||
(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, 2014 | ($ | 23,235 | ) | ($ | 67 | ) | ($ | 19,745 | ) | ($ | 43,047 | ) | |||||
Other comprehensive income before reclassification | 15,977 | 2 | 0 | 15,979 | |||||||||||||
Amounts reclassified from accumulated other comprehensive income | 833 | 0 | 619 | 1,452 | |||||||||||||
Changes in Accumulated Other Comprehensive Income (AOCI) by Component (a) | |||||||||||||||||
For the Six Months Ended June 30, 2014 | |||||||||||||||||
(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 | |||||||||||||||||
Net current-period other comprehensive income, net of tax | 16,810 | 2 | 619 | 17,431 | |||||||||||||
Balance at June 30, 2014 | ($ | 6,425 | ) | ($ | 65 | ) | ($ | 19,126 | ) | ($ | 25,616 | ) | |||||
(a) | All amounts are net-of-tax. | ||||||||||||||||
Reclassifications Out of Accumulated Other Comprehensive Income | ' | ||||||||||||||||
Reclassifications out of Accumulated Other Comprehensive Income (AOCI) | |||||||||||||||||
For the Six Months Ended June 30, 2014 | |||||||||||||||||
(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 | $ | 2,106 | Total other-than-temporary impairment losses | ||||||||||||||
Net reclassification adjustment for losses | (825 | ) | Net gains on sales/calls of investment securities | ||||||||||||||
(gains) included in net income | |||||||||||||||||
1,281 | Total before tax | ||||||||||||||||
Related income tax effect | (448 | ) | Tax expense | ||||||||||||||
833 | Net of tax | ||||||||||||||||
Pension plan: | |||||||||||||||||
Recognized net actuarial loss | 967 | (a) | |||||||||||||||
967 | Total before tax | ||||||||||||||||
Related income tax effect | (348 | ) | Tax expense | ||||||||||||||
619 | Net of tax | ||||||||||||||||
Total reclassifications for the period | $ | 1,452 | |||||||||||||||
(a) | This AOCI component is included in the computation of net periodic pension cost (see Note 14, Employee Benefit Plans) | ||||||||||||||||
Earnings_Per_Share_Tables
Earnings Per Share (Tables) | 6 Months Ended | ||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||
Earnings Per Share [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: | |||||||||||||||||
Three Months Ended | Six Months Ended | ||||||||||||||||
June 30 | June 30 | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Distributed earnings allocated to common stock | $ | 22,124 | $ | 15,586 | $ | 44,160 | $ | 31,163 | |||||||||
Undistributed earnings allocated to common stock | 11,065 | 6,598 | 19,093 | 12,567 | |||||||||||||
Net earnings allocated to common shareholders | $ | 33,189 | $ | 22,184 | $ | 63,253 | $ | 43,730 | |||||||||
Average common shares outstanding | 68,956,123 | 50,345,733 | 65,713,854 | 50,322,783 | |||||||||||||
Equivalents from stock options | 197,909 | 56,461 | 235,601 | 59,387 | |||||||||||||
Average diluted shares outstanding | 69,154,032 | 50,402,194 | 65,949,455 | 50,382,170 | |||||||||||||
Earnings per basic common share | $ | 0.48 | $ | 0.44 | $ | 0.96 | $ | 0.87 | |||||||||
Earnings per diluted common share | $ | 0.48 | $ | 0.44 | $ | 0.96 | $ | 0.87 | |||||||||
Variable_Interest_Entities_Tab
Variable Interest Entities (Tables) | 6 Months Ended | ||||||||||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||||||||||
Equity Method Investments And Joint Ventures [Abstract] | ' | ||||||||||||||||||||||||
Information Related to Statutory Trusts | ' | ||||||||||||||||||||||||
Information related to United’s statutory trusts is presented in the table below: | |||||||||||||||||||||||||
Description | Issuance Date | Amount of | Interest Rate | Maturity Date | |||||||||||||||||||||
Capital | |||||||||||||||||||||||||
Securities | |||||||||||||||||||||||||
Issued | |||||||||||||||||||||||||
Century Trust | March 23, 2000 | $ | 8,800 | 10.875% Fixed | March 8, 2030 | ||||||||||||||||||||
Sequoia Trust I | 28-Mar-01 | $ | 2,000 | 10.18% Fixed | 8-Jun-31 | ||||||||||||||||||||
United Statutory Trust III | December 17, 2003 | $ | 20,000 | 3-month LIBOR + 2.85% | December 17, 2033 | ||||||||||||||||||||
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 | September 20, 2007 | $ | 30,000 | 3-month LIBOR + 1.30% | 15-Dec-37 | ||||||||||||||||||||
Premier Statutory Trust II | 25-Sep-03 | $ | 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 | ||||||||||||||||||||
Virginia Commerce Trust II | 19-Dec-02 | $ | 15,000 | 6-month LIBOR + 3.30% | 19-Dec-32 | ||||||||||||||||||||
Virginia Commerce Trust III | 20-Dec-05 | $ | 25,000 | 3-month LIBOR + 1.42% | 23-Feb-36 | ||||||||||||||||||||
Virginia Commerce Trust IV | 24-Sep-08 | $ | 25,000 | 10.20% Fixed | 30-Sep-38 | ||||||||||||||||||||
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 June 30, 2014 | As of December 31, 2013 | ||||||||||||||||||||||||
Aggregate | Aggregate | Risk Of | Aggregate | Aggregate | Risk Of | ||||||||||||||||||||
Assets | Liabilities | Loss (1) | Assets | Liabilities | Loss (1) | ||||||||||||||||||||
Trust preferred securities | $ | 268,323 | $ | 259,500 | $ | 8,823 | $ | 201,186 | $ | 194,453 | $ | 6,733 | |||||||||||||
-1 | Represents investment in VIEs. | ||||||||||||||||||||||||
Mergers_and_Acquisitions_Addit
Mergers and Acquisitions - Additional Information (Detail) (USD $) | 0 Months Ended | 6 Months Ended | ||
Jan. 31, 2014 | Jun. 30, 2014 | Jan. 31, 2014 | Dec. 31, 2013 | |
Business Acquisition [Line Items] | ' | ' | ' | ' |
Outstanding common stock acquired | 100.00% | ' | 100.00% | ' |
Business acquisition date | ' | 31-Jan-14 | ' | ' |
Total assets at consummation | ' | $12,051,710,000 | ' | $8,735,324,000 |
Loans at consummation | ' | 8,885,808,000 | ' | 6,713,599,000 |
Deposits at consummation | ' | 8,746,147,000 | ' | 6,621,571,000 |
Goodwill arising from acquisition | ' | 710,165,000 | ' | 375,547,000 |
Contractually required principal and interest at acquisition | 405,109,000 | ' | 405,109,000 | ' |
Expected cash flows at acquisition | 166,874,000 | ' | 166,874,000 | ' |
Estimated fair value of acquired impaired loans at acquisition | 157,759,000 | ' | 157,759,000 | ' |
Virginia Commerce Bancorp, Inc. [Member] | ' | ' | ' | ' |
Business Acquisition [Line Items] | ' | ' | ' | ' |
Total assets at consummation | ' | ' | ' | 2,770,000,000 |
Loans at consummation | ' | ' | ' | 2,100,000,000 |
Deposits at consummation | ' | ' | ' | 2,020,000,000 |
Common stock paid in cash | 585,533,000 | 8,000 | ' | ' |
Common stock value | 547,894,000 | ' | ' | ' |
Stock options exchanged value | 4,368,000 | 4,370,000 | ' | ' |
Cash paid cash to redeem the warrant | ' | 33,263,000 | 33,263,000 | ' |
Number of shares issued in the transaction | ' | 440,813 | ' | ' |
Goodwill arising from acquisition | ' | 335,980,000 | 335,982,000 | ' |
Goodwill from acquisition expected to be tax deductible | ' | 0 | ' | ' |
Downward fair value adjustment on loans acquired | ' | 90,390,000 | ' | ' |
Downward fair value adjustment on real state properties | ' | 1,710,000 | ' | ' |
Premium on interest-bearing deposits acquired | ' | 6,010,000 | ' | ' |
Premium on term securities to purchase | ' | 3,700,000 | ' | ' |
Discount on junior subordinated debt securities acquired | ' | 16,380,000 | ' | ' |
Estimated remaining life of premium on interest-bearing deposits acquired | ' | '1 year 6 months | ' | ' |
Estimated remaining life on premium of term securities to purchase | ' | '2 years 29 days | ' | ' |
Estimated remaining life of discount on junior subordinated debt securities acquired | ' | '21 years 7 months 21 days | ' | ' |
Assumed liabilities to provide severance benefits | ' | 109,000 | ' | ' |
Liabilities to provide severance benefits | ' | 0 | ' | ' |
Revenue since acquisition included in consolidated results | ' | 50,410,000 | ' | ' |
Revenue since acquisition included in consolidated results | ' | 23,070,000 | ' | ' |
Virginia Commerce Bancorp, Inc. [Member] | Common Stock [Member] | ' | ' | ' | ' |
Business Acquisition [Line Items] | ' | ' | ' | ' |
Common stock value | ' | 547,890,000 | ' | ' |
Number of shares issued in the transaction | 18,330,347 | ' | ' | ' |
Closing market price per common share | $29.89 | ' | ' | ' |
Virginia Commerce Bancorp, Inc. [Member] | Core Deposit Intangible Assets [Member] | ' | ' | ' | ' |
Business Acquisition [Line Items] | ' | ' | ' | ' |
Purchase price allocation of Identifiable Intangible assets | ' | $17,140,000 | ' | ' |
Estimated period of amortization of core deposit intangibles | '10 years | ' | ' | ' |
Mergers_and_Acquisitions_Sched
Mergers and Acquisitions - Schedule of Acquired Loans Accounted for at Fair value (Detail) (USD $) | Jan. 31, 2014 |
In Thousands, unless otherwise specified | |
Business Acquisition [Line Items] | ' |
Contractually required principal and interest at acquisition | $405,109 |
Expected cash flows at acquisition | 166,874 |
Basis in acquired loans at acquisition - estimated fair value | 157,759 |
Virginia Commerce Bancorp, Inc. [Member] | ' |
Business Acquisition [Line Items] | ' |
Contractually required principal and interest at acquisition | 2,683,966 |
Contractual cash flows not expected to be collected | -396,983 |
Expected cash flows at acquisition | 2,286,983 |
Interest component of expected cash flows | -274,462 |
Basis in acquired loans at acquisition - estimated fair value | $2,012,521 |
Mergers_and_Acquisitions_Sched1
Mergers and Acquisitions - Schedule of Acquired Identifiable Assets and Liabilities Assumed (Detail) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 | Jan. 31, 2014 | Jun. 30, 2014 | Jan. 31, 2014 | Jan. 31, 2014 |
In Thousands, unless otherwise specified | Virginia Commerce Bancorp, Inc. [Member] | Virginia Commerce Bancorp, Inc. [Member] | Virginia Commerce Bancorp, Inc. [Member] | Virginia Commerce Bancorp, Inc. [Member] | ||
Core Deposit Intangible Assets [Member] | ||||||
Business Acquisition [Line Items] | ' | ' | ' | ' | ' | ' |
Value of common shares issued (18,330,347 shares) | ' | ' | $547,894 | ' | ' | ' |
Fair value of stock options assumed | ' | ' | 4,368 | 4,370 | ' | ' |
Cash to redeem the Treasury warrant | ' | ' | ' | 33,263 | 33,263 | ' |
Cash for fractional shares | ' | ' | 8 | ' | ' | ' |
Total purchase price | ' | ' | 585,533 | 8 | ' | ' |
Cash and cash equivalents | ' | ' | ' | ' | 130,569 | ' |
Investment securities | ' | ' | ' | ' | 476,541 | ' |
Loans | ' | ' | ' | ' | 2,012,521 | ' |
Premises and equipment | ' | ' | ' | ' | 10,786 | ' |
Core deposit intangibles | ' | ' | ' | ' | ' | 17,143 |
Other assets | ' | ' | ' | ' | 106,244 | ' |
Total identifiable assets | ' | ' | ' | ' | 2,753,804 | ' |
Deposits | ' | ' | ' | ' | 2,024,969 | ' |
Short-term borrowings | ' | ' | ' | ' | 263,816 | ' |
Long-term borrowings | ' | ' | ' | ' | 204,335 | ' |
Other liabilities | ' | ' | ' | ' | 11,133 | ' |
Total identifiable liabilities | ' | ' | ' | ' | 2,504,253 | ' |
Net assets acquired including identifiable intangible assets | ' | ' | ' | ' | 249,551 | ' |
Resulting goodwill | $710,165 | $375,547 | ' | $335,980 | $335,982 | ' |
Mergers_and_Acquisitions_Sched2
Mergers and Acquisitions - Schedule of Acquired Identifiable Assets and Liabilities Assumed (Parenthetical) (Detail) | Jun. 30, 2014 | Dec. 31, 2013 | Jan. 31, 2014 |
Virginia Commerce Bancorp, Inc. [Member] | |||
Business Acquisition [Line Items] | ' | ' | ' |
Common stock, shares issued | 69,197,977 | 50,867,630 | 18,330,347 |
Mergers_and_Acquisitions_Sched3
Mergers and Acquisitions - Schedule of Acquired Reconciliation of Goodwill (Detail) (USD $) | 6 Months Ended |
In Thousands, unless otherwise specified | Jun. 30, 2014 |
Goodwill [Line Items] | ' |
Beginning balance | $375,547 |
Reduction to goodwill for options exercised from previous acquisitions | -22 |
Reclassification from goodwill | -1,342 |
Ending balance | 710,165 |
Virginia Commerce Bancorp, Inc. [Member] | ' |
Goodwill [Line Items] | ' |
Addition to goodwill from Virginia Commerce acquisition | $335,982 |
Mergers_and_Acquisitions_Sched4
Mergers and Acquisitions - Schedule of Business Acquisition Pro Forma Information (Detail) (USD $) | 6 Months Ended | |
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 |
Business Combinations [Abstract] | ' | ' |
Total Revenues | $234,357 | $233,117 |
Net Income | $56,228 | $60,337 |
Investment_Securities_Summary_
Investment Securities - Summary of Amortized Cost and Estimated Fair Values of Available for Sale Securities (Detail) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Schedule of Investments [Line Items] | ' | ' |
Amortized Cost | $1,148,927 | $813,049 |
Gross Unrealized Gains | 15,140 | 6,238 |
Gross Unrealized Losses | 27,043 | 44,003 |
Estimated Fair Value | 1,137,024 | 775,284 |
Cumulative OTTI in AOCI | 32,651 | 34,757 |
U.S. Treasury Securities and Obligations of U.S. Government Corporations and Agencies [Member] | ' | ' |
Schedule of Investments [Line Items] | ' | ' |
Amortized Cost | 114,910 | 172,324 |
Gross Unrealized Gains | 796 | 178 |
Gross Unrealized Losses | 43 | 748 |
Estimated Fair Value | 115,663 | 171,754 |
Cumulative OTTI in AOCI | 0 | 0 |
State and Political Subdivisions [Member] | ' | ' |
Schedule of Investments [Line Items] | ' | ' |
Amortized Cost | 138,413 | 60,861 |
Gross Unrealized Gains | 3,234 | 1,874 |
Gross Unrealized Losses | 4 | 26 |
Estimated Fair Value | 141,643 | 62,709 |
Cumulative OTTI in AOCI | 0 | 0 |
Residential Mortgage-Backed Securities, Agency [Member] | ' | ' |
Schedule of Investments [Line Items] | ' | ' |
Amortized Cost | 519,765 | 215,788 |
Gross Unrealized Gains | 6,692 | 2,491 |
Gross Unrealized Losses | 860 | 1,815 |
Estimated Fair Value | 525,597 | 216,464 |
Cumulative OTTI in AOCI | 0 | 0 |
Residential Mortgage-Backed Securities, Non-agency [Member] | ' | ' |
Schedule of Investments [Line Items] | ' | ' |
Amortized Cost | 14,873 | 16,369 |
Gross Unrealized Gains | 625 | 163 |
Gross Unrealized Losses | 0 | 0 |
Estimated Fair Value | 15,498 | 16,532 |
Cumulative OTTI in AOCI | 458 | 458 |
Commercial Mortgage-Backed Securities, Agency [Member] | ' | ' |
Schedule of Investments [Line Items] | ' | ' |
Amortized Cost | 264,392 | 241,947 |
Gross Unrealized Gains | 1,401 | 225 |
Gross Unrealized Losses | 3,217 | 8,740 |
Estimated Fair Value | 262,576 | 233,432 |
Cumulative OTTI in AOCI | 0 | 0 |
Asset-Backed Securities [Member] | ' | ' |
Schedule of Investments [Line Items] | ' | ' |
Amortized Cost | 8,058 | 9,257 |
Gross Unrealized Gains | 6 | 1 |
Gross Unrealized Losses | 0 | 31 |
Estimated Fair Value | 8,064 | 9,227 |
Cumulative OTTI in AOCI | 0 | 0 |
Trust Preferred Collateralized Debt Obligations [Member] | ' | ' |
Schedule of Investments [Line Items] | ' | ' |
Amortized Cost | 66,531 | 73,862 |
Gross Unrealized Gains | 1,291 | 210 |
Gross Unrealized Losses | 21,002 | 30,623 |
Estimated Fair Value | 46,820 | 43,449 |
Cumulative OTTI in AOCI | 32,193 | 34,299 |
Single Issue Trust Preferred Securities [Member] | ' | ' |
Schedule of Investments [Line Items] | ' | ' |
Amortized Cost | 13,866 | 14,346 |
Gross Unrealized Gains | 290 | 305 |
Gross Unrealized Losses | 1,917 | 2,019 |
Estimated Fair Value | 12,239 | 12,632 |
Cumulative OTTI in AOCI | 0 | 0 |
Other Corporate Securities [Member] | ' | ' |
Schedule of Investments [Line Items] | ' | ' |
Amortized Cost | 4,997 | 4,996 |
Gross Unrealized Gains | 195 | 219 |
Gross Unrealized Losses | 0 | 0 |
Estimated Fair Value | 5,192 | 5,215 |
Cumulative OTTI in AOCI | 0 | 0 |
Marketable Equity Securities [Member] | ' | ' |
Schedule of Investments [Line Items] | ' | ' |
Amortized Cost | 3,122 | 3,299 |
Gross Unrealized Gains | 610 | 572 |
Gross Unrealized Losses | 0 | 1 |
Estimated Fair Value | 3,732 | 3,870 |
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 $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Schedule of Investments [Line Items] | ' | ' |
Less than 12 months, Fair Value | $184,757 | $442,162 |
Less than 12 months, Unrealized Losses | 1,198 | 11,362 |
12 months or longer, Fair Value | 200,370 | 35,402 |
12 months or longer, Unrealized Losses | 25,845 | 32,641 |
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 | 27,093 | 61,517 |
Less than 12 months, Unrealized Losses | 43 | 748 |
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 | 4,968 | 2,353 |
Less than 12 months, Unrealized Losses | 4 | 26 |
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 | 125,628 | 160,835 |
Less than 12 months, Unrealized Losses | 860 | 1,815 |
12 months or longer, Fair Value | 0 | 0 |
12 months or longer, Unrealized Losses | 0 | 0 |
Commercial Mortgage-Backed Securities, Agency [Member] | ' | ' |
Schedule of Investments [Line Items] | ' | ' |
Less than 12 months, Fair Value | 27,068 | 208,979 |
Less than 12 months, Unrealized Losses | 291 | 8,740 |
12 months or longer, Fair Value | 158,331 | 0 |
12 months or longer, Unrealized Losses | 2,926 | 0 |
Asset-Backed Securities [Member] | ' | ' |
Schedule of Investments [Line Items] | ' | ' |
Less than 12 months, Fair Value | 0 | 7,976 |
Less than 12 months, Unrealized Losses | 0 | 31 |
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 | 33,709 | 27,167 |
12 months or longer, Unrealized Losses | 21,002 | 30,623 |
Single Issue Trust Preferred Securities [Member] | ' | ' |
Schedule of Investments [Line Items] | ' | ' |
Less than 12 months, Fair Value | 0 | 502 |
Less than 12 months, Unrealized Losses | 0 | 2 |
12 months or longer, Fair Value | 8,330 | 8,210 |
12 months or longer, Unrealized Losses | 1,917 | 2,017 |
Marketable Equity Securities [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 | 0 | 25 |
12 months or longer, Unrealized Losses | $0 | $1 |
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 $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Investments Debt And Equity Securities [Abstract] | ' | ' | ' | ' |
Proceeds from sales and calls | $175,451 | $228,833 | $435,883 | $404,783 |
Gross realized gains | 3 | 238 | 1,052 | 390 |
Gross realized losses | $2 | $3 | $227 | $15 |
Investment_Securities_Addition
Investment Securities - Additional Information (Detail) (USD $) | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Dec. 31, 2013 | |
Securities | Securities | Securities | |||
Schedule of Investments [Line Items] | ' | ' | ' | ' | ' |
Gross unrealized losses on available for sale securities | $27,043,000 | ' | $27,043,000 | ' | $44,003,000 |
Available for sale securities in unrealized loss position | 86 | ' | 86 | ' | ' |
Available for sale securities in portfolio, number | 454 | ' | 454 | ' | ' |
Amortized cost agency residential mortgage securities | 1,148,927,000 | ' | 1,148,927,000 | ' | 813,049,000 |
Capitalization of banks, equal to or greater than, in the single-issue trust preferred portfolio | 10,000,000,000 | ' | 10,000,000,000 | ' | ' |
Number of trust preferred securities deferring interest payments | 2 | ' | 2 | ' | ' |
Amortized cost of trust preferred securities | 632,000 | ' | 632,000 | ' | ' |
Defer interest payments, maximum period | ' | ' | '5 years | ' | ' |
Issue of Trup Cdos securities | ' | ' | ' | ' | 4 |
Excluded Trup Cdos securities | ' | ' | ' | ' | 4 |
New issuance of Preferred Stock estimated | ' | ' | 60,000,000,000 | ' | ' |
Recognized cumulative credit-related other-than-temporary impairment | 421,000 | 137,000 | 1,060,000 | 971,000 | ' |
Other-than-temporarily impaired, the collateralization ratios low | ' | ' | 97.10% | ' | ' |
Other-than-temporarily impaired, the collateralization ratios high | ' | ' | 246.60% | ' | ' |
Other-than-temporarily impaired, the collateralization ratios median | ' | ' | 134.70% | ' | ' |
Other-than-temporarily impaired, the collateralization ratios weighted average | ' | ' | 177.30% | ' | ' |
Security other-than-temporarily impaired | ' | ' | 100.00% | ' | ' |
Carrying value of securities pledged | 1,006,002 | ' | 1,006,002 | ' | 640,870 |
Wells Fargo [Member] | ' | ' | ' | ' | ' |
Schedule of Investments [Line Items] | ' | ' | ' | ' | ' |
Amortized cost of trust preferred securities | 9,900,000 | ' | 9,900,000 | ' | ' |
SunTrust Bank [Member] | ' | ' | ' | ' | ' |
Schedule of Investments [Line Items] | ' | ' | ' | ' | ' |
Amortized cost of trust preferred securities | 7,400,000 | ' | 7,400,000 | ' | ' |
Royal Bank of Scotland [Member] | ' | ' | ' | ' | ' |
Schedule of Investments [Line Items] | ' | ' | ' | ' | ' |
Amortized cost of trust preferred securities | 973,000 | ' | 973,000 | ' | ' |
Split Rated [Member] | ' | ' | ' | ' | ' |
Schedule of Investments [Line Items] | ' | ' | ' | ' | ' |
Amortized cost of available for sale single issue trust preferred securities | 2,990,000 | ' | 2,990,000 | ' | ' |
Below Investment Grade [Member] | ' | ' | ' | ' | ' |
Schedule of Investments [Line Items] | ' | ' | ' | ' | ' |
Amortized cost of available for sale single issue trust preferred securities | 10,750,000 | ' | 10,750,000 | ' | ' |
Originated Prior to 2005 [Member] | ' | ' | ' | ' | ' |
Schedule of Investments [Line Items] | ' | ' | ' | ' | ' |
Percentage of portfolio of non-agency mortgage backed securities with collateral | ' | ' | 46.00% | ' | ' |
Originated in 2006 and 2007 [Member] | ' | ' | ' | ' | ' |
Schedule of Investments [Line Items] | ' | ' | ' | ' | ' |
Percentage of portfolio of non-agency mortgage backed securities with collateral | ' | ' | 54.00% | ' | ' |
TRUP CDOs [Member] | ' | ' | ' | ' | ' |
Schedule of Investments [Line Items] | ' | ' | ' | ' | ' |
Number of Trup Cdos securities in unrealized loss position | ' | ' | ' | ' | 0 |
Credit-related other-than-temporary impairment recognized in earnings | ' | ' | 421,000 | 0 | ' |
Noncredit-related other-than-temporary impairment recognized | 32,190,000 | ' | 32,190,000 | ' | 34,300,000 |
Recognized cumulative credit-related other-than-temporary impairment | ' | ' | 44,170,000 | ' | ' |
TRUP CDOs [Member] | Likely Sold Four Securities [Member] | ' | ' | ' | ' | ' |
Schedule of Investments [Line Items] | ' | ' | ' | ' | ' |
Credit-related other-than-temporary impairment | ' | ' | ' | ' | 2,330,000 |
TRUP CDOs [Member] | Split Rated [Member] | ' | ' | ' | ' | ' |
Schedule of Investments [Line Items] | ' | ' | ' | ' | ' |
Amortized cost agency residential mortgage securities | 5,000,000 | ' | 5,000,000 | ' | ' |
TRUP CDOs [Member] | Below Investment Grade [Member] | ' | ' | ' | ' | ' |
Schedule of Investments [Line Items] | ' | ' | ' | ' | ' |
Amortized cost agency residential mortgage securities | 56,720,000 | ' | 56,720,000 | ' | ' |
TRUP CDOs [Member] | Investment Grade [Member] | ' | ' | ' | ' | ' |
Schedule of Investments [Line Items] | ' | ' | ' | ' | ' |
Amortized cost agency residential mortgage securities | 4,810,000 | ' | 4,810,000 | ' | ' |
Agency Mortgage Backed Securities [Member] | ' | ' | ' | ' | ' |
Schedule of Investments [Line Items] | ' | ' | ' | ' | ' |
Amortized cost agency residential mortgage securities | 784,160,000 | ' | 784,160,000 | ' | ' |
Residential Mortgage-Backed Securities, Agency [Member] | ' | ' | ' | ' | ' |
Schedule of Investments [Line Items] | ' | ' | ' | ' | ' |
Gross unrealized losses on available for sale securities | 860,000 | ' | 860,000 | ' | 1,815,000 |
Amortized cost agency residential mortgage securities | 519,765,000 | ' | 519,765,000 | ' | 215,788,000 |
Commercial Mortgage-Backed Securities, Agency [Member] | ' | ' | ' | ' | ' |
Schedule of Investments [Line Items] | ' | ' | ' | ' | ' |
Gross unrealized losses on available for sale securities | 3,217,000 | ' | 3,217,000 | ' | 8,740,000 |
Amortized cost agency residential mortgage securities | 264,392,000 | ' | 264,392,000 | ' | 241,947,000 |
Residential Mortgage-Backed Securities, Non-agency [Member] | ' | ' | ' | ' | ' |
Schedule of Investments [Line Items] | ' | ' | ' | ' | ' |
Gross unrealized losses on available for sale securities | 0 | ' | 0 | ' | 0 |
Amortized cost agency residential mortgage securities | 14,873,000 | ' | 14,873,000 | ' | 16,369,000 |
Amortized cost above investment grade | 5,610,000 | ' | 5,610,000 | ' | ' |
Amortized cost below investment grade | 9,260,000 | ' | 9,260,000 | ' | ' |
Single Issue Trust Preferred [Member] | Below Investment Grade [Member] | ' | ' | ' | ' | ' |
Schedule of Investments [Line Items] | ' | ' | ' | ' | ' |
Amortized cost of available for sale TRUP CDOs and single issue trust preferred securities in an unrealized loss position 12 months or longer | 10,250,000 | ' | 10,250,000 | ' | ' |
Marketable Equity Securities [Member] | ' | ' | ' | ' | ' |
Schedule of Investments [Line Items] | ' | ' | ' | ' | ' |
Gross unrealized losses on available for sale securities | 0 | ' | 0 | ' | 1,000 |
Amortized cost agency residential mortgage securities | 3,122,000 | ' | 3,122,000 | ' | 3,299,000 |
Amortized cost | 3,120,000 | ' | 3,120,000 | ' | ' |
Number of equity securities other-than-temporarily impaired | 0 | ' | 0 | ' | ' |
Mortgage backed securities net unrealized gains | ' | ' | $610,000 | ' | ' |
Investment_Securities_Summary_3
Investment Securities - Summary of Available for Sale TRUP CDOs (Detail) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Assumptions Utilized In Other Than Temporary Impairment Analysis Of Securities [Line Items] | ' | ' |
Amortized Cost | $1,148,927 | $813,049 |
Fair Value | 1,137,024 | 775,284 |
Trup CDOs and Single Issue Trust Preferred Securities [Member] | ' | ' |
Assumptions Utilized In Other Than Temporary Impairment Analysis Of Securities [Line Items] | ' | ' |
Amortized Cost | 66,531 | ' |
Fair Value | 46,820 | ' |
Unrealized Loss/(Gain) | 19,711 | ' |
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 | 7,725 | ' |
Fair Value | 6,233 | ' |
Unrealized Loss/(Gain) | 1,492 | ' |
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 | 4,806 | ' |
Fair Value | 5,239 | ' |
Unrealized Loss/(Gain) | -433 | ' |
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 | 13,147 | ' |
Fair Value | 10,060 | ' |
Unrealized Loss/(Gain) | 3,087 | ' |
Mezzanine - Insurance (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 | 2,019 | ' |
Fair Value | 2,359 | ' |
Unrealized Loss/(Gain) | -340 | ' |
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 | 31,626 | ' |
Fair Value | 17,616 | ' |
Unrealized Loss/(Gain) | 14,010 | ' |
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 | 2,050 | ' |
Fair Value | 2,150 | ' |
Unrealized Loss/(Gain) | -100 | ' |
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 | 5,158 | ' |
Fair Value | 3,163 | ' |
Unrealized Loss/(Gain) | 1,995 | ' |
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 | 4,806 | ' |
Investment Grade [Member] | 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 | 0 | ' |
Investment Grade [Member] | 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 | 4,806 | ' |
Investment Grade [Member] | 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 | 0 | ' |
Investment Grade [Member] | Mezzanine - Insurance (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 | 0 | ' |
Investment Grade [Member] | 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 | 0 | ' |
Investment Grade [Member] | 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 | 0 | ' |
Investment Grade [Member] | 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 | 0 | ' |
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 | ' |
Split Rated [Member] | 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 | 5,000 | ' |
Split Rated [Member] | 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 | 0 | ' |
Split Rated [Member] | 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 | 0 | ' |
Split Rated [Member] | Mezzanine - Insurance (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 | 0 | ' |
Split Rated [Member] | 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 | 0 | ' |
Split Rated [Member] | 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 | 0 | ' |
Split Rated [Member] | 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 | 0 | ' |
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 | 56,725 | ' |
Below Investment Grade [Member] | 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 | 2,725 | ' |
Below Investment Grade [Member] | 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 | 0 | ' |
Below Investment Grade [Member] | 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 | 13,147 | ' |
Below Investment Grade [Member] | Mezzanine - Insurance (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 | 2,019 | ' |
Below Investment Grade [Member] | 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 | 31,626 | ' |
Below Investment Grade [Member] | 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 | 2,050 | ' |
Below Investment Grade [Member] | 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 | $5,158 | ' |
Investment_Securities_Roll_For
Investment Securities - Roll Forward of Credit Losses on Securities (Detail) (USD $) | 6 Months Ended |
In Thousands, unless otherwise specified | Jun. 30, 2014 |
Investments Debt And Equity Securities [Abstract] | ' |
Cumulative credit losses, Beginning Balance | $70,446 |
Additions for credit losses on securities for which OTTI was not previously recognized | 0 |
Additions for additional credit losses on securities for which OTTI was previously recognized | 1,060 |
Cumulative credit losses, Ending Balance | $71,506 |
Investment_Securities_Summary_4
Investment Securities - Summary of Maturities of Securities Available for Sale by Amortized Cost and Estimated Fair Value (Detail) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Investments Debt And Equity Securities [Abstract] | ' | ' |
Due in one year or less, Amortized Cost | $24,906 | $28,837 |
Due after one year through five years, Amortized Cost | 142,657 | 217,415 |
Due after five years through ten years, Amortized Cost | 379,516 | 292,460 |
Due after ten years, Amortized Cost | 598,726 | 271,038 |
Marketable equity securities, Amortized Cost | 3,122 | 3,299 |
Amortized Cost, Total | 1,148,927 | 813,049 |
Due in one year or less, Estimated Fair Value | 25,123 | 28,960 |
Due after one year through five years, Estimated Fair Value | 143,863 | 218,498 |
Due after five years through ten years, Estimated Fair Value | 381,731 | 286,534 |
Due after ten years, Estimated Fair Value | 582,575 | 237,422 |
Marketable equity securities, Estimated Fair Value | 3,732 | 3,870 |
Total available for sale securities | $1,137,024 | $775,284 |
Investment_Securities_Summary_5
Investment Securities - Summary of Amortized Cost and Estimated Fair Values of Securities Held to Maturity (Detail) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Schedule of Investments [Line Items] | ' | ' |
Amortized Cost | $40,717 | $40,965 |
Gross Unrealized Gains | 1,599 | 1,735 |
Gross Unrealized Losses | 3,446 | 4,407 |
Estimated Fair Value | 38,870 | 38,293 |
U.S. Treasury Securities and Obligations of U.S. Government Corporations and Agencies [Member] | ' | ' |
Schedule of Investments [Line Items] | ' | ' |
Amortized Cost | 10,682 | 10,762 |
Gross Unrealized Gains | 1,554 | 1,689 |
Gross Unrealized Losses | 0 | 0 |
Estimated Fair Value | 12,236 | 12,451 |
State and Political Subdivisions [Member] | ' | ' |
Schedule of Investments [Line Items] | ' | ' |
Amortized Cost | 10,198 | 10,367 |
Gross Unrealized Gains | 38 | 37 |
Gross Unrealized Losses | 422 | 299 |
Estimated Fair Value | 9,814 | 10,105 |
Residential Mortgage-Backed Securities, Agency [Member] | ' | ' |
Schedule of Investments [Line Items] | ' | ' |
Amortized Cost | 44 | 50 |
Gross Unrealized Gains | 7 | 9 |
Gross Unrealized Losses | 0 | 0 |
Estimated Fair Value | 51 | 59 |
Single Issue Trust Preferred Securities [Member] | ' | ' |
Schedule of Investments [Line Items] | ' | ' |
Amortized Cost | 19,773 | 19,766 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | 3,024 | 4,108 |
Estimated Fair Value | 16,749 | 15,658 |
Other Corporate Securities [Member] | ' | ' |
Schedule of Investments [Line Items] | ' | ' |
Amortized Cost | 20 | 20 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | 0 | 0 |
Estimated Fair Value | $20 | $20 |
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 $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Investments Debt And Equity Securities [Abstract] | ' | ' | ' | ' |
Gross realized gains | $0 | $114 | $0 | $114 |
Gross realized losses | $0 | $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 $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Investments Debt And Equity Securities [Abstract] | ' | ' |
Due in one year or less, Amortized Cost | $385 | $555 |
Due after one year through five years, Amortized Cost | 7,647 | 6,683 |
Due after five years through ten years, Amortized Cost | 11,982 | 13,026 |
Due after ten years, Amortized Cost | 20,703 | 20,701 |
Amortized Cost, Total | 40,717 | 40,965 |
Due in one year or less, Estimated Fair Value | 386 | 556 |
Due after one year through five years, Estimated Fair Value | 8,158 | 7,312 |
Due after five years through ten years, Estimated Fair Value | 12,638 | 13,821 |
Due after ten years, Estimated Fair Value | 17,688 | 16,604 |
Estimated Fair Value, Total | $38,870 | $38,293 |
Loans_Major_Classes_of_Loans_D
Loans - Major Classes of Loans (Detail) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Commercial, financial and agricultural: | ' | ' |
Total commercial, financial & agricultural | $5,348,811 | $3,911,103 |
Residential real estate | 2,204,879 | 1,821,378 |
Construction & land development | 991,503 | 670,364 |
Consumer: | ' | ' |
Bankcard | 10,387 | 11,023 |
Other consumer | 330,228 | 299,731 |
Total gross loans | 8,885,808 | 6,713,599 |
Owner-Occupied Commercial Real Estate [Member] | ' | ' |
Commercial, financial and agricultural: | ' | ' |
Total commercial, financial & agricultural | 1,058,533 | 654,963 |
Nonowner-Occupied Commercial Real Estate [Member] | ' | ' |
Commercial, financial and agricultural: | ' | ' |
Total commercial, financial & agricultural | 2,694,148 | 1,917,785 |
Other Commercial Loans [Member] | ' | ' |
Commercial, financial and agricultural: | ' | ' |
Total commercial, financial & agricultural | $1,596,130 | $1,338,355 |
Loans_Additional_Information_D
Loans - Additional Information (Detail) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Loans held for sale | $9,466 | $4,236 |
Acquired impaired loans from merger | 174,120 | 31,099 |
Percentage of acquired impaired loans from merger on total gross loans | 1.96% | ' |
Recorded investment in acquired impaired loans | 266,114 | 52,237 |
Related party loans | $139,578 | $150,798 |
Maximum [Member] | ' | ' |
Percentage of acquired impaired loans from merger on total gross loans | ' | 1.00% |
Loans_Activity_for_Accretable_
Loans - Activity for Accretable Yield (Detail) (USD $) | 6 Months Ended |
In Thousands, unless otherwise specified | Jun. 30, 2014 |
Loans [Abstract] | ' |
Accretable yield at the beginning of the period | $2,251 |
Additions | 9,116 |
Accretion (including cash recoveries) | -4,214 |
Net reclassifications to accretable from non-accretable | 948 |
Disposals (including maturities, foreclosures, and charge-offs) | -410 |
Accretable yield at the ending of the period | $7,691 |
Credit_Quality_Additional_Info
Credit Quality - Additional Information (Detail) (USD $) | 6 Months Ended | 12 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2013 |
SecurityLoan | ||||
Receivables [Abstract] | ' | ' | ' | ' |
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 | $13,648 | ' | $8,157 | ' |
Loans on nonaccrual status | 827 | 827 | 861 | ' |
Restructured loans modified by reduction in interest | 4,193 | 4,193 | ' | 2,150 |
Restructured loan and interest | 8,544 | 8,544 | ' | ' |
Restructured loans modified by reduction in interest | 911 | 911 | ' | ' |
Restructured loans modified by reduction in interest and extension of maturity | $5,630 | $5,630 | ' | $2,993 |
Loans restructured subsequently defaulted, resulting in principal charge-off | ' | 0 | ' | ' |
Number of days required for special mention | '30 days | ' | ' | ' |
Number of days required for special mention | '89 days | ' | ' | ' |
Number of days required for substandard | '90 days | ' | ' | ' |
Credit_Quality_Schedule_of_Tro
Credit Quality - Schedule of Troubled Debt Restructurings, Segregated by Class of Loans (Detail) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Contract | Contract | Contract | Contract | |
Financing Receivable, Modifications [Line Items] | ' | ' | ' | ' |
Number of Contracts | 2 | 2 | 2 | 4 |
Pre-Modification Outstanding Recorded Investment | $5,630 | $2,993 | $5,630 | $5,143 |
Post-Modification Outstanding Recorded Investment | 5,630 | 2,993 | 5,630 | 5,143 |
Owner-Occupied Commercial Real Estate [Member] | ' | ' | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' | ' | ' |
Number of Contracts | 0 | 2 | 0 | 4 |
Pre-Modification Outstanding Recorded Investment | 0 | 2,993 | 0 | 5,143 |
Post-Modification Outstanding Recorded Investment | 0 | 2,993 | 0 | 5,143 |
Nonowner-Occupied Commercial Real Estate [Member] | ' | ' | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' | ' | ' |
Number of Contracts | 0 | 0 | 0 | 0 |
Pre-Modification Outstanding Recorded Investment | 0 | 0 | 0 | 0 |
Post-Modification Outstanding Recorded Investment | 0 | 0 | 0 | 0 |
Other Commercial [Member] | ' | ' | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' | ' | ' |
Number of Contracts | 2 | 0 | 2 | 0 |
Pre-Modification Outstanding Recorded Investment | 5,630 | 0 | 5,630 | 0 |
Post-Modification Outstanding Recorded Investment | 5,630 | 0 | 5,630 | 0 |
Residential Real Estate [Member] | ' | ' | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' | ' | ' |
Number of Contracts | 0 | 0 | 0 | 0 |
Pre-Modification Outstanding Recorded Investment | 0 | 0 | 0 | 0 |
Post-Modification Outstanding Recorded Investment | 0 | 0 | 0 | 0 |
Construction & Land Development [Member] | ' | ' | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' | ' | ' |
Number of Contracts | 0 | 0 | 0 | 0 |
Pre-Modification Outstanding Recorded Investment | 0 | 0 | 0 | 0 |
Post-Modification Outstanding Recorded Investment | 0 | 0 | 0 | 0 |
Bankcard [Member] | ' | ' | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' | ' | ' |
Number of Contracts | 0 | 0 | 0 | 0 |
Pre-Modification Outstanding Recorded Investment | 0 | 0 | 0 | 0 |
Post-Modification Outstanding Recorded Investment | 0 | 0 | 0 | 0 |
Other Consumer [Member] | ' | ' | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' | ' | ' |
Number of Contracts | 0 | 0 | 0 | 0 |
Pre-Modification Outstanding Recorded Investment | 0 | 0 | 0 | 0 |
Post-Modification Outstanding Recorded Investment | $0 | $0 | $0 | $0 |
Credit_Quality_Schedule_of_Cha
Credit Quality - Schedule of Charged-off Troubled Debt Restructurings on Financing Receivables (Detail) (USD $) | 3 Months Ended | 6 Months Ended |
In Thousands, unless otherwise specified | Jun. 30, 2013 | Jun. 30, 2013 |
Contract | Contract | |
Financing Receivable, Modifications [Line Items] | ' | ' |
Number of Contracts | 1 | 1 |
Recorded Investment | $375 | $375 |
Owner-Occupied [Member] | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' |
Number of Contracts | 0 | 0 |
Recorded Investment | 0 | 0 |
Nonowner-Occupied [Member] | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' |
Number of Contracts | 0 | 0 |
Recorded Investment | 0 | 0 |
Other Commercial [Member] | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' |
Number of Contracts | 0 | 0 |
Recorded Investment | 0 | 0 |
Residential Real Estate [Member] | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' |
Number of Contracts | 0 | 0 |
Recorded Investment | 0 | 0 |
Construction & Land Development [Member] | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' |
Number of Contracts | 1 | 1 |
Recorded Investment | 375 | 375 |
Bankcard [Member] | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' |
Number of Contracts | 0 | 0 |
Recorded Investment | 0 | 0 |
Other Consumer [Member] | ' | ' |
Financing Receivable, Modifications [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 $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
Loans, 30-89 Days Past Due | $121,858 | $173,186 |
Loans, 90 Days or more Past Due | 74,394 | 73,833 |
Loans, Total Past Due | 196,252 | 247,019 |
Loans, Current | 8,689,556 | 6,466,580 |
Total gross loans | 8,885,808 | 6,713,599 |
Loans, Recorded Investment >90 Days & Accruing | 18,417 | 11,044 |
Owner-Occupied [Member] | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
Loans, 30-89 Days Past Due | 9,057 | 14,144 |
Loans, 90 Days or more Past Due | 4,340 | 4,537 |
Loans, Total Past Due | 13,397 | 18,681 |
Loans, Current | 1,045,136 | 636,282 |
Total gross loans | 1,058,533 | 654,963 |
Loans, Recorded Investment >90 Days & Accruing | 192 | 1,383 |
Nonowner-Occupied [Member] | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
Loans, 30-89 Days Past Due | 21,708 | 30,836 |
Loans, 90 Days or more Past Due | 9,909 | 11,725 |
Loans, Total Past Due | 31,617 | 42,561 |
Loans, Current | 2,662,531 | 1,875,224 |
Total gross loans | 2,694,148 | 1,917,785 |
Loans, Recorded Investment >90 Days & Accruing | 1,624 | 186 |
Other Commercial [Member] | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
Loans, 30-89 Days Past Due | 16,773 | 54,319 |
Loans, 90 Days or more Past Due | 17,113 | 11,794 |
Loans, Total Past Due | 33,886 | 66,113 |
Loans, Current | 1,562,244 | 1,272,242 |
Total gross loans | 1,596,130 | 1,338,355 |
Loans, Recorded Investment >90 Days & Accruing | 5,071 | 896 |
Residential Real Estate [Member] | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
Loans, 30-89 Days Past Due | 48,556 | 54,271 |
Loans, 90 Days or more Past Due | 26,235 | 25,446 |
Loans, Total Past Due | 74,791 | 79,717 |
Loans, Current | 2,130,088 | 1,741,661 |
Total gross loans | 2,204,879 | 1,821,378 |
Loans, Recorded Investment >90 Days & Accruing | 9,052 | 5,214 |
Construction & Land Development [Member] | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
Loans, 30-89 Days Past Due | 16,823 | 9,921 |
Loans, 90 Days or more Past Due | 14,899 | 18,491 |
Loans, Total Past Due | 31,722 | 28,412 |
Loans, Current | 959,781 | 641,952 |
Total gross loans | 991,503 | 670,364 |
Loans, Recorded Investment >90 Days & Accruing | 671 | 1,611 |
Bankcard [Member] | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
Loans, 30-89 Days Past Due | 293 | 229 |
Loans, 90 Days or more Past Due | 97 | 128 |
Loans, Total Past Due | 390 | 357 |
Loans, Current | 9,997 | 10,666 |
Total gross loans | 10,387 | 11,023 |
Loans, Recorded Investment >90 Days & Accruing | 97 | 128 |
Other Consumer [Member] | ' | ' |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' |
Loans, 30-89 Days Past Due | 8,648 | 9,466 |
Loans, 90 Days or more Past Due | 1,801 | 1,712 |
Loans, Total Past Due | 10,449 | 11,178 |
Loans, Current | 319,779 | 288,553 |
Total gross loans | 330,228 | 299,731 |
Loans, Recorded Investment >90 Days & Accruing | $1,710 | $1,626 |
Credit_Quality_Schedule_of_Non
Credit Quality - Schedule of Nonaccrual Loans, Segregated by Class of Loans (Detail) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Non Accrual Loans Segregated By Class Of Loans [Line Items] | ' | ' |
Loans on Nonaccrual Status | $55,977 | $62,789 |
Owner-Occupied [Member] | ' | ' |
Non Accrual Loans Segregated By Class Of Loans [Line Items] | ' | ' |
Loans on Nonaccrual Status | 4,148 | 3,154 |
Nonowner-Occupied [Member] | ' | ' |
Non Accrual Loans Segregated By Class Of Loans [Line Items] | ' | ' |
Loans on Nonaccrual Status | 8,285 | 11,539 |
Other Commercial [Member] | ' | ' |
Non Accrual Loans Segregated By Class Of Loans [Line Items] | ' | ' |
Loans on Nonaccrual Status | 12,042 | 10,898 |
Residential Real Estate [Member] | ' | ' |
Non Accrual Loans Segregated By Class Of Loans [Line Items] | ' | ' |
Loans on Nonaccrual Status | 17,183 | 20,232 |
Construction & Land Development [Member] | ' | ' |
Non Accrual Loans Segregated By Class Of Loans [Line Items] | ' | ' |
Loans on Nonaccrual Status | 14,228 | 16,880 |
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 | $91 | $86 |
Credit_Quality_Schedule_of_Cre
Credit Quality - Schedule of Credit Quality Indicators Information, by Class of Loans (Detail) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Financing receivable, credit quality indicators information | $8,885,808 | $6,713,599 |
Owner-Occupied [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Financing receivable, credit quality indicators information | 1,058,533 | 654,963 |
Owner-Occupied [Member] | Pass [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Financing receivable, credit quality indicators information | 975,085 | 604,129 |
Owner-Occupied [Member] | Special Mention [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Financing receivable, credit quality indicators information | 14,667 | 27,576 |
Owner-Occupied [Member] | Substandard [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Financing receivable, credit quality indicators information | 68,781 | 23,258 |
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 | 2,694,148 | 1,917,785 |
Nonowner-Occupied [Member] | Pass [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Financing receivable, credit quality indicators information | 2,534,839 | 1,811,915 |
Nonowner-Occupied [Member] | Special Mention [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Financing receivable, credit quality indicators information | 40,122 | 45,617 |
Nonowner-Occupied [Member] | Substandard [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Financing receivable, credit quality indicators information | 119,187 | 60,253 |
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 | 1,596,130 | 1,338,355 |
Other Commercial [Member] | Pass [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Financing receivable, credit quality indicators information | 1,391,284 | 1,206,030 |
Other Commercial [Member] | Special Mention [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Financing receivable, credit quality indicators information | 44,876 | 60,668 |
Other Commercial [Member] | Substandard [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Financing receivable, credit quality indicators information | 158,338 | 71,148 |
Other Commercial [Member] | Doubtful [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Financing receivable, credit quality indicators information | 1,632 | 509 |
Construction & Land Development [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Financing receivable, credit quality indicators information | 991,503 | 670,364 |
Construction & Land Development [Member] | Pass [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Financing receivable, credit quality indicators information | 788,493 | 510,911 |
Construction & Land Development [Member] | Special Mention [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Financing receivable, credit quality indicators information | 74,537 | 63,375 |
Construction & Land Development [Member] | Substandard [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Financing receivable, credit quality indicators information | 128,473 | 96,078 |
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 | 2,204,879 | 1,821,378 |
Residential Real Estate [Member] | Pass [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Financing receivable, credit quality indicators information | 2,118,964 | 1,773,244 |
Residential Real Estate [Member] | Special Mention [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Financing receivable, credit quality indicators information | 17,981 | 13,006 |
Residential Real Estate [Member] | Substandard [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Financing receivable, credit quality indicators information | 66,456 | 35,128 |
Residential Real Estate [Member] | Doubtful [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Financing receivable, credit quality indicators information | 1,478 | 0 |
Bankcard [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Financing receivable, credit quality indicators information | 10,387 | 11,023 |
Bankcard [Member] | Pass [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Financing receivable, credit quality indicators information | 9,997 | 10,666 |
Bankcard [Member] | Special Mention [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Financing receivable, credit quality indicators information | 293 | 229 |
Bankcard [Member] | Substandard [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Financing receivable, credit quality indicators information | 97 | 128 |
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 | 330,228 | 299,731 |
Other Consumer [Member] | Pass [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Financing receivable, credit quality indicators information | 319,308 | 288,401 |
Other Consumer [Member] | Special Mention [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Financing receivable, credit quality indicators information | 8,769 | 9,466 |
Other Consumer [Member] | Substandard [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Financing receivable, credit quality indicators information | 1,999 | 1,712 |
Other Consumer [Member] | Doubtful [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Financing receivable, credit quality indicators information | $152 | $152 |
Credit_Quality_Schedule_of_Imp
Credit Quality - Schedule of Impaired Loans Information by Class of Loans (Detail) (USD $) | 3 Months Ended | 6 Months Ended | |||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Dec. 31, 2013 |
Owner-Occupied [Member] | ' | ' | ' | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' | ' | ' | ' |
Impaired Loans, Recorded Investment, With no related allowance recorded | $39,060 | ' | $39,060 | ' | $4,672 |
Impaired Loans, Unpaid Principal Balance, With no related allowance recorded | 39,060 | ' | 39,060 | ' | 4,672 |
Impaired Loans, Recorded Investment, With an allowance recorded | 3,667 | ' | 3,667 | ' | 4,358 |
Impaired Loans, Unpaid Principal Balance, With an allowance recorded | 3,667 | ' | 3,667 | ' | 4,358 |
Impaired Loans, Related Allowance | 424 | ' | 424 | ' | 638 |
Impaired Loans, Recorded Investment | 42,727 | ' | 42,727 | ' | 9,030 |
Impaired Loans, Unpaid Principal Balance | 42,727 | ' | 42,727 | ' | 9,030 |
Impaired Loans, Related Allowance | 424 | ' | 424 | ' | 638 |
Impaired Loans, Average Recorded Investment, With no related allowance recorded | 37,654 | 13,061 | 26,752 | 14,412 | ' |
Impaired Loans, Interest Income Recognized, With no related allowance recorded | 425 | 57 | 488 | 77 | ' |
Impaired Loans, Average Recorded Investment, With an allowance recorded | 3,695 | 831 | 3,916 | 982 | ' |
Impaired Loans, Interest Income Recognized, With an allowance recorded | 34 | 14 | 75 | 27 | ' |
Impaired Loans, Average Recorded Investment | 41,349 | 13,892 | 30,668 | 15,394 | ' |
Impaired Loans, Interest Income Recognized | 459 | 71 | 563 | 104 | ' |
Nonowner-Occupied [Member] | ' | ' | ' | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' | ' | ' | ' |
Impaired Loans, Recorded Investment, With no related allowance recorded | 65,740 | ' | 65,740 | ' | 5,938 |
Impaired Loans, Unpaid Principal Balance, With no related allowance recorded | 67,621 | ' | 67,621 | ' | 6,651 |
Impaired Loans, Recorded Investment, With an allowance recorded | 7,475 | ' | 7,475 | ' | 9,350 |
Impaired Loans, Unpaid Principal Balance, With an allowance recorded | 7,475 | ' | 7,475 | ' | 10,563 |
Impaired Loans, Related Allowance | 876 | ' | 876 | ' | 1,631 |
Impaired Loans, Recorded Investment | 73,215 | ' | 73,215 | ' | 15,288 |
Impaired Loans, Unpaid Principal Balance | 75,096 | ' | 75,096 | ' | 17,214 |
Impaired Loans, Related Allowance | 876 | ' | 876 | ' | 1,631 |
Impaired Loans, Average Recorded Investment, With no related allowance recorded | 63,135 | 12,116 | 44,110 | 11,272 | ' |
Impaired Loans, Interest Income Recognized, With no related allowance recorded | 154 | 99 | 210 | 194 | ' |
Impaired Loans, Average Recorded Investment, With an allowance recorded | 7,794 | 4,290 | 8,313 | 4,201 | ' |
Impaired Loans, Interest Income Recognized, With an allowance recorded | 46 | 37 | 92 | 49 | ' |
Impaired Loans, Average Recorded Investment | 70,929 | 16,406 | 52,423 | 15,473 | ' |
Impaired Loans, Interest Income Recognized | 200 | 136 | 302 | 243 | ' |
Other Commercial [Member] | ' | ' | ' | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' | ' | ' | ' |
Impaired Loans, Recorded Investment, With no related allowance recorded | 22,824 | ' | 22,824 | ' | 10,292 |
Impaired Loans, Unpaid Principal Balance, With no related allowance recorded | 27,108 | ' | 27,108 | ' | 17,753 |
Impaired Loans, Recorded Investment, With an allowance recorded | 11,434 | ' | 11,434 | ' | 13,304 |
Impaired Loans, Unpaid Principal Balance, With an allowance recorded | 14,509 | ' | 14,509 | ' | 16,240 |
Impaired Loans, Related Allowance | 3,702 | ' | 3,702 | ' | 2,192 |
Impaired Loans, Recorded Investment | 34,258 | ' | 34,258 | ' | 23,596 |
Impaired Loans, Unpaid Principal Balance | 41,617 | ' | 41,617 | ' | 33,993 |
Impaired Loans, Related Allowance | 3,702 | ' | 3,702 | ' | 2,192 |
Impaired Loans, Average Recorded Investment, With no related allowance recorded | 31,403 | 7,058 | 24,368 | 5,334 | ' |
Impaired Loans, Interest Income Recognized, With no related allowance recorded | 147 | 73 | 158 | 89 | ' |
Impaired Loans, Average Recorded Investment, With an allowance recorded | 12,234 | 21,068 | 12,680 | 24,407 | ' |
Impaired Loans, Interest Income Recognized, With an allowance recorded | 82 | 317 | 88 | 932 | ' |
Impaired Loans, Average Recorded Investment | 43,637 | 28,126 | 37,048 | 29,741 | ' |
Impaired Loans, Interest Income Recognized | 229 | 390 | 246 | 1,021 | ' |
Residential Real Estate [Member] | ' | ' | ' | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' | ' | ' | ' |
Impaired Loans, Recorded Investment, With no related allowance recorded | 36,895 | ' | 36,895 | ' | 12,009 |
Impaired Loans, Unpaid Principal Balance, With no related allowance recorded | 37,564 | ' | 37,564 | ' | 12,193 |
Impaired Loans, Recorded Investment, With an allowance recorded | 5,192 | ' | 5,192 | ' | 7,669 |
Impaired Loans, Unpaid Principal Balance, With an allowance recorded | 5,778 | ' | 5,778 | ' | 8,191 |
Impaired Loans, Related Allowance | 3,273 | ' | 3,273 | ' | 4,112 |
Impaired Loans, Recorded Investment | 42,087 | ' | 42,087 | ' | 19,678 |
Impaired Loans, Unpaid Principal Balance | 43,342 | ' | 43,342 | ' | 20,384 |
Impaired Loans, Related Allowance | 3,273 | ' | 3,273 | ' | 4,112 |
Impaired Loans, Average Recorded Investment, With no related allowance recorded | 30,535 | 7,333 | 24,369 | 6,736 | ' |
Impaired Loans, Interest Income Recognized, With no related allowance recorded | 96 | 110 | 149 | 167 | ' |
Impaired Loans, Average Recorded Investment, With an allowance recorded | 7,880 | 3,972 | 7,810 | 5,554 | ' |
Impaired Loans, Interest Income Recognized, With an allowance recorded | 29 | 37 | 93 | 81 | ' |
Impaired Loans, Average Recorded Investment | 38,415 | 11,305 | 32,179 | 12,290 | ' |
Impaired Loans, Interest Income Recognized | 125 | 147 | 242 | 248 | ' |
Construction & Land Development [Member] | ' | ' | ' | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' | ' | ' | ' |
Impaired Loans, Recorded Investment, With no related allowance recorded | 45,288 | ' | 45,288 | ' | 13,866 |
Impaired Loans, Unpaid Principal Balance, With no related allowance recorded | 46,855 | ' | 46,855 | ' | 14,662 |
Impaired Loans, Recorded Investment, With an allowance recorded | 10,954 | ' | 10,954 | ' | 11,050 |
Impaired Loans, Unpaid Principal Balance, With an allowance recorded | 14,347 | ' | 14,347 | ' | 14,833 |
Impaired Loans, Related Allowance | 3,836 | ' | 3,836 | ' | 3,752 |
Impaired Loans, Recorded Investment | 56,242 | ' | 56,242 | ' | 24,916 |
Impaired Loans, Unpaid Principal Balance | 61,202 | ' | 61,202 | ' | 29,495 |
Impaired Loans, Related Allowance | 3,836 | ' | 3,836 | ' | 3,752 |
Impaired Loans, Average Recorded Investment, With no related allowance recorded | 47,169 | 7,991 | 36,118 | 8,164 | ' |
Impaired Loans, Interest Income Recognized, With no related allowance recorded | 68 | 126 | 137 | 185 | ' |
Impaired Loans, Average Recorded Investment, With an allowance recorded | 10,328 | 13,131 | 10,569 | 13,226 | ' |
Impaired Loans, Interest Income Recognized, With an allowance recorded | 12 | 137 | 16 | 267 | ' |
Impaired Loans, Average Recorded Investment | 57,497 | 21,122 | 46,687 | 21,390 | ' |
Impaired Loans, Interest Income Recognized | 80 | 263 | 153 | 452 | ' |
Bankcard [Member] | ' | ' | ' | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' | ' | ' | ' |
Impaired Loans, Recorded Investment, With no related allowance recorded | 0 | ' | 0 | ' | 0 |
Impaired Loans, Unpaid Principal Balance, With no related allowance recorded | 0 | ' | 0 | ' | 0 |
Impaired Loans, Recorded Investment, With an allowance recorded | 0 | ' | 0 | ' | 0 |
Impaired Loans, Unpaid Principal Balance, With an allowance recorded | 0 | ' | 0 | ' | 0 |
Impaired Loans, Related Allowance | 0 | ' | 0 | ' | 0 |
Impaired Loans, Recorded Investment | 0 | ' | 0 | ' | 0 |
Impaired Loans, Unpaid Principal Balance | 0 | ' | 0 | ' | 0 |
Impaired Loans, Related Allowance | 0 | ' | 0 | ' | 0 |
Impaired Loans, Average Recorded Investment, With no related allowance recorded | 0 | 0 | 0 | 0 | ' |
Impaired Loans, Interest Income Recognized, With no related allowance recorded | 0 | 0 | 0 | 0 | ' |
Impaired Loans, Average Recorded Investment, With an allowance recorded | 0 | 0 | 0 | 0 | ' |
Impaired Loans, Interest Income Recognized, With an allowance recorded | 0 | 0 | 0 | 0 | ' |
Impaired Loans, Average Recorded Investment | 0 | 0 | 0 | 0 | ' |
Impaired Loans, Interest Income Recognized | 0 | 0 | 0 | 0 | ' |
Other Consumer [Member] | ' | ' | ' | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' | ' | ' | ' |
Impaired Loans, Recorded Investment, With no related allowance recorded | 60 | ' | 60 | ' | 0 |
Impaired Loans, Unpaid Principal Balance, With no related allowance recorded | 60 | ' | 60 | ' | 0 |
Impaired Loans, Recorded Investment, With an allowance recorded | 152 | ' | 152 | ' | 152 |
Impaired Loans, Unpaid Principal Balance, With an allowance recorded | 152 | ' | 152 | ' | 152 |
Impaired Loans, Related Allowance | 152 | ' | 152 | ' | 152 |
Impaired Loans, Recorded Investment | 212 | ' | 212 | ' | 152 |
Impaired Loans, Unpaid Principal Balance | 212 | ' | 212 | ' | 152 |
Impaired Loans, Related Allowance | 152 | ' | 152 | ' | 152 |
Impaired Loans, Average Recorded Investment, With no related allowance recorded | 42 | 152 | 28 | 152 | ' |
Impaired Loans, Interest Income Recognized, With no related allowance recorded | 0 | 0 | 0 | 0 | ' |
Impaired Loans, Average Recorded Investment, With an allowance recorded | 152 | 0 | 152 | 0 | ' |
Impaired Loans, Interest Income Recognized, With an allowance recorded | 0 | 0 | 0 | 0 | ' |
Impaired Loans, Average Recorded Investment | 194 | 152 | 180 | 152 | ' |
Impaired Loans, Interest Income Recognized | $0 | $0 | $0 | $0 | ' |
Allowance_for_Credit_Losses_Ad
Allowance for Credit Losses - Additional Information (Detail) (USD $) | 6 Months Ended | |
In Thousands, unless otherwise specified | Jun. 30, 2014 | Dec. 31, 2013 |
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 | $2,441 | $2,143 |
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_Sc
Allowance for Credit Losses - Schedule of Allowance for Loan Losses and Carrying Amount of Loans (Detail) (USD $) | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Dec. 31, 2013 |
Allowance for Loan Losses: | ' | ' | ' | ' | ' |
Beginning balance | $74,338 | ' | $74,198 | $73,901 | $73,901 |
Charge-offs | 7,244 | ' | 12,592 | ' | 21,006 |
Recoveries | 1,680 | ' | 2,489 | ' | 2,036 |
Provision | 6,201 | 4,960 | 10,880 | 10,147 | 19,267 |
Ending balance | 74,975 | ' | 74,975 | ' | 74,198 |
Ending Balance: individually evaluated for impairment | 12,263 | ' | 12,263 | ' | 12,477 |
Ending Balance: collectively evaluated for impairment | 62,712 | ' | 62,712 | ' | 61,721 |
Ending Balance: loans acquired with deteriorated credit quality | 0 | ' | 0 | ' | 0 |
Financing receivables: | ' | ' | ' | ' | ' |
Ending balance | 8,885,808 | ' | 8,885,808 | ' | 6,713,599 |
Ending Balance: individually evaluated for impairment | 75,840 | ' | 75,840 | ' | 81,302 |
Ending Balance: collectively evaluated for impairment | 8,635,848 | ' | 8,635,848 | ' | 6,601,198 |
Ending Balance: loans acquired with deteriorated credit quality | 174,120 | ' | 174,120 | ' | 31,099 |
Owner-Occupied [Member] | ' | ' | ' | ' | ' |
Allowance for Loan Losses: | ' | ' | ' | ' | ' |
Beginning balance | 5,466 | ' | 5,653 | 3,877 | 3,877 |
Charge-offs | 875 | ' | 1,137 | ' | 5,344 |
Recoveries | 1,057 | ' | 1,498 | ' | 150 |
Provision | -1,838 | ' | -2,204 | ' | 6,970 |
Ending balance | 3,810 | ' | 3,810 | ' | 5,653 |
Ending Balance: individually evaluated for impairment | 424 | ' | 424 | ' | 638 |
Ending Balance: collectively evaluated for impairment | 3,386 | ' | 3,386 | ' | 5,015 |
Ending Balance: loans acquired with deteriorated credit quality | 0 | ' | 0 | ' | 0 |
Financing receivables: | ' | ' | ' | ' | ' |
Ending balance | 1,058,533 | ' | 1,058,533 | ' | 654,963 |
Ending Balance: individually evaluated for impairment | 12,798 | ' | 12,798 | ' | 7,157 |
Ending Balance: collectively evaluated for impairment | 1,019,218 | ' | 1,019,218 | ' | 646,548 |
Ending Balance: loans acquired with deteriorated credit quality | 26,517 | ' | 26,517 | ' | 1,258 |
Nonowner-Occupied [Member] | ' | ' | ' | ' | ' |
Allowance for Loan Losses: | ' | ' | ' | ' | ' |
Beginning balance | 8,274 | ' | 8,992 | 12,876 | 12,876 |
Charge-offs | 189 | ' | 837 | ' | 1,164 |
Recoveries | 216 | ' | 234 | ' | 56 |
Provision | -265 | ' | -353 | ' | -2,776 |
Ending balance | 8,036 | ' | 8,036 | ' | 8,992 |
Ending Balance: individually evaluated for impairment | 876 | ' | 876 | ' | 1,631 |
Ending Balance: collectively evaluated for impairment | 7,160 | ' | 7,160 | ' | 7,361 |
Ending Balance: loans acquired with deteriorated credit quality | 0 | ' | 0 | ' | 0 |
Financing receivables: | ' | ' | ' | ' | ' |
Ending balance | 2,694,148 | ' | 2,694,148 | ' | 1,917,785 |
Ending Balance: individually evaluated for impairment | 11,434 | ' | 11,434 | ' | 13,913 |
Ending Balance: collectively evaluated for impairment | 2,624,210 | ' | 2,624,210 | ' | 1,894,421 |
Ending Balance: loans acquired with deteriorated credit quality | 58,504 | ' | 58,504 | ' | 9,451 |
Other Commercial [Member] | ' | ' | ' | ' | ' |
Allowance for Loan Losses: | ' | ' | ' | ' | ' |
Beginning balance | 23,988 | ' | 20,917 | 20,511 | 20,511 |
Charge-offs | 901 | ' | 2,091 | ' | 7,699 |
Recoveries | 48 | ' | 117 | ' | 641 |
Provision | 3,643 | ' | 7,835 | ' | 7,464 |
Ending balance | 26,778 | ' | 26,778 | ' | 20,917 |
Ending Balance: individually evaluated for impairment | 3,702 | ' | 3,702 | ' | 2,192 |
Ending Balance: collectively evaluated for impairment | 23,076 | ' | 23,076 | ' | 18,725 |
Ending Balance: loans acquired with deteriorated credit quality | 0 | ' | 0 | ' | 0 |
Financing receivables: | ' | ' | ' | ' | ' |
Ending balance | 1,596,130 | ' | 1,596,130 | ' | 1,338,355 |
Ending Balance: individually evaluated for impairment | 19,493 | ' | 19,493 | ' | 22,327 |
Ending Balance: collectively evaluated for impairment | 1,563,608 | ' | 1,563,608 | ' | 1,314,543 |
Ending Balance: loans acquired with deteriorated credit quality | 13,029 | ' | 13,029 | ' | 1,485 |
Residential Real Estate [Member] | ' | ' | ' | ' | ' |
Allowance for Loan Losses: | ' | ' | ' | ' | ' |
Beginning balance | 15,884 | ' | 16,694 | 14,895 | 14,895 |
Charge-offs | 1,293 | ' | 2,592 | ' | 4,111 |
Recoveries | 140 | ' | 264 | ' | 698 |
Provision | 54 | ' | 419 | ' | 5,212 |
Ending balance | 14,785 | ' | 14,785 | ' | 16,694 |
Ending Balance: individually evaluated for impairment | 3,273 | ' | 3,273 | ' | 4,112 |
Ending Balance: collectively evaluated for impairment | 11,512 | ' | 11,512 | ' | 12,582 |
Ending Balance: loans acquired with deteriorated credit quality | 0 | ' | 0 | ' | 0 |
Financing receivables: | ' | ' | ' | ' | ' |
Ending balance | 2,204,879 | ' | 2,204,879 | ' | 1,821,378 |
Ending Balance: individually evaluated for impairment | 15,570 | ' | 15,570 | ' | 16,160 |
Ending Balance: collectively evaluated for impairment | 2,167,613 | ' | 2,167,613 | ' | 1,802,686 |
Ending Balance: loans acquired with deteriorated credit quality | 21,696 | ' | 21,696 | ' | 2,532 |
Construction & Land Development [Member] | ' | ' | ' | ' | ' |
Allowance for Loan Losses: | ' | ' | ' | ' | ' |
Beginning balance | 17,584 | ' | 18,953 | 18,858 | 18,858 |
Charge-offs | 3,300 | ' | 4,683 | ' | 896 |
Recoveries | 74 | ' | 124 | ' | 73 |
Provision | 3,962 | ' | 3,926 | ' | 918 |
Ending balance | 18,320 | ' | 18,320 | ' | 18,953 |
Ending Balance: individually evaluated for impairment | 3,836 | ' | 3,836 | ' | 3,752 |
Ending Balance: collectively evaluated for impairment | 14,484 | ' | 14,484 | ' | 15,201 |
Ending Balance: loans acquired with deteriorated credit quality | 0 | ' | 0 | ' | 0 |
Financing receivables: | ' | ' | ' | ' | ' |
Ending balance | 991,503 | ' | 991,503 | ' | 670,364 |
Ending Balance: individually evaluated for impairment | 16,393 | ' | 16,393 | ' | 21,593 |
Ending Balance: collectively evaluated for impairment | 920,804 | ' | 920,804 | ' | 632,407 |
Ending Balance: loans acquired with deteriorated credit quality | 54,306 | ' | 54,306 | ' | 16,364 |
Consumer [Member] | ' | ' | ' | ' | ' |
Allowance for Loan Losses: | ' | ' | ' | ' | ' |
Beginning balance | 2,896 | ' | 2,945 | 2,620 | 2,620 |
Charge-offs | 686 | ' | 1,252 | ' | 1,792 |
Recoveries | 145 | ' | 252 | ' | 418 |
Provision | 791 | ' | 1,201 | ' | 1,699 |
Ending balance | 3,146 | ' | 3,146 | ' | 2,945 |
Ending Balance: individually evaluated for impairment | 152 | ' | 152 | ' | 152 |
Ending Balance: collectively evaluated for impairment | 2,994 | ' | 2,994 | ' | 2,793 |
Ending Balance: loans acquired with deteriorated credit quality | 0 | ' | 0 | ' | 0 |
Financing receivables: | ' | ' | ' | ' | ' |
Ending balance | 340,615 | ' | 340,615 | ' | 310,754 |
Ending Balance: individually evaluated for impairment | 152 | ' | 152 | ' | 152 |
Ending Balance: collectively evaluated for impairment | 340,395 | ' | 340,395 | ' | 310,593 |
Ending Balance: loans acquired with deteriorated credit quality | 68 | ' | 68 | ' | 9 |
Allowance for Estimated Imprecision [Member] | ' | ' | ' | ' | ' |
Allowance for Loan Losses: | ' | ' | ' | ' | ' |
Beginning balance | 246 | ' | 44 | 264 | 264 |
Charge-offs | 0 | ' | 0 | ' | 0 |
Recoveries | 0 | ' | 0 | ' | 0 |
Provision | -146 | ' | 56 | ' | -220 |
Ending balance | 100 | ' | 100 | ' | 44 |
Ending Balance: individually evaluated for impairment | 0 | ' | 0 | ' | 0 |
Ending Balance: collectively evaluated for impairment | 100 | ' | 100 | ' | 44 |
Ending Balance: loans acquired with deteriorated credit quality | 0 | ' | 0 | ' | 0 |
Financing receivables: | ' | ' | ' | ' | ' |
Ending balance | 0 | ' | 0 | ' | 0 |
Ending Balance: individually evaluated for impairment | 0 | ' | 0 | ' | 0 |
Ending Balance: collectively evaluated for impairment | 0 | ' | 0 | ' | 0 |
Ending Balance: loans acquired with deteriorated credit quality | $0 | ' | $0 | ' | $0 |
Intangible_Assets_Summary_of_I
Intangible Assets - Summary of Intangible Assets (Detail) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Goodwill not subject to amortization | $710,165 | $375,547 |
Core Deposit Intangible Assets [Member] | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Gross Carrying Amount | 60,577 | 43,434 |
Accumulated Amortization | -37,209 | -35,296 |
Net Carrying Amount | $23,368 | $8,138 |
Intangible_Assets_Additional_I
Intangible Assets - Additional Information (Detail) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Intangible Liability Disclosure [Abstract] | ' | ' | ' | ' |
Amortization expense | $1,104 | $506 | $1,913 | $1,040 |
Intangible_Assets_Schedule_of_
Intangible Assets - Schedule of Anticipated Amortization Expense (Detail) (USD $) | Jun. 30, 2014 |
In Thousands, unless otherwise specified | |
Goodwill And Intangible Assets Disclosure [Abstract] | ' |
2014 | $4,133 |
2015 | 3,383 |
2016 | 2,943 |
2017 | 2,730 |
2018 and thereafter | $12,092 |
ShortTerm_Borrowings_Additiona
Short-Term Borrowings - Additional Information (Detail) (USD $) | 6 Months Ended | |
In Thousands, unless otherwise specified | Jun. 30, 2014 | Dec. 31, 2013 |
Short-term Debt [Line Items] | ' | ' |
Unused lines of credit | $234,000 | ' |
Federal funds purchased | 16,700 | 27,685 |
Repurchase agreements | 466,480 | ' |
Wholesale REPO | 53,083 | ' |
Maturity date of wholesale REPO | '2018-07 | ' |
Unrelated Financial Institution [Member] | ' | ' |
Short-term Debt [Line Items] | ' | ' |
Unused lines of credit | 10,000 | ' |
Renewal period of line of credit | '360 days | ' |
Amount of outstanding balance under line of credit | $0 | ' |
LongTerm_Borrowings_Additional
Long-Term Borrowings - Additional Information (Detail) (USD $) | 6 Months Ended | |||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Jan. 31, 2014 |
Trust | Virginia Commerce Bancorp, Inc. [Member] | Virginia Commerce Bancorp, Inc. [Member] | ||
Trust | ||||
Debt Instrument [Line Items] | ' | ' | ' | ' |
Unused borrowing amount | $2,272,863 | ' | ' | ' |
FHLB advances | 861,337 | 592,069 | ' | ' |
FHLB advances, weighted-average interest rate | 0.47% | ' | ' | ' |
FHLB advances, maximum maturity period | '5 years | ' | ' | ' |
Overnight funds | 705,883 | ' | ' | ' |
Number of statutory business trusts | 15 | ' | 3 | ' |
Outstanding balances of Debentures | $249,641 | $198,628 | ' | $50,635 |
Maximum time to defer payment of interest on subordinate debt | '5 years | ' | ' | ' |
LongTerm_Borrowings_Schedule_o
Long-Term Borrowings - Schedule of Maturities of FHLB Borrowings (Detail) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Federal Home Loan Bank Advances Maturities Summary [Abstract] | ' | ' |
2014 | $705,883 | ' |
2015 | 104,434 | ' |
2016 | 663 | ' |
2017 | 357 | ' |
2018 and thereafter | 50,000 | ' |
Total | $861,337 | $592,069 |
Commitments_and_Contingent_Lia1
Commitments and Contingent Liabilities - Additional Information (Detail) (USD $) | 6 Months Ended | |
In Thousands, unless otherwise specified | Jun. 30, 2014 | Dec. 31, 2013 |
Loss Contingencies [Line Items] | ' | ' |
Loan commitments outstanding | $2,474,381 | $1,895,682 |
Loan commitments expiry period | '1 year | ' |
Commercial Letters of Credit [Member] | ' | ' |
Loss Contingencies [Line Items] | ' | ' |
Letters of credit issued | 0 | 0 |
Standby Letters of Credit [Member] | ' | ' |
Loss Contingencies [Line Items] | ' | ' |
Letters of credit issued | $163,831 | $114,664 |
Derivative_Financial_Instrumen2
Derivative Financial Instruments - Schedule of Derivative Instruments (Detail) (USD $) | 6 Months Ended |
In Thousands, unless otherwise specified | Jun. 30, 2014 |
Derivative Instruments, Gain (Loss) [Line Items] | ' |
Total Derivatives Used for Interest Rate Risk Management and Designated as Hedges | $41,155 |
Average Pay Rate | 5.07% |
Fair Value Hedging [Member] | Interest Rate Contracts [Member] | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' |
Notional Amount, Pay Fixed Swap (Hedging Commercial Loans) | 41,155 |
Cash Flow Hedging [Member] | Interest Rate Contracts [Member] | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' |
Notional Amount, Pay Fixed Swap (Hedging Commercial Loans) | $41,155 |
Derivative_Financial_Instrumen3
Derivative Financial Instruments - Schedule of Fair Value Derivative Financial Instruments (Detail) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Derivative [Line Items] | ' | ' |
Derivatives designated as hedging instruments | $662 | $2,179 |
Derivatives not designated as hedging instruments | 772 | 1,045 |
Total asset derivatives | 1,434 | 3,224 |
Derivatives designated as hedging instruments | 80 | 149 |
Derivatives not designated as hedging instruments | 772 | 1,045 |
Total liability derivatives | 852 | 1,194 |
Interest Rate Contracts [Member] | Other Assets [Member] | ' | ' |
Derivative [Line Items] | ' | ' |
Derivatives designated as hedging instruments | 662 | 2,179 |
Derivatives not designated as hedging instruments | 772 | 1,045 |
Interest Rate Contracts [Member] | Other Liabilities [Member] | ' | ' |
Derivative [Line Items] | ' | ' |
Derivatives designated as hedging instruments | 80 | 149 |
Derivatives not designated as hedging instruments | $772 | $1,045 |
Derivative_Financial_Instrumen4
Derivative Financial Instruments - Schedule of Derivative Financial Instruments on Statement of Income (Detail) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Interest Rate Contracts [Member] | ' | ' | ' | ' |
Derivative [Line Items] | ' | ' | ' | ' |
Derivatives in fair value hedging relationships | ($273) | ($64) | ($524) | ($244) |
Interest Income/ (Expense) [Member] | ' | ' | ' | ' |
Derivative [Line Items] | ' | ' | ' | ' |
Derivatives in fair value hedging relationships | -273 | -64 | -524 | -244 |
Interest Income/ (Expense) [Member] | Interest Rate Contracts [Member] | ' | ' | ' | ' |
Derivative [Line Items] | ' | ' | ' | ' |
Derivatives in fair value hedging relationships | -273 | -64 | -524 | -244 |
Other Income [Member] | Interest Rate Contracts [Member] | ' | ' | ' | ' |
Derivative [Line Items] | ' | ' | ' | ' |
Derivative instruments not designated as hedging instruments, gain | 141 | 502 | 273 | 963 |
Other Expense [Member] | Interest Rate Contracts [Member] | ' | ' | ' | ' |
Derivative [Line Items] | ' | ' | ' | ' |
Derivative instruments not designated as hedging instruments, loss | -141 | -502 | -273 | -963 |
Other Income/ (Expense) [Member] | Interest Rate Contracts [Member] | ' | ' | ' | ' |
Derivative [Line Items] | ' | ' | ' | ' |
Derivative instruments not designated as hedging instruments, net | $0 | $0 | $0 | $0 |
Fair_Value_Measurements_Additi
Fair Value Measurements - Additional Information (Detail) (USD $) | 3 Months Ended | 6 Months Ended |
Jun. 30, 2014 | Jun. 30, 2014 | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Discount rates utilized, minimum | 3.50% | 3.50% |
Discount rates utilized, maximum | 16.00% | 16.00% |
Amount of decrease in fair value of securities | ' | $8,600,000 |
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 | ' | 18.00% |
Increase in discount rates, basis point | 200 | 200 |
Fair_Value_Measurements_Schedu
Fair Value Measurements - Schedule of Financial Assets and Liabilities Measured at Fair Value (Detail) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Available for sale equity securities | $3,732 | $3,870 |
Total available for sale securities | 1,137,024 | 775,284 |
Derivative financial assets | 1,434 | 3,224 |
Derivative financial liabilities | 852 | 1,194 |
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 | 115,663 | 171,754 |
State and Political Subdivisions [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Total available for sale securities | 141,643 | 62,709 |
Residential Mortgage-Backed Securities, Agency [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Total available for sale securities | 525,597 | 216,464 |
Residential Mortgage-Backed Securities, Non-agency [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Total available for sale securities | 15,498 | 16,532 |
Asset-Backed Securities [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Total available for sale securities | 8,064 | 9,227 |
Commercial Mortgage-Backed Securities, Agency [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Total available for sale securities | 262,576 | 233,432 |
Trust Preferred Collateralized Debt Obligations [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Total available for sale securities | 46,820 | 43,449 |
Single Issue Trust Preferred Securities [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Total available for sale securities | 12,239 | 12,632 |
Other Corporate Securities [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Total available for sale securities | 5,192 | 5,215 |
Fair Value, Measurements, Recurring [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Available for sale debt securities | 1,133,292 | 771,414 |
Available for sale equity securities | 3,732 | 3,870 |
Total available for sale securities | 1,137,024 | 775,284 |
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 | 115,663 | 171,754 |
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 | 141,643 | 62,709 |
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 | 525,597 | 216,464 |
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 | 15,498 | 16,532 |
Fair Value, Measurements, Recurring [Member] | Asset-Backed Securities [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Available for sale debt securities | 8,064 | 9,227 |
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 | 262,576 | 233,432 |
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 | 46,820 | 43,449 |
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 | 12,239 | 12,632 |
Fair Value, Measurements, Recurring [Member] | Other Corporate Securities [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Available for sale debt securities | 5,192 | 5,215 |
Fair Value, Measurements, Recurring [Member] | Financial Services Industry [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Available for sale equity securities | 2,065 | 2,292 |
Fair Value, Measurements, Recurring [Member] | Equity Mutual Funds [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Available for sale equity securities | 474 | 434 |
Fair Value, Measurements, Recurring [Member] | Other Equity Securities [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Available for sale equity securities | 1,193 | 1,144 |
Fair Value, Measurements, Recurring [Member] | Interest Rate Contracts [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Derivative financial assets | 1,434 | 3,224 |
Derivative financial liabilities | 852 | 1,194 |
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 | 2,370 | 2,796 |
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 | 0 | 502 |
Available for sale equity securities | 2,370 | 2,294 |
Total available for sale securities | 2,370 | 2,796 |
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] | Commercial 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] | 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 | 0 | 502 |
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 | 703 | 716 |
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 | 474 | 434 |
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 | 1,193 | 1,144 |
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 |
Significant Other Observable Inputs (Level 2) [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Total available for sale securities | 1,087,834 | 729,039 |
Derivative financial assets | 1,434 | 3,224 |
Derivative financial liabilities | 852 | 1,194 |
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 | 1,086,472 | 727,463 |
Available for sale equity securities | 1,362 | 1,576 |
Total available for sale securities | 1,087,834 | 729,039 |
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 | 115,663 | 171,754 |
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 | 141,643 | 62,709 |
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 | 525,597 | 216,464 |
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 | 15,498 | 16,532 |
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 | 8,064 | 9,227 |
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 | 262,576 | 233,432 |
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 | 12,239 | 12,130 |
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 | 5,192 | 5,215 |
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 | 1,362 | 1,576 |
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 | 1,434 | 3,224 |
Derivative financial liabilities | 852 | 1,194 |
Significant Unobservable Inputs (Level 3) [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Total available for sale securities | 46,820 | 43,449 |
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 | 46,820 | 43,449 |
Available for sale equity securities | 0 | 0 |
Total available for sale securities | 46,820 | 43,449 |
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] | Commercial 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] | Trust Preferred Collateralized Debt Obligations [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Available for sale debt securities | 46,820 | 43,449 |
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 |
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 $) | 6 Months Ended | 12 Months Ended |
In Thousands, unless otherwise specified | Jun. 30, 2014 | Dec. 31, 2013 |
Trust Preferred Collateralized Debt Obligations [Member] | Fair Value, Measurements, Recurring [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Balance, beginning of period | $43,449 | $40,613 |
Included in earnings (or changes in net assets) | -1,120 | -6,456 |
Included in other comprehensive income | 6,816 | 14,520 |
Purchases, issuances, and settlements | -2,325 | -5,228 |
Transfers in and/or out of Level 3 | 0 | 0 |
Balance, ending of period | 46,820 | 43,449 |
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 $) | 6 Months Ended | 12 Months Ended |
In Thousands, unless otherwise specified | Jun. 30, 2014 | Dec. 31, 2013 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
YTD Losses, Impaired Loans | $1,538 | $1,886 |
YTD Losses, OREO | 1,753 | 2,548 |
Impaired Loans | 38,874 | 45,883 |
OREO | 43,232 | 38,182 |
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 | 14,625 | 13,081 |
OREO | 43,232 | 38,107 |
Significant Unobservable Inputs (Level 3) [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Impaired Loans | 24,249 | 32,802 |
OREO | $0 | $75 |
Fair_Value_Measurements_Summar1
Fair Value Measurements - Summary of Estimated Fair Values of Financial Instruments (Detail) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Cash and cash equivalents | $715,376 | $416,617 |
Securities available for sale | 1,137,024 | 775,284 |
Securities held to maturity | 40,717 | 40,965 |
Other securities | 104,302 | 73,093 |
Loans held for sale | 9,466 | 4,236 |
Loans | 8,872,435 | 6,704,583 |
Derivative financial assets | 1,434 | 3,224 |
Deposits | 8,746,147 | 6,621,571 |
Derivative financial liabilities | 852 | 1,194 |
Carrying Amount [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Cash and cash equivalents | 715,376 | 416,617 |
Securities available for sale | 1,137,024 | 775,284 |
Securities held to maturity | 40,717 | 40,965 |
Other securities | 104,302 | 73,093 |
Loans held for sale | 9,466 | 4,236 |
Loans | 8,797,460 | 6,630,385 |
Derivative financial assets | 1,434 | 3,224 |
Deposits | 8,746,147 | 6,621,571 |
Short-term borrowings | 535,097 | 430,754 |
Long-term borrowings | 1,059,061 | 575,697 |
Derivative financial liabilities | 852 | 1,194 |
Fair Value [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Cash and cash equivalents | 715,376 | 416,617 |
Securities available for sale | 1,137,024 | 775,284 |
Securities held to maturity | 38,870 | 38,293 |
Other securities | 99,086 | 70,072 |
Loans held for sale | 9,466 | 4,236 |
Loans | 8,928,709 | 6,657,376 |
Derivative financial assets | 1,434 | 3,224 |
Deposits | 8,758,654 | 6,641,070 |
Short-term borrowings | 535,097 | 430,754 |
Long-term borrowings | 1,057,187 | 553,796 |
Derivative financial liabilities | 852 | 1,194 |
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 | 2,370 | 2,796 |
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 | 715,376 | 416,617 |
Securities available for sale | 1,087,834 | 729,039 |
Securities held to maturity | 36,350 | 35,773 |
Other securities | 0 | 0 |
Loans held for sale | 9,466 | 4,236 |
Loans | 0 | 0 |
Derivative financial assets | 1,434 | 3,224 |
Deposits | 8,758,654 | 6,641,070 |
Short-term borrowings | 535,097 | 430,754 |
Long-term borrowings | 1,057,187 | 553,796 |
Derivative financial liabilities | 852 | 1,194 |
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 | 46,820 | 43,449 |
Securities held to maturity | 2,520 | 2,520 |
Other securities | 99,086 | 70,072 |
Loans held for sale | 0 | 0 |
Loans | 8,928,709 | 6,657,376 |
Derivative financial assets | 0 | 0 |
Deposits | 0 | 0 |
Short-term borrowings | 0 | 0 |
Long-term borrowings | 0 | 0 |
Derivative financial liabilities | $0 | $0 |
Stock_Based_Compensation_Addit
Stock Based Compensation - Additional Information (Detail) (USD $) | 0 Months Ended | 3 Months Ended | 6 Months Ended | |||
In Thousands, except Share data, unless otherwise specified | 16-May-11 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | 16-May-11 |
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 | ' | $670 | $471 | $1,160 | $855 | ' |
Number of share avaliable for grant for prior plans | ' | 0 | ' | 0 | ' | ' |
Maximum term for awards granted (years) | ' | ' | ' | '10 years | ' | ' |
Shares issued related stock option exercises | ' | ' | ' | 334,662 | 30,350 | ' |
Total intrinsic value of options exercised | ' | ' | ' | $3,757 | $118 | ' |
Restricted Stock [Member] | ' | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | ' | ' |
Shares, Granted | ' | ' | ' | 66,949 | ' | ' |
Vesting period | ' | ' | ' | '4 years | ' | ' |
Non-qualified Stock Options [Member] | ' | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | ' | ' |
Shares, Granted | ' | ' | ' | 204,800 | ' | ' |
Stock_Based_Compensation_Summa
Stock Based Compensation - Summary of Stock Option Plans (Detail) (USD $) | 6 Months Ended | |
In Thousands, except Share data, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 |
Schedule Of Stock Options [Line Items] | ' | ' |
Shares, Outstanding, Beginning balance | 1,447,997 | ' |
Shares, Granted | 204,800 | ' |
Shares, Exercised | -334,662 | -30,350 |
Shares, Forfeited or expired | -46,591 | ' |
Shares, Outstanding, Ending balance | 1,712,357 | ' |
Shares, Exercisable at June 30, 2014 | 1,308,430 | ' |
Aggregate Intrinsic Value, Outstanding at June 30, 2014 | $7,782 | ' |
Aggregate Intrinsic Value, Exercisable at June 30, 2014 | $6,092 | ' |
Weighted Average Remaining Contractual Term, Outstanding at June 30, 2014 | '5 years 3 months 18 days | ' |
Weighted Average Remaining Contractual Term, Exercisable at June 30, 2014 | '4 years 2 months 12 days | ' |
Weighted Average Exercise Price, Outstanding, Beginning balance | $29.33 | ' |
Weighted Average Exercise Price, Granted | $28.89 | ' |
Weighted Average Exercise Price, Exercised | $18.80 | ' |
Weighted Average Exercise Price, Forfeited or expired | $30.33 | ' |
Weighted Average Exercise Price, Outstanding, Ending balance | $28.79 | ' |
Weighted Average Exercise Price, Exercisable | $28.99 | ' |
Virginia Commerce Bancorp, Inc. [Member] | ' | ' |
Schedule Of Stock Options [Line Items] | ' | ' |
Assumed in Virginia Commerce merger | 440,813 | ' |
Weighted Average Exercise Price, Exercisable | $19.55 | ' |
Stock_Based_Compensation_Statu
Stock Based Compensation - Status of United's Nonvested Stock Option Awards (Detail) (USD $) | 6 Months Ended |
Jun. 30, 2014 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | ' |
Shares, Nonvested, Beginning balance | 589,197 |
Shares, Granted | 204,800 |
Shares, Vested | -382,225 |
Shares, Forfeited or expired | -7,845 |
Shares, Nonvested, Ending balance | 403,927 |
Weighted-Average Grant Date Fair Value Per Share, Nonvested Beginning balance | $7.01 |
Weighted-Average Grant Date Fair Value Per Share, Granted | $6.42 |
Weighted-Average Grant Date Fair Value Per Share, Vested | $7.46 |
Weighted-Average Grant Date Fair Value Per Share, Forfeited or expired | $6.52 |
Weighted-Average Grant Date Fair Value Per Share, Nonvested Ending balance | $6.29 |
Stock_Based_Compensation_Chang
Stock Based Compensation - Changes to United's Restricted Common Shares (Detail) (USD $) | 6 Months Ended |
Jun. 30, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Assumed in Virginia Commerce merger | $6.42 |
Virginia Commerce Bancorp, Inc. [Member] | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Assumed in Virginia Commerce merger | 440,813 |
Restricted Stock [Member] | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Number of Shares, Outstanding, Beginning balance | 85,497 |
Shares, Granted | 66,949 |
Shares, Vested | -57,204 |
Shares, Forfeited | -1,865 |
Number of Shares, Outstanding, Ending balance | 127,915 |
Weighted-Average Grant Date Fair Value Per Share, Outstanding, Beginning balance | $27.53 |
Weighted-Average Grant Date Fair Value Per Share, Granted | $28.89 |
Weighted-Average Grant Date Fair Value Per Share, Vested | $28.83 |
Weighted-Average Grant Date Fair Value Per Share, Forfeited | $28.11 |
Weighted-Average Grant Date Fair Value Per Share, Outstanding, Ending balance | $28.29 |
Restricted Stock [Member] | Virginia Commerce Bancorp, Inc. [Member] | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Assumed in Virginia Commerce merger | 34,538 |
Assumed in Virginia Commerce merger | $29.89 |
Employee_Benefit_Plans_Additio
Employee Benefit Plans - Additional Information (Detail) (USD $) | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Dec. 31, 2013 |
Compensation And Retirement Disclosure [Abstract] | ' | ' | ' | ' | ' |
Unrecognized prior service costs, before tax | ' | ' | ' | ' | $2 |
Unrecognized prior service costs, net of tax | ' | ' | ' | ' | 1 |
Unrecognized actuarial losses, before tax | ' | ' | ' | ' | 31,151 |
Unrecognized actuarial losses, net of tax | ' | ' | ' | ' | 20,248 |
Amortization of transition asset, before tax, expected for fiscal year ended December 31, 2014 | 0 | 0 | 0 | 0 | 1 |
Amortization of transition asset, net of tax, expected for fiscal year ended December 31, 2014 | ' | ' | ' | ' | 1 |
Amortization of actuarial losses, before tax, expected for fiscal year ended December 31, 2014 | ' | ' | ' | ' | 4,821 |
Amortization of actuarial losses, net of tax, expected for fiscal year ended December 31, 2014 | ' | ' | ' | ' | $3,134 |
Employee_Benefit_Plans_Net_Per
Employee Benefit Plans - Net Periodic Pension Cost (Detail) (USD $) | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Dec. 31, 2013 |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ' | ' |
Service cost | $574 | $768 | $1,141 | $1,527 | ' |
Interest cost | 1,346 | 1,222 | 2,678 | 2,430 | ' |
Expected return on plan assets | -2,269 | -2,074 | -4,513 | -4,126 | ' |
Amortization of transition asset | 0 | 0 | 0 | 0 | 1 |
Recognized net actuarial loss | 486 | 1,172 | 967 | 2,331 | ' |
Amortization of prior service cost | 0 | 0 | 0 | 0 | ' |
Net periodic pension (benefit) cost | $137 | $1,088 | $273 | $2,162 | ' |
Weighted-Average Assumptions: | ' | ' | ' | ' | ' |
Discount rate | 5.20% | 4.40% | 5.20% | 4.40% | ' |
Expected return on assets | 7.50% | 8.00% | 7.50% | 8.00% | ' |
Rate of compensation increase | 3.00% | 2.75% | 3.00% | 2.75% | ' |
Prior to Age 45 [Member] | ' | ' | ' | ' | ' |
Weighted-Average Assumptions: | ' | ' | ' | ' | ' |
Rate of compensation increase | 3.50% | 3.75% | 3.50% | 3.75% | ' |
Income_Taxes_Additional_Inform
Income Taxes - Additional Information (Detail) (USD $) | 6 Months Ended | |
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 |
Income Tax Disclosure [Abstract] | ' | ' |
Liability of unrecognized tax benefits | $2,848 | ' |
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 | $512 | $398 |
Comprehensive_Income_Component
Comprehensive Income - Components of Total Comprehensive Income (Detail) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Comprehensive Income Net Of Tax [Abstract] | ' | ' | ' | ' |
Net Income | $33,247 | $22,219 | $63,371 | $43,798 |
Available for sale ("AFS") securities: | ' | ' | ' | ' |
AFS securities with OTTI charges during the period | -421 | -137 | -1,060 | -1,172 |
Related income tax effect | 147 | 48 | 371 | 410 |
Less : OTTI charges recognized in net income | 421 | 137 | 1,060 | 971 |
Related income tax benefit | -147 | -48 | -371 | -340 |
Reclassification of previous noncredit OTTI to credit OTTI | 421 | 0 | 2,106 | 1,458 |
Related income tax benefit | -147 | 0 | -737 | -510 |
Net unrealized (losses) gains on AFS securities with OTTI | 274 | 0 | 1,369 | 817 |
AFS securities - all other: | ' | ' | ' | ' |
Change in net unrealized gain on AFS securities arising during the period | 12,526 | -3,642 | 24,581 | -3,600 |
Related income tax effect | -4,385 | 1,275 | -8,604 | 1,260 |
Net reclassification adjustment for (gains) losses included in net income | -1 | -235 | -825 | -375 |
Related income tax expense (benefit) | 1 | 82 | 289 | 131 |
Total AFS securities - all other | 8,141 | -2,520 | 15,441 | -2,584 |
Net effect of AFS securities on other comprehensive income | 8,415 | -2,520 | 16,810 | -1,767 |
Held to maturity ("HTM") securities: | ' | ' | ' | ' |
Accretion on the unrealized loss for securities transferred from AFS to the HTM investment portfolio prior to call or maturity | 3 | 2 | 4 | 4 |
Related income tax expense | -2 | -1 | -2 | -2 |
Net effect of HTM securities on other comprehensive income | 1 | 1 | 2 | 2 |
Pension plan: | ' | ' | ' | ' |
Recognized net actuarial loss | 486 | 1,172 | 967 | 2,331 |
Related income tax benefit | -176 | -430 | -348 | -848 |
Net effect of change in pension plan asset on other comprehensive income | 310 | 742 | 619 | 1,483 |
Total change in other comprehensive income | 8,726 | -1,777 | 17,431 | -282 |
Comprehensive income, net of tax | $41,973 | $20,442 | $80,802 | $43,516 |
Comprehensive_Income_Component1
Comprehensive Income - Components of Accumulated Other Comprehensive Income (Detail) (USD $) | 6 Months Ended |
In Thousands, unless otherwise specified | Jun. 30, 2014 |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' |
Balance at January 1, 2014 | ($43,047) |
Other comprehensive income before reclassification | 15,979 |
Amounts reclassified from accumulated other comprehensive income | 1,452 |
Net current-period other comprehensive income, net of tax | 17,431 |
Balance at June 30, 2014 | -25,616 |
Unrealized Gains/Losses on AFS Securities [Member] | ' |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' |
Balance at January 1, 2014 | -23,235 |
Other comprehensive income before reclassification | 15,977 |
Amounts reclassified from accumulated other comprehensive income | 833 |
Net current-period other comprehensive income, net of tax | 16,810 |
Balance at June 30, 2014 | -6,425 |
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, 2014 | -67 |
Other comprehensive income before reclassification | 2 |
Amounts reclassified from accumulated other comprehensive income | 0 |
Net current-period other comprehensive income, net of tax | 2 |
Balance at June 30, 2014 | -65 |
Defined Benefit Pension Items [Member] | ' |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' |
Balance at January 1, 2014 | -19,745 |
Other comprehensive income before reclassification | 0 |
Amounts reclassified from accumulated other comprehensive income | 619 |
Net current-period other comprehensive income, net of tax | 619 |
Balance at June 30, 2014 | ($19,126) |
Comprehensive_Income_Reclassif
Comprehensive Income - Reclassifications Out of Accumulated Other Comprehensive Income (Detail) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Available for sale ("AFS") securities: | ' | ' | ' | ' |
Reclassification of previous noncredit OTTI to credit OTTI | $421 | $0 | $2,106 | $1,458 |
Net reclassification adjustment for losses (gains) included in net income | ' | ' | -825 | ' |
Total before tax | ' | ' | 1,281 | ' |
Related income tax effect | ' | ' | -448 | ' |
Net of tax | ' | ' | 833 | ' |
Pension plan: | ' | ' | ' | ' |
Recognized net actuarial loss | ' | ' | 967 | ' |
Total before tax | ' | ' | 967 | ' |
Related income tax effect | ' | ' | -348 | ' |
Net of tax | 310 | 742 | 619 | 1,483 |
Total reclassifications for the period | ' | ' | $1,452 | ' |
Earnings_Per_Share_Reconciliat
Earnings Per Share - Reconciliation of Numerator and Denominator of Basic Earnings Per Share with that of Diluted Earnings Per Share (Detail) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Earnings Per Share [Abstract] | ' | ' | ' | ' |
Distributed earnings allocated to common stock | $22,124 | $15,586 | $44,160 | $31,163 |
Undistributed earnings allocated to common stock | 11,065 | 6,598 | 19,093 | 12,567 |
Net earnings allocated to common shareholders | $33,189 | $22,184 | $63,253 | $43,730 |
Average common shares outstanding | 68,956,123 | 50,345,733 | 65,713,854 | 50,322,783 |
Equivalents from stock options | 197,909 | 56,461 | 235,601 | 59,387 |
Average diluted shares outstanding | 69,154,032 | 50,402,194 | 65,949,455 | 50,382,170 |
Earnings per basic common share | $0.48 | $0.44 | $0.96 | $0.87 |
Earnings per diluted common share | $0.48 | $0.44 | $0.96 | $0.87 |
Variable_Interest_Entities_Add
Variable Interest Entities - Additional Information (Detail) | 6 Months Ended |
Jun. 30, 2014 | |
Trust | |
Variable Interest Entity Not Primary Beneficiary Disclosures [Abstract] | ' |
Number of statutory business trust sponsored | 15 |
Percentage of equity shares of each trust owned by the company | 100.00% |
Variable_Interest_Entities_Inf
Variable Interest Entities - Information Related to Statutory Trusts (Detail) (USD $) | 6 Months Ended |
In Thousands, unless otherwise specified | Jun. 30, 2014 |
Century Trust [Member] | ' |
Variable Interest Entity [Line Items] | ' |
Issuance Date | 23-Mar-00 |
Amount of Capital Securities Issued | $8,800 |
Interest Rate | '10.875% Fixed |
Maturity Date | 8-Mar-30 |
Sequoia Trust I [Member] | ' |
Variable Interest Entity [Line Items] | ' |
Issuance Date | 28-Mar-01 |
Amount of Capital Securities Issued | 2,000 |
Interest Rate | '10.18% Fixed |
Maturity Date | 8-Jun-31 |
United Statutory Trust III [Member] | ' |
Variable Interest Entity [Line Items] | ' |
Issuance Date | 17-Dec-03 |
Amount of Capital Securities Issued | 20,000 |
Interest Rate | '3-month LIBOR + 2.85% |
Maturity Date | 17-Dec-33 |
United Statutory Trust IV [Member] | ' |
Variable Interest Entity [Line Items] | ' |
Issuance Date | 19-Dec-03 |
Amount of Capital Securities Issued | 25,000 |
Interest Rate | '3-month LIBOR + 2.85% |
Maturity Date | 23-Jan-34 |
United Statutory Trust V [Member] | ' |
Variable Interest Entity [Line Items] | ' |
Issuance Date | 12-Jul-07 |
Amount of Capital Securities Issued | 50,000 |
Interest Rate | '3-month LIBOR + 1.55% |
Maturity Date | 1-Oct-37 |
United Statutory Trust VI [Member] | ' |
Variable Interest Entity [Line Items] | ' |
Issuance Date | 20-Sep-07 |
Amount of Capital Securities Issued | 30,000 |
Interest Rate | '3-month LIBOR + 1.30% |
Maturity Date | 15-Dec-37 |
Premier Statutory Trust II [Member] | ' |
Variable Interest Entity [Line Items] | ' |
Issuance Date | 25-Sep-03 |
Amount of Capital Securities Issued | 6,000 |
Interest Rate | '3-month LIBOR + 3.10% |
Maturity Date | 8-Oct-33 |
Premier Statutory Trust III [Member] | ' |
Variable Interest Entity [Line Items] | ' |
Issuance Date | 16-May-05 |
Amount of Capital Securities Issued | 8,000 |
Interest Rate | '3-month LIBOR + 1.74% |
Maturity Date | 15-Jun-35 |
Premier Statutory Trust IV [Member] | ' |
Variable Interest Entity [Line Items] | ' |
Issuance Date | 20-Jun-06 |
Amount of Capital Securities Issued | 14,000 |
Interest Rate | '3-month LIBOR + 1.55% |
Maturity Date | 23-Sep-36 |
Premier Statutory Trust V [Member] | ' |
Variable Interest Entity [Line Items] | ' |
Issuance Date | 14-Dec-06 |
Amount of Capital Securities Issued | 10,000 |
Interest Rate | '3-month LIBOR + 1.61% |
Maturity Date | 1-Mar-37 |
Centra Statutory Trust I [Member] | ' |
Variable Interest Entity [Line Items] | ' |
Issuance Date | 20-Sep-04 |
Amount of Capital Securities Issued | 10,000 |
Interest Rate | '3-month LIBOR + 2.29% |
Maturity Date | 20-Sep-34 |
Centra Statutory Trust II [Member] | ' |
Variable Interest Entity [Line Items] | ' |
Issuance Date | 15-Jun-06 |
Amount of Capital Securities Issued | 10,000 |
Interest Rate | '3-month LIBOR + 1.65% |
Maturity Date | 7-Jul-36 |
Virginia Commerce Trust II [Member] | ' |
Variable Interest Entity [Line Items] | ' |
Issuance Date | 19-Dec-02 |
Amount of Capital Securities Issued | 15,000 |
Interest Rate | '6-month LIBOR + 3.30% |
Maturity Date | 19-Dec-32 |
Virginia Commerce Trust III [Member] | ' |
Variable Interest Entity [Line Items] | ' |
Issuance Date | 20-Dec-05 |
Amount of Capital Securities Issued | 25,000 |
Interest Rate | '3-month LIBOR + 1.42% |
Maturity Date | 23-Feb-36 |
Virginia Commerce Trust IV [Member] | ' |
Variable Interest Entity [Line Items] | ' |
Issuance Date | 24-Sep-08 |
Amount of Capital Securities Issued | $25,000 |
Interest Rate | '10.20% Fixed |
Maturity Date | 30-Sep-38 |
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 $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Trust Preferred Securities [Member] | ' | ' |
Variable Interest Entity [Line Items] | ' | ' |
Aggregate Assets | $268,323 | $201,186 |
Aggregate Liabilities | 259,500 | 194,453 |
Risk Of Loss | $8,823 | $6,733 |