Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Mar. 31, 2016 | Apr. 30, 2016 | |
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Mar. 31, 2016 | |
Document Fiscal Year Focus | 2,016 | |
Document Fiscal Period Focus | Q1 | |
Trading Symbol | UBSI | |
Entity Registrant Name | UNITED BANKSHARES INC/WV | |
Entity Central Index Key | 729,986 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Large Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 69,712,832 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Assets | ||
Cash and due from banks | $ 151,470 | $ 136,690 |
Interest-bearing deposits with other banks | 752,648 | 719,923 |
Federal funds sold | 723 | 722 |
Total cash and cash equivalents | 904,841 | 857,335 |
Securities available for sale at estimated fair value (amortized cost-$1,060,944 at March 31, 2016 and $1,072,340 at December 31, 2015) | 1,068,252 | 1,066,334 |
Securities held to maturity (estimated fair value-$35,567 at March 31, 2016 and $36,319 at December 31, 2015) | 39,058 | 39,099 |
Other investment securities | 100,000 | 98,749 |
Loans held for sale | 5,395 | 10,681 |
Loans | 9,393,200 | 9,398,952 |
Less: Unearned income | (14,807) | (14,872) |
Loans net of unearned income | 9,378,393 | 9,384,080 |
Less: Allowance for loan losses | (75,490) | (75,726) |
Net loans | 9,302,903 | 9,308,354 |
Bank premises and equipment | 72,012 | 73,089 |
Goodwill | 710,252 | 710,252 |
Accrued interest receivable | 36,068 | 35,801 |
Other assets | 368,103 | 378,250 |
TOTAL ASSETS | 12,606,884 | 12,577,944 |
Deposits: | ||
Noninterest-bearing | 2,792,571 | 2,699,958 |
Interest-bearing | 6,531,997 | 6,641,569 |
Total deposits | 9,324,568 | 9,341,527 |
Borrowings: | ||
Federal funds purchased | 27,100 | 22,230 |
Securities sold under agreements to repurchase | 315,475 | 341,661 |
Federal Home Loan Bank borrowings | 885,855 | 850,880 |
Other long-term borrowings | 223,723 | 223,506 |
Reserve for lending-related commitments | 1,193 | 936 |
Accrued expenses and other liabilities | 93,933 | 84,569 |
TOTAL LIABILITIES | $ 10,871,847 | $ 10,865,309 |
Shareholders' Equity | ||
Preferred stock, $1.00 par value; Authorized-50,000,000 shares, none issued | ||
Common stock, $2.50 par value; Authorized-100,000,000 shares; issued-69,733,465 and 69,626,932 at March 31, 2016 and December 31, 2015, respectively, including 27,124 and 23,835 shares in treasury at March 31, 2016 and December 31, 2015, respectively | $ 174,334 | $ 174,067 |
Surplus | 754,317 | 752,997 |
Retained earnings | 836,308 | 824,603 |
Accumulated other comprehensive loss | (28,989) | (38,212) |
Treasury stock, at cost | (933) | (820) |
TOTAL SHAREHOLDERS' EQUITY | 1,735,037 | 1,712,635 |
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | $ 12,606,884 | $ 12,577,944 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Statement of Financial Position [Abstract] | ||
Securities available for sale, amortized cost | $ 1,060,944 | $ 1,072,340 |
Securities held to maturity | $ 35,567 | $ 36,319 |
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 | 69,733,465 | 69,626,932 |
Common stock, shares in treasury | 27,124 | 23,835 |
Consolidated Statements of Inco
Consolidated Statements of Income (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Interest income | ||
Interest and fees on loans | $ 99,334 | $ 95,149 |
Interest on federal funds sold and other short-term investments | 622 | 331 |
Interest and dividends on securities: | ||
Taxable | 7,707 | 8,189 |
Tax-exempt | 833 | 880 |
Total interest income | 108,496 | 104,549 |
Interest expense | ||
Interest on deposits | 6,885 | 6,885 |
Interest on short-term borrowings | 214 | 231 |
Interest on long-term borrowings | 3,113 | 2,684 |
Total interest expense | 10,212 | 9,800 |
Net interest income | 98,284 | 94,749 |
Provision for loan losses | 4,035 | 5,354 |
Net interest income after provision for loan losses | 94,249 | 89,395 |
Other income | ||
Fees from trust and brokerage services | 4,869 | 4,892 |
Fees from deposit services | 7,973 | 9,773 |
Bankcard fees and merchant discounts | 838 | 814 |
Other service charges, commissions, and fees | 429 | 478 |
Income from bank-owned life insurance | 1,180 | 1,273 |
Income from mortgage banking | 728 | 545 |
Other income | 371 | 404 |
Total other-than-temporary impairments | 0 | (100) |
Portion of loss recognized in other comprehensive income | 0 | 66 |
Net other-than-temporary impairment losses | 0 | (34) |
Net gains on sales/calls of investment securities | 4 | 46 |
Net investment securities gains | 4 | 12 |
Total other income | 16,392 | 18,191 |
Other expense | ||
Employee compensation | 22,279 | 20,268 |
Employee benefits | 6,603 | 6,803 |
Net occupancy expense | 6,253 | 6,529 |
Other real estate owned (OREO) expense | 649 | 1,113 |
Equipment expense | 2,007 | 2,124 |
Data processing expense | 3,551 | 3,743 |
Bankcard processing expense | 368 | 349 |
FDIC insurance expense | 2,120 | 2,094 |
Other expense | 14,226 | 14,632 |
Total other expense | 58,056 | 57,655 |
Income before income taxes | 52,585 | 49,931 |
Income taxes | 17,879 | 15,304 |
Net income | $ 34,706 | $ 34,627 |
Earnings per common share: | ||
Basic | $ 0.50 | $ 0.50 |
Diluted | 0.50 | 0.50 |
Dividends per common share | $ 0.33 | $ 0.32 |
Average outstanding shares: | ||
Basic | 69,497,489 | 69,207,508 |
Diluted | 69,714,121 | 69,476,844 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Statement of Comprehensive Income [Abstract] | ||
Net income | $ 34,706 | $ 34,627 |
Change in net unrealized gain on available-for-sale (AFS) securities, net of tax | 8,493 | 5,334 |
Accretion of the net unrealized loss on the transfer of AFS securities to held-to-maturity (HTM) securities, net of tax | 1 | 1 |
Change in defined benefit pension plan, net of tax | 729 | 768 |
Comprehensive income, net of tax | $ 43,929 | $ 40,730 |
Consolidated Statement of Chang
Consolidated Statement of Changes in Shareholders' Equity (Unaudited) - 3 months ended Mar. 31, 2016 - USD ($) $ in Thousands | Total | Common Stock [Member] | Surplus [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Treasury Stock [Member] |
Balance at January 1, 2016 at Dec. 31, 2015 | $ 1,712,635 | $ 174,067 | $ 752,997 | $ 824,603 | $ (38,212) | $ (820) |
Beginning Balance, shares at Dec. 31, 2015 | 69,626,932 | |||||
Comprehensive income: | ||||||
Net income | 34,706 | $ 0 | 0 | 34,706 | 0 | 0 |
Other comprehensive income, net of tax | 9,223 | 0 | 0 | 0 | 9,223 | 0 |
Comprehensive income, net of tax | 43,929 | |||||
Stock based compensation expense | 658 | 0 | 658 | 0 | 0 | 0 |
Purchase of treasury stock | 0 | 0 | 0 | 0 | 0 | 0 |
Cash dividends | (23,001) | 0 | (23,001) | 0 | 0 | |
Grant of restricted stock | 0 | 161 | (161) | 0 | 0 | 0 |
Forfeiture of restricted stock | 0 | 0 | 113 | 0 | 0 | (113) |
Common stock options exercised | 816 | 106 | 710 | 0 | 0 | 0 |
Balance at March 31, 2016 at Mar. 31, 2016 | $ 1,735,037 | $ 174,334 | $ 754,317 | $ 836,308 | $ (28,989) | $ (933) |
Ending Balance, shares at Mar. 31, 2016 | 69,733,465 |
Consolidated Statement of Chan7
Consolidated Statement of Changes in Shareholders' Equity (Unaudited) (Parenthetical) | 3 Months Ended |
Mar. 31, 2016$ / sharesshares | |
Cash dividends per share | $ / shares | $ 0.33 |
Common stock options exercised, shares | 42,441 |
Common Stock [Member] | |
Purchase of treasury stock, shares | 0 |
Grant of restricted stock, shares | 64,092 |
Forfeiture of restricted stock, shares | 3,288 |
Common stock options exercised, shares | 42,441 |
Treasury Stock [Member] | |
Purchase of treasury stock, shares | 4 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Statement of Cash Flows [Abstract] | ||
NET CASH PROVIDED BY OPERATING ACTIVITIES | $ 57,934 | $ 53,891 |
INVESTING ACTIVITIES | ||
Proceeds from maturities and calls of securities held to maturity | 2 | 182 |
Proceeds from sales of securities available for sale | 33 | 1,721 |
Proceeds from maturities and calls of securities available for sale | 34,966 | 34,366 |
Purchases of securities available for sale | (23,813) | (12,514) |
Purchases of bank premises and equipment | (789) | (1,500) |
Proceeds from sales and redemptions of other investment securities | 6,519 | 11,578 |
Purchases of other investment securities | (7,770) | (5,371) |
Net change in loans | 4,671 | 58,360 |
NET CASH PROVIDED BY INVESTING ACTIVITIES | 13,819 | 86,822 |
FINANCING ACTIVITIES | ||
Cash dividends paid | (22,968) | (22,166) |
Excess tax benefits from stock-based compensation arrangements | 831 | 214 |
Proceeds from exercise of stock options | 820 | 2,799 |
Repayment of long-term Federal Home Loan Bank borrowings | (705,025) | (615,335) |
Proceeds from issuance of long-term Federal Home Loan Bank borrowings | 725,000 | 490,000 |
Changes in: | ||
Deposits | (16,959) | 31,877 |
Federal funds purchased, securities sold under agreements to repurchase and other short-term borrowings | (5,946) | (113,672) |
NET USED IN PROVIDED BY FINANCING ACTIVITIES | (24,247) | (226,283) |
Increase (Decrease) in cash and cash equivalents | 47,506 | (85,570) |
Cash and cash equivalents at beginning of year | 857,335 | 753,064 |
Cash and cash equivalents at end of period | $ 904,841 | $ 667,494 |
General
General | 3 Months Ended |
Mar. 31, 2016 | |
Organization, Consolidation and Presentation of Financial Statements [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 (GAAP) 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 March 31, 2016 and 2015 and for the three-month periods then ended have not been audited. The consolidated balance sheet as of December 31, 2015 has been extracted from the audited financial statements included in United’s 2015 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 2015 Annual Report of United on Form 10-K. To conform to the 2016 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 March 2016, the FASB issued ASU 2016-09, “Compensation-Stock Compensation (Topic 718): Improvements to Employee Share-Based In February 2016, the FASB issued ASU 2016-02, “Leases (Topic 842)”. ASU 2016-02 includes a lessee accounting model that recognizes two types of leases, finance leases and operating leases, while lessor accounting will remain largely unchanged from the current GAAP. ASU 2016-02 requires, amongst other things, that a lessee recognize on the balance sheet a right-of-use asset and a lease liability for leases with lease terms of more than twelve months. The recognition, measurement, and presentation of expenses and cash flows arising from a lease by a lessee will depend on its classification as a finance or operating lease. ASU 2016-02 is effective for United on January 1, 2019 and management is currently evaluating the possible impact this standard may have on the Company’s financial condition or results of operations. In January 2016, the FASB issued ASU 2016-01, “Financial Instruments Overall: Recognition and Measurement of Financial Assets and Financial Liabilities.” ASU 2016-01 makes changes to the classification and measurement of investments in equity securities, the presentation of certain fair value changes for financial liabilities measured at fair value under the fair value option and disclosure of fair value of instruments. In addition, ASU 2016-01 clarifies guidance related to the valuation allowance assessment when recognizing deferred tax assets resulting from unrealized losses on available-for-sale debt securities. ASU 2016-01 is effective for United on January 1, 2018 and is not expected to have a significant impact on the Company’s financial condition or results of operations. In September 2015, the FASB issued ASU 2015-16, “Simplifying the Accounting for Measurement-Period Adjustments” associated with a business combination, as part of its simplification initiative. ASU 2015-16 requires an acquirer to “recognize adjustments to provisional amounts that are identified during the measurement period in the reporting period in which the adjustment amounts are determined.” In addition, the acquirer must record, in the financial statements for the same period, “the effect on earnings of changes in depreciation, amortization, or other income effect, if any, as a result of the change to the provisional amounts, calculated as if the accounting had been completed at the acquisition date.” Entities must also “present separately on the face of the income statement or disclose in the notes the portion of the amount recorded in the current-period earnings by line item that would have been recorded in previous reporting periods if the adjustment to the provisional amount had been recognized as of the acquisition date.” ASU 2015-16 was effective for United on January 1, 2016 and did not have a significant impact on the Company’s financial condition or results of operations. In May 2015, the FASB issued ASU 2015-07, “Disclosures for Investment in Certain Entities That Calculate Net Asset Value per Share (or Its Equivalent), a consensus of the FASB Emerging Issues Task Force.” ASU 2015-07 modifies certain provisions of FASB Accounting Standards Codification Topic 820, Fair Value Measurement (ASC 820). ASU 2015-07 eliminates the requirement to categorize investments in the fair value hierarchy if an investment’s fair value is measured based on net asset value (NAV) per share (or its equivalent) using the practical expedient. The reporting entities will no longer be required to provide the related fair value disclosures for these securities but instead, will be required to disclose information to help users understand the nature of the investments as well as risks, including whether it is probable that the amount realized on the sale of the investments would differ from net asset value. ASU 2015-07 was effective for United on January 1, 2016 and did not have a significant impact on the Company’s financial condition or results of operations. In April 2015, the FASB issued ASU 2015-04, “Compensation – Retirement Benefits: Practical Expedient for the Measurement Date of an Employer’s Defined Benefit Obligation and Plan Assets.” ASU 2015-04 gives an employer whose fiscal year-end does not coincide with a calendar month-end the ability, as a practical expedient, to measure defined benefit retirement obligations and related plan assets as of the month-end that is closest to its fiscal year-end. ASU 2015-04 also provides guidance on accounting for contributions to the plan and significant events that require a remeasurement that occur during the period between a month-end measurement and the employer’s fiscal year-end. ASU 2015-04 was effective for United on January 1, 2016 and did not have a significant impact on the Company’s financial condition or results of operations. In April 2015, the FASB issued ASU 2015-03, “Simplifying the Presentation of Debt Issuance Costs.” Under ASU 2015-03, debt issuance costs are required to be presented as a direct deduction of debt balances on the statement of financial condition, similar to the presentation of debt discounts. ASU 2015-03 is limited to simplifying the presentation of debt issuance costs and does not change the recognition and measurement guidance for debt issuance costs. ASU 2015-03 was effective for United on January 1, 2016 and did not have a significant impact on the Company’s financial condition or results of operations. In February 2015, the FASB issued ASU 2015-02, “Amendments to the Consolidation Analysis.” ASU 2015-02 improves targeted areas of the consolidation guidance and reduces the number of consolidation models. The new consolidation standard eliminates the deferral of FAS 167 and makes changes to both the variable interest model and the voting model in ASC 810. ASU 2015-02 affects all entities, could change consolidation conclusions and may trigger additional disclosures. ASU 2015-02 was effective for United on January 1, 2016 and did not have a significant impact on the Company’s financial condition or results of operations. In January 2015, the FASB issued ASU 2015-01, “Income Statement, Extraordinary and Unusual Items (Subtopic 225-20).”ASU 2015-01 eliminates the separate presentation of extraordinary items but does not change the requirement to disclose material items that are unusual or infrequent in nature. Eliminating the concept of extraordinary items will allow entities to no longer have to assess whether a particular event or transaction is both unusual in nature and infrequent in occurrence. ASU 2015-01 was effective for United on January 1, 2016 and did not have a significant impact on the Company’s financial condition or results of operations. In June 2014, the FASB issued ASU 2014-12, “Accounting for Share-Based Payments When the Terms of an Award Provide That a Performance Target Could Be Achieved after the Requisite Service Period.” ASU 2014-12 amends the guidance in FASB ASC 718, “Compensation-Stock Compensation”, to bring consistency to the accounting for share-based payment awards that require a specific performance target to be achieved in order for employees to become eligible to vest in the awards. The amendments affect all entities that grant their employees share-based payments in which the terms of the award provide that a performance target that affects vesting could be achieved after the requisite service period. ASU 2014-12 was effective for United on January 1, 2016 and did not have a significant impact on the Company’s financial condition or results of operations. In May 2014, the FASB issued ASU 2014-09, “Revenue from Contracts with Customers (Topic 606).” ASU 2014-09 supersedes the revenue recognition requirements in Accounting Standards Codification Topic 605, “Revenue Recognition”, and most industry-specific guidance throughout the Accounting Standards Codification. The amendments require an entity to recognize revenue upon the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods and services. The new revenue recognition standard sets forth a five step principle-based approach for determining revenue recognition. In April 2015, the FASB voted to defer the effective date of ASU 2014-09 by one-year for both public and private companies, and gave both public and private companies the option to “early” adopt using the original effective dates. ASU 2014-09 now will be effective for United on January 1, 2018 with early adoption permitted on January 1, 2017. Management is currently evaluating this guidance to determine the impact on the Company’s financial condition or results of operations. |
Mergers and Acquisitions
Mergers and Acquisitions | 3 Months Ended |
Mar. 31, 2016 | |
Business Combinations [Abstract] | |
Mergers and Acquisitions | 2. MERGERS AND ACQUISITIONS On November 9, 2015, United announced the signing of a definite merger agreement with Bank of Georgetown, a privately held community bank headquartered in Washington, D.C. Bank of Georgetown had $1.3 billion in assets as of March 31, 2016. With this transaction, United continues to strengthen its franchise and enhance its existing footprint in the D.C. Metro Region. United will acquire 100% of the outstanding shares of Bank of Georgetown in exchange for common shares of United. The exchange ratio will be fixed at 0.9313 of United’s shares for each share of Bank of Georgetown which equates to $37.00 per share, based on the 15-day average price of $39.73 for United’s stock prior to the announcement. United has received all regulatory approvals for the merger. In addition, Bank of Georgetown’s shareholders have approved the merger. The transaction is expected to close on June 3, 2016. |
Investment Securities
Investment Securities | 3 Months Ended |
Mar. 31, 2016 | |
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: March 31, 2016 Amortized Gross Gross Estimated Value Cumulative (1) U.S. Treasury securities and obligations of U.S. Government corporations and agencies $ 70,152 $ 3,204 $ 0 $ 73,356 $ 0 State and political subdivisions 131,953 3,909 33 135,829 0 Residential mortgage-backed securities Agency 465,513 11,840 61 477,292 0 Non-agency 8,585 176 7 8,754 458 Commercial mortgage-backed securities Agency 299,095 6,729 22 305,802 0 Asset-backed securities 2,640 0 3 2,637 0 Trust preferred collateralized debt obligations 49,342 686 17,435 32,593 25,952 Single issue trust preferred securities 13,325 234 2,599 10,960 0 Other corporate securities 14,994 87 0 15,081 0 Marketable equity securities 5,345 614 11 5,948 0 Total $ 1,060,944 $ 27,479 $ 20,171 $ 1,068,252 $ 26,410 December 31, 2015 Amortized Gross Gross Estimated Value Cumulative (1) U.S. Treasury securities and obligations of U.S. Government corporations and agencies $ 71,993 $ 1,793 $ 0 $ 73,786 $ 0 State and political subdivisions 130,685 3,144 51 133,778 0 Residential mortgage-backed securities Agency 473,109 5,580 707 477,982 0 Non-agency 9,119 457 5 9,571 458 Commercial mortgage-backed securities Agency 305,990 1,843 1,898 305,935 0 Asset-backed securities 3,404 0 5 3,399 0 Trust preferred collateralized debt obligations 49,386 635 15,335 34,686 25,952 Single issue trust preferred securities 13,811 249 2,367 11,693 0 Other corporate securities 9,999 50 0 10,049 0 Marketable equity securities 4,844 637 26 5,455 0 Total $ 1,072,340 $ 14,388 $ 20,394 $ 1,066,334 $ 26,410 (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 March 31, 2016 and December 31, 2015. Less than 12 months 12 months or longer Fair Unrealized Fair Unrealized Value Losses Value Losses March 31, 2016 U.S. Treasury securities and obligations of U.S. Government corporations and agencies $ 0 $ 0 $ 0 $ 0 State and political subdivisions 13,041 33 0 0 Residential mortgage-backed securities Agency 12,246 47 10,025 14 Non-agency 299 7 0 0 Commercial mortgage-backed securities Agency 0 0 9,424 22 Asset-backed securities 2,637 3 0 0 Trust preferred collateralized debt obligations 1,029 276 26,628 17,159 Single issue trust preferred securities 3,900 736 3,824 1,863 Marketable equity securities 1,377 11 0 0 Total $ 34,529 $ 1,113 $ 49,901 $ 19,058 Less than 12 months 12 months or longer Fair Unrealized Fair Unrealized Value Losses Value Losses December 31, 2015 U.S. Treasury securities and obligations of U.S. Government corporations and agencies $ 0 $ 0 $ 0 $ 0 State and political subdivisions 15,550 51 0 0 Residential mortgage-backed securities Agency 90,004 707 0 0 Non-agency 348 5 0 0 Commercial mortgage-backed securities Agency 170,340 1,650 9,255 248 Asset-backed securities 3,399 5 0 0 Trust preferred collateralized debt obligations 3,304 135 28,633 15,200 Single issue trust preferred securities 4,225 404 3,720 1,963 Marketable equity securities 986 26 0 0 Total $ 288,156 $ 2,983 $ 41,608 $ 17,411 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 March 31 2016 2015 Proceeds from sales and calls $ 34,999 $ 36,087 Gross realized gains 6 50 Gross realized losses 2 4 At March 31, 2016, gross unrealized losses on available for sale securities were $20,171 on 49 securities of a total portfolio of 453 available for sale securities. Securities in an unrealized loss position at March 31, 2016 consisted primarily of pooled trust preferred collateralized debt obligations (Trup Cdos) and single issue trust preferred securities. The Trup Cdos and the single issue trust preferred securities relate mainly to securities of financial institutions. 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-backed securities was $764,608 at March 31, 2016. Of the $764,608, $299,095 was related to agency commercial mortgage-backed securities and $465,513 was related to agency residential mortgage-backed securities. Each of the agency mortgage-backed 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 March 31, 2016. 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-backed securities was $8,585 at March 31, 2016. Of the $8,585, $1,633 was rated above investment grade and $6,952 was rated below investment grade. Approximately 27% of the portfolio includes collateral that was originated during the year of 2005 or before. The remaining 73% includes collateral that was originated in the years of 2006 and 2007. The entire portfolio of the non-agency residential mortgage-backed securities is 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 March 31, 2016. 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, and other key factors. Upon completing the review for the first quarter of 2016, it was determined that none of the single issue securities were other-than-temporarily impaired. All single-issue trust preferred securities are currently receiving interest payments. 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 March 31, 2016 consisted of $3,002 in investment grade bonds, $4,636 in split-rated bonds and $5,687 in below investment grade bonds. All of the below investment grade bonds were in an unrealized loss position for twelve months or longer as of March 31, 2016. Trust preferred collateralized debt obligations (Trup Cdos) 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 of March 31, 2016, the Company has determined that it does not intend to sell any 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, 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 capital adequacy, earnings trends and asset quality. After completing its analysis of estimated cash flows, management determined that none of the Trup Cdos experienced an adverse change in cash flows during the first quarter of 2016, as the expected discounted cash flows from these particular securities were greater than or equal to the discounted cash flows originally expected at purchase or from the previous date of other-than-temporary impairment (cash flows are discounted at the contractual coupon rate for purposes of assessing OTTI). There was no credit-related other-than-temporary impairment recognized in earnings for the first quarter of 2016 related to these securities. The total credit-related other-than-temporary impairment recognized in earnings during 2015 related to these securities was $34. The balance of noncredit-related other-than-temporary impairment recognized on United’s Trup Cdo portfolio was $25,952 at March 31, 2016 and December 31, 2015. The amortized cost of available for sale Trup Cdos in an unrealized loss position for twelve months or longer as of March 31, 2016 consisted of $4,527 in investment grade bonds and $39,260 in below investment grade bonds. The following is a summary of the available for sale Trup Cdos as of March 31, 2016: Amortized Cost Class Amortized Cost Fair Value Unrealized Loss Investment Split Below Senior – Bank $ 6,668 $ 5,917 $ 751 $ 4,527 $ 0 $ 2,141 Mezzanine – Bank (now in senior position) 11,383 8,263 3,120 0 0 11,383 Mezzanine – Bank 26,091 15,285 10,806 0 0 26,091 Mezzanine – Bank & Insurance (combination) 5,200 3,128 2,072 0 0 5,200 Totals $ 49,342 $ 32,593 $ 16,749 $ 4,527 $ 0 $ 44,815 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 although the market has improved, trading activity remains limited on these securities. 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. Management also considered the ratings of the Company’s bonds in its portfolio and the extent of downgrades in United’s impairment analysis. However, 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 AA to a high of Aaa. The below investment grade Trup Cdos range from a low of C to a high of Ba1. On the Trup Cdos that have not been deemed to be other-than-temporarily impaired, the collateralization ratios range from a low of 98.4% to a high of 308.4%, with a median of 156.9%, and a weighted average of 211.5%. 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 March 31, 2016 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 $5,345 at March 31, 2016. 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 March 31, 2016. Other investment securities (cost method) During the first quarter of 2016, United also evaluated all of its cost method investments to determine if certain events or changes in circumstances during the first quarter of 2016 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 first quarter which would have an adverse effect on the fair value of any of its cost method securities. Therefore, no impairment was recorded. Below is a progression of the credit losses on securities which United has recorded other-than-temporary charges. These charges were recorded through earnings and other comprehensive income. Three Months Ended March 31 2016 2015 Balance of cumulative credit losses at beginning of period $ 23,773 $ 23,739 Additions for credit losses recognized in earnings during the period: Additional credit losses on securities for which OTTI was previously recognized 0 34 Reductions for securities sold or paid off during the period 0 0 Balance of cumulative credit losses at end of period $ 23,773 $ 23,773 The amortized cost and estimated fair value of securities available for sale at March 31, 2016 and December 31, 2015 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. March 31, 2016 December 31, 2015 Estimated Estimated Amortized Fair Amortized Fair Cost Value Cost Value Due in one year or less $ 11,741 $ 11,815 $ 10,448 $ 10,515 Due after one year through five years 268,067 272,458 273,469 274,158 Due after five years through ten years 214,787 223,693 213,274 216,636 Due after ten years 561,004 554,338 570,305 559,570 Marketable equity securities 5,345 5,948 4,844 5,455 Total $ 1,060,944 $ 1,068,252 $ 1,072,340 $ 1,066,334 The amortized cost and estimated fair values of securities held-to-maturity are summarized as follows: March 31, 2016 Gross Gross Estimated Amortized Unrealized Unrealized Fair Cost Gains Losses Value U.S. Treasury securities and obligations of U.S. Government corporations and agencies $ 10,381 $ 849 $ 0 $ 11,230 State and political subdivisions 9,321 20 226 9,115 Residential mortgage-backed securities Agency 34 7 0 41 Single issue trust preferred securities 19,302 0 4,141 15,161 Other corporate securities 20 0 0 20 Total $ 39,058 $ 876 $ 4,367 $ 35,567 December 31, 2015 Gross Gross Estimated Amortized Unrealized Unrealized Fair Cost Gains Losses Value U.S. Treasury securities and obligations of U.S. Government corporations and agencies $ 10,425 $ 860 $ 0 $ 11,285 State and political subdivisions 9,321 21 253 9,089 Residential mortgage-backed securities Agency 35 6 0 41 Single issue trust preferred securities 19,298 0 3,414 15,884 Other corporate securities 20 0 0 20 Total $ 39,099 $ 887 $ 3,667 $ 36,319 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 March 31, 2016, the Company’s two largest held-to-maturity single-issue trust preferred exposures were to Wells Fargo ($9,917) and SunTrust Bank ($7,411). The two held-to-maturity single-issue trust preferred exposures with at least one rating below investment grade included SunTrust Bank ($7,411) and Royal Bank of Scotland ($975). Other corporate securities consist mainly of bonds of corporations. There were no gross realized gains or losses on calls and sales of held to maturity securities included in earnings for the first quarter of 2016 and 2015. The amortized cost and estimated fair value of debt securities held to maturity at March 31, 2016 and December 31, 2015 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. March 31, 2016 December 31, 2015 Amortized Estimated Amortized Estimated Due in one year or less $ 5,009 $ 5,042 $ 5,029 $ 5,121 Due after one year through five years 9,648 10,481 9,672 10,458 Due after five years through ten years 4,045 3,822 4,045 3,794 Due after ten years 20,356 16,222 20,353 16,946 Total $ 39,058 $ 35,567 $ 39,099 $ 36,319 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 $1,000,586 and $986,982 at March 31, 2016 and December 31, 2015, respectively. |
Loans
Loans | 3 Months Ended |
Mar. 31, 2016 | |
Receivables [Abstract] | |
Loans | 4. LOANS Major classes of loans are as follows: March 31, 2016 December 31, Commercial, financial and agricultural: Owner-occupied commercial real estate $ 918,334 $ 927,746 Nonowner-occupied commercial real estate 2,944,573 2,896,367 Other commercial loans 1,572,060 1,602,222 Total commercial, financial & agricultural 5,434,967 5,426,335 Residential real estate 2,272,589 2,268,685 Construction & land development 1,222,119 1,273,054 Consumer: Bankcard 12,038 11,653 Other consumer 451,487 419,225 Total gross loans $ 9,393,200 $ 9,398,952 The table above does not include loans held for sale of $5,395 and $10,681 at March 31, 2016 and December 31, 2015, 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 $130,734 or 1.39% of total gross loans at March 31, 2016 and $148,197 or 1.58% of total gross loans at December 31, 2015. The contractual principal in these acquired impaired loans was $185,985 and $208,765 at March 31, 2016 and December 31, 2015, 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 quarter of 2016 follows: Accretable yield at the beginning of the period $ 12,156 Accretion (including cash recoveries) (2,781 ) Net reclassifications to accretable from non-accretable 3,582 Disposals (including maturities, foreclosures, and charge-offs) (705 ) Accretable yield at the end of the period $ 12,252 United’s subsidiary banks have made loans to the directors and officers of United and its subsidiaries, and to their affiliates. The aggregate dollar amount of these loans was $267,448 and $241,000 at March 31, 2016 and December 31, 2015, respectively. |
Credit Quality
Credit Quality | 3 Months Ended |
Mar. 31, 2016 | |
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. 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 March 31, 2016, United had TDRs of $24,156 as compared to $23,890 as of December 31, 2015. Of the $24,156 aggregate balance of TDRs at March 31, 2016, $11,450 was on nonaccrual status and included in the “Loans on Nonaccrual Status” on the following page. Of the $23,890 aggregate balance of TDRs at December 31, 2015, $11,949 was on nonaccrual status and included in the “Loans on Nonaccrual Status” on the following page. As of March 31, 2016, there were no commitments to lend additional funds to debtors owing receivables whose terms have been modified in TDRs. At March 31, 2016, United had restructured loans in the amount of $2,747 that were modified by a reduction in the interest rate, $8,776 that were modified by a combination of a reduction in the interest rate and the principal and $12,633 that was modified by a change in terms. A loan acquired and accounted for under ASC topic 310-30 “Loans and Debt Securities Acquired with Deteriorated Credit Quality” is reported as an accruing loan and a performing asset. The following table sets forth United’s troubled debt restructurings that were restructured during the three months ended March 31, 2016 and 2015, segregated by class of loans. Troubled Debt Restructurings For the Three Months Ended March 31, 2016 March 31, 2015 Number of Pre-Modification Post- Number of Pre-Modification Post- Commercial real estate: Owner-occupied 0 $ 0 $ 0 0 $ 0 $ 0 Nonowner-occupied 0 0 0 0 0 0 Other commercial 3 1,441 1,438 1 240 240 Residential real estate 1 1,400 1,400 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 4 $ 2,841 $ 2,838 1 $ 240 $ 240 During the first quarter of 2016, $1,438 of restructured loans were modified by a change in terms and $1,400 were modified by a combination of a reduction in the interest rate and the principal. During the first quarter of 2015, $240 of restructured loans were modified by a change in terms. In some instances, the post-modification balance on the restructured loans 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 periods ended March 31, 2016 and 2015 subsequently defaulted, resulting in a principal charge-off during the first quarters of 2016 and 2015, respectively. 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 March 31, 2016 30-89 90 Days or more Total Past Current & Total Financing Recorded Commercial real estate: Owner-occupied $ 9,144 $ 8,851 $ 17,995 $ 900,339 $ 918,334 $ 39 Nonowner-occupied 11,872 20,252 32,124 2,912,449 2,944,573 1,530 Other commercial 19,216 43,819 63,035 1,509,025 1,572,060 361 Residential real estate 45,049 22,899 67,948 2,204,641 2,272,589 4,565 Construction & land development 4,537 15,000 19,537 1,202,582 1,222,119 178 Consumer: Bankcard 274 170 444 11,594 12,038 170 Other consumer 7,246 1,251 8,497 442,990 451,487 1,048 Total $ 97,338 $ 112,242 $ 209,580 $ 9,183,620 $ 9,393,200 $ 7,891 (1) Other includes loans with a recorded investment of $130,734 acquired and accounted for under ASC topic 310-30 “Loans and Debt Securities Acquired with Deteriorated Credit Quality”. Age Analysis of Past Due Loans As of December 31, 2015 30-89 Past Due 90 Days or more Total Past Current & Total Financing Recorded Commercial real estate: Owner-occupied $ 8,639 $ 9,831 $ 18,470 $ 909,276 $ 927,746 $ 400 Nonowner-occupied 24,209 26,126 50,335 2,846,032 2,896,367 552 Other commercial 14,888 33,297 48,185 1,554,037 1,602,222 3,643 Residential real estate 44,312 28,332 72,644 2,196,041 2,268,685 4,294 Construction & land development 2,412 15,416 17,828 1,255,226 1,273,054 1,347 Consumer: Bankcard 223 168 391 11,262 11,653 168 Other consumer 9,082 1,596 10,678 408,547 419,225 1,224 Total $ 103,765 $ 114,766 $ 218,531 $ 9,180,421 $ 9,398,952 $ 11,628 (1) Other includes loans with a recorded investment of $148,197 acquired and accounted for under ASC topic 310-30 “Loans and Debt Securities Acquired with Deteriorated Credit Quality”. The following table sets forth United’s nonaccrual loans, segregated by class of loans: Loans on Nonaccrual Status March 31, 2016 December 31, 2015 Commercial real estate: Owner-occupied $ 8,812 $ 9,431 Nonowner-occupied 18,722 25,574 Other commercial 43,458 29,654 Residential real estate 18,334 24,038 Construction & land development 14,822 14,069 Consumer: Bankcard 0 0 Other consumer 203 372 Total $ 104,351 $ 103,138 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 March 31, 2016 Commercial Real Estate Other Construction Owner- Nonowner- Grade: Pass $ 831,867 $ 2,785,394 $ 1,412,459 $ 1,053,524 Special mention 21,056 29,385 28,849 57,897 Substandard 65,411 129,794 129,287 110,152 Doubtful 0 0 1,465 546 Total $ 918,334 $ 2,944,573 $ 1,572,060 $ 1,222,119 As of December 31, 2015 Commercial Real Estate Other Construction Owner- Nonowner- Grade: Pass $ 835,082 $ 2,710,504 $ 1,436,670 $ 1,095,238 Special mention 20,391 32,249 26,148 59,100 Substandard 72,273 153,614 136,585 118,716 Doubtful 0 0 2,819 0 Total $ 927,746 $ 2,896,367 $ 1,602,222 $ 1,273,054 Credit Quality Indicators Consumer Credit Exposure As of March 31, 2016 Residential Bankcard Other Grade: Pass $ 2,203,207 $ 11,594 $ 442,714 Special mention 16,881 274 7,356 Substandard 52,056 170 1,379 Doubtful 445 0 38 Total $ 2,272,589 $ 12,038 $ 451,487 As of December 31, 2015 Residential Bankcard Other Grade: Pass $ 2,195,420 $ 11,262 $ 408,271 Special mention 13,494 223 9,188 Substandard 57,981 168 1,766 Doubtful 1,790 0 0 Total $ 2,268,685 $ 11,653 $ 419,225 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 March 31, 2016 December 31, 2015 Recorded Unpaid Related Recorded Unpaid Related With no related allowance recorded: Commercial real estate: Owner-occupied $ 27,976 $ 28,508 $ 0 $ 36,615 $ 36,828 $ 0 Nonowner-occupied 65,019 65,469 0 69,053 69,517 0 Other commercial 28,977 30,870 0 30,433 32,158 0 Residential real estate 28,315 29,902 0 21,431 22,329 0 Construction & land development 23,785 25,844 0 28,245 29,953 0 Consumer: Bankcard 0 0 0 0 0 0 Other consumer 27 27 0 32 32 0 With an allowance recorded: Commercial real estate: Owner-occupied $ 4,189 $ 4,189 $ 1,505 $ 4,555 $ 4,555 $ 1,253 Nonowner-occupied 6,431 6,431 1,293 7,890 7,890 1,362 Other commercial 39,682 44,623 20,638 29,486 33,127 18,269 Residential real estate 12,313 13,048 2,324 13,305 14,625 2,118 Construction & land development 12,565 18,217 4,721 14,132 20,135 4,789 Consumer: Bankcard 0 0 0 0 0 0 Other consumer 0 0 0 0 0 0 Total: Commercial real estate: Owner-occupied $ 32,165 $ 32,697 $ 1,505 $ 41,170 $ 41,383 $ 1,253 Nonowner-occupied 71,450 71,900 1,293 76,943 77,407 1,362 Other commercial 68,659 75,493 20,638 59,919 65,285 18,269 Residential real estate 40,628 42,950 2,324 34,736 36,954 2,118 Construction & land development 36,350 44,061 4,721 42,377 50,088 4,789 Consumer: Bankcard 0 0 0 0 0 0 Other consumer 27 27 0 32 32 0 Impaired Loans For the Three Months Ended March 31, 2016 March 31, 2015 Average Interest Average Interest With no related allowance recorded: Commercial real estate: Owner-occupied $ 32,295 $ 59 $ 40,843 $ 62 Nonowner-occupied 67,036 207 55,463 163 Other commercial 29,705 100 37,081 100 Residential real estate 24,873 140 30,814 49 Construction & land development 26,015 27 52,445 79 Consumer: Bankcard 0 0 0 0 Other consumer 29 0 40 0 With an allowance recorded: Commercial real estate: Owner-occupied $ 4,372 $ 27 $ 4,988 $ 38 Nonowner-occupied 7,160 43 6,981 39 Other commercial 34,583 130 18,695 64 Residential real estate 12,809 6 6,359 11 Construction & land development 13,349 42 10,287 35 Consumer: Bankcard 0 0 0 0 Other consumer 0 0 0 0 Total: Commercial real estate: Owner-occupied $ 36,667 $ 86 $ 45,831 $ 100 Nonowner-occupied 74,196 250 62,444 202 Other commercial 64,288 230 55,776 164 Residential real estate 37,682 146 37,173 60 Construction & land development 39,364 69 62,732 114 Consumer: Bankcard 0 0 0 0 Other consumer 29 0 40 0 At March 31, 2016 and December 31, 2015, other real estate owned (OREO) included in other assets in the Consolidated Balance Sheets was $28,981 and $32,228, respectively. OREO consists of real estate acquired in foreclosure or other settlement of loans. Such assets are carried at the lower of the investment in the assets or the fair value of the assets less estimated selling costs. Any adjustment to the fair value at the date of transfer is charged against the allowance for loan losses. Any subsequent valuation adjustments as well as any costs relating to operating, holding or disposing of the property are recorded in other expense in the period incurred. At March 31, 2016 and December 31, 2015, the recorded investment of consumer mortgage loans secured by residential real estate properties for which formal foreclosure proceedings are in process was $1,542 and $234, respectively. |
Allowance for Credit Losses
Allowance for Credit Losses | 3 Months Ended |
Mar. 31, 2016 | |
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. The amounts allocated to specific credits and loan pools grouped by similar risk characteristics are reviewed on a quarterly basis and adjusted as necessary based upon subsequent changes in circumstances. In determining the components of the allowance for credit losses, management considers the risk arising in part from, but not limited to, charge-off and delinquency trends, current economic and business conditions, lending policies and procedures, the size and risk characteristics of the loan portfolio, concentrations of credit, and other various factors. Loans deemed to be uncollectible are charged against the allowance for loan losses, while recoveries of previously charged-off amounts are credited to the allowance for loan losses. 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 quarter of 2016, there were no material changes to the accounting policy or methodology related to the allowance for loan losses. Loans deemed to be uncollectible are charged against the allowance for loan losses, while recoveries of previously charged-off amounts are credited to the allowance for loan losses. For commercial loans, when a loan or a portion of a loan is identified to contain a loss, a charge-off recommendation is directed to management to charge-off all or a portion of that loan. Generally, any unsecured commercial loan more than six months delinquent in payment of interest must be charged-off in full. If secured, the charge-off is generally made to reduce the loan balance to a level equal to the liquidation value of the collateral when payment of principal and interest is six months delinquent. Any commercial loan, secured or unsecured, on which a principal or interest payment has not been made within 90 days, is reviewed monthly for appropriate action. For consumer loans, closed-end retail loans that are past due 120 cumulative days delinquent from the contractual due date and open-end loans 180 cumulative days delinquent from the contractual due date are charged-off. Any consumer loan on which a principal or interest payment has not been made within 90 days is reviewed monthly for appropriate action. For a one-to-four family open-end or closed-end residential real estate loan, home equity loan, or high-loan-to-value loan that has reached 180 or more days past due, management evaluates the collateral position and charge-offs any amount that exceeds the value of the collateral. On retail credits for which the borrower is in bankruptcy, all amounts deemed unrecoverable are charged off within 60 days of the receipt of the notification. On retail credits effected by fraud, a loan is charged-off within 90 days of the discovery of the fraud. In the event of the borrower’s death and if repayment within the required timeframe is uncertain, the loan is generally charged-off as soon as the amount of the loss is determined. For loans acquired through the completion of a transfer, including loans acquired in a business combination, that have evidence of deterioration of credit quality since origination and for which it is probable, at acquisition, that United will be unable to collect all contractually required payment receivable are initially recorded at fair value (as determined by the present value of expected future cash flows) with no valuation allowance. The difference between the undiscounted cash flows expected at acquisition and the investment in the loan, or the “accretable yield,” is recognized as interest income on a level-yield method over the life of the loan. Contractually required payments for interest and principal that exceed the undiscounted cash flows expected at acquisition, or the “nonaccretable difference,” are not recognized as a yield adjustment or as a loss accrual or a valuation allowance. Increases in expected cash flows subsequent to the initial investment are recognized prospectively through adjustment of the yield on the loan over its remaining life. Decreases in expected cash flows are recognized as impairment. Valuation allowances on these impaired loans reflect only losses incurred after the acquisition (meaning the present value of all cash flows expected at acquisition that ultimately are not to be received). For the three months ended March 31, 2016, the re-estimation of the expected cash flows related to loans acquired that have evidence of deterioration of credit quality resulted in negative provision for loan losses expense of $437 as compared to provision for loan losses expense of $3,364 for the three months ended March 31, 2015. 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 $1,193 and $936 at March 31, 2016 and December 31, 2015, 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 loan portfolio segment, for the three months ended March 31, 2016 and year ended December 31, 2015 are summarized as follows: Allowance for Loan Losses and Carrying Amount of Loans For the Three Months Ended March 31, 2016 Commercial Real Estate Other Residential Estate Construction Consumer Allowance Total Owner- Nonowner- Allowance for Loan Losses: Beginning balance $ 3,637 $ 5,309 $ 31,328 $ 15,148 $ 18,205 $ 1,995 $ 104 $ 75,726 Charge-offs (1,345 ) (363 ) (3,754 ) (709 ) (0 ) (775 ) (0 ) (6,946 ) Recoveries 781 504 980 211 59 140 0 2,675 Provision 2,275 751 4,086 (1,103 ) (2,998 ) 913 111 4,035 Ending balance $ 5,348 $ 6,201 $ 32,640 $ 13,547 $ 15,266 $ 2,273 $ 215 $ 75,490 Ending Balance: individually evaluated for impairment $ 1,505 $ 1,293 $ 20,638 $ 2,325 $ 4,722 $ 0 $ 0 $ 30,483 Ending Balance: collectively evaluated for impairment $ 3,843 $ 4,908 $ 12,002 $ 11,222 $ 10,544 $ 2,273 $ 215 $ 45,007 Ending Balance: loans acquired with deteriorated credit quality $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 Financing receivables: Ending balance $ 918,334 $ 2,944,573 $ 1,572,060 $ 2,272,589 $ 1,222,119 $ 463,525 $ 0 $ 9,393,200 Ending Balance: individually evaluated for impairment $ 11,796 $ 20,744 $ 45,253 $ 14,603 $ 15,456 $ 0 $ 0 $ 107,852 Ending Balance: collectively evaluated for impairment $ 888,869 $ 2,872,875 $ 1,505,804 $ 2,245,904 $ 1,177,673 $ 463,489 $ 0 $ 9,154,614 Ending Balance: loans acquired with deteriorated credit quality $ 17,669 $ 50,954 $ 21,003 $ 12,082 $ 28,990 $ 36 $ 0 $ 130,734 Allowance for Loan Losses and Carrying Amount of Loans For the Year Ended December 31, 2015 Commercial Real Estate Other Residential Construction Consumer Allowance Total Owner- Nonowner- Allowance for Loan Losses: Beginning balance $ 4,041 $ 8,167 $ 26,931 $ 13,835 $ 19,402 $ 3,083 $ 70 $ 75,529 Charge-offs (4,755 ) (1,120 ) (10,042 ) (6,411 ) (862 ) (2,309 ) (0 ) (25,499 ) Recoveries 829 74 714 495 511 499 0 3,122 Provision 3,522 (1,812 ) 13,725 7,229 (846 ) 722 34 22,574 Ending balance $ 3,637 $ 5,309 $ 31,328 $ 15,148 $ 18,205 $ 1,995 $ 104 $ 75,726 Ending Balance: individually evaluated for impairment $ 1,253 $ 1,362 $ 18,269 $ 2,119 $ 4,789 $ 0 $ 0 $ 27,792 Ending Balance: collectively evaluated for impairment $ 2,384 $ 3,947 $ 13,059 $ 13,029 $ 13,416 $ 1,995 $ 104 $ 47,934 Ending Balance: loans acquired with deteriorated credit quality $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 Financing receivables: Ending balance $ 927,746 $ 2,896,367 $ 1,602,222 $ 2,268,685 $ 1,273,054 $ 430,878 $ 0 $ 9,398,952 Ending Balance: individually evaluated for impairment $ 12,670 $ 26,152 $ 35,342 $ 17,782 $ 15,779 $ 0 $ 0 $ 107,725 Ending Balance: collectively evaluated for impairment $ 888,802 $ 2,817,748 $ 1,546,018 $ 2,237,865 $ 1,221,760 $ 430,837 $ 0 $ 9,143,030 Ending Balance: loans acquired with deteriorated credit quality $ 26,274 $ 52,467 $ 20,862 $ 13,038 $ 35,515 $ 41 $ 0 $ 148,197 |
Intangible Assets
Intangible Assets | 3 Months Ended |
Mar. 31, 2016 | |
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 March 31, 2016 Gross Carrying Accumulated Net Carrying Amortized intangible assets: Core deposit intangible assets $ 60,577 ($ 43,482 ) $ 17,095 Goodwill not subject to amortization $ 710,252 As of December 31, 2015 Gross Carrying Accumulated Net Carrying Amortized intangible assets: Core deposit intangible assets $ 60,577 ($ 42,737 ) $ 17,840 Goodwill not subject to amortization $ 710,252 United incurred amortization expense of $745 and $855 for the quarters ended March 31, 2016 and 2015, respectively. The following table sets forth the anticipated amortization expense for intangible assets for the years subsequent to 2015: Year Amount 2016 $ 2,981 2017 2,767 2018 2,574 2019 2,476 2020 and thereafter 7,042 |
Short-Term Borrowings
Short-Term Borrowings | 3 Months Ended |
Mar. 31, 2016 | |
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 $264,000. 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 March 31, 2016, federal funds purchased were $27,100 while total securities sold under agreements to repurchase (REPOs) were $315,475. Included in the $315,475 of total REPOs is a wholesale REPOs of $50,493, including purchase accounting amounts, assumed in the Virginia Commerce merger. This wholesale REPO is scheduled to mature in May 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 $20,000 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 March 31, 2016, United had no outstanding balance under this line of credit. |
Long-Term Borrowings
Long-Term Borrowings | 3 Months Ended |
Mar. 31, 2016 | |
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 March 31, 2016, United had an unused borrowing amount of approximately $2,368,741 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 March 31, 2016, $885,855 of FHLB advances with a weighted-average interest rate of 0.52% are scheduled to mature within the next five years. Overnight funds of $125,000 with an interest rate of 0.44% are included in the $885,855 above at March 31, 2016. The scheduled maturities of these FHLB borrowings are as follows: Year Amount 2016 $ 850,599 2017 256 2018 0 2019 35,000 2020 and thereafter 0 Total $ 885,855 At March 31, 2016, United had a total of thirteen 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 March 31, 2016 and December 31, 2015, the outstanding balance of the Debentures was $223,723 and $223,506, 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. In July of 2013, United’s primary federal regulator, the Federal Reserve, published final rules (the “Basel III Capital Rules”) establishing a new comprehensive capital framework for U.S. banking organizations which were effective for United on January 1, 2015. The Basel III Capital Rules permit bank holding companies such as United with less than $15 billion in total consolidated assets as of December 31, 2009 to include in additional Tier 1 Capital trust preferred securities and cumulative perpetual preferred stock issued and included in Tier 1 Capital prior to May 19, 2010 on a permanent basis, without any phase-out. However, United’s Trust Preferred Securities are subject to a limit of 25 percent of Tier 1 capital elements excluding any non-qualifying capital instruments and after all regulatory capital deductions and adjustments applied to Tier 1 capital. Trust Preferred Securities no longer included in United’s Tier 1 capital may be included as a component of Tier 2 capital on a permanent basis without phase-out. As of March 31, 2016, all of United’s Trust Preferred Securities qualify as Tier 1 Capital. |
Commitments and Contingent Liab
Commitments and Contingent Liabilities | 3 Months Ended |
Mar. 31, 2016 | |
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 $2,550,476 and $2,587,957 of loan commitments outstanding as of March 31, 2016 and December 31, 2015, respectively, approximately half 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 March 31, 2016 and December 31, 2015, United had $226 of 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 $124,936 and $135,146 as of March 31, 2016 and December 31, 2015, 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 Instrument
Derivative Financial Instruments | 3 Months Ended |
Mar. 31, 2016 | |
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 March 31, 2016, 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. For a cash flow hedge, the fair value of the interest rate swap is recognized on the balance sheet as either a freestanding asset or liability with a corresponding adjustment to other comprehensive income within shareholders’ equity, net of tax. Subsequent adjustments due to changes in the fair value of a derivative that qualifies as a cash flow hedge are offset to other comprehensive income, net of tax. The portion of a hedge that is ineffective is recognized immediately in earnings. At inception of a hedge relationship, United formally documents the hedged item, the particular risk management objective, the nature of the risk being hedged, the derivative being used, how effectiveness of the hedge will be assessed and how the ineffectiveness of the hedge will be measured. United also assesses hedge effectiveness at inception and on an ongoing basis using regression analysis. Hedge ineffectiveness is measured by using the change in fair value method. The change in fair value method compares the change in the fair value of the hedging derivative to the change in the fair value of the hedged exposure, attributable to changes in the benchmark rate. 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 March 31, 2016. Derivative Classifications and Hedging Relationships March 31, 2016 Notional Amount Average Pay Rate Fair Value Hedges: Pay Fixed Swaps (Hedging Commercial Loans) $ 96,830 3.64 % Total Derivatives Used in Fair Value Hedges $ 96,830 Total Derivatives Used for Interest Rate Risk Management and Designated as Hedges $ 96,930 The following tables summarize the fair value of United’s derivative financial instruments. Asset Derivatives March 31, 2016 December 31, 2015 Balance Sheet Location Fair Value Balance Sheet Location Fair Value Derivatives designated as hedging instruments Interest rate contracts Other assets $ 0 Other assets $ 0 Total derivatives designated as hedging instruments $ 0 $ 0 Derivatives not designated as hedging instruments Interest rate contracts Other assets $ 3,164 Other assets $ 2,942 Total derivatives not designated as hedging instruments $ 3,164 $ 2,942 Total asset derivatives $ 3,164 $ 2,942 Liability Derivatives March 31, 2016 December 31, 2015 Balance Sheet Location Fair Value Balance Sheet Location Fair Value Derivatives designated as hedging instruments Interest rate contracts Other liabilities $ 4,807 Other liabilities $ 1,179 Total derivatives designated as hedging instruments $ 4,807 $ 1,179 Derivatives not designated as hedging instruments Interest rate contracts Other liabilities $ 3,164 Other liabilities $ 2,942 Total derivatives not designated as hedging instruments $ 3,164 $ 2,942 Total liability derivatives $ 7,971 $ 4,121 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 it Consolidated Statement of Income for the first three months ended March 31, 2016 and 2015 is presented below: Three Months Ended Income Statement Location March 31, March 31, Derivatives in fair value hedging relationships Interest rate contracts Interest income/ (expense) $ 281 $ (424 ) Total derivatives in fair value hedging relationships $ 281 $ (424 ) Derivatives not designated as hedging instruments Interest rate contracts (1) Other income $ 0 $ 0 Total derivatives not designated as hedging instruments $ 0 $ 0 Total derivatives $ 281 $ (424 ) (1) Represents net gains and net losses from derivative assets not designated as hedging instruments. For the first three months ended March 31, 2016 and 2015, changes in the fair value of any interest rate swaps attributed to hedge ineffectiveness were recorded, but were not significant to United’s Consolidated Statements of Income. |
Fair Value Measurements
Fair Value Measurements | 3 Months Ended |
Mar. 31, 2016 | |
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 Derivatives 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 March 31, 2016 and December 31, 2015, segregated by the level of the valuation inputs within the fair value hierarchy. Fair Value at March 31, 2016 Using Description Balance as of March 31, 2016 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Assets Available for sale debt securities: U.S. Treasury securities and $ 73,356 $ 0 $ 73,356 $ 0 State and political subdivisions 135,829 0 135,829 0 Residential mortgage-backed securities Agency 477,292 0 477,292 0 Non-agency 8,754 0 8,754 0 Asset-backed securities 2,637 0 2,637 0 Commercial mortgage-backed securities Agency 305,802 0 305,802 0 Trust preferred collateralized debt obligations 32,593 0 0 32,593 Single issue trust preferred securities 10,960 0 10,960 0 Other corporate securities 15,081 0 15,081 0 Total available for sale debt securities 1,062,304 0 1,029,711 32,593 Available for sale equity securities: Financial services industry 3,186 757 2,429 0 Equity mutual funds (1) 1,623 1,623 0 0 Other equity securities 1,139 1,139 0 0 Total available for sale equity securities 5,948 3,519 2,429 0 Total available for sale securities 1,068,252 3,519 1,032,140 32,593 Derivative financial assets: Interest rate contracts 3,164 0 3,164 0 Liabilities Derivative financial liabilities: Interest rate contracts 7,971 0 7,971 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, 2015 Using Description Balance as of December 31, 2015 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Assets Available for sale debt securities: U.S. Treasury securities and $ 73,786 $ 0 $ 73,786 $ 0 State and political subdivisions 133,778 0 133,778 0 Residential mortgage-backed securities Agency 477,982 0 477,982 0 Non-agency 9,571 0 9,571 0 Asset-backed securities 3,399 0 3,399 0 Commercial mortgage-backed securities Agency 305,935 0 305,935 0 Trust preferred collateralized debt obligations 34,686 0 0 34,686 Single issue trust preferred securities 11,693 0 11,693 0 Other corporate securities 10,049 0 10,049 0 Total available for sale debt securities 1,060,879 0 1,026,193 34,686 Available for sale equity securities: Financial services industry 2,723 800 1,923 0 Equity mutual funds (1) 1,596 1,596 0 0 Other equity securities 1,136 1,136 0 0 Total available for sale equity securities 5,455 3,532 1,923 0 Total available for sale securities 1,066,334 3,532 1,028,116 34,686 Derivative financial assets: Interest rate contracts 2,942 0 2,942 0 Liabilities Derivative financial liabilities: Interest rate contracts 4,121 0 4,121 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. There were no transfers between Level 1 and Level 2 for financial assets and liabilities measured at fair value on a recurring basis during the three months ended March 31, 2016 and the year ended December 31, 2015. The following table presents additional information about financial assets and liabilities measured at fair value at March 31, 2016 and December 31, 2015 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 March 31, December 31, Balance, beginning of period $ 34,686 $ 39,558 Total gains or losses (realized/unrealized): Included in earnings (or changes in net assets) 0 (34 ) Included in other comprehensive income (2,093 ) (4,838 ) Purchases, issuances, and settlements 0 0 Transfers in and/or out of Level 3 0 0 Balance, end of period $ 32,593 $ 34,686 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 Impaired Loans OREO Intangible Assets: 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 March 31, Carrying value at March 31, 2016 YTD Losses Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Assets Impaired Loans $ 75,180 $ 0 $ 34,171 $ 41,009 $ 2,504 OREO 28,981 0 27,266 1,715 338 Description Balance as of December 31, 2015 Carrying value at December 31, 2015 YTD Losses Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Assets Impaired Loans $ 69,368 $ 0 $ 29,186 $ 40,182 $ 8,485 OREO 32,228 0 32,228 0 1,141 The following methods and assumptions were used by United in estimating its fair value disclosures for other financial instruments: Cash and Cash Equivalents: Securities held to maturity and other securities Loans: Deposits: Short-term Borrowings: Long-term Borrowings: The estimated fair values of United’s financial instruments are summarized below: Fair Value Measurements Carrying Fair Value Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) March 31, 2016 Cash and cash equivalents $ 904,841 $ 904,841 $ 0 $ 904,841 $ 0 Securities available for sale 1,068,252 1,068,252 3,519 1,032,140 32,593 Securities held to maturity 39,058 35,567 0 32,547 3,020 Other securities 100,000 95,000 0 0 95,000 Loans held for sale 5,395 5,395 0 5,395 0 Loans 9,302,903 9,350,404 0 0 9,350,404 Derivative financial assets 3,164 3,164 0 3,164 0 Deposits 9,324,568 9,310,035 0 9,310,035 0 Short-term borrowings 417,082 417,082 0 417,082 0 Long-term borrowings 1,035,071 1,007,356 0 1,007,356 0 Derivative financial liabilities 7,971 7,971 0 7,971 0 December 31, 2015 Cash and cash equivalents $ 857,335 $ 857,335 $ 0 $ 857,335 $ 0 Securities available for sale 1,066,334 1,066,334 3,532 1,028,116 34,686 Securities held to maturity 39,099 36,320 0 33,300 3,020 Other securities 98,749 93,811 0 0 93,811 Loans held for sale 10,681 10,681 0 10,681 0 Loans 9,308,354 9,289,463 0 0 9,289,463 Derivative financial assets 2,942 2,942 0 2,942 0 Deposits 9,341,527 9,332,451 0 9,332,451 0 Short-term borrowings 423,028 423,028 0 423,028 0 Long-term borrowings 1,015,249 988,270 0 988,270 0 Derivative financial liabilities 4,121 4,121 0 4,121 0 |
Stock Based Compensation
Stock Based Compensation | 3 Months Ended |
Mar. 31, 2016 | |
Disclosure of Compensation Related Costs, Share-based 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 generally 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. Beginning in 2014, awards granted to executive officers of United have performance based vesting conditions. 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 quarter of 2016, a total of 189,780 non-qualified stock options and 64,092 shares of restricted stock were granted under the 2011 LTI Plan. Compensation expense of $658 and $631 related to the nonvested awards under the 2011 LTI Plan and the 2006 Stock Option Plan was incurred for the first quarter of 2016 and 2015, 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 2011 LTI 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 March 31, 2016, and the changes during the first three months of 2016 are presented below: Three Months Ended March 31, 2016 Weighted Average Shares Aggregate Remaining Exercise Outstanding at January 1, 2016 1,207,110 $ 28.15 Granted 189,780 35.04 Exercised (42,441 ) 19.43 Forfeited or expired (8,694 ) 32.95 Outstanding at March 31, 2016 1,345,755 $ 9,905 6.5 $ 29.37 Exercisable at March 31, 2016 900,457 $ 8,531 5.3 $ 27.24 The following table summarizes the status of United’s nonvested stock option awards during the first three months of 2016: Shares Weighted-Average Nonvested at January 1, 2016 426,395 $ 6.68 Granted 189,780 6.97 Vested (162,183 ) 6.59 Forfeited or expired (8,694 ) 6.81 Nonvested at March 31, 2016 445,298 $ 6.84 During the three months ended March 31, 2016 and 2015, 42,441 and 89,875 shares, respectively, were issued in connection with stock option exercises. All shares issued in connection with stock option exercises for the three months ended March 31, 2016 and 2015 were issued from authorized and unissued stock. The total intrinsic value of options exercised under the Plans during the three months ended March 31, 2016 and 2015 was $678 and $610, 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 March 31, 2016: Number of Weighted-Average Outstanding at January 1, 2016 129,772 $ 31.69 Granted 64,092 35.04 Vested (49,179 ) 30.51 Forfeited (3,288 ) 32.16 Outstanding at March 31, 2016 141,397 $ 33.60 |
Employee Benefit Plans
Employee Benefit Plans | 3 Months Ended |
Mar. 31, 2016 | |
Compensation and Retirement Disclosure [Abstract] | |
Employee Benefit Plans | 14. EMPLOYEE BENEFIT PLANS United has a defined benefit retirement plan covering a majority of all employees. Pension benefits are based on years of service and the average of the employee’s highest five consecutive plan years of basic compensation paid during the ten plan years preceding the date of determination. Contributions 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, 2015 are unrecognized actuarial losses of $55,998 ($35,727 net of tax) that have not yet been recognized in net periodic pension cost. The amortization of this item expected to be recognized in net periodic pension cost during the fiscal year ended December 31, 2016 is $4,618 ($2,946 net of tax). Net periodic pension cost for the three months ended March 31, 2016 and 2015 included the following components: Three Months Ended 2016 2015 Service cost $ 607 $ 740 Interest cost 1,456 1,430 Expected return on plan assets (2,012 ) (2,293 ) Amortization of transition asset 0 0 Recognized net actuarial loss 1,148 1,208 Amortization of prior service cost 0 0 Net periodic pension (benefit) cost $ 1,199 $ 1,085 Weighted-Average Assumptions: Discount rate 4.75 % 4.35 % Expected return on assets 7.25 % 7.50 % Rate of compensation increase (prior to age 45) 3.50 % 3.50 % Rate of compensation increase 3.00 % 3.00 % |
Income Taxes
Income Taxes | 3 Months Ended |
Mar. 31, 2016 | |
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 March 31, 2016, United has provided a liability for $2,153 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, 2012, 2013 and 2014 and certain State Taxing authorities for the years ended December 31, 2012 through 2014. As of March 31, 2016 and 2015, the total amount of accrued interest related to uncertain tax positions was $752 and $825, 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 | 3 Months Ended |
Mar. 31, 2016 | |
Equity [Abstract] | |
Comprehensive Income | 16. COMPREHENSIVE INCOME The components of total comprehensive income for the three months ended March 31, 2016 and 2015 are as follows: Three Months Ended 2016 2015 Net Income $ 34,706 $ 34,627 Available for sale (“AFS”) securities: AFS securities with OTTI charges during the period 0 (100 ) Related income tax effect 0 36 Less : OTTI charges recognized in net income 0 34 Related income tax benefit 0 (12 ) Reclassification of previous noncredit OTTI to credit OTTI 0 0 Related income tax benefit 0 0 Net unrealized gain (loss) on AFS securities with OTTI 0 (42 ) AFS securities – all other: Change in net unrealized gain on AFS securities arising during the period 13,317 8,471 Related income tax effect (4,821 ) (3,066 ) Net reclassification adjustment for losses (gains) included in net income (4 ) (46 ) Related income tax (benefit) expense 1 17 8,493 5,376 Net effect of AFS securities on other comprehensive income 8,493 5,334 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 1 1 Related income tax expense (0 ) (0 ) Net effect of HTM securities on other comprehensive income 1 1 Pension plan: Recognized net actuarial loss 1,148 1,208 Related income tax benefit (419 ) (440 ) Net effect of change in pension plan asset on other comprehensive income 729 768 Total change in other comprehensive income 9,223 6,103 Total Comprehensive Income $ 43,929 $ 40,730 The components of accumulated other comprehensive income for the three months ended March 31, 2016 are as follows: Changes in Accumulated Other Comprehensive Income (AOCI) by Component (a) For the Three Months Ended March 31, 2016 Unrealized Accretion on Defined Items Total Balance at January 1, 2016 ($ 2,515 ) ($ 57 ) ($ 35,640 ) ($ 38,212 ) Other comprehensive income before reclassification 8,496 1 0 8,497 Amounts reclassified from accumulated other comprehensive income (3 ) 0 729 726 Net current-period other comprehensive income, net of tax 8,493 1 729 9,223 Balance at March 31, 2016 $ 5,978 ($ 56 ) ($ 34,911 ) ($ 28,989 ) (a) All amounts are net-of-tax. Reclassifications out of Accumulated Other Comprehensive Income (AOCI) For the Three Months Ended March 31, 2016 Details about AOCI Components Amount Affected Line Item in the Statement Where Net Income is Presented Available for sale (“AFS”) securities: Reclassification of previous noncredit OTTI to credit OTTI $ 0 Total other-than-temporary impairment losses Net reclassification adjustment for losses (gains) included in net income (4 ) Net gains on sales/calls of investment securities (4 ) Total before tax Related income tax effect 1 Tax expense (3 ) Net of tax Pension plan: Recognized net actuarial loss 1,148 (a) 1,148 Total before tax Related income tax effect (419 ) Tax expense 729 Net of tax Total reclassifications for the period $ 726 (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 | 3 Months Ended |
Mar. 31, 2016 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | 17. EARNINGS PER SHARE Earnings per common share is computed using the two-class method. 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 March 31 2016 2015 Distributed earnings allocated to common stock $ 22,954 $ 22,167 Undistributed earnings allocated to common stock 11,688 12,399 Net earnings allocated to common shareholders $ 34,642 $ 34,566 Average common shares outstanding 69,497,489 69,207,508 Common stock equivalents 216,632 269,336 Average diluted shares outstanding 69,714,121 69,476,844 Earnings per basic common share $ 0.50 $ 0.50 Earnings per diluted common share $ 0.50 $ 0.50 |
Variable Interest Entities
Variable Interest Entities | 3 Months Ended |
Mar. 31, 2016 | |
Organization, Consolidation and Presentation of Financial Statements [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 thirteen statutory business trusts that were created for the purpose of raising funds that qualified 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 Century Trust March 23, 2000 $ 8,800 10.875% Fixed March 8, 2030 United Statutory Trust III December 17, 2003 $ 20,000 3-month LIBOR + 2.85% December 17, 2033 United Statutory Trust IV December 19, 2003 $ 25,000 3-month LIBOR + 2.85% January 23, 2034 United Statutory Trust V July 12, 2007 $ 50,000 3-month LIBOR + 1.55% October 1, 2037 United Statutory Trust VI September 20, 2007 $ 30,000 3-month LIBOR + 1.30% December 15, 2037 Premier Statutory Trust II September 25, 2003 $ 6,000 3-month LIBOR + 3.10% October 8, 2033 Premier Statutory Trust III May 16, 2005 $ 8,000 3-month LIBOR + 1.74% June 15, 2035 Premier Statutory Trust IV June 20, 2006 $ 14,000 3-month LIBOR + 1.55% September 23, 2036 Premier Statutory Trust V December 14, 2006 $ 10,000 3-month LIBOR + 1.61% March 1, 2037 Centra Statutory Trust I September 20, 2004 $ 10,000 3-month LIBOR + 2.29% September 20, 2034 Centra Statutory Trust II June 15, 2006 $ 10,000 3-month LIBOR + 1.65% July 7, 2036 Virginia Commerce Trust II December 19, 2002 $ 15,000 6-month LIBOR + 3.30% December 19, 2032 Virginia Commerce Trust III December 20, 2005 $ 25,000 3-month LIBOR + 1.42% February 23, 2036 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 March 31, 2016 As of December 31, 2015 Aggregate Assets Aggregate Liabilities Risk Of Loss (1) Aggregate Assets Aggregate Liabilities Risk Of Loss (1) Trust preferred securities $ 240,435 $ 232,436 $ 7,999 $ 240,468 $ 232,492 $ 7,976 (1) Represents investment in VIEs. |
General (Policies)
General (Policies) | 3 Months Ended |
Mar. 31, 2016 | |
Fair Value Disclosures [Abstract] | |
New Accounting Standards | New Accounting Standards In March 2016, the FASB issued ASU 2016-09, “Compensation-Stock Compensation (Topic 718): Improvements to Employee Share-Based In February 2016, the FASB issued ASU 2016-02, “Leases (Topic 842)”. ASU 2016-02 includes a lessee accounting model that recognizes two types of leases, finance leases and operating leases, while lessor accounting will remain largely unchanged from the current GAAP. ASU 2016-02 requires, amongst other things, that a lessee recognize on the balance sheet a right-of-use asset and a lease liability for leases with lease terms of more than twelve months. The recognition, measurement, and presentation of expenses and cash flows arising from a lease by a lessee will depend on its classification as a finance or operating lease. ASU 2016-02 is effective for United on January 1, 2019 and management is currently evaluating the possible impact this standard may have on the Company’s financial condition or results of operations. In January 2016, the FASB issued ASU 2016-01, “Financial Instruments Overall: Recognition and Measurement of Financial Assets and Financial Liabilities.” ASU 2016-01 makes changes to the classification and measurement of investments in equity securities, the presentation of certain fair value changes for financial liabilities measured at fair value under the fair value option and disclosure of fair value of instruments. In addition, ASU 2016-01 clarifies guidance related to the valuation allowance assessment when recognizing deferred tax assets resulting from unrealized losses on available-for-sale debt securities. ASU 2016-01 is effective for United on January 1, 2018 and is not expected to have a significant impact on the Company’s financial condition or results of operations. In September 2015, the FASB issued ASU 2015-16, “Simplifying the Accounting for Measurement-Period Adjustments” associated with a business combination, as part of its simplification initiative. ASU 2015-16 requires an acquirer to “recognize adjustments to provisional amounts that are identified during the measurement period in the reporting period in which the adjustment amounts are determined.” In addition, the acquirer must record, in the financial statements for the same period, “the effect on earnings of changes in depreciation, amortization, or other income effect, if any, as a result of the change to the provisional amounts, calculated as if the accounting had been completed at the acquisition date.” Entities must also “present separately on the face of the income statement or disclose in the notes the portion of the amount recorded in the current-period earnings by line item that would have been recorded in previous reporting periods if the adjustment to the provisional amount had been recognized as of the acquisition date.” ASU 2015-16 was effective for United on January 1, 2016 and did not have a significant impact on the Company’s financial condition or results of operations. In May 2015, the FASB issued ASU 2015-07, “Disclosures for Investment in Certain Entities That Calculate Net Asset Value per Share (or Its Equivalent), a consensus of the FASB Emerging Issues Task Force.” ASU 2015-07 modifies certain provisions of FASB Accounting Standards Codification Topic 820, Fair Value Measurement (ASC 820). ASU 2015-07 eliminates the requirement to categorize investments in the fair value hierarchy if an investment’s fair value is measured based on net asset value (NAV) per share (or its equivalent) using the practical expedient. The reporting entities will no longer be required to provide the related fair value disclosures for these securities but instead, will be required to disclose information to help users understand the nature of the investments as well as risks, including whether it is probable that the amount realized on the sale of the investments would differ from net asset value. ASU 2015-07 was effective for United on January 1, 2016 and did not have a significant impact on the Company’s financial condition or results of operations. In April 2015, the FASB issued ASU 2015-04, “Compensation – Retirement Benefits: Practical Expedient for the Measurement Date of an Employer’s Defined Benefit Obligation and Plan Assets.” ASU 2015-04 gives an employer whose fiscal year-end does not coincide with a calendar month-end the ability, as a practical expedient, to measure defined benefit retirement obligations and related plan assets as of the month-end that is closest to its fiscal year-end. ASU 2015-04 also provides guidance on accounting for contributions to the plan and significant events that require a remeasurement that occur during the period between a month-end measurement and the employer’s fiscal year-end. ASU 2015-04 was effective for United on January 1, 2016 and did not have a significant impact on the Company’s financial condition or results of operations. In April 2015, the FASB issued ASU 2015-03, “Simplifying the Presentation of Debt Issuance Costs.” Under ASU 2015-03, debt issuance costs are required to be presented as a direct deduction of debt balances on the statement of financial condition, similar to the presentation of debt discounts. ASU 2015-03 is limited to simplifying the presentation of debt issuance costs and does not change the recognition and measurement guidance for debt issuance costs. ASU 2015-03 was effective for United on January 1, 2016 and did not have a significant impact on the Company’s financial condition or results of operations. In February 2015, the FASB issued ASU 2015-02, “Amendments to the Consolidation Analysis.” ASU 2015-02 improves targeted areas of the consolidation guidance and reduces the number of consolidation models. The new consolidation standard eliminates the deferral of FAS 167 and makes changes to both the variable interest model and the voting model in ASC 810. ASU 2015-02 affects all entities, could change consolidation conclusions and may trigger additional disclosures. ASU 2015-02 was effective for United on January 1, 2016 and did not have a significant impact on the Company’s financial condition or results of operations. In January 2015, the FASB issued ASU 2015-01, “Income Statement, Extraordinary and Unusual Items (Subtopic 225-20).”ASU 2015-01 eliminates the separate presentation of extraordinary items but does not change the requirement to disclose material items that are unusual or infrequent in nature. Eliminating the concept of extraordinary items will allow entities to no longer have to assess whether a particular event or transaction is both unusual in nature and infrequent in occurrence. ASU 2015-01 was effective for United on January 1, 2016 and did not have a significant impact on the Company’s financial condition or results of operations. In June 2014, the FASB issued ASU 2014-12, “Accounting for Share-Based Payments When the Terms of an Award Provide That a Performance Target Could Be Achieved after the Requisite Service Period.” ASU 2014-12 amends the guidance in FASB ASC 718, “Compensation-Stock Compensation”, to bring consistency to the accounting for share-based payment awards that require a specific performance target to be achieved in order for employees to become eligible to vest in the awards. The amendments affect all entities that grant their employees share-based payments in which the terms of the award provide that a performance target that affects vesting could be achieved after the requisite service period. ASU 2014-12 was effective for United on January 1, 2016 and did not have a significant impact on the Company’s financial condition or results of operations. In May 2014, the FASB issued ASU 2014-09, “Revenue from Contracts with Customers (Topic 606).” ASU 2014-09 supersedes the revenue recognition requirements in Accounting Standards Codification Topic 605, “Revenue Recognition”, and most industry-specific guidance throughout the Accounting Standards Codification. The amendments require an entity to recognize revenue upon the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods and services. The new revenue recognition standard sets forth a five step principle-based approach for determining revenue recognition. In April 2015, the FASB voted to defer the effective date of ASU 2014-09 by one-year for both public and private companies, and gave both public and private companies the option to “early” adopt using the original effective dates. ASU 2014-09 now will be effective for United on January 1, 2018 with early adoption permitted on January 1, 2017. Management is currently evaluating this guidance to determine the impact on the Company’s financial condition or results of operations. |
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. |
Investment Securities (Tables)
Investment Securities (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
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: March 31, 2016 Amortized Gross Gross Estimated Value Cumulative (1) U.S. Treasury securities and obligations of U.S. Government corporations and agencies $ 70,152 $ 3,204 $ 0 $ 73,356 $ 0 State and political subdivisions 131,953 3,909 33 135,829 0 Residential mortgage-backed securities Agency 465,513 11,840 61 477,292 0 Non-agency 8,585 176 7 8,754 458 Commercial mortgage-backed securities Agency 299,095 6,729 22 305,802 0 Asset-backed securities 2,640 0 3 2,637 0 Trust preferred collateralized debt obligations 49,342 686 17,435 32,593 25,952 Single issue trust preferred securities 13,325 234 2,599 10,960 0 Other corporate securities 14,994 87 0 15,081 0 Marketable equity securities 5,345 614 11 5,948 0 Total $ 1,060,944 $ 27,479 $ 20,171 $ 1,068,252 $ 26,410 December 31, 2015 Amortized Gross Gross Estimated Value Cumulative (1) U.S. Treasury securities and obligations of U.S. Government corporations and agencies $ 71,993 $ 1,793 $ 0 $ 73,786 $ 0 State and political subdivisions 130,685 3,144 51 133,778 0 Residential mortgage-backed securities Agency 473,109 5,580 707 477,982 0 Non-agency 9,119 457 5 9,571 458 Commercial mortgage-backed securities Agency 305,990 1,843 1,898 305,935 0 Asset-backed securities 3,404 0 5 3,399 0 Trust preferred collateralized debt obligations 49,386 635 15,335 34,686 25,952 Single issue trust preferred securities 13,811 249 2,367 11,693 0 Other corporate securities 9,999 50 0 10,049 0 Marketable equity securities 4,844 637 26 5,455 0 Total $ 1,072,340 $ 14,388 $ 20,394 $ 1,066,334 $ 26,410 (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 March 31, 2016 and December 31, 2015. Less than 12 months 12 months or longer Fair Unrealized Fair Unrealized Value Losses Value Losses March 31, 2016 U.S. Treasury securities and obligations of U.S. Government corporations and agencies $ 0 $ 0 $ 0 $ 0 State and political subdivisions 13,041 33 0 0 Residential mortgage-backed securities Agency 12,246 47 10,025 14 Non-agency 299 7 0 0 Commercial mortgage-backed securities Agency 0 0 9,424 22 Asset-backed securities 2,637 3 0 0 Trust preferred collateralized debt obligations 1,029 276 26,628 17,159 Single issue trust preferred securities 3,900 736 3,824 1,863 Marketable equity securities 1,377 11 0 0 Total $ 34,529 $ 1,113 $ 49,901 $ 19,058 Less than 12 months 12 months or longer Fair Unrealized Fair Unrealized Value Losses Value Losses December 31, 2015 U.S. Treasury securities and obligations of U.S. Government corporations and agencies $ 0 $ 0 $ 0 $ 0 State and political subdivisions 15,550 51 0 0 Residential mortgage-backed securities Agency 90,004 707 0 0 Non-agency 348 5 0 0 Commercial mortgage-backed securities Agency 170,340 1,650 9,255 248 Asset-backed securities 3,399 5 0 0 Trust preferred collateralized debt obligations 3,304 135 28,633 15,200 Single issue trust preferred securities 4,225 404 3,720 1,963 Marketable equity securities 986 26 0 0 Total $ 288,156 $ 2,983 $ 41,608 $ 17,411 |
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 March 31 2016 2015 Proceeds from sales and calls $ 34,999 $ 36,087 Gross realized gains 6 50 Gross realized losses 2 4 |
Summary of Unrealized Loss Positions of Available for Sale TRUP CDOs and Single Issue Trust Preferred Securities | The following is a summary of the available for sale Trup Cdos as of March 31, 2016: Amortized Cost Class Amortized Cost Fair Value Unrealized Loss Investment Split Below Senior – Bank $ 6,668 $ 5,917 $ 751 $ 4,527 $ 0 $ 2,141 Mezzanine – Bank (now in senior position) 11,383 8,263 3,120 0 0 11,383 Mezzanine – Bank 26,091 15,285 10,806 0 0 26,091 Mezzanine – Bank & Insurance (combination) 5,200 3,128 2,072 0 0 5,200 Totals $ 49,342 $ 32,593 $ 16,749 $ 4,527 $ 0 $ 44,815 |
Roll Forward of Credit Losses on Securities | Below is a progression of the credit losses on securities which United has recorded other-than-temporary charges. These charges were recorded through earnings and other comprehensive income. Three Months Ended March 31 2016 2015 Balance of cumulative credit losses at beginning of period $ 23,773 $ 23,739 Additions for credit losses recognized in earnings during the period: Additional credit losses on securities for which OTTI was previously recognized 0 34 Reductions for securities sold or paid off during the period 0 0 Balance of cumulative credit losses at end of period $ 23,773 $ 23,773 |
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: March 31, 2016 Gross Gross Estimated Amortized Unrealized Unrealized Fair Cost Gains Losses Value U.S. Treasury securities and obligations of U.S. Government corporations and agencies $ 10,381 $ 849 $ 0 $ 11,230 State and political subdivisions 9,321 20 226 9,115 Residential mortgage-backed securities Agency 34 7 0 41 Single issue trust preferred securities 19,302 0 4,141 15,161 Other corporate securities 20 0 0 20 Total $ 39,058 $ 876 $ 4,367 $ 35,567 December 31, 2015 Gross Gross Estimated Amortized Unrealized Unrealized Fair Cost Gains Losses Value U.S. Treasury securities and obligations of U.S. Government corporations and agencies $ 10,425 $ 860 $ 0 $ 11,285 State and political subdivisions 9,321 21 253 9,089 Residential mortgage-backed securities Agency 35 6 0 41 Single issue trust preferred securities 19,298 0 3,414 15,884 Other corporate securities 20 0 0 20 Total $ 39,099 $ 887 $ 3,667 $ 36,319 |
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 March 31, 2016 and December 31, 2015 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. March 31, 2016 December 31, 2015 Estimated Estimated Amortized Fair Amortized Fair Cost Value Cost Value Due in one year or less $ 11,741 $ 11,815 $ 10,448 $ 10,515 Due after one year through five years 268,067 272,458 273,469 274,158 Due after five years through ten years 214,787 223,693 213,274 216,636 Due after ten years 561,004 554,338 570,305 559,570 Marketable equity securities 5,345 5,948 4,844 5,455 Total $ 1,060,944 $ 1,068,252 $ 1,072,340 $ 1,066,334 |
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 March 31, 2016 and December 31, 2015 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. March 31, 2016 December 31, 2015 Amortized Estimated Amortized Estimated Due in one year or less $ 5,009 $ 5,042 $ 5,029 $ 5,121 Due after one year through five years 9,648 10,481 9,672 10,458 Due after five years through ten years 4,045 3,822 4,045 3,794 Due after ten years 20,356 16,222 20,353 16,946 Total $ 39,058 $ 35,567 $ 39,099 $ 36,319 |
Loans (Tables)
Loans (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Receivables [Abstract] | |
Major Classes of Loans | Major classes of loans are as follows: March 31, 2016 December 31, Commercial, financial and agricultural: Owner-occupied commercial real estate $ 918,334 $ 927,746 Nonowner-occupied commercial real estate 2,944,573 2,896,367 Other commercial loans 1,572,060 1,602,222 Total commercial, financial & agricultural 5,434,967 5,426,335 Residential real estate 2,272,589 2,268,685 Construction & land development 1,222,119 1,273,054 Consumer: Bankcard 12,038 11,653 Other consumer 451,487 419,225 Total gross loans $ 9,393,200 $ 9,398,952 |
Activity for Accretable Yield | Activity for the accretable yield for the first quarter of 2016 follows: Accretable yield at the beginning of the period $ 12,156 Accretion (including cash recoveries) (2,781 ) Net reclassifications to accretable from non-accretable 3,582 Disposals (including maturities, foreclosures, and charge-offs) (705 ) Accretable yield at the end of the period $ 12,252 |
Credit Quality (Tables)
Credit Quality (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Text Block [Abstract] | |
Schedule of Troubled Debt Restructurings, Segregated by Class of Loans | The following table sets forth United’s troubled debt restructurings that were restructured during the three months ended March 31, 2016 and 2015, segregated by class of loans. Troubled Debt Restructurings For the Three Months Ended March 31, 2016 March 31, 2015 Number of Pre-Modification Post- Number of Pre-Modification Post- Commercial real estate: Owner-occupied 0 $ 0 $ 0 0 $ 0 $ 0 Nonowner-occupied 0 0 0 0 0 0 Other commercial 3 1,441 1,438 1 240 240 Residential real estate 1 1,400 1,400 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 4 $ 2,841 $ 2,838 1 $ 240 $ 240 |
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 March 31, 2016 30-89 90 Days or more Total Past Current & Total Financing Recorded Commercial real estate: Owner-occupied $ 9,144 $ 8,851 $ 17,995 $ 900,339 $ 918,334 $ 39 Nonowner-occupied 11,872 20,252 32,124 2,912,449 2,944,573 1,530 Other commercial 19,216 43,819 63,035 1,509,025 1,572,060 361 Residential real estate 45,049 22,899 67,948 2,204,641 2,272,589 4,565 Construction & land development 4,537 15,000 19,537 1,202,582 1,222,119 178 Consumer: Bankcard 274 170 444 11,594 12,038 170 Other consumer 7,246 1,251 8,497 442,990 451,487 1,048 Total $ 97,338 $ 112,242 $ 209,580 $ 9,183,620 $ 9,393,200 $ 7,891 (1) Other includes loans with a recorded investment of $130,734 acquired and accounted for under ASC topic 310-30 “Loans and Debt Securities Acquired with Deteriorated Credit Quality”. Age Analysis of Past Due Loans As of December 31, 2015 30-89 Past Due 90 Days or more Total Past Current & Total Financing Recorded Commercial real estate: Owner-occupied $ 8,639 $ 9,831 $ 18,470 $ 909,276 $ 927,746 $ 400 Nonowner-occupied 24,209 26,126 50,335 2,846,032 2,896,367 552 Other commercial 14,888 33,297 48,185 1,554,037 1,602,222 3,643 Residential real estate 44,312 28,332 72,644 2,196,041 2,268,685 4,294 Construction & land development 2,412 15,416 17,828 1,255,226 1,273,054 1,347 Consumer: Bankcard 223 168 391 11,262 11,653 168 Other consumer 9,082 1,596 10,678 408,547 419,225 1,224 Total $ 103,765 $ 114,766 $ 218,531 $ 9,180,421 $ 9,398,952 $ 11,628 (1) Other includes loans with a recorded investment of $148,197 acquired and accounted for under ASC topic 310-30 “Loans and Debt Securities Acquired with Deteriorated Credit Quality”. |
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 March 31, 2016 December 31, 2015 Commercial real estate: Owner-occupied $ 8,812 $ 9,431 Nonowner-occupied 18,722 25,574 Other commercial 43,458 29,654 Residential real estate 18,334 24,038 Construction & land development 14,822 14,069 Consumer: Bankcard 0 0 Other consumer 203 372 Total $ 104,351 $ 103,138 |
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 March 31, 2016 Commercial Real Estate Other Construction Owner- Nonowner- Grade: Pass $ 831,867 $ 2,785,394 $ 1,412,459 $ 1,053,524 Special mention 21,056 29,385 28,849 57,897 Substandard 65,411 129,794 129,287 110,152 Doubtful 0 0 1,465 546 Total $ 918,334 $ 2,944,573 $ 1,572,060 $ 1,222,119 As of December 31, 2015 Commercial Real Estate Other Construction Owner- Nonowner- Grade: Pass $ 835,082 $ 2,710,504 $ 1,436,670 $ 1,095,238 Special mention 20,391 32,249 26,148 59,100 Substandard 72,273 153,614 136,585 118,716 Doubtful 0 0 2,819 0 Total $ 927,746 $ 2,896,367 $ 1,602,222 $ 1,273,054 Credit Quality Indicators Consumer Credit Exposure As of March 31, 2016 Residential Bankcard Other Grade: Pass $ 2,203,207 $ 11,594 $ 442,714 Special mention 16,881 274 7,356 Substandard 52,056 170 1,379 Doubtful 445 0 38 Total $ 2,272,589 $ 12,038 $ 451,487 As of December 31, 2015 Residential Bankcard Other Grade: Pass $ 2,195,420 $ 11,262 $ 408,271 Special mention 13,494 223 9,188 Substandard 57,981 168 1,766 Doubtful 1,790 0 0 Total $ 2,268,685 $ 11,653 $ 419,225 |
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 March 31, 2016 December 31, 2015 Recorded Unpaid Related Recorded Unpaid Related With no related allowance recorded: Commercial real estate: Owner-occupied $ 27,976 $ 28,508 $ 0 $ 36,615 $ 36,828 $ 0 Nonowner-occupied 65,019 65,469 0 69,053 69,517 0 Other commercial 28,977 30,870 0 30,433 32,158 0 Residential real estate 28,315 29,902 0 21,431 22,329 0 Construction & land development 23,785 25,844 0 28,245 29,953 0 Consumer: Bankcard 0 0 0 0 0 0 Other consumer 27 27 0 32 32 0 With an allowance recorded: Commercial real estate: Owner-occupied $ 4,189 $ 4,189 $ 1,505 $ 4,555 $ 4,555 $ 1,253 Nonowner-occupied 6,431 6,431 1,293 7,890 7,890 1,362 Other commercial 39,682 44,623 20,638 29,486 33,127 18,269 Residential real estate 12,313 13,048 2,324 13,305 14,625 2,118 Construction & land development 12,565 18,217 4,721 14,132 20,135 4,789 Consumer: Bankcard 0 0 0 0 0 0 Other consumer 0 0 0 0 0 0 Total: Commercial real estate: Owner-occupied $ 32,165 $ 32,697 $ 1,505 $ 41,170 $ 41,383 $ 1,253 Nonowner-occupied 71,450 71,900 1,293 76,943 77,407 1,362 Other commercial 68,659 75,493 20,638 59,919 65,285 18,269 Residential real estate 40,628 42,950 2,324 34,736 36,954 2,118 Construction & land development 36,350 44,061 4,721 42,377 50,088 4,789 Consumer: Bankcard 0 0 0 0 0 0 Other consumer 27 27 0 32 32 0 Impaired Loans For the Three Months Ended March 31, 2016 March 31, 2015 Average Interest Average Interest With no related allowance recorded: Commercial real estate: Owner-occupied $ 32,295 $ 59 $ 40,843 $ 62 Nonowner-occupied 67,036 207 55,463 163 Other commercial 29,705 100 37,081 100 Residential real estate 24,873 140 30,814 49 Construction & land development 26,015 27 52,445 79 Consumer: Bankcard 0 0 0 0 Other consumer 29 0 40 0 With an allowance recorded: Commercial real estate: Owner-occupied $ 4,372 $ 27 $ 4,988 $ 38 Nonowner-occupied 7,160 43 6,981 39 Other commercial 34,583 130 18,695 64 Residential real estate 12,809 6 6,359 11 Construction & land development 13,349 42 10,287 35 Consumer: Bankcard 0 0 0 0 Other consumer 0 0 0 0 Total: Commercial real estate: Owner-occupied $ 36,667 $ 86 $ 45,831 $ 100 Nonowner-occupied 74,196 250 62,444 202 Other commercial 64,288 230 55,776 164 Residential real estate 37,682 146 37,173 60 Construction & land development 39,364 69 62,732 114 Consumer: Bankcard 0 0 0 0 Other consumer 29 0 40 0 |
Allowance for Credit Losses (Ta
Allowance for Credit Losses (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Receivables [Abstract] | |
Schedule of Allowance for Loan Losses and Carrying Amount of Loans | A progression of the allowance for loan losses, by loan portfolio segment, for the three months ended March 31, 2016 and year ended December 31, 2015 are summarized as follows: Allowance for Loan Losses and Carrying Amount of Loans For the Three Months Ended March 31, 2016 Commercial Real Estate Other Residential Estate Construction Consumer Allowance Total Owner- Nonowner- Allowance for Loan Losses: Beginning balance $ 3,637 $ 5,309 $ 31,328 $ 15,148 $ 18,205 $ 1,995 $ 104 $ 75,726 Charge-offs (1,345 ) (363 ) (3,754 ) (709 ) (0 ) (775 ) (0 ) (6,946 ) Recoveries 781 504 980 211 59 140 0 2,675 Provision 2,275 751 4,086 (1,103 ) (2,998 ) 913 111 4,035 Ending balance $ 5,348 $ 6,201 $ 32,640 $ 13,547 $ 15,266 $ 2,273 $ 215 $ 75,490 Ending Balance: individually evaluated for impairment $ 1,505 $ 1,293 $ 20,638 $ 2,325 $ 4,722 $ 0 $ 0 $ 30,483 Ending Balance: collectively evaluated for impairment $ 3,843 $ 4,908 $ 12,002 $ 11,222 $ 10,544 $ 2,273 $ 215 $ 45,007 Ending Balance: loans acquired with deteriorated credit quality $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 Financing receivables: Ending balance $ 918,334 $ 2,944,573 $ 1,572,060 $ 2,272,589 $ 1,222,119 $ 463,525 $ 0 $ 9,393,200 Ending Balance: individually evaluated for impairment $ 11,796 $ 20,744 $ 45,253 $ 14,603 $ 15,456 $ 0 $ 0 $ 107,852 Ending Balance: collectively evaluated for impairment $ 888,869 $ 2,872,875 $ 1,505,804 $ 2,245,904 $ 1,177,673 $ 463,489 $ 0 $ 9,154,614 Ending Balance: loans acquired with deteriorated credit quality $ 17,669 $ 50,954 $ 21,003 $ 12,082 $ 28,990 $ 36 $ 0 $ 130,734 Allowance for Loan Losses and Carrying Amount of Loans For the Year Ended December 31, 2015 Commercial Real Estate Other Residential Construction Consumer Allowance Total Owner- Nonowner- Allowance for Loan Losses: Beginning balance $ 4,041 $ 8,167 $ 26,931 $ 13,835 $ 19,402 $ 3,083 $ 70 $ 75,529 Charge-offs (4,755 ) (1,120 ) (10,042 ) (6,411 ) (862 ) (2,309 ) (0 ) (25,499 ) Recoveries 829 74 714 495 511 499 0 3,122 Provision 3,522 (1,812 ) 13,725 7,229 (846 ) 722 34 22,574 Ending balance $ 3,637 $ 5,309 $ 31,328 $ 15,148 $ 18,205 $ 1,995 $ 104 $ 75,726 Ending Balance: individually evaluated for impairment $ 1,253 $ 1,362 $ 18,269 $ 2,119 $ 4,789 $ 0 $ 0 $ 27,792 Ending Balance: collectively evaluated for impairment $ 2,384 $ 3,947 $ 13,059 $ 13,029 $ 13,416 $ 1,995 $ 104 $ 47,934 Ending Balance: loans acquired with deteriorated credit quality $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 Financing receivables: Ending balance $ 927,746 $ 2,896,367 $ 1,602,222 $ 2,268,685 $ 1,273,054 $ 430,878 $ 0 $ 9,398,952 Ending Balance: individually evaluated for impairment $ 12,670 $ 26,152 $ 35,342 $ 17,782 $ 15,779 $ 0 $ 0 $ 107,725 Ending Balance: collectively evaluated for impairment $ 888,802 $ 2,817,748 $ 1,546,018 $ 2,237,865 $ 1,221,760 $ 430,837 $ 0 $ 9,143,030 Ending Balance: loans acquired with deteriorated credit quality $ 26,274 $ 52,467 $ 20,862 $ 13,038 $ 35,515 $ 41 $ 0 $ 148,197 |
Intangible Assets (Tables)
Intangible Assets (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
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 March 31, 2016 Gross Carrying Accumulated Net Carrying Amortized intangible assets: Core deposit intangible assets $ 60,577 ($ 43,482 ) $ 17,095 Goodwill not subject to amortization $ 710,252 As of December 31, 2015 Gross Carrying Accumulated Net Carrying Amortized intangible assets: Core deposit intangible assets $ 60,577 ($ 42,737 ) $ 17,840 Goodwill not subject to amortization $ 710,252 |
Schedule of Anticipated Amortization Expense | The following table sets forth the anticipated amortization expense for intangible assets for the years subsequent to 2015: Year Amount 2016 $ 2,981 2017 2,767 2018 2,574 2019 2,476 2020 and thereafter 7,042 |
Long-Term Borrowings (Tables)
Long-Term Borrowings (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Debt Disclosure [Abstract] | |
Schedule of Maturities of FHLB Borrowings | The scheduled maturities of these FHLB borrowings are as follows: Year Amount 2016 $ 850,599 2017 256 2018 0 2019 35,000 2020 and thereafter 0 Total $ 885,855 |
Derivative Financial Instrume34
Derivative Financial Instruments (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
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 March 31, 2016. Derivative Classifications and Hedging Relationships March 31, 2016 Notional Amount Average Pay Rate Fair Value Hedges: Pay Fixed Swaps (Hedging Commercial Loans) $ 96,830 3.64 % Total Derivatives Used in Fair Value Hedges $ 96,830 Total Derivatives Used for Interest Rate Risk Management and Designated as Hedges $ 96,930 |
Schedule of Fair Value Derivative Financial Instruments | The following tables summarize the fair value of United’s derivative financial instruments. Asset Derivatives March 31, 2016 December 31, 2015 Balance Sheet Location Fair Value Balance Sheet Location Fair Value Derivatives designated as hedging instruments Interest rate contracts Other assets $ 0 Other assets $ 0 Total derivatives designated as hedging instruments $ 0 $ 0 Derivatives not designated as hedging instruments Interest rate contracts Other assets $ 3,164 Other assets $ 2,942 Total derivatives not designated as hedging instruments $ 3,164 $ 2,942 Total asset derivatives $ 3,164 $ 2,942 Liability Derivatives March 31, 2016 December 31, 2015 Balance Sheet Location Fair Value Balance Sheet Location Fair Value Derivatives designated as hedging instruments Interest rate contracts Other liabilities $ 4,807 Other liabilities $ 1,179 Total derivatives designated as hedging instruments $ 4,807 $ 1,179 Derivatives not designated as hedging instruments Interest rate contracts Other liabilities $ 3,164 Other liabilities $ 2,942 Total derivatives not designated as hedging instruments $ 3,164 $ 2,942 Total liability derivatives $ 7,971 $ 4,121 |
Schedule of Derivative Financial Instruments on Statement of Income | The effect of United’s derivative financial instruments on it Consolidated Statement of Income for the first three months ended March 31, 2016 and 2015 is presented below: Three Months Ended Income Statement Location March 31, March 31, Derivatives in fair value hedging relationships Interest rate contracts Interest income/ (expense) $ 281 $ (424 ) Total derivatives in fair value hedging relationships $ 281 $ (424 ) Derivatives not designated as hedging instruments Interest rate contracts (1) Other income $ 0 $ 0 Total derivatives not designated as hedging instruments $ 0 $ 0 Total derivatives $ 281 $ (424 ) (1) Represents net gains and net losses from derivative assets not designated as hedging instruments. |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
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 March 31, 2016 and December 31, 2015, segregated by the level of the valuation inputs within the fair value hierarchy. Fair Value at March 31, 2016 Using Description Balance as of March 31, 2016 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Assets Available for sale debt securities: U.S. Treasury securities and $ 73,356 $ 0 $ 73,356 $ 0 State and political subdivisions 135,829 0 135,829 0 Residential mortgage-backed securities Agency 477,292 0 477,292 0 Non-agency 8,754 0 8,754 0 Asset-backed securities 2,637 0 2,637 0 Commercial mortgage-backed securities Agency 305,802 0 305,802 0 Trust preferred collateralized debt obligations 32,593 0 0 32,593 Single issue trust preferred securities 10,960 0 10,960 0 Other corporate securities 15,081 0 15,081 0 Total available for sale debt securities 1,062,304 0 1,029,711 32,593 Available for sale equity securities: Financial services industry 3,186 757 2,429 0 Equity mutual funds (1) 1,623 1,623 0 0 Other equity securities 1,139 1,139 0 0 Total available for sale equity securities 5,948 3,519 2,429 0 Total available for sale securities 1,068,252 3,519 1,032,140 32,593 Derivative financial assets: Interest rate contracts 3,164 0 3,164 0 Liabilities Derivative financial liabilities: Interest rate contracts 7,971 0 7,971 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, 2015 Using Description Balance as of December 31, 2015 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Assets Available for sale debt securities: U.S. Treasury securities and $ 73,786 $ 0 $ 73,786 $ 0 State and political subdivisions 133,778 0 133,778 0 Residential mortgage-backed securities Agency 477,982 0 477,982 0 Non-agency 9,571 0 9,571 0 Asset-backed securities 3,399 0 3,399 0 Commercial mortgage-backed securities Agency 305,935 0 305,935 0 Trust preferred collateralized debt obligations 34,686 0 0 34,686 Single issue trust preferred securities 11,693 0 11,693 0 Other corporate securities 10,049 0 10,049 0 Total available for sale debt securities 1,060,879 0 1,026,193 34,686 Available for sale equity securities: Financial services industry 2,723 800 1,923 0 Equity mutual funds (1) 1,596 1,596 0 0 Other equity securities 1,136 1,136 0 0 Total available for sale equity securities 5,455 3,532 1,923 0 Total available for sale securities 1,066,334 3,532 1,028,116 34,686 Derivative financial assets: Interest rate contracts 2,942 0 2,942 0 Liabilities Derivative financial liabilities: Interest rate contracts 4,121 0 4,121 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 March 31, 2016 and December 31, 2015 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 March 31, December 31, Balance, beginning of period $ 34,686 $ 39,558 Total gains or losses (realized/unrealized): Included in earnings (or changes in net assets) 0 (34 ) Included in other comprehensive income (2,093 ) (4,838 ) Purchases, issuances, and settlements 0 0 Transfers in and/or out of Level 3 0 0 Balance, end of period $ 32,593 $ 34,686 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 March 31, Carrying value at March 31, 2016 YTD Losses Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Assets Impaired Loans $ 75,180 $ 0 $ 34,171 $ 41,009 $ 2,504 OREO 28,981 0 27,266 1,715 338 Description Balance as of December 31, 2015 Carrying value at December 31, 2015 YTD Losses Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Assets Impaired Loans $ 69,368 $ 0 $ 29,186 $ 40,182 $ 8,485 OREO 32,228 0 32,228 0 1,141 |
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 in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) March 31, 2016 Cash and cash equivalents $ 904,841 $ 904,841 $ 0 $ 904,841 $ 0 Securities available for sale 1,068,252 1,068,252 3,519 1,032,140 32,593 Securities held to maturity 39,058 35,567 0 32,547 3,020 Other securities 100,000 95,000 0 0 95,000 Loans held for sale 5,395 5,395 0 5,395 0 Loans 9,302,903 9,350,404 0 0 9,350,404 Derivative financial assets 3,164 3,164 0 3,164 0 Deposits 9,324,568 9,310,035 0 9,310,035 0 Short-term borrowings 417,082 417,082 0 417,082 0 Long-term borrowings 1,035,071 1,007,356 0 1,007,356 0 Derivative financial liabilities 7,971 7,971 0 7,971 0 December 31, 2015 Cash and cash equivalents $ 857,335 $ 857,335 $ 0 $ 857,335 $ 0 Securities available for sale 1,066,334 1,066,334 3,532 1,028,116 34,686 Securities held to maturity 39,099 36,320 0 33,300 3,020 Other securities 98,749 93,811 0 0 93,811 Loans held for sale 10,681 10,681 0 10,681 0 Loans 9,308,354 9,289,463 0 0 9,289,463 Derivative financial assets 2,942 2,942 0 2,942 0 Deposits 9,341,527 9,332,451 0 9,332,451 0 Short-term borrowings 423,028 423,028 0 423,028 0 Long-term borrowings 1,015,249 988,270 0 988,270 0 Derivative financial liabilities 4,121 4,121 0 4,121 0 |
Stock Based Compensation (Table
Stock Based Compensation (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Summary of Stock Option Plans | A summary of activity under United’s stock option plans as of March 31, 2016, and the changes during the first three months of 2016 are presented below: Three Months Ended March 31, 2016 Weighted Average Shares Aggregate Remaining Exercise Outstanding at January 1, 2016 1,207,110 $ 28.15 Granted 189,780 35.04 Exercised (42,441 ) 19.43 Forfeited or expired (8,694 ) 32.95 Outstanding at March 31, 2016 1,345,755 $ 9,905 6.5 $ 29.37 Exercisable at March 31, 2016 900,457 $ 8,531 5.3 $ 27.24 |
Status of United's Nonvested Stock Option Awards | The following table summarizes the status of United’s nonvested stock option awards during the first three months of 2016: Shares Weighted-Average Nonvested at January 1, 2016 426,395 $ 6.68 Granted 189,780 6.97 Vested (162,183 ) 6.59 Forfeited or expired (8,694 ) 6.81 Nonvested at March 31, 2016 445,298 $ 6.84 |
Changes to United's Restricted Common Shares | The following summarizes the changes to United’s restricted common shares for the period ended March 31, 2016: Number of Weighted-Average Outstanding at January 1, 2016 129,772 $ 31.69 Granted 64,092 35.04 Vested (49,179 ) 30.51 Forfeited (3,288 ) 32.16 Outstanding at March 31, 2016 141,397 $ 33.60 |
Employee Benefit Plans (Tables)
Employee Benefit Plans (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Compensation and Retirement Disclosure [Abstract] | |
Net Periodic Pension Cost | Net periodic pension cost for the three months ended March 31, 2016 and 2015 included the following components: Three Months Ended 2016 2015 Service cost $ 607 $ 740 Interest cost 1,456 1,430 Expected return on plan assets (2,012 ) (2,293 ) Amortization of transition asset 0 0 Recognized net actuarial loss 1,148 1,208 Amortization of prior service cost 0 0 Net periodic pension (benefit) cost $ 1,199 $ 1,085 Weighted-Average Assumptions: Discount rate 4.75 % 4.35 % Expected return on assets 7.25 % 7.50 % Rate of compensation increase (prior to age 45) 3.50 % 3.50 % Rate of compensation increase 3.00 % 3.00 % |
Comprehensive Income (Tables)
Comprehensive Income (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Equity [Abstract] | |
Components of Total Comprehensive Income | The components of total comprehensive income for the three months ended March 31, 2016 and 2015 are as follows: Three Months Ended 2016 2015 Net Income $ 34,706 $ 34,627 Available for sale (“AFS”) securities: AFS securities with OTTI charges during the period 0 (100 ) Related income tax effect 0 36 Less : OTTI charges recognized in net income 0 34 Related income tax benefit 0 (12 ) Reclassification of previous noncredit OTTI to credit OTTI 0 0 Related income tax benefit 0 0 Net unrealized gain (loss) on AFS securities with OTTI 0 (42 ) AFS securities – all other: Change in net unrealized gain on AFS securities arising during the period 13,317 8,471 Related income tax effect (4,821 ) (3,066 ) Net reclassification adjustment for losses (gains) included in net income (4 ) (46 ) Related income tax (benefit) expense 1 17 8,493 5,376 Net effect of AFS securities on other comprehensive income 8,493 5,334 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 1 1 Related income tax expense (0 ) (0 ) Net effect of HTM securities on other comprehensive income 1 1 Pension plan: Recognized net actuarial loss 1,148 1,208 Related income tax benefit (419 ) (440 ) Net effect of change in pension plan asset on other comprehensive income 729 768 Total change in other comprehensive income 9,223 6,103 Total Comprehensive Income $ 43,929 $ 40,730 |
Components of Accumulated Other Comprehensive Income | The components of accumulated other comprehensive income for the three months ended March 31, 2016 are as follows: Changes in Accumulated Other Comprehensive Income (AOCI) by Component (a) For the Three Months Ended March 31, 2016 Unrealized Accretion on Defined Items Total Balance at January 1, 2016 ($ 2,515 ) ($ 57 ) ($ 35,640 ) ($ 38,212 ) Other comprehensive income before reclassification 8,496 1 0 8,497 Amounts reclassified from accumulated other comprehensive income (3 ) 0 729 726 Net current-period other comprehensive income, net of tax 8,493 1 729 9,223 Balance at March 31, 2016 $ 5,978 ($ 56 ) ($ 34,911 ) ($ 28,989 ) (a) All amounts are net-of-tax. |
Reclassifications Out of Accumulated Other Comprehensive Income | Reclassifications out of Accumulated Other Comprehensive Income (AOCI) For the Three Months Ended March 31, 2016 Details about AOCI Components Amount Affected Line Item in the Statement Where Net Income is Presented Available for sale (“AFS”) securities: Reclassification of previous noncredit OTTI to credit OTTI $ 0 Total other-than-temporary impairment losses Net reclassification adjustment for losses (gains) included in net income (4 ) Net gains on sales/calls of investment securities (4 ) Total before tax Related income tax effect 1 Tax expense (3 ) Net of tax Pension plan: Recognized net actuarial loss 1,148 (a) 1,148 Total before tax Related income tax effect (419 ) Tax expense 729 Net of tax Total reclassifications for the period $ 726 (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) | 3 Months Ended |
Mar. 31, 2016 | |
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 March 31 2016 2015 Distributed earnings allocated to common stock $ 22,954 $ 22,167 Undistributed earnings allocated to common stock 11,688 12,399 Net earnings allocated to common shareholders $ 34,642 $ 34,566 Average common shares outstanding 69,497,489 69,207,508 Common stock equivalents 216,632 269,336 Average diluted shares outstanding 69,714,121 69,476,844 Earnings per basic common share $ 0.50 $ 0.50 Earnings per diluted common share $ 0.50 $ 0.50 |
Variable Interest Entities (Tab
Variable Interest Entities (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Organization, Consolidation and Presentation of Financial Statements [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 Century Trust March 23, 2000 $ 8,800 10.875% Fixed March 8, 2030 United Statutory Trust III December 17, 2003 $ 20,000 3-month LIBOR + 2.85% December 17, 2033 United Statutory Trust IV December 19, 2003 $ 25,000 3-month LIBOR + 2.85% January 23, 2034 United Statutory Trust V July 12, 2007 $ 50,000 3-month LIBOR + 1.55% October 1, 2037 United Statutory Trust VI September 20, 2007 $ 30,000 3-month LIBOR + 1.30% December 15, 2037 Premier Statutory Trust II September 25, 2003 $ 6,000 3-month LIBOR + 3.10% October 8, 2033 Premier Statutory Trust III May 16, 2005 $ 8,000 3-month LIBOR + 1.74% June 15, 2035 Premier Statutory Trust IV June 20, 2006 $ 14,000 3-month LIBOR + 1.55% September 23, 2036 Premier Statutory Trust V December 14, 2006 $ 10,000 3-month LIBOR + 1.61% March 1, 2037 Centra Statutory Trust I September 20, 2004 $ 10,000 3-month LIBOR + 2.29% September 20, 2034 Centra Statutory Trust II June 15, 2006 $ 10,000 3-month LIBOR + 1.65% July 7, 2036 Virginia Commerce Trust II December 19, 2002 $ 15,000 6-month LIBOR + 3.30% December 19, 2032 Virginia Commerce Trust III December 20, 2005 $ 25,000 3-month LIBOR + 1.42% February 23, 2036 |
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 March 31, 2016 As of December 31, 2015 Aggregate Assets Aggregate Liabilities Risk Of Loss (1) Aggregate Assets Aggregate Liabilities Risk Of Loss (1) Trust preferred securities $ 240,435 $ 232,436 $ 7,999 $ 240,468 $ 232,492 $ 7,976 (1) Represents investment in VIEs. |
Mergers and Acquisitions - Addi
Mergers and Acquisitions - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Business Acquisition [Line Items] | ||
Total assets | $ 12,606,884 | $ 12,577,944 |
Business acquisition, share price | $ 39.73 | |
Bank of Georgetown [Member] | ||
Business Acquisition [Line Items] | ||
Total assets | $ 1,300,000 | |
Outstanding common stock acquired | 100.00% | |
Exchange ratio | 0.9313 | |
Business acquisition, share price | $ 37 |
Investment Securities - Summary
Investment Securities - Summary of Amortized Cost and Estimated Fair Values of Available for Sale Securities (Detail) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Schedule of Investments [Line Items] | ||
Amortized Cost | $ 1,060,944 | $ 1,072,340 |
Gross Unrealized Gains | 27,479 | 14,388 |
Gross Unrealized Losses | 20,171 | 20,394 |
Estimated Fair Value | 1,068,252 | 1,066,334 |
Cumulative OTTI in AOCI | 26,410 | 26,410 |
U.S. Treasury Securities and Obligations of U.S. Government Corporations and Agencies [Member] | ||
Schedule of Investments [Line Items] | ||
Amortized Cost | 70,152 | 71,993 |
Gross Unrealized Gains | 3,204 | 1,793 |
Gross Unrealized Losses | 0 | 0 |
Estimated Fair Value | 73,356 | 73,786 |
Cumulative OTTI in AOCI | 0 | 0 |
State and Political Subdivisions [Member] | ||
Schedule of Investments [Line Items] | ||
Amortized Cost | 131,953 | 130,685 |
Gross Unrealized Gains | 3,909 | 3,144 |
Gross Unrealized Losses | 33 | 51 |
Estimated Fair Value | 135,829 | 133,778 |
Cumulative OTTI in AOCI | 0 | 0 |
Residential Mortgage-Backed Securities, Agency [Member] | ||
Schedule of Investments [Line Items] | ||
Amortized Cost | 465,513 | 473,109 |
Gross Unrealized Gains | 11,840 | 5,580 |
Gross Unrealized Losses | 61 | 707 |
Estimated Fair Value | 477,292 | 477,982 |
Cumulative OTTI in AOCI | 0 | 0 |
Residential Mortgage-Backed Securities, Non-agency [Member] | ||
Schedule of Investments [Line Items] | ||
Amortized Cost | 8,585 | 9,119 |
Gross Unrealized Gains | 176 | 457 |
Gross Unrealized Losses | 7 | 5 |
Estimated Fair Value | 8,754 | 9,571 |
Cumulative OTTI in AOCI | 458 | 458 |
Commercial Mortgage-Backed Securities, Agency [Member] | ||
Schedule of Investments [Line Items] | ||
Amortized Cost | 299,095 | 305,990 |
Gross Unrealized Gains | 6,729 | 1,843 |
Gross Unrealized Losses | 22 | 1,898 |
Estimated Fair Value | 305,802 | 305,935 |
Cumulative OTTI in AOCI | 0 | 0 |
Asset-Backed Securities [Member] | ||
Schedule of Investments [Line Items] | ||
Amortized Cost | 2,640 | 3,404 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | 3 | 5 |
Estimated Fair Value | 2,637 | 3,399 |
Cumulative OTTI in AOCI | 0 | 0 |
Trust Preferred Collateralized Debt Obligations [Member] | ||
Schedule of Investments [Line Items] | ||
Amortized Cost | 49,342 | 49,386 |
Gross Unrealized Gains | 686 | 635 |
Gross Unrealized Losses | 17,435 | 15,335 |
Estimated Fair Value | 32,593 | 34,686 |
Cumulative OTTI in AOCI | 25,952 | 25,952 |
Single Issue Trust Preferred Securities [Member] | ||
Schedule of Investments [Line Items] | ||
Amortized Cost | 13,325 | 13,811 |
Gross Unrealized Gains | 234 | 249 |
Gross Unrealized Losses | 2,599 | 2,367 |
Estimated Fair Value | 10,960 | 11,693 |
Cumulative OTTI in AOCI | 0 | 0 |
Corporate Bonds [Member] | ||
Schedule of Investments [Line Items] | ||
Amortized Cost | 14,994 | 9,999 |
Gross Unrealized Gains | 87 | 50 |
Gross Unrealized Losses | 0 | 0 |
Estimated Fair Value | 15,081 | 10,049 |
Cumulative OTTI in AOCI | 0 | 0 |
Marketable Equity Securities [Member] | ||
Schedule of Investments [Line Items] | ||
Amortized Cost | 5,345 | 4,844 |
Gross Unrealized Gains | 614 | 637 |
Gross Unrealized Losses | 11 | 26 |
Estimated Fair Value | 5,948 | 5,455 |
Cumulative OTTI in AOCI | $ 0 | $ 0 |
Investment Securities - Summa43
Investment Securities - Summary of Securities Available for Sale in an Unrealized Loss Position (Detail) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Schedule of Investments [Line Items] | ||
Less than 12 months, Fair Value | $ 34,529 | $ 288,156 |
Less than 12 months, Unrealized Losses | 1,113 | 2,983 |
12 months or longer, Fair Value | 49,901 | 41,608 |
12 months or longer, Unrealized Losses | 19,058 | 17,411 |
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 | 0 | 0 |
Less than 12 months, Unrealized Losses | 0 | 0 |
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 | 13,041 | 15,550 |
Less than 12 months, Unrealized Losses | 33 | 51 |
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 | 12,246 | 90,004 |
Less than 12 months, Unrealized Losses | 47 | 707 |
12 months or longer, Fair Value | 10,025 | 0 |
12 months or longer, Unrealized Losses | 14 | 0 |
Residential Mortgage-Backed Securities, Non-agency [Member] | ||
Schedule of Investments [Line Items] | ||
Less than 12 months, Fair Value | 299 | 348 |
Less than 12 months, Unrealized Losses | 7 | 5 |
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 | 0 | 170,340 |
Less than 12 months, Unrealized Losses | 0 | 1,650 |
12 months or longer, Fair Value | 9,424 | 9,255 |
12 months or longer, Unrealized Losses | 22 | 248 |
Asset-Backed Securities [Member] | ||
Schedule of Investments [Line Items] | ||
Less than 12 months, Fair Value | 2,637 | 3,399 |
Less than 12 months, Unrealized Losses | 3 | 5 |
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 | 1,029 | 3,304 |
Less than 12 months, Unrealized Losses | 276 | 135 |
12 months or longer, Fair Value | 26,628 | 28,633 |
12 months or longer, Unrealized Losses | 17,159 | 15,200 |
Single Issue Trust Preferred Securities [Member] | ||
Schedule of Investments [Line Items] | ||
Less than 12 months, Fair Value | 3,900 | 4,225 |
Less than 12 months, Unrealized Losses | 736 | 404 |
12 months or longer, Fair Value | 3,824 | 3,720 |
12 months or longer, Unrealized Losses | 1,863 | 1,963 |
Marketable Equity Securities [Member] | ||
Schedule of Investments [Line Items] | ||
Less than 12 months, Fair Value | 1,377 | 986 |
Less than 12 months, Unrealized Losses | 11 | 26 |
12 months or longer, Fair Value | 0 | 0 |
12 months or longer, Unrealized Losses | $ 0 | $ 0 |
Investment Securities - Summa44
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 ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Investments, Debt and Equity Securities [Abstract] | ||
Proceeds from sales and calls | $ 34,999 | $ 36,087 |
Gross realized gains | 6 | 50 |
Gross realized losses | $ 2 | $ 4 |
Investment Securities - Additio
Investment Securities - Additional Information (Detail) | 3 Months Ended | 96 Months Ended | ||
Mar. 31, 2016USD ($)Securities | Mar. 31, 2015USD ($) | Dec. 31, 2007USD ($) | Dec. 31, 2015USD ($) | |
Schedule of Investments [Line Items] | ||||
Gross unrealized losses on available for sale securities | $ 20,171,000 | $ 20,394,000 | ||
Available for sale securities in unrealized loss position | Securities | 49 | |||
Available for sale securities in portfolio, number | Securities | 453 | |||
Amortized cost of available for sale securities | $ 1,060,944,000 | 1,072,340,000 | ||
Capitalization of banks, equal to or greater than, in the single-issue trust preferred portfolio | 10,000,000,000 | |||
Noncredit-related other-than-temporary impairment recognized | $ 26,410,000 | 26,410,000 | ||
New issuance of Preferred Stock estimated | $ 60,000,000,000 | |||
Security other-than-temporarily impaired | 100.00% | |||
Amortized cost of equity securities | $ 5,345,000 | |||
Gross realized gains | 0 | $ 0 | ||
Gross realized losses | 0 | $ 0 | ||
Carrying value of securities pledged | 1,000,586,000 | 986,982,000 | ||
TRUP CDOs [Member] | ||||
Schedule of Investments [Line Items] | ||||
Credit-related other-than-temporary impairment recognized in earnings | 34,000 | |||
Noncredit-related other-than-temporary impairment recognized | 25,952,000 | 25,952,000 | ||
Wells Fargo [Member] | ||||
Schedule of Investments [Line Items] | ||||
Amortized cost of trust preferred securities | 9,917,000 | |||
SunTrust Bank [Member] | ||||
Schedule of Investments [Line Items] | ||||
Amortized cost of trust preferred securities | 7,411,000 | |||
Royal Bank of Scotland [Member] | ||||
Schedule of Investments [Line Items] | ||||
Amortized cost of trust preferred securities | $ 975,000 | |||
Minimum [Member] | ||||
Schedule of Investments [Line Items] | ||||
Other-than-temporarily impaired, the collateralization ratios | 98.40% | |||
Maximum [Member] | ||||
Schedule of Investments [Line Items] | ||||
Other-than-temporarily impaired, the collateralization ratios | 308.40% | |||
Median [Member] | ||||
Schedule of Investments [Line Items] | ||||
Other-than-temporarily impaired, the collateralization ratios | 156.90% | |||
Weighted Average [Member] | ||||
Schedule of Investments [Line Items] | ||||
Other-than-temporarily impaired, the collateralization ratios | 211.50% | |||
Investment Grade [Member] | ||||
Schedule of Investments [Line Items] | ||||
Amortized cost of available for sale single issue trust preferred securities | $ 3,002,000 | |||
Investment Grade [Member] | TRUP CDOs [Member] | ||||
Schedule of Investments [Line Items] | ||||
Amortized cost of available for sale securities | 4,527,000 | |||
Below Investment Grade [Member] | ||||
Schedule of Investments [Line Items] | ||||
Amortized cost of available for sale single issue trust preferred securities | 5,687,000 | |||
Below Investment Grade [Member] | TRUP CDOs [Member] | ||||
Schedule of Investments [Line Items] | ||||
Amortized cost of available for sale securities | 39,260,000 | |||
Split Rated [Member] | ||||
Schedule of Investments [Line Items] | ||||
Amortized cost of available for sale single issue trust preferred securities | 4,636,000 | |||
Residential Mortgage-Backed Securities, Non-agency [Member] | ||||
Schedule of Investments [Line Items] | ||||
Gross unrealized losses on available for sale securities | 7,000 | 5,000 | ||
Amortized cost of available for sale securities | 8,585,000 | 9,119,000 | ||
Credit-related other-than-temporary impairment recognized in earnings | 0 | |||
Noncredit-related other-than-temporary impairment recognized in accumulated other comprehensive income (loss) | 0 | |||
Noncredit-related other-than-temporary impairment recognized | $ 458,000 | 458,000 | ||
Residential Mortgage-Backed Securities, Non-agency [Member] | Originated Prior to 2005 [Member] | ||||
Schedule of Investments [Line Items] | ||||
Percentage of portfolio of non-agency mortgage backed securities with collateral | 27.00% | |||
Residential Mortgage-Backed Securities, Non-agency [Member] | Originated in 2006 and 2007 [Member] | ||||
Schedule of Investments [Line Items] | ||||
Percentage of portfolio of non-agency mortgage backed securities with collateral | 73.00% | |||
Residential Mortgage-Backed Securities, Non-agency [Member] | Investment Grade [Member] | ||||
Schedule of Investments [Line Items] | ||||
Amortized cost of available for sale securities | $ 1,633,000 | |||
Residential Mortgage-Backed Securities, Non-agency [Member] | Below Investment Grade [Member] | ||||
Schedule of Investments [Line Items] | ||||
Amortized cost of available for sale securities | 6,952,000 | |||
Agency Mortgage Backed Securities [Member] | ||||
Schedule of Investments [Line Items] | ||||
Amortized cost of available for sale securities | 764,608,000 | |||
Commercial Mortgage-Backed Securities, Agency [Member] | ||||
Schedule of Investments [Line Items] | ||||
Gross unrealized losses on available for sale securities | 22,000 | 1,898,000 | ||
Amortized cost of available for sale securities | 299,095,000 | 305,990,000 | ||
Noncredit-related other-than-temporary impairment recognized | 0 | 0 | ||
Residential Mortgage-Backed Securities, Agency [Member] | ||||
Schedule of Investments [Line Items] | ||||
Gross unrealized losses on available for sale securities | 61,000 | 707,000 | ||
Amortized cost of available for sale securities | 465,513,000 | 473,109,000 | ||
Noncredit-related other-than-temporary impairment recognized | $ 0 | $ 0 |
Investment Securities - Summa46
Investment Securities - Summary of Unrealized Loss Positions of Available for Sale TRUP CDOs and Single Issue Trust Preferred Securities (Detail) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Schedule of Investments [Line Items] | ||
Amortized Cost | $ 1,060,944 | $ 1,072,340 |
Fair Value | 1,068,252 | $ 1,066,334 |
Trup CDOs and Single Issue Trust Preferred Securities [Member] | ||
Schedule of Investments [Line Items] | ||
Amortized Cost | 49,342 | |
Fair Value | 32,593 | |
Unrealized Loss | 16,749 | |
Senior - Bank [Member] | Trup CDOs and Single Issue Trust Preferred Securities [Member] | ||
Schedule of Investments [Line Items] | ||
Amortized Cost | 6,668 | |
Fair Value | 5,917 | |
Unrealized Loss | 751 | |
Mezzanine - Bank (now in senior position) [Member] | Trup CDOs and Single Issue Trust Preferred Securities [Member] | ||
Schedule of Investments [Line Items] | ||
Amortized Cost | 11,383 | |
Fair Value | 8,263 | |
Unrealized Loss | 3,120 | |
Mezzanine - Bank [Member] | Trup CDOs and Single Issue Trust Preferred Securities [Member] | ||
Schedule of Investments [Line Items] | ||
Amortized Cost | 26,091 | |
Fair Value | 15,285 | |
Unrealized Loss | 10,806 | |
Mezzanine - Bank & Insurance (combination) [Member] | Trup CDOs and Single Issue Trust Preferred Securities [Member] | ||
Schedule of Investments [Line Items] | ||
Amortized Cost | 5,200 | |
Fair Value | 3,128 | |
Unrealized Loss | 2,072 | |
Investment Grade [Member] | Trup CDOs and Single Issue Trust Preferred Securities [Member] | ||
Schedule of Investments [Line Items] | ||
Amortized Cost | 4,527 | |
Investment Grade [Member] | Senior - Bank [Member] | Trup CDOs and Single Issue Trust Preferred Securities [Member] | ||
Schedule of Investments [Line Items] | ||
Amortized Cost | 4,527 | |
Investment Grade [Member] | Mezzanine - Bank (now in senior position) [Member] | Trup CDOs and Single Issue Trust Preferred Securities [Member] | ||
Schedule of Investments [Line Items] | ||
Amortized Cost | 0 | |
Investment Grade [Member] | Mezzanine - Bank [Member] | Trup CDOs and Single Issue Trust Preferred Securities [Member] | ||
Schedule of Investments [Line Items] | ||
Amortized Cost | 0 | |
Investment Grade [Member] | Mezzanine - Bank & Insurance (combination) [Member] | Trup CDOs and Single Issue Trust Preferred Securities [Member] | ||
Schedule of Investments [Line Items] | ||
Amortized Cost | 0 | |
Split Rated [Member] | Trup CDOs and Single Issue Trust Preferred Securities [Member] | ||
Schedule of Investments [Line Items] | ||
Amortized Cost | 0 | |
Split Rated [Member] | Senior - Bank [Member] | Trup CDOs and Single Issue Trust Preferred Securities [Member] | ||
Schedule of Investments [Line Items] | ||
Amortized Cost | 0 | |
Split Rated [Member] | Mezzanine - Bank (now in senior position) [Member] | Trup CDOs and Single Issue Trust Preferred Securities [Member] | ||
Schedule of Investments [Line Items] | ||
Amortized Cost | 0 | |
Split Rated [Member] | Mezzanine - Bank [Member] | Trup CDOs and Single Issue Trust Preferred Securities [Member] | ||
Schedule of Investments [Line Items] | ||
Amortized Cost | 0 | |
Split Rated [Member] | Mezzanine - Bank & Insurance (combination) [Member] | Trup CDOs and Single Issue Trust Preferred Securities [Member] | ||
Schedule of Investments [Line Items] | ||
Amortized Cost | 0 | |
Below Investment Grade [Member] | Trup CDOs and Single Issue Trust Preferred Securities [Member] | ||
Schedule of Investments [Line Items] | ||
Amortized Cost | 44,815 | |
Below Investment Grade [Member] | Senior - Bank [Member] | Trup CDOs and Single Issue Trust Preferred Securities [Member] | ||
Schedule of Investments [Line Items] | ||
Amortized Cost | 2,141 | |
Below Investment Grade [Member] | Mezzanine - Bank (now in senior position) [Member] | Trup CDOs and Single Issue Trust Preferred Securities [Member] | ||
Schedule of Investments [Line Items] | ||
Amortized Cost | 11,383 | |
Below Investment Grade [Member] | Mezzanine - Bank [Member] | Trup CDOs and Single Issue Trust Preferred Securities [Member] | ||
Schedule of Investments [Line Items] | ||
Amortized Cost | 26,091 | |
Below Investment Grade [Member] | Mezzanine - Bank & Insurance (combination) [Member] | Trup CDOs and Single Issue Trust Preferred Securities [Member] | ||
Schedule of Investments [Line Items] | ||
Amortized Cost | $ 5,200 |
Investment Securities - Roll Fo
Investment Securities - Roll Forward of Credit Losses on Securities (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Investments, Debt and Equity Securities [Abstract] | ||
Cumulative credit losses, Beginning Balance | $ 23,773 | $ 23,739 |
Additional credit losses on securities for which OTTI was previously recognized | 0 | 34 |
Reductions for securities sold or paid off during the period | 0 | 0 |
Cumulative credit losses, Ending Balance | $ 23,773 | $ 23,773 |
Investment Securities - Summa48
Investment Securities - Summary of Maturities of Securities Available for Sale by Amortized Cost and Estimated Fair Value (Detail) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Investments, Debt and Equity Securities [Abstract] | ||
Due in one year or less, Amortized Cost | $ 11,741 | $ 10,448 |
Due after one year through five years, Amortized Cost | 268,067 | 273,469 |
Due after five years through ten years, Amortized Cost | 214,787 | 213,274 |
Due after ten years, Amortized Cost | 561,004 | 570,305 |
Marketable equity securities, Amortized Cost | 5,345 | 4,844 |
Amortized Cost | 1,060,944 | 1,072,340 |
Due in one year or less, Estimated Fair Value | 11,815 | 10,515 |
Due after one year through five years, Estimated Fair Value | 272,458 | 274,158 |
Due after five years through ten years, Estimated Fair Value | 223,693 | 216,636 |
Due after ten years, Estimated Fair Value | 554,338 | 559,570 |
Marketable equity securities, Estimated Fair Value | 5,948 | 5,455 |
Total available for sale securities | $ 1,068,252 | $ 1,066,334 |
Investment Securities - Summa49
Investment Securities - Summary of Amortized Cost and Estimated Fair Values of Securities Held to Maturity (Detail) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Schedule of Investments [Line Items] | ||
Amortized Cost | $ 39,058 | $ 39,099 |
Gross Unrealized Gains | 876 | 887 |
Gross Unrealized Losses | 4,367 | 3,667 |
Estimated Fair Value | 35,567 | 36,319 |
U.S. Treasury Securities and Obligations of U.S. Government Corporations and Agencies [Member] | ||
Schedule of Investments [Line Items] | ||
Amortized Cost | 10,381 | 10,425 |
Gross Unrealized Gains | 849 | 860 |
Gross Unrealized Losses | 0 | 0 |
Estimated Fair Value | 11,230 | 11,285 |
State and Political Subdivisions [Member] | ||
Schedule of Investments [Line Items] | ||
Amortized Cost | 9,321 | 9,321 |
Gross Unrealized Gains | 20 | 21 |
Gross Unrealized Losses | 226 | 253 |
Estimated Fair Value | 9,115 | 9,089 |
Residential Mortgage-Backed Securities, Agency [Member] | ||
Schedule of Investments [Line Items] | ||
Amortized Cost | 34 | 35 |
Gross Unrealized Gains | 7 | 6 |
Gross Unrealized Losses | 0 | 0 |
Estimated Fair Value | 41 | 41 |
Single Issue Trust Preferred Securities [Member] | ||
Schedule of Investments [Line Items] | ||
Amortized Cost | 19,302 | 19,298 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | 4,141 | 3,414 |
Estimated Fair Value | 15,161 | 15,884 |
Corporate Bonds [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 - Summa50
Investment Securities - Summary of Maturities of Debt Securities Held to Maturity by Amortized Cost and Estimated Fair Value (Detail) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Investments, Debt and Equity Securities [Abstract] | ||
Due in one year or less, Amortized Cost | $ 5,009 | $ 5,029 |
Due after one year through five years, Amortized Cost | 9,648 | 9,672 |
Due after five years through ten years, Amortized Cost | 4,045 | 4,045 |
Due after ten years, Amortized Cost | 20,356 | 20,353 |
Amortized Cost | 39,058 | 39,099 |
Due in one year or less, Estimated Fair Value | 5,042 | 5,121 |
Due after one year through five years, Estimated Fair Value | 10,481 | 10,458 |
Due after five years through ten year, Estimated Fair Value | 3,822 | 3,794 |
Due after ten years, Estimated Fair Value | 16,222 | 16,946 |
Estimated Fair Value, Total | $ 35,567 | $ 36,319 |
Loans - Major Classes of Loans
Loans - Major Classes of Loans (Detail) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Commercial, financial, and agricultural | ||
Total commercial, financial & agricultural | $ 5,434,967 | $ 5,426,335 |
Residential real estate | 2,272,589 | 2,268,685 |
Construction & land development | 1,222,119 | 1,273,054 |
Consumer: | ||
Bankcard | 12,038 | 11,653 |
Other consumer | 451,487 | 419,225 |
Total Financing Receivables | 9,393,200 | 9,398,952 |
Owner-Occupied [Member] | ||
Commercial, financial, and agricultural | ||
Total commercial, financial & agricultural | 918,334 | 927,746 |
Nonowner-Occupied [Member] | ||
Commercial, financial, and agricultural | ||
Total commercial, financial & agricultural | 2,944,573 | 2,896,367 |
Other Commercial Loans [Member] | ||
Commercial, financial, and agricultural | ||
Total commercial, financial & agricultural | $ 1,572,060 | $ 1,602,222 |
Loans - Additional Information
Loans - Additional Information (Detail) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Loans held for sale | $ 5,395 | $ 10,681 |
Acquired impaired loans from merger | $ 9,393,200 | 9,398,952 |
Percentage of acquired impaired loans from merger on total gross loans | 1.39% | |
Recorded investment in acquired impaired loans | $ 185,985 | 208,765 |
Directors and Officers [Member] | ||
Related party loans | 267,448 | $ 241,000 |
Maximum [Member] | ||
Percentage of acquired impaired loans from merger on total gross loans | 1.58% | |
Loans Acquired with Deteriorated Credit Quality [Member] | ||
Acquired impaired loans from merger | $ 130,734 | $ 148,197 |
Loans - Activity for Accretable
Loans - Activity for Accretable Yield (Detail) $ in Thousands | 3 Months Ended |
Mar. 31, 2016USD ($) | |
Loans [Abstract] | |
Accretable yield at the beginning of the period | $ 12,156 |
Accretion (including cash recoveries) | (2,781) |
Net reclassifications to accretable from non-accretable | 3,582 |
Disposals (including maturities, foreclosures, and charge-offs) | (705) |
Accretable yield at the end of the period | $ 12,252 |
Credit Quality - Additional Inf
Credit Quality - Additional Information (Detail) $ in Thousands | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2016USD ($)SecurityLoan | Mar. 31, 2015USD ($)SecurityLoan | Dec. 31, 2015USD ($) | |
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 | $ 24,156 | $ 23,890 | |
Restructured loans on nonaccrual status | 11,450 | 11,949 | |
Restructured loans modified by reduction in interest | 2,747 | ||
Restructured loan and interest | 8,776 | ||
Restructured loans modified by change in terms | 12,633 | ||
Restructured loans modified by reduction in interest rate and change in terms | 1,438 | $ 240 | |
Restructured loan and interest | $ 1,400 | ||
Number of loans restructured | SecurityLoan | 0 | 0 | |
Minimum number of days required for special mention | 30 days | ||
Maximum number of days required for special mention | 89 days | ||
Number of days required for substandard | 90 days | ||
Real estate acquired in foreclosure or other settlement of loans | $ 28,981 | 32,228 | |
Recorded investment of consumer mortgage loans | $ 1,542 | $ 234 |
Credit Quality - Schedule of Tr
Credit Quality - Schedule of Troubled Debt Restructurings, Segregated by Class of Loans (Detail) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016USD ($)Contract | Mar. 31, 2015USD ($)Contract | |
Financing Receivable, Modifications [Line Items] | ||
Number of Contracts | Contract | 4 | 1 |
Pre-Modification Outstanding Recorded Investment | $ 2,841 | $ 240 |
Post-Modification Outstanding Recorded Investment | $ 2,838 | $ 240 |
Construction & Land Development [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Number of Contracts | Contract | 0 | 0 |
Pre-Modification Outstanding Recorded Investment | $ 0 | $ 0 |
Post-Modification Outstanding Recorded Investment | $ 0 | $ 0 |
Commercial Real Estate [Member] | Owner-Occupied [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Number of Contracts | Contract | 0 | 0 |
Pre-Modification Outstanding Recorded Investment | $ 0 | $ 0 |
Post-Modification Outstanding Recorded Investment | $ 0 | $ 0 |
Commercial Real Estate [Member] | Nonowner-Occupied [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Number of Contracts | Contract | 0 | 0 |
Pre-Modification Outstanding Recorded Investment | $ 0 | $ 0 |
Post-Modification Outstanding Recorded Investment | $ 0 | $ 0 |
Other Commercial [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Number of Contracts | Contract | 3 | 1 |
Pre-Modification Outstanding Recorded Investment | $ 1,441 | $ 240 |
Post-Modification Outstanding Recorded Investment | $ 1,438 | $ 240 |
Residential Real Estate [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Number of Contracts | Contract | 1 | 0 |
Pre-Modification Outstanding Recorded Investment | $ 1,400 | $ 0 |
Post-Modification Outstanding Recorded Investment | $ 1,400 | $ 0 |
Consumer [Member] | Bankcard [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Number of Contracts | Contract | 0 | 0 |
Pre-Modification Outstanding Recorded Investment | $ 0 | $ 0 |
Post-Modification Outstanding Recorded Investment | $ 0 | $ 0 |
Consumer [Member] | Other Consumer [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Number of Contracts | Contract | 0 | 0 |
Pre-Modification Outstanding Recorded Investment | $ 0 | $ 0 |
Post-Modification Outstanding Recorded Investment | $ 0 | $ 0 |
Credit Quality - Schedule of Ag
Credit Quality - Schedule of Age Analysis of its Past Due Loans, Segregated by Class of Loans (Detail) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans, 30-89 Days Past Due | $ 97,338 | $ 103,765 |
Loans, Total Past Due | 209,580 | 218,531 |
Loans, Current & Other | 9,183,620 | 9,180,421 |
Total Financing Receivables | 9,393,200 | 9,398,952 |
Loans, Recorded Investment >90 Days & Accruing | 7,891 | 11,628 |
Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans, Total Past Due | 112,242 | 114,766 |
Construction & Land Development [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans, 30-89 Days Past Due | 4,537 | 2,412 |
Loans, Total Past Due | 19,537 | 17,828 |
Loans, Current & Other | 1,202,582 | 1,255,226 |
Total Financing Receivables | 1,222,119 | 1,273,054 |
Loans, Recorded Investment >90 Days & Accruing | 178 | 1,347 |
Construction & Land Development [Member] | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans, Total Past Due | 15,000 | 15,416 |
Commercial Real Estate [Member] | Owner-Occupied [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans, 30-89 Days Past Due | 9,144 | 8,639 |
Loans, Total Past Due | 17,995 | 18,470 |
Loans, Current & Other | 900,339 | 909,276 |
Total Financing Receivables | 918,334 | 927,746 |
Loans, Recorded Investment >90 Days & Accruing | 39 | 400 |
Commercial Real Estate [Member] | Owner-Occupied [Member] | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans, Total Past Due | 8,851 | 9,831 |
Commercial Real Estate [Member] | Nonowner-Occupied [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans, 30-89 Days Past Due | 11,872 | 24,209 |
Loans, Total Past Due | 32,124 | 50,335 |
Loans, Current & Other | 2,912,449 | 2,846,032 |
Total Financing Receivables | 2,944,573 | 2,896,367 |
Loans, Recorded Investment >90 Days & Accruing | 1,530 | 552 |
Commercial Real Estate [Member] | Nonowner-Occupied [Member] | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans, Total Past Due | 20,252 | 26,126 |
Other Commercial [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans, 30-89 Days Past Due | 19,216 | 14,888 |
Loans, Total Past Due | 63,035 | 48,185 |
Loans, Current & Other | 1,509,025 | 1,554,037 |
Total Financing Receivables | 1,572,060 | 1,602,222 |
Loans, Recorded Investment >90 Days & Accruing | 361 | 3,643 |
Other Commercial [Member] | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans, Total Past Due | 43,819 | 33,297 |
Residential Real Estate [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans, 30-89 Days Past Due | 45,049 | 44,312 |
Loans, Total Past Due | 67,948 | 72,644 |
Loans, Current & Other | 2,204,641 | 2,196,041 |
Total Financing Receivables | 2,272,589 | 2,268,685 |
Loans, Recorded Investment >90 Days & Accruing | 4,565 | 4,294 |
Residential Real Estate [Member] | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans, Total Past Due | 22,899 | 28,332 |
Consumer [Member] | Bankcard [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans, 30-89 Days Past Due | 274 | 223 |
Loans, Total Past Due | 444 | 391 |
Loans, Current & Other | 11,594 | 11,262 |
Total Financing Receivables | 12,038 | 11,653 |
Loans, Recorded Investment >90 Days & Accruing | 170 | 168 |
Consumer [Member] | Bankcard [Member] | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans, Total Past Due | 170 | 168 |
Consumer [Member] | Other Consumer [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans, 30-89 Days Past Due | 7,246 | 9,082 |
Loans, Total Past Due | 8,497 | 10,678 |
Loans, Current & Other | 442,990 | 408,547 |
Total Financing Receivables | 451,487 | 419,225 |
Loans, Recorded Investment >90 Days & Accruing | 1,048 | 1,224 |
Consumer [Member] | Other Consumer [Member] | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans, Total Past Due | $ 1,251 | $ 1,596 |
Credit Quality - Schedule of 57
Credit Quality - Schedule of Age Analysis of its Past Due Loans, Segregated by Class of Loans (Parenthetical) (Detail) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Acquired impaired loans from merger | $ 9,393,200 | $ 9,398,952 |
Loans Acquired with Deteriorated Credit Quality [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Acquired impaired loans from merger | 130,734 | 148,197 |
Loans Acquired with Deteriorated Credit Quality [Member] | Loans and Debt Securities Acquired with Deteriorated Credit Quality [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Acquired impaired loans from merger | $ 130,734 | $ 148,197 |
Credit Quality - Schedule of No
Credit Quality - Schedule of Nonaccrual Loans, Segregated by Class of Loans (Detail) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans on Nonaccrual Status | $ 104,351 | $ 103,138 |
Construction & Land Development [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans on Nonaccrual Status | 14,822 | 14,069 |
Commercial Real Estate [Member] | Owner-Occupied [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans on Nonaccrual Status | 8,812 | 9,431 |
Commercial Real Estate [Member] | Nonowner-Occupied [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans on Nonaccrual Status | 18,722 | 25,574 |
Other Commercial [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans on Nonaccrual Status | 43,458 | 29,654 |
Residential Real Estate [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans on Nonaccrual Status | 18,334 | 24,038 |
Consumer [Member] | Bankcard [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans on Nonaccrual Status | 0 | 0 |
Consumer [Member] | Other Consumer [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans on Nonaccrual Status | $ 203 | $ 372 |
Credit Quality - Schedule of Cr
Credit Quality - Schedule of Credit Quality Indicators Information, by Class of Loans (Detail) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Financing Receivable, Recorded Investment [Line Items] | ||
Financing receivable, credit quality indicators information | $ 9,393,200 | $ 9,398,952 |
Residential Real Estate [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing receivable, credit quality indicators information | 2,272,589 | 2,268,685 |
Other Commercial [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing receivable, credit quality indicators information | 1,572,060 | 1,602,222 |
Bankcard [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing receivable, credit quality indicators information | 12,038 | 11,653 |
Other Consumer [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing receivable, credit quality indicators information | 451,487 | 419,225 |
Owner-Occupied [Member] | Commercial Real Estate [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing receivable, credit quality indicators information | 918,334 | 927,746 |
Nonowner-Occupied [Member] | Commercial Real Estate [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing receivable, credit quality indicators information | 2,944,573 | 2,896,367 |
Construction & Land Development [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing receivable, credit quality indicators information | 1,222,119 | 1,273,054 |
Pass [Member] | Residential Real Estate [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing receivable, credit quality indicators information | 2,203,207 | 2,195,420 |
Pass [Member] | Other Commercial [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing receivable, credit quality indicators information | 1,412,459 | 1,436,670 |
Pass [Member] | Bankcard [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing receivable, credit quality indicators information | 11,594 | 11,262 |
Pass [Member] | Other Consumer [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing receivable, credit quality indicators information | 442,714 | 408,271 |
Pass [Member] | Owner-Occupied [Member] | Commercial Real Estate [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing receivable, credit quality indicators information | 831,867 | 835,082 |
Pass [Member] | Nonowner-Occupied [Member] | Commercial Real Estate [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing receivable, credit quality indicators information | 2,785,394 | 2,710,504 |
Pass [Member] | Construction & Land Development [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing receivable, credit quality indicators information | 1,053,524 | 1,095,238 |
Special Mention [Member] | Residential Real Estate [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing receivable, credit quality indicators information | 16,881 | 13,494 |
Special Mention [Member] | Other Commercial [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing receivable, credit quality indicators information | 28,849 | 26,148 |
Special Mention [Member] | Bankcard [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing receivable, credit quality indicators information | 274 | 223 |
Special Mention [Member] | Other Consumer [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing receivable, credit quality indicators information | 7,356 | 9,188 |
Special Mention [Member] | Owner-Occupied [Member] | Commercial Real Estate [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing receivable, credit quality indicators information | 21,056 | 20,391 |
Special Mention [Member] | Nonowner-Occupied [Member] | Commercial Real Estate [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing receivable, credit quality indicators information | 29,385 | 32,249 |
Special Mention [Member] | Construction & Land Development [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing receivable, credit quality indicators information | 57,897 | 59,100 |
Substandard [Member] | Residential Real Estate [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing receivable, credit quality indicators information | 52,056 | 57,981 |
Substandard [Member] | Other Commercial [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing receivable, credit quality indicators information | 129,287 | 136,585 |
Substandard [Member] | Bankcard [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing receivable, credit quality indicators information | 170 | 168 |
Substandard [Member] | Other Consumer [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing receivable, credit quality indicators information | 1,379 | 1,766 |
Substandard [Member] | Owner-Occupied [Member] | Commercial Real Estate [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing receivable, credit quality indicators information | 65,411 | 72,273 |
Substandard [Member] | Nonowner-Occupied [Member] | Commercial Real Estate [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing receivable, credit quality indicators information | 129,794 | 153,614 |
Substandard [Member] | Construction & Land Development [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing receivable, credit quality indicators information | 110,152 | 118,716 |
Doubtful [Member] | Residential Real Estate [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing receivable, credit quality indicators information | 445 | 1,790 |
Doubtful [Member] | Other Commercial [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing receivable, credit quality indicators information | 1,465 | 2,819 |
Doubtful [Member] | Bankcard [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing receivable, credit quality indicators information | 0 | 0 |
Doubtful [Member] | Other Consumer [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing receivable, credit quality indicators information | 38 | 0 |
Doubtful [Member] | Owner-Occupied [Member] | Commercial Real Estate [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing receivable, credit quality indicators information | 0 | 0 |
Doubtful [Member] | Nonowner-Occupied [Member] | Commercial Real Estate [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing receivable, credit quality indicators information | 0 | 0 |
Doubtful [Member] | Construction & Land Development [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing receivable, credit quality indicators information | $ 546 | $ 0 |
Credit Quality - Schedule of Im
Credit Quality - Schedule of Impaired Loans Information by Class of Loans (Detail) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2016 | Mar. 31, 2015 | Dec. 31, 2015 | |
Construction & Land Development [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Impaired Loans, Recorded Investment, With no related allowance recorded | $ 23,785 | $ 28,245 | |
Impaired Loans, Unpaid Principal Balance, With no related allowance recorded | 25,844 | 29,953 | |
Impaired Loans, Recorded Investment, With an allowance recorded | 12,565 | 14,132 | |
Impaired Loans, Unpaid Principal Balance, With an allowance recorded | 18,217 | 20,135 | |
Impaired Loans, Related Allowance | 4,721 | 4,789 | |
Impaired Loans, Recorded Investment | 36,350 | 42,377 | |
Impaired Loans, Unpaid Principal Balance | 44,061 | 50,088 | |
Impaired Loans, Related Allowance | 4,721 | 4,789 | |
Impaired Loans, Average Recorded Investment, With no related allowance recorded | 26,015 | $ 52,445 | |
Impaired Loans, Interest Income Recognized, With no related allowance recorded | 27 | 79 | |
Impaired Loans, Average Recorded Investment, With an allowance recorded | 13,349 | 10,287 | |
Impaired Loans, Interest Income Recognized, With an allowance recorded | 42 | 35 | |
Impaired Loans, Average Recorded Investment | 39,364 | 62,732 | |
Impaired Loans, Interest Income Recognized | 69 | 114 | |
Bankcard [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Impaired Loans, Average Recorded Investment, With no related allowance recorded | 0 | 0 | |
Impaired Loans, Interest Income Recognized, With no related allowance recorded | 0 | 0 | |
Other Consumer [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Impaired Loans, Average Recorded Investment, With no related allowance recorded | 29 | 40 | |
Impaired Loans, Interest Income Recognized, With no related allowance recorded | 0 | 0 | |
Commercial Real Estate [Member] | Owner-Occupied [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Impaired Loans, Recorded Investment, With no related allowance recorded | 27,976 | 36,615 | |
Impaired Loans, Unpaid Principal Balance, With no related allowance recorded | 28,508 | 36,828 | |
Impaired Loans, Recorded Investment, With an allowance recorded | 4,189 | 4,555 | |
Impaired Loans, Unpaid Principal Balance, With an allowance recorded | 4,189 | 4,555 | |
Impaired Loans, Related Allowance | 1,505 | 1,253 | |
Impaired Loans, Recorded Investment | 32,165 | 41,170 | |
Impaired Loans, Unpaid Principal Balance | 32,697 | 41,383 | |
Impaired Loans, Related Allowance | 1,505 | 1,253 | |
Impaired Loans, Average Recorded Investment, With no related allowance recorded | 32,295 | 40,843 | |
Impaired Loans, Interest Income Recognized, With no related allowance recorded | 59 | 62 | |
Impaired Loans, Average Recorded Investment, With an allowance recorded | 4,372 | 4,988 | |
Impaired Loans, Interest Income Recognized, With an allowance recorded | 27 | 38 | |
Impaired Loans, Average Recorded Investment | 36,667 | 45,831 | |
Impaired Loans, Interest Income Recognized | 86 | 100 | |
Commercial Real Estate [Member] | Nonowner-Occupied [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Impaired Loans, Recorded Investment, With no related allowance recorded | 65,019 | 69,053 | |
Impaired Loans, Unpaid Principal Balance, With no related allowance recorded | 65,469 | 69,517 | |
Impaired Loans, Recorded Investment, With an allowance recorded | 6,431 | 7,890 | |
Impaired Loans, Unpaid Principal Balance, With an allowance recorded | 6,431 | 7,890 | |
Impaired Loans, Related Allowance | 1,293 | 1,362 | |
Impaired Loans, Recorded Investment | 71,450 | 76,943 | |
Impaired Loans, Unpaid Principal Balance | 71,900 | 77,407 | |
Impaired Loans, Related Allowance | 1,293 | 1,362 | |
Impaired Loans, Average Recorded Investment, With no related allowance recorded | 67,036 | 55,463 | |
Impaired Loans, Interest Income Recognized, With no related allowance recorded | 207 | 163 | |
Impaired Loans, Average Recorded Investment, With an allowance recorded | 7,160 | 6,981 | |
Impaired Loans, Interest Income Recognized, With an allowance recorded | 43 | 39 | |
Impaired Loans, Average Recorded Investment | 74,196 | 62,444 | |
Impaired Loans, Interest Income Recognized | 250 | 202 | |
Other Commercial [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Impaired Loans, Recorded Investment, With no related allowance recorded | 28,977 | 30,433 | |
Impaired Loans, Unpaid Principal Balance, With no related allowance recorded | 30,870 | 32,158 | |
Impaired Loans, Recorded Investment, With an allowance recorded | 39,682 | 29,486 | |
Impaired Loans, Unpaid Principal Balance, With an allowance recorded | 44,623 | 33,127 | |
Impaired Loans, Related Allowance | 20,638 | 18,269 | |
Impaired Loans, Recorded Investment | 68,659 | 59,919 | |
Impaired Loans, Unpaid Principal Balance | 75,493 | 65,285 | |
Impaired Loans, Related Allowance | 20,638 | 18,269 | |
Impaired Loans, Average Recorded Investment, With no related allowance recorded | 29,705 | 37,081 | |
Impaired Loans, Interest Income Recognized, With no related allowance recorded | 100 | 100 | |
Impaired Loans, Average Recorded Investment, With an allowance recorded | 34,583 | 18,695 | |
Impaired Loans, Interest Income Recognized, With an allowance recorded | 130 | 64 | |
Impaired Loans, Average Recorded Investment | 64,288 | 55,776 | |
Impaired Loans, Interest Income Recognized | 230 | 164 | |
Residential Real Estate [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Impaired Loans, Recorded Investment, With no related allowance recorded | 28,315 | 21,431 | |
Impaired Loans, Unpaid Principal Balance, With no related allowance recorded | 29,902 | 22,329 | |
Impaired Loans, Recorded Investment, With an allowance recorded | 12,313 | 13,305 | |
Impaired Loans, Unpaid Principal Balance, With an allowance recorded | 13,048 | 14,625 | |
Impaired Loans, Related Allowance | 2,324 | 2,118 | |
Impaired Loans, Recorded Investment | 40,628 | 34,736 | |
Impaired Loans, Unpaid Principal Balance | 42,950 | 36,954 | |
Impaired Loans, Related Allowance | 2,324 | 2,118 | |
Impaired Loans, Average Recorded Investment, With no related allowance recorded | 24,873 | 30,814 | |
Impaired Loans, Interest Income Recognized, With no related allowance recorded | 140 | 49 | |
Impaired Loans, Average Recorded Investment, With an allowance recorded | 12,809 | 6,359 | |
Impaired Loans, Interest Income Recognized, With an allowance recorded | 6 | 11 | |
Impaired Loans, Average Recorded Investment | 37,682 | 37,173 | |
Impaired Loans, Interest Income Recognized | 146 | 60 | |
Consumer [Member] | Bankcard [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Impaired Loans, Recorded Investment, With no related allowance recorded | 0 | 0 | |
Impaired Loans, Unpaid Principal Balance, With no related allowance recorded | 0 | 0 | |
Impaired Loans, Recorded Investment, With an allowance recorded | 0 | 0 | |
Impaired Loans, Unpaid Principal Balance, With an allowance recorded | 0 | 0 | |
Impaired Loans, Related Allowance | 0 | 0 | |
Impaired Loans, Recorded Investment | 0 | 0 | |
Impaired Loans, Unpaid Principal Balance | 0 | 0 | |
Impaired Loans, Related Allowance | 0 | 0 | |
Impaired Loans, Average Recorded Investment, With an allowance recorded | 0 | 0 | |
Impaired Loans, Interest Income Recognized, With an allowance recorded | 0 | 0 | |
Impaired Loans, Average Recorded Investment | 0 | 0 | |
Impaired Loans, Interest Income Recognized | 0 | 0 | |
Consumer [Member] | Other Consumer [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Impaired Loans, Recorded Investment, With no related allowance recorded | 27 | 32 | |
Impaired Loans, Unpaid Principal Balance, With no related allowance recorded | 27 | 32 | |
Impaired Loans, Recorded Investment, With an allowance recorded | 0 | 0 | |
Impaired Loans, Unpaid Principal Balance, With an allowance recorded | 0 | 0 | |
Impaired Loans, Related Allowance | 0 | 0 | |
Impaired Loans, Recorded Investment | 27 | 32 | |
Impaired Loans, Unpaid Principal Balance | 27 | 32 | |
Impaired Loans, Related Allowance | 0 | $ 0 | |
Impaired Loans, Average Recorded Investment, With an allowance recorded | 0 | 0 | |
Impaired Loans, Interest Income Recognized, With an allowance recorded | 0 | 0 | |
Impaired Loans, Average Recorded Investment | 29 | 40 | |
Impaired Loans, Interest Income Recognized | $ 0 | $ 0 |
Allowance for Credit Losses - A
Allowance for Credit Losses - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2016 | Mar. 31, 2015 | Dec. 31, 2015 | |
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 | ||
Provision for loan losses related to loans acquired | $ 437 | $ 3,364 | |
Reserve for lending-related commitments | $ 1,193 | $ 936 | |
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 - S
Allowance for Credit Losses - Schedule of Allowance for Loan Losses and Carrying Amount of Loans (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | Dec. 31, 2015 | |
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Allowance for Loan Losses Beginning balance | $ 75,726 | $ 75,529 | $ 75,529 |
Charge-offs | (6,946) | (25,499) | |
Recoveries | 2,675 | 3,122 | |
Provision | 4,035 | 5,354 | 22,574 |
Allowance for Loan Losses Ending balance | 75,490 | 75,726 | |
Allowance for Loan Losses, individually evaluated for impairment | 30,483 | 27,792 | |
Allowance for Loan Losses, collectively evaluated for impairment | 45,007 | 47,934 | |
Financing receivables | 9,393,200 | 9,398,952 | |
Financing receivables, individually evaluated for impairment | 107,852 | 107,725 | |
Financing receivables, collectively evaluated for impairment | 9,154,614 | 9,143,030 | |
Loans Acquired with Deteriorated Credit Quality [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Allowance for Loan Losses | 0 | 0 | |
Financing receivables | 130,734 | 148,197 | |
Construction & Land Development [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Allowance for Loan Losses Beginning balance | 18,205 | 19,402 | 19,402 |
Charge-offs | 0 | (862) | |
Recoveries | 59 | 511 | |
Provision | (2,998) | (846) | |
Allowance for Loan Losses Ending balance | 15,266 | 18,205 | |
Allowance for Loan Losses, individually evaluated for impairment | 4,722 | 4,789 | |
Allowance for Loan Losses, collectively evaluated for impairment | 10,544 | 13,416 | |
Financing receivables | 1,222,119 | 1,273,054 | |
Financing receivables, individually evaluated for impairment | 15,456 | 15,779 | |
Financing receivables, collectively evaluated for impairment | 1,177,673 | 1,221,760 | |
Construction & Land Development [Member] | Loans Acquired with Deteriorated Credit Quality [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Allowance for Loan Losses | 0 | 0 | |
Financing receivables | 28,990 | 35,515 | |
Allowance for Estimated Imprecision [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Allowance for Loan Losses Beginning balance | 104 | 70 | 70 |
Charge-offs | 0 | 0 | |
Recoveries | 0 | 0 | |
Provision | 111 | 34 | |
Allowance for Loan Losses Ending balance | 215 | 104 | |
Allowance for Loan Losses, individually evaluated for impairment | 0 | 0 | |
Allowance for Loan Losses, collectively evaluated for impairment | 215 | 104 | |
Financing receivables | 0 | 0 | |
Financing receivables, individually evaluated for impairment | 0 | 0 | |
Financing receivables, collectively evaluated for impairment | 0 | 0 | |
Allowance for Estimated Imprecision [Member] | Loans Acquired with Deteriorated Credit Quality [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Allowance for Loan Losses | 0 | 0 | |
Financing receivables | 0 | 0 | |
Commercial Real Estate [Member] | Owner-Occupied [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Allowance for Loan Losses Beginning balance | 3,637 | 4,041 | 4,041 |
Charge-offs | (1,345) | (4,755) | |
Recoveries | 781 | 829 | |
Provision | 2,275 | 3,522 | |
Allowance for Loan Losses Ending balance | 5,348 | 3,637 | |
Allowance for Loan Losses, individually evaluated for impairment | 1,505 | 1,253 | |
Allowance for Loan Losses, collectively evaluated for impairment | 3,843 | 2,384 | |
Financing receivables | 918,334 | 927,746 | |
Financing receivables, individually evaluated for impairment | 11,796 | 12,670 | |
Financing receivables, collectively evaluated for impairment | 888,869 | 888,802 | |
Commercial Real Estate [Member] | Owner-Occupied [Member] | Loans Acquired with Deteriorated Credit Quality [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Allowance for Loan Losses | 0 | 0 | |
Financing receivables | 17,669 | 26,274 | |
Commercial Real Estate [Member] | Nonowner-Occupied [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Allowance for Loan Losses Beginning balance | 5,309 | 8,167 | 8,167 |
Charge-offs | (363) | (1,120) | |
Recoveries | 504 | 74 | |
Provision | 751 | (1,812) | |
Allowance for Loan Losses Ending balance | 6,201 | 5,309 | |
Allowance for Loan Losses, individually evaluated for impairment | 1,293 | 1,362 | |
Allowance for Loan Losses, collectively evaluated for impairment | 4,908 | 3,947 | |
Financing receivables | 2,944,573 | 2,896,367 | |
Financing receivables, individually evaluated for impairment | 20,744 | 26,152 | |
Financing receivables, collectively evaluated for impairment | 2,872,875 | 2,817,748 | |
Commercial Real Estate [Member] | Nonowner-Occupied [Member] | Loans Acquired with Deteriorated Credit Quality [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Allowance for Loan Losses | 0 | 0 | |
Financing receivables | 50,954 | 52,467 | |
Other Commercial [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Allowance for Loan Losses Beginning balance | 31,328 | 26,931 | 26,931 |
Charge-offs | (3,754) | (10,042) | |
Recoveries | 980 | 714 | |
Provision | 4,086 | 13,725 | |
Allowance for Loan Losses Ending balance | 32,640 | 31,328 | |
Allowance for Loan Losses, individually evaluated for impairment | 20,638 | 18,269 | |
Allowance for Loan Losses, collectively evaluated for impairment | 12,002 | 13,059 | |
Financing receivables | 1,572,060 | 1,602,222 | |
Financing receivables, individually evaluated for impairment | 45,253 | 35,342 | |
Financing receivables, collectively evaluated for impairment | 1,505,804 | 1,546,018 | |
Other Commercial [Member] | Loans Acquired with Deteriorated Credit Quality [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Allowance for Loan Losses | 0 | 0 | |
Financing receivables | 21,003 | 20,862 | |
Residential Real Estate [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Allowance for Loan Losses Beginning balance | 15,148 | 13,835 | 13,835 |
Charge-offs | (709) | (6,411) | |
Recoveries | 211 | 495 | |
Provision | (1,103) | 7,229 | |
Allowance for Loan Losses Ending balance | 13,547 | 15,148 | |
Allowance for Loan Losses, individually evaluated for impairment | 2,325 | 2,119 | |
Allowance for Loan Losses, collectively evaluated for impairment | 11,222 | 13,029 | |
Financing receivables | 2,272,589 | 2,268,685 | |
Financing receivables, individually evaluated for impairment | 14,603 | 17,782 | |
Financing receivables, collectively evaluated for impairment | 2,245,904 | 2,237,865 | |
Residential Real Estate [Member] | Loans Acquired with Deteriorated Credit Quality [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Allowance for Loan Losses | 0 | 0 | |
Financing receivables | 12,082 | 13,038 | |
Consumer [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Allowance for Loan Losses Beginning balance | 1,995 | $ 3,083 | 3,083 |
Charge-offs | (775) | (2,309) | |
Recoveries | 140 | 499 | |
Provision | 913 | 722 | |
Allowance for Loan Losses Ending balance | 2,273 | 1,995 | |
Allowance for Loan Losses, individually evaluated for impairment | 0 | 0 | |
Allowance for Loan Losses, collectively evaluated for impairment | 2,273 | 1,995 | |
Financing receivables | 463,525 | 430,878 | |
Financing receivables, individually evaluated for impairment | 0 | 0 | |
Financing receivables, collectively evaluated for impairment | 463,489 | 430,837 | |
Consumer [Member] | Loans Acquired with Deteriorated Credit Quality [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Allowance for Loan Losses | 0 | 0 | |
Financing receivables | $ 36 | $ 41 |
Intangible Assets - Summary of
Intangible Assets - Summary of Intangible Assets (Detail) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Finite-Lived Intangible Assets [Line Items] | ||
Goodwill not subject to amortization | $ 710,252 | $ 710,252 |
Core Deposit Intangible Assets [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 60,577 | 60,577 |
Accumulated Amortization | (43,482) | (42,737) |
Net Carrying Amount | $ 17,095 | $ 17,840 |
Intangible Assets - Additional
Intangible Assets - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Intangible Liability Disclosure [Abstract] | ||
Amortization expense | $ 745 | $ 855 |
Intangible Assets - Schedule of
Intangible Assets - Schedule of Anticipated Amortization Expense (Detail) $ in Thousands | Mar. 31, 2016USD ($) |
Goodwill and Intangible Assets Disclosure [Abstract] | |
2,016 | $ 2,981 |
2,017 | 2,767 |
2,018 | 2,574 |
2,019 | 2,476 |
2020 and thereafter | $ 7,042 |
Short-Term Borrowings - Additio
Short-Term Borrowings - Additional Information (Detail) - USD ($) | 3 Months Ended | |
Mar. 31, 2016 | Dec. 31, 2015 | |
Short-term Debt [Line Items] | ||
Unused lines of credit | $ 264,000,000 | |
Federal funds purchased | 27,100,000 | $ 22,230,000 |
Repurchase agreements | 315,475,000 | |
Wholesale REPO | $ 50,493,000 | |
Maturity date of wholesale REPO | 2018-05 | |
Unrelated Financial Institution [Member] | ||
Short-term Debt [Line Items] | ||
Unused lines of credit | $ 20,000,000 | |
Renewal period of line of credit | 360 days | |
Amount of outstanding balance under line of credit | $ 0 |
Long-Term Borrowings - Addition
Long-Term Borrowings - Additional Information (Detail) | 3 Months Ended | ||
Mar. 31, 2016USD ($)Trust | Dec. 31, 2015USD ($) | Dec. 31, 2009USD ($) | |
Debt Instrument [Line Items] | |||
Unused borrowing amount | $ 2,368,741,000 | ||
FHLB advances | $ 885,855,000 | $ 850,880,000 | |
FHLB advances, weighted-average interest rate | 0.52% | ||
FHLB advances, maximum maturity period | 5 years | ||
Overnight funds | $ 125,000,000 | ||
Acquisition accounting adjustment to fair value, interest rate | 0.44% | ||
Number of statutory business trusts | Trust | 13 | ||
Outstanding balances of debentures | $ 223,723,000 | $ 223,506,000 | |
Maximum time to defer payment of interest on subordinate debt | 5 years | ||
Trust Preferred Securities limit percentage | 25.00% | ||
Maximum [Member] | |||
Debt Instrument [Line Items] | |||
Tier 1 risk based assets | $ 15,000,000,000 | ||
Capital Securities [Member] | |||
Debt Instrument [Line Items] | |||
Number of statutory business trusts | Trust | 13 |
Long -Term Borrowings - Schedul
Long -Term Borrowings - Schedule of Maturities of FHLB Borrowings (Detail) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Federal Home Loan Bank, Advances, Fiscal Year Maturity [Abstract] | ||
2,016 | $ 850,599 | |
2,017 | 256 | |
2,018 | 0 | |
2,019 | 35,000 | |
2020 and thereafter | 0 | |
Total | $ 885,855 | $ 850,880 |
Commitments and Contingent Li69
Commitments and Contingent Liabilities - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Dec. 31, 2015 | |
Loss Contingencies [Line Items] | ||
Loan commitments outstanding | $ 2,550,476 | $ 2,587,957 |
Loan commitments expiry period | 1 year | |
Commercial Letters of Credit [Member] | ||
Loss Contingencies [Line Items] | ||
Letters of credit issued | $ 226 | 226 |
Standby Letters of Credit [Member] | ||
Loss Contingencies [Line Items] | ||
Letters of credit issued | $ 124,936 | $ 135,146 |
Derivative Financial Instrume70
Derivative Financial Instruments - Schedule of Derivative Instruments (Detail) | 3 Months Ended |
Mar. 31, 2016USD ($) | |
Derivative Instruments, Gain (Loss) [Line Items] | |
Total Derivatives Used for Interest Rate Risk Management and Designated as Hedges | $ 96,930,000 |
Average Pay Rate | 3.64% |
Fair Value Hedging [Member] | Interest Rate Contracts [Member] | |
Derivative Instruments, Gain (Loss) [Line Items] | |
Notional Amount, Pay Fixed Swaps (Hedging Commercial Loans) | $ 96,830,000 |
Cash Flow Hedging [Member] | Interest Rate Contracts [Member] | |
Derivative Instruments, Gain (Loss) [Line Items] | |
Notional Amount, Pay Fixed Swaps (Hedging Commercial Loans) | $ 96,830,000 |
Derivative Financial Instrume71
Derivative Financial Instruments - Schedule of Fair Value Derivative Financial Instruments (Detail) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Derivative [Line Items] | ||
Asset derivatives designated as hedging instruments | $ 0 | $ 0 |
Asset derivatives not designated as hedging instruments | 3,164 | 2,942 |
Total asset derivatives | 3,164 | 2,942 |
Liability derivatives designated as hedging instruments | 4,807 | 1,179 |
Liability derivatives not designated as hedging instruments | 3,164 | 2,942 |
Total liability derivatives | 7,971 | 4,121 |
Interest Rate Contracts [Member] | Other Assets [Member] | ||
Derivative [Line Items] | ||
Asset derivatives designated as hedging instruments | 0 | 0 |
Asset derivatives not designated as hedging instruments | 3,164 | 2,942 |
Interest Rate Contracts [Member] | Other Liabilities [Member] | ||
Derivative [Line Items] | ||
Liability derivatives designated as hedging instruments | 4,807 | 1,179 |
Liability derivatives not designated as hedging instruments | $ 3,164 | $ 2,942 |
Derivative Financial Instrume72
Derivative Financial Instruments - Schedule of Derivative Financial Instruments on Statement of Income (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Interest Rate Contracts [Member] | ||
Derivative [Line Items] | ||
Derivatives in fair value hedging relationships | $ 281 | $ (424) |
Interest Income/ (Expense) [Member] | ||
Derivative [Line Items] | ||
Derivatives in fair value hedging relationships | 281 | (424) |
Interest Income/ (Expense) [Member] | Interest Rate Contracts [Member] | ||
Derivative [Line Items] | ||
Derivatives in fair value hedging relationships | 281 | (424) |
Other Income [Member] | Interest Rate Contracts [Member] | ||
Derivative [Line Items] | ||
Derivative instruments not designated as hedging instruments, loss | 0 | 0 |
Derivative instruments not designated as hedging instruments, net | $ 0 | $ 0 |
Fair Value Measurement - Additi
Fair Value Measurement - Additional Information (Detail) - USD ($) | 3 Months Ended | ||
Mar. 31, 2016 | Dec. 31, 2015 | Mar. 31, 2015 | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Discount rates utilized, minimum | 3.75% | ||
Discount rates utilized, maximum | 12.50% | ||
Amount of decrease in fair value of securities | $ 5,697,000 | ||
Transfers from Level 1 to Level 2 for financial assets | 0 | $ 0 | |
Transfers from Level 2 to Level 1 for financial assets | 0 | 0 | |
Transfers from Level 1 to Level 2 for financial liabilities | 0 | 0 | |
Transfers from Level 2 to Level 1 for financial liabilities | 0 | $ 0 | |
Nonrecurring fair value adjustments on loans held for sale | 0 | ||
Fair value measurement of intangible assets | $ 0 | $ 0 | |
Trust Preferred Collateralized Debt Obligations [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Decrease in fair value of securities | 17.00% | ||
Increase in discount rates, basis point | 2.00% |
Fair Value Measurements - Sched
Fair Value Measurements - Schedule of Financial Assets and Liabilities Measured at Fair Value (Detail) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Available for sale equity securities | $ 5,948 | $ 5,455 |
Total available for sale securities | 1,068,252 | 1,066,334 |
Derivative financial assets | 3,164 | 2,942 |
Derivative financial liabilities | 7,971 | 4,121 |
Fair Value, Measurements, Recurring [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Available for sale debt securities | 1,062,304 | 1,060,879 |
Available for sale equity securities | 5,948 | 5,455 |
Total available for sale securities | 1,068,252 | 1,066,334 |
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 | 73,356 | 73,786 |
U.S. Treasury Securities and Obligations of U.S. Government Corporations and Agencies [Member] | Fair Value, Measurements, Recurring [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Available for sale debt securities | 73,356 | 73,786 |
State and Political Subdivisions [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total available for sale securities | 135,829 | 133,778 |
State and Political Subdivisions [Member] | Fair Value, Measurements, Recurring [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Available for sale debt securities | 135,829 | 133,778 |
Residential Mortgage-Backed Securities, Agency [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total available for sale securities | 477,292 | 477,982 |
Residential Mortgage-Backed Securities, Agency [Member] | Fair Value, Measurements, Recurring [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Available for sale debt securities | 477,292 | 477,982 |
Residential Mortgage-Backed Securities, Non-agency [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total available for sale securities | 8,754 | 9,571 |
Residential Mortgage-Backed Securities, Non-agency [Member] | Fair Value, Measurements, Recurring [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Available for sale debt securities | 8,754 | 9,571 |
Asset-Backed Securities [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total available for sale securities | 2,637 | 3,399 |
Asset-Backed Securities [Member] | Fair Value, Measurements, Recurring [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Available for sale debt securities | 2,637 | 3,399 |
Commercial Mortgage-Backed Securities, Agency [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total available for sale securities | 305,802 | 305,935 |
Commercial Mortgage-Backed Securities, Agency [Member] | Fair Value, Measurements, Recurring [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Available for sale debt securities | 305,802 | 305,935 |
Trust Preferred Collateralized Debt Obligations [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total available for sale securities | 32,593 | 34,686 |
Trust Preferred Collateralized Debt Obligations [Member] | Fair Value, Measurements, Recurring [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Available for sale debt securities | 32,593 | 34,686 |
Single Issue Trust Preferred Securities [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total available for sale securities | 10,960 | 11,693 |
Single Issue Trust Preferred Securities [Member] | Fair Value, Measurements, Recurring [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Available for sale debt securities | 10,960 | 11,693 |
Corporate Bonds [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total available for sale securities | 15,081 | 10,049 |
Corporate Bonds [Member] | Fair Value, Measurements, Recurring [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Available for sale debt securities | 15,081 | 10,049 |
Financial Services Industry [Member] | Fair Value, Measurements, Recurring [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Available for sale equity securities | 3,186 | 2,723 |
Other Equity Securities [Member] | Fair Value, Measurements, Recurring [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Available for sale equity securities | 1,139 | 1,136 |
Interest Rate Contracts [Member] | Fair Value, Measurements, Recurring [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Derivative financial assets | 3,164 | 2,942 |
Derivative financial liabilities | 7,971 | 4,121 |
Equity Mutual Funds [Member] | Fair Value, Measurements, Recurring [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Available for sale equity securities | 1,623 | 1,596 |
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 | 3,519 | 3,532 |
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 | 0 |
Available for sale equity securities | 3,519 | 3,532 |
Total available for sale securities | 3,519 | 3,532 |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | U.S. Treasury Securities and Obligations of U.S. Government Corporations and Agencies [Member] | Fair Value, Measurements, Recurring [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] | State and Political Subdivisions [Member] | Fair Value, Measurements, Recurring [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] | Residential Mortgage-Backed Securities, Agency [Member] | Fair Value, Measurements, Recurring [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] | Residential Mortgage-Backed Securities, Non-agency [Member] | Fair Value, Measurements, Recurring [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] | Asset-Backed Securities [Member] | Fair Value, Measurements, Recurring [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] | Commercial Mortgage-Backed Securities, Agency [Member] | Fair Value, Measurements, Recurring [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] | Trust Preferred Collateralized Debt Obligations [Member] | Fair Value, Measurements, Recurring [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] | Single Issue Trust Preferred Securities [Member] | Fair Value, Measurements, Recurring [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] | Corporate Bonds [Member] | Fair Value, Measurements, Recurring [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] | Financial Services Industry [Member] | Fair Value, Measurements, Recurring [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Available for sale equity securities | 757 | 800 |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Other Equity Securities [Member] | Fair Value, Measurements, Recurring [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Available for sale equity securities | 1,139 | 1,136 |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Interest Rate Contracts [Member] | Fair Value, Measurements, Recurring [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Derivative financial assets | 0 | 0 |
Derivative financial liabilities | 0 | 0 |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Equity Mutual Funds [Member] | Fair Value, Measurements, Recurring [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Available for sale equity securities | 1,623 | 1,596 |
Significant Other Observable Inputs (Level 2) [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total available for sale securities | 1,032,140 | 1,028,116 |
Derivative financial assets | 3,164 | 2,942 |
Derivative financial liabilities | 7,971 | 4,121 |
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 | 1,029,711 | 1,026,193 |
Available for sale equity securities | 2,429 | 1,923 |
Total available for sale securities | 1,032,140 | 1,028,116 |
Significant Other Observable Inputs (Level 2) [Member] | U.S. Treasury Securities and Obligations of U.S. Government Corporations and Agencies [Member] | Fair Value, Measurements, Recurring [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Available for sale debt securities | 73,356 | 73,786 |
Significant Other Observable Inputs (Level 2) [Member] | State and Political Subdivisions [Member] | Fair Value, Measurements, Recurring [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Available for sale debt securities | 135,829 | 133,778 |
Significant Other Observable Inputs (Level 2) [Member] | Residential Mortgage-Backed Securities, Agency [Member] | Fair Value, Measurements, Recurring [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Available for sale debt securities | 477,292 | 477,982 |
Significant Other Observable Inputs (Level 2) [Member] | Residential Mortgage-Backed Securities, Non-agency [Member] | Fair Value, Measurements, Recurring [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Available for sale debt securities | 8,754 | 9,571 |
Significant Other Observable Inputs (Level 2) [Member] | Asset-Backed Securities [Member] | Fair Value, Measurements, Recurring [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Available for sale debt securities | 2,637 | 3,399 |
Significant Other Observable Inputs (Level 2) [Member] | Commercial Mortgage-Backed Securities, Agency [Member] | Fair Value, Measurements, Recurring [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Available for sale debt securities | 305,802 | 305,935 |
Significant Other Observable Inputs (Level 2) [Member] | Trust Preferred Collateralized Debt Obligations [Member] | Fair Value, Measurements, Recurring [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] | Single Issue Trust Preferred Securities [Member] | Fair Value, Measurements, Recurring [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Available for sale debt securities | 10,960 | 11,693 |
Significant Other Observable Inputs (Level 2) [Member] | Corporate Bonds [Member] | Fair Value, Measurements, Recurring [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Available for sale debt securities | 15,081 | 10,049 |
Significant Other Observable Inputs (Level 2) [Member] | Financial Services Industry [Member] | Fair Value, Measurements, Recurring [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Available for sale equity securities | 2,429 | 1,923 |
Significant Other Observable Inputs (Level 2) [Member] | Other Equity Securities [Member] | Fair Value, Measurements, Recurring [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] | Interest Rate Contracts [Member] | Fair Value, Measurements, Recurring [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Derivative financial assets | 3,164 | 2,942 |
Derivative financial liabilities | 7,971 | 4,121 |
Significant Other Observable Inputs (Level 2) [Member] | Equity Mutual Funds [Member] | Fair Value, Measurements, Recurring [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, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total available for sale securities | 32,593 | 34,686 |
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 | 32,593 | 34,686 |
Available for sale equity securities | 0 | 0 |
Total available for sale securities | 32,593 | 34,686 |
Significant Unobservable Inputs (Level 3) [Member] | U.S. Treasury Securities and Obligations of U.S. Government Corporations and Agencies [Member] | Fair Value, Measurements, Recurring [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Available for sale debt securities | 0 | 0 |
Significant Unobservable Inputs (Level 3) [Member] | State and Political Subdivisions [Member] | Fair Value, Measurements, Recurring [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Available for sale debt securities | 0 | 0 |
Significant Unobservable Inputs (Level 3) [Member] | Residential Mortgage-Backed Securities, Agency [Member] | Fair Value, Measurements, Recurring [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Available for sale debt securities | 0 | 0 |
Significant Unobservable Inputs (Level 3) [Member] | Residential Mortgage-Backed Securities, Non-agency [Member] | Fair Value, Measurements, Recurring [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Available for sale debt securities | 0 | 0 |
Significant Unobservable Inputs (Level 3) [Member] | Asset-Backed Securities [Member] | Fair Value, Measurements, Recurring [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Available for sale debt securities | 0 | 0 |
Significant Unobservable Inputs (Level 3) [Member] | Commercial Mortgage-Backed Securities, Agency [Member] | Fair Value, Measurements, Recurring [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Available for sale debt securities | 0 | 0 |
Significant Unobservable Inputs (Level 3) [Member] | Trust Preferred Collateralized Debt Obligations [Member] | Fair Value, Measurements, Recurring [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Available for sale debt securities | 32,593 | 34,686 |
Significant Unobservable Inputs (Level 3) [Member] | Single Issue Trust Preferred Securities [Member] | Fair Value, Measurements, Recurring [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Available for sale debt securities | 0 | 0 |
Significant Unobservable Inputs (Level 3) [Member] | Corporate Bonds [Member] | Fair Value, Measurements, Recurring [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Available for sale debt securities | 0 | 0 |
Significant Unobservable Inputs (Level 3) [Member] | Financial Services Industry [Member] | Fair Value, Measurements, Recurring [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Available for sale equity securities | 0 | 0 |
Significant Unobservable Inputs (Level 3) [Member] | Other Equity Securities [Member] | Fair Value, Measurements, Recurring [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Available for sale equity securities | 0 | 0 |
Significant Unobservable Inputs (Level 3) [Member] | Interest Rate Contracts [Member] | Fair Value, Measurements, Recurring [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Derivative financial assets | 0 | 0 |
Derivative financial liabilities | 0 | 0 |
Significant Unobservable Inputs (Level 3) [Member] | Equity Mutual Funds [Member] | Fair Value, Measurements, Recurring [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Available for sale equity securities | $ 0 | $ 0 |
Fair Value Measurements - Sch75
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 ($) $ in Thousands | 3 Months Ended | 12 Months Ended |
Mar. 31, 2016 | Dec. 31, 2015 | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Balance, beginning of period | $ 34,686 | $ 39,558 |
Included in earnings (or changes in net assets) | 0 | (34) |
Included in other comprehensive income | (2,093) | (4,838) |
Purchases, issuances, and settlements | 0 | 0 |
Transfers in and/or out of Level 3 | 0 | 0 |
Balance, end of period | 32,593 | 34,686 |
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 Values of Financial Instru
Fair Values of Financial Instruments - Summary of Financial Assets Measured at Fair Value on Nonrecurring Basis (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended |
Mar. 31, 2016 | Dec. 31, 2015 | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
YTD Losses, Impaired Loans | $ 2,504 | $ 8,485 |
YTD Losses, OREO | 338 | 1,141 |
Impaired Loans | 75,180 | 69,368 |
OREO | 28,981 | 32,228 |
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 | 34,171 | 29,186 |
OREO | 27,266 | 32,228 |
Significant Unobservable Inputs (Level 3) [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Impaired Loans | 41,009 | 40,182 |
OREO | $ 1,715 | $ 0 |
Fair Value Measurements - Summa
Fair Value Measurements - Summary of Estimated Fair Values of Financial Instruments (Detail) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash and cash equivalents | $ 904,841 | $ 857,335 |
Securities available for sale | 1,068,252 | 1,066,334 |
Securities held to maturity | 39,058 | 39,099 |
Other securities | 100,000 | 98,749 |
Loans held for sale | 5,395 | 10,681 |
Loans | 9,378,393 | 9,384,080 |
Derivative financial assets | 3,164 | 2,942 |
Deposits | 9,324,568 | 9,341,527 |
Derivative financial liabilities | 7,971 | 4,121 |
Carrying Amount [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash and cash equivalents | 904,841 | 857,335 |
Securities available for sale | 1,068,252 | 1,066,334 |
Securities held to maturity | 39,058 | 39,099 |
Other securities | 100,000 | 98,749 |
Loans held for sale | 5,395 | 10,681 |
Loans | 9,302,903 | 9,308,354 |
Derivative financial assets | 3,164 | 2,942 |
Deposits | 9,324,568 | 9,341,527 |
Short-term borrowings | 417,082 | 423,028 |
Long-term borrowings | 1,035,071 | 1,015,249 |
Derivative financial liabilities | 7,971 | 4,121 |
Fair Value [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash and cash equivalents | 904,841 | 857,335 |
Securities available for sale | 1,068,252 | 1,066,334 |
Securities held to maturity | 35,567 | 36,320 |
Other securities | 95,000 | 93,811 |
Loans held for sale | 5,395 | 10,681 |
Loans | 9,350,404 | 9,289,463 |
Derivative financial assets | 3,164 | 2,942 |
Deposits | 9,310,035 | 9,332,451 |
Short-term borrowings | 417,082 | 423,028 |
Long-term borrowings | 1,007,356 | 988,270 |
Derivative financial liabilities | 7,971 | 4,121 |
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 | 3,519 | 3,532 |
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 | 904,841 | 857,335 |
Securities available for sale | 1,032,140 | 1,028,116 |
Securities held to maturity | 32,547 | 33,300 |
Other securities | 0 | 0 |
Loans held for sale | 5,395 | 10,681 |
Loans | 0 | 0 |
Derivative financial assets | 3,164 | 2,942 |
Deposits | 9,310,035 | 9,332,451 |
Short-term borrowings | 417,082 | 423,028 |
Long-term borrowings | 1,007,356 | 988,270 |
Derivative financial liabilities | 7,971 | 4,121 |
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 | 32,593 | 34,686 |
Securities held to maturity | 3,020 | 3,020 |
Other securities | 95,000 | 93,811 |
Loans held for sale | 0 | 0 |
Loans | 9,350,404 | 9,289,463 |
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 - Addi
Stock Based Compensation - Additional Information (Detail) - USD ($) $ in Thousands | May. 16, 2011 | Mar. 31, 2016 | Mar. 31, 2015 |
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 | ||
Recognition of compensation expense | $ 658 | $ 631 | |
Number of share available for grant for prior plans | 0 | ||
Maximum term for awards granted (years) | 10 years | ||
Shares issued related stock option exercises | 42,441 | 89,875 | |
Total intrinsic value of options exercised | $ 678 | $ 610 | |
Restricted Stock [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Shares, Granted | 64,092 | ||
Vesting period | 4 years | ||
Non-qualified Stock Options [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Shares, Granted | 189,780 |
Stock Based Compensation - Summ
Stock Based Compensation - Summary of Stock Option Plans (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Disclosure Stock Based Compensation Stock Option Plan [Abstract] | ||
Shares, Outstanding, Beginning balance | 1,207,110 | |
Shares, Granted | 189,780 | |
Shares, Exercised | (42,441) | (89,875) |
Shares, Forfeited or expired | (8,694) | |
Shares, Outstanding, Ending balance | 1,345,755 | |
Shares, Exercisable at December 31, 2015 | 900,457 | |
Aggregate Intrinsic Value, Outstanding at December 31, 2015 | $ 9,905 | |
Aggregate Intrinsic Value, Exercisable at December 31, 2015 | $ 8,531 | |
Weighted Average Remaining Contractual Term, Outstanding at December 31, 2015 | 6 years 6 months | |
Weighted Average Remaining Contractual Term, Exercisable at December 31, 2015 | 5 years 3 months 18 days | |
Weighted Average Exercise Price, Outstanding, Beginning balance | $ 28.15 | |
Weighted Average Exercise Price, Granted | 35.04 | |
Weighted Average Exercise Price, Exercised | 19.43 | |
Weighted Average Exercise Price, Forfeited or expired | 32.95 | |
Weighted Average Exercise Price, Outstanding, Ending balance | 29.37 | |
Weighted Average Exercise Price, Exercisable | $ 27.24 |
Stock Based Compensation - Stat
Stock Based Compensation - Status of United's Nonvested Stock Option Awards (Detail) | 3 Months Ended |
Mar. 31, 2016$ / sharesshares | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Shares, Nonvested, Beginning balance | shares | 426,395 |
Shares, Granted | shares | 189,780 |
Shares, Vested | shares | (162,183) |
Shares, Forfeited or expired | shares | (8,694) |
Shares, Nonvested, Ending balance | shares | 445,298 |
Weighted-Average Grant Date Fair Value Per Share, Nonvested Beginning balance | $ / shares | $ 6.68 |
Weighted-Average Grant Date Fair Value Per Share, Granted | $ / shares | 6.97 |
Weighted-Average Grant Date Fair Value Per Share, Vested | $ / shares | 6.59 |
Weighted-Average Grant Date Fair Value Per Share, Forfeited or expired | $ / shares | 6.81 |
Weighted-Average Grant Date Fair Value Per Share, Nonvested Ending balance | $ / shares | $ 6.84 |
Stock Based Compensation - Chan
Stock Based Compensation - Changes to United's Restricted Common Shares (Detail) - Restricted Stock [Member] | 3 Months Ended |
Mar. 31, 2016$ / sharesshares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Number of Shares, Outstanding, Beginning balance | shares | 129,772 |
Shares, Granted | shares | 64,092 |
Shares, Vested | shares | (49,179) |
Shares, Forfeited | shares | (3,288) |
Number of Shares, Outstanding, Ending balance | shares | 141,397 |
Weighted-Average Grant Date Fair Value Per Share, Outstanding, Beginning balance | $ / shares | $ 31.69 |
Weighted-Average Grant Date Fair Value Per Share, Granted | $ / shares | 35.04 |
Weighted-Average Grant Date Fair Value Per Share, Vested | $ / shares | 30.51 |
Weighted-Average Grant Date Fair Value Per Share, Forfeited | $ / shares | 32.16 |
Weighted-Average Grant Date Fair Value Per Share, Outstanding, Ending balance | $ / shares | $ 33.60 |
Employee Benefit Plans - Additi
Employee Benefit Plans - Additional Information (Detail) $ in Thousands | 3 Months Ended |
Mar. 31, 2016USD ($) | |
Compensation and Retirement Disclosure [Abstract] | |
Unrecognized actuarial gains (losses), before tax | $ (55,998) |
Unrecognized actuarial gains (losses), net of tax | (35,727) |
Amortization expected to be recognized | 4,618 |
Amortization expected to be recognized, net of tax | $ 2,946 |
Employee Benefit Plans - Net Pe
Employee Benefit Plans - Net Periodic Pension Cost (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Defined Benefit Plan Disclosure [Line Items] | ||
Service cost | $ 607 | $ 740 |
Interest cost | 1,456 | 1,430 |
Expected return on plan assets | (2,012) | (2,293) |
Amortization of transition asset | 0 | 0 |
Recognized net actuarial loss | 1,148 | 1,208 |
Amortization of prior service cost | 0 | 0 |
Net periodic pension (benefit) cost | $ 1,199 | $ 1,085 |
Weighted-Average Assumptions: | ||
Discount rate | 4.75% | 4.35% |
Expected return on assets | 7.25% | 7.50% |
Rate of compensation increase | 3.00% | 3.00% |
Prior to Age 45 [Member] | ||
Weighted-Average Assumptions: | ||
Rate of compensation increase | 3.50% | 3.50% |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Income Tax Disclosure [Abstract] | ||
Liability of unrecognized tax benefits | $ 2,153 | |
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 | $ 752 | $ 825 |
Comprehensive Income - Componen
Comprehensive Income - Components of Total Comprehensive Income (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Comprehensive Income (Loss), Net of Tax, Attributable to Parent [Abstract] | ||
Net income | $ 34,706 | $ 34,627 |
AFS securities with OTTI charges during the period | 0 | (100) |
Related income tax effect | 0 | 36 |
Less : OTTI charges recognized in net income | 0 | 34 |
Related income tax benefit | 0 | (12) |
Reclassification of previous noncredit OTTI to credit OTTI | 0 | 0 |
Related income tax benefit | 0 | 0 |
Net unrealized gain (loss) on AFS securities with OTTI | 0 | (42) |
Change in net unrealized gain on AFS securities arising during the period | 13,317 | 8,471 |
Related income tax effect | (4,821) | (3,066) |
Net reclassification adjustment for losses (gains) included in net income | (4) | (46) |
Related income tax (benefit) expense | 1 | 17 |
Total AFS securities - all other | 8,493 | 5,376 |
Net effect of AFS securities on other comprehensive income | 8,493 | 5,334 |
Accretion on the unrealized loss for securities transferred from AFS to the HTM investment portfolio prior to call or maturity | 1 | 1 |
Related income tax expense | 0 | 0 |
Net effect of HTM securities on other comprehensive income | 1 | 1 |
Pension plan: | ||
Recognized net actuarial loss | 1,148 | 1,208 |
Related income tax benefit | (419) | (440) |
Net effect of change in pension plan asset on other comprehensive income | 729 | 768 |
Net current-period other comprehensive income, net of tax | 9,223 | 6,103 |
Total Comprehensive Income | $ 43,929 | $ 40,730 |
Comprehensive Income - Compon86
Comprehensive Income - Components of Accumulated Other Comprehensive Income (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Balance at January 1, 2016 | $ 1,712,635 | |
Net current-period other comprehensive income, net of tax | 9,223 | $ 6,103 |
Balance at March 31, 2016 | 1,735,037 | |
Pension Plan [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Balance at January 1, 2016 | (35,640) | |
Other comprehensive income before reclassification | 0 | |
Amounts reclassified from accumulated other comprehensive income | 729 | |
Net current-period other comprehensive income, net of tax | 729 | |
Balance at March 31, 2016 | (34,911) | |
Unrealized Gains/Losses on AFS Securities [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Balance at January 1, 2016 | (2,515) | |
Other comprehensive income before reclassification | 8,496 | |
Amounts reclassified from accumulated other comprehensive income | (3) | |
Net current-period other comprehensive income, net of tax | 8,493 | |
Balance at March 31, 2016 | 5,978 | |
Accumulated Unrealized Loss On Securities Available For Sale Transferred To Held To Maturity [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Balance at January 1, 2016 | (57) | |
Other comprehensive income before reclassification | 1 | |
Amounts reclassified from accumulated other comprehensive income | 0 | |
Net current-period other comprehensive income, net of tax | 1 | |
Balance at March 31, 2016 | (56) | |
Accumulated Other Comprehensive Income (Loss) [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Balance at January 1, 2016 | (38,212) | |
Other comprehensive income before reclassification | 8,497 | |
Amounts reclassified from accumulated other comprehensive income | 726 | |
Net current-period other comprehensive income, net of tax | 9,223 | |
Balance at March 31, 2016 | $ (28,989) |
Comprehensive Income - Reclassi
Comprehensive Income - Reclassifications Out of Accumulated Other Comprehensive Income (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Available for sale ("AFS") securities: | ||
Reclassification of previous noncredit OTTI to credit OTTI | $ 0 | $ (100) |
Net reclassification adjustment for losses (gains) included in net income | 4 | 46 |
Income before income taxes | 52,585 | 49,931 |
Related income tax effect | (17,879) | (15,304) |
Net earnings allocated to common shareholders | 34,706 | 34,627 |
Pension plan: | ||
Recognized net actuarial loss | 1,148 | 1,208 |
Income before income taxes | 52,585 | 49,931 |
Related income tax effect | (17,879) | (15,304) |
Net earnings allocated to common shareholders | 34,706 | $ 34,627 |
Reclassification out of Accumulated Other Comprehensive Income [Member] | ||
Available for sale ("AFS") securities: | ||
Net earnings allocated to common shareholders | 726 | |
Pension plan: | ||
Net earnings allocated to common shareholders | 726 | |
Reclassification out of Accumulated Other Comprehensive Income [Member] | Unrealized Gains/Losses on AFS Securities [Member] | ||
Available for sale ("AFS") securities: | ||
Reclassification of previous noncredit OTTI to credit OTTI | 0 | |
Net reclassification adjustment for losses (gains) included in net income | (4) | |
Income before income taxes | (4) | |
Related income tax effect | 1 | |
Net earnings allocated to common shareholders | (3) | |
Pension plan: | ||
Income before income taxes | (4) | |
Related income tax effect | 1 | |
Net earnings allocated to common shareholders | (3) | |
Reclassification out of Accumulated Other Comprehensive Income [Member] | Accumulated Defined Benefit Plans Adjustment [Member] | ||
Available for sale ("AFS") securities: | ||
Income before income taxes | 1,148 | |
Related income tax effect | (419) | |
Net earnings allocated to common shareholders | 729 | |
Pension plan: | ||
Recognized net actuarial loss | 1,148 | |
Income before income taxes | 1,148 | |
Related income tax effect | (419) | |
Net earnings allocated to common shareholders | $ 729 |
Earnings Per Share - Reconcilia
Earnings Per Share - Reconciliation of Numerator and Denominator of Basic Earnings Per Share with that of Diluted Earnings Per Share (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Earnings Per Share [Abstract] | ||
Distributed earnings allocated to common stock | $ 22,954 | $ 22,167 |
Undistributed earnings allocated to common stock | 11,688 | 12,399 |
Net earnings allocated to common shareholders | $ 34,642 | $ 34,566 |
Average common shares outstanding | 69,497,489 | 69,207,508 |
Common stock equivalents | 216,632 | 269,336 |
Average diluted shares outstanding | 69,714,121 | 69,476,844 |
Earnings per basic common share | $ 0.50 | $ 0.50 |
Earnings per diluted common share | $ 0.50 | $ 0.50 |
Variable Interest Entities - Ad
Variable Interest Entities - Additional Information (Detail) | 3 Months Ended |
Mar. 31, 2016Trust | |
Variable Interest Entity, Not Primary Beneficiary, Disclosures [Abstract] | |
Number of statutory business trusts | 13 |
Percentage of equity shares of each trust owned by the company | 100.00% |
Variable Interest Entities - In
Variable Interest Entities - Information Related to Statutory Trusts (Detail) $ in Thousands | 3 Months Ended |
Mar. 31, 2016USD ($) | |
Century Trust [Member] | |
Variable Interest Entity [Line Items] | |
Issuance Date | Mar. 23, 2000 |
Amount of Capital Securities Issued | $ 8,800 |
Interest Rate | 10.875% Fixed |
Maturity Date | Mar. 8, 2030 |
United Statutory Trust III [Member] | |
Variable Interest Entity [Line Items] | |
Issuance Date | Dec. 17, 2003 |
Amount of Capital Securities Issued | $ 20,000 |
Interest Rate | 3-month LIBOR + 2.85% |
Maturity Date | Dec. 17, 2033 |
United Statutory Trust IV [Member] | |
Variable Interest Entity [Line Items] | |
Issuance Date | Dec. 19, 2003 |
Amount of Capital Securities Issued | $ 25,000 |
Interest Rate | 3-month LIBOR + 2.85% |
Maturity Date | Jan. 23, 2034 |
United Statutory Trust V [Member] | |
Variable Interest Entity [Line Items] | |
Issuance Date | Jul. 12, 2007 |
Amount of Capital Securities Issued | $ 50,000 |
Interest Rate | 3-month LIBOR + 1.55% |
Maturity Date | Oct. 1, 2037 |
United Statutory Trust VI [Member] | |
Variable Interest Entity [Line Items] | |
Issuance Date | Sep. 20, 2007 |
Amount of Capital Securities Issued | $ 30,000 |
Interest Rate | 3-month LIBOR + 1.30% |
Maturity Date | Dec. 15, 2037 |
Premier Statutory Trust II [Member] | |
Variable Interest Entity [Line Items] | |
Issuance Date | Sep. 25, 2003 |
Amount of Capital Securities Issued | $ 6,000 |
Interest Rate | 3-month LIBOR + 3.10% |
Maturity Date | Oct. 8, 2033 |
Premier Statutory Trust III [Member] | |
Variable Interest Entity [Line Items] | |
Issuance Date | May 16, 2005 |
Amount of Capital Securities Issued | $ 8,000 |
Interest Rate | 3-month LIBOR + 1.74% |
Maturity Date | Jun. 15, 2035 |
Premier Statutory Trust IV [Member] | |
Variable Interest Entity [Line Items] | |
Issuance Date | Jun. 20, 2006 |
Amount of Capital Securities Issued | $ 14,000 |
Interest Rate | 3-month LIBOR + 1.55% |
Maturity Date | Sep. 23, 2036 |
Premier Statutory Trust V [Member] | |
Variable Interest Entity [Line Items] | |
Issuance Date | Dec. 14, 2006 |
Amount of Capital Securities Issued | $ 10,000 |
Interest Rate | 3-month LIBOR + 1.61% |
Maturity Date | Mar. 1, 2037 |
Centra Statutory Trust I [Member] | |
Variable Interest Entity [Line Items] | |
Issuance Date | Sep. 20, 2004 |
Amount of Capital Securities Issued | $ 10,000 |
Interest Rate | 3-month LIBOR + 2.29% |
Maturity Date | Sep. 20, 2034 |
Centra Statutory Trust II [Member] | |
Variable Interest Entity [Line Items] | |
Issuance Date | Jun. 15, 2006 |
Amount of Capital Securities Issued | $ 10,000 |
Interest Rate | 3-month LIBOR + 1.65% |
Maturity Date | Jul. 7, 2036 |
Virginia Commerce Trust II [Member] | |
Variable Interest Entity [Line Items] | |
Issuance Date | Dec. 19, 2002 |
Amount of Capital Securities Issued | $ 15,000 |
Interest Rate | 6-month LIBOR + 3.30% |
Maturity Date | Dec. 19, 2032 |
Virginia Commerce Trust III [Member] | |
Variable Interest Entity [Line Items] | |
Issuance Date | Dec. 20, 2005 |
Amount of Capital Securities Issued | $ 25,000 |
Interest Rate | 3-month LIBOR + 1.42% |
Maturity Date | Feb. 23, 2036 |
Variable Interest Entities - Su
Variable Interest Entities - Summary of Quantitative Information Related to Significant Involvement in Unconsolidated Variable Interest Entities (Detail) - Trust Preferred Securities [Member] - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Variable Interest Entity [Line Items] | ||
Aggregate Assets | $ 240,435 | $ 240,468 |
Aggregate Liabilities | 232,436 | 232,492 |
Risk Of Loss | $ 7,999 | $ 7,976 |