Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Sep. 30, 2018 | Oct. 31, 2018 | |
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Sep. 30, 2018 | |
Document Fiscal Year Focus | 2,018 | |
Document Fiscal Period Focus | Q3 | |
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 | |
Smaller Reporting Company | false | |
Emerging Growth Company | false | |
Entity Common Stock, Shares Outstanding | 103,183,953 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Sep. 30, 2018 | Dec. 31, 2017 |
Assets | ||
Cash and due from banks | $ 191,809 | $ 196,742 |
Interest-bearing deposits with other banks | 1,062,078 | 1,468,636 |
Federal funds sold | 799 | 789 |
Total cash and cash equivalents | 1,254,686 | 1,666,167 |
Securities available for sale at estimated fair value (amortized cost-$2,230,884 at September 30, 2018 and $1,900,684 at December 31, 2017) | 2,178,567 | 1,888,756 |
Securities held to maturity (estimated fair value-$19,619 at September 30, 2018 and $20,018 at December 31, 2017) | 20,351 | 20,428 |
Equity securities at estimated fair value | 9,845 | 0 |
Other investment securities | 166,749 | 162,461 |
Loans held for sale (at fair value-$231,310 at September 30, 2018 and $263,308 at December 31, 2017) | 234,196 | 265,955 |
Loans | 13,286,711 | 13,027,337 |
Less: Unearned income | (9,971) | (15,916) |
Loans net of unearned income | 13,276,740 | 13,011,421 |
Less: Allowance for loan losses | (76,941) | (76,627) |
Net loans | 13,199,799 | 12,934,794 |
Bank premises and equipment | 99,748 | 104,894 |
Goodwill | 1,478,014 | 1,478,380 |
Accrued interest receivable | 60,057 | 52,815 |
Other assets | 485,631 | 484,309 |
TOTAL ASSETS | 19,187,643 | 19,058,959 |
Deposits: | ||
Noninterest-bearing | 4,470,815 | 4,294,687 |
Interest-bearing | 9,620,357 | 9,535,904 |
Total deposits | 14,091,172 | 13,830,591 |
Borrowings: | ||
Federal funds purchased | 25,790 | 16,235 |
Securities sold under agreements to repurchase | 153,718 | 311,352 |
Federal Home Loan Bank borrowings | 1,284,781 | 1,271,531 |
Other long-term borrowings | 234,590 | 242,446 |
Reserve for lending-related commitments | 1,144 | 679 |
Accrued expenses and other liabilities | 145,320 | 145,595 |
TOTAL LIABILITIES | 15,936,515 | 15,818,429 |
Shareholders' Equity | ||
Preferred stock, $1.00 par value; Authorized-50,000,000 shares, none issued | 0 | 0 |
Common stock, $2.50 par value; Authorized-200,000,000 shares; issued-105,226,986 and 105,069,821 at September 30, 2018 and December 31, 2017, respectively, including 1,421,150 and 29,173 shares in treasury at September 30, 2018 and December 31, 2017, respectively | 263,068 | 262,675 |
Surplus | 2,133,157 | 2,129,077 |
Retained earnings | 984,062 | 891,816 |
Accumulated other comprehensive loss | (76,660) | (42,025) |
Treasury stock, at cost | (52,499) | (1,013) |
TOTAL SHAREHOLDERS' EQUITY | 3,251,128 | 3,240,530 |
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | $ 19,187,643 | $ 19,058,959 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Sep. 30, 2018 | Dec. 31, 2017 |
Statement of Financial Position [Abstract] | ||
Securities available for sale, amortized cost | $ 2,230,884 | $ 1,900,684 |
Securities held to maturity | 19,619 | 20,018 |
Loans held for sale at fair value | $ 231,310 | $ 263,308 |
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 | 200,000,000 | 200,000,000 |
Common stock, shares issued | 105,226,986 | 105,069,821 |
Common stock, shares in treasury | 1,421,150 | 29,173 |
Consolidated Statements of Inco
Consolidated Statements of Income (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Interest income | ||||
Interest and fees on loans | $ 164,229 | $ 155,819 | $ 472,451 | $ 405,660 |
Interest on federal funds sold and other short-term investments | 5,485 | 4,874 | 13,867 | 11,345 |
Interest and dividends on securities: | ||||
Taxable | 13,994 | 9,406 | 39,679 | 26,226 |
Tax-exempt | 1,322 | 1,484 | 4,218 | 4,057 |
Total interest income | 185,030 | 171,583 | 530,215 | 447,288 |
Interest expense | ||||
Interest on deposits | 26,368 | 14,227 | 61,101 | 35,281 |
Interest on short-term borrowings | 618 | 430 | 1,503 | 1,149 |
Interest on long-term borrowings | 9,269 | 6,650 | 25,671 | 16,717 |
Total interest expense | 36,255 | 21,307 | 88,275 | 53,147 |
Net interest income | 148,775 | 150,276 | 441,940 | 394,141 |
Provision for loan losses | 4,808 | 7,279 | 16,190 | 21,429 |
Net interest income after provision for loan losses | 143,967 | 142,997 | 425,750 | 372,712 |
Other income | ||||
Fees from brokerage services | 2,787 | 2,080 | 6,964 | 5,818 |
Income from bank-owned life insurance | 1,251 | 1,403 | 3,776 | 3,878 |
Net investment securities (losses) gains | (152) | 467 | (692) | 5,154 |
Other income | 419 | 311 | 1,406 | 1,626 |
Total other income | 31,686 | 38,229 | 98,885 | 98,881 |
Other expense | ||||
Employee compensation | 41,312 | 44,882 | 125,268 | 124,945 |
Employee benefits | 8,645 | 9,004 | 27,514 | 25,667 |
Net occupancy expense | 9,273 | 9,364 | 27,776 | 30,061 |
Other real estate owned (OREO) expense | 921 | 2,713 | 2,423 | 4,651 |
Equipment expense | 3,892 | 3,057 | 10,328 | 7,493 |
Data processing expense | 6,068 | 5,597 | 17,735 | 14,971 |
Bankcard processing expense | 485 | 449 | 1,431 | 1,356 |
FDIC insurance expense | 3,530 | 1,540 | 8,220 | 5,062 |
Other expense | 19,189 | 20,046 | 56,482 | 57,425 |
Total other expense | 93,315 | 96,652 | 277,177 | 271,631 |
Income before income taxes | 82,338 | 84,574 | 247,458 | 199,962 |
Income taxes | 17,926 | 27,836 | 55,066 | 67,356 |
Net income | $ 64,412 | $ 56,738 | $ 192,392 | $ 132,606 |
Earnings per common share: | ||||
Basic | $ 0.62 | $ 0.54 | $ 1.84 | $ 1.39 |
Diluted | 0.62 | 0.54 | 1.83 | 1.39 |
Dividends per common share | $ 0.34 | $ 0.33 | $ 1.02 | $ 0.99 |
Average outstanding shares: | ||||
Basic | 103,617,590 | 104,760,153 | 104,382,094 | 95,040,664 |
Diluted | 103,933,959 | 105,068,122 | 104,679,876 | 95,450,626 |
Fees from Trust Services [Member] | ||||
Other income | ||||
Revenue from contract | $ 3,350 | $ 2,972 | $ 9,545 | $ 8,865 |
Fees from Deposit Services [Member] | ||||
Other income | ||||
Revenue from contract | 8,673 | 8,744 | 25,323 | 24,978 |
Bankcard Fees and Merchant Discounts [Member] | ||||
Other income | ||||
Revenue from contract | 1,549 | 1,332 | 4,384 | 3,432 |
Other Service Charges, Commissions, and Fees [Member] | ||||
Other income | ||||
Revenue from contract | 532 | 535 | 1,640 | 1,533 |
Mortgage Banking [Member] | ||||
Other income | ||||
Revenue from contract | $ 13,277 | $ 20,385 | $ 46,539 | $ 43,597 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Statement of Comprehensive Income [Abstract] | ||||
Net income | $ 64,412 | $ 56,738 | $ 192,392 | $ 132,606 |
Change in net unrealized (loss) gain on available-for-sale (AFS) securities, net of tax | (7,579) | 1,964 | (30,853) | 8,443 |
Accretion of the net unrealized loss on the transfer of AFS securities to held-to-maturity (HTM) securities, net of tax | 2 | 2 | 4 | 4 |
Change in pension plan assets, net of tax | 918 | 717 | 2,703 | 2,107 |
Comprehensive income, net of tax | $ 57,753 | $ 59,421 | $ 164,246 | $ 143,160 |
Consolidated Statement of Chang
Consolidated Statement of Changes in Shareholders' Equity (Unaudited) - 9 months ended Sep. 30, 2018 - USD ($) $ in Thousands | Total | Common Stock [Member] | Surplus [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Treasury Stock [Member] | Deferred Compensation Plan [Member] | Deferred Compensation Plan [Member]Common Stock [Member] | Deferred Compensation Plan [Member]Surplus [Member] | Deferred Compensation Plan [Member]Retained Earnings [Member] | Deferred Compensation Plan [Member]Accumulated Other Comprehensive Income (Loss) [Member] | Deferred Compensation Plan [Member]Treasury Stock [Member] |
Beginning Balance at Dec. 31, 2017 | $ 3,240,530 | $ 262,675 | $ 2,129,077 | $ 891,816 | $ (42,025) | $ (1,013) | ||||||
Beginning Balance, shares at Dec. 31, 2017 | 105,069,821 | |||||||||||
Comprehensive income: | ||||||||||||
Net income | 192,392 | $ 0 | 0 | 192,392 | 0 | 0 | ||||||
Other comprehensive income, net of tax | (28,146) | 0 | 0 | 0 | (28,146) | 0 | ||||||
Total comprehensive income, net of tax | 164,246 | |||||||||||
Stock based compensation expense | 3,016 | 0 | 3,016 | 0 | 0 | 0 | ||||||
Purchase of treasury stock | (51,323) | 0 | 0 | 0 | 0 | (51,323) | ||||||
Distribution of treasury stock from deferred compensation plan (26 shares) | $ 1 | $ 0 | $ 0 | $ 0 | $ 0 | $ 1 | ||||||
Cash dividends | (106,635) | (106,635) | 0 | 0 | ||||||||
Grant of restricted stock | 0 | $ 243 | (243) | 0 | 0 | 0 | ||||||
Grant of restricted stock, shares | 97,004 | |||||||||||
Forfeiture of restricted stock | 0 | $ 0 | 164 | 0 | 0 | (164) | ||||||
Common stock options exercised | $ 1,293 | $ 150 | 1,143 | 0 | 0 | 0 | ||||||
Common stock options exercised, shares | 60,161 | 60,161 | ||||||||||
Ending Balance at Sep. 30, 2018 | $ 3,251,128 | $ 263,068 | $ 2,133,157 | 984,062 | (76,660) | $ (52,499) | ||||||
Ending Balance, shares at Sep. 30, 2018 | 105,226,986 | |||||||||||
Cumulative effect of adopting Accounting Standard Update 2016-01 | 0 | 136 | (136) | |||||||||
Reclass due to adopting Accounting Standard Update 2018-02 | $ 0 | $ 6,353 | $ (6,353) |
Consolidated Statement of Cha_2
Consolidated Statement of Changes in Shareholders' Equity (Unaudited) (Parenthetical) | 9 Months Ended |
Sep. 30, 2018$ / sharesshares | |
Cash dividends per share | $ / shares | $ 1.02 |
Common stock options exercised, shares | 60,161 |
Common Stock [Member] | |
Purchase of treasury stock, shares | 0 |
Grant of restricted stock, shares | 97,004 |
Forfeiture of restricted stock, shares | 4,253 |
Common stock options exercised, shares | 60,161 |
Treasury Stock [Member] | |
Purchase of treasury stock, shares | 1,387,750 |
Deferred Compensation Plan [Member] | Common Stock [Member] | |
Distribution of treasury stock from deferred compensation plan, shares | 0 |
Deferred Compensation Plan [Member] | Treasury Stock [Member] | |
Distribution of treasury stock from deferred compensation plan, shares | 26 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2018 | Sep. 30, 2017 | |
Statement of Cash Flows [Abstract] | ||
NET CASH PROVIDED BY OPERATING ACTIVITIES | $ 218,771 | $ 125,151 |
INVESTING ACTIVITIES | ||
Proceeds from maturities and calls of securities held to maturity | 2 | 12,929 |
Proceeds from sales of securities available for sale | 86,061 | 245,065 |
Proceeds from maturities and calls of securities available for sale | 201,107 | 386,496 |
Purchases of securities available for sale | (629,760) | (630,061) |
Proceeds from sales of equity securities | 1,825 | 0 |
Purchases of equity securities | (598) | 0 |
Proceeds from sales and redemptions of other investment securities | 35,987 | 14,393 |
Purchases of other investment securities | (45,075) | (51,941) |
Purchases of bank premises and equipment | (4,439) | (11,115) |
Proceeds from sales of bank premises and equipment | 2,171 | 13 |
Proceeds from the sales of OREO properties | 9,105 | 4,908 |
Acquisition of subsidiaries, net of cash paid | 0 | 44,531 |
Net change in loans | (248,623) | 369,233 |
NET CASH (USED IN) PROVIDED BY INVESTING ACTIVITIES | (592,237) | 384,451 |
FINANCING ACTIVITIES | ||
Cash dividends paid | (107,046) | (86,709) |
Acquisition of treasury stock | (51,323) | (1) |
Proceeds from exercise of stock options | 1,277 | 3,296 |
Repayment of long-term Federal Home Loan Bank borrowings | (635,000) | (845,207) |
Proceeds from issuance of long-term Federal Home Loan Bank borrowings | 650,000 | 815,000 |
Repayment of trust preferred issuance | (9,374) | 0 |
Distribution of treasury stock for deferred compensation plan | 1 | 1 |
Changes in: | ||
Deposits | 261,529 | (269,742) |
Federal funds purchased, securities sold under agreements to repurchase and other short-term borrowings | (148,079) | 186,270 |
NET CASH USED IN FINANCING ACTIVITIES | (38,015) | (197,092) |
(Decrease) Increase in cash and cash equivalents | (411,481) | 312,510 |
Cash and cash equivalents at beginning of year | 1,666,167 | 1,434,527 |
Cash and cash equivalents at end of period | 1,254,686 | 1,747,037 |
Noncash investing activities: | ||
Transfers of loans to OREO | $ 1,809 | $ 3,829 |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 9 Months Ended |
Sep. 30, 2018 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation 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 S-X. 10-K. The accompanying consolidated interim financial statements include the accounts of United and its wholly owned subsidiaries. United operates in two business segments: community banking and mortgage banking. All significant intercompany accounts and transactions have been eliminated in the consolidated financial statements. Information is presented in these notes to the unaudited consolidated interim financial statements with dollars expressed in thousands, except per share or unless otherwise noted. New Accounting Standards In August 2018, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2018-14 715-20): No. 2018-14 No. 2018-14 In August 2018, the FASB issued ASU No. 2018-13 No. 2018-13 No. 2018-13 In June 2018, the FASB issued Accounting Standards Update (ASU) No. 2018-07 non-employees non-employee No. 2018-07 No. 2018-07 In February 2018, the FASB issued ASU No. 2018-03, “Technical Corrections and Improvements to Financial Instruments – Overall (Subtopic 825-10): 2018-03 No. 2018-03 No. 2018-03 In February 2018, the FASB issued ASU No. 2018-02, “Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income,” to help organizations address certain stranded income tax effects in accumulated other comprehensive income (AOCI) resulting from the Tax Cuts and Jobs Act (the “Tax Act”). This ASU provides financial statement preparers with an option to reclassify stranded tax effects within AOCI to retained earnings in each period in which the effect of the change in the U.S. federal corporate income tax rate in the Tax Act (or portion thereof) is recorded. The amendments are effective for all organizations for fiscal years beginning after December 15, 2018, and interim periods within those fiscal years. Early adoption is permitted. Organizations should apply the proposed amendments either in the period of adoption or retrospectively to each period (or periods) in which the effect of the change in the U.S. federal corporate income tax rate in the Tax Act is recognized. United adopted ASU No. 2018-02 In August 2017, the FASB issued ASU No. 2017-12, No. 2017-12 No. 2017-12 In July 2017, the FASB issued ASU No. 2017-11, No. 2017-11 No. 2017-11 In May 2017, the FASB issued ASU No. 2017-09, non-substantive No. 2017-09 No. 2017-09 In March 2017, the FASB issued ASU No. 2017-07, No. 2017-07 No. 2017-07 No. 2017-07 In January 2017, the FASB issued ASU No. 2017-04, No. 2017-04 No. 2017-04 In January 2017, the FASB issued ASU No. 2017-01, No. 2017-01 No. 2017-01 In August 2016, the FASB issued ASU No. 2016-15, No. 2016-15 No. 2016-15 No. 2016-15 In June 2016, the FASB issued ASU No. 2016-13, No. 2016-13 available-for-sale No. 2016-13 No. 2016-13 In March 2016, the FASB issued ASU No. 2016-09, No. 2016-09 No. 2016-09 No. 2016-09 tax-related No. 2016-09 In February 2016, the FASB issued ASU No. 2016-02, No. 2016-02 No. 2016-02 right-of-use No. 2018-11 non-lease non-lease No. 2018-10 2018-10 The Company is currently assessing the impact of the adoption of ASU No. 2016-02 In January 2016, the FASB issued ASU No. 2016-01, 2016-01 No. 2016-01 available-for-sale No. 2016-01 In May 2014, the FASB issued ASU No. 2014-09, No. 2014-09 No. 2014-09 No. 2014-09 No. 2014-09 No. 2014-09 Descriptions of our revenue-generating activities that are within the scope of ASC Topic 606, which are presented in our Consolidated Statements of Income as components of Other Income are discussed below. There are no significant judgements relating to the amount and timing of revenue recognition for those revenue streams under the scope of ASC Topic 606. Fees from Trust Services Revenue from trust services primarily is comprised of fees earned from the management and administration of trusts and other customer assets. Trust services include custody of assets, investment management, escrow services, and similar fiduciary activities. The Company’s performance obligation is generally satisfied over time and the resulting fees are recognized monthly, based upon the month-end Fees from Brokerage Services Revenue from brokerage services are recorded as the income is earned at the time the related service is performed. In return for such services, the Company charges a commission for the sales of various securities products primarily consisting of investment company shares, annuity products, and corporate debt and equity securities, for its selling and administrative efforts. For account supervision, advisory and administrative services, revenue is recognized over a period of time as earned based on customer account balances and activity. Fees from Deposit Services Service charges on deposit accounts consist of account analysis fees (i.e., net fees earned on analyzed business and public checking accounts), monthly service fees, check orders, ATM activity fees, debit card fees, and other deposit account related fees. Revenue is recognized when our performance obligation is completed which is generally monthly for account maintenance services or when a transaction has been completed (ATM or debit card activity). Bankcard Fees and Merchant Discounts Bankcard fees and merchant discounts are primarily comprised of credit card income and merchant services income. Credit card income is primarily comprised of interchange fees earned whenever the Company’s credit cards are processed through card payment networks such as Visa. Merchant services income mainly represents fees charged to merchants to process their credit card transactions. The Company’s performance obligation for bankcard fees and exchange are largely satisfied, and related revenue recognized at the time services are rendered. Payment is typically received immediately or in the following month. |
Mergers and Acquisitions
Mergers and Acquisitions | 9 Months Ended |
Sep. 30, 2018 | |
Business Combinations [Abstract] | |
Mergers and Acquisitions | 2. MERGERS AND ACQUISITIONS Cardinal Financial Corporation On April 21, 2017 (Cardinal Acquisition Date), United acquired 100% of the outstanding common stock of Cardinal Financial Corporation (Cardinal), headquartered in Tysons Corner, Virginia. The acquisition of Cardinal expands United’s existing footprint in the Washington, D.C. Metropolitan Statistical Area. At consummation, Cardinal had assets of $4,136,008, loans of $3,313,033 and deposits of $3,344,740. Cardinal also operated George Mason Mortgage, LLC (George Mason), a residential mortgage lending company based in Fairfax, Virginia with offices located in Virginia, Maryland, North Carolina, South Carolina and the District of Columbia. As a result of the merger, George Mason became an indirectly-owned subsidiary of United. The merger was accounted for under the acquisition method of accounting. The results of operations of Cardinal are included in the consolidated results of operations from the Cardinal Acquisition Date. The aggregate purchase price was approximately $975,254, including common stock valued at $972,499, stock options assumed valued at $2,741, and cash paid for fractional shares of $14. The number of shares issued in the transaction was 23,690,589, which were valued based on the closing market price of $41.05 for United’s common shares on April 21, 2017. The purchase price has been allocated to the identifiable tangible and intangible assets resulting in additions to goodwill, core deposit intangibles and the George Mason trade name intangible of $612,920, $28,724 and $1,080, respectively. The core deposit intangibles are being amortized over ten years. The George Mason trade name provides a source of market recognition to attract potential clients and retain existing relationships. United believes the George Mason trade name provides a competitive advantage and is likely going to be used into perpetuity and thus will not be subject to amortization, but rather be evaluated for impairment. Because the consideration paid was greater than the net fair value of the acquired assets and liabilities, the Company recorded goodwill as part of the acquisition. None of the goodwill from the Cardinal acquisition is deductible for tax purposes. United used an independent third party to help determine the fair values of the assets and liabilities acquired from Cardinal. As a result of the merger, United recorded fair value discounts of $144,434 on the loans acquired, $2,281 on leases and $8,738 on trust preferred issuances, respectively, and premiums of $4,408 on land acquired, $5,072 on interest-bearing deposits and $10,740 on long-term FHLB advances, respectively. The remaining discount and premium amounts are being accreted or amortized on an accelerated or straight-line basis over each asset’s or liability’s estimated remaining life at the time of acquisition except for loans and land. The discount on loans will be accreted into income based on the effective yield method. The premium on land will not be amortized. At September 30, 2018, the discounts on leases and trust preferred issuances had an average estimated remaining life of 5.00 years and 15.97 years, respectively, and the premiums on the interest-bearing deposits and the FHLB advances each had an average estimated remaining life of 4.00 years and 3.81 years, respectively. United assumed approximately $1,825 of liabilities to provide severance benefits to terminated employees of Cardinal, which has no remaining balance as of September 30, 2018. The estimated fair values of the acquired assets and assumed liabilities, including identifiable intangible assets and goodwill are considered final as of April 21, 2018. In many cases, determining the estimated fair value of the acquired assets and assumed liabilities required United to estimate cash flows expected to result from those assets and liabilities and to discount those cash flows at appropriate rates of interest. The most significant of those determinations related to the fair value of acquired loans. The fair value of the acquired loans was based on the present value of the expected cash flows. Periodic principal and interest cash flows were adjusted for expected losses and prepayments, then discounted to determine the present value and summed to arrive at the estimated fair value. For such loans, the excess of cash flows expected at acquisition over the estimated fair value is recognized as interest income over the remaining lives of the loans. The difference between contractually required payments at acquisition and the cash flows expected to be collected at acquisition reflects the impact of estimated credit losses and other factors, such as prepayments. In accordance with GAAP, there was no carry-over of Cardinal’s previously established allowance for loan losses. The acquired loans were divided into loans with evidence of credit quality deterioration, which are accounted for under ASC Topic 310-30 310-20 In conjunction with the Cardinal merger, the acquired loan portfolio was accounted for at fair value as follows: April 21, Contractually required principal and interest at acquisition $ 4,211,734 Contractual cash flows not expected to be collected (56,176 ) Expected cash flows at acquisition 4,155,558 Interest component of expected cash flows (986,959 ) Basis in acquired loans at acquisition – estimated fair value $ 3,168,599 Included in the above table is information related to acquired impaired loans. Specifically, contractually required principal and interest, cash flows expected to be collected and estimated fair value of acquired impaired loans were $132,837, $108,275, and $86,696, respectively. The consideration paid for Cardinal’s common equity and the amounts of acquired identifiable assets and liabilities assumed as of the Cardinal Acquisition Date were as follows: Purchase price: Value of common shares issued (23,690,589 shares) $ 972,499 Fair value of stock options assumed 2,741 Cash for fractional shares 14 Total purchase price 975,254 Identifiable assets: Cash and cash equivalents 44,545 Investment securities 395,829 Loans held for sale 271,301 Loans 3,168,599 Premises and equipment 24,774 Core deposit intangibles 28,724 George Mason trade name intangible 1,080 Other assets 135,383 Total identifiable assets $ 4,070,235 Identifiable liabilities: Deposits $ 3,349,812 Short-term borrowings 96,215 Long-term borrowings 220,119 Unfavorable lease liability 2,281 Other liabilities 39,474 Total identifiable liabilities 3,707,901 Fair value of net assets acquired including identifiable intangible assets 362,334 Resulting goodwill $ 612,920 The operating results of United for the nine months ended September 30, 2018 include operating results of acquired assets and assumed liabilities. The operations of United’s metropolitan Washington D.C. geographic area, which primarily includes the acquired operations of Cardinal, provided $519,747 in total revenues, which represents net interest income plus other income, and $270,914 in net income from the period from the Cardinal Acquisition Date to September 30, 2018. These amounts are included in United’s consolidated financial statements as of and for the nine months ended September 30, 2018. Cardinal’s results of operations prior to the Cardinal Acquisition Date are not included in United’s consolidated financial statements. |
Investment Securities
Investment Securities | 9 Months Ended |
Sep. 30, 2018 | |
Investments, Debt and Equity Securities [Abstract] | |
Investment Securities | 3. INVESTMENT SECURITIES Securities Available for Sale Securities held for indefinite periods of time 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. September 30, 2018 Amortized Gross Gross Estimated Cumulative U.S. Treasury securities and obligations of U.S. Government corporations and agencies $ 103,237 $ 0 $ 1,672 $ 101,565 $ 0 State and political subdivisions 258,656 440 6,850 252,246 0 Residential mortgage-backed securities Agency 973,307 541 30,201 943,647 0 Non-agency 4,086 486 0 4,572 86 Commercial mortgage-backed securities Agency 557,211 71 13,630 543,652 0 Asset-backed securities 223,350 638 386 223,602 0 Trust preferred collateralized debt obligations 6,176 253 275 6,154 2,586 Single issue trust preferred securities 8,748 127 771 8,104 0 Other corporate securities 96,113 51 1,139 95,025 0 Total $ 2,230,884 $ 2,607 $ 54,924 $ 2,178,567 $ 2,672 December 31, 2017 Amortized Gross Gross Estimated Cumulative U.S. Treasury securities and obligations of U.S. Government corporations and agencies $ 114,735 $ 385 $ 362 $ 114,758 $ 0 State and political subdivisions 303,101 3,197 2,429 303,869 0 Residential mortgage-backed securities Agency 821,857 2,096 9,360 814,593 0 Non-agency 4,969 543 0 5,512 86 Commercial mortgage-backed securities Agency 457,107 1,059 3,309 454,857 0 Asset-backed securities 109,829 148 7 109,970 0 Trust preferred collateralized debt obligations 37,856 542 4,129 34,269 20,770 Single issue trust preferred securities 13,417 368 1,225 12,560 0 Other corporate securities 28,101 407 18 28,490 0 Marketable equity securities 9,712 179 13 9,878 0 Total $ 1,900,684 $ 8,924 $ 20,852 $ 1,888,756 $ 20,856 (1) Non-credit before-tax. The following is a summary of securities available-for-sale Less than 12 months 12 months or longer September 30, 2018 Fair Value Unrealized Fair Value Unrealized U.S. Treasury securities and obligations of U.S. Government corporations and agencies $ 89,255 $ 1,233 $ 12,311 $ 439 State and political subdivisions 127,202 2,166 80,886 4,684 Residential mortgage-backed securities Agency 612,343 15,591 300,669 14,610 Non-agency 0 0 0 0 Commercial mortgage-backed securities Agency 318,487 7,693 209,241 5,937 Asset-backed securities 92,432 386 0 0 Trust preferred collateralized debt obligations 0 0 2,225 275 Single issue trust preferred securities 0 0 4,950 771 Other corporate securities 78,095 1,139 0 0 Total $ 1,317,814 $ 28,208 $ 610,282 $ 26,716 Less than 12 months 12 months or longer December 31, 2017 Fair Value Unrealized Fair Value Unrealized U.S. Treasury securities and obligations of U.S. Government corporations and agencies $ 36,678 $ 230 $ 22,920 $ 132 State and political subdivisions 82,896 566 59,432 1,863 Residential mortgage-backed securities Agency 460,414 4,621 182,482 4,739 Non-agency 0 0 0 0 Commercial mortgage-backed securities Agency 282,858 2,386 70,763 923 Asset-backed securities 27,931 7 0 0 Trust preferred collateralized debt obligations 0 0 28,629 4,129 Single issue trust preferred securities 0 0 4,485 1,225 Other corporate securities 6,975 18 0 0 Marketable equity securities 0 0 363 13 Total $ 897,752 $ 7,828 $ 369,074 $ 13,024 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 September 30 Nine Months Ended September 30 2018 2017 2018 2017 Proceeds from sales and calls $ 109,093 $ 64,257 $ 283,953 $ 631,561 Gross realized gains 93 1,781 1,314 2,840 Gross realized losses 207 1,314 1,604 1,396 At September 30, 2018, gross unrealized losses on available for sale securities were $54,924 on 733 securities of a total portfolio of 865 available for sale securities. Securities in an unrealized loss position at September 30, 2018 consisted primarily of state and political subdivision securities, and agency commercial and residential mortgage-backed securities. The state and political subdivisions securities relate to securities issued by various municipalities. The agency commercial and residential mortgage-backed securities relate to commercial and residential properties and provide a guaranty of full and timely payments of principal and interest by the issuing agency. 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. State and political subdivisions United’s state and political subdivisions portfolio relates to securities issued by various municipalities located throughout the United States. The total amortized cost of available for sale state and political subdivision securities was $258,656 million at September 30, 2018. As of September 30, 2018, approximately 76% of the portfolio was supported by the general obligation of the issuing municipality, which allows for the securities to be repaid by any means available to the municipality. The majority of the portfolio was rated AA or higher, and less than one percent of the portfolio was rated below investment grade as of September 30, 2018. In addition to monitoring the credit ratings of these securities, management also evaluates the financial performance of the underlying issuers on an ongoing basis. Based upon management’s analysis and judgment, it was determined that none of the state and political subdivision securities were other-than-temporarily impaired at September 30, 2018. 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 $1,530,518 at September 30, 2018. Of the $1,530,518 amount, $557,211 was related to agency commercial mortgage-backed securities and $973,307 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 September 30, 2018. Non-agency United’s non-agency non-agency non-agency non-agency 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 third quarter of 2018, it was determined that none of the single issue trust preferred securities were other-than-temporarily impaired. All single issue trust preferred securities are currently receiving interest payments. The amortized cost of available for sale single issue trust preferred securities as of September 30, 2018 consisted of $3,028 in investment grade bonds and $5,720 in unrated bonds. The investment grade bonds were rated BBB-. Trust preferred collateralized debt obligations (Trup Cdos) The total amortized cost balance of United’s Trup Cdo portfolio was $6,176 as of September 30, 2018. For any securities in an unrealized loss position, 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 September 30, 2018, the Company has determined that it does not intend to sell any Trup Cdo 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. 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 September 30, 2018 is other-than-temporarily impaired. Corporate securities As of September 30, 2018, United’s Corporate securities portfolio had a total amortized cost balance of $96,113. The majority of the portfolio consisted of debt issuances of corporations representing a variety of industries, including financial institutions. Of the $96,113, 78% was investment grade rated and 22% was unrated. For corporate 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 corporate securities were other-than-temporarily impaired at September 30, 2018. 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 September 30 Nine Months Ended September 30 2018 2017 2018 2017 Balance of cumulative credit losses at beginning of period $ 3,199 $ 22,162 $ 18,060 $ 22,162 Reductions for securities sold or paid off during the period 0 (4,102 ) (14,861 ) (4,102 ) Balance of cumulative credit losses at end of period $ 3,199 $ 18,060 $ 3,199 $ 18,060 The amortized cost and estimated fair value of securities available for sale at September 30, 2018 and December 31, 2017 by contractual maturity are shown as follows. Expected maturities may differ from contractual maturities because the issuers may have the right to call or prepay obligations without penalties. September 30, 2018 December 31, 2017 Amortized Estimated Amortized Estimated Due in one year or less $ 76,698 $ 76,346 $ 50,311 $ 50,212 Due after one year through five years 500,052 490,797 386,039 384,585 Due after five years through ten years 466,155 451,981 400,129 398,208 Due after ten years 1,187,979 1,159,443 1,054,493 1,045,873 Marketable equity securities 0 0 9,712 9,878 Total $ 2,230,884 $ 2,178,567 $ 1,900,684 $ 1,888,756 Securities Held to Maturity The amortized cost and estimated fair values of securities held to maturity are summarized as follows: September 30, 2018 Amortized Gross Gross Estimated U.S. Treasury securities and obligations of U.S. Government corporations and agencies $ 5,103 $ 132 $ 0 $ 5,235 State and political subdivisions 5,798 8 1 5,805 Residential mortgage-backed securities Agency 21 2 0 23 Single issue trust preferred securities 9,409 0 873 8,536 Other corporate securities 20 0 0 20 Total $ 20,351 $ 142 $ 874 $ 19,619 December 31, 2017 Amortized Gross Gross Estimated U.S. Treasury securities and obligations of U.S. Government corporations and agencies $ 5,187 $ 308 $ 0 $ 5,495 State and political subdivisions 5,797 10 0 5,807 Residential mortgage-backed securities Agency 23 3 0 26 Single issue trust preferred securities 9,401 0 731 8,670 Other corporate securities 20 0 0 20 Total $ 20,428 $ 321 $ 731 $ 20,018 Even though the market value of the held-to-maturity held-to-maturity held-to-maturity There were no gross realized gains or losses on calls and sales of held to maturity securities included in earnings for the third quarter and first nine months of 2018 and 2017. The amortized cost and estimated fair value of debt securities held to maturity at September 30, 2018 and December 31, 2017 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. September 30, 2018 December 31, 2017 Amortized Estimated Amortized Estimated Due in one year or less $ 7,103 $ 7,235 $ 0 $ 0 Due after one year through five years 2,158 2,163 9,344 9,660 Due after five years through ten years 8,093 7,610 5,663 5,343 Due after ten years 2,997 2,611 5,421 5,015 Total $ 20,351 $ 19,619 $ 20,428 $ 20,018 Equity securities at fair value 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 fair value of United’s equity securities was $9,845 at September 30, 2018. Prior to the adoption of ASU No. 2016-01 Three Months September 30, Nine Months September 30, Net losses recognized during the period $ (38 ) $ (102 ) Net losses recognized during the period on equity securities sold (2 ) (4 ) Unrealized gains recognized during the period on equity securities still held at period end 0 50 Unrealized losses recognized during the period on equity securities still held at period end 36 148 Other investment securities During the third quarter of 2018, United evaluated all of its cost method investments to determine if certain events or changes in circumstances during the third quarter of 2018 had a significant adverse effect on the fair value of any of its cost method securities. United determined that there was no individual security that experienced an adverse event during the third quarter. There were no other events or changes in circumstances during the third quarter which would have an adverse effect on the fair value of its cost method securities. 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 $1,999,152 and $1,403,565 at September 30, 2018 and December 31, 2017, respectively. |
Loans
Loans | 9 Months Ended |
Sep. 30, 2018 | |
Receivables [Abstract] | |
Loans | 4. LOANS Major classes of loans are as follows: September 30, 2018 December 31, Commercial, financial and agricultural: Owner-occupied commercial real estate $ 1,336,434 $ 1,361,629 Nonowner-occupied commercial real estate 4,341,501 4,451,298 Other commercial loans 1,932,919 1,998,979 Total commercial, financial & agricultural 7,610,854 7,811,906 Residential real estate 3,387,268 2,996,171 Construction & land development 1,379,985 1,504,907 Consumer: Bankcard 9,530 10,314 Other consumer 899,074 704,039 Total gross loans $ 13,286,711 $ 13,027,337 The table above does not include loans held for sale of $234,196 and $265,955 at September 30, 2018 and December 31, 2017, 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 previously acquired impaired loans with a recorded investment of $155,526 or 1.17% of total gross loans at September 30, 2018 and $210,521 or 1.62% of total gross loans at December 31, 2017. The contractual principal in these acquired impaired loans was $205,034 and $285,964 at September 30, 2018 and December 31, 2017, 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 nine months of 2018 follows: Accretable yield at the beginning of the period $ 39,098 Accretion (including cash recoveries) (8,371 ) Additions 691 Net reclassifications to accretable from non-accretable 9,112 Disposals (including maturities, foreclosures, and charge-offs) (3,323 ) Accretable yield at the end of the period $ 37,207 United’s subsidiary bank has made loans to the directors and officers of United and its subsidiaries, and to their affiliates. The aggregate dollar amount of these loans was $25,826 and $36,360 at September 30, 2018 and December 31, 2017, respectively. |
Credit Quality
Credit Quality | 9 Months Ended |
Sep. 30, 2018 | |
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 September 30, 2018, United had TDRs of $63,626 as compared to $50,129 as of December 31, 2017. Of the $63,626 aggregate balance of TDRs at September 30, 2018, $50,974 was on nonaccrual, $85 were 90 days or more past due and $1,778 were 30 to 89 days past due. Of the $50,129 aggregate balance of TDRs at December 31, 2017, $30,868 was on nonaccrual, $95 were 90 days or more past due and $1,254 were 30 to 89 days past due. All these amounts are included in the appropriate categories in the “Age Analysis of Past Due Loans” table on a subsequent page. As of September 30, 2018, there were no commitments to lend additional funds to debtors owing receivables whose terms have been modified in TDRs. At September 30, 2018, United had restructured loans in the amount of $1,646 that were modified by a reduction in the interest rate, $1,849 that were modified by a combination of a reduction in the interest rate and the principal and $60,131 that were modified by a change in terms. A loan acquired and accounted for under ASC Topic 310-30 The following table sets forth United’s troubled debt restructurings that have been restructured during the three months ended September 30, 2018, segregated by class of loans. No loans were restructured during the three months ended September 30, 2017. Troubled Debt Restructurings For the Three Months Ended September 30, 2018 Number Pre-Modification Post- Commercial real estate: Owner-occupied 0 $ 0 $ 0 Nonowner-occupied 0 0 0 Other commercial 5 7,420 7,364 Residential real estate 1 272 272 Construction & land development 0 0 0 Consumer: Bankcard 0 0 0 Other consumer 0 0 0 Total 6 $ 7,692 $ 7,636 The following table sets forth United’s troubled debt restructurings that have been restructured during the nine months ended September 30, 2018 and 2017, segregated by class of loans: Troubled Debt Restructurings For the Nine Months Ended September 30, 2018 September 30, 2017 Number Pre-Modification Post- Number Pre-Modification Post- Commercial real estate: Owner-occupied 0 $ 0 $ 0 1 $ 5,333 $ 5,333 Nonowner-occupied 0 0 0 0 0 0 Other commercial 9 16,992 16,890 8 24,102 22,291 Residential real estate 3 7,225 7,225 0 0 0 Construction & land development 0 0 0 1 1,456 1,400 Consumer: Bankcard 0 0 0 0 0 0 Other consumer 0 0 0 0 0 0 Total 12 $ 24,217 $ 24,115 10 $ 30,891 $ 29,024 During the third quarter and first nine months of 2018, $7,636 and $24,115 of restructured loans were modified by a change in loan terms. During the first nine months of 2017, $29,024 of restructured loans were modified by a change in loan terms. In some instances, the post-modification balance on the restructured loans is larger than the pre-modification The following table presents troubled debt restructurings, by class of loan, that had charge-offs during the three months and nine months ended September 30, 2018. Three Months Ended September 30, 2018 Nine Months Ended September 30, 2018 (In thousands) Number Recorded Number Recorded Troubled Debt Restructurings Commercial real estate: Owner-occupied 0 $ 0 0 $ 0 Nonowner-occupied 0 0 0 0 Other commercial 1 622 1 622 Residential real estate 0 0 0 0 Construction & land development 0 0 0 0 Consumer: Bankcard 0 0 0 0 Other consumer 0 0 0 0 Total 1 $ 622 1 $ 622 No loans restructured during the twelve-month period ended September 30, 2017 subsequently defaulted, resulting in a principal charge-off 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 September 30, 2018 30-89 90 Days or Total Past Current & Total Financing Recorded Commercial real estate: Owner-occupied $ 11,089 $ 18,009 $ 29,098 $ 1,307,336 $ 1,336,434 $ 1,431 Nonowner-occupied 17,182 17,557 34,739 4,306,762 4,341,501 2,015 Other commercial 7,413 49,467 56,880 1,876,039 1,932,919 1,326 Residential real estate 35,646 30,519 66,165 3,321,103 3,387,268 9,941 Construction & land development 3,406 17,069 20,475 1,359,510 1,379,985 642 Consumer: Bankcard 649 177 826 8,704 9,530 177 Other consumer 7,874 763 8,637 890,437 899,074 502 Total $ 83,259 $ 133,561 $ 216,820 $ 13,069,891 $ 13,286,711 $ 16,034 (1) Other includes loans with a recorded investment of $155,526 acquired and accounted for under ASC Topic 310-30 Age Analysis of Past Due Loans As of December 31, 2017 (In thousands) 30-89 90 Days or Total Past Current & Total Financing Recorded Commercial real estate: Owner-occupied $ 7,968 $ 13,663 $ 21,631 $ 1,339,998 $ 1,361,629 $ 458 Nonowner-occupied 10,398 20,448 30,846 4,420,452 4,451,298 634 Other commercial 11,533 68,476 80,009 1,918,970 1,998,979 940 Residential real estate 35,300 28,637 63,937 2,932,234 2,996,171 6,519 Construction & land development 1,615 17,190 18,805 1,486,102 1,504,907 385 Consumer: Bankcard 449 186 635 9,679 10,314 186 Other consumer 9,288 968 10,256 693,783 704,039 775 Total $ 76,551 $ 149,568 $ 226,119 $ 12,801,218 $ 13,027,337 $ 9,897 (1) Other includes loans with a recorded investment of $210,521 acquired and accounted for under ASC Topic 310-30 The following table sets forth United’s nonaccrual loans, segregated by class of loans: Loans on Nonaccrual Status September 30, 2018 December 31, 2017 Commercial real estate: Owner-occupied $ 16,578 $ 13,205 Nonowner-occupied 15,542 19,814 Other commercial 48,141 67,536 Residential real estate 20,578 22,118 Construction & land development 16,427 16,805 Consumer: Bankcard 0 0 Other consumer 261 193 Total $ 117,527 $ 139,671 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 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 The following tables set forth United’s credit quality indicators information, by class of loans: Credit Quality Indicators Corporate Credit Exposure As of September 30, 2018 Commercial Real Estate Owner- Nonowner- Other Construction & Grade: Pass $ 1,266,769 $ 4,197,966 $ 1,827,465 $ 1,302,968 Special mention 15,221 60,293 13,528 4,715 Substandard 54,444 83,242 90,023 72,302 Doubtful 0 0 1,903 0 Total $ 1,336,434 $ 4,341,501 $ 1,932,919 $ 1,379,985 As of December 31, 2017 Commercial Real Estate Owner- Nonowner- Other Construction & Grade: Pass $ 1,276,088 $ 4,312,985 $ 1,848,868 $ 1,413,706 Special mention 20,165 57,618 55,564 5,196 Substandard 65,376 80,695 90,625 86,005 Doubtful 0 0 3,922 0 Total $ 1,361,629 $ 4,451,298 $ 1,998,979 $ 1,504,907 Credit Quality Indicators Consumer Credit Exposure As of September 30, 2018 Residential Bankcard Other Grade: Pass $ 3,322,863 $ 8,704 $ 890,411 Special mention 17,309 649 7,879 Substandard 47,096 177 784 Doubtful 0 0 0 Total $ 3,387,268 $ 9,530 $ 899,074 As of December 31, 2017 Residential Bankcard Other Grade: Pass $ 2,945,266 $ 9,679 $ 693,727 Special mention 18,025 449 9,334 Substandard 32,880 186 978 Doubtful 0 0 0 Total $ 2,996,171 $ 10,314 $ 704,039 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 September 30, 2018 December 31, 2017 Recorded Unpaid Related Recorded Unpaid Related With no related allowance recorded: Commercial real estate: Owner-occupied $ 58,367 $ 58,532 $ 0 $ 78,117 $ 78,419 $ 0 Nonowner-occupied 98,912 98,971 0 134,136 134,195 0 Other commercial 60,602 63,069 0 46,993 49,552 0 Residential real estate 33,190 34,041 0 26,751 28,202 0 Construction & land development 36,576 40,673 0 52,279 59,691 0 Consumer: Bankcard 0 0 0 0 0 0 Other consumer 23 23 0 15 15 0 With an allowance recorded: Commercial real estate: Owner-occupied $ 9,990 $ 9,990 $ 2,560 $ 9,132 $ 9,132 $ 2,251 Nonowner-occupied 14,468 14,468 2,683 7,797 7,797 1,592 Other commercial 50,454 59,052 16,500 60,512 70,396 16,721 Residential real estate 17,853 19,295 3,115 9,813 10,418 1,552 Construction & land development 16,816 19,470 2,494 1,383 1,383 229 Consumer: Bankcard 0 0 0 0 0 0 Other consumer 0 0 0 0 0 0 Total: Commercial real estate: Owner-occupied $ 68,357 $ 68,522 $ 2,560 $ 87,249 $ 87,551 $ 2,251 Nonowner-occupied 113,380 113,439 2,683 141,933 141,992 1,592 Other commercial 111,056 122,121 16,500 107,505 119,948 16,721 Residential real estate 51,043 53,336 3,115 36,564 38,620 1,552 Construction & land development 53,392 60,143 2,494 53,662 61,074 229 Consumer: Bankcard 0 0 0 0 0 0 Other consumer 23 23 0 15 15 0 Impaired Loans For the Three Months Ended September 30, 2018 September 30, 2017 Average Interest Average Interest With no related allowance recorded: Commercial real estate: Owner-occupied $ 65,625 $ 365 $ 74,111 $ 374 Nonowner-occupied 99,005 311 148,753 178 Other commercial 56,489 313 57,302 148 Residential real estate 28,753 144 21,772 58 Construction & land development 41,036 278 42,240 348 Consumer: Bankcard 0 0 0 0 Other consumer 23 0 25 0 With an allowance recorded: Commercial real estate: Owner-occupied $ 7,378 $ 6 $ 11,442 $ 78 Nonowner-occupied 12,465 189 13,111 10 Other commercial 47,563 305 71,886 42 Residential real estate 14,975 57 15,276 16 Construction & land development 9,408 20 1,602 21 Consumer: Bankcard 0 0 0 0 Other consumer 0 0 0 0 Total: Commercial real estate: Owner-occupied $ 73,003 $ 371 $ 85,553 $ 452 Nonowner-occupied 111,470 500 161,864 188 Other commercial 104,052 618 129,188 190 Residential real estate 43,728 201 37,048 74 Construction & land development 50,444 298 43,842 369 Consumer: Bankcard 0 0 0 0 Other consumer 23 0 25 0 Impaired Loans For the Nine Months Ended September 30, 2018 September 30, 2017 Average Interest Average Interest With no related allowance recorded: Commercial real estate: Owner-occupied $ 69,009 $ 1,101 $ 70,477 $ 1,227 Nonowner-occupied 105,199 928 121,811 551 Other commercial 55,124 1,020 57,047 632 Residential real estate 27,210 501 21,397 219 Construction & land development 43,464 707 40,344 1,046 Consumer: Bankcard 0 0 0 0 Other consumer 29 0 29 0 With an allowance recorded: Commercial real estate: Owner-occupied $ 6,876 $ 18 $ 12,141 $ 393 Nonowner-occupied 11,158 251 13,492 108 Other commercial 47,736 380 71,736 685 Residential real estate 13,946 247 14,904 58 Construction & land development 6,944 60 2,195 63 Consumer: Bankcard 0 0 0 0 Other consumer 0 0 0 0 Total: Commercial real estate: Owner-occupied $ 75,885 $ 1,119 $ 82,618 $ 1,620 Nonowner-occupied 116,357 1,179 135,303 659 Other commercial 102,860 1,400 128,783 1,317 Residential real estate 41,156 748 36,301 277 Construction & land development 50,408 767 42,539 1,109 Consumer: Bankcard 0 0 0 0 Other consumer 29 0 29 0 At September 30, 2018 and December 31, 2017, other real estate owned (“OREO”) included in other assets in the Consolidated Balance Sheets was $18,786 and $24,348, 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 September 30, 2018 and December 31, 2017, the recorded investment of consumer mortgage loans secured by residential real estate properties for which formal foreclosure proceedings are in process was $569 and $873, respectively. |
Allowance for Credit Losses
Allowance for Credit Losses | 9 Months Ended |
Sep. 30, 2018 | |
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. For purposes of determining the general allowance, the loan portfolio is segregated by product type to recognize differing risk profiles among categories. It is further segregated by credit grade for non-homogenous Loans deemed to be uncollectible are charged against the allowance for loan losses, while recoveries of previously charged-off charge-off charge-off charged-off charge-off For consumer loans, closed-end open-end charged-off. one-to-four open-end closed-end high-loan-to-value charges-off charged-off charged-off 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 payments 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 and nine months ended September 30, 2018, the re-estimation 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 $1,144 and $679 at September 30, 2018 and December 31, 2017, respectively, is separately classified on the balance sheet and is included in other liabilities. The combined allowance for loan losses and reserve for lending-related commitments are referred to as the allowance for credit losses. A progression of the allowance for loan losses, by portfolio segment, for the periods indicated is summarized as follows: Allowance for Loan Losses For the Three Months Ended September 30, 2018 Commercial Real Other Residential Construction & Consumer Allowance for Total Owner- Nonowner- Allowance for Loan Losses: Beginning balance $ 3,213 $ 6,183 $ 48,191 $ 10,380 $ 6,592 $ 2,419 $ 157 $ 77,135 Charge-offs 1,478 0 4,432 365 110 659 0 7,044 Recoveries 415 395 394 558 134 146 0 2,042 Provision 2,391 22 291 1,067 480 575 (18 ) 4,808 Ending balance $ 4,541 $ 6,600 $ 44,444 $ 11,640 $ 7,096 $ 2,481 $ 139 $ 76,941 Allowance for Loan Losses and Carrying Amount of Loans For the Nine Months Ended September 30, 2018 Commercial Real Estate Other Residential Construction & Consumer Allowance for Total Owner- Nonowner- Allowance for Loan Losses: Beginning balance $ 5,401 $ 6,369 $ 45,189 $ 9,927 $ 7,187 $ 2,481 $ 73 $ 76,627 Charge-offs 3,221 314 13,095 1,357 642 1,985 0 20,614 Recoveries 1,160 548 1,484 916 145 485 0 4,738 Provision 1,201 (3 ) 10,866 2,154 406 1,500 66 16,190 Ending balance $ 4,541 $ 6,600 $ 44,444 $ 11,640 $ 7,096 $ 2,481 $ 139 $ 76,941 Ending Balance: individually evaluated for impairment $ 2,560 $ 2,683 $ 16,500 $ 3,116 $ 2,494 $ 0 $ 0 $ 27,353 Ending Balance: collectively evaluated for impairment $ 1,981 $ 3,917 $ 27,944 $ 8,524 $ 4,602 $ 2,481 $ 139 $ 49,588 Ending Balance: loans acquired with deteriorated credit quality $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 Financing receivables: Ending balance $ 1,336,434 $ 4,341,501 $ 1,932,919 $ 3,387,268 $ 1,379,985 $ 908,604 $ 0 $ 13,286,711 Ending Balance: individually evaluated for impairment $ 29,391 $ 22,768 $ 73,544 $ 19,994 $ 16,875 $ 0 $ 0 $ 162,572 Ending Balance: collectively evaluated for impairment $ 1,284,114 $ 4,250,305 $ 1,830,646 $ 3,351,837 $ 1,343,130 $ 908,581 $ 0 $ 12,968,613 Ending Balance: loans acquired with deteriorated credit quality $ 22,929 $ 68,428 $ 28,729 $ 15,437 $ 19,980 $ 23 $ 0 $ 155,526 Allowance for Loan Losses and Carrying Amount of Loans For the Year Ended December 31, 2017 Commercial Real Estate Other Residential Construction & Consumer Allowance for Total Owner- Nonowner- Allowance for Loan Losses: Beginning balance $ 5,273 $ 6,883 $ 33,087 $ 13,770 $ 10,606 $ 2,805 $ 347 $ 72,771 Charge-offs 2,246 296 21,189 2,973 3,337 2,822 0 32,863 Recoveries 2,599 244 3,395 601 726 748 0 8,313 Provision (225 ) (462 ) 29,896 (1,471 ) (808 ) 1,750 (274 ) 28,406 Ending balance $ 5,401 $ 6,369 $ 45,189 $ 9,927 $ 7,187 $ 2,481 $ 73 $ 76,627 Ending Balance: individually evaluated for impairment $ 2,251 $ 1,592 $ 16,721 $ 1,552 $ 229 $ 0 $ 0 $ 22,345 Ending Balance: collectively evaluated for impairment $ 3,150 $ 4,777 $ 28,468 $ 8,375 $ 6,958 $ 2,481 $ 73 $ 54,282 Ending Balance: loans acquired with deteriorated credit quality $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 Financing receivables: Ending balance $ 1,361,629 $ 4,451,298 $ 1,998,979 $ 2,996,171 $ 1,504,907 $ 714,353 $ 0 $ 13,027,337 Ending Balance: individually evaluated for impairment $ 36,721 $ 21,851 $ 78,715 $ 14,316 $ 16,921 $ 0 $ 0 $ 168,524 Ending Balance: collectively evaluated for impairment $ 1,291,379 $ 4,320,997 $ 1,892,706 $ 2,967,666 $ 1,461,206 $ 714,338 $ 0 $ 12,648,292 Ending Balance: loans acquired with deteriorated credit quality $ 33,529 $ 108,450 $ 27,558 $ 14,189 $ 26,780 $ 15 $ 0 $ 210,521 |
Intangible Assets
Intangible Assets | 9 Months Ended |
Sep. 30, 2018 | |
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: September 30, 2018 Community Banking Mortgage Banking Total Gross Accumulated Gross Accumulated Gross Accumulated Amortized intangible assets: Core deposit intangible assets $ 98,359 ($ 60,482 ) $ 0 ($ 0 ) $ 98,359 ($ 60,482 ) Non-amortized George Mason trade name $ 0 $ 1,080 $ 1,080 Goodwill not subject to amortization $ 1,472,699 $ 5,315 $ 1,478,014 December 31, 2017 Community Banking Mortgage Banking Total Gross Accumulated Gross Accumulated Gross Accumulated Amortized intangible assets: Core deposit intangible assets $ 98,359 ($ 54,453 ) $ 0 $ 0 $ 98,359 ($ 54,453 ) Non-amortized George Mason trade name $ 0 $ 1,080 $ 1,080 Goodwill not subject to amortization $ 1,473,265 $ 5,115 $ 1,478,380 The following table provides a reconciliation of goodwill: Community Mortgage Total Goodwill at December 31, 2017 $ 1,473,265 $ 5,115 $ 1,478,380 Addition to goodwill from Cardinal acquisition (566 ) 200 (366 ) Goodwill at September 30, 2018 $ 1,472,699 $ 5,315 $ 1,478,014 United incurred amortization expense on intangible assets of $2,009 and $6,029 for the quarter and nine months ended September 30, 2018, respectively, and $2,240 and $5,381 for the quarter and nine months ended September 30, 2017, respectively. The following table sets forth the anticipated amortization expense for intangible assets for the years subsequent to 2017: Year Amount 2018 $ 8,039 2019 7,016 2020 6,309 2021 5,369 2022 and thereafter 17,173 |
Short-Term Borrowings
Short-Term Borrowings | 9 Months Ended |
Sep. 30, 2018 | |
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 $230,000. 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 September 30, 2018, federal funds purchased were $25,790 while total securities sold under agreements to repurchase (REPOs) were $153,718. 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 |
Long-Term Borrowings
Long-Term Borrowings | 9 Months Ended |
Sep. 30, 2018 | |
Debt Disclosure [Abstract] | |
Long-Term Borrowings | 9. LONG-TERM BORROWINGS United’s subsidiary bank is a member 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 September 30, 2018, United had an unused borrowing amount of approximately $3,986,778 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 September 30, 2018, $1,284,781 of FHLB advances with a weighted-average interest rate of 2.13% are scheduled to mature within the next seven years. The scheduled maturities of these FHLB borrowings are as follows: Year Amount 2018 $ 970,890 2019 187,224 2020 41,779 2021 52,667 2022 and thereafter 32,221 Total $ 1,284,781 At September 30, 2018, United had a total of fourteen 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 September 30, 2018 and December 31, 2017, the outstanding balance of the Debentures was $234,590 and $242,446, 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. For reporting periods prior to June 30, 2017, the Trust Preferred Securities qualified as Tier 1 regulatory capital under the “Basel III Capital Rules” as published by United’s primary federal regulator, the Federal Reserve, in July of 2013. The “Basel III Capital Rules” established a new comprehensive capital framework for U.S. banking organizations. Because United was less than $15 billion in total consolidated assets, the Basel III Capital Rules grandfathered United’s Trust Preferred Securities as Tier 1 capital under the limitations for restricted capital elements in the general risk-based capital rules. As a result, beginning in 2015 (the adoption date), United’s Trust Preferred Securities was subject to a limit of 25 percent of Tier 1 capital elements excluding any non-qualifying phase-out. |
Commitments and Contingent Liab
Commitments and Contingent Liabilities | 9 Months Ended |
Sep. 30, 2018 | |
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 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 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 $3,861,482 and $4,224,719 of loan commitments outstanding as of September 30, 2018 and December 31, 2017, respectively, the majority of which contractually expire within one year. Included in the September 30, 2018 amount are commitments to extend credit of $433,931 related to George Mason’s mortgage loan funding commitments and are of a short-term nature. 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 September 30, 2018 and December 31, 2017, United had no outstanding commercial letters of credit. A standby letter of credit is generally contingent upon the failure of a customer to perform according to the terms of an underlying contract with a third party. United has issued standby letters of credit of $132,735 and $147,017 as of September 30, 2018 and December 31, 2017, 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. George Mason provides for its estimated exposure to repurchase loans previously sold to investors for which borrowers failed to provide full and accurate information on their loan application or for which appraisals have not been acceptable or where the loan was not underwritten in accordance with the loan program specified by the loan investor, and for other exposure to its investors related to loan sales activities. United evaluates the merits of each claim and estimates its reserve based on actual and expected claims received and considers the historical amounts paid to settle such claims. George Mason has a reserve of $516 as of September 30, 2018. United has derivative counter-party risk that may arise from the possible inability of George Mason’s third party investors to meet the terms of their forward sales contracts. George Mason works with third-party investors that are generally well-capitalized, are investment grade and exhibit strong financial performance to mitigate this risk. United does not expect any third-party investor to fail to meet its obligation. 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 | 9 Months Ended |
Sep. 30, 2018 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Financial Instruments | 11. DERIVATIVE FINANCIAL INSTRUMENTS United uses derivative instruments to help aid against adverse price changes 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 (ASC Topic 815). 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. 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. United through George Mason enters into interest rate lock commitments to finance residential mortgage loans with its customers. These commitments, which contain fixed expiration dates, offer the borrower an interest rate guarantee provided the loan meets underwriting guidelines and closes within the timeframe established by United. Interest rate risk arises on these commitments and subsequently closed loans if interest rates change between the time of the interest rate lock and the delivery of the loan to the investor. Market risk on interest rate lock commitments and mortgage loans held for sale is managed using corresponding forward mortgage loan sales contracts. United is a party to these forward mortgage loan sales contracts to sell loans servicing released and short sales of mortgage-backed securities. When the interest rate is locked with the borrower, the rate lock commitment, forward sale agreement, and mortgage-backed security position are undesignated derivatives and marked to fair value through earnings. The fair value of the rate lock derivative includes the servicing premium and the interest spread for the difference between retail and wholesale mortgage rates. Income from mortgage banking activities includes the gain recognized for the period presented and associated elements of fair value. United sells mortgage loans on either a best efforts or mandatory delivery basis. For loans sold on a mandatory delivery basis, United enters into forward mortgage-backed securities (the “residual hedge”) to mitigate the effect of interest rate risk. Both the rate lock commitment under mandatory delivery and the residual hedge are recorded at fair value through earnings and are not designated as accounting hedges. At the closing of the loan, the loan commitment derivative expires and United records a loan held for sale at fair value and continues to mark these assets to market under the election of fair value option. United closes out of the trading mortgage-backed securities assigned within the residual hedge and replaces the securities with a forward sales contract once a price has been accepted by an investor and recorded at fair value. For those loans selected to be sold under best efforts delivery, at the closing of the loan, the rate lock commitment derivative expires and the Company records a loan held for sale at fair value under the election of fair value option and continues to be obligated under the same forward loan sales contract entered into at inception of the rate lock commitment. 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 tables disclose the derivative instruments’ location on the Company’s Consolidated Balance Sheets and the notional amount and fair value of those instruments at September 30, 2018 and December 31, 2017. Asset Derivatives September 30, 2018 December 31, 2017 Balance Sheet Location Notional Amount Fair Value Balance Sheet Location Notional Amount Fair Value Derivatives designated as hedging instruments Fair Value Hedges: Interest rate swap contracts (hedging commercial loans) Other assets $ 86,655 $ 4,042 Other assets $ 71,831 $ 538 Total derivatives designated as hedging instruments $ 86,655 $ 4,042 $ 71,831 $ 538 Derivatives not designated as hedging instruments Forward loan sales commitments Other assets $ 0 $ 0 Other assets $ 31,024 $ 2 TBA mortgage-backed securities Other assets 223,500 1,161 0 0 Interest rate lock commitments Other assets 135,069 3,991 Other assets 148,866 4,559 Total derivatives not designated as hedging instruments $ 358,569 $ 5,152 $ 179,890 $ 4,561 Total asset derivatives $ 445,224 $ 9,194 $ 251,721 $ 5,099 Liability Derivatives September 30, 2018 December 31, 2017 Balance Sheet Location Notional Amount Fair Value Balance Sheet Location Notional Amount Fair Value Derivatives designated as hedging instruments Fair Value Hedges: Interest rate swap contracts (hedging commercial loans) Other liabilities $ 0 $ 0 Other liabilities $ 18,795 $ 165 Total derivatives designated as hedging instruments $ 0 $ 0 $ 18,795 $ 165 Derivatives not designated as hedging instruments Forward loan sales commitments Other liabilities $ 22,521 $ 197 Other liabilities $ 0 $ 0 TBA mortgage-backed securities Other liabilities $ 0 $ 0 Other liabilities 236,500 312 Interest rate lock commitments Other liabilities 0 0 Other liabilities 0 0 Total derivatives not designated as hedging instruments $ 22,521 $ 197 $ 236,500 $ 312 Total liability derivatives $ 22,521 $ 197 $ 255,295 $ 477 Derivative contracts involve the risk of dealing with both bank customers and institutional derivative counterparties and their ability to meet contractual terms. Credit risk arises from the possible inability of counterparties to meet the terms of their contracts. United’s exposure is limited to the replacement value of the contracts rather than the notional amount of the contract. The Company’s agreements generally contain provisions that limit the unsecured exposure up to an agreed upon threshold. Additionally, the Company attempts to minimize credit risk through certain approval processes established by management. The effect of United’s derivative financial instruments on its unaudited Consolidated Statements of Income for the three and nine months ended September 30, 2018 and 2017 are presented as follows: Three Months Ended Income Statement Location September 30, September 30, Derivatives in hedging relationships Fair Value Hedges: Interest rate swap contracts Interest income/(expense) $ (24 ) $ (208 ) Total derivatives in hedging relationships $ (24 ) $ (208 ) Derivatives not designated as hedging instruments Forward loan sales commitments Income from Mortgage (197 ) (257 ) TBA mortgage-backed securities Income from Mortgage 2,583 123 Interest rate lock commitments Income from Mortgage (3,262 ) (4,484 ) Total derivatives not designated as hedging instruments $ (876 ) $ (4,618 ) Total derivatives $ (900 ) $ (4,826 ) Nine Months Ended Income Statement Location September 30, September 30, Derivatives in fair value hedging relationships Fair Value Hedges: Interest rate swap contracts Interest income/(expense) $ (42 ) $ (648 ) Cash Flow Hedges: Forward loan sales commitments Other income 0 0 Total derivatives in hedging relationships $ (42 ) $ (648 ) Derivatives not designated as hedging instruments Forward loan sales commitments Income from Mortgage (12 ) (427 ) TBA mortgage-backed securities Income from Mortgage 1,473 2,907 Interest rate lock commitments Income from Mortgage (1,643 ) (3,465 ) Total derivatives not designated as hedging instruments $ (182 ) $ (985 ) Total derivatives $ (224 ) $ (1,633 ) |
Fair Value Measurements
Fair Value Measurements | 9 Months Ended |
Sep. 30, 2018 | |
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 prices, inputs and 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 and equity securities bid-ask available-for-sale Loans held 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. The Company records its interest rate lock commitments and forward loan sales commitments at fair value determined as the amount that would be required to settle each of these derivative financial instruments at the balance sheet date. In the normal course of business, George Mason enters into contractual interest rate lock commitments to extend credit to borrowers with fixed expiration dates. The commitments become effective when the borrowers “lock-in” For interest rate swap 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 September 30, 2018 and December 31, 2017, segregated by the level of the valuation inputs within the fair value hierarchy. Fair Value at September 30, 2018 Using Description Balance as of September 30, 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 securities: U.S. Treasury securities and obligations of U.S. Government corporations and agencies $ 101,565 $ 0 $ 101,565 $ 0 State and political subdivisions 252,246 0 252,246 0 Residential mortgage-backed securities Agency 943,647 0 943,647 0 Non-agency 4,572 0 4,572 0 Commercial mortgage-backed securities Agency 543,652 0 543,652 0 Asset-backed securities 223,602 0 223,602 0 Trust preferred collateralized debt obligations 6,154 0 0 6,154 Single issue trust preferred securities 8,104 0 8,104 0 Other corporate securities 95,025 6,879 88,146 0 Total available for sale securities 2,178,567 6,879 2,165,534 6,154 Equity securities: Financial services industry 173 173 0 0 Equity mutual funds (1) 5,073 5,073 0 0 Other equity securities 4,599 4,599 0 0 Total equity securities 9,845 9,845 0 0 Loans held for sale 231,310 0 0 231,310 Derivative financial assets: Interest rate swap contracts 4,042 0 4,042 0 Forward sales commitments 0 0 0 0 Interest rate lock commitments 3,991 0 0 3,991 TBA mortgage-backed securities 1,161 0 1,161 0 Total derivative financial assets 9,194 0 5,203 3,991 Liabilities Derivative financial liabilities: Forward sales commitments 197 0 197 0 Total derivative financial liabilities 197 0 197 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, 2017 Using Description Balance as of December 31, 2017 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Assets Available for sale debt securities: U.S. Treasury securities and obligations of U.S. Government corporations and agencies $ 114,758 $ 0 $ 114,758 $ 0 State and political subdivisions 303,869 0 303,869 0 Residential mortgage-backed securities Agency 814,593 0 814,593 0 Non-agency 5,512 0 5,512 0 Commercial mortgage-backed securities Agency 454,857 0 454,857 0 Asset-backed securities 109,970 0 109,970 0 Trust preferred collateralized debt obligations 34,269 0 0 34,269 Single issue trust preferred securities 12,560 0 12,560 0 Other corporate securities 28,490 0 28,490 0 Total available for sale debt securities 1,878,878 0 1,844,609 34,269 Available for sale equity securities: Financial services industry 3,545 331 3,214 0 Equity mutual funds (1) 6,332 6,332 0 0 Other equity securities 1 1 0 0 Total available for sale equity securities 9,878 6,664 3,214 0 Total available for sale securities 1,888,756 6,664 1,847,823 34,269 Loans held for sale 263,308 0 0 263,308 Derivative financial assets: Interest rate swap contracts 538 0 538 0 Interest rate lock commitments 4,561 0 2 4,559 Total derivative financial assets 5,099 0 540 4,559 Liabilities Derivative financial liabilities: Interest rate swap contracts 165 0 165 0 TBA mortgage-backed securities 312 0 312 0 Total derivative financial liabilities 477 0 477 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 nine months ended September 30, 2018 and the year ended December 31, 2017. The following table presents additional information about financial assets and liabilities measured at fair value at September 30, 2018 and December 31, 2017 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 September 30, 2018 December 31, Balance, beginning of period $ 34,269 $ 33,552 Total gains or losses (realized/unrealized): Included in earnings (or changes in net assets) 28 9 Included in other comprehensive income 1,157 8,757 Purchases, issuances, and settlements 0 0 Sales (29,300 ) (8,049 ) Transfers in and/or out of Level 3 0 0 Balance, end of period $ 6,154 $ 34,269 The amount of total gains or losses for the period included in earnings (or changes in net assets) attributable to the change in unrealized gains or losses relating to assets still held at reporting date $ 0 $ 0 Loans held for sale September 30, 2018 December 31, Balance, beginning of period $ 263,308 $ 0 Acquired in Cardinal merger 0 271,301 Originations 2,089,366 2,333,927 Sales (2,148,777 ) (2,408,945 ) Total gains or losses during the period recognized in earnings 54,829 58,132 Transfers in and/or out of Level 3 (27,416 ) 8,893 Balance, end of period $ 231,310 $ 263,308 The amount of total gains or losses for the period included in earnings (or changes in net assets) attributable to the change in unrealized gains or losses relating to assets still held at reporting date $ 0 $ 0 Derivative Financial Assets Interest Rate Lock Commitments September 30, 2018 December 31, Balance, beginning of period $ 4,559 $ 0 Acquired in Cardinal merger 0 10,393 Transfers other (568 ) (5,834 ) Balance, end of period $ 3,991 $ 4,559 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 Fair Value Option United elected the fair value option for the loans held for sale in its mortgage banking segment to mitigate a divergence between accounting losses and economic exposure. The following table reflects the change in fair value included in earnings of financial instruments for which the fair value option has been elected: Description Three Months September 30, Three Months September 30, Assets Loans held for sale Income from mortgage banking activities $ (5,929 ) $ (5,090 ) Description Nine Months September 30, Nine Months September 30, Assets Loans held for sale Income from mortgage banking activities $ (2,838 ) $ (7,529 ) The following table reflects the difference between the aggregate fair value and the remaining contractual principal outstanding for financial instruments for which the fair value option has been elected: September 30, 2018 December 31, 2017 Description Unpaid Fair Fair Value Unpaid Fair Fair Value Assets Loans held for sale $ 227,943 $ 231,310 $ 3,367 $ 257,674 $ 263,308 $ 5,634 Assets and Liabilities Measured at Fair Value on a Nonrecurring Basis The following describes the valuation techniques used by United to measure certain financial assets recorded at fair value on a nonrecurring basis in the financial statements. Loans held for sale Impaired Loans OREO bi-annual 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 September 30, Carrying value at September 30, 2018 YTD Losses Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Assets Loans held for sale $ 2,886 $ 0 $ 2,886 $ 0 $ 0 Impaired Loans 109,582 0 98,171 11,411 4,177 OREO 18,786 0 18,786 0 796 Description Balance as of December 31, Carrying value at December 31, 2017 YTD Losses Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Assets Loans held for sale $ 2,647 $ 0 $ 2,647 $ 0 $ 14 Impaired Loans 88,637 0 70,950 17,687 12,291 OREO 24,348 0 24,151 197 4,200 Fair Value of Other Financial Instruments 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: one-to-four Deposits: Short-term Borrowings: Long-term Borrowings: Summary of Fair Values for All Financial Instruments The estimated fair values of United’s financial instruments, including those measured at amortized cost on the balance sheet, 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) September 30, 2018 Cash and cash equivalents $ 1,254,686 $ 1,254,686 $ 0 $ 1,254,686 $ 0 Securities available for sale 2,178,567 2,178,567 6,879 2,165,534 6,154 Securities held to maturity 20,351 19,619 0 16,599 3,020 Equity securities 9,845 9,845 9,845 0 0 Other securities 166,749 166,749 0 0 166,749 Loans held for sale 234,196 234,196 0 2,886 231,310 Loans 13,199,799 12,488,175 0 0 12,488,175 Derivative financial assets 9,194 9,194 0 5,203 3,991 Deposits 14,091,172 14,052,668 0 14,052,668 0 Short-term borrowings 379,508 379,508 0 379,508 0 Long-term borrowings 1,319,371 1,293,611 0 1,293,611 0 Derivative financial liabilities 197 197 0 197 0 December 31, 2017 Cash and cash equivalents $ 1,666,167 $ 1,666,167 $ 0 $ 1,666,167 $ 0 Securities available for sale 1,888,756 1,888,756 6,664 1,847,823 34,269 Securities held to maturity 20,428 20,018 0 16,998 3,020 Other securities 162,461 154,338 0 0 154,338 Loans held for sale 265,955 265,955 0 2,647 263,308 Loans 12,934,794 12,437,797 0 0 12,437,797 Derivative financial assets 5,099 5,099 0 540 4,559 Deposits 13,830,591 14,024,720 0 14,024,720 0 Short-term borrowings 477,587 477,587 0 477,587 0 Long-term borrowings 1,363,977 1,338,754 0 1,338,754 0 Derivative financial liabilities 477 477 0 477 0 |
Stock Based Compensation
Stock Based Compensation | 9 Months Ended |
Sep. 30, 2018 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Stock Based Compensation | 13. STOCK BASED COMPENSATION On May 18, 2016, United’s shareholders approved the 2016 Long-Term Incentive Plan (2016 LTI Plan). The 2016 LTI Plan became effective as of May 18, 2016. An award granted under the 2016 LTI Plan may consist of any non-qualified non-employee non-employee S-8 non-qualified Compensation expense of $1,024 and $3,016 related to the nonvested awards under United’s Long-Term Incentive Plans was incurred for the third quarter and first nine months of 2018, respectively, as compared to the compensation expense of $909 and $2,589 related to the nonvested awards under United’s Long-Term Incentive Plans incurred for the third quarter and first nine months of 2017, 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 2016 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 September 30, 2018, and the changes during the first nine months of 2018 are presented below: Nine Months Ended September 30, 2018 Shares Aggregate Intrinsic Value Weighted Average Remaining Contractual Term (Yrs.) Exercise Price Outstanding at January 1, 2018 1,558,438 $ 31.09 Granted 276,192 37.60 Exercised (60,161 ) 23.03 Forfeited or expired (24,007 ) 32.66 Outstanding at September 30, 2018 1,750,462 $ 9,624,912 5.8 $ 32.36 Exercisable at September 30, 2018 1,169,402 $ 9,508,502 4.4 $ 28.78 The following table summarizes the status of United’s nonvested stock option awards during the first nine months of 2018: Shares Weighted-Average Nonvested at January 1, 2018 507,871 $ 7.89 Granted 276,192 7.56 Vested (187,815 ) 7.53 Forfeited or expired (15,188 ) 7.67 Nonvested at September 30, 2018 581,060 $ 7.86 During the nine months ended September 30, 2018 and 2017, 60,161 and 163,562 shares, respectively, were issued in connection with stock option exercises. All shares issued in connection with stock option exercises for the nine months ended September 30, 2018 and 2017 were issued from authorized and unissued stock. The total intrinsic value of options exercised under the Plans during the nine months ended September 30, 2018 and 2017 was $851 and $3,078 respectively. Restricted Stock Under the 2011 LTI Plan, United may award restricted common shares to key employees and non-employee The following summarizes the changes to United’s restricted common shares for the period ended September 30, 2018: Number Weighted-Average Outstanding at January 1, 2018 170,496 $ 40.05 Granted 97,004 37.60 Vested (62,411 ) 37.59 Forfeited (4,253 ) 38.42 Outstanding at September 30, 2018 200,836 $ 39.67 |
Employee Benefit Plans
Employee Benefit Plans | 9 Months Ended |
Sep. 30, 2018 | |
Retirement Benefits [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. During the first quarter of 2018, United made a discretionary contribution of $7,000 to the Plan. 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 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, 2017 are unrecognized actuarial losses of $56,222 ($35,420 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, 2018 is $4,653 ($2,932 net of tax). Net periodic pension cost for the three and nine months ended September 30, 2018 and 2017 included the following components: Three Months Ended September 30 Nine Months Ended September 30 2018 2017 2018 2017 Service cost $ 673 $ 574 $ 1,997 $ 1,705 Interest cost 1,324 1,293 3,927 3,837 Expected return on plan assets (2,578 ) (2,072 ) (7,651 ) (6,148 ) Recognized net actuarial loss 1,174 1,111 3,485 3,298 Net periodic pension (benefit) cost $ 593 $ 906 $ 1,758 $ 2,692 Weighted-Average Assumptions: Discount rate 3.83 % 4.49 % 3.83 % 4.49 % Expected return on assets 7.00 % 7.00 % 7.00 % 7.00 % Rate of compensation increase (prior to age 45) 3.50 % 3.50 % 3.50 % 3.50 % Rate of compensation increase 3.00 % 3.00 % 3.00 % 3.00 % |
Income Taxes
Income Taxes | 9 Months Ended |
Sep. 30, 2018 | |
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, As of September 30, 2018 and 2017, the total amount of accrued interest related to uncertain tax positions was $649 and $548, respectively. United accounts for interest and penalties related to uncertain tax positions as part of its provision for federal and state income taxes. United is currently open to audit under the statute of limitations by the Internal Revenue Service for the years ended December 31, 2015, 2016 and 2017 and certain State Taxing authorities for the years ended December 31, 2015 through 2017. On December 22, 2017, the Tax Cuts and Jobs Act (the “Tax Act”) was signed into law. The Tax Act lowered the Federal corporate tax rate from 35% to 21% effective January 1, 2018 and made numerous other tax law changes. U.S. generally accepted accounting principles (GAAP) requires companies to recognize the effect of tax law changes in the period of enactment. As a result of the Tax Act, United was required to remeasure deferred tax assets and liabilities at the new tax rate and as a result, recorded deferred tax expense of $37,732 in the fourth quarter of 2017. Reasonable estimates were made based on the Company’s analysis of the Tax Act. This provisional amount may be adjusted in future periods during 2018 when additional information is obtained as provided for under Staff Accounting Bulletin 118 (“SAB 118”). Additional information that may affect our provisional amount would include further clarification and guidance on how the IRS will implement tax reform, further clarification and guidance on how state taxing authorities will implement tax reform and the related effect on the Company’s state income tax returns, completion of United’s 2017 tax return filings, and the potential for additional guidance from the SEC or the FASB related to the Tax Act. Management continues to evaluate other potential impacts of the Tax Act. The Company did not identify items for which the income tax effects of the Tax Act have not been completed and a reasonable estimate could not be determined as of September 30, 2018. United’s effective tax rate was 21.77% and 22.25% for the third quarter and first nine months of 2018 and 32.91% and 33.68% for the third quarter and first nine months of 2017. The lower effective tax rate for the third quarter and first nine months of 2018 was due mainly to the Tax Act. |
Comprehensive Income
Comprehensive Income | 9 Months Ended |
Sep. 30, 2018 | |
Equity [Abstract] | |
Comprehensive Income | 16. COMPREHENSIVE INCOME The components of total comprehensive income for the three and nine months ended September 30, 2018 and 2017 are as follows: Three Months Ended Nine Months Ended September 30 September 30 2018 2017 2018 2017 Net Income $ 64,412 $ 56,738 $ 192,392 $ 132,606 Available for sale (“AFS”) securities: AFS securities with OTTI charges during the period 0 0 0 (60 ) Related income tax effect 0 0 0 22 Less: OTTI charges recognized in net income 0 0 0 60 Related income tax benefit 0 0 0 (22 ) Reclassification of previous noncredit OTTI to credit OTTI 0 0 0 0 Related income tax benefit 0 0 0 0 Net unrealized (losses) gains on AFS securities with OTTI 0 0 0 0 AFS securities – all other: Change in net unrealized gain on AFS securities arising during the period (9,995 ) 3,584 (42,696 ) 14,846 Related income tax effect 2,329 (1,326 ) 11,621 (5,493 ) Net reclassification adjustment for (gains) losses included in net income 114 (467 ) 290 (1,444 ) Related income tax expense (benefit) (27 ) 173 (68 ) 534 (7,579 ) 1,964 (30,853 ) 8,443 Net effect of AFS securities on other comprehensive income (7,579 ) 1,964 (30,853 ) 8,443 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 2 2 6 6 Related income tax expense (0 ) (0 ) (2 ) (2 ) Net effect of HTM securities on other comprehensive income 2 2 4 4 Pension plan: Recognized net actuarial loss 1,174 1,111 3,485 3,298 Related income tax benefit (256 ) (394 ) (782 ) (1,191 ) Net effect of change in pension plan asset on other comprehensive income 918 717 2,703 2,107 Total change in other comprehensive income (6,659 ) 2,683 (28,146 ) 10,554 Total Comprehensive Income $ 57,753 $ 59,421 $ 164,246 $ 143,160 The components of accumulated other comprehensive income for the nine months ended September 30, 2018 are as follows: Changes in Accumulated Other Comprehensive Income (AOCI) by Component (a) For the Nine Months Ended September 30, 2018 Unrealized Accretion Defined Items Total Balance at January 1, 2018 ($ 6,204 ) ($ 46 ) ($ 35,775 ) ($ 42,025 ) Cumulative effect of adopting Accounting Standard Update 2016-01 (136 ) 0 0 (136 ) Reclass due to adopting Accounting Standard Update 2018-02 (1,632 ) 0 (4,721 ) (6,353 ) Other comprehensive income before reclassification (31,075 ) 4 0 (31,071 ) Amounts reclassified from accumulated other comprehensive income 222 0 2,703 2,925 Net current-period other comprehensive income, net of tax (30,853 ) 4 2,703 (28,146 ) Balance at September 30, 2018 ($ 38,825 ) ($ 42 ) ($ 37,793 ) ($ 76,660 ) (a) All amounts are net-of-tax. Reclassifications out of Accumulated Other Comprehensive Income (AOCI) For the Nine Months Ended September 30, 2018 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 Net investment securities (losses) gains Net reclassification adjustment for losses (gains) included in net income 290 Net investment securities (losses) gains 290 Total before tax Related income tax effect (68 ) Tax expense 222 Net of tax Pension plan: Recognized net actuarial loss 3,485 (a) 3,485 Total before tax Related income tax effect (782 ) Tax expense 2,703 Net of tax Total reclassifications for the period $ 2,925 (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 | 9 Months Ended |
Sep. 30, 2018 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | 17. EARNINGS PER SHARE The reconciliation of the numerator and denominator of basic earnings per share with that of diluted earnings per share is presented as follows: Three Months Ended Nine Months Ended September 30 September 30 2018 2017 2018 2017 Distributed earnings allocated to common stock $ 35,234 $ 34,587 $ 106,429 $ 95,871 Undistributed earnings allocated to common stock 29,060 22,065 85,617 36,518 Net earnings allocated to common shareholders $ 64,294 $ 56,652 $ 192,046 $ 132,389 Average common shares outstanding 103,617,590 104,760,153 104,382,094 95,040,664 Equivalents from stock options 316,369 307,969 297,782 409,962 Average diluted shares outstanding 103,933,959 105,068,122 104,679,876 95,450,626 Earnings per basic common share $ 0.62 $ 0.54 $ 1.84 $ 1.39 Earnings per diluted common share $ 0.62 $ 0.54 $ 1.83 $ 1.39 |
Variable Interest Entities
Variable Interest Entities | 9 Months Ended |
Sep. 30, 2018 | |
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 fourteen statutory business trusts that were created for the purpose of raising funds that originally qualified for Tier I regulatory capital. As previously discussed, with the acquisition of Cardinal, these trusts now are considered Tier II 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. United does not consolidate these trusts as it is not the primary beneficiary of these entities because United’s wholly owned and indirect wholly owned statutory trust subsidiaries do not have a controlling financial interest in the VIEs. A controlling financial interest is present when an enterprise has both the power to direct the activities of the VIE that most significantly impact the VIE’s economic performance and an obligation to absorb losses or the right to receive benefits that could potentially be significant to the VIE. The enterprise with a controlling financial interest, known as the primary beneficiary, consolidates the VIE. Information related to United’s statutory trusts is presented in the table below: Description Issuance Date Amount of Interest Rate Maturity Date United Statutory Trust III December 17, 2003 $ 20,000 3-month LIBOR + 2.85% December 17, 2033 United Statutory Trust IV December 19, 2003 $ 25,000 3-month January 23, 2034 United Statutory Trust V July 12, 2007 $ 50,000 3-month October 1, 2037 United Statutory Trust VI September 20, 2007 $ 30,000 3-month December 15, 2037 Premier Statutory Trust II September 25, 2003 $ 6,000 3-month October 8, 2033 Premier Statutory Trust III May 16, 2005 $ 8,000 3-month June 15, 2035 Premier Statutory Trust IV June 20, 2006 $ 14,000 3-month September 23, 2036 Premier Statutory Trust V December 14, 2006 $ 10,000 3-month March 1, 2037 Centra Statutory Trust I September 20, 2004 $ 10,000 3-month September 20, 2034 Centra Statutory Trust II June 15, 2006 $ 10,000 3-month July 7, 2036 Virginia Commerce Trust II December 19, 2002 $ 15,000 6-month December 19, 2032 Virginia Commerce Trust III December 20, 2005 $ 25,000 3-month February 23, 2036 Cardinal Statutory Trust I July 27, 2004 $ 20,000 3-month September 15, 2034 UFBC Capital Trust I December 30, 2004 $ 5,000 3-month March 15, 2035 United, through its banking subsidiary, 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 September 30, 2018 As of December 31, 2017 Aggregate Assets Aggregate Liabilities Risk Of Loss (1) Aggregate Assets Aggregate Liabilities Risk Of Loss (1) Trust preferred securities $ 257,873 $ 248,921 $ 8,952 $ 266,669 $ 257,674 $ 8,995 |
Segment Information
Segment Information | 9 Months Ended |
Sep. 30, 2018 | |
Segment Reporting [Abstract] | |
Segment Information | 19. SEGMENT INFORMATION As a result of the Cardinal acquisition in April 2017, United now operates in two business segments: community banking and mortgage banking. Prior to the Cardinal acquisition, United’s business activities were confined to just one reportable segment of community banking. Through its community banking segment, United offers a full range of products and services through various delivery channels. In particular, the community banking segment includes both commercial and consumer lending and provides customers with such products as commercial loans, real estate loans, business financing and consumer loans. In addition, this segment provides customers with several choices of deposit products including demand deposit accounts, savings accounts and certificates of deposit as well as investment and financial advisory services to businesses and individuals, including financial planning, retirement/estate planning, and investment management. The mortgage banking segment engages primarily in the origination and acquisition of residential mortgages for sale into the secondary market though George Mason. The community banking segment provides the mortgage banking segment (George Mason) with short-term funds to originate mortgage loans through a warehouse line of credit and charges the mortgage banking segment interest based on a LIBOR rate. In addition, the mortgage banking segment (George Mason) originates mortgage loans which are sold to the community banking segment for its loan portfolio. These intersegment transactions are eliminated in the consolidation process. The Company does not have any operating segments other than those reported. The “Other” category consists of financial information not directly attributable to a specific segment, including interest income from investments and net securities gains or losses of parent companies and their non-banking non-segment Information about the reportable segments and reconciliation of this information to the consolidated financial statements at and for the three and nine months ended September 30, 2018 and 2017 is as follows: At and For the Three Months Ended September 30, 2018 Community Mortgage Other Intersegment Eliminations Consolidated Net interest income $ 149,770 $ 388 $ (3,168 ) $ 1,785 $ 148,775 Provision for loans losses 4,808 0 0 0 4,808 Other income 18,717 16,478 58 (3,567 ) 31,686 Other expense 75,255 17,957 1,885 (1,782 ) 93,315 Income taxes 19,296 (246 ) (1,124 ) 0 17,926 Net income (loss) $ 69,128 $ (845 ) $ (3,871 ) $ 0 $ 64,412 Total assets (liabilities) $ 19,080,734 $ 288,638 $ 12,545 $ (194,274 ) $ 19,187,643 Average assets (liabilities) 18,982,530 303,556 5,468 (243,867 ) 19,047,689 At and For the Three Months Ended September 30, 2017 Community Mortgage Other Intersegment Eliminations Consolidated Net interest income $ 152,886 $ (36 ) $ (2,574 ) $ 0 $ 150,276 Provision for loans losses 7,279 0 0 0 7,279 Other income 18,373 19,936 (80 ) 0 38,229 Other expense 74,553 24,036 (1,937 ) 0 96,652 Income taxes 29,490 (1,332 ) (322 ) 0 27,836 Net income (loss) $ 59,937 $ (2,804 ) $ (395 ) $ 0 $ 56,738 Total assets (liabilities) $ 19,083,318 $ 350,483 $ (900 ) $ (302,923 ) $ 19,129,978 Average assets (liabilities) 18,889,710 321,744 (13,994 ) (269,675 ) 18,927,785 At and For the Nine Months Ended September 30, 2018 Community Mortgage Other Intersegment Eliminations Consolidated Net interest income $ 444,840 $ 1,028 $ (8,794 ) $ 4,866 $ 441,940 Provision for loans losses 16,190 0 0 0 16,190 Other income 53,952 54,829 (696 ) (9,200 ) 98,885 Other expense 224,240 57,566 (295 ) (4,334 ) 277,177 Income taxes 57,519 (385 ) (2,068 ) 0 55,066 Net income (loss) $ 200,843 $ (1,324 ) $ (7,127 ) $ 0 $ 192,392 Total assets (liabilities) $ 19,080,734 $ 288,638 $ 12,545 $ (194,274 ) $ 19,187,643 Average assets (liabilities) 18,718,295 284,100 8,043 (240,505 ) 18,769,934 At and For the Nine Months Ended September 30, 2017 Community Mortgage Other Intersegment Eliminations Consolidated Net interest income $ 401,044 $ 54 $ (6,957 ) $ 0 $ 394,141 Provision for loans losses 21,429 0 0 0 21,429 Other income 53,409 42,329 3,143 0 98,881 Other expense 215,935 42,744 12,952 0 271,631 Income taxes 73,214 (39 ) (5,819 ) 0 67,356 Net income (loss) $ 143,875 $ (322 ) $ (10,947 ) $ 0 $ 132,606 Total assets (liabilities) $ 19,083,318 $ 350,483 $ (900 ) $ (302,923 ) $ 19,129,978 Average assets (liabilities) 17,180,219 187,118 (20,402 ) (159,291 ) 17,187,644 |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 9 Months Ended |
Sep. 30, 2018 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation 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 S-X. 10-K. The accompanying consolidated interim financial statements include the accounts of United and its wholly owned subsidiaries. United operates in two business segments: community banking and mortgage banking. All significant intercompany accounts and transactions have been eliminated in the consolidated financial statements. Information is presented in these notes to the unaudited consolidated interim financial statements with dollars expressed in thousands, except per share or unless otherwise noted. |
New Accounting Standards | New Accounting Standards In August 2018, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2018-14 715-20): No. 2018-14 No. 2018-14 In August 2018, the FASB issued ASU No. 2018-13 No. 2018-13 No. 2018-13 In June 2018, the FASB issued Accounting Standards Update (ASU) No. 2018-07 non-employees non-employee No. 2018-07 No. 2018-07 In February 2018, the FASB issued ASU No. 2018-03, “Technical Corrections and Improvements to Financial Instruments – Overall (Subtopic 825-10): 2018-03 No. 2018-03 No. 2018-03 In February 2018, the FASB issued ASU No. 2018-02, “Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income,” to help organizations address certain stranded income tax effects in accumulated other comprehensive income (AOCI) resulting from the Tax Cuts and Jobs Act (the “Tax Act”). This ASU provides financial statement preparers with an option to reclassify stranded tax effects within AOCI to retained earnings in each period in which the effect of the change in the U.S. federal corporate income tax rate in the Tax Act (or portion thereof) is recorded. The amendments are effective for all organizations for fiscal years beginning after December 15, 2018, and interim periods within those fiscal years. Early adoption is permitted. Organizations should apply the proposed amendments either in the period of adoption or retrospectively to each period (or periods) in which the effect of the change in the U.S. federal corporate income tax rate in the Tax Act is recognized. United adopted ASU No. 2018-02 In August 2017, the FASB issued ASU No. 2017-12, No. 2017-12 No. 2017-12 In July 2017, the FASB issued ASU No. 2017-11, No. 2017-11 No. 2017-11 In May 2017, the FASB issued ASU No. 2017-09, non-substantive No. 2017-09 No. 2017-09 In March 2017, the FASB issued ASU No. 2017-07, No. 2017-07 No. 2017-07 No. 2017-07 In January 2017, the FASB issued ASU No. 2017-04, No. 2017-04 No. 2017-04 In January 2017, the FASB issued ASU No. 2017-01, No. 2017-01 No. 2017-01 In August 2016, the FASB issued ASU No. 2016-15, No. 2016-15 No. 2016-15 No. 2016-15 In June 2016, the FASB issued ASU No. 2016-13, No. 2016-13 available-for-sale No. 2016-13 No. 2016-13 In March 2016, the FASB issued ASU No. 2016-09, No. 2016-09 No. 2016-09 No. 2016-09 tax-related No. 2016-09 In February 2016, the FASB issued ASU No. 2016-02, No. 2016-02 No. 2016-02 right-of-use No. 2018-11 non-lease non-lease No. 2018-10 2018-10 The Company is currently assessing the impact of the adoption of ASU No. 2016-02 In January 2016, the FASB issued ASU No. 2016-01, 2016-01 No. 2016-01 available-for-sale No. 2016-01 In May 2014, the FASB issued ASU No. 2014-09, No. 2014-09 No. 2014-09 No. 2014-09 No. 2014-09 No. 2014-09 Descriptions of our revenue-generating activities that are within the scope of ASC Topic 606, which are presented in our Consolidated Statements of Income as components of Other Income are discussed below. There are no significant judgements relating to the amount and timing of revenue recognition for those revenue streams under the scope of ASC Topic 606. Fees from Trust Services Revenue from trust services primarily is comprised of fees earned from the management and administration of trusts and other customer assets. Trust services include custody of assets, investment management, escrow services, and similar fiduciary activities. The Company’s performance obligation is generally satisfied over time and the resulting fees are recognized monthly, based upon the month-end Fees from Brokerage Services Revenue from brokerage services are recorded as the income is earned at the time the related service is performed. In return for such services, the Company charges a commission for the sales of various securities products primarily consisting of investment company shares, annuity products, and corporate debt and equity securities, for its selling and administrative efforts. For account supervision, advisory and administrative services, revenue is recognized over a period of time as earned based on customer account balances and activity. Fees from Deposit Services Service charges on deposit accounts consist of account analysis fees (i.e., net fees earned on analyzed business and public checking accounts), monthly service fees, check orders, ATM activity fees, debit card fees, and other deposit account related fees. Revenue is recognized when our performance obligation is completed which is generally monthly for account maintenance services or when a transaction has been completed (ATM or debit card activity). Bankcard Fees and Merchant Discounts Bankcard fees and merchant discounts are primarily comprised of credit card income and merchant services income. Credit card income is primarily comprised of interchange fees earned whenever the Company’s credit cards are processed through card payment networks such as Visa. Merchant services income mainly represents fees charged to merchants to process their credit card transactions. The Company’s performance obligation for bankcard fees and exchange are largely satisfied, and related revenue recognized at the time services are rendered. Payment is typically received immediately or in the following month. |
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 prices, inputs and model-based techniques that use one or more significant inputs or assumptions that are unobservable in the market. When determining the fair value measurements for assets and liabilities, United looks to active and observable markets to price identical assets or liabilities whenever possible and classifies such items in Level 1. When identical assets and liabilities are not traded in active markets, United looks to market observable data for similar assets and liabilities and classifies such items as Level 2. Nevertheless, certain assets and liabilities are not actively traded in observable markets and United must use alternative valuation techniques using unobservable inputs to determine a fair value and classifies such items as Level 3. For assets and liabilities that are not actively traded, the fair value measurement is based primarily upon estimates that require significant judgment. Therefore, the results may not be realized in an actual sale or immediate settlement of the asset or liability. Additionally, there are inherent weaknesses in any calculation technique, and changes in the underlying assumptions used, including discount rates and estimates of future cash flows, could significantly affect the results of current or future values. The level within the fair value hierarchy is based on the lowest level of input that is significant in the fair value measurement. |
Mergers and Acquisitions (Table
Mergers and Acquisitions (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Schedule of Acquired Loans Accounted for at Fair Value | In conjunction with the Cardinal merger, the acquired loan portfolio was accounted for at fair value as follows: April 21, Contractually required principal and interest at acquisition $ 4,211,734 Contractual cash flows not expected to be collected (56,176 ) Expected cash flows at acquisition 4,155,558 Interest component of expected cash flows (986,959 ) Basis in acquired loans at acquisition – estimated fair value $ 3,168,599 |
Cardinal Financial Corporation [Member] | |
Schedule of Fair Value of Acquired Identifiable Assets and Liabilities Assumed | The consideration paid for Cardinal’s common equity and the amounts of acquired identifiable assets and liabilities assumed as of the Cardinal Acquisition Date were as follows: Purchase price: Value of common shares issued (23,690,589 shares) $ 972,499 Fair value of stock options assumed 2,741 Cash for fractional shares 14 Total purchase price 975,254 Identifiable assets: Cash and cash equivalents 44,545 Investment securities 395,829 Loans held for sale 271,301 Loans 3,168,599 Premises and equipment 24,774 Core deposit intangibles 28,724 George Mason trade name intangible 1,080 Other assets 135,383 Total identifiable assets $ 4,070,235 Identifiable liabilities: Deposits $ 3,349,812 Short-term borrowings 96,215 Long-term borrowings 220,119 Unfavorable lease liability 2,281 Other liabilities 39,474 Total identifiable liabilities 3,707,901 Fair value of net assets acquired including identifiable intangible assets 362,334 Resulting goodwill $ 612,920 |
Investment Securities (Tables)
Investment Securities (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
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. September 30, 2018 Amortized Gross Gross Estimated Cumulative U.S. Treasury securities and obligations of U.S. Government corporations and agencies $ 103,237 $ 0 $ 1,672 $ 101,565 $ 0 State and political subdivisions 258,656 440 6,850 252,246 0 Residential mortgage-backed securities Agency 973,307 541 30,201 943,647 0 Non-agency 4,086 486 0 4,572 86 Commercial mortgage-backed securities Agency 557,211 71 13,630 543,652 0 Asset-backed securities 223,350 638 386 223,602 0 Trust preferred collateralized debt obligations 6,176 253 275 6,154 2,586 Single issue trust preferred securities 8,748 127 771 8,104 0 Other corporate securities 96,113 51 1,139 95,025 0 Total $ 2,230,884 $ 2,607 $ 54,924 $ 2,178,567 $ 2,672 December 31, 2017 Amortized Gross Gross Estimated Cumulative U.S. Treasury securities and obligations of U.S. Government corporations and agencies $ 114,735 $ 385 $ 362 $ 114,758 $ 0 State and political subdivisions 303,101 3,197 2,429 303,869 0 Residential mortgage-backed securities Agency 821,857 2,096 9,360 814,593 0 Non-agency 4,969 543 0 5,512 86 Commercial mortgage-backed securities Agency 457,107 1,059 3,309 454,857 0 Asset-backed securities 109,829 148 7 109,970 0 Trust preferred collateralized debt obligations 37,856 542 4,129 34,269 20,770 Single issue trust preferred securities 13,417 368 1,225 12,560 0 Other corporate securities 28,101 407 18 28,490 0 Marketable equity securities 9,712 179 13 9,878 0 Total $ 1,900,684 $ 8,924 $ 20,852 $ 1,888,756 $ 20,856 (1) Non-credit before-tax. |
Summary of Securities Available for Sale in an Unrealized Loss Position | The following is a summary of securities available-for-sale Less than 12 months 12 months or longer September 30, 2018 Fair Value Unrealized Fair Value Unrealized U.S. Treasury securities and obligations of U.S. Government corporations and agencies $ 89,255 $ 1,233 $ 12,311 $ 439 State and political subdivisions 127,202 2,166 80,886 4,684 Residential mortgage-backed securities Agency 612,343 15,591 300,669 14,610 Non-agency 0 0 0 0 Commercial mortgage-backed securities Agency 318,487 7,693 209,241 5,937 Asset-backed securities 92,432 386 0 0 Trust preferred collateralized debt obligations 0 0 2,225 275 Single issue trust preferred securities 0 0 4,950 771 Other corporate securities 78,095 1,139 0 0 Total $ 1,317,814 $ 28,208 $ 610,282 $ 26,716 Less than 12 months 12 months or longer December 31, 2017 Fair Value Unrealized Fair Value Unrealized U.S. Treasury securities and obligations of U.S. Government corporations and agencies $ 36,678 $ 230 $ 22,920 $ 132 State and political subdivisions 82,896 566 59,432 1,863 Residential mortgage-backed securities Agency 460,414 4,621 182,482 4,739 Non-agency 0 0 0 0 Commercial mortgage-backed securities Agency 282,858 2,386 70,763 923 Asset-backed securities 27,931 7 0 0 Trust preferred collateralized debt obligations 0 0 28,629 4,129 Single issue trust preferred securities 0 0 4,485 1,225 Other corporate securities 6,975 18 0 0 Marketable equity securities 0 0 363 13 Total $ 897,752 $ 7,828 $ 369,074 $ 13,024 |
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 September 30 Nine Months Ended September 30 2018 2017 2018 2017 Proceeds from sales and calls $ 109,093 $ 64,257 $ 283,953 $ 631,561 Gross realized gains 93 1,781 1,314 2,840 Gross realized losses 207 1,314 1,604 1,396 |
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 September 30 Nine Months Ended September 30 2018 2017 2018 2017 Balance of cumulative credit losses at beginning of period $ 3,199 $ 22,162 $ 18,060 $ 22,162 Reductions for securities sold or paid off during the period 0 (4,102 ) (14,861 ) (4,102 ) Balance of cumulative credit losses at end of period $ 3,199 $ 18,060 $ 3,199 $ 18,060 |
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: September 30, 2018 Amortized Gross Gross Estimated U.S. Treasury securities and obligations of U.S. Government corporations and agencies $ 5,103 $ 132 $ 0 $ 5,235 State and political subdivisions 5,798 8 1 5,805 Residential mortgage-backed securities Agency 21 2 0 23 Single issue trust preferred securities 9,409 0 873 8,536 Other corporate securities 20 0 0 20 Total $ 20,351 $ 142 $ 874 $ 19,619 December 31, 2017 Amortized Gross Gross Estimated U.S. Treasury securities and obligations of U.S. Government corporations and agencies $ 5,187 $ 308 $ 0 $ 5,495 State and political subdivisions 5,797 10 0 5,807 Residential mortgage-backed securities Agency 23 3 0 26 Single issue trust preferred securities 9,401 0 731 8,670 Other corporate securities 20 0 0 20 Total $ 20,428 $ 321 $ 731 $ 20,018 |
Summary of Equity Securities | Prior to the adoption of ASU No. 2016-01 Three Months September 30, Nine Months September 30, Net losses recognized during the period $ (38 ) $ (102 ) Net losses recognized during the period on equity securities sold (2 ) (4 ) Unrealized gains recognized during the period on equity securities still held at period end 0 50 Unrealized losses recognized during the period on equity securities still held at period end 36 148 |
Available-for-sale Securities [Member] | |
Summary of Maturities of Debt Securities Held to Maturity by Amortized Cost and Estimated Fair Value | Expected maturities may differ from contractual maturities because the issuers may have the right to call or prepay obligations without penalties. September 30, 2018 December 31, 2017 Amortized Estimated Amortized Estimated Due in one year or less $ 76,698 $ 76,346 $ 50,311 $ 50,212 Due after one year through five years 500,052 490,797 386,039 384,585 Due after five years through ten years 466,155 451,981 400,129 398,208 Due after ten years 1,187,979 1,159,443 1,054,493 1,045,873 Marketable equity securities 0 0 9,712 9,878 Total $ 2,230,884 $ 2,178,567 $ 1,900,684 $ 1,888,756 |
Held-to-maturity Securities [Member] | |
Summary of Maturities of Debt Securities Held to Maturity by Amortized Cost and Estimated Fair Value | Expected maturities may differ from contractual maturities because the issuers may have the right to call or prepay obligations without penalties. September 30, 2018 December 31, 2017 Amortized Estimated Amortized Estimated Due in one year or less $ 7,103 $ 7,235 $ 0 $ 0 Due after one year through five years 2,158 2,163 9,344 9,660 Due after five years through ten years 8,093 7,610 5,663 5,343 Due after ten years 2,997 2,611 5,421 5,015 Total $ 20,351 $ 19,619 $ 20,428 $ 20,018 |
Loans (Tables)
Loans (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Receivables [Abstract] | |
Major Classes of Loans | Major classes of loans are as follows: September 30, 2018 December 31, Commercial, financial and agricultural: Owner-occupied commercial real estate $ 1,336,434 $ 1,361,629 Nonowner-occupied commercial real estate 4,341,501 4,451,298 Other commercial loans 1,932,919 1,998,979 Total commercial, financial & agricultural 7,610,854 7,811,906 Residential real estate 3,387,268 2,996,171 Construction & land development 1,379,985 1,504,907 Consumer: Bankcard 9,530 10,314 Other consumer 899,074 704,039 Total gross loans $ 13,286,711 $ 13,027,337 |
Activity for Accretable Yield | Activity for the accretable yield for the first nine months of 2018 follows: Accretable yield at the beginning of the period $ 39,098 Accretion (including cash recoveries) (8,371 ) Additions 691 Net reclassifications to accretable from non-accretable 9,112 Disposals (including maturities, foreclosures, and charge-offs) (3,323 ) Accretable yield at the end of the period $ 37,207 |
Credit Quality (Tables)
Credit Quality (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Text Block [Abstract] | |
Schedule of Troubled Debt Restructurings, Segregated by Class of Loans | The following table sets forth United’s troubled debt restructurings that have been restructured during the three months ended September 30, 2018, segregated by class of loans. No loans were restructured during the three months ended September 30, 2017. Troubled Debt Restructurings For the Three Months Ended September 30, 2018 Number Pre-Modification Post- Commercial real estate: Owner-occupied 0 $ 0 $ 0 Nonowner-occupied 0 0 0 Other commercial 5 7,420 7,364 Residential real estate 1 272 272 Construction & land development 0 0 0 Consumer: Bankcard 0 0 0 Other consumer 0 0 0 Total 6 $ 7,692 $ 7,636 The following table sets forth United’s troubled debt restructurings that have been restructured during the nine months ended September 30, 2018 and 2017, segregated by class of loans: Troubled Debt Restructurings For the Nine Months Ended September 30, 2018 September 30, 2017 Number Pre-Modification Post- Number Pre-Modification Post- Commercial real estate: Owner-occupied 0 $ 0 $ 0 1 $ 5,333 $ 5,333 Nonowner-occupied 0 0 0 0 0 0 Other commercial 9 16,992 16,890 8 24,102 22,291 Residential real estate 3 7,225 7,225 0 0 0 Construction & land development 0 0 0 1 1,456 1,400 Consumer: Bankcard 0 0 0 0 0 0 Other consumer 0 0 0 0 0 0 Total 12 $ 24,217 $ 24,115 10 $ 30,891 $ 29,024 |
Schedule of Charged-off Troubled Debt Restructurings on Financing Receivables | The following table presents troubled debt restructurings, by class of loan, that had charge-offs during the three months and nine months ended September 30, 2018. Three Months Ended September 30, 2018 Nine Months Ended September 30, 2018 (In thousands) Number Recorded Number Recorded Troubled Debt Restructurings Commercial real estate: Owner-occupied 0 $ 0 0 $ 0 Nonowner-occupied 0 0 0 0 Other commercial 1 622 1 622 Residential real estate 0 0 0 0 Construction & land development 0 0 0 0 Consumer: Bankcard 0 0 0 0 Other consumer 0 0 0 0 Total 1 $ 622 1 $ 622 |
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 September 30, 2018 30-89 90 Days or Total Past Current & Total Financing Recorded Commercial real estate: Owner-occupied $ 11,089 $ 18,009 $ 29,098 $ 1,307,336 $ 1,336,434 $ 1,431 Nonowner-occupied 17,182 17,557 34,739 4,306,762 4,341,501 2,015 Other commercial 7,413 49,467 56,880 1,876,039 1,932,919 1,326 Residential real estate 35,646 30,519 66,165 3,321,103 3,387,268 9,941 Construction & land development 3,406 17,069 20,475 1,359,510 1,379,985 642 Consumer: Bankcard 649 177 826 8,704 9,530 177 Other consumer 7,874 763 8,637 890,437 899,074 502 Total $ 83,259 $ 133,561 $ 216,820 $ 13,069,891 $ 13,286,711 $ 16,034 (1) Other includes loans with a recorded investment of $155,526 acquired and accounted for under ASC Topic 310-30 Age Analysis of Past Due Loans As of December 31, 2017 (In thousands) 30-89 90 Days or Total Past Current & Total Financing Recorded Commercial real estate: Owner-occupied $ 7,968 $ 13,663 $ 21,631 $ 1,339,998 $ 1,361,629 $ 458 Nonowner-occupied 10,398 20,448 30,846 4,420,452 4,451,298 634 Other commercial 11,533 68,476 80,009 1,918,970 1,998,979 940 Residential real estate 35,300 28,637 63,937 2,932,234 2,996,171 6,519 Construction & land development 1,615 17,190 18,805 1,486,102 1,504,907 385 Consumer: Bankcard 449 186 635 9,679 10,314 186 Other consumer 9,288 968 10,256 693,783 704,039 775 Total $ 76,551 $ 149,568 $ 226,119 $ 12,801,218 $ 13,027,337 $ 9,897 (1) Other includes loans with a recorded investment of $210,521 acquired and accounted for under ASC Topic 310-30 |
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 September 30, 2018 December 31, 2017 Commercial real estate: Owner-occupied $ 16,578 $ 13,205 Nonowner-occupied 15,542 19,814 Other commercial 48,141 67,536 Residential real estate 20,578 22,118 Construction & land development 16,427 16,805 Consumer: Bankcard 0 0 Other consumer 261 193 Total $ 117,527 $ 139,671 |
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 September 30, 2018 Commercial Real Estate Owner- Nonowner- Other Construction & Grade: Pass $ 1,266,769 $ 4,197,966 $ 1,827,465 $ 1,302,968 Special mention 15,221 60,293 13,528 4,715 Substandard 54,444 83,242 90,023 72,302 Doubtful 0 0 1,903 0 Total $ 1,336,434 $ 4,341,501 $ 1,932,919 $ 1,379,985 As of December 31, 2017 Commercial Real Estate Owner- Nonowner- Other Construction & Grade: Pass $ 1,276,088 $ 4,312,985 $ 1,848,868 $ 1,413,706 Special mention 20,165 57,618 55,564 5,196 Substandard 65,376 80,695 90,625 86,005 Doubtful 0 0 3,922 0 Total $ 1,361,629 $ 4,451,298 $ 1,998,979 $ 1,504,907 Credit Quality Indicators Consumer Credit Exposure As of September 30, 2018 Residential Bankcard Other Grade: Pass $ 3,322,863 $ 8,704 $ 890,411 Special mention 17,309 649 7,879 Substandard 47,096 177 784 Doubtful 0 0 0 Total $ 3,387,268 $ 9,530 $ 899,074 As of December 31, 2017 Residential Bankcard Other Grade: Pass $ 2,945,266 $ 9,679 $ 693,727 Special mention 18,025 449 9,334 Substandard 32,880 186 978 Doubtful 0 0 0 Total $ 2,996,171 $ 10,314 $ 704,039 |
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 September 30, 2018 December 31, 2017 Recorded Unpaid Related Recorded Unpaid Related With no related allowance recorded: Commercial real estate: Owner-occupied $ 58,367 $ 58,532 $ 0 $ 78,117 $ 78,419 $ 0 Nonowner-occupied 98,912 98,971 0 134,136 134,195 0 Other commercial 60,602 63,069 0 46,993 49,552 0 Residential real estate 33,190 34,041 0 26,751 28,202 0 Construction & land development 36,576 40,673 0 52,279 59,691 0 Consumer: Bankcard 0 0 0 0 0 0 Other consumer 23 23 0 15 15 0 With an allowance recorded: Commercial real estate: Owner-occupied $ 9,990 $ 9,990 $ 2,560 $ 9,132 $ 9,132 $ 2,251 Nonowner-occupied 14,468 14,468 2,683 7,797 7,797 1,592 Other commercial 50,454 59,052 16,500 60,512 70,396 16,721 Residential real estate 17,853 19,295 3,115 9,813 10,418 1,552 Construction & land development 16,816 19,470 2,494 1,383 1,383 229 Consumer: Bankcard 0 0 0 0 0 0 Other consumer 0 0 0 0 0 0 Total: Commercial real estate: Owner-occupied $ 68,357 $ 68,522 $ 2,560 $ 87,249 $ 87,551 $ 2,251 Nonowner-occupied 113,380 113,439 2,683 141,933 141,992 1,592 Other commercial 111,056 122,121 16,500 107,505 119,948 16,721 Residential real estate 51,043 53,336 3,115 36,564 38,620 1,552 Construction & land development 53,392 60,143 2,494 53,662 61,074 229 Consumer: Bankcard 0 0 0 0 0 0 Other consumer 23 23 0 15 15 0 Impaired Loans For the Three Months Ended September 30, 2018 September 30, 2017 Average Interest Average Interest With no related allowance recorded: Commercial real estate: Owner-occupied $ 65,625 $ 365 $ 74,111 $ 374 Nonowner-occupied 99,005 311 148,753 178 Other commercial 56,489 313 57,302 148 Residential real estate 28,753 144 21,772 58 Construction & land development 41,036 278 42,240 348 Consumer: Bankcard 0 0 0 0 Other consumer 23 0 25 0 With an allowance recorded: Commercial real estate: Owner-occupied $ 7,378 $ 6 $ 11,442 $ 78 Nonowner-occupied 12,465 189 13,111 10 Other commercial 47,563 305 71,886 42 Residential real estate 14,975 57 15,276 16 Construction & land development 9,408 20 1,602 21 Consumer: Bankcard 0 0 0 0 Other consumer 0 0 0 0 Total: Commercial real estate: Owner-occupied $ 73,003 $ 371 $ 85,553 $ 452 Nonowner-occupied 111,470 500 161,864 188 Other commercial 104,052 618 129,188 190 Residential real estate 43,728 201 37,048 74 Construction & land development 50,444 298 43,842 369 Consumer: Bankcard 0 0 0 0 Other consumer 23 0 25 0 Impaired Loans For the Nine Months Ended September 30, 2018 September 30, 2017 Average Interest Average Interest With no related allowance recorded: Commercial real estate: Owner-occupied $ 69,009 $ 1,101 $ 70,477 $ 1,227 Nonowner-occupied 105,199 928 121,811 551 Other commercial 55,124 1,020 57,047 632 Residential real estate 27,210 501 21,397 219 Construction & land development 43,464 707 40,344 1,046 Consumer: Bankcard 0 0 0 0 Other consumer 29 0 29 0 With an allowance recorded: Commercial real estate: Owner-occupied $ 6,876 $ 18 $ 12,141 $ 393 Nonowner-occupied 11,158 251 13,492 108 Other commercial 47,736 380 71,736 685 Residential real estate 13,946 247 14,904 58 Construction & land development 6,944 60 2,195 63 Consumer: Bankcard 0 0 0 0 Other consumer 0 0 0 0 Total: Commercial real estate: Owner-occupied $ 75,885 $ 1,119 $ 82,618 $ 1,620 Nonowner-occupied 116,357 1,179 135,303 659 Other commercial 102,860 1,400 128,783 1,317 Residential real estate 41,156 748 36,301 277 Construction & land development 50,408 767 42,539 1,109 Consumer: Bankcard 0 0 0 0 Other consumer 29 0 29 0 |
Allowance for Credit Losses (Ta
Allowance for Credit Losses (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Receivables [Abstract] | |
Schedule of Allowance for Loan Losses and Carrying Amount of Loans | A progression of the allowance for loan losses, by portfolio segment, for the periods indicated is summarized as follows: Allowance for Loan Losses For the Three Months Ended September 30, 2018 Commercial Real Other Residential Construction & Consumer Allowance for Total Owner- Nonowner- Allowance for Loan Losses: Beginning balance $ 3,213 $ 6,183 $ 48,191 $ 10,380 $ 6,592 $ 2,419 $ 157 $ 77,135 Charge-offs 1,478 0 4,432 365 110 659 0 7,044 Recoveries 415 395 394 558 134 146 0 2,042 Provision 2,391 22 291 1,067 480 575 (18 ) 4,808 Ending balance $ 4,541 $ 6,600 $ 44,444 $ 11,640 $ 7,096 $ 2,481 $ 139 $ 76,941 Allowance for Loan Losses and Carrying Amount of Loans For the Nine Months Ended September 30, 2018 Commercial Real Estate Other Residential Construction & Consumer Allowance for Total Owner- Nonowner- Allowance for Loan Losses: Beginning balance $ 5,401 $ 6,369 $ 45,189 $ 9,927 $ 7,187 $ 2,481 $ 73 $ 76,627 Charge-offs 3,221 314 13,095 1,357 642 1,985 0 20,614 Recoveries 1,160 548 1,484 916 145 485 0 4,738 Provision 1,201 (3 ) 10,866 2,154 406 1,500 66 16,190 Ending balance $ 4,541 $ 6,600 $ 44,444 $ 11,640 $ 7,096 $ 2,481 $ 139 $ 76,941 Ending Balance: individually evaluated for impairment $ 2,560 $ 2,683 $ 16,500 $ 3,116 $ 2,494 $ 0 $ 0 $ 27,353 Ending Balance: collectively evaluated for impairment $ 1,981 $ 3,917 $ 27,944 $ 8,524 $ 4,602 $ 2,481 $ 139 $ 49,588 Ending Balance: loans acquired with deteriorated credit quality $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 Financing receivables: Ending balance $ 1,336,434 $ 4,341,501 $ 1,932,919 $ 3,387,268 $ 1,379,985 $ 908,604 $ 0 $ 13,286,711 Ending Balance: individually evaluated for impairment $ 29,391 $ 22,768 $ 73,544 $ 19,994 $ 16,875 $ 0 $ 0 $ 162,572 Ending Balance: collectively evaluated for impairment $ 1,284,114 $ 4,250,305 $ 1,830,646 $ 3,351,837 $ 1,343,130 $ 908,581 $ 0 $ 12,968,613 Ending Balance: loans acquired with deteriorated credit quality $ 22,929 $ 68,428 $ 28,729 $ 15,437 $ 19,980 $ 23 $ 0 $ 155,526 Allowance for Loan Losses and Carrying Amount of Loans For the Year Ended December 31, 2017 Commercial Real Estate Other Residential Construction & Consumer Allowance for Total Owner- Nonowner- Allowance for Loan Losses: Beginning balance $ 5,273 $ 6,883 $ 33,087 $ 13,770 $ 10,606 $ 2,805 $ 347 $ 72,771 Charge-offs 2,246 296 21,189 2,973 3,337 2,822 0 32,863 Recoveries 2,599 244 3,395 601 726 748 0 8,313 Provision (225 ) (462 ) 29,896 (1,471 ) (808 ) 1,750 (274 ) 28,406 Ending balance $ 5,401 $ 6,369 $ 45,189 $ 9,927 $ 7,187 $ 2,481 $ 73 $ 76,627 Ending Balance: individually evaluated for impairment $ 2,251 $ 1,592 $ 16,721 $ 1,552 $ 229 $ 0 $ 0 $ 22,345 Ending Balance: collectively evaluated for impairment $ 3,150 $ 4,777 $ 28,468 $ 8,375 $ 6,958 $ 2,481 $ 73 $ 54,282 Ending Balance: loans acquired with deteriorated credit quality $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 Financing receivables: Ending balance $ 1,361,629 $ 4,451,298 $ 1,998,979 $ 2,996,171 $ 1,504,907 $ 714,353 $ 0 $ 13,027,337 Ending Balance: individually evaluated for impairment $ 36,721 $ 21,851 $ 78,715 $ 14,316 $ 16,921 $ 0 $ 0 $ 168,524 Ending Balance: collectively evaluated for impairment $ 1,291,379 $ 4,320,997 $ 1,892,706 $ 2,967,666 $ 1,461,206 $ 714,338 $ 0 $ 12,648,292 Ending Balance: loans acquired with deteriorated credit quality $ 33,529 $ 108,450 $ 27,558 $ 14,189 $ 26,780 $ 15 $ 0 $ 210,521 |
Intangible Assets (Tables)
Intangible Assets (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
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: September 30, 2018 Community Banking Mortgage Banking Total Gross Accumulated Gross Accumulated Gross Accumulated Amortized intangible assets: Core deposit intangible assets $ 98,359 ($ 60,482 ) $ 0 ($ 0 ) $ 98,359 ($ 60,482 ) Non-amortized George Mason trade name $ 0 $ 1,080 $ 1,080 Goodwill not subject to amortization $ 1,472,699 $ 5,315 $ 1,478,014 December 31, 2017 Community Banking Mortgage Banking Total Gross Accumulated Gross Accumulated Gross Accumulated Amortized intangible assets: Core deposit intangible assets $ 98,359 ($ 54,453 ) $ 0 $ 0 $ 98,359 ($ 54,453 ) Non-amortized George Mason trade name $ 0 $ 1,080 $ 1,080 Goodwill not subject to amortization $ 1,473,265 $ 5,115 $ 1,478,380 |
Reconciliation of Goodwill | The following table provides a reconciliation of goodwill: Community Mortgage Total Goodwill at December 31, 2017 $ 1,473,265 $ 5,115 $ 1,478,380 Addition to goodwill from Cardinal acquisition (566 ) 200 (366 ) Goodwill at September 30, 2018 $ 1,472,699 $ 5,315 $ 1,478,014 |
Schedule of Anticipated Amortization Expense | The following table sets forth the anticipated amortization expense for intangible assets for the years subsequent to 2017: Year Amount 2018 $ 8,039 2019 7,016 2020 6,309 2021 5,369 2022 and thereafter 17,173 |
Long-Term Borrowings (Tables)
Long-Term Borrowings (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Debt Disclosure [Abstract] | |
Schedule of Maturities of Long-term Borrowings | The scheduled maturities of these FHLB borrowings are as follows: Year Amount 2018 $ 970,890 2019 187,224 2020 41,779 2021 52,667 2022 and thereafter 32,221 Total $ 1,284,781 |
Derivative Financial Instrume_2
Derivative Financial Instruments (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Schedule of Notional Amount and Fair Value of Derivative Financial Instruments | The following tables disclose the derivative instruments’ location on the Company’s Consolidated Balance Sheets and the notional amount and fair value of those instruments at September 30, 2018 and December 31, 2017. Asset Derivatives September 30, 2018 December 31, 2017 Balance Sheet Location Notional Amount Fair Value Balance Sheet Location Notional Amount Fair Value Derivatives designated as hedging instruments Fair Value Hedges: Interest rate swap contracts (hedging commercial loans) Other assets $ 86,655 $ 4,042 Other assets $ 71,831 $ 538 Total derivatives designated as hedging instruments $ 86,655 $ 4,042 $ 71,831 $ 538 Derivatives not designated as hedging instruments Forward loan sales commitments Other assets $ 0 $ 0 Other assets $ 31,024 $ 2 TBA mortgage-backed securities Other assets 223,500 1,161 0 0 Interest rate lock commitments Other assets 135,069 3,991 Other assets 148,866 4,559 Total derivatives not designated as hedging instruments $ 358,569 $ 5,152 $ 179,890 $ 4,561 Total asset derivatives $ 445,224 $ 9,194 $ 251,721 $ 5,099 Liability Derivatives September 30, 2018 December 31, 2017 Balance Sheet Location Notional Amount Fair Value Balance Sheet Location Notional Amount Fair Value Derivatives designated as hedging instruments Fair Value Hedges: Interest rate swap contracts (hedging commercial loans) Other liabilities $ 0 $ 0 Other liabilities $ 18,795 $ 165 Total derivatives designated as hedging instruments $ 0 $ 0 $ 18,795 $ 165 Derivatives not designated as hedging instruments Forward loan sales commitments Other liabilities $ 22,521 $ 197 Other liabilities $ 0 $ 0 TBA mortgage-backed securities Other liabilities $ 0 $ 0 Other liabilities 236,500 312 Interest rate lock commitments Other liabilities 0 0 Other liabilities 0 0 Total derivatives not designated as hedging instruments $ 22,521 $ 197 $ 236,500 $ 312 Total liability derivatives $ 22,521 $ 197 $ 255,295 $ 477 |
Schedule of Derivative Financial Instruments on Statement of Income | The effect of United’s derivative financial instruments on its unaudited Consolidated Statements of Income for the three and nine months ended September 30, 2018 and 2017 are presented as follows: Three Months Ended Income Statement Location September 30, September 30, Derivatives in hedging relationships Fair Value Hedges: Interest rate swap contracts Interest income/(expense) $ (24 ) $ (208 ) Total derivatives in hedging relationships $ (24 ) $ (208 ) Derivatives not designated as hedging instruments Forward loan sales commitments Income from Mortgage (197 ) (257 ) TBA mortgage-backed securities Income from Mortgage 2,583 123 Interest rate lock commitments Income from Mortgage (3,262 ) (4,484 ) Total derivatives not designated as hedging instruments $ (876 ) $ (4,618 ) Total derivatives $ (900 ) $ (4,826 ) Nine Months Ended Income Statement Location September 30, September 30, Derivatives in fair value hedging relationships Fair Value Hedges: Interest rate swap contracts Interest income/(expense) $ (42 ) $ (648 ) Cash Flow Hedges: Forward loan sales commitments Other income 0 0 Total derivatives in hedging relationships $ (42 ) $ (648 ) Derivatives not designated as hedging instruments Forward loan sales commitments Income from Mortgage (12 ) (427 ) TBA mortgage-backed securities Income from Mortgage 1,473 2,907 Interest rate lock commitments Income from Mortgage (1,643 ) (3,465 ) Total derivatives not designated as hedging instruments $ (182 ) $ (985 ) Total derivatives $ (224 ) $ (1,633 ) |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
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 September 30, 2018 and December 31, 2017, segregated by the level of the valuation inputs within the fair value hierarchy. Fair Value at September 30, 2018 Using Description Balance as of September 30, 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 securities: U.S. Treasury securities and obligations of U.S. Government corporations and agencies $ 101,565 $ 0 $ 101,565 $ 0 State and political subdivisions 252,246 0 252,246 0 Residential mortgage-backed securities Agency 943,647 0 943,647 0 Non-agency 4,572 0 4,572 0 Commercial mortgage-backed securities Agency 543,652 0 543,652 0 Asset-backed securities 223,602 0 223,602 0 Trust preferred collateralized debt obligations 6,154 0 0 6,154 Single issue trust preferred securities 8,104 0 8,104 0 Other corporate securities 95,025 6,879 88,146 0 Total available for sale securities 2,178,567 6,879 2,165,534 6,154 Equity securities: Financial services industry 173 173 0 0 Equity mutual funds (1) 5,073 5,073 0 0 Other equity securities 4,599 4,599 0 0 Total equity securities 9,845 9,845 0 0 Loans held for sale 231,310 0 0 231,310 Derivative financial assets: Interest rate swap contracts 4,042 0 4,042 0 Forward sales commitments 0 0 0 0 Interest rate lock commitments 3,991 0 0 3,991 TBA mortgage-backed securities 1,161 0 1,161 0 Total derivative financial assets 9,194 0 5,203 3,991 Liabilities Derivative financial liabilities: Forward sales commitments 197 0 197 0 Total derivative financial liabilities 197 0 197 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, 2017 Using Description Balance as of December 31, 2017 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Assets Available for sale debt securities: U.S. Treasury securities and obligations of U.S. Government corporations and agencies $ 114,758 $ 0 $ 114,758 $ 0 State and political subdivisions 303,869 0 303,869 0 Residential mortgage-backed securities Agency 814,593 0 814,593 0 Non-agency 5,512 0 5,512 0 Commercial mortgage-backed securities Agency 454,857 0 454,857 0 Asset-backed securities 109,970 0 109,970 0 Trust preferred collateralized debt obligations 34,269 0 0 34,269 Single issue trust preferred securities 12,560 0 12,560 0 Other corporate securities 28,490 0 28,490 0 Total available for sale debt securities 1,878,878 0 1,844,609 34,269 Available for sale equity securities: Financial services industry 3,545 331 3,214 0 Equity mutual funds (1) 6,332 6,332 0 0 Other equity securities 1 1 0 0 Total available for sale equity securities 9,878 6,664 3,214 0 Total available for sale securities 1,888,756 6,664 1,847,823 34,269 Loans held for sale 263,308 0 0 263,308 Derivative financial assets: Interest rate swap contracts 538 0 538 0 Interest rate lock commitments 4,561 0 2 4,559 Total derivative financial assets 5,099 0 540 4,559 Liabilities Derivative financial liabilities: Interest rate swap contracts 165 0 165 0 TBA mortgage-backed securities 312 0 312 0 Total derivative financial liabilities 477 0 477 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 September 30, 2018 and December 31, 2017 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 September 30, 2018 December 31, Balance, beginning of period $ 34,269 $ 33,552 Total gains or losses (realized/unrealized): Included in earnings (or changes in net assets) 28 9 Included in other comprehensive income 1,157 8,757 Purchases, issuances, and settlements 0 0 Sales (29,300 ) (8,049 ) Transfers in and/or out of Level 3 0 0 Balance, end of period $ 6,154 $ 34,269 The amount of total gains or losses for the period included in earnings (or changes in net assets) attributable to the change in unrealized gains or losses relating to assets still held at reporting date $ 0 $ 0 Loans held for sale September 30, 2018 December 31, Balance, beginning of period $ 263,308 $ 0 Acquired in Cardinal merger 0 271,301 Originations 2,089,366 2,333,927 Sales (2,148,777 ) (2,408,945 ) Total gains or losses during the period recognized in earnings 54,829 58,132 Transfers in and/or out of Level 3 (27,416 ) 8,893 Balance, end of period $ 231,310 $ 263,308 The amount of total gains or losses for the period included in earnings (or changes in net assets) attributable to the change in unrealized gains or losses relating to assets still held at reporting date $ 0 $ 0 Derivative Financial Assets Interest Rate Lock Commitments September 30, 2018 December 31, Balance, beginning of period $ 4,559 $ 0 Acquired in Cardinal merger 0 10,393 Transfers other (568 ) (5,834 ) Balance, end of period $ 3,991 $ 4,559 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 |
Schedule of Changes in Fair Value Included in Earnings of Financial Instruments for which Fair Value Option has been Elected | The following table reflects the change in fair value included in earnings of financial instruments for which the fair value option has been elected: Description Three Months September 30, Three Months September 30, Assets Loans held for sale Income from mortgage banking activities $ (5,929 ) $ (5,090 ) Description Nine Months September 30, Nine Months September 30, Assets Loans held for sale Income from mortgage banking activities $ (2,838 ) $ (7,529 ) |
Summary of Difference Between Aggregate Fair Value and Remaining Contractual Principal Outstanding for Financial Instruments for which Fair Value Option has been Elected | The following table reflects the difference between the aggregate fair value and the remaining contractual principal outstanding for financial instruments for which the fair value option has been elected: September 30, 2018 December 31, 2017 Description Unpaid Fair Fair Value Unpaid Fair Fair Value Assets Loans held for sale $ 227,943 $ 231,310 $ 3,367 $ 257,674 $ 263,308 $ 5,634 |
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 September 30, Carrying value at September 30, 2018 YTD Losses Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Assets Loans held for sale $ 2,886 $ 0 $ 2,886 $ 0 $ 0 Impaired Loans 109,582 0 98,171 11,411 4,177 OREO 18,786 0 18,786 0 796 Description Balance as of December 31, Carrying value at December 31, 2017 YTD Losses Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Assets Loans held for sale $ 2,647 $ 0 $ 2,647 $ 0 $ 14 Impaired Loans 88,637 0 70,950 17,687 12,291 OREO 24,348 0 24,151 197 4,200 |
Summary of Estimated Fair Values of Financial Instruments | The estimated fair values of United’s financial instruments, including those measured at amortized cost on the balance sheet, 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) September 30, 2018 Cash and cash equivalents $ 1,254,686 $ 1,254,686 $ 0 $ 1,254,686 $ 0 Securities available for sale 2,178,567 2,178,567 6,879 2,165,534 6,154 Securities held to maturity 20,351 19,619 0 16,599 3,020 Equity securities 9,845 9,845 9,845 0 0 Other securities 166,749 166,749 0 0 166,749 Loans held for sale 234,196 234,196 0 2,886 231,310 Loans 13,199,799 12,488,175 0 0 12,488,175 Derivative financial assets 9,194 9,194 0 5,203 3,991 Deposits 14,091,172 14,052,668 0 14,052,668 0 Short-term borrowings 379,508 379,508 0 379,508 0 Long-term borrowings 1,319,371 1,293,611 0 1,293,611 0 Derivative financial liabilities 197 197 0 197 0 December 31, 2017 Cash and cash equivalents $ 1,666,167 $ 1,666,167 $ 0 $ 1,666,167 $ 0 Securities available for sale 1,888,756 1,888,756 6,664 1,847,823 34,269 Securities held to maturity 20,428 20,018 0 16,998 3,020 Other securities 162,461 154,338 0 0 154,338 Loans held for sale 265,955 265,955 0 2,647 263,308 Loans 12,934,794 12,437,797 0 0 12,437,797 Derivative financial assets 5,099 5,099 0 540 4,559 Deposits 13,830,591 14,024,720 0 14,024,720 0 Short-term borrowings 477,587 477,587 0 477,587 0 Long-term borrowings 1,363,977 1,338,754 0 1,338,754 0 Derivative financial liabilities 477 477 0 477 0 |
Stock Based Compensation (Table
Stock Based Compensation (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
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 September 30, 2018, and the changes during the first nine months of 2018 are presented below: Nine Months Ended September 30, 2018 Shares Aggregate Intrinsic Value Weighted Average Remaining Contractual Term (Yrs.) Exercise Price Outstanding at January 1, 2018 1,558,438 $ 31.09 Granted 276,192 37.60 Exercised (60,161 ) 23.03 Forfeited or expired (24,007 ) 32.66 Outstanding at September 30, 2018 1,750,462 $ 9,624,912 5.8 $ 32.36 Exercisable at September 30, 2018 1,169,402 $ 9,508,502 4.4 $ 28.78 |
Changes to United's Restricted Common Shares | The following table summarizes the status of United’s nonvested stock option awards during the first nine months of 2018: Shares Weighted-Average Nonvested at January 1, 2018 507,871 $ 7.89 Granted 276,192 7.56 Vested (187,815 ) 7.53 Forfeited or expired (15,188 ) 7.67 Nonvested at September 30, 2018 581,060 $ 7.86 |
Status of United's Nonvested Stock Option Awards | The following summarizes the changes to United’s restricted common shares for the period ended September 30, 2018: Number Weighted-Average Outstanding at January 1, 2018 170,496 $ 40.05 Granted 97,004 37.60 Vested (62,411 ) 37.59 Forfeited (4,253 ) 38.42 Outstanding at September 30, 2018 200,836 $ 39.67 |
Employee Benefit Plans (Tables)
Employee Benefit Plans (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Retirement Benefits [Abstract] | |
Net Periodic Pension Cost | Net periodic pension cost for the three and nine months ended September 30, 2018 and 2017 included the following components: Three Months Ended September 30 Nine Months Ended September 30 2018 2017 2018 2017 Service cost $ 673 $ 574 $ 1,997 $ 1,705 Interest cost 1,324 1,293 3,927 3,837 Expected return on plan assets (2,578 ) (2,072 ) (7,651 ) (6,148 ) Recognized net actuarial loss 1,174 1,111 3,485 3,298 Net periodic pension (benefit) cost $ 593 $ 906 $ 1,758 $ 2,692 Weighted-Average Assumptions: Discount rate 3.83 % 4.49 % 3.83 % 4.49 % Expected return on assets 7.00 % 7.00 % 7.00 % 7.00 % Rate of compensation increase (prior to age 45) 3.50 % 3.50 % 3.50 % 3.50 % Rate of compensation increase 3.00 % 3.00 % 3.00 % 3.00 % |
Comprehensive Income (Tables)
Comprehensive Income (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Equity [Abstract] | |
Components of Total Comprehensive Income | The components of total comprehensive income for the three and nine months ended September 30, 2018 and 2017 are as follows: Three Months Ended Nine Months Ended September 30 September 30 2018 2017 2018 2017 Net Income $ 64,412 $ 56,738 $ 192,392 $ 132,606 Available for sale (“AFS”) securities: AFS securities with OTTI charges during the period 0 0 0 (60 ) Related income tax effect 0 0 0 22 Less: OTTI charges recognized in net income 0 0 0 60 Related income tax benefit 0 0 0 (22 ) Reclassification of previous noncredit OTTI to credit OTTI 0 0 0 0 Related income tax benefit 0 0 0 0 Net unrealized (losses) gains on AFS securities with OTTI 0 0 0 0 AFS securities – all other: Change in net unrealized gain on AFS securities arising during the period (9,995 ) 3,584 (42,696 ) 14,846 Related income tax effect 2,329 (1,326 ) 11,621 (5,493 ) Net reclassification adjustment for (gains) losses included in net income 114 (467 ) 290 (1,444 ) Related income tax expense (benefit) (27 ) 173 (68 ) 534 (7,579 ) 1,964 (30,853 ) 8,443 Net effect of AFS securities on other comprehensive income (7,579 ) 1,964 (30,853 ) 8,443 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 2 2 6 6 Related income tax expense (0 ) (0 ) (2 ) (2 ) Net effect of HTM securities on other comprehensive income 2 2 4 4 Pension plan: Recognized net actuarial loss 1,174 1,111 3,485 3,298 Related income tax benefit (256 ) (394 ) (782 ) (1,191 ) Net effect of change in pension plan asset on other comprehensive income 918 717 2,703 2,107 Total change in other comprehensive income (6,659 ) 2,683 (28,146 ) 10,554 Total Comprehensive Income $ 57,753 $ 59,421 $ 164,246 $ 143,160 |
Components of Accumulated Other Comprehensive Income | The components of accumulated other comprehensive income for the nine months ended September 30, 2018 are as follows: Changes in Accumulated Other Comprehensive Income (AOCI) by Component (a) For the Nine Months Ended September 30, 2018 Unrealized Accretion Defined Items Total Balance at January 1, 2018 ($ 6,204 ) ($ 46 ) ($ 35,775 ) ($ 42,025 ) Cumulative effect of adopting Accounting Standard Update 2016-01 (136 ) 0 0 (136 ) Reclass due to adopting Accounting Standard Update 2018-02 (1,632 ) 0 (4,721 ) (6,353 ) Other comprehensive income before reclassification (31,075 ) 4 0 (31,071 ) Amounts reclassified from accumulated other comprehensive income 222 0 2,703 2,925 Net current-period other comprehensive income, net of tax (30,853 ) 4 2,703 (28,146 ) Balance at September 30, 2018 ($ 38,825 ) ($ 42 ) ($ 37,793 ) ($ 76,660 ) (a) All amounts are net-of-tax. |
Reclassifications Out of Accumulated Other Comprehensive Income | Reclassifications out of Accumulated Other Comprehensive Income (AOCI) For the Nine Months Ended September 30, 2018 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 Net investment securities (losses) gains Net reclassification adjustment for losses (gains) included in net income 290 Net investment securities (losses) gains 290 Total before tax Related income tax effect (68 ) Tax expense 222 Net of tax Pension plan: Recognized net actuarial loss 3,485 (a) 3,485 Total before tax Related income tax effect (782 ) Tax expense 2,703 Net of tax Total reclassifications for the period $ 2,925 (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) | 9 Months Ended |
Sep. 30, 2018 | |
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 Nine Months Ended September 30 September 30 2018 2017 2018 2017 Distributed earnings allocated to common stock $ 35,234 $ 34,587 $ 106,429 $ 95,871 Undistributed earnings allocated to common stock 29,060 22,065 85,617 36,518 Net earnings allocated to common shareholders $ 64,294 $ 56,652 $ 192,046 $ 132,389 Average common shares outstanding 103,617,590 104,760,153 104,382,094 95,040,664 Equivalents from stock options 316,369 307,969 297,782 409,962 Average diluted shares outstanding 103,933,959 105,068,122 104,679,876 95,450,626 Earnings per basic common share $ 0.62 $ 0.54 $ 1.84 $ 1.39 Earnings per diluted common share $ 0.62 $ 0.54 $ 1.83 $ 1.39 |
Variable Interest Entities (Tab
Variable Interest Entities (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
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 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 January 23, 2034 United Statutory Trust V July 12, 2007 $ 50,000 3-month October 1, 2037 United Statutory Trust VI September 20, 2007 $ 30,000 3-month December 15, 2037 Premier Statutory Trust II September 25, 2003 $ 6,000 3-month October 8, 2033 Premier Statutory Trust III May 16, 2005 $ 8,000 3-month June 15, 2035 Premier Statutory Trust IV June 20, 2006 $ 14,000 3-month September 23, 2036 Premier Statutory Trust V December 14, 2006 $ 10,000 3-month March 1, 2037 Centra Statutory Trust I September 20, 2004 $ 10,000 3-month September 20, 2034 Centra Statutory Trust II June 15, 2006 $ 10,000 3-month July 7, 2036 Virginia Commerce Trust II December 19, 2002 $ 15,000 6-month December 19, 2032 Virginia Commerce Trust III December 20, 2005 $ 25,000 3-month February 23, 2036 Cardinal Statutory Trust I July 27, 2004 $ 20,000 3-month September 15, 2034 UFBC Capital Trust I December 30, 2004 $ 5,000 3-month March 15, 2035 |
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 September 30, 2018 As of December 31, 2017 Aggregate Assets Aggregate Liabilities Risk Of Loss (1) Aggregate Assets Aggregate Liabilities Risk Of Loss (1) Trust preferred securities $ 257,873 $ 248,921 $ 8,952 $ 266,669 $ 257,674 $ 8,995 |
Segment Information (Tables)
Segment Information (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Segment Reporting [Abstract] | |
Summary of Segment Reporting Information | Information about the reportable segments and reconciliation of this information to the consolidated financial statements at and for the three and nine months ended September 30, 2018 and 2017 is as follows: At and For the Three Months Ended September 30, 2018 Community Mortgage Other Intersegment Eliminations Consolidated Net interest income $ 149,770 $ 388 $ (3,168 ) $ 1,785 $ 148,775 Provision for loans losses 4,808 0 0 0 4,808 Other income 18,717 16,478 58 (3,567 ) 31,686 Other expense 75,255 17,957 1,885 (1,782 ) 93,315 Income taxes 19,296 (246 ) (1,124 ) 0 17,926 Net income (loss) $ 69,128 $ (845 ) $ (3,871 ) $ 0 $ 64,412 Total assets (liabilities) $ 19,080,734 $ 288,638 $ 12,545 $ (194,274 ) $ 19,187,643 Average assets (liabilities) 18,982,530 303,556 5,468 (243,867 ) 19,047,689 At and For the Three Months Ended September 30, 2017 Community Mortgage Other Intersegment Eliminations Consolidated Net interest income $ 152,886 $ (36 ) $ (2,574 ) $ 0 $ 150,276 Provision for loans losses 7,279 0 0 0 7,279 Other income 18,373 19,936 (80 ) 0 38,229 Other expense 74,553 24,036 (1,937 ) 0 96,652 Income taxes 29,490 (1,332 ) (322 ) 0 27,836 Net income (loss) $ 59,937 $ (2,804 ) $ (395 ) $ 0 $ 56,738 Total assets (liabilities) $ 19,083,318 $ 350,483 $ (900 ) $ (302,923 ) $ 19,129,978 Average assets (liabilities) 18,889,710 321,744 (13,994 ) (269,675 ) 18,927,785 At and For the Nine Months Ended September 30, 2018 Community Mortgage Other Intersegment Eliminations Consolidated Net interest income $ 444,840 $ 1,028 $ (8,794 ) $ 4,866 $ 441,940 Provision for loans losses 16,190 0 0 0 16,190 Other income 53,952 54,829 (696 ) (9,200 ) 98,885 Other expense 224,240 57,566 (295 ) (4,334 ) 277,177 Income taxes 57,519 (385 ) (2,068 ) 0 55,066 Net income (loss) $ 200,843 $ (1,324 ) $ (7,127 ) $ 0 $ 192,392 Total assets (liabilities) $ 19,080,734 $ 288,638 $ 12,545 $ (194,274 ) $ 19,187,643 Average assets (liabilities) 18,718,295 284,100 8,043 (240,505 ) 18,769,934 At and For the Nine Months Ended September 30, 2017 Community Mortgage Other Intersegment Eliminations Consolidated Net interest income $ 401,044 $ 54 $ (6,957 ) $ 0 $ 394,141 Provision for loans losses 21,429 0 0 0 21,429 Other income 53,409 42,329 3,143 0 98,881 Other expense 215,935 42,744 12,952 0 271,631 Income taxes 73,214 (39 ) (5,819 ) 0 67,356 Net income (loss) $ 143,875 $ (322 ) $ (10,947 ) $ 0 $ 132,606 Total assets (liabilities) $ 19,083,318 $ 350,483 $ (900 ) $ (302,923 ) $ 19,129,978 Average assets (liabilities) 17,180,219 187,118 (20,402 ) (159,291 ) 17,187,644 |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Sep. 30, 2018 | Mar. 31, 2018 | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Reclass due to adopting Accounting Standard Update | $ 0 | ||
ASU 2016-09 [Member] | |||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Decrease in income tax expense | $ 1,048 | ||
Accounting Standards Update 2018-02 [Member] | |||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Reclass due to adopting Accounting Standard Update | $ 6,353 | ||
Accounting Standards Update 2016-02 [Member] | |||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Total future minimum lease payments for operating leases | $ 69,844 |
Mergers and Acquisitions - Addi
Mergers and Acquisitions - Additional Information (Detail) - USD ($) | Sep. 30, 2018 | Apr. 21, 2017 | Sep. 30, 2018 | Dec. 31, 2017 |
Business Acquisition [Line Items] | ||||
Total assets at consummation | $ 19,187,643,000 | $ 19,187,643,000 | $ 19,058,959,000 | |
Loans at consummation | 13,286,711,000 | 13,286,711,000 | 13,027,337,000 | |
Deposits at consummation | 14,091,172,000 | 14,091,172,000 | 13,830,591,000 | |
Resulting goodwill | 1,478,014,000 | 1,478,014,000 | $ 1,478,380,000 | |
Liabilities to provide severance benefits | $ 0 | $ 0 | ||
Contractually required principal and interest at acquisition | $ 132,837,000 | |||
Expected cash flows at acquisition | 108,275,000 | |||
Estimated fair value of acquired impaired loans at acquisition | $ 86,696,000 | |||
Cardinal Financial Corporation [Member] | ||||
Business Acquisition [Line Items] | ||||
Acquisition completion date | Apr. 21, 2017 | |||
Outstanding common stock acquired | 100.00% | |||
Total assets at consummation | $ 4,136,008,000 | |||
Loans at consummation | 3,313,033,000 | |||
Deposits at consummation | 3,344,740,000 | |||
Common stock paid in cash | 975,254,000 | |||
Common stock value | 972,499,000 | |||
Stock options exchanged value | $ 2,741,000 | |||
Common stock, shares issued | 23,690,589 | |||
Resulting goodwill | $ 612,920,000 | |||
Fractional shares cash paid per share | 14,000 | |||
Goodwill from acquisition expected to be tax deductible | 0 | |||
Fair value discounts on loans acquired | 144,434,000 | |||
Fair value discounts on leases | 2,281,000 | |||
Fair value adjustment on trust preferred issuances | 8,738,000 | |||
Premiums on land acquired | 4,408,000 | |||
Premiums on interest-bearing deposits acquired | 5,072,000 | |||
Premiums on long-term FHLB advances acquired | 10,740,000 | |||
Estimated remaining life of discount on leases acquired | 5 years | |||
Estimated remaining life of discount on trust preferred issuances acquired | 15 years 11 months 19 days | |||
Estimated remaining life of premium on interest-bearing deposits acquired | 4 years | |||
Estimated remaining life of the FHLB advances acquired | 3 years 9 months 21 days | |||
Assumed liabilities to provide severance benefits | 1,825,000 | |||
Contractually required principal and interest at acquisition | 4,211,734,000 | |||
Expected cash flows at acquisition | 4,155,558,000 | |||
Estimated fair value of acquired impaired loans at acquisition | 3,168,599,000 | |||
Revenue since acquisition included in consolidated results | $ 519,747,000 | |||
Revenue since acquisition included in consolidated results | $ 270,914,000 | |||
Cardinal Financial Corporation [Member] | Common Stock [Member] | ||||
Business Acquisition [Line Items] | ||||
Common stock value | $ 972,499,000 | |||
Common stock, shares issued | 23,690,589 | |||
Closing market price per common share | $ 41.05 | |||
Cardinal Financial Corporation [Member] | Core Deposit Intangible Assets [Member] | ||||
Business Acquisition [Line Items] | ||||
Purchase price allocation of Identifiable Intangible assets | $ 28,724,000 | |||
Estimated period of amortization of core deposit intangibles | 10 years | |||
Fractional shares cash paid per share | $ 14,000 | |||
Cardinal Financial Corporation [Member] | George Mason Trade Name Intangible [Member] | ||||
Business Acquisition [Line Items] | ||||
Purchase price allocation of Identifiable Intangible assets | $ 1,080,000 |
Mergers and Acquisitions - Sche
Mergers and Acquisitions - Schedule of Acquired Loans Accounted for at Fair Value (Detail) $ in Thousands | Apr. 21, 2017USD ($) |
Business Acquisition [Line Items] | |
Contractually required principal and interest at acquisition | $ 132,837 |
Expected cash flows at acquisition | 108,275 |
Basis in acquired loans at acquisition - estimated fair value | 86,696 |
Cardinal Financial Corporation [Member] | |
Business Acquisition [Line Items] | |
Contractually required principal and interest at acquisition | 4,211,734 |
Contractual cash flows not expected to be collected | (56,176) |
Expected cash flows at acquisition | 4,155,558 |
Interest component of expected cash flows | (986,959) |
Basis in acquired loans at acquisition - estimated fair value | $ 3,168,599 |
Mergers and Acquisitions - Sc_2
Mergers and Acquisitions - Schedule of Fair Value of Acquired Identifiable Assets and Liabilities Assumed (Detail) - USD ($) $ in Thousands | Apr. 21, 2017 | Sep. 30, 2018 | Dec. 31, 2017 |
Business Acquisition [Line Items] | |||
Resulting goodwill | $ 1,478,014 | $ 1,478,380 | |
Cardinal Financial Corporation [Member] | |||
Business Acquisition [Line Items] | |||
Value of common shares issued | $ 972,499 | ||
Fair value of stock options assumed | 2,741 | ||
Cash for fractional shares | 14 | ||
Total purchase price | 975,254 | ||
Cash and cash equivalents | 44,545 | ||
Investment securities | 395,829 | ||
Loans held for sale | 271,301 | ||
Loans | 3,168,599 | ||
Premises and equipment | 24,774 | ||
Other assets | 135,383 | ||
Total identifiable assets | 4,070,235 | ||
Deposits | 3,349,812 | ||
Short-term borrowings | 96,215 | ||
Long-term borrowings | 220,119 | ||
Unfavorable lease liability | 2,281 | ||
Other liabilities | 39,474 | ||
Total identifiable liabilities | 3,707,901 | ||
Fair value of net assets acquired including identifiable intangible assets | 362,334 | ||
Resulting goodwill | 612,920 | ||
Cardinal Financial Corporation [Member] | Core Deposit Intangible Assets [Member] | |||
Business Acquisition [Line Items] | |||
Cash for fractional shares | 14 | ||
Intangible assets | 28,724 | ||
Cardinal Financial Corporation [Member] | George Mason Trade Name Intangible [Member] | |||
Business Acquisition [Line Items] | |||
Intangible assets | $ 1,080 |
Mergers and Acquisitions - Sc_3
Mergers and Acquisitions - Schedule of Fair Value of Acquired Identifiable Assets and Liabilities Assumed (Parenthetical) (Detail) | Apr. 21, 2017shares |
Cardinal Financial Corporation [Member] | |
Business Acquisition [Line Items] | |
Common stock, shares issued | 23,690,589 |
Investment Securities - Summary
Investment Securities - Summary of Amortized Cost and Estimated Fair Values of Available for Sale Securities (Detail) - USD ($) $ in Thousands | Sep. 30, 2018 | Dec. 31, 2017 |
Schedule of Investments [Line Items] | ||
Amortized Cost | $ 2,230,884 | $ 1,900,684 |
Gross Unrealized Gains | 2,607 | 8,924 |
Gross Unrealized Losses | 54,924 | 20,852 |
Estimated Fair Value | 2,178,567 | 1,888,756 |
Cumulative OTTI in AOCI | 2,672 | 20,856 |
U.S. Treasury Securities and Obligations of U.S. Government Corporations and Agencies [Member] | ||
Schedule of Investments [Line Items] | ||
Amortized Cost | 103,237 | 114,735 |
Gross Unrealized Gains | 0 | 385 |
Gross Unrealized Losses | 1,672 | 362 |
Estimated Fair Value | 101,565 | 114,758 |
Cumulative OTTI in AOCI | 0 | 0 |
State and Political Subdivisions [Member] | ||
Schedule of Investments [Line Items] | ||
Amortized Cost | 258,656 | 303,101 |
Gross Unrealized Gains | 440 | 3,197 |
Gross Unrealized Losses | 6,850 | 2,429 |
Estimated Fair Value | 252,246 | 303,869 |
Cumulative OTTI in AOCI | 0 | 0 |
Residential Mortgage-Backed Securities [Member] | ||
Schedule of Investments [Line Items] | ||
Amortized Cost | 973,307 | 821,857 |
Gross Unrealized Gains | 541 | 2,096 |
Gross Unrealized Losses | 30,201 | 9,360 |
Estimated Fair Value | 943,647 | 814,593 |
Cumulative OTTI in AOCI | 0 | 0 |
Residential Mortgage-Backed Securities, Non-agency [Member] | ||
Schedule of Investments [Line Items] | ||
Amortized Cost | 4,086 | 4,969 |
Gross Unrealized Gains | 486 | 543 |
Gross Unrealized Losses | 0 | 0 |
Estimated Fair Value | 4,572 | 5,512 |
Cumulative OTTI in AOCI | 86 | 86 |
Commercial Mortgage-Backed Securities [Member] | ||
Schedule of Investments [Line Items] | ||
Amortized Cost | 557,211 | 457,107 |
Gross Unrealized Gains | 71 | 1,059 |
Gross Unrealized Losses | 13,630 | 3,309 |
Estimated Fair Value | 543,652 | 454,857 |
Cumulative OTTI in AOCI | 0 | 0 |
Asset-Backed Securities [Member] | ||
Schedule of Investments [Line Items] | ||
Amortized Cost | 223,350 | 109,829 |
Gross Unrealized Gains | 638 | 148 |
Gross Unrealized Losses | 386 | 7 |
Estimated Fair Value | 223,602 | 109,970 |
Cumulative OTTI in AOCI | 0 | 0 |
Trust Preferred Collateralized Debt Obligations [Member] | ||
Schedule of Investments [Line Items] | ||
Amortized Cost | 6,176 | 37,856 |
Gross Unrealized Gains | 253 | 542 |
Gross Unrealized Losses | 275 | 4,129 |
Estimated Fair Value | 6,154 | 34,269 |
Cumulative OTTI in AOCI | 2,586 | 20,770 |
Single Issue Trust Preferred Securities [Member] | ||
Schedule of Investments [Line Items] | ||
Amortized Cost | 8,748 | 13,417 |
Gross Unrealized Gains | 127 | 368 |
Gross Unrealized Losses | 771 | 1,225 |
Estimated Fair Value | 8,104 | 12,560 |
Cumulative OTTI in AOCI | 0 | 0 |
Corporate Bonds [Member] | ||
Schedule of Investments [Line Items] | ||
Amortized Cost | 96,113 | 28,101 |
Gross Unrealized Gains | 51 | 407 |
Gross Unrealized Losses | 1,139 | 18 |
Estimated Fair Value | 95,025 | 28,490 |
Cumulative OTTI in AOCI | $ 0 | 0 |
Marketable Equity Securities [Member] | ||
Schedule of Investments [Line Items] | ||
Amortized Cost | 9,712 | |
Gross Unrealized Gains | 179 | |
Gross Unrealized Losses | 13 | |
Estimated Fair Value | 9,878 | |
Cumulative OTTI in AOCI | $ 0 |
Investment Securities - Summa_2
Investment Securities - Summary of Securities Available for Sale in an Unrealized Loss Position (Detail) - USD ($) $ in Thousands | Sep. 30, 2018 | Dec. 31, 2017 |
Schedule of Investments [Line Items] | ||
Less than 12 months, Fair Value | $ 1,317,814 | $ 897,752 |
Less than 12 months, Unrealized Losses | 28,208 | 7,828 |
12 months or longer, Fair Value | 610,282 | 369,074 |
12 months or longer, Unrealized Losses | 26,716 | 13,024 |
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 | 89,255 | 36,678 |
Less than 12 months, Unrealized Losses | 1,233 | 230 |
12 months or longer, Fair Value | 12,311 | 22,920 |
12 months or longer, Unrealized Losses | 439 | 132 |
State and Political Subdivisions [Member] | ||
Schedule of Investments [Line Items] | ||
Less than 12 months, Fair Value | 127,202 | 82,896 |
Less than 12 months, Unrealized Losses | 2,166 | 566 |
12 months or longer, Fair Value | 80,886 | 59,432 |
12 months or longer, Unrealized Losses | 4,684 | 1,863 |
Residential Mortgage-Backed Securities [Member] | ||
Schedule of Investments [Line Items] | ||
Less than 12 months, Fair Value | 612,343 | 460,414 |
Less than 12 months, Unrealized Losses | 15,591 | 4,621 |
12 months or longer, Fair Value | 300,669 | 182,482 |
12 months or longer, Unrealized Losses | 14,610 | 4,739 |
Residential Mortgage-Backed Securities, Non-agency [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 |
Commercial Mortgage-Backed Securities [Member] | ||
Schedule of Investments [Line Items] | ||
Less than 12 months, Fair Value | 318,487 | 282,858 |
Less than 12 months, Unrealized Losses | 7,693 | 2,386 |
12 months or longer, Fair Value | 209,241 | 70,763 |
12 months or longer, Unrealized Losses | 5,937 | 923 |
Asset-Backed Securities [Member] | ||
Schedule of Investments [Line Items] | ||
Less than 12 months, Fair Value | 92,432 | 27,931 |
Less than 12 months, Unrealized Losses | 386 | 7 |
12 months or longer, Fair Value | 0 | 0 |
12 months or longer, Unrealized Losses | 0 | 0 |
Trust Preferred Collateralized Debt Obligations [Member] | ||
Schedule of Investments [Line Items] | ||
Less than 12 months, Fair Value | 0 | 0 |
Less than 12 months, Unrealized Losses | 0 | 0 |
12 months or longer, Fair Value | 2,225 | 28,629 |
12 months or longer, Unrealized Losses | 275 | 4,129 |
Single Issue Trust Preferred Securities [Member] | ||
Schedule of Investments [Line Items] | ||
Less than 12 months, Fair Value | 0 | 0 |
Less than 12 months, Unrealized Losses | 0 | 0 |
12 months or longer, Fair Value | 4,950 | 4,485 |
12 months or longer, Unrealized Losses | 771 | 1,225 |
Corporate Bonds [Member] | ||
Schedule of Investments [Line Items] | ||
Less than 12 months, Fair Value | 78,095 | 6,975 |
Less than 12 months, Unrealized Losses | 1,139 | 18 |
12 months or longer, Fair Value | 0 | 0 |
12 months or longer, Unrealized Losses | $ 0 | 0 |
Marketable Equity Securities [Member] | ||
Schedule of Investments [Line Items] | ||
Less than 12 months, Fair Value | 0 | |
Less than 12 months, Unrealized Losses | 0 | |
12 months or longer, Fair Value | 363 | |
12 months or longer, Unrealized Losses | $ 13 |
Investment Securities - Summa_3
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 | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Investments, Debt and Equity Securities [Abstract] | ||||
Proceeds from sales and calls | $ 109,093 | $ 64,257 | $ 283,953 | $ 631,561 |
Gross realized gains | 93 | 1,781 | 1,314 | 2,840 |
Gross realized losses | $ 207 | $ 1,314 | $ 1,604 | $ 1,396 |
Investment Securities - Additio
Investment Securities - Additional Information (Detail) | 9 Months Ended | ||
Sep. 30, 2018USD ($)Securities | Dec. 31, 2017USD ($) | Sep. 30, 2017USD ($) | |
Schedule of Investments [Line Items] | |||
Gross unrealized losses on available for sale securities | $ 54,924,000 | $ 20,852,000 | |
Available for sale securities in unrealized loss position | Securities | 733 | ||
Available for sale securities in portfolio, number | Securities | 865 | ||
Amortized cost of available for sale securities | $ 2,230,884,000 | 1,900,684,000 | |
Capitalization of banks, equal to or greater than, in the single-issue trust preferred portfolio | 10,000,000,000 | ||
Gross realized gains | 0 | $ 0 | |
Gross realized losses | 0 | $ 0 | |
Equity securities at estimated fair value | 9,845,000 | 0 | |
Carrying value of securities pledged | 1,999,152,000 | 1,403,565,000 | |
SunTrust Bank [Member] | |||
Schedule of Investments [Line Items] | |||
Amortized cost of trust preferred securities | 7,432,000 | ||
Royal Bank of Scotland [Member] | |||
Schedule of Investments [Line Items] | |||
Amortized cost of trust preferred securities | 977,000 | ||
Investment Grade [Member] | |||
Schedule of Investments [Line Items] | |||
Amortized cost of available for sale single issue trust preferred securities | 3,028,000 | ||
Below Investment Grade [Member] | |||
Schedule of Investments [Line Items] | |||
Amortized cost of available for sale single issue trust preferred securities | 5,720,000 | ||
State and Political Subdivisions [Member] | |||
Schedule of Investments [Line Items] | |||
Gross unrealized losses on available for sale securities | 6,850,000 | 2,429,000 | |
Amortized cost of available for sale securities | $ 258,656,000 | 303,101,000 | |
Percent of portfolio with credit support | 76.00% | ||
Investment grade credit rate percentage | 1.00% | ||
Number of equity securities other-than-temporarily impaired | Securities | 0 | ||
Trust Preferred Collateralized Debt Obligations [Member] | |||
Schedule of Investments [Line Items] | |||
Gross unrealized losses on available for sale securities | $ 275,000 | 4,129,000 | |
Amortized cost of available for sale securities | 6,176,000 | 37,856,000 | |
Trust Preferred Collateralized Debt Obligations [Member] | TRUP CDOs [Member] | |||
Schedule of Investments [Line Items] | |||
Amortized cost of available for sale securities | 6,176,000 | ||
Agency Mortgage Backed Securities [Member] | |||
Schedule of Investments [Line Items] | |||
Amortized cost of available for sale securities | 1,530,518,000 | ||
Commercial Mortgage-Backed Securities [Member] | |||
Schedule of Investments [Line Items] | |||
Gross unrealized losses on available for sale securities | 13,630,000 | 3,309,000 | |
Amortized cost of available for sale securities | 557,211,000 | 457,107,000 | |
Residential Mortgage-Backed Securities [Member] | |||
Schedule of Investments [Line Items] | |||
Gross unrealized losses on available for sale securities | 30,201,000 | 9,360,000 | |
Amortized cost of available for sale securities | 973,307,000 | 821,857,000 | |
Residential Mortgage-Backed Securities, Non-agency [Member] | |||
Schedule of Investments [Line Items] | |||
Gross unrealized losses on available for sale securities | 0 | 0 | |
Amortized cost of available for sale securities | 4,086,000 | 4,969,000 | |
Residential Mortgage-Backed Securities, Non-agency [Member] | Investment Grade [Member] | |||
Schedule of Investments [Line Items] | |||
Amortized cost of available for sale securities | 170,000 | ||
Residential Mortgage-Backed Securities, Non-agency [Member] | Below Investment Grade [Member] | |||
Schedule of Investments [Line Items] | |||
Amortized cost of available for sale securities | 3,916,000 | ||
Corporate Bonds [Member] | |||
Schedule of Investments [Line Items] | |||
Gross unrealized losses on available for sale securities | 1,139,000 | 18,000 | |
Amortized cost of available for sale securities | $ 96,113,000 | $ 28,101,000 | |
Number of equity securities other-than-temporarily impaired | 0 | ||
Corporate Bonds [Member] | Debt Issuances of Corporations [Member] | |||
Schedule of Investments [Line Items] | |||
Amortized cost of available for sale securities | $ 96,113,000 | ||
Corporate Bonds [Member] | Investment Grade [Member] | |||
Schedule of Investments [Line Items] | |||
Percent of corporate securities portfolio | 78.00% | ||
Corporate Bonds [Member] | Below Investment Grade [Member] | |||
Schedule of Investments [Line Items] | |||
Percent of corporate securities portfolio | 22.00% |
Investment Securities - Roll Fo
Investment Securities - Roll Forward of Credit Losses on Securities (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Investments, Debt and Equity Securities [Abstract] | ||||
Cumulative credit losses, Beginning Balance | $ 3,199 | $ 22,162 | $ 18,060 | $ 22,162 |
Reductions for securities sold or paid off during the period | 0 | (4,102) | (14,861) | (4,102) |
Cumulative credit losses, Ending Balance | $ 3,199 | $ 18,060 | $ 3,199 | $ 18,060 |
Investment Securities - Summa_4
Investment Securities - Summary of Maturities of Securities Available for Sale by Amortized Cost and Estimated Fair Value (Detail) - USD ($) $ in Thousands | Sep. 30, 2018 | Dec. 31, 2017 |
Investments, Debt and Equity Securities [Abstract] | ||
Due in one year or less, Amortized Cost | $ 76,698 | $ 50,311 |
Due after one year through five years, Amortized Cost | 500,052 | 386,039 |
Due after five years through ten years, Amortized Cost | 466,155 | 400,129 |
Due after ten years, Amortized Cost | 1,187,979 | 1,054,493 |
Marketable equity securities, Amortized Cost | 0 | 9,712 |
Amortized Cost | 2,230,884 | 1,900,684 |
Due in one year or less, Estimated Fair Value | 76,346 | 50,212 |
Due after one year through five years, Estimated Fair Value | 490,797 | 384,585 |
Due after five years through ten years, Estimated Fair Value | 451,981 | 398,208 |
Due after ten years, Estimated Fair Value | 1,159,443 | 1,045,873 |
Marketable equity securities, Estimated Fair Value | 0 | 9,878 |
Total available for sale securities | $ 2,178,567 | $ 1,888,756 |
Investment Securities - Summa_5
Investment Securities - Summary of Amortized Cost and Estimated Fair Values of Securities Held to Maturity (Detail) - USD ($) $ in Thousands | Sep. 30, 2018 | Dec. 31, 2017 |
Schedule of Investments [Line Items] | ||
Amortized Cost | $ 20,351 | $ 20,428 |
Gross Unrealized Gains | 142 | 321 |
Gross Unrealized Losses | 874 | 731 |
Estimated Fair Value | 19,619 | 20,018 |
U.S. Treasury Securities and Obligations of U.S. Government Corporations and Agencies [Member] | ||
Schedule of Investments [Line Items] | ||
Amortized Cost | 5,103 | 5,187 |
Gross Unrealized Gains | 132 | 308 |
Gross Unrealized Losses | 0 | 0 |
Estimated Fair Value | 5,235 | 5,495 |
State and Political Subdivisions [Member] | ||
Schedule of Investments [Line Items] | ||
Amortized Cost | 5,798 | 5,797 |
Gross Unrealized Gains | 8 | 10 |
Gross Unrealized Losses | 1 | 0 |
Estimated Fair Value | 5,805 | 5,807 |
Residential Mortgage-Backed Securities [Member] | ||
Schedule of Investments [Line Items] | ||
Amortized Cost | 21 | 23 |
Gross Unrealized Gains | 2 | 3 |
Gross Unrealized Losses | 0 | 0 |
Estimated Fair Value | 23 | 26 |
Single Issue Trust Preferred Securities [Member] | ||
Schedule of Investments [Line Items] | ||
Amortized Cost | 9,409 | 9,401 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | 873 | 731 |
Estimated Fair Value | 8,536 | 8,670 |
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 - Summa_6
Investment Securities - Summary of Maturities of Debt Securities Held to Maturity by Amortized Cost and Estimated Fair Value (Detail) - USD ($) $ in Thousands | Sep. 30, 2018 | Dec. 31, 2017 |
Investments, Debt and Equity Securities [Abstract] | ||
Due in one year or less, Amortized Cost | $ 7,103 | $ 0 |
Due after one year through five years, Amortized Cost | 2,158 | 9,344 |
Due after five years through ten years, Amortized Cost | 8,093 | 5,663 |
Due after ten years, Amortized Cost | 2,997 | 5,421 |
Amortized Cost | 20,351 | 20,428 |
Due in one year or less, Estimated Fair Value | 7,235 | 0 |
Due after one year through five years, Estimated Fair Value | 2,163 | 9,660 |
Due after five years through ten year, Estimated Fair Value | 7,610 | 5,343 |
Due after ten years, Estimated Fair Value | 2,611 | 5,015 |
Estimated Fair Value, Total | $ 19,619 | $ 20,018 |
Investment Securities - Summa_7
Investment Securities - Summary of Equity Securities (Detail) - Marketable Equity Securities [Member] - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended |
Sep. 30, 2018 | Sep. 30, 2018 | |
Debt Securities, Available-for-sale [Line Items] | ||
Net losses recognized during the period | $ (38) | $ (102) |
Net losses recognized during the period on equity securities sold | (2) | (4) |
Unrealized gains recognized during the period on equity securities still held at period end | 0 | 50 |
Unrealized losses recognized during the period on equity securities still held at period end | $ 36 | $ 148 |
Loans - Major Classes of Loans
Loans - Major Classes of Loans (Detail) - USD ($) $ in Thousands | Sep. 30, 2018 | Dec. 31, 2017 |
Commercial, financial, and agricultural | ||
Total commercial, financial & agricultural | $ 7,610,854 | $ 7,811,906 |
Residential real estate | 3,387,268 | 2,996,171 |
Construction & land development | 1,379,985 | 1,504,907 |
Consumer: | ||
Bankcard | 9,530 | 10,314 |
Other consumer | 899,074 | 704,039 |
Total Financing Receivables | 13,286,711 | 13,027,337 |
Owner-Occupied [Member] | ||
Commercial, financial, and agricultural | ||
Total commercial, financial & agricultural | 1,336,434 | 1,361,629 |
Nonowner-Occupied [Member] | ||
Commercial, financial, and agricultural | ||
Total commercial, financial & agricultural | 4,341,501 | 4,451,298 |
Other Commercial [Member] | ||
Commercial, financial, and agricultural | ||
Total commercial, financial & agricultural | $ 1,932,919 | $ 1,998,979 |
Loans - Additional Information
Loans - Additional Information (Detail) - USD ($) $ in Thousands | Sep. 30, 2018 | Dec. 31, 2017 |
Loans held for sale | $ 234,196 | $ 265,955 |
Acquired impaired loans from merger | $ 13,286,711 | $ 13,027,337 |
Percentage of acquired impaired loans from merger on total gross loans | 1.17% | 1.62% |
Recorded investment in acquired impaired loans | $ 205,034 | $ 285,964 |
Directors and Officers [Member] | ||
Related party loans | 25,826 | 36,360 |
Loans Acquired with Deteriorated Credit Quality [Member] | ||
Acquired impaired loans from merger | $ 155,526 | $ 210,521 |
Loans - Activity for Accretable
Loans - Activity for Accretable Yield (Detail) $ in Thousands | 9 Months Ended |
Sep. 30, 2018USD ($) | |
Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Accretable Yield Movement Schedule [Roll Forward] | |
Accretable yield at the beginning of the period | $ 39,098 |
Accretion (including cash recoveries) | (8,371) |
Additions | 691 |
Net reclassifications to accretable from non-accretable | 9,112 |
Disposals (including maturities, foreclosures, and charge-offs) | (3,323) |
Accretable yield at the end of the period | $ 37,207 |
Credit Quality - Additional Inf
Credit Quality - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended | |
Sep. 30, 2018 | Sep. 30, 2018 | Sep. 30, 2017 | Dec. 31, 2017 | |
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 | $ 63,626 | $ 50,129 | ||
Restructured loans on nonaccrual status | $ 50,974 | 50,974 | 30,868 | |
Restructured loans modified by reduction in interest | 1,646 | 1,646 | ||
Restructured loan and interest | 1,849 | 1,849 | ||
Restructured loans modified by change in terms | 60,131 | 60,131 | ||
Restructured loans modified by reduction in interest rate and change in terms | 7,636 | $ 24,115 | $ 29,024 | |
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 | 18,786 | $ 18,786 | 24,348 | |
Recorded investment of consumer mortgage loans | 569 | 569 | 873 | |
Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | ||||
Restructured loans on nonaccrual status | 85 | 85 | 95 | |
Financing Receivables 30 To 89 Days Past Due [Member] | ||||
Restructured loans on nonaccrual status | $ 1,778 | $ 1,778 | $ 1,254 |
Credit Quality - Schedule of Tr
Credit Quality - Schedule of Troubled Debt Restructurings, Segregated by Class of Loans (Detail) $ in Thousands | 3 Months Ended | 9 Months Ended | |
Sep. 30, 2018USD ($)Contract | Sep. 30, 2018USD ($)Contract | Sep. 30, 2017USD ($)Contract | |
Financing Receivable, Modifications [Line Items] | |||
Number of Contracts | Contract | 6 | 12 | 10 |
Pre-Modification Outstanding Recorded Investment | $ 7,692 | $ 24,217 | $ 30,891 |
Post-Modification Outstanding Recorded Investment | $ 7,636 | $ 24,115 | $ 29,024 |
Construction & Land Development [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Number of Contracts | Contract | 0 | 0 | 1 |
Pre-Modification Outstanding Recorded Investment | $ 0 | $ 0 | $ 1,456 |
Post-Modification Outstanding Recorded Investment | $ 0 | $ 0 | $ 1,400 |
Commercial Real Estate [Member] | Owner-Occupied [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Number of Contracts | Contract | 0 | 0 | 1 |
Pre-Modification Outstanding Recorded Investment | $ 0 | $ 0 | $ 5,333 |
Post-Modification Outstanding Recorded Investment | $ 0 | $ 0 | $ 5,333 |
Commercial Real Estate [Member] | Nonowner-Occupied [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Number of Contracts | Contract | 0 | 0 | 0 |
Pre-Modification Outstanding Recorded Investment | $ 0 | $ 0 | $ 0 |
Post-Modification Outstanding Recorded Investment | $ 0 | $ 0 | $ 0 |
Other Commercial [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Number of Contracts | Contract | 5 | 9 | 8 |
Pre-Modification Outstanding Recorded Investment | $ 7,420 | $ 16,992 | $ 24,102 |
Post-Modification Outstanding Recorded Investment | $ 7,364 | $ 16,890 | $ 22,291 |
Residential Real Estate [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Number of Contracts | Contract | 1 | 3 | 0 |
Pre-Modification Outstanding Recorded Investment | $ 272 | $ 7,225 | $ 0 |
Post-Modification Outstanding Recorded Investment | $ 272 | $ 7,225 | $ 0 |
Consumer [Member] | Bankcard [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Number of Contracts | Contract | 0 | 0 | 0 |
Pre-Modification Outstanding Recorded Investment | $ 0 | $ 0 | $ 0 |
Post-Modification Outstanding Recorded Investment | $ 0 | $ 0 | $ 0 |
Consumer [Member] | Other Consumer [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Number of Contracts | Contract | 0 | 0 | 0 |
Pre-Modification Outstanding Recorded Investment | $ 0 | $ 0 | $ 0 |
Post-Modification Outstanding Recorded Investment | $ 0 | $ 0 | $ 0 |
Credit Quality - Schedule of Ch
Credit Quality - Schedule of Charged-off Troubled Debt Restructurings on Financing Receivables (Detail) $ in Thousands | 3 Months Ended | 9 Months Ended |
Sep. 30, 2018USD ($)Contract | Sep. 30, 2018USD ($)Contract | |
Financing Receivable, Modifications [Line Items] | ||
Number of Contracts | Contract | 1 | 1 |
Recorded Investment | $ | $ 622 | $ 622 |
Construction & Land Development [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Number of Contracts | Contract | 0 | 0 |
Recorded Investment | $ | $ 0 | $ 0 |
Commercial Real Estate [Member] | Owner-Occupied [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Number of Contracts | Contract | 0 | 0 |
Recorded Investment | $ | $ 0 | $ 0 |
Commercial Real Estate [Member] | Nonowner-Occupied [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Number of Contracts | Contract | 0 | 0 |
Recorded Investment | $ | $ 0 | $ 0 |
Other Commercial [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Number of Contracts | Contract | 1 | 1 |
Recorded Investment | $ | $ 622 | $ 622 |
Residential Real Estate [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Number of Contracts | Contract | 0 | 0 |
Recorded Investment | $ | $ 0 | $ 0 |
Consumer [Member] | Bankcard [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Number of Contracts | Contract | 0 | 0 |
Recorded Investment | $ | $ 0 | $ 0 |
Consumer [Member] | Other Consumer [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Number of Contracts | Contract | 0 | 0 |
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 | Sep. 30, 2018 | Dec. 31, 2017 |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans, 30-89 Days Past Due | $ 83,259 | $ 76,551 |
Loans, Total Past Due | 216,820 | 226,119 |
Loans, Current & Other | 13,069,891 | 12,801,218 |
Total Financing Receivables | 13,286,711 | 13,027,337 |
Loans, Recorded Investment >90 Days & Accruing | 16,034 | 9,897 |
Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans, Total Past Due | 133,561 | 149,568 |
Construction & Land Development [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans, 30-89 Days Past Due | 3,406 | 1,615 |
Loans, Total Past Due | 20,475 | 18,805 |
Loans, Current & Other | 1,359,510 | 1,486,102 |
Total Financing Receivables | 1,379,985 | 1,504,907 |
Loans, Recorded Investment >90 Days & Accruing | 642 | 385 |
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 | 17,069 | 17,190 |
Commercial Real Estate [Member] | Owner-Occupied [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans, 30-89 Days Past Due | 11,089 | 7,968 |
Loans, Total Past Due | 29,098 | 21,631 |
Loans, Current & Other | 1,307,336 | 1,339,998 |
Total Financing Receivables | 1,336,434 | 1,361,629 |
Loans, Recorded Investment >90 Days & Accruing | 1,431 | 458 |
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 | 18,009 | 13,663 |
Commercial Real Estate [Member] | Nonowner-Occupied [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans, 30-89 Days Past Due | 17,182 | 10,398 |
Loans, Total Past Due | 34,739 | 30,846 |
Loans, Current & Other | 4,306,762 | 4,420,452 |
Total Financing Receivables | 4,341,501 | 4,451,298 |
Loans, Recorded Investment >90 Days & Accruing | 2,015 | 634 |
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 | 17,557 | 20,448 |
Other Commercial [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans, 30-89 Days Past Due | 7,413 | 11,533 |
Loans, Total Past Due | 56,880 | 80,009 |
Loans, Current & Other | 1,876,039 | 1,918,970 |
Total Financing Receivables | 1,932,919 | 1,998,979 |
Loans, Recorded Investment >90 Days & Accruing | 1,326 | 940 |
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 | 49,467 | 68,476 |
Residential Real Estate [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans, 30-89 Days Past Due | 35,646 | 35,300 |
Loans, Total Past Due | 66,165 | 63,937 |
Loans, Current & Other | 3,321,103 | 2,932,234 |
Total Financing Receivables | 3,387,268 | 2,996,171 |
Loans, Recorded Investment >90 Days & Accruing | 9,941 | 6,519 |
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 | 30,519 | 28,637 |
Consumer [Member] | Bankcard [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans, 30-89 Days Past Due | 649 | 449 |
Loans, Total Past Due | 826 | 635 |
Loans, Current & Other | 8,704 | 9,679 |
Total Financing Receivables | 9,530 | 10,314 |
Loans, Recorded Investment >90 Days & Accruing | 177 | 186 |
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 | 177 | 186 |
Consumer [Member] | Other Consumer [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans, 30-89 Days Past Due | 7,874 | 9,288 |
Loans, Total Past Due | 8,637 | 10,256 |
Loans, Current & Other | 890,437 | 693,783 |
Total Financing Receivables | 899,074 | 704,039 |
Loans, Recorded Investment >90 Days & Accruing | 502 | 775 |
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 | $ 763 | $ 968 |
Credit Quality - Schedule of _2
Credit Quality - Schedule of Age Analysis of its Past Due Loans, Segregated by Class of Loans (Parenthetical) (Detail) - USD ($) $ in Thousands | Sep. 30, 2018 | Dec. 31, 2017 |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Acquired impaired loans from merger | $ 13,286,711 | $ 13,027,337 |
Loans Acquired with Deteriorated Credit Quality [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Acquired impaired loans from merger | $ 155,526 | $ 210,521 |
Credit Quality - Schedule of No
Credit Quality - Schedule of Nonaccrual Loans, Segregated by Class of Loans (Detail) - USD ($) $ in Thousands | Sep. 30, 2018 | Dec. 31, 2017 |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans on Nonaccrual Status | $ 117,527 | $ 139,671 |
Construction & Land Development [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans on Nonaccrual Status | 16,427 | 16,805 |
Commercial Real Estate [Member] | Owner-Occupied [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans on Nonaccrual Status | 16,578 | 13,205 |
Commercial Real Estate [Member] | Nonowner-Occupied [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans on Nonaccrual Status | 15,542 | 19,814 |
Other Commercial [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans on Nonaccrual Status | 48,141 | 67,536 |
Residential Real Estate [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans on Nonaccrual Status | 20,578 | 22,118 |
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 | $ 261 | $ 193 |
Credit Quality - Schedule of Cr
Credit Quality - Schedule of Credit Quality Indicators Information, by Class of Loans (Detail) - USD ($) $ in Thousands | Sep. 30, 2018 | Dec. 31, 2017 |
Financing Receivable, Recorded Investment [Line Items] | ||
Financing receivable, credit quality indicators information | $ 13,286,711 | $ 13,027,337 |
Residential Real Estate [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing receivable, credit quality indicators information | 3,387,268 | 2,996,171 |
Other Commercial [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing receivable, credit quality indicators information | 1,932,919 | 1,998,979 |
Bankcard [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing receivable, credit quality indicators information | 9,530 | 10,314 |
Other Consumer [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing receivable, credit quality indicators information | 899,074 | 704,039 |
Owner-Occupied [Member] | Commercial Real Estate [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing receivable, credit quality indicators information | 1,336,434 | 1,361,629 |
Nonowner-Occupied [Member] | Commercial Real Estate [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing receivable, credit quality indicators information | 4,341,501 | 4,451,298 |
Construction & Land Development [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing receivable, credit quality indicators information | 1,379,985 | 1,504,907 |
Pass [Member] | Residential Real Estate [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing receivable, credit quality indicators information | 3,322,863 | 2,945,266 |
Pass [Member] | Other Commercial [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing receivable, credit quality indicators information | 1,827,465 | 1,848,868 |
Pass [Member] | Bankcard [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing receivable, credit quality indicators information | 8,704 | 9,679 |
Pass [Member] | Other Consumer [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing receivable, credit quality indicators information | 890,411 | 693,727 |
Pass [Member] | Owner-Occupied [Member] | Commercial Real Estate [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing receivable, credit quality indicators information | 1,266,769 | 1,276,088 |
Pass [Member] | Nonowner-Occupied [Member] | Commercial Real Estate [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing receivable, credit quality indicators information | 4,197,966 | 4,312,985 |
Pass [Member] | Construction & Land Development [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing receivable, credit quality indicators information | 1,302,968 | 1,413,706 |
Special Mention [Member] | Residential Real Estate [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing receivable, credit quality indicators information | 17,309 | 18,025 |
Special Mention [Member] | Other Commercial [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing receivable, credit quality indicators information | 13,528 | 55,564 |
Special Mention [Member] | Bankcard [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing receivable, credit quality indicators information | 649 | 449 |
Special Mention [Member] | Other Consumer [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing receivable, credit quality indicators information | 7,879 | 9,334 |
Special Mention [Member] | Owner-Occupied [Member] | Commercial Real Estate [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing receivable, credit quality indicators information | 15,221 | 20,165 |
Special Mention [Member] | Nonowner-Occupied [Member] | Commercial Real Estate [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing receivable, credit quality indicators information | 60,293 | 57,618 |
Special Mention [Member] | Construction & Land Development [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing receivable, credit quality indicators information | 4,715 | 5,196 |
Substandard [Member] | Residential Real Estate [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing receivable, credit quality indicators information | 47,096 | 32,880 |
Substandard [Member] | Other Commercial [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing receivable, credit quality indicators information | 90,023 | 90,625 |
Substandard [Member] | Bankcard [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing receivable, credit quality indicators information | 177 | 186 |
Substandard [Member] | Other Consumer [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing receivable, credit quality indicators information | 784 | 978 |
Substandard [Member] | Owner-Occupied [Member] | Commercial Real Estate [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing receivable, credit quality indicators information | 54,444 | 65,376 |
Substandard [Member] | Nonowner-Occupied [Member] | Commercial Real Estate [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing receivable, credit quality indicators information | 83,242 | 80,695 |
Substandard [Member] | Construction & Land Development [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing receivable, credit quality indicators information | 72,302 | 86,005 |
Doubtful [Member] | Residential Real Estate [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing receivable, credit quality indicators information | 0 | 0 |
Doubtful [Member] | Other Commercial [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing receivable, credit quality indicators information | 1,903 | 3,922 |
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 | 0 | 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 | $ 0 | $ 0 |
Credit Quality - Schedule of Im
Credit Quality - Schedule of Impaired Loans Information by Class of Loans (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | Dec. 31, 2017 | |
Construction & Land Development [Member] | |||||
Financing Receivable, Impaired [Line Items] | |||||
Impaired Loans, Recorded Investment, With no related allowance recorded | $ 36,576 | $ 36,576 | $ 52,279 | ||
Impaired Loans, Unpaid Principal Balance, With no related allowance recorded | 40,673 | 40,673 | 59,691 | ||
Impaired Loans, Recorded Investment, With an allowance recorded | 16,816 | 16,816 | 1,383 | ||
Impaired Loans, Unpaid Principal Balance, With an allowance recorded | 19,470 | 19,470 | 1,383 | ||
Impaired Loans, Related Allowance | 2,494 | 2,494 | 229 | ||
Impaired Loans, Recorded Investment | 53,392 | 53,392 | 53,662 | ||
Impaired Loans, Unpaid Principal Balance | 60,143 | 60,143 | 61,074 | ||
Impaired Loans, Related Allowance | 2,494 | 2,494 | 229 | ||
Impaired Loans, Average Recorded Investment, With no related allowance recorded | 41,036 | $ 42,240 | 43,464 | $ 40,344 | |
Impaired Loans, Interest Income Recognized, With no related allowance recorded | 278 | 348 | 707 | 1,046 | |
Impaired Loans, Average Recorded Investment, With an allowance recorded | 9,408 | 1,602 | 6,944 | 2,195 | |
Impaired Loans, Interest Income Recognized, With an allowance recorded | 20 | 21 | 60 | 63 | |
Impaired Loans, Average Recorded Investment | 50,444 | 43,842 | 50,408 | 42,539 | |
Impaired Loans, Interest Income Recognized | 298 | 369 | 767 | 1,109 | |
Bankcard [Member] | |||||
Financing Receivable, Impaired [Line Items] | |||||
Impaired Loans, Average Recorded Investment, With no related allowance recorded | 0 | 0 | 0 | 0 | |
Impaired Loans, Interest Income Recognized, With no related allowance recorded | 0 | 0 | 0 | 0 | |
Other Consumer [Member] | |||||
Financing Receivable, Impaired [Line Items] | |||||
Impaired Loans, Average Recorded Investment, With no related allowance recorded | 23 | 25 | 29 | 29 | |
Impaired Loans, Interest Income Recognized, With no related allowance recorded | 0 | 0 | 0 | 0 | |
Commercial Real Estate [Member] | Owner-Occupied [Member] | |||||
Financing Receivable, Impaired [Line Items] | |||||
Impaired Loans, Recorded Investment, With no related allowance recorded | 58,367 | 58,367 | 78,117 | ||
Impaired Loans, Unpaid Principal Balance, With no related allowance recorded | 58,532 | 58,532 | 78,419 | ||
Impaired Loans, Recorded Investment, With an allowance recorded | 9,990 | 9,990 | 9,132 | ||
Impaired Loans, Unpaid Principal Balance, With an allowance recorded | 9,990 | 9,990 | 9,132 | ||
Impaired Loans, Related Allowance | 2,560 | 2,560 | 2,251 | ||
Impaired Loans, Recorded Investment | 68,357 | 68,357 | 87,249 | ||
Impaired Loans, Unpaid Principal Balance | 68,522 | 68,522 | 87,551 | ||
Impaired Loans, Related Allowance | 2,560 | 2,560 | 2,251 | ||
Impaired Loans, Average Recorded Investment, With no related allowance recorded | 65,625 | 74,111 | 69,009 | 70,477 | |
Impaired Loans, Interest Income Recognized, With no related allowance recorded | 365 | 374 | 1,101 | 1,227 | |
Impaired Loans, Average Recorded Investment, With an allowance recorded | 7,378 | 11,442 | 6,876 | 12,141 | |
Impaired Loans, Interest Income Recognized, With an allowance recorded | 6 | 78 | 18 | 393 | |
Impaired Loans, Average Recorded Investment | 73,003 | 85,553 | 75,885 | 82,618 | |
Impaired Loans, Interest Income Recognized | 371 | 452 | 1,119 | 1,620 | |
Commercial Real Estate [Member] | Nonowner-Occupied [Member] | |||||
Financing Receivable, Impaired [Line Items] | |||||
Impaired Loans, Recorded Investment, With no related allowance recorded | 98,912 | 98,912 | 134,136 | ||
Impaired Loans, Unpaid Principal Balance, With no related allowance recorded | 98,971 | 98,971 | 134,195 | ||
Impaired Loans, Recorded Investment, With an allowance recorded | 14,468 | 14,468 | 7,797 | ||
Impaired Loans, Unpaid Principal Balance, With an allowance recorded | 14,468 | 14,468 | 7,797 | ||
Impaired Loans, Related Allowance | 2,683 | 2,683 | 1,592 | ||
Impaired Loans, Recorded Investment | 113,380 | 113,380 | 141,933 | ||
Impaired Loans, Unpaid Principal Balance | 113,439 | 113,439 | 141,992 | ||
Impaired Loans, Related Allowance | 2,683 | 2,683 | 1,592 | ||
Impaired Loans, Average Recorded Investment, With no related allowance recorded | 99,005 | 148,753 | 105,199 | 121,811 | |
Impaired Loans, Interest Income Recognized, With no related allowance recorded | 311 | 178 | 928 | 551 | |
Impaired Loans, Average Recorded Investment, With an allowance recorded | 12,465 | 13,111 | 11,158 | 13,492 | |
Impaired Loans, Interest Income Recognized, With an allowance recorded | 189 | 10 | 251 | 108 | |
Impaired Loans, Average Recorded Investment | 111,470 | 161,864 | 116,357 | 135,303 | |
Impaired Loans, Interest Income Recognized | 500 | 188 | 1,179 | 659 | |
Other Commercial [Member] | |||||
Financing Receivable, Impaired [Line Items] | |||||
Impaired Loans, Recorded Investment, With no related allowance recorded | 60,602 | 60,602 | 46,993 | ||
Impaired Loans, Unpaid Principal Balance, With no related allowance recorded | 63,069 | 63,069 | 49,552 | ||
Impaired Loans, Recorded Investment, With an allowance recorded | 50,454 | 50,454 | 60,512 | ||
Impaired Loans, Unpaid Principal Balance, With an allowance recorded | 59,052 | 59,052 | 70,396 | ||
Impaired Loans, Related Allowance | 16,500 | 16,500 | 16,721 | ||
Impaired Loans, Recorded Investment | 111,056 | 111,056 | 107,505 | ||
Impaired Loans, Unpaid Principal Balance | 122,121 | 122,121 | 119,948 | ||
Impaired Loans, Related Allowance | 16,500 | 16,500 | 16,721 | ||
Impaired Loans, Average Recorded Investment, With no related allowance recorded | 56,489 | 57,302 | 55,124 | 57,047 | |
Impaired Loans, Interest Income Recognized, With no related allowance recorded | 313 | 148 | 1,020 | 632 | |
Impaired Loans, Average Recorded Investment, With an allowance recorded | 47,563 | 71,886 | 47,736 | 71,736 | |
Impaired Loans, Interest Income Recognized, With an allowance recorded | 305 | 42 | 380 | 685 | |
Impaired Loans, Average Recorded Investment | 104,052 | 129,188 | 102,860 | 128,783 | |
Impaired Loans, Interest Income Recognized | 618 | 190 | 1,400 | 1,317 | |
Residential Real Estate [Member] | |||||
Financing Receivable, Impaired [Line Items] | |||||
Impaired Loans, Recorded Investment, With no related allowance recorded | 33,190 | 33,190 | 26,751 | ||
Impaired Loans, Unpaid Principal Balance, With no related allowance recorded | 34,041 | 34,041 | 28,202 | ||
Impaired Loans, Recorded Investment, With an allowance recorded | 17,853 | 17,853 | 9,813 | ||
Impaired Loans, Unpaid Principal Balance, With an allowance recorded | 19,295 | 19,295 | 10,418 | ||
Impaired Loans, Related Allowance | 3,115 | 3,115 | 1,552 | ||
Impaired Loans, Recorded Investment | 51,043 | 51,043 | 36,564 | ||
Impaired Loans, Unpaid Principal Balance | 53,336 | 53,336 | 38,620 | ||
Impaired Loans, Related Allowance | 3,115 | 3,115 | 1,552 | ||
Impaired Loans, Average Recorded Investment, With no related allowance recorded | 28,753 | 21,772 | 27,210 | 21,397 | |
Impaired Loans, Interest Income Recognized, With no related allowance recorded | 144 | 58 | 501 | 219 | |
Impaired Loans, Average Recorded Investment, With an allowance recorded | 14,975 | 15,276 | 13,946 | 14,904 | |
Impaired Loans, Interest Income Recognized, With an allowance recorded | 57 | 16 | 247 | 58 | |
Impaired Loans, Average Recorded Investment | 43,728 | 37,048 | 41,156 | 36,301 | |
Impaired Loans, Interest Income Recognized | 201 | 74 | 748 | 277 | |
Consumer [Member] | Bankcard [Member] | |||||
Financing Receivable, Impaired [Line Items] | |||||
Impaired Loans, Recorded Investment, With no related allowance recorded | 0 | 0 | 0 | ||
Impaired Loans, Unpaid Principal Balance, With no related allowance recorded | 0 | 0 | 0 | ||
Impaired Loans, Recorded Investment, With an allowance recorded | 0 | 0 | 0 | ||
Impaired Loans, Unpaid Principal Balance, With an allowance recorded | 0 | 0 | 0 | ||
Impaired Loans, Related Allowance | 0 | 0 | 0 | ||
Impaired Loans, Recorded Investment | 0 | 0 | 0 | ||
Impaired Loans, Unpaid Principal Balance | 0 | 0 | 0 | ||
Impaired Loans, Related Allowance | 0 | 0 | 0 | ||
Impaired Loans, Average Recorded Investment, With an allowance recorded | 0 | 0 | 0 | 0 | |
Impaired Loans, Interest Income Recognized, With an allowance recorded | 0 | 0 | 0 | 0 | |
Impaired Loans, Average Recorded Investment | 0 | 0 | 0 | 0 | |
Impaired Loans, Interest Income Recognized | 0 | 0 | 0 | 0 | |
Consumer [Member] | Other Consumer [Member] | |||||
Financing Receivable, Impaired [Line Items] | |||||
Impaired Loans, Recorded Investment, With no related allowance recorded | 23 | 23 | 15 | ||
Impaired Loans, Unpaid Principal Balance, With no related allowance recorded | 23 | 23 | 15 | ||
Impaired Loans, Recorded Investment, With an allowance recorded | 0 | 0 | 0 | ||
Impaired Loans, Unpaid Principal Balance, With an allowance recorded | 0 | 0 | 0 | ||
Impaired Loans, Related Allowance | 0 | 0 | 0 | ||
Impaired Loans, Recorded Investment | 23 | 23 | 15 | ||
Impaired Loans, Unpaid Principal Balance | 23 | 23 | 15 | ||
Impaired Loans, Related Allowance | 0 | 0 | $ 0 | ||
Impaired Loans, Average Recorded Investment, With an allowance recorded | 0 | 0 | 0 | 0 | |
Impaired Loans, Interest Income Recognized, With an allowance recorded | 0 | 0 | 0 | 0 | |
Impaired Loans, Average Recorded Investment | 23 | 25 | 29 | 29 | |
Impaired Loans, Interest Income Recognized | $ 0 | $ 0 | $ 0 | $ 0 |
Allowance for Credit Losses - A
Allowance for Credit Losses - Additional Information (Detail) - USD ($) | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | Dec. 31, 2017 | |
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||
Specific loss allocations are calculated for commercial loans in excess | $ 500,000,000 | ||||
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 | ||||
Reversal of provision for loan losses related to loans acquired | $ 43,000 | $ 415,000 | |||
provision for loan losses related to loans acquired | $ 924 | $ 3,004 | |||
Reserve for lending-related commitments | $ 1,144,000 | $ 1,144,000 | $ 679,000 | ||
Closed-End Retail Loans [Member] | |||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||
Number of days delinquent from contractual due date | 12 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 | 9 Months Ended | 12 Months Ended |
Sep. 30, 2018 | Sep. 30, 2018 | Dec. 31, 2017 | |
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Allowance for Loan Losses Beginning balance | $ 77,135 | $ 76,627 | $ 72,771 |
Charge-offs | 7,044 | 20,614 | 32,863 |
Recoveries | 2,042 | 4,738 | 8,313 |
Provision | 4,808 | 16,190 | 28,406 |
Allowance for Loan Losses Ending balance | 76,941 | 76,941 | 76,627 |
Allowance for Loan Losses, individually evaluated for impairment | 27,353 | 27,353 | 22,345 |
Allowance for Loan Losses, collectively evaluated for impairment | 49,588 | 49,588 | 54,282 |
Financing receivables | 13,286,711 | 13,286,711 | 13,027,337 |
Financing receivables, individually evaluated for impairment | 162,572 | 162,572 | 168,524 |
Financing receivables, collectively evaluated for impairment | 12,968,613 | 12,968,613 | 12,648,292 |
Loans Acquired with Deteriorated Credit Quality [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Allowance for Loan Losses | 0 | 0 | 0 |
Financing receivables | 155,526 | 155,526 | 210,521 |
Construction & Land Development [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Allowance for Loan Losses Beginning balance | 6,592 | 7,187 | 10,606 |
Charge-offs | 110 | 642 | 3,337 |
Recoveries | 134 | 145 | 726 |
Provision | 480 | 406 | (808) |
Allowance for Loan Losses Ending balance | 7,096 | 7,096 | 7,187 |
Allowance for Loan Losses, individually evaluated for impairment | 2,494 | 2,494 | 229 |
Allowance for Loan Losses, collectively evaluated for impairment | 4,602 | 4,602 | 6,958 |
Financing receivables | 1,379,985 | 1,379,985 | 1,504,907 |
Financing receivables, individually evaluated for impairment | 16,875 | 16,875 | 16,921 |
Financing receivables, collectively evaluated for impairment | 1,343,130 | 1,343,130 | 1,461,206 |
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 | 0 |
Financing receivables | 19,980 | 19,980 | 26,780 |
Allowance for Estimated Imprecision [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Allowance for Loan Losses Beginning balance | 157 | 73 | 347 |
Charge-offs | 0 | 0 | 0 |
Recoveries | 0 | 0 | 0 |
Provision | (18) | 66 | (274) |
Allowance for Loan Losses Ending balance | 139 | 139 | 73 |
Allowance for Loan Losses, individually evaluated for impairment | 0 | 0 | 0 |
Allowance for Loan Losses, collectively evaluated for impairment | 139 | 139 | 73 |
Financing receivables | 0 | 0 | 0 |
Financing receivables, individually evaluated for impairment | 0 | 0 | 0 |
Financing receivables, collectively evaluated for impairment | 0 | 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 | 0 |
Financing receivables | 0 | 0 | 0 |
Commercial Real Estate [Member] | Owner-Occupied [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Allowance for Loan Losses Beginning balance | 3,213 | 5,401 | 5,273 |
Charge-offs | 1,478 | 3,221 | 2,246 |
Recoveries | 415 | 1,160 | 2,599 |
Provision | 2,391 | 1,201 | (225) |
Allowance for Loan Losses Ending balance | 4,541 | 4,541 | 5,401 |
Allowance for Loan Losses, individually evaluated for impairment | 2,560 | 2,560 | 2,251 |
Allowance for Loan Losses, collectively evaluated for impairment | 1,981 | 1,981 | 3,150 |
Financing receivables | 1,336,434 | 1,336,434 | 1,361,629 |
Financing receivables, individually evaluated for impairment | 29,391 | 29,391 | 36,721 |
Financing receivables, collectively evaluated for impairment | 1,284,114 | 1,284,114 | 1,291,379 |
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 | 0 |
Financing receivables | 22,929 | 22,929 | 33,529 |
Commercial Real Estate [Member] | Nonowner-Occupied [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Allowance for Loan Losses Beginning balance | 6,183 | 6,369 | 6,883 |
Charge-offs | 0 | 314 | 296 |
Recoveries | 395 | 548 | 244 |
Provision | 22 | (3) | (462) |
Allowance for Loan Losses Ending balance | 6,600 | 6,600 | 6,369 |
Allowance for Loan Losses, individually evaluated for impairment | 2,683 | 2,683 | 1,592 |
Allowance for Loan Losses, collectively evaluated for impairment | 3,917 | 3,917 | 4,777 |
Financing receivables | 4,341,501 | 4,341,501 | 4,451,298 |
Financing receivables, individually evaluated for impairment | 22,768 | 22,768 | 21,851 |
Financing receivables, collectively evaluated for impairment | 4,250,305 | 4,250,305 | 4,320,997 |
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 | 0 |
Financing receivables | 68,428 | 68,428 | 108,450 |
Other Commercial [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Allowance for Loan Losses Beginning balance | 48,191 | 45,189 | 33,087 |
Charge-offs | 4,432 | 13,095 | 21,189 |
Recoveries | 394 | 1,484 | 3,395 |
Provision | 291 | 10,866 | 29,896 |
Allowance for Loan Losses Ending balance | 44,444 | 44,444 | 45,189 |
Allowance for Loan Losses, individually evaluated for impairment | 16,500 | 16,500 | 16,721 |
Allowance for Loan Losses, collectively evaluated for impairment | 27,944 | 27,944 | 28,468 |
Financing receivables | 1,932,919 | 1,932,919 | 1,998,979 |
Financing receivables, individually evaluated for impairment | 73,544 | 73,544 | 78,715 |
Financing receivables, collectively evaluated for impairment | 1,830,646 | 1,830,646 | 1,892,706 |
Other Commercial [Member] | Loans Acquired with Deteriorated Credit Quality [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Allowance for Loan Losses | 0 | 0 | 0 |
Financing receivables | 28,729 | 28,729 | 27,558 |
Residential Real Estate [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Allowance for Loan Losses Beginning balance | 10,380 | 9,927 | 13,770 |
Charge-offs | 365 | 1,357 | 2,973 |
Recoveries | 558 | 916 | 601 |
Provision | 1,067 | 2,154 | (1,471) |
Allowance for Loan Losses Ending balance | 11,640 | 11,640 | 9,927 |
Allowance for Loan Losses, individually evaluated for impairment | 3,116 | 3,116 | 1,552 |
Allowance for Loan Losses, collectively evaluated for impairment | 8,524 | 8,524 | 8,375 |
Financing receivables | 3,387,268 | 3,387,268 | 2,996,171 |
Financing receivables, individually evaluated for impairment | 19,994 | 19,994 | 14,316 |
Financing receivables, collectively evaluated for impairment | 3,351,837 | 3,351,837 | 2,967,666 |
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 | 0 |
Financing receivables | 15,437 | 15,437 | 14,189 |
Consumer [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Allowance for Loan Losses Beginning balance | 2,419 | 2,481 | 2,805 |
Charge-offs | 659 | 1,985 | 2,822 |
Recoveries | 146 | 485 | 748 |
Provision | 575 | 1,500 | 1,750 |
Allowance for Loan Losses Ending balance | 2,481 | 2,481 | 2,481 |
Allowance for Loan Losses, individually evaluated for impairment | 0 | 0 | 0 |
Allowance for Loan Losses, collectively evaluated for impairment | 2,481 | 2,481 | 2,481 |
Financing receivables | 908,604 | 908,604 | 714,353 |
Financing receivables, individually evaluated for impairment | 0 | 0 | 0 |
Financing receivables, collectively evaluated for impairment | 908,581 | 908,581 | 714,338 |
Consumer [Member] | Loans Acquired with Deteriorated Credit Quality [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Allowance for Loan Losses | 0 | 0 | 0 |
Financing receivables | $ 23 | $ 23 | $ 15 |
Intangible Assets- Summary of I
Intangible Assets- Summary of Intangible Assets (Detail) - USD ($) $ in Thousands | Sep. 30, 2018 | Dec. 31, 2017 |
Finite-Lived Intangible Assets [Line Items] | ||
Goodwill not subject to amortization | $ 1,478,014 | $ 1,478,380 |
Core Deposit Intangible Assets [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 98,359 | 98,359 |
Accumulated Amortization | (60,482) | (54,453) |
George Mason Trade Name Intangible [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 1,080 | 1,080 |
Community Banking [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Goodwill not subject to amortization | 1,472,699 | 1,473,265 |
Community Banking [Member] | Core Deposit Intangible Assets [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 98,359 | 98,359 |
Accumulated Amortization | (60,482) | (54,453) |
Community Banking [Member] | George Mason Trade Name Intangible [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 0 | 0 |
Mortgage Banking [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Goodwill not subject to amortization | 5,315 | 5,115 |
Mortgage Banking [Member] | Core Deposit Intangible Assets [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 0 | 0 |
Accumulated Amortization | 0 | 0 |
Mortgage Banking [Member] | George Mason Trade Name Intangible [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | $ 1,080 | $ 1,080 |
Intangible Assets - Reconciliat
Intangible Assets - Reconciliation of Goodwill (Detail) $ in Thousands | 9 Months Ended |
Sep. 30, 2018USD ($) | |
Goodwill [Line Items] | |
Goodwill, Beginning Balance | $ 1,478,380 |
Goodwill, Ending Balance | 1,478,014 |
Cardinal Financial Corporation [Member] | |
Goodwill [Line Items] | |
Addition to goodwill | (366) |
Community Banking [Member] | |
Goodwill [Line Items] | |
Goodwill, Beginning Balance | 1,473,265 |
Goodwill, Ending Balance | 1,472,699 |
Community Banking [Member] | Cardinal Financial Corporation [Member] | |
Goodwill [Line Items] | |
Addition to goodwill | (566) |
Mortgage Banking [Member] | |
Goodwill [Line Items] | |
Goodwill, Beginning Balance | 5,115 |
Goodwill, Ending Balance | 5,315 |
Mortgage Banking [Member] | Cardinal Financial Corporation [Member] | |
Goodwill [Line Items] | |
Addition to goodwill | $ 200 |
Intangible Assets - Additional
Intangible Assets - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Goodwill and Intangible Assets Disclosure [Abstract] | ||||
Amortization expense on intangible assets | $ 2,009 | $ 2,240 | $ 6,029 | $ 5,381 |
Intangible Assets - Schedule of
Intangible Assets - Schedule of Anticipated Amortization Expense (Detail) $ in Thousands | Sep. 30, 2018USD ($) |
Goodwill and Intangible Assets Disclosure [Abstract] | |
2,018 | $ 8,039 |
2,019 | 7,016 |
2,020 | 6,309 |
2,021 | 5,369 |
2022 and thereafter | $ 17,173 |
Short-Term Borrowings - Additio
Short-Term Borrowings - Additional Information (Detail) - USD ($) | 9 Months Ended | |
Sep. 30, 2018 | Dec. 31, 2017 | |
Short-term Debt [Line Items] | ||
Unused lines of credit | $ 230,000,000 | |
Federal funds purchased | 25,790,000 | $ 16,235,000 |
Repurchase agreements | 153,718,000 | |
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) | 9 Months Ended | 12 Months Ended |
Sep. 30, 2018USD ($)Trust | Dec. 31, 2017USD ($) | |
Debt Instrument [Line Items] | ||
Unused borrowing amount | $ 3,986,778,000 | |
FHLB advances | $ 1,284,781,000 | $ 1,271,531,000 |
FHLB advances, weighted-average interest rate | 2.13% | |
FHLB advances, maximum maturity period | 7 years | |
Number of statutory business trusts | Trust | 14 | |
Outstanding balances of debentures | $ 234,590,000 | $ 242,446,000 |
Maximum time to defer payment of interest on subordinate debt | 5 years | |
Maximum [Member] | ||
Debt Instrument [Line Items] | ||
Risk based assets | $ 15,000,000,000 | |
Capital Securities [Member] | ||
Debt Instrument [Line Items] | ||
Number of statutory business trusts | Trust | 14 |
Long -Term Borrowings - Schedul
Long -Term Borrowings - Schedule of Maturities of Long-term Borrowings (Detail) $ in Thousands | Sep. 30, 2018USD ($) |
Debt Disclosure [Abstract] | |
2,018 | $ 970,890 |
2,019 | 187,224 |
2,020 | 41,779 |
2,021 | 52,667 |
2022 and thereafter | 32,221 |
Total | $ 1,284,781 |
Commitments and Contingent Li_2
Commitments and Contingent Liabilities - Additional Information (Detail) - USD ($) | 9 Months Ended | |
Sep. 30, 2018 | Dec. 31, 2017 | |
Loss Contingencies [Line Items] | ||
Loan commitments outstanding | $ 3,861,482,000 | $ 4,224,719,000 |
Loan commitments expiry period | 1 year | |
George Mason [Member] | ||
Loss Contingencies [Line Items] | ||
Reserve for possible losses due to the repurchase of loans previously sold to investors | $ 516,000 | |
Commitments to Extend Credit [Member] | George Mason [Member] | Short-term Contract with Customer [Member] | ||
Loss Contingencies [Line Items] | ||
Additional commitments to extend credit | 433,931,000 | |
Commercial Letters of Credit [Member] | ||
Loss Contingencies [Line Items] | ||
Letters of credit issued | 0 | 0 |
Standby Letters of Credit [Member] | ||
Loss Contingencies [Line Items] | ||
Letters of credit issued | $ 132,735,000 | $ 147,017,000 |
Derivative Financial Instrume_3
Derivative Financial Instruments - Schedule of Notional Amount and Fair Value Derivative Financial Instruments (Detail) - USD ($) $ in Thousands | Sep. 30, 2018 | Dec. 31, 2017 |
Derivative [Line Items] | ||
Asset derivatives, notional amount | $ 445,224 | $ 251,721 |
Asset derivatives designated as hedging instruments | 4,042 | 538 |
Liability derivatives, notional amount | 22,521 | 255,295 |
Asset derivatives not designated as hedging instruments | 5,152 | 4,561 |
Total asset derivatives | 9,194 | 5,099 |
Liability derivatives designated as hedging instruments | 0 | 165 |
Liability derivatives not designated as hedging instruments | 197 | 312 |
Total liability derivatives | 197 | 477 |
Designated as Hedging Instrument [Member] | ||
Derivative [Line Items] | ||
Asset derivatives, notional amount | 86,655 | 71,831 |
Liability derivatives, notional amount | 0 | 18,795 |
Not Designated as Hedging Instrument [Member] | ||
Derivative [Line Items] | ||
Asset derivatives, notional amount | 358,569 | 179,890 |
Liability derivatives, notional amount | 22,521 | 236,500 |
Other Assets [Member] | TBA Mortgage Backed Securities [Member] | ||
Derivative [Line Items] | ||
Asset derivatives not designated as hedging instruments | 1,161 | 0 |
Other Assets [Member] | Interest Rate Lock Commitments [Member] | ||
Derivative [Line Items] | ||
Asset derivatives not designated as hedging instruments | 3,991 | 4,559 |
Other Assets [Member] | Not Designated as Hedging Instrument [Member] | TBA Mortgage Backed Securities [Member] | ||
Derivative [Line Items] | ||
Asset derivatives, notional amount | 223,500 | 0 |
Other Assets [Member] | Not Designated as Hedging Instrument [Member] | Interest Rate Lock Commitments [Member] | ||
Derivative [Line Items] | ||
Asset derivatives, notional amount | 135,069 | 148,866 |
Other Liabilities [Member] | TBA Mortgage Backed Securities [Member] | ||
Derivative [Line Items] | ||
Liability derivatives not designated as hedging instruments | 0 | 312 |
Other Liabilities [Member] | Interest Rate Lock Commitments [Member] | ||
Derivative [Line Items] | ||
Liability derivatives not designated as hedging instruments | 0 | 0 |
Other Liabilities [Member] | Not Designated as Hedging Instrument [Member] | TBA Mortgage Backed Securities [Member] | ||
Derivative [Line Items] | ||
Liability derivatives, notional amount | 0 | 236,500 |
Other Liabilities [Member] | Not Designated as Hedging Instrument [Member] | Interest Rate Lock Commitments [Member] | ||
Derivative [Line Items] | ||
Liability derivatives, notional amount | 0 | 0 |
Interest Rate Swap Contracts [Member] | Other Assets [Member] | Fair Value Hedging [Member] | Hedged Commercial Loans [Member] | ||
Derivative [Line Items] | ||
Asset derivatives designated as hedging instruments | 4,042 | 538 |
Interest Rate Swap Contracts [Member] | Other Assets [Member] | Fair Value Hedging [Member] | Designated as Hedging Instrument [Member] | Hedged Commercial Loans [Member] | ||
Derivative [Line Items] | ||
Asset derivatives, notional amount | 86,655 | 71,831 |
Interest Rate Swap Contracts [Member] | Other Liabilities [Member] | Fair Value Hedging [Member] | Hedged Commercial Loans [Member] | ||
Derivative [Line Items] | ||
Liability derivatives designated as hedging instruments | 0 | 165 |
Interest Rate Swap Contracts [Member] | Other Liabilities [Member] | Fair Value Hedging [Member] | Designated as Hedging Instrument [Member] | Hedged Commercial Loans [Member] | ||
Derivative [Line Items] | ||
Liability derivatives, notional amount | 0 | 18,795 |
Forward Loan Sale Commitments [Member] | Other Assets [Member] | ||
Derivative [Line Items] | ||
Asset derivatives not designated as hedging instruments | 0 | 2 |
Forward Loan Sale Commitments [Member] | Other Assets [Member] | Not Designated as Hedging Instrument [Member] | ||
Derivative [Line Items] | ||
Asset derivatives, notional amount | 0 | 31,024 |
Forward Loan Sale Commitments [Member] | Other Liabilities [Member] | ||
Derivative [Line Items] | ||
Liability derivatives not designated as hedging instruments | 197 | 0 |
Forward Loan Sale Commitments [Member] | Other Liabilities [Member] | Not Designated as Hedging Instrument [Member] | ||
Derivative [Line Items] | ||
Liability derivatives, notional amount | $ 22,521 | $ 0 |
Derivative Financial Instrume_4
Derivative Financial Instruments - Schedule of Derivative Financial Instruments on Statements of Income (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Derivative [Line Items] | ||||
Derivatives in hedging relationships | $ (900) | $ (4,826) | $ (224) | $ (1,633) |
Designated as Hedging Instrument [Member] | ||||
Derivative [Line Items] | ||||
Derivatives in hedging relationships | 24 | 208 | 42 | 648 |
Designated as Hedging Instrument [Member] | Interest Income/ (Expense) [Member] | Interest Rate Swap Contracts [Member] | Fair Value Hedging [Member] | ||||
Derivative [Line Items] | ||||
Derivatives in hedging relationships | 24 | 208 | 42 | 648 |
Designated as Hedging Instrument [Member] | Other Income [Member] | Forward Loan Sale Commitments [Member] | Cash Flow Hedging [Member] | ||||
Derivative [Line Items] | ||||
Derivatives in hedging relationships | 0 | 0 | ||
Not Designated as Hedging Instrument [Member] | ||||
Derivative [Line Items] | ||||
Derivatives not designated as hedging instruments | (876) | (4,618) | (182) | (985) |
Not Designated as Hedging Instrument [Member] | Income from Mortgage Banking Activities [Member] | TBA Mortgage Backed Securities [Member] | ||||
Derivative [Line Items] | ||||
Derivatives not designated as hedging instruments | 2,583 | 123 | (1,473) | (2,907) |
Not Designated as Hedging Instrument [Member] | Income from Mortgage Banking Activities [Member] | Interest Rate Lock Commitments [Member] | ||||
Derivative [Line Items] | ||||
Derivatives not designated as hedging instruments | (3,262) | (4,484) | 1,643 | 3,465 |
Not Designated as Hedging Instrument [Member] | Income from Mortgage Banking Activities [Member] | Forward Loan Sale Commitments [Member] | ||||
Derivative [Line Items] | ||||
Derivatives not designated as hedging instruments | $ (197) | $ (257) | $ (12) | $ (427) |
Fair Value Measurements - Addit
Fair Value Measurements - Additional Information (Detail) - USD ($) | 9 Months Ended | ||
Sep. 30, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
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 | |
Loans Held For Sale [Member] | Minimum [Member] | Significant Unobservable Inputs (Level 3) [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Sales price of loans held for sale increase percentage | 0.12% | ||
Loans Held For Sale [Member] | Maximum [Member] | Significant Unobservable Inputs (Level 3) [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Sales price of loans held for sale increase percentage | 0.49% | ||
Loans Held For Sale [Member] | Weighted Average [Member] | Significant Unobservable Inputs (Level 3) [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Sales price of loans held for sale increase percentage | 0.28% | ||
Derivatives [Member] | Minimum [Member] | Significant Unobservable Inputs (Level 3) [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Sales price of loans held for sale increase percentage | 0.12% | ||
Derivatives [Member] | Maximum [Member] | Significant Unobservable Inputs (Level 3) [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Sales price of loans held for sale increase percentage | 0.49% | ||
Derivatives [Member] | Weighted Average [Member] | Significant Unobservable Inputs (Level 3) [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Sales price of loans held for sale increase percentage | 0.28% |
Fair Value Measurements - Sched
Fair Value Measurements - Schedule of Financial Assets and Liabilities Measured at Fair Value (Detail) - USD ($) $ in Thousands | Sep. 30, 2018 | Dec. 31, 2017 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Available for sale equity securities | $ 0 | $ 9,878 |
Total available for sale securities | 2,178,567 | 1,888,756 |
Loans held for sale | 234,196 | 265,955 |
Derivative financial assets | 9,194 | 5,099 |
Derivative financial liabilities | 197 | 477 |
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 | 101,565 | 114,758 |
State and Political Subdivisions [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total available for sale securities | 252,246 | 303,869 |
Residential Mortgage-Backed Securities [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total available for sale securities | 943,647 | 814,593 |
Commercial Mortgage-Backed Securities [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total available for sale securities | 543,652 | 454,857 |
Asset-Backed Securities [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total available for sale securities | 223,602 | 109,970 |
Trust Preferred Collateralized Debt Obligations [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total available for sale securities | 6,154 | 34,269 |
Single Issue Trust Preferred Securities [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total available for sale securities | 8,104 | 12,560 |
Corporate Bonds [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total available for sale securities | 95,025 | 28,490 |
Marketable Equity Securities [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total available for sale securities | 9,878 | |
Fair Value, Measurements, Recurring [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Available for sale equity securities | 9,878 | |
Total available for sale securities | 2,178,567 | 1,888,756 |
Loans held for sale | 231,310 | 263,308 |
Derivative financial assets | 9,194 | 5,099 |
Derivative financial liabilities | 197 | 477 |
Available for sale debt securities | 1,878,878 | |
Fair Value, Measurements, Recurring [Member] | U.S. Treasury Securities and Obligations of U.S. Government Corporations and Agencies [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total available for sale securities | 101,565 | |
Available for sale debt securities | 114,758 | |
Fair Value, Measurements, Recurring [Member] | State and Political Subdivisions [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total available for sale securities | 252,246 | |
Available for sale debt securities | 303,869 | |
Fair Value, Measurements, Recurring [Member] | Residential Mortgage-Backed Securities [Member] | Agency [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total available for sale securities | 943,647 | |
Available for sale debt securities | 814,593 | |
Fair Value, Measurements, Recurring [Member] | Residential Mortgage-Backed Securities [Member] | Non-Agency [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total available for sale securities | 4,572 | |
Available for sale debt securities | 5,512 | |
Fair Value, Measurements, Recurring [Member] | Commercial Mortgage-Backed Securities [Member] | Agency [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total available for sale securities | 543,652 | |
Available for sale debt securities | 454,857 | |
Fair Value, Measurements, Recurring [Member] | Asset-Backed Securities [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total available for sale securities | 223,602 | |
Available for sale debt securities | 109,970 | |
Fair Value, Measurements, Recurring [Member] | Trust Preferred Collateralized Debt Obligations [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total available for sale securities | 6,154 | |
Available for sale debt securities | 34,269 | |
Fair Value, Measurements, Recurring [Member] | Single Issue Trust Preferred Securities [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total available for sale securities | 8,104 | |
Available for sale debt securities | 12,560 | |
Fair Value, Measurements, Recurring [Member] | Corporate Bonds [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total available for sale securities | 95,025 | |
Available for sale debt securities | 28,490 | |
Fair Value, Measurements, Recurring [Member] | Financial Services Industry [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Available for sale equity securities | 3,545 | |
Equity securities | 173 | |
Fair Value, Measurements, Recurring [Member] | Other Equity Securities [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Available for sale equity securities | 1 | |
Equity securities | 4,599 | |
Fair Value, Measurements, Recurring [Member] | Marketable Equity Securities [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Equity securities | 9,845 | |
Fair Value, Measurements, Recurring [Member] | Interest Rate Lock Commitments [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Derivative financial assets | 3,991 | 4,561 |
Fair Value, Measurements, Recurring [Member] | TBA Mortgage Backed Securities [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Derivative financial assets | 1,161 | |
Derivative financial liabilities | 312 | |
Interest Rate Swap Contracts [Member] | Fair Value, Measurements, Recurring [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Derivative financial assets | 4,042 | 538 |
Derivative financial liabilities | 165 | |
Forward Loan Sale Commitments [Member] | Fair Value, Measurements, Recurring [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Derivative financial assets | 0 | |
Derivative financial liabilities | 197 | |
Equity Mutual Funds [Member] | Fair Value, Measurements, Recurring [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Available for sale equity securities | 6,332 | |
Equity securities | 5,073 | |
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 | 6,879 | 6,664 |
Loans held for sale | 0 | 0 |
Derivative financial assets | 0 | 0 |
Derivative financial liabilities | 0 | 0 |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Marketable Equity Securities [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Equity securities | 9,845 | |
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 equity securities | 6,664 | |
Total available for sale securities | 6,879 | 6,664 |
Loans held for sale | 0 | 0 |
Derivative financial assets | 0 | 0 |
Derivative financial liabilities | 0 | 0 |
Available for sale debt securities | 0 | |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Fair Value, Measurements, Recurring [Member] | U.S. Treasury Securities and Obligations of U.S. Government Corporations and Agencies [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total available for sale securities | 0 | |
Available for sale debt securities | 0 | |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Fair Value, Measurements, Recurring [Member] | State and Political Subdivisions [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total available for sale securities | 0 | |
Available for sale debt securities | 0 | |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Fair Value, Measurements, Recurring [Member] | Residential Mortgage-Backed Securities [Member] | Agency [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total available for sale securities | 0 | |
Available for sale debt securities | 0 | |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Fair Value, Measurements, Recurring [Member] | Residential Mortgage-Backed Securities [Member] | Non-Agency [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total available for sale securities | 0 | |
Available for sale debt securities | 0 | |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Fair Value, Measurements, Recurring [Member] | Commercial Mortgage-Backed Securities [Member] | Agency [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total available for sale securities | 0 | |
Available for sale debt securities | 0 | |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Fair Value, Measurements, Recurring [Member] | Asset-Backed Securities [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total available for sale securities | 0 | |
Available for sale debt securities | 0 | |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Fair Value, Measurements, Recurring [Member] | Trust Preferred Collateralized Debt Obligations [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total available for sale securities | 0 | |
Available for sale debt securities | 0 | |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Fair Value, Measurements, Recurring [Member] | Single Issue Trust Preferred Securities [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total available for sale securities | 0 | |
Available for sale debt securities | 0 | |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Fair Value, Measurements, Recurring [Member] | Corporate Bonds [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total available for sale securities | 6,879 | |
Available for sale debt securities | 0 | |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Fair Value, Measurements, Recurring [Member] | Financial Services Industry [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Available for sale equity securities | 331 | |
Equity securities | 173 | |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Fair Value, Measurements, Recurring [Member] | Other Equity Securities [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Available for sale equity securities | 1 | |
Equity securities | 4,599 | |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Fair Value, Measurements, Recurring [Member] | Marketable Equity Securities [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Equity securities | 9,845 | |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Fair Value, Measurements, Recurring [Member] | Interest Rate Lock Commitments [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Derivative financial assets | 0 | 0 |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Fair Value, Measurements, Recurring [Member] | TBA Mortgage Backed Securities [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Derivative financial assets | 0 | |
Derivative financial liabilities | 0 | |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Interest Rate Swap 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 | |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Forward Loan Sale Commitments [Member] | Fair Value, Measurements, Recurring [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Derivative financial assets | 0 | |
Derivative financial liabilities | 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 | 6,332 | |
Equity securities | 5,073 | |
Significant Other Observable Inputs (Level 2) [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total available for sale securities | 2,165,534 | 1,847,823 |
Loans held for sale | 2,886 | 2,647 |
Derivative financial assets | 5,203 | 540 |
Derivative financial liabilities | 197 | 477 |
Significant Other Observable Inputs (Level 2) [Member] | Marketable Equity Securities [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Equity securities | 0 | |
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 equity securities | 3,214 | |
Total available for sale securities | 2,165,534 | 1,847,823 |
Loans held for sale | 0 | 0 |
Derivative financial assets | 5,203 | 540 |
Derivative financial liabilities | 197 | 477 |
Available for sale debt securities | 1,844,609 | |
Significant Other Observable Inputs (Level 2) [Member] | Fair Value, Measurements, Recurring [Member] | U.S. Treasury Securities and Obligations of U.S. Government Corporations and Agencies [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total available for sale securities | 101,565 | |
Available for sale debt securities | 114,758 | |
Significant Other Observable Inputs (Level 2) [Member] | Fair Value, Measurements, Recurring [Member] | State and Political Subdivisions [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total available for sale securities | 252,246 | |
Available for sale debt securities | 303,869 | |
Significant Other Observable Inputs (Level 2) [Member] | Fair Value, Measurements, Recurring [Member] | Residential Mortgage-Backed Securities [Member] | Agency [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total available for sale securities | 943,647 | |
Available for sale debt securities | 814,593 | |
Significant Other Observable Inputs (Level 2) [Member] | Fair Value, Measurements, Recurring [Member] | Residential Mortgage-Backed Securities [Member] | Non-Agency [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total available for sale securities | 4,572 | |
Available for sale debt securities | 5,512 | |
Significant Other Observable Inputs (Level 2) [Member] | Fair Value, Measurements, Recurring [Member] | Commercial Mortgage-Backed Securities [Member] | Agency [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total available for sale securities | 543,652 | |
Available for sale debt securities | 454,857 | |
Significant Other Observable Inputs (Level 2) [Member] | Fair Value, Measurements, Recurring [Member] | Asset-Backed Securities [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total available for sale securities | 223,602 | |
Available for sale debt securities | 109,970 | |
Significant Other Observable Inputs (Level 2) [Member] | Fair Value, Measurements, Recurring [Member] | Trust Preferred Collateralized Debt Obligations [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total available for sale securities | 0 | |
Available for sale debt securities | 0 | |
Significant Other Observable Inputs (Level 2) [Member] | Fair Value, Measurements, Recurring [Member] | Single Issue Trust Preferred Securities [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total available for sale securities | 8,104 | |
Available for sale debt securities | 12,560 | |
Significant Other Observable Inputs (Level 2) [Member] | Fair Value, Measurements, Recurring [Member] | Corporate Bonds [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total available for sale securities | 88,146 | |
Available for sale debt securities | 28,490 | |
Significant Other Observable Inputs (Level 2) [Member] | Fair Value, Measurements, Recurring [Member] | Financial Services Industry [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Available for sale equity securities | 3,214 | |
Equity securities | 0 | |
Significant Other Observable Inputs (Level 2) [Member] | Fair Value, Measurements, Recurring [Member] | Other Equity Securities [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Available for sale equity securities | 0 | |
Equity securities | 0 | |
Significant Other Observable Inputs (Level 2) [Member] | Fair Value, Measurements, Recurring [Member] | Marketable Equity Securities [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Equity securities | 0 | |
Significant Other Observable Inputs (Level 2) [Member] | Fair Value, Measurements, Recurring [Member] | Interest Rate Lock Commitments [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Derivative financial assets | 0 | 2 |
Significant Other Observable Inputs (Level 2) [Member] | Fair Value, Measurements, Recurring [Member] | TBA Mortgage Backed Securities [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Derivative financial assets | 1,161 | |
Derivative financial liabilities | 312 | |
Significant Other Observable Inputs (Level 2) [Member] | Interest Rate Swap Contracts [Member] | Fair Value, Measurements, Recurring [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Derivative financial assets | 4,042 | 538 |
Derivative financial liabilities | 165 | |
Significant Other Observable Inputs (Level 2) [Member] | Forward Loan Sale Commitments [Member] | Fair Value, Measurements, Recurring [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Derivative financial assets | 0 | |
Derivative financial liabilities | 197 | |
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 | |
Equity securities | 0 | |
Significant Unobservable Inputs (Level 3) [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total available for sale securities | 6,154 | 34,269 |
Loans held for sale | 231,310 | 263,308 |
Derivative financial assets | 3,991 | 4,559 |
Derivative financial liabilities | 0 | 0 |
Significant Unobservable Inputs (Level 3) [Member] | Marketable Equity Securities [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Equity securities | 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 equity securities | 0 | |
Total available for sale securities | 6,154 | 34,269 |
Loans held for sale | 231,310 | 263,308 |
Derivative financial assets | 3,991 | 4,559 |
Derivative financial liabilities | 0 | 0 |
Available for sale debt securities | 34,269 | |
Significant Unobservable Inputs (Level 3) [Member] | Fair Value, Measurements, Recurring [Member] | U.S. Treasury Securities and Obligations of U.S. Government Corporations and Agencies [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total available for sale securities | 0 | |
Available for sale debt securities | 0 | |
Significant Unobservable Inputs (Level 3) [Member] | Fair Value, Measurements, Recurring [Member] | State and Political Subdivisions [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total available for sale securities | 0 | |
Available for sale debt securities | 0 | |
Significant Unobservable Inputs (Level 3) [Member] | Fair Value, Measurements, Recurring [Member] | Residential Mortgage-Backed Securities [Member] | Agency [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total available for sale securities | 0 | |
Available for sale debt securities | 0 | |
Significant Unobservable Inputs (Level 3) [Member] | Fair Value, Measurements, Recurring [Member] | Residential Mortgage-Backed Securities [Member] | Non-Agency [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total available for sale securities | 0 | |
Available for sale debt securities | 0 | |
Significant Unobservable Inputs (Level 3) [Member] | Fair Value, Measurements, Recurring [Member] | Commercial Mortgage-Backed Securities [Member] | Agency [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total available for sale securities | 0 | |
Available for sale debt securities | 0 | |
Significant Unobservable Inputs (Level 3) [Member] | Fair Value, Measurements, Recurring [Member] | Asset-Backed Securities [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total available for sale securities | 0 | |
Available for sale debt securities | 0 | |
Significant Unobservable Inputs (Level 3) [Member] | Fair Value, Measurements, Recurring [Member] | Trust Preferred Collateralized Debt Obligations [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total available for sale securities | 6,154 | |
Available for sale debt securities | 34,269 | |
Significant Unobservable Inputs (Level 3) [Member] | Fair Value, Measurements, Recurring [Member] | Single Issue Trust Preferred Securities [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total available for sale securities | 0 | |
Available for sale debt securities | 0 | |
Significant Unobservable Inputs (Level 3) [Member] | Fair Value, Measurements, Recurring [Member] | Corporate Bonds [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total available for sale securities | 0 | |
Available for sale debt securities | 0 | |
Significant Unobservable Inputs (Level 3) [Member] | Fair Value, Measurements, Recurring [Member] | Financial Services Industry [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Available for sale equity securities | 0 | |
Equity securities | 0 | |
Significant Unobservable Inputs (Level 3) [Member] | Fair Value, Measurements, Recurring [Member] | Other Equity Securities [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Available for sale equity securities | 0 | |
Equity securities | 0 | |
Significant Unobservable Inputs (Level 3) [Member] | Fair Value, Measurements, Recurring [Member] | Marketable Equity Securities [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Equity securities | 0 | |
Significant Unobservable Inputs (Level 3) [Member] | Fair Value, Measurements, Recurring [Member] | Interest Rate Lock Commitments [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Derivative financial assets | 3,991 | 4,559 |
Significant Unobservable Inputs (Level 3) [Member] | Fair Value, Measurements, Recurring [Member] | TBA Mortgage Backed Securities [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Derivative financial assets | 0 | |
Derivative financial liabilities | 0 | |
Significant Unobservable Inputs (Level 3) [Member] | Interest Rate Swap 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 | |
Significant Unobservable Inputs (Level 3) [Member] | Forward Loan Sale Commitments [Member] | Fair Value, Measurements, Recurring [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Derivative financial assets | 0 | |
Derivative financial liabilities | 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 | |
Equity securities | $ 0 |
Fair Value Measurements - Sch_2
Fair Value Measurements - Schedule of Additional Information about Financial Assets and Liabilities Measured at Fair Value Utilized Level 3 (Detail) - Fair Value, Measurements, Recurring [Member] - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended |
Sep. 30, 2018 | Dec. 31, 2017 | |
Trust Preferred Collateralized Debt Obligations [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Balance, beginning of period | $ 34,269 | $ 33,552 |
Included in earnings (or changes in net assets) | 28 | 9 |
Included in other comprehensive income | 1,157 | 8,757 |
Purchases, issuances, and settlements | 0 | 0 |
Sales | (29,300) | (8,049) |
Transfers in and/or out of Level 3 | 0 | 0 |
Balance, end of period | 6,154 | 34,269 |
The amount of total gains or losses for the period included in earnings (or changes in net assets) attributable to the change in unrealized gains or losses relating to assets still held at reporting date | 0 | 0 |
Loans Held For Sale [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Balance, beginning of period | 263,308 | 0 |
Included in earnings (or changes in net assets) | (54,829) | (58,132) |
Acquired in Cardinal merger | 0 | 271,301 |
Originations | 2,089,366 | 2,333,927 |
Sales | (2,148,777) | (2,408,945) |
Transfers in and/or out of Level 3 | (27,416) | 8,893 |
Balance, end of period | 231,310 | 263,308 |
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 |
Interest Rate Lock Commitments [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Balance, beginning of period | 4,559 | 0 |
Acquired in Cardinal merger | 0 | 10,393 |
Transfers in and/or out of Level 3 | (568) | (5,834) |
Balance, end of period | 3,991 | 4,559 |
The amount of total gains or losses for the period included in earnings (or changes in net assets) attributable to the change in unrealized gains or losses relating to assets still held at reporting date | $ 0 | $ 0 |
Fair Value Measurements - Sch_3
Fair Value Measurements - Schedule of Changes in Fair Value Included in Earnings of Financial Instruments for which Fair Value Option has been Elected (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Mortgage Banking [Member] | ||||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||||
Income from mortgage banking activities | $ (5,929) | $ (5,090) | $ (2,838) | $ (7,529) |
Fair Value Measurements - Summa
Fair Value Measurements - Summary of Difference Between Aggregate Fair Value and Remaining Contractual Principal Outstanding for Financial Instruments for which Fair Value Option has been Elected (Detail) - USD ($) $ in Thousands | Sep. 30, 2018 | Dec. 31, 2017 |
Fair Value Disclosures [Abstract] | ||
Loans held for sale, unpaid principal balance | $ 227,943 | $ 257,674 |
Loans held for sale, fair value | 231,310 | 263,308 |
Loans held for sale, fair value over/(under) unpaid principal balance | $ 3,367 | $ 5,634 |
Fair Value Measurements - Sum_2
Fair Value Measurements - Summary of Financial Assets Measured at Fair Value on Nonrecurring Basis (Detail) - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended |
Sep. 30, 2018 | Dec. 31, 2017 | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Loans held for sale | $ 0 | $ 14 |
YTD Losses, Impaired Loans | 4,177 | 12,291 |
YTD Losses, OREO | 796 | 4,200 |
Loans held for sale | 231,310 | 263,308 |
OREO | 18,786 | 24,348 |
Fair Value, Measurements, Nonrecurring [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Loans held for sale | 2,886 | 2,647 |
Impaired Loans | 109,582 | 88,637 |
OREO | 18,786 | 24,348 |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Fair Value, Measurements, Nonrecurring [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Loans held for sale | 0 | 0 |
Impaired Loans | 0 | 0 |
OREO | 0 | 0 |
Significant Other Observable Inputs (Level 2) [Member] | Fair Value, Measurements, Nonrecurring [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Loans held for sale | 2,886 | 2,647 |
Impaired Loans | 98,171 | 70,950 |
OREO | 18,786 | 24,151 |
Significant Unobservable Inputs (Level 3) [Member] | Fair Value, Measurements, Nonrecurring [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Loans held for sale | 0 | 0 |
Impaired Loans | 11,411 | 17,687 |
OREO | $ 0 | $ 197 |
Fair Value Measurements - Sum_3
Fair Value Measurements - Summary of Estimated Fair Values of Financial Instruments (Detail) - USD ($) $ in Thousands | Sep. 30, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Dec. 31, 2016 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Cash and cash equivalents | $ 1,254,686 | $ 1,666,167 | $ 1,747,037 | $ 1,434,527 |
Securities available for sale | 2,178,567 | 1,888,756 | ||
Securities held to maturity | 20,351 | 20,428 | ||
Other securities | 166,749 | 162,461 | ||
Loans held for sale | 234,196 | 265,955 | ||
Loans | 13,276,740 | 13,011,421 | ||
Derivative financial assets | 9,194 | 5,099 | ||
Deposits | 14,091,172 | 13,830,591 | ||
Derivative financial liabilities | 197 | 477 | ||
Carrying Amount [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Cash and cash equivalents | 1,254,686 | 1,666,167 | ||
Securities available for sale | 2,178,567 | 1,888,756 | ||
Securities held to maturity | 20,351 | 20,428 | ||
Other securities | 166,749 | 162,461 | ||
Loans held for sale | 234,196 | 265,955 | ||
Loans | 13,199,799 | 12,934,794 | ||
Derivative financial assets | 9,194 | 5,099 | ||
Deposits | 14,091,172 | 13,830,591 | ||
Short-term borrowings | 379,508 | 477,587 | ||
Long-term borrowings | 1,319,371 | 1,363,977 | ||
Derivative financial liabilities | 197 | 477 | ||
Fair Value [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Cash and cash equivalents | 1,254,686 | 1,666,167 | ||
Securities available for sale | 2,178,567 | 1,888,756 | ||
Securities held to maturity | 19,619 | 20,018 | ||
Other securities | 166,749 | 154,338 | ||
Loans held for sale | 234,196 | 265,955 | ||
Loans | 12,488,175 | 12,437,797 | ||
Derivative financial assets | 9,194 | 5,099 | ||
Deposits | 14,052,668 | 14,024,720 | ||
Short-term borrowings | 379,508 | 477,587 | ||
Long-term borrowings | 1,293,611 | 1,338,754 | ||
Derivative financial liabilities | 197 | 477 | ||
Marketable Equity Securities [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Securities available for sale | 9,878 | |||
Marketable Equity Securities [Member] | Carrying Amount [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Equity securities | 9,845 | |||
Marketable Equity Securities [Member] | Fair Value [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Equity securities | 9,845 | |||
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 | 6,879 | 6,664 | ||
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 | ||
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Marketable Equity Securities [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Equity securities | 9,845 | |||
Significant Other Observable Inputs (Level 2) [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Cash and cash equivalents | 1,254,686 | 1,666,167 | ||
Securities available for sale | 2,165,534 | 1,847,823 | ||
Securities held to maturity | 16,599 | 16,998 | ||
Other securities | 0 | 0 | ||
Loans held for sale | 2,886 | 2,647 | ||
Loans | 0 | 0 | ||
Derivative financial assets | 5,203 | 540 | ||
Deposits | 14,052,668 | 14,024,720 | ||
Short-term borrowings | 379,508 | 477,587 | ||
Long-term borrowings | 1,293,611 | 1,338,754 | ||
Derivative financial liabilities | 197 | 477 | ||
Significant Other Observable Inputs (Level 2) [Member] | Marketable Equity Securities [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Equity securities | 0 | |||
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 | 6,154 | 34,269 | ||
Securities held to maturity | 3,020 | 3,020 | ||
Other securities | 166,749 | 154,338 | ||
Loans held for sale | 231,310 | 263,308 | ||
Loans | 12,488,175 | 12,437,797 | ||
Derivative financial assets | 3,991 | 4,559 | ||
Deposits | 0 | 0 | ||
Short-term borrowings | 0 | 0 | ||
Long-term borrowings | 0 | 0 | ||
Derivative financial liabilities | 0 | $ 0 | ||
Significant Unobservable Inputs (Level 3) [Member] | Marketable Equity Securities [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Equity securities | $ 0 |
Stock Based Compensation - Addi
Stock Based Compensation - Additional Information (Detail) - USD ($) $ in Thousands | May 18, 2016 | Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | Dec. 31, 2017 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Authorized shares of stock, option plan, maximum | 1,700,000 | |||||
Aggregate number of shares issued in respect of restricted stock awards | 500,000 | |||||
Options available for award each plan year | 1,200,000 | |||||
Maximum number of shares of restricted stock or shares subject to a restricted stock units award granted | 50,000 | |||||
Maximum number of options and SARs | 100,000 | |||||
Maximum number of stock options and SARs awarded | 10,000 | |||||
Maximum number of Shares of restricted stock or shares subject to a restricted stock units award granted to individual non-employee director | 5,000 | |||||
Vesting period of awards | 1/3 per year | |||||
Number of Options granted | 276,192 | |||||
Recognition of compensation expense | $ 1,024 | $ 909 | $ 3,016 | $ 2,589 | ||
Number of share available for grant for prior plans | 0 | 0 | ||||
Maximum term for awards granted (years) | 10 years | |||||
Shares issued related stock option exercises | 60,161 | 163,562 | ||||
Total intrinsic value of options exercised | $ 851 | $ 3,078 | ||||
Restricted Stock [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Number of shares granted | 97,004 | |||||
Vesting period | 4 years |
Stock Based Compensation - Summ
Stock Based Compensation - Summary of Stock Option Plans (Detail) - USD ($) $ / shares in Units, $ in Thousands | 9 Months Ended | |
Sep. 30, 2018 | Sep. 30, 2017 | |
Disclosure Stock Based Compensation Stock Option Plan [Abstract] | ||
Shares, Outstanding, Beginning balance | 1,558,438 | |
Shares, Granted | 276,192 | |
Shares, Exercised | (60,161) | (163,562) |
Shares, Forfeited or expired | (24,007) | |
Shares, Outstanding, Ending balance | 1,750,462 | |
Shares, Exercisable at September 30, 2018 | 1,169,402 | |
Aggregate Intrinsic Value, Outstanding at September 30, 2018 | $ 9,624,912 | |
Aggregate Intrinsic Value, Exercisable at September 30, 2018 | $ 9,508,502 | |
Weighted Average Remaining Contractual Term, Outstanding at September 30, 2018 | 5 years 9 months 18 days | |
Weighted Average Remaining Contractual Term, Exercisable at September 30, 2018 | 4 years 4 months 24 days | |
Weighted Average Exercise Price, Outstanding, Beginning balance | $ 31.09 | |
Weighted Average Exercise Price, Granted | 37.60 | |
Weighted Average Exercise Price, Exercised | 23.03 | |
Weighted Average Exercise Price, Forfeited or expired | 32.66 | |
Weighted Average Exercise Price, Outstanding, Ending balance | 32.36 | |
Weighted Average Exercise Price, Exercisable | $ 28.78 |
Stock Based Compensation - Stat
Stock Based Compensation - Status of United's Nonvested Stock Option Awards (Detail) | 9 Months Ended |
Sep. 30, 2018$ / sharesshares | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Shares, Nonvested, Beginning balance | shares | 507,871 |
Shares, Granted | shares | 276,192 |
Shares, Vested | shares | (187,815) |
Shares, Forfeited or expired | shares | (15,188) |
Shares, Nonvested, Ending balance | shares | 581,060 |
Weighted-Average Grant Date Fair Value Per Share, Nonvested Beginning balance | $ / shares | $ 7.89 |
Weighted-Average Grant Date Fair Value Per Share, Granted | $ / shares | 7.56 |
Weighted-Average Grant Date Fair Value Per Share, Vested | $ / shares | 7.53 |
Weighted-Average Grant Date Fair Value Per Share, Forfeited or expired | $ / shares | 7.67 |
Weighted-Average Grant Date Fair Value Per Share, Nonvested Ending balance | $ / shares | $ 7.86 |
Stock Based Compensation - Chan
Stock Based Compensation - Changes to United's Restricted Common Shares (Detail) - Restricted Stock [Member] | 9 Months Ended |
Sep. 30, 2018$ / sharesshares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Number of Shares, Outstanding, Beginning balance | shares | 170,496 |
Shares, Granted | shares | 97,004 |
Shares, Vested | shares | (62,411) |
Shares, Forfeited | shares | (4,253) |
Number of Shares, Outstanding, Ending balance | shares | 200,836 |
Weighted-Average Grant Date Fair Value Per Share, Outstanding, Beginning balance | $ / shares | $ 40.05 |
Weighted-Average Grant Date Fair Value Per Share, Granted | $ / shares | 37.60 |
Weighted-Average Grant Date Fair Value Per Share, Vested | $ / shares | 37.59 |
Weighted-Average Grant Date Fair Value Per Share, Forfeited | $ / shares | 38.42 |
Weighted-Average Grant Date Fair Value Per Share, Outstanding, Ending balance | $ / shares | $ 39.67 |
Employee Benefit Plans - Additi
Employee Benefit Plans - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended |
Mar. 31, 2018 | Sep. 30, 2018 | |
Retirement Benefits [Abstract] | ||
Employer discretionary contribution amount | $ 7,000 | |
Unrecognized actuarial gains (losses), before tax | $ 56,222 | |
Unrecognized actuarial gains (losses), net of tax | 35,420 | |
Amortization expected to be recognized | 4,653 | |
Amortization expected to be recognized, net of tax | $ 2,932 |
Employee Benefit Plans - Net Pe
Employee Benefit Plans - Net Periodic Pension Cost (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Defined Benefit Plan Disclosure [Line Items] | ||||
Service cost | $ 673 | $ 574 | $ 1,997 | $ 1,705 |
Interest cost | 1,324 | 1,293 | 3,927 | 3,837 |
Expected return on plan assets | (2,578) | (2,072) | (7,651) | (6,148) |
Recognized net actuarial loss | 1,174 | 1,111 | 3,485 | 3,298 |
Net periodic pension (benefit) cost | $ 593 | $ 906 | $ 1,758 | $ 2,692 |
Weighted-Average Assumptions: | ||||
Discount rate | 3.83% | 4.49% | 3.83% | 4.49% |
Expected return on assets | 7.00% | 7.00% | 7.00% | 7.00% |
Rate of compensation increase | 3.00% | 3.00% | 3.00% | 3.00% |
Prior to Age 45 [Member] | ||||
Weighted-Average Assumptions: | ||||
Rate of compensation increase | 3.50% | 3.50% | 3.50% | 3.50% |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||
Sep. 30, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | Dec. 31, 2017 | |
Income Tax Disclosure [Abstract] | ||||||
Accrued interest related to uncertain tax positions | $ 649 | $ 548 | $ 649 | $ 548 | ||
Federal corporate tax rate | 21.00% | 35.00% | ||||
Deferred tax expense due to the Tax Act | $ 37,732 | |||||
Effective tax rate | 21.77% | 32.91% | 22.25% | 33.68% |
Comprehensive Income - Componen
Comprehensive Income - Components of Total Comprehensive Income (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Comprehensive Income (Loss), Net of Tax, Attributable to Parent [Abstract] | ||||
Net income | $ 64,412 | $ 56,738 | $ 192,392 | $ 132,606 |
AFS securities with OTTI charges during the period | 0 | 0 | 0 | (60) |
Related income tax effect | 0 | 0 | 0 | 22 |
Less: OTTI charges recognized in net income | 0 | 0 | 0 | 60 |
Related income tax benefit | 0 | 0 | 0 | (22) |
Reclassification of previous noncredit OTTI to credit OTTI | 0 | 0 | 0 | 0 |
Related income tax benefit | 0 | 0 | 0 | 0 |
Net unrealized (losses) gains on AFS securities with OTTI | 0 | 0 | 0 | 0 |
Change in net unrealized gain on AFS securities arising during the period | (9,995) | 3,584 | (42,696) | 14,846 |
Related income tax effect | 2,329 | (1,326) | 11,621 | (5,493) |
Net reclassification adjustment for (gains) losses included in net income | 114 | (467) | 290 | (1,444) |
Related income tax expense (benefit) | (27) | 173 | (68) | 534 |
Total AFS securities - all other | (7,579) | 1,964 | (30,853) | 8,443 |
Net effect of AFS securities on other comprehensive income | (7,579) | 1,964 | (30,853) | 8,443 |
Accretion on the unrealized loss for securities transferred from AFS to the HTM investment portfolio prior to call or maturity | 2 | 2 | 6 | 6 |
Related income tax expense | 0 | 0 | (2) | (2) |
Net effect of HTM securities on other comprehensive income | 2 | 2 | 4 | 4 |
Pension plan: | ||||
Recognized net actuarial loss | 1,174 | 1,111 | 3,485 | 3,298 |
Related income tax benefit | (256) | (394) | (782) | (1,191) |
Net effect of change in pension plan asset on other comprehensive income | 918 | 717 | 2,703 | 2,107 |
Net current-period other comprehensive income, net of tax | (6,659) | 2,683 | (28,146) | 10,554 |
Comprehensive income, net of tax | $ 57,753 | $ 59,421 | $ 164,246 | $ 143,160 |
Comprehensive Income - Compon_2
Comprehensive Income - Components of Accumulated Other Comprehensive Income (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Beginning Balance | $ 3,240,530 | |||
Cumulative effect of adopting Accounting Standard Update 2016-01 | $ 0 | 0 | ||
Reclass due to adopting Accounting Standard Update 2018-02 | 0 | 0 | ||
Net current-period other comprehensive income, net of tax | (6,659) | $ 2,683 | (28,146) | $ 10,554 |
Ending Balance | 3,251,128 | 3,251,128 | ||
Pension Plan [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Beginning Balance | (35,775) | |||
Cumulative effect of adopting Accounting Standard Update 2016-01 | 0 | 0 | ||
Reclass due to adopting Accounting Standard Update 2018-02 | (4,721) | (4,721) | ||
Other comprehensive income before reclassification | 0 | |||
Amounts reclassified from accumulated other comprehensive income | 2,703 | |||
Net current-period other comprehensive income, net of tax | 2,703 | |||
Ending Balance | (37,793) | (37,793) | ||
Unrealized Gains/Losses on AFS Securities [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Beginning Balance | (6,204) | |||
Cumulative effect of adopting Accounting Standard Update 2016-01 | (136) | (136) | ||
Reclass due to adopting Accounting Standard Update 2018-02 | (1,632) | (1,632) | ||
Other comprehensive income before reclassification | (31,075) | |||
Amounts reclassified from accumulated other comprehensive income | 222 | |||
Net current-period other comprehensive income, net of tax | (30,853) | |||
Ending Balance | (38,825) | (38,825) | ||
Accumulated Unrealized Loss On Securities Available For Sale Transferred To Held To Maturity [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Beginning Balance | (46) | |||
Cumulative effect of adopting Accounting Standard Update 2016-01 | 0 | 0 | ||
Reclass due to adopting Accounting Standard Update 2018-02 | 0 | 0 | ||
Other comprehensive income before reclassification | 4 | |||
Amounts reclassified from accumulated other comprehensive income | 0 | |||
Net current-period other comprehensive income, net of tax | 4 | |||
Ending Balance | (42) | (42) | ||
Accumulated Other Comprehensive Income (Loss) [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Beginning Balance | (42,025) | |||
Cumulative effect of adopting Accounting Standard Update 2016-01 | (136) | (136) | ||
Reclass due to adopting Accounting Standard Update 2018-02 | (6,353) | (6,353) | ||
Other comprehensive income before reclassification | (31,071) | |||
Amounts reclassified from accumulated other comprehensive income | 2,925 | |||
Net current-period other comprehensive income, net of tax | (28,146) | |||
Ending Balance | $ (76,660) | $ (76,660) |
Comprehensive Income - Reclassi
Comprehensive Income - Reclassifications Out of Accumulated Other Comprehensive Income (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Available for sale ("AFS") securities: | ||||
Income before income taxes | $ 82,338 | $ 84,574 | $ 247,458 | $ 199,962 |
Related income tax effect | (17,926) | (27,836) | (55,066) | (67,356) |
Net income | 64,412 | 56,738 | 192,392 | 132,606 |
Pension plan: | ||||
Income before income taxes | 82,338 | 84,574 | 247,458 | 199,962 |
Related income tax effect | (17,926) | (27,836) | (55,066) | (67,356) |
Net income | $ 64,412 | $ 56,738 | 192,392 | $ 132,606 |
Reclassification out of Accumulated Other Comprehensive Income [Member] | ||||
Available for sale ("AFS") securities: | ||||
Net income | 2,925 | |||
Pension plan: | ||||
Net income | 2,925 | |||
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 | 290 | |||
Income before income taxes | 290 | |||
Related income tax effect | (68) | |||
Net income | 222 | |||
Pension plan: | ||||
Income before income taxes | 290 | |||
Related income tax effect | (68) | |||
Net income | 222 | |||
Reclassification out of Accumulated Other Comprehensive Income [Member] | Accumulated Defined Benefit Plans Adjustment [Member] | ||||
Available for sale ("AFS") securities: | ||||
Income before income taxes | 3,485 | |||
Related income tax effect | (782) | |||
Net income | 2,703 | |||
Pension plan: | ||||
Recognized net actuarial loss | 3,485 | |||
Income before income taxes | 3,485 | |||
Related income tax effect | (782) | |||
Net income | $ 2,703 |
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 | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Earnings Per Share [Abstract] | ||||
Distributed earnings allocated to common stock | $ 35,234 | $ 34,587 | $ 106,429 | $ 95,871 |
Undistributed earnings allocated to common stock | 29,060 | 22,065 | 85,617 | 36,518 |
Net earnings allocated to common shareholders | $ 64,294 | $ 56,652 | $ 192,046 | $ 132,389 |
Average common shares outstanding | 103,617,590 | 104,760,153 | 104,382,094 | 95,040,664 |
Equivalents from stock options | 316,369 | 307,969 | 297,782 | 409,962 |
Average diluted shares outstanding | 103,933,959 | 105,068,122 | 104,679,876 | 95,450,626 |
Earnings per basic common share | $ 0.62 | $ 0.54 | $ 1.84 | $ 1.39 |
Earnings per diluted common share | $ 0.62 | $ 0.54 | $ 1.83 | $ 1.39 |
Variable Interest Entities - Ad
Variable Interest Entities - Additional Information (Detail) | 9 Months Ended |
Sep. 30, 2018Trust | |
Variable Interest Entity, Not Primary Beneficiary, Disclosures [Abstract] | |
Number of statutory business trusts | 14 |
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 | 9 Months Ended |
Sep. 30, 2018USD ($) | |
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 |
Cardinal Statutory Trust I [Member] | |
Variable Interest Entity [Line Items] | |
Issuance Date | Jul. 27, 2004 |
Amount of Capital Securities Issued | $ 20,000 |
Interest Rate | 3-month LIBOR + 2.40% |
Maturity Date | Sep. 15, 2034 |
UFBC Capital Trust I [Member] | |
Variable Interest Entity [Line Items] | |
Issuance Date | Dec. 30, 2004 |
Amount of Capital Securities Issued | $ 5,000 |
Interest Rate | 3-month LIBOR + 2.10% |
Maturity Date | Mar. 15, 2035 |
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 | Sep. 30, 2018 | Dec. 31, 2017 |
Variable Interest Entity [Line Items] | ||
Aggregate Assets | $ 257,873 | $ 266,669 |
Aggregate Liabilities | 248,921 | 257,674 |
Risk Of Loss | $ 8,952 | $ 8,995 |
Segment Information - Additiona
Segment Information - Additional Information (Detail) | 9 Months Ended |
Sep. 30, 2018Segment | |
Segment Reporting [Abstract] | |
Number of reportable segments | 1 |
Number of business segment | 2 |
Segment Information - Summary o
Segment Information - Summary of Segment Reporting Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Segment Reporting Information [Line Items] | ||||
Net interest income | $ 148,775 | $ 150,276 | $ 441,940 | $ 394,141 |
Provision for loans losses | 4,808 | 7,279 | 16,190 | 21,429 |
Other income | 31,686 | 38,229 | 98,885 | 98,881 |
Other expense | 93,315 | 96,652 | 277,177 | 271,631 |
Income taxes | 17,926 | 27,836 | 55,066 | 67,356 |
Net income | 64,412 | 56,738 | 192,392 | 132,606 |
Total assets (liabilities) | 19,187,643 | 19,129,978 | 19,187,643 | 19,129,978 |
Average assets (liabilities) | 19,047,689 | 18,927,785 | 18,769,934 | 17,187,644 |
Operating Segments [Member] | Community Banking [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net interest income | 149,770 | 152,886 | 444,840 | 401,044 |
Provision for loans losses | 4,808 | 7,279 | 16,190 | 21,429 |
Other income | 18,717 | 18,373 | 53,952 | 53,409 |
Other expense | 75,255 | 74,553 | 224,240 | 215,935 |
Income taxes | 19,296 | 29,490 | 57,519 | 73,214 |
Net income | 69,128 | 59,937 | 200,843 | 143,875 |
Total assets (liabilities) | 19,080,734 | 19,083,318 | 19,080,734 | 19,083,318 |
Average assets (liabilities) | 18,982,530 | 18,889,710 | 18,718,295 | 17,180,219 |
Operating Segments [Member] | Mortgage Banking [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net interest income | 388 | (36) | 1,028 | 54 |
Provision for loans losses | 0 | 0 | 0 | 0 |
Other income | 16,478 | 19,936 | 54,829 | 42,329 |
Other expense | 17,957 | 24,036 | 57,566 | 42,744 |
Income taxes | (246) | (1,332) | (385) | (39) |
Net income | (845) | (2,804) | (1,324) | (322) |
Total assets (liabilities) | 288,638 | 350,483 | 288,638 | 350,483 |
Average assets (liabilities) | 303,556 | 321,744 | 284,100 | 187,118 |
Other [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net interest income | (3,168) | (2,574) | (8,794) | (6,957) |
Provision for loans losses | 0 | 0 | 0 | 0 |
Other income | 58 | (80) | (696) | 3,143 |
Other expense | 1,885 | (1,937) | (295) | 12,952 |
Income taxes | (1,124) | (322) | (2,068) | (5,819) |
Net income | (3,871) | (395) | (7,127) | (10,947) |
Total assets (liabilities) | 12,545 | (900) | 12,545 | (900) |
Average assets (liabilities) | 5,468 | (13,994) | 8,043 | (20,402) |
Intersegment Eliminations [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net interest income | 1,785 | 0 | 4,866 | 0 |
Provision for loans losses | 0 | 0 | 0 | 0 |
Other income | (3,567) | 0 | (9,200) | 0 |
Other expense | (1,782) | 0 | (4,334) | 0 |
Income taxes | 0 | 0 | 0 | 0 |
Net income | 0 | 0 | 0 | 0 |
Total assets (liabilities) | (194,274) | (302,923) | (194,274) | (302,923) |
Average assets (liabilities) | $ (243,867) | $ (269,675) | $ (240,505) | $ (159,291) |