Cover Page
Cover Page - USD ($) | 12 Months Ended | ||
Dec. 31, 2019 | Jan. 31, 2020 | Jun. 30, 2019 | |
Cover [Abstract] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Annual Report | true | ||
Document Transition Report | false | ||
Document Fiscal Year Focus | 2019 | ||
Document Period End Date | Dec. 31, 2019 | ||
Document Fiscal Period Focus | FY | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Registrant Name | UNITED BANKSHARES INC/WV | ||
Entity Central Index Key | 0000729986 | ||
Entity Current Reporting Status | Yes | ||
Trading Symbol | UBSI | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Emerging Growth Company | false | ||
Entity Shell Company | false | ||
Entity Small Business | false | ||
Entity Common Stock, Shares Outstanding | 101,568,065 | ||
Entity Public Float | $ 3,582,635,223 | ||
Entity Interactive Data Current | Yes | ||
Title of 12(b) Security | Common Stock | ||
Entity File Number | 002-86947 | ||
Security Exchange Name | NASDAQ | ||
Entity Tax Identification Number | 55-0641179 | ||
Entity Address, Address Line One | 300 United Center | ||
Entity Address, Address Line Two | 500 Virginia Street, East | ||
Entity Address, City or Town | Charleston | ||
Entity Address, State or Province | WV | ||
Entity Address, Postal Zip Code | 25301 | ||
City Area Code | 304 | ||
Local Phone Number | 424-8716 | ||
Entity Incorporation, State or Country Code | WV | ||
Entity Voluntary Filers | No | ||
Entity Well-known Seasoned Issuer | Yes |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Assets | ||
Cash and due from banks | $ 185,238 | $ 187,886 |
Interest-bearing deposits with other banks | 651,435 | 831,707 |
Federal funds sold | 820 | 803 |
Total cash and cash equivalents | 837,493 | 1,020,396 |
Securities available for sale at estimated fair value (amortized cost-$2,426,924 at December 31, 2019 and $2,360,884 at December 31, 2018) | 2,437,296 | 2,337,039 |
Securities held to maturity (estimated fair value-$1,447 at December 31, 2019 and $18,655 at December 31, 2018) | 1,446 | 19,999 |
Equity securities at estimated fair value | 8,894 | 9,734 |
Other investment securities | 222,161 | 176,955 |
Loans held for sale (at fair value-$384,375 at December 31, 2019 and $247,104 at December 31, 2018) | 387,514 | 249,846 |
Loans | 13,713,548 | 13,429,532 |
Less: Unearned income | (1,419) | (7,310) |
Loans net of unearned income | 13,712,129 | 13,422,222 |
Less: Allowance for loan losses | (77,057) | (76,703) |
Net loans | 13,635,072 | 13,345,519 |
Bank premises and equipment | 96,644 | 95,245 |
Operating lease right of-use asset | 57,783 | 0 |
Goodwill | 1,478,014 | 1,478,014 |
Accrued interest receivable | 58,085 | 60,597 |
Other assets | 441,922 | 457,154 |
TOTAL ASSETS | 19,662,324 | 19,250,498 |
Deposits: | ||
Noninterest-bearing | 4,621,362 | 4,416,815 |
Interest-bearing | 9,231,059 | 9,577,934 |
Total deposits | 13,852,421 | 13,994,749 |
Borrowings: | ||
Federal funds purchased | 0 | 23,400 |
Securities sold under agreements to repurchase | 124,654 | 152,927 |
Federal Home Loan Bank borrowings | 1,851,865 | 1,439,198 |
Other long-term borrowings | 236,164 | 234,905 |
Reserve for lending-related commitments | 1,733 | 1,389 |
Operating lease liability | 61,342 | 0 |
Accrued expenses and other liabilities | 170,312 | 152,306 |
TOTAL LIABILITIES | 16,298,491 | 15,998,874 |
Shareholders' Equity | ||
Preferred stock, $1.00 par value; Authorized-50,000,000 shares, none issued | 0 | 0 |
Common stock, $2.50 par value; Authorized-200,000,000 shares; issued-105,494,290 and 105,239,121 at December 31, 2019 and December 31, 2018, respectively, including 3,940,619 and 2,915,633 shares in treasury at December 31, 2019 and December 31, 2018, respectively | 263,736 | 263,098 |
Surplus | 2,140,175 | 2,134,462 |
Retained earnings | 1,132,579 | 1,013,037 |
Accumulated other comprehensive loss | (34,869) | (57,019) |
Treasury stock, at cost | (137,788) | (101,954) |
TOTAL SHAREHOLDERS' EQUITY | 3,363,833 | 3,251,624 |
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | $ 19,662,324 | $ 19,250,498 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Statement of Financial Position [Abstract] | ||
Securities available for sale, amortized cost | $ 2,426,924 | $ 2,360,884 |
Securities held to maturity | 1,447 | 18,655 |
Loans held for sale at fair value | $ 384,375 | $ 247,104 |
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 | 105,494,290 | 105,239,121 |
Common stock, shares in treasury | 3,940,619 | 2,915,633 |
Consolidated Statements of Inco
Consolidated Statements of Income - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Interest income | |||
Interest and fees on loans | $ 666,950 | $ 636,720 | $ 565,537 |
Interest on federal funds sold and other short-term investments | 21,338 | 19,268 | 16,035 |
Interest and dividends on securities: | |||
Taxable | 70,789 | 56,273 | 36,715 |
Tax-exempt | 3,485 | 5,454 | 5,519 |
Total interest income | 762,562 | 717,715 | 623,806 |
Interest expense | |||
Interest on deposits | 135,649 | 91,507 | 49,726 |
Interest on short-term borrowings | 2,347 | 2,245 | 1,579 |
Interest on long-term borrowings | 46,644 | 35,318 | 23,504 |
Total interest expense | 184,640 | 129,070 | 74,809 |
Net interest income | 577,922 | 588,645 | 548,997 |
Provision for loan losses | 21,313 | 22,013 | 28,406 |
Net interest income after provision for loan losses | 556,609 | 566,632 | 520,591 |
Other income | |||
Income from bank-owned life insurance | 7,339 | 5,045 | 5,110 |
Net gain on the sale of bank premises | 0 | 2,763 | 0 |
Net investment securities gains (losses) | 175 | (2,618) | 5,584 |
Other income | 1,327 | 1,767 | 2,039 |
Total other income | 150,484 | 128,712 | 131,645 |
Other expense | |||
Employee compensation | 173,962 | 164,468 | 166,393 |
Employee benefits | 35,745 | 36,172 | 34,997 |
Net occupancy expense | 34,850 | 36,462 | 39,067 |
Other real estate owned (OREO) expense | 5,336 | 3,444 | 6,003 |
Equipment expense | 14,210 | 13,846 | 10,528 |
Data processing expense | 22,232 | 23,800 | 21,019 |
Bankcard processing expense | 1,877 | 1,971 | 1,809 |
FDIC insurance expense | 8,070 | 11,464 | 7,051 |
FHLB prepayment penalties | 5,105 | 0 | 0 |
Other expense | 81,267 | 76,552 | 80,542 |
Total other expense | 382,654 | 368,179 | 367,409 |
Income before income taxes | 324,439 | 327,165 | 284,827 |
Income taxes | 64,340 | 70,823 | 134,246 |
Net income | $ 260,099 | $ 256,342 | $ 150,581 |
Earnings per common share: | |||
Basic | $ 2.55 | $ 2.46 | $ 1.54 |
Diluted | 2.55 | 2.45 | 1.54 |
Dividends per common share | $ 1.37 | $ 1.36 | $ 1.33 |
Average outstanding shares: | |||
Basic | 101,585,599 | 104,015,976 | 97,502,633 |
Diluted | 101,852,577 | 104,298,825 | 97,890,078 |
Fees From Trust Services [Member] | |||
Other income | |||
Revenue from contract | $ 13,873 | $ 12,930 | $ 11,801 |
Fees from Brokerage Services [Member] | |||
Other income | |||
Revenue from contract | 10,136 | 9,347 | 7,730 |
Fees from Deposit Services [Member] | |||
Other income | |||
Revenue from contract | 33,768 | 33,973 | 33,622 |
Bankcard Fees and Merchant Discounts [Member] | |||
Other income | |||
Revenue from contract | 4,674 | 5,168 | 4,795 |
Other Service Charges, Commissions, and Fees [Member] | |||
Other income | |||
Revenue from contract | 2,241 | 2,228 | 2,057 |
Mortgage Banking [Member] | |||
Other income | |||
Revenue from contract | $ 76,951 | $ 58,109 | $ 58,907 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Statement of Comprehensive Income [Abstract] | |||||||||||
Net income | $ 63,285 | $ 65,965 | $ 67,207 | $ 63,642 | $ 63,950 | $ 64,412 | $ 66,274 | $ 61,706 | $ 260,099 | $ 256,342 | $ 150,581 |
Change in net unrealized gain (loss) on available-for-sale (AFS) securities, net of tax | 26,245 | (9,015) | 4,093 | ||||||||
Accretion of the net unrealized loss on the transfer of AFS securities to held-to-maturity (HTM) securities, net of tax | 0 | 6 | 5 | ||||||||
Change in defined benefit pension plan, net of tax | (4,145) | 504 | (1,406) | ||||||||
Comprehensive income, net of tax | $ 282,199 | $ 247,837 | $ 153,273 |
Consolidated Statement of Chang
Consolidated Statement of Changes in Shareholders' Equity - USD ($) $ in Thousands | Total | Common Stock [Member] | Surplus [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Treasury Stock [Member] |
Beginning Balance at Dec. 31, 2016 | $ 2,235,747 | $ 202,671 | $ 1,205,778 | $ 872,990 | $ (44,717) | $ (975) |
Beginning Balance, shares at Dec. 31, 2016 | 81,068,252 | |||||
Net income | 150,581 | $ 0 | 0 | 150,581 | 0 | 0 |
Other comprehensive income, net of tax | 2,692 | 0 | 0 | 0 | 2,692 | 0 |
Comprehensive income, net of tax | 153,273 | |||||
Stock based compensation expense | 3,555 | 0 | 3,555 | 0 | 0 | 0 |
Acquisition, Values | 975,254 | $ 59,226 | 916,028 | 0 | 0 | 0 |
Acquisition, Shares | 23,690,589 | |||||
Purchase of treasury stock | (1) | $ 0 | 0 | 0 | 0 | (1) |
Distribution of treasury stock for deferred compensation plan | 1 | 0 | 0 | 0 | 0 | 1 |
Cash dividends | (131,755) | 0 | 0 | (131,755) | 0 | 0 |
Grant of restricted stock | $ 0 | $ 225 | (225) | 0 | 0 | 0 |
Grant of restricted stock, shares | 90,075 | 90,075 | ||||
Forfeiture of restricted stock | $ 0 | $ 0 | 38 | 0 | 0 | (38) |
Common stock options exercised | 4,456 | $ 553 | 3,903 | 0 | 0 | 0 |
Common stock options exercised, shares | 220,905 | |||||
Ending Balance at Dec. 31, 2017 | 3,240,530 | $ 262,675 | 2,129,077 | 891,816 | (42,025) | (1,013) |
Ending Balance, shares at Dec. 31, 2017 | 105,069,821 | |||||
Cumulative effect of adopting Accounting Standard Update | 0 | 136 | (136) | |||
Reclass due to adopting Accounting Standard Update | 0 | 6,353 | (6,353) | |||
Net income | 256,342 | $ 0 | 0 | 256,342 | 0 | 0 |
Other comprehensive income, net of tax | (8,505) | 0 | 0 | 0 | (8,505) | 0 |
Comprehensive income, net of tax | 247,837 | |||||
Stock based compensation expense | 4,073 | 0 | 4,073 | 0 | 0 | |
Purchase of treasury stock | (100,724) | 0 | 0 | 0 | 0 | (100,724) |
Distribution of treasury stock for deferred compensation plan | 1 | 0 | 0 | 0 | 0 | 1 |
Cash dividends | (141,610) | 0 | 0 | (141,610) | 0 | 0 |
Grant of restricted stock | $ 0 | $ 243 | (243) | 0 | 0 | 0 |
Grant of restricted stock, shares | 97,004 | 97,004 | ||||
Forfeiture of restricted stock | $ 0 | $ 0 | (218) | 0 | 0 | (218) |
Common stock options exercised | $ 1,517 | $ 180 | 1,337 | 0 | 0 | 0 |
Common stock options exercised, shares | 72,296 | 72,296 | ||||
Ending Balance at Dec. 31, 2018 | $ 3,251,624 | $ 263,098 | 2,134,462 | 1,013,037 | (57,019) | (101,954) |
Ending Balance, shares at Dec. 31, 2018 | 105,239,121 | |||||
Cumulative effect of adopting Accounting Standard Update | (1,049) | $ 0 | 0 | (1,049) | 0 | 0 |
Reclass due to adopting Accounting Standard Update | 50 | 0 | 0 | 0 | 50 | 0 |
Net income | 260,099 | 0 | 0 | 260,099 | 0 | 0 |
Other comprehensive income, net of tax | 22,100 | 0 | 0 | 0 | 22,100 | 0 |
Comprehensive income, net of tax | 282,199 | |||||
Stock based compensation expense | 4,914 | 0 | 4,914 | 0 | 0 | 0 |
Purchase of treasury stock | (35,673) | 0 | 0 | 0 | 0 | (35,673) |
Distribution of treasury stock for deferred compensation plan | 1 | 0 | 0 | 0 | 0 | 1 |
Cash dividends | (139,508) | 0 | 0 | (139,508) | 0 | 0 |
Grant of restricted stock | $ 0 | $ 316 | (316) | 0 | 0 | 0 |
Grant of restricted stock, shares | 126,427 | 126,427 | ||||
Forfeiture of restricted stock | $ 0 | $ 0 | 162 | 0 | 0 | (162) |
Common stock options exercised | $ 1,275 | $ 322 | 953 | 0 | 0 | 0 |
Common stock options exercised, shares | 128,742 | 128,742 | ||||
Ending Balance at Dec. 31, 2019 | $ 3,363,833 | $ 263,736 | $ 2,140,175 | $ 1,132,579 | $ (34,869) | $ (137,788) |
Ending Balance, shares at Dec. 31, 2019 | 105,494,290 |
Consolidated Statement of Cha_2
Consolidated Statement of Changes in Shareholders' Equity (Parenthetical) - $ / shares | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Cash dividends per share | $ 1.37 | $ 1.36 | $ 1.33 |
Grant of restricted stock, shares | 126,427 | 97,004 | 90,075 |
Common stock options exercised, shares | 128,742 | 72,296 | |
Common Stock [Member] | |||
Cash dividends per share | $ 1.37 | $ 1.36 | $ 1.33 |
Grant of restricted stock, shares | 126,427 | 97,004 | 90,075 |
Forfeiture of restricted stock, shares | 4,149 | 5,636 | 840 |
Common stock options exercised, shares | 128,742 | 72,296 | 220,905 |
Acquisition, Shares | 23,690,589 | ||
Treasury Stock [Member] | |||
Purchase of treasury stock, shares | 1,020,864 | 2,880,855 | 86 |
Deferred Compensation Plan [Member] | Treasury Stock [Member] | |||
Distribution of treasury stock for deferred compensation plan, shares | 27 | 31 | 31 |
Cardinal Financial Corporation [Member] | Common Stock [Member] | |||
Acquisition, Shares | 23,690,589 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Cash Flows - USD ($) | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
OPERATING ACTIVITIES | |||
Net income | $ 260,099,000 | $ 256,342,000 | $ 150,581,000 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Provision for loan losses | 21,313,000 | 22,013,000 | 28,406,000 |
Depreciation, amortization and accretion | (20,531,000) | (21,061,000) | (21,567,000) |
Loss (Gain) on sales of bank premises, OREO, leases and equipment | 3,912,000 | (772,000) | 4,813,000 |
(Gain) Loss on securities | (175,000) | 2,618,000 | (5,584,000) |
Loans originated for sale | (2,574,434,000) | (1,994,707,000) | (2,373,622,000) |
Proceeds from sales of loans | 2,513,717,000 | 2,041,508,000 | 2,455,213,000 |
Gain on sales of loans | (76,951,000) | (58,109,000) | (58,907,000) |
Stock-based compensation | 4,914,000 | 4,073,000 | 3,555,000 |
Excess tax benefits from stock-based compensation arrangements | 223,000 | 158,000 | 2,201,000 |
Deferred income tax expense | 14,205,000 | 9,353,000 | 60,827,000 |
Increase in cash surrender value of bank-owned life insurance policies | (1,458,000) | (5,045,000) | (5,110,000) |
Contribution to pension plan | 0 | (7,000,000) | (10,000,000) |
Amortization of net periodic pension costs | 3,635,000 | 2,566,000 | 3,310,000 |
Changes in: | |||
Loans held for sale | 0 | 27,417,000 | (8,893,000) |
Interest receivable | 2,512,000 | (7,782,000) | (2,024,000) |
Other assets | (23,449,000) | 11,824,000 | 32,924,000 |
Accrued expenses and other liabilities | 20,162,000 | 9,137,000 | (2,195,000) |
NET CASH PROVIDED BY OPERATING ACTIVITIES | 147,694,000 | 292,533,000 | 253,928,000 |
INVESTING ACTIVITIES | |||
Proceeds from maturities and calls of held to maturity securities | 7,000,000 | 328,000 | 14,214,000 |
Purchases of held to maturity securities | 0 | 0 | (1,403,000) |
Proceeds from sales of securities available for sale | 374,764,000 | 171,202,000 | 247,131,000 |
Proceeds from maturities and calls of securities available for sale | 337,793,000 | 270,754,000 | 439,181,000 |
Purchases of securities available for sale | (771,290,000) | (917,907,000) | (932,474,000) |
Proceeds from sales of equity securities | 2,011,000 | 2,005,000 | 0 |
Purchases of equity securities | (895,000) | (657,000) | 0 |
Proceeds from sales and redemptions of other investment securities | 84,541,000 | 37,860,000 | 40,837,000 |
Purchases of other investment securities | (129,747,000) | (57,154,000) | (74,090,000) |
Redemption of bank-owned life insurance policies | 2,829,000 | 0 | 0 |
Purchases of bank premises and equipment | (11,083,000) | (5,776,000) | (14,357,000) |
Proceeds from sales of bank premises and equipment | 251,000 | 8,397,000 | 17,000 |
Acquisition of subsidiaries, net of cash paid | 0 | 0 | 44,531,000 |
Proceeds from sales of OREO properties | 10,026,000 | 10,816,000 | 7,066,000 |
Net change in loans | (285,248,000) | (391,381,000) | 496,025,000 |
NET CASH (USED IN) PROVIDED BY INVESTING ACTIVITIES | (379,048,000) | (871,513,000) | 266,678,000 |
FINANCING ACTIVITIES | |||
Cash dividends paid | (138,939,000) | (142,350,000) | (121,354,000) |
Acquisition of treasury stock | (35,673,000) | (100,724,000) | (1,000) |
Proceeds from exercise of stock options | 1,272,000 | 1,500,000 | 4,619,000 |
Distribution of treasury stock for deferred compensation plan | 1,000 | 1,000 | 1,000 |
Repayment of long-term Federal Home Loan Bank borrowings | (1,135,000,000) | (755,000,000) | (845,208,000) |
Proceeds from issuance of long-term Federal Home Loan Bank borrowings | 1,475,000,000 | 950,000,000 | 815,000,000 |
Repayment of trust preferred issuance | 0 | (9,374,000) | 0 |
Changes in: | |||
Time deposits | 28,408,000 | (293,184,000) | 614,821,000 |
Other deposits | (169,945,000) | 458,600,000 | (928,665,000) |
Federal funds purchased, securities sold under agreements to repurchase and other short-term borrowings | 23,327,000 | (176,260,000) | 171,821,000 |
NET CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES | 48,451,000 | (66,791,000) | (288,966,000) |
(DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS | (182,903,000) | (645,771,000) | 231,640,000 |
CASH AND CASH EQUIVALENTS AT BEGINNING OF YEAR | 1,020,396,000 | 1,666,167,000 | 1,434,527,000 |
CASH AND CASH EQUIVALENTS AT END OF YEAR | 837,493,000 | 1,020,396,000 | 1,666,167,000 |
Supplemental information | |||
Cash paid for interest | 182,549,000 | 124,679,000 | 72,715,000 |
Cash paid for income taxes | 56,459,000 | 55,336,000 | 73,096,000 |
Noncash investing activities: | |||
Transfers of loans to OREO | 13,185,000 | 1,840,000 | 17,615,000 |
Transfers of held to maturity debt securities to available for sale debt securities | $ 11,544,000 | $ 0 | $ 0 |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2019 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | NOTE A—SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Nature of Operations: Operating Segments: Basis of Presentation: United determines whether it has a controlling financial interest in an entity by first evaluating whether the entity is a voting interest entity or a variable interest entity (VIE) under U.S. generally accepted accounting principles. Voting interest entities are entities in which the total equity investment at risk is sufficient to enable the entity to finance itself independently and provides the equity holders with the obligation to absorb losses, the right to receive residual returns and the right to make decisions about the entity’s activities. United consolidates voting interest entities in which it has all, or at least a majority of, the voting interest. As defined in applicable accounting standards, VIEs are entities that lack one or more of the characteristics of a voting interest entity. A controlling financial interest in a VIE is present when an enterprise has both the power to direct the activities of the VIE that most significantly impact the VIE’s economic performance and an obligation to absorb losses or the right to receive benefits that could potentially be significant to the VIE. The enterprise with a controlling financial interest, known as the primary beneficiary, consolidates the VIE. United’s wholly owned and indirect wholly owned statutory trust subsidiaries are VIEs for which United is not the primary beneficiary. Accordingly, its accounts are not included in United’s consolidated financial statements. The accounting and reporting policies of United conform with U.S. generally accepted accounting principles. In preparing the consolidated financial statements, management is required to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates. To conform to the 2019 presentation, certain reclassifications have been made to prior period amounts, which had no impact on net income, comprehensive income or shareholders’ equity. In the opinion of management, all adjustments necessary for a fair presentation of financial position and results of operations have been made. Such adjustments are of a normal and recurring nature. The Company has evaluated events and transactions subsequent to December 31, 2019 through the date these financial statements were issued. Based on definitions and requirements of generally accepted accounting principles for “Subsequent Events,” the Company has not identified any events that would require adjustments to, or disclosure in the financial statements. Cash and Cash Equivalents: Securities: Gains or losses on sales of securities are recognized by the specific identification method and are reported in securities gains and losses within noninterest income of the Consolidated Statements of Income. United reviews available-for-sale held-to-maturity Certain security investments such as Federal Reserve Bank stock and Federal Home Loan Bank stock that do not have readily determinable fair values and for which United does not exercise significant influence are carried at cost and are classified as other investment securities on the balance sheet. These cost-method investments are reviewed for impairment at least annually or sooner if events or changes in circumstances indicate the carrying value may not be recoverable. Securities Purchased Under Resale Agreements and Securities Sold Under Agreements to Repurchase: Loans: Loans are designated as impaired when, in the opinion of management, based on current information and events, the collection of principal and interest in accordance with the loan contract is doubtful. Consistent with United’s existing method of income recognition for loans, interest on impaired loans, except those classified as nonaccrual, is recognized as income using the accrual method. United’s method of income recognition for impaired loans that are classified as nonaccrual is to recognize interest income on the cash basis or apply the cash receipt to principal when the ultimate collectibility of principal is in doubt. A loan is categorized as a trouble debt restructuring (TDR) if a concession is granted to provide for a reduction of either interest or principal due to a deterioration in the financial condition of the borrower. A loan classified as a TDR will generally retain such classification until the loan is paid in full. However, a one-to-four-family Loans Acquired Through Transfer: Loans Held for Sale: one-to-four Loans held for sale within the mortgage banking segment are recorded under the fair value option at a fair value measured using valuations from investors for loans with similar characteristics adjusted for the Company’s actual sales experience versus the investor’s indicated pricing. Loans held for sale within the community banking segment are carried at the lower of cost or fair value. The fair value is based on the price secondary markets are currently offering for similar loans using observable market data which is not materially different than cost due to the short duration between origination and sale. Gains and losses on sale of loans are recorded within income from mortgage banking activities. Allowance for Credit Losses: The allowance for loan losses is management’s estimate of the probable credit losses inherent in the loan portfolio. Management’s evaluation of the adequacy of the allowance for loan losses and the appropriate provision for credit losses is based upon a quarterly evaluation of the portfolio. This evaluation is inherently subjective and requires significant estimates, including the amounts and timing of estimated future cash flows, estimated losses on pools of loans based on historical loss experience, and consideration of qualitative factors such as current economic trends, all of which are susceptible to constant and significant change. The amounts allocated to specific credits and loan pools grouped by similar risk characteristics are reviewed on a quarterly basis and adjusted as necessary based upon subsequent changes in circumstances. In determining the components of the allowance for credit losses, management considers the risk arising in part from, but not limited to, qualitative factors such as charge-off charged-off In determining the adequacy of the allowance for loan losses, management makes allocations to specific commercial loans classified by management as to risk. Management determines the loan’s risk by considering the borrowers’ ability to repay, the collateral securing the credit and other borrower-specific factors that may impact collectibility. For impaired loans, specific allocations are based on the present value of expected future cash flows using the loan’s effective interest rate, or as a practical expedient, at the loan’s observable market price or the fair value of the collateral if the loan is collateral-dependent. Other commercial loans not specifically reviewed on an individual basis are evaluated based on loan pools, which are grouped by similar risk characteristics using management’s internal risk ratings. Allocations for these commercial loan pools are determined based upon historical loss experience adjusted for current environmental conditions and risk factors and the estimate period it takes for losses to result in a charge-off, Bank Premises and Equipment: three five Other Real Estate Owned Revenue Recognition 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 i n Advertising Costs: Income Taxes: For uncertain income tax positions, United records a liability based on a recognition threshold of more-likely-than-not, United files a consolidated income tax return with its subsidiaries. Federal income tax expense or benefit has been allocated to subsidiaries on a separate return basis. Intangible Assets: one seven-year Goodwill and intangible assets with indefinite lives (such as a trade name intangible) are not amortized, but are tested for impairment at least annually or sooner if indicators of impairment exist. Intangible assets with definite useful lives (such as core deposit intangibles) are amortized over their respective estimated useful lives to their estimated residual values, and reviewed for impairment at least annually or as indicators of impairment are identified. Based on the most recent goodwill impairment test, no impairment was noted. As of December 31, 2019, and 2018, total goodwill approximated $1,478,014,000. Derivative Financial Instruments: 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. 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 for mandatory delivery loans 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 the 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 a best efforts delivery basis, 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. For derivatives that are not designated in a hedge relationship, changes in the fair value of the derivatives are recognized in earnings in the same period as the change in the fair value. Stock-Based Compensation Earnings Per Common Share: two-class non-vested Under the two-class The reconciliation of the numerator and denominator of basic earnings per share with that of diluted earnings per share is presented as follows: Year Ended December 31 (Dollars in thousands, except per share) 2019 2018 2017 Distributed earnings allocated to common stock $ 139,167 $ 141,336 $ 131,527 Undistributed earnings allocated to common stock 120,337 114,542 18,816 Net earnings allocated to common shareholders $ 259,504 $ 255,878 $ 150,343 Average common shares outstanding 101,585,599 104,015,976 97,502,633 Dilutive effect of stock compensation 266,978 282,849 387,445 Average diluted shares outstanding 101,852,577 104,298,825 97,890,078 Earnings per basic common share $ 2.55 $ 2.46 $ 1.54 Earnings per diluted common share $ 2.55 $ 2.45 $ 1.54 Fair Value Measurements ASC Topic 820 specifies a hierarchy of valuation techniques based on whether the inputs to those valuation techniques are observable or unobservable. Observable inputs reflect market data obtained from independent sources, while unobservable inputs reflect United’s market assumptions. The three levels of the fair value hierarchy based on these two types of inputs are as follows: Level 1 - Valuation is based on quoted prices in active markets for identical assets and liabilities. Level 2 - Valuation is based on observable inputs including quoted prices in active markets for similar assets and liabilities, quoted prices for identical or similar assets and liabilities in less active markets, and model-based valuation techniques for which significant assumptions can be derived primarily from or corroborated by observable data in the market. Level 3 - Valuation is based on model-based techniques that use one or more significant inputs or assumptions that are unobservable in the market. When determining the fair value measurements for assets and liabilities, United looks to active and observable markets to price identical assets or liabilities whenever possible and classifies such items in Level 1. When identical assets and liabilities are not traded in active markets, United looks to market observable data for similar assets and liabilities and classifies such items as Level 2. Nevertheless, certain assets and liabilities are not actively traded in observable markets and United must use alternative valuation techniques using unobservable inputs to determine a fair value and classifies such items as Level 3. For assets and liabilities that are not actively traded, the fair value measurement is based primarily upon estimates that require significant judgment. Therefore, the results may not be realized in an actual sale or immediate settlement of the asset or liability. Additionally, there are inherent weaknesses in any calculation technique, and changes in the underlying assumptions used, including discount rates and estimates of future cash flows, could significantly affect the results of current or future values. The level within the fair value hierarchy is based on the lowest level of input that is significant in the fair value measurement. Recent Accounting Pronouncements In April 2019, the Financial Accounting Standards Board (FASB) issued ASU No. 2019-04 issues . ASU No. 2019-04 In August 2018, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2018-14 715-20): 2018-14 2018-14 In August 2018, the FASB issued ASU No. 2018-13 2018-13 2018-13 was adopted by United on January 1, 2020. The adoption did not have a material impact on the Company’s financial condition or results of operations. In June 2018, the FASB issued Accounting Standards Update (ASU) No. 2018-07 non-employees non-employee 2018-07 2018-07 In February 2018, the FASB issued ASU No. 2018-03, 825-10): 2018-03 2018-03 2018-03 In February 2018, the FASB issued ASU No. 2018-02, 2018-02 In August 2017, the FASB issued ASU No. 2017-12, one-time held-to-maturity available-for-sale 2017-12 one-time In July 2017, the FASB issued ASU No. 2017-11, 2017-11 2017-11 In May 2017, the FASB issued ASU No. 2017-09, Scope of Modification Accounting.” This ASU clarifies when changes to the terms of conditions of a share-based payment award must be accounted for as modifications. Companies will apply the modification accounting guidance if the value, vesting conditions or classification of the award changes. The new guidance should reduce diversity in practice and result in fewer changes to the terms of an award being accounted for as modifications, as the guidance will allow companies to make certain non-substantive 2017-09 2017-09 In March 2017, the FASB issued ASU No. 2017-07, 2017-07 No. 2017-07 2017-07 the practical expedient and used amounts previously disclosed in its Employee Benefits Plan footnote (Note O) to retrospectively adjust prior period amounts of employee compensation and employee benefits within United’s Consolidated Statements of Income. In January 2017, the FASB issued ASU No. 2017-04, 2017-04 2017-04 2017-04 In January 2017, the FASB issued ASU No. 2017-01, 2017-01 2017-01 In August 2016, the FASB issued ASU No. 2016-15, 2016-15 2016-15 2016-15 In June 2016, the FASB issued ASU No. 2016-13, available-for-sale 2016-13 2019-05 2016-13 2016-13, 326-20 825-10. held-to-maturity instrument-by-instrument 2019-05 2016-13, 2016-13 model validation, the documentation of the new standard and internal controls as well as changes to financial statement disclosures. In March 2016, the FASB issued ASU No. 2016-09, 2016-09 in the income statement when the awards vest or are settled. The requirement to report those income tax effects in earnings was applied to settlements occurring on or after January 1, 2017 and the impact of applying that guidance reduced reporting income tax expense by $ for the year of 2017. ASU No. 2016-09 also allows an employer to repurchase more of an employee’s shares than it could previously for tax withholding purposes without triggering liability accounting and make a policy election to account for forfeitures as they occur. The Company will continue to estimate the number of awards expected to be forfeited and adjust the estimate when it is no longer probable that the employee will fulfill the service condition, as was previously required. ASU No. 2016-09 also requires that all income tax-related cash flows resulting from share-based payments be reported as operating activities in the statement of cash flows. Previously, income tax benefits at settlement of an award were reported as a reduction to operating cash flows and an increase to financing cash flows to the extent that those benefits exceeded the income tax benefits reported in earnings during the award’s vesting period. The adoption of ASU No. 2016-09 did not have a material impact on the Company’s financial condition or results of operations. In February 2016, the FASB issued ASU No. 2016-02, 2016-02 2016-02 right-of-use 2018-11 non-lease non-lease 2018-10 2018-10 In January 2016, the FASB issued ASU No. 2016-01, 2016-01 2016-01 available-for-sale 2016-01 In May 2014, the FASB issued ASU No. 2014-09, 2014-09 2014-09 that ASU No. 2014-09 2014-09 2014-09 |
Mergers and Acquisitions
Mergers and Acquisitions | 12 Months Ended |
Dec. 31, 2019 | |
Business Combinations [Abstract] | |
Mergers and Acquisitions | NOTE B—MERGERS AND ACQUISITIONS On November 17, 2019, United entered into an Agreement and Plan of Merger (the Agreement) with Carolina Financial Corporation (Carolina Financial), a Delaware corporation headquartered in Charleston, South Carolina. In accordance with the Agreement, Carolina Financial will cease to exist and United shall survive and continue to exist as a West Virginia corporation. United may at any time prior to the effective time of the Merger change the method of effecting the combination with Carolina Financial subject to certain conditions contained in the Agreement. The merger with Carolina Financial represents a significant step towards continuing to grow United’s presence in North and South Carolina. The combined organization will have the potential of creating a contiguous Mid-Atlantic The Agreement provides that consummation of the Merger, each outstanding share of common stock of Carolina Financial will be converted into the right to receive 1.13 shares of United common stock, par value $2.50 per share. Pursuant to the Agreement, as of the effective time of the Merger, each outstanding Carolina Financial stock option, whether vested or unvested as of the date of the Agreement, shall, at such option holder’s election, (i) vest and convert into an option to acquire United common stock adjusted based on the 1.13 exchange ratio, or (ii) be entitled to receive cash consideration equal to the difference between (a) the option’s exercise price and (b) the volume weighted average trading price of the Carolina Financial common stock on NASDAQ for the twenty full trading days ending on the second trading day immediately preceding the closing date (the CFC Closing Price) multiplied by the number of shares of Carolina Financial common stock subject to such stock option. Also, at the effective time of the Merger, each restricted stock grant, restricted stock unit grant or any other award of a share of Carolina Financial common stock subject to vesting, repurchase or other lapse restriction under a Carolina Financial stock plan (other than a stock option) (each, a “Stock Award”) that is outstanding immediately prior to the effective time of the Merger, shall fully vest in accordance with the terms of the Carolina Financial stock plan and at the election of the holder (i) convert into the right to receive shares of United common stock based on the 1.13 exchange ratio or (ii) convert into cash in an amount equal to the CFC Closing Price multiplied by the shares of Carolina Financial common stock subject to the Stock Award. At the effective time of the Merger, Crescom Bank, a wholly-owned subsidiary of Carolina Financial, will merge with and into United Bank, a wholly-owned subsidiary of United (the Bank Merger). United Bank will survive the Bank Merger and continue to exist as a Virginia banking corporation. The acquisition of Carolina Financial will afford United the opportunity to expand its existing footprint in North Carolina and South Carolina. As of December 31, 2019, Carolina Financial had $4,708,873,000 in total assets, $ in gross loans and $ in deposits. Carolina Financial has banking locations in North Carolina and South Carolina. CresCom Bank owns and operates Crescent Mortgage Company, which is based in Atlanta, Georgia. United recently filed an amended Form S-4 with the Securities and Exchange Commission regarding the proposed merger with Carolina Financial. United expects the merger to close during the second quarter of 2020. |
Investment Securities
Investment Securities | 12 Months Ended |
Dec. 31, 2019 | |
Investments, Debt and Equity Securities [Abstract] | |
Investment Securities | NOTE C—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. December 31, 2019 (In thousands) Amortized Gross Gross Estimated Cumulative (1) U.S. Treasury securities and obligations of U.S. $ 58,127 $ 555 $ 6 $ 58,676 $ 0 State and political subdivisions 272,014 3,644 3,296 272,362 0 Residential mortgage-backed securities Agency 826,857 10,923 1,246 836,534 0 Non-agency 3,429 404 0 3,833 86 Commercial mortgage-backed securities Agency 609,461 8,319 2,807 614,973 0 Asset-backed securities 284,390 0 8,251 276,139 0 Trust preferred collateralized debt obligations 6,045 0 1,342 4,703 842 Single issue trust preferred securities 18,196 170 1,592 16,774 0 Other corporate securities 348,405 4,897 0 353,302 0 Total $ 2,426,924 $ 28,912 $ 18,540 $ 2,437,296 $ 928 December 31, 2018 (In thousands) Amortized Gross Gross Estimated Cumulative (1) U.S. Treasury securities and obligations of U.S. $ 86,285 $ 35 $ 430 $ 85,890 $ 0 State and political subdivisions 212,670 439 4,121 208,988 0 Residential mortgage-backed securities Agency 1,047,345 3,235 14,930 1,035,650 0 Non-agency 3,927 332 0 4,259 86 Commercial mortgage-backed securities Agency 560,634 996 7,030 554,600 0 Asset-backed securities 272,459 450 939 271,970 0 Trust preferred collateralized debt obligations 6,176 91 350 5,917 2,586 Single issue trust preferred securities 8,754 169 561 8,362 0 Other corporate securities 162,634 118 1,349 161,403 0 Total $ 2,360,884 $ 5,865 $ 29,710 $ 2,337,039 $ 2,672 (1) Other-than-temporary impairment in accumulated other comprehensive income. Amounts are before-tax. The following is a summary of securities available for sale which were in an unrealized loss position at December 31, 2019 and 2018. Less than 12 months 12 months or longer (In thousands) Fair Value Unrealized Fair Value Unrealized December 31, 2019 U.S. Treasury securities and obligations of U.S. Government corporations and agencies $ 1,415 $ 6 $ 0 $ 0 State and political subdivisions 144,307 3,291 885 5 Residential mortgage-backed securities Agency 108,072 502 71,736 744 Non-agency 0 0 0 0 Commercial mortgage-backed securities Agency 173,039 2,676 45,251 131 Asset-backed securities 135,174 3,252 140,965 4,999 Trust preferred collateralized debt obligations 2,703 842 2,000 500 Single issue trust preferred securities 0 0 13,562 1,592 Other corporate securities 0 0 0 0 Total $ 564,710 $ 10,569 $ 274,399 $ 7,971 Less than 12 months 12 months or longer (In thousands) Fair Value Unrealized Fair Value Unrealized December 31, 2018 U.S. Treasury securities and obligations of U.S. Government corporations and agencies $ 66,072 $ 250 $ 7,374 $ 180 State and political subdivisions 53,421 544 94,337 3,577 Residential mortgage-backed securities Agency 195,009 1,597 508,041 13,333 Non-agency 0 0 0 0 Commercial mortgage-backed securities Agency 107,443 1,124 294,129 5,906 Asset-backed securities 151,427 939 0 0 Trust preferred collateralized debt obligations 0 0 2,150 350 Single issue trust preferred securities 0 0 5,163 561 Other corporate securities 129,709 1,233 6,879 116 Total $ 703,081 $ 5,687 $ 918,073 $ 24,023 The following table shows the proceeds from maturities, sales and calls of available for sale securities and the gross realized gains and losses on sales and calls of those securities that have been included in earnings as a result of any sales and calls. Gains or losses on sales and calls of available for sale securities were recognized by the specific identification method. The realized losses relate to sales of securities within a rabbi trust for the payment of benefits under a deferred compensation plan for certain key officers and its subsidiaries. Year Ended (In thousands) 2019 2018 2017 Proceeds from maturities, sales and calls $ 712,557 $ 441,956 $ 686,312 Gross realized gains 1,542 1,594 3,274 Gross realized losses 1,445 2,364 1,400 At December 31, 2019, gross unrealized losses on available for sale securities were $18,540,000 on 166 securities of a total portfolio of 641 available for sale securities. Securities with the most significant gross unrealized losses at December 31, 2019 consisted primarily of asset-backed securities, agency commercial mortgage-backed securities, and state and political subdivision securities. The asset-backed securities are backed by Federal Family Education Loan Program (FFELP) student loan collateral which includes a minimum of a 97% government repayment guaranty, as well as additional credit support and subordination in excess of the government guaranteed portion. The agency commercial mortgage-backed securities relate to commercial properties and provide a guaranty of full and timely payments of principal and interest by the issuing agency. The state and political subdivisions securities relate to securities issued by various municipalities. 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 $272,014,000 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 no securities within the portfolio were rated below investment grade as of December 31, 2019. 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 December 31, 2019. 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 $1,436,318,000 at December 31, 2019. Of the $1,436,318,000 amount, $609,461,000 was related to agency commercial mortgage-backed securities and $826,857,000 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 December 31, 2019. Non-agency United’s non-agency non-agency All of the securities were rated below investment grade at December 31, 2019. The entire portfolio of the non-agency non-agency and year of 2019 was $21,000 and $42,000, respectively . 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). 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 December 31, 2019 consisted of $11,484,000 in investment grade bonds, $977,000 in split rated bonds, and $5,735,000 in unrated bonds. Management reviews each issuer’s current and projected earnings trends, asset quality, capitalization levels, and other key factors. Upon completing the review for the fourth quarter of 2019, it was determined that none of the single issue trust preferred securities were other-than-temporarily impaired. Trust preferred collateralized debt obligations (Trup Cdos) The total amortized cost balance of United’s Trup Cdo portfolio was $6,045,000 as of December 31, 2019. 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 December 31, 2019, 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. Based on this review, management determined that one of the Trup Cdo securities was other-than-temporarily impaired as of December 31, 2019. The total amount of OTTI recognized in earnings on this security during the fourth quarter and year of 2019 was $93,000 and $156,000, respectively . Corporate securities As of December 31, 2019, United’s Corporate securities portfolio had a total amortized cost balance of $348,405,000. The majority of the portfolio consisted of debt issuances of corporations representing a variety of industries, including financial institutions. Of the $348,405,000, 92% was investment grade rated and 8% 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. Based upon management’s analysis and judgment, it was determined that none of the other corporate securities were other-than-temporarily impaired at December 31, 2019. Below is a progression of the credit losses on securities which United has recorded other-than-temporary charges. These charges were recorded through earnings and other comprehensive income. (In thousands) Year Ended December 31 2019 2018 2017 Balance of cumulative credit losses at beginning of period $ 3,138 $ 18,060 $ 22,162 Additional credit losses on securities for which OTTI was previously recognized 156 0 0 Reductions for securities sold or paid off during the period (0 ) (14,922 ) (4,102 ) Balance of cumulative credit losses at end of period $ 3,294 $ 3,138 $ 18,060 The amortized cost and estimated fair value of securities available for sale at December 31, 2019 by contractual maturity are shown below. Expected maturities may differ from contractual maturities because the issuers may have the right to call or prepay obligations without penalties. Maturities of mortgage-backed securities with an amortized cost of $1,439,747,000 and an estimated fair value of $1,455,340,000 at December 31, 2019 are included below based upon contractual maturity. Estimated (In thousands) Amortized Fair Cost Value Due in one year or less $ 92,422 $ 92,473 Due after one year through five years 583,715 592,850 Due after five years through ten years 564,922 568,241 Due after ten years 1,185,865 1,183,732 Total $ 2,426,924 $ 2,437,296 Securities Held to Maturity The amortized cost and estimated fair values of securities held to maturity are summarized as follows:. December 31, 2019 (In thousands) Amortized Gross Gross Estimated Fair Value U.S. Treasury securities and obligations of U.S. Government corporations and agencies $ 0 $ 0 $ 0 $ 0 State and political subdivisions 1,426 1 0 1,427 Residential mortgage-backed securities Agency 0 0 0 0 Single issue trust preferred securities 0 0 0 0 Other corporate securities 20 0 0 20 Total $ 1,446 $ 1 $ 0 $ 1,447 December 31, 2018 (In thousands) Amortized Gross Gross Estimated Fair Value U.S. Treasury securities and obligations of U.S. Government corporations and agencies $ 5,074 $ 90 $ 0 $ 5,164 State and political subdivisions 5,473 7 1 5,479 Residential mortgage-backed securities Agency 20 2 0 22 Single issue trust preferred securities 9,412 0 1,442 7,970 Other corporate securities 20 0 0 20 Total $ 19,999 $ 99 $ 1,443 $ 18,655 No gross realized gains and losses on calls and sales of held to maturity securities have been included in earnings for the years ended December 31, 2019, 2018 and 2017. The amortized cost and estimated fair value of debt securities held to maturity at December 31, 2019 by contractual maturity are shown below. Expected maturities may differ from contractual maturities because the issuers may have the right to call or prepay obligations with or without call or prepayment penalties. Estimated (In thousands) Amortized Fair Cost Value Due in one year or less $ 210 $ 210 Due after one year through five years 216 217 Due after five years through ten years 0 0 Due after ten years 1,020 1,020 Total $ 1,446 $ 1,447 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 $8,894,000 at December 31, 2019 and $9,734,000 at December 31, 2018. (In thousands) Year Ended December 31, 2019 Net gains recognized during the period $ 276 Net gains recognized during the period on equity securities sold 133 Unrealized gains recognized during the period on equity securities still held at period end 177 Unrealized losses recognized during the period on equity securities still held at period end (34 ) Other During the fourth quarter of 2019, United evaluated all of its cost method investments to determine if certain events or changes in circumstances during the fourth quarter of 2019 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 fourth fourth 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 $1,540,717,000 and $1,887,176,000 at December 31, 2019 and December 31, 2018 respectively. The fair value of mortgage-backed at December 31, 2019 and a net unrealized loss of at December 31, 2018 on all mortgage-backed The following table sets forth the maturities of all securities (based on amortized cost) at December 31, 2019, and the weighted-average yields of such securities (calculated on the basis of the cost and the effective yields weighted for the scheduled maturity of each security). After 1 But After 5 But (Dollars in thousands) Within 1 Year Within 5 Years Within 10 Years After 10 Years Amount Yield Amount Yield Amount Yield Amount Yield U.S. Treasury and other U.S. Government agencies and corporations $ 0 0.00 % $ 51,511 2.41 % $ 6,616 2.74 % $ 0 0.00 % States and political subdivisions (1) 5,364 2.78 % 4,964 3.36 % 38,732 2.80 % 224,380 2.92 % Residential mortgage-backed securities Agency 0 0.00 % 0 0.00 % 230,686 2.60 % 596,171 2.71 % Non-agency 69 5.00 % 0 0.00 % 0 0.00 % 3,360 5.84 % Commercial mortgage-backed Agency 28,178 2.32 % 281,903 2.65 % 241,159 2.40 % 58,221 2.73 % Asset-backed securities 0 0.00 % 0 0.00 % 0 0.00 % 284,390 2.56 % Trust preferred collateralized debt obligations 0 0.00 % 0 0.00 % 0 0.00 % 6,045 3.61 % Single issue trust preferred securities 0 0.00 % 0 0.00 % 10,483 4.80 % 7,713 3.68 % Other corporate securities 59,020 2.63 % 245,553 2.98 % 37,246 4.58 % 6,606 1.28 % Marketable equity securities 0 0.00 % 0 0.00 % 0 0.00 % 8,894 1.49 % Other investment securities 0 0.00 % 100 2.55 % 750 2.08 % 221,311 3.32 % (1) Tax-equivalent 21 There are no securities with a single issuer, other than the U.S. government and its agencies and corporations, the book value of which in the aggregate exceeds 10% of United’s total shareholders’ equity. |
Loans
Loans | 12 Months Ended |
Dec. 31, 2019 | |
Receivables [Abstract] | |
Loans | NOTE D—LOANS Major classes of loans are as follows: December 31 (In thousands) 2019 2018 Commercial, financial, and agricultural Owner-occupied $ 1,201,652 $ 1,291,790 Nonowner-occupied 3,965,960 4,303,613 Other commercial 2,285,037 1,957,641 Total commercial, financial & agricultural 7,452,649 7,553,044 Residential real estate 3,686,401 3,501,393 Construction & land development 1,408,205 1,410,468 Consumer: Bankcard 10,074 10,203 Other Consumer 1,156,219 954,424 Less: Unearned income (1,419 ) (7,310 ) Total Loans, net of unearned income $ 13,712,129 $ 13,422,222 The table above does not include loans held for sale of $387,514,000 and $249,846,000 at December 31, 2019 and December 31, 2018, respectively. Loans held for sale consist of single-family residential real estate loans originated for sale in the secondary market. The outstanding loan balances in the table above include previously acquired impaired loans with a recorded investment of $96,004,000 or less than accretable discounts of $71,542,000 and $93,372,000 at December 31, 2019 and December 31, 2018, respectively. Activity for the accretable yield for the year of 2019 follows : (In thousands) Accretable yield at the beginning of the period $ 26,289 Accretion (including cash recoveries) (10,688 ) Additions 0 Net reclassifications to accretable from non-accretable 10,627 Disposals (including maturities, foreclosures, and charge-offs) (5,140 ) Accretable yield at the ending of the period $ 21,088 At December 31, 2019 and 2018, loans-in-process United’s subsidiary bank has made loans, in the normal course of business, to the directors and officers of United and its subsidiaries, and to their associates. The aggregate dollar amount of these loans was $38,558,000 and $93,282,000 at December 31, 2019 and 2018, respectively. During 2019, $9,358,000 of new loans were made and repayments totaled $64,082,000. |
Credit Quality
Credit Quality | 12 Months Ended |
Dec. 31, 2019 | |
Text Block [Abstract] | |
Credit Quality | NOTE E—CREDIT QUALITY Management monitors the credit quality of its loans on an ongoing basis. Measurement of delinquency and past due status are based on the contractual terms of each loan. For all loan classes, past due loans are reviewed on a monthly basis to identify loans for nonaccrual status. Generally, when collection in full of the principal and interest is jeopardized, the loan is placed on nonaccrual status. The accrual of interest income on commercial and most consumer loans generally is discontinued when a loan becomes 90 to 120 days past due as to principal or interest. However, regardless of delinquency status, if a loan is fully secured and in the process of collection and resolution of collection is expected in the near term (generally less than 90 days), then the loan will not be placed on nonaccrual status. When interest accruals are discontinued, unpaid interest recognized in income in the current year is reversed, and unpaid interest accrued in prior years is charged to the allowance for loan losses. United’s method of income recognition for loans that are classified as nonaccrual is to recognize interest income on a cash basis or apply the cash receipt to principal when the ultimate collectibility of principal is in doubt. Nonaccrual loans will not normally be returned to accrual status unless all past due principal and interest has been paid and the borrower has evidenced their ability to meet the contractual provisions of the note. A loan is categorized as a troubled debt restructuring (TDR) if a concession is granted and there is deterioration in the financial condition of the borrower. TDRs can take the form of a reduction of the stated interest rate, splitting a loan into separate loans with market terms on one loan and concessionary terms on the other loan, receipts of assets from a debtor in partial or full satisfaction of a loan, the extension of the maturity date or dates at a stated interest rate lower than the current market rate for new debt with similar risk, the reduction of the face amount or maturity amount of the debt as stated in the instrument or other agreement, the reduction of accrued interest or any other concessionary type of renegotiated debt. As of December 31, 2019, United had TDRs of $58,369,000. Of the $ 58,369,000 48,387,000 902,000 as - 89 59,425,000 48,899,000 690,000 additional funds of $1,159,000 to two debtors owing receivables whose terms have been modified in TDRs. During the year of 2019, $39,000 was advanced to one of these debtors under a loan that had been previously modified. At December 31, 2019, United had restructured loans in the amount of $1,685,000 that were modified by a reduction in the interest rate, $1,733,000 that were modified by a combination of a reduction in the interest rate and the principal and $54,951,000 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 year ended December 31, 2019 and 2018, segregated by class of loans: Troubled Debt Restructurings For the Year Ended December 31, 2019 December 31, 2018 (Dollars in thousands) Number of Pre- Modification Post- Number of Pre- Modification Post- Modification Commercial real estate: Owner-occupied 2 $ 1,179 $ 1,144 0 $ 0 $ 0 Nonowner-occupied 0 0 0 1 61 61 Other commercial 3 5,962 5,722 9 16,991 16,560 Residential real estate 3 2,258 1,970 3 7,225 6,077 Construction & land development 3 2,287 2,104 0 0 0 Consumer: Bankcard 0 0 0 0 0 0 Other consumer 0 0 0 0 0 0 Total 11 $ 11,686 $ 10,940 13 $ 24,277 $ 22,698 During 2019, $241,000 of restructured loans were modified by an interest rate reduction and $10,699,000 of restructured loans were modified by a change in terms. During 2018, $22,698,000 of restructured loans were modified by a change in loan terms. In some instances, the post-modification balance on a restructured loan is larger than the pre-modification balance due to the advancement of monies for items such as delinquent taxes on real estate property. The loans were evaluated individually for allocation within United’s allowance for loan losses. The modifications had an immaterial impact on the financial condition and results of operations for United The following table presents troubled debt restructurings, by class of loan, that had charge-offs during the year ended December 31, 2019 and 2018. These loans were restructured during the twelve months ended December 31, 2019 and 2018 and subsequently defaulted, resulting in principal charge-offs during the year of 2019 and 2018. Year Ended December 31, 2019 Year Ended December 31, 2018 (In thousands) Number of Recorded Number of Recorded Troubled Debt Restructurings Commercial real estate: Owner-occupied 0 $ 0 0 $ 0 Nonowner-occupied 0 0 0 0 Other commercial 2 1,477 1 0 Residential real estate 0 0 1 2,173 Construction & land development 0 0 0 0 Consumer: Bankcard 0 0 0 0 Other consumer 0 0 0 0 Total 2 $ 1,477 2 $ 2,173 The following table sets forth United’s age analysis of its past due loans, segregated by class of loans: Age Analysis of Past Due Loans As of December 31, 2019 (In thousands) 30-89 90 Days or Past Due Total Past Current & Total Financing Recorded Commercial real estate: Owner-occupied $ 8,878 $ 11,209 $ 20,087 $ 1,181,565 $ 1,201,652 $ 544 Nonowner-occupied 6,318 16,129 22,447 3,943,513 3,965,960 471 Other commercial 5,238 51,541 56,779 2,228,258 2,285,037 668 Residential real estate 31,727 24,343 56,070 3,630,331 3,686,401 6,256 Construction & land development 2,219 16,043 18,262 1,389,943 1,408,205 0 Consumer: Bankcard 445 218 663 9,411 10,074 218 Other consumer 10,991 1,607 12,598 1,143,621 1,156,219 1,337 Total $ 65,816 $ 121,090 $ 186,906 $ 13,526,642 $ 13,713,548 $ 9,494 (1) Other includes loans with a recorded investment of $96,004 acquired and accounted for under ASC Topic 310-30 Age Analysis of Past Due Loans As of December 31, 2018 (In thousands) 30-89 90 Days or Past Due Total Past Current & Total Financing Recorded Commercial real estate: Owner-occupied $ 9,224 $ 17,742 $ 26,966 $ 1,264,824 $ 1,291,790 $ 629 Nonowner-occupied 16,108 18,092 34,200 4,269,413 4,303,613 1,171 Other commercial 13,556 46,040 59,596 1,898,045 1,957,641 2,850 Residential real estate 37,111 30,278 67,389 3,434,004 3,501,393 9,141 Construction & land development 8,462 19,412 27,874 1,382,594 1,410,468 680 Consumer: Bankcard 657 177 834 9,369 10,203 177 Other consumer 8,909 1,243 10,152 944,272 954,424 893 Total $ 94,027 $ 132,984 $ 227,011 $ 13,202,521 $ 13,429,532 $ 15,541 (1) Other includes loans with a recorded investment of $149,737 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 (In thousands) December 31, 2019 December 31, 2018 Commercial real estate: Owner-occupied $ 10,665 $ 17,113 Nonowner-occupied 15,658 16,921 Other commercial 50,873 43,190 Residential real estate 18,087 21,137 Construction & land development 16,043 18,732 Consumer: Bankcard 0 0 Other consumer 270 350 Total $ 111,596 $ 117,443 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 . For some substandard loans, the likelihood of full collection of interest and principal may be in doubt and thus, placed on . For loans with a consumer credit exposure, loans that are or more past due or that have been placed on 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 As of December 31, 2019 Commercial Real Estate (In thousands) Owner- Nonowner- Other Construction & Grade: Pass $ 1,136,589 $ 3,850,886 $ 2,136,266 $ 1,334,950 Special mention 14,449 44,134 75,511 4,614 Substandard 50,346 70,940 72,451 68,641 Doubtful 268 0 809 0 Total $ 1,201,652 $ 3,965,960 $ 2,285,037 $ 1,408,205 Credit Quality Indicators As of December 31, 2018 Commercial Real Estate (In thousands) Owner- Nonowner- Other Construction & Grade: Pass $ 1,201,387 $ 4,161,149 $ 1,858,821 $ 1,330,899 Special mention 34,487 46,442 14,424 28,629 Substandard 55,916 96,022 81,946 50,940 Doubtful 0 0 2,450 0 Total $ 1,291,790 $ 4,303,613 $ 1,957,641 $ 1,410,468 Credit Quality Indicators As of December 31, 2019 (In thousands) Residential Bankcard Other Grade: Pass $ 3,645,654 $ 9,411 $ 1,143,608 Special mention 12,038 445 10,993 Substandard 28,572 218 1,618 Doubtful 137 0 0 Total $ 3,686,401 $ 10,074 $ 1,156,219 As of December 31, 2018 (In thousands) Residential Bankcard Other Grade: Pass $ 3,436,584 $ 9,369 $ 944,241 Special mention 19,051 657 8,914 Substandard 45,758 177 1.269 Doubtful 0 0 0 Total $ 3,501,393 $ 10,203 $ 954,424 Loans are designated as impaired when, in the opinion of management, based on current information and events, the collection of principal and interest in accordance with the loan contract is doubtful. Typically, United does not consider loans for impairment unless a sustained period of delinquency (i.e. 90-plus The following table set forth United’s impaired loans information, by class of loans: Impaired Loans December 31, 2019 December 31, 2018 (In thousands) Recorded Unpaid Related Recorded Unpaid Related With no related allowance recorded: Commercial real estate: Owner-occupied $ 58,709 $ 58,709 $ 0 $ 63,633 $ 63,798 $ 0 Nonowner-occupied 38,011 38,070 0 98,845 98,904 0 Other commercial 56,717 62,796 0 40,291 50,459 0 Residential real estate 28,096 29,022 0 28,207 29,279 0 Construction & land development 39,599 47,594 0 37,174 40,459 0 Consumer: Bankcard 0 0 0 0 0 0 Other consumer 11 11 0 27 27 0 With an allowance recorded: Commercial real estate: Owner-occupied $ 3,904 $ 5,223 $ 974 $ 10,004 $ 10,004 $ 2,542 Nonowner-occupied 15,947 15,947 2,979 15,720 15,720 2,715 Other commercial 40,300 42,684 11,931 61,266 62,812 17,581 Residential real estate 6,793 6,793 354 19,623 22,064 3,265 Construction & land development 1,269 1,269 262 14,742 19,446 2,254 Consumer: Bankcard 0 0 0 0 0 0 Other consumer 0 0 0 0 0 0 Total: Commercial real estate: Owner-occupied $ 62,613 $ 63,932 $ 974 $ 73,637 $ 73,802 $ 2,542 Nonowner-occupied 53,958 54,017 2,979 114,565 114,624 2,715 Other commercial 97,017 105,480 11,931 101,557 113,271 17,581 Residential real estate 34,889 35,815 354 47,830 51,343 3,265 Construction & land development 40,868 48,863 262 51,916 59,905 2,254 Consumer: Bankcard 0 0 0 0 0 0 Other consumer 11 11 0 27 27 0 Impaired Loans For the Year Ended December 31, 2019 December 31, 2018 (In thousands) Average Interest Average Interest With no related allowance recorded: Commercial real estate: Owner-occupied $ 66,838 $ 1,568 $ 67,665 $ 1,548 Nonowner-occupied 54,948 1,064 103,611 1,516 Other commercial 55,473 1,008 51,416 718 Residential real estate 31,166 630 27,459 657 Construction & land development 35,702 799 41,892 914 Consumer: Bankcard 0 0 0 0 Other consumer 25 0 28 0 With an allowance recorded: Commercial real estate: Owner-occupied $ 3,848 $ 0 $ 7,658 $ 25 Nonowner-occupied 13,471 404 12,298 387 Other commercial 41,112 182 51,118 1,072 Residential real estate 10,444 267 15,365 460 Construction & land development 11,243 79 8,893 79 Consumer: Bankcard 0 0 0 0 Other consumer 0 0 0 0 Total: Commercial real estate: Owner-occupied $ 70,686 $ 1,568 $ 75,323 $ 1,573 Nonowner-occupied 68,419 1,468 115,909 1,903 Other commercial 96,585 1,190 102,534 1,790 Residential real estate 41,610 897 42,824 1,117 Construction & land development 46,945 878 50,785 993 Consumer: Bankcard 0 0 0 0 Other consumer 25 0 28 0 |
Allowance for Credit Losses
Allowance for Credit Losses | 12 Months Ended |
Dec. 31, 2019 | |
Receivables [Abstract] | |
Allowance for Credit Losses | NOTE F—ALLOWANCE FOR CREDIT LOSSES The allowance for loan losses is management’s estimate of the probable credit losses inherent in the loan portfolio. For purposes of determining the general allowance, the loan portfolio is segregated by product type to recognize differing risk profiles among categories. It is further segregated by credit grade for non-homogenous of $500,000 in accordance with ASC Topic 310. Risk characteristics of owner-occupied commercial real estate loans and other commercial loans are similar in that they are normally dependent upon the borrower’s internal cash flow from operations to service debt. Nonowner-occupied commercial real estate loans differ in that cash flow to service debt is normally dependent on external income from third parties for use of the real estate such as rents, leases and room rates. Residential real estate loans are dependent upon individual borrowers who are affected by changes in general economic conditions, demand for housing and resulting residential real estate valuation. Construction and land development loans are impacted mainly by demand whether for new residential housing or for retail, industrial, office and other types of commercial construction within a given area. Consumer loan pool risk characteristics are influenced by general, regional and local economic conditions. Loans deemed to be uncollectible are charged against the allowance for loan losses, while recoveries of previously charged-off charge-off charge-off 95 A progression of the allowance for loan losses, by portfolio segment, for the year ended December 31, 2019 and 2018 is summarized as follows: Allowance for Loan Losses and Carrying Amount of Loans For the Year Ended December 31, 2019 (In thousands) Commercial Real Estate Other Residential Construction & Land Consumer Allowance Total Owner- Nonowner- Allowance for Loan Beginning balance $ 5,063 $ 6,919 $ 41,341 $ 12,448 $ 7,992 $ 2,695 $ 245 $ 76,703 Charge-offs (7,905 ) (1,093 ) (12,975 ) (2,967 ) (1,303 ) (2,867 ) 0 (29,110 ) Recoveries 3,733 80 2,599 858 175 706 0 8,151 Provision 4,663 2,618 16,360 (1,342 ) (3,511 ) 2,473 52 21,313 Ending balance $ 5,554 $ 8,524 $ 47,325 $ 8,997 $ 3,353 $ 3,007 $ 297 $ 77,057 Ending Balance: $ 973 $ 2,979 $ 11,931 $ 354 $ 262 $ 0 $ 0 $ 16,499 Ending Balance: $ 4,581 $ 5,545 $ 35,394 $ 8,643 $ 3,091 $ 3,007 $ 297 $ 60,558 Ending Balance: loans $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 Allowance for Loan Losses and Carrying Amount of Loans For the Year Ended December 31, 2019 (In thousands) Commercial Real Other Residential Construction & Land Consumer Allowance Total Owner- Nonowner- Financing receivables: Ending balance $ 1,201,652 $ 3,965,960 $ 2,285,037 $ 3,686,401 $ 1,408,205 $ 1,166,293 $ 0 $ 13,713,548 Ending Balance: individually evaluated for impairment $ 16,703 $ 27,121 $ 54,108 $ 11,526 $ 14,047 $ 0 $ 0 $ 123,505 Ending Balance: collectively evaluated for impairment $ 1,160,556 $ 3,925,249 $ 2,194,432 $ 3,665,140 $ 1,382,369 $ 1,166,293 $ 0 $ 13,494,039 Ending Balance: loans acquired with deteriorated credit quality $ 24,393 $ 13,590 $ 36,497 $ 9,735 $ 11,789 $ 0 $ 0 $ 96,004 Allowance for Loan Losses and Carrying Amount of Loans For the Year Ended December 31, 2018 (In thousands) Commercial Real Other Residential Real Construction & Land Development Consumer Allowance for Estimated Total Owner- Nonowner- Allowance for Loan Beginning balance $ 5,401 $ 6,369 $ 45,189 $ 9,927 $ 7,187 $ 2,481 $ 73 $ 76,627 Charge-offs (3,225) (314) (16,424) (3,162) (2,731) (2,750) 0 (28,606) Recoveries 1,189 563 2,944 1,114 197 662 0 6,669 Provision 1,698 301 9,632 4,569 3,339 2,302 172 22,013 Ending balance $ 5,063 $ 6,919 $ 41,341 $ 12,448 $ 7,992 $ 2,695 $ 245 $ 76,703 Ending Balance: $ 2,543 $ 2,715 $ 17,581 $ 3,265 $ 2,254 $ 0 $ 0 $ 28,358 Ending Balance: $ 2,520 $ 4,204 $ 23,760 $ 9,183 $ 5,738 $ 2,695 $ 245 $ 48,345 Ending Balance: loans $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 Financing receivables: Ending balance $ 1,291,790 $ 4,303,613 $ 1,957,641 $ 3,501,393 $ 1,410,468 $ 964,627 $ 0 $ 13,429,532 Ending Balance: $ 27,599 $ 25,231 $ 72,300 $ 21,998 $ 14,807 $ 0 $ 0 $ 161,935 Ending Balance: $ 1,234,919 $ 4,215,060 $ 1,860,085 $ 3,468,356 $ 1,374,840 $ 964,600 $ 0 $ 13,117,860 Ending Balance: loans $ 29,272 $ 63,322 $ 25,256 $ 11,039 $ 20,821 $ 27 $ 0 $ 149,737 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 $1,733,000 and $1,389,000 at December 31, 2019 and December 31, 2018, respectively, is separately classified on the balance sheet and is included in other liabilities. The combined allowance for loan losses and reserve for lending-related commitments are referred to as the allowance for credit losses A progression of the allowance for credit losses, which includes the allowance for loan losses and the reserve for lending-related commitments, for the periods presented is summarized as follows: Year Ended December 31 (In thousands) 2019 2018 2017 Balance of allowance for loan losses at beginning of period $ 76,703 $ 76,627 $ 72,771 Provision for loan losses 21,313 22,013 28,406 98,016 98,640 101,177 Loans charged off (29,110) (28,606) (32,863) R 8,151 6,669 8,313 Net charge-offs (20,959) (21,937) (24,550) Balance of allowance for loan losses at end of period $ 77,057 $ 76,703 $ 76,627 Reserve for lending-related commitments 1,733 1,389 679 Balance of allowance for credit losses at end of period $ 78,790 $ 78,092 $ 77,306 |
Bank Premises and Equipment and
Bank Premises and Equipment and Leases | 12 Months Ended |
Dec. 31, 2019 | |
Property, Plant and Equipment [Abstract] | |
Bank Premises and Equipment and Leases | NOTE G—BANK PREMISES AND EQUIPMENT Bank premises and equipment are summarized as follows: December 31 (In thousands) 2019 2018 Land $ 32,085 $ 31,679 Buildings and improvements 105,759 103,014 Leasehold improvements 40,789 41,001 Furniture, fixtures and equipment 71,377 72,045 250,010 247,739 Less allowance for depreciation and amortization (153,366 ) (152,494 ) Net bank premises and equipment $ 96,644 $ 95,245 |
Leases
Leases | 12 Months Ended |
Dec. 31, 2019 | |
Leases [Abstract] | |
Leases | NOTE H—LEASES United determines if an arrangement is a lease at inception. United and certain subsidiaries have entered into various noncancelable-operating leases for branch and loan production offices as well as operating facilities. Operating leases are included in operating lease right-of-use United’s operating leases are subject to renewal options under various terms. United’s operating leases have remaining terms of 1 ROU assets represent United’s right to use an underlying asset for the lease term and lease liabilities represent United’s obligation to make lease payments arising from the lease. Operating lease ROU assets and liabilities are recognized at commencement date based on the present value of lease payments over the lease term. As most of United’s leases do not provide an implicit rate, the Company uses its incremental borrowing rate based on the information available at commencement date in determining the present value of lease payments. The operating lease ROU asset also includes any lease payments made and excludes lease incentives. Lease terms may include options to extend the lease when it is reasonably certain that United will exercise that option. Lease expense for lease payments is recognized on a straight-line basis over the lease term. The components of lease expense were as follows: Year Ended (In thousands) Classification December 31, Operating lease cost Net occupancy expense $ 19,508 Sublease income Net occupancy expense (825) Net lease cost $ 18,683 Supplemental balance sheet information related to leases was as follows: (In thousands) Classification December 31, 2019 Operating lease right-of-use Operating lease right-of-use $ 57,783 Operating lease liabilities Operating lease liabilities $ 61,342 Other information related to leases was as follows: December 31, 2019 Weighted-average remaining lease term: Operating leases 4.91 years Weighted-average discount rate: Operating leases 3.20 % Supplemental cash flow information related to leases was as follows: Year Ended (In thousands) December 31, 2019 Cash paid for amounts in the measurement of lease liabilities: Operating cash flows from operating leases $ 19,601 ROU assets obtained in the exchange for lease liabilities 7,630 Maturities of lease liabilities by year and in the aggregate, under operating leases with initial or remaining terms of one year or more, for years subsequent to December 31, 2019, consists of the following: Year Amount (In thousands) 2020 $ 17,725 2021 15,180 2022 11,522 2023 8,751 2024 5,127 Thereafter 8,190 Total lease payments 66,495 Less: imputed interest (5,153 ) Total $ 61,342 |
Goodwill and Other Intangibles
Goodwill and Other Intangibles | 12 Months Ended |
Dec. 31, 2019 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Other Intangibles | NOTE I The following is a summary of intangible assets subject to amortization and those not subject to amortization: December 31, 2019 Community Banking Mortgage Banking Total (In thousands) Gross Carrying Accumulated Gross Carrying Accumulated Gross Carrying Accumulated Amortized intangible assets: Core deposit $ 98,359 $ (69,508 ) $ 0 $ 0 $ 98,359 $ (69,508 ) Non-amortized George Mason $ 0 $ 1,080 $ 1,080 Goodwill not subject to amortization $ 1,472,699 $ 5,315 $ 1,478,014 December 31, 2018 Community Banking Mortgage Banking Total (In thousands) Gross Carrying Accumulated Gross Carrying Accumulated Gross Carrying Accumulated Amortized intangible assets: Core deposit intangible assets $ 98,359 $ (62,492 ) $ 0 $ 0 $ 98,359 $ (62,492 ) Non-amortized George Mason trade name $ 0 $ 1,080 $ 1,080 Goodwill not subject to amortization $ 1,472,699 $ 5,315 $ 1,478,014 The following table sets forth the anticipated amortization expense for intangible assets for the years subsequent to 2019: Year Amount (In thousands) 2020 $ 6,309 2021 5,369 2022 4,582 2023 4,322 2024 and thereafter 8,269 |
Deposits
Deposits | 12 Months Ended |
Dec. 31, 2019 | |
Banking and Thrift [Abstract] | |
Deposits | NOTE J The book value of deposits consisted of the following: (In thousands) December 31 2019 2018 Demand deposits $ 3,381,866 $ 3,212,878 Interest-bearing checking 372,175 374,495 Regular savings 882,889 954,961 Money market accounts 6,891,696 7,157,028 Time deposits under $100,000 723,941 712,313 Time deposits over $100,000 1,599,854 1,583,074 Total deposits $ 13,852,421 $ 13,994,749 Included in time deposits over $ 100 250 United’s subsidiary banks have received deposits, in the normal course of business, from the directors and officers of United and its subsidiaries, and their associates. Such related party deposits were accepted on substantially the same terms, including interest rates and maturities, as those prevailing at the time for comparable transactions with unrelated persons. The aggregate dollar amount of these deposits was $15,350,000 and $24,102,000 at December 31, 2019 and 2018, respectively. |
Short-Term Borrowings
Short-Term Borrowings | 12 Months Ended |
Dec. 31, 2019 | |
Debt Disclosure [Abstract] | |
Short-Term Borrowings | NOTE At December 31, 2019 and 2018, short-term borrowings and the related weighted-average interest rates were as follows: 2019 2018 Weighted- Weighted- (Dollars in thousands) Average Average Amount Rate Amount Rate Federal funds purchased $ 0 0.00 % $ 23,400 2.40 % Securities sold under agreements to repurchase 124,654 1.09 % 152,927 (1) 0.96 % (1) Total $ 124,654 $ 176,627 (1) Excludes a wholesale security sold under an agreement to repurchase of $50,000 assumed in the Virginia Commerce merger that matured in May of 2018. Federal funds purchased and securities sold under agreements to repurchase have been a significant source of funds for the company. United has various unused lines of credit available from certain of its correspondent banks in the aggregate amount of $230,000,000. These lines of credit, which bear interest at prevailing market rates, permit United to borrow funds in the overnight market, and are renewable annually subject to certain conditions. The following table shows the distribution of United’s federal funds purchased and securities sold under agreements to repurchase and the weighted-average interest rates thereon at the end of each of the last three years. Also provided are the maximum amount of borrowings and the average amounts of borrowings as well as weighted-average interest rates for the last three years. The table does not include the long-term wholesale security sold under an agreement to repurchase mentioned above assumed in the Virginia Commerce merger. (Dollars in thousands) Federal Funds Purchased Securities Sold Under Agreements To Repurchase At December 31: 2019 $ 0 $ 124,654 2018 23,400 152,927 2017 16,235 261,352 101 (Dollars in thousands) Federal Funds Purchased Securities Sold Under To Repurchase Weighted-average interest rate at year-end: 2019 0.00 % 1.09 % 2018 2.40 % 0.96 % 2017 1.40 % 0.36 % Maximum amount outstanding at any month’s end: 2019 $ 0 $ 161,175 2018 25,790 328,484 2017 25,800 377,687 Average amount outstanding during the year: 2019 $ 1,899 $ 131,187 2018 16,773 194,956 2017 18,433 287,663 Weighted-average interest rate during the year: 2019 2.52 % 1.33 % 2018 1.86 % 0.61 % 2017 0.88 % 0.33 % At December 31, 2019, all the repurchase agreements were in overnight accounts. The rates offered on these funds vary according to movements in the federal funds and short-term United has a $20,000,000 line of credit with an unrelated financial institution to provide for general liquidity needs. The line is an unsecured, revolving line of credit. The line is renewable on a 360 day basis and carries an indexed, floating-rate of interest. The line requires compliance with various financial and nonfinancial covenants. At December 31, 2019, United had no Interest paid on short-term borrowings approximated $2,359,000, $2,238,000, and $ |
Long-Term Borrowings
Long-Term Borrowings | 12 Months Ended |
Dec. 31, 2019 | |
Debt Disclosure [Abstract] | |
Long-Term Borrowings | NOTE L—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 December 31, 2019, the total carrying value of loans pledged as collateral for FHLB advances approximated $4,317,748,000. United had an unused borrowing amount as of December 31, 2019 of approximately $3,666,479,000 available subject to delivery of collateral after certain trigger points. Advances may be called by the FHLB or redeemed by United based on predefined factors and penalties. At December 31, 2019 and 2018, FHLB advances and the related weighted-average interest rates were as follows: 2019 2018 Weighted- Weighted- Weighted- Weighted- (Dollars in thousands) Average Average Average Average Contractual Effective Contractual Effective Amount Rate Rate Amount Rate Rate FHLB advances $ 1,851,865 2.03 % 2.03 % $ 1,439,198 2.42 % 2.42 % Overnight funds of $250,000,000 were included in the $1,851,865,000 above at December 31, 2019. Overnight funds of $175,000,000 were included in the $1,439,198,000 above at December 31, 2018. The weighted-average effective rate considers the effect of any interest rate swaps designated as fair value hedges outstanding at year-end R At December 31, 2019, United had a total of fourteen 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 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. Information related to United’s statutory trusts is presented in the table below: (Dollars in thousands) 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 LIBOR + 2.85% January 23, 2034 United Statutory Trust V July 12, 2007 $50,000 3-month LIBOR + 1.55% October 1, 2037 United Statutory Trust VI September 20, 2007 $30,000 3-month LIBOR + 1.30% December 15, 2037 Premier Statutory Trust II September 25, 2003 $ 6,000 3-month LIBOR + 3.10% October 8, 2033 Premier Statutory Trust III May 16, 2005 $ 8,000 3-month LIBOR + 1.74% June 15, 2035 Premier Statutory Trust IV June 20, 2006 $14,000 3-month LIBOR + 1.55% September 23, 2036 Premier Statutory Trust V December 14, 2006 $10,000 3-month LIBOR + 1.61% March 1, 2037 Centra Statutory Trust I September 20, 2004 $10,000 3-month LIBOR + 2.29% September 20, 2034 Centra Statutory Trust II June 15, 2006 $10,000 3-month LIBOR + 1.65% July 7, 2036 Virginia Commerce Trust II December 19, 2002 $15,000 6-month LIBOR + 3.30% December 19, 2032 Virginia Commerce Trust III December 20, 2005 $25,000 3-month LIBOR + 1.42% February 23, 2036 Cardinal Statutory Trust I July 27, 2004 $20,000 3-month LIBOR + 2.40% September 15, 2034 UFBC Capital Trust I December 30, 2004 $ 5,000 3-month LIBOR + 2.10% March 15, 2035 At December 31, 2019 and 2018, the Debentures and their related weighted-average interest rates were as follows: 2019 2018 (Dollars in thousands) Amount Weighted- Amount Weighted- United Statutory Trust III $ 20,619 4.75 % $ 20,619 5.64 % United Statutory Trust IV 25,774 4.79 % 25,774 5.37 % United Statutory Trust V 51,547 3.65 % 51,547 3.95 % United Statutory Trust VI 30,928 3.19 % 30,928 4.09 % Premier Statutory Trust II 6,186 5.09 % 6,186 5.54 % Premier Statutory Trust III 8,248 3.63 % 8,248 4.53 % Premier Statutory Trust IV 14,433 3.48 % 14,433 4.37 % Premier Statutory Trust V 10,310 3.52 % 10,310 4.35 % Centra Statutory Trust I 10,000 4.20 % 10,000 5.08 % Centra Statutory Trust II 10,000 3.64 % 10,000 4.09 % Virginia Commerce Trust II 12,475 5.22 % 12,245 5.80 % Virginia Commerce Trust III 17,268 3.33 % 16,742 4.07 % Cardinal Statutory Trust I 14,825 4.29 % 14,428 5.19 % UFBC Capital Trust I 3,551 3.99 % 3,445 4.89 % Total $ 236,164 $ 234,905 At December 31, 2019, the scheduled maturities of long-term borrowings were as follows: Year Amount (In thousands) 2020 $ 740,734 2021 826,527 2022 19,737 2023 0 2024 0 2025 and thereafter 251,031 Total $ 1,838,029 Interest paid on long-term borrowings approximated $43,830,000, $35,222,000, and $22,254,000 in 2019, 2018 and 2017, respectively. |
Other Expense
Other Expense | 12 Months Ended |
Dec. 31, 2019 | |
Other Income and Expenses [Abstract] | |
Other Expense | NOTE M The following details certain items of other expense for the periods indicated: Year Ended December 31 (In thousands) 2019 2018 2017 Legal, consulting & other professional services $ 12,360 $ 13,248 $ 11,844 Franchise & other taxes not on income 11,330 11,428 12,586 Automated Teller Machine (ATM) expenses 7,336 6,892 6,686 |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2019 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | NOTE N—INCOME TAXES The income tax provisions included in the consolidated statements of income are summarized as follows: Year Ended December 31 (In thousands) 2019 2018 2017 Current expense: Federal $ 43,337 $ 52,041 $ 65,459 State 6,798 9,429 7,960 Deferred expense: Federal 12,522 8,298 20,920 Tax Act remeasurement 0 (120 ) 37,732 State 1,683 1,175 2,175 Total income taxes $ 64,340 $ 70,823 $ 134,246 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 provisional deferred income tax expense of $37,732,000 in the fourth quarter of 2017. Upon final analysis of available information and refinement of its calculations during 2018, United decreased the provisional amount by $120,000 which is included as a component of deferred income tax expense in the table above. The following is a reconciliation of income tax expense to the amount computed by applying the statutory federal income tax rate to income before income taxes: Year Ended December 31 (Dollars in thousands) 2019 2018 2017 Amount % Amount % Amount % Tax on income before taxes at statutory federal rate $ 68,132 21.0 $ 68,704 21.0 $ 99,689 35.0 Plus: State income taxes net of federal tax benefits 6,690 2.1 8,362 2.6 6,207 2.2 74,822 23.1 77,066 23.6 105,896 37.2 Increase (decrease) resulting from: Tax-exempt (2,813 ) (0.9 ) (3,298 ) (1.0 ) (5,362 ) (1.9 ) Tax credits (5,636 ) (1.7 ) (2,054 ) (0.6 ) (1,171 ) (0.4 ) Deferred taxes due to the Tax Act (0 ) 0.0 (120 ) 0.0 37,732 13.2 Other items-net (2,033 ) (0.7 ) (771 ) (0.3 ) (2,849 ) (1.0 ) Income taxes $ 64,340 19.8 $ 70,823 21.7 $ 134,246 47.1 For years ended 2019, 2018 and 2017, United incurred federal income tax expense of $54,000, a federal tax benefit of $ and federal income tax expense of $ , respectively , applicable to the sales and calls of securities . Income taxes paid approximated $56,459,000 , $ 55,336,000 , and $ 73,096,000 in 2019, 2018 and 2017, respectively. Deferred income taxes reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. At December 31, 2019, United had no federal or state net operating loss . Taxes not on income, which consists mainly of business franchise taxes, were $11,330,000, $11,428,000, and $12,586,000, for the years ended December 31, 2019, 2018 and 2017, respectively. These amounts are recorded in other expense in the Consolidated Statements of Income. Significant components of United’s deferred tax assets and liabilities (included in other assets in the Consolidated Balance Sheets) at December 31, 2019 and 2018 are as follows: (In thousands) 2019 2018 Deferred tax assets: Allowance for credit losses $ 18,358 $ 18,109 Accrued benefits payable 13.459 13,914 Other accrued liabilities 992 846 Pension plan accruals 3,313 1,217 Unrealized loss on securities available for sale 0 5,572 Other real estate owned 2,482 2,482 Lease liabilities under operating leases 14,293 0 Deferred mortgage points 0 983 Purchase accounting intangibles 5,917 18,091 Total deferred tax assets 58,814 61,214 Deferred tax liabilities: Premises and equipment 2,963 1,414 Unrealized gain on securities available for sale 2,755 0 Right-of-use assets under operating leases 13,464 0 Deferred mortgage points 389 0 Other 2,300 2,899 Total deferred tax liabilities 21,871 4,313 Net deferred tax assets $ 36,943 $ 56,901 At December 31, 2019 and 2018, United believes that all of the deferred tax amounts shown above are more likely than not to be realized based on an assessment of all available positive and negative evidence and therefore no In accordance with ASC Topic 740, “Income Taxes,” United records a liability for uncertain income tax positions based on a recognition threshold of more-likely-than-not, Below is a reconciliation of the total amounts of unrecognized tax benefits: December 31 (In thousands) 2019 2018 Unrecognized tax benefits at beginning of year $ 2,005 $ 2,894 Increase in unrecognized tax benefits as a result of tax positions taken during the current period 152 156 Decreases in the unrecognized tax benefits as a result of a (589 ) (1,045 ) Unrecognized tax benefits at end of year $ 1,568 2,005 The entire amount of unrecognized tax benefits, if recognized, would impact United’s effective tax rate. Over the next 12 months, the statute of limitations will close on certain income tax returns. However, at this time, United cannot reasonably estimate the amount of tax benefits, if any, it may recognize over the next 12 months. United is currently open to audit under the statute of limitations by the Internal Revenue Service for the years ended December 31, 2016, 2017 and 2018 and certain State Taxing authorities for the years ended December 31, 2016 through 2018. As of December 31, 2019, and 2018, the total amount of accrued interest related to uncertain tax positions was $667,000 and $675,000, respectively. United accounts for interest and penalties related to uncertain tax positions as part of its provision for federal and state income taxes. No |
Employee Benefit Plans
Employee Benefit Plans | 12 Months Ended |
Dec. 31, 2019 | |
Retirement Benefits [Abstract] | |
Employee Benefit Plans | NOTE O—EMPLOYEE BENEFIT PLANS United has a defined benefit retirement plan covering qualified employees. Pension benefits are based on years of service and the average of the employee’s highest five consecutive plan years of basic compensation paid during the ten plan years preceding the date of determination. Contributions by United are intended to provide not only for benefits attributed to service to date, but also for those expected to be earned in the future. In September of 2007, after a recommendation by United’s Pension Committee and approval by United’s Board of Directors, the United Bankshares, Inc. Pension Plan (the Plan) was amended to change the participation rules. The decision to change the participation rules for the Plan followed current industry trends, as many large and medium size companies have taken similar steps. The amendment provided that employees hired on or after October 1, 2007, will not be eligible to participate in the Plan. However, new employees will continue to be eligible to participate in United’s Savings and Stock Investment 401(k) plan. This change had no impact on current employees hired prior to October 1, 2007 as they will continue to participate in the Plan, with no change in benefit provisions, and will continue to be eligible to participate in United’s Savings and Stock Investment 401(k) Plan. As of December 31, 2016, United changed the method used to estimate the interest cost component of net periodic benefit cost for the Plan. Under the previous method, appropriate spot rates were used to discount the projected benefit obligation (PBO) cash flows based on date of measurement. Then, a single aggregated discount rate was calculated such that the present value of the PBO remained the same. This rate is technically a weighted-average of the spot rates. This single discount rate was applied to the interest and service costs as well. Under the full yield curve approach, separate discount rates are used to calculate the present value for each projected cash flow. That is, individual spot rates are applied to the cash flows in each time period. This does not have any impact on the present value of the PBO as the PBO was originally discounted with spot rates. The adoption of this method concerns the manner in which it affects interest and service costs. Interest costs typically decrease when using this method because of the different weightings applied to the cash flows; that is, interest costs closer to the current period will be discounted with a smaller rate than those further in the future based on a typical yield curve, and greater future Interest Costs values are discounted with greater longer-term spot rates. Similarly, service costs typically have longer durations and will thus be subject to longer-term spot rates, decreasing the present value of these costs. As a result, the full yield curve method is preferable as it provides a more granular, and thus a more accurate, determination of costs. This new method constitutes a change in an accounting estimate under the provisions of ASC Topic 250, “Accounting Changes and Error Corrections,” that is inseparable from a change in accounting principle and was accounted for prospectively, with the resulting change impacting the recognition of net periodic pension cost beginning January 1, 2017. The impact of this accounting change on United’s net periodic pension cost for the year of 2017 was a decline of $1,000,000 in expense from the amount that would have been recorded under the previous method Net consolidated periodic pension cost included the following components: (Dollars in thousands) Year Ended December 31, 2019 2018 2017 Service cost $ 2,173 $ 2,566 $ 2,146 Interest cost 5,931 5,341 5,149 Expected return on plan assets (9,434) (10,260) (8,538) Recognized net actuarial loss 4,965 4,919 4,553 Net periodic pension cost $ 3,635 $ 2,566 $ 3,310 Weighted-Average Assumptions: Discount rate 4.52% 3.83% 4.49% Expected return on assets 7.00% 7.00% 7.00% Rate of Compensation Increase (prior to age 45) 3.50% 3.50% 3.50% Rate of Compensation Increase (otherwise) 3.00% 3.00% 3.00% Amounts related to the Plan recognized as a component of other comprehensive income were as follows: (In thousands) Year Ended December 31, 2019 2018 2017 Net actuarial loss $ 10,324 $ 4,232 $ 6,784 Amortization of: Prior service cost 0 0 0 Actuarial loss (4,965) (4,919) (4,553) Total recognized in other comprehensive income $ 5,359 $ (687) $ 2,231 Included in accumulated other comprehensive income at December 31, 2019 are unrecognized actuarial losses of $60,894,000 ($46,706,000 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, 2020 is $5,802,000 ($4,450,000 net of tax). The reconciliation of the beginning and ending balances of the projected benefit obligation and the fair value of plan assets for the years ended December 31, 2019 and 2018 and the accumulated benefit obligation at December 31, 2019 and 2018 are as follows: (Dollars in thousands) December 31, Change in Projected Benefit Obligation Projected Benefit Obligation at the Beginning of the Year $ 142,632 $ 152,740 Service Cost 2,173 2,566 Interest Cost 5,931 5,341 Actuarial Loss (Gain) 28,364 (13,301 ) Benefits Paid (5,323 ) (4,714 ) Projected Benefit at the End of the Year $ 173,777 $ 142,632 Accumulated Benefit Obligation at the End of the Year $ 157,154 $ 130,567 Change in Plan Assets Fair Value of Plan Assets at the Beginning of the Year $ 137,408 $ 142,395 Actual Return on Plan Assets 27,475 (7,273 ) Benefits Paid (5,323 ) (4,714 ) Employer Contributions 0 7,000 Fair value of plan assets at end of year $ 159,560 $ 137,408 Net Amount Recognized Funded Status $ (14,217 ) $ (5,224 ) Unrecognized Transition Asset 0 0 Unrecognized Prior Service Cost 0 0 Unrecognized Net Loss 60,894 55,535 Net Amount Recognized $ 46,677 $ 50,311 Weighted-Average Assumptions at the End of the Year Discount Rate 3.42 % 4.52 % Rate of Compensation Increase (prior to age 40) 5.00 % n/a Rate of Compensation Increase (ages 40-54) 4.00 % n/a Rate of Compensation Increase (prior to age 45) n/a 3.50 % Rate of Compensation Increase (otherwise) 3.50 % 3.00 % Asset allocation for the defined benefit pension plan as of the measurement date, by asset category, is as follows: Plan Assets Target Allocation 2020 Allowable Allocation Range Percentage of Plan Assets at December 31, December 31, Equity Securities 62 % 50-70 % 63 % 67% Debt Securities 35 % 20-50 % 35 % 26% Other 3 % 3-15 % 2 % 7% Total 100 % 100% Equity securities include United common stock in the amounts of $4,091,000 (3%) at December 31, 2019 and $3,292,000 (4%) at December 31, 2018 . The policy, as established by the Pension Committee, primarily consisting of United’s Executive Management, is to invest assets based upon the target allocations stated above. The assets are reallocated periodically to meet the above target allocations. The investment policy is reviewed at least annually, subject to the approval of the Pension Committee, to determine if the policy should be changed. Prohibited investments include, but are not limited to, futures contracts, private placements, uncovered options, real estate, the use of margin, short sales, derivatives for speculative purposes, and other investments that are speculative in nature. In order to achieve a prudent level of portfolio diversification, the securities of any one company are not to exceed 10% of the total plan assets, and no more than the 15% of total plan assets is to be invested in any one industry (other than securities of U.S. Government or Agencies). Additionally, no more than 15% of the plan assets is to be invested in foreign securities, both equity and fixed. The expected long-term rate of return for the plan’s total assets is based on the expected return of each of the above categories, weighted based on the median of the target allocation for each class. United uses the corridor approach based on 10% of the greater of the projected benefit obligation and the market-related value of plan assets to amortize actuarial gains and losses. At December 31, 2019, the benefits expected to be paid in each of the next five fiscal years, and in the aggregate for the five years thereafter are as follows: Year Amount (In thousands) 2020 $ 5,906 2021 6,267 2022 6,637 2023 7,055 2024 7,390 2025 through 2029 42,310 United did not contribute to the plan in 2019 as no contributions were required by funding regulations or law. During the first quarter of 2018 and the third quarter of 2017, United made discretionary contributions of $7,000,000 and $10,000,000, respectively. For 2020, no contributions to the plan are required by funding regulations or law. However, United may make a discretionary contribution in 2020, the amount of which cannot be reasonably estimated at this time. In accordance with ASC Topic 715 and using the guidance contained in ASC Topic 820, the following is a description of the valuation methodologies used to measure the plan assets at fair value. Cash and Cash Equivalents: Debt Securities Common and Preferred Stock: Mutual Funds: The following tables present the balances of the plan assets, by fair value hierarchy level, as of December 31, 2019 and 2018: Fair Value Measurements at December 31, 2019 Using (In thousands) Description Balance as of December 31, Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Cash and Cash equivalents $ 2,504 $ 2,504 $ 0 $ 0 Fixed Income Mutual Funds: Taxable 55,588 55,588 0 0 Equity Securities: Common stock 23,932 23,932 0 0 Equity Mutual Funds: Fair Value Measurements at December 31, 2019 Using (In thousands) Description Balance as of December 31, Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Global equity 5,247 5,247 0 0 Domestic equity large cap 28,743 28,743 0 0 Domestic equity small cap 22,216 22,216 0 0 International emerging equity 8,228 8,228 0 0 International equity develope d 13,102 13,102 0 0 Total $ 159,560 $ 159,560 $ 0 $ 0 Fair Value Measurements at December 31, 2018 Using (In thousands) Description Balance as of December 31, Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Cash and Cash equivalents $ 10,086 $ 10,086 $ 0 $ 0 Fixed Income Mutual Funds: Taxable 35,086 35,086 0 0 Equity Securities: Common stock 22,846 22,846 0 0 Equity Mutual Funds: Domestic equity large cap 28,090 28,090 0 0 Domestic equity small cap 15,212 15,212 0 0 International emerging equity 8,791 8,791 0 0 International equity developed 17,297 17,297 0 0 Total $ 137,408 $ 137,408 $ 0 $ 0 Common stock investments are diversified amongst various industries with no industry representing more than 5% of the total plan assets. The United Bankshares, Inc. Savings and Stock Investment Plan (the Plan) is a defined contribution plan under Section 401(k) of the Internal Revenue Code. Each employee of United, who completes ninety (90) days of qualified service, is eligible to participate in the Plan. Each participant may contribute from 1% to 100% of compensation to his/her account, subject to Internal Revenue Service maximum deferral limits. United matches 100% of the first 4% of salary deferred with United stock. Vesting is 100% for employee deferrals and the company match at the time the employee makes his/her deferral. United’s expense relating to the Plan approximated $4,565,000, $4,486,000, and $3,201,000 in 2019, 2018 and 2017, respectively. The assets of United’s defined benefit plan and 401(k) Plan each include investments in United common stock. At December 31, 2019 and 2018, the combined plan assets included 1,176,283 and 1,099,386 shares, respectively, of United common stock with an approximate fair value of $45,475,000 and $34,202,000, respectively. Dividends paid on United common stock held by the plans approximated $1,566,000, $1,401,000, and $1,218,000 for the years ended December 31, 2019, 2018, and 2017, respectively. United has certain other supplemental deferred compensation plans covering various key employees. Periodic charges are made to operations so that the liability due each employee is fully recorded as of the date of their retirement. Amounts charged to expense have not been significant in any year. |
Stock Based Compensation
Stock Based Compensation | 12 Months Ended |
Dec. 31, 2019 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Stock Based Compensation | NOTE P—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 During the year of 2019, a total of 240,205 non-qualified 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 The fair value of the options for 2019 was estimated at the date of grant using a binomial lattice option pricing model with the following weighted-average assumptions: risk-free interest rates of 2.54%; dividend yield of 3.00%; volatility factors of the expected market price of United’s common stock of 0.243; and a weighted-average expected option life of 6.72 years, respectively. The estimated fair value of the options at the date of grant was $7.16 for the options granted during 2019. ASC Topic 718, “Compensation – Stock Compensation” defines a lattice model as a model that produces an estimated fair value based on the assumed changes in prices of a financial instrument over successive periods of time. A binomial lattice model assumes at least two price movements are possible in each period of time. A summary of activity under the United’s stock option plans as of December 31, 2019, and the changes during the year of 2019 are presented below: Year ended December 31, 2019 Weighted Average (Dollars in thousands, except per share data) Aggregate Remaining Exercise Shares Value Term (Yrs.) Price Outstanding at January 1, 2019 1,730,389 $ 32.43 Granted 240,205 38.49 Exercised (128,742 ) 23.12 Forfeited or expired (126,536 ) 25.44 Year ended December 31, 2019 Weighted Average (Dollars in thousands, except per share data) Aggregate Remaining Exercise Shares Value Term (Yrs.) Price Outstanding at December 31, 2019 1,715,316 $ 8,707 5.6 $ 34.49 Exercisable at December 31, 2019 1,125,579 $ 8,342 4.2 $ 31.97 The following table summarizes the status of United’s nonvested awards for the year ended December 31, 2019: Shares Weighted-Average Grant Date Fair Value Per Share Nonvested at January 1, 2019 575,672 $ 7.86 Granted 240,205 7.16 Vested (211,326 ) 7.74 Forfeited or expired (14,814 ) 7.55 Nonvested at December 31, 2019 589,737 $ 7.62 As of December 31, 2019, the total unrecognized compensation cost related to nonvested option awards was $2,871,000 with a weighted-average expense recognition period of 1.2 years. The total fair value of awards vested during the year ended December 31, 2019, was $1,636,000. Cash received from options exercised under the Plans for the years ended December 31, 2019, 2018 and 2017 was $1,272,000, $ 1,500,000 4,619,000 ASC Topic 230, “Statement of Cash Flows,” requires the benefits of tax deductions in excess of recognized compensation cost to be reported as an operating cash flow. This requirement reduces net operating cash flows. While the company cannot estimate what those amounts will be in the future (because they depend on, among other things, the date employees exercise stock options), United recognized cash flows used in operating activities of $ 223,000, 158,000 2,201,000 Restricted Stock Under the 2016 non-employee four The following summarizes the changes to United’s restricted common shares for the year ended December 31, 2019: Number of Weighted-Average Grant Date Fair Value Per Share Outstanding at January 1, 2019 199,303 $ 39.67 Granted 126,427 38.49 Vested (73,685) 39.28 Forfeited (4,149) 39.08 Outstanding at December 31, 2019 247,896 $ 39.20 |
Commitments and Contingent Liab
Commitments and Contingent Liabilities | 12 Months Ended |
Dec. 31, 2019 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingent Liabilities | NOTE Q—COMMITMENTS AND CONTINGENT LIABILITIES Lending-related Commitments 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 $3,610,777,000 and $3,826,370,000 of loan commitments outstanding as of December 31, 2019 and 2018, respectively, approximately half of which contractually expire within one year. Included in the December 31, 2019 amount are commitments to extend credit of $235,883,000 related to George Mason’s mortgage loan funding commitments and are of a shot-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 December 31, 2019 , United had approximately $5,092,000 of outstanding commercial letters of credit. As of December 31, 2018, 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 $145,105,000 and $141,032,000 as of December 31, 2019 and 2018, respectively. In accordance with ASC Topic 450, “Contingencies,” 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. Mortgage Repurchase Reserve 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 $ as of December , . 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. Legal Proceedings 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. Regulatory Matters A variety of consumer products, including mortgage and deposit products, and certain fees and charges related to such products, have come under increased regulatory scrutiny. It is possible that regulatory authorities could bring enforcement actions, including civil money penalties, or take other actions against United in regard to these consumer products. United could also determine of its own accord, or be required by regulators, to refund or otherwise make remediation payments to customers in connection with these products. It is not possible at this time for management to assess the probability of a material adverse outcome or reasonably estimate the amount of any potential loss related to such matters. |
Derivative Financial Instrument
Derivative Financial Instruments | 12 Months Ended |
Dec. 31, 2019 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Financial Instruments | NOTE R—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 ASC Topic 815 which requires 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 December 31, 2019 and 2018. Asset Derivatives December 31, 2019 December 31, 2018 (In thousands) Balance Sheet Location Notional Amount Fair Value Balance Sheet Location Notional Amount Fair Value Derivatives designated as hedging instruments Fair Value Hedges: Interest rate swap contracts (hedging commercial loans) Other assets $ 0 $ 0 Other assets $ 85,623 $ 1,859 Total derivatives designated as hedging instruments $ 0 $ 0 $ 85,623 $ 1,859 Derivatives not designated as hedging instruments Interest rate swap contracts Other assets $ 0 $ 0 Other assets $ 0 $ 0 Forward loan sales commitments Other assets 27,260 9 Other assets 21,604 542 Interest rate lock commitments Other assets 117,252 4,518 Other assets 93,955 4,103 Total derivatives not designated as hedging instruments $ 144,512 $ 4,527 $ 115,559 $ 4,645 Total asset derivatives $ 144,512 $ 4,527 $ 201,182 $ 6,504 Liability Derivatives December 31, 2019 December 31, 2018 (In thousands) 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 $ 82,243 $ 2,394 Other liabilities $ 0 $ 0 Total derivatives designated as hedging instruments $ 82,243 $ 2,394 $ 0 $ 0 Liability Derivatives December 31, 2019 December 31, 2018 (In thousands) Balance Sheet Location Notional Amount Fair Value Balance Sheet Location Notional Amount Fair Value Derivatives not designated as hedging instruments Interest rate swap contracts Other liabilities $ 0 $ 0 Other liabilities $ 0 $ 0 TBA mortgage-backed securities Other liabilities 274,000 671 Other liabilities 200,281 3,002 Interest rate lock commitments Other liabilities 0 0 Other liabilities 0 0 Total derivatives not designated as hedging instruments $ 274,000 $ 671 $ 200,281 $ 3,002 Total liability derivatives $ 356,243 $ 3,065 $ 200,281 $ 3,002 The following table represents the carrying amount of the hedged assets/(liabilities) and the cumulative amount of fair value hedging adjustment December 31, 2019 (In thousands) Derivatives in Fair Value Hedging Relationships Location in the Statement Carrying Amount of Assets/(Liabilities) Cumulative Amount Cumulative Amount of Interest rate swaps Loans, net of unearned income $ 81,397 $ (2,394 ) $ 0 Derivative contracts involve the risk of dealing with both bank customers and institutional derivative counterparties and their ability to meet contractual terms. Credit risk arises from the possible inability of counterparties to meet the terms of their contracts. United’s exposure is limited to the replacement value of the contracts rather than the notional amount of the contract. The Company’s agreements generally contain provisions that limit the unsecured exposure up to an agreed upon threshold. Additionally, the Company attempts to minimize credit risk through certain approval processes established by management. The effect of United’s derivative financial instruments on its Consolidated Statements of Income for the years ended December 31, 2019, 2018 and 2017 is presented as follows: Year Ended (In thousands) Income Statement Location December 31, December 31, December 31, Derivatives in hedging relationships Fair Value Hedges: Interest rate swap contracts Interest income/ (expense) $ (95 ) $ (170 ) $ (781 ) Total derivatives in hedging relationships $ (95 ) $ (170 ) $ (781 ) Derivatives not designated as hedging instruments Forward loan sales commitments Income from Mortgage Banking Activities 925 530 (426 ) TBA mortgage-backed securities Income from Mortgage Banking Activities 2,331 (2,690 ) 1,547 Interest rate lock commitments Income from Mortgage Banking Activities 3,607 (2,413 ) (7,730 ) Total derivatives not designated as hedging instruments $ 6,863 $ (4,573 ) $ (6,609 ) Total derivatives $ 6,768 $ (4,743 ) $ (7,390 ) For the years ended December 31, 2019, 2018 and 2017, changes in the fair value of any interest rate swaps attributed to hedge ineffectiveness were recorded, but not significant to United’s Consolidated Statements of Income. |
Comprehensive Income
Comprehensive Income | 12 Months Ended |
Dec. 31, 2019 | |
Equity [Abstract] | |
Comprehensive Income | NOTE S—COMPREHENSIVE INCOME The changes in accumulated other comprehensive income are as follows: For the Years Ended December 31 (In thousands) 2019 2018 2017 Net Income $ 260,099 $ 256,342 $ 150,581 Available for sale (“AFS”) securities: AFS securities with OTTI charges during the period (641 ) (1,456 ) (60 ) Related income tax effect 149 339 22 Less : OTTI charges recognized in net income 198 1,456 60 Related income tax benefit (46 ) (339 ) (22 ) Reclassification of previous noncredit OTTI to credit OTTI 2,188 0 0 Related income tax benefit (510 ) 0 0 Net unrealized gains on AFS securities with OTTI 1,338 0 0 AFS securities – all other: Change in net unrealized gains (losses) on AFS securities arising during the period 32,376 (14,715 ) 8,371 Related income tax effect (7,543 ) 5,109 (3,097 ) Net reclassification adjustment for gains included in net income 97 770 (1,874 ) Related income tax (benefit) expense (23 ) (179 ) 693 24,907 (9,015 ) 4,093 Net effect of AFS securities on other comprehensive income 26,245 (9,015 ) 4,093 Held to maturity (“HTM”) securities: Accretion on the unrealized loss for securities transferred from AFS to the HTM investment portfolio prior to call or maturity 0 8 8 Related income tax benefit (0 ) (2 ) (3 ) Net effect of HTM securities on other comprehensive income 0 6 5 Defined benefit pension plan: Net actuarial loss during the period (10,324) (4,232) (6,784) Related income tax expense 2,384 1,063 2,510 Amortization of prior service cost recognized in net income 0 0 0 Related income tax benefit 0 0 0 Amortization of net actuarial loss recognized in net income 4,965 4,919 4,553 Related income tax benefit (1,170) (1,246) (1,685) Net effect of change in defined benefit pension plan on other comprehensive income (4,145) 504 (1,406) Total change in other comprehensive income, net of tax 22,100 (8,505 ) 2,692 Total Comprehensive Income $ 282,199 $ 247,837 $ 153,273 The components of accumulated other comprehensive income for the year ended December 31, 2019 are as follows: Changes in Accumulated Other Comprehensive Income (AOCI) by Component (a) For the Year Ended December 31, 2019 (Dollars in thousands) Unrealized Accretion on the Defined Items Total Balance at January 1, 2019 $ (18,289 ) $ (50 ) $ (38,680 ) $ (57,019 ) Reclass due to adopting Accounting Standard Update 2017-12 0 50 0 50 Other comprehensive income before reclassification 24,493 0 0 24,493 Amounts reclassified from accumulated other comprehensive income 1,752 0 (4,145 ) (2,393 ) Net current-period other comprehensive income, net of tax 26,245 0 (4,145 ) 22,100 Balance at December 31, 2019 $ 7,956 $ 0 $ (42,825 ) $ (34,869 ) (a) All amounts are net-of-tax. Reclassifications out of Accumulated Other Comprehensive Income (AOCI) For the Year Ended December 31, 2019 (Dollars in thousands) Details about AOCI Components Amount Reclassified from AOCI Affected Line Item in the Statement Where Net Income is Presented Available for sale (“AFS”) securities: Reclassification of previous noncredit OTTI to credit OTTI $ 2,188 Total other-than-temporary impairment losses Net reclassification adjustment for losses (gains) included in net income 97 Net gains on sales/calls of investment securities 2,285 Total before tax Related income tax effect (533 ) Tax expense 1,752 Net of tax Pension plan: Net actuarial loss (10,324 )(a) Amortization of net actuarial loss 4,965 (b) (5,359 ) Total before tax Related income tax effect 1,214 Tax expense (4,145 ) Net of tax Total reclassifications for the period $ (2,393 ) (a) This AOCI component is included in the computation of changes in plan assets (see Note O (b) This AOCI component is included in the computation of net periodic pension cost (see Note O |
United Bankshares, Inc. (Parent
United Bankshares, Inc. (Parent Company Only) Financial Information | 12 Months Ended |
Dec. 31, 2019 | |
Condensed Financial Information Disclosure [Abstract] | |
United Bankshares, Inc. (Parent CompanyOnly) Financial Information | NOTE T—UNITED BANKSHARES, INC. (PARENT COMPANY ONLY) FINANCIAL INFORMATION Condensed Balance Sheets December 31 (In thousands) 2019 2018 Assets Cash and due from banks $ 126,697 $ 68,186 Securities available for sale 7,451 6,822 Securities held to maturity 20 997 Equity securities 4,126 5,094 Other investment securities 10,053 163 Investment in subsidiaries: Bank subsidiaries 3,519,661 3,478,956 Nonbank subsidiaries 22,439 14,706 Goodwill (16,008 ) (16,008 ) Condensed Balance Sheets December 31 (In thousands) 2019 2018 Other assets 12,286 10,615 Total Assets $ 3,686,725 $ 3,569,531 Liabilities and Shareholders’ Equity Junior subordinated debentures of subsidiary trusts $ 236,164 $ 234,905 Accrued expenses and other liabilities 86,728 83,002 Shareholders’ equity (including other accumulated comprehensive loss of $34,869 and $57,019 at December 31, 2019 and 2018, respectively) 3,363,833 3,251,624 Total Liabilities and Shareholders’ Equity $ 3,686,725 $ 3,569,531 Condensed Statements of Income Year Ended December 31 (In thousands) 2019 2018 2017 Income Dividends from banking subsidiaries: Bank subsidiaries $ 249,000 $ 215,000 $ 115,000 Nonbank subsidiaries 0 0 58 Net interest income 126 227 437 Management fees: Bank subsidiaries 27,325 25,026 45,693 Nonbank subsidiaries 27 27 27 Other income 147 (596 ) 1,766 Total Income 276,625 239,684 162,981 Expenses Operating expenses 38,569 37,214 71,653 Income Before Income Taxes and Equity in Undistributed Net Income of Subsidiaries 238,056 202,470 91,328 Applicable income tax benefit (2,123 ) (2,470 ) (6,126 ) Income Before Equity in Undistributed Net Income of Subsidiaries 240,179 204,940 97,454 Equity in undistributed net income of subsidiaries: Bank subsidiaries 19,557 51,392 50,560 Nonbank subsidiaries 363 10 2,567 Net Income $ 260,099 $ 256,342 $ 150,581 Condensed Statements of Cash Flows Year Ended December 31 (In thousands) 2019 2018 2017 Operating Activities Net income $ 260,099 $ 256,342 $ 150,581 Adjustments to reconcile net income to net cash provided by operating activities: Equity in undistributed net income of subsidiaries (19,920 ) (51,402) (53,127) Amortization of net periodic pension costs 302 293 228 Stock-based compensation 4,914 4,073 3,555 Excess tax benefits from stock-based compensation arrangements 223 158 2,201 Net gain on securities transactions 0 607 (1,185) Net change in other assets and liabilities 1,770 (1,904) 8,764 Net Cash Provided by Operating Activities 247,388 208,167 111,017 Investing Activities Net proceeds from sales (purchases) of securities 236 9,446 (19,268) Net proceeds from sales of equity securities 1,116 1,348 0 Condensed Statements of Cash Flows Year Ended December 31 (In thousands) 2019 2018 2017 Net cash paid in acquisition of subsidiary 0 0 22,146 Increase in investment in subsidiaries (7,000) (2,400) (34,203) Change in other investment securities (9,890) 0 (63) Net Cash (Used in) Provided by Investing Activities (15,538) 8,394 (31,388) Financing Activities Proceeds from issuance of common stock 0 0 0 Cash dividends paid (138,939 ) (142,350) (121,354) Acquisition of treasury stock (35,573 ) (100,724) (1) Proceeds from sale of treasury stock from deferred compensation plan 1 1 1 Proceeds from exercise of stock options 1,272 1,500 4,619 Net Cash Used in Financing Activities (173,339 ) (241,573) (116,735) Increase (De crease) 58,511 (25,012) (37,106) Cash and Cash Equivalents at Beginning of Year 68,186 93,198 130,304 Cash and Cash Equivalents at End of Year $ 126,697 $ 68,186 $ 93,198 |
Regulatory Matters
Regulatory Matters | 12 Months Ended |
Dec. 31, 2019 | |
Banking and Thrift [Abstract] | |
Regulatory Matters | NOTE U—REGULATORY MATTERS The subsidiary banks are required to maintain average reserve balances with their respective Federal Reserve Bank. The average amount of those consolidated reserve balances maintained and required for the year ended December 31, 2019, were approximately $653,653,000 and $255,894,000, respectively. The average amount of those consolidated reserve balances maintained and required for the year ended December 31, 2018, was approximately $791,237,000 and $334,280,000, respectively. The primary source of funds for the dividends paid by United to its shareholders is dividends received from its subsidiary bank. Dividends paid by United’s subsidiary banks are subject to certain regulatory limitations. Generally, the most restrictive provision requires regulatory approval if dividends declared in any year exceed that year’s net income, as defined, plus the retained net profits of the two preceding years. During 2020, the retained net profits available for distribution to United by United Bank as dividends without regulatory approval, are approximately $70,949,000, plus net income for the interim period through the date of declaration. Under Federal Reserve regulation, United Bank is also limited as to the amount they may loan to affiliates, including the parent company. Loans from United Bank to the parent company are limited to 10% of the banking subsidiaries’ capital and surplus, as defined, or $282,863,000 at December 31, 2019, and must be secured by qualifying collateral. United’s subsidiary banks are subject to various regulatory capital requirements administered by federal banking agencies. Pursuant to capital adequacy guidelines, United’s subsidiary banks must meet specific capital guidelines that involve various quantitative measures of the banks’ assets, liabilities, and certain off-balance-sheet As previously mentioned, the new Basel III Capital Rules became effective for United and United Bank on January 1, 2015 (subject to a phase-in 9 At December 31, 2019, the most recent notification from its regulators, United and United Bank were categorized as well-capitalized. To be categorized as well-capitalized, United must maintain minimum total risk-based, Tier I risk-based, Common Tier I risk-based, and Tier I leverage ratios as set forth in the following table. There are no conditions or events since that notification that management believes would impact United’s well-capitalized status. United’s and United Bank, capital amounts (in thousands of dollars) and ratios are presented in the following table. (Dollars in thousands) Actual For Capital Adequacy Purposes To Be Well- Capitalized Amount Ratio Amount Ratio Amount Ratio As of December 31, 2019: Total Capital (to Risk-Weighted Assets): United Bankshares $ 2,217,547 14.7 % $ 1,206,812 ≥ $ 1,508,515 ≥ United Bank 2,106,457 14.0 % 1,204,264 ≥ 1,505,330 ≥ Tier I Capital (to Risk-Weighted Assets): United Bankshares $ 1,890,757 12.5 % $ 905,109 ≥ $ 1,206,812 ≥ United Bank 2,027,667 13.5 % 903,198 ≥ 1,204,264 ≥ Common Tier I Capital (to Risk Weighted Assets): United Bankshares $ 1,890,757 12.5 % $ 678,832 ≥ $ 980,535 ≥ United Bank 2,027,667 13.5 % 677,399 ≥ 978,465 ≥ Tier I Capital (to Average Assets): United Bankshares $ 1,890,757 10.5 % $ 721,691 ≥ $ 902,114 ≥ United Bank 2,027,667 11.3 % 720,232 ≥ 900,290 ≥ As of December 31, 2018: Total Capital (to Risk-Weighted Assets): United Bankshares $ 2,119,774 14.4 % $ 1,179,708 ≥ $ 1,474,635 ≥ United Bank 2,080,234 14.1 % 1,177,953 ≥ 1,472,441 ≥ Tier I Capital (to Risk-Weighted Assets): United Bankshares $ 1,793,682 12.2 % $ 884,781 ≥ $ 1,179,708 ≥ United Bank 2,002,142 13.6 % 883,465 ≥ 1,177,953 ≥ Common Tier I Capital (to Risk Weighted Assets): United Bankshares $ 1,793,682 12.2 % $ 663,586 ≥ $ 958,513 ≥ United Bank 2,002,142 13.6 % 662,599 ≥ 957,087 ≥ Tier I Capital (to Average Assets): United Bankshares $ 1,793,682 10.1 % $ 707,916 ≥ $ 884,895 ≥ United Bank 2,002,142 11.3 % 706,977 ≥ 883,721 ≥ United’s mortgage banking entity, George Mason, is subject to net worth requirements issued by the U.S. Department of Housing and Urban Development (HUD). Failure to meet minimum capital requirements of HUD can result in certain mandatory and possibly additional discretionary actions that, if undertaken, could have a direct material effect on George Mason’s operations. The minimum net worth requirement of HUD at December 31, 2019 was $2,500,000. George Mason’s net worth was $35,556,000 at December 31, 2019, which exceeded the HUD requirements. |
Fair Values of Financial Instru
Fair Values of Financial Instruments | 12 Months Ended |
Dec. 31, 2019 | |
Fair Value Disclosures [Abstract] | |
Fair Values of Financial Instruments | NOTE V—FAIR VALUES OF FINANCIAL INSTRUMENTS In accordance with ASC Topic 820, the following describes the valuation techniques used by United to measure certain financial assets and liabilities recorded at fair value on a recurring basis in the financial statements. Securities available for sale and equity securities market approach valuation methodology, third party vendors compile prices based on observable market inputs, which include benchmark yields, reported trades, issuer spreads, benchmark securities, and “To Be Announced” prices (Level 2). Management internally reviews the fair values provided by third party vendors on a monthly basis. Management also performs a quarterly price testing analysis at the individual security level which compares the pricing provided by the third party vendors to an independent pricing source’s valuation of the same securities. Variances that are deemed to be material are reviewed by management. Additionally, to further assess the reliability of the information received from third party vendors, management obtains documentation from third party vendors related to the sources, methodologies, and inputs utilized in valuing securities classified as Level 2. Management analyzes this information to ensure the underlying assumptions appear reasonable. Management also obtains an independent service auditor’s report from third party vendors to provide reasonable assurance that appropriate controls are in place over the valuation process. Upon completing its review of the pricing from third party vendors at December 31, 2019, management determined that the prices provided by its third party pricing source were reasonable and in line with management’s expectations for the market values of these securities. Therefore, prices obtained from third party vendors that did not reflect forced liquidation or distressed sales were not adjusted by management at December 31, 2019. Management utilizes a number of factors to determine if a market is inactive, all of which may require a significant level of judgment. Factors that management considers include: a significant widening of the bid-ask spread, a considerable decline in the volume and level of trading activity in the instrument, a significant variance in prices among market participants, and a significant reduction in the level of observable inputs. Any securities available for sale not valued based upon quoted market prices or third party pricing models that consider observable market data are considered Level 3. Currently, United considers its valuation of available-for-sale as Level 3. Based upon management’s review of the market conditions for , it was determined that an income approach valuation technique (present value technique) that maximizes the use of relevant observable inputs and minimizes the use of unobservable inputs is the most representative measurement technique for these securities. The present value technique discounts expected future cash flows of a security to arrive at a present value. Management considers the following items when calculating the appropriate discount rate: the implied rate of return when the market was last active, changes in the implied rate of return as markets moved from very active to inactive, recent changes in credit ratings, and recent activity showing that the market has built in increased liquidity and credit premiums. Management’s internal credit review of each security was also factored in to determine the appropriate discount rate. The credit review considered each security’s collateral, subordination, excess spread, priority of claims, principal and interest. 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 table presents the balances of financial assets and liabilities measured at fair value on a recurring basis as of December 31, 2019 and 2018, segregated by the level of the valuation inputs within the fair value hierarchy: Fair Value at December 31, 2019 Using (In thousands) Description Balance as of December 31, 2019 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Assets Available for sale debt securities: U.S. Treasury securities and obligations of U.S. Government corporations and agencies $ 58,676 $ 0 $ 58,676 $ 0 State and political subdivisions 272,362 0 272,362 0 Residential mortgage-backed securities Agency 836,534 0 836,534 0 Non-agency 3,832 0 3,832 0 Commercial mortgage-backed securities Agency 614,973 0 614,973 0 Asset-backed securities 276,139 0 276,139 0 Trust preferred collateralized debt obligations 4,704 0 0 4,704 Fair Value at December 31, 2019 Using (In thousands) Description Balance as of December 31, 2019 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Single issue trust preferred securities 16,774 0 16,774 0 Other corporate securities 353,302 6,586 346,716 0 Total available for sale securities 2,437,296 6,586 2,426,006 4,704 Equity securities: Financial services industry 154 154 0 0 Equity mutual funds (1) 3,971 3,971 0 0 Other equity securities 4,769 4,769 0 0 Total equity securities 8,894 8,894 0 0 Loans held for sale 384,375 0 0 384,375 Derivative financial assets: Forward sales commitments 9 0 9 0 Interest rate lock commitments 4,518 0 0 4,518 Total derivative financial assets 4,527 0 9 4,518 Liabilities Derivative financial liabilities: Interest rate swap contracts 2,394 0 2,394 0 TBA mortgage-backed securities 671 0 671 0 Total derivative financial liabilities 3,065 0 3,065 0 Fair Value at December 31, 2018 Using (In thousands) Description Balance as of December 31, 2018 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Assets Available for sale debt securities: U.S. Treasury securities and obligations of U.S. Government corporations and agencies $ 85,890 $ 0 $ 85,890 $ 0 State and political subdivisions 208,988 0 208,988 0 Residential mortgage-backed securities Agency 1,035,650 0 1,035,650 0 Non-agency 4,259 0 4,259 0 Commercial mortgage-backed securities Agency 554,600 0 554,600 0 Asset-backed securities 271,970 0 271,970 0 Trust preferred collateralized debt obligations 5,917 0 0 5,917 Single issue trust preferred securities 8,362 0 8,362 0 Other corporate securities 161,403 6,822 154,581 0 Total available for sale securities 2,337,039 6,822 2,324,300 5,917 Equity securities: Financial services industry 140 140 0 0 Equity mutual funds (1) 4,954 4,954 0 0 Other equity securities 4,640 4,640 0 0 Total equity securities 9,734 9,734 0 0 Loans held for sale 247,104 0 0 247,104 Derivative financial assets: Interest rate swap contracts 1,859 0 1,859 0 Fair Value at December 31, 2018 Using (In thousands) Description Balance as of December 31, 2018 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Forward sales commitments 542 0 542 0 Interest rate lock commitments 4,103 0 0 4,103 Total derivative financial assets 6,504 0 2,401 4,103 Liabilities Derivative financial liabilities: TBA mortgage-backed securities 3,002 0 3,002 0 Total derivative financial liabilities 3,002 0 3,002 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 The following table presents additional information about financial assets and liabilities measured at fair value at December 31, 2019 and 2018 on a recurring basis and for which United has utilized Level 3 inputs to determine fair value: Available-for-sale (In thousands) Trust preferred collateralized debt obligations 2019 2018 Balance, beginning of year $ 5,917 $ 34,269 Total gains or losses (realized/unrealized): Included in earnings (or changes in net assets) (155 ) 28 Included in other comprehensive income (1,059 ) 920 Purchases, issuances, and settlements 0 0 Sales 0 (29,300 ) Transfers in and/or out of Level 3 0 0 Balance, ending of year $ 4,703 $ 5,917 The amount of total gains or losses for the period included in earnings (or changes in net assets) attributable to the change in unrealized gains or losses relating to assets still held at reporting date 0 0 Loans held for sale (In thousands) 2019 2018 Balance, beginning of period 247,104 263,308 Originations 2,941,722 2,619,454 Sales (2,888,257 ) (2,676,797 ) Total gains or losses during the period recognized in earnings 83,806 68,555 Transfers in and/or out of Level 3 (0 ) (27,416 ) Balance, end of period 384,375 247,104 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 (In thousands) Derivative Financial Assets Interest Rate Lock Commitments 2019 2018 Balance, beginning of period $ 4,103 $ 4,559 Transfers other 415 (456 ) Balance, end of perio d $ 4,518 $ 4,103 The amount of total gains or losses for the period included in earnings (or changes in net assets) attributable to the change in unrealized gains or losses relating to assets still held at reporting date $ 0 $ 0 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 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: (In thousands) Description Year Ended December 31, 2019 Year Ended December 31, 2018 Assets Loans held for sale Income from mortgage banking activities $ 3,705 $ (281) 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: December 31, 2019 December 31, 2018 (In thousands) Description Unpaid Fair Value Fair Value Unpaid Fair Value Fair Value Assets Loans held for sale 375,274 384,375 9,101 241,293 247,104 5,811 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 one-to-four Impaired Loans form of real estate or business assets including equipment, inventory, and accounts receivable. The vast majority of the collateral is real estate. OREO bi-annual Intangible Assets: more-likely-than-not No 2018 The following table summarizes United’s financial assets that were measured at fair value on a nonrecurring basis during the period: Carrying value at December 31, 2019 (In thousands) Description Balance as of December 31, 2019 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant (Level 2) Significant (Level 3) YTD Gains ( Losses ) Assets Loans held for sale $ 3,139 $ 0 $ 3,139 $ 0 $ (4 ) Impaired Loans 68,213 0 55,792 12,421 1,831 OREO 15,515 0 15,495 20 (785 ) Carrying value at December 31, 2018 (In thousands) Description Balance as of December 31, 2018 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant (Level 2) Significant (Level 3) YTD Losses Assets Loans held for sale $ 2,742 $ 0 $ 2,742 $ 0 $ 3 Impaired Loans 121,355 0 108,899 12,456 12,301 OREO 16,865 0 16,865 0 910 Fair Value 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 cash flow analyses, using market interest rates currently being offered for loans with similar terms to borrowers of similar creditworthiness, which include adjustments for liquidity concerns. For acquired impaired loans, fair value is assumed to equal United’s carrying value, which represents the present value of expected future principal and interest cash flows, as adjusted for any Allowance for Loan Losses recorded for these loans. Deposits: Short-term Borrowings: Long-term Borrowings: arrangements Summary of Fair Values for All Financial Instruments The estimated fair values of United’s financial instruments are summarized below: Fair Value Measurements (In thousands) Carrying Fair Value in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) December 31, 2019 Cash and cash equivalents $ 837,493 $ 837,493 $ 0 $ 837,493 $ 0 Securities available for sale 2,437,296 2,437,296 6,586 2,426,006 4,704 Securities held to maturity 1,446 1,447 0 427 1,020 Equity securities 8,894 8,894 8,894 0 0 Other securities 222,161 211,053 0 0 211,053 Loans held for sale 387,514 387,514 0 3,139 384,375 Net loans 13,635,072 13,185,955 0 0 13,185,955 Derivative financial assets 4,527 4,527 0 9 4,518 Deposits 13,852,421 13,843,077 0 13,843,077 0 Short-term borrowings 374,654 374,654 0 374,654 0 Long-term borrowings 1,838,029 1,820,297 0 1,820,297 0 Derivative financial liabilities 3,065 3,065 0 3,065 0 December 31, 2018 Cash and cash equivalents $ 1,020,396 $ 1,020,396 $ 0 $ 1,020,396 $ 0 Securities available for sale 2,337,039 2,337,039 6,822 2,324,300 5,917 Securities held to maturity 19,999 18,655 0 15,635 3,020 Equity securities 9,734 9,734 9,734 0 0 Other securities 176,955 168,107 0 0 168,107 Loans held for sale 249,846 249,846 0 2,742 247,104 Net loans 13,345,519 12,657,073 0 0 12,657,073 Derivative financial assets 6,504 6,504 0 2,401 4,103 Deposits 13,994,749 13,954,574 0 13,954,574 0 Short-term borrowings 351,327 351,327 0 351,327 0 Long-term borrowings 1,499,103 1,475,237 0 1,475,237 0 Derivative financial liabilities 3,002 3,002 0 3,002 0 |
Variable Interest Entities
Variable Interest Entities | 12 Months Ended |
Dec. 31, 2019 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Variable Interest Entities | N 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 The trusts utilized in these transactions are variable interest entities (VIEs) as the third-party equity holders lack a controlling financial interest in the trusts through their inability to make decisions that have a significant effect on the operations and success of the entities. United does not consolidate these trusts as it is not the primary beneficiary of these entities because United does not hold a controlling financial interest as evidenced by the power to direct the activities of the VIEs that most significantly impact their economic performance and the obligation to absorb losses of, or the right to receive benefits from, the VIEs that could potentially be significant to the VIEs. Information related to United’s statutory trusts is presented in Note L United, through its banking subsidiaries, also makes limited partner equity investments in various low income housing and community development partnerships sponsored by independent third-parties. United invests in these partnerships to either realize tax credits on its consolidated federal income tax return or for purposes of earning a return on its investment. These partnerships are considered VIEs as the limited partners lack a controlling financial interest in the entities through their inability to make decisions that have a significant effect on the operations and success of the partnerships. United’s limited partner interests in these entities is immaterial, however; these partnerships are not consolidated as United is not deemed to be the primary beneficiary. The following table summarizes quantitative information about United’s significant involvement in unconsolidated VIEs: As of December 31, 2019 As of December 31, 2018 (In thousands) Aggregate Assets Aggregate Liabilities Risk Of Loss (1) Aggregate Assets Aggregate Liabilities Risk Of Loss (1) Trust preferred securities $ 257,941 $ 248,680 $ 9,261 $ 257,754 $ 248,741 $ 9,013 (1) |
Segment Information
Segment Information | 12 Months Ended |
Dec. 31, 2019 | |
Segment Reporting [Abstract] | |
Segment Information | NOTE X—SEGMENT INFORMATION United operates in two business segments: community banking and mortgage 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 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 years ended December 31, 2019, 2018 and 2017 is as follows: At and For the Year Ended December 31, 2019 (In thousands) Community Mortgage Other Intersegment Eliminations Consolidated Net interest income $ 583,547 $ 916 $ (12,472 ) $ 5,931 $ 577,922 Provision for loans losses 21,313 0 0 0 21,313 Other income 74,956 83,884 392 (8,748 ) 150,484 Other expense 314,710 72,288 (1,527 ) (2,817 ) 382,654 Income taxes 64,080 2,355 (2,095 ) 0 64,340 Net income (loss) $ 258,400 $ 10,157 $ (8,458 ) $ 0 $ 260,099 Total assets (liabilities) $ 19,564,036 $ 507,124 $ 17,777 $ (426,613 ) $ 19,662,324 Average assets (liabilities) 19,401,397 358,087 8,411 (292,427 ) 19,475,468 At and For the Year Ended December 31, 2018 (In thousands) Community Mortgage Other Intersegment Eliminations Consolidated Net interest income $ 593,108 $ 1,315 $ (11,886 ) $ 6,108 $ 588,645 Provision for loans losses 22,013 0 0 0 22,013 Other income 72,539 68,555 (667 ) (11,715 ) 128,712 Other expense 301,123 72,632 31 (5,607 ) 368,179 Income taxes 73,861 (505 ) (2,533 ) 0 70,823 Net income (loss) $ 268,650 $ (2,257 ) $ (10,051 ) $ 0 $ 256,342 Total assets (liabilities) $ 19,191,215 $ 320,299 $ 3,222 $ (264,238 ) $ 19,250,498 Average assets (liabilities) 18,798,880 279,618 6,104 (236,575 ) 18,848,027 At and For the Year Ended December 31, 2017 (In thousands) Community Mortgage Other Intersegment Eliminations Consolidated Net interest income $ 558,622 $ (69 ) $ (9,556 ) $ 0 $ 548,997 Provision for loans losses 28,406 0 0 0 28,406 Other income 69,615 58,532 3,498 0 131,645 Other expense 291,584 62,072 13,753 0 367,409 Income taxes 139,980 (901 ) (4,833 ) 0 134,246 Net income (loss) $ 168,267 $ (2,708 ) $ (14,978 ) $ 0 $ 150,581 Total assets (liabilities) $ 19,016,619 $ 280,293 $ 17,158 $ (255,111 ) $ 19,058,959 Average assets (liabilities) 17,565,464 212,212 19,769 (180,016 ) 17,617,429 |
Quarterly Financial Data
Quarterly Financial Data | 12 Months Ended |
Dec. 31, 2019 | |
Quarterly Financial Information Disclosure [Abstract] | |
Quarterly Financial Data | NOTE Y—QUARTERLY FINANCIAL DATA (UNAUDITED) Quarterly financial data for 2019 2018 (Dollars in thousands) 1st Quarter 2nd Quarter 3rd Quarter 4th Quarter 2019 Interest income $ 189,097 $ 199,245 $ 190,351 $ 183,869 Interest expense 44,929 48,692 48,433 42,586 Net interest income 144,168 150,553 141,918 141,283 Provision for credit losses 4,996 5,417 5,033 5,867 Mortgage banking income 13,681 21,704 24,019 17,547 Securities gains (losses), net (159 ) 109 116 109 Other noninterest income 17,701 17,982 18,089 19,586 Noninterest expense 89,425 100,195 96,134 96,900 Income taxes 17,328 17,529 17,010 12,473 Net income (1) 63,642 67,207 65,965 63,285 (Dollars in thousands) 1st Quarter 2nd Quarter 3rd Quarter 4th Quarter Per share data: Average shares outstanding (000s): Basic 101,895 101,774 101,432 101,250 Diluted 102,163 102,048 101,712 101,538 Net income per share: Basic $ 0.62 $ 0.66 $ 0.65 $ 0.62 Diluted $ 0.62 $ 0.66 $ 0.65 $ 0.62 Dividends per share $ 0.34 $ 0.34 $ 0.34 $ 0.35 2018 Interest income $ 167,185 $ 178,000 $ 185,030 $ 187,500 Interest expense 23,142 28,878 36,255 40,795 Net interest income 144,043 149,122 148,775 146,705 Provision for credit losses 5,178 6,204 4,808 5,823 Mortgage banking income 14,570 18,692 13,277 11,570 Securities losses, net (485 ) (55 ) (152 ) (1,926 ) Other noninterest income 17,107 17,370 18,561 20,183 Noninterest expense 90,452 93,410 93,315 91,002 Income taxes 17,899 19,241 17,926 15,757 Net income (1) 61,706 66,274 64,412 63,950 Per share data: Average shares outstanding (000s): Basic 104,859 104,683 103,618 102,930 Diluted 105,163 104,953 103,934 103,164 Net income per share: Basic $ 0.59 $ 0.63 $ 0.62 $ 0.62 Diluted $ 0.59 $ 0.63 $ 0.62 $ 0.62 Dividends per share $ 0.34 $ 0.34 $ 0.34 $ 0.34 (1) For further information, see the related discussion “Quarterly Results” included in Management’s Discussion and Analysis. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2019 | |
Accounting Policies [Abstract] | |
Nature of Operations | Nature of Operations: |
Operating Segments | Operating Segments: |
Basis of Presentation | Basis of Presentation: United determines whether it has a controlling financial interest in an entity by first evaluating whether the entity is a voting interest entity or a variable interest entity (VIE) under U.S. generally accepted accounting principles. Voting interest entities are entities in which the total equity investment at risk is sufficient to enable the entity to finance itself independently and provides the equity holders with the obligation to absorb losses, the right to receive residual returns and the right to make decisions about the entity’s activities. United consolidates voting interest entities in which it has all, or at least a majority of, the voting interest. As defined in applicable accounting standards, VIEs are entities that lack one or more of the characteristics of a voting interest entity. A controlling financial interest in a VIE is present when an enterprise has both the power to direct the activities of the VIE that most significantly impact the VIE’s economic performance and an obligation to absorb losses or the right to receive benefits that could potentially be significant to the VIE. The enterprise with a controlling financial interest, known as the primary beneficiary, consolidates the VIE. United’s wholly owned and indirect wholly owned statutory trust subsidiaries are VIEs for which United is not the primary beneficiary. Accordingly, its accounts are not included in United’s consolidated financial statements. The accounting and reporting policies of United conform with U.S. generally accepted accounting principles. In preparing the consolidated financial statements, management is required to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates. To conform to the 2019 presentation, certain reclassifications have been made to prior period amounts, which had no impact on net income, comprehensive income or shareholders’ equity. In the opinion of management, all adjustments necessary for a fair presentation of financial position and results of operations have been made. Such adjustments are of a normal and recurring nature. The Company has evaluated events and transactions subsequent to December 31, 2019 through the date these financial statements were issued. Based on definitions and requirements of generally accepted accounting principles for “Subsequent Events,” the Company has not identified any events that would require adjustments to, or disclosure in the financial statements. |
Cash and Cash Equivalents | Cash and Cash Equivalents: |
Securities | Securities: Gains or losses on sales of securities are recognized by the specific identification method and are reported in securities gains and losses within noninterest income of the Consolidated Statements of Income. United reviews available-for-sale held-to-maturity Certain security investments such as Federal Reserve Bank stock and Federal Home Loan Bank stock that do not have readily determinable fair values and for which United does not exercise significant influence are carried at cost and are classified as other investment securities on the balance sheet. These cost-method investments are reviewed for impairment at least annually or sooner if events or changes in circumstances indicate the carrying value may not be recoverable. |
Securities Purchased Under Resale Agreements and Securities Sold Under Agreements to Repurchase | Securities Purchased Under Resale Agreements and Securities Sold Under Agreements to Repurchase: |
Loans | Loans: Loans are designated as impaired when, in the opinion of management, based on current information and events, the collection of principal and interest in accordance with the loan contract is doubtful. Consistent with United’s existing method of income recognition for loans, interest on impaired loans, except those classified as nonaccrual, is recognized as income using the accrual method. United’s method of income recognition for impaired loans that are classified as nonaccrual is to recognize interest income on the cash basis or apply the cash receipt to principal when the ultimate collectibility of principal is in doubt. A loan is categorized as a trouble debt restructuring (TDR) if a concession is granted to provide for a reduction of either interest or principal due to a deterioration in the financial condition of the borrower. A loan classified as a TDR will generally retain such classification until the loan is paid in full. However, a one-to-four-family |
Loans Acquired Through Transfer | Loans Acquired Through Transfer: |
Loans Held for Sale | Loans Held for Sale: one-to-four Loans held for sale within the mortgage banking segment are recorded under the fair value option at a fair value measured using valuations from investors for loans with similar characteristics adjusted for the Company’s actual sales experience versus the investor’s indicated pricing. Loans held for sale within the community banking segment are carried at the lower of cost or fair value. The fair value is based on the price secondary markets are currently offering for similar loans using observable market data which is not materially different than cost due to the short duration between origination and sale. Gains and losses on sale of loans are recorded within income from mortgage banking activities. |
Allowance for Credit Losses | Allowance for Credit Losses: The allowance for loan losses is management’s estimate of the probable credit losses inherent in the loan portfolio. Management’s evaluation of the adequacy of the allowance for loan losses and the appropriate provision for credit losses is based upon a quarterly evaluation of the portfolio. This evaluation is inherently subjective and requires significant estimates, including the amounts and timing of estimated future cash flows, estimated losses on pools of loans based on historical loss experience, and consideration of qualitative factors such as current economic trends, all of which are susceptible to constant and significant change. The amounts allocated to specific credits and loan pools grouped by similar risk characteristics are reviewed on a quarterly basis and adjusted as necessary based upon subsequent changes in circumstances. In determining the components of the allowance for credit losses, management considers the risk arising in part from, but not limited to, qualitative factors such as charge-off charged-off In determining the adequacy of the allowance for loan losses, management makes allocations to specific commercial loans classified by management as to risk. Management determines the loan’s risk by considering the borrowers’ ability to repay, the collateral securing the credit and other borrower-specific factors that may impact collectibility. For impaired loans, specific allocations are based on the present value of expected future cash flows using the loan’s effective interest rate, or as a practical expedient, at the loan’s observable market price or the fair value of the collateral if the loan is collateral-dependent. Other commercial loans not specifically reviewed on an individual basis are evaluated based on loan pools, which are grouped by similar risk characteristics using management’s internal risk ratings. Allocations for these commercial loan pools are determined based upon historical loss experience adjusted for current environmental conditions and risk factors and the estimate period it takes for losses to result in a charge-off, |
Bank Premises and Equipment | Bank Premises and Equipment: three five |
Other Real Estate Owned | Other Real Estate Owned |
Revenue Recognition | Revenue Recognition 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 i n |
Advertising Costs | Advertising Costs: |
Income Taxes | Income Taxes: For uncertain income tax positions, United records a liability based on a recognition threshold of more-likely-than-not, United files a consolidated income tax return with its subsidiaries. Federal income tax expense or benefit has been allocated to subsidiaries on a separate return basis. |
Intangible Assets | Intangible Assets: one seven-year Goodwill and intangible assets with indefinite lives (such as a trade name intangible) are not amortized, but are tested for impairment at least annually or sooner if indicators of impairment exist. Intangible assets with definite useful lives (such as core deposit intangibles) are amortized over their respective estimated useful lives to their estimated residual values, and reviewed for impairment at least annually or as indicators of impairment are identified. Based on the most recent goodwill impairment test, no impairment was noted. As of December 31, 2019, and 2018, total goodwill approximated $1,478,014,000. |
Derivative Financial Instruments | Derivative Financial Instruments: 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. 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 for mandatory delivery loans 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 the 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 a best efforts delivery basis, 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. For derivatives that are not designated in a hedge relationship, changes in the fair value of the derivatives are recognized in earnings in the same period as the change in the fair value. |
Stock-Based Compensation | Stock-Based Compensation Stock-based compensation expense was $ 4,914 4,073 3,555 |
Treasury Stock | Treasury Stock |
Trust Assets and Income | Trust Assets and Income: |
Earnings Per Common Share | Earnings Per Common Share: two-class non-vested Under the two-class The reconciliation of the numerator and denominator of basic earnings per share with that of diluted earnings per share is presented as follows: Year Ended December 31 (Dollars in thousands, except per share) 2019 2018 2017 Distributed earnings allocated to common stock $ 139,167 $ 141,336 $ 131,527 Undistributed earnings allocated to common stock 120,337 114,542 18,816 Net earnings allocated to common shareholders $ 259,504 $ 255,878 $ 150,343 Average common shares outstanding 101,585,599 104,015,976 97,502,633 Dilutive effect of stock compensation 266,978 282,849 387,445 Average diluted shares outstanding 101,852,577 104,298,825 97,890,078 Earnings per basic common share $ 2.55 $ 2.46 $ 1.54 Earnings per diluted common share $ 2.55 $ 2.45 $ 1.54 |
Fair Value Measurements | Fair Value Measurements ASC Topic 820 specifies a hierarchy of valuation techniques based on whether the inputs to those valuation techniques are observable or unobservable. Observable inputs reflect market data obtained from independent sources, while unobservable inputs reflect United’s market assumptions. The three levels of the fair value hierarchy based on these two types of inputs are as follows: Level 1 - Valuation is based on quoted prices in active markets for identical assets and liabilities. Level 2 - Valuation is based on observable inputs including quoted prices in active markets for similar assets and liabilities, quoted prices for identical or similar assets and liabilities in less active markets, and model-based valuation techniques for which significant assumptions can be derived primarily from or corroborated by observable data in the market. Level 3 - Valuation is based on model-based techniques that use one or more significant inputs or assumptions that are unobservable in the market. When determining the fair value measurements for assets and liabilities, United looks to active and observable markets to price identical assets or liabilities whenever possible and classifies such items in Level 1. When identical assets and liabilities are not traded in active markets, United looks to market observable data for similar assets and liabilities and classifies such items as Level 2. Nevertheless, certain assets and liabilities are not actively traded in observable markets and United must use alternative valuation techniques using unobservable inputs to determine a fair value and classifies such items as Level 3. For assets and liabilities that are not actively traded, the fair value measurement is based primarily upon estimates that require significant judgment. Therefore, the results may not be realized in an actual sale or immediate settlement of the asset or liability. Additionally, there are inherent weaknesses in any calculation technique, and changes in the underlying assumptions used, including discount rates and estimates of future cash flows, could significantly affect the results of current or future values. The level within the fair value hierarchy is based on the lowest level of input that is significant in the fair value measurement. |
Recent Accounting Pronouncements | Recent Accounting Pronouncements In April 2019, the Financial Accounting Standards Board (FASB) issued ASU No. 2019-04 issues . ASU No. 2019-04 In August 2018, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2018-14 715-20): 2018-14 2018-14 In August 2018, the FASB issued ASU No. 2018-13 2018-13 2018-13 was adopted by United on January 1, 2020. The adoption did not have a material impact on the Company’s financial condition or results of operations. In June 2018, the FASB issued Accounting Standards Update (ASU) No. 2018-07 non-employees non-employee 2018-07 2018-07 In February 2018, the FASB issued ASU No. 2018-03, 825-10): 2018-03 2018-03 2018-03 In February 2018, the FASB issued ASU No. 2018-02, 2018-02 In August 2017, the FASB issued ASU No. 2017-12, one-time held-to-maturity available-for-sale 2017-12 one-time In July 2017, the FASB issued ASU No. 2017-11, 2017-11 2017-11 In May 2017, the FASB issued ASU No. 2017-09, Scope of Modification Accounting.” This ASU clarifies when changes to the terms of conditions of a share-based payment award must be accounted for as modifications. Companies will apply the modification accounting guidance if the value, vesting conditions or classification of the award changes. The new guidance should reduce diversity in practice and result in fewer changes to the terms of an award being accounted for as modifications, as the guidance will allow companies to make certain non-substantive 2017-09 2017-09 In March 2017, the FASB issued ASU No. 2017-07, 2017-07 No. 2017-07 2017-07 the practical expedient and used amounts previously disclosed in its Employee Benefits Plan footnote (Note O) to retrospectively adjust prior period amounts of employee compensation and employee benefits within United’s Consolidated Statements of Income. In January 2017, the FASB issued ASU No. 2017-04, 2017-04 2017-04 2017-04 In January 2017, the FASB issued ASU No. 2017-01, 2017-01 2017-01 In August 2016, the FASB issued ASU No. 2016-15, 2016-15 2016-15 2016-15 In June 2016, the FASB issued ASU No. 2016-13, available-for-sale 2016-13 2019-05 2016-13 2016-13, 326-20 825-10. held-to-maturity instrument-by-instrument 2019-05 2016-13, 2016-13 model validation, the documentation of the new standard and internal controls as well as changes to financial statement disclosures. In March 2016, the FASB issued ASU No. 2016-09, 2016-09 in the income statement when the awards vest or are settled. The requirement to report those income tax effects in earnings was applied to settlements occurring on or after January 1, 2017 and the impact of applying that guidance reduced reporting income tax expense by $ for the year of 2017. ASU No. 2016-09 also allows an employer to repurchase more of an employee’s shares than it could previously for tax withholding purposes without triggering liability accounting and make a policy election to account for forfeitures as they occur. The Company will continue to estimate the number of awards expected to be forfeited and adjust the estimate when it is no longer probable that the employee will fulfill the service condition, as was previously required. ASU No. 2016-09 also requires that all income tax-related cash flows resulting from share-based payments be reported as operating activities in the statement of cash flows. Previously, income tax benefits at settlement of an award were reported as a reduction to operating cash flows and an increase to financing cash flows to the extent that those benefits exceeded the income tax benefits reported in earnings during the award’s vesting period. The adoption of ASU No. 2016-09 did not have a material impact on the Company’s financial condition or results of operations. In February 2016, the FASB issued ASU No. 2016-02, 2016-02 2016-02 right-of-use 2018-11 non-lease non-lease 2018-10 2018-10 In January 2016, the FASB issued ASU No. 2016-01, 2016-01 2016-01 available-for-sale 2016-01 In May 2014, the FASB issued ASU No. 2014-09, 2014-09 2014-09 that ASU No. 2014-09 2014-09 2014-09 |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Accounting Policies [Abstract] | |
Reconciliation of Numerator and Denominator of Basic Earnings Per Share with that of Diluted Earnings Per Share | The reconciliation of the numerator and denominator of basic earnings per share with that of diluted earnings per share is presented as follows: Year Ended December 31 (Dollars in thousands, except per share) 2019 2018 2017 Distributed earnings allocated to common stock $ 139,167 $ 141,336 $ 131,527 Undistributed earnings allocated to common stock 120,337 114,542 18,816 Net earnings allocated to common shareholders $ 259,504 $ 255,878 $ 150,343 Average common shares outstanding 101,585,599 104,015,976 97,502,633 Dilutive effect of stock compensation 266,978 282,849 387,445 Average diluted shares outstanding 101,852,577 104,298,825 97,890,078 Earnings per basic common share $ 2.55 $ 2.46 $ 1.54 Earnings per diluted common share $ 2.55 $ 2.45 $ 1.54 |
Investment Securities (Tables)
Investment Securities (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Summary of Amortized Cost and Estimated Fair Values of Available for Sale Securities | 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. December 31, 2019 (In thousands) Amortized Gross Gross Estimated Cumulative (1) U.S. Treasury securities and obligations of U.S. $ 58,127 $ 555 $ 6 $ 58,676 $ 0 State and political subdivisions 272,014 3,644 3,296 272,362 0 Residential mortgage-backed securities Agency 826,857 10,923 1,246 836,534 0 Non-agency 3,429 404 0 3,833 86 Commercial mortgage-backed securities Agency 609,461 8,319 2,807 614,973 0 Asset-backed securities 284,390 0 8,251 276,139 0 Trust preferred collateralized debt obligations 6,045 0 1,342 4,703 842 Single issue trust preferred securities 18,196 170 1,592 16,774 0 Other corporate securities 348,405 4,897 0 353,302 0 Total $ 2,426,924 $ 28,912 $ 18,540 $ 2,437,296 $ 928 December 31, 2018 (In thousands) Amortized Gross Gross Estimated Cumulative (1) U.S. Treasury securities and obligations of U.S. $ 86,285 $ 35 $ 430 $ 85,890 $ 0 State and political subdivisions 212,670 439 4,121 208,988 0 Residential mortgage-backed securities Agency 1,047,345 3,235 14,930 1,035,650 0 Non-agency 3,927 332 0 4,259 86 Commercial mortgage-backed securities Agency 560,634 996 7,030 554,600 0 Asset-backed securities 272,459 450 939 271,970 0 Trust preferred collateralized debt obligations 6,176 91 350 5,917 2,586 Single issue trust preferred securities 8,754 169 561 8,362 0 Other corporate securities 162,634 118 1,349 161,403 0 Total $ 2,360,884 $ 5,865 $ 29,710 $ 2,337,039 $ 2,672 (1) Other-than-temporary impairment in accumulated other comprehensive income. Amounts are before-tax. |
Summary of Securities Available for Sale in an Unrealized Loss Position | The following is a summary of securities available for sale which were in an unrealized loss position at December 31, 2019 and 2018. Less than 12 months 12 months or longer (In thousands) Fair Value Unrealized Fair Value Unrealized December 31, 2019 U.S. Treasury securities and obligations of U.S. Government corporations and agencies $ 1,415 $ 6 $ 0 $ 0 State and political subdivisions 144,307 3,291 885 5 Residential mortgage-backed securities Agency 108,072 502 71,736 744 Non-agency 0 0 0 0 Commercial mortgage-backed securities Agency 173,039 2,676 45,251 131 Asset-backed securities 135,174 3,252 140,965 4,999 Trust preferred collateralized debt obligations 2,703 842 2,000 500 Single issue trust preferred securities 0 0 13,562 1,592 Other corporate securities 0 0 0 0 Total $ 564,710 $ 10,569 $ 274,399 $ 7,971 Less than 12 months 12 months or longer (In thousands) Fair Value Unrealized Fair Value Unrealized December 31, 2018 U.S. Treasury securities and obligations of U.S. Government corporations and agencies $ 66,072 $ 250 $ 7,374 $ 180 State and political subdivisions 53,421 544 94,337 3,577 Residential mortgage-backed securities Agency 195,009 1,597 508,041 13,333 Non-agency 0 0 0 0 Commercial mortgage-backed securities Agency 107,443 1,124 294,129 5,906 Asset-backed securities 151,427 939 0 0 Trust preferred collateralized debt obligations 0 0 2,150 350 Single issue trust preferred securities 0 0 5,163 561 Other corporate securities 129,709 1,233 6,879 116 Total $ 703,081 $ 5,687 $ 918,073 $ 24,023 |
Summary of Gains or Losses on Proceeds from Maturities, Sales and Calls of Available for Sale Securities by Specific Identification Method | The realized losses relate to sales of securities within a rabbi trust for the payment of benefits under a deferred compensation plan for certain key officers and its subsidiaries. Year Ended (In thousands) 2019 2018 2017 Proceeds from maturities, sales and calls $ 712,557 $ 441,956 $ 686,312 Gross realized gains 1,542 1,594 3,274 Gross realized losses 1,445 2,364 1,400 |
Roll Forward of Credit Losses on Securities | Below is a progression of the credit losses on securities which United has recorded other-than-temporary charges. These charges were recorded through earnings and other comprehensive income. (In thousands) Year Ended December 31 2019 2018 2017 Balance of cumulative credit losses at beginning of period $ 3,138 $ 18,060 $ 22,162 Additional credit losses on securities for which OTTI was previously recognized 156 0 0 Reductions for securities sold or paid off during the period (0 ) (14,922 ) (4,102 ) Balance of cumulative credit losses at end of period $ 3,294 $ 3,138 $ 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:. December 31, 2019 (In thousands) Amortized Gross Gross Estimated Fair Value U.S. Treasury securities and obligations of U.S. Government corporations and agencies $ 0 $ 0 $ 0 $ 0 State and political subdivisions 1,426 1 0 1,427 Residential mortgage-backed securities Agency 0 0 0 0 Single issue trust preferred securities 0 0 0 0 Other corporate securities 20 0 0 20 Total $ 1,446 $ 1 $ 0 $ 1,447 December 31, 2018 (In thousands) Amortized Gross Gross Estimated Fair Value U.S. Treasury securities and obligations of U.S. Government corporations and agencies $ 5,074 $ 90 $ 0 $ 5,164 State and political subdivisions 5,473 7 1 5,479 Residential mortgage-backed securities Agency 20 2 0 22 Single issue trust preferred securities 9,412 0 1,442 7,970 Other corporate securities 20 0 0 20 Total $ 19,999 $ 99 $ 1,443 $ 18,655 |
Summary of Equity Securities | (In thousands) Year Ended December 31, 2019 Net gains recognized during the period $ 276 Net gains recognized during the period on equity securities sold 133 Unrealized gains recognized during the period on equity securities still held at period end 177 Unrealized losses recognized during the period on equity securities still held at period end (34 ) |
Maturities and Weighted Average Yields Of Securities | The following table sets forth the maturities of all securities (based on amortized cost) at December 31, 2019, and the weighted-average yields of such securities (calculated on the basis of the cost and the effective yields weighted for the scheduled maturity of each security). After 1 But After 5 But (Dollars in thousands) Within 1 Year Within 5 Years Within 10 Years After 10 Years Amount Yield Amount Yield Amount Yield Amount Yield U.S. Treasury and other U.S. Government agencies and corporations $ 0 0.00 % $ 51,511 2.41 % $ 6,616 2.74 % $ 0 0.00 % States and political subdivisions (1) 5,364 2.78 % 4,964 3.36 % 38,732 2.80 % 224,380 2.92 % Residential mortgage-backed securities Agency 0 0.00 % 0 0.00 % 230,686 2.60 % 596,171 2.71 % Non-agency 69 5.00 % 0 0.00 % 0 0.00 % 3,360 5.84 % Commercial mortgage-backed Agency 28,178 2.32 % 281,903 2.65 % 241,159 2.40 % 58,221 2.73 % Asset-backed securities 0 0.00 % 0 0.00 % 0 0.00 % 284,390 2.56 % Trust preferred collateralized debt obligations 0 0.00 % 0 0.00 % 0 0.00 % 6,045 3.61 % Single issue trust preferred securities 0 0.00 % 0 0.00 % 10,483 4.80 % 7,713 3.68 % Other corporate securities 59,020 2.63 % 245,553 2.98 % 37,246 4.58 % 6,606 1.28 % Marketable equity securities 0 0.00 % 0 0.00 % 0 0.00 % 8,894 1.49 % Other investment securities 0 0.00 % 100 2.55 % 750 2.08 % 221,311 3.32 % |
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. Maturities of mortgage-backed securities with an amortized cost of $1,439,747,000 and an estimated fair value of $1,455,340,000 at December 31, 2019 are included below based upon contractual maturity. Estimated (In thousands) Amortized Fair Cost Value Due in one year or less $ 92,422 $ 92,473 Due after one year through five years 583,715 592,850 Due after five years through ten years 564,922 568,241 Due after ten years 1,185,865 1,183,732 Total $ 2,426,924 $ 2,437,296 |
Held-to-maturity Securities [Member] | |
Summary of Amortized Cost and Estimated Fair Values of Securities Held to Maturity | Estimated (In thousands) Amortized Fair Cost Value Due in one year or less $ 210 $ 210 Due after one year through five years 216 217 Due after five years through ten years 0 0 Due after ten years 1,020 1,020 Total $ 1,446 $ 1,447 |
Loans (Tables)
Loans (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Receivables [Abstract] | |
Major Classes of Loans | Major classes of loans are as follows: December 31 (In thousands) 2019 2018 Commercial, financial, and agricultural Owner-occupied $ 1,201,652 $ 1,291,790 Nonowner-occupied 3,965,960 4,303,613 Other commercial 2,285,037 1,957,641 Total commercial, financial & agricultural 7,452,649 7,553,044 Residential real estate 3,686,401 3,501,393 Construction & land development 1,408,205 1,410,468 Consumer: Bankcard 10,074 10,203 Other Consumer 1,156,219 954,424 Less: Unearned income (1,419 ) (7,310 ) Total Loans, net of unearned income $ 13,712,129 $ 13,422,222 |
Activity for Accretable Yield | Activity for the accretable yield for the year of 2019 follows : (In thousands) Accretable yield at the beginning of the period $ 26,289 Accretion (including cash recoveries) (10,688 ) Additions 0 Net reclassifications to accretable from non-accretable 10,627 Disposals (including maturities, foreclosures, and charge-offs) (5,140 ) Accretable yield at the ending of the period $ 21,088 |
Credit Quality (Tables)
Credit Quality (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Text Block [Abstract] | |
Schedule of Troubled Debt Restructurings, Segregated by Class of Loans | The following table sets forth United’s troubled debt restructurings that have been restructured during the year ended December 31, 2019 and 2018, segregated by class of loans: Troubled Debt Restructurings For the Year Ended December 31, 2019 December 31, 2018 (Dollars in thousands) Number of Pre- Modification Post- Number of Pre- Modification Post- Modification Commercial real estate: Owner-occupied 2 $ 1,179 $ 1,144 0 $ 0 $ 0 Nonowner-occupied 0 0 0 1 61 61 Other commercial 3 5,962 5,722 9 16,991 16,560 Residential real estate 3 2,258 1,970 3 7,225 6,077 Construction & land development 3 2,287 2,104 0 0 0 Consumer: Bankcard 0 0 0 0 0 0 Other consumer 0 0 0 0 0 0 Total 11 $ 11,686 $ 10,940 13 $ 24,277 $ 22,698 |
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 year ended December 31, 2019 and 2018. These loans were restructured during the twelve months ended December 31, 2019 and 2018 and subsequently defaulted, resulting in principal charge-offs during the year of 2019 and 2018. Year Ended December 31, 2019 Year Ended December 31, 2018 (In thousands) Number of Recorded Number of Recorded Troubled Debt Restructurings Commercial real estate: Owner-occupied 0 $ 0 0 $ 0 Nonowner-occupied 0 0 0 0 Other commercial 2 1,477 1 0 Residential real estate 0 0 1 2,173 Construction & land development 0 0 0 0 Consumer: Bankcard 0 0 0 0 Other consumer 0 0 0 0 Total 2 $ 1,477 2 $ 2,173 |
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 December 31, 2019 (In thousands) 30-89 90 Days or Past Due Total Past Current & Total Financing Recorded Commercial real estate: Owner-occupied $ 8,878 $ 11,209 $ 20,087 $ 1,181,565 $ 1,201,652 $ 544 Nonowner-occupied 6,318 16,129 22,447 3,943,513 3,965,960 471 Other commercial 5,238 51,541 56,779 2,228,258 2,285,037 668 Residential real estate 31,727 24,343 56,070 3,630,331 3,686,401 6,256 Construction & land development 2,219 16,043 18,262 1,389,943 1,408,205 0 Consumer: Bankcard 445 218 663 9,411 10,074 218 Other consumer 10,991 1,607 12,598 1,143,621 1,156,219 1,337 Total $ 65,816 $ 121,090 $ 186,906 $ 13,526,642 $ 13,713,548 $ 9,494 (1) Other includes loans with a recorded investment of $96,004 acquired and accounted for under ASC Topic 310-30 Age Analysis of Past Due Loans As of December 31, 2018 (In thousands) 30-89 90 Days or Past Due Total Past Current & Total Financing Recorded Commercial real estate: Owner-occupied $ 9,224 $ 17,742 $ 26,966 $ 1,264,824 $ 1,291,790 $ 629 Nonowner-occupied 16,108 18,092 34,200 4,269,413 4,303,613 1,171 Other commercial 13,556 46,040 59,596 1,898,045 1,957,641 2,850 Residential real estate 37,111 30,278 67,389 3,434,004 3,501,393 9,141 Construction & land development 8,462 19,412 27,874 1,382,594 1,410,468 680 Consumer: Bankcard 657 177 834 9,369 10,203 177 Other consumer 8,909 1,243 10,152 944,272 954,424 893 Total $ 94,027 $ 132,984 $ 227,011 $ 13,202,521 $ 13,429,532 $ 15,541 (1) Other includes loans with a recorded investment of $149,737 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 (In thousands) December 31, 2019 December 31, 2018 Commercial real estate: Owner-occupied $ 10,665 $ 17,113 Nonowner-occupied 15,658 16,921 Other commercial 50,873 43,190 Residential real estate 18,087 21,137 Construction & land development 16,043 18,732 Consumer: Bankcard 0 0 Other consumer 270 350 Total $ 111,596 $ 117,443 |
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 As of December 31, 2019 Commercial Real Estate (In thousands) Owner- Nonowner- Other Construction & Grade: Pass $ 1,136,589 $ 3,850,886 $ 2,136,266 $ 1,334,950 Special mention 14,449 44,134 75,511 4,614 Substandard 50,346 70,940 72,451 68,641 Doubtful 268 0 809 0 Total $ 1,201,652 $ 3,965,960 $ 2,285,037 $ 1,408,205 Credit Quality Indicators As of December 31, 2018 Commercial Real Estate (In thousands) Owner- Nonowner- Other Construction & Grade: Pass $ 1,201,387 $ 4,161,149 $ 1,858,821 $ 1,330,899 Special mention 34,487 46,442 14,424 28,629 Substandard 55,916 96,022 81,946 50,940 Doubtful 0 0 2,450 0 Total $ 1,291,790 $ 4,303,613 $ 1,957,641 $ 1,410,468 Credit Quality Indicators As of December 31, 2019 (In thousands) Residential Bankcard Other Grade: Pass $ 3,645,654 $ 9,411 $ 1,143,608 Special mention 12,038 445 10,993 Substandard 28,572 218 1,618 Doubtful 137 0 0 Total $ 3,686,401 $ 10,074 $ 1,156,219 As of December 31, 2018 (In thousands) Residential Bankcard Other Grade: Pass $ 3,436,584 $ 9,369 $ 944,241 Special mention 19,051 657 8,914 Substandard 45,758 177 1.269 Doubtful 0 0 0 Total $ 3,501,393 $ 10,203 $ 954,424 |
Schedule of Impaired Loans Information by Class of Loans | The following table set forth United’s impaired loans information, by class of loans: Impaired Loans December 31, 2019 December 31, 2018 (In thousands) Recorded Unpaid Related Recorded Unpaid Related With no related allowance recorded: Commercial real estate: Owner-occupied $ 58,709 $ 58,709 $ 0 $ 63,633 $ 63,798 $ 0 Nonowner-occupied 38,011 38,070 0 98,845 98,904 0 Other commercial 56,717 62,796 0 40,291 50,459 0 Residential real estate 28,096 29,022 0 28,207 29,279 0 Construction & land development 39,599 47,594 0 37,174 40,459 0 Consumer: Bankcard 0 0 0 0 0 0 Other consumer 11 11 0 27 27 0 With an allowance recorded: Commercial real estate: Owner-occupied $ 3,904 $ 5,223 $ 974 $ 10,004 $ 10,004 $ 2,542 Nonowner-occupied 15,947 15,947 2,979 15,720 15,720 2,715 Other commercial 40,300 42,684 11,931 61,266 62,812 17,581 Residential real estate 6,793 6,793 354 19,623 22,064 3,265 Construction & land development 1,269 1,269 262 14,742 19,446 2,254 Consumer: Bankcard 0 0 0 0 0 0 Other consumer 0 0 0 0 0 0 Total: Commercial real estate: Owner-occupied $ 62,613 $ 63,932 $ 974 $ 73,637 $ 73,802 $ 2,542 Nonowner-occupied 53,958 54,017 2,979 114,565 114,624 2,715 Other commercial 97,017 105,480 11,931 101,557 113,271 17,581 Residential real estate 34,889 35,815 354 47,830 51,343 3,265 Construction & land development 40,868 48,863 262 51,916 59,905 2,254 Consumer: Bankcard 0 0 0 0 0 0 Other consumer 11 11 0 27 27 0 Impaired Loans For the Year Ended December 31, 2019 December 31, 2018 (In thousands) Average Interest Average Interest With no related allowance recorded: Commercial real estate: Owner-occupied $ 66,838 $ 1,568 $ 67,665 $ 1,548 Nonowner-occupied 54,948 1,064 103,611 1,516 Other commercial 55,473 1,008 51,416 718 Residential real estate 31,166 630 27,459 657 Construction & land development 35,702 799 41,892 914 Consumer: Bankcard 0 0 0 0 Other consumer 25 0 28 0 With an allowance recorded: Commercial real estate: Owner-occupied $ 3,848 $ 0 $ 7,658 $ 25 Nonowner-occupied 13,471 404 12,298 387 Other commercial 41,112 182 51,118 1,072 Residential real estate 10,444 267 15,365 460 Construction & land development 11,243 79 8,893 79 Consumer: Bankcard 0 0 0 0 Other consumer 0 0 0 0 Total: Commercial real estate: Owner-occupied $ 70,686 $ 1,568 $ 75,323 $ 1,573 Nonowner-occupied 68,419 1,468 115,909 1,903 Other commercial 96,585 1,190 102,534 1,790 Residential real estate 41,610 897 42,824 1,117 Construction & land development 46,945 878 50,785 993 Consumer: Bankcard 0 0 0 0 Other consumer 25 0 28 0 |
Allowance for Credit Losses (Ta
Allowance for Credit Losses (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
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 year ended December 31, 2019 and 2018 is summarized as follows: Allowance for Loan Losses and Carrying Amount of Loans For the Year Ended December 31, 2019 (In thousands) Commercial Real Estate Other Residential Construction & Land Consumer Allowance Total Owner- Nonowner- Allowance for Loan Beginning balance $ 5,063 $ 6,919 $ 41,341 $ 12,448 $ 7,992 $ 2,695 $ 245 $ 76,703 Charge-offs (7,905 ) (1,093 ) (12,975 ) (2,967 ) (1,303 ) (2,867 ) 0 (29,110 ) Recoveries 3,733 80 2,599 858 175 706 0 8,151 Provision 4,663 2,618 16,360 (1,342 ) (3,511 ) 2,473 52 21,313 Ending balance $ 5,554 $ 8,524 $ 47,325 $ 8,997 $ 3,353 $ 3,007 $ 297 $ 77,057 Ending Balance: $ 973 $ 2,979 $ 11,931 $ 354 $ 262 $ 0 $ 0 $ 16,499 Ending Balance: $ 4,581 $ 5,545 $ 35,394 $ 8,643 $ 3,091 $ 3,007 $ 297 $ 60,558 Ending Balance: loans $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 Allowance for Loan Losses and Carrying Amount of Loans For the Year Ended December 31, 2019 (In thousands) Commercial Real Other Residential Construction & Land Consumer Allowance Total Owner- Nonowner- Financing receivables: Ending balance $ 1,201,652 $ 3,965,960 $ 2,285,037 $ 3,686,401 $ 1,408,205 $ 1,166,293 $ 0 $ 13,713,548 Ending Balance: individually evaluated for impairment $ 16,703 $ 27,121 $ 54,108 $ 11,526 $ 14,047 $ 0 $ 0 $ 123,505 Ending Balance: collectively evaluated for impairment $ 1,160,556 $ 3,925,249 $ 2,194,432 $ 3,665,140 $ 1,382,369 $ 1,166,293 $ 0 $ 13,494,039 Ending Balance: loans acquired with deteriorated credit quality $ 24,393 $ 13,590 $ 36,497 $ 9,735 $ 11,789 $ 0 $ 0 $ 96,004 Allowance for Loan Losses and Carrying Amount of Loans For the Year Ended December 31, 2018 (In thousands) Commercial Real Other Residential Real Construction & Land Development Consumer Allowance for Estimated Total Owner- Nonowner- Allowance for Loan Beginning balance $ 5,401 $ 6,369 $ 45,189 $ 9,927 $ 7,187 $ 2,481 $ 73 $ 76,627 Charge-offs (3,225) (314) (16,424) (3,162) (2,731) (2,750) 0 (28,606) Recoveries 1,189 563 2,944 1,114 197 662 0 6,669 Provision 1,698 301 9,632 4,569 3,339 2,302 172 22,013 Ending balance $ 5,063 $ 6,919 $ 41,341 $ 12,448 $ 7,992 $ 2,695 $ 245 $ 76,703 Ending Balance: $ 2,543 $ 2,715 $ 17,581 $ 3,265 $ 2,254 $ 0 $ 0 $ 28,358 Ending Balance: $ 2,520 $ 4,204 $ 23,760 $ 9,183 $ 5,738 $ 2,695 $ 245 $ 48,345 Ending Balance: loans $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 Financing receivables: Ending balance $ 1,291,790 $ 4,303,613 $ 1,957,641 $ 3,501,393 $ 1,410,468 $ 964,627 $ 0 $ 13,429,532 Ending Balance: $ 27,599 $ 25,231 $ 72,300 $ 21,998 $ 14,807 $ 0 $ 0 $ 161,935 Ending Balance: $ 1,234,919 $ 4,215,060 $ 1,860,085 $ 3,468,356 $ 1,374,840 $ 964,600 $ 0 $ 13,117,860 Ending Balance: loans $ 29,272 $ 63,322 $ 25,256 $ 11,039 $ 20,821 $ 27 $ 0 $ 149,737 |
Progression of Allowance for Credit Losses Including Allowance for Loan Losses and Reserve for Lending-Related Commitment | A progression of the allowance for credit losses, which includes the allowance for loan losses and the reserve for lending-related commitments, for the periods presented is summarized as follows: Year Ended December 31 (In thousands) 2019 2018 2017 Balance of allowance for loan losses at beginning of period $ 76,703 $ 76,627 $ 72,771 Provision for loan losses 21,313 22,013 28,406 98,016 98,640 101,177 Loans charged off (29,110) (28,606) (32,863) R 8,151 6,669 8,313 Net charge-offs (20,959) (21,937) (24,550) Balance of allowance for loan losses at end of period $ 77,057 $ 76,703 $ 76,627 Reserve for lending-related commitments 1,733 1,389 679 Balance of allowance for credit losses at end of period $ 78,790 $ 78,092 $ 77,306 |
Bank Premises and Equipment a_2
Bank Premises and Equipment and Leases (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Property, Plant and Equipment [Abstract] | |
Bank Premises and Equipment | Bank premises and equipment are summarized as follows: December 31 (In thousands) 2019 2018 Land $ 32,085 $ 31,679 Buildings and improvements 105,759 103,014 Leasehold improvements 40,789 41,001 Furniture, fixtures and equipment 71,377 72,045 250,010 247,739 Less allowance for depreciation and amortization (153,366 ) (152,494 ) Net bank premises and equipment $ 96,644 $ 95,245 |
Goodwill and Other Intangibles
Goodwill and Other Intangibles (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
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: December 31, 2019 Community Banking Mortgage Banking Total (In thousands) Gross Carrying Accumulated Gross Carrying Accumulated Gross Carrying Accumulated Amortized intangible assets: Core deposit $ 98,359 $ (69,508 ) $ 0 $ 0 $ 98,359 $ (69,508 ) Non-amortized George Mason $ 0 $ 1,080 $ 1,080 Goodwill not subject to amortization $ 1,472,699 $ 5,315 $ 1,478,014 December 31, 2018 Community Banking Mortgage Banking Total (In thousands) Gross Carrying Accumulated Gross Carrying Accumulated Gross Carrying Accumulated Amortized intangible assets: Core deposit intangible assets $ 98,359 $ (62,492 ) $ 0 $ 0 $ 98,359 $ (62,492 ) Non-amortized George Mason trade name $ 0 $ 1,080 $ 1,080 Goodwill not subject to amortization $ 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 2019: Year Amount (In thousands) 2020 $ 6,309 2021 5,369 2022 4,582 2023 4,322 2024 and thereafter 8,269 |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Leases [Abstract] | |
Components of Lease Expense | The components of lease expense were as follows: Year Ended (In thousands) Classification December 31, Operating lease cost Net occupancy expense $ 19,508 Sublease income Net occupancy expense (825) Net lease cost $ 18,683 |
Supplemental Balance Sheet Information Related to Leases | Supplemental balance sheet information related to leases was as follows: (In thousands) Classification December 31, 2019 Operating lease right-of-use Operating lease right-of-use $ 57,783 Operating lease liabilities Operating lease liabilities $ 61,342 |
Other Information Related to Leases | Other information related to leases was as follows: December 31, 2019 Weighted-average remaining lease term: Operating leases 4.91 years Weighted-average discount rate: Operating leases 3.20 % |
Supplemental Cash Flow Information Related to Leases | Supplemental cash flow information related to leases was as follows: Year Ended (In thousands) December 31, 2019 Cash paid for amounts in the measurement of lease liabilities: Operating cash flows from operating leases $ 19,601 ROU assets obtained in the exchange for lease liabilities 7,630 |
Maturities of Lease Liabilities by Year | Maturities of lease liabilities by year and in the aggregate, under operating leases with initial or remaining terms of one year or more, for years subsequent to December 31, 2019, consists of the following: Year Amount (In thousands) 2020 $ 17,725 2021 15,180 2022 11,522 2023 8,751 2024 5,127 Thereafter 8,190 Total lease payments 66,495 Less: imputed interest (5,153 ) Total $ 61,342 |
Deposits (Tables)
Deposits (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Banking and Thrift [Abstract] | |
Book Value of Deposits | The book value of deposits consisted of the following: (In thousands) December 31 2019 2018 Demand deposits $ 3,381,866 $ 3,212,878 Interest-bearing checking 372,175 374,495 Regular savings 882,889 954,961 Money market accounts 6,891,696 7,157,028 Time deposits under $100,000 723,941 712,313 Time deposits over $100,000 1,599,854 1,583,074 Total deposits $ 13,852,421 $ 13,994,749 |
Short-Term Borrowings (Tables)
Short-Term Borrowings (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Funds Purchased and Securities Sold Under Agreements to Repurchase and Weighted-Average Interest Rates | At December 31, 2019 and 2018, short-term borrowings and the related weighted-average interest rates were as follows: 2019 2018 Weighted- Weighted- (Dollars in thousands) Average Average Amount Rate Amount Rate Federal funds purchased $ 0 0.00 % $ 23,400 2.40 % Securities sold under agreements to repurchase 124,654 1.09 % 152,927 (1) 0.96 % (1) Total $ 124,654 $ 176,627 (1) Excludes a wholesale security sold under an agreement to repurchase of $50,000 assumed in the Virginia Commerce merger that matured in May of 2018. |
Federal Funds Purchased and Securities Sold under Agreements to Repurchase [Member] | |
Funds Purchased and Securities Sold Under Agreements to Repurchase and Weighted-Average Interest Rates | The following table shows the distribution of United’s federal funds purchased and securities sold under agreements to repurchase and the weighted-average interest rates thereon at the end of each of the last three years. Also provided are the maximum amount of borrowings and the average amounts of borrowings as well as weighted-average interest rates for the last three years. The table does not include the long-term wholesale security sold under an agreement to repurchase mentioned above assumed in the Virginia Commerce merger. (Dollars in thousands) Federal Funds Purchased Securities Sold Under Agreements To Repurchase At December 31: 2019 $ 0 $ 124,654 2018 23,400 152,927 2017 16,235 261,352 (Dollars in thousands) Federal Funds Purchased Securities Sold Under To Repurchase Weighted-average interest rate at year-end: 2019 0.00 % 1.09 % 2018 2.40 % 0.96 % 2017 1.40 % 0.36 % Maximum amount outstanding at any month’s end: 2019 $ 0 $ 161,175 2018 25,790 328,484 2017 25,800 377,687 Average amount outstanding during the year: 2019 $ 1,899 $ 131,187 2018 16,773 194,956 2017 18,433 287,663 Weighted-average interest rate during the year: 2019 2.52 % 1.33 % 2018 1.86 % 0.61 % 2017 0.88 % 0.33 % |
Long-Term Borrowings (Tables)
Long-Term Borrowings (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Debt Disclosure [Abstract] | |
FHLB Advances and Related Weighted Average Interest Rates | At December 31, 2019 and 2018, FHLB advances and the related weighted-average interest rates were as follows: 2019 2018 Weighted- Weighted- Weighted- Weighted- (Dollars in thousands) Average Average Average Average Contractual Effective Contractual Effective Amount Rate Rate Amount Rate Rate FHLB advances $ 1,851,865 2.03 % 2.03 % $ 1,439,198 2.42 % 2.42 % |
Information Related to Statutory Trusts | Information related to United’s statutory trusts is presented in the table below: (Dollars in thousands) 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 LIBOR + 2.85% January 23, 2034 United Statutory Trust V July 12, 2007 $50,000 3-month LIBOR + 1.55% October 1, 2037 United Statutory Trust VI September 20, 2007 $30,000 3-month LIBOR + 1.30% December 15, 2037 Premier Statutory Trust II September 25, 2003 $ 6,000 3-month LIBOR + 3.10% October 8, 2033 Premier Statutory Trust III May 16, 2005 $ 8,000 3-month LIBOR + 1.74% June 15, 2035 Premier Statutory Trust IV June 20, 2006 $14,000 3-month LIBOR + 1.55% September 23, 2036 Premier Statutory Trust V December 14, 2006 $10,000 3-month LIBOR + 1.61% March 1, 2037 Centra Statutory Trust I September 20, 2004 $10,000 3-month LIBOR + 2.29% September 20, 2034 Centra Statutory Trust II June 15, 2006 $10,000 3-month LIBOR + 1.65% July 7, 2036 Virginia Commerce Trust II December 19, 2002 $15,000 6-month LIBOR + 3.30% December 19, 2032 Virginia Commerce Trust III December 20, 2005 $25,000 3-month LIBOR + 1.42% February 23, 2036 Cardinal Statutory Trust I July 27, 2004 $20,000 3-month LIBOR + 2.40% September 15, 2034 UFBC Capital Trust I December 30, 2004 $ 5,000 3-month LIBOR + 2.10% March 15, 2035 |
Debentures and Related Weighted Average Interest Rates | At December 31, 2019 and 2018, the Debentures and their related weighted-average interest rates were as follows: 2019 2018 (Dollars in thousands) Amount Weighted- Amount Weighted- United Statutory Trust III $ 20,619 4.75 % $ 20,619 5.64 % United Statutory Trust IV 25,774 4.79 % 25,774 5.37 % United Statutory Trust V 51,547 3.65 % 51,547 3.95 % United Statutory Trust VI 30,928 3.19 % 30,928 4.09 % Premier Statutory Trust II 6,186 5.09 % 6,186 5.54 % Premier Statutory Trust III 8,248 3.63 % 8,248 4.53 % Premier Statutory Trust IV 14,433 3.48 % 14,433 4.37 % Premier Statutory Trust V 10,310 3.52 % 10,310 4.35 % Centra Statutory Trust I 10,000 4.20 % 10,000 5.08 % Centra Statutory Trust II 10,000 3.64 % 10,000 4.09 % Virginia Commerce Trust II 12,475 5.22 % 12,245 5.80 % Virginia Commerce Trust III 17,268 3.33 % 16,742 4.07 % Cardinal Statutory Trust I 14,825 4.29 % 14,428 5.19 % UFBC Capital Trust I 3,551 3.99 % 3,445 4.89 % Total $ 236,164 $ 234,905 |
Schedule of Maturities of Long-term Borrowings | At December 31, 2019, the scheduled maturities of long-term borrowings were as follows: Year Amount (In thousands) 2020 $ 740,734 2021 826,527 2022 19,737 2023 0 2024 0 2025 and thereafter 251,031 Total $ 1,838,029 |
Other Expense (Tables)
Other Expense (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Other Income and Expenses [Abstract] | |
Other Expense | The following details certain items of other expense for the periods indicated: Year Ended December 31 (In thousands) 2019 2018 2017 Legal, consulting & other professional services $ 12,360 $ 13,248 $ 11,844 Franchise & other taxes not on income 11,330 11,428 12,586 Automated Teller Machine (ATM) expenses 7,336 6,892 6,686 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Income Tax Disclosure [Abstract] | |
Income Tax Provisions Included in the Consolidated Statements of Income | The income tax provisions included in the consolidated statements of income are summarized as follows: Year Ended December 31 (In thousands) 2019 2018 2017 Current expense: Federal $ 43,337 $ 52,041 $ 65,459 State 6,798 9,429 7,960 Deferred expense: Federal 12,522 8,298 20,920 Tax Act remeasurement 0 (120 ) 37,732 State 1,683 1,175 2,175 Total income taxes $ 64,340 $ 70,823 $ 134,246 |
Reconciliation of Income Tax Expense to the Amount Computed by Applying the Statutory Federal Income Tax Rate | The following is a reconciliation of income tax expense to the amount computed by applying the statutory federal income tax rate to income before income taxes: Year Ended December 31 (Dollars in thousands) 2019 2018 2017 Amount % Amount % Amount % Tax on income before taxes at statutory federal rate $ 68,132 21.0 $ 68,704 21.0 $ 99,689 35.0 Plus: State income taxes net of federal tax benefits 6,690 2.1 8,362 2.6 6,207 2.2 74,822 23.1 77,066 23.6 105,896 37.2 Increase (decrease) resulting from: Tax-exempt (2,813 ) (0.9 ) (3,298 ) (1.0 ) (5,362 ) (1.9 ) Tax credits (5,636 ) (1.7 ) (2,054 ) (0.6 ) (1,171 ) (0.4 ) Deferred taxes due to the Tax Act (0 ) 0.0 (120 ) 0.0 37,732 13.2 Other items-net (2,033 ) (0.7 ) (771 ) (0.3 ) (2,849 ) (1.0 ) Income taxes $ 64,340 19.8 $ 70,823 21.7 $ 134,246 47.1 |
Components of United's Deferred Tax Assets and Liabilities | Significant components of United’s deferred tax assets and liabilities (included in other assets in the Consolidated Balance Sheets) at December 31, 2019 and 2018 are as follows: (In thousands) 2019 2018 Deferred tax assets: Allowance for credit losses $ 18,358 $ 18,109 Accrued benefits payable 13.459 13,914 Other accrued liabilities 992 846 Pension plan accruals 3,313 1,217 Unrealized loss on securities available for sale 0 5,572 Other real estate owned 2,482 2,482 Lease liabilities under operating leases 14,293 0 Deferred mortgage points 0 983 Purchase accounting intangibles 5,917 18,091 Total deferred tax assets 58,814 61,214 Deferred tax liabilities: Premises and equipment 2,963 1,414 Unrealized gain on securities available for sale 2,755 0 Right-of-use assets under operating leases 13,464 0 Deferred mortgage points 389 0 Other 2,300 2,899 Total deferred tax liabilities 21,871 4,313 Net deferred tax assets $ 36,943 $ 56,901 |
Reconciliation of the Total Amounts of Unrecognized Tax Benefits | Below is a reconciliation of the total amounts of unrecognized tax benefits: December 31 (In thousands) 2019 2018 Unrecognized tax benefits at beginning of year $ 2,005 $ 2,894 Increase in unrecognized tax benefits as a result of tax positions taken during the current period 152 156 Decreases in the unrecognized tax benefits as a result of a (589 ) (1,045 ) Unrecognized tax benefits at end of year $ 1,568 2,005 |
Employee Benefit Plans (Tables)
Employee Benefit Plans (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Retirement Benefits [Abstract] | |
Net Periodic Pension Cost | Net consolidated periodic pension cost included the following components: (Dollars in thousands) Year Ended December 31, 2019 2018 2017 Service cost $ 2,173 $ 2,566 $ 2,146 Interest cost 5,931 5,341 5,149 Expected return on plan assets (9,434) (10,260) (8,538) Recognized net actuarial loss 4,965 4,919 4,553 Net periodic pension cost $ 3,635 $ 2,566 $ 3,310 Weighted-Average Assumptions: Discount rate 4.52% 3.83% 4.49% Expected return on assets 7.00% 7.00% 7.00% Rate of Compensation Increase (prior to age 45) 3.50% 3.50% 3.50% Rate of Compensation Increase (otherwise) 3.00% 3.00% 3.00% |
Schedule of Amounts Related to Plan recognized as Component of Other Comprehensive Income | Amounts related to the Plan recognized as a component of other comprehensive income were as follows: (In thousands) Year Ended December 31, 2019 2018 2017 Net actuarial loss $ 10,324 $ 4,232 $ 6,784 Amortization of: Prior service cost 0 0 0 Actuarial loss (4,965) (4,919) (4,553) Total recognized in other comprehensive income $ 5,359 $ (687) $ 2,231 |
Reconciliation of the Beginning and Ending Balances of the Projected Benefit Obligation and the Fair Value of Plan Assets and the Accumulated Benefit Obligation | The reconciliation of the beginning and ending balances of the projected benefit obligation and the fair value of plan assets for the years ended December 31, 2019 and 2018 and the accumulated benefit obligation at December 31, 2019 and 2018 are as follows: (Dollars in thousands) December 31, Change in Projected Benefit Obligation Projected Benefit Obligation at the Beginning of the Year $ 142,632 $ 152,740 Service Cost 2,173 2,566 Interest Cost 5,931 5,341 Actuarial Loss (Gain) 28,364 (13,301 ) Benefits Paid (5,323 ) (4,714 ) Projected Benefit at the End of the Year $ 173,777 $ 142,632 Accumulated Benefit Obligation at the End of the Year $ 157,154 $ 130,567 Change in Plan Assets Fair Value of Plan Assets at the Beginning of the Year $ 137,408 $ 142,395 Actual Return on Plan Assets 27,475 (7,273 ) Benefits Paid (5,323 ) (4,714 ) Employer Contributions 0 7,000 Fair value of plan assets at end of year $ 159,560 $ 137,408 Net Amount Recognized Funded Status $ (14,217 ) $ (5,224 ) Unrecognized Transition Asset 0 0 Unrecognized Prior Service Cost 0 0 Unrecognized Net Loss 60,894 55,535 Net Amount Recognized $ 46,677 $ 50,311 Weighted-Average Assumptions at the End of the Year Discount Rate 3.42 % 4.52 % Rate of Compensation Increase (prior to age 40) 5.00 % n/a Rate of Compensation Increase (ages 40-54) 4.00 % n/a Rate of Compensation Increase (prior to age 45) n/a 3.50 % Rate of Compensation Increase (otherwise) 3.50 % 3.00 % |
Asset Allocation for the Defined Benefit Pension Plan as of the Measurement Date, by Asset Category | Asset allocation for the defined benefit pension plan as of the measurement date, by asset category, is as follows: Plan Assets Target Allocation 2020 Allowable Allocation Range Percentage of Plan Assets at December 31, December 31, Equity Securities 62 % 50-70 % 63 % 67% Debt Securities 35 % 20-50 % 35 % 26% Other 3 % 3-15 % 2 % 7% Total 100 % 100% |
Expected Benefit Payments | At December 31, 2019, the benefits expected to be paid in each of the next five fiscal years, and in the aggregate for the five years thereafter are as follows: Year Amount (In thousands) 2020 $ 5,906 2021 6,267 2022 6,637 2023 7,055 2024 7,390 2025 through 2029 42,310 |
Balances of the Plan Assets, by Fair Value Hierarchy Level | The following tables present the balances of the plan assets, by fair value hierarchy level, as of December 31, 2019 and 2018: Fair Value Measurements at December 31, 2019 Using (In thousands) Description Balance as of December 31, Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Cash and Cash equivalents $ 2,504 $ 2,504 $ 0 $ 0 Fixed Income Mutual Funds: Taxable 55,588 55,588 0 0 Equity Securities: Common stock 23,932 23,932 0 0 Equity Mutual Funds: Fair Value Measurements at December 31, 2019 Using (In thousands) Description Balance as of December 31, Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Global equity 5,247 5,247 0 0 Domestic equity large cap 28,743 28,743 0 0 Domestic equity small cap 22,216 22,216 0 0 International emerging equity 8,228 8,228 0 0 International equity develope d 13,102 13,102 0 0 Total $ 159,560 $ 159,560 $ 0 $ 0 Fair Value Measurements at December 31, 2018 Using (In thousands) Description Balance as of December 31, Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Cash and Cash equivalents $ 10,086 $ 10,086 $ 0 $ 0 Fixed Income Mutual Funds: Taxable 35,086 35,086 0 0 Equity Securities: Common stock 22,846 22,846 0 0 Equity Mutual Funds: Domestic equity large cap 28,090 28,090 0 0 Domestic equity small cap 15,212 15,212 0 0 International emerging equity 8,791 8,791 0 0 International equity developed 17,297 17,297 0 0 Total $ 137,408 $ 137,408 $ 0 $ 0 |
Stock Based Compensation (Table
Stock Based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Summary of Stock Option Plans | A summary of activity under the United’s stock option plans as of December 31, 2019, and the changes during the year of 2019 are presented below: Year ended December 31, 2019 Weighted Average (Dollars in thousands, except per share data) Aggregate Remaining Exercise Shares Value Term (Yrs.) Price Outstanding at January 1, 2019 1,730,389 $ 32.43 Granted 240,205 38.49 Exercised (128,742 ) 23.12 Forfeited or expired (126,536 ) 25.44 Year ended December 31, 2019 Weighted Average (Dollars in thousands, except per share data) Aggregate Remaining Exercise Shares Value Term (Yrs.) Price Outstanding at December 31, 2019 1,715,316 $ 8,707 5.6 $ 34.49 Exercisable at December 31, 2019 1,125,579 $ 8,342 4.2 $ 31.97 |
Changes to United's Restricted Common Shares | The following summarizes the changes to United’s restricted common shares for the year ended December 31, 2019: Number of Weighted-Average Grant Date Fair Value Per Share Outstanding at January 1, 2019 199,303 $ 39.67 Granted 126,427 38.49 Vested (73,685) 39.28 Forfeited (4,149) 39.08 Outstanding at December 31, 2019 247,896 $ 39.20 |
Status of United's Nonvested Stock Option Awards | The following table summarizes the status of United’s nonvested awards for the year ended December 31, 2019: Shares Weighted-Average Grant Date Fair Value Per Share Nonvested at January 1, 2019 575,672 $ 7.86 Granted 240,205 7.16 Vested (211,326 ) 7.74 Forfeited or expired (14,814 ) 7.55 Nonvested at December 31, 2019 589,737 $ 7.62 |
Derivative Financial Instrume_2
Derivative Financial Instruments (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
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 December 31, 2019 and 2018. Asset Derivatives December 31, 2019 December 31, 2018 (In thousands) Balance Sheet Location Notional Amount Fair Value Balance Sheet Location Notional Amount Fair Value Derivatives designated as hedging instruments Fair Value Hedges: Interest rate swap contracts (hedging commercial loans) Other assets $ 0 $ 0 Other assets $ 85,623 $ 1,859 Total derivatives designated as hedging instruments $ 0 $ 0 $ 85,623 $ 1,859 Derivatives not designated as hedging instruments Interest rate swap contracts Other assets $ 0 $ 0 Other assets $ 0 $ 0 Forward loan sales commitments Other assets 27,260 9 Other assets 21,604 542 Interest rate lock commitments Other assets 117,252 4,518 Other assets 93,955 4,103 Total derivatives not designated as hedging instruments $ 144,512 $ 4,527 $ 115,559 $ 4,645 Total asset derivatives $ 144,512 $ 4,527 $ 201,182 $ 6,504 Liability Derivatives December 31, 2019 December 31, 2018 (In thousands) 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 $ 82,243 $ 2,394 Other liabilities $ 0 $ 0 Total derivatives designated as hedging instruments $ 82,243 $ 2,394 $ 0 $ 0 |
Summary of Carrying Amount Hedged Assets/(Liabilities) | Liability Derivatives December 31, 2019 December 31, 2018 (In thousands) Balance Sheet Location Notional Amount Fair Value Balance Sheet Location Notional Amount Fair Value Derivatives not designated as hedging instruments Interest rate swap contracts Other liabilities $ 0 $ 0 Other liabilities $ 0 $ 0 TBA mortgage-backed securities Other liabilities 274,000 671 Other liabilities 200,281 3,002 Interest rate lock commitments Other liabilities 0 0 Other liabilities 0 0 Total derivatives not designated as hedging instruments $ 274,000 $ 671 $ 200,281 $ 3,002 Total liability derivatives $ 356,243 $ 3,065 $ 200,281 $ 3,002 The following table represents the carrying amount of the hedged assets/(liabilities) and the cumulative amount of fair value hedging adjustment December 31, 2019 (In thousands) Derivatives in Fair Value Hedging Relationships Location in the Statement Carrying Amount of Assets/(Liabilities) Cumulative Amount Cumulative Amount of Interest rate swaps Loans, net of unearned income $ 81,397 $ (2,394 ) $ 0 |
Schedule of Derivative Financial Instruments on Statement of Income | The effect of United’s derivative financial instruments on its Consolidated Statements of Income for the years ended December 31, 2019, 2018 and 2017 is presented as follows: Year Ended (In thousands) Income Statement Location December 31, December 31, December 31, Derivatives in hedging relationships Fair Value Hedges: Interest rate swap contracts Interest income/ (expense) $ (95 ) $ (170 ) $ (781 ) Total derivatives in hedging relationships $ (95 ) $ (170 ) $ (781 ) Derivatives not designated as hedging instruments Forward loan sales commitments Income from Mortgage Banking Activities 925 530 (426 ) TBA mortgage-backed securities Income from Mortgage Banking Activities 2,331 (2,690 ) 1,547 Interest rate lock commitments Income from Mortgage Banking Activities 3,607 (2,413 ) (7,730 ) Total derivatives not designated as hedging instruments $ 6,863 $ (4,573 ) $ (6,609 ) Total derivatives $ 6,768 $ (4,743 ) $ (7,390 ) |
Comprehensive Income (Tables)
Comprehensive Income (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Equity [Abstract] | |
Components of Total Comprehensive Income | The changes in accumulated other comprehensive income are as follows: For the Years Ended December 31 (In thousands) 2019 2018 2017 Net Income $ 260,099 $ 256,342 $ 150,581 Available for sale (“AFS”) securities: AFS securities with OTTI charges during the period (641 ) (1,456 ) (60 ) Related income tax effect 149 339 22 Less : OTTI charges recognized in net income 198 1,456 60 Related income tax benefit (46 ) (339 ) (22 ) Reclassification of previous noncredit OTTI to credit OTTI 2,188 0 0 Related income tax benefit (510 ) 0 0 Net unrealized gains on AFS securities with OTTI 1,338 0 0 AFS securities – all other: Change in net unrealized gains (losses) on AFS securities arising during the period 32,376 (14,715 ) 8,371 Related income tax effect (7,543 ) 5,109 (3,097 ) Net reclassification adjustment for gains included in net income 97 770 (1,874 ) Related income tax (benefit) expense (23 ) (179 ) 693 24,907 (9,015 ) 4,093 Net effect of AFS securities on other comprehensive income 26,245 (9,015 ) 4,093 Held to maturity (“HTM”) securities: Accretion on the unrealized loss for securities transferred from AFS to the HTM investment portfolio prior to call or maturity 0 8 8 Related income tax benefit (0 ) (2 ) (3 ) Net effect of HTM securities on other comprehensive income 0 6 5 Defined benefit pension plan: Net actuarial loss during the period (10,324) (4,232) (6,784) Related income tax expense 2,384 1,063 2,510 Amortization of prior service cost recognized in net income 0 0 0 Related income tax benefit 0 0 0 Amortization of net actuarial loss recognized in net income 4,965 4,919 4,553 Related income tax benefit (1,170) (1,246) (1,685) Net effect of change in defined benefit pension plan on other comprehensive income (4,145) 504 (1,406) Total change in other comprehensive income, net of tax 22,100 (8,505 ) 2,692 Total Comprehensive Income $ 282,199 $ 247,837 $ 153,273 |
Components of Accumulated Other Comprehensive Income | The components of accumulated other comprehensive income for the year ended December 31, 2019 are as follows: Changes in Accumulated Other Comprehensive Income (AOCI) by Component (a) For the Year Ended December 31, 2019 (Dollars in thousands) Unrealized Accretion on the Defined Items Total Balance at January 1, 2019 $ (18,289 ) $ (50 ) $ (38,680 ) $ (57,019 ) Reclass due to adopting Accounting Standard Update 2017-12 0 50 0 50 Other comprehensive income before reclassification 24,493 0 0 24,493 Amounts reclassified from accumulated other comprehensive income 1,752 0 (4,145 ) (2,393 ) Net current-period other comprehensive income, net of tax 26,245 0 (4,145 ) 22,100 Balance at December 31, 2019 $ 7,956 $ 0 $ (42,825 ) $ (34,869 ) (a) All amounts are net-of-tax. |
Reclassifications Out of Accumulated Other Comprehensive Income | Reclassifications out of Accumulated Other Comprehensive Income (AOCI) For the Year Ended December 31, 2019 (Dollars in thousands) Details about AOCI Components Amount Reclassified from AOCI Affected Line Item in the Statement Where Net Income is Presented Available for sale (“AFS”) securities: Reclassification of previous noncredit OTTI to credit OTTI $ 2,188 Total other-than-temporary impairment losses Net reclassification adjustment for losses (gains) included in net income 97 Net gains on sales/calls of investment securities 2,285 Total before tax Related income tax effect (533 ) Tax expense 1,752 Net of tax Pension plan: Net actuarial loss (10,324 )(a) Amortization of net actuarial loss 4,965 (b) (5,359 ) Total before tax Related income tax effect 1,214 Tax expense (4,145 ) Net of tax Total reclassifications for the period $ (2,393 ) (a) This AOCI component is included in the computation of changes in plan assets (see Note O (b) This AOCI component is included in the computation of net periodic pension cost (see Note O |
United Bankshares, Inc. (Pare_2
United Bankshares, Inc. (Parent Company Only) Financial Information (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Condensed Financial Information Disclosure [Abstract] | |
Condensed Balance Sheets | Condensed Balance Sheets December 31 (In thousands) 2019 2018 Assets Cash and due from banks $ 126,697 $ 68,186 Securities available for sale 7,451 6,822 Securities held to maturity 20 997 Equity securities 4,126 5,094 Other investment securities 10,053 163 Investment in subsidiaries: Bank subsidiaries 3,519,661 3,478,956 Nonbank subsidiaries 22,439 14,706 Goodwill (16,008 ) (16,008 ) Condensed Balance Sheets December 31 (In thousands) 2019 2018 Other assets 12,286 10,615 Total Assets $ 3,686,725 $ 3,569,531 Liabilities and Shareholders’ Equity Junior subordinated debentures of subsidiary trusts $ 236,164 $ 234,905 Accrued expenses and other liabilities 86,728 83,002 Shareholders’ equity (including other accumulated comprehensive loss of $34,869 and $57,019 at December 31, 2019 and 2018, respectively) 3,363,833 3,251,624 Total Liabilities and Shareholders’ Equity $ 3,686,725 $ 3,569,531 |
Condensed Statements of Income | Condensed Statements of Income Year Ended December 31 (In thousands) 2019 2018 2017 Income Dividends from banking subsidiaries: Bank subsidiaries $ 249,000 $ 215,000 $ 115,000 Nonbank subsidiaries 0 0 58 Net interest income 126 227 437 Management fees: Bank subsidiaries 27,325 25,026 45,693 Nonbank subsidiaries 27 27 27 Other income 147 (596 ) 1,766 Total Income 276,625 239,684 162,981 Expenses Operating expenses 38,569 37,214 71,653 Income Before Income Taxes and Equity in Undistributed Net Income of Subsidiaries 238,056 202,470 91,328 Applicable income tax benefit (2,123 ) (2,470 ) (6,126 ) Income Before Equity in Undistributed Net Income of Subsidiaries 240,179 204,940 97,454 Equity in undistributed net income of subsidiaries: Bank subsidiaries 19,557 51,392 50,560 Nonbank subsidiaries 363 10 2,567 Net Income $ 260,099 $ 256,342 $ 150,581 |
Condensed Statements of Cash Flows | Condensed Statements of Cash Flows Year Ended December 31 (In thousands) 2019 2018 2017 Operating Activities Net income $ 260,099 $ 256,342 $ 150,581 Adjustments to reconcile net income to net cash provided by operating activities: Equity in undistributed net income of subsidiaries (19,920 ) (51,402) (53,127) Amortization of net periodic pension costs 302 293 228 Stock-based compensation 4,914 4,073 3,555 Excess tax benefits from stock-based compensation arrangements 223 158 2,201 Net gain on securities transactions 0 607 (1,185) Net change in other assets and liabilities 1,770 (1,904) 8,764 Net Cash Provided by Operating Activities 247,388 208,167 111,017 Investing Activities Net proceeds from sales (purchases) of securities 236 9,446 (19,268) Net proceeds from sales of equity securities 1,116 1,348 0 Condensed Statements of Cash Flows Year Ended December 31 (In thousands) 2019 2018 2017 Net cash paid in acquisition of subsidiary 0 0 22,146 Increase in investment in subsidiaries (7,000) (2,400) (34,203) Change in other investment securities (9,890) 0 (63) Net Cash (Used in) Provided by Investing Activities (15,538) 8,394 (31,388) Financing Activities Proceeds from issuance of common stock 0 0 0 Cash dividends paid (138,939 ) (142,350) (121,354) Acquisition of treasury stock (35,573 ) (100,724) (1) Proceeds from sale of treasury stock from deferred compensation plan 1 1 1 Proceeds from exercise of stock options 1,272 1,500 4,619 Net Cash Used in Financing Activities (173,339 ) (241,573) (116,735) Increase (De crease) 58,511 (25,012) (37,106) Cash and Cash Equivalents at Beginning of Year 68,186 93,198 130,304 Cash and Cash Equivalents at End of Year $ 126,697 $ 68,186 $ 93,198 |
Regulatory Matters (Tables)
Regulatory Matters (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Banking and Thrift [Abstract] | |
Capital Amounts and Ratios | United’s and United Bank, capital amounts (in thousands of dollars) and ratios are presented in the following table. (Dollars in thousands) Actual For Capital Adequacy Purposes To Be Well- Capitalized Amount Ratio Amount Ratio Amount Ratio As of December 31, 2019: Total Capital (to Risk-Weighted Assets): United Bankshares $ 2,217,547 14.7 % $ 1,206,812 ≥ $ 1,508,515 ≥ United Bank 2,106,457 14.0 % 1,204,264 ≥ 1,505,330 ≥ Tier I Capital (to Risk-Weighted Assets): United Bankshares $ 1,890,757 12.5 % $ 905,109 ≥ $ 1,206,812 ≥ United Bank 2,027,667 13.5 % 903,198 ≥ 1,204,264 ≥ Common Tier I Capital (to Risk Weighted Assets): United Bankshares $ 1,890,757 12.5 % $ 678,832 ≥ $ 980,535 ≥ United Bank 2,027,667 13.5 % 677,399 ≥ 978,465 ≥ Tier I Capital (to Average Assets): United Bankshares $ 1,890,757 10.5 % $ 721,691 ≥ $ 902,114 ≥ United Bank 2,027,667 11.3 % 720,232 ≥ 900,290 ≥ As of December 31, 2018: Total Capital (to Risk-Weighted Assets): United Bankshares $ 2,119,774 14.4 % $ 1,179,708 ≥ $ 1,474,635 ≥ United Bank 2,080,234 14.1 % 1,177,953 ≥ 1,472,441 ≥ Tier I Capital (to Risk-Weighted Assets): United Bankshares $ 1,793,682 12.2 % $ 884,781 ≥ $ 1,179,708 ≥ United Bank 2,002,142 13.6 % 883,465 ≥ 1,177,953 ≥ Common Tier I Capital (to Risk Weighted Assets): United Bankshares $ 1,793,682 12.2 % $ 663,586 ≥ $ 958,513 ≥ United Bank 2,002,142 13.6 % 662,599 ≥ 957,087 ≥ Tier I Capital (to Average Assets): United Bankshares $ 1,793,682 10.1 % $ 707,916 ≥ $ 884,895 ≥ United Bank 2,002,142 11.3 % 706,977 ≥ 883,721 ≥ |
Fair Values of Financial Inst_2
Fair Values of Financial Instruments (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Fair Value Disclosures [Abstract] | |
Schedule of Financial Assets and Liabilities Measured at Fair Value | The following table presents the balances of financial assets and liabilities measured at fair value on a recurring basis as of December 31, 2019 and 2018, segregated by the level of the valuation inputs within the fair value hierarchy: Fair Value at December 31, 2019 Using (In thousands) Description Balance as of December 31, 2019 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Assets Available for sale debt securities: U.S. Treasury securities and obligations of U.S. Government corporations and agencies $ 58,676 $ 0 $ 58,676 $ 0 State and political subdivisions 272,362 0 272,362 0 Residential mortgage-backed securities Agency 836,534 0 836,534 0 Non-agency 3,832 0 3,832 0 Commercial mortgage-backed securities Agency 614,973 0 614,973 0 Asset-backed securities 276,139 0 276,139 0 Trust preferred collateralized debt obligations 4,704 0 0 4,704 Fair Value at December 31, 2019 Using (In thousands) Description Balance as of December 31, 2019 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Single issue trust preferred securities 16,774 0 16,774 0 Other corporate securities 353,302 6,586 346,716 0 Total available for sale securities 2,437,296 6,586 2,426,006 4,704 Equity securities: Financial services industry 154 154 0 0 Equity mutual funds (1) 3,971 3,971 0 0 Other equity securities 4,769 4,769 0 0 Total equity securities 8,894 8,894 0 0 Loans held for sale 384,375 0 0 384,375 Derivative financial assets: Forward sales commitments 9 0 9 0 Interest rate lock commitments 4,518 0 0 4,518 Total derivative financial assets 4,527 0 9 4,518 Liabilities Derivative financial liabilities: Interest rate swap contracts 2,394 0 2,394 0 TBA mortgage-backed securities 671 0 671 0 Total derivative financial liabilities 3,065 0 3,065 0 Fair Value at December 31, 2018 Using (In thousands) Description Balance as of December 31, 2018 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Assets Available for sale debt securities: U.S. Treasury securities and obligations of U.S. Government corporations and agencies $ 85,890 $ 0 $ 85,890 $ 0 State and political subdivisions 208,988 0 208,988 0 Residential mortgage-backed securities Agency 1,035,650 0 1,035,650 0 Non-agency 4,259 0 4,259 0 Commercial mortgage-backed securities Agency 554,600 0 554,600 0 Asset-backed securities 271,970 0 271,970 0 Trust preferred collateralized debt obligations 5,917 0 0 5,917 Single issue trust preferred securities 8,362 0 8,362 0 Other corporate securities 161,403 6,822 154,581 0 Total available for sale securities 2,337,039 6,822 2,324,300 5,917 Equity securities: Financial services industry 140 140 0 0 Equity mutual funds (1) 4,954 4,954 0 0 Other equity securities 4,640 4,640 0 0 Total equity securities 9,734 9,734 0 0 Loans held for sale 247,104 0 0 247,104 Derivative financial assets: Interest rate swap contracts 1,859 0 1,859 0 Fair Value at December 31, 2018 Using (In thousands) Description Balance as of December 31, 2018 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Forward sales commitments 542 0 542 0 Interest rate lock commitments 4,103 0 0 4,103 Total derivative financial assets 6,504 0 2,401 4,103 Liabilities Derivative financial liabilities: TBA mortgage-backed securities 3,002 0 3,002 0 Total derivative financial liabilities 3,002 0 3,002 0 (1) The equity mutual funds are within a rabbi trust for the payment of benefits under a deferred compensation plan for certain key officers of United and its subsidiaries. |
Schedule of Additional Information about Financial Assets and Liabilities Measured at Fair Value Utilized Level 3 | The following table presents additional information about financial assets and liabilities measured at fair value at December 31, 2019 and 2018 on a recurring basis and for which United has utilized Level 3 inputs to determine fair value: Available-for-sale (In thousands) Trust preferred collateralized debt obligations 2019 2018 Balance, beginning of year $ 5,917 $ 34,269 Total gains or losses (realized/unrealized): Included in earnings (or changes in net assets) (155 ) 28 Included in other comprehensive income (1,059 ) 920 Purchases, issuances, and settlements 0 0 Sales 0 (29,300 ) Transfers in and/or out of Level 3 0 0 Balance, ending of year $ 4,703 $ 5,917 The amount of total gains or losses for the period included in earnings (or changes in net assets) attributable to the change in unrealized gains or losses relating to assets still held at reporting date 0 0 Loans held for sale (In thousands) 2019 2018 Balance, beginning of period 247,104 263,308 Originations 2,941,722 2,619,454 Sales (2,888,257 ) (2,676,797 ) Total gains or losses during the period recognized in earnings 83,806 68,555 Transfers in and/or out of Level 3 (0 ) (27,416 ) Balance, end of period 384,375 247,104 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 (In thousands) Derivative Financial Assets Interest Rate Lock Commitments 2019 2018 Balance, beginning of period $ 4,103 $ 4,559 Transfers other 415 (456 ) Balance, end of perio d $ 4,518 $ 4,103 The amount of total gains or losses for the period included in earnings (or changes in net assets) attributable to the change in unrealized gains or losses relating to assets still held at reporting date $ 0 $ 0 |
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: (In thousands) Description Year Ended December 31, 2019 Year Ended December 31, 2018 Assets Loans held for sale Income from mortgage banking activities $ 3,705 $ (281) |
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: December 31, 2019 December 31, 2018 (In thousands) Description Unpaid Fair Value Fair Value Unpaid Fair Value Fair Value Assets Loans held for sale 375,274 384,375 9,101 241,293 247,104 5,811 |
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: Carrying value at December 31, 2019 (In thousands) Description Balance as of December 31, 2019 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant (Level 2) Significant (Level 3) YTD Gains ( Losses ) Assets Loans held for sale $ 3,139 $ 0 $ 3,139 $ 0 $ (4 ) Impaired Loans 68,213 0 55,792 12,421 1,831 OREO 15,515 0 15,495 20 (785 ) Carrying value at December 31, 2018 (In thousands) Description Balance as of December 31, 2018 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant (Level 2) Significant (Level 3) YTD Losses Assets Loans held for sale $ 2,742 $ 0 $ 2,742 $ 0 $ 3 Impaired Loans 121,355 0 108,899 12,456 12,301 OREO 16,865 0 16,865 0 910 |
Summary of Estimated Fair Values of Financial Instruments | The estimated fair values of United’s financial instruments are summarized below: Fair Value Measurements (In thousands) Carrying Fair Value in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) December 31, 2019 Cash and cash equivalents $ 837,493 $ 837,493 $ 0 $ 837,493 $ 0 Securities available for sale 2,437,296 2,437,296 6,586 2,426,006 4,704 Securities held to maturity 1,446 1,447 0 427 1,020 Equity securities 8,894 8,894 8,894 0 0 Other securities 222,161 211,053 0 0 211,053 Loans held for sale 387,514 387,514 0 3,139 384,375 Net loans 13,635,072 13,185,955 0 0 13,185,955 Derivative financial assets 4,527 4,527 0 9 4,518 Deposits 13,852,421 13,843,077 0 13,843,077 0 Short-term borrowings 374,654 374,654 0 374,654 0 Long-term borrowings 1,838,029 1,820,297 0 1,820,297 0 Derivative financial liabilities 3,065 3,065 0 3,065 0 December 31, 2018 Cash and cash equivalents $ 1,020,396 $ 1,020,396 $ 0 $ 1,020,396 $ 0 Securities available for sale 2,337,039 2,337,039 6,822 2,324,300 5,917 Securities held to maturity 19,999 18,655 0 15,635 3,020 Equity securities 9,734 9,734 9,734 0 0 Other securities 176,955 168,107 0 0 168,107 Loans held for sale 249,846 249,846 0 2,742 247,104 Net loans 13,345,519 12,657,073 0 0 12,657,073 Derivative financial assets 6,504 6,504 0 2,401 4,103 Deposits 13,994,749 13,954,574 0 13,954,574 0 Short-term borrowings 351,327 351,327 0 351,327 0 Long-term borrowings 1,499,103 1,475,237 0 1,475,237 0 Derivative financial liabilities 3,002 3,002 0 3,002 0 |
Variable Interest Entities (Tab
Variable Interest Entities (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Summary of Quantitative Information Related to Significant Involvement in Unconsolidated Variable Interest Entities | The following table summarizes quantitative information about United’s significant involvement in unconsolidated VIEs: As of December 31, 2019 As of December 31, 2018 (In thousands) Aggregate Assets Aggregate Liabilities Risk Of Loss (1) Aggregate Assets Aggregate Liabilities Risk Of Loss (1) Trust preferred securities $ 257,941 $ 248,680 $ 9,261 $ 257,754 $ 248,741 $ 9,013 (1) |
Segment Information (Tables)
Segment Information (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
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 years ended December 31, 2019, 2018 and 2017 is as follows: At and For the Year Ended December 31, 2019 (In thousands) Community Mortgage Other Intersegment Eliminations Consolidated Net interest income $ 583,547 $ 916 $ (12,472 ) $ 5,931 $ 577,922 Provision for loans losses 21,313 0 0 0 21,313 Other income 74,956 83,884 392 (8,748 ) 150,484 Other expense 314,710 72,288 (1,527 ) (2,817 ) 382,654 Income taxes 64,080 2,355 (2,095 ) 0 64,340 Net income (loss) $ 258,400 $ 10,157 $ (8,458 ) $ 0 $ 260,099 Total assets (liabilities) $ 19,564,036 $ 507,124 $ 17,777 $ (426,613 ) $ 19,662,324 Average assets (liabilities) 19,401,397 358,087 8,411 (292,427 ) 19,475,468 At and For the Year Ended December 31, 2018 (In thousands) Community Mortgage Other Intersegment Eliminations Consolidated Net interest income $ 593,108 $ 1,315 $ (11,886 ) $ 6,108 $ 588,645 Provision for loans losses 22,013 0 0 0 22,013 Other income 72,539 68,555 (667 ) (11,715 ) 128,712 Other expense 301,123 72,632 31 (5,607 ) 368,179 Income taxes 73,861 (505 ) (2,533 ) 0 70,823 Net income (loss) $ 268,650 $ (2,257 ) $ (10,051 ) $ 0 $ 256,342 Total assets (liabilities) $ 19,191,215 $ 320,299 $ 3,222 $ (264,238 ) $ 19,250,498 Average assets (liabilities) 18,798,880 279,618 6,104 (236,575 ) 18,848,027 At and For the Year Ended December 31, 2017 (In thousands) Community Mortgage Other Intersegment Eliminations Consolidated Net interest income $ 558,622 $ (69 ) $ (9,556 ) $ 0 $ 548,997 Provision for loans losses 28,406 0 0 0 28,406 Other income 69,615 58,532 3,498 0 131,645 Other expense 291,584 62,072 13,753 0 367,409 Income taxes 139,980 (901 ) (4,833 ) 0 134,246 Net income (loss) $ 168,267 $ (2,708 ) $ (14,978 ) $ 0 $ 150,581 Total assets (liabilities) $ 19,016,619 $ 280,293 $ 17,158 $ (255,111 ) $ 19,058,959 Average assets (liabilities) 17,565,464 212,212 19,769 (180,016 ) 17,617,429 |
Quarterly Financial Data (Table
Quarterly Financial Data (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Quarterly Financial Information Disclosure [Abstract] | |
Quarterly Financial Data | Quarterly financial data for 2019 2018 (Dollars in thousands) 1st Quarter 2nd Quarter 3rd Quarter 4th Quarter 2019 Interest income $ 189,097 $ 199,245 $ 190,351 $ 183,869 Interest expense 44,929 48,692 48,433 42,586 Net interest income 144,168 150,553 141,918 141,283 Provision for credit losses 4,996 5,417 5,033 5,867 Mortgage banking income 13,681 21,704 24,019 17,547 Securities gains (losses), net (159 ) 109 116 109 Other noninterest income 17,701 17,982 18,089 19,586 Noninterest expense 89,425 100,195 96,134 96,900 Income taxes 17,328 17,529 17,010 12,473 Net income (1) 63,642 67,207 65,965 63,285 (Dollars in thousands) 1st Quarter 2nd Quarter 3rd Quarter 4th Quarter Per share data: Average shares outstanding (000s): Basic 101,895 101,774 101,432 101,250 Diluted 102,163 102,048 101,712 101,538 Net income per share: Basic $ 0.62 $ 0.66 $ 0.65 $ 0.62 Diluted $ 0.62 $ 0.66 $ 0.65 $ 0.62 Dividends per share $ 0.34 $ 0.34 $ 0.34 $ 0.35 2018 Interest income $ 167,185 $ 178,000 $ 185,030 $ 187,500 Interest expense 23,142 28,878 36,255 40,795 Net interest income 144,043 149,122 148,775 146,705 Provision for credit losses 5,178 6,204 4,808 5,823 Mortgage banking income 14,570 18,692 13,277 11,570 Securities losses, net (485 ) (55 ) (152 ) (1,926 ) Other noninterest income 17,107 17,370 18,561 20,183 Noninterest expense 90,452 93,410 93,315 91,002 Income taxes 17,899 19,241 17,926 15,757 Net income (1) 61,706 66,274 64,412 63,950 Per share data: Average shares outstanding (000s): Basic 104,859 104,683 103,618 102,930 Diluted 105,163 104,953 103,934 103,164 Net income per share: Basic $ 0.59 $ 0.63 $ 0.62 $ 0.62 Diluted $ 0.59 $ 0.63 $ 0.62 $ 0.62 Dividends per share $ 0.34 $ 0.34 $ 0.34 $ 0.34 (1) For further information, see the related discussion “Quarterly Results” included in Management’s Discussion and Analysis. |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies - 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 | 12 Months Ended | |||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Earnings Per Share [Abstract] | |||||||||||
Distributed earnings allocated to common stock | $ 139,167 | $ 141,336 | $ 131,527 | ||||||||
Undistributed earnings allocated to common stock | 120,337 | 114,542 | 18,816 | ||||||||
Net earnings allocated to common shareholders | $ 259,504 | $ 255,878 | $ 150,343 | ||||||||
Average common shares outstanding | 101,250,000 | 101,432,000 | 101,774,000 | 101,895,000 | 102,930,000 | 103,618,000 | 104,683,000 | 104,859,000 | 101,585,599 | 104,015,976 | 97,502,633 |
Dilutive effect of stock compensation | 266,978 | 282,849 | 387,445 | ||||||||
Average diluted shares outstanding | 101,538,000 | 101,712,000 | 102,048,000 | 102,163,000 | 103,164,000 | 103,934,000 | 104,953,000 | 105,163,000 | 101,852,577 | 104,298,825 | 97,890,078 |
Earnings per basic common share | $ 0.62 | $ 0.65 | $ 0.66 | $ 0.62 | $ 0.62 | $ 0.62 | $ 0.63 | $ 0.59 | $ 2.55 | $ 2.46 | $ 1.54 |
Earnings per diluted common share | $ 0.62 | $ 0.65 | $ 0.66 | $ 0.62 | $ 0.62 | $ 0.62 | $ 0.63 | $ 0.59 | $ 2.55 | $ 2.45 | $ 1.54 |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies - Additional Information (Detail) | Jan. 01, 2019USD ($) | Aug. 31, 2017USD ($) | Mar. 31, 2018USD ($) | Dec. 31, 2019USD ($)Region | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||
Number Of Metropolitan Statistical Areas | Region | 5 | |||||
Loan fees net of costs amortized and included in interest income | $ 39,026,000 | $ 44,547,000 | $ 44,475,000 | |||
Minimum days, related to accrual of interest on discontinued commercial and consumer loans | 90 days | |||||
Maximum days, related to accrual of interest on discontinued commercial and consumer loans | 120 days | |||||
Sustained period of repayment performance in restructured loans | 6 months | |||||
Real estate acquired in foreclosure or other settlement of loans | $ 15,515,000 | 16,865,000 | ||||
Recorded investment of consumer mortgage loans | 890,000 | 520,000 | ||||
Advertising Expense | 5,082,000 | 4,643,000 | 4,519,000 | |||
Amortization expense on intangible assets | 7,016,000 | 8,039,000 | 7,772,000 | |||
Total goodwill | 1,478,014,000 | 1,478,014,000 | ||||
Stock based compensation expense | 4,914,000 | 4,073,000 | 3,555,000 | |||
Reclass due to adopting Accounting Standard Update | 50,000 | 0 | ||||
Held-to-maturity securities, transferred security, at carrying value | $ 11,544,000 | $ 0 | 0 | |||
ASU 2016-09 [Member] | ||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||
Decrease in income tax expense | $ 1,048,000 | |||||
Accounting Standards Update 2018-02 [Member] | ||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||
Reclass due to adopting Accounting Standard Update | $ 6,353,000 | |||||
Accounting Standards Update 2017-12 [Member] | ||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||
Held-to-maturity securities, transferred security, at carrying value | $ 11,544,000 | |||||
Decrease in AOCI due to transfer of held to maturity securities | $ (1,098,000) | |||||
Accounting Standards Update 2018-10 [Member] | ||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||
Net lease assets | $ 67,040,000 | |||||
Net lease liabilities | 70,692,000 | |||||
Effect on retained earnings | $ 1,049,000 | |||||
Minimum [Member] | Core Deposit Intangible Assets [Member] | ||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||
Intangible assets amortization period | 1 year | |||||
Maximum [Member] | Core Deposit Intangible Assets [Member] | ||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||
Intangible assets amortization period | 7 years | |||||
Furniture, Fixtures and Equipment [Member] | Minimum [Member] | ||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||
Bank premises and equipment, useful life | 3 years | |||||
Furniture, Fixtures and Equipment [Member] | Maximum [Member] | ||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||
Bank premises and equipment, useful life | 15 years | |||||
Buildings and Improvements [Member] | Minimum [Member] | ||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||
Bank premises and equipment, useful life | 5 years | |||||
Buildings and Improvements [Member] | Maximum [Member] | ||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||
Bank premises and equipment, useful life | 40 years |
Mergers and Acquisitions - Addi
Mergers and Acquisitions - Additional Information (Detail) $ / shares in Units, $ in Thousands | Nov. 17, 2019$ / shares | Dec. 31, 2019USD ($)Location$ / shares | Dec. 31, 2018USD ($)$ / shares |
Business Acquisition [Line Items] | |||
Par value of Share | $ / shares | $ 2.50 | $ 2.50 | |
Total assets at consummation | $ 19,662,324 | $ 19,250,498 | |
Loans at consummation | 13,713,548 | $ 13,429,532 | |
Carolina Financial [Member] | |||
Business Acquisition [Line Items] | |||
Par value of Share | $ / shares | $ 2.50 | ||
Conversion of Option to acquire common stock exchange ratio | 1.13 | ||
Total assets at consummation | $ 4,708,873 | ||
Conversion of stock award to acquire common stock exchange ratio | 1.13 | ||
Number of bank locations | Location | 200 | ||
Loans at consummation | $ 3,227,937 | ||
Deposits at consummation | $ 3,408,361 | ||
Carolina Financial [Member] | Common Stock [Member] | |||
Business Acquisition [Line Items] | |||
Stock issued during period merger conversion ratio | 1.13 |
Investment Securities - Summary
Investment Securities - Summary of Amortized Cost and Estimated Fair Values of Available for Sale Securities (Detail) - USD ($) | Dec. 31, 2019 | Dec. 31, 2018 |
Schedule of Investments [Line Items] | ||
Amortized Cost | $ 2,426,924,000 | $ 2,360,884,000 |
Gross Unrealized Gains | 28,912,000 | 5,865,000 |
Gross Unrealized Losses | 18,540,000 | 29,710,000 |
Estimated Fair Value | 2,437,296,000 | 2,337,039,000 |
Cumulative OTTI in AOCI | 928,000 | 2,672,000 |
U.S. Treasury Securities and Obligations of U.S. Government Corporations and Agencies [Member] | ||
Schedule of Investments [Line Items] | ||
Amortized Cost | 58,127,000 | 86,285,000 |
Gross Unrealized Gains | 555,000 | 35,000 |
Gross Unrealized Losses | 6,000 | 430,000 |
Estimated Fair Value | 58,676,000 | 85,890,000 |
Cumulative OTTI in AOCI | 0 | 0 |
State and Political Subdivisions [Member] | ||
Schedule of Investments [Line Items] | ||
Amortized Cost | 272,014,000 | 212,670,000 |
Gross Unrealized Gains | 3,644,000 | 439,000 |
Gross Unrealized Losses | 3,296,000 | 4,121,000 |
Estimated Fair Value | 272,362,000 | 208,988,000 |
Cumulative OTTI in AOCI | 0 | 0 |
Residential Mortgage-Backed Securities [Member] | ||
Schedule of Investments [Line Items] | ||
Amortized Cost | 826,857,000 | 1,047,345,000 |
Gross Unrealized Gains | 10,923,000 | 3,235,000 |
Gross Unrealized Losses | 1,246,000 | 14,930,000 |
Estimated Fair Value | 836,534,000 | 1,035,650,000 |
Cumulative OTTI in AOCI | 0 | 0 |
Residential Mortgage-Backed Securities, Non-agency [Member] | ||
Schedule of Investments [Line Items] | ||
Amortized Cost | 3,429,000 | 3,927,000 |
Gross Unrealized Gains | 404,000 | 332,000 |
Gross Unrealized Losses | 0 | 0 |
Estimated Fair Value | 3,833,000 | 4,259,000 |
Cumulative OTTI in AOCI | 86,000 | 86,000 |
Commercial Mortgage-Backed Securities [Member] | ||
Schedule of Investments [Line Items] | ||
Amortized Cost | 609,461,000 | 560,634,000 |
Gross Unrealized Gains | 8,319,000 | 996,000 |
Gross Unrealized Losses | 2,807,000 | 7,030,000 |
Estimated Fair Value | 614,973,000 | 554,600,000 |
Cumulative OTTI in AOCI | 0 | 0 |
Asset-Backed Securities [Member] | ||
Schedule of Investments [Line Items] | ||
Amortized Cost | 284,390,000 | 272,459,000 |
Gross Unrealized Gains | 0 | 450,000 |
Gross Unrealized Losses | 8,251,000 | 939,000 |
Estimated Fair Value | 276,139,000 | 271,970,000 |
Cumulative OTTI in AOCI | 0 | 0 |
Trust Preferred Collateralized Debt Obligations [Member] | ||
Schedule of Investments [Line Items] | ||
Amortized Cost | 6,045,000 | 6,176,000 |
Gross Unrealized Gains | 0 | 91,000 |
Gross Unrealized Losses | 1,342,000 | 350,000 |
Estimated Fair Value | 4,703,000 | 5,917,000 |
Cumulative OTTI in AOCI | 842,000 | 2,586,000 |
Single Issue Trust Preferred Securities [Member] | ||
Schedule of Investments [Line Items] | ||
Amortized Cost | 18,196,000 | 8,754,000 |
Gross Unrealized Gains | 170,000 | 169,000 |
Gross Unrealized Losses | 1,592,000 | 561,000 |
Estimated Fair Value | 16,774,000 | 8,362,000 |
Cumulative OTTI in AOCI | 0 | 0 |
Corporate Bonds [Member] | ||
Schedule of Investments [Line Items] | ||
Amortized Cost | 348,405,000 | 162,634,000 |
Gross Unrealized Gains | 4,897,000 | 118,000 |
Gross Unrealized Losses | 0 | 1,349,000 |
Estimated Fair Value | 353,302,000 | 161,403,000 |
Cumulative OTTI in AOCI | $ 0 | $ 0 |
Investment Securities - Summa_2
Investment Securities - Summary of Securities Available for Sale in an Unrealized Loss Position (Detail) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Schedule of Investments [Line Items] | ||
Less than 12 months, Fair Value | $ 564,710 | $ 703,081 |
Less than 12 months, Unrealized Losses | 10,569 | 5,687 |
12 months or longer, Fair Value | 274,399 | 918,073 |
12 months or longer, Unrealized Losses | 7,971 | 24,023 |
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 | 1,415 | 66,072 |
Less than 12 months, Unrealized Losses | 6 | 250 |
12 months or longer, Fair Value | 0 | 7,374 |
12 months or longer, Unrealized Losses | 0 | 180 |
State and Political Subdivisions [Member] | ||
Schedule of Investments [Line Items] | ||
Less than 12 months, Fair Value | 144,307 | 53,421 |
Less than 12 months, Unrealized Losses | 3,291 | 544 |
12 months or longer, Fair Value | 885 | 94,337 |
12 months or longer, Unrealized Losses | 5 | 3,577 |
Residential Mortgage-Backed Securities [Member] | ||
Schedule of Investments [Line Items] | ||
Less than 12 months, Fair Value | 108,072 | 195,009 |
Less than 12 months, Unrealized Losses | 502 | 1,597 |
12 months or longer, Fair Value | 71,736 | 508,041 |
12 months or longer, Unrealized Losses | 744 | 13,333 |
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 | 173,039 | 107,443 |
Less than 12 months, Unrealized Losses | 2,676 | 1,124 |
12 months or longer, Fair Value | 45,251 | 294,129 |
12 months or longer, Unrealized Losses | 131 | 5,906 |
Asset-Backed Securities [Member] | ||
Schedule of Investments [Line Items] | ||
Less than 12 months, Fair Value | 135,174 | 151,427 |
Less than 12 months, Unrealized Losses | 3,252 | 939 |
12 months or longer, Fair Value | 140,965 | 0 |
12 months or longer, Unrealized Losses | 4,999 | 0 |
Trust Preferred Collateralized Debt Obligations [Member] | ||
Schedule of Investments [Line Items] | ||
Less than 12 months, Fair Value | 2,703 | 0 |
Less than 12 months, Unrealized Losses | 842 | 0 |
12 months or longer, Fair Value | 2,000 | 2,150 |
12 months or longer, Unrealized Losses | 500 | 350 |
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 | 13,562 | 5,163 |
12 months or longer, Unrealized Losses | 1,592 | 561 |
Corporate Bonds [Member] | ||
Schedule of Investments [Line Items] | ||
Less than 12 months, Fair Value | 0 | 129,709 |
Less than 12 months, Unrealized Losses | 0 | 1,233 |
12 months or longer, Fair Value | 0 | 6,879 |
12 months or longer, Unrealized Losses | $ 0 | $ 116 |
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 | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Investments, Debt and Equity Securities [Abstract] | |||
Proceeds from maturities, sales and calls | $ 712,557 | $ 441,956 | $ 686,312 |
Gross realized gains | 1,542 | 1,594 | 3,274 |
Gross realized losses | $ 1,445 | $ 2,364 | $ 1,400 |
Investment Securities - Additio
Investment Securities - Additional Information (Detail) | 3 Months Ended | 12 Months Ended | |
Dec. 31, 2019USD ($)Securities | Dec. 31, 2019USD ($)Securities | Dec. 31, 2018USD ($) | |
Schedule of Investments [Line Items] | |||
Gross unrealized losses on available for sale securities | $ 18,540,000 | $ 18,540,000 | $ 29,710,000 |
Available for sale securities in unrealized loss position | Securities | 166 | 166 | |
Available for sale securities in portfolio, number | Securities | 641 | 641 | |
Amortized cost of available for sale securities | $ 2,426,924,000 | $ 2,426,924,000 | 2,360,884,000 |
Capitalization of banks, equal to or greater than, in the single-issue trust preferred portfolio | 10,000,000,000 | 10,000,000,000 | |
Equity securities at estimated fair value | 8,894,000 | 8,894,000 | 9,734,000 |
Carrying value of securities pledged | $ 1,540,717,000 | $ 1,540,717,000 | 1,887,176,000 |
Percentage Of Guarantee Repayment By Government | 97.00% | 97.00% | |
Held-to-maturity securities amortized cost | $ 1,446,000 | $ 1,446,000 | 19,999,000 |
Held-to-maturity securities estimated fair value | 1,447,000 | 1,447,000 | 18,655,000 |
Non Agency Residential Mortgage Backed Securities [Member] | |||
Schedule of Investments [Line Items] | |||
Other-than-temporary Impairment Loss, Debt Securities, Available-for-sale, Recognized in Earnings | 21,000 | 42,000 | |
Aggregate amount of other than temporary impairment recognised earnings on securities | 21,000 | 42,000 | |
Investment Grade [Member] | |||
Schedule of Investments [Line Items] | |||
Amortized cost of available for sale single issue trust preferred securities | 11,484,000 | 11,484,000 | |
Split Rated Bonds Investment Grade [Member] | |||
Schedule of Investments [Line Items] | |||
Amortized cost of available for sale single issue trust preferred securities | 977,000 | 977,000 | |
Unrated Bonds Investment Grade [Member] | |||
Schedule of Investments [Line Items] | |||
Amortized cost of available for sale single issue trust preferred securities | 5,735,000 | 5,735,000 | |
State and Political Subdivisions [Member] | |||
Schedule of Investments [Line Items] | |||
Gross unrealized losses on available for sale securities | 3,296,000 | 3,296,000 | 4,121,000 |
Amortized cost of available for sale securities | $ 272,014,000 | $ 272,014,000 | 212,670,000 |
Percent of portfolio with credit support | 66.00% | 66.00% | |
Held-to-maturity securities amortized cost | $ 1,426,000 | $ 1,426,000 | 5,473,000 |
Held-to-maturity securities estimated fair value | 1,427,000 | 1,427,000 | 5,479,000 |
Agency Mortgage Backed Securities [Member] | |||
Schedule of Investments [Line Items] | |||
Amortized cost of available for sale securities | 1,436,318,000 | 1,436,318,000 | |
Commercial Mortgage-Backed Securities [Member] | |||
Schedule of Investments [Line Items] | |||
Gross unrealized losses on available for sale securities | 2,807,000 | 2,807,000 | 7,030,000 |
Amortized cost of available for sale securities | 609,461,000 | 609,461,000 | 560,634,000 |
Residential Mortgage-Backed Securities [Member] | |||
Schedule of Investments [Line Items] | |||
Gross unrealized losses on available for sale securities | 1,246,000 | 1,246,000 | 14,930,000 |
Amortized cost of available for sale securities | 826,857,000 | 826,857,000 | 1,047,345,000 |
Held-to-maturity securities amortized cost | 0 | 0 | 20,000 |
Held-to-maturity securities estimated fair value | 0 | 0 | 22,000 |
Residential Mortgage-Backed Securities, Non-agency [Member] | |||
Schedule of Investments [Line Items] | |||
Gross unrealized losses on available for sale securities | 0 | 0 | 0 |
Amortized cost of available for sale securities | 3,429,000 | 3,429,000 | 3,927,000 |
Trust Preferred Collateralized Debt Obligations [Member] | |||
Schedule of Investments [Line Items] | |||
Gross unrealized losses on available for sale securities | 1,342,000 | 1,342,000 | 350,000 |
Amortized cost of available for sale securities | 6,045,000 | 6,045,000 | 6,176,000 |
Trust Preferred Collateralized Debt Obligations [Member] | TrupCdos [Member] | |||
Schedule of Investments [Line Items] | |||
Other-than-temporary Impairment Loss, Debt Securities, Available-for-sale, Recognized in Earnings | 93,000 | 156,000 | |
Aggregate amount of other than temporary impairment recognised earnings on securities | 93,000 | 156,000 | |
Corporate Bonds [Member] | |||
Schedule of Investments [Line Items] | |||
Gross unrealized losses on available for sale securities | 0 | 0 | 1,349,000 |
Amortized cost of available for sale securities | 348,405,000 | 348,405,000 | 162,634,000 |
Held-to-maturity securities amortized cost | 20,000 | 20,000 | 20,000 |
Held-to-maturity securities estimated fair value | $ 20,000 | $ 20,000 | 20,000 |
Corporate Bonds [Member] | Investment Grade [Member] | |||
Schedule of Investments [Line Items] | |||
Percent of corporate securities portfolio | 92.00% | 92.00% | |
Corporate Bonds [Member] | Unrated Bonds Investment Grade [Member] | |||
Schedule of Investments [Line Items] | |||
Percent of corporate securities portfolio | 8.00% | 8.00% | |
Mortgage Backed Securities [Member] | |||
Schedule of Investments [Line Items] | |||
Net unrealized gains | $ 15,593,000 | 17,395,000 | |
Held-to-maturity securities amortized cost | $ 1,439,747,000 | 1,439,747,000 | |
Held-to-maturity securities estimated fair value | 1,455,340,000 | 1,455,340,000 | |
U.S. Treasury Securities and Obligations of U.S. Government Corporations and Agencies [Member] | |||
Schedule of Investments [Line Items] | |||
Gross unrealized losses on available for sale securities | 6,000 | 6,000 | 430,000 |
Amortized cost of available for sale securities | 58,127,000 | 58,127,000 | 86,285,000 |
Held-to-maturity securities amortized cost | 0 | 0 | 5,074,000 |
Held-to-maturity securities estimated fair value | $ 0 | $ 0 | $ 5,164,000 |
Aggregate book value percentage of securities to shareholders' equity | 10.00% |
Investment Securities - Roll Fo
Investment Securities - Roll Forward of Credit Losses on Securities (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Investments, Debt and Equity Securities [Abstract] | |||
Cumulative credit losses, Beginning Balance | $ 3,138 | $ 18,060 | $ 22,162 |
Additional credit losses on securities for which OTTI was previously recognized | 156 | 0 | 0 |
Reductions for securities sold or paid off during the period | 0 | (14,922) | (4,102) |
Cumulative credit losses, Ending Balance | $ 3,294 | $ 3,138 | $ 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 | Dec. 31, 2019 | Dec. 31, 2018 |
Investments, Debt and Equity Securities [Abstract] | ||
Due in one year or less, Amortized Cost | $ 92,422 | |
Due after one year through five years, Amortized Cost | 583,715 | |
Due after five years through ten years, Amortized Cost | 564,922 | |
Due after ten years, Amortized Cost | 1,185,865 | |
Amortized Cost | 2,426,924 | $ 2,360,884 |
Due in one year or less, Estimated Fair Value | 92,473 | |
Due after one year through five years, Estimated Fair Value | 592,850 | |
Due after five years through ten years, Estimated Fair Value | 568,241 | |
Due after ten years, Estimated Fair Value | 1,183,732 | |
Total available for sale securities | $ 2,437,296 | $ 2,337,039 |
Investment Securities - Summa_5
Investment Securities - Summary of Amortized Cost and Estimated Fair Values of Securities Held to Maturity (Detail) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Schedule of Investments [Line Items] | ||
Amortized Cost | $ 1,446 | $ 19,999 |
Gross Unrealized Gains | 1 | 99 |
Gross Unrealized Losses | 0 | 1,443 |
Estimated Fair Value | 1,447 | 18,655 |
U.S. Treasury Securities and Obligations of U.S. Government Corporations and Agencies [Member] | ||
Schedule of Investments [Line Items] | ||
Amortized Cost | 0 | 5,074 |
Gross Unrealized Gains | 0 | 90 |
Gross Unrealized Losses | 0 | 0 |
Estimated Fair Value | 0 | 5,164 |
State and Political Subdivisions [Member] | ||
Schedule of Investments [Line Items] | ||
Amortized Cost | 1,426 | 5,473 |
Gross Unrealized Gains | 1 | 7 |
Gross Unrealized Losses | 0 | 1 |
Estimated Fair Value | 1,427 | 5,479 |
Residential Mortgage-Backed Securities [Member] | ||
Schedule of Investments [Line Items] | ||
Amortized Cost | 0 | 20 |
Gross Unrealized Gains | 0 | 2 |
Gross Unrealized Losses | 0 | 0 |
Estimated Fair Value | 0 | 22 |
Single Issue Trust Preferred Securities [Member] | ||
Schedule of Investments [Line Items] | ||
Amortized Cost | 0 | 9,412 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | 0 | 1,442 |
Estimated Fair Value | 0 | 7,970 |
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 | Dec. 31, 2019 | Dec. 31, 2018 |
Investments, Debt and Equity Securities [Abstract] | ||
Due in one year or less, Amortized Cost | $ 210 | |
Due after one year through five years, Amortized Cost | 216 | |
Due after five years through ten years, Amortized Cost | 0 | |
Due after ten years, Amortized Cost | 1,020 | |
Amortized Cost | 1,446 | $ 19,999 |
Due in one year or less, Estimated Fair Value | 210 | |
Due after one year through five years, Estimated Fair Value | 217 | |
Due after five years through ten year, Estimated Fair Value | 0 | |
Due after ten years, Estimated Fair Value | 1,020 | |
Estimated Fair Value, Total | $ 1,447 | $ 18,655 |
Investment Securities - Summa_7
Investment Securities - Summary of Equity Securities (Detail) - Marketable Equity Securities [Member] $ in Thousands | 12 Months Ended |
Dec. 31, 2019USD ($) | |
Debt Securities, Available-for-sale [Line Items] | |
Net gains recognized during the period | $ 276 |
Net gains recognized during the period on equity securities sold | 133 |
Unrealized gains recognized during the period on equity securities still held at period end | 177 |
Unrealized losses recognized during the period on equity securities still held at period end | $ (34) |
Investment Securities - Maturit
Investment Securities - Maturities and Weighted-Average Yields of Securities (Detail) $ in Thousands | Dec. 31, 2019USD ($) |
Schedule of Held-to-maturity Securities [Line Items] | |
Securities matured Within 1 Year, Amount | $ 210 |
Securities matured After 1 But Within 5 Years, Amount | 216 |
Securities matured After 5 But Within 10 Years, Amount | 0 |
Securities matured After 10 Years, Amount | 1,020 |
U.S. Treasury Securities and Obligations of U.S. Government Corporations and Agencies [Member] | |
Schedule of Held-to-maturity Securities [Line Items] | |
Securities matured Within 1 Year, Amount | $ 0 |
Weighted-average Within 1 Year, Yield | 0.00% |
Securities matured After 1 But Within 5 Years, Amount | $ 51,511 |
Weighted-average After 1 But Within 5 Years, Yield | 2.41% |
Securities matured After 5 But Within 10 Years, Amount | $ 6,616 |
Weighted-average After 5 But Within 10 Years, Yield | 2.74% |
Securities matured After 10 Years, Amount | $ 0 |
Weighted-average After 10 Years, Yield | 0.00% |
State and Political Subdivisions [Member] | |
Schedule of Held-to-maturity Securities [Line Items] | |
Securities matured Within 1 Year, Amount | $ 5,364 |
Weighted-average Within 1 Year, Yield | 2.78% |
Securities matured After 1 But Within 5 Years, Amount | $ 4,964 |
Weighted-average After 1 But Within 5 Years, Yield | 3.36% |
Securities matured After 5 But Within 10 Years, Amount | $ 38,732 |
Weighted-average After 5 But Within 10 Years, Yield | 2.80% |
Securities matured After 10 Years, Amount | $ 224,380 |
Weighted-average After 10 Years, Yield | 2.92% |
Residential Mortgage-Backed Securities [Member] | |
Schedule of Held-to-maturity Securities [Line Items] | |
Securities matured Within 1 Year, Amount | $ 0 |
Weighted-average Within 1 Year, Yield | 0.00% |
Securities matured After 1 But Within 5 Years, Amount | $ 0 |
Weighted-average After 1 But Within 5 Years, Yield | 0.00% |
Securities matured After 5 But Within 10 Years, Amount | $ 230,686 |
Weighted-average After 5 But Within 10 Years, Yield | 2.60% |
Securities matured After 10 Years, Amount | $ 596,171 |
Weighted-average After 10 Years, Yield | 2.71% |
Residential Mortgage-Backed Securities, Non-agency [Member] | |
Schedule of Held-to-maturity Securities [Line Items] | |
Securities matured Within 1 Year, Amount | $ 69 |
Weighted-average Within 1 Year, Yield | 5.00% |
Securities matured After 1 But Within 5 Years, Amount | $ 0 |
Weighted-average After 1 But Within 5 Years, Yield | 0.00% |
Securities matured After 5 But Within 10 Years, Amount | $ 0 |
Weighted-average After 5 But Within 10 Years, Yield | 0.00% |
Securities matured After 10 Years, Amount | $ 3,360 |
Weighted-average After 10 Years, Yield | 5.84% |
Commercial Mortgage-backed Agency [Member] | |
Schedule of Held-to-maturity Securities [Line Items] | |
Securities matured Within 1 Year, Amount | $ 28,178 |
Weighted-average Within 1 Year, Yield | 2.32% |
Securities matured After 1 But Within 5 Years, Amount | $ 281,903 |
Weighted-average After 1 But Within 5 Years, Yield | 2.65% |
Securities matured After 5 But Within 10 Years, Amount | $ 241,159 |
Weighted-average After 5 But Within 10 Years, Yield | 2.40% |
Securities matured After 10 Years, Amount | $ 58,221 |
Weighted-average After 10 Years, Yield | 2.73% |
Asset-Backed Securities [Member] | |
Schedule of Held-to-maturity Securities [Line Items] | |
Securities matured Within 1 Year, Amount | $ 0 |
Weighted-average Within 1 Year, Yield | 0.00% |
Securities matured After 1 But Within 5 Years, Amount | $ 0 |
Weighted-average After 1 But Within 5 Years, Yield | 0.00% |
Securities matured After 5 But Within 10 Years, Amount | $ 0 |
Weighted-average After 5 But Within 10 Years, Yield | 0.00% |
Securities matured After 10 Years, Amount | $ 284,390 |
Weighted-average After 10 Years, Yield | 2.56% |
Trust Preferred Collateralized Debt Obligations [Member] | |
Schedule of Held-to-maturity Securities [Line Items] | |
Securities matured Within 1 Year, Amount | $ 0 |
Weighted-average Within 1 Year, Yield | 0.00% |
Securities matured After 1 But Within 5 Years, Amount | $ 0 |
Weighted-average After 1 But Within 5 Years, Yield | 0.00% |
Securities matured After 5 But Within 10 Years, Amount | $ 0 |
Weighted-average After 5 But Within 10 Years, Yield | 0.00% |
Securities matured After 10 Years, Amount | $ 6,045 |
Weighted-average After 10 Years, Yield | 3.61% |
Single Issue Trust Preferred Securities [Member] | |
Schedule of Held-to-maturity Securities [Line Items] | |
Securities matured Within 1 Year, Amount | $ 0 |
Weighted-average Within 1 Year, Yield | 0.00% |
Securities matured After 1 But Within 5 Years, Amount | $ 0 |
Weighted-average After 1 But Within 5 Years, Yield | 0.00% |
Securities matured After 5 But Within 10 Years, Amount | $ 10,483 |
Weighted-average After 5 But Within 10 Years, Yield | 4.80% |
Securities matured After 10 Years, Amount | $ 7,713 |
Weighted-average After 10 Years, Yield | 3.68% |
Corporate Bonds [Member] | |
Schedule of Held-to-maturity Securities [Line Items] | |
Securities matured Within 1 Year, Amount | $ 59,020 |
Weighted-average Within 1 Year, Yield | 2.63% |
Securities matured After 1 But Within 5 Years, Amount | $ 245,553 |
Weighted-average After 1 But Within 5 Years, Yield | 2.98% |
Securities matured After 5 But Within 10 Years, Amount | $ 37,246 |
Weighted-average After 5 But Within 10 Years, Yield | 4.58% |
Securities matured After 10 Years, Amount | $ 6,606 |
Weighted-average After 10 Years, Yield | 1.28% |
Marketable Equity Securities [Member] | |
Schedule of Held-to-maturity Securities [Line Items] | |
Securities matured Within 1 Year, Amount | $ 0 |
Weighted-average Within 1 Year, Yield | 0.00% |
Securities matured After 1 But Within 5 Years, Amount | $ 0 |
Weighted-average After 1 But Within 5 Years, Yield | 0.00% |
Securities matured After 5 But Within 10 Years, Amount | $ 0 |
Weighted-average After 5 But Within 10 Years, Yield | 0.00% |
Securities matured After 10 Years, Amount | $ 8,894 |
Weighted-average After 10 Years, Yield | 1.49% |
Other Investment Securities [Member] | |
Schedule of Held-to-maturity Securities [Line Items] | |
Securities matured Within 1 Year, Amount | $ 0 |
Weighted-average Within 1 Year, Yield | 0.00% |
Securities matured After 1 But Within 5 Years, Amount | $ 100 |
Weighted-average After 1 But Within 5 Years, Yield | 2.55% |
Securities matured After 5 But Within 10 Years, Amount | $ 750 |
Weighted-average After 5 But Within 10 Years, Yield | 2.08% |
Securities matured After 10 Years, Amount | $ 221,311 |
Weighted-average After 10 Years, Yield | 3.32% |
Investment Securities - Matur_2
Investment Securities - Maturities and Weighted-Average Yields of Securities (Parenthetical) (Detail) | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Amortized Cost And Fair Value Debt Securities [Abstract] | |||
Tax on income before taxes at statutory federal rate, rate | 21.00% | 21.00% | 35.00% |
Loans - Major Classes of Loans
Loans - Major Classes of Loans (Detail) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Commercial, financial, and agricultural | ||
Total commercial, financial & agricultural | $ 7,452,649 | $ 7,553,044 |
Residential real estate | 3,686,401 | 3,501,393 |
Construction & land development | 1,408,205 | 1,410,468 |
Consumer: | ||
Bankcard | 10,074 | 10,203 |
Other consumer | 1,156,219 | 954,424 |
Less: Unearned income | (1,419) | (7,310) |
Loans net of unearned income | 13,712,129 | 13,422,222 |
Owner-Occupied Commercial Real Estate [Member] | ||
Commercial, financial, and agricultural | ||
Total commercial, financial & agricultural | 1,201,652 | 1,291,790 |
Nonowner-Occupied Commercial Real Estate [Member] | ||
Commercial, financial, and agricultural | ||
Total commercial, financial & agricultural | 3,965,960 | 4,303,613 |
Other Commercial Loans [Member] | ||
Commercial, financial, and agricultural | ||
Total commercial, financial & agricultural | $ 2,285,037 | $ 1,957,641 |
Loans - Additional Information
Loans - Additional Information (Detail) - USD ($) | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Loans held for sale | $ 387,514,000 | $ 249,846,000 |
Acquired impaired loans from merger | $ 13,713,548,000 | $ 13,429,532,000 |
Percentage of acquired impaired loans from merger on total gross loans | 1.00% | 1.12% |
Recorded investment in acquired impaired loans | $ 124,779,000 | $ 195,706,000 |
Unamortized deferred loan fees | 71,542,000 | 93,372,000 |
Loans-in-process | 49,456,000 | 53,997,000 |
Overdrafts from deposit accounts | 22,219,000 | 13,833,000 |
Directors and Officers [Member] | ||
Related party loans | 38,558,000 | 93,282,000 |
Additional amount of loan | 9,358,000 | |
Repayment of Loan | 64,082,000 | |
Loans Acquired with Deteriorated Credit Quality [Member] | ||
Acquired impaired loans from merger | $ 96,004,000 | $ 149,737,000 |
Loans - Activity for Accretable
Loans - Activity for Accretable Yield (Detail) $ in Thousands | 12 Months Ended |
Dec. 31, 2019USD ($) | |
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 | $ 26,289 |
Accretion (including cash recoveries) | (10,688) |
Additions | 0 |
Net reclassifications to accretable from non-accretable | 10,627 |
Disposals (including maturities, foreclosures, and charge-offs) | (5,140) |
Accretable yield at the ending of the period | $ 21,088 |
Credit Quality - Additional Inf
Credit Quality - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | 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 | $ 58,369,000 | $ 59,425,000 | |
Restructured loans on nonaccrual status | 48,387,000 | 902,000 | |
Restructured loans modified by reduction in interest | 1,685,000 | ||
Restructured loan and interest | 1,733,000 | ||
Restructured loans modified by change in terms | $ 54,951,000 | ||
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 | ||
Restructured Loans Modified By Reduction InInterest Rate Amount During Period | $ 10,699,000 | ||
Restructured loans modified by reduction in interest rate and change in terms | 241,000 | $ 22,698,000 | |
Funding commitments | 1,159,000 | ||
Payments under funding commitments | 39,000 | ||
Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | |||
Restructured loans on nonaccrual status | $ 48,899,000 | $ 690,000 | |
Financial Asset, 30 to 59 Days Past Due [Member] | |||
Financing receivable threshold period past due | 30 days | ||
Financial Asset, 60 to 89 Days Past Due [Member] | |||
Financing receivable threshold period past due | 89 days |
Credit Quality - Schedule of Tr
Credit Quality - Schedule of Troubled Debt Restructurings, Segregated by Class of Loans (Detail) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019USD ($)Contract | Dec. 31, 2018USD ($)Contract | |
Financing Receivable, Modifications [Line Items] | ||
Number of Contracts | Contract | 11 | 13 |
Pre-Modification Outstanding Recorded Investment | $ 11,686 | $ 24,277 |
Post-Modification Outstanding Recorded Investment | $ 10,940 | $ 22,698 |
Construction & Land Development [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Number of Contracts | Contract | 3 | 0 |
Pre-Modification Outstanding Recorded Investment | $ 2,287 | $ 0 |
Post-Modification Outstanding Recorded Investment | $ 2,104 | $ 0 |
Commercial Real Estate [Member] | Owner-Occupied [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Number of Contracts | Contract | 2 | 0 |
Pre-Modification Outstanding Recorded Investment | $ 1,179 | $ 0 |
Post-Modification Outstanding Recorded Investment | $ 1,144 | $ 0 |
Commercial Real Estate [Member] | Nonowner-Occupied [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Number of Contracts | Contract | 0 | 1 |
Pre-Modification Outstanding Recorded Investment | $ 0 | $ 61 |
Post-Modification Outstanding Recorded Investment | $ 0 | $ 61 |
Other Commercial [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Number of Contracts | Contract | 3 | 9 |
Pre-Modification Outstanding Recorded Investment | $ 5,962 | $ 16,991 |
Post-Modification Outstanding Recorded Investment | $ 5,722 | $ 16,560 |
Residential Real Estate [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Number of Contracts | Contract | 3 | 3 |
Pre-Modification Outstanding Recorded Investment | $ 2,258 | $ 7,225 |
Post-Modification Outstanding Recorded Investment | $ 1,970 | $ 6,077 |
Consumer [Member] | Bankcard [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Number of Contracts | Contract | 0 | 0 |
Pre-Modification Outstanding Recorded Investment | $ 0 | $ 0 |
Post-Modification Outstanding Recorded Investment | $ 0 | $ 0 |
Consumer [Member] | Other Consumer [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Number of Contracts | Contract | 0 | 0 |
Pre-Modification Outstanding Recorded Investment | $ 0 | $ 0 |
Post-Modification Outstanding Recorded Investment | $ 0 | $ 0 |
Credit Quality - Schedule of Ch
Credit Quality - Schedule of Charged-off Troubled Debt Restructurings on Financing Receivables (Detail) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019USD ($)Contract | Dec. 31, 2018USD ($)Contract | |
Financing Receivable, Modifications [Line Items] | ||
Number of Contracts | Contract | 2 | 2 |
Recorded Investment | $ | $ 1,477 | $ 2,173 |
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 | 2 | 1 |
Recorded Investment | $ | $ 1,477 | $ 0 |
Residential Real Estate [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Number of Contracts | Contract | 0 | 1 |
Recorded Investment | $ | $ 0 | $ 2,173 |
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 | Dec. 31, 2019 | Dec. 31, 2018 |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans, 30-89 Days Past Due | $ 65,816 | $ 94,027 |
Loans, Total Past Due | 186,906 | 227,011 |
Loans, Current & Other | 13,526,642 | 13,202,521 |
Total Financing Receivables | 13,713,548 | 13,429,532 |
Loans, Recorded Investment >90 Days & Accruing | 9,494 | 15,541 |
Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans, Total Past Due | 121,090 | 132,984 |
Construction & Land Development [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans, 30-89 Days Past Due | 2,219 | 8,462 |
Loans, Total Past Due | 18,262 | 27,874 |
Loans, Current & Other | 1,389,943 | 1,382,594 |
Total Financing Receivables | 1,408,205 | 1,410,468 |
Loans, Recorded Investment >90 Days & Accruing | 0 | 680 |
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 | 16,043 | 19,412 |
Commercial Real Estate [Member] | Owner-Occupied [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans, 30-89 Days Past Due | 8,878 | 9,224 |
Loans, Total Past Due | 20,087 | 26,966 |
Loans, Current & Other | 1,181,565 | 1,264,824 |
Total Financing Receivables | 1,201,652 | 1,291,790 |
Loans, Recorded Investment >90 Days & Accruing | 544 | 629 |
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 | 11,209 | 17,742 |
Commercial Real Estate [Member] | Nonowner-Occupied [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans, 30-89 Days Past Due | 6,318 | 16,108 |
Loans, Total Past Due | 22,447 | 34,200 |
Loans, Current & Other | 3,943,513 | 4,269,413 |
Total Financing Receivables | 3,965,960 | 4,303,613 |
Loans, Recorded Investment >90 Days & Accruing | 471 | 1,171 |
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 | 16,129 | 18,092 |
Other Commercial [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans, 30-89 Days Past Due | 5,238 | 13,556 |
Loans, Total Past Due | 56,779 | 59,596 |
Loans, Current & Other | 2,228,258 | 1,898,045 |
Total Financing Receivables | 2,285,037 | 1,957,641 |
Loans, Recorded Investment >90 Days & Accruing | 668 | 2,850 |
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 | 51,541 | 46,040 |
Residential Real Estate [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans, 30-89 Days Past Due | 31,727 | 37,111 |
Loans, Total Past Due | 56,070 | 67,389 |
Loans, Current & Other | 3,630,331 | 3,434,004 |
Total Financing Receivables | 3,686,401 | 3,501,393 |
Loans, Recorded Investment >90 Days & Accruing | 6,256 | 9,141 |
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 | 24,343 | 30,278 |
Consumer [Member] | Bankcard [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans, 30-89 Days Past Due | 445 | 657 |
Loans, Total Past Due | 663 | 834 |
Loans, Current & Other | 9,411 | 9,369 |
Total Financing Receivables | 10,074 | 10,203 |
Loans, Recorded Investment >90 Days & Accruing | 218 | 177 |
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 | 218 | 177 |
Consumer [Member] | Other Consumer [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans, 30-89 Days Past Due | 10,991 | 8,909 |
Loans, Total Past Due | 12,598 | 10,152 |
Loans, Current & Other | 1,143,621 | 944,272 |
Total Financing Receivables | 1,156,219 | 954,424 |
Loans, Recorded Investment >90 Days & Accruing | 1,337 | 893 |
Consumer [Member] | Other Consumer [Member] | Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans, Total Past Due | $ 1,607 | $ 1,243 |
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 | Dec. 31, 2019 | Dec. 31, 2018 |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Acquired impaired loans from merger | $ 13,713,548 | $ 13,429,532 |
Loans Acquired with Deteriorated Credit Quality [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Acquired impaired loans from merger | $ 96,004 | 149,737 |
Loans Acquired with Deteriorated Credit Quality [Member] | Loans and Debt Securities Acquired with Deteriorated Credit Quality [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Acquired impaired loans from merger | $ 149,737 |
Credit Quality - Schedule of No
Credit Quality - Schedule of Nonaccrual Loans, Segregated by Class of Loans (Detail) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans on Nonaccrual Status | $ 111,596 | $ 117,443 |
Construction & Land Development [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans on Nonaccrual Status | 16,043 | 18,732 |
Commercial Real Estate [Member] | Owner-Occupied [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans on Nonaccrual Status | 10,665 | 17,113 |
Commercial Real Estate [Member] | Nonowner-Occupied [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans on Nonaccrual Status | 15,658 | 16,921 |
Other Commercial [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans on Nonaccrual Status | 50,873 | 43,190 |
Residential Real Estate [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans on Nonaccrual Status | 18,087 | 21,137 |
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 | $ 270 | $ 350 |
Credit Quality - Schedule of Cr
Credit Quality - Schedule of Credit Quality Indicators Information, by Class of Loans (Detail) - USD ($) | Dec. 31, 2019 | Dec. 31, 2018 |
Financing Receivable, Recorded Investment [Line Items] | ||
Financing receivable, credit quality indicators information | $ 13,713,548,000 | $ 13,429,532,000 |
Residential Real Estate [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing receivable, credit quality indicators information | 3,686,401,000 | 3,501,393,000 |
Other Commercial [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing receivable, credit quality indicators information | 2,285,037,000 | 1,957,641,000 |
Bankcard [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing receivable, credit quality indicators information | 10,074,000 | 10,203,000 |
Other Consumer [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing receivable, credit quality indicators information | 1,156,219,000 | 954,424,000 |
Owner-Occupied [Member] | Commercial Real Estate [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing receivable, credit quality indicators information | 1,201,652,000 | 1,291,790,000 |
Nonowner-Occupied [Member] | Commercial Real Estate [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing receivable, credit quality indicators information | 3,965,960,000 | 4,303,613,000 |
Construction & Land Development [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing receivable, credit quality indicators information | 1,408,205,000 | 1,410,468,000 |
Pass [Member] | Residential Real Estate [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing receivable, credit quality indicators information | 3,645,654,000 | 3,436,584,000 |
Pass [Member] | Other Commercial [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing receivable, credit quality indicators information | 2,136,266,000 | 1,858,821,000 |
Pass [Member] | Bankcard [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing receivable, credit quality indicators information | 9,411,000 | 9,369,000 |
Pass [Member] | Other Consumer [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing receivable, credit quality indicators information | 1,143,608,000 | 944,241,000 |
Pass [Member] | Owner-Occupied [Member] | Commercial Real Estate [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing receivable, credit quality indicators information | 1,136,589,000 | 1,201,387,000 |
Pass [Member] | Nonowner-Occupied [Member] | Commercial Real Estate [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing receivable, credit quality indicators information | 3,850,886,000 | 4,161,149,000 |
Pass [Member] | Construction & Land Development [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing receivable, credit quality indicators information | 1,334,950,000 | 1,330,899,000 |
Special Mention [Member] | Residential Real Estate [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing receivable, credit quality indicators information | 12,038,000 | 19,051,000 |
Special Mention [Member] | Other Commercial [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing receivable, credit quality indicators information | 75,511,000 | 14,424,000 |
Special Mention [Member] | Bankcard [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing receivable, credit quality indicators information | 445,000 | 657,000 |
Special Mention [Member] | Other Consumer [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing receivable, credit quality indicators information | 10,993,000 | 8,914,000 |
Special Mention [Member] | Owner-Occupied [Member] | Commercial Real Estate [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing receivable, credit quality indicators information | 14,449,000 | 34,487,000 |
Special Mention [Member] | Nonowner-Occupied [Member] | Commercial Real Estate [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing receivable, credit quality indicators information | 44,134,000 | 46,442,000 |
Special Mention [Member] | Construction & Land Development [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing receivable, credit quality indicators information | 4,614,000 | 28,629,000 |
Substandard [Member] | Residential Real Estate [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing receivable, credit quality indicators information | 28,572,000 | 45,758,000 |
Substandard [Member] | Other Commercial [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing receivable, credit quality indicators information | 72,451,000 | 81,946,000 |
Substandard [Member] | Bankcard [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing receivable, credit quality indicators information | 218,000 | 177,000 |
Substandard [Member] | Other Consumer [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing receivable, credit quality indicators information | 1,618,000 | 1,269 |
Substandard [Member] | Owner-Occupied [Member] | Commercial Real Estate [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing receivable, credit quality indicators information | 50,346,000 | 55,916,000 |
Substandard [Member] | Nonowner-Occupied [Member] | Commercial Real Estate [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing receivable, credit quality indicators information | 70,940,000 | 96,022,000 |
Substandard [Member] | Construction & Land Development [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing receivable, credit quality indicators information | 68,641,000 | 50,940,000 |
Doubtful [Member] | Residential Real Estate [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing receivable, credit quality indicators information | 137,000 | 0 |
Doubtful [Member] | Other Commercial [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Financing receivable, credit quality indicators information | 809,000 | 2,450,000 |
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 | 268,000 | 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 | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Construction & Land Development [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Impaired Loans, Recorded Investment, With no related allowance recorded | $ 39,599 | $ 37,174 |
Impaired Loans, Unpaid Principal Balance, With no related allowance recorded | 47,594 | 40,459 |
Impaired Loans, Recorded Investment, With an allowance recorded | 1,269 | 14,742 |
Impaired Loans, Unpaid Principal Balance, With an allowance recorded | 1,269 | 19,446 |
Impaired Loans, Related Allowance | 262 | 2,254 |
Impaired Loans, Recorded Investment | 40,868 | 51,916 |
Impaired Loans, Unpaid Principal Balance | 48,863 | 59,905 |
Impaired Loans, Average Recorded Investment, With no related allowance recorded | 35,702 | 41,892 |
Impaired Loans, Interest Income Recognized, With no related allowance recorded | 799 | 914 |
Impaired Loans, Average Recorded Investment, With an allowance recorded | 11,243 | 8,893 |
Impaired Loans, Interest Income Recognized, With an allowance recorded | 79 | 79 |
Impaired Loans, Average Recorded Investment | 46,945 | 50,785 |
Impaired Loans, Interest Income Recognized | 878 | 993 |
Commercial Real Estate [Member] | Owner-Occupied [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Impaired Loans, Recorded Investment, With no related allowance recorded | 58,709 | 63,633 |
Impaired Loans, Unpaid Principal Balance, With no related allowance recorded | 58,709 | 63,798 |
Impaired Loans, Recorded Investment, With an allowance recorded | 3,904 | 10,004 |
Impaired Loans, Unpaid Principal Balance, With an allowance recorded | 5,223 | 10,004 |
Impaired Loans, Related Allowance | 974 | 2,542 |
Impaired Loans, Recorded Investment | 62,613 | 73,637 |
Impaired Loans, Unpaid Principal Balance | 63,932 | 73,802 |
Impaired Loans, Average Recorded Investment, With no related allowance recorded | 66,838 | 67,665 |
Impaired Loans, Interest Income Recognized, With no related allowance recorded | 1,568 | 1,548 |
Impaired Loans, Average Recorded Investment, With an allowance recorded | 3,848 | 7,658 |
Impaired Loans, Interest Income Recognized, With an allowance recorded | 0 | 25 |
Impaired Loans, Average Recorded Investment | 70,686 | 75,323 |
Impaired Loans, Interest Income Recognized | 1,568 | 1,573 |
Commercial Real Estate [Member] | Nonowner-Occupied [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Impaired Loans, Recorded Investment, With no related allowance recorded | 38,011 | 98,845 |
Impaired Loans, Unpaid Principal Balance, With no related allowance recorded | 38,070 | 98,904 |
Impaired Loans, Recorded Investment, With an allowance recorded | 15,947 | 15,720 |
Impaired Loans, Unpaid Principal Balance, With an allowance recorded | 15,947 | 15,720 |
Impaired Loans, Related Allowance | 2,979 | 2,715 |
Impaired Loans, Recorded Investment | 53,958 | 114,565 |
Impaired Loans, Unpaid Principal Balance | 54,017 | 114,624 |
Impaired Loans, Average Recorded Investment, With no related allowance recorded | 54,948 | 103,611 |
Impaired Loans, Interest Income Recognized, With no related allowance recorded | 1,064 | 1,516 |
Impaired Loans, Average Recorded Investment, With an allowance recorded | 13,471 | 12,298 |
Impaired Loans, Interest Income Recognized, With an allowance recorded | 404 | 387 |
Impaired Loans, Average Recorded Investment | 68,419 | 115,909 |
Impaired Loans, Interest Income Recognized | 1,468 | 1,903 |
Other Commercial [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Impaired Loans, Recorded Investment, With no related allowance recorded | 56,717 | 40,291 |
Impaired Loans, Unpaid Principal Balance, With no related allowance recorded | 62,796 | 50,459 |
Impaired Loans, Recorded Investment, With an allowance recorded | 40,300 | 61,266 |
Impaired Loans, Unpaid Principal Balance, With an allowance recorded | 42,684 | 62,812 |
Impaired Loans, Related Allowance | 11,931 | 17,581 |
Impaired Loans, Recorded Investment | 97,017 | 101,557 |
Impaired Loans, Unpaid Principal Balance | 105,480 | 113,271 |
Impaired Loans, Average Recorded Investment, With no related allowance recorded | 55,473 | 51,416 |
Impaired Loans, Interest Income Recognized, With no related allowance recorded | 1,008 | 718 |
Impaired Loans, Average Recorded Investment, With an allowance recorded | 41,112 | 51,118 |
Impaired Loans, Interest Income Recognized, With an allowance recorded | 182 | 1,072 |
Impaired Loans, Average Recorded Investment | 96,585 | 102,534 |
Impaired Loans, Interest Income Recognized | 1,190 | 1,790 |
Residential Real Estate [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Impaired Loans, Recorded Investment, With no related allowance recorded | 28,096 | 28,207 |
Impaired Loans, Unpaid Principal Balance, With no related allowance recorded | 29,022 | 29,279 |
Impaired Loans, Recorded Investment, With an allowance recorded | 6,793 | 19,623 |
Impaired Loans, Unpaid Principal Balance, With an allowance recorded | 6,793 | 22,064 |
Impaired Loans, Related Allowance | 354 | 3,265 |
Impaired Loans, Recorded Investment | 34,889 | 47,830 |
Impaired Loans, Unpaid Principal Balance | 35,815 | 51,343 |
Impaired Loans, Average Recorded Investment, With no related allowance recorded | 31,166 | 27,459 |
Impaired Loans, Interest Income Recognized, With no related allowance recorded | 630 | 657 |
Impaired Loans, Average Recorded Investment, With an allowance recorded | 10,444 | 15,365 |
Impaired Loans, Interest Income Recognized, With an allowance recorded | 267 | 460 |
Impaired Loans, Average Recorded Investment | 41,610 | 42,824 |
Impaired Loans, Interest Income Recognized | 897 | 1,117 |
Consumer [Member] | Bankcard [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Impaired Loans, Recorded Investment, With no related allowance recorded | 0 | 0 |
Impaired Loans, Unpaid Principal Balance, With no related allowance recorded | 0 | 0 |
Impaired Loans, Recorded Investment, With an allowance recorded | 0 | 0 |
Impaired Loans, Unpaid Principal Balance, With an allowance recorded | 0 | 0 |
Impaired Loans, Related Allowance | 0 | 0 |
Impaired Loans, Recorded Investment | 0 | 0 |
Impaired Loans, Unpaid Principal Balance | 0 | 0 |
Impaired Loans, Average Recorded Investment, With no related allowance recorded | 0 | 0 |
Impaired Loans, Interest Income Recognized, With no related allowance recorded | 0 | 0 |
Impaired Loans, Average Recorded Investment, With an allowance recorded | 0 | 0 |
Impaired Loans, Interest Income Recognized, With an allowance recorded | 0 | 0 |
Impaired Loans, Average Recorded Investment | 0 | 0 |
Impaired Loans, Interest Income Recognized | 0 | 0 |
Consumer [Member] | Other Consumer [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Impaired Loans, Recorded Investment, With no related allowance recorded | 11 | 27 |
Impaired Loans, Unpaid Principal Balance, With no related allowance recorded | 11 | 27 |
Impaired Loans, Recorded Investment, With an allowance recorded | 0 | 0 |
Impaired Loans, Unpaid Principal Balance, With an allowance recorded | 0 | 0 |
Impaired Loans, Related Allowance | 0 | 0 |
Impaired Loans, Recorded Investment | 11 | 27 |
Impaired Loans, Unpaid Principal Balance | 11 | 27 |
Impaired Loans, Average Recorded Investment, With no related allowance recorded | 25 | 28 |
Impaired Loans, Interest Income Recognized, With no related allowance recorded | 0 | 0 |
Impaired Loans, Average Recorded Investment, With an allowance recorded | 0 | 0 |
Impaired Loans, Interest Income Recognized, With an allowance recorded | 0 | 0 |
Impaired Loans, Average Recorded Investment | 25 | 28 |
Impaired Loans, Interest Income Recognized | $ 0 | $ 0 |
Allowance for Credit Losses - A
Allowance for Credit Losses - Additional Information (Detail) - USD ($) | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Specific loss allocations are calculated for commercial loans in excess | $ 500,000 | ||
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 | ||
provision for loan losses related to loans acquired | $ 1,984,000 | $ 4,218,000 | |
Reserve for lending-related commitments | $ 1,733,000 | $ 1,389,000 | $ 679,000 |
Reversal of provision for loan losses related to loans acquired | $ 1,106,000 | ||
Closed-End Retail Loans [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Number of days delinquent from contractual due date | 120 days | ||
Open-End Loans [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Number of days delinquent from contractual due date | 180 days |
Allowance for Credit Losses - S
Allowance for Credit Losses - Schedule of Allowance for Loan Losses and Carrying Amount of Loans (Detail) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Allowance for Loan Losses Beginning balance | $ 76,703 | $ 76,627 | ||
Charge-offs | (29,110) | (28,606) | ||
Recoveries | 8,151 | 6,669 | ||
Provision | 21,313 | 22,013 | ||
Allowance for Loan Losses Ending balance | 77,057 | 76,703 | ||
Allowance for Loan Losses, individually evaluated for impairment | 16,499 | 28,358 | ||
Allowance for Loan Losses, collectively evaluated for impairment | 60,558 | 48,345 | ||
Allowance for Loan Losses | 77,057 | 76,703 | $ 76,627 | $ 72,771 |
Financing receivables | 13,713,548 | 13,429,532 | ||
Financing receivables, individually evaluated for impairment | 123,505 | 161,935 | ||
Financing receivables, collectively evaluated for impairment | 13,494,039 | 13,117,860 | ||
Loans Acquired with Deteriorated Credit Quality [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Allowance for Loan Losses | 0 | 0 | ||
Financing receivables | 96,004 | 149,737 | ||
Construction & Land Development [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Allowance for Loan Losses Beginning balance | 7,992 | 7,187 | ||
Charge-offs | (1,303) | (2,731) | ||
Recoveries | 175 | 197 | ||
Provision | (3,511) | 3,339 | ||
Allowance for Loan Losses Ending balance | 3,353 | 7,992 | ||
Allowance for Loan Losses, individually evaluated for impairment | 262 | 2,254 | ||
Allowance for Loan Losses, collectively evaluated for impairment | 3,091 | 5,738 | ||
Financing receivables | 1,408,205 | 1,410,468 | ||
Financing receivables, individually evaluated for impairment | 14,047 | 14,807 | ||
Financing receivables, collectively evaluated for impairment | 1,382,369 | 1,374,840 | ||
Construction & Land Development [Member] | Loans Acquired with Deteriorated Credit Quality [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Allowance for Loan Losses | 0 | 0 | ||
Financing receivables | 11,789 | 20,821 | ||
Allowance for Estimated Imprecision [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Allowance for Loan Losses Beginning balance | 245 | 73 | ||
Charge-offs | 0 | 0 | ||
Recoveries | 0 | 0 | ||
Provision | 52 | 172 | ||
Allowance for Loan Losses Ending balance | 297 | 245 | ||
Allowance for Loan Losses, individually evaluated for impairment | 0 | 0 | ||
Allowance for Loan Losses, collectively evaluated for impairment | 297 | 245 | ||
Financing receivables | 0 | 0 | ||
Financing receivables, individually evaluated for impairment | 0 | 0 | ||
Financing receivables, collectively evaluated for impairment | 0 | 0 | ||
Allowance for Estimated Imprecision [Member] | Loans Acquired with Deteriorated Credit Quality [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Allowance for Loan Losses | 0 | 0 | ||
Financing receivables | 0 | 0 | ||
Commercial Real Estate [Member] | Owner-Occupied [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Allowance for Loan Losses Beginning balance | 5,063 | 5,401 | ||
Charge-offs | (7,905) | (3,225) | ||
Recoveries | 3,733 | 1,189 | ||
Provision | 4,663 | 1,698 | ||
Allowance for Loan Losses Ending balance | 5,554 | 5,063 | ||
Allowance for Loan Losses, individually evaluated for impairment | 973 | 2,543 | ||
Allowance for Loan Losses, collectively evaluated for impairment | 4,581 | 2,520 | ||
Financing receivables | 1,201,652 | 1,291,790 | ||
Financing receivables, individually evaluated for impairment | 16,703 | 27,599 | ||
Financing receivables, collectively evaluated for impairment | 1,160,556 | 1,234,919 | ||
Commercial Real Estate [Member] | Owner-Occupied [Member] | Loans Acquired with Deteriorated Credit Quality [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Allowance for Loan Losses | 0 | 0 | ||
Financing receivables | 24,393 | 29,272 | ||
Commercial Real Estate [Member] | Nonowner-Occupied [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Allowance for Loan Losses Beginning balance | 6,919 | 6,369 | ||
Charge-offs | (1,093) | (314) | ||
Recoveries | 80 | 563 | ||
Provision | 2,618 | 301 | ||
Allowance for Loan Losses Ending balance | 8,524 | 6,919 | ||
Allowance for Loan Losses, individually evaluated for impairment | 2,979 | 2,715 | ||
Allowance for Loan Losses, collectively evaluated for impairment | 5,545 | 4,204 | ||
Financing receivables | 3,965,960 | 4,303,613 | ||
Financing receivables, individually evaluated for impairment | 27,121 | 25,231 | ||
Financing receivables, collectively evaluated for impairment | 3,925,249 | 4,215,060 | ||
Commercial Real Estate [Member] | Nonowner-Occupied [Member] | Loans Acquired with Deteriorated Credit Quality [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Allowance for Loan Losses | 0 | 0 | ||
Financing receivables | 13,590 | 63,322 | ||
Other Commercial [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Allowance for Loan Losses Beginning balance | 41,341 | 45,189 | ||
Charge-offs | (12,975) | (16,424) | ||
Recoveries | 2,599 | 2,944 | ||
Provision | 16,360 | 9,632 | ||
Allowance for Loan Losses Ending balance | 47,325 | 41,341 | ||
Allowance for Loan Losses, individually evaluated for impairment | 11,931 | 17,581 | ||
Allowance for Loan Losses, collectively evaluated for impairment | 35,394 | 23,760 | ||
Financing receivables | 2,285,037 | 1,957,641 | ||
Financing receivables, individually evaluated for impairment | 54,108 | 72,300 | ||
Financing receivables, collectively evaluated for impairment | 2,194,432 | 1,860,085 | ||
Other Commercial [Member] | Loans Acquired with Deteriorated Credit Quality [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Allowance for Loan Losses | 0 | 0 | ||
Financing receivables | 36,497 | 25,256 | ||
Residential Real Estate [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Allowance for Loan Losses Beginning balance | 12,448 | 9,927 | ||
Charge-offs | (2,967) | (3,162) | ||
Recoveries | 858 | 1,114 | ||
Provision | (1,342) | 4,569 | ||
Allowance for Loan Losses Ending balance | 8,997 | 12,448 | ||
Allowance for Loan Losses, individually evaluated for impairment | 354 | 3,265 | ||
Allowance for Loan Losses, collectively evaluated for impairment | 8,643 | 9,183 | ||
Financing receivables | 3,686,401 | 3,501,393 | ||
Financing receivables, individually evaluated for impairment | 11,526 | 21,998 | ||
Financing receivables, collectively evaluated for impairment | 3,665,140 | 3,468,356 | ||
Residential Real Estate [Member] | Loans Acquired with Deteriorated Credit Quality [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Allowance for Loan Losses | 0 | 0 | ||
Financing receivables | 9,735 | 11,039 | ||
Consumer [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Allowance for Loan Losses Beginning balance | 2,695 | 2,481 | ||
Charge-offs | (2,867) | (2,750) | ||
Recoveries | 706 | 662 | ||
Provision | 2,473 | 2,302 | ||
Allowance for Loan Losses Ending balance | 3,007 | 2,695 | ||
Allowance for Loan Losses, individually evaluated for impairment | 0 | 0 | ||
Allowance for Loan Losses, collectively evaluated for impairment | 3,007 | 2,695 | ||
Financing receivables | 1,166,293 | 964,627 | ||
Financing receivables, individually evaluated for impairment | 0 | 0 | ||
Financing receivables, collectively evaluated for impairment | 1,166,293 | 964,600 | ||
Consumer [Member] | Loans Acquired with Deteriorated Credit Quality [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Allowance for Loan Losses | 0 | 0 | ||
Financing receivables | $ 0 | $ 27 |
Allowance for Credit Losses - P
Allowance for Credit Losses - Progression of Allowance for Credit Losses Including Allowance for Loan Losses and Reserve for Lending-Related Commitments (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Receivables [Abstract] | |||||||||||
Balance of allowance for loan losses at beginning of period | $ 76,703 | $ 76,627 | $ 76,703 | $ 76,627 | $ 72,771 | ||||||
Provision for loan losses | $ 5,867 | $ 5,033 | $ 5,417 | $ 4,996 | $ 5,823 | $ 4,808 | $ 6,204 | $ 5,178 | 21,313 | 22,013 | 28,406 |
Financing receivable allowance and provisions for credit losses | 98,016 | 98,640 | 101,177 | ||||||||
Loans charged off | (29,110) | (28,606) | (32,863) | ||||||||
Recoveries | 8,151 | 6,669 | 8,313 | ||||||||
Net charge-offs | (20,959) | (21,937) | (24,550) | ||||||||
Balance of allowance for loan losses at end of period | 77,057 | 76,703 | 77,057 | 76,703 | 76,627 | ||||||
Reserve for lending-related commitments | 1,733 | 1,389 | 1,733 | 1,389 | 679 | ||||||
Balance of allowance for credit losses at end of period | $ 78,790 | $ 78,092 | $ 78,790 | $ 78,092 | $ 77,306 |
Bank Premises and Equipment a_3
Bank Premises and Equipment and Leases - Bank Premises and Equipment (Detail) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Property, Plant and Equipment [Line Items] | ||
Bank premises and equipment, Gross | $ 250,010 | $ 247,739 |
Less allowance for depreciation and amortization | (153,366) | (152,494) |
Bank premises and equipment, Net | 96,644 | 95,245 |
Land [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Bank premises and equipment, Gross | 32,085 | 31,679 |
Buildings and Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Bank premises and equipment, Gross | 105,759 | 103,014 |
Leasehold Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Bank premises and equipment, Gross | 40,789 | 41,001 |
Furniture, Fixtures and Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Bank premises and equipment, Gross | $ 71,377 | $ 72,045 |
Bank Premises and Equipment a_4
Bank Premises and Equipment and Leases - Additional Information (Detail) - USD ($) | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Property, Plant and Equipment [Abstract] | |||
Depreciation expense | $ 9,329,000 | $ 10,254,000 | $ 8,914,000 |
Amortization expense | $ 141,000 | $ 102,000 | $ 122,000 |
Leases - Additional Information
Leases - Additional Information (Detail) | Dec. 31, 2019 |
Operating lease remaining lease term | 4 years 10 months 28 days |
Operating leases, option to extend term | 5 years |
Maximum [Member] | |
Operating lease remaining lease term | 13 years |
Minimum [Member] | |
Operating lease remaining lease term | 1 year |
Leases - Components of Lease Ex
Leases - Components of Lease Expense (Detail) $ in Thousands | 12 Months Ended |
Dec. 31, 2019USD ($) | |
Operating lease cost | $ 19,508 |
Sublease income | (825) |
Net lease cost | $ 18,683 |
Leases - Supplemental Balance S
Leases - Supplemental Balance Sheet Information Related to Leases (Detail) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Operating lease right-of-use assets | $ 57,783 | $ 0 |
Operating lease liabilities | $ 61,342 | $ 0 |
Leases - Other Information Rela
Leases - Other Information Related to Leases (Detail) | Dec. 31, 2019 |
Weightedaverage remaining lease term [Abstract] | |
Operating leases | 4 years 10 months 28 days |
Weightedaverage discount rate [Abstract] | |
Operating leases | 3.20% |
Leases - Supplemental Cash Flow
Leases - Supplemental Cash Flow Information Related to Leases (Detail) $ in Thousands | 12 Months Ended |
Dec. 31, 2019USD ($) | |
Cash paid for amounts in the measurement of lease liabilities [Abstract] | |
Operating cash flows from operating leases | $ 19,601 |
ROU assets obtained in the exchange for lease liabilities | $ 7,630 |
Leases - Maturities of Lease Li
Leases - Maturities of Lease Liabilities by Year (Detail) $ in Thousands | Dec. 31, 2019USD ($) |
2020 | $ 17,725 |
2021 | 15,180 |
2022 | 11,522 |
2023 | 8,751 |
2024 | 5,127 |
Thereafter | 8,190 |
Total lease payments | 66,495 |
Less: imputed interest | (5,153) |
Total | $ 61,342 |
Goodwill and Other Intangible_2
Goodwill and Other Intangibles - Summary of Intangible Assets (Detail) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Finite-Lived Intangible Assets [Line Items] | ||
Goodwill not subject to amortization | $ 1,478,014 | $ 1,478,014 |
Core Deposit Intangible Assets [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 98,359 | 98,359 |
Accumulated Amortization | 69,508 | 62,492 |
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 | 1,472,699 |
Community Banking [Member] | Core Deposit Intangible Assets [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 98,359 | 98,359 |
Accumulated Amortization | 69,508 | 62,492 |
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 | 5,315 |
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 |
Goodwill and Other Intangible A
Goodwill and Other Intangible Assets - Schedule of Anticipated Amortization Expense (Detail) $ in Thousands | Dec. 31, 2019USD ($) |
Goodwill and Intangible Assets Disclosure [Abstract] | |
2020 | $ 6,309 |
2021 | 5,369 |
2022 | 4,582 |
2023 | 4,322 |
2024 and thereafter | $ 8,269 |
Deposits - Book Value of Deposi
Deposits - Book Value of Deposits (Detail) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Deposits [Abstract] | ||
Demand deposits | $ 3,381,866 | $ 3,212,878 |
Interest-bearing checking | 372,175 | 374,495 |
Regular savings | 882,889 | 954,961 |
Money market accounts | 6,891,696 | 7,157,028 |
Time deposits under $100,000 | 723,941 | 712,313 |
Time deposits over $100,000 | 1,599,854 | 1,583,074 |
Total deposits | $ 13,852,421 | $ 13,994,749 |
Deposits - Additional Informati
Deposits - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Deposits [Line Items] | |||
Time deposits over $250,000 | $ 803,414 | $ 979,707 | |
Deposits | 13,852,421 | 13,994,749 | |
Subsidiaries [Member] | |||
Deposits [Line Items] | |||
Deposits | 15,350 | 24,102 | |
Deposits [Member] | |||
Deposits [Line Items] | |||
Interest paid | $ 136,360 | $ 87,219 | $ 48,887 |
Short-Term Borrowings - Short-T
Short-Term Borrowings - Short-Term Borrowings and the Related Weighted-Average Interest Rates (Detail) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Short-term Debt [Line Items] | |||
Short-term borrowings | $ 124,654 | $ 176,627 | |
Federal Funds Purchased [Member] | |||
Short-term Debt [Line Items] | |||
Short-term borrowings | $ 0 | $ 23,400 | $ 16,235 |
Weighted-Average Rate | 0.00% | 2.40% | 1.40% |
Securities Sold Under Agreements to Repurchase [Member] | |||
Short-term Debt [Line Items] | |||
Short-term borrowings | $ 124,654 | $ 152,927 | $ 261,352 |
Weighted-Average Rate | 1.09% | 0.96% | 0.36% |
Short-Term Borrowings -Short-Te
Short-Term Borrowings -Short-Term Borrowings and the Related Weighted-Average Interest Rates (Parenthetical) (Detail) $ in Thousands | Dec. 31, 2019USD ($) |
Long-term borrowings | $ 0 |
Virginia Commerce Bank | |
Long-term borrowings | $ 50,000 |
Short-Term Borrowings - Additio
Short-Term Borrowings - Additional Information (Detail) - USD ($) | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Short-term Debt [Line Items] | |||
Unused lines of credit | $ 230,000,000 | ||
Short-Term Borrowings [Member] | |||
Short-term Debt [Line Items] | |||
Interest paid | 2,359,000 | $ 2,238,000 | $ 1,574,000 |
Unrelated Financial Institution [Member] | |||
Short-term Debt [Line Items] | |||
Unused lines of credit | $ 20,000,000 | ||
Renewal period of line of credit | 360 day | ||
Amount of outstanding balance under line of credit | $ 0 |
Short-Term Borrowings - Funds P
Short-Term Borrowings - Funds Purchased and Securities Sold Under Agreements to Repurchase and Weighted-Average Interest Rates (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Short-term Debt [Line Items] | |||
Short-term borrowings | $ 124,654 | $ 176,627 | |
Federal Funds Purchased [Member] | |||
Short-term Debt [Line Items] | |||
Short-term borrowings | $ 0 | $ 23,400 | $ 16,235 |
Weighted-average interest rate at year-end | 0.00% | 2.40% | 1.40% |
Maximum amount outstanding at any month's end | $ 0 | $ 25,790 | $ 25,800 |
Average amount outstanding during the year | $ 1,899 | $ 16,773 | $ 18,433 |
Weighted-average interest rate during the year | 2.52% | 1.86% | 0.88% |
Securities Sold Under Agreements to Repurchase [Member] | |||
Short-term Debt [Line Items] | |||
Short-term borrowings | $ 124,654 | $ 152,927 | $ 261,352 |
Weighted-average interest rate at year-end | 1.09% | 0.96% | 0.36% |
Maximum amount outstanding at any month's end | $ 161,175 | $ 328,484 | $ 377,687 |
Average amount outstanding during the year | $ 131,187 | $ 194,956 | $ 287,663 |
Weighted-average interest rate during the year | 1.33% | 0.61% | 0.33% |
Long-Term Borrowings - Addition
Long-Term Borrowings - Additional Information (Detail) | 12 Months Ended | ||
Dec. 31, 2019USD ($)Trust | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | |
Debt Instrument [Line Items] | |||
Unused borrowing amount | $ 3,666,479,000 | ||
FHLB advances | 1,851,865,000 | $ 1,439,198,000 | |
Overnight funds | $ 250,000,000 | 175,000,000 | |
Number of statutory business trusts | Trust | 14 | ||
Outstanding balances of debentures | $ 236,164,000 | 234,905,000 | |
Maximum time to defer payment of interest on subordinate debt | 5 years | ||
Long-Term Borrowings [Member] | |||
Debt Instrument [Line Items] | |||
Interest paid | $ 43,830,000 | $ 35,222,000 | $ 22,254,000 |
Capital Securities [Member] | |||
Debt Instrument [Line Items] | |||
Number of statutory business trusts | Trust | 14 | ||
Maximum [Member] | |||
Debt Instrument [Line Items] | |||
Risk based assets | $ 15,000,000,000 | ||
Federal Home Loan Bank Borrowings [Member] | |||
Debt Instrument [Line Items] | |||
Carrying value of loans pledged as collateral for FHLB advances | $ 4,317,748,000 |
Long-Term Borrowings - FHLB Adv
Long-Term Borrowings - FHLB Advances and Related Weighted Average Interest Rates (Detail) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
FHLB advances, Amount | $ 1,851,865 | $ 1,439,198 |
FHLB advances, Weighted-Average Contractual Rate | 2.03% | 2.42% |
FHLB advances, Weighted-Average Effective Rate | 2.03% | 2.42% |
Long -Term Borrowings - Informa
Long -Term Borrowings - Information Related to Statutory Trusts (Detail) $ in Thousands | 12 Months Ended |
Dec. 31, 2019USD ($) | |
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 |
Long -Term Borrowings - Debentu
Long -Term Borrowings - Debentures and Related Weighted Average Interest Rates (Detail) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Debt Instrument [Line Items] | ||
Amount | $ 236,164 | $ 234,905 |
United Statutory Trust III [Member] | ||
Debt Instrument [Line Items] | ||
Amount | $ 20,619 | $ 20,619 |
Weighted-Average Rate | 4.75% | 5.64% |
United Statutory Trust IV [Member] | ||
Debt Instrument [Line Items] | ||
Amount | $ 25,774 | $ 25,774 |
Weighted-Average Rate | 4.79% | 5.37% |
United Statutory Trust V [Member] | ||
Debt Instrument [Line Items] | ||
Amount | $ 51,547 | $ 51,547 |
Weighted-Average Rate | 3.65% | 3.95% |
United Statutory Trust VI [Member] | ||
Debt Instrument [Line Items] | ||
Amount | $ 30,928 | $ 30,928 |
Weighted-Average Rate | 3.19% | 4.09% |
Premier Statutory Trust II [Member] | ||
Debt Instrument [Line Items] | ||
Amount | $ 6,186 | $ 6,186 |
Weighted-Average Rate | 5.09% | 5.54% |
Premier Statutory Trust III [Member] | ||
Debt Instrument [Line Items] | ||
Amount | $ 8,248 | $ 8,248 |
Weighted-Average Rate | 3.63% | 4.53% |
Premier Statutory Trust IV [Member] | ||
Debt Instrument [Line Items] | ||
Amount | $ 14,433 | $ 14,433 |
Weighted-Average Rate | 3.48% | 4.37% |
Premier Statutory Trust V [Member] | ||
Debt Instrument [Line Items] | ||
Amount | $ 10,310 | $ 10,310 |
Weighted-Average Rate | 3.52% | 4.35% |
Centra Statutory Trust I [Member] | ||
Debt Instrument [Line Items] | ||
Amount | $ 10,000 | $ 10,000 |
Weighted-Average Rate | 4.20% | 5.08% |
Centra Statutory Trust II [Member] | ||
Debt Instrument [Line Items] | ||
Amount | $ 10,000 | $ 10,000 |
Weighted-Average Rate | 3.64% | 4.09% |
Virginia Commerce Trust II [Member] | ||
Debt Instrument [Line Items] | ||
Amount | $ 12,475 | $ 12,245 |
Weighted-Average Rate | 5.22% | 5.80% |
Virginia Commerce Trust III [Member] | ||
Debt Instrument [Line Items] | ||
Amount | $ 17,268 | $ 16,742 |
Weighted-Average Rate | 3.33% | 4.07% |
Cardinal Statutory Trust I [Member] | ||
Debt Instrument [Line Items] | ||
Amount | $ 14,825 | $ 14,428 |
Weighted-Average Rate | 4.29% | 5.19% |
UFBC Capital Trust I [Member] | ||
Debt Instrument [Line Items] | ||
Amount | $ 3,551 | $ 3,445 |
Weighted-Average Rate | 3.99% | 4.89% |
Long -Term Borrowings - Schedul
Long -Term Borrowings - Schedule of Maturities of Long-term Borrowings (Detail) $ in Thousands | Dec. 31, 2019USD ($) |
Debt Disclosure [Abstract] | |
2020 | $ 740,734 |
2021 | 826,527 |
2022 | 19,737 |
2023 | 0 |
2024 | 0 |
2025 and thereafter | 251,031 |
Total | $ 1,838,029 |
Other Expense - Other Expense (
Other Expense - Other Expense (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Other Income and Expenses [Abstract] | |||
Legal, consulting & other professional services | $ 12,360 | $ 13,248 | $ 11,844 |
Franchise & other taxes not on income | 11,330 | 11,428 | 12,586 |
Automated Teller Machine (ATM) expenses | $ 7,336 | $ 6,892 | $ 6,686 |
Income Taxes - Income Tax Provi
Income Taxes - Income Tax Provisions Included in the Consolidated Statements of Income (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Current expense: | |||||||||||
Federal | $ 43,337 | $ 52,041 | $ 65,459 | ||||||||
State | 6,798 | 9,429 | 7,960 | ||||||||
Deferred expense: | |||||||||||
Federal | 12,522 | 8,298 | 20,920 | ||||||||
Tax Act remeasurement | 0 | (120) | 37,732 | ||||||||
State | 1,683 | 1,175 | 2,175 | ||||||||
Total income taxes | $ 12,473 | $ 17,010 | $ 17,529 | $ 17,328 | $ 15,757 | $ 17,926 | $ 19,241 | $ 17,899 | $ 64,340 | $ 70,823 | $ 134,246 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) | 3 Months Ended | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Income Taxes [Line Items] | ||||
Federal corporate tax rate | 21.00% | 21.00% | 35.00% | |
Deferred tax expense due to the Tax Act | $ 37,732,000 | $ (120,000) | ||
Federal income tax (benefit) expense applicable to sales and calls of securities | $ 54,000 | 180,000 | $ 2,088,000 | |
Income taxes paid | 56,459,000 | 55,336,000 | 73,096,000 | |
Franchise & other taxes not on income | 11,330,000 | 11,428,000 | 12,586,000 | |
Valuation allowance recorded | $ 0 | 0 | ||
Estimate of unrecognized tax benefits, reasonable possible | United cannot reasonably estimate the amount of tax benefits, if any, it may recognize over the next 12 months. | |||
Accrued interest related to uncertain tax positions | $ 667,000 | 675,000 | ||
Interest or penalties were recognized | 0 | $ 0 | $ 0 | |
Federal [Member] | ||||
Income Taxes [Line Items] | ||||
State net operating loss carryforwards | 0 | |||
State [Member] | ||||
Income Taxes [Line Items] | ||||
State net operating loss carryforwards | $ 0 |
Income Taxes - Reconciliation o
Income Taxes - Reconciliation of Income Tax Expense to the Amount Computed by Applying the Statutory Federal Income Tax Rate (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Income Tax Disclosure [Abstract] | |||||||||||
Tax on income before taxes at statutory federal rate | $ 68,132 | $ 68,704 | $ 99,689 | ||||||||
Plus: State income taxes net of federal tax benefits | 6,690 | 8,362 | 6,207 | ||||||||
Income tax before adjustments | 74,822 | 77,066 | 105,896 | ||||||||
Tax-exempt interest income | (2,813) | (3,298) | (5,362) | ||||||||
Tax credits | (5,636) | (2,054) | (1,171) | ||||||||
Deferred taxes due to the Tax Act | 0 | (120) | 37,732 | ||||||||
Other items-net | (2,033) | (771) | (2,849) | ||||||||
Total income taxes | $ 12,473 | $ 17,010 | $ 17,529 | $ 17,328 | $ 15,757 | $ 17,926 | $ 19,241 | $ 17,899 | $ 64,340 | $ 70,823 | $ 134,246 |
Tax on income before taxes at statutory federal rate, rate | 21.00% | 21.00% | 35.00% | ||||||||
Plus: State income taxes net of federal tax benefits, rate | 2.10% | 2.60% | 2.20% | ||||||||
Income tax before adjustments, rate | 23.10% | 23.60% | 37.20% | ||||||||
Increase (decrease) resulting from: | |||||||||||
Tax-exempt interest income, rate | (0.90%) | (1.00%) | (1.90%) | ||||||||
Tax credits, percentage | (1.70%) | (0.60%) | (0.40%) | ||||||||
Deferred taxes due to the Tax Act, rate | 0.00% | 0.00% | 13.20% | ||||||||
Other items-net, rate | (0.70%) | (0.30%) | (1.00%) | ||||||||
Income taxes, rate | 19.80% | 21.70% | 47.10% |
Income Taxes - Components of Un
Income Taxes - Components of United's Deferred Tax Assets and Liabilities (Detail) - USD ($) | Dec. 31, 2019 | Dec. 31, 2018 |
Deferred tax assets: | ||
Allowance for credit losses | $ 18,358,000 | $ 18,109,000 |
Accrued benefits payable | 13,459 | 13,914,000 |
Other accrued liabilities | 992,000 | 846,000 |
Pension plan accruals | 3,313,000 | 1,217,000 |
Unrealized loss on securities available for sale | 0 | 5,572,000 |
Other real estate owned | 2,482,000 | 2,482,000 |
Lease liabilities under operating leases | 14,293,000 | 0 |
Deferred mortgage points | 0 | 983,000 |
Purchase accounting intangibles | 5,917,000 | 18,091,000 |
Total deferred tax assets | 58,814,000 | 61,214,000 |
Deferred tax liabilities: | ||
Premises and equipment | 2,963,000 | 1,414,000 |
Unrealized gain on securities available for sale | 2,755,000 | 0 |
Right-of-use assets under operating leases | 13,464,000 | 0 |
Deferred mortgage points | 389,000 | 0 |
Other | 2,300,000 | 2,899,000 |
Total deferred tax liabilities | 21,871,000 | 4,313,000 |
Net deferred tax assets | $ 36,943,000 | $ 56,901,000 |
Income Taxes - Reconciliation_2
Income Taxes - Reconciliation of the Total Amounts of Unrecognized Tax Benefits (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Income Tax Disclosure [Abstract] | ||
Unrecognized tax benefits at beginning of year | $ 2,005 | $ 2,894 |
Increase in unrecognized tax benefits as a result of tax positions taken during the current period | 152 | 156 |
Decreases in the unrecognized tax benefits as a result of a lapse of the applicable statute of limitations | (589) | (1,045) |
Unrecognized tax benefits at end of year | $ 1,568 | $ 2,005 |
Employee Benefit Plans - Additi
Employee Benefit Plans - Additional Information (Detail) - USD ($) | 3 Months Ended | 12 Months Ended | |||
Mar. 31, 2018 | Sep. 30, 2017 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Defined Benefit Plan Disclosure [Line Items] | |||||
Net periodic pension cost decline in expense | $ 1,000,000 | ||||
Unrecognized actuarial gains (losses), before tax | $ 60,894,000 | ||||
Unrecognized actuarial gains (losses), net of tax | 46,706,000 | ||||
Amortization expected to be recognized | 5,802,000 | ||||
Amortization expected to be recognized, net of tax | 4,450,000 | ||||
Amount of United common stock held in the pension plan | $ 159,560,000 | $ 137,408,000 | 142,395,000 | ||
Percentage of equity securities include united common stock | 100.00% | 100.00% | |||
Percentage of projected benefit obligation | 10.00% | ||||
Minimum number of days required to be eligible for the participation in the plan | 90 days | ||||
Employer discretionary contribution amount | $ 7,000,000 | $ 10,000,000 | |||
Percentage of salary deferred under condition one of contribution by company | 100.00% | ||||
First percentage of salary deferred under condition one of contribution by company | 4.00% | ||||
Vesting percentage of employee deferrals | 100.00% | ||||
Cost related to savings and stock investment plan | $ 4,565,000 | $ 4,486,000 | 3,201,000 | ||
Employer contribution in shares of common stock | 1,176,283 | 1,099,386 | |||
Dividends paid on United common stock | $ 1,566,000 | $ 1,401,000 | $ 1,218,000 | ||
Minimum [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Maximum percentage allowed as of contribution to respective accounts by participants | 1.00% | ||||
Maximum [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Maximum percentage allowed as of contribution to respective accounts by participants | 100.00% | ||||
Common Stock [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Amount of United common stock held in the pension plan | $ 23,932,000 | $ 22,846,000 | |||
Percentage of equity securities include united common stock | 3.00% | 4.00% | |||
Common Stock [Member] | Maximum [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Maximum percentage limit of common stock to invest in portfolio for any industry | 5.00% | ||||
Marketable Equity Securities [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Amount of United common stock held in the pension plan | $ 4,091,000 | $ 3,292,000 | |||
Percentage of equity securities include united common stock | 63.00% | 67.00% | |||
Maximum percentage limit of common stock to invest in portfolio for any industry | 62.00% | ||||
Approximate fair value of plan assets | $ 45,475,000 | $ 34,202,000 | |||
Marketable Equity Securities [Member] | Minimum [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Maximum percentage limit of common stock to invest in portfolio for any industry | 50.00% | ||||
Marketable Equity Securities [Member] | Maximum [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Maximum percentage limit of common stock to invest in portfolio for any industry | 70.00% | ||||
Individual Company [Member] | Maximum [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Maximum percentage limit of common stock to invest in portfolio for any industry | 10.00% | ||||
Industry [Member] | Maximum [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Maximum percentage limit of common stock to invest in portfolio for any industry | 15.00% | ||||
Securities of U.S. Government or Agencies [Member] | Maximum [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Maximum percentage limit of common stock to invest in portfolio for any industry | 15.00% |
Employee Benefit Plans - Net Pe
Employee Benefit Plans - Net Periodic Pension Cost (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Defined Benefit Plan Disclosure [Line Items] | |||
Service cost | $ 2,173 | $ 2,566 | $ 2,146 |
Interest cost | 5,931 | 5,341 | 5,149 |
Expected return on plan assets | (9,434) | (10,260) | (8,538) |
Recognized net actuarial loss | 4,965 | 4,919 | 4,553 |
Net periodic pension cost | $ 3,635 | $ 2,566 | $ 3,310 |
Weighted-Average Assumptions: | |||
Discount rate | 4.52% | 3.83% | 4.49% |
Expected return on assets | 7.00% | 7.00% | 7.00% |
Rate of Compensation Increase | 3.00% | 3.00% | 3.00% |
Prior to Age 45 [Member] | |||
Weighted-Average Assumptions: | |||
Rate of Compensation Increase | 3.50% | 3.50% | 3.50% |
Employee Benefit Plans - Schedu
Employee Benefit Plans - Schedule of Amounts Related to Plan recognized as Component of Other Comprehensive Income (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Defined Benefit Plan [Abstract] | |||
Net actuarial loss | $ 10,324 | $ 4,232 | $ 6,784 |
Prior service cost | 0 | 0 | 0 |
Actuarial loss | (4,965) | (4,919) | (4,553) |
Total recognized in other comprehensive income | $ 5,359 | $ (687) | $ 2,231 |
Employee Benefit Plans - Reconc
Employee Benefit Plans - Reconciliation of the Beginning and Ending Balances of the Projected Benefit Obligation and the Fair Value of Plan Assets and the Accumulated Benefit Obligation (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Change in Projected Benefit Obligation | |||
Projected Benefit Obligation at the Beginning of the Year | $ 142,632 | $ 152,740 | |
Service cost | 2,173 | 2,566 | $ 2,146 |
Interest cost | 5,931 | 5,341 | 5,149 |
Actuarial Loss (Gain) | 28,364 | (13,301) | |
Benefits Paid | (5,323) | (4,714) | |
Projected Benefit at the End of the Year | 173,777 | 142,632 | 152,740 |
Accumulated Benefit Obligation at the End of the Year | 157,154 | 130,567 | |
Change in Plan Assets | |||
Fair Value of Plan Assets at the Beginning of the Year | 137,408 | 142,395 | |
Actual Return on Plan Assets | 27,475 | (7,273) | |
Benefits Paid | (5,323) | (4,714) | |
Employer Contributions | 0 | 7,000 | |
Fair value of plan assets at end of year | 159,560 | 137,408 | $ 142,395 |
Net Amount Recognized | |||
Funded Status | (14,217) | (5,224) | |
Unrecognized Transition Asset | 0 | 0 | |
Unrecognized Prior Service Cost | 0 | 0 | |
Unrecognized Net Loss | 60,894 | 55,535 | |
Net Amount Recognized | $ 46,677 | $ 50,311 | |
Weighted-Average Assumptions at the End of the Year | |||
Discount Rate | 3.42% | 4.52% | |
Rate of Compensation Increase | 3.50% | 3.00% | |
Prior to Age 40 [Member] | |||
Weighted-Average Assumptions at the End of the Year | |||
Rate of Compensation Increase | 5.00% | ||
Ages 40-54 [Member] | |||
Weighted-Average Assumptions at the End of the Year | |||
Rate of Compensation Increase | 4.00% | ||
Prior to Age 45 [Member] | |||
Weighted-Average Assumptions at the End of the Year | |||
Rate of Compensation Increase | 3.50% |
Employee Benefit Plans - Asset
Employee Benefit Plans - Asset Allocation for the Defined Benefit Pension Plan as of the Measurement Date, by Asset Category (Detail) | Dec. 31, 2019 | Dec. 31, 2018 |
Defined Benefit Plan Disclosure [Line Items] | ||
Percentage of Plan Assets | 100.00% | 100.00% |
Marketable Equity Securities [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Target Allocation | 62.00% | |
Percentage of Plan Assets | 63.00% | 67.00% |
Debt Securities [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Target Allocation | 35.00% | |
Percentage of Plan Assets | 35.00% | 26.00% |
Other [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Target Allocation | 3.00% | |
Percentage of Plan Assets | 2.00% | 7.00% |
Minimum [Member] | Marketable Equity Securities [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Target Allocation | 50.00% | |
Minimum [Member] | Debt Securities [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Target Allocation | 20.00% | |
Minimum [Member] | Other [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Target Allocation | 3.00% | |
Maximum [Member] | Marketable Equity Securities [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Target Allocation | 70.00% | |
Maximum [Member] | Debt Securities [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Target Allocation | 50.00% | |
Maximum [Member] | Other [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Target Allocation | 15.00% |
Employee Benefit Plans - Expect
Employee Benefit Plans - Expected Benefit Payments (Detail) $ in Thousands | Dec. 31, 2019USD ($) |
Retirement Benefits [Abstract] | |
2020 | $ 5,906 |
2021 | 6,267 |
2022 | 6,637 |
2023 | 7,055 |
2024 | 7,390 |
2025 through 2029 | $ 42,310 |
Employee Benefit Plans - Balanc
Employee Benefit Plans - Balances of the Plan Assets, by Fair Value Hierarchy Level (Detail) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Defined Benefit Plan Disclosure [Line Items] | |||
Asset at fair value | $ 159,560 | $ 137,408 | $ 142,395 |
Cash and Cash Equivalents [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Asset at fair value | 2,504 | 10,086 | |
Taxable Income [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Asset at fair value | 55,588 | 35,086 | |
Common Stock [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Asset at fair value | 23,932 | 22,846 | |
Equity Mutual Funds Global Equity [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Asset at fair value | 5,247 | ||
Equity Mutual Funds Domestic Equity Large Cap [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Asset at fair value | 28,743 | 28,090 | |
Equity Mutual Funds Domestic Equity Small Cap [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Asset at fair value | 22,216 | 15,212 | |
Equity Mutual Funds International Emerging Equity [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Asset at fair value | 8,228 | 8,791 | |
Equity Mutual Funds International Equity Developed [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Asset at fair value | 13,102 | 17,297 | |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Asset at fair value | 159,560 | 137,408 | |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Cash and Cash Equivalents [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Asset at fair value | 2,504 | 10,086 | |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Taxable Income [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Asset at fair value | 55,588 | 35,086 | |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Common Stock [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Asset at fair value | 23,932 | 22,846 | |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Equity Mutual Funds Global Equity [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Asset at fair value | 5,247 | ||
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Equity Mutual Funds Domestic Equity Large Cap [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Asset at fair value | 28,743 | 28,090 | |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Equity Mutual Funds Domestic Equity Small Cap [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Asset at fair value | 22,216 | 15,212 | |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Equity Mutual Funds International Emerging Equity [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Asset at fair value | 8,228 | 8,791 | |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Equity Mutual Funds International Equity Developed [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Asset at fair value | 13,102 | 17,297 | |
Significant Other Observable Inputs (Level 2) [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Asset at fair value | 0 | 0 | |
Significant Other Observable Inputs (Level 2) [Member] | Cash and Cash Equivalents [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Asset at fair value | 0 | 0 | |
Significant Other Observable Inputs (Level 2) [Member] | Taxable Income [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Asset at fair value | 0 | 0 | |
Significant Other Observable Inputs (Level 2) [Member] | Common Stock [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Asset at fair value | 0 | 0 | |
Significant Other Observable Inputs (Level 2) [Member] | Equity Mutual Funds Global Equity [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Asset at fair value | 0 | ||
Significant Other Observable Inputs (Level 2) [Member] | Equity Mutual Funds Domestic Equity Large Cap [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Asset at fair value | 0 | 0 | |
Significant Other Observable Inputs (Level 2) [Member] | Equity Mutual Funds Domestic Equity Small Cap [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Asset at fair value | 0 | 0 | |
Significant Other Observable Inputs (Level 2) [Member] | Equity Mutual Funds International Emerging Equity [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Asset at fair value | 0 | 0 | |
Significant Other Observable Inputs (Level 2) [Member] | Equity Mutual Funds International Equity Developed [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Asset at fair value | 0 | 0 | |
Significant Unobservable Inputs (Level 3) [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Asset at fair value | 0 | 0 | |
Significant Unobservable Inputs (Level 3) [Member] | Cash and Cash Equivalents [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Asset at fair value | 0 | 0 | |
Significant Unobservable Inputs (Level 3) [Member] | Taxable Income [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Asset at fair value | 0 | 0 | |
Significant Unobservable Inputs (Level 3) [Member] | Common Stock [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Asset at fair value | 0 | 0 | |
Significant Unobservable Inputs (Level 3) [Member] | Equity Mutual Funds Global Equity [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Asset at fair value | 0 | ||
Significant Unobservable Inputs (Level 3) [Member] | Equity Mutual Funds Domestic Equity Large Cap [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Asset at fair value | 0 | 0 | |
Significant Unobservable Inputs (Level 3) [Member] | Equity Mutual Funds Domestic Equity Small Cap [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Asset at fair value | 0 | 0 | |
Significant Unobservable Inputs (Level 3) [Member] | Equity Mutual Funds International Emerging Equity [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Asset at fair value | 0 | 0 | |
Significant Unobservable Inputs (Level 3) [Member] | Equity Mutual Funds International Equity Developed [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Asset at fair value | $ 0 | $ 0 |
Stock Based Compensation - Addi
Stock Based Compensation - Additional Information (Detail) - USD ($) | May 18, 2016 | Dec. 31, 2019 | Dec. 31, 2018 | 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 | 240,205 | |||
Recognition of compensation expense | $ 4,914,000 | $ 4,073,000 | $ 3,555,000 | |
Number of share available for grant for prior plans | 0 | |||
Maximum term for awards granted (years) | 10 years | |||
Weighted average risk free interest rate | 2.54% | |||
Weighted average dividend yield | 3.00% | |||
Weighted average volatility factors of the expected market price of United's common stock | 0.243% | |||
Weighted-average expected option life | 6 years 8 months 19 days | |||
Estimated fair value of the options at the date of grant | $ 7.16 | |||
Total unrecognized compensation cost related to nonvested option awards | $ 2,871,000 | |||
Weighted-average expense recognition period | 1 year 2 months 12 days | |||
Total fair value of awards vested | $ 1,636,000 | |||
Cash received from options exercised under the plans | $ 1,272,000 | $ 1,500,000 | $ 4,619,000 | |
Shares issued related stock option exercises | 128,742 | 72,296 | ||
Weighted-average grant-date fair value of options granted | $ 7.16 | $ 7.56 | $ 8.85 | |
Total intrinsic value of options exercised | $ 1,932,000 | $ 1,057,000 | $ 3,721,000 | |
Excess tax benefits from stock-based compensation arrangements | $ 223,000 | $ 158,000 | $ 2,201,000 | |
Restricted Stock [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Number of shares granted | 126,427 | |||
Total unrecognized compensation cost related to nonvested option awards | $ 6,041,000 | |||
Weighted-average expense recognition period | 1 year 3 months 18 days | |||
Weighted-average grant-date fair value of options granted | $ 38.49 | |||
Vesting period | 0 days |
Stock Based Compensation - Summ
Stock Based Compensation - Summary of Stock Option Plans (Detail) - USD ($) | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Disclosure Stock Based Compensation Stock Option Plan [Abstract] | ||
Shares, Outstanding, Beginning balance | 1,730,389 | |
Shares, Granted | 240,205 | |
Shares, Exercised | (128,742) | (72,296) |
Shares, Forfeited or expired | (126,536) | |
Shares, Outstanding, Ending balance | 1,715,316 | 1,730,389 |
Shares, Exercisable at December 31, 2019 | 1,125,579 | |
Aggregate Intrinsic Value, Outstanding at December 31, 2019 | $ 8,707 | |
Aggregate Intrinsic Value, Exercisable at December 31, 2019 | $ 8,342 | |
Weighted Average Remaining Contractual Term, Outstanding at December 31, 2019 | 5 years 7 months 6 days | |
Weighted Average Remaining Contractual Term, Exercisable at December 31, 2019 | 4 years 2 months 12 days | |
Weighted Average Exercise Price, Outstanding, Beginning balance | $ 32.43 | |
Weighted Average Exercise Price, Granted | 38.49 | |
Weighted Average Exercise Price, Exercised | 23.12 | |
Weighted Average Exercise Price, Forfeited or expired | 25.44 | |
Weighted Average Exercise Price, Outstanding, Ending balance | 34.49 | $ 32.43 |
Weighted Average Exercise Price, Exercisable | $ 31.97 |
Stock Based Compensation - Stat
Stock Based Compensation - Status of United's Nonvested Stock Option Awards (Detail) | 12 Months Ended |
Dec. 31, 2019$ / sharesshares | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Shares, Nonvested, Beginning balance | shares | 575,672 |
Shares, Granted | shares | 240,205 |
Shares, Vested | shares | (211,326) |
Shares, Forfeited or expired | shares | (14,814) |
Shares, Nonvested, Ending balance | shares | 589,737 |
Weighted-Average Grant Date Fair Value Per Share, Nonvested Beginning balance | $ / shares | $ 7.86 |
Weighted-Average Grant Date Fair Value Per Share, Granted | $ / shares | 7.16 |
Weighted-Average Grant Date Fair Value Per Share, Vested | $ / shares | 7.74 |
Weighted-Average Grant Date Fair Value Per Share, Forfeited or expired | $ / shares | 7.55 |
Weighted-Average Grant Date Fair Value Per Share, Nonvested Ending balance | $ / shares | $ 7.62 |
Stock Based Compensation - Chan
Stock Based Compensation - Changes to United's Restricted Common Shares (Detail) - $ / shares | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Weighted-Average Grant Date Fair Value Per Share, Granted | $ 7.16 | $ 7.56 | $ 8.85 |
Restricted Stock [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of Shares, Outstanding, Beginning balance | 199,303 | ||
Shares, Granted | 126,427 | ||
Shares, Vested | (73,685) | ||
Shares, Forfeited | (4,149) | ||
Number of Shares, Outstanding, Ending balance | 247,896 | 199,303 | |
Weighted-Average Grant Date Fair Value Per Share, Outstanding, Beginning balance | $ 39.67 | ||
Weighted-Average Grant Date Fair Value Per Share, Granted | 38.49 | ||
Weighted-Average Grant Date Fair Value Per Share, Vested | 39.28 | ||
Weighted-Average Grant Date Fair Value Per Share, Forfeited | 39.08 | ||
Weighted-Average Grant Date Fair Value Per Share, Outstanding, Ending balance | $ 39.20 | $ 39.67 |
Commitments and Contingent Li_2
Commitments and Contingent Liabilities - Additional Information (Detail) - USD ($) | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Loss Contingencies [Line Items] | ||
Loan commitments outstanding | $ 3,610,777,000 | $ 3,826,370,000 |
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 | $ 1,377,000 | |
Commitments to Extend Credit [Member] | George Mason [Member] | Short-term Contract with Customer [Member] | ||
Loss Contingencies [Line Items] | ||
Additional commitments to extend credit | 235,883,000 | |
Commercial Letters of Credit [Member] | ||
Loss Contingencies [Line Items] | ||
Letters of credit issued | 5,092,000 | 0 |
Standby Letters of Credit [Member] | ||
Loss Contingencies [Line Items] | ||
Letters of credit issued | $ 145,105,000 | $ 141,032,000 |
Derivative Financial Instrume_3
Derivative Financial Instruments - Schedule of Notional Amount and Fair Value Derivative Financial Instruments (Detail) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Derivative [Line Items] | ||
Asset derivatives, notional amount | $ 144,512 | $ 201,182 |
Asset derivatives designated as hedging instruments | 0 | 1,859 |
Liability derivatives, notional amount | 356,243 | 200,281 |
Asset derivatives not designated as hedging instruments | 4,527 | 4,645 |
Total asset derivatives | 4,527 | 6,504 |
Liability derivatives designated as hedging instruments | 2,394 | 0 |
Liability derivatives not designated as hedging instruments | 671 | 3,002 |
Total liability derivatives | 3,065 | 3,002 |
Designated as Hedging Instrument [Member] | ||
Derivative [Line Items] | ||
Asset derivatives, notional amount | 0 | 85,623 |
Liability derivatives, notional amount | 82,243 | 0 |
Not Designated as Hedging Instrument [Member] | ||
Derivative [Line Items] | ||
Asset derivatives, notional amount | 144,512 | 115,559 |
Liability derivatives, notional amount | 274,000 | 200,281 |
Other Assets [Member] | Interest Rate Lock Commitments [Member] | ||
Derivative [Line Items] | ||
Asset derivatives not designated as hedging instruments | 4,518 | 4,103 |
Other Assets [Member] | Not Designated as Hedging Instrument [Member] | Interest Rate Lock Commitments [Member] | ||
Derivative [Line Items] | ||
Asset derivatives, notional amount | 117,252 | 93,955 |
Other Liabilities [Member] | TBA Mortgage Backed Securities [Member] | ||
Derivative [Line Items] | ||
Liability derivatives not designated as hedging instruments | 671 | 3,002 |
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 | 274,000 | 200,281 |
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] | Not Designated as Hedging Instrument [Member] | ||
Derivative [Line Items] | ||
Asset derivatives, notional amount | 0 | 0 |
Asset derivatives not designated as hedging instruments | 0 | 0 |
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 | 0 | 85,623 |
Asset derivatives designated as hedging instruments | 0 | 1,859 |
Interest Rate Swap Contracts [Member] | Other Liabilities [Member] | Not Designated as Hedging Instrument [Member] | ||
Derivative [Line Items] | ||
Liability derivatives, notional amount | 0 | 0 |
Liability derivatives not designated as hedging instruments | 0 | 0 |
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 | 2,394 | 0 |
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 | 82,243 | 0 |
Forward Loan Sale Commitments [Member] | Other Assets [Member] | ||
Derivative [Line Items] | ||
Asset derivatives not designated as hedging instruments | 9 | 542 |
Forward Loan Sale Commitments [Member] | Other Assets [Member] | Not Designated as Hedging Instrument [Member] | ||
Derivative [Line Items] | ||
Asset derivatives, notional amount | $ 27,260 | $ 21,604 |
Derivative Financial Instrume_4
Derivative Financial Instruments - Summary of Carrying Amount Hedged Assets/(Liabilities) (Detail) - Designated as Hedging Instrument [Member] - Interest Rate Swap [Member] - Loans Net Of Unearned Income [Member] $ in Thousands | Dec. 31, 2019USD ($) |
Carrying Amount of the Hedged Assets/(Liabilities) | $ 81,397 |
Cumulative Amount of Fair Value Hedging Adjustment Included in the Carrying Amount of the Hedged Assets/(Liabilities) | (2,394) |
Cumulative Amount of Fair Value Hedging Adjustment Remaining for any Hedged Assets/(Liabilities) for which Hedge Accounting has been Discontinued | $ 0 |
Derivative Financial Instrume_5
Derivative Financial Instruments - Schedule of Derivative Financial Instruments on Statements of Income (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Derivative [Line Items] | |||
Derivatives in hedging relationships | $ 6,768 | $ (4,743) | $ (7,390) |
Designated as Hedging Instrument [Member] | |||
Derivative [Line Items] | |||
Derivatives in hedging relationships | (95) | (170) | (781) |
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 | (95) | (170) | (781) |
Not Designated as Hedging Instrument [Member] | |||
Derivative [Line Items] | |||
Derivatives not designated as hedging instruments | 6,863 | (4,573) | (6,609) |
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 | 2,331 | (2,690) | 1,547 |
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 | 3,607 | (2,413) | (7,730) |
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 | $ 925 | $ 530 | $ (426) |
Comprehensive Income - Componen
Comprehensive Income - Components of Total Comprehensive Income (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Comprehensive Income (Loss), Net of Tax, Attributable to Parent [Abstract] | |||||||||||
Net Income | $ 63,285 | $ 65,965 | $ 67,207 | $ 63,642 | $ 63,950 | $ 64,412 | $ 66,274 | $ 61,706 | $ 260,099 | $ 256,342 | $ 150,581 |
AFS securities with OTTI charges during the period | (641) | (1,456) | (60) | ||||||||
Related income tax effect | 149 | 339 | 22 | ||||||||
Less: OTTI charges recognized in net income | 198 | 1,456 | 60 | ||||||||
Related income tax benefit | (46) | (339) | (22) | ||||||||
Reclassification of previous noncredit OTTI to credit OTTI | 2,188 | 0 | 0 | ||||||||
Related income tax benefit | (510) | 0 | 0 | ||||||||
Net unrealized (losses) gains on AFS securities with OTTI | 1,338 | 0 | 0 | ||||||||
Change in net unrealized gains (losses) on AFS securities arising during the period | 32,376 | (14,715) | 8,371 | ||||||||
Related income tax effect | (7,543) | 5,109 | (3,097) | ||||||||
Net reclassification adjustment for gains included in net income | 97 | 770 | (1,874) | ||||||||
Related income tax (benefit) expense | (23) | (179) | 693 | ||||||||
Total AFS securities - all other | 24,907 | (9,015) | 4,093 | ||||||||
Net effect of AFS securities on other comprehensive income | 26,245 | (9,015) | 4,093 | ||||||||
Accretion on the unrealized loss for securities transferred from AFS to the HTM investment portfolio prior to call or maturity | 0 | 8 | 8 | ||||||||
Related income tax benefit | 0 | (2) | (3) | ||||||||
Net effect of HTM securities on other comprehensive income | 0 | 6 | 5 | ||||||||
Pension plan: | |||||||||||
Net actuarial loss during the period | (10,324) | (4,232) | (6,784) | ||||||||
Related income tax expense | 2,384 | 1,063 | 2,510 | ||||||||
Amortization of prior service cost recognized in net income | 0 | 0 | 0 | ||||||||
Related income tax benefit | 0 | 0 | 0 | ||||||||
Amortization of net actuarial loss recognized in net income | 4,965 | 4,919 | 4,553 | ||||||||
Related income tax benefit | (1,170) | (1,246) | (1,685) | ||||||||
Net effect of change in defined benefit pension plan on other comprehensive income | (4,145) | 504 | (1,406) | ||||||||
Net current-period other comprehensive income, net of tax | 22,100 | (8,505) | 2,692 | ||||||||
Total Comprehensive Income | $ 282,199 | $ 247,837 | $ 153,273 |
Comprehensive Income - Compon_2
Comprehensive Income - Components of Accumulated Other Comprehensive Income (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Beginning Balance | $ 3,251,624 | $ 3,240,530 | $ 2,235,747 |
Reclass due to adopting Accounting Standard Update 2017-12 | 50 | 0 | |
Net current-period other comprehensive income, net of tax | 22,100 | (8,505) | 2,692 |
Ending Balance | 3,363,833 | 3,251,624 | 3,240,530 |
Pension Plan [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Beginning Balance | (38,680) | ||
Reclass due to adopting Accounting Standard Update 2017-12 | 0 | ||
Other comprehensive income before reclassification | 0 | ||
Amounts reclassified from accumulated other comprehensive income | (4,145) | ||
Net current-period other comprehensive income, net of tax | (4,145) | ||
Ending Balance | (42,825) | (38,680) | |
Unrealized Gains/Losses on AFS Securities [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Beginning Balance | (18,289) | ||
Reclass due to adopting Accounting Standard Update 2017-12 | 0 | ||
Other comprehensive income before reclassification | 24,493 | ||
Amounts reclassified from accumulated other comprehensive income | 1,752 | ||
Net current-period other comprehensive income, net of tax | 26,245 | ||
Ending Balance | 7,956 | (18,289) | |
Accumulated Unrealized Loss On Securities Available For Sale Transferred To Held To Maturity [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Beginning Balance | (50) | ||
Reclass due to adopting Accounting Standard Update 2017-12 | 50 | ||
Other comprehensive income before reclassification | 0 | ||
Amounts reclassified from accumulated other comprehensive income | 0 | ||
Net current-period other comprehensive income, net of tax | 0 | ||
Ending Balance | 0 | (50) | |
Accumulated Other Comprehensive Income (Loss) [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Beginning Balance | (57,019) | (42,025) | (44,717) |
Reclass due to adopting Accounting Standard Update 2017-12 | 50 | (6,353) | |
Other comprehensive income before reclassification | 24,493 | ||
Amounts reclassified from accumulated other comprehensive income | (2,393) | ||
Net current-period other comprehensive income, net of tax | 22,100 | (8,505) | 2,692 |
Ending Balance | $ (34,869) | $ (57,019) | $ (42,025) |
Comprehensive Income - Reclassi
Comprehensive Income - Reclassifications Out of Accumulated Other Comprehensive Income (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Available for sale ("AFS") securities: | |||||||||||
Income before income taxes | $ 324,439 | $ 327,165 | $ 284,827 | ||||||||
Related income tax effect | $ (12,473) | $ (17,010) | $ (17,529) | $ (17,328) | $ (15,757) | $ (17,926) | $ (19,241) | $ (17,899) | (64,340) | (70,823) | (134,246) |
Net income | 63,285 | 65,965 | 67,207 | 63,642 | 63,950 | 64,412 | 66,274 | 61,706 | 260,099 | 256,342 | 150,581 |
Pension plan: | |||||||||||
Net actuarial loss | (10,324) | (4,232) | (6,784) | ||||||||
Amortization of net actuarial loss | 4,965 | 4,919 | 4,553 | ||||||||
Income before income taxes | 324,439 | 327,165 | 284,827 | ||||||||
Related income tax effect | (12,473) | (17,010) | (17,529) | (17,328) | (15,757) | (17,926) | (19,241) | (17,899) | (64,340) | (70,823) | (134,246) |
Net income | $ 63,285 | $ 65,965 | $ 67,207 | $ 63,642 | $ 63,950 | $ 64,412 | $ 66,274 | $ 61,706 | 260,099 | $ 256,342 | $ 150,581 |
Reclassification out of Accumulated Other Comprehensive Income [Member] | |||||||||||
Available for sale ("AFS") securities: | |||||||||||
Net income | (2,393) | ||||||||||
Pension plan: | |||||||||||
Net income | (2,393) | ||||||||||
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 | 2,188 | ||||||||||
Net reclassification adjustment for losses (gains) included in net income | 97 | ||||||||||
Income before income taxes | 2,285 | ||||||||||
Related income tax effect | (533) | ||||||||||
Net income | 1,752 | ||||||||||
Pension plan: | |||||||||||
Income before income taxes | 2,285 | ||||||||||
Related income tax effect | (533) | ||||||||||
Net income | 1,752 | ||||||||||
Reclassification out of Accumulated Other Comprehensive Income [Member] | Accumulated Defined Benefit Plans Adjustment [Member] | |||||||||||
Available for sale ("AFS") securities: | |||||||||||
Income before income taxes | (5,359) | ||||||||||
Related income tax effect | 1,214 | ||||||||||
Net income | (4,145) | ||||||||||
Pension plan: | |||||||||||
Net actuarial loss | (10,324) | ||||||||||
Amortization of net actuarial loss | 4,965 | ||||||||||
Income before income taxes | (5,359) | ||||||||||
Related income tax effect | 1,214 | ||||||||||
Net income | $ (4,145) |
United Bankshares, Inc. (Pare_3
United Bankshares, Inc. (Parent Company Only) Financial Information - Condensed Balance Sheets (Detail) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Condensed Balance Sheet Statements, Captions [Line Items] | ||||
Cash and due from banks | $ 185,238 | $ 187,886 | ||
Securities available for sale | 2,437,296 | 2,337,039 | ||
Securities held to maturity | 1,447 | 18,655 | ||
Equity securities | 8,894 | 9,734 | ||
Other investment securities | 222,161 | 176,955 | ||
Goodwill | 1,478,014 | 1,478,014 | ||
Other assets | 441,922 | 457,154 | ||
TOTAL ASSETS | 19,662,324 | 19,250,498 | ||
Accrued expenses and other liabilities | 170,312 | 152,306 | ||
Shareholders' equity (including other accumulated comprehensive loss of $34,869 and $57,019 at December 31, 2019 and 2018, respectively) | 3,363,833 | 3,251,624 | $ 3,240,530 | $ 2,235,747 |
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | 19,662,324 | 19,250,498 | ||
United Bankshares [Member] | ||||
Condensed Balance Sheet Statements, Captions [Line Items] | ||||
Cash and due from banks | 126,697 | 68,186 | ||
Securities available for sale | 7,451 | 6,822 | ||
Securities held to maturity | 20 | 997 | ||
Equity securities | 4,126 | 5,094 | ||
Other investment securities | 10,053 | 163 | ||
Bank subsidiaries | 3,519,661 | 3,478,956 | ||
Nonbank subsidiaries | 22,439 | 14,706 | ||
Goodwill | (16,008) | (16,008) | ||
Other assets | 12,286 | 10,615 | ||
TOTAL ASSETS | 3,686,725 | 3,569,531 | ||
Junior subordinated debentures of subsidiary trusts | 236,164 | 234,905 | ||
Accrued expenses and other liabilities | 86,728 | 83,002 | ||
Shareholders' equity (including other accumulated comprehensive loss of $34,869 and $57,019 at December 31, 2019 and 2018, respectively) | 3,363,833 | 3,251,624 | ||
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | $ 3,686,725 | $ 3,569,531 |
United Bankshares, Inc. (Pare_4
United Bankshares, Inc. (Parent Company Only) Financial Information - Condensed Balance Sheets (Parenthetical) (Detail) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Condensed Balance Sheet Statements, Captions [Line Items] | ||
Accumulated other comprehensive loss | $ 34,869 | $ 57,019 |
United Bankshares [Member] | ||
Condensed Balance Sheet Statements, Captions [Line Items] | ||
Accumulated other comprehensive loss | $ 34,869 | $ 57,019 |
United Bankshares, Inc. (Pare_5
United Bankshares, Inc. (Parent Company Only) Financial Information - Condensed Statements of Income (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Condensed Income Statements, Captions [Line Items] | |||||||||||
Net interest income | $ 141,283 | $ 141,918 | $ 150,553 | $ 144,168 | $ 146,705 | $ 148,775 | $ 149,122 | $ 144,043 | $ 577,922 | $ 588,645 | $ 548,997 |
Income before income taxes and Equity in Undistributed Net Income of Subsidiaries | 324,439 | 327,165 | 284,827 | ||||||||
Applicable income tax benefit | 12,473 | 17,010 | 17,529 | 17,328 | 15,757 | 17,926 | 19,241 | 17,899 | 64,340 | 70,823 | 134,246 |
Net income | $ 63,285 | $ 65,965 | $ 67,207 | $ 63,642 | $ 63,950 | $ 64,412 | $ 66,274 | $ 61,706 | 260,099 | 256,342 | 150,581 |
United Bankshares [Member] | |||||||||||
Condensed Income Statements, Captions [Line Items] | |||||||||||
Bank subsidiaries | 249,000 | 215,000 | 115,000 | ||||||||
Nonbank subsidiaries | 0 | 0 | 58 | ||||||||
Net interest income | 126 | 227 | 437 | ||||||||
Bank subsidiaries | 27,325 | 25,026 | 45,693 | ||||||||
Nonbank subsidiaries | 27 | 27 | 27 | ||||||||
Other income | 147 | (596) | 1,766 | ||||||||
Total Income | 276,625 | 239,684 | 162,981 | ||||||||
Operating expenses | 38,569 | 37,214 | 71,653 | ||||||||
Income before income taxes and Equity in Undistributed Net Income of Subsidiaries | 238,056 | 202,470 | 91,328 | ||||||||
Applicable income tax benefit | (2,123) | (2,470) | (6,126) | ||||||||
Income Before Equity in Undistributed Net Income of Subsidiaries | 240,179 | 204,940 | 97,454 | ||||||||
Bank subsidiaries | 19,557 | 51,392 | 50,560 | ||||||||
Nonbank subsidiaries | 363 | 10 | 2,567 | ||||||||
Net income | $ 260,099 | $ 256,342 | $ 150,581 |
United Bankshares, Inc. (Pare_6
United Bankshares, Inc. (Parent Company Only) Financial Information - Condensed Statements of Cash Flows (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Supplemental Cash Flow Information [Line Items] | |||||||||||
Net income | $ 63,285 | $ 65,965 | $ 67,207 | $ 63,642 | $ 63,950 | $ 64,412 | $ 66,274 | $ 61,706 | $ 260,099 | $ 256,342 | $ 150,581 |
Amortization of net periodic pension costs | 3,635 | 2,566 | 3,310 | ||||||||
Stock-based compensation | 4,914 | 4,073 | 3,555 | ||||||||
Excess tax benefits from stock-based compensation arrangements | (223) | (158) | (2,201) | ||||||||
Net gain on securities transactions | 109 | $ 116 | $ 109 | (159) | (1,926) | $ (152) | $ (55) | (485) | 175 | (2,618) | 5,584 |
Net Proceeds from Sales of Equity Securities | 2,011 | 2,005 | 0 | ||||||||
Net cash paid in acquisition of subsidiary | 0 | 0 | 44,531 | ||||||||
Cash dividends paid | 138,939 | 142,350 | 121,354 | ||||||||
Acquisition of treasury stock | 35,673 | 100,724 | 1 | ||||||||
Proceeds from sale of treasury stock from deferred compensation plan | 1 | 1 | 1 | ||||||||
Proceeds from exercise of stock options | 1,272 | 1,500 | 4,619 | ||||||||
CASH AND CASH EQUIVALENTS AT BEGINNING OF YEAR | 1,020,396 | 1,666,167 | 1,020,396 | 1,666,167 | 1,434,527 | ||||||
CASH AND CASH EQUIVALENTS AT END OF YEAR | 837,493 | 1,020,396 | 837,493 | 1,020,396 | 1,666,167 | ||||||
United Bankshares [Member] | |||||||||||
Supplemental Cash Flow Information [Line Items] | |||||||||||
Net income | 260,099 | 256,342 | 150,581 | ||||||||
Equity in undistributed net income of subsidiaries | (19,920) | (51,402) | (53,127) | ||||||||
Amortization of net periodic pension costs | 302 | 293 | 228 | ||||||||
Stock-based compensation | 4,914 | 4,073 | 3,555 | ||||||||
Excess tax benefits from stock-based compensation arrangements | 223 | 158 | 2,201 | ||||||||
Net gain on securities transactions | 0 | 607 | (1,185) | ||||||||
Net change in other assets and liabilities | 1,770 | (1,904) | 8,764 | ||||||||
Net Cash Provided by Operating Activities | 247,388 | 208,167 | 111,017 | ||||||||
Net proceeds from (purchases of) sales of securities | 236 | 9,446 | (19,268) | ||||||||
Net Proceeds from Sales of Equity Securities | 1,116 | 1,348 | 0 | ||||||||
Increase in investment in subsidiaries | (7,000) | (2,400) | (34,203) | ||||||||
Net cash paid in acquisition of subsidiary | 0 | 0 | 22,146 | ||||||||
Change in other investment securities | (9,890) | 0 | (63) | ||||||||
Net Cash (Used in) Provided by Investing Activities | (15,538) | 8,394 | (31,388) | ||||||||
Proceeds from issuance of common stock | 0 | 0 | 0 | ||||||||
Cash dividends paid | (138,939) | (142,350) | (121,354) | ||||||||
Acquisition of treasury stock | (35,573) | (100,724) | (1) | ||||||||
Proceeds from sale of treasury stock from deferred compensation plan | 1 | 1 | 1 | ||||||||
Proceeds from exercise of stock options | 1,272 | 1,500 | 4,619 | ||||||||
Net Cash Used in Financing Activities | (173,339) | (241,573) | (116,735) | ||||||||
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | 58,511 | (25,012) | (37,106) | ||||||||
CASH AND CASH EQUIVALENTS AT BEGINNING OF YEAR | $ 68,186 | $ 93,198 | 68,186 | 93,198 | 130,304 | ||||||
CASH AND CASH EQUIVALENTS AT END OF YEAR | $ 126,697 | $ 68,186 | $ 126,697 | $ 68,186 | $ 93,198 |
Regulatory Matters - Additional
Regulatory Matters - Additional Information (Detail) - USD ($) | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Regulatory Matters [Line Items] | ||
Average reserve balances to be maintained by subsidiary banks | $ 653,653,000 | $ 791,237,000 |
Average reserve balances required by subsidiary banks | 255,894,000 | $ 334,280,000 |
Retained net profits available for distribution to United Bankshares, Inc. by its banking subsidiaries as dividends | $ 70,949,000 | |
Maximum loan to parent company by subsidiaries as percentage it's of capital and surplus | 10.00% | |
Maximum amount of loan to parent company by subsidiaries | $ 282,863,000 | |
Minimum net worth requirement | 2,500,000 | |
George Mason [Member] | ||
Regulatory Matters [Line Items] | ||
Net worth | $ 35,556,000 |
Regulatory Matters - Capital Am
Regulatory Matters - Capital Amounts and Ratios (Detail) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
United Bankshares [Member] | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Total Capital to Risk-Weighted Assets, Actual Amount | $ 2,217,547 | $ 2,119,774 |
Tier 1 Capital to Risk-Weighted Assets, Actual Amount | 1,890,757 | 1,793,682 |
Common Tier I Capital to Risk Weighted Assets, Actual Amount | 1,890,757 | 1,793,682 |
Tier 1 Capital to Average Assets, Actual Amount | $ 1,890,757 | $ 1,793,682 |
Total Capital to Risk-Weighted Assets, Actual Ratio | 14.70% | 14.40% |
Tier 1 Capital to Risk-Weighted Assets, Actual Ratio | 12.50% | 12.20% |
Common Tier I Capital to Risk Weighted Assets, Actual Ratio | 12.50% | 12.20% |
Tier 1 Capital to Average Assets, Actual Ratio | 10.50% | 10.10% |
Total Capital to Risk-Weighted Assets, For Capital Adequacy Purposes, Amount | $ 1,206,812 | $ 1,179,708 |
Tier 1 Capital to Risk-Weighted Assets, For Capital Adequacy Purposes, Amount | 905,109 | 884,781 |
Common Tier I Capital to Risk Weighted Assets, For Capital Adequacy Purposes, Amount | 678,832 | 663,586 |
Tier 1 Capital to Average Assets, For Capital Adequacy Purposes, Amount | $ 721,691 | $ 707,916 |
Total Capital to Risk-Weighted Assets, For Capital Adequacy, Ratio | 8.00% | 8.00% |
Tier 1 Capital to Risk-Weighted Assets, For Capital Adequacy Purposes, Ratio | 6.00% | 6.00% |
Common Tier I Capital to Risk Weighted Assets, For Capital Adequacy Purposes, Ratio | 4.50% | 4.50% |
Tier 1 Capital to Average Assets, For Capital Adequacy Purposes, Ratio | 4.00% | 4.00% |
Total Capital to Risk-Weighted Assets, To Be Well Capitalized, Amount | $ 1,508,515 | $ 1,474,635 |
Tier 1 Capital to Risk-Weighted Assets, To Be Well Capitalized, Amount | 1,206,812 | 1,179,708 |
Common Tier I Capital to Risk Weighted Assets, To Be Well Capitalized, Amount | 980,535 | 958,513 |
Tier 1 Capital to Average Assets, To Be Well Capitalized, Amount | $ 902,114 | $ 884,895 |
Total Capital to Risk-Weighted Assets, To Be Well Capitalized, Ratio | 10.00% | 10.00% |
Tier 1 Capital to Risk-Weighted Assets, To Be Well Capitalized, Ratio | 8.00% | 8.00% |
Common Tier I Capital to Risk Weighted Assets, To Be Well Capitalized, Ratio | 6.50% | 6.50% |
Tier 1 Capital to Average Assets To Be Well Capitalized, Ratio | 5.00% | 5.00% |
United Bank [Member] | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Total Capital to Risk-Weighted Assets, Actual Amount | $ 2,106,457 | $ 2,080,234 |
Tier 1 Capital to Risk-Weighted Assets, Actual Amount | 2,027,667 | 2,002,142 |
Common Tier I Capital to Risk Weighted Assets, Actual Amount | 2,027,667 | 2,002,142 |
Tier 1 Capital to Average Assets, Actual Amount | $ 2,027,667 | $ 2,002,142 |
Total Capital to Risk-Weighted Assets, Actual Ratio | 14.00% | 14.10% |
Tier 1 Capital to Risk-Weighted Assets, Actual Ratio | 13.50% | 13.60% |
Common Tier I Capital to Risk Weighted Assets, Actual Ratio | 13.50% | 13.60% |
Tier 1 Capital to Average Assets, Actual Ratio | 11.30% | 11.30% |
Total Capital to Risk-Weighted Assets, For Capital Adequacy Purposes, Amount | $ 1,204,264 | $ 1,177,953 |
Tier 1 Capital to Risk-Weighted Assets, For Capital Adequacy Purposes, Amount | 903,198 | 883,465 |
Common Tier I Capital to Risk Weighted Assets, For Capital Adequacy Purposes, Amount | 677,399 | 662,599 |
Tier 1 Capital to Average Assets, For Capital Adequacy Purposes, Amount | $ 720,232 | $ 706,977 |
Total Capital to Risk-Weighted Assets, For Capital Adequacy, Ratio | 8.00% | 8.00% |
Tier 1 Capital to Risk-Weighted Assets, For Capital Adequacy Purposes, Ratio | 6.00% | 6.00% |
Common Tier I Capital to Risk Weighted Assets, For Capital Adequacy Purposes, Ratio | 4.50% | 4.50% |
Tier 1 Capital to Average Assets, For Capital Adequacy Purposes, Ratio | 4.00% | 4.00% |
Total Capital to Risk-Weighted Assets, To Be Well Capitalized, Amount | $ 1,505,330 | $ 1,472,441 |
Tier 1 Capital to Risk-Weighted Assets, To Be Well Capitalized, Amount | 1,204,264 | 1,177,953 |
Common Tier I Capital to Risk Weighted Assets, To Be Well Capitalized, Amount | 978,465 | 957,087 |
Tier 1 Capital to Average Assets, To Be Well Capitalized, Amount | $ 900,290 | $ 883,721 |
Total Capital to Risk-Weighted Assets, To Be Well Capitalized, Ratio | 10.00% | 10.00% |
Tier 1 Capital to Risk-Weighted Assets, To Be Well Capitalized, Ratio | 8.00% | 8.00% |
Common Tier I Capital to Risk Weighted Assets, To Be Well Capitalized, Ratio | 6.50% | 6.50% |
Tier 1 Capital to Average Assets To Be Well Capitalized, Ratio | 5.00% | 5.00% |
Fair Values of Financial Inst_3
Fair Values of Financial Instruments - Additional Information (Detail) - USD ($) | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Transfers from Level 1 to Level 3 for financial assets | $ 0 | $ 0 |
Transfers from Level 3 to Level 1 for financial assets | 0 | 0 |
Transfers from Level 2 to Level 3 for financial assets | 0 | 0 |
Transfers from Level 3 to Level 2 for financial assets | 0 | 0 |
Transfers from Level 1 to Level 3 for financial liabilities | 0 | 0 |
Transfers from Level 3 to Level 1 for financial liabilities | 0 | 0 |
Transfers from Level 2 to Level 3 for financial liabilities | 0 | 0 |
Transfers from Level 3 to Level 2 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 | 0.06% | |
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 | 0.53% | |
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 | 0.30% | |
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 | 0.06% | |
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 | 0.53% | |
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 | 0.30% |
Fair Values of Financial Inst_4
Fair Values of Financial Instruments - Schedule of Financial Assets and Liabilities Measured at Fair Value (Detail) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Total available for sale securities | $ 2,437,296 | $ 2,337,039 | |
Loans held for sale | 387,514 | 249,846 | |
Derivative financial assets | 4,527 | 6,504 | |
Derivative financial liabilities | 3,065 | 3,002 | |
Fair Value, Measurements, Recurring [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Available for sale equity securities | 8,894 | 9,734 | |
Total available for sale securities | 2,437,296 | 2,337,039 | |
Loans held for sale | 384,375 | 247,104 | |
Derivative financial assets | 4,527 | 6,504 | |
Derivative financial liabilities | 3,065 | 3,002 | |
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 | 58,676 | 85,890 | |
U.S. Treasury Securities and Obligations of U.S. Government Corporations and Agencies [Member] | Fair Value, Measurements, Recurring [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Available for sale debt securities | 58,676 | 85,890 | |
State and Political Subdivisions [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Total available for sale securities | 272,362 | 208,988 | |
State and Political Subdivisions [Member] | Fair Value, Measurements, Recurring [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Available for sale debt securities | 272,362 | 208,988 | |
Residential Mortgage-Backed Securities [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Total available for sale securities | 836,534 | 1,035,650 | |
Residential Mortgage-Backed Securities [Member] | Fair Value, Measurements, Recurring [Member] | Agency [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Available for sale debt securities | 836,534 | 1,035,650 | |
Residential Mortgage-Backed Securities [Member] | Fair Value, Measurements, Recurring [Member] | Non-Agency [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Available for sale debt securities | 3,832 | 4,259 | |
Commercial Mortgage-Backed Securities [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Total available for sale securities | 614,973 | 554,600 | |
Commercial Mortgage-Backed Securities [Member] | Fair Value, Measurements, Recurring [Member] | Agency [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Available for sale debt securities | 614,973 | 554,600 | |
Asset-Backed Securities [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Total available for sale securities | 276,139 | 271,970 | |
Asset-Backed Securities [Member] | Fair Value, Measurements, Recurring [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Available for sale debt securities | 276,139 | 271,970 | |
Trust Preferred Collateralized Debt Obligations [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Total available for sale securities | 4,703 | 5,917 | |
Trust Preferred Collateralized Debt Obligations [Member] | Fair Value, Measurements, Recurring [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Available for sale debt securities | 4,704 | 5,917 | |
Single Issue Trust Preferred Securities [Member] | Fair Value, Measurements, Recurring [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Available for sale debt securities | 16,774 | 8,362 | |
Corporate Bonds [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Total available for sale securities | 353,302 | 161,403 | |
Corporate Bonds [Member] | Fair Value, Measurements, Recurring [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Available for sale debt securities | 353,302 | 161,403 | |
Financial Services Industry [Member] | Fair Value, Measurements, Recurring [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Available for sale equity securities | 154 | 140 | |
Other Equity Securities [Member] | Fair Value, Measurements, Recurring [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Available for sale equity securities | 4,769 | 4,640 | |
Interest Rate Lock Commitments [Member] | Fair Value, Measurements, Recurring [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Derivative financial assets | 4,518 | 4,103 | |
Forward Sales Commitments [Member] | Fair Value, Measurements, Recurring [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Derivative financial assets | 9 | 542 | |
Interest Rate Swap Contracts [Member] | Fair Value, Measurements, Recurring [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Derivative financial liabilities | 2,394 | ||
TBA Mortgage Backed Securities [Member] | Fair Value, Measurements, Recurring [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Derivative financial liabilities | 671 | 3,002 | |
Interest Rate Swap Contracts [Member] | Fair Value, Measurements, Recurring [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Derivative financial assets | 1,859 | ||
Equity Mutual Funds [Member] | Fair Value, Measurements, Recurring [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Available for sale equity securities | [1] | 3,971 | 4,954 |
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 | 6,586 | 6,822 | |
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] | Fair Value, Measurements, Recurring [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Available for sale equity securities | 8,894 | 9,734 | |
Total available for sale securities | 6,586 | 6,822 | |
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] | U.S. Treasury Securities and Obligations of U.S. Government Corporations and Agencies [Member] | Fair Value, Measurements, Recurring [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Available for sale debt securities | 0 | 0 | |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | State and Political Subdivisions [Member] | Fair Value, Measurements, Recurring [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Available for sale debt securities | 0 | 0 | |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Residential Mortgage-Backed Securities [Member] | Fair Value, Measurements, Recurring [Member] | Agency [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Available for sale debt securities | 0 | 0 | |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Residential Mortgage-Backed Securities [Member] | Fair Value, Measurements, Recurring [Member] | Non-Agency [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Available for sale debt securities | 0 | 0 | |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Commercial Mortgage-Backed Securities [Member] | Fair Value, Measurements, Recurring [Member] | Agency [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Available for sale debt securities | 0 | 0 | |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Asset-Backed Securities [Member] | Fair Value, Measurements, Recurring [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Available for sale debt securities | 0 | 0 | |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Trust Preferred Collateralized Debt Obligations [Member] | Fair Value, Measurements, Recurring [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Available for sale debt securities | 0 | 0 | |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Single Issue Trust Preferred Securities [Member] | Fair Value, Measurements, Recurring [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Available for sale debt securities | 0 | 0 | |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Corporate Bonds [Member] | Fair Value, Measurements, Recurring [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Available for sale debt securities | 6,586 | 6,822 | |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Financial Services Industry [Member] | Fair Value, Measurements, Recurring [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Available for sale equity securities | 154 | 140 | |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Other Equity Securities [Member] | Fair Value, Measurements, Recurring [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Available for sale equity securities | 4,769 | 4,640 | |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Interest Rate Lock Commitments [Member] | Fair Value, Measurements, Recurring [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] | Forward Sales Commitments [Member] | Fair Value, Measurements, Recurring [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] | Interest Rate Swap Contracts [Member] | Fair Value, Measurements, Recurring [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Derivative financial liabilities | 0 | ||
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | TBA Mortgage Backed Securities [Member] | Fair Value, Measurements, Recurring [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Derivative financial liabilities | 0 | 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 | ||
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Equity Mutual Funds [Member] | Fair Value, Measurements, Recurring [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Available for sale equity securities | [1] | 3,971 | 4,954 |
Significant Other Observable Inputs (Level 2) [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Total available for sale securities | 2,426,006 | 2,324,300 | |
Loans held for sale | 3,139 | 2,742 | |
Derivative financial assets | 9 | 2,401 | |
Derivative financial liabilities | 3,065 | 3,002 | |
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 | 0 | 0 | |
Total available for sale securities | 2,426,006 | 2,324,300 | |
Loans held for sale | 0 | 0 | |
Derivative financial assets | 9 | 2,401 | |
Derivative financial liabilities | 3,065 | 3,002 | |
Significant Other Observable Inputs (Level 2) [Member] | U.S. Treasury Securities and Obligations of U.S. Government Corporations and Agencies [Member] | Fair Value, Measurements, Recurring [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Available for sale debt securities | 58,676 | 85,890 | |
Significant Other Observable Inputs (Level 2) [Member] | State and Political Subdivisions [Member] | Fair Value, Measurements, Recurring [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Available for sale debt securities | 272,362 | 208,988 | |
Significant Other Observable Inputs (Level 2) [Member] | Residential Mortgage-Backed Securities [Member] | Fair Value, Measurements, Recurring [Member] | Agency [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Available for sale debt securities | 836,534 | 1,035,650 | |
Significant Other Observable Inputs (Level 2) [Member] | Residential Mortgage-Backed Securities [Member] | Fair Value, Measurements, Recurring [Member] | Non-Agency [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Available for sale debt securities | 3,832 | 4,259 | |
Significant Other Observable Inputs (Level 2) [Member] | Commercial Mortgage-Backed Securities [Member] | Fair Value, Measurements, Recurring [Member] | Agency [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Available for sale debt securities | 614,973 | 554,600 | |
Significant Other Observable Inputs (Level 2) [Member] | Asset-Backed Securities [Member] | Fair Value, Measurements, Recurring [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Available for sale debt securities | 276,139 | 271,970 | |
Significant Other Observable Inputs (Level 2) [Member] | Trust Preferred Collateralized Debt Obligations [Member] | Fair Value, Measurements, Recurring [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Available for sale debt securities | 0 | 0 | |
Significant Other Observable Inputs (Level 2) [Member] | Single Issue Trust Preferred Securities [Member] | Fair Value, Measurements, Recurring [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Available for sale debt securities | 16,774 | 8,362 | |
Significant Other Observable Inputs (Level 2) [Member] | Corporate Bonds [Member] | Fair Value, Measurements, Recurring [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Available for sale debt securities | 346,716 | 154,581 | |
Significant Other Observable Inputs (Level 2) [Member] | Financial Services Industry [Member] | Fair Value, Measurements, Recurring [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Available for sale equity securities | 0 | 0 | |
Significant Other Observable Inputs (Level 2) [Member] | Other Equity Securities [Member] | Fair Value, Measurements, Recurring [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Available for sale equity securities | 0 | 0 | |
Significant Other Observable Inputs (Level 2) [Member] | Interest Rate Lock Commitments [Member] | Fair Value, Measurements, Recurring [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Derivative financial assets | 0 | 0 | |
Significant Other Observable Inputs (Level 2) [Member] | Forward Sales Commitments [Member] | Fair Value, Measurements, Recurring [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Derivative financial assets | 9 | 542 | |
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 liabilities | 2,394 | ||
Significant Other Observable Inputs (Level 2) [Member] | TBA Mortgage Backed Securities [Member] | Fair Value, Measurements, Recurring [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Derivative financial liabilities | 671 | 3,002 | |
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 | 1,859 | ||
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 | [1] | 0 | 0 |
Significant Unobservable Inputs (Level 3) [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Total available for sale securities | 4,704 | 5,917 | |
Loans held for sale | 384,375 | 247,104 | |
Derivative financial assets | 4,518 | 4,103 | |
Derivative financial liabilities | 0 | 0 | |
Significant Unobservable Inputs (Level 3) [Member] | Fair Value, Measurements, Recurring [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Available for sale equity securities | 0 | 0 | |
Total available for sale securities | 4,704 | 5,917 | |
Loans held for sale | 384,375 | 247,104 | |
Derivative financial assets | 4,518 | 4,103 | |
Derivative financial liabilities | 0 | 0 | |
Significant Unobservable Inputs (Level 3) [Member] | U.S. Treasury Securities and Obligations of U.S. Government Corporations and Agencies [Member] | Fair Value, Measurements, Recurring [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Available for sale debt securities | 0 | 0 | |
Significant Unobservable Inputs (Level 3) [Member] | State and Political Subdivisions [Member] | Fair Value, Measurements, Recurring [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Available for sale debt securities | 0 | 0 | |
Significant Unobservable Inputs (Level 3) [Member] | Residential Mortgage-Backed Securities [Member] | Fair Value, Measurements, Recurring [Member] | Agency [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Available for sale debt securities | 0 | 0 | |
Significant Unobservable Inputs (Level 3) [Member] | Residential Mortgage-Backed Securities [Member] | Fair Value, Measurements, Recurring [Member] | Non-Agency [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Available for sale debt securities | 0 | 0 | |
Significant Unobservable Inputs (Level 3) [Member] | Commercial Mortgage-Backed Securities [Member] | Fair Value, Measurements, Recurring [Member] | Agency [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Available for sale debt securities | 0 | 0 | |
Significant Unobservable Inputs (Level 3) [Member] | Asset-Backed Securities [Member] | Fair Value, Measurements, Recurring [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Available for sale debt securities | 0 | 0 | |
Significant Unobservable Inputs (Level 3) [Member] | Trust Preferred Collateralized Debt Obligations [Member] | Fair Value, Measurements, Recurring [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Available for sale debt securities | 4,704 | 5,917 | |
Significant Unobservable Inputs (Level 3) [Member] | Single Issue Trust Preferred Securities [Member] | Fair Value, Measurements, Recurring [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Available for sale debt securities | 0 | 0 | |
Significant Unobservable Inputs (Level 3) [Member] | Corporate Bonds [Member] | Fair Value, Measurements, Recurring [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Available for sale debt securities | 0 | 0 | |
Significant Unobservable Inputs (Level 3) [Member] | Financial Services Industry [Member] | Fair Value, Measurements, Recurring [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Available for sale equity securities | 0 | 0 | |
Significant Unobservable Inputs (Level 3) [Member] | Other Equity Securities [Member] | Fair Value, Measurements, Recurring [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Available for sale equity securities | 0 | 0 | |
Significant Unobservable Inputs (Level 3) [Member] | Interest Rate Lock Commitments [Member] | Fair Value, Measurements, Recurring [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Derivative financial assets | 4,518 | 4,103 | |
Significant Unobservable Inputs (Level 3) [Member] | Forward Sales Commitments [Member] | Fair Value, Measurements, Recurring [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Derivative financial assets | 0 | 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 liabilities | 0 | ||
Significant Unobservable Inputs (Level 3) [Member] | TBA Mortgage Backed Securities [Member] | Fair Value, Measurements, Recurring [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Derivative financial liabilities | 0 | 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 | ||
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 | [1] | $ 0 | $ 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 Values of Financial Inst_5
Fair Values of Financial Instruments - 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 | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Trust Preferred Collateralized Debt Obligations [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Balance, beginning of period | $ 5,917 | $ 34,269 |
Included in earnings (or changes in net assets) | (155) | 28 |
Included in other comprehensive income | (1,059) | 920 |
Purchases, issuances, and settlements | 0 | 0 |
Sales | 0 | (29,300) |
Transfers in and/or out of Level 3 | 0 | 0 |
Balance, end of period | 4,703 | 5,917 |
The amount of total gains or losses for the period included in earnings (or changes in net assets) attributable to the change in unrealized gains or losses relating to assets still held at reporting date | 0 | 0 |
Loans Held For Sale [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Balance, beginning of period | 247,104 | 263,308 |
Included in earnings (or changes in net assets) | 83,806 | 68,555 |
Originations | 2,941,722 | 2,619,454 |
Sales | (2,888,257) | (2,676,797) |
Transfers in and/or out of Level 3 | 0 | (27,416) |
Balance, end of period | 384,375 | 247,104 |
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 | 4,103 | 4,559 |
Transfers in and/or out of Level 3 | 415 | (456) |
Balance, end of period | 4,518 | 4,103 |
The amount of total gains or losses for the period included in earnings (or changes in net assets) attributable to the change in unrealized gains or losses relating to assets still held at reporting date | $ 0 | $ 0 |
Fair Values of Financial Inst_6
Fair Values of Financial Instruments - Schedule of Changes in Fair Value Included in Earnings of Financial Instruments for which Fair Value Option has been Elected (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Mortgage Banking [Member] | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Income from mortgage banking activities | $ 3,705 | $ (281) |
Fair Values of Financial Inst_7
Fair Values of Financial Instruments - 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 | Dec. 31, 2019 | Dec. 31, 2018 |
Fair Value Disclosures [Abstract] | ||
Loans held for sale, unpaid principal balance | $ 375,274 | $ 241,293 |
Loans held for sale, fair value | 384,375 | 247,104 |
Loans held for sale, fair value over/(under) unpaid principal balance | $ 9,101 | $ 5,811 |
Fair Values of Financial Inst_8
Fair Values of Financial Instruments - Summary of Financial Assets Measured at Fair Value on Nonrecurring Basis (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
YTD Losses, Loans held for sale | $ (4) | $ 3 |
YTD Losses, Impaired Loans | 1,831 | 12,301 |
YTD Losses, OREO | (785) | 910 |
Loans held for sale | 384,375 | 247,104 |
OREO | 15,515 | 16,865 |
Fair Value, Measurements, Nonrecurring [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Loans held for sale | 3,139 | 2,742 |
Impaired Loans | 68,213 | 121,355 |
OREO | 15,515 | 16,865 |
Fair Value, Measurements, Nonrecurring [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Loans held for sale | 0 | 0 |
Impaired Loans | 0 | 0 |
OREO | 0 | 0 |
Fair Value, Measurements, Nonrecurring [Member] | Significant Other Observable Inputs (Level 2) [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Loans held for sale | 3,139 | 2,742 |
Impaired Loans | 55,792 | 108,899 |
OREO | 15,495 | 16,865 |
Fair Value, Measurements, Nonrecurring [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Loans held for sale | 0 | 0 |
Impaired Loans | 12,421 | 12,456 |
OREO | $ 20 | $ 0 |
Fair Values of Financial Inst_9
Fair Values of Financial Instruments - Summary of Estimated Fair Values of Financial Instruments (Detail) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Cash and cash equivalents | $ 837,493 | $ 1,020,396 | $ 1,666,167 | $ 1,434,527 |
Securities available for sale | 2,437,296 | 2,337,039 | ||
Securities held to maturity | 1,446 | 19,999 | ||
Other securities | 222,161 | 176,955 | ||
Loans held for sale | 387,514 | 249,846 | ||
Net loans | 13,712,129 | 13,422,222 | ||
Derivative financial assets | 4,527 | 6,504 | ||
Deposits | 13,852,421 | 13,994,749 | ||
Derivative financial liabilities | 3,065 | 3,002 | ||
Carrying Amount [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Cash and cash equivalents | 837,493 | 1,020,396 | ||
Securities available for sale | 2,437,296 | 2,337,039 | ||
Securities held to maturity | 1,446 | 19,999 | ||
Equity securities | 8,894 | 9,734 | ||
Other securities | 222,161 | 176,955 | ||
Loans held for sale | 387,514 | 249,846 | ||
Net loans | 13,635,072 | 13,345,519 | ||
Derivative financial assets | 4,527 | 6,504 | ||
Deposits | 13,852,421 | 13,994,749 | ||
Short-term borrowings | 374,654 | 351,327 | ||
Long-term borrowings | 1,838,029 | 1,499,103 | ||
Derivative financial liabilities | 3,065 | 3,002 | ||
Fair Value [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Cash and cash equivalents | 837,493 | 1,020,396 | ||
Securities available for sale | 2,437,296 | 2,337,039 | ||
Securities held to maturity | 1,447 | 18,655 | ||
Equity securities | 8,894 | 9,734 | ||
Other securities | 211,053 | 168,107 | ||
Loans held for sale | 387,514 | 249,846 | ||
Net loans | 13,185,955 | 12,657,073 | ||
Derivative financial assets | 4,527 | 6,504 | ||
Deposits | 13,843,077 | 13,954,574 | ||
Short-term borrowings | 374,654 | 351,327 | ||
Long-term borrowings | 1,820,297 | 1,475,237 | ||
Derivative financial liabilities | 3,065 | 3,002 | ||
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 | 6,586 | 6,822 | ||
Securities held to maturity | 0 | 0 | ||
Other securities | 0 | 0 | ||
Loans held for sale | 0 | 0 | ||
Net 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 | 8,894 | 9,734 | ||
Significant Other Observable Inputs (Level 2) [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Cash and cash equivalents | 837,493 | 1,020,396 | ||
Securities available for sale | 2,426,006 | 2,324,300 | ||
Securities held to maturity | 427 | 15,635 | ||
Other securities | 0 | 0 | ||
Loans held for sale | 3,139 | 2,742 | ||
Net loans | 0 | 0 | ||
Derivative financial assets | 9 | 2,401 | ||
Deposits | 13,843,077 | 13,954,574 | ||
Short-term borrowings | 374,654 | 351,327 | ||
Long-term borrowings | 1,820,297 | 1,475,237 | ||
Derivative financial liabilities | 3,065 | 3,002 | ||
Significant Other Observable Inputs (Level 2) [Member] | Marketable Equity Securities [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Equity securities | 0 | 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 | 4,704 | 5,917 | ||
Securities held to maturity | 1,020 | 3,020 | ||
Other securities | 211,053 | 168,107 | ||
Loans held for sale | 384,375 | 247,104 | ||
Net loans | 13,185,955 | 12,657,073 | ||
Derivative financial assets | 4,518 | 4,103 | ||
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 | $ 0 |
Variable Interest Entities - Ad
Variable Interest Entities - Additional Information (Detail) | 12 Months Ended |
Dec. 31, 2019Trust | |
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 - 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 | Dec. 31, 2019 | Dec. 31, 2018 |
Variable Interest Entity [Line Items] | ||
Aggregate Assets | $ 257,941 | $ 257,754 |
Aggregate Liabilities | 248,680 | 248,741 |
Risk Of Loss | $ 9,261 | $ 9,013 |
Segment Information - Additiona
Segment Information - Additional Information (Detail) | 12 Months Ended |
Dec. 31, 2019Segment | |
Segment Reporting [Abstract] | |
Number of business segment | 2 |
Segment Information - Summary o
Segment Information - Summary of Segment Reporting Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Segment Reporting Information [Line Items] | |||||||||||
Net interest income | $ 141,283 | $ 141,918 | $ 150,553 | $ 144,168 | $ 146,705 | $ 148,775 | $ 149,122 | $ 144,043 | $ 577,922 | $ 588,645 | $ 548,997 |
Provision for loans losses | 5,867 | 5,033 | 5,417 | 4,996 | 5,823 | 4,808 | 6,204 | 5,178 | 21,313 | 22,013 | 28,406 |
Other income | 150,484 | 128,712 | 131,645 | ||||||||
Other expense | 96,900 | 96,134 | 100,195 | 89,425 | 91,002 | 93,315 | 93,410 | 90,452 | 382,654 | 368,179 | 367,409 |
Income taxes | 12,473 | 17,010 | 17,529 | 17,328 | 15,757 | 17,926 | 19,241 | 17,899 | 64,340 | 70,823 | 134,246 |
Net income | 63,285 | $ 65,965 | $ 67,207 | $ 63,642 | 63,950 | $ 64,412 | $ 66,274 | $ 61,706 | 260,099 | 256,342 | 150,581 |
Total assets (liabilities) | 19,662,324 | 19,250,498 | 19,662,324 | 19,250,498 | 19,058,959 | ||||||
Average assets (liabilities) | 19,475,468 | 18,848,027 | 17,617,429 | ||||||||
Operating Segments [Member] | Community Banking [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net interest income | 583,547 | 593,108 | 558,622 | ||||||||
Provision for loans losses | 21,313 | 22,013 | 28,406 | ||||||||
Other income | 74,956 | 72,539 | 69,615 | ||||||||
Other expense | 314,710 | 301,123 | 291,584 | ||||||||
Income taxes | 64,080 | 73,861 | 139,980 | ||||||||
Net income | 258,400 | 268,650 | 168,267 | ||||||||
Total assets (liabilities) | 19,564,036 | 19,191,215 | 19,564,036 | 19,191,215 | 19,016,619 | ||||||
Average assets (liabilities) | 19,401,397 | 18,798,880 | 17,565,464 | ||||||||
Operating Segments [Member] | Mortgage Banking [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net interest income | 916 | 1,315 | (69) | ||||||||
Provision for loans losses | 0 | 0 | 0 | ||||||||
Other income | 83,884 | 68,555 | 58,532 | ||||||||
Other expense | 72,288 | 72,632 | 62,072 | ||||||||
Income taxes | 2,355 | (505) | (901) | ||||||||
Net income | 10,157 | (2,257) | (2,708) | ||||||||
Total assets (liabilities) | 507,124 | 320,299 | 507,124 | 320,299 | 280,293 | ||||||
Average assets (liabilities) | 358,087 | 279,618 | 212,212 | ||||||||
Other [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net interest income | (12,472) | (11,886) | (9,556) | ||||||||
Provision for loans losses | 0 | 0 | 0 | ||||||||
Other income | 392 | (667) | 3,498 | ||||||||
Other expense | (1,527) | 31 | 13,753 | ||||||||
Income taxes | (2,095) | (2,533) | (4,833) | ||||||||
Net income | (8,458) | (10,051) | (14,978) | ||||||||
Total assets (liabilities) | 17,777 | 3,222 | 17,777 | 3,222 | 17,158 | ||||||
Average assets (liabilities) | 8,411 | 6,104 | 19,769 | ||||||||
Intersegment Eliminations [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net interest income | 5,931 | 6,108 | 0 | ||||||||
Provision for loans losses | 0 | 0 | 0 | ||||||||
Other income | (8,748) | (11,715) | 0 | ||||||||
Other expense | (2,817) | (5,607) | 0 | ||||||||
Income taxes | 0 | 0 | 0 | ||||||||
Net income | 0 | 0 | 0 | ||||||||
Total assets (liabilities) | $ (426,613) | $ (264,238) | (426,613) | (264,238) | (255,111) | ||||||
Average assets (liabilities) | $ (292,427) | $ (236,575) | $ (180,016) |
Quarterly Financial Data - Quar
Quarterly Financial Data - Quarterly Financial Data (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Quarterly Financial Information Disclosure [Abstract] | |||||||||||
Interest income | $ 183,869 | $ 190,351 | $ 199,245 | $ 189,097 | $ 187,500 | $ 185,030 | $ 178,000 | $ 167,185 | $ 762,562 | $ 717,715 | $ 623,806 |
Interest expense | 42,586 | 48,433 | 48,692 | 44,929 | 40,795 | 36,255 | 28,878 | 23,142 | 184,640 | 129,070 | 74,809 |
Net interest income | 141,283 | 141,918 | 150,553 | 144,168 | 146,705 | 148,775 | 149,122 | 144,043 | 577,922 | 588,645 | 548,997 |
Provision for credit losses | 5,867 | 5,033 | 5,417 | 4,996 | 5,823 | 4,808 | 6,204 | 5,178 | 21,313 | 22,013 | 28,406 |
Mortgage banking income | 17,547 | 24,019 | 21,704 | 13,681 | 11,570 | 13,277 | 18,692 | 14,570 | |||
Securities gains (losses), net | 109 | 116 | 109 | (159) | (1,926) | (152) | (55) | (485) | 175 | (2,618) | 5,584 |
Other noninterest income | 19,586 | 18,089 | 17,982 | 17,701 | 20,183 | 18,561 | 17,370 | 17,107 | |||
Noninterest expense | 96,900 | 96,134 | 100,195 | 89,425 | 91,002 | 93,315 | 93,410 | 90,452 | 382,654 | 368,179 | 367,409 |
Income taxes | 12,473 | 17,010 | 17,529 | 17,328 | 15,757 | 17,926 | 19,241 | 17,899 | 64,340 | 70,823 | 134,246 |
Net income | $ 63,285 | $ 65,965 | $ 67,207 | $ 63,642 | $ 63,950 | $ 64,412 | $ 66,274 | $ 61,706 | $ 260,099 | $ 256,342 | $ 150,581 |
Average shares outstanding (000s): | |||||||||||
Basic | 101,250,000 | 101,432,000 | 101,774,000 | 101,895,000 | 102,930,000 | 103,618,000 | 104,683,000 | 104,859,000 | 101,585,599 | 104,015,976 | 97,502,633 |
Diluted | 101,538,000 | 101,712,000 | 102,048,000 | 102,163,000 | 103,164,000 | 103,934,000 | 104,953,000 | 105,163,000 | 101,852,577 | 104,298,825 | 97,890,078 |
Net income per share: | |||||||||||
Basic | $ 0.62 | $ 0.65 | $ 0.66 | $ 0.62 | $ 0.62 | $ 0.62 | $ 0.63 | $ 0.59 | $ 2.55 | $ 2.46 | $ 1.54 |
Diluted | 0.62 | 0.65 | 0.66 | 0.62 | 0.62 | 0.62 | 0.63 | 0.59 | 2.55 | 2.45 | 1.54 |
Dividends per share | $ 0.35 | $ 0.34 | $ 0.34 | $ 0.34 | $ 0.34 | $ 0.34 | $ 0.34 | $ 0.34 | $ 1.37 | $ 1.36 | $ 1.33 |