Cover Page
Cover Page - shares | 9 Months Ended | |
Sep. 30, 2020 | Oct. 31, 2020 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Document Fiscal Year Focus | 2020 | |
Document Period End Date | Sep. 30, 2020 | |
Document Fiscal Period Focus | Q3 | |
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 | 129,762,348 | |
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 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Sep. 30, 2020 | Dec. 31, 2019 |
Assets | ||
Cash and due from banks | $ 277,232 | $ 185,238 |
Interest-bearing deposits with other banks | 1,378,478 | 651,435 |
Federal funds sold | 823 | 820 |
Total cash and cash equivalents | 1,656,533 | 837,493 |
Securities available for sale at estimated fair value (amortized cost-$2,697,548 at September 30, 2020 and $2,426,924 at December 31, 2019, allowance for credit losses of $0 at September 30, 2020) | 2,777,802 | 2,437,296 |
Securities held to maturity, net of allowance for credit losses of $21 at September 30, 2020 (estimated fair value-$1,213 at September 30, 2020 and $1,447 at December 31, 2019) | 1,214 | 1,446 |
Equity securities at estimated fair value | 10,255 | 8,894 |
Other investment securities | 217,992 | 222,161 |
Loans held for sale (at fair value-$784,457 at September 30, 2020 and $384,375 at December 31, 2019) | 812,084 | 387,514 |
Loans and leases | 17,967,520 | 13,713,548 |
Less: Unearned income | (37,289) | (1,419) |
Loans and leases, net of unearned income | 17,930,231 | 13,712,129 |
Less: Allowance for loan and lease losses | (225,812) | (77,057) |
Net loans and leases | 17,704,419 | 13,635,072 |
Bank premises and equipment | 180,456 | 96,644 |
Operating lease right-of-use assets | 72,789 | 57,783 |
Goodwill | 1,794,886 | 1,478,014 |
Mortgage servicing rights, net of valuation allowance | 20,413 | 0 |
Accrued interest receivable, net of allowance for credit losses of $435 at September 30, 2020 | 65,141 | 58,085 |
Other assets | 617,324 | 441,922 |
TOTAL ASSETS | 25,931,308 | 19,662,324 |
Deposits: | ||
Noninterest-bearing | 7,304,747 | 4,621,362 |
Interest-bearing | 12,946,792 | 9,231,059 |
Total deposits | 20,251,539 | 13,852,421 |
Borrowings: | ||
Securities sold under agreements to repurchase | 148,357 | 124,654 |
Federal Home Loan Bank ("FHLB")borrowings | 645,249 | 1,851,865 |
Other long-term borrowings | 279,425 | 236,164 |
Reserve for lending-related commitments | 15,960 | 1,733 |
Operating lease liabilities | 76,604 | 61,342 |
Accrued expenses and other liabilities | 246,733 | 170,312 |
TOTAL LIABILITIES | 21,663,867 | 16,298,491 |
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-133,723,210 and 105,494,290 at September 30, 2020 and December 31, 2019, respectively, including 3,960,862 and 3,940,619 shares in treasury at September 30, 2020 and December 31, 2019, respectively | 334,308 | 263,736 |
Surplus | 2,891,746 | 2,140,175 |
Retained earnings | 1,158,467 | 1,132,579 |
Accumulated other comprehensive gain (loss) | 21,350 | (34,869) |
Treasury stock, at cost | (138,430) | (137,788) |
TOTAL SHAREHOLDERS' EQUITY | 4,267,441 | 3,363,833 |
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | $ 25,931,308 | $ 19,662,324 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Sep. 30, 2020 | Dec. 31, 2019 |
Statement of Financial Position [Abstract] | ||
Securities available for sale, amortized cost | $ 2,697,548 | $ 2,426,924 |
Securities held to maturity | 1,213 | 1,447 |
Loans held for sale at fair value | 784,457 | $ 384,375 |
Allowance for credit loss on accrued interest receivable | $ 435 | |
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 | 133,723,210 | 105,494,290 |
Common stock, shares in treasury | 3,960,862 | 3,940,619 |
Consolidated Statements of Inco
Consolidated Statements of Income - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Interest income | ||||
Interest and fees on loans and leases | $ 192,266 | $ 165,149 | $ 530,431 | $ 505,150 |
Interest on federal funds sold and other short-term investments | 2,060 | 6,236 | 7,893 | 17,478 |
Interest and dividends on securities: | ||||
Taxable | 14,448 | 18,168 | 47,658 | 53,279 |
Tax-exempt | 1,495 | 798 | 3,486 | 2,786 |
Total interest income | 210,269 | 190,351 | 589,468 | 578,693 |
Interest expense | ||||
Interest on deposits | 17,726 | 36,368 | 64,452 | 104,461 |
Interest on short-term borrowings | 172 | 539 | 826 | 1,838 |
Interest on long-term borrowings | 6,707 | 11,526 | 26,406 | 35,755 |
Total interest expense | 24,605 | 48,433 | 91,684 | 142,054 |
Net interest income | 185,664 | 141,918 | 497,784 | 436,639 |
Provision for credit losses | 16,781 | 5,033 | 89,811 | 15,446 |
Net interest income after provision for credit losses | 168,883 | 136,885 | 407,973 | 421,193 |
Other income | ||||
Income from bank-owned life insurance | 2,059 | 1,280 | 5,738 | 4,433 |
Mortgage loan servicing income | 2,345 | 0 | 3,879 | 0 |
Net gain on the sale of bank premises | 2,229 | 0 | 2,229 | 0 |
Net investment securities gains | 860 | 116 | 2,566 | 66 |
Other income | 617 | 325 | 1,888 | 991 |
Total other income | 135,468 | 42,224 | 260,664 | 113,242 |
Other expense | ||||
Employee compensation | 84,455 | 46,313 | 197,660 | 129,563 |
Employee benefits | 13,202 | 8,615 | 36,767 | 26,624 |
Net occupancy expense | 10,944 | 8,698 | 30,324 | 26,116 |
Other real estate owned ("OREO") expense | 1,166 | 1,837 | 2,679 | 3,886 |
Equipment expense | 5,616 | 3,698 | 14,465 | 10,688 |
Data processing expense | 6,708 | 5,776 | 28,140 | 16,505 |
Mortgage loan servicing expense and impairment | 3,301 | 107 | 5,949 | 304 |
Bankcard processing expense | 450 | 474 | 1,319 | 1,402 |
FDIC insurance expense | 2,700 | 465 | 7,882 | 7,065 |
FHLB prepayment penalties | 10,385 | 0 | 10,385 | 5,105 |
Other expense | 32,666 | 20,151 | 86,530 | 58,496 |
Total other expense | 171,593 | 96,134 | 422,100 | 285,754 |
Income before income taxes | 132,758 | 82,975 | 246,537 | 248,681 |
Income taxes | 28,974 | 17,010 | 49,884 | 51,867 |
Net income | $ 103,784 | $ 65,965 | $ 196,653 | $ 196,814 |
Earnings per common share: | ||||
Basic | $ 0.80 | $ 0.65 | $ 1.68 | $ 1.93 |
Diluted | $ 0.80 | $ 0.65 | $ 1.68 | $ 1.93 |
Average outstanding shares: | ||||
Basic | 129,373,154 | 101,432,243 | 116,876,402 | 101,698,530 |
Diluted | 129,454,966 | 101,711,740 | 116,944,594 | 101,967,135 |
Fees From Trust Services [Member] | ||||
Other income | ||||
Revenue from contract | $ 3,574 | $ 3,574 | $ 10,318 | $ 10,276 |
Fees from Brokerage Services [Member] | ||||
Other income | ||||
Revenue from contract | 3,066 | 2,378 | 8,633 | 7,668 |
Fees from Deposit Services [Member] | ||||
Other income | ||||
Revenue from contract | 9,320 | 8,702 | 25,332 | 25,219 |
Bankcard Fees and Merchant Discounts [Member] | ||||
Other income | ||||
Revenue from contract | 1,226 | 1,262 | 2,937 | 3,520 |
Other Service Charges, Commissions, and Fees [Member] | ||||
Other income | ||||
Revenue from contract | 715 | 568 | 1,843 | 1,665 |
Mortgage Banking [Member] | ||||
Other income | ||||
Revenue from contract | $ 109,457 | $ 24,019 | $ 195,301 | $ 59,404 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Statement of Comprehensive Income [Abstract] | ||||
Net income | $ 103,784 | $ 65,965 | $ 196,653 | $ 196,814 |
Change in net unrealized gain on available-for-sale ("AFS") securities, net of tax | 8,180 | 3,637 | 53,600 | 38,420 |
Change in net unrealized gain (loss) on cash flow hedge, net of tax | 678 | 0 | (594) | 0 |
Change in pension plan assets, net of tax | 988 | 949 | 3,213 | 2,768 |
Comprehensive income, net of tax | $ 113,630 | $ 70,551 | $ 252,872 | $ 238,002 |
Consolidated Statement of Chang
Consolidated Statement of Changes in Shareholders' Equity - USD ($) $ in Thousands | Total | Revision of Prior Period, Reclassification, Adjustment [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | Common Stock [Member] | Common Stock [Member]Revision of Prior Period, Reclassification, Adjustment [Member] | Common Stock [Member]Cumulative Effect, Period of Adoption, Adjustment [Member] | Surplus [Member] | Surplus [Member]Revision of Prior Period, Reclassification, Adjustment [Member] | Surplus [Member]Cumulative Effect, Period of Adoption, Adjustment [Member] | Retained Earnings [Member] | Retained Earnings [Member]Revision of Prior Period, Reclassification, Adjustment [Member] | Retained Earnings [Member]Cumulative Effect, Period of Adoption, Adjustment [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Accumulated Other Comprehensive Income (Loss) [Member]Revision of Prior Period, Reclassification, Adjustment [Member] | Accumulated Other Comprehensive Income (Loss) [Member]Cumulative Effect, Period of Adoption, Adjustment [Member] | Treasury Stock [Member] | Treasury Stock [Member]Revision of Prior Period, Reclassification, Adjustment [Member] | Treasury Stock [Member]Cumulative Effect, Period of Adoption, Adjustment [Member] |
Beginning Balance at Dec. 31, 2018 | $ 3,251,624 | $ 50 | $ (1,049) | $ 263,098 | $ 0 | $ 0 | $ 2,134,462 | $ 0 | $ 0 | $ 1,013,037 | $ 0 | $ (1,049) | $ (57,019) | $ 50 | $ 0 | $ (101,954) | $ 0 | $ 0 |
Beginning Balance, shares at Dec. 31, 2018 | 105,239,121 | |||||||||||||||||
Net income | 63,642 | $ 0 | 0 | 63,642 | 0 | 0 | ||||||||||||
Other comprehensive income, net of tax | 17,699 | 0 | 0 | 0 | 17,699 | 0 | ||||||||||||
Comprehensive income, net of tax | 81,341 | |||||||||||||||||
Stock based compensation expense | 1,113 | 0 | 1,113 | 0 | 0 | 0 | ||||||||||||
Purchase of treasury stock | (12,072) | 0 | 0 | 0 | 0 | (12,072) | ||||||||||||
Cash dividends | (34,759) | 0 | 0 | (34,759) | 0 | 0 | ||||||||||||
Grant of restricted stock | 0 | $ 316 | (316) | 0 | 0 | 0 | ||||||||||||
Grant of restricted stock, shares | 126,427 | |||||||||||||||||
Common stock options exercised | 643 | $ 84 | 559 | 0 | 0 | 0 | ||||||||||||
Common stock options exercised, shares | 33,816 | |||||||||||||||||
Ending Balance at Mar. 31, 2019 | 3,286,891 | $ 263,498 | 2,135,818 | 1,040,871 | (39,270) | (114,026) | ||||||||||||
Ending Balance, shares at Mar. 31, 2019 | 105,399,364 | |||||||||||||||||
Beginning Balance at Dec. 31, 2018 | 3,251,624 | $ 50 | (1,049) | $ 263,098 | $ 0 | 0 | 2,134,462 | $ 0 | 0 | 1,013,037 | $ 0 | (1,049) | (57,019) | $ 50 | 0 | (101,954) | $ 0 | 0 |
Beginning Balance, shares at Dec. 31, 2018 | 105,239,121 | |||||||||||||||||
Net income | 196,814 | |||||||||||||||||
Other comprehensive income, net of tax | 41,188 | |||||||||||||||||
Comprehensive income, net of tax | $ 238,002 | |||||||||||||||||
Common stock options exercised, shares | 98,613 | |||||||||||||||||
Ending Balance at Sep. 30, 2019 | $ 3,354,342 | $ 263,660 | 2,138,240 | 1,104,837 | (15,781) | (136,614) | ||||||||||||
Ending Balance, shares at Sep. 30, 2019 | 105,464,161 | |||||||||||||||||
Beginning Balance at Mar. 31, 2019 | 3,286,891 | $ 263,498 | 2,135,818 | 1,040,871 | (39,270) | (114,026) | ||||||||||||
Beginning Balance, shares at Mar. 31, 2019 | 105,399,364 | |||||||||||||||||
Net income | 67,207 | $ 0 | 0 | 67,207 | 0 | 0 | ||||||||||||
Other comprehensive income, net of tax | 18,903 | 0 | 0 | 0 | 18,903 | 0 | ||||||||||||
Comprehensive income, net of tax | 86,110 | |||||||||||||||||
Stock based compensation expense | 1,198 | 0 | 1,198 | 0 | 0 | 0 | ||||||||||||
Purchase of treasury stock | (6,032) | 0 | 0 | 0 | 0 | (6,032) | ||||||||||||
Cash dividends | (34,688) | 0 | 0 | (34,688) | 0 | 0 | ||||||||||||
Forfeiture of restricted stock | 0 | 0 | 100 | 0 | 0 | (100) | ||||||||||||
Common stock options exercised | 379 | $ 36 | 343 | 0 | 0 | 0 | ||||||||||||
Common stock options exercised, shares | 14,144 | |||||||||||||||||
Ending Balance at Jun. 30, 2019 | 3,333,858 | $ 263,534 | 2,137,459 | 1,073,390 | (20,367) | (120,158) | ||||||||||||
Ending Balance, shares at Jun. 30, 2019 | 105,413,508 | |||||||||||||||||
Net income | 65,965 | $ 0 | 0 | 65,965 | 0 | 0 | ||||||||||||
Other comprehensive income, net of tax | 4,586 | 0 | 0 | 0 | 4,586 | 0 | ||||||||||||
Comprehensive income, net of tax | 70,551 | |||||||||||||||||
Stock based compensation expense | 1,194 | 0 | 1,194 | 0 | 0 | 0 | ||||||||||||
Distribution of treasury stock for deferred compensation plan | 1 | 0 | 0 | 0 | 0 | 1 | ||||||||||||
Purchase of treasury stock | (16,395) | 0 | 0 | 0 | 0 | (16,395) | ||||||||||||
Cash dividends | (34,518) | 0 | 0 | (34,518) | 0 | 0 | ||||||||||||
Forfeiture of restricted stock | 0 | 0 | 62 | 0 | 0 | (62) | ||||||||||||
Common stock options exercised | (349) | $ 126 | (475) | 0 | 0 | 0 | ||||||||||||
Common stock options exercised, shares | 50,653 | |||||||||||||||||
Ending Balance at Sep. 30, 2019 | 3,354,342 | $ 263,660 | 2,138,240 | 1,104,837 | (15,781) | (136,614) | ||||||||||||
Ending Balance, shares at Sep. 30, 2019 | 105,464,161 | |||||||||||||||||
Beginning Balance at Dec. 31, 2019 | 3,363,833 | (44,331) | $ 263,736 | 0 | 2,140,175 | 0 | 1,132,579 | (44,331) | (34,869) | 0 | (137,788) | 0 | ||||||
Beginning Balance, shares at Dec. 31, 2019 | 105,494,290 | |||||||||||||||||
Net income | 40,183 | $ 0 | 0 | 40,183 | 0 | 0 | ||||||||||||
Other comprehensive income, net of tax | 18,698 | 0 | 0 | 0 | 18,698 | 0 | ||||||||||||
Comprehensive income, net of tax | 58,881 | |||||||||||||||||
Stock based compensation expense | 1,253 | 0 | 1,253 | 0 | 0 | 0 | ||||||||||||
Purchase of treasury stock | (608) | 0 | 0 | 0 | 0 | (608) | ||||||||||||
Cash dividends | (35,604) | 0 | 0 | (35,604) | 0 | 0 | ||||||||||||
Grant of restricted stock | 0 | $ 439 | (439) | 0 | 0 | 0 | ||||||||||||
Grant of restricted stock, shares | 175,495 | |||||||||||||||||
Forfeiture of restricted stock | 0 | $ 0 | 35 | 0 | 0 | (35) | ||||||||||||
Common stock options exercised | 278 | $ 36 | 242 | 0 | 0 | 0 | ||||||||||||
Common stock options exercised, shares | 14,694 | |||||||||||||||||
Ending Balance at Mar. 31, 2020 | 3,343,702 | $ 264,211 | 2,141,266 | 1,092,827 | (16,171) | (138,431) | ||||||||||||
Ending Balance, shares at Mar. 31, 2020 | 105,684,479 | |||||||||||||||||
Beginning Balance at Dec. 31, 2019 | $ 3,363,833 | $ (44,331) | $ 263,736 | $ 0 | 2,140,175 | $ 0 | 1,132,579 | $ (44,331) | (34,869) | $ 0 | (137,788) | $ 0 | ||||||
Beginning Balance, shares at Dec. 31, 2019 | 105,494,290 | |||||||||||||||||
Accounting Standards Update [Extensible List] | us-gaap:AccountingStandardsUpdate201613Member | |||||||||||||||||
Net income | $ 196,653 | |||||||||||||||||
Other comprehensive income, net of tax | 56,219 | 56,219 | ||||||||||||||||
Comprehensive income, net of tax | $ 252,872 | |||||||||||||||||
Common stock options exercised, shares | 14,994 | |||||||||||||||||
Ending Balance at Sep. 30, 2020 | $ 4,267,441 | $ 334,308 | 2,891,746 | 1,158,467 | 21,350 | (138,430) | ||||||||||||
Ending Balance, shares at Sep. 30, 2020 | 133,723,210 | |||||||||||||||||
Beginning Balance at Mar. 31, 2020 | 3,343,702 | $ 264,211 | 2,141,266 | 1,092,827 | (16,171) | (138,431) | ||||||||||||
Beginning Balance, shares at Mar. 31, 2020 | 105,684,479 | |||||||||||||||||
Net income | 52,686 | $ 0 | 0 | 52,686 | 0 | 0 | ||||||||||||
Other comprehensive income, net of tax | 27,675 | 0 | 0 | 0 | 27,675 | 0 | ||||||||||||
Comprehensive income, net of tax | 80,361 | |||||||||||||||||
Stock based compensation expense | 1,369 | 0 | 1,369 | 0 | 0 | 0 | ||||||||||||
Acquisition, Values | 817,830 | $ 70,079 | 747,751 | 0 | 0 | 0 | ||||||||||||
Acquisition, Shares | 28,031,501 | |||||||||||||||||
Purchase of treasury stock | 0 | $ 0 | 0 | 0 | 0 | 0 | ||||||||||||
Cash dividends | (45,416) | 0 | 0 | (45,416) | 0 | 0 | ||||||||||||
Common stock options exercised | 9 | $ 1 | 8 | 0 | 0 | 0 | ||||||||||||
Common stock options exercised, shares | 300 | |||||||||||||||||
Ending Balance at Jun. 30, 2020 | 4,197,855 | $ 334,291 | 2,890,394 | 1,100,097 | 11,504 | (138,431) | ||||||||||||
Ending Balance, shares at Jun. 30, 2020 | 133,716,280 | |||||||||||||||||
Net income | 103,784 | $ 0 | 0 | 103,784 | 0 | 0 | ||||||||||||
Other comprehensive income, net of tax | 9,846 | 0 | 0 | 0 | 9,846 | 0 | ||||||||||||
Comprehensive income, net of tax | 113,630 | |||||||||||||||||
Stock based compensation expense | 1,369 | 0 | 1,369 | 0 | 0 | 0 | ||||||||||||
Distribution of treasury stock for deferred compensation plan | 1 | 0 | 0 | 0 | 0 | 1 | ||||||||||||
Purchase of treasury stock | 0 | 0 | 0 | 0 | 0 | 0 | ||||||||||||
Cash dividends | (45,414) | 0 | 0 | (45,414) | 0 | 0 | ||||||||||||
Grant of restricted stock | 0 | $ 17 | (17) | 0 | 0 | 0 | ||||||||||||
Grant of restricted stock, shares | 6,930 | |||||||||||||||||
Common stock options exercised | 0 | $ 0 | 0 | 0 | 0 | 0 | ||||||||||||
Common stock options exercised, shares | 0 | |||||||||||||||||
Ending Balance at Sep. 30, 2020 | $ 4,267,441 | $ 334,308 | $ 2,891,746 | $ 1,158,467 | $ 21,350 | $ (138,430) | ||||||||||||
Ending Balance, shares at Sep. 30, 2020 | 133,723,210 |
Consolidated Statement of Cha_2
Consolidated Statement of Changes in Shareholders' Equity (Parenthetical) - $ / shares | 3 Months Ended | |||||
Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | |
Common Stock [Member] | ||||||
Cash dividends per share | $ 0.35 | $ 0.35 | $ 0.35 | $ 0.34 | $ 0.34 | $ 0.34 |
Grant of restricted stock, shares | 6,930 | 175,495 | 126,427 | |||
Forfeiture of restricted stock, shares | 946 | 1,610 | 2,539 | |||
Common stock options exercised, shares | 0 | 300 | 14,694 | 50,653 | 14,144 | 33,816 |
Acquisition, Shares | 28,031,501 | |||||
Treasury Stock [Member] | ||||||
Purchase of treasury stock, shares | 6 | 6 | 19,314 | 456,404 | 166,604 | 365,702 |
Deferred Compensation Plan [Member] | Treasury Stock [Member] | ||||||
Distribution of treasury stock for deferred compensation plan, shares | 29 | 27 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2020 | Sep. 30, 2019 | |
OPERATING ACTIVITIES | ||
NET CASH (USED IN) PROVIDED BY OPERATING ACTIVITIES | $ (45,337) | $ 90,956 |
INVESTING ACTIVITIES | ||
Proceeds from maturities and calls of securities held to maturity | 210 | 6,975 |
Proceeds from sales of securities available for sale | 192,010 | 333,414 |
Proceeds from maturities and calls of securities available for sale | 370,889 | 240,260 |
Purchases of securities available for sale | (278,082) | (630,162) |
Proceeds from sales of equity securities | 1,043 | 1,865 |
Purchases of equity securities | (896) | (742) |
Proceeds from sales and redemptions of other investment securities | 145,394 | 80,281 |
Purchases of other investment securities | (127,950) | (114,156) |
Redemption of bank-owned life insurance policies | 1,186 | 2,829 |
Purchases of bank premises and equipment | (14,348) | (6,800) |
Proceeds from sales of bank premises and equipment | 4,391 | 251 |
Proceeds from the sales of OREO properties | 9,438 | 4,620 |
Acquisition of Carolina Financial Corporation, net of cash paid | 629,107 | 0 |
Net change in loans and leases | (957,029) | (205,480) |
NET CASH USED IN INVESTING ACTIVITIES | (24,637) | (286,845) |
FINANCING ACTIVITIES | ||
Cash dividends paid | (117,290) | (104,421) |
Acquisition of treasury stock | (608) | (34,499) |
Proceeds from exercise of stock options | 288 | 672 |
Repayment of long-term Federal Home Loan Bank borrowings | (1,787,000) | (1,115,000) |
Proceeds from issuance of long-term Federal Home Loan Bank borrowings | 500,000 | 1,325,000 |
Distribution of treasury stock for deferred compensation plan | 1 | 1 |
Changes in: | ||
Deposits | 2,519,920 | 101,255 |
Federal funds purchased, securities sold under agreements to repurchase and other short-term borrowings | (226,297) | (21,361) |
NET CASH PROVIDED BY FINANCING ACTIVITIES | 889,014 | 151,647 |
Increase (decrease) in cash and cash equivalents | 819,040 | (44,242) |
Cash and cash equivalents at beginning of year | 837,493 | 1,020,396 |
Cash and cash equivalents at end of period | 1,656,533 | 976,154 |
Noncash investing activities: | ||
Transfers of loans to OREO | 22,262 | 9,386 |
Transfer of held to maturity debt securities to available for sale debt securities | $ 0 | $ 11,544 |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 9 Months Ended |
Sep. 30, 2020 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation The accompanying unaudited consolidated interim financial statements of United Bankshares, Inc. and Subsidiaries (“United” or “the Company”) have been prepared in accordance with accounting principles for interim financial information generally accepted in the United States (GAAP) and with the instructions for Form 10-Q S-X. 10-K, The accompanying consolidated interim financial statements include the accounts of United and its wholly owned subsidiaries. United operates in two business segments: community banking and mortgage banking. All significant intercompany accounts and transactions have been eliminated in the consolidated financial statements. Information is presented in these notes to the unaudited consolidated interim financial statements with dollars expressed in thousands, except per share or unless otherwise noted. New Accounting Standards In August 2020, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2020-06, 470-20) 815-40). earnings-per-share No. 2020-06 No. 2020-06 In March 2020, the FASB issued ASU No. 2020-04, Facilitation of the Effects of Reference Rate Reform on Financial Reporting. The ASU provides “optional expedients and exceptions for applying generally accepted accounting principles to contract modifications and hedging relationships, subject to meeting certain criteria, that reference LIBOR or another reference rate expected to be discontinued.” ASU No. 2020-04 No. 2020-04 In February 2020, FASB issued ASU No. 2020-03, No. 2020-03 No. 2020-03 In January 2020, the FASB issued ASU No. 2020-01, No. 2020-01 No. 2020-01 In November 2019, the FASB issued ASU No. 2019-08, No. 2019-08 No. 2019-08 In April 2019, the FASB issued ASU No. 2019-04 No. 2019-04 In August 2018, the FASB issued ASU No. 2018-14 715-20): No. 2018-14 No. 2018-14 In August 2018, the FASB issued ASU No. 2018-13 No. 2018-13 No. 2018-13 In August 2017, the FASB issued ASU No. 2017-12, one-time No. 2017-12 one-time In January 2017, the FASB issued ASU No. 2017-04, 2017-04 2017-04 2017-04 In June 2016, the FASB issued ASU No. 2016-13, No. 2016-13 No. 2016-13 No. 2016-13 phase-in (COVID-19) No. 2016-13 No. 2016-13 In February 2016, the FASB issued ASU No. 2016-02, “Leases (Topic 842)”. ASU No. 2016-02 includes a lessee accounting model that recognizes two types of leases, finance leases and operating leases, while lessor accounting will remain largely unchanged from the current GAAP. ASU No. 2016-02 requires, amongst other things, that a lessee recognize on the balance sheet a right-of-use asset and a lease liability for leases with terms of more than twelve months. The recognition, measurement, and presentation of expenses and cash flows arising from a lease by a lessee will depend on its classification as a finance or operating lease. In July 2018, the FASB issued ASU No. 2018-11 non-lease non-lease No. 2018-10 2018-10 differenc |
Mergers and Acquisitions
Mergers and Acquisitions | 9 Months Ended |
Sep. 30, 2020 | |
Business Combinations [Abstract] | |
Mergers and Acquisitions | 2. MERGERS AND ACQUISITIONS On May 1, 2020 (“Acquisition Date”), United acquired 100% of the outstanding shares of Carolina Financial Corporation (“Carolina Financial”), a Delaware corporation headquartered in Charleston, South Carolina. Carolina Financial was merged with and into United (the “Merger”), pursuant to the terms of the Agreement and Plan of Merger, dated November 17, 2019, by and between United and Carolina Financial (the “Merger Agreement”). Upon completion of the Merger, Carolina Financial ceased to exist and United survived and continues to exist as a West Virginia corporation. Under the terms of the Merger Agreement, each outstanding share of common stock of Carolina Financial was converted into the right to receive 1.13 shares of United common stock, par value $2.50 per share. Also pursuant to the Merger 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 Merger, at such option holder’s election, (i) vested and converted into an option to acquire United common stock adjusted based on the 1.13 exchange ratio, or (ii) was entitled to receive cash consideration equal to the difference between (a) the option’s exercise price and (b) $28.99, representing 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 was outstanding immediately prior to the effective time of the Merger, vested in accordance with the terms of the Carolina Financial stock plan and at the election of the holder (i) converted into the right to receive shares of United common stock based on the 1.13 exchange ratio or (ii) converted 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. Immediately following the Merger, CresCom Bank, a wholly-owned subsidiary of Carolina Financial, merged with and into United Bank, a wholly-owned subsidiary of United (the “Bank Merger”). United Bank survived the Bank Merger and continues to exist as a Virginia banking corporation. CresCom Bank owned and operated Crescent Mortgage Company (“Crescent Mortgage”), which is based in Atlanta, Georgia. As a result of the Bank Merger, Crescent Mortgage Company is now a wholly-owned subsidiary of United Bank. The Merger was accounted for under the acquisition method of accounting. The results of operations of Carolina Financial are included in the consolidated results of operations from the Acquisition Date. The acquisition of Carolina Financial affords United the opportunity to expand its existing footprint in North Carolina and South Carolina. As of the Acquisition Date, Carolina Financial had $5,004,542 in total assets, $3,292,635 in loans and leases, net of unearned income and $3,873,183 in deposits. Carolina Financial had banking locations in North Carolina and South Carolina. The aggregate purchase price was approximately $817,877, including common stock valued at $815,997, stock options assumed valued at $1,833, and cash paid for fractional shares of $47. The number of shares issued in the transaction was 28,031,501, which were valued based on the closing market price of $29.11 for United’s common shares on May 1, 2020. The preliminary purchase price has been allocated to the identifiable tangible and intangible assets resulting in preliminary additions to goodwill, core deposit intangibles and the Crescent Mortgage trade name intangible of $316,872, $3,037 and $196, respectively. The core deposit intangible is expected to be amortized on an accelerated basis over ten years. The Crescent Mortgage trade name provides a source of market recognition to attract potential clients and retain existing relationships. United believes the Crescent Mortgage trade name provides a competitive advantage and is likely going to be used into perpetuity and thus will not be subject to amortization, but rather be evaluated for impairment. Because the consideration paid was greater than the net fair value of the acquired assets and liabilities, the Company recorded goodwill as part of the acquisition. None of the goodwill from the Carolina Financial acquisition is expected to be deductible for tax purposes. United used an independent third party to help determine the fair values of the assets and liabilities acquired from Carolina Financial. As a result of the merger, United recorded preliminary fair value discounts of $47,425 on the loans and leases acquired, $620 on investment securities, $272 on OREO, $4,831 on trust preferred issuances and $135 on subordinated notes, respectively, and premiums of $8,848 on buildings acquired, $4,960 on land acquired, $12,818 on interest-bearing deposits, and $468 on long-term FHLB advances, respectively. United also recorded an allowance for credit losses, including a reserve for unfunded commitments, of $50,562 on the loans and commitments acquired split between $19,797 for purchased credit deteriorated (“PCD”) loans and $30,765 for non-PCD Portfolio loans and leases acquired from Carolina Financial were recorded at their fair value at the Acquisition Date based on a discounted cash flow methodology. The estimated fair value incorporates adjustments related to expected credit losses, prevailing market interest rates for comparable assets and other market factors such as liquidity from the perspective of a market participant. Also, acquired portfolio loans and leases were evaluated upon acquisition and classified as either PCD, which indicates that the loan has experienced a more-than-insignificant deterioration in credit quality since origination, or non-PCD. United considered a variety of factors in evaluating the acquired loans and leases for a more-than-insignificant deterioration in credit quality, including but not limited to risk grades, delinquency, nonperforming status, current or previous troubled debt restructurings or bankruptcies, watch list credits and other qualitative factors that indicated a deterioration in credit quality since origination. For PCD loans and leases, an initial allowance is determined based on the same methodology as other portfolio loans and leases. This initial allowance for credit losses is allocated to individual PCD loans and leases and added to the acquisition date fair values to establish the initial amortized cost basis for the PCD loans and leases. The difference between the unpaid principal balance (“UPB”), or par value, of PCD loans and leases and the amortized cost basis is considered to relate to noncredit factors and resulted in a discount of $7,212 at Acquisition Date. This discount will be recognized through interest income on a level-yield method over the life of the loans which is estimated to be a weighted-average of 4.6 years. For non-PCD non-PCD non-PCD The following table provides a reconciliation of the difference between the purchase price and the par value of portfolio PCD loans and leases acquired from Carolina Financial as of the Acquisition Date: Purchase price of PCD loans and leases at acquisition $ 1,023,531 Allowance for credit losses at acquisition 18,635 Non-credit 7,212 Par value (UPB) of acquired PCD loans and leases at acquisition $ 1,049,378 The consideration paid for Carolina Financial’s common equity and the preliminary amounts of acquired identifiable assets and liabilities assumed as of the Carolina Financial Acquisition Date were as follows: Purchase price: Value of common shares issued (28,031,501 shares) $ 815,997 Fair value of stock options assumed 1,833 Cash for fractional shares 47 Total purchase price 817,877 Identifiable assets: Cash and cash equivalents 629,154 Investment securities 580,791 Loans held for sale 65,757 Net loans and leases 3,246,940 Premises and equipment 82,670 Operating lease right-of-use 9,861 Crescent Mortgage trade name intangible 196 Core deposit intangible 3,037 Mortgage servicing rights 20,123 Other assets 165,198 Total identifiable assets $ 4,803,727 Identifiable liabilities: Deposits $ 3,884,977 Short-term borrowings 332,000 Long-term borrowings 42,738 Operating lease liability 9,861 Other liabilities 33,146 Total identifiable liabilities 4,302,722 Preliminary fair value of net assets acquired including identifiable intangible assets 501,005 Preliminary resulting goodwill $ 316,872 The operating results of United for the nine months ended September 30, 2020 include operating results of acquired assets and assumed liabilities subsequent to the Carolina Financial Acquisition Date. The operations of United’s North Carolina and South Carolina geographic area, which includes the acquired operations of Carolina Financial, and Crescent Mortgage provided $102,766 in total revenues (net interest income plus other income), and $55,922 in net income from the period from the Carolina Financial Acquisition Date to September 30, 2020. These amounts are included in United’s consolidated financial statements as of and for the nine months ended September 30, 2020. Carolina Financial’s results of operations prior to the Carolina Financial Acquisition Date are not included in United’s consolidated results of operations. The following table presents certain unaudited pro forma information for the results of operations for the nine months ended September 30, 2020 and 2019, as if the Carolina Financial merger had occurred on January 1, 2020 and 2019, respectively. These results combine the historical results of Carolina Financial into United’s consolidated statement of income and, while certain adjustments were made for the estimated impact of certain fair valuation adjustments and other acquisition-related activity, they are not indicative of what would have occurred had the acquisition taken place on the indicated date nor are they intended to represent or be indicative of future results of operations. In particular, no adjustments have been made to eliminate the amount of Carolina Financial’s provision for credit losses for 2020 and 2019 that may not have been necessary had the acquired loans and leases been recorded at fair value as of the beginning of 2020 and 2019. Additionally, United expects to achieve operating cost savings and other business synergies as a result of the acquisition which are not reflected in the pro forma amounts. Proforma Nine Months Ended September 30 2020 2019 Total Revenues (1) $ 810,476 $ 706,872 Net Income 177,275 258,638 (1) Represents net interest income plus other income |
Investment Securities
Investment Securities | 9 Months Ended |
Sep. 30, 2020 | |
Investments, Debt and Equity Securities [Abstract] | |
Investment Securities | 3. INVESTMENT SECURITIES Securities Available for Sale Securities held for indefinite periods of time are classified as available for sale and carried at estimated fair value. The amortized cost and estimated fair values of securities available for sale are summarized as follows. September 30, 2020 Gross Gross Allowance Estimated Amortized Unrealized Unrealized For Credit Fair Cost Gains Losses Losses Value U.S. Treasury securities and obligations of U.S. Government corporations and agencies $ 65,856 $ 657 $ 3 $ 0 $ 66,510 State and political subdivisions 513,380 23,104 329 0 536,155 Residential mortgage-backed securities Agency 777,157 27,190 15 0 804,332 Non-agency 41,945 395 0 0 42,340 Commercial mortgage-backed securities Agency 618,901 32,321 236 0 650,986 Asset-backed securities 291,690 19 8,120 0 283,589 Single issue trust preferred securities 18,221 170 1,643 0 16,748 Other corporate securities 370,398 7,036 292 0 377,142 Total $ 2,697,548 $ 90,892 $ 10,638 $ 0 $ 2,777,802 December 31, 2019 Gross Gross Estimated Cumulative Amortized Unrealized Unrealized Fair OTTI in Cost Gains Losses Value AOCI (1) U.S. Treasury securities and obligations of U.S. Government corporations and agencies $ 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 (1) Non-credit before-tax. available-for-sale Available-for-sale non-accrual non-accrual available-for-sale The following is a summary of securities available for sale which were in an unrealized loss position at September 30, 2020 and December 31, 2019. Less than 12 months 12 months or longer Total Fair Unrealized Fair Unrealized Fair Unrealized Value Losses Value Losses Value Losses September 30, 2020 U.S. Treasury securities and obligations of U.S. Government corporations and agencies $ 329 $ 3 $ 0 $ 0 $ 329 $ 3 State and political subdivisions 32,544 329 0 0 32,544 329 Residential mortgage-backed securities Agency 2,782 7 4,057 8 6,839 15 Non-agency 0 0 0 0 0 0 Commercial mortgage-backed securities Agency 48,410 236 0 0 48,410 236 Asset-backed securities 0 0 271,974 8,120 271,974 8,120 Trust preferred collateralized debt obligations 0 0 0 0 0 0 Single issue trust preferred securities 0 0 13,525 1,643 13,525 1,643 Other corporate securities 33,783 292 0 0 33,783 292 Total $ 117,848 $ 867 $ 289,556 $ 9,771 $ 407,404 $ 10,638 Less than 12 months 12 months or longer Total Fair Unrealized Fair Unrealized Fair Unrealized Value Losses Value Losses Value Losses December 31, 2019 U.S. Treasury securities and obligations of U.S. Government corporations and agencies $ 1,415 $ 6 $ 0 $ 0 $ 1,415 $ 6 State and political subdivisions 144,307 3,291 885 5 145,192 3,296 Residential mortgage-backed securities Agency 108,072 502 71,736 744 179,808 1,246 Non-agency 0 0 0 0 0 0 Commercial mortgage-backed securities Agency 173,039 2,676 45,251 131 218,290 2,807 Asset-backed securities 135,174 3,252 140,965 4,999 276,139 8,251 Trust preferred collateralized debt obligations 2,703 842 2,000 500 4,703 1,342 Single issue trust preferred securities 0 0 13,562 1,592 13,562 1,592 Other corporate securities 0 0 0 0 0 0 Total $ 564,710 $ 10,569 $ 274,399 $ 7,971 $ 839,109 $ 18,540 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. Three Months Ended September 30 Nine Months Ended September 30 2020 2019 2020 2019 Proceeds from sales and calls $ 149,193 $ 188,911 $ 562,899 $ 573,674 Gross realized gains 2.800 412 4,618 1,166 Gross realized losses (1,939 ) (346 ) (2,116 ) (1,318 ) At September 30, 2020, gross unrealized losses on available for sale securities were $10,638 on 64 securities of a total portfolio of 966 available for sale securities. Securities with the most significant gross unrealized losses at September 30, 2020 consisted primarily of asset-backed securities and single issue trust preferred securities. The asset-backed securities relate mainly to securities that 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 single issue trust preferred securities relate to securities of financial institutions. In determining whether or not a security is impaired, management considered the severity 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 $513,380 at September 30, 2020. As of September 30, 2020, approximately 59% of the portfolio was supported by the general obligation of the issuing municipality, which allows for the securities to be repaid by any means available to the municipality. The majority of the portfolio was rated AA or higher, and no securities within the portfolio were rated below investment grade as of September 30, 2020. 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 impaired at September 30, 2020. 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 $1,396,058 at September 30, 2020. Of the $1,396,058 amount, $618,901 was related to agency commercial mortgage-backed securities and $777,157 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 impaired at September 30, 2020. Non-agency United’s non-agency non-agency non-agency Asset-backed securities As of September 30, 2020, United’s asset-backed securities portfolio had a total amortized cost balance of $291,690. Of the $291,690, 96% was rated AA+ or better and 4% was unrated. The majority of the portfolio relates to securities that 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. Upon reviewing this portfolio for the third quarter of 2020, it was determined that none of the asset-backed securities were impaired. 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 September 30, 2020 consisted of $11,498 in investment grade bonds, $978 in split rated bonds, and $5,745 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 third quarter of 2020, it was determined that none of the single issue trust preferred securities were impaired. Corporate securities As of September 30, 2020, United’s Corporate securities portfolio had a total amortized cost balance of $370,398. The majority of the portfolio consisted of debt issuances of corporations representing a variety of industries, including financial institutions. Of the $370,398, 87% was investment grade rated and 13% was unrated. For corporate securities, management has evaluated the near-term prospects of the investment in relation to the severity of any unrealized loss. Based upon management’s analysis and judgment, it was determined that none of the corporate securities were impaired at September 30, 2020. The amortized cost and estimated fair value of securities available for sale at September 30, 2020 and December 31, 2019 by contractual maturity are shown as follows. Expected maturities may differ from contractual maturities because the issuers may have the right to call or prepay obligations without penalties. September 30, 2020 December 31, 2019 Estimated Estimated Amortized Fair Amortized Fair Cost Value Cost Value Due in one year or less $ 144,830 $ 146,326 $ 92,422 $ 92,473 Due after one year through five years 497,634 516,743 583,715 592,850 Due after five years through ten years 664,075 689,410 564,922 568,241 Due after ten years 1,391,009 1,425,323 1,185,865 1,183,732 Total $ 2,697,548 $ 2,777,802 $ 2,426,924 $ 2,437,296 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 $10,255 at September 30, 2020 and $8,894 at December 31, 2019. Three Months Ended September 30 Nine Months Ended September 30 2020 2019 2020 2019 Net (losses) gains recognized during the period $ 0 $ 59 $ 65 $ 302 Net gains recognized during the period on equity securities sold 2 (1 ) 9 133 Unrealized gains recognized during the period on equity securities 0 60 114 181 Unrealized losses recognized during the period on equity securities (2 ) 0 (58 ) (12 ) Other investment securities During the third quarter of 2020, United evaluated all of its cost method investments to determine if certain events or changes in circumstances during the third quarter of 2020 had a significant adverse effect on the fair value of any of its cost method securities. United determined that there was no individual security that experienced an adverse event during the third quarter. There were no other events or changes in circumstances during the third quarter which would have an adverse effect on the fair value of its cost method securities. The carrying value of securities pledged to secure public deposits, securities sold under agreements to repurchase, and for other purposes as required or permitted by law, approximated $1,976,740 and $1,540,717 at September 30, 2020 and December 31, 2019, respectively. |
Loans and Leases
Loans and Leases | 9 Months Ended |
Sep. 30, 2020 | |
Receivables [Abstract] | |
Loans and Leases | 4. LOANS & LEASES Major classes of loans and leases are as follows: September 30, 2020 December 31, Commercial, financial and agricultural: Owner-occupied commercial real estate $ 1,616,380 $ 1,201,652 Nonowner-occupied commercial real estate 5,029,867 3,965,960 Other commercial loans and leases 4,211,490 2,285,037 Total commercial, financial & agricultural 10,857,737 7,452,649 Residential real estate 4,070,507 3,686,401 Construction & land development 1,824,303 1,408,205 Consumer: Bankcard 8,373 10,074 Other consumer 1,206,600 1,156,219 Total gross loans and leases $ 17,967,520 $ 13,713,548 Included in “Other commercial loans and leases” at September 30, 2020 are leases in the amount of $9,149. These leases, acquired by United in the Carolina Financial merger, are primarily on equipment utilized for business purposes with terms generally ranging from 12 to 60 months and include option to purchase the leased equipment at the end of the lease. The table above does not include loans held for sale of $812,084 and $387,514 at September 30, 2020 and December 31, 2019, respectively. Loans held for sale consist of single-family residential real estate loans originated for sale in the secondary market. United’s subsidiary bank has made loans to the directors and officers of United and its subsidiaries, and to their affiliates. The aggregate dollar amount of these loans was $36,082 and $38,558 at September 30, 2020 and December 31, 2019, respectively. |
Credit Quality
Credit Quality | 9 Months Ended |
Sep. 30, 2020 | |
Text Block [Abstract] | |
Credit Quality | 5. CREDIT QUALITY Management monitors the credit quality of its loans and leases on an ongoing basis. Measurement of delinquency and past due status are based on the contractual terms of each loan. United considers a loan to be past due when it is 30 days or more past its contractual payment due date. For all loan classes, past due loans and leases are reviewed on a monthly basis to identify loans and leases 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 credit losses. United’s method of income recognition for loans and leases 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 and leases 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 and leases 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. Under United’s current loan policy, a loan is not recognized as a TDR until it becomes probable that the loan will be a TDR. In response to the coronavirus (“COVID-19”) COVID-19 This program allows for a deferral of payments from the period beginning March 1, 2020 until the earlier of December 31, 2020 or the date that is 60 days after the date COVID-19 As of September 30, 2020, United had TDRs of $68,381 as compared to $58,369 as of December 31, 2019. Of the $68,381 aggregate balance of TDRs at September 30, 2020, $53,665 was on nonaccrual and $149 was 30-89 30-89 The following tables sets for th Reason for modification September 30, 2020 December 31, 2019 Interest rate reduction $ 11,415 $ 1,685 Interest rate reduction and change in terms 2,890 1,733 Forgiveness of principal 241 0 Transfer of asset 0 0 Concession of principal and term 23 0 Extended maturity 4,536 0 Change in terms 49,276 54,951 Total $ 68,381 $ 58,369 The following table sets forth United’s troubled debt restructurings that have been restructured during the three months ended September 30, 2020 and 2019, segregated by class of loans and leases: Troubled Debt Restructurings For the Three Months Ended September 30, 2020 September 30, 2019 Number of Pre- Post- Number of Pre- Post- Commercial real estate: Owner-occupied 0 $ 0 $ 0 1 $ 1,030 $ 1,030 Nonowner-occupied 0 0 0 0 0 0 Other commercial 1 39 38 1 5,137 5,076 Residential real estate 3 381 381 0 0 0 Construction & land development 0 0 0 0 0 0 Consumer: Bankcard 0 0 0 0 0 0 Other consumer 0 0 0 0 0 0 Total 4 $ 420 $ 419 2 $ 6,167 $ 6,106 The following table sets forth United’s troubled debt restructurings that have been restructured during the nine months ended September 30, 2020 and 2019, segregated by class of loans and leases: Troubled Debt Restructurings For the Nine Months Ended September 30, 2020 September 30, 2019 Number of Pre- Post- Number of Pre- Post- Commercial real estate: Owner-occupied 21 $ 18,579 $ 17,210 2 $ 1,179 $ 1,179 Nonowner-occupied 6 2,258 2,225 0 0 0 Other commercial 19 3,706 2,873 3 5,962 5,849 Residential real estate 22 4,271 3,495 3 2,258 2,022 Construction & land development 12 4,607 4,392 3 2,266 2,214 Consumer: Bankcard 0 0 0 0 0 0 Other consumer 3 69 21 0 0 0 Total 83 $ 33,490 $ 30,216 11 $ 11,665 $ 11,264 The following table sets forth United’s troubled debt restructurings, based on their post-modification outstanding recorded balance, that have been restructured during the three and nine months ended September 30, 2020 and 2019, segregated by the reason for modification: Three Months Ended Nine Months Ended Reason for modification September 30, September 30, September 30, September 30, Interest rate reduction $ 0 $ 0 $ 9,856 $ 246 Interest rate reduction and change in terms 0 0 1,201 0 Forgiveness of principal 0 0 241 0 Transfer of asset 0 0 0 0 Concession of principal and term 0 0 23 0 Extended maturity 0 0 4,536 0 Change in terms 419 6,106 14,359 11,018 Total $ 419 $ 6,106 $ 30,216 $ 11,264 The loans and leases 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 were restructured during the twelve-month period ended September 30, 2020 and had charge-offs during the three and nine months ended September 30, 2020. Three Months Ended September 30, 2020 Nine Months Ended September 30, 2020 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 86 2 86 Residential real estate 0 0 0 0 Construction & land development 0 0 1 690 Consumer: Bankcard 0 0 0 0 Other consumer 0 0 0 0 Total 2 $ 86 3 $ 776 The following table presents troubled debt restructurings, by class of loan, that were restructured during the twelve-month period ended September 30, 2019 and had charge-offs during the three and nine months ended September 30, 2019. Three Months Ended September 30, 2019 Nine Months Ended September 30, 2019 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 1 534 2 1,477 Residential real estate 0 0 0 0 Construction & land development 0 0 0 0 Consumer: Bankcard 0 0 0 0 Other consumer 0 0 0 0 Total 1 $ 534 2 $ 1,477 The following table sets forth United’s age analysis of its past due loans and leases, segregated by class of loans and leases: Age Analysis of Past Due Loans and Leases As of September 30, 2020 30-89 90 Days or Total Past Current & Total Financing 90 Days or Commercial real estate: Owner-occupied $ 5,643 $ 30,421 $ 36,064 $ 1,580,316 $ 1,616,380 $ 1,898 Nonowner-occupied 37,201 30,395 67,596 4,962,271 5,029,867 1,198 Other commercial 9,829 39,712 49,541 4,161,949 4,211,490 830 Residential real estate 28,107 29,494 57,601 4,012,906 4,070,507 7,411 Construction & land development 10,711 6,209 16,920 1,807,383 1,824,303 27 Consumer: Bankcard 252 70 322 8,051 8,373 70 Other consumer 7,870 1,259 9,129 1,197,471 1,206,600 1,149 Total $ 99,613 $ 137,560 $ 237,173 $ 17,730,347 $ 17,967,520 $ 12,583 Age Analysis of Past Due Loans and Leases As of December 31, 2019 30-89 90 Days or Total Past Current & Total Financing 90 Days or 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 The following table sets forth United’s nonaccrual loans and leases, segregated by class of loans and leases: At September 30, 2020 At December 31, Interest Income Nonaccruals With No 90 Days or Nonaccruals For The Three For The Nine Commercial Real Estate: Owner-occupied $ 28,523 $ 26,562 $ 1,898 $ 10,665 $ 0 $ 32 Nonowner-occupied 29,197 18,686 1,198 15,658 59 61 Other Commercial 38,882 13,015 830 50,873 16 16 Residential Real Estate 22,083 20,202 7,411 18,087 0 3 Construction 6,182 4,100 27 16,043 0 0 Consumer: Bankcard 0 0 70 0 0 0 Other consumer 110 110 1,149 270 0 0 Total $ 124,977 $ 82,675 $ 12,583 $ 111,596 $ 75 $ 112 For the adoption of ASU 2016-13, Collateral Dependent Loans and Leases At September 30, 2020 Residential Business Land Commercial Other Total Commercial real estate: Owner-occupied $ 1,533 $ 148 $ 0 $ 18,523 $ 27,790 $ 47,994 Nonowner-occupied 8,851 0 2,936 15,639 19,203 46,629 Other commercial 5,424 33,272 0 270 2,638 41,604 Residential real estate 27,555 229 36 0 808 28,628 Construction & land development 9,938 0 8,183 0 746 18,867 Consumer: Bankcard 0 0 0 0 0 0 Other consumer 0 0 0 0 5 5 Total $ 53,301 $ 33,649 $ 11,155 $ 34,432 $ 51,190 $ 183,727 United categorizes loans and leases into risk categories based on relevant information about the ability of borrowers to service their debt: current financial information, historical payment experience, credit documentation, underlying collateral (if any), public information and current economic trends, among other factors. United uses the following definitions for risk ratings: • Pass • Special Mention • Substandard • Doubtful For United’s loans with a corporate credit exposure, United analyzes loans individually to classify the loans as to credit risk. Review and analysis of criticized (special mention-rated loans in the amount of $1,000 or greater) and classified (substandard-rated and worse in the amount of $500 and greater) loans is completed once per quarter. Review of notes with committed exposure of $2,000 or greater is completed at least annually. For loans with a consumer credit exposure, United internally assigns a grade based upon an individual loan’s delinquency status. United reviews and updates, as necessary, these grades on a quarterly basis. Special mention loans, with a corporate credit exposure, have potential weaknesses that deserve management’s close attention. If left uncorrected, these potential weaknesses may result in deterioration of the repayment prospects for the loans or in the Company’s credit position at some future date. Borrowers may be experiencing adverse operating trends (declining revenues or margins) or an ill proportioned balance sheet (e.g., increasing inventory without an increase in sales, high leverage, tight liquidity). Adverse economic or market conditions, such as interest rate increases or the entry of a new competitor, may also support a special mention rating. Nonfinancial reasons for rating a credit exposure special mention include management problems, pending litigation, an ineffective loan agreement or other material structural weakness, and any other significant deviation from prudent lending practices. For loans with a consumer credit exposure, loans that are past due 30 89 A substandard loan with a corporate credit exposure is inadequately protected by the current sound worth and paying capacity of the obligor or of the collateral pledged, if any. Loans so classified have a well-defined weakness, or weaknesses, that jeopardize the liquidation of the debt by the borrower. They are characterized by the distinct possibility that the Company will sustain some loss if the deficiencies are not corrected. They require more intensive supervision by management. Substandard loans are generally characterized by current or expected unprofitable operations, inadequate debt service coverage, inadequate liquidity, or marginal capitalization. Repayment may depend on collateral or other credit risk mitigants. For some substandard loans, the likelihood of full collection of interest and principal may be in doubt and thus, placed on nonaccrual. For loans with a consumer credit exposure, loans that are 90 days or more past due or that have been placed on nonaccrual are considered substandard. A loan with corporate credit exposure is classified as doubtful if it has all the weaknesses inherent in one classified as substandard with the added characteristic that the weaknesses make collection in full, on the basis of currently existing facts, conditions, and values, highly questionable. 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 Based on the most recent analysis performed, the risk category of loans and leases by class of loans and leases is as follows: Commercial Real Estate – Owner-occupied Revolving loans converted Term Loans Revolving Total Origination Year As of September 30, 2020 2020 2019 2018 2017 2016 Prior Internal Risk Grade: Pass $ 218,978 $ 152,647 $ 156,778 $ 229,875 $ 286,193 $ 459,311 $ 23,868 $ 0 $ 1,527,650 Special Mention 0 1,216 3,922 770 2,048 23,386 0 466 31,808 Substandard 1,965 68 0 1,160 3,698 48,676 864 149 56,580 Doubtful 0 0 0 0 0 342 0 0 342 Total $ 220,943 $ 153,931 $ 160,700 $ 231,805 $ 291,939 $ 531,715 $ 24,732 $ 615 $ 1,616,380 YTD charge-offs 0 0 0 0 0 (2,162 ) 0 0 (2,162 ) YTD recoveries 0 0 0 0 0 374 0 0 374 YTD net charge-offs $ 0 $ 0 $ 0 $ 0 $ 0 $ (1,788 ) $ 0 $ 0 $ (1,788 ) Commercial Real Estate – Nonowner-occupied Revolving loans converted Term Loans Revolving Total Origination Year As of September 30, 2020 2020 2019 2018 2017 2016 Prior Internal Risk Grade: Pass $ 667,054 $ 606,862 $ 665,234 $ 526,479 $ 536,583 $ 1,714,920 $ 108,539 $ 2,129 $ 4,827,800 Special Mention 0 118,823 0 395 3,343 20,973 0 0 143,534 Substandard 73 1,120 8,637 1,693 13,374 33,636 0 0 58,533 Doubtful 0 0 0 0 0 0 0 0 0 Total $ 667,127 $ 726,805 $ 673,871 $ 528,567 $ 553,300 $ 1,769,529 $ 108,539 $ 2,129 $ 5,029,867 YTD charge-offs (38 ) 0 0 0 (1,161 ) (1,683 ) 0 0 (2,882 ) YTD recoveries 0 0 0 0 0 747 0 0 747 YTD net charge-offs $ (38 ) $ 0 $ 0 $ 0 $ (1,161 ) $ (936 ) $ 0 $ 0 $ (2,135 ) Other commercial Revolving loans and leases converted to Term Loans and leases Revolving Total Origination Year As of September 30, 2020 2020 2019 2018 2017 2016 Prior Internal Risk Grade: Pass $ 1,216,780 $ 411,925 $ 220,230 $ 141,490 $ 136,961 $ 286,612 $ 1,652,999 $ 2,948 $ 4,069,945 Special Mention 91 224 3,232 1,327 184 58,774 3,399 94 67,325 Substandard 103 879 2,372 2,810 6,671 44,913 15,884 397 74,029 Doubtful 0 0 0 0 38 153 0 0 191 Total $ 1,216,974 $ 413,028 $ 225,834 $ 145,627 $ 143,854 $ 390,452 $ 1,672,282 $ 3,439 $ 4,211,490 YTD charge-offs 0 0 (834 ) (12 ) (3,505 ) (7,109 ) 0 0 (11,460 ) YTD recoveries 0 864 18 6 116 1,507 0 0 2,511 YTD net charge-offs $ 0 $ 864 $ (816 ) $ (6 ) $ (3,389 ) $ (5,602 ) $ 0 $ 0 $ (8,949 ) Residential Real Estate Revolving loans converted Term Loans Revolving Total Origination Year As of September 30, 2020 2020 2019 2018 2017 2016 Prior Internal Risk Grade: Pass $ 428,397 $ 670,300 $ 746,727 $ 336,210 $ 318,886 $ 1,061,352 $ 457,605 $ 4,291 $ 4,023,768 Special Mention 0 269 0 220 2,338 6,304 827 0 9,958 Substandard 0 220 444 3,728 5,033 26,381 465 231 36,502 Doubtful 0 0 0 0 0 279 0 0 279 Total $ 428,397 $ 670,789 $ 747,171 $ 340,158 $ 326,257 $ 1,094,316 $ 458,897 $ 4,522 $ 4,070,507 YTD charge-offs 0 0 0 0 (1 ) (1,379 ) 0 0 (1,380 ) YTD recoveries 0 0 0 101 0 649 0 0 750 YTD net charge-offs $ 0 $ 0 $ 0 $ 101 $ (1 ) $ (730 ) $ 0 $ 0 $ (630 ) Construction and Land Development Revolving loans converted to Term Loans Revolving loans Total Origination Year As of September 30, 2020 2019 2018 2017 2016 Prior Internal Risk Grade: Pass $ 275,238 $ 711,704 $ 339,542 $ 145,216 $ 119,650 $ 61,975 $ 141,784 $ 140 $ 1,795,249 Special Mention 0 0 4,128 0 0 2,871 996 0 7,995 Substandard 0 207 1,543 0 216 18,347 746 0 21,059 Doubtful 0 0 0 0 0 0 0 0 0 Total $ 275,238 $ 711,911 $ 345,213 $ 145,216 $ 119,866 $ 83,193 $ 143,526 $ 140 $ 1,824,303 YTD charge-offs 0 0 0 0 0 (1,998 ) 0 0 (1,998 ) YTD recoveries 0 0 0 0 0 1,429 0 0 1,429 YTD net charge-offs $ 0 $ 0 $ 0 $ 0 $ 0 $ (569 ) $ 0 $ 0 $ (569 ) Bankcard Revolving loans converted to Term Loans Revolving loans Total Origination Year As of September 30, 2020 2019 2018 2017 2016 Prior Internal Risk Grade: Pass $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 8,051 $ 0 $ 8,051 Special Mention 0 0 0 0 0 0 252 0 252 Substandard 0 0 0 0 0 0 70 0 70 Doubtful 0 0 0 0 0 0 0 0 0 Total $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 8,373 $ 0 $ 8,373 YTD charge-offs 0 0 0 0 0 0 (187 ) 0 (187 ) YTD recoveries 0 0 0 0 0 0 34 0 34 YTD net charge-offs $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ (153 ) $ 0 $ (153 ) Other Consumer Revolving loans converted to Term Loans Revolving loans Total Origination Year As of September 30, 2020 2019 2018 2017 2016 Prior Internal Risk Grade: Pass $ 351,396 $ 446,270 $ 263,145 $ 88,080 $ 43,680 $ 5,523 $ 8,480 $ 0 $ 1,206,574 Special Mention 0 0 0 0 0 7 6 0 13 Substandard 3 0 0 0 0 5 0 0 8 Doubtful 0 0 0 0 0 5 0 0 5 Total $ 351,399 $ 446,270 $ 263,145 $ 88,080 $ 43,680 $ 5,540 $ 8,486 $ 0 $ 1,206,600 YTD charge-offs (43 ) (820 ) (922 ) (337 ) (207 ) (463 ) (2 ) 0 (2,794 ) YTD recoveries 0 63 42 25 23 185 0 0 338 YTD net charge-offs $ (43 ) $ (757 ) $ (880 ) $ (312 ) $ (184 ) $ (278 ) $ (2 ) $ 0 $ (2,456 ) The following tables set forth United’s credit quality indicators information, by class of loans, as of December 31, 2019: Credit Quality Indicators Corporate Credit Exposure As of December 31, 2019 Commercial Real Estate Construction Owner- Nonowner- Other 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 Consumer Credit Exposure As of December 31, 2019 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 At September 30, 2020 and December 31, 2019, other real estate owned (“OREO”) included in other assets in the Consolidated Balance Sheets was $25,696 and $15,515, respectively. OREO consists of real estate acquired in foreclosure or other settlement of loans. Such assets are carried at the lower of the investment in the assets or the fair value of the assets less estimated selling costs. Any adjustment to the fair value at the date of transfer is charged against the allowance for loan losses. Any subsequent valuation adjustments as well as any costs relating to operating, holding or disposing of the property are recorded in other expense in the period incurred. At September 30, 2020 and December 31, 2019, the recorded investment of consumer mortgage loans secured by residential real estate properties for which formal foreclosure proceedings are in process was $266 and $890, respectively. |
Allowance for Credit Losses
Allowance for Credit Losses | 9 Months Ended |
Sep. 30, 2020 | |
Receivables [Abstract] | |
Allowance for Credit Losses | 6. ALLOWANCE FOR CREDIT LOSSES United adopted the CECL methodology for measuring credit losses as of January 1, 2020. All disclosures as of and for the three months and nine months ended September 30, 2020 are presented in accordance with ASC 326. The Company did not recast comparative financial periods and has presented those disclosures under previously applicable GAAP. The allowance for loan losses is an estimate of the expected credit losses on financial assets measured at amortized cost to present the net amount expected to be collected as of the balance sheet date. Such allowance is based on the credit losses expected to arise over the life of the asset (contractual term). Assets are charged off when United determines that such financial assets are deemed uncollectible or based on regulatory requirements, whichever is earlier. Charge-offs are recognized as a deduction from the allowance for credit losses. Expected recoveries of amounts previously charged-off, charged-off, United made a policy election to present the accrued interest receivable balance separately in its consolidated balance sheets from the amortized cost of a loan. Accrued interest receivable was $54,716 (net of an allowance for credit losses of $435) and $48,130 at September 30, 2020 and December 31, 2019, respectively, related to loans and leases are included separately in “Accrued interest receivable” in the consolidated balance sheets. Due to loan interest payment deferrals granted by United under the CARES Act, United assessed the collectability of the accrued interest receivables on these deferring loans and leases. As a result of this assessment, United recorded an allowance for credit losses of $435 for accrued interest receivables not expected to be collected as of September 30, 2020. For all classes of loans and leases receivable, the accrual of interest is discontinued when the contractual payment of principal or interest has become 90 days past due, unless the loan is well secured and in the process of collection. Interest received on nonaccrual loans and leases, generally is either applied against principal or reported as interest income, according to management’s judgment as to the collectability of principal. The following table represents the accrued interest receivable as of September 30, 2020 and the accrued interest receivables written off by reversing interest income as of September 30, 2020: Accrued Interest Accrued Interest Receivables Written Off by Reversing At September 30, 2020 For the Three Months Ended For the Nine Months Ended Commercial Real Estate: Owner-occupied $ 4,388 $ 16 $ 116 Nonowner-occupied 14,745 30 75 Other Commercial 13,221 40 85 Residential Real Estate 13,225 31 165 Construction 6,887 508 508 Consumer: Bankcard 0 0 0 Other consumer 2,685 29 96 $ 55,151 $ 654 $ 1,045 Less: Allowance for credit losses (435 ) Total $ 54,716 United estimates the allowance balance using relevant available information, from internal and external sources, relating to past events, current conditions and reasonable and supportable forecasts. Historical credit loss experience provides the basis for the estimation of expected credit losses. Adjustments to historical loss information are made for differences in current loan-specific risk characteristics such as differences in underwriting standards, portfolio mix, delinquency level or term as well as for changes in environmental conditions, such as changes in unemployment rates, property values or other relevant factors. A reversion to historical loss data occurs via a straight-line method during the year following the one-year United pools its loans and leases based on similar risk characteristics in estimating expected credit losses. United has identified the following portfolio segments and measures the allowance for credit losses using the following methods: • Method: Probability of Default/Loss Given Default (PD/LGD) • Commercial Real Estate Owner-Occupied • Commercial Real Estate Nonowner-Occupied • Commercial Other • Method: Cohort • Residential Real Estate • Construction & Land Development • Consumer • Bankcard Risk characteristics of commercial real estate owner-occupied loans and commercial other loans and leases are similar in that they are normally dependent upon the borrower’s internal cash flow from operations to service debt. Commercial real estate nonowner-occupied 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 that do not share risk characteristics are evaluated on an individual basis. Loans evaluated individually are not also included in the collective evaluation. When management determines that foreclosure is probable or when the borrower is experiencing financial difficulty at the reporting date and repayment is expected to be provided substantially through the operation or sale of the collateral, expected credit losses are based on the fair value of the collateral at the reporting date, adjusted for selling costs as appropriate. Expected credit losses are estimated over the contractual term of the loans and leases, adjusted for expected prepayments when appropriate. The contractual term excludes expected extensions, renewals and modifications unless either of the following applies: management has a reasonable expectation at the reporting date that a troubled debt restructuring will be executed with an individual borrower or the extension or renewal options are included in the original or modified contract at the reporting date and are not unconditionally cancelable by United. For past loans and leases acquired through the completion of a transfer, including loans and leases acquired in a business combination, that had evidence of deterioration of credit quality since origination (“PCI”) and accounted for under ASC Topic 310, an entity did not have to reassess whether any loans and leases previously accounted for as PCI meet the definition of purchased credit deteriorated (“PCD”) loans and leases upon adoption of ASC Topic 326. Any changes in the allowance for credit losses for these loans and leases were accounted for as an adjustment to the loan’s amortized cost basis and not as a cumulative-effect adjustment to United’s beginning retained earnings. Non-PCI non-PCD For allowance for credit losses under ASC Topic 326 calculation purposes, all acquired loans and leases will be included in their relevant pool and subject to legacy loss rates for that applicable pool unless they meet the criteria for specific review. For loans and leases acquired after the adoption of ASC Topic 326, United will likely take several factors into consideration when determining if loans and leases meet the definition of PCD. ASC Topic 326 lists some, but not all, factors for consideration in the bifurcation of PCD versus non-PCD • Financial assets that are delinquent as of the acquisition date • Financial assets that have been downgraded since origination • Financial assets that have been placed on nonaccrual status • Financial assets for which, after origination, credit spreads have widened beyond the threshold specified in its policy United maintains an allowance for loan losses and a reserve for lending-related commitments such as unfunded loan commitments and letters of credit. United estimates expected credit losses over the contractual period in which United is exposed to credit risk via a contractual obligation to extend credit, unless that obligation is unconditionally cancellable by United. The estimate includes consideration of the likelihood that funding will occur and an estimate of expected credit losses on commitments expected to be funded over its estimated life. Methodology is based on a loss rate approach that starts with the probability of funding based on historical experience. Similar to methodology discussed above related to the loans and leases receivable portfolio, adjustments are made to the historical losses for current conditions and reasonable and supportable forecast. Adjustments to the reserve for lending-related commitments on off-balance COVID-19 • Past events • Current conditions COVID-19 • Reasonable and supportable forecasts portfolio-by-portfolio • The ranges for the economic variables of GDP and the unemployment rate have narrowed in the third quarter as compared to the second. • The forecast is less severe than second quarter; however, projections show a more gradual recovery pace over a longer period compared to the second quarter. • Reversion to historical loss data occurs via a straight-line method during the year following the one-year A progression of the allowance for loan losses, by portfolio segment, for the periods indicated is summarized as follows: Allowance for Loan and Lease Losses and Carrying Amount of Loans and Leases For the Three Months Ended September 30, 2020 Commercial Real Estate Construction Allowance Owner- Nonowner- Other Residential & Land Bankcard Other Estimated Total Allowance for Loan and Lease Losses: Beginning balance $ 22,738 $ 25,777 $ 79,404 $ 38,883 $ 32,303 $ 280 $ 15,736 $ 0 $ 215,121 Initial allowance for PCD loans (acquired during the period) 0 0 0 0 0 0 0 0 0 Charge-offs (1,627 ) (945 ) (4,432 ) (490 ) (29 ) (59 ) (886 ) 0 (8,468 ) Recoveries 64 25 2,065 448 68 22 128 0 2,820 Provision 2,570 9,841 1,994 (2,108 ) 2,699 40 1,303 0 16,339 Ending balance $ 23,745 $ 34,698 $ 79,031 $ 36,733 $ 35,041 $ 283 $ 16,281 $ 0 $ 225,812 Allowance for Loan and Lease Losses and Carrying Amount of Loans and Leases For the Nine Months Ended September 30, 2020 Commercial Real Estate Construction Allowance Owner- Nonowner- Other Residential & Land Bankcard Other Estimated Total Allowance for Loan and Lease Losses: Beginning balance $ 5,554 $ 8,524 $ 47,325 $ 8,997 $ 3,353 $ 74 $ 2,933 $ 297 $ 77,057 Impact of the adoption of ASU 2016-13 9,737 9,023 (4,829 ) 13,097 14,817 28 10,745 (297 ) 52,321 Impact of the adoption of ASU 2016-13 1,843 121 938 174 2,045 0 0 0 5,121 Initial allowance for PCD loans (acquired during the period) 1,955 6,418 7,032 652 2,570 0 8 0 18,635 Charge-offs (2,162 ) (2,882 ) (11,460 ) (1,380 ) (1,998 ) (187 ) (2,794 ) 0 (22,863 ) Recoveries 374 747 2,511 750 1,429 34 338 0 6,183 Provision 6,444 12,747 37,514 14,443 12,825 334 5,051 0 89,358 Ending balance $ 23,745 $ 34,698 $ 79,031 $ 36,733 $ 35,041 $ 283 $ 16,281 $ 0 $ 225,812 Allowance for Loan Losses and Carrying Amount of Loans For the Year Ended December 31, 2019 Commercial Real Estate Construction Allowance Owner- Nonowner- Other Residential & Land Consumer Estimated Total Allowance for Loan Losses: 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: individually evaluated for impairment $ 973 $ 2,979 $ 11,931 $ 354 $ 262 $ 0 $ 0 $ 16,499 Ending Balance: collectively evaluated for impairment $ 4,581 $ 5,545 $ 35,394 $ 8,643 $ 3,091 $ 3,007 $ 297 $ 60,558 Ending Balance: loans acquired with deteriorated credit quality $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 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 |
Intangible Assets
Intangible Assets | 9 Months Ended |
Sep. 30, 2020 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Other Intangibles | 7. INTANGIBLE ASSETS The following is a summary of intangible assets subject to amortization and those not subject to amortization: September 30, 2020 Community Banking Mortgage Banking Total Gross Accumulated Gross Accumulated Gross Accumulated Amortized intangible assets: Core deposit intangible assets $ 101,396 $ (74,429 ) $ 0 $ 0 $ 101,396 $ (74,429 ) Non-amortized George Mason trade name $ 0 $ 1,080 $ 1,080 Crescent Mortgage trade name 0 196 196 Total $ 0 $ 1,276 $ 1,276 Goodwill not subject to amortization $ 1,789,571 $ 5,315 $ 1,794,886 December 31, 2019 Community Banking Mortgage Banking Total Gross Accumulated Gross Accumulated Gross Accumulated Amortized intangible assets: Core deposit intangible assets $ 98,359 $ (69,508 ) $ 0 $ 0 $ 98,359 $ (69,508 ) 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 provides a reconciliation of goodwill: Community Mortgage Total Goodwill at December 31, 2019 $ 1,472,699 $ 5,315 $ 1,478,014 Preliminary addition to goodwill from Carolina Financial acquisition 316,872 0 316,872 Goodwill at September 30, 2020 $ 1,789,571 $ 5,315 $ 1,794,886 United incurred amortization expense of $1,691 and $4,914 for the three and nine months ended September 30, 2020 as compared to $1,754 and $5,262 for the three and nine months ended September 30, 2019, respectively. The following table sets forth the anticipated amortization expense for intangible assets for the years subsequent to 2019: Year Amount 2020 $ 6,612 2021 5,780 2022 4,939 2023 4,641 2024 and thereafter 9,916 |
Mortage Servicing Rights
Mortage Servicing Rights | 9 Months Ended |
Sep. 30, 2020 | |
Servicing Asset [Abstract] | |
Mortage Servicing Rights | 8. MORTGAGE SERVICING RIGHTS Mortgage loans serviced for others are not included in the accompanying Consolidated Balance Sheets. The value of mortgage servicing rights (“MSRs”) is included on the Company’s Consolidated Balance Sheets. The Company initially measures servicing assets and liabilities retained related to the sale of residential loans held for sale at fair value. For subsequent measurement purposes, the Company measures servicing assets and liabilities based on the lower of cost or market using the amortization method. Mortgage servicing rights are amortized in proportion to, and over the period of, estimated net servicing income. The amortization of the mortgage servicing rights is analyzed periodically and is adjusted to reflect changes in prepayment rates and other estimates. The Company evaluates potential impairment of mortgage servicing rights based on the difference between the carrying amount and current estimated fair value of the servicing rights. The valuation of mortgage servicing rights, and the determination of any potential impairment, is performed by aggregating all servicing rights and stratifying them into tranches based on predominant risk characteristics. Generally, loan servicing becomes more valuable when interest rates rise (as prepayments typically decrease) and less valuable when interest rates decline (as prepayments typically increase). If impairment exists, a valuation allowance is established for any excess of amortized cost over the current estimated fair value by a charge to income. If the Company later determines that all or a portion of the impairment no longer exists for a particular tranche, a reduction of the allowance may be recorded as an increase to income. Service fee income is recorded for fees earned for servicing mortgage loans under servicing agreements with the Federal National Mortgage Association (“FNMA”), the Federal Home Loan Mortgage Corporation (“FHLMC”), Government National Mortgage Association (“GNMA”) and certain private investors. The fees are based on a contractual percentage of the outstanding principal balance of the loans serviced and are recorded in noninterest income. Amortization of mortgage servicing rights and mortgage servicing costs are charged to expense when incurred. The unpaid principal balances of loans serviced for others were approximately $3,551,157 at September 30, 2020. The estimated fair value of the mortgage servicing rights was $20,413 at September 30, 2020. The estimated fair value of servicing rights at September 30, 2020 was determined using a net servicing fee of 0.26%, average discount rates ranging from 9.50% to 13.93% with a weighted average discount rate of 10.62%, average constant prepayment rates (“CPR”) ranging from 7.59% to 17.80% with a weighted average prepayment rate of 15.08%, depending upon the stratification of the specific servicing right, and a delinquency rate, including loans on forbearance of 3.75%. Please refer to Note 14 in these Notes to Consolidated Financial Statements for additional information concerning the fair value of MSRs. As disclosed in Note 2 of these Notes to Consolidated Financial Statements, the Company acquired $20,123 of mortgage servicing rights from its acquisition of Carolina Financial Corporation on May 1, 2020. The following presents the activity in mortgage servicing rights, including their valuation allowance for the three and nine months ended September 30, 2020: Three Months Ended Nine Months Ended September 30, 2020 MSRs beginning balance $ 20,910 $ 0 Addition from acquisition of subsidiary 0 20,123 Amount capitalized 2,500 4,391 Purchased servicing 0 0 Amount amortized (1,887 ) (2,991 ) MSRs ending balance $ 21,523 $ 21,523 MSRs valuation allowance beginning balance $ (710 ) $ 0 MSRs impairment (400 ) (1,110 ) MSRs valuation allowance ending balance $ (1,110 ) $ (1,110 ) MSRs, net of valuation allowance $ 20,413 $ 20,413 The Company recorded temporary impairments of $400 and $1,110 on mortgage servicing rights for the three months and nine months ended September 30, 2020. The Company does not hedge the mortgage servicing rights positions and the impact of falling long-term interest rates increased prepayment speed assumptions reducing the value of the MSR asset. The estimated amortization expense is based on current information regarding future loan payments and prepayments. Amortization expense could change in future periods based on changes in the volume of prepayments and economic factors. |
Leases
Leases | 9 Months Ended |
Sep. 30, 2020 | |
Leases [Abstract] | |
Leases | 9. 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 to 12 years, some of which include options to extend leases generally for periods of 5 years. United rents or subleases certain real estate to third parties. Our sublease portfolio consists of operating leases to other organizations for former branch offices. 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: Three Months Ended Three Months Ended Classification September 30, 2020 September 30, 2019 Operating lease cost Net occupancy expense $ 5,704 $ 4,864 Sublease income Net occupancy expense (102 ) (197 ) Net lease cost $ 5,602 $ 4,667 Nine Months Ended Nine Months Ended Classification September 30, 2020 September 30, 2019 Operating lease cost Net occupancy expense $ 16,665 $ 14,571 Sublease income Net occupancy expense (496 ) (671 ) Net lease cost $ 16,169 $ 13,900 Supplemental balance sheet information related to leases was as follows: Classification September 30, 2020 December 31, 2019 Operating lease right-of-use Operating lease right-of-use assets $ 72,789 $ 57,783 Operating lease liabilities Operating lease liabilities $ 76,604 $ 61,342 Other information related to leases was as follows: September 30, 2020 Weighted-average remaining lease term: Operating leases 5.72 Weighted-average discount rate: Operating leases 2.53 % Supplemental cash flow information related to leases was as follows: Three Months Ended September 30, 2020 September 30, 2019 Cash paid for amounts in the measurement of lease liabilities: Operating cash flows from operating leases $ 5,854 $ 4,903 ROU assets obtained in the exchange for lease liabilities 7,148 1,537 Nine Months Ended September 30, 2020 September 30, 2019 Cash paid for amounts in the measurement of lease liabilities: Operating cash flows from operating leases $ 16,593 $ 14,552 ROU assets obtained in the exchange for lease liabilities 19,480 5,953 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 as of September 30, 2020 and December 31, 2019: Amount Year As of September 30, 2020 As of December 31, 2019 2020 $ 5,467 $ 17,725 2021 19,994 15,180 2022 15,706 11,522 2023 12,224 8,751 2024 8,010 5,127 Thereafter 20,607 8,190 Total lease payments 82,008 66,495 Less: imputed interest (5,404 ) (5,153 ) Total $ 76,604 $ 61,342 |
Short-Term Borrowings
Short-Term Borrowings | 9 Months Ended |
Sep. 30, 2020 | |
Debt Disclosure [Abstract] | |
Short-Term Borrowings | 10. SHORT-TERM BORROWINGS Federal funds purchased and securities sold under agreements to repurchase are a significant source of funds for the Company. United has various unused lines of credit available from certain of its correspondent banks in the aggregate amount of $230,000. These lines of credit, which bear interest at prevailing market rates, permit United to borrow funds in the overnight market, and are renewable annually subject to certain conditions. At September 30, 2020, United did not have any federal funds purchased while total securities sold under agreements to repurchase (“REPOs”) were $148,357. The securities sold under agreements to repurchase were accounted for as collateralized financial transactions. They were recorded at the amounts at which the securities were acquired or sold plus accrued interest. United has a $20,000 line of credit with an unrelated financial institution to provide for general liquidity needs. The line is an unsecured, revolving line of credit. The line will be renewable on a 360-day |
Long-Term Borrowings
Long-Term Borrowings | 9 Months Ended |
Sep. 30, 2020 | |
Debt Disclosure [Abstract] | |
Long-Term Borrowings | 11. LONG-TERM BORROWINGS United’s subsidiary bank is a member of the Federal Home Loan Bank (“FHLB”). Membership in the FHLB makes available short-term and long-term borrowings from collateralized advances. All FHLB borrowings are collateralized by a mix of single-family residential mortgage loans, commercial loans and investment securities. At September 30, 2020, United had an unused borrowing amount of approximately $6,685,985 available subject to delivery of collateral after certain trigger points. Advances may be called by the FHLB or redeemed by United based on predefined factors and penalties. At September 30, 2020, $645,249 of FHLB advances with a weighted-average interest rate of 0.65% are scheduled to mature within the next five years. The scheduled maturities of these FHLB borrowings are as follows: Year Amount 2020 $ 561,003 2021 52,429 2022 20,869 2023 0 2024 and thereafter 10,948 Total $ 645,249 At September 30, 2020, United had a total of nineteen statutory business trusts that were formed for the purpose of issuing or participating in pools of trust preferred capital securities (“Capital Securities”) with the proceeds invested in junior subordinated debt securities (“Debentures”) of United. The Debentures, which are subordinate and junior in right of payment to all present and future senior indebtedness and certain other financial obligations of United, are the sole assets of the trusts and United’s payment under the Debentures is the sole source of revenue for the trusts. United also assumed $10,000 in aggregate principal amount of fixed-to-floating Under the provisions of the junior subordinated debt, United has the right to defer payment of interest on the junior subordinated debt at any time, or from time to time, for periods not exceeding five years. If interest payments on the junior subordinated debt are deferred, the dividends on the Capital Securities are also deferred. Interest on the junior subordinated debt is cumulative. In accordance with the fully-phased in “Basel III Capital Rules” as published by United’s primary federal regulator, the Federal Reserve, United is unable to consider the Capital Securities as Tier 1 capital, but rather the Capital Securities are included as a component of United’s Tier 2 capital. United can include the Capital Securities in its Tier 2 capital on a permanent basis. |
Commitments and Contingent Liab
Commitments and Contingent Liabilities | 9 Months Ended |
Sep. 30, 2020 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingent Liabilities | 12. 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 $5,800,813 and $3,610,777 of loan commitments outstanding as of September 30, 2020 and December 31, 2019, respectively, approximately 35% of which contractually expire within one year. Included in the September 30, 2020 amount are commitments to extend credit of $293,229 related to mortgage loan funding commitments of United’s mortgage banking segment and are of a short-term nature. Commercial and standby letters of credit are agreements used by United’s customers as a means of improving their credit standing in their dealings with others. Under these agreements, United guarantees certain financial commitments of its customers. A commercial letter of credit is issued specifically to facilitate trade or commerce. Typically, under the terms of a commercial letter of credit, a commitment is drawn upon when the underlying transaction is consummated as intended between the customer and a third party. As of September 30, 2020 and December 31, 2019, United had $5,092 of commercial letters of credit outstanding. 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 $136,275 and $145,105 as of September 30, 2020 and December 31, 2019, respectively. In accordance with the Contingencies Topic of the FASB Accounting Standards Codification, United has determined that substantially all of its letters of credit are renewed on an annual basis and the fees associated with these letters of credit are immaterial. Mortgage Repurchase Reserve United’s mortgage banking segment 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. United’s mortgage banking segment has a reserve of $1,230 as of September 30, 2020. United has derivative counter-party risk that may arise from the possible inability of United’s mortgage banking segment’s third party investors to meet the terms of their forward sales contracts. United’s mortgage banking segment 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 | 9 Months Ended |
Sep. 30, 2020 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Financial Instruments | 13. 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 accumulated 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 accumulated other comprehensive income, net of tax and reclassified into earnings in the same line associated with the forecasted transaction when the forecasted transaction affects earnings. During the second quarter of 2020, United entered into a new interest rate swap derivative designated as a cash flow hedge. The notional amount of the cash flow hedge derivative totaled $250,000. The derivative is intended to hedge the changes in cash flows associated with floating rate FHLB borrowings. United is required to pay-fixed 1-month pay-fixed 1-month 12-months 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 is subject to the Dodd-Frank Act clearing requirement for eligible derivatives. United has executed and cleared eligible derivatives through the London Clearing House (“LCH”). Variation margin at the LCH is distinguished as settled-to-market collateralized-to-market. United through its mortgage banking subsidiaries 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 following tables disclose the derivative instruments’ location on the Company’s Consolidated Balance Sheets and the notional amount and fair value of those instruments at September 30, 2020 and December 31, 2019. Asset Derivatives September 30, 2020 December 31, 2019 Balance Sheet Location Notional Amount Fair Value Balance Sheet Location Notional Amount Fair Value Derivatives not designated as hedging instruments Forward loan sales commitments Other assets $ 75,431 $ 1,990 Other assets $ 27,260 $ 9 TBA mortgage-backed securities Other assets 229,000 95 Other assets 0 0 Interest rate lock commitments Other assets 1,399,936 49,810 Other assets 117,252 4,518 Total derivatives not designated as hedging instruments $ 1,704,367 $ 51,895 $ 144,512 $ 4,527 Total asset derivatives $ 1,704,367 $ 51,895 $ 144,512 $ 4,527 Liability Derivatives September 30, 2020 December 31, 2019 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 $ 78,126 $ 7,878 Other liabilities $ 82,243 $ 2,394 Total Fair Value Hedges $ 78,126 $ 7,878 $ 82,243 $ 2,394 Cash Flow Hedge: Interest rate swap contract (hedging FHLB borrowing) Other liabilities $ 500,000 $ 775 Other liabilities $ 0 $ 0 Total Cash Flow Hedge $ 500,000 $ 775 $ 0 $ 0 Total derivatives designated as hedging instruments $ 578,126 $ 8,653 $ 82,243 $ 2,394 Derivatives not designated as hedging instruments TBA mortgage-backed securities Other liabilities $ 775,000 $ 2,713 Other liabilities $ 274,000 $ 671 Total derivatives not designated as hedging instruments $ 775,000 $ 2,713 $ 274,000 $ 671 Total liability derivatives $ 1,353,126 $ 11,366 $ 356,243 $ 3,065 The following table represents the carrying amount of the hedged assets/(liabilities) and the cumulative amount of fair value hedging adjustment included in the carrying amount of the hedged assets/(liabilities) that are designated as a fair value accounting relationship as of September 30, 2020 and December 31, 2019. Derivatives in Fair Value Hedging Relationships Location in the Statement September 30, 2020 Carrying Amount Cumulative Amount Cumulative Amount of Interest rate swaps Loans and leases, net of $ 78,937 $ (7,878 ) $ 0 Derivatives in Fair Value Hedging Relationships Location in the Statement December 31, 2019 Carrying Amount Cumulative Amount Cumulative Amount of Interest rate swaps Loans and leases, net of $ 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 unaudited Consolidated Statements of Income for the three and nine months ended September 30, 2020 and 2019 are presented as follows: Three Months Ended Income Statement Location September 30, September 30, Derivatives in hedging relationships Fair Value Hedges: Interest rate swap contracts Interest and fees on loans $ (409 ) $ (187 ) Total derivatives in hedging relationships $ (409 ) $ (187 ) Derivatives not designated as hedging instruments Forward loan sales commitments Income from Mortgage 246 44 TBA mortgage-backed securities Income from Mortgage 1,604 2,641 Interest rate lock commitments Income from Mortgage 20,915 602 Total derivatives not designated as hedging instruments $ 22,765 $ 3,287 Total derivatives $ 22,356 $ 3,100 Nine Months Ended Income Statement Location September 30, September 30, Derivatives in fair value hedging relationships Fair Value Hedges: Interest rate swap contracts Interest and fees on loans $ (1,129 ) $ (285 ) Total derivatives in hedging relationships $ (1,129 ) $ (285 ) Derivatives not designated as hedging instruments Forward loan sales commitments Income from Mortgage (315 ) 916 TBA mortgage-backed securities Income from Mortgage (167 ) 2,167 Interest rate lock commitments Income from Mortgage 33,084 6,472 Total derivatives not designated as hedging instruments $ 32,602 $ 9,555 Total derivatives $ 31,473 $ 9,270 |
Fair Value Measurements
Fair Value Measurements | 9 Months Ended |
Sep. 30, 2020 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | 14. FAIR VALUE MEASUREMENTS United determines the fair values of its financial instruments based on the fair value hierarchy established by ASC Topic 820, which also clarifies that fair value of certain assets and liabilities is an exit price, representing the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. The Fair Value Measurements and Disclosures Topic specifies a hierarchy of valuation techniques based on whether the inputs to those valuation techniques are observable or unobservable. Observable inputs reflect market data obtained from independent sources, while unobservable inputs reflect United’s market assumptions. The three levels of the fair value hierarchy, based on these two types of inputs, are as follows: Level 1 - Valuation is based on quoted prices in active markets for identical assets and liabilities. Level 2 - Valuation is based on observable inputs including quoted prices in active markets for similar assets and liabilities, quoted prices for identical or similar assets and liabilities in less active markets, and model-based valuation techniques for which significant assumptions can be derived primarily from or corroborated by observable data in the market. Level 3 - Valuation is based on prices, inputs and model-based techniques that use one or more significant inputs or assumptions that are unobservable in the market. When determining the fair value measurements for assets and liabilities, United looks to active and observable markets to price identical assets or liabilities whenever possible and classifies such items in Level 1. When identical assets and liabilities are not traded in active markets, United looks to market observable data for similar assets and liabilities and classifies such items as Level 2. Nevertheless, certain assets and liabilities are not actively traded in observable markets and United must use alternative valuation techniques using unobservable inputs to determine a fair value and classifies such items as Level 3. For assets and liabilities that are not actively traded, the fair value measurement is based primarily upon estimates that require significant judgment. Therefore, the results may not be realized in an actual sale or immediate settlement of the asset or liability. Additionally, there are inherent weaknesses in any calculation technique, and changes in the underlying assumptions used, including discount rates and estimates of future cash flows, could significantly affect the results of current or future values. The level within the fair value hierarchy is based on the lowest level of input that is significant in the fair value measurement. In accordance with ASC Topic 820, the following describes the valuation techniques used by United to measure certain financial assets and liabilities recorded at fair value on a recurring basis in the financial statements. Securities available for sale and equity securities Factors that management considers include: a significant widening of the bid-ask available-for-sale Loans held for sale Derivatives For a fair value hedge, the fair value of the interest rate swap is recognized on the balance sheet as either a freestanding asset or liability with a corresponding adjustment to the hedged financial instrument. Subsequent adjustments due to changes in the fair value of a derivative that qualifies as a fair value hedge are offset in current period earnings either in interest income or interest expense depending on the nature of the hedged financial instrument. For a cash flow hedge, the fair value of the interest rate swap is recognized on the balance sheet as either a freestanding asset or liability with a corresponding adjustment to accumulated 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 accumulated other comprehensive income, net of tax and reclassified into earnings in the same line associated with the forecasted transaction when the forecasted transaction affects 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, United’s mortgage banking subsidiaries enter into contractual interest rate lock commitments to extend credit to borrowers with fixed expiration dates. The commitments become effective when the borrowers “lock-in” a specified interest rate within the timeframes established by the mortgage companies. All borrowers are evaluated for credit worthiness prior to the extension of the commitment. Market risk arises if interest rates move adversely between the time of the interest rate lock by the borrower and the sale date of the loan to the investor. To mitigate the effect of the interest rate risk inherent in providing rate lock commitments to borrowers, United’s mortgage banking subsidiaries enter into either a forward sales contract to sell loans to investors when using best efforts or a TBA mortgage-backed security under mandatory delivery. As TBA mortgage-backed securities are actively traded in an open market, TBA mortgage-backed securities fall into a Level 1 category. The forward sales contracts lock in an interest rate and price for the sale of loans similar to the specific rate lock commitments. Under the Company’s best efforts model, the rate lock commitments to borrowers and the forward sales contracts to investors through to the date the loan closes are undesignated derivatives and accordingly, are marked to fair value through earnings. These valuations fall into a Level 2 category. For residential mortgage loans sold in the mortgage banking segment, the interest rate lock commitments are recorded at fair value which is measured using valuations from investors for loans with similar characteristics (Level 2) with some adjusted for the Company’s actual sales experience versus the investor’s indicated pricing (Level 3). The unobservable input for Level 3 valuations is the Company’s historical sales prices. For September 30, 2020, the range of historical sales prices increased the investor’s indicated pricing by a range of 0.02% to 0.27% with a weighted average increase of 0.17%. For interest rate swap derivatives that are not designated in a hedge relationship, changes in the fair value of the derivatives are recognized in earnings in the same period as the change in the fair value. Unrealized gains and losses due to changes in the fair value of other derivative financial instruments not in hedge relationship are included in noninterest income and noninterest expense, respectively. The following tables present the balances of financial assets and liabilities measured at fair value on a recurring basis as of September 30, 2020 and December 31, 2019, segregated by the level of the valuation inputs within the fair value hierarchy. Fair Value at September 30, 2020 Using Description Balance as of September 30, 2020 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 $ 66,510 $ 0 $ 66,510 $ 0 State and political subdivisions 536,155 0 536,155 0 Residential mortgage-backed securities Agency 804,332 0 804,332 0 Non-agency 42,340 0 42,340 0 Commercial mortgage-backed securities Agency 650,986 0 650,986 0 Asset-backed securities 283,589 0 283,589 0 Trust preferred collateralized debt obligations 0 0 0 0 Single issue trust preferred securities 16,748 0 16,748 0 Other corporate securities 377,142 6,282 370,860 0 Total available for sale securities 2,777,802 6,282 2,771,520 0 Equity securities: Financial services industry 100 100 0 0 Equity mutual funds (1) 4,160 4,160 0 0 Other equity securities 5,995 5,995 0 0 Total equity securities 10,255 10,255 0 0 Loans held for sale 784,457 0 59,663 724,794 Derivative financial assets: Forward sales commitments 1,990 0 1,990 0 TBA mortgage-backed securities 95 0 95 0 Interest rate lock commitments 49,810 0 9,936 39,874 Total derivative financial assets 51,895 0 12,021 39,874 Liabilities Derivative financial liabilities: Interest rate swap contracts 8,653 0 8,653 0 TBA mortgage-backed securities 2,713 0 2,713 0 Total derivative financial liabilities 11,366 0 11,366 0 (1) The equity mutual funds are within a rabbi trust for the payment of benefits under a deferred compensation plan for certain key officers of United and its subsidiaries. Fair Value at December 31, 2019 Using 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 3,833 0 3,833 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 4,703 0 0 4,703 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 2,426,007 4,703 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: Interest rate swap contracts 9 0 9 0 Forward sales commitments 4,518 0 0 4,518 Total derivative financial assets 4,527 0 9 4,518 Liabilities Derivative financial liabilities: 2,394 0 2,394 0 TBA mortgage-backed securities 671 0 671 0 Total derivative financial liabilities 3,065 0 3,065 0 (1) The equity mutual funds are within a rabbi trust for the payment of benefits under a deferred compensation plan for certain key officers of United and its subsidiaries. There were no transfers between Level 1 and Level 2 for financial assets and liabilities measured at fair value on a recurring basis during the nine months ended September 30, 2020 and the year ended December 31, 2019. The following table presents additional information about financial assets and liabilities measured at fair value at September 30, 2020 and December 31, 2019 on a recurring basis and for which United has utilized Level 3 inputs to determine fair value: Available for sale Securities Trust preferred collateralized debt obligations September 30, 2020 December 31, Balance, beginning of period $ 4,703 $ 5,917 Total gains or losses (realized/unrealized): Included in earnings (or changes in net assets) 309 (155 ) Included in other comprehensive income 0 (1,059 ) Sales (5,012 ) 0 Balance, end of period $ 0 $ 4,703 The amount of total gains or losses for the period included in earnings (or changes in net assets) $ 0 $ 0 Loans held for sale September 30, 2020 December 31, Balance, beginning of period $ 384,375 $ 247,104 Originations 4,088,247 2,941,722 Sales (3,915,328 ) (2,888,257 ) Total gains or losses during the period recognized in earnings 167,500 83,806 Balance, end of period $ 724,794 $ 384,375 The amount of total gains or losses for the period included in earnings (or changes in net assets) attributable to the change in unrealized gains or losses relating to assets still held at reporting date $ 0 $ 0 Derivative Financial Assets Interest Rate Lock September 30, 2020 December 31, Balance, beginning of period $ 4,518 $ 4,103 Transfers other 35,356 415 Balance, end of period $ 39,874 $ 4,518 The amount of total gains or losses for the period included in earnings (or changes in net assets) attributable to the change in unrealized gains or losses relating to assets still held at reporting date $ 0 $ 0 Certain financial assets are measured at fair value on a nonrecurring basis in accordance with GAAP. Adjustments to the fair value of these assets usually result from the application of lower-of-cost-or-market Fair Value Option United elected the fair value option for the loans held for sale in its mortgage banking segment to mitigate a divergence between accounting losses and economic exposure. The following table reflects the change in fair value included in earnings of financial instruments for which the fair value option has been elected: Description Three Months Ended September 30, 2020 Three Months Ended September 30, 2019 Assets Loans held for sale Income from mortgage banking activities $ 7,807 $ (1,304 ) Description Nine Months Ended September 30, 2020 Nine Months Ended September 30, 2019 Assets Loans held for sale Income from mortgage banking activities $ 18,278 $ 5,238 The following table reflects the difference between the aggregate fair value and the remaining contractual principal outstanding for financial instruments for which the fair value option has been elected: September 30, 2020 December 31, 2019 Description Unpaid Fair Value Fair Value Unpaid Fair Value Fair Value Assets Loans held for sale $ 759,737 $ 784,457 $ 24,720 $ 375,274 $ 384,375 $ 9,101 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 Individually assessed loans The value of business equipment is based upon an outside appraisal if deemed significant, or the net book value on the applicable business’ financial statements if not considered significant using observable market data. Likewise, values for inventory and accounts receivables collateral are based on financial statement balances or aging reports (Level 3). For individually assessed loans, a specific reserve is established through the allowance for loan losses, if necessary, by estimating the fair value of the underlying collateral on a nonrecurring basis. Any fair value adjustments are recorded in the period incurred as provision for credit losses expense on the Consolidated Statements of Income. OREO bi-annual Intangible Assets more-likely-than-not COVID-19 Mortgage Servicing Rights ( “ MSRs ” ): The Company recorded a $400 temporary impairment of mortgage servicing rights in the quarter ended September 30, 2020. The Company does not hedge the mortgage servicing rights positions and the impact of falling long-term interest rates increased prepayment speed assumptions reducing the value of MSRs asset. The following table summarizes United’s financial assets that were measured at fair value on a nonrecurring basis during the period: Carrying value at September 30, 2020 Description Balance as of Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) YTD Gains Assets Loans held for sale $ 27,627 $ 0 $ 27,627 $ 0 $ (5 ) Individually assessed loans 52,921 0 40,285 12,636 1,242 OREO 25,696 0 25,645 51 (445 ) Mortgage servicing rights 20,413 0 0 20,413 (1,110 ) Carrying value at December 31, 2019 Description Balance as of Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) YTD Gains 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 ) 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 and leases one-to-four Deposits Short-term Borrowings: Long-term Borrowings: Summary of Fair Values for All Financial Instruments The estimated fair values of United’s financial instruments are summarized below: Fair Value Measurements Carrying Fair Value Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) September 30, 2020 Cash and cash equivalents $ 1,656,533 $ 1,656,533 $ 0 $ 1,656,533 $ 0 Securities available for sale 2,777,802 2,777,802 6,282 2,771,520 0 Securities held to maturity 1,214 1,213 0 194 1,019 Equity securities 10,255 10,255 10,255 0 0 Other securities 217,992 207,093 0 0 207,093 Loans held for sale 812,084 812,084 0 87,290 724,794 Net loans and leases 17,704,419 16,925,002 0 0 16,925,002 Derivative financial assets 51,895 51,895 0 12,021 39,874 Mortgage servicing rights 20,413 20,413 0 0 20,413 Deposits 20,251,539 20,248,507 0 20,248,507 0 Short-term borrowings 148,357 148,357 0 148,357 0 Long-term borrowings 924,674 875,217 0 875,217 0 Derivative financial liabilities 11,366 11,366 0 11,366 0 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 2,426,007 4,703 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 |
Stock Based Compensation
Stock Based Compensation | 9 Months Ended |
Sep. 30, 2020 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Stock Based Compensation | 15. STOCK BASED COMPENSATION On May 12, 2020, United’s shareholders approved the 2020 Long-Term Incentive Plan (“2020 LTI Plan”). The 2020 LTI Plan became effective May 13, 2020. An award granted under the 2020 LTI Plan may consist of any non-qualified non-employee non-employee S-8 Compensation expense of $1,369 and $3,991 related to the nonvested awards under United’s Long-Term Incentive Plans was incurred for the third quarter and first nine months of 2020, respectively, as compared to the compensation expense of $1,194 and $3,505 related to the nonvested awards under United’s Long-Term Incentive Plans incurred for the third quarter and first nine months of 2019, respectively. Compensation expense was included in employee compensation in the unaudited Consolidated Statements of Income. Stock Options United currently has options outstanding from various option plans other than the 2020 LTI Plan (the “Prior Plans”); however, no common shares of United stock are available for grants under the Prior Plans as these plans have expired. Awards outstanding under the Prior Plans will remain in effect in accordance with their respective terms. The maximum term for options granted under the plans is ten (10) years. A summary of activity under United’s stock option plans as of September 30, 2020, and the changes during the first nine months of 2020 are presented below: Nine Months Ended September 30, 2020 Weighted Average Shares Aggregate Intrinsic Value Remaining Contractual Term (Yrs.) Exercise Price Outstanding at January 1, 2020 1,715,316 $ 34.49 Assumed in Carolina Financial merger 117,116 12.14 Granted 183,551 32.51 Exercised (14,994 ) 20.48 Forfeited or expired (8,915 ) 28.47 Outstanding at September 30, 2020 1,992,074 $ 1,182 5.3 $ 33.13 Exercisable at September 30, 2020 1,446,719 $ 1,182 4.1 $ 31.67 The following table summarizes the status of United’s nonvested stock option awards during the first nine months of 2020: Shares Weighted-Average Nonvested at January 1, 2020 589,737 $ 7.62 Granted 183,551 5.65 Vested (225,582 ) 7.68 Forfeited or expired (2,351 ) 7.32 Nonvested at September 30, 2020 545,355 $ 6.93 During the nine months ended September 30, 2020 and 2019, 14,994 and 98,613 shares, respectively, were issued in connection with stock option exercises. All shares issued in connection with stock option exercises for the nine months ended September 30, 2020 and 2019 were issued from authorized and unissued stock. The total intrinsic value of options exercised under the Plans during the nine months ended September 30, 2020 and 2019 was $249 and $1,463 respectively. Restricted Stock Under the 2020 LTI Plan, United may award restricted common shares to key employees and non-employee will vest no sooner than 1/3 per year The following summarizes the changes to United’s restricted common shares for the period ended September 30, 2020: Number of Weighted-Average Outstanding at January 1, 2020 247,896 $ 39.20 Granted 182,425 32.19 Vested (88,671 ) 39.32 Forfeited (946 ) 36.58 Outstanding at September 30, 2020 340,704 $ 35.42 |
Employee Benefit Plans
Employee Benefit Plans | 9 Months Ended |
Sep. 30, 2020 | |
Retirement Benefits [Abstract] | |
Employee Benefit Plans | 16. 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 are intended to provide not only for benefits attributed to service to date, but also for those expected to be earned in the future. United made a discretionary contribution of $20,000 during the first nine months of 2020. No discretionary contribution was made during the first nine months of 2019. In September of 2007, after a recommendation by United’s Pension Committee and approval by United’s Board of Directors, the United Bankshares, Inc. Pension Plan (the “Plan”) was amended to change the participation rules. The decision to change the participation rules for the Plan followed current industry trends, as many large and medium size companies had taken similar steps. The amendment provides that employees hired on or after October 1, 2007, will not be eligible to participate in the Plan. However, new employees will be eligible to participate in United’s Savings and Stock Investment 401(k) plan. This change had no impact on current employees hired prior to October 1, 2007 as they will continue to participate in the Plan, with no change in benefit provisions, and will continue to be eligible to participate in United’s Savings and Stock Investment 401(k) plan. Included in accumulated other comprehensive income at December 31, 2019 are unrecognized actuarial losses of $60,894 ($46,706 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 ($4,450 net of tax). Net periodic pension cost for the three and nine months ended September 30, 2020 and 2019 included the following components: Three Months Ended September 30 Nine Months Ended September 30 2020 2019 2020 2019 Service cost $ 722 $ 567 $ 2,152 $ 1,683 Interest cost 1,301 1,474 3,874 4,375 Expected return on plan assets (2,658 ) (2,382 ) (7,917 ) (7,068 ) Recognized net actuarial loss 1,458 1,198 4,342 3,553 Net periodic pension cost $ 823 $ 857 $ 2,451 $ 2,543 Weighted-Average Assumptions: Discount rate 3.42 % 4.52 % 3.42 % 4.52 % Expected return on assets 6.75 % 7.00 % 6.75 % 7.00 % Rate of compensation increase (prior to age 40) 5.00 % n/a 5.00 % n/a Rate of compensation increase (ages 40-54) 4.00 % n/a 4.00 % n/a Rate of compensation increase (prior to age 45) n/a 3.50 % n/a 3.50 % Rate of compensation increase (otherwise) 3.50 % 3.00 % 3.50 % 3.00 % |
Income Taxes
Income Taxes | 9 Months Ended |
Sep. 30, 2020 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 17. INCOME TAXES United records a liability for uncertain income tax positions based on a recognition threshold of more-likely-than-not, As of September 30, 2020 and 2019, the total amount of accrued interest related to uncertain tax positions was $931 and $641, respectively. United accounts for interest and penalties related to uncertain tax positions as part of its provision for federal and state income taxes. United is currently open to audit under the statute of limitations by the Internal Revenue Service for the years ended December 31, 2016, 2017 and 2018 and certain State Taxing authorities for the years ended December 31, 2016 through 2018. United’s effective tax rate was 21.82% and 20.23% for the third quarter and first nine months of 2020 and 20.50% and 20.86% for the third quarter and first nine months of 2019. |
Comprehensive Income
Comprehensive Income | 9 Months Ended |
Sep. 30, 2020 | |
Equity [Abstract] | |
Comprehensive Income | 18. COMPREHENSIVE INCOME The components of total comprehensive income for the three and nine months ended September 30, 2020 and 2019 are as follows: Three Months Ended Nine Months Ended September 30 September 30 2020 2019 2020 2019 Net Income $ 103,784 $ 65,965 $ 196,653 $ 196,814 Available for sale (“AFS”) securities: AFS securities with OTTI charges during the period 0 (272 ) 0 (347 ) Related income tax effect 0 64 0 81 Less: OTTI charges recognized in net income 0 9 0 84 Related income tax benefit 0 (3 ) 0 (20 ) Reclassification of previous noncredit OTTI to credit OTTI 0 0 0 2,188 Related income tax benefit 0 0 0 (510 ) Net unrealized (losses) gains on AFS securities with OTTI 0 (202 ) 0 1,476 AFS securities – all other: Change in net unrealized gain on AFS securities arising during the period 11,526 5,070 72,385 48,014 Related income tax effect (2,686 ) (1,181 ) (16,866 ) (11,187 ) Net reclassification adjustment for (gains) losses included in net income (861 ) (66 ) (2,502 ) 152 Related income tax expense (benefit) 201 16 583 (35 ) 8,180 3,839 53,600 36,944 Net effect of AFS securities on other comprehensive income 8,180 3,637 53,600 38,420 Cash flow hedge derivatives: Unrealized gain (loss) on cash flow hedge 884 0 (775 ) 0 Related income tax effect (206 ) 0 181 0 Net effect of cash flow hedge derivatives on other comprehensive income 678 0 (594 ) 0 Pension plan: Recognized net actuarial loss 1,458 1,198 4,342 3,553 Related income tax benefit (470 ) (249 ) (1,129 ) (785 ) Net effect of change in pension plan asset on other comprehensive income 988 949 3,213 2,768 Total change in other comprehensive income 9,846 4,586 56,219 41,188 Total Comprehensive Income $ 113,630 $ 70,551 $ 252,872 $ 238,002 The components of accumulated other comprehensive income for the nine months ended September 30, 2020 are as follows: Changes in Accumulated Other Comprehensive Income (AOCI) by Component (a) For the Nine Months Ended September 30, 2020 Unrealized Unrealized Defined Benefit Items Total Balance at January 1, 2020 $ 7,956 $ 0 $ (42,825 ) $ (34,869 ) Other comprehensive income before reclassification 55,519 (594 ) 0 54,925 Amounts reclassified from accumulated other comprehensive income (1,919 ) 0 3,213 1,294 Net current-period other comprehensive income, net of tax 53,600 (594 ) 3,213 56,219 Balance at September 30, 2020 $ 61,556 $ (594 ) $ (39,612 ) $ 21,350 Reclassifications out of Accumulated Other Comprehensive Income (AOCI) For the Nine Months Ended September 30, 2020 Details about AOCI Components Amount Affected Line Item in the Statement Where Available for sale (“AFS”) securities: Net reclassification adjustment for losses (gains) included in net income $ (2,502 ) Net investment securities losses (2,502 ) Total before tax Related income tax effect 583 Tax expense (1,919 ) Net of tax Cash flow hedge: Net reclassification adjustment for losses (gains) included in net income $ 0 Interest expense 0 Total before tax Related income tax effect 0 Tax expense Pension plan: Recognized net actuarial loss 4,342 (a) 4,342 Total before tax Related income tax effect (1,129 ) Tax expense 3,213 Net of tax Total reclassifications for the period $ 1,294 (a) This AOCI component is included in the computation of net periodic pension cost (see Note 16, Employee Benefit Plans) |
Earnings Per Share
Earnings Per Share | 9 Months Ended |
Sep. 30, 2020 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | 19. EARNINGS PER SHARE The reconciliation of the numerator and denominator of basic earnings per share with that of diluted earnings per share is presented as follows: Three Months Ended Nine Months Ended September 30 September 30 2020 2019 2020 2019 Distributed earnings allocated to common stock $ 45,295 $ 34,434 $ 126,080 $ 103,711 Undistributed earnings allocated to common stock 58,229 31,378 70,064 92,654 Net earnings allocated to common shareholders $ 103,524 $ 65,812 $ 196,144 $ 196,365 Average common shares outstanding 129,373,154 101,432,243 116,876,402 101,698,530 Equivalents from stock options 81,812 279,497 68,192 268,605 Average diluted shares outstanding 129,454,966 101,711,740 116,944,594 101,967,135 Earnings per basic common share $ 0.80 $ 0.65 $ 1.68 $ 1.93 Earnings per diluted common share $ 0.80 $ 0.65 $ 1.68 $ 1.93 |
Variable Interest Entities
Variable Interest Entities | 9 Months Ended |
Sep. 30, 2020 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Variable Interest Entities | 20. VARIABLE INTEREST ENTITIES Variable interest entities (“VIEs”) are entities that either have a total equity investment that is insufficient to permit the entity to finance its activities without additional subordinated financial support or whose equity investors lack the characteristics of a controlling financial interest (i.e., ability to make significant decisions, through voting rights, right to receive the expected residual returns of the entity, and obligation to absorb the expected losses of the entity). VIEs can be structured as corporations, trusts, partnerships, or other legal entities. United’s business practices include relationships with certain VIEs. For United, the business purpose of these relationships primarily consists of funding activities in the form of issuing trust preferred securities. United currently sponsors nineteen statutory business trusts that were created for the purpose of raising funds that originally qualified for Tier I regulatory capital. As previously discussed, these trusts now are considered Tier II regulatory capital. These trusts, of which several were acquired through bank acquisitions, issued or participated in pools of trust preferred capital securities to third-party investors with the proceeds invested in junior subordinated debt securities of United. The Company, through a small capital contribution, owns 100% of the voting equity shares of each trust. The assets, liabilities, operations, and cash flows of each trust are solely related to the issuance, administration, and repayment of the preferred equity securities held by third-party investors. United fully and unconditionally guarantees the obligations of each trust and is obligated to redeem the junior subordinated debentures upon maturity. United does not consolidate these trusts as it is not the primary beneficiary of these entities because United’s wholly owned and indirect wholly owned statutory trust subsidiaries do not have a controlling financial interest in the VIEs. A controlling financial interest is present when an enterprise has both the power to direct the activities of the VIE that most significantly impact the VIE’s economic performance and an obligation to absorb losses or the right to receive benefits that could potentially be significant to the VIE. The enterprise with a controlling financial interest, known as the primary beneficiary, consolidates the VIE. Information related to United’s statutory trusts is presented in the table below: Description Issuance Date Amount of Stated Interest Rate Maturity Date United Statutory Trust III December 17, 2003 $ 20,000 3-month December 17, 2033 United Statutory Trust IV December 19, 2003 $ 25,000 3-month January 23, 2034 United Statutory Trust V July 12, 2007 $ 50,000 3-month October 1, 2037 United Statutory Trust VI September 20, 2007 $ 30,000 3-month December 15, 2037 Premier Statutory Trust II September 25, 2003 $ 6,000 3-month October 8, 2033 Premier Statutory Trust III May 16, 2005 $ 8,000 3-month June 15, 2035 Premier Statutory Trust IV June 20, 2006 $ 14,000 3-month September 23, 2036 Premier Statutory Trust V December 14, 2006 $ 10,000 3-month March 1, 2037 Centra Statutory Trust I September 20, 2004 $ 10,000 3-month September 20, 2034 Centra Statutory Trust II June 15, 2006 $ 10,000 3-month July 7, 2036 Virginia Commerce Trust II December 19, 2002 $ 15,000 6-month December 19, 2032 Virginia Commerce Trust III December 20, 2005 $ 25,000 3-month February 23, 2036 Cardinal Statutory Trust I July 27, 2004 $ 20,000 3-month September 15, 2034 UFBC Capital Trust I December 30, 2004 $ 5,000 3-month March 15, 2035 Carolina Financial Capital Trust I December 19, 2002 $ 5,000 Prime + 0.50% December 31, 2032 Carolina Financial Capital Trust II November 5, 2003 $ 10,000 3-month January 7, 2034 Greer Capital Trust I October 12, 2004 $ 6,000 3-month October 18, 2034 Greer Capital Trust II December 28, 2006 $ 5,000 3-month January 30, 2037 First South Preferred Trust I September 26, 2003 $ 10,000 3-month September 30, 2033 United, through its banking subsidiary, also makes limited partner equity investments in various low income housing and community development partnerships sponsored by independent third-parties. United invests in these partnerships to either realize tax credits on its consolidated federal income tax return or for purposes of earning a return on its investment. These partnerships are considered VIEs as the limited partners lack a controlling financial interest in the entities through their inability to make decisions that have a significant effect on the operations and success of the partnerships. United’s limited partner interests in these entities is immaterial, however; these partnerships are not consolidated as United is not deemed to be the primary beneficiary. The following table summarizes quantitative information about United’s significant involvement in unconsolidated VIEs: As of September 30, 2020 As of December 31, 2019 Aggregate Assets Aggregate Liabilities Risk Of Loss (1) Aggregate Assets Aggregate Liabilities Risk Of Loss (1) Trust preferred securities $ 295,581 $ 284,939 $ 10,642 $ 257,941 $ 248,680 $ 9,261 (1) Represents investment in VIEs. |
Segment Information
Segment Information | 9 Months Ended |
Sep. 30, 2020 | |
Segment Reporting [Abstract] | |
Segment Information | 21. 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 United’s mortgage banking subsidiaries, George Mason and Crescent Mortgage. Crescent Mortgage may retain servicing rights on their mortgage loans sold. At certain times, Crescent may purchase rights to service loans from third parties. These rights are known as mortgage servicing rights provide the owner with the contractual right to receive a stream of cash flows in exchange for performing specified mortgage servicing functions. The community banking segment provides the mortgage banking segment (George Mason and Crescent Mortgage) with short-term funds to originate mortgage loans through a warehouse line of credit and charges the mortgage banking segment interest based on the 30-day The Company does not have any operating segments other than those reported. The “Other” category consists of financial information not directly attributable to a specific segment, including interest income from investments and net securities gains or losses of parent companies and their non-banking non-segment Information about the reportable segments and reconciliation of this information to the consolidated financial statements at and for the three and nine months ended September 30, 2020 and 2019 is as follows: At and For the Three Months Ended September 30, 2020 Community Mortgage Other Intersegment Eliminations Consolidated Net interest income $ 182,187 $ 2,740 $ (2,241 ) $ 2,978 $ 185,664 Provision for loans losses 16,781 0 0 0 16,781 Other income 26,615 110,900 33 (2,080 ) 135,468 Other expense 125,681 43,417 1,597 898 171,593 Income taxes 15,053 14,823 (902 ) 0 28,974 Net income (loss) $ 51,287 $ 55,400 $ (2,903 ) $ 0 $ 103,784 Total assets (liabilities) $ 25,620,814 $ 953,531 $ 27,841 $ (670,878 ) $ 25,931,308 Average assets (liabilities) 26,148,305 763,170 22,239 (518,091 ) 26,415,623 At and For the Three Months Ended September 30, 2019 Community Mortgage Other Intersegment Eliminations Consolidated Net interest income $ 143,615 $ 203 $ (3,052 ) $ 1,152 $ 141,918 Provision for loans losses 5,033 0 0 0 5,033 Other income 18,696 24,331 87 (890 ) 42,224 Other expense 77,312 20,256 (1,696 ) 262 96,134 Income taxes 16,393 877 (260 ) 0 17,010 Net income (loss) $ 63,573 $ 3,401 $ (1,009 ) $ 0 $ 65,965 Total assets (liabilities) $ 19,593,009 $ 491,832 $ 17,120 $ (350,500 ) $ 19,751,461 Average assets (liabilities) 19,579,180 398,880 16,925 (328,377 ) 19,666,608 At and For the Nine Months Ended September 30, 2020 Community Mortgage Other Intersegment Eliminations Consolidated Net interest income $ 490,311 $ 5,935 $ (7,487 ) $ 9,025 $ 497,784 Provision for loans losses 89,811 0 0 0 89,811 Other income 66,483 203,103 89 (9,011 ) 260,664 Other expense 312,621 99,435 10,030 14 422,100 Income taxes 31,245 22,042 (3,403 ) 0 49,884 Net income (loss) $ 123,117 $ 87,561 $ (14,025 ) $ 0 $ 196,653 Total assets (liabilities) $ 25,620,814 $ 953,531 $ 27,841 $ (670,878 ) $ 25,931,308 Average assets (liabilities) 23,294,069 597,057 4,101 (422,920 ) 23,472,307 At and For the Nine Months Ended September 30, 2019 Community Mortgage Other Intersegment Eliminations Consolidated Net interest income $ 442,022 $ 369 $ (9,584 ) $ 3,832 $ 436,639 Provision for loans losses 15,446 0 0 0 15,446 Other income 54,746 63,938 342 (5,784 ) 113,242 Other expense 235,610 53,869 (1,773 ) (1,952 ) 285,754 Income taxes 51,266 2,163 (1,562 ) 0 51,867 Net income (loss) $ 194,446 $ 8,275 $ (5,907 ) $ 0 $ 196,814 Total assets (liabilities) $ 19,593,009 $ 491,832 $ 17,120 $ (350,500 ) $ 19,751,461 Average assets (liabilities) 19,410,636 330,668 6,926 (269,306 ) 19,478,924 |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 9 Months Ended |
Sep. 30, 2020 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation The accompanying unaudited consolidated interim financial statements of United Bankshares, Inc. and Subsidiaries (“United” or “the Company”) have been prepared in accordance with accounting principles for interim financial information generally accepted in the United States (GAAP) and with the instructions for Form 10-Q S-X. 10-K, The accompanying consolidated interim financial statements include the accounts of United and its wholly owned subsidiaries. United operates in two business segments: community banking and mortgage banking. All significant intercompany accounts and transactions have been eliminated in the consolidated financial statements. Information is presented in these notes to the unaudited consolidated interim financial statements with dollars expressed in thousands, except per share or unless otherwise noted. |
Recent Accounting Pronouncements | New Accounting Standards In August 2020, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2020-06, 470-20) 815-40). earnings-per-share No. 2020-06 No. 2020-06 In March 2020, the FASB issued ASU No. 2020-04, Facilitation of the Effects of Reference Rate Reform on Financial Reporting. The ASU provides “optional expedients and exceptions for applying generally accepted accounting principles to contract modifications and hedging relationships, subject to meeting certain criteria, that reference LIBOR or another reference rate expected to be discontinued.” ASU No. 2020-04 No. 2020-04 In February 2020, FASB issued ASU No. 2020-03, No. 2020-03 No. 2020-03 In January 2020, the FASB issued ASU No. 2020-01, No. 2020-01 No. 2020-01 In November 2019, the FASB issued ASU No. 2019-08, No. 2019-08 No. 2019-08 In April 2019, the FASB issued ASU No. 2019-04 No. 2019-04 In August 2018, the FASB issued ASU No. 2018-14 715-20): No. 2018-14 No. 2018-14 In August 2018, the FASB issued ASU No. 2018-13 No. 2018-13 No. 2018-13 In August 2017, the FASB issued ASU No. 2017-12, one-time No. 2017-12 one-time In January 2017, the FASB issued ASU No. 2017-04, 2017-04 2017-04 2017-04 In June 2016, the FASB issued ASU No. 2016-13, No. 2016-13 No. 2016-13 No. 2016-13 phase-in (COVID-19) No. 2016-13 No. 2016-13 In February 2016, the FASB issued ASU No. 2016-02, “Leases (Topic 842)”. ASU No. 2016-02 includes a lessee accounting model that recognizes two types of leases, finance leases and operating leases, while lessor accounting will remain largely unchanged from the current GAAP. ASU No. 2016-02 requires, amongst other things, that a lessee recognize on the balance sheet a right-of-use asset and a lease liability for leases with terms of more than twelve months. The recognition, measurement, and presentation of expenses and cash flows arising from a lease by a lessee will depend on its classification as a finance or operating lease. In July 2018, the FASB issued ASU No. 2018-11 non-lease non-lease No. 2018-10 2018-10 differenc |
Mergers and Acquisitions (Table
Mergers and Acquisitions (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Business Combinations [Abstract] | |
Summary of Reconciliation of Difference Between Purchase Price and Par Value of Purchase Credit Loans Acquired | The following table provides a reconciliation of the difference between the purchase price and the par value of portfolio PCD loans and leases acquired from Carolina Financial as of the Acquisition Date: Purchase price of PCD loans and leases at acquisition $ 1,023,531 Allowance for credit losses at acquisition 18,635 Non-credit 7,212 Par value (UPB) of acquired PCD loans and leases at acquisition $ 1,049,378 |
Summary of Business Acquisitions, by Acquisition | The consideration paid for Carolina Financial’s common equity and the preliminary amounts of acquired identifiable assets and liabilities assumed as of the Carolina Financial Acquisition Date were as follows: Purchase price: Value of common shares issued (28,031,501 shares) $ 815,997 Fair value of stock options assumed 1,833 Cash for fractional shares 47 Total purchase price 817,877 Identifiable assets: Cash and cash equivalents 629,154 Investment securities 580,791 Loans held for sale 65,757 Net loans and leases 3,246,940 Premises and equipment 82,670 Operating lease right-of-use 9,861 Crescent Mortgage trade name intangible 196 Core deposit intangible 3,037 Mortgage servicing rights 20,123 Other assets 165,198 Total identifiable assets $ 4,803,727 Identifiable liabilities: Deposits $ 3,884,977 Short-term borrowings 332,000 Long-term borrowings 42,738 Operating lease liability 9,861 Other liabilities 33,146 Total identifiable liabilities 4,302,722 Preliminary fair value of net assets acquired including identifiable intangible assets 501,005 Preliminary resulting goodwill $ 316,872 |
Summary of Business Acquisition, Pro Forma Information | Proforma Nine Months Ended September 30 2020 2019 Total Revenues (1) $ 810,476 $ 706,872 Net Income 177,275 258,638 (1) Represents net interest income plus other income |
Investment Securities (Tables)
Investment Securities (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
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. September 30, 2020 Gross Gross Allowance Estimated Amortized Unrealized Unrealized For Credit Fair Cost Gains Losses Losses Value U.S. Treasury securities and obligations of U.S. Government corporations and agencies $ 65,856 $ 657 $ 3 $ 0 $ 66,510 State and political subdivisions 513,380 23,104 329 0 536,155 Residential mortgage-backed securities Agency 777,157 27,190 15 0 804,332 Non-agency 41,945 395 0 0 42,340 Commercial mortgage-backed securities Agency 618,901 32,321 236 0 650,986 Asset-backed securities 291,690 19 8,120 0 283,589 Single issue trust preferred securities 18,221 170 1,643 0 16,748 Other corporate securities 370,398 7,036 292 0 377,142 Total $ 2,697,548 $ 90,892 $ 10,638 $ 0 $ 2,777,802 December 31, 2019 Gross Gross Estimated Cumulative Amortized Unrealized Unrealized Fair OTTI in Cost Gains Losses Value AOCI (1) U.S. Treasury securities and obligations of U.S. Government corporations and agencies $ 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 (1) Non-credit before-tax. |
Summary of Securities Available for Sale in an Unrealized Loss Position | The following is a summary of securities available for sale which were in an unrealized loss position at September 30, 2020 and December 31, 2019. Less than 12 months 12 months or longer Total Fair Unrealized Fair Unrealized Fair Unrealized Value Losses Value Losses Value Losses September 30, 2020 U.S. Treasury securities and obligations of U.S. Government corporations and agencies $ 329 $ 3 $ 0 $ 0 $ 329 $ 3 State and political subdivisions 32,544 329 0 0 32,544 329 Residential mortgage-backed securities Agency 2,782 7 4,057 8 6,839 15 Non-agency 0 0 0 0 0 0 Commercial mortgage-backed securities Agency 48,410 236 0 0 48,410 236 Asset-backed securities 0 0 271,974 8,120 271,974 8,120 Trust preferred collateralized debt obligations 0 0 0 0 0 0 Single issue trust preferred securities 0 0 13,525 1,643 13,525 1,643 Other corporate securities 33,783 292 0 0 33,783 292 Total $ 117,848 $ 867 $ 289,556 $ 9,771 $ 407,404 $ 10,638 Less than 12 months 12 months or longer Total Fair Unrealized Fair Unrealized Fair Unrealized Value Losses Value Losses Value Losses December 31, 2019 U.S. Treasury securities and obligations of U.S. Government corporations and agencies $ 1,415 $ 6 $ 0 $ 0 $ 1,415 $ 6 State and political subdivisions 144,307 3,291 885 5 145,192 3,296 Residential mortgage-backed securities Agency 108,072 502 71,736 744 179,808 1,246 Non-agency 0 0 0 0 0 0 Commercial mortgage-backed securities Agency 173,039 2,676 45,251 131 218,290 2,807 Asset-backed securities 135,174 3,252 140,965 4,999 276,139 8,251 Trust preferred collateralized debt obligations 2,703 842 2,000 500 4,703 1,342 Single issue trust preferred securities 0 0 13,562 1,592 13,562 1,592 Other corporate securities 0 0 0 0 0 0 Total $ 564,710 $ 10,569 $ 274,399 $ 7,971 $ 839,109 $ 18,540 |
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. Three Months Ended September 30 Nine Months Ended September 30 2020 2019 2020 2019 Proceeds from sales and calls $ 149,193 $ 188,911 $ 562,899 $ 573,674 Gross realized gains 2.800 412 4,618 1,166 Gross realized losses (1,939 ) (346 ) (2,116 ) (1,318 ) |
Summary of Equity Securities | The fair value of United’s equity securities was $10,255 at September 30, 2020 and $8,894 at December 31, 2019. Three Months Ended September 30 Nine Months Ended September 30 2020 2019 2020 2019 Net (losses) gains recognized during the period $ 0 $ 59 $ 65 $ 302 Net gains recognized during the period on equity securities sold 2 (1 ) 9 133 Unrealized gains recognized during the period on equity securities 0 60 114 181 Unrealized losses recognized during the period on equity securities (2 ) 0 (58 ) (12 ) |
Available-for-sale Securities [Member] | |
Summary of Maturities of Debt Securities Held to Maturity by Amortized Cost and Estimated Fair Value | Expected maturities may differ from contractual maturities because the issuers may have the right to call or prepay obligations without penalties. September 30, 2020 December 31, 2019 Estimated Estimated Amortized Fair Amortized Fair Cost Value Cost Value Due in one year or less $ 144,830 $ 146,326 $ 92,422 $ 92,473 Due after one year through five years 497,634 516,743 583,715 592,850 Due after five years through ten years 664,075 689,410 564,922 568,241 Due after ten years 1,391,009 1,425,323 1,185,865 1,183,732 Total $ 2,697,548 $ 2,777,802 $ 2,426,924 $ 2,437,296 |
Loans and Leases (Tables)
Loans and Leases (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Receivables [Abstract] | |
Major Classes of Loans And Leases | Major classes of loans and leases are as follows: September 30, 2020 December 31, Commercial, financial and agricultural: Owner-occupied commercial real estate $ 1,616,380 $ 1,201,652 Nonowner-occupied commercial real estate 5,029,867 3,965,960 Other commercial loans and leases 4,211,490 2,285,037 Total commercial, financial & agricultural 10,857,737 7,452,649 Residential real estate 4,070,507 3,686,401 Construction & land development 1,824,303 1,408,205 Consumer: Bankcard 8,373 10,074 Other consumer 1,206,600 1,156,219 Total gross loans and leases $ 17,967,520 $ 13,713,548 |
Credit Quality (Tables)
Credit Quality (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Text Block [Abstract] | |
Schedule Of Troubled Debt Restructuring Loan Modification Based On Post Modification Outstanding Balance | The following table sets forth United’s troubled debt restructurings, based on their post-modification outstanding recorded balance, that have been restructured during the three and nine months ended September 30, 2020 and 2019, segregated by the reason for modification: Three Months Ended Nine Months Ended Reason for modification September 30, September 30, September 30, September 30, Interest rate reduction $ 0 $ 0 $ 9,856 $ 246 Interest rate reduction and change in terms 0 0 1,201 0 Forgiveness of principal 0 0 241 0 Transfer of asset 0 0 0 0 Concession of principal and term 0 0 23 0 Extended maturity 0 0 4,536 0 Change in terms 419 6,106 14,359 11,018 Total $ 419 $ 6,106 $ 30,216 $ 11,264 |
Schedule of Charged-off Troubled Debt Restructurings on Financing Receivables | The following table presents troubled debt restructurings, by class of loan, that were restructured during the twelve-month period ended September 30, 2020 and had charge-offs during the three and nine months ended September 30, 2020. Three Months Ended September 30, 2020 Nine Months Ended September 30, 2020 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 86 2 86 Residential real estate 0 0 0 0 Construction & land development 0 0 1 690 Consumer: Bankcard 0 0 0 0 Other consumer 0 0 0 0 Total 2 $ 86 3 $ 776 The following table presents troubled debt restructurings, by class of loan, that were restructured during the twelve-month period ended September 30, 2019 and had charge-offs during the three and nine months ended September 30, 2019. Three Months Ended September 30, 2019 Nine Months Ended September 30, 2019 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 1 534 2 1,477 Residential real estate 0 0 0 0 Construction & land development 0 0 0 0 Consumer: Bankcard 0 0 0 0 Other consumer 0 0 0 0 Total 1 $ 534 2 $ 1,477 |
Schedule of Age Analysis of Past Due Loans and Leases, Segregated by Class of Loans and Leases | The following table sets forth United’s age analysis of its past due loans and leases, segregated by class of loans and leases: Age Analysis of Past Due Loans and Leases As of September 30, 2020 30-89 90 Days or Total Past Current & Total Financing 90 Days or Commercial real estate: Owner-occupied $ 5,643 $ 30,421 $ 36,064 $ 1,580,316 $ 1,616,380 $ 1,898 Nonowner-occupied 37,201 30,395 67,596 4,962,271 5,029,867 1,198 Other commercial 9,829 39,712 49,541 4,161,949 4,211,490 830 Residential real estate 28,107 29,494 57,601 4,012,906 4,070,507 7,411 Construction & land development 10,711 6,209 16,920 1,807,383 1,824,303 27 Consumer: Bankcard 252 70 322 8,051 8,373 70 Other consumer 7,870 1,259 9,129 1,197,471 1,206,600 1,149 Total $ 99,613 $ 137,560 $ 237,173 $ 17,730,347 $ 17,967,520 $ 12,583 Age Analysis of Past Due Loans and Leases As of December 31, 2019 30-89 90 Days or Total Past Current & Total Financing 90 Days or 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 |
Schedule of Nonaccrual Loans and Leases, Segregated by Class of Loans and Leases | The following table sets forth United’s nonaccrual loans and leases, segregated by class of loans and leases: At September 30, 2020 At December 31, Interest Income Nonaccruals With No 90 Days or Nonaccruals For The Three For The Nine Commercial Real Estate: Owner-occupied $ 28,523 $ 26,562 $ 1,898 $ 10,665 $ 0 $ 32 Nonowner-occupied 29,197 18,686 1,198 15,658 59 61 Other Commercial 38,882 13,015 830 50,873 16 16 Residential Real Estate 22,083 20,202 7,411 18,087 0 3 Construction 6,182 4,100 27 16,043 0 0 Consumer: Bankcard 0 0 70 0 0 0 Other consumer 110 110 1,149 270 0 0 Total $ 124,977 $ 82,675 $ 12,583 $ 111,596 $ 75 $ 112 |
Schedule of Collateral Dependent Loans and Leases | For the adoption of ASU 2016-13, Collateral Dependent Loans and Leases At September 30, 2020 Residential Business Land Commercial Other Total Commercial real estate: Owner-occupied $ 1,533 $ 148 $ 0 $ 18,523 $ 27,790 $ 47,994 Nonowner-occupied 8,851 0 2,936 15,639 19,203 46,629 Other commercial 5,424 33,272 0 270 2,638 41,604 Residential real estate 27,555 229 36 0 808 28,628 Construction & land development 9,938 0 8,183 0 746 18,867 Consumer: Bankcard 0 0 0 0 0 0 Other consumer 0 0 0 0 5 5 Total $ 53,301 $ 33,649 $ 11,155 $ 34,432 $ 51,190 $ 183,727 |
Schedule Of Term Loans And Financing Receivable | Commercial Real Estate – Owner-occupied Revolving loans converted Term Loans Revolving Total Origination Year As of September 30, 2020 2020 2019 2018 2017 2016 Prior Internal Risk Grade: Pass $ 218,978 $ 152,647 $ 156,778 $ 229,875 $ 286,193 $ 459,311 $ 23,868 $ 0 $ 1,527,650 Special Mention 0 1,216 3,922 770 2,048 23,386 0 466 31,808 Substandard 1,965 68 0 1,160 3,698 48,676 864 149 56,580 Doubtful 0 0 0 0 0 342 0 0 342 Total $ 220,943 $ 153,931 $ 160,700 $ 231,805 $ 291,939 $ 531,715 $ 24,732 $ 615 $ 1,616,380 YTD charge-offs 0 0 0 0 0 (2,162 ) 0 0 (2,162 ) YTD recoveries 0 0 0 0 0 374 0 0 374 YTD net charge-offs $ 0 $ 0 $ 0 $ 0 $ 0 $ (1,788 ) $ 0 $ 0 $ (1,788 ) Commercial Real Estate – Nonowner-occupied Revolving loans converted Term Loans Revolving Total Origination Year As of September 30, 2020 2020 2019 2018 2017 2016 Prior Internal Risk Grade: Pass $ 667,054 $ 606,862 $ 665,234 $ 526,479 $ 536,583 $ 1,714,920 $ 108,539 $ 2,129 $ 4,827,800 Special Mention 0 118,823 0 395 3,343 20,973 0 0 143,534 Substandard 73 1,120 8,637 1,693 13,374 33,636 0 0 58,533 Doubtful 0 0 0 0 0 0 0 0 0 Total $ 667,127 $ 726,805 $ 673,871 $ 528,567 $ 553,300 $ 1,769,529 $ 108,539 $ 2,129 $ 5,029,867 YTD charge-offs (38 ) 0 0 0 (1,161 ) (1,683 ) 0 0 (2,882 ) YTD recoveries 0 0 0 0 0 747 0 0 747 YTD net charge-offs $ (38 ) $ 0 $ 0 $ 0 $ (1,161 ) $ (936 ) $ 0 $ 0 $ (2,135 ) Other commercial Revolving loans and leases converted to Term Loans and leases Revolving Total Origination Year As of September 30, 2020 2020 2019 2018 2017 2016 Prior Internal Risk Grade: Pass $ 1,216,780 $ 411,925 $ 220,230 $ 141,490 $ 136,961 $ 286,612 $ 1,652,999 $ 2,948 $ 4,069,945 Special Mention 91 224 3,232 1,327 184 58,774 3,399 94 67,325 Substandard 103 879 2,372 2,810 6,671 44,913 15,884 397 74,029 Doubtful 0 0 0 0 38 153 0 0 191 Total $ 1,216,974 $ 413,028 $ 225,834 $ 145,627 $ 143,854 $ 390,452 $ 1,672,282 $ 3,439 $ 4,211,490 YTD charge-offs 0 0 (834 ) (12 ) (3,505 ) (7,109 ) 0 0 (11,460 ) YTD recoveries 0 864 18 6 116 1,507 0 0 2,511 YTD net charge-offs $ 0 $ 864 $ (816 ) $ (6 ) $ (3,389 ) $ (5,602 ) $ 0 $ 0 $ (8,949 ) Residential Real Estate Revolving loans converted Term Loans Revolving Total Origination Year As of September 30, 2020 2020 2019 2018 2017 2016 Prior Internal Risk Grade: Pass $ 428,397 $ 670,300 $ 746,727 $ 336,210 $ 318,886 $ 1,061,352 $ 457,605 $ 4,291 $ 4,023,768 Special Mention 0 269 0 220 2,338 6,304 827 0 9,958 Substandard 0 220 444 3,728 5,033 26,381 465 231 36,502 Doubtful 0 0 0 0 0 279 0 0 279 Total $ 428,397 $ 670,789 $ 747,171 $ 340,158 $ 326,257 $ 1,094,316 $ 458,897 $ 4,522 $ 4,070,507 YTD charge-offs 0 0 0 0 (1 ) (1,379 ) 0 0 (1,380 ) YTD recoveries 0 0 0 101 0 649 0 0 750 YTD net charge-offs $ 0 $ 0 $ 0 $ 101 $ (1 ) $ (730 ) $ 0 $ 0 $ (630 ) Construction and Land Development Revolving loans converted to Term Loans Revolving loans Total Origination Year As of September 30, 2020 2019 2018 2017 2016 Prior Internal Risk Grade: Pass $ 275,238 $ 711,704 $ 339,542 $ 145,216 $ 119,650 $ 61,975 $ 141,784 $ 140 $ 1,795,249 Special Mention 0 0 4,128 0 0 2,871 996 0 7,995 Substandard 0 207 1,543 0 216 18,347 746 0 21,059 Doubtful 0 0 0 0 0 0 0 0 0 Total $ 275,238 $ 711,911 $ 345,213 $ 145,216 $ 119,866 $ 83,193 $ 143,526 $ 140 $ 1,824,303 YTD charge-offs 0 0 0 0 0 (1,998 ) 0 0 (1,998 ) YTD recoveries 0 0 0 0 0 1,429 0 0 1,429 YTD net charge-offs $ 0 $ 0 $ 0 $ 0 $ 0 $ (569 ) $ 0 $ 0 $ (569 ) Bankcard Revolving loans converted to Term Loans Revolving loans Total Origination Year As of September 30, 2020 2019 2018 2017 2016 Prior Internal Risk Grade: Pass $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 8,051 $ 0 $ 8,051 Special Mention 0 0 0 0 0 0 252 0 252 Substandard 0 0 0 0 0 0 70 0 70 Doubtful 0 0 0 0 0 0 0 0 0 Total $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 8,373 $ 0 $ 8,373 YTD charge-offs 0 0 0 0 0 0 (187 ) 0 (187 ) YTD recoveries 0 0 0 0 0 0 34 0 34 YTD net charge-offs $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ (153 ) $ 0 $ (153 ) Other Consumer Revolving loans converted to Term Loans Revolving loans Total Origination Year As of September 30, 2020 2019 2018 2017 2016 Prior Internal Risk Grade: Pass $ 351,396 $ 446,270 $ 263,145 $ 88,080 $ 43,680 $ 5,523 $ 8,480 $ 0 $ 1,206,574 Special Mention 0 0 0 0 0 7 6 0 13 Substandard 3 0 0 0 0 5 0 0 8 Doubtful 0 0 0 0 0 5 0 0 5 Total $ 351,399 $ 446,270 $ 263,145 $ 88,080 $ 43,680 $ 5,540 $ 8,486 $ 0 $ 1,206,600 YTD charge-offs (43 ) (820 ) (922 ) (337 ) (207 ) (463 ) (2 ) 0 (2,794 ) YTD recoveries 0 63 42 25 23 185 0 0 338 YTD net charge-offs $ (43 ) $ (757 ) $ (880 ) $ (312 ) $ (184 ) $ (278 ) $ (2 ) $ 0 $ (2,456 ) |
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, as of December 31, 2019: Credit Quality Indicators Corporate Credit Exposure As of December 31, 2019 Commercial Real Estate Construction Owner- Nonowner- Other 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 Consumer Credit Exposure As of December 31, 2019 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 |
Schedule of Reasons For Modification Troubled Debt Restructuring Loans | The following tables sets for th Reason for modification September 30, 2020 December 31, 2019 Interest rate reduction $ 11,415 $ 1,685 Interest rate reduction and change in terms 2,890 1,733 Forgiveness of principal 241 0 Transfer of asset 0 0 Concession of principal and term 23 0 Extended maturity 4,536 0 Change in terms 49,276 54,951 Total $ 68,381 $ 58,369 |
Schedule of Troubled Debt Restructurings, Segregated by Class of Loans and Leases | The following table sets forth United’s troubled debt restructurings that have been restructured during the three months ended September 30, 2020 and 2019, segregated by class of loans and leases: Troubled Debt Restructurings For the Three Months Ended September 30, 2020 September 30, 2019 Number of Pre- Post- Number of Pre- Post- Commercial real estate: Owner-occupied 0 $ 0 $ 0 1 $ 1,030 $ 1,030 Nonowner-occupied 0 0 0 0 0 0 Other commercial 1 39 38 1 5,137 5,076 Residential real estate 3 381 381 0 0 0 Construction & land development 0 0 0 0 0 0 Consumer: Bankcard 0 0 0 0 0 0 Other consumer 0 0 0 0 0 0 Total 4 $ 420 $ 419 2 $ 6,167 $ 6,106 The following table sets forth United’s troubled debt restructurings that have been restructured during the nine months ended September 30, 2020 and 2019, segregated by class of loans and leases: Troubled Debt Restructurings For the Nine Months Ended September 30, 2020 September 30, 2019 Number of Pre- Post- Number of Pre- Post- Commercial real estate: Owner-occupied 21 $ 18,579 $ 17,210 2 $ 1,179 $ 1,179 Nonowner-occupied 6 2,258 2,225 0 0 0 Other commercial 19 3,706 2,873 3 5,962 5,849 Residential real estate 22 4,271 3,495 3 2,258 2,022 Construction & land development 12 4,607 4,392 3 2,266 2,214 Consumer: Bankcard 0 0 0 0 0 0 Other consumer 3 69 21 0 0 0 Total 83 $ 33,490 $ 30,216 11 $ 11,665 $ 11,264 |
Allowance for Credit Losses (Ta
Allowance for Credit Losses (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Receivables [Abstract] | |
Schedule Of Credit Losses Related To Accrued Interest Receivables and Written Off | The following table represents the accrued interest receivable as of September 30, 2020 and the accrued interest receivables written off by reversing interest income as of September 30, 2020: Accrued Interest Accrued Interest Receivables Written Off by Reversing At September 30, 2020 For the Three Months Ended For the Nine Months Ended Commercial Real Estate: Owner-occupied $ 4,388 $ 16 $ 116 Nonowner-occupied 14,745 30 75 Other Commercial 13,221 40 85 Residential Real Estate 13,225 31 165 Construction 6,887 508 508 Consumer: Bankcard 0 0 0 Other consumer 2,685 29 96 $ 55,151 $ 654 $ 1,045 Less: Allowance for credit losses (435 ) Total $ 54,716 |
Schedule of Allowance for Loan Losses and Carrying Amount of Loans and Leases | A progression of the allowance for loan losses, by portfolio segment, for the periods indicated is summarized as follows: Allowance for Loan and Lease Losses and Carrying Amount of Loans and Leases For the Three Months Ended September 30, 2020 Commercial Real Estate Construction Allowance Owner- Nonowner- Other Residential & Land Bankcard Other Estimated Total Allowance for Loan and Lease Losses: Beginning balance $ 22,738 $ 25,777 $ 79,404 $ 38,883 $ 32,303 $ 280 $ 15,736 $ 0 $ 215,121 Initial allowance for PCD loans (acquired during the period) 0 0 0 0 0 0 0 0 0 Charge-offs (1,627 ) (945 ) (4,432 ) (490 ) (29 ) (59 ) (886 ) 0 (8,468 ) Recoveries 64 25 2,065 448 68 22 128 0 2,820 Provision 2,570 9,841 1,994 (2,108 ) 2,699 40 1,303 0 16,339 Ending balance $ 23,745 $ 34,698 $ 79,031 $ 36,733 $ 35,041 $ 283 $ 16,281 $ 0 $ 225,812 Allowance for Loan and Lease Losses and Carrying Amount of Loans and Leases For the Nine Months Ended September 30, 2020 Commercial Real Estate Construction Allowance Owner- Nonowner- Other Residential & Land Bankcard Other Estimated Total Allowance for Loan and Lease Losses: Beginning balance $ 5,554 $ 8,524 $ 47,325 $ 8,997 $ 3,353 $ 74 $ 2,933 $ 297 $ 77,057 Impact of the adoption of ASU 2016-13 9,737 9,023 (4,829 ) 13,097 14,817 28 10,745 (297 ) 52,321 Impact of the adoption of ASU 2016-13 1,843 121 938 174 2,045 0 0 0 5,121 Initial allowance for PCD loans (acquired during the period) 1,955 6,418 7,032 652 2,570 0 8 0 18,635 Charge-offs (2,162 ) (2,882 ) (11,460 ) (1,380 ) (1,998 ) (187 ) (2,794 ) 0 (22,863 ) Recoveries 374 747 2,511 750 1,429 34 338 0 6,183 Provision 6,444 12,747 37,514 14,443 12,825 334 5,051 0 89,358 Ending balance $ 23,745 $ 34,698 $ 79,031 $ 36,733 $ 35,041 $ 283 $ 16,281 $ 0 $ 225,812 Allowance for Loan Losses and Carrying Amount of Loans For the Year Ended December 31, 2019 Commercial Real Estate Construction Allowance Owner- Nonowner- Other Residential & Land Consumer Estimated Total Allowance for Loan Losses: 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: individually evaluated for impairment $ 973 $ 2,979 $ 11,931 $ 354 $ 262 $ 0 $ 0 $ 16,499 Ending Balance: collectively evaluated for impairment $ 4,581 $ 5,545 $ 35,394 $ 8,643 $ 3,091 $ 3,007 $ 297 $ 60,558 Ending Balance: loans acquired with deteriorated credit quality $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 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 |
Intangible Assets (Tables)
Intangible Assets (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Summary of Intangible Assets | The following is a summary of intangible assets subject to amortization and those not subject to amortization: September 30, 2020 Community Banking Mortgage Banking Total Gross Accumulated Gross Accumulated Gross Accumulated Amortized intangible assets: Core deposit intangible assets $ 101,396 $ (74,429 ) $ 0 $ 0 $ 101,396 $ (74,429 ) Non-amortized George Mason trade name $ 0 $ 1,080 $ 1,080 Crescent Mortgage trade name 0 196 196 Total $ 0 $ 1,276 $ 1,276 Goodwill not subject to amortization $ 1,789,571 $ 5,315 $ 1,794,886 December 31, 2019 Community Banking Mortgage Banking Total Gross Accumulated Gross Accumulated Gross Accumulated Amortized intangible assets: Core deposit intangible assets $ 98,359 $ (69,508 ) $ 0 $ 0 $ 98,359 $ (69,508 ) Non-amortized George Mason trade name $ 0 $ 1,080 $ 1,080 Goodwill not subject to amortization $ 1,472,699 $ 5,315 $ 1,478,014 |
Reconciliation of Goodwill | The following table provides a reconciliation of goodwill: Community Mortgage Total Goodwill at December 31, 2019 $ 1,472,699 $ 5,315 $ 1,478,014 Preliminary addition to goodwill from Carolina Financial acquisition 316,872 0 316,872 Goodwill at September 30, 2020 $ 1,789,571 $ 5,315 $ 1,794,886 |
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 2020 $ 6,612 2021 5,780 2022 4,939 2023 4,641 2024 and thereafter 9,916 |
Mortage Servicing Rights (Table
Mortage Servicing Rights (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Servicing Asset [Abstract] | |
Summary of Activity in Mortgage Servicing Rights | The following presents the activity in mortgage servicing rights, including their valuation allowance for the three and nine months ended September 30, 2020: Three Months Ended Nine Months Ended September 30, 2020 MSRs beginning balance $ 20,910 $ 0 Addition from acquisition of subsidiary 0 20,123 Amount capitalized 2,500 4,391 Purchased servicing 0 0 Amount amortized (1,887 ) (2,991 ) MSRs ending balance $ 21,523 $ 21,523 MSRs valuation allowance beginning balance $ (710 ) $ 0 MSRs impairment (400 ) (1,110 ) MSRs valuation allowance ending balance $ (1,110 ) $ (1,110 ) MSRs, net of valuation allowance $ 20,413 $ 20,413 |
Leases (Tables)
Leases (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Leases [Abstract] | |
Components of Lease Expense | The components of lease expense were as follows: Three Months Ended Three Months Ended Classification September 30, 2020 September 30, 2019 Operating lease cost Net occupancy expense $ 5,704 $ 4,864 Sublease income Net occupancy expense (102 ) (197 ) Net lease cost $ 5,602 $ 4,667 Nine Months Ended Nine Months Ended Classification September 30, 2020 September 30, 2019 Operating lease cost Net occupancy expense $ 16,665 $ 14,571 Sublease income Net occupancy expense (496 ) (671 ) Net lease cost $ 16,169 $ 13,900 |
Supplemental Balance Sheet Information Related to Leases | Supplemental balance sheet information related to leases was as follows: Classification September 30, 2020 December 31, 2019 Operating lease right-of-use Operating lease right-of-use assets $ 72,789 $ 57,783 Operating lease liabilities Operating lease liabilities $ 76,604 $ 61,342 |
Other Information Related to Leases | Other information related to leases was as follows: September 30, 2020 Weighted-average remaining lease term: Operating leases 5.72 Weighted-average discount rate: Operating leases 2.53 % |
Supplemental Cash Flow Information Related to Leases | Supplemental cash flow information related to leases was as follows: Three Months Ended September 30, 2020 September 30, 2019 Cash paid for amounts in the measurement of lease liabilities: Operating cash flows from operating leases $ 5,854 $ 4,903 ROU assets obtained in the exchange for lease liabilities 7,148 1,537 Nine Months Ended September 30, 2020 September 30, 2019 Cash paid for amounts in the measurement of lease liabilities: Operating cash flows from operating leases $ 16,593 $ 14,552 ROU assets obtained in the exchange for lease liabilities 19,480 5,953 |
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 as of September 30, 2020 and December 31, 2019: Amount Year As of September 30, 2020 As of December 31, 2019 2020 $ 5,467 $ 17,725 2021 19,994 15,180 2022 15,706 11,522 2023 12,224 8,751 2024 8,010 5,127 Thereafter 20,607 8,190 Total lease payments 82,008 66,495 Less: imputed interest (5,404 ) (5,153 ) Total $ 76,604 $ 61,342 |
Long-Term Borrowings (Tables)
Long-Term Borrowings (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Debt Disclosure [Abstract] | |
Schedule of Maturities of Long-term Borrowings | The scheduled maturities of these FHLB borrowings are as follows: Year Amount 2020 $ 561,003 2021 52,429 2022 20,869 2023 0 2024 and thereafter 10,948 Total $ 645,249 |
Derivative Financial Instrume_2
Derivative Financial Instruments (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Schedule of Notional Amount and Fair Value of Derivative Financial Instruments | The following tables disclose the derivative instruments’ location on the Company’s Consolidated Balance Sheets and the notional amount and fair value of those instruments at September 30, 2020 and December 31, 2019. Asset Derivatives September 30, 2020 December 31, 2019 Balance Sheet Location Notional Amount Fair Value Balance Sheet Location Notional Amount Fair Value Derivatives not designated as hedging instruments Forward loan sales commitments Other assets $ 75,431 $ 1,990 Other assets $ 27,260 $ 9 TBA mortgage-backed securities Other assets 229,000 95 Other assets 0 0 Interest rate lock commitments Other assets 1,399,936 49,810 Other assets 117,252 4,518 Total derivatives not designated as hedging instruments $ 1,704,367 $ 51,895 $ 144,512 $ 4,527 Total asset derivatives $ 1,704,367 $ 51,895 $ 144,512 $ 4,527 Liability Derivatives September 30, 2020 December 31, 2019 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 $ 78,126 $ 7,878 Other liabilities $ 82,243 $ 2,394 Total Fair Value Hedges $ 78,126 $ 7,878 $ 82,243 $ 2,394 Cash Flow Hedge: Interest rate swap contract (hedging FHLB borrowing) Other liabilities $ 500,000 $ 775 Other liabilities $ 0 $ 0 Total Cash Flow Hedge $ 500,000 $ 775 $ 0 $ 0 Total derivatives designated as hedging instruments $ 578,126 $ 8,653 $ 82,243 $ 2,394 Derivatives not designated as hedging instruments TBA mortgage-backed securities Other liabilities $ 775,000 $ 2,713 Other liabilities $ 274,000 $ 671 Total derivatives not designated as hedging instruments $ 775,000 $ 2,713 $ 274,000 $ 671 Total liability derivatives $ 1,353,126 $ 11,366 $ 356,243 $ 3,065 |
Summary of Carrying Amount Hedged Assets/(Liabilities) | The following table represents the carrying amount of the hedged assets/(liabilities) and the cumulative amount of fair value hedging adjustment included in the carrying amount of the hedged assets/(liabilities) that are designated as a fair value accounting relationship as of September 30, 2020 and December 31, 2019. Derivatives in Fair Value Hedging Relationships Location in the Statement September 30, 2020 Carrying Amount Cumulative Amount Cumulative Amount of Interest rate swaps Loans and leases, net of $ 78,937 $ (7,878 ) $ 0 Derivatives in Fair Value Hedging Relationships Location in the Statement December 31, 2019 Carrying Amount Cumulative Amount Cumulative Amount of Interest rate swaps Loans and leases, net of $ 81,397 $ (2,394 ) $ 0 |
Schedule of Derivative Financial Instruments on Statement of Income | The effect of United’s derivative financial instruments on its unaudited Consolidated Statements of Income for the three and nine months ended September 30, 2020 and 2019 are presented as follows: Three Months Ended Income Statement Location September 30, September 30, Derivatives in hedging relationships Fair Value Hedges: Interest rate swap contracts Interest and fees on loans $ (409 ) $ (187 ) Total derivatives in hedging relationships $ (409 ) $ (187 ) Derivatives not designated as hedging instruments Forward loan sales commitments Income from Mortgage 246 44 TBA mortgage-backed securities Income from Mortgage 1,604 2,641 Interest rate lock commitments Income from Mortgage 20,915 602 Total derivatives not designated as hedging instruments $ 22,765 $ 3,287 Total derivatives $ 22,356 $ 3,100 Nine Months Ended Income Statement Location September 30, September 30, Derivatives in fair value hedging relationships Fair Value Hedges: Interest rate swap contracts Interest and fees on loans $ (1,129 ) $ (285 ) Total derivatives in hedging relationships $ (1,129 ) $ (285 ) Derivatives not designated as hedging instruments Forward loan sales commitments Income from Mortgage (315 ) 916 TBA mortgage-backed securities Income from Mortgage (167 ) 2,167 Interest rate lock commitments Income from Mortgage 33,084 6,472 Total derivatives not designated as hedging instruments $ 32,602 $ 9,555 Total derivatives $ 31,473 $ 9,270 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Fair Value Disclosures [Abstract] | |
Schedule of Financial Assets and Liabilities Measured at Fair Value | The following tables present the balances of financial assets and liabilities measured at fair value on a recurring basis as of September 30, 2020 and December 31, 2019, segregated by the level of the valuation inputs within the fair value hierarchy. Fair Value at September 30, 2020 Using Description Balance as of September 30, 2020 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 $ 66,510 $ 0 $ 66,510 $ 0 State and political subdivisions 536,155 0 536,155 0 Residential mortgage-backed securities Agency 804,332 0 804,332 0 Non-agency 42,340 0 42,340 0 Commercial mortgage-backed securities Agency 650,986 0 650,986 0 Asset-backed securities 283,589 0 283,589 0 Trust preferred collateralized debt obligations 0 0 0 0 Single issue trust preferred securities 16,748 0 16,748 0 Other corporate securities 377,142 6,282 370,860 0 Total available for sale securities 2,777,802 6,282 2,771,520 0 Equity securities: Financial services industry 100 100 0 0 Equity mutual funds (1) 4,160 4,160 0 0 Other equity securities 5,995 5,995 0 0 Total equity securities 10,255 10,255 0 0 Loans held for sale 784,457 0 59,663 724,794 Derivative financial assets: Forward sales commitments 1,990 0 1,990 0 TBA mortgage-backed securities 95 0 95 0 Interest rate lock commitments 49,810 0 9,936 39,874 Total derivative financial assets 51,895 0 12,021 39,874 Liabilities Derivative financial liabilities: Interest rate swap contracts 8,653 0 8,653 0 TBA mortgage-backed securities 2,713 0 2,713 0 Total derivative financial liabilities 11,366 0 11,366 0 (1) The equity mutual funds are within a rabbi trust for the payment of benefits under a deferred compensation plan for certain key officers of United and its subsidiaries. Fair Value at December 31, 2019 Using 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 3,833 0 3,833 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 4,703 0 0 4,703 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 2,426,007 4,703 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: Interest rate swap contracts 9 0 9 0 Forward sales commitments 4,518 0 0 4,518 Total derivative financial assets 4,527 0 9 4,518 Liabilities Derivative financial liabilities: 2,394 0 2,394 0 TBA mortgage-backed securities 671 0 671 0 Total derivative financial liabilities 3,065 0 3,065 0 (1) The equity mutual funds are within a rabbi trust for the payment of benefits under a deferred compensation plan for certain key officers of United and its subsidiaries. |
Schedule of Additional Information about Financial Assets and Liabilities Measured at Fair Value Utilized Level 3 | The following table presents additional information about financial assets and liabilities measured at fair value at September 30, 2020 and December 31, 2019 on a recurring basis and for which United has utilized Level 3 inputs to determine fair value: Available for sale Securities Trust preferred collateralized debt obligations September 30, 2020 December 31, Balance, beginning of period $ 4,703 $ 5,917 Total gains or losses (realized/unrealized): Included in earnings (or changes in net assets) 309 (155 ) Included in other comprehensive income 0 (1,059 ) Sales (5,012 ) 0 Balance, end of period $ 0 $ 4,703 The amount of total gains or losses for the period included in earnings (or changes in net assets) $ 0 $ 0 Loans held for sale September 30, 2020 December 31, Balance, beginning of period $ 384,375 $ 247,104 Originations 4,088,247 2,941,722 Sales (3,915,328 ) (2,888,257 ) Total gains or losses during the period recognized in earnings 167,500 83,806 Balance, end of period $ 724,794 $ 384,375 The amount of total gains or losses for the period included in earnings (or changes in net assets) attributable to the change in unrealized gains or losses relating to assets still held at reporting date $ 0 $ 0 Derivative Financial Assets Interest Rate Lock September 30, 2020 December 31, Balance, beginning of period $ 4,518 $ 4,103 Transfers other 35,356 415 Balance, end of period $ 39,874 $ 4,518 The amount of total gains or losses for the period included in earnings (or changes in net assets) attributable to the change in unrealized gains or losses relating to assets still held at reporting date $ 0 $ 0 |
Schedule of Changes in Fair Value Included in Earnings of Financial Instruments for which Fair Value Option has been Elected | The following table reflects the change in fair value included in earnings of financial instruments for which the fair value option has been elected: Description Three Months Ended September 30, 2020 Three Months Ended September 30, 2019 Assets Loans held for sale Income from mortgage banking activities $ 7,807 $ (1,304 ) Description Nine Months Ended September 30, 2020 Nine Months Ended September 30, 2019 Assets Loans held for sale Income from mortgage banking activities $ 18,278 $ 5,238 |
Summary of Difference Between Aggregate Fair Value and Remaining Contractual Principal Outstanding for Financial Instruments for which Fair Value Option has been Elected | The following table reflects the difference between the aggregate fair value and the remaining contractual principal outstanding for financial instruments for which the fair value option has been elected: September 30, 2020 December 31, 2019 Description Unpaid Fair Value Fair Value Unpaid Fair Value Fair Value Assets Loans held for sale $ 759,737 $ 784,457 $ 24,720 $ 375,274 $ 384,375 $ 9,101 |
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 September 30, 2020 Description Balance as of Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) YTD Gains Assets Loans held for sale $ 27,627 $ 0 $ 27,627 $ 0 $ (5 ) Individually assessed loans 52,921 0 40,285 12,636 1,242 OREO 25,696 0 25,645 51 (445 ) Mortgage servicing rights 20,413 0 0 20,413 (1,110 ) Carrying value at December 31, 2019 Description Balance as of Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) YTD Gains 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 ) |
Summary of Estimated Fair Values of Financial Instruments | The estimated fair values of United’s financial instruments are summarized below: Fair Value Measurements Carrying Fair Value Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) September 30, 2020 Cash and cash equivalents $ 1,656,533 $ 1,656,533 $ 0 $ 1,656,533 $ 0 Securities available for sale 2,777,802 2,777,802 6,282 2,771,520 0 Securities held to maturity 1,214 1,213 0 194 1,019 Equity securities 10,255 10,255 10,255 0 0 Other securities 217,992 207,093 0 0 207,093 Loans held for sale 812,084 812,084 0 87,290 724,794 Net loans and leases 17,704,419 16,925,002 0 0 16,925,002 Derivative financial assets 51,895 51,895 0 12,021 39,874 Mortgage servicing rights 20,413 20,413 0 0 20,413 Deposits 20,251,539 20,248,507 0 20,248,507 0 Short-term borrowings 148,357 148,357 0 148,357 0 Long-term borrowings 924,674 875,217 0 875,217 0 Derivative financial liabilities 11,366 11,366 0 11,366 0 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 2,426,007 4,703 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 |
Stock Based Compensation (Table
Stock Based Compensation (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Summary of Stock Option Plans | A summary of activity under United’s stock option plans as of September 30, 2020, and the changes during the first nine months of 2020 are presented below: Nine Months Ended September 30, 2020 Weighted Average Shares Aggregate Intrinsic Value Remaining Contractual Term (Yrs.) Exercise Price Outstanding at January 1, 2020 1,715,316 $ 34.49 Assumed in Carolina Financial merger 117,116 12.14 Granted 183,551 32.51 Exercised (14,994 ) 20.48 Forfeited or expired (8,915 ) 28.47 Outstanding at September 30, 2020 1,992,074 $ 1,182 5.3 $ 33.13 Exercisable at September 30, 2020 1,446,719 $ 1,182 4.1 $ 31.67 |
Status of United's Nonvested Stock Option Awards | The following table summarizes the status of United’s nonvested stock option awards during the first nine months of 2020: Shares Weighted-Average Nonvested at January 1, 2020 589,737 $ 7.62 Granted 183,551 5.65 Vested (225,582 ) 7.68 Forfeited or expired (2,351 ) 7.32 Nonvested at September 30, 2020 545,355 $ 6.93 |
Changes to United's Restricted Common Shares | The following summarizes the changes to United’s restricted common shares for the period ended September 30, 2020: Number of Weighted-Average Outstanding at January 1, 2020 247,896 $ 39.20 Granted 182,425 32.19 Vested (88,671 ) 39.32 Forfeited (946 ) 36.58 Outstanding at September 30, 2020 340,704 $ 35.42 |
Employee Benefit Plans (Tables)
Employee Benefit Plans (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Retirement Benefits [Abstract] | |
Net Periodic Pension Cost | Net periodic pension cost for the three and nine months ended September 30, 2020 and 2019 included the following components: Three Months Ended September 30 Nine Months Ended September 30 2020 2019 2020 2019 Service cost $ 722 $ 567 $ 2,152 $ 1,683 Interest cost 1,301 1,474 3,874 4,375 Expected return on plan assets (2,658 ) (2,382 ) (7,917 ) (7,068 ) Recognized net actuarial loss 1,458 1,198 4,342 3,553 Net periodic pension cost $ 823 $ 857 $ 2,451 $ 2,543 Weighted-Average Assumptions: Discount rate 3.42 % 4.52 % 3.42 % 4.52 % Expected return on assets 6.75 % 7.00 % 6.75 % 7.00 % Rate of compensation increase (prior to age 40) 5.00 % n/a 5.00 % n/a Rate of compensation increase (ages 40-54) 4.00 % n/a 4.00 % n/a Rate of compensation increase (prior to age 45) n/a 3.50 % n/a 3.50 % Rate of compensation increase (otherwise) 3.50 % 3.00 % 3.50 % 3.00 % |
Comprehensive Income (Tables)
Comprehensive Income (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Equity [Abstract] | |
Components of Total Comprehensive Income | The components of total comprehensive income for the three and nine months ended September 30, 2020 and 2019 are as follows: Three Months Ended Nine Months Ended September 30 September 30 2020 2019 2020 2019 Net Income $ 103,784 $ 65,965 $ 196,653 $ 196,814 Available for sale (“AFS”) securities: AFS securities with OTTI charges during the period 0 (272 ) 0 (347 ) Related income tax effect 0 64 0 81 Less: OTTI charges recognized in net income 0 9 0 84 Related income tax benefit 0 (3 ) 0 (20 ) Reclassification of previous noncredit OTTI to credit OTTI 0 0 0 2,188 Related income tax benefit 0 0 0 (510 ) Net unrealized (losses) gains on AFS securities with OTTI 0 (202 ) 0 1,476 AFS securities – all other: Change in net unrealized gain on AFS securities arising during the period 11,526 5,070 72,385 48,014 Related income tax effect (2,686 ) (1,181 ) (16,866 ) (11,187 ) Net reclassification adjustment for (gains) losses included in net income (861 ) (66 ) (2,502 ) 152 Related income tax expense (benefit) 201 16 583 (35 ) 8,180 3,839 53,600 36,944 Net effect of AFS securities on other comprehensive income 8,180 3,637 53,600 38,420 Cash flow hedge derivatives: Unrealized gain (loss) on cash flow hedge 884 0 (775 ) 0 Related income tax effect (206 ) 0 181 0 Net effect of cash flow hedge derivatives on other comprehensive income 678 0 (594 ) 0 Pension plan: Recognized net actuarial loss 1,458 1,198 4,342 3,553 Related income tax benefit (470 ) (249 ) (1,129 ) (785 ) Net effect of change in pension plan asset on other comprehensive income 988 949 3,213 2,768 Total change in other comprehensive income 9,846 4,586 56,219 41,188 Total Comprehensive Income $ 113,630 $ 70,551 $ 252,872 $ 238,002 |
Components of Accumulated Other Comprehensive Income | The components of accumulated other comprehensive income for the nine months ended September 30, 2020 are as follows: Changes in Accumulated Other Comprehensive Income (AOCI) by Component (a) For the Nine Months Ended September 30, 2020 Unrealized Unrealized Defined Benefit Items Total Balance at January 1, 2020 $ 7,956 $ 0 $ (42,825 ) $ (34,869 ) Other comprehensive income before reclassification 55,519 (594 ) 0 54,925 Amounts reclassified from accumulated other comprehensive income (1,919 ) 0 3,213 1,294 Net current-period other comprehensive income, net of tax 53,600 (594 ) 3,213 56,219 Balance at September 30, 2020 $ 61,556 $ (594 ) $ (39,612 ) $ 21,350 |
Reclassifications Out of Accumulated Other Comprehensive Income | Reclassifications out of Accumulated Other Comprehensive Income (AOCI) For the Nine Months Ended September 30, 2020 Details about AOCI Components Amount Affected Line Item in the Statement Where Available for sale (“AFS”) securities: Net reclassification adjustment for losses (gains) included in net income $ (2,502 ) Net investment securities losses (2,502 ) Total before tax Related income tax effect 583 Tax expense (1,919 ) Net of tax Cash flow hedge: Net reclassification adjustment for losses (gains) included in net income $ 0 Interest expense 0 Total before tax Related income tax effect 0 Tax expense Pension plan: Recognized net actuarial loss 4,342 (a) 4,342 Total before tax Related income tax effect (1,129 ) Tax expense 3,213 Net of tax Total reclassifications for the period $ 1,294 (a) This AOCI component is included in the computation of net periodic pension cost (see Note 16, Employee Benefit Plans) |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Earnings Per Share [Abstract] | |
Reconciliation of Numerator and Denominator of Basic Earnings Per Share with that of Diluted Earnings Per Share | The reconciliation of the numerator and denominator of basic earnings per share with that of diluted earnings per share is presented as follows: Three Months Ended Nine Months Ended September 30 September 30 2020 2019 2020 2019 Distributed earnings allocated to common stock $ 45,295 $ 34,434 $ 126,080 $ 103,711 Undistributed earnings allocated to common stock 58,229 31,378 70,064 92,654 Net earnings allocated to common shareholders $ 103,524 $ 65,812 $ 196,144 $ 196,365 Average common shares outstanding 129,373,154 101,432,243 116,876,402 101,698,530 Equivalents from stock options 81,812 279,497 68,192 268,605 Average diluted shares outstanding 129,454,966 101,711,740 116,944,594 101,967,135 Earnings per basic common share $ 0.80 $ 0.65 $ 1.68 $ 1.93 Earnings per diluted common share $ 0.80 $ 0.65 $ 1.68 $ 1.93 |
Variable Interest Entities (Tab
Variable Interest Entities (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Information Related to Statutory Trusts | Information related to United’s statutory trusts is presented in the table below: Description Issuance Date Amount of Stated Interest Rate Maturity Date United Statutory Trust III December 17, 2003 $ 20,000 3-month December 17, 2033 United Statutory Trust IV December 19, 2003 $ 25,000 3-month January 23, 2034 United Statutory Trust V July 12, 2007 $ 50,000 3-month October 1, 2037 United Statutory Trust VI September 20, 2007 $ 30,000 3-month December 15, 2037 Premier Statutory Trust II September 25, 2003 $ 6,000 3-month October 8, 2033 Premier Statutory Trust III May 16, 2005 $ 8,000 3-month June 15, 2035 Premier Statutory Trust IV June 20, 2006 $ 14,000 3-month September 23, 2036 Premier Statutory Trust V December 14, 2006 $ 10,000 3-month March 1, 2037 Centra Statutory Trust I September 20, 2004 $ 10,000 3-month September 20, 2034 Centra Statutory Trust II June 15, 2006 $ 10,000 3-month July 7, 2036 Virginia Commerce Trust II December 19, 2002 $ 15,000 6-month December 19, 2032 Virginia Commerce Trust III December 20, 2005 $ 25,000 3-month February 23, 2036 Cardinal Statutory Trust I July 27, 2004 $ 20,000 3-month September 15, 2034 UFBC Capital Trust I December 30, 2004 $ 5,000 3-month March 15, 2035 Carolina Financial Capital Trust I December 19, 2002 $ 5,000 Prime + 0.50% December 31, 2032 Carolina Financial Capital Trust II November 5, 2003 $ 10,000 3-month January 7, 2034 Greer Capital Trust I October 12, 2004 $ 6,000 3-month October 18, 2034 Greer Capital Trust II December 28, 2006 $ 5,000 3-month January 30, 2037 First South Preferred Trust I September 26, 2003 $ 10,000 3-month September 30, 2033 |
Summary of Quantitative Information Related to Significant Involvement in Unconsolidated Variable Interest Entities | The following table summarizes quantitative information about United’s significant involvement in unconsolidated VIEs: As of September 30, 2020 As of December 31, 2019 Aggregate Assets Aggregate Liabilities Risk Of Loss (1) Aggregate Assets Aggregate Liabilities Risk Of Loss (1) Trust preferred securities $ 295,581 $ 284,939 $ 10,642 $ 257,941 $ 248,680 $ 9,261 (1) Represents investment in VIEs. |
Segment Information (Tables)
Segment Information (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Segment Reporting [Abstract] | |
Summary of Segment Reporting Information | Information about the reportable segments and reconciliation of this information to the consolidated financial statements at and for the three and nine months ended September 30, 2020 and 2019 is as follows: At and For the Three Months Ended September 30, 2020 Community Mortgage Other Intersegment Eliminations Consolidated Net interest income $ 182,187 $ 2,740 $ (2,241 ) $ 2,978 $ 185,664 Provision for loans losses 16,781 0 0 0 16,781 Other income 26,615 110,900 33 (2,080 ) 135,468 Other expense 125,681 43,417 1,597 898 171,593 Income taxes 15,053 14,823 (902 ) 0 28,974 Net income (loss) $ 51,287 $ 55,400 $ (2,903 ) $ 0 $ 103,784 Total assets (liabilities) $ 25,620,814 $ 953,531 $ 27,841 $ (670,878 ) $ 25,931,308 Average assets (liabilities) 26,148,305 763,170 22,239 (518,091 ) 26,415,623 At and For the Three Months Ended September 30, 2019 Community Mortgage Other Intersegment Eliminations Consolidated Net interest income $ 143,615 $ 203 $ (3,052 ) $ 1,152 $ 141,918 Provision for loans losses 5,033 0 0 0 5,033 Other income 18,696 24,331 87 (890 ) 42,224 Other expense 77,312 20,256 (1,696 ) 262 96,134 Income taxes 16,393 877 (260 ) 0 17,010 Net income (loss) $ 63,573 $ 3,401 $ (1,009 ) $ 0 $ 65,965 Total assets (liabilities) $ 19,593,009 $ 491,832 $ 17,120 $ (350,500 ) $ 19,751,461 Average assets (liabilities) 19,579,180 398,880 16,925 (328,377 ) 19,666,608 At and For the Nine Months Ended September 30, 2020 Community Mortgage Other Intersegment Eliminations Consolidated Net interest income $ 490,311 $ 5,935 $ (7,487 ) $ 9,025 $ 497,784 Provision for loans losses 89,811 0 0 0 89,811 Other income 66,483 203,103 89 (9,011 ) 260,664 Other expense 312,621 99,435 10,030 14 422,100 Income taxes 31,245 22,042 (3,403 ) 0 49,884 Net income (loss) $ 123,117 $ 87,561 $ (14,025 ) $ 0 $ 196,653 Total assets (liabilities) $ 25,620,814 $ 953,531 $ 27,841 $ (670,878 ) $ 25,931,308 Average assets (liabilities) 23,294,069 597,057 4,101 (422,920 ) 23,472,307 At and For the Nine Months Ended September 30, 2019 Community Mortgage Other Intersegment Eliminations Consolidated Net interest income $ 442,022 $ 369 $ (9,584 ) $ 3,832 $ 436,639 Provision for loans losses 15,446 0 0 0 15,446 Other income 54,746 63,938 342 (5,784 ) 113,242 Other expense 235,610 53,869 (1,773 ) (1,952 ) 285,754 Income taxes 51,266 2,163 (1,562 ) 0 51,867 Net income (loss) $ 194,446 $ 8,275 $ (5,907 ) $ 0 $ 196,814 Total assets (liabilities) $ 19,593,009 $ 491,832 $ 17,120 $ (350,500 ) $ 19,751,461 Average assets (liabilities) 19,410,636 330,668 6,926 (269,306 ) 19,478,924 |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies - Additional Information (Detail) - USD ($) $ in Thousands | Jan. 01, 2020 | Aug. 31, 2017 | Sep. 30, 2020 | Sep. 30, 2019 | Dec. 31, 2019 |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Held-to-maturity securities, transferred security, at carrying value | $ 0 | $ 11,544 | |||
Retained earnings | $ 1,158,467 | $ 1,132,579 | |||
Cumulative Effect, Period of Adoption, Adjustment [Member] | |||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Retained earnings | $ 44,331 | ||||
Retained Earnings [Member] | |||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Allowance for credit losses | 57,442 | ||||
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 | ||||
Decrease in AOCI due to transfer of held to maturity securities | $ 1,098 | ||||
Accounting Standards Update 2018-10 [Member] | |||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Net lease assets | 67,040 | ||||
Net lease liabilities | 70,692 | ||||
Effect on retained earnings | $ 1,049 |
Mergers and Acquisitions - Addi
Mergers and Acquisitions - Additional Information (Detail) $ / shares in Units, $ in Thousands | May 01, 2020USD ($)$ / sharesshares | Nov. 17, 2019$ / shares | Jun. 30, 2020USD ($) | Sep. 30, 2020USD ($)$ / shares | Sep. 30, 2020USD ($)$ / shares | Dec. 31, 2019USD ($)$ / shares |
Business Acquisition [Line Items] | ||||||
Par value of Share | $ / shares | $ 2.50 | $ 2.50 | $ 2.50 | |||
Loans at consummation | $ 17,967,520 | $ 17,967,520 | $ 13,713,548 | |||
Business combination intangible assets acquired goodwill | 316,872 | |||||
Business acquisition allowances for loans and lease losses including reserve for unfunded commitments for assets with credit deterioration | 0 | 18,635 | ||||
Loans and leases net of unearned income | $ 17,930,231 | $ 17,930,231 | $ 13,712,129 | |||
Carolina Financial [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Conversion of Option to acquire common stock exchange ratio | 1.13 | |||||
Business Acquisition, Share Price | $ / shares | $ 29.11 | |||||
Conversion of stock award to acquire common stock exchange ratio | 1.13 | |||||
Loans at consummation | $ 3,292,635 | |||||
Deposits at consummation | 3,873,183 | |||||
Business combination aggregate purchase consideration | 817,877 | |||||
Business combination purchase consideration equity shares issued or issuable value | 815,997 | |||||
Business combination stock options issued | 1,833 | |||||
Business combination cash consideration | $ 47 | |||||
Business combination number of shares issued | shares | 28,031,501 | |||||
Business combination intangible assets acquired goodwill | $ 316,872 | |||||
Business combination intangible assets acquired other than goodwill core deposit intangibles finite lived | 3,037 | |||||
Business combination intangible assets acquired other than goodwill indefinite lived | 196 | |||||
Business combination expected tax deductible goodwill | 0 | |||||
Business acquisition loans purchase deterioration credit loans acquired discount due to diiferences in purchase consideration | $ 7,212 | |||||
Business acquisition weighted average remaining useful life of purchase credit deterioration of loans | 4 years 7 months 6 days | |||||
Business acquisition weighted average remaining useful life of non purchase credit deterioration of loans | 7 years 3 months 18 days | |||||
Business acquisition revenue of the acquiree included in the total revenue since the date of acquisition | $ 102,766 | |||||
Business acquisition net income of the acquiree included in the total revenue since the date of acquisition | $ 55,922 | |||||
Business acquisition, percentage of voting interests acquired | 100.00% | |||||
Loans and leases net of unearned income | $ 5,004,542 | |||||
Carolina Financial [Member] | Including Unfunded Commitements [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Business acquisition allowances for loans and lease losses including reserve for unfunded commitments | 50,562 | |||||
Business acquisition allowances for loans and lease losses including reserve for unfunded commitments for assets with credit deterioration | 19,797 | |||||
Carolina Financial [Member] | Securities Investment [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Business combination fair value adjustment to purchase consideration | 620 | |||||
Carolina Financial [Member] | Loans And Leases [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Business combination fair value adjustment to purchase consideration | 47,425 | |||||
Business acquisition loans purchase deterioration credit loans acquired discount due to diiferences in purchase consideration | 7,212 | |||||
Business acquisition allowances for loans and lease losses including reserve for unfunded commitments for assets with credit deterioration | 18,635 | |||||
Carolina Financial [Member] | Financial Asset, Other than Financial Asset Acquired with Credit Deterioration [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Business acquisition increase in expected credit losses | 28,948 | |||||
Carolina Financial [Member] | Financial Asset, Other than Financial Asset Acquired with Credit Deterioration [Member] | Including Unfunded Commitements [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Business acquisition allowances for loans and lease losses including reserve for unfunded commitments | 30,765 | |||||
Carolina Financial [Member] | Financial Asset, Other than Financial Asset Acquired with Credit Deterioration [Member] | Loans And Leases [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Business combination loans and leases receivable without purchased credit deterioration gross | 40,213 | |||||
Carolina Financial [Member] | Interest-bearing Deposits [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Business combination fair value adjustment to purchase consideration | 12,818 | |||||
Business combination interest bearing deposits acquired remaining term on the premium paid | 4 years 10 months 6 days | |||||
Carolina Financial [Member] | Building [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Business combination fair value adjustment to purchase consideration | 8,848 | |||||
Business combination finite lived tangible assets remaining useful life on premium paid | 31 years 3 months | |||||
Carolina Financial [Member] | Other Real Estate Owned [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Business combination fair value adjustment to purchase consideration | 272 | |||||
Carolina Financial [Member] | Land [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Business combination fair value adjustment to purchase consideration | 4,960 | |||||
Carolina Financial [Member] | Trust Preferred Securities Subject to Mandatory Redemption [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Business combination fair value adjustment to purchase consideration | 4,831 | |||||
Business combination unamortized discount on trust preferred securities | 16 years 6 months 29 days | |||||
Carolina Financial [Member] | Subordinated Debt [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Business combination fair value adjustment to purchase consideration | 135 | |||||
Business combination unamortized discount on debt useful life | 6 years 6 months | |||||
Carolina Financial [Member] | Federal Home Loan Bank Advances [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Business combination fair value adjustment to purchase consideration | $ 468 | |||||
Business combination unamortized discount on debt useful life | 3 months 29 days | |||||
Carolina Financial [Member] | Common Stock [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Stock issued during period merger conversion ratio | 1.13 | |||||
Par value of Share | $ / shares | $ 2.50 | |||||
Series of Individually Immaterial Business Acquisitions [Member] | Common Stock [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Business Acquisition, Share Price | $ / shares | $ 28.99 |
Mergers and Acquisitions - Summ
Mergers and Acquisitions - Summary of Reconciliation of Difference Between Purchase Price and Par Value of Purchase Credit Loans Acquired (Detail) - USD ($) $ in Thousands | May 01, 2020 | Sep. 30, 2020 | Sep. 30, 2020 |
Disclosure Detail of Reconciliation of Difference Between Purchase Price and Par Value of Purchase Credit Loans Acquired [Line Items] | |||
Allowance for credit losses at acquisition | $ 0 | $ 18,635 | |
Carolina Financial [Member] | |||
Disclosure Detail of Reconciliation of Difference Between Purchase Price and Par Value of Purchase Credit Loans Acquired [Line Items] | |||
Non-credit discount at acquisition | $ 7,212 | ||
Carolina Financial [Member] | Loans And Leases [Member] | |||
Disclosure Detail of Reconciliation of Difference Between Purchase Price and Par Value of Purchase Credit Loans Acquired [Line Items] | |||
Purchase price of PCD loans and leases at acquisition | 1,023,531 | ||
Allowance for credit losses at acquisition | 18,635 | ||
Non-credit discount at acquisition | 7,212 | ||
Par value (UPB) of acquired PCD loans and leases at acquisition | $ 1,049,378 |
Mergers and Acquisitions - Su_2
Mergers and Acquisitions - Summary of Business Acquisitions, by Acquisition (Detail) - USD ($) $ in Thousands | May 01, 2020 | Sep. 30, 2020 | Dec. 31, 2019 |
Identifiable liabilities: | |||
Preliminary resulting goodwill | $ 1,794,886 | $ 1,478,014 | |
Carolina Financial [Member] | |||
Purchase price: | |||
Value of common shares issued | $ 815,997 | ||
Fair value of stock options assumed | 1,833 | ||
Cash for fractional shares | 47 | ||
Total purchase price | 817,877 | ||
Identifiable assets: | |||
Cash and cash equivalents | 629,154 | ||
Investment securities | 580,791 | ||
Loans held for sale | 65,757 | ||
Net loans and leases | 3,246,940 | ||
Premises and equipment | 82,670 | ||
Operating lease right-of-use asset | 9,861 | ||
Crescent Mortgage trade name intangible | 196 | ||
Core deposit intangible | 3,037 | ||
Mortgage servicing rights | 20,123 | ||
Other assets | 165,198 | ||
Total identifiable assets | 4,803,727 | ||
Identifiable liabilities: | |||
Deposits | 3,884,977 | ||
Short-term borrowings | 332,000 | ||
Long-term borrowings | 42,738 | ||
Operating lease liability | 9,861 | ||
Other liabilities | 33,146 | ||
Total identifiable liabilities | 4,302,722 | ||
Preliminary fair value of net assets acquired including identifiable intangible assets | 501,005 | ||
Preliminary resulting goodwill | $ 316,872 |
Mergers and Acquisitions - Su_3
Mergers and Acquisitions - Summary of Business Acquisitions, by Acquisition (Parenthetical) (Detail) | May 01, 2020shares |
Carolina Financial [Member] | |
Business Acquisition [Line Items] | |
Business combination shares issued during the year | 28,031,501 |
Mergers and Acquisitions - Su_4
Mergers and Acquisitions - Summary Of Operating Cost Savings And Other Business Synergies (Detail) - Carolina Financial [Member] - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2020 | Sep. 30, 2019 | |
Business Acquisition ProForma Information [Line Items] | ||
Total Revenues | $ 810,476 | $ 706,872 |
Net Income | $ 177,275 | $ 258,638 |
Investment Securities - Summary
Investment Securities - Summary of Amortized Cost and Estimated Fair Values of Available for Sale Securities (Detail) - USD ($) $ in Thousands | Sep. 30, 2020 | Dec. 31, 2019 |
Schedule of Investments [Line Items] | ||
Amortized Cost | $ 2,697,548 | $ 2,426,924 |
Gross Unrealized Gains | 90,892 | 28,912 |
Gross Unrealized Losses | 10,638 | 18,540 |
Allowance For Credit Losses | 0 | |
Estimated Fair Value | 2,777,802 | 2,437,296 |
Cumulative OTTI in AOCI | 928 | |
U.S. Treasury Securities and Obligations of U.S. Government Corporations and Agencies [Member] | ||
Schedule of Investments [Line Items] | ||
Amortized Cost | 65,856 | 58,127 |
Gross Unrealized Gains | 657 | 555 |
Gross Unrealized Losses | 3 | 6 |
Allowance For Credit Losses | 0 | |
Estimated Fair Value | 66,510 | 58,676 |
Cumulative OTTI in AOCI | 0 | |
State and Political Subdivisions [Member] | ||
Schedule of Investments [Line Items] | ||
Amortized Cost | 513,380 | 272,014 |
Gross Unrealized Gains | 23,104 | 3,644 |
Gross Unrealized Losses | 329 | 3,296 |
Allowance For Credit Losses | 0 | |
Estimated Fair Value | 536,155 | 272,362 |
Cumulative OTTI in AOCI | 0 | |
Residential Mortgage-Backed Securities [Member] | ||
Schedule of Investments [Line Items] | ||
Amortized Cost | 777,157 | 826,857 |
Gross Unrealized Gains | 27,190 | 10,923 |
Gross Unrealized Losses | 15 | 1,246 |
Allowance For Credit Losses | 0 | |
Estimated Fair Value | 804,332 | 836,534 |
Cumulative OTTI in AOCI | 0 | |
Residential Mortgage-Backed Securities, Non-agency [Member] | ||
Schedule of Investments [Line Items] | ||
Amortized Cost | 41,945 | 3,429 |
Gross Unrealized Gains | 395 | 404 |
Gross Unrealized Losses | 0 | 0 |
Allowance For Credit Losses | 0 | |
Estimated Fair Value | 42,340 | 3,833 |
Cumulative OTTI in AOCI | 86 | |
Commercial Mortgage-Backed Securities [Member] | ||
Schedule of Investments [Line Items] | ||
Amortized Cost | 618,901 | 609,461 |
Gross Unrealized Gains | 32,321 | 8,319 |
Gross Unrealized Losses | 236 | 2,807 |
Allowance For Credit Losses | 0 | |
Estimated Fair Value | 650,986 | 614,973 |
Cumulative OTTI in AOCI | 0 | |
Asset-Backed Securities [Member] | ||
Schedule of Investments [Line Items] | ||
Amortized Cost | 291,690 | 284,390 |
Gross Unrealized Gains | 19 | 0 |
Gross Unrealized Losses | 8,120 | 8,251 |
Allowance For Credit Losses | 0 | |
Estimated Fair Value | 283,589 | 276,139 |
Cumulative OTTI in AOCI | 0 | |
Trust Preferred Collateralized Debt Obligations [Member] | ||
Schedule of Investments [Line Items] | ||
Amortized Cost | 6,045 | |
Gross Unrealized Gains | 0 | |
Gross Unrealized Losses | 1,342 | |
Estimated Fair Value | 4,703 | |
Cumulative OTTI in AOCI | 842 | |
Single Issue Trust Preferred Securities [Member] | ||
Schedule of Investments [Line Items] | ||
Amortized Cost | 18,221 | 18,196 |
Gross Unrealized Gains | 170 | 170 |
Gross Unrealized Losses | 1,643 | 1,592 |
Allowance For Credit Losses | 0 | |
Estimated Fair Value | 16,748 | 16,774 |
Cumulative OTTI in AOCI | 0 | |
Corporate Bonds [Member] | ||
Schedule of Investments [Line Items] | ||
Amortized Cost | 370,398 | 348,405 |
Gross Unrealized Gains | 7,036 | 4,897 |
Gross Unrealized Losses | 292 | 0 |
Allowance For Credit Losses | 0 | |
Estimated Fair Value | $ 377,142 | 353,302 |
Cumulative OTTI in AOCI | $ 0 |
Investment Securities - Summa_2
Investment Securities - Summary of Securities Available for Sale in an Unrealized Loss Position (Detail) - USD ($) $ in Thousands | Sep. 30, 2020 | Dec. 31, 2019 |
Schedule of Investments [Line Items] | ||
Less than 12 months, Fair Value | $ 117,848 | $ 564,710 |
Less than 12 months, Unrealized Losses | 867 | 10,569 |
12 months or longer, Fair Value | 289,556 | 274,399 |
12 months or longer, Unrealized Losses | 9,771 | 7,971 |
Total, Fair Value | 407,404 | 839,109 |
Total, Unrealized Losses | 10,638 | 18,540 |
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 | 329 | 1,415 |
Less than 12 months, Unrealized Losses | 3 | 6 |
12 months or longer, Fair Value | 0 | 0 |
12 months or longer, Unrealized Losses | 0 | 0 |
Total, Fair Value | 329 | 1,415 |
Total, Unrealized Losses | 3 | 6 |
State and Political Subdivisions [Member] | ||
Schedule of Investments [Line Items] | ||
Less than 12 months, Fair Value | 32,544 | 144,307 |
Less than 12 months, Unrealized Losses | 329 | 3,291 |
12 months or longer, Fair Value | 0 | 885 |
12 months or longer, Unrealized Losses | 0 | 5 |
Total, Fair Value | 32,544 | 145,192 |
Total, Unrealized Losses | 329 | 3,296 |
Residential Mortgage-Backed Securities [Member] | ||
Schedule of Investments [Line Items] | ||
Less than 12 months, Fair Value | 2,782 | 108,072 |
Less than 12 months, Unrealized Losses | 7 | 502 |
12 months or longer, Fair Value | 4,057 | 71,736 |
12 months or longer, Unrealized Losses | 8 | 744 |
Total, Fair Value | 6,839 | 179,808 |
Total, Unrealized Losses | 15 | 1,246 |
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 |
Total, Fair Value | 0 | 0 |
Total, Unrealized Losses | 0 | 0 |
Commercial Mortgage-Backed Securities [Member] | ||
Schedule of Investments [Line Items] | ||
Less than 12 months, Fair Value | 48,410 | 173,039 |
Less than 12 months, Unrealized Losses | 236 | 2,676 |
12 months or longer, Fair Value | 0 | 45,251 |
12 months or longer, Unrealized Losses | 0 | 131 |
Total, Fair Value | 48,410 | 218,290 |
Total, Unrealized Losses | 236 | 2,807 |
Asset-Backed Securities [Member] | ||
Schedule of Investments [Line Items] | ||
Less than 12 months, Fair Value | 0 | 135,174 |
Less than 12 months, Unrealized Losses | 0 | 3,252 |
12 months or longer, Fair Value | 271,974 | 140,965 |
12 months or longer, Unrealized Losses | 8,120 | 4,999 |
Total, Fair Value | 271,974 | 276,139 |
Total, Unrealized Losses | 8,120 | 8,251 |
Trust Preferred Collateralized Debt Obligations [Member] | ||
Schedule of Investments [Line Items] | ||
Less than 12 months, Fair Value | 0 | 2,703 |
Less than 12 months, Unrealized Losses | 0 | 842 |
12 months or longer, Fair Value | 0 | 2,000 |
12 months or longer, Unrealized Losses | 0 | 500 |
Total, Fair Value | 0 | 4,703 |
Total, Unrealized Losses | 0 | 1,342 |
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 | 13,525 | 13,562 |
12 months or longer, Unrealized Losses | 1,643 | 1,592 |
Total, Fair Value | 13,525 | 13,562 |
Total, Unrealized Losses | 1,643 | 1,592 |
Corporate Bonds [Member] | ||
Schedule of Investments [Line Items] | ||
Less than 12 months, Fair Value | 33,783 | 0 |
Less than 12 months, Unrealized Losses | 292 | 0 |
12 months or longer, Fair Value | 0 | 0 |
12 months or longer, Unrealized Losses | 0 | 0 |
Total, Fair Value | 33,783 | 0 |
Total, Unrealized Losses | $ 292 | $ 0 |
Investment Securities - Summa_3
Investment Securities - Summary of Gains or Losses on Proceeds from Maturities, Sales and Calls of Available for Sale Securities by Specific Identification Method (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Investments, Debt and Equity Securities [Abstract] | ||||
Proceeds from sales and calls | $ 149,193 | $ 188,911 | $ 562,899 | $ 573,674 |
Gross realized gains | 2,800 | 412 | 4,618 | 1,166 |
Gross realized losses | $ (1,939) | $ (346) | $ (2,116) | $ (1,318) |
Investment Securities - Additio
Investment Securities - Additional Information (Detail) | 9 Months Ended | 12 Months Ended |
Sep. 30, 2020USD ($)Securities | Dec. 31, 2019USD ($) | |
Schedule of Investments [Line Items] | ||
Gross unrealized losses on available for sale securities | $ 10,638,000 | $ 18,540,000 |
Available for sale securities in unrealized loss position | Securities | 64 | |
Available for sale securities in portfolio, number | Securities | 966 | |
Amortized cost of available for sale securities | $ 2,697,548,000 | 2,426,924,000 |
Capitalization of banks, equal to or greater than, in the single-issue trust preferred portfolio | 10,000,000,000 | |
Equity securities at estimated fair value | 10,255,000 | 8,894,000 |
Carrying value of securities pledged | $ 1,976,740,000 | 1,540,717,000 |
Percentage Of Guarantee Repayment By Government | 97.00% | |
Accrued interest receivable | $ 9,975,000 | 9,890,000 |
Federal Family Education Loan Program [Member] | Fitch, AA+ Rating [Member] | ||
Schedule of Investments [Line Items] | ||
Percentage of asset backed securities with credit rating | 96.00% | |
Credit rating of asset backed securities | AA+ | |
Percentage of asset backed securities without credit rating | 4.00% | |
Minimum [Member] | Federal Family Education Loan Program [Member] | Fitch, AA+ Rating [Member] | ||
Schedule of Investments [Line Items] | ||
Percentage of repayment guaranteed by the government | 97.00% | |
Below Investment Grade [Member] | ||
Schedule of Investments [Line Items] | ||
Amortized cost of available for sale single issue trust preferred securities | $ 11,498,000 | |
Split Rated Bonds Investment Grade [Member] | ||
Schedule of Investments [Line Items] | ||
Amortized cost of available for sale single issue trust preferred securities | 978,000 | |
Unrated Bonds Investment Grade [Member] | ||
Schedule of Investments [Line Items] | ||
Amortized cost of available for sale single issue trust preferred securities | 5,745,000 | |
State and Political Subdivisions [Member] | ||
Schedule of Investments [Line Items] | ||
Gross unrealized losses on available for sale securities | 329,000 | 3,296,000 |
Amortized cost of available for sale securities | $ 513,380,000 | 272,014,000 |
Percent of portfolio with credit support | 59.00% | |
Agency Mortgage Backed Securities [Member] | ||
Schedule of Investments [Line Items] | ||
Amortized cost of available for sale securities | $ 1,396,058,000 | |
Commercial Mortgage-Backed Securities [Member] | ||
Schedule of Investments [Line Items] | ||
Gross unrealized losses on available for sale securities | 236,000 | 2,807,000 |
Amortized cost of available for sale securities | 618,901,000 | 609,461,000 |
Residential Mortgage-Backed Securities [Member] | ||
Schedule of Investments [Line Items] | ||
Gross unrealized losses on available for sale securities | 15,000 | 1,246,000 |
Amortized cost of available for sale securities | 777,157,000 | 826,857,000 |
Residential Mortgage-Backed Securities, Non-agency [Member] | ||
Schedule of Investments [Line Items] | ||
Gross unrealized losses on available for sale securities | 0 | 0 |
Amortized cost of available for sale securities | 41,945,000 | 3,429,000 |
Other-than-temporary Impairment Loss, Debt Securities, Available-for-sale, Recognized in Earnings | $ 0 | |
Percentage of available for sale securities at amortized cost unrated | 7.00% | |
Residential Mortgage-Backed Securities, Non-agency [Member] | AAA [Member] | ||
Schedule of Investments [Line Items] | ||
Percentage of available for sale securities at amortized cost rated | 93.00% | |
Corporate Bonds [Member] | ||
Schedule of Investments [Line Items] | ||
Gross unrealized losses on available for sale securities | $ 292,000 | 0 |
Amortized cost of available for sale securities | $ 370,398,000 | 348,405,000 |
Corporate Bonds [Member] | Investment Grade [Member] | ||
Schedule of Investments [Line Items] | ||
Percent of corporate securities portfolio | 87.00% | |
Corporate Bonds [Member] | Unrated Bonds Investment Grade [Member] | ||
Schedule of Investments [Line Items] | ||
Percent of corporate securities portfolio | 13.00% | |
Asset-backed Securities [Member] | ||
Schedule of Investments [Line Items] | ||
Gross unrealized losses on available for sale securities | $ 8,120,000 | 8,251,000 |
Amortized cost of available for sale securities | 291,690,000 | $ 284,390,000 |
Asset-backed Securities [Member] | Federal Family Education Loan Program [Member] | Fitch, AA+ Rating [Member] | ||
Schedule of Investments [Line Items] | ||
Asset backed securities at amortised cost | 291,690,000 | |
Impairment of investment in asset backed securities | $ 0 |
Investment Securities - Summa_4
Investment Securities - Summary of Maturities of Securities Available for Sale by Amortized Cost and Estimated Fair Value (Detail) - USD ($) $ in Thousands | Sep. 30, 2020 | Dec. 31, 2019 |
Investments, Debt and Equity Securities [Abstract] | ||
Due in one year or less, Amortized Cost | $ 144,830 | $ 92,422 |
Due after one year through five years, Amortized Cost | 497,634 | 583,715 |
Due after five years through ten years, Amortized Cost | 664,075 | 564,922 |
Due after ten years, Amortized Cost | 1,391,009 | 1,185,865 |
Amortized Cost | 2,697,548 | 2,426,924 |
Due in one year or less, Estimated Fair Value | 146,326 | 92,473 |
Due after one year through five years, Estimated Fair Value | 516,743 | 592,850 |
Due after five years through ten years, Estimated Fair Value | 689,410 | 568,241 |
Due after ten years, Estimated Fair Value | 1,425,323 | 1,183,732 |
Total available for sale securities | $ 2,777,802 | $ 2,437,296 |
Investment Securities - Summa_5
Investment Securities - Summary of Equity Securities (Detail) - Marketable Equity Securities [Member] - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Debt Securities, Available-for-sale [Line Items] | ||||
Net (losses) gains recognized during the period | $ 0 | $ 59 | $ 65 | $ 302 |
Net gains recognized during the period on equity securities sold | 2 | (1) | 9 | 133 |
Unrealized gains recognized during the period on equity securities still held at period end | 0 | 60 | 114 | 181 |
Unrealized losses recognized during the period on equity securities still held at period end | $ (2) | $ 0 | $ (58) | $ (12) |
Loans - Major Classes of Loans
Loans - Major Classes of Loans And Leases (Detail) - USD ($) $ in Thousands | Sep. 30, 2020 | Dec. 31, 2019 |
Commercial, financial, and agricultural | ||
Total commercial, financial & agricultural | $ 10,857,737 | $ 7,452,649 |
Residential real estate | 4,070,507 | 3,686,401 |
Construction & land development | 1,824,303 | 1,408,205 |
Consumer: | ||
Bankcard | 8,373 | 10,074 |
Other consumer | 1,206,600 | 1,156,219 |
Loans and leases | 17,967,520 | 13,713,548 |
Owner-Occupied Commercial Real Estate [Member] | ||
Commercial, financial, and agricultural | ||
Total commercial, financial & agricultural | 1,616,380 | 1,201,652 |
Nonowner-Occupied Commercial Real Estate [Member] | ||
Commercial, financial, and agricultural | ||
Total commercial, financial & agricultural | 5,029,867 | 3,965,960 |
Other Commercial Loans And Leases [Member] | ||
Commercial, financial, and agricultural | ||
Total commercial, financial & agricultural | $ 4,211,490 | $ 2,285,037 |
Loans - Additional Information
Loans - Additional Information (Detail) - USD ($) $ in Thousands | Sep. 30, 2020 | Dec. 31, 2019 |
Loans held for sale | $ 812,084 | $ 387,514 |
Other Commercial Loans [Member] | Carolina Financial [Member] | ||
Business combination lease receivable acquired gross outstanding | $ 9,149 | |
Other Commercial Loans [Member] | Carolina Financial [Member] | Maximum [Member] | ||
Business combination lease receivable acquired lease term | 60 months | |
Other Commercial Loans [Member] | Carolina Financial [Member] | Minimum [Member] | ||
Business combination lease receivable acquired lease term | 12 months | |
Directors and Officers [Member] | ||
Related party loans | $ 36,082 | $ 38,558 |
Credit Quality - Additional Inf
Credit Quality - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended |
Sep. 30, 2020 | Sep. 30, 2020 | Dec. 31, 2019 | |
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 | $ 68,381 | $ 58,369 | |
Restructured loans on nonaccrual status | $ 53,665 | $ 53,665 | 48,387 |
Minimum number of days required for special mention | 30 days | ||
Maximum number of days required for special mention | 89 days | ||
OREO | 25,696 | $ 25,696 | 15,515 |
Recorded investment of consumer mortgage loans | 266 | 266 | 890 |
Troubled debt restructurings post modification additional funds recorded investment | $ 61 | ||
Description of Credit Risk Exposure | For United’s loans with a corporate credit exposure, United analyzes loans individually to classify the loans as to credit risk. Review and analysis of criticized (special mention-rated loans in the amount of $1,000 or greater) and classified (substandard-rated and worse in the amount of $500 and greater) loans is completed once per quarter. Review of notes with committed exposure of $2,000 or greater is completed at least annually. | ||
Payments under funding commitments | 62 | $ 173 | |
Loans Modification Explanation | This program allows for a deferral of payments from the period beginning March 1, 2020 until the earlier of December 31, 2020 or the date that is 60 days after the date on which the national emergency concerning the COVID-19 outbreak declared by President Trump terminates. As provided for under the CARES Act, these loan modifications are exempt by law from classification as a TDR as defined by GAAP. | ||
Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | |||
Restructured loans on nonaccrual status | $ 149 | $ 149 | $ 902 |
Credit Quality - Schedule of Re
Credit Quality - Schedule of Reasons For Modification Troubled Debt Restructuring Loans (Detail) - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended |
Sep. 30, 2020 | Dec. 31, 2019 | |
Disclosure Details Of Reasons For Modification Troubled Debt Restrusturing Loans [Line Items] | ||
Troubled debt restructuring | $ 68,381 | $ 58,369 |
Interest rate reduction [Member] | ||
Disclosure Details Of Reasons For Modification Troubled Debt Restrusturing Loans [Line Items] | ||
Troubled debt restructuring | 11,415 | 1,685 |
Interest rate reduction and change in terms [Member] | ||
Disclosure Details Of Reasons For Modification Troubled Debt Restrusturing Loans [Line Items] | ||
Troubled debt restructuring | 2,890 | 1,733 |
Forgiveness of principal [Member] | ||
Disclosure Details Of Reasons For Modification Troubled Debt Restrusturing Loans [Line Items] | ||
Troubled debt restructuring | 241 | 0 |
Transfer of asset [Member] | ||
Disclosure Details Of Reasons For Modification Troubled Debt Restrusturing Loans [Line Items] | ||
Troubled debt restructuring | 0 | 0 |
Concession of principal and term [Member] | ||
Disclosure Details Of Reasons For Modification Troubled Debt Restrusturing Loans [Line Items] | ||
Troubled debt restructuring | 23 | 0 |
Extended maturity [Member] | ||
Disclosure Details Of Reasons For Modification Troubled Debt Restrusturing Loans [Line Items] | ||
Troubled debt restructuring | 4,536 | 0 |
Change in terms [Member] | ||
Disclosure Details Of Reasons For Modification Troubled Debt Restrusturing Loans [Line Items] | ||
Troubled debt restructuring | $ 49,276 | $ 54,951 |
Credit Quality - Schedule of Tr
Credit Quality - Schedule of Troubled Debt Restructurings, Segregated by Class of Loans and Leases (Detail) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020USD ($)Contract | Sep. 30, 2019USD ($)Contract | Sep. 30, 2020USD ($)Contract | Sep. 30, 2019USD ($)Contract | |
Financing Receivable, Modifications [Line Items] | ||||
Number of Contracts | Contract | 4 | 2 | 83 | 11 |
Pre-Modification Outstanding Recorded Investment | $ 420 | $ 6,167 | $ 33,490 | $ 11,665 |
Post-Modification Outstanding Recorded Investment | $ 419 | $ 6,106 | $ 30,216 | $ 11,264 |
Construction & Land Development [Member] | ||||
Financing Receivable, Modifications [Line Items] | ||||
Number of Contracts | Contract | 0 | 0 | 12 | 3 |
Pre-Modification Outstanding Recorded Investment | $ 0 | $ 0 | $ 4,607 | $ 2,266 |
Post-Modification Outstanding Recorded Investment | $ 0 | $ 0 | $ 4,392 | $ 2,214 |
Commercial Real Estate [Member] | Owner-Occupied [Member] | ||||
Financing Receivable, Modifications [Line Items] | ||||
Number of Contracts | Contract | 0 | 1 | 21 | 2 |
Pre-Modification Outstanding Recorded Investment | $ 0 | $ 1,030 | $ 18,579 | $ 1,179 |
Post-Modification Outstanding Recorded Investment | $ 0 | $ 1,030 | $ 17,210 | $ 1,179 |
Commercial Real Estate [Member] | Nonowner-Occupied [Member] | ||||
Financing Receivable, Modifications [Line Items] | ||||
Number of Contracts | Contract | 0 | 0 | 6 | 0 |
Pre-Modification Outstanding Recorded Investment | $ 0 | $ 0 | $ 2,258 | $ 0 |
Post-Modification Outstanding Recorded Investment | $ 0 | $ 0 | $ 2,225 | $ 0 |
Other Commercial [Member] | ||||
Financing Receivable, Modifications [Line Items] | ||||
Number of Contracts | Contract | 1 | 1 | 19 | 3 |
Pre-Modification Outstanding Recorded Investment | $ 39 | $ 5,137 | $ 3,706 | $ 5,962 |
Post-Modification Outstanding Recorded Investment | $ 38 | $ 5,076 | $ 2,873 | $ 5,849 |
Residential Real Estate [Member] | ||||
Financing Receivable, Modifications [Line Items] | ||||
Number of Contracts | Contract | 3 | 0 | 22 | 3 |
Pre-Modification Outstanding Recorded Investment | $ 381 | $ 0 | $ 4,271 | $ 2,258 |
Post-Modification Outstanding Recorded Investment | $ 381 | $ 0 | $ 3,495 | $ 2,022 |
Consumer [Member] | Bankcard [Member] | ||||
Financing Receivable, Modifications [Line Items] | ||||
Number of Contracts | Contract | 0 | 0 | 0 | 0 |
Pre-Modification Outstanding Recorded Investment | $ 0 | $ 0 | $ 0 | $ 0 |
Post-Modification Outstanding Recorded Investment | $ 0 | $ 0 | $ 0 | $ 0 |
Consumer [Member] | Other Consumer [Member] | ||||
Financing Receivable, Modifications [Line Items] | ||||
Number of Contracts | Contract | 0 | 0 | 3 | 0 |
Pre-Modification Outstanding Recorded Investment | $ 0 | $ 0 | $ 69 | $ 0 |
Post-Modification Outstanding Recorded Investment | $ 0 | $ 0 | $ 21 | $ 0 |
Credit Quality - Schedule of _2
Credit Quality - Schedule of Troubled Debt Restructuring Loan Modification Based On Post Modification Outstanding Balance (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Disclosure Details Of Troubled Debt Restructuring Loan Modification Based On Post Modification Outstanding Balance [Line Items] | ||||
Post-Modification Outstanding Recorded Investment | $ 419 | $ 6,106 | $ 30,216 | $ 11,264 |
Interest rate reduction [Member] | ||||
Disclosure Details Of Troubled Debt Restructuring Loan Modification Based On Post Modification Outstanding Balance [Line Items] | ||||
Post-Modification Outstanding Recorded Investment | 0 | 0 | 9,856 | 246 |
Interest rate reduction and change in terms [Member] | ||||
Disclosure Details Of Troubled Debt Restructuring Loan Modification Based On Post Modification Outstanding Balance [Line Items] | ||||
Post-Modification Outstanding Recorded Investment | 0 | 0 | 1,201 | 0 |
Forgiveness of principal [Member] | ||||
Disclosure Details Of Troubled Debt Restructuring Loan Modification Based On Post Modification Outstanding Balance [Line Items] | ||||
Post-Modification Outstanding Recorded Investment | 0 | 0 | 241 | 0 |
Transfer of asset [Member] | ||||
Disclosure Details Of Troubled Debt Restructuring Loan Modification Based On Post Modification Outstanding Balance [Line Items] | ||||
Post-Modification Outstanding Recorded Investment | 0 | 0 | 0 | 0 |
Concession of principal and term [Member] | ||||
Disclosure Details Of Troubled Debt Restructuring Loan Modification Based On Post Modification Outstanding Balance [Line Items] | ||||
Post-Modification Outstanding Recorded Investment | 0 | 0 | 23 | 0 |
Extended maturity [Member] | ||||
Disclosure Details Of Troubled Debt Restructuring Loan Modification Based On Post Modification Outstanding Balance [Line Items] | ||||
Post-Modification Outstanding Recorded Investment | 0 | 0 | 4,536 | 0 |
Change in terms [Member] | ||||
Disclosure Details Of Troubled Debt Restructuring Loan Modification Based On Post Modification Outstanding Balance [Line Items] | ||||
Post-Modification Outstanding Recorded Investment | $ 419 | $ 6,106 | $ 14,359 | $ 11,018 |
Credit Quality - Schedule of Ch
Credit Quality - Schedule of Charged-off Troubled Debt Restructurings on Financing Receivables (Detail) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020USD ($)Contract | Sep. 30, 2019USD ($)Contract | Sep. 30, 2020USD ($)Contract | Sep. 30, 2019USD ($)Contract | |
Financing Receivable, Modifications [Line Items] | ||||
Number of Contracts | Contract | 2 | 1 | 3 | 2 |
Recorded Investment | $ | $ 86 | $ 534 | $ 776 | $ 1,477 |
Construction & Land Development [Member] | ||||
Financing Receivable, Modifications [Line Items] | ||||
Number of Contracts | Contract | 0 | 0 | 1 | 0 |
Recorded Investment | $ | $ 0 | $ 0 | $ 690 | $ 0 |
Bankcard [Member] | ||||
Financing Receivable, Modifications [Line Items] | ||||
Number of Contracts | Contract | 0 | 0 | ||
Recorded Investment | $ | $ 0 | $ 0 | ||
Other Consumer [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 | 0 | 0 |
Recorded Investment | $ | $ 0 | $ 0 | $ 0 | $ 0 |
Commercial Real Estate [Member] | Nonowner-Occupied [Member] | ||||
Financing Receivable, Modifications [Line Items] | ||||
Number of Contracts | Contract | 0 | 0 | 0 | 0 |
Recorded Investment | $ | $ 0 | $ 0 | $ 0 | $ 0 |
Other Commercial [Member] | ||||
Financing Receivable, Modifications [Line Items] | ||||
Number of Contracts | Contract | 2 | 1 | 2 | 2 |
Recorded Investment | $ | $ 86 | $ 534 | $ 86 | $ 1,477 |
Residential Real Estate [Member] | ||||
Financing Receivable, Modifications [Line Items] | ||||
Number of Contracts | Contract | 0 | 0 | 0 | 0 |
Recorded Investment | $ | $ 0 | $ 0 | $ 0 | $ 0 |
Consumer [Member] | Bankcard [Member] | ||||
Financing Receivable, Modifications [Line Items] | ||||
Number of Contracts | Contract | 0 | 0 | ||
Recorded Investment | $ | $ 0 | $ 0 | ||
Consumer [Member] | Other Consumer [Member] | ||||
Financing Receivable, Modifications [Line Items] | ||||
Number of Contracts | Contract | 0 | 0 | ||
Recorded Investment | $ | $ 0 | $ 0 |
Credit Quality - Schedule of Ag
Credit Quality - Schedule of Age Analysis of its Past Due Loans and Leases, Segregated by Class of Loans and Leases (Detail) - USD ($) $ in Thousands | Sep. 30, 2020 | Dec. 31, 2019 |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans, 30-89 Days Past Due | $ 99,613 | $ 65,816 |
Loans, Total Past Due | 237,173 | 186,906 |
Loans, Current & Other | 17,730,347 | 13,526,642 |
Loans and leases | 17,967,520 | 13,713,548 |
Loans, Recorded Investment >90 Days & Accruing | 12,583 | 9,494 |
Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans, Total Past Due | 137,560 | 121,090 |
Construction & Land Development [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans, 30-89 Days Past Due | 10,711 | 2,219 |
Loans, Total Past Due | 16,920 | 18,262 |
Loans, Current & Other | 1,807,383 | 1,389,943 |
Loans and leases | 1,824,303 | 1,408,205 |
Loans, Recorded Investment >90 Days & Accruing | 27 | 0 |
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 | 6,209 | 16,043 |
Commercial Real Estate [Member] | Owner-Occupied [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans, 30-89 Days Past Due | 5,643 | 8,878 |
Loans, Total Past Due | 36,064 | 20,087 |
Loans, Current & Other | 1,580,316 | 1,181,565 |
Loans and leases | 1,616,380 | 1,201,652 |
Loans, Recorded Investment >90 Days & Accruing | 1,898 | 544 |
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 | 30,421 | 11,209 |
Commercial Real Estate [Member] | Nonowner-Occupied [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans, 30-89 Days Past Due | 37,201 | 6,318 |
Loans, Total Past Due | 67,596 | 22,447 |
Loans, Current & Other | 4,962,271 | 3,943,513 |
Loans and leases | 5,029,867 | 3,965,960 |
Loans, Recorded Investment >90 Days & Accruing | 1,198 | 471 |
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 | 30,395 | 16,129 |
Other Commercial [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans, 30-89 Days Past Due | 9,829 | 5,238 |
Loans, Total Past Due | 49,541 | 56,779 |
Loans, Current & Other | 4,161,949 | 2,228,258 |
Loans and leases | 4,211,490 | 2,285,037 |
Loans, Recorded Investment >90 Days & Accruing | 830 | 668 |
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 | 39,712 | 51,541 |
Residential Real Estate [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans, 30-89 Days Past Due | 28,107 | 31,727 |
Loans, Total Past Due | 57,601 | 56,070 |
Loans, Current & Other | 4,012,906 | 3,630,331 |
Loans and leases | 4,070,507 | 3,686,401 |
Loans, Recorded Investment >90 Days & Accruing | 7,411 | 6,256 |
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 | 29,494 | 24,343 |
Consumer [Member] | Bankcard [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans, 30-89 Days Past Due | 252 | 445 |
Loans, Total Past Due | 322 | 663 |
Loans, Current & Other | 8,051 | 9,411 |
Loans and leases | 8,373 | 10,074 |
Loans, Recorded Investment >90 Days & Accruing | 70 | 218 |
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 | 70 | 218 |
Consumer [Member] | Other Consumer [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loans, 30-89 Days Past Due | 7,870 | 10,991 |
Loans, Total Past Due | 9,129 | 12,598 |
Loans, Current & Other | 1,197,471 | 1,143,621 |
Loans and leases | 1,206,600 | 1,156,219 |
Loans, Recorded Investment >90 Days & Accruing | 1,149 | 1,337 |
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 | $ 1,259 | $ 1,607 |
Credit Quality - Schedule of _3
Credit Quality - Schedule of Age Analysis of its Past Due Loans and Leases, Segregated by Class of Loans and Leases (Parenthetical) (Detail) $ in Thousands | Dec. 31, 2019USD ($) |
Financing Receivable, Recorded Investment, Past Due [Line Items] | |
Acquired impaired loans from merger | $ 13,713,548 |
Loans Acquired with Deteriorated Credit Quality [Member] | |
Financing Receivable, Recorded Investment, Past Due [Line Items] | |
Acquired impaired loans from merger | 96,004 |
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 | $ 96,004 |
Credit Quality - Schedule of No
Credit Quality - Schedule of Nonaccrual Loans and Leases, Segregated by Class of Loans and Leases (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |
Sep. 30, 2020 | Sep. 30, 2020 | Dec. 31, 2019 | |
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Nonaccruals | $ 124,977 | $ 124,977 | $ 111,596 |
With No Related Allowance for Credit Losses | 82,675 | 82,675 | |
Recorded Investment > 90 Days & Accruing | 12,583 | 12,583 | 9,494 |
Interest Income Recognized | 75 | 112 | |
Commercial Real Estate [Member] | Owner-Occupied [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Nonaccruals | 28,523 | 28,523 | 10,665 |
With No Related Allowance for Credit Losses | 26,562 | 26,562 | |
Recorded Investment > 90 Days & Accruing | 1,898 | 1,898 | 544 |
Interest Income Recognized | 0 | 32 | |
Commercial Real Estate [Member] | Nonowner-Occupied [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Nonaccruals | 29,197 | 29,197 | 15,658 |
With No Related Allowance for Credit Losses | 18,686 | 18,686 | |
Recorded Investment > 90 Days & Accruing | 1,198 | 1,198 | 471 |
Interest Income Recognized | 59 | 61 | |
Other Commercial [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Nonaccruals | 38,882 | 38,882 | 50,873 |
With No Related Allowance for Credit Losses | 13,015 | 13,015 | |
Recorded Investment > 90 Days & Accruing | 830 | 830 | 668 |
Interest Income Recognized | 16 | 16 | |
Residential Real Estate [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Nonaccruals | 22,083 | 22,083 | 18,087 |
With No Related Allowance for Credit Losses | 20,202 | 20,202 | |
Recorded Investment > 90 Days & Accruing | 7,411 | 7,411 | 6,256 |
Interest Income Recognized | 0 | 3 | |
Construction Loans [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Nonaccruals | 6,182 | 6,182 | 16,043 |
With No Related Allowance for Credit Losses | 4,100 | 4,100 | |
Recorded Investment > 90 Days & Accruing | 27 | 27 | |
Interest Income Recognized | 0 | 0 | |
Consumer [Member] | Bankcard [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Nonaccruals | 0 | 0 | 0 |
With No Related Allowance for Credit Losses | 0 | 0 | |
Recorded Investment > 90 Days & Accruing | 70 | 70 | 218 |
Interest Income Recognized | 0 | 0 | |
Consumer [Member] | Other Consumer [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Nonaccruals | 110 | 110 | 270 |
With No Related Allowance for Credit Losses | 110 | 110 | |
Recorded Investment > 90 Days & Accruing | 1,149 | 1,149 | $ 1,337 |
Interest Income Recognized | $ 0 | $ 0 |
Credit Quality - Schedule of Am
Credit Quality - Schedule of Amortized Cost Loans and Leases Pledged As Collateral (Detail) $ in Thousands | Sep. 30, 2020USD ($) |
Amortized cost collateral dependent loans [Line Items] | |
Amortized Cost Loans and Leases Pledged As Collateral | $ 183,727 |
Commercial Real Estate [Member] | |
Amortized cost collateral dependent loans [Line Items] | |
Amortized Cost Loans and Leases Pledged As Collateral | 41,604 |
Commercial Real Estate [Member] | Owner-Occupied [Member] | |
Amortized cost collateral dependent loans [Line Items] | |
Amortized Cost Loans and Leases Pledged As Collateral | 47,994 |
Commercial Real Estate [Member] | Nonowner-Occupied [Member] | |
Amortized cost collateral dependent loans [Line Items] | |
Amortized Cost Loans and Leases Pledged As Collateral | 46,629 |
Residential Real Estate [Member] | |
Amortized cost collateral dependent loans [Line Items] | |
Amortized Cost Loans and Leases Pledged As Collateral | 28,628 |
Construction Loans [Member] | |
Amortized cost collateral dependent loans [Line Items] | |
Amortized Cost Loans and Leases Pledged As Collateral | 18,867 |
Consumer Portfolio Segment [Member] | Bankcard [Member] | |
Amortized cost collateral dependent loans [Line Items] | |
Amortized Cost Loans and Leases Pledged As Collateral | 0 |
Consumer Portfolio Segment [Member] | Other Consumer [Member] | |
Amortized cost collateral dependent loans [Line Items] | |
Amortized Cost Loans and Leases Pledged As Collateral | 5 |
Residential Real Estate [Member] | |
Amortized cost collateral dependent loans [Line Items] | |
Amortized Cost Loans and Leases Pledged As Collateral | 53,301 |
Residential Real Estate [Member] | Commercial Real Estate [Member] | |
Amortized cost collateral dependent loans [Line Items] | |
Amortized Cost Loans and Leases Pledged As Collateral | 5,424 |
Residential Real Estate [Member] | Commercial Real Estate [Member] | Owner-Occupied [Member] | |
Amortized cost collateral dependent loans [Line Items] | |
Amortized Cost Loans and Leases Pledged As Collateral | 1,533 |
Residential Real Estate [Member] | Commercial Real Estate [Member] | Nonowner-Occupied [Member] | |
Amortized cost collateral dependent loans [Line Items] | |
Amortized Cost Loans and Leases Pledged As Collateral | 8,851 |
Residential Real Estate [Member] | Residential Real Estate [Member] | |
Amortized cost collateral dependent loans [Line Items] | |
Amortized Cost Loans and Leases Pledged As Collateral | 27,555 |
Residential Real Estate [Member] | Construction Loans [Member] | |
Amortized cost collateral dependent loans [Line Items] | |
Amortized Cost Loans and Leases Pledged As Collateral | 9,938 |
Residential Real Estate [Member] | Consumer Portfolio Segment [Member] | Bankcard [Member] | |
Amortized cost collateral dependent loans [Line Items] | |
Amortized Cost Loans and Leases Pledged As Collateral | 0 |
Residential Real Estate [Member] | Consumer Portfolio Segment [Member] | Other Consumer [Member] | |
Amortized cost collateral dependent loans [Line Items] | |
Amortized Cost Loans and Leases Pledged As Collateral | 0 |
Business Assets Member [Member] | |
Amortized cost collateral dependent loans [Line Items] | |
Amortized Cost Loans and Leases Pledged As Collateral | 33,649 |
Business Assets Member [Member] | Commercial Real Estate [Member] | |
Amortized cost collateral dependent loans [Line Items] | |
Amortized Cost Loans and Leases Pledged As Collateral | 33,272 |
Business Assets Member [Member] | Commercial Real Estate [Member] | Owner-Occupied [Member] | |
Amortized cost collateral dependent loans [Line Items] | |
Amortized Cost Loans and Leases Pledged As Collateral | 148 |
Business Assets Member [Member] | Commercial Real Estate [Member] | Nonowner-Occupied [Member] | |
Amortized cost collateral dependent loans [Line Items] | |
Amortized Cost Loans and Leases Pledged As Collateral | 0 |
Business Assets Member [Member] | Residential Real Estate [Member] | |
Amortized cost collateral dependent loans [Line Items] | |
Amortized Cost Loans and Leases Pledged As Collateral | 229 |
Business Assets Member [Member] | Construction Loans [Member] | |
Amortized cost collateral dependent loans [Line Items] | |
Amortized Cost Loans and Leases Pledged As Collateral | 0 |
Business Assets Member [Member] | Consumer Portfolio Segment [Member] | Bankcard [Member] | |
Amortized cost collateral dependent loans [Line Items] | |
Amortized Cost Loans and Leases Pledged As Collateral | 0 |
Business Assets Member [Member] | Consumer Portfolio Segment [Member] | Other Consumer [Member] | |
Amortized cost collateral dependent loans [Line Items] | |
Amortized Cost Loans and Leases Pledged As Collateral | 0 |
Land [Member] | |
Amortized cost collateral dependent loans [Line Items] | |
Amortized Cost Loans and Leases Pledged As Collateral | 11,155 |
Land [Member] | Commercial Real Estate [Member] | |
Amortized cost collateral dependent loans [Line Items] | |
Amortized Cost Loans and Leases Pledged As Collateral | 0 |
Land [Member] | Commercial Real Estate [Member] | Owner-Occupied [Member] | |
Amortized cost collateral dependent loans [Line Items] | |
Amortized Cost Loans and Leases Pledged As Collateral | 0 |
Land [Member] | Commercial Real Estate [Member] | Nonowner-Occupied [Member] | |
Amortized cost collateral dependent loans [Line Items] | |
Amortized Cost Loans and Leases Pledged As Collateral | 2,936 |
Land [Member] | Residential Real Estate [Member] | |
Amortized cost collateral dependent loans [Line Items] | |
Amortized Cost Loans and Leases Pledged As Collateral | 36 |
Land [Member] | Construction Loans [Member] | |
Amortized cost collateral dependent loans [Line Items] | |
Amortized Cost Loans and Leases Pledged As Collateral | 8,183 |
Land [Member] | Consumer Portfolio Segment [Member] | Bankcard [Member] | |
Amortized cost collateral dependent loans [Line Items] | |
Amortized Cost Loans and Leases Pledged As Collateral | 0 |
Land [Member] | Consumer Portfolio Segment [Member] | Other Consumer [Member] | |
Amortized cost collateral dependent loans [Line Items] | |
Amortized Cost Loans and Leases Pledged As Collateral | 0 |
Commercial Real Estate [Member] | |
Amortized cost collateral dependent loans [Line Items] | |
Amortized Cost Loans and Leases Pledged As Collateral | 34,432 |
Commercial Real Estate [Member] | Commercial Real Estate [Member] | |
Amortized cost collateral dependent loans [Line Items] | |
Amortized Cost Loans and Leases Pledged As Collateral | 270 |
Commercial Real Estate [Member] | Commercial Real Estate [Member] | Owner-Occupied [Member] | |
Amortized cost collateral dependent loans [Line Items] | |
Amortized Cost Loans and Leases Pledged As Collateral | 18,523 |
Commercial Real Estate [Member] | Commercial Real Estate [Member] | Nonowner-Occupied [Member] | |
Amortized cost collateral dependent loans [Line Items] | |
Amortized Cost Loans and Leases Pledged As Collateral | 15,639 |
Commercial Real Estate [Member] | Residential Real Estate [Member] | |
Amortized cost collateral dependent loans [Line Items] | |
Amortized Cost Loans and Leases Pledged As Collateral | 0 |
Commercial Real Estate [Member] | Construction Loans [Member] | |
Amortized cost collateral dependent loans [Line Items] | |
Amortized Cost Loans and Leases Pledged As Collateral | 0 |
Commercial Real Estate [Member] | Consumer Portfolio Segment [Member] | Bankcard [Member] | |
Amortized cost collateral dependent loans [Line Items] | |
Amortized Cost Loans and Leases Pledged As Collateral | 0 |
Commercial Real Estate [Member] | Consumer Portfolio Segment [Member] | Other Consumer [Member] | |
Amortized cost collateral dependent loans [Line Items] | |
Amortized Cost Loans and Leases Pledged As Collateral | 0 |
Other Assets [Member] | |
Amortized cost collateral dependent loans [Line Items] | |
Amortized Cost Loans and Leases Pledged As Collateral | 51,190 |
Other Assets [Member] | Commercial Real Estate [Member] | |
Amortized cost collateral dependent loans [Line Items] | |
Amortized Cost Loans and Leases Pledged As Collateral | 2,638 |
Other Assets [Member] | Commercial Real Estate [Member] | Owner-Occupied [Member] | |
Amortized cost collateral dependent loans [Line Items] | |
Amortized Cost Loans and Leases Pledged As Collateral | 27,790 |
Other Assets [Member] | Commercial Real Estate [Member] | Nonowner-Occupied [Member] | |
Amortized cost collateral dependent loans [Line Items] | |
Amortized Cost Loans and Leases Pledged As Collateral | 19,203 |
Other Assets [Member] | Residential Real Estate [Member] | |
Amortized cost collateral dependent loans [Line Items] | |
Amortized Cost Loans and Leases Pledged As Collateral | 808 |
Other Assets [Member] | Construction Loans [Member] | |
Amortized cost collateral dependent loans [Line Items] | |
Amortized Cost Loans and Leases Pledged As Collateral | 746 |
Other Assets [Member] | Consumer Portfolio Segment [Member] | Bankcard [Member] | |
Amortized cost collateral dependent loans [Line Items] | |
Amortized Cost Loans and Leases Pledged As Collateral | 0 |
Other Assets [Member] | Consumer Portfolio Segment [Member] | Other Consumer [Member] | |
Amortized cost collateral dependent loans [Line Items] | |
Amortized Cost Loans and Leases Pledged As Collateral | $ 5 |
Credit Quality - Schedule of Ri
Credit Quality - Schedule of Risk Category of Loans by Class of Loans and Leases (Detail) - USD ($) $ in Thousands | Sep. 30, 2020 | Dec. 31, 2019 |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total | $ 10,857,737 | $ 7,452,649 |
Owner-Occupied [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
2020 | 220,943 | |
2019 | 153,931 | |
2018 | 160,700 | |
2017 | 231,805 | |
2016 | 291,939 | |
Prior | 531,715 | |
Revolving loans amortized cost basis | 24,732 | |
Revolving loans converted to term loans | 615 | |
Total | 1,616,380 | 1,201,652 |
Owner-Occupied [Member] | Pass [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
2020 | 218,978 | |
2019 | 152,647 | |
2018 | 156,778 | |
2017 | 229,875 | |
2016 | 286,193 | |
Prior | 459,311 | |
Revolving loans amortized cost basis | 23,868 | |
Revolving loans converted to term loans | 0 | |
Total | 1,527,650 | |
Owner-Occupied [Member] | Special Mention [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
2020 | 0 | |
2019 | 1,216 | |
2018 | 3,922 | |
2017 | 770 | |
2016 | 2,048 | |
Prior | 23,386 | |
Revolving loans amortized cost basis | 0 | |
Revolving loans converted to term loans | 466 | |
Total | 31,808 | |
Owner-Occupied [Member] | Substandard [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
2020 | 1,965 | |
2019 | 68 | |
2018 | 0 | |
2017 | 1,160 | |
2016 | 3,698 | |
Prior | 48,676 | |
Revolving loans amortized cost basis | 864 | |
Revolving loans converted to term loans | 149 | |
Total | 56,580 | |
Owner-Occupied [Member] | Doubtful [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
2020 | 0 | |
2019 | 0 | |
2018 | 0 | |
2017 | 0 | |
2016 | 0 | |
Prior | 342 | |
Revolving loans amortized cost basis | 0 | |
Revolving loans converted to term loans | 0 | |
Total | 342 | |
Owner-Occupied [Member] | YTD Charge Offs [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
2020 | 0 | |
2019 | 0 | |
2018 | 0 | |
2017 | 0 | |
2016 | 0 | |
Prior | (2,162) | |
Revolving loans amortized cost basis | 0 | |
Revolving loans converted to term loans | 0 | |
Total | (2,162) | |
Owner-Occupied [Member] | YTD Recoveries [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
2020 | 0 | |
2019 | 0 | |
2018 | 0 | |
2017 | 0 | |
2016 | 0 | |
Prior | 374 | |
Revolving loans amortized cost basis | 0 | |
Revolving loans converted to term loans | 0 | |
Total | 374 | |
Owner-Occupied [Member] | YTD Net Charge Offs [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
2020 | 0 | |
2019 | 0 | |
2018 | 0 | |
2017 | 0 | |
2016 | 0 | |
Prior | (1,788) | |
Revolving loans amortized cost basis | 0 | |
Revolving loans converted to term loans | 0 | |
Total | (1,788) | |
Nonowner-Occupied [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
2020 | 667,127 | |
2019 | 726,805 | |
2018 | 673,871 | |
2017 | 528,567 | |
2016 | 553,300 | |
Prior | 1,769,529 | |
Revolving loans amortized cost basis | 108,539 | |
Revolving loans converted to term loans | 2,129 | |
Total | 5,029,867 | $ 3,965,960 |
Nonowner-Occupied [Member] | Pass [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
2020 | 667,054 | |
2019 | 606,862 | |
2018 | 665,234 | |
2017 | 526,479 | |
2016 | 536,583 | |
Prior | 1,714,920 | |
Revolving loans amortized cost basis | 108,539 | |
Revolving loans converted to term loans | 2,129 | |
Total | 4,827,800 | |
Nonowner-Occupied [Member] | Special Mention [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
2020 | 0 | |
2019 | 118,823 | |
2018 | 0 | |
2017 | 395 | |
2016 | 3,343 | |
Prior | 20,973 | |
Revolving loans amortized cost basis | 0 | |
Revolving loans converted to term loans | 0 | |
Total | 143,534 | |
Nonowner-Occupied [Member] | Substandard [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
2020 | 73 | |
2019 | 1,120 | |
2018 | 8,637 | |
2017 | 1,693 | |
2016 | 13,374 | |
Prior | 33,636 | |
Revolving loans amortized cost basis | 0 | |
Revolving loans converted to term loans | 0 | |
Total | 58,533 | |
Nonowner-Occupied [Member] | Doubtful [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
2020 | 0 | |
2019 | 0 | |
2018 | 0 | |
2017 | 0 | |
2016 | 0 | |
Prior | 0 | |
Revolving loans amortized cost basis | 0 | |
Revolving loans converted to term loans | 0 | |
Total | 0 | |
Nonowner-Occupied [Member] | YTD Charge Offs [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
2020 | (38) | |
2019 | 0 | |
2018 | 0 | |
2017 | 0 | |
2016 | (1,161) | |
Prior | (1,683) | |
Revolving loans amortized cost basis | 0 | |
Revolving loans converted to term loans | 0 | |
Total | (2,882) | |
Nonowner-Occupied [Member] | YTD Recoveries [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
2020 | 0 | |
2019 | 0 | |
2018 | 0 | |
2017 | 0 | |
2016 | 0 | |
Prior | 747 | |
Revolving loans amortized cost basis | 0 | |
Revolving loans converted to term loans | 0 | |
Total | 747 | |
Nonowner-Occupied [Member] | YTD Net Charge Offs [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
2020 | (38) | |
2019 | 0 | |
2018 | 0 | |
2017 | 0 | |
2016 | (1,161) | |
Prior | (936) | |
Revolving loans amortized cost basis | 0 | |
Revolving loans converted to term loans | 0 | |
Total | (2,135) | |
Other Commercial Loans [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
2020 | 1,216,974 | |
2019 | 413,028 | |
2018 | 225,834 | |
2017 | 145,627 | |
2016 | 143,854 | |
Prior | 390,452 | |
Revolving loans amortized cost basis | 1,672,282 | |
Revolving loans converted to term loans | 3,439 | |
Total | 4,211,490 | |
Other Commercial Loans [Member] | Pass [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
2020 | 1,216,780 | |
2019 | 411,925 | |
2018 | 220,230 | |
2017 | 141,490 | |
2016 | 136,961 | |
Prior | 286,612 | |
Revolving loans amortized cost basis | 1,652,999 | |
Revolving loans converted to term loans | 2,948 | |
Total | 4,069,945 | |
Other Commercial Loans [Member] | Special Mention [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
2020 | 91 | |
2019 | 224 | |
2018 | 3,232 | |
2017 | 1,327 | |
2016 | 184 | |
Prior | 58,774 | |
Revolving loans amortized cost basis | 3,399 | |
Revolving loans converted to term loans | 94 | |
Total | 67,325 | |
Other Commercial Loans [Member] | Substandard [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
2020 | 103 | |
2019 | 879 | |
2018 | 2,372 | |
2017 | 2,810 | |
2016 | 6,671 | |
Prior | 44,913 | |
Revolving loans amortized cost basis | 15,884 | |
Revolving loans converted to term loans | 397 | |
Total | 74,029 | |
Other Commercial Loans [Member] | Doubtful [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
2020 | 0 | |
2019 | 0 | |
2018 | 0 | |
2017 | 0 | |
2016 | 38 | |
Prior | 153 | |
Revolving loans amortized cost basis | 0 | |
Revolving loans converted to term loans | 0 | |
Total | 191 | |
Other Commercial Loans [Member] | YTD Charge Offs [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
2020 | 0 | |
2019 | 0 | |
2018 | (834) | |
2017 | (12) | |
2016 | (3,505) | |
Prior | (7,109) | |
Revolving loans amortized cost basis | 0 | |
Revolving loans converted to term loans | 0 | |
Total | (11,460) | |
Other Commercial Loans [Member] | YTD Recoveries [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
2020 | 0 | |
2019 | 864 | |
2018 | 18 | |
2017 | 6 | |
2016 | 116 | |
Prior | 1,507 | |
Revolving loans amortized cost basis | 0 | |
Revolving loans converted to term loans | 0 | |
Total | 2,511 | |
Other Commercial Loans [Member] | YTD Net Charge Offs [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
2020 | 0 | |
2019 | 864 | |
2018 | (816) | |
2017 | (6) | |
2016 | (3,389) | |
Prior | (5,602) | |
Revolving loans amortized cost basis | 0 | |
Revolving loans converted to term loans | 0 | |
Total | (8,949) | |
Residential Portfolio Segment [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
2020 | 428,397 | |
2019 | 670,789 | |
2018 | 747,171 | |
2017 | 340,158 | |
2016 | 326,257 | |
Prior | 1,094,316 | |
Revolving loans amortized cost basis | 458,897 | |
Revolving loans converted to term loans | 4,522 | |
Total | 4,070,507 | |
Residential Portfolio Segment [Member] | Pass [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
2020 | 428,397 | |
2019 | 670,300 | |
2018 | 746,727 | |
2017 | 336,210 | |
2016 | 318,886 | |
Prior | 1,061,352 | |
Revolving loans amortized cost basis | 457,605 | |
Revolving loans converted to term loans | 4,291 | |
Total | 4,023,768 | |
Residential Portfolio Segment [Member] | Special Mention [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
2020 | 0 | |
2019 | 269 | |
2018 | 0 | |
2017 | 220 | |
2016 | 2,338 | |
Prior | 6,304 | |
Revolving loans amortized cost basis | 827 | |
Revolving loans converted to term loans | 0 | |
Total | 9,958 | |
Residential Portfolio Segment [Member] | Substandard [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
2020 | 0 | |
2019 | 220 | |
2018 | 444 | |
2017 | 3,728 | |
2016 | 5,033 | |
Prior | 26,381 | |
Revolving loans amortized cost basis | 465 | |
Revolving loans converted to term loans | 231 | |
Total | 36,502 | |
Residential Portfolio Segment [Member] | Doubtful [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
2020 | 0 | |
2019 | 0 | |
2018 | 0 | |
2017 | 0 | |
2016 | 0 | |
Prior | 279 | |
Revolving loans amortized cost basis | 0 | |
Revolving loans converted to term loans | 0 | |
Total | 279 | |
Residential Portfolio Segment [Member] | YTD Charge Offs [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
2020 | 0 | |
2019 | 0 | |
2018 | 0 | |
2017 | 0 | |
2016 | (1) | |
Prior | (1,379) | |
Revolving loans amortized cost basis | 0 | |
Revolving loans converted to term loans | 0 | |
Total | (1,380) | |
Residential Portfolio Segment [Member] | YTD Recoveries [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
2020 | 0 | |
2019 | 0 | |
2018 | 0 | |
2017 | 101 | |
2016 | 0 | |
Prior | 649 | |
Revolving loans amortized cost basis | 0 | |
Revolving loans converted to term loans | 0 | |
Total | 750 | |
Residential Portfolio Segment [Member] | YTD Net Charge Offs [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
2020 | 0 | |
2019 | 0 | |
2018 | 0 | |
2017 | 101 | |
2016 | (1) | |
Prior | (730) | |
Revolving loans amortized cost basis | 0 | |
Revolving loans converted to term loans | 0 | |
Total | (630) | |
Construction Loans [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
2020 | 275,238 | |
2019 | 711,911 | |
2018 | 345,213 | |
2017 | 145,216 | |
2016 | 119,866 | |
Prior | 83,193 | |
Revolving loans amortized cost basis | 143,526 | |
Revolving loans converted to term loans | 140 | |
Total | 1,824,303 | |
Construction Loans [Member] | Pass [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
2020 | 275,238 | |
2019 | 711,704 | |
2018 | 339,542 | |
2017 | 145,216 | |
2016 | 119,650 | |
Prior | 61,975 | |
Revolving loans amortized cost basis | 141,784 | |
Revolving loans converted to term loans | 140 | |
Total | 1,795,249 | |
Construction Loans [Member] | Special Mention [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
2020 | 0 | |
2019 | 0 | |
2018 | 4,128 | |
2017 | 0 | |
2016 | 0 | |
Prior | 2,871 | |
Revolving loans amortized cost basis | 996 | |
Revolving loans converted to term loans | 0 | |
Total | 7,995 | |
Construction Loans [Member] | Substandard [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
2020 | 0 | |
2019 | 207 | |
2018 | 1,543 | |
2017 | 0 | |
2016 | 216 | |
Prior | 18,347 | |
Revolving loans amortized cost basis | 746 | |
Revolving loans converted to term loans | 0 | |
Total | 21,059 | |
Construction Loans [Member] | Doubtful [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
2020 | 0 | |
2019 | 0 | |
2018 | 0 | |
2017 | 0 | |
2016 | 0 | |
Prior | 0 | |
Revolving loans amortized cost basis | 0 | |
Revolving loans converted to term loans | 0 | |
Total | 0 | |
Construction Loans [Member] | YTD Charge Offs [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
2020 | 0 | |
2019 | 0 | |
2018 | 0 | |
2017 | 0 | |
2016 | 0 | |
Prior | (1,998) | |
Revolving loans amortized cost basis | 0 | |
Revolving loans converted to term loans | 0 | |
Total | (1,998) | |
Construction Loans [Member] | YTD Recoveries [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
2020 | 0 | |
2019 | 0 | |
2018 | 0 | |
2017 | 0 | |
2016 | 0 | |
Prior | 1,429 | |
Revolving loans amortized cost basis | 0 | |
Revolving loans converted to term loans | 0 | |
Total | 1,429 | |
Construction Loans [Member] | YTD Net Charge Offs [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
2020 | 0 | |
2019 | 0 | |
2018 | 0 | |
2017 | 0 | |
2016 | 0 | |
Prior | (569) | |
Revolving loans amortized cost basis | 0 | |
Revolving loans converted to term loans | 0 | |
Total | (569) | |
Bankcard [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
2020 | 0 | |
2019 | 0 | |
2018 | 0 | |
2017 | 0 | |
2016 | 0 | |
Prior | 0 | |
Revolving loans amortized cost basis | 8,373 | |
Revolving loans converted to term loans | 0 | |
Total | 8,373 | |
Bankcard [Member] | Pass [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
2020 | 0 | |
2019 | 0 | |
2018 | 0 | |
2017 | 0 | |
2016 | 0 | |
Prior | 0 | |
Revolving loans amortized cost basis | 8,051 | |
Revolving loans converted to term loans | 0 | |
Total | 8,051 | |
Bankcard [Member] | Special Mention [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
2020 | 0 | |
2019 | 0 | |
2018 | 0 | |
2017 | 0 | |
2016 | 0 | |
Prior | 0 | |
Revolving loans amortized cost basis | 252 | |
Revolving loans converted to term loans | 0 | |
Total | 252 | |
Bankcard [Member] | Substandard [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
2020 | 0 | |
2019 | 0 | |
2018 | 0 | |
2017 | 0 | |
2016 | 0 | |
Prior | 0 | |
Revolving loans amortized cost basis | 70 | |
Revolving loans converted to term loans | 0 | |
Total | 70 | |
Bankcard [Member] | Doubtful [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
2020 | 0 | |
2019 | 0 | |
2018 | 0 | |
2017 | 0 | |
2016 | 0 | |
Prior | 0 | |
Revolving loans amortized cost basis | 0 | |
Revolving loans converted to term loans | 0 | |
Total | 0 | |
Bankcard [Member] | YTD Charge Offs [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
2020 | 0 | |
2019 | 0 | |
2018 | 0 | |
2017 | 0 | |
2016 | 0 | |
Prior | 0 | |
Revolving loans amortized cost basis | (187) | |
Revolving loans converted to term loans | 0 | |
Total | (187) | |
Bankcard [Member] | YTD Recoveries [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
2020 | 0 | |
2019 | 0 | |
2018 | 0 | |
2017 | 0 | |
2016 | 0 | |
Prior | 0 | |
Revolving loans amortized cost basis | 34 | |
Revolving loans converted to term loans | 0 | |
Total | 34 | |
Bankcard [Member] | YTD Net Charge Offs [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
2020 | 0 | |
2019 | 0 | |
2018 | 0 | |
2017 | 0 | |
2016 | 0 | |
Prior | 0 | |
Revolving loans amortized cost basis | (153) | |
Revolving loans converted to term loans | 0 | |
Total | (153) | |
Other Consumer [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
2020 | 351,399 | |
2019 | 446,270 | |
2018 | 263,145 | |
2017 | 88,080 | |
2016 | 43,680 | |
Prior | 5,540 | |
Revolving loans amortized cost basis | 8,486 | |
Revolving loans converted to term loans | 0 | |
Total | 1,206,600 | |
Other Consumer [Member] | Pass [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
2020 | 351,396 | |
2019 | 446,270 | |
2018 | 263,145 | |
2017 | 88,080 | |
2016 | 43,680 | |
Prior | 5,523 | |
Revolving loans amortized cost basis | 8,480 | |
Revolving loans converted to term loans | 0 | |
Total | 1,206,574 | |
Other Consumer [Member] | Special Mention [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
2020 | 0 | |
2019 | 0 | |
2018 | 0 | |
2017 | 0 | |
2016 | 0 | |
Prior | 7 | |
Revolving loans amortized cost basis | 6 | |
Revolving loans converted to term loans | 0 | |
Total | 13 | |
Other Consumer [Member] | Substandard [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
2020 | 3 | |
2019 | 0 | |
2018 | 0 | |
2017 | 0 | |
2016 | 0 | |
Prior | 5 | |
Revolving loans amortized cost basis | 0 | |
Revolving loans converted to term loans | 0 | |
Total | 8 | |
Other Consumer [Member] | Doubtful [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
2020 | 0 | |
2019 | 0 | |
2018 | 0 | |
2017 | 0 | |
2016 | 0 | |
Prior | 5 | |
Revolving loans amortized cost basis | 0 | |
Revolving loans converted to term loans | 0 | |
Total | 5 | |
Other Consumer [Member] | YTD Charge Offs [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
2020 | (43) | |
2019 | (820) | |
2018 | (922) | |
2017 | (337) | |
2016 | (207) | |
Prior | (463) | |
Revolving loans amortized cost basis | (2) | |
Revolving loans converted to term loans | 0 | |
Total | (2,794) | |
Other Consumer [Member] | YTD Recoveries [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
2020 | 0 | |
2019 | 63 | |
2018 | 42 | |
2017 | 25 | |
2016 | 23 | |
Prior | 185 | |
Revolving loans amortized cost basis | 0 | |
Revolving loans converted to term loans | 0 | |
Total | 338 | |
Other Consumer [Member] | YTD Net Charge Offs [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
2020 | (43) | |
2019 | (757) | |
2018 | (880) | |
2017 | (312) | |
2016 | (184) | |
Prior | (278) | |
Revolving loans amortized cost basis | (2) | |
Revolving loans converted to term loans | 0 | |
Total | $ (2,456) |
Credit Quality - Schedule of Cr
Credit Quality - Schedule of Credit Quality Indicators Information, by Class of Loans (Detail) $ in Thousands | Dec. 31, 2019USD ($) |
Financing Receivable, Recorded Investment [Line Items] | |
Financing receivable, credit quality indicators information | $ 13,713,548 |
Residential Real Estate [Member] | |
Financing Receivable, Recorded Investment [Line Items] | |
Financing receivable, credit quality indicators information | 3,686,401 |
Other Commercial [Member] | |
Financing Receivable, Recorded Investment [Line Items] | |
Financing receivable, credit quality indicators information | 2,285,037 |
Bankcard [Member] | |
Financing Receivable, Recorded Investment [Line Items] | |
Financing receivable, credit quality indicators information | 10,074 |
Other Consumer [Member] | |
Financing Receivable, Recorded Investment [Line Items] | |
Financing receivable, credit quality indicators information | 1,156,219 |
Owner-Occupied [Member] | Commercial Real Estate [Member] | |
Financing Receivable, Recorded Investment [Line Items] | |
Financing receivable, credit quality indicators information | 1,201,652 |
Nonowner-Occupied [Member] | Commercial Real Estate [Member] | |
Financing Receivable, Recorded Investment [Line Items] | |
Financing receivable, credit quality indicators information | 3,965,960 |
Construction & Land Development [Member] | |
Financing Receivable, Recorded Investment [Line Items] | |
Financing receivable, credit quality indicators information | 1,408,205 |
Pass [Member] | Residential Real Estate [Member] | |
Financing Receivable, Recorded Investment [Line Items] | |
Financing receivable, credit quality indicators information | 3,645,654 |
Pass [Member] | Other Commercial [Member] | |
Financing Receivable, Recorded Investment [Line Items] | |
Financing receivable, credit quality indicators information | 2,136,266 |
Pass [Member] | Bankcard [Member] | |
Financing Receivable, Recorded Investment [Line Items] | |
Financing receivable, credit quality indicators information | 9,411 |
Pass [Member] | Other Consumer [Member] | |
Financing Receivable, Recorded Investment [Line Items] | |
Financing receivable, credit quality indicators information | 1,143,608 |
Pass [Member] | Owner-Occupied [Member] | Commercial Real Estate [Member] | |
Financing Receivable, Recorded Investment [Line Items] | |
Financing receivable, credit quality indicators information | 1,136,589 |
Pass [Member] | Nonowner-Occupied [Member] | Commercial Real Estate [Member] | |
Financing Receivable, Recorded Investment [Line Items] | |
Financing receivable, credit quality indicators information | 3,850,886 |
Pass [Member] | Construction & Land Development [Member] | |
Financing Receivable, Recorded Investment [Line Items] | |
Financing receivable, credit quality indicators information | 1,334,950 |
Special Mention [Member] | Residential Real Estate [Member] | |
Financing Receivable, Recorded Investment [Line Items] | |
Financing receivable, credit quality indicators information | 12,038 |
Special Mention [Member] | Other Commercial [Member] | |
Financing Receivable, Recorded Investment [Line Items] | |
Financing receivable, credit quality indicators information | 75,511 |
Special Mention [Member] | Bankcard [Member] | |
Financing Receivable, Recorded Investment [Line Items] | |
Financing receivable, credit quality indicators information | 445 |
Special Mention [Member] | Other Consumer [Member] | |
Financing Receivable, Recorded Investment [Line Items] | |
Financing receivable, credit quality indicators information | 10,993 |
Special Mention [Member] | Owner-Occupied [Member] | Commercial Real Estate [Member] | |
Financing Receivable, Recorded Investment [Line Items] | |
Financing receivable, credit quality indicators information | 14,449 |
Special Mention [Member] | Nonowner-Occupied [Member] | Commercial Real Estate [Member] | |
Financing Receivable, Recorded Investment [Line Items] | |
Financing receivable, credit quality indicators information | 44,134 |
Special Mention [Member] | Construction & Land Development [Member] | |
Financing Receivable, Recorded Investment [Line Items] | |
Financing receivable, credit quality indicators information | 4,614 |
Substandard [Member] | Residential Real Estate [Member] | |
Financing Receivable, Recorded Investment [Line Items] | |
Financing receivable, credit quality indicators information | 28,572 |
Substandard [Member] | Other Commercial [Member] | |
Financing Receivable, Recorded Investment [Line Items] | |
Financing receivable, credit quality indicators information | 72,451 |
Substandard [Member] | Bankcard [Member] | |
Financing Receivable, Recorded Investment [Line Items] | |
Financing receivable, credit quality indicators information | 218 |
Substandard [Member] | Other Consumer [Member] | |
Financing Receivable, Recorded Investment [Line Items] | |
Financing receivable, credit quality indicators information | 1,618 |
Substandard [Member] | Owner-Occupied [Member] | Commercial Real Estate [Member] | |
Financing Receivable, Recorded Investment [Line Items] | |
Financing receivable, credit quality indicators information | 50,346 |
Substandard [Member] | Nonowner-Occupied [Member] | Commercial Real Estate [Member] | |
Financing Receivable, Recorded Investment [Line Items] | |
Financing receivable, credit quality indicators information | 70,940 |
Substandard [Member] | Construction & Land Development [Member] | |
Financing Receivable, Recorded Investment [Line Items] | |
Financing receivable, credit quality indicators information | 68,641 |
Doubtful [Member] | Residential Real Estate [Member] | |
Financing Receivable, Recorded Investment [Line Items] | |
Financing receivable, credit quality indicators information | 137 |
Doubtful [Member] | Other Commercial [Member] | |
Financing Receivable, Recorded Investment [Line Items] | |
Financing receivable, credit quality indicators information | 809 |
Doubtful [Member] | Bankcard [Member] | |
Financing Receivable, Recorded Investment [Line Items] | |
Financing receivable, credit quality indicators information | 0 |
Doubtful [Member] | Other Consumer [Member] | |
Financing Receivable, Recorded Investment [Line Items] | |
Financing receivable, credit quality indicators information | 0 |
Doubtful [Member] | Owner-Occupied [Member] | Commercial Real Estate [Member] | |
Financing Receivable, Recorded Investment [Line Items] | |
Financing receivable, credit quality indicators information | 268 |
Doubtful [Member] | Nonowner-Occupied [Member] | Commercial Real Estate [Member] | |
Financing Receivable, Recorded Investment [Line Items] | |
Financing receivable, credit quality indicators information | 0 |
Doubtful [Member] | Construction & Land Development [Member] | |
Financing Receivable, Recorded Investment [Line Items] | |
Financing receivable, credit quality indicators information | $ 0 |
Allowance for Credit Losses - A
Allowance for Credit Losses - Additional Information (Detail) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2020 | Dec. 31, 2019 | |
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Reserve for lending-related commitments | $ 15,960 | $ 1,733 |
Maximum Period Related To Accrual Of Interest On Discontinued Loans | 90 days | |
Accrued interest receivable | $ 55,151 | |
Allowance for credit loss on accrued interest receivable | 435 | |
Accrued interest receivable net of allowance for credit loss | 65,141 | 58,085 |
Accrued Income Receivable [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Accrued interest receivable | $ 48,130 | |
Allowance for credit loss on accrued interest receivable | 435 | |
Accrued interest receivable net of allowance for credit loss | $ 54,716 |
Allowance for Credit Losses - S
Allowance for Credit Losses - Schedule Of Credit Losses Related To Accrued Interest Receivables and Written Off (Detail) $ in Thousands | 3 Months Ended | 9 Months Ended |
Sep. 30, 2020USD ($) | Sep. 30, 2020USD ($) | |
Accrued Interest Receivables and Written off Status [Line Items] | ||
Accrued Interest Receivable | $ 55,151 | $ 55,151 |
Accrued Interest Receivables Written Off by Reversing Interest Income | 654 | 1,045 |
Less: Allowance for credit losses | (435) | (435) |
Total | 54,716 | 54,716 |
Construction [Member] | ||
Accrued Interest Receivables and Written off Status [Line Items] | ||
Accrued Interest Receivable | 6,887 | 6,887 |
Accrued Interest Receivables Written Off by Reversing Interest Income | 508 | 508 |
Commercial Real Estate [Member] | Owner-Occupied [Member] | ||
Accrued Interest Receivables and Written off Status [Line Items] | ||
Accrued Interest Receivable | 4,388 | 4,388 |
Accrued Interest Receivables Written Off by Reversing Interest Income | 16 | 116 |
Commercial Real Estate [Member] | Nonowner-Occupied [Member] | ||
Accrued Interest Receivables and Written off Status [Line Items] | ||
Accrued Interest Receivable | 14,745 | 14,745 |
Accrued Interest Receivables Written Off by Reversing Interest Income | 30 | 75 |
Other Commercial [Member] | ||
Accrued Interest Receivables and Written off Status [Line Items] | ||
Accrued Interest Receivable | 13,221 | 13,221 |
Accrued Interest Receivables Written Off by Reversing Interest Income | 40 | 85 |
Residential Real Estate [Member] | ||
Accrued Interest Receivables and Written off Status [Line Items] | ||
Accrued Interest Receivable | 13,225 | 13,225 |
Accrued Interest Receivables Written Off by Reversing Interest Income | 31 | 165 |
Consumer [Member] | Bankcard [Member] | ||
Accrued Interest Receivables and Written off Status [Line Items] | ||
Accrued Interest Receivable | 0 | 0 |
Accrued Interest Receivables Written Off by Reversing Interest Income | 0 | 0 |
Consumer [Member] | Other Consumer [Member] | ||
Accrued Interest Receivables and Written off Status [Line Items] | ||
Accrued Interest Receivable | 2,685 | 2,685 |
Accrued Interest Receivables Written Off by Reversing Interest Income | $ 29 | $ 96 |
Allowance for Credit Losses -_2
Allowance for Credit Losses - Schedule of Allowance for Loan Losses and Carrying Amount of Loans and Leases (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended |
Sep. 30, 2020 | Sep. 30, 2020 | Dec. 31, 2019 | |
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Allowance for Loan and Lease Losses Beginning balance | $ 215,121 | $ 77,057 | $ 76,703 |
Initial allowance for PCD loans (acquired during the period) | 0 | 18,635 | |
Charge-offs | (8,468) | (22,863) | (29,110) |
Recoveries | 2,820 | 6,183 | 8,151 |
Provision | 16,339 | 89,358 | 21,313 |
Allowance for Loan and Lease Losses Ending balance | 225,812 | 225,812 | 77,057 |
Allowance for Loan Losses, individually evaluated for impairment | 16,499 | ||
Allowance for Loan Losses, collectively evaluated for impairment | 60,558 | ||
Financing receivables | 13,713,548 | ||
Financing receivables, individually evaluated for impairment | 123,505 | ||
Financing receivables, collectively evaluated for impairment | 13,494,039 | ||
Accounting Standards Update 2016-13 [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Allowance for Loan and Lease Losses Beginning balance | 52,321 | ||
Allowance for Loan and Lease Losses Ending balance | 52,321 | ||
Accounting Standards Update 2016-13 [Member] | PCD loans Member [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Allowance for Loan and Lease Losses Beginning balance | 5,121 | ||
Allowance for Loan and Lease Losses Ending balance | 5,121 | ||
Loans Acquired with Deteriorated Credit Quality [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Allowance for Loan Losses | 0 | ||
Financing receivables | 96,004 | ||
Construction & Land Development [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Allowance for Loan and Lease Losses Beginning balance | 32,303 | 3,353 | 7,992 |
Initial allowance for PCD loans (acquired during the period) | 0 | 2,570 | |
Charge-offs | (29) | (1,998) | (1,303) |
Recoveries | 68 | 1,429 | 175 |
Provision | 2,699 | 12,825 | (3,511) |
Allowance for Loan and Lease Losses Ending balance | 35,041 | 35,041 | 3,353 |
Allowance for Loan Losses, individually evaluated for impairment | 262 | ||
Allowance for Loan Losses, collectively evaluated for impairment | 3,091 | ||
Financing receivables | 1,408,205 | ||
Financing receivables, individually evaluated for impairment | 14,047 | ||
Financing receivables, collectively evaluated for impairment | 1,382,369 | ||
Construction & Land Development [Member] | Accounting Standards Update 2016-13 [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Allowance for Loan and Lease Losses Beginning balance | 14,817 | ||
Allowance for Loan and Lease Losses Ending balance | 14,817 | ||
Construction & Land Development [Member] | Accounting Standards Update 2016-13 [Member] | PCD loans Member [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Allowance for Loan and Lease Losses Beginning balance | 2,045 | ||
Allowance for Loan and Lease Losses Ending balance | 2,045 | ||
Construction & Land Development [Member] | Loans Acquired with Deteriorated Credit Quality [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Allowance for Loan Losses | 0 | ||
Financing receivables | 11,789 | ||
Bankcard [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Allowance for Loan and Lease Losses Beginning balance | 280 | 74 | |
Initial allowance for PCD loans (acquired during the period) | 0 | 0 | |
Charge-offs | (59) | (187) | |
Recoveries | 22 | 34 | |
Provision | 40 | 334 | |
Allowance for Loan and Lease Losses Ending balance | 283 | 283 | 74 |
Financing receivables | 10,074 | ||
Bankcard [Member] | Accounting Standards Update 2016-13 [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Allowance for Loan and Lease Losses Beginning balance | 28 | ||
Allowance for Loan and Lease Losses Ending balance | 28 | ||
Bankcard [Member] | Accounting Standards Update 2016-13 [Member] | PCD loans Member [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Allowance for Loan and Lease Losses Beginning balance | 0 | ||
Allowance for Loan and Lease Losses Ending balance | 0 | ||
Allowance for Estimated Imprecision [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Allowance for Loan and Lease Losses Beginning balance | 0 | 297 | 245 |
Initial allowance for PCD loans (acquired during the period) | 0 | 0 | |
Charge-offs | 0 | 0 | 0 |
Recoveries | 0 | 0 | 0 |
Provision | 0 | 0 | 52 |
Allowance for Loan and Lease Losses Ending balance | 0 | 0 | 297 |
Allowance for Loan Losses, individually evaluated for impairment | 0 | ||
Allowance for Loan Losses, collectively evaluated for impairment | 297 | ||
Financing receivables | 0 | ||
Financing receivables, individually evaluated for impairment | 0 | ||
Financing receivables, collectively evaluated for impairment | 0 | ||
Allowance for Estimated Imprecision [Member] | Accounting Standards Update 2016-13 [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Allowance for Loan and Lease Losses Beginning balance | (297) | ||
Allowance for Loan and Lease Losses Ending balance | (297) | ||
Allowance for Estimated Imprecision [Member] | Accounting Standards Update 2016-13 [Member] | PCD loans Member [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Allowance for Loan and Lease Losses Beginning balance | 0 | ||
Allowance for Loan and Lease Losses Ending balance | 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 | ||
Financing receivables | 0 | ||
Commercial Real Estate [Member] | Owner-Occupied [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Allowance for Loan and Lease Losses Beginning balance | 22,738 | 5,554 | 5,063 |
Initial allowance for PCD loans (acquired during the period) | 0 | 1,955 | |
Charge-offs | (1,627) | (2,162) | (7,905) |
Recoveries | 64 | 374 | 3,733 |
Provision | 2,570 | 6,444 | 4,663 |
Allowance for Loan and Lease Losses Ending balance | 23,745 | 23,745 | 5,554 |
Allowance for Loan Losses, individually evaluated for impairment | 973 | ||
Allowance for Loan Losses, collectively evaluated for impairment | 4,581 | ||
Financing receivables | 1,201,652 | ||
Financing receivables, individually evaluated for impairment | 16,703 | ||
Financing receivables, collectively evaluated for impairment | 1,160,556 | ||
Commercial Real Estate [Member] | Owner-Occupied [Member] | Accounting Standards Update 2016-13 [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Allowance for Loan and Lease Losses Beginning balance | 9,737 | ||
Allowance for Loan and Lease Losses Ending balance | 9,737 | ||
Commercial Real Estate [Member] | Owner-Occupied [Member] | Accounting Standards Update 2016-13 [Member] | PCD loans Member [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Allowance for Loan and Lease Losses Beginning balance | 1,843 | ||
Allowance for Loan and Lease Losses Ending balance | 1,843 | ||
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 | ||
Financing receivables | 24,393 | ||
Commercial Real Estate [Member] | Nonowner-Occupied [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Allowance for Loan and Lease Losses Beginning balance | 25,777 | 8,524 | 6,919 |
Initial allowance for PCD loans (acquired during the period) | 0 | 6,418 | |
Charge-offs | (945) | (2,882) | (1,093) |
Recoveries | 25 | 747 | 80 |
Provision | 9,841 | 12,747 | 2,618 |
Allowance for Loan and Lease Losses Ending balance | 34,698 | 34,698 | 8,524 |
Allowance for Loan Losses, individually evaluated for impairment | 2,979 | ||
Allowance for Loan Losses, collectively evaluated for impairment | 5,545 | ||
Financing receivables | 3,965,960 | ||
Financing receivables, individually evaluated for impairment | 27,121 | ||
Financing receivables, collectively evaluated for impairment | 3,925,249 | ||
Commercial Real Estate [Member] | Nonowner-Occupied [Member] | Accounting Standards Update 2016-13 [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Allowance for Loan and Lease Losses Beginning balance | 9,023 | ||
Allowance for Loan and Lease Losses Ending balance | 9,023 | ||
Commercial Real Estate [Member] | Nonowner-Occupied [Member] | Accounting Standards Update 2016-13 [Member] | PCD loans Member [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Allowance for Loan and Lease Losses Beginning balance | 121 | ||
Allowance for Loan and Lease Losses Ending balance | 121 | ||
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 | ||
Financing receivables | 13,590 | ||
Other Commercial [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Allowance for Loan and Lease Losses Beginning balance | 79,404 | 47,325 | 41,341 |
Initial allowance for PCD loans (acquired during the period) | 0 | 7,032 | |
Charge-offs | (4,432) | (11,460) | (12,975) |
Recoveries | 2,065 | 2,511 | 2,599 |
Provision | 1,994 | 37,514 | 16,360 |
Allowance for Loan and Lease Losses Ending balance | 79,031 | 79,031 | 47,325 |
Allowance for Loan Losses, individually evaluated for impairment | 11,931 | ||
Allowance for Loan Losses, collectively evaluated for impairment | 35,394 | ||
Financing receivables | 2,285,037 | ||
Financing receivables, individually evaluated for impairment | 54,108 | ||
Financing receivables, collectively evaluated for impairment | 2,194,432 | ||
Other Commercial [Member] | Accounting Standards Update 2016-13 [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Allowance for Loan and Lease Losses Beginning balance | (4,829) | ||
Allowance for Loan and Lease Losses Ending balance | (4,829) | ||
Other Commercial [Member] | Accounting Standards Update 2016-13 [Member] | PCD loans Member [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Allowance for Loan and Lease Losses Beginning balance | 938 | ||
Allowance for Loan and Lease Losses Ending balance | 938 | ||
Other Commercial [Member] | Loans Acquired with Deteriorated Credit Quality [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Allowance for Loan Losses | 0 | ||
Financing receivables | 36,497 | ||
Residential Real Estate [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Allowance for Loan and Lease Losses Beginning balance | 38,883 | 8,997 | 12,448 |
Initial allowance for PCD loans (acquired during the period) | 0 | 652 | |
Charge-offs | (490) | (1,380) | (2,967) |
Recoveries | 448 | 750 | 858 |
Provision | (2,108) | 14,443 | (1,342) |
Allowance for Loan and Lease Losses Ending balance | 36,733 | 36,733 | 8,997 |
Allowance for Loan Losses, individually evaluated for impairment | 354 | ||
Allowance for Loan Losses, collectively evaluated for impairment | 8,643 | ||
Financing receivables | 3,686,401 | ||
Financing receivables, individually evaluated for impairment | 11,526 | ||
Financing receivables, collectively evaluated for impairment | 3,665,140 | ||
Residential Real Estate [Member] | Accounting Standards Update 2016-13 [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Allowance for Loan and Lease Losses Beginning balance | 13,097 | ||
Allowance for Loan and Lease Losses Ending balance | 13,097 | ||
Residential Real Estate [Member] | Accounting Standards Update 2016-13 [Member] | PCD loans Member [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Allowance for Loan and Lease Losses Beginning balance | 174 | ||
Allowance for Loan and Lease Losses Ending balance | 174 | ||
Residential Real Estate [Member] | Loans Acquired with Deteriorated Credit Quality [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Allowance for Loan Losses | 0 | ||
Financing receivables | 9,735 | ||
Consumer [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Allowance for Loan and Lease Losses Beginning balance | 3,007 | 2,695 | |
Charge-offs | (2,867) | ||
Recoveries | 706 | ||
Provision | 2,473 | ||
Allowance for Loan and Lease Losses Ending balance | 3,007 | ||
Allowance for Loan Losses, individually evaluated for impairment | 0 | ||
Allowance for Loan Losses, collectively evaluated for impairment | 3,007 | ||
Financing receivables | 1,166,293 | ||
Financing receivables, individually evaluated for impairment | 0 | ||
Financing receivables, collectively evaluated for impairment | 1,166,293 | ||
Consumer [Member] | Loans Acquired with Deteriorated Credit Quality [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Allowance for Loan Losses | 0 | ||
Financing receivables | 0 | ||
Other Consumer [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Allowance for Loan and Lease Losses Beginning balance | 15,736 | 2,933 | |
Initial allowance for PCD loans (acquired during the period) | 0 | 8 | |
Charge-offs | (886) | (2,794) | |
Recoveries | 128 | 338 | |
Provision | 1,303 | 5,051 | |
Allowance for Loan and Lease Losses Ending balance | $ 16,281 | 16,281 | 2,933 |
Other Consumer [Member] | Accounting Standards Update 2016-13 [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Allowance for Loan and Lease Losses Beginning balance | 10,745 | ||
Allowance for Loan and Lease Losses Ending balance | 10,745 | ||
Other Consumer [Member] | Accounting Standards Update 2016-13 [Member] | PCD loans Member [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Allowance for Loan and Lease Losses Beginning balance | $ 0 | ||
Allowance for Loan and Lease Losses Ending balance | $ 0 |
Intangible Assets - Summary of
Intangible Assets - Summary of Intangible Assets (Detail) - USD ($) $ in Thousands | Sep. 30, 2020 | Dec. 31, 2019 |
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | $ 1,276 | |
Goodwill not subject to amortization | 1,794,886 | $ 1,478,014 |
Core Deposit Intangible Assets [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 101,396 | 98,359 |
Accumulated Amortization | (74,429) | (69,508) |
George Mason Trade Name Intangible [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 1,080 | 1,080 |
Crescent Mortgage Trade Name [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 196 | |
Community Banking [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 0 | |
Goodwill not subject to amortization | 1,789,571 | 1,472,699 |
Community Banking [Member] | Core Deposit Intangible Assets [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 101,396 | 98,359 |
Accumulated Amortization | (74,429) | (69,508) |
Community Banking [Member] | George Mason Trade Name Intangible [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 0 | 0 |
Community Banking [Member] | Crescent Mortgage Trade Name [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 0 | |
Mortgage Banking [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 1,276 | |
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 |
Mortgage Banking [Member] | Crescent Mortgage Trade Name [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | $ 196 |
Intangible Assets - Reconciliat
Intangible Assets - Reconciliation of Goodwill (Detail) $ in Thousands | 9 Months Ended |
Sep. 30, 2020USD ($) | |
Goodwill [Line Items] | |
Goodwill at December 31, 2019 | $ 1,478,014 |
Preliminary addition to goodwill from Carolina Financial acquisition | 316,872 |
Goodwill at September 30, 2020 | 1,794,886 |
Community Banking [Member] | |
Goodwill [Line Items] | |
Goodwill at December 31, 2019 | 1,472,699 |
Preliminary addition to goodwill from Carolina Financial acquisition | 316,872 |
Goodwill at September 30, 2020 | 1,789,571 |
Mortgage Banking [Member] | |
Goodwill [Line Items] | |
Goodwill at December 31, 2019 | 5,315 |
Preliminary addition to goodwill from Carolina Financial acquisition | 0 |
Goodwill at September 30, 2020 | $ 5,315 |
Intangible Assets - Additional
Intangible Assets - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Amortization Expense On Intangible Assets | $ 1,691 | $ 1,754 | $ 4,914 | $ 5,262 |
Intangible Assets - Schedule of
Intangible Assets - Schedule of Anticipated Amortization Expense (Detail) $ in Thousands | Dec. 31, 2019USD ($) |
Goodwill and Intangible Assets Disclosure [Abstract] | |
2020 | $ 6,612 |
2021 | 5,780 |
2022 | 4,939 |
2023 | 4,641 |
2024 and thereafter | $ 9,916 |
Mortage Servicing Rights - Addi
Mortage Servicing Rights - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |
Sep. 30, 2020 | Sep. 30, 2020 | Dec. 31, 2019 | |
Servicing Assets at Fair Value [Line Items] | |||
Estimated fair value of mortgage servicing rights | $ 20,413 | $ 20,413 | $ 0 |
Temporary impairment charge of mortgage servicing rights | (400) | (1,110) | |
Mortgage servicing rights | 20,123 | ||
Mortgage Servicing Rights [Member] | |||
Servicing Assets at Fair Value [Line Items] | |||
Loans serviced for others unpaid principal balance | $ 3,551,157 | $ 3,551,157 | |
Net servicing fee percentage | 0.26% | 0.26% | |
Temporary impairment charge of mortgage servicing rights | $ (1,110) | ||
Mortgage servicing rights | $ 0 | $ 20,123 | |
Mortgage Servicing Rights [Member] | Minimum [Member] | |||
Servicing Assets at Fair Value [Line Items] | |||
Discount rate used in estimating the fair value of servicing rights | 9.50% | ||
Weighted average prepayment rates used in estimating the fair value of servicing rights | 10.62% | ||
Deliquency rate used in determning fair value of servicing rights | 7.59% | ||
Mortgage Servicing Rights [Member] | Maximum [Member] | |||
Servicing Assets at Fair Value [Line Items] | |||
Discount rate used in estimating the fair value of servicing rights | 13.93% | ||
Weighted average prepayment rates used in estimating the fair value of servicing rights | 15.08% | ||
Deliquency rate used in determning fair value of servicing rights | 17.80% | ||
Mortgage Servicing Rights [Member] | Weighted Average [Member] | Including Loans On Forbearance [Member] | |||
Servicing Assets at Fair Value [Line Items] | |||
Deliquency rate used in determning fair value of servicing rights | 3.75% | ||
Mortgage Servicing Rights [Member] | Loan Origination Commitments [Member] | Median [Member] | |||
Servicing Assets at Fair Value [Line Items] | |||
Estimated fair value of mortgage servicing rights | $ 20,413 | $ 20,413 |
Mortage Servicing Rights - Summ
Mortage Servicing Rights - Summary of Activity in Mortgage Servicing Rights (Detail) $ in Thousands | 3 Months Ended | 9 Months Ended |
Sep. 30, 2020USD ($) | Sep. 30, 2020USD ($) | |
Servicing Asset at Amortized Cost [Line Items] | ||
Addition from acquisition of subsidiary | $ 20,123 | |
MSRs valuation allowance beginning balance | $ (710) | 0 |
MSRs impairment | (400) | (1,110) |
MSRs valuation allowance ending balance | (1,110) | (1,110) |
MSRs, net of valuation allowance | 20,413 | 20,413 |
Mortgage Servicing Rights [Member] | ||
Servicing Asset at Amortized Cost [Line Items] | ||
MSRs beginning balance | 20,910 | 0 |
Addition from acquisition of subsidiary | 0 | 20,123 |
Amount capitalized | 2,500 | 4,391 |
Purchased servicing | 0 | 0 |
Amount amortized | (1,887) | (2,991) |
MSRs ending balance | $ 21,523 | 21,523 |
MSRs impairment | $ (1,110) |
Leases - Additional Information
Leases - Additional Information (Detail) | Sep. 30, 2020 |
Operating leases, option to extend term | 5 years |
Maximum [Member] | |
Operating lease remaining lease term | 12 years |
Minimum [Member] | |
Operating lease remaining lease term | 1 year |
Leases - Components of Lease Ex
Leases - Components of Lease Expense (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Operating lease cost | $ 5,704 | $ 4,864 | $ 16,665 | $ 14,571 |
Sublease income | (102) | (197) | (496) | (671) |
Net lease cost | $ 5,602 | $ 4,667 | $ 16,169 | $ 13,900 |
Leases - Supplemental Balance S
Leases - Supplemental Balance Sheet Information Related to Leases (Detail) - USD ($) $ in Thousands | Sep. 30, 2020 | Dec. 31, 2019 |
Operating lease right-of-use assets | $ 72,789 | $ 57,783 |
Operating lease liabilities | $ 76,604 | $ 61,342 |
Leases - Other Information Rela
Leases - Other Information Related to Leases (Detail) | Sep. 30, 2020 |
Weightedaverage discount rate [Abstract] | |
Operating leases | 2.53% |
Leases - Supplemental Cash Flow
Leases - Supplemental Cash Flow Information Related to Leases (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Cash paid for amounts in the measurement of lease liabilities [Abstract] | ||||
Operating cash flows from operating leases | $ 5,854 | $ 4,903 | $ 16,593 | $ 14,552 |
ROU assets obtained in the exchange for lease liabilities | $ 7,148 | $ 1,537 | $ 19,480 | $ 5,953 |
Leases - Maturities of Lease Li
Leases - Maturities of Lease Liabilities by Year (Detail) - USD ($) $ in Thousands | Sep. 30, 2020 | Dec. 31, 2019 |
2020 | $ 5,467 | $ 17,725 |
2021 | 19,994 | 15,180 |
2022 | 15,706 | 11,522 |
2023 | 12,224 | 8,751 |
2024 | 8,010 | 5,127 |
Thereafter | 20,607 | 8,190 |
Total lease payments | 82,008 | 66,495 |
Less: imputed interest | (5,404) | (5,153) |
Total | $ 76,604 | $ 61,342 |
Short-Term Borrowings - Additio
Short-Term Borrowings - Additional Information (Detail) | 9 Months Ended |
Sep. 30, 2020USD ($) | |
Short-term Debt [Line Items] | |
Unused lines of credit | $ 230,000 |
Federal funds purchased | 0 |
Repurchase agreements | 148,357 |
Unrelated Financial Institution [Member] | |
Short-term Debt [Line Items] | |
Unused lines of credit | $ 20,000 |
Renewal period of line of credit | 360-day |
Amount of outstanding balance under line of credit | $ 0 |
Long-Term Borrowings - Addition
Long-Term Borrowings - Additional Information (Detail) - USD ($) | 9 Months Ended | |
Sep. 30, 2020 | Dec. 31, 2019 | |
Debt Instrument [Line Items] | ||
Unused borrowing amount | $ 6,685,985 | |
Outstanding balances of debentures | $ 279,425 | $ 236,164 |
Maximum time to defer payment of interest on subordinate debt | 5 years | |
Advances from Federal Home Loan Banks | $ 645,249,000 | $ 1,851,865,000 |
Federal Home Loan Bank, Advances, Activity for Year, Average Interest Rate for Year | 0.65% | |
Advances From Federal Home Loan Banks Maximum Maturity Period | 5 years |
Long -Term Borrowings - Schedul
Long -Term Borrowings - Schedule of Maturities of Long-term Borrowings (Detail) $ in Thousands | Sep. 30, 2020USD ($) |
Debt Disclosure [Abstract] | |
2020 | $ 561,003 |
2021 | 52,429 |
2022 | 20,869 |
2023 | 0 |
2024 and thereafter | 10,948 |
Total | $ 645,249 |
Commitments and Contingent Li_2
Commitments and Contingent Liabilities - Additional Information (Detail) - USD ($) | 9 Months Ended | |
Sep. 30, 2020 | Dec. 31, 2019 | |
Loss Contingencies [Line Items] | ||
Loan commitments outstanding | $ 5,800,813 | $ 3,610,777 |
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 | $ 1,230 | |
Commitments to Extend Credit [Member] | George Mason [Member] | Short-term Contract with Customer [Member] | ||
Loss Contingencies [Line Items] | ||
Additional commitments to extend credit | 293,229 | |
Commercial Letters of Credit [Member] | ||
Loss Contingencies [Line Items] | ||
Letters of credit issued | 5,092 | 5,092 |
Standby Letters of Credit [Member] | ||
Loss Contingencies [Line Items] | ||
Letters of credit issued | $ 136,275 | $ 145,105 |
Derivative Financial Instrume_3
Derivative Financial Instruments - Additional information (Detail) - USD ($) $ in Thousands | 6 Months Ended | 9 Months Ended | |
Jun. 30, 2020 | Sep. 30, 2020 | Dec. 31, 2019 | |
Derivative [Line Items] | |||
Derivative liabilities notional amount | $ 1,353,126 | $ 356,243 | |
Interest Rate Cash Flow Hedge [Member] | |||
Derivative [Line Items] | |||
Derivative liabilities notional amount | 500,000 | ||
Federal Home Loan Bank Borrowings [Member] | Interest Rate Cash Flow Hedge [Member] | |||
Derivative [Line Items] | |||
Derivative liabilities notional amount | $ 250,000 | $ 250,000 | |
Derivative instrument pay fixed rate of interest and receive floating rate | 0.59% | 0.19% | |
Derivative instrument term of the interest rate swap | 10 years | 4 years | |
Cash flow hedge reclassification amount to be reclassified from aoci to income in the next twelve months | $ 1,262 | ||
Fair value of interest rate swaps liability net | $ 0 |
Derivative Financial Instrume_4
Derivative Financial Instruments - Schedule of Notional Amount and Fair Value Derivative Financial Instruments (Detail) - USD ($) $ in Thousands | Sep. 30, 2020 | Dec. 31, 2019 |
Derivative [Line Items] | ||
Asset derivatives, notional amount | $ 1,704,367 | $ 144,512 |
Liability derivatives, notional amount | 1,353,126 | 356,243 |
Asset derivatives not designated as hedging instruments | 51,895 | 4,527 |
Liability derivatives designated as hedging instruments | 8,653 | 2,394 |
Liability derivatives not designated as hedging instruments | 11,366 | 3,065 |
Designated as Hedging Instrument [Member] | ||
Derivative [Line Items] | ||
Liability derivatives, notional amount | 578,126 | 82,243 |
Not Designated as Hedging Instrument [Member] | ||
Derivative [Line Items] | ||
Asset derivatives, notional amount | 1,704,367 | 144,512 |
Liability derivatives, notional amount | 775,000 | 274,000 |
Liability derivatives not designated as hedging instruments | 2,713 | 671 |
Fair Value Hedging [Member] | ||
Derivative [Line Items] | ||
Liability derivatives designated as hedging instruments | 7,878 | 2,394 |
Fair Value Hedging [Member] | Designated as Hedging Instrument [Member] | ||
Derivative [Line Items] | ||
Liability derivatives, notional amount | 78,126 | 82,243 |
Cash Flow Hedging [Member] | ||
Derivative [Line Items] | ||
Liability derivatives designated as hedging instruments | 775 | 0 |
Cash Flow Hedging [Member] | Designated as Hedging Instrument [Member] | ||
Derivative [Line Items] | ||
Liability derivatives, notional amount | 500,000 | 0 |
Other Assets [Member] | ||
Derivative [Line Items] | ||
Asset derivatives not designated as hedging instruments | 1,990 | 9 |
Other Assets [Member] | Interest Rate Lock Commitments [Member] | ||
Derivative [Line Items] | ||
Asset derivatives not designated as hedging instruments | 49,810 | 4,518 |
Other Assets [Member] | Not Designated as Hedging Instrument [Member] | Interest Rate Lock Commitments [Member] | ||
Derivative [Line Items] | ||
Asset derivatives, notional amount | 1,399,936 | 117,252 |
Other Liabilities [Member] | TBA Mortgage Backed Securities [Member] | ||
Derivative [Line Items] | ||
Liability derivatives not designated as hedging instruments | 2,713 | 671 |
Other Liabilities [Member] | Not Designated as Hedging Instrument [Member] | TBA Mortgage Backed Securities [Member] | ||
Derivative [Line Items] | ||
Liability derivatives, notional amount | 775,000 | 274,000 |
Interest Rate Contracts [Member] | Other Liabilities [Member] | Fair Value Hedging [Member] | Hedged Commercial Loans [Member] | ||
Derivative [Line Items] | ||
Liability derivatives designated as hedging instruments | 7,878 | 2,394 |
Interest Rate 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 | 78,126 | 82,243 |
Interest Rate Contracts [Member] | Other Liabilities [Member] | Cash Flow Hedging [Member] | Designated as Hedging Instrument [Member] | Hedged Commercial Loans Federal Home Loan Bank [Member] | ||
Derivative [Line Items] | ||
Liability derivatives, notional amount | 500,000 | 0 |
Liability derivatives designated as hedging instruments | 775 | 0 |
TBA Mortgage Backed Securities [Member] | Other Assets [Member] | Not Designated as Hedging Instrument [Member] | ||
Derivative [Line Items] | ||
Asset derivatives, notional amount | 229,000 | 0 |
Asset derivatives not designated as hedging instruments | 95 | 0 |
Forward Loan Sale Commitments [Member] | Other Assets [Member] | Not Designated as Hedging Instrument [Member] | ||
Derivative [Line Items] | ||
Asset derivatives, notional amount | $ 75,431 | $ 27,260 |
Derivative Financial Instrume_5
Derivative Financial Instruments - Summary of Carrying Amount Hedged Assets/(Liabilities) (Detail) - Designated as Hedging Instrument [Member] - Interest Rate Swap [Member] - Loans And Leases Net Of Unearned Income [Member] - USD ($) $ in Thousands | Sep. 30, 2020 | Dec. 31, 2019 |
Carrying Amount of the Hedged Assets/(Liabilities) | $ 78,937 | $ 81,397 |
Cumulative Amount of Fair Value Hedging Adjustment Included in the Carrying Amount of the Hedged Assets/(Liabilities) | (7,878) | (2,394) |
Cumulative Amount of Fair Value Hedging Adjustment Remaining for any Hedged Assets/(Liabilities) for which Hedge Accounting has been Discontinued | $ 0 | $ 0 |
Derivative Financial Instrume_6
Derivative Financial Instruments - Schedule of Derivative Financial Instruments on Statements of Income (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Derivative [Line Items] | ||||
Derivatives in hedging relationships | $ 22,356 | $ 3,100 | $ 31,473 | $ 9,270 |
Designated as Hedging Instrument [Member] | ||||
Derivative [Line Items] | ||||
Derivatives in hedging relationships | (409) | (187) | (1,129) | (285) |
Designated as Hedging Instrument [Member] | Interest And Fees On Loans And Leases [Member] | Interest Rate Contracts [Member] | Fair Value Hedging [Member] | ||||
Derivative [Line Items] | ||||
Derivatives in hedging relationships | (409) | (187) | (1,129) | (285) |
Not Designated as Hedging Instrument [Member] | ||||
Derivative [Line Items] | ||||
Derivatives not designated as hedging instruments | 22,765 | 3,287 | 32,602 | 9,555 |
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 | 1,604 | 2,641 | (167) | 2,167 |
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 | 20,915 | 602 | 33,084 | 6,472 |
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 | $ 246 | $ 44 | $ (315) | $ 916 |
Fair Value Measurements - Addit
Fair Value Measurements - Additional Information (Detail) - USD ($) | 3 Months Ended | 9 Months Ended | |
Sep. 30, 2020 | Sep. 30, 2020 | Dec. 31, 2019 | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Transfers from Level 1 to Level 3 for financial assets | $ 0 | $ 0 | $ 0 |
Transfers from Level 3 to Level 1 for financial assets | 0 | 0 | 0 |
Transfers from Level 2 to Level 3 for financial assets | 0 | 0 | 0 |
Transfers from Level 3 to Level 2 for financial assets | 0 | 0 | 0 |
Transfers from Level 1 to Level 3 for financial liabilities | 0 | 0 | 0 |
Transfers from Level 3 to Level 1 for financial liabilities | 0 | 0 | 0 |
Transfers from Level 2 to Level 3 for financial liabilities | 0 | 0 | 0 |
Transfers from Level 3 to Level 2 for financial liabilities | 0 | 0 | $ 0 |
Nonrecurring fair value adjustments on loans held for sale | 0 | ||
Temporary impairment charge of mortgage servicing rights | $ (400,000) | (1,110,000) | |
Mortgage Servicing Rights [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Temporary impairment charge of mortgage servicing rights | $ (1,110,000) | ||
Net Servicing Fee Percentage Servicing Assets | 0.26% | 0.26% | |
Significant Unobservable Inputs (Level 3) [Member] | Mortgage Servicing Rights [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Net Servicing Fee Percentage Servicing Assets | 0.26% | 0.26% | |
Minimum [Member] | Mortgage Servicing Rights [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Discount rate used in estimating the fair value of servicing rights | 9.50% | ||
Average range of constant prepayment rates | 10.62% | ||
Deliquency rate used in determning fair value of servicing rights | 7.59% | ||
Minimum [Member] | Significant Unobservable Inputs (Level 3) [Member] | Mortgage Servicing Rights [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Discount rate used in estimating the fair value of servicing rights | 9.50% | ||
Average range of constant prepayment rates | 7.59% | ||
Maximum [Member] | Mortgage Servicing Rights [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Discount rate used in estimating the fair value of servicing rights | 13.93% | ||
Average range of constant prepayment rates | 15.08% | ||
Deliquency rate used in determning fair value of servicing rights | 17.80% | ||
Maximum [Member] | Significant Unobservable Inputs (Level 3) [Member] | Mortgage Servicing Rights [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Discount rate used in estimating the fair value of servicing rights | 13.93% | ||
Average range of constant prepayment rates | 17.80% | ||
Weighted Average [Member] | Significant Unobservable Inputs (Level 3) [Member] | Mortgage Servicing Rights [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Discount rate used in estimating the fair value of servicing rights | 10.62% | ||
Average range of constant prepayment rates | 15.08% | ||
Deliquency rate used in determning fair value of servicing rights | 3.75% | ||
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 | 0.02% | 0.02% | |
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 | 0.27% | 0.27% | |
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 | 0.17% | 0.17% | |
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 | 0.02% | 0.02% | |
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 | 0.27% | 0.27% | |
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 | 0.17% | 0.17% |
Fair Value Measurements - Sched
Fair Value Measurements - Schedule of Financial Assets and Liabilities Measured at Fair Value (Detail) - USD ($) $ in Thousands | Sep. 30, 2020 | Dec. 31, 2019 | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Loans held for sale | $ 812,084 | $ 387,514 | |
Fair Value, Measurements, Recurring [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Available for sale debt securities | 2,777,802 | 2,437,296 | |
Available for sale equity securities | 10,255 | 8,894 | |
Loans held for sale | 784,457 | 384,375 | |
Derivative financial assets | 51,895 | 4,527 | |
Derivative financial liabilities | 11,366 | 3,065 | |
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 | 66,510 | 58,676 | |
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 | 536,155 | 272,362 | |
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 | 804,332 | 836,534 | |
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 | 42,340 | 3,833 | |
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 | 650,986 | 614,973 | |
Asset-Backed Securities [Member] | Fair Value, Measurements, Recurring [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Available for sale debt securities | 283,589 | 276,139 | |
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 | 4,703 | |
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 | 16,748 | 16,774 | |
Corporate Bonds [Member] | Fair Value, Measurements, Recurring [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Available for sale debt securities | 377,142 | 353,302 | |
Financial Services Industry [Member] | Fair Value, Measurements, Recurring [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Available for sale equity securities | 100 | 154 | |
Other Equity Securities [Member] | Fair Value, Measurements, Recurring [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Available for sale equity securities | 5,995 | 4,769 | |
Forward Sales Commitments [Member] | Fair Value, Measurements, Recurring [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Derivative financial assets | 1,990 | 4,518 | |
Interest Rate Lock Commitments [Member] | Fair Value, Measurements, Recurring [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Derivative financial assets | 49,810 | ||
TBA Mortgage Backed Securities [Member] | Fair Value, Measurements, Recurring [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Derivative financial assets | 95 | ||
Derivative financial liabilities | 2,713 | 671 | |
Derivative financial liabilities [Member] | Fair Value, Measurements, Recurring [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Derivative financial liabilities | 2,394 | ||
Interest Rate Contracts [Member] | Fair Value, Measurements, Recurring [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Derivative financial assets | 9 | ||
Derivative financial liabilities | 8,653 | ||
Equity Mutual Funds [Member] | Fair Value, Measurements, Recurring [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Available for sale equity securities | 4,160 | [1] | 3,971 |
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 | |
Derivative financial assets | 0 | 0 | |
Derivative financial liabilities | 0 | 0 | |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Fair Value, Measurements, Recurring [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Available for sale debt securities | 6,282 | 6,586 | |
Available for sale equity securities | 10,255 | 8,894 | |
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 | 6,282 | 6,586 | |
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 | 100 | 154 | |
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 | 5,995 | 4,769 | |
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 Lock Commitments [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] | TBA Mortgage Backed Securities [Member] | Fair Value, Measurements, Recurring [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Derivative financial assets | 0 | ||
Derivative financial liabilities | 0 | 0 | |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Derivative financial liabilities [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] | Interest Rate Contracts [Member] | Fair Value, Measurements, Recurring [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Derivative financial assets | 0 | ||
Derivative financial liabilities | 0 | ||
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Equity Mutual Funds [Member] | Fair Value, Measurements, Recurring [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Available for sale equity securities | 4,160 | [1] | 3,971 |
Significant Other Observable Inputs (Level 2) [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Loans held for sale | 87,290 | 3,139 | |
Derivative financial assets | 12,021 | 9 | |
Derivative financial liabilities | 11,366 | 3,065 | |
Significant Other Observable Inputs (Level 2) [Member] | Fair Value, Measurements, Recurring [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Available for sale debt securities | 2,771,520 | 2,426,007 | |
Available for sale equity securities | 0 | 0 | |
Loans held for sale | 59,663 | 0 | |
Derivative financial assets | 12,021 | 9 | |
Derivative financial liabilities | 11,366 | 3,065 | |
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 | 66,510 | 58,676 | |
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 | 536,155 | 272,362 | |
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 | 804,332 | 836,534 | |
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 | 42,340 | 3,833 | |
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 | 650,986 | 614,973 | |
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 | 283,589 | 276,139 | |
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 | 16,748 | 16,774 | |
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 | 370,860 | 346,716 | |
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] | Forward Sales Commitments [Member] | Fair Value, Measurements, Recurring [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Derivative financial assets | 1,990 | 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 | 9,936 | ||
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 assets | 95 | ||
Derivative financial liabilities | 2,713 | 671 | |
Significant Other Observable Inputs (Level 2) [Member] | Derivative financial liabilities [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] | Interest Rate Contracts [Member] | Fair Value, Measurements, Recurring [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Derivative financial assets | 9 | ||
Derivative financial liabilities | 8,653 | ||
Significant Other Observable Inputs (Level 2) [Member] | Equity Mutual Funds [Member] | Fair Value, Measurements, Recurring [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Available for sale equity securities | 0 | [1] | 0 |
Significant Unobservable Inputs (Level 3) [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Loans held for sale | 724,794 | 384,375 | |
Derivative financial assets | 39,874 | 4,518 | |
Derivative financial liabilities | 0 | 0 | |
Significant Unobservable Inputs (Level 3) [Member] | Fair Value, Measurements, Recurring [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Available for sale debt securities | 0 | 4,703 | |
Available for sale equity securities | 0 | 0 | |
Loans held for sale | 724,794 | 384,375 | |
Derivative financial assets | 39,874 | 4,518 | |
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 | 0 | 4,703 | |
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] | Forward Sales Commitments [Member] | Fair Value, Measurements, Recurring [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Derivative financial assets | 0 | 4,518 | |
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 | 39,874 | ||
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 assets | 0 | ||
Derivative financial liabilities | 0 | 0 | |
Significant Unobservable Inputs (Level 3) [Member] | Derivative financial liabilities [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] | Interest Rate Contracts [Member] | Fair Value, Measurements, Recurring [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Derivative financial assets | 0 | ||
Derivative financial liabilities | 0 | ||
Significant Unobservable Inputs (Level 3) [Member] | Equity Mutual Funds [Member] | Fair Value, Measurements, Recurring [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Available for sale equity securities | $ 0 | [1] | $ 0 |
[1] | The equity mutual funds are within a rabbi trust for the payment of benefits under a deferred compensation plan for certain key officers of United and its subsidiaries. |
Fair Value Measurements - Sch_2
Fair Value Measurements - Schedule of Additional Information about Financial Assets and Liabilities Measured at Fair Value Utilized Level 3 (Detail) - Fair Value, Measurements, Recurring [Member] - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended |
Sep. 30, 2020 | Dec. 31, 2019 | |
Trust Preferred Collateralized Debt Obligations [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Balance, beginning of period | $ 4,703 | $ 5,917 |
Included in earnings (or changes in net assets) | 309 | (155) |
Included in other comprehensive income | 0 | (1,059) |
Sales | (5,012) | 0 |
Balance, end of period | 0 | 4,703 |
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 | 384,375 | 247,104 |
Included in earnings (or changes in net assets) | 167,500 | 83,806 |
Originations | 4,088,247 | 2,941,722 |
Sales | (3,915,328) | (2,888,257) |
Balance, end of period | 724,794 | 384,375 |
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 | 4,518 | 4,103 |
Transfers other | 35,356 | 415 |
Balance, end of period | 39,874 | 4,518 |
The amount of total gains or losses for the period included in earnings (or changes in net assets) attributable to the change in unrealized gains or losses relating to assets still held at reporting date | $ 0 | $ 0 |
Fair Value Measurements - Sch_3
Fair Value Measurements - Schedule of Changes in Fair Value Included in Earnings of Financial Instruments for which Fair Value Option has been Elected (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Mortgage Banking [Member] | ||||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||||
Income from mortgage banking activities | $ 7,807 | $ (1,304) | $ 18,278 | $ 5,238 |
Fair Value Measurements - Summa
Fair Value Measurements - Summary of Difference Between Aggregate Fair Value and Remaining Contractual Principal Outstanding for Financial Instruments for which Fair Value Option has been Elected (Detail) - USD ($) $ in Thousands | Sep. 30, 2020 | Dec. 31, 2019 |
Fair Value Disclosures [Abstract] | ||
Loans held for sale, unpaid principal balance | $ 759,737 | $ 375,274 |
Loans held for sale, fair value | 784,457 | 384,375 |
Loans held for sale, fair value over/(under) unpaid principal balance | $ 24,720 | $ 9,101 |
Fair Value Measurements - Sum_2
Fair Value Measurements - Summary of Financial Assets Measured at Fair Value on Nonrecurring Basis (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended |
Sep. 30, 2020 | Sep. 30, 2020 | Dec. 31, 2019 | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
YTD Losses, Loans held for sale | $ (5) | $ (4) | |
YTD Losses, Individually assessed loans | 1,242 | ||
YTD Losses, Impaired Loans | 1,831 | ||
YTD Losses, OREO | (445) | (785) | |
YTD Losses, Mortgage servicing rights | $ (400) | (1,110) | |
Loans held for sale | 784,457 | 784,457 | 384,375 |
Individually assessed loans | 123,505 | ||
OREO | 25,696 | 25,696 | 15,515 |
Mortgage servicing rights | 20,413 | 20,413 | |
Mortgage Servicing Rights [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
YTD Losses, Mortgage servicing rights | (1,110) | ||
Fair Value, Measurements, Nonrecurring [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Loans held for sale | 27,627 | 27,627 | 3,139 |
Individually assessed loans | 52,921 | 52,921 | |
Impaired Loans | 68,213 | ||
OREO | 25,696 | 25,696 | 15,515 |
Fair Value, Measurements, Nonrecurring [Member] | Mortgage Servicing Rights [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Mortgage servicing rights | 20,413 | 20,413 | |
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 | 0 |
Individually assessed loans | 0 | 0 | |
Impaired Loans | 0 | ||
OREO | 0 | 0 | 0 |
Fair Value, Measurements, Nonrecurring [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Mortgage Servicing Rights [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Mortgage servicing rights | 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 | 27,627 | 27,627 | 3,139 |
Individually assessed loans | 40,285 | 40,285 | |
Impaired Loans | 55,792 | ||
OREO | 25,645 | 25,645 | 15,495 |
Fair Value, Measurements, Nonrecurring [Member] | Significant Other Observable Inputs (Level 2) [Member] | Mortgage Servicing Rights [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Mortgage servicing rights | 0 | 0 | |
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 | 0 |
Individually assessed loans | 12,636 | 12,636 | |
Impaired Loans | 12,421 | ||
OREO | 51 | 51 | $ 20 |
Fair Value, Measurements, Nonrecurring [Member] | Significant Unobservable Inputs (Level 3) [Member] | Mortgage Servicing Rights [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Mortgage servicing rights | $ 20,413 | $ 20,413 |
Fair Value Measurements - Sum_3
Fair Value Measurements - Summary of Estimated Fair Values of Financial Instruments (Detail) - USD ($) $ in Thousands | Sep. 30, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Dec. 31, 2018 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Cash and cash equivalents | $ 1,656,533 | $ 837,493 | $ 976,154 | $ 1,020,396 |
Securities available for sale | 2,777,802 | 2,437,296 | ||
Securities held to maturity | 1,214 | 1,446 | ||
Other securities | 217,992 | 222,161 | ||
Loans held for sale | 812,084 | 387,514 | ||
Net loans and leases | 17,930,231 | 13,712,129 | ||
Mortgage servicing rights | 20,413 | 0 | ||
Deposits | 20,251,539 | 13,852,421 | ||
Carrying Amount [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Cash and cash equivalents | 1,656,533 | 837,493 | ||
Securities available for sale | 2,777,802 | 2,437,296 | ||
Securities held to maturity | 1,214 | 1,446 | ||
Other securities | 217,992 | 222,161 | ||
Loans held for sale | 812,084 | 387,514 | ||
Net loans and leases | 17,704,419 | 13,635,072 | ||
Derivative financial assets | 51,895 | 4,527 | ||
Mortgage servicing rights | 20,413 | |||
Deposits | 20,251,539 | 13,852,421 | ||
Short-term borrowings | 148,357 | 374,654 | ||
Long-term borrowings | 924,674 | 1,838,029 | ||
Derivative financial liabilities | 11,366 | 3,065 | ||
Carrying Amount [Member] | Marketable Equity Securities [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Equity securities | 10,255 | 8,894 | ||
Fair Value [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Cash and cash equivalents | 1,656,533 | 837,493 | ||
Securities available for sale | 2,777,802 | 2,437,296 | ||
Securities held to maturity | 1,213 | 1,447 | ||
Other securities | 207,093 | 211,053 | ||
Loans held for sale | 812,084 | 387,514 | ||
Net loans and leases | 16,925,002 | 13,185,955 | ||
Derivative financial assets | 51,895 | 4,527 | ||
Mortgage servicing rights | 20,413 | |||
Deposits | 20,248,507 | 13,843,077 | ||
Short-term borrowings | 148,357 | 374,654 | ||
Long-term borrowings | 875,217 | 1,820,297 | ||
Derivative financial liabilities | 11,366 | 3,065 | ||
Fair Value [Member] | Marketable Equity Securities [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Equity securities | 10,255 | 8,894 | ||
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 | 6,282 | 6,586 | ||
Securities held to maturity | 0 | 0 | ||
Other securities | 0 | 0 | ||
Loans held for sale | 0 | 0 | ||
Net loans and leases | 0 | 0 | ||
Derivative financial assets | 0 | 0 | ||
Mortgage servicing rights | 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 | 10,255 | 8,894 | ||
Significant Other Observable Inputs (Level 2) [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Cash and cash equivalents | 1,656,533 | 837,493 | ||
Securities available for sale | 2,771,520 | 2,426,007 | ||
Securities held to maturity | 194 | 427 | ||
Other securities | 0 | 0 | ||
Loans held for sale | 87,290 | 3,139 | ||
Net loans and leases | 0 | 0 | ||
Derivative financial assets | 12,021 | 9 | ||
Mortgage servicing rights | 0 | |||
Deposits | 20,248,507 | 13,843,077 | ||
Short-term borrowings | 148,357 | 374,654 | ||
Long-term borrowings | 875,217 | 1,820,297 | ||
Derivative financial liabilities | 11,366 | 3,065 | ||
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 | 0 | 4,703 | ||
Securities held to maturity | 1,019 | 1,020 | ||
Other securities | 207,093 | 211,053 | ||
Loans held for sale | 724,794 | 384,375 | ||
Net loans and leases | 16,925,002 | 13,185,955 | ||
Derivative financial assets | 39,874 | 4,518 | ||
Mortgage servicing rights | 20,413 | |||
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 |
Stock Based Compensation - Addi
Stock Based Compensation - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | Dec. 31, 2019 | May 12, 2020 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Authorized shares of stock, option plan, maximum | 2,300,000 | |||||
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 | 10,000 | |||||
Vesting period of awards | 1/3 per year | |||||
Recognition of compensation expense | $ 1,369 | $ 1,194 | $ 3,991 | $ 3,505 | ||
Maximum term for awards granted (years) | 10 years | |||||
Shares issued related stock option exercises | 14,994 | 98,613 | ||||
Total intrinsic value of options exercised | $ 249 | $ 1,463 | ||||
Restricted Stock [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Vesting period | 4 months |
Stock Based Compensation - Summ
Stock Based Compensation - Summary of Stock Option Plans (Detail) $ / shares in Units, $ in Thousands | 9 Months Ended | |
Sep. 30, 2020USD ($)$ / sharesshares | Sep. 30, 2019shares | |
Disclosure Stock Based Compensation Stock Option Plan [Abstract] | ||
Shares, Outstanding, Beginning balance | shares | 1,715,316 | |
Shares, Assumed | shares | 117,116 | |
Shares, Granted | shares | 183,551 | |
Shares, Exercised | shares | (14,994) | (98,613) |
Shares, Forfeited or expired | shares | (8,915) | |
Shares, Outstanding, Ending balance | shares | 1,992,074 | |
Shares, Exercisable at September 30, 2020 | shares | 1,446,719 | |
Aggregate Intrinsic Value, Outstanding at September 30, 2020 | $ | $ 1,182 | |
Aggregate Intrinsic Value, Exercisable at September 30, 2020 | $ | $ 1,182 | |
Weighted Average Remaining Contractual Term, Outstanding at September 30, 2020 | 5 years 3 months 18 days | |
Weighted Average Remaining Contractual Term, Exercisable at September 30, 2020 | 4 years 1 month 6 days | |
Weighted Average Exercise Price, Outstanding, Beginning balance | $ / shares | $ 34.49 | |
Weighted Average Exercise Price, Assumed | $ / shares | 12.14 | |
Weighted Average Exercise Price, Granted | $ / shares | 32.51 | |
Weighted Average Exercise Price, Exercised | $ / shares | 20.48 | |
Weighted Average Exercise Price, Forfeited or expired | $ / shares | 28.47 | |
Weighted Average Exercise Price, Outstanding, Ending balance | $ / shares | 33.13 | |
Weighted Average Exercise Price, Exercisable | $ / shares | $ 31.67 |
Stock Based Compensation - Stat
Stock Based Compensation - Status of United's Nonvested Stock Option Awards (Detail) | 9 Months Ended |
Sep. 30, 2020$ / sharesshares | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Shares, Nonvested, Beginning balance | shares | 589,737 |
Shares, Granted | shares | 183,551 |
Shares, Vested | shares | (225,582) |
Shares, Forfeited or expired | shares | (2,351) |
Shares, Nonvested, Ending balance | shares | 545,355 |
Weighted-Average Grant Date Fair Value Per Share, Nonvested Beginning balance | $ / shares | $ 7.62 |
Weighted-Average Grant Date Fair Value Per Share, Granted | $ / shares | 5.65 |
Weighted-Average Grant Date Fair Value Per Share, Vested | $ / shares | 7.68 |
Weighted-Average Grant Date Fair Value Per Share, Forfeited or expired | $ / shares | 7.32 |
Weighted-Average Grant Date Fair Value Per Share, Nonvested Ending balance | $ / shares | $ 6.93 |
Stock Based Compensation - Chan
Stock Based Compensation - Changes to United's Restricted Common Shares (Detail) - Restricted Stock [Member] | 9 Months Ended |
Sep. 30, 2020$ / sharesshares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Number of Shares, Outstanding, Beginning balance | shares | 247,896 |
Shares, Granted | shares | 182,425 |
Shares, Vested | shares | (88,671) |
Shares, Forfeited | shares | (946) |
Number of Shares, Outstanding, Ending balance | shares | 340,704 |
Weighted-Average Grant Date Fair Value Per Share, Outstanding, Beginning balance | $ / shares | $ 39.20 |
Weighted-Average Grant Date Fair Value Per Share, Granted | $ / shares | 32.19 |
Weighted-Average Grant Date Fair Value Per Share, Vested | $ / shares | 39.32 |
Weighted-Average Grant Date Fair Value Per Share, Forfeited | $ / shares | 36.58 |
Weighted-Average Grant Date Fair Value Per Share, Outstanding, Ending balance | $ / shares | $ 35.42 |
Employee Benefit Plans - Additi
Employee Benefit Plans - Additional Information (Detail) - USD ($) $ in Thousands | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Dec. 31, 2019 | |
Defined Benefit Plan Disclosure [Line Items] | |||
Unrecognized actuarial gains (losses), before tax | $ 60,894 | ||
Unrecognized actuarial gains (losses), net of tax | $ 46,706 | ||
Amortization expected to be recognized | $ 5,802 | ||
Amortization expected to be recognized, net of tax | 4,450 | ||
Employer discretionary contribution amount | $ 20,000 | $ 0 |
Employee Benefit Plans - Net Pe
Employee Benefit Plans - Net Periodic Pension Cost (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Defined Benefit Plan Disclosure [Line Items] | ||||
Service cost | $ 722 | $ 567 | $ 2,152 | $ 1,683 |
Interest cost | 1,301 | 1,474 | 3,874 | 4,375 |
Expected return on plan assets | (2,658) | (2,382) | (7,917) | (7,068) |
Recognized net actuarial loss | 1,458 | 1,198 | 4,342 | 3,553 |
Net periodic pension cost | $ 823 | $ 857 | $ 2,451 | $ 2,543 |
Weighted-Average Assumptions: | ||||
Discount Rate | 3.42% | 4.52% | 3.42% | 4.52% |
Expected return on assets | 6.75% | 7.00% | 6.75% | 7.00% |
Prior to Age 40 [Member] | ||||
Weighted-Average Assumptions: | ||||
Rate of compensation increase | 5.00% | 5.00% | ||
Ages 40 to 54 [Member] | ||||
Weighted-Average Assumptions: | ||||
Rate of compensation increase | 4.00% | 4.00% | ||
Prior to Age 45 [Member] | ||||
Weighted-Average Assumptions: | ||||
Rate of compensation increase | 3.50% | 3.50% | ||
Otherwise [Member] | ||||
Weighted-Average Assumptions: | ||||
Rate of compensation increase | 3.50% | 3.00% | 3.50% | 3.00% |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Income Taxes [Line Items] | ||||
Accrued interest related to uncertain tax positions | $ 931 | $ 641 | $ 931 | $ 641 |
Effective tax rate | 21.82% | 20.50% | 20.23% | 20.86% |
Comprehensive Income - Componen
Comprehensive Income - Components of Total Comprehensive Income (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||||||
Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Comprehensive Income (Loss), Net of Tax, Attributable to Parent [Abstract] | ||||||||
Net Income | $ 103,784 | $ 52,686 | $ 40,183 | $ 65,965 | $ 67,207 | $ 63,642 | $ 196,653 | $ 196,814 |
AFS securities with OTTI charges during the period | 0 | (272) | 0 | (347) | ||||
Related income tax effect | 0 | 64 | 0 | 81 | ||||
Less: OTTI charges recognized in net income | 0 | 9 | 0 | 84 | ||||
Related income tax benefit | 0 | (3) | 0 | (20) | ||||
Reclassification of previous noncredit OTTI to credit OTTI | 0 | 0 | 0 | 2,188 | ||||
Related income tax benefit | 0 | 0 | 0 | (510) | ||||
Net unrealized (losses) gains on AFS securities with OTTI | 0 | (202) | 0 | 1,476 | ||||
Change in net unrealized gain on AFS securities arising during the period | 11,526 | 5,070 | 72,385 | 48,014 | ||||
Related income tax effect | (2,686) | (1,181) | (16,866) | (11,187) | ||||
Net reclassification adjustment for (gains) losses included in net income | (861) | (66) | (2,502) | 152 | ||||
Related income tax expense (benefit) | 201 | 16 | 583 | (35) | ||||
Total AFS securities - all other | 8,180 | 3,839 | 53,600 | 36,944 | ||||
Net effect of AFS securities on other comprehensive income | 8,180 | 3,637 | 53,600 | 38,420 | ||||
Cash flow hedge derivatives: | ||||||||
Unrealized gain (loss) on cash flow hedge | 884 | 0 | (775) | 0 | ||||
Related income tax effect | (206) | 0 | 181 | 0 | ||||
Net effect of cash flow hedge derivatives on other comprehensive income | 678 | 0 | (594) | 0 | ||||
Pension plan: | ||||||||
Recognized net actuarial loss | 1,458 | 1,198 | 4,342 | 3,553 | ||||
Related income tax benefit | (470) | (249) | (1,129) | (785) | ||||
Net effect of change in pension plan asset on other comprehensive income | 988 | 949 | 3,213 | 2,768 | ||||
Net current-period other comprehensive income, net of tax | 9,846 | 27,675 | 18,698 | 4,586 | 18,903 | 17,699 | 56,219 | 41,188 |
Total Comprehensive Income | $ 113,630 | $ 80,361 | $ 58,881 | $ 70,551 | $ 86,110 | $ 81,341 | $ 252,872 | $ 238,002 |
Comprehensive Income - Compon_2
Comprehensive Income - Components of Accumulated Other Comprehensive Income (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||||||
Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||
Beginning Balance | $ 4,197,855 | $ 3,343,702 | $ 3,363,833 | $ 3,333,858 | $ 3,286,891 | $ 3,251,624 | $ 3,363,833 | $ 3,251,624 |
Net current-period other comprehensive income, net of tax | 9,846 | 27,675 | 18,698 | 4,586 | 18,903 | 17,699 | 56,219 | 41,188 |
Ending Balance | 4,267,441 | 4,197,855 | 3,343,702 | 3,354,342 | 3,333,858 | 3,286,891 | 4,267,441 | 3,354,342 |
Pension Plan [Member] | ||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||
Beginning Balance | (42,825) | (42,825) | ||||||
Other comprehensive income before reclassification | 0 | |||||||
Amounts reclassified from accumulated other comprehensive income | 3,213 | |||||||
Net current-period other comprehensive income, net of tax | 3,213 | |||||||
Ending Balance | (39,612) | (39,612) | ||||||
Unrealized Gains/Losses on AFS Securities [Member] | ||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||
Beginning Balance | 7,956 | 7,956 | ||||||
Other comprehensive income before reclassification | 55,519 | |||||||
Amounts reclassified from accumulated other comprehensive income | (1,919) | |||||||
Net current-period other comprehensive income, net of tax | 53,600 | |||||||
Ending Balance | 61,556 | 61,556 | ||||||
Accumulated Gain (Loss) Net Cash Flow Hedge Parent [Member] | ||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||
Beginning Balance | 0 | 0 | ||||||
Other comprehensive income before reclassification | (594) | |||||||
Amounts reclassified from accumulated other comprehensive income | 0 | |||||||
Net current-period other comprehensive income, net of tax | (594) | |||||||
Ending Balance | (594) | (594) | ||||||
Accumulated Other Comprehensive Income (Loss) [Member] | ||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||
Beginning Balance | 11,504 | (16,171) | (34,869) | (20,367) | (39,270) | (57,019) | (34,869) | (57,019) |
Other comprehensive income before reclassification | 54,925 | |||||||
Amounts reclassified from accumulated other comprehensive income | 1,294 | |||||||
Net current-period other comprehensive income, net of tax | 9,846 | 27,675 | 18,698 | 4,586 | 18,903 | 17,699 | 56,219 | |
Ending Balance | $ 21,350 | $ 11,504 | $ (16,171) | $ (15,781) | $ (20,367) | $ (39,270) | $ 21,350 | $ (15,781) |
Comprehensive Income - Reclassi
Comprehensive Income - Reclassifications Out of Accumulated Other Comprehensive Income (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||||||
Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | ||
Available for sale ("AFS") securities: | |||||||||
Income before income taxes | $ 132,758 | $ 82,975 | $ 246,537 | $ 248,681 | |||||
Related income tax effect | (28,974) | (17,010) | (49,884) | (51,867) | |||||
Net income | 103,784 | $ 52,686 | $ 40,183 | 65,965 | $ 67,207 | $ 63,642 | 196,653 | 196,814 | |
Cash flow hedge: | |||||||||
(gains) included in net income | 132,758 | 82,975 | 246,537 | 248,681 | |||||
Related income tax effect | 28,974 | 17,010 | 49,884 | 51,867 | |||||
Pension plan: | |||||||||
Income before income taxes | 132,758 | 82,975 | 246,537 | 248,681 | |||||
Related income tax effect | (28,974) | (17,010) | (49,884) | (51,867) | |||||
Net income | $ 103,784 | $ 52,686 | $ 40,183 | $ 65,965 | $ 67,207 | $ 63,642 | 196,653 | $ 196,814 | |
Reclassification out of Accumulated Other Comprehensive Income [Member] | |||||||||
Available for sale ("AFS") securities: | |||||||||
Net income | 1,294 | ||||||||
Pension plan: | |||||||||
Net income | 1,294 | ||||||||
Reclassification out of Accumulated Other Comprehensive Income [Member] | Unrealized Gains/Losses on AFS Securities [Member] | |||||||||
Available for sale ("AFS") securities: | |||||||||
Net reclassification adjustment for losses (gains) included in net income | (2,502) | ||||||||
Income before income taxes | (2,502) | ||||||||
Related income tax effect | 583 | ||||||||
Net income | (1,919) | ||||||||
Cash flow hedge: | |||||||||
(gains) included in net income | (2,502) | ||||||||
Related income tax effect | (583) | ||||||||
Pension plan: | |||||||||
Income before income taxes | (2,502) | ||||||||
Related income tax effect | 583 | ||||||||
Net income | (1,919) | ||||||||
Reclassification out of Accumulated Other Comprehensive Income [Member] | Accumulated Gain (Loss) Net Cash Flow Hedge Parent [Member] | |||||||||
Available for sale ("AFS") securities: | |||||||||
Income before income taxes | 0 | ||||||||
Related income tax effect | 0 | ||||||||
Cash flow hedge: | |||||||||
Net reclassification adjustment for losses | 0 | ||||||||
(gains) included in net income | 0 | ||||||||
Related income tax effect | 0 | ||||||||
Pension plan: | |||||||||
Income before income taxes | 0 | ||||||||
Related income tax effect | 0 | ||||||||
Reclassification out of Accumulated Other Comprehensive Income [Member] | Accumulated Defined Benefit Plans Adjustment [Member] | |||||||||
Available for sale ("AFS") securities: | |||||||||
Income before income taxes | 4,342 | ||||||||
Related income tax effect | (1,129) | ||||||||
Net income | 3,213 | ||||||||
Cash flow hedge: | |||||||||
(gains) included in net income | 4,342 | ||||||||
Related income tax effect | 1,129 | ||||||||
Pension plan: | |||||||||
Recognized net actuarial loss | [1] | 4,342 | |||||||
Income before income taxes | 4,342 | ||||||||
Related income tax effect | (1,129) | ||||||||
Net income | $ 3,213 | ||||||||
[1] | This AOCI component is included in the computation of net periodic pension cost (see Note 16, Employee Benefit Plans) |
Earnings Per Share - Reconcilia
Earnings Per Share - Reconciliation of Numerator and Denominator of Basic Earnings Per Share with that of Diluted Earnings Per Share (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Earnings Per Share [Abstract] | ||||
Distributed earnings allocated to common stock | $ 45,295 | $ 34,434 | $ 126,080 | $ 103,711 |
Undistributed earnings allocated to common stock | 58,229 | 31,378 | 70,064 | 92,654 |
Net earnings allocated to common shareholders | $ 103,524 | $ 65,812 | $ 196,144 | $ 196,365 |
Average common shares outstanding | 129,373,154 | 101,432,243 | 116,876,402 | 101,698,530 |
Equivalents from stock options | 81,812 | 279,497 | 68,192 | 268,605 |
Average diluted shares outstanding | 129,454,966 | 101,711,740 | 116,944,594 | 101,967,135 |
Earnings per basic common share | $ 0.80 | $ 0.65 | $ 1.68 | $ 1.93 |
Earnings per diluted common share | $ 0.80 | $ 0.65 | $ 1.68 | $ 1.93 |
Variable Interest Entities - Ad
Variable Interest Entities - Additional Information (Detail) | 9 Months Ended |
Sep. 30, 2020Trust | |
Variable Interest Entity, Not Primary Beneficiary, Disclosures [Abstract] | |
Number of statutory business trusts | 19 |
Percentage of equity shares of each trust owned by the company | 100.00% |
Variable Interest Entities - In
Variable Interest Entities - Information Related to Statutory Trusts (Detail) $ in Thousands | 9 Months Ended |
Sep. 30, 2020USD ($) | |
United Statutory Trust III [Member] | |
Variable Interest Entity [Line Items] | |
Issuance Date | Dec. 17, 2003 |
Amount of Capital Securities Issued | $ 20,000 |
Stated Interest Rate | 3-month |
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 |
Stated Interest Rate | 3-month |
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 |
Stated Interest Rate | 3-month |
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 |
Stated Interest Rate | 3-month |
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 |
Stated Interest Rate | 3-month |
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 |
Stated Interest Rate | 3-month |
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 |
Stated Interest Rate | 3-month |
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 |
Stated Interest Rate | 3-month |
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 |
Stated Interest Rate | 3-month |
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 |
Stated Interest Rate | 3-month |
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 |
Stated Interest Rate | 6-month |
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 |
Stated Interest Rate | 3-month |
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 |
Stated Interest Rate | 3-month |
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 |
Stated Interest Rate | 3-month |
Maturity Date | Mar. 15, 2035 |
Carolina Financial Capital Trust I [Member] | |
Variable Interest Entity [Line Items] | |
Issuance Date | Dec. 19, 2002 |
Amount of Capital Securities Issued | $ 5,000 |
Stated Interest Rate | Prime |
Maturity Date | Dec. 31, 2032 |
Carolina Financial Capital Trust II [Member] | |
Variable Interest Entity [Line Items] | |
Issuance Date | Nov. 5, 2003 |
Amount of Capital Securities Issued | $ 10,000 |
Stated Interest Rate | 3-month |
Maturity Date | Jan. 7, 2034 |
Greer Capital Trust I [Member] | |
Variable Interest Entity [Line Items] | |
Issuance Date | Oct. 12, 2004 |
Amount of Capital Securities Issued | $ 6,000 |
Stated Interest Rate | 3-month |
Maturity Date | Oct. 18, 2034 |
Greer Capital Trust II [Member] | |
Variable Interest Entity [Line Items] | |
Issuance Date | Dec. 28, 2006 |
Amount of Capital Securities Issued | $ 5,000 |
Stated Interest Rate | 3-month |
Maturity Date | Jan. 30, 2037 |
First South Preferred Trust I [Member] | |
Variable Interest Entity [Line Items] | |
Issuance Date | Sep. 26, 2003 |
Amount of Capital Securities Issued | $ 10,000 |
Stated Interest Rate | 3-month |
Maturity Date | Sep. 30, 2033 |
Variable Interest Entities - Su
Variable Interest Entities - Summary of Quantitative Information Related to Significant Involvement in Unconsolidated Variable Interest Entities (Detail) - USD ($) $ in Thousands | Sep. 30, 2020 | Dec. 31, 2019 | Sep. 30, 2019 |
Variable Interest Entity [Line Items] | |||
Aggregate Assets | $ 25,931,308 | $ 19,662,324 | |
Aggregate Liabilities | 21,663,867 | 16,298,491 | |
Risk Of Loss | 25,931,308 | $ 19,751,461 | |
Trust Preferred Securities [Member] | |||
Variable Interest Entity [Line Items] | |||
Risk Of Loss | 10,642 | 9,261 | |
Trust Preferred Securities [Member] | Variable Interest Entity, Not Primary Beneficiary [Member] | |||
Variable Interest Entity [Line Items] | |||
Aggregate Assets | 295,581 | 257,941 | |
Aggregate Liabilities | $ 284,939 | $ 248,680 |
Segment Information - Additiona
Segment Information - Additional Information (Detail) | 9 Months Ended |
Sep. 30, 2020Segment | |
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 | 9 Months Ended | ||||||
Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Segment Reporting Information [Line Items] | ||||||||
Net interest income | $ 185,664 | $ 141,918 | $ 497,784 | $ 436,639 | ||||
Provision for loans losses | 16,781 | 5,033 | 89,811 | 15,446 | ||||
Other income | 135,468 | 42,224 | 260,664 | 113,242 | ||||
Other expense | 171,593 | 96,134 | 422,100 | 285,754 | ||||
Income taxes | 28,974 | 17,010 | 49,884 | 51,867 | ||||
Net income | 103,784 | $ 52,686 | $ 40,183 | 65,965 | $ 67,207 | $ 63,642 | 196,653 | 196,814 |
Total assets (liabilities) | 25,931,308 | 19,751,461 | 25,931,308 | 19,751,461 | ||||
Average assets (liabilities) | 26,415,623 | 19,666,608 | 23,472,307 | 19,478,924 | ||||
Operating Segments [Member] | Community Banking [Member] | ||||||||
Segment Reporting Information [Line Items] | ||||||||
Net interest income | 182,187 | 143,615 | 490,311 | 442,022 | ||||
Provision for loans losses | 16,781 | 5,033 | 89,811 | 15,446 | ||||
Other income | 26,615 | 18,696 | 66,483 | 54,746 | ||||
Other expense | 125,681 | 77,312 | 312,621 | 235,610 | ||||
Income taxes | 15,053 | 16,393 | 31,245 | 51,266 | ||||
Net income | 51,287 | 63,573 | 123,117 | 194,446 | ||||
Total assets (liabilities) | 25,620,814 | 19,593,009 | 25,620,814 | 19,593,009 | ||||
Average assets (liabilities) | 26,148,305 | 19,579,180 | 23,294,069 | 19,410,636 | ||||
Operating Segments [Member] | Mortgage Banking [Member] | ||||||||
Segment Reporting Information [Line Items] | ||||||||
Net interest income | 2,740 | 203 | 5,935 | 369 | ||||
Provision for loans losses | 0 | 0 | 0 | 0 | ||||
Other income | 110,900 | 24,331 | 203,103 | 63,938 | ||||
Other expense | 43,417 | 20,256 | 99,435 | 53,869 | ||||
Income taxes | 14,823 | 877 | 22,042 | 2,163 | ||||
Net income | 55,400 | 3,401 | 87,561 | 8,275 | ||||
Total assets (liabilities) | 953,531 | 491,832 | 953,531 | 491,832 | ||||
Average assets (liabilities) | 763,170 | 398,880 | 597,057 | 330,668 | ||||
Other [Member] | ||||||||
Segment Reporting Information [Line Items] | ||||||||
Net interest income | (2,241) | (3,052) | (7,487) | (9,584) | ||||
Provision for loans losses | 0 | 0 | 0 | 0 | ||||
Other income | 33 | 87 | 89 | 342 | ||||
Other expense | 1,597 | (1,696) | 10,030 | (1,773) | ||||
Income taxes | (902) | (260) | (3,403) | (1,562) | ||||
Net income | (2,903) | (1,009) | (14,025) | (5,907) | ||||
Total assets (liabilities) | 27,841 | 17,120 | 27,841 | 17,120 | ||||
Average assets (liabilities) | 22,239 | 16,925 | 4,101 | 6,926 | ||||
Intersegment Eliminations [Member] | ||||||||
Segment Reporting Information [Line Items] | ||||||||
Net interest income | 2,978 | 1,152 | 9,025 | 3,832 | ||||
Provision for loans losses | 0 | 0 | 0 | 0 | ||||
Other income | (2,080) | (890) | (9,011) | (5,784) | ||||
Other expense | 898 | 262 | 14 | (1,952) | ||||
Income taxes | 0 | 0 | 0 | 0 | ||||
Net income | 0 | 0 | 0 | 0 | ||||
Total assets (liabilities) | (670,878) | (350,500) | (670,878) | (350,500) | ||||
Average assets (liabilities) | $ (518,091) | $ (328,377) | $ (422,920) | $ (269,306) |