Cover Page
Cover Page - shares | 9 Months Ended | |
Sep. 30, 2022 | Oct. 31, 2022 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Document Fiscal Year Focus | 2022 | |
Document Period End Date | Sep. 30, 2022 | |
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 | 134,658,964 | |
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, 2022 | Dec. 31, 2021 |
Assets | ||
Cash and due from banks | $ 322,321 | $ 282,878 |
Interest-bearing deposits with other banks | 1,032,959 | 3,474,365 |
Federal funds sold | 1,067 | 927 |
Total cash and cash equivalents | 1,356,347 | 3,758,170 |
Securities available for sale at estimated fair value (amortized cost-$5,142,448 at September 30, 2022 and $4,031,494 at December 31, 2021, allowance for credit losses of $0 at September 30, 2022 and December 31, 2021) | 4,648,087 | 4,042,699 |
Securities held to maturity, net of allowance for credit losses of $19 at September 30, 2022 and December 31, 2021 (estimated fair value-$1,020 at September 30, 2022 and December 31, 2021) | 1,001 | 1,001 |
Equity securities at estimated fair value | 7,314 | 12,404 |
Other investment securities | 267,292 | 239,645 |
Loans held for sale measured using fair value option | 210,075 | 504,416 |
Loans and leases | 19,722,485 | 18,051,307 |
Less: Unearned income | (22,405) | (27,659) |
Loans and leases, net of unearned income | 19,700,080 | 18,023,648 |
Less: Allowance for loan and lease losses | (219,611) | (216,016) |
Net loans and leases | 19,480,469 | 17,807,632 |
Bank premises and equipment | 198,745 | 197,220 |
Operating lease right-of-use assets | 74,043 | 81,942 |
Goodwill | 1,888,889 | 1,886,494 |
Mortgage servicing rights, net of valuation allowance of $0 at September 30, 2022 and $883 at December 31, 2021 | 21,908 | 23,144 |
Bank-owned life insurance ("BOLI") | 478,518 | 478,067 |
Accrued interest receivable, net of allowance for credit losses of $0 at September 30, 2022 and $8 at December 31, 2021 | 82,347 | 64,512 |
Other assets | 333,440 | 231,556 |
TOTAL ASSETS | 29,048,475 | 29,328,902 |
Deposits: | ||
Noninterest-bearing | 7,618,823 | 7,496,560 |
Interest-bearing | 15,244,554 | 15,853,703 |
Total deposits | 22,863,377 | 23,350,263 |
Borrowings: | ||
Securities sold under agreements to repurchase | 142,476 | 128,844 |
Federal Home Loan Bank ("FHLB") borrowings | 1,010,846 | 532,199 |
Other long-term borrowings | 286,462 | 285,195 |
Reserve for lending-related commitments | 39,698 | 31,442 |
Operating lease liabilities | 78,748 | 86,703 |
Accrued expenses and other liabilities | 186,782 | 195,628 |
TOTAL LIABILITIES | 24,608,389 | 24,610,274 |
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-141,897,873 and 141,360,266 at September 30, 2022 and December 31, 2021, respectively, including 7,266,226 and 4,967,508 shares in treasury at September 30, 2022 and December 31, 2021, respectively | 354,745 | 353,402 |
Surplus | 3,163,776 | 3,149,955 |
Retained earnings | 1,524,265 | 1,390,777 |
Accumulated other comprehensive loss | (352,304) | (4,888) |
Treasury stock, at cost | (250,396) | (170,618) |
TOTAL SHAREHOLDERS' EQUITY | 4,440,086 | 4,718,628 |
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | $ 29,048,475 | $ 29,328,902 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) shares in Thousands, $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Statement of Financial Position [Abstract] | ||
Securities available for sale, amortized cost | $ 5,142,448 | $ 4,031,494 |
Securities held to maturity | $ 19 | $ 19 |
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 | $ 2.5 | $ 2.5 |
Common stock, shares authorized | 200,000,000 | 200,000,000 |
Common stock, shares issued | 141,897,873 | 141,360,266 |
Common stock, shares in treasury | 7,266,226 | 4,967,508 |
Allowance for credit losses on securities held for sale | $ 0 | $ 0 |
Allowances for credit losses on securities held to maturity | 1,020 | 1,020 |
Allowance for credit loss on accrued interest receivable | 0 | 8 |
Mortgage servicing rights, net of valuation allowance | $ 0 | $ 883 |
Consolidated Statements of Inco
Consolidated Statements of Income - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Interest income | ||||
Interest and fees on loans | $ 225,501 | $ 176,695 | $ 602,503 | $ 548,109 |
Interest on federal funds sold and other short-term investments | 6,834 | 2,548 | 14,004 | 6,198 |
Interest and dividends on securities: | ||||
Taxable | 29,149 | 12,999 | 71,212 | 40,371 |
Tax-exempt | 2,199 | 1,838 | 6,530 | 5,245 |
Total interest income | 263,683 | 194,080 | 694,249 | 599,923 |
Interest expense | ||||
Interest on deposits | 17,660 | 9,803 | 35,972 | 32,800 |
Interest on short-term borrowings | 493 | 167 | 911 | 527 |
Interest on long-term borrowings | 4,908 | 2,531 | 10,339 | 7,540 |
Total interest expense | 23,061 | 12,501 | 47,222 | 40,867 |
Net interest income | 240,622 | 181,579 | 647,027 | 559,056 |
Provision for credit losses | 7,671 | (7,829) | 2,454 | (16,565) |
Net interest income after provision for credit losses | 232,951 | 189,408 | 644,573 | 575,621 |
Other income | ||||
Income from bank-owned life insurance | 1,472 | 2,556 | 7,786 | 5,617 |
Mortgage loan servicing income | 2,302 | 2,429 | 7,017 | 7,170 |
Net investment securities (losses) gains | (206) | 82 | 725 | 2,715 |
Other income | 1,515 | 1,336 | 4,880 | 5,816 |
Total other income | 32,749 | 68,631 | 122,382 | 224,075 |
Other expense | ||||
Employee compensation | 59,618 | 67,459 | 184,871 | 208,428 |
Employee benefits | 10,750 | 13,132 | 35,648 | 43,052 |
Net occupancy expense | 11,281 | 10,339 | 33,674 | 31,381 |
Other real estate owned ("OREO") expense | 1,708 | 428 | 1,936 | 4,483 |
Net losses (gains) on the sales of OREO properties | 125 | (34) | (362) | (67) |
Equipment expense | 7,807 | 7,286 | 22,452 | 19,160 |
Data processing expense | 7,614 | 6,612 | 22,534 | 20,594 |
Mortgage loan servicing expense and impairment | 1,847 | 3,253 | 5,273 | 10,029 |
Bankcard processing expense | 509 | 422 | 1,421 | 1,300 |
FDIC insurance expense | 3,063 | 1,920 | 8,740 | 5,720 |
Other expense | 32,874 | 31,466 | 101,358 | 86,106 |
Total other expense | 137,196 | 142,283 | 417,545 | 430,186 |
Income before income taxes | 128,504 | 115,756 | 349,410 | 369,510 |
Income taxes | 25,919 | 23,604 | 69,548 | 75,624 |
Net income | $ 102,585 | $ 92,152 | $ 279,862 | $ 293,886 |
Earnings per common share: | ||||
Basic | $ 0.76 | $ 0.71 | $ 2.07 | $ 2.28 |
Diluted | $ 0.76 | $ 0.71 | $ 2.06 | $ 2.27 |
Average outstanding shares: | ||||
Basic | 134,182,248 | 128,762,815 | 134,947,674 | 128,716,450 |
Diluted | 134,553,565 | 128,960,220 | 135,251,299 | 128,934,282 |
Fees from trust services [Member] | ||||
Other income | ||||
Revenue from contract | $ 4,384 | $ 4,269 | $ 12,805 | $ 12,225 |
Fees from brokerage services [Member] | ||||
Other income | ||||
Revenue from contract | 4,016 | 3,883 | 12,683 | 11,860 |
Fees from deposit services [Member] | ||||
Other income | ||||
Revenue from contract | 10,069 | 9,888 | 31,047 | 28,180 |
Bankcard fees and merchant discounts [Member] | ||||
Other income | ||||
Revenue from contract | 1,857 | 1,473 | 4,907 | 3,905 |
Other service charges, commissions, and fees [Member] | ||||
Other income | ||||
Revenue from contract | 918 | 703 | 2,462 | 2,237 |
Mortgage Banking [Member] | ||||
Other income | ||||
Revenue from contract | $ 6,422 | $ 42,012 | $ 38,070 | $ 144,350 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Statement of Comprehensive Income [Abstract] | ||||
Net income | $ 102,585 | $ 92,152 | $ 279,862 | $ 293,886 |
Change in net unrealized loss on available-for-sale ("AFS") securities, net of tax | (117,950) | (13,777) | (387,770) | (36,305) |
Change in net unrealized gain on cash flow hedge, net of tax | 12,287 | 1,377 | 38,357 | 10,320 |
Change in pension plan assets, net of tax | 716 | 638 | 1,997 | 2,376 |
Comprehensive (loss) income, net of tax | $ (2,362) | $ 80,390 | $ (67,554) | $ 270,277 |
Consolidated Statement of Chang
Consolidated Statement of Changes in Shareholders' Equity - USD ($) $ in Thousands | Total | Common Stock [Member] | Surplus [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Treasury Stock [Member] |
Beginning Balance at Dec. 31, 2020 | $ 4,297,620 | $ 334,523 | $ 2,894,471 | $ 1,205,395 | $ 22,370 | $ (159,139) |
Beginning Balance, shares at Dec. 31, 2020 | 133,809,374 | |||||
Net income | 106,898 | $ 0 | 0 | 106,898 | 0 | 0 |
Other comprehensive income (loss), net of tax | (20,509) | 0 | 0 | 0 | (20,509) | 0 |
Total comprehensive income (loss), net of tax | 86,389 | |||||
Stock based compensation expense | 1,688 | 0 | 1,688 | 0 | 0 | 0 |
Purchase of treasury stock | (11,210) | 0 | 0 | 0 | 0 | (11,210) |
Cash dividends | (45,254) | 0 | 0 | (45,254) | 0 | 0 |
Grant of restricted stock | 0 | $ 452 | (452) | 0 | 0 | 0 |
Grant of restricted stock, shares | 180,901 | |||||
Common stock options exercised | 3,465 | $ 365 | 3,100 | 0 | 0 | 0 |
Common stock options exercised, shares | 145,621 | |||||
Ending Balance at Mar. 31, 2021 | 4,332,698 | $ 335,340 | 2,898,807 | 1,267,039 | 1,861 | (170,349) |
Ending Balance, shares at Mar. 31, 2021 | 134,135,896 | |||||
Beginning Balance at Dec. 31, 2020 | 4,297,620 | $ 334,523 | 2,894,471 | 1,205,395 | 22,370 | (159,139) |
Beginning Balance, shares at Dec. 31, 2020 | 133,809,374 | |||||
Net income | 293,886 | |||||
Other comprehensive income (loss), net of tax | (23,609) | |||||
Total comprehensive income (loss), net of tax | 270,277 | |||||
Ending Balance at Sep. 30, 2021 | 4,430,766 | $ 335,419 | 2,903,576 | 1,363,488 | (1,239) | (170,478) |
Ending Balance, shares at Sep. 30, 2021 | 134,167,380 | |||||
Beginning Balance at Mar. 31, 2021 | 4,332,698 | $ 335,340 | 2,898,807 | 1,267,039 | 1,861 | (170,349) |
Beginning Balance, shares at Mar. 31, 2021 | 134,135,896 | |||||
Net income | 94,836 | $ 0 | 0 | 94,836 | 0 | 0 |
Other comprehensive income (loss), net of tax | 8,662 | 0 | 0 | 0 | 8,662 | 0 |
Total comprehensive income (loss), net of tax | 103,498 | |||||
Stock based compensation expense | 1,892 | 0 | 1,892 | 0 | 0 | 0 |
Cash dividends | (45,268) | 0 | 0 | (45,268) | 0 | 0 |
Stock grant forfeiture | 0 | 0 | 73 | 0 | 0 | (73) |
Grant of restricted stock | 0 | $ 4 | (4) | 0 | 0 | 0 |
Grant of restricted stock, shares | 1,443 | |||||
Common stock options exercised | 893 | $ 70 | 823 | 0 | 0 | 0 |
Common stock options exercised, shares | 28,324 | |||||
Ending Balance at Jun. 30, 2021 | 4,393,713 | $ 335,414 | 2,901,591 | 1,316,607 | 10,523 | (170,422) |
Ending Balance, shares at Jun. 30, 2021 | 134,165,663 | |||||
Net income | 92,152 | $ 0 | 0 | 92,152 | 0 | 0 |
Other comprehensive income (loss), net of tax | (11,762) | 0 | 0 | 0 | (11,762) | 0 |
Total comprehensive income (loss), net of tax | 80,390 | |||||
Stock based compensation expense | 1,912 | 0 | 1,912 | 0 | 0 | 0 |
Cash dividends | (45,271) | 0 | 0 | (45,271) | 0 | 0 |
Stock grant forfeiture | 0 | 0 | 56 | 0 | 0 | (56) |
Common stock options exercised | 22 | $ 5 | 17 | 0 | 0 | 0 |
Common stock options exercised, shares | 1,717 | |||||
Ending Balance at Sep. 30, 2021 | 4,430,766 | $ 335,419 | 2,903,576 | 1,363,488 | (1,239) | (170,478) |
Ending Balance, shares at Sep. 30, 2021 | 134,167,380 | |||||
Beginning Balance at Dec. 31, 2021 | 4,718,628 | $ 353,402 | 3,149,955 | 1,390,777 | (4,888) | (170,618) |
Beginning Balance, shares at Dec. 31, 2021 | 141,360,266 | |||||
Net income | 81,664 | $ 0 | 0 | 81,664 | 0 | 0 |
Other comprehensive income (loss), net of tax | (136,804) | 0 | 0 | 0 | (136,804) | 0 |
Total comprehensive income (loss), net of tax | (55,140) | |||||
Stock based compensation expense | 2,061 | 0 | 2,061 | 0 | 0 | 0 |
Purchase of treasury stock | (26,061) | 0 | 0 | 0 | 0 | (26,061) |
Cash dividends | (49,266) | 0 | 0 | (49,266) | 0 | 0 |
Stock grant forfeiture | 0 | 0 | 223 | 0 | 0 | (223) |
Net issuance of common stock under stock-based compensation plans | 4,918 | $ 1,056 | 3,862 | 0 | 0 | 0 |
Net issuance of common stock under stock-based compensation plans, shares | 422,766 | |||||
Ending Balance at Mar. 31, 2022 | 4,595,140 | $ 354,458 | 3,156,101 | 1,423,175 | (141,692) | (196,902) |
Ending Balance, shares at Mar. 31, 2022 | 141,783,032 | |||||
Beginning Balance at Dec. 31, 2021 | 4,718,628 | $ 353,402 | 3,149,955 | 1,390,777 | (4,888) | (170,618) |
Beginning Balance, shares at Dec. 31, 2021 | 141,360,266 | |||||
Net income | 279,862 | |||||
Other comprehensive income (loss), net of tax | (347,416) | (347,416) | ||||
Total comprehensive income (loss), net of tax | $ (67,554) | |||||
Common stock options exercised, shares | 370,995,000 | |||||
Ending Balance at Sep. 30, 2022 | $ 4,440,086 | $ 354,745 | 3,163,776 | 1,524,265 | (352,304) | (250,396) |
Ending Balance, shares at Sep. 30, 2022 | 141,897,873 | |||||
Beginning Balance at Mar. 31, 2022 | 4,595,140 | $ 354,458 | 3,156,101 | 1,423,175 | (141,692) | (196,902) |
Beginning Balance, shares at Mar. 31, 2022 | 141,783,032 | |||||
Net income | 95,613 | $ 0 | 0 | 95,613 | 0 | 0 |
Other comprehensive income (loss), net of tax | (105,665) | 0 | 0 | 0 | (105,665) | 0 |
Total comprehensive income (loss), net of tax | (10,052) | |||||
Stock based compensation expense | 2,543 | 0 | 2,543 | 0 | 0 | 0 |
Purchase of treasury stock | (53,391) | 0 | 0 | 0 | 0 | (53,391) |
Cash dividends | (48,544) | 0 | 0 | (48,544) | 0 | 0 |
Stock grant forfeiture | 0 | 88 | 0 | 0 | (88) | |
Net issuance of common stock under stock-based compensation plans | 1,354 | $ 158 | 1,196 | 0 | 0 | 0 |
Net issuance of common stock under stock-based compensation plans, shares | 63,419 | |||||
Ending Balance at Jun. 30, 2022 | 4,487,050 | $ 354,616 | 3,159,928 | 1,470,244 | (247,357) | (250,381) |
Ending Balance, shares at Jun. 30, 2022 | 141,846,451 | |||||
Net income | 102,585 | $ 0 | 0 | 102,585 | 0 | 0 |
Other comprehensive income (loss), net of tax | (104,947) | 0 | 0 | 0 | (104,947) | 0 |
Total comprehensive income (loss), net of tax | (2,362) | |||||
Stock based compensation expense | 2,462 | 0 | 2,462 | 0 | 0 | 0 |
Purchase of treasury stock | (7) | 0 | 0 | 0 | 0 | (7) |
Cash dividends | (48,564) | 0 | 0 | (48,564) | 0 | 0 |
Stock grant forfeiture | 0 | 0 | 8 | 0 | 0 | (8) |
Net issuance of common stock under stock-based compensation plans | 1,507 | $ 129 | 1,378 | 0 | 0 | 0 |
Net issuance of common stock under stock-based compensation plans, shares | 51,422 | |||||
Ending Balance at Sep. 30, 2022 | $ 4,440,086 | $ 354,745 | $ 3,163,776 | $ 1,524,265 | $ (352,304) | $ (250,396) |
Ending Balance, shares at Sep. 30, 2022 | 141,897,873 |
Consolidated Statement of Cha_2
Consolidated Statement of Changes in Shareholders' Equity (Parenthetical) - $ / shares | 3 Months Ended | |||||
Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | |
Purchase of treasury stock, shares | 1,548,767 | 740,873 | 339,229 | |||
Cash dividends per share | $ 0.36 | $ 0.36 | $ 0.36 | $ 0.35 | $ 0.35 | $ 0.35 |
Stock grant forfeiture | 207 | 2,445 | 6,212 | 1,531 | 1,971 | |
Common Stock [Member] | ||||||
Grant of restricted stock, shares | 1,443 | 180,901 | ||||
Common stock options exercised, shares | 1,717 | 28,324 | 145,621 | |||
Net issuance of common stock under stock-based compensation plans | 51,422 | 63,419 | 422,766 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2022 | Sep. 30, 2021 | |
OPERATING ACTIVITIES | ||
NET CASH PROVIDED BY OPERATING ACTIVITIES | $ 623,773 | $ 553,195 |
INVESTING ACTIVITIES | ||
Proceeds from maturities and calls of held to maturity securities | 0 | 215 |
Proceeds from sales of securities available for sale | 305 | 49,145 |
Proceeds from maturities and calls of securities available for sale | 447,719 | 519,368 |
Purchases of securities available for sale | (1,572,476) | (1,081,798) |
Proceeds from sales of equity securities | 6,586 | 1,250 |
Purchases of equity securities | (2,136) | (1,808) |
Proceeds from sales and redemptions of other investment securities | 4,439 | 7,961 |
Purchases of other investment securities | (40,951) | (18,992) |
Purchases of bank-owned life insurance policies | 0 | (85,000) |
Redemption of bank-owned life insurance policies | 11,947 | 0 |
Purchases of bank premises and equipment | (11,855) | (11,363) |
Proceeds from sales of bank premises and equipment | 890 | 1,604 |
Proceeds from sales of OREO properties | 3,625 | 4,501 |
Net change in loans | (1,666,737) | 864,282 |
NET CASH (USED IN) PROVIDED BY INVESTING ACTIVITIES | (2,818,644) | 249,365 |
FINANCING ACTIVITIES | ||
Cash dividends paid | (144,479) | (135,988) |
Acquisition of treasury stock | (79,459) | (11,210) |
Proceeds from exercise of stock options | 7,912 | 4,361 |
Repayment of long-term Federal Home Loan Bank borrowings | (20,000) | (550,000) |
Proceeds from issuance of long-term Federal Home Loan Bank borrowings | 500,000 | 500,000 |
Changes in: | ||
Deposits | (484,558) | 1,234,052 |
Federal funds purchased, securities sold under agreements to repurchase and other short-term borrowings | 13,632 | (19,282) |
NET CASH (USED IN) PROVIDED BY FINANCING ACTIVITIES | (206,952) | 1,021,933 |
(Decrease) Increase in cash and cash equivalents | (2,401,823) | 1,824,493 |
Cash and cash equivalents at beginning of year | 3,758,170 | 2,209,068 |
Cash and cash equivalents at end of period | 1,356,347 | 4,033,561 |
Noncash investing activities: | ||
Transfers of loans to OREO | 1,131 | 2,531 |
Transfers of loans to bank premises and equipment | 4,541 | 0 |
Subsidiaries [Member] | ||
Acquisition of subsidiaries: | ||
Assets acquired, net of cash | (345) | (7,190) |
Liabilities assumed | 2,050 | 6,002 |
Goodwill | $ 2,395 | $ 13,192 |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 9 Months Ended |
Sep. 30, 2022 | |
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 June 2022, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2022 - ASU 2022-03 ASU 2022-03 ASU 2022-03 ASU 2022-03 In March 2022, the FASB issued ASU No. 2022-02, 2022-02 310-40, 2022-02 No. 2022-02 No. 2022-02 In March 2022, the FASB issued ASU No. 2022-01, Layer Method”. ASU 2022-01 last-of-layer No. 2017-12. last-of-layer 2022-01 No. 2022-01 2017-12 No. 2022-01 In October 2021, the FASB issued ASU No. 2021-08, 2021-08 No. 2021-08 No. 2021-08 In July 2021, the FASB issued ASU No. 2021-05, 842-10-25-2 25-3, 842-10-24-3A, No. 2021-05 2021-05 No. 2021-05 In January 2021, the FASB issued ASU No. 2021-01, No. 2020-04, No. 2021-01 In August 2020, the FASB issued No. 2020-06, 470-20) 815-40).” derivative scope exception guidance for contracts in an entity’s own equity. The amendments remove three settlement conditions that are required for equity contracts to qualify for the derivative scope exception. In addition, the ASU expands disclosure requirements for convertible instruments and simplifies areas of the guidance for diluted earnings-per-share No. 2020-06 No. 2020-06 In March 2020, the FASB issued ASU No. 2020-04, No. 2020-04 No. 2021-01 |
Mergers and Acquisitions
Mergers and Acquisitions | 9 Months Ended |
Sep. 30, 2022 | |
Business Combinations [Abstract] | |
Mergers and Acquisitions | 2. MERGERS AND ACQUISITIONS On December 3, 2021 (the “Acquisition Date”), United completed its acquisition of Community Bankers Trust Corporation (“Community Bankers Trust”). Community Bankers Trust was merged with and into United (the “Merger”), pursuant to the terms of the Agreement and Plan of Reorganization, dated June 2, 2021, by and between United and Community Bankers Trust (the “Agreement”). Under the terms of the Agreement, each outstanding share of common stock of Community Bankers Trust was converted into the right to receive 0.3173 shares of United common stock, par value $2.50 per share. Also, pursuant to the Agreement, at the effective time of the Merger, each outstanding Community Bankers Trust stock option granted under a Community Bankers Trust stock plan, whether vested or unvested as of the date of the Merger, vested as provided pursuant to the terms of such Community Bankers Trust stock plan and converted into an option to acquire United common stock adjusted based on the 0.3173 exchange ratio. Also, at the effective time of the Merger, each restricted stock unit granted under a Community Bankers Trust stock plan that was outstanding immediately prior to the effective time of the Merger vested in accordance with the formula and other terms of the Community Bankers Trust stock plan and converted into the right to receive shares of United common stock based on the 0.3173 exchange ratio. Immediately following the Merger, Essex Bank, a wholly-owned subsidiary of Community Bankers Trust, merged with and into United Bank, a wholly-owned subsidiary of United (the “Bank Merger”) pursuant to an Agreement and Plan of Merger, dated June 2, 2021. United Bank survived the Bank Merger and continues to exist as a Virginia banking corporation. The Merger was accounted for under the acquisition method of accounting. The results of operations of Community Bankers Trust are included in the consolidated results of operations from the Acquisition Date. The acquisition of Community Bankers Trust enhanced United’s existing presence in the DC Metro MSA and took United into new markets including Baltimore, Annapolis, Lynchburg, Richmond, and the Northern Neck of Virginia. It also strategically connected our Mid-Atlantic The aggregate purchase price was $260,304, including common stock valued at $252,321, stock options assumed valued at $7,958, and cash paid for fractional shares of $25. The number of shares issued in the transaction was 7,135,771, which were valued based on the closing market price of $35.36 for United’s common shares on December 3, 2021. The preliminary purchase price has been allocated to the identifiable tangible and intangible assets resulting in preliminary additions to goodwill and core deposit intangibles of $78,849 and $3,398, respectively. The goodwill recognized results from the expected synergies and potential earnings from the combination of United and Community Bankers Trust. The core deposit intangible is expected to be amortized on an accelerated basis over ten years. Because the consideration paid was greater than the net fair value of the acquired assets and liabilities, the Company recorded goodwill as part of the acquisition. None of the goodwill from the Community Bankers Trust 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 Community Bankers Trust. As a result of the merger, United recorded preliminary fair value discounts of $7,744 on the loans and leases acquired, $230 on land acquired, $50 on OREO properties acquired and $415 on a trust preferred issuance, and premiums of $6,766 on investment securities acquired, $492 on buildings acquired, $2,741 on interest-bearing deposits, and $457 on long-term FHLB advances, respectively. United also recorded an allowance for credit losses, including a reserve for unfunded commitments, of $25,920 on the loans and commitments acquired split between $12,788 for purchased credit deteriorated (“PCD”) loans which is part of the acquisition date fair value, and $13,132 for non-PCD year-end. Portfolio loans and leases acquired from Community Bankers Trust 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 market loss assumptions and 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. 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 Community Bankers Trust as of the Acquisition Date: Purchase price of PCD loans and leases at acquisition $ 360,638 Allowance for credit losses at acquisition 12,629 Non-credit 3,559 Par value (UPB) of acquired PCD loans and leases at acquisition $ 376,826 The consideration paid for Community Bankers Trust’s common equity and the preliminary amounts of acquired identifiable assets and liabilities assumed as of the Acquisition Date were as follows: Purchase price: Value of common shares issued (7,135,771 shares) $ 252,321 Fair value of stock options assumed 7,958 Cash for fractional shares 25 Total purchase price 260,304 Identifiable assets: Cash and cash equivalents 39,445 Investment securities 395,249 Net loans and leases 1,280,016 Premises and equipment 25,857 Operating lease right-of-use 8,127 Core deposit intangible 3,398 Other assets 50,851 Total identifiable assets $ 1,802,943 Identifiable liabilities: Deposits $ 1,520,243 Short-term borrowings 26,755 Long-term borrowings 51,500 Operating lease liability 8,127 Other liabilities 14,863 Total identifiable liabilities 1,621,488 Preliminary fair value of net assets acquired including identifiable intangible assets 181,455 Preliminary resulting goodwill $ 78,849 The following table presents certain unaudited pro forma information for the results of operations for the first nine months of 2021, as if the Merger had occurred on January 1, 2021. These results combine the historical results of Community Bankers Trust 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 Community Bankers Trust’s provision for credit losses for the first nine months of 2021 that may not have been necessary had the acquired loans and leases been recorded at fair value as of the beginning of 2021. 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, 2021 Total Revenues (1) $ 838,482 Net Income 318,188 (1) Represents net interest income plus other income |
Investment Securities
Investment Securities | 9 Months Ended |
Sep. 30, 2022 | |
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, estimated fair values, and allowance for credit losses of securities available for sale are summarized as follows. September 30, 2022 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Allowance For Credit Losses Estimated Fair Value U.S. Treasury securities and obligations of U.S. Government corporations and agencies $ 549,926 $ 23 $ 19,559 $ 0 $ 530,390 State and political subdivisions 827,078 24 124,648 0 702,454 Residential mortgage-backed securities Agency 1,415,340 7 199,821 0 1,215,526 Non-agency 122,069 12 9,205 0 112,876 Commercial mortgage-backed securities Agency 656,637 15 67,595 0 589,057 Asset-backed securities 961,942 0 31,358 0 930,584 Single issue trust preferred securities 17,329 0 1,230 0 16,099 Other corporate securities 592,127 87 41,113 0 551,101 Total $ 5,142,448 $ 168 $ 494,529 $ 0 $ 4,648,087 December 31, 2021 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Allowance For Credit Losses Estimated Fair Value U.S. Treasury securities and obligations of U.S. Government corporations and agencies $ 82,136 $ 51 $ 337 $ 0 $ 81,850 State and political subdivisions 831,499 19,608 3,809 0 847,298 Residential mortgage-backed securities Agency 1,120,423 9,173 15,822 0 1,113,774 Non-agency 74,965 306 726 0 74,545 Commercial mortgage-backed securities Agency 633,802 12,731 6,608 0 639,925 Asset-backed securities 659,830 49 3,307 0 656,572 Single issue trust preferred securities 17,291 146 626 0 16,811 Other corporate securities 611,548 3,558 3,182 0 611,924 Total $ 4,031,494 $ 45,622 $ 34,417 $ 0 $ 4,042,699 United excludes accrued interest from the amortized cost basis of 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, 2022 and December 31, 2021. Less than 12 months 12 months or longer Total Fair Unrealized Fair Unrealized Fair Unrealized Value Losses Value Losses Value Losses September 30, 2022 U.S. Treasury securities and obligations of U.S. Government corporations and agencies $ 519,227 $ 19,556 $ 151 $ 3 $ 519,378 $ 19,559 State and political subdivisions 626,426 104,819 61,881 19,829 688,307 124,648 Residential mortgage-backed securities Agency 826,491 109,707 386,937 90,114 1,213,428 199,821 Non-agency 67,993 3,564 25,712 5,641 93,705 9,205 Commercial mortgage-backed securities Agency 461,338 36,176 124,012 31,419 585,350 67,595 Asset-backed securities 567,394 16,711 363,190 14,647 930,584 31,358 Single issue trust preferred securities 2,936 147 13,163 1,083 16,099 1,230 Other corporate securities 376,976 26,130 119,164 14,983 496,140 41,113 Total $ 3,448,781 $ 316,810 $ 1,094,210 $ 177,719 $ 4,542,991 $ 494,529 Less than 12 months 12 months or longer Total Fair Unrealized Fair Unrealized Fair Unrealized Value Losses Value Losses Value Losses December 31, 2021 U.S. Treasury securities and obligations of U.S. Government corporations and agencies $ 75,106 $ 334 $ 213 $ 3 $ 75,319 $ 337 State and political subdivisions 223,754 2,872 24,067 937 247,821 3,809 Residential mortgage-backed securities Agency 680,320 13,167 71,392 2,655 751,712 15,822 Non-agency 55,336 726 0 0 55,336 726 Commercial mortgage-backed securities Agency 136,071 2,912 70,543 3,696 206,614 6,608 Asset-backed securities 532,373 2,620 82,222 687 614,595 3,307 Single issue trust preferred securities 0 0 13,594 626 13,594 626 Other corporate securities 307,912 3,182 0 0 307,912 3,182 Total $ 2,010,872 $ 25,813 $ 262,031 $ 8,604 $ 2,272,903 $ 34,417 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. Three Months Ended September 30 Nine Months Ended September 30 2022 2021 2022 2021 Proceeds from maturities, sales and calls $ 145,482 $ 167,520 $ 448,024 $ 568,513 Gross realized gains 2 125 2 1,667 Gross realized losses 0 (17 ) 0 (115 ) At September 30, 2022, gross unrealized losses on available for sale securities were $494,529 on 1,468 securities of a total portfolio of 1,526 available for sale securities. Securities with the most significant gross unrealized losses at September 30, 2022 consisted primarily of agency residential mortgage-backed securities, state and political subdivision securities, agency commercial mortgage-backed securities, asset-backed securities and other corporate securities. 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. Management believes the significant amount of gross unrealized losses on available for sale securities at September 30, 2022 was primarily the result of rising interest rates and does not reflect any expected credit losses. 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 $827,078 at September 30, 2022. As of September 30, 2022, approximately 53% 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, 2022. 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 had credit losses at September 30, 2022. 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 $2,071,977 at September 30, 2022. Of the $2,071,977 amount, $656,637 was related to agency commercial mortgage-backed securities and $1,415,340 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 had credit losses at September 30, 2022. Non-agency United’s non-agency non-agency non-agency Asset-backed securities As of September 30, 2022, United’s asset-backed securities portfolio had a total amortized cost balance of $961,942. 100% of the portfolio was investment grade rated as of September 30, 2022. Approximately 28% 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. Approximately 72% of the portfolio relates to collateralized loan obligation securities that are all AAA rated. Upon reviewing this portfolio for the third quarter of 2022, it was determined that none of the asset-backed securities had credit losses. 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, 2022 consisted of $8,464 in investment grade bonds, $3,083 in split rated bonds, and $5,782 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 2022, it was determined that none of the single issue trust preferred securities had credit losses. Other corporate securities As of September 30, 2022, United’s other corporate securities portfolio had a total amortized cost balance of $592,127. The majority of the portfolio consisted of debt issuances of corporations representing a variety of industries, including financial institutions. Of the $592,127 total amortized cost balance, 96% was investment grade rated, 2% was below investment grade rated, 1% was split rated, and 1% 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 had credit losses at September 30, 2022. The amortized cost and estimated fair value of securities available for sale at September 30, 2022 and December 31, 2021 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, 2022 December 31, 2021 Estimated Estimated Amortized Fair Amortized Fair Cost Value Cost Value Due in one year or less $ 408,713 $ 403,924 $ 126,032 $ 126,564 Due after one year through five years 855,482 817,121 661,627 670,298 Due after five years through ten years 1,011,502 882,921 940,031 941,640 Due after ten years 2,866,751 2,544,121 2,303,804 2,304,197 Total $ 5,142,448 $ 4,648,087 $ 4,031,494 $ 4,042,699 Equity securities at fair value Equity securities consist primarily of mutual funds. The fair value of United’s equity securities was $7,314 at September 30, 2022 and $12,404 at December 31, 2021. Three Months Ended September 30 Nine Months Ended September 30 2022 2021 2022 2021 Net gains recognized during the period on equity securities sold $ 0 $ 0 $ 0 $ 788 Unrealized gains recognized during the period on equity securities still held at period end 19 2 44 53 Unrealized losses recognized during the period on equity securities still held at period end (226 ) (27 ) (684 ) (132 ) Net (losses) gains recognized during the period $ (207 ) $ (25 ) $ (640 ) $ 709 Other investment securities During the third quarter of 2022, United evaluated all of its cost method investments to determine if certain events or changes in circumstances during the third quarter of 2022 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 $1,722,762 and $1,871,328 at September 30, 2022 and December 31, 2021, respectively. |
Loans and Leases
Loans and Leases | 9 Months Ended |
Sep. 30, 2022 | |
Receivables [Abstract] | |
LOANS AND LEASES | 4. LOANS AND LEASES Major classes of loans and leases are as follows: September 30, 2022 December 31, 2021 Commercial, financial and agricultural: Owner-occupied commercial real estate $ 1,748,357 $ 1,733,176 Nonowner-occupied commercial real estate 6,024,873 5,957,288 Other commercial 3,537,722 3,462,361 Total commercial, financial & agricultural 11,310,952 11,152,825 Residential real estate 4,390,748 3,691,560 Construction & land development 2,624,117 2,014,165 Consumer: Bankcard 8,660 8,913 Other consumer 1,388,008 1,183,844 Less: Unearned income (22,405 ) (27,659 ) Total loans and leases, net of unearned income $ 19,700,080 $ 18,023,648 The table above does not include loans held for sale of $210,075 and $504,416 at September 30, 2022 and December 31, 2021, 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 $25,386 and $32,990 at September 30, 2022 and December 31, 2021, respectively. |
Credit Quality
Credit Quality | 9 Months Ended |
Sep. 30, 2022 | |
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. A loan classified as a TDR will generally retain such classification until the loan is paid in full. However, a one-to-four-family In response to the coronavirus (“COVID-19”) COVID-19 As of September 30, 2022, United had TDRs of $23,155 as compared to $35,856 as of December 31, 2021. Of the $23,155 aggregate balance of TDRs at September 30, 2022, $10,336 was on nonaccrual and $2,941 was 90 days or more past due. Of the $35,856 aggregate balance of TDRs at December 31, 2021, $22,421 was on nonaccrual and $102 was 90 days or more days past due. All these amounts are included in the appropriate categories in the “Age Analysis of Past Due Loans” table on a subsequent page. As of September 30, 2022, there was a commitment to lend additional funds of $60 to a debtor owing a receivable whose terms have been modified in a TDR. During the first nine months of 2022, advances of $72 were made to this debtor under a loan that had been previously modified. The following tables sets forth the balances of TDRs at September 30, 2022 and December 31, 2021 and the reasons for modification: Reason for modification September 30, 2022 December 31, 2021 Interest rate reduction $ 765 $ 3,163 Interest rate reduction and change in terms 1,078 1,412 Concession of principal and term 0 19 Extended maturity 4,694 4,831 Transfer of asset 0 5,407 Change in terms 16,618 21,024 Total $ 23,155 $ 35,856 The following table sets forth United’s troubled debt restructurings that have been restructured during the three months ended September 30, 2022 and 2021, segregated by class of loans: Troubled Debt Restructurings For the Three Months Ended September 30, 2022 September 30, 2021 Number of Contracts Pre- Modification Outstanding Recorded Investment Post- Modification Outstanding Recorded Investment Number of Contracts Pre- Modification Outstanding Recorded Investment Post- Modification Outstanding Recorded Investment Commercial real estate: Owner-occupied 1 $ 144 $ 144 1 $ 103 $ 103 Nonowner-occupied 0 0 0 0 0 0 Other commercial 0 0 0 0 0 0 Residential real estate 0 0 0 1 473 473 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 1 $ 144 $ 144 2 $ 576 $ 576 The following table sets forth United’s troubled debt restructurings that have been restructured during the nine months ended September 30, 2022 and 2021, segregated by class of loans: Troubled Debt Restructurings For the Nine Months Ended September 30, 2022 September 30, 2021 Number of Contracts Pre- Modification Outstanding Recorded Investment Post- Modification Outstanding Recorded Investment Number of Contracts Pre- Modification Outstanding Recorded Investment Post- Modification Outstanding Recorded Investment Commercial real estate: Owner-occupied 2 $ 2,945 $ 2,856 2 $ 1,043 $ 1,196 Nonowner-occupied 0 0 0 2 6,349 6,136 Other commercial 1 132 0 1 181 181 Residential real estate 0 0 0 1 473 473 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 3 $ 3,077 $ 2,856 6 $ 8,046 $ 7,986 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, 2022 and 2021, segregated by the reason for modification: Three Months Ended September 30 Nine Months Ended September 30 Reason for modification 2022 2021 2022 2021 Interest rate reduction and change in terms $ 144 $ 473 $ 144 $ 473 Transfer of asset 0 0 0 5,407 Extended maturity 0 103 0 2,106 Change in terms 0 0 2,712 0 Total $ 144 $ 576 $ 2,856 $ 7,986 The following table presents troubled debt restructurings, by class of loan, that were restructured during the twelve-month period ended September 30, 2022 and had charge-offs during the three and nine months ended September 30, 2022. The recorded investment amounts presented were as of the September 30, 2022 balance sheet date. Three Months Ended September 30, 2022 Nine Months Ended September 30, 2022 Number of Contracts Recorded Investment Number of Contracts Recorded Investment Troubled Debt Restructurings Commercial real estate: Owner-occupied 0 $ 0 0 $ 0 Nonowner-occupied 0 0 0 0 Other commercial 0 0 1 103 Residential real estate 1 0 1 0 Construction & land development 0 0 0 0 Consumer: Bankcard 0 0 0 0 Other consumer 0 0 0 0 Total 1 $ 0 2 $ 103 The following table presents troubled debt restructurings, by class of loan, that were restructured during the twelve-month period ended September 30, 2021 and had charge-offs during the nine months ended September 30, 2021. No charge-offs were recorded during the three months ended September 30, 2021. The recorded investment amounts presented were as of the September 30, 2021 balance sheet date. Nine Months Ended September 30, 2021 Number of Contracts Recorded Investment Troubled Debt Restructurings Commercial real estate: Owner-occupied 0 $ 0 Nonowner-occupied 0 0 Other commercial 0 0 Residential real estate 1 0 Construction & land development 2 0 Consumer: Bankcard 0 0 Other consumer 0 0 Total 3 $ 0 The following table sets forth United’s age analysis of its past due loans and leases, segregated by class of loans: Age Analysis of Past Due Loans and Leases As of September 30, 2022 30-89 Days Past Due 90 Days or more Past Due Total Past Due Current & Other Total Financing Receivables 90 Days or More Past Due & Accruing Commercial real estate: Owner-occupied $ 5,363 $ 12,528 $ 17,891 $ 1,730,466 $ 1,748,357 $ 4,272 Nonowner-occupied 30,979 10,229 41,208 5,983,665 6,024,873 876 Other commercial 13,073 11,406 24,479 3,513,243 3,537,722 3,802 Residential real estate 22,489 20,351 42,840 4,347,908 4,390,748 8,173 Construction & land development 10,093 1,234 11,327 2,612,790 2,624,117 674 Consumer: Bankcard 62 72 134 8,526 8,660 72 Other consumer 25,423 3,955 29,378 1,358,630 1,388,008 3,326 Total $ 107,482 $ 59,775 $ 167,257 $ 19,555,228 $ 19,722,485 $ 21,195 Age Analysis of Past Due Loans and Leases As of December 31, 2021 30-89 Days Past Due 90 Days or more Past Due Total Past Due Current & Other Total Financing Receivables 90 Days or More Past Due & Accruing Commercial real estate: Owner-occupied $ 7,522 $ 13,325 $ 20,847 $ 1,712,329 $ 1,733,176 $ 611 Nonowner-occupied 5,791 18,829 24,620 5,932,668 5,957,288 545 Other commercial 21,444 15,883 37,327 3,425,034 3,462,361 6,569 Residential real estate 19,488 23,495 42,983 3,648,577 3,691,560 8,241 Construction & land development 6,599 3,096 9,695 2,004,470 2,014,165 383 Consumer: Bankcard 100 187 287 8,626 8,913 187 Other consumer 17,264 2,615 19,879 1,163,965 1,183,844 2,445 Total $ 78,208 $ 77,430 $ 155,638 $ 17,895,669 $ 18,051,307 $ 18,981 The following table sets forth United’s nonaccrual loans and leases, segregated by class of loans: At September 30, 2022 At December 31, 2021 Nonaccruals With No Related Allowance for Credit Losses 90 Days or More Past Due & Accruing Nonaccruals With No Related Allowance for Credit Losses 90 Days or More Past Due & Accruing Commercial Real Estate: Owner-occupied $ 8,256 $ 8,256 $ 4,272 $ 12,714 $ 12,714 $ 611 Nonowner-occupied 9,353 9,353 876 18,284 18,284 545 Other Commercial 7,604 6,542 3,802 9,314 8,261 6,569 Residential Real Estate 12,178 10,369 8,173 15,254 14,298 8,241 Construction & land development 560 560 674 2,713 2,713 383 Consumer: Bankcard 0 0 72 0 0 187 Other consumer 629 629 3,326 170 170 2,445 Total $ 38,580 $ 35,709 $ 21,195 $ 58,449 $ 56,440 $ 18,981 Interest income recognized on nonaccrual loans was insignificant during the three and nine months ended September 30, 2022 and 2021. For the adoption of ASC Topic 326, United elected the practical expedient to measure expected credit losses on collateral dependent loans and leases based on the difference between the loan’s amortized cost and the collateral’s fair value, adjusted for selling costs. The following table presents the amortized cost basis of collateral-dependent loans and leases in which repayment is expected to be derived substantially through the operation or sale of the collateral and where the borrower is experiencing financial difficulty, by class of loans and leases as of September 30, 2022 and December 31, 2021: Collateral Dependent Loans and Leases At September 30, 2022 Residential Property Business Assets Land Commercial Property Other Total Commercial real estate: Owner-occupied $ 51 $ 28 $ 0 $ 7,343 $ 9,664 $ 17,086 Nonowner-occupied 3,286 0 0 2,796 8,074 14,156 Other commercial 1,593 9,705 0 0 1,173 12,471 Residential real estate 12,839 0 0 0 0 12,839 Construction & land development 0 0 1,419 0 755 2,174 Consumer: Bankcard 0 0 0 0 0 0 Other consumer 0 0 0 0 0 0 Total $ 17,769 $ 9,733 $ 1,419 $ 10,139 $ 19,666 $ 58,726 Collateral Dependent Loans and Leases At December 31, 2021 Residential Property Business Assets Land Commercial Property Other Total Commercial real estate: Owner-occupied $ 0 $ 38 $ 0 $ 9,775 $ 11,223 $ 21,036 Nonowner-occupied 7,085 0 703 8,665 52,299 68,752 Other commercial 2,093 15,225 0 0 732 18,050 Residential real estate 16,749 0 0 0 0 16,749 Construction & land development 0 0 4,770 0 1,103 5,873 Consumer: Bankcard 0 0 0 0 0 0 Other consumer 0 0 0 0 0 0 Total $ 25,927 $ 15,263 $ 5,473 $ 18,440 $ 65,357 $ 130,460 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 is as follows: Commercial Real Estate – Owner-occupied Revolving loans converted to term loans Term Loans Origination Year Revolving loans amortized cost basis Total As of September 30, 2022 2022 2021 2020 2019 2018 Prior Internal Risk Grade: Pass $ 254,135 $ 324,105 $ 301,559 $ 133,669 $ 117,404 $ 542,210 $ 27,695 $ 363 $ 1,701,140 Special Mention 0 309 529 500 1,566 4,916 931 0 8,751 Substandard 144 633 0 432 991 35,752 0 236 38,188 Doubtful 0 0 0 0 0 278 0 0 278 Total $ 254,279 $ 325,047 $ 302,088 $ 134,601 $ 119,961 $ 583,156 $ 28,626 $ 599 $ 1,748,357 Current-period charge-offs 0 0 0 0 0 (68 ) 0 0 (68 ) Current-period recoveries 0 0 0 0 0 485 0 0 485 Current-period net charge-offs $ 0 $ 0 $ 0 $ 0 $ 0 $ 417 $ 0 $ 0 $ 417 Term Loans Origination Year Revolving loans amortized cost basis Revolving loans and leases converted to term loans Total As of December 31, 2021 2021 2020 2019 2018 2017 Prior Internal Risk Grade: Pass $ 319,007 $ 310,893 $ 161,075 $ 135,472 $ 168,874 $ 539,640 $ 39,117 $ 401 $ 1,674,479 Special Mention 0 0 51 5,399 712 20,672 959 0 27,793 Substandard 0 55 38 661 1,304 27,458 839 244 30,599 Doubtful 0 0 0 0 0 305 0 0 305 Total $ 319,007 $ 310,948 $ 161,164 $ 141,532 $ 170,890 $ 588,075 $ 40,915 $ 645 $ 1,733,176 YTD charge-offs 0 0 0 0 (44 ) (370 ) 0 0 (414 ) YTD recoveries 0 0 0 0 13 856 0 0 869 YTD net charge-offs $ 0 $ 0 $ 0 $ 0 $ (31 ) $ 486 $ 0 $ 0 $ 455 Commercial Real Estate – Nonowner-occupied Revolving loans converted to term loans Term Loans Origination Year Revolving loans amortized cost basis Total As of September 30, 2022 2022 2021 2020 2019 2018 Prior Internal Risk Grade: Pass $ 1,116,436 $ 1,381,816 $ 736,996 $ 636,308 $ 359,768 $ 1,394,475 $ 173,940 $ 145 $ 5,799,884 Special Mention 574 0 2,898 82,705 984 22,224 0 0 109,385 Substandard 0 0 686 34,079 28,134 52,705 0 0 115,604 Doubtful 0 0 0 0 0 0 0 0 0 Total $ 1,117,010 $ 1,381,816 $ 740,580 $ 753,092 $ 388,886 $ 1,469,404 $ 173,940 $ 145 $ 6,024,873 Current-period charge-offs 0 0 0 0 0 0 0 0 0 Current-period recoveries 0 0 0 0 0 153 0 0 153 Current-period net charge-offs $ 0 $ 0 $ 0 $ 0 $ 0 $ 153 $ 0 $ 0 $ 153 Term Loans Origination Year Revolving loans amortized cost basis Revolving loans and leases converted to term loans Total As of December 31, 2021 2021 2020 2019 2018 2017 Prior Internal Risk Grade: Pass $ 1,558,474 $ 925,508 $ 707,570 $ 460,660 $ 397,003 $ 1,490,548 $ 102,561 $ 2,039 $ 5,644,363 Special Mention 819 2,953 113,655 5,826 372 40,534 2,793 0 166,952 Substandard 0 714 13,042 28,411 1,095 102,711 0 0 145,973 Doubtful 0 0 0 0 0 0 0 0 0 Total $ 1,559,293 $ 929,175 $ 834,267 $ 494,897 $ 398,470 $ 1,633,793 $ 105,354 $ 2,039 $ 5,957,288 YTD charge-offs 0 0 0 0 0 (3,531 ) 0 0 (3,531 ) YTD recoveries 0 0 0 0 0 1,907 0 0 1,097 YTD net charge-offs $ 0 $ 0 $ 0 $ 0 $ 0 $ (1,624 ) $ 0 $ 0 $ (1,624 ) Other commercial Revolving loans and leases converted to term loans Term Loans and leases Origination Year Revolving loans and leases amortized cost basis Total As of September 30, 2022 2022 2021 2020 2019 2018 Prior Internal Risk Grade: Pass $ 658,865 $ 667,721 $ 424,201 $ 251,761 $ 82,222 $ 340,577 $ 992,467 $ 1,692 $ 3,419,506 Special Mention 14,446 13 369 2,362 1,019 3,495 33,666 44 55,414 Substandard 4,066 970 203 724 8,373 10,236 38,081 84 62,737 Doubtful 0 0 0 0 65 0 0 0 65 Total $ 677,377 $ 668,704 $ 424,773 $ 254,847 $ 91,679 $ 354,308 $ 1,064,214 $ 1,820 $ 3,537,722 Current-period charge-offs 0 (353 ) (2 ) (208 ) (1,526 ) (642 ) 0 0 (2,731 ) Current-period recoveries 0 0 84 7 705 3,296 0 0 4,092 Current-period net charge-offs $ 0 $ (353 ) $ 82 $ (201 ) $ (821 ) $ 2,654 $ 0 $ 0 $ 1,361 Term Loans and leases Origination Year Revolving loans and leases amortized cost basis Revolving loans and leases converted to term loans Total As of December 31, 2021 2021 2020 2019 2018 2017 Prior Internal Risk Grade: Pass $ 924,726 $ 557,422 $ 306,945 $ 107,426 $ 87,090 $ 76,032 $ 1,211,865 $ 2,038 $ 3,273,544 Special Mention 1,880 0 31,614 3,012 1,801 3,390 76,987 61 118,745 Substandard 793 11 1,561 4,930 2,146 18,963 41,357 205 69,966 Doubtful 0 0 0 0 0 106 0 0 106 Total $ 927,399 $ 557,433 $ 340,120 $ 115,368 $ 91,037 $ 98,491 $ 1,330,209 $ 2,304 $ 3,462,361 YTD charge-offs 0 (87 ) (31 ) (200 ) (174 ) (5,650 ) (40 ) 0 (6,182 ) YTD recoveries 0 3 30 86 34 4,154 0 0 4,307 YTD net charge-offs $ 0 $ (84 ) $ (1 ) $ (114 ) $ (140 ) $ (1,496 ) $ (40 ) $ 0 $ (1,875 ) Residential Real Estate Revolving loans converted to term loans Term Loans Origination Year Revolving loans amortized cost basis Total As of September 30, 2022 2022 2021 2020 2019 2018 Prior Internal Risk Grade: Pass $ 1,177,179 $ 844,137 $ 493,937 $ 302,151 $ 251,579 $ 850,367 $ 439,462 $ 2,855 $ 4,361,667 Special Mention 0 0 0 0 11 4,768 1,949 0 6,728 Substandard 0 1,458 68 443 876 18,593 915 0 22,353 Doubtful 0 0 0 0 0 0 0 0 0 Total $ 1,177,179 $ 845,595 $ 494,005 $ 302,594 $ 252,466 $ 873,728 $ 442,326 $ 2,855 $ 4,390,748 Current-period charge-offs 0 (809 ) 0 0 (283 ) (387 ) 0 0 (1,479 ) Current-period recoveries 0 0 0 0 15 1,295 1 0 1,311 Current-period net charge-offs $ 0 $ (809 ) $ 0 $ 0 $ (268 ) $ 908 $ 1 $ 0 $ (168 ) Term Loans Origination Year Revolving loans amortized cost basis Revolving loans converted to term loans Total As of December 31, 2021 2021 2020 2019 2018 2017 Prior Internal Risk Grade: Pass $ 815,693 $ 568,323 $ 383,250 $ 315,211 $ 178,101 $ 931,730 $ 455,705 $ 2,972 $ 3,650,985 Special Mention 0 0 0 223 91 12,251 2,339 0 14,904 Substandard 464 0 444 617 2,763 19,773 1,497 113 25,671 Doubtful 0 0 0 0 0 0 0 0 0 Total $ 816,157 $ 568,323 $ 383,694 $ 316,051 $ 180,955 $ 963,754 $ 459,541 $ 3,085 $ 3,691,560 YTD charge-offs 0 0 (37 ) (38 ) (167 ) (5,774 ) 0 0 (6,016 ) YTD recoveries 0 0 0 0 3 2,384 13 0 2,400 YTD net charge-offs $ 0 $ 0 $ (37 ) $ (38 ) $ (164 ) $ (3,390 ) $ 13 $ 0 $ (3,616 ) Construction and Land Development Revolving loans converted to term loans Term Loans Origination Year Revolving loans amortized cost basis Total As of September 30, 2022 2022 2021 2020 2019 2018 Prior Internal Risk Grade: Pass $ 542,237 $ 1,079,140 $ 397,998 $ 156,282 $ 113,677 $ 93,713 $ 231,058 $ 0 $ 2,614,105 Special Mention 0 2,401 66 3,257 0 500 967 0 7,191 Substandard 0 248 0 52 0 2,521 0 0 2,821 Doubtful 0 0 0 0 0 0 0 0 0 Total $ 542,237 $ 1,081,789 $ 398,064 $ 159,591 $ 113,677 $ 96,734 $ 232,025 $ 0 $ 2,624,117 Current-period charge-offs 0 0 0 0 0 (2 ) 0 0 (2 ) Current-period recoveries 0 0 0 0 0 1,386 0 0 1,386 Current-period net charge-offs $ 0 $ 0 $ 0 $ 0 $ 0 $ 1,384 $ 0 $ 0 $ 1,384 Term Loans Origination Year Revolving loans amortized cost basis Revolving loans converted to term loans Total As of December 31, 2021 2021 2020 2019 2018 2017 Prior Internal Risk Grade: Pass $ 767,351 $ 518,291 $ 278,020 $ 152,062 $ 18,371 $ 74,532 $ 192,421 $ 0 $ 2,001,048 Special Mention 0 69 3,261 0 0 1,237 995 0 5,562 Substandard 332 0 280 925 0 5,272 746 0 7,555 Doubtful 0 0 0 0 0 0 0 0 0 Total $ 767,683 $ 518,360 $ 281,561 $ 152,987 $ 18,371 $ 81,041 $ 194,162 $ 0 $ 2,014,165 YTD charge-offs 0 0 0 0 (177 ) (383 ) 0 0 (560 ) YTD recoveries 0 0 0 0 133 471 0 0 604 YTD net charge-offs $ 0 $ 0 $ 0 $ 0 $ (44 ) $ 88 $ 0 $ 0 $ 44 Bankcard Revolving loans converted to term loans Term Loans Origination Year Revolving loans amortized cost basis Total As of September 30, 2022 2022 2021 2020 2019 2018 Prior Internal Risk Grade: Pass $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 8,527 $ 0 $ 8,527 Special Mention 0 0 0 0 0 0 62 0 62 Substandard 0 0 0 0 0 0 71 0 71 Doubtful 0 0 0 0 0 0 0 0 0 Total $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 8,660 $ 0 $ 8,660 Current-period charge-offs 0 0 0 0 0 0 (295 ) 0 (295 ) Current-period recoveries 0 0 0 0 0 0 8 0 8 Current-period net charge-offs $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ (287 ) $ 0 $ (287 ) Term Loans Origination Year Revolving loans amortized cost basis Revolving loans converted to term loans Total As of December 31, 2021 2021 2020 2019 2018 2017 Prior Internal Risk Grade: Pass $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 8,626 $ 0 $ 8,626 Special Mention 0 0 0 0 0 0 100 0 100 Substandard 0 0 0 0 0 0 187 0 187 Doubtful 0 0 0 0 0 0 0 0 0 Total $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 8,913 $ 0 $ 8,913 YTD charge-offs 0 0 0 0 0 0 (190 ) 0 (190 ) YTD recoveries 0 0 0 0 0 42 0 42 YTD net charge-offs $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ (148 ) $ 0 $ (148 ) Other Consumer Revolving loans converted to term loans Term Loans Origination Year Revolving loans amortized cost basis Total As of September 30, 2022 2022 2021 2020 2019 2018 Prior Internal Risk Grade: Pass $ 568,900 $ 356,050 $ 199,869 $ 148,850 $ 68,038 $ 13,902 $ 3,021 $ 0 $ 1,358,630 Special Mention 5,373 10,512 5,134 2,794 1,139 441 31 0 25,424 Substandard 689 1,893 907 245 174 46 0 0 3,954 Doubtful 0 0 0 0 0 0 0 0 0 Total $ 574,962 $ 368,455 $ 205,910 $ 151,889 $ 69,351 $ 14,389 $ 3,052 $ 0 $ 1,388,008 Current-period charge-offs (123 ) (925 ) (545 ) (266 ) (114 ) (134 ) 0 0 (2,107 ) Current-period recoveries 1 75 39 72 53 140 0 0 380 Current-period net charge-offs $ (122 ) $ (850 ) $ (506 ) $ (194 ) $ (61 ) $ 6 $ 0 $ 0 $ (1,727 ) Term Loans Origination Year Revolving loans amortized cost basis Revolving loans converted to term loans Total As of December 31, 2021 2021 2020 2019 2018 2017 Prior Internal Risk Grade: Pass $ 473,430 $ 293,023 $ 234,340 $ 119,678 $ 29,697 $ 10,335 $ 3,465 $ 0 $ 1,163,968 Special Mention 5,600 5,630 2,948 2,036 569 466 13 0 17,262 Substandard 903 930 456 211 22 87 5 0 2,614 Doubtful 0 0 0 0 0 0 0 0 0 Total $ 479,933 $ 299,583 $ 237,744 $ 121,925 $ 30,288 $ 10,888 $ 3,483 $ 0 $ 1,183,844 YTD charge-offs (101 ) (776 ) (709 ) (483 ) (126 ) (203 ) (6 ) 0 (2,404 ) YTD recoveries 5 86 51 101 18 186 2 0 449 YTD net charge-offs $ (96 ) $ (690 ) $ (658 ) $ (382 ) $ (108 ) $ (17 ) $ (4 ) $ 0 $ (1,955 ) At September 30, 2022 and December 31, 2021, other real estate owned (“OREO”) included in other assets in the Consolidated Balance Sheets was $10,779 and $14,823, 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. Outstanding balances of consumer mortgage loans secured by residential real estate properties for which formal foreclosure proceedings were in process are $1,200 at September 30, 2022 as compared to $13 at December 31, 2021. |
Allowance for Credit Losses
Allowance for Credit Losses | 9 Months Ended |
Sep. 30, 2022 | |
Receivables [Abstract] | |
Allowance for Credit Losses | 6. ALLOWANCE FOR CREDIT LOSSES 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 $59,331 (no allowance for credit losses) and $49,029 (net of an allowance for credit losses of $8) at September 30, 2022 and December 31, 2021, 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 did not record an allowance for credit losses for accrued interest receivables not expected to be collected as of September 30, 2022 as compared to an allowance for credit losses of $8 as of December 31, 2021. 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, 2022 and December 31, 2021: Accrued Interest Receivable At September 30, 2022 At December 31, 2021 Commercial Real Estate: Owner-occupied $ 4,467 $ 4,172 Nonowner-occupied 16,541 14,901 Other Commercial 10,097 9,335 Residential Real Estate 13,339 10,347 Construction & land development 11,607 7,411 Consumer: Bankcard 0 0 Other consumer 3,280 2,871 $ 59,331 $ 49,037 Less: Allowance for credit losses 0 (8 ) Total $ 59,331 $ 49,029 The following table represents the accrued interest receivables written off by reversing interest income for the three months and nine months ended September 30, 2022 and 2021: Accrued Interest Receivables Written Off by Reversing Interest Income Three Months Ended September 30 Nine Months Ended September 30 2022 2021 2022 2021 Commercial real estate: Owner-occupied $ 2 $ 17 $ 8 $ 29 Nonowner-occupied 2 59 2 99 Other commercial 52 5 75 14 Residential real estate 8 8 83 57 Construction & land development 0 3 0 3 Consumer: Bankcard 0 0 0 0 Other consumer 98 31 221 137 Total $ 162 $ 123 $ 389 $ 339 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, but may also include other non-performing 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. At the acquisition date, an initial allowance for expected credit losses for non-PCD United maintains an allowance for loan losses and a reserve for lending-related commitments such as unfunded loan commitments and letters of credit. The reserve for lending-related commitments of $39,698 and $31,442 at September 30, 2022 and December 31, 2021, respectively, is separately classified on the balance sheet and is included in other liabilities. The combined allowance for loan losses and reserve for lending-related commitments is considered the allowance for credit losses. United continuously evaluates any risks which may impact its loan and lease portfolios. Reserves are initially determined based on losses identified from the PD/LGD and Cohort models which utilize the Company’s historical information. Then any qualitative adjustments are applied to account for the Company’s view of the future. If current conditions underlying any qualitative adjustment factor were deemed to be materially different than historical conditions, then an adjustment was made for that factor. The third quarter of 2022 qualitative adjustments include analyses of the following: • Past events • Current conditions • Reasonable and supportable forecasts portfolio-by-portfolio • The forecast for real GDP shifted downward in the third quarter, from a projection of 1.70% for 2022 as of mid-June mid-September • 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 and lease 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, 2022 Commercial Real Estate Other Commercial Residential Real Estate Construction & Land Development Bankcard Total Owner- occupied Nonowner- occupied Other Consumer Allowance for Loan and Lease Losses: Beginning balance $ 12,938 $ 32,833 $ 79,043 $ 28,123 $ 43,839 $ 348 $ 16,605 $ 213,729 Charge-offs (37 ) 0 (1,937 ) (207 ) 0 (50 ) (856 ) (3,087 ) Recoveries 20 38 754 252 125 5 105 1,299 Provision 589 (1,101 ) 3,960 4,537 (1,596 ) 118 1,163 7,670 Ending balance $ 13,510 $ 31,770 $ 81,820 $ 32,705 $ 42,368 $ 421 $ 17,017 $ 219,611 Allowance for Loan and Lease Losses and Carrying Amount of Loans and Leases For the Nine Months Ended September 30, 2022 Commercial Real Estate Other Commercial Residential Real Estate Construction & Land Development Bankcard Total Owner- occupied Nonowner- occupied Other Consumer Allowance for Loan and Lease Losses: Beginning balance $ 14,443 $ 42,156 $ 78,432 $ 26,404 $ 39,395 $ 317 $ 14,869 $ 216,016 Charge-offs (68 ) 0 (2,731 ) (1,479 ) (2 ) (295 ) (2,107 ) (6,682 ) Recoveries 485 153 4,092 1,311 1,386 8 380 7,815 Provision (1,350 ) (10,539 ) 2,027 6,469 1,589 391 3,875 2,462 Ending balance $ 13,510 $ 31,770 $ 81,820 $ 32,705 $ 42,368 $ 421 $ 17,017 $ 219,611 Allowance for Loan and Lease Losses and Carrying Amount of Loans and Leases For the Year Ended December 31, 2021 Commercial Real Estate Other Residential Construction & Land Bankcard Total Owner- Nonowner- Other Allowance for Loan and Lease Losses: Beginning balance $ 23,354 $ 49,150 $ 78,138 $ 29,125 $ 39,077 $ 322 $ 16,664 $ 235,830 Allowance for PCD loans (acquired during the period) 1,241 4,363 5,009 1,192 823 0 1 12,629 Charge-offs (414 ) (3,531 ) (6,182 ) (6,016 ) (560 ) (190 ) (2,404 ) (19,297 ) Recoveries 869 1,907 4,307 2,400 604 42 449 10,578 Provision (10,607 ) (9,733 ) (2,840 ) (297 ) (549 ) 143 159 (23,724 ) Ending balance $ 14,443 $ 42,156 $ 78,432 $ 26,404 $ 39,395 $ 317 $ 14,869 $ 216,016 |
Intangible Assets
Intangible Assets | 9 Months Ended |
Sep. 30, 2022 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Intangible Assets | 7. INTANGIBLE ASSETS The following is a summary of intangible assets subject to amortization and those not subject to amortization: September 30, 2022 Community Banking Mortgage Banking Total Gross Carrying Amount Accumulated Amortization Gross Carrying Amount Accumulated Amortization Gross Carrying Amount Accumulated Amortization Amortized intangible assets: Core deposit intangible assets $ 105,165 ($ 86,165 ) $ 0 $ 0 $ 105,165 ($ 86,165 ) Non-amortized George Mason trade name $ 0 $ 1,080 $ 1,080 Crescent trade name 0 196 196 Total $ 0 $ 1,276 $ 1,276 Goodwill not subject to amortization $ 1,883,574 $ 5,315 $ 1,888,889 December 31, 2021 Community Banking Mortgage Banking Total Gross Carrying Amount Accumulated Amortization Gross Carrying Amount Accumulated Amortization Gross Carrying Amount Accumulated Amortization Amortized intangible assets: Core deposit intangible assets $ 105,165 ($ 82,028 ) $ 0 $ 0 $ 105,165 ($ 82,028 ) December 31, 2021 Community Banking Mortgage Banking Total Gross Carrying Amount Accumulated Amortization Gross Carrying Amount Accumulated Amortization Gross Carrying Amount Accumulated Amortization Non-amortized George Mason trade name $ 0 $ 1,080 $ 1,080 Crescent trade name 0 196 196 Total $ 0 $ 1,276 $ 1,276 Goodwill not subject to amortization $ 1,881,179 $ 5,315 $ 1,886,494 United incurred amortization expense of $1,379 and $4,137 for the three and nine months ended September 30, 2022 as compared to $1,466 and $4,399 for the three and nine months ended September 30, 2021, respectively. The following table provides a reconciliation of goodwill: Community Banking Mortgage Banking Total Goodwill at December 31, 2021 $ 1,881,179 $ 5,315 $ 1,886,494 Addition to goodwill from Community Bankers Trust acquisition 2,395 0 2,395 Goodwill at September 30, 2022 $ 1,883,574 $ 5,315 $ 1,888,889 The addition during the first nine months of 2022 to goodwill from the Community Bankers Trust acquisition was due mainly to a measurement period adjustment to establish a reserve for income tax contingencies that existed at the time of the acquisition. The following table sets forth the anticipated amortization expense for intangible assets for the years subsequent to 2021: Year Amount 2022 $ 5,516 2023 5,116 2024 3,639 2025 3,282 2026 2,758 2027 and thereafter 2,826 |
Mortgage Servicing Rights
Mortgage Servicing Rights | 9 Months Ended |
Sep. 30, 2022 | |
Servicing Asset [Abstract] | |
Mortgage 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 (“MSRs”) at fair value, if practicable. For subsequent measurement purposes, the Company measures servicing assets and liabilities based on the lower of cost or market using the amortization method. MSRs are amortized in proportion to, and over the period of, estimated net servicing income. The amortization of the MSRs is analyzed periodically and is adjusted to reflect changes in prepayment rates, economic factors and other assumptions. The Company evaluates potential impairment of MSRs based on the difference between the carrying amount and current estimated fair value of the servicing rights. In determining impairment, the Company aggregates all servicing rights and stratifies them into tranches based on predominant risk characteristics. 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 MSRs and mortgage servicing costs are charged to expense when incurred. The unpaid principal balances of loans serviced for others were approximately $3,459,781 at September 30, 2022 and $3,698,998 at December 31, 2021. The estimated fair value of the mortgage servicing rights was $44,305 and $27,355 at September 30, 2022 and December 31, 2021, respectively. The estimated fair value of servicing rights at September 30, 2022 was determined using a net servicing fee of 0.26%, average discount rates ranging from 10.50% to 11.02% with a weighted average discount rate of 10.62%, average constant prepayment rates (“CPR”) ranging from 5.92% to 10.06% with a weighted average prepayment rate of 6.48%, depending upon the stratification of the specific servicing right, and a delinquency rate, including loans on forbearance of 1.97%. The estimated fair value of servicing rights at December 31, 2021 was determined using a net servicing fee of 0.26%, average discount rates ranging from 10.50% to 11.71% with a weighted average discount rate of 10.60%, CPR ranging from 12.59% to 21.20% with a weighted average prepayment rate of 16.56%, depending upon the stratification of the specific servicing right, and a delinquency rate, including loans on forbearance of 2.09%. Please refer to Note 15 in these Notes to Consolidated Financial Statements for additional information concerning the fair value of MSRs. The following presents the activity in mortgage servicing rights, including their valuation allowance for the three and nine months ended September 30, 2022 and 2021: Three Months Ended September 30 Nine Months Ended September 30 2022 2021 2022 2021 MSRs beginning balance $ 22,593 $ 24,173 $ 24,027 $ 22,338 Addition from acquisition of subsidiary 0 0 0 0 Amount capitalized 251 2,524 1,361 8,859 Amount amortized (936 ) (2,478 ) (3,480 ) (6,978 ) MSRs ending balance $ 21,908 $ 24,219 $ 21,908 $ 24,219 MSRs valuation allowance beginning balance $ 0 $ (1,633 ) $ (883) $ (1,383 ) Aggregate additions charged and recoveries credited to operations 0 250 883 629 MSRs impairment 0 0 0 (629 ) MSRs valuation allowance ending balance $ 0 $ (1,383 ) $ 0 $ (1,383 ) MSRs, net of valuation allowance $ 21,908 $ 22,836 $ 21,908 $ 22,836 |
Leases
Leases | 9 Months Ended |
Sep. 30, 2022 | |
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 16 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 generally 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: Classification Three Months Ended Three Months Ended Operating lease cost Net occupancy expense $ 5,315 $ 5,360 Sublease income Net occupancy expense (60 ) (291 ) Net lease cost $ 5,255 $ 5,069 Classification Nine Months Ended Nine Months Ended Operating lease cost Net occupancy expense $ 15,696 $ 16,037 Sublease income Net occupancy expense (268 ) (946 ) Net lease cost $ 15,428 $ 15,091 Supplemental balance sheet information related to leases was as follows: Classification September 30, 2022 December 31, 2021 Operating lease right-of-use Operating lease right-of-use assets $ 74,043 $ 81,942 Operating lease liabilities Operating lease liabilities $ 78,748 $ 86,703 Other information related to leases was as follows: September 30, 2022 Weighted-average remaining lease term: Operating leases 6.83 years Weighted-average discount rate: Operating leases 2.19 % Supplemental cash flow information related to leases was as follows: Three Months Ended September 30, 2022 September 30, 2021 Cash paid for amounts in the measurement of lease liabilities: Operating cash flows from operating leases $ 5,351 $ 5,533 ROU assets obtained in the exchange for lease liabilities 3,440 13,606 Nine Months Ended September 30, 2022 September 30, 2021 Cash paid for amounts in the measurement of lease liabilities: Operating cash flows from operating leases $ 15,847 $ 16,560 ROU assets obtained in the exchange for lease liabilities 7,563 19,888 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, 2021, consists of the following as of September 30, 2022: Year Amount 2022 $ 5,014 2023 18,414 2024 13,236 2025 10,041 2026 8,742 Thereafter 29,316 Total lease payments 84,763 Less: imputed interest (6,015 ) Total $ 78,748 |
Short-Term Borrowings
Short-Term Borrowings | 9 Months Ended |
Sep. 30, 2022 | |
Debt Disclosure [Abstract] | |
Short-Term Borrowings | 10. SHORT-TERM BORROWINGS At September 30, 2022 and December 31, 2021, short-term borrowings were as follows: As of September 30, 2022 As of December 31, 2021 Securities sold under agreements to repurchase $ 142,476 $ 128,844 Securities sold under agreements to repurchase have been a significant source of funds for the company. 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 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. 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 is renewable on a 360 day basis and carries an indexed, floating-rate of interest. The line requires compliance with various financial and nonfinancial covenants. At September 30, 2022, United had no outstanding balance under this credit. |
Long-Term Borrowings
Long-Term Borrowings | 9 Months Ended |
Sep. 30, 2022 | |
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, 2022, United had an unused borrowing amount of approximately $7,065,152 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, 2022, $1,010,846 of FHLB advances with a weighted-average contractual interest rate of 2.84% and a weighted-average effective interest rate of 1.61% are scheduled to mature within the next three years. The weighted-average effective rate considers the effect of any interest rate swaps designated as cash flow hedges outstanding at September 30, 2022 to manage interest rate risk on its long-term debt. The scheduled maturities of these FHLB borrowings are as follows: Year Amount 2022 $ 1,000,000 2023 0 2024 0 2025 10,846 2026 and thereafter 0 Total $ 1,010,846 At September 30, 2022, United had a total of twenty 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 assumed $4,124 in aggregate principal amount of a LIBOR-indexed floating rate subordinated note in the Community Bankers Trust merger. United also assumed $10,000 in aggregate principal amount of fixed-to-floating Under the provisions of the subordinated debt, United has the right to defer payment of interest on the subordinated debt at any time, or from time to time, for periods not exceeding five years. If interest payments on the subordinated debt are deferred, the dividends on the Capital Securities are also deferred. Interest on the subordinated debt is cumulative. In 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, 2022 | |
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 $7,274,694 and $6,847,550 of loan commitments outstanding as of September 30, 2022 and December 31, 2021, respectively, approximately 35% of which contractually expire within one year. Excluded in the September 30, 2022 and December 31, 2021 amounts above are commitments to extend credit of $739,809 and $571,792, respectively, related to mortgage loan funding commitments of United’s mortgage banking segment which 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, 2022 and December 31, 2021, United had $17,408 and $14,774 of commercial letters of credit outstanding, respectively. 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 $151,662 and $164,743 as of September 30, 2022 and December 31, 2021, 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 Banking Activities 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 had a reserve of $1,081 and $1,150 as of September 30, 2022 and December 31, 2021. 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. On at least a quarterly basis, United assesses its liabilities and contingencies in connection with all pending or threatened claims and litigation, utilizing the most recent information available. On a matter-by-matter As of September 30, 2022, United accrued a $5,000 estimated liability related to a litigation matter with a former commercial customer. This accrual was based upon currently available information and is subject to adjustment to reflect any subsequent developments. 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 statements. 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, 2022 | |
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 may execute derivative instruments with its commercial banking customers to facilitate its risk management strategies. 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. The fair value of derivative positions outstanding is included in accrued interest receivable and other assets and accrued interest payable and other liabilities in United’s Consolidated Balance Sheets and in the net change in these financial statement line items in net cash provided by operating activities in United’s Condensed Consolidated Statements of Cash Flows. 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. 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 with servicing either released or retained 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 is measured using valuations from investors for loans with similar characteristics as well as considering the probability of the loan closing (i.e. the “pull-through” rate) with some adjusted for the Company’s actual sales experience versus the investor’s indicated pricing. Fair values of TBA mortgage-backed securities are measured using valuations from investors for mortgage-backed securities with similar characteristics. Income from mortgage banking activities includes the gain recognized for the period presented and associated elements of fair value. 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. 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, 2022 and December 31, 2021. Asset Derivatives September 30, 2022 December 31, 2021 Balance Sheet Location Notional Amount Fair Value Balance Sheet Location Notional Amount Fair Value Derivatives designated as hedging instruments Fair Value Hedges: Interest rate swap contracts (hedging commercial loans) Other assets $ 56,166 $ 4,246 Other assets $ 0 $ 0 Total Fair Value Hedges $ 56,166 $ 4,246 $ 0 $ 0 Cash Flow Hedges: Interest rate swap contracts (hedging FHLB borrowings) Other assets $ 500,000 $ 0 Other assets $ 500,000 $ 0 Total Cash Flow Hedges $ 500,000 $ 0 $ 500,000 $ 0 Total derivatives designated as hedging instruments $ 556,166 $ 4,246 $ 500,000 $ 0 Derivatives not designated as hedging instruments Forward loan sales commitments Other assets $ 0 $ 0 Other assets $ 33,349 $ 430 TBA mortgage-backed securities Other assets 152,339 5,010 Other assets 133,747 127 Interest rate lock commitments Other assets 98,687 1,585 Other assets 467,472 10,380 Total derivatives not designated as hedging instruments $ 251,026 $ 6,595 $ 634,568 $ 10,937 Total asset derivatives $ 807,192 $ 10,841 $ 1,134,568 $ 10,937 Liability Derivatives September 30, 2022 December 31, 2021 Balance Sheet Location Notional Amount Fair Value Balance Sheet Location Notional Amount Fair Value Derivatives designated as hedging instruments Fair Value Hedges: Interest rate swap contracts (hedging commercial loans) Other liabilities $ 0 $ 0 Other liabilities $ 72,447 $ 3,197 Total Fair Value Hedges $ 0 $ 0 $ 72,447 $ 3,197 Liability Derivatives September 30, 2022 December 31, 2021 Balance Sheet Location Notional Amount Fair Value Balance Sheet Location Notional Amount Fair Value Total derivatives designated as hedging instruments $ 0 $ 0 $ 72,447 $ 3,197 Derivatives not designated as hedging instruments Forward loan sales commitments Other liabilities $ 13,724 $ 276 Other liabilities $ 15,005 $ 36 TBA mortgage-backed securities Other liabilities 0 0 Other liabilities 550,000 470 Interest rate lock commitments Other liabilities 125,838 2,787 Other liabilities 24,743 25 Total derivatives not designated as hedging instruments $ 139,562 $ 3,063 $ 589,748 $ 531 Total liability derivatives $ 139,562 $ 3,063 $ 662,195 $ 3,728 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, 2022 and December 31, 2021. Derivatives in Fair Value Hedging Relationships Location in the Statement of Condition September 30, 2022 Carrying Amount of the Hedged Assets/(Liabilities) Cumulative Amount of Fair Value Hedging Adjustment Included in the Carrying Amount of the Hedged Assets/(Liabilities) Cumulative Amount of Fair Value Hedging Adjustment Remaining for any Hedged Assets/ (Liabilities) for which Hedge Accounting has been Discontinued Interest rate swaps Loans, net of unearned income $ 56,876 $ (3,260 ) $ 0 Derivatives in Fair Value Hedging Relationships Location in the Statement of Condition December 31, 2021 Carrying Amount of the Hedged Assets/(Liabilities) Cumulative Amount of Fair Value Hedging Cumulative Amount of Interest rate swaps Loans, net of unearned income $ 73,232 $ 3,795 $ 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, 2022 and 2021 are presented as follows: Three Months Ended Location of Gain (Loss) Recognized in the Consolidated Statements of Income September 30, 2022 September 30, 2021 Derivatives in hedging relationships Fair Value Hedges: Interest rate swap contracts Interest and fees on loans $ 40 $ (447 ) Three Months Ended Location of Gain (Loss) Recognized in the Consolidated Statements of Income September 30, 2022 September 30, 2021 Cash flow Hedges: Interest rate swap contracts Interest on long-term borrowings $ 2,422 $ (382 ) Total derivatives in hedging relationships $ 2,462 $ (829 ) Derivatives not designated as hedging instruments Forward loan sales commitments Income from Mortgage Banking Activities $ (345 ) $ (257 ) TBA mortgage-backed securities Income from Mortgage Banking Activities 4,245 5,766 Interest rate lock commitments Income from Mortgage Banking Activities (2,838 ) (1,305 ) Total derivatives not designated as hedging instruments $ 1,062 $ 4,204 Total derivatives $ 3,524 $ 3,375 Nine Months Ended Location of Gain (Loss) Recognized in the Consolidated Statements of Income September 30, September 30, Derivatives in hedging relationships Fair Value Hedges: Interest rate swap contracts Interest and fees on loans $ (997 ) $ (1,240 ) Cash flow Hedges: Interest rate swap contracts Interest on long-term borrowings $ 2,343 $ (968 ) Total derivatives in hedging relationships $ 1,346 $ (2,208 ) Derivatives not designated as hedging instruments Forward loan sales commitments Income from Mortgage Banking Activities $ (670 ) $ (1,541 ) TBA mortgage-backed securities Income from Mortgage Banking Activities 5,352 10,470 Interest rate lock commitments Income from Mortgage Banking Activities (8,175 ) (17,292 ) Total derivatives not designated as hedging instruments $ (3,493 ) $ (8,363 ) Total derivatives $ (2,147 ) $ Gains/losses on United’s interest rate swap contracts used in cash flow hedge accounting relationships for the three and nine months ended September 30, 2022 and 2021 are presented in Note 18 to these unaudited Notes to Consolidated Financial Statements. United includes the gains/losses on the hedging derivative in the same line item in United’s Consolidated Statements of Income as the change in cash flows on the related hedge item. |
Fair Value Measurements
Fair Value Measurements | 9 Months Ended |
Sep. 30, 2022 | |
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 in 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. ASC Topic 820 specifies a hierarchy of valuation techniques based on whether the inputs to those valuation techniques are observable or unobservable. Observable inputs reflect market data obtained from independent sources, while unobservable inputs reflect United’s market assumptions. The three levels of the fair value hierarchy based on these two types of inputs are as follows: Level 1 - Valuation is based on quoted prices in active markets for identical assets and liabilities. Level 2 - Valuation is based on observable inputs including quoted prices in active markets for similar assets and liabilities, quoted prices for identical or similar assets and liabilities in less active markets, and model-based valuation techniques for which significant assumptions can be derived primarily from or corroborated by observable data in the market. Level 3 - Valuation is based on model-based techniques that use one or more significant inputs or assumptions that are unobservable in the market. When determining the fair value measurements for assets and liabilities, United looks to active and observable markets to price identical assets or liabilities whenever possible and classifies such items in Level 1. When identical assets and liabilities are not traded in active markets, United looks to market observable data for similar assets and liabilities and classifies such items as Level 2. Nevertheless, certain assets and liabilities are not actively traded in observable markets and United must use alternative valuation techniques using unobservable inputs to determine a fair value and classifies such items as Level 3. For assets and liabilities that are not actively traded, the fair value measurement is based primarily upon estimates that require significant judgment. Therefore, the results may not be realized in an actual sale or immediate settlement of the asset or liability. Additionally, there are inherent weaknesses in any calculation technique, and changes in the underlying assumptions used, including discount rates and estimates of future cash flows, could significantly affect the results of current or future values. The level within the fair value hierarchy is based on the lowest level of input that is significant in the fair value measurement. In accordance with ASC Topic 820, the following describes the valuation techniques used by United to measure certain financial assets and liabilities recorded at fair value on a recurring basis in the financial statements. Securities available for sale and equity securities bid-ask available-for-sale Loans held for sale pricing (“Level 3”). The unobservable input for Level 3 valuations is the Company’s historical sales prices. For September 30, 2022, the range of historical sales prices (decreased)/increased the investor’s indicated pricing by a range of (0.22%) to 0.73% with a weighted average increase of 0.31%. 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” For derivatives that are not designated in a hedge relationship within the mortgage banking segment, changes in the fair value of these derivatives are recognized in income from mortgage banking activities 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, if any, 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, 2022 and December 31, 2021, segregated by the level of the valuation inputs within the fair value hierarchy. Fair Value at September 30, 2022 Using Description Balance as of September 30, 2022 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 $ 530,390 $ 0 $ 530,390 $ 0 State and political subdivisions 702,454 0 702,454 0 Residential mortgage-backed securities Agency 1,215,526 0 1,215,526 0 Non-agency 112,876 0 112,876 0 Commercial mortgage-backed securities Agency 589,057 0 589,057 0 Asset-backed securities 930,584 0 930,584 0 Single issue trust preferred securities 16,099 0 16,099 0 Other corporate securities 551,101 5,452 545,649 0 Total available for sale securities 4,648,087 5,452 4,642,635 0 Equity securities: Financial services industry 230 230 0 0 Equity mutual funds (1) 1,957 1,957 0 0 Other equity securities 5,127 5,127 0 0 Total equity securities 7,314 7,314 0 0 Loans held for sale 210,075 0 15,245 194,830 Derivative financial assets: Interest rate swap contracts 4,246 0 4,246 0 Forward sales commitments 0 0 0 0 TBA mortgage-backed securities 5,010 0 793 4,217 Interest rate lock commitments 1,585 0 128 1,457 Total derivative financial assets 10,841 0 5,167 5,674 Liabilities Derivative financial liabilities: Forward sales commitments 276 0 207 69 Interest rate lock commitments 2,787 0 240 2,547 Total derivative financial liabilities 3,063 0 447 2,616 Fair Value at December 31, 2021 Using Description Balance as of December 31, 2021 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 $ 81,850 $ $ 81,850 $ 0 State and political subdivisions 847,298 0 847,298 0 Residential mortgage-backed securities Agency 1,113,774 0 1,113,774 0 Fair Value at December 31, 2021 Using Description Balance as of December 31, 2021 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Non-agency 74,545 0 74,545 0 Commercial mortgage-backed securities Agency 639,925 0 639,925 0 Asset-backed securities 656,572 0 656,572 0 Single issue trust preferred securities 16,811 0 16,811 0 Other corporate securities 611,924 5,758 606,166 0 Total available for sale securities 4,042,699 5,758 4,036,941 0 Equity securities: Financial services industry 187 187 0 0 Equity mutual funds (1) 6,406 6,406 0 0 Other equity securities 5,811 5,811 0 0 Total equity securities 12,404 12,404 0 0 Loans held for sale 504,416 0 40,307 464,109 Derivative financial assets: Forward sales commitments 430 0 430 0 TBA mortgage-backed securities 127 0 66 61 Interest rate lock commitments 10,380 0 936 9,444 Total derivative financial assets 10,937 0 1,432 9,505 Liabilities Derivative financial liabilities: Interest rate swap contracts 3,197 0 3,197 0 Forward sales commitments 36 0 0 36 TBA mortgage-backed securities 470 0 0 470 Interest rate lock commitments 25 0 0 25 Total derivative financial liabilities 3,728 0 3,197 531 (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, 2022 and the year ended December 31, 2021. The following tables present additional information about financial assets and liabilities measured at fair value at September 30, 2022 and December 31, 2021 on a recurring basis and for which United has utilized Level 3 inputs to determine fair value. 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 related to assets still held at the reporting date are recorded in Income from mortgage banking activities in the Consolidated Statements of Income. Loans held for sale September 30, 2022 December 31, Balance, beginning of period $ 464,109 $ 654,733 Originations 2,038,002 4,984,363 Sales (2,348,618 ) (5,313,758 ) Total gains or losses during the period recognized in earnings 41,337 138,771 Balance, end of period $ 194,830 $ 464,109 The amount of total (losses) gains 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 $ (12,634 ) $ 10,506 Derivative Financial Assets TBA Securities September 30, 2022 December 31, Balance, beginning of period $ 61 $ 0 Transfers other 4,156 61 Balance, end of period $ 4,217 $ 61 The amount of total gains 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 $ 4,217 $ 61 Derivative Financial Assets Interest Rate Lock Commitments September 30, 2022 December 31, Balance, beginning of period $ 9,444 $ 32,011 Transfers other (7,987 ) (22,567 ) Balance, end of period $ 1,457 $ 9,444 The amount of total gains 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 $ 1,457 $ 9,444 Derivative Financial Liabilities Forward Sales Commitments September 30, 2022 December 31, Balance, beginning of period $ 36 $ 0 Transfers other 33 36 Balance, end of period $ 69 $ 36 The amount of total gains 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 $ 69 $ 36 Derivative Financial Liabilities TBA Securities September 30, 2022 December 31, Balance, beginning of period $ 470 $ 0 Transfers other (470 ) 470 Balance, end of period $ 0 $ 470 The amount of total gains 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 $ 470 Derivative Financial Liabilities Interest Rate Lock September 30, 2022 December 31, Balance, beginning of period $ 25 $ 0 Transfers other 2,522 25 Balance, end of period $ 2,547 $ 25 The amount of total gains 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 $ 2,547 $ 25 Fair Value Option 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, 2022 Three Months Ended September 30, 2021 Income from mortgage banking activities $ (2,662 ) $ (4,577 ) Description Nine Months Ended September 30, 2022 Nine Months Ended September 30, 2021 Income from mortgage banking activities $ (12,800 ) $ (16,353 ) 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, 2022 December 31, 2021 Description Unpaid Fair Value Fair Value Over/(Under) Unpaid Unpaid Fair Value Fair Value Over/(Under) Loans held for sale $ 212,237 $ 210,075 $ (2,162 ) $ 493,340 $ 504,416 $ 11,076 Assets and Liabilities Measured at Fair Value on a Nonrecurring Basis 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 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. Individually assessed loans OREO bi-annual Intangible Assets more-likely-than-not COVID-19 Mortgage Servicing Rights (“MSRs”): The following table summarizes United’s financial assets that were measured at fair value on a nonrecurring basis during the period: Description Balance as of September 30, 2022 Fair value at September 30, 2022 YTD Gains (Losses) Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Assets Individually assessed loans $ 8,107 $ 0 $ 2,671 $ 5,436 $ (243 ) OREO 10,779 0 10,758 21 (1,715 ) Description Balance as of December 31, 2021 Fair value at December 31, 2021 YTD Gains (Losses) Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Assets Individually assessed loans $ 65,431 $ 0 $ 46,830 $ 18,601 $ (601 ) OREO 14,823 0 3,209 11,614 (4,020 ) Mortgage servicing rights 27,355 0 0 27,355 (629 ) 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 fair value of identical or similar securities by using pricing models that consider observable market data. Any securities held to maturity, not valued based upon the methods above, are valued based on a discounted cash flow methodology using appropriately adjusted discount rates reflecting nonperformance and liquidity risks. Other securities consist mainly of shares of Federal Home Loan Bank and Federal Reserve Bank stock that do not have readily determinable fair values and are carried at cost. Loans 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 Amount 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, 2022 Cash and cash equivalents $ 1,356,347 $ 1,356,347 $ 0 $ 1,356,347 $ 0 Securities available for sale 4,648,087 4,648,087 5,452 4,642,635 0 Securities held to maturity 1,001 1,020 0 0 1,020 Equity securities 7,314 7,314 7,314 0 0 Other securities 267,292 253,927 0 0 253,927 Loans held for sale 210,075 210,075 0 15,245 194,830 Net loans 19,480,469 18,452,231 0 0 18,452,231 Derivative financial assets 10,841 10,841 0 5,167 5,674 Mortgage servicing rights 21,908 44,305 0 0 44,305 Deposits 22,863,377 22,801,405 0 22,801,405 0 Short-term borrowings 142,476 142,476 0 142,476 0 Long-term borrowings 1,297,308 1,260,639 0 1,260,639 0 Derivative financial liabilities 3,063 3,063 0 447 2,616 Fair Value Measurements Carrying Amount Fair Value Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) December 31, 2021 Cash and cash equivalents $ 3,758,170 $ 3,758,170 $ 0 $ 3,758,170 $ 0 Securities available for sale 4,042,699 4,042,699 5,758 4,036,941 0 Securities held to maturity 1,001 1,020 0 0 1,020 Equity securities 12,404 12,404 12,404 0 0 Other securities 239,645 227,663 0 0 227,663 Loans held for sale 504,416 504,416 0 40,307 464,109 Net loans 17,807,632 17,119,202 0 0 17,119,202 Derivative financial assets 10,937 10,937 0 1,432 9,505 Mortgage servicing rights 23,144 27,355 0 0 27,355 Deposits 23,350,263 23,334,431 0 23,334,431 0 Short-term borrowings 128,844 128,844 0 128,844 0 Long-term borrowings 817,394 773,291 0 773,291 0 Derivative financial liabilities 3,728 3,728 0 3,197 531 |
Stock Based Compensation
Stock Based Compensation | 9 Months Ended |
Sep. 30, 2022 | |
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 $2,462 and $7,066 related to the nonvested awards under United’s Long-Term Incentive Plans was incurred for the third quarter and first nine months of 2022, respectively, as compared to the compensation expense of $1,912 and $5,492 related to the nonvested awards under United’s Long-Term Incentive Plans incurred for the third quarter and first nine months of 2021, 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, 2022, and the changes during the first nine months of 2022 are presented below: Nine Months Ended September 30, 2022 Weighted Average Shares Aggregate Intrinsic Value Remaining Contractual Term (Yrs.) Exercise Price Outstanding at January 1, 2022 2,149,117 $ 32.01 Granted 0 0.00 Exercised (370,995 ) 23.32 Forfeited or expired (103,773 ) 28.76 Outstanding at September 30, 2022 1,674,349 $ 6,185 4.5 $ 34.10 Exercisable at September 30, 2022 1,503,457 $ 5,817 5.0 $ 34.06 The following table summarizes the status of United’s nonvested stock option awards during the first nine months of 2022: Shares Weighted-Average Grant Date Fair Value Per Share Nonvested at January 1, 2022 395,034 $ 7.33 Granted 0 0.00 Vested (215,926 ) 8.11 Forfeited or expired (8,216 ) 11.06 Nonvested at September 30, 2022 170,892 $ 6.16 During the nine months ended September 30, 2022 and 2021, 370,995 and 175,662 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, 2022 and 2021 were issued from authorized and unissued stock. The total intrinsic value of options exercised under the Plans during the nine months ended September 30, 2022 and 2021 was $5,095 and $1,685 respectively. As of September 30, 2022, the total unrecognized compensation cost related to nonvested stock option awards was $579 with a weighted-average expense recognition period of 0.7 years. Restricted Stock Under the 2020 LTI Plan, United may award restricted common shares to key employees and non-employee The following summarizes the changes to United’s nonvested restricted common shares for the period ended September 30, 2022: Shares Weighted-Average Grant Date Fair Value Per Share Nonvested at January 1, 2022 383,971 $ 35.21 Granted 156,988 36.23 Vested (158,563 ) 35.67 Forfeited (8,864 ) 35.97 Nonvested at September 30, 2022 373,532 $ 35.43 Restricted Stock Units Under the 2020 LTI Plan, United may grant restricted stock units (“RSUs”) to key employees. These awards help align the interests of these employees with the interests of the shareholders of United by providing economic value directly related to the performance of the Company. These RSU grants could be time-vested RSUs, performance-vested RSUs, or a combination of both. Currently, time-vested RSUs vest ratably over three years from the date of grant. Performance-vested RSUs cliff-vest after assessment of the Company’s performance over a period of three years. The number of performance-vested RSUs that vest is determined by two metrics measured relative to peers: Return on Average Tangible Common Equity (“ROATCE”) and Total Shareholder Return (“TSR”). Based on ASC Topic 718, the ROATCE comparison is considered a performance condition while the TSR comparison is considered a market condition. There will be no payout of the performance-vested awards if the threshold performance is not achieved. United communicates the specific threshold, target, and maximum performance-vested RSU awards and performance targets to the applicable key employees at the beginning of a performance period. Dividends are accrued but not paid in respect to the awards until the RSUs vest. The holder does not have the right to vote the shares during the time and performance periods. The value of the time-vested RSUs and the performance-vested, based on the performance condition, RSUs awarded is established as the fair market value of the stock at the time of the grant. The value of the performance-vested, based on the market condition, RSUs awarded is estimated through the use of a Monte Carlo valuation model as of the grant date. The Company recognizes expense on the RSUs in accordance with ASC Topic 718. The following table summarizes the status of United’s nonvested RSUs during the first nine months of 2022: Shares Weighted-Average Grant Date Fair Value Per Share Nonvested at January 1, 2022 136,896 $ 35.65 Granted 147,511 35.46 Vested (18,248 ) 37.05 Forfeited or expired 0 0.00 Nonvested at September 30, 2022 266,159 $ 35.45 As of September 30, 2022, the total unrecognized compensation cost related to nonvested restricted stock units was $6,194 with a weighted-average expense recognition period of 1.2 years. |
Employee Benefit Plans
Employee Benefit Plans | 9 Months Ended |
Sep. 30, 2022 | |
Retirement Benefits [Abstract] | |
Employee Benefit Plans | 16. EMPLOYEE BENEFIT PLANS United has a defined benefit retirement plan covering qualified employees hired prior to October 1, 2007. 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. No discretionary contributions were made during the first nine months of 2022 and 2021. Included in accumulated other comprehensive income at December 31, 2021 are unrecognized actuarial losses of $44,370 ($34,032 net of tax) that have not yet been recognized in net periodic pension cost. Net periodic pension cost for the three and nine months ended September 30, 2022 and 2021 included the following components: Three Months Ended September 30 Nine Months Ended September 30 2022 2021 2022 2021 Service cost $ 583 $ 688 $ 1,996 $ 2,196 Interest cost 1,301 1,121 3,731 3,172 Expected return on plan assets (3,258 ) (3,000 ) (9,680 ) (8,881 ) Recognized net actuarial loss 1,070 1,903 2,726 5,064 Net periodic pension cost $ (304 ) $ 712 $ (1,227 ) $ 1,551 Weighted-average assumptions: Discount rate 3.08 % 2.81 % 3.08 % 2.81 % Expected return on assets 6.25 % 6.25 % 6.25 % 6.25 % Rate of compensation increase (prior to age 40) 5.00 % 5.00 % 5.00 % 5.00 % Rate of compensation increase (ages 40-54) 4.00 % 4.00 % 4.00 % 4.00 % Rate of compensation increase (otherwise) 3.50 % 3.50 % 3.50 % 3.50 % |
Income Taxes
Income Taxes | 9 Months Ended |
Sep. 30, 2022 | |
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, 2022 and 2021, the total amount of accrued interest related to uncertain tax positions was $807 and $748, 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, 2019, 2020 and 2021 and certain State Taxing authorities for the years ended December 31, 2019 through 2021. United’s effective tax rate was 20.17% and 19.90% the third quarter and first nine months of 2022, respectively, and 20.39% and 20.47% for the third quarter and first nine months of 2021, respectively. |
Comprehensive Income
Comprehensive Income | 9 Months Ended |
Sep. 30, 2022 | |
Equity [Abstract] | |
Comprehensive Income | 18. COMPREHENSIVE INCOME The components of total comprehensive income for the three and nine months ended September 30, 2022 and 2021 are as follows: Three Months Ended September 30 Nine Months Ended September 30 2022 2021 2022 2021 Net Income $ 102,585 $ 92,152 $ 279,862 $ 293,886 Available for sale (“AFS”) securities: Change in net unrealized (loss) gain on AFS securities arising during the period (153,779 ) (17,855 ) (505,565 ) (45,782 ) Related income tax effect 35,831 4,160 117,797 10,667 Net reclassification adjustment for gains included in net income (2 ) (108 ) (2 ) (1,552 ) Related income tax expense 0 26 0 362 Net effect of AFS securities on other comprehensive income (117,950 ) (13,777 ) (387,770 ) (36,305 ) Three Months Ended September 30 Nine Months Ended September 30 2022 2021 2022 2021 Cash flow hedge derivatives: Unrealized gain (loss) on cash flow hedge before reclassification to interest expense 18,442 1,414 52,352 12,488 Related income tax effect (4,297 ) (330 ) (12,198 ) (2,910 ) Net reclassification adjustment for (gains) losses included in net income (2,422 ) 382 (2,343 ) 968 Related income tax effect 564 (89 ) 546 (226 ) Net effect of cash flow hedge derivatives on other comprehensive income 12,287 1,377 38,357 10,320 Pension plan: Recognized net actuarial loss 1,070 1,903 2,726 5,064 Related income tax benefit (354 ) (1,265 ) (729 ) (2,688 ) Net effect of change in pension plan asset on other comprehensive income 716 638 1,997 2,376 Total change in other comprehensive income (104,947 ) (11,762 ) (347,416 ) (23,609 ) Total Comprehensive (Loss) Income $ (2,362 ) $ 80,390 $ (67,554 ) $ 270,277 The components of accumulated other comprehensive income for the nine months ended September 30, 2022 are as follows: Changes in Accumulated Other Comprehensive Income (AOCI) by Component (a) For the Nine Months Ended September 30, 2022 Unrealized Gains/Losses on AFS Securities Unrealized Gains/Losses on Cash Flow Hedges Defined Benefit Pension Items Total Balance at January 1, 2022 $ 8,594 $ 16,359 $ (29,841 ) $ (4,888 ) Other comprehensive income before reclassification (387,768 ) 40,154 0 (347,614 ) Amounts reclassified from accumulated other comprehensive income (2 ) (1,797 ) 1,997 198 Net current-period other comprehensive income, net of tax (387,770 ) 38,357 1,997 (347,416 ) Balance at September 30, 2022 $ (379,176 ) $ 54,716 $ (27,844 ) $ (352,304 ) (a) All amounts are net-of-tax. Reclassifications out of Accumulated Other Comprehensive Income (AOCI) For the Nine Months Ended September 30, 2022 Details about AOCI Components Amount Reclassified from AOCI Affected Line Item in the Statement Where Net Income is Presented Available for sale (“AFS”) securities: Net reclassification adjustment for gains included in net income $ (2 ) Net investment securities gains (2 ) Total before tax Related income tax effect 0 Tax expense (2 ) Net of tax Cash flow hedge: Net reclassification adjustment for losses included in net income $ (2,343 ) Interest expense (2,343 ) Total before tax Related income tax effect 546 Tax expense (1,797 ) Net of tax Pension plan: Recognized net actuarial loss 2,726 (a) 2,726 Total before tax Reclassifications out of Accumulated Other Comprehensive Income (AOCI) For the Nine Months Ended September 30, 2022 Details about AOCI Components Amount Reclassified from AOCI Affected Line Item in the Statement Where Net Income is Presented Related income tax effect (729 ) Tax expense 1,997 Net of tax Total reclassifications for the period $ 198 (a) This AOCI component is included in the computation of changes in plan assets (see Note 16, Employee Benefit Plans) |
Earnings Per Share
Earnings Per Share | 9 Months Ended |
Sep. 30, 2022 | |
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 September 30 Nine Months Ended September 30 2022 2021 2022 2021 Distributed earnings allocated to common stock $ 48,333 $ 45,084 $ 145,678 $ 135,237 Undistributed earnings allocated to common stock 53,979 46,803 133,442 157,810 Net earnings allocated to common shareholders $ 102,312 $ 91,887 $ 279,120 $ 293,047 Average common shares outstanding 134,182,248 128,762,815 134,947,674 128,716,450 Equivalents from stock options 371,317 197,405 303,625 217,832 Average diluted shares outstanding 134,553,565 128,960,220 135,251,299 128,934,282 Earnings per basic common share $ 0.76 $ 0.71 $ 2.07 $ 2.28 Earnings per diluted common share $ 0.76 $ 0.71 $ 2.06 $ 2.27 Antidilutive stock options and restricted stock outstanding of 678,879 and 1,117,428 for the three months and nine months ended September 30, 2022, respectively, were excluded from the earnings per diluted common share calculation as compared to 1,239,529 and 984,803 for the three months and nine months ended September 30, 2021, respectively. |
Variable Interest Entities
Variable Interest Entities | 9 Months Ended |
Sep. 30, 2022 | |
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 twenty 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 Capital Securities Issued Stated Interest Rate Maturity Date United Statutory Trust III December 17, 2003 $ 20,000 3-month LIBOR + 2.85% December 17, 2033 United Statutory Trust IV December 19, 2003 $ 25,000 3-month LIBOR + 2.85% January 23, 2034 United Statutory Trust V July 12, 2007 $ 50,000 3-month 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 BOE Statutory Trust I December 12, 2003 $ 4,000 3-month December 12, 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, 2022 As of December 31, 2021 Aggregate Assets Aggregate Liabilities Risk Of Loss (1) Aggregate Assets Aggregate Liabilities Risk Of Loss (1) Trust preferred securities $ 300,294 $ 289,103 $ 11,191 $ 299,531 $ 288,499 $ 11,032 (1) Represents investment in VIEs. |
Segment Information
Segment Information | 9 Months Ended |
Sep. 30, 2022 | |
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. Crescent may retain servicing rights on their mortgage loans sold. At certain times, Crescent may purchase rights to service loans from third parties. These rights, which 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) with short-term funds to originate mortgage loans through a warehouse line of credit and charges the mortgage banking segment interest based on a Fed Funds target rate. These transactions are eliminated in the consolidation process. The Company does not have any operating segments other than those reported. The “Other” category consists of financial information not directly attributable to a specific segment, including interest income from investments and net securities gains or losses of parent companies and their non-banking non-segment Information about the reportable segments and reconciliation of this information to the consolidated financial statements at and for the three and nine months ended September 30, 2022 and 2021 is as follows: At and For the Three Months Ended September 30, 2022 Community Banking Mortgage Banking Other Intersegment Eliminations Consolidated Net interest income $ 239,543 $ 2,758 $ (3,709 ) $ 2,030 $ 240,622 Provision for credit losses 7,671 0 0 0 7,671 Other income 23,777 13,749 532 (5,309 ) 32,749 Other expense 119,569 20,662 244 (3,279 ) 137,196 Income taxes 27,422 (820 ) (683 ) 0 25,919 Net income (loss) $ 108,658 $ (3,335 ) $ (2,738 ) $ 0 $ 102,585 Total assets (liabilities) $ 28,730,918 $ 427,239 $ 46,243 $ (155,925 ) $ 29,048,475 Average assets (liabilities) 28,495,611 402,793 32,590 (96,559 ) 28,834,435 At and For the Three Months Ended September 30, 2021 Community Banking Mortgage Banking Other Intersegment Eliminations Consolidated Net interest income $ 179,444 $ 2,367 $ (2,072 ) $ 1,840 $ 181,579 Provision for credit losses (7,829 ) 0 0 0 (7,829 ) Other income 24,718 45,023 815 (1,925 ) 68,631 Other expense 109,141 31,787 1,440 (85 ) 142,283 Income taxes 20,969 3,179 (544 ) 0 23,604 Net income (loss) $ 81,881 $ 12,424 $ (2,153 ) $ 0 $ 92,152 Total assets (liabilities) $ 27,129,820 $ 643,171 $ 34,546 $ (300,020 ) $ 27,507,517 Average assets (liabilities) 27,089,160 572,450 28,381 (252,281 ) 27,437,710 At and For the Nine Months Ended September 30, 2022 Community Mortgage Other Intersegment Eliminations Consolidated Net interest income $ 640,817 $ 7,945 $ (8,496 ) $ 6,761 $ 647,027 Provision for credit losses 2,454 0 0 0 2,454 Other income 75,577 58,614 2,693 (14,502 ) 122,382 Other expense 353,357 71,886 43 (7,741 ) 417,545 Income taxes 71,758 (1,048 ) (1,162 ) 0 69,548 Net income (loss) $ 288,825 $ (4,279 ) $ (4,684 ) $ 0 $ 279,862 Total assets (liabilities) $ 28,730,918 $ 427,239 $ 46,243 $ (155,925 ) $ 29,048,475 Average assets (liabilities) 28,717,609 454,202 32,784 (143,027 ) 29,061,568 At and For the Nine Months Ended September 30, 2021 Community Banking Mortgage Banking Other Intersegment Eliminations Consolidated Net interest income $ 550,041 $ 7,888 $ (6,316 ) $ 7,443 $ 559,056 Provision for credit losses (16,565 ) 0 0 0 (16,565 ) Other income 75,203 152,295 3,468 (6,891 ) 224,075 Other expense 322,612 109,361 (2,339 ) 552 430,186 Income taxes 65,320 10,399 (95 ) 0 75,624 Net income (loss) $ 253,877 $ 40,423 $ (414 ) $ 0 $ 293,886 Total assets (liabilities) $ 27,129,820 $ 643,171 $ 34,546 $ (300,020 ) $ 27,507,517 Average assets (liabilities) 26,638,303 672,263 26,014 (354,693 ) 26,981,887 |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 9 Months Ended |
Sep. 30, 2022 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation The accompanying unaudited consolidated interim financial statements of United Bankshares, Inc. and Subsidiaries (“United” or “the Company”) have been prepared in accordance with accounting principles for interim financial information generally accepted in the United States (“GAAP”) and with the instructions for Form 10-Q S-X. 10-K, The accompanying consolidated interim financial statements include the accounts of United and its wholly-owned subsidiaries. United operates in two business segments: community banking and mortgage banking. All significant intercompany accounts and transactions have been eliminated in the consolidated financial statements. Information is presented in these notes to the unaudited consolidated interim financial statements with dollars expressed in thousands, except per share or unless otherwise noted. |
New Accounting Standards | New Accounting Standards In June 2022, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2022 - ASU 2022-03 ASU 2022-03 ASU 2022-03 ASU 2022-03 In March 2022, the FASB issued ASU No. 2022-02, 2022-02 310-40, 2022-02 No. 2022-02 No. 2022-02 In March 2022, the FASB issued ASU No. 2022-01, Layer Method”. ASU 2022-01 last-of-layer No. 2017-12. last-of-layer 2022-01 No. 2022-01 2017-12 No. 2022-01 In October 2021, the FASB issued ASU No. 2021-08, 2021-08 No. 2021-08 No. 2021-08 In July 2021, the FASB issued ASU No. 2021-05, 842-10-25-2 25-3, 842-10-24-3A, No. 2021-05 2021-05 No. 2021-05 In January 2021, the FASB issued ASU No. 2021-01, No. 2020-04, No. 2021-01 In August 2020, the FASB issued No. 2020-06, 470-20) 815-40).” derivative scope exception guidance for contracts in an entity’s own equity. The amendments remove three settlement conditions that are required for equity contracts to qualify for the derivative scope exception. In addition, the ASU expands disclosure requirements for convertible instruments and simplifies areas of the guidance for diluted earnings-per-share No. 2020-06 No. 2020-06 In March 2020, the FASB issued ASU No. 2020-04, No. 2020-04 No. 2021-01 |
Mergers and Acquisitions (Table
Mergers and Acquisitions (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
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 Community Bankers Trust as of the Acquisition Date: Purchase price of PCD loans and leases at acquisition $ 360,638 Allowance for credit losses at acquisition 12,629 Non-credit 3,559 Par value (UPB) of acquired PCD loans and leases at acquisition $ 376,826 |
Summary of Business Acquisitions, by Acquisition | The consideration paid for Community Bankers Trust’s common equity and the preliminary amounts of acquired identifiable assets and liabilities assumed as of the Acquisition Date were as follows: Purchase price: Value of common shares issued (7,135,771 shares) $ 252,321 Fair value of stock options assumed 7,958 Cash for fractional shares 25 Total purchase price 260,304 Identifiable assets: Cash and cash equivalents 39,445 Investment securities 395,249 Net loans and leases 1,280,016 Premises and equipment 25,857 Operating lease right-of-use 8,127 Core deposit intangible 3,398 Other assets 50,851 Total identifiable assets $ 1,802,943 Identifiable liabilities: Deposits $ 1,520,243 Short-term borrowings 26,755 Long-term borrowings 51,500 Operating lease liability 8,127 Other liabilities 14,863 Total identifiable liabilities 1,621,488 Preliminary fair value of net assets acquired including identifiable intangible assets 181,455 Preliminary resulting goodwill $ 78,849 |
Summary of Business Acquisition, Pro Forma Information | Proforma Nine Months Ended September 30, 2021 Total Revenues (1) $ 838,482 Net Income 318,188 (1) Represents net interest income plus other income |
Investment Securities (Tables)
Investment Securities (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Summary of Amortized Cost and Estimated Fair Values of Available for Sale Securities | The amortized cost, estimated fair values, and allowance for credit losses of securities available for sale are summarized as follows. September 30, 2022 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Allowance For Credit Losses Estimated Fair Value U.S. Treasury securities and obligations of U.S. Government corporations and agencies $ 549,926 $ 23 $ 19,559 $ 0 $ 530,390 State and political subdivisions 827,078 24 124,648 0 702,454 Residential mortgage-backed securities Agency 1,415,340 7 199,821 0 1,215,526 Non-agency 122,069 12 9,205 0 112,876 Commercial mortgage-backed securities Agency 656,637 15 67,595 0 589,057 Asset-backed securities 961,942 0 31,358 0 930,584 Single issue trust preferred securities 17,329 0 1,230 0 16,099 Other corporate securities 592,127 87 41,113 0 551,101 Total $ 5,142,448 $ 168 $ 494,529 $ 0 $ 4,648,087 December 31, 2021 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Allowance For Credit Losses Estimated Fair Value U.S. Treasury securities and obligations of U.S. Government corporations and agencies $ 82,136 $ 51 $ 337 $ 0 $ 81,850 State and political subdivisions 831,499 19,608 3,809 0 847,298 Residential mortgage-backed securities Agency 1,120,423 9,173 15,822 0 1,113,774 Non-agency 74,965 306 726 0 74,545 Commercial mortgage-backed securities Agency 633,802 12,731 6,608 0 639,925 Asset-backed securities 659,830 49 3,307 0 656,572 Single issue trust preferred securities 17,291 146 626 0 16,811 Other corporate securities 611,548 3,558 3,182 0 611,924 Total $ 4,031,494 $ 45,622 $ 34,417 $ 0 $ 4,042,699 |
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, 2022 and December 31, 2021. Less than 12 months 12 months or longer Total Fair Unrealized Fair Unrealized Fair Unrealized Value Losses Value Losses Value Losses September 30, 2022 U.S. Treasury securities and obligations of U.S. Government corporations and agencies $ 519,227 $ 19,556 $ 151 $ 3 $ 519,378 $ 19,559 State and political subdivisions 626,426 104,819 61,881 19,829 688,307 124,648 Residential mortgage-backed securities Agency 826,491 109,707 386,937 90,114 1,213,428 199,821 Non-agency 67,993 3,564 25,712 5,641 93,705 9,205 Commercial mortgage-backed securities Agency 461,338 36,176 124,012 31,419 585,350 67,595 Asset-backed securities 567,394 16,711 363,190 14,647 930,584 31,358 Single issue trust preferred securities 2,936 147 13,163 1,083 16,099 1,230 Other corporate securities 376,976 26,130 119,164 14,983 496,140 41,113 Total $ 3,448,781 $ 316,810 $ 1,094,210 $ 177,719 $ 4,542,991 $ 494,529 Less than 12 months 12 months or longer Total Fair Unrealized Fair Unrealized Fair Unrealized Value Losses Value Losses Value Losses December 31, 2021 U.S. Treasury securities and obligations of U.S. Government corporations and agencies $ 75,106 $ 334 $ 213 $ 3 $ 75,319 $ 337 State and political subdivisions 223,754 2,872 24,067 937 247,821 3,809 Residential mortgage-backed securities Agency 680,320 13,167 71,392 2,655 751,712 15,822 Non-agency 55,336 726 0 0 55,336 726 Commercial mortgage-backed securities Agency 136,071 2,912 70,543 3,696 206,614 6,608 Asset-backed securities 532,373 2,620 82,222 687 614,595 3,307 Single issue trust preferred securities 0 0 13,594 626 13,594 626 Other corporate securities 307,912 3,182 0 0 307,912 3,182 Total $ 2,010,872 $ 25,813 $ 262,031 $ 8,604 $ 2,272,903 $ 34,417 |
Summary of Gains or Losses on Proceeds from Maturities, Sales and Calls of Available for Sale Securities by Specific Identification Method | Three Months Ended September 30 Nine Months Ended September 30 2022 2021 2022 2021 Proceeds from maturities, sales and calls $ 145,482 $ 167,520 $ 448,024 $ 568,513 Gross realized gains 2 125 2 1,667 Gross realized losses 0 (17 ) 0 (115 ) |
Summary of Maturities of Debt Securities Held to Maturity by Amortized Cost and Estimated Fair Value | September 30, 2022 December 31, 2021 Estimated Estimated Amortized Fair Amortized Fair Cost Value Cost Value Due in one year or less $ 408,713 $ 403,924 $ 126,032 $ 126,564 Due after one year through five years 855,482 817,121 661,627 670,298 Due after five years through ten years 1,011,502 882,921 940,031 941,640 Due after ten years 2,866,751 2,544,121 2,303,804 2,304,197 Total $ 5,142,448 $ 4,648,087 $ 4,031,494 $ 4,042,699 |
Summary of Equity Securities | Equity securities consist primarily of mutual funds. The fair value of United’s equity securities was $7,314 at September 30, 2022 and $12,404 at December 31, 2021. Three Months Ended September 30 Nine Months Ended September 30 2022 2021 2022 2021 Net gains recognized during the period on equity securities sold $ 0 $ 0 $ 0 $ 788 Unrealized gains recognized during the period on equity securities still held at period end 19 2 44 53 Unrealized losses recognized during the period on equity securities still held at period end (226 ) (27 ) (684 ) (132 ) Net (losses) gains recognized during the period $ (207 ) $ (25 ) $ (640 ) $ 709 |
Loans and Leases (Tables)
Loans and Leases (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Receivables [Abstract] | |
Major Classes of Loans And Leases | Major classes of loans and leases are as follows: September 30, 2022 December 31, 2021 Commercial, financial and agricultural: Owner-occupied commercial real estate $ 1,748,357 $ 1,733,176 Nonowner-occupied commercial real estate 6,024,873 5,957,288 Other commercial 3,537,722 3,462,361 Total commercial, financial & agricultural 11,310,952 11,152,825 Residential real estate 4,390,748 3,691,560 Construction & land development 2,624,117 2,014,165 Consumer: Bankcard 8,660 8,913 Other consumer 1,388,008 1,183,844 Less: Unearned income (22,405 ) (27,659 ) Total loans and leases, net of unearned income $ 19,700,080 $ 18,023,648 |
Credit Quality (Tables)
Credit Quality (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Text Block [Abstract] | |
Schedule of Reasons For Modification Troubled Debt Restructuring Loans | The following tables sets forth the balances of TDRs at September 30, 2022 and December 31, 2021 and the reasons for modification: Reason for modification September 30, 2022 December 31, 2021 Interest rate reduction $ 765 $ 3,163 Interest rate reduction and change in terms 1,078 1,412 Concession of principal and term 0 19 Extended maturity 4,694 4,831 Transfer of asset 0 5,407 Change in terms 16,618 21,024 Total $ 23,155 $ 35,856 |
Schedule of Troubled Debt Restructurings, Segregated by Class of Loans | The following table sets forth United’s troubled debt restructurings that have been restructured during the three months ended September 30, 2022 and 2021, segregated by class of loans: Troubled Debt Restructurings For the Three Months Ended September 30, 2022 September 30, 2021 Number of Contracts Pre- Modification Outstanding Recorded Investment Post- Modification Outstanding Recorded Investment Number of Contracts Pre- Modification Outstanding Recorded Investment Post- Modification Outstanding Recorded Investment Commercial real estate: Owner-occupied 1 $ 144 $ 144 1 $ 103 $ 103 Nonowner-occupied 0 0 0 0 0 0 Other commercial 0 0 0 0 0 0 Residential real estate 0 0 0 1 473 473 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 1 $ 144 $ 144 2 $ 576 $ 576 The following table sets forth United’s troubled debt restructurings that have been restructured during the nine months ended September 30, 2022 and 2021, segregated by class of loans: Troubled Debt Restructurings For the Nine Months Ended September 30, 2022 September 30, 2021 Number of Contracts Pre- Modification Outstanding Recorded Investment Post- Modification Outstanding Recorded Investment Number of Contracts Pre- Modification Outstanding Recorded Investment Post- Modification Outstanding Recorded Investment Commercial real estate: Owner-occupied 2 $ 2,945 $ 2,856 2 $ 1,043 $ 1,196 Nonowner-occupied 0 0 0 2 6,349 6,136 Other commercial 1 132 0 1 181 181 Residential real estate 0 0 0 1 473 473 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 3 $ 3,077 $ 2,856 6 $ 8,046 $ 7,986 |
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, 2022 and 2021, segregated by the reason for modification: Three Months Ended September 30 Nine Months Ended September 30 Reason for modification 2022 2021 2022 2021 Interest rate reduction and change in terms $ 144 $ 473 $ 144 $ 473 Transfer of asset 0 0 0 5,407 Extended maturity 0 103 0 2,106 Change in terms 0 0 2,712 0 Total $ 144 $ 576 $ 2,856 $ 7,986 |
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, 2022 and had charge-offs during the three and nine months ended September 30, 2022. The recorded investment amounts presented were as of the September 30, 2022 balance sheet date. Three Months Ended September 30, 2022 Nine Months Ended September 30, 2022 Number of Contracts Recorded Investment Number of Contracts Recorded Investment Troubled Debt Restructurings Commercial real estate: Owner-occupied 0 $ 0 0 $ 0 Nonowner-occupied 0 0 0 0 Other commercial 0 0 1 103 Residential real estate 1 0 1 0 Construction & land development 0 0 0 0 Consumer: Bankcard 0 0 0 0 Other consumer 0 0 0 0 Total 1 $ 0 2 $ 103 The following table presents troubled debt restructurings, by class of loan, that were restructured during the twelve-month period ended September 30, 2021 and had charge-offs during the nine months ended September 30, 2021. No charge-offs were recorded during the three months ended September 30, 2021. The recorded investment amounts presented were as of the September 30, 2021 balance sheet date. Nine Months Ended September 30, 2021 Number of Contracts Recorded Investment Troubled Debt Restructurings Commercial real estate: Owner-occupied 0 $ 0 Nonowner-occupied 0 0 Other commercial 0 0 Residential real estate 1 0 Construction & land development 2 0 Consumer: Bankcard 0 0 Other consumer 0 0 Total 3 $ 0 |
Schedule of Age Analysis of Past Due Loans, Segregated by Class of Loans | The following table sets forth United’s age analysis of its past due loans and leases, segregated by class of loans: Age Analysis of Past Due Loans and Leases As of September 30, 2022 30-89 Days Past Due 90 Days or more Past Due Total Past Due Current & Other Total Financing Receivables 90 Days or More Past Due & Accruing Commercial real estate: Owner-occupied $ 5,363 $ 12,528 $ 17,891 $ 1,730,466 $ 1,748,357 $ 4,272 Nonowner-occupied 30,979 10,229 41,208 5,983,665 6,024,873 876 Other commercial 13,073 11,406 24,479 3,513,243 3,537,722 3,802 Residential real estate 22,489 20,351 42,840 4,347,908 4,390,748 8,173 Construction & land development 10,093 1,234 11,327 2,612,790 2,624,117 674 Consumer: Bankcard 62 72 134 8,526 8,660 72 Other consumer 25,423 3,955 29,378 1,358,630 1,388,008 3,326 Total $ 107,482 $ 59,775 $ 167,257 $ 19,555,228 $ 19,722,485 $ 21,195 Age Analysis of Past Due Loans and Leases As of December 31, 2021 30-89 Days Past Due 90 Days or more Past Due Total Past Due Current & Other Total Financing Receivables 90 Days or More Past Due & Accruing Commercial real estate: Owner-occupied $ 7,522 $ 13,325 $ 20,847 $ 1,712,329 $ 1,733,176 $ 611 Nonowner-occupied 5,791 18,829 24,620 5,932,668 5,957,288 545 Other commercial 21,444 15,883 37,327 3,425,034 3,462,361 6,569 Residential real estate 19,488 23,495 42,983 3,648,577 3,691,560 8,241 Construction & land development 6,599 3,096 9,695 2,004,470 2,014,165 383 Consumer: Bankcard 100 187 287 8,626 8,913 187 Other consumer 17,264 2,615 19,879 1,163,965 1,183,844 2,445 Total $ 78,208 $ 77,430 $ 155,638 $ 17,895,669 $ 18,051,307 $ 18,981 |
Schedule of Nonaccrual Loans, Segregated by Class of Loans | The following table sets forth United’s nonaccrual loans and leases, segregated by class of loans: At September 30, 2022 At December 31, 2021 Nonaccruals With No Related Allowance for Credit Losses 90 Days or More Past Due & Accruing Nonaccruals With No Related Allowance for Credit Losses 90 Days or More Past Due & Accruing Commercial Real Estate: Owner-occupied $ 8,256 $ 8,256 $ 4,272 $ 12,714 $ 12,714 $ 611 Nonowner-occupied 9,353 9,353 876 18,284 18,284 545 Other Commercial 7,604 6,542 3,802 9,314 8,261 6,569 Residential Real Estate 12,178 10,369 8,173 15,254 14,298 8,241 Construction & land development 560 560 674 2,713 2,713 383 Consumer: Bankcard 0 0 72 0 0 187 Other consumer 629 629 3,326 170 170 2,445 Total $ 38,580 $ 35,709 $ 21,195 $ 58,449 $ 56,440 $ 18,981 |
Schedule of Collateral Dependent Loans and Leases | For the adoption of ASC Topic 326, United elected the practical expedient to measure expected credit losses on collateral dependent loans and leases based on the difference between the loan’s amortized cost and the collateral’s fair value, adjusted for selling costs. Collateral Dependent Loans and Leases At September 30, 2022 Residential Property Business Assets Land Commercial Property Other Total Commercial real estate: Owner-occupied $ 51 $ 28 $ 0 $ 7,343 $ 9,664 $ 17,086 Nonowner-occupied 3,286 0 0 2,796 8,074 14,156 Other commercial 1,593 9,705 0 0 1,173 12,471 Residential real estate 12,839 0 0 0 0 12,839 Construction & land development 0 0 1,419 0 755 2,174 Consumer: Bankcard 0 0 0 0 0 0 Other consumer 0 0 0 0 0 0 Total $ 17,769 $ 9,733 $ 1,419 $ 10,139 $ 19,666 $ 58,726 Collateral Dependent Loans and Leases At December 31, 2021 Residential Property Business Assets Land Commercial Property Other Total Commercial real estate: Owner-occupied $ 0 $ 38 $ 0 $ 9,775 $ 11,223 $ 21,036 Nonowner-occupied 7,085 0 703 8,665 52,299 68,752 Other commercial 2,093 15,225 0 0 732 18,050 Residential real estate 16,749 0 0 0 0 16,749 Construction & land development 0 0 4,770 0 1,103 5,873 Consumer: Bankcard 0 0 0 0 0 0 Other consumer 0 0 0 0 0 0 Total $ 25,927 $ 15,263 $ 5,473 $ 18,440 $ 65,357 $ 130,460 |
Schedule Of Term Loans And Financing Receivable | Based on the most recent analysis performed, the risk category of loans and leases by class of loans is as follows: Commercial Real Estate – Owner-occupied Revolving loans converted to term loans Term Loans Origination Year Revolving loans amortized cost basis Total As of September 30, 2022 2022 2021 2020 2019 2018 Prior Internal Risk Grade: Pass $ 254,135 $ 324,105 $ 301,559 $ 133,669 $ 117,404 $ 542,210 $ 27,695 $ 363 $ 1,701,140 Special Mention 0 309 529 500 1,566 4,916 931 0 8,751 Substandard 144 633 0 432 991 35,752 0 236 38,188 Doubtful 0 0 0 0 0 278 0 0 278 Total $ 254,279 $ 325,047 $ 302,088 $ 134,601 $ 119,961 $ 583,156 $ 28,626 $ 599 $ 1,748,357 Current-period charge-offs 0 0 0 0 0 (68 ) 0 0 (68 ) Current-period recoveries 0 0 0 0 0 485 0 0 485 Current-period net charge-offs $ 0 $ 0 $ 0 $ 0 $ 0 $ 417 $ 0 $ 0 $ 417 Term Loans Origination Year Revolving loans amortized cost basis Revolving loans and leases converted to term loans Total As of December 31, 2021 2021 2020 2019 2018 2017 Prior Internal Risk Grade: Pass $ 319,007 $ 310,893 $ 161,075 $ 135,472 $ 168,874 $ 539,640 $ 39,117 $ 401 $ 1,674,479 Special Mention 0 0 51 5,399 712 20,672 959 0 27,793 Substandard 0 55 38 661 1,304 27,458 839 244 30,599 Doubtful 0 0 0 0 0 305 0 0 305 Total $ 319,007 $ 310,948 $ 161,164 $ 141,532 $ 170,890 $ 588,075 $ 40,915 $ 645 $ 1,733,176 YTD charge-offs 0 0 0 0 (44 ) (370 ) 0 0 (414 ) YTD recoveries 0 0 0 0 13 856 0 0 869 YTD net charge-offs $ 0 $ 0 $ 0 $ 0 $ (31 ) $ 486 $ 0 $ 0 $ 455 Commercial Real Estate – Nonowner-occupied Revolving loans converted to term loans Term Loans Origination Year Revolving loans amortized cost basis Total As of September 30, 2022 2022 2021 2020 2019 2018 Prior Internal Risk Grade: Pass $ 1,116,436 $ 1,381,816 $ 736,996 $ 636,308 $ 359,768 $ 1,394,475 $ 173,940 $ 145 $ 5,799,884 Special Mention 574 0 2,898 82,705 984 22,224 0 0 109,385 Substandard 0 0 686 34,079 28,134 52,705 0 0 115,604 Doubtful 0 0 0 0 0 0 0 0 0 Total $ 1,117,010 $ 1,381,816 $ 740,580 $ 753,092 $ 388,886 $ 1,469,404 $ 173,940 $ 145 $ 6,024,873 Current-period charge-offs 0 0 0 0 0 0 0 0 0 Current-period recoveries 0 0 0 0 0 153 0 0 153 Current-period net charge-offs $ 0 $ 0 $ 0 $ 0 $ 0 $ 153 $ 0 $ 0 $ 153 Term Loans Origination Year Revolving loans amortized cost basis Revolving loans and leases converted to term loans Total As of December 31, 2021 2021 2020 2019 2018 2017 Prior Internal Risk Grade: Pass $ 1,558,474 $ 925,508 $ 707,570 $ 460,660 $ 397,003 $ 1,490,548 $ 102,561 $ 2,039 $ 5,644,363 Special Mention 819 2,953 113,655 5,826 372 40,534 2,793 0 166,952 Substandard 0 714 13,042 28,411 1,095 102,711 0 0 145,973 Doubtful 0 0 0 0 0 0 0 0 0 Total $ 1,559,293 $ 929,175 $ 834,267 $ 494,897 $ 398,470 $ 1,633,793 $ 105,354 $ 2,039 $ 5,957,288 YTD charge-offs 0 0 0 0 0 (3,531 ) 0 0 (3,531 ) YTD recoveries 0 0 0 0 0 1,907 0 0 1,097 YTD net charge-offs $ 0 $ 0 $ 0 $ 0 $ 0 $ (1,624 ) $ 0 $ 0 $ (1,624 ) Other commercial Revolving loans and leases converted to term loans Term Loans and leases Origination Year Revolving loans and leases amortized cost basis Total As of September 30, 2022 2022 2021 2020 2019 2018 Prior Internal Risk Grade: Pass $ 658,865 $ 667,721 $ 424,201 $ 251,761 $ 82,222 $ 340,577 $ 992,467 $ 1,692 $ 3,419,506 Special Mention 14,446 13 369 2,362 1,019 3,495 33,666 44 55,414 Substandard 4,066 970 203 724 8,373 10,236 38,081 84 62,737 Doubtful 0 0 0 0 65 0 0 0 65 Total $ 677,377 $ 668,704 $ 424,773 $ 254,847 $ 91,679 $ 354,308 $ 1,064,214 $ 1,820 $ 3,537,722 Current-period charge-offs 0 (353 ) (2 ) (208 ) (1,526 ) (642 ) 0 0 (2,731 ) Current-period recoveries 0 0 84 7 705 3,296 0 0 4,092 Current-period net charge-offs $ 0 $ (353 ) $ 82 $ (201 ) $ (821 ) $ 2,654 $ 0 $ 0 $ 1,361 Term Loans and leases Origination Year Revolving loans and leases amortized cost basis Revolving loans and leases converted to term loans Total As of December 31, 2021 2021 2020 2019 2018 2017 Prior Internal Risk Grade: Pass $ 924,726 $ 557,422 $ 306,945 $ 107,426 $ 87,090 $ 76,032 $ 1,211,865 $ 2,038 $ 3,273,544 Special Mention 1,880 0 31,614 3,012 1,801 3,390 76,987 61 118,745 Substandard 793 11 1,561 4,930 2,146 18,963 41,357 205 69,966 Doubtful 0 0 0 0 0 106 0 0 106 Total $ 927,399 $ 557,433 $ 340,120 $ 115,368 $ 91,037 $ 98,491 $ 1,330,209 $ 2,304 $ 3,462,361 YTD charge-offs 0 (87 ) (31 ) (200 ) (174 ) (5,650 ) (40 ) 0 (6,182 ) YTD recoveries 0 3 30 86 34 4,154 0 0 4,307 YTD net charge-offs $ 0 $ (84 ) $ (1 ) $ (114 ) $ (140 ) $ (1,496 ) $ (40 ) $ 0 $ (1,875 ) Residential Real Estate Revolving loans converted to term loans Term Loans Origination Year Revolving loans amortized cost basis Total As of September 30, 2022 2022 2021 2020 2019 2018 Prior Internal Risk Grade: Pass $ 1,177,179 $ 844,137 $ 493,937 $ 302,151 $ 251,579 $ 850,367 $ 439,462 $ 2,855 $ 4,361,667 Special Mention 0 0 0 0 11 4,768 1,949 0 6,728 Substandard 0 1,458 68 443 876 18,593 915 0 22,353 Doubtful 0 0 0 0 0 0 0 0 0 Total $ 1,177,179 $ 845,595 $ 494,005 $ 302,594 $ 252,466 $ 873,728 $ 442,326 $ 2,855 $ 4,390,748 Current-period charge-offs 0 (809 ) 0 0 (283 ) (387 ) 0 0 (1,479 ) Current-period recoveries 0 0 0 0 15 1,295 1 0 1,311 Current-period net charge-offs $ 0 $ (809 ) $ 0 $ 0 $ (268 ) $ 908 $ 1 $ 0 $ (168 ) Term Loans Origination Year Revolving loans amortized cost basis Revolving loans converted to term loans Total As of December 31, 2021 2021 2020 2019 2018 2017 Prior Internal Risk Grade: Pass $ 815,693 $ 568,323 $ 383,250 $ 315,211 $ 178,101 $ 931,730 $ 455,705 $ 2,972 $ 3,650,985 Special Mention 0 0 0 223 91 12,251 2,339 0 14,904 Substandard 464 0 444 617 2,763 19,773 1,497 113 25,671 Doubtful 0 0 0 0 0 0 0 0 0 Total $ 816,157 $ 568,323 $ 383,694 $ 316,051 $ 180,955 $ 963,754 $ 459,541 $ 3,085 $ 3,691,560 YTD charge-offs 0 0 (37 ) (38 ) (167 ) (5,774 ) 0 0 (6,016 ) YTD recoveries 0 0 0 0 3 2,384 13 0 2,400 YTD net charge-offs $ 0 $ 0 $ (37 ) $ (38 ) $ (164 ) $ (3,390 ) $ 13 $ 0 $ (3,616 ) Construction and Land Development Revolving loans converted to term loans Term Loans Origination Year Revolving loans amortized cost basis Total As of September 30, 2022 2022 2021 2020 2019 2018 Prior Internal Risk Grade: Pass $ 542,237 $ 1,079,140 $ 397,998 $ 156,282 $ 113,677 $ 93,713 $ 231,058 $ 0 $ 2,614,105 Special Mention 0 2,401 66 3,257 0 500 967 0 7,191 Substandard 0 248 0 52 0 2,521 0 0 2,821 Doubtful 0 0 0 0 0 0 0 0 0 Total $ 542,237 $ 1,081,789 $ 398,064 $ 159,591 $ 113,677 $ 96,734 $ 232,025 $ 0 $ 2,624,117 Current-period charge-offs 0 0 0 0 0 (2 ) 0 0 (2 ) Current-period recoveries 0 0 0 0 0 1,386 0 0 1,386 Current-period net charge-offs $ 0 $ 0 $ 0 $ 0 $ 0 $ 1,384 $ 0 $ 0 $ 1,384 Term Loans Origination Year Revolving loans amortized cost basis Revolving loans converted to term loans Total As of December 31, 2021 2021 2020 2019 2018 2017 Prior Internal Risk Grade: Pass $ 767,351 $ 518,291 $ 278,020 $ 152,062 $ 18,371 $ 74,532 $ 192,421 $ 0 $ 2,001,048 Special Mention 0 69 3,261 0 0 1,237 995 0 5,562 Substandard 332 0 280 925 0 5,272 746 0 7,555 Doubtful 0 0 0 0 0 0 0 0 0 Total $ 767,683 $ 518,360 $ 281,561 $ 152,987 $ 18,371 $ 81,041 $ 194,162 $ 0 $ 2,014,165 YTD charge-offs 0 0 0 0 (177 ) (383 ) 0 0 (560 ) YTD recoveries 0 0 0 0 133 471 0 0 604 YTD net charge-offs $ 0 $ 0 $ 0 $ 0 $ (44 ) $ 88 $ 0 $ 0 $ 44 Bankcard Revolving loans converted to term loans Term Loans Origination Year Revolving loans amortized cost basis Total As of September 30, 2022 2022 2021 2020 2019 2018 Prior Internal Risk Grade: Pass $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 8,527 $ 0 $ 8,527 Special Mention 0 0 0 0 0 0 62 0 62 Substandard 0 0 0 0 0 0 71 0 71 Doubtful 0 0 0 0 0 0 0 0 0 Total $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 8,660 $ 0 $ 8,660 Current-period charge-offs 0 0 0 0 0 0 (295 ) 0 (295 ) Current-period recoveries 0 0 0 0 0 0 8 0 8 Current-period net charge-offs $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ (287 ) $ 0 $ (287 ) Term Loans Origination Year Revolving loans amortized cost basis Revolving loans converted to term loans Total As of December 31, 2021 2021 2020 2019 2018 2017 Prior Internal Risk Grade: Pass $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 8,626 $ 0 $ 8,626 Special Mention 0 0 0 0 0 0 100 0 100 Substandard 0 0 0 0 0 0 187 0 187 Doubtful 0 0 0 0 0 0 0 0 0 Total $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 8,913 $ 0 $ 8,913 YTD charge-offs 0 0 0 0 0 0 (190 ) 0 (190 ) YTD recoveries 0 0 0 0 0 42 0 42 YTD net charge-offs $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ (148 ) $ 0 $ (148 ) Other Consumer Revolving loans converted to term loans Term Loans Origination Year Revolving loans amortized cost basis Total As of September 30, 2022 2022 2021 2020 2019 2018 Prior Internal Risk Grade: Pass $ 568,900 $ 356,050 $ 199,869 $ 148,850 $ 68,038 $ 13,902 $ 3,021 $ 0 $ 1,358,630 Special Mention 5,373 10,512 5,134 2,794 1,139 441 31 0 25,424 Substandard 689 1,893 907 245 174 46 0 0 3,954 Doubtful 0 0 0 0 0 0 0 0 0 Total $ 574,962 $ 368,455 $ 205,910 $ 151,889 $ 69,351 $ 14,389 $ 3,052 $ 0 $ 1,388,008 Current-period charge-offs (123 ) (925 ) (545 ) (266 ) (114 ) (134 ) 0 0 (2,107 ) Current-period recoveries 1 75 39 72 53 140 0 0 380 Current-period net charge-offs $ (122 ) $ (850 ) $ (506 ) $ (194 ) $ (61 ) $ 6 $ 0 $ 0 $ (1,727 ) Term Loans Origination Year Revolving loans amortized cost basis Revolving loans converted to term loans Total As of December 31, 2021 2021 2020 2019 2018 2017 Prior Internal Risk Grade: Pass $ 473,430 $ 293,023 $ 234,340 $ 119,678 $ 29,697 $ 10,335 $ 3,465 $ 0 $ 1,163,968 Special Mention 5,600 5,630 2,948 2,036 569 466 13 0 17,262 Substandard 903 930 456 211 22 87 5 0 2,614 Doubtful 0 0 0 0 0 0 0 0 0 Total $ 479,933 $ 299,583 $ 237,744 $ 121,925 $ 30,288 $ 10,888 $ 3,483 $ 0 $ 1,183,844 YTD charge-offs (101 ) (776 ) (709 ) (483 ) (126 ) (203 ) (6 ) 0 (2,404 ) YTD recoveries 5 86 51 101 18 186 2 0 449 YTD net charge-offs $ (96 ) $ (690 ) $ (658 ) $ (382 ) $ (108 ) $ (17 ) $ (4 ) $ 0 $ (1,955 ) |
Allowance for Credit Losses (Ta
Allowance for Credit Losses (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
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, 2022 and December 31, 2021: Accrued Interest Receivable At September 30, 2022 At December 31, 2021 Commercial Real Estate: Owner-occupied $ 4,467 $ 4,172 Nonowner-occupied 16,541 14,901 Other Commercial 10,097 9,335 Residential Real Estate 13,339 10,347 Construction & land development 11,607 7,411 Consumer: Bankcard 0 0 Other consumer 3,280 2,871 $ 59,331 $ 49,037 Less: Allowance for credit losses 0 (8 ) Total $ 59,331 $ 49,029 |
Schedule of Accrued Interest Receivables Written off by Reversing Interest | The following table represents the accrued interest receivables written off by reversing interest income for the three months and nine months ended September 30, 2022 and 2021: Accrued Interest Receivables Written Off by Reversing Interest Income Three Months Ended September 30 Nine Months Ended September 30 2022 2021 2022 2021 Commercial real estate: Owner-occupied $ 2 $ 17 $ 8 $ 29 Nonowner-occupied 2 59 2 99 Other commercial 52 5 75 14 Residential real estate 8 8 83 57 Construction & land development 0 3 0 3 Consumer: Bankcard 0 0 0 0 Other consumer 98 31 221 137 Total $ 162 $ 123 $ 389 $ 339 |
Schedule of Allowance for Loan Losses and Carrying Amount of Loans | A progression of the allowance for loan and lease 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, 2022 Commercial Real Estate Other Commercial Residential Real Estate Construction & Land Development Bankcard Total Owner- occupied Nonowner- occupied Other Consumer Allowance for Loan and Lease Losses: Beginning balance $ 12,938 $ 32,833 $ 79,043 $ 28,123 $ 43,839 $ 348 $ 16,605 $ 213,729 Charge-offs (37 ) 0 (1,937 ) (207 ) 0 (50 ) (856 ) (3,087 ) Recoveries 20 38 754 252 125 5 105 1,299 Provision 589 (1,101 ) 3,960 4,537 (1,596 ) 118 1,163 7,670 Ending balance $ 13,510 $ 31,770 $ 81,820 $ 32,705 $ 42,368 $ 421 $ 17,017 $ 219,611 Allowance for Loan and Lease Losses and Carrying Amount of Loans and Leases For the Nine Months Ended September 30, 2022 Commercial Real Estate Other Commercial Residential Real Estate Construction & Land Development Bankcard Total Owner- occupied Nonowner- occupied Other Consumer Allowance for Loan and Lease Losses: Beginning balance $ 14,443 $ 42,156 $ 78,432 $ 26,404 $ 39,395 $ 317 $ 14,869 $ 216,016 Charge-offs (68 ) 0 (2,731 ) (1,479 ) (2 ) (295 ) (2,107 ) (6,682 ) Recoveries 485 153 4,092 1,311 1,386 8 380 7,815 Provision (1,350 ) (10,539 ) 2,027 6,469 1,589 391 3,875 2,462 Ending balance $ 13,510 $ 31,770 $ 81,820 $ 32,705 $ 42,368 $ 421 $ 17,017 $ 219,611 Allowance for Loan and Lease Losses and Carrying Amount of Loans and Leases For the Year Ended December 31, 2021 Commercial Real Estate Other Residential Construction & Land Bankcard Total Owner- Nonowner- Other Allowance for Loan and Lease Losses: Beginning balance $ 23,354 $ 49,150 $ 78,138 $ 29,125 $ 39,077 $ 322 $ 16,664 $ 235,830 Allowance for PCD loans (acquired during the period) 1,241 4,363 5,009 1,192 823 0 1 12,629 Charge-offs (414 ) (3,531 ) (6,182 ) (6,016 ) (560 ) (190 ) (2,404 ) (19,297 ) Recoveries 869 1,907 4,307 2,400 604 42 449 10,578 Provision (10,607 ) (9,733 ) (2,840 ) (297 ) (549 ) 143 159 (23,724 ) Ending balance $ 14,443 $ 42,156 $ 78,432 $ 26,404 $ 39,395 $ 317 $ 14,869 $ 216,016 |
Intangible Assets (Tables)
Intangible Assets (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
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, 2022 Community Banking Mortgage Banking Total Gross Carrying Amount Accumulated Amortization Gross Carrying Amount Accumulated Amortization Gross Carrying Amount Accumulated Amortization Amortized intangible assets: Core deposit intangible assets $ 105,165 ($ 86,165 ) $ 0 $ 0 $ 105,165 ($ 86,165 ) Non-amortized George Mason trade name $ 0 $ 1,080 $ 1,080 Crescent trade name 0 196 196 Total $ 0 $ 1,276 $ 1,276 Goodwill not subject to amortization $ 1,883,574 $ 5,315 $ 1,888,889 December 31, 2021 Community Banking Mortgage Banking Total Gross Carrying Amount Accumulated Amortization Gross Carrying Amount Accumulated Amortization Gross Carrying Amount Accumulated Amortization Amortized intangible assets: Core deposit intangible assets $ 105,165 ($ 82,028 ) $ 0 $ 0 $ 105,165 ($ 82,028 ) December 31, 2021 Community Banking Mortgage Banking Total Gross Carrying Amount Accumulated Amortization Gross Carrying Amount Accumulated Amortization Gross Carrying Amount Accumulated Amortization Non-amortized George Mason trade name $ 0 $ 1,080 $ 1,080 Crescent trade name 0 196 196 Total $ 0 $ 1,276 $ 1,276 Goodwill not subject to amortization $ 1,881,179 $ 5,315 $ 1,886,494 |
Reconciliation of Goodwill | The following table provides a reconciliation of goodwill: Community Banking Mortgage Banking Total Goodwill at December 31, 2021 $ 1,881,179 $ 5,315 $ 1,886,494 Addition to goodwill from Community Bankers Trust acquisition 2,395 0 2,395 Goodwill at September 30, 2022 $ 1,883,574 $ 5,315 $ 1,888,889 |
Schedule of Anticipated Amortization Expense | The following table provides a reconciliation of goodwill: Community Banking Mortgage Banking Total Goodwill at December 31, 2021 $ 1,881,179 $ 5,315 $ 1,886,494 Addition to goodwill from Community Bankers Trust acquisition 2,395 0 2,395 Goodwill at September 30, 2022 $ 1,883,574 $ 5,315 $ 1,888,889 |
Mortgage Servicing Rights (Tabl
Mortgage Servicing Rights (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
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, 2022 and 2021: Three Months Ended September 30 Nine Months Ended September 30 2022 2021 2022 2021 MSRs beginning balance $ 22,593 $ 24,173 $ 24,027 $ 22,338 Addition from acquisition of subsidiary 0 0 0 0 Amount capitalized 251 2,524 1,361 8,859 Amount amortized (936 ) (2,478 ) (3,480 ) (6,978 ) MSRs ending balance $ 21,908 $ 24,219 $ 21,908 $ 24,219 MSRs valuation allowance beginning balance $ 0 $ (1,633 ) $ (883) $ (1,383 ) Aggregate additions charged and recoveries credited to operations 0 250 883 629 MSRs impairment 0 0 0 (629 ) MSRs valuation allowance ending balance $ 0 $ (1,383 ) $ 0 $ (1,383 ) MSRs, net of valuation allowance $ 21,908 $ 22,836 $ 21,908 $ 22,836 |
Leases (Tables)
Leases (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Leases [Abstract] | |
Components of Lease Expense | The components of lease expense were as follows: Classification Three Months Ended Three Months Ended Operating lease cost Net occupancy expense $ 5,315 $ 5,360 Sublease income Net occupancy expense (60 ) (291 ) Net lease cost $ 5,255 $ 5,069 Classification Nine Months Ended Nine Months Ended Operating lease cost Net occupancy expense $ 15,696 $ 16,037 Sublease income Net occupancy expense (268 ) (946 ) Net lease cost $ 15,428 $ 15,091 |
Supplemental Balance Sheet Information Related to Leases | Supplemental balance sheet information related to leases was as follows: Classification September 30, 2022 December 31, 2021 Operating lease right-of-use Operating lease right-of-use assets $ 74,043 $ 81,942 Operating lease liabilities Operating lease liabilities $ 78,748 $ 86,703 |
Other Information Related to Leases | Other information related to leases was as follows: September 30, 2022 Weighted-average remaining lease term: Operating leases 6.83 years Weighted-average discount rate: Operating leases 2.19 % |
Supplemental Cash Flow Information Related to Leases | Supplemental cash flow information related to leases was as follows: Three Months Ended September 30, 2022 September 30, 2021 Cash paid for amounts in the measurement of lease liabilities: Operating cash flows from operating leases $ 5,351 $ 5,533 ROU assets obtained in the exchange for lease liabilities 3,440 13,606 Nine Months Ended September 30, 2022 September 30, 2021 Cash paid for amounts in the measurement of lease liabilities: Operating cash flows from operating leases $ 15,847 $ 16,560 ROU assets obtained in the exchange for lease liabilities 7,563 19,888 |
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, 2021, consists of the following as of September 30, 2022: Year Amount 2022 $ 5,014 2023 18,414 2024 13,236 2025 10,041 2026 8,742 Thereafter 29,316 Total lease payments 84,763 Less: imputed interest (6,015 ) Total $ 78,748 |
Short-Term Borrowings (Tables)
Short-Term Borrowings (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Funds Purchased and Securities Sold Under Agreements to Repurchase and Weighted-Average Interest Rates | At September 30, 2022 and December 31, 2021, short-term borrowings were as follows: As of September 30, 2022 As of December 31, 2021 Securities sold under agreements to repurchase $ 142,476 $ 128,844 |
Long-Term Borrowings (Tables)
Long-Term Borrowings (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Debt Disclosure [Abstract] | |
Schedule of Maturities of Long-term Borrowings | The scheduled maturities of these FHLB borrowings are as follows: Year Amount 2022 $ 1,000,000 2023 0 2024 0 2025 10,846 2026 and thereafter 0 Total $ 1,010,846 |
Derivative Financial Instrume_2
Derivative Financial Instruments (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
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, 2022 and December 31, 2021. Asset Derivatives September 30, 2022 December 31, 2021 Balance Sheet Location Notional Amount Fair Value Balance Sheet Location Notional Amount Fair Value Derivatives designated as hedging instruments Fair Value Hedges: Interest rate swap contracts (hedging commercial loans) Other assets $ 56,166 $ 4,246 Other assets $ 0 $ 0 Total Fair Value Hedges $ 56,166 $ 4,246 $ 0 $ 0 Cash Flow Hedges: Interest rate swap contracts (hedging FHLB borrowings) Other assets $ 500,000 $ 0 Other assets $ 500,000 $ 0 Total Cash Flow Hedges $ 500,000 $ 0 $ 500,000 $ 0 Total derivatives designated as hedging instruments $ 556,166 $ 4,246 $ 500,000 $ 0 Derivatives not designated as hedging instruments Forward loan sales commitments Other assets $ 0 $ 0 Other assets $ 33,349 $ 430 TBA mortgage-backed securities Other assets 152,339 5,010 Other assets 133,747 127 Interest rate lock commitments Other assets 98,687 1,585 Other assets 467,472 10,380 Total derivatives not designated as hedging instruments $ 251,026 $ 6,595 $ 634,568 $ 10,937 Total asset derivatives $ 807,192 $ 10,841 $ 1,134,568 $ 10,937 Liability Derivatives September 30, 2022 December 31, 2021 Balance Sheet Location Notional Amount Fair Value Balance Sheet Location Notional Amount Fair Value Derivatives designated as hedging instruments Fair Value Hedges: Interest rate swap contracts (hedging commercial loans) Other liabilities $ 0 $ 0 Other liabilities $ 72,447 $ 3,197 Total Fair Value Hedges $ 0 $ 0 $ 72,447 $ 3,197 Liability Derivatives September 30, 2022 December 31, 2021 Balance Sheet Location Notional Amount Fair Value Balance Sheet Location Notional Amount Fair Value Total derivatives designated as hedging instruments $ 0 $ 0 $ 72,447 $ 3,197 Derivatives not designated as hedging instruments Forward loan sales commitments Other liabilities $ 13,724 $ 276 Other liabilities $ 15,005 $ 36 TBA mortgage-backed securities Other liabilities 0 0 Other liabilities 550,000 470 Interest rate lock commitments Other liabilities 125,838 2,787 Other liabilities 24,743 25 Total derivatives not designated as hedging instruments $ 139,562 $ 3,063 $ 589,748 $ 531 Total liability derivatives $ 139,562 $ 3,063 $ 662,195 $ 3,728 |
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, 2022 and December 31, 2021. Derivatives in Fair Value Hedging Relationships Location in the Statement of Condition September 30, 2022 Carrying Amount of the Hedged Assets/(Liabilities) Cumulative Amount of Fair Value Hedging Adjustment Included in the Carrying Amount of the Hedged Assets/(Liabilities) Cumulative Amount of Fair Value Hedging Adjustment Remaining for any Hedged Assets/ (Liabilities) for which Hedge Accounting has been Discontinued Interest rate swaps Loans, net of unearned income $ 56,876 $ (3,260 ) $ 0 Derivatives in Fair Value Hedging Relationships Location in the Statement of Condition December 31, 2021 Carrying Amount of the Hedged Assets/(Liabilities) Cumulative Amount of Fair Value Hedging Cumulative Amount of Interest rate swaps Loans, net of unearned income $ 73,232 $ 3,795 $ 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, 2022 and 2021 are presented as follows: Three Months Ended Location of Gain (Loss) Recognized in the Consolidated Statements of Income September 30, 2022 September 30, 2021 Derivatives in hedging relationships Fair Value Hedges: Interest rate swap contracts Interest and fees on loans $ 40 $ (447 ) Three Months Ended Location of Gain (Loss) Recognized in the Consolidated Statements of Income September 30, 2022 September 30, 2021 Cash flow Hedges: Interest rate swap contracts Interest on long-term borrowings $ 2,422 $ (382 ) Total derivatives in hedging relationships $ 2,462 $ (829 ) Derivatives not designated as hedging instruments Forward loan sales commitments Income from Mortgage Banking Activities $ (345 ) $ (257 ) TBA mortgage-backed securities Income from Mortgage Banking Activities 4,245 5,766 Interest rate lock commitments Income from Mortgage Banking Activities (2,838 ) (1,305 ) Total derivatives not designated as hedging instruments $ 1,062 $ 4,204 Total derivatives $ 3,524 $ 3,375 Nine Months Ended Location of Gain (Loss) Recognized in the Consolidated Statements of Income September 30, September 30, Derivatives in hedging relationships Fair Value Hedges: Interest rate swap contracts Interest and fees on loans $ (997 ) $ (1,240 ) Cash flow Hedges: Interest rate swap contracts Interest on long-term borrowings $ 2,343 $ (968 ) Total derivatives in hedging relationships $ 1,346 $ (2,208 ) Derivatives not designated as hedging instruments Forward loan sales commitments Income from Mortgage Banking Activities $ (670 ) $ (1,541 ) TBA mortgage-backed securities Income from Mortgage Banking Activities 5,352 10,470 Interest rate lock commitments Income from Mortgage Banking Activities (8,175 ) (17,292 ) Total derivatives not designated as hedging instruments $ (3,493 ) $ (8,363 ) Total derivatives $ (2,147 ) $ |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
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, 2022 and December 31, 2021, segregated by the level of the valuation inputs within the fair value hierarchy. Fair Value at September 30, 2022 Using Description Balance as of September 30, 2022 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 $ 530,390 $ 0 $ 530,390 $ 0 State and political subdivisions 702,454 0 702,454 0 Residential mortgage-backed securities Agency 1,215,526 0 1,215,526 0 Non-agency 112,876 0 112,876 0 Commercial mortgage-backed securities Agency 589,057 0 589,057 0 Asset-backed securities 930,584 0 930,584 0 Single issue trust preferred securities 16,099 0 16,099 0 Other corporate securities 551,101 5,452 545,649 0 Total available for sale securities 4,648,087 5,452 4,642,635 0 Equity securities: Financial services industry 230 230 0 0 Equity mutual funds (1) 1,957 1,957 0 0 Other equity securities 5,127 5,127 0 0 Total equity securities 7,314 7,314 0 0 Loans held for sale 210,075 0 15,245 194,830 Derivative financial assets: Interest rate swap contracts 4,246 0 4,246 0 Forward sales commitments 0 0 0 0 TBA mortgage-backed securities 5,010 0 793 4,217 Interest rate lock commitments 1,585 0 128 1,457 Total derivative financial assets 10,841 0 5,167 5,674 Liabilities Derivative financial liabilities: Forward sales commitments 276 0 207 69 Interest rate lock commitments 2,787 0 240 2,547 Total derivative financial liabilities 3,063 0 447 2,616 Fair Value at December 31, 2021 Using Description Balance as of December 31, 2021 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 $ 81,850 $ $ 81,850 $ 0 State and political subdivisions 847,298 0 847,298 0 Residential mortgage-backed securities Agency 1,113,774 0 1,113,774 0 Fair Value at December 31, 2021 Using Description Balance as of December 31, 2021 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Non-agency 74,545 0 74,545 0 Commercial mortgage-backed securities Agency 639,925 0 639,925 0 Asset-backed securities 656,572 0 656,572 0 Single issue trust preferred securities 16,811 0 16,811 0 Other corporate securities 611,924 5,758 606,166 0 Total available for sale securities 4,042,699 5,758 4,036,941 0 Equity securities: Financial services industry 187 187 0 0 Equity mutual funds (1) 6,406 6,406 0 0 Other equity securities 5,811 5,811 0 0 Total equity securities 12,404 12,404 0 0 Loans held for sale 504,416 0 40,307 464,109 Derivative financial assets: Forward sales commitments 430 0 430 0 TBA mortgage-backed securities 127 0 66 61 Interest rate lock commitments 10,380 0 936 9,444 Total derivative financial assets 10,937 0 1,432 9,505 Liabilities Derivative financial liabilities: Interest rate swap contracts 3,197 0 3,197 0 Forward sales commitments 36 0 0 36 TBA mortgage-backed securities 470 0 0 470 Interest rate lock commitments 25 0 0 25 Total derivative financial liabilities 3,728 0 3,197 531 (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 | Loans held for sale September 30, 2022 December 31, Balance, beginning of period $ 464,109 $ 654,733 Originations 2,038,002 4,984,363 Sales (2,348,618 ) (5,313,758 ) Total gains or losses during the period recognized in earnings 41,337 138,771 Balance, end of period $ 194,830 $ 464,109 The amount of total (losses) gains 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 $ (12,634 ) $ 10,506 Derivative Financial Assets TBA Securities September 30, 2022 December 31, Balance, beginning of period $ 61 $ 0 Transfers other 4,156 61 Balance, end of period $ 4,217 $ 61 The amount of total gains 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 $ 4,217 $ 61 Derivative Financial Assets Interest Rate Lock Commitments September 30, 2022 December 31, Balance, beginning of period $ 9,444 $ 32,011 Transfers other (7,987 ) (22,567 ) Balance, end of period $ 1,457 $ 9,444 The amount of total gains 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 $ 1,457 $ 9,444 Derivative Financial Liabilities Forward Sales Commitments September 30, 2022 December 31, Balance, beginning of period $ 36 $ 0 Transfers other 33 36 Balance, end of period $ 69 $ 36 The amount of total gains 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 $ 69 $ 36 Derivative Financial Liabilities TBA Securities September 30, 2022 December 31, Balance, beginning of period $ 470 $ 0 Transfers other (470 ) 470 Balance, end of period $ 0 $ 470 The amount of total gains 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 $ 470 Derivative Financial Liabilities Interest Rate Lock September 30, 2022 December 31, Balance, beginning of period $ 25 $ 0 Transfers other 2,522 25 Balance, end of period $ 2,547 $ 25 The amount of total gains 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 $ 2,547 $ 25 |
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, 2022 Three Months Ended September 30, 2021 Income from mortgage banking activities $ (2,662 ) $ (4,577 ) Description Nine Months Ended September 30, 2022 Nine Months Ended September 30, 2021 Income from mortgage banking activities $ (12,800 ) $ (16,353 ) |
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, 2022 December 31, 2021 Description Unpaid Fair Value Fair Value Over/(Under) Unpaid Unpaid Fair Value Fair Value Over/(Under) Loans held for sale $ 212,237 $ 210,075 $ (2,162 ) $ 493,340 $ 504,416 $ 11,076 |
Summary of Financial Assets Measured at Fair Value on Nonrecurring Basis | The following table summarizes United’s financial assets that were measured at fair value on a nonrecurring basis during the period: Description Balance as of September 30, 2022 Fair value at September 30, 2022 YTD Gains (Losses) Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Assets Individually assessed loans $ 8,107 $ 0 $ 2,671 $ 5,436 $ (243 ) OREO 10,779 0 10,758 21 (1,715 ) Description Balance as of December 31, 2021 Fair value at December 31, 2021 YTD Gains (Losses) Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Assets Individually assessed loans $ 65,431 $ 0 $ 46,830 $ 18,601 $ (601 ) OREO 14,823 0 3,209 11,614 (4,020 ) Mortgage servicing rights 27,355 0 0 27,355 (629 ) |
Summary of Estimated Fair Values of Financial Instruments | The estimated fair values of United’s financial instruments are summarized below: Fair Value Measurements Carrying Amount 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, 2022 Cash and cash equivalents $ 1,356,347 $ 1,356,347 $ 0 $ 1,356,347 $ 0 Securities available for sale 4,648,087 4,648,087 5,452 4,642,635 0 Securities held to maturity 1,001 1,020 0 0 1,020 Equity securities 7,314 7,314 7,314 0 0 Other securities 267,292 253,927 0 0 253,927 Loans held for sale 210,075 210,075 0 15,245 194,830 Net loans 19,480,469 18,452,231 0 0 18,452,231 Derivative financial assets 10,841 10,841 0 5,167 5,674 Mortgage servicing rights 21,908 44,305 0 0 44,305 Deposits 22,863,377 22,801,405 0 22,801,405 0 Short-term borrowings 142,476 142,476 0 142,476 0 Long-term borrowings 1,297,308 1,260,639 0 1,260,639 0 Derivative financial liabilities 3,063 3,063 0 447 2,616 Fair Value Measurements Carrying Amount Fair Value Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) December 31, 2021 Cash and cash equivalents $ 3,758,170 $ 3,758,170 $ 0 $ 3,758,170 $ 0 Securities available for sale 4,042,699 4,042,699 5,758 4,036,941 0 Securities held to maturity 1,001 1,020 0 0 1,020 Equity securities 12,404 12,404 12,404 0 0 Other securities 239,645 227,663 0 0 227,663 Loans held for sale 504,416 504,416 0 40,307 464,109 Net loans 17,807,632 17,119,202 0 0 17,119,202 Derivative financial assets 10,937 10,937 0 1,432 9,505 Mortgage servicing rights 23,144 27,355 0 0 27,355 Deposits 23,350,263 23,334,431 0 23,334,431 0 Short-term borrowings 128,844 128,844 0 128,844 0 Long-term borrowings 817,394 773,291 0 773,291 0 Derivative financial liabilities 3,728 3,728 0 3,197 531 |
Stock Based Compensation (Table
Stock Based Compensation (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Summary of Stock Option Plans | A summary of activity under United’s stock option plans as of September 30, 2022, and the changes during the first nine months of 2022 are presented below: Nine Months Ended September 30, 2022 Weighted Average Shares Aggregate Intrinsic Value Remaining Contractual Term (Yrs.) Exercise Price Outstanding at January 1, 2022 2,149,117 $ 32.01 Granted 0 0.00 Exercised (370,995 ) 23.32 Forfeited or expired (103,773 ) 28.76 Outstanding at September 30, 2022 1,674,349 $ 6,185 4.5 $ 34.10 Exercisable at September 30, 2022 1,503,457 $ 5,817 5.0 $ 34.06 |
Changes to United's Restricted Common Shares | The following summarizes the changes to United’s nonvested restricted common shares for the period ended September 30, 2022: Shares Weighted-Average Grant Date Fair Value Per Share Nonvested at January 1, 2022 383,971 $ 35.21 Granted 156,988 36.23 Vested (158,563 ) 35.67 Forfeited (8,864 ) 35.97 Nonvested at September 30, 2022 373,532 $ 35.43 |
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 2022: Shares Weighted-Average Grant Date Fair Value Per Share Nonvested at January 1, 2022 395,034 $ 7.33 Granted 0 0.00 Vested (215,926 ) 8.11 Forfeited or expired (8,216 ) 11.06 Nonvested at September 30, 2022 170,892 $ 6.16 |
Restricted Stock Units (RSUs) [Member] | |
Status of United's Nonvested Stock Option Awards | The following table summarizes the status of United’s nonvested RSUs during the first nine months of 2022: Shares Weighted-Average Grant Date Fair Value Per Share Nonvested at January 1, 2022 136,896 $ 35.65 Granted 147,511 35.46 Vested (18,248 ) 37.05 Forfeited or expired 0 0.00 Nonvested at September 30, 2022 266,159 $ 35.45 |
Employee Benefit Plans (Tables)
Employee Benefit Plans (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Retirement Benefits [Abstract] | |
Net Periodic Pension Cost | Net periodic pension cost for the three and nine months ended September 30, 2022 and 2021 included the following components: Three Months Ended September 30 Nine Months Ended September 30 2022 2021 2022 2021 Service cost $ 583 $ 688 $ 1,996 $ 2,196 Interest cost 1,301 1,121 3,731 3,172 Expected return on plan assets (3,258 ) (3,000 ) (9,680 ) (8,881 ) Recognized net actuarial loss 1,070 1,903 2,726 5,064 Net periodic pension cost $ (304 ) $ 712 $ (1,227 ) $ 1,551 Weighted-average assumptions: Discount rate 3.08 % 2.81 % 3.08 % 2.81 % Expected return on assets 6.25 % 6.25 % 6.25 % 6.25 % Rate of compensation increase (prior to age 40) 5.00 % 5.00 % 5.00 % 5.00 % Rate of compensation increase (ages 40-54) 4.00 % 4.00 % 4.00 % 4.00 % Rate of compensation increase (otherwise) 3.50 % 3.50 % 3.50 % 3.50 % |
Comprehensive Income (Tables)
Comprehensive Income (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Equity [Abstract] | |
Components of Total Comprehensive Income | The components of total comprehensive income for the three and nine months ended September 30, 2022 and 2021 are as follows: Three Months Ended September 30 Nine Months Ended September 30 2022 2021 2022 2021 Net Income $ 102,585 $ 92,152 $ 279,862 $ 293,886 Available for sale (“AFS”) securities: Change in net unrealized (loss) gain on AFS securities arising during the period (153,779 ) (17,855 ) (505,565 ) (45,782 ) Related income tax effect 35,831 4,160 117,797 10,667 Net reclassification adjustment for gains included in net income (2 ) (108 ) (2 ) (1,552 ) Related income tax expense 0 26 0 362 Net effect of AFS securities on other comprehensive income (117,950 ) (13,777 ) (387,770 ) (36,305 ) Three Months Ended September 30 Nine Months Ended September 30 2022 2021 2022 2021 Cash flow hedge derivatives: Unrealized gain (loss) on cash flow hedge before reclassification to interest expense 18,442 1,414 52,352 12,488 Related income tax effect (4,297 ) (330 ) (12,198 ) (2,910 ) Net reclassification adjustment for (gains) losses included in net income (2,422 ) 382 (2,343 ) 968 Related income tax effect 564 (89 ) 546 (226 ) Net effect of cash flow hedge derivatives on other comprehensive income 12,287 1,377 38,357 10,320 Pension plan: Recognized net actuarial loss 1,070 1,903 2,726 5,064 Related income tax benefit (354 ) (1,265 ) (729 ) (2,688 ) Net effect of change in pension plan asset on other comprehensive income 716 638 1,997 2,376 Total change in other comprehensive income (104,947 ) (11,762 ) (347,416 ) (23,609 ) Total Comprehensive (Loss) Income $ (2,362 ) $ 80,390 $ (67,554 ) $ 270,277 |
Components of Accumulated Other Comprehensive Income | The components of accumulated other comprehensive income for the nine months ended September 30, 2022 are as follows: Changes in Accumulated Other Comprehensive Income (AOCI) by Component (a) For the Nine Months Ended September 30, 2022 Unrealized Gains/Losses on AFS Securities Unrealized Gains/Losses on Cash Flow Hedges Defined Benefit Pension Items Total Balance at January 1, 2022 $ 8,594 $ 16,359 $ (29,841 ) $ (4,888 ) Other comprehensive income before reclassification (387,768 ) 40,154 0 (347,614 ) Amounts reclassified from accumulated other comprehensive income (2 ) (1,797 ) 1,997 198 Net current-period other comprehensive income, net of tax (387,770 ) 38,357 1,997 (347,416 ) Balance at September 30, 2022 $ (379,176 ) $ 54,716 $ (27,844 ) $ (352,304 ) |
Reclassifications Out of Accumulated Other Comprehensive Income | (a) All amounts are net-of-tax. Reclassifications out of Accumulated Other Comprehensive Income (AOCI) For the Nine Months Ended September 30, 2022 Details about AOCI Components Amount Reclassified from AOCI Affected Line Item in the Statement Where Net Income is Presented Available for sale (“AFS”) securities: Net reclassification adjustment for gains included in net income $ (2 ) Net investment securities gains (2 ) Total before tax Related income tax effect 0 Tax expense (2 ) Net of tax Cash flow hedge: Net reclassification adjustment for losses included in net income $ (2,343 ) Interest expense (2,343 ) Total before tax Related income tax effect 546 Tax expense (1,797 ) Net of tax Pension plan: Recognized net actuarial loss 2,726 (a) 2,726 Total before tax Reclassifications out of Accumulated Other Comprehensive Income (AOCI) For the Nine Months Ended September 30, 2022 Details about AOCI Components Amount Reclassified from AOCI Affected Line Item in the Statement Where Net Income is Presented Related income tax effect (729 ) Tax expense 1,997 Net of tax Total reclassifications for the period $ 198 (a) This AOCI component is included in the computation of changes in plan assets (see Note 16, Employee Benefit Plans) |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
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 September 30 Nine Months Ended September 30 2022 2021 2022 2021 Distributed earnings allocated to common stock $ 48,333 $ 45,084 $ 145,678 $ 135,237 Undistributed earnings allocated to common stock 53,979 46,803 133,442 157,810 Net earnings allocated to common shareholders $ 102,312 $ 91,887 $ 279,120 $ 293,047 Average common shares outstanding 134,182,248 128,762,815 134,947,674 128,716,450 Equivalents from stock options 371,317 197,405 303,625 217,832 Average diluted shares outstanding 134,553,565 128,960,220 135,251,299 128,934,282 Earnings per basic common share $ 0.76 $ 0.71 $ 2.07 $ 2.28 Earnings per diluted common share $ 0.76 $ 0.71 $ 2.06 $ 2.27 |
Variable Interest Entities (Tab
Variable Interest Entities (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
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 Capital Securities Issued Stated Interest Rate Maturity Date United Statutory Trust III December 17, 2003 $ 20,000 3-month LIBOR + 2.85% December 17, 2033 United Statutory Trust IV December 19, 2003 $ 25,000 3-month LIBOR + 2.85% January 23, 2034 United Statutory Trust V July 12, 2007 $ 50,000 3-month 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 BOE Statutory Trust I December 12, 2003 $ 4,000 3-month December 12, 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, 2022 As of December 31, 2021 Aggregate Assets Aggregate Liabilities Risk Of Loss (1) Aggregate Assets Aggregate Liabilities Risk Of Loss (1) Trust preferred securities $ 300,294 $ 289,103 $ 11,191 $ 299,531 $ 288,499 $ 11,032 (1) Represents investment in VIEs. |
Segment Information (Tables)
Segment Information (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
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, 2022 and 2021 is as follows: At and For the Three Months Ended September 30, 2022 Community Banking Mortgage Banking Other Intersegment Eliminations Consolidated Net interest income $ 239,543 $ 2,758 $ (3,709 ) $ 2,030 $ 240,622 Provision for credit losses 7,671 0 0 0 7,671 Other income 23,777 13,749 532 (5,309 ) 32,749 Other expense 119,569 20,662 244 (3,279 ) 137,196 Income taxes 27,422 (820 ) (683 ) 0 25,919 Net income (loss) $ 108,658 $ (3,335 ) $ (2,738 ) $ 0 $ 102,585 Total assets (liabilities) $ 28,730,918 $ 427,239 $ 46,243 $ (155,925 ) $ 29,048,475 Average assets (liabilities) 28,495,611 402,793 32,590 (96,559 ) 28,834,435 At and For the Three Months Ended September 30, 2021 Community Banking Mortgage Banking Other Intersegment Eliminations Consolidated Net interest income $ 179,444 $ 2,367 $ (2,072 ) $ 1,840 $ 181,579 Provision for credit losses (7,829 ) 0 0 0 (7,829 ) Other income 24,718 45,023 815 (1,925 ) 68,631 Other expense 109,141 31,787 1,440 (85 ) 142,283 Income taxes 20,969 3,179 (544 ) 0 23,604 Net income (loss) $ 81,881 $ 12,424 $ (2,153 ) $ 0 $ 92,152 Total assets (liabilities) $ 27,129,820 $ 643,171 $ 34,546 $ (300,020 ) $ 27,507,517 Average assets (liabilities) 27,089,160 572,450 28,381 (252,281 ) 27,437,710 At and For the Nine Months Ended September 30, 2022 Community Mortgage Other Intersegment Eliminations Consolidated Net interest income $ 640,817 $ 7,945 $ (8,496 ) $ 6,761 $ 647,027 Provision for credit losses 2,454 0 0 0 2,454 Other income 75,577 58,614 2,693 (14,502 ) 122,382 Other expense 353,357 71,886 43 (7,741 ) 417,545 Income taxes 71,758 (1,048 ) (1,162 ) 0 69,548 Net income (loss) $ 288,825 $ (4,279 ) $ (4,684 ) $ 0 $ 279,862 Total assets (liabilities) $ 28,730,918 $ 427,239 $ 46,243 $ (155,925 ) $ 29,048,475 Average assets (liabilities) 28,717,609 454,202 32,784 (143,027 ) 29,061,568 At and For the Nine Months Ended September 30, 2021 Community Banking Mortgage Banking Other Intersegment Eliminations Consolidated Net interest income $ 550,041 $ 7,888 $ (6,316 ) $ 7,443 $ 559,056 Provision for credit losses (16,565 ) 0 0 0 (16,565 ) Other income 75,203 152,295 3,468 (6,891 ) 224,075 Other expense 322,612 109,361 (2,339 ) 552 430,186 Income taxes 65,320 10,399 (95 ) 0 75,624 Net income (loss) $ 253,877 $ 40,423 $ (414 ) $ 0 $ 293,886 Total assets (liabilities) $ 27,129,820 $ 643,171 $ 34,546 $ (300,020 ) $ 27,507,517 Average assets (liabilities) 26,638,303 672,263 26,014 (354,693 ) 26,981,887 |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies - Additional Information (Detail) $ in Thousands | 12 Months Ended |
Dec. 31, 2021 USD ($) | |
Amount reclassed from non interest bearing deposits to interest bearing deposits [Member] | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |
Prior period reclassification adjustment | $ 1,483,987 |
Mergers and Acquisitions - Addi
Mergers and Acquisitions - Additional Information (Detail) $ / shares in Units, $ in Thousands | 9 Months Ended | 12 Months Ended | |
Dec. 03, 2021 USD ($) $ / shares shares | Sep. 30, 2022 USD ($) $ / shares | Dec. 31, 2021 USD ($) $ / shares | |
Business Acquisition [Line Items] | |||
Stock issued during period merger conversion ratio | 0.3173 | ||
Par value of Share | $ / shares | $ 2.5 | $ 2.5 | |
Loans at consummation | $ 19,722,485 | $ 18,051,307 | |
Business combination purchase consideration equity shares issued or issuable value | $ 252,321 | ||
Business acquisition allowances for loans and lease losses including reserve for unfunded commitments for assets with credit deterioration | 12,629 | ||
Loans and leases net of unearned income | 19,700,080 | $ 18,023,648 | |
Community Bankers Trust Corporation [Member] | |||
Business Acquisition [Line Items] | |||
Stock issued during period merger conversion ratio | 0.3173 | ||
Business Acquisition, Share Price | $ / shares | $ 35.36 | ||
Loans at consummation | 1,788,013 | ||
Deposits at consummation | 1,517,502 | ||
Business combination aggregate purchase consideration | $ 260,304 | ||
Business combination purchase consideration equity shares issued or issuable value | 252,321 | ||
Business combination stock options issued | $ 7,958 | ||
Business combination number of shares issued | shares | 7,135,771 | ||
Business combination cash consideration | $ 25 | ||
Business combination intangible assets acquired goodwill | 78,849 | $ 2,395 | |
Business combination intangible assets acquired other than goodwill indefinite lived | 3,398 | ||
Business acquisition weighted average remaining useful life of purchase credit deterioration of loans | 5 years 6 months | ||
Business acquisition weighted average remaining useful life of non purchase credit deterioration of loans | 5 years 7 months 6 days | ||
Loans and leases net of unearned income | $ 1,282,997 | ||
Community Bankers Trust Corporation [Member] | Including Unfunded Commitements [Member] | |||
Business Acquisition [Line Items] | |||
Business acquisition allowances for loans and lease losses including reserve for unfunded commitments | 25,920 | ||
Business acquisition allowances for loans and lease losses including reserve for unfunded commitments for assets with credit deterioration | 12,788 | ||
Community Bankers Trust Corporation [Member] | Securities Investment [Member] | |||
Business Acquisition [Line Items] | |||
Business combination fair value adjustment to purchase consideration | 230 | ||
Community Bankers Trust Corporation [Member] | Loans And Leases [Member] | |||
Business Acquisition [Line Items] | |||
Business combination fair value adjustment to purchase consideration | 7,744 | ||
Business acquisition loans purchase deterioration credit loans acquired discount due to diiferences in purchase consideration | 3,559 | ||
Business acquisition allowances for loans and lease losses including reserve for unfunded commitments for assets with credit deterioration | 12,629 | ||
Community Bankers Trust Corporation [Member] | Financial Asset, Other than Financial Asset Acquired with Credit Deterioration [Member] | |||
Business Acquisition [Line Items] | |||
Business acquisition increase in expected credit losses | 12,288 | ||
Community Bankers Trust Corporation [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 | 13,132 | ||
Community Bankers Trust Corporation [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 | 4,186 | ||
Community Bankers Trust Corporation [Member] | Interest-bearing Deposits [Member] | |||
Business Acquisition [Line Items] | |||
Business combination aggregate purchase consideration | 2,741 | ||
Business combination fair value adjustment to purchase consideration | 492 | ||
Community Bankers Trust Corporation [Member] | Building [Member] | |||
Business Acquisition [Line Items] | |||
Business combination fair value adjustment to purchase consideration | 6,766 | ||
Community Bankers Trust Corporation [Member] | Land [Member] | |||
Business Acquisition [Line Items] | |||
Business combination fair value adjustment to purchase consideration | 50 | ||
Community Bankers Trust Corporation [Member] | Trust Preferred Securities Subject to Mandatory Redemption [Member] | |||
Business Acquisition [Line Items] | |||
Business combination fair value adjustment to purchase consideration | 415 | ||
Business combination unamortized discount on debt useful life | 11 years 6 months | ||
Business combination finite lived tangible assets remaining useful life on premium paid | 30 years 6 months | ||
Business combination interest bearing deposits acquired remaining term on the premium paid | 4 years 6 months | ||
Community Bankers Trust Corporation [Member] | Federal Home Loan Bank Advances [Member] | |||
Business Acquisition [Line Items] | |||
Business combination fair value adjustment to purchase consideration | $ 457 | ||
Community Bankers Trust Corporation [Member] | Common Stock [Member] | |||
Business Acquisition [Line Items] | |||
Par value of Share | $ / shares | $ 2.5 |
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 | 12 Months Ended | |
Dec. 03, 2021 | Dec. 31, 2021 | |
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 | $ 12,629 | |
Community Bankers Trust Corporation [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 | $ 360,638 | |
Allowance for credit losses at acquisition | 12,629 | |
Non-credit discount at acquisition | 3,559 | |
Par value (UPB) of acquired PCD loans and leases at acquisition | $ 376,826 |
Mergers and Acquisitions - Su_2
Mergers and Acquisitions - Summary of Business Acquisitions, by Acquisition (Detail) - USD ($) $ in Thousands | Dec. 03, 2021 | Sep. 30, 2022 | Dec. 31, 2021 |
Purchase price: | |||
Value of common shares issued | $ 252,321 | ||
Identifiable liabilities: | |||
Preliminary resulting goodwill | $ 1,888,889 | $ 1,886,494 | |
Community Bankers Trust Corporation [Member] | |||
Purchase price: | |||
Value of common shares issued | 252,321 | ||
Fair value of stock options assumed | 7,958 | ||
Cash for fractional shares | 25 | ||
Total purchase price | 260,304 | ||
Identifiable assets: | |||
Cash and cash equivalents | 39,445 | ||
Investment securities | 395,249 | ||
Net loans and leases | 1,280,016 | ||
Premises and equipment | 25,857 | ||
Operating lease right-of-use asset | 8,127 | ||
Core deposit intangible | 3,398 | ||
Other assets | 50,851 | ||
Total identifiable assets | 1,802,943 | ||
Identifiable liabilities: | |||
Deposits | 1,520,243 | ||
Short-term borrowings | 26,755 | ||
Long-term borrowings | 51,500 | ||
Operating lease liability | 8,127 | ||
Other liabilities | 14,863 | ||
Total identifiable liabilities | 1,621,488 | ||
Preliminary fair value of net assets acquired including identifiable intangible assets | 181,455 | ||
Preliminary resulting goodwill | $ 78,849 |
Mergers and Acquisitions - Su_3
Mergers and Acquisitions - Summary of Business Acquisitions, by Acquisition (Parenthetical) (Detail) | Dec. 03, 2021 shares |
Community Bankers Trust Corporation [Member] | |
Business Acquisition [Line Items] | |
Business combination shares issued during the year | 7,135,771 |
Mergers and Acquisitions - Su_4
Mergers and Acquisitions - Summary Of Operating Cost Savings And Other Business Synergies (Detail) - Community Bankers Trust Corporation [Member] $ in Thousands | 9 Months Ended |
Sep. 30, 2021 USD ($) | |
Business Acquisition Proforma Information [Line Items] | |
Total Revenues | $ 838,482 |
Net Income | $ 318,188 |
Investment Securities - Summary
Investment Securities - Summary of Amortized Cost and Estimated Fair Values of Available for Sale Securities (Detail) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Schedule of Investments [Line Items] | ||
Amortized Cost | $ 5,142,448 | $ 4,031,494 |
Gross Unrealized Gains | 168 | 45,622 |
Gross Unrealized Losses | 494,529 | 34,417 |
Allowance For Credit Losses | 0 | 0 |
Estimated Fair Value | 4,648,087 | 4,042,699 |
U.S. Treasury Securities and Obligations of U.S. Government Corporations and Agencies [Member] | ||
Schedule of Investments [Line Items] | ||
Amortized Cost | 549,926 | 82,136 |
Gross Unrealized Gains | 23 | 51 |
Gross Unrealized Losses | 19,559 | 337 |
Allowance For Credit Losses | 0 | 0 |
Estimated Fair Value | 530,390 | 81,850 |
State and Political Subdivisions [Member] | ||
Schedule of Investments [Line Items] | ||
Amortized Cost | 827,078 | 831,499 |
Gross Unrealized Gains | 24 | 19,608 |
Gross Unrealized Losses | 124,648 | 3,809 |
Allowance For Credit Losses | 0 | 0 |
Estimated Fair Value | 702,454 | 847,298 |
Residential Mortgage-Backed Securities [Member] | ||
Schedule of Investments [Line Items] | ||
Amortized Cost | 1,415,340 | 1,120,423 |
Gross Unrealized Gains | 7 | 9,173 |
Gross Unrealized Losses | 199,821 | 15,822 |
Allowance For Credit Losses | 0 | 0 |
Estimated Fair Value | 1,215,526 | 1,113,774 |
Residential Mortgage-Backed Securities, Non-agency [Member] | ||
Schedule of Investments [Line Items] | ||
Amortized Cost | 122,069 | 74,965 |
Gross Unrealized Gains | 12 | 306 |
Gross Unrealized Losses | 9,205 | 726 |
Allowance For Credit Losses | 0 | 0 |
Estimated Fair Value | 112,876 | 74,545 |
Commercial Mortgage-Backed Securities Agency [Member] | ||
Schedule of Investments [Line Items] | ||
Amortized Cost | 656,637 | 633,802 |
Gross Unrealized Gains | 15 | 12,731 |
Gross Unrealized Losses | 67,595 | 6,608 |
Allowance For Credit Losses | 0 | 0 |
Estimated Fair Value | 589,057 | 639,925 |
Asset-backed Securities [Member] | ||
Schedule of Investments [Line Items] | ||
Amortized Cost | 961,942 | 659,830 |
Gross Unrealized Gains | 0 | 49 |
Gross Unrealized Losses | 31,358 | 3,307 |
Allowance For Credit Losses | 0 | 0 |
Estimated Fair Value | 930,584 | 656,572 |
Single Issue Trust Preferred Securities [Member] | ||
Schedule of Investments [Line Items] | ||
Amortized Cost | 17,329 | 17,291 |
Gross Unrealized Gains | 0 | 146 |
Gross Unrealized Losses | 1,230 | 626 |
Allowance For Credit Losses | 0 | 0 |
Estimated Fair Value | 16,099 | 16,811 |
Corporate Bonds [Member] | ||
Schedule of Investments [Line Items] | ||
Amortized Cost | 592,127 | 611,548 |
Gross Unrealized Gains | 87 | 3,558 |
Gross Unrealized Losses | 41,113 | 3,182 |
Allowance For Credit Losses | 0 | 0 |
Estimated Fair Value | $ 551,101 | $ 611,924 |
Investment Securities - Summa_2
Investment Securities - Summary of Securities Available for Sale in an Unrealized Loss Position (Detail) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Schedule of Investments [Line Items] | ||
Less than 12 months, Fair Value | $ 3,448,781 | $ 2,010,872 |
Less than 12 months, Unrealized Losses | 316,810 | 25,813 |
12 months or longer, Fair Value | 1,094,210 | 262,031 |
12 months or longer, Unrealized Losses | 177,719 | 8,604 |
Total, Fair Value | 4,542,991 | 2,272,903 |
Total, Unrealized Losses | 494,529 | 34,417 |
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 | 519,227 | 75,106 |
Less than 12 months, Unrealized Losses | 19,556 | 334 |
12 months or longer, Fair Value | 151 | 213 |
12 months or longer, Unrealized Losses | 3 | 3 |
Total, Fair Value | 519,378 | 75,319 |
Total, Unrealized Losses | 19,559 | 337 |
State and Political Subdivisions [Member] | ||
Schedule of Investments [Line Items] | ||
Less than 12 months, Fair Value | 626,426 | 223,754 |
Less than 12 months, Unrealized Losses | 104,819 | 2,872 |
12 months or longer, Fair Value | 61,881 | 24,067 |
12 months or longer, Unrealized Losses | 19,829 | 937 |
Total, Fair Value | 688,307 | 247,821 |
Total, Unrealized Losses | 124,648 | 3,809 |
Residential Mortgage-Backed Securities [Member] | ||
Schedule of Investments [Line Items] | ||
Less than 12 months, Fair Value | 826,491 | 680,320 |
Less than 12 months, Unrealized Losses | 109,707 | 13,167 |
12 months or longer, Fair Value | 386,937 | 71,392 |
12 months or longer, Unrealized Losses | 90,114 | 2,655 |
Total, Fair Value | 1,213,428 | 751,712 |
Total, Unrealized Losses | 199,821 | 15,822 |
Residential Mortgage-Backed Securities, Non-agency [Member] | ||
Schedule of Investments [Line Items] | ||
Less than 12 months, Fair Value | 67,993 | 55,336 |
Less than 12 months, Unrealized Losses | 3,564 | 726 |
12 months or longer, Fair Value | 25,712 | 0 |
12 months or longer, Unrealized Losses | 5,641 | 0 |
Total, Fair Value | 93,705 | 55,336 |
Total, Unrealized Losses | 9,205 | 726 |
Commercial Mortgage-Backed Securities [Member] | ||
Schedule of Investments [Line Items] | ||
Less than 12 months, Fair Value | 461,338 | 136,071 |
Less than 12 months, Unrealized Losses | 36,176 | 2,912 |
12 months or longer, Fair Value | 124,012 | 70,543 |
12 months or longer, Unrealized Losses | 31,419 | 3,696 |
Total, Fair Value | 585,350 | 206,614 |
Total, Unrealized Losses | 67,595 | 6,608 |
Asset-backed Securities [Member] | ||
Schedule of Investments [Line Items] | ||
Less than 12 months, Fair Value | 567,394 | 532,373 |
Less than 12 months, Unrealized Losses | 16,711 | 2,620 |
12 months or longer, Fair Value | 363,190 | 82,222 |
12 months or longer, Unrealized Losses | 14,647 | 687 |
Total, Fair Value | 930,584 | 614,595 |
Total, Unrealized Losses | 31,358 | 3,307 |
Single Issue Trust Preferred Securities [Member] | ||
Schedule of Investments [Line Items] | ||
Less than 12 months, Fair Value | 2,936 | 0 |
Less than 12 months, Unrealized Losses | 147 | 0 |
12 months or longer, Fair Value | 13,163 | 13,594 |
12 months or longer, Unrealized Losses | 1,083 | 626 |
Total, Fair Value | 16,099 | 13,594 |
Total, Unrealized Losses | 1,230 | 626 |
Other corporate securities [Member] | ||
Schedule of Investments [Line Items] | ||
Less than 12 months, Fair Value | 376,976 | 307,912 |
Less than 12 months, Unrealized Losses | 26,130 | 3,182 |
12 months or longer, Fair Value | 119,164 | 0 |
12 months or longer, Unrealized Losses | 14,983 | 0 |
Total, Fair Value | 496,140 | 307,912 |
Total, Unrealized Losses | $ 41,113 | $ 3,182 |
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, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Investments, Debt and Equity Securities [Abstract] | ||||
Proceeds from maturities, sales and calls | $ 145,482 | $ 167,520 | $ 448,024 | $ 568,513 |
Gross realized gains | 2 | 125 | 2 | 1,667 |
Gross realized losses | $ 0 | $ (17) | $ 0 | $ (115) |
Investment Securities - Additio
Investment Securities - Additional Information (Detail) Securities in Thousands, $ in Thousands | 9 Months Ended | 12 Months Ended |
Sep. 30, 2022 USD ($) Securities | Dec. 31, 2021 USD ($) | |
Schedule of Investments [Line Items] | ||
Accrued interest receivable | $ 22,269 | $ 15,353 |
Gross unrealized losses on available for sale securities | $ 494,529 | 34,417 |
Available for sale securities in unrealized loss position | Securities | 1,468 | |
Available for sale securities in portfolio, number | Securities | 1,526 | |
Amortized cost of available for sale securities | $ 5,142,448 | 4,031,494 |
Capitalization of banks, equal to or greater than, in the single-issue trust preferred portfolio | 10,000,000 | |
Equity securities at estimated fair value | 7,314 | 12,404 |
Carrying value of securities pledged | $ 1,722,762 | 1,871,328 |
Fitch, AAA Rating [Member] | ||
Schedule of Investments [Line Items] | ||
Percentage of asset backed securities with credit rating | 72% | |
Federal Family Education Loan Program [Member] | Fitch, AA+ Rating [Member] | ||
Schedule of Investments [Line Items] | ||
Percentage of asset backed securities with credit rating | 28% | |
Percentage Of Asset Backed Securities With investment grade | 100% | |
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% | |
Non Agency Residential Mortgage Backed Securities [Member] | ||
Schedule of Investments [Line Items] | ||
Amortized cost of available for sale securities | $ 122,069 | |
Investment Grade [Member] | ||
Schedule of Investments [Line Items] | ||
Amortized cost of available for sale single issue trust preferred securities | 8,464 | |
Split Rated Bonds Investment Grade [Member] | ||
Schedule of Investments [Line Items] | ||
Amortized cost of available for sale single issue trust preferred securities | 3,083 | |
Unrated Bonds Investment Grade [Member] | ||
Schedule of Investments [Line Items] | ||
Amortized cost of available for sale single issue trust preferred securities | 5,782 | |
State and Political Subdivisions [Member] | ||
Schedule of Investments [Line Items] | ||
Gross unrealized losses on available for sale securities | 124,648 | 3,809 |
Amortized cost of available for sale securities | $ 827,078 | 831,499 |
Percent of portfolio with credit support | 53% | |
Agency Mortgage Backed Securities [Member] | ||
Schedule of Investments [Line Items] | ||
Amortized cost of available for sale securities | $ 2,071,977 | |
Commercial Mortgage-Backed Securities [Member] | ||
Schedule of Investments [Line Items] | ||
Gross unrealized losses on available for sale securities | 67,595 | 6,608 |
Amortized cost of available for sale securities | 656,637 | 633,802 |
Residential Mortgage-Backed Securities [Member] | ||
Schedule of Investments [Line Items] | ||
Gross unrealized losses on available for sale securities | 199,821 | 15,822 |
Amortized cost of available for sale securities | 1,415,340 | 1,120,423 |
Residential Mortgage-Backed Securities, Non-agency [Member] | ||
Schedule of Investments [Line Items] | ||
Gross unrealized losses on available for sale securities | 9,205 | 726 |
Amortized cost of available for sale securities | 122,069 | 74,965 |
Other-than-temporary Impairment Loss, Debt Securities, Available-for-sale, Recognized in Earnings | $ 0 | |
Residential Mortgage-Backed Securities, Non-agency [Member] | AAA [Member] | ||
Schedule of Investments [Line Items] | ||
Percentage of asset backed securities with credit rating | 100% | |
Corporate Bonds [Member] | ||
Schedule of Investments [Line Items] | ||
Gross unrealized losses on available for sale securities | $ 41,113 | 3,182 |
Amortized cost of available for sale securities | $ 592,127 | 611,548 |
Corporate Bonds [Member] | Investment Grade [Member] | ||
Schedule of Investments [Line Items] | ||
Percent of corporate securities portfolio | 96% | |
Percent Of Corporate Securities Portfolio | 96% | |
Corporate Bonds [Member] | Below Investment Grade [Member] | ||
Schedule of Investments [Line Items] | ||
Percent of corporate securities portfolio | 2% | |
Percent Of Corporate Securities Portfolio | 2% | |
Corporate Bonds [Member] | Split Rated Bonds Investment Grade [Member] | ||
Schedule of Investments [Line Items] | ||
Percent of corporate securities portfolio | 1% | |
Percent Of Corporate Securities Portfolio | 1% | |
Corporate Bonds [Member] | Unrated Bonds Investment Grade [Member] | ||
Schedule of Investments [Line Items] | ||
Percent of corporate securities portfolio | 1% | |
Percent Of Corporate Securities Portfolio | 1% | |
Asset-backed Securities [Member] | ||
Schedule of Investments [Line Items] | ||
Gross unrealized losses on available for sale securities | $ 31,358 | 3,307 |
Amortized cost of available for sale securities | 961,942 | $ 659,830 |
Asset-backed Securities [Member] | Federal Family Education Loan Program [Member] | Fitch, AA+ Rating [Member] | ||
Schedule of Investments [Line Items] | ||
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, 2022 | Dec. 31, 2021 |
Investments, Debt and Equity Securities [Abstract] | ||
Due in one year or less, Amortized Cost | $ 408,713 | $ 126,032 |
Due after one year through five years, Amortized Cost | 855,482 | 661,627 |
Due after five years through ten years, Amortized Cost | 1,011,502 | 940,031 |
Due after ten years, Amortized Cost | 2,866,751 | 2,303,804 |
Amortized Cost | 5,142,448 | 4,031,494 |
Due in one year or less, Estimated Fair Value | 403,924 | 126,564 |
Due after one year through five years, Estimated Fair Value | 817,121 | 670,298 |
Due after five years through ten years, Estimated Fair Value | 882,921 | 941,640 |
Due after ten years, Estimated Fair Value | 2,544,121 | 2,304,197 |
Total available for sale securities | $ 4,648,087 | $ 4,042,699 |
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, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Debt Securities, Available-for-sale [Line Items] | ||||
Net gains recognized during the period on equity securities sold | $ 0 | $ 0 | $ 0 | $ 788 |
Unrealized gains recognized during the period on equity securities still held at period end | 19 | 2 | 44 | 53 |
Unrealized losses recognized during the period on equity securities still held at period end | (226) | (27) | (684) | (132) |
Net (losses) gains recognized during the period | $ (207) | $ (25) | $ (640) | $ 709 |
Loans and Leases - Major Classe
Loans and Leases - Major Classes of Loans And Leases (Detail) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Commercial, financial and agricultural: | ||
Total commercial, financial & agricultural | $ 11,310,952 | $ 11,152,825 |
Residential real estate | 4,390,748 | 3,691,560 |
Construction & land development Consumer: | 2,624,117 | 2,014,165 |
Consumer: | ||
Bankcard | 8,660 | 8,913 |
Other consumer | 1,388,008 | 1,183,844 |
Less: Unearned income | (22,405) | (27,659) |
Total loans and leases, net of unearned income | 19,700,080 | 18,023,648 |
Owner-Occupied Commercial Real Estate [Member] | ||
Commercial, financial and agricultural: | ||
Total commercial, financial & agricultural | 1,748,357 | 1,733,176 |
Nonowner-Occupied Commercial Real Estate [Member] | ||
Commercial, financial and agricultural: | ||
Total commercial, financial & agricultural | 6,024,873 | 5,957,288 |
Other Commercial Loans And Leases [Member] | ||
Commercial, financial and agricultural: | ||
Total commercial, financial & agricultural | $ 3,537,722 | $ 3,462,361 |
Loans and Leases - Additional I
Loans and Leases - Additional Information (Detail) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Loans held for sale | $ 210,075 | $ 504,416 |
Directors and Officers [Member] | ||
Related party loans | $ 25,386 | $ 32,990 |
Credit Quality - Schedule of Tr
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, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Disclosure Details Of Troubled Debt Restructuring Loan Modification Based On Post Modification Outstanding Balance [Line Items] | ||||
Post-Modification Outstanding Recorded Investment | $ 144 | $ 576 | $ 2,856 | $ 7,986 |
Interest rate reduction and change in terms | ||||
Disclosure Details Of Troubled Debt Restructuring Loan Modification Based On Post Modification Outstanding Balance [Line Items] | ||||
Post-Modification Outstanding Recorded Investment | 144 | 473 | 144 | 473 |
Transfer of asset | ||||
Disclosure Details Of Troubled Debt Restructuring Loan Modification Based On Post Modification Outstanding Balance [Line Items] | ||||
Post-Modification Outstanding Recorded Investment | 0 | 0 | 0 | 5,407 |
Extended maturity | ||||
Disclosure Details Of Troubled Debt Restructuring Loan Modification Based On Post Modification Outstanding Balance [Line Items] | ||||
Post-Modification Outstanding Recorded Investment | 0 | 103 | 0 | 2,106 |
Change in terms | ||||
Disclosure Details Of Troubled Debt Restructuring Loan Modification Based On Post Modification Outstanding Balance [Line Items] | ||||
Post-Modification Outstanding Recorded Investment | $ 0 | $ 0 | $ 2,712 | $ 0 |
Credit Quality - Schedule of _2
Credit Quality - Schedule of Troubled Debt Restructurings, Segregated by Class of Loans (Detail) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 USD ($) Contract | Sep. 30, 2021 USD ($) Contract | Sep. 30, 2022 USD ($) Contract | Sep. 30, 2021 USD ($) Contract | |
Financing Receivable, Modifications [Line Items] | ||||
Number of Contracts | Contract | 1 | 2 | 3 | 6 |
Pre-Modification Outstanding Recorded Investment | $ 144 | $ 576 | $ 3,077 | $ 8,046 |
Post-Modification Outstanding Recorded Investment | $ 144 | $ 576 | $ 2,856 | $ 7,986 |
Construction & Land Development [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 |
Commercial Real Estate [Member] | Owner-Occupied [Member] | ||||
Financing Receivable, Modifications [Line Items] | ||||
Number of Contracts | Contract | 1 | 1 | 2 | 2 |
Pre-Modification Outstanding Recorded Investment | $ 144 | $ 103 | $ 2,945 | $ 1,043 |
Post-Modification Outstanding Recorded Investment | $ 144 | $ 103 | $ 2,856 | $ 1,196 |
Commercial Real Estate [Member] | Nonowner-Occupied [Member] | ||||
Financing Receivable, Modifications [Line Items] | ||||
Number of Contracts | Contract | 0 | 0 | 0 | 2 |
Pre-Modification Outstanding Recorded Investment | $ 0 | $ 0 | $ 0 | $ 6,349 |
Post-Modification Outstanding Recorded Investment | $ 0 | $ 0 | $ 0 | $ 6,136 |
Other Commercial [Member] | ||||
Financing Receivable, Modifications [Line Items] | ||||
Number of Contracts | Contract | 0 | 0 | 1 | 1 |
Pre-Modification Outstanding Recorded Investment | $ 0 | $ 0 | $ 132 | $ 181 |
Post-Modification Outstanding Recorded Investment | $ 0 | $ 0 | $ 0 | $ 181 |
Residential Real Estate [Member] | ||||
Financing Receivable, Modifications [Line Items] | ||||
Number of Contracts | Contract | 0 | 1 | 0 | 1 |
Pre-Modification Outstanding Recorded Investment | $ 0 | $ 473 | $ 0 | $ 473 |
Post-Modification Outstanding Recorded Investment | $ 0 | $ 473 | $ 0 | $ 473 |
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 | 0 | 0 |
Pre-Modification Outstanding Recorded Investment | $ 0 | $ 0 | $ 0 | $ 0 |
Post-Modification Outstanding Recorded Investment | $ 0 | $ 0 | $ 0 | $ 0 |
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, 2022 | Dec. 31, 2021 | |
Disclosure Details Of Troubled Debt Restructuring Loan Modification Based On Post Modification Outstanding Balance [Line Items] | ||
Troubled debt restructuring | $ 23,155 | $ 35,856 |
Interest rate reduction | ||
Disclosure Details Of Troubled Debt Restructuring Loan Modification Based On Post Modification Outstanding Balance [Line Items] | ||
Troubled debt restructuring | 765 | 3,163 |
Interest rate reduction and change in terms | ||
Disclosure Details Of Troubled Debt Restructuring Loan Modification Based On Post Modification Outstanding Balance [Line Items] | ||
Troubled debt restructuring | 1,078 | 1,412 |
Transfer of asset | ||
Disclosure Details Of Troubled Debt Restructuring Loan Modification Based On Post Modification Outstanding Balance [Line Items] | ||
Troubled debt restructuring | 0 | 5,407 |
Concession of principal and term | ||
Disclosure Details Of Troubled Debt Restructuring Loan Modification Based On Post Modification Outstanding Balance [Line Items] | ||
Troubled debt restructuring | 0 | 19 |
Extended maturity | ||
Disclosure Details Of Troubled Debt Restructuring Loan Modification Based On Post Modification Outstanding Balance [Line Items] | ||
Troubled debt restructuring | 4,694 | 4,831 |
Change in terms | ||
Disclosure Details Of Troubled Debt Restructuring Loan Modification Based On Post Modification Outstanding Balance [Line Items] | ||
Troubled debt restructuring | $ 16,618 | $ 21,024 |
Credit Quality - Additional Inf
Credit Quality - Additional Information (Detail) $ in Thousands | 9 Months Ended | 12 Months Ended |
Sep. 30, 2022 USD ($) | Dec. 31, 2021 USD ($) | |
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 | $ 23,155 | $ 35,856 |
Restructured loans on nonaccrual status | $ 10,336 | 22,421 |
Minimum number of days required for special mention | 30 days | |
Maximum number of days required for special mention | 89 days | |
Number of days required for substandard | 90 days | |
OREO | $ 10,779 | 14,823 |
Recorded investment of consumer mortgage loans | 1,200 | 13 |
Troubled debt restructurings post modification additional funds recorded investment | 60 | |
Payments under funding commitments | $ 72 | |
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. | |
Loans Modification Explanation | This program ended on January 1, 2022. As provided for under the CARES Act, these loan modifications are exempt by law from classification as a TDR as defined by GAAP. | |
Temporary Relief from Troubled Debt Restructurings [Member] | Covid 19 [Member] | ||
No of eligible loan modifications outstanding | 188 | |
Troubled debt restructuring | $ 18,039 | |
Financing Receivables, Equal to Greater than 90 Days Past Due [Member] | ||
Minimum days for discontinue of accrual interest on commercial and consumer loan | 90 days | |
Restructured loans on nonaccrual status | $ 2,941 | $ 102 |
Financial Asset, 30 to 59 Days Past Due [Member] | ||
Financing receivable threshold period past due | 90 days |
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, 2022 USD ($) Contract | Sep. 30, 2022 USD ($) Contract | Sep. 30, 2021 USD ($) Contract | |
Financing Receivable, Modifications [Line Items] | |||
Number of Contracts | Contract | 1 | 2 | 3 |
Recorded Investment | $ | $ 0 | $ 103 | $ 0 |
Construction & Land Development [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Number of Contracts | Contract | 0 | 0 | 2 |
Recorded Investment | $ | $ 0 | $ 0 | $ 0 |
Commercial Real Estate [Member] | Owner-Occupied [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Number of Contracts | Contract | 0 | 0 | 0 |
Recorded Investment | $ | $ 0 | $ 0 | $ 0 |
Commercial Real Estate [Member] | Nonowner-Occupied [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Number of Contracts | Contract | 0 | 0 | 0 |
Recorded Investment | $ | $ 0 | $ 0 | $ 0 |
Other Commercial [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Number of Contracts | Contract | 0 | 1 | 0 |
Recorded Investment | $ | $ 0 | $ 103 | $ 0 |
Residential Real Estate [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Number of Contracts | Contract | 1 | 1 | 1 |
Recorded Investment | $ | $ 0 | $ 0 | $ 0 |
Consumer [Member] | Bankcard [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Number of Contracts | Contract | 0 | 0 | 0 |
Recorded Investment | $ | $ 0 | $ 0 | $ 0 |
Consumer [Member] | Other Consumer [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Number of Contracts | Contract | 0 | 0 | 0 |
Recorded Investment | $ | $ 0 | $ 0 | $ 0 |
Credit Quality - Schedule of Ag
Credit Quality - Schedule of Age Analysis of its Past Due Loans, Segregated by Class of Loans (Detail) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Disclosure Details Of Troubled Debt Restructuring Loan Modification Based On Post Modification Outstanding Balance [Line Items] | ||
Total Financing Receivables | $ 19,722,485 | $ 18,051,307 |
Loans, Recorded Investment >90 Days & Accruing | 21,195 | 18,981 |
30-89 Days Past Due [Member] | ||
Disclosure Details Of Troubled Debt Restructuring Loan Modification Based On Post Modification Outstanding Balance [Line Items] | ||
Loans, Past Due | 107,482 | 78,208 |
90 Days or more Past Due [Member] | ||
Disclosure Details Of Troubled Debt Restructuring Loan Modification Based On Post Modification Outstanding Balance [Line Items] | ||
Loans, Past Due | 59,775 | 77,430 |
Total Past Due [Member] | ||
Disclosure Details Of Troubled Debt Restructuring Loan Modification Based On Post Modification Outstanding Balance [Line Items] | ||
Loans, Past Due | 167,257 | 155,638 |
Current & Other [Member] | ||
Disclosure Details Of Troubled Debt Restructuring Loan Modification Based On Post Modification Outstanding Balance [Line Items] | ||
Loans, Past Due | 19,555,228 | 17,895,669 |
Construction & Land Development [Member] | ||
Disclosure Details Of Troubled Debt Restructuring Loan Modification Based On Post Modification Outstanding Balance [Line Items] | ||
Total Financing Receivables | 2,624,117 | 2,014,165 |
Loans, Recorded Investment >90 Days & Accruing | 674 | 383 |
Construction & Land Development [Member] | 30-89 Days Past Due [Member] | ||
Disclosure Details Of Troubled Debt Restructuring Loan Modification Based On Post Modification Outstanding Balance [Line Items] | ||
Loans, Past Due | 10,093 | 6,599 |
Construction & Land Development [Member] | 90 Days or more Past Due [Member] | ||
Disclosure Details Of Troubled Debt Restructuring Loan Modification Based On Post Modification Outstanding Balance [Line Items] | ||
Loans, Past Due | 1,234 | 3,096 |
Construction & Land Development [Member] | Total Past Due [Member] | ||
Disclosure Details Of Troubled Debt Restructuring Loan Modification Based On Post Modification Outstanding Balance [Line Items] | ||
Loans, Past Due | 11,327 | 9,695 |
Construction & Land Development [Member] | Current & Other [Member] | ||
Disclosure Details Of Troubled Debt Restructuring Loan Modification Based On Post Modification Outstanding Balance [Line Items] | ||
Loans, Past Due | 2,612,790 | 2,004,470 |
Commercial Real Estate [Member] | Owner-Occupied [Member] | ||
Disclosure Details Of Troubled Debt Restructuring Loan Modification Based On Post Modification Outstanding Balance [Line Items] | ||
Total Financing Receivables | 1,748,357 | 1,733,176 |
Loans, Recorded Investment >90 Days & Accruing | 4,272 | 611 |
Commercial Real Estate [Member] | Owner-Occupied [Member] | 30-89 Days Past Due [Member] | ||
Disclosure Details Of Troubled Debt Restructuring Loan Modification Based On Post Modification Outstanding Balance [Line Items] | ||
Loans, Past Due | 5,363 | 7,522 |
Commercial Real Estate [Member] | Owner-Occupied [Member] | 90 Days or more Past Due [Member] | ||
Disclosure Details Of Troubled Debt Restructuring Loan Modification Based On Post Modification Outstanding Balance [Line Items] | ||
Loans, Past Due | 12,528 | 13,325 |
Commercial Real Estate [Member] | Owner-Occupied [Member] | Total Past Due [Member] | ||
Disclosure Details Of Troubled Debt Restructuring Loan Modification Based On Post Modification Outstanding Balance [Line Items] | ||
Loans, Past Due | 17,891 | 20,847 |
Commercial Real Estate [Member] | Owner-Occupied [Member] | Current & Other [Member] | ||
Disclosure Details Of Troubled Debt Restructuring Loan Modification Based On Post Modification Outstanding Balance [Line Items] | ||
Loans, Past Due | 1,730,466 | 1,712,329 |
Commercial Real Estate [Member] | Nonowner-Occupied [Member] | ||
Disclosure Details Of Troubled Debt Restructuring Loan Modification Based On Post Modification Outstanding Balance [Line Items] | ||
Total Financing Receivables | 6,024,873 | 5,957,288 |
Loans, Recorded Investment >90 Days & Accruing | 876 | 545 |
Commercial Real Estate [Member] | Nonowner-Occupied [Member] | 30-89 Days Past Due [Member] | ||
Disclosure Details Of Troubled Debt Restructuring Loan Modification Based On Post Modification Outstanding Balance [Line Items] | ||
Loans, Past Due | 30,979 | 5,791 |
Commercial Real Estate [Member] | Nonowner-Occupied [Member] | 90 Days or more Past Due [Member] | ||
Disclosure Details Of Troubled Debt Restructuring Loan Modification Based On Post Modification Outstanding Balance [Line Items] | ||
Loans, Past Due | 10,229 | 18,829 |
Commercial Real Estate [Member] | Nonowner-Occupied [Member] | Total Past Due [Member] | ||
Disclosure Details Of Troubled Debt Restructuring Loan Modification Based On Post Modification Outstanding Balance [Line Items] | ||
Loans, Past Due | 41,208 | 24,620 |
Commercial Real Estate [Member] | Nonowner-Occupied [Member] | Current & Other [Member] | ||
Disclosure Details Of Troubled Debt Restructuring Loan Modification Based On Post Modification Outstanding Balance [Line Items] | ||
Loans, Past Due | 5,983,665 | 5,932,668 |
Other Commercial [Member] | ||
Disclosure Details Of Troubled Debt Restructuring Loan Modification Based On Post Modification Outstanding Balance [Line Items] | ||
Total Financing Receivables | 3,537,722 | 3,462,361 |
Loans, Recorded Investment >90 Days & Accruing | 3,802 | 6,569 |
Other Commercial [Member] | 30-89 Days Past Due [Member] | ||
Disclosure Details Of Troubled Debt Restructuring Loan Modification Based On Post Modification Outstanding Balance [Line Items] | ||
Loans, Past Due | 13,073 | 21,444 |
Other Commercial [Member] | 90 Days or more Past Due [Member] | ||
Disclosure Details Of Troubled Debt Restructuring Loan Modification Based On Post Modification Outstanding Balance [Line Items] | ||
Loans, Past Due | 11,406 | 15,883 |
Other Commercial [Member] | Total Past Due [Member] | ||
Disclosure Details Of Troubled Debt Restructuring Loan Modification Based On Post Modification Outstanding Balance [Line Items] | ||
Loans, Past Due | 24,479 | 37,327 |
Other Commercial [Member] | Current & Other [Member] | ||
Disclosure Details Of Troubled Debt Restructuring Loan Modification Based On Post Modification Outstanding Balance [Line Items] | ||
Loans, Past Due | 3,513,243 | 3,425,034 |
Residential Real Estate [Member] | ||
Disclosure Details Of Troubled Debt Restructuring Loan Modification Based On Post Modification Outstanding Balance [Line Items] | ||
Total Financing Receivables | 4,390,748 | 3,691,560 |
Loans, Recorded Investment >90 Days & Accruing | 8,173 | 8,241 |
Residential Real Estate [Member] | 30-89 Days Past Due [Member] | ||
Disclosure Details Of Troubled Debt Restructuring Loan Modification Based On Post Modification Outstanding Balance [Line Items] | ||
Loans, Past Due | 22,489 | 19,488 |
Residential Real Estate [Member] | 90 Days or more Past Due [Member] | ||
Disclosure Details Of Troubled Debt Restructuring Loan Modification Based On Post Modification Outstanding Balance [Line Items] | ||
Loans, Past Due | 20,351 | 23,495 |
Residential Real Estate [Member] | Total Past Due [Member] | ||
Disclosure Details Of Troubled Debt Restructuring Loan Modification Based On Post Modification Outstanding Balance [Line Items] | ||
Loans, Past Due | 42,840 | 42,983 |
Residential Real Estate [Member] | Current & Other [Member] | ||
Disclosure Details Of Troubled Debt Restructuring Loan Modification Based On Post Modification Outstanding Balance [Line Items] | ||
Loans, Past Due | 4,347,908 | 3,648,577 |
Consumer [Member] | Bankcard [Member] | ||
Disclosure Details Of Troubled Debt Restructuring Loan Modification Based On Post Modification Outstanding Balance [Line Items] | ||
Total Financing Receivables | 8,660 | 8,913 |
Loans, Recorded Investment >90 Days & Accruing | 72 | 187 |
Consumer [Member] | Bankcard [Member] | 30-89 Days Past Due [Member] | ||
Disclosure Details Of Troubled Debt Restructuring Loan Modification Based On Post Modification Outstanding Balance [Line Items] | ||
Loans, Past Due | 62 | 100 |
Consumer [Member] | Bankcard [Member] | 90 Days or more Past Due [Member] | ||
Disclosure Details Of Troubled Debt Restructuring Loan Modification Based On Post Modification Outstanding Balance [Line Items] | ||
Loans, Past Due | 72 | 187 |
Consumer [Member] | Bankcard [Member] | Total Past Due [Member] | ||
Disclosure Details Of Troubled Debt Restructuring Loan Modification Based On Post Modification Outstanding Balance [Line Items] | ||
Loans, Past Due | 134 | 287 |
Consumer [Member] | Bankcard [Member] | Current & Other [Member] | ||
Disclosure Details Of Troubled Debt Restructuring Loan Modification Based On Post Modification Outstanding Balance [Line Items] | ||
Loans, Past Due | 8,526 | 8,626 |
Consumer [Member] | Other Consumer [Member] | ||
Disclosure Details Of Troubled Debt Restructuring Loan Modification Based On Post Modification Outstanding Balance [Line Items] | ||
Total Financing Receivables | 1,388,008 | 1,183,844 |
Loans, Recorded Investment >90 Days & Accruing | 3,326 | 2,445 |
Consumer [Member] | Other Consumer [Member] | 30-89 Days Past Due [Member] | ||
Disclosure Details Of Troubled Debt Restructuring Loan Modification Based On Post Modification Outstanding Balance [Line Items] | ||
Loans, Past Due | 25,423 | 17,264 |
Consumer [Member] | Other Consumer [Member] | 90 Days or more Past Due [Member] | ||
Disclosure Details Of Troubled Debt Restructuring Loan Modification Based On Post Modification Outstanding Balance [Line Items] | ||
Loans, Past Due | 3,955 | 2,615 |
Consumer [Member] | Other Consumer [Member] | Total Past Due [Member] | ||
Disclosure Details Of Troubled Debt Restructuring Loan Modification Based On Post Modification Outstanding Balance [Line Items] | ||
Loans, Past Due | 29,378 | 19,879 |
Consumer [Member] | Other Consumer [Member] | Current & Other [Member] | ||
Disclosure Details Of Troubled Debt Restructuring Loan Modification Based On Post Modification Outstanding Balance [Line Items] | ||
Loans, Past Due | $ 1,358,630 | $ 1,163,965 |
Credit Quality - Schedule of No
Credit Quality - Schedule of Nonaccrual Loans, Segregated by Class of Loans (Detail) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Disclosure Details Of Troubled Debt Restructuring Loan Modification Based On Post Modification Outstanding Balance [Line Items] | ||
Loans on Nonaccrual Status | $ 38,580 | $ 58,449 |
With No Related Allowance for Credit Losses | 35,709 | 56,440 |
90 Days or More Past Due & Accruing | 21,195 | 18,981 |
Other Commercial [Member] | ||
Disclosure Details Of Troubled Debt Restructuring Loan Modification Based On Post Modification Outstanding Balance [Line Items] | ||
Loans on Nonaccrual Status | 7,604 | 9,314 |
With No Related Allowance for Credit Losses | 6,542 | 8,261 |
90 Days or More Past Due & Accruing | 3,802 | 6,569 |
Residential Real Estate [Member] | ||
Disclosure Details Of Troubled Debt Restructuring Loan Modification Based On Post Modification Outstanding Balance [Line Items] | ||
Loans on Nonaccrual Status | 12,178 | 15,254 |
With No Related Allowance for Credit Losses | 10,369 | 14,298 |
90 Days or More Past Due & Accruing | 8,173 | 8,241 |
Owner-Occupied [Member] | Commercial Real Estate [Member] | ||
Disclosure Details Of Troubled Debt Restructuring Loan Modification Based On Post Modification Outstanding Balance [Line Items] | ||
Loans on Nonaccrual Status | 8,256 | 12,714 |
With No Related Allowance for Credit Losses | 8,256 | 12,714 |
90 Days or More Past Due & Accruing | 4,272 | 611 |
Nonowner-Occupied [Member] | Commercial Real Estate [Member] | ||
Disclosure Details Of Troubled Debt Restructuring Loan Modification Based On Post Modification Outstanding Balance [Line Items] | ||
Loans on Nonaccrual Status | 9,353 | 18,284 |
With No Related Allowance for Credit Losses | 9,353 | 18,284 |
90 Days or More Past Due & Accruing | 876 | 545 |
Construction & Land Development [Member] | ||
Disclosure Details Of Troubled Debt Restructuring Loan Modification Based On Post Modification Outstanding Balance [Line Items] | ||
Loans on Nonaccrual Status | 560 | 2,713 |
With No Related Allowance for Credit Losses | 560 | 2,713 |
90 Days or More Past Due & Accruing | 674 | 383 |
Bankcard [Member] | Consumer [Member] | ||
Disclosure Details Of Troubled Debt Restructuring Loan Modification Based On Post Modification Outstanding Balance [Line Items] | ||
Loans on Nonaccrual Status | 0 | 0 |
With No Related Allowance for Credit Losses | 0 | 0 |
90 Days or More Past Due & Accruing | 72 | 187 |
Other Consumer [Member] | Consumer [Member] | ||
Disclosure Details Of Troubled Debt Restructuring Loan Modification Based On Post Modification Outstanding Balance [Line Items] | ||
Loans on Nonaccrual Status | 629 | 170 |
With No Related Allowance for Credit Losses | 629 | 170 |
90 Days or More Past Due & Accruing | $ 3,326 | $ 2,445 |
Credit Quality - Schedule of Am
Credit Quality - Schedule of Amortized Cost Loans and Leases Pledged As Collateral (Detail) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Amortized Cost Collateral Dependent Loans [Line Items] | ||
Amortized Cost Loans and Leases Pledged As Collateral | $ 58,726 | $ 130,460 |
Commercial Real Estate [Member] | Owner-Occupied [Member] | ||
Amortized Cost Collateral Dependent Loans [Line Items] | ||
Amortized Cost Loans and Leases Pledged As Collateral | 17,086 | 21,036 |
Commercial Real Estate [Member] | Nonowner-Occupied [Member] | ||
Amortized Cost Collateral Dependent Loans [Line Items] | ||
Amortized Cost Loans and Leases Pledged As Collateral | 14,156 | 68,752 |
Other Commercial [Member] | ||
Amortized Cost Collateral Dependent Loans [Line Items] | ||
Amortized Cost Loans and Leases Pledged As Collateral | 12,471 | 18,050 |
Residential Real Estate [Member] | ||
Amortized Cost Collateral Dependent Loans [Line Items] | ||
Amortized Cost Loans and Leases Pledged As Collateral | 12,839 | 16,749 |
Construction & Land Development [Member] | ||
Amortized Cost Collateral Dependent Loans [Line Items] | ||
Amortized Cost Loans and Leases Pledged As Collateral | 2,174 | 5,873 |
Consumer [Member] | Bankcard [Member] | ||
Amortized Cost Collateral Dependent Loans [Line Items] | ||
Amortized Cost Loans and Leases Pledged As Collateral | 0 | 0 |
Consumer [Member] | Other Consumer [Member] | ||
Amortized Cost Collateral Dependent Loans [Line Items] | ||
Amortized Cost Loans and Leases Pledged As Collateral | 0 | 0 |
Residential Real Estate [Member] | ||
Amortized Cost Collateral Dependent Loans [Line Items] | ||
Amortized Cost Loans and Leases Pledged As Collateral | 17,769 | 25,927 |
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 | 51 | 0 |
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 | 3,286 | 7,085 |
Residential Real Estate [Member] | Other Commercial [Member] | ||
Amortized Cost Collateral Dependent Loans [Line Items] | ||
Amortized Cost Loans and Leases Pledged As Collateral | 1,593 | 2,093 |
Residential Real Estate [Member] | Residential Real Estate [Member] | ||
Amortized Cost Collateral Dependent Loans [Line Items] | ||
Amortized Cost Loans and Leases Pledged As Collateral | 12,839 | 16,749 |
Residential Real Estate [Member] | Construction & Land Development [Member] | ||
Amortized Cost Collateral Dependent Loans [Line Items] | ||
Amortized Cost Loans and Leases Pledged As Collateral | 0 | 0 |
Residential Real Estate [Member] | Consumer [Member] | Bankcard [Member] | ||
Amortized Cost Collateral Dependent Loans [Line Items] | ||
Amortized Cost Loans and Leases Pledged As Collateral | 0 | 0 |
Residential Real Estate [Member] | Consumer [Member] | Other Consumer [Member] | ||
Amortized Cost Collateral Dependent Loans [Line Items] | ||
Amortized Cost Loans and Leases Pledged As Collateral | 0 | 0 |
Business Assets [Member] | ||
Amortized Cost Collateral Dependent Loans [Line Items] | ||
Amortized Cost Loans and Leases Pledged As Collateral | 9,733 | 15,263 |
Business Assets [Member] | Commercial Real Estate [Member] | Owner-Occupied [Member] | ||
Amortized Cost Collateral Dependent Loans [Line Items] | ||
Amortized Cost Loans and Leases Pledged As Collateral | 28 | 38 |
Business Assets [Member] | Commercial Real Estate [Member] | Nonowner-Occupied [Member] | ||
Amortized Cost Collateral Dependent Loans [Line Items] | ||
Amortized Cost Loans and Leases Pledged As Collateral | 0 | 0 |
Business Assets [Member] | Other Commercial [Member] | ||
Amortized Cost Collateral Dependent Loans [Line Items] | ||
Amortized Cost Loans and Leases Pledged As Collateral | 9,705 | 15,225 |
Business Assets [Member] | Residential Real Estate [Member] | ||
Amortized Cost Collateral Dependent Loans [Line Items] | ||
Amortized Cost Loans and Leases Pledged As Collateral | 0 | 0 |
Business Assets [Member] | Construction & Land Development [Member] | ||
Amortized Cost Collateral Dependent Loans [Line Items] | ||
Amortized Cost Loans and Leases Pledged As Collateral | 0 | 0 |
Business Assets [Member] | Consumer [Member] | Bankcard [Member] | ||
Amortized Cost Collateral Dependent Loans [Line Items] | ||
Amortized Cost Loans and Leases Pledged As Collateral | 0 | 0 |
Business Assets [Member] | Consumer [Member] | Other Consumer [Member] | ||
Amortized Cost Collateral Dependent Loans [Line Items] | ||
Amortized Cost Loans and Leases Pledged As Collateral | 0 | 0 |
Land [Member] | ||
Amortized Cost Collateral Dependent Loans [Line Items] | ||
Amortized Cost Loans and Leases Pledged As Collateral | 1,419 | 5,473 |
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 | 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 | 0 | 703 |
Land [Member] | Other Commercial [Member] | ||
Amortized Cost Collateral Dependent Loans [Line Items] | ||
Amortized Cost Loans and Leases Pledged As Collateral | 0 | 0 |
Land [Member] | Residential Real Estate [Member] | ||
Amortized Cost Collateral Dependent Loans [Line Items] | ||
Amortized Cost Loans and Leases Pledged As Collateral | 0 | 0 |
Land [Member] | Construction & Land Development [Member] | ||
Amortized Cost Collateral Dependent Loans [Line Items] | ||
Amortized Cost Loans and Leases Pledged As Collateral | 1,419 | 4,770 |
Land [Member] | Consumer [Member] | Bankcard [Member] | ||
Amortized Cost Collateral Dependent Loans [Line Items] | ||
Amortized Cost Loans and Leases Pledged As Collateral | 0 | 0 |
Land [Member] | Consumer [Member] | Other Consumer [Member] | ||
Amortized Cost Collateral Dependent Loans [Line Items] | ||
Amortized Cost Loans and Leases Pledged As Collateral | 0 | 0 |
Commercial Real Estate [Member] | ||
Amortized Cost Collateral Dependent Loans [Line Items] | ||
Amortized Cost Loans and Leases Pledged As Collateral | 10,139 | 18,440 |
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 | 7,343 | 9,775 |
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 | 2,796 | 8,665 |
Commercial Real Estate [Member] | Other Commercial [Member] | ||
Amortized Cost Collateral Dependent Loans [Line Items] | ||
Amortized Cost Loans and Leases Pledged As Collateral | 0 | 0 |
Commercial Real Estate [Member] | Residential Real Estate [Member] | ||
Amortized Cost Collateral Dependent Loans [Line Items] | ||
Amortized Cost Loans and Leases Pledged As Collateral | 0 | 0 |
Commercial Real Estate [Member] | Construction & Land Development [Member] | ||
Amortized Cost Collateral Dependent Loans [Line Items] | ||
Amortized Cost Loans and Leases Pledged As Collateral | 0 | 0 |
Commercial Real Estate [Member] | Consumer [Member] | Bankcard [Member] | ||
Amortized Cost Collateral Dependent Loans [Line Items] | ||
Amortized Cost Loans and Leases Pledged As Collateral | 0 | 0 |
Commercial Real Estate [Member] | Consumer [Member] | Other Consumer [Member] | ||
Amortized Cost Collateral Dependent Loans [Line Items] | ||
Amortized Cost Loans and Leases Pledged As Collateral | 0 | 0 |
Other Assets [Member] | ||
Amortized Cost Collateral Dependent Loans [Line Items] | ||
Amortized Cost Loans and Leases Pledged As Collateral | 19,666 | 65,357 |
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 | 9,664 | 11,223 |
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 | 8,074 | 52,299 |
Other Assets [Member] | Other Commercial [Member] | ||
Amortized Cost Collateral Dependent Loans [Line Items] | ||
Amortized Cost Loans and Leases Pledged As Collateral | 1,173 | 732 |
Other Assets [Member] | Residential Real Estate [Member] | ||
Amortized Cost Collateral Dependent Loans [Line Items] | ||
Amortized Cost Loans and Leases Pledged As Collateral | 0 | 0 |
Other Assets [Member] | Construction & Land Development [Member] | ||
Amortized Cost Collateral Dependent Loans [Line Items] | ||
Amortized Cost Loans and Leases Pledged As Collateral | 755 | 1,103 |
Other Assets [Member] | Consumer [Member] | Bankcard [Member] | ||
Amortized Cost Collateral Dependent Loans [Line Items] | ||
Amortized Cost Loans and Leases Pledged As Collateral | 0 | 0 |
Other Assets [Member] | Consumer [Member] | Other Consumer [Member] | ||
Amortized Cost Collateral Dependent Loans [Line Items] | ||
Amortized Cost Loans and Leases Pledged As Collateral | $ 0 | $ 0 |
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, 2022 | Dec. 31, 2021 |
Disclosure Details Of Loans And Leases By Risk Category [Line Items] | ||
Total | $ 11,310,952 | $ 11,152,825 |
Owner-Occupied [Member] | ||
Disclosure Details Of Loans And Leases By Risk Category [Line Items] | ||
2022 | 254,279 | 319,007 |
2021 | 325,047 | 310,948 |
2020 | 302,088 | 161,164 |
2019 | 134,601 | |
2018 | 119,961 | 141,532 |
2017 | 170,890 | |
Prior | 583,156 | 588,075 |
Revolving loans amortized cost basis | 28,626 | 40,915 |
Revolving loans converted to term loans | 599 | 645 |
Total | 1,748,357 | 1,733,176 |
Owner-Occupied [Member] | Pass [Member] | ||
Disclosure Details Of Loans And Leases By Risk Category [Line Items] | ||
2022 | 254,135 | 319,007 |
2021 | 324,105 | 310,893 |
2020 | 301,559 | 161,075 |
2019 | 133,669 | |
2018 | 117,404 | 135,472 |
2017 | 168,874 | |
Prior | 542,210 | 539,640 |
Revolving loans amortized cost basis | 27,695 | 39,117 |
Revolving loans converted to term loans | 363 | 401 |
Total | 1,701,140 | 1,674,479 |
Owner-Occupied [Member] | Special Mention [Member] | ||
Disclosure Details Of Loans And Leases By Risk Category [Line Items] | ||
2022 | 0 | 0 |
2021 | 309 | 0 |
2020 | 529 | 51 |
2019 | 500 | |
2018 | 1,566 | 5,399 |
2017 | 712 | |
Prior | 4,916 | 20,672 |
Revolving loans amortized cost basis | 931 | 959 |
Revolving loans converted to term loans | 0 | 0 |
Total | 8,751 | 27,793 |
Owner-Occupied [Member] | Substandard [Member] | ||
Disclosure Details Of Loans And Leases By Risk Category [Line Items] | ||
2022 | 144 | 0 |
2021 | 633 | 55 |
2020 | 0 | 38 |
2019 | 432 | |
2018 | 991 | 661 |
2017 | 1,304 | |
Prior | 35,752 | 27,458 |
Revolving loans amortized cost basis | 0 | 839 |
Revolving loans converted to term loans | 236 | 244 |
Total | 38,188 | 30,599 |
Owner-Occupied [Member] | Doubtful [Member] | ||
Disclosure Details Of Loans And Leases By Risk Category [Line Items] | ||
2022 | 0 | 0 |
2021 | 0 | 0 |
2020 | 0 | 0 |
2019 | 0 | |
2018 | 0 | 0 |
2017 | 0 | |
Prior | 278 | 305 |
Revolving loans amortized cost basis | 0 | 0 |
Revolving loans converted to term loans | 0 | 0 |
Total | 278 | 305 |
Owner-Occupied [Member] | YTS Charge Offs [Member] | ||
Disclosure Details Of Loans And Leases By Risk Category [Line Items] | ||
2022 | 0 | 0 |
2021 | 0 | 0 |
2020 | 0 | 0 |
2019 | 0 | |
2018 | 0 | 0 |
2017 | (44) | |
Prior | (68) | (370) |
Revolving loans amortized cost basis | 0 | 0 |
Revolving loans converted to term loans | 0 | 0 |
Total | (68) | (414) |
Owner-Occupied [Member] | YTS Recoveries [Member] | ||
Disclosure Details Of Loans And Leases By Risk Category [Line Items] | ||
2022 | 0 | 0 |
2021 | 0 | 0 |
2020 | 0 | 0 |
2019 | 0 | |
2018 | 0 | 0 |
2017 | 13 | |
Prior | 485 | 856 |
Revolving loans amortized cost basis | 0 | 0 |
Revolving loans converted to term loans | 0 | 0 |
Total | 485 | 869 |
Owner-Occupied [Member] | YTS Net Charge Offs [Member] | ||
Disclosure Details Of Loans And Leases By Risk Category [Line Items] | ||
2022 | 0 | 0 |
2021 | 0 | 0 |
2020 | 0 | 0 |
2019 | 0 | |
2018 | 0 | 0 |
2017 | (31) | |
Prior | 417 | 486 |
Revolving loans amortized cost basis | 0 | 0 |
Revolving loans converted to term loans | 0 | 0 |
Total | 417 | 455 |
Nonowner-Occupied [Member] | ||
Disclosure Details Of Loans And Leases By Risk Category [Line Items] | ||
2022 | 1,117,010 | 1,559,293 |
2021 | 1,381,816 | 929,175 |
2020 | 740,580 | 834,267 |
2019 | 753,092 | |
2018 | 388,886 | 494,897 |
2017 | 398,470 | |
Prior | 1,469,404 | 1,633,793 |
Revolving loans amortized cost basis | 173,940 | 105,354 |
Revolving loans converted to term loans | 145 | 2,039 |
Total | 6,024,873 | 5,957,288 |
Nonowner-Occupied [Member] | Pass [Member] | ||
Disclosure Details Of Loans And Leases By Risk Category [Line Items] | ||
2022 | 1,116,436 | 1,558,474 |
2021 | 1,381,816 | 925,508 |
2020 | 736,996 | 707,570 |
2019 | 636,308 | |
2018 | 359,768 | 460,660 |
2017 | 397,003 | |
Prior | 1,394,475 | 1,490,548 |
Revolving loans amortized cost basis | 173,940 | 102,561 |
Revolving loans converted to term loans | 145 | 2,039 |
Total | 5,799,884 | 5,644,363 |
Nonowner-Occupied [Member] | Special Mention [Member] | ||
Disclosure Details Of Loans And Leases By Risk Category [Line Items] | ||
2022 | 574 | 819 |
2021 | 0 | 2,953 |
2020 | 2,898 | 113,655 |
2019 | 82,705 | |
2018 | 984 | 5,826 |
2017 | 372 | |
Prior | 22,224 | 40,534 |
Revolving loans amortized cost basis | 0 | 2,793 |
Revolving loans converted to term loans | 0 | 0 |
Total | 109,385 | 166,952 |
Nonowner-Occupied [Member] | Substandard [Member] | ||
Disclosure Details Of Loans And Leases By Risk Category [Line Items] | ||
2022 | 0 | 0 |
2021 | 0 | 714 |
2020 | 686 | 13,042 |
2019 | 34,079 | |
2018 | 28,134 | 28,411 |
2017 | 1,095 | |
Prior | 52,705 | 102,711 |
Revolving loans amortized cost basis | 0 | 0 |
Revolving loans converted to term loans | 0 | 0 |
Total | 115,604 | 145,973 |
Nonowner-Occupied [Member] | Doubtful [Member] | ||
Disclosure Details Of Loans And Leases By Risk Category [Line Items] | ||
2022 | 0 | 0 |
2021 | 0 | 0 |
2020 | 0 | 0 |
2019 | 0 | |
2018 | 0 | 0 |
2017 | 0 | |
Prior | 0 | 0 |
Revolving loans amortized cost basis | 0 | 0 |
Revolving loans converted to term loans | 0 | 0 |
Total | 0 | 0 |
Nonowner-Occupied [Member] | YTS Charge Offs [Member] | ||
Disclosure Details Of Loans And Leases By Risk Category [Line Items] | ||
2022 | 0 | 0 |
2021 | 0 | 0 |
2020 | 0 | 0 |
2019 | 0 | |
2018 | 0 | 0 |
2017 | 0 | |
Prior | 0 | (3,531) |
Revolving loans amortized cost basis | 0 | 0 |
Revolving loans converted to term loans | 0 | 0 |
Total | 0 | (3,531) |
Nonowner-Occupied [Member] | YTS Recoveries [Member] | ||
Disclosure Details Of Loans And Leases By Risk Category [Line Items] | ||
2022 | 0 | 0 |
2021 | 0 | 0 |
2020 | 0 | 0 |
2019 | 0 | |
2018 | 0 | 0 |
2017 | 0 | |
Prior | 153 | 1,907 |
Revolving loans amortized cost basis | 0 | 0 |
Revolving loans converted to term loans | 0 | 0 |
Total | 153 | 1,097 |
Nonowner-Occupied [Member] | YTS Net Charge Offs [Member] | ||
Disclosure Details Of Loans And Leases By Risk Category [Line Items] | ||
2022 | 0 | 0 |
2021 | 0 | 0 |
2020 | 0 | 0 |
2019 | 0 | |
2018 | 0 | 0 |
2017 | 0 | |
Prior | 153 | (1,624) |
Revolving loans amortized cost basis | 0 | 0 |
Revolving loans converted to term loans | 0 | 0 |
Total | 153 | (1,624) |
Other Commercial Loans [Member] | ||
Disclosure Details Of Loans And Leases By Risk Category [Line Items] | ||
2022 | 677,377 | 927,399 |
2021 | 668,704 | 557,433 |
2020 | 424,773 | 340,120 |
2019 | 254,847 | 115,368 |
2018 | 91,679 | |
2017 | 91,037 | |
Prior | 354,308 | 98,491 |
Revolving loans amortized cost basis | 1,064,214 | 1,330,209 |
Revolving loans converted to term loans | 1,820 | 2,304 |
Total | 3,537,722 | 3,462,361 |
Other Commercial Loans [Member] | Pass [Member] | ||
Disclosure Details Of Loans And Leases By Risk Category [Line Items] | ||
2022 | 658,865 | 924,726 |
2021 | 667,721 | 557,422 |
2020 | 424,201 | 306,945 |
2019 | 251,761 | 107,426 |
2018 | 82,222 | |
2017 | 87,090 | |
Prior | 340,577 | 76,032 |
Revolving loans amortized cost basis | 992,467 | 1,211,865 |
Revolving loans converted to term loans | 1,692 | 2,038 |
Total | 3,419,506 | 3,273,544 |
Other Commercial Loans [Member] | Special Mention [Member] | ||
Disclosure Details Of Loans And Leases By Risk Category [Line Items] | ||
2022 | 14,446 | 1,880 |
2021 | 13 | 0 |
2020 | 369 | 31,614 |
2019 | 2,362 | 3,012 |
2018 | 1,019 | |
2017 | 1,801 | |
Prior | 3,495 | 3,390 |
Revolving loans amortized cost basis | 33,666 | 76,987 |
Revolving loans converted to term loans | 44 | 61 |
Total | 55,414 | 118,745 |
Other Commercial Loans [Member] | Substandard [Member] | ||
Disclosure Details Of Loans And Leases By Risk Category [Line Items] | ||
2022 | 4,066 | 793 |
2021 | 970 | 11 |
2020 | 203 | 1,561 |
2019 | 724 | 4,930 |
2018 | 8,373 | |
2017 | 2,146 | |
Prior | 10,236 | 18,963 |
Revolving loans amortized cost basis | 38,081 | 41,357 |
Revolving loans converted to term loans | 84 | 205 |
Total | 62,737 | 69,966 |
Other Commercial Loans [Member] | Doubtful [Member] | ||
Disclosure Details Of Loans And Leases By Risk Category [Line Items] | ||
2022 | 0 | 0 |
2021 | 0 | 0 |
2020 | 0 | 0 |
2019 | 0 | 0 |
2018 | 65 | |
2017 | 0 | |
Prior | 0 | 106 |
Revolving loans amortized cost basis | 0 | 0 |
Revolving loans converted to term loans | 0 | 0 |
Total | 65 | 106 |
Other Commercial Loans [Member] | YTS Charge Offs [Member] | ||
Disclosure Details Of Loans And Leases By Risk Category [Line Items] | ||
2022 | 0 | |
2021 | (353) | 0 |
2020 | (2) | (87) |
2019 | (208) | (31) |
2018 | (1,526) | (200) |
2017 | (174) | |
Prior | (642) | (5,650) |
Revolving loans amortized cost basis | 0 | (40) |
Revolving loans converted to term loans | 0 | 0 |
Total | (2,731) | (6,182) |
Other Commercial Loans [Member] | YTS Recoveries [Member] | ||
Disclosure Details Of Loans And Leases By Risk Category [Line Items] | ||
2022 | 0 | |
2021 | 0 | 0 |
2020 | 84 | 3 |
2019 | 7 | 30 |
2018 | 705 | 86 |
2017 | 34 | |
Prior | 3,296 | 4,154 |
Revolving loans amortized cost basis | 0 | 0 |
Revolving loans converted to term loans | 0 | 0 |
Total | 4,092 | 4,307 |
Other Commercial Loans [Member] | YTS Net Charge Offs [Member] | ||
Disclosure Details Of Loans And Leases By Risk Category [Line Items] | ||
2022 | 0 | |
2021 | (353) | 0 |
2020 | 82 | (84) |
2019 | (201) | (1) |
2018 | (821) | (114) |
2017 | (140) | |
Prior | 2,654 | (1,496) |
Revolving loans amortized cost basis | 0 | (40) |
Revolving loans converted to term loans | 0 | 0 |
Total | 1,361 | (1,875) |
Residential Real Estate [Member] | ||
Disclosure Details Of Loans And Leases By Risk Category [Line Items] | ||
2022 | 1,177,179 | 816,157 |
2021 | 845,595 | 568,323 |
2020 | 494,005 | 383,694 |
2019 | 302,594 | 316,051 |
2018 | 252,466 | |
2017 | 180,955 | |
Prior | 873,728 | 963,754 |
Revolving loans amortized cost basis | 442,326 | 459,541 |
Revolving loans converted to term loans | 2,855 | 3,085 |
Total | 4,390,748 | 3,691,560 |
Residential Real Estate [Member] | Pass [Member] | ||
Disclosure Details Of Loans And Leases By Risk Category [Line Items] | ||
2022 | 1,177,179 | 815,693 |
2021 | 844,137 | 568,323 |
2020 | 493,937 | 383,250 |
2019 | 302,151 | 315,211 |
2018 | 251,579 | |
2017 | 178,101 | |
Prior | 850,367 | 931,730 |
Revolving loans amortized cost basis | 439,462 | 455,705 |
Revolving loans converted to term loans | 2,855 | 2,972 |
Total | 4,361,667 | 3,650,985 |
Residential Real Estate [Member] | Special Mention [Member] | ||
Disclosure Details Of Loans And Leases By Risk Category [Line Items] | ||
2022 | 0 | |
2021 | 0 | 0 |
2020 | 0 | 0 |
2019 | 0 | 0 |
2018 | 11 | 223 |
2017 | 91 | |
Prior | 4,768 | 12,251 |
Revolving loans amortized cost basis | 1,949 | 2,339 |
Revolving loans converted to term loans | 0 | 0 |
Total | 6,728 | 14,904 |
Residential Real Estate [Member] | Substandard [Member] | ||
Disclosure Details Of Loans And Leases By Risk Category [Line Items] | ||
2022 | 0 | 464 |
2021 | 1,458 | 0 |
2020 | 68 | 444 |
2019 | 443 | 617 |
2018 | 876 | |
2017 | 2,763 | |
Prior | 18,593 | 19,773 |
Revolving loans amortized cost basis | 915 | 1,497 |
Revolving loans converted to term loans | 0 | 113 |
Total | 22,353 | 25,671 |
Residential Real Estate [Member] | Doubtful [Member] | ||
Disclosure Details Of Loans And Leases By Risk Category [Line Items] | ||
2022 | 0 | 0 |
2021 | 0 | 0 |
2020 | 0 | 0 |
2019 | 0 | 0 |
2018 | 0 | |
2017 | 0 | |
Prior | 0 | 0 |
Revolving loans amortized cost basis | 0 | 0 |
Revolving loans converted to term loans | 0 | 0 |
Total | 0 | 0 |
Residential Real Estate [Member] | YTS Charge Offs [Member] | ||
Disclosure Details Of Loans And Leases By Risk Category [Line Items] | ||
2022 | 0 | 0 |
2021 | (809) | 0 |
2020 | 0 | (37) |
2019 | 0 | (38) |
2018 | (283) | |
2017 | (167) | |
Prior | (387) | (5,774) |
Revolving loans amortized cost basis | 0 | 0 |
Revolving loans converted to term loans | 0 | 0 |
Total | (1,479) | (6,016) |
Residential Real Estate [Member] | YTS Recoveries [Member] | ||
Disclosure Details Of Loans And Leases By Risk Category [Line Items] | ||
2022 | 0 | 0 |
2021 | 0 | 0 |
2020 | 0 | 0 |
2019 | 0 | 0 |
2018 | 15 | |
2017 | 3 | |
Prior | 1,295 | 2,384 |
Revolving loans amortized cost basis | 1 | 13 |
Revolving loans converted to term loans | 0 | 0 |
Total | 1,311 | 2,400 |
Residential Real Estate [Member] | YTS Net Charge Offs [Member] | ||
Disclosure Details Of Loans And Leases By Risk Category [Line Items] | ||
2022 | 0 | 0 |
2021 | (809) | 0 |
2020 | 0 | (37) |
2019 | 0 | (38) |
2018 | (268) | |
2017 | (164) | |
Prior | 908 | (3,390) |
Revolving loans amortized cost basis | 1 | 13 |
Revolving loans converted to term loans | 0 | 0 |
Total | (168) | (3,616) |
Construction & Land Development [Member] | ||
Disclosure Details Of Loans And Leases By Risk Category [Line Items] | ||
2022 | 542,237 | 767,683 |
2021 | 1,081,789 | 518,360 |
2020 | 398,064 | 281,561 |
2019 | 159,591 | 152,987 |
2018 | 113,677 | 18,371 |
Prior | 96,734 | 81,041 |
Revolving loans amortized cost basis | 232,025 | 194,162 |
Revolving loans converted to term loans | 0 | 0 |
Total | 2,624,117 | 2,014,165 |
Construction & Land Development [Member] | Pass [Member] | ||
Disclosure Details Of Loans And Leases By Risk Category [Line Items] | ||
2022 | 542,237 | 767,351 |
2021 | 1,079,140 | 518,291 |
2020 | 397,998 | 278,020 |
2019 | 156,282 | 152,062 |
2018 | 113,677 | 18,371 |
Prior | 93,713 | 74,532 |
Revolving loans amortized cost basis | 231,058 | 192,421 |
Revolving loans converted to term loans | 0 | 0 |
Total | 2,614,105 | 2,001,048 |
Construction & Land Development [Member] | Special Mention [Member] | ||
Disclosure Details Of Loans And Leases By Risk Category [Line Items] | ||
2022 | 0 | 0 |
2021 | 2,401 | 69 |
2020 | 66 | 3,261 |
2019 | 3,257 | 0 |
2018 | 0 | 0 |
Prior | 500 | 1,237 |
Revolving loans amortized cost basis | 967 | 995 |
Revolving loans converted to term loans | 0 | 0 |
Total | 7,191 | 5,562 |
Construction & Land Development [Member] | Substandard [Member] | ||
Disclosure Details Of Loans And Leases By Risk Category [Line Items] | ||
2022 | 0 | 332 |
2021 | 248 | 0 |
2020 | 0 | 280 |
2019 | 52 | 925 |
2018 | 0 | 0 |
Prior | 2,521 | 5,272 |
Revolving loans amortized cost basis | 0 | 746 |
Revolving loans converted to term loans | 0 | 0 |
Total | 2,821 | 7,555 |
Construction & Land Development [Member] | Doubtful [Member] | ||
Disclosure Details Of Loans And Leases By Risk Category [Line Items] | ||
2022 | 0 | 0 |
2021 | 0 | 0 |
2020 | 0 | 0 |
2019 | 0 | 0 |
2018 | 0 | 0 |
Prior | 0 | 0 |
Revolving loans amortized cost basis | 0 | 0 |
Revolving loans converted to term loans | 0 | 0 |
Total | 0 | 0 |
Construction & Land Development [Member] | YTS Charge Offs [Member] | ||
Disclosure Details Of Loans And Leases By Risk Category [Line Items] | ||
2022 | 0 | 0 |
2021 | 0 | 0 |
2020 | 0 | 0 |
2019 | 0 | 0 |
2018 | 0 | (177) |
Prior | (2) | (383) |
Revolving loans amortized cost basis | 0 | 0 |
Revolving loans converted to term loans | 0 | 0 |
Total | (2) | (560) |
Construction & Land Development [Member] | YTS Recoveries [Member] | ||
Disclosure Details Of Loans And Leases By Risk Category [Line Items] | ||
2022 | 0 | 0 |
2021 | 0 | 0 |
2020 | 0 | 0 |
2019 | 0 | 0 |
2018 | 0 | 133 |
Prior | 1,386 | 471 |
Revolving loans amortized cost basis | 0 | 0 |
Revolving loans converted to term loans | 0 | 0 |
Total | 1,386 | 604 |
Construction & Land Development [Member] | YTS Net Charge Offs [Member] | ||
Disclosure Details Of Loans And Leases By Risk Category [Line Items] | ||
2022 | 0 | 0 |
2021 | 0 | 0 |
2020 | 0 | 0 |
2019 | 0 | 0 |
2018 | 0 | (44) |
Prior | 1,384 | 88 |
Revolving loans amortized cost basis | 0 | 0 |
Revolving loans converted to term loans | 0 | 0 |
Total | 1,384 | 44 |
Bankcard [Member] | ||
Disclosure Details Of Loans And Leases By Risk Category [Line Items] | ||
2022 | 0 | 0 |
2021 | 0 | 0 |
2020 | 0 | 0 |
2019 | 0 | 0 |
2018 | 0 | 0 |
Prior | 0 | 0 |
Revolving loans amortized cost basis | 8,660 | 8,913 |
Revolving loans converted to term loans | 0 | 0 |
Total | 8,660 | 8,913 |
Bankcard [Member] | Pass [Member] | ||
Disclosure Details Of Loans And Leases By Risk Category [Line Items] | ||
2022 | 0 | 0 |
2021 | 0 | 0 |
2020 | 0 | 0 |
2019 | 0 | 0 |
2018 | 0 | 0 |
Prior | 0 | 0 |
Revolving loans amortized cost basis | 8,527 | 8,626 |
Revolving loans converted to term loans | 0 | 0 |
Total | 8,527 | 8,626 |
Bankcard [Member] | Special Mention [Member] | ||
Disclosure Details Of Loans And Leases By Risk Category [Line Items] | ||
2022 | 0 | 0 |
2021 | 0 | 0 |
2020 | 0 | 0 |
2019 | 0 | 0 |
2018 | 0 | 0 |
Prior | 0 | 0 |
Revolving loans amortized cost basis | 62 | 100 |
Revolving loans converted to term loans | 0 | 0 |
Total | 62 | 100 |
Bankcard [Member] | Substandard [Member] | ||
Disclosure Details Of Loans And Leases By Risk Category [Line Items] | ||
2022 | 0 | 0 |
2021 | 0 | 0 |
2020 | 0 | 0 |
2019 | 0 | 0 |
2018 | 0 | 0 |
Prior | 0 | 0 |
Revolving loans amortized cost basis | 71 | 187 |
Revolving loans converted to term loans | 0 | 0 |
Total | 71 | 187 |
Bankcard [Member] | Doubtful [Member] | ||
Disclosure Details Of Loans And Leases By Risk Category [Line Items] | ||
2022 | 0 | 0 |
2021 | 0 | 0 |
2020 | 0 | 0 |
2019 | 0 | 0 |
2018 | 0 | 0 |
Prior | 0 | 0 |
Revolving loans amortized cost basis | 0 | 0 |
Revolving loans converted to term loans | 0 | 0 |
Total | 0 | 0 |
Bankcard [Member] | YTS Charge Offs [Member] | ||
Disclosure Details Of Loans And Leases By Risk Category [Line Items] | ||
2022 | 0 | 0 |
2021 | 0 | 0 |
2020 | 0 | 0 |
2019 | 0 | 0 |
2018 | 0 | 0 |
Prior | 0 | 0 |
Revolving loans amortized cost basis | (295) | (190) |
Revolving loans converted to term loans | 0 | 0 |
Total | (295) | (190) |
Bankcard [Member] | YTS Recoveries [Member] | ||
Disclosure Details Of Loans And Leases By Risk Category [Line Items] | ||
2022 | 0 | 0 |
2021 | 0 | 0 |
2020 | 0 | 0 |
2019 | 0 | 0 |
2018 | 0 | 0 |
Prior | 0 | |
Revolving loans amortized cost basis | 8 | 42 |
Revolving loans converted to term loans | 0 | 0 |
Total | 8 | 42 |
Bankcard [Member] | YTS Net Charge Offs [Member] | ||
Disclosure Details Of Loans And Leases By Risk Category [Line Items] | ||
2022 | 0 | 0 |
2021 | 0 | 0 |
2020 | 0 | 0 |
2019 | 0 | 0 |
2018 | 0 | 0 |
Prior | 0 | 0 |
Revolving loans amortized cost basis | (287) | (148) |
Revolving loans converted to term loans | 0 | 0 |
Total | (287) | (148) |
Other Consumer [Member] | ||
Disclosure Details Of Loans And Leases By Risk Category [Line Items] | ||
2022 | 574,962 | 479,933 |
2021 | 368,455 | 299,583 |
2020 | 205,910 | 237,744 |
2019 | 151,889 | 121,925 |
2018 | 69,351 | |
2017 | 30,288 | |
Prior | 14,389 | 10,888 |
Revolving loans amortized cost basis | 3,052 | 3,483 |
Revolving loans converted to term loans | 0 | 0 |
Total | 1,388,008 | 1,183,844 |
Other Consumer [Member] | Pass [Member] | ||
Disclosure Details Of Loans And Leases By Risk Category [Line Items] | ||
2022 | 568,900 | 473,430 |
2021 | 356,050 | 293,023 |
2020 | 199,869 | 234,340 |
2019 | 148,850 | 119,678 |
2018 | 68,038 | |
2017 | 29,697 | |
Prior | 13,902 | 10,335 |
Revolving loans amortized cost basis | 3,021 | 3,465 |
Revolving loans converted to term loans | 0 | 0 |
Total | 1,358,630 | 1,163,968 |
Other Consumer [Member] | Special Mention [Member] | ||
Disclosure Details Of Loans And Leases By Risk Category [Line Items] | ||
2022 | 5,373 | |
2021 | 10,512 | 5,600 |
2020 | 5,134 | 5,630 |
2019 | 2,794 | 2,948 |
2018 | 1,139 | 2,036 |
2017 | 569 | |
Prior | 441 | 466 |
Revolving loans amortized cost basis | 31 | 13 |
Revolving loans converted to term loans | 0 | 0 |
Total | 25,424 | 17,262 |
Other Consumer [Member] | Substandard [Member] | ||
Disclosure Details Of Loans And Leases By Risk Category [Line Items] | ||
2022 | 689 | 903 |
2021 | 1,893 | 930 |
2020 | 907 | 456 |
2019 | 245 | 211 |
2018 | 174 | |
2017 | 22 | |
Prior | 46 | 87 |
Revolving loans amortized cost basis | 0 | 5 |
Revolving loans converted to term loans | 0 | 0 |
Total | 3,954 | 2,614 |
Other Consumer [Member] | Doubtful [Member] | ||
Disclosure Details Of Loans And Leases By Risk Category [Line Items] | ||
2022 | 0 | 0 |
2021 | 0 | 0 |
2020 | 0 | 0 |
2019 | 0 | 0 |
2018 | 0 | |
2017 | 0 | |
Prior | 0 | 0 |
Revolving loans amortized cost basis | 0 | 0 |
Revolving loans converted to term loans | 0 | 0 |
Total | 0 | 0 |
Other Consumer [Member] | YTS Charge Offs [Member] | ||
Disclosure Details Of Loans And Leases By Risk Category [Line Items] | ||
2022 | (123) | |
2021 | (925) | (101) |
2020 | (545) | (776) |
2019 | (266) | (709) |
2018 | (114) | (483) |
2017 | (126) | |
Prior | (134) | (203) |
Revolving loans amortized cost basis | 0 | (6) |
Revolving loans converted to term loans | 0 | 0 |
Total | (2,107) | (2,404) |
Other Consumer [Member] | YTS Recoveries [Member] | ||
Disclosure Details Of Loans And Leases By Risk Category [Line Items] | ||
2022 | 1 | |
2021 | 75 | 5 |
2020 | 39 | 86 |
2019 | 72 | 51 |
2018 | 53 | 101 |
2017 | 18 | |
Prior | 140 | 186 |
Revolving loans amortized cost basis | 0 | 2 |
Revolving loans converted to term loans | 0 | 0 |
Total | 380 | 449 |
Other Consumer [Member] | YTS Net Charge Offs [Member] | ||
Disclosure Details Of Loans And Leases By Risk Category [Line Items] | ||
2022 | (122) | |
2021 | (850) | (96) |
2020 | (506) | (690) |
2019 | (194) | (658) |
2018 | (61) | (382) |
2017 | (108) | |
Prior | 6 | (17) |
Revolving loans amortized cost basis | 0 | (4) |
Revolving loans converted to term loans | 0 | 0 |
Total | $ (1,727) | $ (1,955) |
Allowance for Credit Losses - A
Allowance for Credit Losses - Additional Information (Detail) - USD ($) $ in Thousands | 9 Months Ended | |||
Sep. 15, 2022 | Jun. 15, 2022 | Sep. 30, 2022 | Dec. 31, 2021 | |
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Reserve for lending-related commitments | $ 39,698 | $ 31,442 | ||
Maximum Period Related To Accrual Of Interest On Discontinued Loans | 90 days | |||
Allowance for credit loss on accrued interest receivable | $ 0 | 8 | ||
Accrued interest receivable net of allowance for credit loss | 82,347 | 64,512 | ||
Percentage of projection for real GDP | 0.20% | 1.70% | ||
Accrued Income Receivable [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Allowance for credit loss on accrued interest receivable | 0 | 8 | ||
Accrued interest receivable net of allowance for credit loss | $ 59,331 | $ 49,029 |
Allowance for Credit Losses - S
Allowance for Credit Losses - Schedule Of Credit Losses Related To Accrued Interest Receivables and Written Off (Detail) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Accrued Interest Receivables And Written Off Status [Line Items] | ||
Accrued Interest Receivable | $ 59,331 | $ 49,037 |
Less: Allowance for credit losses | 0 | (8) |
Total | 59,331 | 49,029 |
Other Commercial [Member] | ||
Accrued Interest Receivables And Written Off Status [Line Items] | ||
Accrued Interest Receivable | 10,097 | 9,335 |
Residential Real Estate [Member] | ||
Accrued Interest Receivables And Written Off Status [Line Items] | ||
Accrued Interest Receivable | 13,339 | 10,347 |
Owner-Occupied [Member] | Commercial Real Estate [Member] | ||
Accrued Interest Receivables And Written Off Status [Line Items] | ||
Accrued Interest Receivable | 4,467 | 4,172 |
Nonowner-Occupied [Member] | Commercial Real Estate [Member] | ||
Accrued Interest Receivables And Written Off Status [Line Items] | ||
Accrued Interest Receivable | 16,541 | 14,901 |
Construction & land development [Member] | ||
Accrued Interest Receivables And Written Off Status [Line Items] | ||
Accrued Interest Receivable | 11,607 | 7,411 |
Bankcard [Member] | Consumer [Member] | ||
Accrued Interest Receivables And Written Off Status [Line Items] | ||
Accrued Interest Receivable | 0 | 0 |
Other Consumer [Member] | Consumer [Member] | ||
Accrued Interest Receivables And Written Off Status [Line Items] | ||
Accrued Interest Receivable | $ 3,280 | $ 2,871 |
Allowance for Credit Losses -_2
Allowance for Credit Losses - Schedule of Accrued Interest Receivables Written off by Reversing Interest (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Accrued Interest Receivables And Written Off Status [Line Items] | ||||
Accrued Interest Receivables Written Off by Reversing Interest Income | $ 162 | $ 123 | $ 389 | $ 339 |
Construction & Land Development [Member] | ||||
Accrued Interest Receivables And Written Off Status [Line Items] | ||||
Accrued Interest Receivables Written Off by Reversing Interest Income | 0 | 3 | 0 | 3 |
Commercial Real Estate [Member] | Owner-Occupied [Member] | ||||
Accrued Interest Receivables And Written Off Status [Line Items] | ||||
Accrued Interest Receivables Written Off by Reversing Interest Income | 2 | 17 | 8 | 29 |
Commercial Real Estate [Member] | Nonowner-Occupied [Member] | ||||
Accrued Interest Receivables And Written Off Status [Line Items] | ||||
Accrued Interest Receivables Written Off by Reversing Interest Income | 2 | 59 | 2 | 99 |
Other Commercial [Member] | ||||
Accrued Interest Receivables And Written Off Status [Line Items] | ||||
Accrued Interest Receivables Written Off by Reversing Interest Income | 52 | 5 | 75 | 14 |
Residential Real Estate [Member] | ||||
Accrued Interest Receivables And Written Off Status [Line Items] | ||||
Accrued Interest Receivables Written Off by Reversing Interest Income | 8 | 8 | 83 | 57 |
Consumer [Member] | Bankcard [Member] | ||||
Accrued Interest Receivables And Written Off Status [Line Items] | ||||
Accrued Interest Receivables Written Off by Reversing Interest Income | 0 | 0 | 0 | 0 |
Consumer [Member] | Other Consumer [Member] | ||||
Accrued Interest Receivables And Written Off Status [Line Items] | ||||
Accrued Interest Receivables Written Off by Reversing Interest Income | $ 98 | $ 31 | $ 221 | $ 137 |
Allowance for Credit Losses -_3
Allowance for Credit Losses - Schedule of Allowance for Loan Losses and Carrying Amount of Loans (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended |
Sep. 30, 2022 | Sep. 30, 2022 | Dec. 31, 2021 | |
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Allowance for Loan and Lease Losses Beginning balance | $ 213,729 | $ 216,016 | $ 235,830 |
Initial allowance for PCD loans (acquired during the period) | 12,629 | ||
Charge-offs | (3,087) | (6,682) | (19,297) |
Recoveries | 1,299 | 7,815 | 10,578 |
Provision | 7,670 | 2,462 | (23,724) |
Allowance for Loan and Lease Losses Ending balance | 219,611 | 219,611 | 216,016 |
Construction & Land Development [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Allowance for Loan and Lease Losses Beginning balance | 43,839 | 39,395 | 39,077 |
Initial allowance for PCD loans (acquired during the period) | 823 | ||
Charge-offs | 0 | (2) | (560) |
Recoveries | 125 | 1,386 | 604 |
Provision | (1,596) | 1,589 | (549) |
Allowance for Loan and Lease Losses Ending balance | 42,368 | 42,368 | 39,395 |
Bank Card [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Allowance for Loan and Lease Losses Beginning balance | 348 | 317 | 322 |
Initial allowance for PCD loans (acquired during the period) | 0 | ||
Charge-offs | (50) | (295) | (190) |
Recoveries | 5 | 8 | 42 |
Provision | 118 | 391 | 143 |
Allowance for Loan and Lease Losses Ending balance | 421 | 421 | 317 |
Commercial Real Estate [Member] | Owner-Occupied [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Allowance for Loan and Lease Losses Beginning balance | 12,938 | 14,443 | 23,354 |
Initial allowance for PCD loans (acquired during the period) | 1,241 | ||
Charge-offs | (37) | (68) | (414) |
Recoveries | 20 | 485 | 869 |
Provision | 589 | (1,350) | (10,607) |
Allowance for Loan and Lease Losses Ending balance | 13,510 | 13,510 | 14,443 |
Commercial Real Estate [Member] | Nonowner-Occupied [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Allowance for Loan and Lease Losses Beginning balance | 32,833 | 42,156 | 49,150 |
Initial allowance for PCD loans (acquired during the period) | 4,363 | ||
Charge-offs | 0 | 0 | (3,531) |
Recoveries | 38 | 153 | 1,907 |
Provision | (1,101) | (10,539) | (9,733) |
Allowance for Loan and Lease Losses Ending balance | 31,770 | 31,770 | 42,156 |
Other Commercial [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Allowance for Loan and Lease Losses Beginning balance | 79,043 | 78,432 | 78,138 |
Initial allowance for PCD loans (acquired during the period) | 5,009 | ||
Charge-offs | (1,937) | (2,731) | (6,182) |
Recoveries | 754 | 4,092 | 4,307 |
Provision | 3,960 | 2,027 | (2,840) |
Allowance for Loan and Lease Losses Ending balance | 81,820 | 81,820 | 78,432 |
Residential Real Estate [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Allowance for Loan and Lease Losses Beginning balance | 28,123 | 26,404 | 29,125 |
Initial allowance for PCD loans (acquired during the period) | 1,192 | ||
Charge-offs | (207) | (1,479) | (6,016) |
Recoveries | 252 | 1,311 | 2,400 |
Provision | 4,537 | 6,469 | (297) |
Allowance for Loan and Lease Losses Ending balance | 32,705 | 32,705 | 26,404 |
Other Consumer [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Allowance for Loan and Lease Losses Beginning balance | 16,605 | 14,869 | 16,664 |
Initial allowance for PCD loans (acquired during the period) | 1 | ||
Charge-offs | (856) | (2,107) | (2,404) |
Recoveries | 105 | 380 | 449 |
Provision | 1,163 | 3,875 | 159 |
Allowance for Loan and Lease Losses Ending balance | $ 17,017 | $ 17,017 | $ 14,869 |
Intangible Assets - Summary of
Intangible Assets - Summary of Intangible Assets (Detail) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Finite-Lived Intangible Assets [Line Items] | ||
Goodwill not subject to amortization | $ 1,888,889 | $ 1,886,494 |
Core Deposit Intangible Assets [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 105,165 | 105,165 |
Accumulated Amortization | (86,165) | (82,028) |
George Mason Trade Name Intangible [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 1,080 | 1,080 |
Crescent Trade Name [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 196 | 196 |
Community Banking [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 0 | 0 |
Goodwill not subject to amortization | 1,883,574 | 1,881,179 |
Community Banking [Member] | Core Deposit Intangible Assets [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 105,165 | 105,165 |
Accumulated Amortization | (86,165) | (82,028) |
Community Banking [Member] | George Mason Trade Name Intangible [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 0 | 0 |
Community Banking [Member] | Crescent Trade Name [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 0 | 0 |
Mortgage Banking [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 1,276 | 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 Trade Name [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 196 | 196 |
Total Gross Carrying Amount [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | $ 1,276 | $ 1,276 |
Intangible Assets - Reconciliat
Intangible Assets - Reconciliation of Goodwill (Detail) - USD ($) $ in Thousands | 9 Months Ended | |
Dec. 03, 2021 | Sep. 30, 2022 | |
Goodwill [Line Items] | ||
Goodwill at December 31, 2021 | $ 1,886,494 | |
Goodwill at September 30, 2022 | 1,888,889 | |
Community Bankers Trust Corporation [Member] | ||
Goodwill [Line Items] | ||
Addition to goodwill from Community Bankers Trust acquisition | $ 78,849 | 2,395 |
Goodwill at September 30, 2022 | $ 78,849 | |
Community Banking [Member] | ||
Goodwill [Line Items] | ||
Goodwill at December 31, 2021 | 1,881,179 | |
Goodwill at September 30, 2022 | 1,883,574 | |
Community Banking [Member] | Community Bankers Trust Corporation [Member] | ||
Goodwill [Line Items] | ||
Addition to goodwill from Community Bankers Trust acquisition | 2,395 | |
Mortgage Banking [Member] | ||
Goodwill [Line Items] | ||
Goodwill at December 31, 2021 | 5,315 | |
Goodwill at September 30, 2022 | 5,315 | |
Mortgage Banking [Member] | Community Bankers Trust Corporation [Member] | ||
Goodwill [Line Items] | ||
Addition to goodwill from Community Bankers Trust acquisition | $ 0 |
Intangible Assets - Schedule of
Intangible Assets - Schedule of Anticipated Amortization Expense (Detail) $ in Thousands | Sep. 30, 2022 USD ($) |
Goodwill and Intangible Assets Disclosure [Abstract] | |
2022 | $ 5,516 |
2023 | 5,116 |
2024 | 3,639 |
2025 | 3,282 |
2026 | 2,758 |
2027 and thereafter | $ 2,826 |
Mortgage Servicing Rights - Add
Mortgage Servicing Rights - Additional Information (Detail) - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended |
Sep. 30, 2022 | Dec. 31, 2021 | |
Servicing Assets at Fair Value [Line Items] | ||
Estimated fair value of mortgage servicing rights | $ 21,908 | $ 23,144 |
Mortgage Servicing Rights [Member] | ||
Servicing Assets at Fair Value [Line Items] | ||
Loans serviced for others unpaid principal balance | $ 3,459,781 | $ 3,698,998 |
Net servicing fee percentage | 0.26% | 0.26% |
Mortgage Servicing Rights [Member] | Minimum [Member] | ||
Servicing Assets at Fair Value [Line Items] | ||
Discount rate used in estimating the fair value of servicing rights | 10.50% | 10.50% |
Weighted average prepayment rates used in estimating the fair value of servicing rights | 10.62% | 10.60% |
Deliquency rate used in determning fair value of servicing rights | 5.92% | 12.59% |
Mortgage Servicing Rights [Member] | Maximum [Member] | ||
Servicing Assets at Fair Value [Line Items] | ||
Discount rate used in estimating the fair value of servicing rights | 11.71% | |
Weighted average prepayment rates used in estimating the fair value of servicing rights | 6.48% | 16.56% |
Deliquency rate used in determning fair value of servicing rights | 10.06% | 11.02% |
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 | 1.97% | 2.09% |
Mortgage Servicing Rights [Member] | Loan Origination Commitments [Member] | Median [Member] | ||
Servicing Assets at Fair Value [Line Items] | ||
Estimated fair value of mortgage servicing rights | $ 44,305 | $ 27,355 |
Mortgage Servicing Rights - Sum
Mortgage Servicing Rights - Summary of Activity in Mortgage Servicing Rights (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | Dec. 31, 2021 | |
Servicing Asset at Amortized Cost [Line Items] | |||||
MSRs valuation allowance beginning balance | $ 0 | $ (1,633) | $ (883) | $ (1,383) | $ (1,383) |
Aggregate additions charged and recoveries credited to operations | 0 | 250 | 883 | 629 | |
MSRs impairment | 0 | 0 | 0 | (629) | |
MSRs valuation allowance ending balance | 0 | (1,383) | 0 | (1,383) | (883) |
MSRs, net of valuation allowance | 21,908 | 22,836 | 21,908 | 22,836 | |
Mortgage Servicing Rights [Member] | |||||
Servicing Asset at Amortized Cost [Line Items] | |||||
MSRs beginning balance | 22,593 | 24,173 | 24,027 | 22,338 | 22,338 |
Addition from acquisition of subsidiary | 0 | 0 | 0 | 0 | |
Amount capitalized | 251 | 2,524 | 1,361 | 8,859 | |
Amount amortized | (936) | (2,478) | (3,480) | (6,978) | |
MSRs ending balance | $ 21,908 | $ 24,219 | $ 21,908 | $ 24,219 | 24,027 |
MSRs impairment | $ 629 |
Leases - Additional Information
Leases - Additional Information (Detail) | Sep. 30, 2022 |
Operating leases, option to extend term | 5 years |
Maximum [Member] | |
Operating lease remaining lease term | 16 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, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Operating lease cost | $ 5,315 | $ 5,360 | $ 15,696 | $ 16,037 |
Sublease income | (60) | (291) | (268) | (946) |
Net lease cost | $ 5,255 | $ 5,069 | $ 15,428 | $ 15,091 |
Leases - Supplemental Balance S
Leases - Supplemental Balance Sheet Information Related to Leases (Detail) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Operating lease right-of-use assets | $ 74,043 | $ 81,942 |
Operating lease liabilities | $ 78,748 | $ 86,703 |
Leases - Other Information Rela
Leases - Other Information Related to Leases (Detail) | Sep. 30, 2022 |
Weighted-average remaining lease term: | |
Operating leases | 6 years 9 months 29 days |
Weighted-average discount rate: | |
Operating leases | 2.19% |
Leases - Supplemental Cash Flow
Leases - Supplemental Cash Flow Information Related to Leases (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Cash paid for amounts in the measurement of lease liabilities: | ||||
Operating cash flows from operating leases | $ 5,351 | $ 5,533 | $ 15,847 | $ 16,560 |
ROU assets obtained in the exchange for lease liabilities | $ 3,440 | $ 13,606 | $ 7,563 | $ 19,888 |
Leases - Maturities of Lease Li
Leases - Maturities of Lease Liabilities by Year (Detail) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
2022 | $ 5,014 | |
2023 | 18,414 | |
2024 | 13,236 | |
2025 | 10,041 | |
2026 | 8,742 | |
Thereafter | 29,316 | |
Total lease payments | 84,763 | |
Less: imputed interest | (6,015) | |
Total | $ 78,748 | $ 86,703 |
Short-Term Borrowings - Short-T
Short-Term Borrowings - Short-Term Borrowings and the Related Weighted-Average Interest Rates (Detail) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Securities Sold Under Agreements to Repurchase [Member] | ||
Short-term Debt [Line Items] | ||
Short-term borrowings | $ 142,476 | $ 128,844 |
Short-Term Borrowings - Additio
Short-Term Borrowings - Additional Information (Detail) $ in Thousands | 9 Months Ended |
Sep. 30, 2022 USD ($) | |
Short-term Debt [Line Items] | |
Unused lines of credit | $ 230,000 |
Unrelated Financial Institution [Member] | |
Short-term Debt [Line Items] | |
Unused lines of credit | $ 20,000 |
Renewal period of line of credit | 360 days |
Amount of outstanding balance under line of credit | $ 0 |
Long-Term Borrowings - Addition
Long-Term Borrowings - Additional Information (Detail) - USD ($) | 9 Months Ended | |
Sep. 30, 2022 | Dec. 31, 2021 | |
Debt Instrument [Line Items] | ||
Unused borrowing amount | $ 7,065,152 | |
Outstanding balances of debentures | $ 276,575,000 | $ 275,323,000 |
Maximum time to defer payment of interest on subordinate debt | 5 years | |
Advances from Federal Home Loan Banks | $ 1,010,846,000 | 532,199,000 |
Federal Home Loan Bank, Advances, Activity for Year, Average Interest Rate for Year | 2.84% | |
Debt, Weighted Average Interest Rate | 1.61% | |
Community Bankers Trust [Member] | ||
Debt Instrument [Line Items] | ||
Outstanding balances of debentures | $ 9,887,000 | $ 9,872,000 |
Fixed To Floating Rate Subordinated Notes [Member] | Carolina Financial [Member] | ||
Debt Instrument [Line Items] | ||
Business combination subordinated notes assumed Face Value | 10,000,000 | |
LIBOR Indexed Floating Rate Subordinated Note [Member] | Community Bankers Trust [Member] | ||
Debt Instrument [Line Items] | ||
Business combination subordinated notes assumed Face Value | $ 4,124,000 |
Long -Term Borrowings - Schedul
Long -Term Borrowings - Schedule of Maturities of Long-term Borrowings (Detail) $ in Thousands | Sep. 30, 2022 USD ($) |
Debt Disclosure [Abstract] | |
2022 | $ 1,000,000 |
2023 | 0 |
2024 | 0 |
2025 | 10,846 |
2026 and thereafter | 0 |
Total | $ 1,010,846 |
Commitments and Contingent Li_2
Commitments and Contingent Liabilities - Additional Information (Detail) - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended |
Sep. 30, 2022 | Dec. 31, 2021 | |
Loss Contingencies [Line Items] | ||
Loan commitments outstanding | $ 7,274,694 | $ 6,847,550 |
Loan commitments expiry period | 1 year | |
Estimated litigation liability | $ 5,000 | |
George Mason [Member] | ||
Loss Contingencies [Line Items] | ||
Reserve for possible losses due to the repurchase of loans previously sold to investors | 1,081 | 1,150 |
Commitments to Extend Credit [Member] | George Mason [Member] | Short-term Contract with Customer [Member] | ||
Loss Contingencies [Line Items] | ||
Additional commitments to extend credit | 739,809 | 571,792 |
Commercial Letters of Credit [Member] | ||
Loss Contingencies [Line Items] | ||
Letters of credit issued | 17,408 | 14,774 |
Standby Letters of Credit [Member] | ||
Loss Contingencies [Line Items] | ||
Letters of credit issued | $ 151,662 | $ 164,743 |
Derivative Financial Instrume_3
Derivative Financial Instruments - Schedule of Notional Amount and Fair Value Derivative Financial Instruments (Detail) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Derivative [Line Items] | ||
Asset derivatives, notional amount | $ 807,192 | $ 1,134,568 |
Asset derivatives designated as hedging instruments | 10,841 | 10,937 |
Liability derivatives, notional amount | 139,562 | 662,195 |
Liability derivatives designated as hedging instruments | 3,063 | 3,728 |
Designated as Hedging Instrument [Member] | ||
Derivative [Line Items] | ||
Asset derivatives, notional amount | 556,166 | 500,000 |
Asset derivatives designated as hedging instruments | 4,246 | 0 |
Liability derivatives, notional amount | 0 | 72,447 |
Liability derivatives designated as hedging instruments | 0 | 3,197 |
Not Designated as Hedging Instrument [Member] | ||
Derivative [Line Items] | ||
Asset derivatives, notional amount | 251,026 | 634,568 |
Asset derivatives designated as hedging instruments | 6,595 | 10,937 |
Liability derivatives, notional amount | 139,562 | 589,748 |
Liability derivatives designated as hedging instruments | 3,063 | 531 |
Fair Value Hedging [Member] | ||
Derivative [Line Items] | ||
Liability derivatives, notional amount | 0 | 72,447 |
Liability derivatives designated as hedging instruments | 0 | 3,197 |
Fair Value Hedging [Member] | Designated as Hedging Instrument [Member] | ||
Derivative [Line Items] | ||
Asset derivatives, notional amount | 56,166 | 0 |
Asset derivatives designated as hedging instruments | 4,246 | 0 |
Cash Flow Hedging [Member] | Designated as Hedging Instrument [Member] | ||
Derivative [Line Items] | ||
Asset derivatives, notional amount | 500,000 | 500,000 |
Asset derivatives designated as hedging instruments | 0 | 0 |
Other Assets [Member] | Not Designated as Hedging Instrument [Member] | TBA Mortgage Backed Securities [Member] | ||
Derivative [Line Items] | ||
Asset derivatives, notional amount | 152,339 | 133,747 |
Asset derivatives not designated as hedging instruments | 5,010 | 127 |
Other Assets [Member] | Fair Value Hedging [Member] | Not Designated as Hedging Instrument [Member] | Interest Rate Lock Commitments [Member] | ||
Derivative [Line Items] | ||
Asset derivatives, notional amount | 98,687 | 467,472 |
Asset derivatives designated as hedging instruments | 1,585 | 10,380 |
Other Liabilities [Member] | Not Designated as Hedging Instrument [Member] | TBA Mortgage Backed Securities [Member] | ||
Derivative [Line Items] | ||
Liability derivatives, notional amount | 0 | 550,000 |
Liability derivatives designated as hedging instruments | 0 | 470 |
Other Liabilities [Member] | Not Designated as Hedging Instrument [Member] | Interest Rate Lock Commitments [Member] | ||
Derivative [Line Items] | ||
Liability derivatives, notional amount | 125,838 | 24,743 |
Liability derivatives designated as hedging instruments | 2,787 | 25 |
Interest Rate Swap Contracts [Member] | Other Assets [Member] | Fair Value Hedging [Member] | Designated as Hedging Instrument [Member] | ||
Derivative [Line Items] | ||
Asset derivatives, notional amount | 56,166 | 0 |
Asset derivatives designated as hedging instruments | 4,246 | 0 |
Interest Rate Swap Contracts [Member] | Other Assets [Member] | Fair Value Hedging [Member] | Designated as Hedging Instrument [Member] | Hedged Commercial Loans [Member] | ||
Derivative [Line Items] | ||
Liability derivatives, notional amount | 0 | |
Liability derivatives designated as hedging instruments | 0 | |
Interest Rate Swap Contracts [Member] | Other Assets [Member] | Fair Value Hedging [Member] | Designated as Hedging Instrument [Member] | Hedged Commercial Loans Federal Home Loan Bank [Member] | ||
Derivative [Line Items] | ||
Asset derivatives designated as hedging instruments | 0 | |
Interest Rate Swap Contracts [Member] | Other Assets [Member] | Cash Flow Hedging [Member] | Designated as Hedging Instrument [Member] | Hedged Commercial Loans [Member] | ||
Derivative [Line Items] | ||
Asset derivatives, notional amount | 500,000 | 500,000 |
Asset derivatives designated as hedging instruments | 0 | |
Interest Rate Swap Contracts [Member] | Other Liabilities [Member] | Fair Value Hedging [Member] | Designated as Hedging Instrument [Member] | Hedged Commercial Loans [Member] | ||
Derivative [Line Items] | ||
Liability derivatives, notional amount | 72,447 | |
Liability derivatives designated as hedging instruments | 3,197 | |
Forward Loan Sale Commitments [Member] | Other Assets [Member] | Not Designated as Hedging Instrument [Member] | ||
Derivative [Line Items] | ||
Asset derivatives, notional amount | 0 | 33,349 |
Asset derivatives not designated as hedging instruments | 0 | 430 |
Forward Loan Sale Commitments [Member] | Other Liabilities [Member] | Not Designated as Hedging Instrument [Member] | ||
Derivative [Line Items] | ||
Liability derivatives, notional amount | 13,724 | 15,005 |
Liability derivatives designated as hedging instruments | $ 276 | $ 36 |
Derivative Financial Instrume_4
Derivative Financial Instruments - Additional information (Detail) - USD ($) | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2020 | Dec. 31, 2021 | |
Derivative [Line Items] | |||
Derivative liabilities notional amount | $ 139,562,000 | $ 662,195,000 | |
Derivative Asset, Notional Amount | 807,192,000 | $ 1,134,568,000 | |
Interest Rate Cash Flow Hedge [Member] | |||
Derivative [Line Items] | |||
Derivative Asset, Notional Amount | 500,000 | ||
Federal Home Loan Bank Borrowings [Member] | |||
Derivative [Line Items] | |||
Fair value of interest rate swaps liability net | 0 | ||
Federal Home Loan Bank Borrowings [Member] | Interest Rate Cash Flow Hedge [Member] | |||
Derivative [Line Items] | |||
Derivative liabilities notional amount | $ 250,000,000 | $ 250,000,000 | |
Derivative instrument pay fixed rate of interest and receive floating rate | 0.19% | 0.59% | |
Derivative instrument term of the interest rate swap | 4 years | 10 years | |
Cash flow hedge reclassification amount to be reclassified from aoci to income in the next twelve months | $ 19,181,000 |
Derivative Financial Instrume_5
Derivative Financial Instruments - Summary of Carrying Amount Hedged Assets/(Liabilities) (Detail) - Designated as Hedging Instrument [Member] - Interest rate swaps [Member] - Loans Net Of Unearned Income [Member] - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Carrying Amount of the Hedged Assets/(Liabilities) | $ 56,876 | $ 73,232 |
Cumulative Amount of Fair Value Hedging Adjustment Included in the Carrying Amount of the Hedged Assets/(Liabilities) | (3,260) | 3,795 |
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, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Derivative [Line Items] | ||||
Derivatives in hedging relationships | $ 3,524 | $ 3,375 | $ (2,147) | $ (10,571) |
Designated as Hedging Instrument [Member] | ||||
Derivative [Line Items] | ||||
Derivatives in hedging relationships | 2,462 | (829) | 1,346 | (2,208) |
Designated as Hedging Instrument [Member] | Interest And Fees On Loans [Member] | Interest Rate Contracts [Member] | Fair Value Hedging [Member] | ||||
Derivative [Line Items] | ||||
Derivatives in hedging relationships | 40 | (447) | ||
Designated as Hedging Instrument [Member] | Interest on long-term borrowings [Member] | Interest Rate Contracts [Member] | Cash Flow Hedging [Member] | ||||
Derivative [Line Items] | ||||
Derivatives in hedging relationships | 2,422 | (382) | 2,343 | (968) |
Designated as Hedging Instrument [Member] | Interest on long-term borrowings [Member] | Interest Rate Contracts [Member] | Fair Value Hedging [Member] | ||||
Derivative [Line Items] | ||||
Derivatives in hedging relationships | (997) | (1,240) | ||
Not Designated as Hedging Instrument [Member] | ||||
Derivative [Line Items] | ||||
Derivatives not designated as hedging instruments | 1,062 | 4,204 | (3,493) | (8,363) |
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 | 4,245 | 5,766 | 5,352 | 10,470 |
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 | (2,838) | (1,305) | (8,175) | (17,292) |
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 | $ (345) | $ (257) | $ (670) | $ (1,541) |
Goodwill and Other Intangible A
Goodwill and Other Intangible Assets - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Amortization Expense On Intangible Assets | $ 1,379 | $ 1,466 | $ 4,137 | $ 4,399 |
Fair Value Measurements - Addit
Fair Value Measurements - Additional Information (Detail) - USD ($) | Sep. 30, 2022 | Dec. 31, 2021 | Sep. 30, 2021 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Transfers from Level 1 to Level 3 for financial liabilities | $ 0 | ||
Transfers from Level 3 to Level 1 for financial liabilities | 0 | ||
Transfers from Level 2 to Level 3 for financial liabilities | 0 | ||
Transfers from Level 3 to Level 2 for financial liabilities | 0 | ||
Fair value measurement of intangible assets | 0 | $ 0 | |
Fair Value Liabilities Level One To Level Two Transfers Amount | $ 0 | $ 0 | |
Loans Held For Sale [Member] | Minimum [Member] | Significant Unobservable Inputs (Level 3) [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Sales price of loans held for sale increase percentage | (0.22%) | ||
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 | 0.73% | ||
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 | 0.31% | ||
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 | (0.22%) | ||
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 | 0.73% | ||
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 | 0.31% |
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, 2022 | Dec. 31, 2021 |
Fair Value Disclosures [Abstract] | ||
Loans held for sale, unpaid principal balance | $ 212,237 | $ 493,340 |
Loans held for sale, fair value | 210,075 | 504,416 |
Loans held for sale, fair value over/(under) unpaid principal balance | $ (2,162) | $ 11,076 |
Fair Value Measurements - Sched
Fair Value Measurements - Schedule of Financial Assets and Liabilities Measured at Fair Value (Detail) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Available for sale equity securities | $ 7,314 | $ 12,404 |
Loans held for sale | 210,075 | 504,416 |
Derivative financial liabilities | 0 | |
Fair Value, Measurements, Recurring [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Available for sale debt securities | 4,648,087 | 4,042,699 |
Available for sale equity securities | 7,314 | 12,404 |
Loans held for sale | 210,075 | 504,416 |
Derivative financial assets | 10,841 | 10,937 |
Derivative financial liabilities | 3,063 | 3,728 |
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 | 530,390 | 81,850 |
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 | 702,454 | 847,298 |
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 | 1,215,526 | 1,113,774 |
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 | 112,876 | 74,545 |
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 | 589,057 | 639,925 |
Asset-Backed Securities [Member] | Fair Value, Measurements, Recurring [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Available for sale debt securities | 930,584 | 656,572 |
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 | 16,099 | 16,811 |
Corporate Bonds [Member] | Fair Value, Measurements, Recurring [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Available for sale debt securities | 551,101 | 611,924 |
Financial Services Industry [Member] | Fair Value, Measurements, Recurring [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Available for sale equity securities | 230 | 187 |
Other Equity Securities [Member] | Fair Value, Measurements, Recurring [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Available for sale equity securities | 5,127 | 5,811 |
Interest Rate Lock Commitments [Member] | Fair Value, Measurements, Recurring [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Derivative financial assets | 1,585 | 10,380 |
Derivative financial liabilities | 2,787 | 25 |
Forward Sales Commitments [Member] | Fair Value, Measurements, Recurring [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Derivative financial assets | 0 | 430 |
Derivative financial liabilities | 276 | 36 |
Interest Rate Swap Contracts [Member] | Fair Value, Measurements, Recurring [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Derivative financial assets | 4,246 | |
Derivative financial liabilities | 3,197 | |
TBA Mortgage Backed Securities [Member] | Fair Value, Measurements, Recurring [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Derivative financial assets | 5,010 | 127 |
Derivative financial liabilities | 470 | |
Equity Mutual Funds [Member] | Fair Value, Measurements, Recurring [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Available for sale equity securities | 1,957 | 6,406 |
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 | 5,452 | 5,758 |
Available for sale equity securities | 7,314 | 12,404 |
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] | 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 | 5,452 | 5,758 |
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 | 230 | 187 |
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 | 5,127 | 5,811 |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Interest Rate Lock Commitments [Member] | Fair Value, Measurements, Recurring [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Derivative financial assets | 0 | 0 |
Derivative financial liabilities | 0 | 0 |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Forward Sales Commitments [Member] | Fair Value, Measurements, Recurring [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Derivative financial assets | 0 | 0 |
Derivative financial liabilities | 0 | 0 |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Interest Rate Swap Contracts [Member] | Fair Value, Measurements, Recurring [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Derivative financial assets | 0 | |
Derivative financial liabilities | 0 | |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | TBA Mortgage Backed Securities [Member] | Fair Value, Measurements, Recurring [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Derivative financial assets | 0 | 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 | 1,957 | 6,406 |
Significant Other Observable Inputs (Level 2) [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Loans held for sale | 15,245 | 40,307 |
Derivative financial assets | 5,167 | 1,432 |
Derivative financial liabilities | 447 | 3,197 |
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 | 4,642,635 | 4,036,941 |
Available for sale equity securities | 0 | 0 |
Loans held for sale | 15,245 | 40,307 |
Derivative financial assets | 5,167 | 1,432 |
Derivative financial liabilities | 447 | 3,197 |
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 | 530,390 | 81,850 |
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 | 702,454 | 847,298 |
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 | 1,215,526 | 1,113,774 |
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 | 112,876 | 74,545 |
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 | 589,057 | 639,925 |
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 | 930,584 | 656,572 |
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 | 16,099 | 16,811 |
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 | 545,649 | 606,166 |
Significant Other Observable Inputs (Level 2) [Member] | Financial Services Industry [Member] | Fair Value, Measurements, Recurring [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Available for sale equity securities | 0 | 0 |
Significant Other Observable Inputs (Level 2) [Member] | Other Equity Securities [Member] | Fair Value, Measurements, Recurring [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Available for sale equity securities | 0 | 0 |
Significant Other Observable Inputs (Level 2) [Member] | Interest Rate Lock Commitments [Member] | Fair Value, Measurements, Recurring [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Derivative financial assets | 128 | 936 |
Derivative financial liabilities | 240 | 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 | 0 | 430 |
Derivative financial liabilities | 207 | 0 |
Significant Other Observable Inputs (Level 2) [Member] | Interest Rate Swap Contracts [Member] | Fair Value, Measurements, Recurring [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Derivative financial assets | 4,246 | |
Derivative financial liabilities | 3,197 | |
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 | 793 | 66 |
Significant Other Observable Inputs (Level 2) [Member] | Equity Mutual Funds [Member] | Fair Value, Measurements, Recurring [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Available for sale equity securities | 0 | 0 |
Significant Unobservable Inputs (Level 3) [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Loans held for sale | 194,830 | 464,109 |
Derivative financial assets | 5,674 | 9,505 |
Derivative financial liabilities | 2,616 | 531 |
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 | 0 |
Available for sale equity securities | 0 | 0 |
Loans held for sale | 194,830 | 464,109 |
Derivative financial assets | 5,674 | 9,505 |
Derivative financial liabilities | 2,616 | 531 |
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] | Single Issue Trust Preferred Securities [Member] | Fair Value, Measurements, Recurring [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Available for sale debt securities | 0 | 0 |
Significant Unobservable Inputs (Level 3) [Member] | Corporate Bonds [Member] | Fair Value, Measurements, Recurring [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Available for sale debt securities | 0 | 0 |
Significant Unobservable Inputs (Level 3) [Member] | Financial Services Industry [Member] | Fair Value, Measurements, Recurring [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Available for sale equity securities | 0 | 0 |
Significant Unobservable Inputs (Level 3) [Member] | Other Equity Securities [Member] | Fair Value, Measurements, Recurring [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Available for sale equity securities | 0 | 0 |
Significant Unobservable Inputs (Level 3) [Member] | Interest Rate Lock Commitments [Member] | Fair Value, Measurements, Recurring [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Derivative financial assets | 1,457 | 9,444 |
Derivative financial liabilities | 25 | |
Significant Unobservable Inputs (Level 3) [Member] | Forward Sales Commitments [Member] | Fair Value, Measurements, Recurring [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Derivative financial assets | 0 | 0 |
Derivative financial liabilities | 69 | 36 |
Significant Unobservable Inputs (Level 3) [Member] | Interest Rate Swap Contracts [Member] | Fair Value, Measurements, Recurring [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Derivative financial assets | 0 | |
Derivative financial liabilities | 2,547 | 0 |
Significant Unobservable Inputs (Level 3) [Member] | TBA Mortgage Backed Securities [Member] | Fair Value, Measurements, Recurring [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Derivative financial assets | 4,217 | 61 |
Derivative financial liabilities | 470 | |
Significant Unobservable Inputs (Level 3) [Member] | Equity Mutual Funds [Member] | Fair Value, Measurements, Recurring [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Available for sale equity securities | $ 0 | $ 0 |
Fair Value Measurements - 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, 2022 | Dec. 31, 2021 | |
Loans Held For Sale [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Balance, beginning of period | $ 464,109 | $ 654,733 |
Total gains or losses during the period recognized in earnings | 41,337 | 138,771 |
Originations | 2,038,002 | 4,984,363 |
Sales | (2,348,618) | (5,313,758) |
Balance, end of period | 194,830 | 464,109 |
The amount of total gains 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 | (12,634) | 10,506 |
Derivative Financial Assets Tba Securities [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Balance, beginning of period | 61 | 0 |
Transfers in other | 4,156 | 61 |
Balance, end of period | 4,217 | 61 |
The amount of total gains 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 | 4,217 | 61 |
Interest Rate Lock Commitments [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Balance, beginning of period | 9,444 | 32,011 |
Transfers in other | (7,987) | (22,567) |
Balance, end of period | 1,457 | 9,444 |
The amount of total gains 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 | 1,457 | 9,444 |
Derivative Financial Liabilities Forward Sales Commitments [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Balance, beginning of period | 36 | 0 |
Transfers in other | 33 | 36 |
Balance, end of period | 69 | 36 |
The amount of total gains 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 | 69 | 36 |
Derivative Financial Liabilities Tba Securities [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Balance, beginning of period | 470 | 0 |
Transfers in other | (470) | 470 |
Balance, end of period | 0 | 470 |
The amount of total gains 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 | 470 |
Derivative Financial Liabilities Interest Rate Lock [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Balance, beginning of period | 25 | 0 |
Transfers in other | 2,522 | 25 |
Balance, end of period | 2,547 | 25 |
The amount of total gains 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 | $ 2,547 | $ 25 |
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, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Mortgage Banking [Member] | ||||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||||
Income from mortgage banking activities | $ (2,662) | $ (4,577) | $ (12,800) | $ (16,353) |
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, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | Dec. 31, 2021 | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||
YTD Losses, Individually assessed loans | $ (243) | $ (601) | |||
YTD Losses, OREO | (1,715) | (4,020) | |||
YTD Losses, Mortgage servicing rights | $ 0 | $ 0 | 0 | $ 629 | |
OREO | 10,779 | 10,779 | 14,823 | ||
Mortgage servicing rights | 21,908 | $ 22,836 | 21,908 | $ 22,836 | |
Mortgage Servicing Rights [Member] | |||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||
YTD Losses, Mortgage servicing rights | (629) | ||||
Fair Value, Measurements, Nonrecurring [Member] | |||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||
Individually assessed loans | 8,107 | 8,107 | 65,431 | ||
OREO | 10,779 | 10,779 | 14,823 | ||
Mortgage servicing rights | 27,355 | ||||
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] | |||||
Individually assessed loans | 0 | 0 | 0 | ||
OREO | 0 | 0 | 0 | ||
Mortgage servicing rights | 0 | ||||
Fair Value, Measurements, Nonrecurring [Member] | Significant Other Observable Inputs (Level 2) [Member] | |||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||
Individually assessed loans | 2,671 | 2,671 | 46,830 | ||
OREO | 10,758 | 10,758 | 3,209 | ||
Mortgage servicing rights | 0 | ||||
Fair Value, Measurements, Nonrecurring [Member] | Significant Unobservable Inputs (Level 3) [Member] | |||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||
Individually assessed loans | 5,436 | 5,436 | 18,601 | ||
OREO | $ 21 | $ 21 | 11,614 | ||
Mortgage servicing rights | $ 27,355 |
Fair Value Measurements - Sum_3
Fair Value Measurements - Summary of Estimated Fair Values of Financial Instruments (Detail) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash and cash equivalents | $ 1,356,347 | $ 3,758,170 |
Securities available for sale | 4,648,087 | 4,042,699 |
Securities held to maturity | 1,001 | 1,001 |
Other securities | 267,292 | 239,645 |
Loans held for sale | 210,075 | 504,416 |
Net loans | 19,700,080 | 18,023,648 |
Deposits | 22,863,377 | 23,350,263 |
Derivative financial liabilities | 0 | |
Mortgage servicing rights | 21,908 | 23,144 |
Carrying Amount [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash and cash equivalents | 1,356,347 | 3,758,170 |
Securities available for sale | 4,648,087 | 4,042,699 |
Securities held to maturity | 1,001 | 1,001 |
Other securities | 267,292 | 239,645 |
Loans held for sale | 210,075 | 504,416 |
Net loans | 19,480,469 | 17,807,632 |
Derivative financial assets | 10,841 | 10,937 |
Deposits | 22,863,377 | 23,350,263 |
Short-term borrowings | 142,476 | 128,844 |
Long-term borrowings | 1,297,308 | 817,394 |
Derivative financial liabilities | 3,063 | 3,728 |
Mortgage servicing rights | 21,908 | 23,144 |
Carrying Amount [Member] | Marketable Equity Securities [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Equity securities | 7,314 | 12,404 |
Fair Value [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash and cash equivalents | 1,356,347 | 3,758,170 |
Securities available for sale | 4,648,087 | 4,042,699 |
Securities held to maturity | 1,020 | 1,020 |
Other securities | 253,927 | 227,663 |
Loans held for sale | 210,075 | 504,416 |
Net loans | 18,452,231 | 17,119,202 |
Derivative financial assets | 10,841 | 10,937 |
Deposits | 22,801,405 | 23,334,431 |
Short-term borrowings | 142,476 | 128,844 |
Long-term borrowings | 1,260,639 | 773,291 |
Derivative financial liabilities | 3,063 | 3,728 |
Mortgage servicing rights | 44,305 | 27,355 |
Fair Value [Member] | Marketable Equity Securities [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Equity securities | 7,314 | 12,404 |
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 | 5,452 | 5,758 |
Securities held to maturity | 0 | 0 |
Other securities | 0 | 0 |
Loans held for sale | 0 | 0 |
Net loans | 0 | 0 |
Derivative financial assets | 0 | 0 |
Deposits | 0 | 0 |
Short-term borrowings | 0 | 0 |
Long-term borrowings | 0 | 0 |
Derivative financial liabilities | 0 | 0 |
Mortgage servicing rights | 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 | 7,314 | 12,404 |
Significant Other Observable Inputs (Level 2) [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash and cash equivalents | 1,356,347 | 3,758,170 |
Securities available for sale | 4,642,635 | 4,036,941 |
Securities held to maturity | 0 | 0 |
Other securities | 0 | 0 |
Loans held for sale | 15,245 | 40,307 |
Net loans | 0 | 0 |
Derivative financial assets | 5,167 | 1,432 |
Deposits | 22,801,405 | 23,334,431 |
Short-term borrowings | 142,476 | 128,844 |
Long-term borrowings | 1,260,639 | 773,291 |
Derivative financial liabilities | 447 | 3,197 |
Mortgage servicing rights | 0 | 0 |
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 | 0 |
Securities held to maturity | 1,020 | 1,020 |
Other securities | 253,927 | 227,663 |
Loans held for sale | 194,830 | 464,109 |
Net loans | 18,452,231 | 17,119,202 |
Derivative financial assets | 5,674 | 9,505 |
Deposits | 0 | 0 |
Short-term borrowings | 0 | 0 |
Long-term borrowings | 0 | 0 |
Derivative financial liabilities | 2,616 | 531 |
Mortgage servicing rights | 44,305 | 27,355 |
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 | |||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | 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 | 225,000 | ||||
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 | $ 2,462 | $ 1,912 | $ 7,066 | $ 5,492 | |
Number of share available for grant for prior plans | 0 | 0 | |||
Maximum term for awards granted (years) | 10 years | ||||
Shares issued related stock option exercises | 370,995,000 | ||||
Total intrinsic value of options exercised | $ 5,095 | $ 1,685 | |||
Stock option [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Total unrecognized compensation cost related to nonvested option awards | $ 579 | $ 579 | |||
Weighted-average expense recognition period | 8 months 12 days | ||||
Shares issued related stock option exercises | 370,995 | 175,662 | |||
Restricted Stock [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Total unrecognized compensation cost related to nonvested option awards | 9,433 | $ 9,433 | |||
Weighted-average expense recognition period | 1 year 1 month 6 days | ||||
Restricted Stock Units (RSUs) [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Total unrecognized compensation cost related to nonvested option awards | $ 6,194 | $ 6,194 | |||
Weighted-average expense recognition period | 1 year 2 months 12 days |
Stock Based Compensation - Summ
Stock Based Compensation - Summary of Stock Option Plans (Detail) $ / shares in Units, $ in Thousands | 9 Months Ended |
Sep. 30, 2022 USD ($) $ / shares shares | |
Disclosure Stock Based Compensation Stock Option Plan [Abstract] | |
Shares, Outstanding, Beginning balance | shares | 2,149,117,000 |
Shares, Granted | shares | 0 |
Shares, Exercised | shares | (370,995,000) |
Shares, Forfeited or expired | shares | (103,773,000) |
Shares, Outstanding, Ending balance | shares | 1,674,349,000 |
Shares, Exercisable at September 30, 2022 | shares | 1,503,457,000 |
Aggregate Intrinsic Value, Outstanding at September 30, 2022 | $ | $ 6,185 |
Aggregate Intrinsic Value, Exercisable at September 30, 2022 | $ | $ 5,817 |
Weighted Average Remaining Contractual Term, Outstanding at September 30, 2022 | 4 years 6 months |
Weighted Average Remaining Contractual Term, Exercisable at September 30, 2022 | 5 years |
Weighted Average Exercise Price, Outstanding, Beginning balance | $ / shares | $ 32.01 |
Weighted Average Exercise Price, Granted | $ / shares | 0 |
Weighted Average Exercise Price, Exercised | $ / shares | 23.32 |
Weighted Average Exercise Price, Forfeited or expired | $ / shares | 28.76 |
Weighted Average Exercise Price, Outstanding, Ending balance | $ / shares | 34.1 |
Weighted Average Exercise Price, Exercisable | $ / shares | $ 34.06 |
Stock Based Compensation - Stat
Stock Based Compensation - Status of United's Nonvested Stock Option Awards (Detail) | 9 Months Ended |
Sep. 30, 2022 $ / shares shares | |
Shares, Nonvested, Beginning balance | shares | 395,034 |
Shares, Granted | shares | 0 |
Shares, Vested | shares | (215,926) |
Shares, Forfeited or expired | shares | (8,216) |
Shares, Nonvested, Ending balance | shares | 170,892 |
Weighted-Average Grant Date Fair Value Per Share, Nonvested Beginning balance | $ / shares | $ 7.33 |
Weighted-Average Grant Date Fair Value Per Share, Granted | $ / shares | 0 |
Weighted-Average Grant Date Fair Value Per Share, Vested | $ / shares | 8.11 |
Weighted-Average Grant Date Fair Value Per Share, Forfeited or expired | $ / shares | 11.06 |
Weighted-Average Grant Date Fair Value Per Share, Nonvested Ending balance | $ / shares | $ 6.16 |
Restricted Stock Units (RSUs) [Member] | |
Shares, Nonvested, Beginning balance | shares | 136,896 |
Shares, Granted | shares | 147,511 |
Shares, Vested | shares | (18,248) |
Shares, Forfeited or expired | shares | 0 |
Shares, Nonvested, Ending balance | shares | 266,159 |
Weighted-Average Grant Date Fair Value Per Share, Nonvested Beginning balance | $ / shares | $ 35.65 |
Weighted-Average Grant Date Fair Value Per Share, Granted | $ / shares | 35.46 |
Weighted-Average Grant Date Fair Value Per Share, Vested | $ / shares | 37.05 |
Weighted-Average Grant Date Fair Value Per Share, Forfeited or expired | $ / shares | 0 |
Weighted-Average Grant Date Fair Value Per Share, Nonvested Ending balance | $ / shares | $ 35.45 |
Stock Based Compensation - Chan
Stock Based Compensation - Changes to United's Restricted Common Shares (Detail) - Restricted Stock [Member] | 9 Months Ended |
Sep. 30, 2022 $ / shares shares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Number of Shares, Outstanding, Beginning balance | shares | 383,971 |
Shares, Granted | shares | 156,988 |
Shares, Vested | shares | (158,563) |
Shares, Forfeited | shares | (8,864) |
Number of Shares, Outstanding, Ending balance | shares | 373,532 |
Weighted-Average Grant Date Fair Value Per Share, Outstanding, Beginning balance | $ / shares | $ 35.21 |
Weighted-Average Grant Date Fair Value Per Share, Granted | $ / shares | 36.23 |
Weighted-Average Grant Date Fair Value Per Share, Vested | $ / shares | 35.67 |
Weighted-Average Grant Date Fair Value Per Share, Forfeited | $ / shares | 35.97 |
Weighted-Average Grant Date Fair Value Per Share, Outstanding, Ending balance | $ / shares | $ 35.43 |
Employee Benefit Plans - Additi
Employee Benefit Plans - Additional Information (Detail) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2022 | Dec. 31, 2021 | |
Defined Benefit Plan Disclosure [Line Items] | ||
Unrecognized actuarial gains (losses), before tax | $ 44,370 | |
Amortization expected to be recognized, net of tax | $ 34,032 | |
Employer discretionary contribution amount | $ 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, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Defined Benefit Plan Disclosure [Line Items] | ||||
Service cost | $ 583 | $ 688 | $ 1,996 | $ 2,196 |
Interest cost | 1,301 | 1,121 | 3,731 | 3,172 |
Expected return on plan assets | (3,258) | (3,000) | (9,680) | (8,881) |
Recognized net actuarial loss | 1,070 | 1,903 | 2,726 | 5,064 |
Net periodic pension cost | $ (304) | $ 712 | $ (1,227) | $ 1,551 |
Weighted-average assumptions: | ||||
Discount rate | 3.08% | 2.81% | 3.08% | 2.81% |
Expected return on assets | 6.25% | 6.25% | 6.25% | 6.25% |
Prior to Age 40 [Member] | ||||
Weighted-average assumptions: | ||||
Rate of compensation increase | 5% | 5% | 5% | 5% |
Ages 40-54 [Member] | ||||
Weighted-average assumptions: | ||||
Rate of compensation increase | 4% | 4% | 4% | 4% |
Otherwise [Member] | ||||
Weighted-average assumptions: | ||||
Rate of compensation increase | 3.50% | 3.50% | 3.50% | 3.50% |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Income Taxes [Line Items] | ||||
Accrued interest related to uncertain tax positions | $ 807 | $ 748 | $ 807 | $ 748 |
Effective tax rate | 20.17% | 20.39% | 19.90% | 20.47% |
Comprehensive Income - Componen
Comprehensive Income - Components of Total Comprehensive Income (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||||||
Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Comprehensive Income (Loss), Net of Tax, Attributable to Parent [Abstract] | ||||||||
Net Income | $ 102,585 | $ 95,613 | $ 81,664 | $ 92,152 | $ 94,836 | $ 106,898 | $ 279,862 | $ 293,886 |
Available for sale ("AFS") securities: | ||||||||
Change in net unrealized (loss) gain on AFS securities arising during the period | (153,779) | (17,855) | (505,565) | (45,782) | ||||
Related income tax effect | 35,831 | 4,160 | 117,797 | 10,667 | ||||
Net reclassification adjustment for gains included in net income | (2) | (108) | (2) | (1,552) | ||||
Related income tax expense | 0 | 26 | 0 | 362 | ||||
Net effect of AFS securities on other comprehensive income | (117,950) | (13,777) | (387,770) | (36,305) | ||||
Cash flow hedge derivatives: | ||||||||
Unrealized gain (loss) on cash flow hedge before reclassification to interest expense | 18,442 | 1,414 | 52,352 | 12,488 | ||||
Related income tax effect | (4,297) | (330) | (12,198) | (2,910) | ||||
Net reclassification adjustment for (gains) losses included in net income | (2,422) | 382 | (2,343) | 968 | ||||
Related income tax effect | 564 | (89) | 546 | (226) | ||||
Net effect of cash flow hedge derivatives on other comprehensive income | 12,287 | 1,377 | 38,357 | 10,320 | ||||
Pension plan: | ||||||||
Recognized net actuarial loss | 1,070 | 1,903 | 2,726 | 5,064 | ||||
Related income tax benefit | (354) | (1,265) | (729) | (2,688) | ||||
Net effect of change in pension plan asset on other comprehensive income | 716 | 638 | 1,997 | 2,376 | ||||
Net current-period other comprehensive income, net of tax | (104,947) | (105,665) | (136,804) | (11,762) | 8,662 | (20,509) | (347,416) | (23,609) |
Total Comprehensive (Loss) Income | $ (2,362) | $ (10,052) | $ (55,140) | $ 80,390 | $ 103,498 | $ 86,389 | $ (67,554) | $ 270,277 |
Comprehensive Income - Compon_2
Comprehensive Income - Components of Accumulated Other Comprehensive Income (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||||||
Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||
Beginning Balance | $ 4,487,050 | $ 4,595,140 | $ 4,718,628 | $ 4,393,713 | $ 4,332,698 | $ 4,297,620 | $ 4,718,628 | $ 4,297,620 |
Net current-period other comprehensive income, net of tax | (104,947) | (105,665) | (136,804) | (11,762) | 8,662 | (20,509) | (347,416) | (23,609) |
Ending Balance | 4,440,086 | 4,487,050 | 4,595,140 | 4,430,766 | 4,393,713 | 4,332,698 | 4,440,086 | 4,430,766 |
Pension Plan [Member] | ||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||
Beginning Balance | (29,841) | (29,841) | ||||||
Other comprehensive income before reclassification | 0 | |||||||
Amounts reclassified from accumulated other comprehensive income | 1,997 | |||||||
Net current-period other comprehensive income, net of tax | 1,997 | |||||||
Ending Balance | (27,844) | (27,844) | ||||||
Unrealized Gains/Losses on AFS Securities [Member] | ||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||
Beginning Balance | 8,594 | 8,594 | ||||||
Other comprehensive income before reclassification | (387,768) | |||||||
Amounts reclassified from accumulated other comprehensive income | (2) | |||||||
Net current-period other comprehensive income, net of tax | (387,770) | |||||||
Ending Balance | (379,176) | (379,176) | ||||||
Accumulated Other Comprehensive Income (Loss) [Member] | ||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||
Beginning Balance | (247,357) | (141,692) | (4,888) | 10,523 | 1,861 | 22,370 | (4,888) | 22,370 |
Other comprehensive income before reclassification | (347,614) | |||||||
Amounts reclassified from accumulated other comprehensive income | 198 | |||||||
Net current-period other comprehensive income, net of tax | (104,947) | (105,665) | (136,804) | (11,762) | 8,662 | (20,509) | (347,416) | |
Ending Balance | (352,304) | $ (247,357) | (141,692) | $ (1,239) | $ 10,523 | $ 1,861 | (352,304) | $ (1,239) |
Unrealized Gains/Losses on Cash Flow Hedges [Member] | ||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||
Beginning Balance | $ 16,359 | 16,359 | ||||||
Other comprehensive income before reclassification | 40,154 | |||||||
Amounts reclassified from accumulated other comprehensive income | (1,797) | |||||||
Net current-period other comprehensive income, net of tax | 38,357 | |||||||
Ending Balance | $ 54,716 | $ 54,716 |
Comprehensive Income - Reclassi
Comprehensive Income - Reclassifications Out of Accumulated Other Comprehensive Income (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||||||
Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Available for sale ("AFS") securities: | ||||||||
Income before income taxes | $ 128,504 | $ 115,756 | $ 349,410 | $ 369,510 | ||||
Related income tax expense | (25,919) | (23,604) | (69,548) | (75,624) | ||||
Net income | 102,585 | $ 95,613 | $ 81,664 | 92,152 | $ 94,836 | $ 106,898 | 279,862 | 293,886 |
Cash flow hedge: | ||||||||
Income before income taxes | 128,504 | 115,756 | 349,410 | 369,510 | ||||
Related income tax expense | (25,919) | (23,604) | (69,548) | (75,624) | ||||
Net income | 102,585 | 95,613 | 81,664 | 92,152 | 94,836 | 106,898 | 279,862 | 293,886 |
Pension plan: | ||||||||
Income before income taxes | 128,504 | 115,756 | 349,410 | 369,510 | ||||
Related income tax expense | (25,919) | (23,604) | (69,548) | (75,624) | ||||
Net income | $ 102,585 | $ 95,613 | $ 81,664 | $ 92,152 | $ 94,836 | $ 106,898 | 279,862 | $ 293,886 |
Reclassification out of Accumulated Other Comprehensive Income [Member] | Unrealized Gains/Losses on AFS Securities [Member] | ||||||||
Available for sale ("AFS") securities: | ||||||||
Net reclassification adjustment for gains included in net income | (2) | |||||||
Income before income taxes | (2) | |||||||
Related income tax expense | 0 | |||||||
Net income | (2) | |||||||
Cash flow hedge: | ||||||||
Income before income taxes | (2) | |||||||
Related income tax expense | 0 | |||||||
Net income | (2) | |||||||
Pension plan: | ||||||||
Income before income taxes | (2) | |||||||
Related income tax expense | 0 | |||||||
Net income | (2) | |||||||
Reclassification out of Accumulated Other Comprehensive Income [Member] | Accumulated Defined Benefit Plans Adjustment [Member] | ||||||||
Available for sale ("AFS") securities: | ||||||||
Income before income taxes | (729) | |||||||
Related income tax expense | 1,997 | |||||||
Net income | 198 | |||||||
Cash flow hedge: | ||||||||
Income before income taxes | (729) | |||||||
Related income tax expense | 1,997 | |||||||
Net income | 198 | |||||||
Pension plan: | ||||||||
Net actuarial loss | 2,726 | |||||||
Income before income taxes | (729) | |||||||
Related income tax expense | 1,997 | |||||||
Net income | 198 | |||||||
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 | (2,343) | |||||||
Related income tax expense | 546 | |||||||
Net income | (1,797) | |||||||
Cash flow hedge: | ||||||||
Net reclassification adjustment for losses | (2,343) | |||||||
Income before income taxes | (2,343) | |||||||
Related income tax expense | 546 | |||||||
Net income | (1,797) | |||||||
Pension plan: | ||||||||
Income before income taxes | (2,343) | |||||||
Related income tax expense | 546 | |||||||
Net income | $ (1,797) |
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, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Earnings Per Share [Abstract] | ||||
Distributed earnings allocated to common stock | $ 48,333 | $ 45,084 | $ 145,678 | $ 135,237 |
Undistributed earnings allocated to common stock | 53,979 | 46,803 | 133,442 | 157,810 |
Net earnings allocated to common shareholders | $ 102,312 | $ 91,887 | $ 279,120 | $ 293,047 |
Average common shares outstanding | 134,182,248 | 128,762,815 | 134,947,674 | 128,716,450 |
Equivalents from stock options | 371,317 | 197,405 | 303,625 | 217,832 |
Average diluted shares outstanding | 134,553,565 | 128,960,220 | 135,251,299 | 128,934,282 |
Earnings per basic common share | $ 0.76 | $ 0.71 | $ 2.07 | $ 2.28 |
Earnings per diluted common share | $ 0.76 | $ 0.71 | $ 2.06 | $ 2.27 |
Earnings Per Share -Additional
Earnings Per Share -Additional Information (Detail) - shares | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Antidilutive stock options and restricted stock outstanding shares | 678,879 | 1,117,428 | ||
Employee Stock Option And Restricted Stock Units [Member] | ||||
Antidilutive securities excluded from computation of earnings per share amount | 1,239,529 | 984,803 |
Variable Interest Entities - Ad
Variable Interest Entities - Additional Information (Detail) | 9 Months Ended |
Sep. 30, 2022 Trust | |
Variable Interest Entity, Not Primary Beneficiary, Disclosures [Abstract] | |
Number of statutory business trusts | 20 |
Percentage of equity shares of each trust owned by the company | 100% |
Variable Interest Entities - In
Variable Interest Entities - Information Related to Statutory Trusts (Detail) $ in Thousands | 9 Months Ended |
Sep. 30, 2022 USD ($) | |
United Statutory Trust III [Member] | |
Variable Interest Entity [Line Items] | |
Issuance Date | Dec. 17, 2003 |
Amount of Capital Securities Issued | $ 20,000 |
Interest Rate | 3-month |
Maturity Date | Dec. 17, 2033 |
United Statutory Trust IV [Member] | |
Variable Interest Entity [Line Items] | |
Issuance Date | Dec. 19, 2003 |
Amount of Capital Securities Issued | $ 25,000 |
Interest Rate | 3-month |
Maturity Date | Jan. 23, 2034 |
United Statutory Trust V [Member] | |
Variable Interest Entity [Line Items] | |
Issuance Date | Jul. 12, 2007 |
Amount of Capital Securities Issued | $ 50,000 |
Interest Rate | 3-month |
Maturity Date | Oct. 01, 2037 |
United Statutory Trust VI [Member] | |
Variable Interest Entity [Line Items] | |
Issuance Date | Sep. 20, 2007 |
Amount of Capital Securities Issued | $ 30,000 |
Interest Rate | 3-month |
Maturity Date | Dec. 15, 2037 |
Premier Statutory Trust II [Member] | |
Variable Interest Entity [Line Items] | |
Issuance Date | Sep. 25, 2003 |
Amount of Capital Securities Issued | $ 6,000 |
Interest Rate | 3-month |
Maturity Date | Oct. 08, 2033 |
Premier Statutory Trust III [Member] | |
Variable Interest Entity [Line Items] | |
Issuance Date | May 16, 2005 |
Amount of Capital Securities Issued | $ 8,000 |
Interest Rate | 3-month |
Maturity Date | Jun. 15, 2035 |
Premier Statutory Trust IV [Member] | |
Variable Interest Entity [Line Items] | |
Issuance Date | Jun. 20, 2006 |
Amount of Capital Securities Issued | $ 14,000 |
Interest Rate | 3-month |
Maturity Date | Sep. 23, 2036 |
Premier Statutory Trust V [Member] | |
Variable Interest Entity [Line Items] | |
Issuance Date | Dec. 14, 2006 |
Amount of Capital Securities Issued | $ 10,000 |
Interest Rate | 3-month |
Maturity Date | Mar. 01, 2037 |
Centra Statutory Trust I [Member] | |
Variable Interest Entity [Line Items] | |
Issuance Date | Sep. 20, 2004 |
Amount of Capital Securities Issued | $ 10,000 |
Interest Rate | 3-month |
Maturity Date | Sep. 20, 2034 |
Centra Statutory Trust II [Member] | |
Variable Interest Entity [Line Items] | |
Issuance Date | Jun. 15, 2006 |
Amount of Capital Securities Issued | $ 10,000 |
Interest Rate | 3-month |
Maturity Date | Jul. 07, 2036 |
Virginia Commerce Trust II [Member] | |
Variable Interest Entity [Line Items] | |
Issuance Date | Dec. 19, 2002 |
Amount of Capital Securities Issued | $ 15,000 |
Interest Rate | 6-month |
Maturity Date | Dec. 19, 2032 |
Virginia Commerce Trust III [Member] | |
Variable Interest Entity [Line Items] | |
Issuance Date | Dec. 20, 2005 |
Amount of Capital Securities Issued | $ 25,000 |
Interest Rate | 3-month |
Maturity Date | Feb. 23, 2036 |
Cardinal Statutory Trust I [Member] | |
Variable Interest Entity [Line Items] | |
Issuance Date | Jul. 27, 2004 |
Amount of Capital Securities Issued | $ 20,000 |
Interest Rate | 3-month |
Maturity Date | Sep. 15, 2034 |
UFBC Capital Trust I [Member] | |
Variable Interest Entity [Line Items] | |
Issuance Date | Dec. 30, 2004 |
Amount of Capital Securities Issued | $ 5,000 |
Interest Rate | 3-month |
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 |
Interest Rate | Prime |
Maturity Date | Dec. 31, 2032 |
Carolina Financial Capital Trust II [Member] | |
Variable Interest Entity [Line Items] | |
Issuance Date | Nov. 05, 2003 |
Amount of Capital Securities Issued | $ 10,000 |
Interest Rate | 3-month |
Maturity Date | Jan. 07, 2034 |
Greer Capital Trust I [Member] | |
Variable Interest Entity [Line Items] | |
Issuance Date | Oct. 12, 2004 |
Amount of Capital Securities Issued | $ 6,000 |
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 |
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 |
Interest Rate | 3-month |
Maturity Date | Sep. 30, 2033 |
BOE Statutory Trust I [Member] | |
Variable Interest Entity [Line Items] | |
Issuance Date | Dec. 12, 2003 |
Amount of Capital Securities Issued | $ 4,000 |
Interest Rate | 3-month |
Maturity Date | Dec. 12, 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, 2022 | Dec. 31, 2021 | Sep. 30, 2021 | |
Variable Interest Entity [Line Items] | ||||
Aggregate Assets | $ 29,048,475 | $ 29,328,902 | ||
Aggregate Liabilities | 24,608,389 | 24,610,274 | ||
Risk Of Loss | 29,048,475 | $ 27,507,517 | ||
Trust Preferred Securities [Member] | ||||
Variable Interest Entity [Line Items] | ||||
Aggregate Assets | 300,294 | 299,531 | ||
Aggregate Liabilities | 289,103 | 288,499 | ||
Risk Of Loss | [1] | $ 11,191 | $ 11,032 | |
[1]Represents investment in VIEs. |
Segment Information - Summary o
Segment Information - Summary of Segment Reporting Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||||||
Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Segment Reporting Information [Line Items] | ||||||||
Net interest income | $ 240,622 | $ 181,579 | $ 647,027 | $ 559,056 | ||||
Provision for credit losses | 7,671 | (7,829) | 2,454 | (16,565) | ||||
Other income | 32,749 | 68,631 | 122,382 | 224,075 | ||||
Other expense | 137,196 | 142,283 | 417,545 | 430,186 | ||||
Income taxes | 25,919 | 23,604 | 69,548 | 75,624 | ||||
Net income | 102,585 | $ 95,613 | $ 81,664 | 92,152 | $ 94,836 | $ 106,898 | 279,862 | 293,886 |
Total assets (liabilities) | 29,048,475 | 27,507,517 | 29,048,475 | 27,507,517 | ||||
Average assets (liabilities) | 28,834,435 | 27,437,710 | 29,061,568 | 26,981,887 | ||||
Operating Segments [Member] | Community Banking [Member] | ||||||||
Segment Reporting Information [Line Items] | ||||||||
Net interest income | 239,543 | 179,444 | 640,817 | 550,041 | ||||
Provision for credit losses | 7,671 | (7,829) | 2,454 | (16,565) | ||||
Other income | 23,777 | 24,718 | 75,577 | 75,203 | ||||
Other expense | 119,569 | 109,141 | 353,357 | 322,612 | ||||
Income taxes | 27,422 | 20,969 | 71,758 | 65,320 | ||||
Net income | 108,658 | 81,881 | 288,825 | 253,877 | ||||
Total assets (liabilities) | 28,730,918 | 27,129,820 | 28,730,918 | 27,129,820 | ||||
Average assets (liabilities) | 28,495,611 | 27,089,160 | 28,717,609 | 26,638,303 | ||||
Operating Segments [Member] | Mortgage Banking [Member] | ||||||||
Segment Reporting Information [Line Items] | ||||||||
Net interest income | 2,758 | 2,367 | 7,945 | 7,888 | ||||
Provision for credit losses | 0 | 0 | 0 | 0 | ||||
Other income | 13,749 | 45,023 | 58,614 | 152,295 | ||||
Other expense | 20,662 | 31,787 | 71,886 | 109,361 | ||||
Income taxes | (820) | 3,179 | (1,048) | 10,399 | ||||
Net income | (3,335) | 12,424 | (4,279) | 40,423 | ||||
Total assets (liabilities) | 427,239 | 643,171 | 427,239 | 643,171 | ||||
Average assets (liabilities) | 402,793 | 572,450 | 454,202 | 672,263 | ||||
Other [Member] | ||||||||
Segment Reporting Information [Line Items] | ||||||||
Net interest income | (3,709) | (2,072) | (8,496) | (6,316) | ||||
Provision for credit losses | 0 | 0 | 0 | 0 | ||||
Other income | 532 | 815 | 2,693 | 3,468 | ||||
Other expense | 244 | 1,440 | 43 | (2,339) | ||||
Income taxes | (683) | (544) | (1,162) | (95) | ||||
Net income | (2,738) | (2,153) | (4,684) | (414) | ||||
Total assets (liabilities) | 46,243 | 34,546 | 46,243 | 34,546 | ||||
Average assets (liabilities) | 32,590 | 28,381 | 32,784 | 26,014 | ||||
Intersegment Eliminations [Member] | ||||||||
Segment Reporting Information [Line Items] | ||||||||
Net interest income | 2,030 | 1,840 | 6,761 | 7,443 | ||||
Provision for credit losses | 0 | 0 | 0 | 0 | ||||
Other income | (5,309) | (1,925) | (14,502) | (6,891) | ||||
Other expense | (3,279) | (85) | (7,741) | 552 | ||||
Income taxes | 0 | 0 | 0 | 0 | ||||
Net income | 0 | 0 | 0 | 0 | ||||
Total assets (liabilities) | (155,925) | (300,020) | (155,925) | (300,020) | ||||
Average assets (liabilities) | $ (96,559) | $ (252,281) | $ (143,027) | $ (354,693) |