Cover Page
Cover Page - USD ($) | 12 Months Ended | ||
Dec. 31, 2022 | Jan. 31, 2023 | Jun. 30, 2022 | |
Cover [Abstract] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Annual Report | true | ||
Document Transition Report | false | ||
Document Fiscal Year Focus | 2022 | ||
Document Period End Date | Dec. 31, 2022 | ||
Document Fiscal Period Focus | FY | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Registrant Name | UNITED BANKSHARES INC/WV | ||
Entity Central Index Key | 0000729986 | ||
Entity Current Reporting Status | Yes | ||
Trading Symbol | UBSI | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Emerging Growth Company | false | ||
Entity Shell Company | false | ||
Entity Small Business | false | ||
Entity Common Stock, Shares Outstanding | 134,745,394 | ||
Entity Public Float | $ 4,522,371,470 | ||
Entity Interactive Data Current | Yes | ||
Title of 12(b) Security | Common Stock | ||
Entity File Number | 002-86947 | ||
Security Exchange Name | NASDAQ | ||
Entity Tax Identification Number | 55-0641179 | ||
Entity Address, Address Line One | 300 United Center | ||
Entity Address, Address Line Two | 500 Virginia Street, East | ||
Entity Address, City or Town | Charleston | ||
Entity Address, State or Province | WV | ||
Entity Address, Postal Zip Code | 25301 | ||
City Area Code | 304 | ||
Local Phone Number | 424-8716 | ||
Entity Incorporation, State or Country Code | WV | ||
Entity Voluntary Filers | No | ||
Entity Well-known Seasoned Issuer | Yes | ||
ICFR Auditor Attestation Flag | true | ||
Auditor Firm ID | 42 | ||
Auditor Name | Ernst & Young LLP | ||
Auditor Location | Charleston, WV, USA |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Assets | ||
Cash and due from banks | $ 294,155 | $ 282,878 |
Interest-bearing deposits with other banks | 881,418 | 3,474,365 |
Federal funds sold | 1,079 | 927 |
Total cash and cash equivalents | 1,176,652 | 3,758,170 |
Securities available for sale at estimated fair value (amortized cost-$5,011,729 at December 31, 2022 and $4,031,494 at December 31, 2021, allowance for credit losses of $0 at December 31, 2022 and December 31, 2021) | 4,541,925 | 4,042,699 |
Securities held to maturity, net of allowance for credit losses of $18 at December 31, 2022 and $19 at December 31, 2021 (estimated fair value-$1,020 at December 31, 2022 and December 31, 2021) | 1,002 | 1,001 |
Equity securities at estimated fair value | 7,629 | 12,404 |
Other investment securities | 322,048 | 239,645 |
Loans held for sale measured using fair value option | 56,879 | 504,416 |
Loans and leases | 20,580,163 | 18,051,307 |
Less: Unearned income | (21,997) | (27,659) |
Loans and leases, net of unearned income | 20,558,166 | 18,023,648 |
Less: Allowance for loan and lease losses | (234,746) | (216,016) |
Net loans and leases | 20,323,420 | 17,807,632 |
Bank premises and equipment | 199,161 | 197,220 |
Operating lease right-of-use assets | 71,144 | 81,942 |
Goodwill | 1,888,889 | 1,886,494 |
Mortgage servicing rights, net of valuation allowance of $0 at December 31, 2022 and $883 at December 31, 2021 | 21,022 | 23,144 |
Bank-owned life insurance ("BOLI") | 480,184 | 478,067 |
Accrued interest receivable, net of allowance for credit losses of $0 at December 31, 2022 and $8 at December 31, 2021 | 94,890 | 64,512 |
Other assets | 304,535 | 231,556 |
TOTAL ASSETS | 29,489,380 | 29,328,902 |
Deposits: | ||
Noninterest-bearing | 7,199,678 | 7,496,560 |
Interest-bearing | 15,103,488 | 15,853,703 |
Total deposits | 22,303,166 | 23,350,263 |
Borrowings: | ||
Securities sold under agreements to repurchase | 160,698 | 128,844 |
Federal Home Loan Bank ("FHLB") borrowings | 1,910,775 | 532,199 |
Other long-term borrowings | 286,881 | 285,195 |
Reserve for lending-related commitments | 46,189 | 31,442 |
Operating lease liabilities | 75,749 | 86,703 |
Accrued expenses and other liabilities | 189,729 | 195,628 |
TOTAL LIABILITIES | 24,973,187 | 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-142,011,560 and 141,360,266 at December 31, 2022 and December 31, 2021, respectively, including 7,266,438 and 4,967,508 shares in treasury at December 31, 2022 and December 31, 2021, respectively | 355,029 | 353,402 |
Surplus | 3,168,874 | 3,149,955 |
Retained earnings | 1,575,426 | 1,390,777 |
Accumulated other comprehensive loss | (332,732) | (4,888) |
Treasury stock, at cost | (250,404) | (170,618) |
TOTAL SHAREHOLDERS' EQUITY | 4,516,193 | 4,718,628 |
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | $ 29,489,380 | $ 29,328,902 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Statement of Financial Position [Abstract] | ||
Securities available for sale, amortized cost | $ 5,011,729 | $ 4,031,494 |
Securities held to maturity | $ 1,020 | $ 1,020 |
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 | 142,011,560 | 141,360,266 |
Common stock, shares in treasury | 7,266,438 | 4,967,508 |
Allowance for credit losses on securities held for sale | $ 0 | $ 0 |
Allowances for credit losses on securities held to maturity | 18 | 19 |
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 | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Interest income | |||
Interest and fees on loans and leases | $ 864,583 | $ 724,493 | $ 721,829 |
Interest on federal funds sold and other short-term investments | 22,950 | 8,734 | 9,780 |
Interest and dividends on securities: | |||
Taxable | 105,780 | 54,678 | 61,808 |
Tax-exempt | 8,677 | 7,212 | 4,965 |
Total interest income | 1,001,990 | 795,117 | 798,382 |
Interest expense | |||
Interest on deposits | 80,237 | 41,620 | 78,579 |
Interest on short-term borrowings | 1,785 | 693 | 1,027 |
Interest on long-term borrowings | 23,537 | 10,070 | 29,003 |
Total interest expense | 105,559 | 52,383 | 108,609 |
Net interest income | 896,431 | 742,734 | 689,773 |
Provision for credit losses | 18,822 | (23,970) | 106,562 |
Net interest income after provision for credit losses | 877,609 | 766,704 | 583,211 |
Other income | |||
Income from bank-owned life insurance | 9,188 | 6,840 | 7,217 |
Mortgage loan servicing income | 9,235 | 9,605 | 6,213 |
Net gain on the sale of bank premises | 0 | 0 | 2,229 |
Net investment securities gains | 776 | 2,676 | 3,155 |
Other income | 7,340 | 8,040 | 2,711 |
Total other income | 153,261 | 278,128 | 354,775 |
Other expense | |||
Employee compensation | 242,408 | 279,970 | 274,661 |
Employee benefits | 45,944 | 53,871 | 48,870 |
Net occupancy expense | 45,129 | 42,034 | 41,303 |
Other real estate owned ("OREO") expense | 2,138 | 5,370 | 3,805 |
Net losses on the sales of OREO properties | 700 | 54 | 1,972 |
Equipment expense | 29,320 | 25,979 | 20,861 |
Data processing expense | 29,997 | 31,446 | 35,420 |
Mortgage loan servicing expense and impairment | 7,099 | 12,246 | 9,431 |
Bankcard processing expense | 1,938 | 1,706 | 1,735 |
FDIC insurance expense | 11,988 | 8,346 | 10,132 |
FHLB prepayment penalties | 0 | 15 | 10,385 |
Other expense | 138,426 | 120,942 | 119,671 |
Total other expense | 555,087 | 581,979 | 578,246 |
Income before income taxes | 475,783 | 462,853 | 359,740 |
Income taxes | 96,156 | 95,115 | 70,717 |
Net income | $ 379,627 | $ 367,738 | $ 289,023 |
Earnings per common share: | |||
Basic | $ 2.81 | $ 2.84 | $ 2.4 |
Diluted | 2.8 | 2.83 | 2.4 |
Dividends per common share | $ 1.44 | $ 1.41 | $ 1.4 |
Average outstanding shares: | |||
Basic | 134,776,241 | 129,276,452 | 120,017,247 |
Diluted | 135,117,512 | 129,512,853 | 120,090,232 |
Fees from trust services [Member] | |||
Other income | |||
Revenue from contract | $ 17,216 | $ 16,552 | $ 13,903 |
Fees from brokerage services [Member] | |||
Other income | |||
Revenue from contract | 16,412 | 15,559 | 11,758 |
Fees from deposit services [Member] | |||
Other income | |||
Revenue from contract | 40,557 | 38,689 | 34,833 |
Bankcard fees and merchant discounts [Member] | |||
Other income | |||
Revenue from contract | 6,580 | 5,485 | 4,066 |
Other service charges, commissions, and fees [Member] | |||
Other income | |||
Revenue from contract | 3,267 | 2,990 | 2,596 |
Income from mortgage banking activities [Member] | |||
Other income | |||
Revenue from contract | $ 42,690 | $ 171,692 | $ 266,094 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Statement of Comprehensive Income [Abstract] | |||
Net income | $ 379,627 | $ 367,738 | $ 289,023 |
Change in net unrealized (loss) gain on available-for-sale ("AFS") securities, net of tax | (368,934) | (56,611) | 57,249 |
Change in net unrealized gain on cash flow hedge, net of tax | 36,655 | 13,001 | 3,358 |
Change in defined benefit pension plan, net of tax | 4,435 | 16,352 | (3,368) |
Total Comprehensive income, net of tax | $ 51,783 | $ 340,480 | $ 346,262 |
Consolidated Statement of Chang
Consolidated Statement of Changes in Shareholders' Equity - USD ($) $ in Thousands | Total | Cumulative Effect, Period of Adoption, Adjustment [Member] | Common Stock [Member] | Common Stock [Member] Cumulative Effect, Period of Adoption, Adjustment [Member] | Surplus [Member] | Surplus [Member] Cumulative Effect, Period of Adoption, Adjustment [Member] | Retained Earnings [Member] | Retained Earnings [Member] Cumulative Effect, Period of Adoption, Adjustment [Member] | Accumulated Other Comprehensive (Loss) Income [Member] | Accumulated Other Comprehensive (Loss) Income [Member] Cumulative Effect, Period of Adoption, Adjustment [Member] | Treasury Stock [Member] | Treasury Stock [Member] Cumulative Effect, Period of Adoption, Adjustment [Member] |
Beginning Balance at Dec. 31, 2019 | $ 3,363,833 | $ (44,331) | $ 263,736 | $ 0 | $ 2,140,175 | $ 0 | $ 1,132,579 | $ (44,331) | $ (34,869) | $ 0 | $ (137,788) | $ 0 |
Beginning Balance, shares at Dec. 31, 2019 | 105,494,290 | |||||||||||
Net income | 289,023 | $ 0 | 0 | 289,023 | 0 | 0 | ||||||
Other comprehensive loss, net of tax | 57,239 | 0 | 0 | 0 | 57,239 | 0 | ||||||
Total Comprehensive income, net of tax | 346,262 | |||||||||||
Stock based compensation expense | 5,980 | 0 | 5,980 | 0 | 0 | 0 | ||||||
Acquisition, Values | 817,830 | $ 70,079 | 747,751 | 0 | 0 | 0 | ||||||
Acquisition, Shares | 28,031,501 | |||||||||||
Purchase of treasury stock | (21,317) | $ 0 | 0 | 0 | 0 | (21,317) | ||||||
Distribution of treasury stock for deferred compensation plan | 1 | 0 | 0 | 0 | 0 | 1 | ||||||
Cash dividends | (171,876) | 0 | 0 | (171,876) | 0 | 0 | ||||||
Stock grant forfeiture | 0 | $ 0 | 35 | 0 | 0 | (35) | ||||||
Stock grant forfeiture, shares | 0 | |||||||||||
Net issuance of common stock under stock-based compensation plans | 1,238 | $ 708 | 530 | 0 | 0 | 0 | ||||||
Net issuance of common stock under stock-based compensation plans, shares | 283,583 | |||||||||||
Ending Balance at Dec. 31, 2020 | 4,297,620 | $ 334,523 | 2,894,471 | 1,205,395 | 22,370 | (159,139) | ||||||
Ending Balance, shares at Dec. 31, 2020 | 133,809,374 | |||||||||||
Net income | 367,738 | $ 0 | 0 | 367,738 | 0 | 0 | ||||||
Other comprehensive loss, net of tax | (27,258) | 0 | 0 | 0 | (27,258) | 0 | ||||||
Total Comprehensive income, net of tax | 340,480 | |||||||||||
Stock based compensation expense | 8,018 | 0 | 8,018 | 0 | 0 | 0 | ||||||
Acquisition, Values | 260,279 | $ 17,839 | 242,440 | 0 | 0 | 0 | ||||||
Acquisition, Shares | 7,135,771 | |||||||||||
Purchase of treasury stock | (11,211) | $ 0 | 0 | 0 | 0 | (11,211) | ||||||
Cash dividends | (182,356) | 0 | 0 | (182,356) | 0 | 0 | ||||||
Stock grant forfeiture | 0 | $ 0 | 268 | 0 | 0 | (268) | ||||||
Stock grant forfeiture, shares | 0 | |||||||||||
Net issuance of common stock under stock-based compensation plans | 5,798 | $ 1,040 | 4,758 | 0 | 0 | 0 | ||||||
Net issuance of common stock under stock-based compensation plans, shares | 415,121 | |||||||||||
Ending Balance at Dec. 31, 2021 | 4,718,628 | $ 353,402 | 3,149,955 | 1,390,777 | (4,888) | (170,618) | ||||||
Ending Balance, shares at Dec. 31, 2021 | 141,360,266 | |||||||||||
Net income | 379,627 | $ 0 | 0 | 379,627 | 0 | 0 | ||||||
Other comprehensive loss, net of tax | (327,844) | 0 | 0 | 0 | (327,844) | 0 | ||||||
Total Comprehensive income, net of tax | 51,783 | |||||||||||
Stock based compensation expense | 9,881 | 0 | 9,881 | 0 | 0 | 0 | ||||||
Purchase of treasury stock | (79,460) | 0 | 0 | 0 | 0 | (79,460) | ||||||
Cash dividends | (194,978) | 0 | 0 | (194,978) | 0 | 0 | ||||||
Stock grant forfeiture | 0 | $ 0 | 326 | 0 | 0 | (326) | ||||||
Stock grant forfeiture, shares | 0 | |||||||||||
Net issuance of common stock under stock-based compensation plans | 10,339 | $ 1,627 | 8,712 | 0 | 0 | 0 | ||||||
Net issuance of common stock under stock-based compensation plans, shares | 651,294 | |||||||||||
Ending Balance at Dec. 31, 2022 | $ 4,516,193 | $ 355,029 | $ 3,168,874 | $ 1,575,426 | $ (332,732) | $ (250,404) | ||||||
Ending Balance, shares at Dec. 31, 2022 | 142,011,560 |
Consolidated Statement of Cha_2
Consolidated Statement of Changes in Shareholders' Equity (Parenthetical) - $ / shares | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Cash dividends per share | $ 1.44 | $ 1.41 | $ 1.4 |
Distribution of treasury stock for deferred compensation plan, shares | 29 | ||
Common Stock [Member] | |||
Cash dividends per share | $ 1.44 | $ 1.41 | $ 1.4 |
Stock grant forfeiture, shares | 9,071 | 7,400 | 946 |
Acquisition, Shares | 7,135,771 | 28,031,501 | |
Net issuance of common stock under stock-based compensation plans | 651,294 | 415,121 | 283,583 |
Treasury Stock [Member] | |||
Purchase of treasury stock, shares | 2,289,859 | 339,241 | 679,331 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
OPERATING ACTIVITIES | |||
Net income | $ 379,627 | $ 367,738 | $ 289,023 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Provision for credit losses | 18,822 | (23,970) | 106,562 |
Amortization and accretion | 5,433 | (8,672) | (29,900) |
Loss on sales of bank premises, OREO, leases and equipment | 457 | 460 | 1,214 |
Write-downs on bank premises, OREO, leases and equipment | 2,007 | 5,100 | 3,803 |
Depreciation | 18,237 | 16,583 | 13,464 |
Gain on securities | (776) | (2,676) | (3,155) |
Loans originated for sale | (1,903,981) | (6,190,675) | (6,528,080) |
Proceeds from sales of loans | 2,238,093 | 6,566,304 | 6,521,198 |
Gain on sales of loans | (41,274) | (161,108) | (258,784) |
Recoveries of impairment on mortgage servicing rights | (883) | (1,129) | 0 |
Mortgage repurchase loan losses paid, net of recoveries | (69) | (59) | (888) |
Stock-based compensation | 9,881 | 8,018 | 5,980 |
Excess tax benefits from stock-based compensation arrangements | 1,040 | 303 | 351 |
Deferred income tax expense (benefit) | 6,887 | 3,015 | (174) |
Amortization of tax credit investments | 13,567 | 12,718 | 9,950 |
Originations of mortgage servicing rights | (1,417) | (10,584) | (7,310) |
Impairment of mortgage servicing rights | 0 | 629 | 1,383 |
Increase in cash surrender value of bank-owned life insurance policies | (14,064) | (6,836) | (5,959) |
Contribution to pension plan | 0 | 0 | (20,000) |
Amortization of net periodic pension costs | (1,640) | 2,073 | 3,004 |
Changes in: | |||
Interest receivable | (30,370) | 2,562 | 1,106 |
Other assets | 57,380 | 42,704 | 46,267 |
Accrued expenses and other liabilities | 3,865 | (12,959) | (8,608) |
NET CASH PROVIDED BY OPERATING ACTIVITIES | 760,822 | 609,539 | 140,447 |
INVESTING ACTIVITIES | |||
Proceeds from maturities and calls of held to maturity securities | 0 | 215 | 211 |
Proceeds from sales of securities available for sale | 410 | 52,820 | 192,085 |
Proceeds from maturities and calls of securities available for sale | 575,338 | 679,082 | 515,983 |
Purchases of securities available for sale | (1,572,482) | (1,522,076) | (596,923) |
Proceeds from sales of equity securities | 6,782 | 1,250 | 1,650 |
Purchases of equity securities | (2,596) | (2,266) | (1,379) |
Proceeds from sales and redemptions of other investment securities | 4,829 | 11,790 | 148,766 |
Purchases of other investment securities | (99,435) | (34,755) | (137,395) |
Purchases of bank-owned life insurance policies | 0 | (85,000) | 0 |
Redemption of bank-owned life insurance policies | 11,947 | 1,114 | 5,729 |
Purchases of bank premises and equipment | (16,862) | (15,380) | (19,025) |
Proceeds from sales of bank premises and equipment | 902 | 1,618 | 4,354 |
Acquisition of subsidiaries, net of cash paid | 0 | 39,420 | 629,107 |
Proceeds from sales of OREO properties | 10,571 | 5,675 | 14,398 |
Net change in loans and leases | (2,367,060) | 882,147 | (619,976) |
NET CASH (USED IN) PROVIDED BY INVESTING ACTIVITIES | (3,447,656) | 15,654 | 137,585 |
FINANCING ACTIVITIES | |||
Cash dividends paid | (193,041) | (181,277) | (162,713) |
Acquisition of treasury stock | (79,460) | (11,211) | (21,317) |
Proceeds from exercise of stock options | 10,295 | 5,206 | 1,241 |
Distribution for treasury stock for deferred compensation plan | 0 | 0 | 1 |
Repayment of long-term Federal Home Loan Bank borrowings | (520,000) | (597,791) | (1,847,000) |
Proceeds from issuance of long-term Federal Home Loan Bank borrowings | 1,900,000 | 500,000 | 500,000 |
Changes in: | |||
Time deposits | (623,254) | (275,900) | 584,175 |
Other deposits | (421,078) | 1,525,093 | 2,271,510 |
Federal funds purchased, securities sold under agreements to repurchase and other short-term borrowings | 31,854 | (40,211) | (232,354) |
NET CASH PROVIDED BY FINANCING ACTIVITIES | 105,316 | 923,909 | 1,093,543 |
(DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS | (2,581,518) | 1,549,102 | 1,371,575 |
CASH AND CASH EQUIVALENTS AT BEGINNING OF YEAR | 3,758,170 | 2,209,068 | 837,493 |
CASH AND CASH EQUIVALENTS AT END OF YEAR | 1,176,652 | 3,758,170 | 2,209,068 |
Supplemental information | |||
Cash paid for interest on deposits and borrowed funds | 98,161 | 54,591 | 115,347 |
Cash paid for income taxes | 93,680 | 101,227 | 65,378 |
Noncash investing activities: | |||
Transfers of loans to OREO | 1,546 | 2,769 | 28,038 |
Subsidiaries [Member] | |||
Acquisition of subsidiaries and purchase price adjustments: | |||
Assets acquired, net of cash | (345) | 1,763,843 | 4,172,611 |
Liabilities assumed | 2,050 | 1,619,438 | 4,302,722 |
Goodwill | $ 2,395 | $ 76,454 | $ 318,834 |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2022 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | NOTE A—SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Nature of Operations: Operating Segments: Basis of Presentation: United determines whether it has a controlling financial interest in an entity by first evaluating whether the entity is a voting interest entity or a variable interest entity (“VIE”) under U.S. generally accepted accounting principles. Voting interest entities are entities in which the total equity investment at risk is sufficient to enable the entity to finance itself independently and provides the equity holders with the obligation to absorb losses, the right to receive residual returns and the right to make decisions about the entity’s activities. United consolidates voting interest entities in which it has all, or at least a majority of, the voting interest. As defined in applicable accounting standards, VIEs are entities that lack one or more of the characteristics of a voting interest entity. A controlling financial interest in a VIE is present when an enterprise has both the power to direct the activities of the VIE that most significantly impact the VIE’s economic performance and an obligation to absorb losses or the right to receive benefits that could potentially be significant to the VIE. The enterprise with a controlling financial interest, known as the primary beneficiary, consolidates the VIE. United’s wholly owned and indirect wholly owned statutory trust subsidiaries are VIEs for which United is not the primary beneficiary. Accordingly, its accounts are not included in United’s consolidated financial statements. The accounting and reporting policies of United conform with U.S. generally accepted accounting principles. In preparing the consolidated financial statements, management is required to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates. To conform to the 2022 presentation, certain reclassifications have been made to prior period amounts, which had no impact on net income, comprehensive income or shareholders’ equity. In the opinion of management, all adjustments necessary for a fair presentation of financial position and results of operations have been made. Such adjustments are of a normal and recurring nature. In addition, $1,483,987,000 was reclassed from noninterest-bearing deposits to interest-bearing deposits on United’s Consolidated Balance Sheets for the period ended December 31, 2021 due to the nature of the underlying deposit accounts and a misclassification in the previous presentation. This reclassification did not impact any other amounts reported or disclosed in the consolidated financial statements. In the opinion of management, all adjustments necessary for a fair presentation of financial position and results of operations have been made. The Company has evaluated events and transactions subsequent to December 31, 2022 through the date these financial statements were issued. Based on definitions and requirements of generally accepted accounting principles for “Subsequent Events,” the Company has not identified any events that would require adjustments to, or disclosure in the financial statements. Cash and Cash Equivalents: Debt securities HTM securities are accounted for at amortized cost, but the Company must have both the positive intent and the ability to hold those securities to maturity. There are very limited circumstances under which securities in the HTM category can be sold without jeopardizing the cost basis of accounting for the remainder of the securities in this category. Substantially all of the Company’s HTM debt securities are issued by state and political subdivisions (municipalities). As of December 31, 2022, United considers its HTM debt securities portfolio to be immaterial. AFS securities are accounted for at fair value. Gains and losses realized on the sale of these securities are accounted for based on the specific identification method. Unrealized gains and losses for AFS securities are excluded from earnings and reported net of the related tax effect in the accumulated other comprehensive income component of shareholders’ equity. Allowance for Credit Losses (HTM Debt Securities) Allowance for Credit Losses (AFS Debt Securities) available-for-sale An entity may no longer consider the length of time fair value has been less than amortized cost. Changes in the allowance for credit losses are recorded as a provision (or release) for credit losses. Losses are charged against the allowance when management believes the uncollectibility of an AFS security is confirmed or when either of the criteria regarding intent or requirement to sell is met. As of December 31, 2022, the Company determined that the unrealized loss positions in AFS securities were not the result of credit losses, and therefore, an allowance for credit losses was not recorded. United has the intent and the ability to hold these securities until such time as the value recovers or the securities mature. Equity securities: Other investment securities: (non-marketable) (non-marketable), Securities Purchased Under Resale Agreements and Securities Sold Under Agreements to Repurchase: Loans: 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 TDRs can take the form of a reduction of the stated interest rate, splitting a loan into separate loans and leases with market terms on one loan and concessionary terms on the other loan, receipts of assets from a debtor in partial or full satisfaction of a loan, the extension of the maturity date or dates at a stated interest rate lower than the current market rate for new debt with similar risk, the reduction of the face amount or maturity amount of the debt as stated in the instrument or other agreement, or the reduction of accrued interest or any other concessionary type of renegotiated debt. Under United’s current loan policy, a loan is not recognized as a TDR until it becomes probable that the loan will be a TDR. In response to the coronavirus (“COVID-19”) COVID-19 Loans Acquired Through Transfer: Loans acquired in a business combination that have experienced more-than-insignificant deterioration in credit quality since origination are considered purchased credit deteriorated (“PCD”) loans. At the acquisition date, an estimate of expected credit losses is made for groups of PCD loans with similar risk characteristics and individual PCD loans without similar risk characteristics. This initial allowance for credit losses is allocated to individual PCD loans and added to the purchase price or acquisition date fair values to establish the initial amortized cost basis of the PCD loans. As the initial allowance for credit losses is added to the purchase price, there is no credit loss expense recognized upon acquisition of a PCD loan. Any difference between the unpaid principal balance of PCD loans and the amortized cost basis is considered to relate to noncredit factors and results in a discount or premium. Discounts and premiums are recognized through interest income on a level-yield method over the life of the loans. For loans and leases acquired after the adoption of ASC Topic 326, United will likely take several factors into consideration when determining if loans and leases meet the definition of PCD. ASC Topic 326 lists some, but not all, factors for consideration in the bifurcation of PCD versus non-PCD · Financial assets that are delinquent as of the acquisition date · Financial assets that have been downgraded since origination · Financial assets that have been placed on nonaccrual status For acquired loans not deemed purchased credit deteriorated at acquisition, the differences between the initial fair value and the unpaid principal balance are recognized as interest income on a level-yield basis over the lives of the related loans. Loans Held for Sale: one-to-four Loans held for sale are recorded under the fair value option at a fair value measured using valuations from investors for loans with similar characteristics adjusted for the Company’s actual sales experience versus the investor’s indicated pricing. Gains and losses on sale of loans are recorded within income from mortgage banking activities. Allowance for Loan and Lease Losses: 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. 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 reasonable and supportable forecast adjustments 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) Ø Commercial Real Estate Owner-Occupied Ø Commercial Real Estate Nonowner-Occupied Ø Commercial Other · Method: Cohort Ø Residential Real Estate Ø Construction & Land Development Ø Consumer Ø 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 Bank Premises and Equipment: three five Other Real Estate Owned , allowance for loan losses. Any subsequent valuation adjustments as well as any costs relating to operating, holding or disposing of the property are recorded in other expense in the period incurred. At December 31, 2022 and 2021, the recorded investment of consumer mortgage loans secured by residential real estate properties for which formal foreclosure proceedings are in process was $ and $ , respectively. Intangible Assets: one ten-year , , Goodwill is tested for impairment at least annually or sooner if indicators of impairment exist. United may elect to perform a qualitative analysis to determine whether or not it is more-likely-than not that the fair value of a reporting unit is less than its carrying amount. If United elects to bypass this qualitative analysis, or concludes via qualitative analysis that it is more-likely-than-not , 000 ,000 Mortgage Servicing Rights, Fees and Costs: 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 and other estimates. 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. Accrued Interest Receivable • Presenting accrued interest receivable balances separately from their underlying instruments within the consolidated statements of financial condition. • Excluding accrued interest receivable that is included in the amortized cost of financing receivables from related disclosure requirements. • Continuing our policy to write off accrued interest receivable by reversing interest income in cases where the Company does not reasonably expect to receive payment. • Generally, not measuring an allowance for credit losses for accrued interest receivable due to the Company’s policy of writing off uncollectible accrued interest receivable balances in a timely manner. However, due to loan interest payment deferrals on certain loans and leases 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 December 31, 2022 as compared to an allowance for credit losses of $8,000 as of December 31, 2021 Revenue Recognition Descriptions of our revenue-generating activities that are within the scope of ASC Topic 606, which are presented in our Consolidated Statements of Income as components of Other Income are discussed below. There are no significant judgements relating to the amount and timing of revenue recognition for those revenue streams under the scope of ASC Topic 606. Fees from Trust Services Revenue from trust services primarily is comprised of fees earned from the management and administration of trusts and other customer assets. Trust services include custody of assets, investment management, escrow services, and similar fiduciary activities. The Company’s performance obligation is generally satisfied over time and the resulting fees are recognized monthly, based upon the month-end Fees from Brokerage Services Revenue from brokerage services are recorded as the income is earned at the time the related service is performed. In return for such services, the Company charges a commission for the sales of various securities products primarily consisting of investment company shares, annuity products, and corporate debt and equity securities, for its selling and administrative efforts. For account supervision, advisory and administrative services, revenue is recognized over a period of time as earned based on customer account balances and activity. Fees from Deposit Services Service charges on deposit accounts consist of account analysis fees (i.e., net fees earned on analyzed business and public checking accounts), monthly service fees, check orders, ATM activity fees, debit card fees, and other deposit account related fees. Revenue is recognized when our performance obligation is completed which is generally monthly for account maintenance services or when a transaction has been completed (ATM or debit card activity). Bankcard Fees and Merchant Discounts Bankcard fees and merchant discounts are primarily comprised of credit card income and merchant services income. Credit card income is primarily comprised of interchange fees earned whenever the Company’s credit cards are processed through card payment networks such as Visa. Merchant services income mainly represents fees charged to merchants to process their credit card transactions. The Company’s performance obligation for bankcard fees and interchange are largely satisfied, and related revenue recognized at the time services are rendered. Payment is typically received immediately or in the following month. Advertising Costs: Income Taxes: more-likely-than-not For uncertain income tax positions, United records a liability based on a recognition threshold of more-likely-than-not, United files a consolidated income tax return with its subsidiaries. Federal income tax expense or benefit has been allocated to subsidiaries on a separate return basis. Derivative Financial Instruments: Derivative instruments designated in a hedge relationship to mitigate exposure to changes in the fair value of an asset, liability, or firm commitment attributable to a particular risk, such as interest rate risk, are considered fair value hedges. Derivative instruments designated in a hedge relationship to mitigate exposure to variability in expected future cash flows, or other types of forecasted transactions, are considered cash flow hedges. For a fair value hedge, the fair value of the interest rate swap is recognized on the balance sheet as either a freestanding asset or liability with a corresponding adjustment to the hedged financial instrument. Subsequent adjustments due to changes in the fair value of a derivative that qualifies as a fair value hedge are offset in current period earnings 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. Fair value hedges may be eligible for offset on the consolidated balance sheets because they are subject to master netting arrangements or similar agreements. United has elected not to offset the assets and liabilities subject to such arrangements on the consolidated financial statements. 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. For derivatives that are not designated in a hedge relationship, changes in the fair value of the derivatives are recognized in earnings in the same period as the change in the fair value. Off-balance-sheet : off-balance Stock-Based Compensation Stock-based compensation expense was $9,881,000 in 2022, $8,018,000 in 2021, and $5,980,000 in 2020. Treasury Stock Trust Assets and Income: Earnings Per Common Share: two-class non-vested Under the two-class The reconciliation of the numerator and denominator of basic earnings per share with that of diluted earnings per share is presented as follows: Year Ended December 31 (Dollars in thousands, except per share) 2022 2021 2020 Distributed earnings allocated to common stock $ 194,052 $ 181,614 $ 171,403 Undistributed earnings allocated to common stock 184,572 185,082 116,879 Net earnings allocated to common shareholders $ 378,624 $ 366,696 $ 288,282 Average common shares outstanding 134,776,241 129,276,452 120,017,247 Dilutive effect of stock compensation 341,271 236,401 72,985 Average diluted shares outstanding 135,117,512 129,512,853 120,090,232 Earnings per basic common share $ 2.81 $ 2.84 $ 2.40 Earnings per diluted common share $ 2.80 $ 2.83 $ 2.40 Fair Value Measurements ASC Topic 820 specifies a hierarchy of valuation techniques based on whether the inputs to those valuation techniques are observable or unobservable. Observable inputs reflect market data obtained from independent sources, while unobservable inputs reflect United’s market assumptions. The three levels of the fair value hierarchy based on these two types of inputs are as follows: Level 1 - Valuation is based on quoted prices in active markets for identical assets and liabilities. Level 2 - Valuation is based on observable inputs including quoted prices in active markets for similar assets and liabilities, quoted prices for identical or similar assets and liabilities in less active markets, and model-based valuation techniques for which significant assumptions can be derived primarily from or corroborated by observable data in the market. Level 3 - Valuation is based on model-based techniques that use one or more significant inputs or assumptions that are unobservable in the market. When determining the fair value measurements for assets and liabilities, United looks to active and observable markets to price identical assets or liabilities whenever possible and classifies such items in Level 1. When identical assets and liabilities are not traded in active markets, United looks to market observable data for similar assets and liabilities and classifies such items as Level 2. Nevertheless, certain assets and liabilities are not actively traded in observable markets and United must use alternative valuation techniques using unobservable inputs to determine a fair value and classifies such items as Level 3. For assets and liabilities that are not actively traded, the fair value measurement is based primarily upon estimates that require significant judgment. Therefore, the results may not be realized in an actual sale or immediate settlement of the asset or liability. Additionally, there are inherent weaknesses in any calculation technique, and changes in the underlying assumptions used, including discount rates and estimates of future cash flows, could significantly affect the results of current or future values. The level within the fair value hierarchy is based on the lowest level of input that is significant in the fair value measurement. Recent Accounting Pronouncements In December 2022, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2022-06, 2022-06 2020-04 2020-04 expected cessation date of all currencies and tenors of LIBOR. In March 2021, the FCA announced that the intended cessation date of LIBOR in the United States would be June 30, 2023. Accordingly, ASU 2022-06 In June 2022, the FASB issued 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 No. 2022-02 10-Q. In March 2022, the FASB issued ASU No. 2022-01, 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. 2020-08 In July 2021, the FASB issued ASU No. 2021-05, 842-10-25-2 25-3, 842-10-24-3A, No. 2021-05 Entities may elect to adopt the amendments through either a retrospective application to leases that commenced or were modified after the beginning of the period in which ASC 842 was adopted or a prospective application to leases that commence or are modified subsequent to the date the amendments in ASU 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).” earnings-per-share No. 2020-06 No. 2020-06 In March 2020, the FASB issued ASU No. 2020-04, No. 2020-04 No. 2020-04 In February 2020, FASB issued ASU No. 2020-03, No. 2020-03 No. 2020-03 In January 2020, the FASB issued ASU No. 2020-01, No. 2020-01 No. 2020-01 |
Mergers and Acquisitions
Mergers and Acquisitions | 12 Months Ended |
Dec. 31, 2022 | |
Business Combinations [Abstract] | |
Mergers and Acquisitions | NOTE B—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 non-PCD The aggregate purchase price was approximately $260,304,000, including common stock valued at $252,321,000, stock options assumed valued at $7,958,000, and cash paid for fractional shares of $25,000. 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 purchase price was allocated to the identifiable tangible and intangible assets resulting in additions to goodwill, and core deposit intangibles of $78,849,000 and $3,398,000, 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 fair value discounts of $7,744,000 on the loans and leases acquired, $230,000 on land acquired, $50,000 on OREO properties acquired and $415,000 on a trust preferred issuance, and premiums of $6,766,000 on investment securities acquired, $492,000 on buildings acquired, $2,741,000 on interest-bearing deposits, and $457,000 on long-term FHLB advances, respectively. United also recorded an allowance for credit losses, including a reserve for unfunded commitments, of $25,920,000 on the loans and commitments acquired split between $12,788,000 for purchased credit deteriorated (“PCD”) loans which is part of the acquisition date fair value, $12,288,000 for non-PCD non-PCD 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: (Dollars in thousands) 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 amounts of acquired identifiable assets and liabilities assumed as of the Community Bankers Trust Acquisition Date were as follows: (Dollars in thousands) 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 Fair value of net assets acquired including identifiable intangible assets 181,455 Resulting goodwill $ 78,849 |
Investment Securities
Investment Securities | 12 Months Ended |
Dec. 31, 2022 | |
Investments, Debt and Equity Securities [Abstract] | |
Investment Securities | NOTE C—INVESTMENT SECURITIES Securities Available for Sale Securities held for indefinite periods of time are classified as available for sale and carried at estimated fair value. The amortized cost and estimated fair values of securities available for sale are summarized as follows. December 31, 2022 Gross Gross Allowance Estimated (Dollars in thousands) Amortized Unrealized Unrealized For Credit Fair Cost Gains Losses Losses Value U.S. Treasury securities and obligations of U.S. Government corporations and agencies $ 548,407 $ 12 $ 18,927 $ 0 $ 529,492 State and political subdivisions 820,167 36 110,673 0 709,530 Residential mortgage-backed securities Agency 1,369,471 4 194,531 0 1,174,944 Non-agency 121,336 66 9,429 0 111,973 Commercial mortgage-backed securities Agency 627,768 8 65,223 0 562,553 Asset-backed securities 943,813 0 32,202 0 911,611 Single issue trust preferred securities 17,342 88 1,146 0 16,284 Other corporate securities 563,425 44 37,931 0 525,538 Total $ 5,011,729 $ 258 $ 470,062 $ 0 $ 4,541,925 December 31, 2021 Gross Gross Allowance Estimated (Dollars in thousands) Amortized Unrealized Unrealized For Credit Fair Cost Gains Losses Losses 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 For the adoption of ASC Topic 326, “Financial Instruments—Credit Losses,” United made a policy election to exclude accrued interest from the amortized cost basis of available-for-sale Available-for-sale non-accrual available-for-sale The following is a summary of securities available for sale which were in an unrealized loss position at December 31, 2022 and December 31, 2021. Less than 12 months 12 months or longer Total Fair Unrealized Fair Unrealized Fair Unrealized (Dollars in thousands) Value Losses Value Losses Value Losses December 31, 2022 U.S. Treasury securities and obligations of U.S. Government corporations and agencies $ 473,025 $ 13,628 $ 48,793 $ 5,299 $ 521,818 $ 18,927 State and political subdivisions 496,328 63,019 192,234 47,654 688,562 110,673 Residential mortgage-backed securities Agency 623,587 70,744 550,135 123,787 1,173,722 194,531 Non-agency 58,839 2,083 42,901 7,346 101,740 9,429 Commercial mortgage-backed securities Agency 396,380 27,469 163,226 37,754 559,606 65,223 Asset-backed securities 425,482 14,134 486,129 18,068 911,611 32,202 Single issue trust preferred securities 0 0 13,109 1,146 13,109 1,146 Other corporate securities 195,425 18,064 261,170 19,867 456,595 37,931 Total $ 2,669,066 $ 209,141 $ 1,757,697 $ 260,921 $ 4,426,763 $ 470,062 Less than 12 months 12 months or longer Total Fair Unrealized Fair Unrealized Fair Unrealized (Dollars in thousands) 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. Year Ended (In thousands) 2022 2021 2020 Proceeds from maturities, sales and calls $ 575,748 $ 731,902 $ 708,068 Gross realized gains 2 1,673 4,618 Gross realized losses 0 122 2,116 At December 31, 2022, gross unrealized losses on available for sale securities were $470,062,000 on 1,427 securities of a total portfolio of 1,502 available for sale securities. Securities with the most significant gross unrealized losses at December 31, 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. 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 $820,167,000 at December 31, 2022. As of December 31, 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 December 31, 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 December 31, 2022. Mortgage-backed securities The fair value of mortgage-backed mortgage-backed United’s agency mortgage-backed securities portfolio relates to securities issued by Fannie Mae, Freddie Mac, and Ginnie Mae. The total amortized cost of available for sale agency mortgage-backed securities was $1,997,239,000 at December 31, 2022. Of the $1,997,239,000 amount, $627,768,000 was related to agency commercial mortgage-backed securities and $1,369,471,000 was related to agency residential mortgage-backed securities. Each of the agency mortgage-backed securities provides a guarantee of full and timely payments of principal and interest by the issuing agency. Based upon management’s analysis and judgment, it was determined that none of the agency mortgage-backed securities had credit losses at December 31, 2022. United’s non-agency non-agency non-agency Asset-backed securities As of December 31, 2022, United’s asset-backed securities portfolio had a total amortized cost balance of $943,813,000. 100% of the portfolio was investment grade rated as of December 31, 2022. Approximately 27% 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 73% of the portfolio relates to collateralized loan obligation securities that are all AAA rated. Upon reviewing this portfolio as of December 31, 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 December 31, 2022 consisted of $8,468,000 in investment grade bonds, $3,086,000 in split rated bonds, and $5,788,000 in unrated bonds. Management reviews each issuer’s current and projected earnings trends, asset quality, capitalization levels, and other key factors. Upon completing the review for the fourth quarter of 2022, it was determined that none of the single issue trust preferred securities had credit losses. Corporate securities As of December 31, 2022, United’s Corporate securities portfolio had a total amortized cost balance of $563,425,000. The majority of the portfolio consisted of debt issuances of corporations representing a variety of industries, including financial institutions. Of the $563,425,000, 98% had at least one rating above investment grade, none were below investment grade rated, and 2% 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 December 31, 2022. The amortized cost and estimated fair value of securities available for sale at December 31, 2022 by contractual maturity are shown below. Expected maturities may differ from contractual maturities because the issuers may have the right to call or prepay obligations without penalties. Maturities of mortgage-backed securities with an amortized cost of $2,118,575,000 and an estimated fair value of $1,849,470,000 at December 31, 2022 are included below based upon contractual maturity. Estimated (In thousands) Amortized Fair Cost Value Due in one year or less $ 384,921 $ 380,575 Due after one year through five years 856,743 817,881 Due after five years through ten years 981,983 858,819 Due after ten years 2,788,082 2,484,650 Total $ 5,011,729 $ 4,541,925 Equity securities at fair value Equity securities consist mainly of equity securities of mutual funds within a rabbi trust for the payment of benefits under a deferred compensation plan for certain key officers of United and its subsidiaries. The fair value of United’s equity securities was $7,629,000 at December 31, 2022 and $12,404,000 at December 31, 2021. Year Ended (In thousands) December 31, 2022 December 31, 2021 Net gains recognized during the period on equity securities sold $ 0 $ 788 Unrealized gains recognized during the period on equity securities still held at period end 94 69 Unrealized losses recognized during the period on equity securities still held at period end (684 ) (187 ) Net gains recognized during the period $ (590) $ 670 Other investment securities During the fourth quarter of 2022, United evaluated all of its cost method investments to determine if certain events or changes in circumstances during the fourth quarter of 2022 had a significant adverse effect on the recorded value of any of its cost method securities. United determined that there was no individual security that experienced an adverse event during the fourth quarter. There were no other events or changes in circumstances during the fourth quarter which would have an adverse effect on the recorded 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 $2,412,820,000 and $1,871,328,000 at December 31, 2022 and December 31, 2021, respectively. |
Loans and Leases
Loans and Leases | 12 Months Ended |
Dec. 31, 2022 | |
Receivables [Abstract] | |
LOANS AND LEASES | NOTE D—LOANS AND LEASES Major classes of loans and leases are as follows: December 31, December 31, (In thousands) 2022 2021 Commercial, financial and agricultural: Owner-occupied commercial real estate $ 1,724,927 $ 1,733,176 Nonowner-occupied commercial real estate 6,286,974 5,957,288 Other commercial 3,612,568 3,462,361 Total commercial, financial & agricultural 11,624,469 11,152,825 Residential real estate 4,662,911 3,691,560 Construction & land development Consumer: 2,926,971 2,014,165 Bankcard 9,273 8,913 Other consumer 1,356,539 1,183,844 Less: Unearned income (21,997 ) (27,659 ) Total gross loans $ 20,558,166 $ 18,023,648 The table above does not include loans held for sale of $56,879,000 and $504,416,000 at December 31, 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. At December 31, 2022 and 2021, loans-in-process ,000 ,000 ,000 ,000 ,000 ,000 ,000 ,000 |
Credit Quality
Credit Quality | 12 Months Ended |
Dec. 31, 2022 | |
Text Block [Abstract] | |
Credit Quality | NOTE E—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. Generally, a loan is categorized as a TDR if a concession is granted and there is deterioration in the financial condition of the borrower. The portfolio of TDR loans is monitored monthly. In response to the coronavirus (“COVID-19”) COVID-19 under the CARES Act, these loan modifications were exempt by law from classification as a TDR as defined by GAAP. As of December 31, 2022, United no longer has any eligible loan modifications in deferral under section 4013, “Temporary Relief from Troubled Debt Restructurings,” of the CARES Act as compared to 188 eligible loan modifications in deferral on $18,039 ,000 As of December 31, 2022, United had TDRs of $19,388 ,000 ,000 ,000 ,000 30-89 ,000 ,000 ,000 The following tables sets forth the balances of TDRs at December 31, 2022 and December 31, 2021 and the reasons for modification: (In thousands) Reason for modification December 31, 2022 December 31, 2021 Interest rate reduction $ 736 $ 3,163 Interest rate reduction and change in terms 792 1,412 Forgiveness of principal 0 0 Concession of principal and term 15 19 Extended maturity 4,616 4,831 Transfer of asset 0 5,407 Change in terms 13,229 21,024 Total $ 19,388 $ 35,856 The following table sets forth United’s troubled debt restructurings that have been restructured during the year ended December 31, 2022 and 2021, segregated by class of loans: Troubled Debt Restructurings For the Year Ended December 31, 2022 December 31, 2021 (Dollars in thousands) Number of Pre- Modification Post- Number of Pre- Modification Post- Commercial real estate: Owner-occupied 2 $ 2,945 $ 2,817 5 $ 2,155 $ 2,293 Nonowner-occupied 0 0 0 3 6,362 6,130 Other commercial 1 132 0 2 328 328 Residential real estate 0 0 0 9 1,660 1,651 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 $ 2,817 19 $ 10,505 $ 10,402 The following table sets forth United’s troubled debt restructurings, based on their post-modification outstanding recorded balance, that have been restructured during the year ended December 31, 2022 and 2021, segregated by the reason for modification: Year Ended (In thousands) Reason for modification December 31, December 31, Interest rate reduction $ 143 $ 155 Interest rate reduction and change in terms 0 1,412 Forgiveness of principal 0 0 Year Ended (In thousands) Reason for modification December 31, December 31, Concession of principal and term 0 0 Transfer of asset 0 5,407 Extended maturity 0 2,754 Change in terms 2,674 674 Total $ 2,817 $ 10,402 The loans and leases were evaluated individually for allocation within United’s allowance for loan losses. The modifications had an immaterial impact on the financial condition and results of operations for United. The following table presents troubled debt restructurings, by class of loan, that had charge-offs during the year ended December 31, 2022 and 2021. These loans were restructured during the twelve months ended December 31, 2022 and 2021 and subsequently defaulted, resulting in principal charge-offs during the year of 2022 and 2021. The recorded investment amounts presented were as of the December 31, 2022 and 2021 balance sheet dates. Year Ended December 31, 2022 Year Ended December 31, 2021 (In thousands) Number of Recorded Number of Recorded Troubled Debt Restructurings Commercial real estate: Owner-occupied 0 $ 0 0 $ 0 Nonowner-occupied 0 0 0 0 Other commercial 1 96 0 0 Residential real estate 1 0 1 0 Construction & land development 0 0 2 0 Consumer: Bankcard 0 0 0 0 Other consumer 0 0 0 0 Total 2 $ 96 3 $ 0 The following table sets forth United’s age analysis of its past due loans and leases, segregated by class of loans and leases: Age Analysis of Past Due Loans and Leases As of December 31, 2022 (In thousands) 30-89 90 Days or Past Due Total Past Current & Total Financing 90 Days or Past Due & Commercial real estate: Owner-occupied $ 5,643 $ 12,368 $ 18,011 $ 1,706,916 $ 1,724,927 $ 4,023 Nonowner-occupied 9,996 8,916 18,912 6,268,062 6,286,974 0 Other commercial 13,466 5,338 18,804 3,593,764 3,612,568 2,946 Residential real estate 25,315 17,735 43,050 4,619,861 4,662,911 7,342 Construction & land development 3,060 475 3,535 2,923,436 2,926,971 0 Consumer: Bankcard 63 109 172 9,101 9,273 109 Other consumer 33,993 4,570 38,563 1,317,976 1,356,539 4,220 Total $ 91,536 $ 49,511 $ 141,047 $ 20,439,116 $ 20,580,163 $ 18,640 Age Analysis of Past Due Loans and Leases As of December 31, 2021 (In thousands) 30-89 Days Past Due 90 Days or Past Due Total Past Due Current & Total Financing 90 Days or Past Due & 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 and leases: At December 31, 2022 At December 31, 2021 (In thousands) Nonaccruals With No Nonaccruals With No Commercial Real Estate: Owner-occupied $ 8,345 $ 8,345 $ 12,714 $ 12,714 Nonowner-occupied 8,916 8,916 18,284 18,284 Other Commercial 2,392 2,392 9,314 8,261 Residential Real Estate 10,393 8,564 15,254 14,298 Construction 475 475 2,713 2,713 Consumer: Bankcard 0 0 0 0 Other consumer 350 350 170 170 Total $ 30,871 $ 29,042 $ 58,449 $ 56,440 Interest income recognized on nonaccrual loans was insignificant during the year ended December 31, 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 December 31, 2022 and December 31, 2021: Collateral Dependent Loans and Leases At December 31, 2022 (In thousands) Residential Business Land Commercial Other Total Commercial real estate: Owner-occupied $ 46 $ 22 $ 0 $ 15,718 $ 9,635 $ 25,421 Nonowner-occupied 3,245 0 0 2,784 7,619 13,649 Other commercial 0 5,444 0 0 140 5,584 Residential real estate 11,858 0 0 0 0 11,858 Construction & land development 14 0 1,312 0 738 2,063 Consumer: Bankcard 0 0 0 0 0 0 Other consumer 0 0 0 0 0 0 Total $ 15,163 $ 5,466 $ 1,312 $ 18,502 $ 18,132 $ 58,575 Collateral Dependent Loans and Leases At December 31, 2021 (In thousands) Residential Business Land Commercial 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 $1,000,000 or greater) and classified (substandard-rated and worse in the amount of $500,000 and greater) loans is completed once per quarter. Review of notes with committed exposure of $2,000,000 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 (In thousands) Term Loans Origination Year Revolving loans amortized cost loans converted to As of December 31, 2022 2022 2021 2020 2019 2018 Prior basis term loans Total Internal Risk Grade: Pass $ 339,765 $ 276,667 $ 284,091 $ 122,582 $ 112,126 $ 504,485 $ 32,465 $ 350 $ 1,672,531 Special Mention 0 0 0 496 1,158 5,358 920 0 7,932 Substandard 143 936 522 417 642 41,301 0 233 44,194 Doubtful 0 0 0 0 0 270 0 0 270 Total $ 339,908 $ 277,603 $ 284,613 $ 123,495 $ 113,926 $ 551,414 $ 33,385 $ 583 $ 1,724,927 Current-period charge-offs 0 0 0 0 0 (68 ) 0 0 (68 ) Current-period recoveries 0 0 0 0 0 489 0 0 489 Current-period net recoveries $ 0 $ 0 $ 0 $ 0 $ 0 $ 421 $ 0 $ 0 $ 421 Revolving (In thousands) Term Loans Origination Year Revolving loans amortized cost loans and leases converted to As of December 31, 2021 2021 2020 2019 2018 2017 Prior basis term loans Total 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) recoveries $ 0 $ 0 $ 0 $ 0 $ (31 ) $ 486 $ 0 $ 0 $ 455 Commercial Real Estate – Nonowner-occupied Revolving Term Loans Origination Year Revolving loans loans (In thousands) amortized cost As of December 31, 2022 2022 2021 2020 2019 2018 Prior basis term loans Total Internal Risk Grade: Pass $ 1,415,465 $ 1,399,023 $ 739,474 $ 687,755 $ 341,367 $ 1,297,076 $ 183,779 $ 135 $ 6,064,074 Special Mention 557 2,401 6,852 84,781 980 23,137 0 0 118,708 Substandard 0 0 673 34,079 17,180 51,897 363 0 104,192 Doubtful 0 0 0 0 0 0 0 0 0 Total $ 1,416,022 $ 1,401,424 $ 746,999 $ 806,615 $ 359,527 $ 1,372,110 $ 184,142 $ 135 $ 6,286,974 Current-period charge-offs 0 0 0 0 0 0 0 0 0 Current-period recoveries 0 0 0 0 0 234 0 0 234 Current-period net recoveries $ 0 $ 0 $ 0 $ 0 $ 0 $ 234 $ 0 $ 0 $ 234 Revolving Term Loans Origination Year Revolving loans loans and leases (In thousands) amortized cost converted to As of December 31, 2021 2021 2020 2019 2018 2017 Prior basis term loans Total 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 Revolving Term Loans and leases Origination Year and leases loans and leases (In thousands) amortized cost converted to As of December 31, 2022 2022 2021 2020 2019 2018 Prior basis term loans Total Internal Risk Grade: Pass $ 749,919 $ 581,588 $ 398,682 $ 230,209 $ 75,577 $ 426,406 $ 1,033,459 $ 1,596 $ 3,497,436 Special Mention 14,244 3,652 331 2,115 936 2,799 35,997 38 60,112 Substandard 4,023 432 29 871 5,603 6,182 37,778 42 54,960 Doubtful 0 0 0 0 0 60 0 0 60 Total $ 768,186 $ 585,672 $ 399,042 $ 233,195 $ 82,116 $ 435,447 $ 1,107,234 $ 1,676 $ 3,612,568 Current-period charge-offs 0 (364 ) (202 ) (211 ) (2,490 ) (1,041 ) 0 0 (4,308 ) Current-period recoveries 0 0 84 17 705 4,561 0 0 5,367 Current-period net (charge- offs) recoveries $ 0 $ (364 ) $ (118 ) $ (194 ) $ (1,785 ) $ 3,520 $ 0 $ 0 $ 1,059 Revolving loans Revolving Term Loans and leases Origination Year and leases loans and leases (In thousands) amortized cost converted to As of December 31, 2021 2021 2020 2019 2018 2017 Prior basis term loans Total 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 Term Loans Origination Year Revolving loans loans (In thousands) amortized cost As of December 31, 2022 2022 2021 2020 2019 2018 Prior basis term loans Total Internal Risk Grade: Pass $ 1,525,762 $ 847,177 $ 492,628 $ 291,334 $ 245,158 $ 791,366 $ 439,800 $ 2,683 $ 4,635,908 Special Mention 0 0 0 0 11 4,418 1,888 0 6,317 Substandard 0 1,448 68 445 866 17,001 858 0 20,686 Doubtful 0 0 0 0 0 0 0 0 0 Total $ 1,525,762 $ 848,625 $ 492,696 $ 291,779 $ 246,035 $ 812,785 $ 442,546 $ 2,683 $ 4,662,911 Current-period charge-offs 0 (809 ) 0 0 (284 ) (453 ) 0 0 (1,546 ) Current-period recoveries 0 1 0 0 16 1,483 7 0 1,507 Current-period net (charge- offs) recoveries $ 0 $ (808 ) $ 0 $ 0 $ (268 ) $ 1,030 $ 7 $ 0 $ (39 ) Revolving Term Loans Origination Year Revolving loans loans (In thousands) amortized cost As of December 31, 2021 2021 2020 2019 2018 2017 Prior basis term loans Total 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 Term Loans Origination Year Revolving loans loans (In thousands) amortized cost converted to As of December 31, 2022 2022 2021 2020 2019 2018 Prior basis term loans Total Internal Risk Grade: Pass $ 806,442 $ 1,109,601 $ 389,751 $ 133,711 $ 117,934 $ 109,320 $ 252,604 $ 0 $ 2,919,363 Special Mention 0 0 65 3,421 0 1,447 0 0 4,933 Substandard 0 219 0 13 0 2,443 0 0 2,675 Doubtful 0 0 0 0 0 0 0 0 0 Total $ 806,442 $ 1,109,820 $ 389,816 $ 137,145 $ 117,934 $ 113,210 $ 252,604 $ 0 $ 2,926,971 Current-period charge-offs 0 0 0 0 0 (2 ) 0 0 (2 ) Current-period recoveries 0 0 0 0 0 1,414 0 0 1,414 Current-period net recoveries $ 0 $ 0 $ 0 $ 0 $ 0 $ 1,412 $ 0 $ 0 $ 1,412 Revolving Term Loans Origination Year Revolving loans loans (In thousands) amortized cost converted to As of December 31, 2021 2021 2020 2019 2018 2017 Prior basis term loans Total 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) recoveries $ 0 $ 0 $ 0 $ 0 $ (44 ) $ 88 $ 0 $ 0 $ 44 Bankcard Revolving Term Loans Origination Year Revolving loans loans (In thousands) amortized cost converted to As of December 31, 2022 2022 2021 2020 2019 2018 Prior basis term loans Total Internal Risk Grade: Pass $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 9,101 $ 0 $ 9,101 Special Mention 0 0 0 0 0 0 63 0 63 Substandard 0 0 0 0 0 0 109 0 109 Doubtful 0 0 0 0 0 0 0 0 0 Total $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 9,273 $ 0 $ 9,273 Current-period charge-offs 0 0 0 0 0 0 (355 ) 0 (355 ) Current-period recoveries 0 0 0 0 0 0 9 0 9 Current-period net charge-offs $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ (346 ) $ 0 $ (346 ) Revolving Term Loans Origination Year Revolving loans loans (In thousands) amortized cost converted to As of December 31, 2021 2021 2020 2019 2018 2017 Prior basis term loans Total 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 0 42 0 42 YTD net charge-offs $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ (148 ) $ 0 $ (148 ) Other Consumer Revolving (In thousands) Term Loans Origination Year Revolving loans amortized cost loans converted to As of December 31, 2022 2022 2021 2020 2019 2018 Prior basis term loans Total Internal Risk Grade: Pass $ 626,666 $ 319,719 $ 176,423 $ 128,176 $ 55,147 $ 9,202 $ 2,644 $ 0 $ 1,317,977 Special Mention 9,891 13,449 5,769 3,075 1,295 464 50 0 33,993 Substandard 1,144 2,214 927 167 89 28 0 0 4,569 Doubtful 0 0 0 0 0 0 0 0 0 Total $ 637,701 $ 335,382 $ 183,119 $ 131,418 $ 56,531 $ 9,694 $ 2,694 $ 0 $ 1,356,539 Current-period charge-offs (394 ) (1,435 ) (851 ) (331 ) (162 ) (198 ) 0 0 (3,371 ) Current-period recoveries 12 102 61 87 60 207 0 0 529 Current-period net (charge- offs) recoveries $ (382 ) $ (1,333 ) $ (790 ) $ (244 ) $ (102 ) $ 9 $ 0 $ 0 $ (2,842 ) Revolving (In thousands) Term Loans Origination Year Revolving loans amortized cost loans converted to As of December 31, 2021 2021 2020 2019 2018 2017 Prior basis term loans Total 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
Allowance for Credit Losses | 12 Months Ended |
Dec. 31, 2022 | |
Receivables [Abstract] | |
Allowance for Credit Losses | N OTE F—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 $70,332,000 (no allowance for credit losses) and $49,029,000 (net of an allowance for credit losses of $8,000) at December 31, 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 December 31, 2022 as compared to an allowance for credit losses of $8,000 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 December 31, 2022 and December 31, 2021: Accrued Interest Receivable (In thousands) At December 31, 2022 At December 31, 2021 Commercial Real Estate: Owner-occupied $ 4,855 $ 4,172 Nonowner-occupied 19,801 14,901 Other Commercial 10,904 9,335 Accrued Interest Receivable (In thousands) At December 31, 2022 At December 31, 2021 Residential Real Estate 16,117 10,347 Construction 15,195 7,411 Consumer: Bankcard 0 0 Other consumer 3,460 2,871 $ 70,332 $ 49,037 Less: Allowance for credit losses 0 (8 ) Total $ 70,332 $ 49,029 The following table represents the accrued interest receivables written off by reversing interest income for the year ended December 31, 2022 and December 31, 2021: Accrued Interest Receivables Written Off (In thousands) Year Ended 2022 2021 Commercial Real Estate: Owner-occupied $ 20 $ 33 Nonowner-occupied 4 114 Other Commercial 77 40 Residential Real Estate 105 419 Construction 0 8 Consumer: Bankcard 0 0 Other consumer 304 176 Total $ 510 $ 790 United maintains an allowance for loan losses and a reserve for lending-related commitments such as unfunded loan commitments and letters of credit. For a detailed discussion of the methodology used to estimate the reserve for lending-related commitments, see Note A, “Summary of Significant Accounting Policies.” The reserve for lending-related commitments of $46,189,000 and $31,442,000 at December 31, 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 and other factors. 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. United’s allowance for loan and lease losses at December 31, 2022 increased $ 18,730,000 The year of 2022 qualitative adjustments include analyses of the following: · Current conditions · Reasonable and supportable forecasts portfolio-by-portfolio Ø The forecast for real GDP shifted downward in the fourth quarter, from a projection of 1.20% for 2023 as of mid-September mid-December Ø Reversion to historical loss data occurs via a straight-line method during the year following the one-year A progression of the allowance for loan losses, by portfolio segment, for the periods indicated is summarized as follows: Allowance for Loan and Lease Losses and Carrying Amount of Loans and Leases For the Year Ended December 31, 2022 (In thousands) Commercial Real Other Residential Construction & Bankcard Total Owner- Nonowner- Other 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) (4,308) (1,546) (2) (355) (3,371) (9,650) Recoveries 489 234 5,367 1,507 1,414 9 529 9,549 Provision (919) (3,847) 215 9,862 7,583 590 5,347 18,831 Ending balance $ 13,945 $ 38,543 $ 79,706 $ 36,227 $ 48,390 $ 561 $ 17,374 $ 234,746 Allowance for Loan and Lease Losses and Carrying Amount of Loans and Leases For the Year Ended December 31, 2021 (In thousands) Commercial Real Other Residential Construction & 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 A progression of the allowance for credit losses, which includes the allowance for loan losses and the reserve for lending-related commitments, for the periods presented is summarized as follows: Year Ended December 31 (In thousands) 2022 2021 2020 Balance of allowance for loan and lease losses at beginning of period $ 216,016 $ 235,830 $ 77,057 Cumulative effect adjustment for CECL 0 0 57,442 216,016 235,830 134,499 Initial allowance for acquired PCD loans 0 12,629 18,635 Gross charge-offs (9,650 ) (19,297 ) (32,983 ) Recoveries 9,549 10,578 9,386 Net charge-offs (101 ) (8,719 ) (23,597 ) Provision for loan and lease losses 18,831 (23,724 ) 106,293 Year Ended December 31 (In thousands) 2022 2021 2020 Balance of allowance for loan and lease losses at end of period $ 234,746 $ 216,016 $ 235,830 Reserve for lending-related commitments 46,189 31,442 19,250 Balance of allowance for credit losses at end of period $ 280,935 $ 247,458 $ 255,080 |
Bank Premises and Equipment
Bank Premises and Equipment | 12 Months Ended |
Dec. 31, 2022 | |
Property, Plant and Equipment [Abstract] | |
Bank Premises and Equipment | NOTE G—BANK PREMISES AND EQUIPMENT Bank premises and equipment are summarized as follows: December 31 (In thousands) 2022 2021 Land $ 63,594 $ 60,551 Buildings and improvements 204,255 194,053 Leasehold improvements 42,309 38,568 Furniture, fixtures and equipment 113,900 105,554 424,058 398,726 Less allowance for depreciation and amortization (224,897 ) (201,506 ) Net bank premises and equipment $ 199,161 $ 197,220 Depreciation expense was $18,237,000, $16,583,000, and $13,464,000 for years ending December 31, 2022, 2021 and 2020, respectively, while amortization expense was $343,000, $331,000 and $251,000 for the years ended December 31, 2022, 2021 and 2020, respectively. |
Leases
Leases | 12 Months Ended |
Dec. 31, 2022 | |
Leases [Abstract] | |
Leases | NOTE H—LEASES United determines if an arrangement is a lease at inception. United and certain subsidiaries have entered into various noncancelable-operating leases for branch and loan production offices as well as operating facilities. Operating leases are included in operating lease right-of-use United’s operating leases are subject to renewal options under various terms. United’s operating leases have remaining terms of 1 to 15 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: Year Ended Year Ended (In thousands) Classification December 31, December 31, Operating lease cost Net occupancy expense $ 20,987 $ 21,466 Sublease income Net occupancy expense (328 ) (1,256 ) Net lease cost $ 20,659 $ 20,210 Supplemental balance sheet information related to leases was as follows: (In thousands) Classification December 31, December 31, Operating lease right-of-use Operating lease right-of-use $ 71,144 $ 81,942 Operating lease liabilities Operating lease liabilities $ 75,749 $ 86,703 Other information related to leases was as follows: December 31, 2022 Weighted-average remaining lease term: Operating leases 6.70 years Weighted-average discount rate: Operating leases 2.25 % Supplemental cash flow information related to leases was as follows: Year Ended (In thousands) December 31, 2022 December 31, 2021 Cash paid for amounts in the measurement of lease liabilities: Operating cash flows from operating leases $ 21,240 $ 22,153 ROU assets obtained in the exchange for lease liabilities 9,184 22,719 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, 2022, consists of the following: Year Amount (Dollars in thousands) 2023 $ 19,157 2024 13,795 2025 10,167 2026 8,872 2027 7,036 Thereafter 22,447 Total lease payments 81,474 Less: imputed interest (5,725 ) Total $ 75,749 |
Intangible Assets
Intangible Assets | 12 Months Ended |
Dec. 31, 2022 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Intangible Assets | NOTE I—INTANGIBLE ASSETS The following is a summary of intangible assets subject to amortization and those not subject to amortization: December 31, 2022 Community Banking Mortgage Banking Total (In thousands) Gross Carrying Accumulated Gross Carrying Accumulated Gross Carrying Accumulated Amortized intangible assets: Core deposit intangible assets $ 105,165 ($ 87,544 ) $ 0 $ 0 $ 105,165 ($ 87,544 ) 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 (In thousands) Gross Carrying Accumulated Gross Carrying Accumulated Gross Carrying Accumulated Amortized intangible assets: Core deposit intangible assets $ 105,165 ($ 82,028 ) $ 0 $ 0 $ 105,165 ($ 82,028 ) 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 The following table provides a reconciliation of goodwill: (In thousands) Community Mortgage 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 December 31, 2022 $ 1,883,574 $ 5,315 $ 1,888,889 The addition during the year 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 2022: Year Amount (Dollars in thousands) 2023 $ 5,116 2024 3,639 2025 3,282 2026 2,758 2027 1,152 2028 and thereafter 1,674 |
Mortgage Servicing Rights
Mortgage Servicing Rights | 12 Months Ended |
Dec. 31, 2022 | |
Servicing Asset [Abstract] | |
Mortgage Servicing Rights | NOTE J—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 unpaid principal balances of loans serviced for others were approximately $3,381,485,000 and $3,698,998,000 at December 31, 2022 and 2021, respectively. The estimated fair value of the mortgage servicing rights was $41,880,000 and $27,355,000 at December 31, 2022 and December 31, 2021, respectively. The estimated fair value of servicing rights at December 31, 2022 was determined using a net servicing fee of 0.25%, average discount rates ranging from 10.50% to 10.74% with a weighted average discount rate of 10.62%, average constant prepayment rates (“CPR”) ranging from 5.66% to 7.62% with a weighted average prepayment rate of 6.30%, depending upon the stratification of the specific servicing right, and a delinquency rate, including loans on forbearance of 2.19%. 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 W 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 year ended December 31, 2022 and 2021: (In thousands) Year Ended December 31, 2022 Year Ended December 31, 2021 MSRs beginning balance $ 24,027 $ 22,338 Amount capitalized 1,417 10,584 Amount amortized (4,422 ) (8,895 ) MSRs ending balance $ 21,022 $ 24,027 MSRs valuation allowance beginning balance $ (883 ) $ (1,383 ) Aggregate additions charged and recoveries credited to operations 883 1,129 MSRs impairment 0 (629 ) MSRs valuation allowance ending balance $ 0 $ (883 ) MSRs, net of valuation allowance $ 21,022 $ 23,144 In determining impairment, the Company aggregates all servicing rights and stratifies them into tranches based on predominant risk characteristics. The estimated amortization expense is based on current information regarding future loan payments and prepayments. Amortization expense could change in future periods based on changes in the volume of prepayments and economic factors. |
Deposits
Deposits | 12 Months Ended |
Dec. 31, 2022 | |
Deposits [Abstract] | |
Deposits | NOTE K—DEPOSITS The book value of deposits consisted of the following: (In thousands) December 31 2022 2021 Noninterest-bearing accounts $ 7,199,678 $ 7,496,560 (1) Interest-bearing transaction accounts 5,116,966 5,218,342 (1) Regular savings 1,678,302 1,641,404 Interest-bearing money market accounts 6,299,404 6,361,887 Time deposits under $100,000 843,950 1,031,008 Time deposits over $100,000 1,164,866 1,601,062 Total deposits $ 22,303,166 $ 23,350,263 (1) For December 31, 2021, $1,483,987 was reclassed from noninterest-bearing accounts to interest-bearing transaction accounts. Included in time deposits over $100,000 at December 31, 2022 and 2021 were time deposits of $250,000 or more of $454,477,000 and $640,752,000, respectively. Interest paid on deposits approximated $77,271,000, $43,562,000, and $81,080,000 in 2022, 2021 and 2020, respectively. United’s subsidiary banks have received deposits, in the normal course of business, from the directors and officers of United and its subsidiaries, and their associates. Such related party deposits were accepted on substantially the same terms, including interest rates and maturities, as those prevailing at the time for comparable transactions with unrelated persons. The aggregate dollar amount of these deposits was $36,476,000 and $25,889,000 at December 31, 2022 and 2021, respectively. |
Short-Term Borrowings
Short-Term Borrowings | 12 Months Ended |
Dec. 31, 2022 | |
Debt Disclosure [Abstract] | |
Short-Term Borrowings | NOTE L—SHORT-TERM BORROWINGS At December 31, 2022 and 2021, short-term borrowings were as follows: December 31 (In thousands) 2022 2021 Federal funds purchased $ 0 $ 0 Securities sold under agreements to repurchase 160,698 128,844 Total short-term borrowings $ 160,698 $ 128,844 Federal funds purchased and securities sold under agreements to repurchase have not been a significant source of funds for the company. United has various unused lines of credit available from certain of its correspondent banks in the aggregate amount of $230,000,000. These lines of credit, which bear interest at prevailing market rates, permit United to borrow funds in the overnight market, and are renewable annually subject to certain conditions. At December 31, 2022, all the repurchase agreements were in overnight accounts. The rates offered on these funds vary according to movements in the federal funds and short-term United has a $20,000,000 line of credit with an unrelated financial institution to provide for general liquidity needs. The line is an unsecured, revolving line of credit. The line is renewable on a 360 day basis and carries an indexed, floating-rate of interest. The line requires compliance with various financial and nonfinancial covenants. At December 31, 2022, United had no outstanding balance under this credit. Interest paid on short-term borrowings approximated $1,747,000, $693,000, and $1,027,000 in 2022, 2021 and 2020, respectively. |
Long-Term Borrowings
Long-Term Borrowings | 12 Months Ended |
Dec. 31, 2022 | |
Debt Disclosure [Abstract] | |
Long-Term Borrowings | NOTE M—LONG-TERM BORROWINGS United’s subsidiary bank is a member of the Federal Home Loan Bank (“FHLB”). Membership in the FHLB makes available short-term and long-term borrowings from collateralized advances. All FHLB borrowings are collateralized by a mix of single-family residential mortgage loans, commercial loans and investment securities. At December 31, 2022, the total carrying value of loans pledged as collateral for FHLB advances approximated $5,188,745,000. United had an unused borrowing amount as of December 31, 2022 of approximately $6,248,366,000 available subject to delivery of collateral after certain trigger points. Advances may be called by the FHLB or redeemed by United based on predefined factors and penalties. At December 31, 2022 and 2021, FHLB advances and the related weighted-average interest rates were as follows: 2022 2021 Weighted- Weighted- Weighted- Weighted- Average Average Average Average Contractual Effective Contractual Effective (Dollars in thousands) Amount Rate Rate Amount Rate Rate FHLB advances $ 1,910,775 4.18 % 3.19 % $ 532,199 0.35 % 0.55 % No overnight funds were included in the $1,910,775,000 and $532,199,000 above at December 31, 2022 and 2021, respectively. At December 31, 2022, FHLB advances of $1,900,000,000 mature in 2023 while $10,775,000 mature in 2025. The weighted-average effective rate considers the effect of any interest rate swaps designated as fair value hedges outstanding at year-end At December 31, 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 $4,124,000 in aggregate principal amount of a LIBOR-indexed floating rate Debentures in the Community Bankers Trust merger. At December 31, 2022 and 2021, the outstanding balance of the Debentures was $276,989,000 and $275,323,000, respectively. United also assumed $10,000,000 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. Information related to United’s statutory trusts is presented in the table below: (Dollars in thousands) Description Issuance Date Amount of 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 LIBOR + 1.55% October 1, 2037 United Statutory Trust VI September 20, 2007 $ 30,000 3-month LIBOR + 1.30% December 15, 2037 Premier Statutory Trust II September 25, 2003 $ 6,000 3-month LIBOR + 3.10% October 8, 2033 Premier Statutory Trust III May 16, 2005 $ 8,000 3-month LIBOR + 1.74% June 15, 2035 Premier Statutory Trust IV June 20, 2006 $ 14,000 3-month LIBOR + 1.55% September 23, 2036 Premier Statutory Trust V December 14, 2006 $ 10,000 3-month LIBOR + 1.61% March 1, 2037 Centra Statutory Trust I September 20, 2004 $ 10,000 3-month LIBOR + 2.29% September 20, 2034 Centra Statutory Trust II June 15, 2006 $ 10,000 3-month LIBOR + 1.65% July 7, 2036 Virginia Commerce Trust II December 19, 2002 $ 15,000 6-month LIBOR + 3.30% December 19, 2032 Virginia Commerce Trust III December 20, 2005 $ 25,000 3-month LIBOR + 1.42% February 23, 2036 Cardinal Statutory Trust I July 27, 2004 $ 20,000 3-month LIBOR + 2.40% September 15, 2034 UFBC Capital Trust I December 30, 2004 $ 5,000 3-month LIBOR + 2.10% March 15, 2035 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 LIBOR + 3.05% January 7, 2034 Greer Capital Trust I October 12, 2004 $ 6,000 3-month LIBOR + 2.20% October 18, 2034 Greer Capital Trust II December 28, 2006 $ 5,000 3-month LIBOR + 1.73% January 30, 2037 First South Preferred Trust I September 26, 2003 $ 10,000 3-month LIBOR + 2.95% September 30, 2033 BOE Statutory Trust I December 12, 2003 $ 4,000 3-month LIBOR + 3.00% December 12, 2033 At December 31, 2022 and 2021, the Debentures and their related weighted-average interest rates were as follows: 2022 2021 (Dollars in thousands) Amount Weighted- Average Rate Amount Weighted- Average Rate United Statutory Trust III $ 20,619 7.59 % $ 20,619 3.07 % United Statutory Trust IV 25,774 7.27 % 25,774 2.98 % United Statutory Trust V 51,547 5.29 % 51,547 1.68 % United Statutory Trust VI 30,928 6.07 % 30,928 1.50 % Premier Statutory Trust II 6,186 7.18 % 6,186 3.22 % Premier Statutory Trust III 8,248 6.51 % 8,248 1.94 % Premier Statutory Trust IV 14,433 6.28 % 14,433 1.77 % Premier Statutory Trust V 10,310 6.37 % 10,310 1.78 % Centra Statutory Trust I 10,000 7.04 % 10,000 2.50 % Centra Statutory Trust II 10,000 5.73 % 10,000 1.77 % Virginia Commerce Trust II 13,166 8.45 % 12,936 3.57 % Virginia Commerce Trust III 18,847 6.11 % 18,320 1.58 % 2022 2021 (Dollars in thousands) Amount Weighted- Average Rate Amount Weighted- Average Rate Cardinal Statutory Trust I 16,017 7.17 % 15,620 2.60 % UFBC Capital Trust I 3,866 6.87 % 3,761 2.30 % Carolina Financial Capital Trust I 5,022 8.00 % 5,010 3.75 % Carolina Financial Capital Trust II 9,498 7.13 % 9,420 3.17 % Greer Capital Trust I 5,256 6.39 % 5,167 3.17 % Greer Capital Trust II 4,087 6.15 % 3,983 2.32 % First South Preferred Trust I 9,432 7.68 % 9,348 1.86 % BOE Statutory Trust I 3,753 7.75 % 3,713 3.22 % Total $ 276,989 $ 275,323 At December 31, 2022, the scheduled maturities of long-term borrowings were as follows: Year Amount (Dollars in thousands) 2023 $ 1,898,393 2024 0 2025 9,153 2026 8,268 2027 0 2028 and thereafter 281,842 Total $ 2,197,656 |
Other Expense
Other Expense | 12 Months Ended |
Dec. 31, 2022 | |
Other Income and Expenses [Abstract] | |
Other Expense | NOTE N—OTHER EXPENSE The following details certain items of other expense for the periods indicated: Year Ended December 31 (In thousands) 2022 2021 2020 Legal, consulting & other professional services $ 24,403 $ 17,616 $ 16,482 Franchise & other taxes not on income 13,537 12,412 12,122 Expense for reserve on lending-related commitments 14,747 12,034 11,315 Automated Teller Machine (“ATM”) expenses 10,250 10,519 9,295 |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2022 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | NOTE O—INCOME TAXES The income tax provisions included in the consolidated statements of income are summarized as follows: Year Ended December 31 (In thousands) 2022 2021 2020 Current expense: Federal $ 86,799 $ 76,574 $ 60,508 State 16,244 14,516 10,656 Deferred expense: Federal (6,016 ) 2,742 (174 ) State (871 ) 1,283 (273 ) Total income taxes $ 96,156 $ 95,115 $ 70,717 The following is a reconciliation of income tax expense to the amount computed by applying the statutory federal income tax rate to income before income taxes: Year Ended December 31 (Dollars in thousands) 2022 2021 2020 Amount % Amount % Amount % Tax on income before taxes at statutory federal rate $ 99,914 21.0 % $ 97,199 21.0 % $ 75,546 21.0 % Plus: State income taxes net of federal tax benefits 12,431 2.6 11,520 2.5 8,202 2.3 112,345 23.6 108,719 23.5 83,748 23.3 Increase (decrease) resulting from: Tax-exempt (3,477 ) (0.7 ) (3,303 ) (0.7 ) (3,011 ) (0.8 ) Tax credits (14,326 ) (3.0 ) (11,893 ) (2.6 ) (9,860 ) (2.7 ) Other items-net 1,614 0.3 1,592 0.4 (160 ) (0.1 ) Income taxes $ 96,156 20.2 % $ 95,115 20.6 % $ 70,717 19.7 % For years ended 2022, 2021 and 2020, United incurred federal income tax expense of $287,000, $587,000, and $663,000, respectively, applicable to the sales and calls of securities. Income taxes paid approximated $93,680,000, $101,227,000, and $65,378,000 in 2022, 2021 and 2020, respectively. Deferred income taxes reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. At December 31, 2022, United had no federal or state net operating loss carryforwards. Taxes not on income, which consists mainly of business franchise taxes, were $13,537,000, $12,412,000, and $12,122,000, for the years ended December 31, 2022, 2021 and 2020, respectively. These amounts are recorded in other expense in the Consolidated Statements of Income. Significant components of United’s deferred tax assets and liabilities (included in other assets in the Consolidated Balance Sheets) at December 31, 2022 and 2021 are as follows: (In thousands) 2022 2021 Deferred tax assets: Allowance for credit losses $ 65,453 $ 57,659 Accrued benefits payable 17,333 17,204 Other accrued liabilities 655 655 Unrealized loss on securities available for sale 109,185 0 Other real estate owned 531 1,706 Lease liabilities under operating leases 17,650 20,202 Deferred mortgage points 4,094 5,413 Total deferred tax assets 214,901 102,839 Deferred tax liabilities: Premises and equipment 6,707 6,750 Unrealized gain on securities available for sale 0 2,890 Right-of-use 16,576 19,092 Pension plan accruals 5,858 4,497 Derivatives 16,104 4,970 Purchase accounting intangibles 5,241 6,369 Other 365 957 Total deferred tax liabilities 50,851 45,525 Net deferred tax assets $ 164,050 $ 57,314 At December 31, 2022 and 2021, United believes that all of the deferred tax amounts shown above are more likely than not to be realized based on an assessment of all available positive and negative evidence and therefore no valuation allowance has been recorded. In accordance with ASC Topic 740, “Income Taxes,” United records a liability for uncertain income tax positions based on a recognition threshold of more-likely-than-not, Below is a reconciliation of the total amounts of unrecognized tax benefits: December 31 (In thousands) 2022 2021 Unrecognized tax benefits at beginning of year $ 1,667 $ 2,203 Increase in unrecognized tax benefits as a result of tax positions taken during the current period 1,423 199 Decreases in the unrecognized tax benefits as a result of a lapse of the applicable statute of limitations (569 ) (735 ) Unrecognized tax benefits at end of year $ 2,521 $ 1,667 The entire amount of unrecognized tax benefits, if recognized, would impact United’s effective tax rate. Over the next 12 months, the statute of limitations will close on certain income tax returns. However, at this time, United cannot reasonably estimate the amount of tax benefits, if any, it may recognize over the next 12 months. United is currently open to audit under the statute of limitations by the Internal Revenue Service for the years ended December 31, 2019, 2020 and 2021 and certain State Taxing authorities for the years ended December 31, 2019 through 2021. As of December 31, 2022, and 2021, the total amount of accrued interest related to uncertain tax positions was $525,000 and $727,000, respectively. United accounts for interest and penalties related to uncertain tax positions as part of its provision for federal and state income taxes. No interest or penalties were recognized in the results of operations for the years of 2022, 2021 and 2020. |
Employee Benefit Plans
Employee Benefit Plans | 12 Months Ended |
Dec. 31, 2022 | |
Retirement Benefits [Abstract] | |
Employee Benefit Plans | NOTE P—EMPLOYEE BENEFIT PLANS United has a defined benefit retirement plan covering qualified employees. Pension benefits are based on years of service and the average of the employee’s highest five consecutive plan years of basic compensation paid during the ten plan years preceding the date of determination. Contributions by United are intended to provide not only for benefits attributed to service to date, but also for those expected to be earned in the future. In September of 2007, after a recommendation by United’s Pension Committee and approval by United’s Board of Directors, the United Bankshares, Inc. Pension Plan (the “Plan”) was amended to change the participation rules. The decision to change the participation rules for the Plan followed current industry trends, as many large and medium size companies have taken similar steps. The amendment provided that employees hired on or after October 1, 2007, will not be eligible to participate in the Plan. However, new employees will continue to be eligible to participate in United’s Savings and Stock Investment 401(k) plan. This change had no impact on current employees hired prior to October 1, 2007 as they will continue to participate in the Plan, with no change in benefit provisions, and will continue to be eligible to participate in United’s Savings and Stock Investment 401(k) Plan. Net periodic pension costs, except for service cost, are recognized in employee benefits on the consolidated statements of income. Service cost is recognized in employee compensation. Net consolidated periodic pension cost included the following components: (Dollars in thousands) Year Ended December 31, 2022 2021 2020 Service cost $ 2,669 $ 2,936 $ 2,742 Interest cost 4,988 4,241 5,222 Expected return on plan assets (12,942 ) (11,874 ) (11,010 ) Recognized net actuarial loss 3,645 6,770 6,050 Net periodic pension (income) cost $ (1,640 ) $ 2,073 $ 3,004 Weighted-Average Assumptions: Discount rate 3.08 % 2.81 % 3.42 % Expected return on assets 6.25 % 6.25 % 6.75 % Rate of compensation increase (prior to age 40) 5.00 % 5.00 % 5.00 % Rate of compensation increase (ages 40-54) 4.00 % 4.00 % 4.00 % Rate of compensation increase (otherwise) 3.50 % 3.50 % 3.50 % Amounts related to the Plan recognized as a component of other comprehensive income were as follows: (In thousands) Year Ended December 31, 2022 2021 2020 Net actuarial (gain) loss $ (2,195 ) $ (14,286 ) $ 10,583 Amortization of actuarial loss (3,645 ) (6,770 ) (6,050 ) Total recognized in other comprehensive income $ (5,840 ) $ (21,056 ) $ 4,533 Included in accumulated other comprehensive income at December 31, 2022 are unrecognized actuarial losses of $38,530,000 ($29,553,000 net of tax) that have not yet been recognized in net periodic pension cost. The reconciliation of the beginning and ending balances of the projected benefit obligation and the fair value of plan assets for the years ended December 31, 2022 and 2021 and the accumulated benefit obligation at December 31, 2022 and 2021 are as follows: (Dollars in thousands) December 31, 2022 2021 Change in Projected Benefit Obligation Projected Benefit Obligation at the Beginning of the Year $ 192,973 $ 194,775 Service Cost 2,669 2,936 Interest Cost 4,988 4,241 Actuarial Gain (46,617 ) (2,369 ) Annuity Purchase Payment (7,312 ) 0 Benefits Paid (6,092 ) (6,610 ) Projected Benefit at the End of the Year $ 140,609 $ 192,973 Accumulated Benefit Obligation at the End of the Year $ 129,927 $ 175,953 Change in Plan Assets Fair Value of Plan Assets at the Beginning of the Year $ 210,204 $ 193,022 Actual Return on Plan Assets (31,480 ) 23,792 Annuity Purchase Payment (7,312 ) 0 Benefits Paid (6,092 ) (6,610 ) Fair value of plan assets at end of year $ 165,320 $ 210,204 Net Amount Recognized Funded Status $ 24,710 $ 17,230 Unrecognized Net Loss 38,530 44,370 Net Amount Recognized $ 63,240 $ 61,600 Weighted-Average Assumptions at the End of the Year Discount Rate 5.25 % 3.08 % Rate of compensation Increase (prior to age 40) 5.00 % 5.00 % Rate of compensation Increase (ages 40-54) 4.00 % 4.00 % Rate of compensation Increase (otherwise) 3.50 % 3.50 % Asset allocation for the defined benefit pension plan as of the measurement date, by asset category, is as follows: Plan Assets Target Allocation 2023 Allowable Allocation Range Percentage of Plan Assets at December 31, December 31, Equity Securities 60 % 50-70 % 66% 65% Debt Securities 30 % 20-50 % 32% 34% Other 10 % 3-15 % 2% 1% Total 100% 100% Equity securities include United common stock in the amounts of $4,285,000 (4%) at December 31, 2022 and $3,839,000 (3%) at December 31, 2021 . The policy, as established by the Pension Committee, primarily consisting of United’s Executive Management, is to invest assets based upon the target allocations stated above. The assets are reallocated periodically to meet the above target allocations. The investment policy is reviewed at least annually, subject to the approval of the Pension Committee, to determine if the policy should be changed. Prohibited investments include, but are not limited to, futures contracts, private placements, uncovered options, real estate, the use of margin, short sales, derivatives for speculative purposes, and other investments that are speculative in nature. In order to achieve a prudent level of portfolio diversification, the securities of any one company are not to exceed 10% of the total plan assets, and no more than the 15% of total plan assets is to be invested in any one industry (other than securities of U.S. Government or Agencies). Additionally, no more than 15% of the plan assets is to be invested in foreign securities, both equity and fixed. The expected long-term rate of return for the plan’s total assets is based on the expected return of each of the above categories, weighted based on the median of the target allocation for each class. United uses the corridor approach based on 10% of the greater of the projected benefit obligation and the market-related value of plan assets to amortize actuarial gains and losses. At December 31, 2022, the benefits expected to be paid in each of the next five fiscal years, and in the aggregate for the five years thereafter are as follows: Year Amount (Dollars in thousands) 2023 $ 6,671 2024 6,727 2025 7,206 2026 7,650 2027 8,104 2028 through 2032 45,637 United made a discretionary contribution of $20,000,000 during the third quarter of 2020. United did not contribute to the plan in 2022 or in 2021 as no contributions were required by funding regulations or law. For 2023, no contributions to the plan are required by funding regulations or law. However, United may make a discretionary contribution in 2023, the amount of which cannot be reasonably estimated at this time. In accordance with ASC Topic 715 and using the guidance contained in ASC Topic 820, the following is a description of the valuation methodologies used to measure the plan assets at fair value. Cash and Cash Equivalents: Debt Securities Common and Preferred Stock: Mutual Funds: The following tables present the balances of the plan assets, by fair value hierarchy level, as of December 31, 2022 and 2021: Fair Value Measurements at December 31, 2022 Using (In thousands) Description Balance as of December 31, Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Cash and Cash equivalents $ 3,384 $ 3,384 $ 0 $ 0 Fixed Income Debt Securities: U.S. Government and agencies 3,882 3,882 Fixed Income Mutual Funds: General 49,107 49,107 0 0 Equity Securities: Common stock 28,765 28,765 0 0 Equity Mutual Funds: Global equity 1,953 1,953 0 0 Domestic equity large cap 35,738 35,738 0 0 Domestic equity small cap 15,750 15,750 0 0 Alternative equity 8,277 8,277 International emerging equity 4,925 4,925 0 0 International equity developed 13,539 13,539 0 0 Total $ 165,320 $ 165,320 $ 0 $ 0 Fair Value Measurements at December 31, 2021 Using (In thousands) Description Balance as of December 31, Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Cash and Cash equivalents $ 1,641 $ 1,641 $ 0 $ 0 Fixed Income Mutual Funds: General 72,075 72,075 0 0 Equity Securities: Common stock 34,198 34,198 0 0 Equity Mutual Funds: Global equity 5,407 5,407 0 0 Domestic equity large cap 47,387 47,387 0 0 Domestic equity small cap 30,176 30,176 0 0 International emerging equity 5,435 5,435 0 0 International equity developed 13,885 13,885 0 0 Total $ 210,204 $ 210,204 $ 0 $ 0 Common stock investments are diversified amongst various industries with no industry representing more than 5% of the total plan assets. The United Bankshares, Inc. Savings and Stock Investment Plan (the Plan) is a defined contribution plan under Section 401(k) of the Internal Revenue Code. Each employee of United, who completes ninety (90) days of qualified service, is eligible to participate in the Plan. Each participant may contribute from 1% to 100% of compensation to his/her account, subject to Internal Revenue Service maximum deferral limits. United matches 100% of the first 5% of salary deferred with United stock, subject to certain imposed limitations. Vesting is 100% for employee deferrals and the company match at the time the employee makes his/her deferral. United’s expense relating to the Plan approximated $8,242,000, $7,984,000, and $6,531,000 in 2022, 2021 and 2020, respectively. The assets of United’s defined benefit plan and 401(k) Plan each include investments in United common stock. At December 31, 2022 and 2021, the combined plan assets included 1,662,179 and 1,578,389 shares, respectively, of United common stock with an approximate fair value of $67,302,000 and $57,264,000, respectively. Dividends paid on United common stock held by the plans approximated $2,340,000, $2,060,000, and $1,776,000 for the years ended December 31, 2022, 2021, and 2020, respectively. United has certain other supplemental deferred compensation plans covering various key employees. Periodic charges are made to operations so that the liability due each employee is fully recorded as of the date of their retirement. Amounts charged to expense have not been significant in any year. |
Stock Based Compensation
Stock Based Compensation | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Stock Based Compensation | NOTE Q—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 During the year of 2022, a total of 156,988 shares of restricted stock and 147,511 of restricted stock units were granted under the 2020 LTI Plan. No non-qualified 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 the United’s stock option plans as of December 31, 2022, and the changes during the year of 2022 are presented below: Year ended December 31, 2022 Weighted Average (Dollars in thousands, except per share amounts) Aggregate Intrinsic Remaining Contractual Exercise Shares Value Term (Yrs.) Price Outstanding at January 1, 2022 2,149,117 $ 32.01 Exercised (484,682 ) 25.16 Forfeited or expired (163,223 ) 27.88 Outstanding at December 31, 2022 1,501,212 $ 9,911 4.5 $ 34.64 Exercisable at December 31, 2022 1,330,320 $ 8,890 4.2 $ 34.66 The following table summarizes the status of United’s nonvested awards for the year ended December 31, 2022: Shares Weighted-Average Nonvested at January 1, 2022 395,034 $ 7.33 Vested (215,926 ) 8.11 Forfeited or expired (8,216 ) 11.06 Nonvested at December 31, 2022 170,892 $ 6.16 As of December 31, 2022, the total unrecognized compensation cost related to nonvested option awards was $410,000 with a weighted-average expense recognition period of 0.5 years. The total fair value of awards vested during the year ended December 31, 2022, was $1,751,000. Cash received from options exercised under the Plans for the years ended December 31, 2022, 2021 and 2020 was $10,295,000, $5,206,000, and $1,241,000, respectively. During 2022 and 2021, 484,682 and 232,777 shares, respectively, were issued in connection with stock option exercises. All shares issued in connection with stock option exercises for 2022 and 2021 were issued from authorized and unissued stock. No options were granted in 2022. The weighted-average grant-date fair value of options granted in the year of 2021 and 2020 was $5.83 and $5.65, respectively. The total intrinsic value of options exercised under the Plans during the years ended December 31, 2022, 2021, and 2020 was $6,325,000, $2,337,000, and $1,917,000, respectively. ASC Topic 230, “Statement of Cash Flows,” requires the benefits of tax deductions in excess of recognized compensation cost to be reported as an operating cash flow. This requirement reduces net operating cash flows. While the company cannot estimate what those amounts will be in the future (because they depend on, among other things, the date employees exercise stock options), United recognized cash flows used in operating activities of $1,040,000, $303,000, and $351,000 from excess tax benefits related to share-based compensation arrangements for the year of 2022, 2021 and 2020, respectively. Restricted Stock Under the 2020 LTI Plan, United may award restricted common shares to key employees and non-employee three 120 Table of Contents The following summarizes the changes to United’s restricted common shares for the year ended December 31, 2022: Number of Weighted-Average Grant Date Fair Value Per Share Outstanding at January 1, 2022 383,971 $ 35.21 Granted 156,988 36.23 Vested (158,668 ) 35.67 Forfeited (9,071 ) 35.98 Outstanding at December 31, 2022 373,220 $ 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 year ended December 31, 2022: Shares Weighted-Average Nonvested at January 1, 2022 136,896 $ 35.65 Granted 147,511 35.46 Vested (18,248 ) 37.05 Nonvested at December 31, 2022 266,159 $ 35.45 As of December 31, 2022, the total unrecognized compensation cost related to nonvested restricted stock units was $5,259,000 with a weighted-average expense recognition period of 0.9 years. |
Commitments and Contingent Liab
Commitments and Contingent Liabilities | 12 Months Ended |
Dec. 31, 2022 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingent Liabilities | NOTE R—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 121 Table of Contents 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 $7,250,155,000 and $7,419,342,000 of loan commitments outstanding as of December 31, 2022 and December 31, 2021, respectively, approximately 34% of which contractually expire within one year. Excluded in the December 31, 2022 and December 31, 2021 amounts above are commitments to extend credit of $719,841,000 and $571,792,000, respectively, related to mortgage loan funding commitments of United’s mortgage banking segment and are of a short-term nature. Commercial and standby letters of credit are agreements used by United’s customers as a means of improving their credit standing in their dealings with others. Under these agreements, United guarantees certain financial commitments of its customers. A commercial letter of credit is issued specifically to facilitate trade or commerce. Typically, under the terms of a commercial letter of credit, a commitment is drawn upon when the underlying transaction is consummated as intended between the customer and a third party. As of December 31, 2022 and December 31, 2021, United had $16,389,000 and $14,774,000 of commercial letters of credit outstanding. A standby letter of credit is generally contingent upon the failure of a customer to perform according to the terms of an underlying contract with a third party. United has issued standby letters of credit of $147,511,000 and $164,743,000 as of December 31, 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 United’s mortgage banking segment provides for its estimated exposure to repurchase loans previously sold to investors for which borrowers failed to provide full and accurate information on their loan application or for which appraisals have not been acceptable or where the loan was not underwritten in accordance with the loan program specified by the loan investor, and for other exposure to its investors related to loan sales activities. United evaluates the merits of each claim and estimates its reserve based on actual and expected claims received and considers the historical amounts paid to settle such claims. United’s mortgage banking segment has a reserve of $1,081,000 and $1,150,000 as of December 31, 2022 and 2021, respectively. 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 At September 30, 2022, United accrued a $5,000,000 estimated liability related to a litigation matter with a former commercial customer. This accrual was based upon available information at that time and was subject to adjustment to reflect any subsequent developments. During the fourth quarter of 2022, the litigation was settled resulting in a reduction of $3,905,000 in the estimated liability related to this matter. 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 | 12 Months Ended |
Dec. 31, 2022 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Financial Instruments | NOTE S—DERIVATIVE FINANCIAL INSTRUMENTS United uses derivative instruments to help aid against adverse price changes or interest rate movements on the value of certain assets or liabilities and on future cash flows. These derivatives may consist of interest rate swaps, caps, floors, collars, futures, forward contracts, written and purchased options. United also executes derivative instruments with its commercial banking customers to facilitate its risk management strategies. During 2020, United entered into two interest rate swap derivatives designated as cash flow hedges. The notional amount of these cash flow hedge derivatives totaled $500,000,000. The derivatives are intended to hedge the changes in cash flows associated with floating rate FHLB borrowings. As of December 31, 2022, United has determined that no forecasted transactions related to its cash flow hedges resulted in gains or losses pertaining to cash flow hedge reclassification from AOCI to income because the forecasted transactions became probable of not occurring. United estimates that $22,043,000 will be reclassified from AOCI as a decrease to interest expense over the next 12-months 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 December 31, 2022 and December 31, 2021. Asset Derivatives December 31, 2022 December 31, 2021 (In thousands) Balance Sheet Location Notional Amount Fair Value Balance Sheet Location Notional Amount Fair Value Derivatives designated as hedging instruments Fair Value Hedges: Interest rate swap contracts (hedging commercial loans) Other assets $ 55,073 $ 4,038 Other assets $ 0 $ 0 Total Fair Value Hedges $ 55,073 $ 4,038 $ 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 $ 555,073 $ 4,038 $ 500,000 $ 0 Derivatives not designated as hedging instruments Forward loan sales commitments Other assets $ 15,475 $ 220 Other assets $ 33,349 $ 430 TBA mortgage-backed securities Other assets 22,649 146 Other assets 133,747 127 Interest rate lock commitments Other assets 73,412 1,146 Other assets 467,472 10,380 Total derivatives not designated as hedging instruments $ 111,536 $ 1,512 $ 634,568 $ 10,937 Total asset derivatives $ 666,609 $ 5,550 $ 1,134,568 $ 10,937 Liability Derivatives December 31, 2022 December 31, 2021 (In thousands) Balance Sheet Location Notional Amount Fair Value Balance Sheet Location Notional Amount Fair Value Derivatives designated as hedging instruments Fair Value Hedges: Interest rate swap contracts (hedging commercial loans) Other liabilities $ 0 $ 0 Other liabilities $ 72,447 $ 3,197 Total Fair Value Hedges $ 0 $ 0 $ 72,447 $ 3,197 Total derivatives designated as hedging instruments $ 0 $ 0 $ 72,447 $ 3,197 Derivatives not designated as hedging instruments Forward loan sales commitments Other liabilities $ 0 $ 0 Other liabilities $ 15,005 $ 36 TBA mortgage-backed securities Other liabilities 63,000 213 Other liabilities 550,000 470 Interest rate lock commitments Other liabilities 48,949 348 Other liabilities 24,743 25 Total derivatives not designated as hedging instruments $ 111,949 $ 561 $ 589,748 $ 531 Total liability derivatives $ 111,949 $ 561 $ 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 December 31, 2022 and December 31, 2021. December 31, 2022 (In thousands) Derivatives in Fair Value Location in the Statement Carrying Amount Cumulative Amount of Fair Value Hedging Adjustment Included in the Carrying Amount of the Hedged Cumulative Amount of Fair Value Hedging Adjustment Remaining for (Liabilities) for which Hedge Accounting has been Discontinued Interest rate swaps Loans, net of unearned income $ 55,770 $ (3,069) $ 0 December 31, 2021 (In thousands) Derivatives in Fair Value Hedging Relationships Location in the Statement Carrying Amount of Assets/(Liabilities) Cumulative Amount Cumulative Amount of Interest rate swaps Loans, net of unearned income $ 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 d erivat Year Ended (In thousands) Income Statement Location December 31, December 31, December 31, Derivatives in hedging relationships Cash Flow Hedges: Interest Interest on long-term borrowings $ 5,782 $ (1,354) $ (578) Fair Value Hedges: Interest rate swap contracts Interest and fees on loans and leases $ (177 ) $ (1,744) $ (1,414) Total derivatives in hedging relationships $ 5,605 $ (3,098) $ (1,992) Derivatives not designated as hedging instruments Forward loan sales commitments Income from Mortgage Banking Activities (174 ) (1,187 ) (725 ) TBA mortgage-backed securities Income from Mortgage Banking Activities 276 5,932 (3,825 ) Interest rate lock commitments Income from Mortgage Banking Activities (8,373 ) (22,219 ) 21,299 Total derivatives not designated as hedging instruments $ (8,271 ) $ (17,474 ) $ 16,749 Total derivatives $ (2,666 ) $ (20,572 ) $ 14,757 For the years ended December 31, 2022, 2021 and 2020, changes in the fair value of any interest rate swaps attributed to hedge ineffectiveness were recorded, but not significant to United’s Consolidated Statements of Income. |
Comprehensive Income
Comprehensive Income | 12 Months Ended |
Dec. 31, 2022 | |
Equity [Abstract] | |
Comprehensive Income | NOTE T—COMPREHENSIVE INCOME The changes in accumulated other comprehensive income are as follows: For the Years Ended December 31 (In thousands) 2022 2021 2020 Net Income $ 379,627 $ 367,738 $ 289,023 Available for sale (“AFS”) securities: Change in net unrealized gains (losses) on AFS securities arising during the period (481,007 ) (72,257 ) 77,142 Related income tax effect 112,075 16,836 (17,974 ) Net reclassification adjustment for (gains) losses included in net income (2 ) (1,552 ) (2,502 ) Related income tax effect 0 362 583 (368,934 ) (56,611 ) 57,249 Net effect of AFS securities on other comprehensive income (368,934 ) (56,611 ) 57,249 Cash flow hedge derivatives: Unrealized gain on cash flow hedge before reclassification to interest expense 53,572 15,597 3,800 Related income tax effect (12,482 ) (3,634 ) (885 ) Net reclassification adjustment for (gains) losses included in net income (5,782 ) 1,354 578 Related income tax effect 1,347 (316 ) (135 ) Net effect of cash flow hedge derivatives on other comprehensive income 36,655 13,001 3,358 For the Years Ended December 31 (In thousands) 2022 2021 2020 Defined benefit pension plan: Net actuarial loss during the period 2,195 14,286 (10,583 ) Related income tax expense (512 ) (483 ) 3,263 Amortization of net actuarial loss recognized in net income 3,645 6,770 6,050 Related income tax effect (893 ) (4,221 ) (2,098 ) Net effect of change in defined benefit pension plan on other comprehensive income 4,435 16,352 (3,368 ) Total change in other comprehensive income, net of tax (327,844 ) (27,258 ) 57,239 Total Comprehensive Income $ 51,783 $ 340,480 $ 346,262 The components of accumulated other comprehensive income for the year ended December 31, 2022 are as follows: Changes in Accumulated Other Comprehensive Income (AOCI) by Component (a) For the Year Ended December 31, 2022 (Dollars in thousands) Unrealized Unrealized Defined Items Total Balance at January 1, 2022 $ 8,594 $ 16,359 $ (29,841 ) $ (4,888 ) Other comprehensive (loss) income before reclassification (368,932 ) 41,090 0 (327,842 ) Amounts reclassified from accumulated other comprehensive income (2 ) (4,435 ) 4,435 (2 ) Net current-period other comprehensive (loss) income, net of tax (368,934 ) 36,655 4,435 (327,844 ) Balance at December 31, 2022 $ (360,340 ) $ 53,014 $ (25,406 ) $ (332,732 ) (a) All amounts are net-of-tax. Reclassifications out of Accumulated Other Comprehensive Income (AOCI) For the Year Ended December 31, 2022 (In thousands) Details about AOCI Components Amount 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 gains included in net income $ (5,782 ) Interest expense (5,782 ) Total before tax Related income tax effect 1,347 Tax expense (4,435 ) Net of tax Pension plan: Recognized net actuarial loss 2,195 (a) Amortization of net actuarial loss 3,645 (b) 5,840 Total before tax Related income tax effect (1,405 ) Tax expense 4,435 Net of tax Total reclassifications for the period $ (2 ) (a) This AOCI component is included in the computation of changes in plan assets (see Note P, Employee Benefit Plans) (b) This AOCI component is included in the computation of net periodic pension cost (see Note P, Employee Benefit Plans) |
United Bankshares, Inc. (Parent
United Bankshares, Inc. (Parent Company Only) Financial Information | 12 Months Ended |
Dec. 31, 2022 | |
Condensed Financial Information Disclosure [Abstract] | |
United Bankshares, Inc. (Parent CompanyOnly) Financial Information | NOTE U—UNITED BANKSHARES, INC. (PARENT COMPANY ONLY) FINANCIAL INFORMATION Condensed Balance Sheets December 31 (In thousands) 2022 2021 Assets Cash and due from banks $ 253,411 $ 262,067 Securities available for sale 6,184 5,758 Securities held to maturity 20 20 Equity securities 2,490 6,593 Other investment securities 19,179 13,055 Investment in subsidiaries: Bank subsidiaries 4,575,098 4,784,480 Nonbank subsidiaries 43,349 33,449 Goodwill (16,715 ) (16,715 ) Other assets 24,993 19,471 Total Assets $ 4,908,009 $ 5,108,158 Liabilities and Shareholders’ Equity Subordinated notes $ 9,892 $ 9,872 Junior subordinated debentures of subsidiary trusts 276,989 275,323 Accrued expenses and other liabilities 104,935 104,335 Shareholders’ equity (including other accumulated comprehensive loss of $332,732 at December 31, 2022 and other accumulated comprehensive loss of $4,888 at December 31, 2021) 4,516,193 4,718,628 Total Liabilities and Shareholders’ Equity $ 4,908,009 $ 5,108,158 Condensed Statements of Income Year Ended December 31 (In thousands) 2022 2021 2020 Income Dividends from banking subsidiaries $ 272,500 $ 287,500 $ 232,000 Net interest income 446 335 202 Management fees: Bank subsidiaries 35,931 39,678 30,464 Nonbank subsidiaries 27 27 27 Other income 3,053 3,418 556 Total Income 311,957 330,958 263,249 Expenses Operating expenses 50,242 47,273 53,880 Income Before Income Taxes and Equity in Undistributed Net Income of Subsidiaries 261,715 283,685 209,369 Applicable income tax benefit (2,196 ) (779 ) (4,196 ) Income Before Equity in Undistributed Net Income of Subsidiaries 263,911 284,464 213,565 Equity in undistributed net income of subsidiaries: Bank subsidiaries 117,594 83,507 75,054 Nonbank subsidiaries (1,878 ) (233 ) 404 Net Income $ 379,627 $ 367,738 $ 289,023 Condensed Statements of Cash Flows Year Ended December 31 (In thousands) 2022 2021 2020 Operating Activities Net income $ 379,627 $ 367,738 $ 289,023 Adjustments to reconcile net income to net cash provided by operating activities: Equity in undistributed net income of subsidiaries (115,716 ) (83,274 ) (75,458 ) Amortization of net periodic pension costs 220 203 315 Stock-based compensation 9,881 8,018 5,980 Excess tax benefits from stock-based compensation arrangements 1,040 303 351 Net change in other assets and liabilities (6,118 ) 2,519 (7 ) Net Cash Provided by Operating Activities 268,934 295,507 220,204 Investing Activities Net (purchases) proceeds from sales of debt securities (426 ) 1,449 380 Net proceeds from sales (purchases) of equity securities 4,186 (1,016 ) (54 ) Net cash received (paid) in acquisition of subsidiary 0 1,072 (47 ) Increase in investment in subsidiaries (13,000 ) (3,500 ) (5,573 ) Change in other investment securities (6,144 ) (2,310 ) (672 ) Net Cash Used in Investing Activities (15,384 ) (4,305 ) (5,966 ) Financing Activities Cash dividends paid (193,041 ) (181,277 ) (162,713 ) Acquisition of treasury stock (79,460 ) (11,211 ) (21,317 ) Distribution of treasury stock from deferred compensation plan 0 0 1 Proceeds from exercise of stock options 10,295 5,206 1,241 Net Cash Used in Financing Activities (262,206 ) (187,282 ) (182,788 ) (Decrease) Increase in Cash and Cash Equivalents (8,656 ) 103,920 31,450 Cash and Cash Equivalents at Beginning of Year 262,067 158,147 126,697 Cash and Cash Equivalents at End of Year $ 253,411 $ 262,067 $ 158,147 |
Regulatory Matters
Regulatory Matters | 12 Months Ended |
Dec. 31, 2022 | |
Deposits [Abstract] | |
Regulatory Matters | NOTE V—REGULATORY MATTERS United Bank maintains average reserve balances with its Federal Reserve Bank. The average amount of those consolidated reserve balances maintained for the year ended December 31, 2022 and 2021 were approximately $1,577,485,000 and $3,119,391,000, respectively. No reserve balance for the year ended December 31, 2022 and 2021 was required. The primary source of funds for the dividends paid by United to its shareholders is dividends received from United Bank. Dividends paid by United Bank are subject to certain regulatory limitations. Generally, the most restrictive provision requires regulatory approval if dividends declared in any year exceed that year’s net income, as defined, plus the retained net profits of the two preceding years. During 2023, the retained net profits available for distribution to United by United Bank as dividends without regulatory approval, are approximately $201,101,000, plus net income for the interim period through the date of declaration. Under Federal Reserve regulation, United Bank is also limited as to the amount they may loan to affiliates, including the parent company. Loans from United Bank to the parent company are limited to 10% of the banking subsidiaries’ capital and surplus, as defined, or $395,066,000 at December 31, 2022, and must be secured by qualifying collateral. United’s subsidiary banks are subject to various regulatory capital requirements administered by federal banking agencies. Pursuant to capital adequacy guidelines, United’s subsidiary banks must meet specific capital guidelines that involve various quantitative measures of the banks’ assets, liabilities, and certain off-balance-sheet As previously mentioned, the new Basel III Capital Rules became effective for United and United Bank on January 1, 2015 (subject to a phase-in Failure to meet minimum capital requirements can initiate certain mandatory and possibly additional discretionary actions by regulators that, if undertaken, could have a direct material effect on United’s financial statements. As of December 31, 2022, United exceeds all capital adequacy requirements to which it is subject. At December 31, 2022, the most recent notification from its regulators, United and United Bank were categorized as well-capitalized. To be categorized as well-capitalized, United must maintain minimum total risk-based, Tier I risk-based, Common Tier I risk-based, and Tier I leverage ratios as set forth in the following table. There are no conditions or events since that notification that management believes would impact United’s well-capitalized status. United’s and United Bank’s capital amounts (in thousands of dollars) and ratios are presented in the following table. (Dollars in thousands) Actual For Capital Adequacy Purposes To Be Well- Capitalized Amount Ratio Amount Ratio Amount Ratio As of December 31, 2022: Total Capital (to Risk- Weighted Assets): United Bankshares $ 3,494,723 14.4 % $ 1,945,020 ≥ 8.0 % $ 2,431,275 ≥ 10.0 % United Bank 3,236,554 13.4 % 1,939,250 ≥ 8.0 % 2,424,062 ≥ 10.0 % Tier I Capital (to Risk- Weighted Assets): United Bankshares $ 2,990,026 12.3 % $ 1,458,765 ≥ 6.0 % $ 1,945,020 ≥ 8.0 % United Bank 3,029,857 12.5 % 1,454,437 ≥ 6.0 % 1,939,250 ≥ 8.0 % Common Tier I Capital (to Risk Weighted Assets): United Bankshares $ 2,990,026 12.3 % $ 1,094,074 ≥ 4.5 % $ 1,580,329 ≥ 6.5 % United Bank 3,029,857 12.5 % 1,090,828 ≥ 4.5 % 1,575,640 ≥ 6.5 % Tier I Capital (to Average Assets): United Bankshares $ 2,990,026 10.8 % $ 1,108,785 ≥ 4.0 % $ 1,385,981 ≥ 5.0 % United Bank 3,029,857 11.0 % 1,106,184 ≥ 4.0 % 1,382,730 ≥ 5.0 % As of December 31, 2021: Total Capital (to Risk- Weighted Assets): United Bankshares $ 3,317,133 15.4 % $ 1,719,342 ≥ 8.0 % $ 2,149,177 ≥ 10.0 % United Bank 3,066,779 14.3 % 1,715,234 ≥ 8.0 % 2,144,042 ≥ 10.0 % Tier I Capital (to Risk- Weighted Assets): United Bankshares $ 2,877,791 13.4 % $ 1,289,506 ≥ 6.0 % $ 1,719,342 ≥ 8.0 % United Bank 2,925,437 13.6 % 1,286,425 ≥ 6.0 % 1,715,234 ≥ 8.0 % Common Tier I Capital (to Risk Weighted Assets): United Bankshares $ 2,877,791 13.4 % $ 967,130 ≥ 4.5 % $ 1,396,965 ≥ 6.5 % United Bank 2,925,437 13.6 % 964,819 ≥ 4.5 % 1,393,627 ≥ 6.5 % Tier I Capital (to Average Assets): United Bankshares $ 2,877,791 11.0 % $ 1,050,891 ≥ 4.0 % $ 1,313,614 ≥ 5.0 % United Bank 2,925,437 11.2 % 1,049,526 ≥ 4.0 % 1,311,907 ≥ 5.0 % United’s mortgage banking entities, George Mason and Crescent, are subject to net worth requirements issued by the U.S. Department of Housing and Urban Development (“HUD”). Failure to meet minimum capital requirements of HUD can result in certain mandatory and possibly additional discretionary actions that, if undertaken, could have a direct material effect on George Mason’s and Crescent’s operations. For George Mason and Crescent, the maximum net worth requirement of HUD at December 31, 2022 was $2,500,000. George Mason’s net worth and Crescent’s net worth were $154,700,000 and $101,116,000 at December 31, 2022, which both exceeded the HUD requirements. |
Fair Values of Financial Instru
Fair Values of Financial Instruments | 12 Months Ended |
Dec. 31, 2022 | |
Fair Value Disclosures [Abstract] | |
Fair Values of Financial Instruments | NOTE W—FAIR VALUES OF FINANCIAL INSTRUMENTS In accordance with ASC Topic 820, the following describes the valuation techniques used by United to measure certain financial assets and liabilities recorded at fair value on a recurring basis in the financial statements. Securities available for sale and equity securities bid-ask available-for-sale Loans held for sale Derivatives For a fair value hedge, the fair value of the interest rate swap is recognized on the balance sheet as either a freestanding asset or liability with a corresponding adjustment to the hedged financial instrument. Subsequent adjustments due to changes in the fair value of a derivative that qualifies as a fair value hedge are offset in current period earnings either in interest income or interest expense depending on the nature of the hedged financial instrument. For a cash flow hedge, the fair value of the interest rate swap is recognized on the balance sheet as either a freestanding asset or liability with a corresponding adjustment to accumulated other comprehensive income within shareholders’ equity, net of tax. Subsequent adjustments due to changes in the fair value of a derivative that qualifies as a cash flow hedge are offset to accumulated other comprehensive income, net of tax and reclassified into earnings in the same line associated with the forecasted transaction when the forecasted transaction affects earnings. The Company records its interest rate lock commitments and forward loan sales commitments at fair value determined as the amount that would be required to settle each of these derivative financial instruments at the balance sheet date. In the normal course of business, United’s mortgage banking subsidiaries enter into contractual interest rate lock commitments to extend credit to borrowers with fixed expiration dates. The commitments become effective when the borrowers “lock-in” 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 table presents the balances of financial assets and liabilities measured at fair value on a recurring basis as of December 31, 2022 and 2021, segregated by the level of the valuation inputs within the fair value hierarchy: Fair Value at December 31, 2022 Using (In thousands) Description Balance as of December 31, 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 $ 529,492 $ 0 $ 529,492 $ 0 State and political subdivisions 709,530 0 709,530 0 Residential mortgage-backed securities Agency 1,174,944 0 1,174,944 0 Non-agency 111,973 0 111,973 0 Commercial mortgage-backed securities Agency 562,553 0 562,553 0 Asset-backed securities 911,611 0 911,611 0 Single issue trust preferred securities 16,284 0 16,284 0 Other corporate securities 525,538 5,367 520,171 0 Total available for sale securities 4,541,925 5,367 4,536,558 0 Equity securities: Financial services industry 270 270 0 0 Equity mutual funds (1) 2,221 2,221 0 0 Fixed income mutual funds 5,138 5,138 0 0 Total equity securities 7,629 7,629 0 0 Loans held for sale 56,879 0 12,008 44,871 Derivative financial assets: Fair Value at December 31, 2022 Using Description Balance as of December 31, 2022 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Interest rate swap contracts 4,038 0 4,038 0 Forward sales commitments 220 0 214 6 TBA mortgage-backed securities 146 0 120 26 Interest rate lock commitments 1,146 0 302 844 Total derivative financial assets 5,550 0 4,674 876 Liabilities Derivative financial liabilities: TBA mortgage-backed securities 213 0 0 213 Interest rate lock commitments 348 0 0 348 Total derivative financial liabilities 561 0 0 561 Fair Value at December 31, 2021 Using (In thousands) 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 $ 0 $ 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 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 Fixed income mutual funds 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, Level 2 and Level 3 for financial assets and liabilities measured at fair value on a recurring basis during the year ended December 31, 2022 and 2021. The following tables present additional information about financial assets and liabilities measured at fair value at December 31, 2022 and 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 (In thousands) December 31, 2022 December 31, Balance, beginning of period $ 464,109 $ 654,733 Originations 2,360,908 4,984,363 Sales (2,673,795 ) (5,313,758 ) Transfers to portfolio loans (154,699 ) 0 Total gains during the period recognized in earnings 48,348 138,771 Balance, end of period $ 44,871 $ 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 $ (9,852 ) $ 10,506 Derivative Financial Assets TBA Securities (In thousands) December 31, 2022 December 31, Balance, beginning of period $ 61 $ 0 Transfers other (35 ) 61 Balance, end of period $ 26 $ 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 $ 26 $ 61 Derivative Financial Assets Interest Rate Lock (In thousands) December 31, 2022 December 31, Balance, beginning of period $ 9,444 $ 32,011 Transfers other (8,600 ) (22,567 ) Balance, end of period $ 844 $ 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 $ 844 $ 9,444 Derivative Financial Liabilities Forward Sales Commitments (In thousands) December 31, 2022 December 31, Balance, beginning of period $ 36 $ 0 Transfers other (36 ) 36 Balance, end of period $ 0 $ 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 $ 0 $ 36 Derivative Financial Liabilities TBA Securities (In thousands) December 31, 2022 December 31, Balance, beginning of period $ 470 $ 0 Transfers other (257 ) 470 Balance, end of period $ 213 $ 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 $ 213 $ 470 Derivative Financial Liabilities Interest Rate Lock (In thousands) December 31, 2022 December 31, Balance, beginning of period $ 25 $ 0 Transfers other 323 25 Balance, end of period $ 348 $ 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 $ 348 $ 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: (In thousands) Description Year Ended December 31, 2022 Year Ended December 31, 2021 Income from mortgage banking activities $ (10,367) $ (15,267) The following table reflects the difference between the aggregate fair value and the remaining contractual principal outstanding for financial instruments for which the fair value option has been elected: December 31, 2022 December 31, 2021 (In thousands) Description Unpaid Fair Value Fair Value Unpaid Fair Value Fair Value Loans held for sale $ 56,170 $ 56,879 $ 709 $ 493,340 $ 504,416 $ 11,076 No loans held for sale were past due or on nonaccrual status as of December 31, 2022 and 2021. 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 appropriate. Fair value is measured using a market approach based on the value of the collateral securing the loans. Collateral may be in the form of real estate or business assets including equipment, inventory, and accounts receivable. The vast majority of the collateral is real estate. The value of real estate collateral is determined utilizing an appraisal conducted by an independent, licensed appraiser outside of the Company using comparable property sales (“Level 2”). However, if the collateral is a house or building in the process of construction or if an appraisal of the real estate property is over two years old, then the fair value is considered Level 3. The value of business equipment is based upon an outside appraisal if deemed significant, or the net book value on the applicable business’ financial statements if not considered significant using observable market data. Likewise, values for inventory and accounts receivables collateral are based on financial statement balances or aging reports (“Level 3”). For individually assessed loans, a specific reserve is established through the allowance for loan losses, if necessary, by estimating the fair value of the underlying collateral on a nonrecurring basis. Any fair value adjustments are recorded in the period incurred as provision for credit losses expense on the Consolidated Statements of Income. OREO bi-annual Intangible Assets more-likely-than-not COVID-19 Mortgage Servicing Rights (“MSRs”): some are based on unobservable inputs and therefore are classified in Level 3 of the valuation hierarchy. The unobservable inputs for Level 3 valuations are market discount rates, anticipated prepayment speeds, projected delinquency rates, and ancillary fee income net of servicing costs. For the unobservable inputs used in the valuation of mortgage servicing rights at December 31, 2022 and 2021, refer to Note J of these Notes to Consolidated Financial Statements. The following table summarizes United’s financial assets that were measured at fair value on a nonrecurring basis during the period: (In thousands) Description Fair value at December 31, 2022 Balance as of December 31, 2022 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) YTD (Losses) Assets Individually assessed loans $ 6,125 $ 0 $ 1,801 $ 4,324 $ 327 OREO 2,052 0 2,013 39 (96 ) (In thousands) Description Fair value at December 31, 2021 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) YTD (Losses) 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 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 (In thousands) Carrying 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, 2022 Cash and cash equivalents $ 1,176,652 $ 1,176,652 $ 0 $ 1,176,652 $ 0 Securities available for sale 4,541,925 4,541,925 5,367 4,536,558 0 Securities held to maturity 1,002 1,020 0 0 1,020 Equity securities 7,629 7,629 7,629 0 0 Other securities 322,048 305,946 0 0 305,946 Loans held for sale 56,879 56,879 0 12,008 44,871 Net loans 20,323,420 19,030,221 0 0 19,030,221 Derivative financial assets, 5,550 5,550 0 4,674 876 Mortgage servicing rights 21,022 41,880 0 0 41,880 Deposits 22,303,186 22,249,061 0 22,249,061 0 Short-term borrowings 160,698 160,698 0 160,698 0 Long-term borrowings 2,197,656 2,161,108 0 2,161,108 0 Derivative financial liabilities 561 561 0 0 561 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 |
Variable Interest Entities
Variable Interest Entities | 12 Months Ended |
Dec. 31, 2022 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Variable Interest Entities | NOTE X—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. At December 31, 2022 and 2021, United’s investment (maximum exposure to loss) in these trusts were $11,277,000 and $11,032,000, respectively. 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. These partnerships are not consolidated as United is not deemed to be the primary beneficiary. At December 31, 2022 and 2021, United’s investment (maximum exposure to loss) in these low income housing and community development partnerships were $75,021,000 and $62,235,000, respectively, while related unfunded commitments were $77,143,000 and $69,894,000, respectively. As of December 31, 2022, United expects to recover its remaining investments through the use of the tax credits that are generated by the investments. |
Segment Information
Segment Information | 12 Months Ended |
Dec. 31, 2022 | |
Segment Reporting [Abstract] | |
Segment Information | NOTE Y—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 or sell rights to service loans from or to third parties. These rights are known as mortgage servicing rights provide the owner with the contractual right to receive a stream of cash flows in exchange for performing specified mortgage servicing functions. The community banking segment provides the mortgage banking segment (George Mason and Crescent) 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 years ended December 31, 2022, 2021 and 2020 is as follows: At and For the Year Ended December 31, 2022 (In thousands) Community Mortgage Other Intersegment Eliminations Consolidated Net interest income $ 890,575 $ 10,599 $ (13,274 ) $ 8,531 $ 896,431 Provision for credit losses 18,822 0 0 0 18,822 Other income 99,133 69,307 3,294 (18,473 ) 153,261 Other expense 472,813 88,983 3,233 (9,942 ) 555,087 Income taxes 100,758 (1,858 ) (2,744 ) 0 96,156 Net income (loss) $ 397,315 $ (7,219 ) $ (10,469 ) $ 0 $ 379,627 Total assets (liabilities) $ 29,106,176 $ 428,727 $ 58,971 $ (104,494 ) $ 29,489,380 Average assets (liabilities) 28,726,395 442,184 34,876 (129,607 ) 29,073,848 At and For the Year Ended December 31, 2021 (In thousands) Community Mortgage Other Intersegment Eliminations Consolidated Net interest income $ 731,305 $ 10,497 $ (8,378 ) $ 9,310 $ 742,734 Provision for credit losses (23,970 ) 0 0 0 (23,970 ) Other income 100,010 183,216 3,769 (8,867 ) 278,128 Other expense 443,493 138,508 (465 ) 443 581,979 Income taxes 84,715 11,275 (875 ) 0 95,115 Net income (loss) $ 327,077 $ 43,930 $ (3,269 ) $ 0 $ 367,738 Total assets (liabilities) $ 29,022,170 $ 691,642 $ 39,182 $ (424,092 ) $ 29,328,902 Average assets (liabilities) 26,910,956 659,105 27,445 (341,411 ) 27,256,095 At and For the Year Ended December 31, 2020 (In thousands) Community Mortgage Other Intersegment Eliminations Consolidated Net interest income $ 677,907 $ 8,853 $ (9,658 ) $ 12,671 $ 689,773 Provision for credit losses 106,562 0 0 0 106,562 Other income 90,121 276,185 730 (12,261 ) 354,775 Other expense 423,963 140,628 13,245 410 578,246 Income taxes 47,162 27,698 (4,143 ) 0 70,717 Net income (loss) $ 190,341 $ 116,712 $ (18,030 ) $ 0 $ 289,023 Total assets (liabilities) $ 25,892,396 $ 870,151 $ 31,623 $ (609,923 ) $ 26,184,247 Average assets (liabilities) 23,927,889 651,778 7,283 (449,880 ) 24,137,070 |
Quarterly Financial Data
Quarterly Financial Data | 12 Months Ended |
Dec. 31, 2022 | |
Quarterly Financial Information Disclosure [Abstract] | |
Quarterly Financial Data | NOTE Z—QUARTERLY FINANCIAL DATA (UNAUDITED) Quarterly financial data for 2022 and 2021 is summarized below: (Dollars in thousands, except per share data) 1st Quarter 2nd Quarter 3rd Quarter 4th Quarter 2022 Interest income $ 202,795 $ 227,771 $ 263,683 $ 307,741 Interest expense 11,293 12,868 23,061 58,337 Net interest income 191,502 214,903 240,622 249,404 Provision for credit losses (3,410 ) (1,807 ) 7,671 16,368 (Dollars in thousands, except per share data) 1st Quarter 2nd Quarter 3rd Quarter 4th Quarter Mortgage banking income 19,203 12,445 6,422 4,620 Securities gains (losses), net (251 ) 1,182 (206 ) 51 Other noninterest income 27,073 29,981 26,533 26,208 Noninterest expense 139,175 141,174 137,196 137,542 Income taxes 20,098 23,531 25,919 26,608 Net income (1) 81,664 95,613 102,585 99,765 Per share data: Average shares outstanding (000s): Basic 136,058 134,623 134,182 134,268 Diluted 136,435 134,864 134,554 134,799 Net income per share: Basic $ 0.60 $ 0.71 $ 0.76 $ 0.74 Diluted $ 0.60 $ 0.71 $ 0.76 $ 0.74 Dividends per share $ 0.36 $ 0.36 $ 0.36 $ 0.36 2021 Interest income $ 205,657 $ 200,186 $ 194,080 $ 195,194 Interest expense 14,697 13,669 12,501 11,516 Net interest income 190,960 186,517 181,579 183,678 Provision for credit losses 143 (8,879 ) (7,829 ) (7,405 ) Mortgage banking income 65,395 36,943 42,012 27,342 Securities losses, net 2,609 24 82 (39 ) Other noninterest income 24,576 25,897 26,537 26,750 Noninterest expense 148,934 138,969 142,283 151,793 Income taxes 27,565 24,455 23,604 19,491 Net income (1) 106,898 94,836 92,152 73,852 Per share data: Average shares outstanding (000s): Basic 128,636 128,751 128,763 130,940 Diluted 128,891 129,034 128,960 131,296 Net income per share: Basic $ 0.83 $ 0.73 $ 0.71 $ 0.56 Diluted $ 0.83 $ 0.73 $ 0.71 $ 0.56 Dividends per share $ 0.35 $ 0.35 $ 0.35 $ 0.36 |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2022 | |
Accounting Policies [Abstract] | |
Nature of Operations | Nature of Operations: |
Operating Segments | Operating Segments: |
Basis of Presentation | Basis of Presentation: United determines whether it has a controlling financial interest in an entity by first evaluating whether the entity is a voting interest entity or a variable interest entity (“VIE”) under U.S. generally accepted accounting principles. Voting interest entities are entities in which the total equity investment at risk is sufficient to enable the entity to finance itself independently and provides the equity holders with the obligation to absorb losses, the right to receive residual returns and the right to make decisions about the entity’s activities. United consolidates voting interest entities in which it has all, or at least a majority of, the voting interest. As defined in applicable accounting standards, VIEs are entities that lack one or more of the characteristics of a voting interest entity. A controlling financial interest in a VIE is present when an enterprise has both the power to direct the activities of the VIE that most significantly impact the VIE’s economic performance and an obligation to absorb losses or the right to receive benefits that could potentially be significant to the VIE. The enterprise with a controlling financial interest, known as the primary beneficiary, consolidates the VIE. United’s wholly owned and indirect wholly owned statutory trust subsidiaries are VIEs for which United is not the primary beneficiary. Accordingly, its accounts are not included in United’s consolidated financial statements. The accounting and reporting policies of United conform with U.S. generally accepted accounting principles. In preparing the consolidated financial statements, management is required to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates. To conform to the 2022 presentation, certain reclassifications have been made to prior period amounts, which had no impact on net income, comprehensive income or shareholders’ equity. In the opinion of management, all adjustments necessary for a fair presentation of financial position and results of operations have been made. Such adjustments are of a normal and recurring nature. In addition, $1,483,987,000 was reclassed from noninterest-bearing deposits to interest-bearing deposits on United’s Consolidated Balance Sheets for the period ended December 31, 2021 due to the nature of the underlying deposit accounts and a misclassification in the previous presentation. This reclassification did not impact any other amounts reported or disclosed in the consolidated financial statements. In the opinion of management, all adjustments necessary for a fair presentation of financial position and results of operations have been made. |
Cash and Cash Equivalents | Cash and Cash Equivalents: |
Debt securities | Debt securities HTM securities are accounted for at amortized cost, but the Company must have both the positive intent and the ability to hold those securities to maturity. There are very limited circumstances under which securities in the HTM category can be sold without jeopardizing the cost basis of accounting for the remainder of the securities in this category. Substantially all of the Company’s HTM debt securities are issued by state and political subdivisions (municipalities). As of December 31, 2022, United considers its HTM debt securities portfolio to be immaterial. |
Allowance for Credit Losses | Allowance for Credit Losses (HTM Debt Securities) Allowance for Credit Losses (AFS Debt Securities) available-for-sale |
Equity securities | Equity securities: |
Other investment securities | Other investment securities: (non-marketable) (non-marketable), |
Securities Purchased Under Resale Agreements and Securities Sold Under Agreements to Repurchase | Securities Purchased Under Resale Agreements and Securities Sold Under Agreements to Repurchase: |
Loans | Loans: 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 (“COVID-19”) COVID-19 |
Loans Acquired Through Transfer | Loans Acquired Through Transfer: Loans acquired in a business combination that have experienced more-than-insignificant deterioration in credit quality since origination are considered purchased credit deteriorated (“PCD”) loans. At the acquisition date, an estimate of expected credit losses is made for groups of PCD loans with similar risk characteristics and individual PCD loans without similar risk characteristics. This initial allowance for credit losses is allocated to individual PCD loans and added to the purchase price or acquisition date fair values to establish the initial amortized cost basis of the PCD loans. As the initial allowance for credit losses is added to the purchase price, there is no credit loss expense recognized upon acquisition of a PCD loan. Any difference between the unpaid principal balance of PCD loans and the amortized cost basis is considered to relate to noncredit factors and results in a discount or premium. Discounts and premiums are recognized through interest income on a level-yield method over the life of the loans. For loans and leases acquired after the adoption of ASC Topic 326, United will likely take several factors into consideration when determining if loans and leases meet the definition of PCD. ASC Topic 326 lists some, but not all, factors for consideration in the bifurcation of PCD versus non-PCD · Financial assets that are delinquent as of the acquisition date · Financial assets that have been downgraded since origination · Financial assets that have been placed on nonaccrual status |
Loans Held for Sale | Loans Held for Sale: one-to-four Loans held for sale are recorded under the fair value option at a fair value measured using valuations from investors for loans with similar characteristics adjusted for the Company’s actual sales experience versus the investor’s indicated pricing. |
Bank Premises and Equipment | Bank Premises and Equipment: three five |
Other Real Estate Owned | Other Real Estate Owned , and 2021, the recorded investment of consumer mortgage loans secured by residential real estate properties for which formal foreclosure proceedings are in process was $ and $ |
Intangible Assets | Intangible Assets: one ten-year , , more-likely-than-not , 000 ,000 |
Mortgage Servicing Rights, Fees and Costs | Mortgage Servicing Rights, Fees and Costs: 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 and other estimates. 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. |
Accrued interest receivable | Accrued Interest Receivable • Presenting accrued interest receivable balances separately from their underlying instruments within the consolidated statements of financial condition. • Excluding accrued interest receivable that is included in the amortized cost of financing receivables from related disclosure requirements. • Continuing our policy to write off accrued interest receivable by reversing interest income in cases where the Company does not reasonably expect to receive payment. • Generally, not measuring an allowance for credit losses for accrued interest receivable due to the Company’s policy of writing off uncollectible accrued interest receivable balances in a timely manner. However, due to loan interest payment deferrals on certain loans and leases 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 December 31, 2022 as compared to an allowance for credit losses of $8,000 as of December 31, 2021 |
Revenue Recognition | Revenue Recognition Descriptions of our revenue-generating activities that are within the scope of ASC Topic 606, which are presented in our Consolidated Statements of Income as components of Other Income are discussed below. There are no significant judgements relating to the amount and timing of revenue recognition for those revenue streams under the scope of ASC Topic 606. Fees from Trust Services Revenue from trust services primarily is comprised of fees earned from the management and administration of trusts and other customer assets. Trust services include custody of assets, investment management, escrow services, and similar fiduciary activities. The Company’s performance obligation is generally satisfied over time and the resulting fees are recognized monthly, based upon the month-end Fees from Brokerage Services Revenue from brokerage services are recorded as the income is earned at the time the related service is performed. In return for such services, the Company charges a commission for the sales of various securities products primarily consisting of investment company shares, annuity products, and corporate debt and equity securities, for its selling and administrative efforts. For account supervision, advisory and administrative services, revenue is recognized over a period of time as earned based on customer account balances and activity. Fees from Deposit Services Service charges on deposit accounts consist of account analysis fees (i.e., net fees earned on analyzed business and public checking accounts), monthly service fees, check orders, ATM activity fees, debit card fees, and other deposit account related fees. Revenue is recognized when our performance obligation is completed which is generally monthly for account maintenance services or when a transaction has been completed (ATM or debit card activity). Bankcard Fees and Merchant Discounts |
Advertising Costs | Advertising Costs: |
Income Taxes | Income Taxes: more-likely-than-not For uncertain income tax positions, United records a liability based on a recognition threshold of more-likely-than-not, |
Derivative Financial Instruments | Derivative Financial Instruments: Derivative instruments designated in a hedge relationship to mitigate exposure to changes in the fair value of an asset, liability, or firm commitment attributable to a particular risk, such as interest rate risk, are considered fair value hedges. Derivative instruments designated in a hedge relationship to mitigate exposure to variability in expected future cash flows, or other types of forecasted transactions, are considered cash flow hedges. For a fair value hedge, the fair value of the interest rate swap is recognized on the balance sheet as either a freestanding asset or liability with a corresponding adjustment to the hedged financial instrument. Subsequent adjustments due to changes in the fair value of a derivative that qualifies as a fair value hedge are offset in current period earnings 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. Fair value hedges may be eligible for offset on the consolidated balance sheets because they are subject to master netting arrangements or similar agreements. United has elected not to offset the assets and liabilities subject to such arrangements on the consolidated financial statements. 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. |
Off-balance-sheet credit exposures | Off-balance-sheet : off-balance |
Stock-Based Compensation | Stock-Based Compensation Stock-based compensation expense was $9,881,000 in 2022, $8,018,000 in 2021, and $5,980,000 in 2020. |
Treasury Stock | Treasury Stock |
Trust Assets and Income | Trust Assets and Income: |
Earnings Per Common Share | Earnings Per Common Share: two-class non-vested Under the two-class The reconciliation of the numerator and denominator of basic earnings per share with that of diluted earnings per share is presented as follows: Year Ended December 31 (Dollars in thousands, except per share) 2022 2021 2020 Distributed earnings allocated to common stock $ 194,052 $ 181,614 $ 171,403 Undistributed earnings allocated to common stock 184,572 185,082 116,879 Net earnings allocated to common shareholders $ 378,624 $ 366,696 $ 288,282 Average common shares outstanding 134,776,241 129,276,452 120,017,247 Dilutive effect of stock compensation 341,271 236,401 72,985 Average diluted shares outstanding 135,117,512 129,512,853 120,090,232 Earnings per basic common share $ 2.81 $ 2.84 $ 2.40 Earnings per diluted common share $ 2.80 $ 2.83 $ 2.40 |
Fair Value Measurements | Fair Value Measurements ASC Topic 820 specifies a hierarchy of valuation techniques based on whether the inputs to those valuation techniques are observable or unobservable. Observable inputs reflect market data obtained from independent sources, while unobservable inputs reflect United’s market assumptions. The three levels of the fair value hierarchy based on these two types of inputs are as follows: Level 1 - Valuation is based on quoted prices in active markets for identical assets and liabilities. Level 2 - Valuation is based on observable inputs including quoted prices in active markets for similar assets and liabilities, quoted prices for identical or similar assets and liabilities in less active markets, and model-based valuation techniques for which significant assumptions can be derived primarily from or corroborated by observable data in the market. Level 3 - Valuation is based on model-based techniques that use one or more significant inputs or assumptions that are unobservable in the market. When determining the fair value measurements for assets and liabilities, United looks to active and observable markets to price identical assets or liabilities whenever possible and classifies such items in Level 1. When identical assets and liabilities are not traded in active markets, United looks to market observable data for similar assets and liabilities and classifies such items as Level 2. Nevertheless, certain assets and liabilities are not actively traded in observable markets and United must use alternative valuation techniques using unobservable inputs to determine a fair value and classifies such items as Level 3. For assets and liabilities that are not actively traded, the fair value measurement is based primarily upon estimates that require significant judgment. Therefore, the results may not be realized in an actual sale or immediate settlement of the asset or liability. Additionally, there are inherent weaknesses in any calculation technique, and changes in the underlying assumptions used, including discount rates and estimates of future cash flows, could significantly affect the results of current or future values. The level within the fair value hierarchy is based on the lowest level of input that is significant in the fair value measurement. |
Recent Accounting Pronouncements | Recent Accounting Pronouncements In December 2022, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2022-06, 2022-06 2020-04 2020-04 expected cessation date of all currencies and tenors of LIBOR. In March 2021, the FCA announced that the intended cessation date of LIBOR in the United States would be June 30, 2023. Accordingly, ASU 2022-06 In June 2022, the FASB issued 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 No. 2022-02 10-Q. In March 2022, the FASB issued ASU No. 2022-01, 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. 2020-08 In July 2021, the FASB issued ASU No. 2021-05, 842-10-25-2 25-3, 842-10-24-3A, No. 2021-05 Entities may elect to adopt the amendments through either a retrospective application to leases that commenced or were modified after the beginning of the period in which ASC 842 was adopted or a prospective application to leases that commence or are modified subsequent to the date the amendments in ASU 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).” earnings-per-share No. 2020-06 No. 2020-06 In March 2020, the FASB issued ASU No. 2020-04, No. 2020-04 No. 2020-04 In February 2020, FASB issued ASU No. 2020-03, No. 2020-03 No. 2020-03 In January 2020, the FASB issued ASU No. 2020-01, No. 2020-01 No. 2020-01 |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Accounting Policies [Abstract] | |
Reconciliation of Numerator and Denominator of Basic Earnings Per Share with that of Diluted Earnings Per Share | The reconciliation of the numerator and denominator of basic earnings per share with that of diluted earnings per share is presented as follows: Year Ended December 31 (Dollars in thousands, except per share) 2022 2021 2020 Distributed earnings allocated to common stock $ 194,052 $ 181,614 $ 171,403 Undistributed earnings allocated to common stock 184,572 185,082 116,879 Net earnings allocated to common shareholders $ 378,624 $ 366,696 $ 288,282 Average common shares outstanding 134,776,241 129,276,452 120,017,247 Dilutive effect of stock compensation 341,271 236,401 72,985 Average diluted shares outstanding 135,117,512 129,512,853 120,090,232 Earnings per basic common share $ 2.81 $ 2.84 $ 2.40 Earnings per diluted common share $ 2.80 $ 2.83 $ 2.40 |
Mergers and Acquisitions (Table
Mergers and Acquisitions (Tables) | 12 Months Ended |
Dec. 31, 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: (Dollars in thousands) 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 |
Investment Securities (Tables)
Investment Securities (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Summary of Amortized Cost and Estimated Fair Values of Available for Sale Securities | The amortized cost and estimated fair values of securities available for sale are summarized as follows. December 31, 2022 Gross Gross Allowance Estimated (Dollars in thousands) Amortized Unrealized Unrealized For Credit Fair Cost Gains Losses Losses Value U.S. Treasury securities and obligations of U.S. Government corporations and agencies $ 548,407 $ 12 $ 18,927 $ 0 $ 529,492 State and political subdivisions 820,167 36 110,673 0 709,530 Residential mortgage-backed securities Agency 1,369,471 4 194,531 0 1,174,944 Non-agency 121,336 66 9,429 0 111,973 Commercial mortgage-backed securities Agency 627,768 8 65,223 0 562,553 Asset-backed securities 943,813 0 32,202 0 911,611 Single issue trust preferred securities 17,342 88 1,146 0 16,284 Other corporate securities 563,425 44 37,931 0 525,538 Total $ 5,011,729 $ 258 $ 470,062 $ 0 $ 4,541,925 December 31, 2021 Gross Gross Allowance Estimated (Dollars in thousands) Amortized Unrealized Unrealized For Credit Fair Cost Gains Losses Losses 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 December 31, 2022 and December 31, 2021. Less than 12 months 12 months or longer Total Fair Unrealized Fair Unrealized Fair Unrealized (Dollars in thousands) Value Losses Value Losses Value Losses December 31, 2022 U.S. Treasury securities and obligations of U.S. Government corporations and agencies $ 473,025 $ 13,628 $ 48,793 $ 5,299 $ 521,818 $ 18,927 State and political subdivisions 496,328 63,019 192,234 47,654 688,562 110,673 Residential mortgage-backed securities Agency 623,587 70,744 550,135 123,787 1,173,722 194,531 Non-agency 58,839 2,083 42,901 7,346 101,740 9,429 Commercial mortgage-backed securities Agency 396,380 27,469 163,226 37,754 559,606 65,223 Asset-backed securities 425,482 14,134 486,129 18,068 911,611 32,202 Single issue trust preferred securities 0 0 13,109 1,146 13,109 1,146 Other corporate securities 195,425 18,064 261,170 19,867 456,595 37,931 Total $ 2,669,066 $ 209,141 $ 1,757,697 $ 260,921 $ 4,426,763 $ 470,062 Less than 12 months 12 months or longer Total Fair Unrealized Fair Unrealized Fair Unrealized (Dollars in thousands) 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 | Year Ended (In thousands) 2022 2021 2020 Proceeds from maturities, sales and calls $ 575,748 $ 731,902 $ 708,068 Gross realized gains 2 1,673 4,618 Gross realized losses 0 122 2,116 |
Summary of Maturities of Debt Securities Held to Maturity by Amortized Cost and Estimated Fair Value | Maturities of mortgage-backed securities with an amortized cost of $2,118,575,000 and an estimated fair value of $1,849,470,000 at December 31, 2022 are included below based upon contractual maturity. Estimated (In thousands) Amortized Fair Cost Value Due in one year or less $ 384,921 $ 380,575 Due after one year through five years 856,743 817,881 Due after five years through ten years 981,983 858,819 Due after ten years 2,788,082 2,484,650 Total $ 5,011,729 $ 4,541,925 |
Summary of Equity Securities | Equity securities consist mainly of equity securities of mutual funds within a rabbi trust for the payment of benefits under a deferred compensation plan for certain key officers of United and its subsidiaries. The fair value of United’s equity securities was $7,629,000 at December 31, 2022 and $12,404,000 at December 31, 2021. Year Ended (In thousands) December 31, 2022 December 31, 2021 Net gains recognized during the period on equity securities sold $ 0 $ 788 Unrealized gains recognized during the period on equity securities still held at period end 94 69 Unrealized losses recognized during the period on equity securities still held at period end (684 ) (187 ) Net gains recognized during the period $ (590) $ 670 |
Loans and Leases (Tables)
Loans and Leases (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Receivables [Abstract] | |
Major Classes of Loans And Leases | Major classes of loans and leases are as follows: December 31, December 31, (In thousands) 2022 2021 Commercial, financial and agricultural: Owner-occupied commercial real estate $ 1,724,927 $ 1,733,176 Nonowner-occupied commercial real estate 6,286,974 5,957,288 Other commercial 3,612,568 3,462,361 Total commercial, financial & agricultural 11,624,469 11,152,825 Residential real estate 4,662,911 3,691,560 Construction & land development Consumer: 2,926,971 2,014,165 Bankcard 9,273 8,913 Other consumer 1,356,539 1,183,844 Less: Unearned income (21,997 ) (27,659 ) Total gross loans $ 20,558,166 $ 18,023,648 |
Credit Quality (Tables)
Credit Quality (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Text Block [Abstract] | |
Schedule of Reasons For Modification Troubled Debt Restructuring Loans | The following tables sets forth the balances of TDRs at December 31, 2022 and December 31, 2021 and the reasons for modification: (In thousands) Reason for modification December 31, 2022 December 31, 2021 Interest rate reduction $ 736 $ 3,163 Interest rate reduction and change in terms 792 1,412 Forgiveness of principal 0 0 Concession of principal and term 15 19 Extended maturity 4,616 4,831 Transfer of asset 0 5,407 Change in terms 13,229 21,024 Total $ 19,388 $ 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 year ended December 31, 2022 and 2021, segregated by class of loans: Troubled Debt Restructurings For the Year Ended December 31, 2022 December 31, 2021 (Dollars in thousands) Number of Pre- Modification Post- Number of Pre- Modification Post- Commercial real estate: Owner-occupied 2 $ 2,945 $ 2,817 5 $ 2,155 $ 2,293 Nonowner-occupied 0 0 0 3 6,362 6,130 Other commercial 1 132 0 2 328 328 Residential real estate 0 0 0 9 1,660 1,651 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 $ 2,817 19 $ 10,505 $ 10,402 |
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 year ended December 31, 2022 and 2021, segregated by the reason for modification: Year Ended (In thousands) Reason for modification December 31, December 31, Interest rate reduction $ 143 $ 155 Interest rate reduction and change in terms 0 1,412 Forgiveness of principal 0 0 Year Ended (In thousands) Reason for modification December 31, December 31, Concession of principal and term 0 0 Transfer of asset 0 5,407 Extended maturity 0 2,754 Change in terms 2,674 674 Total $ 2,817 $ 10,402 |
Schedule of Charged-off Troubled Debt Restructurings on Financing Receivables | The following table presents troubled debt restructurings, by class of loan, that had charge-offs during the year ended December 31, 2022 and 2021. These loans were restructured during the twelve months ended December 31, 2022 and 2021 and subsequently defaulted, resulting in principal charge-offs during the year of 2022 and 2021. The recorded investment amounts presented were as of the December 31, 2022 and 2021 balance sheet dates. Year Ended December 31, 2022 Year Ended December 31, 2021 (In thousands) Number of Recorded Number of Recorded Troubled Debt Restructurings Commercial real estate: Owner-occupied 0 $ 0 0 $ 0 Nonowner-occupied 0 0 0 0 Other commercial 1 96 0 0 Residential real estate 1 0 1 0 Construction & land development 0 0 2 0 Consumer: Bankcard 0 0 0 0 Other consumer 0 0 0 0 Total 2 $ 96 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 and leases: Age Analysis of Past Due Loans and Leases As of December 31, 2022 (In thousands) 30-89 90 Days or Past Due Total Past Current & Total Financing 90 Days or Past Due & Commercial real estate: Owner-occupied $ 5,643 $ 12,368 $ 18,011 $ 1,706,916 $ 1,724,927 $ 4,023 Nonowner-occupied 9,996 8,916 18,912 6,268,062 6,286,974 0 Other commercial 13,466 5,338 18,804 3,593,764 3,612,568 2,946 Residential real estate 25,315 17,735 43,050 4,619,861 4,662,911 7,342 Construction & land development 3,060 475 3,535 2,923,436 2,926,971 0 Consumer: Bankcard 63 109 172 9,101 9,273 109 Other consumer 33,993 4,570 38,563 1,317,976 1,356,539 4,220 Total $ 91,536 $ 49,511 $ 141,047 $ 20,439,116 $ 20,580,163 $ 18,640 Age Analysis of Past Due Loans and Leases As of December 31, 2021 (In thousands) 30-89 Days Past Due 90 Days or Past Due Total Past Due Current & Total Financing 90 Days or Past Due & 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 and leases: At December 31, 2022 At December 31, 2021 (In thousands) Nonaccruals With No Nonaccruals With No Commercial Real Estate: Owner-occupied $ 8,345 $ 8,345 $ 12,714 $ 12,714 Nonowner-occupied 8,916 8,916 18,284 18,284 Other Commercial 2,392 2,392 9,314 8,261 Residential Real Estate 10,393 8,564 15,254 14,298 Construction 475 475 2,713 2,713 Consumer: Bankcard 0 0 0 0 Other consumer 350 350 170 170 Total $ 30,871 $ 29,042 $ 58,449 $ 56,440 |
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, Collateral Dependent Loans and Leases At December 31, 2022 (In thousands) Residential Business Land Commercial Other Total Commercial real estate: Owner-occupied $ 46 $ 22 $ 0 $ 15,718 $ 9,635 $ 25,421 Nonowner-occupied 3,245 0 0 2,784 7,619 13,649 Other commercial 0 5,444 0 0 140 5,584 Residential real estate 11,858 0 0 0 0 11,858 Construction & land development 14 0 1,312 0 738 2,063 Consumer: Bankcard 0 0 0 0 0 0 Other consumer 0 0 0 0 0 0 Total $ 15,163 $ 5,466 $ 1,312 $ 18,502 $ 18,132 $ 58,575 Collateral Dependent Loans and Leases At December 31, 2021 (In thousands) Residential Business Land Commercial 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 (In thousands) Term Loans Origination Year Revolving loans amortized cost loans converted to As of December 31, 2022 2022 2021 2020 2019 2018 Prior basis term loans Total Internal Risk Grade: Pass $ 339,765 $ 276,667 $ 284,091 $ 122,582 $ 112,126 $ 504,485 $ 32,465 $ 350 $ 1,672,531 Special Mention 0 0 0 496 1,158 5,358 920 0 7,932 Substandard 143 936 522 417 642 41,301 0 233 44,194 Doubtful 0 0 0 0 0 270 0 0 270 Total $ 339,908 $ 277,603 $ 284,613 $ 123,495 $ 113,926 $ 551,414 $ 33,385 $ 583 $ 1,724,927 Current-period charge-offs 0 0 0 0 0 (68 ) 0 0 (68 ) Current-period recoveries 0 0 0 0 0 489 0 0 489 Current-period net recoveries $ 0 $ 0 $ 0 $ 0 $ 0 $ 421 $ 0 $ 0 $ 421 Revolving (In thousands) Term Loans Origination Year Revolving loans amortized cost loans and leases converted to As of December 31, 2021 2021 2020 2019 2018 2017 Prior basis term loans Total 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) recoveries $ 0 $ 0 $ 0 $ 0 $ (31 ) $ 486 $ 0 $ 0 $ 455 Commercial Real Estate – Nonowner-occupied Revolving Term Loans Origination Year Revolving loans loans (In thousands) amortized cost As of December 31, 2022 2022 2021 2020 2019 2018 Prior basis term loans Total Internal Risk Grade: Pass $ 1,415,465 $ 1,399,023 $ 739,474 $ 687,755 $ 341,367 $ 1,297,076 $ 183,779 $ 135 $ 6,064,074 Special Mention 557 2,401 6,852 84,781 980 23,137 0 0 118,708 Substandard 0 0 673 34,079 17,180 51,897 363 0 104,192 Doubtful 0 0 0 0 0 0 0 0 0 Total $ 1,416,022 $ 1,401,424 $ 746,999 $ 806,615 $ 359,527 $ 1,372,110 $ 184,142 $ 135 $ 6,286,974 Current-period charge-offs 0 0 0 0 0 0 0 0 0 Current-period recoveries 0 0 0 0 0 234 0 0 234 Current-period net recoveries $ 0 $ 0 $ 0 $ 0 $ 0 $ 234 $ 0 $ 0 $ 234 Revolving Term Loans Origination Year Revolving loans loans and leases (In thousands) amortized cost converted to As of December 31, 2021 2021 2020 2019 2018 2017 Prior basis term loans Total 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 Revolving Term Loans and leases Origination Year and leases loans and leases (In thousands) amortized cost converted to As of December 31, 2022 2022 2021 2020 2019 2018 Prior basis term loans Total Internal Risk Grade: Pass $ 749,919 $ 581,588 $ 398,682 $ 230,209 $ 75,577 $ 426,406 $ 1,033,459 $ 1,596 $ 3,497,436 Special Mention 14,244 3,652 331 2,115 936 2,799 35,997 38 60,112 Substandard 4,023 432 29 871 5,603 6,182 37,778 42 54,960 Doubtful 0 0 0 0 0 60 0 0 60 Total $ 768,186 $ 585,672 $ 399,042 $ 233,195 $ 82,116 $ 435,447 $ 1,107,234 $ 1,676 $ 3,612,568 Current-period charge-offs 0 (364 ) (202 ) (211 ) (2,490 ) (1,041 ) 0 0 (4,308 ) Current-period recoveries 0 0 84 17 705 4,561 0 0 5,367 Current-period net (charge- offs) recoveries $ 0 $ (364 ) $ (118 ) $ (194 ) $ (1,785 ) $ 3,520 $ 0 $ 0 $ 1,059 Revolving loans Revolving Term Loans and leases Origination Year and leases loans and leases (In thousands) amortized cost converted to As of December 31, 2021 2021 2020 2019 2018 2017 Prior basis term loans Total 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 Term Loans Origination Year Revolving loans loans (In thousands) amortized cost As of December 31, 2022 2022 2021 2020 2019 2018 Prior basis term loans Total Internal Risk Grade: Pass $ 1,525,762 $ 847,177 $ 492,628 $ 291,334 $ 245,158 $ 791,366 $ 439,800 $ 2,683 $ 4,635,908 Special Mention 0 0 0 0 11 4,418 1,888 0 6,317 Substandard 0 1,448 68 445 866 17,001 858 0 20,686 Doubtful 0 0 0 0 0 0 0 0 0 Total $ 1,525,762 $ 848,625 $ 492,696 $ 291,779 $ 246,035 $ 812,785 $ 442,546 $ 2,683 $ 4,662,911 Current-period charge-offs 0 (809 ) 0 0 (284 ) (453 ) 0 0 (1,546 ) Current-period recoveries 0 1 0 0 16 1,483 7 0 1,507 Current-period net (charge- offs) recoveries $ 0 $ (808 ) $ 0 $ 0 $ (268 ) $ 1,030 $ 7 $ 0 $ (39 ) Revolving Term Loans Origination Year Revolving loans loans (In thousands) amortized cost As of December 31, 2021 2021 2020 2019 2018 2017 Prior basis term loans Total 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 Term Loans Origination Year Revolving loans loans (In thousands) amortized cost converted to As of December 31, 2022 2022 2021 2020 2019 2018 Prior basis term loans Total Internal Risk Grade: Pass $ 806,442 $ 1,109,601 $ 389,751 $ 133,711 $ 117,934 $ 109,320 $ 252,604 $ 0 $ 2,919,363 Special Mention 0 0 65 3,421 0 1,447 0 0 4,933 Substandard 0 219 0 13 0 2,443 0 0 2,675 Doubtful 0 0 0 0 0 0 0 0 0 Total $ 806,442 $ 1,109,820 $ 389,816 $ 137,145 $ 117,934 $ 113,210 $ 252,604 $ 0 $ 2,926,971 Current-period charge-offs 0 0 0 0 0 (2 ) 0 0 (2 ) Current-period recoveries 0 0 0 0 0 1,414 0 0 1,414 Current-period net recoveries $ 0 $ 0 $ 0 $ 0 $ 0 $ 1,412 $ 0 $ 0 $ 1,412 Revolving Term Loans Origination Year Revolving loans loans (In thousands) amortized cost converted to As of December 31, 2021 2021 2020 2019 2018 2017 Prior basis term loans Total 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) recoveries $ 0 $ 0 $ 0 $ 0 $ (44 ) $ 88 $ 0 $ 0 $ 44 Bankcard Revolving Term Loans Origination Year Revolving loans loans (In thousands) amortized cost converted to As of December 31, 2022 2022 2021 2020 2019 2018 Prior basis term loans Total Internal Risk Grade: Pass $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 9,101 $ 0 $ 9,101 Special Mention 0 0 0 0 0 0 63 0 63 Substandard 0 0 0 0 0 0 109 0 109 Doubtful 0 0 0 0 0 0 0 0 0 Total $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 9,273 $ 0 $ 9,273 Current-period charge-offs 0 0 0 0 0 0 (355 ) 0 (355 ) Current-period recoveries 0 0 0 0 0 0 9 0 9 Current-period net charge-offs $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ (346 ) $ 0 $ (346 ) Revolving Term Loans Origination Year Revolving loans loans (In thousands) amortized cost converted to As of December 31, 2021 2021 2020 2019 2018 2017 Prior basis term loans Total 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 0 42 0 42 YTD net charge-offs $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ (148 ) $ 0 $ (148 ) Other Consumer Revolving (In thousands) Term Loans Origination Year Revolving loans amortized cost loans converted to As of December 31, 2022 2022 2021 2020 2019 2018 Prior basis term loans Total Internal Risk Grade: Pass $ 626,666 $ 319,719 $ 176,423 $ 128,176 $ 55,147 $ 9,202 $ 2,644 $ 0 $ 1,317,977 Special Mention 9,891 13,449 5,769 3,075 1,295 464 50 0 33,993 Substandard 1,144 2,214 927 167 89 28 0 0 4,569 Doubtful 0 0 0 0 0 0 0 0 0 Total $ 637,701 $ 335,382 $ 183,119 $ 131,418 $ 56,531 $ 9,694 $ 2,694 $ 0 $ 1,356,539 Current-period charge-offs (394 ) (1,435 ) (851 ) (331 ) (162 ) (198 ) 0 0 (3,371 ) Current-period recoveries 12 102 61 87 60 207 0 0 529 Current-period net (charge- offs) recoveries $ (382 ) $ (1,333 ) $ (790 ) $ (244 ) $ (102 ) $ 9 $ 0 $ 0 $ (2,842 ) Revolving (In thousands) Term Loans Origination Year Revolving loans amortized cost loans converted to As of December 31, 2021 2021 2020 2019 2018 2017 Prior basis term loans Total 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) | 12 Months Ended |
Dec. 31, 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 December 31, 2022 and December 31, 2021: Accrued Interest Receivable (In thousands) At December 31, 2022 At December 31, 2021 Commercial Real Estate: Owner-occupied $ 4,855 $ 4,172 Nonowner-occupied 19,801 14,901 Other Commercial 10,904 9,335 Accrued Interest Receivable (In thousands) At December 31, 2022 At December 31, 2021 Residential Real Estate 16,117 10,347 Construction 15,195 7,411 Consumer: Bankcard 0 0 Other consumer 3,460 2,871 $ 70,332 $ 49,037 Less: Allowance for credit losses 0 (8 ) Total $ 70,332 $ 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 year ended December 31, 2022 and December 31, 2021: Accrued Interest Receivables Written Off (In thousands) Year Ended 2022 2021 Commercial Real Estate: Owner-occupied $ 20 $ 33 Nonowner-occupied 4 114 Other Commercial 77 40 Residential Real Estate 105 419 Construction 0 8 Consumer: Bankcard 0 0 Other consumer 304 176 Total $ 510 $ 790 |
Schedule of Allowance for Loan Losses and Carrying Amount of Loans | A progression of the allowance for loan losses, by portfolio segment, for the periods indicated is summarized as follows: Allowance for Loan and Lease Losses and Carrying Amount of Loans and Leases For the Year Ended December 31, 2022 (In thousands) Commercial Real Other Residential Construction & Bankcard Total Owner- Nonowner- Other 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) (4,308) (1,546) (2) (355) (3,371) (9,650) Recoveries 489 234 5,367 1,507 1,414 9 529 9,549 Provision (919) (3,847) 215 9,862 7,583 590 5,347 18,831 Ending balance $ 13,945 $ 38,543 $ 79,706 $ 36,227 $ 48,390 $ 561 $ 17,374 $ 234,746 Allowance for Loan and Lease Losses and Carrying Amount of Loans and Leases For the Year Ended December 31, 2021 (In thousands) Commercial Real Other Residential Construction & 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 |
Progression of Allowance for Credit Losses Including Allowance for Loan Losses and Reserve for Lending-Related Commitment | A progression of the allowance for credit losses, which includes the allowance for loan losses and the reserve for lending-related commitments, for the periods presented is summarized as follows: Year Ended December 31 (In thousands) 2022 2021 2020 Balance of allowance for loan and lease losses at beginning of period $ 216,016 $ 235,830 $ 77,057 Cumulative effect adjustment for CECL 0 0 57,442 216,016 235,830 134,499 Initial allowance for acquired PCD loans 0 12,629 18,635 Gross charge-offs (9,650 ) (19,297 ) (32,983 ) Recoveries 9,549 10,578 9,386 Net charge-offs (101 ) (8,719 ) (23,597 ) Provision for loan and lease losses 18,831 (23,724 ) 106,293 Year Ended December 31 (In thousands) 2022 2021 2020 Balance of allowance for loan and lease losses at end of period $ 234,746 $ 216,016 $ 235,830 Reserve for lending-related commitments 46,189 31,442 19,250 Balance of allowance for credit losses at end of period $ 280,935 $ 247,458 $ 255,080 |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Leases [Abstract] | |
Components of Lease Expense | The components of lease expense were as follows: Year Ended Year Ended (In thousands) Classification December 31, December 31, Operating lease cost Net occupancy expense $ 20,987 $ 21,466 Sublease income Net occupancy expense (328 ) (1,256 ) Net lease cost $ 20,659 $ 20,210 |
Supplemental Balance Sheet Information Related to Leases | Supplemental balance sheet information related to leases was as follows: (In thousands) Classification December 31, December 31, Operating lease right-of-use Operating lease right-of-use $ 71,144 $ 81,942 Operating lease liabilities Operating lease liabilities $ 75,749 $ 86,703 |
Other Information Related to Leases | Other information related to leases was as follows: December 31, 2022 Weighted-average remaining lease term: Operating leases 6.70 years Weighted-average discount rate: Operating leases 2.25 % |
Supplemental Cash Flow Information Related to Leases | Supplemental cash flow information related to leases was as follows: Year Ended (In thousands) December 31, 2022 December 31, 2021 Cash paid for amounts in the measurement of lease liabilities: Operating cash flows from operating leases $ 21,240 $ 22,153 ROU assets obtained in the exchange for lease liabilities 9,184 22,719 |
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, 2022, consists of the following: Year Amount (Dollars in thousands) 2023 $ 19,157 2024 13,795 2025 10,167 2026 8,872 2027 7,036 Thereafter 22,447 Total lease payments 81,474 Less: imputed interest (5,725 ) Total $ 75,749 |
Intangible Assets (Tables)
Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 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: December 31, 2022 Community Banking Mortgage Banking Total (In thousands) Gross Carrying Accumulated Gross Carrying Accumulated Gross Carrying Accumulated Amortized intangible assets: Core deposit intangible assets $ 105,165 ($ 87,544 ) $ 0 $ 0 $ 105,165 ($ 87,544 ) 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 (In thousands) Gross Carrying Accumulated Gross Carrying Accumulated Gross Carrying Accumulated Amortized intangible assets: Core deposit intangible assets $ 105,165 ($ 82,028 ) $ 0 $ 0 $ 105,165 ($ 82,028 ) 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: (In thousands) Community Mortgage 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 December 31, 2022 $ 1,883,574 $ 5,315 $ 1,888,889 |
Schedule of Anticipated Amortization Expense | The following table sets forth the anticipated amortization expense for intangible assets for the years subsequent to 2022: Year Amount (Dollars in thousands) 2023 $ 5,116 2024 3,639 2025 3,282 2026 2,758 2027 1,152 2028 and thereafter 1,674 |
Mortgage Servicing Rights (Tabl
Mortgage Servicing Rights (Tables) | 12 Months Ended |
Dec. 31, 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 year ended December 31, 2022 and 2021: (In thousands) Year Ended December 31, 2022 Year Ended December 31, 2021 MSRs beginning balance $ 24,027 $ 22,338 Amount capitalized 1,417 10,584 Amount amortized (4,422 ) (8,895 ) MSRs ending balance $ 21,022 $ 24,027 MSRs valuation allowance beginning balance $ (883 ) $ (1,383 ) Aggregate additions charged and recoveries credited to operations 883 1,129 MSRs impairment 0 (629 ) MSRs valuation allowance ending balance $ 0 $ (883 ) MSRs, net of valuation allowance $ 21,022 $ 23,144 |
Deposits (Tables)
Deposits (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Deposits [Abstract] | |
Book Value of Deposits | The book value of deposits consisted of the following: (In thousands) December 31 2022 2021 Noninterest-bearing accounts $ 7,199,678 $ 7,496,560 (1) Interest-bearing transaction accounts 5,116,966 5,218,342 (1) Regular savings 1,678,302 1,641,404 Interest-bearing money market accounts 6,299,404 6,361,887 Time deposits under $100,000 843,950 1,031,008 Time deposits over $100,000 1,164,866 1,601,062 Total deposits $ 22,303,166 $ 23,350,263 |
Short-Term Borrowings (Tables)
Short-Term Borrowings (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Funds Purchased and Securities Sold Under Agreements to Repurchase and Weighted-Average Interest Rates | At December 31, 2022 and 2021, short-term borrowings were as follows: December 31 (In thousands) 2022 2021 Federal funds purchased $ 0 $ 0 Securities sold under agreements to repurchase 160,698 128,844 Total short-term borrowings $ 160,698 $ 128,844 |
Long-Term Borrowings (Tables)
Long-Term Borrowings (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Debt Disclosure [Abstract] | |
FHLB Advances and Related Weighted Average Interest Rates | At December 31, 2022 and 2021, FHLB advances and the related weighted-average interest rates were as follows: 2022 2021 Weighted- Weighted- Weighted- Weighted- Average Average Average Average Contractual Effective Contractual Effective (Dollars in thousands) Amount Rate Rate Amount Rate Rate FHLB advances $ 1,910,775 4.18 % 3.19 % $ 532,199 0.35 % 0.55 % |
Information Related to Statutory Trusts | Information related to United’s statutory trusts is presented in the table below: (Dollars in thousands) Description Issuance Date Amount of 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 LIBOR + 1.55% October 1, 2037 United Statutory Trust VI September 20, 2007 $ 30,000 3-month LIBOR + 1.30% December 15, 2037 Premier Statutory Trust II September 25, 2003 $ 6,000 3-month LIBOR + 3.10% October 8, 2033 Premier Statutory Trust III May 16, 2005 $ 8,000 3-month LIBOR + 1.74% June 15, 2035 Premier Statutory Trust IV June 20, 2006 $ 14,000 3-month LIBOR + 1.55% September 23, 2036 Premier Statutory Trust V December 14, 2006 $ 10,000 3-month LIBOR + 1.61% March 1, 2037 Centra Statutory Trust I September 20, 2004 $ 10,000 3-month LIBOR + 2.29% September 20, 2034 Centra Statutory Trust II June 15, 2006 $ 10,000 3-month LIBOR + 1.65% July 7, 2036 Virginia Commerce Trust II December 19, 2002 $ 15,000 6-month LIBOR + 3.30% December 19, 2032 Virginia Commerce Trust III December 20, 2005 $ 25,000 3-month LIBOR + 1.42% February 23, 2036 Cardinal Statutory Trust I July 27, 2004 $ 20,000 3-month LIBOR + 2.40% September 15, 2034 UFBC Capital Trust I December 30, 2004 $ 5,000 3-month LIBOR + 2.10% March 15, 2035 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 LIBOR + 3.05% January 7, 2034 Greer Capital Trust I October 12, 2004 $ 6,000 3-month LIBOR + 2.20% October 18, 2034 Greer Capital Trust II December 28, 2006 $ 5,000 3-month LIBOR + 1.73% January 30, 2037 First South Preferred Trust I September 26, 2003 $ 10,000 3-month LIBOR + 2.95% September 30, 2033 BOE Statutory Trust I December 12, 2003 $ 4,000 3-month LIBOR + 3.00% December 12, 2033 |
Debentures and Related Weighted Average Interest Rates | At December 31, 2022 and 2021, the Debentures and their related weighted-average interest rates were as follows: 2022 2021 (Dollars in thousands) Amount Weighted- Average Rate Amount Weighted- Average Rate United Statutory Trust III $ 20,619 7.59 % $ 20,619 3.07 % United Statutory Trust IV 25,774 7.27 % 25,774 2.98 % United Statutory Trust V 51,547 5.29 % 51,547 1.68 % United Statutory Trust VI 30,928 6.07 % 30,928 1.50 % Premier Statutory Trust II 6,186 7.18 % 6,186 3.22 % Premier Statutory Trust III 8,248 6.51 % 8,248 1.94 % Premier Statutory Trust IV 14,433 6.28 % 14,433 1.77 % Premier Statutory Trust V 10,310 6.37 % 10,310 1.78 % Centra Statutory Trust I 10,000 7.04 % 10,000 2.50 % Centra Statutory Trust II 10,000 5.73 % 10,000 1.77 % Virginia Commerce Trust II 13,166 8.45 % 12,936 3.57 % Virginia Commerce Trust III 18,847 6.11 % 18,320 1.58 % 2022 2021 (Dollars in thousands) Amount Weighted- Average Rate Amount Weighted- Average Rate Cardinal Statutory Trust I 16,017 7.17 % 15,620 2.60 % UFBC Capital Trust I 3,866 6.87 % 3,761 2.30 % Carolina Financial Capital Trust I 5,022 8.00 % 5,010 3.75 % Carolina Financial Capital Trust II 9,498 7.13 % 9,420 3.17 % Greer Capital Trust I 5,256 6.39 % 5,167 3.17 % Greer Capital Trust II 4,087 6.15 % 3,983 2.32 % First South Preferred Trust I 9,432 7.68 % 9,348 1.86 % BOE Statutory Trust I 3,753 7.75 % 3,713 3.22 % Total $ 276,989 $ 275,323 |
Schedule of Maturities of Long-term Borrowings | At December 31, 2022, the scheduled maturities of long-term borrowings were as follows: Year Amount (Dollars in thousands) 2023 $ 1,898,393 2024 0 2025 9,153 2026 8,268 2027 0 2028 and thereafter 281,842 Total $ 2,197,656 |
Other Expense (Tables)
Other Expense (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Other Income and Expenses [Abstract] | |
Other Expense | The following details certain items of other expense for the periods indicated: Year Ended December 31 (In thousands) 2022 2021 2020 Legal, consulting & other professional services $ 24,403 $ 17,616 $ 16,482 Franchise & other taxes not on income 13,537 12,412 12,122 Expense for reserve on lending-related commitments 14,747 12,034 11,315 Automated Teller Machine (“ATM”) expenses 10,250 10,519 9,295 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Income Tax Disclosure [Abstract] | |
Income Tax Provisions Included in the Consolidated Statements of Income | The income tax provisions included in the consolidated statements of income are summarized as follows: Year Ended December 31 (In thousands) 2022 2021 2020 Current expense: Federal $ 86,799 $ 76,574 $ 60,508 State 16,244 14,516 10,656 Deferred expense: Federal (6,016 ) 2,742 (174 ) State (871 ) 1,283 (273 ) Total income taxes $ 96,156 $ 95,115 $ 70,717 |
Reconciliation of Income Tax Expense to the Amount Computed by Applying the Statutory Federal Income Tax Rate | The following is a reconciliation of income tax expense to the amount computed by applying the statutory federal income tax rate to income before income taxes: Year Ended December 31 (Dollars in thousands) 2022 2021 2020 Amount % Amount % Amount % Tax on income before taxes at statutory federal rate $ 99,914 21.0 % $ 97,199 21.0 % $ 75,546 21.0 % Plus: State income taxes net of federal tax benefits 12,431 2.6 11,520 2.5 8,202 2.3 112,345 23.6 108,719 23.5 83,748 23.3 Increase (decrease) resulting from: Tax-exempt (3,477 ) (0.7 ) (3,303 ) (0.7 ) (3,011 ) (0.8 ) Tax credits (14,326 ) (3.0 ) (11,893 ) (2.6 ) (9,860 ) (2.7 ) Other items-net 1,614 0.3 1,592 0.4 (160 ) (0.1 ) Income taxes $ 96,156 20.2 % $ 95,115 20.6 % $ 70,717 19.7 % |
Components of United's Deferred Tax Assets and Liabilities | Significant components of United’s deferred tax assets and liabilities (included in other assets in the Consolidated Balance Sheets) at December 31, 2022 and 2021 are as follows: (In thousands) 2022 2021 Deferred tax assets: Allowance for credit losses $ 65,453 $ 57,659 Accrued benefits payable 17,333 17,204 Other accrued liabilities 655 655 Unrealized loss on securities available for sale 109,185 0 Other real estate owned 531 1,706 Lease liabilities under operating leases 17,650 20,202 Deferred mortgage points 4,094 5,413 Total deferred tax assets 214,901 102,839 Deferred tax liabilities: Premises and equipment 6,707 6,750 Unrealized gain on securities available for sale 0 2,890 Right-of-use 16,576 19,092 Pension plan accruals 5,858 4,497 Derivatives 16,104 4,970 Purchase accounting intangibles 5,241 6,369 Other 365 957 Total deferred tax liabilities 50,851 45,525 Net deferred tax assets $ 164,050 $ 57,314 |
Reconciliation of the Total Amounts of Unrecognized Tax Benefits | Below is a reconciliation of the total amounts of unrecognized tax benefits: December 31 (In thousands) 2022 2021 Unrecognized tax benefits at beginning of year $ 1,667 $ 2,203 Increase in unrecognized tax benefits as a result of tax positions taken during the current period 1,423 199 Decreases in the unrecognized tax benefits as a result of a lapse of the applicable statute of limitations (569 ) (735 ) Unrecognized tax benefits at end of year $ 2,521 $ 1,667 |
Employee Benefit Plans (Tables)
Employee Benefit Plans (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Retirement Benefits [Abstract] | |
Net Periodic Pension Cost | Net consolidated periodic pension cost included the following components: (Dollars in thousands) Year Ended December 31, 2022 2021 2020 Service cost $ 2,669 $ 2,936 $ 2,742 Interest cost 4,988 4,241 5,222 Expected return on plan assets (12,942 ) (11,874 ) (11,010 ) Recognized net actuarial loss 3,645 6,770 6,050 Net periodic pension (income) cost $ (1,640 ) $ 2,073 $ 3,004 Weighted-Average Assumptions: Discount rate 3.08 % 2.81 % 3.42 % Expected return on assets 6.25 % 6.25 % 6.75 % Rate of compensation increase (prior to age 40) 5.00 % 5.00 % 5.00 % Rate of compensation increase (ages 40-54) 4.00 % 4.00 % 4.00 % Rate of compensation increase (otherwise) 3.50 % 3.50 % 3.50 % |
Schedule of Amounts Related to Plan recognized as Component of Other Comprehensive Income | Amounts related to the Plan recognized as a component of other comprehensive income were as follows: (In thousands) Year Ended December 31, 2022 2021 2020 Net actuarial (gain) loss $ (2,195 ) $ (14,286 ) $ 10,583 Amortization of actuarial loss (3,645 ) (6,770 ) (6,050 ) Total recognized in other comprehensive income $ (5,840 ) $ (21,056 ) $ 4,533 |
Reconciliation of the Beginning and Ending Balances of the Projected Benefit Obligation and the Fair Value of Plan Assets and the Accumulated Benefit Obligation | The reconciliation of the beginning and ending balances of the projected benefit obligation and the fair value of plan assets for the years ended December 31, 2022 and 2021 and the accumulated benefit obligation at December 31, 2022 and 2021 are as follows: (Dollars in thousands) December 31, 2022 2021 Change in Projected Benefit Obligation Projected Benefit Obligation at the Beginning of the Year $ 192,973 $ 194,775 Service Cost 2,669 2,936 Interest Cost 4,988 4,241 Actuarial Gain (46,617 ) (2,369 ) Annuity Purchase Payment (7,312 ) 0 Benefits Paid (6,092 ) (6,610 ) Projected Benefit at the End of the Year $ 140,609 $ 192,973 Accumulated Benefit Obligation at the End of the Year $ 129,927 $ 175,953 Change in Plan Assets Fair Value of Plan Assets at the Beginning of the Year $ 210,204 $ 193,022 Actual Return on Plan Assets (31,480 ) 23,792 Annuity Purchase Payment (7,312 ) 0 Benefits Paid (6,092 ) (6,610 ) Fair value of plan assets at end of year $ 165,320 $ 210,204 Net Amount Recognized Funded Status $ 24,710 $ 17,230 Unrecognized Net Loss 38,530 44,370 Net Amount Recognized $ 63,240 $ 61,600 Weighted-Average Assumptions at the End of the Year Discount Rate 5.25 % 3.08 % Rate of compensation Increase (prior to age 40) 5.00 % 5.00 % Rate of compensation Increase (ages 40-54) 4.00 % 4.00 % Rate of compensation Increase (otherwise) 3.50 % 3.50 % |
Asset Allocation for the Defined Benefit Pension Plan as of the Measurement Date, by Asset Category | Asset allocation for the defined benefit pension plan as of the measurement date, by asset category, is as follows: Plan Assets Target Allocation 2023 Allowable Allocation Range Percentage of Plan Assets at December 31, December 31, Equity Securities 60 % 50-70 % 66% 65% Debt Securities 30 % 20-50 % 32% 34% Other 10 % 3-15 % 2% 1% Total 100% 100% |
Expected Benefit Payments | At December 31, 2022, the benefits expected to be paid in each of the next five fiscal years, and in the aggregate for the five years thereafter are as follows: Year Amount (Dollars in thousands) 2023 $ 6,671 2024 6,727 2025 7,206 2026 7,650 2027 8,104 2028 through 2032 45,637 |
Balances of the Plan Assets, by Fair Value Hierarchy Level | The following tables present the balances of the plan assets, by fair value hierarchy level, as of December 31, 2022 and 2021: Fair Value Measurements at December 31, 2022 Using (In thousands) Description Balance as of December 31, Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Cash and Cash equivalents $ 3,384 $ 3,384 $ 0 $ 0 Fixed Income Debt Securities: U.S. Government and agencies 3,882 3,882 Fixed Income Mutual Funds: General 49,107 49,107 0 0 Equity Securities: Common stock 28,765 28,765 0 0 Equity Mutual Funds: Global equity 1,953 1,953 0 0 Domestic equity large cap 35,738 35,738 0 0 Domestic equity small cap 15,750 15,750 0 0 Alternative equity 8,277 8,277 International emerging equity 4,925 4,925 0 0 International equity developed 13,539 13,539 0 0 Total $ 165,320 $ 165,320 $ 0 $ 0 Fair Value Measurements at December 31, 2021 Using (In thousands) Description Balance as of December 31, Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Cash and Cash equivalents $ 1,641 $ 1,641 $ 0 $ 0 Fixed Income Mutual Funds: General 72,075 72,075 0 0 Equity Securities: Common stock 34,198 34,198 0 0 Equity Mutual Funds: Global equity 5,407 5,407 0 0 Domestic equity large cap 47,387 47,387 0 0 Domestic equity small cap 30,176 30,176 0 0 International emerging equity 5,435 5,435 0 0 International equity developed 13,885 13,885 0 0 Total $ 210,204 $ 210,204 $ 0 $ 0 |
Stock Based Compensation (Table
Stock Based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Summary of Stock Option Plans | A summary of activity under the United’s stock option plans as of December 31, 2022, and the changes during the year of 2022 are presented below: Year ended December 31, 2022 Weighted Average (Dollars in thousands, except per share amounts) Aggregate Intrinsic Remaining Contractual Exercise Shares Value Term (Yrs.) Price Outstanding at January 1, 2022 2,149,117 $ 32.01 Exercised (484,682 ) 25.16 Forfeited or expired (163,223 ) 27.88 Outstanding at December 31, 2022 1,501,212 $ 9,911 4.5 $ 34.64 Exercisable at December 31, 2022 1,330,320 $ 8,890 4.2 $ 34.66 |
Changes to United's Restricted Common Shares | The following summarizes the changes to United’s restricted common shares for the year ended December 31, 2022: Number of Weighted-Average Grant Date Fair Value Per Share Outstanding at January 1, 2022 383,971 $ 35.21 Granted 156,988 36.23 Vested (158,668 ) 35.67 Forfeited (9,071 ) 35.98 Outstanding at December 31, 2022 373,220 $ 35.43 |
Status of United's Nonvested Stock Option Awards | The following table summarizes the status of United’s nonvested awards for the year ended December 31, 2022: Shares Weighted-Average Nonvested at January 1, 2022 395,034 $ 7.33 Vested (215,926 ) 8.11 Forfeited or expired (8,216 ) 11.06 Nonvested at December 31, 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 year ended December 31, 2022: Shares Weighted-Average Nonvested at January 1, 2022 136,896 $ 35.65 Granted 147,511 35.46 Vested (18,248 ) 37.05 Nonvested at December 31, 2022 266,159 $ 35.45 |
Derivative Financial Instrume_2
Derivative Financial Instruments (Tables) | 12 Months Ended |
Dec. 31, 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 December 31, 2022 and December 31, 2021. Asset Derivatives December 31, 2022 December 31, 2021 (In thousands) Balance Sheet Location Notional Amount Fair Value Balance Sheet Location Notional Amount Fair Value Derivatives designated as hedging instruments Fair Value Hedges: Interest rate swap contracts (hedging commercial loans) Other assets $ 55,073 $ 4,038 Other assets $ 0 $ 0 Total Fair Value Hedges $ 55,073 $ 4,038 $ 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 $ 555,073 $ 4,038 $ 500,000 $ 0 Derivatives not designated as hedging instruments Forward loan sales commitments Other assets $ 15,475 $ 220 Other assets $ 33,349 $ 430 TBA mortgage-backed securities Other assets 22,649 146 Other assets 133,747 127 Interest rate lock commitments Other assets 73,412 1,146 Other assets 467,472 10,380 Total derivatives not designated as hedging instruments $ 111,536 $ 1,512 $ 634,568 $ 10,937 Total asset derivatives $ 666,609 $ 5,550 $ 1,134,568 $ 10,937 Liability Derivatives December 31, 2022 December 31, 2021 (In thousands) Balance Sheet Location Notional Amount Fair Value Balance Sheet Location Notional Amount Fair Value Derivatives designated as hedging instruments Fair Value Hedges: Interest rate swap contracts (hedging commercial loans) Other liabilities $ 0 $ 0 Other liabilities $ 72,447 $ 3,197 Total Fair Value Hedges $ 0 $ 0 $ 72,447 $ 3,197 Total derivatives designated as hedging instruments $ 0 $ 0 $ 72,447 $ 3,197 Derivatives not designated as hedging instruments Forward loan sales commitments Other liabilities $ 0 $ 0 Other liabilities $ 15,005 $ 36 TBA mortgage-backed securities Other liabilities 63,000 213 Other liabilities 550,000 470 Interest rate lock commitments Other liabilities 48,949 348 Other liabilities 24,743 25 Total derivatives not designated as hedging instruments $ 111,949 $ 561 $ 589,748 $ 531 Total liability derivatives $ 111,949 $ 561 $ 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 December 31, 2022 and December 31, 2021. December 31, 2022 (In thousands) Derivatives in Fair Value Location in the Statement Carrying Amount Cumulative Amount of Fair Value Hedging Adjustment Included in the Carrying Amount of the Hedged Cumulative Amount of Fair Value Hedging Adjustment Remaining for (Liabilities) for which Hedge Accounting has been Discontinued Interest rate swaps Loans, net of unearned income $ 55,770 $ (3,069) $ 0 December 31, 2021 (In thousands) Derivatives in Fair Value Hedging Relationships Location in the Statement Carrying Amount of Assets/(Liabilities) Cumulative Amount Cumulative Amount of Interest rate swaps Loans, net of unearned income $ 73,232 $ 3,795 $ 0 |
Schedule of Derivative Financial Instruments on Statement of Income | The effect of United’s d erivat Year Ended (In thousands) Income Statement Location December 31, December 31, December 31, Derivatives in hedging relationships Cash Flow Hedges: Interest Interest on long-term borrowings $ 5,782 $ (1,354) $ (578) Fair Value Hedges: Interest rate swap contracts Interest and fees on loans and leases $ (177 ) $ (1,744) $ (1,414) Total derivatives in hedging relationships $ 5,605 $ (3,098) $ (1,992) Derivatives not designated as hedging instruments Forward loan sales commitments Income from Mortgage Banking Activities (174 ) (1,187 ) (725 ) TBA mortgage-backed securities Income from Mortgage Banking Activities 276 5,932 (3,825 ) Interest rate lock commitments Income from Mortgage Banking Activities (8,373 ) (22,219 ) 21,299 Total derivatives not designated as hedging instruments $ (8,271 ) $ (17,474 ) $ 16,749 Total derivatives $ (2,666 ) $ (20,572 ) $ 14,757 |
Comprehensive Income (Tables)
Comprehensive Income (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Equity [Abstract] | |
Components of Total Comprehensive Income | The changes in accumulated other comprehensive income are as follows: For the Years Ended December 31 (In thousands) 2022 2021 2020 Net Income $ 379,627 $ 367,738 $ 289,023 Available for sale (“AFS”) securities: Change in net unrealized gains (losses) on AFS securities arising during the period (481,007 ) (72,257 ) 77,142 Related income tax effect 112,075 16,836 (17,974 ) Net reclassification adjustment for (gains) losses included in net income (2 ) (1,552 ) (2,502 ) Related income tax effect 0 362 583 (368,934 ) (56,611 ) 57,249 Net effect of AFS securities on other comprehensive income (368,934 ) (56,611 ) 57,249 Cash flow hedge derivatives: Unrealized gain on cash flow hedge before reclassification to interest expense 53,572 15,597 3,800 Related income tax effect (12,482 ) (3,634 ) (885 ) Net reclassification adjustment for (gains) losses included in net income (5,782 ) 1,354 578 Related income tax effect 1,347 (316 ) (135 ) Net effect of cash flow hedge derivatives on other comprehensive income 36,655 13,001 3,358 For the Years Ended December 31 (In thousands) 2022 2021 2020 Defined benefit pension plan: Net actuarial loss during the period 2,195 14,286 (10,583 ) Related income tax expense (512 ) (483 ) 3,263 Amortization of net actuarial loss recognized in net income 3,645 6,770 6,050 Related income tax effect (893 ) (4,221 ) (2,098 ) Net effect of change in defined benefit pension plan on other comprehensive income 4,435 16,352 (3,368 ) Total change in other comprehensive income, net of tax (327,844 ) (27,258 ) 57,239 Total Comprehensive Income $ 51,783 $ 340,480 $ 346,262 |
Components of Accumulated Other Comprehensive Income | The components of accumulated other comprehensive income for the year ended December 31, 2022 are as follows: Changes in Accumulated Other Comprehensive Income (AOCI) by Component (a) For the Year Ended December 31, 2022 (Dollars in thousands) Unrealized Unrealized Defined Items Total Balance at January 1, 2022 $ 8,594 $ 16,359 $ (29,841 ) $ (4,888 ) Other comprehensive (loss) income before reclassification (368,932 ) 41,090 0 (327,842 ) Amounts reclassified from accumulated other comprehensive income (2 ) (4,435 ) 4,435 (2 ) Net current-period other comprehensive (loss) income, net of tax (368,934 ) 36,655 4,435 (327,844 ) Balance at December 31, 2022 $ (360,340 ) $ 53,014 $ (25,406 ) $ (332,732 ) (a) All amounts are net-of-tax. |
Reclassifications Out of Accumulated Other Comprehensive Income | Reclassifications out of Accumulated Other Comprehensive Income (AOCI) For the Year Ended December 31, 2022 (In thousands) Details about AOCI Components Amount 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 gains included in net income $ (5,782 ) Interest expense (5,782 ) Total before tax Related income tax effect 1,347 Tax expense (4,435 ) Net of tax Pension plan: Recognized net actuarial loss 2,195 (a) Amortization of net actuarial loss 3,645 (b) 5,840 Total before tax Related income tax effect (1,405 ) Tax expense 4,435 Net of tax Total reclassifications for the period $ (2 ) (a) This AOCI component is included in the computation of changes in plan assets (see Note P, Employee Benefit Plans) (b) This AOCI component is included in the computation of net periodic pension cost (see Note P, Employee Benefit Plans) |
United Bankshares, Inc. (Pare_2
United Bankshares, Inc. (Parent Company Only) Financial Information (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Condensed Financial Information Disclosure [Abstract] | |
Condensed Balance Sheets | Condensed Balance Sheets December 31 (In thousands) 2022 2021 Assets Cash and due from banks $ 253,411 $ 262,067 Securities available for sale 6,184 5,758 Securities held to maturity 20 20 Equity securities 2,490 6,593 Other investment securities 19,179 13,055 Investment in subsidiaries: Bank subsidiaries 4,575,098 4,784,480 Nonbank subsidiaries 43,349 33,449 Goodwill (16,715 ) (16,715 ) Other assets 24,993 19,471 Total Assets $ 4,908,009 $ 5,108,158 Liabilities and Shareholders’ Equity Subordinated notes $ 9,892 $ 9,872 Junior subordinated debentures of subsidiary trusts 276,989 275,323 Accrued expenses and other liabilities 104,935 104,335 Shareholders’ equity (including other accumulated comprehensive loss of $332,732 at December 31, 2022 and other accumulated comprehensive loss of $4,888 at December 31, 2021) 4,516,193 4,718,628 Total Liabilities and Shareholders’ Equity $ 4,908,009 $ 5,108,158 |
Condensed Statements of Income | Condensed Statements of Income Year Ended December 31 (In thousands) 2022 2021 2020 Income Dividends from banking subsidiaries $ 272,500 $ 287,500 $ 232,000 Net interest income 446 335 202 Management fees: Bank subsidiaries 35,931 39,678 30,464 Nonbank subsidiaries 27 27 27 Other income 3,053 3,418 556 Total Income 311,957 330,958 263,249 Expenses Operating expenses 50,242 47,273 53,880 Income Before Income Taxes and Equity in Undistributed Net Income of Subsidiaries 261,715 283,685 209,369 Applicable income tax benefit (2,196 ) (779 ) (4,196 ) Income Before Equity in Undistributed Net Income of Subsidiaries 263,911 284,464 213,565 Equity in undistributed net income of subsidiaries: Bank subsidiaries 117,594 83,507 75,054 Nonbank subsidiaries (1,878 ) (233 ) 404 Net Income $ 379,627 $ 367,738 $ 289,023 |
Condensed Statements of Cash Flows | Condensed Statements of Cash Flows Year Ended December 31 (In thousands) 2022 2021 2020 Operating Activities Net income $ 379,627 $ 367,738 $ 289,023 Adjustments to reconcile net income to net cash provided by operating activities: Equity in undistributed net income of subsidiaries (115,716 ) (83,274 ) (75,458 ) Amortization of net periodic pension costs 220 203 315 Stock-based compensation 9,881 8,018 5,980 Excess tax benefits from stock-based compensation arrangements 1,040 303 351 Net change in other assets and liabilities (6,118 ) 2,519 (7 ) Net Cash Provided by Operating Activities 268,934 295,507 220,204 Investing Activities Net (purchases) proceeds from sales of debt securities (426 ) 1,449 380 Net proceeds from sales (purchases) of equity securities 4,186 (1,016 ) (54 ) Net cash received (paid) in acquisition of subsidiary 0 1,072 (47 ) Increase in investment in subsidiaries (13,000 ) (3,500 ) (5,573 ) Change in other investment securities (6,144 ) (2,310 ) (672 ) Net Cash Used in Investing Activities (15,384 ) (4,305 ) (5,966 ) Financing Activities Cash dividends paid (193,041 ) (181,277 ) (162,713 ) Acquisition of treasury stock (79,460 ) (11,211 ) (21,317 ) Distribution of treasury stock from deferred compensation plan 0 0 1 Proceeds from exercise of stock options 10,295 5,206 1,241 Net Cash Used in Financing Activities (262,206 ) (187,282 ) (182,788 ) (Decrease) Increase in Cash and Cash Equivalents (8,656 ) 103,920 31,450 Cash and Cash Equivalents at Beginning of Year 262,067 158,147 126,697 Cash and Cash Equivalents at End of Year $ 253,411 $ 262,067 $ 158,147 |
Fair Values of Financial Inst_2
Fair Values of Financial Instruments (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Fair Value Disclosures [Abstract] | |
Schedule of Financial Assets and Liabilities Measured at Fair Value | The following table presents the balances of financial assets and liabilities measured at fair value on a recurring basis as of December 31, 2022 and 2021, segregated by the level of the valuation inputs within the fair value hierarchy: Fair Value at December 31, 2022 Using (In thousands) Description Balance as of December 31, 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 $ 529,492 $ 0 $ 529,492 $ 0 State and political subdivisions 709,530 0 709,530 0 Residential mortgage-backed securities Agency 1,174,944 0 1,174,944 0 Non-agency 111,973 0 111,973 0 Commercial mortgage-backed securities Agency 562,553 0 562,553 0 Asset-backed securities 911,611 0 911,611 0 Single issue trust preferred securities 16,284 0 16,284 0 Other corporate securities 525,538 5,367 520,171 0 Total available for sale securities 4,541,925 5,367 4,536,558 0 Equity securities: Financial services industry 270 270 0 0 Equity mutual funds (1) 2,221 2,221 0 0 Fixed income mutual funds 5,138 5,138 0 0 Total equity securities 7,629 7,629 0 0 Loans held for sale 56,879 0 12,008 44,871 Derivative financial assets: Fair Value at December 31, 2022 Using Description Balance as of December 31, 2022 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Interest rate swap contracts 4,038 0 4,038 0 Forward sales commitments 220 0 214 6 TBA mortgage-backed securities 146 0 120 26 Interest rate lock commitments 1,146 0 302 844 Total derivative financial assets 5,550 0 4,674 876 Liabilities Derivative financial liabilities: TBA mortgage-backed securities 213 0 0 213 Interest rate lock commitments 348 0 0 348 Total derivative financial liabilities 561 0 0 561 Fair Value at December 31, 2021 Using (In thousands) 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 $ 0 $ 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 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 Fixed income mutual funds 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 | The following tables present additional information about financial assets and liabilities measured at fair value at December 31, 2022 and 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 (In thousands) December 31, 2022 December 31, Balance, beginning of period $ 464,109 $ 654,733 Originations 2,360,908 4,984,363 Sales (2,673,795 ) (5,313,758 ) Transfers to portfolio loans (154,699 ) 0 Total gains during the period recognized in earnings 48,348 138,771 Balance, end of period $ 44,871 $ 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 $ (9,852 ) $ 10,506 Derivative Financial Assets TBA Securities (In thousands) December 31, 2022 December 31, Balance, beginning of period $ 61 $ 0 Transfers other (35 ) 61 Balance, end of period $ 26 $ 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 $ 26 $ 61 Derivative Financial Assets Interest Rate Lock (In thousands) December 31, 2022 December 31, Balance, beginning of period $ 9,444 $ 32,011 Transfers other (8,600 ) (22,567 ) Balance, end of period $ 844 $ 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 $ 844 $ 9,444 Derivative Financial Liabilities Forward Sales Commitments (In thousands) December 31, 2022 December 31, Balance, beginning of period $ 36 $ 0 Transfers other (36 ) 36 Balance, end of period $ 0 $ 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 $ 0 $ 36 Derivative Financial Liabilities TBA Securities (In thousands) December 31, 2022 December 31, Balance, beginning of period $ 470 $ 0 Transfers other (257 ) 470 Balance, end of period $ 213 $ 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 $ 213 $ 470 Derivative Financial Liabilities Interest Rate Lock (In thousands) December 31, 2022 December 31, Balance, beginning of period $ 25 $ 0 Transfers other 323 25 Balance, end of period $ 348 $ 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 $ 348 $ 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: (In thousands) Description Year Ended December 31, 2022 Year Ended December 31, 2021 Income from mortgage banking activities $ (10,367) $ (15,267) |
Summary of Difference Between Aggregate Fair Value and Remaining Contractual Principal Outstanding for Financial Instruments for which Fair Value Option has been Elected | The following table reflects the difference between the aggregate fair value and the remaining contractual principal outstanding for financial instruments for which the fair value option has been elected: December 31, 2022 December 31, 2021 (In thousands) Description Unpaid Fair Value Fair Value Unpaid Fair Value Fair Value Loans held for sale $ 56,170 $ 56,879 $ 709 $ 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: (In thousands) Description Fair value at December 31, 2022 Balance as of December 31, 2022 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) YTD (Losses) Assets Individually assessed loans $ 6,125 $ 0 $ 1,801 $ 4,324 $ 327 OREO 2,052 0 2,013 39 (96 ) (In thousands) Description Fair value at December 31, 2021 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) YTD (Losses) 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 (In thousands) Carrying 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, 2022 Cash and cash equivalents $ 1,176,652 $ 1,176,652 $ 0 $ 1,176,652 $ 0 Securities available for sale 4,541,925 4,541,925 5,367 4,536,558 0 Securities held to maturity 1,002 1,020 0 0 1,020 Equity securities 7,629 7,629 7,629 0 0 Other securities 322,048 305,946 0 0 305,946 Loans held for sale 56,879 56,879 0 12,008 44,871 Net loans 20,323,420 19,030,221 0 0 19,030,221 Derivative financial assets, 5,550 5,550 0 4,674 876 Mortgage servicing rights 21,022 41,880 0 0 41,880 Deposits 22,303,186 22,249,061 0 22,249,061 0 Short-term borrowings 160,698 160,698 0 160,698 0 Long-term borrowings 2,197,656 2,161,108 0 2,161,108 0 Derivative financial liabilities 561 561 0 0 561 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 |
Segment Information (Tables)
Segment Information (Tables) | 12 Months Ended |
Dec. 31, 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 years ended December 31, 2022, 2021 and 2020 is as follows: At and For the Year Ended December 31, 2022 (In thousands) Community Mortgage Other Intersegment Eliminations Consolidated Net interest income $ 890,575 $ 10,599 $ (13,274 ) $ 8,531 $ 896,431 Provision for credit losses 18,822 0 0 0 18,822 Other income 99,133 69,307 3,294 (18,473 ) 153,261 Other expense 472,813 88,983 3,233 (9,942 ) 555,087 Income taxes 100,758 (1,858 ) (2,744 ) 0 96,156 Net income (loss) $ 397,315 $ (7,219 ) $ (10,469 ) $ 0 $ 379,627 Total assets (liabilities) $ 29,106,176 $ 428,727 $ 58,971 $ (104,494 ) $ 29,489,380 Average assets (liabilities) 28,726,395 442,184 34,876 (129,607 ) 29,073,848 At and For the Year Ended December 31, 2021 (In thousands) Community Mortgage Other Intersegment Eliminations Consolidated Net interest income $ 731,305 $ 10,497 $ (8,378 ) $ 9,310 $ 742,734 Provision for credit losses (23,970 ) 0 0 0 (23,970 ) Other income 100,010 183,216 3,769 (8,867 ) 278,128 Other expense 443,493 138,508 (465 ) 443 581,979 Income taxes 84,715 11,275 (875 ) 0 95,115 Net income (loss) $ 327,077 $ 43,930 $ (3,269 ) $ 0 $ 367,738 Total assets (liabilities) $ 29,022,170 $ 691,642 $ 39,182 $ (424,092 ) $ 29,328,902 Average assets (liabilities) 26,910,956 659,105 27,445 (341,411 ) 27,256,095 At and For the Year Ended December 31, 2020 (In thousands) Community Mortgage Other Intersegment Eliminations Consolidated Net interest income $ 677,907 $ 8,853 $ (9,658 ) $ 12,671 $ 689,773 Provision for credit losses 106,562 0 0 0 106,562 Other income 90,121 276,185 730 (12,261 ) 354,775 Other expense 423,963 140,628 13,245 410 578,246 Income taxes 47,162 27,698 (4,143 ) 0 70,717 Net income (loss) $ 190,341 $ 116,712 $ (18,030 ) $ 0 $ 289,023 Total assets (liabilities) $ 25,892,396 $ 870,151 $ 31,623 $ (609,923 ) $ 26,184,247 Average assets (liabilities) 23,927,889 651,778 7,283 (449,880 ) 24,137,070 |
Quarterly Financial Data (Tabl
Quarterly Financial Data (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Quarterly Financial Information Disclosure [Abstract] | |
Quarterly Financial Data | Quarterly financial data for 2022 and 2021 is summarized below: (Dollars in thousands, except per share data) 1st Quarter 2nd Quarter 3rd Quarter 4th Quarter 2022 Interest income $ 202,795 $ 227,771 $ 263,683 $ 307,741 Interest expense 11,293 12,868 23,061 58,337 Net interest income 191,502 214,903 240,622 249,404 Provision for credit losses (3,410 ) (1,807 ) 7,671 16,368 (Dollars in thousands, except per share data) 1st Quarter 2nd Quarter 3rd Quarter 4th Quarter Mortgage banking income 19,203 12,445 6,422 4,620 Securities gains (losses), net (251 ) 1,182 (206 ) 51 Other noninterest income 27,073 29,981 26,533 26,208 Noninterest expense 139,175 141,174 137,196 137,542 Income taxes 20,098 23,531 25,919 26,608 Net income (1) 81,664 95,613 102,585 99,765 Per share data: Average shares outstanding (000s): Basic 136,058 134,623 134,182 134,268 Diluted 136,435 134,864 134,554 134,799 Net income per share: Basic $ 0.60 $ 0.71 $ 0.76 $ 0.74 Diluted $ 0.60 $ 0.71 $ 0.76 $ 0.74 Dividends per share $ 0.36 $ 0.36 $ 0.36 $ 0.36 2021 Interest income $ 205,657 $ 200,186 $ 194,080 $ 195,194 Interest expense 14,697 13,669 12,501 11,516 Net interest income 190,960 186,517 181,579 183,678 Provision for credit losses 143 (8,879 ) (7,829 ) (7,405 ) Mortgage banking income 65,395 36,943 42,012 27,342 Securities losses, net 2,609 24 82 (39 ) Other noninterest income 24,576 25,897 26,537 26,750 Noninterest expense 148,934 138,969 142,283 151,793 Income taxes 27,565 24,455 23,604 19,491 Net income (1) 106,898 94,836 92,152 73,852 Per share data: Average shares outstanding (000s): Basic 128,636 128,751 128,763 130,940 Diluted 128,891 129,034 128,960 131,296 Net income per share: Basic $ 0.83 $ 0.73 $ 0.71 $ 0.56 Diluted $ 0.83 $ 0.73 $ 0.71 $ 0.56 Dividends per share $ 0.35 $ 0.35 $ 0.35 $ 0.36 |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies - Reconciliation of Numerator and Denominator of Basic Earnings Per Share with that of Diluted Earnings Per Share (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2022 | Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Dec. 31, 2021 | Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Earnings Per Share [Abstract] | |||||||||||
Distributed earnings allocated to common stock | $ 194,052 | $ 181,614 | $ 171,403 | ||||||||
Undistributed earnings allocated to common stock | 184,572 | 185,082 | 116,879 | ||||||||
Net earnings allocated to common shareholders | $ 378,624 | $ 366,696 | $ 288,282 | ||||||||
Average common shares outstanding | 134,268,000 | 134,182,000 | 134,623,000 | 136,058,000 | 130,940,000 | 128,763,000 | 128,751,000 | 128,636,000 | 134,776,241 | 129,276,452 | 120,017,247 |
Dilutive effect of stock compensation | 341,271 | 236,401 | 72,985 | ||||||||
Average diluted shares outstanding | 134,799,000 | 134,554,000 | 134,864,000 | 136,435,000 | 131,296,000 | 128,960,000 | 129,034,000 | 128,891,000 | 135,117,512 | 129,512,853 | 120,090,232 |
Earnings per basic common share | $ 0.74 | $ 0.76 | $ 0.71 | $ 0.6 | $ 0.56 | $ 0.71 | $ 0.73 | $ 0.83 | $ 2.81 | $ 2.84 | $ 2.4 |
Earnings per diluted common share | $ 0.74 | $ 0.76 | $ 0.71 | $ 0.6 | $ 0.56 | $ 0.71 | $ 0.73 | $ 0.83 | $ 2.8 | $ 2.83 | $ 2.4 |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies - Additional Information (Detail) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 USD ($) Region shares | Dec. 31, 2021 USD ($) shares | Dec. 31, 2020 USD ($) shares | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Number Of Metropolitan Statistical Areas | Region | 5 | ||
Loan fees net of costs amortized and included in interest income | $ 57,424 | $ 92,545 | $ 76,064 |
Minimum days, related to accrual of interest on discontinued commercial and consumer loans | 90 days | ||
Maximum days, related to accrual of interest on discontinued commercial and consumer loans | 120 days | ||
Sustained period of repayment performance in restructured loans | 6 months | ||
Real estate acquired in foreclosure or other settlement of loans | $ 2,052 | 14,823 | |
Recorded investment of consumer mortgage loans | 1,309 | 13 | |
Advertising Expense | 8,160 | 5,781 | 5,611 |
Amortization expense on intangible assets | 5,516 | 5,908 | 6,605 |
Total goodwill | 1,888,889 | 1,886,494 | |
Stock based compensation expense | $ 9,881 | $ 8,018 | $ 5,980 |
Antidilutive stock options and restricted stock outstanding shares | shares | 656,432 | 1,024,612 | 1,926,840 |
Allowances for credit losses on securities held to maturity | $ 18 | $ 19 | |
Allowance for credit losses on securities held for sale | 0 | 0 | |
Allowance for credit loss on accrued interest receivable | 0 | 8 | |
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 | $ 1,483,987 | |
Loan Modification Terms Due To Covid-19 Pandemic [Member] | |||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Number of days for which the loan receivable is overdue | 30 days | ||
End date of moratorium period for loan repayment | Jan. 01, 2022 | ||
Minimum [Member] | |||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Intangible assets amortization period | 1 year | ||
Maximum [Member] | Core Deposit Intangible Assets [Member] | |||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Intangible assets amortization period | 10 years | ||
Furniture, Fixtures and Equipment [Member] | Minimum [Member] | |||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Bank premises and equipment, useful life | 3 years | ||
Furniture, Fixtures and Equipment [Member] | Maximum [Member] | |||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Bank premises and equipment, useful life | 15 years | ||
Buildings and Improvements [Member] | Minimum [Member] | |||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Bank premises and equipment, useful life | 5 years | ||
Buildings and Improvements [Member] | Maximum [Member] | |||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Bank premises and equipment, useful life | 40 years |
Mergers and Acquisitions - Addi
Mergers and Acquisitions - Additional Information (Detail) | 12 Months Ended | |||
Dec. 03, 2021 USD ($) $ / shares shares | Dec. 31, 2022 USD ($) $ / shares | Dec. 31, 2021 USD ($) $ / shares | Dec. 31, 2020 USD ($) | |
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 | $ 20,580,163,000 | $ 18,051,307,000 | ||
Business combination purchase consideration equity shares issued or issuable value | $ 252,321,000 | |||
Business acquisition allowances for loans and lease losses including reserve for unfunded commitments for assets with credit deterioration | 0 | 12,629,000 | $ 18,635,000 | |
Loans and leases net of unearned income | 20,558,166,000 | $ 18,023,648,000 | ||
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 | 1,788,013,000 | |||
Deposits at consummation | 1,517,502,000 | |||
Business combination aggregate purchase consideration | $ 260,304,000 | |||
Business combination purchase consideration equity shares issued or issuable value | 252,321,000 | |||
Business combination stock options issued | $ 7,958,000 | |||
Business combination number of shares issued | shares | 7,135,771 | |||
Business combination cash consideration | $ 25,000 | |||
Business combination intangible assets acquired goodwill | 78,849,000 | $ 2,395,000 | ||
Business combination intangible assets acquired other than goodwill indefinite lived | 3,398,000 | |||
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 | $ 1,282,997,000 | |||
Business combination loans and leases receivable without purchased credit deterioration gross | 12,288,000 | |||
Community Bankers Trust Corporation [Member] | Minimum [Member] | ||||
Business Acquisition [Line Items] | ||||
Business Combination, Acquisition Related Costs | 537,000 | |||
Community Bankers Trust Corporation [Member] | Maximum [Member] | ||||
Business Acquisition [Line Items] | ||||
Business Combination, Acquisition Related Costs | 21,418,000 | |||
Community Bankers Trust Corporation [Member] | Including Unfunded Commitements [Member] | ||||
Business Acquisition [Line Items] | ||||
Provision for Loan, Lease, and Other Losses | 25,920,000 | |||
Business acquisition allowances for loans and lease losses including reserve for unfunded commitments for assets with credit deterioration | 12,788,000 | |||
Community Bankers Trust Corporation [Member] | Securities Investment [Member] | ||||
Business Acquisition [Line Items] | ||||
Business combination fair value adjustment to purchase consideration | 230,000 | |||
Community Bankers Trust Corporation [Member] | Loans And Leases [Member] | ||||
Business Acquisition [Line Items] | ||||
Business combination fair value adjustment to purchase consideration | 7,744,000 | |||
Business acquisition loans purchase deterioration credit loans acquired discount due to diiferences in purchase consideration | 3,559,000 | |||
Business acquisition allowances for loans and lease losses including reserve for unfunded commitments for assets with credit deterioration | 12,629,000 | |||
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 | 12,288,000 | |||
Community Bankers Trust Corporation [Member] | Financial Asset, Other than Financial Asset Acquired with Credit Deterioration [Member] | Including Unfunded Commitements [Member] | ||||
Business Acquisition [Line Items] | ||||
Provision for Loan, Lease, and Other Losses | 12,288,000 | |||
Community Bankers Trust Corporation [Member] | Financial Asset, Other than Financial Asset Acquired with Credit Deterioration [Member] | Commitments [Member] | ||||
Business Acquisition [Line Items] | ||||
Provision for Loan, Lease, and Other Losses | $ 844,000 | |||
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 | 4,186,000 | |||
Community Bankers Trust Corporation [Member] | Interest-bearing Deposits [Member] | ||||
Business Acquisition [Line Items] | ||||
Business combination aggregate purchase consideration | 2,741,000 | |||
Business combination fair value adjustment to purchase consideration | 492,000 | |||
Community Bankers Trust Corporation [Member] | Building [Member] | ||||
Business Acquisition [Line Items] | ||||
Business combination fair value adjustment to purchase consideration | 6,766,000 | |||
Community Bankers Trust Corporation [Member] | Land [Member] | ||||
Business Acquisition [Line Items] | ||||
Business combination fair value adjustment to purchase consideration | 50,000 | |||
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 | 415,000 | |||
Business combination unamortized discount on debt useful life | 11 years 3 months | |||
Business combination finite lived tangible assets remaining useful life on premium paid | 30 years 3 months | |||
Business combination interest bearing deposits acquired remaining term on the premium paid | 4 years 3 months | |||
Community Bankers Trust Corporation [Member] | Federal Home Loan Bank Advances [Member] | ||||
Business Acquisition [Line Items] | ||||
Business combination fair value adjustment to purchase consideration | $ 457,000 | |||
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 ($) | 12 Months Ended | |||
Dec. 03, 2021 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure Detail of Reconciliation of Difference Between Purchase Price and Par Value of Purchase Credit Loans Acquired [Line Items] | ||||
Allowance for credit losses at acquisition | $ 0 | $ 12,629,000 | $ 18,635,000 | |
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 | $ 360,638,000 | |||
Allowance for credit losses at acquisition | 12,629,000 | |||
Non-credit discount at acquisition | 3,559,000 | |||
Par value (UPB) of acquired PCD loans and leases at acquisition | $ 376,826,000 |
Mergers and Acquisitions - Su_2
Mergers and Acquisitions - Summary of Business Acquisitions, by Acquisition (Detail) - USD ($) | Dec. 03, 2021 | Dec. 31, 2022 | Dec. 31, 2021 |
Purchase price: | |||
Value of common shares issued | $ 252,321,000 | ||
Identifiable liabilities: | |||
Resulting goodwill | $ 1,888,889,000 | $ 1,886,494,000 | |
Community Bankers Trust Corporation [Member] | |||
Purchase price: | |||
Value of common shares issued | 252,321,000 | ||
Fair value of stock options assumed | 7,958,000 | ||
Cash for fractional shares | 25,000 | ||
Total purchase price | $ 260,304,000 | ||
Identifiable assets: | |||
Cash and cash equivalents | 39,445,000 | ||
Investment securities | 395,249,000 | ||
Net loans and leases | 1,280,016,000 | ||
Premises and equipment | 25,857,000 | ||
Operating lease right-of-use asset | 8,127,000 | ||
Core deposit intangible | 3,398,000 | ||
Other assets | 50,851,000 | ||
Total identifiable assets | 1,802,943,000 | ||
Identifiable liabilities: | |||
Deposits | 1,520,243,000 | ||
Short-term borrowings | 26,755,000 | ||
Long-term borrowings | 51,500,000 | ||
Operating lease liability | 8,127,000 | ||
Other liabilities | 14,863,000 | ||
Total identifiable liabilities | 1,621,488,000 | ||
Fair value of net assets acquired including identifiable intangible assets | 181,455,000 | ||
Resulting goodwill | $ 78,849,000 |
Investment Securities - Summary
Investment Securities - Summary of Amortized Cost and Estimated Fair Values of Available for Sale Securities (Detail) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Schedule of Investments [Line Items] | ||
Amortized Cost | $ 5,011,729 | $ 4,031,494 |
Gross Unrealized Gains | 258 | 45,622 |
Gross Unrealized Losses | 470,062 | 34,417 |
Allowance For Credit Losses | 0 | 0 |
Estimated Fair Value | 4,541,925 | 4,042,699 |
U.S. Treasury Securities and Obligations of U.S. Government Corporations and Agencies [Member] | ||
Schedule of Investments [Line Items] | ||
Amortized Cost | 548,407 | 82,136 |
Gross Unrealized Gains | 12 | 51 |
Gross Unrealized Losses | 18,927 | 337 |
Allowance For Credit Losses | 0 | 0 |
Estimated Fair Value | 529,492 | 81,850 |
State and Political Subdivisions [Member] | ||
Schedule of Investments [Line Items] | ||
Amortized Cost | 820,167 | 831,499 |
Gross Unrealized Gains | 36 | 19,608 |
Gross Unrealized Losses | 110,673 | 3,809 |
Allowance For Credit Losses | 0 | 0 |
Estimated Fair Value | 709,530 | 847,298 |
Residential Mortgage-Backed Securities [Member] | ||
Schedule of Investments [Line Items] | ||
Amortized Cost | 1,369,471 | 1,120,423 |
Gross Unrealized Gains | 4 | 9,173 |
Gross Unrealized Losses | 194,531 | 15,822 |
Allowance For Credit Losses | 0 | 0 |
Estimated Fair Value | 1,174,944 | 1,113,774 |
Residential Mortgage-Backed Securities, Non-agency [Member] | ||
Schedule of Investments [Line Items] | ||
Amortized Cost | 121,336 | 74,965 |
Gross Unrealized Gains | 66 | 306 |
Gross Unrealized Losses | 9,429 | 726 |
Allowance For Credit Losses | 0 | 0 |
Estimated Fair Value | 111,973 | 74,545 |
Commercial Mortgage-Backed Securities Agency [Member] | ||
Schedule of Investments [Line Items] | ||
Amortized Cost | 627,768 | 633,802 |
Gross Unrealized Gains | 8 | 12,731 |
Gross Unrealized Losses | 65,223 | 6,608 |
Allowance For Credit Losses | 0 | 0 |
Estimated Fair Value | 562,553 | 639,925 |
Asset-backed Securities [Member] | ||
Schedule of Investments [Line Items] | ||
Amortized Cost | 943,813 | 659,830 |
Gross Unrealized Gains | 0 | 49 |
Gross Unrealized Losses | 32,202 | 3,307 |
Allowance For Credit Losses | 0 | 0 |
Estimated Fair Value | 911,611 | 656,572 |
Single Issue Trust Preferred Securities [Member] | ||
Schedule of Investments [Line Items] | ||
Amortized Cost | 17,342 | 17,291 |
Gross Unrealized Gains | 88 | 146 |
Gross Unrealized Losses | 1,146 | 626 |
Allowance For Credit Losses | 0 | 0 |
Estimated Fair Value | 16,284 | 16,811 |
Corporate Bonds [Member] | ||
Schedule of Investments [Line Items] | ||
Amortized Cost | 563,425 | 611,548 |
Gross Unrealized Gains | 44 | 3,558 |
Gross Unrealized Losses | 37,931 | 3,182 |
Allowance For Credit Losses | 0 | 0 |
Estimated Fair Value | $ 525,538 | $ 611,924 |
Investment Securities - Summa_2
Investment Securities - Summary of Securities Available for Sale in an Unrealized Loss Position (Detail) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Schedule of Investments [Line Items] | ||
Less than 12 months, Fair Value | $ 2,669,066 | $ 2,010,872 |
Less than 12 months, Unrealized Losses | 209,141 | 25,813 |
12 months or longer, Fair Value | 1,757,697 | 262,031 |
12 months or longer, Unrealized Losses | 260,921 | 8,604 |
Total, Fair Value | 4,426,763 | 2,272,903 |
Total, Unrealized Losses | 470,062 | 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 | 473,025 | 75,106 |
Less than 12 months, Unrealized Losses | 13,628 | 334 |
12 months or longer, Fair Value | 48,793 | 213 |
12 months or longer, Unrealized Losses | 5,299 | 3 |
Total, Fair Value | 521,818 | 75,319 |
Total, Unrealized Losses | 18,927 | 337 |
State and Political Subdivisions [Member] | ||
Schedule of Investments [Line Items] | ||
Less than 12 months, Fair Value | 496,328 | 223,754 |
Less than 12 months, Unrealized Losses | 63,019 | 2,872 |
12 months or longer, Fair Value | 192,234 | 24,067 |
12 months or longer, Unrealized Losses | 47,654 | 937 |
Total, Fair Value | 688,562 | 247,821 |
Total, Unrealized Losses | 110,673 | 3,809 |
Residential Mortgage-Backed Securities [Member] | ||
Schedule of Investments [Line Items] | ||
Less than 12 months, Fair Value | 623,587 | 680,320 |
Less than 12 months, Unrealized Losses | 70,744 | 13,167 |
12 months or longer, Fair Value | 550,135 | 71,392 |
12 months or longer, Unrealized Losses | 123,787 | 2,655 |
Total, Fair Value | 1,173,722 | 751,712 |
Total, Unrealized Losses | 194,531 | 15,822 |
Residential Mortgage-Backed Securities, Non-agency [Member] | ||
Schedule of Investments [Line Items] | ||
Less than 12 months, Fair Value | 58,839 | 55,336 |
Less than 12 months, Unrealized Losses | 2,083 | 726 |
12 months or longer, Fair Value | 42,901 | 0 |
12 months or longer, Unrealized Losses | 7,346 | 0 |
Total, Fair Value | 101,740 | 55,336 |
Total, Unrealized Losses | 9,429 | 726 |
Commercial Mortgage-Backed Securities [Member] | ||
Schedule of Investments [Line Items] | ||
Less than 12 months, Fair Value | 396,380 | 136,071 |
Less than 12 months, Unrealized Losses | 27,469 | 2,912 |
12 months or longer, Fair Value | 163,226 | 70,543 |
12 months or longer, Unrealized Losses | 37,754 | 3,696 |
Total, Fair Value | 559,606 | 206,614 |
Total, Unrealized Losses | 65,223 | 6,608 |
Asset-backed Securities [Member] | ||
Schedule of Investments [Line Items] | ||
Less than 12 months, Fair Value | 425,482 | 532,373 |
Less than 12 months, Unrealized Losses | 14,134 | 2,620 |
12 months or longer, Fair Value | 486,129 | 82,222 |
12 months or longer, Unrealized Losses | 18,068 | 687 |
Total, Fair Value | 911,611 | 614,595 |
Total, Unrealized Losses | 32,202 | 3,307 |
Single Issue Trust Preferred Securities [Member] | ||
Schedule of Investments [Line Items] | ||
Less than 12 months, Fair Value | 0 | 0 |
Less than 12 months, Unrealized Losses | 0 | 0 |
12 months or longer, Fair Value | 13,109 | 13,594 |
12 months or longer, Unrealized Losses | 1,146 | 626 |
Total, Fair Value | 13,109 | 13,594 |
Total, Unrealized Losses | 1,146 | 626 |
Other corporate securities [Member] | ||
Schedule of Investments [Line Items] | ||
Less than 12 months, Fair Value | 195,425 | 307,912 |
Less than 12 months, Unrealized Losses | 18,064 | 3,182 |
12 months or longer, Fair Value | 261,170 | 0 |
12 months or longer, Unrealized Losses | 19,867 | 0 |
Total, Fair Value | 456,595 | 307,912 |
Total, Unrealized Losses | $ 37,931 | $ 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 | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Investments, Debt and Equity Securities [Abstract] | |||
Proceeds from maturities, sales and calls | $ 575,748 | $ 731,902 | $ 708,068 |
Gross realized gains | 2 | 1,673 | 4,618 |
Gross realized losses | $ 0 | $ 122 | $ 2,116 |
Investment Securities - Additio
Investment Securities - Additional Information (Detail) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 USD ($) Contract | Dec. 31, 2021 USD ($) | Jun. 30, 2022 USD ($) | |
Schedule of Investments [Line Items] | |||
Accrued interest receivable | $ 23,955 | $ 15,353 | |
Gross unrealized losses on available for sale securities | $ 470,062 | 34,417 | |
Available for sale securities in unrealized loss position | Contract | 1,427 | ||
Available for sale securities in portfolio, number | Contract | 1,502 | ||
Capitalization of banks, equal to or greater than, in the single-issue trust preferred portfolio | $ 10,000,000 | ||
Equity securities at estimated fair value | 7,629 | 12,404 | |
Carrying value of securities pledged | 1,871,328 | $ 2,412,820 | |
Held-to-maturity securities amortized cost | 1,002 | 1,001 | |
Held-to-maturity securities estimated fair value | $ 1,020 | 1,020 | |
Fitch, AAA Rating [Member] | |||
Schedule of Investments [Line Items] | |||
Percentage of asset backed securities with credit rating | 73% | ||
Federal Family Education Loan Program [Member] | Fitch, AA+ Rating [Member] | |||
Schedule of Investments [Line Items] | |||
Percentage of asset backed securities with credit rating | 27% | ||
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 single issue trust preferred securities | $ 121,336 | ||
Investment Grade [Member] | |||
Schedule of Investments [Line Items] | |||
Amortized cost of available for sale single issue trust preferred securities | 8,468 | ||
Split Rated Bonds Investment Grade [Member] | |||
Schedule of Investments [Line Items] | |||
Amortized cost of available for sale single issue trust preferred securities | 3,086 | ||
Unrated Bonds Investment Grade [Member] | |||
Schedule of Investments [Line Items] | |||
Amortized cost of available for sale single issue trust preferred securities | 5,788 | ||
State and Political Subdivisions [Member] | |||
Schedule of Investments [Line Items] | |||
Gross unrealized losses on available for sale securities | $ 110,673 | 3,809 | |
Percent of portfolio with credit support | 53% | ||
Amortized cost of available for sale single issue trust preferred securities | $ 820,167 | ||
Agency Mortgage Backed Securities [Member] | |||
Schedule of Investments [Line Items] | |||
Amortized cost of available for sale single issue trust preferred securities | 1,997,239 | ||
Commercial Mortgage-Backed Securities [Member] | |||
Schedule of Investments [Line Items] | |||
Gross unrealized losses on available for sale securities | 65,223 | 6,608 | |
Amortized cost of available for sale single issue trust preferred securities | 627,768 | ||
Residential Mortgage-Backed Securities [Member] | |||
Schedule of Investments [Line Items] | |||
Gross unrealized losses on available for sale securities | 194,531 | 15,822 | |
Amortized cost of available for sale single issue trust preferred securities | 1,369,471 | ||
Residential Mortgage-Backed Securities, Non-agency [Member] | |||
Schedule of Investments [Line Items] | |||
Gross unrealized losses on available for sale securities | 9,429 | 726 | |
Amortized cost of available for sale single issue trust preferred securities | 121,336 | ||
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 | $ 37,931 | 3,182 | |
Amortized cost of available for sale single issue trust preferred securities | $ 563,425 | ||
Corporate Bonds [Member] | Investment Grade [Member] | |||
Schedule of Investments [Line Items] | |||
Percent of corporate securities portfolio | 98% | ||
Corporate Bonds [Member] | Below Investment Grade [Member] | |||
Schedule of Investments [Line Items] | |||
Percent of corporate securities portfolio | 2% | ||
Carrying value of securities pledged | $ 0 | ||
Mortgage Backed Securities [Member] | |||
Schedule of Investments [Line Items] | |||
Net unrealized gains | 269,105 | 946 | |
Held-to-maturity securities amortized cost | 2,118,575 | ||
Held-to-maturity securities estimated fair value | 1,849,470 | ||
Asset-backed Securities [Member] | |||
Schedule of Investments [Line Items] | |||
Gross unrealized losses on available for sale securities | 32,202 | $ 3,307 | |
Amortized cost of available for sale single issue trust preferred securities | 943,813 | ||
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 | Dec. 31, 2022 | Dec. 31, 2021 |
Investments, Debt and Equity Securities [Abstract] | ||
Due in one year or less, Amortized Cost | $ 384,921 | |
Due after one year through five years, Amortized Cost | 856,743 | |
Due after five years through ten years, Amortized Cost | 981,983 | |
Due after ten years, Amortized Cost | 2,788,082 | |
Amortized Cost | 5,011,729 | $ 4,031,494 |
Due in one year or less, Estimated Fair Value | 380,575 | |
Due after one year through five years, Estimated Fair Value | 817,881 | |
Due after five years through ten years, Estimated Fair Value | 858,819 | |
Due after ten years, Estimated Fair Value | 2,484,650 | |
Total available for sale securities | $ 4,541,925 | $ 4,042,699 |
Investment Securities - Summa_5
Investment Securities - Summary of Equity Securities (Detail) - Marketable Equity Securities [Member] - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Debt Securities, Available-for-sale [Line Items] | ||
Net gains recognized during the period on equity securities sold | $ 0 | $ 788 |
Unrealized gains recognized during the period on equity securities still held at period end | 94 | 69 |
Unrealized losses recognized during the period on equity securities still held at period end | (684) | (187) |
Net gains recognized during the period | $ (590) | $ 670 |
Loans and Leases - Major Classe
Loans and Leases - Major Classes of Loans And Leases (Detail) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Commercial, financial and agricultural: | ||
Total commercial, financial & agricultural | $ 11,624,469 | $ 11,152,825 |
Residential real estate | 4,662,911 | 3,691,560 |
Construction & land development Consumer: | 2,926,971 | 2,014,165 |
Loans And Leases Receivable Consumer [Abstract] | ||
Bankcard | 9,273 | 8,913 |
Other consumer | 1,356,539 | 1,183,844 |
Less: Unearned income | (21,997) | (27,659) |
Total gross loans | 20,558,166 | 18,023,648 |
Owner-Occupied Commercial Real Estate [Member] | ||
Commercial, financial and agricultural: | ||
Total commercial, financial & agricultural | 1,724,927 | 1,733,176 |
Nonowner-Occupied Commercial Real Estate [Member] | ||
Commercial, financial and agricultural: | ||
Total commercial, financial & agricultural | 6,286,974 | 5,957,288 |
Other Commercial Loans And Leases [Member] | ||
Commercial, financial and agricultural: | ||
Total commercial, financial & agricultural | $ 3,612,568 | $ 3,462,361 |
Loans and Leases - Additional I
Loans and Leases - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Loans held for sale | $ 56,879 | $ 504,416 |
unamortized loan fees | 47,134 | 66,081 |
Loans-in-process | 62,691 | 112,109 |
Overdrafts from deposit accounts | 36,209 | 14,270 |
Directors and Officers [Member] | ||
Related party loans | 24,901 | $ 32,990 |
Additional amount of loan | 1,963 | |
Repayment of Loan | $ 10,052 |
Credit Quality - Schedule of Tr
Credit Quality - Schedule of Troubled Debt Restructuring Loan Modification Based On Post Modification Outstanding Balance (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Disclosure Details Of Troubled Debt Restructuring Loan Modification Based On Post Modification Outstanding Balance [Line Items] | ||
Post-Modification Outstanding Recorded Investment | $ 2,817 | $ 10,402 |
Interest rate reduction | ||
Disclosure Details Of Troubled Debt Restructuring Loan Modification Based On Post Modification Outstanding Balance [Line Items] | ||
Post-Modification Outstanding Recorded Investment | 143 | 155 |
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 | 0 | 1,412 |
Forgiveness of principal | ||
Disclosure Details Of Troubled Debt Restructuring Loan Modification Based On Post Modification Outstanding Balance [Line Items] | ||
Post-Modification Outstanding Recorded Investment | 0 | 0 |
Concession of principal and term | ||
Disclosure Details Of Troubled Debt Restructuring Loan Modification Based On Post Modification Outstanding Balance [Line Items] | ||
Post-Modification Outstanding Recorded Investment | 0 | 0 |
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 | 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 | 2,754 |
Change in terms | ||
Disclosure Details Of Troubled Debt Restructuring Loan Modification Based On Post Modification Outstanding Balance [Line Items] | ||
Post-Modification Outstanding Recorded Investment | $ 2,674 | $ 674 |
Credit Quality - Schedule of _2
Credit Quality - Schedule of Troubled Debt Restructurings, Segregated by Class of Loans (Detail) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 USD ($) Contract | Dec. 31, 2021 USD ($) Contract | |
Financing Receivable, Modifications [Line Items] | ||
Number of Contracts | Contract | 3 | 19 |
Pre-Modification Outstanding Recorded Investment | $ 3,077 | $ 10,505 |
Post-Modification Outstanding Recorded Investment | $ 2,817 | $ 10,402 |
Construction & Land Development [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Number of Contracts | Contract | 0 | 0 |
Pre-Modification Outstanding Recorded Investment | $ 0 | $ 0 |
Post-Modification Outstanding Recorded Investment | $ 0 | $ 0 |
Commercial Real Estate [Member] | Owner-Occupied [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Number of Contracts | Contract | 2 | 5 |
Pre-Modification Outstanding Recorded Investment | $ 2,945 | $ 2,155 |
Post-Modification Outstanding Recorded Investment | $ 2,817 | $ 2,293 |
Commercial Real Estate [Member] | Nonowner-Occupied [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Number of Contracts | Contract | 0 | 3 |
Pre-Modification Outstanding Recorded Investment | $ 0 | $ 6,362 |
Post-Modification Outstanding Recorded Investment | $ 0 | $ 6,130 |
Other Commercial [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Number of Contracts | Contract | 1 | 2 |
Pre-Modification Outstanding Recorded Investment | $ 132 | $ 328 |
Post-Modification Outstanding Recorded Investment | $ 0 | $ 328 |
Residential Real Estate [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Number of Contracts | Contract | 0 | 9 |
Pre-Modification Outstanding Recorded Investment | $ 0 | $ 1,660 |
Post-Modification Outstanding Recorded Investment | $ 0 | $ 1,651 |
Consumer [Member] | Bankcard [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Number of Contracts | Contract | 0 | 0 |
Pre-Modification Outstanding Recorded Investment | $ 0 | $ 0 |
Post-Modification Outstanding Recorded Investment | $ 0 | $ 0 |
Consumer [Member] | Other Consumer [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Number of Contracts | Contract | 0 | 0 |
Pre-Modification Outstanding Recorded Investment | $ 0 | $ 0 |
Post-Modification Outstanding Recorded Investment | $ 0 | $ 0 |
Credit Quality - Schedule of Re
Credit Quality - Schedule of Reasons For Modification Troubled Debt Restructuring Loans (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Disclosure Details Of Troubled Debt Restructuring Loan Modification Based On Post Modification Outstanding Balance [Line Items] | ||
Troubled debt restructuring | $ 19,388 | $ 35,856 |
Interest rate reduction | ||
Disclosure Details Of Troubled Debt Restructuring Loan Modification Based On Post Modification Outstanding Balance [Line Items] | ||
Troubled debt restructuring | 736 | 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 | 792 | 1,412 |
Forgiveness of principal | ||
Disclosure Details Of Troubled Debt Restructuring Loan Modification Based On Post Modification Outstanding Balance [Line Items] | ||
Troubled debt restructuring | 0 | 0 |
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 | 15 | 19 |
Extended maturity | ||
Disclosure Details Of Troubled Debt Restructuring Loan Modification Based On Post Modification Outstanding Balance [Line Items] | ||
Troubled debt restructuring | 4,616 | 4,831 |
Change in terms | ||
Disclosure Details Of Troubled Debt Restructuring Loan Modification Based On Post Modification Outstanding Balance [Line Items] | ||
Troubled debt restructuring | $ 13,229 | $ 21,024 |
Credit Quality - Additional Inf
Credit Quality - Additional Information (Detail) $ in Thousands | 12 Months Ended | |
Dec. 31, 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 | $ 19,388 | $ 35,856 |
Restructured loans on nonaccrual status | $ 7,186 | 22,421 |
Minimum number of days required for special mention | 30 days | |
Maximum number of days required for special mention | minus 89 days | |
Number of days required for substandard | 90 days | |
Troubled debt restructurings post modification additional funds recorded investment | $ 57,000 | |
Payments under funding commitments | $ 76,000 | |
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 $1,000,000 or greater) and classified (substandard-rated and worse in the amount of $500,000 and greater) loans is completed once per quarter. Review of notes with committed exposure of $2,000,000 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 were exempt by law from classification as a TDR as defined by GAAP. | |
Temporary Relief from Troubled Debt Restructurings [Member] | Covid 19 [Member] | ||
Troubled debt restructuring | $ 18,039 | |
No of eligible loan modifications outstanding | 188 | |
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 | $ 3,075 | $ 102,000 |
Financing Receivables 30 To 89 Days Past Due [Member] | ||
Restructured loans on nonaccrual status | $ 37,000 | |
Minimum number of days required for special mention | 30 days | |
Maximum number of days required for special mention | minus 89 days | |
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 | 12 Months Ended | |
Dec. 31, 2022 USD ($) Contract | Dec. 31, 2021 USD ($) Contract | |
Financing Receivable, Modifications [Line Items] | ||
Number of Contracts | Contract | 2 | 3 |
Recorded Investment | $ | $ 96 | $ 0 |
Construction & Land Development [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Number of Contracts | Contract | 0 | 2 |
Recorded Investment | $ | $ 0 | $ 0 |
Commercial Real Estate [Member] | Owner-Occupied [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Number of Contracts | Contract | 0 | 0 |
Recorded Investment | $ | $ 0 | $ 0 |
Commercial Real Estate [Member] | Nonowner-Occupied [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Number of Contracts | Contract | 0 | 0 |
Recorded Investment | $ | $ 0 | $ 0 |
Other Commercial [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Number of Contracts | Contract | 1 | 0 |
Recorded Investment | $ | $ 96 | $ 0 |
Residential Real Estate [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Number of Contracts | Contract | 1 | 1 |
Recorded Investment | $ | $ 0 | $ 0 |
Consumer [Member] | Bankcard [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Number of Contracts | Contract | 0 | 0 |
Recorded Investment | $ | $ 0 | $ 0 |
Consumer [Member] | Other Consumer [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Number of Contracts | Contract | 0 | 0 |
Recorded Investment | $ | $ 0 | $ 0 |
Credit Quality - Schedule of Ag
Credit Quality - Schedule of Age Analysis of its Past Due Loans, Segregated by Class of Loans and Leases (Detail) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Disclosure Details Of Troubled Debt Restructuring Loan Modification Based On Post Modification Outstanding Balance [Line Items] | ||
Total Financing Receivables | $ 20,580,163 | $ 18,051,307 |
Loans, Recorded Investment >90 Days & Accruing | 18,640 | 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 | 91,536 | 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 | 49,511 | 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 | 141,047 | 155,638 |
Current & Other [Member] | ||
Disclosure Details Of Troubled Debt Restructuring Loan Modification Based On Post Modification Outstanding Balance [Line Items] | ||
Loans, Past Due | 20,439,116 | 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 | 2,926,971 | 2,014,165 |
Loans, Recorded Investment >90 Days & Accruing | 0 | 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 | 3,060 | 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 | 475 | 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 | 3,535 | 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 | 2,923,436 | 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 | 1,724,927 | 1,733,176 |
Loans, Recorded Investment >90 Days & Accruing | 4,023 | 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 | 5,643 | 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 | 12,368 | 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 | 18,011 | 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 | 1,706,916 | 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 | 6,286,974 | 5,957,288 |
Loans, Recorded Investment >90 Days & Accruing | 0 | 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 | 9,996 | 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 | 8,916 | 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 | 18,912 | 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 | 6,268,062 | 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 | 3,612,568 | 3,462,361 |
Loans, Recorded Investment >90 Days & Accruing | 2,946 | 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 | 13,466 | 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 | 5,338 | 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 | 18,804 | 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 | 3,593,764 | 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 | 4,662,911 | 3,691,560 |
Loans, Recorded Investment >90 Days & Accruing | 7,342 | 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 | 25,315 | 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 | 17,735 | 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 | 43,050 | 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 | 4,619,861 | 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 | 9,273 | 8,913 |
Loans, Recorded Investment >90 Days & Accruing | 109 | 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 | 63 | 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 | 109 | 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 | 172 | 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 | 9,101 | 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 | 1,356,539 | 1,183,844 |
Loans, Recorded Investment >90 Days & Accruing | 4,220 | 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 | 33,993 | 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 | 4,570 | 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 | 38,563 | 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 | $ 1,317,976 | $ 1,163,965 |
Credit Quality - Schedule of No
Credit Quality - Schedule of Nonaccrual Loans, Segregated by Class of Loans and Leases (Detail) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Disclosure Details Of Troubled Debt Restructuring Loan Modification Based On Post Modification Outstanding Balance [Line Items] | ||
Nonaccruals | $ 30,871 | $ 58,449 |
With No Related Allowance for Credit Losses | 29,042 | 56,440 |
Other Commercial [Member] | ||
Disclosure Details Of Troubled Debt Restructuring Loan Modification Based On Post Modification Outstanding Balance [Line Items] | ||
Nonaccruals | 2,392 | 9,314 |
With No Related Allowance for Credit Losses | 2,392 | 8,261 |
Residential Real Estate [Member] | ||
Disclosure Details Of Troubled Debt Restructuring Loan Modification Based On Post Modification Outstanding Balance [Line Items] | ||
Nonaccruals | 10,393 | 15,254 |
With No Related Allowance for Credit Losses | 8,564 | 14,298 |
Owner-Occupied [Member] | Commercial Real Estate [Member] | ||
Disclosure Details Of Troubled Debt Restructuring Loan Modification Based On Post Modification Outstanding Balance [Line Items] | ||
Nonaccruals | 8,345 | 12,714 |
With No Related Allowance for Credit Losses | 8,345 | 12,714 |
Nonowner-Occupied [Member] | Commercial Real Estate [Member] | ||
Disclosure Details Of Troubled Debt Restructuring Loan Modification Based On Post Modification Outstanding Balance [Line Items] | ||
Nonaccruals | 8,916 | 18,284 |
With No Related Allowance for Credit Losses | 8,916 | 18,284 |
Construction & Land Development [Member] | ||
Disclosure Details Of Troubled Debt Restructuring Loan Modification Based On Post Modification Outstanding Balance [Line Items] | ||
Nonaccruals | 475 | 2,713 |
With No Related Allowance for Credit Losses | 475 | 2,713 |
Bankcard [Member] | Consumer [Member] | ||
Disclosure Details Of Troubled Debt Restructuring Loan Modification Based On Post Modification Outstanding Balance [Line Items] | ||
Nonaccruals | 0 | 0 |
With No Related Allowance for Credit Losses | 0 | 0 |
Other Consumer [Member] | Consumer [Member] | ||
Disclosure Details Of Troubled Debt Restructuring Loan Modification Based On Post Modification Outstanding Balance [Line Items] | ||
Nonaccruals | 350 | 170 |
With No Related Allowance for Credit Losses | $ 350 | $ 170 |
Credit Quality - Schedule of Am
Credit Quality - Schedule of Amortized Cost Loans and Leases Pledged As Collateral (Detail) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Amortized Cost Collateral Dependent Loans [Line Items] | ||
Amortized Cost Loans and Leases Pledged As Collateral | $ 58,575 | $ 130,460 |
Commercial Real Estate [Member] | Owner-Occupied [Member] | ||
Amortized Cost Collateral Dependent Loans [Line Items] | ||
Amortized Cost Loans and Leases Pledged As Collateral | 25,421 | 21,036 |
Commercial Real Estate [Member] | Nonowner-Occupied [Member] | ||
Amortized Cost Collateral Dependent Loans [Line Items] | ||
Amortized Cost Loans and Leases Pledged As Collateral | 13,649 | 68,752 |
Other Commercial [Member] | ||
Amortized Cost Collateral Dependent Loans [Line Items] | ||
Amortized Cost Loans and Leases Pledged As Collateral | 5,584 | 18,050 |
Residential Real Estate [Member] | ||
Amortized Cost Collateral Dependent Loans [Line Items] | ||
Amortized Cost Loans and Leases Pledged As Collateral | 11,858 | 16,749 |
Construction & Land Development [Member] | ||
Amortized Cost Collateral Dependent Loans [Line Items] | ||
Amortized Cost Loans and Leases Pledged As Collateral | 2,063 | 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 | 15,163 | 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 | 46 | 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 | 3,245 | 7,085 |
Residential Real Estate [Member] | Other Commercial [Member] | ||
Amortized Cost Collateral Dependent Loans [Line Items] | ||
Amortized Cost Loans and Leases Pledged As Collateral | 0 | 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 | 11,858 | 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 | 14 | 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 | 5,466 | 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 | 22 | 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 | 5,444 | 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 | 1,312 | 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 | 1,312 | 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 | 18,502 | 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 | 15,718 | 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 | 2,784 | 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 | 18,132 | 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 | 9,635 | 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 | 7,619 | 52,299 |
Other Assets [Member] | Other Commercial [Member] | ||
Amortized Cost Collateral Dependent Loans [Line Items] | ||
Amortized Cost Loans and Leases Pledged As Collateral | 140 | 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 | 738 | 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 | Dec. 31, 2022 | Dec. 31, 2021 |
Disclosure Details Of Loans And Leases By Risk Category [Line Items] | ||
Total | $ 11,624,469 | $ 11,152,825 |
Owner-Occupied [Member] | ||
Disclosure Details Of Loans And Leases By Risk Category [Line Items] | ||
2022 | 339,908 | |
2021 | 277,603 | 319,007 |
2020 | 284,613 | 310,948 |
2019 | 123,495 | 161,164 |
2018 | 113,926 | 141,532 |
2017 | 170,890 | |
Prior | 551,414 | 588,075 |
Revolving loans amortized cost basis | 33,385 | 40,915 |
Revolving loans converted to term loans | 583 | 645 |
Total | 1,724,927 | 1,733,176 |
Owner-Occupied [Member] | Pass [Member] | ||
Disclosure Details Of Loans And Leases By Risk Category [Line Items] | ||
2022 | 339,765 | |
2021 | 276,667 | 319,007 |
2020 | 284,091 | 310,893 |
2019 | 122,582 | 161,075 |
2018 | 112,126 | 135,472 |
2017 | 168,874 | |
Prior | 504,485 | 539,640 |
Revolving loans amortized cost basis | 32,465 | 39,117 |
Revolving loans converted to term loans | 350 | 401 |
Total | 1,672,531 | 1,674,479 |
Owner-Occupied [Member] | Special Mention [Member] | ||
Disclosure Details Of Loans And Leases By Risk Category [Line Items] | ||
2022 | 0 | |
2021 | 0 | 0 |
2020 | 0 | 0 |
2019 | 496 | 51 |
2018 | 1,158 | 5,399 |
2017 | 712 | |
Prior | 5,358 | 20,672 |
Revolving loans amortized cost basis | 920 | 959 |
Revolving loans converted to term loans | 0 | 0 |
Total | 7,932 | 27,793 |
Owner-Occupied [Member] | Substandard [Member] | ||
Disclosure Details Of Loans And Leases By Risk Category [Line Items] | ||
2022 | 143 | |
2021 | 936 | 0 |
2020 | 522 | 55 |
2019 | 417 | 38 |
2018 | 642 | 661 |
2017 | 1,304 | |
Prior | 41,301 | 27,458 |
Revolving loans amortized cost basis | 0 | 839 |
Revolving loans converted to term loans | 233 | 244 |
Total | 44,194 | 30,599 |
Owner-Occupied [Member] | Doubtful [Member] | ||
Disclosure Details Of Loans And Leases By Risk Category [Line Items] | ||
2022 | 0 | |
2021 | 0 | 0 |
2020 | 0 | 0 |
2019 | 0 | 0 |
2018 | 0 | 0 |
2017 | 0 | |
Prior | 270 | 305 |
Revolving loans amortized cost basis | 0 | 0 |
Revolving loans converted to term loans | 0 | 0 |
Total | 270 | 305 |
Owner-Occupied [Member] | YTS Charge Offs [Member] | ||
Disclosure Details Of Loans And Leases By Risk Category [Line Items] | ||
2022 | 0 | |
2021 | 0 | 0 |
2020 | 0 | 0 |
2019 | 0 | 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 | |
2021 | 0 | 0 |
2020 | 0 | 0 |
2019 | 0 | 0 |
2018 | 0 | 0 |
2017 | 13 | |
Prior | 489 | 856 |
Revolving loans amortized cost basis | 0 | 0 |
Revolving loans converted to term loans | 0 | 0 |
Total | 489 | 869 |
Owner-Occupied [Member] | YTS Net Charge Offs [Member] | ||
Disclosure Details Of Loans And Leases By Risk Category [Line Items] | ||
2022 | 0 | |
2021 | 0 | 0 |
2020 | 0 | 0 |
2019 | 0 | 0 |
2018 | 0 | 0 |
2017 | (31) | |
Prior | 421 | 486 |
Revolving loans amortized cost basis | 0 | 0 |
Revolving loans converted to term loans | 0 | 0 |
Total | 421 | 455 |
Nonowner-Occupied [Member] | ||
Disclosure Details Of Loans And Leases By Risk Category [Line Items] | ||
2022 | 1,416,022 | |
2021 | 1,401,424 | 1,559,293 |
2020 | 746,999 | 929,175 |
2019 | 806,615 | 834,267 |
2018 | 359,527 | 494,897 |
2017 | 398,470 | |
Prior | 1,372,110 | 1,633,793 |
Revolving loans amortized cost basis | 184,142 | 105,354 |
Revolving loans converted to term loans | 135 | 2,039 |
Total | 6,286,974 | 5,957,288 |
Nonowner-Occupied [Member] | Pass [Member] | ||
Disclosure Details Of Loans And Leases By Risk Category [Line Items] | ||
2022 | 1,415,465 | |
2021 | 1,399,023 | 1,558,474 |
2020 | 739,474 | 925,508 |
2019 | 687,755 | 707,570 |
2018 | 341,367 | 460,660 |
2017 | 397,003 | |
Prior | 1,297,076 | 1,490,548 |
Revolving loans amortized cost basis | 183,779 | 102,561 |
Revolving loans converted to term loans | 135 | 2,039 |
Total | 6,064,074 | 5,644,363 |
Nonowner-Occupied [Member] | Special Mention [Member] | ||
Disclosure Details Of Loans And Leases By Risk Category [Line Items] | ||
2022 | 557 | |
2021 | 2,401 | 819 |
2020 | 6,852 | 2,953 |
2019 | 84,781 | 113,655 |
2018 | 980 | 5,826 |
2017 | 372 | |
Prior | 23,137 | 40,534 |
Revolving loans amortized cost basis | 0 | 2,793 |
Revolving loans converted to term loans | 0 | 0 |
Total | 118,708 | 166,952 |
Nonowner-Occupied [Member] | Substandard [Member] | ||
Disclosure Details Of Loans And Leases By Risk Category [Line Items] | ||
2022 | 0 | |
2021 | 0 | 0 |
2020 | 673 | 714 |
2019 | 34,079 | 13,042 |
2018 | 17,180 | 28,411 |
2017 | 1,095 | |
Prior | 51,897 | 102,711 |
Revolving loans amortized cost basis | 363 | 0 |
Revolving loans converted to term loans | 0 | 0 |
Total | 104,192 | 145,973 |
Nonowner-Occupied [Member] | Doubtful [Member] | ||
Disclosure Details Of Loans And Leases By Risk Category [Line Items] | ||
2022 | 0 | |
2021 | 0 | 0 |
2020 | 0 | 0 |
2019 | 0 | 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 | |
2021 | 0 | 0 |
2020 | 0 | 0 |
2019 | 0 | 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 | |
2021 | 0 | 0 |
2020 | 0 | 0 |
2019 | 0 | 0 |
2018 | 0 | 0 |
2017 | 0 | |
Prior | 234 | 1,907 |
Revolving loans amortized cost basis | 0 | 0 |
Revolving loans converted to term loans | 0 | 0 |
Total | 234 | 1,097 |
Nonowner-Occupied [Member] | YTS Net Charge Offs [Member] | ||
Disclosure Details Of Loans And Leases By Risk Category [Line Items] | ||
2022 | 0 | |
2021 | 0 | 0 |
2020 | 0 | 0 |
2019 | 0 | 0 |
2018 | 0 | 0 |
2017 | 0 | |
Prior | 234 | (1,624) |
Revolving loans amortized cost basis | 0 | 0 |
Revolving loans converted to term loans | 0 | 0 |
Total | 234 | (1,624) |
Other Commercial Loans [Member] | ||
Disclosure Details Of Loans And Leases By Risk Category [Line Items] | ||
2022 | 768,186 | |
2021 | 585,672 | 927,399 |
2020 | 399,042 | 557,433 |
2019 | 233,195 | 340,120 |
2018 | 82,116 | 115,368 |
2017 | 91,037 | |
Prior | 435,447 | 98,491 |
Revolving loans amortized cost basis | 1,107,234 | 1,330,209 |
Revolving loans converted to term loans | 1,676 | 2,304 |
Total | 3,612,568 | 3,462,361 |
Other Commercial Loans [Member] | Pass [Member] | ||
Disclosure Details Of Loans And Leases By Risk Category [Line Items] | ||
2022 | 749,919 | |
2021 | 581,588 | 924,726 |
2020 | 398,682 | 557,422 |
2019 | 230,209 | 306,945 |
2018 | 75,577 | 107,426 |
2017 | 87,090 | |
Prior | 426,406 | 76,032 |
Revolving loans amortized cost basis | 1,033,459 | 1,211,865 |
Revolving loans converted to term loans | 1,596 | 2,038 |
Total | 3,497,436 | 3,273,544 |
Other Commercial Loans [Member] | Special Mention [Member] | ||
Disclosure Details Of Loans And Leases By Risk Category [Line Items] | ||
2022 | 14,244 | |
2021 | 3,652 | 1,880 |
2020 | 331 | 0 |
2019 | 2,115 | 31,614 |
2018 | 936 | 3,012 |
2017 | 1,801 | |
Prior | 2,799 | 3,390 |
Revolving loans amortized cost basis | 35,997 | 76,987 |
Revolving loans converted to term loans | 38 | 61 |
Total | 60,112 | 118,745 |
Other Commercial Loans [Member] | Substandard [Member] | ||
Disclosure Details Of Loans And Leases By Risk Category [Line Items] | ||
2022 | 4,023 | |
2021 | 432 | 793 |
2020 | 29 | 11 |
2019 | 871 | 1,561 |
2018 | 5,603 | 4,930 |
2017 | 2,146 | |
Prior | 6,182 | 18,963 |
Revolving loans amortized cost basis | 37,778 | 41,357 |
Revolving loans converted to term loans | 42 | 205 |
Total | 54,960 | 69,966 |
Other Commercial Loans [Member] | Doubtful [Member] | ||
Disclosure Details Of Loans And Leases By Risk Category [Line Items] | ||
2022 | 0 | |
2021 | 0 | 0 |
2020 | 0 | 0 |
2019 | 0 | 0 |
2018 | 0 | 0 |
2017 | 0 | |
Prior | 60 | 106 |
Revolving loans amortized cost basis | 0 | 0 |
Revolving loans converted to term loans | 0 | 0 |
Total | 60 | 106 |
Other Commercial Loans [Member] | YTS Charge Offs [Member] | ||
Disclosure Details Of Loans And Leases By Risk Category [Line Items] | ||
2022 | 0 | |
2021 | (364) | 0 |
2020 | (202) | (87) |
2019 | (211) | (31) |
2018 | (2,490) | (200) |
2017 | (174) | |
Prior | (1,041) | (5,650) |
Revolving loans amortized cost basis | 0 | (40) |
Revolving loans converted to term loans | 0 | 0 |
Total | (4,308) | (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 | 17 | 30 |
2018 | 705 | 86 |
2017 | 34 | |
Prior | 4,561 | 4,154 |
Revolving loans amortized cost basis | 0 | 0 |
Revolving loans converted to term loans | 0 | 0 |
Total | 5,367 | 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 | (364) | 0 |
2020 | (118) | (84) |
2019 | (194) | (1) |
2018 | (1,785) | (114) |
2017 | (140) | |
Prior | 3,520 | (1,496) |
Revolving loans amortized cost basis | 0 | (40) |
Revolving loans converted to term loans | 0 | 0 |
Total | 1,059 | (1,875) |
Residential Real Estate [Member] | ||
Disclosure Details Of Loans And Leases By Risk Category [Line Items] | ||
2022 | 1,525,762 | |
2021 | 848,625 | 816,157 |
2020 | 492,696 | 568,323 |
2019 | 291,779 | 383,694 |
2018 | 246,035 | 316,051 |
2017 | 180,955 | |
Prior | 812,785 | 963,754 |
Revolving loans amortized cost basis | 442,546 | 459,541 |
Revolving loans converted to term loans | 2,683 | 3,085 |
Total | 4,662,911 | 3,691,560 |
Residential Real Estate [Member] | Pass [Member] | ||
Disclosure Details Of Loans And Leases By Risk Category [Line Items] | ||
2022 | 1,525,762 | |
2021 | 847,177 | 815,693 |
2020 | 492,628 | 568,323 |
2019 | 291,334 | 383,250 |
2018 | 245,158 | 315,211 |
2017 | 178,101 | |
Prior | 791,366 | 931,730 |
Revolving loans amortized cost basis | 439,800 | 455,705 |
Revolving loans converted to term loans | 2,683 | 2,972 |
Total | 4,635,908 | 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 | 4,418 | 12,251 |
Revolving loans amortized cost basis | 1,888 | 2,339 |
Revolving loans converted to term loans | 0 | 0 |
Total | 6,317 | 14,904 |
Residential Real Estate [Member] | Substandard [Member] | ||
Disclosure Details Of Loans And Leases By Risk Category [Line Items] | ||
2022 | 0 | |
2021 | 1,448 | 464 |
2020 | 68 | 0 |
2019 | 445 | 444 |
2018 | 866 | 617 |
2017 | 2,763 | |
Prior | 17,001 | 19,773 |
Revolving loans amortized cost basis | 858 | 1,497 |
Revolving loans converted to term loans | 0 | 113 |
Total | 20,686 | 25,671 |
Residential Real Estate [Member] | Doubtful [Member] | ||
Disclosure Details Of Loans And Leases By Risk Category [Line Items] | ||
2022 | 0 | |
2021 | 0 | 0 |
2020 | 0 | 0 |
2019 | 0 | 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 |
Residential Real Estate [Member] | YTS Charge Offs [Member] | ||
Disclosure Details Of Loans And Leases By Risk Category [Line Items] | ||
2022 | 0 | |
2021 | (809) | 0 |
2020 | 0 | 0 |
2019 | 0 | (37) |
2018 | (284) | (38) |
2017 | (167) | |
Prior | (453) | (5,774) |
Revolving loans amortized cost basis | 0 | 0 |
Revolving loans converted to term loans | 0 | 0 |
Total | (1,546) | (6,016) |
Residential Real Estate [Member] | YTS Recoveries [Member] | ||
Disclosure Details Of Loans And Leases By Risk Category [Line Items] | ||
2022 | 0 | |
2021 | 1 | 0 |
2020 | 0 | 0 |
2019 | 0 | 0 |
2018 | 16 | 0 |
2017 | 3 | |
Prior | 1,483 | 2,384 |
Revolving loans amortized cost basis | 7 | 13 |
Revolving loans converted to term loans | 0 | 0 |
Total | 1,507 | 2,400 |
Residential Real Estate [Member] | YTS Net Charge Offs [Member] | ||
Disclosure Details Of Loans And Leases By Risk Category [Line Items] | ||
2022 | 0 | |
2021 | (808) | 0 |
2020 | 0 | 0 |
2019 | 0 | (37) |
2018 | (268) | (38) |
2017 | (164) | |
Prior | 1,030 | (3,390) |
Revolving loans amortized cost basis | 7 | 13 |
Revolving loans converted to term loans | 0 | 0 |
Total | (39) | (3,616) |
Construction & Land Development [Member] | ||
Disclosure Details Of Loans And Leases By Risk Category [Line Items] | ||
2022 | 806,442 | |
2021 | 1,109,820 | 767,683 |
2020 | 389,816 | 518,360 |
2019 | 137,145 | 281,561 |
2018 | 117,934 | 152,987 |
2017 | 18,371 | |
Prior | 113,210 | 81,041 |
Revolving loans amortized cost basis | 252,604 | 194,162 |
Revolving loans converted to term loans | 0 | 0 |
Total | 2,926,971 | 2,014,165 |
Construction & Land Development [Member] | Pass [Member] | ||
Disclosure Details Of Loans And Leases By Risk Category [Line Items] | ||
2022 | 806,442 | |
2021 | 1,109,601 | 767,351 |
2020 | 389,751 | 518,291 |
2019 | 133,711 | 278,020 |
2018 | 117,934 | 152,062 |
2017 | 18,371 | |
Prior | 109,320 | 74,532 |
Revolving loans amortized cost basis | 252,604 | 192,421 |
Revolving loans converted to term loans | 0 | 0 |
Total | 2,919,363 | 2,001,048 |
Construction & Land Development [Member] | Special Mention [Member] | ||
Disclosure Details Of Loans And Leases By Risk Category [Line Items] | ||
2022 | 0 | |
2021 | 0 | 0 |
2020 | 65 | 69 |
2019 | 3,421 | 3,261 |
2018 | 0 | 0 |
2017 | 0 | |
Prior | 1,447 | 1,237 |
Revolving loans amortized cost basis | 0 | 995 |
Revolving loans converted to term loans | 0 | 0 |
Total | 4,933 | 5,562 |
Construction & Land Development [Member] | Substandard [Member] | ||
Disclosure Details Of Loans And Leases By Risk Category [Line Items] | ||
2022 | 0 | |
2021 | 219 | 332 |
2020 | 0 | 0 |
2019 | 13 | 280 |
2018 | 0 | 925 |
2017 | 0 | |
Prior | 2,443 | 5,272 |
Revolving loans amortized cost basis | 0 | 746 |
Revolving loans converted to term loans | 0 | 0 |
Total | 2,675 | 7,555 |
Construction & Land Development [Member] | Doubtful [Member] | ||
Disclosure Details Of Loans And Leases By Risk Category [Line Items] | ||
2022 | 0 | |
2021 | 0 | 0 |
2020 | 0 | 0 |
2019 | 0 | 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 |
Construction & Land Development [Member] | YTS Charge Offs [Member] | ||
Disclosure Details Of Loans And Leases By Risk Category [Line Items] | ||
2022 | 0 | |
2021 | 0 | 0 |
2020 | 0 | 0 |
2019 | 0 | 0 |
2018 | 0 | 0 |
2017 | (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 | |
2021 | 0 | 0 |
2020 | 0 | 0 |
2019 | 0 | 0 |
2018 | 0 | 0 |
2017 | 133 | |
Prior | 1,414 | 471 |
Revolving loans amortized cost basis | 0 | 0 |
Revolving loans converted to term loans | 0 | 0 |
Total | 1,414 | 604 |
Construction & Land Development [Member] | YTS Net Charge Offs [Member] | ||
Disclosure Details Of Loans And Leases By Risk Category [Line Items] | ||
2022 | 0 | |
2021 | 0 | 0 |
2020 | 0 | 0 |
2019 | 0 | 0 |
2018 | 0 | 0 |
2017 | (44) | |
Prior | 1,412 | 88 |
Revolving loans amortized cost basis | 0 | 0 |
Revolving loans converted to term loans | 0 | 0 |
Total | 1,412 | 44 |
Bankcard [Member] | ||
Disclosure Details Of Loans And Leases By Risk Category [Line Items] | ||
2022 | 0 | |
2021 | 0 | 0 |
2020 | 0 | 0 |
2019 | 0 | 0 |
2018 | 0 | 0 |
2017 | 0 | |
Prior | 0 | 0 |
Revolving loans amortized cost basis | 9,273 | 8,913 |
Revolving loans converted to term loans | 0 | 0 |
Total | 9,273 | 8,913 |
Bankcard [Member] | Pass [Member] | ||
Disclosure Details Of Loans And Leases By Risk Category [Line Items] | ||
2022 | 0 | |
2021 | 0 | 0 |
2020 | 0 | 0 |
2019 | 0 | 0 |
2018 | 0 | 0 |
2017 | 0 | |
Prior | 0 | 0 |
Revolving loans amortized cost basis | 9,101 | 8,626 |
Revolving loans converted to term loans | 0 | 0 |
Total | 9,101 | 8,626 |
Bankcard [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 | 0 | 0 |
2017 | 0 | |
Prior | 0 | 0 |
Revolving loans amortized cost basis | 63 | 100 |
Revolving loans converted to term loans | 0 | 0 |
Total | 63 | 100 |
Bankcard [Member] | Substandard [Member] | ||
Disclosure Details Of Loans And Leases By Risk Category [Line Items] | ||
2022 | 0 | |
2021 | 0 | 0 |
2020 | 0 | 0 |
2019 | 0 | 0 |
2018 | 0 | 0 |
2017 | 0 | |
Prior | 0 | 0 |
Revolving loans amortized cost basis | 109 | 187 |
Revolving loans converted to term loans | 0 | 0 |
Total | 109 | 187 |
Bankcard [Member] | Doubtful [Member] | ||
Disclosure Details Of Loans And Leases By Risk Category [Line Items] | ||
2022 | 0 | |
2021 | 0 | 0 |
2020 | 0 | 0 |
2019 | 0 | 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 |
Bankcard [Member] | YTS Charge Offs [Member] | ||
Disclosure Details Of Loans And Leases By Risk Category [Line Items] | ||
2022 | 0 | |
2021 | 0 | 0 |
2020 | 0 | 0 |
2019 | 0 | 0 |
2018 | 0 | 0 |
2017 | 0 | |
Prior | 0 | 0 |
Revolving loans amortized cost basis | (355) | (190) |
Revolving loans converted to term loans | 0 | 0 |
Total | (355) | (190) |
Bankcard [Member] | YTS Recoveries [Member] | ||
Disclosure Details Of Loans And Leases By Risk Category [Line Items] | ||
2022 | 0 | |
2021 | 0 | 0 |
2020 | 0 | 0 |
2019 | 0 | 0 |
2018 | 0 | 0 |
2017 | 0 | |
Prior | 0 | 0 |
Revolving loans amortized cost basis | 9 | 42 |
Revolving loans converted to term loans | 0 | 0 |
Total | 9 | 42 |
Bankcard [Member] | YTS Net Charge Offs [Member] | ||
Disclosure Details Of Loans And Leases By Risk Category [Line Items] | ||
2022 | 0 | |
2021 | 0 | 0 |
2020 | 0 | 0 |
2019 | 0 | 0 |
2018 | 0 | 0 |
2017 | 0 | |
Prior | 0 | 0 |
Revolving loans amortized cost basis | (346) | (148) |
Revolving loans converted to term loans | 0 | 0 |
Total | (346) | (148) |
Other Consumer [Member] | ||
Disclosure Details Of Loans And Leases By Risk Category [Line Items] | ||
2022 | 637,701 | |
2021 | 335,382 | 479,933 |
2020 | 183,119 | 299,583 |
2019 | 131,418 | 237,744 |
2018 | 56,531 | 121,925 |
2017 | 30,288 | |
Prior | 9,694 | 10,888 |
Revolving loans amortized cost basis | 2,694 | 3,483 |
Revolving loans converted to term loans | 0 | 0 |
Total | 1,356,539 | 1,183,844 |
Other Consumer [Member] | Pass [Member] | ||
Disclosure Details Of Loans And Leases By Risk Category [Line Items] | ||
2022 | 626,666 | |
2021 | 319,719 | 473,430 |
2020 | 176,423 | 293,023 |
2019 | 128,176 | 234,340 |
2018 | 55,147 | 119,678 |
2017 | 29,697 | |
Prior | 9,202 | 10,335 |
Revolving loans amortized cost basis | 2,644 | 3,465 |
Revolving loans converted to term loans | 0 | 0 |
Total | 1,317,977 | 1,163,968 |
Other Consumer [Member] | Special Mention [Member] | ||
Disclosure Details Of Loans And Leases By Risk Category [Line Items] | ||
2022 | 9,891 | |
2021 | 13,449 | 5,600 |
2020 | 5,769 | 5,630 |
2019 | 3,075 | 2,948 |
2018 | 1,295 | 2,036 |
2017 | 569 | |
Prior | 464 | 466 |
Revolving loans amortized cost basis | 50 | 13 |
Revolving loans converted to term loans | 0 | 0 |
Total | 33,993 | 17,262 |
Other Consumer [Member] | Substandard [Member] | ||
Disclosure Details Of Loans And Leases By Risk Category [Line Items] | ||
2022 | 1,144 | |
2021 | 2,214 | 903 |
2020 | 927 | 930 |
2019 | 167 | 456 |
2018 | 89 | 211 |
2017 | 22 | |
Prior | 28 | 87 |
Revolving loans amortized cost basis | 0 | 5 |
Revolving loans converted to term loans | 0 | 0 |
Total | 4,569 | 2,614 |
Other Consumer [Member] | Doubtful [Member] | ||
Disclosure Details Of Loans And Leases By Risk Category [Line Items] | ||
2022 | 0 | |
2021 | 0 | 0 |
2020 | 0 | 0 |
2019 | 0 | 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 |
Other Consumer [Member] | YTS Charge Offs [Member] | ||
Disclosure Details Of Loans And Leases By Risk Category [Line Items] | ||
2022 | (394) | |
2021 | (1,435) | (101) |
2020 | (851) | (776) |
2019 | (331) | (709) |
2018 | (162) | (483) |
2017 | (126) | |
Prior | (198) | (203) |
Revolving loans amortized cost basis | 0 | (6) |
Revolving loans converted to term loans | 0 | 0 |
Total | (3,371) | (2,404) |
Other Consumer [Member] | YTS Recoveries [Member] | ||
Disclosure Details Of Loans And Leases By Risk Category [Line Items] | ||
2022 | 12 | |
2021 | 102 | 5 |
2020 | 61 | 86 |
2019 | 87 | 51 |
2018 | 60 | 101 |
2017 | 18 | |
Prior | 207 | 186 |
Revolving loans amortized cost basis | 0 | 2 |
Revolving loans converted to term loans | 0 | 0 |
Total | 529 | 449 |
Other Consumer [Member] | YTS Net Charge Offs [Member] | ||
Disclosure Details Of Loans And Leases By Risk Category [Line Items] | ||
2022 | (382) | |
2021 | (1,333) | (96) |
2020 | (790) | (690) |
2019 | (244) | (658) |
2018 | (102) | (382) |
2017 | (108) | |
Prior | 9 | (17) |
Revolving loans amortized cost basis | 0 | (4) |
Revolving loans converted to term loans | 0 | 0 |
Total | $ (2,842) | $ (1,955) |
Allowance for Credit Losses - A
Allowance for Credit Losses - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Reserve for lending-related commitments | $ 46,189 | $ 31,442 | $ 19,250 |
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 | $ 94,890 | 64,512 | |
Percentage Of Allowance For Loan And Lease Losses | 8.67% | ||
Allowance for Loan and Lease Losses, Period Increase (Decrease) | $ 18,730,000 | ||
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 | $ 70,332 | $ 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 | Dec. 31, 2022 | Dec. 31, 2021 |
Accrued Interest Receivables And Written Off Status [Line Items] | ||
Accrued Interest Receivable | $ 70,332 | $ 49,037 |
Less: Allowance for credit losses | 0 | (8) |
Total | 70,332 | 49,029 |
Other Commercial [Member] | ||
Accrued Interest Receivables And Written Off Status [Line Items] | ||
Accrued Interest Receivable | 10,904 | 9,335 |
Residential Real Estate [Member] | ||
Accrued Interest Receivables And Written Off Status [Line Items] | ||
Accrued Interest Receivable | 16,117 | 10,347 |
Owner-Occupied [Member] | Commercial Real Estate [Member] | ||
Accrued Interest Receivables And Written Off Status [Line Items] | ||
Accrued Interest Receivable | 4,855 | 4,172 |
Nonowner-Occupied [Member] | Commercial Real Estate [Member] | ||
Accrued Interest Receivables And Written Off Status [Line Items] | ||
Accrued Interest Receivable | 19,801 | 14,901 |
Construction [Member] | ||
Accrued Interest Receivables And Written Off Status [Line Items] | ||
Accrued Interest Receivable | 15,195 | 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 | $ 3,460 | $ 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 | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Accrued Interest Receivables And Written Off Status [Line Items] | ||
Accrued Interest Receivables Written Off by Reversing Interest Income | $ 510 | $ 790 |
Construction [Member] | ||
Accrued Interest Receivables And Written Off Status [Line Items] | ||
Accrued Interest Receivables Written Off by Reversing Interest Income | 0 | 8 |
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 | 20 | 33 |
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 | 4 | 114 |
Other Commercial [Member] | ||
Accrued Interest Receivables And Written Off Status [Line Items] | ||
Accrued Interest Receivables Written Off by Reversing Interest Income | 77 | 40 |
Residential Real Estate [Member] | ||
Accrued Interest Receivables And Written Off Status [Line Items] | ||
Accrued Interest Receivables Written Off by Reversing Interest Income | 105 | 419 |
Consumer [Member] | Bankcard [Member] | ||
Accrued Interest Receivables And Written Off Status [Line Items] | ||
Accrued Interest Receivables Written Off by Reversing Interest Income | 0 | 0 |
Consumer [Member] | Other Consumer [Member] | ||
Accrued Interest Receivables And Written Off Status [Line Items] | ||
Accrued Interest Receivables Written Off by Reversing Interest Income | $ 304 | $ 176 |
Allowance for Credit Losses -_3
Allowance for Credit Losses - Schedule of Allowance for Loan Losses and Carrying Amount of Loans (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Allowance for Loan and Lease Losses Beginning balance | $ 216,016 | $ 235,830 | |
Allowance for PCD loans (acquired during the period) | 0 | 12,629 | $ 18,635 |
Charge-offs | (9,650) | (19,297) | |
Recoveries | 9,549 | 10,578 | |
Provision | 18,831 | (23,724) | 106,293 |
Allowance for Loan and Lease Losses Ending balance | 234,746 | 216,016 | 235,830 |
Construction & Land Development [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Allowance for Loan and Lease Losses Beginning balance | 39,395 | 39,077 | |
Allowance for PCD loans (acquired during the period) | 823 | ||
Charge-offs | (2) | (560) | |
Recoveries | 1,414 | 604 | |
Provision | 7,583 | (549) | |
Allowance for Loan and Lease Losses Ending balance | 48,390 | 39,395 | 39,077 |
Bank Card [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Allowance for Loan and Lease Losses Beginning balance | 317 | 322 | |
Allowance for PCD loans (acquired during the period) | 0 | ||
Charge-offs | (355) | (190) | |
Recoveries | 9 | 42 | |
Provision | 590 | 143 | |
Allowance for Loan and Lease Losses Ending balance | 561 | 317 | 322 |
Commercial Real Estate [Member] | Owner-Occupied [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Allowance for Loan and Lease Losses Beginning balance | 14,443 | 23,354 | |
Allowance for PCD loans (acquired during the period) | 1,241 | ||
Charge-offs | (68) | (414) | |
Recoveries | 489 | 869 | |
Provision | (919) | (10,607) | |
Allowance for Loan and Lease Losses Ending balance | 13,945 | 14,443 | 23,354 |
Commercial Real Estate [Member] | Nonowner-Occupied [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Allowance for Loan and Lease Losses Beginning balance | 42,156 | 49,150 | |
Allowance for PCD loans (acquired during the period) | 4,363 | ||
Charge-offs | 0 | (3,531) | |
Recoveries | 234 | 1,907 | |
Provision | (3,847) | (9,733) | |
Allowance for Loan and Lease Losses Ending balance | 38,543 | 42,156 | 49,150 |
Other Commercial [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Allowance for Loan and Lease Losses Beginning balance | 78,432 | 78,138 | |
Allowance for PCD loans (acquired during the period) | 5,009 | ||
Charge-offs | (4,308) | (6,182) | |
Recoveries | 5,367 | 4,307 | |
Provision | 215 | (2,840) | |
Allowance for Loan and Lease Losses Ending balance | 79,706 | 78,432 | 78,138 |
Residential Real Estate [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Allowance for Loan and Lease Losses Beginning balance | 26,404 | 29,125 | |
Allowance for PCD loans (acquired during the period) | 1,192 | ||
Charge-offs | (1,546) | (6,016) | |
Recoveries | 1,507 | 2,400 | |
Provision | 9,862 | (297) | |
Allowance for Loan and Lease Losses Ending balance | 36,227 | 26,404 | 29,125 |
Other Consumer [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Allowance for Loan and Lease Losses Beginning balance | 14,869 | 16,664 | |
Allowance for PCD loans (acquired during the period) | 1 | ||
Charge-offs | (3,371) | (2,404) | |
Recoveries | 529 | 449 | |
Provision | 5,347 | 159 | |
Allowance for Loan and Lease Losses Ending balance | $ 17,374 | $ 14,869 | $ 16,664 |
Allowance for Credit Losses - P
Allowance for Credit Losses - Progression of Allowance for Credit Losses Including Allowance for Loan Losses and Reserve for Lending-Related Commitments (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Receivables [Abstract] | |||
Balance of allowance for loan losses at beginning of period | $ 216,016 | $ 235,830 | $ 77,057 |
Cumulative effect adjustment for CECL | 0 | 0 | 57,442 |
Financing receivable allowance and provisions for credit losses | 216,016 | 235,830 | 134,499 |
Initial allowance for acquired PCD loans | 0 | 12,629 | 18,635 |
Gross charge-offs | (9,650) | (19,297) | (32,983) |
Recoveries | 9,549 | 10,578 | 9,386 |
Net charge-offs | (101) | (8,719) | (23,597) |
Provision for loan and lease losses | 18,831 | (23,724) | 106,293 |
Balance of allowance for loan losses at end of period | 234,746 | 216,016 | 235,830 |
Reserve for lending-related commitments | 46,189 | 31,442 | 19,250 |
Balance of allowance for credit losses at end of period | $ 280,935 | $ 247,458 | $ 255,080 |
Bank Premises and Equipment - B
Bank Premises and Equipment - Bank Premises and Equipment (Detail) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Property, Plant and Equipment [Line Items] | ||
Bank premises and equipment, Gross | $ 424,058 | $ 398,726 |
Less allowance for depreciation and amortization | (224,897) | (201,506) |
Net bank premises and equipment | 199,161 | 197,220 |
Land [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Bank premises and equipment, Gross | 63,594 | 60,551 |
Buildings and Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Bank premises and equipment, Gross | 204,255 | 194,053 |
Leasehold Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Bank premises and equipment, Gross | 42,309 | 38,568 |
Furniture, Fixtures and Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Bank premises and equipment, Gross | $ 113,900 | $ 105,554 |
Bank Premises and Equipment - A
Bank Premises and Equipment - Additional Information (Detail) - USD ($) | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Property, Plant and Equipment [Abstract] | |||
Depreciation expense | $ 18,237,000 | $ 16,583,000 | $ 13,464,000 |
Amortization expense | $ 343,000 | $ 331,000 | $ 251,000 |
Leases - Additional Information
Leases - Additional Information (Detail) | Dec. 31, 2022 |
Operating leases, option to extend term | 5 years |
Maximum [Member] | |
Operating lease remaining lease term | 15 years |
Minimum [Member] | |
Operating lease remaining lease term | 1 year |
Leases - Components of Lease Ex
Leases - Components of Lease Expense (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Operating lease cost | $ 20,987 | $ 21,466 |
Sublease income | (328) | (1,256) |
Net lease cost | $ 20,659 | $ 20,210 |
Leases - Supplemental Balance S
Leases - Supplemental Balance Sheet Information Related to Leases (Detail) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Operating lease right-of-use assets | $ 71,144 | $ 81,942 |
Operating lease liabilities | $ 75,749 | $ 86,703 |
Leases - Other Information Rela
Leases - Other Information Related to Leases (Detail) | Dec. 31, 2022 |
Weighted-average remaining lease term: | |
Operating leases | 6 years 8 months 12 days |
Weighted-average discount rate: | |
Operating leases | 2.25% |
Leases - Supplemental Cash Flow
Leases - Supplemental Cash Flow Information Related to Leases (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Cash paid for amounts in the measurement of lease liabilities: | ||
Operating cash flows from operating leases | $ 21,240 | $ 22,153 |
ROU assets obtained in the exchange for lease liabilities | $ 9,184 | $ 22,719 |
Leases - Maturities of Lease Li
Leases - Maturities of Lease Liabilities by Year (Detail) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
2023 | $ 19,157 | |
2024 | 13,795 | |
2025 | 10,167 | |
2026 | 8,872 | |
2027 | 7,036 | |
Thereafter | 22,447 | |
Total lease payments | 81,474 | |
Less: imputed interest | (5,725) | |
Total | $ 75,749 | $ 86,703 |
Intangible Assets - Summary of
Intangible Assets - Summary of Intangible Assets (Detail) - USD ($) $ in Thousands | Dec. 31, 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 | (87,544) | (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 | (87,544) | (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 ($) | 12 Months Ended | |
Dec. 03, 2021 | Dec. 31, 2022 | |
Goodwill [Line Items] | ||
Goodwill at December 31, 2021 | $ 1,886,494,000 | |
Goodwill at December 31, 2022 | 1,888,889,000 | |
Community Bankers Trust Corporation [Member] | ||
Goodwill [Line Items] | ||
Addition to goodwill from Community Bankers Trust acquisition | $ 78,849,000 | 2,395,000 |
Goodwill at December 31, 2022 | 78,849,000 | |
Community Banking [Member] | ||
Goodwill [Line Items] | ||
Goodwill at December 31, 2021 | 1,881,179,000 | |
Goodwill at December 31, 2022 | 1,883,574,000 | |
Community Banking [Member] | Community Bankers Trust Corporation [Member] | ||
Goodwill [Line Items] | ||
Addition to goodwill from Community Bankers Trust acquisition | 2,395,000 | |
Mortgage Banking [Member] | ||
Goodwill [Line Items] | ||
Goodwill at December 31, 2021 | 5,315,000 | |
Goodwill at December 31, 2022 | 5,315,000 | |
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 | Dec. 31, 2022 USD ($) |
Goodwill and Intangible Assets Disclosure [Abstract] | |
2023 | $ 5,116 |
2024 | 3,639 |
2025 | 3,282 |
2026 | 2,758 |
2027 | 1,152 |
2028 and thereafter | $ 1,674 |
Mortgage Servicing Rights - Add
Mortgage Servicing Rights - Additional Information (Detail) - USD ($) | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Servicing Assets at Fair Value [Line Items] | ||
Estimated fair value of mortgage servicing rights | $ 21,022,000 | $ 23,144,000 |
Mortgage Servicing Rights [Member] | ||
Servicing Assets at Fair Value [Line Items] | ||
Loans serviced for others unpaid principal balance | $ 3,381,485,000 | $ 3,698,998,000 |
Net servicing fee percentage | 0.25% | 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 | 5.66% | 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 | 10.74% | 11.71% |
Weighted average prepayment rates used in estimating the fair value of servicing rights | 6.30% | 16.56% |
Deliquency rate used in determning fair value of servicing rights | 7.62% | 21.20% |
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 | 2.19% | 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 | $ 41,880,000 | $ 27,355,000 |
Mortgage Servicing Rights - Sum
Mortgage Servicing Rights - Summary of Activity in Mortgage Servicing Rights (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Servicing Asset at Amortized Cost [Line Items] | ||
MSRs valuation allowance beginning balance | $ (883) | $ (1,383) |
Aggregate additions charged and recoveries credited to operations | 883 | 1,129 |
MSRs impairment | 0 | (629) |
MSRs valuation allowance ending balance | 0 | (883) |
MSRs, net of valuation allowance | 21,022 | 23,144 |
Mortgage Servicing Rights [Member] | ||
Servicing Asset at Amortized Cost [Line Items] | ||
MSRs beginning balance | 24,027 | 22,338 |
Amount capitalized | 1,417 | 10,584 |
Amount amortized | (4,422) | (8,895) |
MSRs ending balance | $ 21,022 | 24,027 |
MSRs impairment | $ 629 |
Deposits - Book Value of Deposi
Deposits - Book Value of Deposits (Detail) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Deposits [Abstract] | ||
Noninterest-bearing accounts | $ 7,199,678 | $ 7,496,560 |
Interest-bearing money market accounts | 5,116,966 | 5,218,342 |
Regular savings | 1,678,302 | 1,641,404 |
Interest-bearing money market accounts | 6,299,404 | 6,361,887 |
Time deposits under $100,000 | 843,950 | 1,031,008 |
Time deposits over $100,000 | 1,164,866 | 1,601,062 |
Total deposits | $ 22,303,166 | $ 23,350,263 |
Deposits - Book Value of Depo_2
Deposits - Book Value of Deposits (Parenthetical) (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Amount Reclassed From Non Interest Bearing Deposits To Interest Bearing Deposits [Member]Amount Reclassed From Non Interest Bearing Deposits To Interest Bearing Deposits [Member] | ||
Deposits [Line Items] | ||
Prior Period Reclassification Adjustment | $ 1,483,987 | $ 1,483,987 |
Deposits - Additional Informati
Deposits - Additional Information (Detail) - USD ($) | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Deposits [Line Items] | |||
Time deposits over $250,000 | $ 454,477,000 | $ 640,752,000 | |
Deposits | 22,303,166,000 | 23,350,263,000 | |
Subsidiaries [Member] | |||
Deposits [Line Items] | |||
Deposits | 36,476,000 | 25,889,000 | |
Deposits [Member] | |||
Deposits [Line Items] | |||
Interest paid | $ 77,271,000 | $ 43,562,000 | $ 81,080,000 |
Short-Term Borrowings - Short-T
Short-Term Borrowings - Short-Term Borrowings and the Related Weighted-Average Interest Rates (Detail) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Short-term Debt [Line Items] | ||
Short-term borrowings | $ 160,698 | $ 128,844 |
Federal Funds Purchased [Member] | ||
Short-term Debt [Line Items] | ||
Short-term borrowings | 0 | 0 |
Securities Sold Under Agreements to Repurchase [Member] | ||
Short-term Debt [Line Items] | ||
Short-term borrowings | $ 160,698 | $ 128,844 |
Short-Term Borrowings - Additio
Short-Term Borrowings - Additional Information (Detail) - USD ($) | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Short-term Debt [Line Items] | |||
Unused lines of credit | $ 230,000,000 | ||
Short-Term Borrowings [Member] | |||
Short-term Debt [Line Items] | |||
Interest paid | 1,747,000 | $ 693,000 | $ 1,027,000 |
Unrelated Financial Institution [Member] | |||
Short-term Debt [Line Items] | |||
Unused lines of credit | $ 20,000,000 | ||
Renewal period of line of credit | 360 days | ||
Amount of outstanding balance under line of credit | $ 0 |
Long-Term Borrowings - Addition
Long-Term Borrowings - Additional Information (Detail) - USD ($) | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Debt Instrument [Line Items] | |||
Unused borrowing amount | $ 6,248,366,000 | ||
FHLB advances | 1,910,775,000 | $ 532,199,000 | |
Outstanding balances of debentures | $ 276,989,000 | 275,323,000 | |
Maximum time to defer payment of interest on subordinate debt | 5 years | ||
Federal Home Loan Bank, Advances, Branch of FHLB Bank, Amount of Advances | $ 1,910,775,000 | 532,199,000 | |
Two Thousand And Twenty Three [Member] | |||
Debt Instrument [Line Items] | |||
Federal Home Loan Bank, Advances, Branch of FHLB Bank, Amount of Advances | 1,900,000,000 | ||
Two Thousand And Twenty Five [Member] | |||
Debt Instrument [Line Items] | |||
Federal Home Loan Bank, Advances, Branch of FHLB Bank, Amount of Advances | 10,775,000 | ||
Long-Term Borrowings [Member] | |||
Debt Instrument [Line Items] | |||
Interest paid | 19,143,000 | 10,336,000 | $ 33,240,000 |
Community Bankers Trust [Member] | |||
Debt Instrument [Line Items] | |||
Outstanding balances of debentures | 9,892,000 | $ 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 | ||
Federal Home Loan Bank Borrowings [Member] | Federal Home Loan Bank Advances [Member] | |||
Debt Instrument [Line Items] | |||
Carrying value of loans pledged as collateral for FHLB advances | $ 5,188,745,000 |
Long-Term Borrowings - FHLB Adv
Long-Term Borrowings - FHLB Advances and Related Weighted Average Interest Rates (Detail) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
FHLB advances, Amount | $ 1,910,775 | $ 532,199 |
FHLB advances, Weighted-Average Contractual Rate | 4.18% | 0.35% |
FHLB advances, Weighted-Average Effective Rate | 3.19% | 0.55% |
Long -Term Borrowings - Informa
Long -Term Borrowings - Information Related to Statutory Trusts (Detail) $ in Thousands | 12 Months Ended |
Dec. 31, 2022 USD ($) | |
United Statutory Trust III [Member] | |
Variable Interest Entity [Line Items] | |
Issuance Date | Dec. 17, 2003 |
Amount of Capital Securities Issued | $ 20,000 |
Stated Interest Rate | 3-month LIBOR + 2.85% |
Maturity Date | Dec. 17, 2033 |
United Statutory Trust IV [Member] | |
Variable Interest Entity [Line Items] | |
Issuance Date | Dec. 19, 2003 |
Amount of Capital Securities Issued | $ 25,000 |
Stated Interest Rate | 3-month LIBOR + 2.85% |
Maturity Date | Jan. 23, 2034 |
United Statutory Trust V [Member] | |
Variable Interest Entity [Line Items] | |
Issuance Date | Jul. 12, 2007 |
Amount of Capital Securities Issued | $ 50,000 |
Stated Interest Rate | 3-month LIBOR + 1.55% |
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 |
Stated Interest Rate | 3-month LIBOR + 1.30% |
Maturity Date | Dec. 15, 2037 |
Premier Statutory Trust II [Member] | |
Variable Interest Entity [Line Items] | |
Issuance Date | Sep. 25, 2003 |
Amount of Capital Securities Issued | $ 6,000 |
Stated Interest Rate | 3-month LIBOR + 3.10% |
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 |
Stated Interest Rate | 3-month LIBOR + 1.74% |
Maturity Date | Jun. 15, 2035 |
Premier Statutory Trust IV [Member] | |
Variable Interest Entity [Line Items] | |
Issuance Date | Jun. 20, 2006 |
Amount of Capital Securities Issued | $ 14,000 |
Stated Interest Rate | 3-month LIBOR + 1.55% |
Maturity Date | Sep. 23, 2036 |
Premier Statutory Trust V [Member] | |
Variable Interest Entity [Line Items] | |
Issuance Date | Dec. 14, 2006 |
Amount of Capital Securities Issued | $ 10,000 |
Stated Interest Rate | 3-month LIBOR + 1.61% |
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 |
Stated Interest Rate | 3-month LIBOR + 2.29% |
Maturity Date | Sep. 20, 2034 |
Centra Statutory Trust II [Member] | |
Variable Interest Entity [Line Items] | |
Issuance Date | Jun. 15, 2006 |
Amount of Capital Securities Issued | $ 10,000 |
Stated Interest Rate | 3-month LIBOR + 1.65% |
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 |
Stated Interest Rate | 6-month LIBOR + 3.30% |
Maturity Date | Dec. 19, 2032 |
Virginia Commerce Trust III [Member] | |
Variable Interest Entity [Line Items] | |
Issuance Date | Dec. 20, 2005 |
Amount of Capital Securities Issued | $ 25,000 |
Stated Interest Rate | 3-month LIBOR + 1.42% |
Maturity Date | Feb. 23, 2036 |
Cardinal Statutory Trust I [Member] | |
Variable Interest Entity [Line Items] | |
Issuance Date | Jul. 27, 2004 |
Amount of Capital Securities Issued | $ 20,000 |
Stated Interest Rate | 3-month LIBOR + 2.40% |
Maturity Date | Sep. 15, 2034 |
UFBC Capital Trust I [Member] | |
Variable Interest Entity [Line Items] | |
Issuance Date | Dec. 30, 2004 |
Amount of Capital Securities Issued | $ 5,000 |
Stated Interest Rate | 3-month LIBOR + 2.10% |
Maturity Date | Mar. 15, 2035 |
Carolina Financial Capital Trust I [Member] | |
Variable Interest Entity [Line Items] | |
Issuance Date | Dec. 19, 2002 |
Amount of Capital Securities Issued | $ 5,000 |
Stated Interest Rate | Prime + 0.50% |
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 |
Stated Interest Rate | 3-month LIBOR + 3.05% |
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 |
Stated Interest Rate | 3-month LIBOR + 2.20% |
Maturity Date | Oct. 18, 2034 |
Greer Capital Trust II [Member] | |
Variable Interest Entity [Line Items] | |
Issuance Date | Dec. 28, 2006 |
Amount of Capital Securities Issued | $ 5,000 |
Stated Interest Rate | 3-month LIBOR + 1.73% |
Maturity Date | Jan. 30, 2037 |
First South Preferred Trust I [Member] | |
Variable Interest Entity [Line Items] | |
Issuance Date | Sep. 26, 2003 |
Amount of Capital Securities Issued | $ 10,000 |
Stated Interest Rate | 3-month LIBOR + 2.95% |
Maturity Date | Sep. 30, 2033 |
BOE Statutory Trust I | |
Variable Interest Entity [Line Items] | |
Issuance Date | Dec. 12, 2003 |
Amount of Capital Securities Issued | $ 4,000 |
Stated Interest Rate | 3-month LIBOR + 3.00% |
Maturity Date | Dec. 12, 2033 |
Long -Term Borrowings - Debentu
Long -Term Borrowings - Debentures and Related Weighted Average Interest Rates (Detail) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Debt Instrument [Line Items] | ||
Amount | $ 276,989 | $ 275,323 |
United Statutory Trust III [Member] | ||
Debt Instrument [Line Items] | ||
Amount | $ 20,619 | $ 20,619 |
Weighted-Average Rate | 7.59% | 3.07% |
United Statutory Trust IV [Member] | ||
Debt Instrument [Line Items] | ||
Amount | $ 25,774 | $ 25,774 |
Weighted-Average Rate | 7.27% | 2.98% |
United Statutory Trust V [Member] | ||
Debt Instrument [Line Items] | ||
Amount | $ 51,547 | $ 51,547 |
Weighted-Average Rate | 5.29% | 1.68% |
United Statutory Trust VI [Member] | ||
Debt Instrument [Line Items] | ||
Amount | $ 30,928 | $ 30,928 |
Weighted-Average Rate | 6.07% | 1.50% |
Premier Statutory Trust II [Member] | ||
Debt Instrument [Line Items] | ||
Amount | $ 6,186 | $ 6,186 |
Weighted-Average Rate | 7.18% | 3.22% |
Premier Statutory Trust III [Member] | ||
Debt Instrument [Line Items] | ||
Amount | $ 8,248 | $ 8,248 |
Weighted-Average Rate | 6.51% | 1.94% |
Premier Statutory Trust IV [Member] | ||
Debt Instrument [Line Items] | ||
Amount | $ 14,433 | $ 14,433 |
Weighted-Average Rate | 6.28% | 1.77% |
Premier Statutory Trust V [Member] | ||
Debt Instrument [Line Items] | ||
Amount | $ 10,310 | $ 10,310 |
Weighted-Average Rate | 6.37% | 1.78% |
Centra Statutory Trust I [Member] | ||
Debt Instrument [Line Items] | ||
Amount | $ 10,000 | $ 10,000 |
Weighted-Average Rate | 7.04% | 2.50% |
Centra Statutory Trust II [Member] | ||
Debt Instrument [Line Items] | ||
Amount | $ 10,000 | $ 10,000 |
Weighted-Average Rate | 5.73% | 1.77% |
Virginia Commerce Trust II [Member] | ||
Debt Instrument [Line Items] | ||
Amount | $ 13,166 | $ 12,936 |
Weighted-Average Rate | 8.45% | 3.57% |
Virginia Commerce Trust III [Member] | ||
Debt Instrument [Line Items] | ||
Amount | $ 18,847 | $ 18,320 |
Weighted-Average Rate | 6.11% | 1.58% |
Cardinal Statutory Trust I [Member] | ||
Debt Instrument [Line Items] | ||
Amount | $ 16,017 | $ 15,620 |
Weighted-Average Rate | 7.17% | 2.60% |
UFBC Capital Trust I [Member] | ||
Debt Instrument [Line Items] | ||
Amount | $ 3,866 | $ 3,761 |
Weighted-Average Rate | 6.87% | 2.30% |
Carolina Financial Capital Trust I [Member] | ||
Debt Instrument [Line Items] | ||
Amount | $ 5,022 | $ 5,010 |
Weighted-Average Rate | 8% | 3.75% |
Carolina Financial Capital Trust II [Member] | ||
Debt Instrument [Line Items] | ||
Amount | $ 9,498 | $ 9,420 |
Weighted-Average Rate | 7.13% | 3.17% |
Greer Capital Trust I [Member] | ||
Debt Instrument [Line Items] | ||
Amount | $ 5,256 | $ 5,167 |
Weighted-Average Rate | 6.39% | 3.17% |
Greer Capital Trust II [Member] | ||
Debt Instrument [Line Items] | ||
Amount | $ 4,087 | $ 3,983 |
Weighted-Average Rate | 6.15% | 2.32% |
First South Preferred Trust I [Member] | ||
Debt Instrument [Line Items] | ||
Amount | $ 9,432 | $ 9,348 |
Weighted-Average Rate | 7.68% | 1.86% |
BOE Statutory Trust I | ||
Debt Instrument [Line Items] | ||
Amount | $ 3,753 | $ 3,713 |
Weighted-Average Rate | 7.75% | 3.22% |
Long -Term Borrowings - Schedul
Long -Term Borrowings - Schedule of Maturities of Long-term Borrowings (Detail) $ in Thousands | Dec. 31, 2022 USD ($) |
Debt Disclosure [Abstract] | |
2023 | $ 1,898,393 |
2024 | 0 |
2025 | 9,153 |
2026 | 8,268 |
2027 | 0 |
2028 and thereafter | 281,842 |
Total | $ 2,197,656 |
Other Expense - Other Expense (
Other Expense - Other Expense (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Other Income and Expenses [Abstract] | |||
Legal, consulting & other professional services | $ 24,403 | $ 17,616 | $ 16,482 |
Franchise & other taxes not on income | 13,537 | 12,412 | 12,122 |
Expense for reserve on lending-related commitments | 14,747 | 12,034 | 11,315 |
Automated Teller Machine ("ATM") expenses | $ 10,250 | $ 10,519 | $ 9,295 |
Income Taxes - Income Tax Provi
Income Taxes - Income Tax Provisions Included in the Consolidated Statements of Income (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2022 | Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Dec. 31, 2021 | Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Current expense: | |||||||||||
Federal | $ 86,799 | $ 76,574 | $ 60,508 | ||||||||
State | 16,244 | 14,516 | 10,656 | ||||||||
Deferred expense: | |||||||||||
Federal | (6,016) | 2,742 | (174) | ||||||||
State | (871) | 1,283 | (273) | ||||||||
Total income taxes | $ 26,608 | $ 25,919 | $ 23,531 | $ 20,098 | $ 19,491 | $ 23,604 | $ 24,455 | $ 27,565 | $ 96,156 | $ 95,115 | $ 70,717 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Income Taxes [Line Items] | |||
Federal income tax (benefit) expense applicable to sales and calls of securities | $ 287,000 | $ 587,000 | $ 663,000 |
Income taxes paid | 93,680,000 | 101,227,000 | 65,378,000 |
State net operating loss carryforwards | 0 | ||
Franchise & other taxes not on income | 13,537,000 | 12,412,000 | 12,122,000 |
Valuation allowance recorded | $ 0 | 0 | |
Estimate of unrecognized tax benefits, reasonable possible | United cannot reasonably estimate the amount of tax benefits, if any, it may recognize over the next 12 months. | ||
Accrued interest related to uncertain tax positions | $ 525,000 | 727,000 | |
Interest or penalties were recognized | $ 0 | $ 0 | $ 0 |
Income Taxes - Reconciliation o
Income Taxes - Reconciliation of Income Tax Expense to the Amount Computed by Applying the Statutory Federal Income Tax Rate (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2022 | Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Dec. 31, 2021 | Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Income Tax Disclosure [Abstract] | |||||||||||
Tax on income before taxes at statutory federal rate | $ 99,914 | $ 97,199 | $ 75,546 | ||||||||
Plus: State income taxes net of federal tax benefits | 12,431 | 11,520 | 8,202 | ||||||||
Income tax before adjustments | 112,345 | 108,719 | 83,748 | ||||||||
Tax-exempt interest income | (3,477) | (3,303) | (3,011) | ||||||||
Tax credits | (14,326) | (11,893) | (9,860) | ||||||||
Other items-net | 1,614 | 1,592 | (160) | ||||||||
Total income taxes | $ 26,608 | $ 25,919 | $ 23,531 | $ 20,098 | $ 19,491 | $ 23,604 | $ 24,455 | $ 27,565 | $ 96,156 | $ 95,115 | $ 70,717 |
Tax on income before taxes at statutory federal rate, rate | 21% | 21% | 21% | ||||||||
Plus: State income taxes net of federal tax benefits, rate | 2.60% | 2.50% | 2.30% | ||||||||
Income tax before adjustments, rate | 23.60% | 23.50% | 23.30% | ||||||||
Increase (decrease) resulting from: | |||||||||||
Tax-exempt interest income, rate | (0.70%) | (0.70%) | (0.80%) | ||||||||
Tax credits, percentage | (3.00%) | (2.60%) | (2.70%) | ||||||||
Other items-net, rate | 0.30% | 0.40% | (0.10%) | ||||||||
Income taxes, rate | 20.20% | 20.60% | 19.70% |
Income Taxes - Components of Un
Income Taxes - Components of United's Deferred Tax Assets and Liabilities (Detail) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Deferred tax assets: | ||
Allowance for credit losses | $ 65,453 | $ 57,659 |
Accrued benefits payable | 17,333 | 17,204 |
Other accrued liabilities | 655 | 655 |
Unrealized loss on securities available for sale | 109,185 | 0 |
Other real estate owned | 531 | 1,706 |
Lease liabilities under operating leases | 17,650 | 20,202 |
Deferred mortgage points | 4,094 | 5,413 |
Total deferred tax assets | 214,901 | 102,839 |
Deferred tax liabilities: | ||
Premises and equipment | 6,707 | 6,750 |
Unrealized gain on securities available for sale | 0 | 2,890 |
Right-of-use assets under operating leases | 16,576 | 19,092 |
Pension plan accruals | 5,858 | 4,497 |
Derivatives | 16,104 | 4,970 |
Purchase accounting intangibles | 5,241 | 6,369 |
Other | 365 | 957 |
Total deferred tax liabilities | 50,851 | 45,525 |
Net deferred tax assets | $ 164,050 | $ 57,314 |
Income Taxes - Reconciliation_2
Income Taxes - Reconciliation of the Total Amounts of Unrecognized Tax Benefits (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Income Tax Disclosure [Abstract] | ||
Unrecognized tax benefits at beginning of year | $ 1,667 | $ 2,203 |
Increase in unrecognized tax benefits as a result of tax positions taken during the current period | 1,423 | 199 |
Decreases in the unrecognized tax benefits as a result of a lapse of the applicable statute of limitations | (569) | (735) |
Unrecognized tax benefits at end of year | $ 2,521 | $ 1,667 |
Employee Benefit Plans - Additi
Employee Benefit Plans - Additional Information (Detail) - USD ($) | 3 Months Ended | 12 Months Ended | ||
Sep. 30, 2020 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Defined Benefit Plan Disclosure [Line Items] | ||||
Unrecognized actuarial gains (losses), before tax | $ 38,530,000 | |||
Unrecognized actuarial gains (losses), net of tax | 29,553,000 | |||
Amount of United common stock held in the pension plan | $ 165,320,000 | $ 210,204,000 | $ 193,022,000 | |
Percentage of equity securities include united common stock | (100.00%) | (100.00%) | ||
Percentage of projected benefit obligation | 10% | |||
Minimum number of days required to be eligible for the participation in the plan | 90 days | |||
Employer discretionary contribution amount | $ 20,000,000 | |||
Percentage of salary deferred under condition one of contribution by company | 100% | |||
First percentage of salary deferred under condition one of contribution by company | 5% | |||
Vesting percentage of employee deferrals | 100% | |||
Cost related to savings and stock investment plan | $ 8,242,000 | $ 7,984,000 | 6,531,000 | |
Employer contribution in shares of common stock | 1,662,179 | 1,578,389 | ||
Dividends paid on United common stock | $ 2,340,000 | $ 2,060,000 | $ 1,776,000 | |
Minimum [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Maximum percentage allowed as of contribution to respective accounts by participants | 1% | |||
Maximum [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Maximum percentage allowed as of contribution to respective accounts by participants | 100% | |||
Common Stock [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Amount of United common stock held in the pension plan | $ 28,765,000 | $ 34,198,000 | ||
Percentage of equity securities include united common stock | (4.00%) | (3.00%) | ||
Marketable Equity Securities [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Amount of United common stock held in the pension plan | $ 4,285,000 | $ 3,839,000 | ||
Percentage of equity securities include united common stock | (66.00%) | (65.00%) | ||
Maximum percentage limit of common stock to invest in portfolio for any industry | 60% | |||
Approximate fair value of plan assets | $ 67,302,000 | $ 57,264,000 | ||
Marketable Equity Securities [Member] | Minimum [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Maximum percentage limit of common stock to invest in portfolio for any industry | 50% | |||
Marketable Equity Securities [Member] | Maximum [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Maximum percentage limit of common stock to invest in portfolio for any industry | 70% | |||
Individual Company [Member] | Maximum [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Maximum percentage limit of common stock to invest in portfolio for any industry | 10% | |||
Industry [Member] | Maximum [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Maximum percentage limit of common stock to invest in portfolio for any industry | 15% | |||
Securities of U.S. Government or Agencies [Member] | Maximum [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Maximum percentage limit of common stock to invest in portfolio for any industry | 15% |
Employee Benefit Plans - Net Pe
Employee Benefit Plans - Net Periodic Pension Cost (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Defined Benefit Plan Disclosure [Line Items] | |||
Service cost | $ 2,669 | $ 2,936 | $ 2,742 |
Interest cost | $ 4,988 | 4,241 | 5,222 |
Defined Benefit Plan, Net Periodic Benefit Cost (Credit), Interest Cost, Statement of Income or Comprehensive Income [Extensible Enumeration] | Interest Expense, Deposits | ||
Expected return on plan assets | $ (12,942) | (11,874) | (11,010) |
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) Excluding Service Cost, Statement of Income or Comprehensive Income [Extensible Enumeration] | Interest and Dividend Income, Operating | ||
Recognized net actuarial loss | $ 3,645 | 6,770 | 6,050 |
Net periodic pension (income) cost | $ (1,640) | $ 2,073 | $ 3,004 |
Weighted-Average Assumptions: | |||
Discount rate | 3.08% | 2.81% | 3.42% |
Expected return on assets | 6.25% | 6.25% | 6.75% |
Prior to Age 40 [Member] | |||
Weighted-Average Assumptions: | |||
Rate of Compensation increase | 5% | 5% | 5% |
Ages 40-54 [Member] | |||
Weighted-Average Assumptions: | |||
Rate of Compensation increase | 4% | 4% | 4% |
Otherwise [Member] | |||
Weighted-Average Assumptions: | |||
Rate of Compensation increase | 3.50% | 3.50% | 3.50% |
Employee Benefit Plans - Schedu
Employee Benefit Plans - Schedule of Amounts Related to Plan recognized as Component of Other Comprehensive Income (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Retirement Benefits [Abstract] | |||
Net actuarial (gain) loss | $ (2,195) | $ (14,286) | $ 10,583 |
Amortization of actuarial loss | (3,645) | (6,770) | (6,050) |
Total recognized in other comprehensive income | $ (5,840) | $ (21,056) | $ 4,533 |
Employee Benefit Plans - Reconc
Employee Benefit Plans - Reconciliation of the Beginning and Ending Balances of the Projected Benefit Obligation and the Fair Value of Plan Assets and the Accumulated Benefit Obligation (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Change in Projected Benefit Obligation | |||
Projected Benefit Obligation at the Beginning of the Year | $ 192,973 | $ 194,775 | |
Service cost | 2,669 | 2,936 | $ 2,742 |
Interest cost | 4,988 | 4,241 | 5,222 |
Actuarial Gain | (46,617) | (2,369) | |
Annuity Purchase Payment | (7,312) | 0 | |
Benefits Paid | (6,092) | (6,610) | |
Projected Benefit at the End of the Year | 140,609 | 192,973 | 194,775 |
Accumulated Benefit Obligation at the End of the Year | 129,927 | 175,953 | |
Change in Plan Assets | |||
Fair Value of Plan Assets at the Beginning of the Year | 210,204 | 193,022 | |
Actual Return on Plan Assets | (31,480) | 23,792 | |
Benefits Paid | (6,092) | (6,610) | |
Fair value of plan assets at end of year | 165,320 | 210,204 | $ 193,022 |
Net Amount Recognized | |||
Funded Status | 24,710 | 17,230 | |
Unrecognized Net Loss | 38,530 | 44,370 | |
Net Amount Recognized | $ 63,240 | $ 61,600 | |
Weighted-Average Assumptions at the End of the Year | |||
Discount Rate | 5.25% | 3.08% | |
Rate of Compensation Increase | 3.50% | 3.50% | |
Prior to Age 40 [Member] | |||
Weighted-Average Assumptions at the End of the Year | |||
Rate of Compensation Increase | 5% | 5% | |
Ages 40-54 [Member] | |||
Weighted-Average Assumptions at the End of the Year | |||
Rate of Compensation Increase | 4% | 4% |
Employee Benefit Plans - Asset
Employee Benefit Plans - Asset Allocation for the Defined Benefit Pension Plan as of the Measurement Date, by Asset Category (Detail) | Dec. 31, 2022 | Dec. 31, 2021 |
Defined Benefit Plan Disclosure [Line Items] | ||
Percentage of Plan Assets | 100% | 100% |
Marketable Equity Securities [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Target Allocation | 60% | |
Percentage of Plan Assets | 66% | 65% |
Debt Securities [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Target Allocation | 30% | |
Percentage of Plan Assets | 32% | 34% |
Other [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Target Allocation | 10% | |
Percentage of Plan Assets | 2% | 1% |
Minimum [Member] | Marketable Equity Securities [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Target Allocation | 50% | |
Minimum [Member] | Debt Securities [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Target Allocation | 20% | |
Minimum [Member] | Other [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Target Allocation | 3% | |
Maximum [Member] | Marketable Equity Securities [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Target Allocation | 70% | |
Maximum [Member] | Debt Securities [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Target Allocation | 50% | |
Maximum [Member] | Other [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Target Allocation | 15% |
Employee Benefit Plans - Expect
Employee Benefit Plans - Expected Benefit Payments (Detail) $ in Thousands | Dec. 31, 2022 USD ($) |
Retirement Benefits [Abstract] | |
2023 | $ 6,671 |
2024 | 6,727 |
2025 | 7,206 |
2026 | 7,650 |
2027 | 8,104 |
2028 through 2032 | $ 45,637 |
Employee Benefit Plans - Balanc
Employee Benefit Plans - Balances of the Plan Assets, by Fair Value Hierarchy Level (Detail) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Defined Benefit Plan Disclosure [Line Items] | |||
Asset at fair value | $ 165,320 | $ 210,204 | $ 193,022 |
Cash and Cash Equivalents [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Asset at fair value | 3,384 | 1,641 | |
U.S. Government and Agencies [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Asset at fair value | 3,882 | ||
Fixed Income Funds [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Asset at fair value | 49,107 | ||
General [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Asset at fair value | 72,075 | ||
Common Stock [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Asset at fair value | 28,765 | 34,198 | |
Equity Mutual Funds Global Equity [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Asset at fair value | 1,953 | 5,407 | |
Equity Mutual Funds Domestic Equity Large Cap [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Asset at fair value | 35,738 | 47,387 | |
Equity Mutual Funds Domestic Equity Small Cap [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Asset at fair value | 15,750 | 30,176 | |
Equity Mutual Funds Alternative Equity [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Asset at fair value | 8,277 | ||
Equity Mutual Funds International Emerging Equity [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Asset at fair value | 4,925 | 5,435 | |
Equity Mutual Funds International Equity Developed [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Asset at fair value | 13,539 | 13,885 | |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Asset at fair value | 165,320 | 210,204 | |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Cash and Cash Equivalents [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Asset at fair value | 3,384 | 1,641 | |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | U.S. Government and Agencies [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Asset at fair value | 3,882 | ||
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Fixed Income Funds [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Asset at fair value | 49,107 | ||
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | General [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Asset at fair value | 72,075 | ||
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Common Stock [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Asset at fair value | 28,765 | 34,198 | |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Equity Mutual Funds Global Equity [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Asset at fair value | 1,953 | 5,407 | |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Equity Mutual Funds Domestic Equity Large Cap [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Asset at fair value | 35,738 | 47,387 | |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Equity Mutual Funds Domestic Equity Small Cap [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Asset at fair value | 15,750 | 30,176 | |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Equity Mutual Funds Alternative Equity [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Asset at fair value | 8,277 | ||
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Equity Mutual Funds International Emerging Equity [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Asset at fair value | 4,925 | 5,435 | |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Equity Mutual Funds International Equity Developed [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Asset at fair value | 13,539 | 13,885 | |
Significant Other Observable Inputs (Level 2) [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Asset at fair value | 0 | 0 | |
Significant Other Observable Inputs (Level 2) [Member] | Cash and Cash Equivalents [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Asset at fair value | 0 | 0 | |
Significant Other Observable Inputs (Level 2) [Member] | Fixed Income Funds [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Asset at fair value | 0 | ||
Significant Other Observable Inputs (Level 2) [Member] | General [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Asset at fair value | 0 | ||
Significant Other Observable Inputs (Level 2) [Member] | Common Stock [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Asset at fair value | 0 | 0 | |
Significant Other Observable Inputs (Level 2) [Member] | Equity Mutual Funds Global Equity [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Asset at fair value | 0 | 0 | |
Significant Other Observable Inputs (Level 2) [Member] | Equity Mutual Funds Domestic Equity Large Cap [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Asset at fair value | 0 | 0 | |
Significant Other Observable Inputs (Level 2) [Member] | Equity Mutual Funds Domestic Equity Small Cap [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Asset at fair value | 0 | 0 | |
Significant Other Observable Inputs (Level 2) [Member] | Equity Mutual Funds International Emerging Equity [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Asset at fair value | 0 | 0 | |
Significant Other Observable Inputs (Level 2) [Member] | Equity Mutual Funds International Equity Developed [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Asset at fair value | 0 | 0 | |
Significant Unobservable Inputs (Level 3) [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Asset at fair value | 0 | 0 | |
Significant Unobservable Inputs (Level 3) [Member] | Cash and Cash Equivalents [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Asset at fair value | 0 | 0 | |
Significant Unobservable Inputs (Level 3) [Member] | Fixed Income Funds [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Asset at fair value | 0 | ||
Significant Unobservable Inputs (Level 3) [Member] | General [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Asset at fair value | 0 | ||
Significant Unobservable Inputs (Level 3) [Member] | Common Stock [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Asset at fair value | 0 | 0 | |
Significant Unobservable Inputs (Level 3) [Member] | Equity Mutual Funds Global Equity [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Asset at fair value | 0 | 0 | |
Significant Unobservable Inputs (Level 3) [Member] | Equity Mutual Funds Domestic Equity Large Cap [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Asset at fair value | 0 | 0 | |
Significant Unobservable Inputs (Level 3) [Member] | Equity Mutual Funds Domestic Equity Small Cap [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Asset at fair value | 0 | 0 | |
Significant Unobservable Inputs (Level 3) [Member] | Equity Mutual Funds International Emerging Equity [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Asset at fair value | 0 | 0 | |
Significant Unobservable Inputs (Level 3) [Member] | Equity Mutual Funds International Equity Developed [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Asset at fair value | $ 0 | $ 0 |
Stock Based Compensation - Addi
Stock Based Compensation - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | 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 | |||
Number of Options granted | 0 | |||
Recognition of compensation expense | $ 9,881 | $ 8,018 | $ 5,980 | |
Number of share available for grant for prior plans | 0 | |||
Maximum term for awards granted (years) | 10 years | |||
Total unrecognized compensation cost related to nonvested option awards | $ 410 | |||
Weighted-average expense recognition period | 6 months | |||
Total fair value of awards vested | $ 1,751 | |||
Cash received from options exercised under the plans | $ 10,295 | $ 5,206 | $ 1,241 | |
Shares issued related stock option exercises | 484,682 | 232,777 | ||
Weighted-average grant-date fair value of options granted | $ 5.83 | $ 5.65 | ||
Total intrinsic value of options exercised | $ 6,325 | $ 2,337 | $ 1,917 | |
Excess tax benefits from stock-based compensation arrangements | $ 1,040 | $ 303 | $ 351 | |
Restricted Stock [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Number of shares granted | 156,988 | |||
Total unrecognized compensation cost related to nonvested option awards | $ 7,566 | |||
Weighted-average expense recognition period | 9 months 18 days | |||
Weighted-average grant-date fair value of options granted | $ 36.23 | |||
Vesting period | 3 years | |||
Restricted Stock Units (RSUs) [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Number of Options granted | 147,511 | |||
Number of shares granted | 147,511 | |||
Total unrecognized compensation cost related to nonvested option awards | $ 5,259 | |||
Weighted-average expense recognition period | 10 months 24 days |
Stock Based Compensation - Summ
Stock Based Compensation - Summary of Stock Option Plans (Detail) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Disclosure Stock Based Compensation Stock Option Plan [Abstract] | ||
Shares, Outstanding, Beginning balance | 2,149,117 | |
Shares, Exercised | (484,682) | (232,777) |
Shares, Forfeited or expired | (163,223) | |
Shares, Outstanding, Ending balance | 1,501,212 | 2,149,117 |
Shares, Exercisable at December 31, 2022 | 1,330,320 | |
Aggregate Intrinsic Value, Outstanding at December 31, 2022 | $ 9,911 | |
Aggregate Intrinsic Value, Exercisable at December 31, 2022 | $ 8,890 | |
Weighted Average Remaining Contractual Term, Outstanding at December 31, 2022 | 4 years 6 months | |
Weighted Average Remaining Contractual Term, Exercisable at December 31, 2022 | 4 years 2 months 12 days | |
Weighted Average Exercise Price, Outstanding, Beginning balance | $ 32.01 | |
Weighted Average Exercise Price, Exercised | 25.16 | |
Weighted Average Exercise Price, Forfeited or expired | 27.88 | |
Weighted Average Exercise Price, Outstanding, Ending balance | 34.64 | $ 32.01 |
Weighted Average Exercise Price, Exercisable | $ 34.66 |
Stock Based Compensation - Stat
Stock Based Compensation - Status of United's Nonvested Stock Option Awards (Detail) | 12 Months Ended |
Dec. 31, 2022 $ / shares shares | |
Shares, Nonvested, Beginning balance | 395,034 |
Shares, Granted | 0 |
Shares, Vested | (215,926) |
Shares, Forfeited or expired | (8,216) |
Shares, Nonvested, Ending balance | 170,892 |
Weighted-Average Grant Date Fair Value Per Share, Nonvested Beginning balance | $ / shares | $ 7.33 |
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 | 136,896 |
Shares, Granted | 147,511 |
Shares, Vested | (18,248) |
Shares, Nonvested, Ending balance | 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, Nonvested Ending balance | $ / shares | $ 35.45 |
Stock Based Compensation - Chan
Stock Based Compensation - Changes to United's Restricted Common Shares (Detail) - $ / shares | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Weighted-Average Grant Date Fair Value Per Share, Granted | $ 5.83 | $ 5.65 | |
Restricted Stock [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of Shares, Outstanding, Beginning balance | 383,971 | ||
Shares, Granted | 156,988 | ||
Shares, Vested | (158,668) | ||
Shares, Forfeited | (9,071) | ||
Number of Shares, Outstanding, Ending balance | 373,220 | 383,971 | |
Weighted-Average Grant Date Fair Value Per Share, Outstanding, Beginning balance | $ 35.21 | ||
Weighted-Average Grant Date Fair Value Per Share, Granted | 36.23 | ||
Weighted-Average Grant Date Fair Value Per Share, Vested | 35.67 | ||
Weighted-Average Grant Date Fair Value Per Share, Forfeited | 35.98 | ||
Weighted-Average Grant Date Fair Value Per Share, Outstanding, Ending balance | $ 35.43 | $ 35.21 |
Commitments and Contingent Li_2
Commitments and Contingent Liabilities - Additional Information (Detail) - USD ($) | 3 Months Ended | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2022 | Dec. 31, 2021 | Sep. 30, 2022 | |
Loss Contingencies [Line Items] | ||||
Loan commitments outstanding | $ 7,250,155,000 | $ 7,250,155,000 | $ 7,419,342,000 | |
Loan commitments expiry period | 1 year | |||
Litigation Settlement, Amount Awarded from Other Party | 3,905,000 | |||
Estimated Litigation Liability | $ 5,000,000 | |||
George Mason [Member] | ||||
Loss Contingencies [Line Items] | ||||
Reserve for possible losses due to the repurchase of loans previously sold to investors | $ 1,081,000 | 1,150,000 | ||
Commitments to Extend Credit [Member] | George Mason [Member] | Short-term Contract with Customer [Member] | ||||
Loss Contingencies [Line Items] | ||||
Additional commitments to extend credit | 719,841,000 | 719,841,000 | 571,792,000 | |
Commercial Letters of Credit [Member] | ||||
Loss Contingencies [Line Items] | ||||
Letters of credit issued | 16,389,000 | 16,389,000 | 14,774,000 | |
Standby Letters of Credit [Member] | ||||
Loss Contingencies [Line Items] | ||||
Letters of credit issued | $ 147,511,000 | $ 147,511,000 | $ 164,743,000 |
Derivative Financial Instrume_3
Derivative Financial Instruments - Additional information (Detail) - USD ($) | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Derivative [Line Items] | |||
Derivative liabilities notional amount | $ 111,949,000 | $ 662,195,000 | |
Derivative Asset, Notional Amount | 666,609,000 | $ 1,134,568,000 | |
Interest Rate Cash Flow Hedge [Member] | |||
Derivative [Line Items] | |||
Derivative Asset, Notional Amount | 500,000,000 | ||
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 | $ 500,000,000 | ||
Cash flow hedge reclassification amount to be reclassified from aoci to income in the next twelve months | $ 22,043,000 |
Derivative Financial Instrume_4
Derivative Financial Instruments - Schedule of Notional Amount and Fair Value Derivative Financial Instruments (Detail) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Derivative [Line Items] | ||
Asset derivatives, notional amount | $ 666,609 | $ 1,134,568 |
Liability derivatives, notional amount | 111,949 | 662,195 |
Total asset derivatives | 5,550 | 10,937 |
Liability derivatives not designated as hedging instruments | 561 | 3,728 |
Interest Rate Lock Commitments [Member] | ||
Derivative [Line Items] | ||
Liability derivatives, notional amount | 48,949 | 24,743 |
Liability derivatives not designated as hedging instruments | 348 | 25 |
Designated as Hedging Instrument [Member] | ||
Derivative [Line Items] | ||
Asset derivatives, notional amount | 555,073 | 500,000 |
Liability derivatives, notional amount | 0 | 72,447 |
Asset derivatives not designated as hedging instruments | 4,038 | 0 |
Liability derivatives designated as hedging instruments | 0 | 3,197 |
Not Designated as Hedging Instrument [Member] | ||
Derivative [Line Items] | ||
Asset derivatives, notional amount | 111,536 | 634,568 |
Liability derivatives, notional amount | 111,949 | 589,748 |
Asset derivatives not designated as hedging instruments | 1,512 | 10,937 |
Liability derivatives not designated as hedging instruments | 561 | 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 | 55,073 | 0 |
Asset derivatives designated as hedging instruments | 4,038 | 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 | 22,649 | 133,747 |
Asset derivatives not designated as hedging instruments | 146 | 127 |
Other Assets [Member] | Not Designated as Hedging Instrument [Member] | Interest Rate Lock Commitments [Member] | ||
Derivative [Line Items] | ||
Asset derivatives, notional amount | 73,412 | 467,472 |
Asset derivatives not designated as hedging instruments | 1,146 | 10,380 |
Other Liabilities [Member] | TBA Mortgage Backed Securities [Member] | ||
Derivative [Line Items] | ||
Liability derivatives not designated as hedging instruments | 213 | 470 |
Other Liabilities [Member] | Not Designated as Hedging Instrument [Member] | TBA Mortgage Backed Securities [Member] | ||
Derivative [Line Items] | ||
Liability derivatives, notional amount | 63,000 | 550,000 |
Interest Rate Swap Contracts [Member] | Other Assets [Member] | Fair Value Hedging [Member] | Designated as Hedging Instrument [Member] | Hedged Commercial Loans [Member] | ||
Derivative [Line Items] | ||
Asset derivatives, notional amount | 55,073 | 0 |
Asset derivatives designated as hedging instruments | 4,038 | 0 |
Interest Rate Swap Contracts [Member] | Other Assets [Member] | Cash Flow Hedging [Member] | Designated as Hedging Instrument [Member] | Hedged Commercial Loans Federal Home Loan Bank [Member] | ||
Derivative [Line Items] | ||
Asset derivatives, notional amount | 500,000 | 500,000 |
Asset derivatives designated as hedging instruments | 0 | 0 |
Interest Rate Swap Contracts [Member] | Other Liabilities [Member] | Fair Value Hedging [Member] | Hedged Commercial Loans [Member] | ||
Derivative [Line Items] | ||
Liability derivatives designated as hedging instruments | 0 | 3,197 |
Interest Rate Swap Contracts [Member] | Other Liabilities [Member] | Fair Value Hedging [Member] | Designated as Hedging Instrument [Member] | Hedged Commercial Loans [Member] | ||
Derivative [Line Items] | ||
Liability derivatives, notional amount | 0 | 72,447 |
Forward Loan Sale Commitments [Member] | ||
Derivative [Line Items] | ||
Liability derivatives, notional amount | 0 | 15,005 |
Liability derivatives not designated as hedging instruments | 0 | 36 |
Forward Loan Sale Commitments [Member] | Other Assets [Member] | Not Designated as Hedging Instrument [Member] | ||
Derivative [Line Items] | ||
Asset derivatives, notional amount | 15,475 | 33,349 |
Asset derivatives not designated as hedging instruments | $ 220 | $ 430 |
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 And Leases Net Of Unearned Income [Member] - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Carrying Amount of the Hedged Assets/(Liabilities) | $ 55,770 | $ 73,232 |
Cumulative Amount of Fair Value Hedging Adjustment Included in the Carrying Amount of the Hedged Assets/(Liabilities) | (3,069) | 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 | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Derivative [Line Items] | |||
Derivatives in hedging relationships | $ (2,666) | $ (20,572) | $ 14,757 |
Derivative, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] | Interest Income (Expense), after Provision for Loan Loss | ||
Designated as Hedging Instrument [Member] | |||
Derivative [Line Items] | |||
Derivatives in hedging relationships | $ 5,605 | (3,098) | (1,992) |
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 | 5,782 | (1,354) | (578) |
Designated as Hedging Instrument [Member] | Interest And Fees On Loans And Leases [Member] | Interest Rate Contracts [Member] | Fair Value Hedging [Member] | |||
Derivative [Line Items] | |||
Derivatives in hedging relationships | (177) | (1,744) | (1,414) |
Not Designated as Hedging Instrument [Member] | |||
Derivative [Line Items] | |||
Derivatives not designated as hedging instruments | (8,271) | (17,474) | 16,749 |
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 | 276 | 5,932 | (3,825) |
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 | (8,373) | (22,219) | 21,299 |
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 | $ (174) | $ (1,187) | $ (725) |
Comprehensive Income - Componen
Comprehensive Income - Components of Total Comprehensive Income (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2022 | Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Dec. 31, 2021 | Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Comprehensive Income (Loss), Net of Tax, Attributable to Parent [Abstract] | |||||||||||
Net Income | $ 99,765 | $ 102,585 | $ 95,613 | $ 81,664 | $ 73,852 | $ 92,152 | $ 94,836 | $ 106,898 | $ 379,627 | $ 367,738 | $ 289,023 |
Available for sale ("AFS") securities: | |||||||||||
Change in net unrealized gains (losses) on AFS securities arising during the period | (481,007) | (72,257) | 77,142 | ||||||||
Related income tax effect | 112,075 | 16,836 | (17,974) | ||||||||
Net reclassification adjustment for (gains) losses included in net income | (2) | (1,552) | (2,502) | ||||||||
Related income tax effect | 0 | 362 | 583 | ||||||||
Total AFS securities - all other | (368,934) | (56,611) | 57,249 | ||||||||
Net effect of AFS securities on other comprehensive income | (368,934) | (56,611) | 57,249 | ||||||||
Cash flow hedge derivatives: | |||||||||||
Unrealized gain on cash flow hedge before reclassification to interest expense | 53,572 | 15,597 | 3,800 | ||||||||
Related income tax effect | (12,482) | (3,634) | (885) | ||||||||
Net reclassification adjustment for (gains) losses included in net income | (5,782) | 1,354 | 578 | ||||||||
Related income tax effect | 1,347 | (316) | (135) | ||||||||
Net effect of cash flow hedge derivatives on other comprehensive income | 36,655 | 13,001 | 3,358 | ||||||||
Defined benefit pension plan: | |||||||||||
Net actuarial loss during the period | 2,195 | 14,286 | (10,583) | ||||||||
Related income tax expense | (512) | (483) | 3,263 | ||||||||
Amortization of prior service cost recognized in net income | 3,645 | 6,770 | 6,050 | ||||||||
Related income tax effect | (893) | (4,221) | (2,098) | ||||||||
Net effect of change in defined benefit pension plan on other comprehensive income | 4,435 | 16,352 | (3,368) | ||||||||
Net current-period other comprehensive (loss) income, net of tax | (327,844) | (27,258) | 57,239 | ||||||||
Total Comprehensive Income | $ 51,783 | $ 340,480 | $ 346,262 |
Comprehensive Income - Compon_2
Comprehensive Income - Components of Accumulated Other Comprehensive Income (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Beginning Balance | $ 4,718,628 | $ 4,297,620 | $ 3,363,833 |
Net current-period other comprehensive (loss) income, net of tax | (327,844) | (27,258) | 57,239 |
Ending Balance | 4,516,193 | 4,718,628 | 4,297,620 |
Pension Plan [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Beginning Balance | (29,841) | ||
Other comprehensive (loss) income before reclassification | 0 | ||
Amounts reclassified from accumulated other comprehensive income | 4,435 | ||
Net current-period other comprehensive (loss) income, net of tax | 4,435 | ||
Ending Balance | (25,406) | (29,841) | |
Unrealized Gains/Losses on AFS Securities [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Beginning Balance | 8,594 | ||
Other comprehensive (loss) income before reclassification | (368,932) | ||
Amounts reclassified from accumulated other comprehensive income | (2) | ||
Net current-period other comprehensive (loss) income, net of tax | (368,934) | ||
Ending Balance | (360,340) | 8,594 | |
Accumulated Other Comprehensive Income (Loss) [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Beginning Balance | (4,888) | 22,370 | (34,869) |
Other comprehensive (loss) income before reclassification | (327,842) | ||
Amounts reclassified from accumulated other comprehensive income | (2) | ||
Net current-period other comprehensive (loss) income, net of tax | (327,844) | (27,258) | 57,239 |
Ending Balance | (332,732) | (4,888) | $ 22,370 |
Unrealized Gains/Losses on Cash Flow Hedges [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Beginning Balance | 16,359 | ||
Other comprehensive (loss) income before reclassification | 41,090 | ||
Amounts reclassified from accumulated other comprehensive income | (4,435) | ||
Net current-period other comprehensive (loss) income, net of tax | 36,655 | ||
Ending Balance | $ 53,014 | $ 16,359 |
Comprehensive Income - Reclassi
Comprehensive Income - Reclassifications Out of Accumulated Other Comprehensive Income (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2022 | Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Dec. 31, 2021 | Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Available for sale ("AFS") securities: | |||||||||||
Income before income taxes | $ 475,783 | $ 462,853 | $ 359,740 | ||||||||
Related income tax effect | $ (26,608) | $ (25,919) | $ (23,531) | $ (20,098) | $ (19,491) | $ (23,604) | $ (24,455) | $ (27,565) | (96,156) | (95,115) | (70,717) |
Net income | 99,765 | 102,585 | 95,613 | 81,664 | 73,852 | 92,152 | 94,836 | 106,898 | 379,627 | 367,738 | 289,023 |
Cash flow hedge: | |||||||||||
Income before income taxes | 475,783 | 462,853 | 359,740 | ||||||||
Related income tax effect | (26,608) | (25,919) | (23,531) | (20,098) | (19,491) | (23,604) | (24,455) | (27,565) | (96,156) | (95,115) | (70,717) |
Net income | 99,765 | 102,585 | 95,613 | 81,664 | 73,852 | 92,152 | 94,836 | 106,898 | 379,627 | 367,738 | 289,023 |
Pension plan: | |||||||||||
Net actuarial loss | 2,195 | 14,286 | (10,583) | ||||||||
Amortization of net actuarial loss | 3,645 | 6,770 | 6,050 | ||||||||
Income before income taxes | 475,783 | 462,853 | 359,740 | ||||||||
Related income tax effect | (26,608) | (25,919) | (23,531) | (20,098) | (19,491) | (23,604) | (24,455) | (27,565) | (96,156) | (95,115) | (70,717) |
Net income | $ 99,765 | $ 102,585 | $ 95,613 | $ 81,664 | $ 73,852 | $ 92,152 | $ 94,836 | $ 106,898 | 379,627 | $ 367,738 | $ 289,023 |
Reclassification out of Accumulated Other Comprehensive Income [Member] | |||||||||||
Available for sale ("AFS") securities: | |||||||||||
Net income | (2) | ||||||||||
Cash flow hedge: | |||||||||||
Net income | (2) | ||||||||||
Pension plan: | |||||||||||
Net income | (2) | ||||||||||
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 effect | 0 | ||||||||||
Net income | (2) | ||||||||||
Cash flow hedge: | |||||||||||
Income before income taxes | (2) | ||||||||||
Related income tax effect | 0 | ||||||||||
Net income | (2) | ||||||||||
Pension plan: | |||||||||||
Income before income taxes | (2) | ||||||||||
Related income tax effect | 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 | 5,840 | ||||||||||
Related income tax effect | (1,405) | ||||||||||
Net income | 4,435 | ||||||||||
Cash flow hedge: | |||||||||||
Income before income taxes | 5,840 | ||||||||||
Related income tax effect | (1,405) | ||||||||||
Net income | 4,435 | ||||||||||
Pension plan: | |||||||||||
Net actuarial loss | 2,195 | ||||||||||
Amortization of net actuarial loss | 3,645 | ||||||||||
Income before income taxes | 5,840 | ||||||||||
Related income tax effect | (1,405) | ||||||||||
Net income | 4,435 | ||||||||||
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 | (5,782) | ||||||||||
Related income tax effect | 1,347 | ||||||||||
Net income | (4,435) | ||||||||||
Cash flow hedge: | |||||||||||
Net reclassification adjustment for losses | (5,782) | ||||||||||
Income before income taxes | (5,782) | ||||||||||
Related income tax effect | 1,347 | ||||||||||
Net income | (4,435) | ||||||||||
Pension plan: | |||||||||||
Income before income taxes | (5,782) | ||||||||||
Related income tax effect | 1,347 | ||||||||||
Net income | $ (4,435) |
United Bankshares, Inc. (Pare_3
United Bankshares, Inc. (Parent Company Only) Financial Information - Condensed Balance Sheets (Detail) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Condensed Balance Sheet Statements, Captions [Line Items] | ||||
Cash and due from banks | $ 294,155 | $ 282,878 | ||
Securities available for sale | 4,541,925 | 4,042,699 | ||
Securities held to maturity | 1,020 | 1,020 | ||
Equity securities | 7,629 | 12,404 | ||
Other investment securities | 322,048 | 239,645 | ||
Goodwill | 1,888,889 | 1,886,494 | ||
Other assets | 304,535 | 231,556 | ||
Total Assets | 29,489,380 | 29,328,902 | ||
Accrued expenses and other liabilities | 189,729 | 195,628 | ||
Shareholders' equity (including other accumulated comprehensive loss of $332,732 at December 31, 2022 and other accumulated comprehensive gain of $4,888 at December 31, 2021) | 4,516,193 | 4,718,628 | $ 4,297,620 | $ 3,363,833 |
Total Liabilities and Shareholders' Equity | 29,489,380 | 29,328,902 | ||
United Bankshares [Member] | ||||
Condensed Balance Sheet Statements, Captions [Line Items] | ||||
Cash and due from banks | 253,411 | 262,067 | ||
Securities available for sale | 6,184 | 5,758 | ||
Securities held to maturity | 20 | 20 | ||
Equity securities | 2,490 | 6,593 | ||
Other investment securities | 19,179 | 13,055 | ||
Bank subsidiaries | 4,575,098 | 4,784,480 | ||
Nonbank subsidiaries | 43,349 | 33,449 | ||
Goodwill | (16,715) | (16,715) | ||
Other assets | 24,993 | 19,471 | ||
Total Assets | 4,908,009 | 5,108,158 | ||
Subordinated notes | 9,892 | 9,872 | ||
Junior subordinated debentures of subsidiary trusts | 276,989 | 275,323 | ||
Accrued expenses and other liabilities | 104,935 | 104,335 | ||
Shareholders' equity (including other accumulated comprehensive loss of $332,732 at December 31, 2022 and other accumulated comprehensive gain of $4,888 at December 31, 2021) | 4,516,193 | 4,718,628 | ||
Total Liabilities and Shareholders' Equity | $ 4,908,009 | $ 5,108,158 |
United Bankshares, Inc. (Pare_4
United Bankshares, Inc. (Parent Company Only) Financial Information - Condensed Balance Sheets (Parenthetical) (Detail) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Condensed Balance Sheet Statements, Captions [Line Items] | ||
Accumulated other comprehensive loss | $ 332,732 | $ 4,888 |
United Bankshares [Member] | ||
Condensed Balance Sheet Statements, Captions [Line Items] | ||
Accumulated other comprehensive loss | $ 332,732 | $ 4,888 |
United Bankshares, Inc. (Pare_5
United Bankshares, Inc. (Parent Company Only) Financial Information - Condensed Statements of Income (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2022 | Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Dec. 31, 2021 | Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Condensed Income Statements, Captions [Line Items] | |||||||||||
Net interest income | $ 249,404 | $ 240,622 | $ 214,903 | $ 191,502 | $ 183,678 | $ 181,579 | $ 186,517 | $ 190,960 | $ 896,431 | $ 742,734 | $ 689,773 |
Bank subsidiaries | 35,931 | 39,678 | 30,464 | ||||||||
Nonbank subsidiaries | 27 | 27 | 27 | ||||||||
Other income | 3,053 | 3,418 | 556 | ||||||||
Total Income | 311,957 | 330,958 | 263,249 | ||||||||
Income before income taxes and Equity in Undistributed Net Income of Subsidiaries | 475,783 | 462,853 | 359,740 | ||||||||
Applicable income tax benefit | 26,608 | 25,919 | 23,531 | 20,098 | 19,491 | 23,604 | 24,455 | 27,565 | 96,156 | 95,115 | 70,717 |
Net income | $ 99,765 | $ 102,585 | $ 95,613 | $ 81,664 | $ 73,852 | $ 92,152 | $ 94,836 | $ 106,898 | 379,627 | 367,738 | 289,023 |
United Bankshares [Member] | |||||||||||
Condensed Income Statements, Captions [Line Items] | |||||||||||
Bank subsidiaries | 272,500 | 287,500 | 232,000 | ||||||||
Net interest income | 446 | 335 | 202 | ||||||||
Operating expenses | 50,242 | 47,273 | 53,880 | ||||||||
Income before income taxes and Equity in Undistributed Net Income of Subsidiaries | 261,715 | 283,685 | 209,369 | ||||||||
Applicable income tax benefit | (2,196) | (779) | (4,196) | ||||||||
Income Before Equity in Undistributed Net | |||||||||||
Income of Subsidiaries | 263,911 | 284,464 | 213,565 | ||||||||
Bank subsidiaries | 117,594 | 83,507 | 75,054 | ||||||||
Nonbank subsidiaries | (1,878) | (233) | 404 | ||||||||
Net income | $ 379,627 | $ 367,738 | $ 289,023 |
United Bankshares, Inc. (Pare_6
United Bankshares, Inc. (Parent Company Only) Financial Information - Condensed Statements of Cash Flows (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2022 | Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Dec. 31, 2021 | Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Supplemental Cash Flow Information [Line Items] | |||||||||||
Net income | $ 99,765 | $ 102,585 | $ 95,613 | $ 81,664 | $ 73,852 | $ 92,152 | $ 94,836 | $ 106,898 | $ 379,627 | $ 367,738 | $ 289,023 |
Amortization of net periodic pension costs | (1,640) | 2,073 | 3,004 | ||||||||
Stock-based compensation | 9,881 | 8,018 | 5,980 | ||||||||
Excess tax benefits from stock-based compensation arrangements | (1,040) | (303) | (351) | ||||||||
Net proceeds from sales (purchases) of equity securities | 6,782 | 1,250 | 1,650 | ||||||||
Net cash received (paid) in acquisition of subsidiary | 0 | 39,420 | 629,107 | ||||||||
Cash dividends paid | (193,041) | (181,277) | (162,713) | ||||||||
Acquisition of treasury stock | (79,460) | (11,211) | (21,317) | ||||||||
Distribution of treasury stock from deferred compensation plan | 0 | 0 | 1 | ||||||||
Proceeds from exercise of stock options | 10,295 | 5,206 | 1,241 | ||||||||
CASH AND CASH EQUIVALENTS AT BEGINNING OF YEAR | 3,758,170 | 3,758,170 | |||||||||
CASH AND CASH EQUIVALENTS AT END OF YEAR | 1,176,652 | 3,758,170 | 1,176,652 | 3,758,170 | |||||||
United Bankshares [Member] | |||||||||||
Supplemental Cash Flow Information [Line Items] | |||||||||||
Net income | 379,627 | 367,738 | 289,023 | ||||||||
Equity in undistributed net income of subsidiaries | (115,716) | (83,274) | (75,458) | ||||||||
Amortization of net periodic pension costs | 220 | 203 | 315 | ||||||||
Stock-based compensation | 9,881 | 8,018 | 5,980 | ||||||||
Excess tax benefits from stock-based compensation arrangements | 1,040 | 303 | 351 | ||||||||
Net change in other assets and liabilities | (6,118) | 2,519 | (7) | ||||||||
Net Cash Provided by Operating Activities | 268,934 | 295,507 | 220,204 | ||||||||
Net (purchases) proceeds from sales of debt securities | (426) | 1,449 | 380 | ||||||||
Net proceeds from sales (purchases) of equity securities | 4,186 | (1,016) | (54) | ||||||||
Net cash received (paid) in acquisition of subsidiary | 0 | 1,072 | (47) | ||||||||
Change in other investment securities | (6,144) | (2,310) | (672) | ||||||||
Increase in investment in subsidiaries | (13,000) | (3,500) | (5,573) | ||||||||
Net Cash Used in Investing Activities | (15,384) | (4,305) | (5,966) | ||||||||
Cash dividends paid | (193,041) | (181,277) | (162,713) | ||||||||
Acquisition of treasury stock | (79,460) | (11,211) | (21,317) | ||||||||
Distribution of treasury stock from deferred compensation plan | 0 | 0 | 1 | ||||||||
Proceeds from exercise of stock options | 10,295 | 5,206 | 1,241 | ||||||||
Net Cash Used in Financing Activities | (262,206) | (187,282) | (182,788) | ||||||||
(Decrease) Increase in Cash and Cash Equivalents | (8,656) | 103,920 | 31,450 | ||||||||
CASH AND CASH EQUIVALENTS AT BEGINNING OF YEAR | $ 262,067 | $ 158,147 | 262,067 | 158,147 | 126,697 | ||||||
CASH AND CASH EQUIVALENTS AT END OF YEAR | $ 253,411 | $ 262,067 | $ 253,411 | $ 262,067 | $ 158,147 |
Regulatory Matters - Additional
Regulatory Matters - Additional Information (Detail) - USD ($) | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Regulatory Matters [Line Items] | |||
Average reserve balances to be maintained by subsidiary banks | $ 1,577,485,000 | $ 3,119,391,000 | |
Average reserve balances required by subsidiary banks | $ 0 | $ 0 | |
Maximum loan to parent company by subsidiaries as percentage it's of capital and surplus | 10% | ||
Maximum amount of loan to parent company by subsidiaries | $ 395,066,000 | ||
Minimum net worth requirement | 2,500,000 | ||
Subsequent Event [Member] | |||
Regulatory Matters [Line Items] | |||
Retained net profits available for distribution to United Bankshares, Inc. by its banking subsidiaries as dividends | $ 201,101,000 | ||
George Mason [Member] | |||
Regulatory Matters [Line Items] | |||
Net worth | 154,700,000 | ||
Crescent [Member] | |||
Regulatory Matters [Line Items] | |||
Net worth | $ 101,116,000 |
Regulatory Matters - Capital Am
Regulatory Matters - Capital Amounts and Ratios (Detail) $ in Thousands | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) |
United Bankshares [Member] | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Total Capital to Risk-Weighted Assets, Actual Amount | $ 3,494,723 | $ 3,317,133 |
Tier 1 Capital to Risk-Weighted Assets, Actual Amount | 2,990,026 | 2,877,791 |
Common Tier I Capital to Risk Weighted Assets, Actual Amount | 2,990,026 | 2,877,791 |
Tier 1 Capital to Average Assets, Actual Amount | $ 2,990,026 | $ 2,877,791 |
Total Capital to Risk-Weighted Assets, Actual Ratio | 0.144 | 0.154 |
Tier 1 Capital to Risk-Weighted Assets, Actual Ratio | 0.123 | 0.134 |
Common Tier I Capital to Risk Weighted Assets, Actual Ratio | 0.123 | 0.134 |
Tier 1 Capital to Average Assets, Actual Ratio | 0.108 | 0.11 |
Total Capital to Risk-Weighted Assets, For Capital Adequacy Purposes, Amount | $ 1,945,020 | $ 1,719,342 |
Tier 1 Capital to Risk-Weighted Assets, For Capital Adequacy Purposes, Amount | 1,458,765 | 1,289,506 |
Common Tier I Capital to Risk Weighted Assets, For Capital Adequacy Purposes, Amount | 1,094,074 | 967,130 |
Tier 1 Capital to Average Assets, For Capital Adequacy Purposes, Amount | $ 1,108,785 | $ 1,050,891 |
Total Capital to Risk-Weighted Assets, For Capital Adequacy, Ratio | 0.08 | 0.08 |
Tier 1 Capital to Risk-Weighted Assets, For Capital Adequacy Purposes, Ratio | 0.06 | 0.06 |
Common Tier I Capital to Risk Weighted Assets, For Capital Adequacy Purposes, Ratio | 4.50% | 4.50% |
Tier 1 Capital to Average Assets, For Capital Adequacy Purposes, Ratio | 0.04 | 0.04 |
Total Capital to Risk-Weighted Assets, To Be Well Capitalized, Amount | $ 2,431,275 | $ 2,149,177 |
Tier 1 Capital to Risk-Weighted Assets, To Be Well Capitalized, Amount | 1,945,020 | 1,719,342 |
Tier 1 Capital to Average Assets, To Be Well Capitalized, Amount | 1,385,981 | 1,313,614 |
Common Tier I Capital to Risk Weighted Assets, To Be Well Capitalized, Amount | $ 1,580,329 | $ 1,396,965 |
Total Capital to Risk-Weighted Assets, To Be Well Capitalized, Ratio | 0.10 | 0.10 |
Tier 1 Capital to Risk-Weighted Assets, To Be Well Capitalized, Ratio | 0.08 | 0.08 |
Common Tier I Capital to Risk Weighted Assets, To Be Well Capitalized, Ratio | 6.50% | 6.50% |
Tier 1 Capital to Average Assets To Be Well Capitalized, Ratio | 0.05 | 0.05 |
United Bank [Member] | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Total Capital to Risk-Weighted Assets, Actual Amount | $ 3,236,554 | $ 3,066,779 |
Tier 1 Capital to Risk-Weighted Assets, Actual Amount | 3,029,857 | 2,925,437 |
Common Tier I Capital to Risk Weighted Assets, Actual Amount | 3,029,857 | 2,925,437 |
Tier 1 Capital to Average Assets, Actual Amount | $ 3,029,857 | $ 2,925,437 |
Total Capital to Risk-Weighted Assets, Actual Ratio | 0.134 | 0.143 |
Tier 1 Capital to Risk-Weighted Assets, Actual Ratio | 0.125 | 0.136 |
Common Tier I Capital to Risk Weighted Assets, Actual Ratio | 0.125 | 0.136 |
Tier 1 Capital to Average Assets, Actual Ratio | 0.11 | 0.112 |
Total Capital to Risk-Weighted Assets, For Capital Adequacy Purposes, Amount | $ 1,939,250 | $ 1,715,234 |
Tier 1 Capital to Risk-Weighted Assets, For Capital Adequacy Purposes, Amount | 1,454,437 | 1,286,425 |
Common Tier I Capital to Risk Weighted Assets, For Capital Adequacy Purposes, Amount | 1,090,828 | 964,819 |
Tier 1 Capital to Average Assets, For Capital Adequacy Purposes, Amount | $ 1,106,184 | $ 1,049,526 |
Total Capital to Risk-Weighted Assets, For Capital Adequacy, Ratio | 0.08 | 0.08 |
Tier 1 Capital to Risk-Weighted Assets, For Capital Adequacy Purposes, Ratio | 0.06 | 0.06 |
Common Tier I Capital to Risk Weighted Assets, For Capital Adequacy Purposes, Ratio | 4.50% | 4.50% |
Tier 1 Capital to Average Assets, For Capital Adequacy Purposes, Ratio | 0.04 | 0.04 |
Total Capital to Risk-Weighted Assets, To Be Well Capitalized, Amount | $ 2,424,062 | $ 2,144,042 |
Tier 1 Capital to Risk-Weighted Assets, To Be Well Capitalized, Amount | 1,939,250 | 1,715,234 |
Tier 1 Capital to Average Assets, To Be Well Capitalized, Amount | 1,382,730 | 1,311,907 |
Common Tier I Capital to Risk Weighted Assets, To Be Well Capitalized, Amount | $ 1,575,640 | $ 1,393,627 |
Total Capital to Risk-Weighted Assets, To Be Well Capitalized, Ratio | 0.10 | 0.10 |
Tier 1 Capital to Risk-Weighted Assets, To Be Well Capitalized, Ratio | 0.08 | 0.08 |
Common Tier I Capital to Risk Weighted Assets, To Be Well Capitalized, Ratio | 6.50% | 6.50% |
Tier 1 Capital to Average Assets To Be Well Capitalized, Ratio | 0.05 | 0.05 |
Fair Values of Financial Inst_3
Fair Values of Financial Instruments - Additional Information (Detail) - USD ($) | Dec. 31, 2022 | Dec. 31, 2021 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Transfers from Level 1 to Level 3 for financial assets | $ 0 | $ 0 |
Transfers from Level 3 to Level 1 for financial assets | 0 | 0 |
Transfers from Level 2 to Level 3 for financial assets | 0 | 0 |
Transfers from Level 3 to Level 2 for financial assets | 0 | 0 |
Transfers from Level 1 to Level 3 for financial liabilities | 0 | 0 |
Transfers from Level 3 to Level 1 for financial liabilities | 0 | 0 |
Transfers from Level 2 to Level 3 for financial liabilities | 0 | 0 |
Transfers from Level 3 to Level 2 for financial liabilities | 0 | 0 |
Fair value measurement of intangible assets | 0 | 0 |
Loans held for sale | 56,879,000 | 504,416,000 |
Loans Held For Sale Past Due [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Loans held for sale | $ 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 | 0.11% | |
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 | 0.72% | |
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 | 0.39% | |
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 | 0.11% | |
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 | 0.72% | |
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 | 0.39% |
Fair Values of Financial Inst_4
Fair Values of Financial Instruments - Schedule of Financial Assets and Liabilities Measured at Fair Value (Detail) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Available for sale equity securities | $ 7,629 | $ 12,404 |
Loans held for sale | 56,879 | 504,416 |
Derivative financial assets | $ 5,550 | 10,937 |
Derivative Liability, Statement of Financial Position [Extensible Enumeration] | Liabilities | |
Derivative Asset, Statement of Financial Position [Extensible Enumeration] | Assets | |
Fair Value, Measurements, Recurring [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Available for sale debt securities | $ 4,541,925 | 4,042,699 |
Available for sale equity securities | 7,629 | 12,404 |
Loans held for sale | 56,879 | 504,416 |
Derivative financial assets | 5,550 | 10,937 |
Derivative financial liabilities | 561 | 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 | 529,492 | 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 | 709,530 | 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 | 1,174,944 | 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 | 111,973 | 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 | 562,553 | 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 | 911,611 | 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 | 16,284 | 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 | 525,538 | 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 | 270 | 187 |
Interest Rate Lock Commitments [Member] | Fair Value, Measurements, Recurring [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Derivative financial assets | 1,146 | 10,380 |
Derivative financial liabilities | 348 | 25 |
Forward Sales Commitments [Member] | Fair Value, Measurements, Recurring [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Derivative financial assets | 220 | 430 |
Derivative financial liabilities | 36 | |
Interest Rate Swap Contracts [Member] | Fair Value, Measurements, Recurring [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Derivative financial assets | 4,038 | |
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 | 146 | 127 |
Derivative financial liabilities | 213 | 470 |
Fixed Income Mutual Funds [Member] | Fair Value, Measurements, Recurring [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Available for sale equity securities | 5,138 | 5,811 |
Equity Mutual Funds [Member] | Fair Value, Measurements, Recurring [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Available for sale equity securities | 2,221 | 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 | 5,367 | 5,758 |
Available for sale equity securities | 7,629 | 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 | 5,367 | 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 | 270 | 187 |
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 | |
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 | 0 |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Fixed Income Mutual Funds [Member] | Fair Value, Measurements, Recurring [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Available for sale equity securities | 5,138 | 5,811 |
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 | 2,221 | 6,406 |
Significant Other Observable Inputs (Level 2) [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Loans held for sale | 12,008 | 40,307 |
Derivative financial assets | 4,674 | 1,432 |
Derivative financial liabilities | 0 | 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 | 4,536,558 | 4,036,941 |
Available for sale equity securities | 0 | 0 |
Loans held for sale | 12,008 | 40,307 |
Derivative financial assets | 4,674 | 1,432 |
Derivative financial liabilities | 0 | 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 | 529,492 | 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 | 709,530 | 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 | 1,174,944 | 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 | 111,973 | 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 | 562,553 | 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 | 911,611 | 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 | 16,284 | 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 | 520,171 | 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] | Interest Rate Lock Commitments [Member] | Fair Value, Measurements, Recurring [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Derivative financial assets | 302 | 936 |
Derivative financial liabilities | 0 | 0 |
Significant Other Observable Inputs (Level 2) [Member] | Forward Sales Commitments [Member] | Fair Value, Measurements, Recurring [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Derivative financial assets | 214 | 430 |
Derivative financial liabilities | 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 | 4,038 | |
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 | 120 | 66 |
Derivative financial liabilities | 0 | 0 |
Significant Other Observable Inputs (Level 2) [Member] | Fixed Income 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 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 | 44,871 | 464,109 |
Derivative financial assets | 876 | 9,505 |
Derivative financial liabilities | 561 | 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 | 44,871 | 464,109 |
Derivative financial assets | 876 | 9,505 |
Derivative financial liabilities | 561 | 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] | Interest Rate Lock Commitments [Member] | Fair Value, Measurements, Recurring [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Derivative financial assets | 844 | 9,444 |
Derivative financial liabilities | 348 | 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 | 6 | 0 |
Derivative financial liabilities | 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 | 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 | 26 | 61 |
Derivative financial liabilities | 213 | 470 |
Significant Unobservable Inputs (Level 3) [Member] | Fixed Income 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] | 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 Values of Financial Inst_5
Fair Values of Financial Instruments - Schedule of Additional Information about Financial Assets and Liabilities Measured at Fair Value Utilized Level 3 (Detail) - Fair Value, Measurements, Recurring [Member] - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 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 |
Originations | 2,360,908 | 4,984,363 |
Sales | (2,673,795) | (5,313,758) |
Transfers in other | (154,699) | 0 |
Total gains during the period recognized in earnings | 48,348 | 138,771 |
Balance, end of period | 44,871 | 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 | (9,852) | 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 | (35) | 61 |
Balance, end of period | 26 | 61 |
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 | 26 | 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 | (8,600) | (22,567) |
Balance, end of period | 844 | 9,444 |
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 | 844 | 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 | (36) | 36 |
Balance, end of period | 0 | 36 |
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 | 0 | 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 | (257) | 470 |
Balance, end of period | 213 | 470 |
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 | 213 | 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 | 323 | 25 |
Balance, end of period | 348 | 25 |
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 | $ 348 | $ 25 |
Fair Values of Financial Inst_6
Fair Values of Financial Instruments - Schedule of Changes in Fair Value Included in Earnings of Financial Instruments for which Fair Value Option has been Elected (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Mortgage Banking [Member] | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Income from mortgage banking activities | $ (10,367) | $ (15,267) |
Fair Values of Financial Inst_7
Fair Values of Financial Instruments - Summary of Difference Between Aggregate Fair Value and Remaining Contractual Principal Outstanding for Financial Instruments for which Fair Value Option has been Elected (Detail) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Fair Value Disclosures [Abstract] | ||
Loans held for sale, unpaid principal balance | $ 56,170 | $ 493,340 |
Loans held for sale, fair value | 56,879 | 504,416 |
Loans held for sale, fair value over/(under) unpaid principal balance | $ 709 | $ 11,076 |
Fair Values of Financial Inst_8
Fair Values of Financial Instruments - Summary of Financial Assets Measured at Fair Value on Nonrecurring Basis (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
YTD Losses, Individually assessed loans | $ 327 | $ (601) |
YTD Losses, OREO | (96) | (4,020) |
YTD Losses, Mortgage servicing rights | 0 | 629 |
OREO | 2,052 | 14,823 |
Mortgage servicing rights | 21,022 | 23,144 |
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 | 6,125 | 65,431 |
OREO | 2,052 | 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 |
OREO | 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 | 1,801 | 46,830 |
OREO | 2,013 | 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 | 4,324 | 18,601 |
OREO | $ 39 | 11,614 |
Mortgage servicing rights | $ 27,355 |
Fair Values of Financial Inst_9
Fair Values of Financial Instruments - Summary of Estimated Fair Values of Financial Instruments (Detail) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash and cash equivalents | $ 1,176,652 | $ 3,758,170 |
Securities available for sale | 4,541,925 | 4,042,699 |
Securities held to maturity | 1,002 | 1,001 |
Other securities | 322,048 | 239,645 |
Loans held for sale | 56,879 | 504,416 |
Net loans | 20,558,166 | 18,023,648 |
Derivative financial assets | 5,550 | 10,937 |
Mortgage servicing rights | 21,022 | 23,144 |
Deposits | 22,303,166 | 23,350,263 |
Carrying Amount [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash and cash equivalents | 1,176,652 | 3,758,170 |
Securities available for sale | 4,541,925 | 4,042,699 |
Securities held to maturity | 1,002 | 1,001 |
Other securities | 322,048 | 239,645 |
Loans held for sale | 56,879 | 504,416 |
Net loans | 20,323,420 | 17,807,632 |
Derivative financial assets | 5,550 | 10,937 |
Mortgage servicing rights | 21,022 | 23,144 |
Deposits | 22,303,186 | 23,350,263 |
Short-term borrowings | 160,698 | 128,844 |
Long-term borrowings | 2,197,656 | 817,394 |
Derivative financial liabilities | 561 | 3,728 |
Carrying Amount [Member] | Marketable Equity Securities [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Equity securities | 7,629 | 12,404 |
Fair Value [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash and cash equivalents | 1,176,652 | 3,758,170 |
Securities available for sale | 4,541,925 | 4,042,699 |
Securities held to maturity | 1,020 | 1,020 |
Other securities | 305,946 | 227,663 |
Loans held for sale | 56,879 | 504,416 |
Net loans | 19,030,221 | 17,119,202 |
Derivative financial assets | 5,550 | 10,937 |
Mortgage servicing rights | 41,880 | 27,355 |
Deposits | 22,249,061 | 23,334,431 |
Short-term borrowings | 160,698 | 128,844 |
Long-term borrowings | 2,161,108 | 773,291 |
Derivative financial liabilities | 561 | 3,728 |
Fair Value [Member] | Marketable Equity Securities [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Equity securities | 7,629 | 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 | 5,367 | 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 |
Mortgage servicing rights | 0 | 0 |
Deposits | 0 | 0 |
Short-term borrowings | 0 | 0 |
Long-term borrowings | 0 | 0 |
Derivative financial liabilities | 0 | 0 |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Marketable Equity Securities [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Equity securities | 7,629 | 12,404 |
Significant Other Observable Inputs (Level 2) [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash and cash equivalents | 1,176,652 | 3,758,170 |
Securities available for sale | 4,536,558 | 4,036,941 |
Securities held to maturity | 0 | 0 |
Other securities | 0 | 0 |
Loans held for sale | 12,008 | 40,307 |
Net loans | 0 | 0 |
Derivative financial assets | 4,674 | 1,432 |
Mortgage servicing rights | 0 | 0 |
Deposits | 22,249,061 | 23,334,431 |
Short-term borrowings | 160,698 | 128,844 |
Long-term borrowings | 2,161,108 | 773,291 |
Derivative financial liabilities | 0 | 3,197 |
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 | 305,946 | 227,663 |
Loans held for sale | 44,871 | 464,109 |
Net loans | 19,030,221 | 17,119,202 |
Derivative financial assets | 876 | 9,505 |
Mortgage servicing rights | 41,880 | 27,355 |
Deposits | 0 | 0 |
Short-term borrowings | 0 | 0 |
Long-term borrowings | 0 | 0 |
Derivative financial liabilities | 561 | 531 |
Significant Unobservable Inputs (Level 3) [Member] | Marketable Equity Securities [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Equity securities | $ 0 | $ 0 |
Variable Interest Entities - Ad
Variable Interest Entities - Additional Information (Detail) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 USD ($) Trust | Dec. 31, 2021 USD ($) | |
Financial Instruments Subject to Mandatory Redemption by Settlement Terms [Line Items] | ||
Number of statutory business trusts | Trust | 20 | |
Percentage of equity shares of each trust owned by the company | 100% | |
Variable Interest Entity, Reporting Entity Involvement, Maximum Loss Exposure, Amount | $ 75,021 | $ 62,235 |
Trust Preferred Securities Subject to Mandatory Redemption [Member] | ||
Financial Instruments Subject to Mandatory Redemption by Settlement Terms [Line Items] | ||
Variable Interest Entity, Reporting Entity Involvement, Maximum Loss Exposure, Amount | 11,277 | 11,032 |
Unfunded Loan Commitment [Member] | ||
Financial Instruments Subject to Mandatory Redemption by Settlement Terms [Line Items] | ||
Variable Interest Entity, Reporting Entity Involvement, Maximum Loss Exposure, Amount | $ 77,143 | $ 69,894 |
Segment Information - Summary o
Segment Information - Summary of Segment Reporting Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2022 | Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Dec. 31, 2021 | Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Segment Reporting Information [Line Items] | |||||||||||
Net interest income | $ 249,404 | $ 240,622 | $ 214,903 | $ 191,502 | $ 183,678 | $ 181,579 | $ 186,517 | $ 190,960 | $ 896,431 | $ 742,734 | $ 689,773 |
Provision for credit losses | 16,368 | 7,671 | (1,807) | (3,410) | (7,405) | (7,829) | (8,879) | 143 | 18,822 | (23,970) | 106,562 |
Other income | 153,261 | 278,128 | 354,775 | ||||||||
Other expense | 137,542 | 137,196 | 141,174 | 139,175 | 151,793 | 142,283 | 138,969 | 148,934 | 555,087 | 581,979 | 578,246 |
Income taxes | 26,608 | 25,919 | 23,531 | 20,098 | 19,491 | 23,604 | 24,455 | 27,565 | 96,156 | 95,115 | 70,717 |
Net income | 99,765 | $ 102,585 | $ 95,613 | $ 81,664 | 73,852 | $ 92,152 | $ 94,836 | $ 106,898 | 379,627 | 367,738 | 289,023 |
Total assets (liabilities) | 29,489,380 | 29,328,902 | 29,489,380 | 29,328,902 | 26,184,247 | ||||||
Average assets (liabilities) | 29,073,848 | 27,256,095 | 24,137,070 | ||||||||
Operating Segments [Member] | Community Banking [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net interest income | 890,575 | 731,305 | 677,907 | ||||||||
Provision for credit losses | 18,822 | (23,970) | 106,562 | ||||||||
Other income | 99,133 | 100,010 | 90,121 | ||||||||
Other expense | 472,813 | 443,493 | 423,963 | ||||||||
Income taxes | 100,758 | 84,715 | 47,162 | ||||||||
Net income | 397,315 | 327,077 | 190,341 | ||||||||
Total assets (liabilities) | 29,106,176 | 29,022,170 | 29,106,176 | 29,022,170 | 25,892,396 | ||||||
Average assets (liabilities) | 28,726,395 | 26,910,956 | 23,927,889 | ||||||||
Operating Segments [Member] | Mortgage Banking [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net interest income | 10,599 | 10,497 | 8,853 | ||||||||
Provision for credit losses | 0 | 0 | 0 | ||||||||
Other income | 69,307 | 183,216 | 276,185 | ||||||||
Other expense | 88,983 | 138,508 | 140,628 | ||||||||
Income taxes | (1,858) | 11,275 | 27,698 | ||||||||
Net income | (7,219) | 43,930 | 116,712 | ||||||||
Total assets (liabilities) | 428,727 | 691,642 | 428,727 | 691,642 | 870,151 | ||||||
Average assets (liabilities) | 442,184 | 659,105 | 651,778 | ||||||||
Other [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net interest income | 13,274 | 8,378 | 9,658 | ||||||||
Provision for credit losses | 0 | 0 | 0 | ||||||||
Other income | 3,294 | 3,769 | 730 | ||||||||
Other expense | 3,233 | (465) | 13,245 | ||||||||
Income taxes | (2,744) | (875) | (4,143) | ||||||||
Net income | (10,469) | (3,269) | (18,030) | ||||||||
Total assets (liabilities) | 58,971 | 39,182 | 58,971 | 39,182 | 31,623 | ||||||
Average assets (liabilities) | 34,876 | 27,445 | 7,283 | ||||||||
Intersegment Eliminations [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net interest income | 8,531 | 9,310 | 12,671 | ||||||||
Provision for credit losses | 0 | 0 | 0 | ||||||||
Other income | (18,473) | (8,867) | (12,261) | ||||||||
Other expense | (9,942) | 443 | 410 | ||||||||
Income taxes | 0 | 0 | 0 | ||||||||
Net income | 0 | 0 | 0 | ||||||||
Total assets (liabilities) | $ (104,494) | $ (424,092) | (104,494) | (424,092) | (609,923) | ||||||
Average assets (liabilities) | $ (129,607) | $ (341,411) | $ (449,880) |
Quarterly Financial Data - Quar
Quarterly Financial Data - Quarterly Financial Data (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2022 | Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Dec. 31, 2021 | Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Quarterly Financial Information Disclosure [Abstract] | |||||||||||
Interest income | $ 307,741 | $ 263,683 | $ 227,771 | $ 202,795 | $ 195,194 | $ 194,080 | $ 200,186 | $ 205,657 | $ 1,001,990 | $ 795,117 | $ 798,382 |
Interest expense | 58,337 | 23,061 | 12,868 | 11,293 | 11,516 | 12,501 | 13,669 | 14,697 | 105,559 | 52,383 | 108,609 |
Net interest income | 249,404 | 240,622 | 214,903 | 191,502 | 183,678 | 181,579 | 186,517 | 190,960 | 896,431 | 742,734 | 689,773 |
Provision for credit losses | 16,368 | 7,671 | (1,807) | (3,410) | (7,405) | (7,829) | (8,879) | 143 | 18,822 | (23,970) | 106,562 |
Mortgage banking income | 4,620 | 6,422 | 12,445 | 19,203 | 27,342 | 42,012 | 36,943 | 65,395 | |||
Securities gains (losses), net | 51 | (206) | 1,182 | (251) | (39) | 82 | 24 | 2,609 | 776 | 2,676 | 3,155 |
Other noninterest income | 26,208 | 26,533 | 29,981 | 27,073 | 26,750 | 26,537 | 25,897 | 24,576 | |||
Noninterest expense | 137,542 | 137,196 | 141,174 | 139,175 | 151,793 | 142,283 | 138,969 | 148,934 | 555,087 | 581,979 | 578,246 |
Income taxes | 26,608 | 25,919 | 23,531 | 20,098 | 19,491 | 23,604 | 24,455 | 27,565 | 96,156 | 95,115 | 70,717 |
Net income | $ 99,765 | $ 102,585 | $ 95,613 | $ 81,664 | $ 73,852 | $ 92,152 | $ 94,836 | $ 106,898 | $ 379,627 | $ 367,738 | $ 289,023 |
Average shares outstanding (000s): | |||||||||||
Basic | 134,268,000 | 134,182,000 | 134,623,000 | 136,058,000 | 130,940,000 | 128,763,000 | 128,751,000 | 128,636,000 | 134,776,241 | 129,276,452 | 120,017,247 |
Diluted | 134,799,000 | 134,554,000 | 134,864,000 | 136,435,000 | 131,296,000 | 128,960,000 | 129,034,000 | 128,891,000 | 135,117,512 | 129,512,853 | 120,090,232 |
Net income per share: | |||||||||||
Basic | $ 0.74 | $ 0.76 | $ 0.71 | $ 0.6 | $ 0.56 | $ 0.71 | $ 0.73 | $ 0.83 | $ 2.81 | $ 2.84 | $ 2.4 |
Diluted | 0.74 | 0.76 | 0.71 | 0.6 | 0.56 | 0.71 | 0.73 | 0.83 | 2.8 | 2.83 | 2.4 |
Dividends per share | $ 0.36 | $ 0.36 | $ 0.36 | $ 0.36 | $ 0.36 | $ 0.35 | $ 0.35 | $ 0.35 | $ 1.44 | $ 1.41 | $ 1.4 |