Cover Page
Cover Page | Jul. 02, 2024 |
Cover [Abstract] | |
Document Type | 8-K |
Amendment Flag | false |
Document Period End Date | Jul. 02, 2024 |
Entity Registrant Name | UNITED BANKSHARES INC/WV |
Entity Central Index Key | 0000729986 |
Trading Symbol | UBSI |
Entity Emerging Growth Company | false |
Title of 12(b) Security | Common Stock, par value $2.50 per share |
Entity File Number | 002-86947 |
Security Exchange Name | NASDAQ |
Entity Tax Identification Number | 55-0641179 |
Entity Address, Address Line One | 300 United Center |
Entity Address, Address Line Two | 500 Virginia Street, East |
Entity Address, City or Town | Charleston |
Entity Address, State or Province | WV |
Entity Address, Postal Zip Code | 25301 |
City Area Code | 304 |
Local Phone Number | 424-8800 |
Entity Incorporation, State or Country Code | WV |
Pre-commencement Issuer Tender Offer | false |
Pre-commencement Tender Offer | false |
Soliciting Material | false |
Written Communications | false |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Assets | ||
Cash and due from banks | $ 257,153 | $ 294,155 |
Interest-bearing deposits with other banks | 1,340,620 | 881,418 |
Federal funds sold | 1,170 | 1,079 |
Total cash and cash equivalents | 1,598,943 | 1,176,652 |
Securities available for sale at estimated fair value (amortized cost-$4,149,895 at December 31, 2023 and $5,011,729 at December 31, 2022, allowance for credit losses of $0 at December 31, 2023 and December 31, 2022) | 3,786,377 | 4,541,925 |
Securities held to maturity, net of allowance for credit losses of $17 at December 31, 2023 and $18 at December 31, 2022 (estimated fair value-$1,020 at December 31, 2023 and December 31, 2022) | 1,003 | 1,002 |
Equity securities at estimated fair value | 8,945 | 7,629 |
Other investment securities | 329,429 | 322,048 |
Loans held for sale measured using fair value option | 56,261 | 56,879 |
Loans and leases | 21,373,185 | 20,580,163 |
Less: Unearned income | (14,101) | (21,997) |
Loans and leases, net of unearned income | 21,359,084 | 20,558,166 |
Less: Allowance for loan and lease losses | (259,237) | (234,746) |
Net loans and leases | 21,099,847 | 20,323,420 |
Bank premises and equipment | 190,520 | 199,161 |
Operating lease right-of-use assets | 86,986 | 71,144 |
Goodwill | 1,888,889 | 1,888,889 |
Mortgage servicing rights | 4,554 | 21,022 |
Bank-owned life insurance ("BOLI") | 486,895 | 480,184 |
Accrued interest receivable | 111,420 | 94,890 |
Other assets | 276,413 | 304,535 |
TOTAL ASSETS | 29,926,482 | 29,489,380 |
Deposits: | ||
Noninterest-bearing | 6,149,080 | 7,199,678 |
Interest-bearing | 16,670,239 | 15,103,488 |
Total deposits | 22,819,319 | 22,303,166 |
Borrowings: | ||
Securities sold under agreements to repurchase | 196,095 | 160,698 |
Federal Home Loan Bank ("FHLB") borrowings | 1,510,487 | 1,910,775 |
Other long-term borrowings | 278,616 | 286,881 |
Reserve for lending-related commitments | 44,706 | 46,189 |
Operating lease liabilities | 92,885 | 75,749 |
Accrued expenses and other liabilities | 213,134 | 189,729 |
TOTAL LIABILITIES | 25,155,242 | 24,973,187 |
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-142,257,646 and 142,011,560 at December 31, 2023 and December 31, 2022, respectively, including 7,308,583 and 7,266,438 shares in treasury at December 31, 2023 and December 31, 2022, respectively | 355,644 | 355,029 |
Surplus | 3,181,764 | 3,168,874 |
Retained earnings | 1,745,619 | 1,575,426 |
Accumulated other comprehensive loss | (259,681) | (332,732) |
Treasury stock, at cost | (252,106) | (250,404) |
TOTAL SHAREHOLDERS' EQUITY | 4,771,240 | 4,516,193 |
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | $ 29,926,482 | $ 29,489,380 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Statement of Financial Position [Abstract] | ||
Securities available for sale, amortized cost | $ 4,149,895 | $ 5,011,729 |
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 | 142,257,646 | 142,011,560 |
Common stock, shares in treasury | 7,308,583 | 7,266,438 |
Allowance for credit losses on securities held for sale | $ 0 | $ 0 |
Allowances for credit losses on securities held to maturity | $ 17 | $ 18 |
Consolidated Statements of Inco
Consolidated Statements of Income - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Interest income | |||
Interest and fees on loans and leases | $ 1,203,186 | $ 864,583 | $ 724,493 |
Interest on federal funds sold and other short-term investments | 47,069 | 22,950 | 8,734 |
Interest and dividends on securities: | |||
Taxable | 144,420 | 105,780 | 54,678 |
Tax-exempt | 6,645 | 8,677 | 7,212 |
Total interest income | 1,401,320 | 1,001,990 | 795,117 |
Interest expense | |||
Interest on deposits | 391,094 | 80,237 | 41,620 |
Interest on short-term borrowings | 6,449 | 1,785 | 693 |
Interest on long-term borrowings | 83,853 | 23,537 | 10,070 |
Total interest expense | 481,396 | 105,559 | 52,383 |
Net interest income | 919,924 | 896,431 | 742,734 |
Provision for credit losses | 31,153 | 18,822 | (23,970) |
Net interest income after provision for credit losses | 888,771 | 877,609 | 766,704 |
Other income | |||
Income from bank-owned life insurance | 8,330 | 9,188 | 6,840 |
Mortgage loan servicing income | 13,746 | 9,235 | 9,605 |
Net investment securities (losses) gains | (7,646) | 776 | 2,676 |
Other income | 11,056 | 7,340 | 8,040 |
Total other income | 135,258 | 153,261 | 278,128 |
Other expense | |||
Employee compensation | 230,809 | 242,408 | 279,970 |
Employee benefits | 48,368 | 45,944 | 53,871 |
Net occupancy expense | 46,426 | 45,129 | 42,034 |
Other real estate owned ("OREO") expense | 1,355 | 2,138 | 5,370 |
Net (gains) losses on the sales of OREO properties | (60) | 700 | 54 |
Equipment expense | 29,731 | 29,320 | 25,979 |
Data processing expense | 29,395 | 29,997 | 31,446 |
Mortgage loan servicing expense and impairment | 5,596 | 7,099 | 12,246 |
Bankcard processing expense | 2,192 | 1,938 | 1,706 |
FDIC insurance expense | 30,376 | 11,988 | 8,346 |
FHLB prepayment penalties | 0 | 0 | 15 |
Other expense | 136,036 | 138,426 | 120,942 |
Total other expense | 560,224 | 555,087 | 581,979 |
Income before income taxes | 463,805 | 475,783 | 462,853 |
Income taxes | 97,492 | 96,156 | 95,115 |
Net income | $ 366,313 | $ 379,627 | $ 367,738 |
Earnings per common share: | |||
Basic | $ 2.72 | $ 2.81 | $ 2.84 |
Diluted | 2.71 | 2.8 | 2.83 |
Dividends per common share | $ 1.45 | $ 1.44 | $ 1.41 |
Average outstanding shares: | |||
Basic | 134,505,058 | 134,776,241 | 129,276,452 |
Diluted | 134,753,820 | 135,117,512 | 129,512,853 |
Fees from trust services [Member] | |||
Other income | |||
Revenue from contract | $ 18,318 | $ 17,216 | $ 16,552 |
Fees from brokerage services [Member] | |||
Other income | |||
Revenue from contract | 16,911 | 16,412 | 15,559 |
Fees from deposit services [Member] | |||
Other income | |||
Revenue from contract | 37,076 | 40,557 | 38,689 |
Bankcard fees and merchant discounts [Member] | |||
Other income | |||
Revenue from contract | 7,013 | 6,580 | 5,485 |
Other service charges, commissions, and fees [Member] | |||
Other income | |||
Revenue from contract | 3,861 | 3,267 | 2,990 |
Income from mortgage banking activities [Member] | |||
Other income | |||
Revenue from contract | $ 26,593 | $ 42,690 | $ 171,692 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Statement of Comprehensive Income [Abstract] | |||
Net income | $ 366,313 | $ 379,627 | $ 367,738 |
Change in net unrealized gain (loss) on available-for-sale ("AFS") securities, net of tax | 81,521 | (368,934) | (56,611) |
Change in net unrealized (loss) gain on cash flow hedge, net of tax | (13,059) | 36,655 | 13,001 |
Change in defined benefit pension plan, net of tax | 4,589 | 4,435 | 16,352 |
Total Comprehensive income, net of tax | $ 439,364 | $ 51,783 | $ 340,480 |
Consolidated Statement of Chang
Consolidated Statement of Changes in Shareholders' Equity - USD ($) $ in Thousands | Total | Common Stock [Member] | Surplus [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive (Loss) Income [Member] | Treasury Stock [Member] |
Beginning Balance at Dec. 31, 2020 | $ 4,297,620 | $ 334,523 | $ 2,894,471 | $ 1,205,395 | $ 22,370 | $ (159,139) |
Beginning Balance, shares at Dec. 31, 2020 | 133,809,374 | |||||
Net income | 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 of Community Bankers Trust Corporation (7,135,771 shares), Values | 260,279 | $ 17,839 | 242,440 | 0 | 0 | 0 |
Acquisition of Community Bankers Trust Corporation (7,135,771 shares), 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 | |||||
Net income | 366,313 | $ 0 | 0 | 366,313 | 0 | 0 |
Other comprehensive loss, net of tax | 73,051 | 0 | 0 | 0 | 73,051 | 0 |
Total Comprehensive income, net of tax | 439,364 | |||||
Stock based compensation expense | 12,463 | 0 | 12,463 | 0 | 0 | 0 |
Purchase of treasury stock | (1,382) | 0 | 0 | 0 | 0 | (1,382) |
Cash dividends | (196,120) | 0 | 0 | (196,120) | 0 | 0 |
Stock grant forfeiture | 0 | $ 0 | 320 | 0 | 0 | (320) |
Stock grant forfeiture, shares | 0 | |||||
Net issuance of common stock under stock-based compensation plans | 722 | $ 615 | 107 | 0 | 0 | 0 |
Net issuance of common stock under stock-based compensation plans, shares | 246,086 | |||||
Ending Balance at Dec. 31, 2023 | $ 4,771,240 | $ 355,644 | $ 3,181,764 | $ 1,745,619 | $ (259,681) | $ (252,106) |
Ending Balance, shares at Dec. 31, 2023 | 142,257,646 |
Consolidated Statement of Cha_2
Consolidated Statement of Changes in Shareholders' Equity (Parenthetical) - $ / shares | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Cash dividends per share | $ 1.45 | $ 1.44 | $ 1.41 |
Common Stock [Member] | |||
Cash dividends per share | $ 1.45 | $ 1.44 | $ 1.41 |
Stock grant forfeiture, shares | 8,295 | 9,071 | 7,400 |
Acquisition of Community Bankers Trust Corporation (7,135,771 shares), Shares | 7,135,771 | ||
Net issuance of common stock under stock-based compensation plans | 246,086 | 651,294 | 415,121 |
Treasury Stock [Member] | |||
Purchase of treasury stock, shares | 33,850 | 2,289,859 | 339,241 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
OPERATING ACTIVITIES | |||
Net income | $ 366,313 | $ 379,627 | $ 367,738 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Provision for credit losses | 31,153 | 18,822 | (23,970) |
Amortization and accretion | 5,915 | 5,433 | (8,672) |
Loss on sales of bank premises, OREO, leases and equipment | 345 | 457 | 460 |
Write-downs on bank premises, OREO, leases and equipment | 945 | 2,007 | 5,100 |
Depreciation | 17,191 | 18,237 | 16,583 |
Loss (gain) on securities | 7,646 | (776) | (2,676) |
Loans originated for sale | (860,901) | (1,903,981) | (6,190,675) |
Proceeds from sales of loans | 887,398 | 2,238,093 | 6,566,304 |
Gain on sales of loans | (25,879) | (41,274) | (161,108) |
Mortgage repurchase loan losses paid, net of recoveries | (304) | (69) | (59) |
Stock-based compensation | 12,463 | 9,881 | 8,018 |
Excess tax benefits from stock-based compensation arrangements | 128 | 1,040 | 303 |
Deferred income tax (benefit) expense | (2,921) | 6,887 | 3,015 |
Amortization of tax credit investments | 15,238 | 13,567 | 12,718 |
Originations of mortgage servicing rights | (715) | (1,417) | (10,584) |
Impairment of mortgage servicing rights | 0 | 0 | 629 |
Recoveries of impairment on mortgage servicing rights | 0 | (883) | (1,129) |
Gain on sale of mortgage servicing rights | (8,306) | 0 | 0 |
Increase in cash surrender value of bank-owned life insurance policies | (9,267) | (14,064) | (6,836) |
Accretion (amortization) of net periodic pension costs | 159 | (1,640) | 2,073 |
Changes in: | |||
Interest receivable | (16,530) | (30,370) | 2,562 |
Other assets | (3,618) | 57,380 | 42,704 |
Accrued expenses and other liabilities | 18,784 | 3,865 | (12,959) |
NET CASH PROVIDED BY OPERATING ACTIVITIES | 435,237 | 760,822 | 609,539 |
INVESTING ACTIVITIES | |||
Proceeds from maturities and calls of held to maturity securities | 0 | 0 | 215 |
Proceeds from sales of securities available for sale | 181,824 | 410 | 52,820 |
Proceeds from maturities and calls of securities available for sale | 770,389 | 575,338 | 679,082 |
Purchases of securities available for sale | (107,866) | (1,572,482) | (1,522,076) |
Proceeds from sales of equity securities | 344 | 6,782 | 1,250 |
Purchases of equity securities | (1,647) | (2,596) | (2,266) |
Proceeds from sales and redemptions of other investment securities | 155,299 | 4,829 | 11,790 |
Purchases of other investment securities | (178,476) | (99,435) | (34,755) |
Purchases of bank-owned life insurance policies | 0 | 0 | (85,000) |
Redemption of bank-owned life insurance policies | 2,556 | 11,947 | 1,114 |
Purchases of bank premises and equipment | (11,687) | (16,862) | (15,380) |
Proceeds from sales of bank premises and equipment | 2,542 | 902 | 1,618 |
Proceeds from sales of mortgage servicing rights | 23,450 | 0 | 0 |
Acquisition of subsidiaries, net of cash paid | 0 | 0 | 39,420 |
Proceeds from sales of OREO properties | 3,240 | 10,571 | 5,675 |
Net change in loans and leases | (800,974) | (2,367,060) | 882,147 |
NET CASH PROVIDED BY (USED IN) INVESTING ACTIVITIES | 38,994 | (3,447,656) | 15,654 |
FINANCING ACTIVITIES | |||
Cash dividends paid | (194,727) | (193,041) | (181,277) |
Acquisition of treasury stock | (1,382) | (79,460) | (11,211) |
Proceeds from exercise of stock options | 1,750 | 10,295 | 5,206 |
Repayment of long-term Federal Home Loan Bank borrowings | (1,900,000) | (520,000) | (597,791) |
Proceeds from issuance of long-term Federal Home Loan Bank borrowings | 1,500,000 | 1,900,000 | 500,000 |
Redemption of subordinated debt | (10,250) | 0 | 0 |
Changes in: | |||
Time deposits | 1,318,577 | (623,254) | (275,900) |
Other deposits | (801,305) | (421,078) | 1,525,093 |
Federal funds purchased, securities sold under agreements to repurchase and other short-term borrowings | 35,397 | 31,854 | (40,211) |
NET CASH (USED IN) PROVIDED BY FINANCING ACTIVITIES | (51,940) | 105,316 | 923,909 |
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | 422,291 | (2,581,518) | 1,549,102 |
CASH AND CASH EQUIVALENTS AT BEGINNING OF YEAR | 1,176,652 | 3,758,170 | 2,209,068 |
CASH AND CASH EQUIVALENTS AT END OF YEAR | 1,598,943 | 1,176,652 | 3,758,170 |
Supplemental information | |||
Cash paid for interest on deposits and borrowed funds | 468,123 | 98,161 | 54,591 |
Cash paid for income taxes | 106,083 | 93,680 | 101,227 |
Cash paid for amounts in the measurement of lease liabilities | 21,581 | 21,240 | 22,153 |
Noncash investing activities: | |||
Transfers of loans held for sale to loans | 0 | 154,699 | 0 |
Transfers of loans to OREO | 4,941 | 1,546 | 2,769 |
Right-of-use assets obtained in the exchange for lease liabilities | 33,403 | 9,184 | 22,179 |
Subsidiaries [Member] | |||
Acquisition of subsidiaries and purchase price adjustments: | |||
Assets acquired, net of cash | 0 | (345) | 1,763,843 |
Liabilities assumed | 0 | 2,050 | 1,619,438 |
Goodwill | $ 0 | $ 2,395 | $ 76,454 |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2023 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | NOTE A—SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Nature of Operations: Operating and Reporting Segments: Basis of Presentation: As defined in applicable accounting standards, variable interest entities (“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 2023 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 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, 2023 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: b 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, 2023, 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) , 0 00 Allowance for Credit Losses (AFS Debt Securities) available-for-sale more-likely-than-not Equity securities: Other investment securities: (non-marketable) (non-marketable), Securities Purchased Under Resale Agreements and Securities Sold Under Agreements to Repurchase: ina Loans: 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. 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 th e 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) • Commercial Real Estate Owner-Occupied • Commercial Real Estate Nonowner-Occupied • Commercial Other • Method: Cohort • Residential Real Estate • Construction & Land Development • Consumer • Bankcard Risk characteristics of commercial real estate owner-occupied loans and commercial other loans and leases are similar in that they are normally dependent upon the borrower’s internal cash flow from operations to service debt. Commercial real estate nonowner-occupied loans differ in that cash flow to service debt is normally dependent on external income from third parties for use of the real estate such as rents, leases and room rates. Residential real estate loans are dependent upon individual borrowers who are affected by changes in general economic conditions, demand for housing and resulting residential real estate valuation. Construction and land development loans are impacted mainly by demand whether for new residential housing or for retail, industrial, office and other types of commercial construction within a given area. Consumer loan pool risk characteristics are influenced by general, regional and local economic conditions. Loans that do not share risk characteristics are evaluated on an individual basis. Loans evaluated individually are not also included in the collective evaluation. When management determines that foreclosure is probable or when the borrower is experiencing financial difficulty at the reporting date and repayment is expected to be provided substantially through the operation or sale of the collateral but may also include other non-performing Expected credit losses are estimated over the contractual term of the loans and leases, adjusted for expected prepayments when appropriate. The contractual term excludes expected extensions, renewals and modifications unless management has a reasonable expectation at the reporting date that 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 Intangible Assets: one ten 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 more-likely-than-not ,00 0. 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”) 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 wh 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. • 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. 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 channel 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. Cash flows from derivative financial instruments are classified as cash flows from operating activities on the consolidated statements of cash flows. Off-balance-sheet : off-balance Stock-Based Compensation Stock-based compensation expense was $12,463 , 0 ,000 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) 2023 2022 2021 Distributed earnings allocated to common stock $ 195,167 $ 194,052 $ 181,614 Undistributed earnings allocated to common stock 170,267 184,572 185,082 Net earnings allocated to common shareholders $ 365,434 $ 378,624 $ 366,696 Average common shares outstanding 134,505,058 134,776,241 129,276,452 Dilutive effect of stock compensation 248,762 341,271 236,401 Average diluted shares outstanding 134,753,820 135,117,512 129,512,853 Earnings per basic common share $ 2.72 $ 2.81 $ 2.84 Earnings per diluted common share $ 2.71 $ 2.80 $ 2.83 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 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2023-09, 2023-09 2023-09 2023-09 ASU 2023-09 In November 2023, the FASB issued ASU 2023-07, 2023-07 No. 2023-07 ASU 2023-07 In October 2023, the FASB issued ASU 2023-06, S-X S-K ASU 2023-06 In August 2023, the FASB issued ASU 2023-05, 805-60).” 2023-05 2023-05 2023-05 ASU 2023-05 In July 2023, the FASB issued ASU No. 2023-03, S-X: 2023-03 S-X: In March 2023, the FASB issued Accounting ASU 2023-02, 2023-02 323-740 2023-02 In December 2022, the FASB issued ASU 2022-06, 2022-06 2020-04 2020-04 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-K. 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. 2021-08 |
Investment Securities
Investment Securities | 12 Months Ended |
Dec. 31, 2023 | |
Investments, Debt and Equity Securities [Abstract] | |
Investment Securities | NOTE B—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, 2023 (Dollars in thousands) Amortized Gross Gross Allowance Estimated Fair Value U.S. Treasury securities and obligations of U.S. Government corporations and agencies $ 492,638 $ 4 $ 7,692 $ 0 $ 484,950 State and political subdivisions 613,588 11 79,768 0 533,831 Residential mortgage-backed securities Agency 1,217,744 7 167,810 0 1,049,941 Non-agency 100,364 0 9,753 0 90,611 Commercial mortgage-backed securities Agency 511,560 13 52,275 0 459,298 Asset-backed securities 872,048 44 11,454 0 860,638 Single issue trust preferred securities 16,380 0 1,239 0 15,141 Other corporate securities 325,573 0 33,606 0 291,967 Total $ 4,149,895 $ 79 $ 363,597 $ 0 $ 3,786,377 December 31, 2022 (Dollars in thousands) Amortized Gross Gross Allowance Estimated 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 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 non-accrual available-for-sale 20,878 23,955 The following is a summary of securities available for sale which were in an unrealized loss position at December 31, 2023 and December 31, 2022. 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, 2023 U.S. Treasury securities and obligations of U.S. Government corporations and agencies $ 4,625 $ 11 $ 477,615 $ 7,681 $ 482,240 $ 7,692 State and political subdivisions 2,050 193 517,186 79,575 519,236 79,768 Residential mortgage-backed securities Agency 9,755 51 1,038,632 167,759 1,048,387 167,810 Non-agency 8,964 101 81,647 9,652 90,611 9,753 Commercial mortgage-backed securities Agency 0 0 456,866 52,275 456,866 52,275 Asset-backed securities 15,866 216 829,778 11,238 845,644 11,454 Single issue trust preferred securities 2,922 182 12,219 1,057 15,141 1,239 Other corporate securities 0 0 274,308 33,606 274,308 33,606 Total $ 44,182 $ 754 $ 3,688,251 $ 362,843 $ 3,732,433 $ 363,597 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 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) 2023 2022 2021 Proceeds from maturities, sales and calls $ 952,213 $ 575,748 $ 731,902 Gross realized gains 0 2 1,673 Gross realized losses 7,659 0 122 At December 31, 2023, gross unrealized losses on available for sale securities were $ 363,597 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. Generally, the significant amount of gross unrealized losses on available for sale securities at December 31, 2023 was the result of rising interest rates. 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 $ 613,588 Mortgage-backed securities The fair value of mortgage-backed 229,818 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 $ 1,729,304 1,729,304 1,217,744 United’s non-agency non-agency 100,364 100,364 non-agency Asset-backed securities As of December 31, 2023, United’s asset-backed securities portfolio had a total amortized cost balance of $ 872,048 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, 2023 consisted of $7,475,000 in investment grade bonds, $3,104,000 in split rated bonds, and $ 5,801 Corporate securities As of December 31, 2023, United’s other corporate securities portfolio had a total amortized cost balance of $325,573,000. The majority of the portfolio consisted of debt issuances of corporations representing a variety of industries, including financial institutions. Of the $325,573,000, 97% had at least one rating above investment grade, none were below investment grade rated, and 3% were unrated. For other 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 other corporate securities had credit losses at December 31, 2023. The amortized cost and estimated fair value of securities available for sale at December 31, 2023 by contractual maturity are shown below. Expected maturities may differ from contractual maturities because the issuers may have the right to call or prepay obligations without penalties. Maturities of mortgage-backed securities with an amortized cost of $1,829,668,000 and an estimated fair value of $1,599,850,000 at December 31, 2023 are included below based upon contractual maturity. (In thousands) Amortized Cost Estimated Fair Value Due in one year or less $ 497,555 $ 493,651 Due after one year through five years 448,020 416,436 Due after five years through ten years 852,698 751,780 Due after ten years 2,351,622 2,124,510 Total $ 4,149,895 $ 3,786,377 Equity securities at fair value Equity securities consist mainly of mutual funds of Community Reinvestment Act (“CRA”) qualified investments and equity securities within a rabbi trust for the payment of benefits under a deferred compensation plan for certain key officers of United and its subsidiaries. The fair value of United’s equity securities was $8,945,000 at December 31, 2023 and $ 7,629,000 Year Ended (In thousands) December 31, 2023 December 31, 2022 Net gains recognized during the period on equity securities sold $ 0 $ 0 Unrealized gains recognized during the period on equity securities still held at period end 358 94 Unrealized losses recognized during the period on equity securities still held at period end (345 ) (684 ) Net gains (losses) recognized during the period $ 13 $ (590 ) Other investment securities During the fourth quarter of 2023, United evaluated all of its cost method investments to determine if certain events or changes in circumstances during the fourth quarter of 2023 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 $2,307,591,000 and $2,412,820,000 at December 31, 2023 and December 31, 2022, respectively. |
Loans and Leases
Loans and Leases | 12 Months Ended |
Dec. 31, 2023 | |
Receivables [Abstract] | |
Loans and Leases | NOTE C—LOANS AND LEASES Major classes of loans and leases are as follows: (In thousands) December 31, 2023 December 31, 2022 Commercial, financial and agricultural: Owner-occupied commercial real estate $ 1,598,231 $ 1,724,927 Nonowner-occupied commercial real estate 6,718,343 6,286,974 Other commercial 3,572,440 3,612,568 Total commercial, financial & agricultural 11,889,014 11,624,469 Residential real estate 5,271,236 4,662,911 Construction & land development 3,148,245 2,926,971 Consumer: Bankcard 9,962 9,273 Other consumer 1,054,728 1,356,539 Less: Unearned income (14,101 ) (21,997 ) Loans and leases, net of unearned income $ 21,359,084 $ 20,558,166 The table above does not include loans held for sale of $ 56,261 56,879 At December 31, 2023 and 2022, loans-in-process 7,146 36,209 35,586 47,134 United’s subsidiary bank has made loans, in the normal course of business, to the directors and officers of United and its subsidiaries, and to their associates. The aggregate dollar amount of these loans was $ 68,460 24,901 45,348 1,789 |
Credit Quality
Credit Quality | 12 Months Ended |
Dec. 31, 2023 | |
Text Block [Abstract] | |
Credit Quality | NOTE D—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 collectability 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. 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, 2023 (In thousands) 30-89 Days Past Due 90 Days or more Past Total Past Current & Total Financing 90 Days or More Past Due & Accruing Commercial real estate: Owner-occupied $ 6,361 $ 6,335 $ 12,696 $ 1,585,535 $ 1,598,231 $ 110 Nonowner-occupied 10,373 13,146 23,519 6,694,824 6,718,343 2,460 Other commercial 3,218 1,224 4,442 3,567,998 3,572,440 560 Residential real estate 26,523 12,136 38,659 5,232,577 5,271,236 6,244 Construction & land development 879 6,423 7,302 3,140,943 3,148,245 0 Consumer: Bankcard 145 127 272 9,690 9,962 127 Other consumer 36,451 6,107 42,558 1,012,170 1,054,728 5,078 Total $ 83,950 $ 45,498 $ 129,448 $ 21,243,737 $ 21,373,185 $ 14,579 Age Analysis of Past Due Loans and Leases As of December 31, 2022 (In thousands) 30-89 Days Past Due 90 Days or Total Past Current & Total Financing 90 Days or More Past Due & Accruing 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 The following table sets forth United’s nonaccrual loans and leases, segregated by class of loans and leases: At December 31, 2023 At December 31, 2022 (In thousands) Nonaccruals With No Related Nonaccruals With No Related Commercial Real Estate: Owner-occupied $ 6,225 $ 6,225 $ 8,345 $ 8,345 Nonowner-occupied 10,686 10,686 8,916 8,916 Other Commercial 664 664 2,392 2,392 Residential Real Estate 5,892 5,892 10,393 8,564 Construction 6,423 6,423 475 475 Consumer: Bankcard 0 0 0 0 Other consumer 1,029 1,029 350 350 Total $ 30,919 $ 30,919 $ 30,871 $ 29,042 Interest income recognized on nonaccrual loans was insignificant during the year ended December 31, 2023 and 2022. In some cases, United will modify a loan to a borrower experiencing financial difficulty by providing multiple types of concessions such as a term extension, principal forgiveness, an interest rate reduction or a combination thereof. The following table presents the amortized cost of loans and leases to borrowers experiencing financial difficulty modified on or after January 1, 2023, the date United adopted ASU 2022-02, Amortized Cost Basis of Loan Modifications Made to Borrowers Experiencing Financial Difficulty For the Year Ended December 31, 2023 (Dollars in thousands) Term Interest Rate % of Total Class of Commercial real estate: Owner-occupied $ 484 $ 0 0.03 % Nonowner-occupied 31,633 1,737 0.50 % Other commercial 165 0 0.00 % Residential real estate 506 0 0.01 % Construction & land development 0 0 0.00 % Consumer: Bankcard 0 0 0.00 % Other consumer 0 0 0.00 % Total $ 32,788 $ 1,737 0.16 % As of December 31, 2023, there was a commitment to lend additional funds of $28,000 to a debtor owing a loan receivable whose terms have been modified. United’s estimate of future credit losses uses a lifetime methodology, derived from modeled loan performance based on the extensive historical experience of loans with similar risk characteristics, adjusted to reflect current conditions and reasonable and supportable forecasts. The historical loss experience used in United’s credit loss models includes the impact of loan modifications provided to borrowers experiencing financial difficulty, and also includes the impact of projected loss severities as a result of loan defaults. United closely monitors the performance of the loans that are modified to borrowers experiencing financial difficulty to understand the effectiveness of its modification efforts. The following table presents an aging analysis of loans and leases to borrowers experiencing financial difficulty modified on or after January 1, 2023 through December 31, 2023, presented by class of financing receivable: Payment Status (Amortized Cost Basis) As of December 31, 2023 (In thousands) Current 30-89 Days Past Due 90+ Days Past Due Commercial real estate: Owner-occupied $ 484 $ 0 $ 0 Nonowner-occupied 33,370 0 0 Other commercial 65 100 0 Residential real estate 506 0 0 Construction & land development 0 0 0 Consumer: Bankcard 0 0 0 Other consumer 0 0 0 Total $ 34,425 $ 100 $ 0 The following table presents the financial effect of loan and lease modifications to borrowers experiencing financial difficulty for the year ended December 31 2023. For the Year Ended December 31, 2023 Weighted- Interest Rate Reduction Weighted Extension (in years) Commercial Real Estate: Owner-occupied 0.00 % 1.0 Nonowner-occupied 1.50 % 1.4 Other Commercial 0.00 % 1.8 Residential Real Estate 0.00 % 4.6 For the Year Ended December 31, 2023 Weighted- Interest Rate Weighted Average Term Extension (in years) Construction & land development 0.00 % 0 Consumer: Bankcard 0.00 % 0 Other consumer 0.00 % 0 Total 1.50 % 8.8 No loan or lease modifications completed on or after January 1, 2023 through December 31, 2023 to borrowers experiencing financial difficulty had a payment default during the year ended December 31, 2023. 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, 2023 and December 31, 2022: Collateral Dependent Loans and Leases At December 31, 2023 (In thousands) Residential Business Land Commercial Other Total Commercial real estate: Owner-occupied $ 27 $ 0 $ 0 $ 5,208 $ 9,272 $ 14,507 Nonowner-occupied 11,200 0 0 13,555 1,810 26,565 Other commercial 0 891 0 5,193 256 6,340 Residential real estate 9,775 0 0 0 0 9,775 Construction & land development 954 0 3,661 0 3,314 7,929 Consumer: Bankcard 0 0 0 0 0 0 Other consumer 0 0 0 0 0 0 Total $ 21,956 $ 891 $ 3,661 $ 23,956 $ 14,652 $ 65,116 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 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 $3,000,000 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 as well as charge-offs and recoveries by class of loans is as follows: Commercial Real Estate – Owner-occupied Revolving loans converted to Term Loans Revolving loans amortized cost Total (In thousands) Origination Year As of December 31, 2023 2023 2022 2021 2020 2019 Prior basis term loans Internal Risk Grade: Pass $ 132,376 $ 316,117 $ 246,635 $ 248,861 $ 109,182 $ 465,223 $ 29,619 $ 0 $ 1,548,013 Special Mention 0 0 0 0 2,460 15,423 125 0 18,008 Substandard 0 1,734 274 475 436 28,469 449 129 31,966 Doubtful 0 0 0 0 0 244 0 0 244 Total $ 132,376 $ 317,851 $ 246,909 $ 249,336 $ 112,078 $ 509,359 $ 30,193 $ 129 $ 1,598,231 Current-period charge-offs 0 0 0 0 0 (855 ) 0 0 (855 ) Current-period recoveries 0 13 0 0 0 174 0 0 187 Current-period net recoveries (charge-offs) $ 0 $ 13 $ 0 $ 0 $ 0 $ (681 ) $ 0 $ 0 $ (668 ) (In thousands) Term Loans Origination Year Revolving loans amortized cost basis Revolving loans and leases converted to term loans Total As of December 31, 2022 2022 2021 2020 2019 2018 Prior 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 Commercial Real Estate – Nonowner-occupied (In thousands) Term Loans Origination Year Revolving loans amortized cost basis Revolving loans converted to term loans Total As of December 31, 2023 2023 2022 2021 2020 2019 Prior Internal Risk Grade: Pass $ 455,399 $ 1,428,880 $ 1,587,315 $ 717,189 $ 695,492 $ 1,335,526 $ 228,743 $ 106 $ 6,448,650 Special Mention 0 4,614 2,381 25,437 43,017 104,997 30,651 0 211,097 Substandard 0 0 4,020 4,736 3,493 46,347 0 0 58,596 Doubtful 0 0 0 0 0 0 0 0 0 Total $ 455,399 $ 1,433,494 $ 1,593,716 $ 747,362 $ 742,002 $ 1,486,870 $ 259,394 $ 106 $ 6,718,343 Current-period charge-offs 0 0 0 0 0 (24 ) 0 0 (24 ) Current-period recoveries 0 0 0 0 0 1,233 0 0 1,233 Current-period net recoveries $ 0 $ 0 $ 0 $ 0 $ 0 $ 1,209 $ 0 $ 0 $ 1,209 (In thousands) Term Loans Origination Year Revolving loans amortized cost basis Revolving loans and leases converted to term loans Total As of December 31, 2022 2022 2021 2020 2019 2018 Prior 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 Other commercial (In thousands) Term Loans and leases Origination Year Revolving loans and leases amortized cost basis Revolving loans and leases converted to term loans Total As of December 31, 2023 2023 2022 2021 2020 2019 Prior Internal Risk Grade: Pass $ 593,153 $ 596,258 $ 477,457 $ 197,173 $ 187,560 $ 447,430 $ 988,809 $ 13 $ 3,487,853 Special Mention 221 4,798 542 1,775 1,611 2,093 16,901 15 27,956 Substandard 1,059 16,248 306 792 660 11,923 25,597 0 56,585 Doubtful 0 0 0 0 0 46 0 0 46 Total $ 594,433 $ 617,304 $ 478,305 $ 199,740 $ 189,831 $ 461,492 $ 1,031,307 $ 28 $ 3,572,440 Current-period charge-offs (88 ) (163 ) (233 ) 0 (661 ) (567 ) (217 ) (78 ) (2,007 ) Current-period recoveries 0 0 0 0 25 1,699 5 0 1,729 Current-period net (charge-offs) recoveries $ (88 ) $ (163 ) $ (233 ) $ 0 $ (636 ) $ 1,132 $ (212 ) $ (78 ) $ (278 ) (In thousands) Term Loans and leases Origination Year Revolving loans Revolving loans and leases converted to Total As of December 31, 2022 2022 2021 2020 2019 2018 Prior 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 Residential Real Estate (In thousands) Term Loans Origination Year Revolving loans Revolving loans converted to Total As of December 31, 2023 2023 2022 2021 2020 2019 Prior Internal Risk Grade: Pass $ 783,866 $ 1,618,774 $ 850,760 $ 443,514 $ 262,524 $ 863,186 $ 423,302 $ 2,568 $ 5,248,494 Special Mention 0 0 0 0 65 3,561 1,710 0 5,336 Substandard 51 75 386 258 599 14,827 1,121 89 17,406 Doubtful 0 0 0 0 0 0 0 0 0 Total $ 783,917 $ 1,618,849 $ 851,146 $ 443,772 $ 263,188 $ 881,574 $ 426,133 $ 2,657 $ 5,271,236 Current-period charge-offs 0 0 0 0 (785 ) 0 0 0 (785 ) Current-period recoveries 0 0 8 0 688 1 0 0 697 Current-period net recoveries (charge-offs) $ 0 $ 0 $ 8 $ 0 $ (97 ) $ 1 $ 0 $ 0 $ (88 ) (In thousands) Term Loans Origination Year Revolving loans Revolving loans converted to Total As of December 31, 2022 2022 2021 2020 2019 2018 Prior 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 ) Construction and Land Development (In thousands) Term Loans Origination Year Revolving loans amortized cost basis Revolving loans converted to term loans Total As of December 31, 2023 2023 2022 2021 2020 2019 Prior Internal Risk Grade: Pass $ 628,047 $ 1,308,793 $ 827,138 $ 53,004 $ 16,062 $ 60,920 $ 239,390 $ 0 $ 3,133,354 Special Mention 0 2,902 0 62 3,386 258 0 0 6,608 Substandard 0 1,091 2,490 2,470 0 2,232 0 0 8,283 Doubtful 0 0 0 0 0 0 0 0 0 Total $ 628,047 $ 1,312,786 $ 829,628 $ 55,536 $ 19,448 $ 63,410 $ 239,390 $ 0 $ 3,148,245 Current-period charge-offs 0 0 0 0 0 (14 ) 0 0 (14 ) Current-period recoveries 0 0 0 0 0 80 0 0 80 Current-period net recoveries $ 0 $ 0 $ 0 $ 0 $ 0 $ 66 $ 0 $ 0 $ 66 (In thousands) Term Loans Origination Year Revolving loans amortized cost basis Revolving loans converted to term loans Total As of December 31, 2022 2022 2021 2020 2019 2018 Prior 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 Bankcard (In thousands) Term Loans Origination Year Revolving loans amortized cost Revolving loans converted to As of December 31, 2023 2023 2022 2021 2020 2019 Prior basis term loans Total Internal Risk Grade: Pass $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 9,690 $ 0 $ 9,690 Special Mention 0 0 0 0 0 0 145 0 145 Substandard 0 0 0 0 0 0 127 0 127 Doubtful 0 0 0 0 0 0 0 0 0 Total $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 9,962 $ 0 $ 9,962 Current-period charge-offs 0 0 0 0 0 0 (263 ) 0 (263 ) Current-period recoveries 0 0 0 0 0 0 28 0 28 Current-period net charge-offs $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ (235 ) $ 0 $ (235 ) (In thousands) Term Loans Origination Year Revolving loans amortized cost basis Revolving loans converted to term loans Total As of December 31, 2022 2022 2021 2020 2019 2018 Prior 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 ) Other Consumer (In thousands) Term Loans Origination Year Revolving loans amortized cost basis Revolving loans converted to term loans Total As of December 31, 2023 2023 2022 2021 2020 2019 Prior Internal Risk Grade: Pass $ 192,184 $ 428,295 $ 205,015 $ 102,300 $ 62,861 $ 18,876 $ 2,638 $ 0 $ 1,012,169 Special Mention 674 16,031 12,220 4,454 2,050 977 46 0 36,452 Substandard 0 3,010 2,207 647 126 96 21 0 6,107 Doubtful 0 0 0 0 0 0 0 0 0 Total $ 192,858 $ 447,336 $ 219,442 $ 107,401 $ 65,037 $ 19,949 $ 2,705 $ 0 $ 1,054,728 Current-period charge-offs (9 ) (3,205 ) (2,699 ) (933 ) (319 ) (191 ) 0 0 (7,356 ) Current-period recoveries 0 219 125 54 54 235 0 0 687 Current-period net (charge-offs) recoveries $ (9 ) $ (2,986 ) $ (2,574 ) $ (879 ) $ (265 ) $ 44 $ 0 $ 0 $ (6,669 ) (In thousands) Term Loans Origination Year Revolving loans Revolving loans converted to Total As of December 31, 2022 2022 2021 2020 2019 2018 Prior 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 ) |
Allowance for Credit Losses
Allowance for Credit Losses | 12 Months Ended |
Dec. 31, 2023 | |
Receivables [Abstract] | |
Allowance for Credit Losses | N OTE E—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 $88,963,000 and $70,332,000 at December 31, 2023 and December 31, 2022, respectively, related to loans and leases are included separately in “Accrued interest receivable” in the consolidated balance sheets. 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, 2023 and December 31, 2022: Accrued Interest Receivable (In thousands) At December 31, At December 31, Commercial Real Estate: Owner-occupied $ 4,751 $ 4,855 Nonowner-occupied 27,507 19,801 Other Commercial 14,562 10,904 Residential Real Estate 20,718 16,117 Construction 18,504 15,195 Consumer: Bankcard 0 0 Other consumer 2,921 3,460 Total $ 88,963 $ 70,332 The following table represents the accrued interest receivables written off by reversing interest income for the year ended December 31, 2023 and December 31, 2022: Accrued Interest Receivables Written Off by Reversing Interest Income (In thousands) Year Ended 2023 2022 Commercial Real Estate: Owner-occupied $ 31 $ 20 Nonowner-occupied 85 4 Other Commercial 39 77 Residential Real Estate 214 105 Construction 285 0 Consumer: Bankcard 0 0 Other consumer 371 304 Total $ 1,025 $ 510 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 $44,706,000 and $46,189,000 at December 31, 2023 and December 31, 2022, 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, 2023 increased $24,491,000 or 10.43% from December 31, 2022. The overall increase in the allowance was driven primarily by increases in outstanding loan balances and in allocations established for individually assessed loans as well as the impact of changes in the reasonable and supportable forecasts of future macroeconomic conditions. The year of 2023 qualitative adjustments include analyses of the following: • Current conditions • Reasonable and supportable forecasts portfolio-by-portfolio • The forecast for real GDP shifted slightly in the fourth quarter, from a projection of 1.50% for 2024 as of mid-September mid-December • Greater risk of loss in the office portfolio due to continued hybrid and remote work that may be exacerbated by future economic conditions and in the commercial other and construction portfolios due to weakened economic conditions. • 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, 2023 (In thousands) Commercial Real Estate Other Residential Construction & Land Development Bankcard Other Consumer Total Owner- Nonowner- occupied Allowance for Loan and Lease Losses: Beginning balance $ 13,945 $ 38,543 $ 79,706 $ 36,227 $ 48,390 $ 561 $ 17,374 $ 234,746 Charge-offs (855 ) (24 ) (2,007 ) (785 ) (14 ) (263 ) (7,356 ) (11,304 ) Recoveries 187 1,233 1,729 697 80 28 687 4,641 Provision (1,382 ) 18,183 (4,421 ) 5,028 11,457 484 1,805 31,154 Ending balance $ 11,895 $ 57,935 $ 75,007 $ 41,167 $ 59,913 $ 810 $ 12,510 $ 259,237 Allowance for Loan and Lease Losses and Carrying Amount of Loans and Leases For the Year Ended December 31, 2022 Commercial Real Estate Other Commercial Residential Real Estate Construction & Land Development Bankcard Other Total (In thousands) Owner- occupied Nonowner- 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 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) 2023 2022 2021 Balance of allowance for loan and lease losses at beginning of period $ 234,746 $ 216,016 $ 235,830 Initial allowance for acquired PCD loans 0 0 12,629 Gross charge-offs (11,304 ) (9,650 ) (19,297 ) Recoveries 4,641 9,549 10,578 Net charge-offs (6,663 ) (101 ) (8,719 ) Provision for loan and lease losses 31,154 18,831 (23,724 ) Balance of allowance for loan and lease losses at end of period $ 259,237 $ 234,746 $ 216,016 Reserve for lending-related commitments 44,706 46,189 31,442 Balance of allowance for credit losses at end of period $ 303,943 $ 280,935 $ 247,458 |
Bank Premises and Equipment
Bank Premises and Equipment | 12 Months Ended |
Dec. 31, 2023 | |
Property, Plant and Equipment [Abstract] | |
Bank Premises and Equipment | NOTE F—BANK PREMISES AND EQUIPMENT Bank premises and equipment are summarized as follows: December 31 (In thousands) 2023 2022 Land $ 62,506 $ 63,594 Buildings and improvements 204,841 204,255 Leasehold improvements 42,752 42,309 Furniture, fixtures and equipment 118,514 113,900 428,613 424,058 Less allowance for depreciation and amortization (238,093 ) (224,897 ) Bank premises and equipment $ 190,520 $ 199,161 Depreciation expense was $17,191,000, $18,237,000, and $16,583,000 for years endi ng |
Leases
Leases | 12 Months Ended |
Dec. 31, 2023 | |
Leases [Abstract] | |
Leases | NOTE G—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 December 31, Year Ended December 31, (In thousands) Classification Operating lease cost Net occupancy expense $ 21,280 $ 20,987 Sublease income Net occupancy expense (244 ) (328 ) Net lease cost $ 21,036 $ 20,659 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 $ 86,986 $ 71,144 Operating lease liabilities Operating lease liabilities $ 92,885 $ 75,749 Other information related to leases was as follows: December 31, 2023 Weighted-average remaining lease term: Operating leases 7.95 years Weighted-average discount rate: Operating leases 3.20 % Supplemental cash flow information related to leases was as follows: Year Ended (In thousands) December 31, 2023 December 31, 2022 Cash paid for amounts in the measurement of lease liabilities: Operating cash flows from operating leases $ 21,581 $ 21,240 ROU assets obtained in the exchange for lease liabilities 33,403 9,184 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, 2023, consists of the following: Year Amount (Dollars in thousands) 2024 $ 17,921 2025 15,099 2026 13,725 2027 11,932 2028 9,944 Thereafter 38,290 Total lease payments 106,911 Less: imputed interest (14,026 ) Total $ 92,885 |
Intangible Assets
Intangible Assets | 12 Months Ended |
Dec. 31, 2023 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Intangible Assets | NOTE H—INTANGIBLE ASSETS The following is a summary of intangible assets subject to amortization and those not subject to amortization: December 31, 2023 Community Banking Mortgage Banking Total (In thousands) Gross Accumulated Gross Accumulated Gross Accumulated Amortized intangible assets: Core deposit intangible assets $ 105,165 ($ 92,660 ) $ 0 $ 0 $ 105,165 ($ 92,660 ) Goodwill not subject to amortization $ 1,883,574 $ 5,315 $ 1,888,889 December 31, 2022 Community Banking Mortgage Banking Total (In thousands) Gross Accumulated Gross Accumulated Gross 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 The following table sets forth the anticipated amortization expense for intangible assets for the years subsequent to 2023: Year Amount (Dollars in thousands) 2024 $ 3,639 2025 3,282 2026 2,758 2027 1,152 2028 560 2029 and thereafter 1,114 |
Mortgage Servicing Rights
Mortgage Servicing Rights | 12 Months Ended |
Dec. 31, 2023 | |
Servicing Asset [Abstract] | |
Mortgage Servicing Rights | NOTE I—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 $1,202,448,000 and $3,381,485,000 at December 31, 2023 and 2022, respectively. The estimated fair value of the mortgage servicing rights was $13,427,000 and $41,880,000 at December 31, 2023 and December 31, 2022, respectively. The estimated fair value of servicing rights at December 31, 2023 was determined using a net servicing fee of 0.25%, average discount rates ranging from 10.50% to 10.82% with a weighted average discount rate of 10.58%, average constant prepayment rates (“CPR”) ranging from 7.84% to 10.25% with a weighted average prepayment rate of 9.43%, depending upon the stratification of the specific servicing right, and a delinquency rate, including loans on forbearance of 3.29%. 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%. Please refer to Note V 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, 2023 and 2022: (In thousands) Year Ended December 31, Year Ended December 31, MSRs beginning balance $ 21,022 $ 24,027 Amount sold (15,001 ) 0 Amount capitalized 715 1,417 Amount amortized (2,182 ) (4,422 ) MSRs ending balance $ 4,554 $ 21,022 MSRs valuation allowance beginning balance $ 0 $ (883 ) Aggregate additions charged and recoveries credited to operations 0 883 MSRs impairment 0 0 MSRs valuation allowance ending balance $ 0 $ 0 MSRs, net of valuation allowance $ 4,554 $ 21,022 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, 2023 | |
Deposits [Abstract] | |
Deposits | NOTE J—DEPOSITS The book value of deposits consisted of December 31 (In thousands) 2023 2022 Noninterest-bearing accounts $ 6,149,080 $ 7,199,678 Interest-bearing transaction accounts 5,648,135 5,116,966 Regular savings 1,345,258 1,678,302 Interest-bearing money market accounts 6,349,453 6,299,404 Time deposits under $100,000 1,066,092 843,950 Time deposits over $100,000 2,261,301 1,164,866 Total deposits $ 22,819,319 $ 22,303,166 Included in time deposits over $100,000 at December 31, 2023 and 2022 were time deposits of $250,000 or more of $842,118,000 and $454,477,000, respectively. Interest paid on deposits approximated $377,008,000, $77,271,000, and $43,562,000 in 2023, 2022 and 2021, 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 $47,857,000 and $36,476,000 at December 31, 2023 and 2022, respectively. |
Short-Term Borrowings
Short-Term Borrowings | 12 Months Ended |
Dec. 31, 2023 | |
Debt Disclosure [Abstract] | |
Short-Term Borrowings | NOTE K—SHORT-TERM BORROWINGS At December 31, 2023 and 2022, short-term borrowings were as follows: December 31 (In thousands) 2023 2022 Federal funds purchased $ 0 $ 0 Securities sold under agreements to repurchase 196,095 160,698 Total short-term borrowings $ 196,095 $ 160,698 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, 2023, 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, 2023, United had no outstanding balance under this credit. Interest paid on short-term borrowings approximated $6,390,000, $1,747,000, and $693,000 in 2023, 2022 and 2021, respectively. |
Long-Term Borrowings
Long-Term Borrowings | 12 Months Ended |
Dec. 31, 2023 | |
Debt Disclosure [Abstract] | |
Long-Term Borrowings | NOTE L—LONG-TERM BORROWINGS United’s subsidiary bank is a member of the Federal Home Loan Bank (“FHLB”). Membership in the FHLB makes available short-term and long-term borrowings from collateralized advances. All FHLB borrowings are collateralized by a mix of single-family residential mortgage loans, commercial loans and investment securities. At December 31, 2023, the total carrying value of loans pledged as collateral for FHLB advances approximated $6,658,751,000. United had an unused borrowing amount as of December 31, 2023 of approximately $6,737,314,000 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, 2023 and 2022, FHLB advances and the related weighted-average interest rates were as follows: 2023 2022 Weighted- Weighted- Weighted- Weighted- Average Average Average Average Contractual Effective Contractual Effective (Dollars in thousands) Amount Rate Rate Amount Rate Rate FHLB advances $ 1,510,487 5.43 % 3.75 % $ 1,910,775 4.18 % 3.19 % No overnight funds were included in the $1,510,487 , 0 , 0 year-end At December 31, 2023, 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 $10,000,000 in aggregate principal amount of fixed-to-floating 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 (1) Maturity Date United Statutory Trust III December 17, 2003 $ 20,000 3-month CME Term SOFR + 2.85% December 17, 2033 United Statutory Trust IV December 19, 2003 $ 25,000 3-month CME Term SOFR + 2.85% January 23, 2034 United Statutory Trust V July 12, 2007 $ 50,000 3-month CME Term SOFR + 1.55% October 1, 2037 United Statutory Trust VI September 20, 2007 $ 30,000 3-month CME Term SOFR + 1.30% December 15, 2037 Premier Statutory Trust II September 25, 2003 $ 6,000 3-month CME Term SOFR + 3.10% October 8, 2033 Premier Statutory Trust III May 16, 2005 $ 8,000 3-month CME Term SOFR + 1.74% June 15, 2035 Premier Statutory Trust IV June 20, 2006 $ 14,000 3-month CME Term SOFR + 1.55% September 23, 2036 Premier Statutory Trust V December 14, 2006 $ 10,000 3-month CME Term SOFR + 1.61% March 1, 2037 Centra Statutory Trust I September 20, 2004 $ 10,000 3-month CME Term SOFR + 2.29% September 20, 2034 Centra Statutory Trust II June 15, 2006 $ 10,000 3-month CME Term SOFR + 1.65% July 7, 2036 VCBI Capital Trust II December 19, 2002 $ 15,000 6-month CME Term SOFR + 3.30% December 19, 2032 VCBI Capital Trust III December 20, 2005 $ 25,000 3-month CME Term SOFR + 1.42% February 23, 2036 Cardinal Statutory Trust I July 27, 2004 $ 20,000 3-month CME Term SOFR + 2.40% September 15, 2034 UFBC Capital Trust I December 30, 2004 $ 5,000 3-month CME Term SOFR + 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 CME Term SOFR + 3.05% January 7, 2034 Greer Capital Trust I October 12, 2004 $ 6,000 3-month CME Term SOFR + 2.20% October 18, 2034 Greer Capital Trust II December 28, 2006 $ 5,000 3-month CME Term SOFR + 1.73% January 30, 2037 First South Preferred Trust I September 26, 2003 $ 10,000 3-month CME Term SOFR + 2.95% September 30, 2033 BOE Statutory Trust I December 12, 2003 $ 4,000 3-month CME Term SOFR + 3.00% December 12, 2033 (1) The 3-month 6-month At December 31, 2023 and 2022, the Debentures and their related weighted-average interest rates were as follows: 2023 2022 Weighted- Weighted- (Dollars in thousands) Average Average Amount Rate Amount Rate United Statutory Trust III $ 20,619 8.49 % $ 20,619 7.59 % United Statutory Trust IV 25,774 8.50 % 25,774 7.27 % United Statutory Trust V 51,547 7.21 % 51,547 5.29 % United Statutory Trust VI 30,928 6.95 % 30,928 6.07 % Premier Statutory Trust II 6,186 8.76 % 6,186 7.18 % Premier Statutory Trust III 8,248 7.39 % 8,248 6.51 % Premier Statutory Trust IV 14,433 7.17 % 14,433 6.28 % Premier Statutory Trust V 10,310 7.25 % 10,310 6.37 % Centra Statutory Trust I 10,000 7.92 % 10,000 7.04 % Centra Statutory Trust II 10,000 7.31 % 10,000 5.73 % Virginia Commerce Trust II 13,397 8.88 % 13,166 8.45 % Virginia Commerce Trust III 19,373 7.06 % 18,847 6.11 % Cardinal Statutory Trust I 16,414 8.05 % 16,017 7.17 % UFBC Capital Trust I 3,971 7.75 % 3,866 6.87 % Carolina Financial Capital Trust I 5,034 9.00 % 5,022 8.00 % Carolina Financial Capital Trust II 9,572 8.71 % 9,498 7.13 % Greer Capital Trust I 5,341 7.86 % 5,256 6.39 % Greer Capital Trust II 4,184 7.38 % 4,087 6.15 % First South Preferred Trust I 9,513 8.54 % 9,432 7.68 % BOE Statutory Trust I 3,772 8.59 % 3,753 7.75 % Total $ 278,616 7.75 % $ 276,989 6.60 % At December 31, 2023, the scheduled maturities of long-term borrowings were as follows: Year Amount (Dollars in thousands) 2024 $ 1,498,390 2025 10,487 2026 0 2027 0 2028 0 2029 and thereafter 280,226 Total $ 1,789,103 Interest paid on long-term borrowings approximated $84,775,000, $19,143,000, and $10,336,000 in 2023, 2022 and 2021, respectively. |
Other Expense
Other Expense | 12 Months Ended |
Dec. 31, 2023 | |
Other Income and Expenses [Abstract] | |
Other Expense | NOTE M—OTHER EXPENSE The following details certain items of other expense for the periods indicated: Year Ended December 31 (In thousands) 2023 2022 2021 Legal, consulting & other professional services $ 25,604 $ 24,403 $ 17,616 Franchise & other taxes not on income 16,202 13,537 12,412 Expense for reserve on lending-related commitments (1,483 ) 14,747 12,034 Automated Teller Machine (“ATM”) expenses 10,914 10,250 10,519 |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2023 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | NOTE N—INCOME TAXES The income tax provisions included in the consolidated statements of income are summarized as follows: Year Ended December 31 (In thousands) 2023 2022 2021 Current expense: Federal $ 84,441 $ 86,799 $ 76,574 State 15,972 16,244 14,516 Deferred expense: Federal (2,053 ) (6,016 ) 2,742 State (868 ) (871 ) 1,283 Total income taxes $ 97,492 $ 96,156 $ 95,115 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) 2023 2022 2021 Amount % Amount % Amount % Tax on income before taxes at statutory federal rate $ 97,399 21.0 % $ 99,914 21.0 % $ 97,199 21.0 % Plus: State income taxes net of federal tax benefits 11,847 2.6 12,431 2.6 11,520 2.5 109,246 23.6 112,345 23.6 108,719 23.5 Increase (decrease) resulting from: Tax-exempt (2,974 ) (0.6 ) (3,477 ) (0.7 ) (3,303 ) (0.7 ) Tax credits (15,196 ) (3.3 ) (14,326 ) (3.0 ) (11,893 ) (2.6 ) Other items-net 6,416 1.3 1,614 0.3 1,592 0.4 Income taxes $ 97,492 21.0 % $ 96,156 20.2 % $ 95,115 20.6 % For year ended 2023, United incurred a federal income tax benefit of $1,608,000 as compared to federal income expense of $287,000, and $587,000 for the years ended 2022 and 2021, respectively, applicable to the sales and calls of securities. Income taxes paid approximated $106,083, 0 0, 0 0, , 0 Taxes not on income, which consists mainly of business franchise taxes, were $16,202,000, $13,537,000, and $12,412,000, for the years ended December 31, 2023, 2022 and 2021, 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, 2023 and 2022 are as follows: (In thousands) 2023 2022 Deferred tax assets: Allowance for credit losses $ 70,818 $ 65,453 Accrued benefits payable 18,287 17,333 Other accrued liabilities 2,857 655 Unrealized loss on securities available for sale 84,683 109,185 Other real estate owned 512 531 Lease liabilities under operating leases 21,642 17,650 Deferred mortgage points 2,081 4,094 Total deferred tax assets 200,880 214,901 Deferred tax liabilities: Premises and equipment 8,789 6,707 Right-of-use 20,267 16,576 Pension plan accruals 7,251 5,858 Derivatives 12,137 16,104 Purchase accounting intangibles 5,940 5,241 Other 1,497 365 Total deferred tax liabilities 55,881 50,851 Net deferred tax assets $ 144,999 $ 164,050 At December 31, 2023 and 2022, 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) 2023 2022 Unrecognized tax benefits at beginning of year $ 2,521 $ 1,667 Increase in unrecognized tax benefits as a result of tax positions taken during the current period 242 1,423 Decreases in the unrecognized tax benefits as a result of a lapse of the applicable statute of limitations (164 ) (569 ) Unrecognized tax benefits at end of year $ 2,599 $ 2,521 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, 2020, 2021 and 2022 and certain State Taxing authorities for the years ended December 31, 2020 through 2022. As of December 31, 2023, and 2022, the total amount of accrued interest related to uncertain tax positions was $747,000 and $525,000, 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 2023, 2022 and 2021. |
Employee Benefit Plans
Employee Benefit Plans | 12 Months Ended |
Dec. 31, 2023 | |
Retirement Benefits [Abstract] | |
Employee Benefit Plans | NOTE O—EMPLOYEE BENEFIT PLANS United has a defined benefit retirement plan covering qualified employees. Pension benefits are based on years of service and the average of the employee’s highest five consecutive plan years of basic compensation paid during the ten plan years preceding the date of determination. Contributions by United are intended to provide not only for benefits attributed to service to date, but also for those expected to be earned in the future. In September of 2007, after a recommendation by United’s Pension Committee and approval by United’s Board of Directors, the United Bankshares, Inc. Pension Plan (the “Plan”) was amended to change the participation rules. The decision to change the participation rules for the Plan followed current industry trends, as many large and medium size companies have taken similar steps. The amendment provided that employees hired on or after October 1, 2007, will not be eligible to participate in the Plan. However, new employees will continue to be eligible to participate in United’s Savings and Stock Investment 401(k) plan. This change had no impact on current employees hired prior to October 1, 2007 as they will continue to participate in the Plan, with no change in benefit provisions, and will continue to be eligible to participate in United’s Savings and Stock Investment 401(k) Plan. 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, 2023 2022 2021 Service cost $ 1,440 $ 2,669 $ 2,936 Interest cost 7,134 4,988 4,241 Expected return on plan assets (11,762 ) (12,942 ) (11,874 ) Recognized net actuarial loss 3,347 3,645 6,770 Net periodic pension cost (income) $ 159 $ (1,640 ) $ 2,073 Weighted-Average Assumptions: Discount rate 5.26 % 3.08 % 2.81 % Expected return on assets 7.25 % 6.25 % 6.25 % 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, 2023 2022 2021 Net actuarial gain $ (2,635 ) $ (2,195 ) $ (14,286 ) Amortization of actuarial loss (3,347 ) (3,645 ) (6,770 ) Total recognized in other comprehensive income $ (5,982 ) $ (5,840 ) $ (21,056 ) Included in accumulated other comprehensive income at December 31, 2023 are unrecognized actuarial losses of $32,548,000 ($20,817,000 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, 2023 and 2022 and the accumulated benefit obligation at December 31, 2023 and 2022 are as follows: (Dollars in thousands) December 31, 2023 2022 Change in Projected Benefit Obligation Projected Benefit Obligation at the Beginning of the Year $ 140,609 $ 192,973 Service Cost 1,440 2,669 Interest Cost 7,134 4,988 Actuarial Loss (Gain) 4,918 (46,617 ) Lump Sum Window Payments /Annuity Purchase Payments (4,546 ) (7,312 ) Benefits Paid (6,249 ) (6,092 ) Projected Benefit Obligation at the End of the Year $ 143,306 $ 140,609 Accumulated Benefit Obligation at the End of the Year $ 131,758 $ 129,927 Change in Plan Assets Fair Value of Plan Assets at the Beginning of the Year $ 165,320 $ 210,204 Actual Return on Plan Assets 19,315 (31,480 ) Lump Sum Window Payments /Annuity Purchase Payments (4,546 ) (7,312 ) Benefits Paid (6,249 ) (6,092 ) Fair Value of Plan Assets at End of Year $ 173,840 $ 165,320 Net Amount Recognized Funded Status $ 30,534 $ 24,710 Unrecognized Actuarial Net Loss 32,548 38,530 Net Amount Recognized $ 63,082 $ 63,240 Weighted-Average Assumptions at the End of the Year Discount Rate 5.07 % 5.25 % 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 2024 Allowable Percentage of Plan Assets at December 31, December 31, Equity Securities 47 % 20-70 % 56 % 66 % Fixed Income Securities 43 % 20-50 % 41 % 32 % Other 10 % 0-25 % 3 % 2 % Total 100 % 100 % Equity securities include United common stock in the amounts of $3,974,000 (4%) at December 31, 2023 and 4,285,000 (4%) at December 31, 2022 . 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, 2023, 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) 2024 $ 6,716 2025 7,122 2026 7,534 2027 7,957 2028 8,407 2029 through 2033 46,050 United did not contribute to the plan in 2023, 2022 or in 2021 as no contributions were required by funding regulations or law. For 2024, no contributions to the plan are required by funding regulations or law. However, United may make a discretionary contribution in 2024, 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, 2023 and 2022: Fair Value Measurements at December 31, 2023 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 $ 4,565 $ 4,565 $ 0 $ 0 Fixed Income Debt Securities: U.S. Government and agencies 20,052 20,052 0 0 Mortgage backed securities 7,440 7,440 0 0 Municipal obligations 1,551 1,551 0 0 Corporate bonds 8,030 8,030 0 0 Fixed Income Mutual Funds: General 34,083 34,083 0 0 Equity Securities: Common stock 23,868 23,868 0 0 Equity Mutual Funds: Domestic equity large cap 29,894 29,894 0 0 Domestic equity small cap 13,256 13,256 0 0 Alternative equity 15,376 15,376 International emerging equity 3,990 3,990 0 0 International equity developed 11,735 11,735 0 0 Total $ 173,840 $ 173,840 $ 0 $ 0 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 0 0 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 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 $7,590,000, $8,242,000, and $7,984,000 in 2023, 2022 and 2021, respectively. The assets of United’s defined benefit plan and 401(k) Plan each include investments in United common stock. At December 31, 2023 and 2022, the combined plan assets included 1,828,171 and 1,662,179 shares, respectively, of United common stock with an approximate fair value of $68,648,000 and $67,302,000, respectively. Dividends paid on United common stock held by the plans approximated $2,468,000, $2,340,000, and $2,060,000 for the years ended December 31, 2023, 2022, and 2021, 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, 2023 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Stock Based Compensation | NOTE P—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 three S-8 During the year of 2023, a total of 150,732 shares of restricted stock and 177,368 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, 2023, and the changes during the year of 2023 are presented below: Year ended December 31, 2023 Weighted Average (Dollars in thousands, except per share amounts) Shares Aggregate Remaining Exercise Outstanding at January 1, 2023 1,501,212 $ 34.64 Exercised (75,361 ) 26.88 Forfeited or expired (88,469 ) 28.74 Outstanding at December 31, 2023 1,337,382 $ 4,785 3.8 $ 35.47 Exercisable at December 31, 2023 1,280,856 $ 4,500 3.7 $ 35.60 The following table summarizes the status of United’s nonvested awards for the year ended December 31, 2023: Shares Weighted-Average Nonvested at January 1, 2023 170,892 $ 6.16 Vested (114,053 ) 6.41 Forfeited or expired (313 ) 5.65 Nonvested at December 31, 2023 56,526 $ 5.65 As of December 31, 2023, the total unrecognized compensation cost related to nonvested option awards was $52,000 with a weighted-average expense recognition period of 0.2 years. The total fair value of awards vested during the year ended December 31, 2023, was $731,000. Cash received from options exercised under the Plans for the years ended December 31, 2023, 2022 and 2021 was $1,750, 000, 000, 000, ASC Topic 230, “Statement of Cash Flows,” requires the benefits of tax deductions in excess of recognized compensation cost to be reported as an operating cash flow. This requirement reduces net operating cash flows. While the company cannot estimate what those amounts will be in the future (because they depend on, among other things, the date employees exercise stock options), United recognized cash flows used in operating activities of $128, 000, 000 ,000 Restricted Stock Under the 2020 LTI Plan, United may award restricted common shares to key employees and non-employee The following summarizes the changes to United’s restricted common shares for the year ended December 31, 2023: Number of Weighted-Average Outstanding at January 1, 2023 373,220 $ 35.43 Granted 150,732 40.98 Vested (181,725 ) 35.63 Forfeited (8,295 ) 38.53 Outstanding at December 31, 2023 333,932 $ 37.75 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, 2023: Shares Weighted-Average Nonvested at January 1, 2023 266,159 $ 35.45 Granted 177,368 40.40 Vested (37,912 ) 36.64 Forfeited or expired (42,113 ) 37.19 Nonvested at December 31, 2023 363,502 $ 37.53 As of December 31, 2023, the total unrecognized compensation cost related to nonvested restricted stock units was $6,876,000 with a weighted-average expense recognition period of 1.1 years. |
Commitments and Contingent Liab
Commitments and Contingent Liabilities | 12 Months Ended |
Dec. 31, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingent Liabilities | NOTE Q—COMMITMENTS AND CONTINGENT LIABILITIES Lending-related Commitments United is a party to financial instruments with off-balance-sheet United’s maximum exposure to credit loss in the event of nonperformance by the counterparty to the financial instrument for the loan commitments and standby letters of credit is the contractual or notional amount of those instruments. United uses the same policies in making commitments and conditional obligations as it does for on-balance Commitments to extend credit are agreements to lend to a customer as long as there is no violation of any condition established in the commitment contract. Commitments generally have fixed expiration dates or other termination clauses and may require the payment of a fee. Since many of the commitments are expected to expire without being drawn upon, the total commitment amounts do not necessarily, and historically do not, represent future cash requirements. The amount of collateral obtained, if deemed necessary upon the extension of credit, is based on management’s credit evaluation of the counterparty. United had approximately $6,851,890,000 and $7,250,155,000 of loan commitments outstanding as of December 31, 2023 and December 31, 2022, respectively, approximately 39% of which contractually expire within one year. Excluded in the December 31, 2023 and December 31, 2022 amounts above are commitments to extend credit of $416,095,000 and $719,841,000, respectively, related to mortgage loan funding commitments of United’s mortgage banking activities 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, 2023 and December 31, 2022, United had $16,233,000 and $16,389,000 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 $147,705,000 and $147,511,000 as of December 31, 2023 and December 31, 2022, 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 Related to its mortgage banking activities, United 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 reserve was immaterial as of December 31, 2023 and December 31, 2022. United has derivative counter-party risk that may arise from the possible inability of United’s mortgage banking third party investors to meet the terms of their forward sales contracts. United works with mortgage-banking 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 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, 2023 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Financial Instruments | NOTE R—DERIVATIVE FINANCIAL INSTRUMENTS United uses derivative instruments to help aid against adverse price changes or interest rate movements on the value of certain assets or liabilities and on future cash flows. These derivatives may consist of interest rate swaps, caps, floors, collars, futures, forward contracts, written and purchased options. United also executes derivative instruments with its commercial banking customers to facilitate its risk management strategies. 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, 2023, 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 $18,905,000 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, 2023 and December 31, 2022. Asset Derivatives December 31, 2023 December 31, 2022 (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 $ 12,032 $ 611 Other assets $ 55,073 $ 4,038 Total Fair Value Hedges $ 12,032 $ 611 $ 55,073 $ 4,038 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 $ 512,032 $ 611 $ 555,073 $ 4,038 Derivatives not designated as hedging instruments Forward loan sales commitments Other assets $ 3,880 $ 93 Other assets $ 15,475 $ 220 TBA mortgage-backed securities Other assets 0 0 Other assets 22,649 146 Interest rate lock commitments Other assets 99,278 1,144 Other assets 73,412 1,146 Total derivatives not designated as hedging instruments $ 103,158 $ 1,237 $ 111,536 $ 1,512 Total asset derivatives $ 615,190 $ 1,848 $ 666,609 $ 5,550 Liability Derivatives December 31, 2023 December 31, 2022 (In thousands) Balance Sheet Location Notional Amount Fair Value Balance Sheet Location Notional Amount Fair Value Derivatives not designated as hedging instruments Forward loan sales commitments Other liabilities $ 0 $ 0 Other liabilities $ 0 $ 0 TBA mortgage-backed securities Other liabilities 77,115 678 Other liabilities 63,000 213 Interest rate lock commitments Other liabilities 0 0 Other liabilities 48,949 348 Total derivatives not designated as hedging instruments $ 77,115 $ 678 $ 111,949 $ 561 Total liability derivatives $ 77,115 $ 678 $ 111,949 $ 561 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, 2023 and December 31, 2022. (In thousands) Derivatives in Fair Value Hedging Relationships Location in the Statement December 31, 2023 Carrying Amount of Cumulative Amount Cumulative Amount of Interest rate swaps Loans, net of unearned income $ 12,032 $ (632 ) $ 0 December 31, 2022 (In thousands) Derivatives in Fair Value Hedging Relationships Location in the Statement Carrying Amount of Cumulative Amount Cumulative Amount of Interest rate swaps Loans, net of unearned income $ 55,770 $ (3,069 ) $ 0 Derivative contracts involve the risk of dealing with both bank customers and institutional derivative counterparties and their ability to meet contractual terms. Credit risk arises from the possible inability of counterparties to meet the terms of their contracts. United’s exposure is limited to the replacement value of the contracts rather than the notional amount of the contract. The Company’s agreements generally contain provisions that limit the unsecured exposure up to an agreed upon threshold. Additionally, the Company attempts to minimize credit risk through certain approval processes established by management. The effect of United’s derivative financial instruments on its Consolidated Statements of Income for the years ended December 31, 2023, 2022 and 2021 is presented as follows: 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 (1) $ 23,574 $ 5,782 $ (1,354 ) Fair Value Hedges: Interest rate swap contracts Interest and fees on loans and leases $ 117 $ (177 ) $ (1,744 ) Total derivatives in hedging relationships $ 23,691 $ 5,605 $ (3,098 ) Derivatives not designated as hedging instruments Forward loan sales commitments Income from Mortgage Banking Activities (127 ) (174 ) (1,187 ) TBA mortgage-backed securities Income from Mortgage Banking Activities (611 ) 276 5,932 Interest rate lock commitments Income from Mortgage Banking Activities (240 ) (8,373 ) (22,219 ) Total derivatives not designated as hedging instruments $ (978 ) $ (8,271 ) $ (17,474 ) Total derivatives $ 22,713 $ (2,666 ) $ (20,572 ) (1) Decreases or increases in interest expense are expressed as positive or negative amounts, respectively, based on their impact to net income. For the years ended December 31, 2023, 2022 and 2021, changes in the fair value of any interest rate swaps attributed to hedge ineffectiveness were recorded, but were not significant to United’s Consolidated Statements of Income. |
Comprehensive Income
Comprehensive Income | 12 Months Ended |
Dec. 31, 2023 | |
Equity [Abstract] | |
Comprehensive Income | NOTE S—COMPREHENSIVE INCOME The changes in accumulated other comprehensive income are as follows: For the Years Ended December 31 (In thousands) 2023 2022 2021 Net Income $ 366,313 $ 379,627 $ 367,738 Available for sale (“AFS”) securities: Change in net unrealized gains (losses) on AFS securities arising during the period 98,627 (481,007 ) (72,257 ) Related income tax effect (22,980 ) 112,075 16,836 Net reclassification adjustment for losses (gains) included in net income 7,659 (2 ) (1,552 ) Related income tax effect (1,785 ) 0 362 81,521 (368,934 ) (56,611 ) Net effect of AFS securities on other comprehensive income 81,521 (368,934 ) (56,611 ) Cash flow hedge derivatives: Unrealized gain on cash flow hedge before reclassification to interest expense 6,548 53,572 15,597 Related income tax effect (1,526 ) (12,482 ) (3,634 ) Net reclassification adjustment for (gains) losses included in net income (23,574 ) (5,782 ) 1,354 Related income tax effect 5,493 1,347 (316 ) Net effect of cash flow hedge derivatives on other comprehensive income (13,059 ) 36,655 13,001 Defined benefit pension plan: Net actuarial gain during the period 2,635 2,195 14,286 Related income tax expense (613 ) (512 ) (483 ) Amortization of net actuarial loss recognized in net income 3,347 3,645 6,770 Related income tax effect (780 ) (893 ) (4,221 ) Net effect of change in defined benefit pension plan on other comprehensive income 4,589 4,435 16,352 Total change in other comprehensive income, net of tax 73,051 (327,844 ) (27,258 ) Total Comprehensive Income $ 439,364 $ 51,783 $ 340,480 The components of accumulated other comprehensive income for the year ended December 31, 2023 are as follows: Changes in Accumulated Other Comprehensive Income (AOCI) by Component (a) For the Year Ended December 31, 2023 (Dollars in thousands) Unrealized Gains/Losses on AFS Securities Unrealized Gains/Losses on Cash Flow Hedges Defined Benefit Pension Items Total Balance at January 1, 2023 $ (360,340 ) $ 53,014 $ (25,406 ) $ (332,732 ) Other comprehensive income before reclassification 75,647 5,022 0 80,669 Amounts reclassified from accumulated other comprehensive income 5,874 (18,081 ) 4,589 (7,618 ) Net current-period other comprehensive income (loss), net of tax 81,521 (13,059 ) 4,589 73,051 Balance at December 31, 2023 $ (278,819 ) $ 39,955 $ (20,817 ) $ (259,681 ) (a) All amounts are net-of-tax. Reclassifications out of Accumulated Other Comprehensive Income (AOCI) For the Year Ended December 31, 2023 (In thousands) Details about AOCI Components Amount Reclassified from AOCI Affected Line Item in the Statement Where Net Income is Presented Available for sale (“AFS”) securities: Net reclassification adjustment for gains included in net income $ 7,659 Net investment securities gains 7,659 Total before tax Related income tax effect (1,785 ) Tax expense 5,874 Net of tax Reclassifications out of Accumulated Other Comprehensive Income (AOCI) For the Year Ended December 31, 2023 (In thousands) Details about AOCI Components Amount Reclassified from AOCI Affected Line Item in the Statement Where Net Income is Presented Cash flow hedge: Net reclassification adjustment for gains included in net income $ (23,574 ) Interest expense (23,574 ) Total before tax Related income tax effect 5,493 Tax expense (18,081 ) Net of tax Pension plan: Recognized net actuarial gain 2,635 (a) Amortization of net actuarial loss 3,347 (b) 5,982 Total before tax Related income tax effect (1,393 ) Tax expense 4,589 Net of tax Total reclassifications for the period $ (7,618 ) (a) This AOCI component is included in the computation of changes in plan assets (see Note O, Employee Benefit Plans) (b) This AOCI component is included in the computation of net periodic pension cost (see Note O, Employee Benefit Plans) |
United Bankshares, Inc. (Parent
United Bankshares, Inc. (Parent Company Only) Financial Information | 12 Months Ended |
Dec. 31, 2023 | |
Condensed Financial Information Disclosure [Abstract] | |
United Bankshares, Inc. (Parent CompanyOnly) Financial Information | NOTE T—UNITED BANKSHARES, INC. (PARENT COMPANY ONLY) FINANCIAL INFORMATION Condensed Balance Sheets December 31 (In thousands) 2023 2022 Assets Cash and due from banks $ 238,256 $ 253,411 Securities available for sale 5,846 6,184 Securities held to maturity 20 20 Equity securities 3,735 2,490 Other investment securities 20,704 19,179 Investment in subsidiaries: Bank subsidiaries 4,818,320 4,575,098 Nonbank subsidiaries 54,556 43,349 Goodwill (16,715 ) (16,715 ) Other assets 28,315 24,993 Total Assets $ 5,153,037 $ 4,908,009 Liabilities and Shareholders’ Equity Subordinated notes $ 0 $ 9,892 Junior subordinated debentures of subsidiary trusts 278,617 276,989 Accrued expenses and other liabilities 103,180 104,935 Shareholders’ equity (including other accumulated comprehensive losses of $259,681 and $332,732 at December 31, 2023 and 2022, respectively) 4,771,240 4,516,193 Total Liabilities and Shareholders’ Equity $ 5,153,037 $ 4,908,009 Condensed Statements of Income Year Ended December 31 (In thousands) 2023 2022 2021 Income Dividends from banking subsidiaries $ 217,000 $ 272,500 $ 287,500 Net interest income 970 446 335 Management fees: Bank subsidiaries 43,852 35,931 39,678 Nonbank subsidiaries 27 27 27 Other income 2,167 3,053 3,418 Total Income 264,016 311,957 330,958 Expenses Operating expenses 67,968 50,242 47,273 Condensed Statements of Income Year Ended December 31 (In thousands) 2023 2022 2021 Income Before Income Taxes and Equity in Undistributed Net Income of Subsidiaries 196,048 261,715 283,685 Applicable income tax benefit (4,521 ) (2,196 ) (779 ) Income Before Equity in Undistributed Net Income of Subsidiaries 200,569 263,911 284,464 Equity in undistributed net income of subsidiaries: Bank subsidiaries 170,997 117,594 83,507 Nonbank subsidiaries (5,253 ) (1,878 ) (233 ) Net Income $ 366,313 $ 379,627 $ 367,738 Condensed Statements of Cash Flows Year Ended December 31 (In thousands) 2023 2022 2021 Operating Activities Net income $ 366,313 $ 379,627 $ 367,738 Adjustments to reconcile net income to net cash provided by operating activities: Equity in undistributed net income of subsidiaries (165,744 ) (115,716 ) (83,274 ) Amortization of net periodic pension costs 204 220 203 Stock-based compensation 12,463 9,881 8,018 Excess tax benefits from stock-based compensation arrangements 128 1,040 303 Net change in other assets and liabilities (5,420 ) (6,118 ) 2,519 Net Cash Provided by Operating Activities 207,944 268,934 295,507 Investing Activities Net proceeds from (purchases) sales of debt securities 338 (426 ) 1,449 Net (purchases) proceeds from sales of equity securities (1,303 ) 4,186 (1,016 ) Net cash received in acquisition of subsidiary 0 0 1,072 Increase in investment in subsidiaries (16,000 ) (13,000 ) (3,500 ) Change in other investment securities (1,525 ) (6,144 ) (2,310 ) Net Cash Used in Investing Activities (18,490 ) (15,384 ) (4,305 ) Financing Activities Repayment of subordinated notes (10,250 ) 0 0 Cash dividends paid (194,727 ) (193,041 ) (181,277 ) Acquisition of treasury stock (1,382 ) (79,460 ) (11,211 ) Proceeds from exercise of stock options 1,750 10,295 5,206 Net Cash Used in Financing Activities (204,609 ) (262,206 ) (187,282 ) (Decrease) Increase in Cash and Cash Equivalents (15,155 ) (8,656 ) 103,920 Cash and Cash Equivalents at Beginning of Year 253,411 262,067 158,147 Cash and Cash Equivalents at End of Year $ 238,256 $ 253,411 $ 262,067 |
Regulatory Matters
Regulatory Matters | 12 Months Ended |
Dec. 31, 2023 | |
Deposits [Abstract] | |
Regulatory Matters | NOTE U—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, 2023 and 2022 were approximately $813,480,000 and $1,577,485,000, respectively. No reserve balance for the year ended December 31, 2023 and 2022 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 2024, the retained net profits available for distribution to United by United Bank as dividends without regulatory approval, are approximately $288,591,000, 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, 2023, 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, in December 2017, the Basel Committee published standards that it described as the finalization of the Basel III post-crisis regulatory reforms. The quantitative measures established by the Basel III regulation to ensure capital adequacy require United and United Bank to maintain minimum amounts and ratios of total, Tier I capital, and common Tier I capital as defined in the regulations, to risk-weighted assets, as defined, and of Tier I capital, as defined, to average assets, as defined. 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, 2023, United exceeds all capital adequacy requirements to which it is subject. At December 31, 2023, 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, 2023: Total Capital (to Risk-Weighted Assets): United Bankshares $ 3,700,453 15.4 % $ 1,924,541 ≥ 8.0 % $ 2,405,676 ≥ 10.0 % United Bank 3,440,096 14.4 % 1,916,834 ≥ 8.0 % 2,396,043 ≥ 10.0 % Tier I Capital (to Risk-Weighted Assets): United Bankshares $ 3,162,118 13.1 % $ 1,443,405 ≥ 6.0 % $ 1,924,541 ≥ 8.0 % United Bank 3,190,950 13.3 % 1,437,626 ≥ 6.0 % 1,916,834 ≥ 8.0 % Common Tier I Capital (to Risk Weighted Assets): United Bankshares $ 3,162,118 13.1 % $ 1,082,554 ≥ 4.5 % $ 1,563,689 ≥ 6.5 % United Bank 3,190,950 13.3 % 1,078,219 ≥ 4.5 % 1,557,428 ≥ 6.5 % Tier I Capital (to Average Assets): United Bankshares $ 3,162,118 11.4 % $ 1,110,296 ≥ 4.0 % $ 1,387,870 ≥ 5.0 % United Bank 3,190,950 11.5 % 1,108,321 ≥ 4.0 % 1,385,401 ≥ 5.0 % 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 % 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, 2023 was $2,500,000. George Mason’s net worth and Crescent’s net worth were $153,854,000 and $103,525,000 at December 31, 2023, which both exceeded the HUD requirements. |
Fair Values of Financial Instru
Fair Values of Financial Instruments | 12 Months Ended |
Dec. 31, 2023 | |
Fair Value Disclosures [Abstract] | |
Fair Values of Financial Instruments | NOTE V—FAIR VALUES OF FINANCIAL INSTRUMENTS In accordance with ASC Topic 820, the following describes the valuation techniques used by United to measure certain financial assets and liabilities recorded at fair value on a recurring basis in the financial statements. Securities available for sale and equity securities bid-ask available-for-sale Loans held for sale 99 Table of Contents 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, through its mortgage banking channel, 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 related to mortgage banking activities, 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. 100 Table of Contents The following table presents the balances of financial assets and liabilities measured at fair value on a recurring basis as of December 31, 2023 and 2022, segregated by the level of the valuation inputs within the fair value hierarchy: Fair Value at December 31, 2023 Using (In thousands) Description Balance as of December 31, 2023 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 $ 484,950 $ 0 $ 484,950 $ 0 State and political subdivisions 533,831 0 533,831 0 Residential mortgage-backed securities Agency 1,049,941 0 1,049,941 0 Non-agency 90,611 0 90,611 0 Commercial mortgage-backed securities Agency 459,298 0 459,298 0 Asset-backed securities 860,638 0 860,638 0 Single issue trust preferred securities 15,141 0 15,141 0 Other corporate securities 291,967 5,159 286,808 0 Total available for sale securities 3,786,377 5,159 3,781,218 0 Equity securities: Financial services industry 211 211 0 0 Equity mutual funds (1) 3,524 3,524 0 0 Fixed income mutual funds 5,210 5,210 0 0 Total equity securities 8,945 8,945 0 0 Loans held for sale 56,261 0 4,283 51,978 Derivative financial assets: Interest rate swap contracts 611 0 611 0 Forward sales commitments 93 0 60 33 Interest rate lock commitments 1,144 0 139 1,005 Total derivative financial assets 1,848 0 810 1,038 Liabilities Derivative financial liabilities: TBA mortgage-backed securities 678 0 11 667 Total derivative financial liabilities 678 0 11 667 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 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 (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, 2023 and 2022. The following tables present additional information about financial assets and liabilities measured at fair value at December 31, 2023 and 2022 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, 2023 December 31, Balance, beginning of period $ 44,871 $ 464,109 Originations 1,156,616 2,360,908 Sales (1,179,612 ) (2,673,795 ) Transfers to portfolio loans 0 (154,699 ) Total gains during the period recognized in earnings 30,103 48,348 Balance, end of period $ 51,978 $ 44,871 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 $ 1,142 $ (9,852 ) (In thousands) Derivative financial assets TBA securities December 31, 2023 December 31, Balance, beginning of period $ 26 $ 61 Transfers other (26 ) (35 ) Balance, end of period $ 0 $ 26 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 $ 26 (In thousands) Derivative financial assets Forward sales commitments December 31, 2023 December 31, Balance, beginning of period $ 6 $ 0 Transfers other 27 6 Balance, end of period $ 33 $ 6 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 $ 33 $ 6 Derivative financial assets Interest rate lock commitments (In thousands) December 31, 2023 December 31, Balance, beginning of period $ 844 $ 9,444 Transfers other 161 (8,600 ) Balance, end of period $ 1,005 $ 844 The amount of total gains for the period included in earnings (or changes in net assets) attributable to the change in unrealized gains or losses relating to assets still held at reporting date $ 1,005 $ 844 (In thousands) Derivative financial liabilities Forward sales commitments December 31, 2023 December 31, Balance, beginning of period $ 0 $ 36 Transfers other 0 (36 ) Balance, end of period $ 0 $ 0 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 $ 0 Derivative financial liabilities TBA securities (In thousands) December 31, 2023 December 31, Balance, beginning of period $ 213 $ 470 Transfers other 454 (257 ) Balance, end of period $ 667 $ 213 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 $ 667 $ 213 (In thousands) Derivative financial liabilities Interest rate lock commitments December 31, 2023 December 31, Balance, beginning of period $ 348 $ 25 Transfers other (348 ) 323 Balance, end of period $ 0 $ 348 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 $ 348 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, 2023 Year Ended December 31, 2022 Income from mortgage banking activities $ 1,175 $ (10,367 ) 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, 2023 December 31, 2022 (In thousands) Description Unpaid Fair Fair Value Unpaid Fair Value Fair Value Loans held for sale $ 54,377 $ 56,261 $ 1,884 $ 56,170 $ 56,879 $ 709 No loans held for sale were past due or on nonaccrual status as of December 31, 2023 and 2022. Assets and Liabilities Measured at Fair Value on a Nonrecurring Basis Certain financial assets are measured at fair value on a nonrecurring basis in accordance with GAAP. Adjustments to the fair value of these assets usually result from the application of lower-of-cost-or-market The following describes the valuation techniques used by United to measure certain financial assets recorded at fair value on a nonrecurring basis in the financial statements. Individually assessed loans OREO bi-annual Intangible Assets more-likely-than-not Mortgage Servicing Rights (“MSRs”): The following table summarizes United’s financial assets that were measured at fair value on a nonrecurring basis during the period: (In thousands) Description Balance as of December 31, 2023 Fair Value at December 31, 2023 YTD Gains Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Assets Individually assessed loans $ 45,308 $ 0 $ 44,722 $ 586 $ 314 OREO 2,615 0 2,615 0 (67 ) (In thousands) Description Balance as of December 31, 2022 Fair Value at December 31, 2022 YTD Gains (Losses) Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Assets Individually assessed loans $ 6,125 $ 0 $ 1,801 $ 4,324 $ 327 OREO 2,052 0 2,013 39 (96 ) 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, 2023 Cash and cash equivalents $ 1,598,943 $ 1,598,943 $ 0 $ 1,598,943 $ 0 Securities available for sale 3,786,377 3,786,377 5,159 3,781,218 0 Securities held to maturity 1,003 1,020 0 0 1,020 Equity securities 8,945 8,945 8,945 0 0 Other securities 329,429 312,958 0 0 312,958 Loans held for sale 56,261 56,261 0 4,283 51,978 Net loans 21,099,847 20,463,710 0 0 20,463,710 Derivative financial assets, 1,848 1,848 0 810 1,038 Mortgage servicing rights 4,554 13,427 0 0 13,427 Deposits 22,819,319 22,760,310 0 22,760,310 0 Short-term borrowings 196,095 196,095 0 196,095 0 Long-term borrowings 1,789,103 1,769,123 0 1,769,123 0 Derivative financial liabilities 678 678 0 11 667 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 |
Variable Interest Entities
Variable Interest Entities | 12 Months Ended |
Dec. 31, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Variable Interest Entities | NOTE W—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. 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. At December 31, 2023 and 2022, United’s investment (maximum exposure to loss) in these trusts were $11,751,000 and $11,277,000, 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, 2023 and 2022, United’s investment (maximum exposure to loss) in these low income housing and community development partnerships were $87,554,000 and $75,021,000, respectively, while related unfunded commitments were $63,539,000 and $77,143,000, respectively. As of December 31, 2023, United expects to recover its remaining investments through the use of the tax |
Quarterly Financial Data
Quarterly Financial Data | 12 Months Ended |
Dec. 31, 2023 | |
Quarterly Financial Information Disclosure [Abstract] | |
Quarterly Financial Data | NOTE X—QUARTERLY FINANCIAL DATA (UNAUDITED) Quarterly financial data for 2023 and 2022 is summarized below: (Dollars in thousands, except per share data) 1st Quarter 2nd Quarter 3rd Quarter 4th Quarter 2023 Interest income $ 329,303 $ 345,932 $ 356,910 $ 369,175 Interest expense 94,983 118,471 128,457 139,485 Net interest income 234,320 227,461 228,453 229,690 Provision for credit losses 6,890 11,440 5,948 6,875 Mortgage banking income 6,384 7,907 7,556 4,746 Securities (losses) gains, net (405 ) (7,336 ) (181 ) 276 Other noninterest income 26,765 34,607 26,286 28,653 Noninterest expense 137,419 135,288 135,230 152,287 Income taxes 24,448 23,452 24,779 24,813 Net income (1) 98,307 92,459 96,157 79,390 Per share data: Average shares outstanding (000s): Basic 134,411 134,683 134,685 134,691 Diluted 134,840 134,850 134,888 134,985 Net income per share: Basic $ 0.73 $ 0.68 $ 0.71 $ 0.59 Diluted $ 0.73 $ 0.68 $ 0.71 $ 0.59 Dividends per share $ 0.36 $ 0.36 $ 0.36 $ 0.37 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 Mortgage banking income 19,203 12,445 6,422 4,620 Securities (losses) gains, 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 (1) For further information, see the related discussion “Quarterly Results” included in Management’s Discussion and Analysis. |
Subsequent Event
Subsequent Event | 12 Months Ended |
Dec. 31, 2023 | |
Subsequent Events [Abstract] | |
Subsequent Events [Text Block] | NOTE Y—SUBSEQUENT EVENT Agreement to Acquire Piedmont Bancorp, Inc. On May 9, 2024, United entered into an Agreement and Plan of Merger (the “Merger Agreement”) with Piedmont Bancorp, Inc., a Georgia corporation (“Piedmont”). The Merger Agreement provides that, upon the terms and subject to the conditions set forth therein, Piedmont will merge with and into United (the “Merger”), with United as the surviving corporation in the Merger. Immediately following the Merger, Piedmont’s wholly-owned subsidiary, The Piedmont Bank, a state bank chartered under the laws of the State of Georgia, will merge with and into United’s wholly-owned subsidiary, United Bank, a state bank chartered under the laws of the Commonwealth of Virginia (the “Bank Merger”), with United Bank as the surviving bank in the Bank Merger. The Merger Agreement was approved and adopted by the board of directors of each of United and Piedmont. Piedmont is a well-capitalized, single bank holding company headquartered in Atlanta, Georgia with total assets of approximately $2.1 billion, total loans of approximately $1.7 billion, total liabilities of approximately $1.9 billion, total deposits of approximately $1.8 billion, and total shareholders’ equity of approximately $195 million as of March 31, 2024. Piedmont is the holding company for The Piedmont Bank, a Georgia state-chartered bank, with sixteen locations in the State of Georgia. Subject to the terms and conditions of the Merger Agreement, at the effective time of the Merger (the “Effective Time”), each share of common stock, $0.01 par value, of Piedmont (“Piedmont Common Stock”) outstanding immediately prior to the Effective Time, other than certain shares of Piedmont Common Stock held by United and its subsidiaries, will be converted into the right to receive, without interest, (a) 0.300 of a share (the “Exchange Ratio”) of common stock, $2.50 par value, of United (“United Common Stock” and such consideration is hereinafter referred to as the “Merger Consideration”) and (b) cash in lieu of fractional shares. At the Effective Time, (i) each option to purchase shares of Piedmont Common Stock will fully vest and will be cashed out based on a formula that takes into account the difference between the exercise price and the volume-weighted average of the closing sales price on Nasdaq of United Common Stock for the 10 full trading days ending on the second trading day immediately preceding the Effective Time and the Exchange Ratio, (ii) each warrant to purchase shares of Piedmont Common Stock will fully vest and holders will have the option to convert into the right to receive shares of United Common Stock based on the exchange ratio or be cashed out based on the same formula applicable to option holders, and (iii) each restricted stock grant, restricted stock unit grant and any other outstanding equity award with respect to Piedmont Common Stock that is subject to vesting will fully vest and be entitled to receive the Merger Consideration. The completion of the Merger and the Bank Merger are subject to the satisfaction of customary closing conditions, including receipt of regulatory approvals from the Board of Governors of the Federal Reserve System and the Virginia Bureau of Financial Institutions, regulatory filings with the Georgia Department of Banking and Finance, and the approval by the stockholders of Piedmont. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2023 | |
Accounting Policies [Abstract] | |
Nature of Operations | Nature of Operations: |
Operating and Reporting Segments | Operating and Reporting Segments: |
Basis of Presentation | Basis of Presentation: As defined in applicable accounting standards, variable interest entities (“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 2023 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 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, 2023 through the date these financial statements were issued. Based on definitions and requirements of generally accepted accounting principles for “Subsequent Events,” the Company has not identified any events that would require adjustments to, or disclosure in the financial statements. |
Cash and Cash Equivalents | Cash and Cash Equivalents: b |
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, 2023, 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 | Allowance for Credit Losses (HTM Debt Securities) , 0 00 Allowance for Credit Losses (AFS Debt Securities) available-for-sale more-likely-than-not |
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: ina |
Loans | Loans: 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. |
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 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 th e |
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. Gains and losses on sale of loans are recorded within income from mortgage banking activities. |
Allowance for Loan and Lease Losses | 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) • Commercial Real Estate Owner-Occupied • Commercial Real Estate Nonowner-Occupied • Commercial Other • Method: Cohort • Residential Real Estate • Construction & Land Development • Consumer • Bankcard Risk characteristics of commercial real estate owner-occupied loans and commercial other loans and leases are similar in that they are normally dependent upon the borrower’s internal cash flow from operations to service debt. Commercial real estate nonowner-occupied loans differ in that cash flow to service debt is normally dependent on external income from third parties for use of the real estate such as rents, leases and room rates. Residential real estate loans are dependent upon individual borrowers who are affected by changes in general economic conditions, demand for housing and resulting residential real estate valuation. Construction and land development loans are impacted mainly by demand whether for new residential housing or for retail, industrial, office and other types of commercial construction within a given area. Consumer loan pool risk characteristics are influenced by general, regional and local economic conditions. Loans that do not share risk characteristics are evaluated on an individual basis. Loans evaluated individually are not also included in the collective evaluation. When management determines that foreclosure is probable or when the borrower is experiencing financial difficulty at the reporting date and repayment is expected to be provided substantially through the operation or sale of the collateral but may also include other non-performing Expected credit losses are estimated over the contractual term of the loans and leases, adjusted for expected prepayments when appropriate. The contractual term excludes expected extensions, renewals and modifications unless management has a reasonable expectation at the reporting date that 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 | Bank Premises and Equipment: three five |
Other Real Estate Owned | Other Real Estate Owned |
Intangible Assets | Intangible Assets: one ten 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 more-likely-than-not ,00 0. |
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. 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”) 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 wh |
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. • 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. |
Revenue Recognition | Revenue Recognition Descriptions of our revenue-generating activities that are within the scope of ASC Topic 606, which are presented in our Consolidated Statements of Income as components of Other Income are discussed below. There are no significant judgements relating to the amount and timing of revenue recognition for those revenue streams under the scope of ASC Topic 606. Fees from Trust Services Revenue from trust services primarily is comprised of fees earned from the management and administration of trusts and other customer assets. Trust services include custody of assets, investment management, escrow services, and similar fiduciary activities. The Company’s performance obligation is generally satisfied over time and the resulting fees are recognized monthly, based upon the month-end Fees from Brokerage Services Revenue from brokerage services are recorded as the income is earned at the time the related service is performed. In return for such services, the Company charges a commission for the sales of various securities products primarily consisting of investment company shares, annuity products, and corporate debt and equity securities, for its selling and administrative efforts. For account supervision, advisory and administrative services, revenue is recognized over a period of time as earned based on customer account balances and activity. Fees from Deposit Services Service charges on deposit accounts consist of account analysis fees (i.e., net fees earned on analyzed business and public checking accounts), monthly service fees, check orders, ATM activity fees, debit card fees, and other deposit account related fees. Revenue is recognized when our performance obligation is completed which is generally monthly for account maintenance services or when a transaction has been completed (ATM or debit card activity). Bankcard Fees and Merchant Discounts Bankcard fees and merchant discounts are primarily comprised of credit card income and merchant services income. Credit card income is primarily comprised of interchange fees earned whenever the Company’s credit cards are processed through card payment networks such as Visa. Merchant services income mainly represents fees charged to merchants to process their credit card transactions. The Company’s performance obligation for bankcard fees and 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 | 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, 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 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 channel 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. Cash flows from derivative financial instruments are classified as cash flows from operating activities on the consolidated statements of cash flows. |
Off-balance-sheet credit exposures | Off-balance-sheet : off-balance |
Stock-Based Compensation | Stock-Based Compensation Stock-based compensation expense was $12,463 , 0 ,000 |
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) 2023 2022 2021 Distributed earnings allocated to common stock $ 195,167 $ 194,052 $ 181,614 Undistributed earnings allocated to common stock 170,267 184,572 185,082 Net earnings allocated to common shareholders $ 365,434 $ 378,624 $ 366,696 Average common shares outstanding 134,505,058 134,776,241 129,276,452 Dilutive effect of stock compensation 248,762 341,271 236,401 Average diluted shares outstanding 134,753,820 135,117,512 129,512,853 Earnings per basic common share $ 2.72 $ 2.81 $ 2.84 Earnings per diluted common share $ 2.71 $ 2.80 $ 2.83 |
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 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2023-09, 2023-09 2023-09 2023-09 ASU 2023-09 In November 2023, the FASB issued ASU 2023-07, 2023-07 No. 2023-07 ASU 2023-07 In October 2023, the FASB issued ASU 2023-06, S-X S-K ASU 2023-06 In August 2023, the FASB issued ASU 2023-05, 805-60).” 2023-05 2023-05 2023-05 ASU 2023-05 In July 2023, the FASB issued ASU No. 2023-03, S-X: 2023-03 S-X: In March 2023, the FASB issued Accounting ASU 2023-02, 2023-02 323-740 2023-02 In December 2022, the FASB issued ASU 2022-06, 2022-06 2020-04 2020-04 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-K. 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. 2021-08 |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
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) 2023 2022 2021 Distributed earnings allocated to common stock $ 195,167 $ 194,052 $ 181,614 Undistributed earnings allocated to common stock 170,267 184,572 185,082 Net earnings allocated to common shareholders $ 365,434 $ 378,624 $ 366,696 Average common shares outstanding 134,505,058 134,776,241 129,276,452 Dilutive effect of stock compensation 248,762 341,271 236,401 Average diluted shares outstanding 134,753,820 135,117,512 129,512,853 Earnings per basic common share $ 2.72 $ 2.81 $ 2.84 Earnings per diluted common share $ 2.71 $ 2.80 $ 2.83 |
Investment Securities (Tables)
Investment Securities (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
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, 2023 (Dollars in thousands) Amortized Gross Gross Allowance Estimated Fair Value U.S. Treasury securities and obligations of U.S. Government corporations and agencies $ 492,638 $ 4 $ 7,692 $ 0 $ 484,950 State and political subdivisions 613,588 11 79,768 0 533,831 Residential mortgage-backed securities Agency 1,217,744 7 167,810 0 1,049,941 Non-agency 100,364 0 9,753 0 90,611 Commercial mortgage-backed securities Agency 511,560 13 52,275 0 459,298 Asset-backed securities 872,048 44 11,454 0 860,638 Single issue trust preferred securities 16,380 0 1,239 0 15,141 Other corporate securities 325,573 0 33,606 0 291,967 Total $ 4,149,895 $ 79 $ 363,597 $ 0 $ 3,786,377 December 31, 2022 (Dollars in thousands) Amortized Gross Gross Allowance Estimated 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 |
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, 2023 and December 31, 2022. 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, 2023 U.S. Treasury securities and obligations of U.S. Government corporations and agencies $ 4,625 $ 11 $ 477,615 $ 7,681 $ 482,240 $ 7,692 State and political subdivisions 2,050 193 517,186 79,575 519,236 79,768 Residential mortgage-backed securities Agency 9,755 51 1,038,632 167,759 1,048,387 167,810 Non-agency 8,964 101 81,647 9,652 90,611 9,753 Commercial mortgage-backed securities Agency 0 0 456,866 52,275 456,866 52,275 Asset-backed securities 15,866 216 829,778 11,238 845,644 11,454 Single issue trust preferred securities 2,922 182 12,219 1,057 15,141 1,239 Other corporate securities 0 0 274,308 33,606 274,308 33,606 Total $ 44,182 $ 754 $ 3,688,251 $ 362,843 $ 3,732,433 $ 363,597 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 |
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) 2023 2022 2021 Proceeds from maturities, sales and calls $ 952,213 $ 575,748 $ 731,902 Gross realized gains 0 2 1,673 Gross realized losses 7,659 0 122 |
Summary of Maturities of Debt Securities Held to Maturity by Amortized Cost and Estimated Fair Value | (In thousands) Amortized Cost Estimated Fair Value Due in one year or less $ 497,555 $ 493,651 Due after one year through five years 448,020 416,436 Due after five years through ten years 852,698 751,780 Due after ten years 2,351,622 2,124,510 Total $ 4,149,895 $ 3,786,377 |
Summary of Equity Securities | Year Ended (In thousands) December 31, 2023 December 31, 2022 Net gains recognized during the period on equity securities sold $ 0 $ 0 Unrealized gains recognized during the period on equity securities still held at period end 358 94 Unrealized losses recognized during the period on equity securities still held at period end (345 ) (684 ) Net gains (losses) recognized during the period $ 13 $ (590 ) |
Loans and Leases (Tables)
Loans and Leases (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Receivables [Abstract] | |
Major Classes of Loans And Leases | Major classes of loans and leases are as follows: (In thousands) December 31, 2023 December 31, 2022 Commercial, financial and agricultural: Owner-occupied commercial real estate $ 1,598,231 $ 1,724,927 Nonowner-occupied commercial real estate 6,718,343 6,286,974 Other commercial 3,572,440 3,612,568 Total commercial, financial & agricultural 11,889,014 11,624,469 Residential real estate 5,271,236 4,662,911 Construction & land development 3,148,245 2,926,971 Consumer: Bankcard 9,962 9,273 Other consumer 1,054,728 1,356,539 Less: Unearned income (14,101 ) (21,997 ) Loans and leases, net of unearned income $ 21,359,084 $ 20,558,166 |
Credit Quality (Tables)
Credit Quality (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Text Block [Abstract] | |
Schedule of Age Analysis of its Past Due Loans, Segregated by Class of Loans and Leases | The following table sets forth United’s age analysis of its past due loans and leases, segregated by class of loans and leases: Age Analysis of Past Due Loans and Leases As of December 31, 2023 (In thousands) 30-89 Days Past Due 90 Days or more Past Total Past Current & Total Financing 90 Days or More Past Due & Accruing Commercial real estate: Owner-occupied $ 6,361 $ 6,335 $ 12,696 $ 1,585,535 $ 1,598,231 $ 110 Nonowner-occupied 10,373 13,146 23,519 6,694,824 6,718,343 2,460 Other commercial 3,218 1,224 4,442 3,567,998 3,572,440 560 Residential real estate 26,523 12,136 38,659 5,232,577 5,271,236 6,244 Construction & land development 879 6,423 7,302 3,140,943 3,148,245 0 Consumer: Bankcard 145 127 272 9,690 9,962 127 Other consumer 36,451 6,107 42,558 1,012,170 1,054,728 5,078 Total $ 83,950 $ 45,498 $ 129,448 $ 21,243,737 $ 21,373,185 $ 14,579 Age Analysis of Past Due Loans and Leases As of December 31, 2022 (In thousands) 30-89 Days Past Due 90 Days or Total Past Current & Total Financing 90 Days or More Past Due & Accruing 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 |
Schedule of Nonaccrual Loans, Segregated by Class of Loans and Leases | The following table sets forth United’s nonaccrual loans and leases, segregated by class of loans and leases: At December 31, 2023 At December 31, 2022 (In thousands) Nonaccruals With No Related Nonaccruals With No Related Commercial Real Estate: Owner-occupied $ 6,225 $ 6,225 $ 8,345 $ 8,345 Nonowner-occupied 10,686 10,686 8,916 8,916 Other Commercial 664 664 2,392 2,392 Residential Real Estate 5,892 5,892 10,393 8,564 Construction 6,423 6,423 475 475 Consumer: Bankcard 0 0 0 0 Other consumer 1,029 1,029 350 350 Total $ 30,919 $ 30,919 $ 30,871 $ 29,042 |
Schedule of Amortized Cost Loans and Leases Pledged As Collateral | 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, 2023 and December 31, 2022: Collateral Dependent Loans and Leases At December 31, 2023 (In thousands) Residential Business Land Commercial Other Total Commercial real estate: Owner-occupied $ 27 $ 0 $ 0 $ 5,208 $ 9,272 $ 14,507 Nonowner-occupied 11,200 0 0 13,555 1,810 26,565 Other commercial 0 891 0 5,193 256 6,340 Residential real estate 9,775 0 0 0 0 9,775 Construction & land development 954 0 3,661 0 3,314 7,929 Consumer: Bankcard 0 0 0 0 0 0 Other consumer 0 0 0 0 0 0 Total $ 21,956 $ 891 $ 3,661 $ 23,956 $ 14,652 $ 65,116 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 |
Schedule of Risk Category of Loans by Class of Loans and Leases | Based on the most recent analysis performed, the risk category of loans and leases as well as charge-offs and recoveries by class of loans is as follows: Commercial Real Estate – Owner-occupied Revolving loans converted to Term Loans Revolving loans amortized cost Total (In thousands) Origination Year As of December 31, 2023 2023 2022 2021 2020 2019 Prior basis term loans Internal Risk Grade: Pass $ 132,376 $ 316,117 $ 246,635 $ 248,861 $ 109,182 $ 465,223 $ 29,619 $ 0 $ 1,548,013 Special Mention 0 0 0 0 2,460 15,423 125 0 18,008 Substandard 0 1,734 274 475 436 28,469 449 129 31,966 Doubtful 0 0 0 0 0 244 0 0 244 Total $ 132,376 $ 317,851 $ 246,909 $ 249,336 $ 112,078 $ 509,359 $ 30,193 $ 129 $ 1,598,231 Current-period charge-offs 0 0 0 0 0 (855 ) 0 0 (855 ) Current-period recoveries 0 13 0 0 0 174 0 0 187 Current-period net recoveries (charge-offs) $ 0 $ 13 $ 0 $ 0 $ 0 $ (681 ) $ 0 $ 0 $ (668 ) (In thousands) Term Loans Origination Year Revolving loans amortized cost basis Revolving loans and leases converted to term loans Total As of December 31, 2022 2022 2021 2020 2019 2018 Prior 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 Commercial Real Estate – Nonowner-occupied (In thousands) Term Loans Origination Year Revolving loans amortized cost basis Revolving loans converted to term loans Total As of December 31, 2023 2023 2022 2021 2020 2019 Prior Internal Risk Grade: Pass $ 455,399 $ 1,428,880 $ 1,587,315 $ 717,189 $ 695,492 $ 1,335,526 $ 228,743 $ 106 $ 6,448,650 Special Mention 0 4,614 2,381 25,437 43,017 104,997 30,651 0 211,097 Substandard 0 0 4,020 4,736 3,493 46,347 0 0 58,596 Doubtful 0 0 0 0 0 0 0 0 0 Total $ 455,399 $ 1,433,494 $ 1,593,716 $ 747,362 $ 742,002 $ 1,486,870 $ 259,394 $ 106 $ 6,718,343 Current-period charge-offs 0 0 0 0 0 (24 ) 0 0 (24 ) Current-period recoveries 0 0 0 0 0 1,233 0 0 1,233 Current-period net recoveries $ 0 $ 0 $ 0 $ 0 $ 0 $ 1,209 $ 0 $ 0 $ 1,209 (In thousands) Term Loans Origination Year Revolving loans amortized cost basis Revolving loans and leases converted to term loans Total As of December 31, 2022 2022 2021 2020 2019 2018 Prior 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 Other commercial (In thousands) Term Loans and leases Origination Year Revolving loans and leases amortized cost basis Revolving loans and leases converted to term loans Total As of December 31, 2023 2023 2022 2021 2020 2019 Prior Internal Risk Grade: Pass $ 593,153 $ 596,258 $ 477,457 $ 197,173 $ 187,560 $ 447,430 $ 988,809 $ 13 $ 3,487,853 Special Mention 221 4,798 542 1,775 1,611 2,093 16,901 15 27,956 Substandard 1,059 16,248 306 792 660 11,923 25,597 0 56,585 Doubtful 0 0 0 0 0 46 0 0 46 Total $ 594,433 $ 617,304 $ 478,305 $ 199,740 $ 189,831 $ 461,492 $ 1,031,307 $ 28 $ 3,572,440 Current-period charge-offs (88 ) (163 ) (233 ) 0 (661 ) (567 ) (217 ) (78 ) (2,007 ) Current-period recoveries 0 0 0 0 25 1,699 5 0 1,729 Current-period net (charge-offs) recoveries $ (88 ) $ (163 ) $ (233 ) $ 0 $ (636 ) $ 1,132 $ (212 ) $ (78 ) $ (278 ) (In thousands) Term Loans and leases Origination Year Revolving loans Revolving loans and leases converted to Total As of December 31, 2022 2022 2021 2020 2019 2018 Prior 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 Residential Real Estate (In thousands) Term Loans Origination Year Revolving loans Revolving loans converted to Total As of December 31, 2023 2023 2022 2021 2020 2019 Prior Internal Risk Grade: Pass $ 783,866 $ 1,618,774 $ 850,760 $ 443,514 $ 262,524 $ 863,186 $ 423,302 $ 2,568 $ 5,248,494 Special Mention 0 0 0 0 65 3,561 1,710 0 5,336 Substandard 51 75 386 258 599 14,827 1,121 89 17,406 Doubtful 0 0 0 0 0 0 0 0 0 Total $ 783,917 $ 1,618,849 $ 851,146 $ 443,772 $ 263,188 $ 881,574 $ 426,133 $ 2,657 $ 5,271,236 Current-period charge-offs 0 0 0 0 (785 ) 0 0 0 (785 ) Current-period recoveries 0 0 8 0 688 1 0 0 697 Current-period net recoveries (charge-offs) $ 0 $ 0 $ 8 $ 0 $ (97 ) $ 1 $ 0 $ 0 $ (88 ) (In thousands) Term Loans Origination Year Revolving loans Revolving loans converted to Total As of December 31, 2022 2022 2021 2020 2019 2018 Prior 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 ) Construction and Land Development (In thousands) Term Loans Origination Year Revolving loans amortized cost basis Revolving loans converted to term loans Total As of December 31, 2023 2023 2022 2021 2020 2019 Prior Internal Risk Grade: Pass $ 628,047 $ 1,308,793 $ 827,138 $ 53,004 $ 16,062 $ 60,920 $ 239,390 $ 0 $ 3,133,354 Special Mention 0 2,902 0 62 3,386 258 0 0 6,608 Substandard 0 1,091 2,490 2,470 0 2,232 0 0 8,283 Doubtful 0 0 0 0 0 0 0 0 0 Total $ 628,047 $ 1,312,786 $ 829,628 $ 55,536 $ 19,448 $ 63,410 $ 239,390 $ 0 $ 3,148,245 Current-period charge-offs 0 0 0 0 0 (14 ) 0 0 (14 ) Current-period recoveries 0 0 0 0 0 80 0 0 80 Current-period net recoveries $ 0 $ 0 $ 0 $ 0 $ 0 $ 66 $ 0 $ 0 $ 66 (In thousands) Term Loans Origination Year Revolving loans amortized cost basis Revolving loans converted to term loans Total As of December 31, 2022 2022 2021 2020 2019 2018 Prior 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 Bankcard (In thousands) Term Loans Origination Year Revolving loans amortized cost Revolving loans converted to As of December 31, 2023 2023 2022 2021 2020 2019 Prior basis term loans Total Internal Risk Grade: Pass $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 9,690 $ 0 $ 9,690 Special Mention 0 0 0 0 0 0 145 0 145 Substandard 0 0 0 0 0 0 127 0 127 Doubtful 0 0 0 0 0 0 0 0 0 Total $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ 9,962 $ 0 $ 9,962 Current-period charge-offs 0 0 0 0 0 0 (263 ) 0 (263 ) Current-period recoveries 0 0 0 0 0 0 28 0 28 Current-period net charge-offs $ 0 $ 0 $ 0 $ 0 $ 0 $ 0 $ (235 ) $ 0 $ (235 ) (In thousands) Term Loans Origination Year Revolving loans amortized cost basis Revolving loans converted to term loans Total As of December 31, 2022 2022 2021 2020 2019 2018 Prior 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 ) Other Consumer (In thousands) Term Loans Origination Year Revolving loans amortized cost basis Revolving loans converted to term loans Total As of December 31, 2023 2023 2022 2021 2020 2019 Prior Internal Risk Grade: Pass $ 192,184 $ 428,295 $ 205,015 $ 102,300 $ 62,861 $ 18,876 $ 2,638 $ 0 $ 1,012,169 Special Mention 674 16,031 12,220 4,454 2,050 977 46 0 36,452 Substandard 0 3,010 2,207 647 126 96 21 0 6,107 Doubtful 0 0 0 0 0 0 0 0 0 Total $ 192,858 $ 447,336 $ 219,442 $ 107,401 $ 65,037 $ 19,949 $ 2,705 $ 0 $ 1,054,728 Current-period charge-offs (9 ) (3,205 ) (2,699 ) (933 ) (319 ) (191 ) 0 0 (7,356 ) Current-period recoveries 0 219 125 54 54 235 0 0 687 Current-period net (charge-offs) recoveries $ (9 ) $ (2,986 ) $ (2,574 ) $ (879 ) $ (265 ) $ 44 $ 0 $ 0 $ (6,669 ) (In thousands) Term Loans Origination Year Revolving loans Revolving loans converted to Total As of December 31, 2022 2022 2021 2020 2019 2018 Prior 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 ) |
Schedule of Financial Effect of Loan and Lease Modifications | The following table presents the financial effect of loan and lease modifications to borrowers experiencing financial difficulty for the year ended December 31 2023. For the Year Ended December 31, 2023 Weighted- Interest Rate Reduction Weighted Extension (in years) Commercial Real Estate: Owner-occupied 0.00 % 1.0 Nonowner-occupied 1.50 % 1.4 Other Commercial 0.00 % 1.8 Residential Real Estate 0.00 % 4.6 For the Year Ended December 31, 2023 Weighted- Interest Rate Weighted Average Term Extension (in years) Construction & land development 0.00 % 0 Consumer: Bankcard 0.00 % 0 Other consumer 0.00 % 0 Total 1.50 % 8.8 |
Schedule of Amortized Cost Basis Payment Status | Payment Status (Amortized Cost Basis) As of December 31, 2023 (In thousands) Current 30-89 Days Past Due 90+ Days Past Due Commercial real estate: Owner-occupied $ 484 $ 0 $ 0 Nonowner-occupied 33,370 0 0 Other commercial 65 100 0 Residential real estate 506 0 0 Construction & land development 0 0 0 Consumer: Bankcard 0 0 0 Other consumer 0 0 0 Total $ 34,425 $ 100 $ 0 |
Schedule of Amortized Cost Basis of Loan Modifications Made to Borrowers | Amortized Cost Basis of Loan Modifications Made to Borrowers Experiencing Financial Difficulty For the Year Ended December 31, 2023 (Dollars in thousands) Term Interest Rate % of Total Class of Commercial real estate: Owner-occupied $ 484 $ 0 0.03 % Nonowner-occupied 31,633 1,737 0.50 % Other commercial 165 0 0.00 % Residential real estate 506 0 0.01 % Construction & land development 0 0 0.00 % Consumer: Bankcard 0 0 0.00 % Other consumer 0 0 0.00 % Total $ 32,788 $ 1,737 0.16 % |
Allowance for Credit Losses (Ta
Allowance for Credit Losses (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
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, 2023 and December 31, 2022: Accrued Interest Receivable (In thousands) At December 31, At December 31, Commercial Real Estate: Owner-occupied $ 4,751 $ 4,855 Nonowner-occupied 27,507 19,801 Other Commercial 14,562 10,904 Residential Real Estate 20,718 16,117 Construction 18,504 15,195 Consumer: Bankcard 0 0 Other consumer 2,921 3,460 Total $ 88,963 $ 70,332 |
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, 2023 and December 31, 2022: Accrued Interest Receivables Written Off by Reversing Interest Income (In thousands) Year Ended 2023 2022 Commercial Real Estate: Owner-occupied $ 31 $ 20 Nonowner-occupied 85 4 Other Commercial 39 77 Residential Real Estate 214 105 Construction 285 0 Consumer: Bankcard 0 0 Other consumer 371 304 Total $ 1,025 $ 510 |
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, 2023 (In thousands) Commercial Real Estate Other Residential Construction & Land Development Bankcard Other Consumer Total Owner- Nonowner- occupied Allowance for Loan and Lease Losses: Beginning balance $ 13,945 $ 38,543 $ 79,706 $ 36,227 $ 48,390 $ 561 $ 17,374 $ 234,746 Charge-offs (855 ) (24 ) (2,007 ) (785 ) (14 ) (263 ) (7,356 ) (11,304 ) Recoveries 187 1,233 1,729 697 80 28 687 4,641 Provision (1,382 ) 18,183 (4,421 ) 5,028 11,457 484 1,805 31,154 Ending balance $ 11,895 $ 57,935 $ 75,007 $ 41,167 $ 59,913 $ 810 $ 12,510 $ 259,237 Allowance for Loan and Lease Losses and Carrying Amount of Loans and Leases For the Year Ended December 31, 2022 Commercial Real Estate Other Commercial Residential Real Estate Construction & Land Development Bankcard Other Total (In thousands) Owner- occupied Nonowner- 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 |
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) 2023 2022 2021 Balance of allowance for loan and lease losses at beginning of period $ 234,746 $ 216,016 $ 235,830 Initial allowance for acquired PCD loans 0 0 12,629 Gross charge-offs (11,304 ) (9,650 ) (19,297 ) Recoveries 4,641 9,549 10,578 Net charge-offs (6,663 ) (101 ) (8,719 ) Provision for loan and lease losses 31,154 18,831 (23,724 ) Balance of allowance for loan and lease losses at end of period $ 259,237 $ 234,746 $ 216,016 Reserve for lending-related commitments 44,706 46,189 31,442 Balance of allowance for credit losses at end of period $ 303,943 $ 280,935 $ 247,458 |
Bank Premises and Equipment (Ta
Bank Premises and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Property, Plant and Equipment [Abstract] | |
Bank Premises and Equipment | Bank premises and equipment are summarized as follows: December 31 (In thousands) 2023 2022 Land $ 62,506 $ 63,594 Buildings and improvements 204,841 204,255 Leasehold improvements 42,752 42,309 Furniture, fixtures and equipment 118,514 113,900 428,613 424,058 Less allowance for depreciation and amortization (238,093 ) (224,897 ) Bank premises and equipment $ 190,520 $ 199,161 |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Leases [Abstract] | |
Components of Lease Expense | The components of lease expense were as follows: Year Ended December 31, Year Ended December 31, (In thousands) Classification Operating lease cost Net occupancy expense $ 21,280 $ 20,987 Sublease income Net occupancy expense (244 ) (328 ) Net lease cost $ 21,036 $ 20,659 |
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 $ 86,986 $ 71,144 Operating lease liabilities Operating lease liabilities $ 92,885 $ 75,749 |
Other Information Related to Leases | Other information related to leases was as follows: December 31, 2023 Weighted-average remaining lease term: Operating leases 7.95 years Weighted-average discount rate: Operating leases 3.20 % |
Supplemental Cash Flow Information Related to Leases | Supplemental cash flow information related to leases was as follows: Year Ended (In thousands) December 31, 2023 December 31, 2022 Cash paid for amounts in the measurement of lease liabilities: Operating cash flows from operating leases $ 21,581 $ 21,240 ROU assets obtained in the exchange for lease liabilities 33,403 9,184 |
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, 2023, consists of the following: Year Amount (Dollars in thousands) 2024 $ 17,921 2025 15,099 2026 13,725 2027 11,932 2028 9,944 Thereafter 38,290 Total lease payments 106,911 Less: imputed interest (14,026 ) Total $ 92,885 |
Intangible Assets (Tables)
Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
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, 2023 Community Banking Mortgage Banking Total (In thousands) Gross Accumulated Gross Accumulated Gross Accumulated Amortized intangible assets: Core deposit intangible assets $ 105,165 ($ 92,660 ) $ 0 $ 0 $ 105,165 ($ 92,660 ) Goodwill not subject to amortization $ 1,883,574 $ 5,315 $ 1,888,889 December 31, 2022 Community Banking Mortgage Banking Total (In thousands) Gross Accumulated Gross Accumulated Gross 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 |
Schedule of Anticipated Amortization Expense | The following table sets forth the anticipated amortization expense for intangible assets for the years subsequent to 2023: Year Amount (Dollars in thousands) 2024 $ 3,639 2025 3,282 2026 2,758 2027 1,152 2028 560 2029 and thereafter 1,114 |
Mortgage Servicing Rights (Tabl
Mortgage Servicing Rights (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
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, 2023 and 2022: (In thousands) Year Ended December 31, Year Ended December 31, MSRs beginning balance $ 21,022 $ 24,027 Amount sold (15,001 ) 0 Amount capitalized 715 1,417 Amount amortized (2,182 ) (4,422 ) MSRs ending balance $ 4,554 $ 21,022 MSRs valuation allowance beginning balance $ 0 $ (883 ) Aggregate additions charged and recoveries credited to operations 0 883 MSRs impairment 0 0 MSRs valuation allowance ending balance $ 0 $ 0 MSRs, net of valuation allowance $ 4,554 $ 21,022 |
Deposits (Tables)
Deposits (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Deposits [Abstract] | |
Book Value of Deposits | The book value of deposits consisted of December 31 (In thousands) 2023 2022 Noninterest-bearing accounts $ 6,149,080 $ 7,199,678 Interest-bearing transaction accounts 5,648,135 5,116,966 Regular savings 1,345,258 1,678,302 Interest-bearing money market accounts 6,349,453 6,299,404 Time deposits under $100,000 1,066,092 843,950 Time deposits over $100,000 2,261,301 1,164,866 Total deposits $ 22,819,319 $ 22,303,166 |
Short-Term Borrowings (Tables)
Short-Term Borrowings (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Funds Purchased and Securities Sold Under Agreements to Repurchase and Weighted-Average Interest Rates | At December 31, 2023 and 2022, short-term borrowings were as follows: December 31 (In thousands) 2023 2022 Federal funds purchased $ 0 $ 0 Securities sold under agreements to repurchase 196,095 160,698 Total short-term borrowings $ 196,095 $ 160,698 |
Long-Term Borrowings (Tables)
Long-Term Borrowings (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Debt Disclosure [Abstract] | |
FHLB Advances and Related Weighted Average Interest Rates | At December 31, 2023 and 2022, FHLB advances and the related weighted-average interest rates were as follows: 2023 2022 Weighted- Weighted- Weighted- Weighted- Average Average Average Average Contractual Effective Contractual Effective (Dollars in thousands) Amount Rate Rate Amount Rate Rate FHLB advances $ 1,510,487 5.43 % 3.75 % $ 1,910,775 4.18 % 3.19 % |
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 (1) Maturity Date United Statutory Trust III December 17, 2003 $ 20,000 3-month CME Term SOFR + 2.85% December 17, 2033 United Statutory Trust IV December 19, 2003 $ 25,000 3-month CME Term SOFR + 2.85% January 23, 2034 United Statutory Trust V July 12, 2007 $ 50,000 3-month CME Term SOFR + 1.55% October 1, 2037 United Statutory Trust VI September 20, 2007 $ 30,000 3-month CME Term SOFR + 1.30% December 15, 2037 Premier Statutory Trust II September 25, 2003 $ 6,000 3-month CME Term SOFR + 3.10% October 8, 2033 Premier Statutory Trust III May 16, 2005 $ 8,000 3-month CME Term SOFR + 1.74% June 15, 2035 Premier Statutory Trust IV June 20, 2006 $ 14,000 3-month CME Term SOFR + 1.55% September 23, 2036 Premier Statutory Trust V December 14, 2006 $ 10,000 3-month CME Term SOFR + 1.61% March 1, 2037 Centra Statutory Trust I September 20, 2004 $ 10,000 3-month CME Term SOFR + 2.29% September 20, 2034 Centra Statutory Trust II June 15, 2006 $ 10,000 3-month CME Term SOFR + 1.65% July 7, 2036 VCBI Capital Trust II December 19, 2002 $ 15,000 6-month CME Term SOFR + 3.30% December 19, 2032 VCBI Capital Trust III December 20, 2005 $ 25,000 3-month CME Term SOFR + 1.42% February 23, 2036 Cardinal Statutory Trust I July 27, 2004 $ 20,000 3-month CME Term SOFR + 2.40% September 15, 2034 UFBC Capital Trust I December 30, 2004 $ 5,000 3-month CME Term SOFR + 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 CME Term SOFR + 3.05% January 7, 2034 Greer Capital Trust I October 12, 2004 $ 6,000 3-month CME Term SOFR + 2.20% October 18, 2034 Greer Capital Trust II December 28, 2006 $ 5,000 3-month CME Term SOFR + 1.73% January 30, 2037 First South Preferred Trust I September 26, 2003 $ 10,000 3-month CME Term SOFR + 2.95% September 30, 2033 BOE Statutory Trust I December 12, 2003 $ 4,000 3-month CME Term SOFR + 3.00% December 12, 2033 (1) The 3-month 6-month |
Debentures and Related Weighted Average Interest Rates | At December 31, 2023 and 2022, the Debentures and their related weighted-average interest rates were as follows: 2023 2022 Weighted- Weighted- (Dollars in thousands) Average Average Amount Rate Amount Rate United Statutory Trust III $ 20,619 8.49 % $ 20,619 7.59 % United Statutory Trust IV 25,774 8.50 % 25,774 7.27 % United Statutory Trust V 51,547 7.21 % 51,547 5.29 % United Statutory Trust VI 30,928 6.95 % 30,928 6.07 % Premier Statutory Trust II 6,186 8.76 % 6,186 7.18 % Premier Statutory Trust III 8,248 7.39 % 8,248 6.51 % Premier Statutory Trust IV 14,433 7.17 % 14,433 6.28 % Premier Statutory Trust V 10,310 7.25 % 10,310 6.37 % Centra Statutory Trust I 10,000 7.92 % 10,000 7.04 % Centra Statutory Trust II 10,000 7.31 % 10,000 5.73 % Virginia Commerce Trust II 13,397 8.88 % 13,166 8.45 % Virginia Commerce Trust III 19,373 7.06 % 18,847 6.11 % Cardinal Statutory Trust I 16,414 8.05 % 16,017 7.17 % UFBC Capital Trust I 3,971 7.75 % 3,866 6.87 % Carolina Financial Capital Trust I 5,034 9.00 % 5,022 8.00 % Carolina Financial Capital Trust II 9,572 8.71 % 9,498 7.13 % Greer Capital Trust I 5,341 7.86 % 5,256 6.39 % Greer Capital Trust II 4,184 7.38 % 4,087 6.15 % First South Preferred Trust I 9,513 8.54 % 9,432 7.68 % BOE Statutory Trust I 3,772 8.59 % 3,753 7.75 % Total $ 278,616 7.75 % $ 276,989 6.60 % |
Schedule of Maturities of Long-term Borrowings | At December 31, 2023, the scheduled maturities of long-term borrowings were as follows: Year Amount (Dollars in thousands) 2024 $ 1,498,390 2025 10,487 2026 0 2027 0 2028 0 2029 and thereafter 280,226 Total $ 1,789,103 |
Other Expense (Tables)
Other Expense (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
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) 2023 2022 2021 Legal, consulting & other professional services $ 25,604 $ 24,403 $ 17,616 Franchise & other taxes not on income 16,202 13,537 12,412 Expense for reserve on lending-related commitments (1,483 ) 14,747 12,034 Automated Teller Machine (“ATM”) expenses 10,914 10,250 10,519 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
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) 2023 2022 2021 Current expense: Federal $ 84,441 $ 86,799 $ 76,574 State 15,972 16,244 14,516 Deferred expense: Federal (2,053 ) (6,016 ) 2,742 State (868 ) (871 ) 1,283 Total income taxes $ 97,492 $ 96,156 $ 95,115 |
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) 2023 2022 2021 Amount % Amount % Amount % Tax on income before taxes at statutory federal rate $ 97,399 21.0 % $ 99,914 21.0 % $ 97,199 21.0 % Plus: State income taxes net of federal tax benefits 11,847 2.6 12,431 2.6 11,520 2.5 109,246 23.6 112,345 23.6 108,719 23.5 Increase (decrease) resulting from: Tax-exempt (2,974 ) (0.6 ) (3,477 ) (0.7 ) (3,303 ) (0.7 ) Tax credits (15,196 ) (3.3 ) (14,326 ) (3.0 ) (11,893 ) (2.6 ) Other items-net 6,416 1.3 1,614 0.3 1,592 0.4 Income taxes $ 97,492 21.0 % $ 96,156 20.2 % $ 95,115 20.6 % |
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, 2023 and 2022 are as follows: (In thousands) 2023 2022 Deferred tax assets: Allowance for credit losses $ 70,818 $ 65,453 Accrued benefits payable 18,287 17,333 Other accrued liabilities 2,857 655 Unrealized loss on securities available for sale 84,683 109,185 Other real estate owned 512 531 Lease liabilities under operating leases 21,642 17,650 Deferred mortgage points 2,081 4,094 Total deferred tax assets 200,880 214,901 Deferred tax liabilities: Premises and equipment 8,789 6,707 Right-of-use 20,267 16,576 Pension plan accruals 7,251 5,858 Derivatives 12,137 16,104 Purchase accounting intangibles 5,940 5,241 Other 1,497 365 Total deferred tax liabilities 55,881 50,851 Net deferred tax assets $ 144,999 $ 164,050 |
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) 2023 2022 Unrecognized tax benefits at beginning of year $ 2,521 $ 1,667 Increase in unrecognized tax benefits as a result of tax positions taken during the current period 242 1,423 Decreases in the unrecognized tax benefits as a result of a lapse of the applicable statute of limitations (164 ) (569 ) Unrecognized tax benefits at end of year $ 2,599 $ 2,521 |
Employee Benefit Plans (Tables)
Employee Benefit Plans (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Retirement Benefits [Abstract] | |
Net Periodic Pension Cost | Net consolidated periodic pension cost included the following components: (Dollars in thousands) Year Ended December 31, 2023 2022 2021 Service cost $ 1,440 $ 2,669 $ 2,936 Interest cost 7,134 4,988 4,241 Expected return on plan assets (11,762 ) (12,942 ) (11,874 ) Recognized net actuarial loss 3,347 3,645 6,770 Net periodic pension cost (income) $ 159 $ (1,640 ) $ 2,073 Weighted-Average Assumptions: Discount rate 5.26 % 3.08 % 2.81 % Expected return on assets 7.25 % 6.25 % 6.25 % 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, 2023 2022 2021 Net actuarial gain $ (2,635 ) $ (2,195 ) $ (14,286 ) Amortization of actuarial loss (3,347 ) (3,645 ) (6,770 ) Total recognized in other comprehensive income $ (5,982 ) $ (5,840 ) $ (21,056 ) |
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, 2023 and 2022 and the accumulated benefit obligation at December 31, 2023 and 2022 are as follows: (Dollars in thousands) December 31, 2023 2022 Change in Projected Benefit Obligation Projected Benefit Obligation at the Beginning of the Year $ 140,609 $ 192,973 Service Cost 1,440 2,669 Interest Cost 7,134 4,988 Actuarial Loss (Gain) 4,918 (46,617 ) Lump Sum Window Payments /Annuity Purchase Payments (4,546 ) (7,312 ) Benefits Paid (6,249 ) (6,092 ) Projected Benefit Obligation at the End of the Year $ 143,306 $ 140,609 Accumulated Benefit Obligation at the End of the Year $ 131,758 $ 129,927 Change in Plan Assets Fair Value of Plan Assets at the Beginning of the Year $ 165,320 $ 210,204 Actual Return on Plan Assets 19,315 (31,480 ) Lump Sum Window Payments /Annuity Purchase Payments (4,546 ) (7,312 ) Benefits Paid (6,249 ) (6,092 ) Fair Value of Plan Assets at End of Year $ 173,840 $ 165,320 Net Amount Recognized Funded Status $ 30,534 $ 24,710 Unrecognized Actuarial Net Loss 32,548 38,530 Net Amount Recognized $ 63,082 $ 63,240 Weighted-Average Assumptions at the End of the Year Discount Rate 5.07 % 5.25 % 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 2024 Allowable Percentage of Plan Assets at December 31, December 31, Equity Securities 47 % 20-70 % 56 % 66 % Fixed Income Securities 43 % 20-50 % 41 % 32 % Other 10 % 0-25 % 3 % 2 % Total 100 % 100 % |
Expected Benefit Payments | At December 31, 2023, 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) 2024 $ 6,716 2025 7,122 2026 7,534 2027 7,957 2028 8,407 2029 through 2033 46,050 |
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, 2023 and 2022: Fair Value Measurements at December 31, 2023 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 $ 4,565 $ 4,565 $ 0 $ 0 Fixed Income Debt Securities: U.S. Government and agencies 20,052 20,052 0 0 Mortgage backed securities 7,440 7,440 0 0 Municipal obligations 1,551 1,551 0 0 Corporate bonds 8,030 8,030 0 0 Fixed Income Mutual Funds: General 34,083 34,083 0 0 Equity Securities: Common stock 23,868 23,868 0 0 Equity Mutual Funds: Domestic equity large cap 29,894 29,894 0 0 Domestic equity small cap 13,256 13,256 0 0 Alternative equity 15,376 15,376 International emerging equity 3,990 3,990 0 0 International equity developed 11,735 11,735 0 0 Total $ 173,840 $ 173,840 $ 0 $ 0 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 0 0 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 |
Stock Based Compensation (Table
Stock Based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Summary of Stock Option Plans | A summary of activity under the United’s stock option plans as of December 31, 2023, and the changes during the year of 2023 are presented below: Year ended December 31, 2023 Weighted Average (Dollars in thousands, except per share amounts) Shares Aggregate Remaining Exercise Outstanding at January 1, 2023 1,501,212 $ 34.64 Exercised (75,361 ) 26.88 Forfeited or expired (88,469 ) 28.74 Outstanding at December 31, 2023 1,337,382 $ 4,785 3.8 $ 35.47 Exercisable at December 31, 2023 1,280,856 $ 4,500 3.7 $ 35.60 |
Changes to United's Restricted Common Shares | The following summarizes the changes to United’s restricted common shares for the year ended December 31, 2023: Number of Weighted-Average Outstanding at January 1, 2023 373,220 $ 35.43 Granted 150,732 40.98 Vested (181,725 ) 35.63 Forfeited (8,295 ) 38.53 Outstanding at December 31, 2023 333,932 $ 37.75 |
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, 2023: Shares Weighted-Average Nonvested at January 1, 2023 170,892 $ 6.16 Vested (114,053 ) 6.41 Forfeited or expired (313 ) 5.65 Nonvested at December 31, 2023 56,526 $ 5.65 |
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, 2023: Shares Weighted-Average Nonvested at January 1, 2023 266,159 $ 35.45 Granted 177,368 40.40 Vested (37,912 ) 36.64 Forfeited or expired (42,113 ) 37.19 Nonvested at December 31, 2023 363,502 $ 37.53 |
Derivative Financial Instrume_2
Derivative Financial Instruments (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
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, 2023 and December 31, 2022. Asset Derivatives December 31, 2023 December 31, 2022 (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 $ 12,032 $ 611 Other assets $ 55,073 $ 4,038 Total Fair Value Hedges $ 12,032 $ 611 $ 55,073 $ 4,038 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 $ 512,032 $ 611 $ 555,073 $ 4,038 Derivatives not designated as hedging instruments Forward loan sales commitments Other assets $ 3,880 $ 93 Other assets $ 15,475 $ 220 TBA mortgage-backed securities Other assets 0 0 Other assets 22,649 146 Interest rate lock commitments Other assets 99,278 1,144 Other assets 73,412 1,146 Total derivatives not designated as hedging instruments $ 103,158 $ 1,237 $ 111,536 $ 1,512 Total asset derivatives $ 615,190 $ 1,848 $ 666,609 $ 5,550 Liability Derivatives December 31, 2023 December 31, 2022 (In thousands) Balance Sheet Location Notional Amount Fair Value Balance Sheet Location Notional Amount Fair Value Derivatives not designated as hedging instruments Forward loan sales commitments Other liabilities $ 0 $ 0 Other liabilities $ 0 $ 0 TBA mortgage-backed securities Other liabilities 77,115 678 Other liabilities 63,000 213 Interest rate lock commitments Other liabilities 0 0 Other liabilities 48,949 348 Total derivatives not designated as hedging instruments $ 77,115 $ 678 $ 111,949 $ 561 Total liability derivatives $ 77,115 $ 678 $ 111,949 $ 561 |
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, 2023 and December 31, 2022. (In thousands) Derivatives in Fair Value Hedging Relationships Location in the Statement December 31, 2023 Carrying Amount of Cumulative Amount Cumulative Amount of Interest rate swaps Loans, net of unearned income $ 12,032 $ (632 ) $ 0 December 31, 2022 (In thousands) Derivatives in Fair Value Hedging Relationships Location in the Statement Carrying Amount of Cumulative Amount Cumulative Amount of Interest rate swaps Loans, net of unearned income $ 55,770 $ (3,069 ) $ 0 |
Schedule of Derivative Financial Instruments on Statement of Income | The effect of United’s derivative financial instruments on its Consolidated Statements of Income for the years ended December 31, 2023, 2022 and 2021 is presented as follows: 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 (1) $ 23,574 $ 5,782 $ (1,354 ) Fair Value Hedges: Interest rate swap contracts Interest and fees on loans and leases $ 117 $ (177 ) $ (1,744 ) Total derivatives in hedging relationships $ 23,691 $ 5,605 $ (3,098 ) Derivatives not designated as hedging instruments Forward loan sales commitments Income from Mortgage Banking Activities (127 ) (174 ) (1,187 ) TBA mortgage-backed securities Income from Mortgage Banking Activities (611 ) 276 5,932 Interest rate lock commitments Income from Mortgage Banking Activities (240 ) (8,373 ) (22,219 ) Total derivatives not designated as hedging instruments $ (978 ) $ (8,271 ) $ (17,474 ) Total derivatives $ 22,713 $ (2,666 ) $ (20,572 ) (1) Decreases or increases in interest expense are expressed as positive or negative amounts, respectively, based on their impact to net income. |
Comprehensive Income (Tables)
Comprehensive Income (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
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) 2023 2022 2021 Net Income $ 366,313 $ 379,627 $ 367,738 Available for sale (“AFS”) securities: Change in net unrealized gains (losses) on AFS securities arising during the period 98,627 (481,007 ) (72,257 ) Related income tax effect (22,980 ) 112,075 16,836 Net reclassification adjustment for losses (gains) included in net income 7,659 (2 ) (1,552 ) Related income tax effect (1,785 ) 0 362 81,521 (368,934 ) (56,611 ) Net effect of AFS securities on other comprehensive income 81,521 (368,934 ) (56,611 ) Cash flow hedge derivatives: Unrealized gain on cash flow hedge before reclassification to interest expense 6,548 53,572 15,597 Related income tax effect (1,526 ) (12,482 ) (3,634 ) Net reclassification adjustment for (gains) losses included in net income (23,574 ) (5,782 ) 1,354 Related income tax effect 5,493 1,347 (316 ) Net effect of cash flow hedge derivatives on other comprehensive income (13,059 ) 36,655 13,001 Defined benefit pension plan: Net actuarial gain during the period 2,635 2,195 14,286 Related income tax expense (613 ) (512 ) (483 ) Amortization of net actuarial loss recognized in net income 3,347 3,645 6,770 Related income tax effect (780 ) (893 ) (4,221 ) Net effect of change in defined benefit pension plan on other comprehensive income 4,589 4,435 16,352 Total change in other comprehensive income, net of tax 73,051 (327,844 ) (27,258 ) Total Comprehensive Income $ 439,364 $ 51,783 $ 340,480 |
Components of Accumulated Other Comprehensive Income | The components of accumulated other comprehensive income for the year ended December 31, 2023 are as follows: Changes in Accumulated Other Comprehensive Income (AOCI) by Component (a) For the Year Ended December 31, 2023 (Dollars in thousands) Unrealized Gains/Losses on AFS Securities Unrealized Gains/Losses on Cash Flow Hedges Defined Benefit Pension Items Total Balance at January 1, 2023 $ (360,340 ) $ 53,014 $ (25,406 ) $ (332,732 ) Other comprehensive income before reclassification 75,647 5,022 0 80,669 Amounts reclassified from accumulated other comprehensive income 5,874 (18,081 ) 4,589 (7,618 ) Net current-period other comprehensive income (loss), net of tax 81,521 (13,059 ) 4,589 73,051 Balance at December 31, 2023 $ (278,819 ) $ 39,955 $ (20,817 ) $ (259,681 ) (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, 2023 (In thousands) Details about AOCI Components Amount Reclassified from AOCI Affected Line Item in the Statement Where Net Income is Presented Available for sale (“AFS”) securities: Net reclassification adjustment for gains included in net income $ 7,659 Net investment securities gains 7,659 Total before tax Related income tax effect (1,785 ) Tax expense 5,874 Net of tax Reclassifications out of Accumulated Other Comprehensive Income (AOCI) For the Year Ended December 31, 2023 (In thousands) Details about AOCI Components Amount Reclassified from AOCI Affected Line Item in the Statement Where Net Income is Presented Cash flow hedge: Net reclassification adjustment for gains included in net income $ (23,574 ) Interest expense (23,574 ) Total before tax Related income tax effect 5,493 Tax expense (18,081 ) Net of tax Pension plan: Recognized net actuarial gain 2,635 (a) Amortization of net actuarial loss 3,347 (b) 5,982 Total before tax Related income tax effect (1,393 ) Tax expense 4,589 Net of tax Total reclassifications for the period $ (7,618 ) (a) This AOCI component is included in the computation of changes in plan assets (see Note O, Employee Benefit Plans) (b) This AOCI component is included in the computation of net periodic pension cost (see Note O, Employee Benefit Plans) |
United Bankshares, Inc. (Pare_2
United Bankshares, Inc. (Parent Company Only) Financial Information (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Condensed Financial Information Disclosure [Abstract] | |
Condensed Balance Sheets | Condensed Balance Sheets December 31 (In thousands) 2023 2022 Assets Cash and due from banks $ 238,256 $ 253,411 Securities available for sale 5,846 6,184 Securities held to maturity 20 20 Equity securities 3,735 2,490 Other investment securities 20,704 19,179 Investment in subsidiaries: Bank subsidiaries 4,818,320 4,575,098 Nonbank subsidiaries 54,556 43,349 Goodwill (16,715 ) (16,715 ) Other assets 28,315 24,993 Total Assets $ 5,153,037 $ 4,908,009 Liabilities and Shareholders’ Equity Subordinated notes $ 0 $ 9,892 Junior subordinated debentures of subsidiary trusts 278,617 276,989 Accrued expenses and other liabilities 103,180 104,935 Shareholders’ equity (including other accumulated comprehensive losses of $259,681 and $332,732 at December 31, 2023 and 2022, respectively) 4,771,240 4,516,193 Total Liabilities and Shareholders’ Equity $ 5,153,037 $ 4,908,009 |
Condensed Statements of Income | Condensed Statements of Income Year Ended December 31 (In thousands) 2023 2022 2021 Income Dividends from banking subsidiaries $ 217,000 $ 272,500 $ 287,500 Net interest income 970 446 335 Management fees: Bank subsidiaries 43,852 35,931 39,678 Nonbank subsidiaries 27 27 27 Other income 2,167 3,053 3,418 Total Income 264,016 311,957 330,958 Expenses Operating expenses 67,968 50,242 47,273 Condensed Statements of Income Year Ended December 31 (In thousands) 2023 2022 2021 Income Before Income Taxes and Equity in Undistributed Net Income of Subsidiaries 196,048 261,715 283,685 Applicable income tax benefit (4,521 ) (2,196 ) (779 ) Income Before Equity in Undistributed Net Income of Subsidiaries 200,569 263,911 284,464 Equity in undistributed net income of subsidiaries: Bank subsidiaries 170,997 117,594 83,507 Nonbank subsidiaries (5,253 ) (1,878 ) (233 ) Net Income $ 366,313 $ 379,627 $ 367,738 |
Condensed Statements of Cash Flows | Condensed Statements of Cash Flows Year Ended December 31 (In thousands) 2023 2022 2021 Operating Activities Net income $ 366,313 $ 379,627 $ 367,738 Adjustments to reconcile net income to net cash provided by operating activities: Equity in undistributed net income of subsidiaries (165,744 ) (115,716 ) (83,274 ) Amortization of net periodic pension costs 204 220 203 Stock-based compensation 12,463 9,881 8,018 Excess tax benefits from stock-based compensation arrangements 128 1,040 303 Net change in other assets and liabilities (5,420 ) (6,118 ) 2,519 Net Cash Provided by Operating Activities 207,944 268,934 295,507 Investing Activities Net proceeds from (purchases) sales of debt securities 338 (426 ) 1,449 Net (purchases) proceeds from sales of equity securities (1,303 ) 4,186 (1,016 ) Net cash received in acquisition of subsidiary 0 0 1,072 Increase in investment in subsidiaries (16,000 ) (13,000 ) (3,500 ) Change in other investment securities (1,525 ) (6,144 ) (2,310 ) Net Cash Used in Investing Activities (18,490 ) (15,384 ) (4,305 ) Financing Activities Repayment of subordinated notes (10,250 ) 0 0 Cash dividends paid (194,727 ) (193,041 ) (181,277 ) Acquisition of treasury stock (1,382 ) (79,460 ) (11,211 ) Proceeds from exercise of stock options 1,750 10,295 5,206 Net Cash Used in Financing Activities (204,609 ) (262,206 ) (187,282 ) (Decrease) Increase in Cash and Cash Equivalents (15,155 ) (8,656 ) 103,920 Cash and Cash Equivalents at Beginning of Year 253,411 262,067 158,147 Cash and Cash Equivalents at End of Year $ 238,256 $ 253,411 $ 262,067 |
Regulatory Matters (Tables)
Regulatory Matters (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Deposits [Abstract] | |
Capital Amounts and Ratios | 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, 2023: Total Capital (to Risk-Weighted Assets): United Bankshares $ 3,700,453 15.4 % $ 1,924,541 ≥ 8.0 % $ 2,405,676 ≥ 10.0 % United Bank 3,440,096 14.4 % 1,916,834 ≥ 8.0 % 2,396,043 ≥ 10.0 % Tier I Capital (to Risk-Weighted Assets): United Bankshares $ 3,162,118 13.1 % $ 1,443,405 ≥ 6.0 % $ 1,924,541 ≥ 8.0 % United Bank 3,190,950 13.3 % 1,437,626 ≥ 6.0 % 1,916,834 ≥ 8.0 % Common Tier I Capital (to Risk Weighted Assets): United Bankshares $ 3,162,118 13.1 % $ 1,082,554 ≥ 4.5 % $ 1,563,689 ≥ 6.5 % United Bank 3,190,950 13.3 % 1,078,219 ≥ 4.5 % 1,557,428 ≥ 6.5 % Tier I Capital (to Average Assets): United Bankshares $ 3,162,118 11.4 % $ 1,110,296 ≥ 4.0 % $ 1,387,870 ≥ 5.0 % United Bank 3,190,950 11.5 % 1,108,321 ≥ 4.0 % 1,385,401 ≥ 5.0 % 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 % |
Fair Values of Financial Inst_2
Fair Values of Financial Instruments (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
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, 2023 and 2022, segregated by the level of the valuation inputs within the fair value hierarchy: Fair Value at December 31, 2023 Using (In thousands) Description Balance as of December 31, 2023 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 $ 484,950 $ 0 $ 484,950 $ 0 State and political subdivisions 533,831 0 533,831 0 Residential mortgage-backed securities Agency 1,049,941 0 1,049,941 0 Non-agency 90,611 0 90,611 0 Commercial mortgage-backed securities Agency 459,298 0 459,298 0 Asset-backed securities 860,638 0 860,638 0 Single issue trust preferred securities 15,141 0 15,141 0 Other corporate securities 291,967 5,159 286,808 0 Total available for sale securities 3,786,377 5,159 3,781,218 0 Equity securities: Financial services industry 211 211 0 0 Equity mutual funds (1) 3,524 3,524 0 0 Fixed income mutual funds 5,210 5,210 0 0 Total equity securities 8,945 8,945 0 0 Loans held for sale 56,261 0 4,283 51,978 Derivative financial assets: Interest rate swap contracts 611 0 611 0 Forward sales commitments 93 0 60 33 Interest rate lock commitments 1,144 0 139 1,005 Total derivative financial assets 1,848 0 810 1,038 Liabilities Derivative financial liabilities: TBA mortgage-backed securities 678 0 11 667 Total derivative financial liabilities 678 0 11 667 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 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 (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, 2023 and 2022 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, 2023 December 31, Balance, beginning of period $ 44,871 $ 464,109 Originations 1,156,616 2,360,908 Sales (1,179,612 ) (2,673,795 ) Transfers to portfolio loans 0 (154,699 ) Total gains during the period recognized in earnings 30,103 48,348 Balance, end of period $ 51,978 $ 44,871 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 $ 1,142 $ (9,852 ) (In thousands) Derivative financial assets TBA securities December 31, 2023 December 31, Balance, beginning of period $ 26 $ 61 Transfers other (26 ) (35 ) Balance, end of period $ 0 $ 26 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 $ 26 (In thousands) Derivative financial assets Forward sales commitments December 31, 2023 December 31, Balance, beginning of period $ 6 $ 0 Transfers other 27 6 Balance, end of period $ 33 $ 6 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 $ 33 $ 6 Derivative financial assets Interest rate lock commitments (In thousands) December 31, 2023 December 31, Balance, beginning of period $ 844 $ 9,444 Transfers other 161 (8,600 ) Balance, end of period $ 1,005 $ 844 The amount of total gains for the period included in earnings (or changes in net assets) attributable to the change in unrealized gains or losses relating to assets still held at reporting date $ 1,005 $ 844 (In thousands) Derivative financial liabilities Forward sales commitments December 31, 2023 December 31, Balance, beginning of period $ 0 $ 36 Transfers other 0 (36 ) Balance, end of period $ 0 $ 0 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 $ 0 Derivative financial liabilities TBA securities (In thousands) December 31, 2023 December 31, Balance, beginning of period $ 213 $ 470 Transfers other 454 (257 ) Balance, end of period $ 667 $ 213 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 $ 667 $ 213 (In thousands) Derivative financial liabilities Interest rate lock commitments December 31, 2023 December 31, Balance, beginning of period $ 348 $ 25 Transfers other (348 ) 323 Balance, end of period $ 0 $ 348 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 $ 348 |
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, 2023 Year Ended December 31, 2022 Income from mortgage banking activities $ 1,175 $ (10,367 ) |
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, 2023 December 31, 2022 (In thousands) Description Unpaid Fair Fair Value Unpaid Fair Value Fair Value Loans held for sale $ 54,377 $ 56,261 $ 1,884 $ 56,170 $ 56,879 $ 709 |
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 Balance as of December 31, 2023 Fair Value at December 31, 2023 YTD Gains Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Assets Individually assessed loans $ 45,308 $ 0 $ 44,722 $ 586 $ 314 OREO 2,615 0 2,615 0 (67 ) (In thousands) Description Balance as of December 31, 2022 Fair Value at December 31, 2022 YTD Gains (Losses) Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Assets Individually assessed loans $ 6,125 $ 0 $ 1,801 $ 4,324 $ 327 OREO 2,052 0 2,013 39 (96 ) |
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, 2023 Cash and cash equivalents $ 1,598,943 $ 1,598,943 $ 0 $ 1,598,943 $ 0 Securities available for sale 3,786,377 3,786,377 5,159 3,781,218 0 Securities held to maturity 1,003 1,020 0 0 1,020 Equity securities 8,945 8,945 8,945 0 0 Other securities 329,429 312,958 0 0 312,958 Loans held for sale 56,261 56,261 0 4,283 51,978 Net loans 21,099,847 20,463,710 0 0 20,463,710 Derivative financial assets, 1,848 1,848 0 810 1,038 Mortgage servicing rights 4,554 13,427 0 0 13,427 Deposits 22,819,319 22,760,310 0 22,760,310 0 Short-term borrowings 196,095 196,095 0 196,095 0 Long-term borrowings 1,789,103 1,769,123 0 1,769,123 0 Derivative financial liabilities 678 678 0 11 667 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 |
Quarterly Financial Data (Tabl
Quarterly Financial Data (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Quarterly Financial Information Disclosure [Abstract] | |
Quarterly Financial Data | Quarterly financial data for 2023 and 2022 is summarized below: (Dollars in thousands, except per share data) 1st Quarter 2nd Quarter 3rd Quarter 4th Quarter 2023 Interest income $ 329,303 $ 345,932 $ 356,910 $ 369,175 Interest expense 94,983 118,471 128,457 139,485 Net interest income 234,320 227,461 228,453 229,690 Provision for credit losses 6,890 11,440 5,948 6,875 Mortgage banking income 6,384 7,907 7,556 4,746 Securities (losses) gains, net (405 ) (7,336 ) (181 ) 276 Other noninterest income 26,765 34,607 26,286 28,653 Noninterest expense 137,419 135,288 135,230 152,287 Income taxes 24,448 23,452 24,779 24,813 Net income (1) 98,307 92,459 96,157 79,390 Per share data: Average shares outstanding (000s): Basic 134,411 134,683 134,685 134,691 Diluted 134,840 134,850 134,888 134,985 Net income per share: Basic $ 0.73 $ 0.68 $ 0.71 $ 0.59 Diluted $ 0.73 $ 0.68 $ 0.71 $ 0.59 Dividends per share $ 0.36 $ 0.36 $ 0.36 $ 0.37 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 Mortgage banking income 19,203 12,445 6,422 4,620 Securities (losses) gains, 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 (1) For further information, see the related discussion “Quarterly Results” included in Management’s Discussion and Analysis. |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies - Reconciliation of Numerator and Denominator of Basic Earnings Per Share with that of Diluted Earnings Per Share (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2023 | Sep. 30, 2023 | Jun. 30, 2023 | Mar. 31, 2023 | Dec. 31, 2022 | Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Earnings Per Share [Abstract] | |||||||||||
Distributed earnings allocated to common stock | $ 195,167 | $ 194,052 | $ 181,614 | ||||||||
Undistributed earnings allocated to common stock | 170,267 | 184,572 | 185,082 | ||||||||
Net earnings allocated to common shareholders | $ 365,434 | $ 378,624 | $ 366,696 | ||||||||
Average common shares outstanding | 134,691,000 | 134,685,000 | 134,683,000 | 134,411,000 | 134,268,000 | 134,182,000 | 134,623,000 | 136,058,000 | 134,505,058 | 134,776,241 | 129,276,452 |
Dilutive effect of stock compensation | 248,762 | 341,271 | 236,401 | ||||||||
Average diluted shares outstanding | 134,985,000 | 134,888,000 | 134,850,000 | 134,840,000 | 134,799,000 | 134,554,000 | 134,864,000 | 136,435,000 | 134,753,820 | 135,117,512 | 129,512,853 |
Earnings per basic common share | $ 0.59 | $ 0.71 | $ 0.68 | $ 0.73 | $ 0.74 | $ 0.76 | $ 0.71 | $ 0.6 | $ 2.72 | $ 2.81 | $ 2.84 |
Earnings per diluted common share | $ 0.59 | $ 0.71 | $ 0.68 | $ 0.73 | $ 0.74 | $ 0.76 | $ 0.71 | $ 0.6 | $ 2.71 | $ 2.8 | $ 2.83 |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies - Additional Information (Detail) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 USD ($) Region shares | Dec. 31, 2022 USD ($) shares | Dec. 31, 2021 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 | $ 39,509 | $ 57,424 | $ 92,545 |
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 | ||
Recorded investment of consumer mortgage loans | $ 142 | 1,309 | |
Real estate acquired in foreclosure or other settlement of loans | 2,615 | 2,052 | |
Advertising Expense | 9,330 | 8,160 | 5,781 |
Amortization expense on intangible assets | 5,116 | 5,516 | 5,908 |
Total goodwill | 1,888,889 | 1,888,889 | |
Stock based compensation expense | $ 12,463 | $ 9,881 | $ 8,018 |
Antidilutive stock options and restricted stock outstanding shares | shares | 1,410,389 | 656,432 | 1,024,612 |
Allowances for credit losses on securities held to maturity | $ 17 | $ 18 | |
Allowance for credit losses on securities held for sale | 0 | $ 0 | |
Allowance for credit loss on accrued interest receivable | $ 0 | ||
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 |
Investment Securities - Summary
Investment Securities - Summary of Amortized Cost and Estimated Fair Values of Available for Sale Securities (Detail) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Schedule of Investments [Line Items] | ||
Amortized Cost | $ 4,149,895 | $ 5,011,729 |
Gross Unrealized Gains | 79 | 258 |
Gross Unrealized Losses | 363,597 | 470,062 |
Allowance For Credit Losses | 0 | 0 |
Estimated Fair Value | 3,786,377 | 4,541,925 |
U.S. Treasury Securities and Obligations of U.S. Government Corporations and Agencies [Member] | ||
Schedule of Investments [Line Items] | ||
Amortized Cost | 492,638 | 548,407 |
Gross Unrealized Gains | 4 | 12 |
Gross Unrealized Losses | 7,692 | 18,927 |
Allowance For Credit Losses | 0 | 0 |
Estimated Fair Value | 484,950 | 529,492 |
State and Political Subdivisions [Member] | ||
Schedule of Investments [Line Items] | ||
Amortized Cost | 613,588 | 820,167 |
Gross Unrealized Gains | 11 | 36 |
Gross Unrealized Losses | 79,768 | 110,673 |
Allowance For Credit Losses | 0 | 0 |
Estimated Fair Value | 533,831 | 709,530 |
Residential Mortgage-Backed Securities, Agency [Member] | ||
Schedule of Investments [Line Items] | ||
Amortized Cost | 1,217,744 | 1,369,471 |
Gross Unrealized Gains | 7 | 4 |
Gross Unrealized Losses | 167,810 | 194,531 |
Allowance For Credit Losses | 0 | 0 |
Estimated Fair Value | 1,049,941 | 1,174,944 |
Residential Mortgage-Backed Securities, Non-agency [Member] | ||
Schedule of Investments [Line Items] | ||
Amortized Cost | 100,364 | 121,336 |
Gross Unrealized Gains | 0 | 66 |
Gross Unrealized Losses | 9,753 | 9,429 |
Allowance For Credit Losses | 0 | 0 |
Estimated Fair Value | 90,611 | 111,973 |
Commercial Mortgage-Backed Securities Agency [Member] | ||
Schedule of Investments [Line Items] | ||
Amortized Cost | 511,560 | 627,768 |
Gross Unrealized Gains | 13 | 8 |
Gross Unrealized Losses | 52,275 | 65,223 |
Allowance For Credit Losses | 0 | 0 |
Estimated Fair Value | 459,298 | 562,553 |
Asset-backed Securities [Member] | ||
Schedule of Investments [Line Items] | ||
Amortized Cost | 872,048 | 943,813 |
Gross Unrealized Gains | 44 | 0 |
Gross Unrealized Losses | 11,454 | 32,202 |
Allowance For Credit Losses | 0 | 0 |
Estimated Fair Value | 860,638 | 911,611 |
Single Issue Trust Preferred Securities [Member] | ||
Schedule of Investments [Line Items] | ||
Amortized Cost | 16,380 | 17,342 |
Gross Unrealized Gains | 0 | 88 |
Gross Unrealized Losses | 1,239 | 1,146 |
Allowance For Credit Losses | 0 | 0 |
Estimated Fair Value | 15,141 | 16,284 |
Other Corporate Securities [Member] | ||
Schedule of Investments [Line Items] | ||
Amortized Cost | 325,573 | 563,425 |
Gross Unrealized Gains | 0 | 44 |
Gross Unrealized Losses | 33,606 | 37,931 |
Allowance For Credit Losses | 0 | 0 |
Estimated Fair Value | $ 291,967 | $ 525,538 |
Investment Securities - Summa_2
Investment Securities - Summary of Securities Available for Sale in an Unrealized Loss Position (Detail) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Schedule of Investments [Line Items] | ||
Less than 12 months, Fair Value | $ 44,182 | $ 2,669,066 |
Less than 12 months, Unrealized Losses | 754 | 209,141 |
12 months or longer, Fair Value | 3,688,251 | 1,757,697 |
12 months or longer, Unrealized Losses | 362,843 | 260,921 |
Total, Fair Value | 3,732,433 | 4,426,763 |
Total, Unrealized Losses | 363,597 | 470,062 |
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 | 4,625 | 473,025 |
Less than 12 months, Unrealized Losses | 11 | 13,628 |
12 months or longer, Fair Value | 477,615 | 48,793 |
12 months or longer, Unrealized Losses | 7,681 | 5,299 |
Total, Fair Value | 482,240 | 521,818 |
Total, Unrealized Losses | 7,692 | 18,927 |
State and Political Subdivisions [Member] | ||
Schedule of Investments [Line Items] | ||
Less than 12 months, Fair Value | 2,050 | 496,328 |
Less than 12 months, Unrealized Losses | 193 | 63,019 |
12 months or longer, Fair Value | 517,186 | 192,234 |
12 months or longer, Unrealized Losses | 79,575 | 47,654 |
Total, Fair Value | 519,236 | 688,562 |
Total, Unrealized Losses | 79,768 | 110,673 |
Residential Mortgage-Backed Securities, Agency [Member] | ||
Schedule of Investments [Line Items] | ||
Less than 12 months, Fair Value | 9,755 | 623,587 |
Less than 12 months, Unrealized Losses | 51 | 70,744 |
12 months or longer, Fair Value | 1,038,632 | 550,135 |
12 months or longer, Unrealized Losses | 167,759 | 123,787 |
Total, Fair Value | 1,048,387 | 1,173,722 |
Total, Unrealized Losses | 167,810 | 194,531 |
Residential Mortgage-Backed Securities, Non-agency [Member] | ||
Schedule of Investments [Line Items] | ||
Less than 12 months, Fair Value | 8,964 | 58,839 |
Less than 12 months, Unrealized Losses | 101 | 2,083 |
12 months or longer, Fair Value | 81,647 | 42,901 |
12 months or longer, Unrealized Losses | 9,652 | 7,346 |
Total, Fair Value | 90,611 | 101,740 |
Total, Unrealized Losses | 9,753 | 9,429 |
Commercial Mortgage-Backed Securities Agency [Member] | ||
Schedule of Investments [Line Items] | ||
Less than 12 months, Fair Value | 0 | 396,380 |
Less than 12 months, Unrealized Losses | 0 | 27,469 |
12 months or longer, Fair Value | 456,866 | 163,226 |
12 months or longer, Unrealized Losses | 52,275 | 37,754 |
Total, Fair Value | 456,866 | 559,606 |
Total, Unrealized Losses | 52,275 | 65,223 |
Asset-backed Securities [Member] | ||
Schedule of Investments [Line Items] | ||
Less than 12 months, Fair Value | 15,866 | 425,482 |
Less than 12 months, Unrealized Losses | 216 | 14,134 |
12 months or longer, Fair Value | 829,778 | 486,129 |
12 months or longer, Unrealized Losses | 11,238 | 18,068 |
Total, Fair Value | 845,644 | 911,611 |
Total, Unrealized Losses | 11,454 | 32,202 |
Single Issue Trust Preferred Securities [Member] | ||
Schedule of Investments [Line Items] | ||
Less than 12 months, Fair Value | 2,922 | 0 |
Less than 12 months, Unrealized Losses | 182 | 0 |
12 months or longer, Fair Value | 12,219 | 13,109 |
12 months or longer, Unrealized Losses | 1,057 | 1,146 |
Total, Fair Value | 15,141 | 13,109 |
Total, Unrealized Losses | 1,239 | 1,146 |
Other Corporate Securities [Member] | ||
Schedule of Investments [Line Items] | ||
Less than 12 months, Fair Value | 0 | 195,425 |
Less than 12 months, Unrealized Losses | 0 | 18,064 |
12 months or longer, Fair Value | 274,308 | 261,170 |
12 months or longer, Unrealized Losses | 33,606 | 19,867 |
Total, Fair Value | 274,308 | 456,595 |
Total, Unrealized Losses | $ 33,606 | $ 37,931 |
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, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Investments, Debt and Equity Securities [Abstract] | |||
Proceeds from maturities, sales and calls | $ 952,213 | $ 575,748 | $ 731,902 |
Gross realized gains | 0 | 2 | 1,673 |
Gross realized losses | $ 7,659 | $ 0 | $ 122 |
Investment Securities - Additio
Investment Securities - Additional Information (Detail) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 USD ($) Contract | Dec. 31, 2022 USD ($) | |
Schedule of Investments [Line Items] | ||
Accrued interest receivable | $ 20,878 | $ 23,955 |
Gross unrealized losses on available for sale securities | $ 363,597 | 470,062 |
Available for sale securities in unrealized loss position | Contract | 1,091 | |
Available for sale securities in portfolio, number | Contract | 1,140 | |
Capitalization of banks, equal to or greater than, in the single-issue trust preferred portfolio | $ 10,000,000 | |
Equity securities at estimated fair value | 8,945 | 7,629 |
Carrying value of securities pledged | 2,307,591 | 2,412,820 |
Held-to-maturity securities amortized cost | 1,003 | 1,002 |
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 | 76% | |
Federal Family Education Loan Program [Member] | Fitch, AA+ Rating [Member] | ||
Schedule of Investments [Line Items] | ||
Percentage of asset backed securities with credit rating | 24% | |
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 | $ 100,364 | |
Investment Grade [Member] | ||
Schedule of Investments [Line Items] | ||
Amortized cost of available for sale single issue trust preferred securities | 7,475 | |
Split Rated Bonds Investment Grade [Member] | ||
Schedule of Investments [Line Items] | ||
Amortized cost of available for sale single issue trust preferred securities | 3,104 | |
Unrated Bonds Investment Grade [Member] | ||
Schedule of Investments [Line Items] | ||
Amortized cost of available for sale single issue trust preferred securities | 5,801 | |
State and Political Subdivisions [Member] | ||
Schedule of Investments [Line Items] | ||
Gross unrealized losses on available for sale securities | $ 79,768 | 110,673 |
Percent of portfolio with credit support | 48% | |
Amortized cost of available for sale single issue trust preferred securities | $ 613,588 | |
Agency Mortgage Backed Securities [Member] | ||
Schedule of Investments [Line Items] | ||
Amortized cost of available for sale single issue trust preferred securities | 1,729,304 | |
Commercial Mortgage-Backed Securities [Member] | ||
Schedule of Investments [Line Items] | ||
Gross unrealized losses on available for sale securities | 52,275 | 65,223 |
Amortized cost of available for sale single issue trust preferred securities | 511,560 | |
Residential Mortgage-Backed Securities, Agency [Member] | ||
Schedule of Investments [Line Items] | ||
Gross unrealized losses on available for sale securities | 167,810 | 194,531 |
Amortized cost of available for sale single issue trust preferred securities | 1,217,744 | |
Other-than-temporary Impairment Loss, Debt Securities, Available-for-sale, Recognized in Earnings | 0 | |
Residential Mortgage-Backed Securities, Non-agency [Member] | ||
Schedule of Investments [Line Items] | ||
Gross unrealized losses on available for sale securities | 9,753 | 9,429 |
Amortized cost of available for sale single issue trust preferred securities | $ 100,364 | |
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 | $ 33,606 | 37,931 |
Amortized cost of available for sale single issue trust preferred securities | $ 325,573 | |
Corporate Bonds [Member] | Investment Grade [Member] | ||
Schedule of Investments [Line Items] | ||
Percent of corporate securities portfolio | 97% | |
Carrying value of securities pledged | $ 0 | |
Corporate Bonds [Member] | Below Investment Grade [Member] | ||
Schedule of Investments [Line Items] | ||
Percent of corporate securities portfolio | 3% | |
Mortgage Backed Securities [Member] | ||
Schedule of Investments [Line Items] | ||
Net unrealized gains | $ 229,818 | |
Held-to-maturity securities amortized cost | 1,829,668 | |
Held-to-maturity securities estimated fair value | 1,599,850 | |
Asset-backed Securities [Member] | ||
Schedule of Investments [Line Items] | ||
Gross unrealized losses on available for sale securities | 11,454 | $ 32,202 |
Amortized cost of available for sale single issue trust preferred securities | 872,048 | |
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, 2023 | Dec. 31, 2022 |
Investments, Debt and Equity Securities [Abstract] | ||
Due in one year or less, Amortized Cost | $ 497,555 | |
Due after one year through five years, Amortized Cost | 448,020 | |
Due after five years through ten years, Amortized Cost | 852,698 | |
Due after ten years, Amortized Cost | 2,351,622 | |
Amortized Cost | 4,149,895 | $ 5,011,729 |
Due in one year or less, Estimated Fair Value | 493,651 | |
Due after one year through five years, Estimated Fair Value | 416,436 | |
Due after five years through ten years, Estimated Fair Value | 751,780 | |
Due after ten years, Estimated Fair Value | 2,124,510 | |
Total available for sale securities | $ 3,786,377 | $ 4,541,925 |
Investment Securities - Summa_5
Investment Securities - Summary of Equity Securities (Detail) - Marketable Equity Securities [Member] - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Debt Securities, Available-for-sale [Line Items] | ||
Net gains recognized during the period on equity securities sold | $ 0 | $ 0 |
Unrealized gains recognized during the period on equity securities still held at period end | 358 | 94 |
Unrealized losses recognized during the period on equity securities still held at period end | (345) | (684) |
Net gains (losses) recognized during the period | $ 13 | $ (590) |
Loans and Leases - Major Classe
Loans and Leases - Major Classes of Loans And Leases (Detail) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Commercial, financial and agricultural: | ||
Total commercial, financial & agricultural | $ 11,889,014 | $ 11,624,469 |
Residential real estate | 5,271,236 | 4,662,911 |
Construction & land development | 3,148,245 | 2,926,971 |
Consumer: | ||
Bankcard | 9,962 | 9,273 |
Other consumer | 1,054,728 | 1,356,539 |
Less: Unearned income | (14,101) | (21,997) |
Loans and leases, net of unearned income | 21,359,084 | 20,558,166 |
Owner-Occupied Commercial Real Estate [Member] | ||
Commercial, financial and agricultural: | ||
Total commercial, financial & agricultural | 1,598,231 | 1,724,927 |
Nonowner-Occupied Commercial Real Estate [Member] | ||
Commercial, financial and agricultural: | ||
Total commercial, financial & agricultural | 6,718,343 | 6,286,974 |
Other Commercial Loans And Leases [Member] | ||
Commercial, financial and agricultural: | ||
Total commercial, financial & agricultural | $ 3,572,440 | $ 3,612,568 |
Loans and Leases - Additional I
Loans and Leases - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Loans held for sale | $ 56,261 | $ 56,879 |
Unamortized loan fees | 35,586 | 47,134 |
Loans-in-process | 6,370 | 62,691 |
Overdrafts from deposit accounts | 7,146 | 36,209 |
Related party loans | 68,460 | $ 24,901 |
Directors and Officers [Member] | ||
Additional amount of loan | 45,348 | |
Repayment of Loan | $ 1,789 |
Credit Quality - Additional Inf
Credit Quality - Additional Information (Detail) $ in Thousands | 12 Months Ended |
Dec. 31, 2023 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 |
Minimum number of days required for special mention | 30 days |
Maximum number of days required for special mention | 89 days |
Number of days required for substandard | 90 days |
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 $3,000,000 or greater is completed at least annually. |
Modification Additional Funds Recorded Investment | $ 28,000 |
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, 2023 | Dec. 31, 2022 |
Financing Receivable, Past Due [Line Items] | ||
Loans, Past Due | $ 21,373,185 | $ 20,580,163 |
Loans, Recorded Investment >90 Days & Accruing | 14,579 | 18,640 |
30-89 Days Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Loans, Past Due | 83,950 | 91,536 |
90 Days or more Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Loans, Past Due | 45,498 | 49,511 |
Total Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Loans, Past Due | 129,448 | 141,047 |
Current & Other [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Loans, Past Due | 21,243,737 | 20,439,116 |
Construction & Land Development [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Loans, Past Due | 3,148,245 | 2,926,971 |
Loans, Recorded Investment >90 Days & Accruing | 0 | 0 |
Construction & Land Development [Member] | 30-89 Days Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Loans, Past Due | 879 | 3,060 |
Construction & Land Development [Member] | 90 Days or more Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Loans, Past Due | 6,423 | 475 |
Construction & Land Development [Member] | Total Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Loans, Past Due | 7,302 | 3,535 |
Construction & Land Development [Member] | Current & Other [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Loans, Past Due | 3,140,943 | 2,923,436 |
Commercial Real Estate [Member] | Owner-Occupied [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Loans, Past Due | 1,598,231 | 1,724,927 |
Loans, Recorded Investment >90 Days & Accruing | 110 | 4,023 |
Commercial Real Estate [Member] | Owner-Occupied [Member] | 30-89 Days Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Loans, Past Due | 6,361 | 5,643 |
Commercial Real Estate [Member] | Owner-Occupied [Member] | 90 Days or more Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Loans, Past Due | 6,335 | 12,368 |
Commercial Real Estate [Member] | Owner-Occupied [Member] | Total Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Loans, Past Due | 12,696 | 18,011 |
Commercial Real Estate [Member] | Owner-Occupied [Member] | Current & Other [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Loans, Past Due | 1,585,535 | 1,706,916 |
Commercial Real Estate [Member] | Nonowner-Occupied [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Loans, Past Due | 6,718,343 | 6,286,974 |
Loans, Recorded Investment >90 Days & Accruing | 2,460 | 0 |
Commercial Real Estate [Member] | Nonowner-Occupied [Member] | 30-89 Days Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Loans, Past Due | 10,373 | 9,996 |
Commercial Real Estate [Member] | Nonowner-Occupied [Member] | 90 Days or more Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Loans, Past Due | 13,146 | 8,916 |
Commercial Real Estate [Member] | Nonowner-Occupied [Member] | Total Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Loans, Past Due | 23,519 | 18,912 |
Commercial Real Estate [Member] | Nonowner-Occupied [Member] | Current & Other [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Loans, Past Due | 6,694,824 | 6,268,062 |
Other Commercial [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Loans, Past Due | 3,572,440 | 3,612,568 |
Loans, Recorded Investment >90 Days & Accruing | 560 | 2,946 |
Other Commercial [Member] | 30-89 Days Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Loans, Past Due | 3,218 | 13,466 |
Other Commercial [Member] | 90 Days or more Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Loans, Past Due | 1,224 | 5,338 |
Other Commercial [Member] | Total Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Loans, Past Due | 4,442 | 18,804 |
Other Commercial [Member] | Current & Other [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Loans, Past Due | 3,567,998 | 3,593,764 |
Residential Real Estate [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Loans, Past Due | 5,271,236 | 4,662,911 |
Loans, Recorded Investment >90 Days & Accruing | 6,244 | 7,342 |
Residential Real Estate [Member] | 30-89 Days Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Loans, Past Due | 26,523 | 25,315 |
Residential Real Estate [Member] | 90 Days or more Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Loans, Past Due | 12,136 | 17,735 |
Residential Real Estate [Member] | Total Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Loans, Past Due | 38,659 | 43,050 |
Residential Real Estate [Member] | Current & Other [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Loans, Past Due | 5,232,577 | 4,619,861 |
Consumer [Member] | Bankcard [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Loans, Past Due | 9,962 | 9,273 |
Loans, Recorded Investment >90 Days & Accruing | 127 | 109 |
Consumer [Member] | Bankcard [Member] | 30-89 Days Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Loans, Past Due | 145 | 63 |
Consumer [Member] | Bankcard [Member] | 90 Days or more Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Loans, Past Due | 127 | 109 |
Consumer [Member] | Bankcard [Member] | Total Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Loans, Past Due | 272 | 172 |
Consumer [Member] | Bankcard [Member] | Current & Other [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Loans, Past Due | 9,690 | 9,101 |
Consumer [Member] | Other Consumer [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Loans, Past Due | 1,054,728 | 1,356,539 |
Loans, Recorded Investment >90 Days & Accruing | 5,078 | 4,220 |
Consumer [Member] | Other Consumer [Member] | 30-89 Days Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Loans, Past Due | 36,451 | 33,993 |
Consumer [Member] | Other Consumer [Member] | 90 Days or more Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Loans, Past Due | 6,107 | 4,570 |
Consumer [Member] | Other Consumer [Member] | Total Past Due [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Loans, Past Due | 42,558 | 38,563 |
Consumer [Member] | Other Consumer [Member] | Current & Other [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Loans, Past Due | $ 1,012,170 | $ 1,317,976 |
Credit Quality - Schedule of No
Credit Quality - Schedule of Nonaccrual Loans, Segregated by Class of Loans and Leases (Detail) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Financing Receivable, Past Due [Line Items] | ||
Nonaccruals | $ 30,919 | $ 30,871 |
With No Related Allowance for Credit Losses | 30,919 | 29,042 |
Other Commercial [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Nonaccruals | 664 | 2,392 |
With No Related Allowance for Credit Losses | 664 | 2,392 |
Residential Real Estate [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Nonaccruals | 5,892 | 10,393 |
With No Related Allowance for Credit Losses | 5,892 | 8,564 |
Owner-Occupied [Member] | Commercial Real Estate [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Nonaccruals | 6,225 | 8,345 |
With No Related Allowance for Credit Losses | 6,225 | 8,345 |
Nonowner-Occupied [Member] | Commercial Real Estate [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Nonaccruals | 10,686 | 8,916 |
With No Related Allowance for Credit Losses | 10,686 | 8,916 |
Construction [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Nonaccruals | 6,423 | 475 |
With No Related Allowance for Credit Losses | 6,423 | 475 |
Bankcard [Member] | Consumer [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Nonaccruals | 0 | 0 |
With No Related Allowance for Credit Losses | 0 | 0 |
Other Consumer [Member] | Consumer [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Nonaccruals | 1,029 | 350 |
With No Related Allowance for Credit Losses | $ 1,029 | $ 350 |
Credit Quality - Schedule of Am
Credit Quality - Schedule of Amortized Cost Loans and Leases Pledged As Collateral (Detail) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Amortized Cost Collateral Dependent Loans [Line Items] | ||
Amortized Cost Loans and Leases Pledged As Collateral | $ 65,116 | $ 58,575 |
Commercial Real Estate [Member] | Owner-Occupied [Member] | ||
Amortized Cost Collateral Dependent Loans [Line Items] | ||
Amortized Cost Loans and Leases Pledged As Collateral | 14,507 | 25,421 |
Commercial Real Estate [Member] | Nonowner-Occupied [Member] | ||
Amortized Cost Collateral Dependent Loans [Line Items] | ||
Amortized Cost Loans and Leases Pledged As Collateral | 26,565 | 13,649 |
Other Commercial [Member] | ||
Amortized Cost Collateral Dependent Loans [Line Items] | ||
Amortized Cost Loans and Leases Pledged As Collateral | 6,340 | 5,584 |
Residential Real Estate [Member] | ||
Amortized Cost Collateral Dependent Loans [Line Items] | ||
Amortized Cost Loans and Leases Pledged As Collateral | 9,775 | 11,858 |
Construction & Land Development [Member] | ||
Amortized Cost Collateral Dependent Loans [Line Items] | ||
Amortized Cost Loans and Leases Pledged As Collateral | 7,929 | 2,063 |
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 | 21,956 | 15,163 |
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 | 27 | 46 |
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 | 11,200 | 3,245 |
Residential Real Estate [Member] | Other Commercial [Member] | ||
Amortized Cost Collateral Dependent Loans [Line Items] | ||
Amortized Cost Loans and Leases Pledged As Collateral | 0 | 0 |
Residential Real Estate [Member] | Residential Real Estate [Member] | ||
Amortized Cost Collateral Dependent Loans [Line Items] | ||
Amortized Cost Loans and Leases Pledged As Collateral | 9,775 | 11,858 |
Residential Real Estate [Member] | Construction & Land Development [Member] | ||
Amortized Cost Collateral Dependent Loans [Line Items] | ||
Amortized Cost Loans and Leases Pledged As Collateral | 954 | 14 |
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 | 891 | 5,466 |
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 | 0 | 22 |
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 | 891 | 5,444 |
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 | 3,661 | 1,312 |
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 | 0 |
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 | 3,661 | 1,312 |
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 | 23,956 | 18,502 |
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 | 5,208 | 15,718 |
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 | 13,555 | 2,784 |
Commercial Real Estate [Member] | Other Commercial [Member] | ||
Amortized Cost Collateral Dependent Loans [Line Items] | ||
Amortized Cost Loans and Leases Pledged As Collateral | 5,193 | 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 | 14,652 | 18,132 |
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 | 9,272 | 9,635 |
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 | 1,810 | 7,619 |
Other Assets [Member] | Other Commercial [Member] | ||
Amortized Cost Collateral Dependent Loans [Line Items] | ||
Amortized Cost Loans and Leases Pledged As Collateral | 256 | 140 |
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 | 3,314 | 738 |
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 _2
Credit Quality - Schedule of Amortized Cost Basis of Loan Modifications Made to Borrowers (Detail) $ in Thousands | 12 Months Ended |
Dec. 31, 2023 USD ($) | |
Financing Receivable, Modifications [Line Items] | |
% of Total Class of Financing Receivable | 0.16% |
Term Extension [Member] | |
Financing Receivable, Modifications [Line Items] | |
Financing Receivable, Modified | $ 32,788 |
Interest Rate Reduction [Member] | |
Financing Receivable, Modifications [Line Items] | |
Financing Receivable, Modified | $ 1,737 |
Commercial Real Estate [Member] | Owner-Occupied [Member] | |
Financing Receivable, Modifications [Line Items] | |
% of Total Class of Financing Receivable | 0.03% |
Commercial Real Estate [Member] | Owner-Occupied [Member] | Term Extension [Member] | |
Financing Receivable, Modifications [Line Items] | |
Financing Receivable, Modified | $ 484 |
Commercial Real Estate [Member] | Owner-Occupied [Member] | Interest Rate Reduction [Member] | |
Financing Receivable, Modifications [Line Items] | |
Financing Receivable, Modified | $ 0 |
Commercial Real Estate [Member] | Nonowner-Occupied [Member] | |
Financing Receivable, Modifications [Line Items] | |
% of Total Class of Financing Receivable | 0.50% |
Commercial Real Estate [Member] | Nonowner-Occupied [Member] | Term Extension [Member] | |
Financing Receivable, Modifications [Line Items] | |
Financing Receivable, Modified | $ 31,633 |
Commercial Real Estate [Member] | Nonowner-Occupied [Member] | Interest Rate Reduction [Member] | |
Financing Receivable, Modifications [Line Items] | |
Financing Receivable, Modified | $ 1,737 |
Other Commercial [Member] | |
Financing Receivable, Modifications [Line Items] | |
% of Total Class of Financing Receivable | 0% |
Other Commercial [Member] | Term Extension [Member] | |
Financing Receivable, Modifications [Line Items] | |
Financing Receivable, Modified | $ 165 |
Other Commercial [Member] | Interest Rate Reduction [Member] | |
Financing Receivable, Modifications [Line Items] | |
Financing Receivable, Modified | $ 0 |
Residential Real Estate [Member] | |
Financing Receivable, Modifications [Line Items] | |
% of Total Class of Financing Receivable | 0.01% |
Residential Real Estate [Member] | Term Extension [Member] | |
Financing Receivable, Modifications [Line Items] | |
Financing Receivable, Modified | $ 506 |
Residential Real Estate [Member] | Interest Rate Reduction [Member] | |
Financing Receivable, Modifications [Line Items] | |
Financing Receivable, Modified | $ 0 |
Construction & Land Development [Member] | |
Financing Receivable, Modifications [Line Items] | |
% of Total Class of Financing Receivable | 0% |
Construction & Land Development [Member] | Term Extension [Member] | |
Financing Receivable, Modifications [Line Items] | |
Financing Receivable, Modified | $ 0 |
Construction & Land Development [Member] | Interest Rate Reduction [Member] | |
Financing Receivable, Modifications [Line Items] | |
Financing Receivable, Modified | $ 0 |
Consumer [Member] | Bankcard [Member] | |
Financing Receivable, Modifications [Line Items] | |
% of Total Class of Financing Receivable | 0% |
Consumer [Member] | Bankcard [Member] | Term Extension [Member] | |
Financing Receivable, Modifications [Line Items] | |
Financing Receivable, Modified | $ 0 |
Consumer [Member] | Bankcard [Member] | Interest Rate Reduction [Member] | |
Financing Receivable, Modifications [Line Items] | |
Financing Receivable, Modified | $ 0 |
Consumer [Member] | Other Consumer [Member] | |
Financing Receivable, Modifications [Line Items] | |
% of Total Class of Financing Receivable | 0% |
Consumer [Member] | Other Consumer [Member] | Term Extension [Member] | |
Financing Receivable, Modifications [Line Items] | |
Financing Receivable, Modified | $ 0 |
Consumer [Member] | Other Consumer [Member] | Interest Rate Reduction [Member] | |
Financing Receivable, Modifications [Line Items] | |
Financing Receivable, Modified | $ 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, 2023 | Dec. 31, 2022 |
Disclosure Details Of Loans And Leases By Risk Category [Line Items] | ||
Total | $ 11,889,014 | $ 11,624,469 |
Owner-Occupied [Member] | ||
Disclosure Details Of Loans And Leases By Risk Category [Line Items] | ||
2023 | 132,376 | |
2022 | 317,851 | 339,908 |
2021 | 246,909 | 277,603 |
2020 | 249,336 | 284,613 |
2019 | 112,078 | 123,495 |
2018 | 113,926 | |
Prior | 509,359 | 551,414 |
Revolving loans amortized cost basis | 30,193 | 33,385 |
Revolving loans converted to term loans | 129 | 583 |
Total | 1,598,231 | 1,724,927 |
Owner-Occupied [Member] | Pass [Member] | ||
Disclosure Details Of Loans And Leases By Risk Category [Line Items] | ||
2023 | 132,376 | |
2022 | 316,117 | 339,765 |
2021 | 246,635 | 276,667 |
2020 | 248,861 | 284,091 |
2019 | 109,182 | 122,582 |
2018 | 112,126 | |
Prior | 465,223 | 504,485 |
Revolving loans amortized cost basis | 29,619 | 32,465 |
Revolving loans converted to term loans | 0 | 350 |
Total | 1,548,013 | 1,672,531 |
Owner-Occupied [Member] | Special Mention [Member] | ||
Disclosure Details Of Loans And Leases By Risk Category [Line Items] | ||
2023 | 0 | |
2022 | 0 | 0 |
2021 | 0 | 0 |
2020 | 0 | 0 |
2019 | 2,460 | 496 |
2018 | 1,158 | |
Prior | 15,423 | 5,358 |
Revolving loans amortized cost basis | 125 | 920 |
Revolving loans converted to term loans | 0 | 0 |
Total | 18,008 | 7,932 |
Owner-Occupied [Member] | Substandard [Member] | ||
Disclosure Details Of Loans And Leases By Risk Category [Line Items] | ||
2023 | 0 | |
2022 | 1,734 | 143 |
2021 | 274 | 936 |
2020 | 475 | 522 |
2019 | 436 | 417 |
2018 | 642 | |
Prior | 28,469 | 41,301 |
Revolving loans amortized cost basis | 449 | 0 |
Revolving loans converted to term loans | 129 | 233 |
Total | 31,966 | 44,194 |
Owner-Occupied [Member] | Doubtful [Member] | ||
Disclosure Details Of Loans And Leases By Risk Category [Line Items] | ||
2023 | 0 | |
2022 | 0 | 0 |
2021 | 0 | 0 |
2020 | 0 | 0 |
2019 | 0 | 0 |
2018 | 0 | |
Prior | 244 | 270 |
Revolving loans amortized cost basis | 0 | 0 |
Revolving loans converted to term loans | 0 | 0 |
Total | 244 | 270 |
Owner-Occupied [Member] | Current-period Charge-offs [Member] | ||
Disclosure Details Of Loans And Leases By Risk Category [Line Items] | ||
2023 | 0 | |
2022 | 0 | 0 |
2021 | 0 | 0 |
2020 | 0 | 0 |
2019 | 0 | 0 |
2018 | 0 | |
Prior | (855) | (68) |
Revolving loans amortized cost basis | 0 | 0 |
Revolving loans converted to term loans | 0 | 0 |
Total | (855) | (68) |
Owner-Occupied [Member] | Current-period Recoveries [Member] | ||
Disclosure Details Of Loans And Leases By Risk Category [Line Items] | ||
2023 | 0 | |
2022 | 13 | 0 |
2021 | 0 | 0 |
2020 | 0 | 0 |
2019 | 0 | 0 |
2018 | 0 | |
Prior | 174 | 489 |
Revolving loans amortized cost basis | 0 | 0 |
Revolving loans converted to term loans | 0 | 0 |
Total | 187 | 489 |
Owner-Occupied [Member] | Current-period Net (Charge- offs) Recoveries [Member] | ||
Disclosure Details Of Loans And Leases By Risk Category [Line Items] | ||
2023 | 0 | |
2022 | 13 | 0 |
2021 | 0 | 0 |
2020 | 0 | 0 |
2019 | 0 | 0 |
2018 | 0 | |
Prior | (681) | 421 |
Revolving loans amortized cost basis | 0 | 0 |
Revolving loans converted to term loans | 0 | 0 |
Total | (668) | 421 |
Nonowner-Occupied [Member] | ||
Disclosure Details Of Loans And Leases By Risk Category [Line Items] | ||
2023 | 455,399 | |
2022 | 1,433,494 | 1,416,022 |
2021 | 1,593,716 | 1,401,424 |
2020 | 747,362 | 746,999 |
2019 | 742,002 | 806,615 |
2018 | 359,527 | |
Prior | 1,486,870 | 1,372,110 |
Revolving loans amortized cost basis | 259,394 | 184,142 |
Revolving loans converted to term loans | 106 | 135 |
Total | 6,718,343 | 6,286,974 |
Nonowner-Occupied [Member] | Pass [Member] | ||
Disclosure Details Of Loans And Leases By Risk Category [Line Items] | ||
2023 | 455,399 | |
2022 | 1,428,880 | 1,415,465 |
2021 | 1,587,315 | 1,399,023 |
2020 | 717,189 | 739,474 |
2019 | 695,492 | 687,755 |
2018 | 341,367 | |
Prior | 1,335,526 | 1,297,076 |
Revolving loans amortized cost basis | 228,743 | 183,779 |
Revolving loans converted to term loans | 106 | 135 |
Total | 6,448,650 | 6,064,074 |
Nonowner-Occupied [Member] | Special Mention [Member] | ||
Disclosure Details Of Loans And Leases By Risk Category [Line Items] | ||
2023 | 0 | |
2022 | 4,614 | 557 |
2021 | 2,381 | 2,401 |
2020 | 25,437 | 6,852 |
2019 | 43,017 | 84,781 |
2018 | 980 | |
Prior | 104,997 | 23,137 |
Revolving loans amortized cost basis | 30,651 | 0 |
Revolving loans converted to term loans | 0 | 0 |
Total | 211,097 | 118,708 |
Nonowner-Occupied [Member] | Substandard [Member] | ||
Disclosure Details Of Loans And Leases By Risk Category [Line Items] | ||
2023 | 0 | |
2022 | 0 | 0 |
2021 | 4,020 | 0 |
2020 | 4,736 | 673 |
2019 | 3,493 | 34,079 |
2018 | 17,180 | |
Prior | 46,347 | 51,897 |
Revolving loans amortized cost basis | 0 | 363 |
Revolving loans converted to term loans | 0 | 0 |
Total | 58,596 | 104,192 |
Nonowner-Occupied [Member] | Doubtful [Member] | ||
Disclosure Details Of Loans And Leases By Risk Category [Line Items] | ||
2023 | 0 | |
2022 | 0 | 0 |
2021 | 0 | 0 |
2020 | 0 | 0 |
2019 | 0 | 0 |
2018 | 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] | Current-period Charge-offs [Member] | ||
Disclosure Details Of Loans And Leases By Risk Category [Line Items] | ||
2023 | 0 | |
2022 | 0 | 0 |
2021 | 0 | 0 |
2020 | 0 | 0 |
2019 | 0 | 0 |
2018 | 0 | |
Prior | (24) | 0 |
Revolving loans amortized cost basis | 0 | 0 |
Revolving loans converted to term loans | 0 | 0 |
Total | (24) | 0 |
Nonowner-Occupied [Member] | Current-period Recoveries [Member] | ||
Disclosure Details Of Loans And Leases By Risk Category [Line Items] | ||
2023 | 0 | |
2022 | 0 | 0 |
2021 | 0 | 0 |
2020 | 0 | 0 |
2019 | 0 | 0 |
2018 | 0 | |
Prior | 1,233 | 234 |
Revolving loans amortized cost basis | 0 | 0 |
Revolving loans converted to term loans | 0 | 0 |
Total | 1,233 | 234 |
Nonowner-Occupied [Member] | Current-period Net (Charge- offs) Recoveries [Member] | ||
Disclosure Details Of Loans And Leases By Risk Category [Line Items] | ||
2023 | 0 | |
2022 | 0 | 0 |
2021 | 0 | 0 |
2020 | 0 | 0 |
2019 | 0 | 0 |
2018 | 0 | |
Prior | 1,209 | 234 |
Revolving loans amortized cost basis | 0 | 0 |
Revolving loans converted to term loans | 0 | 0 |
Total | 1,209 | 234 |
Other Commercial Loans [Member] | ||
Disclosure Details Of Loans And Leases By Risk Category [Line Items] | ||
2023 | 594,433 | |
2022 | 617,304 | 768,186 |
2021 | 478,305 | 585,672 |
2020 | 199,740 | 399,042 |
2019 | 189,831 | 233,195 |
2018 | 82,116 | |
Prior | 461,492 | 435,447 |
Revolving loans amortized cost basis | 1,031,307 | 1,107,234 |
Revolving loans converted to term loans | 28 | 1,676 |
Total | 3,572,440 | 3,612,568 |
Other Commercial Loans [Member] | Pass [Member] | ||
Disclosure Details Of Loans And Leases By Risk Category [Line Items] | ||
2023 | 593,153 | |
2022 | 596,258 | 749,919 |
2021 | 477,457 | 581,588 |
2020 | 197,173 | 398,682 |
2019 | 187,560 | 230,209 |
2018 | 75,577 | |
Prior | 447,430 | 426,406 |
Revolving loans amortized cost basis | 988,809 | 1,033,459 |
Revolving loans converted to term loans | 13 | 1,596 |
Total | 3,487,853 | 3,497,436 |
Other Commercial Loans [Member] | Special Mention [Member] | ||
Disclosure Details Of Loans And Leases By Risk Category [Line Items] | ||
2023 | 221 | |
2022 | 4,798 | 14,244 |
2021 | 542 | 3,652 |
2020 | 1,775 | 331 |
2019 | 1,611 | 2,115 |
2018 | 936 | |
Prior | 2,093 | 2,799 |
Revolving loans amortized cost basis | 16,901 | 35,997 |
Revolving loans converted to term loans | 15 | 38 |
Total | 27,956 | 60,112 |
Other Commercial Loans [Member] | Substandard [Member] | ||
Disclosure Details Of Loans And Leases By Risk Category [Line Items] | ||
2023 | 1,059 | |
2022 | 16,248 | 4,023 |
2021 | 306 | 432 |
2020 | 792 | 29 |
2019 | 660 | 871 |
2018 | 5,603 | |
Prior | 11,923 | 6,182 |
Revolving loans amortized cost basis | 25,597 | 37,778 |
Revolving loans converted to term loans | 0 | 42 |
Total | 56,585 | 54,960 |
Other Commercial Loans [Member] | Doubtful [Member] | ||
Disclosure Details Of Loans And Leases By Risk Category [Line Items] | ||
2023 | 0 | |
2022 | 0 | 0 |
2021 | 0 | 0 |
2020 | 0 | 0 |
2019 | 0 | 0 |
2018 | 0 | |
Prior | 46 | 60 |
Revolving loans amortized cost basis | 0 | 0 |
Revolving loans converted to term loans | 0 | 0 |
Total | 46 | 60 |
Other Commercial Loans [Member] | Current-period Charge-offs [Member] | ||
Disclosure Details Of Loans And Leases By Risk Category [Line Items] | ||
2023 | (88) | |
2022 | (163) | 0 |
2021 | (233) | (364) |
2020 | 0 | (202) |
2019 | (661) | (211) |
2018 | (2,490) | |
Prior | (567) | (1,041) |
Revolving loans amortized cost basis | (217) | 0 |
Revolving loans converted to term loans | (78) | 0 |
Total | (2,007) | (4,308) |
Other Commercial Loans [Member] | Current-period Recoveries [Member] | ||
Disclosure Details Of Loans And Leases By Risk Category [Line Items] | ||
2023 | 0 | |
2022 | 0 | 0 |
2021 | 0 | 0 |
2020 | 0 | 84 |
2019 | 25 | 17 |
2018 | 705 | |
Prior | 1,699 | 4,561 |
Revolving loans amortized cost basis | 5 | 0 |
Revolving loans converted to term loans | 0 | 0 |
Total | 1,729 | 5,367 |
Other Commercial Loans [Member] | Current-period Net (Charge- offs) Recoveries [Member] | ||
Disclosure Details Of Loans And Leases By Risk Category [Line Items] | ||
2023 | (88) | |
2022 | (163) | 0 |
2021 | (233) | (364) |
2020 | 0 | (118) |
2019 | (636) | (194) |
2018 | (1,785) | |
Prior | 1,132 | 3,520 |
Revolving loans amortized cost basis | (212) | 0 |
Revolving loans converted to term loans | (78) | 0 |
Total | (278) | 1,059 |
Residential Real Estate [Member] | ||
Disclosure Details Of Loans And Leases By Risk Category [Line Items] | ||
2023 | 783,917 | |
2022 | 1,618,849 | 1,525,762 |
2021 | 851,146 | 848,625 |
2020 | 443,772 | 492,696 |
2019 | 263,188 | 291,779 |
2018 | 246,035 | |
Prior | 881,574 | 812,785 |
Revolving loans amortized cost basis | 426,133 | 442,546 |
Revolving loans converted to term loans | 2,657 | 2,683 |
Total | 5,271,236 | 4,662,911 |
Residential Real Estate [Member] | Pass [Member] | ||
Disclosure Details Of Loans And Leases By Risk Category [Line Items] | ||
2023 | 783,866 | |
2022 | 1,618,774 | 1,525,762 |
2021 | 850,760 | 847,177 |
2020 | 443,514 | 492,628 |
2019 | 262,524 | 291,334 |
2018 | 245,158 | |
Prior | 863,186 | 791,366 |
Revolving loans amortized cost basis | 423,302 | 439,800 |
Revolving loans converted to term loans | 2,568 | 2,683 |
Total | 5,248,494 | 4,635,908 |
Residential Real Estate [Member] | Special Mention [Member] | ||
Disclosure Details Of Loans And Leases By Risk Category [Line Items] | ||
2023 | 0 | |
2022 | 0 | 0 |
2021 | 0 | 0 |
2020 | 0 | 0 |
2019 | 65 | 0 |
2018 | 11 | |
Prior | 3,561 | 4,418 |
Revolving loans amortized cost basis | 1,710 | 1,888 |
Revolving loans converted to term loans | 0 | 0 |
Total | 5,336 | 6,317 |
Residential Real Estate [Member] | Substandard [Member] | ||
Disclosure Details Of Loans And Leases By Risk Category [Line Items] | ||
2023 | 51 | |
2022 | 75 | 0 |
2021 | 386 | 1,448 |
2020 | 258 | 68 |
2019 | 599 | 445 |
2018 | 866 | |
Prior | 14,827 | 17,001 |
Revolving loans amortized cost basis | 1,121 | 858 |
Revolving loans converted to term loans | 89 | 0 |
Total | 17,406 | 20,686 |
Residential Real Estate [Member] | Doubtful [Member] | ||
Disclosure Details Of Loans And Leases By Risk Category [Line Items] | ||
2023 | 0 | |
2022 | 0 | 0 |
2021 | 0 | 0 |
2020 | 0 | 0 |
2019 | 0 | 0 |
2018 | 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] | Current-period Charge-offs [Member] | ||
Disclosure Details Of Loans And Leases By Risk Category [Line Items] | ||
2023 | 0 | |
2022 | 0 | 0 |
2021 | 0 | (809) |
2020 | 0 | 0 |
2019 | (785) | 0 |
2018 | (284) | |
Prior | 0 | (453) |
Revolving loans amortized cost basis | 0 | 0 |
Revolving loans converted to term loans | 0 | 0 |
Total | (785) | (1,546) |
Residential Real Estate [Member] | Current-period Recoveries [Member] | ||
Disclosure Details Of Loans And Leases By Risk Category [Line Items] | ||
2023 | 0 | |
2022 | 0 | 0 |
2021 | 8 | 1 |
2020 | 0 | 0 |
2019 | 688 | 0 |
2018 | 16 | |
Prior | 1 | 1,483 |
Revolving loans amortized cost basis | 0 | 7 |
Revolving loans converted to term loans | 0 | 0 |
Total | 697 | 1,507 |
Residential Real Estate [Member] | Current-period Net (Charge- offs) Recoveries [Member] | ||
Disclosure Details Of Loans And Leases By Risk Category [Line Items] | ||
2023 | 0 | |
2022 | 0 | 0 |
2021 | 8 | (808) |
2020 | 0 | 0 |
2019 | (97) | 0 |
2018 | (268) | |
Prior | 1 | 1,030 |
Revolving loans amortized cost basis | 0 | 7 |
Revolving loans converted to term loans | 0 | 0 |
Total | (88) | (39) |
Construction & Land Development [Member] | ||
Disclosure Details Of Loans And Leases By Risk Category [Line Items] | ||
2023 | 628,047 | |
2022 | 1,312,786 | 806,442 |
2021 | 829,628 | 1,109,820 |
2020 | 55,536 | 389,816 |
2019 | 19,448 | 137,145 |
2018 | 117,934 | |
Prior | 63,410 | 113,210 |
Revolving loans amortized cost basis | 239,390 | 252,604 |
Revolving loans converted to term loans | 0 | 0 |
Total | 3,148,245 | 2,926,971 |
Construction & Land Development [Member] | Pass [Member] | ||
Disclosure Details Of Loans And Leases By Risk Category [Line Items] | ||
2023 | 628,047 | |
2022 | 1,308,793 | 806,442 |
2021 | 827,138 | 1,109,601 |
2020 | 53,004 | 389,751 |
2019 | 16,062 | 133,711 |
2018 | 117,934 | |
Prior | 60,920 | 109,320 |
Revolving loans amortized cost basis | 239,390 | 252,604 |
Revolving loans converted to term loans | 0 | 0 |
Total | 3,133,354 | 2,919,363 |
Construction & Land Development [Member] | Special Mention [Member] | ||
Disclosure Details Of Loans And Leases By Risk Category [Line Items] | ||
2023 | 0 | |
2022 | 2,902 | 0 |
2021 | 0 | 0 |
2020 | 62 | 65 |
2019 | 3,386 | 3,421 |
2018 | 0 | |
Prior | 258 | 1,447 |
Revolving loans amortized cost basis | 0 | 0 |
Revolving loans converted to term loans | 0 | 0 |
Total | 6,608 | 4,933 |
Construction & Land Development [Member] | Substandard [Member] | ||
Disclosure Details Of Loans And Leases By Risk Category [Line Items] | ||
2023 | 0 | |
2022 | 1,091 | 0 |
2021 | 2,490 | 219 |
2020 | 2,470 | 0 |
2019 | 0 | 13 |
2018 | 0 | |
Prior | 2,232 | 2,443 |
Revolving loans amortized cost basis | 0 | 0 |
Revolving loans converted to term loans | 0 | 0 |
Total | 8,283 | 2,675 |
Construction & Land Development [Member] | Doubtful [Member] | ||
Disclosure Details Of Loans And Leases By Risk Category [Line Items] | ||
2023 | 0 | |
2022 | 0 | 0 |
2021 | 0 | 0 |
2020 | 0 | 0 |
2019 | 0 | 0 |
2018 | 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] | Current-period Charge-offs [Member] | ||
Disclosure Details Of Loans And Leases By Risk Category [Line Items] | ||
2023 | 0 | |
2022 | 0 | 0 |
2021 | 0 | 0 |
2020 | 0 | 0 |
2019 | 0 | 0 |
2018 | 0 | |
Prior | (14) | (2) |
Revolving loans amortized cost basis | 0 | 0 |
Revolving loans converted to term loans | 0 | 0 |
Total | (14) | (2) |
Construction & Land Development [Member] | Current-period Recoveries [Member] | ||
Disclosure Details Of Loans And Leases By Risk Category [Line Items] | ||
2023 | 0 | |
2022 | 0 | 0 |
2021 | 0 | 0 |
2020 | 0 | 0 |
2019 | 0 | 0 |
2018 | 0 | |
Prior | 80 | 1,414 |
Revolving loans amortized cost basis | 0 | 0 |
Revolving loans converted to term loans | 0 | 0 |
Total | 80 | 1,414 |
Construction & Land Development [Member] | Current-period Net (Charge- offs) Recoveries [Member] | ||
Disclosure Details Of Loans And Leases By Risk Category [Line Items] | ||
2023 | 0 | |
2022 | 0 | 0 |
2021 | 0 | 0 |
2020 | 0 | 0 |
2019 | 0 | 0 |
2018 | 0 | |
Prior | 66 | 1,412 |
Revolving loans amortized cost basis | 0 | 0 |
Revolving loans converted to term loans | 0 | 0 |
Total | 66 | 1,412 |
Bankcard [Member] | ||
Disclosure Details Of Loans And Leases By Risk Category [Line Items] | ||
2023 | 0 | |
2022 | 0 | 0 |
2021 | 0 | 0 |
2020 | 0 | 0 |
2019 | 0 | 0 |
2018 | 0 | |
Prior | 0 | 0 |
Revolving loans amortized cost basis | 9,962 | 9,273 |
Revolving loans converted to term loans | 0 | 0 |
Total | 9,962 | 9,273 |
Bankcard [Member] | Pass [Member] | ||
Disclosure Details Of Loans And Leases By Risk Category [Line Items] | ||
2023 | 0 | |
2022 | 0 | 0 |
2021 | 0 | 0 |
2020 | 0 | 0 |
2019 | 0 | 0 |
2018 | 0 | |
Prior | 0 | 0 |
Revolving loans amortized cost basis | 9,690 | 9,101 |
Revolving loans converted to term loans | 0 | 0 |
Total | 9,690 | 9,101 |
Bankcard [Member] | Special Mention [Member] | ||
Disclosure Details Of Loans And Leases By Risk Category [Line Items] | ||
2023 | 0 | |
2022 | 0 | 0 |
2021 | 0 | 0 |
2020 | 0 | 0 |
2019 | 0 | 0 |
2018 | 0 | |
Prior | 0 | 0 |
Revolving loans amortized cost basis | 145 | 63 |
Revolving loans converted to term loans | 0 | 0 |
Total | 145 | 63 |
Bankcard [Member] | Substandard [Member] | ||
Disclosure Details Of Loans And Leases By Risk Category [Line Items] | ||
2023 | 0 | |
2022 | 0 | 0 |
2021 | 0 | 0 |
2020 | 0 | 0 |
2019 | 0 | 0 |
2018 | 0 | |
Prior | 0 | 0 |
Revolving loans amortized cost basis | 127 | 109 |
Revolving loans converted to term loans | 0 | 0 |
Total | 127 | 109 |
Bankcard [Member] | Doubtful [Member] | ||
Disclosure Details Of Loans And Leases By Risk Category [Line Items] | ||
2023 | 0 | |
2022 | 0 | 0 |
2021 | 0 | 0 |
2020 | 0 | 0 |
2019 | 0 | 0 |
2018 | 0 | |
Prior | 0 | 0 |
Revolving loans amortized cost basis | 0 | 0 |
Revolving loans converted to term loans | 0 | 0 |
Total | 0 | 0 |
Bankcard [Member] | Current-period Charge-offs [Member] | ||
Disclosure Details Of Loans And Leases By Risk Category [Line Items] | ||
2023 | 0 | |
2022 | 0 | 0 |
2021 | 0 | 0 |
2020 | 0 | 0 |
2019 | 0 | 0 |
2018 | 0 | |
Prior | 0 | 0 |
Revolving loans amortized cost basis | (263) | (355) |
Revolving loans converted to term loans | 0 | 0 |
Total | (263) | (355) |
Bankcard [Member] | Current-period Recoveries [Member] | ||
Disclosure Details Of Loans And Leases By Risk Category [Line Items] | ||
2023 | 0 | |
2022 | 0 | 0 |
2021 | 0 | 0 |
2020 | 0 | 0 |
2019 | 0 | 0 |
2018 | 0 | |
Prior | 0 | 0 |
Revolving loans amortized cost basis | 28 | 9 |
Revolving loans converted to term loans | 0 | 0 |
Total | 28 | 9 |
Bankcard [Member] | Current-period Net (Charge- offs) Recoveries [Member] | ||
Disclosure Details Of Loans And Leases By Risk Category [Line Items] | ||
2023 | 0 | |
2022 | 0 | 0 |
2021 | 0 | 0 |
2020 | 0 | 0 |
2019 | 0 | 0 |
2018 | 0 | |
Prior | 0 | 0 |
Revolving loans amortized cost basis | (235) | (346) |
Revolving loans converted to term loans | 0 | 0 |
Total | (235) | (346) |
Other Consumer [Member] | ||
Disclosure Details Of Loans And Leases By Risk Category [Line Items] | ||
2023 | 192,858 | |
2022 | 447,336 | 637,701 |
2021 | 219,442 | 335,382 |
2020 | 107,401 | 183,119 |
2019 | 65,037 | 131,418 |
2018 | 56,531 | |
Prior | 19,949 | 9,694 |
Revolving loans amortized cost basis | 2,705 | 2,694 |
Revolving loans converted to term loans | 0 | 0 |
Total | 1,054,728 | 1,356,539 |
Other Consumer [Member] | Pass [Member] | ||
Disclosure Details Of Loans And Leases By Risk Category [Line Items] | ||
2023 | 192,184 | |
2022 | 428,295 | 626,666 |
2021 | 205,015 | 319,719 |
2020 | 102,300 | 176,423 |
2019 | 62,861 | 128,176 |
2018 | 55,147 | |
Prior | 18,876 | 9,202 |
Revolving loans amortized cost basis | 2,638 | 2,644 |
Revolving loans converted to term loans | 0 | 0 |
Total | 1,012,169 | 1,317,977 |
Other Consumer [Member] | Special Mention [Member] | ||
Disclosure Details Of Loans And Leases By Risk Category [Line Items] | ||
2023 | 674 | |
2022 | 16,031 | 9,891 |
2021 | 12,220 | 13,449 |
2020 | 4,454 | 5,769 |
2019 | 2,050 | 3,075 |
2018 | 1,295 | |
Prior | 977 | 464 |
Revolving loans amortized cost basis | 46 | 50 |
Revolving loans converted to term loans | 0 | 0 |
Total | 36,452 | 33,993 |
Other Consumer [Member] | Substandard [Member] | ||
Disclosure Details Of Loans And Leases By Risk Category [Line Items] | ||
2023 | 0 | |
2022 | 3,010 | 1,144 |
2021 | 2,207 | 2,214 |
2020 | 647 | 927 |
2019 | 126 | 167 |
2018 | 89 | |
Prior | 96 | 28 |
Revolving loans amortized cost basis | 21 | 0 |
Revolving loans converted to term loans | 0 | 0 |
Total | 6,107 | 4,569 |
Other Consumer [Member] | Doubtful [Member] | ||
Disclosure Details Of Loans And Leases By Risk Category [Line Items] | ||
2023 | 0 | |
2022 | 0 | 0 |
2021 | 0 | 0 |
2020 | 0 | 0 |
2019 | 0 | 0 |
2018 | 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] | Current-period Charge-offs [Member] | ||
Disclosure Details Of Loans And Leases By Risk Category [Line Items] | ||
2023 | (9) | |
2022 | (3,205) | (394) |
2021 | (2,699) | (1,435) |
2020 | (933) | (851) |
2019 | (319) | (331) |
2018 | (162) | |
Prior | (191) | (198) |
Revolving loans amortized cost basis | 0 | 0 |
Revolving loans converted to term loans | 0 | 0 |
Total | (7,356) | (3,371) |
Other Consumer [Member] | Current-period Recoveries [Member] | ||
Disclosure Details Of Loans And Leases By Risk Category [Line Items] | ||
2023 | 0 | |
2022 | 219 | 12 |
2021 | 125 | 102 |
2020 | 54 | 61 |
2019 | 54 | 87 |
2018 | 60 | |
Prior | 235 | 207 |
Revolving loans amortized cost basis | 0 | 0 |
Revolving loans converted to term loans | 0 | 0 |
Total | 687 | 529 |
Other Consumer [Member] | Current-period Net (Charge- offs) Recoveries [Member] | ||
Disclosure Details Of Loans And Leases By Risk Category [Line Items] | ||
2023 | (9) | |
2022 | (2,986) | (382) |
2021 | (2,574) | (1,333) |
2020 | (879) | (790) |
2019 | (265) | (244) |
2018 | (102) | |
Prior | 44 | 9 |
Revolving loans amortized cost basis | 0 | 0 |
Revolving loans converted to term loans | 0 | 0 |
Total | $ (6,669) | $ (2,842) |
Credit Quality - Schedule of A
Credit Quality - Schedule of Amortized Cost Basis Payment Status (Detail) $ in Thousands | Dec. 31, 2023 USD ($) |
Current [Member] | |
Financing Receivable, Modifications [Line Items] | |
Payment Status (Amortized Cost Basis) | $ 34,425 |
Current [Member] | Commercial Real Estate [Member] | Owner-Occupied [Member] | |
Financing Receivable, Modifications [Line Items] | |
Payment Status (Amortized Cost Basis) | 484 |
Current [Member] | Commercial Real Estate [Member] | Nonowner-Occupied [Member] | |
Financing Receivable, Modifications [Line Items] | |
Payment Status (Amortized Cost Basis) | 33,370 |
Current [Member] | Other Commercial [Member] | |
Financing Receivable, Modifications [Line Items] | |
Payment Status (Amortized Cost Basis) | 65 |
Current [Member] | Residential Real Estate [Member] | |
Financing Receivable, Modifications [Line Items] | |
Payment Status (Amortized Cost Basis) | 506 |
Current [Member] | Construction & Land Development [Member] | |
Financing Receivable, Modifications [Line Items] | |
Payment Status (Amortized Cost Basis) | 0 |
Current [Member] | Consumer [Member] | Bankcard [Member] | |
Financing Receivable, Modifications [Line Items] | |
Payment Status (Amortized Cost Basis) | 0 |
Current [Member] | Consumer [Member] | Other Consumer [Member] | |
Financing Receivable, Modifications [Line Items] | |
Payment Status (Amortized Cost Basis) | 0 |
30-89 Days Past Due [Member] | |
Financing Receivable, Modifications [Line Items] | |
Payment Status (Amortized Cost Basis) | 100 |
30-89 Days Past Due [Member] | Commercial Real Estate [Member] | Owner-Occupied [Member] | |
Financing Receivable, Modifications [Line Items] | |
Payment Status (Amortized Cost Basis) | 0 |
30-89 Days Past Due [Member] | Commercial Real Estate [Member] | Nonowner-Occupied [Member] | |
Financing Receivable, Modifications [Line Items] | |
Payment Status (Amortized Cost Basis) | 0 |
30-89 Days Past Due [Member] | Other Commercial [Member] | |
Financing Receivable, Modifications [Line Items] | |
Payment Status (Amortized Cost Basis) | 100 |
30-89 Days Past Due [Member] | Residential Real Estate [Member] | |
Financing Receivable, Modifications [Line Items] | |
Payment Status (Amortized Cost Basis) | 0 |
30-89 Days Past Due [Member] | Construction & Land Development [Member] | |
Financing Receivable, Modifications [Line Items] | |
Payment Status (Amortized Cost Basis) | 0 |
30-89 Days Past Due [Member] | Consumer [Member] | Bankcard [Member] | |
Financing Receivable, Modifications [Line Items] | |
Payment Status (Amortized Cost Basis) | 0 |
30-89 Days Past Due [Member] | Consumer [Member] | Other Consumer [Member] | |
Financing Receivable, Modifications [Line Items] | |
Payment Status (Amortized Cost Basis) | 0 |
90+ Days Past Due [Member] | |
Financing Receivable, Modifications [Line Items] | |
Payment Status (Amortized Cost Basis) | 0 |
90+ Days Past Due [Member] | Commercial Real Estate [Member] | Owner-Occupied [Member] | |
Financing Receivable, Modifications [Line Items] | |
Payment Status (Amortized Cost Basis) | 0 |
90+ Days Past Due [Member] | Commercial Real Estate [Member] | Nonowner-Occupied [Member] | |
Financing Receivable, Modifications [Line Items] | |
Payment Status (Amortized Cost Basis) | 0 |
90+ Days Past Due [Member] | Other Commercial [Member] | |
Financing Receivable, Modifications [Line Items] | |
Payment Status (Amortized Cost Basis) | 0 |
90+ Days Past Due [Member] | Residential Real Estate [Member] | |
Financing Receivable, Modifications [Line Items] | |
Payment Status (Amortized Cost Basis) | 0 |
90+ Days Past Due [Member] | Construction & Land Development [Member] | |
Financing Receivable, Modifications [Line Items] | |
Payment Status (Amortized Cost Basis) | 0 |
90+ Days Past Due [Member] | Consumer [Member] | Bankcard [Member] | |
Financing Receivable, Modifications [Line Items] | |
Payment Status (Amortized Cost Basis) | 0 |
90+ Days Past Due [Member] | Consumer [Member] | Other Consumer [Member] | |
Financing Receivable, Modifications [Line Items] | |
Payment Status (Amortized Cost Basis) | $ 0 |
Credit Quality - Schedule of Fi
Credit Quality - Schedule of Financial Effect of Loan and Lease Modifications (Detail) | 12 Months Ended |
Dec. 31, 2023 | |
Financing Receivable, Modifications [Line Items] | |
Weighted-Average Interest Rate Reduction | 1.50% |
Weighted Average Term Extension (in years) | 8 years 9 months 18 days |
Commercial Real Estate [Member] | Owner-Occupied [Member] | |
Financing Receivable, Modifications [Line Items] | |
Weighted-Average Interest Rate Reduction | 0% |
Weighted Average Term Extension (in years) | 1 year |
Commercial Real Estate [Member] | Nonowner-Occupied [Member] | |
Financing Receivable, Modifications [Line Items] | |
Weighted-Average Interest Rate Reduction | 1.50% |
Weighted Average Term Extension (in years) | 1 year 4 months 24 days |
Other Commercial [Member] | |
Financing Receivable, Modifications [Line Items] | |
Weighted-Average Interest Rate Reduction | 0% |
Weighted Average Term Extension (in years) | 1 year 9 months 18 days |
Residential Real Estate [Member] | |
Financing Receivable, Modifications [Line Items] | |
Weighted-Average Interest Rate Reduction | 0% |
Weighted Average Term Extension (in years) | 4 years 7 months 6 days |
Construction & Land Development [Member] | |
Financing Receivable, Modifications [Line Items] | |
Weighted-Average Interest Rate Reduction | 0% |
Weighted Average Term Extension (in years) | 0 years |
Consumer [Member] | Bankcard [Member] | |
Financing Receivable, Modifications [Line Items] | |
Weighted-Average Interest Rate Reduction | 0% |
Weighted Average Term Extension (in years) | 0 years |
Consumer [Member] | Other Consumer [Member] | |
Financing Receivable, Modifications [Line Items] | |
Weighted-Average Interest Rate Reduction | 0% |
Weighted Average Term Extension (in years) | 0 years |
Allowance for Credit Losses - A
Allowance for Credit Losses - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2023 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Reserve for lending-related commitments | $ 44,706 | $ 44,706 | $ 46,189 | $ 31,442 |
Maximum Period Related To Accrual Of Interest On Discontinued Loans | 90 days | |||
Accrued interest receivable net of allowance for credit loss | $ 111,420 | $ 111,420 | 94,890 | |
Percentage Of Allowance For Loan And Lease Losses | 10.43% | |||
Allowance for Loan and Lease Losses, Period Increase (Decrease) | $ 24,491,000 | |||
2024 [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Percentage of estimated unemployment rate | 4.10% | |||
2025 [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Percentage of estimated unemployment rate | 4.10% | |||
Percentage of projection for real GDP | 1.80% | |||
Mid September of 2023 [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Percentage of projection for real GDP | 1.50% | |||
Mid December of 2024 [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Percentage of projection for real GDP | 1.40% | |||
Accrued Income Receivable [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Accrued interest receivable net of allowance for credit loss | $ 88,963 | $ 88,963 | $ 70,332 |
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, 2023 | Dec. 31, 2022 |
Accrued Interest Receivables And Written Off Status [Line Items] | ||
Total | $ 88,963 | $ 70,332 |
Other Commercial [Member] | ||
Accrued Interest Receivables And Written Off Status [Line Items] | ||
Accrued Interest Receivable | 14,562 | 10,904 |
Residential Real Estate [Member] | ||
Accrued Interest Receivables And Written Off Status [Line Items] | ||
Accrued Interest Receivable | 20,718 | 16,117 |
Owner-Occupied [Member] | Commercial Real Estate [Member] | ||
Accrued Interest Receivables And Written Off Status [Line Items] | ||
Accrued Interest Receivable | 4,751 | 4,855 |
Nonowner-Occupied [Member] | Commercial Real Estate [Member] | ||
Accrued Interest Receivables And Written Off Status [Line Items] | ||
Accrued Interest Receivable | 27,507 | 19,801 |
Construction [Member] | ||
Accrued Interest Receivables And Written Off Status [Line Items] | ||
Accrued Interest Receivable | 18,504 | 15,195 |
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 | $ 2,921 | $ 3,460 |
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, 2023 | Dec. 31, 2022 | |
Accrued Interest Receivables And Written Off Status [Line Items] | ||
Accrued Interest Receivables Written Off by Reversing Interest Income | $ 1,025 | $ 510 |
Construction [Member] | ||
Accrued Interest Receivables And Written Off Status [Line Items] | ||
Accrued Interest Receivables Written Off by Reversing Interest Income | 285 | 0 |
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 | 31 | 20 |
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 | 85 | 4 |
Other Commercial [Member] | ||
Accrued Interest Receivables And Written Off Status [Line Items] | ||
Accrued Interest Receivables Written Off by Reversing Interest Income | 39 | 77 |
Residential Real Estate [Member] | ||
Accrued Interest Receivables And Written Off Status [Line Items] | ||
Accrued Interest Receivables Written Off by Reversing Interest Income | 214 | 105 |
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 | $ 371 | $ 304 |
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, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Beginning balance | $ 234,746 | $ 216,016 | $ 235,830 |
Charge-offs | (11,304) | (9,650) | (19,297) |
Recoveries | 4,641 | 9,549 | 10,578 |
Provision | 31,154 | 18,831 | (23,724) |
Ending balance | 259,237 | 234,746 | 216,016 |
Construction & Land Development [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Beginning balance | 48,390 | 39,395 | |
Charge-offs | (14) | (2) | |
Recoveries | 80 | 1,414 | |
Provision | 11,457 | 7,583 | |
Ending balance | 59,913 | 48,390 | 39,395 |
Bank Card [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Beginning balance | 561 | 317 | |
Charge-offs | (263) | (355) | |
Recoveries | 28 | 9 | |
Provision | 484 | 590 | |
Ending balance | 810 | 561 | 317 |
Commercial Real Estate [Member] | Owner-Occupied [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Beginning balance | 13,945 | 14,443 | |
Charge-offs | (855) | (68) | |
Recoveries | 187 | 489 | |
Provision | (1,382) | (919) | |
Ending balance | 11,895 | 13,945 | 14,443 |
Commercial Real Estate [Member] | Nonowner-Occupied [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Beginning balance | 38,543 | 42,156 | |
Charge-offs | (24) | 0 | |
Recoveries | 1,233 | 234 | |
Provision | 18,183 | (3,847) | |
Ending balance | 57,935 | 38,543 | 42,156 |
Other Commercial [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Beginning balance | 79,706 | 78,432 | |
Charge-offs | (2,007) | (4,308) | |
Recoveries | 1,729 | 5,367 | |
Provision | (4,421) | 215 | |
Ending balance | 75,007 | 79,706 | 78,432 |
Residential Real Estate [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Beginning balance | 36,227 | 26,404 | |
Charge-offs | (785) | (1,546) | |
Recoveries | 697 | 1,507 | |
Provision | 5,028 | 9,862 | |
Ending balance | 41,167 | 36,227 | 26,404 |
Other Consumer [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Beginning balance | 17,374 | 14,869 | |
Charge-offs | (7,356) | (3,371) | |
Recoveries | 687 | 529 | |
Provision | 1,805 | 5,347 | |
Ending balance | $ 12,510 | $ 17,374 | $ 14,869 |
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, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Receivables [Abstract] | |||
Beginning balance | $ 234,746 | $ 216,016 | $ 235,830 |
Initial allowance for acquired PCD loans | 0 | 0 | 12,629 |
Gross charge-offs | (11,304) | (9,650) | (19,297) |
Recoveries | 4,641 | 9,549 | 10,578 |
Net charge-offs | (6,663) | (101) | (8,719) |
Provision for loan and lease losses | 31,154 | 18,831 | (23,724) |
Ending balance | 259,237 | 234,746 | 216,016 |
Reserve for lending-related commitments | 44,706 | 46,189 | 31,442 |
Balance of allowance for credit losses at end of period | $ 303,943 | $ 280,935 | $ 247,458 |
Bank Premises and Equipment - B
Bank Premises and Equipment - Bank Premises and Equipment (Detail) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Property, Plant and Equipment [Line Items] | ||
Bank premises and equipment, Gross | $ 428,613 | $ 424,058 |
Less allowance for depreciation and amortization | (238,093) | (224,897) |
Bank premises and equipment | 190,520 | 199,161 |
Land [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Bank premises and equipment, Gross | 62,506 | 63,594 |
Buildings and Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Bank premises and equipment, Gross | 204,841 | 204,255 |
Leasehold Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Bank premises and equipment, Gross | 42,752 | 42,309 |
Furniture, Fixtures and Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Bank premises and equipment, Gross | $ 118,514 | $ 113,900 |
Bank Premises and Equipment - A
Bank Premises and Equipment - Additional Information (Detail) - USD ($) | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Property, Plant and Equipment [Abstract] | |||
Depreciation expense | $ 17,191,000 | $ 18,237,000 | $ 16,583,000 |
Amortization expense | $ 310,000 | $ 343,000 | $ 331,000 |
Leases - Additional Information
Leases - Additional Information (Detail) | Dec. 31, 2023 |
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, 2023 | Dec. 31, 2022 | |
Operating lease cost | $ 21,280 | $ 20,987 |
Sublease income | (244) | (328) |
Net lease cost | $ 21,036 | $ 20,659 |
Leases - Supplemental Balance S
Leases - Supplemental Balance Sheet Information Related to Leases (Detail) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Operating lease right-of-use assets | $ 86,986 | $ 71,144 |
Operating lease liabilities | $ 92,885 | $ 75,749 |
Leases - Other Information Rela
Leases - Other Information Related to Leases (Detail) | Dec. 31, 2023 |
Weighted-average remaining lease term: | |
Operating leases | 7 years 11 months 12 days |
Weighted-average discount rate: | |
Operating leases | 3.20% |
Leases - Supplemental Cash Flow
Leases - Supplemental Cash Flow Information Related to Leases (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Cash paid for amounts in the measurement of lease liabilities: | |||
Operating cash flows from operating leases | $ 21,581 | $ 21,240 | $ 22,153 |
ROU assets obtained in the exchange for lease liabilities | $ 33,403 | $ 9,184 | $ 22,179 |
Leases - Maturities of Lease Li
Leases - Maturities of Lease Liabilities by Year (Detail) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
2024 | $ 17,921 | |
2025 | 15,099 | |
2026 | 13,725 | |
2027 | 11,932 | |
2028 | 9,944 | |
Thereafter | 38,290 | |
Total lease payments | 106,911 | |
Less: imputed interest | (14,026) | |
Total | $ 92,885 | $ 75,749 |
Intangible Assets - Summary of
Intangible Assets - Summary of Intangible Assets (Detail) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Finite-Lived Intangible Assets [Line Items] | ||
Goodwill not subject to amortization | $ 1,888,889 | $ 1,888,889 |
Core Deposit Intangible Assets [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 105,165 | 105,165 |
Accumulated Amortization | (92,660) | (87,544) |
George Mason Trade Name Intangible [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 1,080 | |
Crescent Trade Name [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 196 | |
Community Banking [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 0 | |
Goodwill not subject to amortization | 1,883,574 | 1,883,574 |
Community Banking [Member] | Core Deposit Intangible Assets [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 105,165 | 105,165 |
Accumulated Amortization | (92,660) | (87,544) |
Community Banking [Member] | George Mason Trade Name Intangible [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 0 | |
Community Banking [Member] | Crescent Trade Name [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 0 | |
Mortgage Banking [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 1,276 | |
Goodwill not subject to amortization | 5,315 | 5,315 |
Mortgage Banking [Member] | Core Deposit Intangible Assets [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 0 | 0 |
Accumulated Amortization | $ 0 | 0 |
Mortgage Banking [Member] | George Mason Trade Name Intangible [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 1,080 | |
Mortgage Banking [Member] | Crescent Trade Name [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 196 | |
Total Gross Carrying Amount [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | $ 1,276 |
Intangible Assets - Schedule of
Intangible Assets - Schedule of Anticipated Amortization Expense (Detail) $ in Thousands | Dec. 31, 2023 USD ($) |
Goodwill and Intangible Assets Disclosure [Abstract] | |
2024 | $ 3,639 |
2025 | 3,282 |
2026 | 2,758 |
2027 | 1,152 |
2028 | 560 |
2029 and thereafter | $ 1,114 |
Mortgage Servicing Rights - Add
Mortgage Servicing Rights - Additional Information (Detail) - USD ($) | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Servicing Assets at Fair Value [Line Items] | ||
Estimated fair value of mortgage servicing rights | $ 4,554,000 | $ 21,022,000 |
Mortgage Servicing Rights [Member] | ||
Servicing Assets at Fair Value [Line Items] | ||
Loans serviced for others unpaid principal balance | $ 1,202,448,000 | $ 3,381,485,000 |
Net servicing fee percentage | 0.25% | 0.25% |
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 | 10.58% | 10.62% |
Deliquency rate used in determning fair value of servicing rights | 7.84% | 5.66% |
Mortgage Servicing Rights [Member] | Maximum [Member] | ||
Servicing Assets at Fair Value [Line Items] | ||
Discount rate used in estimating the fair value of servicing rights | 10.82% | 10.74% |
Weighted average prepayment rates used in estimating the fair value of servicing rights | 9.43% | 6.30% |
Deliquency rate used in determning fair value of servicing rights | 10.25% | 7.62% |
Mortgage Servicing Rights [Member] | Weighted Average [Member] | Including Loans On Forbearance [Member] | ||
Servicing Assets at Fair Value [Line Items] | ||
Deliquency rate used in determning fair value of servicing rights | 3.29% | 2.19% |
Mortgage Servicing Rights [Member] | Loan Origination Commitments [Member] | Median [Member] | ||
Servicing Assets at Fair Value [Line Items] | ||
Estimated fair value of mortgage servicing rights | $ 13,427,000 | $ 41,880,000 |
Mortgage Servicing Rights - Sum
Mortgage Servicing Rights - Summary of Activity in Mortgage Servicing Rights (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Servicing Asset at Amortized Cost [Line Items] | |||
Amount sold | $ (23,450) | $ 0 | $ 0 |
MSRs valuation allowance beginning balance | 0 | (883) | |
Aggregate additions charged and recoveries credited to operations | 0 | 883 | |
MSRs impairment | 0 | 0 | |
MSRs valuation allowance ending balance | 0 | 0 | (883) |
MSRs, net of valuation allowance | 4,554 | 21,022 | |
Mortgage Servicing Rights [Member] | |||
Servicing Asset at Amortized Cost [Line Items] | |||
MSRs beginning balance | 21,022 | 24,027 | |
Amount sold | (15,001) | 0 | |
Amount capitalized | 715 | 1,417 | |
Amount amortized | (2,182) | (4,422) | |
MSRs ending balance | $ 4,554 | $ 21,022 | $ 24,027 |
Deposits - Book Value of Deposi
Deposits - Book Value of Deposits (Detail) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Deposits [Abstract] | ||
Noninterest-bearing accounts | $ 6,149,080 | $ 7,199,678 |
Interest-bearing money market accounts | 5,648,135 | 5,116,966 |
Regular savings | 1,345,258 | 1,678,302 |
Interest-bearing money market accounts | 6,349,453 | 6,299,404 |
Time deposits under $100,000 | 1,066,092 | 843,950 |
Time deposits over $100,000 | 2,261,301 | 1,164,866 |
Total deposits | $ 22,819,319 | $ 22,303,166 |
Deposits - Additional Informati
Deposits - Additional Information (Detail) - USD ($) | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Deposits [Line Items] | |||
Time deposits over $250,000 | $ 842,118,000 | $ 454,477,000 | |
Deposits | 22,819,319,000 | 22,303,166,000 | |
Subsidiaries [Member] | |||
Deposits [Line Items] | |||
Deposits | 47,857,000 | 36,476,000 | |
Deposits [Member] | |||
Deposits [Line Items] | |||
Interest paid | $ 377,008,000 | $ 77,271,000 | $ 43,562,000 |
Short-Term Borrowings - Short-T
Short-Term Borrowings - Short-Term Borrowings and the Related Weighted-Average Interest Rates (Detail) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Short-term Debt [Line Items] | ||
Short-term borrowings | $ 196,095 | $ 160,698 |
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 | $ 196,095 | $ 160,698 |
Short-Term Borrowings - Additio
Short-Term Borrowings - Additional Information (Detail) - USD ($) | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Short-term Debt [Line Items] | |||
Unused lines of credit | $ 230,000,000 | ||
Short-Term Borrowings [Member] | |||
Short-term Debt [Line Items] | |||
Interest paid | 6,390,000 | $ 1,747,000 | $ 693,000 |
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, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Debt Instrument [Line Items] | |||
Carrying value of loans pledged as collateral for FHLB advances | $ 21,099,847,000 | $ 20,323,420,000 | |
Unused borrowing amount | 6,737,314,000 | ||
FHLB advances | 1,510,487,000 | 1,910,775,000 | |
Outstanding balances of debentures | $ 278,616,000 | 276,989,000 | |
Maximum time to defer payment of interest on subordinate debt | 5 years | ||
Federal Home Loan Bank, Advances, Branch of FHLB Bank, Amount of Advances | $ 1,510,487,000 | 1,910,775,000 | |
Two Thousand And Twenty Three [Member] | |||
Debt Instrument [Line Items] | |||
Federal Home Loan Bank, Advances, Branch of FHLB Bank, Amount of Advances | 1,500,000,000 | ||
Two Thousand And Twenty Five [Member] | |||
Debt Instrument [Line Items] | |||
Federal Home Loan Bank, Advances, Branch of FHLB Bank, Amount of Advances | 10,487,000 | ||
Long-Term Borrowings [Member] | |||
Debt Instrument [Line Items] | |||
Interest paid | 84,775,000 | $ 19,143,000 | $ 10,336,000 |
LIBOR Indexed Floating Rate Subordinated Note [Member] | Community Bankers Trust [Member] | |||
Debt Instrument [Line Items] | |||
Business combination subordinated notes assumed Face Value | 10,000,000 | ||
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 | $ 6,658,751,000 |
Long-Term Borrowings - FHLB Adv
Long-Term Borrowings - FHLB Advances and Related Weighted Average Interest Rates (Detail) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
FHLB advances, Amount | $ 1,510,487 | $ 1,910,775 |
FHLB advances, Weighted-Average Contractual Rate | 5.43% | 4.18% |
FHLB advances, Weighted-Average Effective Rate | 3.75% | 3.19% |
Long -Term Borrowings - Informa
Long -Term Borrowings - Information Related to Statutory Trusts (Detail) $ in Thousands | 12 Months Ended |
Dec. 31, 2023 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 CME Term SOFR + 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 CME Term SOFR + 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 CME Term SOFR + 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 CME Term SOFR + 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 CME Term SOFR + 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 CME Term SOFR + 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 CME Term SOFR + 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 CME Term SOFR + 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 CME Term SOFR + 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 CME Term SOFR + 1.65% |
Maturity Date | Jul. 07, 2036 |
VCBI Capital 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 CME Term SOFR + 3.30% |
Maturity Date | Dec. 19, 2032 |
VCBI Capital 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 CME Term SOFR + 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 CME Term SOFR + 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 CME Term SOFR + 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 CME Term SOFR + 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 CME Term SOFR + 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 CME Term SOFR + 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 CME Term SOFR + 2.95% |
Maturity Date | Sep. 30, 2033 |
BOE Statutory Trust I [Member] | |
Variable Interest Entity [Line Items] | |
Issuance Date | Dec. 12, 2003 |
Amount of Capital Securities Issued | $ 4,000 |
Stated Interest Rate | 3-month CME Term SOFR + 3.00% |
Maturity Date | Dec. 12, 2033 |
Long -Term Borrowings - Infor_2
Long -Term Borrowings - Information Related to Statutory Trusts Parenthetical (Detail) | 12 Months Ended |
Dec. 31, 2023 | |
3-month [Member] | |
Variable Interest Entity [Line Items] | |
Debt instrument, basis spread on variable rate | 0.26161% |
6-month [Member] | |
Variable Interest Entity [Line Items] | |
Debt instrument, basis spread on variable rate | 0.42826% |
Long -Term Borrowings - Debentu
Long -Term Borrowings - Debentures and Related Weighted Average Interest Rates (Detail) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Debt Instrument [Line Items] | ||
Amount | $ 278,616 | $ 276,989 |
Weighted-Average Rate | 7.75% | 6.60% |
United Statutory Trust III [Member] | ||
Debt Instrument [Line Items] | ||
Amount | $ 20,619 | $ 20,619 |
Weighted-Average Rate | 8.49% | 7.59% |
United Statutory Trust IV [Member] | ||
Debt Instrument [Line Items] | ||
Amount | $ 25,774 | $ 25,774 |
Weighted-Average Rate | 8.50% | 7.27% |
United Statutory Trust V [Member] | ||
Debt Instrument [Line Items] | ||
Amount | $ 51,547 | $ 51,547 |
Weighted-Average Rate | 7.21% | 5.29% |
United Statutory Trust VI [Member] | ||
Debt Instrument [Line Items] | ||
Amount | $ 30,928 | $ 30,928 |
Weighted-Average Rate | 6.95% | 6.07% |
Premier Statutory Trust II [Member] | ||
Debt Instrument [Line Items] | ||
Amount | $ 6,186 | $ 6,186 |
Weighted-Average Rate | 8.76% | 7.18% |
Premier Statutory Trust III [Member] | ||
Debt Instrument [Line Items] | ||
Amount | $ 8,248 | $ 8,248 |
Weighted-Average Rate | 7.39% | 6.51% |
Premier Statutory Trust IV [Member] | ||
Debt Instrument [Line Items] | ||
Amount | $ 14,433 | $ 14,433 |
Weighted-Average Rate | 7.17% | 6.28% |
Premier Statutory Trust V [Member] | ||
Debt Instrument [Line Items] | ||
Amount | $ 10,310 | $ 10,310 |
Weighted-Average Rate | 7.25% | 6.37% |
Centra Statutory Trust I [Member] | ||
Debt Instrument [Line Items] | ||
Amount | $ 10,000 | $ 10,000 |
Weighted-Average Rate | 7.92% | 7.04% |
Centra Statutory Trust II [Member] | ||
Debt Instrument [Line Items] | ||
Amount | $ 10,000 | $ 10,000 |
Weighted-Average Rate | 7.31% | 5.73% |
Virginia Commerce Trust II [Member] | ||
Debt Instrument [Line Items] | ||
Amount | $ 13,397 | $ 13,166 |
Weighted-Average Rate | 8.88% | 8.45% |
Virginia Commerce Trust III [Member] | ||
Debt Instrument [Line Items] | ||
Amount | $ 19,373 | $ 18,847 |
Weighted-Average Rate | 7.06% | 6.11% |
Cardinal Statutory Trust I [Member] | ||
Debt Instrument [Line Items] | ||
Amount | $ 16,414 | $ 16,017 |
Weighted-Average Rate | 8.05% | 7.17% |
UFBC Capital Trust I [Member] | ||
Debt Instrument [Line Items] | ||
Amount | $ 3,971 | $ 3,866 |
Weighted-Average Rate | 7.75% | 6.87% |
Carolina Financial Capital Trust I [Member] | ||
Debt Instrument [Line Items] | ||
Amount | $ 5,034 | $ 5,022 |
Weighted-Average Rate | 9% | 8% |
Carolina Financial Capital Trust II [Member] | ||
Debt Instrument [Line Items] | ||
Amount | $ 9,572 | $ 9,498 |
Weighted-Average Rate | 8.71% | 7.13% |
Greer Capital Trust I [Member] | ||
Debt Instrument [Line Items] | ||
Amount | $ 5,341 | $ 5,256 |
Weighted-Average Rate | 7.86% | 6.39% |
Greer Capital Trust II [Member] | ||
Debt Instrument [Line Items] | ||
Amount | $ 4,184 | $ 4,087 |
Weighted-Average Rate | 7.38% | 6.15% |
First South Preferred Trust I [Member] | ||
Debt Instrument [Line Items] | ||
Amount | $ 9,513 | $ 9,432 |
Weighted-Average Rate | 8.54% | 7.68% |
BOE Statutory Trust I [Member] | ||
Debt Instrument [Line Items] | ||
Amount | $ 3,772 | $ 3,753 |
Weighted-Average Rate | 8.59% | 7.75% |
Long -Term Borrowings - Schedul
Long -Term Borrowings - Schedule of Maturities of Long-term Borrowings (Detail) $ in Thousands | Dec. 31, 2023 USD ($) |
Debt Disclosure [Abstract] | |
2024 | $ 1,498,390 |
2025 | 10,487 |
2026 | 0 |
2027 | 0 |
2028 | 0 |
2029 and thereafter | 280,226 |
Total | $ 1,789,103 |
Other Expense - Other Expense (
Other Expense - Other Expense (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Other Income and Expenses [Abstract] | |||
Legal, consulting & other professional services | $ 25,604 | $ 24,403 | $ 17,616 |
Franchise & other taxes not on income | 16,202 | 13,537 | 12,412 |
Expense for reserve on lending-related commitments | 1,483 | 14,747 | 12,034 |
Automated Teller Machine ("ATM") expenses | $ 10,914 | $ 10,250 | $ 10,519 |
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, 2023 | Sep. 30, 2023 | Jun. 30, 2023 | Mar. 31, 2023 | Dec. 31, 2022 | Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Current expense: | |||||||||||
Federal | $ 84,441 | $ 86,799 | $ 76,574 | ||||||||
State | 15,972 | 16,244 | 14,516 | ||||||||
Deferred expense: | |||||||||||
Federal | (2,053) | (6,016) | 2,742 | ||||||||
State | (868) | (871) | 1,283 | ||||||||
Total income taxes | $ 24,813 | $ 24,779 | $ 23,452 | $ 24,448 | $ 26,608 | $ 25,919 | $ 23,531 | $ 20,098 | $ 97,492 | $ 96,156 | $ 95,115 |
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, 2023 | Sep. 30, 2023 | Jun. 30, 2023 | Mar. 31, 2023 | Dec. 31, 2022 | Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Income Tax Disclosure [Abstract] | |||||||||||
Tax on income before taxes at statutory federal rate | $ 97,399 | $ 99,914 | $ 97,199 | ||||||||
Plus: State income taxes net of federal tax benefits | 11,847 | 12,431 | 11,520 | ||||||||
Income tax before adjustments | 109,246 | 112,345 | 108,719 | ||||||||
Tax-exempt interest income | (2,974) | (3,477) | (3,303) | ||||||||
Tax credits | (15,196) | (14,326) | (11,893) | ||||||||
Other items-net | 6,416 | 1,614 | 1,592 | ||||||||
Total income taxes | $ 24,813 | $ 24,779 | $ 23,452 | $ 24,448 | $ 26,608 | $ 25,919 | $ 23,531 | $ 20,098 | $ 97,492 | $ 96,156 | $ 95,115 |
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% | 2.60% | 2.50% | ||||||||
Income tax before adjustments, rate | 23.60% | 23.60% | 23.50% | ||||||||
Increase (decrease) resulting from: | |||||||||||
Tax-exempt interest income, rate | (0.60%) | (0.70%) | (0.70%) | ||||||||
Tax credits, percentage | (3.30%) | (3.00%) | (2.60%) | ||||||||
Other items-net, rate | 1.30% | 0.30% | 0.40% | ||||||||
Income taxes, rate | 21% | 20.20% | 20.60% |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Income Taxes [Line Items] | |||
Federal income tax (benefit) expense applicable to sales and calls of securities | $ 1,608,000 | $ 287,000 | $ 587,000 |
Income taxes paid | 106,083,000 | 93,680,000 | 101,227,000 |
State net operating loss carryforwards | 0 | ||
Franchise & other taxes not on income | 16,202,000 | 13,537,000 | 12,412,000 |
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 | $ 747,000 | 525,000 | |
Interest or penalties were recognized | $ 0 | $ 0 | $ 0 |
Income Taxes - Components of Un
Income Taxes - Components of United's Deferred Tax Assets and Liabilities (Detail) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Deferred tax assets: | ||
Allowance for credit losses | $ 70,818 | $ 65,453 |
Accrued benefits payable | 18,287 | 17,333 |
Other accrued liabilities | 2,857 | 655 |
Unrealized loss on securities available for sale | 84,683 | 109,185 |
Other real estate owned | 512 | 531 |
Lease liabilities under operating leases | 21,642 | 17,650 |
Deferred mortgage points | 2,081 | 4,094 |
Total deferred tax assets | 200,880 | 214,901 |
Deferred tax liabilities: | ||
Premises and equipment | 8,789 | 6,707 |
Right-of-use assets under operating leases | 20,267 | 16,576 |
Pension plan accruals | 7,251 | 5,858 |
Derivatives | 12,137 | 16,104 |
Purchase accounting intangibles | 5,940 | 5,241 |
Other | 1,497 | 365 |
Total deferred tax liabilities | 55,881 | 50,851 |
Net deferred tax assets | $ 144,999 | $ 164,050 |
Income Taxes - Reconciliation_2
Income Taxes - Reconciliation of the Total Amounts of Unrecognized Tax Benefits (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Income Tax Disclosure [Abstract] | ||
Unrecognized tax benefits at beginning of year | $ 2,521 | $ 1,667 |
Increase in unrecognized tax benefits as a result of tax positions taken during the current period | 242 | 1,423 |
Decreases in the unrecognized tax benefits as a result of a lapse of the applicable statute of limitations | (164) | (569) |
Unrecognized tax benefits at end of year | $ 2,599 | $ 2,521 |
Employee Benefit Plans - Additi
Employee Benefit Plans - Additional Information (Detail) - USD ($) | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Defined Benefit Plan Disclosure [Line Items] | |||
Unrecognized actuarial gains (losses), before tax | $ 32,548,000 | ||
Unrecognized actuarial gains (losses), net of tax | 20,817,000 | ||
Amount of United common stock held in the pension plan | $ 173,840,000 | $ 165,320,000 | $ 210,204,000 |
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 | ||
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 | $ 7,590,000 | $ 8,242,000 | 7,984,000 |
Employer contribution in shares of common stock | 1,828,171 | 1,662,179 | |
Dividends paid on United common stock | $ 2,468,000 | $ 2,340,000 | $ 2,060,000 |
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 | $ 23,868,000 | $ 28,765,000 | |
Percentage of equity securities include united common stock | (4.00%) | (4.00%) | |
Marketable Equity Securities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Amount of United common stock held in the pension plan | $ 3,974,000 | $ 4,285,000 | |
Percentage of equity securities include united common stock | (56.00%) | (66.00%) | |
Maximum percentage limit of common stock to invest in portfolio for any industry | 47% | ||
Approximate fair value of plan assets | $ 68,648,000 | $ 67,302,000 | |
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 | 20% | ||
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, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Defined Benefit Plan Disclosure [Line Items] | |||
Service cost | $ 1,440 | $ 2,669 | $ 2,936 |
Interest cost | $ 7,134 | 4,988 | 4,241 |
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 | $ (11,762) | (12,942) | (11,874) |
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 | $ 3,347 | 3,645 | 6,770 |
Net periodic pension cost (income) | $ 159 | $ (1,640) | $ 2,073 |
Weighted-Average Assumptions: | |||
Discount rate | 5.26% | 3.08% | 2.81% |
Expected return on assets | 7.25% | 6.25% | 6.25% |
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, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Retirement Benefits [Abstract] | |||
Net actuarial gain | $ (2,635) | $ (2,195) | $ (14,286) |
Amortization of actuarial loss | (3,347) | (3,645) | (6,770) |
Total recognized in other comprehensive income | $ (5,982) | $ (5,840) | $ (21,056) |
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, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Change in Projected Benefit Obligation | |||
Projected Benefit Obligation at the Beginning of the Year | $ 140,609 | $ 192,973 | |
Service cost | 1,440 | 2,669 | $ 2,936 |
Interest cost | 7,134 | 4,988 | 4,241 |
Actuarial Loss (Gain) | 4,918 | (46,617) | |
Lump Sum Window Payments /Annuity Purchase Payments | (4,546) | (7,312) | |
Benefits Paid | (6,249) | (6,092) | |
Projected Benefit Obligation at the End of the Year | 143,306 | 140,609 | 192,973 |
Accumulated Benefit Obligation at the End of the Year | 131,758 | 129,927 | |
Change in Plan Assets | |||
Fair Value of Plan Assets at the Beginning of the Year | 165,320 | 210,204 | |
Actual Return on Plan Assets | 19,315 | (31,480) | |
Benefits Paid | (6,249) | (6,092) | |
Fair Value of Plan Assets at End of Year | 173,840 | 165,320 | $ 210,204 |
Net Amount Recognized | |||
Funded Status | 30,534 | 24,710 | |
Unrecognized Actuarial Net Loss | 32,548 | 38,530 | |
Net Amount Recognized | $ 63,082 | $ 63,240 | |
Weighted-Average Assumptions at the End of the Year | |||
Discount Rate | 5.07% | 5.25% | |
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, 2023 | Dec. 31, 2022 |
Defined Benefit Plan Disclosure [Line Items] | ||
Percentage of Plan Assets | 100% | 100% |
Marketable Equity Securities [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Target Allocation | 47% | |
Percentage of Plan Assets | 56% | 66% |
Fixed Income Securities [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Target Allocation | 43% | |
Percentage of Plan Assets | 41% | 32% |
Other [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Target Allocation | 10% | |
Percentage of Plan Assets | 3% | 2% |
Minimum [Member] | Marketable Equity Securities [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Target Allocation | 20% | |
Minimum [Member] | Fixed Income Securities [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Target Allocation | 20% | |
Minimum [Member] | Other [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Target Allocation | 0% | |
Maximum [Member] | Marketable Equity Securities [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Target Allocation | 70% | |
Maximum [Member] | Fixed Income Securities [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Target Allocation | 50% | |
Maximum [Member] | Other [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Target Allocation | 25% |
Employee Benefit Plans - Expect
Employee Benefit Plans - Expected Benefit Payments (Detail) $ in Thousands | Dec. 31, 2023 USD ($) |
Retirement Benefits [Abstract] | |
2024 | $ 6,716 |
2025 | 7,122 |
2026 | 7,534 |
2027 | 7,957 |
2028 | 8,407 |
2029 through 2033 | $ 46,050 |
Employee Benefit Plans - Balanc
Employee Benefit Plans - Balances of the Plan Assets, by Fair Value Hierarchy Level (Detail) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 |
Defined Benefit Plan Disclosure [Line Items] | |||
Asset at fair value | $ 173,840 | $ 165,320 | $ 210,204 |
Cash and Cash Equivalents [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Asset at fair value | 4,565 | 3,384 | |
U.S. Government and Agencies [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Asset at fair value | 20,052 | 3,882 | |
Mortgage Backed Securities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Asset at fair value | 7,440 | ||
Municipal Obligations [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Asset at fair value | 1,551 | ||
Corporate Bonds [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Asset at fair value | 8,030 | ||
General [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Asset at fair value | 34,083 | 49,107 | |
Common Stock [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Asset at fair value | 23,868 | 28,765 | |
Equity Mutual Funds Global Equity [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Asset at fair value | 1,953 | ||
Equity Mutual Funds Domestic Equity Large Cap [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Asset at fair value | 29,894 | 35,738 | |
Equity Mutual Funds Domestic Equity Small Cap [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Asset at fair value | 13,256 | 15,750 | |
Equity Mutual Funds Alternative Equity [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Asset at fair value | 15,376 | 8,277 | |
Equity Mutual Funds International Emerging Equity [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Asset at fair value | 3,990 | 4,925 | |
Equity Mutual Funds International Equity Developed [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Asset at fair value | 11,735 | 13,539 | |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Asset at fair value | 173,840 | 165,320 | |
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 | 4,565 | 3,384 | |
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 | 20,052 | 3,882 | |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Mortgage Backed Securities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Asset at fair value | 7,440 | ||
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Municipal Obligations [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Asset at fair value | 1,551 | ||
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Corporate Bonds [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Asset at fair value | 8,030 | ||
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | General [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Asset at fair value | 34,083 | 49,107 | |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Common Stock [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Asset at fair value | 23,868 | 28,765 | |
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 | ||
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 | 29,894 | 35,738 | |
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 | 13,256 | 15,750 | |
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 | 15,376 | 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 | 3,990 | 4,925 | |
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 | 11,735 | 13,539 | |
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] | U.S. Government and Agencies [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Asset at fair value | 0 | 0 | |
Significant Other Observable Inputs (Level 2) [Member] | Mortgage Backed Securities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Asset at fair value | 0 | ||
Significant Other Observable Inputs (Level 2) [Member] | Municipal Obligations [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Asset at fair value | 0 | ||
Significant Other Observable Inputs (Level 2) [Member] | Corporate Bonds [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 | 0 | |
Significant Other Observable Inputs (Level 2) [Member] | Common Stock [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Asset at fair value | 0 | 0 | |
Significant Other Observable Inputs (Level 2) [Member] | Equity Mutual Funds Global Equity [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Asset at fair value | 0 | ||
Significant Other Observable Inputs (Level 2) [Member] | Equity Mutual Funds Domestic Equity Large Cap [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Asset at fair value | 0 | 0 | |
Significant Other Observable Inputs (Level 2) [Member] | Equity Mutual Funds Domestic Equity Small Cap [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Asset at fair value | 0 | 0 | |
Significant Other Observable Inputs (Level 2) [Member] | Equity Mutual Funds International Emerging Equity [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Asset at fair value | 0 | 0 | |
Significant Other Observable Inputs (Level 2) [Member] | Equity Mutual Funds International Equity Developed [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Asset at fair value | 0 | 0 | |
Significant Unobservable Inputs (Level 3) [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Asset at fair value | 0 | 0 | |
Significant Unobservable Inputs (Level 3) [Member] | Cash and Cash Equivalents [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Asset at fair value | 0 | 0 | |
Significant Unobservable Inputs (Level 3) [Member] | U.S. Government and Agencies [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Asset at fair value | 0 | 0 | |
Significant Unobservable Inputs (Level 3) [Member] | Mortgage Backed Securities [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Asset at fair value | 0 | ||
Significant Unobservable Inputs (Level 3) [Member] | Municipal Obligations [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Asset at fair value | 0 | ||
Significant Unobservable Inputs (Level 3) [Member] | Corporate Bonds [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 | 0 | |
Significant Unobservable Inputs (Level 3) [Member] | Common Stock [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Asset at fair value | 0 | 0 | |
Significant Unobservable Inputs (Level 3) [Member] | Equity Mutual Funds Global Equity [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Asset at fair value | 0 | ||
Significant Unobservable Inputs (Level 3) [Member] | Equity Mutual Funds Domestic Equity Large Cap [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Asset at fair value | 0 | 0 | |
Significant Unobservable Inputs (Level 3) [Member] | Equity Mutual Funds Domestic Equity Small Cap [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Asset at fair value | 0 | 0 | |
Significant Unobservable Inputs (Level 3) [Member] | Equity Mutual Funds International Emerging Equity [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Asset at fair value | 0 | 0 | |
Significant Unobservable Inputs (Level 3) [Member] | Equity Mutual Funds International Equity Developed [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Asset at fair value | $ 0 | $ 0 |
Stock Based Compensation - Addi
Stock Based Compensation - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | May 12, 2020 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Authorized shares of stock, option plan, maximum | 2,300,000 | |||
Maximum number of shares of restricted stock or shares subject to a restricted stock units award granted | 225,000 | |||
Maximum number of options and SARs | 100,000 | |||
Maximum number of stock options and SARs awarded | 10,000 | |||
Maximum number of Shares of restricted stock or shares subject to a restricted stock units award granted to individual non-employee director | 10,000 | |||
Vesting period of awards | 1/3 per year | |||
Number of Options granted | 0 | |||
Recognition of compensation expense | $ 12,463 | $ 9,881 | $ 8,018 | |
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 | $ 52 | |||
Weighted-average expense recognition period | 2 months 12 days | |||
Total fair value of awards vested | $ 731 | |||
Cash received from options exercised under the plans | $ 1,750 | $ 10,295 | $ 5,206 | |
Shares issued related stock option exercises | 75,361 | 484,682 | ||
Weighted-average grant-date fair value of options granted | $ 5.83 | |||
Total intrinsic value of options exercised | $ 947 | $ 6,325 | $ 2,337 | |
Excess tax benefits from stock-based compensation arrangements | $ 128 | $ 1,040 | $ 303 | |
Restricted Stock [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Number of shares granted | 150,732 | |||
Total unrecognized compensation cost related to nonvested option awards | $ 6,606 | |||
Weighted-average expense recognition period | 8 months 12 days | |||
Weighted-average grant-date fair value of options granted | $ 40.98 | |||
Vesting period | 3 years | |||
Restricted Stock Units (RSUs) [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Number of Options granted | 177,368 | |||
Number of shares granted | 177,368 | |||
Total unrecognized compensation cost related to nonvested option awards | $ 6,876 | |||
Weighted-average expense recognition period | 1 year 1 month 6 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, 2023 | Dec. 31, 2022 | |
Disclosure Stock Based Compensation Stock Option Plan [Abstract] | ||
Shares, Outstanding, Beginning balance | 1,501,212 | |
Shares, Exercised | (75,361) | (484,682) |
Shares, Forfeited or expired | (88,469) | |
Shares, Outstanding, Ending balance | 1,337,382 | 1,501,212 |
Shares, Exercisable at December 31, 2023 | 1,280,856 | |
Aggregate Intrinsic Value, Outstanding at December 31, 2023 | $ 4,785 | |
Aggregate Intrinsic Value, Exercisable at December 31, 2023 | $ 4,500 | |
Weighted Average Remaining Contractual Term, Outstanding at December 31, 2023 | 3 years 9 months 18 days | |
Weighted Average Remaining Contractual Term, Exercisable at December 31, 2023 | 3 years 8 months 12 days | |
Weighted Average Exercise Price, Outstanding, Beginning balance | $ 34.64 | |
Weighted Average Exercise Price, Exercised | 26.88 | |
Weighted Average Exercise Price, Forfeited or expired | 28.74 | |
Weighted Average Exercise Price, Outstanding, Ending balance | 35.47 | $ 34.64 |
Weighted Average Exercise Price, Exercisable | $ 35.6 |
Stock Based Compensation - Stat
Stock Based Compensation - Status of United's Nonvested Stock Option Awards (Detail) | 12 Months Ended |
Dec. 31, 2023 $ / shares shares | |
Shares, Nonvested, Beginning balance | 170,892 |
Shares, Granted | 0 |
Shares, Vested | (114,053) |
Shares, Forfeited or expired | (313) |
Shares, Nonvested, Ending balance | 56,526 |
Weighted-Average Grant Date Fair Value Per Share, Nonvested Beginning balance | $ / shares | $ 6.16 |
Weighted-Average Grant Date Fair Value Per Share, Vested | $ / shares | 6.41 |
Weighted-Average Grant Date Fair Value Per Share, Forfeited or expired | $ / shares | 5.65 |
Weighted-Average Grant Date Fair Value Per Share, Nonvested Ending balance | $ / shares | $ 5.65 |
Restricted Stock Units (RSUs) [Member] | |
Shares, Nonvested, Beginning balance | 266,159 |
Shares, Granted | 177,368 |
Shares, Vested | (37,912) |
Shares, Forfeited or expired | (42,113) |
Shares, Nonvested, Ending balance | 363,502 |
Weighted-Average Grant Date Fair Value Per Share, Nonvested Beginning balance | $ / shares | $ 35.45 |
Weighted-Average Grant Date Fair Value Per Share, Granted | $ / shares | 40.4 |
Weighted-Average Grant Date Fair Value Per Share, Vested | $ / shares | 36.64 |
Weighted-Average Grant Date Fair Value Per Share, Forfeited or expired | $ / shares | 37.19 |
Weighted-Average Grant Date Fair Value Per Share, Nonvested Ending balance | $ / shares | $ 37.53 |
Stock Based Compensation - Chan
Stock Based Compensation - Changes to United's Restricted Common Shares (Detail) - $ / shares | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2021 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Weighted-Average Grant Date Fair Value Per Share, Granted | $ 5.83 | |
Restricted Stock [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Number of Shares, Outstanding, Beginning balance | 373,220 | |
Shares, Granted | 150,732 | |
Shares, Vested | (181,725) | |
Shares, Forfeited | (8,295) | |
Number of Shares, Outstanding, Ending balance | 333,932 | |
Weighted-Average Grant Date Fair Value Per Share, Outstanding, Beginning balance | $ 35.43 | |
Weighted-Average Grant Date Fair Value Per Share, Granted | 40.98 | |
Weighted-Average Grant Date Fair Value Per Share, Vested | 35.63 | |
Weighted-Average Grant Date Fair Value Per Share, Forfeited | 38.53 | |
Weighted-Average Grant Date Fair Value Per Share, Outstanding, Ending balance | $ 37.75 |
Commitments and Contingent Li_2
Commitments and Contingent Liabilities - Additional Information (Detail) - USD ($) | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Loss Contingencies [Line Items] | ||
Loan commitments outstanding | $ 6,851,890,000 | $ 7,250,155,000 |
Loan commitments expiry period | 1 year | |
Commitments to Extend Credit [Member] | George Mason [Member] | Short-term Contract with Customer [Member] | ||
Loss Contingencies [Line Items] | ||
Additional commitments to extend credit | $ 416,095,000 | 719,841,000 |
Commercial Letters of Credit [Member] | ||
Loss Contingencies [Line Items] | ||
Letters of credit issued | 16,233,000 | 16,389,000 |
Standby Letters of Credit [Member] | ||
Loss Contingencies [Line Items] | ||
Letters of credit issued | $ 147,705,000 | $ 147,511,000 |
Derivative Financial Instrume_3
Derivative Financial Instruments - Additional information (Detail) - USD ($) | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2020 |
Derivative [Line Items] | |||
Derivative liabilities notional amount | $ 77,115,000 | $ 111,949,000 | |
Derivative Asset, Notional Amount | 615,190,000 | $ 666,609,000 | |
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 | $ 18,905,000 |
Derivative Financial Instrume_4
Derivative Financial Instruments - Schedule of Notional Amount and Fair Value Derivative Financial Instruments (Detail) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Derivative [Line Items] | ||
Asset derivatives, notional amount | $ 615,190 | $ 666,609 |
Liability derivatives, notional amount | 77,115 | 111,949 |
Total asset derivatives | 1,848 | 5,550 |
Liability derivatives not designated as hedging instruments | 678 | 561 |
Interest Rate Lock Commitments [Member] | ||
Derivative [Line Items] | ||
Liability derivatives, notional amount | 0 | 48,949 |
Liability derivatives not designated as hedging instruments | 0 | 348 |
Designated as Hedging Instrument [Member] | ||
Derivative [Line Items] | ||
Asset derivatives, notional amount | 512,032 | 555,073 |
Asset derivatives not designated as hedging instruments | 611 | 4,038 |
Not Designated as Hedging Instrument [Member] | ||
Derivative [Line Items] | ||
Asset derivatives, notional amount | 103,158 | 111,536 |
Liability derivatives, notional amount | 77,115 | 111,949 |
Asset derivatives not designated as hedging instruments | 1,237 | 1,512 |
Liability derivatives not designated as hedging instruments | 678 | 561 |
Fair Value Hedging [Member] | Designated as Hedging Instrument [Member] | ||
Derivative [Line Items] | ||
Asset derivatives, notional amount | 12,032 | 55,073 |
Asset derivatives designated as hedging instruments | 611 | 4,038 |
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 | 0 | 22,649 |
Asset derivatives not designated as hedging instruments | 0 | 146 |
Other Assets [Member] | Not Designated as Hedging Instrument [Member] | Interest Rate Lock Commitments [Member] | ||
Derivative [Line Items] | ||
Asset derivatives, notional amount | 99,278 | 73,412 |
Asset derivatives not designated as hedging instruments | 1,144 | 1,146 |
Other Liabilities [Member] | TBA Mortgage Backed Securities [Member] | ||
Derivative [Line Items] | ||
Liability derivatives not designated as hedging instruments | 678 | 213 |
Other Liabilities [Member] | Not Designated as Hedging Instrument [Member] | TBA Mortgage Backed Securities [Member] | ||
Derivative [Line Items] | ||
Liability derivatives, notional amount | 77,115 | 63,000 |
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 | 12,032 | 55,073 |
Asset derivatives designated as hedging instruments | 611 | 4,038 |
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 |
Forward Loan Sale Commitments [Member] | ||
Derivative [Line Items] | ||
Liability derivatives, notional amount | 0 | 0 |
Liability derivatives not designated as hedging instruments | 0 | 0 |
Forward Loan Sale Commitments [Member] | Other Assets [Member] | Not Designated as Hedging Instrument [Member] | ||
Derivative [Line Items] | ||
Asset derivatives, notional amount | 3,880 | 15,475 |
Asset derivatives not designated as hedging instruments | $ 93 | $ 220 |
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, 2023 | Dec. 31, 2022 |
Carrying Amount of the Hedged Assets/(Liabilities) | $ 12,032 | $ 55,770 |
Cumulative Amount of Fair Value Hedging Adjustment Included in the Carrying Amount of the Hedged Assets/(Liabilities) | (632) | (3,069) |
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, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Derivative [Line Items] | |||
Derivatives in hedging relationships | $ 22,713 | $ (2,666) | $ (20,572) |
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 | $ 23,691 | 5,605 | (3,098) |
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 | 23,574 | 5,782 | (1,354) |
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 | 117 | (177) | (1,744) |
Not Designated as Hedging Instrument [Member] | |||
Derivative [Line Items] | |||
Derivatives not designated as hedging instruments | (978) | (8,271) | (17,474) |
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 | (611) | 276 | 5,932 |
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 | (240) | (8,373) | (22,219) |
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 | $ (127) | $ (174) | $ (1,187) |
Comprehensive Income - Componen
Comprehensive Income - Components of Total Comprehensive Income (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2023 | Sep. 30, 2023 | Jun. 30, 2023 | Mar. 31, 2023 | Dec. 31, 2022 | Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Comprehensive Income (Loss), Net of Tax, Attributable to Parent [Abstract] | |||||||||||
Net Income | $ 79,390 | $ 96,157 | $ 92,459 | $ 98,307 | $ 99,765 | $ 102,585 | $ 95,613 | $ 81,664 | $ 366,313 | $ 379,627 | $ 367,738 |
Available for sale ("AFS") securities: | |||||||||||
Change in net unrealized gains (losses) on AFS securities arising during the period | 98,627 | (481,007) | (72,257) | ||||||||
Related income tax effect | (22,980) | 112,075 | 16,836 | ||||||||
Net reclassification adjustment for losses (gains) included in net income | 7,659 | (2) | (1,552) | ||||||||
Related income tax effect | (1,785) | 0 | 362 | ||||||||
Total AFS securities - all other | 81,521 | (368,934) | (56,611) | ||||||||
Net effect of AFS securities on other comprehensive income | 81,521 | (368,934) | (56,611) | ||||||||
Cash flow hedge derivatives: | |||||||||||
Unrealized gain on cash flow hedge before reclassification to interest expense | 6,548 | 53,572 | 15,597 | ||||||||
Related income tax effect | (1,526) | (12,482) | (3,634) | ||||||||
Net reclassification adjustment for (gains) losses included in net income | (23,574) | (5,782) | 1,354 | ||||||||
Related income tax effect | 5,493 | 1,347 | (316) | ||||||||
Net effect of cash flow hedge derivatives on other comprehensive income | (13,059) | 36,655 | 13,001 | ||||||||
Defined benefit pension plan: | |||||||||||
Net actuarial gain during the period | 2,635 | 2,195 | 14,286 | ||||||||
Related income tax expense | (613) | (512) | (483) | ||||||||
Amortization of net actuarial loss recognized in net income | 3,347 | 3,645 | 6,770 | ||||||||
Related income tax effect | (780) | (893) | (4,221) | ||||||||
Net effect of change in defined benefit pension plan on other comprehensive income | 4,589 | 4,435 | 16,352 | ||||||||
Net current-period other comprehensive income (loss), net of tax | 73,051 | (327,844) | (27,258) | ||||||||
Total Comprehensive Income | $ 439,364 | $ 51,783 | $ 340,480 |
Comprehensive Income - Compon_2
Comprehensive Income - Components of Accumulated Other Comprehensive Income (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Beginning Balance | $ 4,516,193 | $ 4,718,628 | $ 4,297,620 |
Net current-period other comprehensive income (loss), net of tax | 73,051 | (327,844) | (27,258) |
Ending Balance | 4,771,240 | 4,516,193 | 4,718,628 |
Pension Plan [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Beginning Balance | (25,406) | ||
Other comprehensive income before reclassification | 0 | ||
Amounts reclassified from accumulated other comprehensive income | 4,589 | ||
Net current-period other comprehensive income (loss), net of tax | 4,589 | ||
Ending Balance | (20,817) | (25,406) | |
Unrealized Gains/Losses on AFS Securities [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Beginning Balance | (360,340) | ||
Other comprehensive income before reclassification | 75,647 | ||
Amounts reclassified from accumulated other comprehensive income | 5,874 | ||
Net current-period other comprehensive income (loss), net of tax | 81,521 | ||
Ending Balance | (278,819) | (360,340) | |
Accumulated Other Comprehensive Income (Loss) [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Beginning Balance | (332,732) | (4,888) | 22,370 |
Other comprehensive income before reclassification | 80,669 | ||
Amounts reclassified from accumulated other comprehensive income | (7,618) | ||
Net current-period other comprehensive income (loss), net of tax | 73,051 | (327,844) | (27,258) |
Ending Balance | (259,681) | (332,732) | $ (4,888) |
Unrealized Gains/Losses on Cash Flow Hedges [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Beginning Balance | 53,014 | ||
Other comprehensive income before reclassification | 5,022 | ||
Amounts reclassified from accumulated other comprehensive income | (18,081) | ||
Net current-period other comprehensive income (loss), net of tax | (13,059) | ||
Ending Balance | $ 39,955 | $ 53,014 |
Comprehensive Income - Reclassi
Comprehensive Income - Reclassifications Out of Accumulated Other Comprehensive Income (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2023 | Sep. 30, 2023 | Jun. 30, 2023 | Mar. 31, 2023 | Dec. 31, 2022 | Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Available for sale ("AFS") securities: | |||||||||||
Income before income taxes | $ 463,805 | $ 475,783 | $ 462,853 | ||||||||
Related income tax effect | $ (24,813) | $ (24,779) | $ (23,452) | $ (24,448) | $ (26,608) | $ (25,919) | $ (23,531) | $ (20,098) | (97,492) | (96,156) | (95,115) |
Net income (loss) | 79,390 | 96,157 | 92,459 | 98,307 | 99,765 | 102,585 | 95,613 | 81,664 | 366,313 | 379,627 | 367,738 |
Cash flow hedge: | |||||||||||
Income before income taxes | 463,805 | 475,783 | 462,853 | ||||||||
Related income tax effect | (24,813) | (24,779) | (23,452) | (24,448) | (26,608) | (25,919) | (23,531) | (20,098) | (97,492) | (96,156) | (95,115) |
Net income (loss) | 79,390 | 96,157 | 92,459 | 98,307 | 99,765 | 102,585 | 95,613 | 81,664 | 366,313 | 379,627 | 367,738 |
Pension plan: | |||||||||||
Net actuarial loss | 2,635 | 2,195 | 14,286 | ||||||||
Amortization of net actuarial loss | 3,347 | 3,645 | 6,770 | ||||||||
Income before income taxes | 463,805 | 475,783 | 462,853 | ||||||||
Related income tax effect | (24,813) | (24,779) | (23,452) | (24,448) | (26,608) | (25,919) | (23,531) | (20,098) | (97,492) | (96,156) | (95,115) |
Net income (loss) | $ 79,390 | $ 96,157 | $ 92,459 | $ 98,307 | $ 99,765 | $ 102,585 | $ 95,613 | $ 81,664 | 366,313 | $ 379,627 | $ 367,738 |
Reclassification out of Accumulated Other Comprehensive Income [Member] | |||||||||||
Available for sale ("AFS") securities: | |||||||||||
Net income (loss) | (7,618) | ||||||||||
Cash flow hedge: | |||||||||||
Net income (loss) | (7,618) | ||||||||||
Pension plan: | |||||||||||
Net income (loss) | (7,618) | ||||||||||
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 | 7,659 | ||||||||||
Income before income taxes | 7,659 | ||||||||||
Related income tax effect | (1,785) | ||||||||||
Net income (loss) | 5,874 | ||||||||||
Cash flow hedge: | |||||||||||
Income before income taxes | 7,659 | ||||||||||
Related income tax effect | (1,785) | ||||||||||
Net income (loss) | 5,874 | ||||||||||
Pension plan: | |||||||||||
Income before income taxes | 7,659 | ||||||||||
Related income tax effect | (1,785) | ||||||||||
Net income (loss) | 5,874 | ||||||||||
Reclassification out of Accumulated Other Comprehensive Income [Member] | Accumulated Defined Benefit Plans Adjustment [Member] | |||||||||||
Available for sale ("AFS") securities: | |||||||||||
Income before income taxes | 5,982 | ||||||||||
Related income tax effect | (1,393) | ||||||||||
Net income (loss) | 4,589 | ||||||||||
Cash flow hedge: | |||||||||||
Income before income taxes | 5,982 | ||||||||||
Related income tax effect | (1,393) | ||||||||||
Net income (loss) | 4,589 | ||||||||||
Pension plan: | |||||||||||
Net actuarial loss | 2,635 | ||||||||||
Amortization of net actuarial loss | 3,347 | ||||||||||
Income before income taxes | 5,982 | ||||||||||
Related income tax effect | (1,393) | ||||||||||
Net income (loss) | 4,589 | ||||||||||
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 | (23,574) | ||||||||||
Related income tax effect | 5,493 | ||||||||||
Net income (loss) | (18,081) | ||||||||||
Cash flow hedge: | |||||||||||
Net reclassification adjustment for losses | (23,574) | ||||||||||
Income before income taxes | (23,574) | ||||||||||
Related income tax effect | 5,493 | ||||||||||
Net income (loss) | (18,081) | ||||||||||
Pension plan: | |||||||||||
Income before income taxes | (23,574) | ||||||||||
Related income tax effect | 5,493 | ||||||||||
Net income (loss) | $ (18,081) |
United Bankshares, Inc. (Pare_3
United Bankshares, Inc. (Parent Company Only) Financial Information - Condensed Balance Sheets (Detail) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Condensed Balance Sheet Statements, Captions [Line Items] | ||||
Cash and due from banks | $ 257,153 | $ 294,155 | ||
Securities available for sale | 3,786,377 | 4,541,925 | ||
Securities held to maturity | 1,020 | 1,020 | ||
Equity securities | 8,945 | 7,629 | ||
Other investment securities | 329,429 | 322,048 | ||
Goodwill | 1,888,889 | 1,888,889 | ||
Other assets | 276,413 | 304,535 | ||
Total Assets | 29,926,482 | 29,489,380 | ||
Accrued expenses and other liabilities | 213,134 | 189,729 | ||
Shareholders' equity (including other accumulated comprehensive losses of $259,681 and $332,732 at December 31, 2023 and 2022, respectively) | 4,771,240 | 4,516,193 | $ 4,718,628 | $ 4,297,620 |
Total Liabilities and Shareholders' Equity | 29,926,482 | 29,489,380 | ||
United Bankshares [Member] | ||||
Condensed Balance Sheet Statements, Captions [Line Items] | ||||
Cash and due from banks | 238,256 | 253,411 | ||
Securities available for sale | 5,846 | 6,184 | ||
Securities held to maturity | 20 | 20 | ||
Equity securities | 3,735 | 2,490 | ||
Other investment securities | 20,704 | 19,179 | ||
Bank subsidiaries | 4,818,320 | 4,575,098 | ||
Nonbank subsidiaries | 54,556 | 43,349 | ||
Goodwill | (16,715) | (16,715) | ||
Other assets | 28,315 | 24,993 | ||
Total Assets | 5,153,037 | 4,908,009 | ||
Subordinated notes | 0 | 9,892 | ||
Junior subordinated debentures of subsidiary trusts | 278,617 | 276,989 | ||
Accrued expenses and other liabilities | 103,180 | 104,935 | ||
Shareholders' equity (including other accumulated comprehensive losses of $259,681 and $332,732 at December 31, 2023 and 2022, respectively) | 4,771,240 | 4,516,193 | ||
Total Liabilities and Shareholders' Equity | $ 5,153,037 | $ 4,908,009 |
United Bankshares, Inc. (Pare_4
United Bankshares, Inc. (Parent Company Only) Financial Information - Condensed Balance Sheets (Parenthetical) (Detail) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Condensed Balance Sheet Statements, Captions [Line Items] | ||
Accumulated other comprehensive loss | $ 259,681 | $ 332,732 |
United Bankshares [Member] | ||
Condensed Balance Sheet Statements, Captions [Line Items] | ||
Accumulated other comprehensive loss | $ 259,681 | $ 332,732 |
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, 2023 | Sep. 30, 2023 | Jun. 30, 2023 | Mar. 31, 2023 | Dec. 31, 2022 | Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Condensed Income Statements, Captions [Line Items] | |||||||||||
Net interest income | $ 229,690 | $ 228,453 | $ 227,461 | $ 234,320 | $ 249,404 | $ 240,622 | $ 214,903 | $ 191,502 | $ 919,924 | $ 896,431 | $ 742,734 |
Income before income taxes and Equity in Undistributed Net Income of Subsidiaries | 463,805 | 475,783 | 462,853 | ||||||||
Applicable income tax benefit | 24,813 | 24,779 | 23,452 | 24,448 | 26,608 | 25,919 | 23,531 | 20,098 | 97,492 | 96,156 | 95,115 |
Net Income | $ 79,390 | $ 96,157 | $ 92,459 | $ 98,307 | $ 99,765 | $ 102,585 | $ 95,613 | $ 81,664 | 366,313 | 379,627 | 367,738 |
United Bankshares [Member] | |||||||||||
Condensed Income Statements, Captions [Line Items] | |||||||||||
Bank subsidiaries | 217,000 | 272,500 | 287,500 | ||||||||
Net interest income | 970 | 446 | 335 | ||||||||
Bank subsidiaries | 43,852 | 35,931 | 39,678 | ||||||||
Nonbank subsidiaries | 27 | 27 | 27 | ||||||||
Other income | 2,167 | 3,053 | 3,418 | ||||||||
Total Income | 264,016 | 311,957 | 330,958 | ||||||||
Operating expenses | 67,968 | 50,242 | 47,273 | ||||||||
Income before income taxes and Equity in Undistributed Net Income of Subsidiaries | 196,048 | 261,715 | 283,685 | ||||||||
Applicable income tax benefit | (4,521) | (2,196) | (779) | ||||||||
Income of Subsidiaries | 200,569 | 263,911 | 284,464 | ||||||||
Bank subsidiaries | 170,997 | 117,594 | 83,507 | ||||||||
Nonbank subsidiaries | (5,253) | (1,878) | (233) | ||||||||
Net Income | $ 366,313 | $ 379,627 | $ 367,738 |
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, 2023 | Sep. 30, 2023 | Jun. 30, 2023 | Mar. 31, 2023 | Dec. 31, 2022 | Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Supplemental Cash Flow Information [Line Items] | |||||||||||
Net income (loss) | $ 79,390 | $ 96,157 | $ 92,459 | $ 98,307 | $ 99,765 | $ 102,585 | $ 95,613 | $ 81,664 | $ 366,313 | $ 379,627 | $ 367,738 |
Stock-based compensation | 12,463 | 9,881 | 8,018 | ||||||||
Excess tax benefits from stock-based compensation arrangements | (128) | (1,040) | (303) | ||||||||
Net proceeds from sales (purchases) of equity securities | 344 | 6,782 | 1,250 | ||||||||
Net cash received (paid) in acquisition of subsidiary | 0 | 0 | 39,420 | ||||||||
Repayment of subordinated notes | 10,250 | 0 | 0 | ||||||||
Cash dividends paid | (194,727) | (193,041) | (181,277) | ||||||||
Acquisition of treasury stock | (1,382) | (79,460) | (11,211) | ||||||||
Proceeds from exercise of stock options | 1,750 | 10,295 | 5,206 | ||||||||
CASH AND CASH EQUIVALENTS AT BEGINNING OF YEAR | 1,176,652 | 1,176,652 | |||||||||
CASH AND CASH EQUIVALENTS AT END OF YEAR | 1,598,943 | 1,176,652 | 1,598,943 | 1,176,652 | |||||||
United Bankshares [Member] | |||||||||||
Supplemental Cash Flow Information [Line Items] | |||||||||||
Net income (loss) | 366,313 | 379,627 | 367,738 | ||||||||
Equity in undistributed net income of subsidiaries | (165,744) | (115,716) | (83,274) | ||||||||
Amortization of net periodic pension costs | 204 | 220 | 203 | ||||||||
Stock-based compensation | 12,463 | 9,881 | 8,018 | ||||||||
Excess tax benefits from stock-based compensation arrangements | 128 | 1,040 | 303 | ||||||||
Net change in other assets and liabilities | (5,420) | (6,118) | 2,519 | ||||||||
Net Cash Provided by Operating Activities | 207,944 | 268,934 | 295,507 | ||||||||
Net proceeds from sales (purchases) of equity securities | 338 | (426) | 1,449 | ||||||||
Net (purchases) proceeds from sales of debt securities | (1,303) | 4,186 | (1,016) | ||||||||
Net cash received (paid) in acquisition of subsidiary | 0 | 0 | 1,072 | ||||||||
Increase in investment in subsidiaries | (16,000) | (13,000) | (3,500) | ||||||||
Change in other investment securities | (1,525) | (6,144) | (2,310) | ||||||||
Net Cash Used in Investing Activities | (18,490) | (15,384) | (4,305) | ||||||||
Repayment of subordinated notes | (10,250) | 0 | 0 | ||||||||
Cash dividends paid | (194,727) | (193,041) | (181,277) | ||||||||
Acquisition of treasury stock | (1,382) | (79,460) | (11,211) | ||||||||
Proceeds from exercise of stock options | 1,750 | 10,295 | 5,206 | ||||||||
Net Cash Used in Financing Activities | (204,609) | (262,206) | (187,282) | ||||||||
(Decrease) Increase in Cash and Cash Equivalents | (15,155) | (8,656) | 103,920 | ||||||||
CASH AND CASH EQUIVALENTS AT BEGINNING OF YEAR | $ 253,411 | $ 262,067 | 253,411 | 262,067 | 158,147 | ||||||
CASH AND CASH EQUIVALENTS AT END OF YEAR | $ 238,256 | $ 253,411 | $ 238,256 | $ 253,411 | $ 262,067 |
Regulatory Matters - Additional
Regulatory Matters - Additional Information (Detail) - USD ($) | 12 Months Ended | ||
Dec. 31, 2024 | Dec. 31, 2023 | Dec. 31, 2022 | |
Regulatory Matters [Line Items] | |||
Average reserve balances to be maintained by subsidiary banks | $ 813,480,000 | $ 1,577,485,000 | |
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 | $ 288,591,000 | ||
George Mason [Member] | |||
Regulatory Matters [Line Items] | |||
Net worth | 153,854,000 | ||
Crescent [Member] | |||
Regulatory Matters [Line Items] | |||
Net worth | $ 103,525,000 |
Regulatory Matters - Capital Am
Regulatory Matters - Capital Amounts and Ratios (Detail) $ in Thousands | Dec. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) |
United Bankshares [Member] | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Total Capital to Risk-Weighted Assets, Actual Amount | $ 3,700,453 | $ 3,494,723 |
Tier 1 Capital to Risk-Weighted Assets, Actual Amount | 3,162,118 | 2,990,026 |
Common Tier I Capital to Risk Weighted Assets, Actual Amount | 3,162,118 | 2,990,026 |
Tier 1 Capital to Average Assets, Actual Amount | $ 3,162,118 | $ 2,990,026 |
Total Capital to Risk-Weighted Assets, Actual Ratio | 0.154 | 0.144 |
Tier 1 Capital to Risk-Weighted Assets, Actual Ratio | 0.131 | 0.123 |
Common Tier I Capital to Risk Weighted Assets, Actual Ratio | 0.131 | 0.123 |
Tier 1 Capital to Average Assets, Actual Ratio | 0.114 | 0.108 |
Total Capital to Risk-Weighted Assets, For Capital Adequacy Purposes, Amount | $ 1,924,541 | $ 1,945,020 |
Tier 1 Capital to Risk-Weighted Assets, For Capital Adequacy Purposes, Amount | 1,443,405 | 1,458,765 |
Common Tier I Capital to Risk Weighted Assets, For Capital Adequacy Purposes, Amount | 1,082,554 | 1,094,074 |
Tier 1 Capital to Average Assets, For Capital Adequacy Purposes, Amount | $ 1,110,296 | $ 1,108,785 |
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 | $ 2,405,676 | $ 2,431,275 |
Tier 1 Capital to Risk-Weighted Assets, To Be Well Capitalized, Amount | 1,924,541 | 1,945,020 |
Common Tier I Capital to Risk Weighted Assets, To Be Well Capitalized, Amount | 1,563,689 | 1,580,329 |
Tier 1 Capital to Average Assets, To Be Well Capitalized, Amount | $ 1,387,870 | $ 1,385,981 |
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 | $ 3,440,096 | $ 3,236,554 |
Tier 1 Capital to Risk-Weighted Assets, Actual Amount | 3,190,950 | 3,029,857 |
Common Tier I Capital to Risk Weighted Assets, Actual Amount | 3,190,950 | 3,029,857 |
Tier 1 Capital to Average Assets, Actual Amount | $ 3,190,950 | $ 3,029,857 |
Total Capital to Risk-Weighted Assets, Actual Ratio | 0.144 | 0.134 |
Tier 1 Capital to Risk-Weighted Assets, Actual Ratio | 0.133 | 0.125 |
Common Tier I Capital to Risk Weighted Assets, Actual Ratio | 0.133 | 0.125 |
Tier 1 Capital to Average Assets, Actual Ratio | 0.115 | 0.11 |
Total Capital to Risk-Weighted Assets, For Capital Adequacy Purposes, Amount | $ 1,916,834 | $ 1,939,250 |
Tier 1 Capital to Risk-Weighted Assets, For Capital Adequacy Purposes, Amount | 1,437,626 | 1,454,437 |
Common Tier I Capital to Risk Weighted Assets, For Capital Adequacy Purposes, Amount | 1,078,219 | 1,090,828 |
Tier 1 Capital to Average Assets, For Capital Adequacy Purposes, Amount | $ 1,108,321 | $ 1,106,184 |
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 | $ 2,396,043 | $ 2,424,062 |
Tier 1 Capital to Risk-Weighted Assets, To Be Well Capitalized, Amount | 1,916,834 | 1,939,250 |
Common Tier I Capital to Risk Weighted Assets, To Be Well Capitalized, Amount | 1,557,428 | 1,575,640 |
Tier 1 Capital to Average Assets, To Be Well Capitalized, Amount | $ 1,385,401 | $ 1,382,730 |
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, 2023 | Dec. 31, 2022 |
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 | 56,261,000 | 56,879,000 |
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 | 0.08% | |
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 | 0.38% | |
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 | 0.34% | |
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 | 0.08% | |
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 | 0.38% | |
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 | 0.34% |
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, 2023 | Dec. 31, 2022 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Available for sale equity securities | $ 8,945 | $ 7,629 |
Loans held for sale | 56,261 | 56,879 |
Derivative financial assets | 1,848 | $ 5,550 |
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 | 3,786,377 | $ 4,541,925 |
Available for sale equity securities | 8,945 | 7,629 |
Loans held for sale | 56,261 | 56,879 |
Derivative financial assets | 1,848 | 5,550 |
Derivative financial liabilities | 678 | 561 |
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 | 484,950 | 529,492 |
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 | 533,831 | 709,530 |
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 | 1,049,941 | 1,174,944 |
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 | 90,611 | 111,973 |
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 | 459,298 | 562,553 |
Asset-Backed Securities [Member] | Fair Value, Measurements, Recurring [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Available for sale debt securities | 860,638 | 911,611 |
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 | 15,141 | 16,284 |
Corporate Bonds [Member] | Fair Value, Measurements, Recurring [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Available for sale debt securities | 291,967 | 525,538 |
Financial Services Industry [Member] | Fair Value, Measurements, Recurring [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Available for sale equity securities | 211 | 270 |
Interest Rate Lock Commitments [Member] | Fair Value, Measurements, Recurring [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Derivative financial assets | 1,144 | 1,146 |
Forward Sales Commitments [Member] | Fair Value, Measurements, Recurring [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Derivative financial assets | 93 | 220 |
Interest Rate Swap Contracts [Member] | Fair Value, Measurements, Recurring [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Derivative financial assets | 611 | 4,038 |
Derivative financial liabilities | 348 | |
TBA Mortgage Backed Securities [Member] | Fair Value, Measurements, Recurring [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Derivative financial assets | 146 | |
Derivative financial liabilities | 678 | 213 |
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 | 5,210 | 5,138 |
Equity Mutual Funds [Member] | Fair Value, Measurements, Recurring [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Available for sale equity securities | 3,524 | 2,221 |
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 | 5,159 | 5,367 |
Available for sale equity securities | 8,945 | 7,629 |
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 | 5,159 | 5,367 |
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 | 211 | 270 |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Interest Rate Lock Commitments [Member] | Fair Value, Measurements, Recurring [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Derivative financial assets | 0 | 0 |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Forward Sales Commitments [Member] | Fair Value, Measurements, Recurring [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Derivative financial assets | 0 | 0 |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Interest Rate Swap Contracts [Member] | Fair Value, Measurements, Recurring [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Derivative financial assets | 0 | 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 | |
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 | 5,210 | 5,138 |
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 | 3,524 | 2,221 |
Significant Other Observable Inputs (Level 2) [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Loans held for sale | 4,283 | 12,008 |
Derivative financial assets | 810 | 4,674 |
Derivative financial liabilities | 11 | 0 |
Significant Other Observable Inputs (Level 2) [Member] | Fair Value, Measurements, Recurring [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Available for sale debt securities | 3,781,218 | 4,536,558 |
Available for sale equity securities | 0 | 0 |
Loans held for sale | 4,283 | 12,008 |
Derivative financial assets | 810 | 4,674 |
Derivative financial liabilities | 11 | 0 |
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 | 484,950 | 529,492 |
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 | 533,831 | 709,530 |
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 | 1,049,941 | 1,174,944 |
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 | 90,611 | 111,973 |
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 | 459,298 | 562,553 |
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 | 860,638 | 911,611 |
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 | 15,141 | 16,284 |
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 | 286,808 | 520,171 |
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 | 139 | 302 |
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 | 60 | 214 |
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 | 611 | 4,038 |
Derivative financial liabilities | 0 | |
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 | |
Derivative financial liabilities | 11 | 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 | 51,978 | 44,871 |
Derivative financial assets | 1,038 | 876 |
Derivative financial liabilities | 667 | 561 |
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 | 51,978 | 44,871 |
Derivative financial assets | 1,038 | 876 |
Derivative financial liabilities | 667 | 561 |
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 | 1,005 | 844 |
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 | 33 | 6 |
Significant Unobservable Inputs (Level 3) [Member] | Interest Rate Swap Contracts [Member] | Fair Value, Measurements, Recurring [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Derivative financial assets | 0 | 0 |
Derivative financial liabilities | 348 | |
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 | |
Derivative financial liabilities | 667 | 213 |
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, 2023 | Dec. 31, 2022 | |
Loans Held For Sale [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Balance, beginning of period | $ 44,871 | $ 464,109 |
Originations | 1,156,616 | 2,360,908 |
Sales | (1,179,612) | (2,673,795) |
Transfers in other | 0 | (154,699) |
Total gains during the period recognized in earnings | 30,103 | 48,348 |
Balance, end of period | 51,978 | 44,871 |
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 | 1,142 | (9,852) |
Derivative Financial Assets Tba Securities [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Balance, beginning of period | 26 | 61 |
Transfers in other | (26) | (35) |
Balance, end of period | 0 | 26 |
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 | 26 |
Derivative Financial Assets Forward Sales Commitments [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Balance, beginning of period | 6 | 0 |
Transfers in other | 27 | 6 |
Balance, end of period | 33 | 6 |
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 | 33 | 6 |
Interest Rate Lock Commitments [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Balance, beginning of period | 844 | 9,444 |
Transfers in other | 161 | (8,600) |
Balance, end of period | 1,005 | 844 |
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 | 1,005 | 844 |
Derivative Financial Liabilities Forward Sales Commitments [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Balance, beginning of period | 0 | 36 |
Transfers in other | 0 | (36) |
Balance, end of period | 0 | 0 |
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 | 0 |
Derivative Financial Liabilities Tba Securities [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Balance, beginning of period | 213 | 470 |
Transfers in other | 454 | (257) |
Balance, end of period | 667 | 213 |
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 | 667 | 213 |
Derivative Financial Liabilities Interest Rate Lock [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Balance, beginning of period | 348 | 25 |
Transfers in other | (348) | 323 |
Balance, end of period | 0 | 348 |
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 | $ 348 |
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, 2023 | Dec. 31, 2022 | |
Mortgage Banking [Member] | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Income from mortgage banking activities | $ 1,175 | $ (10,367) |
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, 2023 | Dec. 31, 2022 |
Fair Value Disclosures [Abstract] | ||
Loans held for sale, unpaid principal balance | $ 54,377 | $ 56,170 |
Loans held for sale, fair value | 56,261 | 56,879 |
Loans held for sale, fair value over/(under) unpaid principal balance | $ 1,884 | $ 709 |
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, 2023 | Dec. 31, 2022 | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
YTD Losses, Individually assessed loans | $ 314 | $ 327 |
YTD Losses, OREO | (67) | (96) |
OREO | 2,615 | 2,052 |
Fair Value, Measurements, Nonrecurring [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Individually assessed loans | 45,308 | 6,125 |
OREO | 2,615 | 2,052 |
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 |
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 | 44,722 | 1,801 |
OREO | 2,615 | 2,013 |
Fair Value, Measurements, Nonrecurring [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Individually assessed loans | 586 | 4,324 |
OREO | $ 0 | $ 39 |
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, 2023 | Dec. 31, 2022 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash and cash equivalents | $ 1,598,943 | $ 1,176,652 |
Securities available for sale | 3,786,377 | 4,541,925 |
Securities held to maturity | 1,003 | 1,002 |
Other securities | 329,429 | 322,048 |
Loans held for sale | 56,261 | 56,879 |
Net loans | 21,359,084 | 20,558,166 |
Derivative financial assets | 1,848 | 5,550 |
Mortgage servicing rights | 4,554 | 21,022 |
Deposits | 22,819,319 | 22,303,166 |
Carrying Amount [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash and cash equivalents | 1,598,943 | 1,176,652 |
Securities available for sale | 3,786,377 | 4,541,925 |
Securities held to maturity | 1,003 | 1,002 |
Other securities | 329,429 | 322,048 |
Loans held for sale | 56,261 | 56,879 |
Net loans | 21,099,847 | 20,323,420 |
Derivative financial assets | 1,848 | 5,550 |
Mortgage servicing rights | 4,554 | 21,022 |
Deposits | 22,819,319 | 22,303,186 |
Short-term borrowings | 196,095 | 160,698 |
Long-term borrowings | 1,789,103 | 2,197,656 |
Derivative financial liabilities | 678 | 561 |
Carrying Amount [Member] | Marketable Equity Securities [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Equity securities | 8,945 | 7,629 |
Fair Value [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash and cash equivalents | 1,598,943 | 1,176,652 |
Securities available for sale | 3,786,377 | 4,541,925 |
Securities held to maturity | 1,020 | 1,020 |
Other securities | 312,958 | 305,946 |
Loans held for sale | 56,261 | 56,879 |
Net loans | 20,463,710 | 19,030,221 |
Derivative financial assets | 1,848 | 5,550 |
Mortgage servicing rights | 13,427 | 41,880 |
Deposits | 22,760,310 | 22,249,061 |
Short-term borrowings | 196,095 | 160,698 |
Long-term borrowings | 1,769,123 | 2,161,108 |
Derivative financial liabilities | 678 | 561 |
Fair Value [Member] | Marketable Equity Securities [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Equity securities | 8,945 | 7,629 |
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 | 5,159 | 5,367 |
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 | 8,945 | 7,629 |
Significant Other Observable Inputs (Level 2) [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash and cash equivalents | 1,598,943 | 1,176,652 |
Securities available for sale | 3,781,218 | 4,536,558 |
Securities held to maturity | 0 | 0 |
Other securities | 0 | 0 |
Loans held for sale | 4,283 | 12,008 |
Net loans | 0 | 0 |
Derivative financial assets | 810 | 4,674 |
Mortgage servicing rights | 0 | 0 |
Deposits | 22,760,310 | 22,249,061 |
Short-term borrowings | 196,095 | 160,698 |
Long-term borrowings | 1,769,123 | 2,161,108 |
Derivative financial liabilities | 11 | 0 |
Significant Other Observable Inputs (Level 2) [Member] | Marketable Equity Securities [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Equity securities | 0 | 0 |
Significant Unobservable Inputs (Level 3) [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash and cash equivalents | 0 | 0 |
Securities available for sale | 0 | 0 |
Securities held to maturity | 1,020 | 1,020 |
Other securities | 312,958 | 305,946 |
Loans held for sale | 51,978 | 44,871 |
Net loans | 20,463,710 | 19,030,221 |
Derivative financial assets | 1,038 | 876 |
Mortgage servicing rights | 13,427 | 41,880 |
Deposits | 0 | 0 |
Short-term borrowings | 0 | 0 |
Long-term borrowings | 0 | 0 |
Derivative financial liabilities | 667 | 561 |
Significant Unobservable Inputs (Level 3) [Member] | Marketable Equity Securities [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Equity securities | $ 0 | $ 0 |
Variable Interest Entities - Ad
Variable Interest Entities - Additional Information (Detail) | 12 Months Ended | |
Dec. 31, 2023 USD ($) Trust | Dec. 31, 2022 USD ($) | |
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 | $ 87,554,000 | $ 75,021,000 |
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 | 11,751,000 | 11,277,000 |
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 | $ 63,539,000 | $ 77,143,000 |
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, 2023 | Sep. 30, 2023 | Jun. 30, 2023 | Mar. 31, 2023 | Dec. 31, 2022 | Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Quarterly Financial Information Disclosure [Abstract] | |||||||||||
Interest income | $ 369,175 | $ 356,910 | $ 345,932 | $ 329,303 | $ 307,741 | $ 263,683 | $ 227,771 | $ 202,795 | $ 1,401,320 | $ 1,001,990 | $ 795,117 |
Interest expense | 139,485 | 128,457 | 118,471 | 94,983 | 58,337 | 23,061 | 12,868 | 11,293 | 481,396 | 105,559 | 52,383 |
Net interest income | 229,690 | 228,453 | 227,461 | 234,320 | 249,404 | 240,622 | 214,903 | 191,502 | 919,924 | 896,431 | 742,734 |
Provision for credit losses | 6,875 | 5,948 | 11,440 | 6,890 | 16,368 | 7,671 | (1,807) | (3,410) | 31,153 | 18,822 | (23,970) |
Mortgage banking income | 4,746 | 7,556 | 7,907 | 6,384 | 4,620 | 6,422 | 12,445 | 19,203 | |||
Securities (losses) gains, net | 276 | (181) | (7,336) | (405) | 51 | (206) | 1,182 | (251) | (7,646) | 776 | 2,676 |
Other noninterest income | 28,653 | 26,286 | 34,607 | 26,765 | 26,208 | 26,533 | 29,981 | 27,073 | |||
Noninterest expense | 152,287 | 135,230 | 135,288 | 137,419 | 137,542 | 137,196 | 141,174 | 139,175 | 560,224 | 555,087 | 581,979 |
Income taxes | 24,813 | 24,779 | 23,452 | 24,448 | 26,608 | 25,919 | 23,531 | 20,098 | 97,492 | 96,156 | 95,115 |
Net income | $ 79,390 | $ 96,157 | $ 92,459 | $ 98,307 | $ 99,765 | $ 102,585 | $ 95,613 | $ 81,664 | $ 366,313 | $ 379,627 | $ 367,738 |
Average shares outstanding (000s): | |||||||||||
Basic | 134,691,000 | 134,685,000 | 134,683,000 | 134,411,000 | 134,268,000 | 134,182,000 | 134,623,000 | 136,058,000 | 134,505,058 | 134,776,241 | 129,276,452 |
Diluted | 134,985,000 | 134,888,000 | 134,850,000 | 134,840,000 | 134,799,000 | 134,554,000 | 134,864,000 | 136,435,000 | 134,753,820 | 135,117,512 | 129,512,853 |
Net income per share: | |||||||||||
Basic | $ 0.59 | $ 0.71 | $ 0.68 | $ 0.73 | $ 0.74 | $ 0.76 | $ 0.71 | $ 0.6 | $ 2.72 | $ 2.81 | $ 2.84 |
Diluted | 0.59 | 0.71 | 0.68 | 0.73 | 0.74 | 0.76 | 0.71 | 0.6 | 2.71 | 2.8 | 2.83 |
Dividends per share | $ 0.37 | $ 0.36 | $ 0.36 | $ 0.36 | $ 0.36 | $ 0.36 | $ 0.36 | $ 0.36 | $ 1.45 | $ 1.44 | $ 1.41 |
Subsequent Event - Additional I
Subsequent Event - Additional Information (Detail) $ / shares in Units, $ in Thousands | May 09, 2024 Offices $ / shares | May 08, 2024 $ / shares | Mar. 31, 2024 USD ($) | Dec. 31, 2023 USD ($) $ / shares | Dec. 31, 2022 USD ($) $ / shares | Dec. 31, 2021 USD ($) | Dec. 31, 2020 USD ($) |
Subsequent Event [Line Items] | |||||||
Assets | $ 29,926,482 | $ 29,489,380 | |||||
Liabilities | 25,155,242 | 24,973,187 | |||||
Deposits | 22,819,319 | 22,303,166 | |||||
Stockholders equity | $ 4,771,240 | $ 4,516,193 | $ 4,718,628 | $ 4,297,620 | |||
Common stock par or stated value per share | $ / shares | $ 2.5 | $ 2.5 | |||||
Merger Agreement [Member] | Piedmont Bancorp [Member] | |||||||
Subsequent Event [Line Items] | |||||||
Number of businesses acquired | Offices | 16 | ||||||
Common stock par or stated value per share | $ / shares | $ 2.5 | ||||||
Stockholders equity stock split conversion ratio | 0.3 | ||||||
Piedmont Bancorp [Member] | |||||||
Subsequent Event [Line Items] | |||||||
Common stock par or stated value per share | $ / shares | $ 0.01 | ||||||
Piedmont Bancorp [Member] | Merger Agreement [Member] | |||||||
Subsequent Event [Line Items] | |||||||
Assets | $ 2,100,000 | ||||||
Loans and leases receivable covered and not covered net value | 1,700,000 | ||||||
Liabilities | 1,900,000 | ||||||
Deposits | 1,800,000 | ||||||
Stockholders equity | $ 195,000 | ||||||
Number of trading days for determining the exercise price of options and warrants two days prior to the effective date | 10 days |