Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Jun. 30, 2018 | Jul. 31, 2018 | |
Document and Entity Information [Abstract] | ||
Entity Registrant Name | UNITED COMMUNITY BANKS INC | |
Entity Central Index Key | 857,855 | |
Trading Symbol | ucbi | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Large Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 79,141,038 | |
Document Type | 10-Q | |
Document Period End Date | Jun. 30, 2018 | |
Amendment Flag | false | |
Document Fiscal Year Focus | 2,018 | |
Document Fiscal Period Focus | Q2 |
Consolidated Statements of Inco
Consolidated Statements of Income (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | |
Interest revenue: | ||||
Loans, including fees | $ 103,492 | $ 74,825 | $ 199,961 | $ 147,552 |
Investment securities, including tax exempt of $1,025 and $357, and $1,997 and $636 | 18,254 | 17,778 | 36,549 | 35,490 |
Deposits in banks and short-term investments | 469 | 563 | 995 | 1,082 |
Total interest revenue | 122,215 | 93,166 | 237,505 | 184,124 |
Deposits: | ||||
NOW | 1,303 | 635 | 2,416 | 1,232 |
Money market | 2,583 | 1,559 | 4,758 | 2,985 |
Savings | 35 | 28 | 84 | 55 |
Time | 4,198 | 1,379 | 7,154 | 2,387 |
Total deposit interest expense | 8,119 | 3,601 | 14,412 | 6,659 |
Short-term borrowings | 198 | 101 | 498 | 141 |
Federal Home Loan Bank advances | 1,636 | 1,464 | 3,760 | 2,894 |
Long-term debt | 3,786 | 2,852 | 7,074 | 5,728 |
Total interest expense | 13,739 | 8,018 | 25,744 | 15,422 |
Net interest revenue | 108,476 | 85,148 | 211,761 | 168,702 |
Provision for credit losses | 1,800 | 800 | 5,600 | 1,600 |
Net interest revenue after provision for credit losses | 106,676 | 84,348 | 206,161 | 167,102 |
Noninterest income: | ||||
Service charges and fees | 8,794 | 10,701 | 17,719 | 21,305 |
Mortgage loan and other related fees | 5,307 | 4,811 | 10,666 | 9,235 |
Brokerage fees | 1,201 | 1,146 | 2,073 | 2,556 |
Gains from sales of SBA/USDA loans | 2,401 | 2,626 | 4,179 | 4,585 |
Securities (losses) gains, net | (364) | 4 | (1,304) | 2 |
Other | 6,001 | 4,397 | 12,403 | 8,076 |
Total noninterest income | 23,340 | 23,685 | 45,736 | 45,759 |
Total revenue | 130,016 | 108,033 | 251,897 | 212,861 |
Noninterest expenses: | ||||
Salaries and employee benefits | 45,363 | 37,338 | 88,238 | 74,029 |
Communications and equipment | 4,849 | 4,978 | 9,481 | 9,896 |
Occupancy | 5,547 | 4,908 | 11,160 | 9,857 |
Advertising and public relations | 1,384 | 1,260 | 2,899 | 2,321 |
Postage, printing and supplies | 1,685 | 1,346 | 3,322 | 2,716 |
Professional fees | 3,464 | 2,371 | 7,508 | 5,415 |
FDIC assessments and other regulatory charges | 1,973 | 1,348 | 4,449 | 2,631 |
Amortization of intangibles | 1,847 | 900 | 3,745 | 1,873 |
Merger-related and other charges | 2,280 | 1,830 | 4,334 | 3,884 |
Other | 8,458 | 6,950 | 15,189 | 13,433 |
Total noninterest expenses | 76,850 | 63,229 | 150,325 | 126,055 |
Net income before income taxes | 53,166 | 44,804 | 101,572 | 86,806 |
Income tax expense | 13,532 | 16,537 | 24,280 | 35,015 |
Net income | 39,634 | 28,267 | 77,292 | 51,791 |
Net income available to common shareholders | $ 39,359 | $ 28,267 | $ 76,740 | $ 51,791 |
Earnings per common share: | ||||
Basic (in dollars per share) | $ 0.49 | $ 0.39 | $ 0.97 | $ 0.72 |
Diluted (in dollars per share) | $ 0.49 | $ 0.39 | $ 0.97 | $ 0.72 |
Weighted average common shares outstanding: | ||||
Basic (in shares) | 79,745,000 | 71,810,000 | 79,477,000 | 71,798,000 |
Diluted (in shares) | 79,755,000 | 71,820,000 | 79,487,000 | 71,809,000 |
Consolidated Statements of Inc3
Consolidated Statements of Income (Unaudited) (Parentheticals) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | |
Income Statement [Abstract] | ||||
Investment securities tax exemption | $ 1,025 | $ 357 | $ 1,997 | $ 636 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | |
Statement of Comprehensive Income [Abstract] | ||||
Net income, Before-tax Amount | $ 53,166 | $ 44,804 | $ 101,572 | $ 86,806 |
Net income, Tax (Expense) Benefit | (13,532) | (16,537) | (24,280) | (35,015) |
Net income, Net of Tax Amount | 39,634 | 28,267 | 77,292 | 51,791 |
Unrealized gains (losses) on available-for-sale securities: | ||||
Unrealized holding gains (losses) arising during period, Before-tax Amount | (9,574) | 11,120 | (38,838) | 17,628 |
Unrealized holding gains (losses) arising during period, Tax (Expense) Benefit | 2,310 | (4,217) | 9,464 | (6,681) |
Unrealized holding gains (losses) arising during period, Net of Tax Amount | (7,264) | 6,903 | (29,374) | 10,947 |
Reclassification adjustment for (gains) losses included in net income, Before-tax Amount | 364 | (4) | 1,304 | (2) |
Reclassification adjustment for (gains) losses included in net income, Tax (Expense) Benefit | (97) | 0 | (317) | (1) |
Reclassification adjustment for (gains) losses included in net income, Net of Tax Amount | 267 | (4) | 987 | (3) |
Net unrealized gains (losses), Before-tax Amount | (9,210) | 11,116 | (37,534) | 17,626 |
Net unrealized gains (losses), Tax (Expense) Benefit | 2,213 | (4,217) | 9,147 | (6,682) |
Net unrealized gains (losses), Net of Tax Amount | (6,997) | 6,899 | (28,387) | 10,944 |
Amortization of losses included in net income on available-for-sale securities transferred to held-to-maturity, Before-tax Amount | 218 | 261 | 439 | 571 |
Amortization of losses included in net income on available-for-sale securities transferred to held-to-maturity, Tax (Expense) Benefit | (55) | (98) | (109) | (214) |
Amortization of losses included in net income on available-for-sale securities transferred to held-to-maturity, Net of Tax Amount | 163 | 163 | 330 | 357 |
Amortization of losses included in net income on terminated derivative financial instruments that were previously accounted for as cash flow hedges, Before-tax Amount | 143 | 177 | 290 | 590 |
Amortization of losses included in net income on terminated derivative financial instruments that were previously accounted for as cash flow hedges, Tax (Expense) Benefit | (38) | (69) | (76) | (230) |
Amortization of losses included in net income on terminated derivative financial instruments that were previously accounted for as cash flow hedges, Net of Tax Amount | 105 | 108 | 214 | 360 |
Reclassification of disproportionate tax effect related to terminated cash flow hedges, Before-tax Amount | 0 | 0 | ||
Reclassification of disproportionate tax effect related to terminated cash flow hedges, Tax (Expense) Benefit | 0 | 3,400 | ||
Reclassification of disproportionate tax effect related to terminated cash flow hedges, Net of Tax Amount | 0 | 3,400 | ||
Net cash flow hedge activity, Before-tax Amount | 177 | 590 | ||
Net cash flow hedge activity, Tax (Expense) Benefit | (69) | 3,170 | ||
Net cash flow hedge activity, Net of Tax Amount | 108 | 3,760 | ||
Net actuarial gain (loss) on defined benefit pension plan, Before-tax Amount | 0 | 82 | (5) | (718) |
Net actuarial (gain) loss on defined benefit pension plan, Tax (Expense) Benefit | 0 | (32) | 1 | 280 |
Net actuarial (gain) loss on defined benefit pension plan, Net of Tax Amount | 0 | 50 | (4) | (438) |
Amortization of prior service cost and actuarial losses included in net periodic pension cost for defined benefit pension plan, Before-tax Amount | 227 | 200 | 454 | 400 |
Amortization of prior service cost and actuarial losses included in net periodic pension cost for defined benefit pension plan, Tax (Expense) Benefit | (73) | (78) | (131) | (157) |
Amortization of prior service cost and actuarial losses included in net periodic pension cost for defined benefit pension plan, Net of Tax Amount | 154 | 122 | 323 | 243 |
Net defined benefit pension plan activity, Before-tax Amount | 227 | 282 | 449 | (318) |
Net defined benefit pension plan activity, Tax (Expense) Benefit | (73) | (110) | (130) | 123 |
Net defined benefit pension plan activity, Net of Tax Amount | 154 | 172 | 319 | (195) |
Total other comprehensive income (loss), Before-tax Amount | (8,622) | 11,836 | (36,356) | 18,469 |
Total other comprehensive income (loss), Tax (Expense) Benefit | 2,047 | (4,494) | 8,832 | (3,603) |
Total other comprehensive income (loss), net of tax amount | (6,575) | 7,342 | (27,524) | 14,866 |
Comprehensive income, Before-tax Amount | 44,544 | 56,640 | 65,216 | 105,275 |
Comprehensive income, Tax (Expense) Benefit | (11,485) | (21,031) | (15,448) | (38,618) |
Comprehensive income, Net of Tax Amount | $ 33,059 | $ 35,609 | $ 49,768 | $ 66,657 |
Consolidated Balance Sheets (Un
Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands | Jun. 30, 2018 | Dec. 31, 2017 |
ASSETS | ||
Cash and due from banks | $ 125,013 | $ 129,108 |
Interest-bearing deposits in banks | 191,355 | 185,167 |
Cash and cash equivalents | 316,368 | 314,275 |
Securities available for sale | 2,536,294 | 2,615,850 |
Securities held to maturity (fair value $291,463 and $321,276) | 297,569 | 321,094 |
Loans held for sale (includes $34,813 and $26,252 at fair value) | 34,813 | 32,734 |
Loans and leases, net of unearned income | 8,220,271 | 7,735,572 |
Less allowance for loan and lease losses | (61,071) | (58,914) |
Loans and leases, net | 8,159,200 | 7,676,658 |
Premises and equipment, net | 202,098 | 208,852 |
Bank owned life insurance | 190,649 | 188,970 |
Accrued interest receivable | 33,114 | 32,459 |
Net deferred tax asset | 77,274 | 88,049 |
Derivative financial instruments | 29,896 | 22,721 |
Goodwill and other intangible assets | 327,174 | 244,397 |
Other assets | 181,091 | 169,401 |
Total assets | 12,385,540 | 11,915,460 |
Deposits: | ||
Demand | 3,245,701 | 3,087,797 |
NOW | 2,031,396 | 2,131,939 |
Money market | 2,036,588 | 2,016,748 |
Savings | 683,689 | 651,742 |
Time | 1,524,635 | 1,548,460 |
Brokered | 444,079 | 371,011 |
Total deposits | 9,966,088 | 9,807,697 |
Short-term borrowings | 9,325 | 50,000 |
Federal Home Loan Bank advances | 560,000 | 504,651 |
Long-term debt | 308,434 | 120,545 |
Derivative financial instruments | 37,261 | 25,376 |
Accrued expenses and other liabilities | 125,323 | 103,857 |
Total liabilities | 11,006,431 | 10,612,126 |
Shareholders' equity: | ||
Common stock, $1 par value; 150,000,000 shares authorized; 79,137,810 and 77,579,561 shares issued and outstanding | 79,138 | 77,580 |
Common stock issuable; 616,549 and 607,869 shares | 9,509 | 9,083 |
Capital surplus | 1,497,517 | 1,451,814 |
Accumulated deficit | (154,290) | (209,902) |
Accumulated other comprehensive loss | (52,765) | (25,241) |
Total shareholders' equity | 1,379,109 | 1,303,334 |
Total liabilities and shareholders' equity | $ 12,385,540 | $ 11,915,460 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parentheticals) - USD ($) $ in Thousands | Jun. 30, 2018 | Dec. 31, 2017 |
Statement of Financial Position [Abstract] | ||
Held to maturity, fair value | $ 291,463 | $ 321,276 |
Loans held for sale, at fair value | $ 34,813 | $ 26,252 |
Common stock, par value (in dollars per share) | $ 1 | $ 1 |
Common stock authorized (in shares) | 150,000,000 | 150,000,000 |
Common stock issued (in shares) | 79,137,810 | 77,579,561 |
Common stock outstanding (in shares) | 79,137,810 | 77,579,561 |
Common stock issuable (in shares) | 616,549 | 607,869 |
Consolidated Statement of Chang
Consolidated Statement of Changes in Shareholders' Equity (Unaudited) - USD ($) $ in Thousands | Total | Common Stock | Common Stock Issuable | Capital Surplus | Accumulated Deficit | Accumulated Other Comprehensive Loss |
Balance at Dec. 31, 2016 | $ 1,075,735 | $ 70,899 | $ 7,327 | $ 1,275,849 | $ (251,857) | $ (26,483) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net income | 51,791 | 51,791 | ||||
Other comprehensive income (loss) | 14,866 | 14,866 | ||||
Common stock issued to dividend reinvestment plan and employee benefit plans (9,853 shares and 8,569 shares for the periods ended June 30, 2018 and June 30, 2017, respectively) | 216 | 9 | 207 | |||
Amortization of stock option and restricted stock awards | 3,149 | 3,149 | ||||
Vesting of restricted stock, net of shares surrendered to cover payroll taxes (46,409 shares issued, 47,419 shares deferred and 40,954 shares issued, 58,784 shares deferred for the periods ended June 30, 2018 and June 30, 2017, respectively) | (684) | 41 | 887 | (1,612) | ||
Deferred compensation plan, net, including dividend equivalents | 216 | 216 | ||||
Shares issued from deferred compensation plan, net of shares surrendered to cover payroll taxes (46,000 shares and 32,279 shares for the periods ended June 30, 2018 and June 30, 2017, respectively) | (107) | 32 | (368) | 229 | ||
Common stock dividends ($0.27 and $0.18 per share for the periods ended June 30, 2018 and June 30, 2017, respectively) | (12,978) | (12,978) | ||||
Balance at Jun. 30, 2017 | 1,132,641 | 70,981 | 8,062 | 1,277,822 | (212,607) | (11,617) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Cumulative effect of change in accounting principle | 437 | 437 | ||||
Balance at Dec. 31, 2017 | 1,303,334 | 77,580 | 9,083 | 1,451,814 | (209,902) | (25,241) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net income | 77,292 | 77,292 | ||||
Other comprehensive income (loss) | (27,524) | (27,524) | ||||
Exercise of stock options (12,000 shares) | 142 | 12 | 130 | |||
Common stock issued to dividend reinvestment plan and employee benefit plans (9,853 shares and 8,569 shares for the periods ended June 30, 2018 and June 30, 2017, respectively) | 285 | 10 | 275 | |||
Common stock issued for acquisition (1,443,987 shares) | 45,746 | 1,444 | 44,302 | |||
Amortization of stock option and restricted stock awards | 2,276 | 2,276 | ||||
Vesting of restricted stock, net of shares surrendered to cover payroll taxes (46,409 shares issued, 47,419 shares deferred and 40,954 shares issued, 58,784 shares deferred for the periods ended June 30, 2018 and June 30, 2017, respectively) | (986) | 46 | 884 | (1,916) | ||
Deferred compensation plan, net, including dividend equivalents | 234 | 234 | ||||
Shares issued from deferred compensation plan, net of shares surrendered to cover payroll taxes (46,000 shares and 32,279 shares for the periods ended June 30, 2018 and June 30, 2017, respectively) | (10) | 46 | (692) | 636 | ||
Common stock dividends ($0.27 and $0.18 per share for the periods ended June 30, 2018 and June 30, 2017, respectively) | (21,680) | (21,680) | ||||
Balance at Jun. 30, 2018 | $ 1,379,109 | $ 79,138 | $ 9,509 | $ 1,497,517 | $ (154,290) | $ (52,765) |
Consolidated Statement of Chan8
Consolidated Statement of Changes in Shareholders' Equity (Unaudited) (Parentheticals) - $ / shares | 6 Months Ended | |
Jun. 30, 2018 | Jun. 30, 2017 | |
Statement of Stockholders' Equity [Abstract] | ||
Exercise of stock options (in shares) | 12,000 | |
Common stock issued to dividend reinvestment plan and employee benefits plans (in shares) | 9,853 | 8,569 |
Common stock issued for acquisition (in shares) | 1,443,987 | |
Vesting of restricted stock, net of shares surrendered to cover payroll taxes, shares issued (in shares) | 46,409 | 40,954 |
Vesting of restricted stock, net of shares surrendered to cover payroll taxes, shares deferred (in shares) | 47,419 | 58,784 |
Shares issued from deferred compensation plan, net of shares surrendered to cover payroll taxes (in shares) | 46,000 | 32,279 |
Common stock dividends (in dollars per share) | $ 0.27 | $ 0.18 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2018 | Jun. 30, 2017 | |
Operating activities: | ||
Net income | $ 77,292 | $ 51,791 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation, amortization and accretion | 17,068 | 12,932 |
Provision for credit losses | 5,600 | 1,600 |
Stock based compensation | 2,276 | 3,149 |
Deferred income tax expense | 22,782 | 35,685 |
Securities losses (gains), net | 1,304 | (2) |
Gains from sales of SBA/USDA loans | (4,179) | (4,585) |
Net losses and write downs on sales of other real estate owned | 260 | 471 |
Changes in assets and liabilities: | ||
Other assets and accrued interest receivable | (18,799) | (425) |
Accrued expenses and other liabilities | 12,273 | (7,191) |
Mortgage loans held for sale | 513 | 4,167 |
Net cash provided by operating activities | 116,390 | 97,592 |
Investment securities held to maturity: | ||
Proceeds from maturities and calls of securities held to maturity | 35,531 | 31,369 |
Purchases of securities held to maturity | (11,983) | (13,433) |
Investment securities available for sale: | ||
Proceeds from sales of securities available for sale | 140,296 | 94,650 |
Proceeds from maturities and calls of securities available for sale | 174,284 | 309,054 |
Purchases of securities available for sale | (280,241) | (412,407) |
Net increase in loans | (117,492) | (115,952) |
Purchase of bank owned life insurance | 0 | (10,000) |
Proceeds from sales of premises and equipment | 589 | 5 |
Purchases of premises and equipment | (9,959) | (11,687) |
Net cash paid for acquisition | (56,800) | 0 |
Proceeds from sale of other real estate | 1,986 | 5,781 |
Net cash used in investing activities | (123,789) | (122,620) |
Financing activities: | ||
Net change in deposits | 159,015 | 98,694 |
Net change in short-term borrowings | (255,598) | (5,000) |
Repayments of long-term debt | (30,023) | 0 |
Proceeds from FHLB advances | 1,375,000 | 2,710,000 |
Repayments of FHLB advances | (1,319,003) | (2,750,000) |
Proceeds from issuance of subordinated debt, net of issuance costs | 98,188 | 0 |
Proceeds from issuance of common stock for dividend reinvestment and employee benefit plans | 285 | 216 |
Proceeds from exercise of stock options | 142 | 0 |
Cash paid for shares withheld to cover payroll taxes upon vesting of restricted stock | (996) | (791) |
Cash dividends on common stock | (17,518) | (12,253) |
Net cash provided by financing activities | 9,492 | 40,866 |
Net change in cash and cash equivalents, including restricted cash | 2,093 | 15,838 |
Cash and cash equivalents, including restricted cash, at beginning of period | 314,275 | 217,348 |
Cash and cash equivalents, including restricted cash, at end of period | 316,368 | 233,186 |
Supplemental disclosures of cash flow information: | ||
Interest paid | 23,518 | 15,346 |
Income taxes paid | 4,345 | 4,651 |
Significant non-cash investing and financing transactions: | ||
Unsettled securities purchases | 0 | 20,269 |
Unsettled government guaranteed loan sales | 18,800 | 26,107 |
Transfers of loans to foreclosed properties | 1,609 | 1,042 |
Acquisitions: | ||
Assets acquired | 481 | 0 |
Liabilities assumed | 351 | 0 |
Net assets acquired | $ 130 | $ 0 |
Accounting Policies
Accounting Policies | 6 Months Ended |
Jun. 30, 2018 | |
Accounting Policies [Abstract] | |
Accounting Policies | Accounting Policies The accounting and financial reporting policies of United Community Banks, Inc. (“United”) and its subsidiaries conform to accounting principles generally accepted in the United States (“GAAP”) and reporting guidelines of banking regulatory authorities and regulators. The accompanying interim consolidated financial statements have not been audited. All material intercompany balances and transactions have been eliminated. In addition to those items mentioned below, a more detailed description of United’s accounting policies is included in its Annual Report on Form 10-K for the year ended December 31, 2017 . In management’s opinion, all accounting adjustments necessary to accurately reflect the financial position and results of operations on the accompanying financial statements have been made. These adjustments are normal and recurring accruals considered necessary for a fair and accurate statement. The results for interim periods are not necessarily indicative of results for the full year or any other interim periods. Cash and Cash Equivalents Restricted Cash The terms of securitizations acquired with NLFC Holdings Corp. (“NLFC”) require various restricted cash accounts. These cash accounts were funded from either a portion of the proceeds from the issuance of notes or from the collections on leases and loans that were conveyed in the securitization. These restricted cash accounts provide additional collateral to the note holders under specific provisions of the securitizations which govern when funds in these accounts may be released as well as conditions under which collections on contracts transferred to the securitizations may be used to fund deposits into the restricted cash accounts. At June 30, 2018 , these restricted cash accounts totaled $10.8 million and were included in interest-bearing deposits in banks on the consolidated balance sheet. Loans and Leases Equipment Financing Lease Receivables Equipment financing lease receivables are recorded as the sum of the future minimum lease payments, initial deferred costs and estimated or contractual residual values less unearned income. The determination of residual value is derived from a variety of sources including equipment valuation services, appraisals, and publicly available market data on recent sales transactions on similar equipment. The length of time until contract termination, the cyclical nature of equipment values and the limited marketplace for re-sale of certain leased assets are important variables considered in making this determination. Interest income is recognized as earned using the effective interest method. Direct fees and costs associated with the origination of leases are deferred and included as a component of equipment financing receivables. Net deferred fees or costs are recognized as an adjustment to interest income over the contractual life of the lease using the effective interest method. |
Accounting Standards Updates an
Accounting Standards Updates and Recently Adopted Standards | 6 Months Ended |
Jun. 30, 2018 | |
Accounting Changes and Error Corrections [Abstract] | |
Accounting Standards Updates and Recently Adopted Standards | Accounting Standards Updates and Recently Adopted Standards Accounting Standards Updates In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842) . This update requires a lessee to recognize in the statement of financial position a liability to make lease payments (the lease liability) and a right-of-use asset representing its right to use the underlying asset for the lease term. For leases with a term of 12 months or less, a lessee is permitted to make an accounting policy election not to recognize lease assets and lease liabilities. For public entities, this update is effective for fiscal years beginning after December 15, 2018, with modified retrospective application to prior periods presented. Upon adoption, United expects to report higher assets and liabilities as a result of including leases on the consolidated balance sheet. At December 31, 2017 , future minimum lease payments amounted to $27.1 million . United does not expect the new guidance to have a material impact on the consolidated statements of income or the consolidated statements of shareholders’ equity. In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments . The new guidance replaces the incurred loss impairment methodology in current GAAP with an expected credit loss methodology and requires consideration of a broader range of information to determine credit loss estimates. Financial assets measured at amortized cost will be presented at the net amount expected to be collected by using an allowance for credit losses. Purchased credit impaired loans will receive an allowance account at the acquisition date that represents a component of the purchase price allocation. Credit losses relating to available-for-sale debt securities will be recorded through an allowance for credit losses, with such allowance limited to the amount by which fair value is below amortized cost. Application of this update will primarily be on a modified retrospective approach, although the guidance for debt securities for which an other-than-temporary impairment has been recognized before the effective date and for loans previously covered by ASC 310-30, Receivables – Loans and Debt Securities Acquired with Deteriorated Credit Quality will be applied on a prospective basis. For public entities, this update is effective for fiscal years beginning after December 15, 2019. Upon adoption, United expects that the allowance for credit losses will be higher given the change to estimated losses for the estimated life of the financial asset, however management is still in the process of determining the magnitude of the increase. Management has formed a steering committee and has completed a gap assessment that became the basis for a full project plan. In addition, management has selected a vendor model and begun the implementation phase of the project plan. United expects to run parallel for the four quarters leading up to the effective date to ensure it is prepared for implementation by the effective date. In May 2018, the FASB issued ASU No. 2018-06, Codification Improvements to Topic 942, Financial Services - Depository and Lending . This update superseded outdated guidance related to the Office of the Comptroller of the Currency’s Banking Circular 202, Accounting for Net Deferred Tax Charges. United does not expect the new guidance to have a material impact on the consolidated financial statements. In June 2018, the FASB issued ASU No. 2018-07, Compensation - Stock Compensation (Topic 718): Improvements to Nonemployee Share-Based Payment Accounting . This update expands the scope of Topic 718 to include share-based payment transactions for acquiring goods and services from nonemployees. As a result, nonemployee share-based payment awards will be measured at the grant-date fair value of the equity instruments that an entity is obligated to issue when the service has been rendered, subject to the probability of satisfying performance conditions when applicable. For public entities, this update is effective for fiscal years beginning after December 15, 2018. United does not expect the new guidance to have a material impact on the consolidated financial statements. In June 2018, the FASB issued ASU No. 2018-08, Not for Profit Entities (Topic 958): Clarifying the Scope and the Accounting Guidance for Contributions Received and Contributions Made . This update clarifies the guidance about whether a transfer of assets (or the reduction, settlement or cancellation of liabilities) is a contribution or an exchange transaction. In addition, the guidance clarifies the determination of whether a transaction is conditional. For public entities, this update is effective for contributions made in fiscal years beginning after December 15, 2018. United does not expect the new guidance to have a material impact on the consolidated financial statements. In July 2018, the FASB issued ASU No. 2018-09, Codification Improvements to address stakeholder suggestions for minor corrections and clarifications within the codification. The transition and effective date guidance is based on the facts and circumstances of each amendment. Some of the amendments in this update do not require transition guidance and will be effective upon issuance of this update. However, many of the amendments in this update do have transition guidance with effective dates for annual periods beginning after December 15, 2018, for public business entities. United does not expect the new guidance to have a material impact on the consolidated financial statements. In July 2018, the FASB issued ASU No. 2018-10, Codification Improvements to Topic 842. Leases to address certain narrow aspects of the guidance issued in ASU No. 2016-02. This guidance did not change United’s assessment of the impact of ASU No. 2016-02 on the consolidated financial statements as described above. Recently Adopted Standards In May 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2014-09, Revenue from Contracts with Customers . This ASU provides guidance on the recognition of revenue from contracts with customers. The core principle of the guidance is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. This guidance was effective for public entities for annual reporting periods beginning after December 15, 2017, including interim periods within that reporting period, and was applied retrospectively either to each prior reporting period or with a cumulative effect recognized at the date of initial application. Because the guidance does not apply to revenue associated with financial instruments, including loans and securities, and revenue sources within scope were not materially affected, the new revenue recognition guidance did not have a material impact on the consolidated financial statements. United used the modified retrospective approach to adopting this guidance. In January 2016, the FASB issued ASU 2016-1, Financial Instruments – Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Liabilities . The guidance in this update requires that equity investments (except those accounted for under the equity method of accounting) be measured at fair value with changes in fair value recognized in net income. However, an entity may choose to measure equity investments that do not have readily determinable fair values at cost minus impairment, if any, plus or minus changes resulting from observable price changes in orderly transactions for the identical or a similar investment of the same issuer. The guidance also simplifies the impairment assessment of equity investments without readily determinable fair values by requiring a qualitative assessment to identify impairment. In addition, the guidance addresses various disclosure and presentation issues related to financial instruments. For public entities, this update was effective for fiscal years beginning after December 15, 2017 with early application permitted. The adoption of this update did not have a material impact on the consolidated financial statements. There was no opening balance sheet adjustment as a result of the adoption and the remainder of the standard was applied prospectively. In November 2016, the FASB issued ASU 2016-18, Statement of Cash Flows (Topic 230): Restricted Cash (a consensus of the FASB Emerging Issues Task Force) . This ASU requires that the statement of cash flows explain the change during the period in the total of cash, cash equivalents, and amounts generally described as restricted cash or restricted cash equivalents. This guidance was effective for public entities for fiscal years beginning after December 15, 2017, including interim periods within that reporting period, and was applied retrospectively to each period presented. The adoption of this update did not have a material impact on the consolidated financial statements. There was no adjustment to prior periods as a result of the adoption. In March 2017, the FASB issued ASU No. 2017-07, Compensation – Retirement Benefits (Topic 715): Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost . This ASU requires that an employer disaggregate the service cost component from the other components of net benefit cost. The amendments also provide explicit guidance on how to present the service cost component and the other components of net benefit cost and allow only the service cost component to be eligible for capitalization. For public entities, this update was effective for fiscal years beginning after December 15, 2017, with retrospective presentation of the service cost and other components and prospective application for any capitalization of service cost. The adoption of this update did not have a material impact on the consolidated financial statements. |
Acquisitions
Acquisitions | 6 Months Ended |
Jun. 30, 2018 | |
Business Combinations [Abstract] | |
Acquisitions | Acquisitions Acquisition of NLFC Holdings Corp. On February 1, 2018, United completed the acquisition of NLFC and its wholly-owned subsidiary, Navitas Credit Corp (“Navitas”). Navitas is a specialty lending company providing equipment finance credit services to small and medium-sized businesses nationwide. In connection with the acquisition, United acquired $393 million of assets and assumed $350 million of liabilities. Under the terms of the merger agreement, NLFC shareholders received $130 million in total consideration, of which $84.5 million was paid in cash and $45.7 million was paid in United common stock. The fair value of consideration paid exceeded the fair value of the identifiable assets and liabilities acquired and resulted in the establishment of goodwill in the amount of $87.4 million , representing the intangible value of NLFC’s business and reputation within the markets it served. None of the goodwill recognized is expected to be deductible for income tax purposes. United’s operating results for the three and six months ended June 30, 2018 include the operating results of the acquired assets and assumed liabilities for the period subsequent to the acquisition date of February 1, 2018. The purchased assets and assumed liabilities were recorded at their acquisition date fair values and are summarized in the table below (in thousands) . As Recorded by NLFC Fair Value Adjustments (1) As Recorded by United Assets Cash and cash equivalents $ 27,700 — $ 27,700 Loans and leases, net 365,533 (7,181 ) 358,352 Premises and equipment, net 628 (304 ) 324 Net deferred tax asset — 2,873 2,873 Other assets 5,117 (1,066 ) 4,051 Total assets acquired $ 398,978 $ (5,678 ) $ 393,300 Liabilities Short-term borrowings $ 214,923 $ — $ 214,923 Long-term debt 119,402 — 119,402 Other liabilities 17,059 (951 ) 16,108 Total liabilities assumed 351,384 (951 ) 350,433 Excess of assets acquired over liabilities assumed $ 47,594 Aggregate fair value adjustments $ (4,727 ) Total identifiable net assets $ 42,867 Consideration transferred Cash 84,500 Common stock issued (1,443,987 shares) 45,746 Total fair value of consideration transferred 130,246 Goodwill $ 87,379 (1) Fair values are preliminary and are subject to refinement for a period not to exceed one year after the closing date of an acquisition as information relative to closing date fair values becomes available. Since the acquisition date, within the one year measurement period, United received additional information regarding the fair value of loans. As a result, the provisional value assigned to the acquired loans was reduced by $526,000 , partially offset by acquisition-related adjustments to deferred tax assets. The net of the adjustments was reflected as a $390,000 increase to goodwill. The following table presents additional information related to the acquired loan and lease portfolio at the acquisition date (in thousands) : February 1, 2018 Accounted for pursuant to ASC 310-30: Contractually required principal and interest $ 24,711 Non-accretable difference 5,505 Cash flows expected to be collected 19,206 Accretable yield 1,977 Fair value $ 17,229 Excluded from ASC 310-30: Fair value $ 341,123 Gross contractual amounts receivable 389,432 Estimate of contractual cash flows not expected to be collected 8,624 In January 2018, after announcement of its intention to acquire NLFC but prior to the completion of the acquisition, United purchased $19.9 million in loans from NLFC in a transaction separate from the business combination. Pro forma information The following table discloses the impact of the merger with NLFC since the acquisition date through June 30, 2018 . The table also presents certain pro forma information as if NLFC had been acquired on January 1, 2017. These results combine the historical results of the acquired entity with United’s consolidated statement of income and, while adjustments were made for the estimated impact of certain fair value adjustments and other acquisition-related activity, they are not necessarily indicative of what would have occurred had the acquisition taken place in earlier years. Merger-related costs from the NLFC acquisition of $118,000 and $4.83 million , respectively, have been excluded from the three and six months 2018 pro forma information presented below and included in the three and six months 2017 pro forma information below. The actual results and pro forma information were as follows (in thousands) : Three Months Ended Six Months Ended Revenue Net Income Revenue Net Income 2018 Actual NLFC results included in statement of income since acquisition date $ 6,624 $ 2,686 $ 10,237 $ 3,496 Supplemental consolidated pro forma as if NLFC had been acquired January 1, 2017 130,288 39,924 255,119 78,989 2017 Supplemental consolidated pro forma as if NLFC had been acquired January 1, 2017 $ 112,004 $ 28,715 $ 220,510 $ 49,595 Acquisition of Four Oaks Fincorp, Inc. On November 1, 2017, United completed the acquisition of Four Oaks FinCorp, Inc. (“FOFN”) and its wholly-owned bank subsidiary, Four Oaks Bank & Trust Company. Information related to the fair value of assets and liabilities acquired from FOFN is included in United’s Annual Report on Form 10-K for the year ended December 31, 2017 . During first quarter 2018, within the one-year measurement period, United received additional information regarding the acquisition date fair values of loans held for sale and servicing assets. As a result, the provisional values assigned to the acquired loans held for sale and servicing assets have been adjusted to $10.7 million and $65,000 , respectively, which represent an increase of $2.59 million and a decrease of $354,000 , respectively, from amounts previously disclosed. The tax effect of these adjustments was reflected as a decrease to the deferred tax asset of $1.08 million , with the net amount of $1.16 million reflected as a decrease to goodwill. Acquisition of HCSB Financial Corporation On July 31, 2017, United completed the acquisition of HCSB Financial Corporation (“HCSB”) and its wholly-owned bank subsidiary, Horry County State Bank. Information related to the fair value of assets and liabilities acquired from HCSB is included in United’s Annual Report on Form 10-K for the year ended December 31, 2017. During second quarter 2018, within the one-year measurement period, United received additional information regarding the acquisition date fair value of premises and equipment. As a result, the provisional value assigned to the acquired premises and equipment has been adjusted to $7.42 million , which represents a decrease of $493,000 from the amount previously disclosed. The tax effect of this adjustment was reflected as an increase to the deferred tax asset of $190,000 , resulting in a net $303,000 increase to goodwill. |
Balance Sheet Offsetting and Re
Balance Sheet Offsetting and Repurchase Agreements Accounted for as Secured Borrowings | 6 Months Ended |
Jun. 30, 2018 | |
Offsetting [Abstract] | |
Balance Sheet Offsetting and Repurchase Agreements Accounted for as Secured Borrowings | Balance Sheet Offsetting and Repurchase Agreements Accounted for as Secured Borrowings United enters into reverse repurchase agreements in order to invest short-term funds. In addition, United enters into repurchase agreements and reverse repurchase agreements with the same counterparty in transactions commonly referred to as collateral swaps that are subject to master netting agreements under which the balances are netted in the balance sheet in accordance with ASC 210-20, Offsetting. The following table presents a summary of amounts outstanding under reverse repurchase agreements and derivative financial instruments including those entered into in connection with the same counterparty under master netting agreements as of the dates indicated (in thousands). Gross Amounts of Recognized Assets Gross Amounts Offset on the Balance Sheet Gross Amounts not Offset in the Balance Sheet June 30, 2018 Net Asset Balance Financial Instruments Collateral Received Net Amount Repurchase agreements / reverse repurchase agreements $ 50,000 $ (50,000 ) $ — $ — $ — $ — Derivatives 29,896 — 29,896 (553 ) (13,799 ) 15,544 Total $ 79,896 $ (50,000 ) $ 29,896 $ (553 ) $ (13,799 ) $ 15,544 Weighted average interest rate of reverse repurchase agreements 2.70 % Gross Amounts of Recognized Liabilities Gross Amounts Offset on the Balance Sheet Net Liability Balance Gross Amounts not Offset in the Balance Sheet Financial Instruments Collateral Pledged Net Amount Repurchase agreements / reverse repurchase agreements $ 50,000 $ (50,000 ) $ — $ — $ — $ — Derivatives 37,261 — 37,261 (553 ) (18,438 ) 18,270 Total $ 87,261 $ (50,000 ) $ 37,261 $ (553 ) $ (18,438 ) $ 18,270 Weighted average interest rate of repurchase agreements 1.95 % Gross Amounts of Recognized Assets Gross Amounts Offset on the Balance Sheet Gross Amounts not Offset in the Balance Sheet December 31, 2017 Net Asset Balance Financial Instruments Collateral Received Net Amount Repurchase agreements / reverse repurchase agreements $ 100,000 $ (100,000 ) $ — $ — $ — $ — Derivatives 22,721 — 22,721 (1,490 ) (6,369 ) 14,862 Total $ 122,721 $ (100,000 ) $ 22,721 $ (1,490 ) $ (6,369 ) $ 14,862 Weighted average interest rate of reverse repurchase agreements 1.95 % Gross Amounts of Recognized Liabilities Gross Amounts Offset on the Balance Sheet Net Gross Amounts not Offset in the Balance Sheet Liability Balance Financial Instruments Collateral Pledged Net Amount Repurchase agreements / reverse repurchase agreements $ 100,000 $ (100,000 ) $ — $ — $ — $ — Derivatives 25,376 — 25,376 (1,490 ) (17,190 ) 6,696 Total $ 125,376 $ (100,000 ) $ 25,376 $ (1,490 ) $ (17,190 ) $ 6,696 Weighted average interest rate of repurchase agreements 1.20 % At June 30, 2018 , United recognized the right to reclaim cash collateral of $18.4 million and the obligation to return cash collateral of $13.8 million . At December 31, 2017 , United recognized the right to reclaim cash collateral of $17.2 million and the obligation to return cash collateral of $6.37 million . The right to reclaim cash collateral and the obligation to return cash collateral were included in the consolidated balance sheets in other assets and other liabilities, respectively. The following table presents additional detail regarding repurchase agreements accounted for as secured borrowings and the securities underlying these agreements as of the dates indicated (in thousands) . Remaining Contractual Maturity of the Agreements Overnight and As of June 30, 2018 Continuous Up to 30 Days 30 to 90 Days 91 to 110 days Total Mortgage-backed securities $ — $ — $ — $ 50,000 $ 50,000 Total $ — $ — $ — $ 50,000 $ 50,000 Gross amount of recognized liabilities for repurchase agreements in offsetting disclosure $ 50,000 Amounts related to agreements not included in offsetting disclosure $ — Remaining Contractual Maturity of the Agreements Overnight and As of December 31, 2017 Continuous Up to 30 Days 30 to 90 Days 91 to 110 days Total Mortgage-backed securities $ — $ — $ 100,000 $ — $ 100,000 Total $ — $ — $ 100,000 $ — $ 100,000 Gross amount of recognized liabilities for repurchase agreements in offsetting disclosure $ 100,000 Amounts related to agreements not included in offsetting disclosure $ — United is obligated to promptly transfer additional securities if the market value of the securities falls below the repurchase agreement price. United manages this risk by maintaining an unpledged securities portfolio that it believes is sufficient to cover a decline in the market value of the securities sold under agreements to repurchase. |
Securities
Securities | 6 Months Ended |
Jun. 30, 2018 | |
Investments, Debt and Equity Securities [Abstract] | |
Securities | Securities The amortized cost basis, unrealized gains and losses and fair value of securities held-to-maturity as of the dates indicated are as follows (in thousands) . Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value As of June 30, 2018 State and political subdivisions $ 71,125 $ 954 $ 1,238 $ 70,841 Mortgage-backed securities (1) 226,444 987 6,809 220,622 Total $ 297,569 $ 1,941 $ 8,047 $ 291,463 As of December 31, 2017 State and political subdivisions $ 71,959 $ 1,574 $ 178 $ 73,355 Mortgage-backed securities (1) 249,135 2,211 3,425 247,921 Total $ 321,094 $ 3,785 $ 3,603 $ 321,276 (1) All are residential type mortgage-backed securities or U.S. government agency commercial mortgage backed securities. The cost basis, unrealized gains and losses, and fair value of securities available-for-sale as of the dates indicated are presented below (in thousands) . Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value As of June 30, 2018 U.S. Treasuries $ 122,290 $ — $ 3,251 $ 119,039 U.S. Government agencies 25,778 240 440 25,578 State and political subdivisions 200,486 123 2,978 197,631 Mortgage-backed securities (1) 1,844,310 1,992 39,441 1,806,861 Corporate bonds 199,303 793 1,931 198,165 Asset-backed securities 189,067 610 714 188,963 Other 57 — — 57 Total $ 2,581,291 $ 3,758 $ 48,755 $ 2,536,294 As of December 31, 2017 U.S. Treasuries $ 122,025 $ — $ 912 $ 121,113 U.S. Government agencies 26,129 269 26 26,372 State and political subdivisions 195,663 2,019 396 197,286 Mortgage-backed securities (1) 1,738,056 7,089 17,934 1,727,211 Corporate bonds 305,265 1,513 425 306,353 Asset-backed securities 236,533 1,078 153 237,458 Other 57 — — 57 Total $ 2,623,728 $ 11,968 $ 19,846 $ 2,615,850 (1) All are residential type mortgage-backed securities or U.S. government agency commercial mortgage backed securities. Securities with a carrying value of $816 million and $1.04 billion were pledged to secure public deposits, derivatives and other secured borrowings at June 30, 2018 and December 31, 2017 , respectively. The following table summarizes held-to-maturity securities in an unrealized loss position as of the dates indicated ( in thousands) . Less than 12 Months 12 Months or More Total Fair Value Unrealized Loss Fair Value Unrealized Loss Fair Value Unrealized Loss As of June 30, 2018 State and political subdivisions $ 43,131 $ 1,238 $ — $ — $ 43,131 $ 1,238 Mortgage-backed securities 82,473 2,856 79,198 3,953 161,671 6,809 Total unrealized loss position $ 125,604 $ 4,094 $ 79,198 $ 3,953 $ 204,802 $ 8,047 As of December 31, 2017 State and political subdivisions $ 8,969 $ 178 $ — $ — $ 8,969 $ 178 Mortgage-backed securities 95,353 1,448 65,868 1,977 161,221 3,425 Total unrealized loss position $ 104,322 $ 1,626 $ 65,868 $ 1,977 $ 170,190 $ 3,603 The following table summarizes available-for-sale securities in an unrealized loss position as of the dates indicated (in thousands) . Less than 12 Months 12 Months or More Total Fair Value Unrealized Loss Fair Value Unrealized Loss Fair Value Unrealized Loss As of June 30, 2018 U.S. Treasuries $ 119,039 $ 3,251 $ — $ — $ 119,039 $ 3,251 U.S. Government agencies 19,790 413 1,624 27 21,414 440 State and political subdivisions 171,147 2,899 5,061 79 176,208 2,978 Mortgage-backed securities 1,212,603 24,160 339,456 15,281 1,552,059 39,441 Corporate bonds 116,563 1,921 990 10 117,553 1,931 Asset-backed securities 75,232 714 — — 75,232 714 Total unrealized loss position $ 1,714,374 $ 33,358 $ 347,131 $ 15,397 $ 2,061,505 $ 48,755 As of December 31, 2017 U.S. Treasuries $ 121,113 $ 912 $ — $ — $ 121,113 $ 912 U.S. Government agencies 1,976 13 1,677 13 3,653 26 State and political subdivisions 61,494 365 5,131 31 66,625 396 Mortgage-backed securities 964,205 8,699 328,923 9,235 1,293,128 17,934 Corporate bonds 55,916 325 900 100 56,816 425 Asset-backed securities 28,695 126 5,031 27 33,726 153 Total unrealized loss position $ 1,233,399 $ 10,440 $ 341,662 $ 9,406 $ 1,575,061 $ 19,846 At June 30, 2018 , there were 294 available-for-sale securities and 70 held-to-maturity securities that were in an unrealized loss position. United does not intend to sell nor believes it will be required to sell securities in an unrealized loss position prior to the recovery of their amortized cost basis. Unrealized losses at June 30, 2018 were primarily attributable to changes in interest rates. Management evaluates securities for other-than-temporary impairment on a quarterly basis, and more frequently when economic or market concerns warrant such evaluation. Consideration is given to the length of time and the extent to which the fair value has been less than cost, the financial condition and near-term prospects of the issuer, among other factors. In analyzing an issuer’s financial condition, management considers whether the securities are issued by the federal government or its agencies, whether downgrades by bond rating agencies have occurred, and industry analysts’ reports. No impairment charges were recognized during the three and six months ended June 30, 2018 or 2017 . Realized gains and losses are derived using the specific identification method for determining the cost of securities sold. The following table summarizes available-for-sale securities sales activity for the three and six months ended June 30, 2018 and 2017 (in thousands) . Three Months Ended June 30, Six Months Ended June 30, 2018 2017 2018 2017 Proceeds from sales $ 26,335 $ 70,453 $ 140,296 $ 94,650 Gross gains on sales $ 232 $ 227 $ 649 $ 325 Gross losses on sales (596 ) (223 ) (1,953 ) (323 ) Net (losses) gains on sales of securities $ (364 ) $ 4 $ (1,304 ) $ 2 Income tax benefit attributable to sales $ (97 ) $ — $ (317 ) $ (1 ) The amortized cost and fair value of held-to-maturity and available-for-sale securities at June 30, 2018 , by contractual maturity, are presented in the following table (in thousands) . Available-for-Sale Held-to-Maturity Amortized Cost Fair Value Amortized Cost Fair Value US Treasuries: 1 to 5 years $ 74,525 $ 72,568 $ — $ — 5 to 10 years 47,765 46,471 — — 122,290 119,039 — — US Government agencies: 1 to 5 years 20,854 20,422 — — More than 10 years 4,924 5,156 — — 25,778 25,578 — — State and political subdivisions: Within 1 year 1,500 1,510 5,929 5,991 1 to 5 years 44,769 44,024 10,670 10,960 5 to 10 years 26,393 25,908 10,157 10,759 More than 10 years 127,824 126,189 44,369 43,131 200,486 197,631 71,125 70,841 Corporate bonds: 1 to 5 years 181,027 180,412 — — 5 to 10 years 17,276 16,763 — — More than 10 years 1,000 990 — — 199,303 198,165 — — Asset-backed securities: 1 to 5 years 5,624 5,771 — — 5 to 10 years 31,025 31,105 — — More than 10 years 152,418 152,087 — — 189,067 188,963 — — Other: More than 10 years 57 57 — — 57 57 — — Total securities other than mortgage-backed securities: Within 1 year 1,500 1,510 5,929 5,991 1 to 5 years 326,799 323,197 10,670 10,960 5 to 10 years 122,459 120,247 10,157 10,759 More than 10 years 286,223 284,479 44,369 43,131 Mortgage-backed securities 1,844,310 1,806,861 226,444 220,622 $ 2,581,291 $ 2,536,294 $ 297,569 $ 291,463 Expected maturities may differ from contractual maturities because issuers and borrowers may have the right to call or prepay obligations. |
Loans and Leases and Allowance
Loans and Leases and Allowance for Credit Losses | 6 Months Ended |
Jun. 30, 2018 | |
Receivables [Abstract] | |
Loans and Leases and Allowance for Credit Losses | Loans and Leases and Allowance for Credit Losses Major classifications of the loan and lease portfolio (collectively referred to as the “loan portfolio” or “loans”) are summarized as of the dates indicated as follows (in thousands) . June 30, 2018 December 31, 2017 Owner occupied commercial real estate $ 1,681,737 $ 1,923,993 Income producing commercial real estate 1,821,384 1,595,174 Commercial & industrial 1,193,046 1,130,990 Commercial construction 735,575 711,936 Equipment financing 464,594 — Total commercial 5,896,336 5,362,093 Residential mortgage 1,020,606 973,544 Home equity lines of credit 707,718 731,227 Residential construction 195,580 183,019 Consumer direct 122,756 127,504 Indirect auto 277,275 358,185 Total loans 8,220,271 7,735,572 Less allowance for loan losses (61,071 ) (58,914 ) Loans, net $ 8,159,200 $ 7,676,658 At June 30, 2018 and December 31, 2017 , loans totaling $3.95 billion and $3.73 billion , respectively, were pledged as collateral to secure Federal Home Loan Bank advances, securitized notes payable and other contingent funding sources. At June 30, 2018 , the carrying value and outstanding balance of purchased credit impaired (“PCI”) loans accounted for under ASC 310-30, Loans and Debt Securities Acquired with Deteriorated Credit Quality , were $89.8 million and $131 million , respectively. At December 31, 2017 , the carrying value and outstanding balance of PCI loans were $98.5 million and $142 million , respectively. The following table presents changes in the value of the accretable yield for PCI loans for the periods indicated (in thousands) : Three Months Ended June 30, Six Months Ended June 30, 2018 2017 2018 2017 Balance at beginning of period $ 18,036 $ 7,762 $ 17,686 $ 7,981 Additions due to acquisitions 147 — 1,977 — Accretion (2,965 ) (1,412 ) (5,511 ) (3,102 ) Reclassification from nonaccretable difference 6,527 3,827 7,118 4,716 Changes in expected cash flows that do not affect nonaccretable difference 1,661 1,188 2,136 1,770 Balance at end of period $ 23,406 $ 11,365 $ 23,406 $ 11,365 In addition to the accretable yield on PCI loans, the fair value adjustments on purchased loans outside the scope of ASC 310-30 are also accreted to interest revenue over the life of the loans. At June 30, 2018 and December 31, 2017 , the remaining accretable net fair value discount on loans acquired through a business combination and not accounted for under ASC 310-30 was $4.41 million and $14.7 million , respectively. At June 30, 2018 , the net fair value discount of $4.41 million included a net premium on loans acquired with NLFC. In addition, indirect auto loans purchased at a premium outside of a business combination had a remaining premium of $5.47 million and $7.84 million , respectively, as of June 30, 2018 and December 31, 2017 . During the three and six months ended June 30, 2018 , United did not purchase any indirect auto loans. During the three and six months ended June 30, 2017 , United purchased indirect auto loans of $40.5 million and $81.7 million, respectively. At June 30, 2018 , equipment financing assets included leases of $25.5 million . The components of the net investment in leases are presented below (in thousands) . June 30, 2018 Minimum future lease payments receivable $ 26,396 Estimated residual value of leased equipment 3,314 Initial direct costs 764 Security deposits (1,192 ) Purchase accounting premium 1,197 Unearned income (4,930 ) Net investment in leases $ 25,549 Minimum future lease payments expected to be received from lease contracts as of June 30, 2018 are as follows (in thousands) : Year Remainder of 2018 $ 5,900 2019 9,325 2020 6,396 2021 3,185 2022 1,373 Thereafter 217 Total $ 26,396 Allowance for Credit Losses and Loans Individually Evaluated for Impairment The allowance for loan losses represents management’s estimate of probable incurred losses in the loan portfolio as of the end of the period. The allowance for unfunded commitments is included in other liabilities in the consolidated balance sheet. Combined, the allowance for loan losses and allowance for unfunded commitments are referred to as the allowance for credit losses. The following table presents the balance and activity in the allowance for credit losses by portfolio segment for the periods indicated (in thousands) . 2018 2017 Three Months Ended June 30, Beginning Balance Charge-Offs Recoveries (Release)Provision Ending Balance Beginning Balance Charge-Offs Recoveries (Release) Provision Ending Balance Owner occupied commercial real estate $ 14,561 $ (7 ) $ 585 $ (2,230 ) $ 12,909 $ 15,669 $ (158 ) $ 120 $ (209 ) $ 15,422 Income producing commercial real estate 9,776 (1,653 ) 232 2,507 10,862 8,878 (203 ) 20 659 9,354 Commercial & industrial 4,075 (233 ) 217 146 4,205 3,725 (598 ) 244 249 3,620 Commercial construction 10,034 (53 ) 159 (17 ) 10,123 12,790 (361 ) 20 (1,411 ) 11,038 Equipment financing 2,291 (23 ) 71 1,222 3,561 — — — — — Residential mortgage 10,221 (112 ) 101 (365 ) 9,845 9,071 (131 ) 105 753 9,798 Home equity lines of credit 4,932 (211 ) 190 32 4,943 4,530 (424 ) 171 313 4,590 Residential construction 3,044 (8 ) 67 (513 ) 2,590 3,267 (70 ) 123 (236 ) 3,084 Consumer direct 733 (552 ) 195 389 765 609 (457 ) 195 237 584 Indirect auto 1,418 (379 ) 55 174 1,268 2,004 (313 ) 94 225 2,010 Total allowance for loan losses 61,085 (3,231 ) 1,872 1,345 61,071 60,543 (2,715 ) 1,092 580 59,500 Allowance for unfunded commitments 2,440 — — 455 2,895 2,002 — — 220 2,222 Total allowance for credit losses $ 63,525 $ (3,231 ) $ 1,872 $ 1,800 $ 63,966 $ 62,545 $ (2,715 ) $ 1,092 $ 800 $ 61,722 2018 2017 Six Months Ended June 30, Beginning Balance Charge-Offs Recoveries (Release) Provision Ending Balance Beginning Balance Charge-Offs Recoveries (Release) Provision Ending Balance Owner occupied commercial real estate $ 14,776 $ (67 ) $ 688 $ (2,488 ) $ 12,909 $ 16,446 $ (183 ) $ 357 $ (1,198 ) $ 15,422 Income producing commercial real estate 9,381 (2,310 ) 467 3,324 10,862 8,843 (1,100 ) 47 1,564 9,354 Commercial & industrial 3,971 (617 ) 606 245 4,205 3,810 (814 ) 612 12 3,620 Commercial construction 10,523 (416 ) 256 (240 ) 10,123 13,405 (563 ) 592 (2,396 ) 11,038 Equipment financing — (162 ) 168 3,555 3,561 — — — — — Residential mortgage 10,097 (182 ) 224 (294 ) 9,845 8,545 (673 ) 117 1,809 9,798 Home equity lines of credit 5,177 (335 ) 225 (124 ) 4,943 4,599 (895 ) 220 666 4,590 Residential construction 2,729 (8 ) 131 (262 ) 2,590 3,264 (70 ) 132 (242 ) 3,084 Consumer direct 710 (1,203 ) 355 903 765 708 (899 ) 402 373 584 Indirect auto 1,550 (815 ) 135 398 1,268 1,802 (733 ) 149 792 2,010 Total allowance for loan losses 58,914 (6,115 ) 3,255 5,017 61,071 61,422 (5,930 ) 2,628 1,380 59,500 Allowance for unfunded commitments 2,312 — — 583 2,895 2,002 — — 220 2,222 Total allowance for credit losses $ 61,226 $ (6,115 ) $ 3,255 $ 5,600 $ 63,966 $ 63,424 $ (5,930 ) $ 2,628 $ 1,600 $ 61,722 The following table represents the recorded investment in loans by portfolio segment and the balance of the allowance for loan losses assigned to each segment based on the method of evaluating the loans for impairment as of the dates indicated (in thousands) . Allowance for Credit Losses June 30, 2018 December 31, 2017 Individually evaluated for impairment Collectively evaluated for impairment PCI Ending Balance Individually evaluated for impairment Collectively evaluated for impairment PCI Ending Balance Owner occupied commercial real estate $ 985 $ 11,647 $ 277 $ 12,909 $ 1,255 $ 13,521 $ — $ 14,776 Income producing commercial real estate 609 10,193 60 10,862 562 8,813 6 9,381 Commercial & industrial 35 4,135 35 4,205 27 3,944 — 3,971 Commercial construction 98 10,025 — 10,123 156 10,367 — 10,523 Equipment financing — 3,561 — 3,561 — — — — Residential mortgage 1,007 8,838 — 9,845 1,174 8,919 4 10,097 Home equity lines of credit — 4,943 — 4,943 — 5,177 — 5,177 Residential construction 52 2,538 — 2,590 75 2,654 — 2,729 Consumer direct 6 758 1 765 7 700 3 710 Indirect auto 29 1,239 — 1,268 — 1,550 — 1,550 Total allowance for loan losses 2,821 57,877 373 61,071 3,256 55,645 13 58,914 Allowance for unfunded commitments — 2,895 — 2,895 — 2,312 — 2,312 Total allowance for credit losses $ 2,821 $ 60,772 $ 373 $ 63,966 $ 3,256 $ 57,957 $ 13 $ 61,226 Loans Outstanding June 30, 2018 December 31, 2017 Individually evaluated for impairment Collectively evaluated for impairment PCI Ending Balance Individually evaluated for impairment Collectively evaluated for impairment PCI Ending Balance Owner occupied commercial real estate $ 18,932 $ 1,649,437 $ 13,368 $ 1,681,737 $ 21,823 $ 1,876,411 $ 25,759 $ 1,923,993 Income producing commercial real estate 16,245 1,762,960 42,179 1,821,384 16,483 1,533,851 44,840 1,595,174 Commercial & industrial 1,510 1,190,900 636 1,193,046 2,654 1,126,894 1,442 1,130,990 Commercial construction 3,528 725,474 6,573 735,575 3,813 699,266 8,857 711,936 Equipment financing — 452,620 11,974 464,594 — — — — Residential mortgage 14,012 995,072 11,522 1,020,606 14,193 946,210 13,141 973,544 Home equity lines of credit 232 705,591 1,895 707,718 101 728,235 2,891 731,227 Residential construction 1,498 193,156 926 195,580 1,577 180,978 464 183,019 Consumer direct 249 121,737 770 122,756 270 126,114 1,120 127,504 Indirect auto 1,215 276,060 — 277,275 1,396 356,789 — 358,185 Total loans $ 57,421 $ 8,073,007 $ 89,843 $ 8,220,271 $ 62,310 $ 7,574,748 $ 98,514 $ 7,735,572 A loan is considered impaired when, based on current events and circumstances, it is probable that all amounts due according to the original contractual terms of the loan will not be collected. Management individually evaluates certain impaired loans, including all non-PCI relationships that are on nonaccrual with a balance of $500,000 or greater and all troubled debt restructurings (“TDRs”) regardless of accrual status, for impairment. Impairment is measured based on the present value of expected future cash flows, discounted at the loan’s effective interest rate, the loan’s observable market price, or the fair value of the collateral if the loan is collateral dependent. A specific reserve is established for impaired loans for the amount of calculated impairment, if any. Interest payments received on impaired nonaccrual loans are applied as a reduction of the recorded investment in the loan. For impaired loans not on nonaccrual status, interest is accrued according to the terms of the loan agreement. Loans are evaluated for impairment quarterly and specific reserves are established in the allowance for loan losses for any measured impairment. Each quarter, management prepares an analysis of the allowance for credit losses to determine the appropriate balance that measures and quantifies the amount of probable incurred losses in the loan portfolio and unfunded loan commitments. The allowance is comprised of specific reserves on individually impaired loans, which are determined as described above, and general reserves which are determined based on historical loss experience as adjusted for current trends and economic conditions multiplied by a loss emergence period factor. Management calculates the loss emergence period for each pool in the loan portfolio based on the weighted average length of time between the date a loan first exceeds 30 days past due and the date the loan is charged off. On junior lien home equity loans, management has limited ability to monitor the delinquency status of the first lien unless the first lien is also held by United. As a result, management applies the weighted average historical loss factor for this category and appropriately adjusts it to reflect the increased risk of loss from these credits. Management carefully reviews the resulting loss factors for each category of the loan portfolio and evaluates whether qualitative adjustments are necessary to take into consideration recent credit trends such as increases or decreases in past due, nonaccrual, criticized and classified loans, and other macro environmental factors such as changes in unemployment rates, lease vacancy rates and trends in property values and absorption rates. Management believes that its method of determining the balance of the allowance for credit losses provides a reasonable and reliable basis for measuring and reporting losses that are incurred in the loan portfolio as of the reporting date. When a loan officer determines that a loan is uncollectible, he or she is responsible for recommending that the loan be placed on nonaccrual status and evaluated for impairment, which, if necessary, could result in fully or partially charging off the loan or establishing a specific reserve. Full or partial charge-offs may also be recommended by the Collections Department, the Special Assets Department, the Loss Mitigation Department and the Foreclosure/OREO Department. Nonaccrual real estate loans are generally charged down to fair value less costs to sell at the time they are placed on nonaccrual status. Commercial and consumer asset quality committees meet monthly to review charge-offs that have occurred during the previous month. Participants include the Chief Credit Officer, Senior Risk Officers and Senior Credit Officers. Generally, closed-end retail loans (installment and residential mortgage loans) past due 90 cumulative days are written down to their collateral value less estimated selling costs. Open-end (revolving) unsecured retail loans which are past due 90 cumulative days from their contractual due date are generally charged-off. The following table presents loans individually evaluated for impairment by class as of the dates indicated (in thousands) . June 30, 2018 December 31, 2017 Unpaid Principal Balance Recorded Investment Allowance for Loan Losses Allocated Unpaid Principal Balance Recorded Investment Allowance for Loan Losses Allocated With no related allowance recorded: Owner occupied commercial real estate $ 8,292 $ 6,763 $ — $ 1,238 $ 1,176 $ — Income producing commercial real estate 7,568 7,496 — 2,177 2,165 — Commercial & industrial 160 123 — 1,758 1,471 — Commercial construction 564 558 — 134 134 — Equipment financing — — — — — — Total commercial 16,584 14,940 — 5,307 4,946 — Residential mortgage 5,125 4,520 — 2,661 2,566 — Home equity lines of credit 284 229 — 393 101 — Residential construction 712 576 — 405 330 — Consumer direct 49 49 — 29 29 — Indirect auto 139 137 — 1,396 1,396 — Total with no related allowance recorded 22,893 20,451 — 10,191 9,368 — With an allowance recorded: Owner occupied commercial real estate 12,665 12,169 985 21,262 20,647 1,255 Income producing commercial real estate 9,017 8,749 609 14,419 14,318 562 Commercial & industrial 1,776 1,387 35 1,287 1,183 27 Commercial construction 3,216 2,970 98 3,917 3,679 156 Equipment financing — — — — — — Total commercial 26,674 25,275 1,727 40,885 39,827 2,000 Residential mortgage 9,576 9,492 1,007 12,086 11,627 1,174 Home equity lines of credit 4 3 — — — — Residential construction 933 922 52 1,325 1,247 75 Consumer direct 207 200 6 244 241 7 Indirect auto 1,079 1,078 29 — — — Total with an allowance recorded 38,473 36,970 2,821 54,540 52,942 3,256 Total $ 61,366 $ 57,421 $ 2,821 $ 64,731 $ 62,310 $ 3,256 As of June 30, 2018 and December 31, 2017 , $2.74 million and $3.26 million , respectively, of specific reserves were allocated to customers whose loan terms have been modified in TDRs. United committed to lend additional amounts totaling up to $75,000 as of December 31, 2017 , to customers with outstanding loans classified as TDRs. As of June 30, 2018 , there were no commitments to lend additional amounts to customers with outstanding loans that are classified as TDRs. The modification of the TDR terms included one or a combination of the following: a reduction of the stated interest rate of the loan or an extension of the amortization period that would not otherwise be considered in the current market for new debt with similar risk characteristics; a restructuring of the borrower’s debt into an “A/B note structure” where the A note would fall within the borrower’s ability to pay and the remainder would be included in the B note; a mandated bankruptcy restructuring; or interest-only payment terms greater than 90 days where the borrower is unable to amortize the loan. Modified PCI loans are not accounted for as TDRs because they are not separated from the pools, and as such are not classified as impaired loans. Loans modified under the terms of a TDR during the three and six months ended June 30, 2018 and 2017 are presented in the table below. In addition, the following table presents loans modified under the terms of a TDR that defaulted (became 90 days or more delinquent) during the periods presented and were initially restructured within one year prior to default (dollars in thousands) . New TDRs Pre-modification Outstanding Recorded Investment Post-Modification Outstanding Recorded Investment by Type of Modification TDRs Modified Within the Previous Twelve Months That Have Subsequently Defaulted Number of Contracts Rate Reduction Structure Other Total Number of Contracts Recorded Investment Three Months Ended June 30, 2018 Owner occupied commercial real estate 1 $ 282 $ — $ 282 $ — $ 282 1 $ 283 Income producing commercial real estate 1 106 106 — — 106 — — Commercial & industrial 1 27 — 27 — 27 — — Commercial construction — — — — — — 1 3 Equipment financing — — — — — — — — Total commercial 3 415 106 309 — 415 2 286 Residential mortgage 2 425 — 424 — 424 1 101 Home equity lines of credit — — — — — — — — Residential construction — — — — — — — — Consumer direct — — — — — — — — Indirect auto 17 236 — — 236 236 — — Total loans 22 $ 1,076 $ 106 $ 733 $ 236 $ 1,075 3 $ 387 Six Months Ended June 30, 2018 Owner occupied commercial real estate 4 $ 1,276 $ — $ 1,260 $ — $ 1,260 3 $ 1,869 Income producing commercial real estate 1 106 106 — — 106 — — Commercial & industrial 2 108 — 32 — 32 — — Commercial construction — — — — — — 1 3 Equipment financing — — — — — — — — Total commercial 7 1,490 106 1,292 — 1,398 4 1,872 Residential mortgage 4 765 — 764 — 764 1 101 Home equity lines of credit — — — — — — — — Residential construction — — — — — — — — Consumer direct — — — — — — — — Indirect auto 17 236 — — 236 236 — — Total loans 28 $ 2,491 $ 106 $ 2,056 $ 236 $ 2,398 5 $ 1,973 Three Months Ended June 30, 2017 Owner occupied commercial real estate 3 $ 1,860 $ — $ 1,860 $ — $ 1,860 — $ — Income producing commercial real estate 1 226 — — 226 226 — — Commercial & industrial 1 28 — 28 — 28 — — Commercial construction — — — — — — — — Equipment financing — — — — — — — — Total commercial 5 2,114 — 1,888 226 2,114 — — Residential mortgage 5 483 — 483 — 483 — — Home equity lines of credit 1 296 — — 176 176 — — Residential construction — — — — — — — — Consumer direct — — — — — — — — Indirect auto — — — — — — — — Total loans 11 $ 2,893 $ — $ 2,371 $ 402 $ 2,773 — $ — Six Months Ended June 30, 2017 Owner occupied commercial real estate 3 $ 1,860 $ — $ 1,860 $ — $ 1,860 — $ — Income producing commercial real estate 1 226 — — 226 226 — — Commercial & industrial 2 53 — 53 — 53 — — Commercial construction — — — — — — — — Equipment financing — — — — — — — — Total commercial 6 2,139 — 1,913 226 2,139 — — Residential mortgage 12 836 — 836 — 836 2 655 Home equity lines of credit 1 296 — — 176 176 — — Residential construction 1 40 40 — — 40 — — Consumer direct 1 6 — 6 — 6 — — Indirect auto — — — — — — — — Total loans 21 $ 3,317 $ 40 $ 2,755 $ 402 $ 3,197 2 $ 655 TDRs that subsequently default and are placed on nonaccrual are charged down to the fair value of the collateral consistent with United’s policy for nonaccrual loans. The average balances of impaired loans and income recognized on impaired loans while they were considered impaired are presented below for the periods indicated (in thousands) . 2018 2017 Three Months Ended June 30, Average Balance Interest Revenue Recognized During Impairment Cash Basis Interest Revenue Received Average Balance Interest Revenue Recognized During Impairment Cash Basis Interest Revenue Received Owner occupied commercial real estate $ 19,353 $ 235 $ 236 $ 30,825 $ 371 $ 376 Income producing commercial real estate 16,408 215 212 28,768 359 347 Commercial & industrial 1,542 25 24 1,877 26 17 Commercial construction 3,564 47 44 6,670 70 77 Equipment financing — — — — — — Total commercial 40,867 522 516 68,140 826 817 Residential mortgage 14,115 157 161 14,742 130 147 Home equity lines of credit 235 5 4 552 2 4 Residential construction 1,516 25 24 1,563 23 24 Consumer direct 256 5 5 307 6 6 Indirect auto 1,283 17 17 1,137 14 14 Total $ 58,272 $ 731 $ 727 $ 86,441 $ 1,001 $ 1,012 Six Months Ended June 30, Owner occupied commercial real estate $ 22,006 $ 480 $ 516 $ 30,342 $ 716 $ 712 Income producing commercial real estate 16,421 425 447 28,589 710 692 Commercial & industrial 2,069 65 66 1,908 53 45 Commercial construction 3,750 98 96 5,836 123 130 Equipment financing — — — — — — Total commercial 44,246 1,068 1,125 66,675 1,602 1,579 Residential mortgage 14,554 306 311 14,175 268 290 Home equity lines of credit 290 9 8 308 3 5 Residential construction 1,553 49 48 1,591 46 47 Consumer direct 274 10 10 297 11 12 Indirect auto 1,301 34 34 1,130 28 28 Total $ 62,218 $ 1,476 $ 1,536 $ 84,176 $ 1,958 $ 1,961 Nonaccrual and Past Due Loans Nonaccrual loans include both homogeneous loans that are collectively evaluated for impairment and individually evaluated impaired loans. United’s policy is to place loans on nonaccrual status when, in the opinion of management, the principal and interest on a loan is not likely to be repaid in full or when the loan becomes 90 days past due and is not well secured and in the process of collection. When a loan is classified on nonaccrual status, interest previously accrued but not collected is reversed against current interest revenue. Principal and interest payments received on a nonaccrual loan are applied to reduce the loan’s recorded investment. PCI loans are considered past due or delinquent when the contractual principal or interest due in accordance with the terms of the loan agreement remains unpaid after the due date of the scheduled payment. However, these loans are considered to be performing, even though they may be contractually past due, as any non-payment of contractual principal or interest is considered in the periodic re-estimation of expected cash flows and is included in the resulting recognition of current period loan loss provision or future period yield adjustments. The accrual of interest is discontinued on PCI loans if management can no longer reliably estimate future cash flows on the loan. No PCI loans were classified as nonaccrual at June 30, 2018 or December 31, 2017 as the carrying value of the respective loan or pool of loans cash flows were considered estimable and probable of collection. Therefore, interest revenue, through accretion of the difference between the carrying value of the loans and the expected cash flows, is being recognized on all PCI loans. The gross additional interest revenue that would have been earned if the loans classified as nonaccrual had performed in accordance with the original terms was approximately $256,000 and $246,000 for the three months ended June 30, 2018 and 2017 , respectively, and $599,000 and $523,000 for the six months ended June 30, 2018 and 2017 , respectively. The following table presents the recorded investment in nonaccrual loans by loan class as of the dates indicated (in thousands) . June 30, 2018 December 31, 2017 Owner occupied commercial real estate $ 5,772 $ 4,923 Income producing commercial real estate 991 3,208 Commercial & industrial 2,180 2,097 Commercial construction 613 758 Equipment financing 1,075 — Total commercial 10,631 10,986 Residential mortgage 7,918 8,776 Home equity lines of credit 1,812 2,024 Residential construction 637 192 Consumer direct 68 43 Indirect auto 751 1,637 Total $ 21,817 $ 23,658 Excluding PCI loans, substantially all loans more than 90 days past due were on nonaccrual status at June 30, 2018 and December 31, 2017 . The following table presents the aging of the recorded investment in past due loans by class of loans as of the dates indicated (in thousands) . Loans Past Due As of June 30, 2018 30 - 59 Days 60 - 89 Days > 90 Days Total Loans Not Past Due PCI Loans Total Owner occupied commercial real estate $ 5,007 $ 822 $ 2,553 $ 8,382 $ 1,659,987 $ 13,368 $ 1,681,737 Income producing commercial real estate 2,045 269 49 2,363 1,776,842 42,179 1,821,384 Commercial & industrial 2,450 576 714 3,740 1,188,670 636 1,193,046 Commercial construction 992 343 253 1,588 727,414 6,573 735,575 Equipment financing 346 465 1,075 1,886 450,734 11,974 464,594 Total commercial 10,840 2,475 4,644 17,959 5,803,647 74,730 5,896,336 Residential mortgage 6,470 2,284 2,684 11,438 997,646 11,522 1,020,606 Home equity lines of credit 2,113 797 500 3,410 702,413 1,895 707,718 Residential construction 757 92 493 1,342 193,312 926 195,580 Consumer direct 536 142 1 679 121,307 770 122,756 Indirect auto 731 132 601 1,464 275,811 — 277,275 Total loans $ 21,447 $ 5,922 $ 8,923 $ 36,292 $ 8,094,136 $ 89,843 $ 8,220,271 Loans Past Due As of December 31, 2017 30 - 59 Days 60 - 89 Days > 90 Days Total Loans Not Past Due PCI Loans Total Owner occupied commercial real estate $ 3,810 $ 1,776 $ 1,530 $ 7,116 $ 1,891,118 $ 25,759 $ 1,923,993 Income producing commercial real estate 1,754 353 1,939 4,046 1,546,288 44,840 1,595,174 Commercial & industrial 2,139 869 1,133 4,141 1,125,407 1,442 1,130,990 Commercial construction 568 132 158 858 702,221 8,857 711,936 Equipment financing — — — — — — — Total commercial 8,271 3,130 4,760 16,161 5,265,034 80,898 5,362,093 Residential mortgage 6,717 1,735 3,438 11,890 948,513 13,141 973,544 Home equity lines of credit 3,246 225 578 4,049 724,287 2,891 731,227 Residential construction 885 105 93 1,083 181,472 464 183,019 Consumer direct 739 133 — 872 125,512 1,120 127,504 Indirect auto 1,152 459 1,263 2,874 355,311 — 358,185 Total loans $ 21,010 $ 5,787 $ 10,132 $ 36,929 $ 7,600,129 $ 98,514 $ 7,735,572 Risk Ratings United categorizes commercial loans, with the exception of equipment financing receivables, into risk categories based on relevant information about the ability of borrowers to service their debt such as: current financial information, historical payment experience, credit documentation, public information, and current industry and economic trends, among other factors. United analyzes loans individually by classifying the loans as to credit risk. This analysis is performed on a continual basis. United uses the following definitions for its risk ratings: Watch. Loans in this category are presently protected from apparent loss; however, weaknesses exist that could cause future impairment, including the deterioration of financial ratios, past due status and questionable management capabilities. These loans require more than the ordinary amount of supervision. Collateral values generally afford adequate coverage, but may not be immediately marketable. Substandard. These loans are inadequately protected by the current net worth and paying capacity of the obligor or by the collateral pledged. Specific and well-defined weaknesses exist that may include poor liquidity and deterioration of financial ratios. The loan may be past due and related deposit accounts experiencing overdrafts. There is the distinct possibility that United will sustain some loss if deficiencies are not corrected. If possible, immediate corrective action is taken. Doubtful. Specific weaknesses characterized as Substandard that are severe enough to make collection in full highly questionable and improbable. There is no reliable secondary source of full repayment. Loss. Loans categorized as Loss have the same characteristics as Doubtful; however, probability of loss is certain. Loans classified as Loss are charged off. Equipment Financing Receivables and Consumer Purpose Loans. United applies a pass / fail grading system to all equipment financing receivables and consumer purpose loans. Under the pass / fail grading system, loans that become past due 90 days or are in bankruptcy are classified as “fail” and all other loans are classified as “pass”. For reporting purposes, loans in these categories that are classified as “fail” are reported in the substandard column and all other loans are reported in the “pass” column. Loans not meeting the criteria above that are analyzed individually as part of the above described process are considered to be pass rated loans. Based on the most recent analysis performed, the risk category of loans by class of loans as of the dates indicated is as follows (in thousands) . Pass Watch Substandard Doubtful / Loss Total As of June 30, 2018 Owner occupied commercial real estate $ 1,607,152 $ 21,030 $ 40,187 $ — $ 1,668,369 Income producing commercial real estate 1,738,757 19,989 20,459 — 1,779,205 Commercial & industrial 1,158,458 14,103 19,849 — 1,192,410 Commercial construction 696,187 24,575 8,240 — 729,002 Equipment financing 451,545 — 1,075 — 452,620 Total commercial 5,652,099 79,697 89,810 — 5,821,606 Residential mortgage 989,403 — 19,681 — 1,009,084 Home equity lines of credit 699,455 — 6,368 — 705,823 Residential construction 192,656 — 1,998 — 194,654 Consumer direct 121,493 — 493 — 121,986 Indirect auto 275,233 — 2,042 — 277,275 Total loans, excluding PCI loans $ 7,930,339 $ 79,697 $ 120,392 $ — $ 8,130,428 Owner occupied commercial real estate $ 2,586 $ 3,027 $ 7,755 $ — $ 13,368 Income producing commercial real estate 12,918 22,609 6,652 — 42,179 Commercial & industrial 258 227 151 — 636 Commercial construction 3,345 753 2,475 — 6,573 Equipment financing 11,154 — 820 — 11,974 Total commercial 30,261 26,616 17,853 — 74,730 Residential mortgage 8,167 148 3,207 — 11,522 Home equity lines of credit 1,334 — 561 — 1,895 Residential construction 473 247 206 — 926 Consumer direct 697 — 73 — 770 Indirect auto — — — — — Total PCI loans $ 40,932 $ 27,011 $ 21,900 $ — $ 89,843 Total loan portfolio $ 7,971,271 $ 106,708 $ 142,292 $ — $ 8,220,271 As of December 31, 2017 Owner occupied commercial real estate $ 1,833,469 $ 33,571 $ 31,194 $ — $ 1,898,234 Income producing commercial real estate 1,495,805 30,780 23,749 — 1,550,334 Commercial & industrial 1,097,907 18,052 13,589 — 1,129,548 Commercial construction 693,873 2,947 6,259 — 703,079 Equipment financing — — — — — Total commercial 5,121,054 85,350 74,791 — 5,281,195 Residential mortgage 939,706 — 20,697 — 960,403 Home equity lines of credit 721,142 — 7,194 — 728,336 Residential construction 180,567 — 1,988 — 182,555 Consumer direct 125,860 — 524 — 126,384 Indirect auto 354,788 — 3,397 — 358,185 Total loans, excluding PCI loans $ 7,443,117 $ 85,350 $ 108,591 $ — $ 7,637,058 Owner occupied commercial real estate $ 2,400 $ 8,163 $ 15,196 $ — $ 25,759 Income producing commercial real estate 13,392 21,928 9,520 — 44,840 Commercial & industrial 383 672 387 — 1,442 Commercial construction 3,866 2,228 2,763 — 8,857 Equipment financing — — — — — Total commercial 20,041 32,991 27,866 — 80,898 Residential mortgage 9,566 173 3,402 — 13,141 Home equity lines of credit 1,579 427 885 — 2,891 Residential construction 423 — 41 — 464 Consumer direct 1,076 10 34 — 1,120 Indirect auto — — — — — Total PCI loans $ 32,685 $ 33,601 $ 32,228 $ — $ 98,514 Total loan portfolio $ 7,475,802 $ 118,951 $ 140,819 $ — $ 7,735,572 |
Reclassifications Out of Accumu
Reclassifications Out of Accumulated Other Comprehensive Income | 6 Months Ended |
Jun. 30, 2018 | |
Equity [Abstract] | |
Reclassifications Out of Accumulated Other Comprehensive Income | Reclassifications Out of Accumulated Other Comprehensive Income The following table presents the details regarding amounts reclassified out of accumulated other comprehensive income for the periods indicated (in thousands) . Amounts Reclassified from Accumulated Other Comprehensive Income Details about Accumulated Other Comprehensive Income Components Three Months Ended June 30, Six Months Ended Affected Line Item in the Statement Where Net Income is Presented 2018 2017 2018 2017 Realized (losses) gains on available-for-sale securities: $ (364 ) $ 4 $ (1,304 ) $ 2 Securities (losses) gains, net 97 — 317 1 Income tax benefit $ (267 ) $ 4 $ (987 ) $ 3 Net of tax Amortization of losses included in net income on available-for-sale securities transferred to held-to-maturity: $ (218 ) $ (261 ) $ (439 ) $ (571 ) Investment securities interest revenue 55 98 109 214 Income tax benefit $ (163 ) $ (163 ) $ (330 ) $ (357 ) Net of tax Amortization of losses included in net income on derivative financial instruments accounted for as cash flow hedges: Amortization of losses on de-designated positions $ (143 ) $ (149 ) $ (290 ) $ (298 ) Money market deposit interest expense Amortization of losses on de-designated positions — (28 ) — (292 ) Federal Home Loan Bank advances interest expense (143 ) (177 ) (290 ) (590 ) Total before tax 38 69 76 230 Income tax benefit $ (105 ) $ (108 ) $ (214 ) $ (360 ) Net of tax Reclassification of disproportionate tax effect related to terminated cash flow hedges: $ — $ — $ — $ (3,400 ) Income tax expense Amortization of prior service cost and actuarial losses included in net periodic pension cost for defined benefit pension plan: Prior service cost $ (167 ) $ (140 ) $ (334 ) $ (280 ) Salaries and employee benefits expense Actuarial losses (60 ) — (120 ) — Other expense Actuarial losses — (60 ) — (120 ) Salaries and employee benefits expense (227 ) (200 ) (454 ) (400 ) Total before tax 73 78 131 157 Income tax benefit $ (154 ) $ (122 ) $ (323 ) $ (243 ) Net of tax Total reclassifications for the period $ (689 ) $ (389 ) $ (1,854 ) $ (4,357 ) Net of tax Amounts shown above in parentheses reduce earnings. |
Earnings Per Share
Earnings Per Share | 6 Months Ended |
Jun. 30, 2018 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | Earnings Per Share The following table sets forth the computation of basic and diluted earnings per share for the periods indicated (in thousands, except per share data) . Three Months Ended Six Months Ended 2018 2017 2018 2017 Net income $ 39,634 $ 28,267 $ 77,292 $ 51,791 Dividends and undistributed earnings allocated to unvested shares (275 ) — (552 ) — Net income available to common shareholders $ 39,359 $ 28,267 $ 76,740 $ 51,791 Weighted average shares outstanding: Basic 79,745 71,810 79,477 71,798 Effect of dilutive securities Stock options 10 10 10 11 Diluted 79,755 71,820 79,487 71,809 Net income per common share: Basic $ 0.49 $ 0.39 $ 0.97 $ 0.72 Diluted $ 0.49 $ 0.39 $ 0.97 $ 0.72 At June 30, 2018 , United had potentially dilutive warrants outstanding to purchase 219,909 shares of common stock at $61.40 per share. At June 30, 2018 , there were no shares of potentially dilutive common stock issuable upon exercise of stock options granted to employees. At June 30, 2017 , United had the following potentially dilutive stock options and warrants outstanding: a warrant to purchase 219,909 shares of common stock at $61.40 per share; 63,404 shares of common stock issuable upon exercise of stock options granted to employees with a weighted average exercise price of $25.45 ; and 595,188 shares of common stock issuable upon the vesting of restricted stock unit awards. |
Derivatives and Hedging Activit
Derivatives and Hedging Activities | 6 Months Ended |
Jun. 30, 2018 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivatives and Hedging Activities | Derivatives and Hedging Activities Risk Management Objective of Using Derivatives United is exposed to certain risks arising from both its business operations and economic conditions. United principally manages its exposures to a wide variety of business and operational risks through management of its core business activities. United manages interest rate risk primarily by managing the amount, sources, and duration of its investment securities portfolio and wholesale funding and through the use of derivative financial instruments. Specifically, United enters into derivative financial instruments to manage exposures that arise from business activities that result in the receipt or payment of future known and uncertain cash amounts, the value of which are determined primarily by interest rates. Derivative financial instruments are used to manage differences in the amount, timing, and duration of known or expected cash receipts and known or expected cash payments principally related to loans, investment securities, wholesale borrowings and deposits. In conjunction with the FASB’s fair value measurement guidance, United made an accounting policy election to measure the credit risk of its derivative financial instruments that are subject to master netting agreements on a gross basis. The table below presents the fair value of derivative financial instruments as of the dates indicated as well as their classification on the consolidated balance sheet (in thousands) . Derivatives designated as hedging instruments under ASC 815 Interest Rate Products Balance Sheet Location June 30, 2018 December 31, 2017 Fair value hedge of corporate bonds Derivative assets $ — $ 336 $ — $ 336 Fair value hedge of brokered CDs Derivative liabilities $ 2,425 $ 2,053 $ 2,425 $ 2,053 Derivatives not designated as hedging instruments under ASC 815 Fair Value Interest Rate Products Balance Sheet Location June 30, 2018 December 31, 2017 Customer derivative positions Derivative assets $ 951 $ 2,659 Dealer offsets to customer derivative positions Derivative assets 14,433 6,867 Mortgage banking - loan commitment Derivative assets 1,764 1,150 Mortgage banking - forward sales commitment Derivative assets 2 13 Bifurcated embedded derivatives Derivative assets 12,746 11,057 Interest rate caps Derivative assets — 639 $ 29,896 $ 22,385 Customer derivative positions Derivative liabilities $ 18,489 $ 7,032 Dealer offsets to customer derivative positions Derivative liabilities 217 1,551 Risk participations Derivative liabilities 8 20 Mortgage banking - forward sales commitment Derivative liabilities 189 49 Dealer offsets to bifurcated embedded derivatives Derivative liabilities 15,471 14,279 De-designated hedges Derivative liabilities 462 392 $ 34,836 $ 23,323 Customer derivative positions are between United and certain commercial loan customers with offsetting positions to dealers under a back-to-back swap/cap program. United also has three interest rate swap contracts that are not designated as hedging instruments but are economic hedges of market-linked brokered certificates of deposit. The market-linked brokered certificates of deposit contain embedded derivatives that are bifurcated from the host instruments and are marked to market through earnings. The fair value marks on the market linked swaps and the bifurcated embedded derivatives tend to move in opposite directions with changes in 90-day London Interbank Offered Rate (“LIBOR”) and therefore provide an economic hedge. To accommodate customers, United occasionally enters into credit risk participation agreements with counterparty banks to accept a portion of the credit risk related to interest rate swaps. This allows customers to execute an interest rate swap with one bank while allowing for the distribution of the credit risk among participating members. Credit risk participation agreements arise when United contracts with other financial institutions, as a guarantor, to share credit risk associated with certain interest rate swaps. These agreements provide for reimbursement of losses resulting from a third party default on the underlying swap. These transactions are typically executed in conjunction with a participation in a loan with the same customer. Collateral used to support the credit risk for the underlying lending relationship is also available to offset the risk of the credit risk participation. In addition, United originates certain residential mortgage loans with the intention of selling these loans. Between the time United enters into an interest-rate lock commitment to originate a residential mortgage loan that is to be held for sale and the time the loan is funded and eventually sold, United is subject to the risk of variability in market prices. United enters into forward sale agreements to mitigate risk and to protect the expected gain on the eventual loan sale. Most of this hedging activity is executed on a matched basis, with a loan sale commitment hedging a specific loan. The commitments to originate residential mortgage loans and forward loan sales commitments are freestanding derivative instruments. United accounts for most newly originated mortgage loans at fair value pursuant to the fair value option, and these loans are not reflected in the table above. Fair value adjustments on these derivative instruments are recorded within mortgage loan and other related fee income in the consolidated statement of income. Cash Flow Hedges of Interest Rate Risk At June 30, 2018 and December 31, 2017 United did not have any active cash flow hedges. Changes in balance sheet composition and interest rate risk position made cash flow hedges no longer necessary as protection against rising interest rates. The loss remaining in other comprehensive income from prior hedges that have been de-designated is being amortized into earnings over the original term of the swaps as the forecasted transactions that the swaps were originally designated to hedge are still expected to occur. United expects that $361,000 will be reclassified as an increase to interest expense over the next twelve months related to these cash flow hedges. The table below presents the effect of cash flow hedges on the consolidated statements of income for the periods indicated (in thousands) . Gain (Loss) Reclassified from Accumulated Other Comprehensive Income into Income (Effective Portion) Location 2018 2017 Three Months Ended June 30, Interest rate swaps Interest expense $ (143 ) $ (177 ) Six Months Ended June 30, Interest rate swaps Interest expense $ (290 ) $ (590 ) Fair Value Hedges of Interest Rate Risk United is exposed to changes in the fair value of certain of its fixed-rate obligations due to changes in interest rates. United uses interest rate swaps to manage its exposure to changes in fair value on these instruments attributable to changes in interest rates. Interest rate swaps designated as fair value hedges of brokered deposits involve the receipt of fixed-rate amounts from a counterparty in exchange for United making variable rate payments over the life of the agreements without the exchange of the underlying notional amount. Interest rate swaps designated as fair value hedges of fixed-rate investments involve the receipt of variable-rate payments from a counterparty in exchange for United making fixed-rate payments over the life of the instrument without the exchange of the underlying notional amount. At June 30, 2018 , United had four interest rate swaps with a notional amount of $39.0 million that were designated as fair value hedges of interest rate risk and were pay-variable / receive-fixed swaps hedging the changes in the fair value of fixed-rate brokered time deposits resulting from changes in interest rates. At December 31, 2017 , United had four interest rate swaps with an aggregate notional amount of $40.7 million that were designated as fair value hedges of interest rate risk and were pay-variable / receive-fixed, hedging the changes in the fair value of fixed-rate brokered time deposits resulting from changes in interest rates. Also at December 31, 2017 , United had one interest rate swap with a notional value of $30 million that was designated as a pay-fixed / receive-variable fair value hedge of changes in the fair value of a fixed-rate corporate bond. For derivatives designated and that qualify as fair value hedges, the gain or loss on the derivative as well as the offsetting loss or gain on the hedged item attributable to the hedged risk are recognized in earnings. United includes the gain or loss on the hedged items in the same income statement line item as the offsetting loss or gain on the related derivatives. During the three and six months ended June 30, 2018 , United recognized net losses of $119,000 and $199,000 , respectively, related to ineffectiveness in the fair value hedging relationships. During the three and six months ended June 30, 2017 , United recognized net losses of $327,000 and $452,000 , respectively, related to ineffectiveness in the fair value hedging relationships. United also recognized a net increase in interest expense of $66,000 and $80,000 , respectively, for the three and six months ended June 30, 2018 , and net reductions of interest expense of $65,000 and $97,000 , respectively, for the three and six months ended June 30, 2017 related to fair value hedges of brokered time deposits, which includes net settlements on the derivatives. United recognized an increase in interest revenue on securities for the six months ended June 30, 2018 of $17,000 and reductions of interest revenue on securities during the three and six months ended June 30, 2017 of $80,000 and $173,000 , respectively, related to fair value hedges of corporate bonds. For the three months ended June 30, 2018 , there was no impact on interest revenue on securities related to fair value hedges of corporate bonds. The table below presents the effect of derivatives in fair value hedging relationships on the consolidated statement of income for the periods indicated (in thousands) . Location of Gain (Loss) Recognized in Income on Derivative Amount of Gain (Loss) Recognized in Income on Derivative Amount of Gain (Loss) Recognized in Income on Hedged Item 2018 2017 2018 2017 Three Months Ended June 30, Fair value hedges of brokered CDs Interest expense $ (144 ) $ 73 $ 25 $ (344 ) Fair value hedges of corporate bonds Interest revenue — (323 ) — 267 $ (144 ) $ (250 ) $ 25 $ (77 ) Six Months Ended June 30, Fair value hedges of brokered CDs Interest expense $ (837 ) $ (201 ) $ 569 $ (155 ) Fair value hedges of corporate bonds Interest revenue (336 ) (217 ) 405 121 $ (1,173 ) $ (418 ) $ 974 $ (34 ) In certain cases, the estate of deceased brokered certificate of deposit holders may put the certificate of deposit back to United at par upon the death of the holder. When these estate puts occur, a gain or loss is recognized for the difference between the fair value and the par amount of the deposits put back. The change in the fair value of brokered time deposits that are being hedged in fair value hedging relationships reported in the table above includes gains and losses from estate puts and such gains and losses are included in the amount of reported ineffectiveness gains or losses. Derivatives Not Designated as Hedging Instruments under ASC 815 The table below presents the gains and losses recognized in income on derivatives not designated as hedging instruments under ASC 815 for the periods indicated (in thousands) . Location of Gain (Loss) Recognized in Income on Derivative Amount of Gain (Loss) Recognized in Income on Derivative 2018 2017 Three Months Ended June 30, Customer derivatives and dealer offsets Other noninterest income $ 643 $ 775 Bifurcated embedded derivatives and dealer offsets Other noninterest income 12 119 Interest rate caps Other noninterest income — 90 De-designated hedges Other noninterest income (17 ) 28 Mortgage banking derivatives Mortgage loan revenue 156 (1,000 ) Risk participations Other noninterest income 15 1 $ 809 $ 13 Six Months Ended June 30, Customer derivatives and dealer offsets Other noninterest income $ 1,417 $ 1,250 Bifurcated embedded derivatives and dealer offsets Other noninterest income 381 206 Interest rate caps Other noninterest income 276 90 De-designated hedges Other noninterest income (83 ) 4 Mortgage banking derivatives Mortgage loan revenue 1,420 (876 ) Risk participations Other noninterest income 12 5 $ 3,423 $ 679 Credit-Risk-Related Contingent Features United manages its credit exposure on derivatives transactions by entering into a bilateral credit support agreement with each counterparty. The credit support agreements require collateralization of exposures beyond specified minimum threshold amounts. The details of these agreements, including the minimum thresholds, vary by counterparty. As of June 30, 2018 , collateral totaling $18.4 million was pledged toward derivatives in a liability position. United’s agreements with each of its derivative counterparties contain a provision where if either party defaults on any of its indebtedness, then it could also be declared in default on its derivative obligations. The agreements with derivatives counterparties also include provisions that if not met, could result in United being declared in default. United has agreements with certain of its derivative counterparties that contain a provision where if United fails to maintain its status as a well-capitalized institution or is subject to a prompt corrective action directive, the counterparty could terminate the derivative positions and United would be required to settle its obligations under the agreements. As a result of the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 (the “Dodd-Frank Act”), all newly eligible derivatives entered into are cleared through a central clearinghouse. Derivatives that are centrally cleared do not have credit-risk-related features that require additional collateral if our credit rating were downgraded. |
Stock-Based Compensation
Stock-Based Compensation | 6 Months Ended |
Jun. 30, 2018 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Stock-Based Compensation | Stock-Based Compensation United has an equity compensation plan that allows for grants of incentive stock options, nonqualified stock options, restricted stock and restricted stock unit awards (also referred to as “nonvested stock” awards), stock awards, performance share awards or stock appreciation rights. Options granted under the plan can have an exercise price no less than the fair market value of the underlying stock at the date of grant. The general terms of the plan include a vesting period (usually four years ) with an exercisable period not to exceed ten years . Certain options, restricted stock and restricted stock unit awards provide for accelerated vesting if there is a change in control (as defined in the plan). Through June 30, 2018 , incentive stock options, nonqualified stock options, restricted stock and restricted stock unit awards, base salary stock grants and performance share awards have been granted under the plan. As of June 30, 2018 , 1.74 million additional awards remained available for grant under the plan. The following table shows stock option activity for the first six months of 2018 . Options Shares Weighted- Average Exercise Price Weighted- Average Remaining Contractual Term (Years) Aggregate Outstanding at December 31, 2017 60,287 $ 24.12 Exercised (12,000 ) 11.85 Cancelled/forfeited (181 ) 31.50 Outstanding at June 30, 2018 48,106 27.16 2.4 $ 169 Exercisable at June 30, 2018 45,606 27.73 2.1 134 The fair value of each option is estimated on the date of grant using the Black-Scholes model. No stock options were granted during the six months ended June 30, 2018 and 2017 . United recognized $12,000 and $15,000 in compensation expense related to stock options during each of the six months ended June 30, 2018 and 2017 , respectively. The amount of compensation expense was determined based on the fair value of the options at the time of grant, multiplied by the number of options granted that were expected to vest, which was then amortized over the vesting period. The table below presents restricted stock units activity for the first six months of 2018 . Restricted Stock Unit Awards Shares Weighted- Average Grant- Date Fair Value Weighted- Average Remaining Contractual Term (Years) Aggregate Outstanding at December 31, 2017 663,817 $ 22.40 Granted 206,123 31.07 Vested (124,551 ) 18.53 $ 3,998 Cancelled (13,665 ) 21.95 Outstanding at June 30, 2018 731,724 25.51 5.4 22,442 Compensation expense for restricted stock units is based on the market value of United’s common stock on the date of grant. United recognizes the impact of forfeitures as they occur. The value of restricted stock unit awards is amortized into expense over the vesting period. For the six months ended June 30, 2018 and 2017 , expense of $2.11 million and $3.02 million , respectively, was recognized related to restricted stock unit awards. Of the expense recognized related to restricted stock unit awards during the six months ended June 30, 2017 , $696,000 relates to the modification of existing awards resulting from an acceleration of vesting of unvested awards due to retirement which was recognized in merger-related and other charges in the consolidated statement of income. The remaining expense of $2.33 million was recognized in compensation expense. In addition, for the six months ended June 30, 2018 and 2017 , $156,000 and $113,000 , respectively, was recognized in other operating expense for restricted stock unit awards granted to members of United’s board of directors. A deferred income tax benefit related to expense for options and restricted stock of $581,000 and $1.23 million was included in the determination of income tax expense for the six months ended June 30, 2018 and 2017 , respectively. As of June 30, 2018 , there was $14.9 million of unrecognized expense related to non-vested stock options and restricted stock unit awards granted under the plan. That cost is expected to be recognized over a weighted-average period of 2.4 years . |
Common and Preferred Stock Issu
Common and Preferred Stock Issued / Common Stock Issuable | 6 Months Ended |
Jun. 30, 2018 | |
Equity [Abstract] | |
Common and Preferred Stock Issued / Common Stock Issuable | Common and Preferred Stock Issued / Common Stock Issuable United sponsors a Dividend Reinvestment and Share Purchase Plan (“DRIP”) that allows participants who already own United’s common stock to purchase additional shares directly from United. The DRIP also allows participants to automatically reinvest their quarterly dividends in additional shares of common stock without a commission. In the six months ended June 30, 2018 and 2017 , 3,364 shares and 1,714 shares, respectively, were issued through the DRIP. In addition, United has an Employee Stock Purchase Program (“ESPP”) that allows eligible employees to purchase shares of common stock at a 10% discount, with no commission charges. During the first six months of 2018 and 2017 , United issued 6,489 shares and 6,855 shares, respectively, through the ESPP. United offers its common stock as an investment option in its deferred compensation plan. United also allows for the deferral of restricted stock unit awards. The common stock component of the deferred compensation plan is accounted for as an equity instrument and is reflected in the consolidated financial statements as common stock issuable. The deferred compensation plan does not allow for diversification once an election is made to invest in United’s common stock and settlement must be accomplished in shares at the time the deferral period is completed. At June 30, 2018 and December 31, 2017 , 616,549 and 607,869 shares of common stock, respectively, were issuable under the deferred compensation plan. On March 22, 2016, United announced that its Board of Directors had authorized a program to repurchase up to $50 million of United’s outstanding common stock through December 31, 2017 . In November 2017, the Board of Directors extended this program to December 31, 2018 . Under the program, the shares may be repurchased periodically in open market transactions at prevailing market prices, in privately negotiated transactions, or by other means in accordance with federal securities laws. The actual timing, number and value of shares repurchased under the program depends on a number of factors, including the market price of United’s common stock, general market and economic conditions, and applicable legal requirements. During the first six months of 2018 and 2017 , United did not repurchase any shares under the program. As of June 30, 2018 , $36.3 million of United’s outstanding common stock may be repurchased under the program. |
Income Taxes
Income Taxes | 6 Months Ended |
Jun. 30, 2018 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes The income tax provision for the three and six months ended June 30, 2018 was $13.5 million and $24.3 million , respectively, which represents an effective tax rate of 25.5% and 23.9% , respectively, for each period. The effective tax rate for the second quarter and first six months of 2018 reflect the lower federal income tax rate enacted in the fourth quarter of 2017 following the passage of H.R. 1, commonly known as the Tax Cuts and Jobs Act of 2017 (the “Tax Act”). The income tax provision for the second quarter of 2018 also includes $509,000 of additional tax expense resulting from the partial impairment of United’s deferred tax asset due to Georgia’s announcement that it has reduced its corporate income tax rate from 6.00% to 5.75% effective January 1, 2019. The income tax provision for the three and six months ended June 30, 2017 was $16.5 million and $35.0 million , respectively, which represents an effective tax rate of 36.9% and 40.3% , respectively, for each period. Upon reversal of United’s former full deferred tax valuation allowance in 2013, certain disproportionate tax effects were retained in accumulated other comprehensive income (loss). During the first quarter of 2017 , with the maturity and termination of certain dedesignated cash flow hedges, the disproportionate tax effect associated with these hedges was reversed and recorded as a tax expense of $3.40 million , which was the primary reason for the increase in the effective tax rate for that period. At June 30, 2018 and December 31, 2017 , United maintained a valuation allowance on its net deferred tax asset of $4.71 million and $4.41 million , respectively. Management assesses the valuation allowance recorded against its net deferred tax asset at each reporting period. The determination of whether a valuation allowance for its net deferred tax asset is appropriate is subject to considerable judgment and requires an evaluation of all the positive and negative evidence. The valuation allowance could fluctuate in future periods based on the assessment of the positive and negative evidence. Management’s conclusion at June 30, 2018 that it was more likely than not that the net deferred tax asset of $77.3 million will be realized is based upon management’s estimate of future taxable income. Management’s estimate of future taxable income is based on internal forecasts that consider historical performance, various internal estimates and assumptions, as well as certain external data all of which management believes to be reasonable although inherently subject to significant judgment. If actual results differ significantly from the current estimates of future taxable income, even if caused by adverse macro-economic conditions, the valuation allowance may need to be increased for some or all of its net deferred tax asset. United is subject to income taxation in the United States and various state jurisdictions. United’s federal and state income tax returns are filed on a consolidated basis. Currently, no years for which United filed a federal income tax return are under examination by the IRS, and there are no state tax examinations currently in progress. United is no longer subject to income tax examinations from state and local income tax authorities for years before 2014. Although it is not possible to know the ultimate outcome of future examinations, management believes that the liability recorded for uncertain tax positions is appropriate. At June 30, 2018 and December 31, 2017 , unrecognized income tax benefits totaled $3.39 million and $3.16 million , respectively. |
Assets and Liabilities Measured
Assets and Liabilities Measured at Fair Value | 6 Months Ended |
Jun. 30, 2018 | |
Fair Value Disclosures [Abstract] | |
Assets and Liabilities Measured at Fair Value | Assets and Liabilities Measured at Fair Value Fair value measurements are determined based on the assumptions that market participants would use in pricing the asset or liability. As a basis for considering market participant assumptions in fair value measurements, United uses a fair value hierarchy that distinguishes between market participant assumptions based on market data obtained from sources independent of the reporting entity (observable inputs that are classified within Levels 1 and 2 of the hierarchy) and the reporting entity’s own assumptions about market participant assumptions (unobservable inputs classified within Level 3 of the hierarchy). United has processes in place to review the significant valuation inputs and to reassess how the instruments are classified in the valuation framework. Fair Value Hierarchy Level 1 Valuation is based upon quoted prices (unadjusted) in active markets for identical assets or liabilities that United has the ability to access. Level 2 Valuation is based upon quoted prices for similar assets and liabilities in active markets, as well as inputs that are observable for the asset or liability (other than quoted prices), such as interest rates, foreign exchange rates, and yield curves that are observable at commonly quoted intervals. Level 3 Valuation is generated from model-based techniques that use at least one significant assumption based on unobservable inputs for the asset or liability, which are typically based on an entity’s own assumptions, as there is little, if any, related market activity. In instances where the determination of the fair value measurement is based on inputs from different levels of the fair value hierarchy, the level in the fair value hierarchy within which the entire fair value measurement falls is based on the lowest level input that is significant to the fair value measurement in its entirety. The assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment, and considers factors specific to the asset or liability. The following is a description of the valuation methodologies used for assets and liabilities recorded at fair value. Securities Available-for-Sale Investment securities available-for-sale are recorded at fair value on a recurring basis. Fair value measurement is based upon quoted prices, if available. If quoted prices are not available, fair values are measured using independent pricing models or other model-based valuation techniques such as the present value of future cash flows, adjusted for the security’s credit rating, prepayment assumptions and other factors such as credit loss assumptions. Level 1 securities include those traded on an active exchange, such as the New York Stock Exchange, United States Department of Treasury (“Treasury”) securities that are traded by dealers or brokers in active over-the-counter markets and money market funds. Level 2 securities include mortgage-backed securities issued by government sponsored entities, municipal bonds, corporate debt securities and asset-backed securities and are valued based on observable inputs that include: quoted market prices for similar assets, quoted market prices that are not in an active market, or other inputs that are observable in the market and can be corroborated by observable market data for substantially the full term of the securities. Securities classified as Level 3 include asset-backed securities in less liquid markets. Securities classified as Level 3 are valued based on estimates obtained from broker-dealers and are not directly observable. Deferred Compensation Plan Assets and Liabilities Included in other assets in the consolidated balance sheet are assets related to employee deferred compensation plans. The assets associated with these plans are invested in mutual funds and classified as Level 1. Deferred compensation liabilities, also classified as Level 1, are carried at the fair value of the obligation to the employee, which mirrors the fair value of the invested assets and is included in other liabilities in the consolidated balance sheet. Mortgage Loans Held for Sale United has elected the fair value option for most of its newly originated mortgage loans held for sale in order to reduce certain timing differences and better match changes in fair values of the loans with changes in the value of derivative instruments used to economically hedge them. The fair value of mortgage loans held for sale is determined using quoted prices for a similar asset, adjusted for specific attributes of that loan (Level 2). Loans United does not record loans at fair value on a recurring basis. However, from time to time, a loan is considered impaired and an allowance for credit losses is established. Loans for which it is probable that payment of interest and principal will not be made in accordance with the contractual terms of the loan agreement are considered impaired. Once a loan is identified as individually impaired, management measures impairment based on the present value of expected future cash flows discounted at the loan’s effective interest rate, except that as a practical expedient, a creditor may measure impairment based on a loan’s observable market price, or the fair value of the collateral if repayment of the loan is dependent upon the sale of the underlying collateral. Those impaired loans not requiring an allowance represent loans for which the fair value of the expected repayments or collateral exceed the recorded investments in such loans. In accordance with ASC 820, Fair Value Measures and Disclosures , impaired loans where an allowance is established based on the fair value of collateral require classification in the fair value hierarchy. When the fair value of the collateral is based on an observable market price or a current appraised value, United records the impaired loan as nonrecurring Level 2. When an appraised value is not available or management determines the fair value of the collateral is further impaired below the appraised value and there is no observable market price, United records the impaired loan as nonrecurring Level 3. Derivative Financial Instruments United uses interest rate swaps and interest rate floors to manage its interest rate risk. The valuation of these instruments is typically determined using widely accepted valuation techniques including discounted cash flow analysis on the expected cash flows of each derivative. This analysis reflects the contractual terms of the derivatives, including the period to maturity, and uses observable market-based inputs, including interest rate curves and implied volatilities. The fair values of interest rate swaps are determined using the market standard methodology of netting the discounted future fixed cash receipts and the discounted expected variable cash payments. The variable cash payments are based on an expectation of future interest rates (forward curves) derived from observable market interest rate curves. United also uses best effort and mandatory delivery forward loan sale commitments to hedge risk in its mortgage lending business. To comply with the provisions of ASC 820, United incorporates credit valuation adjustments to appropriately reflect both its own nonperformance risk and the respective counterparty’s nonperformance risk in the fair value measurements. In adjusting the fair value of its derivative contracts for the effect of nonperformance risk, United has considered the effect of netting and any applicable credit enhancements, such as collateral postings, thresholds, mutual puts, and guarantees. Although management has determined that the majority of the inputs used to value its derivatives fall within Level 2 of the fair value hierarchy, the credit valuation adjustments associated with its derivatives utilize Level 3 inputs, such as estimates of current credit spreads to evaluate the likelihood of default by itself and its counterparties. However, management had assessed the significance of the effect of the credit valuation adjustments on the overall valuation of its derivative positions and has determined that the credit valuation adjustments are not significant to the overall valuation of its derivatives. Derivatives classified as Level 3 included structured derivatives for which broker quotes, used as a key valuation input, were not observable consistent with a Level 2 disclosure. The fair value of risk participations incorporates Level 3 inputs to evaluate the likelihood of customer default. The fair value of interest rate lock commitments, which is related to mortgage loan commitments, is categorized as Level 3 based on unobservable inputs for commitments that United does not expect to fund. Servicing Rights for SBA/USDA Loans United recognizes servicing rights upon the sale of SBA/USDA loans sold with servicing retained. Management has elected to carry this asset at fair value. Given the nature of the asset, the key valuation inputs are unobservable and management classifies this asset as Level 3. Residential Mortgage Servicing Rights United recognizes servicing rights upon the sale of residential mortgage loans sold with servicing retained. Effective January 1, 2017, management elected to carry this asset at fair value. Given the nature of the asset, the key valuation inputs are unobservable and management classifies this asset as Level 3. Pension Plan Assets For information on the fair value of pension plan assets, see Note 18 in the Annual Report on Form 10-K for the year ended December 31, 2017 . Assets and Liabilities Measured at Fair Value on a Recurring Basis The table below presents United’s assets and liabilities measured at fair value on a recurring basis as of the dates indicated, aggregated by the level in the fair value hierarchy within which those measurements fall (in thousands) . June 30, 2018 Level 1 Level 2 Level 3 Total Assets: Securities available for sale: U.S. Treasuries $ 119,039 $ — $ — $ 119,039 U.S. Agencies — 25,578 — 25,578 State and political subdivisions — 197,631 — 197,631 Mortgage-backed securities — 1,806,861 — 1,806,861 Corporate bonds — 197,175 990 198,165 Asset-backed securities — 188,963 — 188,963 Other — 57 — 57 Mortgage loans held for sale — 34,813 — 34,813 Deferred compensation plan assets 6,199 — — 6,199 Servicing rights for SBA/USDA loans — — 7,509 7,509 Residential mortgage servicing rights — — 10,801 10,801 Derivative financial instruments — 15,386 14,510 29,896 Total assets $ 125,238 $ 2,466,464 $ 33,810 $ 2,625,512 Liabilities: Deferred compensation plan liability $ 6,199 $ — $ — $ 6,199 Derivative financial instruments — 18,895 18,366 37,261 Total liabilities $ 6,199 $ 18,895 $ 18,366 $ 43,460 December 31, 2017 Level 1 Level 2 Level 3 Total Assets: Securities available for sale U.S. Treasuries $ 121,113 $ — $ — $ 121,113 U.S. Agencies — 26,372 — 26,372 State and political subdivisions — 197,286 — 197,286 Mortgage-backed securities — 1,727,211 — 1,727,211 Corporate bonds — 305,453 900 306,353 Asset-backed securities — 237,458 — 237,458 Other — 57 — 57 Mortgage loans held for sale — 26,252 — 26,252 Deferred compensation plan assets 5,716 — — 5,716 Servicing rights for SBA/USDA loans — — 7,740 7,740 Residential mortgage servicing rights — — 8,262 8,262 Derivative financial instruments — 10,514 12,207 22,721 Total assets $ 126,829 $ 2,530,603 $ 29,109 $ 2,686,541 Liabilities: Deferred compensation plan liability $ 5,716 $ — $ — $ 5,716 Derivative financial instruments — 8,632 16,744 25,376 Total liabilities $ 5,716 $ 8,632 $ 16,744 $ 31,092 The following table shows a reconciliation of the beginning and ending balances for the periods indicated for assets measured at fair value on a recurring basis using significant unobservable inputs that are classified as Level 3 values (in thousands) . 2018 2017 Derivative Asset Derivative Liability Servicing rights for SBA/USDA loans Residential mortgage servicing rights Securities Available- for-Sale Derivative Derivative Servicing Residential Securities Three Months Ended June 30, Balance at beginning of period $ 13,877 $ 17,788 $ 7,470 $ 9,718 $ 900 $ 12,649 $ 16,580 $ 5,997 $ 5,971 $ 675 Additions — — 613 1,182 — — — 668 947 — Sales and settlements — — (316 ) (126 ) — (702 ) (964 ) (36 ) (74 ) — Other comprehensive income — — — — 90 — — — — 135 Amounts included in earnings - fair value adjustments 633 578 (258 ) 27 — (91 ) 475 11 (345 ) — Balance at end of period $ 14,510 $ 18,366 $ 7,509 $ 10,801 $ 990 $ 11,856 $ 16,091 $ 6,640 $ 6,499 $ 810 Six Months Ended June 30, Balance at beginning of period $ 12,207 $ 16,744 $ 7,740 $ 8,262 $ 900 $ 11,777 $ 16,347 $ 5,752 $ — $ 675 Business combinations — — (354 ) — — — — — — — Transfer from amortization method to fair value — — — — — — — — 5,070 — Additions — — 1,092 2,108 — — — 1,221 1,813 — Sales and settlements (1,029 ) (1,347 ) (407 ) (206 ) — (1,086 ) (1,514 ) (299 ) (114 ) — Other comprehensive income — — — — 90 — — — — 135 Amounts included in earnings - fair value adjustments 3,332 2,969 (562 ) 637 — 1,165 1,258 (34 ) (270 ) — Balance at end of period $ 14,510 $ 18,366 $ 7,509 $ 10,801 $ 990 $ 11,856 $ 16,091 $ 6,640 $ 6,499 $ 810 The following table presents quantitative information about Level 3 fair value measurements for fair value on a recurring basis as of the dates indicated (in thousands) . Fair Value Weighted Average Level 3 Assets and Liabilities June 30, 2018 December 31, 2017 Valuation Technique June 30, 2018 December 31, 2017 Unobservable Inputs Servicing rights for SBA/USDA loans $ 7,509 $ 7,740 Discounted cash flow Discount rate 12.7 % 12.5 % Prepayment rate 10.1 8.3 Residential mortgage servicing rights 10,801 8,262 Discounted cash flow Discount rate 10.0 10.0 Prepayment rate 8.6 9.5 Corporate bonds 990 900 Indicative bid provided by a broker Multiple factors, including but not limited to, current operations, financial condition, cash flows, and recently executed financing transactions related to the company N/A N/A Derivative assets - mortgage 1,764 1,150 Internal model Pull through rate 81.1 80.0 Derivative assets - other 12,746 11,057 Dealer priced Dealer priced N/A N/A Derivative liabilities - risk participations 8 20 Internal model Probable exposure rate 0.5 0.4 Probability of default rate 1.8 1.8 Derivative liabilities - other 18,358 16,724 Dealer priced Dealer priced N/A N/A Fair Value Option At June 30, 2018 , mortgage loans held for sale for which the fair value option was elected had an aggregate fair value and outstanding principal balance of $34.8 million and $33.7 million , respectively. At December 31, 2017 , mortgage loans held for sale for which the fair value option was elected had an aggregate fair value and outstanding principal balance of $26.3 million and $25.4 million , respectively. Interest income on these loans is calculated based on the note rate of the loan and is recorded in interest revenue. During the three and six months ended June 30, 2018 , changes in fair value of these loans resulted in net gains of $326,000 and $254,000 , respectively. During the three and six months ended June 30, 2017 , changes in fair value of these loans resulted in net gains of $192,000 and $444,000 , respectively, which were recorded in mortgage loan and other related fees. These changes in fair value were mostly offset by hedging activities. An immaterial portion of these amounts was attributable to changes in instrument-specific credit risk. Assets and Liabilities Measured at Fair Value on a Nonrecurring Basis United may be required, from time to time, to measure certain assets at fair value on a nonrecurring basis. These adjustments to fair value usually result from the application of the lower of the amortized cost or fair value accounting or write-downs of individual assets due to impairment. The following table presents the fair value hierarchy and carrying value of all assets that were still held as of June 30, 2018 and December 31, 2017 , for which a nonrecurring fair value adjustment was recorded during the year-to-date periods presented (in thousands) . Level 1 Level 2 Level 3 Total June 30, 2018 Loans $ — $ — $ 6,570 $ 6,570 December 31, 2017 Loans $ — $ — $ 6,905 $ 6,905 Loans that are reported above as being measured at fair value on a nonrecurring basis are generally impaired loans that have either been partially charged off or have specific reserves assigned to them. Nonaccrual impaired loans that are collateral dependent are generally written down to 80% of appraised value which considers the estimated costs to sell. Specific reserves are established for impaired loans based on appraised value of collateral or discounted cash flows, although only those specific reserves based on the fair value of collateral are considered nonrecurring fair value adjustments. Assets and Liabilities Not Measured at Fair Value For financial instruments that have quoted market prices, those quotes are used to determine fair value. Financial instruments that have no defined maturity, have a remaining maturity of 180 days or less, or reprice frequently to a market rate, are assumed to have a fair value that approximates reported book value, after taking into consideration any applicable credit risk. If no market quotes are available, financial instruments are valued by discounting the expected cash flows using an estimated current market interest rate for the financial instrument. For off-balance sheet derivative instruments, fair value is estimated as the amount that United would receive or pay to terminate the contracts at the reporting date, taking into account the current unrealized gains or losses on open contracts. Cash and cash equivalents and repurchase agreements have short maturities and therefore the carrying value approximates fair value. Due to the short-term settlement of accrued interest receivable and payable, the carrying amount closely approximates fair value. Fair value estimates are made at a specific point in time, based on relevant market information and information about the financial instrument. These estimates do not reflect the premium or discount on any particular financial instrument that could result from the sale of United’s entire holdings. All estimates are inherently subjective in nature. Changes in assumptions could significantly affect the estimates. Fair value estimates are based on existing on and off-balance sheet financial instruments without attempting to estimate the value of anticipated future business and the value of assets and liabilities that are not considered financial instruments. Significant assets and liabilities that are not considered financial instruments include the mortgage banking operation, brokerage network, deferred income taxes, premises and equipment and goodwill. In addition, the tax ramifications related to the realization of the unrealized gains and losses can have a significant effect on fair value estimates and have not been considered in the estimates. Off-balance sheet instruments (commitments to extend credit and standby letters of credit) for which draws can be reasonably predicted are generally short-term in maturity and are priced at variable rates. Therefore, the estimated fair value associated with these instruments is immaterial. The carrying amount and fair values as of the dates indicated for other financial instruments that are not measured at fair value on a recurring basis are as follows (in thousands) . Carrying Fair Value Level Amount Level 1 Level 2 Level 3 Total June 30, 2018 Assets: Securities held to maturity $ 297,569 $ — $ 291,463 $ — $ 291,463 Loans and leases, net 8,159,200 — — 8,132,734 8,132,734 Liabilities: Deposits 9,966,088 — 9,958,439 — 9,958,439 Federal Home Loan Bank advances 560,000 — 559,979 — 559,979 Long-term debt 308,434 — — 321,424 321,424 December 31, 2017 Assets: Securities held to maturity $ 321,094 $ — $ 321,276 $ — $ 321,276 Loans, net 7,676,658 — — 7,674,460 7,674,460 Loans held for sale 6,482 — 6,514 — 6,514 Liabilities: Deposits 9,807,697 — 9,809,264 — 9,809,264 Federal Home Loan Bank advances 504,651 — 504,460 — 504,460 Long-term debt 120,545 — — 123,844 123,844 |
Commitments and Contingencies
Commitments and Contingencies | 6 Months Ended |
Jun. 30, 2018 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies United is party to financial instruments with off-balance sheet risk in the normal course of business to meet the financing needs of its customers. These financial instruments include commitments to extend credit and letters of credit. These instruments involve, to varying degrees, elements of credit risk in excess of the amount recognized in the balance sheet. The contract amounts of these instruments reflect the extent of involvement United has in particular classes of financial instruments. The exposure to credit loss in the event of nonperformance by the other party to the financial instrument for commitments to extend credit and letters of credit written is represented by the contractual amount of these instruments. United uses the same credit policies in making commitments and conditional obligations as it uses for underwriting on-balance sheet instruments. In most cases, collateral or other security is required to support financial instruments with credit risk. The following table summarizes the contractual amount of off-balance sheet instruments as of the dates indicated (in thousands) . June 30, 2018 December 31, 2017 Financial instruments whose contract amounts represent credit risk: Commitments to extend credit $ 2,047,081 $ 1,910,777 Letters of credit 26,396 28,075 United’s wholly-owned bank subsidiary, United Community Bank (the “Bank”), holds minor investments in certain limited partnerships for Community Reinvestment Act purposes. As of June 30, 2018 , the Bank had committed to fund an additional $9.16 million related to future capital calls that has not been reflected in the consolidated balance sheet. United, in the normal course of business, is subject to various pending and threatened lawsuits in which claims for monetary damages are asserted. Although it is not possible to predict the outcome of these lawsuits, or the range of any possible loss, management, after consultation with legal counsel, does not anticipate that the ultimate aggregate liability, if any, arising from these lawsuits will have a material adverse effect on United’s financial position or results of operations. |
Goodwill and Other Intangible A
Goodwill and Other Intangible Assets | 6 Months Ended |
Jun. 30, 2018 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Other Intangible Assets | Goodwill and Other Intangible Assets The carrying amount of goodwill and other intangible assets as of the dates indicated is summarized below (in thousands) : June 30, 2018 December 31, 2017 Core deposit intangible $ 62,652 $ 62,652 Less: accumulated amortization (43,786 ) (41,229 ) Net core deposit intangible 18,866 21,423 Noncompete agreements 3,144 3,144 Less: accumulated amortization (1,948 ) (761 ) Net noncompete agreements 1,196 2,383 Total intangibles subject to amortization, net 20,062 23,806 Goodwill 307,112 220,591 Total goodwill and other intangible assets, net $ 327,174 $ 244,397 The following is a summary of changes in the carrying amounts of goodwill (in thousands) : For the Three Months Ended June 30, For the Six Months Ended June 30, 2018 Goodwill Accumulated Impairment Losses Goodwill, net of Accumulated Impairment Losses Goodwill Accumulated Impairment Losses Goodwill, net of Accumulated Impairment Losses Balance, beginning of period $ 612,009 $ (305,590 ) $ 306,419 $ 526,181 $ (305,590 ) $ 220,591 Acquisition of NLFC 390 — 390 87,379 — 87,379 Measurement period adjustments- FOFN and HCSB 303 — 303 (858 ) — (858 ) Balance, end of period $ 612,702 $ (305,590 ) $ 307,112 $ 612,702 $ (305,590 ) $ 307,112 2017 Balance, beginning of period $ 447,615 $ (305,590 ) $ 142,025 $ 447,615 $ (305,590 ) $ 142,025 Balance, end of period $ 447,615 $ (305,590 ) $ 142,025 $ 447,615 $ (305,590 ) $ 142,025 The estimated aggregate amortization expense for future periods for core deposit intangibles and noncompete agreements is as follows (in thousands) : Year Remainder of 2018 $ 3,102 2019 4,551 2020 3,315 2021 2,557 2022 1,982 Thereafter 4,555 Total $ 20,062 |
Long-term Debt
Long-term Debt | 6 Months Ended |
Jun. 30, 2018 | |
Debt Disclosure [Abstract] | |
Long-term Debt | Long-term Debt Long-term debt consisted of the following (in thousands) : June 30, 2018 December 31, 2017 Issue Date Stated Maturity Date Earliest Call Date Interest Rate Obligations of the Bank and its Subsidiaries: NER 15-1 Class C notes $ 7,025 $ — 2015 2019 n/a 4.500% NER 15-1 Class D notes 3,421 — 2015 2021 n/a 5.750% NER 16-1 Class A-2 notes 43,912 — 2016 2021 n/a 2.200% NER 16-1 Class B notes 25,489 — 2016 2021 n/a 3.220% NER 16-1 Class C notes 6,319 — 2016 2021 n/a 5.050% NER 16-1 Class D notes 3,213 — 2016 2023 n/a 7.870% Total securitized notes payable 89,379 — Obligations of the Holding Company: 2022 senior debentures 50,000 50,000 2015 2022 2020 5.000% through August 13, 2020, 3-month LIBOR plus 3.814% thereafter 2027 senior debentures 35,000 35,000 2015 2027 2025 5.500% through August 13, 2025 3-month LIBOR plus 3.71% thereafter Total senior debentures 85,000 85,000 2028 subordinated debentures 100,000 — 2018 2028 2023 4.500% through January 30, 2023, 3-month LIBOR plus 2.12% thereafter 2025 subordinated debentures 11,500 11,500 2015 2025 2020 6.250% Total subordinated debentures 111,500 11,500 Southern Bancorp Capital Trust I 4,382 4,382 2004 2034 2009 Prime + 1.00% United Community Statutory Trust III 1,238 1,238 2008 2038 2013 Prime + 3.00% Tidelands Statutory Trust I 8,248 8,248 2006 2036 2011 3-month LIBOR plus 1.38% Tidelands Statutory Trust II 6,186 6,186 2008 2038 2013 3-month LIBOR plus 5.075% Four Oaks Statutory Trust I 12,372 12,372 2006 2036 2011 3-month LIBOR plus 1.35% Total trust preferred securities 32,426 32,426 Less discount (9,871 ) (8,381 ) Total long-term debt $ 308,434 $ 120,545 Interest is currently paid semiannually or quarterly for all senior and subordinated debentures and trust preferred securities. Senior Debentures The 2022 senior debentures are redeemable, in whole or in part, on or after August 14, 2020 at a redemption price equal to 100% of the principal amount to be redeemed plus any accrued and unpaid interest, and will mature on February 14, 2022 if not redeemed prior to that date. The 2027 senior debentures are redeemable, in whole or in part, on or after August 14, 2025 at a redemption price equal to 100% of the principal amount to be redeemed plus any accrued and unpaid interest, and will mature on February 14, 2027 if not redeemed prior to that date. Subordinated Debentures United acquired, as part of the FOFN acquisition, $11.5 million aggregate principal amount of subordinated debentures. The notes are due on November 30, 2025 . United may prepay the notes at any time after November 30, 2020, subject to compliance with applicable laws. In January 2018, United issued $100 million fixed to floating rate subordinated notes due January 30, 2028 . The subordinated debentures qualify as Tier 2 regulatory capital. Securitized Notes Payable United acquired, as part of the NLFC acquisition, Navitas Equipment Receivables LLC 2015-1 (“NER 15-1”) and Navitas Equipment Receivables LLC 2016-1 (“NER 16-1”), which are bankruptcy-remote special purpose entities (“SPEs”) whose sole purpose is to receive loans to secure financings. Each of these SPEs provided financing by issuing notes to investors through a private offering of Receivable-Backed Notes under Rule 144A of the Securities and Exchange Act of 1934. These notes are collateralized by specific qualifying loans and by cash placed in restricted cash accounts. These notes will continue amortizing sequentially based on collections on the underlying loans available to pay the note holders at each monthly payment date after payment of certain amounts as specified in the securitization documents including fees to various parties to the securitizations, interest due to the note holders and certain other payments. Sequentially, each subsequent class of note holders receive principal payments until paid down in full prior to the remaining subsequent class of note holders receiving principal payments. In addition to the pay-downs on these notes, they also have legal final maturity dates as reflected in the table above. Trust Preferred Securities Trust preferred securities qualify as Tier 1 capital under risk based capital guidelines subject to certain limitations. The trust preferred securities are mandatorily redeemable upon maturity, or upon earlier redemption as provided in the indentures. |
Subsequent Events
Subsequent Events | 6 Months Ended |
Jun. 30, 2018 | |
Subsequent Events [Abstract] | |
Subsequent Events | Subsequent Events On August 1, 2018 , United’s Board of Directors approved a regular quarterly cash dividend of $0.15 per common share. The dividend is payable October 5, 2018, to shareholders of record on September 15, 2018 . |
Accounting Policies (Policies)
Accounting Policies (Policies) | 6 Months Ended |
Jun. 30, 2018 | |
Accounting Policies [Abstract] | |
Cash and Cash Equivalents | Cash and Cash Equivalents Restricted Cash The terms of securitizations acquired with NLFC Holdings Corp. (“NLFC”) require various restricted cash accounts. These cash accounts were funded from either a portion of the proceeds from the issuance of notes or from the collections on leases and loans that were conveyed in the securitization. These restricted cash accounts provide additional collateral to the note holders under specific provisions of the securitizations which govern when funds in these accounts may be released as well as conditions under which collections on contracts transferred to the securitizations may be used to fund deposits into the restricted cash accounts. At June 30, 2018 , these restricted cash accounts totaled $10.8 million and were included in interest-bearing deposits in banks on the consolidated balance sheet. |
Loans and Leases | Loans and Leases Equipment Financing Lease Receivables Equipment financing lease receivables are recorded as the sum of the future minimum lease payments, initial deferred costs and estimated or contractual residual values less unearned income. The determination of residual value is derived from a variety of sources including equipment valuation services, appraisals, and publicly available market data on recent sales transactions on similar equipment. The length of time until contract termination, the cyclical nature of equipment values and the limited marketplace for re-sale of certain leased assets are important variables considered in making this determination. Interest income is recognized as earned using the effective interest method. Direct fees and costs associated with the origination of leases are deferred and included as a component of equipment financing receivables. Net deferred fees or costs are recognized as an adjustment to interest income over the contractual life of the lease using the effective interest method. |
Accounting Standards Updates and Recently Adopted Standards | Accounting Standards Updates and Recently Adopted Standards Accounting Standards Updates In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842) . This update requires a lessee to recognize in the statement of financial position a liability to make lease payments (the lease liability) and a right-of-use asset representing its right to use the underlying asset for the lease term. For leases with a term of 12 months or less, a lessee is permitted to make an accounting policy election not to recognize lease assets and lease liabilities. For public entities, this update is effective for fiscal years beginning after December 15, 2018, with modified retrospective application to prior periods presented. Upon adoption, United expects to report higher assets and liabilities as a result of including leases on the consolidated balance sheet. At December 31, 2017 , future minimum lease payments amounted to $27.1 million . United does not expect the new guidance to have a material impact on the consolidated statements of income or the consolidated statements of shareholders’ equity. In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments . The new guidance replaces the incurred loss impairment methodology in current GAAP with an expected credit loss methodology and requires consideration of a broader range of information to determine credit loss estimates. Financial assets measured at amortized cost will be presented at the net amount expected to be collected by using an allowance for credit losses. Purchased credit impaired loans will receive an allowance account at the acquisition date that represents a component of the purchase price allocation. Credit losses relating to available-for-sale debt securities will be recorded through an allowance for credit losses, with such allowance limited to the amount by which fair value is below amortized cost. Application of this update will primarily be on a modified retrospective approach, although the guidance for debt securities for which an other-than-temporary impairment has been recognized before the effective date and for loans previously covered by ASC 310-30, Receivables – Loans and Debt Securities Acquired with Deteriorated Credit Quality will be applied on a prospective basis. For public entities, this update is effective for fiscal years beginning after December 15, 2019. Upon adoption, United expects that the allowance for credit losses will be higher given the change to estimated losses for the estimated life of the financial asset, however management is still in the process of determining the magnitude of the increase. Management has formed a steering committee and has completed a gap assessment that became the basis for a full project plan. In addition, management has selected a vendor model and begun the implementation phase of the project plan. United expects to run parallel for the four quarters leading up to the effective date to ensure it is prepared for implementation by the effective date. In May 2018, the FASB issued ASU No. 2018-06, Codification Improvements to Topic 942, Financial Services - Depository and Lending . This update superseded outdated guidance related to the Office of the Comptroller of the Currency’s Banking Circular 202, Accounting for Net Deferred Tax Charges. United does not expect the new guidance to have a material impact on the consolidated financial statements. In June 2018, the FASB issued ASU No. 2018-07, Compensation - Stock Compensation (Topic 718): Improvements to Nonemployee Share-Based Payment Accounting . This update expands the scope of Topic 718 to include share-based payment transactions for acquiring goods and services from nonemployees. As a result, nonemployee share-based payment awards will be measured at the grant-date fair value of the equity instruments that an entity is obligated to issue when the service has been rendered, subject to the probability of satisfying performance conditions when applicable. For public entities, this update is effective for fiscal years beginning after December 15, 2018. United does not expect the new guidance to have a material impact on the consolidated financial statements. In June 2018, the FASB issued ASU No. 2018-08, Not for Profit Entities (Topic 958): Clarifying the Scope and the Accounting Guidance for Contributions Received and Contributions Made . This update clarifies the guidance about whether a transfer of assets (or the reduction, settlement or cancellation of liabilities) is a contribution or an exchange transaction. In addition, the guidance clarifies the determination of whether a transaction is conditional. For public entities, this update is effective for contributions made in fiscal years beginning after December 15, 2018. United does not expect the new guidance to have a material impact on the consolidated financial statements. In July 2018, the FASB issued ASU No. 2018-09, Codification Improvements to address stakeholder suggestions for minor corrections and clarifications within the codification. The transition and effective date guidance is based on the facts and circumstances of each amendment. Some of the amendments in this update do not require transition guidance and will be effective upon issuance of this update. However, many of the amendments in this update do have transition guidance with effective dates for annual periods beginning after December 15, 2018, for public business entities. United does not expect the new guidance to have a material impact on the consolidated financial statements. In July 2018, the FASB issued ASU No. 2018-10, Codification Improvements to Topic 842. Leases to address certain narrow aspects of the guidance issued in ASU No. 2016-02. This guidance did not change United’s assessment of the impact of ASU No. 2016-02 on the consolidated financial statements as described above. Recently Adopted Standards In May 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2014-09, Revenue from Contracts with Customers . This ASU provides guidance on the recognition of revenue from contracts with customers. The core principle of the guidance is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. This guidance was effective for public entities for annual reporting periods beginning after December 15, 2017, including interim periods within that reporting period, and was applied retrospectively either to each prior reporting period or with a cumulative effect recognized at the date of initial application. Because the guidance does not apply to revenue associated with financial instruments, including loans and securities, and revenue sources within scope were not materially affected, the new revenue recognition guidance did not have a material impact on the consolidated financial statements. United used the modified retrospective approach to adopting this guidance. In January 2016, the FASB issued ASU 2016-1, Financial Instruments – Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Liabilities . The guidance in this update requires that equity investments (except those accounted for under the equity method of accounting) be measured at fair value with changes in fair value recognized in net income. However, an entity may choose to measure equity investments that do not have readily determinable fair values at cost minus impairment, if any, plus or minus changes resulting from observable price changes in orderly transactions for the identical or a similar investment of the same issuer. The guidance also simplifies the impairment assessment of equity investments without readily determinable fair values by requiring a qualitative assessment to identify impairment. In addition, the guidance addresses various disclosure and presentation issues related to financial instruments. For public entities, this update was effective for fiscal years beginning after December 15, 2017 with early application permitted. The adoption of this update did not have a material impact on the consolidated financial statements. There was no opening balance sheet adjustment as a result of the adoption and the remainder of the standard was applied prospectively. In November 2016, the FASB issued ASU 2016-18, Statement of Cash Flows (Topic 230): Restricted Cash (a consensus of the FASB Emerging Issues Task Force) . This ASU requires that the statement of cash flows explain the change during the period in the total of cash, cash equivalents, and amounts generally described as restricted cash or restricted cash equivalents. This guidance was effective for public entities for fiscal years beginning after December 15, 2017, including interim periods within that reporting period, and was applied retrospectively to each period presented. The adoption of this update did not have a material impact on the consolidated financial statements. There was no adjustment to prior periods as a result of the adoption. In March 2017, the FASB issued ASU No. 2017-07, Compensation – Retirement Benefits (Topic 715): Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost . This ASU requires that an employer disaggregate the service cost component from the other components of net benefit cost. The amendments also provide explicit guidance on how to present the service cost component and the other components of net benefit cost and allow only the service cost component to be eligible for capitalization. For public entities, this update was effective for fiscal years beginning after December 15, 2017, with retrospective presentation of the service cost and other components and prospective application for any capitalization of service cost. The adoption of this update did not have a material impact on the consolidated financial statements. |
Acquisitions (Tables)
Acquisitions (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Business Acquisition [Line Items] | |
Schedule of actual results and pro forma information | The actual results and pro forma information were as follows (in thousands) : Three Months Ended Six Months Ended Revenue Net Income Revenue Net Income 2018 Actual NLFC results included in statement of income since acquisition date $ 6,624 $ 2,686 $ 10,237 $ 3,496 Supplemental consolidated pro forma as if NLFC had been acquired January 1, 2017 130,288 39,924 255,119 78,989 2017 Supplemental consolidated pro forma as if NLFC had been acquired January 1, 2017 $ 112,004 $ 28,715 $ 220,510 $ 49,595 |
NLFC Holdings Corporation | |
Business Acquisition [Line Items] | |
Schedule of purchased assets and assumed liabilities | The purchased assets and assumed liabilities were recorded at their acquisition date fair values and are summarized in the table below (in thousands) . As Recorded by NLFC Fair Value Adjustments (1) As Recorded by United Assets Cash and cash equivalents $ 27,700 — $ 27,700 Loans and leases, net 365,533 (7,181 ) 358,352 Premises and equipment, net 628 (304 ) 324 Net deferred tax asset — 2,873 2,873 Other assets 5,117 (1,066 ) 4,051 Total assets acquired $ 398,978 $ (5,678 ) $ 393,300 Liabilities Short-term borrowings $ 214,923 $ — $ 214,923 Long-term debt 119,402 — 119,402 Other liabilities 17,059 (951 ) 16,108 Total liabilities assumed 351,384 (951 ) 350,433 Excess of assets acquired over liabilities assumed $ 47,594 Aggregate fair value adjustments $ (4,727 ) Total identifiable net assets $ 42,867 Consideration transferred Cash 84,500 Common stock issued (1,443,987 shares) 45,746 Total fair value of consideration transferred 130,246 Goodwill $ 87,379 (1) Fair values are preliminary and are subject to refinement for a period not to exceed one year after the closing date of an acquisition as information relative to closing date fair values becomes available. |
Schedule of additional information related to acquired loan portfolio at acquisition date | The following table presents additional information related to the acquired loan and lease portfolio at the acquisition date (in thousands) : February 1, 2018 Accounted for pursuant to ASC 310-30: Contractually required principal and interest $ 24,711 Non-accretable difference 5,505 Cash flows expected to be collected 19,206 Accretable yield 1,977 Fair value $ 17,229 Excluded from ASC 310-30: Fair value $ 341,123 Gross contractual amounts receivable 389,432 Estimate of contractual cash flows not expected to be collected 8,624 |
Balance Sheet Offsetting and 29
Balance Sheet Offsetting and Repurchase Agreements Accounted for as Secured Borrowings (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Offsetting [Abstract] | |
Schedule of summary of amounts outstanding under reverse repurchase agreements | The following table presents a summary of amounts outstanding under reverse repurchase agreements and derivative financial instruments including those entered into in connection with the same counterparty under master netting agreements as of the dates indicated (in thousands). Gross Amounts of Recognized Assets Gross Amounts Offset on the Balance Sheet Gross Amounts not Offset in the Balance Sheet June 30, 2018 Net Asset Balance Financial Instruments Collateral Received Net Amount Repurchase agreements / reverse repurchase agreements $ 50,000 $ (50,000 ) $ — $ — $ — $ — Derivatives 29,896 — 29,896 (553 ) (13,799 ) 15,544 Total $ 79,896 $ (50,000 ) $ 29,896 $ (553 ) $ (13,799 ) $ 15,544 Weighted average interest rate of reverse repurchase agreements 2.70 % Gross Amounts of Recognized Liabilities Gross Amounts Offset on the Balance Sheet Net Liability Balance Gross Amounts not Offset in the Balance Sheet Financial Instruments Collateral Pledged Net Amount Repurchase agreements / reverse repurchase agreements $ 50,000 $ (50,000 ) $ — $ — $ — $ — Derivatives 37,261 — 37,261 (553 ) (18,438 ) 18,270 Total $ 87,261 $ (50,000 ) $ 37,261 $ (553 ) $ (18,438 ) $ 18,270 Weighted average interest rate of repurchase agreements 1.95 % Gross Amounts of Recognized Assets Gross Amounts Offset on the Balance Sheet Gross Amounts not Offset in the Balance Sheet December 31, 2017 Net Asset Balance Financial Instruments Collateral Received Net Amount Repurchase agreements / reverse repurchase agreements $ 100,000 $ (100,000 ) $ — $ — $ — $ — Derivatives 22,721 — 22,721 (1,490 ) (6,369 ) 14,862 Total $ 122,721 $ (100,000 ) $ 22,721 $ (1,490 ) $ (6,369 ) $ 14,862 Weighted average interest rate of reverse repurchase agreements 1.95 % Gross Amounts of Recognized Liabilities Gross Amounts Offset on the Balance Sheet Net Gross Amounts not Offset in the Balance Sheet Liability Balance Financial Instruments Collateral Pledged Net Amount Repurchase agreements / reverse repurchase agreements $ 100,000 $ (100,000 ) $ — $ — $ — $ — Derivatives 25,376 — 25,376 (1,490 ) (17,190 ) 6,696 Total $ 125,376 $ (100,000 ) $ 25,376 $ (1,490 ) $ (17,190 ) $ 6,696 Weighted average interest rate of repurchase agreements 1.20 % |
Schedule of repurchase agreements remaining contractual maturity of the agreements | The following table presents additional detail regarding repurchase agreements accounted for as secured borrowings and the securities underlying these agreements as of the dates indicated (in thousands) . Remaining Contractual Maturity of the Agreements Overnight and As of June 30, 2018 Continuous Up to 30 Days 30 to 90 Days 91 to 110 days Total Mortgage-backed securities $ — $ — $ — $ 50,000 $ 50,000 Total $ — $ — $ — $ 50,000 $ 50,000 Gross amount of recognized liabilities for repurchase agreements in offsetting disclosure $ 50,000 Amounts related to agreements not included in offsetting disclosure $ — Remaining Contractual Maturity of the Agreements Overnight and As of December 31, 2017 Continuous Up to 30 Days 30 to 90 Days 91 to 110 days Total Mortgage-backed securities $ — $ — $ 100,000 $ — $ 100,000 Total $ — $ — $ 100,000 $ — $ 100,000 Gross amount of recognized liabilities for repurchase agreements in offsetting disclosure $ 100,000 Amounts related to agreements not included in offsetting disclosure $ — |
Securities (Tables)
Securities (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Investments, Debt and Equity Securities [Abstract] | |
Schedule of cost basis, gross unrealized gains and losses and fair value of securities held to maturity | The amortized cost basis, unrealized gains and losses and fair value of securities held-to-maturity as of the dates indicated are as follows (in thousands) . Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value As of June 30, 2018 State and political subdivisions $ 71,125 $ 954 $ 1,238 $ 70,841 Mortgage-backed securities (1) 226,444 987 6,809 220,622 Total $ 297,569 $ 1,941 $ 8,047 $ 291,463 As of December 31, 2017 State and political subdivisions $ 71,959 $ 1,574 $ 178 $ 73,355 Mortgage-backed securities (1) 249,135 2,211 3,425 247,921 Total $ 321,094 $ 3,785 $ 3,603 $ 321,276 (1) All are residential type mortgage-backed securities or U.S. government agency commercial mortgage backed securities. |
Schedule of cost basis, unrealized gains and losses, and fair value of securities available for sale | The cost basis, unrealized gains and losses, and fair value of securities available-for-sale as of the dates indicated are presented below (in thousands) . Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value As of June 30, 2018 U.S. Treasuries $ 122,290 $ — $ 3,251 $ 119,039 U.S. Government agencies 25,778 240 440 25,578 State and political subdivisions 200,486 123 2,978 197,631 Mortgage-backed securities (1) 1,844,310 1,992 39,441 1,806,861 Corporate bonds 199,303 793 1,931 198,165 Asset-backed securities 189,067 610 714 188,963 Other 57 — — 57 Total $ 2,581,291 $ 3,758 $ 48,755 $ 2,536,294 As of December 31, 2017 U.S. Treasuries $ 122,025 $ — $ 912 $ 121,113 U.S. Government agencies 26,129 269 26 26,372 State and political subdivisions 195,663 2,019 396 197,286 Mortgage-backed securities (1) 1,738,056 7,089 17,934 1,727,211 Corporate bonds 305,265 1,513 425 306,353 Asset-backed securities 236,533 1,078 153 237,458 Other 57 — — 57 Total $ 2,623,728 $ 11,968 $ 19,846 $ 2,615,850 (1) All are residential type mortgage-backed securities or U.S. government agency commercial mortgage backed securities. |
Schedule of held to maturity securities in an unrealized loss position | The following table summarizes held-to-maturity securities in an unrealized loss position as of the dates indicated ( in thousands) . Less than 12 Months 12 Months or More Total Fair Value Unrealized Loss Fair Value Unrealized Loss Fair Value Unrealized Loss As of June 30, 2018 State and political subdivisions $ 43,131 $ 1,238 $ — $ — $ 43,131 $ 1,238 Mortgage-backed securities 82,473 2,856 79,198 3,953 161,671 6,809 Total unrealized loss position $ 125,604 $ 4,094 $ 79,198 $ 3,953 $ 204,802 $ 8,047 As of December 31, 2017 State and political subdivisions $ 8,969 $ 178 $ — $ — $ 8,969 $ 178 Mortgage-backed securities 95,353 1,448 65,868 1,977 161,221 3,425 Total unrealized loss position $ 104,322 $ 1,626 $ 65,868 $ 1,977 $ 170,190 $ 3,603 |
Schedule of available for sale securities in an unrealized loss position | The following table summarizes available-for-sale securities in an unrealized loss position as of the dates indicated (in thousands) . Less than 12 Months 12 Months or More Total Fair Value Unrealized Loss Fair Value Unrealized Loss Fair Value Unrealized Loss As of June 30, 2018 U.S. Treasuries $ 119,039 $ 3,251 $ — $ — $ 119,039 $ 3,251 U.S. Government agencies 19,790 413 1,624 27 21,414 440 State and political subdivisions 171,147 2,899 5,061 79 176,208 2,978 Mortgage-backed securities 1,212,603 24,160 339,456 15,281 1,552,059 39,441 Corporate bonds 116,563 1,921 990 10 117,553 1,931 Asset-backed securities 75,232 714 — — 75,232 714 Total unrealized loss position $ 1,714,374 $ 33,358 $ 347,131 $ 15,397 $ 2,061,505 $ 48,755 As of December 31, 2017 U.S. Treasuries $ 121,113 $ 912 $ — $ — $ 121,113 $ 912 U.S. Government agencies 1,976 13 1,677 13 3,653 26 State and political subdivisions 61,494 365 5,131 31 66,625 396 Mortgage-backed securities 964,205 8,699 328,923 9,235 1,293,128 17,934 Corporate bonds 55,916 325 900 100 56,816 425 Asset-backed securities 28,695 126 5,031 27 33,726 153 Total unrealized loss position $ 1,233,399 $ 10,440 $ 341,662 $ 9,406 $ 1,575,061 $ 19,846 |
Schedule of summary of securities sales activities | The following table summarizes available-for-sale securities sales activity for the three and six months ended June 30, 2018 and 2017 (in thousands) . Three Months Ended June 30, Six Months Ended June 30, 2018 2017 2018 2017 Proceeds from sales $ 26,335 $ 70,453 $ 140,296 $ 94,650 Gross gains on sales $ 232 $ 227 $ 649 $ 325 Gross losses on sales (596 ) (223 ) (1,953 ) (323 ) Net (losses) gains on sales of securities $ (364 ) $ 4 $ (1,304 ) $ 2 Income tax benefit attributable to sales $ (97 ) $ — $ (317 ) $ (1 ) |
Schedule of amortized cost and fair value of available for sale and held to maturity securities by contractual maturity | The amortized cost and fair value of held-to-maturity and available-for-sale securities at June 30, 2018 , by contractual maturity, are presented in the following table (in thousands) . Available-for-Sale Held-to-Maturity Amortized Cost Fair Value Amortized Cost Fair Value US Treasuries: 1 to 5 years $ 74,525 $ 72,568 $ — $ — 5 to 10 years 47,765 46,471 — — 122,290 119,039 — — US Government agencies: 1 to 5 years 20,854 20,422 — — More than 10 years 4,924 5,156 — — 25,778 25,578 — — State and political subdivisions: Within 1 year 1,500 1,510 5,929 5,991 1 to 5 years 44,769 44,024 10,670 10,960 5 to 10 years 26,393 25,908 10,157 10,759 More than 10 years 127,824 126,189 44,369 43,131 200,486 197,631 71,125 70,841 Corporate bonds: 1 to 5 years 181,027 180,412 — — 5 to 10 years 17,276 16,763 — — More than 10 years 1,000 990 — — 199,303 198,165 — — Asset-backed securities: 1 to 5 years 5,624 5,771 — — 5 to 10 years 31,025 31,105 — — More than 10 years 152,418 152,087 — — 189,067 188,963 — — Other: More than 10 years 57 57 — — 57 57 — — Total securities other than mortgage-backed securities: Within 1 year 1,500 1,510 5,929 5,991 1 to 5 years 326,799 323,197 10,670 10,960 5 to 10 years 122,459 120,247 10,157 10,759 More than 10 years 286,223 284,479 44,369 43,131 Mortgage-backed securities 1,844,310 1,806,861 226,444 220,622 $ 2,581,291 $ 2,536,294 $ 297,569 $ 291,463 |
Loans and Leases and Allowanc31
Loans and Leases and Allowance for Credit Losses (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Receivables [Abstract] | |
Schedule of major classifications of loans and lease portfolio | Major classifications of the loan and lease portfolio (collectively referred to as the “loan portfolio” or “loans”) are summarized as of the dates indicated as follows (in thousands) . June 30, 2018 December 31, 2017 Owner occupied commercial real estate $ 1,681,737 $ 1,923,993 Income producing commercial real estate 1,821,384 1,595,174 Commercial & industrial 1,193,046 1,130,990 Commercial construction 735,575 711,936 Equipment financing 464,594 — Total commercial 5,896,336 5,362,093 Residential mortgage 1,020,606 973,544 Home equity lines of credit 707,718 731,227 Residential construction 195,580 183,019 Consumer direct 122,756 127,504 Indirect auto 277,275 358,185 Total loans 8,220,271 7,735,572 Less allowance for loan losses (61,071 ) (58,914 ) Loans, net $ 8,159,200 $ 7,676,658 |
Schedule of changes in the value of the accretable yield for acquired loans accounted | The following table presents changes in the value of the accretable yield for PCI loans for the periods indicated (in thousands) : Three Months Ended June 30, Six Months Ended June 30, 2018 2017 2018 2017 Balance at beginning of period $ 18,036 $ 7,762 $ 17,686 $ 7,981 Additions due to acquisitions 147 — 1,977 — Accretion (2,965 ) (1,412 ) (5,511 ) (3,102 ) Reclassification from nonaccretable difference 6,527 3,827 7,118 4,716 Changes in expected cash flows that do not affect nonaccretable difference 1,661 1,188 2,136 1,770 Balance at end of period $ 23,406 $ 11,365 $ 23,406 $ 11,365 |
Schedule of net investment in leases | At June 30, 2018 , equipment financing assets included leases of $25.5 million . The components of the net investment in leases are presented below (in thousands) . June 30, 2018 Minimum future lease payments receivable $ 26,396 Estimated residual value of leased equipment 3,314 Initial direct costs 764 Security deposits (1,192 ) Purchase accounting premium 1,197 Unearned income (4,930 ) Net investment in leases $ 25,549 |
Schedule of minimum future lease payments received from lease contracts | Minimum future lease payments expected to be received from lease contracts as of June 30, 2018 are as follows (in thousands) : Year Remainder of 2018 $ 5,900 2019 9,325 2020 6,396 2021 3,185 2022 1,373 Thereafter 217 Total $ 26,396 |
Schedule of balance and activity in the allowance for credit losses by portfolio segment | The following table presents the balance and activity in the allowance for credit losses by portfolio segment for the periods indicated (in thousands) . 2018 2017 Three Months Ended June 30, Beginning Balance Charge-Offs Recoveries (Release)Provision Ending Balance Beginning Balance Charge-Offs Recoveries (Release) Provision Ending Balance Owner occupied commercial real estate $ 14,561 $ (7 ) $ 585 $ (2,230 ) $ 12,909 $ 15,669 $ (158 ) $ 120 $ (209 ) $ 15,422 Income producing commercial real estate 9,776 (1,653 ) 232 2,507 10,862 8,878 (203 ) 20 659 9,354 Commercial & industrial 4,075 (233 ) 217 146 4,205 3,725 (598 ) 244 249 3,620 Commercial construction 10,034 (53 ) 159 (17 ) 10,123 12,790 (361 ) 20 (1,411 ) 11,038 Equipment financing 2,291 (23 ) 71 1,222 3,561 — — — — — Residential mortgage 10,221 (112 ) 101 (365 ) 9,845 9,071 (131 ) 105 753 9,798 Home equity lines of credit 4,932 (211 ) 190 32 4,943 4,530 (424 ) 171 313 4,590 Residential construction 3,044 (8 ) 67 (513 ) 2,590 3,267 (70 ) 123 (236 ) 3,084 Consumer direct 733 (552 ) 195 389 765 609 (457 ) 195 237 584 Indirect auto 1,418 (379 ) 55 174 1,268 2,004 (313 ) 94 225 2,010 Total allowance for loan losses 61,085 (3,231 ) 1,872 1,345 61,071 60,543 (2,715 ) 1,092 580 59,500 Allowance for unfunded commitments 2,440 — — 455 2,895 2,002 — — 220 2,222 Total allowance for credit losses $ 63,525 $ (3,231 ) $ 1,872 $ 1,800 $ 63,966 $ 62,545 $ (2,715 ) $ 1,092 $ 800 $ 61,722 2018 2017 Six Months Ended June 30, Beginning Balance Charge-Offs Recoveries (Release) Provision Ending Balance Beginning Balance Charge-Offs Recoveries (Release) Provision Ending Balance Owner occupied commercial real estate $ 14,776 $ (67 ) $ 688 $ (2,488 ) $ 12,909 $ 16,446 $ (183 ) $ 357 $ (1,198 ) $ 15,422 Income producing commercial real estate 9,381 (2,310 ) 467 3,324 10,862 8,843 (1,100 ) 47 1,564 9,354 Commercial & industrial 3,971 (617 ) 606 245 4,205 3,810 (814 ) 612 12 3,620 Commercial construction 10,523 (416 ) 256 (240 ) 10,123 13,405 (563 ) 592 (2,396 ) 11,038 Equipment financing — (162 ) 168 3,555 3,561 — — — — — Residential mortgage 10,097 (182 ) 224 (294 ) 9,845 8,545 (673 ) 117 1,809 9,798 Home equity lines of credit 5,177 (335 ) 225 (124 ) 4,943 4,599 (895 ) 220 666 4,590 Residential construction 2,729 (8 ) 131 (262 ) 2,590 3,264 (70 ) 132 (242 ) 3,084 Consumer direct 710 (1,203 ) 355 903 765 708 (899 ) 402 373 584 Indirect auto 1,550 (815 ) 135 398 1,268 1,802 (733 ) 149 792 2,010 Total allowance for loan losses 58,914 (6,115 ) 3,255 5,017 61,071 61,422 (5,930 ) 2,628 1,380 59,500 Allowance for unfunded commitments 2,312 — — 583 2,895 2,002 — — 220 2,222 Total allowance for credit losses $ 61,226 $ (6,115 ) $ 3,255 $ 5,600 $ 63,966 $ 63,424 $ (5,930 ) $ 2,628 $ 1,600 $ 61,722 The following table represents the recorded investment in loans by portfolio segment and the balance of the allowance for loan losses assigned to each segment based on the method of evaluating the loans for impairment as of the dates indicated (in thousands) . Allowance for Credit Losses June 30, 2018 December 31, 2017 Individually evaluated for impairment Collectively evaluated for impairment PCI Ending Balance Individually evaluated for impairment Collectively evaluated for impairment PCI Ending Balance Owner occupied commercial real estate $ 985 $ 11,647 $ 277 $ 12,909 $ 1,255 $ 13,521 $ — $ 14,776 Income producing commercial real estate 609 10,193 60 10,862 562 8,813 6 9,381 Commercial & industrial 35 4,135 35 4,205 27 3,944 — 3,971 Commercial construction 98 10,025 — 10,123 156 10,367 — 10,523 Equipment financing — 3,561 — 3,561 — — — — Residential mortgage 1,007 8,838 — 9,845 1,174 8,919 4 10,097 Home equity lines of credit — 4,943 — 4,943 — 5,177 — 5,177 Residential construction 52 2,538 — 2,590 75 2,654 — 2,729 Consumer direct 6 758 1 765 7 700 3 710 Indirect auto 29 1,239 — 1,268 — 1,550 — 1,550 Total allowance for loan losses 2,821 57,877 373 61,071 3,256 55,645 13 58,914 Allowance for unfunded commitments — 2,895 — 2,895 — 2,312 — 2,312 Total allowance for credit losses $ 2,821 $ 60,772 $ 373 $ 63,966 $ 3,256 $ 57,957 $ 13 $ 61,226 Loans Outstanding June 30, 2018 December 31, 2017 Individually evaluated for impairment Collectively evaluated for impairment PCI Ending Balance Individually evaluated for impairment Collectively evaluated for impairment PCI Ending Balance Owner occupied commercial real estate $ 18,932 $ 1,649,437 $ 13,368 $ 1,681,737 $ 21,823 $ 1,876,411 $ 25,759 $ 1,923,993 Income producing commercial real estate 16,245 1,762,960 42,179 1,821,384 16,483 1,533,851 44,840 1,595,174 Commercial & industrial 1,510 1,190,900 636 1,193,046 2,654 1,126,894 1,442 1,130,990 Commercial construction 3,528 725,474 6,573 735,575 3,813 699,266 8,857 711,936 Equipment financing — 452,620 11,974 464,594 — — — — Residential mortgage 14,012 995,072 11,522 1,020,606 14,193 946,210 13,141 973,544 Home equity lines of credit 232 705,591 1,895 707,718 101 728,235 2,891 731,227 Residential construction 1,498 193,156 926 195,580 1,577 180,978 464 183,019 Consumer direct 249 121,737 770 122,756 270 126,114 1,120 127,504 Indirect auto 1,215 276,060 — 277,275 1,396 356,789 — 358,185 Total loans $ 57,421 $ 8,073,007 $ 89,843 $ 8,220,271 $ 62,310 $ 7,574,748 $ 98,514 $ 7,735,572 |
Schedule of recorded investments in individually evaluated impaired loans | The following table presents loans individually evaluated for impairment by class as of the dates indicated (in thousands) . June 30, 2018 December 31, 2017 Unpaid Principal Balance Recorded Investment Allowance for Loan Losses Allocated Unpaid Principal Balance Recorded Investment Allowance for Loan Losses Allocated With no related allowance recorded: Owner occupied commercial real estate $ 8,292 $ 6,763 $ — $ 1,238 $ 1,176 $ — Income producing commercial real estate 7,568 7,496 — 2,177 2,165 — Commercial & industrial 160 123 — 1,758 1,471 — Commercial construction 564 558 — 134 134 — Equipment financing — — — — — — Total commercial 16,584 14,940 — 5,307 4,946 — Residential mortgage 5,125 4,520 — 2,661 2,566 — Home equity lines of credit 284 229 — 393 101 — Residential construction 712 576 — 405 330 — Consumer direct 49 49 — 29 29 — Indirect auto 139 137 — 1,396 1,396 — Total with no related allowance recorded 22,893 20,451 — 10,191 9,368 — With an allowance recorded: Owner occupied commercial real estate 12,665 12,169 985 21,262 20,647 1,255 Income producing commercial real estate 9,017 8,749 609 14,419 14,318 562 Commercial & industrial 1,776 1,387 35 1,287 1,183 27 Commercial construction 3,216 2,970 98 3,917 3,679 156 Equipment financing — — — — — — Total commercial 26,674 25,275 1,727 40,885 39,827 2,000 Residential mortgage 9,576 9,492 1,007 12,086 11,627 1,174 Home equity lines of credit 4 3 — — — — Residential construction 933 922 52 1,325 1,247 75 Consumer direct 207 200 6 244 241 7 Indirect auto 1,079 1,078 29 — — — Total with an allowance recorded 38,473 36,970 2,821 54,540 52,942 3,256 Total $ 61,366 $ 57,421 $ 2,821 $ 64,731 $ 62,310 $ 3,256 |
Schedule of TDRs including the number of loan contracts restructured and the pre- and post-modification recorded investment | Loans modified under the terms of a TDR during the three and six months ended June 30, 2018 and 2017 are presented in the table below. In addition, the following table presents loans modified under the terms of a TDR that defaulted (became 90 days or more delinquent) during the periods presented and were initially restructured within one year prior to default (dollars in thousands) . New TDRs Pre-modification Outstanding Recorded Investment Post-Modification Outstanding Recorded Investment by Type of Modification TDRs Modified Within the Previous Twelve Months That Have Subsequently Defaulted Number of Contracts Rate Reduction Structure Other Total Number of Contracts Recorded Investment Three Months Ended June 30, 2018 Owner occupied commercial real estate 1 $ 282 $ — $ 282 $ — $ 282 1 $ 283 Income producing commercial real estate 1 106 106 — — 106 — — Commercial & industrial 1 27 — 27 — 27 — — Commercial construction — — — — — — 1 3 Equipment financing — — — — — — — — Total commercial 3 415 106 309 — 415 2 286 Residential mortgage 2 425 — 424 — 424 1 101 Home equity lines of credit — — — — — — — — Residential construction — — — — — — — — Consumer direct — — — — — — — — Indirect auto 17 236 — — 236 236 — — Total loans 22 $ 1,076 $ 106 $ 733 $ 236 $ 1,075 3 $ 387 Six Months Ended June 30, 2018 Owner occupied commercial real estate 4 $ 1,276 $ — $ 1,260 $ — $ 1,260 3 $ 1,869 Income producing commercial real estate 1 106 106 — — 106 — — Commercial & industrial 2 108 — 32 — 32 — — Commercial construction — — — — — — 1 3 Equipment financing — — — — — — — — Total commercial 7 1,490 106 1,292 — 1,398 4 1,872 Residential mortgage 4 765 — 764 — 764 1 101 Home equity lines of credit — — — — — — — — Residential construction — — — — — — — — Consumer direct — — — — — — — — Indirect auto 17 236 — — 236 236 — — Total loans 28 $ 2,491 $ 106 $ 2,056 $ 236 $ 2,398 5 $ 1,973 Three Months Ended June 30, 2017 Owner occupied commercial real estate 3 $ 1,860 $ — $ 1,860 $ — $ 1,860 — $ — Income producing commercial real estate 1 226 — — 226 226 — — Commercial & industrial 1 28 — 28 — 28 — — Commercial construction — — — — — — — — Equipment financing — — — — — — — — Total commercial 5 2,114 — 1,888 226 2,114 — — Residential mortgage 5 483 — 483 — 483 — — Home equity lines of credit 1 296 — — 176 176 — — Residential construction — — — — — — — — Consumer direct — — — — — — — — Indirect auto — — — — — — — — Total loans 11 $ 2,893 $ — $ 2,371 $ 402 $ 2,773 — $ — Six Months Ended June 30, 2017 Owner occupied commercial real estate 3 $ 1,860 $ — $ 1,860 $ — $ 1,860 — $ — Income producing commercial real estate 1 226 — — 226 226 — — Commercial & industrial 2 53 — 53 — 53 — — Commercial construction — — — — — — — — Equipment financing — — — — — — — — Total commercial 6 2,139 — 1,913 226 2,139 — — Residential mortgage 12 836 — 836 — 836 2 655 Home equity lines of credit 1 296 — — 176 176 — — Residential construction 1 40 40 — — 40 — — Consumer direct 1 6 — 6 — 6 — — Indirect auto — — — — — — — — Total loans 21 $ 3,317 $ 40 $ 2,755 $ 402 $ 3,197 2 $ 655 |
Schedule of average balances of impaired loans and income recognized on impaired loans | The average balances of impaired loans and income recognized on impaired loans while they were considered impaired are presented below for the periods indicated (in thousands) . 2018 2017 Three Months Ended June 30, Average Balance Interest Revenue Recognized During Impairment Cash Basis Interest Revenue Received Average Balance Interest Revenue Recognized During Impairment Cash Basis Interest Revenue Received Owner occupied commercial real estate $ 19,353 $ 235 $ 236 $ 30,825 $ 371 $ 376 Income producing commercial real estate 16,408 215 212 28,768 359 347 Commercial & industrial 1,542 25 24 1,877 26 17 Commercial construction 3,564 47 44 6,670 70 77 Equipment financing — — — — — — Total commercial 40,867 522 516 68,140 826 817 Residential mortgage 14,115 157 161 14,742 130 147 Home equity lines of credit 235 5 4 552 2 4 Residential construction 1,516 25 24 1,563 23 24 Consumer direct 256 5 5 307 6 6 Indirect auto 1,283 17 17 1,137 14 14 Total $ 58,272 $ 731 $ 727 $ 86,441 $ 1,001 $ 1,012 Six Months Ended June 30, Owner occupied commercial real estate $ 22,006 $ 480 $ 516 $ 30,342 $ 716 $ 712 Income producing commercial real estate 16,421 425 447 28,589 710 692 Commercial & industrial 2,069 65 66 1,908 53 45 Commercial construction 3,750 98 96 5,836 123 130 Equipment financing — — — — — — Total commercial 44,246 1,068 1,125 66,675 1,602 1,579 Residential mortgage 14,554 306 311 14,175 268 290 Home equity lines of credit 290 9 8 308 3 5 Residential construction 1,553 49 48 1,591 46 47 Consumer direct 274 10 10 297 11 12 Indirect auto 1,301 34 34 1,130 28 28 Total $ 62,218 $ 1,476 $ 1,536 $ 84,176 $ 1,958 $ 1,961 |
Schedule of recorded investment in nonaccrual loans by loan class | The following table presents the recorded investment in nonaccrual loans by loan class as of the dates indicated (in thousands) . June 30, 2018 December 31, 2017 Owner occupied commercial real estate $ 5,772 $ 4,923 Income producing commercial real estate 991 3,208 Commercial & industrial 2,180 2,097 Commercial construction 613 758 Equipment financing 1,075 — Total commercial 10,631 10,986 Residential mortgage 7,918 8,776 Home equity lines of credit 1,812 2,024 Residential construction 637 192 Consumer direct 68 43 Indirect auto 751 1,637 Total $ 21,817 $ 23,658 |
Schedule of aging of the recorded investment in past due loans | The following table presents the aging of the recorded investment in past due loans by class of loans as of the dates indicated (in thousands) . Loans Past Due As of June 30, 2018 30 - 59 Days 60 - 89 Days > 90 Days Total Loans Not Past Due PCI Loans Total Owner occupied commercial real estate $ 5,007 $ 822 $ 2,553 $ 8,382 $ 1,659,987 $ 13,368 $ 1,681,737 Income producing commercial real estate 2,045 269 49 2,363 1,776,842 42,179 1,821,384 Commercial & industrial 2,450 576 714 3,740 1,188,670 636 1,193,046 Commercial construction 992 343 253 1,588 727,414 6,573 735,575 Equipment financing 346 465 1,075 1,886 450,734 11,974 464,594 Total commercial 10,840 2,475 4,644 17,959 5,803,647 74,730 5,896,336 Residential mortgage 6,470 2,284 2,684 11,438 997,646 11,522 1,020,606 Home equity lines of credit 2,113 797 500 3,410 702,413 1,895 707,718 Residential construction 757 92 493 1,342 193,312 926 195,580 Consumer direct 536 142 1 679 121,307 770 122,756 Indirect auto 731 132 601 1,464 275,811 — 277,275 Total loans $ 21,447 $ 5,922 $ 8,923 $ 36,292 $ 8,094,136 $ 89,843 $ 8,220,271 Loans Past Due As of December 31, 2017 30 - 59 Days 60 - 89 Days > 90 Days Total Loans Not Past Due PCI Loans Total Owner occupied commercial real estate $ 3,810 $ 1,776 $ 1,530 $ 7,116 $ 1,891,118 $ 25,759 $ 1,923,993 Income producing commercial real estate 1,754 353 1,939 4,046 1,546,288 44,840 1,595,174 Commercial & industrial 2,139 869 1,133 4,141 1,125,407 1,442 1,130,990 Commercial construction 568 132 158 858 702,221 8,857 711,936 Equipment financing — — — — — — — Total commercial 8,271 3,130 4,760 16,161 5,265,034 80,898 5,362,093 Residential mortgage 6,717 1,735 3,438 11,890 948,513 13,141 973,544 Home equity lines of credit 3,246 225 578 4,049 724,287 2,891 731,227 Residential construction 885 105 93 1,083 181,472 464 183,019 Consumer direct 739 133 — 872 125,512 1,120 127,504 Indirect auto 1,152 459 1,263 2,874 355,311 — 358,185 Total loans $ 21,010 $ 5,787 $ 10,132 $ 36,929 $ 7,600,129 $ 98,514 $ 7,735,572 |
Schedule of risk category of loans by class of loans | Based on the most recent analysis performed, the risk category of loans by class of loans as of the dates indicated is as follows (in thousands) . Pass Watch Substandard Doubtful / Loss Total As of June 30, 2018 Owner occupied commercial real estate $ 1,607,152 $ 21,030 $ 40,187 $ — $ 1,668,369 Income producing commercial real estate 1,738,757 19,989 20,459 — 1,779,205 Commercial & industrial 1,158,458 14,103 19,849 — 1,192,410 Commercial construction 696,187 24,575 8,240 — 729,002 Equipment financing 451,545 — 1,075 — 452,620 Total commercial 5,652,099 79,697 89,810 — 5,821,606 Residential mortgage 989,403 — 19,681 — 1,009,084 Home equity lines of credit 699,455 — 6,368 — 705,823 Residential construction 192,656 — 1,998 — 194,654 Consumer direct 121,493 — 493 — 121,986 Indirect auto 275,233 — 2,042 — 277,275 Total loans, excluding PCI loans $ 7,930,339 $ 79,697 $ 120,392 $ — $ 8,130,428 Owner occupied commercial real estate $ 2,586 $ 3,027 $ 7,755 $ — $ 13,368 Income producing commercial real estate 12,918 22,609 6,652 — 42,179 Commercial & industrial 258 227 151 — 636 Commercial construction 3,345 753 2,475 — 6,573 Equipment financing 11,154 — 820 — 11,974 Total commercial 30,261 26,616 17,853 — 74,730 Residential mortgage 8,167 148 3,207 — 11,522 Home equity lines of credit 1,334 — 561 — 1,895 Residential construction 473 247 206 — 926 Consumer direct 697 — 73 — 770 Indirect auto — — — — — Total PCI loans $ 40,932 $ 27,011 $ 21,900 $ — $ 89,843 Total loan portfolio $ 7,971,271 $ 106,708 $ 142,292 $ — $ 8,220,271 As of December 31, 2017 Owner occupied commercial real estate $ 1,833,469 $ 33,571 $ 31,194 $ — $ 1,898,234 Income producing commercial real estate 1,495,805 30,780 23,749 — 1,550,334 Commercial & industrial 1,097,907 18,052 13,589 — 1,129,548 Commercial construction 693,873 2,947 6,259 — 703,079 Equipment financing — — — — — Total commercial 5,121,054 85,350 74,791 — 5,281,195 Residential mortgage 939,706 — 20,697 — 960,403 Home equity lines of credit 721,142 — 7,194 — 728,336 Residential construction 180,567 — 1,988 — 182,555 Consumer direct 125,860 — 524 — 126,384 Indirect auto 354,788 — 3,397 — 358,185 Total loans, excluding PCI loans $ 7,443,117 $ 85,350 $ 108,591 $ — $ 7,637,058 Owner occupied commercial real estate $ 2,400 $ 8,163 $ 15,196 $ — $ 25,759 Income producing commercial real estate 13,392 21,928 9,520 — 44,840 Commercial & industrial 383 672 387 — 1,442 Commercial construction 3,866 2,228 2,763 — 8,857 Equipment financing — — — — — Total commercial 20,041 32,991 27,866 — 80,898 Residential mortgage 9,566 173 3,402 — 13,141 Home equity lines of credit 1,579 427 885 — 2,891 Residential construction 423 — 41 — 464 Consumer direct 1,076 10 34 — 1,120 Indirect auto — — — — — Total PCI loans $ 32,685 $ 33,601 $ 32,228 $ — $ 98,514 Total loan portfolio $ 7,475,802 $ 118,951 $ 140,819 $ — $ 7,735,572 |
Reclassifications Out of Accu32
Reclassifications Out of Accumulated Other Comprehensive Income (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Equity [Abstract] | |
Schedule of reclassifications out of accumulated other comprehensive income | The following table presents the details regarding amounts reclassified out of accumulated other comprehensive income for the periods indicated (in thousands) . Amounts Reclassified from Accumulated Other Comprehensive Income Details about Accumulated Other Comprehensive Income Components Three Months Ended June 30, Six Months Ended Affected Line Item in the Statement Where Net Income is Presented 2018 2017 2018 2017 Realized (losses) gains on available-for-sale securities: $ (364 ) $ 4 $ (1,304 ) $ 2 Securities (losses) gains, net 97 — 317 1 Income tax benefit $ (267 ) $ 4 $ (987 ) $ 3 Net of tax Amortization of losses included in net income on available-for-sale securities transferred to held-to-maturity: $ (218 ) $ (261 ) $ (439 ) $ (571 ) Investment securities interest revenue 55 98 109 214 Income tax benefit $ (163 ) $ (163 ) $ (330 ) $ (357 ) Net of tax Amortization of losses included in net income on derivative financial instruments accounted for as cash flow hedges: Amortization of losses on de-designated positions $ (143 ) $ (149 ) $ (290 ) $ (298 ) Money market deposit interest expense Amortization of losses on de-designated positions — (28 ) — (292 ) Federal Home Loan Bank advances interest expense (143 ) (177 ) (290 ) (590 ) Total before tax 38 69 76 230 Income tax benefit $ (105 ) $ (108 ) $ (214 ) $ (360 ) Net of tax Reclassification of disproportionate tax effect related to terminated cash flow hedges: $ — $ — $ — $ (3,400 ) Income tax expense Amortization of prior service cost and actuarial losses included in net periodic pension cost for defined benefit pension plan: Prior service cost $ (167 ) $ (140 ) $ (334 ) $ (280 ) Salaries and employee benefits expense Actuarial losses (60 ) — (120 ) — Other expense Actuarial losses — (60 ) — (120 ) Salaries and employee benefits expense (227 ) (200 ) (454 ) (400 ) Total before tax 73 78 131 157 Income tax benefit $ (154 ) $ (122 ) $ (323 ) $ (243 ) Net of tax Total reclassifications for the period $ (689 ) $ (389 ) $ (1,854 ) $ (4,357 ) Net of tax |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Earnings Per Share [Abstract] | |
Schedule of computation of basic and diluted earnings per share | The following table sets forth the computation of basic and diluted earnings per share for the periods indicated (in thousands, except per share data) . Three Months Ended Six Months Ended 2018 2017 2018 2017 Net income $ 39,634 $ 28,267 $ 77,292 $ 51,791 Dividends and undistributed earnings allocated to unvested shares (275 ) — (552 ) — Net income available to common shareholders $ 39,359 $ 28,267 $ 76,740 $ 51,791 Weighted average shares outstanding: Basic 79,745 71,810 79,477 71,798 Effect of dilutive securities Stock options 10 10 10 11 Diluted 79,755 71,820 79,487 71,809 Net income per common share: Basic $ 0.49 $ 0.39 $ 0.97 $ 0.72 Diluted $ 0.49 $ 0.39 $ 0.97 $ 0.72 |
Derivatives and Hedging Activ34
Derivatives and Hedging Activities (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Schedule of derivative financial instruments on consolidated balance sheet | The table below presents the fair value of derivative financial instruments as of the dates indicated as well as their classification on the consolidated balance sheet (in thousands) . Derivatives designated as hedging instruments under ASC 815 Interest Rate Products Balance Sheet Location June 30, 2018 December 31, 2017 Fair value hedge of corporate bonds Derivative assets $ — $ 336 $ — $ 336 Fair value hedge of brokered CDs Derivative liabilities $ 2,425 $ 2,053 $ 2,425 $ 2,053 Derivatives not designated as hedging instruments under ASC 815 Fair Value Interest Rate Products Balance Sheet Location June 30, 2018 December 31, 2017 Customer derivative positions Derivative assets $ 951 $ 2,659 Dealer offsets to customer derivative positions Derivative assets 14,433 6,867 Mortgage banking - loan commitment Derivative assets 1,764 1,150 Mortgage banking - forward sales commitment Derivative assets 2 13 Bifurcated embedded derivatives Derivative assets 12,746 11,057 Interest rate caps Derivative assets — 639 $ 29,896 $ 22,385 Customer derivative positions Derivative liabilities $ 18,489 $ 7,032 Dealer offsets to customer derivative positions Derivative liabilities 217 1,551 Risk participations Derivative liabilities 8 20 Mortgage banking - forward sales commitment Derivative liabilities 189 49 Dealer offsets to bifurcated embedded derivatives Derivative liabilities 15,471 14,279 De-designated hedges Derivative liabilities 462 392 $ 34,836 $ 23,323 |
Schedule of effect of cash flow hedges on the consolidated statement of income | The table below presents the effect of cash flow hedges on the consolidated statements of income for the periods indicated (in thousands) . Gain (Loss) Reclassified from Accumulated Other Comprehensive Income into Income (Effective Portion) Location 2018 2017 Three Months Ended June 30, Interest rate swaps Interest expense $ (143 ) $ (177 ) Six Months Ended June 30, Interest rate swaps Interest expense $ (290 ) $ (590 ) |
Schedule of derivatives in fair value on the consolidated statement of income | The table below presents the effect of derivatives in fair value hedging relationships on the consolidated statement of income for the periods indicated (in thousands) . Location of Gain (Loss) Recognized in Income on Derivative Amount of Gain (Loss) Recognized in Income on Derivative Amount of Gain (Loss) Recognized in Income on Hedged Item 2018 2017 2018 2017 Three Months Ended June 30, Fair value hedges of brokered CDs Interest expense $ (144 ) $ 73 $ 25 $ (344 ) Fair value hedges of corporate bonds Interest revenue — (323 ) — 267 $ (144 ) $ (250 ) $ 25 $ (77 ) Six Months Ended June 30, Fair value hedges of brokered CDs Interest expense $ (837 ) $ (201 ) $ 569 $ (155 ) Fair value hedges of corporate bonds Interest revenue (336 ) (217 ) 405 121 $ (1,173 ) $ (418 ) $ 974 $ (34 ) |
Schedule of gains and losses recognized in income on derivatives not designated as hedging instruments | The table below presents the gains and losses recognized in income on derivatives not designated as hedging instruments under ASC 815 for the periods indicated (in thousands) . Location of Gain (Loss) Recognized in Income on Derivative Amount of Gain (Loss) Recognized in Income on Derivative 2018 2017 Three Months Ended June 30, Customer derivatives and dealer offsets Other noninterest income $ 643 $ 775 Bifurcated embedded derivatives and dealer offsets Other noninterest income 12 119 Interest rate caps Other noninterest income — 90 De-designated hedges Other noninterest income (17 ) 28 Mortgage banking derivatives Mortgage loan revenue 156 (1,000 ) Risk participations Other noninterest income 15 1 $ 809 $ 13 Six Months Ended June 30, Customer derivatives and dealer offsets Other noninterest income $ 1,417 $ 1,250 Bifurcated embedded derivatives and dealer offsets Other noninterest income 381 206 Interest rate caps Other noninterest income 276 90 De-designated hedges Other noninterest income (83 ) 4 Mortgage banking derivatives Mortgage loan revenue 1,420 (876 ) Risk participations Other noninterest income 12 5 $ 3,423 $ 679 |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Schedule of stock option activity | The following table shows stock option activity for the first six months of 2018 . Options Shares Weighted- Average Exercise Price Weighted- Average Remaining Contractual Term (Years) Aggregate Outstanding at December 31, 2017 60,287 $ 24.12 Exercised (12,000 ) 11.85 Cancelled/forfeited (181 ) 31.50 Outstanding at June 30, 2018 48,106 27.16 2.4 $ 169 Exercisable at June 30, 2018 45,606 27.73 2.1 134 |
Schedule of restricted stock units activity | The table below presents restricted stock units activity for the first six months of 2018 . Restricted Stock Unit Awards Shares Weighted- Average Grant- Date Fair Value Weighted- Average Remaining Contractual Term (Years) Aggregate Outstanding at December 31, 2017 663,817 $ 22.40 Granted 206,123 31.07 Vested (124,551 ) 18.53 $ 3,998 Cancelled (13,665 ) 21.95 Outstanding at June 30, 2018 731,724 25.51 5.4 22,442 |
Assets and Liabilities Measur36
Assets and Liabilities Measured at Fair Value (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Fair Value Disclosures [Abstract] | |
Schedule of assets and liabilities measured at fair value on a recurring basis | The table below presents United’s assets and liabilities measured at fair value on a recurring basis as of the dates indicated, aggregated by the level in the fair value hierarchy within which those measurements fall (in thousands) . June 30, 2018 Level 1 Level 2 Level 3 Total Assets: Securities available for sale: U.S. Treasuries $ 119,039 $ — $ — $ 119,039 U.S. Agencies — 25,578 — 25,578 State and political subdivisions — 197,631 — 197,631 Mortgage-backed securities — 1,806,861 — 1,806,861 Corporate bonds — 197,175 990 198,165 Asset-backed securities — 188,963 — 188,963 Other — 57 — 57 Mortgage loans held for sale — 34,813 — 34,813 Deferred compensation plan assets 6,199 — — 6,199 Servicing rights for SBA/USDA loans — — 7,509 7,509 Residential mortgage servicing rights — — 10,801 10,801 Derivative financial instruments — 15,386 14,510 29,896 Total assets $ 125,238 $ 2,466,464 $ 33,810 $ 2,625,512 Liabilities: Deferred compensation plan liability $ 6,199 $ — $ — $ 6,199 Derivative financial instruments — 18,895 18,366 37,261 Total liabilities $ 6,199 $ 18,895 $ 18,366 $ 43,460 December 31, 2017 Level 1 Level 2 Level 3 Total Assets: Securities available for sale U.S. Treasuries $ 121,113 $ — $ — $ 121,113 U.S. Agencies — 26,372 — 26,372 State and political subdivisions — 197,286 — 197,286 Mortgage-backed securities — 1,727,211 — 1,727,211 Corporate bonds — 305,453 900 306,353 Asset-backed securities — 237,458 — 237,458 Other — 57 — 57 Mortgage loans held for sale — 26,252 — 26,252 Deferred compensation plan assets 5,716 — — 5,716 Servicing rights for SBA/USDA loans — — 7,740 7,740 Residential mortgage servicing rights — — 8,262 8,262 Derivative financial instruments — 10,514 12,207 22,721 Total assets $ 126,829 $ 2,530,603 $ 29,109 $ 2,686,541 Liabilities: Deferred compensation plan liability $ 5,716 $ — $ — $ 5,716 Derivative financial instruments — 8,632 16,744 25,376 Total liabilities $ 5,716 $ 8,632 $ 16,744 $ 31,092 |
Schedule of assets measured at fair value on a recurring basis using significant unobservable inputs | The following table shows a reconciliation of the beginning and ending balances for the periods indicated for assets measured at fair value on a recurring basis using significant unobservable inputs that are classified as Level 3 values (in thousands) . 2018 2017 Derivative Asset Derivative Liability Servicing rights for SBA/USDA loans Residential mortgage servicing rights Securities Available- for-Sale Derivative Derivative Servicing Residential Securities Three Months Ended June 30, Balance at beginning of period $ 13,877 $ 17,788 $ 7,470 $ 9,718 $ 900 $ 12,649 $ 16,580 $ 5,997 $ 5,971 $ 675 Additions — — 613 1,182 — — — 668 947 — Sales and settlements — — (316 ) (126 ) — (702 ) (964 ) (36 ) (74 ) — Other comprehensive income — — — — 90 — — — — 135 Amounts included in earnings - fair value adjustments 633 578 (258 ) 27 — (91 ) 475 11 (345 ) — Balance at end of period $ 14,510 $ 18,366 $ 7,509 $ 10,801 $ 990 $ 11,856 $ 16,091 $ 6,640 $ 6,499 $ 810 Six Months Ended June 30, Balance at beginning of period $ 12,207 $ 16,744 $ 7,740 $ 8,262 $ 900 $ 11,777 $ 16,347 $ 5,752 $ — $ 675 Business combinations — — (354 ) — — — — — — — Transfer from amortization method to fair value — — — — — — — — 5,070 — Additions — — 1,092 2,108 — — — 1,221 1,813 — Sales and settlements (1,029 ) (1,347 ) (407 ) (206 ) — (1,086 ) (1,514 ) (299 ) (114 ) — Other comprehensive income — — — — 90 — — — — 135 Amounts included in earnings - fair value adjustments 3,332 2,969 (562 ) 637 — 1,165 1,258 (34 ) (270 ) — Balance at end of period $ 14,510 $ 18,366 $ 7,509 $ 10,801 $ 990 $ 11,856 $ 16,091 $ 6,640 $ 6,499 $ 810 |
Schedule of quantitative information about Level 3 fair value measurements for fair value on a recurring basis | The following table presents quantitative information about Level 3 fair value measurements for fair value on a recurring basis as of the dates indicated (in thousands) . Fair Value Weighted Average Level 3 Assets and Liabilities June 30, 2018 December 31, 2017 Valuation Technique June 30, 2018 December 31, 2017 Unobservable Inputs Servicing rights for SBA/USDA loans $ 7,509 $ 7,740 Discounted cash flow Discount rate 12.7 % 12.5 % Prepayment rate 10.1 8.3 Residential mortgage servicing rights 10,801 8,262 Discounted cash flow Discount rate 10.0 10.0 Prepayment rate 8.6 9.5 Corporate bonds 990 900 Indicative bid provided by a broker Multiple factors, including but not limited to, current operations, financial condition, cash flows, and recently executed financing transactions related to the company N/A N/A Derivative assets - mortgage 1,764 1,150 Internal model Pull through rate 81.1 80.0 Derivative assets - other 12,746 11,057 Dealer priced Dealer priced N/A N/A Derivative liabilities - risk participations 8 20 Internal model Probable exposure rate 0.5 0.4 Probability of default rate 1.8 1.8 Derivative liabilities - other 18,358 16,724 Dealer priced Dealer priced N/A N/A |
Schedule of presentation of united's assets and liabilities measured at fair value on nonrecurring basis | The following table presents the fair value hierarchy and carrying value of all assets that were still held as of June 30, 2018 and December 31, 2017 , for which a nonrecurring fair value adjustment was recorded during the year-to-date periods presented (in thousands) . Level 1 Level 2 Level 3 Total June 30, 2018 Loans $ — $ — $ 6,570 $ 6,570 December 31, 2017 Loans $ — $ — $ 6,905 $ 6,905 |
Schedule of carrying amount and fair values for other financial instruments that are not measured at fair value on a recurring basis | The carrying amount and fair values as of the dates indicated for other financial instruments that are not measured at fair value on a recurring basis are as follows (in thousands) . Carrying Fair Value Level Amount Level 1 Level 2 Level 3 Total June 30, 2018 Assets: Securities held to maturity $ 297,569 $ — $ 291,463 $ — $ 291,463 Loans and leases, net 8,159,200 — — 8,132,734 8,132,734 Liabilities: Deposits 9,966,088 — 9,958,439 — 9,958,439 Federal Home Loan Bank advances 560,000 — 559,979 — 559,979 Long-term debt 308,434 — — 321,424 321,424 December 31, 2017 Assets: Securities held to maturity $ 321,094 $ — $ 321,276 $ — $ 321,276 Loans, net 7,676,658 — — 7,674,460 7,674,460 Loans held for sale 6,482 — 6,514 — 6,514 Liabilities: Deposits 9,807,697 — 9,809,264 — 9,809,264 Federal Home Loan Bank advances 504,651 — 504,460 — 504,460 Long-term debt 120,545 — — 123,844 123,844 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of contractual amount of off-balance sheet instruments | The following table summarizes the contractual amount of off-balance sheet instruments as of the dates indicated (in thousands) . June 30, 2018 December 31, 2017 Financial instruments whose contract amounts represent credit risk: Commitments to extend credit $ 2,047,081 $ 1,910,777 Letters of credit 26,396 28,075 |
Goodwill and Other Intangible38
Goodwill and Other Intangible Assets (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of carrying amount of goodwill and other intangible assets | The carrying amount of goodwill and other intangible assets as of the dates indicated is summarized below (in thousands) : June 30, 2018 December 31, 2017 Core deposit intangible $ 62,652 $ 62,652 Less: accumulated amortization (43,786 ) (41,229 ) Net core deposit intangible 18,866 21,423 Noncompete agreements 3,144 3,144 Less: accumulated amortization (1,948 ) (761 ) Net noncompete agreements 1,196 2,383 Total intangibles subject to amortization, net 20,062 23,806 Goodwill 307,112 220,591 Total goodwill and other intangible assets, net $ 327,174 $ 244,397 |
Schedule of changes in the carrying amounts of goodwill | The following is a summary of changes in the carrying amounts of goodwill (in thousands) : For the Three Months Ended June 30, For the Six Months Ended June 30, 2018 Goodwill Accumulated Impairment Losses Goodwill, net of Accumulated Impairment Losses Goodwill Accumulated Impairment Losses Goodwill, net of Accumulated Impairment Losses Balance, beginning of period $ 612,009 $ (305,590 ) $ 306,419 $ 526,181 $ (305,590 ) $ 220,591 Acquisition of NLFC 390 — 390 87,379 — 87,379 Measurement period adjustments- FOFN and HCSB 303 — 303 (858 ) — (858 ) Balance, end of period $ 612,702 $ (305,590 ) $ 307,112 $ 612,702 $ (305,590 ) $ 307,112 2017 Balance, beginning of period $ 447,615 $ (305,590 ) $ 142,025 $ 447,615 $ (305,590 ) $ 142,025 Balance, end of period $ 447,615 $ (305,590 ) $ 142,025 $ 447,615 $ (305,590 ) $ 142,025 |
Schedule of estimated aggregate amortization expense for future periods for core deposit intangibles and noncompete agreements | The estimated aggregate amortization expense for future periods for core deposit intangibles and noncompete agreements is as follows (in thousands) : Year Remainder of 2018 $ 3,102 2019 4,551 2020 3,315 2021 2,557 2022 1,982 Thereafter 4,555 Total $ 20,062 |
Long-term Debt (Tables)
Long-term Debt (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Debt Disclosure [Abstract] | |
Schedule of long-term debt | Long-term debt consisted of the following (in thousands) : June 30, 2018 December 31, 2017 Issue Date Stated Maturity Date Earliest Call Date Interest Rate Obligations of the Bank and its Subsidiaries: NER 15-1 Class C notes $ 7,025 $ — 2015 2019 n/a 4.500% NER 15-1 Class D notes 3,421 — 2015 2021 n/a 5.750% NER 16-1 Class A-2 notes 43,912 — 2016 2021 n/a 2.200% NER 16-1 Class B notes 25,489 — 2016 2021 n/a 3.220% NER 16-1 Class C notes 6,319 — 2016 2021 n/a 5.050% NER 16-1 Class D notes 3,213 — 2016 2023 n/a 7.870% Total securitized notes payable 89,379 — Obligations of the Holding Company: 2022 senior debentures 50,000 50,000 2015 2022 2020 5.000% through August 13, 2020, 3-month LIBOR plus 3.814% thereafter 2027 senior debentures 35,000 35,000 2015 2027 2025 5.500% through August 13, 2025 3-month LIBOR plus 3.71% thereafter Total senior debentures 85,000 85,000 2028 subordinated debentures 100,000 — 2018 2028 2023 4.500% through January 30, 2023, 3-month LIBOR plus 2.12% thereafter 2025 subordinated debentures 11,500 11,500 2015 2025 2020 6.250% Total subordinated debentures 111,500 11,500 Southern Bancorp Capital Trust I 4,382 4,382 2004 2034 2009 Prime + 1.00% United Community Statutory Trust III 1,238 1,238 2008 2038 2013 Prime + 3.00% Tidelands Statutory Trust I 8,248 8,248 2006 2036 2011 3-month LIBOR plus 1.38% Tidelands Statutory Trust II 6,186 6,186 2008 2038 2013 3-month LIBOR plus 5.075% Four Oaks Statutory Trust I 12,372 12,372 2006 2036 2011 3-month LIBOR plus 1.35% Total trust preferred securities 32,426 32,426 Less discount (9,871 ) (8,381 ) Total long-term debt $ 308,434 $ 120,545 |
Accounting Policies (Detail Tex
Accounting Policies (Detail Textuals) $ in Millions | Jun. 30, 2018USD ($) |
Accounting Policies [Abstract] | |
Restricted cash | $ 10.8 |
Accounting Standards Updates 41
Accounting Standards Updates and Recently Adopted Standards (Details Textuals) $ in Millions | Dec. 31, 2017USD ($) |
Accounting Changes and Error Corrections [Abstract] | |
Present value of future minimum lease payments | $ 27.1 |
Acquisitions - Acquisition date
Acquisitions - Acquisition date fair value of purchased assets and liabilities (Details) - USD ($) $ in Thousands | Feb. 01, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | |
Consideration transferred | ||||||||
Goodwill | $ 307,112 | $ 306,419 | $ 220,591 | $ 142,025 | $ 142,025 | $ 142,025 | ||
NLFC Holdings Corporation | ||||||||
Assets | ||||||||
Cash and cash equivalents | $ 27,700 | |||||||
Loans and leases, net | 358,352 | |||||||
Premises and equipment, net | 324 | |||||||
Net deferred tax asset | 2,873 | |||||||
Other assets | 4,051 | |||||||
Total assets acquired | 393,300 | |||||||
Liabilities | ||||||||
Short-term borrowings | 214,923 | |||||||
Long-term debt | 119,402 | |||||||
Other liabilities | 16,108 | |||||||
Total liabilities assumed | 350,433 | |||||||
Total identifiable net assets | 42,867 | |||||||
Consideration transferred | ||||||||
Cash | 84,500 | |||||||
Common stock issued (1,443,987 shares) | 45,746 | |||||||
Total fair value of consideration transferred | 130,246 | |||||||
Goodwill | $ 87,379 | |||||||
Common stock issued (in shares) | 1,443,987 | |||||||
NLFC Holdings Corporation | Fair Value Adjustments | ||||||||
Assets | ||||||||
Cash and cash equivalents | [1] | $ 0 | ||||||
Loans and leases, net | [1] | (7,181) | ||||||
Premises and equipment, net | [1] | (304) | ||||||
Net deferred tax asset | [1] | 2,873 | ||||||
Other assets | [1] | (1,066) | ||||||
Total assets acquired | [1] | (5,678) | ||||||
Liabilities | ||||||||
Short-term borrowings | [1] | 0 | ||||||
Long-term debt | [1] | 0 | ||||||
Other liabilities | [1] | (951) | ||||||
Total liabilities assumed | [1] | (951) | ||||||
Aggregate fair value adjustments | [1] | (4,727) | ||||||
NLFC Holdings Corporation | Navitas Credit Corp ("Navitas") | As Recorded by NLFC | ||||||||
Assets | ||||||||
Cash and cash equivalents | 27,700 | |||||||
Loans and leases, net | 365,533 | |||||||
Premises and equipment, net | 628 | |||||||
Net deferred tax asset | 0 | |||||||
Other assets | 5,117 | |||||||
Total assets acquired | 398,978 | |||||||
Liabilities | ||||||||
Short-term borrowings | 214,923 | |||||||
Long-term debt | 119,402 | |||||||
Other liabilities | 17,059 | |||||||
Total liabilities assumed | 351,384 | |||||||
Excess of assets acquired over liabilities assumed | $ 47,594 | |||||||
[1] | Fair values are preliminary and are subject to refinement for a period not to exceed one year after the closing date of an acquisition as information relative to closing date fair values becomes available. |
Acquisitions - Acquired loan an
Acquisitions - Acquired loan and lease portfolio at acquisition date (Details) - NLFC Holdings Corporation $ in Thousands | Feb. 01, 2018USD ($) |
Accounted for pursuant to ASC 310-30: | |
Contractually required principal and interest | $ 24,711 |
Non-accretable difference | 5,505 |
Cash flows expected to be collected | 19,206 |
Accretable yield | 1,977 |
Fair value | 17,229 |
Excluded from ASC 310-30: | |
Fair value | 341,123 |
Gross contractual amounts receivable | 389,432 |
Estimate of contractual cash flows not expected to be collected | $ 8,624 |
Acquisitions - Pro forma inform
Acquisitions - Pro forma information (Details) - NLFC Holdings Corporation - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | |
Business Acquisition [Line Items] | ||||
Actual revenue included since acquisition date | $ 6,624 | $ 10,237 | ||
Actual net income included since acquisition date | 2,686 | 3,496 | ||
Supplemental consolidated pro forma revenue | 130,288 | $ 112,004 | 255,119 | $ 220,510 |
Supplemental consolidated pro forma net income | $ 39,924 | $ 28,715 | $ 78,989 | $ 49,595 |
Acquisitions (Detail Textuals)
Acquisitions (Detail Textuals) - USD ($) | Feb. 01, 2018 | Jan. 31, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2018 | Jun. 30, 2017 | Dec. 31, 2017 | Mar. 31, 2017 | Dec. 31, 2016 |
Business Acquisition [Line Items] | |||||||||||
Goodwill | $ 307,112,000 | $ 306,419,000 | $ 142,025,000 | $ 307,112,000 | $ 307,112,000 | $ 142,025,000 | $ 220,591,000 | $ 142,025,000 | $ 142,025,000 | ||
Goodwill adjustment | 303,000 | (858,000) | |||||||||
Merger-related and other charges | 2,280,000 | $ 1,830,000 | 4,334,000 | $ 3,884,000 | |||||||
NLFC Holdings Corporation | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Assets acquired | $ 393,300,000 | ||||||||||
Liabilities assumed | 350,433,000 | ||||||||||
Consideration transferred | 130,246,000 | ||||||||||
Cash consideration | 84,500,000 | ||||||||||
Common stock issued as consideration | 45,746,000 | ||||||||||
Goodwill | 87,379,000 | ||||||||||
Goodwill expected to be tax deductible | 0 | ||||||||||
Provisional value adjustment decrease to acquired loans | 526,000 | ||||||||||
Goodwill adjustment | 390,000 | ||||||||||
Value of loans acquired separate from the business combination | $ 19,900,000 | ||||||||||
Merger-related and other charges | 118,000 | 4,830,000 | |||||||||
Premises and equipment, net | $ 324,000 | ||||||||||
Four Oaks FinCorp, Inc. | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Goodwill adjustment | 1,160,000 | ||||||||||
Loans held for sale | 10,700,000 | ||||||||||
Servicing assets | 65,000 | ||||||||||
Provisional value adjustment increase to loans held for sale | 2,590,000 | ||||||||||
Provisional value adjustment decrease to servicing assets | 354,000 | ||||||||||
Adjustment to deferred tax asset | $ (1,080,000) | ||||||||||
HCSB Financial Corporation | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Goodwill adjustment | 303,000 | ||||||||||
Adjustment to deferred tax asset | 190,000 | ||||||||||
Premises and equipment, net | 7,420,000 | $ 7,420,000 | $ 7,420,000 | ||||||||
Provisional value adjustment decrease to premises and equipment | $ 493,000 |
Balance Sheet Offsetting and 46
Balance Sheet Offsetting and Repurchase Agreements Accounted for as Secured Borrowings - Summary of amounts outstanding under master netting agreements (Details) - USD ($) $ in Thousands | Jun. 30, 2018 | Dec. 31, 2017 |
Offsetting [Abstract] | ||
Repurchase agreements / reverse repurchase agreements, gross amounts of recognized assets | $ 50,000 | $ 100,000 |
Repurchase agreements / reverse repurchase agreements, gross amounts offset on the balance sheet | (50,000) | (100,000) |
Repurchase agreements / reverse repurchase agreements, net asset balance | 0 | 0 |
Repurchase agreements / reverse repurchase agreements, gross amounts not offset in balance sheet assets of financial instruments | 0 | 0 |
Repurchase agreements / reverse repurchase agreements, gross amounts not offset in balance sheet assets of collateral received | 0 | 0 |
Repurchase agreements / reverse repurchase agreements, net amount | 0 | 0 |
Derivatives, gross amounts of recognized assets | 29,896 | 22,721 |
Derivatives, gross amounts offset on the balance sheet | 0 | 0 |
Derivatives, net asset balance | 29,896 | 22,721 |
Derivatives, gross amounts not offset in balance sheet assets of financial instruments | (553) | (1,490) |
Derivative, gross amounts not offset in balance sheet assets of collateral received | (13,799) | (6,369) |
Derivatives, net amount | 15,544 | 14,862 |
Offsetting assets, gross amounts of recognized assets | 79,896 | 122,721 |
Offsetting assets, gross amounts offset on balance sheet | (50,000) | (100,000) |
Offsetting assets, net asset balance | 29,896 | 22,721 |
Offsetting assets, gross amounts not offset in balance sheet of financial instruments | (553) | (1,490) |
Offsetting assets, gross amounts not offset in the balance sheet of collateral received | (13,799) | (6,369) |
Offsetting assets, net amount | $ 15,544 | $ 14,862 |
Weighted average interest rate of reverse repurchase agreements, assets (percent) | 2.70% | 1.95% |
Repurchase agreements / reverse repurchase agreements, gross amounts of recognized liabilities | $ 50,000 | $ 100,000 |
Repurchase agreements / reverse repurchase agreements, gross amounts offset on balance sheet | (50,000) | (100,000) |
Repurchase agreements / reverse repurchase agreements, net liability balance | 0 | 0 |
Repurchase agreements / reverse repurchase agreements, gross amounts not offset in balance sheet liabilities of financial instruments | 0 | 0 |
Repurchase agreements / reverse repurchase agreements, gross amounts not offset in balance sheet liabilities of collateral pledged | 0 | 0 |
Repurchase agreements / reverse repurchase agreements, net amount | 0 | 0 |
Derivatives, gross amounts of recognized liabilities | 37,261 | 25,376 |
Derivatives, gross amounts offset on balance sheet | 0 | 0 |
Derivatives, net liability balance | 37,261 | 25,376 |
Derivatives, gross amounts not offset in balance sheet liabilities of financial instruments | (553) | (1,490) |
Derivatives, gross amounts not offset in balance sheet liabilities of collateral pledged | (18,438) | (17,190) |
Derivatives, net amount | 18,270 | 6,696 |
Offsetting liabilities, gross amounts of recognized liabilities | 87,261 | 125,376 |
Offsetting liabilities, gross amounts offset on balance sheet | (50,000) | (100,000) |
Offsetting liabilities, net liability balance | 37,261 | 25,376 |
Offsetting liabilities, gross amounts not offset in balance sheet of financial instruments | (553) | (1,490) |
Offsetting liabilities, gross amounts not offset in the balance sheet of collateral pledged | (18,438) | (17,190) |
Offsetting liabilities, net amount | $ 18,270 | $ 6,696 |
Weighted average interest rate of reverse repurchase agreements, liabilities (percent) | 1.95% | 1.20% |
Balance Sheet Offsetting and 47
Balance Sheet Offsetting and Repurchase Agreements Accounted for as Secured Borrowings - Repurchase agreements accounted for as secured borrowings (Details) - USD ($) $ in Thousands | Jun. 30, 2018 | Dec. 31, 2017 |
Assets Sold under Agreements to Repurchase [Line Items] | ||
Remaining Contractual Maturity of the Agreements | $ 50,000 | $ 100,000 |
Gross amount of recognized liabilities for repurchase agreements in offsetting disclosure | 50,000 | 100,000 |
Amounts related to agreements not included in offsetting disclosure | 0 | 0 |
Overnight and Continuous | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
Remaining Contractual Maturity of the Agreements | 0 | 0 |
Up to 30 Days | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
Remaining Contractual Maturity of the Agreements | 0 | 0 |
30 to 90 Days | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
Remaining Contractual Maturity of the Agreements | 0 | 100,000 |
91 to 110 days | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
Remaining Contractual Maturity of the Agreements | 50,000 | 0 |
Mortgage-backed securities | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
Remaining Contractual Maturity of the Agreements | 50,000 | 100,000 |
Mortgage-backed securities | Overnight and Continuous | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
Remaining Contractual Maturity of the Agreements | 0 | 0 |
Mortgage-backed securities | Up to 30 Days | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
Remaining Contractual Maturity of the Agreements | 0 | 0 |
Mortgage-backed securities | 30 to 90 Days | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
Remaining Contractual Maturity of the Agreements | 0 | 100,000 |
Mortgage-backed securities | 91 to 110 days | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
Remaining Contractual Maturity of the Agreements | $ 50,000 | $ 0 |
Balance Sheet Offsetting and 48
Balance Sheet Offsetting and Repurchase Agreements Accounted for as Secured Borrowings (Details Textuals) - USD ($) $ in Thousands | Jun. 30, 2018 | Dec. 31, 2017 |
Offsetting [Abstract] | ||
Right to reclaim cash collateral | $ 18,400 | $ 17,200 |
Obligation to return cash collateral | $ 13,800 | $ 6,370 |
Securities - Amortized cost, gr
Securities - Amortized cost, gross unrealized gains and losses, and fair value of securities held to maturity (Details) - USD ($) $ in Thousands | Jun. 30, 2018 | Dec. 31, 2017 |
Held-to-maturity securities: | ||
Amortized Cost | $ 297,569 | $ 321,094 |
Gross Unrealized Gains | 1,941 | 3,785 |
Gross Unrealized Losses | 8,047 | 3,603 |
Fair Value | 291,463 | 321,276 |
State and political subdivisions | ||
Held-to-maturity securities: | ||
Amortized Cost | 71,125 | 71,959 |
Gross Unrealized Gains | 954 | 1,574 |
Gross Unrealized Losses | 1,238 | 178 |
Fair Value | 70,841 | 73,355 |
Mortgage-backed securities | ||
Held-to-maturity securities: | ||
Amortized Cost | 226,444 | 249,135 |
Gross Unrealized Gains | 987 | 2,211 |
Gross Unrealized Losses | 6,809 | 3,425 |
Fair Value | $ 220,622 | $ 247,921 |
Securities - Cost basis, gross
Securities - Cost basis, gross unrealized gains and losses, and fair value of securities available for sale (Details) - USD ($) $ in Thousands | Jun. 30, 2018 | Dec. 31, 2017 |
Investment securities available for sale: | ||
Amortized Cost | $ 2,581,291 | $ 2,623,728 |
Gross Unrealized Gains | 3,758 | 11,968 |
Gross Unrealized Losses | 48,755 | 19,846 |
Fair Value | 2,536,294 | 2,615,850 |
U.S. Treasuries | ||
Investment securities available for sale: | ||
Amortized Cost | 122,290 | 122,025 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | 3,251 | 912 |
Fair Value | 119,039 | 121,113 |
U.S. Government agencies | ||
Investment securities available for sale: | ||
Amortized Cost | 25,778 | 26,129 |
Gross Unrealized Gains | 240 | 269 |
Gross Unrealized Losses | 440 | 26 |
Fair Value | 25,578 | 26,372 |
State and political subdivisions | ||
Investment securities available for sale: | ||
Amortized Cost | 200,486 | 195,663 |
Gross Unrealized Gains | 123 | 2,019 |
Gross Unrealized Losses | 2,978 | 396 |
Fair Value | 197,631 | 197,286 |
Mortgage-backed securities | ||
Investment securities available for sale: | ||
Amortized Cost | 1,844,310 | 1,738,056 |
Gross Unrealized Gains | 1,992 | 7,089 |
Gross Unrealized Losses | 39,441 | 17,934 |
Fair Value | 1,806,861 | 1,727,211 |
Corporate bonds | ||
Investment securities available for sale: | ||
Amortized Cost | 199,303 | 305,265 |
Gross Unrealized Gains | 793 | 1,513 |
Gross Unrealized Losses | 1,931 | 425 |
Fair Value | 198,165 | 306,353 |
Asset-backed securities | ||
Investment securities available for sale: | ||
Amortized Cost | 189,067 | 236,533 |
Gross Unrealized Gains | 610 | 1,078 |
Gross Unrealized Losses | 714 | 153 |
Fair Value | 188,963 | 237,458 |
Other | ||
Investment securities available for sale: | ||
Amortized Cost | 57 | 57 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | 0 | 0 |
Fair Value | $ 57 | $ 57 |
Securities - Summary of held-to
Securities - Summary of held-to-maturity securities in unrealized loss position (Details) - USD ($) $ in Thousands | Jun. 30, 2018 | Dec. 31, 2017 |
Summary of held to maturity securities in an unrealized loss position | ||
Fair Value, Less than 12 Months | $ 125,604 | $ 104,322 |
Unrealized Loss, Less than 12 Months | 4,094 | 1,626 |
Fair Value, 12 Months or More | 79,198 | 65,868 |
Unrealized Loss, 12 Months or More | 3,953 | 1,977 |
Fair Value, Total | 204,802 | 170,190 |
Unrealized Loss, Total | 8,047 | 3,603 |
State and political subdivisions | ||
Summary of held to maturity securities in an unrealized loss position | ||
Fair Value, Less than 12 Months | 43,131 | 8,969 |
Unrealized Loss, Less than 12 Months | 1,238 | 178 |
Fair Value, 12 Months or More | 0 | 0 |
Unrealized Loss, 12 Months or More | 0 | 0 |
Fair Value, Total | 43,131 | 8,969 |
Unrealized Loss, Total | 1,238 | 178 |
Mortgage-backed securities | ||
Summary of held to maturity securities in an unrealized loss position | ||
Fair Value, Less than 12 Months | 82,473 | 95,353 |
Unrealized Loss, Less than 12 Months | 2,856 | 1,448 |
Fair Value, 12 Months or More | 79,198 | 65,868 |
Unrealized Loss, 12 Months or More | 3,953 | 1,977 |
Fair Value, Total | 161,671 | 161,221 |
Unrealized Loss, Total | $ 6,809 | $ 3,425 |
Securities - Summary of availab
Securities - Summary of available-for-sale securities in unrealized loss position (Details) - USD ($) $ in Thousands | Jun. 30, 2018 | Dec. 31, 2017 |
Summary of available for sale securities in an unrealized loss position | ||
Fair Value, Less than 12 Months | $ 1,714,374 | $ 1,233,399 |
Unrealized Loss, Less than 12 Months | 33,358 | 10,440 |
Fair Value, 12 Months or More | 347,131 | 341,662 |
Unrealized Loss, 12 Months or More | 15,397 | 9,406 |
Fair Value, Total | 2,061,505 | 1,575,061 |
Unrealized Loss, Total | 48,755 | 19,846 |
U.S. Treasuries | ||
Summary of available for sale securities in an unrealized loss position | ||
Fair Value, Less than 12 Months | 119,039 | 121,113 |
Unrealized Loss, Less than 12 Months | 3,251 | 912 |
Fair Value, 12 Months or More | 0 | 0 |
Unrealized Loss, 12 Months or More | 0 | 0 |
Fair Value, Total | 119,039 | 121,113 |
Unrealized Loss, Total | 3,251 | 912 |
U.S. Government agencies | ||
Summary of available for sale securities in an unrealized loss position | ||
Fair Value, Less than 12 Months | 19,790 | 1,976 |
Unrealized Loss, Less than 12 Months | 413 | 13 |
Fair Value, 12 Months or More | 1,624 | 1,677 |
Unrealized Loss, 12 Months or More | 27 | 13 |
Fair Value, Total | 21,414 | 3,653 |
Unrealized Loss, Total | 440 | 26 |
State and political subdivisions | ||
Summary of available for sale securities in an unrealized loss position | ||
Fair Value, Less than 12 Months | 171,147 | 61,494 |
Unrealized Loss, Less than 12 Months | 2,899 | 365 |
Fair Value, 12 Months or More | 5,061 | 5,131 |
Unrealized Loss, 12 Months or More | 79 | 31 |
Fair Value, Total | 176,208 | 66,625 |
Unrealized Loss, Total | 2,978 | 396 |
Mortgage-backed securities | ||
Summary of available for sale securities in an unrealized loss position | ||
Fair Value, Less than 12 Months | 1,212,603 | 964,205 |
Unrealized Loss, Less than 12 Months | 24,160 | 8,699 |
Fair Value, 12 Months or More | 339,456 | 328,923 |
Unrealized Loss, 12 Months or More | 15,281 | 9,235 |
Fair Value, Total | 1,552,059 | 1,293,128 |
Unrealized Loss, Total | 39,441 | 17,934 |
Corporate bonds | ||
Summary of available for sale securities in an unrealized loss position | ||
Fair Value, Less than 12 Months | 116,563 | 55,916 |
Unrealized Loss, Less than 12 Months | 1,921 | 325 |
Fair Value, 12 Months or More | 990 | 900 |
Unrealized Loss, 12 Months or More | 10 | 100 |
Fair Value, Total | 117,553 | 56,816 |
Unrealized Loss, Total | 1,931 | 425 |
Asset-backed securities | ||
Summary of available for sale securities in an unrealized loss position | ||
Fair Value, Less than 12 Months | 75,232 | 28,695 |
Unrealized Loss, Less than 12 Months | 714 | 126 |
Fair Value, 12 Months or More | 0 | 5,031 |
Unrealized Loss, 12 Months or More | 0 | 27 |
Fair Value, Total | 75,232 | 33,726 |
Unrealized Loss, Total | $ 714 | $ 153 |
Securities - Summary of securit
Securities - Summary of securities sales activity (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | |
Investments, Debt and Equity Securities [Abstract] | ||||
Proceeds from sales | $ 26,335 | $ 70,453 | $ 140,296 | $ 94,650 |
Gross gains on sales | 232 | 227 | 649 | 325 |
Gross losses on sales | (596) | (223) | (1,953) | (323) |
Net (losses) gains on sales of securities | (364) | 4 | (1,304) | 2 |
Income tax benefit attributable to sales | $ (97) | $ 0 | $ (317) | $ (1) |
Securities - Amortized cost and
Securities - Amortized cost and fair value of held-to-maturity and available-for-sale securities (Details) - USD ($) $ in Thousands | Jun. 30, 2018 | Dec. 31, 2017 |
Available-for-Sale, Amortized Cost | ||
Amortized Cost | $ 2,581,291 | |
Available-for-Sale, Fair Value | ||
Fair Value | 2,536,294 | |
Held-to-Maturity, Amortized Cost | ||
Amortized Cost | 297,569 | $ 321,094 |
Held-to-Maturity, Fair Value | ||
Fair value | 291,463 | $ 321,276 |
U.S. Treasuries | ||
Available-for-Sale, Amortized Cost | ||
Available-for-Sale, Amortized Cost, 1 to 5 years | 74,525 | |
Available-for-Sale, Amortized Cost, 5 to 10 years | 47,765 | |
Amortized Cost | 122,290 | |
Available-for-Sale, Fair Value | ||
Available-for-Sale, Fair Value, 1 to 5 years | 72,568 | |
Available-for-Sale, Fair Value, 5 to 10 years | 46,471 | |
Fair Value | 119,039 | |
Held-to-Maturity, Amortized Cost | ||
Held-to-Maturity, Amortized Cost, 1 to 5 years | 0 | |
Held-to-Maturity, Amortized Cost, 5 to 10 years | 0 | |
Amortized Cost | 0 | |
Held-to-Maturity, Fair Value | ||
Held-to-Maturity, Fair Value, 1 to 5 years | 0 | |
Held-to-Maturity, Fair Value, 5 to 10 years | 0 | |
Fair value | 0 | |
U.S. Government agencies | ||
Available-for-Sale, Amortized Cost | ||
Available-for-Sale, Amortized Cost, 1 to 5 years | 20,854 | |
Available-for-Sale, Amortized Cost, More than 10 years | 4,924 | |
Amortized Cost | 25,778 | |
Available-for-Sale, Fair Value | ||
Available-for-Sale, Fair Value, 1 to 5 years | 20,422 | |
Available-for-Sale, Fair Value, More than 10 years | 5,156 | |
Fair Value | 25,578 | |
Held-to-Maturity, Amortized Cost | ||
Held-to-Maturity, Amortized Cost, 1 to 5 years | 0 | |
Held-to-Maturity, Amortized Cost, More than 10 years | 0 | |
Amortized Cost | 0 | |
Held-to-Maturity, Fair Value | ||
Held-to-Maturity, Fair Value, 1 to 5 years | 0 | |
Held-to-Maturity, Fair Value, More than 10 years | 0 | |
Fair value | 0 | |
State and political subdivisions | ||
Available-for-Sale, Amortized Cost | ||
Available-for-Sale, Amortized Cost, Within 1 year | 1,500 | |
Available-for-Sale, Amortized Cost, 1 to 5 years | 44,769 | |
Available-for-Sale, Amortized Cost, 5 to 10 years | 26,393 | |
Available-for-Sale, Amortized Cost, More than 10 years | 127,824 | |
Amortized Cost | 200,486 | |
Available-for-Sale, Fair Value | ||
Available-for-Sale, Fair Value, Within 1 year | 1,510 | |
Available-for-Sale, Fair Value, 1 to 5 years | 44,024 | |
Available-for-Sale, Fair Value, 5 to 10 years | 25,908 | |
Available-for-Sale, Fair Value, More than 10 years | 126,189 | |
Fair Value | 197,631 | |
Held-to-Maturity, Amortized Cost | ||
Held-to-Maturity, Amortized Cost, Within 1 year | 5,929 | |
Held-to-Maturity, Amortized Cost, 1 to 5 years | 10,670 | |
Held-to-Maturity, Amortized Cost, 5 to 10 years | 10,157 | |
Held-to-Maturity, Amortized Cost, More than 10 years | 44,369 | |
Amortized Cost | 71,125 | |
Held-to-Maturity, Fair Value | ||
Held-to-Maturity, Fair Value, Within 1 year | 5,991 | |
Held-to-Maturity, Fair Value, 1 to 5 years | 10,960 | |
Held-to-Maturity, Fair Value, 5 to 10 years | 10,759 | |
Held-to-Maturity, Fair Value, More than 10 years | 43,131 | |
Fair value | 70,841 | |
Corporate bonds | ||
Available-for-Sale, Amortized Cost | ||
Available-for-Sale, Amortized Cost, 1 to 5 years | 181,027 | |
Available-for-Sale, Amortized Cost, 5 to 10 years | 17,276 | |
Available-for-Sale, Amortized Cost, More than 10 years | 1,000 | |
Amortized Cost | 199,303 | |
Available-for-Sale, Fair Value | ||
Available-for-Sale, Fair Value, 1 to 5 years | 180,412 | |
Available-for-Sale, Fair Value, 5 to 10 years | 16,763 | |
Available-for-Sale, Fair Value, More than 10 years | 990 | |
Fair Value | 198,165 | |
Held-to-Maturity, Amortized Cost | ||
Held-to-Maturity, Amortized Cost, 1 to 5 years | 0 | |
Held-to-Maturity, Amortized Cost, 5 to 10 years | 0 | |
Held-to-Maturity, Amortized Cost, More than 10 years | 0 | |
Amortized Cost | 0 | |
Held-to-Maturity, Fair Value | ||
Held-to-Maturity, Fair Value, 1 to 5 years | 0 | |
Held-to-Maturity, Fair Value, 5 to 10 years | 0 | |
Held-to-Maturity, Fair Value, More than 10 years | 0 | |
Fair value | 0 | |
Asset-backed securities | ||
Available-for-Sale, Amortized Cost | ||
Available-for-Sale, Amortized Cost, 1 to 5 years | 5,624 | |
Available-for-Sale, Amortized Cost, 5 to 10 years | 31,025 | |
Available-for-Sale, Amortized Cost, More than 10 years | 152,418 | |
Amortized Cost | 189,067 | |
Available-for-Sale, Fair Value | ||
Available-for-Sale, Fair Value, 1 to 5 years | 5,771 | |
Available-for-Sale, Fair Value, 5 to 10 years | 31,105 | |
Available-for-Sale, Fair Value, More than 10 years | 152,087 | |
Fair Value | 188,963 | |
Held-to-Maturity, Amortized Cost | ||
Held-to-Maturity, Amortized Cost, 1 to 5 years | 0 | |
Held-to-Maturity, Amortized Cost, 5 to 10 years | 0 | |
Held-to-Maturity, Amortized Cost, More than 10 years | 0 | |
Amortized Cost | 0 | |
Held-to-Maturity, Fair Value | ||
Held-to-Maturity, Fair Value, 1 to 5 years | 0 | |
Held-to-Maturity, Fair Value, 5 to 10 years | 0 | |
Held-to-Maturity, Fair Value, More than 10 years | 0 | |
Fair value | 0 | |
Other | ||
Available-for-Sale, Amortized Cost | ||
Available-for-Sale, Amortized Cost, More than 10 years | 57 | |
Amortized Cost | 57 | |
Available-for-Sale, Fair Value | ||
Available-for-Sale, Fair Value, More than 10 years | 57 | |
Fair Value | 57 | |
Held-to-Maturity, Amortized Cost | ||
Held-to-Maturity, Amortized Cost, More than 10 years | 0 | |
Amortized Cost | 0 | |
Held-to-Maturity, Fair Value | ||
Held-to-Maturity, Fair Value, More than 10 years | 0 | |
Fair value | 0 | |
Total securities other than mortgage-backed securities | ||
Available-for-Sale, Amortized Cost | ||
Available-for-Sale, Amortized Cost, Within 1 year | 1,500 | |
Available-for-Sale, Amortized Cost, 1 to 5 years | 326,799 | |
Available-for-Sale, Amortized Cost, 5 to 10 years | 122,459 | |
Available-for-Sale, Amortized Cost, More than 10 years | 286,223 | |
Available-for-Sale, Fair Value | ||
Available-for-Sale, Fair Value, Within 1 year | 1,510 | |
Available-for-Sale, Fair Value, 1 to 5 years | 323,197 | |
Available-for-Sale, Fair Value, 5 to 10 years | 120,247 | |
Available-for-Sale, Fair Value, More than 10 years | 284,479 | |
Held-to-Maturity, Amortized Cost | ||
Held-to-Maturity, Amortized Cost, Within 1 year | 5,929 | |
Held-to-Maturity, Amortized Cost, 1 to 5 years | 10,670 | |
Held-to-Maturity, Amortized Cost, 5 to 10 years | 10,157 | |
Held-to-Maturity, Amortized Cost, More than 10 years | 44,369 | |
Held-to-Maturity, Fair Value | ||
Held-to-Maturity, Fair Value, Within 1 year | 5,991 | |
Held-to-Maturity, Fair Value, 1 to 5 years | 10,960 | |
Held-to-Maturity, Fair Value, 5 to 10 years | 10,759 | |
Held-to-Maturity, Fair Value, More than 10 years | 43,131 | |
Mortgage-backed securities | ||
Available-for-Sale, Amortized Cost | ||
Amortized Cost | 1,844,310 | |
Available-for-Sale, Fair Value | ||
Fair Value | 1,806,861 | |
Held-to-Maturity, Amortized Cost | ||
Amortized Cost | 226,444 | |
Held-to-Maturity, Fair Value | ||
Fair value | $ 220,622 |
Securities (Detail Textuals)
Securities (Detail Textuals) $ in Millions | Jun. 30, 2018USD ($)Security | Dec. 31, 2017USD ($) |
Investments, Debt and Equity Securities [Abstract] | ||
Carrying value of securities pledged to secure public deposits, derivatives and other secured borrowings | $ | $ 816 | $ 1,040 |
Number of available-for-sale securities in unrealized loss position | 294 | |
Number of held-to-maturity securities in unrealized loss position | 70 |
Loans and Leases and Allowanc56
Loans and Leases and Allowance for Credit Losses - Major classifications of loans (Details) - USD ($) $ in Thousands | Jun. 30, 2018 | Dec. 31, 2017 |
Classifications of loans | ||
Total loans | $ 8,220,271 | $ 7,735,572 |
Less allowance for loan and lease losses | (61,071) | (58,914) |
Loans and leases, net | 8,159,200 | 7,676,658 |
Loans Receivable | ||
Classifications of loans | ||
Total loans | 8,220,271 | 7,735,572 |
Loans Receivable | Home equity lines of credit | ||
Classifications of loans | ||
Total loans | 707,718 | 731,227 |
Loans Receivable | Indirect auto | ||
Classifications of loans | ||
Total loans | 277,275 | 358,185 |
Loans Receivable | Commercial | ||
Classifications of loans | ||
Total loans | 5,896,336 | 5,362,093 |
Loans Receivable | Commercial | Owner occupied commercial real estate | ||
Classifications of loans | ||
Total loans | 1,681,737 | 1,923,993 |
Loans Receivable | Commercial | Income producing commercial real estate | ||
Classifications of loans | ||
Total loans | 1,821,384 | 1,595,174 |
Loans Receivable | Commercial | Construction | ||
Classifications of loans | ||
Total loans | 735,575 | 711,936 |
Loans Receivable | Commercial | Equipment Financing [Member] | ||
Classifications of loans | ||
Total loans | 464,594 | 0 |
Loans Receivable | Commercial | Commercial & industrial | ||
Classifications of loans | ||
Total loans | 1,193,046 | 1,130,990 |
Loans Receivable | Residential | Residential mortgage | ||
Classifications of loans | ||
Total loans | 1,020,606 | 973,544 |
Loans Receivable | Residential | Construction | ||
Classifications of loans | ||
Total loans | 195,580 | 183,019 |
Loans Receivable | Consumer direct | ||
Classifications of loans | ||
Total loans | $ 122,756 | $ 127,504 |
Loans and Leases and Allowanc57
Loans and Leases and Allowance for Credit Losses - Changes in the value of the accretable yield for acquired loans (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | |
Certain Loans Acquired in Transfer Accounted for as Debt Securities, Accretable Yield Movement Schedule [Roll Forward] | ||||
Balance at beginning of period | $ 18,036 | $ 7,762 | $ 17,686 | $ 7,981 |
Additions due to acquisitions | 147 | 0 | 1,977 | 0 |
Accretion | (2,965) | (1,412) | (5,511) | (3,102) |
Reclassification from nonaccretable difference | 6,527 | 3,827 | 7,118 | 4,716 |
Changes in expected cash flows that do not affect nonaccretable difference | 1,661 | 1,188 | 2,136 | 1,770 |
Balance at end of period | $ 23,406 | $ 11,365 | $ 23,406 | $ 11,365 |
Loans and Leases and Allowanc58
Loans and Leases and Allowance for Credit Losses - Components of net investment in leases (Details) $ in Thousands | Jun. 30, 2018USD ($) |
Receivables [Abstract] | |
Minimum future lease payments receivable | $ 26,396 |
Estimated residual value of leased equipment | 3,314 |
Initial direct costs | 764 |
Security deposits | (1,192) |
Purchase accounting premium | 1,197 |
Unearned income | (4,930) |
Net investment in leases | $ 25,549 |
Loans and Leases and Allowanc59
Loans and Leases and Allowance for Credit Losses - Minimum future lease payment to be received (Details) $ in Thousands | Jun. 30, 2018USD ($) |
Receivables [Abstract] | |
Remainder of 2018 | $ 5,900 |
2,019 | 9,325 |
2,020 | 6,396 |
2,021 | 3,185 |
2,022 | 1,373 |
Thereafter | 217 |
Total | $ 26,396 |
Loans and Leases and Allowanc60
Loans and Leases and Allowance for Credit Losses - Balance and activity in allowance for loan losses by portfolio segment and recorded investment in loans by portfolio segment (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | |
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||||
Beginning Balance | $ 63,525 | $ 62,545 | $ 61,226 | $ 63,424 |
Charge-Offs | (3,231) | (2,715) | (6,115) | (5,930) |
Recoveries | 1,872 | 1,092 | 3,255 | 2,628 |
(Release) Provision | 1,800 | 800 | 5,600 | 1,600 |
Ending Balance | 63,966 | 61,722 | 63,966 | 61,722 |
Allowance for unfunded commitments | ||||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||||
Beginning Balance | 2,440 | 2,002 | 2,312 | 2,002 |
Charge-Offs | 0 | 0 | 0 | 0 |
Recoveries | 0 | 0 | 0 | 0 |
(Release) Provision | 455 | 220 | 583 | 220 |
Ending Balance | 2,895 | 2,222 | 2,895 | 2,222 |
Loans Receivable | ||||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||||
Beginning Balance | 61,085 | 60,543 | 58,914 | 61,422 |
Charge-Offs | (3,231) | (2,715) | (6,115) | (5,930) |
Recoveries | 1,872 | 1,092 | 3,255 | 2,628 |
(Release) Provision | 1,345 | 580 | 5,017 | 1,380 |
Ending Balance | 61,071 | 59,500 | 61,071 | 59,500 |
Loans Receivable | Home equity lines of credit | ||||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||||
Beginning Balance | 4,932 | 4,530 | 5,177 | 4,599 |
Charge-Offs | (211) | (424) | (335) | (895) |
Recoveries | 190 | 171 | 225 | 220 |
(Release) Provision | 32 | 313 | (124) | 666 |
Ending Balance | 4,943 | 4,590 | 4,943 | 4,590 |
Loans Receivable | Indirect auto | ||||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||||
Beginning Balance | 1,418 | 2,004 | 1,550 | 1,802 |
Charge-Offs | (379) | (313) | (815) | (733) |
Recoveries | 55 | 94 | 135 | 149 |
(Release) Provision | 174 | 225 | 398 | 792 |
Ending Balance | 1,268 | 2,010 | 1,268 | 2,010 |
Loans Receivable | Commercial | Owner occupied commercial real estate | ||||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||||
Beginning Balance | 14,561 | 15,669 | 14,776 | 16,446 |
Charge-Offs | (7) | (158) | (67) | (183) |
Recoveries | 585 | 120 | 688 | 357 |
(Release) Provision | (2,230) | (209) | (2,488) | (1,198) |
Ending Balance | 12,909 | 15,422 | 12,909 | 15,422 |
Loans Receivable | Commercial | Income producing commercial real estate | ||||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||||
Beginning Balance | 9,776 | 8,878 | 9,381 | 8,843 |
Charge-Offs | (1,653) | (203) | (2,310) | (1,100) |
Recoveries | 232 | 20 | 467 | 47 |
(Release) Provision | 2,507 | 659 | 3,324 | 1,564 |
Ending Balance | 10,862 | 9,354 | 10,862 | 9,354 |
Loans Receivable | Commercial | Construction | ||||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||||
Beginning Balance | 10,034 | 12,790 | 10,523 | 13,405 |
Charge-Offs | (53) | (361) | (416) | (563) |
Recoveries | 159 | 20 | 256 | 592 |
(Release) Provision | (17) | (1,411) | (240) | (2,396) |
Ending Balance | 10,123 | 11,038 | 10,123 | 11,038 |
Loans Receivable | Commercial | Equipment financing | ||||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||||
Beginning Balance | 2,291 | 0 | 0 | 0 |
Charge-Offs | (23) | 0 | (162) | 0 |
Recoveries | 71 | 0 | 168 | 0 |
(Release) Provision | 1,222 | 0 | 3,555 | 0 |
Ending Balance | 3,561 | 0 | 3,561 | 0 |
Loans Receivable | Commercial | Commercial & industrial | ||||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||||
Beginning Balance | 4,075 | 3,725 | 3,971 | 3,810 |
Charge-Offs | (233) | (598) | (617) | (814) |
Recoveries | 217 | 244 | 606 | 612 |
(Release) Provision | 146 | 249 | 245 | 12 |
Ending Balance | 4,205 | 3,620 | 4,205 | 3,620 |
Loans Receivable | Residential | Construction | ||||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||||
Beginning Balance | 3,044 | 3,267 | 2,729 | 3,264 |
Charge-Offs | (8) | (70) | (8) | (70) |
Recoveries | 67 | 123 | 131 | 132 |
(Release) Provision | (513) | (236) | (262) | (242) |
Ending Balance | 2,590 | 3,084 | 2,590 | 3,084 |
Loans Receivable | Residential | Residential mortgage | ||||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||||
Beginning Balance | 10,221 | 9,071 | 10,097 | 8,545 |
Charge-Offs | (112) | (131) | (182) | (673) |
Recoveries | 101 | 105 | 224 | 117 |
(Release) Provision | (365) | 753 | (294) | 1,809 |
Ending Balance | 9,845 | 9,798 | 9,845 | 9,798 |
Loans Receivable | Consumer direct | ||||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ||||
Beginning Balance | 733 | 609 | 710 | 708 |
Charge-Offs | (552) | (457) | (1,203) | (899) |
Recoveries | 195 | 195 | 355 | 402 |
(Release) Provision | 389 | 237 | 903 | 373 |
Ending Balance | $ 765 | $ 584 | $ 765 | $ 584 |
Loans and Leases and Allowanc61
Loans and Leases and Allowance for Credit Losses - Recorded investment in loans by portfolio segment and the balance of the allowance for loan losses (Details) - USD ($) $ in Thousands | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 |
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Allowance for Credit Losses, Individually evaluated for impairment | $ 2,821 | $ 3,256 | ||||
Allowance for Credit Losses, Collectively evaluated for impairment | 60,772 | 57,957 | ||||
Allowance for Credit Losses, PCI | 373 | 13 | ||||
Allowance for Credit Losses, Ending balance | 63,966 | $ 63,525 | 61,226 | $ 61,722 | $ 62,545 | $ 63,424 |
Loans Outstanding, Ending Balance | 8,220,271 | 7,735,572 | ||||
Allowance for unfunded commitments | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Allowance for Credit Losses, Individually evaluated for impairment | 0 | 0 | ||||
Allowance for Credit Losses, Collectively evaluated for impairment | 2,895 | 2,312 | ||||
Allowance for Credit Losses, PCI | 0 | 0 | ||||
Allowance for Credit Losses, Ending balance | 2,895 | 2,440 | 2,312 | 2,222 | 2,002 | 2,002 |
Loans Receivable | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Allowance for Credit Losses, Individually evaluated for impairment | 2,821 | 3,256 | ||||
Allowance for Credit Losses, Collectively evaluated for impairment | 57,877 | 55,645 | ||||
Allowance for Credit Losses, PCI | 373 | 13 | ||||
Allowance for Credit Losses, Ending balance | 61,071 | 61,085 | 58,914 | 59,500 | 60,543 | 61,422 |
Loans Outstanding, Individually evaluated for impairment | 57,421 | 62,310 | ||||
Loans Outstanding, Collectively evaluated for impairment | 8,073,007 | 7,574,748 | ||||
Loans Outstanding, PCI | 89,843 | 98,514 | ||||
Loans Outstanding, Ending Balance | 8,220,271 | 7,735,572 | ||||
Loans Receivable | Home equity lines of credit | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Allowance for Credit Losses, Individually evaluated for impairment | 0 | 0 | ||||
Allowance for Credit Losses, Collectively evaluated for impairment | 4,943 | 5,177 | ||||
Allowance for Credit Losses, PCI | 0 | 0 | ||||
Allowance for Credit Losses, Ending balance | 4,943 | 4,932 | 5,177 | 4,590 | 4,530 | 4,599 |
Loans Outstanding, Individually evaluated for impairment | 232 | 101 | ||||
Loans Outstanding, Collectively evaluated for impairment | 705,591 | 728,235 | ||||
Loans Outstanding, PCI | 1,895 | 2,891 | ||||
Loans Outstanding, Ending Balance | 707,718 | 731,227 | ||||
Loans Receivable | Indirect auto | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Allowance for Credit Losses, Individually evaluated for impairment | 29 | 0 | ||||
Allowance for Credit Losses, Collectively evaluated for impairment | 1,239 | 1,550 | ||||
Allowance for Credit Losses, PCI | 0 | 0 | ||||
Allowance for Credit Losses, Ending balance | 1,268 | 1,418 | 1,550 | 2,010 | 2,004 | 1,802 |
Loans Outstanding, Individually evaluated for impairment | 1,215 | 1,396 | ||||
Loans Outstanding, Collectively evaluated for impairment | 276,060 | 356,789 | ||||
Loans Outstanding, PCI | 0 | 0 | ||||
Loans Outstanding, Ending Balance | 277,275 | 358,185 | ||||
Loans Receivable | Commercial | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Loans Outstanding, PCI | 74,730 | 80,898 | ||||
Loans Outstanding, Ending Balance | 5,896,336 | 5,362,093 | ||||
Loans Receivable | Commercial | Owner occupied commercial real estate | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Allowance for Credit Losses, Individually evaluated for impairment | 985 | 1,255 | ||||
Allowance for Credit Losses, Collectively evaluated for impairment | 11,647 | 13,521 | ||||
Allowance for Credit Losses, PCI | 277 | 0 | ||||
Allowance for Credit Losses, Ending balance | 12,909 | 14,561 | 14,776 | 15,422 | 15,669 | 16,446 |
Loans Outstanding, Individually evaluated for impairment | 18,932 | 21,823 | ||||
Loans Outstanding, Collectively evaluated for impairment | 1,649,437 | 1,876,411 | ||||
Loans Outstanding, PCI | 13,368 | 25,759 | ||||
Loans Outstanding, Ending Balance | 1,681,737 | 1,923,993 | ||||
Loans Receivable | Commercial | Income producing commercial real estate | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Allowance for Credit Losses, Individually evaluated for impairment | 609 | 562 | ||||
Allowance for Credit Losses, Collectively evaluated for impairment | 10,193 | 8,813 | ||||
Allowance for Credit Losses, PCI | 60 | 6 | ||||
Allowance for Credit Losses, Ending balance | 10,862 | 9,776 | 9,381 | 9,354 | 8,878 | 8,843 |
Loans Outstanding, Individually evaluated for impairment | 16,245 | 16,483 | ||||
Loans Outstanding, Collectively evaluated for impairment | 1,762,960 | 1,533,851 | ||||
Loans Outstanding, PCI | 42,179 | 44,840 | ||||
Loans Outstanding, Ending Balance | 1,821,384 | 1,595,174 | ||||
Loans Receivable | Commercial | Construction | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Allowance for Credit Losses, Individually evaluated for impairment | 98 | 156 | ||||
Allowance for Credit Losses, Collectively evaluated for impairment | 10,025 | 10,367 | ||||
Allowance for Credit Losses, PCI | 0 | 0 | ||||
Allowance for Credit Losses, Ending balance | 10,123 | 10,034 | 10,523 | 11,038 | 12,790 | 13,405 |
Loans Outstanding, Individually evaluated for impairment | 3,528 | 3,813 | ||||
Loans Outstanding, Collectively evaluated for impairment | 725,474 | 699,266 | ||||
Loans Outstanding, PCI | 6,573 | 8,857 | ||||
Loans Outstanding, Ending Balance | 735,575 | 711,936 | ||||
Loans Receivable | Commercial | Equipment financing | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Allowance for Credit Losses, Individually evaluated for impairment | 0 | 0 | ||||
Allowance for Credit Losses, Collectively evaluated for impairment | 3,561 | 0 | ||||
Allowance for Credit Losses, PCI | 0 | 0 | ||||
Allowance for Credit Losses, Ending balance | 3,561 | 2,291 | 0 | 0 | 0 | 0 |
Loans Outstanding, Individually evaluated for impairment | 0 | 0 | ||||
Loans Outstanding, Collectively evaluated for impairment | 452,620 | 0 | ||||
Loans Outstanding, PCI | 11,974 | 0 | ||||
Loans Outstanding, Ending Balance | 464,594 | 0 | ||||
Loans Receivable | Commercial | Commercial & industrial | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Allowance for Credit Losses, Individually evaluated for impairment | 35 | 27 | ||||
Allowance for Credit Losses, Collectively evaluated for impairment | 4,135 | 3,944 | ||||
Allowance for Credit Losses, PCI | 35 | 0 | ||||
Allowance for Credit Losses, Ending balance | 4,205 | 4,075 | 3,971 | 3,620 | 3,725 | 3,810 |
Loans Outstanding, Individually evaluated for impairment | 1,510 | 2,654 | ||||
Loans Outstanding, Collectively evaluated for impairment | 1,190,900 | 1,126,894 | ||||
Loans Outstanding, PCI | 636 | 1,442 | ||||
Loans Outstanding, Ending Balance | 1,193,046 | 1,130,990 | ||||
Loans Receivable | Residential | Construction | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Allowance for Credit Losses, Individually evaluated for impairment | 52 | 75 | ||||
Allowance for Credit Losses, Collectively evaluated for impairment | 2,538 | 2,654 | ||||
Allowance for Credit Losses, PCI | 0 | 0 | ||||
Allowance for Credit Losses, Ending balance | 2,590 | 3,044 | 2,729 | 3,084 | 3,267 | 3,264 |
Loans Outstanding, Individually evaluated for impairment | 1,498 | 1,577 | ||||
Loans Outstanding, Collectively evaluated for impairment | 193,156 | 180,978 | ||||
Loans Outstanding, PCI | 926 | 464 | ||||
Loans Outstanding, Ending Balance | 195,580 | 183,019 | ||||
Loans Receivable | Residential | Residential mortgage | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Allowance for Credit Losses, Individually evaluated for impairment | 1,007 | 1,174 | ||||
Allowance for Credit Losses, Collectively evaluated for impairment | 8,838 | 8,919 | ||||
Allowance for Credit Losses, PCI | 0 | 4 | ||||
Allowance for Credit Losses, Ending balance | 9,845 | 10,221 | 10,097 | 9,798 | 9,071 | 8,545 |
Loans Outstanding, Individually evaluated for impairment | 14,012 | 14,193 | ||||
Loans Outstanding, Collectively evaluated for impairment | 995,072 | 946,210 | ||||
Loans Outstanding, PCI | 11,522 | 13,141 | ||||
Loans Outstanding, Ending Balance | 1,020,606 | 973,544 | ||||
Loans Receivable | Consumer direct | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||||
Allowance for Credit Losses, Individually evaluated for impairment | 6 | 7 | ||||
Allowance for Credit Losses, Collectively evaluated for impairment | 758 | 700 | ||||
Allowance for Credit Losses, PCI | 1 | 3 | ||||
Allowance for Credit Losses, Ending balance | 765 | $ 733 | 710 | $ 584 | $ 609 | $ 708 |
Loans Outstanding, Individually evaluated for impairment | 249 | 270 | ||||
Loans Outstanding, Collectively evaluated for impairment | 121,737 | 126,114 | ||||
Loans Outstanding, PCI | 770 | 1,120 | ||||
Loans Outstanding, Ending Balance | $ 122,756 | $ 127,504 |
Loans and Leases and Allowanc62
Loans and Leases and Allowance for Credit Losses - Loans individually evaluated for impairment by class of loans (Details) - Loans Receivable - USD ($) $ in Thousands | Jun. 30, 2018 | Dec. 31, 2017 |
Unpaid Principal Balance | ||
Unpaid Principal Balance, With no related allowance recorded | $ 22,893 | $ 10,191 |
Unpaid Principal Balance, With an allowance recorded | 38,473 | 54,540 |
Unpaid Principal Balance | 61,366 | 64,731 |
Recorded Investment | ||
Recorded Investment, With no related allowance recorded | 20,451 | 9,368 |
Recorded Investment, With allowance recorded | 36,970 | 52,942 |
Recorded Investment | 57,421 | 62,310 |
Allowance for Loan Losses Allocated | 2,821 | 3,256 |
Home equity lines of credit | ||
Unpaid Principal Balance | ||
Unpaid Principal Balance, With no related allowance recorded | 284 | 393 |
Unpaid Principal Balance, With an allowance recorded | 4 | 0 |
Recorded Investment | ||
Recorded Investment, With no related allowance recorded | 229 | 101 |
Recorded Investment, With allowance recorded | 3 | 0 |
Allowance for Loan Losses Allocated | 0 | 0 |
Indirect auto | ||
Unpaid Principal Balance | ||
Unpaid Principal Balance, With no related allowance recorded | 139 | 1,396 |
Unpaid Principal Balance, With an allowance recorded | 1,079 | 0 |
Recorded Investment | ||
Recorded Investment, With no related allowance recorded | 137 | 1,396 |
Recorded Investment, With allowance recorded | 1,078 | 0 |
Allowance for Loan Losses Allocated | 29 | 0 |
Commercial | ||
Unpaid Principal Balance | ||
Unpaid Principal Balance, With no related allowance recorded | 16,584 | 5,307 |
Unpaid Principal Balance, With an allowance recorded | 26,674 | 40,885 |
Recorded Investment | ||
Recorded Investment, With no related allowance recorded | 14,940 | 4,946 |
Recorded Investment, With allowance recorded | 25,275 | 39,827 |
Allowance for Loan Losses Allocated | 1,727 | 2,000 |
Commercial | Owner occupied commercial real estate | ||
Unpaid Principal Balance | ||
Unpaid Principal Balance, With no related allowance recorded | 8,292 | 1,238 |
Unpaid Principal Balance, With an allowance recorded | 12,665 | 21,262 |
Recorded Investment | ||
Recorded Investment, With no related allowance recorded | 6,763 | 1,176 |
Recorded Investment, With allowance recorded | 12,169 | 20,647 |
Allowance for Loan Losses Allocated | 985 | 1,255 |
Commercial | Income producing commercial real estate | ||
Unpaid Principal Balance | ||
Unpaid Principal Balance, With no related allowance recorded | 7,568 | 2,177 |
Unpaid Principal Balance, With an allowance recorded | 9,017 | 14,419 |
Recorded Investment | ||
Recorded Investment, With no related allowance recorded | 7,496 | 2,165 |
Recorded Investment, With allowance recorded | 8,749 | 14,318 |
Allowance for Loan Losses Allocated | 609 | 562 |
Commercial | Construction | ||
Unpaid Principal Balance | ||
Unpaid Principal Balance, With no related allowance recorded | 564 | 134 |
Unpaid Principal Balance, With an allowance recorded | 3,216 | 3,917 |
Recorded Investment | ||
Recorded Investment, With no related allowance recorded | 558 | 134 |
Recorded Investment, With allowance recorded | 2,970 | 3,679 |
Allowance for Loan Losses Allocated | 98 | 156 |
Commercial | Equipment financing | ||
Unpaid Principal Balance | ||
Unpaid Principal Balance, With no related allowance recorded | 0 | 0 |
Unpaid Principal Balance, With an allowance recorded | 0 | 0 |
Recorded Investment | ||
Recorded Investment, With no related allowance recorded | 0 | 0 |
Recorded Investment, With allowance recorded | 0 | 0 |
Allowance for Loan Losses Allocated | 0 | 0 |
Commercial | Commercial & industrial | ||
Unpaid Principal Balance | ||
Unpaid Principal Balance, With no related allowance recorded | 160 | 1,758 |
Unpaid Principal Balance, With an allowance recorded | 1,776 | 1,287 |
Recorded Investment | ||
Recorded Investment, With no related allowance recorded | 123 | 1,471 |
Recorded Investment, With allowance recorded | 1,387 | 1,183 |
Allowance for Loan Losses Allocated | 35 | 27 |
Residential | Construction | ||
Unpaid Principal Balance | ||
Unpaid Principal Balance, With no related allowance recorded | 712 | 405 |
Unpaid Principal Balance, With an allowance recorded | 933 | 1,325 |
Recorded Investment | ||
Recorded Investment, With no related allowance recorded | 576 | 330 |
Recorded Investment, With allowance recorded | 922 | 1,247 |
Allowance for Loan Losses Allocated | 52 | 75 |
Residential | Residential mortgage | ||
Unpaid Principal Balance | ||
Unpaid Principal Balance, With no related allowance recorded | 5,125 | 2,661 |
Unpaid Principal Balance, With an allowance recorded | 9,576 | 12,086 |
Recorded Investment | ||
Recorded Investment, With no related allowance recorded | 4,520 | 2,566 |
Recorded Investment, With allowance recorded | 9,492 | 11,627 |
Allowance for Loan Losses Allocated | 1,007 | 1,174 |
Consumer direct | ||
Unpaid Principal Balance | ||
Unpaid Principal Balance, With no related allowance recorded | 49 | 29 |
Unpaid Principal Balance, With an allowance recorded | 207 | 244 |
Recorded Investment | ||
Recorded Investment, With no related allowance recorded | 49 | 29 |
Recorded Investment, With allowance recorded | 200 | 241 |
Allowance for Loan Losses Allocated | $ 6 | $ 7 |
Loans and Leases and Allowanc63
Loans and Leases and Allowance for Credit Losses - Loans modified under terms of TDR (Details) - Loans Receivable $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2018USD ($)Contract | Jun. 30, 2017USD ($)Contract | Jun. 30, 2018USD ($)Contract | Jun. 30, 2017USD ($)Contract | |
Financing Receivable, Modifications [Line Items] | ||||
Number of Contracts | Contract | 22 | 11 | 28 | 21 |
Pre-Modification Outstanding Recorded Investment | $ 1,076 | $ 2,893 | $ 2,491 | $ 3,317 |
Post-Modification Outstanding Recorded Investment | $ 1,075 | $ 2,773 | $ 2,398 | $ 3,197 |
Modified Within the Previous Twelve Months that Have Subsequently Defaulted, Number of Contracts | Contract | 3 | 0 | 5 | 2 |
Modified Within the Previous Twelve Months that Have Subsequently Defaulted, Recorded Investment | $ 387 | $ 0 | $ 1,973 | $ 655 |
Rate Reduction | ||||
Financing Receivable, Modifications [Line Items] | ||||
Post-Modification Outstanding Recorded Investment | 106 | 0 | 106 | 40 |
Structure | ||||
Financing Receivable, Modifications [Line Items] | ||||
Post-Modification Outstanding Recorded Investment | 733 | 2,371 | 2,056 | 2,755 |
Other | ||||
Financing Receivable, Modifications [Line Items] | ||||
Post-Modification Outstanding Recorded Investment | $ 236 | $ 402 | $ 236 | $ 402 |
Home equity lines of credit | ||||
Financing Receivable, Modifications [Line Items] | ||||
Number of Contracts | Contract | 0 | 1 | 0 | 1 |
Pre-Modification Outstanding Recorded Investment | $ 0 | $ 296 | $ 0 | $ 296 |
Post-Modification Outstanding Recorded Investment | $ 0 | $ 176 | $ 0 | $ 176 |
Modified Within the Previous Twelve Months that Have Subsequently Defaulted, Number of Contracts | Contract | 0 | 0 | 0 | 0 |
Modified Within the Previous Twelve Months that Have Subsequently Defaulted, Recorded Investment | $ 0 | $ 0 | $ 0 | $ 0 |
Home equity lines of credit | Rate Reduction | ||||
Financing Receivable, Modifications [Line Items] | ||||
Post-Modification Outstanding Recorded Investment | 0 | 0 | 0 | 0 |
Home equity lines of credit | Structure | ||||
Financing Receivable, Modifications [Line Items] | ||||
Post-Modification Outstanding Recorded Investment | 0 | 0 | 0 | 0 |
Home equity lines of credit | Other | ||||
Financing Receivable, Modifications [Line Items] | ||||
Post-Modification Outstanding Recorded Investment | $ 0 | $ 176 | $ 0 | $ 176 |
Indirect auto | ||||
Financing Receivable, Modifications [Line Items] | ||||
Number of Contracts | Contract | 17 | 0 | 17 | 0 |
Pre-Modification Outstanding Recorded Investment | $ 236 | $ 0 | $ 236 | $ 0 |
Post-Modification Outstanding Recorded Investment | $ 236 | $ 0 | $ 236 | $ 0 |
Modified Within the Previous Twelve Months that Have Subsequently Defaulted, Number of Contracts | Contract | 0 | 0 | 0 | 0 |
Modified Within the Previous Twelve Months that Have Subsequently Defaulted, Recorded Investment | $ 0 | $ 0 | $ 0 | $ 0 |
Indirect auto | Rate Reduction | ||||
Financing Receivable, Modifications [Line Items] | ||||
Post-Modification Outstanding Recorded Investment | 0 | 0 | 0 | 0 |
Indirect auto | Structure | ||||
Financing Receivable, Modifications [Line Items] | ||||
Post-Modification Outstanding Recorded Investment | 0 | 0 | 0 | 0 |
Indirect auto | Other | ||||
Financing Receivable, Modifications [Line Items] | ||||
Post-Modification Outstanding Recorded Investment | $ 236 | $ 0 | $ 236 | $ 0 |
Commercial | ||||
Financing Receivable, Modifications [Line Items] | ||||
Number of Contracts | Contract | 3 | 5 | 7 | 6 |
Pre-Modification Outstanding Recorded Investment | $ 415 | $ 2,114 | $ 1,490 | $ 2,139 |
Post-Modification Outstanding Recorded Investment | $ 415 | $ 2,114 | $ 1,398 | $ 2,139 |
Modified Within the Previous Twelve Months that Have Subsequently Defaulted, Number of Contracts | Contract | 2 | 0 | 4 | 0 |
Modified Within the Previous Twelve Months that Have Subsequently Defaulted, Recorded Investment | $ 286 | $ 0 | $ 1,872 | $ 0 |
Commercial | Rate Reduction | ||||
Financing Receivable, Modifications [Line Items] | ||||
Post-Modification Outstanding Recorded Investment | 106 | 0 | 106 | 0 |
Commercial | Structure | ||||
Financing Receivable, Modifications [Line Items] | ||||
Post-Modification Outstanding Recorded Investment | 309 | 1,888 | 1,292 | 1,913 |
Commercial | Other | ||||
Financing Receivable, Modifications [Line Items] | ||||
Post-Modification Outstanding Recorded Investment | $ 0 | $ 226 | $ 0 | $ 226 |
Commercial | Owner occupied commercial real estate | ||||
Financing Receivable, Modifications [Line Items] | ||||
Number of Contracts | Contract | 1 | 3 | 4 | 3 |
Pre-Modification Outstanding Recorded Investment | $ 282 | $ 1,860 | $ 1,276 | $ 1,860 |
Post-Modification Outstanding Recorded Investment | $ 282 | $ 1,860 | $ 1,260 | $ 1,860 |
Modified Within the Previous Twelve Months that Have Subsequently Defaulted, Number of Contracts | Contract | 1 | 0 | 3 | 0 |
Modified Within the Previous Twelve Months that Have Subsequently Defaulted, Recorded Investment | $ 283 | $ 0 | $ 1,869 | $ 0 |
Commercial | Owner occupied commercial real estate | Rate Reduction | ||||
Financing Receivable, Modifications [Line Items] | ||||
Post-Modification Outstanding Recorded Investment | 0 | 0 | 0 | 0 |
Commercial | Owner occupied commercial real estate | Structure | ||||
Financing Receivable, Modifications [Line Items] | ||||
Post-Modification Outstanding Recorded Investment | 282 | 1,860 | 1,260 | 1,860 |
Commercial | Owner occupied commercial real estate | Other | ||||
Financing Receivable, Modifications [Line Items] | ||||
Post-Modification Outstanding Recorded Investment | $ 0 | $ 0 | $ 0 | $ 0 |
Commercial | Income producing commercial real estate | ||||
Financing Receivable, Modifications [Line Items] | ||||
Number of Contracts | Contract | 1 | 1 | 1 | 1 |
Pre-Modification Outstanding Recorded Investment | $ 106 | $ 226 | $ 106 | $ 226 |
Post-Modification Outstanding Recorded Investment | $ 106 | $ 226 | $ 106 | $ 226 |
Modified Within the Previous Twelve Months that Have Subsequently Defaulted, Number of Contracts | Contract | 0 | 0 | 0 | 0 |
Modified Within the Previous Twelve Months that Have Subsequently Defaulted, Recorded Investment | $ 0 | $ 0 | $ 0 | $ 0 |
Commercial | Income producing commercial real estate | Rate Reduction | ||||
Financing Receivable, Modifications [Line Items] | ||||
Post-Modification Outstanding Recorded Investment | 106 | 0 | 106 | 0 |
Commercial | Income producing commercial real estate | Structure | ||||
Financing Receivable, Modifications [Line Items] | ||||
Post-Modification Outstanding Recorded Investment | 0 | 0 | 0 | 0 |
Commercial | Income producing commercial real estate | Other | ||||
Financing Receivable, Modifications [Line Items] | ||||
Post-Modification Outstanding Recorded Investment | $ 0 | $ 226 | $ 0 | $ 226 |
Commercial | Construction | ||||
Financing Receivable, Modifications [Line Items] | ||||
Number of Contracts | Contract | 0 | 0 | 0 | 0 |
Pre-Modification Outstanding Recorded Investment | $ 0 | $ 0 | $ 0 | $ 0 |
Post-Modification Outstanding Recorded Investment | $ 0 | $ 0 | $ 0 | $ 0 |
Modified Within the Previous Twelve Months that Have Subsequently Defaulted, Number of Contracts | Contract | 1 | 0 | 1 | 0 |
Modified Within the Previous Twelve Months that Have Subsequently Defaulted, Recorded Investment | $ 3 | $ 0 | $ 3 | $ 0 |
Commercial | Construction | Rate Reduction | ||||
Financing Receivable, Modifications [Line Items] | ||||
Post-Modification Outstanding Recorded Investment | 0 | 0 | 0 | 0 |
Commercial | Construction | Structure | ||||
Financing Receivable, Modifications [Line Items] | ||||
Post-Modification Outstanding Recorded Investment | 0 | 0 | 0 | 0 |
Commercial | Construction | Other | ||||
Financing Receivable, Modifications [Line Items] | ||||
Post-Modification Outstanding Recorded Investment | $ 0 | $ 0 | $ 0 | $ 0 |
Commercial | Equipment financing | ||||
Financing Receivable, Modifications [Line Items] | ||||
Number of Contracts | Contract | 0 | 0 | 0 | 0 |
Pre-Modification Outstanding Recorded Investment | $ 0 | $ 0 | $ 0 | $ 0 |
Post-Modification Outstanding Recorded Investment | $ 0 | $ 0 | $ 0 | $ 0 |
Modified Within the Previous Twelve Months that Have Subsequently Defaulted, Number of Contracts | Contract | 0 | 0 | 0 | 0 |
Modified Within the Previous Twelve Months that Have Subsequently Defaulted, Recorded Investment | $ 0 | $ 0 | $ 0 | $ 0 |
Commercial | Equipment financing | Rate Reduction | ||||
Financing Receivable, Modifications [Line Items] | ||||
Post-Modification Outstanding Recorded Investment | 0 | 0 | 0 | 0 |
Commercial | Equipment financing | Structure | ||||
Financing Receivable, Modifications [Line Items] | ||||
Post-Modification Outstanding Recorded Investment | 0 | 0 | 0 | 0 |
Commercial | Equipment financing | Other | ||||
Financing Receivable, Modifications [Line Items] | ||||
Post-Modification Outstanding Recorded Investment | $ 0 | $ 0 | $ 0 | $ 0 |
Commercial | Commercial & industrial | ||||
Financing Receivable, Modifications [Line Items] | ||||
Number of Contracts | Contract | 1 | 1 | 2 | 2 |
Pre-Modification Outstanding Recorded Investment | $ 27 | $ 28 | $ 108 | $ 53 |
Post-Modification Outstanding Recorded Investment | $ 27 | $ 28 | $ 32 | $ 53 |
Modified Within the Previous Twelve Months that Have Subsequently Defaulted, Number of Contracts | Contract | 0 | 0 | 0 | 0 |
Modified Within the Previous Twelve Months that Have Subsequently Defaulted, Recorded Investment | $ 0 | $ 0 | $ 0 | $ 0 |
Commercial | Commercial & industrial | Rate Reduction | ||||
Financing Receivable, Modifications [Line Items] | ||||
Post-Modification Outstanding Recorded Investment | 0 | 0 | 0 | 0 |
Commercial | Commercial & industrial | Structure | ||||
Financing Receivable, Modifications [Line Items] | ||||
Post-Modification Outstanding Recorded Investment | 27 | 28 | 32 | 53 |
Commercial | Commercial & industrial | Other | ||||
Financing Receivable, Modifications [Line Items] | ||||
Post-Modification Outstanding Recorded Investment | $ 0 | $ 0 | $ 0 | $ 0 |
Residential | Construction | ||||
Financing Receivable, Modifications [Line Items] | ||||
Number of Contracts | Contract | 0 | 0 | 0 | 1 |
Pre-Modification Outstanding Recorded Investment | $ 0 | $ 0 | $ 0 | $ 40 |
Post-Modification Outstanding Recorded Investment | $ 0 | $ 0 | $ 0 | $ 40 |
Modified Within the Previous Twelve Months that Have Subsequently Defaulted, Number of Contracts | Contract | 0 | 0 | 0 | 0 |
Modified Within the Previous Twelve Months that Have Subsequently Defaulted, Recorded Investment | $ 0 | $ 0 | $ 0 | $ 0 |
Residential | Construction | Rate Reduction | ||||
Financing Receivable, Modifications [Line Items] | ||||
Post-Modification Outstanding Recorded Investment | 0 | 0 | 0 | 40 |
Residential | Construction | Structure | ||||
Financing Receivable, Modifications [Line Items] | ||||
Post-Modification Outstanding Recorded Investment | 0 | 0 | 0 | 0 |
Residential | Construction | Other | ||||
Financing Receivable, Modifications [Line Items] | ||||
Post-Modification Outstanding Recorded Investment | $ 0 | $ 0 | $ 0 | $ 0 |
Residential | Residential mortgage | ||||
Financing Receivable, Modifications [Line Items] | ||||
Number of Contracts | Contract | 2 | 5 | 4 | 12 |
Pre-Modification Outstanding Recorded Investment | $ 425 | $ 483 | $ 765 | $ 836 |
Post-Modification Outstanding Recorded Investment | $ 424 | $ 483 | $ 764 | $ 836 |
Modified Within the Previous Twelve Months that Have Subsequently Defaulted, Number of Contracts | Contract | 1 | 0 | 1 | 2 |
Modified Within the Previous Twelve Months that Have Subsequently Defaulted, Recorded Investment | $ 101 | $ 0 | $ 101 | $ 655 |
Residential | Residential mortgage | Rate Reduction | ||||
Financing Receivable, Modifications [Line Items] | ||||
Post-Modification Outstanding Recorded Investment | 0 | 0 | 0 | 0 |
Residential | Residential mortgage | Structure | ||||
Financing Receivable, Modifications [Line Items] | ||||
Post-Modification Outstanding Recorded Investment | 424 | 483 | 764 | 836 |
Residential | Residential mortgage | Other | ||||
Financing Receivable, Modifications [Line Items] | ||||
Post-Modification Outstanding Recorded Investment | $ 0 | $ 0 | $ 0 | $ 0 |
Consumer direct | ||||
Financing Receivable, Modifications [Line Items] | ||||
Number of Contracts | Contract | 0 | 0 | 0 | 1 |
Pre-Modification Outstanding Recorded Investment | $ 0 | $ 0 | $ 0 | $ 6 |
Post-Modification Outstanding Recorded Investment | $ 0 | $ 0 | $ 0 | $ 6 |
Modified Within the Previous Twelve Months that Have Subsequently Defaulted, Number of Contracts | Contract | 0 | 0 | 0 | 0 |
Modified Within the Previous Twelve Months that Have Subsequently Defaulted, Recorded Investment | $ 0 | $ 0 | $ 0 | $ 0 |
Consumer direct | Rate Reduction | ||||
Financing Receivable, Modifications [Line Items] | ||||
Post-Modification Outstanding Recorded Investment | 0 | 0 | 0 | 0 |
Consumer direct | Structure | ||||
Financing Receivable, Modifications [Line Items] | ||||
Post-Modification Outstanding Recorded Investment | 0 | 0 | 0 | 6 |
Consumer direct | Other | ||||
Financing Receivable, Modifications [Line Items] | ||||
Post-Modification Outstanding Recorded Investment | $ 0 | $ 0 | $ 0 | $ 0 |
Loans and Leases and Allowanc64
Loans and Leases and Allowance for Credit Losses - Average balances of impaired loans and income recognized on impaired loans (Details) - Loans Receivable - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | |
Average balances of impaired loans and income recognized on impaired loans | ||||
Average Balance | $ 58,272 | $ 86,441 | $ 62,218 | $ 84,176 |
Interest Revenue Recognized During Impairment | 731 | 1,001 | 1,476 | 1,958 |
Cash Basis Interest Revenue Received | 727 | 1,012 | 1,536 | 1,961 |
Home equity lines of credit | ||||
Average balances of impaired loans and income recognized on impaired loans | ||||
Average Balance | 235 | 552 | 290 | 308 |
Interest Revenue Recognized During Impairment | 5 | 2 | 9 | 3 |
Cash Basis Interest Revenue Received | 4 | 4 | 8 | 5 |
Indirect auto | ||||
Average balances of impaired loans and income recognized on impaired loans | ||||
Average Balance | 1,283 | 1,137 | 1,301 | 1,130 |
Interest Revenue Recognized During Impairment | 17 | 14 | 34 | 28 |
Cash Basis Interest Revenue Received | 17 | 14 | 34 | 28 |
Commercial | ||||
Average balances of impaired loans and income recognized on impaired loans | ||||
Average Balance | 40,867 | 68,140 | 44,246 | 66,675 |
Interest Revenue Recognized During Impairment | 522 | 826 | 1,068 | 1,602 |
Cash Basis Interest Revenue Received | 516 | 817 | 1,125 | 1,579 |
Commercial | Commercial & industrial | ||||
Average balances of impaired loans and income recognized on impaired loans | ||||
Average Balance | 1,542 | 1,877 | 2,069 | 1,908 |
Interest Revenue Recognized During Impairment | 25 | 26 | 65 | 53 |
Cash Basis Interest Revenue Received | 24 | 17 | 66 | 45 |
Commercial | Owner occupied commercial real estate | ||||
Average balances of impaired loans and income recognized on impaired loans | ||||
Average Balance | 19,353 | 30,825 | 22,006 | 30,342 |
Interest Revenue Recognized During Impairment | 235 | 371 | 480 | 716 |
Cash Basis Interest Revenue Received | 236 | 376 | 516 | 712 |
Commercial | Income producing commercial real estate | ||||
Average balances of impaired loans and income recognized on impaired loans | ||||
Average Balance | 16,408 | 28,768 | 16,421 | 28,589 |
Interest Revenue Recognized During Impairment | 215 | 359 | 425 | 710 |
Cash Basis Interest Revenue Received | 212 | 347 | 447 | 692 |
Commercial | Construction | ||||
Average balances of impaired loans and income recognized on impaired loans | ||||
Average Balance | 3,564 | 6,670 | 3,750 | 5,836 |
Interest Revenue Recognized During Impairment | 47 | 70 | 98 | 123 |
Cash Basis Interest Revenue Received | 44 | 77 | 96 | 130 |
Commercial | Equipment financing | ||||
Average balances of impaired loans and income recognized on impaired loans | ||||
Average Balance | 0 | 0 | 0 | 0 |
Interest Revenue Recognized During Impairment | 0 | 0 | 0 | 0 |
Cash Basis Interest Revenue Received | 0 | 0 | 0 | 0 |
Residential | Construction | ||||
Average balances of impaired loans and income recognized on impaired loans | ||||
Average Balance | 1,516 | 1,563 | 1,553 | 1,591 |
Interest Revenue Recognized During Impairment | 25 | 23 | 49 | 46 |
Cash Basis Interest Revenue Received | 24 | 24 | 48 | 47 |
Residential | Residential mortgage | ||||
Average balances of impaired loans and income recognized on impaired loans | ||||
Average Balance | 14,115 | 14,742 | 14,554 | 14,175 |
Interest Revenue Recognized During Impairment | 157 | 130 | 306 | 268 |
Cash Basis Interest Revenue Received | 161 | 147 | 311 | 290 |
Consumer direct | ||||
Average balances of impaired loans and income recognized on impaired loans | ||||
Average Balance | 256 | 307 | 274 | 297 |
Interest Revenue Recognized During Impairment | 5 | 6 | 10 | 11 |
Cash Basis Interest Revenue Received | $ 5 | $ 6 | $ 10 | $ 12 |
Loans and Leases and Allowanc65
Loans and Leases and Allowance for Credit Losses - Recorded investment in nonaccrual loans by loan class (Details) - Loans Receivable - USD ($) $ in Thousands | Jun. 30, 2018 | Dec. 31, 2017 |
Recorded investment in nonaccrual loans by loan class | ||
Nonaccrual Loans | $ 21,817 | $ 23,658 |
Home equity lines of credit | ||
Recorded investment in nonaccrual loans by loan class | ||
Nonaccrual Loans | 1,812 | 2,024 |
Indirect auto | ||
Recorded investment in nonaccrual loans by loan class | ||
Nonaccrual Loans | 751 | 1,637 |
Commercial | ||
Recorded investment in nonaccrual loans by loan class | ||
Nonaccrual Loans | 10,631 | 10,986 |
Commercial | Owner occupied commercial real estate | ||
Recorded investment in nonaccrual loans by loan class | ||
Nonaccrual Loans | 5,772 | 4,923 |
Commercial | Income producing commercial real estate | ||
Recorded investment in nonaccrual loans by loan class | ||
Nonaccrual Loans | 991 | 3,208 |
Commercial | Construction | ||
Recorded investment in nonaccrual loans by loan class | ||
Nonaccrual Loans | 613 | 758 |
Commercial | Equipment financing | ||
Recorded investment in nonaccrual loans by loan class | ||
Nonaccrual Loans | 1,075 | 0 |
Commercial | Commercial & industrial | ||
Recorded investment in nonaccrual loans by loan class | ||
Nonaccrual Loans | 2,180 | 2,097 |
Residential | Residential mortgage | ||
Recorded investment in nonaccrual loans by loan class | ||
Nonaccrual Loans | 7,918 | 8,776 |
Residential | Construction | ||
Recorded investment in nonaccrual loans by loan class | ||
Nonaccrual Loans | 637 | 192 |
Consumer direct | ||
Recorded investment in nonaccrual loans by loan class | ||
Nonaccrual Loans | $ 68 | $ 43 |
Loans and Leases and Allowanc66
Loans and Leases and Allowance for Credit Losses - Aging of recorded investment in past due loans (Details) - USD ($) $ in Thousands | Jun. 30, 2018 | Dec. 31, 2017 |
Recorded investment in nonaccrual loans by loan class | ||
Loans Outstanding, Ending Balance | $ 8,220,271 | $ 7,735,572 |
Loans Receivable | ||
Recorded investment in nonaccrual loans by loan class | ||
Loans Past Due | 36,292 | 36,929 |
Loans Not Past Due | 8,094,136 | 7,600,129 |
Loans Outstanding, PCI | 89,843 | 98,514 |
Loans Outstanding, Ending Balance | 8,220,271 | 7,735,572 |
Loans Receivable | Loans Past Due, 30 - 59 Days | ||
Recorded investment in nonaccrual loans by loan class | ||
Loans Past Due | 21,447 | 21,010 |
Loans Receivable | Loans Past Due, 60 - 89 Days | ||
Recorded investment in nonaccrual loans by loan class | ||
Loans Past Due | 5,922 | 5,787 |
Loans Receivable | Loans Past Due, > 90 Days | ||
Recorded investment in nonaccrual loans by loan class | ||
Loans Past Due | 8,923 | 10,132 |
Loans Receivable | Home equity lines of credit | ||
Recorded investment in nonaccrual loans by loan class | ||
Loans Past Due | 3,410 | 4,049 |
Loans Not Past Due | 702,413 | 724,287 |
Loans Outstanding, PCI | 1,895 | 2,891 |
Loans Outstanding, Ending Balance | 707,718 | 731,227 |
Loans Receivable | Home equity lines of credit | Loans Past Due, 30 - 59 Days | ||
Recorded investment in nonaccrual loans by loan class | ||
Loans Past Due | 2,113 | 3,246 |
Loans Receivable | Home equity lines of credit | Loans Past Due, 60 - 89 Days | ||
Recorded investment in nonaccrual loans by loan class | ||
Loans Past Due | 797 | 225 |
Loans Receivable | Home equity lines of credit | Loans Past Due, > 90 Days | ||
Recorded investment in nonaccrual loans by loan class | ||
Loans Past Due | 500 | 578 |
Loans Receivable | Indirect auto | ||
Recorded investment in nonaccrual loans by loan class | ||
Loans Past Due | 1,464 | 2,874 |
Loans Not Past Due | 275,811 | 355,311 |
Loans Outstanding, PCI | 0 | 0 |
Loans Outstanding, Ending Balance | 277,275 | 358,185 |
Loans Receivable | Indirect auto | Loans Past Due, 30 - 59 Days | ||
Recorded investment in nonaccrual loans by loan class | ||
Loans Past Due | 731 | 1,152 |
Loans Receivable | Indirect auto | Loans Past Due, 60 - 89 Days | ||
Recorded investment in nonaccrual loans by loan class | ||
Loans Past Due | 132 | 459 |
Loans Receivable | Indirect auto | Loans Past Due, > 90 Days | ||
Recorded investment in nonaccrual loans by loan class | ||
Loans Past Due | 601 | 1,263 |
Loans Receivable | Commercial | ||
Recorded investment in nonaccrual loans by loan class | ||
Loans Past Due | 17,959 | 16,161 |
Loans Not Past Due | 5,803,647 | 5,265,034 |
Loans Outstanding, PCI | 74,730 | 80,898 |
Loans Outstanding, Ending Balance | 5,896,336 | 5,362,093 |
Loans Receivable | Commercial | Commercial & industrial | ||
Recorded investment in nonaccrual loans by loan class | ||
Loans Past Due | 3,740 | 4,141 |
Loans Not Past Due | 1,188,670 | 1,125,407 |
Loans Outstanding, PCI | 636 | 1,442 |
Loans Outstanding, Ending Balance | 1,193,046 | 1,130,990 |
Loans Receivable | Commercial | Loans Past Due, 30 - 59 Days | ||
Recorded investment in nonaccrual loans by loan class | ||
Loans Past Due | 10,840 | 8,271 |
Loans Receivable | Commercial | Loans Past Due, 30 - 59 Days | Commercial & industrial | ||
Recorded investment in nonaccrual loans by loan class | ||
Loans Past Due | 2,450 | 2,139 |
Loans Receivable | Commercial | Loans Past Due, 60 - 89 Days | ||
Recorded investment in nonaccrual loans by loan class | ||
Loans Past Due | 2,475 | 3,130 |
Loans Receivable | Commercial | Loans Past Due, 60 - 89 Days | Commercial & industrial | ||
Recorded investment in nonaccrual loans by loan class | ||
Loans Past Due | 576 | 869 |
Loans Receivable | Commercial | Loans Past Due, > 90 Days | ||
Recorded investment in nonaccrual loans by loan class | ||
Loans Past Due | 4,644 | 4,760 |
Loans Receivable | Commercial | Loans Past Due, > 90 Days | Commercial & industrial | ||
Recorded investment in nonaccrual loans by loan class | ||
Loans Past Due | 714 | 1,133 |
Loans Receivable | Commercial | Owner occupied commercial real estate | ||
Recorded investment in nonaccrual loans by loan class | ||
Loans Past Due | 8,382 | 7,116 |
Loans Not Past Due | 1,659,987 | 1,891,118 |
Loans Outstanding, PCI | 13,368 | 25,759 |
Loans Outstanding, Ending Balance | 1,681,737 | 1,923,993 |
Loans Receivable | Commercial | Owner occupied commercial real estate | Loans Past Due, 30 - 59 Days | ||
Recorded investment in nonaccrual loans by loan class | ||
Loans Past Due | 5,007 | 3,810 |
Loans Receivable | Commercial | Owner occupied commercial real estate | Loans Past Due, 60 - 89 Days | ||
Recorded investment in nonaccrual loans by loan class | ||
Loans Past Due | 822 | 1,776 |
Loans Receivable | Commercial | Owner occupied commercial real estate | Loans Past Due, > 90 Days | ||
Recorded investment in nonaccrual loans by loan class | ||
Loans Past Due | 2,553 | 1,530 |
Loans Receivable | Commercial | Income producing commercial real estate | ||
Recorded investment in nonaccrual loans by loan class | ||
Loans Past Due | 2,363 | 4,046 |
Loans Not Past Due | 1,776,842 | 1,546,288 |
Loans Outstanding, PCI | 42,179 | 44,840 |
Loans Outstanding, Ending Balance | 1,821,384 | 1,595,174 |
Loans Receivable | Commercial | Income producing commercial real estate | Loans Past Due, 30 - 59 Days | ||
Recorded investment in nonaccrual loans by loan class | ||
Loans Past Due | 2,045 | 1,754 |
Loans Receivable | Commercial | Income producing commercial real estate | Loans Past Due, 60 - 89 Days | ||
Recorded investment in nonaccrual loans by loan class | ||
Loans Past Due | 269 | 353 |
Loans Receivable | Commercial | Income producing commercial real estate | Loans Past Due, > 90 Days | ||
Recorded investment in nonaccrual loans by loan class | ||
Loans Past Due | 49 | 1,939 |
Loans Receivable | Commercial | Construction | ||
Recorded investment in nonaccrual loans by loan class | ||
Loans Past Due | 1,588 | 858 |
Loans Not Past Due | 727,414 | 702,221 |
Loans Outstanding, PCI | 6,573 | 8,857 |
Loans Outstanding, Ending Balance | 735,575 | 711,936 |
Loans Receivable | Commercial | Construction | Loans Past Due, 30 - 59 Days | ||
Recorded investment in nonaccrual loans by loan class | ||
Loans Past Due | 992 | 568 |
Loans Receivable | Commercial | Construction | Loans Past Due, 60 - 89 Days | ||
Recorded investment in nonaccrual loans by loan class | ||
Loans Past Due | 343 | 132 |
Loans Receivable | Commercial | Construction | Loans Past Due, > 90 Days | ||
Recorded investment in nonaccrual loans by loan class | ||
Loans Past Due | 253 | 158 |
Loans Receivable | Commercial | Equipment financing | ||
Recorded investment in nonaccrual loans by loan class | ||
Loans Past Due | 1,886 | 0 |
Loans Not Past Due | 450,734 | 0 |
Loans Outstanding, PCI | 11,974 | 0 |
Loans Outstanding, Ending Balance | 464,594 | 0 |
Loans Receivable | Commercial | Equipment financing | Loans Past Due, 30 - 59 Days | ||
Recorded investment in nonaccrual loans by loan class | ||
Loans Past Due | 346 | 0 |
Loans Receivable | Commercial | Equipment financing | Loans Past Due, 60 - 89 Days | ||
Recorded investment in nonaccrual loans by loan class | ||
Loans Past Due | 465 | 0 |
Loans Receivable | Commercial | Equipment financing | Loans Past Due, > 90 Days | ||
Recorded investment in nonaccrual loans by loan class | ||
Loans Past Due | 1,075 | 0 |
Loans Receivable | Residential | Construction | ||
Recorded investment in nonaccrual loans by loan class | ||
Loans Past Due | 1,342 | 1,083 |
Loans Not Past Due | 193,312 | 181,472 |
Loans Outstanding, PCI | 926 | 464 |
Loans Outstanding, Ending Balance | 195,580 | 183,019 |
Loans Receivable | Residential | Construction | Loans Past Due, 30 - 59 Days | ||
Recorded investment in nonaccrual loans by loan class | ||
Loans Past Due | 757 | 885 |
Loans Receivable | Residential | Construction | Loans Past Due, 60 - 89 Days | ||
Recorded investment in nonaccrual loans by loan class | ||
Loans Past Due | 92 | 105 |
Loans Receivable | Residential | Construction | Loans Past Due, > 90 Days | ||
Recorded investment in nonaccrual loans by loan class | ||
Loans Past Due | 493 | 93 |
Loans Receivable | Residential | Residential mortgage | ||
Recorded investment in nonaccrual loans by loan class | ||
Loans Past Due | 11,438 | 11,890 |
Loans Not Past Due | 997,646 | 948,513 |
Loans Outstanding, PCI | 11,522 | 13,141 |
Loans Outstanding, Ending Balance | 1,020,606 | 973,544 |
Loans Receivable | Residential | Residential mortgage | Loans Past Due, 30 - 59 Days | ||
Recorded investment in nonaccrual loans by loan class | ||
Loans Past Due | 6,470 | 6,717 |
Loans Receivable | Residential | Residential mortgage | Loans Past Due, 60 - 89 Days | ||
Recorded investment in nonaccrual loans by loan class | ||
Loans Past Due | 2,284 | 1,735 |
Loans Receivable | Residential | Residential mortgage | Loans Past Due, > 90 Days | ||
Recorded investment in nonaccrual loans by loan class | ||
Loans Past Due | 2,684 | 3,438 |
Loans Receivable | Consumer direct | ||
Recorded investment in nonaccrual loans by loan class | ||
Loans Past Due | 679 | 872 |
Loans Not Past Due | 121,307 | 125,512 |
Loans Outstanding, PCI | 770 | 1,120 |
Loans Outstanding, Ending Balance | 122,756 | 127,504 |
Loans Receivable | Consumer direct | Loans Past Due, 30 - 59 Days | ||
Recorded investment in nonaccrual loans by loan class | ||
Loans Past Due | 536 | 739 |
Loans Receivable | Consumer direct | Loans Past Due, 60 - 89 Days | ||
Recorded investment in nonaccrual loans by loan class | ||
Loans Past Due | 142 | 133 |
Loans Receivable | Consumer direct | Loans Past Due, > 90 Days | ||
Recorded investment in nonaccrual loans by loan class | ||
Loans Past Due | $ 1 | $ 0 |
Loans and Leases and Allowanc67
Loans and Leases and Allowance for Credit Losses - Risk category of loans by class of loans (Details) - USD ($) $ in Thousands | Jun. 30, 2018 | Dec. 31, 2017 |
Risk category of loans by class of loans | ||
Total loans | $ 8,220,271 | $ 7,735,572 |
Pass | ||
Risk category of loans by class of loans | ||
Total loans | 7,971,271 | 7,475,802 |
Watch | ||
Risk category of loans by class of loans | ||
Total loans | 106,708 | 118,951 |
Substandard | ||
Risk category of loans by class of loans | ||
Total loans | 142,292 | 140,819 |
Doubtful / Loss | ||
Risk category of loans by class of loans | ||
Total loans | 0 | 0 |
Loans Receivable | ||
Risk category of loans by class of loans | ||
Total loans, excluding PCI loans | 8,130,428 | 7,637,058 |
Loans Outstanding, PCI | 89,843 | 98,514 |
Total loans | 8,220,271 | 7,735,572 |
Loans Receivable | Pass | ||
Risk category of loans by class of loans | ||
Total loans, excluding PCI loans | 7,930,339 | 7,443,117 |
Loans Outstanding, PCI | 40,932 | 32,685 |
Loans Receivable | Watch | ||
Risk category of loans by class of loans | ||
Total loans, excluding PCI loans | 79,697 | 85,350 |
Loans Outstanding, PCI | 27,011 | 33,601 |
Loans Receivable | Substandard | ||
Risk category of loans by class of loans | ||
Total loans, excluding PCI loans | 120,392 | 108,591 |
Loans Outstanding, PCI | 21,900 | 32,228 |
Loans Receivable | Doubtful / Loss | ||
Risk category of loans by class of loans | ||
Total loans, excluding PCI loans | 0 | 0 |
Loans Outstanding, PCI | 0 | 0 |
Loans Receivable | Home equity lines of credit | ||
Risk category of loans by class of loans | ||
Total loans, excluding PCI loans | 705,823 | 728,336 |
Loans Outstanding, PCI | 1,895 | 2,891 |
Total loans | 707,718 | 731,227 |
Loans Receivable | Home equity lines of credit | Pass | ||
Risk category of loans by class of loans | ||
Total loans, excluding PCI loans | 699,455 | 721,142 |
Loans Outstanding, PCI | 1,334 | 1,579 |
Loans Receivable | Home equity lines of credit | Watch | ||
Risk category of loans by class of loans | ||
Total loans, excluding PCI loans | 0 | 0 |
Loans Outstanding, PCI | 0 | 427 |
Loans Receivable | Home equity lines of credit | Substandard | ||
Risk category of loans by class of loans | ||
Total loans, excluding PCI loans | 6,368 | 7,194 |
Loans Outstanding, PCI | 561 | 885 |
Loans Receivable | Home equity lines of credit | Doubtful / Loss | ||
Risk category of loans by class of loans | ||
Total loans, excluding PCI loans | 0 | 0 |
Loans Outstanding, PCI | 0 | 0 |
Loans Receivable | Indirect auto | ||
Risk category of loans by class of loans | ||
Total loans, excluding PCI loans | 277,275 | 358,185 |
Loans Outstanding, PCI | 0 | 0 |
Total loans | 277,275 | 358,185 |
Loans Receivable | Indirect auto | Pass | ||
Risk category of loans by class of loans | ||
Total loans, excluding PCI loans | 275,233 | 354,788 |
Loans Outstanding, PCI | 0 | 0 |
Loans Receivable | Indirect auto | Watch | ||
Risk category of loans by class of loans | ||
Total loans, excluding PCI loans | 0 | 0 |
Loans Outstanding, PCI | 0 | 0 |
Loans Receivable | Indirect auto | Substandard | ||
Risk category of loans by class of loans | ||
Total loans, excluding PCI loans | 2,042 | 3,397 |
Loans Outstanding, PCI | 0 | 0 |
Loans Receivable | Indirect auto | Doubtful / Loss | ||
Risk category of loans by class of loans | ||
Total loans, excluding PCI loans | 0 | 0 |
Loans Outstanding, PCI | 0 | 0 |
Loans Receivable | Commercial | ||
Risk category of loans by class of loans | ||
Total loans, excluding PCI loans | 5,821,606 | 5,281,195 |
Loans Outstanding, PCI | 74,730 | 80,898 |
Total loans | 5,896,336 | 5,362,093 |
Loans Receivable | Commercial | Pass | ||
Risk category of loans by class of loans | ||
Total loans, excluding PCI loans | 5,652,099 | 5,121,054 |
Loans Outstanding, PCI | 30,261 | 20,041 |
Loans Receivable | Commercial | Watch | ||
Risk category of loans by class of loans | ||
Total loans, excluding PCI loans | 79,697 | 85,350 |
Loans Outstanding, PCI | 26,616 | 32,991 |
Loans Receivable | Commercial | Substandard | ||
Risk category of loans by class of loans | ||
Total loans, excluding PCI loans | 89,810 | 74,791 |
Loans Outstanding, PCI | 17,853 | 27,866 |
Loans Receivable | Commercial | Doubtful / Loss | ||
Risk category of loans by class of loans | ||
Total loans, excluding PCI loans | 0 | 0 |
Loans Outstanding, PCI | 0 | 0 |
Loans Receivable | Commercial | Commercial & industrial | ||
Risk category of loans by class of loans | ||
Total loans, excluding PCI loans | 1,192,410 | 1,129,548 |
Loans Outstanding, PCI | 636 | 1,442 |
Total loans | 1,193,046 | 1,130,990 |
Loans Receivable | Commercial | Commercial & industrial | Pass | ||
Risk category of loans by class of loans | ||
Total loans, excluding PCI loans | 1,158,458 | 1,097,907 |
Loans Outstanding, PCI | 258 | 383 |
Loans Receivable | Commercial | Commercial & industrial | Watch | ||
Risk category of loans by class of loans | ||
Total loans, excluding PCI loans | 14,103 | 18,052 |
Loans Outstanding, PCI | 227 | 672 |
Loans Receivable | Commercial | Commercial & industrial | Substandard | ||
Risk category of loans by class of loans | ||
Total loans, excluding PCI loans | 19,849 | 13,589 |
Loans Outstanding, PCI | 151 | 387 |
Loans Receivable | Commercial | Commercial & industrial | Doubtful / Loss | ||
Risk category of loans by class of loans | ||
Total loans, excluding PCI loans | 0 | 0 |
Loans Outstanding, PCI | 0 | 0 |
Loans Receivable | Commercial | Owner occupied commercial real estate | ||
Risk category of loans by class of loans | ||
Total loans, excluding PCI loans | 1,668,369 | 1,898,234 |
Loans Outstanding, PCI | 13,368 | 25,759 |
Total loans | 1,681,737 | 1,923,993 |
Loans Receivable | Commercial | Owner occupied commercial real estate | Pass | ||
Risk category of loans by class of loans | ||
Total loans, excluding PCI loans | 1,607,152 | 1,833,469 |
Loans Outstanding, PCI | 2,586 | 2,400 |
Loans Receivable | Commercial | Owner occupied commercial real estate | Watch | ||
Risk category of loans by class of loans | ||
Total loans, excluding PCI loans | 21,030 | 33,571 |
Loans Outstanding, PCI | 3,027 | 8,163 |
Loans Receivable | Commercial | Owner occupied commercial real estate | Substandard | ||
Risk category of loans by class of loans | ||
Total loans, excluding PCI loans | 40,187 | 31,194 |
Loans Outstanding, PCI | 7,755 | 15,196 |
Loans Receivable | Commercial | Owner occupied commercial real estate | Doubtful / Loss | ||
Risk category of loans by class of loans | ||
Total loans, excluding PCI loans | 0 | 0 |
Loans Outstanding, PCI | 0 | 0 |
Loans Receivable | Commercial | Income producing commercial real estate | ||
Risk category of loans by class of loans | ||
Total loans, excluding PCI loans | 1,779,205 | 1,550,334 |
Loans Outstanding, PCI | 42,179 | 44,840 |
Total loans | 1,821,384 | 1,595,174 |
Loans Receivable | Commercial | Income producing commercial real estate | Pass | ||
Risk category of loans by class of loans | ||
Total loans, excluding PCI loans | 1,738,757 | 1,495,805 |
Loans Outstanding, PCI | 12,918 | 13,392 |
Loans Receivable | Commercial | Income producing commercial real estate | Watch | ||
Risk category of loans by class of loans | ||
Total loans, excluding PCI loans | 19,989 | 30,780 |
Loans Outstanding, PCI | 22,609 | 21,928 |
Loans Receivable | Commercial | Income producing commercial real estate | Substandard | ||
Risk category of loans by class of loans | ||
Total loans, excluding PCI loans | 20,459 | 23,749 |
Loans Outstanding, PCI | 6,652 | 9,520 |
Loans Receivable | Commercial | Income producing commercial real estate | Doubtful / Loss | ||
Risk category of loans by class of loans | ||
Total loans, excluding PCI loans | 0 | 0 |
Loans Outstanding, PCI | 0 | 0 |
Loans Receivable | Commercial | Construction | ||
Risk category of loans by class of loans | ||
Total loans, excluding PCI loans | 729,002 | 703,079 |
Loans Outstanding, PCI | 6,573 | 8,857 |
Total loans | 735,575 | 711,936 |
Loans Receivable | Commercial | Construction | Pass | ||
Risk category of loans by class of loans | ||
Total loans, excluding PCI loans | 696,187 | 693,873 |
Loans Outstanding, PCI | 3,345 | 3,866 |
Loans Receivable | Commercial | Construction | Watch | ||
Risk category of loans by class of loans | ||
Total loans, excluding PCI loans | 24,575 | 2,947 |
Loans Outstanding, PCI | 753 | 2,228 |
Loans Receivable | Commercial | Construction | Substandard | ||
Risk category of loans by class of loans | ||
Total loans, excluding PCI loans | 8,240 | 6,259 |
Loans Outstanding, PCI | 2,475 | 2,763 |
Loans Receivable | Commercial | Construction | Doubtful / Loss | ||
Risk category of loans by class of loans | ||
Total loans, excluding PCI loans | 0 | 0 |
Loans Outstanding, PCI | 0 | 0 |
Loans Receivable | Commercial | Equipment financing | ||
Risk category of loans by class of loans | ||
Total loans, excluding PCI loans | 452,620 | 0 |
Loans Outstanding, PCI | 11,974 | 0 |
Total loans | 464,594 | 0 |
Loans Receivable | Commercial | Equipment financing | Pass | ||
Risk category of loans by class of loans | ||
Total loans, excluding PCI loans | 451,545 | 0 |
Loans Outstanding, PCI | 11,154 | 0 |
Loans Receivable | Commercial | Equipment financing | Watch | ||
Risk category of loans by class of loans | ||
Total loans, excluding PCI loans | 0 | 0 |
Loans Outstanding, PCI | 0 | 0 |
Loans Receivable | Commercial | Equipment financing | Substandard | ||
Risk category of loans by class of loans | ||
Total loans, excluding PCI loans | 1,075 | 0 |
Loans Outstanding, PCI | 820 | 0 |
Loans Receivable | Commercial | Equipment financing | Doubtful / Loss | ||
Risk category of loans by class of loans | ||
Total loans, excluding PCI loans | 0 | 0 |
Loans Outstanding, PCI | 0 | 0 |
Loans Receivable | Residential | Construction | ||
Risk category of loans by class of loans | ||
Total loans, excluding PCI loans | 194,654 | 182,555 |
Loans Outstanding, PCI | 926 | 464 |
Total loans | 195,580 | 183,019 |
Loans Receivable | Residential | Construction | Pass | ||
Risk category of loans by class of loans | ||
Total loans, excluding PCI loans | 192,656 | 180,567 |
Loans Outstanding, PCI | 473 | 423 |
Loans Receivable | Residential | Construction | Watch | ||
Risk category of loans by class of loans | ||
Total loans, excluding PCI loans | 0 | 0 |
Loans Outstanding, PCI | 247 | 0 |
Loans Receivable | Residential | Construction | Substandard | ||
Risk category of loans by class of loans | ||
Total loans, excluding PCI loans | 1,998 | 1,988 |
Loans Outstanding, PCI | 206 | 41 |
Loans Receivable | Residential | Construction | Doubtful / Loss | ||
Risk category of loans by class of loans | ||
Total loans, excluding PCI loans | 0 | 0 |
Loans Outstanding, PCI | 0 | 0 |
Loans Receivable | Residential | Residential mortgage | ||
Risk category of loans by class of loans | ||
Total loans, excluding PCI loans | 1,009,084 | 960,403 |
Loans Outstanding, PCI | 11,522 | 13,141 |
Total loans | 1,020,606 | 973,544 |
Loans Receivable | Residential | Residential mortgage | Pass | ||
Risk category of loans by class of loans | ||
Total loans, excluding PCI loans | 989,403 | 939,706 |
Loans Outstanding, PCI | 8,167 | 9,566 |
Loans Receivable | Residential | Residential mortgage | Watch | ||
Risk category of loans by class of loans | ||
Total loans, excluding PCI loans | 0 | 0 |
Loans Outstanding, PCI | 148 | 173 |
Loans Receivable | Residential | Residential mortgage | Substandard | ||
Risk category of loans by class of loans | ||
Total loans, excluding PCI loans | 19,681 | 20,697 |
Loans Outstanding, PCI | 3,207 | 3,402 |
Loans Receivable | Residential | Residential mortgage | Doubtful / Loss | ||
Risk category of loans by class of loans | ||
Total loans, excluding PCI loans | 0 | 0 |
Loans Outstanding, PCI | 0 | 0 |
Loans Receivable | Consumer direct | ||
Risk category of loans by class of loans | ||
Total loans, excluding PCI loans | 121,986 | 126,384 |
Loans Outstanding, PCI | 770 | 1,120 |
Total loans | 122,756 | 127,504 |
Loans Receivable | Consumer direct | Pass | ||
Risk category of loans by class of loans | ||
Total loans, excluding PCI loans | 121,493 | 125,860 |
Loans Outstanding, PCI | 697 | 1,076 |
Loans Receivable | Consumer direct | Watch | ||
Risk category of loans by class of loans | ||
Total loans, excluding PCI loans | 0 | 0 |
Loans Outstanding, PCI | 0 | 10 |
Loans Receivable | Consumer direct | Substandard | ||
Risk category of loans by class of loans | ||
Total loans, excluding PCI loans | 493 | 524 |
Loans Outstanding, PCI | 73 | 34 |
Loans Receivable | Consumer direct | Doubtful / Loss | ||
Risk category of loans by class of loans | ||
Total loans, excluding PCI loans | 0 | 0 |
Loans Outstanding, PCI | $ 0 | $ 0 |
Loans and Leases and Allowanc68
Loans and Leases and Allowance for Credit Losses (Detail Textuals) - USD ($) | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | Dec. 31, 2017 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Remaining accretable fair value mark on loans | $ 4,410,000 | $ 4,410,000 | $ 14,700,000 | ||
Net investment in leases | 25,549,000 | 25,549,000 | |||
Criteria amount for evaluation of impairment | 500,000 | 500,000 | |||
Specific reserves | 2,740,000 | 2,740,000 | 3,260,000 | ||
Gross additional interest income that would have been earned if the nonaccrual loans had performed as per original terms | 256,000 | $ 246,000 | 599,000 | $ 523,000 | |
FHLB | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Pledged as collateral to secure FHLB advances | 3,950,000,000 | 3,950,000,000 | 3,730,000,000 | ||
Loans Receivable | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Carrying value of purchased credit impaired loans | 89,843,000 | 89,843,000 | 98,514,000 | ||
Unpaid principal balance of purchased credit impaired ("PCI") loans | 131,000,000 | 131,000,000 | 142,000,000 | ||
Loans outstanding classified as troubled debt restructurings | 0 | 0 | 75,000 | ||
Loans Receivable | Indirect auto | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Carrying value of purchased credit impaired loans | 0 | 0 | 0 | ||
Remaining accretable fair value mark on loans | 5,470,000 | 5,470,000 | $ 7,840,000 | ||
Loan purchased | $ 0 | $ 40,500,000 | $ 0 | $ 81,700,000 |
Reclassifications Out of Accu69
Reclassifications Out of Accumulated Other Comprehensive Income (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Securities (losses) gains, net | $ (364) | $ 4 | $ (1,304) | $ 2 |
Money market deposit interest expense | (2,583) | (1,559) | (4,758) | (2,985) |
Federal Home Loan Bank advances interest expense | (1,636) | (1,464) | (3,760) | (2,894) |
Salaries and employee benefits expense | (45,363) | (37,338) | (88,238) | (74,029) |
Other expense | (8,458) | (6,950) | (15,189) | (13,433) |
Income tax benefit (expense) | (13,532) | (16,537) | (24,280) | (35,015) |
Net income available to common shareholders | 39,359 | 28,267 | 76,740 | 51,791 |
Reclassifications Out of Accumulated Other Comprehensive Income | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Net income available to common shareholders | (689) | (389) | (1,854) | (4,357) |
Reclassifications Out of Accumulated Other Comprehensive Income | Realized (losses) gains on available-for-sale securities | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Securities (losses) gains, net | (364) | 4 | (1,304) | 2 |
Income tax benefit (expense) | 97 | 0 | 317 | 1 |
Net income available to common shareholders | (267) | 4 | (987) | 3 |
Reclassifications Out of Accumulated Other Comprehensive Income | Amortization of losses included in net income on available-for-sale securities transferred to held to maturity | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Investment securities interest revenue | (218) | (261) | (439) | (571) |
Income tax benefit (expense) | 55 | 98 | 109 | 214 |
Net income available to common shareholders | (163) | (163) | (330) | (357) |
Reclassifications Out of Accumulated Other Comprehensive Income | Amortization of losses included in net income on derivative financial instruments accounted for as cash flow hedges | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Money market deposit interest expense | (143) | (149) | (290) | (298) |
Federal Home Loan Bank advances interest expense | 0 | (28) | 0 | (292) |
Total before tax | (143) | (177) | (290) | (590) |
Income tax benefit (expense) | 38 | 69 | 76 | 230 |
Net income available to common shareholders | (105) | (108) | (214) | (360) |
Reclassifications Out of Accumulated Other Comprehensive Income | Reclassification of disproportionate tax effect related to terminated cash flow hedges | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Income tax benefit (expense) | 0 | 0 | 0 | (3,400) |
Reclassifications Out of Accumulated Other Comprehensive Income | Amortization of prior service cost and actuarial losses included in net periodic pension cost for defined benefit pension plan | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Total before tax | (227) | (200) | (454) | (400) |
Income tax benefit (expense) | 73 | 78 | 131 | 157 |
Net income available to common shareholders | (154) | (122) | (323) | (243) |
Reclassifications Out of Accumulated Other Comprehensive Income | Prior service cost | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Salaries and employee benefits expense | (167) | (140) | (334) | (280) |
Reclassifications Out of Accumulated Other Comprehensive Income | Actuarial losses | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Salaries and employee benefits expense | 0 | (60) | 0 | (120) |
Other expense | $ (60) | $ 0 | $ (120) | $ 0 |
Earnings Per Share - Computatio
Earnings Per Share - Computation of basic and diluted earnings per share (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | |
Computation of basic and diluted earnings per share | ||||
Net income | $ 39,634 | $ 28,267 | $ 77,292 | $ 51,791 |
Dividends and undistributed earnings allocated to unvested shares | (275) | 0 | (552) | 0 |
Net income available to common shareholders | $ 39,359 | $ 28,267 | $ 76,740 | $ 51,791 |
Weighted average shares outstanding: | ||||
Basic (in shares) | 79,745,000 | 71,810,000 | 79,477,000 | 71,798,000 |
Effect of dilutive securities | ||||
Stock options (in shares) | 10,000 | 10,000 | 10,000 | 11,000 |
Diluted (in shares) | 79,755,000 | 71,820,000 | 79,487,000 | 71,809,000 |
Net income per common share: | ||||
Basic (in dollars per share) | $ 0.49 | $ 0.39 | $ 0.97 | $ 0.72 |
Diluted (in dollars per share) | $ 0.49 | $ 0.39 | $ 0.97 | $ 0.72 |
Earnings Per Share (Detail Text
Earnings Per Share (Detail Textuals) - $ / shares | 6 Months Ended | |
Jun. 30, 2018 | Jun. 30, 2017 | |
Class of Stock [Line Items] | ||
Number of common stock called by warrants (in shares) | 219,909 | 219,909 |
Exercise price of warrants (in dollars per share) | $ 61.4 | $ 61.4 |
Employees | ||
Class of Stock [Line Items] | ||
Common shares issuable upon exercise of stock options granted (in shares) | 63,404 | |
Weighted average exercise price of stock options (in dollars per share) | $ 25.45 | |
Restricted Stock | ||
Class of Stock [Line Items] | ||
Vesting of restricted stock awards (in shares) | 595,188 | |
Stock Options | ||
Class of Stock [Line Items] | ||
Potentially antidilutive options | 0 |
Derivatives and Hedging Activ72
Derivatives and Hedging Activities - Derivatives designated as hedging instruments under ASC 815 (Details) - Designated as Hedging Instrument - Fair value hedging - USD ($) $ in Thousands | Jun. 30, 2018 | Dec. 31, 2017 |
Derivative assets | ||
Derivatives, Fair Value [Line Items] | ||
Derivatives accounted for as hedges, asset derivatives, fair value | $ 0 | $ 336 |
Derivative assets | Corporate Bonds | ||
Derivatives, Fair Value [Line Items] | ||
Derivatives accounted for as hedges, asset derivatives, fair value | 0 | 336 |
Derivative liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Derivatives accounted for as hedges, liability derivatives, fair value | 2,425 | 2,053 |
Derivative liabilities | Brokered CD's | ||
Derivatives, Fair Value [Line Items] | ||
Derivatives accounted for as hedges, liability derivatives, fair value | $ 2,425 | $ 2,053 |
Derivatives and Hedging Activ73
Derivatives and Hedging Activities - Derivatives not designated as hedging instruments under ASC 815 (Details) - Not Designated as Hedging Instrument - USD ($) $ in Thousands | Jun. 30, 2018 | Dec. 31, 2017 |
Derivative assets | ||
Derivatives, Fair Value [Line Items] | ||
Interest rate derivative instruments not designated as hedging instruments, assets at fair value | $ 29,896 | $ 22,385 |
Derivative assets | Customer derivative positions | ||
Derivatives, Fair Value [Line Items] | ||
Interest rate derivative instruments not designated as hedging instruments, assets at fair value | 951 | 2,659 |
Derivative assets | Dealer offsets to customer derivative positions | ||
Derivatives, Fair Value [Line Items] | ||
Interest rate derivative instruments not designated as hedging instruments, assets at fair value | 14,433 | 6,867 |
Derivative assets | Mortgage banking - loan commitment | ||
Derivatives, Fair Value [Line Items] | ||
Interest rate derivative instruments not designated as hedging instruments, assets at fair value | 1,764 | 1,150 |
Derivative assets | Mortgage banking - forward sales commitment | ||
Derivatives, Fair Value [Line Items] | ||
Interest rate derivative instruments not designated as hedging instruments, assets at fair value | 2 | 13 |
Derivative assets | Bifurcated embedded derivatives | ||
Derivatives, Fair Value [Line Items] | ||
Interest rate derivative instruments not designated as hedging instruments, assets at fair value | 12,746 | 11,057 |
Derivative assets | Interest rate caps | ||
Derivatives, Fair Value [Line Items] | ||
Interest rate derivative instruments not designated as hedging instruments, assets at fair value | 0 | 639 |
Derivative liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Interest rate derivative instruments not designated as hedging instruments, liabilities at fair value | 34,836 | 23,323 |
Derivative liabilities | Customer derivative positions | ||
Derivatives, Fair Value [Line Items] | ||
Interest rate derivative instruments not designated as hedging instruments, liabilities at fair value | 18,489 | 7,032 |
Derivative liabilities | Dealer offsets to customer derivative positions | ||
Derivatives, Fair Value [Line Items] | ||
Interest rate derivative instruments not designated as hedging instruments, liabilities at fair value | 217 | 1,551 |
Derivative liabilities | Risk participations | ||
Derivatives, Fair Value [Line Items] | ||
Interest rate derivative instruments not designated as hedging instruments, liabilities at fair value | 8 | 20 |
Derivative liabilities | Mortgage banking - forward sales commitment | ||
Derivatives, Fair Value [Line Items] | ||
Interest rate derivative instruments not designated as hedging instruments, liabilities at fair value | 189 | 49 |
Derivative liabilities | Dealer offsets to bifurcated embedded derivatives | ||
Derivatives, Fair Value [Line Items] | ||
Interest rate derivative instruments not designated as hedging instruments, liabilities at fair value | 15,471 | 14,279 |
Derivative liabilities | De-designated hedges | ||
Derivatives, Fair Value [Line Items] | ||
Interest rate derivative instruments not designated as hedging instruments, liabilities at fair value | $ 462 | $ 392 |
Derivatives and Hedging Activ74
Derivatives and Hedging Activities - Derivatives in cash flow hedging relationships (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | |
Cash flow hedging | Interest expense | Interest rate swaps | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Gain (Loss) Reclassified from Accumulated Other Comprehensive Income into Income (Effective Portion) | $ (143) | $ (177) | $ (290) | $ (590) |
Derivatives and Hedging Activ75
Derivatives and Hedging Activities - Derivatives in fair value hedging relationships (Details) - Fair value hedging - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | |
Effect of fair value hedging derivative financial instruments on the consolidated statement of operations | ||||
Amount of Gain (Loss) Recognized in Income on Derivative | $ (144) | $ (250) | $ (1,173) | $ (418) |
Amount of Gain (Loss) Recognized in Income on Hedged Item | 25 | (77) | 974 | (34) |
Interest expense | Brokered CD's | ||||
Effect of fair value hedging derivative financial instruments on the consolidated statement of operations | ||||
Amount of Gain (Loss) Recognized in Income on Derivative | (144) | 73 | (837) | (201) |
Amount of Gain (Loss) Recognized in Income on Hedged Item | 25 | (344) | 569 | (155) |
Interest revenue | Corporate Bonds | ||||
Effect of fair value hedging derivative financial instruments on the consolidated statement of operations | ||||
Amount of Gain (Loss) Recognized in Income on Derivative | 0 | (323) | (336) | (217) |
Amount of Gain (Loss) Recognized in Income on Hedged Item | $ 0 | $ 267 | $ 405 | $ 121 |
Derivatives and Hedging Activ76
Derivatives and Hedging Activities - Gains and losses recognized in income on derivatives not designated as hedging instrument(Details) - Not Designated as Hedging Instrument - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | |
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Amount of Gain (Loss) Recognized in Income on Derivative | $ 809 | $ 13 | $ 3,423 | $ 679 |
Customer derivatives and dealer offsets | Other noninterest income | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Amount of Gain (Loss) Recognized in Income on Derivative | 643 | 775 | 1,417 | 1,250 |
Bifurcated embedded derivatives and dealer offsets | Other noninterest income | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Amount of Gain (Loss) Recognized in Income on Derivative | 12 | 119 | 381 | 206 |
Interest rate cap | Other noninterest income | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Amount of Gain (Loss) Recognized in Income on Derivative | 0 | 90 | 276 | 90 |
De-designated cash flow hedges | Other noninterest income | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Amount of Gain (Loss) Recognized in Income on Derivative | (17) | 28 | (83) | 4 |
Mortgage banking derivatives | Mortgage loan revenue | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Amount of Gain (Loss) Recognized in Income on Derivative | 156 | (1,000) | 1,420 | (876) |
Risk participations | Other noninterest income | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Amount of Gain (Loss) Recognized in Income on Derivative | $ 15 | $ 1 | $ 12 | $ 5 |
Derivatives and Hedging Activ77
Derivatives and Hedging Activities (Detail Textuals) | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2018USD ($)Contract | Jun. 30, 2017USD ($) | Jun. 30, 2018USD ($)Contract | Jun. 30, 2017USD ($) | Dec. 31, 2017USD ($)Contract | |
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Collateral pledged toward derivatives | $ 18,400,000 | $ 18,400,000 | |||
Cash flow hedging | Interest Rate Risk | |||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Increase to deposit interest expense over next twelve months | 361,000 | ||||
Fair value hedging of interest rate risk | |||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Recognized net losses related to ineffectiveness of hedging relationships | $ 119,000 | $ 327,000 | $ 199,000 | $ 452,000 | |
Fair value hedging of interest rate risk | Interest rate swaps | |||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Number of derivative contracts outstanding | Contract | 4 | 4 | 4 | ||
Total notional amount designated as fair flow hedges | $ 39,000,000 | $ 39,000,000 | $ 40,700,000 | ||
Fair value hedging of interest rate risk | Pay fixed receive variable fair value hedge | Interest rate swaps | |||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Number of derivative contracts outstanding | Contract | 1 | ||||
Total notional amount designated as fair flow hedges | $ 30,000,000 | ||||
Interest expense | Fair value hedging of interest rate risk | |||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Net (increase) reduction in interest expense and net increase (reduction) in interest revenue | (66,000) | 65,000 | (80,000) | 97,000 | |
Interest revenue | Fair value hedging of interest rate risk | |||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Net (increase) reduction in interest expense and net increase (reduction) in interest revenue | $ 0 | $ (80,000) | $ 17,000 | $ (173,000) | |
Not designated as hedging instrument, economic hedge | Interest rate swaps | |||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Number of derivative contracts outstanding | Contract | 3 | 3 |
Stock-Based Compensation - Stoc
Stock-Based Compensation - Stock option activity (Details) - Stock Options $ / shares in Units, $ in Thousands | 6 Months Ended |
Jun. 30, 2018USD ($)$ / sharesshares | |
Shares | |
Outstanding at December 31, 2017 (in shares) | shares | 60,287 |
Exercised (in shares) | shares | (12,000) |
Cancelled/Forfeited (in shares) | shares | (181) |
Outstanding at June 30, 2018 (in shares) | shares | 48,106 |
Exercisable at June 30, 2018 (in shares) | shares | 45,606 |
Weighted-Average Exercise Price | |
Outstanding at December 31, 2017 (in dollars per share) | $ / shares | $ 24.12 |
Exercised (in dollars per share) | $ / shares | 11.85 |
Cancelled/Forfeited (in dollars per share) | $ / shares | 31.50 |
Outstanding at June 30, 2018 (in dollars per share) | $ / shares | 27.16 |
Exercisable at June 30, 2018 (in dollars per share) | $ / shares | $ 27.73 |
Weighted-Average Remaining Contractual Term (Years), Outstanding | 2 years 4 months 24 days |
Weighted-Average Remaining Contractual Term (Years), Exercisable | 2 years 1 month 6 days |
Aggregate Intrinsic Value, Outstanding | $ | $ 169 |
Aggregate Intrinsic Value, Exercisable | $ | $ 134 |
Stock-Based Compensation - Rest
Stock-Based Compensation - Restricted stock unit activity (Details) - Restricted Stock Unit Awards $ / shares in Units, $ in Thousands | 6 Months Ended |
Jun. 30, 2018USD ($)$ / sharesshares | |
Shares | |
Outstanding at December 31, 2017 (in shares) | shares | 663,817 |
Granted (in shares) | shares | 206,123 |
Vested (in shares) | shares | (124,551) |
Cancelled (in shares) | shares | (13,665) |
Outstanding at June 30, 2018 (in shares) | shares | 731,724 |
Weighted-Average Grant-Date Fair Value | |
Outstanding at December 31, 2017 (in dollars share) | $ / shares | $ 22.40 |
Granted (in dollars share) | $ / shares | 31.07 |
Vested (in dollars share) | $ / shares | 18.53 |
Cancelled (in dollars share) | $ / shares | 21.95 |
Outstanding at June 30, 2018 (in dollars share) | $ / shares | $ 25.51 |
Weighted-Average Remaining Contractual Term (Years), Outstanding | 5 years 4 months 24 days |
Aggregate Intrinsic Value, Vested | $ | $ 3,998 |
Aggregate Intrinsic Value, Outstanding | $ | $ 22,442 |
Stock-Based Compensation (Detai
Stock-Based Compensation (Detail textuals) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2018 | Jun. 30, 2017 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Plan vesting period | 4 years | |
Plan exercisable period | 10 years | |
Additional awards remaining available under plan | 1,740,000 | |
Stock options granted | 0 | 0 |
Deferred income tax benefit | $ 22,782 | $ 35,685 |
Unrecognized compensation expense | $ 14,900 | |
Recognition period for unrecognized compensation expense | 2 years 4 months 18 days | |
Stock Options | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Compensation expense | $ 12 | 15 |
Restricted Stock Unit Awards | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Compensation expense | 2,110 | 3,020 |
Other operating expense for restricted stock units granted | 156 | 113 |
Restricted Stock Unit Awards | Merger-related and other charges | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Compensation expense related to modification | 696 | |
Restricted Stock Unit Awards | Compensation expense | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Compensation expense | 2,330 | |
Stock Options and Restricted Stock Units Awards | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Deferred income tax benefit | $ 581 | $ 1,230 |
Common and Preferred Stock Is81
Common and Preferred Stock Issued / Common Stock Issuable (Detail Textuals) - USD ($) | 6 Months Ended | |||
Jun. 30, 2018 | Jun. 30, 2017 | Dec. 31, 2017 | Mar. 22, 2016 | |
Equity [Abstract] | ||||
Shares issued in connection with DRIP (in shares) | 3,364 | 1,714 | ||
Discount on stock price offered under Employee Stock Purchase Program (ESPP) | 10.00% | |||
Shares issued through ESPP (in shares) | 6,489 | 6,855 | ||
Shares of common stock issuable under deferred compensation plan (in shares) | 616,549 | 607,869 | ||
Share repurchase program, authorized amount | $ 50,000,000 | |||
Share repurchase program, remaining authorization | $ 36,300,000 |
Income Taxes (Detail Textuals)
Income Taxes (Detail Textuals) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2018 | Jun. 30, 2017 | Mar. 31, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | Dec. 31, 2017 | |
Income Tax Disclosure [Abstract] | ||||||
Income tax expense | $ 13,532 | $ 16,537 | $ 24,280 | $ 35,015 | ||
Effective tax rate (percent) | 25.50% | 36.90% | 23.90% | 40.30% | ||
Additional tax expense related to partial impairment of deferred tax asset due to change in state income tax rate | $ 509 | |||||
Reverse of dedesignated cash flow hedges | $ 0 | $ 3,400 | $ 3,400 | |||
Valuation allowance on deferred tax assets | 4,710 | $ 4,710 | $ 4,410 | |||
Net deferred tax asset realized based upon future taxable income | 77,300 | 77,300 | ||||
Unrecognized income tax benefits | $ 3,390 | $ 3,390 | $ 3,160 |
Assets and Liabilities Measur83
Assets and Liabilities Measured at Fair Value - Assets and liabilities measured at fair value on recurring basis (Details) - USD ($) $ in Thousands | Jun. 30, 2018 | Dec. 31, 2017 |
Assets: | ||
Securities available for sale | $ 2,536,294 | $ 2,615,850 |
Mortgage loans held for sale | 34,813 | 26,252 |
Derivative financial instruments | 29,896 | 22,721 |
Liabilities: | ||
Derivative financial instruments | 37,261 | 25,376 |
U.S. Treasuries | ||
Assets: | ||
Securities available for sale | 119,039 | 121,113 |
State and political subdivisions | ||
Assets: | ||
Securities available for sale | 197,631 | 197,286 |
Mortgage-backed securities | ||
Assets: | ||
Securities available for sale | 1,806,861 | 1,727,211 |
Corporate bonds | ||
Assets: | ||
Securities available for sale | 198,165 | 306,353 |
Asset-backed securities | ||
Assets: | ||
Securities available for sale | 188,963 | 237,458 |
Other | ||
Assets: | ||
Securities available for sale | 57 | 57 |
Recurring | ||
Assets: | ||
Mortgage loans held for sale | 34,813 | 26,252 |
Deferred compensation plan assets | 6,199 | 5,716 |
Servicing rights for SBA/USDA loans | 7,509 | 7,740 |
Residential mortgage servicing rights | 10,801 | 8,262 |
Derivative financial instruments | 29,896 | 22,721 |
Total assets | 2,625,512 | 2,686,541 |
Liabilities: | ||
Deferred compensation plan liability | 6,199 | 5,716 |
Derivative financial instruments | 37,261 | 25,376 |
Total liabilities | 43,460 | 31,092 |
Recurring | U.S. Treasuries | ||
Assets: | ||
Securities available for sale | 119,039 | 121,113 |
Recurring | U.S. Agencies | ||
Assets: | ||
Securities available for sale | 25,578 | 26,372 |
Recurring | State and political subdivisions | ||
Assets: | ||
Securities available for sale | 197,631 | 197,286 |
Recurring | Mortgage-backed securities | ||
Assets: | ||
Securities available for sale | 1,806,861 | 1,727,211 |
Recurring | Corporate bonds | ||
Assets: | ||
Securities available for sale | 198,165 | 306,353 |
Recurring | Asset-backed securities | ||
Assets: | ||
Securities available for sale | 188,963 | 237,458 |
Recurring | Other | ||
Assets: | ||
Securities available for sale | 57 | 57 |
Recurring | Level 1 | ||
Assets: | ||
Mortgage loans held for sale | 0 | 0 |
Deferred compensation plan assets | 6,199 | 5,716 |
Servicing rights for SBA/USDA loans | 0 | 0 |
Residential mortgage servicing rights | 0 | 0 |
Derivative financial instruments | 0 | 0 |
Total assets | 125,238 | 126,829 |
Liabilities: | ||
Deferred compensation plan liability | 6,199 | 5,716 |
Derivative financial instruments | 0 | 0 |
Total liabilities | 6,199 | 5,716 |
Recurring | Level 1 | U.S. Treasuries | ||
Assets: | ||
Securities available for sale | 119,039 | 121,113 |
Recurring | Level 1 | U.S. Agencies | ||
Assets: | ||
Securities available for sale | 0 | 0 |
Recurring | Level 1 | State and political subdivisions | ||
Assets: | ||
Securities available for sale | 0 | 0 |
Recurring | Level 1 | Mortgage-backed securities | ||
Assets: | ||
Securities available for sale | 0 | 0 |
Recurring | Level 1 | Corporate bonds | ||
Assets: | ||
Securities available for sale | 0 | 0 |
Recurring | Level 1 | Asset-backed securities | ||
Assets: | ||
Securities available for sale | 0 | 0 |
Recurring | Level 1 | Other | ||
Assets: | ||
Securities available for sale | 0 | 0 |
Recurring | Level 2 | ||
Assets: | ||
Mortgage loans held for sale | 34,813 | 26,252 |
Deferred compensation plan assets | 0 | 0 |
Servicing rights for SBA/USDA loans | 0 | 0 |
Residential mortgage servicing rights | 0 | 0 |
Derivative financial instruments | 15,386 | 10,514 |
Total assets | 2,466,464 | 2,530,603 |
Liabilities: | ||
Deferred compensation plan liability | 0 | 0 |
Derivative financial instruments | 18,895 | 8,632 |
Total liabilities | 18,895 | 8,632 |
Recurring | Level 2 | U.S. Treasuries | ||
Assets: | ||
Securities available for sale | 0 | 0 |
Recurring | Level 2 | U.S. Agencies | ||
Assets: | ||
Securities available for sale | 25,578 | 26,372 |
Recurring | Level 2 | State and political subdivisions | ||
Assets: | ||
Securities available for sale | 197,631 | 197,286 |
Recurring | Level 2 | Mortgage-backed securities | ||
Assets: | ||
Securities available for sale | 1,806,861 | 1,727,211 |
Recurring | Level 2 | Corporate bonds | ||
Assets: | ||
Securities available for sale | 197,175 | 305,453 |
Recurring | Level 2 | Asset-backed securities | ||
Assets: | ||
Securities available for sale | 188,963 | 237,458 |
Recurring | Level 2 | Other | ||
Assets: | ||
Securities available for sale | 57 | 57 |
Recurring | Level 3 | ||
Assets: | ||
Mortgage loans held for sale | 0 | 0 |
Deferred compensation plan assets | 0 | 0 |
Servicing rights for SBA/USDA loans | 7,509 | 7,740 |
Residential mortgage servicing rights | 10,801 | 8,262 |
Derivative financial instruments | 14,510 | 12,207 |
Total assets | 33,810 | 29,109 |
Liabilities: | ||
Deferred compensation plan liability | 0 | 0 |
Derivative financial instruments | 18,366 | 16,744 |
Total liabilities | 18,366 | 16,744 |
Recurring | Level 3 | U.S. Treasuries | ||
Assets: | ||
Securities available for sale | 0 | 0 |
Recurring | Level 3 | U.S. Agencies | ||
Assets: | ||
Securities available for sale | 0 | 0 |
Recurring | Level 3 | State and political subdivisions | ||
Assets: | ||
Securities available for sale | 0 | 0 |
Recurring | Level 3 | Mortgage-backed securities | ||
Assets: | ||
Securities available for sale | 0 | 0 |
Recurring | Level 3 | Corporate bonds | ||
Assets: | ||
Securities available for sale | 990 | 900 |
Recurring | Level 3 | Asset-backed securities | ||
Assets: | ||
Securities available for sale | 0 | 0 |
Recurring | Level 3 | Other | ||
Assets: | ||
Securities available for sale | $ 0 | $ 0 |
Assets and Liabilities Measur84
Assets and Liabilities Measured at Fair Value - Assets and liabilities measured at fair value (Details) - Recurring - Level 3 - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | |
Derivative Asset | ||||
Reconciliation of Assets at Level 3 Measurement | ||||
Balance at beginning of period | $ 13,877 | $ 12,649 | $ 12,207 | $ 11,777 |
Business combinations | 0 | 0 | ||
Transfer from amortization method to fair value | 0 | 0 | ||
Additions | 0 | 0 | 0 | 0 |
Sales and settlements | 0 | (702) | (1,029) | (1,086) |
Other comprehensive income | 0 | 0 | 0 | 0 |
Amounts included in earnings - fair value adjustments | 633 | (91) | 3,332 | 1,165 |
Balance at end of period | 14,510 | 11,856 | 14,510 | 11,856 |
Servicing rights for SBA/USDA loans | ||||
Reconciliation of Assets at Level 3 Measurement | ||||
Balance at beginning of period | 7,470 | 5,997 | 7,740 | 5,752 |
Business combinations | (354) | 0 | ||
Transfer from amortization method to fair value | 0 | 0 | ||
Additions | 613 | 668 | 1,092 | 1,221 |
Sales and settlements | (316) | (36) | (407) | (299) |
Other comprehensive income | 0 | 0 | 0 | 0 |
Amounts included in earnings - fair value adjustments | (258) | 11 | (562) | (34) |
Balance at end of period | 7,509 | 6,640 | 7,509 | 6,640 |
Residential mortgage servicing rights | ||||
Reconciliation of Assets at Level 3 Measurement | ||||
Balance at beginning of period | 9,718 | 5,971 | 8,262 | 0 |
Business combinations | 0 | 0 | ||
Transfer from amortization method to fair value | 0 | 5,070 | ||
Additions | 1,182 | 947 | 2,108 | 1,813 |
Sales and settlements | (126) | (74) | (206) | (114) |
Other comprehensive income | 0 | 0 | 0 | 0 |
Amounts included in earnings - fair value adjustments | 27 | (345) | 637 | (270) |
Balance at end of period | 10,801 | 6,499 | 10,801 | 6,499 |
Securities Available-for-Sale | ||||
Reconciliation of Assets at Level 3 Measurement | ||||
Balance at beginning of period | 900 | 675 | 900 | 675 |
Business combinations | 0 | 0 | ||
Transfer from amortization method to fair value | 0 | 0 | ||
Additions | 0 | 0 | 0 | 0 |
Sales and settlements | 0 | 0 | 0 | 0 |
Other comprehensive income | 90 | 135 | 90 | 135 |
Amounts included in earnings - fair value adjustments | 0 | 0 | 0 | 0 |
Balance at end of period | 990 | 810 | 990 | 810 |
Derivative Liability | ||||
Reconciliation of Liabilities at Level 3 Measurement | ||||
Balance at beginning of period | 17,788 | 16,580 | 16,744 | 16,347 |
Business combinations | 0 | 0 | ||
Transfer from amortization method to fair value | 0 | 0 | ||
Additions | 0 | 0 | 0 | 0 |
Sales and settlements | 0 | (964) | (1,347) | (1,514) |
Other comprehensive income | 0 | 0 | 0 | 0 |
Amounts included in earnings - fair value adjustments | 578 | 475 | 2,969 | 1,258 |
Balance at end of period | $ 18,366 | $ 16,091 | $ 18,366 | $ 16,091 |
Assets and Liabilities Measur85
Assets and Liabilities Measured at Fair Value - Level 3 fair value measurements for fair value on recurring basis (Details) - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended |
Jun. 30, 2018 | Dec. 31, 2017 | |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Securities available for sale | $ 2,536,294 | $ 2,615,850 |
Derivative assets | 29,896 | 22,721 |
Derivative liabilities | 37,261 | 25,376 |
Recurring | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Servicing rights for SBA/USDA loans | 7,509 | 7,740 |
Residential mortgage servicing rights | 10,801 | 8,262 |
Derivative assets | 29,896 | 22,721 |
Derivative liabilities | 37,261 | 25,376 |
Recurring | Level 3 | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Servicing rights for SBA/USDA loans | 7,509 | 7,740 |
Residential mortgage servicing rights | 10,801 | 8,262 |
Derivative assets | 14,510 | 12,207 |
Derivative liabilities | 18,366 | 16,744 |
Recurring | Level 3 | Servicing rights for SBA/USDA loans | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Servicing rights for SBA/USDA loans | $ 7,509 | $ 7,740 |
Valuation Technique | Discounted cash flow | Discounted cash flow |
Unobservable Inputs | Discount rate, Prepayment rate | Discount rate, Prepayment rate |
Recurring | Level 3 | Servicing rights for SBA/USDA loans | Weighted Average | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Discount rate | 12.70% | 12.50% |
Prepayment Rate | 10.10% | 8.30% |
Recurring | Level 3 | Residential mortgage servicing rights | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Residential mortgage servicing rights | $ 10,801 | $ 8,262 |
Valuation Technique | Discounted cash flow | Discounted cash flow |
Unobservable Inputs | Discount rate, Prepayment rate | Discount rate, Prepayment rate |
Recurring | Level 3 | Residential mortgage servicing rights | Weighted Average | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Discount rate | 10.00% | 10.00% |
Prepayment Rate | 8.60% | 9.50% |
Recurring | Level 3 | Corporate bonds | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Securities available for sale | $ 990 | $ 900 |
Valuation Technique | Indicative bid provided by a broker | Indicative bid provided by a broker |
Unobservable Inputs | Multiple factors, including but not limited to, current operations, financial condition, cash flows, and recently executed financing transactions related to the company | Multiple factors, including but not limited to, current operations, financial condition, cash flows, and recently executed financing transactions related to the company |
Recurring | Level 3 | Derivative assets - mortgage | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Derivative assets | $ 1,764 | $ 1,150 |
Valuation Technique | Internal model | Internal model |
Unobservable Inputs | Pull through rate | Pull through rate |
Recurring | Level 3 | Derivative assets - mortgage | Weighted Average | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Pull through rate | 81.10% | 80.00% |
Recurring | Level 3 | Derivative assets - other | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Derivative assets | $ 12,746 | $ 11,057 |
Valuation Technique | Dealer priced | Dealer priced |
Unobservable Inputs | Dealer priced | Dealer priced |
Recurring | Level 3 | Derivative liabilities - risk participations | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Derivative liabilities | $ 8 | $ 20 |
Valuation Technique | Internal model | Internal model |
Unobservable Inputs | Probable exposure rate, Probability of default rate | Probable exposure rate, Probability of default rate |
Recurring | Level 3 | Derivative liabilities - risk participations | Weighted Average | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Probable exposure rate | 0.50% | 0.40% |
Probability of default rate | 1.80% | 1.80% |
Recurring | Level 3 | Derivative liabilities - other | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Derivative liabilities | $ 18,358 | $ 16,724 |
Valuation Technique | Dealer priced | Dealer priced |
Unobservable Inputs | Dealer priced | Dealer priced |
Assets and Liabilities Measur86
Assets and Liabilities Measured at Fair Value - Assets and liabilities measured at fair value on nonrecurring basis (Details) - Nonrecurring - USD ($) $ in Thousands | Jun. 30, 2018 | Dec. 31, 2017 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Loans | $ 6,570 | $ 6,905 |
Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Loans | 0 | 0 |
Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Loans | 0 | 0 |
Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Loans | $ 6,570 | $ 6,905 |
Assets and Liabilities Measur87
Assets and Liabilities Measured at Fair Value - Fair values for other financial instruments that are not measured at fair value on recurring basis (Details) - USD ($) $ in Thousands | Jun. 30, 2018 | Dec. 31, 2017 |
Assets: | ||
Securities held to maturity | $ 291,463 | $ 321,276 |
Carrying Amount | ||
Assets: | ||
Securities held to maturity | 297,569 | 321,094 |
Loans, net | 8,159,200 | 7,676,658 |
Loans held for sale | 6,482 | |
Liabilities: | ||
Deposits | 9,966,088 | 9,807,697 |
Federal Home Loan Bank advances | 560,000 | 504,651 |
Long-term debt | 308,434 | 120,545 |
Fair Value | ||
Assets: | ||
Securities held to maturity | 291,463 | 321,276 |
Loans, net | 8,132,734 | 7,674,460 |
Loans held for sale | 6,514 | |
Liabilities: | ||
Deposits | 9,958,439 | 9,809,264 |
Federal Home Loan Bank advances | 559,979 | 504,460 |
Long-term debt | 321,424 | 123,844 |
Fair Value | Level 1 | ||
Assets: | ||
Securities held to maturity | 0 | 0 |
Loans, net | 0 | 0 |
Loans held for sale | 0 | |
Liabilities: | ||
Deposits | 0 | 0 |
Federal Home Loan Bank advances | 0 | 0 |
Long-term debt | 0 | 0 |
Fair Value | Level 2 | ||
Assets: | ||
Securities held to maturity | 291,463 | 321,276 |
Loans, net | 0 | 0 |
Loans held for sale | 6,514 | |
Liabilities: | ||
Deposits | 9,958,439 | 9,809,264 |
Federal Home Loan Bank advances | 559,979 | 504,460 |
Long-term debt | 0 | 0 |
Fair Value | Level 3 | ||
Assets: | ||
Securities held to maturity | 0 | 0 |
Loans, net | 8,132,734 | 7,674,460 |
Loans held for sale | 0 | |
Liabilities: | ||
Deposits | 0 | 0 |
Federal Home Loan Bank advances | 0 | 0 |
Long-term debt | $ 321,424 | $ 123,844 |
Assets and Liabilities Measur88
Assets and Liabilities Measured at Fair Value (Detail Textuals) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | Dec. 31, 2017 | |
Fair Value Disclosures [Abstract] | |||||
Mortgage loans held for sale | $ 34,813 | $ 34,813 | $ 26,252 | ||
Mortgage loans held for sale outstanding principal balance | 33,700 | 33,700 | $ 25,400 | ||
Net gains (losses) from changes in fair value of loans | $ 326 | $ 192 | $ 254 | $ 444 | |
Percentage of write down in appraised value of nonaccrual impaired loans | 80.00% | ||||
Maximum remaining maturity of financial instruments having no defined maturity | 180 days |
Commitments and Contingencies -
Commitments and Contingencies - Contractual amount of off-balance sheet instruments (Details) - USD ($) $ in Thousands | Jun. 30, 2018 | Dec. 31, 2017 |
Commitments to extend credit | ||
Financial instruments whose contract amounts represent credit risk: | ||
Financial instruments | $ 2,047,081 | $ 1,910,777 |
Letters of credit | ||
Financial instruments whose contract amounts represent credit risk: | ||
Financial instruments | $ 26,396 | $ 28,075 |
Commitments and Contingencies90
Commitments and Contingencies (Detail Textuals) $ in Thousands | Jun. 30, 2018USD ($) |
Commitments and Contingencies Disclosure [Abstract] | |
Commitment for additional fund | $ 9,160 |
Goodwill and Other Intangible91
Goodwill and Other Intangible Assets - Carrying amount (Details) - USD ($) $ in Thousands | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 |
Finite-Lived Intangible Assets [Line Items] | ||||||
Intangible, net | $ 20,062 | $ 23,806 | ||||
Goodwill | 307,112 | $ 306,419 | 220,591 | $ 142,025 | $ 142,025 | $ 142,025 |
Total goodwill and other intangible assets, net | 327,174 | 244,397 | ||||
Core deposit intangible | ||||||
Finite-Lived Intangible Assets [Line Items] | ||||||
Intangible, gross | 62,652 | 62,652 | ||||
Less: accumulated amortization | (43,786) | (41,229) | ||||
Intangible, net | 18,866 | 21,423 | ||||
Noncompete agreement | ||||||
Finite-Lived Intangible Assets [Line Items] | ||||||
Intangible, gross | 3,144 | 3,144 | ||||
Less: accumulated amortization | (1,948) | (761) | ||||
Intangible, net | $ 1,196 | $ 2,383 |
Goodwill and Other Intangible92
Goodwill and Other Intangible Assets - Changes in carrying amount of goodwill (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2018 | Mar. 31, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | |
Goodwill [Roll Forward] | |||||
Goodwill, gross, beginning of period | $ 612,009 | $ 526,181 | $ 447,615 | $ 526,181 | $ 447,615 |
Accumulated Impairment Losses, beginning of period | (305,590) | (305,590) | (305,590) | (305,590) | (305,590) |
Goodwill, net of Accumulated Impairment Losses, beginning of period | 306,419 | 220,591 | 142,025 | 220,591 | 142,025 |
Acquisition of NLFC | 390 | 87,379 | |||
Measurement period adjustments - FOFN and HCSB | 303 | (858) | |||
Measurement period adjustments | 0 | 0 | |||
Goodwill, gross, end of period | 612,702 | 612,009 | 447,615 | 612,702 | 447,615 |
Accumulated Impairment Losses, end of period | (305,590) | (305,590) | (305,590) | (305,590) | (305,590) |
Goodwill, net of Accumulated Impairment Losses, end of period | $ 307,112 | $ 306,419 | $ 142,025 | $ 307,112 | $ 142,025 |
Goodwill and Other Intangible93
Goodwill and Other Intangible Assets - Estimated aggregate amortization expense for future periods (Details) - USD ($) $ in Thousands | Jun. 30, 2018 | Dec. 31, 2017 |
Estimated Aggregate Amortization Expense For Future Periods | ||
Remainder of 2018 | $ 3,102 | |
2,019 | 4,551 | |
2,020 | 3,315 | |
2,021 | 2,557 | |
2,022 | 1,982 | |
Thereafter | 4,555 | |
Total | $ 20,062 | $ 23,806 |
Long-term Debt - Schedule of lo
Long-term Debt - Schedule of long-term debt (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2018 | Dec. 31, 2017 | |
Debt Instrument [Line Items] | ||
Less discount | $ (9,871) | $ (8,381) |
Long-term debt | 308,434 | 120,545 |
Securitized notes payable | ||
Debt Instrument [Line Items] | ||
Long-term debt, gross | 89,379 | 0 |
Securitized notes payable | NER 15-1 Class C notes | ||
Debt Instrument [Line Items] | ||
Long-term debt, gross | $ 7,025 | 0 |
Issue date | 2,015 | |
Stated maturity date | 2,019 | |
Interest rate | 4.50% | |
Securitized notes payable | NER 15-1 Class D notes | ||
Debt Instrument [Line Items] | ||
Long-term debt, gross | $ 3,421 | 0 |
Issue date | 2,015 | |
Stated maturity date | 2,021 | |
Interest rate | 5.75% | |
Securitized notes payable | NER 16-1 Class A-2 notes | ||
Debt Instrument [Line Items] | ||
Long-term debt, gross | $ 43,912 | 0 |
Issue date | 2,016 | |
Stated maturity date | 2,021 | |
Interest rate | 2.20% | |
Securitized notes payable | NER 16-1 Class B notes | ||
Debt Instrument [Line Items] | ||
Long-term debt, gross | $ 25,489 | 0 |
Issue date | 2,016 | |
Stated maturity date | 2,021 | |
Interest rate | 3.22% | |
Securitized notes payable | NER 16-1 Class C notes | ||
Debt Instrument [Line Items] | ||
Long-term debt, gross | $ 6,319 | 0 |
Issue date | 2,016 | |
Stated maturity date | 2,021 | |
Interest rate | 5.05% | |
Securitized notes payable | NER 16-1 Class D notes | ||
Debt Instrument [Line Items] | ||
Long-term debt, gross | $ 3,213 | 0 |
Issue date | 2,016 | |
Stated maturity date | 2,023 | |
Interest rate | 7.87% | |
Senior debentures | ||
Debt Instrument [Line Items] | ||
Long-term debt, gross | $ 85,000 | 85,000 |
Senior debentures | 2022 senior debentures | ||
Debt Instrument [Line Items] | ||
Long-term debt, gross | $ 50,000 | 50,000 |
Issue date | 2,015 | |
Stated maturity date | 2,022 | |
Earliest call date | 2,020 | |
Interest rate | 5.00% | |
Variable rate basis | 3-month LIBOR | |
Senior debentures | 2022 senior debentures | LIBOR | ||
Debt Instrument [Line Items] | ||
Basis spread on variable rate | 3.814% | |
Senior debentures | 2027 senior debentures | ||
Debt Instrument [Line Items] | ||
Long-term debt, gross | $ 35,000 | 35,000 |
Issue date | 2,015 | |
Stated maturity date | 2,027 | |
Earliest call date | 2,025 | |
Interest rate | 5.50% | |
Variable rate basis | 3-month LIBOR | |
Senior debentures | 2027 senior debentures | LIBOR | ||
Debt Instrument [Line Items] | ||
Basis spread on variable rate | 3.71% | |
Subordinated debentures | ||
Debt Instrument [Line Items] | ||
Long-term debt, gross | $ 111,500 | 11,500 |
Subordinated debentures | 2028 subordinated debentures | ||
Debt Instrument [Line Items] | ||
Long-term debt, gross | $ 100,000 | 0 |
Issue date | 2,018 | |
Stated maturity date | 2,028 | |
Earliest call date | 2,023 | |
Interest rate | 4.50% | |
Variable rate basis | 3-month LIBOR | |
Subordinated debentures | 2028 subordinated debentures | LIBOR | ||
Debt Instrument [Line Items] | ||
Basis spread on variable rate | 2.12% | |
Subordinated debentures | 2025 subordinated debentures | ||
Debt Instrument [Line Items] | ||
Long-term debt, gross | $ 11,500 | 11,500 |
Issue date | 2,015 | |
Stated maturity date | 2,025 | |
Earliest call date | 2,020 | |
Interest rate | 6.25% | |
Trust preferred securities | ||
Debt Instrument [Line Items] | ||
Long-term debt, gross | $ 32,426 | 32,426 |
Trust preferred securities | Southern Bancorp Capital Trust I | ||
Debt Instrument [Line Items] | ||
Long-term debt, gross | $ 4,382 | 4,382 |
Issue date | 2,004 | |
Stated maturity date | 2,034 | |
Earliest call date | 2,009 | |
Variable rate basis | Prime | |
Trust preferred securities | Southern Bancorp Capital Trust I | Prime Rate | ||
Debt Instrument [Line Items] | ||
Basis spread on variable rate | 1.00% | |
Trust preferred securities | United Community Statutory Trust III | ||
Debt Instrument [Line Items] | ||
Long-term debt, gross | $ 1,238 | 1,238 |
Issue date | 2,008 | |
Stated maturity date | 2,038 | |
Earliest call date | 2,013 | |
Variable rate basis | Prime | |
Trust preferred securities | United Community Statutory Trust III | Prime Rate | ||
Debt Instrument [Line Items] | ||
Basis spread on variable rate | 3.00% | |
Trust preferred securities | Tidelands Statutory Trust I | ||
Debt Instrument [Line Items] | ||
Long-term debt, gross | $ 8,248 | 8,248 |
Issue date | 2,006 | |
Stated maturity date | 2,036 | |
Earliest call date | 2,011 | |
Variable rate basis | 3-month LIBOR | |
Trust preferred securities | Tidelands Statutory Trust I | LIBOR | ||
Debt Instrument [Line Items] | ||
Basis spread on variable rate | 1.38% | |
Trust preferred securities | Tidelands Statutory Trust II | ||
Debt Instrument [Line Items] | ||
Long-term debt, gross | $ 6,186 | 6,186 |
Issue date | 2,008 | |
Stated maturity date | 2,038 | |
Earliest call date | 2,013 | |
Variable rate basis | 3-month LIBOR | |
Trust preferred securities | Tidelands Statutory Trust II | LIBOR | ||
Debt Instrument [Line Items] | ||
Basis spread on variable rate | 5.075% | |
Trust preferred securities | Four Oaks Statutory Trust I | ||
Debt Instrument [Line Items] | ||
Long-term debt, gross | $ 12,372 | $ 12,372 |
Issue date | 2,006 | |
Stated maturity date | 2,036 | |
Earliest call date | 2,011 | |
Variable rate basis | 3-month LIBOR | |
Trust preferred securities | Four Oaks Statutory Trust I | LIBOR | ||
Debt Instrument [Line Items] | ||
Basis spread on variable rate | 1.35% |
Long-term Debt (Detail Textuals
Long-term Debt (Detail Textuals) | 6 Months Ended |
Jun. 30, 2018USD ($) | |
Senior debentures | 2022 senior debentures | |
Debt Instrument [Line Items] | |
Percentage of principal amount redeemed | 100.00% |
Maturity date | Feb. 14, 2022 |
Senior debentures | 2027 senior debentures | |
Debt Instrument [Line Items] | |
Percentage of principal amount redeemed | 100.00% |
Maturity date | Feb. 14, 2027 |
Subordinated debentures | 2025 subordinated debentures | |
Debt Instrument [Line Items] | |
Maturity date | Nov. 30, 2025 |
Aggregate principal amount | $ 11,500,000 |
Subordinated debentures | 2028 subordinated debentures | |
Debt Instrument [Line Items] | |
Maturity date | Jan. 30, 2028 |
Aggregate principal amount | $ 100,000,000 |
Subsequent Events (Details)
Subsequent Events (Details) - $ / shares | Aug. 01, 2018 | Jun. 30, 2018 | Jun. 30, 2017 |
Subsequent Event [Line Items] | |||
Common stock dividends (in dollars per share) | $ 0.27 | $ 0.18 | |
Subsequent Event | |||
Subsequent Event [Line Items] | |||
Common stock dividends (in dollars per share) | $ 0.15 | ||
Dividends payable, date to be paid | Oct. 5, 2018 | ||
Dividends payable, date of record | Sep. 15, 2018 |