Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2018 | Jan. 31, 2019 | Jun. 29, 2018 | |
Document and Entity Information [Abstract] | |||
Entity Registrant Name | UNITED COMMUNITY BANKS INC | ||
Entity Central Index Key | 857,855 | ||
Trading Symbol | ucbi | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Common Stock, Shares Outstanding | 79,256,160 | ||
Entity Public Float | $ 2,411,814,691 | ||
Document Type | 10-K | ||
Document Period End Date | Dec. 31, 2018 | ||
Amendment Flag | false | ||
Document Fiscal Year Focus | 2,018 | ||
Document Fiscal Period Focus | FY |
Consolidated Statements of Inco
Consolidated Statements of Income - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Interest revenue: | |||
Loans, including fees | $ 420,383 | $ 315,050 | $ 268,382 |
Investment securities: | |||
Taxable | 73,496 | 70,172 | 63,413 |
Tax exempt | 4,189 | 2,216 | 614 |
Deposits in banks and short-term investments | 2,012 | 2,282 | 2,611 |
Total interest revenue | 500,080 | 389,720 | 335,020 |
Deposits: | |||
NOW and interest-bearing demand | 7,390 | 3,365 | 1,903 |
Money market | 12,097 | 7,033 | 4,982 |
Savings | 150 | 135 | 135 |
Time | 19,906 | 6,529 | 3,136 |
Total deposit interest expense | 39,543 | 17,062 | 10,156 |
Short-term borrowings | 1,112 | 352 | 399 |
Federal Home Loan Bank advances | 6,345 | 6,095 | 3,676 |
Long-term debt | 14,330 | 10,226 | 11,005 |
Total interest expense | 61,330 | 33,735 | 25,236 |
Net interest revenue | 438,750 | 355,985 | 309,784 |
Provision for (release of) credit losses | 9,500 | 3,800 | (800) |
Net interest revenue after provision for credit losses | 429,250 | 352,185 | 310,584 |
Noninterest income: | |||
Service charges and fees | 35,997 | 38,295 | 42,113 |
Mortgage loan and other related fees | 19,010 | 18,320 | 20,292 |
Brokerage fees | 5,191 | 4,633 | 4,280 |
Gains from sales of SBA/USDA loans | 9,277 | 10,493 | 9,545 |
Securities (losses) gains, net | (656) | 42 | 982 |
Other | 24,142 | 16,477 | 16,485 |
Total noninterest income | 92,961 | 88,260 | 93,697 |
Total revenue | 522,211 | 440,445 | 404,281 |
Noninterest expenses: | |||
Salaries and employee benefits | 181,015 | 153,098 | 138,789 |
Occupancy | 22,781 | 20,344 | 19,603 |
Communications and equipment | 21,277 | 19,660 | 18,355 |
FDIC assessments and other regulatory charges | 8,491 | 6,534 | 5,866 |
Professional fees | 15,540 | 12,074 | 11,822 |
Postage, printing and supplies | 6,416 | 5,952 | 5,382 |
Advertising and public relations | 5,991 | 4,242 | 4,426 |
Amortization of intangibles | 6,846 | 4,845 | 4,182 |
Merger-related and other charges | 5,414 | 13,901 | 8,122 |
Other | 32,514 | 26,961 | 24,742 |
Total noninterest expenses | 306,285 | 267,611 | 241,289 |
Income before income taxes | 215,926 | 172,834 | 162,992 |
Income tax expense | 49,815 | 105,013 | 62,336 |
Net income | 166,111 | 67,821 | 100,656 |
Net income available to common shareholders | $ 164,927 | $ 67,250 | $ 100,635 |
Income per common share: | |||
Basic (in dollars per share) | $ 2.07 | $ 0.92 | $ 1.40 |
Diluted (in dollars per share) | $ 2.07 | $ 0.92 | $ 1.40 |
Weighted average common shares outstanding: | |||
Basic (in shares) | 79,662 | 73,247 | 71,910 |
Diluted (in shares) | 79,671 | 73,259 | 71,915 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Statement of Comprehensive Income [Abstract] | |||
Net income, Before-tax Amount | $ 215,926 | $ 172,834 | $ 162,992 |
Net income, Tax (Expense) Benefit | (49,815) | (105,013) | (62,336) |
Net income, Net of Tax Amount | 166,111 | 67,821 | 100,656 |
Unrealized (losses) gains on available-for- sale securities: | |||
Unrealized holding (losses) gains arising during period, Before-tax Amount | (24,990) | 8 | (3,609) |
Unrealized holding (losses) gains arising during period, Tax (Expense) Benefit | 6,081 | 75 | 1,274 |
Unrealized holding (losses) gains arising during period, Net of Tax Amount | (18,909) | 83 | (2,335) |
Reclassification adjustment for (losses) gains included in net income, Before-tax Amount | 656 | (42) | (982) |
Reclassification adjustment for (losses) gains included in net income, Tax (Expense) Benefit | (132) | 14 | 371 |
Reclassification adjustment for (losses) gains included in net income, Net of Tax Amount | 524 | (28) | (611) |
Net unrealized (losses) gains, Before-tax Amount | (24,334) | (34) | (4,591) |
Net unrealized (losses) gains, Tax (Expense) Benefit | 5,949 | 89 | 1,645 |
Net unrealized (losses) gains, Net of Tax Amount | (18,385) | 55 | (2,946) |
Amortization of losses included in net income on available-for-sale securities transferred to held to maturity, Before-tax Amount | 739 | 1,069 | 1,759 |
Amortization of losses included in net income on available-for-sale securities transferred to held to maturity, Tax (Expense) Benefit | (180) | (401) | (662) |
Amortization of losses included in net income on available-for-sale securities transferred to held to maturity, Net of Tax Amount | 559 | 668 | 1,097 |
Amortization of losses included in net income on terminated derivative financial instruments that were previously accounted for as cash flow hedges, Before-tax Amount | 499 | 891 | 1,891 |
Amortization of losses included in net income on terminated derivative financial instruments that were previously accounted for as cash flow hedges, Tax (Expense) Benefit | (129) | (346) | (736) |
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 | 370 | 545 | 1,155 |
Reclassification of disproportionate tax effect related to terminated and current cash flow hedges, Before - Tax Amount | 0 | 0 | 0 |
Reclassification of disproportionate tax effect related to terminated and current cash flow hedges, Tax (Expense) Benefit | 0 | 3,289 | 0 |
Reclassification of disproportionate tax effect related to terminated and current cash flow hedges, Net of Tax Amount | 0 | 3,289 | 0 |
Net cash flow hedge activity, Before-tax Amount | 499 | 891 | 1,891 |
Net cash flow hedge activity, Tax (Expense) Benefit | (129) | 2,943 | (736) |
Net cash flow hedge activity, Net of Tax Amount | 370 | 3,834 | 1,155 |
Amendments to defined benefit pension plan, Before-tax Amount | (413) | (700) | (454) |
Amendments to defined benefit pension plan, Tax (Expense) Benefit | 105 | 180 | 177 |
Amendments to defined benefit pension plan, Net of Tax Amount | (308) | (520) | (277) |
Net actuarial gain (loss) on defined benefit pension plans, Before-tax Amount | 1,015 | (1,819) | (952) |
Net actuarial gain (loss) on defined benefit pension plans, Tax (Expense) Benefit | (259) | 563 | 370 |
Net actuarial gain (loss) on defined benefit pension plans, Net of Tax Amount | 756 | (1,256) | (582) |
Amortization of prior service cost and actuarial losses included in net periodic pension cost for defined benefit pension plans, Before-tax Amount | 907 | 798 | 855 |
Amortization of prior service cost and actuarial losses included in net periodic pension cost for defined benefit pension plans, Tax (Expense) Benefit | (247) | (310) | (333) |
Amortization of prior service cost and actuarial losses included in net periodic pension cost for defined benefit pension plans, Net of Tax Amount | 660 | 488 | 522 |
Net defined benefit pension plan activity, Before-tax Amount | 1,509 | (1,721) | (551) |
Net defined benefit pension plan activity, Tax (Expense) Benefit | (401) | 433 | 214 |
Net defined benefit pension plan activity, Net of Tax Amount | 1,108 | (1,288) | (337) |
Total other comprehensive (loss) income, Before-tax Amount | (21,587) | 205 | (1,492) |
Total other comprehensive (loss) income, Tax (Expense) Benefit | 5,239 | 3,064 | 461 |
Total other comprehensive (loss) income, Net of Tax Amount | (16,348) | 3,269 | (1,031) |
Comprehensive income, Before-tax Amount | 194,339 | 173,039 | 161,500 |
Comprehensive income, Tax (Expense) Benefit | (44,576) | (101,949) | (61,875) |
Comprehensive income, Net of Tax Amount | $ 149,763 | $ 71,090 | $ 99,625 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Assets | ||
Cash and due from banks | $ 126,083 | $ 129,108 |
Interest-bearing deposits in banks | 201,182 | 185,167 |
Cash and cash equivalents | 327,265 | 314,275 |
Debt securities available-for-sale | 2,628,467 | 2,615,850 |
Debt securities held-to-maturity (fair value $268,803 and $321,276) | 274,407 | 321,094 |
Loans held for sale (includes $18,935 and $26,252 at fair value) | 18,935 | 32,734 |
Loans, net of unearned income | 8,383,401 | 7,735,572 |
Less allowance for loan losses | (61,203) | (58,914) |
Loans, net | 8,322,198 | 7,676,658 |
Premises and equipment, net | 206,140 | 208,852 |
Bank owned life insurance | 192,616 | 188,970 |
Accrued interest receivable | 35,413 | 32,459 |
Net deferred tax asset | 64,224 | 88,049 |
Derivative financial instruments | 24,705 | 22,721 |
Goodwill and other intangible assets | 324,072 | 244,397 |
Other assets | 154,750 | 169,401 |
Total assets | 12,573,192 | 11,915,460 |
Deposits: | ||
Noninterest-bearing demand | 3,210,220 | 3,087,797 |
NOW and interest-bearing demand | 2,274,775 | 2,131,939 |
Money market | 2,097,526 | 2,016,748 |
Savings | 669,886 | 651,742 |
Time | 1,598,391 | 1,548,460 |
Brokered | 683,715 | 371,011 |
Total deposits | 10,534,513 | 9,807,697 |
Short-term borrowings | 0 | 50,000 |
Federal Home Loan Bank advances | 160,000 | 504,651 |
Long-term debt | 267,189 | 120,545 |
Derivative financial instruments | 26,433 | 25,376 |
Accrued expenses and other liabilities | 127,503 | 103,857 |
Total liabilities | 11,115,638 | 10,612,126 |
Commitments and contingencies | ||
Shareholders' equity: | ||
Common stock, $1 par value; 150,000,000 shares authorized; 79,234,077 and 77,579,561 shares issued and outstanding | 79,234 | 77,580 |
Common stock issuable; 674,499 and 607,869 shares | 10,744 | 9,083 |
Capital surplus | 1,499,584 | 1,451,814 |
Accumulated deficit | (90,419) | (209,902) |
Accumulated other comprehensive loss | (41,589) | (25,241) |
Total shareholders’ equity | 1,457,554 | 1,303,334 |
Total liabilities and shareholders’ equity | $ 12,573,192 | $ 11,915,460 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Statement of Financial Position [Abstract] | ||
Debt securities held to maturity, fair value | $ 268,803 | $ 321,276 |
Loans held for sale, fair value | $ 18,935 | $ 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) | 79,234,077 | 77,579,561 |
Common stock, outstanding (in shares) | 79,234,077 | 77,579,561 |
Common stock issuable (in shares) | 674,499 | 607,869 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Shareholders' Equity - USD ($) $ in Thousands | Total | Series H Preferred Stock | Common Stock | Non-Voting Common Stock | Common Stock Issuable | Capital Surplus | Retained Earnings (Accumulated Deficit) | Accumulated Other Comprehensive (Loss) Income |
Beginning balance at Dec. 31, 2015 | $ 1,018,285 | $ 9,992 | $ 66,198 | $ 5,286 | $ 6,779 | $ 1,286,361 | $ (330,879) | $ (25,452) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Net income | 100,656 | 100,656 | ||||||
Other comprehensive income (loss) | (1,031) | (1,031) | ||||||
Common stock issued to Dividend Reinvestment Plan and employee benefit plans (25,248 common shares in 2018, 17,826 common shares in 2017, 20,500 common shares in 2016) | 366 | 20 | 346 | |||||
Conversion of non-voting common stock to voting common stock (5,285,516 shares) | 0 | 5,286 | (5,286) | |||||
Redemption of Series H preferred stock (9,992 shares) | (9,992) | (9,992) | ||||||
Purchases of common stock (764,000 shares) | (13,659) | (764) | (12,895) | |||||
Amortization of stock options and restricted stock | 4,496 | 4,496 | ||||||
Vesting of restricted stock awards, net of shares surrendered to cover payroll taxes (125,067 common shares issued and 99,779 common shares deferred in 2018, 114,837 common shares issued and 111,090 common shares deferred in 2017, 96,722 common shares issued and 106,771 common shares deferred in 2016) | (1,189) | 97 | 1,597 | (2,883) | ||||
Deferred compensation plan, net, including dividend equivalents | 385 | 385 | ||||||
Shares issued from deferred compensation plan (48,214 shares in 2018, 32,279 shares in 2017, 61,899 shares in 2016) | 0 | 62 | (1,434) | 1,372 | ||||
Common stock dividends ($0.58 per share in 2018, $0.38 per share in 2017, $0.30 per share in 2016) | (21,613) | (21,613) | ||||||
Tax on option exercise and restricted stock vesting | (948) | (948) | ||||||
Preferred stock dividends, Series H | (21) | (21) | ||||||
Ending balance at Dec. 31, 2016 | 1,075,735 | 0 | 70,899 | 0 | 7,327 | 1,275,849 | (251,857) | (26,483) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Net income | 67,821 | 67,821 | ||||||
Other comprehensive income (loss) | 3,269 | 3,269 | ||||||
Common stock issued to Dividend Reinvestment Plan and employee benefit plans (25,248 common shares in 2018, 17,826 common shares in 2017, 20,500 common shares in 2016) | 450 | 18 | 432 | |||||
Common stock issued for acquisitions (1,443,987 common shares in 2018, 6,515,505 common shares in 2017) | 179,465 | 6,516 | 172,949 | |||||
Amortization of stock options and restricted stock | 5,827 | 5,827 | ||||||
Vesting of restricted stock awards, net of shares surrendered to cover payroll taxes (125,067 common shares issued and 99,779 common shares deferred in 2018, 114,837 common shares issued and 111,090 common shares deferred in 2017, 96,722 common shares issued and 106,771 common shares deferred in 2016) | (1,594) | 115 | 1,763 | (3,472) | ||||
Deferred compensation plan, net, including dividend equivalents | 361 | 361 | ||||||
Shares issued from deferred compensation plan (48,214 shares in 2018, 32,279 shares in 2017, 61,899 shares in 2016) | (107) | 32 | (368) | 229 | ||||
Common stock dividends ($0.58 per share in 2018, $0.38 per share in 2017, $0.30 per share in 2016) | (28,330) | (28,330) | ||||||
Reclassification of disproportionate tax effects resulting from the Tax Cuts and Jobs Act of 2017 pursuant to ASU 2018-02 | 0 | 2,027 | (2,027) | |||||
Ending balance at Dec. 31, 2017 | 1,303,334 | 0 | 77,580 | 0 | 9,083 | 1,451,814 | (209,902) | (25,241) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Net income | 166,111 | 166,111 | ||||||
Other comprehensive income (loss) | (16,348) | (16,348) | ||||||
Common stock issued to Dividend Reinvestment Plan and employee benefit plans (25,248 common shares in 2018, 17,826 common shares in 2017, 20,500 common shares in 2016) | 679 | 25 | 654 | |||||
Common stock issued for acquisitions (1,443,987 common shares in 2018, 6,515,505 common shares in 2017) | 45,746 | 1,444 | 44,302 | |||||
Amortization of stock options and restricted stock | 6,057 | 6,057 | ||||||
Exercise of stock options (12,000 shares) | 142 | 12 | 130 | |||||
Vesting of restricted stock awards, net of shares surrendered to cover payroll taxes (125,067 common shares issued and 99,779 common shares deferred in 2018, 114,837 common shares issued and 111,090 common shares deferred in 2017, 96,722 common shares issued and 106,771 common shares deferred in 2016) | (1,988) | 125 | 1,931 | (4,044) | ||||
Deferred compensation plan, net, including dividend equivalents | 459 | 459 | ||||||
Shares issued from deferred compensation plan (48,214 shares in 2018, 32,279 shares in 2017, 61,899 shares in 2016) | (10) | 48 | (729) | 671 | ||||
Common stock dividends ($0.58 per share in 2018, $0.38 per share in 2017, $0.30 per share in 2016) | (46,628) | (46,628) | ||||||
Ending balance at Dec. 31, 2018 | $ 1,457,554 | $ 0 | $ 79,234 | $ 0 | $ 10,744 | $ 1,499,584 | $ (90,419) | $ (41,589) |
Consolidated Statements of Ch_2
Consolidated Statements of Changes in Shareholders' Equity (Parenthetical) - $ / shares | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Purchases of common stock (in shares) | 0 | 0 | |
Common stock dividends (in dollars per share) | $ 0.58 | $ 0.38 | $ 0.30 |
Common Stock | |||
Common stock issued to Dividend Reinvestment Plan and employee benefit plans (in shares) | 25,248 | 17,826 | 20,500 |
Conversion on non-voting common stock to voting common stock (in shares) | 5,285,516 | ||
Purchases of common stock (in shares) | 764,000 | ||
Common stock issued for acquisitions (in shares) | 1,443,987 | 6,515,505 | |
Exercise of stock options (in shares) | 12,000 | ||
Vesting of restricted stock awards, net of shares surrendered to cover payroll taxes, issued (in shares) | 125,067 | 114,837 | 96,722 |
Vesting of restricted stock awards, net of shares surrendered to cover payroll taxes, deferred (in shares) | 99,779 | 111,090 | 106,771 |
Shares issued from deferred compensation plan (in shares) | 48,214 | 32,279 | 61,899 |
Series H Preferred Stock | |||
Redemption of Series H preferred stock (in shares) | 9,992 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Operating activities: | |||
Net income | $ 166,111 | $ 67,821 | $ 100,656 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Depreciation, amortization and accretion | 30,971 | 27,494 | 29,974 |
Provision for (release of) credit losses | 9,500 | 3,800 | (800) |
Stock based compensation | 6,057 | 5,827 | 4,496 |
Deferred income tax expense | 32,630 | 99,562 | 59,727 |
Securities losses (gains), net | 656 | (42) | (982) |
Gains from sales of government guaranteed loans | (9,277) | (10,493) | (9,545) |
Net (gains) losses on sales and write downs of other assets | (152) | 1,983 | (397) |
Net losses (gains) on sales and write downs of other real estate owned | 283 | 791 | (2) |
Changes in assets and liabilities: | |||
Decrease (increase) in other assets and accrued interest receivable | 13,064 | (18,299) | (39,007) |
Increase in accrued expenses and other liabilities | 3,772 | 24,280 | 1,299 |
Decrease (increase) in loans held for sale | 16,391 | 5,238 | (5,505) |
Net cash provided by operating activities | 270,006 | 207,962 | 139,914 |
Debt securities held-to-maturity: | |||
Proceeds from maturities and calls | 58,605 | 56,917 | 68,232 |
Purchases | (11,983) | (36,638) | (24,021) |
Debt securities available-for-sale and equity securities: | |||
Proceeds from sales | 168,891 | 340,540 | 199,864 |
Proceeds from maturities and calls | 346,505 | 605,889 | 392,575 |
Purchases | (566,333) | (936,947) | (692,983) |
Net increase in loans | (291,890) | (109,433) | (657,650) |
Net cash (paid) received for acquisitions | (56,800) | 53,678 | 1,912 |
Purchase of bank owned life insurance | 0 | (10,000) | (20,000) |
Purchases of premises and equipment | (17,617) | (22,183) | (17,375) |
Proceeds from sales of premises and equipment | 6,483 | 3,137 | 5,077 |
Proceeds from sale of other real estate owned | 4,664 | 9,534 | 12,043 |
Net cash used in investing activities | (359,475) | (45,506) | (732,326) |
Financing activities: | |||
Net increase in deposits | 727,839 | 287,073 | 365,531 |
Net (decrease) increase in short-term borrowings | (264,923) | (21,640) | |
Net (decrease) increase in short-term borrowings | 43,859 | ||
Proceeds from Federal Home Loan Bank advances | 2,860,000 | 4,000,000 | 9,780,000 |
Repayment of Federal Home Loan Bank advances | (3,204,003) | (4,294,000) | (9,514,125) |
Repayment of long-term debt | (71,831) | (75,000) | 0 |
Proceeds from issuance of long-term debt, net of issuance costs | 98,188 | 0 | 0 |
Proceeds from issuance of common stock for dividend reinvestment and employee benefit plans | 679 | 450 | 366 |
Proceeds from exercise of stock options | 142 | 0 | 0 |
Cash paid for shares withheld to cover payroll taxes upon vesting of restricted stock | (1,998) | (1,701) | (1,189) |
Repurchase of common stock | 0 | 0 | (13,659) |
Retirement of preferred stock | 0 | 0 | (9,992) |
Cash dividends on common stock | (41,634) | (26,210) | (15,849) |
Cash dividends on preferred stock | 0 | 0 | (46) |
Net cash provided by (used in) financing activities | 102,459 | (65,529) | 569,397 |
Net change in cash and cash equivalents, including restricted cash | 12,990 | 96,927 | (23,015) |
Cash and cash equivalents, including restricted cash, at beginning of year | 314,275 | 217,348 | 240,363 |
Cash and cash equivalents, including restricted cash, at end of year | 327,265 | 314,275 | 217,348 |
Cash paid during the period for: | |||
Interest | 56,830 | 34,657 | 32,141 |
Income taxes paid | $ 7,880 | $ 6,514 | $ 3,948 |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2018 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Summary of Significant Accounting Policies The accounting principles followed by United Community Banks, Inc. and its subsidiaries (collectively referred to herein as “United”) and the methods of applying these principles conform with accounting principles generally accepted in the United States of America (“GAAP”) and with general practices within the banking industry. The following is a description of the significant policies. Organization and Basis of Presentation United Community Banks, Inc. (the “Holding Company”) is a bank holding company subject to the regulation of the Board of Governors of the Federal Reserve System (the “Federal Reserve”) whose principal business is conducted by its wholly-owned commercial bank subsidiary, United Community Bank (the “Bank”). United is subject to regulation under the Bank Holding Company Act of 1956. The consolidated financial statements include the accounts of the Holding Company, the Bank and other wholly-owned subsidiaries. All significant intercompany accounts and transactions have been eliminated in consolidation. The Bank is a Georgia state chartered commercial bank that serves both rural and metropolitan markets in Georgia, South Carolina, North Carolina and Tennessee and provides a full range of banking services. The Bank is insured and subject to the regulation of the Federal Deposit Insurance Corporation (“FDIC”) and is also subject to the regulation of the Georgia Department of Banking and Finance. Use of Estimates In preparing the consolidated financial statements, management is required to make estimates and assumptions that affect the reported amounts of assets and liabilities as of the dates of the balance sheet and revenue and expenses for the years then ended. Actual results could differ significantly from those estimates. Material estimates that are particularly susceptible to significant change are the determination of the allowance for loan losses, the valuation of acquired loans, the valuation of real estate acquired in connection with foreclosures or in satisfaction of loans, the valuation of goodwill and separately identifiable intangible assets associated with mergers and acquisitions, and the valuation of deferred tax assets. Operating Segments Operating segments are components of a business about which separate financial information is available and evaluated regularly by the chief operating decision maker in deciding how to allocate resources and assessing performance. Public companies are required to report certain financial information about operating segments in interim and annual financial statements. United’s community banking operations are divided among geographic regions and local community banks within those regions. Those regions and banks have similar economic characteristics and are therefore considered to be one operating segment. Additionally management assessed other operating units to determine if they should be classified and reported as segments. They include Mortgage, Advisory Services and Commercial Banking Solutions. Each was assessed for separate reporting on both a qualitative and a quantitative basis in accordance with Financial Accounting Standards Boards (“FASB”) Accounting Standards Codification (“ASC”) Topic 280 Segment Reporting (“ASC 280”). Qualitatively, these business units are currently operating in the same geographic footprint as the community banks and face many of the same customers as the community banks. While the chief operating decision maker does have some limited production information for these entities, that information is not complete since it does not include a full allocation of revenue, costs and capital from key corporate functions. The business units are currently viewed more as a product line extension of the community banks. However, management will continue to evaluate these business units for separate reporting as facts and circumstances change. On a quantitative basis, ASC 280 provides a threshold of 10% of Revenue, Net Income or Assets where a breach of any of these thresholds would trigger segment reporting. Under this requirement none of the entities reached the threshold. Based on this analysis, United concluded that it has one operating and reportable segment. Accounting for Variable Interest Entities The consolidated financial statements also include the results of a bankruptcy-remote securitization entity, Navitas Equipment Receivables LLC 2016-1 (“NER 16-1”), acquired with NLFC Holdings Corp. (“NLFC”). NER 16-1 was formed solely to receive loans transferred from NLFC to be used as collateral for a term note securitization. NLFC is the primary beneficiary of NER 16-1. As a result, while the transfer of the loans meets the criteria of a sale, NER 16-1 is consolidated on United’s books and therefore the transfer is accounted for as a secured borrowing. NER 16-1 differs from other entities included in United’s consolidated statements because the assets it holds are legally isolated. At December 31, 2018, NER 16-1 had total assets of $65.5 million and total liabilities of $55.3 million . Cash and Cash Equivalents Cash equivalents include amounts due from banks, interest-bearing deposits in banks, federal funds sold, commercial paper, reverse repurchase agreements and short-term investments and are carried at cost. Federal funds are generally sold for one-day periods, interest-bearing deposits in banks are available on demand and commercial paper investments and reverse repurchase agreements mature within a period of less than 90 days. A portion of the cash on hand and on deposit with the Federal Reserve Bank of Atlanta was required to meet regulatory reserve requirements. The terms of securitizations acquired with 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 December 31, 2018, these restricted cash accounts totaled $6.70 million and were included in interest-bearing deposits in banks on the consolidated balance sheet. Investment Securities United classifies its debt securities in one of three categories: trading, held-to-maturity or available-for-sale. United does not currently hold any trading securities that are bought and held principally for the purpose of selling them in the near term. Held-to-maturity securities are those securities for which United has the ability and intent to hold until maturity. All other securities are classified as available-for-sale. Held-to-maturity securities are recorded at cost, adjusted for the amortization or accretion of premiums or discounts. Available-for-sale securities are recorded at fair value. Unrealized holding gains and losses, net of the related tax effect, on available-for-sale securities are reported in other comprehensive income as a separate component of shareholders’ equity until realized. Transfers of securities between categories are recorded at fair value at the date of transfer. Unrealized holding gains or losses associated with transfers of securities from available-for-sale to held-to-maturity are included in the balance of accumulated other comprehensive income in the consolidated balance sheets. These unrealized holding gains or losses are amortized into income over the remaining life of the security as an adjustment to the yield in a manner consistent with the amortization or accretion of the original purchase premium or discount on the associated security. Management evaluates investment securities for other than temporary impairment on a quarterly basis. A decline in the fair value of available-for-sale and held-to-maturity securities below cost that is deemed other than temporary is charged to earnings for a decline in value deemed to be credit related. The decline in value attributed to non-credit related factors is recognized in other comprehensive income and a new cost basis for the security is established. Premiums and discounts are amortized or accreted over the life of the related security as an adjustment to the yield. Realized gains and losses for securities classified as available-for-sale and held-to-maturity are included in net income and derived using the specific identification method for determining the cost of the securities sold. Equity securities are included in other assets on the consolidated balance sheets. Those with readily determinable fair values are carried at fair value with changes in fair value recognized in net income. Those without readily determinable fair values include, among others, Federal Home Loan Bank (“FHLB”) stock held to meet FHLB requirements related to outstanding advances and Community Reinvestment Act (“CRA”) equity investments, including those where the returns are primarily derived from low income housing tax credits (“LIHTC”). Our investment in FHLB stock is accounted for using the cost method of accounting. Our LIHTC investments are accounted for using the proportional amortization method of accounting for qualified affordable housing investments which results in the amortization being reported as a component of income tax expense. Our obligations related to unfunded commitments for our LIHTC investments are reported in other liabilities. Our other CRA investments are accounted for using the equity method of accounting. As conditions warrant, we review our investments for impairment and will adjust the carrying value of the investment if it is deemed to be impaired. 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 match changes in fair values of the loans with changes in the fair value of derivative instruments used to economically hedge them. Also included in loans held for sale at December 31, 2017 were $4.61 million in loans received through the acquisition of Four Oaks FinCorp, Inc. that United held with the intent to sell. Those loans were carried on the balance sheet at the lower of cost or fair value. Loans and Leases With the exception of purchased loans that are recorded at fair value on the date of acquisition, loans are stated at principal amount outstanding, net of any unearned revenue and net of any deferred loan fees and costs. Interest on loans is primarily calculated by using the simple interest method on daily balances of the principal amount outstanding. 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 and security deposits. 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. Purchased Loans With Evidence of Credit Deterioration: United from time to time purchases loans, primarily through business combination transactions. Some of those purchased loans show evidence of credit deterioration since origination and are accounted for pursuant to ASC Topic 310-30, Loans and Debt Securities Acquired with Deteriorated Credit Quality . These purchased credit impaired (“PCI”) loans are recorded at their estimated fair value at date of purchase. After acquisition, further losses evidenced by decreases in expected cash flows are recognized by an increase in the allowance for loan losses. PCI loans are aggregated into pools of loans based on common risk characteristics such as the type of loan, payment status, or collateral type. United estimates the amount and timing of expected cash flows for each purchased loan pool and the expected cash flows in excess of the amount paid are recorded as interest income over the remaining life of the pool (accretable yield). The excess of the pool’s contractual principal and interest over expected cash flows is not recorded (nonaccretable difference). Over the life of the loan pool, expected cash flows continue to be estimated. If the present value of expected cash flows is less than the carrying amount, a loss is recorded. If the present value of expected cash flows is greater than the carrying amount, it is recognized as part of future interest revenue. Nonaccrual Loans: The accrual of interest is discontinued when a loan becomes 90 days past due and is not well collateralized and in the process of collection, or when management believes, after considering economic and business conditions and collection efforts, that the principal or interest will not be collectible in the normal course of business. Past due status is based on contractual terms of the loan. When a loan is placed on nonaccrual status, previously accrued and uncollected interest is charged against interest revenue on loans. Interest payments are applied to reduce the principal balance on nonaccrual loans. Loans are returned to accrual status when all the principal and interest amounts contractually due are brought current, there is a sustained period of repayment performance and future payments are reasonably assured. Nonaccrual loans include smaller balance homogeneous loans that are collectively evaluated for impairment and individually classified impaired loans. Contractually delinquent PCI loans are not classified as nonaccrual as long as the related discount continues to be accreted. Impaired Loans: With the exception of PCI loans, a loan is considered impaired when, based on current events and circumstances, it is probable that all amounts due, according to the contractual terms of the loan, will not be collected. Individually impaired loans are measured based on the present value of expected future cash flows, discounted at the loan’s effective interest rate, at the loan’s observable market price, or the fair value of the collateral if the loan is collateral dependent. Interest revenue on impaired loans is discontinued when the loans meet the criteria for nonaccrual status. Factors considered by management in determining impairment include payment status, collateral value, and the probability of collecting scheduled principal and interest payments when due. Loans that experience insignificant payment delays and payment shortfalls generally are not considered impaired. Management determines the significance of payment delays and payment shortfalls on a case-by-case basis, taking into consideration all of the circumstances surrounding the loan and borrower, including the length of the delay, the reasons for the delay, the borrower’s prior payment record, and the amount of the shortfall in relation to the principal and interest owed. PCI loans are considered to be impaired when it is probable that United will be unable to collect all the cash flows expected at acquisition, plus additional cash flows expected to be collected arising from changes in estimates after acquisition. Loans that are accounted for in pools are evaluated collectively for impairment on a pool by pool basis based on expected pool cash flows. Discounts continue to be accreted as long as there are expected future cash flows in excess of the current carrying amount of the specifically-reviewed loan or pool. Concentration of Credit Risk: Most of United’s business activity is with customers located within the markets where it has banking operations. Therefore, United’s exposure to credit risk is significantly affected by changes in the economy within its markets. Approximately 74% of United’s loan portfolio is secured by real estate and is therefore susceptible to changes in real estate valuations. Allowance for Credit Losses The allowance for credit losses includes the allowance for loan losses and the allowance for unfunded commitments included in other liabilities. Increases to the allowance for loan losses and allowance for unfunded commitments are established through a provision for credit losses charged to income. Loans are charged down against the allowance for loan losses when available information confirms that the collectability of the principal is unlikely. The allowance for loan losses represents an amount, which, in management’s judgment, is adequate to absorb probable losses on existing loans as of the date of the balance sheet. The allowance for unfunded commitments represents expected losses on unfunded commitments and is reported in the consolidated balance sheets in other liabilities. The allowance for loan losses is composed of general reserves, specific reserves, and PCI reserves. General reserves are determined by applying loss percentages to the individual loan categories that are based on actual historical loss experience. Additionally, the general economic and business conditions affecting key lending areas, credit quality trends, collateral values, loan volumes and concentrations, seasoning of the loan portfolio, the findings of internal and external credit reviews and results from external bank regulatory examinations are considered in this evaluation. The need for specific reserves is evaluated on nonaccrual loan relationships greater than $500,000 and all troubled debt restructurings (“TDRs”). The specific reserves are determined on a loan-by-loan basis based on management’s evaluation of United’s exposure for each credit, given the current payment status of the loan and the value of any underlying collateral. Loans for which specific reserves are provided are excluded from the calculation of general reserves. For PCI loans, a valuation allowance is established when it is probable that the Company will be unable to collect all the cash flows expected at acquisition plus additional cash flows expected to be collected arising from changes in estimate after acquisition. The allocation of the allowance for loan losses is based on historical data, subjective judgment and estimates and, therefore, is not necessarily indicative of the specific amounts or loan categories in which charge-offs may ultimately occur. For purposes of determining general reserves, United segments the loan portfolio into broad categories with similar risk elements. Those categories and their specific risks are described below. Owner occupied commercial real estate – Loans in this category are susceptible to declines in occupancy rates, business failure and general economic conditions. Income producing commercial real estate – Common risks for this loan category are declines in general economic conditions, declines in real estate value and lack of suitable alternative use for the property. Commercial & industrial – Risks to this loan category include industry concentrations and the inability to monitor the condition of the collateral which often consists of inventory, accounts receivable and other non-real estate assets. Equipment and inventory obsolescence can also pose a risk. Declines in general economic conditions and other events can cause cash flows to fall to levels insufficient to service debt. Commercial construction – Risks common to commercial construction loans are cost overruns, changes in market demand for property, inadequate long-term financing arrangements and declines in real estate values. Equipment financing - Risks associated with equipment financing are similar to those described for commercial and industrial loans, including general economic conditions, as well as appropriate lien priority on equipment, equipment obsolescence and the general mobility of the collateral. Residential mortgage – Residential mortgage loans are susceptible to weakening general economic conditions and increases in unemployment rates and declining real estate values. Home equity lines of credit – Risks common to home equity lines of credit are general economic conditions, including an increase in unemployment rates, and declining real estate values which reduce or eliminate the borrower’s home equity. Residential construction – Residential construction loans are susceptible to the same risks as residential mortgage loans. Changes in market demand for property leads to longer marketing times resulting in higher carrying costs, declining values, and higher interest rates. Consumer direct – Risks common to consumer direct loans include regulatory risks, unemployment and changes in local economic conditions as well as the inability to monitor collateral consisting of personal property. Indirect auto - Risks common to indirect auto loans include unemployment and changes in local economic conditions as well as the inability to monitor collateral. Management outsources a significant portion of its loan review to ensure objectivity in the loan review process and to challenge and corroborate the loan grading system. The loan review function provides additional analysis used in determining the adequacy of the allowance for loan losses. To supplement the outsourced loan review, management also has an internal loan review department that is independent of the lending function. Management believes the allowance for loan losses is appropriate at December 31, 2018 . While management uses available information to recognize losses on loans, future additions to the allowance may be necessary based on changes in economic conditions. In addition, various regulatory agencies, as an integral part of their examination process, periodically review United’s allowance for loan losses. Premises and Equipment Premises and equipment are stated at cost less accumulated depreciation. Depreciation is computed primarily using the straight line method over the estimated useful lives of the related assets. Costs incurred for maintenance and repairs are expensed as incurred. The range of estimated useful lives for buildings and improvements is 10 to 40 years , for land improvements, 10 years , and for furniture and equipment, 3 to 10 years . United periodically reviews the carrying value of premises and equipment for impairment whenever events or circumstances indicate that the carrying amount of such assets may not be fully recoverable. Foreclosed Properties (Other Real Estate Owned, or “OREO”) Foreclosed property is initially recorded at fair value, less cost to sell. If the fair value, less cost to sell at the time of foreclosure is less than the loan balance, the deficiency is recorded as a loan charge-off against the allowance for loan losses. If the fair value, less cost to sell, of the foreclosed property decreases during the holding period, a valuation allowance is established with a charge to operating expenses. When the foreclosed property is sold, a gain or loss is recognized on the sale for the difference between the sales proceeds and the carrying amount of the property. Financed sales of foreclosed property are accounted for in accordance with ASC Topic 610, Subtopic 20, Gains and losses from the derecognition of nonfinancial assets (“ASC 610-20”). Goodwill and Other Intangible Assets Goodwill is an asset representing the future economic benefits from other assets acquired that are not individually identified and separately recognized. Goodwill is measured as the excess of the consideration transferred, net of the fair value of identifiable assets acquired and liabilities assumed at the acquisition date. Goodwill is not amortized, but instead is tested for impairment annually or more frequently if events or circumstances exist that indicate a goodwill impairment test should be performed. Other intangible assets, which are initially recorded at fair value, consist of core deposit intangible assets and noncompete agreements resulting from acquisitions. Core deposit intangible assets are amortized on a sum-of-the-years-digits basis over their estimated useful lives. Noncompete agreements are amortized on a straight line basis over their estimated useful lives. Management evaluates other intangible assets for impairment whenever events or changes in circumstances indicate the carrying amount of the asset may not be recoverable. Transfers of Financial Assets Transfers of financial assets are accounted for as sales when control over the assets has been relinquished. Control over transferred assets is deemed to be surrendered when the assets have been isolated from United, the transferee obtains the right, free of conditions that constrain it from taking advantage of that right, to pledge or exchange the transferred assets and United does not maintain effective control over the transferred assets through an agreement to repurchase them before maturity. Servicing Rights United records a separate servicing asset for Small Business Administration (“SBA”) loans, United States Department of Agriculture (“USDA”) loans, and residential mortgage loans when the loan is sold but servicing is retained. This asset represents the right to service the loans and receive a fee in compensation. Servicing assets are initially recorded at their fair value as a component of the sale proceeds. The fair value of the servicing assets is based on an analysis of discounted cash flows that incorporates estimates of (1) market servicing costs, (2) market-based prepayment rates, and (3) market profit margins. Servicing assets are included in other assets. United has elected to subsequently measure the servicing assets for government guaranteed loans at fair value. There is no aggregation of the loans into pools for the valuation of the servicing asset, but rather the servicing asset value is measured at a loan level. Effective January 1, 2017, management elected to begin measuring residential mortgage servicing rights at fair value. The cumulative effect adjustment of this election to retained earnings, net of income tax effect, was $437,000 . Prior to 2017, impairment valuations were based on projections using a discounted cash flow method that included assumptions regarding prepayments, interest rates, servicing costs and other factors. Impairment was measured on a disaggregated basis for each stratum of the servicing rights, which was segregated based on predominant risk characteristics including interest rate and loan type. Subsequent increases in value were recognized to the extent of previously recorded impairment for each stratum. The rate of prepayment of loans serviced is the most significant estimate involved in the measurement process. Estimates of prepayment rates are based on market expectations of future prepayment rates, industry trends, and other considerations. Actual prepayment rates will differ from those projected by management due to changes in a variety of economic factors, including prevailing interest rates and the availability of alternative financing sources to borrowers. If actual prepayments of the loans being serviced were to occur more quickly than projected, the carrying value of servicing assets might have to be written down through a charge to earnings in the current period. If actual prepayments of the loans being serviced were to occur more slowly than had been projected, the carrying value of servicing assets could increase, and servicing income would exceed previously projected amounts. Bank Owned Life Insurance United has purchased life insurance policies on certain key executives and members of management. United has also received life insurance policies on members of acquired bank management teams through acquisitions of other banks. Bank owned life insurance is recorded at the amount that can be realized under the insurance contract at the balance sheet date, which is the cash surrender value adjusted for other changes or other amounts due that are probable at settlement. Loan Commitments and Related Financial Instruments Financial instruments include off-balance sheet credit instruments such as commitments to make loans and commercial letters of credit issued to meet customer financing needs. The face amount for these items represents the exposure to loss before considering customer collateral or ability to repay. Such financial instruments are recorded when they are funded. Revenue from Contracts with Customers In addition to lending and related activities, United offers various services to customers that generate revenue, certain of which are governed by ASC Topic 606 Revenue from Contracts with Customers (“ASC 606”). United’s services that fall within the scope of ASC 606 are presented within noninterest income and include service charges and fees, brokerage fees, and other transaction-based fees. Revenue is recognized when the transactions occur or as services are performed over primarily monthly or quarterly periods. Payment is typically received in the period the transactions occur. Fees may be fixed or, where applicable, based on a percentage of transaction size. Income Taxes Deferred tax assets and liabilities are recorded for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Future tax benefits are recognized to the extent that realization of such benefits is more likely than not. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which the assets and liabilities are expected to be recovered or settled. The effect of a change in tax rates on deferred tax assets and liabilities is recognized in income taxes during the period that includes the enactment date. In the event the future tax consequences of differences between the financial reporting bases and the tax bases of assets and liabilities results in deferred tax assets, an evaluation of the probability of being able to realize the future benefits indicated by such asset is required. A valuation allowance is provided for the portion of the deferred tax asset when it is more likely than not that some or all of the deferred tax asset will not be realized. In assessing the realizability of the deferred tax assets, management considers the scheduled reversals of deferred tax liabilities, projected future taxable earnings and prudent and feasible tax planning strategies. Management weighs both the positive and negative evidence, giving more weight to evidence that can be objectively verified. The income tax benefit or expense is the total of the current year income tax due or refundable and the change in deferred tax assets and liabilities. A tax position is recognized as a benefit only if it is “more likely than not” that the tax position would be sustained in a tax examination, with a tax examination being presumed to occur. The amount recognized is the largest amount of tax benefit that is greater than 50 percent likely of being realized on examination. For tax positions not meeting the “more likely than not” test, no tax benefit is recorded. United recognizes interest and / or penalties related to income tax matters in income tax expense. Derivative Instruments and Hedging Activities United’s interest rate risk management strategy incorporates the use of derivative instruments to minimize fluctuations in net income that are caused by interest rate volatility. The objective is to manage interest rate sensitivity by modifying the repricing or maturity characteristics of certain balance sheet assets and liabilities so that net interest revenue is not, on a material basis, adversely affected by movements in interest rates. United views this strategy as a prudent management of interest rate risk, such that net income is not exposed to undue risk presented by changes in interest rates. In carrying out this part of its interest rate risk management strategy, management uses derivatives, primarily interest rate swaps. Interest rate swaps |
Accounting Standards Updates an
Accounting Standards Updates and Recently Adopted Standards | 12 Months Ended |
Dec. 31, 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 Accounting Standards Update (“ASU”) No. 2016-02, Leases (Topic 842) . This guidance was further modified in 2018 by ASU No. 2018-10, Codification Improvements to Topic 842 Leases, ASU No. 2018-11, Leases (Topic 842): Targeted Improvement s, and ASU No. 2018-20, Leases (Topic 842): Narrow-Scope Improvements for Lessors . These standards require a lessee to recognize in the consolidated balance sheet 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. United adopted the standard on January 1, 2019 using the optional transition method, which allowed for a modified retrospective method of adoption with a cumulative effect adjustment to shareholders’ equity without restating comparable periods. United also elected the relief package of practical expedients for which there is no requirement to reassess existence of leases, their classification, and initial direct costs as well as an exemption for short-term leases with a term of less than one year, whereby United does not recognize a lease liability or right-of-use asset on the consolidated balance sheet but instead recognizes lease payments as an expense over the lease term as appropriate. The adoption of this guidance resulted in recognition of a right-of-use asset of $23.7 million , a lease liability of $26.7 million and a reduction of shareholders’ equity of $738,000 . In the opinion of management, the changes described above resulting from the adoption of the standard did not have a material impact on the consolidated financial statements. In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments . This guidance was further modified in November 2018 by ASU No. 2018-19, Codification Improvements to Topic 326, Financial Instruments - Credit Losses. 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 may 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 impact. Management has formed a steering committee and completed a gap assessment and a full project plan. The steering committee has selected a software provider and is in the process of populating relevant data, building models and documenting processes and controls in preparation for a loan-focused parallel run in the first quarter of 2019. United expects to run a full parallel run for the remaining three quarters of 2019 to ensure it is prepared for implementation by the effective date. During monthly steering committee meetings, management regularly reviews project status, gap remediation efforts and project priorities. In March 2017, the FASB issued ASU No. 2017-08, Receivables – Nonrefundable Fees and Other Costs (Subtopic 310-20): Premium Amortization on Purchased Callable Debt Securities . This update shortens the amortization period for certain callable debt securities held at a premium. Specifically, the amendments require the premium to be amortized to the earliest call date. For securities held at a discount, the discount will continue to be amortized to maturity. For public entities, this update is effective for fiscal years beginning after December 15, 2018, with modified retrospective application. The adoption of this update on January 1, 2019 did not have a material impact on the consolidated financial statements. In August 2017, The FASB issued ASU No. 2017-12, Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities . This update expands and refines hedge accounting for both nonfinancial and financial risk components and aligns the recognition and presentation of the effects of the hedging instrument and the hedged item in the financial statements. This update also makes certain targeted improvements to simplify the application of hedge accounting guidance and ease the administrative burden of hedge documentation requirements and assessing hedge effectiveness. For public entities, this update is effective for fiscal years beginning after December 15, 2018. For cash flow and net investment hedges existing at the date of adoption, an entity should apply a cumulative-effect adjustment related to eliminating the separate measurement of ineffectiveness to accumulated other comprehensive income with a corresponding adjustment to the opening balance of retained earnings. The amended presentation and disclosure guidance is required prospectively. The adoption of this update on January 1, 2019 did not have a material impact on the consolidated financial statements. 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. The adoption of the new guidance on January 1, 2019 did not have a material impact on the consolidated financial statements as United does not currently grant equity awards to nonemployees other than directors and does not anticipate doing so. 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. The adoption of the new guidance on January 1, 2019 did not 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. The adoption of the new guidance on January 1, 2019 did not have a material impact on the consolidated financial statements. In August 2018, the FASB issued ASU No. 2018-13, Fair Value Measurement (Topic 820): Disclosure Framework - Changes to the Disclosure Requirements for Fair Value Measurement . The update removes disclosures that are no longer considered cost beneficial, modifies certain requirements of disclosures, and adds disclosure requirements identified as relevant. For public entities, this guidance is effective for fiscal years ending after December 15, 2019 and, depending on the provision, requires either prospective or retrospective application to prior periods presented. United does not expect the new guidance to have a material impact on the consolidated financial statements. In August 2018, the FASB issued ASU No. 2018-14, Compensation - Retirement Benefits - Defined Benefit Plans - General (Subtopic 715-20): Disclosure Framework - Changes to the Disclosure Requirements for Defined Benefit Plans . The update removes disclosures that are no longer considered cost beneficial, clarifies specific requirements of disclosures, and adds disclosure requirements identified as relevant. For public entities, this guidance is effective for fiscal years ending after December 15, 2020 and requires retrospective application to prior periods presented. United does not expect the new guidance to have a material impact on the consolidated financial statements. In August 2018, the FASB issued ASU No. 2018-15, Intangibles - Goodwill and Other - Internal-Use Software (Subtopic 350-40): Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That is a Service Contract (a consensus of the FASB Emerging Issues Task Force) . This update aligns the requirements for capitalizing implementation costs incurred in a hosting arrangement that is a service contract with the requirements for capitalizing implementation costs incurred to develop or obtain internal use software. For public entities, this guidance is effective for fiscal years ending after December 15, 2019 with either retrospective or prospective application. United does not expect the new guidance to have a material impact on the consolidated financial statements. In October 2018, the FASB issued ASU No. 2018-16, Derivatives and Hedging (Topic 815): Inclusion of the Secured Overnight Financing Rate (SOFR) Overnight Index Swap (OIS) Rate as a Benchmark Interest Rate for Hedge Accounting Purposes . This update permits the use of the OIS rate based on SOFR as a U.S. benchmark interest rate for hedge accounting purposes. For public entities, this guidance is effective for fiscal years beginning after December 15, 2018 and should be applied on a prospective basis for qualifying new or redesignated hedging relationships. The adoption of this update on January 1, 2019 did not have a material impact on the consolidated financial statements. In October 2018, the FASB issued ASU No. 2018-17, Consolidation (Topic 810): Targeted Improvements to Related Party Guidance for Variable Interest Entities . In addition to expanding the private company accounting alternative for applying variable interest entities (“VIE”) guidance, this update modifies the evaluation of decision-making fees for all entities applying VIE guidance. For public entities, this guidance is effective for fiscal years beginning after December 31, 2019 with retrospective application. United does not expect the new guidance to have a material impact on the consolidated financial statements. Standards Adopted in 2018 In May 2014, the FASB issued 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. On January 1, 2018, United adopted ASU 2014-09 and all subsequent amendments to the ASU (collectively, ASC 606) using the modified retrospective approach. Because the guidance did not apply to revenue associated with financial instruments, including loans, leases, derivatives 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. 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. In May 2017, the FASB issued ASU No. 2017-09, Compensation – Stock Compensation (Topic 718): Scope of Modification Accounting . This update clarifies which changes to the terms or conditions of a share-based payment award require an entity to apply modification accounting. Specifically, modification accounting should be applied unless the fair value of the modified award is the same as the original award immediately before modification, the vesting conditions of the modified award are the same as the original award immediately before modification, and the classification of the modified award as an equity instrument or a liability instrument is the same as the classification of the original award immediately before modification. For public entities, this update is effective for fiscal years beginning after December 15, 2017, with prospective application. The adoption of this update did not have a material impact on the consolidated financial statements. |
Mergers and Acquisitions
Mergers and Acquisitions | 12 Months Ended |
Dec. 31, 2018 | |
Business Combinations [Abstract] | |
Mergers and Acquisitions | Mergers and 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 year ended December 31, 2018 include the operating results of the acquired assets and assumed liabilities for the period subsequent to the acquisition date of February 1, 2018. 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 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. 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. 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. FOFN operated 14 banking offices in the Raleigh, North Carolina area. In connection with the acquisition, United acquired $730 million of assets and assumed $658 million of liabilities. Under the terms of the merger agreement, FOFN shareholders received 0.6178 shares of United common stock and $1.90 for each share of FOFN common stock issued and outstanding at the closing date. 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 $53.5 million , representing the intangible value of FOFN’s business and reputation within the market it served. None of the goodwill recognized is expected to be deductible for income tax purposes. United will amortize the related core deposit intangible of $7.83 million using the sum-of-the-years-digits method over 11.5 years , which represents the expected useful life of the asset. United will amortize the related noncompete agreement intangibles of $908,000 using the straight line method over the one year terms of the agreements. In connection with the acquisition, United assumed $11.5 million in subordinated debentures and $12.4 million in trust preferred securities. See Note 13 for further information on long-term debt. 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. 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 FOFN Fair Value Adjustments As Recorded by United Assets Cash and cash equivalents $ 48,652 $ 6 $ 48,658 Securities 114,190 782 114,972 Loans held for sale 13,976 (3,290 ) 10,686 Loans, net 491,721 (5,477 ) 486,244 Premises and equipment, net 11,251 1,147 12,398 Bank owned life insurance 20,339 — 20,339 Accrued interest receivable 1,858 (118 ) 1,740 Net deferred tax asset 18,333 (999 ) 17,334 Intangibles — 8,738 8,738 Other real estate owned 1,173 (514 ) 659 Other assets 8,792 (69 ) 8,723 Total assets acquired $ 730,285 $ 206 $ 730,491 Liabilities Deposits $ 563,840 $ 1,365 $ 565,205 Federal Home Loan Bank advances 65,000 224 65,224 Long-term debt 23,872 (4,125 ) 19,747 Other liabilities 7,330 60 7,390 Total liabilities assumed 660,042 (2,476 ) 657,566 Excess of assets acquired over liabilities assumed $ 70,243 Aggregate fair value adjustments $ 2,682 Total identifiable net assets 72,925 Consideration transferred Cash 12,802 Common stock issued (4,145,343 shares) 113,665 Total fair value of consideration transferred 126,467 Goodwill $ 53,542 The following table presents additional information related to the acquired loan portfolio at the acquisition date (in thousands) : November 1, 2017 Accounted for pursuant to ASC 310-30: Contractually required principal and interest $ 49,377 Non-accretable difference 8,244 Cash flows expected to be collected 41,133 Accretable yield 3,313 Fair value $ 37,820 Excluded from ASC 310-30: Fair value $ 448,462 Gross contractual amounts receivable 509,629 Estimate of contractual cash flows not expected to be collected 6,081 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. HCSB operated eight branches in coastal South Carolina. In connection with the acquisition, United acquired $389 million of assets and assumed $347 million of liabilities. Under the terms of the merger agreement, HCSB shareholders received 0.0050 shares of United common stock for each share of HCSB common stock issued and outstanding at the closing date. 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 $24.2 million , representing the intangible value of HCSB’s business and reputation within the market it served. None of the goodwill recognized is expected to be deductible for income tax purposes. United will amortize the related core deposit intangible of $3.48 million using the sum-of-the-years-digits method over six years, which represents the expected useful life of the asset. United will amortize the related noncompete agreement intangibles of $2.24 million using the straight line method over the terms of the agreements, which vary between one year and two years. 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. 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 HCSB Fair Value Adjustments As Recorded by United Assets Cash and cash equivalents $ 17,855 $ (2 ) $ 17,853 Securities 101,462 (142 ) 101,320 Loans, net 228,483 (12,536 ) 215,947 Premises and equipment, net 14,030 (6,606 ) 7,424 Bank owned life insurance 11,827 — 11,827 Accrued interest receivable 1,322 (275 ) 1,047 Net deferred tax asset — 25,579 25,579 Intangibles — 5,716 5,716 Other real estate owned 1,177 (372 ) 805 Other assets 1,950 (32 ) 1,918 Total assets acquired $ 378,106 $ 11,330 $ 389,436 Liabilities Deposits $ 318,512 $ 430 $ 318,942 Repurchase agreements 1,141 — 1,141 Federal Home Loan Bank advances 24,000 517 24,517 Other liabilities 1,955 91 2,046 Total liabilities assumed 345,608 1,038 346,646 Excess of assets acquired over liabilities assumed $ 32,498 Aggregate fair value adjustments $ 10,292 Total identifiable net assets 42,790 Consideration transferred Cash 31 Common stock issued (2,370,331 shares) 65,800 Total fair value of consideration transferred 65,831 Equity interest in HCSB held before the business combination 1,125 Goodwill $ 24,166 The following table presents additional information related to the acquired loan portfolio at the acquisition date (in thousands) : July 31, 2017 Accounted for pursuant to ASC 310-30: Contractually required principal and interest $ 46,069 Non-accretable difference 12,413 Cash flows expected to be collected 33,656 Accretable yield 3,410 Fair value $ 30,246 Excluded from ASC 310-30: Fair value $ 185,701 Gross contractual amounts receivable 212,780 Estimate of contractual cash flows not expected to be collected 3,985 Acquisition of Tidelands Bancshares, Inc. On July 1, 2016, United completed the acquisition of Tidelands Bancshares, Inc. (“Tidelands”) and its wholly-owned bank subsidiary, Tidelands Bank. Tidelands operated seven branches in coastal South Carolina. In connection with the acquisition, United acquired $440 million of assets and assumed $440 million of liabilities. Under the terms of the merger agreement, Tidelands shareholders received cash equal to $0.52 per common share, or an aggregate of $2.22 million . Additionally, at closing, United redeemed all of Tidelands’ fixed-rate cumulative preferred stock that was issued to the U.S. Department of the Treasury (the “Treasury”) under the Treasury’s Capital Purchase Program, plus unpaid dividends, for $8.98 million in aggregate. 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 $10.7 million , representing the intangible value of Tidelands’ business and reputation within the market it served. None of the goodwill recognized is expected to be deductible for income tax purposes. United will amortize the related core deposit intangible of $1.57 million using the sum-of-the-years-digits method over five years, which represents the expected useful life of the asset. 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 Tidelands Fair Value Adjustments As Recorded by United Assets Cash and cash equivalents $ 13,121 $ — $ 13,121 Securities 65,676 (155 ) 65,521 Loans held for sale 139 3 142 Loans, net 317,938 (12,035 ) 305,903 Premises and equipment, net 19,133 (7,944 ) 11,189 Bank owned life insurance 16,917 — 16,917 Accrued interest receivable 1,086 (167 ) 919 Net deferred tax asset 73 15,639 15,712 Core deposit intangible — 1,570 1,570 Other real estate owned 9,881 (2,386 ) 7,495 Other assets 1,920 (164 ) 1,756 Total assets acquired $ 445,884 $ (5,639 ) $ 440,245 Liabilities Deposits $ 398,108 $ 1,765 $ 399,873 Repurchase agreements 10,000 155 10,155 Federal Home Loan Bank advances 13,000 354 13,354 Long-term debt 14,434 (3,668 ) 10,766 Other liabilities 11,587 (5,986 ) 5,601 Total liabilities assumed 447,129 (7,380 ) 439,749 Excess of assets acquired over liabilities assumed $ (1,245 ) Aggregate fair value adjustments $ 1,741 Total identifiable net assets 496 Consideration transferred Cash paid to redeem common stock 2,224 Cash paid to redeem preferred stock issued under the Treasury’s Capital Purchase Program 8,985 Total fair value of consideration transferred 11,209 Goodwill $ 10,713 The following table presents additional information related to the acquired loan portfolio at the acquisition date (in thousands) : July 1, 2016 Accounted for pursuant to ASC 310-30: Contractually required principal and interest $ 50,660 Non-accretable difference 13,483 Cash flows expected to be collected 37,177 Accretable yield 2,113 Fair value $ 35,064 Excluded from ASC 310-30: Fair value $ 270,839 Gross contractual amounts receivable 302,331 Estimate of contractual cash flows not expected to be collected 3,859 Pro forma information - unaudited The following table discloses the impact of the mergers with NLFC, FOFN, HCSB, and Tidelands since the respective acquisition dates through December 31 of the year of acquisition. The table also presents certain pro forma information as if NLFC had been acquired on January 1, 2017, FOFN and HCSB had been acquired on January 1, 2016, and Tidelands had been acquired on January 1, 2015. These results combine the historical results of the acquired entities with United’s consolidated statements of income and, while certain 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 acquisitions taken place in earlier years. For purposes of pro forma information, merger-related costs incurred in the year of acquisition are excluded from the actual acquisition year results and included in the pro forma acquisition year results. As a result, merger-related costs related to the acquisition of NLFC of $4.98 million are reflected in 2017 pro forma information and merger-related costs related to the acquisition of FOFN and HCSB of $8.71 million are reflected in 2016 pro forma results. Merger-related costs of $4.07 million related to the Tidelands acquisition have been excluded from the 2016 pro forma information presented below. The following table presents the actual results and pro forma information for the periods indicated (in thousands) . (Unaudited) Year Ended December 31, Revenue Net Income 2018 Actual NLFC results included in the statement of income since acquisition date $ 24,285 $ 7,149 Supplemental consolidated pro forma as if NLFC had been acquired January 1, 2017 526,137 168,445 2017 Actual FOFN results included in statement of income since acquisition date $ 5,265 $ 1,406 Actual HCSB results included in statement of income since acquisition date 5,775 1,385 Supplemental consolidated pro forma as if FOFN and HCSB had been acquired January 1, 2016 and NLFC had been acquired January 1, 2017 495,052 78,958 2016 Actual Tidelands results included in statement of income since acquisition date $ 7,512 $ 1,189 Supplemental consolidated pro forma as if FOFN and HCSB had been acquired January 1, 2016 and Tidelands had been acquired January 1, 2015 452,713 89,200 |
Cash Flows
Cash Flows | 12 Months Ended |
Dec. 31, 2018 | |
Supplemental Cash Flow Elements [Abstract] | |
Cash Flows | Cash Flows During 2018 , 2017 and 2016 , loans having a value of $3.02 million , $4.15 million and $8.18 million , respectively, were transferred to foreclosed property. United accounts for sales of SBA/USDA loans on the trade date. At December 31, 2018 , 2017 and 2016 , United had unsettled sales of SBA/USDA loans of $32.9 million , $27.5 million and $29.9 million , respectively. During 2018 , United acquired, through a business combination, assets with a fair value totaling $481 million and liabilities with a fair value totaling $350 million , for net assets acquired of $130 million . Common stock issued pursuant to this business combination in 2018 totaled $45.7 million . During 2017 , United acquired, through business combinations, assets with a fair value totaling $1.12 billion and liabilities with a fair value totaling $1.00 billion , for net assets acquired of $115 million . Common stock issued pursuant to these business combinations in 2017 totaled $179 million . During 2016 , United acquired, through business combinations, assets with a fair value totaling $451 million and liabilities with a fair value totaling $440 million , for net assets acquired of $11.2 million . |
Balance Sheet Offsetting and Re
Balance Sheet Offsetting and Repurchase Agreements Accounted for as Secured Borrowings | 12 Months Ended |
Dec. 31, 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 and offsetting securities lending transactions 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 December 31, 2018 Net Asset Balance Financial Instruments Collateral Received Net Amount Repurchase agreements / reverse repurchase agreements $ 50,000 $ (50,000 ) $ — $ — $ — $ — Derivatives 24,705 — 24,705 (973 ) (8,029 ) 15,703 Total $ 74,705 $ (50,000 ) $ 24,705 $ (973 ) $ (8,029 ) $ 15,703 Weighted average interest rate of reverse repurchase agreements 3.20 % Gross Amounts of Recognized Liabilities Gross Amounts Offset on the Balance Sheet Gross Amounts not Offset in the Balance Sheet Net Liability Balance Financial Instruments Collateral Pledged Net Amount Repurchase agreements / reverse repurchase agreements $ 50,000 $ (50,000 ) $ — $ — $ — $ — Derivatives 26,433 — 26,433 (973 ) (16,126 ) 9,334 Total $ 76,433 $ (50,000 ) $ 26,433 $ (973 ) $ (16,126 ) $ 9,334 Weighted average interest rate of repurchase agreements 2.45 % 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 Gross Amounts not Offset in the Balance Sheet Net 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 December 31, 2018 , United recognized the right to reclaim cash collateral of $16.1 million and the obligation to return cash collateral of $8.03 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 Continuous Up to 30 Days 30 to 90 Days 91 to 110 Days Total As of December 31, 2018 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 $ — As of December 31, 2017 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. |
Investment Securities
Investment Securities | 12 Months Ended |
Dec. 31, 2018 | |
Investments, Debt and Equity Securities [Abstract] | |
Investment Securities | Investment Securities At December 31, 2018 and 2017 , securities with a carrying value of $925 million and $1.04 billion , respectively, were pledged to secure public deposits, derivatives and other secured borrowings. The cost basis, unrealized gains and losses, and fair value of debt 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 December 31, 2018 State and political subdivisions $ 68,551 $ 952 $ 2,191 $ 67,312 Residential mortgage-backed securities 176,488 652 5,094 172,046 Commercial mortgage-backed securities 29,368 173 96 29,445 Total $ 274,407 $ 1,777 $ 7,381 $ 268,803 As of December 31, 2017 State and political subdivisions $ 71,959 $ 1,574 $ 178 $ 73,355 Residential mortgage-backed securities 208,805 1,586 3,289 207,102 Commercial mortgage-backed securities 40,330 625 136 40,819 Total $ 321,094 $ 3,785 $ 3,603 $ 321,276 The cost basis, unrealized gains and losses, and fair value of debt securities available-for-sale as of the dates indicated are as follows (in thousands): Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value As of December 31, 2018 U.S. Treasuries $ 150,712 $ 767 $ 2,172 $ 149,307 U.S. Government agencies 25,493 335 275 25,553 State and political subdivisions 234,750 907 1,716 233,941 Residential mortgage-backed securities 1,464,380 3,428 21,898 1,445,910 Commercial mortgage-backed securities 399,663 187 7,933 391,917 Corporate bonds 200,582 502 1,921 199,163 Asset-backed securities 184,683 328 2,335 182,676 Total $ 2,660,263 $ 6,454 $ 38,250 $ 2,628,467 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 Residential mortgage-backed securities 1,317,371 7,058 12,696 1,311,733 Commercial mortgage-backed securities 420,685 31 5,238 415,478 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 At year-end 2018 and 2017 , there were no holdings of debt obligations of any one issuer, other than the U.S. Government and its agencies, in an amount greater than 10% of shareholders’ equity. The following summarizes debt securities held-to-maturity 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 December 31, 2018 State and political subdivisions $ 7,062 $ 46 $ 34,146 $ 2,145 $ 41,208 $ 2,191 Residential mortgage-backed securities 6,579 61 136,376 5,033 142,955 5,094 Commercial mortgage-backed securities — — 4,290 96 4,290 96 Total unrealized loss position $ 13,641 $ 107 $ 174,812 $ 7,274 $ 188,453 $ 7,381 As of December 31, 2017 State and political subdivisions $ 8,969 $ 178 $ — $ — $ 8,969 $ 178 Residential mortgage-backed securities 82,893 1,377 64,337 1,912 147,230 3,289 Commercial mortgage-backed securities 12,460 71 1,531 65 13,991 136 Total unrealized loss position $ 104,322 $ 1,626 $ 65,868 $ 1,977 $ 170,190 $ 3,603 The following summarizes debt securities available-for-sale 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 December 31, 2018 U.S. Treasuries $ — $ — $ 120,391 $ 2,172 $ 120,391 $ 2,172 U.S. Government agencies — — 21,519 275 21,519 275 State and political subdivisions 15,160 28 133,500 1,688 148,660 1,716 Residential mortgage-backed securities 234,583 808 775,360 21,090 1,009,943 21,898 Commercial mortgage-backed securities 4,552 594 355,292 7,339 359,844 7,933 Corporate bonds — — 117,296 1,921 117,296 1,921 Asset-backed securities 74,492 1,879 31,968 456 106,460 2,335 Total unrealized loss position $ 328,787 $ 3,309 $ 1,555,326 $ 34,941 $ 1,884,113 $ 38,250 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 Residential mortgage-backed securities 655,180 5,692 242,501 7,004 897,681 12,696 Commercial mortgage-backed securities 309,025 3,007 86,422 2,231 395,447 5,238 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 December 31, 2018 , there were 277 debt securities available-for-sale and 67 debt securities held-to-maturity that were in an unrealized loss position. Management does not intend to sell nor believes it will be required to sell securities in an unrealized loss position prior to the recovery of its amortized cost basis. Unrealized losses at December 31, 2018 and 2017 were primarily attributable to changes in interest rates. Management evaluates securities for other-than-temporary impairment at least 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 analyst’s reports. No impairment charges were recognized during 2018 , 2017 or 2016 . Realized gains and losses are derived using the specific identification method for determining the cost of the securities sold. The following summarizes securities sales activities for the years ended December 31 (in thousands) : 2018 2017 2016 Proceeds from sales $ 168,891 $ 340,540 $ 199,864 Gross gains on sales $ 2,082 $ 1,247 $ 1,647 Gross losses on sales (2,738 ) (1,205 ) (665 ) Net (losses) gains on sales of securities $ (656 ) $ 42 $ 982 Income tax (benefit) expense attributable to sales $ (132 ) $ 14 $ 371 The amortized cost and fair value of debt available-for-sale and held-to-maturity securities at December 31, 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 $ 122,563 $ 120,391 $ — $ — 5 to 10 years 28,149 28,916 — — 150,712 149,307 — — US Government agencies: 1 to 5 years 20,794 20,538 — — More than 10 years 4,699 5,015 — — 25,493 25,553 — — State and political subdivisions: Within 1 year 500 504 5,830 5,859 1 to 5 years 43,526 43,045 10,968 11,317 5 to 10 years 41,841 41,771 8,354 8,928 More than 10 years 148,883 148,621 43,399 41,208 234,750 233,941 68,551 67,312 Corporate bonds: 1 to 5 years 198,082 196,654 — — 5 to 10 years 1,500 1,514 — — More than 10 years 1,000 995 — — 200,582 199,163 — — Asset-backed securities: 5 to 10 years 2,305 2,300 — — More than 10 years 182,378 180,376 — — 184,683 182,676 — — Total securities other than mortgage-backed securities: Within 1 year 500 504 5,830 5,859 1 to 5 years 384,965 380,628 10,968 11,317 5 to 10 years 73,795 74,501 8,354 8,928 More than 10 years 336,960 335,007 43,399 41,208 Residential mortgage-backed securities 1,464,380 1,445,910 176,488 172,046 Commercial mortgage-backed securities 399,663 391,917 29,368 29,445 $ 2,660,263 $ 2,628,467 $ 274,407 $ 268,803 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 | 12 Months Ended |
Dec. 31, 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) : December 31, 2018 2017 Owner occupied commercial real estate $ 1,647,904 $ 1,923,993 Income producing commercial real estate 1,812,420 1,595,174 Commercial & industrial 1,278,347 1,130,990 Commercial construction 796,158 711,936 Equipment financing 564,614 — Total commercial 6,099,443 5,362,093 Residential mortgage 1,049,232 973,544 Home equity lines of credit 694,010 731,227 Residential construction 211,011 183,019 Consumer direct 122,013 127,504 Indirect auto 207,692 358,185 Total loans 8,383,401 7,735,572 Less allowance for loan losses (61,203 ) (58,914 ) Loans, net $ 8,322,198 $ 7,676,658 At December 31, 2018 and 2017 , $1.19 million and $1.28 million , respectively, in overdrawn deposit accounts were reclassified as consumer loans. At December 31, 2018 and 2017 , loans with a carrying value of $3.98 billion and $3.73 billion were pledged as collateral to secure FHLB advances, securitized notes payable and other contingent funding sources. At December 31, 2018 , the carrying value and outstanding balance of PCI loans was $74.4 million and $109 million , respectively. At December 31, 2017 , the carrying value and outstanding balance of PCI loans was $98.5 million and $142 million , respectively. The following table presents changes in the value of the accretable yield for PCI loans for the years ended December 31 (in thousands) : 2018 2017 Balance at beginning of period $ 17,686 $ 7,981 Additions due to acquisitions 1,977 6,723 Accretion (13,696 ) (7,451 ) Reclassification from nonaccretable difference 15,326 7,283 Changes in expected cash flows that do not affect nonaccretable difference 5,575 3,150 Balance at end of period $ 26,868 $ 17,686 In addition to the accretable yield on PCI loans, the fair value adjustments on purchased loans outside the scope of ASC Topic 310-30 are also accreted to interest income over the life of the loans. At December 31, 2018 and 2017 , the remaining accretable fair value discount on loans acquired through a business combination and not accounted for under ASC Topic 310-30 was $4.31 million and $14.7 million , respectively. At December 31, 2018 , the net fair value discount 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 $3.72 million and $7.84 million , respectively, at December 31, 2018 and 2017 . During the year ended December 31, 2017 , United purchased $81.7 million of indirect auto loans. United made no purchases of indirect auto loans during 2018 . At December 31, 2018 , equipment financing assets included leases of $30.4 million . The components of the net investment in leases are presented below (in thousands) . December 31, 2018 Minimum future lease payments receivable $ 31,915 Estimated residual value of leased equipment 3,593 Initial direct costs 827 Security deposits (1,189 ) Purchase accounting premium 806 Unearned income (5,568 ) Net investment in leases $ 30,384 Minimum future lease payments expected to be received from lease contracts as of December 31, 2018 are as follows (in thousands) : Year 2019 $ 12,689 2020 9,433 2021 5,641 2022 3,058 2023 1,086 Thereafter 8 Total $ 31,915 In the ordinary course of business, the Bank may grant loans to executive officers and directors of United, including their immediate families and companies with which they are associated. Such loans are made on substantially the same terms, including interest rate and collateral, as those prevailing at the time for comparable transactions with other customers. The following is a summary of such loans outstanding and the activity in these loans for the years ended December 31 (in thousands) : 2018 2017 Balance at beginning of period $ 2,262 $ 2,432 New loans and advances 66 86 Repayments (1,102 ) (256 ) Change in related party status (1,179 ) — Balance at end of period $ 47 $ 2,262 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 sheets. 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) : Year Ended December 31, 2018 Beginning Balance Charge-Offs Recoveries Provision Ending Balance Owner occupied commercial real estate $ 14,776 $ (303 ) $ 1,227 $ (3,493 ) $ 12,207 Income producing commercial real estate 9,381 (3,304 ) 1,064 3,932 11,073 Commercial & industrial 3,971 (1,669 ) 1,390 1,110 4,802 Commercial construction 10,523 (622 ) 734 (298 ) 10,337 Equipment financing — (1,536 ) 460 6,528 5,452 Residential mortgage 10,097 (754 ) 336 (1,384 ) 8,295 Home equity lines of credit 5,177 (1,194 ) 423 346 4,752 Residential construction 2,729 (54 ) 376 (618 ) 2,433 Consumer direct 710 (2,445 ) 807 1,781 853 Indirect auto 1,550 (1,277 ) 228 498 999 Total allowance for loan losses 58,914 (13,158 ) 7,045 8,402 61,203 Allowance for unfunded commitments 2,312 — — 1,098 3,410 Total allowance for credit losses $ 61,226 $ (13,158 ) $ 7,045 $ 9,500 $ 64,613 Year Ended December 31, 2017 Beginning Balance Charge-Offs Recoveries Provision Ending Balance Owner occupied commercial real estate $ 16,446 $ (406 ) $ 980 $ (2,244 ) $ 14,776 Income producing commercial real estate 8,843 (2,985 ) 178 3,345 9,381 Commercial & industrial 3,810 (1,528 ) 1,768 (79 ) 3,971 Commercial construction 13,405 (1,023 ) 1,018 (2,877 ) 10,523 Equipment financing — — — — — Residential mortgage 8,545 (1,473 ) 314 2,711 10,097 Home equity lines of credit 4,599 (1,435 ) 567 1,446 5,177 Residential construction 3,264 (129 ) 178 (584 ) 2,729 Consumer direct 708 (1,803 ) 917 888 710 Indirect auto 1,802 (1,420 ) 284 884 1,550 Total allowance for loan losses 61,422 (12,202 ) 6,204 3,490 58,914 Allowance for unfunded commitments 2,002 — — 310 2,312 Total allowance for credit losses $ 63,424 $ (12,202 ) $ 6,204 $ 3,800 $ 61,226 Year Ended December 31, 2016 Beginning Balance Charge-Offs Recoveries Provision Ending Balance Owner occupied commercial real estate $ 18,016 $ (2,029 ) $ 706 $ (247 ) $ 16,446 Income producing commercial real estate 11,548 (1,433 ) 580 (1,852 ) 8,843 Commercial & industrial 4,433 (1,830 ) 1,689 (482 ) 3,810 Commercial construction 9,553 (837 ) 821 3,868 13,405 Equipment financing — — — — — Residential mortgage 12,719 (1,151 ) 301 (3,324 ) 8,545 Home equity lines of credit 5,956 (1,690 ) 386 (53 ) 4,599 Residential construction 4,002 (533 ) 79 (284 ) 3,264 Consumer direct 828 (1,459 ) 800 539 708 Indirect auto 1,393 (1,399 ) 233 1,575 1,802 Total allowance for loan losses 68,448 (12,361 ) 5,595 (260 ) 61,422 Allowance for unfunded commitments 2,542 — — (540 ) 2,002 Total allowance for credit losses $ 70,990 $ (12,361 ) $ 5,595 $ (800 ) $ 63,424 The following table presents 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 for the periods indicated (in thousands) : Allowance for Credit Losses December 31, 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 $ 862 $ 11,328 $ 17 $ 12,207 $ 1,255 $ 13,521 $ — $ 14,776 Income producing commercial real estate 402 10,671 — 11,073 562 8,813 6 9,381 Commercial & industrial 32 4,761 9 4,802 27 3,944 — 3,971 Commercial construction 71 9,974 292 10,337 156 10,367 — 10,523 Equipment financing — 5,045 407 5,452 — — — — Residential mortgage 861 7,410 24 8,295 1,174 8,919 4 10,097 Home equity lines of credit 1 4,740 11 4,752 — 5,177 — 5,177 Residential construction 51 2,382 — 2,433 75 2,654 — 2,729 Consumer direct 6 847 — 853 7 700 3 710 Indirect auto 26 973 — 999 — 1,550 — 1,550 Total allowance for loan losses 2,312 58,131 760 61,203 3,256 55,645 13 58,914 Allowance for unfunded commitments — 3,410 — 3,410 — 2,312 — 2,312 Total allowance for credit losses $ 2,312 $ 61,541 $ 760 $ 64,613 $ 3,256 $ 57,957 $ 13 $ 61,226 Loans Outstanding December 31, 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 $ 17,602 $ 1,620,450 $ 9,852 $ 1,647,904 $ 21,823 $ 1,876,411 $ 25,759 $ 1,923,993 Income producing commercial real estate 16,584 1,757,525 38,311 1,812,420 16,483 1,533,851 44,840 1,595,174 Commercial & industrial 1,621 1,276,318 408 1,278,347 2,654 1,126,894 1,442 1,130,990 Commercial construction 2,491 787,760 5,907 796,158 3,813 699,266 8,857 711,936 Equipment financing — 556,672 7,942 564,614 — — — — Residential mortgage 14,220 1,025,862 9,150 1,049,232 14,193 946,210 13,141 973,544 Home equity lines of credit 276 692,122 1,612 694,010 101 728,235 2,891 731,227 Residential construction 1,207 209,070 734 211,011 1,577 180,978 464 183,019 Consumer direct 211 121,269 533 122,013 270 126,114 1,120 127,504 Indirect auto 1,237 206,455 — 207,692 1,396 356,789 — 358,185 Total loans $ 55,449 $ 8,253,503 $ 74,449 $ 8,383,401 $ 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 pre-modification 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. 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 of loans 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, employment rates, debt per capita, home price indices, and trends in real estate value indices. 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 that are collateral dependent 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 unsecured (revolving) 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 of loans as of the dates indicated (in thousands) : December 31, 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 $ 8,650 $ 6,546 $ — $ 1,238 $ 1,176 $ — Income producing commercial real estate 9,986 9,881 — 2,177 2,165 — Commercial & industrial 525 370 — 1,758 1,471 — Commercial construction 685 507 — 134 134 — Equipment financing — — — — — — Total commercial 19,846 17,304 — 5,307 4,946 — Residential mortgage 5,787 5,202 — 2,661 2,566 — Home equity lines of credit 330 234 — 393 101 — Residential construction 554 428 — 405 330 — Consumer direct 18 17 — 29 29 — Indirect auto 294 292 — 1,396 1,396 — Total with no related allowance recorded 26,829 23,477 — 10,191 9,368 — With an allowance recorded: Owner occupied commercial real estate 11,095 11,056 862 21,262 20,647 1,255 Income producing commercial real estate 6,968 6,703 402 14,419 14,318 562 Commercial & industrial 1,652 1,251 32 1,287 1,183 27 Commercial construction 2,130 1,984 71 3,917 3,679 156 Equipment financing — — — — — — Total commercial 21,845 20,994 1,367 40,885 39,827 2,000 Residential mortgage 9,169 9,018 861 12,086 11,627 1,174 Home equity lines of credit 45 42 1 — — — Residential construction 791 779 51 1,325 1,247 75 Consumer direct 199 194 6 244 241 7 Indirect auto 946 945 26 — — — Total with an allowance recorded 32,995 31,972 2,312 54,540 52,942 3,256 Total $ 59,824 $ 55,449 $ 2,312 $ 64,731 $ 62,310 $ 3,256 As of December 31, 2018 and 2017 , United has allocated $2.31 million and $3.26 million , respectively, of specific reserves to customers whose loan terms have been modified in TDRs. As of December 31, 2017 , United committed to lend additional amounts totaling up to $75,000 to customers with outstanding loans classified as TDRs. As of December 31, 2018 , there were no commitments to lend additional amounts to customers with outstanding loans 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 years ended December 31 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 years ended December 31 that were initially restructured within one year prior to default (dollars in thousands) : New TDRs Number of Contracts Pre-Modification Outstanding Recorded Investment Post-Modification Outstanding Recorded Investment by Type of Modification TDRs Modified Within the Year That Have Subsequently Defaulted Year Ended December 31, 2018 Rate Reduction Structure Other Total Number of Contracts Recorded Investment Owner occupied commercial real estate 5 $ 1,438 $ — $ 1,387 $ — $ 1,387 3 $ 1,869 Income producing commercial real estate 2 3,753 106 3,637 — 3,743 — — Commercial & industrial 2 108 — 32 — 32 1 232 Commercial construction — — — — — — 1 3 Equipment financing — — — — — — — — Total commercial 9 5,299 106 5,056 — 5,162 5 2,104 Residential mortgage 15 1,933 130 1,770 — 1,900 1 101 Home equity lines of credit 1 42 — — 41 41 — — Residential construction 2 47 — 32 13 45 — — Consumer direct 2 7 — — 7 7 — — Indirect auto 35 643 — — 643 643 — — Total loans 64 $ 7,971 $ 236 $ 6,858 $ 704 $ 7,798 6 $ 2,205 Year Ended December 31, 2017 Owner occupied commercial real estate 6 $ 2,603 $ — $ 2,161 $ 108 $ 2,269 — $ — Income producing commercial real estate 2 257 — — 252 252 — — Commercial & industrial 6 901 — 174 533 707 — — Commercial construction — — — — — — — — Equipment financing — — — — — — — — Total commercial 14 3,761 — 2,335 893 3,228 — — Residential mortgage 23 2,174 — 2,165 — 2,165 4 852 Home equity lines of credit 1 296 — — 176 176 — — Residential construction 4 135 40 95 — 135 — — Consumer direct 2 16 — 16 — 16 — — Indirect auto 34 786 — — 786 786 — — Total loans 78 $ 7,168 $ 40 $ 4,611 $ 1,855 $ 6,506 4 $ 852 Year Ended December 31, 2016 Owner occupied commercial real estate 8 $ 2,699 $ — $ 2,699 $ — $ 2,699 1 $ 252 Income producing commercial real estate 1 257 — 257 — 257 — — Commercial & industrial 5 1,012 — 1,012 — 1,012 2 34 Commercial construction 3 458 — 393 65 458 — — Equipment financing — — — — — — — — Total commercial 17 4,426 — 4,361 65 4,426 3 286 Residential mortgage 28 3,262 1,992 1,135 40 3,167 1 85 Home equity lines of credit 1 38 38 — — 38 — — Residential construction 7 584 46 376 82 504 — — Consumer direct 6 71 13 58 — 71 — — Indirect auto 35 966 — — 966 966 — — Total loans 94 $ 9,347 $ 2,089 $ 5,930 $ 1,153 $ 9,172 4 $ 371 Collateral dependent TDRs that subsequently default or are placed on nonaccrual are charged down to the fair value of the collateral consistent with United’s policy for nonaccrual loans. Impairment on TDRs that are not collateral dependent continues to be measured based on discounted cash flows regardless of whether the loan has subsequently defaulted. The average balances of impaired loans and income recognized on impaired loans while they were considered impaired is presented below for the last three years (in thousands) : 2018 2017 2016 Average Balance Interest Revenue Recognized During Impairment Cash Basis Interest Revenue Received 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 $ 19,881 $ 1,078 $ 1,119 $ 27,870 $ 1,271 $ 1,291 $ 33,297 $ 1,667 $ 1,704 Income producing commercial real estate 17,138 893 895 24,765 1,265 1,178 31,661 1,418 1,457 Commercial & industrial 1,777 100 100 2,994 125 127 2,470 123 118 Commercial construction 3,247 176 174 5,102 225 229 5,879 267 264 Equipment financing — — — — — — — — — Total commercial 42,043 2,247 2,288 60,731 2,886 2,825 73,307 3,475 3,543 Residential mortgage 14,515 641 643 14,257 555 574 14,118 637 633 Home equity lines of credit 284 18 16 248 10 12 93 4 4 Residential construction 1,405 96 95 1,582 95 95 1,677 89 88 Consumer direct 249 18 18 292 22 22 302 22 23 Indirect auto 1,252 64 64 1,244 64 64 928 47 47 Total $ 59,748 $ 3,084 $ 3,124 $ 78,354 $ 3,632 $ 3,592 $ 90,425 $ 4,274 $ 4,338 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 as 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. No PCI loans were classified as nonaccrual at December 31, 2018 or 2017 as the cash flows of the respective loan or pool of loans 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 $1.09 million , $1.11 million , and $975,000 for 2018 , 2017 , and 2016 , respectively. The following table presents the recorded investment in nonaccrual loans held for investment by loan class as of the dates indicated (in thousands) : December 31, 2018 2017 Owner occupied commercial real estate $ 6,421 $ 4,923 Income producing commercial real estate 1,160 3,208 Commercial & industrial 1,417 2,097 Commercial construction 605 758 Equipment financing 2,677 — Total commercial 12,280 10,986 Residential mortgage 8,035 8,776 Home equity lines of credit 2,360 2,024 Residential construction 288 192 Consumer direct 89 43 Indirect auto 726 1,637 Total $ 23,778 $ 23,658 Excluding PCI loans, substantially all loans more than 90 days past due were on nonaccrual status at December 31, 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 30 - 59 Days 60 - 89 Days > 90 Days Total Loans Not Past Due PCI Loans Total As of December 31, 2018 Owner occupied commercial real estate $ 2,542 $ 2,897 $ 1,011 $ 6,450 $ 1,631,602 $ 9,852 $ 1,647,904 Income producing commercial real estate 1,624 291 301 2,216 1,771,893 38,311 1,812,420 Commercial & industrial 7,189 718 400 8,307 1,269,632 408 1,278,347 Commercial construction 267 — 68 335 789,916 5,907 796,158 Equipment financing 1,351 739 2,658 4,748 551,924 7,942 564,614 Total commercial 12,973 4,645 4,438 22,056 6,014,967 62,420 6,099,443 Residential mortgage 5,461 1,788 1,950 9,199 1,030,883 9,150 1,049,232 Home equity lines of credit 2,112 864 902 3,878 688,520 1,612 694,010 Residential construction 509 63 190 762 209,515 734 211,011 Consumer direct 600 82 21 703 120,777 533 122,013 Indirect auto 750 323 633 1,706 205,986 — 207,692 Total loans $ 22,405 $ 7,765 $ 8,134 $ 38,304 $ 8,270,648 $ 74,449 $ 8,383,401 As of December 31, 2017 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. As of December 31, and based on the most recent analysis performed, the risk category of loans by class of loans is as follows (in thousands) : Pass Watch Substandard Doubtful / Loss Total As of December 31, 2018 Owner occupied commercial real estate $ 1,585,797 $ 16,651 $ 35,604 $ — $ 1,638,052 Income producing commercial real estate 1,735,456 20,923 17,730 — 1,774,109 Commercial & industrial 1,247,206 8,430 22,303 — 1,277,939 Commercial construction 777,780 4,533 7,938 — 790,251 Equipment financing 553,995 — 2,677 — 556,672 Total commercial 5,900,234 50,537 86,252 — 6,037,023 Residential mortgage 1,028,660 — 11,422 — 1,040,082 Home equity lines of credit 688,493 — 3,905 — 692,398 Residential construction 209,744 — 533 — 210,277 Consumer direct 121,247 19 214 — 121,480 Indirect auto 205,632 — 2,060 — 207,692 Total loans, excluding PCI loans 8,154,010 50,556 104,386 — 8,308,952 Owner occupied commercial real estate 3,352 2,774 3,726 — 9,852 Income producing commercial real estate 23,430 13,403 1,478 — 38,311 Commercial & industrial 266 48 94 — 408 Commercial construction 3,503 188 2,216 — 5,907 Equipment financing 7,725 — 217 — 7,942 Total commercial 38,276 16,413 7,731 — 62,420 Residential mortgage 6,914 — 2,236 — 9,150 Home equity lines of credit 1,492 — 120 — 1,612 Residential construction 687 — 47 — 734 Consumer direct 493 — 40 — 533 Indirect auto — — — — — Total PCI loans 47,862 16,413 10,174 — 74,449 Total loan portfolio $ 8,201,872 $ 66,969 $ 114,560 $ — $ 8,383,401 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 |
Premises and Equipment
Premises and Equipment | 12 Months Ended |
Dec. 31, 2018 | |
Property, Plant and Equipment [Abstract] | |
Premises and Equipment | Premises and Equipment Premises and equipment are summarized as follows as of the dates indicated (in thousands) : December 31, 2018 2017 Land and land improvements $ 78,066 $ 80,335 Buildings and improvements 153,980 148,048 Furniture and equipment 93,854 82,775 Construction in progress 5,350 11,714 331,250 322,872 Less accumulated depreciation (125,110 ) (114,020 ) Premises and equipment, net $ 206,140 $ 208,852 Depreciation expense was $14.2 million , $12.0 million and $11.5 million for 2018 , 2017 and 2016 , respectively. United leases certain branch properties and equipment under operating leases. Rent expense was $4.70 million , $4.32 million and $4.13 million for 2018 , 2017 and 2016 , respectively. United does not have any capital leases. As of December 31, 2018 , rent commitments under operating leases, before considering renewal options that generally are present, were as follows (in thousands) : 2019 $ 5,352 2020 5,158 2021 4,907 2022 4,483 2023 3,907 Thereafter 5,037 Total $ 28,844 |
Goodwill and Other Intangible A
Goodwill and Other Intangible Assets | 12 Months Ended |
Dec. 31, 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 is summarized below as of the dates indicated (in thousands) : December 31, 2018 2017 Core deposit intangible $ 62,652 $ 62,652 Less: accumulated amortization (46,141 ) (41,229 ) Net core deposit intangible 16,511 21,423 Noncompete agreement 3,144 3,144 Less: accumulated amortization (2,695 ) (761 ) Net noncompete agreement 449 2,383 Total intangibles subject to amortization, net 16,960 23,806 Goodwill 307,112 220,591 Total goodwill and other intangible assets, net $ 324,072 $ 244,397 The following is a summary of changes in the carrying amounts of goodwill for the years indicated (in thousands) : Goodwill Accumulated Impairment Losses Goodwill, net of Accumulated Impairment Losses December 31, 2016 $ 447,615 $ (305,590 ) $ 142,025 Acquisition of FOFN 54,703 — 54,703 Acquisition of HCSB 23,863 — 23,863 December 31, 2017 526,181 (305,590 ) 220,591 Acquisition of NLFC 87,379 — 87,379 Measurement period adjustments - FOFN and HCSB (858 ) — (858 ) December 31, 2018 $ 612,702 $ (305,590 ) $ 307,112 The estimated aggregate amortization expense for future periods for core deposit intangibles and noncompete agreements is as follows (in thousands) : Year 2019 $ 4,551 2020 3,315 2021 2,557 2022 1,982 2023 1,519 Thereafter 3,036 Total $ 16,960 |
Servicing Rights
Servicing Rights | 12 Months Ended |
Dec. 31, 2018 | |
Transfers and Servicing [Abstract] | |
Servicing Rights | Servicing Rights Servicing Rights for SBA/USDA Loans United accounts for servicing rights for SBA/USDA loans at fair value. Changes in the balances of servicing assets and servicing liabilities are as follows for the years indicated (in thousands) : 2018 2017 2016 Servicing rights for SBA/USDA loans, beginning of period $ 7,740 $ 5,752 $ 3,712 Additions: Acquired servicing rights (1) (354 ) 419 — Originated servicing rights capitalized upon sale of loans 2,573 2,737 2,723 Subtractions: Disposals (810 ) (621 ) (393 ) Changes in fair value: Due to change in inputs or assumptions used in the valuation model (1,639 ) (547 ) (290 ) Servicing rights for SBA/USDA loans, end of period $ 7,510 $ 7,740 $ 5,752 (1) Includes measurement period adjustments further discussed in Note 3. The portfolio of SBA/USDA loans serviced for others, which is not included in the accompanying balance sheets, was $386 million and $314 million , respectively, at December 31, 2018 and 2017 . The amount of contractually specified servicing fees earned by United on these servicing rights during the years ended December 31, 2018 , 2017 and 2016 was $3.44 million , $2.60 million and $1.64 million , respectively. Servicing fees and changes in fair value were included in interest revenue in the consolidated statements of income. A summary of the key characteristics, inputs, and economic assumptions used to estimate the fair value of the servicing asset for SBA/USDA loans and the sensitivity of the fair values to immediate adverse changes in those assumptions are shown in the table below as of the dates indicated (in thousands) : December 31, 2018 2017 Fair value of retained servicing assets $ 7,510 $ 7,740 Prepayment rate assumption 12.07 % 8.31 % 10% adverse change $ (267 ) $ (236 ) 20% adverse change $ (515 ) $ (460 ) Discount rate 14.5 % 12.5 % 100 bps adverse change $ (196 ) $ (262 ) 200 bps adverse change $ (381 ) $ (507 ) Weighted-average life (years) 5.0 6.3 Weighted-average gross margin 1.94 % 1.85 % The above sensitivities are hypothetical and changes in fair value based on variations in assumptions generally cannot be extrapolated because the relationship of the change in assumption to the change in fair value may not be linear. Also, in this table, the effect of a variation in a particular assumption is calculated without changing any other assumption. In reality, changes in one factor may result in changes in another, which might magnify or counteract the sensitivities. Residential Mortgage Servicing Rights Effective January 1, 2017, United elected to carry residential mortgage servicing rights at fair value. For the year ended December 31, 2016, United accounted for residential mortgage servicing rights using the amortization method. The following table summarizes the changes in residential mortgage servicing rights for the years indicated ( in thousands ). Fair value Amortized cost 2018 2017 2016 Residential mortgage servicing rights, beginning of period $ 8,262 $ 4,372 $ 3,370 Additions: Originated servicing rights capitalized upon sale of loans 4,587 3,602 2,124 Subtractions: Disposals (537 ) (328 ) — Amortization (1,117 ) Impairment — — (5 ) Changes in fair value: Initial election to carry at fair value on January 1, 2017 — 698 — Due to change in inputs or assumptions used in the valuation (435 ) (82 ) — Residential mortgage servicing rights, end of period $ 11,877 $ 8,262 $ 4,372 At December 31, 2016 the estimated fair value of residential mortgage servicing rights was $5.17 million . The following table summarizes the activity in the valuation allowance for impairment of the residential mortgage servicing rights portfolio for the years indicated ( in thousands ). 2016 Valuation allowance, beginning of period $ 10 Additions charged to operations, net 5 Valuation allowance, end of period $ 15 The portfolio of residential mortgage loans serviced for others, which is not included in the consolidated balance sheets, was $1.21 billion and $847 million , respectively, at December 31, 2018 and 2017 . The amount of contractually specified servicing fees earned by United on these servicing rights during the year ended December 31, 2018 , 2017 and 2016 was $2.37 million , $1.72 million and $1.03 million , respectively, which was included in interest revenue in the consolidated statements of income. In 2018 and 2017 , the change in the fair value of mortgage servicing rights was included in mortgage loan and related fee income on the consolidated statements of income. In 2016 , impairment and amortization of servicing rights were included in mortgage loan and other related fee income in the consolidated statements of income. A summary of the key characteristics, inputs, and economic assumptions used to estimate the fair value of the servicing asset for residential mortgage loans and the sensitivity of the fair values to immediate adverse changes in those assumptions are shown in the table below as of the dates indicated (in thousands) : December 31, 2018 2017 Fair value of retained servicing assets $ 11,877 $ 8,262 Prepayment rate assumption 10.6 % 9.5 % 10% adverse change $ (466 ) $ (303 ) 20% adverse change $ (898 ) $ (587 ) Discount rate 10.0 % 10.0 % 100 bps adverse change $ (448 ) $ (317 ) 200 bps adverse change $ (863 ) $ (610 ) The above sensitivities are hypothetical and changes in fair value based on variations in assumptions generally cannot be extrapolated because the relationship of the change in assumption to the change in fair value may not be linear. Also, in this table, the effect of a variation in a particular assumption is calculated without changing any other assumption. In reality, changes in one factor may result in changes in another, which might magnify or counteract the sensitivities. |
Deposits
Deposits | 12 Months Ended |
Dec. 31, 2018 | |
Deposits [Abstract] | |
Deposits | Deposits At December 31, 2018 , the contractual maturities of time deposits, including brokered time deposits, are summarized as follows (in thousands) : 2019 $ 1,662,307 2020 310,991 2021 65,134 2022 30,760 2023 11,092 thereafter 62,029 $ 2,142,313 At December 31, 2018 and 2017 , time deposits (excluding brokered time deposits) that met or exceeded the FDIC insurance limit of $250,000 totaled $262 million and $205 million , respectively. At December 31, 2018 and 2017 , United held $544 million and $133 million , respectively, in certificates of deposit obtained through third party brokers. The daily average balance of these brokered deposits totaled $347 million and $109 million in 2018 and 2017 , respectively. The brokered certificates of deposit at December 31, 2018 had maturities ranging from 2019 through 2033 and are callable by United. United has certain market-linked brokered deposits that are considered hybrid instruments that contain embedded derivatives that have been bifurcated from the host contract leaving host instruments paying a rate of 90 day LIBOR minus a spread that, at times, has resulted in a negative yield. |
Federal Home Loan Bank Advances
Federal Home Loan Bank Advances | 12 Months Ended |
Dec. 31, 2018 | |
Advances from Federal Home Loan Banks [Abstract] | |
Federal Home Loan Bank Advances | Federal Home Loan Bank Advances At December 31, 2018 and 2017 , United had FHLB advances totaling $160 million and $505 million , respectively. At December 31, 2018 , the weighted average interest rate on FHLB advances was 2.52% , compared to 1.59% as of December 31, 2017 . The FHLB advances are collateralized by owner occupied and income producing commercial real estate and residential mortgage loans, investment securities and FHLB stock. At December 31, 2018 , the maturities and current rates of outstanding advances were as follows ( in thousands): Maturing In: Amount Maturing Current Rate Range 2019 $ 160,000 2.51% - 2.53% Total $ 160,000 |
Long-term Debt
Long-term Debt | 12 Months Ended |
Dec. 31, 2018 | |
Debt Disclosure [Abstract] | |
Long-term Debt | Long-term Debt Long-term debt consisted of the following (in thousands) : December 31, Issue Date Stated Maturity Date Earliest Call Date 2018 2017 Interest Rate Obligations of the Bank and its Subsidiaries: NER 16-1 Class A-2 notes $ 19,975 $ — 2016 2021 n/a 2.20% NER 16-1 Class B notes 25,489 — 2016 2021 n/a 3.22% NER 16-1 Class C notes 6,319 — 2016 2021 n/a 5.05% NER 16-1 Class D notes 3,213 — 2016 2023 n/a 7.87% Total securitized notes payable 54,996 — 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 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 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 25,002 32,426 Less discount (9,309 ) (8,381 ) Total long-term debt $ 267,189 $ 120,545 Interest is currently paid at least semiannually for all senior and subordinated debentures, securitized notes payable 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, NER 16-1, which is a bankruptcy-remote securitization entity whose sole purpose is to receive loans to secure financings. NER 16-1 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. |
Reclassifications Out of Accumu
Reclassifications Out of Accumulated Other Comprehensive Income | 12 Months Ended |
Dec. 31, 2018 | |
Equity [Abstract] | |
Reclassifications Out of Accumulated Other Comprehensive Income | Reclassifications Out of Accumulated Other Comprehensive Income The following presents the details regarding amounts reclassified out of accumulated other comprehensive income (in thousands). Amounts Reclassified from Accumulated Other Comprehensive Income For the Years Ended December 31, Details about Accumulated Other Comprehensive Income Components Affected Line Item in the Statement Where Net Income is Presented 2018 2017 2016 Realized (losses) gains on available-for-sale securities: $ (656 ) $ 42 $ 982 Securities (losses) gains, net 132 (14 ) (371 ) Tax benefit (expense) $ (524 ) $ 28 $ 611 Net of tax Amortization of losses included in net income on available-for-sale securities transferred to held to maturity: $ (739 ) $ (1,069 ) $ (1,759 ) Investment securities interest revenue 180 401 662 Tax benefit $ (559 ) $ (668 ) $ (1,097 ) Net of tax Amounts included in net income on derivative financial instruments accounted for as cash flow hedges: Amortization of losses on de-designated positions $ — $ — $ (7 ) Deposits in banks and short-term investments interest revenue Amortization of losses on de-designated positions (499 ) (599 ) (647 ) Money market deposit interest expense Amortization of losses on de-designated positions — (292 ) (1,237 ) Federal Home Loan Bank advances interest expense (499 ) (891 ) (1,891 ) Total before tax 129 346 736 Tax benefit $ (370 ) $ (545 ) $ (1,155 ) Net of tax Reclassification of disproportionate tax effect related to terminated and current cash flow hedges $ — $ (3,289 ) $ — 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 $ (666 ) $ (560 ) $ (501 ) Salaries and employee benefits expense Actuarial losses (241 ) — — Other expense Actuarial losses — (238 ) (354 ) Salaries and employee benefits expense (907 ) (798 ) (855 ) Total before tax 247 310 333 Tax benefit $ (660 ) $ (488 ) $ (522 ) Net of tax Total reclassifications for the period $ (2,113 ) $ (4,962 ) $ (2,163 ) Net of tax Amounts shown above in parentheses reduce earnings |
Earnings Per Share
Earnings Per Share | 12 Months Ended |
Dec. 31, 2018 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | Earnings Per Share The following table sets forth the computation of basic and diluted net income per common share for the years indicated (in thousands, except per share data) : Year Ended December 31, 2018 2017 2016 Net income $ 166,111 $ 67,821 $ 100,656 Dividends and undistributed earnings allocated to unvested shares (1,184 ) (571 ) — Preferred dividends — — (21 ) Net income available to common stockholders $ 164,927 $ 67,250 $ 100,635 Income per common share: Basic $ 2.07 $ 0.92 $ 1.40 Diluted 2.07 0.92 1.40 Weighted average common shares: Basic 79,662 73,247 71,910 Effect of dilutive securities: Stock options 7 12 5 Restricted stock units 2 — — Diluted 79,671 73,259 71,915 At December 31, 2018 , 32,316 potentially dilutive shares of common stock issuable upon exercise of stock options were excluded from the computation of diluted earnings per share because of their antidilutive effect. At December 31, 2017 , United had the following potentially dilutive instruments outstanding: a warrant to purchase 219,909 shares of common stock at $61.40 per share; 60,287 shares of common stock issuable upon exercise of stock options; and 663,817 shares of common stock issuable upon completion of vesting of restricted stock awards. At December 31, 2016 , United had the following potentially dilutive instruments outstanding: a warrant to purchase 219,909 shares of common stock at $61.40 per share; 72,665 shares of common stock issuable upon exercise of stock options; and 690,970 shares of common stock issuable upon completion of vesting of restricted stock awards. |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2018 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes Income tax expense is as follows for the years indicated (in thousands) : Year Ended December 31, 2018 2017 2016 Current $ 17,185 $ 5,451 $ 2,609 Deferred 32,630 60,951 59,160 Increase in valuation allowance — 413 567 Expense due to enactment of federal tax reform — 38,198 — Total income tax expense $ 49,815 $ 105,013 $ 62,336 The differences between the provision for income taxes and the amount computed by applying the statutory federal income tax rate of 21% in 2018 and 35% in 2017 and 2016 to income before income taxes are as follows for the years indicated (in thousands) : Year Ended December 31, 2018 2017 2016 Pretax income at statutory rates $ 45,344 $ 60,492 $ 57,047 Add (deduct): State taxes, net of federal benefit 6,765 4,139 5,013 Bank owned life insurance earnings (747 ) (1,141 ) (572 ) Adjustment to reserve for uncertain tax positions 80 59 (58 ) Tax-exempt interest revenue (1,229 ) (1,199 ) (573 ) Equity compensation (892 ) (799 ) 976 Transaction costs 78 408 92 Tax credit investments (29 ) (89 ) (149 ) Change in state statutory tax rate 583 81 250 Increase in valuation allowance — 413 567 Release of disproportionate tax effects related to de-designated cash flow hedges — 3,400 — Expense due to enactment of federal tax reform — 38,198 — Other (138 ) 1,051 (257 ) Total income tax expense $ 49,815 $ 105,013 $ 62,336 On December 22, 2017, H.R.1, commonly known as the Tax Cuts and Jobs Act of 2017 (the “Tax Act”) was signed into law. Among other things, the Tax Act reduced United’s corporate federal tax rate from 35% to 21% effective January 1, 2018. As a result, United was required to re-measure, through 2017 income tax expense, its deferred tax assets and liabilities using the enacted rate at which United expects them to be recovered or settled. Also on December 22, 2017 , the SEC staff issued Staff Accounting Bulletin No. 118 (“SAB 118”), which provided guidance on accounting for the tax effects of the Tax Act. SAB118 provided a one-year measurement period from the Tax Act enactment date for companies to complete the related accounting under ASC Topic 740, Income Taxes (“ASC 740”). United’s 2017 financial results reflected both the income tax effects of the Tax Act for which the accounting was complete and provisional amounts for certain income tax effects of the Tax Act for which the accounting was incomplete, but a reasonable estimate could be determined. In 2017, United recorded a provisional amount of income tax expense of $38.2 million for the impact of the re-measurement of its deferred tax asset. No material adjustments to the provisional amount were recorded during the one-year measurement period. The following summarizes the sources and expected tax consequences of future taxable deductions (revenue) which comprise the net deferred tax asset as of the dates indicated (in thousands) : December 31, 2018 2017 Deferred tax assets: Allowance for loan losses $ 14,604 $ 14,092 Net operating loss carryforwards 39,204 56,428 Deferred compensation 8,535 7,760 Loan purchase accounting adjustments 8,658 14,478 Reserve for losses on foreclosed properties 61 402 Nonqualified share based compensation 1,190 1,182 Accrued expenses 3,536 4,290 Investment in partnerships 426 956 Unamortized pension actuarial losses and prior service cost 1,606 2,008 Unrealized losses on securities available-for-sale 8,092 2,430 Unrealized losses on cash flow hedges 86 108 Premises and equipment — 1,040 Other 1,235 3,065 Total deferred tax assets 87,233 108,239 Deferred tax liabilities: Acquired intangible assets 2,772 3,734 Premises and equipment 1,291 — Loan origination costs 3,734 3,881 Leases 6,020 — Prepaid expenses 398 468 Servicing assets 2,862 3,757 Derivatives 525 773 Uncertain tax positions 2,036 3,163 Total deferred tax liabilities 19,638 15,776 Less valuation allowance 3,371 4,414 Net deferred tax asset $ 64,224 $ 88,049 The change in the net deferred tax asset includes an increase of $2.64 million due to current year merger and acquisition activity. At December 31, 2018 , United had state net operating loss carryforwards of approximately $3.71 million that begin to expire in 2019 , $10.5 million that begin to expire in 2021 and $320 million that begin to expire in 2030, if not previously utilized. United had $98.0 million in federal net operating loss carryforwards subject to annual limitation under IRC Section 382 that begin to expire in 2027, if not previously utilized. United had $1.28 million of federal alternative minimum tax credits, which do not expire, subject to annual limitation under IRC Section 382 that are expected to be recovered after 2021 and remain classified as deferred tax assets. United had $5.17 million of state tax credits that begin to expire in 2019 , if not previously utilized. Management assesses the valuation allowance recorded against deferred tax assets at each reporting period. The determination of whether a valuation allowance for deferred tax assets is appropriate is subject to considerable judgment and requires an evaluation of all the positive and negative evidence. ASC 740 requires that companies assess whether a valuation allowance should be established against their deferred tax assets based on the consideration of all available evidence using a “more likely than not” standard. At December 31, 2018 and 2017 , based on the assessment of all the positive and negative evidence, management concluded that it is more likely than not that nearly all of the net deferred tax asset will be realized based upon future taxable income. The valuation allowance of $3.37 million and $4.41 million , respectively, was related to specific state income tax credits that have short carryforward periods and certain acquired state net operating losses, both of which are expected to expire unused. The valuation allowance could fluctuate in future periods based on the assessment of the positive and negative evidence. Management’s conclusion at December 31, 2018 that it was more likely than not that the net deferred tax asset of $64.2 million will be realized is based on management’s estimate of future taxable income. Management’s estimate of future taxable income is based on internal forecasts which 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 the deferred tax asset. A reconciliation of the beginning and ending unrecognized tax benefit related to uncertain tax positions is as follows for the years indicated (in thousands) : 2018 2017 2016 Balance at beginning of year $ 3,163 $ 3,892 $ 3,981 Additions based on tax positions related to the current year 470 441 400 Decreases resulting from a lapse in the applicable statute of limitations (369 ) (351 ) (489 ) Remeasurement due to enactment of federal tax reform — (819 ) — Balance at end of year $ 3,264 $ 3,163 $ 3,892 Approximately $2.84 million of the unrecognized tax benefit at December 31, 2018 would increase income from continuing operations, and thus affect United’s effective tax rate, if ultimately recognized into income. It is United’s policy to recognize interest and penalties accrued relative to unrecognized tax benefits in their respective federal or state income taxes accounts. There were no penalties and interest related to income taxes recorded in the income statement in 2018 , 2017 or 2016 . No amounts were accrued for interest and penalties on the balance sheet at December 31, 2018 or 2017 . United and its subsidiaries file a consolidated U.S. federal income tax return, as well as various state returns in the states where it operates. United’s federal and state income tax returns are no longer subject to examination by taxing authorities for years before 2015 . |
Pension and Employee Benefit Pl
Pension and Employee Benefit Plans | 12 Months Ended |
Dec. 31, 2018 | |
Retirement Benefits [Abstract] | |
Pension and Employee Benefit Plans | Pension and Employee Benefit Plans United offers a defined contribution 401(k) and Profit Sharing Plan (the “401(k) Plan”) that covers substantially all employees meeting certain minimum service requirements. The Plan allows employees to make pre-tax contributions to the 401(k) Plan and, prior to April 1, 2016, United matched 50% of these employee contributions up to 5% of eligible compensation, subject to Plan and regulatory limits. Effective April 1, 2016, the matching contribution was increased to 70% of employee contributions up to 5% of eligible compensation. The matching contribution was increased again to 100% of employee contributions up to 5% of eligible compensation effective March 1, 2018. Employees begin to receive matching contributions after completing one year of service and benefits vest after three years of service. United’s Plan is administered in accordance with applicable laws and regulations. Compensation expense from continuing operations related to the 401(k) Plan totaled $4.73 million , $2.66 million and $2.28 million in 2018 , 2017 and 2016 , respectively. The 401(k) Plan allows employees to choose to invest among a number of investment options that previously included United’s common stock. Effective January 1, 2015, United’s common stock was no longer offered as an investment option for new contributions. United sponsors a non-qualified deferred compensation plan for its executive officers, certain other key employees and members of United’s Board of Directors and its community banks’ advisory boards of directors. The deferred compensation plan provides for the pre-tax deferral of compensation, fees and other specified benefits. The deferred compensation plan also permits each employee participant to elect to defer a portion of his or her base salary, bonus or vested restricted stock units and permits each eligible director participant to elect to defer all or a portion of his or her director’s fees. Further, the deferred compensation plan allows for additional contributions by an employee, with matching contributions by United, for amounts that exceed the allowable amounts under the 401(k) Plan. During 2018 , 2017 and 2016 , United recognized $119,000 , $35,000 and $26,000 , respectively, in matching contributions for this provision of the deferred compensation plan. The Board of Directors may also elect to make a discretionary contribution to any or all participants. No discretionary contributions were made in 2018 , 2017 or 2016 . Defined Benefit Pension Plans United has an unfunded noncontributory defined benefit pension plan (“Modified Retirement Plan”) that covers certain executive officers and other key employees. The Modified Retirement Plan provides a fixed annual retirement benefit to plan participants. United acquired Palmetto Bancshares, Inc. (“Palmetto”) on September 1, 2015, including its funded noncontributory defined benefit pension plan (“Funded Plan”), which covered all full-time Palmetto employees who had fulfilled at le ast 12 months of co ntinuous service and attained age 21 by December 31, 2007. Benefits under the Funded Plan are no longer accrued for service subsequent to 2007. On December 28, 2018, United filed a Notice of Standard Termination with the Pension Benefit Guaranty Corporation in accordance with regulatory requirements. As such, United anticipates making final distributions of funds to participants and beneficiaries of the Funded Plan mid-year 2019. Weighted-average assumptions used to determine pension benefit obligations at year end and net periodic pension cost are shown in the table below: 2018 2017 Modified Retirement Plan Funded Plan Modified Retirement Plan Funded Plan Discount rate for disclosures 4.40 % Various 3.75 % 3.75 % Discount rate for net periodic benefit cost 3.75 % 3.75 % 4.00 % 4.00 % Expected long-term rate of return N/A 4.00 % N/A 4.00 % Rate of compensation increase N/A N/A N/A N/A Measurement date 12/31/2018 12/31/2018 12/31/2017 12/31/2017 The Modified Retirement Plan discount rates are determined in consultation with the third-party actuary and are set by matching the projected benefit cash flow to a notional yield curve developed by reference to high-quality fixed income investments. The discount rates are determined as the rate which would provide the same present value as the plan cash flows discounted to the measurement date using the full series of spot rates along the notional yield curve as of the measurement date. This process is also utilized when determining the Funded Plan discount rate for net periodic benefit cost. Because plan termination of the Funded Plan is imminent, when determining the 2018 discount rate for disclosures, assumptions were utilized that were consistent with those to be used with regard to plan termination. For retirees, a discount rate of 3.6% was determined based on the third-party actuary’s recent experience with group annuities from insurance companies. For non-retirees, the assumption is that all participants will elect a lump-sum payment and, as a result, the IRS assumptions for lump-sum payments were utilized (discount rate of 3.33% for payments in first five years, 4.39% for payments during next 15 years and 4.72% for payments beyond 20 years). The expected long-term rate of return is designed to approximate the actual long-term rate of return over time. Therefore, the pattern of income / expense recognition should match the stable pattern of services provided by employees over the life of the pension obligation. Expected returns on plan assets are developed in conjunction with input from external advisors and take into account the investment policy, actual investment allocation, long-term expected rates of return on the relevant asset classes and considers any material forward-looking return expectations for these major asset classes. United recognizes the underfunded status of the plans as a liability in the consolidated balance sheets. Information about changes in obligations and plan assets follows (in thousands) : 2018 2017 Modified Retirement Plan Funded Plan Modified Retirement Plan Funded Plan Accumulated benefit obligation: Accumulated benefit obligation - beginning of year $ 21,705 $ 17,700 $ 19,408 $ 18,501 Service cost 363 — 551 — Interest cost 801 647 778 738 Plan amendments 412 — 699 — Actuarial (gains) losses (949 ) (839 ) 773 1,291 Benefits paid (596 ) (1,497 ) (504 ) (2,830 ) Accumulated benefit obligation - end of year 21,736 16,011 21,705 17,700 Change in plan assets, at fair value: Beginning plan assets — 14,308 — 16,264 Actual return — (216 ) — 874 Employer contribution 596 — 504 — Benefits paid (596 ) (1,497 ) (504 ) (2,830 ) Plan assets - end of year — 12,595 — 14,308 Funded status - end of year (plan assets less benefit obligations) $ (21,736 ) $ (3,416 ) $ (21,705 ) $ (3,392 ) Components of net periodic benefit cost and other amounts recognized in other comprehensive income (in thousands): 2018 2017 2016 Modified Retirement Plan Funded Plan Modified Retirement Plan Funded Plan Modified Retirement Plan Funded Plan Service cost $ 363 $ — $ 551 $ — $ 382 $ — Interest cost 801 647 778 738 740 842 Expected return on plan assets — (551 ) — (630 ) — (696 ) Amortization of prior service cost 666 — 560 — 501 — Amortization of net losses 241 — 238 — 167 — Net periodic benefit cost $ 2,071 $ 96 $ 2,127 $ 108 $ 1,790 $ 146 The estimated net loss and prior service costs for the Modified Retirement Plan that will be amortized from accumulated other comprehensive income into net periodic benefit cost over the next fiscal year are $59,000 and $635,000 , respectively, as of December 31, 2018 . For the Funded Plan, United does not expect to amortize any estimated net loss or prior service costs from accumulated other comprehensive income into net periodic benefit cost over the next fiscal year. In 2019, United expects to make contributions to the Modified Retirement Plan of $1.14 million . During 2019, the Company also expects to make contributions to the Funded Plan in conjunction with its termination and final settlement, but such contributions are not estimable at this time. The following table summarizes the estimated future benefit payments expected to be paid from the plans for the periods indicated (in thousands) . With regard to the Funded Plan, the estimated future benefit payments were determined without regard to termination. Modified Retirement Plan Funded Plan 2019 $ 1,142 $ 1,083 2020 1,227 1,073 2021 1,221 1,056 2022 1,214 1,058 2023 1,207 1,037 2024-2026 6,755 4,984 $ 12,766 $ 10,291 The following table summarizes the Funded Plan assets by major category as of the dates indicated, aggregated by the level in the fair value hierarchy within which those measurements fall (in thousands) . December 31, 2018 Level 1 Level 2 Level 3 Total Money market fund $ — $ 1,033 $ — $ 1,033 Mutual funds 4,881 — — 4,881 U.S. Treasuries 4,465 — — 4,465 Exchange traded funds 2,216 — — 2,216 Total plan assets $ 11,562 $ 1,033 $ — $ 12,595 December 31, 2017 Level 1 Level 2 Level 3 Total Money market fund $ — $ 516 $ — $ 516 Mutual funds 526 — — 526 Corporate stocks 1,346 — — 1,346 Exchange traded funds 11,920 — — 11,920 Total plan assets $ 13,792 $ 516 $ — $ 14,308 As previously disclosed, on December 28, 2018, United filed a Notice of Standard Termination with the Pension Benefit Guaranty Corporation and anticipates making final distributions of funds to participants and beneficiaries of the Funded Plan mid-year 2019. As such, given the short-term horizon, the investment objectives of the plan portfolio have been revised to position the assets in such a manner as to minimize exposure to market or interest rate volatility to ensure assets are liquid and readily available to meet the pension obligations. The precise amounts for which these obligations will be settled ultimately will depend on future events including the life expectancy of plan participants and annuity settlement rates. Plan assets are managed by a third-party firm as approved by United’s Employee Benefits Committee. The Board of Directors delegated certain responsibilities to the Employee Benefits Committee including maintaining the investment policy of the plan, approving the appointment of the investment manager, reviewing the performance of the plan assets at least annually and supervising the plan termination process. For fair value measurement, money market funds are valued at amortized cost, which approximates fair value. Mutual funds, U.S. treasuries, corporate stocks, and exchange traded funds are valued at the closing price reported in the active market in which the instrument is traded. See Note 23 for more details regarding fair value measurements and the fair value hierarchy. The preceding methods described may produce a fair value calculation that may not be indicative of net realizable value or reflective of future fair values. Furthermore, although management believes the valuation methods are appropriate and consistent with other market participants, the use of different methodologies or assumptions to determine the fair value of certain financial instruments could result in a different fair value measurement at the reporting date. |
Derivatives and Hedging Activit
Derivatives and Hedging Activities | 12 Months Ended |
Dec. 31, 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 interest rate risk 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 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 arrangements on a gross basis. United clears certain derivatives centrally through the Chicago Mercantile Exchange (“CME”). CME rules legally characterize variation margin payments for centrally cleared derivatives as settlements of the derivatives’ exposure rather than as collateral. As a result, the variation margin payment and the related derivative instruments are considered a single unit of account for accounting purposes. Variation margin, as determined by the CME, is settled daily. As a result, derivative contracts that clear through the CME have an estimated fair value of zero. 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 sheets (in thousands) : Derivatives designated as hedging instruments under ASC 815 December 31, Interest Rate Products Balance Sheet Location 2018 2017 Fair value hedge of corporate bonds Derivative assets $ — $ 336 $ — $ 336 Fair value hedge of brokered CDs Derivative liabilities $ 1,682 $ 2,053 $ 1,682 $ 2,053 Derivatives not designated as hedging instruments under ASC 815 December 31, Interest Rate Products Balance Sheet Location 2018 2017 Customer derivative positions Derivative assets $ 5,216 $ 2,659 Dealer offsets to customer derivative positions Derivative assets 7,620 6,867 Mortgage banking - loan commitment Derivative assets 1,190 1,150 Mortgage banking - forward sales commitment Derivative assets 28 13 Bifurcated embedded derivatives Derivative assets 10,651 11,057 Interest rate caps Derivative assets — 639 $ 24,705 $ 22,385 Customer derivative positions Derivative liabilities $ 9,661 $ 7,032 Dealer offsets to customer derivative positions Derivative liabilities 781 1,551 Risk participations Derivative liabilities 8 20 Mortgage banking - forward sales commitment Derivative liabilities 259 49 Dealer offsets to bifurcated embedded derivatives Derivative liabilities 13,339 14,279 De-designated hedges Derivative liabilities 703 392 $ 24,751 $ 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 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 also enters into forward sale agreements to mitigate risk and to protect the expected gain on the eventual loan sale. 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 statements of income. Cash Flow Hedges of Interest Rate Risk At December 31, 2018 and 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, and as a result, instruments previously designated as cash flow hedges were de-designated. However, as the forecasted transactions the swaps were originally designated to hedge are still expected to occur, the remaining loss from these hedges is included in other comprehensive income and is being amortized into earnings over the original term of the swaps. United expects that $198,000 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 (in thousands) . Gain (Loss) Reclassified from Accumulated Other Comprehensive Income into Income (Effective Portion) Location 2018 2017 2016 Interest revenue — — (7 ) Interest expense (499 ) (891 ) (1,884 ) $ (499 ) $ (891 ) $ (1,891 ) 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 December 31, 2018 , United had four interest rate swaps with an aggregate 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 swaps, 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 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 year ended December 31, 2018 , 2017 and 2016 , United recognized a net loss of $456,000 , a net loss of $479,000 and a net gain of $2.29 million , respectively, related to ineffectiveness in the fair value hedging relationships. United also recognized a net increase in interest expense of $245,000 for the year ended December 31, 2018 and net reductions of interest expense of $160,000 and $1.61 million for the years ended December 31, 2017 and 2016 , respectively, 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 of $17,000 during 2018 and reductions of interest revenue on securities of $302,000 and $606,000 during 2017 and 2016 , respectively, related to fair value hedges of corporate bonds. The table below presents the effect of derivatives in fair value hedging relationships on the consolidated statements of income (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 2016 2018 2017 2016 Fair value hedges of brokered CDs Interest expense $ (220 ) $ (657 ) $ 1,972 $ (145 ) $ 371 $ 458 Fair value hedges of corporate bonds Noninterest income 356 — — (447 ) — — Fair value hedges of corporate bonds Interest revenue — 72 234 — (265 ) (376 ) $ 136 $ (585 ) $ 2,206 $ (592 ) $ 106 $ 82 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 death 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 death 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) . Income Statement Location Year Ended December 31, 2018 2017 2016 Customer derivatives and dealer offsets Other noninterest income $ 2,658 $ 2,416 $ 3,744 Bifurcated embedded derivatives and dealer offsets Other noninterest income 307 429 297 Interest rate caps Other noninterest income 501 252 — De-designated hedges Other noninterest income 31 (62 ) — Mortgage banking derivatives Mortgage loan revenue 904 (676 ) 3,002 Risk participations Other noninterest income 12 5 360 Total gains and losses $ 4,413 $ 2,364 $ 7,403 Credit-risk-related Contingent Features United manages its credit exposure on derivatives transactions by entering into a bilateral credit support agreement with each non-customer 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 December 31, 2018 , collateral totaling $16.1 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. Derivatives that are centrally cleared do not have credit-risk-related features that require additional collateral if United’s credit rating were downgraded. |
Regulatory Matters
Regulatory Matters | 12 Months Ended |
Dec. 31, 2018 | |
Regulatory Capital Requirements [Abstract] | |
Regulatory Matters | Regulatory Matters Capital Requirements United and the Bank are subject to various regulatory capital requirements administered by the federal banking agencies. Failure to meet minimum capital requirements can initiate certain mandatory and possibly additional discretionary action by regulators that, if undertaken, could have a direct material effect on United. Under capital adequacy guidelines and the regulatory framework for prompt corrective action, as revised by the Basel III Capital Rules effective as of January 1, 2015, United and the Bank must meet specific capital guidelines that involve quantitative measures of the Bank’s assets, liabilities, and certain off-balance sheet items as calculated under regulatory accounting practices. The capital amounts and classification are also subject to qualitative judgments by the regulators about components, risk weightings, and other factors. Quantitative measures (as defined) established by regulation to ensure capital adequacy require United and the Bank to maintain minimum amounts and ratios of total capital, Tier 1 capital, and common equity Tier 1 capital (“CET1”) to risk-weighted assets, and of Tier 1 capital to average assets. Effective January 1, 2015, the Basel III Capital Rules revised the framework for prompt corrective action by (i) introducing a CET1 ratio requirement at each level (other than critically undercapitalized), with the required CET1 ratio being 6.5% for well-capitalized status; (ii) increasing the minimum Tier 1 capital ratio requirement for each category (other than critically undercapitalized), with the minimum Tier 1 capital ratio for well-capitalized status being 8% ; and (iii) eliminating the current provision that provides that a bank with a composite supervisory rating of 1 may have a 3% leverage ratio and still be adequately capitalized. As of December 31, 2018 , United and the Bank were categorized as well-capitalized under the regulatory framework for prompt corrective action in effect at such time. To be categorized as well-capitalized at December 31, 2018 , United and the Bank must have exceeded the well-capitalized guideline ratios in effect at such time, as set forth in the table below and have met certain other requirements. Management believes that United and the Bank exceeded all well-capitalized requirements at December 31, 2018 , and there have been no conditions or events since year-end that would change the status of well-capitalized. Regulatory capital ratios at December 31, 2018 and 2017 , along with the minimum amounts required for capital adequacy purposes and to be well-capitalized under prompt corrective action provisions in effect at such times are presented below for United and the Bank (dollars in thousands) : Basel III Guidelines United Community Banks, Inc. (consolidated) United Community Bank Minimum Well Capitalized 2018 2017 2018 2017 Risk-based ratios: Common equity tier 1 capital 4.5 % 6.5 % 12.16 % 11.98 % 12.91 % 12.93 % Tier 1 capital 6.0 8.0 12.42 12.24 12.91 12.93 Total capital 8.0 10.0 14.29 13.06 13.60 13.63 Tier 1 leverage ratio 4.0 5.0 9.61 9.44 9.98 9.98 Common equity tier 1 capital $ 1,148,355 $ 1,053,983 $ 1,216,449 $ 1,135,728 Tier 1 capital 1,172,605 1,076,465 1,216,449 1,135,728 Total capital 1,348,843 1,149,191 1,281,062 1,196,954 Risk-weighted assets 9,441,622 8,797,387 9,421,009 8,781,177 Average total assets 12,207,986 11,403,248 12,183,341 11,385,716 Cash, Dividend, Loan and Other Restrictions At December 31, 2018 and 2017 , the Bank did not have a required reserve balance at the Federal Reserve Bank of Atlanta. Federal and state banking regulations place certain restrictions on dividends paid by the Bank to the Holding Company. In addition, dividends paid to the Holding Company require pre-approval of the Georgia Department of Banking and Finance and the FDIC while the Bank has an accumulated deficit (negative retained earnings). At December 31, 2018, the Bank no longer had an accumulated deficit. During 2018 and 2017 , the Bank received regulatory approval to pay cash dividends to the Holding Company of $162 million and $103 million , respectively. The Federal Reserve Act requires that extensions of credit by the Bank to certain affiliates, including the Holding Company, be secured by specific collateral, that the extension of credit to any one affiliate be limited to 10% of capital and surplus (as defined), and that extensions of credit to all such affiliates be limited to 20% of capital and surplus. The Bank is a party to financial instruments with off-balance sheet risk in the normal course of business to meet the financing needs of their 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 consolidated balance sheets. The contract amounts of these instruments reflect the extent of involvement the Bank 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. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2018 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies The following table summarizes, as of the dates indicated, the contract amount of off-balance sheet instruments (in thousands) : December 31, 2018 2017 Financial instruments whose contract amounts represent credit risk: Commitments to extend credit $ 2,129,463 $ 1,910,777 Letters of credit 25,447 28,075 Minimum Lease Payments 28,844 27,101 Commitments to extend credit are agreements to lend to a customer as long as there is no violation of any condition established in the contract. Commitments generally have fixed expiration dates or other termination clauses and may require payment of a fee. Since many of the commitments may expire without being drawn on, the total commitment amounts do not necessarily represent future cash requirements. United evaluates each customer’s creditworthiness on a case-by-case basis. The amount of collateral obtained, if deemed necessary, upon extension of credit is based on management’s credit evaluation. Collateral held varies, but may include unimproved and improved real estate, certificates of deposit, personal property or other acceptable collateral. Letters of credit are conditional commitments issued by United and could result in the commitment being drawn on when the underlying transaction is consummated between the customer and the third party or upon the non-performance of the customer. Those guarantees are primarily issued to local businesses and government agencies. The credit risk involved in issuing letters of credit is essentially the same as that involved in extending loan facilities to customers. In most cases, the Bank holds real estate, certificates of deposit, and other acceptable collateral as security supporting those commitments for which collateral is deemed necessary. The extent of collateral held for those commitments varies. United maintains an allowance for unfunded loan commitments which is included in the balance of other liabilities in the consolidated balance sheets. The allowance for unfunded loan commitments is determined as part of the quarterly analysis of the allowance for credit losses and is based on probable incurred losses in unfunded loan commitments that are expected to result in funded loans. The Bank holds minor investments in certain limited partnerships for CRA purposes. As of December 31, 2018 , the Bank had a recorded investment of $14.7 million in these limited partnerships and had committed to fund an additional $8.39 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 financial position or results of operations. |
Common and Preferred Stock
Common and Preferred Stock | 12 Months Ended |
Dec. 31, 2018 | |
Equity [Abstract] | |
Common and Preferred Stock | Common and Preferred Stock In November of 2018, United’s Board of Directors approved an increase and extension of the existing common stock repurchase plan through December 31, 2019. Under the program, 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 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 2017 and 2018 , no shares were repurchased under the program. As of December 31, 2018 , United had remaining authorization to repurchase up to $50.0 million of outstanding common stock under the program. United may issue preferred stock in one or more series, up to a maximum of 10,000,000 shares. Each series shall include the number of shares issued, preferences, special rights and limitations as determined by the Board of Directors. United had no preferred stock outstanding as of December 31, 2018 or 2017 . |
Equity Compensation and Related
Equity Compensation and Related Plans | 12 Months Ended |
Dec. 31, 2018 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Equity Compensation and Related Plans | Equity Compensation and Related Plans 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 of United or certain other conditions are met (as defined in the plan document). As of December 31, 2018 , 1.55 million additional awards could be granted under the plan. Through December 31, 2018 , incentive stock options, nonqualified stock options, restricted stock and restricted stock unit awards, base salary stock grants and performance share awards had been granted under the plan. Restricted stock and options outstanding and activity for the years ended December 31 consisted of the following: Restricted Stock Options Shares Weighted Average Grant Date Fair Value Aggregate Intrinsic Value (000’s) Shares Weighted Average Exercise Price Weighted Average Remaining Term (Yrs.) Aggregate Intrinsic Value (000’s) December 31, 2015 712,667 $ 16.44 241,493 $ 89.92 Granted 302,012 21.42 — — Vested (261,729 ) 16.14 — — Expired — — (52,853 ) 135.32 Cancelled (61,980 ) 17.99 (115,975 ) 104.05 December 31, 2016 690,970 18.60 72,665 34.34 Granted 270,339 26.50 — — Vested (284,662 ) 17.48 — — Expired — — (1,538 ) 147.60 Cancelled (12,830 ) 19.91 (10,840 ) 75.08 December 31, 2017 663,817 22.40 60,287 24.12 Granted 416,484 30.54 — — Vested / Exercised (290,013 ) 20.18 $ 8,805 (12,000 ) 11.85 Cancelled (30,542 ) 23.65 (1,148 ) 31.50 December 31, 2018 759,746 27.66 16,304 47,139 27.07 1.88 $ 68 Vested / Exercisable at December 31, 2018 — — 47,139 27.07 1.88 68 The following is a summary of stock options outstanding at December 31, 2018 : Options Outstanding Options Exercisable Shares Range Weighted Average Price Average Remaining Life Shares Weighted Average Price 13,300 15.00 - 20.00 $ 16.35 5.41 13,300 $ 16.35 500 20.01 - 25.00 22.95 1.22 500 22.95 1,023 25.01 - 30.00 29.45 0.07 1,023 29.45 32,316 30.01 - 31.50 31.47 0.50 32,316 31.47 47,139 15.00 - 31.50 27.07 1.88 47,139 27.07 Compensation expense relating to options of $18,000 , $28,000 and $30,000 , respectively, was included in earnings for 2018 , 2017 and 2016 . The amount of compensation expense for all periods was determined based on the fair value of 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. Compensation expense for restricted stock units without market conditions 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 service period. Compensation expense recognized in the consolidated statements of income for employee restricted stock awards in 2018 , 2017 and 2016 was $5.69 million , $5.51 million and $4.29 million , respectively. Of the expense recognized related to restricted stock unit awards during 2017 , $696,000 related 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. The remaining expense of $4.82 million was recognized in compensation expense. In addition, in 2018 , 2017 , and 2016 , $338,000 , $287,000 and $177,000 , respectively, was recognized in other operating expenses for restricted stock unit awards granted to members of United’s board of directors. During the third quarter of 2018, in addition to time-based restricted stock unit awards, United’s Board of Directors approved performance-based restricted stock unit awards with market conditions (“PSUs”). The PSUs will vest based on achieving, during the applicable calendar-year performance periods from 2019 through 2022, certain performance and market targets relative to a bank peer group. Achievement of the base-level performance and market targets for all applicable periods will result in the issuance of 49,268 shares, which are included in the outstanding balance in the table above. Additional shares may be issued if more stringent performance and market hurdles are met. The grant date per share fair market value of these PSUs of $30.28 was estimated using the Monte Carlo Simulation valuation model. A deferred income tax benefit related to compensation expense for options and restricted stock of $1.54 million , $2.27 million and $1.75 million was included in the determination of income tax expense in 2018 , 2017 and 2016 , respectively. As of December 31, 2018 , there was $17.0 million of unrecognized compensation cost related to nonvested stock options and restricted stock granted under the plan. The cost is expected to be recognized over a weighted-average period of 2.55 years. United sponsors a Dividend Reinvestment and Stock Purchase Plan (“DRIP”) that allows participants who already own United’s common stock to purchase additional shares directly from the Company. The DRIP also allows participants to automatically reinvest their quarterly dividends in additional shares of common stock without a commission. In 2018 , 2017 and 2016 , 7,307 , 4,404 and 4,044 shares, respectively, were issued under the DRIP. United has an Employee Stock Purchase Program (“ESPP”) that allows eligible employees to purchase shares of common stock at a discount ( 10% ), with no commission charges. During 2018 , 2017 and 2016 United issued 17,941 , 13,422 shares and 16,456 shares, respectively, through the ESPP. United offers its common stock as an investment option in its deferred compensation plan. The common stock component is accounted for as an equity instrument and is reflected in the consolidated balance sheets as common stock issuable. The deferred compensation plan does not allow for diversification once an election is made to invest in United stock and settlement must be accomplished in shares at the time the deferral period is completed. United also allows restricted stock grantees to defer all or a portion of their restricted stock in the deferred compensation plan upon vesting. At December 31, 2018 and 2017 , United had 674,499 shares and 607,869 shares, respectively, of its common stock that was issuable under the deferred compensation plan. |
Assets and Liabilities Measured
Assets and Liabilities Measured at Fair Value | 12 Months Ended |
Dec. 31, 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, the Financial Accounting Standards Board’s Accounting Standards Codification Topic 820 (“ASC 820”) Fair Value Measurements and Disclosures establishes 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. United’s 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. Investment Securities Debt securities available-for-sale and equity securities with readily determinable fair values 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, U.S. 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 those traded in less liquid markets and are valued based on estimates obtained from broker-dealers that are not directly observable. Deferred Compensation Plan Assets and Liabilities Included in other assets in the consolidated balance sheets 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 sheets. Mortgage Loans Held for Sale United has elected the fair value option for 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 loan 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, 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, management 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, management 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, as of December 31, 2018, management had assessed the significance of the effect of the credit valuation adjustments on the overall valuation of its derivative positions and 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 considers 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. The cumulative effect adjustment of this election to retained earnings, net of income tax effect, was $437,000 . Pension Plan Assets For disclosure regarding the fair value of pension plan assets, see Note 17. 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, aggregated by the level in the fair value hierarchy within which those measurements fall (in thousands) : December 31, 2018 Level 1 Level 2 Level 3 Total Assets: Debt securities available for sale: U.S. Treasuries $ 149,307 $ — $ — $ 149,307 U.S. Government agencies — 25,553 — 25,553 State and political subdivisions — 233,941 — 233,941 Residential mortgage-backed securities — 1,445,910 — 1,445,910 Commercial mortgage-backed securities — 391,917 — 391,917 Corporate bonds — 198,168 995 199,163 Asset-backed securities — 182,676 — 182,676 Equity securities with readily determinable fair values 1,076 — — 1,076 Mortgage loans held for sale — 18,935 — 18,935 Deferred compensation plan assets 6,404 — — 6,404 Servicing rights for SBA/USDA loans — — 7,510 7,510 Residential mortgage servicing rights — — 11,877 11,877 Derivative financial instruments — 12,864 11,841 24,705 Total assets $ 156,787 $ 2,509,964 $ 32,223 $ 2,698,974 Liabilities: Deferred compensation plan liability $ 6,404 $ — $ — $ 6,404 Derivative financial instruments — 10,701 15,732 26,433 Total liabilities $ 6,404 $ 10,701 $ 15,732 $ 32,837 December 31, 2017 Level 1 Level 2 Level 3 Total Assets: Securities available for sale: U.S. Treasuries $ 121,113 $ — $ — $ 121,113 U.S. Government agencies — 26,372 — 26,372 State and political subdivisions — 197,286 — 197,286 Residential mortgage-backed securities — 1,311,733 — 1,311,733 Commercial mortgage-backed securities — 415,478 — 415,478 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 assets measured at fair value on a recurring basis using significant unobservable inputs that are classified as Level 3 values (in thousands) : Derivative Asset Derivative Liability Servicing rights for SBA/USDA loans Residential mortgage servicing rights Debt Securities Available- for-Sale December 31, 2015 $ 9,418 $ 15,794 $ 3,712 $ — $ 750 Additions — 17 2,723 — — Sales and settlements (509 ) (1,001 ) (393 ) — — Other comprehensive income — — — — (75 ) Amounts included in earnings - fair value adjustments 2,868 1,537 (290 ) — — December 31, 2016 11,777 16,347 5,752 — 675 Transfer from amortization method to fair value — — — 5,070 — Business combinations — — 419 — — Additions — — 2,737 3,602 — Sales and settlements (1,744 ) (2,423 ) (621 ) (328 ) — Other comprehensive income — — — — 225 Amounts included in earnings - fair value adjustments 2,174 2,820 (547 ) (82 ) — December 31, 2017 12,207 16,744 7,740 8,262 900 Business combinations — — (354 ) — — Additions — — 2,573 4,587 — Sales and settlements (1,029 ) (1,347 ) (810 ) (537 ) — Other comprehensive income — — — — 95 Amounts included in earnings - fair value adjustments 663 335 (1,639 ) (435 ) — December 31, 2018 $ 11,841 $ 15,732 $ 7,510 $ 11,877 $ 995 The following table presents quantitative information about Level 3 fair value measurements for fair value on a recurring basis at (in thousands) : Fair Value Weighted Average December 31, Valuation Technique December 31, Level 3 Assets 2018 2017 Unobservable Inputs 2018 2017 Servicing rights for SBA/USDA loans $ 7,510 $ 7,740 Discounted cash flow Discount rate 14.5 % 12.5 % Prepayment rate 12.1 % 8.31 % Residential mortgage servicing rights 11,877 8,262 Discounted cash flow Discount rate 10.0 % 10.0 % Prepayment rate 10.6 % 9.50 % Corporate bonds 995 900 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 1,190 1,150 Internal model Pull through rate 80.7 % 80.0 % Derivative assets - other 10,651 11,057 Dealer priced Dealer priced N/A N/A Derivative liabilities - risk participations 8 20 Internal model Probable exposure rate 0.44 % 0.37 % Probability of default rate 1.80 % 1.80 % Derivative liabilities - other 15,724 16,724 Dealer priced Dealer priced N/A N/A Fair Value Option At December 31, 2018 , mortgage loans held for sale for which the fair value option was elected had an aggregate fair value and outstanding principal balance of $18.9 million and $18.2 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 2018 , 2017 , and 2016 changes in fair value of these loans resulted in net losses of $133,000 , net gains of $505,000 , and net gains of $322,000 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 assets are not measured at fair value on a recurring basis, but are subject to fair value adjustments in certain circumstances. These adjustments to fair value usually result from the application of lower of 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 December 31, 2018 and 2017 , for which a nonrecurring fair value adjustment was recorded during the periods presented (in thousands) . December 31, 2018 Level 1 Level 2 Level 3 Total Loans $ — $ — $ 8,631 $ 8,631 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. The fair value of securities available-for-sale equals the balance sheet 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. Because no ready market exists for a significant portion of United’s financial instruments, fair value estimates are based on many judgments. These estimates are subjective in nature and involve uncertainties and matters of significant judgment and therefore cannot be determined with precision. 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 and at variable rates. Therefore, both the carrying amount and the estimated fair value associated with these instruments are immaterial. The carrying amount and fair values for other financial instruments that are not measured at fair value on a recurring basis in United’s consolidated balance sheets are as follows (in thousands) : Carrying Amount Fair Value Level December 31, 2018 Level 1 Level 2 Level 3 Total Assets: Securities held to maturity $ 274,407 $ — $ 268,803 $ — $ 268,803 Loans, net 8,322,198 — — 8,277,387 8,277,387 Liabilities: Deposits 10,534,513 — 10,528,834 — 10,528,834 Federal Home Loan Bank advances 160,000 — 159,988 — 159,988 Long-term debt 267,189 — — 278,996 278,996 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 |
Condensed Financial Statements
Condensed Financial Statements of United Community Banks, Inc. (Parent Only) | 12 Months Ended |
Dec. 31, 2018 | |
Condensed Financial Information of Parent Company Only Disclosure [Abstract] | |
Condensed Financial Statements of United Community Banks, Inc. (Parent Only) | Condensed Financial Statements of United Community Banks, Inc. (Holding Company Only) Statements of Income For the Years Ended December 31, 2018 , 2017 and 2016 (in thousands) 2018 2017 2016 Dividends from bank $ 161,500 $ 103,200 $ 41,500 Dividends from other subsidiaries 850 — — Shared service fees from subsidiaries 10,257 10,481 8,476 Other 133 1,078 685 Total income 172,740 114,759 50,661 Interest expense 11,868 10,258 11,209 Other expense 14,456 14,960 11,380 Total expenses 26,324 25,218 22,589 Income tax benefit 1,640 1,447 6,717 Income before equity in undistributed (loss) earnings of subsidiaries 148,056 90,988 34,789 Equity in undistributed earnings (loss) of subsidiaries 18,055 (23,167 ) 65,867 Net income $ 166,111 $ 67,821 $ 100,656 Balance Sheets As of December 31, 2018 and 2017 (in thousands) 2018 2017 Assets Cash $ 145,669 $ 26,054 Investment in bank 1,522,402 1,390,490 Investment in other subsidiaries 4,549 4,744 Other assets 21,881 20,578 Total assets $ 1,694,501 $ 1,441,866 Liabilities and Shareholders’ Equity Long-term debt $ 212,193 $ 120,545 Other liabilities 24,754 17,987 Total liabilities 236,947 138,532 Shareholders’ equity 1,457,554 1,303,334 Total liabilities and shareholders’ equity $ 1,694,501 $ 1,441,866 Statements of Cash Flows For the Years Ended December 31, 2018 , 2017 and 2016 (in thousands) 2018 2017 2016 Operating activities: Net income $ 166,111 $ 67,821 $ 100,656 Adjustments to reconcile net income to net cash provided by operating activities: Equity in undistributed (earnings) loss of the subsidiaries (18,055 ) 23,167 (65,867 ) Depreciation, amortization and accretion 77 36 23 Stock-based compensation 6,057 5,827 4,496 Change in assets and liabilities: Other assets 1,700 1,184 14,305 Other liabilities 3,124 (758 ) (8,268 ) Net cash provided by operating activities 159,014 97,277 45,345 Investing activities: Payment for acquisition (84,499 ) (11,034 ) (11,209 ) Purchases of premises and equipment (364 ) (708 ) — Purchases of debt securities available-for-sale and equity securities (2,489 ) — (1,125 ) Net cash used in investing activities (87,352 ) (11,742 ) (12,334 ) Financing activities: Repayment of long-term debt (7,424 ) (75,000 ) — Proceeds from issuance of long-term debt, net of issuance costs 98,188 — — Cash paid for shares withheld to cover payroll taxes upon vesting of restricted stock (1,998 ) (1,701 ) (1,189 ) Proceeds from issuance of common stock for dividend reinvestment and employee benefit plans 679 450 366 Proceeds from exercise of stock options 142 — — Retirement of preferred stock — — (9,992 ) Repurchase of common stock — — (13,659 ) Cash dividends on common stock (41,634 ) (26,210 ) (15,849 ) Cash dividends on Series H preferred stock — — (46 ) Net cash provided by (used in) financing activities 47,953 (102,461 ) (40,369 ) Net change in cash 119,615 (16,926 ) (7,358 ) Cash at beginning of year 26,054 42,980 50,338 Cash at end of year $ 145,669 $ 26,054 $ 42,980 |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2018 | |
Subsequent Events [Abstract] | |
Subsequent Events | Subsequent Events Acquisition of First Madison Bank & Trust On February 5, 2019, United announced that it had reached a definitive merger agreement to acquire First Madison Bank & Trust (“First Madison”). As of December 31, 2018, First Madison had total assets of $258 million , loans of $202 million and deposits of $213 million . First Madison, which currently operates four banking offices in the Athens-Clarke County, Georgia metropolitan statistical area, will merge into and operate under the brand of United Community Bank, United’s wholly-owned bank subsidiary. Under the terms of the merger agreement, which has been unanimously approved by the Boards of Directors of both companies, First Madison shareholders will receive merger consideration of $52.0 million in cash. The merger, which is subject to regulatory approval, the approval of shareholders of First Madison, and other customary conditions, is expected to close in the second quarter of 2019. Dividends Declared On February 6, 2019 , United’s Board of Directors approved a regular quarterly cash dividend of $0.16 per common share. The dividend is payable April 5, 2019 , to shareholders of record on March 15, 2019 . Stock Repurchases As of February 27, 2019, United had repurchased 176,600 shares totaling $4.65 million during 2019 through its common stock repurchase plan. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2018 | |
Accounting Policies [Abstract] | |
Organization and Basis of Presentation | Organization and Basis of Presentation United Community Banks, Inc. (the “Holding Company”) is a bank holding company subject to the regulation of the Board of Governors of the Federal Reserve System (the “Federal Reserve”) whose principal business is conducted by its wholly-owned commercial bank subsidiary, United Community Bank (the “Bank”). United is subject to regulation under the Bank Holding Company Act of 1956. The consolidated financial statements include the accounts of the Holding Company, the Bank and other wholly-owned subsidiaries. All significant intercompany accounts and transactions have been eliminated in consolidation. The Bank is a Georgia state chartered commercial bank that serves both rural and metropolitan markets in Georgia, South Carolina, North Carolina and Tennessee and provides a full range of banking services. The Bank is insured and subject to the regulation of the Federal Deposit Insurance Corporation (“FDIC”) and is also subject to the regulation of the Georgia Department of Banking and Finance. |
Use of Estimates | Use of Estimates In preparing the consolidated financial statements, management is required to make estimates and assumptions that affect the reported amounts of assets and liabilities as of the dates of the balance sheet and revenue and expenses for the years then ended. Actual results could differ significantly from those estimates. Material estimates that are particularly susceptible to significant change are the determination of the allowance for loan losses, the valuation of acquired loans, the valuation of real estate acquired in connection with foreclosures or in satisfaction of loans, the valuation of goodwill and separately identifiable intangible assets associated with mergers and acquisitions, and the valuation of deferred tax assets. |
Operating Segments | Operating Segments Operating segments are components of a business about which separate financial information is available and evaluated regularly by the chief operating decision maker in deciding how to allocate resources and assessing performance. Public companies are required to report certain financial information about operating segments in interim and annual financial statements. United’s community banking operations are divided among geographic regions and local community banks within those regions. Those regions and banks have similar economic characteristics and are therefore considered to be one operating segment. Additionally management assessed other operating units to determine if they should be classified and reported as segments. They include Mortgage, Advisory Services and Commercial Banking Solutions. Each was assessed for separate reporting on both a qualitative and a quantitative basis in accordance with Financial Accounting Standards Boards (“FASB”) Accounting Standards Codification (“ASC”) Topic 280 Segment Reporting (“ASC 280”). Qualitatively, these business units are currently operating in the same geographic footprint as the community banks and face many of the same customers as the community banks. While the chief operating decision maker does have some limited production information for these entities, that information is not complete since it does not include a full allocation of revenue, costs and capital from key corporate functions. The business units are currently viewed more as a product line extension of the community banks. However, management will continue to evaluate these business units for separate reporting as facts and circumstances change. On a quantitative basis, ASC 280 provides a threshold of 10% of Revenue, Net Income or Assets where a breach of any of these thresholds would trigger segment reporting. Under this requirement none of the entities reached the threshold. |
Cash and Cash Equivalents | Cash and Cash Equivalents Cash equivalents include amounts due from banks, interest-bearing deposits in banks, federal funds sold, commercial paper, reverse repurchase agreements and short-term investments and are carried at cost. Federal funds are generally sold for one-day periods, interest-bearing deposits in banks are available on demand and commercial paper investments and reverse repurchase agreements mature within a period of less than 90 days. A portion of the cash on hand and on deposit with the Federal Reserve Bank of Atlanta was required to meet regulatory reserve requirements. The terms of securitizations acquired with 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. |
Investment Securities | Investment Securities United classifies its debt securities in one of three categories: trading, held-to-maturity or available-for-sale. United does not currently hold any trading securities that are bought and held principally for the purpose of selling them in the near term. Held-to-maturity securities are those securities for which United has the ability and intent to hold until maturity. All other securities are classified as available-for-sale. Held-to-maturity securities are recorded at cost, adjusted for the amortization or accretion of premiums or discounts. Available-for-sale securities are recorded at fair value. Unrealized holding gains and losses, net of the related tax effect, on available-for-sale securities are reported in other comprehensive income as a separate component of shareholders’ equity until realized. Transfers of securities between categories are recorded at fair value at the date of transfer. Unrealized holding gains or losses associated with transfers of securities from available-for-sale to held-to-maturity are included in the balance of accumulated other comprehensive income in the consolidated balance sheets. These unrealized holding gains or losses are amortized into income over the remaining life of the security as an adjustment to the yield in a manner consistent with the amortization or accretion of the original purchase premium or discount on the associated security. Management evaluates investment securities for other than temporary impairment on a quarterly basis. A decline in the fair value of available-for-sale and held-to-maturity securities below cost that is deemed other than temporary is charged to earnings for a decline in value deemed to be credit related. The decline in value attributed to non-credit related factors is recognized in other comprehensive income and a new cost basis for the security is established. Premiums and discounts are amortized or accreted over the life of the related security as an adjustment to the yield. Realized gains and losses for securities classified as available-for-sale and held-to-maturity are included in net income and derived using the specific identification method for determining the cost of the securities sold. Equity securities are included in other assets on the consolidated balance sheets. Those with readily determinable fair values are carried at fair value with changes in fair value recognized in net income. Those without readily determinable fair values include, among others, Federal Home Loan Bank (“FHLB”) stock held to meet FHLB requirements related to outstanding advances and Community Reinvestment Act (“CRA”) equity investments, including those where the returns are primarily derived from low income housing tax credits (“LIHTC”). Our investment in FHLB stock is accounted for using the cost method of accounting. Our LIHTC investments are accounted for using the proportional amortization method of accounting for qualified affordable housing investments which results in the amortization being reported as a component of income tax expense. Our obligations related to unfunded commitments for our LIHTC investments are reported in other liabilities. Our other CRA investments are accounted for using the equity method of accounting. As conditions warrant, we review our investments for impairment and will adjust the carrying value of the investment if it is deemed to be impaired. |
Loans Held for Sale | 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 match changes in fair values of the loans with changes in the fair value of derivative instruments used to economically hedge them. Also included in loans held for sale at December 31, 2017 were $4.61 million in loans received through the acquisition of Four Oaks FinCorp, Inc. that United held with the intent to sell. Those loans were carried on the balance sheet at the lower of cost or fair value. |
Loans and Leases | Loans and Leases With the exception of purchased loans that are recorded at fair value on the date of acquisition, loans are stated at principal amount outstanding, net of any unearned revenue and net of any deferred loan fees and costs. Interest on loans is primarily calculated by using the simple interest method on daily balances of the principal amount outstanding. 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 and security deposits. 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. Purchased Loans With Evidence of Credit Deterioration: United from time to time purchases loans, primarily through business combination transactions. Some of those purchased loans show evidence of credit deterioration since origination and are accounted for pursuant to ASC Topic 310-30, Loans and Debt Securities Acquired with Deteriorated Credit Quality . These purchased credit impaired (“PCI”) loans are recorded at their estimated fair value at date of purchase. After acquisition, further losses evidenced by decreases in expected cash flows are recognized by an increase in the allowance for loan losses. PCI loans are aggregated into pools of loans based on common risk characteristics such as the type of loan, payment status, or collateral type. United estimates the amount and timing of expected cash flows for each purchased loan pool and the expected cash flows in excess of the amount paid are recorded as interest income over the remaining life of the pool (accretable yield). The excess of the pool’s contractual principal and interest over expected cash flows is not recorded (nonaccretable difference). Over the life of the loan pool, expected cash flows continue to be estimated. If the present value of expected cash flows is less than the carrying amount, a loss is recorded. If the present value of expected cash flows is greater than the carrying amount, it is recognized as part of future interest revenue. Nonaccrual Loans: The accrual of interest is discontinued when a loan becomes 90 days past due and is not well collateralized and in the process of collection, or when management believes, after considering economic and business conditions and collection efforts, that the principal or interest will not be collectible in the normal course of business. Past due status is based on contractual terms of the loan. When a loan is placed on nonaccrual status, previously accrued and uncollected interest is charged against interest revenue on loans. Interest payments are applied to reduce the principal balance on nonaccrual loans. Loans are returned to accrual status when all the principal and interest amounts contractually due are brought current, there is a sustained period of repayment performance and future payments are reasonably assured. Nonaccrual loans include smaller balance homogeneous loans that are collectively evaluated for impairment and individually classified impaired loans. Contractually delinquent PCI loans are not classified as nonaccrual as long as the related discount continues to be accreted. Impaired Loans: With the exception of PCI loans, a loan is considered impaired when, based on current events and circumstances, it is probable that all amounts due, according to the contractual terms of the loan, will not be collected. Individually impaired loans are measured based on the present value of expected future cash flows, discounted at the loan’s effective interest rate, at the loan’s observable market price, or the fair value of the collateral if the loan is collateral dependent. Interest revenue on impaired loans is discontinued when the loans meet the criteria for nonaccrual status. Factors considered by management in determining impairment include payment status, collateral value, and the probability of collecting scheduled principal and interest payments when due. Loans that experience insignificant payment delays and payment shortfalls generally are not considered impaired. Management determines the significance of payment delays and payment shortfalls on a case-by-case basis, taking into consideration all of the circumstances surrounding the loan and borrower, including the length of the delay, the reasons for the delay, the borrower’s prior payment record, and the amount of the shortfall in relation to the principal and interest owed. PCI loans are considered to be impaired when it is probable that United will be unable to collect all the cash flows expected at acquisition, plus additional cash flows expected to be collected arising from changes in estimates after acquisition. Loans that are accounted for in pools are evaluated collectively for impairment on a pool by pool basis based on expected pool cash flows. Discounts continue to be accreted as long as there are expected future cash flows in excess of the current carrying amount of the specifically-reviewed loan or pool. Concentration of Credit Risk: Most of United’s business activity is with customers located within the markets where it has banking operations. Therefore, United’s exposure to credit risk is significantly affected by changes in the economy within its markets. Approximately 74% of United’s loan portfolio is secured by real estate and is therefore susceptible to changes in real estate valuations. |
Allowance for Credit Losses | Allowance for Credit Losses The allowance for credit losses includes the allowance for loan losses and the allowance for unfunded commitments included in other liabilities. Increases to the allowance for loan losses and allowance for unfunded commitments are established through a provision for credit losses charged to income. Loans are charged down against the allowance for loan losses when available information confirms that the collectability of the principal is unlikely. The allowance for loan losses represents an amount, which, in management’s judgment, is adequate to absorb probable losses on existing loans as of the date of the balance sheet. The allowance for unfunded commitments represents expected losses on unfunded commitments and is reported in the consolidated balance sheets in other liabilities. The allowance for loan losses is composed of general reserves, specific reserves, and PCI reserves. General reserves are determined by applying loss percentages to the individual loan categories that are based on actual historical loss experience. Additionally, the general economic and business conditions affecting key lending areas, credit quality trends, collateral values, loan volumes and concentrations, seasoning of the loan portfolio, the findings of internal and external credit reviews and results from external bank regulatory examinations are considered in this evaluation. The need for specific reserves is evaluated on nonaccrual loan relationships greater than $500,000 and all troubled debt restructurings (“TDRs”). The specific reserves are determined on a loan-by-loan basis based on management’s evaluation of United’s exposure for each credit, given the current payment status of the loan and the value of any underlying collateral. Loans for which specific reserves are provided are excluded from the calculation of general reserves. For PCI loans, a valuation allowance is established when it is probable that the Company will be unable to collect all the cash flows expected at acquisition plus additional cash flows expected to be collected arising from changes in estimate after acquisition. The allocation of the allowance for loan losses is based on historical data, subjective judgment and estimates and, therefore, is not necessarily indicative of the specific amounts or loan categories in which charge-offs may ultimately occur. For purposes of determining general reserves, United segments the loan portfolio into broad categories with similar risk elements. Those categories and their specific risks are described below. Owner occupied commercial real estate – Loans in this category are susceptible to declines in occupancy rates, business failure and general economic conditions. Income producing commercial real estate – Common risks for this loan category are declines in general economic conditions, declines in real estate value and lack of suitable alternative use for the property. Commercial & industrial – Risks to this loan category include industry concentrations and the inability to monitor the condition of the collateral which often consists of inventory, accounts receivable and other non-real estate assets. Equipment and inventory obsolescence can also pose a risk. Declines in general economic conditions and other events can cause cash flows to fall to levels insufficient to service debt. Commercial construction – Risks common to commercial construction loans are cost overruns, changes in market demand for property, inadequate long-term financing arrangements and declines in real estate values. Equipment financing - Risks associated with equipment financing are similar to those described for commercial and industrial loans, including general economic conditions, as well as appropriate lien priority on equipment, equipment obsolescence and the general mobility of the collateral. Residential mortgage – Residential mortgage loans are susceptible to weakening general economic conditions and increases in unemployment rates and declining real estate values. Home equity lines of credit – Risks common to home equity lines of credit are general economic conditions, including an increase in unemployment rates, and declining real estate values which reduce or eliminate the borrower’s home equity. Residential construction – Residential construction loans are susceptible to the same risks as residential mortgage loans. Changes in market demand for property leads to longer marketing times resulting in higher carrying costs, declining values, and higher interest rates. Consumer direct – Risks common to consumer direct loans include regulatory risks, unemployment and changes in local economic conditions as well as the inability to monitor collateral consisting of personal property. Indirect auto - Risks common to indirect auto loans include unemployment and changes in local economic conditions as well as the inability to monitor collateral. Management outsources a significant portion of its loan review to ensure objectivity in the loan review process and to challenge and corroborate the loan grading system. The loan review function provides additional analysis used in determining the adequacy of the allowance for loan losses. To supplement the outsourced loan review, management also has an internal loan review department that is independent of the lending function. Management believes the allowance for loan losses is appropriate at December 31, 2018 . While management uses available information to recognize losses on loans, future additions to the allowance may be necessary based on changes in economic conditions. In addition, various regulatory agencies, as an integral part of their examination process, periodically review United’s allowance for loan losses. |
Premises and Equipment | Premises and Equipment Premises and equipment are stated at cost less accumulated depreciation. Depreciation is computed primarily using the straight line method over the estimated useful lives of the related assets. Costs incurred for maintenance and repairs are expensed as incurred. The range of estimated useful lives for buildings and improvements is 10 to 40 years , for land improvements, 10 years , and for furniture and equipment, 3 to 10 years . United periodically reviews the carrying value of premises and equipment for impairment whenever events or circumstances indicate that the carrying amount of such assets may not be fully recoverable. |
Foreclosed Properties (Other Real Estate Owned, or OREO) | Foreclosed Properties (Other Real Estate Owned, or “OREO”) Foreclosed property is initially recorded at fair value, less cost to sell. If the fair value, less cost to sell at the time of foreclosure is less than the loan balance, the deficiency is recorded as a loan charge-off against the allowance for loan losses. If the fair value, less cost to sell, of the foreclosed property decreases during the holding period, a valuation allowance is established with a charge to operating expenses. When the foreclosed property is sold, a gain or loss is recognized on the sale for the difference between the sales proceeds and the carrying amount of the property. Financed sales of foreclosed property are accounted for in accordance with ASC Topic 610, Subtopic 20, Gains and losses from the derecognition of nonfinancial assets (“ASC 610-20”). |
Goodwill and Other Intangible Assets | Goodwill and Other Intangible Assets Goodwill is an asset representing the future economic benefits from other assets acquired that are not individually identified and separately recognized. Goodwill is measured as the excess of the consideration transferred, net of the fair value of identifiable assets acquired and liabilities assumed at the acquisition date. Goodwill is not amortized, but instead is tested for impairment annually or more frequently if events or circumstances exist that indicate a goodwill impairment test should be performed. Other intangible assets, which are initially recorded at fair value, consist of core deposit intangible assets and noncompete agreements resulting from acquisitions. Core deposit intangible assets are amortized on a sum-of-the-years-digits basis over their estimated useful lives. Noncompete agreements are amortized on a straight line basis over their estimated useful lives. Management evaluates other intangible assets for impairment whenever events or changes in circumstances indicate the carrying amount of the asset may not be recoverable. |
Transfers of Financial Assets | Transfers of Financial Assets Transfers of financial assets are accounted for as sales when control over the assets has been relinquished. Control over transferred assets is deemed to be surrendered when the assets have been isolated from United, the transferee obtains the right, free of conditions that constrain it from taking advantage of that right, to pledge or exchange the transferred assets and United does not maintain effective control over the transferred assets through an agreement to repurchase them before maturity. |
Servicing Rights | Servicing Rights United records a separate servicing asset for Small Business Administration (“SBA”) loans, United States Department of Agriculture (“USDA”) loans, and residential mortgage loans when the loan is sold but servicing is retained. This asset represents the right to service the loans and receive a fee in compensation. Servicing assets are initially recorded at their fair value as a component of the sale proceeds. The fair value of the servicing assets is based on an analysis of discounted cash flows that incorporates estimates of (1) market servicing costs, (2) market-based prepayment rates, and (3) market profit margins. Servicing assets are included in other assets. United has elected to subsequently measure the servicing assets for government guaranteed loans at fair value. There is no aggregation of the loans into pools for the valuation of the servicing asset, but rather the servicing asset value is measured at a loan level. Effective January 1, 2017, management elected to begin measuring residential mortgage servicing rights at fair value. The cumulative effect adjustment of this election to retained earnings, net of income tax effect, was $437,000 . Prior to 2017, impairment valuations were based on projections using a discounted cash flow method that included assumptions regarding prepayments, interest rates, servicing costs and other factors. Impairment was measured on a disaggregated basis for each stratum of the servicing rights, which was segregated based on predominant risk characteristics including interest rate and loan type. Subsequent increases in value were recognized to the extent of previously recorded impairment for each stratum. The rate of prepayment of loans serviced is the most significant estimate involved in the measurement process. Estimates of prepayment rates are based on market expectations of future prepayment rates, industry trends, and other considerations. Actual prepayment rates will differ from those projected by management due to changes in a variety of economic factors, including prevailing interest rates and the availability of alternative financing sources to borrowers. If actual prepayments of the loans being serviced were to occur more quickly than projected, the carrying value of servicing assets might have to be written down through a charge to earnings in the current period. If actual prepayments of the loans being serviced were to occur more slowly than had been projected, the carrying value of servicing assets could increase, and servicing income would exceed previously projected amounts. |
Bank Owned Life Insurance | Bank Owned Life Insurance United has purchased life insurance policies on certain key executives and members of management. United has also received life insurance policies on members of acquired bank management teams through acquisitions of other banks. Bank owned life insurance is recorded at the amount that can be realized under the insurance contract at the balance sheet date, which is the cash surrender value adjusted for other changes or other amounts due that are probable at settlement. |
Loan Commitments and Related Financial Instruments | Loan Commitments and Related Financial Instruments Financial instruments include off-balance sheet credit instruments such as commitments to make loans and commercial letters of credit issued to meet customer financing needs. The face amount for these items represents the exposure to loss before considering customer collateral or ability to repay. Such financial instruments are recorded when they are funded. |
Revenue from Contracts with Customers | Revenue from Contracts with Customers In addition to lending and related activities, United offers various services to customers that generate revenue, certain of which are governed by ASC Topic 606 Revenue from Contracts with Customers (“ASC 606”). United’s services that fall within the scope of ASC 606 are presented within noninterest income and include service charges and fees, brokerage fees, and other transaction-based fees. Revenue is recognized when the transactions occur or as services are performed over primarily monthly or quarterly periods. Payment is typically received in the period the transactions occur. Fees may be fixed or, where applicable, based on a percentage of transaction size. |
Income Taxes | Income Taxes Deferred tax assets and liabilities are recorded for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Future tax benefits are recognized to the extent that realization of such benefits is more likely than not. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which the assets and liabilities are expected to be recovered or settled. The effect of a change in tax rates on deferred tax assets and liabilities is recognized in income taxes during the period that includes the enactment date. In the event the future tax consequences of differences between the financial reporting bases and the tax bases of assets and liabilities results in deferred tax assets, an evaluation of the probability of being able to realize the future benefits indicated by such asset is required. A valuation allowance is provided for the portion of the deferred tax asset when it is more likely than not that some or all of the deferred tax asset will not be realized. In assessing the realizability of the deferred tax assets, management considers the scheduled reversals of deferred tax liabilities, projected future taxable earnings and prudent and feasible tax planning strategies. Management weighs both the positive and negative evidence, giving more weight to evidence that can be objectively verified. The income tax benefit or expense is the total of the current year income tax due or refundable and the change in deferred tax assets and liabilities. A tax position is recognized as a benefit only if it is “more likely than not” that the tax position would be sustained in a tax examination, with a tax examination being presumed to occur. The amount recognized is the largest amount of tax benefit that is greater than 50 percent likely of being realized on examination. For tax positions not meeting the “more likely than not” test, no tax benefit is recorded. United recognizes interest and / or penalties related to income tax matters in income tax expense. |
Derivative Instruments and Hedging Activities | Derivative Instruments and Hedging Activities United’s interest rate risk management strategy incorporates the use of derivative instruments to minimize fluctuations in net income that are caused by interest rate volatility. The objective is to manage interest rate sensitivity by modifying the repricing or maturity characteristics of certain balance sheet assets and liabilities so that net interest revenue is not, on a material basis, adversely affected by movements in interest rates. United views this strategy as a prudent management of interest rate risk, such that net income is not exposed to undue risk presented by changes in interest rates. In carrying out this part of its interest rate risk management strategy, management uses derivatives, primarily interest rate swaps. Interest rate swaps generally involve the exchange of fixed- and variable-rate interest payments between two parties, based on a common notional principal amount and maturity date. United has also occasionally used interest rate caps to serve as an economic macro hedge of exposure to rising interest rates. 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, the Company is subject to the risk of variability in market prices. United also enters into forward sale agreements to mitigate risk and to protect the expected gain on the eventual loan sale. The commitments to originate residential mortgage loans and forward loan sales commitments are freestanding derivative instruments. To accommodate customers, United enters into interest rate swaps or caps with certain commercial loan customers, with offsetting positions to dealers under a back-to-back swap/cap program. In addition, 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. United classifies its derivative financial instruments as either (1) a hedge of an exposure to changes in the fair value of a recorded asset or liability (“fair value hedge”), (2) a hedge of an exposure to changes in the cash flows of a recognized asset, liability or forecasted transaction (“cash flow hedge”), or (3) derivatives not designated as accounting hedges. Changes in the fair value of derivatives not designated as hedges are recognized in current period earnings. United has master netting agreements with the derivatives dealers with which it does business, but reflects gross assets and liabilities on the consolidated balance sheets. United uses the “long-haul method” to assess hedge effectiveness. Management documents, both at inception and over the life of the hedge, at least quarterly, its analysis of actual and expected hedge effectiveness. This analysis includes techniques such as regression analysis and hypothetical derivatives to demonstrate that the hedge has been, and is expected to be, highly effective in offsetting corresponding changes in the fair value or cash flows of the hedged item. For a qualifying fair value hedge, changes in the value of derivatives that have been highly effective as hedges are recognized in current period earnings along with the corresponding changes in the fair value of the designated hedged item attributable to the risk being hedged. For a qualifying cash flow hedge, the portion of changes in the fair value of the derivatives that have been highly effective are recognized in other comprehensive income until the related cash flows from the hedged item are recognized in earnings. For fair value hedges and cash flow hedges, ineffectiveness is recognized in the same income statement line as interest accruals on the hedged item to the extent that changes in the value of the derivative instruments do not perfectly offset changes in the value of the hedged items. If the hedge ceases to be highly effective, United discontinues hedge accounting and recognizes the changes in fair value in current period earnings. If a derivative that qualifies as a fair value or cash flow hedge is terminated or the designation removed, the realized or then unrealized gain or loss is recognized into income over the life of the hedged item (fair value hedge) or over the time when the hedged item was forecasted to impact earnings (cash flow hedge). Immediate recognition in earnings is required upon sale or extinguishment of the hedged item (fair value hedge) or if it is probable that the hedged cash flows will not occur (cash flow hedge). By using derivative instruments, United is exposed to credit and market risk. If the counterparty fails to perform, credit risk is represented by the fair value gain in a derivative. When the fair value of a derivative contract is positive, this situation generally indicates that the counterparty is obligated to pay United, and, therefore, creates a repayment risk for United. When the fair value of a derivative contract is negative, United is obligated to pay the counterparty and, therefore, has no repayment risk. United minimizes the credit risk in derivative instruments by entering into transactions with high-quality counterparties that are reviewed periodically by management. United also requires the counterparties to pledge cash as collateral to cover the net exposure. All newly eligible derivatives entered into are cleared through a central clearinghouse, which reduces counterparty exposure. Derivative activities are monitored by the Asset/Liability Management Committee (“ALCO”) as part its oversight of asset/liability and treasury functions. ALCO is responsible for implementing various hedging strategies that are developed through its analysis of data from financial simulation models and other internal and industry sources. The resulting hedging strategies are then incorporated into the overall interest-rate risk management process. United recognizes the fair value of derivatives as assets or liabilities in the financial statements. The accounting for the changes in the fair value of a derivative depends on the intended use of the derivative instrument at inception. The change in fair value of instruments used as fair value hedges is accounted for in the net income of the period simultaneous with accounting for the fair value change of the item being hedged. The change in fair value of the effective portion of cash flow hedges is accounted for in other comprehensive income rather than net income. Changes in fair value of derivative instruments that are not designated as a hedge are accounted for in the net income of the period of the change. |
Acquisition Activities | Acquisition Activities United accounts for business combinations under the acquisition method of accounting. Assets acquired and liabilities assumed are measured and recorded at fair value at the date of acquisition, including identifiable intangible assets. If the fair value of net assets purchased exceeds the fair value of consideration paid, a bargain purchase gain is recognized at the date of acquisition. Conversely, if the consideration paid exceeds the fair value of the net assets acquired, goodwill is recognized at the acquisition date. Fair values 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. The determination of the fair value of loans acquired takes into account credit quality deterioration and probability of loss; therefore, the related allowance for loan losses is not carried forward. All identifiable intangible assets that are acquired in a business combination are recognized at fair value on the acquisition date. Identifiable intangible assets are recognized separately if they arise from contractual or other legal rights or if they are separable (i.e., capable of being sold, transferred, licensed, rented, or exchanged separately from the entity). Deposit liabilities and the related depositor relationship intangible assets may be exchanged in observable exchange transactions. As a result, the depositor relationship intangible asset is considered identifiable, because the separability criterion has been met. |
Earnings Per Common Share | Earnings Per Common Share Basic earnings per common share is net income available to common shareholders divided by the weighted average number of shares of common stock outstanding during the period. All outstanding unvested share-based payment awards that contain rights to nonforfeitable dividends are considered participating securities for this calculation. Additionally, shares issuable to participants in United’s deferred compensation plan are considered to be participating securities for purposes of calculating basic earnings per share. Accordingly, net income available to common shareholders is calculated pursuant to the two-class method, whereby net income is allocated between common shareholders and participating securities. Diluted earnings per common share includes the dilutive effect of additional potential shares of common stock issuable under stock options, unvested restricted stock without nonforfeitable rights to dividends, warrants and securities convertible into common stock. |
Loss Contingencies | Loss Contingencies Loss contingencies, including claims and legal actions arising in the ordinary course of business, are recorded as liabilities when the likelihood of loss is probable and an amount or range of loss can be reasonably estimated. Management does not believe there are such matters that will have a material effect on the financial statements. |
Dividend Restrictions | Dividend Restrictions Banking regulations require maintaining certain capital levels and may limit dividends paid by the Bank to the Holding Company or by the Holding Company to shareholders. Specifically, dividends paid by the Bank to the Holding Company require pre-approval of the Georgia Department of Banking and Finance and the FDIC during periods in which the Bank has an accumulated deficit (negative retained earnings). |
Fair Value of Financial Instruments | Fair Value of Financial Instruments Fair values of financial instruments are estimated using relevant market information and other assumptions as more fully disclosed in Note 23. Fair value estimates involve uncertainties and matters of significant judgment regarding interest rates, credit risk, prepayments, and other factors, especially in the absence of broad markets for particular items. Changes in assumptions or in market conditions could significantly affect these estimates. |
Stock-Based Compensation | Stock-Based Compensation United uses the fair value method of recognizing expense for stock-based compensation based on the fair value of option and restricted stock awards at the date of grant. United accounts for forfeitures as they occur. |
Reclassifications | Reclassifications Certain amounts have been reclassified to conform to the 2018 presentation. |
Accounting Standards Updates | Accounting Standards Updates In February 2016, the FASB issued Accounting Standards Update (“ASU”) No. 2016-02, Leases (Topic 842) . This guidance was further modified in 2018 by ASU No. 2018-10, Codification Improvements to Topic 842 Leases, ASU No. 2018-11, Leases (Topic 842): Targeted Improvement s, and ASU No. 2018-20, Leases (Topic 842): Narrow-Scope Improvements for Lessors . These standards require a lessee to recognize in the consolidated balance sheet 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. United adopted the standard on January 1, 2019 using the optional transition method, which allowed for a modified retrospective method of adoption with a cumulative effect adjustment to shareholders’ equity without restating comparable periods. United also elected the relief package of practical expedients for which there is no requirement to reassess existence of leases, their classification, and initial direct costs as well as an exemption for short-term leases with a term of less than one year, whereby United does not recognize a lease liability or right-of-use asset on the consolidated balance sheet but instead recognizes lease payments as an expense over the lease term as appropriate. The adoption of this guidance resulted in recognition of a right-of-use asset of $23.7 million , a lease liability of $26.7 million and a reduction of shareholders’ equity of $738,000 . In the opinion of management, the changes described above resulting from the adoption of the standard did not have a material impact on the consolidated financial statements. In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments . This guidance was further modified in November 2018 by ASU No. 2018-19, Codification Improvements to Topic 326, Financial Instruments - Credit Losses. 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 may 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 impact. Management has formed a steering committee and completed a gap assessment and a full project plan. The steering committee has selected a software provider and is in the process of populating relevant data, building models and documenting processes and controls in preparation for a loan-focused parallel run in the first quarter of 2019. United expects to run a full parallel run for the remaining three quarters of 2019 to ensure it is prepared for implementation by the effective date. During monthly steering committee meetings, management regularly reviews project status, gap remediation efforts and project priorities. In March 2017, the FASB issued ASU No. 2017-08, Receivables – Nonrefundable Fees and Other Costs (Subtopic 310-20): Premium Amortization on Purchased Callable Debt Securities . This update shortens the amortization period for certain callable debt securities held at a premium. Specifically, the amendments require the premium to be amortized to the earliest call date. For securities held at a discount, the discount will continue to be amortized to maturity. For public entities, this update is effective for fiscal years beginning after December 15, 2018, with modified retrospective application. The adoption of this update on January 1, 2019 did not have a material impact on the consolidated financial statements. In August 2017, The FASB issued ASU No. 2017-12, Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities . This update expands and refines hedge accounting for both nonfinancial and financial risk components and aligns the recognition and presentation of the effects of the hedging instrument and the hedged item in the financial statements. This update also makes certain targeted improvements to simplify the application of hedge accounting guidance and ease the administrative burden of hedge documentation requirements and assessing hedge effectiveness. For public entities, this update is effective for fiscal years beginning after December 15, 2018. For cash flow and net investment hedges existing at the date of adoption, an entity should apply a cumulative-effect adjustment related to eliminating the separate measurement of ineffectiveness to accumulated other comprehensive income with a corresponding adjustment to the opening balance of retained earnings. The amended presentation and disclosure guidance is required prospectively. The adoption of this update on January 1, 2019 did not have a material impact on the consolidated financial statements. 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. The adoption of the new guidance on January 1, 2019 did not have a material impact on the consolidated financial statements as United does not currently grant equity awards to nonemployees other than directors and does not anticipate doing so. 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. The adoption of the new guidance on January 1, 2019 did not 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. The adoption of the new guidance on January 1, 2019 did not have a material impact on the consolidated financial statements. In August 2018, the FASB issued ASU No. 2018-13, Fair Value Measurement (Topic 820): Disclosure Framework - Changes to the Disclosure Requirements for Fair Value Measurement . The update removes disclosures that are no longer considered cost beneficial, modifies certain requirements of disclosures, and adds disclosure requirements identified as relevant. For public entities, this guidance is effective for fiscal years ending after December 15, 2019 and, depending on the provision, requires either prospective or retrospective application to prior periods presented. United does not expect the new guidance to have a material impact on the consolidated financial statements. In August 2018, the FASB issued ASU No. 2018-14, Compensation - Retirement Benefits - Defined Benefit Plans - General (Subtopic 715-20): Disclosure Framework - Changes to the Disclosure Requirements for Defined Benefit Plans . The update removes disclosures that are no longer considered cost beneficial, clarifies specific requirements of disclosures, and adds disclosure requirements identified as relevant. For public entities, this guidance is effective for fiscal years ending after December 15, 2020 and requires retrospective application to prior periods presented. United does not expect the new guidance to have a material impact on the consolidated financial statements. In August 2018, the FASB issued ASU No. 2018-15, Intangibles - Goodwill and Other - Internal-Use Software (Subtopic 350-40): Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That is a Service Contract (a consensus of the FASB Emerging Issues Task Force) . This update aligns the requirements for capitalizing implementation costs incurred in a hosting arrangement that is a service contract with the requirements for capitalizing implementation costs incurred to develop or obtain internal use software. For public entities, this guidance is effective for fiscal years ending after December 15, 2019 with either retrospective or prospective application. United does not expect the new guidance to have a material impact on the consolidated financial statements. In October 2018, the FASB issued ASU No. 2018-16, Derivatives and Hedging (Topic 815): Inclusion of the Secured Overnight Financing Rate (SOFR) Overnight Index Swap (OIS) Rate as a Benchmark Interest Rate for Hedge Accounting Purposes . This update permits the use of the OIS rate based on SOFR as a U.S. benchmark interest rate for hedge accounting purposes. For public entities, this guidance is effective for fiscal years beginning after December 15, 2018 and should be applied on a prospective basis for qualifying new or redesignated hedging relationships. The adoption of this update on January 1, 2019 did not have a material impact on the consolidated financial statements. In October 2018, the FASB issued ASU No. 2018-17, Consolidation (Topic 810): Targeted Improvements to Related Party Guidance for Variable Interest Entities . In addition to expanding the private company accounting alternative for applying variable interest entities (“VIE”) guidance, this update modifies the evaluation of decision-making fees for all entities applying VIE guidance. For public entities, this guidance is effective for fiscal years beginning after December 31, 2019 with retrospective application. United does not expect the new guidance to have a material impact on the consolidated financial statements. Standards Adopted in 2018 In May 2014, the FASB issued 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. On January 1, 2018, United adopted ASU 2014-09 and all subsequent amendments to the ASU (collectively, ASC 606) using the modified retrospective approach. Because the guidance did not apply to revenue associated with financial instruments, including loans, leases, derivatives 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. 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. In May 2017, the FASB issued ASU No. 2017-09, Compensation – Stock Compensation (Topic 718): Scope of Modification Accounting . This update clarifies which changes to the terms or conditions of a share-based payment award require an entity to apply modification accounting. Specifically, modification accounting should be applied unless the fair value of the modified award is the same as the original award immediately before modification, the vesting conditions of the modified award are the same as the original award immediately before modification, and the classification of the modified award as an equity instrument or a liability instrument is the same as the classification of the original award immediately before modification. For public entities, this update is effective for fiscal years beginning after December 15, 2017, with prospective application. The adoption of this update did not have a material impact on the consolidated financial statements. |
Mergers and Acquisitions (Table
Mergers and Acquisitions (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Business Acquisition [Line Items] | |
Schedule of actual results and pro forma information | The following table presents the actual results and pro forma information for the periods indicated (in thousands) . (Unaudited) Year Ended December 31, Revenue Net Income 2018 Actual NLFC results included in the statement of income since acquisition date $ 24,285 $ 7,149 Supplemental consolidated pro forma as if NLFC had been acquired January 1, 2017 526,137 168,445 2017 Actual FOFN results included in statement of income since acquisition date $ 5,265 $ 1,406 Actual HCSB results included in statement of income since acquisition date 5,775 1,385 Supplemental consolidated pro forma as if FOFN and HCSB had been acquired January 1, 2016 and NLFC had been acquired January 1, 2017 495,052 78,958 2016 Actual Tidelands results included in statement of income since acquisition date $ 7,512 $ 1,189 Supplemental consolidated pro forma as if FOFN and HCSB had been acquired January 1, 2016 and Tidelands had been acquired January 1, 2015 452,713 89,200 |
NLFC Holdings Corp | |
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. |
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 |
Four Oaks FinCorp, Inc | |
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 FOFN Fair Value Adjustments As Recorded by United Assets Cash and cash equivalents $ 48,652 $ 6 $ 48,658 Securities 114,190 782 114,972 Loans held for sale 13,976 (3,290 ) 10,686 Loans, net 491,721 (5,477 ) 486,244 Premises and equipment, net 11,251 1,147 12,398 Bank owned life insurance 20,339 — 20,339 Accrued interest receivable 1,858 (118 ) 1,740 Net deferred tax asset 18,333 (999 ) 17,334 Intangibles — 8,738 8,738 Other real estate owned 1,173 (514 ) 659 Other assets 8,792 (69 ) 8,723 Total assets acquired $ 730,285 $ 206 $ 730,491 Liabilities Deposits $ 563,840 $ 1,365 $ 565,205 Federal Home Loan Bank advances 65,000 224 65,224 Long-term debt 23,872 (4,125 ) 19,747 Other liabilities 7,330 60 7,390 Total liabilities assumed 660,042 (2,476 ) 657,566 Excess of assets acquired over liabilities assumed $ 70,243 Aggregate fair value adjustments $ 2,682 Total identifiable net assets 72,925 Consideration transferred Cash 12,802 Common stock issued (4,145,343 shares) 113,665 Total fair value of consideration transferred 126,467 Goodwill $ 53,542 |
Additional information related to acquired loan portfolio at acquisition date | The following table presents additional information related to the acquired loan portfolio at the acquisition date (in thousands) : November 1, 2017 Accounted for pursuant to ASC 310-30: Contractually required principal and interest $ 49,377 Non-accretable difference 8,244 Cash flows expected to be collected 41,133 Accretable yield 3,313 Fair value $ 37,820 Excluded from ASC 310-30: Fair value $ 448,462 Gross contractual amounts receivable 509,629 Estimate of contractual cash flows not expected to be collected 6,081 |
HCSB Financial 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 HCSB Fair Value Adjustments As Recorded by United Assets Cash and cash equivalents $ 17,855 $ (2 ) $ 17,853 Securities 101,462 (142 ) 101,320 Loans, net 228,483 (12,536 ) 215,947 Premises and equipment, net 14,030 (6,606 ) 7,424 Bank owned life insurance 11,827 — 11,827 Accrued interest receivable 1,322 (275 ) 1,047 Net deferred tax asset — 25,579 25,579 Intangibles — 5,716 5,716 Other real estate owned 1,177 (372 ) 805 Other assets 1,950 (32 ) 1,918 Total assets acquired $ 378,106 $ 11,330 $ 389,436 Liabilities Deposits $ 318,512 $ 430 $ 318,942 Repurchase agreements 1,141 — 1,141 Federal Home Loan Bank advances 24,000 517 24,517 Other liabilities 1,955 91 2,046 Total liabilities assumed 345,608 1,038 346,646 Excess of assets acquired over liabilities assumed $ 32,498 Aggregate fair value adjustments $ 10,292 Total identifiable net assets 42,790 Consideration transferred Cash 31 Common stock issued (2,370,331 shares) 65,800 Total fair value of consideration transferred 65,831 Equity interest in HCSB held before the business combination 1,125 Goodwill $ 24,166 |
Additional information related to acquired loan portfolio at acquisition date | The following table presents additional information related to the acquired loan portfolio at the acquisition date (in thousands) : July 31, 2017 Accounted for pursuant to ASC 310-30: Contractually required principal and interest $ 46,069 Non-accretable difference 12,413 Cash flows expected to be collected 33,656 Accretable yield 3,410 Fair value $ 30,246 Excluded from ASC 310-30: Fair value $ 185,701 Gross contractual amounts receivable 212,780 Estimate of contractual cash flows not expected to be collected 3,985 |
Tidelands Bancshares, Inc | |
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 Tidelands Fair Value Adjustments As Recorded by United Assets Cash and cash equivalents $ 13,121 $ — $ 13,121 Securities 65,676 (155 ) 65,521 Loans held for sale 139 3 142 Loans, net 317,938 (12,035 ) 305,903 Premises and equipment, net 19,133 (7,944 ) 11,189 Bank owned life insurance 16,917 — 16,917 Accrued interest receivable 1,086 (167 ) 919 Net deferred tax asset 73 15,639 15,712 Core deposit intangible — 1,570 1,570 Other real estate owned 9,881 (2,386 ) 7,495 Other assets 1,920 (164 ) 1,756 Total assets acquired $ 445,884 $ (5,639 ) $ 440,245 Liabilities Deposits $ 398,108 $ 1,765 $ 399,873 Repurchase agreements 10,000 155 10,155 Federal Home Loan Bank advances 13,000 354 13,354 Long-term debt 14,434 (3,668 ) 10,766 Other liabilities 11,587 (5,986 ) 5,601 Total liabilities assumed 447,129 (7,380 ) 439,749 Excess of assets acquired over liabilities assumed $ (1,245 ) Aggregate fair value adjustments $ 1,741 Total identifiable net assets 496 Consideration transferred Cash paid to redeem common stock 2,224 Cash paid to redeem preferred stock issued under the Treasury’s Capital Purchase Program 8,985 Total fair value of consideration transferred 11,209 Goodwill $ 10,713 |
Additional information related to acquired loan portfolio at acquisition date | The following table presents additional information related to the acquired loan portfolio at the acquisition date (in thousands) : July 1, 2016 Accounted for pursuant to ASC 310-30: Contractually required principal and interest $ 50,660 Non-accretable difference 13,483 Cash flows expected to be collected 37,177 Accretable yield 2,113 Fair value $ 35,064 Excluded from ASC 310-30: Fair value $ 270,839 Gross contractual amounts receivable 302,331 Estimate of contractual cash flows not expected to be collected 3,859 |
Balance Sheet Offsetting and _2
Balance Sheet Offsetting and Repurchase Agreements Accounted for as Secured Borrowings (Tables) | 12 Months Ended |
Dec. 31, 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 December 31, 2018 Net Asset Balance Financial Instruments Collateral Received Net Amount Repurchase agreements / reverse repurchase agreements $ 50,000 $ (50,000 ) $ — $ — $ — $ — Derivatives 24,705 — 24,705 (973 ) (8,029 ) 15,703 Total $ 74,705 $ (50,000 ) $ 24,705 $ (973 ) $ (8,029 ) $ 15,703 Weighted average interest rate of reverse repurchase agreements 3.20 % Gross Amounts of Recognized Liabilities Gross Amounts Offset on the Balance Sheet Gross Amounts not Offset in the Balance Sheet Net Liability Balance Financial Instruments Collateral Pledged Net Amount Repurchase agreements / reverse repurchase agreements $ 50,000 $ (50,000 ) $ — $ — $ — $ — Derivatives 26,433 — 26,433 (973 ) (16,126 ) 9,334 Total $ 76,433 $ (50,000 ) $ 26,433 $ (973 ) $ (16,126 ) $ 9,334 Weighted average interest rate of repurchase agreements 2.45 % 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 Gross Amounts not Offset in the Balance Sheet Net 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 Continuous Up to 30 Days 30 to 90 Days 91 to 110 Days Total As of December 31, 2018 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 $ — As of December 31, 2017 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 $ — |
Investment Securities (Tables)
Investment Securities (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Investments, Debt and Equity Securities [Abstract] | |
Schedule of cost basis, unrealized gains and losses, and fair value of securities held-to-maturity | The cost basis, unrealized gains and losses, and fair value of debt 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 December 31, 2018 State and political subdivisions $ 68,551 $ 952 $ 2,191 $ 67,312 Residential mortgage-backed securities 176,488 652 5,094 172,046 Commercial mortgage-backed securities 29,368 173 96 29,445 Total $ 274,407 $ 1,777 $ 7,381 $ 268,803 As of December 31, 2017 State and political subdivisions $ 71,959 $ 1,574 $ 178 $ 73,355 Residential mortgage-backed securities 208,805 1,586 3,289 207,102 Commercial mortgage-backed securities 40,330 625 136 40,819 Total $ 321,094 $ 3,785 $ 3,603 $ 321,276 |
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 debt securities available-for-sale as of the dates indicated are as follows (in thousands): Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value As of December 31, 2018 U.S. Treasuries $ 150,712 $ 767 $ 2,172 $ 149,307 U.S. Government agencies 25,493 335 275 25,553 State and political subdivisions 234,750 907 1,716 233,941 Residential mortgage-backed securities 1,464,380 3,428 21,898 1,445,910 Commercial mortgage-backed securities 399,663 187 7,933 391,917 Corporate bonds 200,582 502 1,921 199,163 Asset-backed securities 184,683 328 2,335 182,676 Total $ 2,660,263 $ 6,454 $ 38,250 $ 2,628,467 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 Residential mortgage-backed securities 1,317,371 7,058 12,696 1,311,733 Commercial mortgage-backed securities 420,685 31 5,238 415,478 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 |
Schedule of summary of held to maturity securities in an unrealized loss position | The following summarizes debt securities held-to-maturity 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 December 31, 2018 State and political subdivisions $ 7,062 $ 46 $ 34,146 $ 2,145 $ 41,208 $ 2,191 Residential mortgage-backed securities 6,579 61 136,376 5,033 142,955 5,094 Commercial mortgage-backed securities — — 4,290 96 4,290 96 Total unrealized loss position $ 13,641 $ 107 $ 174,812 $ 7,274 $ 188,453 $ 7,381 As of December 31, 2017 State and political subdivisions $ 8,969 $ 178 $ — $ — $ 8,969 $ 178 Residential mortgage-backed securities 82,893 1,377 64,337 1,912 147,230 3,289 Commercial mortgage-backed securities 12,460 71 1,531 65 13,991 136 Total unrealized loss position $ 104,322 $ 1,626 $ 65,868 $ 1,977 $ 170,190 $ 3,603 |
Schedule of summary of available for sale securities in an unrealized loss position | The following summarizes debt securities available-for-sale 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 December 31, 2018 U.S. Treasuries $ — $ — $ 120,391 $ 2,172 $ 120,391 $ 2,172 U.S. Government agencies — — 21,519 275 21,519 275 State and political subdivisions 15,160 28 133,500 1,688 148,660 1,716 Residential mortgage-backed securities 234,583 808 775,360 21,090 1,009,943 21,898 Commercial mortgage-backed securities 4,552 594 355,292 7,339 359,844 7,933 Corporate bonds — — 117,296 1,921 117,296 1,921 Asset-backed securities 74,492 1,879 31,968 456 106,460 2,335 Total unrealized loss position $ 328,787 $ 3,309 $ 1,555,326 $ 34,941 $ 1,884,113 $ 38,250 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 Residential mortgage-backed securities 655,180 5,692 242,501 7,004 897,681 12,696 Commercial mortgage-backed securities 309,025 3,007 86,422 2,231 395,447 5,238 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 available-for-sale securities sales activities | Realized gains and losses are derived using the specific identification method for determining the cost of the securities sold. The following summarizes securities sales activities for the years ended December 31 (in thousands) : 2018 2017 2016 Proceeds from sales $ 168,891 $ 340,540 $ 199,864 Gross gains on sales $ 2,082 $ 1,247 $ 1,647 Gross losses on sales (2,738 ) (1,205 ) (665 ) Net (losses) gains on sales of securities $ (656 ) $ 42 $ 982 Income tax (benefit) expense attributable to sales $ (132 ) $ 14 $ 371 |
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 debt available-for-sale and held-to-maturity securities at December 31, 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 $ 122,563 $ 120,391 $ — $ — 5 to 10 years 28,149 28,916 — — 150,712 149,307 — — US Government agencies: 1 to 5 years 20,794 20,538 — — More than 10 years 4,699 5,015 — — 25,493 25,553 — — State and political subdivisions: Within 1 year 500 504 5,830 5,859 1 to 5 years 43,526 43,045 10,968 11,317 5 to 10 years 41,841 41,771 8,354 8,928 More than 10 years 148,883 148,621 43,399 41,208 234,750 233,941 68,551 67,312 Corporate bonds: 1 to 5 years 198,082 196,654 — — 5 to 10 years 1,500 1,514 — — More than 10 years 1,000 995 — — 200,582 199,163 — — Asset-backed securities: 5 to 10 years 2,305 2,300 — — More than 10 years 182,378 180,376 — — 184,683 182,676 — — Total securities other than mortgage-backed securities: Within 1 year 500 504 5,830 5,859 1 to 5 years 384,965 380,628 10,968 11,317 5 to 10 years 73,795 74,501 8,354 8,928 More than 10 years 336,960 335,007 43,399 41,208 Residential mortgage-backed securities 1,464,380 1,445,910 176,488 172,046 Commercial mortgage-backed securities 399,663 391,917 29,368 29,445 $ 2,660,263 $ 2,628,467 $ 274,407 $ 268,803 |
Loans and Leases and Allowanc_2
Loans and Leases and Allowance for Credit Losses (Tables) | 12 Months Ended |
Dec. 31, 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) : December 31, 2018 2017 Owner occupied commercial real estate $ 1,647,904 $ 1,923,993 Income producing commercial real estate 1,812,420 1,595,174 Commercial & industrial 1,278,347 1,130,990 Commercial construction 796,158 711,936 Equipment financing 564,614 — Total commercial 6,099,443 5,362,093 Residential mortgage 1,049,232 973,544 Home equity lines of credit 694,010 731,227 Residential construction 211,011 183,019 Consumer direct 122,013 127,504 Indirect auto 207,692 358,185 Total loans 8,383,401 7,735,572 Less allowance for loan losses (61,203 ) (58,914 ) Loans, net $ 8,322,198 $ 7,676,658 |
Schedule of changes in the value of the accretable yield for PCI loans | The following table presents changes in the value of the accretable yield for PCI loans for the years ended December 31 (in thousands) : 2018 2017 Balance at beginning of period $ 17,686 $ 7,981 Additions due to acquisitions 1,977 6,723 Accretion (13,696 ) (7,451 ) Reclassification from nonaccretable difference 15,326 7,283 Changes in expected cash flows that do not affect nonaccretable difference 5,575 3,150 Balance at end of period $ 26,868 $ 17,686 |
Schedule of components of net investment in leases | At December 31, 2018 , equipment financing assets included leases of $30.4 million . The components of the net investment in leases are presented below (in thousands) . December 31, 2018 Minimum future lease payments receivable $ 31,915 Estimated residual value of leased equipment 3,593 Initial direct costs 827 Security deposits (1,189 ) Purchase accounting premium 806 Unearned income (5,568 ) Net investment in leases $ 30,384 |
Schedule of minimum future lease payments expected to be received from lease contracts | Minimum future lease payments expected to be received from lease contracts as of December 31, 2018 are as follows (in thousands) : Year 2019 $ 12,689 2020 9,433 2021 5,641 2022 3,058 2023 1,086 Thereafter 8 Total $ 31,915 |
Schedule of loans outstanding to executive officers and directors | The following is a summary of such loans outstanding and the activity in these loans for the years ended December 31 (in thousands) : 2018 2017 Balance at beginning of period $ 2,262 $ 2,432 New loans and advances 66 86 Repayments (1,102 ) (256 ) Change in related party status (1,179 ) — Balance at end of period $ 47 $ 2,262 |
Schedule of balance and activity in allowance for credit losses and recorded investment 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) : Year Ended December 31, 2018 Beginning Balance Charge-Offs Recoveries Provision Ending Balance Owner occupied commercial real estate $ 14,776 $ (303 ) $ 1,227 $ (3,493 ) $ 12,207 Income producing commercial real estate 9,381 (3,304 ) 1,064 3,932 11,073 Commercial & industrial 3,971 (1,669 ) 1,390 1,110 4,802 Commercial construction 10,523 (622 ) 734 (298 ) 10,337 Equipment financing — (1,536 ) 460 6,528 5,452 Residential mortgage 10,097 (754 ) 336 (1,384 ) 8,295 Home equity lines of credit 5,177 (1,194 ) 423 346 4,752 Residential construction 2,729 (54 ) 376 (618 ) 2,433 Consumer direct 710 (2,445 ) 807 1,781 853 Indirect auto 1,550 (1,277 ) 228 498 999 Total allowance for loan losses 58,914 (13,158 ) 7,045 8,402 61,203 Allowance for unfunded commitments 2,312 — — 1,098 3,410 Total allowance for credit losses $ 61,226 $ (13,158 ) $ 7,045 $ 9,500 $ 64,613 Year Ended December 31, 2017 Beginning Balance Charge-Offs Recoveries Provision Ending Balance Owner occupied commercial real estate $ 16,446 $ (406 ) $ 980 $ (2,244 ) $ 14,776 Income producing commercial real estate 8,843 (2,985 ) 178 3,345 9,381 Commercial & industrial 3,810 (1,528 ) 1,768 (79 ) 3,971 Commercial construction 13,405 (1,023 ) 1,018 (2,877 ) 10,523 Equipment financing — — — — — Residential mortgage 8,545 (1,473 ) 314 2,711 10,097 Home equity lines of credit 4,599 (1,435 ) 567 1,446 5,177 Residential construction 3,264 (129 ) 178 (584 ) 2,729 Consumer direct 708 (1,803 ) 917 888 710 Indirect auto 1,802 (1,420 ) 284 884 1,550 Total allowance for loan losses 61,422 (12,202 ) 6,204 3,490 58,914 Allowance for unfunded commitments 2,002 — — 310 2,312 Total allowance for credit losses $ 63,424 $ (12,202 ) $ 6,204 $ 3,800 $ 61,226 Year Ended December 31, 2016 Beginning Balance Charge-Offs Recoveries Provision Ending Balance Owner occupied commercial real estate $ 18,016 $ (2,029 ) $ 706 $ (247 ) $ 16,446 Income producing commercial real estate 11,548 (1,433 ) 580 (1,852 ) 8,843 Commercial & industrial 4,433 (1,830 ) 1,689 (482 ) 3,810 Commercial construction 9,553 (837 ) 821 3,868 13,405 Equipment financing — — — — — Residential mortgage 12,719 (1,151 ) 301 (3,324 ) 8,545 Home equity lines of credit 5,956 (1,690 ) 386 (53 ) 4,599 Residential construction 4,002 (533 ) 79 (284 ) 3,264 Consumer direct 828 (1,459 ) 800 539 708 Indirect auto 1,393 (1,399 ) 233 1,575 1,802 Total allowance for loan losses 68,448 (12,361 ) 5,595 (260 ) 61,422 Allowance for unfunded commitments 2,542 — — (540 ) 2,002 Total allowance for credit losses $ 70,990 $ (12,361 ) $ 5,595 $ (800 ) $ 63,424 The following table presents 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 for the periods indicated (in thousands) : Allowance for Credit Losses December 31, 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 $ 862 $ 11,328 $ 17 $ 12,207 $ 1,255 $ 13,521 $ — $ 14,776 Income producing commercial real estate 402 10,671 — 11,073 562 8,813 6 9,381 Commercial & industrial 32 4,761 9 4,802 27 3,944 — 3,971 Commercial construction 71 9,974 292 10,337 156 10,367 — 10,523 Equipment financing — 5,045 407 5,452 — — — — Residential mortgage 861 7,410 24 8,295 1,174 8,919 4 10,097 Home equity lines of credit 1 4,740 11 4,752 — 5,177 — 5,177 Residential construction 51 2,382 — 2,433 75 2,654 — 2,729 Consumer direct 6 847 — 853 7 700 3 710 Indirect auto 26 973 — 999 — 1,550 — 1,550 Total allowance for loan losses 2,312 58,131 760 61,203 3,256 55,645 13 58,914 Allowance for unfunded commitments — 3,410 — 3,410 — 2,312 — 2,312 Total allowance for credit losses $ 2,312 $ 61,541 $ 760 $ 64,613 $ 3,256 $ 57,957 $ 13 $ 61,226 Loans Outstanding December 31, 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 $ 17,602 $ 1,620,450 $ 9,852 $ 1,647,904 $ 21,823 $ 1,876,411 $ 25,759 $ 1,923,993 Income producing commercial real estate 16,584 1,757,525 38,311 1,812,420 16,483 1,533,851 44,840 1,595,174 Commercial & industrial 1,621 1,276,318 408 1,278,347 2,654 1,126,894 1,442 1,130,990 Commercial construction 2,491 787,760 5,907 796,158 3,813 699,266 8,857 711,936 Equipment financing — 556,672 7,942 564,614 — — — — Residential mortgage 14,220 1,025,862 9,150 1,049,232 14,193 946,210 13,141 973,544 Home equity lines of credit 276 692,122 1,612 694,010 101 728,235 2,891 731,227 Residential construction 1,207 209,070 734 211,011 1,577 180,978 464 183,019 Consumer direct 211 121,269 533 122,013 270 126,114 1,120 127,504 Indirect auto 1,237 206,455 — 207,692 1,396 356,789 — 358,185 Total loans $ 55,449 $ 8,253,503 $ 74,449 $ 8,383,401 $ 62,310 $ 7,574,748 $ 98,514 $ 7,735,572 |
Schedule of loans individually evaluated for impairment by class of loans | The following table presents loans individually evaluated for impairment by class of loans as of the dates indicated (in thousands) : December 31, 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 $ 8,650 $ 6,546 $ — $ 1,238 $ 1,176 $ — Income producing commercial real estate 9,986 9,881 — 2,177 2,165 — Commercial & industrial 525 370 — 1,758 1,471 — Commercial construction 685 507 — 134 134 — Equipment financing — — — — — — Total commercial 19,846 17,304 — 5,307 4,946 — Residential mortgage 5,787 5,202 — 2,661 2,566 — Home equity lines of credit 330 234 — 393 101 — Residential construction 554 428 — 405 330 — Consumer direct 18 17 — 29 29 — Indirect auto 294 292 — 1,396 1,396 — Total with no related allowance recorded 26,829 23,477 — 10,191 9,368 — With an allowance recorded: Owner occupied commercial real estate 11,095 11,056 862 21,262 20,647 1,255 Income producing commercial real estate 6,968 6,703 402 14,419 14,318 562 Commercial & industrial 1,652 1,251 32 1,287 1,183 27 Commercial construction 2,130 1,984 71 3,917 3,679 156 Equipment financing — — — — — — Total commercial 21,845 20,994 1,367 40,885 39,827 2,000 Residential mortgage 9,169 9,018 861 12,086 11,627 1,174 Home equity lines of credit 45 42 1 — — — Residential construction 791 779 51 1,325 1,247 75 Consumer direct 199 194 6 244 241 7 Indirect auto 946 945 26 — — — Total with an allowance recorded 32,995 31,972 2,312 54,540 52,942 3,256 Total $ 59,824 $ 55,449 $ 2,312 $ 64,731 $ 62,310 $ 3,256 |
Schedule of loans modified under the terms of a TDR | Loans modified under the terms of a TDR during the years ended December 31 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 years ended December 31 that were initially restructured within one year prior to default (dollars in thousands) : New TDRs Number of Contracts Pre-Modification Outstanding Recorded Investment Post-Modification Outstanding Recorded Investment by Type of Modification TDRs Modified Within the Year That Have Subsequently Defaulted Year Ended December 31, 2018 Rate Reduction Structure Other Total Number of Contracts Recorded Investment Owner occupied commercial real estate 5 $ 1,438 $ — $ 1,387 $ — $ 1,387 3 $ 1,869 Income producing commercial real estate 2 3,753 106 3,637 — 3,743 — — Commercial & industrial 2 108 — 32 — 32 1 232 Commercial construction — — — — — — 1 3 Equipment financing — — — — — — — — Total commercial 9 5,299 106 5,056 — 5,162 5 2,104 Residential mortgage 15 1,933 130 1,770 — 1,900 1 101 Home equity lines of credit 1 42 — — 41 41 — — Residential construction 2 47 — 32 13 45 — — Consumer direct 2 7 — — 7 7 — — Indirect auto 35 643 — — 643 643 — — Total loans 64 $ 7,971 $ 236 $ 6,858 $ 704 $ 7,798 6 $ 2,205 Year Ended December 31, 2017 Owner occupied commercial real estate 6 $ 2,603 $ — $ 2,161 $ 108 $ 2,269 — $ — Income producing commercial real estate 2 257 — — 252 252 — — Commercial & industrial 6 901 — 174 533 707 — — Commercial construction — — — — — — — — Equipment financing — — — — — — — — Total commercial 14 3,761 — 2,335 893 3,228 — — Residential mortgage 23 2,174 — 2,165 — 2,165 4 852 Home equity lines of credit 1 296 — — 176 176 — — Residential construction 4 135 40 95 — 135 — — Consumer direct 2 16 — 16 — 16 — — Indirect auto 34 786 — — 786 786 — — Total loans 78 $ 7,168 $ 40 $ 4,611 $ 1,855 $ 6,506 4 $ 852 Year Ended December 31, 2016 Owner occupied commercial real estate 8 $ 2,699 $ — $ 2,699 $ — $ 2,699 1 $ 252 Income producing commercial real estate 1 257 — 257 — 257 — — Commercial & industrial 5 1,012 — 1,012 — 1,012 2 34 Commercial construction 3 458 — 393 65 458 — — Equipment financing — — — — — — — — Total commercial 17 4,426 — 4,361 65 4,426 3 286 Residential mortgage 28 3,262 1,992 1,135 40 3,167 1 85 Home equity lines of credit 1 38 38 — — 38 — — Residential construction 7 584 46 376 82 504 — — Consumer direct 6 71 13 58 — 71 — — Indirect auto 35 966 — — 966 966 — — Total loans 94 $ 9,347 $ 2,089 $ 5,930 $ 1,153 $ 9,172 4 $ 371 |
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 is presented below for the last three years (in thousands) : 2018 2017 2016 Average Balance Interest Revenue Recognized During Impairment Cash Basis Interest Revenue Received 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 $ 19,881 $ 1,078 $ 1,119 $ 27,870 $ 1,271 $ 1,291 $ 33,297 $ 1,667 $ 1,704 Income producing commercial real estate 17,138 893 895 24,765 1,265 1,178 31,661 1,418 1,457 Commercial & industrial 1,777 100 100 2,994 125 127 2,470 123 118 Commercial construction 3,247 176 174 5,102 225 229 5,879 267 264 Equipment financing — — — — — — — — — Total commercial 42,043 2,247 2,288 60,731 2,886 2,825 73,307 3,475 3,543 Residential mortgage 14,515 641 643 14,257 555 574 14,118 637 633 Home equity lines of credit 284 18 16 248 10 12 93 4 4 Residential construction 1,405 96 95 1,582 95 95 1,677 89 88 Consumer direct 249 18 18 292 22 22 302 22 23 Indirect auto 1,252 64 64 1,244 64 64 928 47 47 Total $ 59,748 $ 3,084 $ 3,124 $ 78,354 $ 3,632 $ 3,592 $ 90,425 $ 4,274 $ 4,338 |
Schedule of recorded investment in nonaccrual loans held for investment by loan class | The following table presents the recorded investment in nonaccrual loans held for investment by loan class as of the dates indicated (in thousands) : December 31, 2018 2017 Owner occupied commercial real estate $ 6,421 $ 4,923 Income producing commercial real estate 1,160 3,208 Commercial & industrial 1,417 2,097 Commercial construction 605 758 Equipment financing 2,677 — Total commercial 12,280 10,986 Residential mortgage 8,035 8,776 Home equity lines of credit 2,360 2,024 Residential construction 288 192 Consumer direct 89 43 Indirect auto 726 1,637 Total $ 23,778 $ 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 30 - 59 Days 60 - 89 Days > 90 Days Total Loans Not Past Due PCI Loans Total As of December 31, 2018 Owner occupied commercial real estate $ 2,542 $ 2,897 $ 1,011 $ 6,450 $ 1,631,602 $ 9,852 $ 1,647,904 Income producing commercial real estate 1,624 291 301 2,216 1,771,893 38,311 1,812,420 Commercial & industrial 7,189 718 400 8,307 1,269,632 408 1,278,347 Commercial construction 267 — 68 335 789,916 5,907 796,158 Equipment financing 1,351 739 2,658 4,748 551,924 7,942 564,614 Total commercial 12,973 4,645 4,438 22,056 6,014,967 62,420 6,099,443 Residential mortgage 5,461 1,788 1,950 9,199 1,030,883 9,150 1,049,232 Home equity lines of credit 2,112 864 902 3,878 688,520 1,612 694,010 Residential construction 509 63 190 762 209,515 734 211,011 Consumer direct 600 82 21 703 120,777 533 122,013 Indirect auto 750 323 633 1,706 205,986 — 207,692 Total loans $ 22,405 $ 7,765 $ 8,134 $ 38,304 $ 8,270,648 $ 74,449 $ 8,383,401 As of December 31, 2017 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 | As of December 31, and based on the most recent analysis performed, the risk category of loans by class of loans is as follows (in thousands) : Pass Watch Substandard Doubtful / Loss Total As of December 31, 2018 Owner occupied commercial real estate $ 1,585,797 $ 16,651 $ 35,604 $ — $ 1,638,052 Income producing commercial real estate 1,735,456 20,923 17,730 — 1,774,109 Commercial & industrial 1,247,206 8,430 22,303 — 1,277,939 Commercial construction 777,780 4,533 7,938 — 790,251 Equipment financing 553,995 — 2,677 — 556,672 Total commercial 5,900,234 50,537 86,252 — 6,037,023 Residential mortgage 1,028,660 — 11,422 — 1,040,082 Home equity lines of credit 688,493 — 3,905 — 692,398 Residential construction 209,744 — 533 — 210,277 Consumer direct 121,247 19 214 — 121,480 Indirect auto 205,632 — 2,060 — 207,692 Total loans, excluding PCI loans 8,154,010 50,556 104,386 — 8,308,952 Owner occupied commercial real estate 3,352 2,774 3,726 — 9,852 Income producing commercial real estate 23,430 13,403 1,478 — 38,311 Commercial & industrial 266 48 94 — 408 Commercial construction 3,503 188 2,216 — 5,907 Equipment financing 7,725 — 217 — 7,942 Total commercial 38,276 16,413 7,731 — 62,420 Residential mortgage 6,914 — 2,236 — 9,150 Home equity lines of credit 1,492 — 120 — 1,612 Residential construction 687 — 47 — 734 Consumer direct 493 — 40 — 533 Indirect auto — — — — — Total PCI loans 47,862 16,413 10,174 — 74,449 Total loan portfolio $ 8,201,872 $ 66,969 $ 114,560 $ — $ 8,383,401 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 |
Premises and Equipment (Tables)
Premises and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Property, Plant and Equipment [Abstract] | |
Schedule of premises and equipment | Premises and equipment are summarized as follows as of the dates indicated (in thousands) : December 31, 2018 2017 Land and land improvements $ 78,066 $ 80,335 Buildings and improvements 153,980 148,048 Furniture and equipment 93,854 82,775 Construction in progress 5,350 11,714 331,250 322,872 Less accumulated depreciation (125,110 ) (114,020 ) Premises and equipment, net $ 206,140 $ 208,852 |
Schedule of rent commitments under operating leases | As of December 31, 2018 , rent commitments under operating leases, before considering renewal options that generally are present, were as follows (in thousands) : 2019 $ 5,352 2020 5,158 2021 4,907 2022 4,483 2023 3,907 Thereafter 5,037 Total $ 28,844 |
Goodwill and Other Intangible_2
Goodwill and Other Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 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 is summarized below as of the dates indicated (in thousands) : December 31, 2018 2017 Core deposit intangible $ 62,652 $ 62,652 Less: accumulated amortization (46,141 ) (41,229 ) Net core deposit intangible 16,511 21,423 Noncompete agreement 3,144 3,144 Less: accumulated amortization (2,695 ) (761 ) Net noncompete agreement 449 2,383 Total intangibles subject to amortization, net 16,960 23,806 Goodwill 307,112 220,591 Total goodwill and other intangible assets, net $ 324,072 $ 244,397 |
Schedule of changes in the carrying amounts of goodwill | The following is a summary of changes in the carrying amounts of goodwill for the years indicated (in thousands) : Goodwill Accumulated Impairment Losses Goodwill, net of Accumulated Impairment Losses December 31, 2016 $ 447,615 $ (305,590 ) $ 142,025 Acquisition of FOFN 54,703 — 54,703 Acquisition of HCSB 23,863 — 23,863 December 31, 2017 526,181 (305,590 ) 220,591 Acquisition of NLFC 87,379 — 87,379 Measurement period adjustments - FOFN and HCSB (858 ) — (858 ) December 31, 2018 $ 612,702 $ (305,590 ) $ 307,112 |
Schedule of amortization expense for future periods | The estimated aggregate amortization expense for future periods for core deposit intangibles and noncompete agreements is as follows (in thousands) : Year 2019 $ 4,551 2020 3,315 2021 2,557 2022 1,982 2023 1,519 Thereafter 3,036 Total $ 16,960 |
Servicing Rights (Tables)
Servicing Rights (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Transfers and Servicing [Abstract] | |
Schedule of changes in the balances of servicing assets and servicing liabilities | Changes in the balances of servicing assets and servicing liabilities are as follows for the years indicated (in thousands) : 2018 2017 2016 Servicing rights for SBA/USDA loans, beginning of period $ 7,740 $ 5,752 $ 3,712 Additions: Acquired servicing rights (1) (354 ) 419 — Originated servicing rights capitalized upon sale of loans 2,573 2,737 2,723 Subtractions: Disposals (810 ) (621 ) (393 ) Changes in fair value: Due to change in inputs or assumptions used in the valuation model (1,639 ) (547 ) (290 ) Servicing rights for SBA/USDA loans, end of period $ 7,510 $ 7,740 $ 5,752 (1) Includes measurement period adjustments further discussed in Note 3. |
Schedule of key characteristics, inputs, and economic assumptions used to estimate the fair value of SBA Servicing Asset | A summary of the key characteristics, inputs, and economic assumptions used to estimate the fair value of the servicing asset for SBA/USDA loans and the sensitivity of the fair values to immediate adverse changes in those assumptions are shown in the table below as of the dates indicated (in thousands) : December 31, 2018 2017 Fair value of retained servicing assets $ 7,510 $ 7,740 Prepayment rate assumption 12.07 % 8.31 % 10% adverse change $ (267 ) $ (236 ) 20% adverse change $ (515 ) $ (460 ) Discount rate 14.5 % 12.5 % 100 bps adverse change $ (196 ) $ (262 ) 200 bps adverse change $ (381 ) $ (507 ) Weighted-average life (years) 5.0 6.3 Weighted-average gross margin 1.94 % 1.85 % |
Schedule of changes in residential mortgage servicing rights | The following table summarizes the changes in residential mortgage servicing rights for the years indicated ( in thousands ). Fair value Amortized cost 2018 2017 2016 Residential mortgage servicing rights, beginning of period $ 8,262 $ 4,372 $ 3,370 Additions: Originated servicing rights capitalized upon sale of loans 4,587 3,602 2,124 Subtractions: Disposals (537 ) (328 ) — Amortization (1,117 ) Impairment — — (5 ) Changes in fair value: Initial election to carry at fair value on January 1, 2017 — 698 — Due to change in inputs or assumptions used in the valuation (435 ) (82 ) — Residential mortgage servicing rights, end of period $ 11,877 $ 8,262 $ 4,372 |
Schedule of valuation allowance for impairment of the residential mortgage servicing rights portfolio | The following table summarizes the activity in the valuation allowance for impairment of the residential mortgage servicing rights portfolio for the years indicated ( in thousands ). 2016 Valuation allowance, beginning of period $ 10 Additions charged to operations, net 5 Valuation allowance, end of period $ 15 |
Schedule of characteristics, inputs, and economic assumptions used to estimatefair value of servicing asset for residential mortgage loans sensitivity of adverse changes | A summary of the key characteristics, inputs, and economic assumptions used to estimate the fair value of the servicing asset for residential mortgage loans and the sensitivity of the fair values to immediate adverse changes in those assumptions are shown in the table below as of the dates indicated (in thousands) : December 31, 2018 2017 Fair value of retained servicing assets $ 11,877 $ 8,262 Prepayment rate assumption 10.6 % 9.5 % 10% adverse change $ (466 ) $ (303 ) 20% adverse change $ (898 ) $ (587 ) Discount rate 10.0 % 10.0 % 100 bps adverse change $ (448 ) $ (317 ) 200 bps adverse change $ (863 ) $ (610 ) |
Deposits (Tables)
Deposits (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Deposits [Abstract] | |
Schedule of summary of contractual maturities of time deposits | At December 31, 2018 , the contractual maturities of time deposits, including brokered time deposits, are summarized as follows (in thousands) : 2019 $ 1,662,307 2020 310,991 2021 65,134 2022 30,760 2023 11,092 thereafter 62,029 $ 2,142,313 |
Federal Home Loan Bank Advanc_2
Federal Home Loan Bank Advances (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Advances from Federal Home Loan Banks [Abstract] | |
Schedule of maturities and current rates of outstanding advances | At December 31, 2018 , the maturities and current rates of outstanding advances were as follows ( in thousands): Maturing In: Amount Maturing Current Rate Range 2019 $ 160,000 2.51% - 2.53% Total $ 160,000 |
Long-term Debt (Tables)
Long-term Debt (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Debt Disclosure [Abstract] | |
Schedule of long-term debt | Long-term debt consisted of the following (in thousands) : December 31, Issue Date Stated Maturity Date Earliest Call Date 2018 2017 Interest Rate Obligations of the Bank and its Subsidiaries: NER 16-1 Class A-2 notes $ 19,975 $ — 2016 2021 n/a 2.20% NER 16-1 Class B notes 25,489 — 2016 2021 n/a 3.22% NER 16-1 Class C notes 6,319 — 2016 2021 n/a 5.05% NER 16-1 Class D notes 3,213 — 2016 2023 n/a 7.87% Total securitized notes payable 54,996 — 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 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 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 25,002 32,426 Less discount (9,309 ) (8,381 ) Total long-term debt $ 267,189 $ 120,545 |
Reclassifications Out of Accu_2
Reclassifications Out of Accumulated Other Comprehensive Income (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Equity [Abstract] | |
Schedule of details regarding amounts reclassified out of accumulated other comprehensive income | The following presents the details regarding amounts reclassified out of accumulated other comprehensive income (in thousands). Amounts Reclassified from Accumulated Other Comprehensive Income For the Years Ended December 31, Details about Accumulated Other Comprehensive Income Components Affected Line Item in the Statement Where Net Income is Presented 2018 2017 2016 Realized (losses) gains on available-for-sale securities: $ (656 ) $ 42 $ 982 Securities (losses) gains, net 132 (14 ) (371 ) Tax benefit (expense) $ (524 ) $ 28 $ 611 Net of tax Amortization of losses included in net income on available-for-sale securities transferred to held to maturity: $ (739 ) $ (1,069 ) $ (1,759 ) Investment securities interest revenue 180 401 662 Tax benefit $ (559 ) $ (668 ) $ (1,097 ) Net of tax Amounts included in net income on derivative financial instruments accounted for as cash flow hedges: Amortization of losses on de-designated positions $ — $ — $ (7 ) Deposits in banks and short-term investments interest revenue Amortization of losses on de-designated positions (499 ) (599 ) (647 ) Money market deposit interest expense Amortization of losses on de-designated positions — (292 ) (1,237 ) Federal Home Loan Bank advances interest expense (499 ) (891 ) (1,891 ) Total before tax 129 346 736 Tax benefit $ (370 ) $ (545 ) $ (1,155 ) Net of tax Reclassification of disproportionate tax effect related to terminated and current cash flow hedges $ — $ (3,289 ) $ — 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 $ (666 ) $ (560 ) $ (501 ) Salaries and employee benefits expense Actuarial losses (241 ) — — Other expense Actuarial losses — (238 ) (354 ) Salaries and employee benefits expense (907 ) (798 ) (855 ) Total before tax 247 310 333 Tax benefit $ (660 ) $ (488 ) $ (522 ) Net of tax Total reclassifications for the period $ (2,113 ) $ (4,962 ) $ (2,163 ) Net of tax Amounts shown above in parentheses reduce earnings |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Earnings Per Share [Abstract] | |
Schedule of computation of basic and diluted net income per common share | The following table sets forth the computation of basic and diluted net income per common share for the years indicated (in thousands, except per share data) : Year Ended December 31, 2018 2017 2016 Net income $ 166,111 $ 67,821 $ 100,656 Dividends and undistributed earnings allocated to unvested shares (1,184 ) (571 ) — Preferred dividends — — (21 ) Net income available to common stockholders $ 164,927 $ 67,250 $ 100,635 Income per common share: Basic $ 2.07 $ 0.92 $ 1.40 Diluted 2.07 0.92 1.40 Weighted average common shares: Basic 79,662 73,247 71,910 Effect of dilutive securities: Stock options 7 12 5 Restricted stock units 2 — — Diluted 79,671 73,259 71,915 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Income Tax Disclosure [Abstract] | |
Schedule of income tax expense | Income tax expense is as follows for the years indicated (in thousands) : Year Ended December 31, 2018 2017 2016 Current $ 17,185 $ 5,451 $ 2,609 Deferred 32,630 60,951 59,160 Increase in valuation allowance — 413 567 Expense due to enactment of federal tax reform — 38,198 — Total income tax expense $ 49,815 $ 105,013 $ 62,336 |
Schedule of differences between the provision for income taxes and statutory federal income tax rate | The differences between the provision for income taxes and the amount computed by applying the statutory federal income tax rate of 21% in 2018 and 35% in 2017 and 2016 to income before income taxes are as follows for the years indicated (in thousands) : Year Ended December 31, 2018 2017 2016 Pretax income at statutory rates $ 45,344 $ 60,492 $ 57,047 Add (deduct): State taxes, net of federal benefit 6,765 4,139 5,013 Bank owned life insurance earnings (747 ) (1,141 ) (572 ) Adjustment to reserve for uncertain tax positions 80 59 (58 ) Tax-exempt interest revenue (1,229 ) (1,199 ) (573 ) Equity compensation (892 ) (799 ) 976 Transaction costs 78 408 92 Tax credit investments (29 ) (89 ) (149 ) Change in state statutory tax rate 583 81 250 Increase in valuation allowance — 413 567 Release of disproportionate tax effects related to de-designated cash flow hedges — 3,400 — Expense due to enactment of federal tax reform — 38,198 — Other (138 ) 1,051 (257 ) Total income tax expense $ 49,815 $ 105,013 $ 62,336 |
Schedule of summarizes the sources and expected tax consequences of future taxable deductions (revenue) | The following summarizes the sources and expected tax consequences of future taxable deductions (revenue) which comprise the net deferred tax asset as of the dates indicated (in thousands) : December 31, 2018 2017 Deferred tax assets: Allowance for loan losses $ 14,604 $ 14,092 Net operating loss carryforwards 39,204 56,428 Deferred compensation 8,535 7,760 Loan purchase accounting adjustments 8,658 14,478 Reserve for losses on foreclosed properties 61 402 Nonqualified share based compensation 1,190 1,182 Accrued expenses 3,536 4,290 Investment in partnerships 426 956 Unamortized pension actuarial losses and prior service cost 1,606 2,008 Unrealized losses on securities available-for-sale 8,092 2,430 Unrealized losses on cash flow hedges 86 108 Premises and equipment — 1,040 Other 1,235 3,065 Total deferred tax assets 87,233 108,239 Deferred tax liabilities: Acquired intangible assets 2,772 3,734 Premises and equipment 1,291 — Loan origination costs 3,734 3,881 Leases 6,020 — Prepaid expenses 398 468 Servicing assets 2,862 3,757 Derivatives 525 773 Uncertain tax positions 2,036 3,163 Total deferred tax liabilities 19,638 15,776 Less valuation allowance 3,371 4,414 Net deferred tax asset $ 64,224 $ 88,049 |
Schedule of reconciliation of the beginning and ending unrecognized tax benefit related to uncertain tax positions | A reconciliation of the beginning and ending unrecognized tax benefit related to uncertain tax positions is as follows for the years indicated (in thousands) : 2018 2017 2016 Balance at beginning of year $ 3,163 $ 3,892 $ 3,981 Additions based on tax positions related to the current year 470 441 400 Decreases resulting from a lapse in the applicable statute of limitations (369 ) (351 ) (489 ) Remeasurement due to enactment of federal tax reform — (819 ) — Balance at end of year $ 3,264 $ 3,163 $ 3,892 |
Pension and Employee Benefit _2
Pension and Employee Benefit Plans (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Retirement Benefits [Abstract] | |
Schedule of weighted-average assumptions used to determine pension benefit obligations | Weighted-average assumptions used to determine pension benefit obligations at year end and net periodic pension cost are shown in the table below: 2018 2017 Modified Retirement Plan Funded Plan Modified Retirement Plan Funded Plan Discount rate for disclosures 4.40 % Various 3.75 % 3.75 % Discount rate for net periodic benefit cost 3.75 % 3.75 % 4.00 % 4.00 % Expected long-term rate of return N/A 4.00 % N/A 4.00 % Rate of compensation increase N/A N/A N/A N/A Measurement date 12/31/2018 12/31/2018 12/31/2017 12/31/2017 |
Schedule of changes in obligations and plan assets | United recognizes the underfunded status of the plans as a liability in the consolidated balance sheets. Information about changes in obligations and plan assets follows (in thousands) : 2018 2017 Modified Retirement Plan Funded Plan Modified Retirement Plan Funded Plan Accumulated benefit obligation: Accumulated benefit obligation - beginning of year $ 21,705 $ 17,700 $ 19,408 $ 18,501 Service cost 363 — 551 — Interest cost 801 647 778 738 Plan amendments 412 — 699 — Actuarial (gains) losses (949 ) (839 ) 773 1,291 Benefits paid (596 ) (1,497 ) (504 ) (2,830 ) Accumulated benefit obligation - end of year 21,736 16,011 21,705 17,700 Change in plan assets, at fair value: Beginning plan assets — 14,308 — 16,264 Actual return — (216 ) — 874 Employer contribution 596 — 504 — Benefits paid (596 ) (1,497 ) (504 ) (2,830 ) Plan assets - end of year — 12,595 — 14,308 Funded status - end of year (plan assets less benefit obligations) $ (21,736 ) $ (3,416 ) $ (21,705 ) $ (3,392 ) |
Schedule of components of net periodic benefit cost and other amounts recognized in other comprehensive income | Components of net periodic benefit cost and other amounts recognized in other comprehensive income (in thousands): 2018 2017 2016 Modified Retirement Plan Funded Plan Modified Retirement Plan Funded Plan Modified Retirement Plan Funded Plan Service cost $ 363 $ — $ 551 $ — $ 382 $ — Interest cost 801 647 778 738 740 842 Expected return on plan assets — (551 ) — (630 ) — (696 ) Amortization of prior service cost 666 — 560 — 501 — Amortization of net losses 241 — 238 — 167 — Net periodic benefit cost $ 2,071 $ 96 $ 2,127 $ 108 $ 1,790 $ 146 |
Schedule of estimated future benefit payments | The following table summarizes the estimated future benefit payments expected to be paid from the plans for the periods indicated (in thousands) . With regard to the Funded Plan, the estimated future benefit payments were determined without regard to termination. Modified Retirement Plan Funded Plan 2019 $ 1,142 $ 1,083 2020 1,227 1,073 2021 1,221 1,056 2022 1,214 1,058 2023 1,207 1,037 2024-2026 6,755 4,984 $ 12,766 $ 10,291 |
Schedule of funded plan assets | The following table summarizes the Funded Plan assets by major category as of the dates indicated, aggregated by the level in the fair value hierarchy within which those measurements fall (in thousands) . December 31, 2018 Level 1 Level 2 Level 3 Total Money market fund $ — $ 1,033 $ — $ 1,033 Mutual funds 4,881 — — 4,881 U.S. Treasuries 4,465 — — 4,465 Exchange traded funds 2,216 — — 2,216 Total plan assets $ 11,562 $ 1,033 $ — $ 12,595 December 31, 2017 Level 1 Level 2 Level 3 Total Money market fund $ — $ 516 $ — $ 516 Mutual funds 526 — — 526 Corporate stocks 1,346 — — 1,346 Exchange traded funds 11,920 — — 11,920 Total plan assets $ 13,792 $ 516 $ — $ 14,308 |
Derivatives and Hedging Activ_2
Derivatives and Hedging Activities (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Schedule of derivative financial instruments on consolidated balance sheet | Derivatives designated as hedging instruments under ASC 815 December 31, Interest Rate Products Balance Sheet Location 2018 2017 Fair value hedge of corporate bonds Derivative assets $ — $ 336 $ — $ 336 Fair value hedge of brokered CDs Derivative liabilities $ 1,682 $ 2,053 $ 1,682 $ 2,053 Derivatives not designated as hedging instruments under ASC 815 December 31, Interest Rate Products Balance Sheet Location 2018 2017 Customer derivative positions Derivative assets $ 5,216 $ 2,659 Dealer offsets to customer derivative positions Derivative assets 7,620 6,867 Mortgage banking - loan commitment Derivative assets 1,190 1,150 Mortgage banking - forward sales commitment Derivative assets 28 13 Bifurcated embedded derivatives Derivative assets 10,651 11,057 Interest rate caps Derivative assets — 639 $ 24,705 $ 22,385 Customer derivative positions Derivative liabilities $ 9,661 $ 7,032 Dealer offsets to customer derivative positions Derivative liabilities 781 1,551 Risk participations Derivative liabilities 8 20 Mortgage banking - forward sales commitment Derivative liabilities 259 49 Dealer offsets to bifurcated embedded derivatives Derivative liabilities 13,339 14,279 De-designated hedges Derivative liabilities 703 392 $ 24,751 $ 23,323 |
Schedule of effect of cash flow hedging on consolidated statements of income | The table below presents the effect of cash flow hedges on the consolidated statements of income (in thousands) . Gain (Loss) Reclassified from Accumulated Other Comprehensive Income into Income (Effective Portion) Location 2018 2017 2016 Interest revenue — — (7 ) Interest expense (499 ) (891 ) (1,884 ) $ (499 ) $ (891 ) $ (1,891 ) |
Schedule of effect of fair value hedging on consolidated statements of income | The table below presents the effect of derivatives in fair value hedging relationships on the consolidated statements of income (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 2016 2018 2017 2016 Fair value hedges of brokered CDs Interest expense $ (220 ) $ (657 ) $ 1,972 $ (145 ) $ 371 $ 458 Fair value hedges of corporate bonds Noninterest income 356 — — (447 ) — — Fair value hedges of corporate bonds Interest revenue — 72 234 — (265 ) (376 ) $ 136 $ (585 ) $ 2,206 $ (592 ) $ 106 $ 82 |
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) . Income Statement Location Year Ended December 31, 2018 2017 2016 Customer derivatives and dealer offsets Other noninterest income $ 2,658 $ 2,416 $ 3,744 Bifurcated embedded derivatives and dealer offsets Other noninterest income 307 429 297 Interest rate caps Other noninterest income 501 252 — De-designated hedges Other noninterest income 31 (62 ) — Mortgage banking derivatives Mortgage loan revenue 904 (676 ) 3,002 Risk participations Other noninterest income 12 5 360 Total gains and losses $ 4,413 $ 2,364 $ 7,403 |
Regulatory Matters (Tables)
Regulatory Matters (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Regulatory Capital Requirements [Abstract] | |
Schedule of minimum amounts required for capital adequacy purposes | Regulatory capital ratios at December 31, 2018 and 2017 , along with the minimum amounts required for capital adequacy purposes and to be well-capitalized under prompt corrective action provisions in effect at such times are presented below for United and the Bank (dollars in thousands) : Basel III Guidelines United Community Banks, Inc. (consolidated) United Community Bank Minimum Well Capitalized 2018 2017 2018 2017 Risk-based ratios: Common equity tier 1 capital 4.5 % 6.5 % 12.16 % 11.98 % 12.91 % 12.93 % Tier 1 capital 6.0 8.0 12.42 12.24 12.91 12.93 Total capital 8.0 10.0 14.29 13.06 13.60 13.63 Tier 1 leverage ratio 4.0 5.0 9.61 9.44 9.98 9.98 Common equity tier 1 capital $ 1,148,355 $ 1,053,983 $ 1,216,449 $ 1,135,728 Tier 1 capital 1,172,605 1,076,465 1,216,449 1,135,728 Total capital 1,348,843 1,149,191 1,281,062 1,196,954 Risk-weighted assets 9,441,622 8,797,387 9,421,009 8,781,177 Average total assets 12,207,986 11,403,248 12,183,341 11,385,716 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of the contract amount of off-balance sheet instruments | The following table summarizes, as of the dates indicated, the contract amount of off-balance sheet instruments (in thousands) : December 31, 2018 2017 Financial instruments whose contract amounts represent credit risk: Commitments to extend credit $ 2,129,463 $ 1,910,777 Letters of credit 25,447 28,075 Minimum Lease Payments 28,844 27,101 |
Equity Compensation and Relat_2
Equity Compensation and Related Plans (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Schedule of restricted stock and options outstanding and activity | Restricted stock and options outstanding and activity for the years ended December 31 consisted of the following: Restricted Stock Options Shares Weighted Average Grant Date Fair Value Aggregate Intrinsic Value (000’s) Shares Weighted Average Exercise Price Weighted Average Remaining Term (Yrs.) Aggregate Intrinsic Value (000’s) December 31, 2015 712,667 $ 16.44 241,493 $ 89.92 Granted 302,012 21.42 — — Vested (261,729 ) 16.14 — — Expired — — (52,853 ) 135.32 Cancelled (61,980 ) 17.99 (115,975 ) 104.05 December 31, 2016 690,970 18.60 72,665 34.34 Granted 270,339 26.50 — — Vested (284,662 ) 17.48 — — Expired — — (1,538 ) 147.60 Cancelled (12,830 ) 19.91 (10,840 ) 75.08 December 31, 2017 663,817 22.40 60,287 24.12 Granted 416,484 30.54 — — Vested / Exercised (290,013 ) 20.18 $ 8,805 (12,000 ) 11.85 Cancelled (30,542 ) 23.65 (1,148 ) 31.50 December 31, 2018 759,746 27.66 16,304 47,139 27.07 1.88 $ 68 Vested / Exercisable at December 31, 2018 — — 47,139 27.07 1.88 68 |
Schedule of summary of stock options outstanding | The following is a summary of stock options outstanding at December 31, 2018 : Options Outstanding Options Exercisable Shares Range Weighted Average Price Average Remaining Life Shares Weighted Average Price 13,300 15.00 - 20.00 $ 16.35 5.41 13,300 $ 16.35 500 20.01 - 25.00 22.95 1.22 500 22.95 1,023 25.01 - 30.00 29.45 0.07 1,023 29.45 32,316 30.01 - 31.50 31.47 0.50 32,316 31.47 47,139 15.00 - 31.50 27.07 1.88 47,139 27.07 |
Assets and Liabilities Measur_2
Assets and Liabilities Measured at Fair Value (Tables) | 12 Months Ended |
Dec. 31, 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, aggregated by the level in the fair value hierarchy within which those measurements fall (in thousands) : December 31, 2018 Level 1 Level 2 Level 3 Total Assets: Debt securities available for sale: U.S. Treasuries $ 149,307 $ — $ — $ 149,307 U.S. Government agencies — 25,553 — 25,553 State and political subdivisions — 233,941 — 233,941 Residential mortgage-backed securities — 1,445,910 — 1,445,910 Commercial mortgage-backed securities — 391,917 — 391,917 Corporate bonds — 198,168 995 199,163 Asset-backed securities — 182,676 — 182,676 Equity securities with readily determinable fair values 1,076 — — 1,076 Mortgage loans held for sale — 18,935 — 18,935 Deferred compensation plan assets 6,404 — — 6,404 Servicing rights for SBA/USDA loans — — 7,510 7,510 Residential mortgage servicing rights — — 11,877 11,877 Derivative financial instruments — 12,864 11,841 24,705 Total assets $ 156,787 $ 2,509,964 $ 32,223 $ 2,698,974 Liabilities: Deferred compensation plan liability $ 6,404 $ — $ — $ 6,404 Derivative financial instruments — 10,701 15,732 26,433 Total liabilities $ 6,404 $ 10,701 $ 15,732 $ 32,837 December 31, 2017 Level 1 Level 2 Level 3 Total Assets: Securities available for sale: U.S. Treasuries $ 121,113 $ — $ — $ 121,113 U.S. Government agencies — 26,372 — 26,372 State and political subdivisions — 197,286 — 197,286 Residential mortgage-backed securities — 1,311,733 — 1,311,733 Commercial mortgage-backed securities — 415,478 — 415,478 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 assets measured at fair value on a recurring basis using significant unobservable inputs that are classified as Level 3 values (in thousands) : Derivative Asset Derivative Liability Servicing rights for SBA/USDA loans Residential mortgage servicing rights Debt Securities Available- for-Sale December 31, 2015 $ 9,418 $ 15,794 $ 3,712 $ — $ 750 Additions — 17 2,723 — — Sales and settlements (509 ) (1,001 ) (393 ) — — Other comprehensive income — — — — (75 ) Amounts included in earnings - fair value adjustments 2,868 1,537 (290 ) — — December 31, 2016 11,777 16,347 5,752 — 675 Transfer from amortization method to fair value — — — 5,070 — Business combinations — — 419 — — Additions — — 2,737 3,602 — Sales and settlements (1,744 ) (2,423 ) (621 ) (328 ) — Other comprehensive income — — — — 225 Amounts included in earnings - fair value adjustments 2,174 2,820 (547 ) (82 ) — December 31, 2017 12,207 16,744 7,740 8,262 900 Business combinations — — (354 ) — — Additions — — 2,573 4,587 — Sales and settlements (1,029 ) (1,347 ) (810 ) (537 ) — Other comprehensive income — — — — 95 Amounts included in earnings - fair value adjustments 663 335 (1,639 ) (435 ) — December 31, 2018 $ 11,841 $ 15,732 $ 7,510 $ 11,877 $ 995 |
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 at (in thousands) : Fair Value Weighted Average December 31, Valuation Technique December 31, Level 3 Assets 2018 2017 Unobservable Inputs 2018 2017 Servicing rights for SBA/USDA loans $ 7,510 $ 7,740 Discounted cash flow Discount rate 14.5 % 12.5 % Prepayment rate 12.1 % 8.31 % Residential mortgage servicing rights 11,877 8,262 Discounted cash flow Discount rate 10.0 % 10.0 % Prepayment rate 10.6 % 9.50 % Corporate bonds 995 900 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 1,190 1,150 Internal model Pull through rate 80.7 % 80.0 % Derivative assets - other 10,651 11,057 Dealer priced Dealer priced N/A N/A Derivative liabilities - risk participations 8 20 Internal model Probable exposure rate 0.44 % 0.37 % Probability of default rate 1.80 % 1.80 % Derivative liabilities - other 15,724 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 December 31, 2018 and 2017 , for which a nonrecurring fair value adjustment was recorded during the periods presented (in thousands) . December 31, 2018 Level 1 Level 2 Level 3 Total Loans $ — $ — $ 8,631 $ 8,631 December 31, 2017 Loans $ — $ — $ 6,905 $ 6,905 |
Schedule of summary of carrying amount and fair values for other financial instruments not measured at fair value on a recurring basis | The carrying amount and fair values for other financial instruments that are not measured at fair value on a recurring basis in United’s consolidated balance sheets are as follows (in thousands) : Carrying Amount Fair Value Level December 31, 2018 Level 1 Level 2 Level 3 Total Assets: Securities held to maturity $ 274,407 $ — $ 268,803 $ — $ 268,803 Loans, net 8,322,198 — — 8,277,387 8,277,387 Liabilities: Deposits 10,534,513 — 10,528,834 — 10,528,834 Federal Home Loan Bank advances 160,000 — 159,988 — 159,988 Long-term debt 267,189 — — 278,996 278,996 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 |
Condensed Financial Statement_2
Condensed Financial Statements of United Community Banks, Inc. (Parent Only) (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Condensed Financial Information of Parent Company Only Disclosure [Abstract] | |
Schedule of statement of operations | Statements of Income For the Years Ended December 31, 2018 , 2017 and 2016 (in thousands) 2018 2017 2016 Dividends from bank $ 161,500 $ 103,200 $ 41,500 Dividends from other subsidiaries 850 — — Shared service fees from subsidiaries 10,257 10,481 8,476 Other 133 1,078 685 Total income 172,740 114,759 50,661 Interest expense 11,868 10,258 11,209 Other expense 14,456 14,960 11,380 Total expenses 26,324 25,218 22,589 Income tax benefit 1,640 1,447 6,717 Income before equity in undistributed (loss) earnings of subsidiaries 148,056 90,988 34,789 Equity in undistributed earnings (loss) of subsidiaries 18,055 (23,167 ) 65,867 Net income $ 166,111 $ 67,821 $ 100,656 |
Schedule of balance sheet | Balance Sheets As of December 31, 2018 and 2017 (in thousands) 2018 2017 Assets Cash $ 145,669 $ 26,054 Investment in bank 1,522,402 1,390,490 Investment in other subsidiaries 4,549 4,744 Other assets 21,881 20,578 Total assets $ 1,694,501 $ 1,441,866 Liabilities and Shareholders’ Equity Long-term debt $ 212,193 $ 120,545 Other liabilities 24,754 17,987 Total liabilities 236,947 138,532 Shareholders’ equity 1,457,554 1,303,334 Total liabilities and shareholders’ equity $ 1,694,501 $ 1,441,866 |
Schedule of statement of cash flows | Statements of Cash Flows For the Years Ended December 31, 2018 , 2017 and 2016 (in thousands) 2018 2017 2016 Operating activities: Net income $ 166,111 $ 67,821 $ 100,656 Adjustments to reconcile net income to net cash provided by operating activities: Equity in undistributed (earnings) loss of the subsidiaries (18,055 ) 23,167 (65,867 ) Depreciation, amortization and accretion 77 36 23 Stock-based compensation 6,057 5,827 4,496 Change in assets and liabilities: Other assets 1,700 1,184 14,305 Other liabilities 3,124 (758 ) (8,268 ) Net cash provided by operating activities 159,014 97,277 45,345 Investing activities: Payment for acquisition (84,499 ) (11,034 ) (11,209 ) Purchases of premises and equipment (364 ) (708 ) — Purchases of debt securities available-for-sale and equity securities (2,489 ) — (1,125 ) Net cash used in investing activities (87,352 ) (11,742 ) (12,334 ) Financing activities: Repayment of long-term debt (7,424 ) (75,000 ) — Proceeds from issuance of long-term debt, net of issuance costs 98,188 — — Cash paid for shares withheld to cover payroll taxes upon vesting of restricted stock (1,998 ) (1,701 ) (1,189 ) Proceeds from issuance of common stock for dividend reinvestment and employee benefit plans 679 450 366 Proceeds from exercise of stock options 142 — — Retirement of preferred stock — — (9,992 ) Repurchase of common stock — — (13,659 ) Cash dividends on common stock (41,634 ) (26,210 ) (15,849 ) Cash dividends on Series H preferred stock — — (46 ) Net cash provided by (used in) financing activities 47,953 (102,461 ) (40,369 ) Net change in cash 119,615 (16,926 ) (7,358 ) Cash at beginning of year 26,054 42,980 50,338 Cash at end of year $ 145,669 $ 26,054 $ 42,980 |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies - Narrative (Details) | 12 Months Ended | |
Dec. 31, 2018USD ($)segment | Dec. 31, 2017USD ($) | |
Accounting Policies [Line Items] | ||
Number of operating segments | segment | 1 | |
Number of reportable segments | segment | 1 | |
Total assets of NER 16-1 VIE included in consolidated financial statements | $ 65,500,000 | |
Total liabilities of NER 16-1 VIE included in consolidated financial statements | 55,300,000 | |
Restricted cash balance | 6,700,000 | |
Minimum nonaccrual loan relationships | $ 500,000 | |
Depreciation method used | straight line method | |
Cumulative effect adjustment to retained earnings, net of income tax effect | $ 437,000 | |
Buildings and improvements | Minimum | ||
Accounting Policies [Line Items] | ||
Estimated useful life | 10 years | |
Buildings and improvements | Maximum | ||
Accounting Policies [Line Items] | ||
Estimated useful life | 40 years | |
Land improvements | ||
Accounting Policies [Line Items] | ||
Estimated useful life | 10 years | |
Furniture and equipment | Minimum | ||
Accounting Policies [Line Items] | ||
Estimated useful life | 3 years | |
Furniture and equipment | Maximum | ||
Accounting Policies [Line Items] | ||
Estimated useful life | 10 years | |
Four Oaks FinCorp, Inc | ||
Accounting Policies [Line Items] | ||
Loans received through acquisition | $ 4,610,000 | |
Credit Concentration Risk | ||
Accounting Policies [Line Items] | ||
Concentration risk, percentage | 74.00% |
Accounting Standards Updates _2
Accounting Standards Updates and Recently Adopted Standards - Narrative (Details) - USD ($) | Jan. 01, 2019 | Jan. 01, 2017 |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
Effect on retained earnings in period of adoption | $ 437,000 | |
ASU No. 2016-02 | Forecast | ||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
Right-of-use asset | $ 23,700,000 | |
Lease liability | 26,700,000 | |
Effect on retained earnings in period of adoption | $ 738,000 |
Mergers and Acquisitions - Acqu
Mergers and Acquisitions - Acquisition date fair value of purchased assets and liabilities (Details) - USD ($) $ in Thousands | Feb. 01, 2018 | Nov. 01, 2017 | Jul. 31, 2017 | Jul. 01, 2016 | Dec. 31, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Assets | ||||||||
Accrued interest receivable | $ 35,413 | $ 32,459 | ||||||
Net deferred tax asset | 2,640 | |||||||
Liabilities | ||||||||
Total identifiable net assets | 130,000 | 115,000 | $ 11,200 | |||||
Consideration transferred | ||||||||
Goodwill | $ 307,112 | $ 220,591 | $ 142,025 | |||||
NLFC Holdings Corp | ||||||||
Assets | ||||||||
Cash and cash equivalents | $ 27,700 | |||||||
Loans, 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 | $ 45,746 | |||||||
Common stock issued (in shares) | 1,443,987 | |||||||
Total fair value of consideration transferred | $ 130,246 | |||||||
Goodwill | 87,379 | |||||||
NLFC Holdings Corp | As Recorded by NLFC | NLFC Holdings Corp | ||||||||
Assets | ||||||||
Cash and cash equivalents | 27,700 | |||||||
Loans, 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 | |||||||
NLFC Holdings Corp | Fair Value Adjustments | ||||||||
Assets | ||||||||
Cash and cash equivalents | 0 | |||||||
Loans, net | (7,181) | |||||||
Premises and equipment, net | (304) | |||||||
Net deferred tax asset | 2,873 | |||||||
Other assets | (1,066) | |||||||
Total assets acquired | (5,678) | |||||||
Liabilities | ||||||||
Short-term borrowings | 0 | |||||||
Long-term debt | 0 | |||||||
Other liabilities | (951) | |||||||
Total liabilities assumed | (951) | |||||||
Aggregate fair value adjustments | $ (4,727) | |||||||
Four Oaks FinCorp, Inc | ||||||||
Assets | ||||||||
Cash and cash equivalents | $ 48,658 | |||||||
Securities | 114,972 | |||||||
Loans held for sale | 10,686 | $ 10,700 | ||||||
Loans, net | 486,244 | |||||||
Premises and equipment, net | 12,398 | |||||||
Bank owned life insurance | 20,339 | |||||||
Accrued interest receivable | 1,740 | |||||||
Net deferred tax asset | 17,334 | |||||||
Intangibles | 8,738 | |||||||
Other real estate owned | 659 | |||||||
Other assets | 8,723 | |||||||
Total assets acquired | 730,491 | |||||||
Liabilities | ||||||||
Deposits | 565,205 | |||||||
Federal Home Loan Bank advances | 65,224 | |||||||
Long-term debt | 19,747 | |||||||
Other liabilities | 7,390 | |||||||
Total liabilities assumed | 657,566 | |||||||
Total identifiable net assets | 72,925 | |||||||
Consideration transferred | ||||||||
Cash | 12,802 | |||||||
Common stock issued | $ 113,665 | |||||||
Common stock issued (in shares) | 4,145,343 | |||||||
Total fair value of consideration transferred | $ 126,467 | |||||||
Goodwill | 53,542 | |||||||
Four Oaks FinCorp, Inc | As Recorded by FOFN | Four Oaks Bank | ||||||||
Assets | ||||||||
Cash and cash equivalents | 48,652 | |||||||
Securities | 114,190 | |||||||
Loans held for sale | 13,976 | |||||||
Loans, net | 491,721 | |||||||
Premises and equipment, net | 11,251 | |||||||
Bank owned life insurance | 20,339 | |||||||
Accrued interest receivable | 1,858 | |||||||
Net deferred tax asset | 18,333 | |||||||
Intangibles | 0 | |||||||
Other real estate owned | 1,173 | |||||||
Other assets | 8,792 | |||||||
Total assets acquired | 730,285 | |||||||
Liabilities | ||||||||
Deposits | 563,840 | |||||||
Federal Home Loan Bank advances | 65,000 | |||||||
Long-term debt | 23,872 | |||||||
Other liabilities | 7,330 | |||||||
Total liabilities assumed | 660,042 | |||||||
Excess of assets acquired over liabilities assumed | 70,243 | |||||||
Four Oaks FinCorp, Inc | Fair Value Adjustments | ||||||||
Assets | ||||||||
Cash and cash equivalents | 6 | |||||||
Securities | 782 | |||||||
Loans held for sale | (3,290) | |||||||
Loans, net | (5,477) | |||||||
Premises and equipment, net | 1,147 | |||||||
Bank owned life insurance | 0 | |||||||
Accrued interest receivable | (118) | |||||||
Net deferred tax asset | (999) | |||||||
Intangibles | 8,738 | |||||||
Other real estate owned | (514) | |||||||
Other assets | (69) | |||||||
Total assets acquired | 206 | |||||||
Liabilities | ||||||||
Deposits | 1,365 | |||||||
Federal Home Loan Bank advances | 224 | |||||||
Long-term debt | (4,125) | |||||||
Other liabilities | 60 | |||||||
Total liabilities assumed | (2,476) | |||||||
Aggregate fair value adjustments | $ 2,682 | |||||||
HCSB Financial Corporation | ||||||||
Assets | ||||||||
Cash and cash equivalents | $ 17,853 | |||||||
Securities | 101,320 | |||||||
Loans, net | 215,947 | |||||||
Premises and equipment, net | 7,424 | |||||||
Bank owned life insurance | 11,827 | |||||||
Accrued interest receivable | 1,047 | |||||||
Net deferred tax asset | 25,579 | |||||||
Intangibles | 5,716 | |||||||
Other real estate owned | 805 | |||||||
Other assets | 1,918 | |||||||
Total assets acquired | 389,436 | |||||||
Liabilities | ||||||||
Deposits | 318,942 | |||||||
Repurchase agreements | 1,141 | |||||||
Federal Home Loan Bank advances | 24,517 | |||||||
Other liabilities | 2,046 | |||||||
Total liabilities assumed | 346,646 | |||||||
Total identifiable net assets | 42,790 | |||||||
Consideration transferred | ||||||||
Cash | 31 | |||||||
Common stock issued | $ 65,800 | |||||||
Common stock issued (in shares) | 2,370,331 | |||||||
Total fair value of consideration transferred | $ 65,831 | |||||||
Equity interest held before the business combination | 1,125 | |||||||
Goodwill | 24,166 | |||||||
HCSB Financial Corporation | As Recorded by HCSB | Horry County State Bank | ||||||||
Assets | ||||||||
Cash and cash equivalents | 17,855 | |||||||
Securities | 101,462 | |||||||
Loans, net | 228,483 | |||||||
Premises and equipment, net | 14,030 | |||||||
Bank owned life insurance | 11,827 | |||||||
Accrued interest receivable | 1,322 | |||||||
Net deferred tax asset | 0 | |||||||
Intangibles | 0 | |||||||
Other real estate owned | 1,177 | |||||||
Other assets | 1,950 | |||||||
Total assets acquired | 378,106 | |||||||
Liabilities | ||||||||
Deposits | 318,512 | |||||||
Repurchase agreements | 1,141 | |||||||
Federal Home Loan Bank advances | 24,000 | |||||||
Other liabilities | 1,955 | |||||||
Total liabilities assumed | 345,608 | |||||||
Excess of assets acquired over liabilities assumed | 32,498 | |||||||
HCSB Financial Corporation | Fair Value Adjustments | ||||||||
Assets | ||||||||
Cash and cash equivalents | (2) | |||||||
Securities | (142) | |||||||
Loans, net | (12,536) | |||||||
Premises and equipment, net | (6,606) | |||||||
Bank owned life insurance | 0 | |||||||
Accrued interest receivable | (275) | |||||||
Net deferred tax asset | 25,579 | |||||||
Intangibles | 5,716 | |||||||
Other real estate owned | (372) | |||||||
Other assets | (32) | |||||||
Total assets acquired | 11,330 | |||||||
Liabilities | ||||||||
Deposits | 430 | |||||||
Repurchase agreements | 0 | |||||||
Federal Home Loan Bank advances | 517 | |||||||
Other liabilities | 91 | |||||||
Total liabilities assumed | 1,038 | |||||||
Aggregate fair value adjustments | $ 10,292 | |||||||
Tidelands Bancshares, Inc | ||||||||
Assets | ||||||||
Cash and cash equivalents | $ 13,121 | |||||||
Securities | 65,521 | |||||||
Loans held for sale | 142 | |||||||
Loans, net | 305,903 | |||||||
Premises and equipment, net | 11,189 | |||||||
Bank owned life insurance | 16,917 | |||||||
Accrued interest receivable | 919 | |||||||
Net deferred tax asset | 15,712 | |||||||
Intangibles | 1,570 | |||||||
Other real estate owned | 7,495 | |||||||
Other assets | 1,756 | |||||||
Total assets acquired | 440,245 | |||||||
Liabilities | ||||||||
Deposits | 399,873 | |||||||
Repurchase agreements | 10,155 | |||||||
Federal Home Loan Bank advances | 13,354 | |||||||
Long-term debt | 10,766 | |||||||
Other liabilities | 5,601 | |||||||
Total liabilities assumed | 439,749 | |||||||
Total identifiable net assets | 496 | |||||||
Consideration transferred | ||||||||
Total fair value of consideration transferred | 11,209 | |||||||
Cash paid to redeem common stock | 2,224 | |||||||
Cash paid to redeem preferred stock issued under the Treasury's Capital Purchase Program | 8,985 | |||||||
Goodwill | 10,713 | |||||||
Tidelands Bancshares, Inc | As Recorded by Tidelands | Tidelands Bank | ||||||||
Assets | ||||||||
Cash and cash equivalents | 13,121 | |||||||
Securities | 65,676 | |||||||
Loans held for sale | 139 | |||||||
Loans, net | 317,938 | |||||||
Premises and equipment, net | 19,133 | |||||||
Bank owned life insurance | 16,917 | |||||||
Accrued interest receivable | 1,086 | |||||||
Net deferred tax asset | 73 | |||||||
Intangibles | 0 | |||||||
Other real estate owned | 9,881 | |||||||
Other assets | 1,920 | |||||||
Total assets acquired | 445,884 | |||||||
Liabilities | ||||||||
Deposits | 398,108 | |||||||
Repurchase agreements | 10,000 | |||||||
Federal Home Loan Bank advances | 13,000 | |||||||
Long-term debt | 14,434 | |||||||
Other liabilities | 11,587 | |||||||
Total liabilities assumed | 447,129 | |||||||
Excess of assets acquired over liabilities assumed | (1,245) | |||||||
Tidelands Bancshares, Inc | Fair Value Adjustments | ||||||||
Assets | ||||||||
Cash and cash equivalents | 0 | |||||||
Securities | (155) | |||||||
Loans held for sale | 3 | |||||||
Loans, net | (12,035) | |||||||
Premises and equipment, net | (7,944) | |||||||
Bank owned life insurance | 0 | |||||||
Accrued interest receivable | (167) | |||||||
Net deferred tax asset | 15,639 | |||||||
Intangibles | 1,570 | |||||||
Other real estate owned | (2,386) | |||||||
Other assets | (164) | |||||||
Total assets acquired | (5,639) | |||||||
Liabilities | ||||||||
Deposits | 1,765 | |||||||
Repurchase agreements | 155 | |||||||
Federal Home Loan Bank advances | 354 | |||||||
Long-term debt | (3,668) | |||||||
Other liabilities | (5,986) | |||||||
Total liabilities assumed | (7,380) | |||||||
Aggregate fair value adjustments | $ 1,741 |
Mergers and Acquisitions - Ac_2
Mergers and Acquisitions - Acquired loan and lease asset portfolio at acquisition date (Details) - USD ($) $ in Thousands | Feb. 01, 2018 | Nov. 01, 2017 | Jul. 31, 2017 | Jul. 01, 2016 |
NLFC Holdings Corp | ||||
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 | |||
Four Oaks FinCorp, Inc | ||||
Accounted for pursuant to ASC 310-30 | ||||
Contractually required principal and interest | $ 49,377 | |||
Non-accretable difference | 8,244 | |||
Cash flows expected to be collected | 41,133 | |||
Accretable yield | 3,313 | |||
Fair value | 37,820 | |||
Excluded from ASC 310-30 | ||||
Fair value | 448,462 | |||
Gross contractual amounts receivable | 509,629 | |||
Estimate of contractual cash flows not expected to be collected | $ 6,081 | |||
HCSB Financial Corporation | ||||
Accounted for pursuant to ASC 310-30 | ||||
Contractually required principal and interest | $ 46,069 | |||
Non-accretable difference | 12,413 | |||
Cash flows expected to be collected | 33,656 | |||
Accretable yield | 3,410 | |||
Fair value | 30,246 | |||
Excluded from ASC 310-30 | ||||
Fair value | 185,701 | |||
Gross contractual amounts receivable | 212,780 | |||
Estimate of contractual cash flows not expected to be collected | $ 3,985 | |||
Tidelands Bancshares, Inc | ||||
Accounted for pursuant to ASC 310-30 | ||||
Contractually required principal and interest | $ 50,660 | |||
Non-accretable difference | 13,483 | |||
Cash flows expected to be collected | 37,177 | |||
Accretable yield | 2,113 | |||
Fair value | 35,064 | |||
Excluded from ASC 310-30 | ||||
Fair value | 270,839 | |||
Gross contractual amounts receivable | 302,331 | |||
Estimate of contractual cash flows not expected to be collected | $ 3,859 |
Mergers and Acquisitions - Pro
Mergers and Acquisitions - Pro forma information (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Business Acquisition [Line Items] | |||
Supplemental consolidated pro forma Revenue | $ 526,137 | $ 495,052 | $ 452,713 |
Supplemental consolidated pro forma Net Income | 168,445 | 78,958 | 89,200 |
NLFC Holdings Corp | |||
Business Acquisition [Line Items] | |||
Actual Revenue | 24,285 | ||
Actual Net income | $ 7,149 | ||
Four Oaks FinCorp, Inc | |||
Business Acquisition [Line Items] | |||
Actual Revenue | 5,265 | ||
Actual Net income | 1,406 | ||
HCSB Financial Corporation | |||
Business Acquisition [Line Items] | |||
Actual Revenue | 5,775 | ||
Actual Net income | $ 1,385 | ||
Tidelands Bancshares, Inc | |||
Business Acquisition [Line Items] | |||
Actual Revenue | 7,512 | ||
Actual Net income | $ 1,189 |
Mergers and Acquisitions - Narr
Mergers and Acquisitions - Narrative (Details) | Feb. 01, 2018USD ($) | Nov. 01, 2017USD ($)bank_branch$ / sharesshares | Jul. 31, 2017USD ($)shares | Jul. 01, 2016USD ($)bank_branch$ / shares | Jan. 31, 2018USD ($) | Jun. 30, 2018USD ($) | Mar. 31, 2018USD ($) | Dec. 31, 2018USD ($) | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) |
Business Acquisition [Line Items] | |||||||||||
Goodwill | $ 307,112,000 | $ 307,112,000 | $ 220,591,000 | $ 142,025,000 | |||||||
Goodwill adjustment | (858,000) | ||||||||||
NLFC Holdings Corp | |||||||||||
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 | ||||||||||
Premises and equipment, net | $ 324,000 | ||||||||||
Merger related costs included in pro forma results | $ 4,980,000 | ||||||||||
Four Oaks FinCorp, Inc | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Assets acquired | $ 730,491,000 | ||||||||||
Liabilities assumed | 657,566,000 | ||||||||||
Consideration transferred | 126,467,000 | ||||||||||
Cash consideration | 12,802,000 | ||||||||||
Common stock issued as consideration | $ 113,665,000 | ||||||||||
Number of shares received for each share outstanding (in shares) | shares | 0.6178 | ||||||||||
Cash per common share outstanding (in dollars per share) | $ / shares | $ 1.90 | ||||||||||
Goodwill | $ 53,542,000 | ||||||||||
Goodwill expected to be tax deductible | $ 0 | ||||||||||
Goodwill adjustment | $ (1,160,000) | ||||||||||
Expected useful life of asset | 1 year | ||||||||||
Noncompete agreement | $ 908,000 | ||||||||||
Premises and equipment, net | 12,398,000 | ||||||||||
Loans held for sale | 10,686,000 | 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 | ||||||||||
Provisional value adjustment for deferred tax asset | $ (1,080,000) | ||||||||||
Four Oaks FinCorp, Inc | Trust preferred securities | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Liabilities assumed | 12,400,000 | ||||||||||
Four Oaks FinCorp, Inc | Subordinated debentures | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Liabilities assumed | 11,500,000 | ||||||||||
Four Oaks FinCorp, Inc | Core deposit intangible | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Intangible assets acquired | $ 7,830,000 | ||||||||||
Expected useful life of asset | 11 years 6 months | ||||||||||
Four Oaks FinCorp, Inc | Four Oaks Bank | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Number of branches | bank_branch | 14 | ||||||||||
HCSB Financial Corporation | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Assets acquired | $ 389,436,000 | ||||||||||
Liabilities assumed | 346,646,000 | ||||||||||
Consideration transferred | 65,831,000 | ||||||||||
Cash consideration | 31,000 | ||||||||||
Common stock issued as consideration | $ 65,800,000 | ||||||||||
Number of shares received for each share outstanding (in shares) | shares | 0.0050 | ||||||||||
Goodwill | $ 24,166,000 | ||||||||||
Goodwill expected to be tax deductible | 0 | ||||||||||
Goodwill adjustment | $ 303,000 | ||||||||||
Noncompete agreement | 2,240,000 | ||||||||||
Premises and equipment, net | $ 7,424,000 | ||||||||||
Provisional value adjustment for deferred tax asset | 190,000 | ||||||||||
Provisional value adjustment decrease to premises and equipment | $ 493,000 | ||||||||||
HCSB Financial Corporation | Minimum | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Useful life of intangible asset | 1 year | ||||||||||
HCSB Financial Corporation | Maximum | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Useful life of intangible asset | 2 years | ||||||||||
HCSB Financial Corporation | Core deposit intangible | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Intangible assets acquired | $ 3,480,000 | ||||||||||
Expected useful life of asset | 6 years | ||||||||||
Four Oaks Fin Corp, Inc and HCSB Financial Corporation | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Merger related costs included in pro forma results | $ 8,710,000 | ||||||||||
Tidelands Bancshares, Inc | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Assets acquired | $ 440,245,000 | ||||||||||
Liabilities assumed | 439,749,000 | ||||||||||
Consideration transferred | $ 11,209,000 | ||||||||||
Cash per common share outstanding (in dollars per share) | $ / shares | $ 0.52 | ||||||||||
Goodwill | $ 10,713,000 | ||||||||||
Goodwill expected to be tax deductible | 0 | ||||||||||
Premises and equipment, net | 11,189,000 | ||||||||||
Loans held for sale | 142,000 | ||||||||||
Cash paid to redeem common stock | 2,224,000 | ||||||||||
Cash paid to redeem preferred stock including unpaid dividends | 8,985,000 | ||||||||||
Merger related costs excluded from pro forma results | $ 4,070,000 | ||||||||||
Tidelands Bancshares, Inc | Core deposit intangible | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Intangible assets acquired | $ 1,570,000 | ||||||||||
Expected useful life of asset | 5 years | ||||||||||
Tidelands Bancshares, Inc | Tidelands Bank | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Number of branches | bank_branch | 7 |
Cash Flows - Narrative (Details
Cash Flows - Narrative (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Cash Flow [Line Items] | |||
Transferred to foreclosed property | $ 3,020 | $ 4,150 | $ 8,180 |
Unsettled sales of government guaranteed loans | 32,900 | 27,500 | 29,900 |
Assets acquired, fair value | 481,000 | 1,120,000 | 451,000 |
Liabilities assumed, fair value | 350,000 | 1,000,000 | 440,000 |
Net assets acquired | 130,000 | 115,000 | $ 11,200 |
Common Stock | |||
Cash Flow [Line Items] | |||
Common stock issued as consideration | $ 45,700 | $ 179,000 |
Balance Sheet Offsetting and _3
Balance Sheet Offsetting and Repurchase Agreements Accounted for as Secured Borrowings - Summary of amounts outstanding under master netting agreements (Details) - USD ($) $ in Thousands | Dec. 31, 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 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 - financial instruments | 0 | 0 |
Repurchase agreements/ reverse repurchase agreements, gross amounts not offset in balance sheet - collateral received | 0 | 0 |
Repurchase agreements / reverse repurchase agreements, net amount | 0 | 0 |
Derivative, gross amounts of recognized assets | 24,705 | 22,721 |
Derivative, gross amounts offset on balance sheet | 0 | 0 |
Derivatives, net asset balance | 24,705 | 22,721 |
Derivatives, gross amounts not offset in balance sheet - financial instruments | (973) | (1,490) |
Derivatives, gross amounts not offset in balance sheet - collateral received | (8,029) | (6,369) |
Derivatives asset, net amount | 15,703 | 14,862 |
Offsetting assets, gross amounts of recognized assets | 74,705 | 122,721 |
Offsetting assets, gross amounts offset on balance sheet | (50,000) | (100,000) |
Offsetting assets, net asset balance | 24,705 | 22,721 |
Offsetting assets, gross amounts not offset in balance sheet - financial instruments | (973) | (1,490) |
Offsetting assets, gross amounts not offset in the balance sheet - collateral received | (8,029) | (6,369) |
Offsetting assets, net amount | $ 15,703 | $ 14,862 |
Weighted average interest rate of reverse repurchase agreements, assets (percent) | 3.20% | 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 - financial instruments | 0 | 0 |
Repurchase agreements / reverse repurchase agreements, gross amounts not offset in balance sheet - collateral pledged | 0 | 0 |
Repurchase agreements / reverse repurchase agreements, net amount | 0 | 0 |
Derivatives, gross amounts of recognized liabilities | 26,433 | 25,376 |
Derivatives, gross amounts offset on balance sheet | 0 | 0 |
Derivatives, net liability balance | 26,433 | 25,376 |
Derivatives, gross amounts not offset in balance sheet - financial instruments | (973) | (1,490) |
Derivatives, gross amounts not offset in balance sheet - collateral pledged | (16,126) | (17,190) |
Derivatives, net amount | 9,334 | 6,696 |
Offsetting liabilities, gross amounts of recognized liabilities | 76,433 | 125,376 |
Offsetting liabilities, gross amounts offset on balance sheet | (50,000) | (100,000) |
Offsetting liabilities, net liability balance | 26,433 | 25,376 |
Offsetting liabilities gross, amounts not offset in balance sheet - financial instruments | (973) | (1,490) |
Offsetting liabilities gross amounts not offset in the balance sheet - collateral pledged | (16,126) | (17,190) |
Offsetting liabilities, net amount | $ 9,334 | $ 6,696 |
Weighted average interest rate of reverse repurchase agreements, liabilities (percent) | 2.45% | 1.20% |
Balance Sheet Offsetting and _4
Balance Sheet Offsetting and Repurchase Agreements Accounted for as Secured Borrowings - Narrative (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Offsetting [Abstract] | ||
Right to reclaim cash collateral | $ 16,100 | $ 17,200 |
Obligation to return cash collateral | $ 8,030 | $ 6,370 |
Balance Sheet Offsetting and _5
Balance Sheet Offsetting and Repurchase Agreements Accounted for as Secured Borrowings - Repurchase agreements accounted for as secured borrowings (Details) - USD ($) $ in Thousands | Dec. 31, 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 | 50,000 | 100,000 |
91 to 110 days | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
Remaining Contractual Maturity of the Agreements | 0 | 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 | 50,000 | 100,000 |
Mortgage-backed securities | 91 to 110 days | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
Remaining Contractual Maturity of the Agreements | $ 0 | $ 0 |
Investment Securities - Cost ba
Investment Securities - Cost basis, unrealized gains and losses, and fair value of debt securities held to maturity (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Held-to-maturity securities: | ||
Amortized Cost | $ 274,407 | $ 321,094 |
Gross Unrealized Gains | 1,777 | 3,785 |
Gross Unrealized Losses | 7,381 | 3,603 |
Fair value | 268,803 | 321,276 |
State and political subdivisions | ||
Held-to-maturity securities: | ||
Amortized Cost | 68,551 | 71,959 |
Gross Unrealized Gains | 952 | 1,574 |
Gross Unrealized Losses | 2,191 | 178 |
Fair value | 67,312 | 73,355 |
Residential mortgage-backed securities | ||
Held-to-maturity securities: | ||
Amortized Cost | 176,488 | 208,805 |
Gross Unrealized Gains | 652 | 1,586 |
Gross Unrealized Losses | 5,094 | 3,289 |
Fair value | 172,046 | 207,102 |
Commercial mortgage-backed securities | ||
Held-to-maturity securities: | ||
Amortized Cost | 29,368 | 40,330 |
Gross Unrealized Gains | 173 | 625 |
Gross Unrealized Losses | 96 | 136 |
Fair value | $ 29,445 | $ 40,819 |
Investment Securities - Cost _2
Investment Securities - Cost basis, unrealized gains and losses, and fair value of debt securities available for sale (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Debt securities available-for-sale and equity securities: | ||
Amortized Cost | $ 2,660,263 | $ 2,623,728 |
Gross Unrealized Gains | 6,454 | 11,968 |
Gross Unrealized Losses | 38,250 | 19,846 |
Fair Value | 2,628,467 | 2,615,850 |
U.S. Treasuries | ||
Debt securities available-for-sale and equity securities: | ||
Amortized Cost | 150,712 | 122,025 |
Gross Unrealized Gains | 767 | 0 |
Gross Unrealized Losses | 2,172 | 912 |
Fair Value | 149,307 | 121,113 |
U.S. Government agencies | ||
Debt securities available-for-sale and equity securities: | ||
Amortized Cost | 25,493 | 26,129 |
Gross Unrealized Gains | 335 | 269 |
Gross Unrealized Losses | 275 | 26 |
Fair Value | 25,553 | 26,372 |
State and political subdivisions | ||
Debt securities available-for-sale and equity securities: | ||
Amortized Cost | 234,750 | 195,663 |
Gross Unrealized Gains | 907 | 2,019 |
Gross Unrealized Losses | 1,716 | 396 |
Fair Value | 233,941 | 197,286 |
Residential mortgage-backed securities | ||
Debt securities available-for-sale and equity securities: | ||
Amortized Cost | 1,464,380 | 1,317,371 |
Gross Unrealized Gains | 3,428 | 7,058 |
Gross Unrealized Losses | 21,898 | 12,696 |
Fair Value | 1,445,910 | 1,311,733 |
Commercial mortgage-backed securities | ||
Debt securities available-for-sale and equity securities: | ||
Amortized Cost | 399,663 | 420,685 |
Gross Unrealized Gains | 187 | 31 |
Gross Unrealized Losses | 7,933 | 5,238 |
Fair Value | 391,917 | 415,478 |
Corporate bonds | ||
Debt securities available-for-sale and equity securities: | ||
Amortized Cost | 200,582 | 305,265 |
Gross Unrealized Gains | 502 | 1,513 |
Gross Unrealized Losses | 1,921 | 425 |
Fair Value | 199,163 | 306,353 |
Asset-backed securities | ||
Debt securities available-for-sale and equity securities: | ||
Amortized Cost | 184,683 | 236,533 |
Gross Unrealized Gains | 328 | 1,078 |
Gross Unrealized Losses | 2,335 | 153 |
Fair Value | $ 182,676 | 237,458 |
Other | ||
Debt securities available-for-sale and equity securities: | ||
Amortized Cost | 57 | |
Gross Unrealized Gains | 0 | |
Gross Unrealized Losses | 0 | |
Fair Value | $ 57 |
Investment Securities - Summary
Investment Securities - Summary of held-to-maturity securities in unrealized loss position (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Summary of held to maturity securities in an unrealized loss position | ||
Fair Value, Less than 12 Months | $ 13,641 | $ 104,322 |
Unrealized Loss, Less than 12 Months | 107 | 1,626 |
Fair Value, 12 Months or More | 174,812 | 65,868 |
Unrealized Loss, 12 Months or More | 7,274 | 1,977 |
Fair Value, Total | 188,453 | 170,190 |
Unrealized Loss, Total | 7,381 | 3,603 |
State and political subdivisions | ||
Summary of held to maturity securities in an unrealized loss position | ||
Fair Value, Less than 12 Months | 7,062 | 8,969 |
Unrealized Loss, Less than 12 Months | 46 | 178 |
Fair Value, 12 Months or More | 34,146 | 0 |
Unrealized Loss, 12 Months or More | 2,145 | 0 |
Fair Value, Total | 41,208 | 8,969 |
Unrealized Loss, Total | 2,191 | 178 |
Residential mortgage-backed securities | ||
Summary of held to maturity securities in an unrealized loss position | ||
Fair Value, Less than 12 Months | 6,579 | 82,893 |
Unrealized Loss, Less than 12 Months | 61 | 1,377 |
Fair Value, 12 Months or More | 136,376 | 64,337 |
Unrealized Loss, 12 Months or More | 5,033 | 1,912 |
Fair Value, Total | 142,955 | 147,230 |
Unrealized Loss, Total | 5,094 | 3,289 |
Commercial mortgage-backed securities | ||
Summary of held to maturity securities in an unrealized loss position | ||
Fair Value, Less than 12 Months | 0 | 12,460 |
Unrealized Loss, Less than 12 Months | 0 | 71 |
Fair Value, 12 Months or More | 4,290 | 1,531 |
Unrealized Loss, 12 Months or More | 96 | 65 |
Fair Value, Total | 4,290 | 13,991 |
Unrealized Loss, Total | $ 96 | $ 136 |
Investment Securities - Summa_2
Investment Securities - Summary of available-for-sale securities in unrealized loss position (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Summary of available for sale securities in an unrealized loss position | ||
Fair Value, Less than 12 Months | $ 328,787 | $ 1,233,399 |
Unrealized Loss, Less than 12 Months | 3,309 | 10,440 |
Fair Value, 12 Months or More | 1,555,326 | 341,662 |
Unrealized Loss, 12 Months or More | 34,941 | 9,406 |
Fair Value, Total | 1,884,113 | 1,575,061 |
Unrealized Loss, Total | 38,250 | 19,846 |
U.S. Treasuries | ||
Summary of available for sale securities in an unrealized loss position | ||
Fair Value, Less than 12 Months | 0 | 121,113 |
Unrealized Loss, Less than 12 Months | 0 | 912 |
Fair Value, 12 Months or More | 120,391 | 0 |
Unrealized Loss, 12 Months or More | 2,172 | 0 |
Fair Value, Total | 120,391 | 121,113 |
Unrealized Loss, Total | 2,172 | 912 |
US Government agencies | ||
Summary of available for sale securities in an unrealized loss position | ||
Fair Value, Less than 12 Months | 0 | 1,976 |
Unrealized Loss, Less than 12 Months | 0 | 13 |
Fair Value, 12 Months or More | 21,519 | 1,677 |
Unrealized Loss, 12 Months or More | 275 | 13 |
Fair Value, Total | 21,519 | 3,653 |
Unrealized Loss, Total | 275 | 26 |
State and political subdivisions | ||
Summary of available for sale securities in an unrealized loss position | ||
Fair Value, Less than 12 Months | 15,160 | 61,494 |
Unrealized Loss, Less than 12 Months | 28 | 365 |
Fair Value, 12 Months or More | 133,500 | 5,131 |
Unrealized Loss, 12 Months or More | 1,688 | 31 |
Fair Value, Total | 148,660 | 66,625 |
Unrealized Loss, Total | 1,716 | 396 |
Residential mortgage-backed securities | ||
Summary of available for sale securities in an unrealized loss position | ||
Fair Value, Less than 12 Months | 234,583 | 655,180 |
Unrealized Loss, Less than 12 Months | 808 | 5,692 |
Fair Value, 12 Months or More | 775,360 | 242,501 |
Unrealized Loss, 12 Months or More | 21,090 | 7,004 |
Fair Value, Total | 1,009,943 | 897,681 |
Unrealized Loss, Total | 21,898 | 12,696 |
Commercial mortgage-backed securities | ||
Summary of available for sale securities in an unrealized loss position | ||
Fair Value, Less than 12 Months | 4,552 | 309,025 |
Unrealized Loss, Less than 12 Months | 594 | 3,007 |
Fair Value, 12 Months or More | 355,292 | 86,422 |
Unrealized Loss, 12 Months or More | 7,339 | 2,231 |
Fair Value, Total | 359,844 | 395,447 |
Unrealized Loss, Total | 7,933 | 5,238 |
Corporate bonds | ||
Summary of available for sale securities in an unrealized loss position | ||
Fair Value, Less than 12 Months | 0 | 55,916 |
Unrealized Loss, Less than 12 Months | 0 | 325 |
Fair Value, 12 Months or More | 117,296 | 900 |
Unrealized Loss, 12 Months or More | 1,921 | 100 |
Fair Value, Total | 117,296 | 56,816 |
Unrealized Loss, Total | 1,921 | 425 |
Asset-backed securities | ||
Summary of available for sale securities in an unrealized loss position | ||
Fair Value, Less than 12 Months | 74,492 | 28,695 |
Unrealized Loss, Less than 12 Months | 1,879 | 126 |
Fair Value, 12 Months or More | 31,968 | 5,031 |
Unrealized Loss, 12 Months or More | 456 | 27 |
Fair Value, Total | 106,460 | 33,726 |
Unrealized Loss, Total | $ 2,335 | $ 153 |
Investment Securities - Summa_3
Investment Securities - Summary of securities sales activity (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Investments, Debt and Equity Securities [Abstract] | |||
Proceeds from sales | $ 168,891 | $ 340,540 | $ 199,864 |
Gross gains on sales | 2,082 | 1,247 | 1,647 |
Gross losses on sales | (2,738) | (1,205) | (665) |
Net (losses) gains on sales of securities | (656) | 42 | 982 |
Income tax (benefit) expense attributable to sales | $ 132 | $ (14) | $ (371) |
Investment Securities - Amortiz
Investment Securities - Amortized cost and fair value of held-to-maturity and available-for-sale securities by contractual maturity (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Available-for-Sale, Amortized Cost | ||
Amortized Cost | $ 2,660,263 | $ 2,623,728 |
Available-for-Sale, Fair Value | ||
Fair Value | 2,628,467 | 2,615,850 |
Held-to-Maturity, Amortized Cost | ||
Amortized Cost | 274,407 | 321,094 |
Held-to-Maturity Fair Value | ||
Fair value | 268,803 | 321,276 |
U.S. Treasuries | ||
Available-for-Sale, Amortized Cost | ||
Available-for-Sale, Amortized Cost, 1 to 5 years | 122,563 | |
Available-for-Sale, Amortized Cost, 5 to 10 years | 28,149 | |
Amortized Cost | 150,712 | 122,025 |
Available-for-Sale, Fair Value | ||
Available-for-Sale, Fair Value, 1 to 5 years | 120,391 | |
Available-for-Sale, Fair Value, 5 to 10 years | 28,916 | |
Fair Value | 149,307 | 121,113 |
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 | |
US Government agencies | ||
Available-for-Sale, Amortized Cost | ||
Available-for-Sale, Amortized Cost, 1 to 5 years | 20,794 | |
Available-for-Sale, Amortized Cost, More than 10 years | 4,699 | |
Amortized Cost | 25,493 | |
Available-for-Sale, Fair Value | ||
Available-for-Sale, Fair Value, 1 to 5 years | 20,538 | |
Available-for-Sale, Fair Value, More than 10 years | 5,015 | |
Fair Value | 25,553 | |
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 | 500 | |
Available-for-Sale, Amortized Cost, 1 to 5 years | 43,526 | |
Available-for-Sale, Amortized Cost, 5 to 10 years | 41,841 | |
Available-for-Sale, Amortized Cost, More than 10 years | 148,883 | |
Amortized Cost | 234,750 | 195,663 |
Available-for-Sale, Fair Value | ||
Available-for-Sale, Fair Value, Within 1 year | 504 | |
Available-for-Sale, Fair Value, 1 to 5 years | 43,045 | |
Available-for-Sale, Fair Value, 5 to 10 years | 41,771 | |
Available-for-Sale, Fair Value, More than 10 years | 148,621 | |
Fair Value | 233,941 | 197,286 |
Held-to-Maturity, Amortized Cost | ||
Held-to-Maturity, Amortized Cost, Within 1 year | 5,830 | |
Held-to-Maturity, Amortized Cost, 1 to 5 years | 10,968 | |
Held-to-Maturity, Amortized Cost, 5 to 10 years | 8,354 | |
Held-to-Maturity, Amortized Cost, More than 10 years | 43,399 | |
Amortized Cost | 68,551 | 71,959 |
Held-to-Maturity Fair Value | ||
Held-to-Maturity, Fair Value, Within 1 year | 5,859 | |
Held-to-Maturity, Fair Value, 1 to 5 years | 11,317 | |
Held-to-Maturity, Fair Value, 5 to 10 years | 8,928 | |
Held-to-Maturity, Fair Value, More than 10 years | 41,208 | |
Fair value | 67,312 | 73,355 |
Corporate bonds | ||
Available-for-Sale, Amortized Cost | ||
Available-for-Sale, Amortized Cost, 1 to 5 years | 198,082 | |
Available-for-Sale, Amortized Cost, 5 to 10 years | 1,500 | |
Available-for-Sale, Amortized Cost, More than 10 years | 1,000 | |
Amortized Cost | 200,582 | 305,265 |
Available-for-Sale, Fair Value | ||
Available-for-Sale, Fair Value, 1 to 5 years | 196,654 | |
Available-for-Sale, Fair Value, 5 to 10 years | 1,514 | |
Available-for-Sale, Fair Value, More than 10 years | 995 | |
Fair Value | 199,163 | 306,353 |
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, 5 to 10 years | 2,305 | |
Available-for-Sale, Amortized Cost, More than 10 years | 182,378 | |
Amortized Cost | 184,683 | 236,533 |
Available-for-Sale, Fair Value | ||
Available-for-Sale, Fair Value, 5 to 10 years | 2,300 | |
Available-for-Sale, Fair Value, More than 10 years | 180,376 | |
Fair Value | 182,676 | 237,458 |
Held-to-Maturity, Amortized Cost | ||
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, 5 to 10 years | 0 | |
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 | 500 | |
Available-for-Sale, Amortized Cost, 1 to 5 years | 384,965 | |
Available-for-Sale, Amortized Cost, 5 to 10 years | 73,795 | |
Available-for-Sale, Amortized Cost, More than 10 years | 336,960 | |
Available-for-Sale, Fair Value | ||
Available-for-Sale, Fair Value, Within 1 year | 504 | |
Available-for-Sale, Fair Value, 1 to 5 years | 380,628 | |
Available-for-Sale, Fair Value, 5 to 10 years | 74,501 | |
Available-for-Sale, Fair Value, More than 10 years | 335,007 | |
Held-to-Maturity, Amortized Cost | ||
Held-to-Maturity, Amortized Cost, Within 1 year | 5,830 | |
Held-to-Maturity, Amortized Cost, 1 to 5 years | 10,968 | |
Held-to-Maturity, Amortized Cost, 5 to 10 years | 8,354 | |
Held-to-Maturity, Amortized Cost, More than 10 years | 43,399 | |
Held-to-Maturity Fair Value | ||
Held-to-Maturity, Fair Value, Within 1 year | 5,859 | |
Held-to-Maturity, Fair Value, 1 to 5 years | 11,317 | |
Held-to-Maturity, Fair Value, 5 to 10 years | 8,928 | |
Held-to-Maturity, Fair Value, More than 10 years | 41,208 | |
Residential mortgage-backed securities | ||
Available-for-Sale, Amortized Cost | ||
Amortized Cost | 1,464,380 | 1,317,371 |
Available-for-Sale, Fair Value | ||
Fair Value | 1,445,910 | 1,311,733 |
Held-to-Maturity, Amortized Cost | ||
Amortized Cost | 176,488 | 208,805 |
Held-to-Maturity Fair Value | ||
Fair value | 172,046 | 207,102 |
Commercial mortgage-backed securities | ||
Available-for-Sale, Amortized Cost | ||
Amortized Cost | 399,663 | 420,685 |
Available-for-Sale, Fair Value | ||
Fair Value | 391,917 | 415,478 |
Held-to-Maturity, Amortized Cost | ||
Amortized Cost | 29,368 | 40,330 |
Held-to-Maturity Fair Value | ||
Fair value | $ 29,445 | $ 40,819 |
Investment Securities - Narrati
Investment Securities - Narrative (Details) | 12 Months Ended | ||
Dec. 31, 2018USD ($)security | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | |
Investments, Debt and Equity Securities [Abstract] | |||
Carrying value of securities pledged to secure public deposits, derivatives and other secured borrowings | $ | $ 925,000,000 | $ 1,040,000,000 | |
Number of available for sale securities in unrealized loss position | security | 277 | ||
Number of held-to-maturity securities in unrealized loss position | security | 67 | ||
Other-than-temporary impairment charges | $ | $ 0 | $ 0 | $ 0 |
Loans and Leases and Allowanc_3
Loans and Leases and Allowance for Credit Losses - Major classifications of loans and lease portfolio (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Classifications of loans | ||
Total loans | $ 8,383,401 | $ 7,735,572 |
Less allowance for loan losses | (61,203) | (58,914) |
Loans, net | 8,322,198 | 7,676,658 |
Loans Receivable | ||
Classifications of loans | ||
Total loans | 8,383,401 | 7,735,572 |
Less allowance for loan losses | (61,203) | (58,914) |
Loans, net | 8,322,198 | 7,676,658 |
Loans Receivable | Home equity lines of credit | ||
Classifications of loans | ||
Total loans | 694,010 | 731,227 |
Loans Receivable | Indirect auto | ||
Classifications of loans | ||
Total loans | 207,692 | 358,185 |
Loans Receivable | Commercial | ||
Classifications of loans | ||
Total loans | 6,099,443 | 5,362,093 |
Loans Receivable | Commercial | Owner occupied commercial real estate | ||
Classifications of loans | ||
Total loans | 1,647,904 | 1,923,993 |
Loans Receivable | Commercial | Income producing commercial real estate | ||
Classifications of loans | ||
Total loans | 1,812,420 | 1,595,174 |
Loans Receivable | Commercial | Construction | ||
Classifications of loans | ||
Total loans | 796,158 | 711,936 |
Loans Receivable | Commercial | Equipment financing | ||
Classifications of loans | ||
Total loans | 564,614 | 0 |
Loans Receivable | Commercial | Commercial & industrial | ||
Classifications of loans | ||
Total loans | 1,278,347 | 1,130,990 |
Loans Receivable | Residential | Residential mortgage | ||
Classifications of loans | ||
Total loans | 1,049,232 | 973,544 |
Loans Receivable | Residential | Construction | ||
Classifications of loans | ||
Total loans | 211,011 | 183,019 |
Loans Receivable | Consumer direct | ||
Classifications of loans | ||
Total loans | $ 122,013 | $ 127,504 |
Loans and Leases and Allowanc_4
Loans and Leases and Allowance for Credit Losses - Changes in the value of the accretable yield for PCI loans (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Certain Loans Acquired in Transfer Accounted for as Debt Securities, Accretable Yield Movement Schedule [Roll Forward] | ||
Balance at beginning of period | $ 17,686 | $ 7,981 |
Additions due to acquisitions | 1,977 | 6,723 |
Accretion | (13,696) | (7,451) |
Reclassification from nonaccretable difference | 15,326 | 7,283 |
Changes in expected cash flows that do not affect nonaccretable difference | 5,575 | 3,150 |
Balance at end of period | $ 26,868 | $ 17,686 |
Loans and Leases and Allowanc_5
Loans and Leases and Allowance for Credit Losses - Components of net investment in leases (Details) $ in Thousands | Dec. 31, 2018USD ($) |
Receivables [Abstract] | |
Minimum future lease payments receivable | $ 31,915 |
Estimated residual value of leased equipment | 3,593 |
Initial direct costs | 827 |
Security deposits | (1,189) |
Purchase accounting premium | 806 |
Unearned income | (5,568) |
Net investment in leases | $ 30,384 |
Loans and Leases and Allowanc_6
Loans and Leases and Allowance for Credit Losses - Minimum future lease payments to be received (Details) $ in Thousands | Dec. 31, 2018USD ($) |
Receivables [Abstract] | |
2,019 | $ 12,689 |
2,020 | 9,433 |
2,021 | 5,641 |
2,022 | 3,058 |
2,023 | 1,086 |
Thereafter | 8 |
Total | $ 31,915 |
Loans and Leases and Allowanc_7
Loans and Leases and Allowance for Credit Losses - Bank loans granted to executive officers and directors (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Summary of loans outstanding to executive officers and directors of the holding company | ||
Change in related party status | $ (1,179) | $ 0 |
Loans Receivable | Executive Officers and Directors | ||
Summary of loans outstanding to executive officers and directors of the holding company | ||
Balance at beginning of period | 2,262 | 2,432 |
New loans and advances | 66 | 86 |
Repayments | (1,102) | (256) |
Balance at end of period | $ 47 | $ 2,262 |
Loans and Leases and Allowanc_8
Loans and Leases and Allowance for Credit Losses - Balance and activity in allowance for credit losses by portfolio segment (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Financing Receivable, Allowance for Credit Losses [Roll Forward] | |||
Beginning Balance | $ 61,226 | $ 63,424 | $ 70,990 |
Charge-Offs | (13,158) | (12,202) | (12,361) |
Recoveries | 7,045 | 6,204 | 5,595 |
Provision | 9,500 | 3,800 | (800) |
Ending Balance | 64,613 | 61,226 | 63,424 |
Loans Receivable | |||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | |||
Beginning Balance | 58,914 | 61,422 | 68,448 |
Charge-Offs | (13,158) | (12,202) | (12,361) |
Recoveries | 7,045 | 6,204 | 5,595 |
Provision | 8,402 | 3,490 | (260) |
Ending Balance | 61,203 | 58,914 | 61,422 |
Loans Receivable | Home equity lines of credit | |||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | |||
Beginning Balance | 5,177 | 4,599 | 5,956 |
Charge-Offs | (1,194) | (1,435) | (1,690) |
Recoveries | 423 | 567 | 386 |
Provision | 346 | 1,446 | (53) |
Ending Balance | 4,752 | 5,177 | 4,599 |
Loans Receivable | Indirect auto | |||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | |||
Beginning Balance | 1,550 | 1,802 | 1,393 |
Charge-Offs | (1,277) | (1,420) | (1,399) |
Recoveries | 228 | 284 | 233 |
Provision | 498 | 884 | 1,575 |
Ending Balance | 999 | 1,550 | 1,802 |
Loans Receivable | Commercial | Owner occupied commercial real estate | |||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | |||
Beginning Balance | 14,776 | 16,446 | 18,016 |
Charge-Offs | (303) | (406) | (2,029) |
Recoveries | 1,227 | 980 | 706 |
Provision | (3,493) | (2,244) | (247) |
Ending Balance | 12,207 | 14,776 | 16,446 |
Loans Receivable | Commercial | Income producing commercial real estate | |||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | |||
Beginning Balance | 9,381 | 8,843 | 11,548 |
Charge-Offs | (3,304) | (2,985) | (1,433) |
Recoveries | 1,064 | 178 | 580 |
Provision | 3,932 | 3,345 | (1,852) |
Ending Balance | 11,073 | 9,381 | 8,843 |
Loans Receivable | Commercial | Construction | |||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | |||
Beginning Balance | 10,523 | 13,405 | 9,553 |
Charge-Offs | (622) | (1,023) | (837) |
Recoveries | 734 | 1,018 | 821 |
Provision | (298) | (2,877) | 3,868 |
Ending Balance | 10,337 | 10,523 | 13,405 |
Loans Receivable | Commercial | Equipment financing | |||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | |||
Beginning Balance | 0 | 0 | 0 |
Charge-Offs | (1,536) | 0 | 0 |
Recoveries | 460 | 0 | 0 |
Provision | 6,528 | 0 | 0 |
Ending Balance | 5,452 | 0 | 0 |
Loans Receivable | Commercial | Commercial & industrial | |||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | |||
Beginning Balance | 3,971 | 3,810 | 4,433 |
Charge-Offs | (1,669) | (1,528) | (1,830) |
Recoveries | 1,390 | 1,768 | 1,689 |
Provision | 1,110 | (79) | (482) |
Ending Balance | 4,802 | 3,971 | 3,810 |
Loans Receivable | Residential | Construction | |||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | |||
Beginning Balance | 2,729 | 3,264 | 4,002 |
Charge-Offs | (54) | (129) | (533) |
Recoveries | 376 | 178 | 79 |
Provision | (618) | (584) | (284) |
Ending Balance | 2,433 | 2,729 | 3,264 |
Loans Receivable | Residential | Residential mortgage | |||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | |||
Beginning Balance | 10,097 | 8,545 | 12,719 |
Charge-Offs | (754) | (1,473) | (1,151) |
Recoveries | 336 | 314 | 301 |
Provision | (1,384) | 2,711 | (3,324) |
Ending Balance | 8,295 | 10,097 | 8,545 |
Loans Receivable | Consumer direct | |||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | |||
Beginning Balance | 710 | 708 | 828 |
Charge-Offs | (2,445) | (1,803) | (1,459) |
Recoveries | 807 | 917 | 800 |
Provision | 1,781 | 888 | 539 |
Ending Balance | 853 | 710 | 708 |
Loans Receivable | Allowance for unfunded commitments | |||
Financing Receivable, Allowance for Credit Losses [Roll Forward] | |||
Beginning Balance | 2,312 | 2,002 | 2,542 |
Charge-Offs | 0 | 0 | 0 |
Recoveries | 0 | 0 | 0 |
Provision | 1,098 | 310 | (540) |
Ending Balance | $ 3,410 | $ 2,312 | $ 2,002 |
Loans and Leases and Allowanc_9
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 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Allowance for Loan Losses, Individually evaluated for impairment | $ 2,312 | $ 3,256 | ||
Allowance for Loan Losses, Collectively evaluated for impairment | 61,541 | 57,957 | ||
Allowance for Loan Losses, PCI | 760 | 13 | ||
Allowance for Loan Losses, Ending balance | 64,613 | 61,226 | $ 63,424 | $ 70,990 |
Loans Outstanding, Ending Balance | 8,383,401 | 7,735,572 | ||
Loans Receivable | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Allowance for Loan Losses, Individually evaluated for impairment | 2,312 | 3,256 | ||
Allowance for Loan Losses, Collectively evaluated for impairment | 58,131 | 55,645 | ||
Allowance for Loan Losses, PCI | 760 | 13 | ||
Allowance for Loan Losses, Ending balance | 61,203 | 58,914 | 61,422 | 68,448 |
Loans Outstanding, Individually evaluated for impairment | 55,449 | 62,310 | ||
Loans Outstanding, Collectively evaluated for impairment | 8,253,503 | 7,574,748 | ||
PCI Loans | 74,449 | 98,514 | ||
Loans Outstanding, Ending Balance | 8,383,401 | 7,735,572 | ||
Loans Receivable | Home equity lines of credit | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Allowance for Loan Losses, Individually evaluated for impairment | 1 | 0 | ||
Allowance for Loan Losses, Collectively evaluated for impairment | 4,740 | 5,177 | ||
Allowance for Loan Losses, PCI | 11 | 0 | ||
Allowance for Loan Losses, Ending balance | 4,752 | 5,177 | 4,599 | 5,956 |
Loans Outstanding, Individually evaluated for impairment | 276 | 101 | ||
Loans Outstanding, Collectively evaluated for impairment | 692,122 | 728,235 | ||
PCI Loans | 1,612 | 2,891 | ||
Loans Outstanding, Ending Balance | 694,010 | 731,227 | ||
Loans Receivable | Indirect auto | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Allowance for Loan Losses, Individually evaluated for impairment | 26 | 0 | ||
Allowance for Loan Losses, Collectively evaluated for impairment | 973 | 1,550 | ||
Allowance for Loan Losses, PCI | 0 | 0 | ||
Allowance for Loan Losses, Ending balance | 999 | 1,550 | 1,802 | 1,393 |
Loans Outstanding, Individually evaluated for impairment | 1,237 | 1,396 | ||
Loans Outstanding, Collectively evaluated for impairment | 206,455 | 356,789 | ||
PCI Loans | 0 | 0 | ||
Loans Outstanding, Ending Balance | 207,692 | 358,185 | ||
Loans Receivable | Commercial | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
PCI Loans | 62,420 | 80,898 | ||
Loans Outstanding, Ending Balance | 6,099,443 | 5,362,093 | ||
Loans Receivable | Commercial | Owner occupied commercial real estate | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Allowance for Loan Losses, Individually evaluated for impairment | 862 | 1,255 | ||
Allowance for Loan Losses, Collectively evaluated for impairment | 11,328 | 13,521 | ||
Allowance for Loan Losses, PCI | 17 | 0 | ||
Allowance for Loan Losses, Ending balance | 12,207 | 14,776 | 16,446 | 18,016 |
Loans Outstanding, Individually evaluated for impairment | 17,602 | 21,823 | ||
Loans Outstanding, Collectively evaluated for impairment | 1,620,450 | 1,876,411 | ||
PCI Loans | 9,852 | 25,759 | ||
Loans Outstanding, Ending Balance | 1,647,904 | 1,923,993 | ||
Loans Receivable | Commercial | Income producing commercial real estate | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Allowance for Loan Losses, Individually evaluated for impairment | 402 | 562 | ||
Allowance for Loan Losses, Collectively evaluated for impairment | 10,671 | 8,813 | ||
Allowance for Loan Losses, PCI | 0 | 6 | ||
Allowance for Loan Losses, Ending balance | 11,073 | 9,381 | 8,843 | 11,548 |
Loans Outstanding, Individually evaluated for impairment | 16,584 | 16,483 | ||
Loans Outstanding, Collectively evaluated for impairment | 1,757,525 | 1,533,851 | ||
PCI Loans | 38,311 | 44,840 | ||
Loans Outstanding, Ending Balance | 1,812,420 | 1,595,174 | ||
Loans Receivable | Commercial | Construction | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Allowance for Loan Losses, Individually evaluated for impairment | 71 | 156 | ||
Allowance for Loan Losses, Collectively evaluated for impairment | 9,974 | 10,367 | ||
Allowance for Loan Losses, PCI | 292 | 0 | ||
Allowance for Loan Losses, Ending balance | 10,337 | 10,523 | 13,405 | 9,553 |
Loans Outstanding, Individually evaluated for impairment | 2,491 | 3,813 | ||
Loans Outstanding, Collectively evaluated for impairment | 787,760 | 699,266 | ||
PCI Loans | 5,907 | 8,857 | ||
Loans Outstanding, Ending Balance | 796,158 | 711,936 | ||
Loans Receivable | Commercial | Equipment financing | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Allowance for Loan Losses, Individually evaluated for impairment | 0 | 0 | ||
Allowance for Loan Losses, Collectively evaluated for impairment | 5,045 | 0 | ||
Allowance for Loan Losses, PCI | 407 | 0 | ||
Allowance for Loan Losses, Ending balance | 5,452 | 0 | 0 | 0 |
Loans Outstanding, Individually evaluated for impairment | 0 | 0 | ||
Loans Outstanding, Collectively evaluated for impairment | 556,672 | 0 | ||
PCI Loans | 7,942 | 0 | ||
Loans Outstanding, Ending Balance | 564,614 | 0 | ||
Loans Receivable | Commercial | Commercial & industrial | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Allowance for Loan Losses, Individually evaluated for impairment | 32 | 27 | ||
Allowance for Loan Losses, Collectively evaluated for impairment | 4,761 | 3,944 | ||
Allowance for Loan Losses, PCI | 9 | 0 | ||
Allowance for Loan Losses, Ending balance | 4,802 | 3,971 | 3,810 | 4,433 |
Loans Outstanding, Individually evaluated for impairment | 1,621 | 2,654 | ||
Loans Outstanding, Collectively evaluated for impairment | 1,276,318 | 1,126,894 | ||
PCI Loans | 408 | 1,442 | ||
Loans Outstanding, Ending Balance | 1,278,347 | 1,130,990 | ||
Loans Receivable | Residential | Construction | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Allowance for Loan Losses, Individually evaluated for impairment | 51 | 75 | ||
Allowance for Loan Losses, Collectively evaluated for impairment | 2,382 | 2,654 | ||
Allowance for Loan Losses, PCI | 0 | 0 | ||
Allowance for Loan Losses, Ending balance | 2,433 | 2,729 | 3,264 | 4,002 |
Loans Outstanding, Individually evaluated for impairment | 1,207 | 1,577 | ||
Loans Outstanding, Collectively evaluated for impairment | 209,070 | 180,978 | ||
PCI Loans | 734 | 464 | ||
Loans Outstanding, Ending Balance | 211,011 | 183,019 | ||
Loans Receivable | Residential | Residential mortgage | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Allowance for Loan Losses, Individually evaluated for impairment | 861 | 1,174 | ||
Allowance for Loan Losses, Collectively evaluated for impairment | 7,410 | 8,919 | ||
Allowance for Loan Losses, PCI | 24 | 4 | ||
Allowance for Loan Losses, Ending balance | 8,295 | 10,097 | 8,545 | 12,719 |
Loans Outstanding, Individually evaluated for impairment | 14,220 | 14,193 | ||
Loans Outstanding, Collectively evaluated for impairment | 1,025,862 | 946,210 | ||
PCI Loans | 9,150 | 13,141 | ||
Loans Outstanding, Ending Balance | 1,049,232 | 973,544 | ||
Loans Receivable | Consumer direct | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Allowance for Loan Losses, Individually evaluated for impairment | 6 | 7 | ||
Allowance for Loan Losses, Collectively evaluated for impairment | 847 | 700 | ||
Allowance for Loan Losses, PCI | 0 | 3 | ||
Allowance for Loan Losses, Ending balance | 853 | 710 | 708 | 828 |
Loans Outstanding, Individually evaluated for impairment | 211 | 270 | ||
Loans Outstanding, Collectively evaluated for impairment | 121,269 | 126,114 | ||
PCI Loans | 533 | 1,120 | ||
Loans Outstanding, Ending Balance | 122,013 | 127,504 | ||
Loans Receivable | Allowance for unfunded commitments | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Allowance for Loan Losses, Individually evaluated for impairment | 0 | 0 | ||
Allowance for Loan Losses, Collectively evaluated for impairment | 3,410 | 2,312 | ||
Allowance for Loan Losses, PCI | 0 | 0 | ||
Allowance for Loan Losses, Ending balance | $ 3,410 | $ 2,312 | $ 2,002 | $ 2,542 |
Loans and Leases and Allowan_10
Loans and Leases and Allowance for Credit Losses - Loans individually evaluated for impairment by class of loans (Details) - Loans Receivable - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Unpaid Principal Balance | ||
Unpaid Principal Balance, With no related allowance recorded | $ 26,829 | $ 10,191 |
Unpaid Principal Balance, With an allowance recorded | 32,995 | 54,540 |
Unpaid Principal Balance | 59,824 | 64,731 |
Recorded Investment | ||
Recorded Investment, With no related allowance recorded | 23,477 | 9,368 |
Recorded Investment, With an allowance recorded | 31,972 | 52,942 |
Recorded Investment | 55,449 | 62,310 |
Allowance for loan losses, With an allowance recorded | 2,312 | 3,256 |
Home equity lines of credit | ||
Unpaid Principal Balance | ||
Unpaid Principal Balance, With no related allowance recorded | 330 | 393 |
Unpaid Principal Balance, With an allowance recorded | 45 | 0 |
Recorded Investment | ||
Recorded Investment, With no related allowance recorded | 234 | 101 |
Recorded Investment, With an allowance recorded | 42 | 0 |
Allowance for loan losses, With an allowance recorded | 1 | 0 |
Indirect auto | ||
Unpaid Principal Balance | ||
Unpaid Principal Balance, With no related allowance recorded | 294 | 1,396 |
Unpaid Principal Balance, With an allowance recorded | 946 | 0 |
Recorded Investment | ||
Recorded Investment, With no related allowance recorded | 292 | 1,396 |
Recorded Investment, With an allowance recorded | 945 | 0 |
Allowance for loan losses, With an allowance recorded | 26 | 0 |
Commercial | ||
Unpaid Principal Balance | ||
Unpaid Principal Balance, With no related allowance recorded | 19,846 | 5,307 |
Unpaid Principal Balance, With an allowance recorded | 21,845 | 40,885 |
Recorded Investment | ||
Recorded Investment, With no related allowance recorded | 17,304 | 4,946 |
Recorded Investment, With an allowance recorded | 20,994 | 39,827 |
Allowance for loan losses, With an allowance recorded | 1,367 | 2,000 |
Commercial | Owner occupied commercial real estate | ||
Unpaid Principal Balance | ||
Unpaid Principal Balance, With no related allowance recorded | 8,650 | 1,238 |
Unpaid Principal Balance, With an allowance recorded | 11,095 | 21,262 |
Recorded Investment | ||
Recorded Investment, With no related allowance recorded | 6,546 | 1,176 |
Recorded Investment, With an allowance recorded | 11,056 | 20,647 |
Allowance for loan losses, With an allowance recorded | 862 | 1,255 |
Commercial | Income producing commercial real estate | ||
Unpaid Principal Balance | ||
Unpaid Principal Balance, With no related allowance recorded | 9,986 | 2,177 |
Unpaid Principal Balance, With an allowance recorded | 6,968 | 14,419 |
Recorded Investment | ||
Recorded Investment, With no related allowance recorded | 9,881 | 2,165 |
Recorded Investment, With an allowance recorded | 6,703 | 14,318 |
Allowance for loan losses, With an allowance recorded | 402 | 562 |
Commercial | Construction Loans | ||
Unpaid Principal Balance | ||
Unpaid Principal Balance, With no related allowance recorded | 685 | 134 |
Unpaid Principal Balance, With an allowance recorded | 2,130 | 3,917 |
Recorded Investment | ||
Recorded Investment, With no related allowance recorded | 507 | 134 |
Recorded Investment, With an allowance recorded | 1,984 | 3,679 |
Allowance for loan losses, With an allowance recorded | 71 | 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 an allowance recorded | 0 | 0 |
Allowance for loan losses, With an allowance recorded | 0 | 0 |
Commercial | Commercial & industrial | ||
Unpaid Principal Balance | ||
Unpaid Principal Balance, With no related allowance recorded | 525 | 1,758 |
Unpaid Principal Balance, With an allowance recorded | 1,652 | 1,287 |
Recorded Investment | ||
Recorded Investment, With no related allowance recorded | 370 | 1,471 |
Recorded Investment, With an allowance recorded | 1,251 | 1,183 |
Allowance for loan losses, With an allowance recorded | 32 | 27 |
Residential | Construction Loans | ||
Unpaid Principal Balance | ||
Unpaid Principal Balance, With no related allowance recorded | 554 | 405 |
Unpaid Principal Balance, With an allowance recorded | 791 | 1,325 |
Recorded Investment | ||
Recorded Investment, With no related allowance recorded | 428 | 330 |
Recorded Investment, With an allowance recorded | 779 | 1,247 |
Allowance for loan losses, With an allowance recorded | 51 | 75 |
Residential | Residential mortgage | ||
Unpaid Principal Balance | ||
Unpaid Principal Balance, With no related allowance recorded | 5,787 | 2,661 |
Unpaid Principal Balance, With an allowance recorded | 9,169 | 12,086 |
Recorded Investment | ||
Recorded Investment, With no related allowance recorded | 5,202 | 2,566 |
Recorded Investment, With an allowance recorded | 9,018 | 11,627 |
Allowance for loan losses, With an allowance recorded | 861 | 1,174 |
Consumer direct | ||
Unpaid Principal Balance | ||
Unpaid Principal Balance, With no related allowance recorded | 18 | 29 |
Unpaid Principal Balance, With an allowance recorded | 199 | 244 |
Recorded Investment | ||
Recorded Investment, With no related allowance recorded | 17 | 29 |
Recorded Investment, With an allowance recorded | 194 | 241 |
Allowance for loan losses, With an allowance recorded | $ 6 | $ 7 |
Loans and Leases and Allowan_11
Loans and Leases and Allowance for Credit Losses - Loans modified under terms of TDR (Details) - Loans Receivable $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018USD ($)contract | Dec. 31, 2017USD ($)contract | Dec. 31, 2016USD ($)contract | |
Financing Receivable, Modifications [Line Items] | |||
Number of Contracts | contract | 64 | 78 | 94 |
Pre-Modification Outstanding Recorded Investment | $ 7,971 | $ 7,168 | $ 9,347 |
Post-Modification Outstanding Recorded Investment by Type of Modification | $ 7,798 | $ 6,506 | $ 9,172 |
Troubled Debt Restructurings That Have Subsequently Defaulted, Number of Contracts | contract | 6 | 4 | 4 |
Troubled Debt Restructurings That Have Subsequently Defaulted, Recorded Investment | $ 2,205 | $ 852 | $ 371 |
Rate Reduction | |||
Financing Receivable, Modifications [Line Items] | |||
Post-Modification Outstanding Recorded Investment by Type of Modification | 236 | 40 | 2,089 |
Structure | |||
Financing Receivable, Modifications [Line Items] | |||
Post-Modification Outstanding Recorded Investment by Type of Modification | 6,858 | 4,611 | 5,930 |
Other | |||
Financing Receivable, Modifications [Line Items] | |||
Post-Modification Outstanding Recorded Investment by Type of Modification | $ 704 | $ 1,855 | $ 1,153 |
Home equity lines of credit | |||
Financing Receivable, Modifications [Line Items] | |||
Number of Contracts | contract | 1 | 1 | 1 |
Pre-Modification Outstanding Recorded Investment | $ 42 | $ 296 | $ 38 |
Post-Modification Outstanding Recorded Investment by Type of Modification | $ 41 | $ 176 | $ 38 |
Troubled Debt Restructurings That Have Subsequently Defaulted, Number of Contracts | contract | 0 | 0 | 0 |
Troubled Debt Restructurings That Have Subsequently Defaulted, Recorded Investment | $ 0 | $ 0 | $ 0 |
Home equity lines of credit | Rate Reduction | |||
Financing Receivable, Modifications [Line Items] | |||
Post-Modification Outstanding Recorded Investment by Type of Modification | 0 | 0 | 38 |
Home equity lines of credit | Structure | |||
Financing Receivable, Modifications [Line Items] | |||
Post-Modification Outstanding Recorded Investment by Type of Modification | 0 | 0 | 0 |
Home equity lines of credit | Other | |||
Financing Receivable, Modifications [Line Items] | |||
Post-Modification Outstanding Recorded Investment by Type of Modification | $ 41 | $ 176 | $ 0 |
Indirect auto | |||
Financing Receivable, Modifications [Line Items] | |||
Number of Contracts | contract | 35 | 34 | 35 |
Pre-Modification Outstanding Recorded Investment | $ 643 | $ 786 | $ 966 |
Post-Modification Outstanding Recorded Investment by Type of Modification | $ 643 | $ 786 | $ 966 |
Troubled Debt Restructurings That Have Subsequently Defaulted, Number of Contracts | contract | 0 | 0 | 0 |
Troubled Debt Restructurings That Have Subsequently Defaulted, Recorded Investment | $ 0 | $ 0 | $ 0 |
Indirect auto | Rate Reduction | |||
Financing Receivable, Modifications [Line Items] | |||
Post-Modification Outstanding Recorded Investment by Type of Modification | 0 | 0 | 0 |
Indirect auto | Structure | |||
Financing Receivable, Modifications [Line Items] | |||
Post-Modification Outstanding Recorded Investment by Type of Modification | 0 | 0 | 0 |
Indirect auto | Other | |||
Financing Receivable, Modifications [Line Items] | |||
Post-Modification Outstanding Recorded Investment by Type of Modification | $ 643 | $ 786 | $ 966 |
Commercial | |||
Financing Receivable, Modifications [Line Items] | |||
Number of Contracts | contract | 9 | 14 | 17 |
Pre-Modification Outstanding Recorded Investment | $ 5,299 | $ 3,761 | $ 4,426 |
Post-Modification Outstanding Recorded Investment by Type of Modification | $ 5,162 | $ 3,228 | $ 4,426 |
Troubled Debt Restructurings That Have Subsequently Defaulted, Number of Contracts | contract | 5 | 0 | 3 |
Troubled Debt Restructurings That Have Subsequently Defaulted, Recorded Investment | $ 2,104 | $ 0 | $ 286 |
Commercial | Rate Reduction | |||
Financing Receivable, Modifications [Line Items] | |||
Post-Modification Outstanding Recorded Investment by Type of Modification | 106 | 0 | 0 |
Commercial | Structure | |||
Financing Receivable, Modifications [Line Items] | |||
Post-Modification Outstanding Recorded Investment by Type of Modification | 5,056 | 2,335 | 4,361 |
Commercial | Other | |||
Financing Receivable, Modifications [Line Items] | |||
Post-Modification Outstanding Recorded Investment by Type of Modification | $ 0 | $ 893 | $ 65 |
Commercial | Owner occupied commercial real estate | |||
Financing Receivable, Modifications [Line Items] | |||
Number of Contracts | contract | 5 | 6 | 8 |
Pre-Modification Outstanding Recorded Investment | $ 1,438 | $ 2,603 | $ 2,699 |
Post-Modification Outstanding Recorded Investment by Type of Modification | $ 1,387 | $ 2,269 | $ 2,699 |
Troubled Debt Restructurings That Have Subsequently Defaulted, Number of Contracts | contract | 3 | 0 | 1 |
Troubled Debt Restructurings That Have Subsequently Defaulted, Recorded Investment | $ 1,869 | $ 0 | $ 252 |
Commercial | Owner occupied commercial real estate | Rate Reduction | |||
Financing Receivable, Modifications [Line Items] | |||
Post-Modification Outstanding Recorded Investment by Type of Modification | 0 | 0 | 0 |
Commercial | Owner occupied commercial real estate | Structure | |||
Financing Receivable, Modifications [Line Items] | |||
Post-Modification Outstanding Recorded Investment by Type of Modification | 1,387 | 2,161 | 2,699 |
Commercial | Owner occupied commercial real estate | Other | |||
Financing Receivable, Modifications [Line Items] | |||
Post-Modification Outstanding Recorded Investment by Type of Modification | $ 0 | $ 108 | $ 0 |
Commercial | Income producing commercial real estate | |||
Financing Receivable, Modifications [Line Items] | |||
Number of Contracts | contract | 2 | 2 | 1 |
Pre-Modification Outstanding Recorded Investment | $ 3,753 | $ 257 | $ 257 |
Post-Modification Outstanding Recorded Investment by Type of Modification | $ 3,743 | $ 252 | $ 257 |
Troubled Debt Restructurings That Have Subsequently Defaulted, Number of Contracts | contract | 0 | 0 | 0 |
Troubled Debt Restructurings That Have Subsequently Defaulted, Recorded Investment | $ 0 | $ 0 | $ 0 |
Commercial | Income producing commercial real estate | Rate Reduction | |||
Financing Receivable, Modifications [Line Items] | |||
Post-Modification Outstanding Recorded Investment by Type of Modification | 106 | 0 | 0 |
Commercial | Income producing commercial real estate | Structure | |||
Financing Receivable, Modifications [Line Items] | |||
Post-Modification Outstanding Recorded Investment by Type of Modification | 3,637 | 0 | 257 |
Commercial | Income producing commercial real estate | Other | |||
Financing Receivable, Modifications [Line Items] | |||
Post-Modification Outstanding Recorded Investment by Type of Modification | $ 0 | $ 252 | $ 0 |
Commercial | Construction | |||
Financing Receivable, Modifications [Line Items] | |||
Number of Contracts | contract | 0 | 0 | 3 |
Pre-Modification Outstanding Recorded Investment | $ 0 | $ 0 | $ 458 |
Post-Modification Outstanding Recorded Investment by Type of Modification | $ 0 | $ 0 | $ 458 |
Troubled Debt Restructurings That Have Subsequently Defaulted, Number of Contracts | contract | 1 | 0 | 0 |
Troubled Debt Restructurings That Have Subsequently Defaulted, Recorded Investment | $ 3 | $ 0 | $ 0 |
Commercial | Construction | Rate Reduction | |||
Financing Receivable, Modifications [Line Items] | |||
Post-Modification Outstanding Recorded Investment by Type of Modification | 0 | 0 | 0 |
Commercial | Construction | Structure | |||
Financing Receivable, Modifications [Line Items] | |||
Post-Modification Outstanding Recorded Investment by Type of Modification | 0 | 0 | 393 |
Commercial | Construction | Other | |||
Financing Receivable, Modifications [Line Items] | |||
Post-Modification Outstanding Recorded Investment by Type of Modification | $ 0 | $ 0 | $ 65 |
Commercial | Equipment financing | |||
Financing Receivable, Modifications [Line Items] | |||
Number of Contracts | contract | 0 | 0 | 0 |
Pre-Modification Outstanding Recorded Investment | $ 0 | $ 0 | $ 0 |
Post-Modification Outstanding Recorded Investment by Type of Modification | $ 0 | $ 0 | $ 0 |
Troubled Debt Restructurings That Have Subsequently Defaulted, Number of Contracts | contract | 0 | 0 | 0 |
Troubled Debt Restructurings That Have Subsequently Defaulted, Recorded Investment | $ 0 | $ 0 | $ 0 |
Commercial | Equipment financing | Rate Reduction | |||
Financing Receivable, Modifications [Line Items] | |||
Post-Modification Outstanding Recorded Investment by Type of Modification | 0 | 0 | 0 |
Commercial | Equipment financing | Structure | |||
Financing Receivable, Modifications [Line Items] | |||
Post-Modification Outstanding Recorded Investment by Type of Modification | 0 | 0 | 0 |
Commercial | Equipment financing | Other | |||
Financing Receivable, Modifications [Line Items] | |||
Post-Modification Outstanding Recorded Investment by Type of Modification | $ 0 | $ 0 | $ 0 |
Commercial | Commercial & industrial | |||
Financing Receivable, Modifications [Line Items] | |||
Number of Contracts | contract | 2 | 6 | 5 |
Pre-Modification Outstanding Recorded Investment | $ 108 | $ 901 | $ 1,012 |
Post-Modification Outstanding Recorded Investment by Type of Modification | $ 32 | $ 707 | $ 1,012 |
Troubled Debt Restructurings That Have Subsequently Defaulted, Number of Contracts | contract | 1 | 0 | 2 |
Troubled Debt Restructurings That Have Subsequently Defaulted, Recorded Investment | $ 232 | $ 0 | $ 34 |
Commercial | Commercial & industrial | Rate Reduction | |||
Financing Receivable, Modifications [Line Items] | |||
Post-Modification Outstanding Recorded Investment by Type of Modification | 0 | 0 | 0 |
Commercial | Commercial & industrial | Structure | |||
Financing Receivable, Modifications [Line Items] | |||
Post-Modification Outstanding Recorded Investment by Type of Modification | 32 | 174 | 1,012 |
Commercial | Commercial & industrial | Other | |||
Financing Receivable, Modifications [Line Items] | |||
Post-Modification Outstanding Recorded Investment by Type of Modification | $ 0 | $ 533 | $ 0 |
Residential | Construction | |||
Financing Receivable, Modifications [Line Items] | |||
Number of Contracts | contract | 2 | 4 | 7 |
Pre-Modification Outstanding Recorded Investment | $ 47 | $ 135 | $ 584 |
Post-Modification Outstanding Recorded Investment by Type of Modification | $ 45 | $ 135 | $ 504 |
Troubled Debt Restructurings That Have Subsequently Defaulted, Number of Contracts | contract | 0 | 0 | 0 |
Troubled Debt Restructurings That Have Subsequently Defaulted, Recorded Investment | $ 0 | $ 0 | $ 0 |
Residential | Construction | Rate Reduction | |||
Financing Receivable, Modifications [Line Items] | |||
Post-Modification Outstanding Recorded Investment by Type of Modification | 0 | 40 | 46 |
Residential | Construction | Structure | |||
Financing Receivable, Modifications [Line Items] | |||
Post-Modification Outstanding Recorded Investment by Type of Modification | 32 | 95 | 376 |
Residential | Construction | Other | |||
Financing Receivable, Modifications [Line Items] | |||
Post-Modification Outstanding Recorded Investment by Type of Modification | $ 13 | $ 0 | $ 82 |
Residential | Residential mortgage | |||
Financing Receivable, Modifications [Line Items] | |||
Number of Contracts | contract | 15 | 23 | 28 |
Pre-Modification Outstanding Recorded Investment | $ 1,933 | $ 2,174 | $ 3,262 |
Post-Modification Outstanding Recorded Investment by Type of Modification | $ 1,900 | $ 2,165 | $ 3,167 |
Troubled Debt Restructurings That Have Subsequently Defaulted, Number of Contracts | contract | 1 | 4 | 1 |
Troubled Debt Restructurings That Have Subsequently Defaulted, Recorded Investment | $ 101 | $ 852 | $ 85 |
Residential | Residential mortgage | Rate Reduction | |||
Financing Receivable, Modifications [Line Items] | |||
Post-Modification Outstanding Recorded Investment by Type of Modification | 130 | 0 | 1,992 |
Residential | Residential mortgage | Structure | |||
Financing Receivable, Modifications [Line Items] | |||
Post-Modification Outstanding Recorded Investment by Type of Modification | 1,770 | 2,165 | 1,135 |
Residential | Residential mortgage | Other | |||
Financing Receivable, Modifications [Line Items] | |||
Post-Modification Outstanding Recorded Investment by Type of Modification | $ 0 | $ 0 | $ 40 |
Consumer direct | |||
Financing Receivable, Modifications [Line Items] | |||
Number of Contracts | contract | 2 | 2 | 6 |
Pre-Modification Outstanding Recorded Investment | $ 7 | $ 16 | $ 71 |
Post-Modification Outstanding Recorded Investment by Type of Modification | $ 7 | $ 16 | $ 71 |
Troubled Debt Restructurings That Have Subsequently Defaulted, Number of Contracts | contract | 0 | 0 | 0 |
Troubled Debt Restructurings That Have Subsequently Defaulted, Recorded Investment | $ 0 | $ 0 | $ 0 |
Consumer direct | Rate Reduction | |||
Financing Receivable, Modifications [Line Items] | |||
Post-Modification Outstanding Recorded Investment by Type of Modification | 0 | 0 | 13 |
Consumer direct | Structure | |||
Financing Receivable, Modifications [Line Items] | |||
Post-Modification Outstanding Recorded Investment by Type of Modification | 0 | 16 | 58 |
Consumer direct | Other | |||
Financing Receivable, Modifications [Line Items] | |||
Post-Modification Outstanding Recorded Investment by Type of Modification | $ 7 | $ 0 | $ 0 |
Loans and Leases and Allowan_12
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 | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Average balances of impaired loans and income recognized on impaired loans | |||
Average Balance | $ 59,748 | $ 78,354 | $ 90,425 |
Interest Revenue Recognized During Impairment | 3,084 | 3,632 | 4,274 |
Cash Basis Interest Revenue Received | 3,124 | 3,592 | 4,338 |
Home equity lines of credit | |||
Average balances of impaired loans and income recognized on impaired loans | |||
Average Balance | 284 | 248 | 93 |
Interest Revenue Recognized During Impairment | 18 | 10 | 4 |
Cash Basis Interest Revenue Received | 16 | 12 | 4 |
Indirect auto | |||
Average balances of impaired loans and income recognized on impaired loans | |||
Average Balance | 1,252 | 1,244 | 928 |
Interest Revenue Recognized During Impairment | 64 | 64 | 47 |
Cash Basis Interest Revenue Received | 64 | 64 | 47 |
Commercial | |||
Average balances of impaired loans and income recognized on impaired loans | |||
Average Balance | 42,043 | 60,731 | 73,307 |
Interest Revenue Recognized During Impairment | 2,247 | 2,886 | 3,475 |
Cash Basis Interest Revenue Received | 2,288 | 2,825 | 3,543 |
Commercial | Owner occupied commercial real estate | |||
Average balances of impaired loans and income recognized on impaired loans | |||
Average Balance | 19,881 | 27,870 | 33,297 |
Interest Revenue Recognized During Impairment | 1,078 | 1,271 | 1,667 |
Cash Basis Interest Revenue Received | 1,119 | 1,291 | 1,704 |
Commercial | Income producing commercial real estate | |||
Average balances of impaired loans and income recognized on impaired loans | |||
Average Balance | 17,138 | 24,765 | 31,661 |
Interest Revenue Recognized During Impairment | 893 | 1,265 | 1,418 |
Cash Basis Interest Revenue Received | 895 | 1,178 | 1,457 |
Commercial | Construction | |||
Average balances of impaired loans and income recognized on impaired loans | |||
Average Balance | 3,247 | 5,102 | 5,879 |
Interest Revenue Recognized During Impairment | 176 | 225 | 267 |
Cash Basis Interest Revenue Received | 174 | 229 | 264 |
Commercial | Equipment financing | |||
Average balances of impaired loans and income recognized on impaired loans | |||
Average Balance | 0 | 0 | 0 |
Interest Revenue Recognized During Impairment | 0 | 0 | 0 |
Cash Basis Interest Revenue Received | 0 | 0 | 0 |
Commercial | Commercial & industrial | |||
Average balances of impaired loans and income recognized on impaired loans | |||
Average Balance | 1,777 | 2,994 | 2,470 |
Interest Revenue Recognized During Impairment | 100 | 125 | 123 |
Cash Basis Interest Revenue Received | 100 | 127 | 118 |
Residential | Construction | |||
Average balances of impaired loans and income recognized on impaired loans | |||
Average Balance | 1,405 | 1,582 | 1,677 |
Interest Revenue Recognized During Impairment | 96 | 95 | 89 |
Cash Basis Interest Revenue Received | 95 | 95 | 88 |
Residential | Residential mortgage | |||
Average balances of impaired loans and income recognized on impaired loans | |||
Average Balance | 14,515 | 14,257 | 14,118 |
Interest Revenue Recognized During Impairment | 641 | 555 | 637 |
Cash Basis Interest Revenue Received | 643 | 574 | 633 |
Consumer direct | |||
Average balances of impaired loans and income recognized on impaired loans | |||
Average Balance | 249 | 292 | 302 |
Interest Revenue Recognized During Impairment | 18 | 22 | 22 |
Cash Basis Interest Revenue Received | $ 18 | $ 22 | $ 23 |
Loans and Leases and Allowan_13
Loans and Leases and Allowance for Credit Losses - Recorded investment in nonaccrual loans by loan class (Details) - Loans Receivable - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Recorded investment in nonaccrual loans by loan class | ||
Nonaccrual Loans | $ 23,778 | $ 23,658 |
Home equity lines of credit | ||
Recorded investment in nonaccrual loans by loan class | ||
Nonaccrual Loans | 2,360 | 2,024 |
Indirect auto | ||
Recorded investment in nonaccrual loans by loan class | ||
Nonaccrual Loans | 726 | 1,637 |
Commercial | ||
Recorded investment in nonaccrual loans by loan class | ||
Nonaccrual Loans | 12,280 | 10,986 |
Commercial | Owner occupied commercial real estate | ||
Recorded investment in nonaccrual loans by loan class | ||
Nonaccrual Loans | 6,421 | 4,923 |
Commercial | Income producing commercial real estate | ||
Recorded investment in nonaccrual loans by loan class | ||
Nonaccrual Loans | 1,160 | 3,208 |
Commercial | Construction | ||
Recorded investment in nonaccrual loans by loan class | ||
Nonaccrual Loans | 605 | 758 |
Commercial | Equipment financing | ||
Recorded investment in nonaccrual loans by loan class | ||
Nonaccrual Loans | 2,677 | 0 |
Commercial | Commercial & industrial | ||
Recorded investment in nonaccrual loans by loan class | ||
Nonaccrual Loans | 1,417 | 2,097 |
Residential | Construction | ||
Recorded investment in nonaccrual loans by loan class | ||
Nonaccrual Loans | 288 | 192 |
Residential | Residential mortgage | ||
Recorded investment in nonaccrual loans by loan class | ||
Nonaccrual Loans | 8,035 | 8,776 |
Consumer direct | ||
Recorded investment in nonaccrual loans by loan class | ||
Nonaccrual Loans | $ 89 | $ 43 |
Loans and Leases and Allowan_14
Loans and Leases and Allowance for Credit Losses - Aging of recorded investment in past due loans (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Recorded investment in nonaccrual loans by loan class | ||
Loans Outstanding, Ending Balance | $ 8,383,401 | $ 7,735,572 |
Loans Receivable | ||
Recorded investment in nonaccrual loans by loan class | ||
Loans Past Due | 38,304 | 36,929 |
Loans Not Past Due | 8,270,648 | 7,600,129 |
PCI Loans | 74,449 | 98,514 |
Loans Outstanding, Ending Balance | 8,383,401 | 7,735,572 |
Loans Receivable | Loans Past Due, 30 - 59 Days | ||
Recorded investment in nonaccrual loans by loan class | ||
Loans Past Due | 22,405 | 21,010 |
Loans Receivable | Loans Past Due, 60 - 89 Days | ||
Recorded investment in nonaccrual loans by loan class | ||
Loans Past Due | 7,765 | 5,787 |
Loans Receivable | Loans Past Due, > 90 Days | ||
Recorded investment in nonaccrual loans by loan class | ||
Loans Past Due | 8,134 | 10,132 |
Loans Receivable | Home equity lines of credit | ||
Recorded investment in nonaccrual loans by loan class | ||
Loans Past Due | 3,878 | 4,049 |
Loans Not Past Due | 688,520 | 724,287 |
PCI Loans | 1,612 | 2,891 |
Loans Outstanding, Ending Balance | 694,010 | 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 | 2,112 | 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 | 864 | 225 |
Loans Receivable | Home equity lines of credit | Loans Past Due, > 90 Days | ||
Recorded investment in nonaccrual loans by loan class | ||
Loans Past Due | 902 | 578 |
Loans Receivable | Indirect auto | ||
Recorded investment in nonaccrual loans by loan class | ||
Loans Past Due | 1,706 | 2,874 |
Loans Not Past Due | 205,986 | 355,311 |
PCI Loans | 0 | 0 |
Loans Outstanding, Ending Balance | 207,692 | 358,185 |
Loans Receivable | Indirect auto | Loans Past Due, 30 - 59 Days | ||
Recorded investment in nonaccrual loans by loan class | ||
Loans Past Due | 750 | 1,152 |
Loans Receivable | Indirect auto | Loans Past Due, 60 - 89 Days | ||
Recorded investment in nonaccrual loans by loan class | ||
Loans Past Due | 323 | 459 |
Loans Receivable | Indirect auto | Loans Past Due, > 90 Days | ||
Recorded investment in nonaccrual loans by loan class | ||
Loans Past Due | 633 | 1,263 |
Loans Receivable | Commercial | ||
Recorded investment in nonaccrual loans by loan class | ||
Loans Past Due | 22,056 | 16,161 |
Loans Not Past Due | 6,014,967 | 5,265,034 |
PCI Loans | 62,420 | 80,898 |
Loans Outstanding, Ending Balance | 6,099,443 | 5,362,093 |
Loans Receivable | Commercial | Loans Past Due, 30 - 59 Days | ||
Recorded investment in nonaccrual loans by loan class | ||
Loans Past Due | 12,973 | 8,271 |
Loans Receivable | Commercial | Loans Past Due, 60 - 89 Days | ||
Recorded investment in nonaccrual loans by loan class | ||
Loans Past Due | 4,645 | 3,130 |
Loans Receivable | Commercial | Loans Past Due, > 90 Days | ||
Recorded investment in nonaccrual loans by loan class | ||
Loans Past Due | 4,438 | 4,760 |
Loans Receivable | Commercial | Owner occupied commercial real estate | ||
Recorded investment in nonaccrual loans by loan class | ||
Loans Past Due | 6,450 | 7,116 |
Loans Not Past Due | 1,631,602 | 1,891,118 |
PCI Loans | 9,852 | 25,759 |
Loans Outstanding, Ending Balance | 1,647,904 | 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 | 2,542 | 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 | 2,897 | 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 | 1,011 | 1,530 |
Loans Receivable | Commercial | Income producing commercial real estate | ||
Recorded investment in nonaccrual loans by loan class | ||
Loans Past Due | 2,216 | 4,046 |
Loans Not Past Due | 1,771,893 | 1,546,288 |
PCI Loans | 38,311 | 44,840 |
Loans Outstanding, Ending Balance | 1,812,420 | 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 | 1,624 | 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 | 291 | 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 | 301 | 1,939 |
Loans Receivable | Commercial | Construction | ||
Recorded investment in nonaccrual loans by loan class | ||
Loans Past Due | 335 | 858 |
Loans Not Past Due | 789,916 | 702,221 |
PCI Loans | 5,907 | 8,857 |
Loans Outstanding, Ending Balance | 796,158 | 711,936 |
Loans Receivable | Commercial | Construction | Loans Past Due, 30 - 59 Days | ||
Recorded investment in nonaccrual loans by loan class | ||
Loans Past Due | 267 | 568 |
Loans Receivable | Commercial | Construction | Loans Past Due, 60 - 89 Days | ||
Recorded investment in nonaccrual loans by loan class | ||
Loans Past Due | 0 | 132 |
Loans Receivable | Commercial | Construction | Loans Past Due, > 90 Days | ||
Recorded investment in nonaccrual loans by loan class | ||
Loans Past Due | 68 | 158 |
Loans Receivable | Commercial | Equipment financing | ||
Recorded investment in nonaccrual loans by loan class | ||
Loans Past Due | 4,748 | 0 |
Loans Not Past Due | 551,924 | 0 |
PCI Loans | 7,942 | 0 |
Loans Outstanding, Ending Balance | 564,614 | 0 |
Loans Receivable | Commercial | Equipment financing | Loans Past Due, 30 - 59 Days | ||
Recorded investment in nonaccrual loans by loan class | ||
Loans Past Due | 1,351 | 0 |
Loans Receivable | Commercial | Equipment financing | Loans Past Due, 60 - 89 Days | ||
Recorded investment in nonaccrual loans by loan class | ||
Loans Past Due | 739 | 0 |
Loans Receivable | Commercial | Equipment financing | Loans Past Due, > 90 Days | ||
Recorded investment in nonaccrual loans by loan class | ||
Loans Past Due | 2,658 | 0 |
Loans Receivable | Residential | Construction | ||
Recorded investment in nonaccrual loans by loan class | ||
Loans Past Due | 762 | 1,083 |
Loans Not Past Due | 209,515 | 181,472 |
PCI Loans | 734 | 464 |
Loans Outstanding, Ending Balance | 211,011 | 183,019 |
Loans Receivable | Residential | Construction | Loans Past Due, 30 - 59 Days | ||
Recorded investment in nonaccrual loans by loan class | ||
Loans Past Due | 509 | 885 |
Loans Receivable | Residential | Construction | Loans Past Due, 60 - 89 Days | ||
Recorded investment in nonaccrual loans by loan class | ||
Loans Past Due | 63 | 105 |
Loans Receivable | Residential | Construction | Loans Past Due, > 90 Days | ||
Recorded investment in nonaccrual loans by loan class | ||
Loans Past Due | 190 | 93 |
Loans Receivable | Residential | Residential mortgage | ||
Recorded investment in nonaccrual loans by loan class | ||
Loans Past Due | 9,199 | 11,890 |
Loans Not Past Due | 1,030,883 | 948,513 |
PCI Loans | 9,150 | 13,141 |
Loans Outstanding, Ending Balance | 1,049,232 | 973,544 |
Loans Receivable | Residential | Residential mortgage | Loans Past Due, 30 - 59 Days | ||
Recorded investment in nonaccrual loans by loan class | ||
Loans Past Due | 5,461 | 6,717 |
Loans Receivable | Residential | Residential mortgage | Loans Past Due, 60 - 89 Days | ||
Recorded investment in nonaccrual loans by loan class | ||
Loans Past Due | 1,788 | 1,735 |
Loans Receivable | Residential | Residential mortgage | Loans Past Due, > 90 Days | ||
Recorded investment in nonaccrual loans by loan class | ||
Loans Past Due | 1,950 | 3,438 |
Loans Receivable | Consumer direct | ||
Recorded investment in nonaccrual loans by loan class | ||
Loans Past Due | 703 | 872 |
Loans Not Past Due | 120,777 | 125,512 |
PCI Loans | 533 | 1,120 |
Loans Outstanding, Ending Balance | 122,013 | 127,504 |
Loans Receivable | Consumer direct | Loans Past Due, 30 - 59 Days | ||
Recorded investment in nonaccrual loans by loan class | ||
Loans Past Due | 600 | 739 |
Loans Receivable | Consumer direct | Loans Past Due, 60 - 89 Days | ||
Recorded investment in nonaccrual loans by loan class | ||
Loans Past Due | 82 | 133 |
Loans Receivable | Consumer direct | Loans Past Due, > 90 Days | ||
Recorded investment in nonaccrual loans by loan class | ||
Loans Past Due | 21 | 0 |
Loans Receivable | Commercial & industrial | Commercial | ||
Recorded investment in nonaccrual loans by loan class | ||
Loans Past Due | 8,307 | 4,141 |
Loans Not Past Due | 1,269,632 | 1,125,407 |
PCI Loans | 408 | 1,442 |
Loans Outstanding, Ending Balance | 1,278,347 | 1,130,990 |
Loans Receivable | Commercial & industrial | Commercial | Loans Past Due, 30 - 59 Days | ||
Recorded investment in nonaccrual loans by loan class | ||
Loans Past Due | 7,189 | 2,139 |
Loans Receivable | Commercial & industrial | Commercial | Loans Past Due, 60 - 89 Days | ||
Recorded investment in nonaccrual loans by loan class | ||
Loans Past Due | 718 | 869 |
Loans Receivable | Commercial & industrial | Commercial | Loans Past Due, > 90 Days | ||
Recorded investment in nonaccrual loans by loan class | ||
Loans Past Due | $ 400 | $ 1,133 |
Loans and Leases and Allowan_15
Loans and Leases and Allowance for Credit Losses - Risk category of loans by class of loans (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Risk category of loans by class of loans | ||
Total loans | $ 8,383,401 | $ 7,735,572 |
Pass | ||
Risk category of loans by class of loans | ||
Total loans | 8,201,872 | 7,475,802 |
Watch | ||
Risk category of loans by class of loans | ||
Total loans | 66,969 | 118,951 |
Substandard | ||
Risk category of loans by class of loans | ||
Total loans | 114,560 | 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 | 8,308,952 | 7,637,058 |
Carrying value of PCI loans | 74,449 | 98,514 |
Total loans | 8,383,401 | 7,735,572 |
Loans Receivable | Pass | ||
Risk category of loans by class of loans | ||
Total loans, excluding PCI loans | 8,154,010 | 7,443,117 |
Carrying value of PCI loans | 47,862 | 32,685 |
Loans Receivable | Watch | ||
Risk category of loans by class of loans | ||
Total loans, excluding PCI loans | 50,556 | 85,350 |
Carrying value of PCI loans | 16,413 | 33,601 |
Loans Receivable | Substandard | ||
Risk category of loans by class of loans | ||
Total loans, excluding PCI loans | 104,386 | 108,591 |
Carrying value of PCI loans | 10,174 | 32,228 |
Loans Receivable | Doubtful / Loss | ||
Risk category of loans by class of loans | ||
Total loans, excluding PCI loans | 0 | 0 |
Carrying value of PCI loans | 0 | 0 |
Loans Receivable | Home equity lines of credit | ||
Risk category of loans by class of loans | ||
Total loans, excluding PCI loans | 692,398 | 728,336 |
Carrying value of PCI loans | 1,612 | 2,891 |
Total loans | 694,010 | 731,227 |
Loans Receivable | Home equity lines of credit | Pass | ||
Risk category of loans by class of loans | ||
Total loans, excluding PCI loans | 688,493 | 721,142 |
Carrying value of PCI loans | 1,492 | 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 |
Carrying value of PCI loans | 0 | 427 |
Loans Receivable | Home equity lines of credit | Substandard | ||
Risk category of loans by class of loans | ||
Total loans, excluding PCI loans | 3,905 | 7,194 |
Carrying value of PCI loans | 120 | 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 |
Carrying value of PCI loans | 0 | 0 |
Loans Receivable | Indirect auto | ||
Risk category of loans by class of loans | ||
Total loans, excluding PCI loans | 207,692 | 358,185 |
Carrying value of PCI loans | 0 | 0 |
Total loans | 207,692 | 358,185 |
Loans Receivable | Indirect auto | Pass | ||
Risk category of loans by class of loans | ||
Total loans, excluding PCI loans | 205,632 | 354,788 |
Carrying value of PCI loans | 0 | 0 |
Loans Receivable | Indirect auto | Watch | ||
Risk category of loans by class of loans | ||
Total loans, excluding PCI loans | 0 | 0 |
Carrying value of PCI loans | 0 | 0 |
Loans Receivable | Indirect auto | Substandard | ||
Risk category of loans by class of loans | ||
Total loans, excluding PCI loans | 2,060 | 3,397 |
Carrying value of PCI loans | 0 | 0 |
Loans Receivable | Indirect auto | Doubtful / Loss | ||
Risk category of loans by class of loans | ||
Total loans, excluding PCI loans | 0 | 0 |
Carrying value of PCI loans | 0 | 0 |
Loans Receivable | Commercial | ||
Risk category of loans by class of loans | ||
Total loans, excluding PCI loans | 6,037,023 | 5,281,195 |
Carrying value of PCI loans | 62,420 | 80,898 |
Total loans | 6,099,443 | 5,362,093 |
Loans Receivable | Commercial | Pass | ||
Risk category of loans by class of loans | ||
Total loans, excluding PCI loans | 5,900,234 | 5,121,054 |
Carrying value of PCI loans | 38,276 | 20,041 |
Loans Receivable | Commercial | Watch | ||
Risk category of loans by class of loans | ||
Total loans, excluding PCI loans | 50,537 | 85,350 |
Carrying value of PCI loans | 16,413 | 32,991 |
Loans Receivable | Commercial | Substandard | ||
Risk category of loans by class of loans | ||
Total loans, excluding PCI loans | 86,252 | 74,791 |
Carrying value of PCI loans | 7,731 | 27,866 |
Loans Receivable | Commercial | Doubtful / Loss | ||
Risk category of loans by class of loans | ||
Total loans, excluding PCI loans | 0 | 0 |
Carrying value of PCI loans | 0 | 0 |
Loans Receivable | Commercial | Owner occupied commercial real estate | ||
Risk category of loans by class of loans | ||
Total loans, excluding PCI loans | 1,638,052 | 1,898,234 |
Carrying value of PCI loans | 9,852 | 25,759 |
Total loans | 1,647,904 | 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 | 1,585,797 | 1,833,469 |
Carrying value of PCI loans | 3,352 | 2,400 |
Loans Receivable | Commercial | Owner occupied commercial real estate | Watch | ||
Risk category of loans by class of loans | ||
Total loans, excluding PCI loans | 16,651 | 33,571 |
Carrying value of PCI loans | 2,774 | 8,163 |
Loans Receivable | Commercial | Owner occupied commercial real estate | Substandard | ||
Risk category of loans by class of loans | ||
Total loans, excluding PCI loans | 35,604 | 31,194 |
Carrying value of PCI loans | 3,726 | 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 |
Carrying value of PCI loans | 0 | 0 |
Loans Receivable | Commercial | Income producing commercial real estate | ||
Risk category of loans by class of loans | ||
Total loans, excluding PCI loans | 1,774,109 | 1,550,334 |
Carrying value of PCI loans | 38,311 | 44,840 |
Total loans | 1,812,420 | 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 | 1,735,456 | 1,495,805 |
Carrying value of PCI loans | 23,430 | 13,392 |
Loans Receivable | Commercial | Income producing commercial real estate | Watch | ||
Risk category of loans by class of loans | ||
Total loans, excluding PCI loans | 20,923 | 30,780 |
Carrying value of PCI loans | 13,403 | 21,928 |
Loans Receivable | Commercial | Income producing commercial real estate | Substandard | ||
Risk category of loans by class of loans | ||
Total loans, excluding PCI loans | 17,730 | 23,749 |
Carrying value of PCI loans | 1,478 | 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 |
Carrying value of PCI loans | 0 | 0 |
Loans Receivable | Commercial | Construction | ||
Risk category of loans by class of loans | ||
Total loans, excluding PCI loans | 790,251 | 703,079 |
Carrying value of PCI loans | 5,907 | 8,857 |
Total loans | 796,158 | 711,936 |
Loans Receivable | Commercial | Construction | Pass | ||
Risk category of loans by class of loans | ||
Total loans, excluding PCI loans | 777,780 | 693,873 |
Carrying value of PCI loans | 3,503 | 3,866 |
Loans Receivable | Commercial | Construction | Watch | ||
Risk category of loans by class of loans | ||
Total loans, excluding PCI loans | 4,533 | 2,947 |
Carrying value of PCI loans | 188 | 2,228 |
Loans Receivable | Commercial | Construction | Substandard | ||
Risk category of loans by class of loans | ||
Total loans, excluding PCI loans | 7,938 | 6,259 |
Carrying value of PCI loans | 2,216 | 2,763 |
Loans Receivable | Commercial | Construction | Doubtful / Loss | ||
Risk category of loans by class of loans | ||
Total loans, excluding PCI loans | 0 | 0 |
Carrying value of PCI loans | 0 | 0 |
Loans Receivable | Commercial | Equipment financing | ||
Risk category of loans by class of loans | ||
Total loans, excluding PCI loans | 556,672 | 0 |
Carrying value of PCI loans | 7,942 | 0 |
Total loans | 564,614 | 0 |
Loans Receivable | Commercial | Equipment financing | Pass | ||
Risk category of loans by class of loans | ||
Total loans, excluding PCI loans | 553,995 | 0 |
Carrying value of PCI loans | 7,725 | 0 |
Loans Receivable | Commercial | Equipment financing | Watch | ||
Risk category of loans by class of loans | ||
Total loans, excluding PCI loans | 0 | 0 |
Carrying value of PCI loans | 0 | 0 |
Loans Receivable | Commercial | Equipment financing | Substandard | ||
Risk category of loans by class of loans | ||
Total loans, excluding PCI loans | 2,677 | 0 |
Carrying value of PCI loans | 217 | 0 |
Loans Receivable | Commercial | Equipment financing | Doubtful / Loss | ||
Risk category of loans by class of loans | ||
Total loans, excluding PCI loans | 0 | 0 |
Carrying value of PCI loans | 0 | 0 |
Loans Receivable | Commercial | Commercial & industrial | ||
Risk category of loans by class of loans | ||
Total loans, excluding PCI loans | 1,277,939 | 1,129,548 |
Carrying value of PCI loans | 408 | 1,442 |
Total loans | 1,278,347 | 1,130,990 |
Loans Receivable | Commercial | Commercial & industrial | Pass | ||
Risk category of loans by class of loans | ||
Total loans, excluding PCI loans | 1,247,206 | 1,097,907 |
Carrying value of PCI loans | 266 | 383 |
Loans Receivable | Commercial | Commercial & industrial | Watch | ||
Risk category of loans by class of loans | ||
Total loans, excluding PCI loans | 8,430 | 18,052 |
Carrying value of PCI loans | 48 | 672 |
Loans Receivable | Commercial | Commercial & industrial | Substandard | ||
Risk category of loans by class of loans | ||
Total loans, excluding PCI loans | 22,303 | 13,589 |
Carrying value of PCI loans | 94 | 387 |
Loans Receivable | Commercial | Commercial & industrial | Doubtful / Loss | ||
Risk category of loans by class of loans | ||
Total loans, excluding PCI loans | 0 | 0 |
Carrying value of PCI loans | 0 | 0 |
Loans Receivable | Residential | Construction | ||
Risk category of loans by class of loans | ||
Total loans, excluding PCI loans | 210,277 | 182,555 |
Carrying value of PCI loans | 734 | 464 |
Total loans | 211,011 | 183,019 |
Loans Receivable | Residential | Construction | Pass | ||
Risk category of loans by class of loans | ||
Total loans, excluding PCI loans | 209,744 | 180,567 |
Carrying value of PCI loans | 687 | 423 |
Loans Receivable | Residential | Construction | Watch | ||
Risk category of loans by class of loans | ||
Total loans, excluding PCI loans | 0 | 0 |
Carrying value of PCI loans | 0 | 0 |
Loans Receivable | Residential | Construction | Substandard | ||
Risk category of loans by class of loans | ||
Total loans, excluding PCI loans | 533 | 1,988 |
Carrying value of PCI loans | 47 | 41 |
Loans Receivable | Residential | Construction | Doubtful / Loss | ||
Risk category of loans by class of loans | ||
Total loans, excluding PCI loans | 0 | 0 |
Carrying value of PCI loans | 0 | 0 |
Loans Receivable | Residential | Residential mortgage | ||
Risk category of loans by class of loans | ||
Total loans, excluding PCI loans | 1,040,082 | 960,403 |
Carrying value of PCI loans | 9,150 | 13,141 |
Total loans | 1,049,232 | 973,544 |
Loans Receivable | Residential | Residential mortgage | Pass | ||
Risk category of loans by class of loans | ||
Total loans, excluding PCI loans | 1,028,660 | 939,706 |
Carrying value of PCI loans | 6,914 | 9,566 |
Loans Receivable | Residential | Residential mortgage | Watch | ||
Risk category of loans by class of loans | ||
Total loans, excluding PCI loans | 0 | 0 |
Carrying value of PCI loans | 0 | 173 |
Loans Receivable | Residential | Residential mortgage | Substandard | ||
Risk category of loans by class of loans | ||
Total loans, excluding PCI loans | 11,422 | 20,697 |
Carrying value of PCI loans | 2,236 | 3,402 |
Loans Receivable | Residential | Residential mortgage | Doubtful / Loss | ||
Risk category of loans by class of loans | ||
Total loans, excluding PCI loans | 0 | 0 |
Carrying value of PCI loans | 0 | 0 |
Loans Receivable | Consumer direct | ||
Risk category of loans by class of loans | ||
Total loans, excluding PCI loans | 121,480 | 126,384 |
Carrying value of PCI loans | 533 | 1,120 |
Total loans | 122,013 | 127,504 |
Loans Receivable | Consumer direct | Pass | ||
Risk category of loans by class of loans | ||
Total loans, excluding PCI loans | 121,247 | 125,860 |
Carrying value of PCI loans | 493 | 1,076 |
Loans Receivable | Consumer direct | Watch | ||
Risk category of loans by class of loans | ||
Total loans, excluding PCI loans | 19 | 0 |
Carrying value of PCI loans | 0 | 10 |
Loans Receivable | Consumer direct | Substandard | ||
Risk category of loans by class of loans | ||
Total loans, excluding PCI loans | 214 | 524 |
Carrying value of PCI loans | 40 | 34 |
Loans Receivable | Consumer direct | Doubtful / Loss | ||
Risk category of loans by class of loans | ||
Total loans, excluding PCI loans | 0 | 0 |
Carrying value of PCI loans | $ 0 | $ 0 |
Loans and Leases and Allowan_16
Loans and Leases and Allowance for Credit Losses - Narrative (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Remaining accretable fair value mark on loans | $ 4,310,000 | $ 14,700,000 | |
Criteria amount for evaluation of impairment | 500,000 | ||
Gross additional interest income that would have been earned if the nonaccrual loans had performed as per original term | 1,090,000 | 1,110,000 | $ 975,000 |
Specific reserves | 2,310,000 | 3,260,000 | |
Loans outstanding classified as troubled debt restructurings | 0 | 75,000 | |
Indirect auto | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Remaining accretable fair value mark on loans | 3,720,000 | 7,840,000 | |
FHLB | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Pledged as collateral to secure FHLB advances | 3,980,000,000 | 3,730,000,000 | |
Loans Receivable | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Carrying value of PCI loans | 74,449,000 | 98,514,000 | |
Outstanding balance of PCI loans | 109,000,000 | 142,000,000 | |
Loans Receivable | Indirect auto | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Carrying value of PCI loans | 0 | 0 | |
Loan purchased | 0 | 81,700,000 | |
Consumer direct | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Overdrawn deposit accounts | 1,190,000 | 1,280,000 | |
Consumer direct | Loans Receivable | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Carrying value of PCI loans | $ 533,000 | $ 1,120,000 |
Premises and Equipment - Summar
Premises and Equipment - Summary (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Premises and equipments | ||
Premises and equipment, gross | $ 331,250 | $ 322,872 |
Less accumulated depreciation | (125,110) | (114,020) |
Premises and equipment, net | 206,140 | 208,852 |
Land and land improvements | ||
Premises and equipments | ||
Premises and equipment, gross | 78,066 | 80,335 |
Buildings and improvements | ||
Premises and equipments | ||
Premises and equipment, gross | 153,980 | 148,048 |
Furniture and equipment | ||
Premises and equipments | ||
Premises and equipment, gross | 93,854 | 82,775 |
Construction in progress | ||
Premises and equipments | ||
Premises and equipment, gross | $ 5,350 | $ 11,714 |
Premises and Equipment - Rent c
Premises and Equipment - Rent commitments under operating leases (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Rent commitments under operating leases | ||
2,019 | $ 5,352 | |
2,020 | 5,158 | |
2,021 | 4,907 | |
2,022 | 4,483 | |
2,023 | 3,907 | |
Thereafter | 5,037 | |
Total | $ 28,844 | $ 27,101 |
Premises and Equipment - Narrat
Premises and Equipment - Narrative (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Property, Plant and Equipment [Abstract] | |||
Depreciation expense | $ 14,200 | $ 12,000 | $ 11,500 |
Rent expense | $ 4,700 | $ 4,320 | $ 4,130 |
Goodwill and Other Intangible_3
Goodwill and Other Intangible Assets - Summary (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Finite-Lived Intangible Assets [Line Items] | |||
Intangible, net | $ 16,960 | $ 23,806 | |
Goodwill | 307,112 | 220,591 | $ 142,025 |
Total goodwill and other intangible assets, net | 324,072 | 244,397 | |
Core deposit intangible | |||
Finite-Lived Intangible Assets [Line Items] | |||
Intangible, gross | 62,652 | 62,652 | |
Less: accumulated amortization | (46,141) | (41,229) | |
Intangible, net | 16,511 | 21,423 | |
Noncompete agreement | |||
Finite-Lived Intangible Assets [Line Items] | |||
Intangible, gross | 3,144 | 3,144 | |
Less: accumulated amortization | (2,695) | (761) | |
Intangible, net | $ 449 | $ 2,383 |
Goodwill and Other Intangible_4
Goodwill and Other Intangible Assets - Changes in carrying amounts of goodwill (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Goodwill [Roll Forward] | ||
Goodwill, gross, beginning balance | $ 526,181 | $ 447,615 |
Accumulated Impairment Losses, beginning balance | (305,590) | (305,590) |
Goodwill, net of Accumulated Impairment Losses, beginning balance | 220,591 | 142,025 |
Acquisition of FOFN | 54,703 | |
Acquisition of HCSB | 23,863 | |
Acquisition of NLFC | 87,379 | |
Measurement period adjustments | (858) | |
Goodwill, gross, ending balance | 612,702 | 526,181 |
Accumulated Impairment Losses, ending balance | (305,590) | (305,590) |
Goodwill, net of Accumulated Impairment Losses, ending balance | $ 307,112 | $ 220,591 |
Goodwill and Other Intangible_5
Goodwill and Other Intangible Assets - Estimated aggregate amortization expense for future periods (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Goodwill and Intangible Assets Disclosure [Abstract] | ||
2,019 | $ 4,551 | |
2,020 | 3,315 | |
2,021 | 2,557 | |
2,022 | 1,982 | |
2,023 | 1,519 | |
Thereafter | 3,036 | |
Intangible, net | $ 16,960 | $ 23,806 |
Servicing Rights - Changes in S
Servicing Rights - Changes in SBA/USDA loans servicing rights (Details) - SBA/USDA - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Servicing Asset at Fair Value, Amount [Roll Forward] | |||
Servicing rights for SBA/USDA loans, beginning of period | $ 7,740 | $ 5,752 | $ 3,712 |
Additions: | |||
Acquired servicing rights | (354) | ||
Acquired servicing rights | 419 | 0 | |
Originated servicing rights capitalized upon sale of loans | 2,573 | 2,737 | 2,723 |
Subtractions: | |||
Disposals | (810) | (621) | (393) |
Changes in fair value: | |||
Due to change in valuation inputs or assumptions used in the valuation model | (1,639) | (547) | (290) |
Servicing rights for SBA/USDA loans, end of period | $ 7,510 | $ 7,740 | $ 5,752 |
Servicing Rights - Key characte
Servicing Rights - Key characteristics, inputs, and economic assumptions for SBA/USDA loans and related sensitivity (Details) - SBA/USDA - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Servicing Assets at Fair Value [Line Items] | ||||
Fair value of retained servicing assets | $ 7,510 | $ 7,740 | $ 5,752 | $ 3,712 |
Prepayment rate assumption (percent) | 12.07% | 8.31% | ||
10% adverse change | $ (267) | $ (236) | ||
20% adverse change | $ (515) | $ (460) | ||
Discount rate (percent) | 14.50% | 13.00% | ||
100 bps adverse change | $ (196) | $ (262) | ||
200 bps adverse change | $ (381) | $ (507) | ||
Weighted-average life (years) | 4 years 11 months 15 days | 6 years 3 months 18 days | ||
Weighted-average gross margin (percent) | 1.94% | 1.85% |
Servicing Rights - Changes in r
Servicing Rights - Changes in residential mortgage loans servicing rights (Details) - Residential mortgage servicing rights - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Servicing Asset at Fair Value, Amount [Roll Forward] | |||
Servicing rights for SBA/USDA loans, beginning of period | $ 8,262 | $ 5,170 | |
Additions: | |||
Originated servicing rights capitalized upon sale of loans | 4,587 | 3,602 | |
Subtractions: | |||
Disposals | (537) | (328) | |
Changes in fair value: | |||
Initial election to carry at fair value on January 1, 2017 | 698 | ||
Due to change in inputs or assumptions used in the valuation | (435) | (82) | |
Servicing rights for SBA/USDA loans, end of period | $ 11,877 | 8,262 | $ 5,170 |
Servicing Asset at Amortized Cost, Balance [Roll Forward] | |||
Residential mortgage servicing rights, beginning of period | $ 4,372 | 3,370 | |
Additions: | |||
Originated servicing rights capitalized upon sale of loans | 2,124 | ||
Subtractions: | |||
Disposals | 0 | ||
Amortization | (1,117) | ||
Impairment | (5) | ||
Residential mortgage servicing rights, beginning of period | $ 4,372 |
Servicing Rights - Valuation al
Servicing Rights - Valuation allowance for impairment of residential mortgage servicing rights portfolio (Details) - Residential mortgage servicing rights $ in Thousands | 12 Months Ended |
Dec. 31, 2016USD ($) | |
Valuation Allowance for Impairment of Recognized Servicing Assets [Roll Forward] | |
Valuation allowance, beginning of period | $ 10 |
Additions charged to operations, net | 5 |
Valuation allowance, end of period | $ 15 |
Servicing Rights - Key charac_2
Servicing Rights - Key characteristics, inputs, and economic assumptions for residential mortgage loans and related sensitivity (Details) - Residential mortgage servicing rights - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Servicing Assets at Fair Value [Line Items] | |||
Fair value of retained servicing assets | $ 11,877 | $ 8,262 | $ 5,170 |
Prepayment rate assumption (percent) | 10.60% | 9.50% | |
10% adverse change | $ (466) | $ (303) | |
20% adverse change | $ (898) | $ (587) | |
Discount rate (percent) | 10.00% | 10.00% | |
100 bps adverse change | $ (448) | $ (317) | |
200 bps adverse change | $ (863) | $ (610) |
Servicing Rights - Narrative (D
Servicing Rights - Narrative (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
SBA/USDA | ||||
Schedule Of Servicing Asset [Line Items] | ||||
Servicing of asset for others, amount not included in balance sheet | $ 386,000 | $ 314,000 | ||
Contractually specified servicing fees earned by United on servicing rights | 3,440 | 2,600 | $ 1,640 | |
Fair value of retained servicing assets | 7,510 | 7,740 | 5,752 | $ 3,712 |
Residential mortgage servicing rights | ||||
Schedule Of Servicing Asset [Line Items] | ||||
Servicing of asset for others, amount not included in balance sheet | 1,210,000 | 847,000 | ||
Contractually specified servicing fees earned by United on servicing rights | 2,370 | 1,720 | 1,030 | |
Fair value of retained servicing assets | $ 11,877 | $ 8,262 | $ 5,170 |
Deposits - Contractual maturiti
Deposits - Contractual maturities of time deposits (Details) $ in Thousands | Dec. 31, 2018USD ($) |
Deposits [Abstract] | |
2,019 | $ 1,662,307 |
2,020 | 310,991 |
2,021 | 65,134 |
2,022 | 30,760 |
2,023 | 11,092 |
thereafter | 62,029 |
Total | $ 2,142,313 |
Deposits - Narrative (Details)
Deposits - Narrative (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Deposits [Abstract] | ||
FDIC insurance limit | $ 250,000 | |
Time deposits (excluding brokered time deposits) that met or exceeded FDIC insurance limit | 262,000,000 | $ 205,000,000 |
Brokered deposits, certificates of deposit | 544,000,000 | 133,000,000 |
Daily average balance of brokered deposits | $ 347,000,000 | $ 109,000,000 |
Description of fair value hedging instrument | United has certain market-linked brokered deposits that are considered hybrid instruments that contain embedded derivatives that have been bifurcated from the host contract leaving host instruments paying a rate of 90 day LIBOR minus a spread that, at times, has resulted in a negative yield. |
Federal Home Loan Bank Advanc_3
Federal Home Loan Bank Advances - Maturities and current rates of outstanding advances (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Federal Home Loan Bank, Advances, Branch of FHLB Bank [Line Items] | ||
2,019 | $ 160,000 | |
Total | $ 160,000 | $ 504,651 |
Minimum | ||
Federal Home Loan Bank, Advances, Branch of FHLB Bank [Line Items] | ||
Current Rate 2019 | 2.51% | |
Maximum | ||
Federal Home Loan Bank, Advances, Branch of FHLB Bank [Line Items] | ||
Current Rate 2019 | 2.53% |
Federal Home Loan Bank Advanc_4
Federal Home Loan Bank Advances - Narrative (Details) - USD ($) $ in Millions | Dec. 31, 2018 | Dec. 31, 2017 |
Advances from Federal Home Loan Banks [Abstract] | ||
FHLB advances | $ 160 | $ 505 |
Weighted average interest rate advances | 2.52% | 1.59% |
Long-term Debt - Schedule of lo
Long-term Debt - Schedule of long-term debt (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Debt Instrument [Line Items] | ||
Less discount | $ (9,309) | $ (8,381) |
Long-term debt | 267,189 | 120,545 |
Securitized notes payable | ||
Debt Instrument [Line Items] | ||
Long-term debt, gross | 54,996 | 0 |
Securitized notes payable | NER 16-1 Class A-2 notes | ||
Debt Instrument [Line Items] | ||
Long-term debt, gross | $ 19,975 | 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 | $ 25,002 | 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 | $ 0 | 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 | $ 0 | 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 - Narrative (Det
Long-term Debt - Narrative (Details) - USD ($) | 1 Months Ended | 12 Months Ended |
Jan. 31, 2018 | Dec. 31, 2018 | |
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 | |
Earliest date allowed for prepayment | Nov. 30, 2020 | |
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 |
Reclassifications Out of Accu_3
Reclassifications Out of Accumulated Other Comprehensive Income - Summary of reclassifications (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||
Securities (losses) gains, net | $ (656) | $ 42 | $ 982 |
Deposits in banks and short-term investments interest revenue | 2,012 | 2,282 | 2,611 |
Money market deposit interest expense | (12,097) | (7,033) | (4,982) |
Federal Home Loan Bank advances interest expense | (6,345) | (6,095) | (3,676) |
Salaries and employee benefits expense | (181,015) | (153,098) | (138,789) |
Other expense | (32,514) | (26,961) | (24,742) |
Tax benefit (expense) | (49,815) | (105,013) | (62,336) |
Net income available to common shareholders | 164,927 | 67,250 | 100,635 |
Reclassifications Out of Accumulated Other Comprehensive Income | |||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||
Net income available to common shareholders | (2,113) | (4,962) | (2,163) |
Reclassifications Out of Accumulated Other Comprehensive Income | Realized gains (losses) on available-for-sale securities | |||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||
Securities (losses) gains, net | (656) | 42 | 982 |
Tax benefit (expense) | 132 | (14) | (371) |
Net income available to common shareholders | (524) | 28 | 611 |
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 | (739) | (1,069) | (1,759) |
Tax benefit (expense) | 180 | 401 | 662 |
Net income available to common shareholders | (559) | (668) | (1,097) |
Reclassifications Out of Accumulated Other Comprehensive Income | Amounts included in net income on derivative financial instruments accounted for as cash flow hedges | |||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | |||
Deposits in banks and short-term investments interest revenue | 0 | 0 | (7) |
Money market deposit interest expense | (499) | (599) | (647) |
Federal Home Loan Bank advances interest expense | 0 | (292) | (1,237) |
Total before tax | (499) | (891) | (1,891) |
Tax benefit (expense) | 129 | 346 | 736 |
Net income available to common shareholders | (370) | (545) | (1,155) |
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] | |||
Tax benefit (expense) | 0 | (3,289) | 0 |
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 | (666) | (560) | (501) |
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 | (238) | (354) |
Other expense | (241) | 0 | 0 |
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 | (907) | (798) | (855) |
Tax benefit (expense) | 247 | 310 | 333 |
Net income available to common shareholders | $ (660) | $ (488) | $ (522) |
Earnings Per Share - Computatio
Earnings Per Share - Computation of basic and diluted earnings per share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Computation of basic and diluted loss per share | |||
Net income | $ 166,111 | $ 67,821 | $ 100,656 |
Dividends and undistributed earnings allocated to unvested shares | (1,184) | (571) | 0 |
Preferred dividends | 0 | 0 | (21) |
Net income available to common shareholders | $ 164,927 | $ 67,250 | $ 100,635 |
Income per common share: | |||
Basic (in dollars per share) | $ 2.07 | $ 0.92 | $ 1.40 |
Diluted (in dollars per share) | $ 2.07 | $ 0.92 | $ 1.40 |
Weighted average common shares: | |||
Basic (in shares) | 79,662 | 73,247 | 71,910 |
Effect of dilutive securities: | |||
Diluted (in shares) | 79,671 | 73,259 | 71,915 |
Stock Options | |||
Effect of dilutive securities: | |||
Dilutive securities (in shares) | 7 | 12 | 5 |
Restricted stock units | |||
Effect of dilutive securities: | |||
Dilutive securities (in shares) | 2 | 0 | 0 |
Earnings Per Share - Narrative
Earnings Per Share - Narrative (Details) - $ / shares | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Class of Stock [Line Items] | |||
Exercise of price warrants | $ 61.4 | $ 61.4 | |
Stock Options | |||
Class of Stock [Line Items] | |||
Antidilutive securities excluded from computation (in shares) | 32,316 | 60,287 | 72,665 |
Warrant | |||
Class of Stock [Line Items] | |||
Antidilutive securities excluded from computation (in shares) | 219,909 | 219,909 | |
Restricted Stock | |||
Class of Stock [Line Items] | |||
Antidilutive securities excluded from computation (in shares) | 663,817 | 690,970 |
Income Taxes - Income tax expen
Income Taxes - Income tax expense (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Income Tax Disclosure [Abstract] | |||
Current | $ 17,185 | $ 5,451 | $ 2,609 |
Deferred | 32,630 | 60,951 | 59,160 |
Increase in valuation allowance | 0 | 413 | 567 |
Expense due to enactment of federal tax reform | 0 | 38,198 | 0 |
Total income tax expense | $ 49,815 | $ 105,013 | $ 62,336 |
Income Taxes - Differences betw
Income Taxes - Differences between provision for income taxes and amount computed as statutory rate (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Differences between the provision for income taxes and statutory federal income tax rate | |||
Pretax income at statutory rates | $ 45,344 | $ 60,492 | $ 57,047 |
Add (deduct): | |||
State taxes, net of federal benefit | 6,765 | 4,139 | 5,013 |
Bank owned life insurance earnings | (747) | (1,141) | (572) |
Adjustment to reserve for uncertain tax positions | 80 | 59 | (58) |
Tax-exempt interest revenue | (1,229) | (1,199) | (573) |
Equity compensation | (892) | (799) | 976 |
Transaction costs | 78 | 408 | 92 |
Tax credit investments | (29) | (89) | (149) |
Change in state statutory tax rate | 583 | 81 | 250 |
Increase in valuation allowance | 0 | 413 | 567 |
Release of disproportionate tax effects related to de-designated cash flow hedges | 0 | 3,400 | 0 |
Expense due to enactment of federal tax reform | 0 | 38,198 | 0 |
Other | (138) | 1,051 | (257) |
Total income tax expense | $ 49,815 | $ 105,013 | $ 62,336 |
Income Taxes - Deferred taxes (
Income Taxes - Deferred taxes (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Deferred tax assets: | ||
Allowance for loan losses | $ 14,604 | $ 14,092 |
Net operating loss carryforwards | 39,204 | 56,428 |
Deferred compensation | 8,535 | 7,760 |
Loan purchase accounting adjustments | 8,658 | 14,478 |
Reserve for losses on foreclosed properties | 61 | 402 |
Nonqualified share based compensation | 1,190 | 1,182 |
Accrued expenses | 3,536 | 4,290 |
Investment in partnerships | 426 | 956 |
Unamortized pension actuarial losses and prior service cost | 1,606 | 2,008 |
Unrealized losses on securities available-for-sale | 8,092 | 2,430 |
Unrealized losses on cash flow hedges | 86 | 108 |
Premises and equipment | 0 | 1,040 |
Other | 1,235 | 3,065 |
Total deferred tax assets | 87,233 | 108,239 |
Deferred tax liabilities: | ||
Acquired intangible assets | 2,772 | 3,734 |
Premises and equipment | 1,291 | 0 |
Loan origination costs | 3,734 | 3,881 |
Leases | 6,020 | 0 |
Prepaid expenses | 398 | 468 |
Servicing assets | 2,862 | 3,757 |
Derivatives | 525 | 773 |
Uncertain tax positions | 2,036 | 3,163 |
Total deferred tax liabilities | 19,638 | 15,776 |
Less valuation allowance | 3,371 | 4,414 |
Net deferred tax asset | $ 64,224 | $ 88,049 |
Income Taxes - Reconciliation o
Income Taxes - Reconciliation of unrecognized tax benefits (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Reconciliation of the beginning and ending unrecognized tax benefit | |||
Balance at beginning of year | $ 3,163 | $ 3,892 | $ 3,981 |
Additions based on tax positions related to the current year | 470 | 441 | 400 |
Decreases resulting from a lapse in the applicable statute of limitations | (369) | (351) | (489) |
Remeasurement due to enactment of federal tax reform | 0 | (819) | 0 |
Balance at end of year | $ 3,264 | $ 3,163 | $ 3,892 |
Income Taxes - Narrative (Detai
Income Taxes - Narrative (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Tax Credit Carryforward [Line Items] | |||
Provisional income tax expense for impact of remeasurement of deferred tax asset | $ 38,200,000 | ||
Increase in deferred tax asset due to merger and acquisition | $ 2,640,000 | ||
Federal alternative minimum tax credits | 1,280,000 | ||
Valuation allowance | 3,371,000 | 4,414,000 | |
Net deferred tax asset | 64,224,000 | 88,049,000 | |
Tax benefit related to uncertain tax positions that increases income from continuing operations | 2,840,000 | ||
Penalties and interest related to income taxes | 0 | 0 | $ 0 |
Accrued penalties and interest | 0 | $ 0 | |
Begin to expire in 2019 | State | |||
Tax Credit Carryforward [Line Items] | |||
Net operating loss carryforwards | 3,710,000 | ||
State tax credits | 5,170,000 | ||
Begin to expire in 2021 | State | |||
Tax Credit Carryforward [Line Items] | |||
Net operating loss carryforwards | 10,500,000 | ||
Begin to expire in 2030 | State | |||
Tax Credit Carryforward [Line Items] | |||
Net operating loss carryforwards | 320,000,000 | ||
Begin to expire in 2027 | Federal | |||
Tax Credit Carryforward [Line Items] | |||
Net operating loss carryforwards | $ 98,000,000 |
Pension and Employee Benefit _3
Pension and Employee Benefit Plans - Weighted-average assumptions to determine pension benefit obligation (Details) | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Modified Retirement Plan | Unfunded Plan | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Discount rate for disclosures (percent) | 4.40% | 3.75% |
Discount rate for net periodic benefit cost (percent) | 3.75% | 4.00% |
Funded Plan | Funded Plan | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Discount rate for disclosures (percent) | 3.75% | |
Discount rate for net periodic benefit cost (percent) | 3.75% | 4.00% |
Expected long-term rate of return (percent) | 4.00% | 4.00% |
Pension and Employee Benefit _4
Pension and Employee Benefit Plans - Changes in obligations and plan assets (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Change in plan assets, at fair value | |||
Beginning plan assets | $ 14,308 | ||
Plan assets - end of year | 12,595 | $ 14,308 | |
Modified Retirement Plan | Unfunded Plan | |||
Accumulated benefit obligation: | |||
Accumulated benefit obligation - beginning of year | 21,705 | 19,408 | |
Service cost | 363 | 551 | $ 382 |
Interest cost | 801 | 778 | 740 |
Plan amendments | 412 | 699 | |
Actuarial (gains) losses | (949) | 773 | |
Benefits paid | (596) | (504) | |
Accumulated benefit obligation - end of year | 21,736 | 21,705 | 19,408 |
Change in plan assets, at fair value | |||
Beginning plan assets | 0 | 0 | |
Actual return | 0 | 0 | |
Employer contribution | 596 | 504 | |
Benefits paid | (596) | (504) | |
Plan assets - end of year | 0 | 0 | 0 |
Funded status - end of year (plan assets less benefit obligations) | (21,736) | (21,705) | |
Funded Plan | Funded Plan | |||
Accumulated benefit obligation: | |||
Accumulated benefit obligation - beginning of year | 17,700 | 18,501 | |
Service cost | 0 | 0 | 0 |
Interest cost | 647 | 738 | 842 |
Plan amendments | 0 | 0 | |
Actuarial (gains) losses | (839) | 1,291 | |
Benefits paid | (1,497) | (2,830) | |
Accumulated benefit obligation - end of year | 16,011 | 17,700 | 18,501 |
Change in plan assets, at fair value | |||
Beginning plan assets | 14,308 | 16,264 | |
Actual return | (216) | 874 | |
Employer contribution | 0 | 0 | |
Benefits paid | (1,497) | (2,830) | |
Plan assets - end of year | 12,595 | 14,308 | $ 16,264 |
Funded status - end of year (plan assets less benefit obligations) | $ (3,416) | $ (3,392) |
Pension and Employee Benefit _5
Pension and Employee Benefit Plans - Components of net periodic benefit cost (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Modified Retirement Plan | Unfunded Plan | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Service cost | $ 363 | $ 551 | $ 382 |
Interest cost | 801 | 778 | 740 |
Expected return on plan assets | 0 | 0 | 0 |
Amortization of prior service cost | 666 | 560 | 501 |
Amortization of net losses | 241 | 238 | 167 |
Net periodic benefit cost | 2,071 | 2,127 | 1,790 |
Funded Plan | Funded Plan | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Service cost | 0 | 0 | 0 |
Interest cost | 647 | 738 | 842 |
Expected return on plan assets | (551) | (630) | (696) |
Amortization of prior service cost | 0 | 0 | 0 |
Amortization of net losses | 0 | 0 | 0 |
Net periodic benefit cost | $ 96 | $ 108 | $ 146 |
Pension and Employee Benefit _6
Pension and Employee Benefit Plans - Estimated future benefit payments expected to be paid (Details) $ in Thousands | Dec. 31, 2018USD ($) |
Modified Retirement Plan | Unfunded Plan | |
Defined Benefit Plan Disclosure [Line Items] | |
2,019 | $ 1,142 |
2,020 | 1,227 |
2,021 | 1,221 |
2,022 | 1,214 |
2,023 | 1,207 |
2024-2026 | 6,755 |
Total | 12,766 |
Funded Plan | Funded Plan | |
Defined Benefit Plan Disclosure [Line Items] | |
2,019 | 1,083 |
2,020 | 1,073 |
2,021 | 1,056 |
2,022 | 1,058 |
2,023 | 1,037 |
2024-2026 | 4,984 |
Total | $ 10,291 |
Pension and Employee Benefit _7
Pension and Employee Benefit Plans - Fair value of Funded Plan assets by major category (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Defined Benefit Plan Disclosure [Line Items] | ||
Total plan assets | $ 12,595 | $ 14,308 |
Money market fund | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total plan assets | 1,033 | 516 |
Mutual funds | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total plan assets | 4,881 | 526 |
U.S. Treasuries | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total plan assets | 4,465 | |
Corporate stocks | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total plan assets | 1,346 | |
Exchange traded funds | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total plan assets | 2,216 | 11,920 |
Level 1 | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total plan assets | 11,562 | 13,792 |
Level 1 | Money market fund | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total plan assets | 0 | 0 |
Level 1 | Mutual funds | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total plan assets | 4,881 | 526 |
Level 1 | U.S. Treasuries | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total plan assets | 4,465 | |
Level 1 | Corporate stocks | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total plan assets | 1,346 | |
Level 1 | Exchange traded funds | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total plan assets | 2,216 | 11,920 |
Level 2 | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total plan assets | 1,033 | 516 |
Level 2 | Money market fund | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total plan assets | 1,033 | 516 |
Level 2 | Mutual funds | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total plan assets | 0 | 0 |
Level 2 | U.S. Treasuries | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total plan assets | 0 | |
Level 2 | Corporate stocks | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total plan assets | 0 | |
Level 2 | Exchange traded funds | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total plan assets | 0 | 0 |
Level 3 | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total plan assets | 0 | 0 |
Level 3 | Money market fund | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total plan assets | 0 | 0 |
Level 3 | Mutual funds | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total plan assets | 0 | 0 |
Level 3 | U.S. Treasuries | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total plan assets | 0 | |
Level 3 | Corporate stocks | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total plan assets | 0 | |
Level 3 | Exchange traded funds | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Total plan assets | $ 0 | $ 0 |
Pension and Employee Benefit _8
Pension and Employee Benefit Plans - Narrative (Details) - USD ($) | 3 Months Ended | 10 Months Ended | 12 Months Ended | 23 Months Ended | ||
Mar. 31, 2016 | Dec. 31, 2018 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Feb. 28, 2018 | |
Defined Benefit Plan Disclosure [Line Items] | ||||||
Employer match of employee contributions (percent) | 50.00% | 100.00% | 70.00% | |||
Employer matching contribution maximum percent of employee's eligible compensation (percent) | 5.00% | 5.00% | 5.00% | |||
Duration of service period to receive matching contribution | 1 year | |||||
Vesting period of benefits | 3 years | |||||
Compensation expense related to 401(k) Plan | $ 4,730,000 | $ 2,660,000 | $ 2,280,000 | |||
Employer matching contributions related to deferred compensation plan | 119,000 | 35,000 | 26,000 | |||
Employer discretionary contributions | 0 | $ 0 | $ 0 | |||
Modified Retirement Plan | Unfunded Plan | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Estimated net loss to be amortized in next fiscal year | $ 59,000 | 59,000 | ||||
Estimated prior service costs to be amortized in next fiscal year | 635,000 | 635,000 | ||||
Expected contribution to plan in year 2018 | $ 1,142,000 | $ 1,142,000 | ||||
Funded Plan | Funded Plan | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Discount rate for disclosures, retirees (percent) | 3.60% | 3.60% | ||||
Discount rate for disclosures, nonretirees, years 1 through 5 (percent) | 3.33% | 3.33% | ||||
Discount rate for disclosures, nonretirees, next 15 years (percent) | 4.39% | 4.39% | ||||
Discount rate assessment, nonretirees, next 15 years, period | 15 years | |||||
Discount rate for disclosures, nonretirees, beyond 20 years (percent) | 4.72% | 4.72% | ||||
Estimated net loss to be amortized in next fiscal year | $ 0 | $ 0 | ||||
Estimated prior service costs to be amortized in next fiscal year | 0 | 0 | ||||
Expected contribution to plan in year 2018 | $ 0 | $ 0 | ||||
Maximum | Funded Plan | Funded Plan | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Discount rate assessment, nonretirees, years 1 through 5, period | 5 years | |||||
Minimum | Funded Plan | Funded Plan | ||||||
Defined Benefit Plan Disclosure [Line Items] | ||||||
Discount rate assessment, nonretirees, beyond 20 years period | 20 years |
Derivatives and Hedging Activ_3
Derivatives and Hedging Activities - Derivatives designated as hedge instruments under ASC 815 (Details) - Designated as Hedging Instrument - Fair value hedging - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Derivatives, Fair Value [Line Items] | ||
Derivative instrument hedges assets fair value | $ 0 | $ 336 |
Derivative instrument hedges liabilities fair value | 1,682 | 2,053 |
Derivative assets | Corporate Bonds | ||
Derivatives, Fair Value [Line Items] | ||
Derivative instrument hedges assets fair value | 0 | 336 |
Derivative liabilities | Brokered CD's | ||
Derivatives, Fair Value [Line Items] | ||
Derivative instrument hedges liabilities fair value | $ 1,682 | $ 2,053 |
Derivatives and Hedging Activ_4
Derivatives and Hedging Activities - Derivatives not designated as hedging instruments under ASC 815 (Details) - Not Designated as Hedging Instrument - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Derivatives, Fair Value [Line Items] | ||
Interest rate derivative instruments not designated as hedging instruments, assets at fair value | $ 24,705 | $ 22,385 |
Interest rate derivative instruments not designated as hedging instruments, liabilities at fair value | 24,751 | 23,323 |
Derivative assets | Customer derivative positions | ||
Derivatives, Fair Value [Line Items] | ||
Interest rate derivative instruments not designated as hedging instruments, assets at fair value | 5,216 | 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 | 7,620 | 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 | 1,190 | 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 | 28 | 13 |
Derivative assets | Bifurcated embedded derivatives | ||
Derivatives, Fair Value [Line Items] | ||
Interest rate derivative instruments not designated as hedging instruments, assets at fair value | 10,651 | 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 | Customer derivative positions | ||
Derivatives, Fair Value [Line Items] | ||
Interest rate derivative instruments not designated as hedging instruments, liabilities at fair value | 9,661 | 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 | 781 | 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 | 259 | 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 | 13,339 | 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 | $ 703 | $ 392 |
Derivatives and Hedging Activ_5
Derivatives and Hedging Activities - Effect of cash flow hedges (Details) - Cash flow hedging - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gain (Loss) Reclassified from Accumulated Other Comprehensive Income into Income (Effective Portion) | $ (499) | $ (891) | $ (1,891) |
Interest revenue | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gain (Loss) Reclassified from Accumulated Other Comprehensive Income into Income (Effective Portion) | 0 | 0 | (7) |
Interest expense | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gain (Loss) Reclassified from Accumulated Other Comprehensive Income into Income (Effective Portion) | $ (499) | $ (891) | $ (1,884) |
Derivatives and Hedging Activ_6
Derivatives and Hedging Activities - Effect of derivatives in fair value hedging relationships (Details) - Fair value hedging - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Effect of fair value hedging derivative financial instruments on the consolidated statement of operations | |||
Amount of Gain (Loss) Recognized in Income on Derivative | $ 136 | $ (585) | $ 2,206 |
Amount of Gain (Loss) Recognized in Income on Hedged Item | (592) | 106 | 82 |
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 | (220) | (657) | 1,972 |
Amount of Gain (Loss) Recognized in Income on Hedged Item | (145) | 371 | 458 |
Noninterest income | 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 | 356 | 0 | 0 |
Amount of Gain (Loss) Recognized in Income on Hedged Item | (447) | 0 | 0 |
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 | 72 | 234 |
Amount of Gain (Loss) Recognized in Income on Hedged Item | $ 0 | $ (265) | $ (376) |
Derivatives and Hedging Activ_7
Derivatives and Hedging Activities - Gains and losses recognized on derivatives not designated as hedging instruments under ASC 815 (Details) - Not Designated as Hedging Instrument - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Derivative Instruments, Gain (Loss) [Line Items] | |||
Total gains and losses | $ 4,413 | $ 2,364 | $ 7,403 |
Customer derivatives and dealer offsets | Other noninterest income | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Total gains and losses | 2,658 | 2,416 | 3,744 |
Bifurcated embedded derivatives and dealer offsets | Other noninterest income | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Total gains and losses | 307 | 429 | 297 |
Interest rate caps | Other noninterest income | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Total gains and losses | 501 | 252 | 0 |
De-designated hedges | Other noninterest income | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Total gains and losses | 31 | (62) | 0 |
Mortgage banking derivatives | Mortgage loan revenue | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Total gains and losses | 904 | (676) | 3,002 |
Risk participations | Other noninterest income | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Total gains and losses | $ 12 | $ 5 | $ 360 |
Derivatives and Hedging Activ_8
Derivatives and Hedging Activities - Narrative (Details) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018USD ($)contract | Dec. 31, 2017USD ($)contract | Dec. 31, 2016USD ($) | |
Derivative Instruments, Gain (Loss) [Line Items] | |||
Collateral pledged toward derivatives | $ 16,100 | ||
Cash flow hedging | Interest rate risk | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Increase to deposit interest expense over the next twelve months | 198 | ||
Fair value hedging of interest rate risk | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Recognized net gain (loss) related to ineffectiveness of the fair value hedging relationships | $ (456) | $ (479) | $ 2,290 |
Interest rate swaps | Fair value hedging of interest rate risk | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Number of derivative contracts outstanding | contract | 4 | 4 | |
Notional amount | $ 39,000 | $ 40,700 | |
Interest rate swaps | Fair value hedging of interest rate risk | Pay Fixed Receive Variable Fair Value Hedge | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Number of derivative contracts outstanding | contract | 1 | ||
Notional amount | $ 30,000 | ||
Interest expense | Fair value hedging of interest rate risk | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Fair value hedge gain (loss) recognized in earnings | (245) | 160 | 1,610 |
Interest revenue | Fair value hedging of interest rate risk | Corporate Bonds | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Fair value hedge gain (loss) recognized in earnings | $ 17 | $ (302) | $ (606) |
Not designated as hedging instrument, economic hedge | Interest rate swaps | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Number of derivative contracts outstanding | contract | 3 |
Regulatory Matters - Regulatory
Regulatory Matters - Regulatory capital ratios and minimum amounts required (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Risk-based ratios: | ||
Common equity tier 1 capital, Minimum | 4.50% | |
Common equity tier 1 capital, Well Capitalized | 6.50% | |
Common equity tier 1 capital | 12.16% | 11.98% |
Tier 1 capital, Minimum | 6.00% | |
Tier 1 capital, Well Capitalized | 8.00% | |
Tier 1 capital | 12.42% | 12.24% |
Total capital, Minimum | 8.00% | |
Total capital, Well Capitalized | 10.00% | |
Total capital | 14.29% | 13.06% |
Tier 1 Leverage ratio, Minimum | 4.00% | |
Tier 1 Leverage Ratio, Well Capitalized | 5.00% | |
Tier 1 Leverage ratio | 9.61% | 9.44% |
Common equity tier 1 capital | $ 1,148,355 | $ 1,053,983 |
Tier 1 capital | 1,172,605 | 1,076,465 |
Total capital | 1,348,843 | 1,149,191 |
Risk-weighted assets | 9,441,622 | 8,797,387 |
Average total assets | $ 12,207,986 | $ 11,403,248 |
United Community Bank | ||
Risk-based ratios: | ||
Common equity tier 1 capital | 12.91% | 12.93% |
Tier 1 capital | 12.91% | 12.93% |
Total capital | 13.60% | 13.63% |
Tier 1 Leverage ratio | 9.98% | 9.98% |
Common equity tier 1 capital | $ 1,216,449 | $ 1,135,728 |
Tier 1 capital | 1,216,449 | 1,135,728 |
Total capital | 1,281,062 | 1,196,954 |
Risk-weighted assets | 9,421,009 | 8,781,177 |
Average total assets | $ 12,183,341 | $ 11,385,716 |
Regulatory Matters - Narrative
Regulatory Matters - Narrative (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Regulatory Capital Requirements [Abstract] | ||
Common equity tier 1 capital, Well Capitalized | 6.50% | |
Tier 1 capital, Well Capitalized | 8.00% | |
Leverage ratio for supervisory rating of 1 | 3.00% | |
Approved cash dividend | $ 162 | $ 103 |
Maximum percentage of credit to affiliate under federal reserve act | 10.00% | |
Maximum percentage of credit to all affiliates under federal reserve act | 20.00% |
Commitments and Contingencies -
Commitments and Contingencies - Contractual amount of off-balance sheet instruments (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Minimum Lease Payments | $ 28,844 | $ 27,101 |
Commitments to extend credit | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Financial instruments | 2,129,463 | 1,910,777 |
Letters of credit | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Financial instruments | $ 25,447 | $ 28,075 |
Commitments and Contingencies_2
Commitments and Contingencies - Narrative (Details) $ in Thousands | Dec. 31, 2018USD ($) |
Commitments and Contingencies Disclosure [Abstract] | |
Investment in limited partnerships | $ 14,700 |
Commitment for additional fund | $ 8,390 |
Common and Preferred Stock - Na
Common and Preferred Stock - Narrative (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Equity [Abstract] | ||
Number of shares repurchased under the program | 0 | 0 |
Repurchase program remaining authorization | $ 50,000,000 | |
Preferred stock authorized (in shares) | 10,000,000 | |
Preferred stock outstanding (in shares) | 0 | 0 |
Equity Compensation and Relat_3
Equity Compensation and Related Plans - Restricted stock and stock option activity (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Restricted Stock | |||
Restricted Stock, Shares | |||
Beginning balance, outstanding (in shares) | 663,817 | 690,970 | 712,667 |
Granted (in shares) | 416,484 | 270,339 | 302,012 |
Vested (in shares) | (290,013) | (284,662) | (261,729) |
Expired (in shares) | 0 | 0 | |
Cancelled (in shares) | (30,542) | (12,830) | (61,980) |
Ending balance, outstanding (in shares) | 759,746 | 663,817 | 690,970 |
Vested / Exercisable (in shares) | 0 | ||
Restricted Stock, Weighted Average Grant Date Fair Value | |||
Beginning balance, outstanding (in dollars per share) | $ 22.40 | $ 18.60 | $ 16.44 |
Granted (in dollars per share) | 30.54 | 26.50 | 21.42 |
Vested (in dollars per share) | 20.18 | 17.48 | 16.14 |
Expired (in dollars per share) | 0 | 0 | |
Cancelled (in dollars per share) | 23.65 | 19.91 | 17.99 |
Ending balance, outstanding (in dollars per share) | 27.66 | $ 22.40 | $ 18.60 |
Vested / Exercisable (in dollars per share) | $ 0 | ||
Shares Vested, Aggregate Intrinsic Value | $ 8,805 | ||
Shares Outstanding, Aggregate Intrinsic Value | $ 16,304 | ||
Stock Options | |||
Stock Option, Shares | |||
Beginning balance, options outstanding (in shares) | 60,287 | 72,665 | 241,493 |
Granted options (in shares) | 0 | 0 | 0 |
Vested options (in shares) | 0 | 0 | |
Exercised options (in shares) | (12,000) | ||
Expired options (in shares) | (1,538) | (52,853) | |
Cancelled options (in shares) | (1,148) | (10,840) | (115,975) |
Ending balance, options outstanding (in shares) | 47,139 | 60,287 | 72,665 |
Vested / Exercisable, options (in shares) | 47,139 | ||
Stock Option, Weighted Average Exercise Price | |||
Beginning balance, options outstanding (in dollars per share) | $ 24.12 | $ 34.34 | $ 89.92 |
Granted options (in dollars per share) | 0 | 0 | 0 |
Vested options (in dollars per share) | 0 | 0 | |
Exercised options (in dollars per shares) | 11.85 | ||
Expired options (in dollars per share) | 147.60 | 135.32 | |
Cancelled options (in dollars per share) | 31.50 | 75.08 | 104.05 |
Ending balance, options outstanding (in dollars per share) | 27.07 | $ 24.12 | $ 34.34 |
Vested / Exercisable, options (in dollars per share) | $ 27.07 | ||
Options Outstanding, Weighted Average Remaining Term (Yrs.) | 1 year 320 days | ||
Options, Exercisable, Weighted-Average Remaining Contractual Term (Yrs.) | 1 year 320 days | ||
Options Outstanding, Aggregate Intrinsic Value | $ 68 | ||
Options, Exercisable, Aggregate Intrinsic Value | $ 68 |
Equity Compensation and Relat_4
Equity Compensation and Related Plans - Summary of stock options (Details) | 12 Months Ended |
Dec. 31, 2018$ / sharesshares | |
Exercise Price Range $15.00 to 20.00 | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Options Outstanding, Shares | shares | 13,300 |
Options Outstanding, Range Minimum | $ 15 |
Options Outstanding, Range Maximum | 20 |
Options Outstanding, Weighted Average Price | $ 16.35 |
Options Outstanding, Average Remaining Life | 5 years 4 months 28 days |
Options Exercisable, Shares | shares | 13,300 |
Options Exercisable, Weighted Average Price | $ 16.35 |
Exercise Price Range $20.01 to 25.00 | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Options Outstanding, Shares | shares | 500 |
Options Outstanding, Range Minimum | $ 20.01 |
Options Outstanding, Range Maximum | 25 |
Options Outstanding, Weighted Average Price | $ 22.95 |
Options Outstanding, Average Remaining Life | 1 year 2 months 19 days |
Options Exercisable, Shares | shares | 500 |
Options Exercisable, Weighted Average Price | $ 22.95 |
Exercise Price Range $25.01 to 30.00 | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Options Outstanding, Shares | shares | 1,023 |
Options Outstanding, Range Minimum | $ 25.01 |
Options Outstanding, Range Maximum | 30 |
Options Outstanding, Weighted Average Price | $ 29.45 |
Options Outstanding, Average Remaining Life | 26 days |
Options Exercisable, Shares | shares | 1,023 |
Options Exercisable, Weighted Average Price | $ 29.45 |
Exercise Price Range $30.01 to 31.50 | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Options Outstanding, Shares | shares | 32,316 |
Options Outstanding, Range Minimum | $ 30.01 |
Options Outstanding, Range Maximum | 31.50 |
Options Outstanding, Weighted Average Price | $ 31.47 |
Options Outstanding, Average Remaining Life | 6 months |
Options Exercisable, Shares | shares | 32,316 |
Options Exercisable, Weighted Average Price | $ 31.47 |
Exercise Price Range $15.00 to 31.50 | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Options Outstanding, Shares | shares | 47,139 |
Options Outstanding, Range Minimum | $ 15 |
Options Outstanding, Range Maximum | 31.50 |
Options Outstanding, Weighted Average Price | $ 27.07 |
Options Outstanding, Average Remaining Life | 1 year 8 months 78 days |
Options Exercisable, Shares | shares | 47,139 |
Options Exercisable, Weighted Average Price | $ 27.07 |
Equity Compensation and Relat_5
Equity Compensation and Related Plans - Narrative (Details) - USD ($) | 3 Months Ended | 12 Months Ended | ||
Sep. 30, 2018 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Vesting period under plan | 4 years | |||
Maximum exercisable period | 10 years | |||
Additional awards granted under plan | 1,550,000 | |||
Deferred income tax benefit related to compensation expense for options and restricted stock | $ 1,540,000 | $ 2,270,000 | $ 1,750,000 | |
Unrecognized compensation cost related to nonvested stock options | $ 17,000,000 | |||
Weighted average period over which compensation cost is expected to be recognized | 2 years 6 months 18 days | |||
Shares issued in connection with DRIP (in shares) | 7,307 | 4,404 | 4,044 | |
Discount offered to employees under United has an Employee Stock Purchase Program (ESPP) to purchase shares of common stock | 10.00% | |||
Stock issued through Employee Stock Purchase Program (in shares) | 17,941 | 13,422 | 16,456 | |
Common stock issuable shares under deferred compensation plan (in shares) | 674,499 | 607,869 | ||
Stock Options | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Compensation expense | $ 18,000 | $ 28,000 | $ 30,000 | |
Restricted Stock | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Compensation expense | $ 5,690,000 | $ 5,510,000 | $ 4,290,000 | |
Granted (in shares) | 416,484 | 270,339 | 302,012 | |
Granted (in dollars per share) | $ 30.54 | $ 26.50 | $ 21.42 | |
Restricted stock units | Merger related and other charges | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Accelerated compensation cost | $ 696,000 | |||
Restricted stock units | Compensation expense | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Compensation expense | 4,820,000 | |||
Restricted stock units | Other operating expenses | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Compensation expense | $ 338,000 | $ 287,000 | $ 177,000 | |
Performance-based Restricted Stock Units | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Granted (in shares) | 49,268 | |||
Granted (in dollars per share) | $ 30.28 |
Assets and Liabilities Measur_3
Assets and Liabilities Measured at Fair Value - Assets and liabilities measured at fair value on recurring basis (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Assets: | ||
Debt securities available-for-sale | $ 2,628,467 | $ 2,615,850 |
Mortgage loans held for sale | 18,935 | 26,252 |
Derivative financial instruments | 24,705 | 22,721 |
Liabilities, Fair Value Disclosure [Abstract] | ||
Derivative financial instruments | 26,433 | 25,376 |
U.S. Treasuries | ||
Assets: | ||
Debt securities available-for-sale | 149,307 | 121,113 |
U.S. Government agencies | ||
Assets: | ||
Debt securities available-for-sale | 25,553 | 26,372 |
State and political subdivisions | ||
Assets: | ||
Debt securities available-for-sale | 233,941 | 197,286 |
Residential mortgage-backed securities | ||
Assets: | ||
Debt securities available-for-sale | 1,445,910 | 1,311,733 |
Commercial mortgage-backed securities | ||
Assets: | ||
Debt securities available-for-sale | 391,917 | 415,478 |
Corporate bonds | ||
Assets: | ||
Debt securities available-for-sale | 199,163 | 306,353 |
Asset-backed securities | ||
Assets: | ||
Debt securities available-for-sale | 182,676 | 237,458 |
Other | ||
Assets: | ||
Debt securities available-for-sale | 57 | |
Recurring | ||
Assets: | ||
Mortgage loans held for sale | 18,935 | 26,252 |
Deferred compensation plan assets | 6,404 | 5,716 |
Servicing rights for SBA/USDA loans | 7,510 | 7,740 |
Residential mortgage servicing rights | 11,877 | 8,262 |
Derivative financial instruments | 24,705 | 22,721 |
Total assets | 2,698,974 | 2,686,541 |
Liabilities, Fair Value Disclosure [Abstract] | ||
Deferred compensation plan liability | 6,404 | 5,716 |
Derivative financial instruments | 26,433 | 25,376 |
Total liabilities | 32,837 | 31,092 |
Recurring | U.S. Treasuries | ||
Assets: | ||
Debt securities available-for-sale | 149,307 | 121,113 |
Recurring | U.S. Government agencies | ||
Assets: | ||
Debt securities available-for-sale | 25,553 | 26,372 |
Recurring | State and political subdivisions | ||
Assets: | ||
Debt securities available-for-sale | 233,941 | 197,286 |
Recurring | Residential mortgage-backed securities | ||
Assets: | ||
Debt securities available-for-sale | 1,445,910 | 1,311,733 |
Recurring | Commercial mortgage-backed securities | ||
Assets: | ||
Debt securities available-for-sale | 391,917 | 415,478 |
Recurring | Corporate bonds | ||
Assets: | ||
Debt securities available-for-sale | 199,163 | 306,353 |
Recurring | Asset-backed securities | ||
Assets: | ||
Debt securities available-for-sale | 182,676 | 237,458 |
Recurring | Equity securities with readily determinable fair values | ||
Assets: | ||
Debt securities available-for-sale | 1,076 | |
Recurring | Other | ||
Assets: | ||
Debt securities available-for-sale | 57 | |
Recurring | Level 1 | ||
Assets: | ||
Mortgage loans held for sale | 0 | 0 |
Deferred compensation plan assets | 6,404 | 5,716 |
Servicing rights for SBA/USDA loans | 0 | 0 |
Residential mortgage servicing rights | 0 | 0 |
Derivative financial instruments | 0 | 0 |
Total assets | 156,787 | 126,829 |
Liabilities, Fair Value Disclosure [Abstract] | ||
Deferred compensation plan liability | 6,404 | 5,716 |
Derivative financial instruments | 0 | 0 |
Total liabilities | 6,404 | 5,716 |
Recurring | Level 1 | U.S. Treasuries | ||
Assets: | ||
Debt securities available-for-sale | 149,307 | 121,113 |
Recurring | Level 1 | U.S. Government agencies | ||
Assets: | ||
Debt securities available-for-sale | 0 | 0 |
Recurring | Level 1 | State and political subdivisions | ||
Assets: | ||
Debt securities available-for-sale | 0 | 0 |
Recurring | Level 1 | Residential mortgage-backed securities | ||
Assets: | ||
Debt securities available-for-sale | 0 | 0 |
Recurring | Level 1 | Commercial mortgage-backed securities | ||
Assets: | ||
Debt securities available-for-sale | 0 | 0 |
Recurring | Level 1 | Corporate bonds | ||
Assets: | ||
Debt securities available-for-sale | 0 | 0 |
Recurring | Level 1 | Asset-backed securities | ||
Assets: | ||
Debt securities available-for-sale | 0 | 0 |
Recurring | Level 1 | Equity securities with readily determinable fair values | ||
Assets: | ||
Debt securities available-for-sale | 1,076 | |
Recurring | Level 1 | Other | ||
Assets: | ||
Debt securities available-for-sale | 0 | |
Recurring | Level 2 | ||
Assets: | ||
Mortgage loans held for sale | 18,935 | 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 | 12,864 | 10,514 |
Total assets | 2,509,964 | 2,530,603 |
Liabilities, Fair Value Disclosure [Abstract] | ||
Deferred compensation plan liability | 0 | 0 |
Derivative financial instruments | 10,701 | 8,632 |
Total liabilities | 10,701 | 8,632 |
Recurring | Level 2 | U.S. Treasuries | ||
Assets: | ||
Debt securities available-for-sale | 0 | 0 |
Recurring | Level 2 | U.S. Government agencies | ||
Assets: | ||
Debt securities available-for-sale | 25,553 | 26,372 |
Recurring | Level 2 | State and political subdivisions | ||
Assets: | ||
Debt securities available-for-sale | 233,941 | 197,286 |
Recurring | Level 2 | Residential mortgage-backed securities | ||
Assets: | ||
Debt securities available-for-sale | 1,445,910 | 1,311,733 |
Recurring | Level 2 | Commercial mortgage-backed securities | ||
Assets: | ||
Debt securities available-for-sale | 391,917 | 415,478 |
Recurring | Level 2 | Corporate bonds | ||
Assets: | ||
Debt securities available-for-sale | 198,168 | 305,453 |
Recurring | Level 2 | Asset-backed securities | ||
Assets: | ||
Debt securities available-for-sale | 182,676 | 237,458 |
Recurring | Level 2 | Equity securities with readily determinable fair values | ||
Assets: | ||
Debt securities available-for-sale | 0 | |
Recurring | Level 2 | Other | ||
Assets: | ||
Debt securities available-for-sale | 57 | |
Recurring | Level 3 | ||
Assets: | ||
Mortgage loans held for sale | 0 | 0 |
Deferred compensation plan assets | 0 | 0 |
Servicing rights for SBA/USDA loans | 7,510 | 7,740 |
Residential mortgage servicing rights | 11,877 | 8,262 |
Derivative financial instruments | 11,841 | 12,207 |
Total assets | 32,223 | 29,109 |
Liabilities, Fair Value Disclosure [Abstract] | ||
Deferred compensation plan liability | 0 | 0 |
Derivative financial instruments | 15,732 | 16,744 |
Total liabilities | 15,732 | 16,744 |
Recurring | Level 3 | U.S. Treasuries | ||
Assets: | ||
Debt securities available-for-sale | 0 | 0 |
Recurring | Level 3 | U.S. Government agencies | ||
Assets: | ||
Debt securities available-for-sale | 0 | 0 |
Recurring | Level 3 | State and political subdivisions | ||
Assets: | ||
Debt securities available-for-sale | 0 | 0 |
Recurring | Level 3 | Residential mortgage-backed securities | ||
Assets: | ||
Debt securities available-for-sale | 0 | 0 |
Recurring | Level 3 | Commercial mortgage-backed securities | ||
Assets: | ||
Debt securities available-for-sale | 0 | 0 |
Recurring | Level 3 | Corporate bonds | ||
Assets: | ||
Debt securities available-for-sale | 995 | 900 |
Recurring | Level 3 | Asset-backed securities | ||
Assets: | ||
Debt securities available-for-sale | 0 | 0 |
Recurring | Level 3 | Equity securities with readily determinable fair values | ||
Assets: | ||
Debt securities available-for-sale | $ 0 | |
Recurring | Level 3 | Other | ||
Assets: | ||
Debt securities available-for-sale | $ 0 |
Assets and Liabilities Measur_4
Assets and Liabilities Measured at Fair Value - Reconciliation for measurements at fair value on a recurring basis using significant unobservable inputs (Details) - Recurring - Level 3 - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Derivative Asset | |||
Reconciliation of Assets at Level 3 Measurement | |||
Balance at beginning of period | $ 12,207 | $ 11,777 | $ 9,418 |
Transfer from amortization method to fair value | 0 | ||
Business combinations | 0 | 0 | |
Additions | 0 | 0 | 0 |
Sales and settlements | (1,029) | (1,744) | (509) |
Other comprehensive income | 0 | 0 | 0 |
Amounts included in earnings - fair value adjustments | 663 | 2,174 | 2,868 |
Balance at end of period | 11,841 | 12,207 | 11,777 |
Servicing rights for SBA/USDA loans | |||
Reconciliation of Assets at Level 3 Measurement | |||
Balance at beginning of period | 7,740 | 5,752 | 3,712 |
Transfer from amortization method to fair value | 0 | ||
Business combinations | (354) | 419 | |
Additions | 2,573 | 2,737 | 2,723 |
Sales and settlements | (810) | (621) | (393) |
Other comprehensive income | 0 | 0 | 0 |
Amounts included in earnings - fair value adjustments | (1,639) | (547) | (290) |
Balance at end of period | 7,510 | 7,740 | 5,752 |
Residential mortgage servicing rights | |||
Reconciliation of Assets at Level 3 Measurement | |||
Balance at beginning of period | 8,262 | 0 | 0 |
Transfer from amortization method to fair value | 5,070 | ||
Business combinations | 0 | 0 | |
Additions | 4,587 | 3,602 | 0 |
Sales and settlements | (537) | (328) | 0 |
Other comprehensive income | 0 | 0 | 0 |
Amounts included in earnings - fair value adjustments | (435) | (82) | 0 |
Balance at end of period | 11,877 | 8,262 | 0 |
Debt Securities Available- for-Sale | |||
Reconciliation of Assets at Level 3 Measurement | |||
Balance at beginning of period | 900 | 675 | 750 |
Transfer from amortization method to fair value | 0 | ||
Business combinations | 0 | 0 | |
Additions | 0 | 0 | 0 |
Sales and settlements | 0 | 0 | 0 |
Other comprehensive income | 95 | 225 | (75) |
Amounts included in earnings - fair value adjustments | 0 | 0 | 0 |
Balance at end of period | 995 | 900 | 675 |
Derivative Liability | |||
Reconciliation of Liabilities at Level 3 Measurement | |||
Balance at beginning of period | 16,744 | 16,347 | 15,794 |
Transfer from amortization method to fair value | 0 | ||
Business combinations | 0 | 0 | |
Additions | 0 | 0 | 17 |
Sales and settlements | (1,347) | (2,423) | (1,001) |
Other comprehensive income | 0 | 0 | 0 |
Amounts included in earnings - fair value adjustments | 335 | 2,820 | 1,537 |
Balance at end of period | $ 15,732 | $ 16,744 | $ 16,347 |
Assets and Liabilities Measur_5
Assets and Liabilities Measured at Fair Value - Quantitative information about Level 3 measurements for fair value on a recurring basis (Details) $ in Thousands | 12 Months Ended | |
Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Debt securities available-for-sale | $ 2,628,467 | $ 2,615,850 |
Derivative assets | 24,705 | 22,721 |
Derivative liabilities | 26,433 | 25,376 |
Recurring | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Servicing rights for SBA/USDA loans | 7,510 | 7,740 |
Residential mortgage servicing rights | 11,877 | 8,262 |
Derivative assets | 24,705 | 22,721 |
Derivative liabilities | 26,433 | 25,376 |
Recurring | Level 3 | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Servicing rights for SBA/USDA loans | 7,510 | 7,740 |
Residential mortgage servicing rights | 11,877 | 8,262 |
Derivative assets | 11,841 | 12,207 |
Derivative liabilities | 15,732 | 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 | $ 7,510 | $ 7,740 |
Valuation technique | Discounted cash flow | |
Recurring | Level 3 | Servicing rights for SBA/USDA loans | Discount Rate | Weighted Average | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Servicing rights for SBA/USDA loans, measurement input | 0.145 | 0.125 |
Recurring | Level 3 | Servicing rights for SBA/USDA loans | Prepayment Rate | Weighted Average | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Servicing rights for SBA/USDA loans, measurement input | 0.121 | 0.083 |
Recurring | Level 3 | Residential mortgage servicing rights | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Residential mortgage servicing rights | $ 11,877 | $ 8,262 |
Valuation technique | Discounted cash flow | |
Recurring | Level 3 | Residential mortgage servicing rights | Discount Rate | Weighted Average | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Residential mortgage servicing rights, measurement input | 0.100 | 0.100 |
Recurring | Level 3 | Residential mortgage servicing rights | Prepayment Rate | Weighted Average | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Residential mortgage servicing rights, measurement input | 0.106 | 0.095 |
Recurring | Level 3 | Corporate bonds | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Debt securities available-for-sale | $ 995 | $ 900 |
Valuation technique | Indicative bid provided by a broker | |
Recurring | Level 3 | Derivative assets - mortgage | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Derivative assets | $ 1,190 | $ 1,150 |
Valuation technique | Internal model | |
Recurring | Level 3 | Derivative assets - mortgage | Pull Through Rate | Weighted Average | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Derivative assets, measurement input | 0.807 | 0.800 |
Recurring | Level 3 | Derivative assets - other | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Derivative assets | $ 10,651 | $ 11,057 |
Valuation technique | 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 | |
Recurring | Level 3 | Derivative liabilities - risk participations | Probable Exposure Rate | Weighted Average | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Derivative liabilities, measurement input | 0.004 | 0.004 |
Recurring | Level 3 | Derivative liabilities - risk participations | Probability of Default Rate | Weighted Average | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Derivative liabilities, measurement input | 0.018 | 0.018 |
Recurring | Level 3 | Derivative liabilities - other | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Derivative liabilities | $ 15,724 | $ 16,724 |
Valuation technique | Dealer priced |
Assets and Liabilities Measur_6
Assets and Liabilities Measured at Fair Value - Assets and liabilities measured at fair value on nonrecurring basis (Details) - Nonrecurring - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Loans | $ 8,631 | $ 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 | $ 8,631 | $ 6,905 |
Assets and Liabilities Measur_7
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 | Dec. 31, 2018 | Dec. 31, 2017 |
Assets: | ||
Debt securities held to maturity, fair value | $ 268,803 | $ 321,276 |
Carrying Amount | ||
Assets: | ||
Debt securities held to maturity, fair value | 274,407 | 321,094 |
Loans, net | 8,322,198 | 7,676,658 |
Loans held for sale | 6,482 | |
Liabilities: | ||
Deposits | 10,534,513 | 9,807,697 |
Federal Home Loan Bank advances | 160,000 | 504,651 |
Long-term debt | 267,189 | 120,545 |
Fair Value | ||
Assets: | ||
Debt securities held to maturity, fair value | 268,803 | 321,276 |
Loans, net | 8,277,387 | 7,674,460 |
Loans held for sale | 6,514 | |
Liabilities: | ||
Deposits | 10,528,834 | 9,809,264 |
Federal Home Loan Bank advances | 159,988 | 504,460 |
Long-term debt | 278,996 | 123,844 |
Fair Value | Level 1 | ||
Assets: | ||
Debt securities held to maturity, fair value | 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: | ||
Debt securities held to maturity, fair value | 268,803 | 321,276 |
Loans, net | 0 | 0 |
Loans held for sale | 6,514 | |
Liabilities: | ||
Deposits | 10,528,834 | 9,809,264 |
Federal Home Loan Bank advances | 159,988 | 504,460 |
Long-term debt | 0 | 0 |
Fair Value | Level 3 | ||
Assets: | ||
Debt securities held to maturity, fair value | 0 | 0 |
Loans, net | 8,277,387 | 7,674,460 |
Loans held for sale | 0 | |
Liabilities: | ||
Deposits | 0 | 0 |
Federal Home Loan Bank advances | 0 | 0 |
Long-term debt | $ 278,996 | $ 123,844 |
Assets and Liabilities Measur_8
Assets and Liabilities Measured at Fair Value - Narrative (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Fair Value Disclosures [Abstract] | |||
Cumulative effect adjustment to retained earnings, net of income tax effect | $ 437 | ||
Mortgage loans held for sale | $ 18,935 | 26,252 | |
Mortgage loans held for sale, outstanding principal balance | 18,200 | 25,400 | |
Net gains (losses) from changes in fair value of loans | $ (133) | $ 505 | $ 322 |
Percentage of written down in appraisal value of nonaccrual impaired loans | 80.00% | ||
Maximum remaining maturity of financial instruments having no defined maturity | 180 days |
Condensed Financial Statement_3
Condensed Financial Statements of United Community Banks, Inc. (Parent Only) - Statements of Income (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Statement of Operations | |||
Other | $ 24,142 | $ 16,477 | $ 16,485 |
Total income | 522,211 | 440,445 | 404,281 |
Interest expense | 61,330 | 33,735 | 25,236 |
Other expense | 32,514 | 26,961 | 24,742 |
Total expenses | 306,285 | 267,611 | 241,289 |
Tax benefit (expense) | (49,815) | (105,013) | (62,336) |
Net income | 166,111 | 67,821 | 100,656 |
Parent | |||
Statement of Operations | |||
Dividends from bank | 161,500 | 103,200 | 41,500 |
Dividends from other subsidiaries | 850 | 0 | 0 |
Shared service fees from subsidiaries | 10,257 | 10,481 | 8,476 |
Other | 133 | 1,078 | 685 |
Total income | 172,740 | 114,759 | 50,661 |
Interest expense | 11,868 | 10,258 | 11,209 |
Other expense | 14,456 | 14,960 | 11,380 |
Total expenses | 26,324 | 25,218 | 22,589 |
Tax benefit (expense) | 1,640 | 1,447 | 6,717 |
Income before equity in undistributed (loss) earnings of subsidiaries | 148,056 | 90,988 | 34,789 |
Equity in undistributed (loss) earnings of subsidiaries | 18,055 | (23,167) | 65,867 |
Net income | $ 166,111 | $ 67,821 | $ 100,656 |
Condensed Financial Statement_4
Condensed Financial Statements of United Community Banks, Inc. (Parent Only) - Balance Sheets (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Assets | ||||
Cash | $ 327,265 | $ 314,275 | ||
Other assets | 154,750 | 169,401 | ||
Total assets | 12,573,192 | 11,915,460 | ||
Liabilities and Shareholders’ Equity | ||||
Long-term debt | 267,189 | 120,545 | ||
Total liabilities | 11,115,638 | 10,612,126 | ||
Shareholders' equity | 1,457,554 | 1,303,334 | $ 1,075,735 | $ 1,018,285 |
Total liabilities and shareholders’ equity | 12,573,192 | 11,915,460 | ||
Parent | ||||
Assets | ||||
Cash | 145,669 | 26,054 | ||
Investment in bank | 1,522,402 | 1,390,490 | ||
Investment in other subsidiaries | 4,549 | 4,744 | ||
Other assets | 21,881 | 20,578 | ||
Total assets | 1,694,501 | 1,441,866 | ||
Liabilities and Shareholders’ Equity | ||||
Long-term debt | 212,193 | 120,545 | ||
Other liabilities | 24,754 | 17,987 | ||
Total liabilities | 236,947 | 138,532 | ||
Shareholders' equity | 1,457,554 | 1,303,334 | ||
Total liabilities and shareholders’ equity | $ 1,694,501 | $ 1,441,866 |
Condensed Financial Statement_5
Condensed Financial Statements of United Community Banks, Inc. (Parent Only) - Statements of Cash Flows (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Operating activities: | |||
Net income | $ 166,111 | $ 67,821 | $ 100,656 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Depreciation, amortization and accretion | 30,971 | 27,494 | 29,974 |
Stock based compensation | 6,057 | 5,827 | 4,496 |
Changes in assets and liabilities: | |||
Net cash provided by operating activities | 270,006 | 207,962 | 139,914 |
Investing activities: | |||
Purchases of premises and equipment | (17,617) | (22,183) | (17,375) |
Purchase of available for sale securities | (566,333) | (936,947) | (692,983) |
Net cash used in investing activities | (359,475) | (45,506) | (732,326) |
Financing activities: | |||
Repayment of long-term debt | (71,831) | (75,000) | 0 |
Proceeds from issuance of long-term debt | 98,188 | 0 | 0 |
Cash paid for shares withheld to cover payroll taxes upon vesting of restricted stock | (1,998) | (1,701) | (1,189) |
Proceeds from issuance of common stock for dividend reinvestment and employee benefit plans | 679 | 450 | 366 |
Proceeds from exercise of stock options | 142 | 0 | 0 |
Retirement of preferred stock | 0 | 0 | (9,992) |
Repurchase of common stock | 0 | 0 | (13,659) |
Cash dividends on common stock | (41,634) | (26,210) | (15,849) |
Net cash (used in) provided by financing activities | 102,459 | (65,529) | 569,397 |
Parent | |||
Operating activities: | |||
Net income | 166,111 | 67,821 | 100,656 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Equity in undistributed earnings (loss) of the subsidiaries | (18,055) | 23,167 | (65,867) |
Depreciation, amortization and accretion | 77 | 36 | 23 |
Stock based compensation | 6,057 | 5,827 | 4,496 |
Changes in assets and liabilities: | |||
Other assets | 1,700 | 1,184 | 14,305 |
Other liabilities | 3,124 | (758) | (8,268) |
Net cash provided by operating activities | 159,014 | 97,277 | 45,345 |
Investing activities: | |||
Payment for acquisition | (84,499) | (11,034) | (11,209) |
Purchases of premises and equipment | (364) | (708) | 0 |
Purchase of available for sale securities | (2,489) | 0 | (1,125) |
Net cash used in investing activities | (87,352) | (11,742) | (12,334) |
Financing activities: | |||
Repayment of long-term debt | (7,424) | (75,000) | 0 |
Proceeds from issuance of long-term debt | 98,188 | 0 | 0 |
Cash paid for shares withheld to cover payroll taxes upon vesting of restricted stock | (1,998) | (1,701) | (1,189) |
Proceeds from issuance of common stock for dividend reinvestment and employee benefit plans | 679 | 450 | 366 |
Proceeds from exercise of stock options | 142 | 0 | 0 |
Retirement of preferred stock | 0 | 0 | (9,992) |
Repurchase of common stock | 0 | 0 | (13,659) |
Cash dividends on common stock | (41,634) | (26,210) | (15,849) |
Cash dividends on Series H preferred stock | 0 | 0 | (46) |
Net cash (used in) provided by financing activities | 47,953 | (102,461) | (40,369) |
Net change in cash | 119,615 | (16,926) | (7,358) |
Cash and cash equivalents at beginning of year | 26,054 | 42,980 | 50,338 |
Cash and cash equivalents at end of year | $ 145,669 | $ 26,054 | $ 42,980 |
Subsequent Events - Narrative (
Subsequent Events - Narrative (Details) $ / shares in Units, $ in Thousands | Feb. 06, 2019$ / shares | Feb. 27, 2019USD ($)shares | Dec. 31, 2018USD ($)branch$ / shares | Dec. 31, 2017USD ($)$ / shares | Dec. 31, 2016USD ($)$ / shares | Feb. 05, 2019USD ($) |
Subsequent Event [Line Items] | ||||||
Total assets | $ 12,573,192 | $ 11,915,460 | ||||
Deposit | $ 10,534,513 | $ 9,807,697 | ||||
Common stock dividends (in dollars per share) | $ / shares | $ 0.58 | $ 0.38 | $ 0.30 | |||
Repurchase of common stock | $ 0 | $ 0 | $ 13,659 | |||
Subsequent Event | ||||||
Subsequent Event [Line Items] | ||||||
Common stock dividends (in dollars per share) | $ / shares | $ 0.16 | |||||
Dividends, date declared | Feb. 6, 2019 | |||||
Dividends, date of record | Mar. 15, 2019 | |||||
Dividends, date payable | Apr. 5, 2019 | |||||
Shares repurchased (in shares) | shares | 176,600 | |||||
Repurchase of common stock | $ 4,650 | |||||
First Madison Bank & Trust | ||||||
Subsequent Event [Line Items] | ||||||
Total assets | 258,000 | |||||
Loans | 202,000 | |||||
Deposit | $ 213,000 | |||||
Number of banking offices | branch | 4 | |||||
First Madison Bank & Trust | Subsequent Event | ||||||
Subsequent Event [Line Items] | ||||||
Merger consideration expected to be received upon closing per definitive merger agreement | $ 52,000 |
Uncategorized Items - ucbi-2018
Label | Element | Value |
Retained Earnings [Member] | ||
Cumulative Effect of New Accounting Principle in Period of Adoption | us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption | $ 437,000 |