Cover Page
Cover Page - shares | 3 Months Ended | |
Mar. 31, 2020 | Apr. 30, 2020 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Mar. 31, 2020 | |
Document Transition Report | false | |
Entity File Number | 001-35095 | |
Entity Registrant Name | UNITED COMMUNITY BANKS, INC. | |
Entity Central Index Key | 0000857855 | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Year Focus | 2020 | |
Document Fiscal Period Focus | Q1 | |
Amendment Flag | false | |
Entity Incorporation, State or Country Code | GA | |
Entity Tax Identification Number | 58-1807304 | |
Entity Address, Address Line One | 125 Highway 515 East | |
Entity Address, City or Town | Blairsville | |
Entity Address, State or Province | GA | |
Entity Address, Postal Zip Code | 30512 | |
City Area Code | 706 | |
Local Phone Number | 781-2265 | |
Title of 12(b) Security | Common stock, par value $1 per share | |
Trading Symbol | UCBI | |
Security Exchange Name | NASDAQ | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 78,290,267 |
Consolidated Balance Sheets (Un
Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
ASSETS | ||
Cash and due from banks | $ 155,008 | $ 125,844 |
Interest-bearing deposits in banks | 365,494 | 389,362 |
Cash and cash equivalents | 520,502 | 515,206 |
Debt securities available-for-sale | 2,249,876 | 2,274,581 |
Debt securities held-to-maturity (fair value $301,595 and $287,904) | 290,404 | 283,533 |
Loans held for sale at fair value | 89,959 | 58,484 |
Loans and leases held for investment | 8,935,424 | 8,812,553 |
Less allowance for credit losses - loans and leases | (81,905) | (62,089) |
Loans and leases, net | 8,853,519 | 8,750,464 |
Premises and equipment, net | 214,744 | 215,976 |
Bank owned life insurance | 200,778 | 202,664 |
Accrued interest receivable | 31,570 | 32,660 |
Net deferred tax asset | 30,715 | 34,059 |
Derivative financial instruments | 82,668 | 35,007 |
Goodwill and other intangible assets, net | 341,207 | 342,247 |
Other assets | 179,924 | 171,135 |
Total assets | 13,085,866 | 12,916,016 |
Deposits: | ||
Noninterest-bearing demand | 3,624,806 | 3,477,979 |
Interest-bearing deposits | 7,410,120 | 7,419,265 |
Total deposits | 11,034,926 | 10,897,244 |
Long-term debt | 212,849 | 212,664 |
Derivative financial instruments | 27,349 | 15,516 |
Accrued expenses and other liabilities | 170,130 | 154,900 |
Total liabilities | 11,445,254 | 11,280,324 |
Shareholders' equity: | ||
Common stock, $1 par value; 150,000,000 shares authorized; 78,283,544 and 79,013,729 shares issued and outstanding | 78,284 | 79,014 |
Common stock issuable; 591,053 and 664,640 shares | 10,534 | 11,491 |
Capital surplus | 1,478,719 | 1,496,641 |
Retained earnings | 54,206 | 40,152 |
Accumulated other comprehensive income | 18,869 | 8,394 |
Total shareholders' equity | 1,640,612 | 1,635,692 |
Total liabilities and shareholders' equity | $ 13,085,866 | $ 12,916,016 |
Consolidated Balance Sheets (_2
Consolidated Balance Sheets (Unaudited) (Parentheticals) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Statement of Financial Position [Abstract] | ||
Debt securities held to maturity, fair value | $ 301,595 | $ 287,904 |
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) | 78,283,544 | 79,013,729 |
Common stock outstanding (in shares) | 78,283,544 | 79,013,729 |
Common stock issuable (in shares) | 591,053 | 664,640 |
Consolidated Statements of Inco
Consolidated Statements of Income (Unaudited) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Interest revenue: | ||
Loans, including fees | $ 118,063 | $ 115,259 |
Investment securities, including tax exempt of $1,523 and $1,169 | 17,394 | 20,818 |
Deposits in banks and short-term investments | 1,090 | 439 |
Total interest revenue | 136,547 | 136,516 |
Interest expense: | ||
Deposits | 15,075 | 15,957 |
Short-term borrowings | 1 | 161 |
Federal Home Loan Bank advances | 1 | 1,422 |
Long-term debt | 2,864 | 3,342 |
Total interest expense | 17,941 | 20,882 |
Net interest revenue | 118,606 | 115,634 |
Provision for credit losses | 22,191 | 3,300 |
Net interest revenue after provision for credit losses | 96,415 | 112,334 |
Noninterest income: | ||
Brokerage fees | 1,640 | 1,337 |
Gains from sales of other loans, net | 1,674 | 1,303 |
Securities losses, net | 0 | (267) |
Other | 5,552 | 6,394 |
Total noninterest income | 25,814 | 20,968 |
Total revenue | 122,229 | 133,302 |
Noninterest expenses: | ||
Salaries and employee benefits | 51,358 | 47,503 |
Communications and equipment | 5,946 | 5,788 |
Occupancy | 5,714 | 5,584 |
Advertising and public relations | 1,274 | 1,286 |
Postage, printing and supplies | 1,670 | 1,586 |
Professional fees | 4,097 | 3,161 |
Lending and loan servicing expense | 2,293 | 2,334 |
Outside services - electronic banking | 1,832 | 1,609 |
FDIC assessments and other regulatory charges | 1,484 | 1,710 |
Amortization of intangibles | 1,040 | 1,293 |
Merger-related and other charges | 808 | 546 |
Other | 4,022 | 3,684 |
Total noninterest expenses | 81,538 | 76,084 |
Net income before income taxes | 40,691 | 57,218 |
Income tax expense | 8,807 | 12,956 |
Net income | 31,884 | 44,262 |
Net income available to common shareholders | $ 31,641 | $ 43,947 |
Net income per common share: | ||
Basic (in dollars per share) | $ 0.40 | $ 0.55 |
Diluted (in dollars per share) | $ 0.40 | $ 0.55 |
Weighted average common shares outstanding: | ||
Basic (in shares) | 79,340 | 79,807 |
Diluted (in shares) | 79,446 | 79,813 |
Service charges and fees | ||
Noninterest income: | ||
Service charges and other related fees | $ 8,638 | $ 8,453 |
Mortgage loan gains and other related fees | ||
Noninterest income: | ||
Service charges and other related fees | $ 8,310 | $ 3,748 |
Consolidated Statements of In_2
Consolidated Statements of Income (Unaudited) (Parentheticals) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Income Statement [Abstract] | ||
Investment securities, tax exempt | $ 1,523 | $ 1,169 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Statement of Comprehensive Income [Abstract] | ||
Net income, Before-tax Amount | $ 40,691 | $ 57,218 |
Net income, Tax (Expense) Benefit | (8,807) | (12,956) |
Net income, Net of Tax Amount | 31,884 | 44,262 |
Unrealized gains on available-for-sale securities: | ||
Unrealized holding gains arising during period, Before-tax Amount | 13,685 | 33,174 |
Unrealized holding gains arising during period, Tax (Expense) Benefit | (3,433) | (8,049) |
Unrealized holding gains arising during period, Net of Tax Amount | 10,252 | 25,125 |
Reclassification adjustment for losses included in net income, Before-tax Amount | 267 | |
Reclassification adjustment for losses included in net income, Tax (Expense) Benefit | 0 | (68) |
Reclassification adjustment for losses included in net income, Net of Tax Amount | 199 | |
Net unrealized gains, Before-tax Amount | 33,441 | |
Net unrealized gains, Tax (Expense) Benefit | (8,117) | |
Net unrealized gains, Net of Tax Amount | 25,324 | |
Amortization of losses included in net income on available-for-sale securities transferred to held-to-maturity, Before-tax Amount | 83 | 84 |
Amortization of losses included in net income on available-for-sale securities transferred to held-to-maturity, Tax (Expense) Benefit | (20) | (20) |
Amortization of losses included in net income on available-for-sale securities transferred to held-to-maturity, Net of Tax Amount | 63 | 64 |
Amortization of losses included in net income on terminated derivative financial instruments that were previously accounted for as cash flow hedges, Before-tax Amount | 102 | |
Amortization of losses included in net income on terminated derivative financial instruments that were previously accounted for as cash flow hedges, Tax (Expense) Benefit | (26) | |
Amortization of losses included in net income on terminated derivative financial instruments that were previously accounted for as cash flow hedges, After-tax Amount | 76 | |
Amortization of prior service cost and actuarial losses included in net periodic pension cost for defined benefit pension plan, Before-tax Amount | 214 | 174 |
Amortization of prior service cost and actuarial losses included in net periodic pension cost for defined benefit pension plan, Tax (Expense) Benefit | (54) | (44) |
Amortization of prior service cost and actuarial losses included in net periodic pension cost for defined benefit pension plan, Net of Tax Amount | 160 | 130 |
Total other comprehensive income, Before-tax Amount | 13,982 | 33,801 |
Total other comprehensive income, Tax (Expense) Benefit | (3,507) | (8,207) |
Total other comprehensive income, net of tax amount | 10,475 | 25,594 |
Comprehensive income, Before-tax Amount | 54,673 | 91,019 |
Comprehensive income, Tax (Expense) Benefit | (12,314) | (21,163) |
Comprehensive income, Net of Tax Amount | $ 42,359 | $ 69,856 |
Consolidated Statement of Chang
Consolidated Statement of Changes in Shareholders' Equity (Unaudited) - USD ($) $ in Thousands | Total | Adoption of new accounting standard | Common Stock | Common Stock Issuable | Capital Surplus | Retained Earnings (Accumulated Deficit) | Retained Earnings (Accumulated Deficit)Adoption of new accounting standard | Accumulated Other Comprehensive Income (Loss) |
Beginning balance at Dec. 31, 2018 | $ 1,457,554 | $ (549) | $ 79,234 | $ 10,744 | $ 1,499,584 | $ (90,419) | $ (549) | $ (41,589) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Net income | 44,262 | 44,262 | ||||||
Other comprehensive income | 25,594 | 25,594 | ||||||
Exercise of stock options | 197 | 12 | 185 | |||||
Common stock issued to dividend reinvestment plan and employee benefit plans | 186 | 8 | 178 | |||||
Amortization of stock options and or restricted stock awards | 1,985 | 1,985 | ||||||
Vesting of restricted stock, net of shares surrendered to cover payroll taxes | (317) | 16 | 532 | (865) | ||||
Purchases of common stock | (7,840) | (305) | (7,535) | |||||
Deferred compensation plan, net, including dividend equivalents | 185 | 185 | ||||||
Shares issued from deferred compensation plan, net of shares surrendered to cover payroll taxes | (232) | 70 | (1,170) | 868 | ||||
Common stock dividends | (12,867) | (12,867) | ||||||
Ending balance at Mar. 31, 2019 | 1,508,158 | 79,035 | 10,291 | 1,494,400 | (59,573) | (15,995) | ||
Beginning balance at Dec. 31, 2019 | 1,635,692 | $ (3,529) | 79,014 | 11,491 | 1,496,641 | 40,152 | $ (3,529) | 8,394 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Net income | 31,884 | 31,884 | ||||||
Other comprehensive income | 10,475 | 10,475 | ||||||
Common stock issued to dividend reinvestment plan and employee benefit plans | 199 | 9 | 190 | |||||
Amortization of stock options and or restricted stock awards | 2,492 | 2,492 | ||||||
Vesting of restricted stock, net of shares surrendered to cover payroll taxes | (488) | 24 | 665 | (1,177) | ||||
Purchases of common stock | (20,782) | (827) | (19,955) | |||||
Deferred compensation plan, net, including dividend equivalents | 156 | 156 | ||||||
Shares issued from deferred compensation plan, net of shares surrendered to cover payroll taxes | (1,186) | 64 | (1,778) | 528 | ||||
Common stock dividends | (14,301) | (14,301) | ||||||
Ending balance at Mar. 31, 2020 | $ 1,640,612 | $ 78,284 | $ 10,534 | $ 1,478,719 | $ 54,206 | $ 18,869 |
Consolidated Statement of Cha_2
Consolidated Statement of Changes in Shareholders' Equity (Unaudited) (Parentheticals) - $ / shares | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Statement of Stockholders' Equity [Abstract] | ||
Exercises of stock options (in shares) | 12,000 | |
Common stock issued to dividend reinvestment plan and employee benefits plans (in shares) | 8,686 | 8,445 |
Vesting of restricted stock, net of shares surrendered to cover payroll taxes, shares issued (in shares) | 24,005 | 15,945 |
Vesting of restricted stock, net of shares surrendered to cover payroll taxes, shares deferred (in shares) | 23,967 | 19,450 |
Purchases of common stock (in shares) | 826,482 | 305,052 |
Shares issued from deferred compensation plan, net of shares surrendered to cover payroll taxes (in shares) | 63,606 | 70,044 |
Common stock dividends (in dollars per share) | $ 0.18 | $ 0.16 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Operating activities: | ||
Net income | $ 31,884 | $ 44,262 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation, amortization and accretion | 1,894 | 6,373 |
Provision for credit losses | 22,191 | 3,300 |
Stock based compensation | 2,492 | 1,985 |
Deferred income tax expense | 1,292 | 658 |
Securities losses, net | 0 | 267 |
Gains from sales of other loans | (1,674) | (1,303) |
Changes in assets and liabilities: | ||
Other assets and accrued interest receivable | (45,851) | (6,251) |
Accrued expenses and other liabilities | 8,456 | (5,994) |
Loans held for sale | (31,475) | (7,406) |
Net cash (used in) provided by operating activities | (10,791) | 35,891 |
Debt securities held-to-maturity: | ||
Proceeds from maturities and calls | 9,085 | 9,049 |
Purchases | (15,989) | 0 |
Debt securities available-for-sale and equity securities: | ||
Proceeds from sales | 1,000 | 178,604 |
Proceeds from maturities and calls | 105,247 | 60,779 |
Purchases | (70,075) | (34,729) |
Net increase in loans | (110,222) | (90,380) |
Proceeds from sales of premises and equipment | 102 | 105 |
Purchases of premises and equipment | (2,596) | (11,686) |
Proceeds from sale of other real estate | 63 | 974 |
Other investing activities, net | (1,600) | 0 |
Net cash (used in) provided by investing activities | (84,985) | 112,716 |
Financing activities: | ||
Net increase in deposits | 137,783 | 117 |
Repayment of long-term debt | 0 | (10,110) |
Proceeds from FHLB advances | 5,000 | 780,000 |
Repayment of FHLB advances | (5,000) | (900,000) |
Proceeds from issuance of common stock for dividend reinvestment and employee benefit plans | 199 | 186 |
Proceeds from exercise of stock options | 0 | 197 |
Cash paid for shares withheld to cover payroll taxes upon vesting of restricted stock | (1,674) | (549) |
Repurchase of common stock | (20,782) | (7,342) |
Cash dividends on common stock | (14,454) | (12,876) |
Net cash provided by (used in) financing activities | 101,072 | (150,377) |
Net change in cash and cash equivalents, including restricted cash | 5,296 | (1,770) |
Cash and cash equivalents, including restricted cash, at beginning of period | 515,206 | 327,265 |
Cash and cash equivalents, including restricted cash, at end of period | 520,502 | 325,495 |
Significant non-cash investing and financing transactions: | ||
Unsettled government guaranteed loan sales | 485 | 13,934 |
Transfers of loans to foreclosed properties | 127 | 751 |
Unsettled repurchases of common stock | $ 0 | $ 498 |
Accounting Policies
Accounting Policies | 3 Months Ended |
Mar. 31, 2020 | |
Accounting Policies [Abstract] | |
Accounting Policies | Accounting Policies The accounting and financial reporting policies of United Community Banks, Inc. and its subsidiaries (collectively referred to herein as “United”) conform to accounting principles generally accepted in the United States (“GAAP”) and reporting guidelines of banking regulatory authorities and regulators. The accompanying interim consolidated financial statements have not been audited. All material intercompany balances and transactions have been eliminated. In addition to those items mentioned below, a more detailed description of United’s accounting policies is included in its Annual Report on Form 10-K for the year ended December 31, 2019 (the “2019 10-K”). In management’s opinion, all accounting adjustments necessary to accurately reflect the financial position and results of operations on the accompanying financial statements have been made. These adjustments are normal and recurring accruals considered necessary for a fair and accurate presentation. The results for interim periods are not necessarily indicative of results for the full year or any other interim periods. The accompanying unaudited consolidated financial statements should be read in conjunction with the consolidated financial statements and related notes appearing in United’s 2019 10-K. Certain amounts reported in prior periods' consolidated financial statements have been reclassified to conform to the current presentation. Debt Securities Debt securities are classified as held-to-maturity and carried at amortized cost when management has the positive intent and ability to hold them to maturity. Debt securities are classified as available-for-sale when they might be sold before maturity. Securities available-for-sale are carried at fair value, with unrealized holding gains and losses reported in other comprehensive income, net of tax. Interest income includes amortization of purchase premiums or discounts. Premiums and discounts on securities are generally amortized on the level-yield method without anticipating prepayments, except for mortgage-backed securities where prepayments are anticipated. Premiums on callable debt securities are amortized to their earliest call date. Gains and losses on sales are recorded on the trade date and determined using the specific identification method. 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. A debt security is placed on nonaccrual status at the time any principal or interest payments become 90 days delinquent. Interest accrued but not received for a security placed on non-accrual is reversed against interest income. Allowance for Credit Losses (“ACL”) - Held-to-Maturity Securities: Management measures expected credit losses on held-to-maturity debt securities on a collective basis by major security type. Accrued interest receivable on held-to-maturity debt securities totaled $1.07 million at March 31, 2020 and was excluded from the estimate of credit losses. The estimate of expected credit losses considers historical credit loss information that is adjusted for current conditions and reasonable and supportable forecasts. Management classifies the held-to-maturity portfolio into the following major security types: State and political subdivisions, residential mortgage-backed, agency and commercial mortgage-backed, agency. All of the residential and commercial mortgage-backed securities held by United are issued by U.S. government agencies. These securities are either explicitly or implicitly guaranteed by the U.S. government, are highly rated by major rating agencies and have a long history of no credit losses. The state and political subdivision securities are highly rated by major rating agencies. As a result, no ACL was recorded on the held-to-maturity portfolio at March 31, 2020 . ACL - Available-For-Sale Securities: For available-for-sale debt securities in an unrealized loss position, United first assesses whether it intends to sell, or it is more likely than not that it will be required to sell the security before recovery of its amortized cost basis. If either of the criteria regarding intent or requirement to sell is met, the security's amortized cost basis is written down to fair value through income. For debt securities available-for-sale that do not meet the aforementioned criteria, United evaluates whether the decline in fair value has resulted from credit losses or other factors. In making this assessment, management considers the extent to which fair value is less than amortized cost, any changes to the rating of the security by a rating agency, and adverse conditions specifically related to the security, among other factors. If this assessment indicates that a credit loss exists, the present value of cash flows expected to be collected from the security are compared to the amortized cost basis of the security. If the present value of cash flows expected to be collected is less than the amortized cost basis, a credit loss exists and an ACL is recorded for the credit loss, limited by the amount that the fair value is less than the amortized cost basis. Any amount of unrealized loss that has not been recorded through an ACL is recognized in other comprehensive income. Changes in the ACL are recorded as provision for (or reversal of) credit loss expense. Losses are charged against the ACL when management believes the uncollectibility of an available-for-sale security is confirmed or when either of the criteria regarding intent or requirement to sell is met. At March 31, 2020 , there was no ACL related to the available-for-sale portfolio. Accrued interest receivable on available-for-sale debt securities totaled $8.83 million at March 31, 2020 and was excluded from the estimate of credit losses. Loans and Leases Loans that management has the intent and ability to hold for the foreseeable future or until maturity or payoff are reported at amortized cost. Amortized cost is the principal balance outstanding, net of purchase premiums and discounts and deferred fees and costs. Accrued interest receivable related to loans totaled $21.2 million at March 31, 2020 and was reported in accrued interest receivable on the consolidated balance sheets. Interest income is accrued on the unpaid principal balance. Loan origination fees, net of certain direct origination costs, are deferred and recognized in interest income using methods that approximate a level yield without anticipating prepayments. 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. All interest accrued but not received for loans placed on nonaccrual is reversed against interest income. Interest received on such loans is accounted for on the cost-recovery method, until qualifying for return to accrual. Under the cost-recovery method, interest income is not recognized until the loan balance is reduced to zero. 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. Equipment Financing Lease Receivables: Equipment financing lease receivables, which are classified as sales-type or direct financing leases, 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, which is included in loan interest revenue in the consolidated statements of 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. These lease agreements may include options to renew and for the lessee to purchase the leased equipment at the end of the lease term. United excludes sales taxes from consideration in these lease contracts. Purchased Credit Deteriorated (“PCD”) Loans: Upon adoption of Accounting Standards Codification (“ASC”) Topic 326, Financial Instruments - Credit Losses (“ASC 326”), loans that were designated as purchased credit impaired (“PCI”) loans under the previous accounting guidance were classified as PCD loans without reassessment. In future acquisitions, United may purchase loans, some of which have experienced more than insignificant credit deterioration since origination. In those cases, United will consider internal loan grades, delinquency status and other relevant factors in assessing whether purchased loans are PCD. PCD loans are recorded at the amount paid. An initial ACL is determined using the same methodology as other loans held for investment, but with no impact to earnings. The initial ACL determined on a collective basis is allocated to individual loans. The sum of the loan's purchase price and ACL becomes its initial amortized cost basis. The difference between the initial amortized cost basis and the par value of the loan is a noncredit discount or premium, which is amortized into interest income over the life of the loan. Subsequent to initial recognition, PCD loans are subject to the same interest income recognition and impairment model as non-PCD loans, with changes to the ACL recorded through provision expense. ACL - Loans The ACL is a valuation account that is deducted from the loans' amortized cost basis to present the net amount expected to be collected on the loans. Loans are charged off against the ACL when management believes the uncollectibility of a loan balance is confirmed. Expected recoveries do not exceed the aggregate of amounts previously charged-off and expected to be charged-off. Accrued interest receivable is excluded from the estimate of credit losses. Management determines the ACL balance using relevant available information, from internal and external sources, relating to past events, current conditions, and reasonable and supportable forecasts. Historical credit behaviors along with model judgments provide the basis for the estimation of expected credit losses. Adjustments to modeled loss estimates may be made for differences in current loan-specific risk characteristics such as differences in underwriting standards, portfolio mix, delinquency level, or term as well as for changes in environmental conditions, such as changes in economic conditions, property values, or other relevant factors. The ACL is measured on a collective basis when similar risk characteristics exist. United has identified the following portfolio segments and calculates the ACL for each using a discounted cash flow methodology at the loan level, with loss rates, prepayment assumptions and curtailment assumptions driven by each loan’s collateral type: Owner occupied commercial real estate - Loans in this category are susceptible to 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, declines in occupancy rates, and lack of suitable alternative use for the property. Commercial & industrial - Risks to this loan category include 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, 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 lead to longer marketing times resulting in higher carrying costs and declining values. Consumer - Risks common to consumer direct loans include unemployment and changes in local economic conditions as well as the inability to monitor collateral consisting of personal property. When management determines that foreclosure is probable or when the borrower is experiencing financial difficulty at the reporting date and repayment is expected to be provided substantially through the operation or sale of the collateral, expected credit losses are based on the fair value of the collateral at the reporting date, adjusted for selling costs as appropriate. When the discounted cash flow method is used to determine the ACL, management adjusts the effective interest rate used to discount expected cash flows to incorporate expected prepayments. Determining the Contractual Term: Expected credit losses are estimated over the contractual term of the loans, adjusted for expected prepayments when appropriate. The contractual term excludes expected extensions, renewals, and modifications unless either of the following applies: management has a reasonable expectation at the reporting date that a troubled debt restructuring will be executed with an individual borrower or the extension or renewal options are included in the original or modified contract at the reporting date and are not unconditionally cancellable by United. Troubled Debt Restructurings (“TDR”s): A loan for which the terms have been modified resulting in a more than insignificant concession, and for which the borrower is experiencing financial difficulties, is generally considered to be a TDR. The ACL on a TDR is measured using the same method as all other loans held for investment, except that the original interest rate is used to discount the expected cash flows, not the rate specified within the restructuring. As discussed in Note 2, certain modifications in the first quarter of 2020 were excluded from the TDR population based on relief provided by the Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”). ACL - Off-Balance Sheet Credit Exposures |
Accounting Standards Updates an
Accounting Standards Updates and Recently Adopted Standards | 3 Months Ended |
Mar. 31, 2020 | |
Accounting Changes and Error Corrections [Abstract] | |
Accounting Standards Updates and Recently Adopted Standards | Accounting Standards Updates and Recently Adopted Standards On January 1, 2020, United adopted ASC 326 , which replaced the incurred loss impairment framework in prior GAAP with a current expected credit loss (“CECL”) framework, which requires an estimate of credit losses for the remaining estimated life of the financial asset using historical experience, current conditions, and reasonable and supportable forecasts and generally applies to financial assets measured at amortized cost, including loan receivables and held-to-maturity debt securities, and some off-balance sheet credit exposures such as unfunded commitments to extend credit. Financial assets measured at amortized cost will be presented at the net amount expected to be collected by using an ACL. PCD loans will receive an initial allowance at the acquisition date that represents an adjustment to the amortized cost basis of the loan, with no impact to earnings. Credit losses relating to available-for-sale debt securities will be recorded through an ACL prospectively, with such allowance limited to the amount by which fair value is below amortized cost. United adopted ASC 326 as of January 1, 2020 using the modified retrospective method for loans, leases and off-balance sheet credit exposures. Adoption of this guidance resulted in an $8.75 million increase in the ACL, comprised of increases in the ACL for loans of $6.88 million and the ACL for unfunded commitments of $1.87 million , with $3.59 million of the increase reclassified from the amortized cost basis of PCD financial assets that were previously classified as PCI. The cumulative effect adjustment to retained earnings was $3.53 million , net of tax. Calculated credit losses on held-to-maturity debt securities were not material and there was no impact to the available-for-sale securities portfolio or other financial instruments. Results for reporting periods beginning after January 1, 2020 are presented under ASC 326 while prior period amounts continue to be reported in accordance with previously applicable GAAP (“Incurred Loss”). The ACL for the majority of loans and leases was calculated using a discounted cash flow methodology applied at a loan level with a one-year reasonable and supportable forecast period and a two-year straight-line reversion period. In connection with the adoption, management has implemented changes to relevant systems, processes and controls where necessary. Model validation was completed during the fourth quarter of 2019 and implementation of the accounting, reporting and governance processes to comply with the new guidance was completed in the first quarter of 2020. United’s CECL allowance will fluctuate over time due to macroeconomic conditions and forecasts as well as the size and composition of the loan portfolios. Federal banking regulatory agencies have provided relief, which United has adopted, for the delay of the adverse capital impact of CECL at adoption and during the subsequent two-year period. This optional two-year delay is followed by an optional three-year transition period to phase out the aggregate amount of capital benefit provided during the initial two-year delay. Under the transition provision, the amount of aggregate capital benefit is phased out by 25% each year with the full impact of adoption completely recognized by the beginning of the sixth year. United adopted ASC 326 using the prospective transition approach for PCD assets that were previously classified as PCI. In accordance with the standard, management did not reassess whether PCI assets met the criteria of PCD assets as of the date of adoption. As mentioned above, the amortized cost basis of the PCD assets was adjusted to reflect the addition of $3.59 million of the ACL. The remaining noncredit discount (based on the adjusted amortized cost basis) will be accreted into interest income at a rate that approximates the effective interest rate as of January 1, 2020. With regard to PCD assets, because United elected to disaggregate the former PCI pools and no longer considers these pools to be the unit of account, contractually delinquent PCD loans will be reported as nonaccrual loans using the same criteria as other loans. Similarly, although management did not reassess whether modifications to individual acquired financial assets accounted for in pools were TDRs as of the date of adoption, PCD loans that are restructured and meet the definition of troubled debt restructurings after the adoption of CECL will be reported as such. United elected not to measure an allowance for credit losses for accrued interest receivable and instead to reverse interest income on those loans that are 90 days past due, to exclude accrued interest receivable from the amortized cost basis of financial instruments subject to CECL and to separately state the balance of accrued interest receivable on the consolidated balance sheet. In addition, United elected to adjust the discount rate used to calculate credit losses for expected prepayments and will include all changes in discounted cash flows as credit loss. United also elected to use, as a practical expedient, the fair value of collateral when determining the ACL for loans for which repayment is expected to be provided substantially through the operation or sale of the collateral when the borrower is experiencing financial difficulty (collateral-dependent loans). On March 27, 2020, the CARES Act was signed into law. The CARES Act included a number of provisions that were applicable to United, including the following: • Accounting Relief for TDRs : The CARES Act provided that modifications for loans under certain forbearance conditions that were otherwise performing before the COVID-19 crisis will not be considered TDRs for regulatory reporting and GAAP. • Optional Delay and Regulatory Relief for CECL Implementation: The CARES Act stipulated that large SEC filers have the option of delaying the adoption of CECL from January 1, 2020 to the earlier of the end of the COVID-19 emergency period or December 31, 2020. Banks that were required to implement CECL by the end of 2020 were granted the option to defer any impact of CECL on regulatory capital for two years before beginning the original three-year regulatory phase-in period, for a total five-year phase-in period. Although United did not elect to delay the adoption of CECL, the Company did elect the five-year phase-in period for regulatory purposes, as discussed above. • Paycheck Protection Program (“PPP”): The CARES Act created the PPP through the Small Business Administration (“SBA”), which allowed United to lend money to small businesses to maintain employee payrolls through the crisis with guarantees from the SBA. Under this program, loan amounts may be forgiven if the borrower maintains employee payrolls or restores payrolls afterwards. In March 2020, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2020-03, Codification Improvements to Financial Instruments . This update clarified certain minor issues within the codification, including, among other things, debt securities disclosure for financial institutions and determination of the contractual term of a net investment in a lease. The standard was effective immediately, and did not have a material impact on the consolidated financial statements. In March 2020, the FASB issued ASU No. 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting . This update provides expedients for contracts that are modified because of reference rate reform, including receivables, debt, leases, and certain derivatives. In addition, the update provides a one-time election to sell or transfer debt securities classified as held-to-maturity that reference a rate that is affected by reference rate reform. The update is effective as of March 12, 2020 through December 31, 2022. Adoption of this update did not have a material impact on the consolidated financial statements. In April 2019, the FASB issued ASU No. 2019-04, Codification Improvements to Topic 326, Financial Instruments - Credit Losses, Topic 815, Derivatives and Hedging, and Topic 825 Financial Instruments . In addition to amending guidance related to the new CECL standard, this update clarifies certain aspects of hedge accounting and recognition and measurement of financial instruments. United adopted this update as of January 1, 2020, with no material impact on the consolidated financial statements. In January 2017, the FASB issued ASU No. 2017-04, Intangibles - Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment . This update eliminates Step 2 from the goodwill impairment test, which required an entity to calculate the implied fair value of goodwill by valuing a reporting unit’s assets and liabilities using the same process that would be required to value assets and liabilities in a business combination. Instead, the amendments require that an entity perform its annual goodwill impairment test by comparing the fair value of a reporting unit with its carrying amount. United adopted this update as of January 1, 2020, with no material impact on the consolidated financial statements. |
Securities
Securities | 3 Months Ended |
Mar. 31, 2020 | |
Investments, Debt and Equity Securities [Abstract] | |
Securities | Securities The amortized 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 March 31, 2020 State and political subdivisions $ 61,083 $ 3,377 $ — $ 64,460 Residential mortgage-backed securities, Agency 145,793 4,711 14 150,490 Commercial mortgage-backed, Agency 83,528 3,170 53 86,645 Total $ 290,404 $ 11,258 $ 67 $ 301,595 As of December 31, 2019 State and political subdivisions $ 45,479 $ 1,574 $ 9 $ 47,044 Residential mortgage-backed securities, Agency 153,967 2,014 694 155,287 Commercial mortgage-backed, Agency 84,087 1,627 141 85,573 Total $ 283,533 $ 5,215 $ 844 $ 287,904 The cost basis, unrealized gains and losses, and fair value of debt securities available-for-sale as of the dates indicated are presented below (in thousands) . Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value As of March 31, 2020 U.S. Treasuries $ 153,219 $ 5,745 $ — $ 158,964 U.S. Government agencies 2,777 190 — 2,967 State and political subdivisions 214,191 13,507 17 227,681 Residential mortgage-backed securities, Agency 1,008,944 29,264 459 1,037,749 Residential mortgage-backed securities, Non-agency 260,638 2,095 2,891 259,842 Commercial mortgage-backed, Agency 261,836 5,982 29 267,789 Corporate bonds 191,070 665 950 190,785 Asset-backed securities 109,542 340 5,783 104,099 Total $ 2,202,217 $ 57,788 $ 10,129 $ 2,249,876 As of December 31, 2019 U.S. Treasuries $ 152,990 $ 1,628 $ — $ 154,618 U.S. Government agencies 2,848 188 1 3,035 State and political subdivisions 214,677 11,813 — 226,490 Residential mortgage-backed securities, Agency 1,030,948 12,022 726 1,042,244 Residential mortgage-backed securities, Non-agency 250,550 6,231 — 256,781 Commercial mortgage-backed, Agency 266,770 2,261 128 268,903 Commercial mortgage-backed, Non-agency 15,395 918 263 16,050 Corporate bonds 202,131 1,178 218 203,091 Asset-backed securities 104,298 743 1,672 103,369 Total $ 2,240,607 $ 36,982 $ 3,008 $ 2,274,581 Securities with a carrying value of $559 million and $918 million were pledged, primarily to secure public deposits, at March 31, 2020 and December 31, 2019 , respectively. The following table 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 March 31, 2020 Residential mortgage-backed securities, Agency $ 1,589 $ 11 $ 440 $ 3 $ 2,029 $ 14 Commercial mortgage-backed, Agency — — 1,467 53 1,467 53 Total unrealized loss position $ 1,589 $ 11 $ 1,907 $ 56 $ 3,496 $ 67 As of December 31, 2019 State and political subdivisions $ 10,117 $ 9 $ — $ — $ 10,117 $ 9 Residential mortgage-backed securities, Agency 16,049 64 48,237 630 64,286 694 Commercial mortgage-backed, Agency 21,841 87 1,685 54 23,526 141 Total unrealized loss position $ 48,007 $ 160 $ 49,922 $ 684 $ 97,929 $ 844 The following table 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 March 31, 2020 State and political subdivisions $ 15,009 $ 17 $ — $ — $ 15,009 $ 17 Residential mortgage-backed securities, Agency 32,736 454 1,856 5 34,592 459 Residential mortgage-backed securities, Non-agency 151,965 2,891 — — 151,965 2,891 Commercial mortgage-backed, Agency 8,655 29 — — 8,655 29 Corporate bonds 94,040 950 — — 94,040 950 Asset-backed securities 20,713 1,240 59,022 4,543 79,735 5,783 Total unrealized loss position $ 323,118 $ 5,581 $ 60,878 $ 4,548 $ 383,996 $ 10,129 As of December 31, 2019 U.S. Government agencies $ 404 $ 1 $ — $ — $ 404 $ 1 Residential mortgage-backed securities, Agency 228,611 576 18,294 150 246,905 726 Commercial mortgage-backed, Agency — — 33,517 128 33,517 128 Commercial mortgage-backed, Non-agency — — 4,864 263 4,864 263 Corporate bonds 19,742 216 998 2 20,740 218 Asset-backed securities 32,294 625 38,990 1,047 71,284 1,672 Total unrealized loss position $ 281,051 $ 1,418 $ 96,663 $ 1,590 $ 377,714 $ 3,008 At March 31, 2020 , there were 58 debt securities available-for-sale and 6 debt securities held-to-maturity that were in an unrealized loss position. United does not intend to sell nor believes it will be required to sell securities in an unrealized loss position prior to the recovery of their amortized cost basis. Unrealized losses at March 31, 2020 were primarily attributable to volatile market conditions resulting from uncertainty surrounding the impact of the COVID-19 pandemic. No impairment charges were recognized during the three months ended March 31, 2019 . At adoption of CECL on January 1, 2020 and at March 31, 2020 , calculated credit losses on held-to-maturity debt securities were not material due to the high credit quality of the portfolio, which included securities issued or guaranteed by U.S. Government agencies and high credit quality municipal securities. As a result, no ACL was recorded on the held-to-maturity portfolio at March 31, 2020 . In addition, at March 31, 2020 , there was no ACL related to the available-for-sale portfolio. See Note 1 for additional details on the adoption of CECL as it relates to the securities portfolio. Realized gains and losses are derived using the specific identification method for determining the cost of securities sold. The following table summarizes available-for-sale securities sales activity for the three months ended March 31, 2020 and 2019 (in thousands). Three Months Ended 2020 2019 Proceeds from sales $ 1,000 $ 178,604 Gross gains on sales $ — $ 1,287 Gross losses on sales — (1,554 ) Net losses on sales of securities $ — $ (267 ) Income tax benefit attributable to sales $ — $ (68 ) The amortized cost and fair value of debt securities available-for-sale and held-to-maturity at March 31, 2020 , 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 U.S. Treasuries: Within 1 year $ 29,967 $ 30,035 $ — $ — 1 to 5 years 123,252 128,929 — — 153,219 158,964 — — U.S. Government agencies: 1 to 5 years 354 358 — — More than 10 years 2,423 2,609 — — 2,777 2,967 — — State and political subdivisions: Within 1 year 935 935 1,350 1,363 1 to 5 years 54,097 55,202 11,759 12,421 5 to 10 years 24,255 25,802 13,323 14,714 More than 10 years 134,904 145,742 34,651 35,962 214,191 227,681 61,083 64,460 Corporate bonds: Within 1 year 160,000 159,258 — — 1 to 5 years 27,570 27,835 — — 5 to 10 years 3,500 3,692 — — 191,070 190,785 — — Total securities other than asset-backed and mortgage-backed securities: Within 1 year 190,902 190,228 1,350 1,363 1 to 5 years 205,273 212,324 11,759 12,421 5 to 10 years 27,755 29,494 13,323 14,714 More than 10 years 137,327 148,351 34,651 35,962 Asset-backed securities 109,542 104,099 — — Residential mortgage-backed securities 1,269,582 1,297,591 145,793 150,490 Commercial mortgage-backed securities 261,836 267,789 83,528 86,645 $ 2,202,217 $ 2,249,876 $ 290,404 $ 301,595 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 | 3 Months Ended |
Mar. 31, 2020 | |
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) . March 31, 2020 December 31, 2019 Owner occupied commercial real estate $ 1,702,984 $ 1,720,227 Income producing commercial real estate 2,064,502 2,007,950 Commercial & industrial 1,310,112 1,220,657 Commercial construction 959,318 976,215 Equipment financing 760,952 744,544 Total commercial 6,797,868 6,669,593 Residential mortgage 1,127,988 1,117,616 Home equity lines of credit 668,382 660,675 Residential construction 215,996 236,437 Consumer 125,190 128,232 Total loans 8,935,424 8,812,553 Less allowance for credit losses - loans (81,905 ) (62,089 ) Loans, net $ 8,853,519 $ 8,750,464 At March 31, 2020 and December 31, 2019 , loans totaling $4.15 billion and $4.06 billion , respectively, were pledged as collateral to secure contingent funding sources. During the first quarter of 2020 United sold $4.03 million of United States Small Business Administration / United States Department of Agriculture (“SBA/USDA”) guaranteed loans and $22.2 million of equipment financing receivables. During the first quarter of 2019 , United sold $17.1 million of SBA/USDA guaranteed loans. The gains and losses on these loan sales were included in noninterest income on the consolidated statements of income. At March 31, 2020 and December 31, 2019 , equipment financing assets included leases of $37.6 million and $37.4 million , respectively. The components of the net investment in leases, which included both sales-type and direct financing, are presented below (in thousands) . March 31, 2020 December 31, 2019 Minimum future lease payments receivable $ 39,725 $ 39,709 Estimated residual value of leased equipment 3,575 3,631 Initial direct costs 788 842 Security deposits (918 ) (989 ) Purchase accounting premium 238 273 Unearned income (5,848 ) (6,088 ) Net investment in leases $ 37,560 $ 37,378 Minimum future lease payments expected to be received from equipment financing lease contracts as of March 31, 2020 were as follows (in thousands) : Year Remainder of 2020 $ 11,653 2021 12,387 2022 8,683 2023 4,937 2024 1,700 Thereafter 365 Total $ 39,725 At December 31, 2019 , the carrying value and outstanding balance of PCI loans were $58.6 million and $83.1 million , respectively. The following table presents changes in the balance of the accretable yield for PCI loans for the period indicated (in thousands) : Three Months Ended March 31, 2019 Balance at beginning of period $ 26,868 Accretion (4,813 ) Reclassification from nonaccretable difference 2,706 Changes in expected cash flows that do not affect nonaccretable difference 1,863 Balance at end of period $ 26,624 Nonaccrual and Past Due Loans The following table presents the aging of the amortized cost basis in loans by aging category and accrual status as of March 31, 2020 (in thousands) . Accruing Current Loans Loans Past Due 30 - 59 Days 60 - 89 Days > 90 Days Nonaccrual Loans Total Loans Owner occupied commercial real estate $ 1,686,758 $ 4,364 $ 1,457 $ — $ 10,405 $ 1,702,984 Income producing commercial real estate 2,057,775 4,482 10 — 2,235 2,064,502 Commercial & industrial 1,304,689 2,004 250 — 3,169 1,310,112 Commercial construction 956,397 791 406 — 1,724 959,318 Equipment financing 753,741 4,019 753 — 2,439 760,952 Total commercial 6,759,360 15,660 2,876 — 19,972 6,797,868 Residential mortgage 1,110,031 4,882 617 — 12,458 1,127,988 Home equity lines of credit 661,857 3,223 292 — 3,010 668,382 Residential construction 214,568 836 52 — 540 215,996 Consumer 123,720 982 260 — 228 125,190 Total loans $ 8,869,536 $ 25,583 $ 4,097 $ — $ 36,208 $ 8,935,424 The following table presents the aging of recorded investment in loans, including accruing and nonaccrual loans, as of December 31, 2019 (in thousands). Loans Past Due - Accruing and Nonaccrual 30 - 59 Days 60 - 89 Days > 90 Days (1) Total Current Loans PCI Loans Total Owner occupied commercial real estate $ 2,913 $ 2,007 $ 6,079 $ 10,999 $ 1,700,682 $ 8,546 $ 1,720,227 Income producing commercial real estate 562 706 401 1,669 1,979,053 27,228 2,007,950 Commercial & industrial 2,140 491 2,119 4,750 1,215,581 326 1,220,657 Commercial construction 1,867 557 96 2,520 966,833 6,862 976,215 Equipment financing 2,065 923 3,045 6,033 734,526 3,985 744,544 Total commercial 9,547 4,684 11,740 25,971 6,596,675 46,947 6,669,593 Residential mortgage 5,655 2,212 2,171 10,038 1,097,999 9,579 1,117,616 Home equity lines of credit 1,697 421 1,385 3,503 655,762 1,410 660,675 Residential construction 325 125 402 852 235,211 374 236,437 Consumer 668 181 27 876 127,020 336 128,232 Total loans $ 17,892 $ 7,623 $ 15,725 $ 41,240 $ 8,712,667 $ 58,646 $ 8,812,553 (1) Excluding PCI loans, substantially all loans more than 90 days past due were on nonaccrual status at December 31, 2019 . The following table presents nonaccrual loans by loan class for the periods indicated (in thousands) . CECL Incurred Loss March 31, 2020 December 31, 2019 Nonaccrual loans with no allowance Nonaccrual loans with an allowance Total Nonaccrual Loans Nonaccrual Loans Owner occupied commercial real estate $ 6,889 $ 3,516 $ 10,405 $ 10,544 Income producing commercial real estate 1,039 1,196 2,235 1,996 Commercial & industrial 1,332 1,837 3,169 2,545 Commercial construction 1,235 489 1,724 2,277 Equipment financing 43 2,396 2,439 3,141 Total commercial 10,538 9,434 19,972 20,503 Residential mortgage 3,163 9,295 12,458 10,567 Home equity lines of credit 962 2,048 3,010 3,173 Residential construction 130 410 540 939 Consumer 8 220 228 159 Total $ 14,801 $ 21,407 $ 36,208 $ 35,341 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 $468,000 and $378,000 for the three months ended March 31, 2020 and 2019 , respectively. 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 are on nonaccrual status, become past due 90 days, or are in bankruptcy are classified as “fail” and all other loans are classified as “pass”. For purposes of the table below, loans in these categories that are classified as “fail” are reported as substandard and all other loans are reported as pass. Loans not meeting the criteria above that are analyzed individually as part of the above described process are considered to be pass rated loans. Based on the most recent analysis performed, the amortized cost of loans by risk category by vintage year as of the date indicated is as follows (in thousands) . As of March 31, 2020 Term Loans by Origination Year Revolvers Revolvers converted to term loans Total 2020 2019 2018 2017 2016 Prior Owner occupied commercial real estate: Pass $ 108,385 $ 402,541 $ 271,646 $ 236,178 $ 222,321 $ 287,441 $ 60,479 $ 28,008 $ 1,616,999 Watch 4,602 8,706 4,166 11,315 7,869 4,634 842 70 42,204 Substandard 3,320 8,582 2,903 12,650 3,739 8,613 3,215 759 43,781 Total owner occupied commercial real estate 116,307 419,829 278,715 260,143 233,929 300,688 64,536 28,837 1,702,984 Income producing commercial real estate: Pass 206,665 500,411 399,578 284,259 286,601 258,605 37,060 9,820 1,982,999 Watch 6,665 12,955 9,885 4,214 8,775 2,989 — 1,807 47,290 Substandard 10,632 13,890 2,662 4,117 228 2,577 — 107 34,213 Total income producing commercial real estate 223,962 527,256 412,125 292,590 295,604 264,171 37,060 11,734 2,064,502 Commercial & industrial Pass 87,261 267,166 240,535 125,838 93,442 63,150 361,419 9,674 1,248,485 Watch 1,066 807 2,725 620 883 53 16,140 147 22,441 Substandard 44 9,345 1,554 2,340 2,726 1,606 20,796 775 39,186 Total commercial & industrial 88,371 277,318 244,814 128,798 97,051 64,809 398,355 10,596 1,310,112 Commercial construction Pass 90,555 246,335 313,984 163,033 91,830 19,976 15,565 7,600 948,878 Watch 306 940 994 181 49 401 — — 2,871 Substandard 1,205 2,609 550 387 950 438 — 1,430 7,569 Total commercial construction 92,066 249,884 315,528 163,601 92,829 20,815 15,565 9,030 959,318 Equipment financing: Pass 124,870 353,441 187,366 67,279 21,377 3,510 — — 757,843 Substandard — 817 1,421 627 180 64 — — 3,109 Total equipment financing 124,870 354,258 188,787 67,906 21,557 3,574 — — 760,952 Residential mortgage: Pass 86,068 251,157 188,207 164,654 134,189 279,723 11 8,009 1,112,018 Substandard 832 2,103 2,927 1,520 891 7,337 — 360 15,970 Total residential mortgage 86,900 253,260 191,134 166,174 135,080 287,060 11 8,369 1,127,988 Home equity lines of credit Pass — — — — — — 645,874 18,111 663,985 Substandard — — — — — — 226 4,171 4,397 Total home equity lines of credit — — — — — — 646,100 22,282 668,382 Residential construction Pass 34,849 137,032 13,603 5,911 5,171 18,480 — 162 215,208 Substandard — 173 133 25 127 330 — — 788 Total residential construction 34,849 137,205 13,736 5,936 5,298 18,810 — 162 215,996 Consumer Pass 16,878 45,895 25,917 10,217 7,199 3,947 14,567 97 124,717 Watch — — — — — — 7 — 7 Substandard 26 71 82 74 69 52 91 1 466 Total consumer 16,904 45,966 25,999 10,291 7,268 3,999 14,665 98 125,190 Total loans Pass 755,531 2,203,978 1,640,836 1,057,369 862,130 934,832 1,134,975 81,481 8,671,132 Watch 12,639 23,408 17,770 16,330 17,576 8,077 16,989 2,024 114,813 Substandard 16,059 37,590 12,232 21,740 8,910 21,017 24,328 7,603 149,479 Total loans $ 784,229 $ 2,264,976 $ 1,670,838 $ 1,095,439 $ 888,616 $ 963,926 $ 1,176,292 $ 91,108 $ 8,935,424 Based on the most recent analysis performed, the risk category of loans by class of loans as of the date indicated is as follows (in thousands) . As of December 31, 2019 Pass Watch Substandard Doubtful / Loss Total Owner occupied commercial real estate $ 1,638,398 $ 24,563 $ 48,720 $ — $ 1,711,681 Income producing commercial real estate 1,914,524 40,676 25,522 — 1,980,722 Commercial & industrial 1,156,366 16,385 47,580 — 1,220,331 Commercial construction 960,251 2,298 6,804 — 969,353 Equipment financing 737,418 — 3,141 — 740,559 Total commercial 6,406,957 83,922 131,767 — 6,622,646 Residential mortgage 1,093,902 — 14,135 — 1,108,037 Home equity lines of credit 654,619 — 4,646 — 659,265 Residential construction 234,791 — 1,272 — 236,063 Consumer 127,507 8 381 — 127,896 Total loans, excluding PCI loans 8,517,776 83,930 152,201 — 8,753,907 Owner occupied commercial real estate 3,238 2,797 2,511 — 8,546 Income producing commercial real estate 19,648 6,305 1,275 — 27,228 Commercial & industrial 104 81 141 — 326 Commercial construction 3,628 590 2,644 — 6,862 Equipment financing 3,952 — 33 — 3,985 Total commercial 30,570 9,773 6,604 — 46,947 Residential mortgage 8,112 — 1,467 — 9,579 Home equity lines of credit 1,350 — 60 — 1,410 Residential construction 348 — 26 — 374 Consumer 303 — 33 — 336 Total PCI loans 40,683 9,773 8,190 — 58,646 Total loan portfolio $ 8,558,459 $ 93,703 $ 160,391 $ — $ 8,812,553 Troubled Debt Restructurings As of March 31, 2020 and December 31, 2019 , United had TDRs totaling $53.7 million and $54.2 million , respectively. United allocated $1.51 million and $2.51 million of allowance for TDRs as of March 31, 2020 and December 31, 2019 , respectively. As of March 31, 2020 and December 31, 2019 , there were no commitments to lend additional amounts to customers with outstanding loans that are classified as TDRs. Loans modified under the terms of a TDR during the three months ended March 31, 2020 and 2019 are presented in the following table. In addition, the table presents loans modified under the terms of a TDR that defaulted (became 90 days or more delinquent) during the periods presented and were initially restructured within one year prior to default (dollars in thousands) . New TDRs Pre-modification Outstanding Amortized Cost Post-Modification Outstanding Amortized Cost by Type of Modification TDRs Modified Within the Previous Twelve Months That Have Subsequently Defaulted Number of Contracts Rate Reduction Structure Other Total Number of Contracts Amortized Cost Three Months Ended March 31, 2020 Owner occupied commercial real estate 1 $ 1,008 $ — $ — $ 990 $ 990 — $ — Income producing commercial real estate 3 235 — 67 165 232 — — Commercial & industrial — — — — — — 1 6 Commercial construction — — — — — — — — Equipment financing 7 434 — 434 — 434 — — Total commercial 11 1,677 — 501 1,155 1,656 1 6 Residential mortgage 5 302 — 278 — 278 — — Home equity lines of credit — — — — — — — — Residential construction — — — — — — — — Consumer 2 11 — — 11 11 1 3 Total loans 18 $ 1,990 $ — $ 779 $ 1,166 $ 1,945 2 $ 9 Three Months Ended March 31, 2019 Owner occupied commercial real estate — $ — $ — $ — $ — $ — — $ — Income producing commercial real estate 1 169 — 169 — 169 — — Commercial & industrial 1 7 — — 7 7 — — Commercial construction — — — — — — — — Equipment financing — — — — — — — — Total commercial 2 176 — 169 7 176 — — Residential mortgage 2 345 — 344 — 344 — — Home equity lines of credit — — — — — — — — Residential construction — — — — — — — — Consumer direct — — — — — — — — Indirect auto 6 66 — — 57 57 — — Total loans 10 $ 587 $ — $ 513 $ 64 $ 577 — $ — As of March 31, 2020 , United had granted short-term deferrals related to the COVID-19 crisis for $164 million of loans that were otherwise performing prior to modification. Pursuant to the CARES Act, these loans were not considered TDRs. Allowance for Credit Losses Since the adoption of ASC 326, the ACL for loans represents management’s estimate of life of loan credit losses in the portfolio as of the end of the period. The ACL related to unfunded commitments is included in other liabilities in the consolidated balance sheet. The following table presents the balance and activity in the ACL by portfolio segment for the periods indicated (in thousands) . CECL Incurred Loss 2020 2019 Three Months Ended March 31, December 31, 2019 Adoption of CECL January 1, 2020 Charge-Offs Recoveries (Release) Provision Ending Balance Beginning Charge- Recoveries (Release) Ending Owner occupied commercial real estate $ 11,404 $ (1,616 ) $ 9,788 $ (6 ) $ 1,034 $ 184 $ 11,000 $ 12,207 $ (5 ) $ 69 $ (397 ) $ 11,874 Income producing commercial real estate 12,306 (30 ) 12,276 (411 ) 141 4,578 16,584 11,073 (197 ) 20 230 11,126 Commercial & industrial 5,266 4,012 9,278 (7,561 ) 376 8,738 10,831 4,802 (1,519 ) 163 1,449 4,895 Commercial construction 9,668 (2,583 ) 7,085 — 141 2,330 9,556 10,337 (69 ) 394 (387 ) 10,275 Equipment financing 7,384 5,871 13,255 (1,863 ) 356 2,990 14,738 5,452 (1,424 ) 143 2,060 6,231 Residential mortgage 8,081 1,569 9,650 (284 ) 275 1,422 11,063 8,295 (61 ) 48 63 8,345 Home equity lines of credit 4,575 1,919 6,494 (20 ) 103 310 6,887 4,752 (337 ) 122 260 4,797 Residential construction 2,504 (1,771 ) 733 (22 ) 34 71 816 2,433 (4 ) 26 (65 ) 2,390 Consumer 901 (491 ) 410 (638 ) 231 427 430 853 (547 ) 207 324 837 Indirect auto — — — — — — — 999 (197 ) 38 32 872 Total allowance for credit losses - loans 62,089 6,880 68,969 (10,805 ) 2,691 21,050 81,905 61,203 (4,360 ) 1,230 3,569 61,642 Allowance for unfunded commitments 3,458 1,871 5,329 — — 1,141 6,470 3,410 — — (269 ) 3,141 Total allowance for credit losses $ 65,547 $ 8,751 $ 74,298 $ (10,805 ) $ 2,691 $ 22,191 $ 88,375 $ 64,613 $ (4,360 ) $ 1,230 $ 3,300 $ 64,783 As of March 31, 2020 , United used a one-year reasonable and supportable forecast period. The changes in loss rates used as the basis for the estimate of credit losses during this period were modeled using historical data from peer banks and macroeconomic forecast data obtained from a third party vendor, which were then applied to United’s recent default experience as a starting point. At March 31, 2020 , the forecast indicated that the markets in which United operates will experience a decline in economic conditions and an increase in the unemployment rate over the next year, primarily as a result of the COVID-19 pandemic. The increase in the ACL compared to January 1, 2020 was primarily attributable to the worsening trends in the forecast at March 31, 2020 compared to the forecast used at adoption, with the primary economic forecast driver being the change in the unemployment rate. For periods beyond the reasonable and supportable forecast period of one year, United reverted to historical credit loss information on a straight line basis over two years. For all collateral types excluding residential mortgage, United reverted to through-the-cycle average default rates using peer data from 2000 to 2017. For loans secured by residential mortgages, the peer data was adjusted for changes in lending practices designed to prevent the magnitude of losses observed during the mortgage crisis. Disaggregation of Incurred Loss Impairment Methodology The following tables represent the recorded investment in loans by portfolio segment and the balance of the allowance assigned to each segment based on the method of evaluating the loans for impairment as of December 31, 2019 (in thousands) . Loans Outstanding Allowance for Credit Losses Individually Collectively evaluated for impairment PCI Ending Balance Individually Collectively evaluated for impairment PCI Ending Balance Owner occupied commercial real estate $ 19,233 $ 1,692,448 $ 8,546 $ 1,720,227 $ 816 $ 10,483 $ 105 $ 11,404 Income producing commercial real estate 18,134 1,962,588 27,228 2,007,950 770 11,507 29 12,306 Commercial & industrial 1,449 1,218,882 326 1,220,657 21 5,193 52 5,266 Commercial construction 3,675 965,678 6,862 976,215 55 9,613 — 9,668 Equipment financing 1,027 739,532 3,985 744,544 — 7,240 144 7,384 Residential mortgage 15,991 1,092,046 9,579 1,117,616 782 7,296 3 8,081 Home equity lines of credit 992 658,273 1,410 660,675 16 4,541 18 4,575 Residential construction 1,256 234,807 374 236,437 47 2,456 1 2,504 Consumer 214 127,682 336 128,232 5 885 11 901 Total $ 61,971 $ 8,691,936 $ 58,646 $ 8,812,553 2,512 59,214 363 62,089 Allowance for unfunded commitments — 3,458 — 3,458 Total allowance for credit losses $ 2,512 $ 62,672 $ 363 $ 65,547 The following table presents additional detail on loans individually evaluated for impairment under Incurred Loss by class as of December 31, 2019 (in thousands) . December 31, 2019 Unpaid Principal Balance Recorded Investment Allowance for Loan Losses Allocated With no related allowance recorded: Owner occupied commercial real estate $ 9,527 $ 8,118 $ — Income producing commercial real estate 5,159 4,956 — Commercial & industrial 1,144 890 — Commercial construction 2,458 2,140 — Equipment financing 1,027 1,027 — Total commercial 19,315 17,131 — Residential mortgage 7,362 6,436 — Home equity lines of credit 1,116 861 — Residential construction 731 626 — Consumer 66 53 — Total with no related allowance recorded 28,590 25,107 — With an allowance recorded: Owner occupied commercial real estate 11,136 11,115 816 Income producing commercial real estate 13,591 13,178 770 Commercial & industrial 559 559 21 Commercial construction 1,535 1,535 55 Equipment financing — — — Total commercial 26,821 26,387 1,662 Residential mortgage 9,624 9,555 782 Home equity lines of credit 146 131 16 Residential construction 643 630 47 Consumer 161 161 5 Total with an allowance recorded 37,395 36,864 2,512 Total $ 65,985 $ 61,971 $ 2,512 The average balances of impaired loans and income recognized on impaired loans while they were considered impaired under Incurred Loss are presented below for the period indicated (in thousands) . Three Months Ended March 31, 2019 Average Balance Interest Revenue Cash Basis Interest Revenue Received Owner occupied commercial real estate $ 17,410 $ 285 $ 284 Income producing commercial real estate 14,237 193 207 Commercial & industrial 1,716 19 19 Commercial construction 2,402 34 33 Equipment financing — — — Total commercial 35,765 531 543 Residential mortgage 15,502 168 174 Home equity lines of credit 258 4 3 Residential construction 1,408 24 23 Consumer 205 4 4 Indirect auto 1,190 14 14 Total $ 54,328 $ 745 $ 761 |
Reclassifications Out of Accumu
Reclassifications Out of Accumulated Other Comprehensive Income | 3 Months Ended |
Mar. 31, 2020 | |
Equity [Abstract] | |
Reclassifications Out of Accumulated Other Comprehensive Income | Reclassifications Out of Accumulated Other Comprehensive Income The following table presents the details regarding amounts reclassified out of accumulated other comprehensive income for the periods indicated (in thousands) . Details about Accumulated Other Comprehensive Income Components Three Months Ended Affected Line Item in the Statement Where Net Income is Presented 2020 2019 Realized losses on available-for-sale securities: $ — $ (267 ) Securities losses, net — 68 Income tax benefit $ — $ (199 ) Net of tax Amortization of losses included in net income on available-for-sale securities transferred to held-to-maturity: $ (83 ) $ (84 ) Investment securities interest revenue 20 20 Income tax benefit $ (63 ) $ (64 ) Net of tax Amortization of losses included in net income on derivative financial instruments accounted for as cash flow hedges: Amortization of losses on de-designated positions $ — $ (102 ) Deposit interest expense — 26 Income tax benefit $ — $ (76 ) Net of tax Reclassifications related to defined benefit pension plan activity: Prior service cost $ (133 ) $ (159 ) Salaries and employee benefits expense Actuarial losses (81 ) (15 ) Other expense (214 ) (174 ) Total before tax 54 44 Income tax benefit $ (160 ) $ (130 ) Net of tax Total reclassifications for the period $ (223 ) $ (469 ) Net of tax Amounts shown above in parentheses reduce earnings. |
Earnings Per Share
Earnings Per Share | 3 Months Ended |
Mar. 31, 2020 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | Earnings Per Share The following table sets forth the computation of basic and diluted earnings per share for the periods indicated (in thousands, except per share data) . Three Months Ended 2020 2019 Net income $ 31,884 $ 44,262 Dividends and undistributed earnings allocated to unvested shares (243 ) (315 ) Net income available to common shareholders $ 31,641 $ 43,947 Weighted average shares outstanding: Basic 79,340 79,807 Effect of dilutive securities Stock options — 3 Restricted stock units 106 3 Diluted 79,446 79,813 Net income per common share: Basic $ 0.40 $ 0.55 Diluted $ 0.40 $ 0.55 At March 31, 2020 , United excluded 1,000 potentially dilutive shares of common stock issuable upon exercise of stock options with a weighted average exercise price of $30.45 from the computation of diluted earnings per share because of their antidilutive effect. At March 31, 2019 , United excluded 31,812 potentially dilutive shares of common stock issuable upon exercise of stock options with a weighted average exercise price of $31.47 |
Derivatives and Hedging Activit
Derivatives and Hedging Activities | 3 Months Ended |
Mar. 31, 2020 | |
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 through a combination of pricing and term structure of deposit product offerings, the amount and duration of its investment securities portfolio and wholesale funding and, to a lesser degree, through the use of derivative financial instruments. From time to time, 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. United has master netting agreements with the derivatives dealers with which it does business, but has elected to reflect gross assets and liabilities on the consolidated balance sheets. 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) : March 31, 2020 December 31, 2019 Derivative Asset Derivative Liability Derivative Asset Derivative Liability Derivatives designated as hedging instruments: Fair value hedge of brokered time deposits $ — $ 144 $ — $ 880 Total $ — $ 144 $ — $ 880 Derivatives not designated as hedging instruments: Customer derivative positions $ 74,793 $ 33 $ 27,277 $ 446 Dealer offsets to customer derivative positions 33 20,318 394 6,425 Risk participations — 28 — 12 Mortgage banking - loan commitment 7,361 — 1,970 — Mortgage banking - forward sales commitment 481 4,281 98 86 Bifurcated embedded derivatives — 538 5,268 — Dealer offsets to bifurcated embedded derivatives — 2,007 — 7,667 Total $ 82,668 $ 27,205 $ 35,007 $ 14,636 Total derivatives $ 82,668 $ 27,349 $ 35,007 $ 15,516 Total gross derivative instruments $ 82,668 $ 27,349 $ 35,007 $ 15,516 Less: Amounts subject to master netting agreements (50 ) (50 ) (401 ) (401 ) Less: Cash collateral received/pledged — (23,718 ) — (14,933 ) Net amount $ 82,618 $ 3,581 $ 34,606 $ 182 Customer derivative positions include swaps, caps, and corridors between United and certain commercial loan customers with offsetting positions to dealers under a back-to-back program. In addition, United occasionally enters into credit risk participation agreements with counterparty banks to accept or transfer a portion of the credit risk related to interest rate swaps. The agreements, which are typically executed in conjunction with a participation in a loan with the same customer, allow customers to execute an interest rate swap with one bank while allowing for the distribution of the credit risk among participating members. United also has three interest rate swap contracts that are not designated as hedging instruments but are economic hedges of market-linked brokered certificates of deposit. The market-linked brokered certificates of deposit contain embedded derivatives that are bifurcated from the host instruments and are marked to market through earnings. The fair value marks on the market-linked swaps and the bifurcated embedded derivatives tend to move in opposite directions with changes in 90-day London Interbank Offered Rate (“LIBOR”) and therefore provide an economic hedge. In addition, United originates certain residential mortgage loans with the intention of selling these loans. Between the time United enters into an interest-rate lock commitment to originate a residential mortgage loan that is to be held for sale and the time the loan is funded and eventually sold, United is subject to the risk of variability in market prices. United enters into forward sale agreements to mitigate risk and to protect the expected gain on the eventual loan sale. 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 gains and other related fee income in the consolidated statements of income. Cash Flow Hedges of Interest Rate Risk At March 31, 2020 and December 31, 2019 United did not have any active cash flow hedges. The loss remaining in other comprehensive income from prior hedges that had previously been de-designated was being amortized into earnings over the original term of the swaps as the forecasted transactions that the swaps were originally designated to hedge were still expected to occur. During the second quarter of 2019, United amortized the remaining balance of losses on terminated hedging positions from other comprehensive income, which was the only effect of cash flow hedges on the consolidated statements of income for the three months ended March 31, 2020 and 2019 . See Note 5 for further detail. 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 derivatives to manage its exposure to changes in fair value on these instruments attributable to changes in interest rates. 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. At March 31, 2020 and December 31, 2019 , United had three and four , respectively, interest rate swaps with an aggregate notional amount of $27.9 million and $37.9 million , respectively, that were designated as fair value hedges of fixed-rate brokered time deposits. The swaps involved the receipt of fixed-rate amounts from a counterparty in exchange for United making variable rate payments over the life of the agreements. The table below presents the effect of derivatives in fair value hedging relationships on the consolidated statement of income for the periods indicated (in thousands) . Interest expense - deposits Three Months Ended March 31, 2020 2019 Total amounts presented in the consolidated statements of income $ 15,075 $ 15,957 Gains (losses) on fair value hedging relationships: Interest rate contracts: Amounts related to interest settlements on derivatives (75 ) (101 ) Recognized on derivatives 1,062 451 Recognized on hedged items (982 ) (462 ) Net income (expense) recognized on fair value hedges $ 5 $ (112 ) In certain cases, the estate of deceased brokered certificate of deposit holders may put the certificate of deposit back to United at par upon the death of the holder. When these estate puts occur, a gain or loss is recognized for the difference between the fair value and the par amount of the deposits put back. The change in the fair value of brokered time deposits that are being hedged in fair value hedging relationships reported in the table above includes gains and losses from estate puts. The table below presents the carrying amount of hedged fixed-rate brokered time deposits and cumulative fair value hedging adjustments included in the carrying amount of the hedged liability for the periods presented (in thousands) . March 31, 2020 December 31, 2019 Balance Sheet Location Carrying amount of Assets (Liabilities) Hedge Accounting Basis Adjustment Carrying amount of Assets (Liabilities) Hedge Accounting Basis Adjustment Deposits $ (27,017 ) $ (324 ) $ (35,880 ) $ 645 Derivatives Not Designated as Hedging Instruments The table below presents the gains and losses recognized in income on derivatives not designated as hedging instruments for the periods indicated (in thousands) . Location of Gain (Loss) Recognized in Income on Derivative Amount of Gain (Loss) Recognized in Income on Derivative 2020 2019 Three Months Ended March 31, Customer derivatives and dealer offsets Other noninterest income $ 1,424 $ 503 Bifurcated embedded derivatives and dealer offsets Other noninterest income (195 ) 218 De-designated hedges Other noninterest income — (193 ) Mortgage banking derivatives Mortgage loan revenue (829 ) (190 ) Risk participations Other noninterest income (17 ) 2 $ 383 $ 340 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. United’s agreements with each of its derivative counterparties provide that 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 provide that 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 would require additional collateral if United’s credit rating were downgraded. |
Stock-Based Compensation
Stock-Based Compensation | 3 Months Ended |
Mar. 31, 2020 | |
Share-based Payment Arrangement [Abstract] | |
Stock-Based Compensation | Stock-Based Compensation United has an equity compensation plan that allows for grants of various share-based compensation. Options granted under the plan 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 and restricted stock unit awards provide for accelerated vesting if there is a change in control (as defined in the plan document). As of March 31, 2020 , 1.30 million additional awards could be granted under the plan. The following table shows stock option activity for the first three months of 2020 . Options Shares Weighted- Average Exercise Price Weighted- Average Remaining Contractual Term (Years) Aggregate Outstanding at December 31, 2019 1,500 $ 27.95 Expired (500 ) 22.95 Outstanding at March 31, 2020 1,000 30.45 0.04 $ — Exercisable at March 31, 2020 1,000 30.45 0.04 — The fair value of each option is estimated on the date of grant using the Black-Scholes model. No stock options were granted during the three months ended March 31, 2020 and 2019 . United recognized no compensation expense related to stock options during the three months ended March 31, 2020 and 2019 . The table below presents restricted stock unit activity for the first three months of 2020 . Restricted Stock Unit Awards Shares Weighted- Average Grant- Date Fair Value Weighted- Average Remaining Contractual Term (Years) Aggregate Outstanding at December 31, 2019 808,424 $ 27.94 Granted 38,988 25.39 Vested (64,912 ) 27.83 $ 1,870 Cancelled (17,672 ) 26.44 Outstanding at March 31, 2020 764,828 27.85 4.0 14,004 Compensation expense for restricted stock units and performance stock units without market conditions is based on the market value of United’s common stock on the date of grant. Compensation expense for performance stock units with market conditions is based on the grant date per share fair market value which was estimated using the Monte Carlo Simulation valuation model. United recognizes the impact of forfeitures as they occur. The value of restricted stock unit and performance stock unit awards is amortized into expense over the service period. For the three months ended March 31, 2020 and 2019 , expense of $2.40 million and $1.91 million , respectively, was recognized related to restricted stock unit and performance stock unit awards granted to United employees in salaries and employee benefits expense. In addition, for the three months ended March 31, 2020 and 2019 , $93,000 and $72,000 , respectively, was recognized in other operating expense for restricted stock unit awards granted to members of United’s Board of Directors. A deferred income tax benefit related to stock-based compensation expense of $637,000 and $507,000 was included in the determination of income tax expense for the three months ended March 31, 2020 and 2019 , respectively. As of March 31, 2020 , there was $12.8 million of unrecognized expense related to non-vested restricted stock unit and performance stock unit awards granted under the plan. That cost is expected to be recognized over a weighted-average period of 2.3 years . As of March 31, 2020 , there was no unrecognized expense related to non-vested stock options granted under the plan. |
Common Stock
Common Stock | 3 Months Ended |
Mar. 31, 2020 | |
Equity [Abstract] | |
Common Stock | Common Stock In November of 2019, United’s Board of Directors authorized an expansion of the existing common stock repurchase plan to authorize the repurchase of its common stock up to $50 million . The program is scheduled to expire on the earlier of United’s repurchase of its common stock having an aggregate purchase price of $50 million or December 31, 2020 . Under the program, shares may be repurchased in the open market or in privately negotiated transactions, from time to time, subject to market conditions. During the three months ended March 31, 2020 and 2019 , 826,482 and 305,052 shares, respectively, were repurchased under the program. As of March 31, 2020 , United had remaining authorization to repurchase up to $29.2 million |
Assets and Liabilities Measured
Assets and Liabilities Measured at Fair Value | 3 Months Ended |
Mar. 31, 2020 | |
Fair Value Disclosures [Abstract] | |
Assets and Liabilities Measured at Fair Value | Assets and Liabilities Measured at Fair Value Fair value measurements are determined based on the assumptions that market participants would use in pricing the asset or liability. As a basis for considering market participant assumptions in fair value measurements, United uses a fair value hierarchy that distinguishes between market participant assumptions based on market data obtained from sources independent of the reporting entity (observable inputs that are classified within Levels 1 and 2 of the hierarchy) and the reporting entity’s own assumptions about market participant assumptions (unobservable inputs classified within Level 3 of the hierarchy). United has processes in place to review the significant valuation inputs and to reassess how the instruments are classified in the valuation framework. Fair Value Hierarchy Level 1 Valuation is based upon quoted prices (unadjusted) in active markets for identical assets or liabilities that United has the ability to access. Level 2 Valuation is based upon quoted prices for similar assets and liabilities in active markets, as well as inputs that are observable for the asset or liability (other than quoted prices), such as interest rates, foreign exchange rates, and yield curves that are observable at commonly quoted intervals. Level 3 Valuation is generated from model-based techniques that use at least one significant assumption based on unobservable inputs for the asset or liability, which are typically based on an entity’s own assumptions, as there is little, if any, related market activity. In instances when the determination of the fair value measurement is based on inputs from different levels of the fair value hierarchy, the level in the fair value hierarchy within which the entire fair value measurement falls is based on the lowest level input that is significant to the fair value measurement in its entirety. The assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment and considers factors specific to the asset or liability. The following is a description of the valuation methodologies used for assets and liabilities recorded at fair value. 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 sheet are assets related to employee deferred compensation plans. The assets associated with these plans are invested in mutual funds and classified as Level 1. Deferred compensation liabilities, also classified as Level 1, are carried at the fair value of the obligation to the employee, which mirrors the fair value of the invested assets and is included in other liabilities in the consolidated balance sheet. Mortgage Loans Held for Sale United has elected the fair value option for most of its newly originated mortgage loans held for sale in order to reduce certain timing differences and better match changes in fair values of the loans with changes in the value of derivative instruments used to economically hedge them. The fair value of mortgage loans held for sale is determined using quoted prices for a similar asset, adjusted for specific attributes of that loan (Level 2). Derivative Financial Instruments United uses derivatives to manage 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. United incorporates credit valuation adjustments as necessary to appropriately reflect the respective counterparty’s nonperformance risk in the fair value measurements. In adjusting the fair value of its derivative contracts for the effect of nonperformance risk, United has considered the effect of netting and any applicable credit enhancements, such as collateral postings, thresholds and guarantees. Although management has determined that the majority of the inputs used to value its derivatives fall within Level 2 of the fair value hierarchy, the credit valuation adjustments associated with its derivatives utilize Level 3 inputs, such as estimates of current credit spreads to evaluate the likelihood of default by itself and its counterparties. However, management had assessed the significance of the effect of the credit valuation adjustments on the overall valuation of its derivative positions and has determined that the credit valuation adjustments are not significant to the overall valuation of its derivatives. Derivatives classified as Level 3 included structured derivatives for which broker quotes, used as a key valuation input, were not observable consistent with a Level 2 disclosure. The fair value of risk participations incorporates Level 3 inputs to evaluate the likelihood of customer default. The fair value of interest rate lock commitments, which is related to mortgage loan commitments, is categorized as Level 3 based on unobservable inputs for commitments that United does not expect to fund. Servicing Rights for Residential and SBA/USDA Loans United recognizes servicing rights upon the sale of residential and SBA/USDA loans sold with servicing retained. Management has elected to carry these assets at fair value. Given the nature of these assets, the key valuation inputs are unobservable and management classifies these assets as Level 3. Assets and Liabilities Measured at Fair Value on a Recurring Basis The table below presents United’s assets and liabilities measured at fair value on a recurring basis as of the dates indicated, aggregated by the level in the fair value hierarchy within which those measurements fall (in thousands) . March 31, 2020 Level 1 Level 2 Level 3 Total Assets: Debt securities available-for-sale: U.S. Treasuries $ 158,964 $ — $ — $ 158,964 U.S. Government agencies — 2,967 — 2,967 State and political subdivisions — 227,681 — 227,681 Residential mortgage-backed securities — 1,297,591 — 1,297,591 Commercial mortgage-backed securities — 267,789 — 267,789 Corporate bonds — 190,785 — 190,785 Asset-backed securities — 104,099 — 104,099 Equity securities with readily available fair values 1,338 — — 1,338 Mortgage loans held for sale — 89,959 — 89,959 Deferred compensation plan assets 7,537 — — 7,537 Servicing rights for SBA/USDA loans — — 6,290 6,290 Residential mortgage servicing rights — — 11,059 11,059 Derivative financial instruments — 75,307 7,361 82,668 Total assets $ 167,839 $ 2,256,178 $ 24,710 $ 2,448,727 Liabilities: Deferred compensation plan liability $ 7,549 $ — $ — $ 7,549 Derivative financial instruments — 24,632 2,717 27,349 Total liabilities $ 7,549 $ 24,632 $ 2,717 $ 34,898 December 31, 2019 Level 1 Level 2 Level 3 Total Assets: Debt securities available-for-sale U.S. Treasuries $ 154,618 $ — $ — $ 154,618 U.S. Agencies — 3,035 — 3,035 State and political subdivisions — 226,490 — 226,490 Residential mortgage-backed securities — 1,299,025 — 1,299,025 Commercial mortgage-backed securities — 284,953 — 284,953 Corporate bonds — 202,093 998 203,091 Asset-backed securities — 103,369 — 103,369 Equity securities with readily available fair values 1,973 — — 1,973 Mortgage loans held for sale — 58,484 — 58,484 Deferred compensation plan assets 8,133 — — 8,133 Servicing rights for SBA/USDA loans — — 6,794 6,794 Residential mortgage servicing rights — — 13,565 13,565 Derivative financial instruments — 27,769 7,238 35,007 Total assets $ 164,724 $ 2,205,218 $ 28,595 $ 2,398,537 Liabilities: Deferred compensation plan liability $ 8,132 $ — $ — $ 8,132 Derivative financial instruments — 6,957 8,559 15,516 Total liabilities $ 8,132 $ 6,957 $ 8,559 $ 23,648 The following table shows a reconciliation of the beginning and ending balances for the periods indicated for assets measured at fair value on a recurring basis using significant unobservable inputs that are classified as Level 3 values (in thousands) . 2020 2019 Derivative Asset Derivative Liability Servicing rights for SBA/USDA loans Residential mortgage servicing rights Debt Securities Available-for-Sale Derivative Derivative Servicing rights for SBA/USDA loans Residential mortgage servicing rights Debt Securities Available-for-Sale Three Months Ended March 31, Balance at beginning of period $ 7,238 $ 8,559 $ 6,794 $ 13,565 $ 998 $ 11,841 $ 15,732 $ 7,510 $ 11,877 $ 995 Additions — — 95 2,115 — — — 375 863 — Sales and settlements — — (307 ) (493 ) (1,000 ) (1,135 ) (2,330 ) (363 ) (150 ) — Other comprehensive income — — — — 2 — — — — — Amounts included in earnings - fair value adjustments 123 (5,842 ) (292 ) (4,128 ) — (1,145 ) (1,958 ) (121 ) (1,143 ) — Balance at end of period $ 7,361 $ 2,717 $ 6,290 $ 11,059 $ — $ 9,561 $ 11,444 $ 7,401 $ 11,447 $ 995 The following table presents quantitative information about Level 3 fair value measurements for fair value on a recurring basis as of the dates indicated (in thousands) . Fair Value Weighted Average Level 3 Assets and Liabilities March 31, December 31, 2019 Valuation Technique March 31, December 31, 2019 Unobservable Inputs Servicing rights for SBA/USDA loans $ 6,290 $ 6,794 Discounted cash flow Discount rate 12.0 % 12.3 % Prepayment rate 17.1 % 16.5 % Residential mortgage servicing rights 11,059 13,565 Discounted cash flow Discount rate 10.0 % 10.0 % Prepayment rate 19.3 % 14.1 % Corporate bonds — 998 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 7,361 1,970 Internal model Pull through rate 80.5 % 83.6 % Derivative assets - other — 5,268 Dealer priced Dealer priced N/A N/A Derivative liabilities - risk participations 28 12 Internal model Probable exposure rate 0.15 % 0.36 % Probability of default rate 1.80 % 1.80 % Derivative liabilities - other 2,689 8,547 Dealer priced Dealer priced N/A N/A Fair Value Option At March 31, 2020 , mortgage loans held for sale for which the fair value option was elected had an aggregate fair value and outstanding principal balance of $90.0 million and $86.4 million , respectively. At December 31, 2019 , mortgage loans held for sale for which the fair value option was elected had an aggregate fair value and outstanding principal balance of $58.5 million and $56.6 million , respectively. Interest income on these loans is calculated based on the note rate of the loan and is recorded in interest revenue. During the three months ended March 31, 2020 and 2019 , changes in fair value of these loans resulted in net gains of $1.73 million and $306,000 , respectively. Gains and losses resulting from the change in fair value of these loans are recorded in mortgage loan and other related fees. These changes in fair value were mostly offset by hedging activities. An immaterial portion of these amounts was attributable to changes in instrument-specific credit risk. Assets and Liabilities Measured at Fair Value on a Nonrecurring Basis United may be required, from time to time, to measure certain assets at fair value on a nonrecurring basis. These adjustments to fair value usually result from the application of the lower of the amortized cost or fair value accounting or write-downs of individual assets due to impairment. The following table presents the fair value hierarchy and carrying value of all assets that were still held as of March 31, 2020 and December 31, 2019 , for which a nonrecurring fair value adjustment was recorded during the year-to-date periods presented (in thousands) . Level 1 Level 2 Level 3 Total March 31, 2020 Loans $ — $ — $ 3,909 $ 3,909 December 31, 2019 Loans $ — $ — $ 20,977 $ 20,977 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. 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. Assets and Liabilities Not Measured at Fair Value For financial instruments that have quoted market prices, those quotes are used to determine fair value. Financial instruments that have no defined maturity, have a remaining maturity of 180 days or less, or reprice frequently to a market rate, are assumed to have a fair value that approximates reported book value, after taking into consideration any applicable credit risk. If no market quotes are available, financial instruments are valued by discounting the expected cash flows using an estimated current market interest rate for the financial instrument. For off-balance sheet derivative instruments, fair value is estimated as the amount that United would receive or pay to terminate the contracts at the reporting date, taking into account the current unrealized gains or losses on open contracts. Cash and cash equivalents and repurchase agreements have short maturities and therefore the carrying value approximates fair value. Due to the short-term settlement of accrued interest receivable and payable, the carrying amount closely approximates fair value. Fair value estimates are made at a specific point in time, based on relevant market information and information about the financial instrument. These estimates do not reflect the premium or discount on any particular financial instrument that could result from the sale of United’s entire holdings. All estimates are inherently subjective in nature. Changes in assumptions could significantly affect the estimates. Fair value estimates are based on existing on and off-balance sheet financial instruments without attempting to estimate the value of anticipated future business and the value of assets and liabilities that are not considered financial instruments. Significant assets and liabilities that are not considered financial instruments include the mortgage banking operation, brokerage network, deferred income taxes, premises and equipment and goodwill. In addition, the tax ramifications related to the realization of the unrealized gains and losses can have a significant effect on fair value estimates and have not been considered in the estimates. Off-balance sheet instruments (commitments to extend credit and standby letters of credit) for which draws can be reasonably predicted are generally short-term in maturity and are priced at variable rates. Therefore, the estimated fair value associated with these instruments is immaterial. The carrying amount and fair values as of the dates indicated for other financial instruments that are not measured at fair value on a recurring basis are as follows (in thousands) . Fair Value Level Carrying Amount Level 1 Level 2 Level 3 Total March 31, 2020 Assets: Securities held-to-maturity $ 290,404 $ — $ 301,595 $ — $ 301,595 Loans and leases, net 8,853,519 — — 8,690,538 8,690,538 Liabilities: Deposits 11,034,926 — 11,037,183 — 11,037,183 Long-term debt 212,849 — — 213,940 213,940 December 31, 2019 Assets: Securities held-to-maturity $ 283,533 $ — $ 287,904 $ — $ 287,904 Loans and leases, net 8,750,464 — — 8,714,592 8,714,592 Liabilities: Deposits 10,897,244 — 10,897,465 — 10,897,465 Long-term debt 212,664 — — 217,665 217,665 |
Commitments and Contingencies
Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2020 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies United is party to financial instruments with off-balance sheet risk in the normal course of business to meet the financing needs of its customers. These financial instruments include commitments to extend credit and letters of credit. These instruments involve, to varying degrees, elements of credit risk in excess of the amount recognized in the balance sheet. The contract amounts of these instruments reflect the extent of involvement United has in particular classes of financial instruments. The exposure to credit loss in the event of nonperformance by the other party to the financial instrument for commitments to extend credit and letters of credit written is represented by the contractual amount of these instruments. United uses the same credit policies in making commitments and conditional obligations as it uses for underwriting on-balance sheet instruments. In most cases, collateral or other security is required to support financial instruments with credit risk. The following table summarizes the contractual amount of off-balance sheet instruments as of the dates indicated (in thousands) . March 31, 2020 December 31, 2019 Financial instruments whose contract amounts represent credit risk: Commitments to extend credit $ 2,079,644 $ 2,126,275 Letters of credit 24,705 22,533 United holds minor investments in certain limited partnerships for Community Reinvestment Act purposes. As of March 31, 2020 , United had committed to fund an additional $10.4 million related to future capital calls that had not been reflected in the consolidated balance sheet. United, in the normal course of business, is subject to various pending and threatened lawsuits in which claims for monetary damages are asserted. Although it is not possible to predict the outcome of these lawsuits, or the range of any possible loss, management, after consultation with legal counsel, does not anticipate that the ultimate aggregate liability, if any, arising from these lawsuits will have a material adverse effect on United’s financial position or results of operations. |
Regulatory Matters
Regulatory Matters | 3 Months Ended |
Mar. 31, 2020 | |
Banking and Thrift [Abstract] | |
Regulatory Matters | Regulatory Matters As of March 31, 2020 , 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 March 31, 2020 , 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 March 31, 2020 , and there have been no conditions or events since year-end that would change the status of well-capitalized. Through the CARES Act, federal banking regulatory agencies have provided relief, which United has adopted, for the delay of the adverse capital impact of CECL at adoption and during the subsequent two-year period after adoption. This optional two-year delay is followed by an optional three-year transition period to phase out the aggregate amount of capital benefit provided during the initial two-year delay. Under the transition provision, the amount of aggregate capital benefit is phased out by 25% each year with the full impact of adoption completely recognized by the beginning of the sixth year. Regulatory capital ratios at March 31, 2020 and December 31, 2019 , 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 (1) Well Capitalized March 31, 2020 December 31, 2019 March 31, 2020 December 31, 2019 Risk-based ratios: Common equity tier 1 capital 4.5 % 6.5 % 12.85 % 12.97 % 13.58 % 14.87 % Tier 1 capital 6.0 8.0 13.09 13.21 13.58 14.87 Total capital 8.0 10.0 14.93 15.01 14.30 15.54 Leverage ratio 4.0 5.0 10.40 10.34 10.78 11.63 Common equity tier 1 capital $ 1,283,068 $ 1,275,148 $ 1,351,820 $ 1,458,720 Tier 1 capital 1,307,318 1,299,398 1,351,820 1,458,720 Total capital 1,490,998 1,476,302 1,424,147 1,524,267 Risk-weighted assets 9,983,839 9,834,051 9,957,388 9,810,477 Average total assets for the leverage ratio 12,570,521 12,568,563 12,538,532 12,545,254 (1) As of March 31, 2020 and December 31, 2019 the additional capital conservation buffer in effect was 2.50% |
Goodwill
Goodwill | 3 Months Ended |
Mar. 31, 2020 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill | Goodwill Goodwill represents the premium paid for acquired companies above the fair value of the assets acquired and liabilities assumed, including separately identifiable intangible assets. At March 31, 2020 and December 31, 2019 , the net carrying value of goodwill was $327 million . Goodwill is not amortized but is assessed for impairment on an annual basis, or more often if events or circumstances indicate there may be impairment, referred to as a triggering event. Upon the occurrence of a triggering event, accounting guidance allows for an assessment of qualitative factors to determine whether it is more likely than not, or a greater than 50% likelihood, that the fair value of the entity is less than its carrying amount, including goodwill. When it is more likely than not that impairment has occurred, management is required to perform a quantitative analysis and, if necessary, adjust the carrying amount of goodwill by recording a goodwill impairment loss. During the first quarter of 2020, as a result of market concerns about the potential impact of COVID-19, United’s stock price declined such that it traded below book value for the latter part of the quarter. As a result of this triggering event, management has qualitatively assessed and concluded that there is not a greater than 50% likelihood that United’s fair value is less than its carrying amount as of March 31, 2020 |
Subsequent Events
Subsequent Events | 3 Months Ended |
Mar. 31, 2020 | |
Subsequent Events [Abstract] | |
Subsequent Events | Subsequent Events On May 6, 2020 , United’s Board of Directors approved a regular quarterly cash dividend of $0.18 per common share. The dividend is payable July 6, 2020 , to shareholders of record on June 15, 2020 . Subsequent to quarter-end and through May 1, 2020, United had received SBA authorization for 11,256 PPP loans totaling $1.20 billion . In addition, through April 30, 2020, United had granted short-term deferrals on loans that were otherwise performing of approximately $1.40 billion , which included those granted prior to quarter-end. |
Accounting Policies (Policies)
Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2020 | |
Accounting Policies [Abstract] | |
Basis of Presentation and Consolidation | The accounting and financial reporting policies of United Community Banks, Inc. and its subsidiaries (collectively referred to herein as “United”) conform to accounting principles generally accepted in the United States (“GAAP”) and reporting guidelines of banking regulatory authorities and regulators. The accompanying interim consolidated financial statements have not been audited. All material intercompany balances and transactions have been eliminated. In addition to those items mentioned below, a more detailed description of United’s accounting policies is included in its Annual Report on Form 10-K for the year ended December 31, 2019 (the “2019 10-K”). In management’s opinion, all accounting adjustments necessary to accurately reflect the financial position and results of operations on the accompanying financial statements have been made. These adjustments are normal and recurring accruals considered necessary for a fair and accurate presentation. The results for interim periods are not necessarily indicative of results for the full year or any other interim periods. The accompanying unaudited consolidated financial statements should be read in conjunction with the consolidated financial statements and related notes appearing in United’s 2019 10-K. Certain amounts reported in prior periods' consolidated financial statements have been reclassified to conform to the current presentation. |
Debt Securities | Debt Securities Debt securities are classified as held-to-maturity and carried at amortized cost when management has the positive intent and ability to hold them to maturity. Debt securities are classified as available-for-sale when they might be sold before maturity. Securities available-for-sale are carried at fair value, with unrealized holding gains and losses reported in other comprehensive income, net of tax. Interest income includes amortization of purchase premiums or discounts. Premiums and discounts on securities are generally amortized on the level-yield method without anticipating prepayments, except for mortgage-backed securities where prepayments are anticipated. Premiums on callable debt securities are amortized to their earliest call date. Gains and losses on sales are recorded on the trade date and determined using the specific identification method. 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. A debt security is placed on nonaccrual status at the time any principal or interest payments become 90 |
Allowance for Credit Losses - Held-to-Maturity and Available-for-Sale Securities and Off-Balance Sheet Credit Exposures | ACL - Off-Balance Sheet Credit Exposures Management estimates expected credit losses on commitments to extend credit over the contractual period in which United is exposed to credit risk on the underlying commitments. The ACL on off-balance sheet credit exposures is adjusted as a provision for credit loss expense. The estimate includes consideration of the likelihood that funding will occur and an estimate of expected credit losses on commitments expected to be funded over its estimated life. The ACL is calculated using the same aggregate reserve rates calculated for the funded portion of loans at the portfolio level applied to the amount of commitments expected to fund. Allowance for Credit Losses (“ACL”) - Held-to-Maturity Securities: Management measures expected credit losses on held-to-maturity debt securities on a collective basis by major security type. Accrued interest receivable on held-to-maturity debt securities totaled $1.07 million at March 31, 2020 and was excluded from the estimate of credit losses. The estimate of expected credit losses considers historical credit loss information that is adjusted for current conditions and reasonable and supportable forecasts. Management classifies the held-to-maturity portfolio into the following major security types: State and political subdivisions, residential mortgage-backed, agency and commercial mortgage-backed, agency. All of the residential and commercial mortgage-backed securities held by United are issued by U.S. government agencies. These securities are either explicitly or implicitly guaranteed by the U.S. government, are highly rated by major rating agencies and have a long history of no credit losses. The state and political subdivision securities are highly rated by major rating agencies. As a result, no ACL was recorded on the held-to-maturity portfolio at March 31, 2020 . ACL - Available-For-Sale Securities: For available-for-sale debt securities in an unrealized loss position, United first assesses whether it intends to sell, or it is more likely than not that it will be required to sell the security before recovery of its amortized cost basis. If either of the criteria regarding intent or requirement to sell is met, the security's amortized cost basis is written down to fair value through income. For debt securities available-for-sale that do not meet the aforementioned criteria, United evaluates whether the decline in fair value has resulted from credit losses or other factors. In making this assessment, management considers the extent to which fair value is less than amortized cost, any changes to the rating of the security by a rating agency, and adverse conditions specifically related to the security, among other factors. If this assessment indicates that a credit loss exists, the present value of cash flows expected to be collected from the security are compared to the amortized cost basis of the security. If the present value of cash flows expected to be collected is less than the amortized cost basis, a credit loss exists and an ACL is recorded for the credit loss, limited by the amount that the fair value is less than the amortized cost basis. Any amount of unrealized loss that has not been recorded through an ACL is recognized in other comprehensive income. Changes in the ACL are recorded as provision for (or reversal of) credit loss expense. Losses are charged against the ACL when management believes the uncollectibility of an available-for-sale security is confirmed or when either of the criteria regarding intent or requirement to sell is met. At March 31, 2020 , there was no ACL related to the available-for-sale portfolio. Accrued interest receivable on available-for-sale debt securities totaled $8.83 million at March 31, 2020 and was excluded from the estimate of credit losses. |
Loans and Leases | Loans and Leases Loans that management has the intent and ability to hold for the foreseeable future or until maturity or payoff are reported at amortized cost. Amortized cost is the principal balance outstanding, net of purchase premiums and discounts and deferred fees and costs. Accrued interest receivable related to loans totaled $21.2 million at March 31, 2020 and was reported in accrued interest receivable on the consolidated balance sheets. Interest income is accrued on the unpaid principal balance. Loan origination fees, net of certain direct origination costs, are deferred and recognized in interest income using methods that approximate a level yield without anticipating prepayments. 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. All interest accrued but not received for loans placed on nonaccrual is reversed against interest income. Interest received on such loans is accounted for on the cost-recovery method, until qualifying for return to accrual. Under the cost-recovery method, interest income is not recognized until the loan balance is reduced to zero. 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. Equipment Financing Lease Receivables: Equipment financing lease receivables, which are classified as sales-type or direct financing leases, 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, which is included in loan interest revenue in the consolidated statements of 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. These lease agreements may include options to renew and for the lessee to purchase the leased equipment at the end of the lease term. United excludes sales taxes from consideration in these lease contracts. Purchased Credit Deteriorated (“PCD”) Loans: Upon adoption of Accounting Standards Codification (“ASC”) Topic 326, Financial Instruments - Credit Losses (“ASC 326”), loans that were designated as purchased credit impaired (“PCI”) loans under the previous accounting guidance were classified as PCD loans without reassessment. In future acquisitions, United may purchase loans, some of which have experienced more than insignificant credit deterioration since origination. In those cases, United will consider internal loan grades, delinquency status and other relevant factors in assessing whether purchased loans are PCD. PCD loans are recorded at the amount paid. An initial ACL is determined using the same methodology as other loans held for investment, but with no impact to earnings. The initial ACL determined on a collective basis is allocated to individual loans. The sum of the loan's purchase price and ACL becomes its initial amortized cost basis. The difference between the initial amortized cost basis and the par value of the loan is a noncredit discount or premium, which is amortized into interest income over the life of the loan. Subsequent to initial recognition, PCD loans are subject to the same interest income recognition and impairment model as non-PCD loans, with changes to the ACL recorded through provision expense. |
ACL Loans | ACL - Loans The ACL is a valuation account that is deducted from the loans' amortized cost basis to present the net amount expected to be collected on the loans. Loans are charged off against the ACL when management believes the uncollectibility of a loan balance is confirmed. Expected recoveries do not exceed the aggregate of amounts previously charged-off and expected to be charged-off. Accrued interest receivable is excluded from the estimate of credit losses. Management determines the ACL balance using relevant available information, from internal and external sources, relating to past events, current conditions, and reasonable and supportable forecasts. Historical credit behaviors along with model judgments provide the basis for the estimation of expected credit losses. Adjustments to modeled loss estimates may be made for differences in current loan-specific risk characteristics such as differences in underwriting standards, portfolio mix, delinquency level, or term as well as for changes in environmental conditions, such as changes in economic conditions, property values, or other relevant factors. The ACL is measured on a collective basis when similar risk characteristics exist. United has identified the following portfolio segments and calculates the ACL for each using a discounted cash flow methodology at the loan level, with loss rates, prepayment assumptions and curtailment assumptions driven by each loan’s collateral type: Owner occupied commercial real estate - Loans in this category are susceptible to 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, declines in occupancy rates, and lack of suitable alternative use for the property. Commercial & industrial - Risks to this loan category include 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, 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 lead to longer marketing times resulting in higher carrying costs and declining values. Consumer - Risks common to consumer direct loans include unemployment and changes in local economic conditions as well as the inability to monitor collateral consisting of personal property. When management determines that foreclosure is probable or when the borrower is experiencing financial difficulty at the reporting date and repayment is expected to be provided substantially through the operation or sale of the collateral, expected credit losses are based on the fair value of the collateral at the reporting date, adjusted for selling costs as appropriate. When the discounted cash flow method is used to determine the ACL, management adjusts the effective interest rate used to discount expected cash flows to incorporate expected prepayments. Determining the Contractual Term: Expected credit losses are estimated over the contractual term of the loans, adjusted for expected prepayments when appropriate. The contractual term excludes expected extensions, renewals, and modifications unless either of the following applies: management has a reasonable expectation at the reporting date that a troubled debt restructuring will be executed with an individual borrower or the extension or renewal options are included in the original or modified contract at the reporting date and are not unconditionally cancellable by United. Troubled Debt Restructurings (“TDR”s): A loan for which the terms have been modified resulting in a more than insignificant concession, and for which the borrower is experiencing financial difficulties, is generally considered to be a TDR. The ACL on a TDR is measured using the same method as all other loans held for investment, except that the original interest rate is used to discount the expected cash flows, not the rate specified within the restructuring. As discussed in Note 2, certain modifications in the first quarter of 2020 were excluded from the TDR population based on relief provided by the Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”). |
Accounting Standards Updates and Recently Adopted Standards | Accounting Standards Updates and Recently Adopted Standards On January 1, 2020, United adopted ASC 326 , which replaced the incurred loss impairment framework in prior GAAP with a current expected credit loss (“CECL”) framework, which requires an estimate of credit losses for the remaining estimated life of the financial asset using historical experience, current conditions, and reasonable and supportable forecasts and generally applies to financial assets measured at amortized cost, including loan receivables and held-to-maturity debt securities, and some off-balance sheet credit exposures such as unfunded commitments to extend credit. Financial assets measured at amortized cost will be presented at the net amount expected to be collected by using an ACL. PCD loans will receive an initial allowance at the acquisition date that represents an adjustment to the amortized cost basis of the loan, with no impact to earnings. Credit losses relating to available-for-sale debt securities will be recorded through an ACL prospectively, with such allowance limited to the amount by which fair value is below amortized cost. United adopted ASC 326 as of January 1, 2020 using the modified retrospective method for loans, leases and off-balance sheet credit exposures. Adoption of this guidance resulted in an $8.75 million increase in the ACL, comprised of increases in the ACL for loans of $6.88 million and the ACL for unfunded commitments of $1.87 million , with $3.59 million of the increase reclassified from the amortized cost basis of PCD financial assets that were previously classified as PCI. The cumulative effect adjustment to retained earnings was $3.53 million , net of tax. Calculated credit losses on held-to-maturity debt securities were not material and there was no impact to the available-for-sale securities portfolio or other financial instruments. Results for reporting periods beginning after January 1, 2020 are presented under ASC 326 while prior period amounts continue to be reported in accordance with previously applicable GAAP (“Incurred Loss”). The ACL for the majority of loans and leases was calculated using a discounted cash flow methodology applied at a loan level with a one-year reasonable and supportable forecast period and a two-year straight-line reversion period. In connection with the adoption, management has implemented changes to relevant systems, processes and controls where necessary. Model validation was completed during the fourth quarter of 2019 and implementation of the accounting, reporting and governance processes to comply with the new guidance was completed in the first quarter of 2020. United’s CECL allowance will fluctuate over time due to macroeconomic conditions and forecasts as well as the size and composition of the loan portfolios. Federal banking regulatory agencies have provided relief, which United has adopted, for the delay of the adverse capital impact of CECL at adoption and during the subsequent two-year period. This optional two-year delay is followed by an optional three-year transition period to phase out the aggregate amount of capital benefit provided during the initial two-year delay. Under the transition provision, the amount of aggregate capital benefit is phased out by 25% each year with the full impact of adoption completely recognized by the beginning of the sixth year. United adopted ASC 326 using the prospective transition approach for PCD assets that were previously classified as PCI. In accordance with the standard, management did not reassess whether PCI assets met the criteria of PCD assets as of the date of adoption. As mentioned above, the amortized cost basis of the PCD assets was adjusted to reflect the addition of $3.59 million of the ACL. The remaining noncredit discount (based on the adjusted amortized cost basis) will be accreted into interest income at a rate that approximates the effective interest rate as of January 1, 2020. With regard to PCD assets, because United elected to disaggregate the former PCI pools and no longer considers these pools to be the unit of account, contractually delinquent PCD loans will be reported as nonaccrual loans using the same criteria as other loans. Similarly, although management did not reassess whether modifications to individual acquired financial assets accounted for in pools were TDRs as of the date of adoption, PCD loans that are restructured and meet the definition of troubled debt restructurings after the adoption of CECL will be reported as such. United elected not to measure an allowance for credit losses for accrued interest receivable and instead to reverse interest income on those loans that are 90 days past due, to exclude accrued interest receivable from the amortized cost basis of financial instruments subject to CECL and to separately state the balance of accrued interest receivable on the consolidated balance sheet. In addition, United elected to adjust the discount rate used to calculate credit losses for expected prepayments and will include all changes in discounted cash flows as credit loss. United also elected to use, as a practical expedient, the fair value of collateral when determining the ACL for loans for which repayment is expected to be provided substantially through the operation or sale of the collateral when the borrower is experiencing financial difficulty (collateral-dependent loans). On March 27, 2020, the CARES Act was signed into law. The CARES Act included a number of provisions that were applicable to United, including the following: • Accounting Relief for TDRs : The CARES Act provided that modifications for loans under certain forbearance conditions that were otherwise performing before the COVID-19 crisis will not be considered TDRs for regulatory reporting and GAAP. • Optional Delay and Regulatory Relief for CECL Implementation: The CARES Act stipulated that large SEC filers have the option of delaying the adoption of CECL from January 1, 2020 to the earlier of the end of the COVID-19 emergency period or December 31, 2020. Banks that were required to implement CECL by the end of 2020 were granted the option to defer any impact of CECL on regulatory capital for two years before beginning the original three-year regulatory phase-in period, for a total five-year phase-in period. Although United did not elect to delay the adoption of CECL, the Company did elect the five-year phase-in period for regulatory purposes, as discussed above. • Paycheck Protection Program (“PPP”): The CARES Act created the PPP through the Small Business Administration (“SBA”), which allowed United to lend money to small businesses to maintain employee payrolls through the crisis with guarantees from the SBA. Under this program, loan amounts may be forgiven if the borrower maintains employee payrolls or restores payrolls afterwards. In March 2020, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2020-03, Codification Improvements to Financial Instruments . This update clarified certain minor issues within the codification, including, among other things, debt securities disclosure for financial institutions and determination of the contractual term of a net investment in a lease. The standard was effective immediately, and did not have a material impact on the consolidated financial statements. In March 2020, the FASB issued ASU No. 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting . This update provides expedients for contracts that are modified because of reference rate reform, including receivables, debt, leases, and certain derivatives. In addition, the update provides a one-time election to sell or transfer debt securities classified as held-to-maturity that reference a rate that is affected by reference rate reform. The update is effective as of March 12, 2020 through December 31, 2022. Adoption of this update did not have a material impact on the consolidated financial statements. In April 2019, the FASB issued ASU No. 2019-04, Codification Improvements to Topic 326, Financial Instruments - Credit Losses, Topic 815, Derivatives and Hedging, and Topic 825 Financial Instruments . In addition to amending guidance related to the new CECL standard, this update clarifies certain aspects of hedge accounting and recognition and measurement of financial instruments. United adopted this update as of January 1, 2020, with no material impact on the consolidated financial statements. In January 2017, the FASB issued ASU No. 2017-04, Intangibles - Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment . This update eliminates Step 2 from the goodwill impairment test, which required an entity to calculate the implied fair value of goodwill by valuing a reporting unit’s assets and liabilities using the same process that would be required to value assets and liabilities in a business combination. Instead, the amendments require that an entity perform its annual goodwill impairment test by comparing the fair value of a reporting unit with its carrying amount. United adopted this update as of January 1, 2020, with no material impact on the consolidated financial statements. |
Securities (Tables)
Securities (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Investments, Debt and Equity Securities [Abstract] | |
Schedule of cost basis, gross unrealized gains and losses and fair value of securities held to maturity | The amortized cost basis, unrealized gains and losses and fair value of 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 March 31, 2020 State and political subdivisions $ 61,083 $ 3,377 $ — $ 64,460 Residential mortgage-backed securities, Agency 145,793 4,711 14 150,490 Commercial mortgage-backed, Agency 83,528 3,170 53 86,645 Total $ 290,404 $ 11,258 $ 67 $ 301,595 As of December 31, 2019 State and political subdivisions $ 45,479 $ 1,574 $ 9 $ 47,044 Residential mortgage-backed securities, Agency 153,967 2,014 694 155,287 Commercial mortgage-backed, Agency 84,087 1,627 141 85,573 Total $ 283,533 $ 5,215 $ 844 $ 287,904 |
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 presented below (in thousands) . Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value As of March 31, 2020 U.S. Treasuries $ 153,219 $ 5,745 $ — $ 158,964 U.S. Government agencies 2,777 190 — 2,967 State and political subdivisions 214,191 13,507 17 227,681 Residential mortgage-backed securities, Agency 1,008,944 29,264 459 1,037,749 Residential mortgage-backed securities, Non-agency 260,638 2,095 2,891 259,842 Commercial mortgage-backed, Agency 261,836 5,982 29 267,789 Corporate bonds 191,070 665 950 190,785 Asset-backed securities 109,542 340 5,783 104,099 Total $ 2,202,217 $ 57,788 $ 10,129 $ 2,249,876 As of December 31, 2019 U.S. Treasuries $ 152,990 $ 1,628 $ — $ 154,618 U.S. Government agencies 2,848 188 1 3,035 State and political subdivisions 214,677 11,813 — 226,490 Residential mortgage-backed securities, Agency 1,030,948 12,022 726 1,042,244 Residential mortgage-backed securities, Non-agency 250,550 6,231 — 256,781 Commercial mortgage-backed, Agency 266,770 2,261 128 268,903 Commercial mortgage-backed, Non-agency 15,395 918 263 16,050 Corporate bonds 202,131 1,178 218 203,091 Asset-backed securities 104,298 743 1,672 103,369 Total $ 2,240,607 $ 36,982 $ 3,008 $ 2,274,581 |
Schedule of held to maturity securities in an unrealized loss position | The following table 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 March 31, 2020 Residential mortgage-backed securities, Agency $ 1,589 $ 11 $ 440 $ 3 $ 2,029 $ 14 Commercial mortgage-backed, Agency — — 1,467 53 1,467 53 Total unrealized loss position $ 1,589 $ 11 $ 1,907 $ 56 $ 3,496 $ 67 As of December 31, 2019 State and political subdivisions $ 10,117 $ 9 $ — $ — $ 10,117 $ 9 Residential mortgage-backed securities, Agency 16,049 64 48,237 630 64,286 694 Commercial mortgage-backed, Agency 21,841 87 1,685 54 23,526 141 Total unrealized loss position $ 48,007 $ 160 $ 49,922 $ 684 $ 97,929 $ 844 |
Schedule of available for sale securities in an unrealized loss position | The following table 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 March 31, 2020 State and political subdivisions $ 15,009 $ 17 $ — $ — $ 15,009 $ 17 Residential mortgage-backed securities, Agency 32,736 454 1,856 5 34,592 459 Residential mortgage-backed securities, Non-agency 151,965 2,891 — — 151,965 2,891 Commercial mortgage-backed, Agency 8,655 29 — — 8,655 29 Corporate bonds 94,040 950 — — 94,040 950 Asset-backed securities 20,713 1,240 59,022 4,543 79,735 5,783 Total unrealized loss position $ 323,118 $ 5,581 $ 60,878 $ 4,548 $ 383,996 $ 10,129 As of December 31, 2019 U.S. Government agencies $ 404 $ 1 $ — $ — $ 404 $ 1 Residential mortgage-backed securities, Agency 228,611 576 18,294 150 246,905 726 Commercial mortgage-backed, Agency — — 33,517 128 33,517 128 Commercial mortgage-backed, Non-agency — — 4,864 263 4,864 263 Corporate bonds 19,742 216 998 2 20,740 218 Asset-backed securities 32,294 625 38,990 1,047 71,284 1,672 Total unrealized loss position $ 281,051 $ 1,418 $ 96,663 $ 1,590 $ 377,714 $ 3,008 |
Schedule of summary of securities sales activities | The following table summarizes available-for-sale securities sales activity for the three months ended March 31, 2020 and 2019 (in thousands). Three Months Ended 2020 2019 Proceeds from sales $ 1,000 $ 178,604 Gross gains on sales $ — $ 1,287 Gross losses on sales — (1,554 ) Net losses on sales of securities $ — $ (267 ) Income tax benefit attributable to sales $ — $ (68 ) |
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 securities available-for-sale and held-to-maturity at March 31, 2020 , 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 U.S. Treasuries: Within 1 year $ 29,967 $ 30,035 $ — $ — 1 to 5 years 123,252 128,929 — — 153,219 158,964 — — U.S. Government agencies: 1 to 5 years 354 358 — — More than 10 years 2,423 2,609 — — 2,777 2,967 — — State and political subdivisions: Within 1 year 935 935 1,350 1,363 1 to 5 years 54,097 55,202 11,759 12,421 5 to 10 years 24,255 25,802 13,323 14,714 More than 10 years 134,904 145,742 34,651 35,962 214,191 227,681 61,083 64,460 Corporate bonds: Within 1 year 160,000 159,258 — — 1 to 5 years 27,570 27,835 — — 5 to 10 years 3,500 3,692 — — 191,070 190,785 — — Total securities other than asset-backed and mortgage-backed securities: Within 1 year 190,902 190,228 1,350 1,363 1 to 5 years 205,273 212,324 11,759 12,421 5 to 10 years 27,755 29,494 13,323 14,714 More than 10 years 137,327 148,351 34,651 35,962 Asset-backed securities 109,542 104,099 — — Residential mortgage-backed securities 1,269,582 1,297,591 145,793 150,490 Commercial mortgage-backed securities 261,836 267,789 83,528 86,645 $ 2,202,217 $ 2,249,876 $ 290,404 $ 301,595 |
Loans and Leases and Allowanc_2
Loans and Leases and Allowance for Credit Losses (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
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) . March 31, 2020 December 31, 2019 Owner occupied commercial real estate $ 1,702,984 $ 1,720,227 Income producing commercial real estate 2,064,502 2,007,950 Commercial & industrial 1,310,112 1,220,657 Commercial construction 959,318 976,215 Equipment financing 760,952 744,544 Total commercial 6,797,868 6,669,593 Residential mortgage 1,127,988 1,117,616 Home equity lines of credit 668,382 660,675 Residential construction 215,996 236,437 Consumer 125,190 128,232 Total loans 8,935,424 8,812,553 Less allowance for credit losses - loans (81,905 ) (62,089 ) Loans, net $ 8,853,519 $ 8,750,464 |
Schedule of net investment in leases | At March 31, 2020 and December 31, 2019 , equipment financing assets included leases of $37.6 million and $37.4 million , respectively. The components of the net investment in leases, which included both sales-type and direct financing, are presented below (in thousands) . March 31, 2020 December 31, 2019 Minimum future lease payments receivable $ 39,725 $ 39,709 Estimated residual value of leased equipment 3,575 3,631 Initial direct costs 788 842 Security deposits (918 ) (989 ) Purchase accounting premium 238 273 Unearned income (5,848 ) (6,088 ) Net investment in leases $ 37,560 $ 37,378 |
Schedule of minimum future lease payments received from lease contracts | Minimum future lease payments expected to be received from equipment financing lease contracts as of March 31, 2020 were as follows (in thousands) : Year Remainder of 2020 $ 11,653 2021 12,387 2022 8,683 2023 4,937 2024 1,700 Thereafter 365 Total $ 39,725 |
Schedule of changes in the value of the accretable yield for acquired loans accounted | At December 31, 2019 , the carrying value and outstanding balance of PCI loans were $58.6 million and $83.1 million , respectively. The following table presents changes in the balance of the accretable yield for PCI loans for the period indicated (in thousands) : Three Months Ended March 31, 2019 Balance at beginning of period $ 26,868 Accretion (4,813 ) Reclassification from nonaccretable difference 2,706 Changes in expected cash flows that do not affect nonaccretable difference 1,863 Balance at end of period $ 26,624 |
Schedule of loans by aging category | The following table presents the aging of the amortized cost basis in loans by aging category and accrual status as of March 31, 2020 (in thousands) . Accruing Current Loans Loans Past Due 30 - 59 Days 60 - 89 Days > 90 Days Nonaccrual Loans Total Loans Owner occupied commercial real estate $ 1,686,758 $ 4,364 $ 1,457 $ — $ 10,405 $ 1,702,984 Income producing commercial real estate 2,057,775 4,482 10 — 2,235 2,064,502 Commercial & industrial 1,304,689 2,004 250 — 3,169 1,310,112 Commercial construction 956,397 791 406 — 1,724 959,318 Equipment financing 753,741 4,019 753 — 2,439 760,952 Total commercial 6,759,360 15,660 2,876 — 19,972 6,797,868 Residential mortgage 1,110,031 4,882 617 — 12,458 1,127,988 Home equity lines of credit 661,857 3,223 292 — 3,010 668,382 Residential construction 214,568 836 52 — 540 215,996 Consumer 123,720 982 260 — 228 125,190 Total loans $ 8,869,536 $ 25,583 $ 4,097 $ — $ 36,208 $ 8,935,424 The following table presents the aging of recorded investment in loans, including accruing and nonaccrual loans, as of December 31, 2019 (in thousands). Loans Past Due - Accruing and Nonaccrual 30 - 59 Days 60 - 89 Days > 90 Days (1) Total Current Loans PCI Loans Total Owner occupied commercial real estate $ 2,913 $ 2,007 $ 6,079 $ 10,999 $ 1,700,682 $ 8,546 $ 1,720,227 Income producing commercial real estate 562 706 401 1,669 1,979,053 27,228 2,007,950 Commercial & industrial 2,140 491 2,119 4,750 1,215,581 326 1,220,657 Commercial construction 1,867 557 96 2,520 966,833 6,862 976,215 Equipment financing 2,065 923 3,045 6,033 734,526 3,985 744,544 Total commercial 9,547 4,684 11,740 25,971 6,596,675 46,947 6,669,593 Residential mortgage 5,655 2,212 2,171 10,038 1,097,999 9,579 1,117,616 Home equity lines of credit 1,697 421 1,385 3,503 655,762 1,410 660,675 Residential construction 325 125 402 852 235,211 374 236,437 Consumer 668 181 27 876 127,020 336 128,232 Total loans $ 17,892 $ 7,623 $ 15,725 $ 41,240 $ 8,712,667 $ 58,646 $ 8,812,553 (1) Excluding PCI loans, substantially all loans more than 90 days past due were on nonaccrual status at December 31, 2019 . |
Schedule of nonaccrual loans by loan class | The following table presents nonaccrual loans by loan class for the periods indicated (in thousands) . CECL Incurred Loss March 31, 2020 December 31, 2019 Nonaccrual loans with no allowance Nonaccrual loans with an allowance Total Nonaccrual Loans Nonaccrual Loans Owner occupied commercial real estate $ 6,889 $ 3,516 $ 10,405 $ 10,544 Income producing commercial real estate 1,039 1,196 2,235 1,996 Commercial & industrial 1,332 1,837 3,169 2,545 Commercial construction 1,235 489 1,724 2,277 Equipment financing 43 2,396 2,439 3,141 Total commercial 10,538 9,434 19,972 20,503 Residential mortgage 3,163 9,295 12,458 10,567 Home equity lines of credit 962 2,048 3,010 3,173 Residential construction 130 410 540 939 Consumer 8 220 228 159 Total $ 14,801 $ 21,407 $ 36,208 $ 35,341 |
Schedule of risk category of loans by class of loans | Based on the most recent analysis performed, the risk category of loans by class of loans as of the date indicated is as follows (in thousands) . As of December 31, 2019 Pass Watch Substandard Doubtful / Loss Total Owner occupied commercial real estate $ 1,638,398 $ 24,563 $ 48,720 $ — $ 1,711,681 Income producing commercial real estate 1,914,524 40,676 25,522 — 1,980,722 Commercial & industrial 1,156,366 16,385 47,580 — 1,220,331 Commercial construction 960,251 2,298 6,804 — 969,353 Equipment financing 737,418 — 3,141 — 740,559 Total commercial 6,406,957 83,922 131,767 — 6,622,646 Residential mortgage 1,093,902 — 14,135 — 1,108,037 Home equity lines of credit 654,619 — 4,646 — 659,265 Residential construction 234,791 — 1,272 — 236,063 Consumer 127,507 8 381 — 127,896 Total loans, excluding PCI loans 8,517,776 83,930 152,201 — 8,753,907 Owner occupied commercial real estate 3,238 2,797 2,511 — 8,546 Income producing commercial real estate 19,648 6,305 1,275 — 27,228 Commercial & industrial 104 81 141 — 326 Commercial construction 3,628 590 2,644 — 6,862 Equipment financing 3,952 — 33 — 3,985 Total commercial 30,570 9,773 6,604 — 46,947 Residential mortgage 8,112 — 1,467 — 9,579 Home equity lines of credit 1,350 — 60 — 1,410 Residential construction 348 — 26 — 374 Consumer 303 — 33 — 336 Total PCI loans 40,683 9,773 8,190 — 58,646 Total loan portfolio $ 8,558,459 $ 93,703 $ 160,391 $ — $ 8,812,553 Based on the most recent analysis performed, the amortized cost of loans by risk category by vintage year as of the date indicated is as follows (in thousands) . As of March 31, 2020 Term Loans by Origination Year Revolvers Revolvers converted to term loans Total 2020 2019 2018 2017 2016 Prior Owner occupied commercial real estate: Pass $ 108,385 $ 402,541 $ 271,646 $ 236,178 $ 222,321 $ 287,441 $ 60,479 $ 28,008 $ 1,616,999 Watch 4,602 8,706 4,166 11,315 7,869 4,634 842 70 42,204 Substandard 3,320 8,582 2,903 12,650 3,739 8,613 3,215 759 43,781 Total owner occupied commercial real estate 116,307 419,829 278,715 260,143 233,929 300,688 64,536 28,837 1,702,984 Income producing commercial real estate: Pass 206,665 500,411 399,578 284,259 286,601 258,605 37,060 9,820 1,982,999 Watch 6,665 12,955 9,885 4,214 8,775 2,989 — 1,807 47,290 Substandard 10,632 13,890 2,662 4,117 228 2,577 — 107 34,213 Total income producing commercial real estate 223,962 527,256 412,125 292,590 295,604 264,171 37,060 11,734 2,064,502 Commercial & industrial Pass 87,261 267,166 240,535 125,838 93,442 63,150 361,419 9,674 1,248,485 Watch 1,066 807 2,725 620 883 53 16,140 147 22,441 Substandard 44 9,345 1,554 2,340 2,726 1,606 20,796 775 39,186 Total commercial & industrial 88,371 277,318 244,814 128,798 97,051 64,809 398,355 10,596 1,310,112 Commercial construction Pass 90,555 246,335 313,984 163,033 91,830 19,976 15,565 7,600 948,878 Watch 306 940 994 181 49 401 — — 2,871 Substandard 1,205 2,609 550 387 950 438 — 1,430 7,569 Total commercial construction 92,066 249,884 315,528 163,601 92,829 20,815 15,565 9,030 959,318 Equipment financing: Pass 124,870 353,441 187,366 67,279 21,377 3,510 — — 757,843 Substandard — 817 1,421 627 180 64 — — 3,109 Total equipment financing 124,870 354,258 188,787 67,906 21,557 3,574 — — 760,952 Residential mortgage: Pass 86,068 251,157 188,207 164,654 134,189 279,723 11 8,009 1,112,018 Substandard 832 2,103 2,927 1,520 891 7,337 — 360 15,970 Total residential mortgage 86,900 253,260 191,134 166,174 135,080 287,060 11 8,369 1,127,988 Home equity lines of credit Pass — — — — — — 645,874 18,111 663,985 Substandard — — — — — — 226 4,171 4,397 Total home equity lines of credit — — — — — — 646,100 22,282 668,382 Residential construction Pass 34,849 137,032 13,603 5,911 5,171 18,480 — 162 215,208 Substandard — 173 133 25 127 330 — — 788 Total residential construction 34,849 137,205 13,736 5,936 5,298 18,810 — 162 215,996 Consumer Pass 16,878 45,895 25,917 10,217 7,199 3,947 14,567 97 124,717 Watch — — — — — — 7 — 7 Substandard 26 71 82 74 69 52 91 1 466 Total consumer 16,904 45,966 25,999 10,291 7,268 3,999 14,665 98 125,190 Total loans Pass 755,531 2,203,978 1,640,836 1,057,369 862,130 934,832 1,134,975 81,481 8,671,132 Watch 12,639 23,408 17,770 16,330 17,576 8,077 16,989 2,024 114,813 Substandard 16,059 37,590 12,232 21,740 8,910 21,017 24,328 7,603 149,479 Total loans $ 784,229 $ 2,264,976 $ 1,670,838 $ 1,095,439 $ 888,616 $ 963,926 $ 1,176,292 $ 91,108 $ 8,935,424 |
Schedule of TDRs including the number of loan contracts restructured and the pre- and post-modification recorded investment | Loans modified under the terms of a TDR during the three months ended March 31, 2020 and 2019 are presented in the following table. In addition, the table presents loans modified under the terms of a TDR that defaulted (became 90 days or more delinquent) during the periods presented and were initially restructured within one year prior to default (dollars in thousands) . New TDRs Pre-modification Outstanding Amortized Cost Post-Modification Outstanding Amortized Cost by Type of Modification TDRs Modified Within the Previous Twelve Months That Have Subsequently Defaulted Number of Contracts Rate Reduction Structure Other Total Number of Contracts Amortized Cost Three Months Ended March 31, 2020 Owner occupied commercial real estate 1 $ 1,008 $ — $ — $ 990 $ 990 — $ — Income producing commercial real estate 3 235 — 67 165 232 — — Commercial & industrial — — — — — — 1 6 Commercial construction — — — — — — — — Equipment financing 7 434 — 434 — 434 — — Total commercial 11 1,677 — 501 1,155 1,656 1 6 Residential mortgage 5 302 — 278 — 278 — — Home equity lines of credit — — — — — — — — Residential construction — — — — — — — — Consumer 2 11 — — 11 11 1 3 Total loans 18 $ 1,990 $ — $ 779 $ 1,166 $ 1,945 2 $ 9 Three Months Ended March 31, 2019 Owner occupied commercial real estate — $ — $ — $ — $ — $ — — $ — Income producing commercial real estate 1 169 — 169 — 169 — — Commercial & industrial 1 7 — — 7 7 — — Commercial construction — — — — — — — — Equipment financing — — — — — — — — Total commercial 2 176 — 169 7 176 — — Residential mortgage 2 345 — 344 — 344 — — Home equity lines of credit — — — — — — — — Residential construction — — — — — — — — Consumer direct — — — — — — — — Indirect auto 6 66 — — 57 57 — — Total loans 10 $ 587 $ — $ 513 $ 64 $ 577 — $ — |
Schedule of balance and activity in the allowance for credit losses by portfolio segment | The following table presents the balance and activity in the ACL by portfolio segment for the periods indicated (in thousands) . CECL Incurred Loss 2020 2019 Three Months Ended March 31, December 31, 2019 Adoption of CECL January 1, 2020 Charge-Offs Recoveries (Release) Provision Ending Balance Beginning Charge- Recoveries (Release) Ending Owner occupied commercial real estate $ 11,404 $ (1,616 ) $ 9,788 $ (6 ) $ 1,034 $ 184 $ 11,000 $ 12,207 $ (5 ) $ 69 $ (397 ) $ 11,874 Income producing commercial real estate 12,306 (30 ) 12,276 (411 ) 141 4,578 16,584 11,073 (197 ) 20 230 11,126 Commercial & industrial 5,266 4,012 9,278 (7,561 ) 376 8,738 10,831 4,802 (1,519 ) 163 1,449 4,895 Commercial construction 9,668 (2,583 ) 7,085 — 141 2,330 9,556 10,337 (69 ) 394 (387 ) 10,275 Equipment financing 7,384 5,871 13,255 (1,863 ) 356 2,990 14,738 5,452 (1,424 ) 143 2,060 6,231 Residential mortgage 8,081 1,569 9,650 (284 ) 275 1,422 11,063 8,295 (61 ) 48 63 8,345 Home equity lines of credit 4,575 1,919 6,494 (20 ) 103 310 6,887 4,752 (337 ) 122 260 4,797 Residential construction 2,504 (1,771 ) 733 (22 ) 34 71 816 2,433 (4 ) 26 (65 ) 2,390 Consumer 901 (491 ) 410 (638 ) 231 427 430 853 (547 ) 207 324 837 Indirect auto — — — — — — — 999 (197 ) 38 32 872 Total allowance for credit losses - loans 62,089 6,880 68,969 (10,805 ) 2,691 21,050 81,905 61,203 (4,360 ) 1,230 3,569 61,642 Allowance for unfunded commitments 3,458 1,871 5,329 — — 1,141 6,470 3,410 — — (269 ) 3,141 Total allowance for credit losses $ 65,547 $ 8,751 $ 74,298 $ (10,805 ) $ 2,691 $ 22,191 $ 88,375 $ 64,613 $ (4,360 ) $ 1,230 $ 3,300 $ 64,783 The following tables represent the recorded investment in loans by portfolio segment and the balance of the allowance assigned to each segment based on the method of evaluating the loans for impairment as of December 31, 2019 (in thousands) . Loans Outstanding Allowance for Credit Losses Individually Collectively evaluated for impairment PCI Ending Balance Individually Collectively evaluated for impairment PCI Ending Balance Owner occupied commercial real estate $ 19,233 $ 1,692,448 $ 8,546 $ 1,720,227 $ 816 $ 10,483 $ 105 $ 11,404 Income producing commercial real estate 18,134 1,962,588 27,228 2,007,950 770 11,507 29 12,306 Commercial & industrial 1,449 1,218,882 326 1,220,657 21 5,193 52 5,266 Commercial construction 3,675 965,678 6,862 976,215 55 9,613 — 9,668 Equipment financing 1,027 739,532 3,985 744,544 — 7,240 144 7,384 Residential mortgage 15,991 1,092,046 9,579 1,117,616 782 7,296 3 8,081 Home equity lines of credit 992 658,273 1,410 660,675 16 4,541 18 4,575 Residential construction 1,256 234,807 374 236,437 47 2,456 1 2,504 Consumer 214 127,682 336 128,232 5 885 11 901 Total $ 61,971 $ 8,691,936 $ 58,646 $ 8,812,553 2,512 59,214 363 62,089 Allowance for unfunded commitments — 3,458 — 3,458 Total allowance for credit losses $ 2,512 $ 62,672 $ 363 $ 65,547 |
Schedule of recorded investments in individually evaluated impaired loans | The following table presents additional detail on loans individually evaluated for impairment under Incurred Loss by class as of December 31, 2019 (in thousands) . December 31, 2019 Unpaid Principal Balance Recorded Investment Allowance for Loan Losses Allocated With no related allowance recorded: Owner occupied commercial real estate $ 9,527 $ 8,118 $ — Income producing commercial real estate 5,159 4,956 — Commercial & industrial 1,144 890 — Commercial construction 2,458 2,140 — Equipment financing 1,027 1,027 — Total commercial 19,315 17,131 — Residential mortgage 7,362 6,436 — Home equity lines of credit 1,116 861 — Residential construction 731 626 — Consumer 66 53 — Total with no related allowance recorded 28,590 25,107 — With an allowance recorded: Owner occupied commercial real estate 11,136 11,115 816 Income producing commercial real estate 13,591 13,178 770 Commercial & industrial 559 559 21 Commercial construction 1,535 1,535 55 Equipment financing — — — Total commercial 26,821 26,387 1,662 Residential mortgage 9,624 9,555 782 Home equity lines of credit 146 131 16 Residential construction 643 630 47 Consumer 161 161 5 Total with an allowance recorded 37,395 36,864 2,512 Total $ 65,985 $ 61,971 $ 2,512 |
Schedule of average balances of impaired loans and income recognized on impaired loans | he average balances of impaired loans and income recognized on impaired loans while they were considered impaired under Incurred Loss are presented below for the period indicated (in thousands) . Three Months Ended March 31, 2019 Average Balance Interest Revenue Cash Basis Interest Revenue Received Owner occupied commercial real estate $ 17,410 $ 285 $ 284 Income producing commercial real estate 14,237 193 207 Commercial & industrial 1,716 19 19 Commercial construction 2,402 34 33 Equipment financing — — — Total commercial 35,765 531 543 Residential mortgage 15,502 168 174 Home equity lines of credit 258 4 3 Residential construction 1,408 24 23 Consumer 205 4 4 Indirect auto 1,190 14 14 Total $ 54,328 $ 745 $ 761 |
Reclassifications Out of Accu_2
Reclassifications Out of Accumulated Other Comprehensive Income (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Equity [Abstract] | |
Schedule of reclassifications out of accumulated other comprehensive income | The following table presents the details regarding amounts reclassified out of accumulated other comprehensive income for the periods indicated (in thousands) . Details about Accumulated Other Comprehensive Income Components Three Months Ended Affected Line Item in the Statement Where Net Income is Presented 2020 2019 Realized losses on available-for-sale securities: $ — $ (267 ) Securities losses, net — 68 Income tax benefit $ — $ (199 ) Net of tax Amortization of losses included in net income on available-for-sale securities transferred to held-to-maturity: $ (83 ) $ (84 ) Investment securities interest revenue 20 20 Income tax benefit $ (63 ) $ (64 ) Net of tax Amortization of losses included in net income on derivative financial instruments accounted for as cash flow hedges: Amortization of losses on de-designated positions $ — $ (102 ) Deposit interest expense — 26 Income tax benefit $ — $ (76 ) Net of tax Reclassifications related to defined benefit pension plan activity: Prior service cost $ (133 ) $ (159 ) Salaries and employee benefits expense Actuarial losses (81 ) (15 ) Other expense (214 ) (174 ) Total before tax 54 44 Income tax benefit $ (160 ) $ (130 ) Net of tax Total reclassifications for the period $ (223 ) $ (469 ) Net of tax Amounts shown above in parentheses reduce earnings. |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Earnings Per Share [Abstract] | |
Schedule of computation of basic and diluted earnings per share | The following table sets forth the computation of basic and diluted earnings per share for the periods indicated (in thousands, except per share data) . Three Months Ended 2020 2019 Net income $ 31,884 $ 44,262 Dividends and undistributed earnings allocated to unvested shares (243 ) (315 ) Net income available to common shareholders $ 31,641 $ 43,947 Weighted average shares outstanding: Basic 79,340 79,807 Effect of dilutive securities Stock options — 3 Restricted stock units 106 3 Diluted 79,446 79,813 Net income per common share: Basic $ 0.40 $ 0.55 Diluted $ 0.40 $ 0.55 |
Derivatives and Hedging Activ_2
Derivatives and Hedging Activities (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Schedule of fair value of derivative financial instruments | 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) : March 31, 2020 December 31, 2019 Derivative Asset Derivative Liability Derivative Asset Derivative Liability Derivatives designated as hedging instruments: Fair value hedge of brokered time deposits $ — $ 144 $ — $ 880 Total $ — $ 144 $ — $ 880 Derivatives not designated as hedging instruments: Customer derivative positions $ 74,793 $ 33 $ 27,277 $ 446 Dealer offsets to customer derivative positions 33 20,318 394 6,425 Risk participations — 28 — 12 Mortgage banking - loan commitment 7,361 — 1,970 — Mortgage banking - forward sales commitment 481 4,281 98 86 Bifurcated embedded derivatives — 538 5,268 — Dealer offsets to bifurcated embedded derivatives — 2,007 — 7,667 Total $ 82,668 $ 27,205 $ 35,007 $ 14,636 Total derivatives $ 82,668 $ 27,349 $ 35,007 $ 15,516 Total gross derivative instruments $ 82,668 $ 27,349 $ 35,007 $ 15,516 Less: Amounts subject to master netting agreements (50 ) (50 ) (401 ) (401 ) Less: Cash collateral received/pledged — (23,718 ) — (14,933 ) Net amount $ 82,618 $ 3,581 $ 34,606 $ 182 |
Schedule of effect of derivatives in fair value hedging relationships on the consolidated statement of income | The table below presents the effect of derivatives in fair value hedging relationships on the consolidated statement of income for the periods indicated (in thousands) . Interest expense - deposits Three Months Ended March 31, 2020 2019 Total amounts presented in the consolidated statements of income $ 15,075 $ 15,957 Gains (losses) on fair value hedging relationships: Interest rate contracts: Amounts related to interest settlements on derivatives (75 ) (101 ) Recognized on derivatives 1,062 451 Recognized on hedged items (982 ) (462 ) Net income (expense) recognized on fair value hedges $ 5 $ (112 ) |
Schedule of carrying amount and cumulative fair value hedging adjustments on hedged liability | The table below presents the carrying amount of hedged fixed-rate brokered time deposits and cumulative fair value hedging adjustments included in the carrying amount of the hedged liability for the periods presented (in thousands) . March 31, 2020 December 31, 2019 Balance Sheet Location Carrying amount of Assets (Liabilities) Hedge Accounting Basis Adjustment Carrying amount of Assets (Liabilities) Hedge Accounting Basis Adjustment Deposits $ (27,017 ) $ (324 ) $ (35,880 ) $ 645 |
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 for the periods indicated (in thousands) . Location of Gain (Loss) Recognized in Income on Derivative Amount of Gain (Loss) Recognized in Income on Derivative 2020 2019 Three Months Ended March 31, Customer derivatives and dealer offsets Other noninterest income $ 1,424 $ 503 Bifurcated embedded derivatives and dealer offsets Other noninterest income (195 ) 218 De-designated hedges Other noninterest income — (193 ) Mortgage banking derivatives Mortgage loan revenue (829 ) (190 ) Risk participations Other noninterest income (17 ) 2 $ 383 $ 340 |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Share-based Payment Arrangement [Abstract] | |
Schedule of stock option activity | The following table shows stock option activity for the first three months of 2020 . Options Shares Weighted- Average Exercise Price Weighted- Average Remaining Contractual Term (Years) Aggregate Outstanding at December 31, 2019 1,500 $ 27.95 Expired (500 ) 22.95 Outstanding at March 31, 2020 1,000 30.45 0.04 $ — Exercisable at March 31, 2020 1,000 30.45 0.04 — |
Schedule of restricted stock units activity | The table below presents restricted stock unit activity for the first three months of 2020 . Restricted Stock Unit Awards Shares Weighted- Average Grant- Date Fair Value Weighted- Average Remaining Contractual Term (Years) Aggregate Outstanding at December 31, 2019 808,424 $ 27.94 Granted 38,988 25.39 Vested (64,912 ) 27.83 $ 1,870 Cancelled (17,672 ) 26.44 Outstanding at March 31, 2020 764,828 27.85 4.0 14,004 |
Assets and Liabilities Measur_2
Assets and Liabilities Measured at Fair Value (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Fair Value Disclosures [Abstract] | |
Schedule of assets and liabilities measured at fair value on a recurring basis | The table below presents United’s assets and liabilities measured at fair value on a recurring basis as of the dates indicated, aggregated by the level in the fair value hierarchy within which those measurements fall (in thousands) . March 31, 2020 Level 1 Level 2 Level 3 Total Assets: Debt securities available-for-sale: U.S. Treasuries $ 158,964 $ — $ — $ 158,964 U.S. Government agencies — 2,967 — 2,967 State and political subdivisions — 227,681 — 227,681 Residential mortgage-backed securities — 1,297,591 — 1,297,591 Commercial mortgage-backed securities — 267,789 — 267,789 Corporate bonds — 190,785 — 190,785 Asset-backed securities — 104,099 — 104,099 Equity securities with readily available fair values 1,338 — — 1,338 Mortgage loans held for sale — 89,959 — 89,959 Deferred compensation plan assets 7,537 — — 7,537 Servicing rights for SBA/USDA loans — — 6,290 6,290 Residential mortgage servicing rights — — 11,059 11,059 Derivative financial instruments — 75,307 7,361 82,668 Total assets $ 167,839 $ 2,256,178 $ 24,710 $ 2,448,727 Liabilities: Deferred compensation plan liability $ 7,549 $ — $ — $ 7,549 Derivative financial instruments — 24,632 2,717 27,349 Total liabilities $ 7,549 $ 24,632 $ 2,717 $ 34,898 December 31, 2019 Level 1 Level 2 Level 3 Total Assets: Debt securities available-for-sale U.S. Treasuries $ 154,618 $ — $ — $ 154,618 U.S. Agencies — 3,035 — 3,035 State and political subdivisions — 226,490 — 226,490 Residential mortgage-backed securities — 1,299,025 — 1,299,025 Commercial mortgage-backed securities — 284,953 — 284,953 Corporate bonds — 202,093 998 203,091 Asset-backed securities — 103,369 — 103,369 Equity securities with readily available fair values 1,973 — — 1,973 Mortgage loans held for sale — 58,484 — 58,484 Deferred compensation plan assets 8,133 — — 8,133 Servicing rights for SBA/USDA loans — — 6,794 6,794 Residential mortgage servicing rights — — 13,565 13,565 Derivative financial instruments — 27,769 7,238 35,007 Total assets $ 164,724 $ 2,205,218 $ 28,595 $ 2,398,537 Liabilities: Deferred compensation plan liability $ 8,132 $ — $ — $ 8,132 Derivative financial instruments — 6,957 8,559 15,516 Total liabilities $ 8,132 $ 6,957 $ 8,559 $ 23,648 |
Schedule of assets measured at fair value on a recurring basis using significant unobservable inputs | The following table shows a reconciliation of the beginning and ending balances for the periods indicated for assets measured at fair value on a recurring basis using significant unobservable inputs that are classified as Level 3 values (in thousands) . 2020 2019 Derivative Asset Derivative Liability Servicing rights for SBA/USDA loans Residential mortgage servicing rights Debt Securities Available-for-Sale Derivative Derivative Servicing rights for SBA/USDA loans Residential mortgage servicing rights Debt Securities Available-for-Sale Three Months Ended March 31, Balance at beginning of period $ 7,238 $ 8,559 $ 6,794 $ 13,565 $ 998 $ 11,841 $ 15,732 $ 7,510 $ 11,877 $ 995 Additions — — 95 2,115 — — — 375 863 — Sales and settlements — — (307 ) (493 ) (1,000 ) (1,135 ) (2,330 ) (363 ) (150 ) — Other comprehensive income — — — — 2 — — — — — Amounts included in earnings - fair value adjustments 123 (5,842 ) (292 ) (4,128 ) — (1,145 ) (1,958 ) (121 ) (1,143 ) — Balance at end of period $ 7,361 $ 2,717 $ 6,290 $ 11,059 $ — $ 9,561 $ 11,444 $ 7,401 $ 11,447 $ 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 as of the dates indicated (in thousands) . Fair Value Weighted Average Level 3 Assets and Liabilities March 31, December 31, 2019 Valuation Technique March 31, December 31, 2019 Unobservable Inputs Servicing rights for SBA/USDA loans $ 6,290 $ 6,794 Discounted cash flow Discount rate 12.0 % 12.3 % Prepayment rate 17.1 % 16.5 % Residential mortgage servicing rights 11,059 13,565 Discounted cash flow Discount rate 10.0 % 10.0 % Prepayment rate 19.3 % 14.1 % Corporate bonds — 998 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 7,361 1,970 Internal model Pull through rate 80.5 % 83.6 % Derivative assets - other — 5,268 Dealer priced Dealer priced N/A N/A Derivative liabilities - risk participations 28 12 Internal model Probable exposure rate 0.15 % 0.36 % Probability of default rate 1.80 % 1.80 % Derivative liabilities - other 2,689 8,547 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 March 31, 2020 and December 31, 2019 , for which a nonrecurring fair value adjustment was recorded during the year-to-date periods presented (in thousands) . Level 1 Level 2 Level 3 Total March 31, 2020 Loans $ — $ — $ 3,909 $ 3,909 December 31, 2019 Loans $ — $ — $ 20,977 $ 20,977 |
Schedule of carrying amount and fair values for other financial instruments that are not measured at fair value on a recurring basis | The carrying amount and fair values as of the dates indicated for other financial instruments that are not measured at fair value on a recurring basis are as follows (in thousands) . Fair Value Level Carrying Amount Level 1 Level 2 Level 3 Total March 31, 2020 Assets: Securities held-to-maturity $ 290,404 $ — $ 301,595 $ — $ 301,595 Loans and leases, net 8,853,519 — — 8,690,538 8,690,538 Liabilities: Deposits 11,034,926 — 11,037,183 — 11,037,183 Long-term debt 212,849 — — 213,940 213,940 December 31, 2019 Assets: Securities held-to-maturity $ 283,533 $ — $ 287,904 $ — $ 287,904 Loans and leases, net 8,750,464 — — 8,714,592 8,714,592 Liabilities: Deposits 10,897,244 — 10,897,465 — 10,897,465 Long-term debt 212,664 — — 217,665 217,665 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of contractual amount of off-balance sheet instruments | The following table summarizes the contractual amount of off-balance sheet instruments as of the dates indicated (in thousands) . March 31, 2020 December 31, 2019 Financial instruments whose contract amounts represent credit risk: Commitments to extend credit $ 2,079,644 $ 2,126,275 Letters of credit 24,705 22,533 |
Regulatory Matters (Tables)
Regulatory Matters (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Banking and Thrift [Abstract] | |
Schedule of minimum amounts required for capital adequacy purposes | Regulatory capital ratios at March 31, 2020 and December 31, 2019 , 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 (1) Well Capitalized March 31, 2020 December 31, 2019 March 31, 2020 December 31, 2019 Risk-based ratios: Common equity tier 1 capital 4.5 % 6.5 % 12.85 % 12.97 % 13.58 % 14.87 % Tier 1 capital 6.0 8.0 13.09 13.21 13.58 14.87 Total capital 8.0 10.0 14.93 15.01 14.30 15.54 Leverage ratio 4.0 5.0 10.40 10.34 10.78 11.63 Common equity tier 1 capital $ 1,283,068 $ 1,275,148 $ 1,351,820 $ 1,458,720 Tier 1 capital 1,307,318 1,299,398 1,351,820 1,458,720 Total capital 1,490,998 1,476,302 1,424,147 1,524,267 Risk-weighted assets 9,983,839 9,834,051 9,957,388 9,810,477 Average total assets for the leverage ratio 12,570,521 12,568,563 12,538,532 12,545,254 (1) As of March 31, 2020 and December 31, 2019 the additional capital conservation buffer in effect was 2.50% |
Accounting Policies (Details)
Accounting Policies (Details) - USD ($) | Mar. 31, 2020 | Dec. 31, 2019 |
Marketable Securities [Line Items] | ||
Accrued interest receivable | $ 31,570,000 | $ 32,660,000 |
Allowance for credit losses, held-to-maturity portfolio | 0 | |
Allowance for credit losses, available-for-sale portfolio | 0 | |
Held-to-maturity debt securities | ||
Marketable Securities [Line Items] | ||
Accrued interest receivable | 1,070,000 | |
Available-for-sale debt securities | ||
Marketable Securities [Line Items] | ||
Accrued interest receivable | 8,830,000 | |
Loans receivable | ||
Marketable Securities [Line Items] | ||
Accrued interest receivable | $ 21,200,000 |
Accounting Standards Updates _2
Accounting Standards Updates and Recently Adopted Standards (Details) - USD ($) $ in Thousands | Jan. 01, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Mar. 31, 2019 | Dec. 31, 2018 |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Increase in ACL | $ 88,375 | $ 65,547 | $ 64,783 | $ 64,613 | |
Increase in ACL for loans | 81,905 | 62,089 | 61,642 | 61,203 | |
Increase in ACL for unfunded commitments | 6,470 | 3,458 | 3,141 | 3,410 | |
Reduction in equity | (1,640,612) | (1,635,692) | (1,508,158) | (1,457,554) | |
Adoption of CECL | |||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Increase in ACL | 8,751 | ||||
Increase in ACL for loans | 6,880 | ||||
Increase in ACL for unfunded commitments | 1,871 | ||||
Reduction in equity | 3,529 | 549 | |||
Adoption of CECL | ASC 326 | |||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Increase in ACL | 8,750 | ||||
Increase in ACL for loans | 6,880 | ||||
Increase in ACL for unfunded commitments | 1,870 | ||||
Increase reclassified from amortized cost basis of PCD financial assets previously classified as PCI | $ 3,590 | ||||
Retained earnings | |||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Reduction in equity | $ (54,206) | (40,152) | $ 59,573 | 90,419 | |
Retained earnings | Adoption of CECL | |||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Reduction in equity | $ 3,529 | $ 549 | |||
Retained earnings | Adoption of CECL | ASC 326 | |||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Reduction in equity | $ 3,530 |
Securities - Amortized cost, gr
Securities - Amortized cost, gross unrealized gains and losses, and fair value of debt securities held-to-maturity (Details) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Held-to-maturity securities: | ||
Amortized Cost | $ 290,404 | $ 283,533 |
Gross Unrealized Gains | 11,258 | 5,215 |
Gross Unrealized Losses | 67 | 844 |
Fair Value | 301,595 | 287,904 |
State and political subdivisions | ||
Held-to-maturity securities: | ||
Amortized Cost | 61,083 | 45,479 |
Gross Unrealized Gains | 3,377 | 1,574 |
Gross Unrealized Losses | 0 | 9 |
Fair Value | 64,460 | 47,044 |
Residential mortgage-backed securities, Agency | ||
Held-to-maturity securities: | ||
Amortized Cost | 145,793 | 153,967 |
Gross Unrealized Gains | 4,711 | 2,014 |
Gross Unrealized Losses | 14 | 694 |
Fair Value | 150,490 | 155,287 |
Commercial mortgage-backed, Agency | ||
Held-to-maturity securities: | ||
Amortized Cost | 83,528 | 84,087 |
Gross Unrealized Gains | 3,170 | 1,627 |
Gross Unrealized Losses | 53 | 141 |
Fair Value | $ 86,645 | $ 85,573 |
Securities - Amortized cost, _2
Securities - Amortized cost, gross unrealized gains and losses, and fair value of debt securities available-for-sale (Details) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Debt securities available for sale and equity securities: | ||
Amortized Cost | $ 2,202,217 | $ 2,240,607 |
Gross Unrealized Gains | 57,788 | 36,982 |
Gross Unrealized Losses | 10,129 | 3,008 |
Fair Value | 2,249,876 | 2,274,581 |
U.S. Treasuries | ||
Debt securities available for sale and equity securities: | ||
Amortized Cost | 153,219 | 152,990 |
Gross Unrealized Gains | 5,745 | 1,628 |
Gross Unrealized Losses | 0 | 0 |
Fair Value | 158,964 | 154,618 |
U.S. Government agencies | ||
Debt securities available for sale and equity securities: | ||
Amortized Cost | 2,777 | 2,848 |
Gross Unrealized Gains | 190 | 188 |
Gross Unrealized Losses | 0 | 1 |
Fair Value | 2,967 | 3,035 |
State and political subdivisions | ||
Debt securities available for sale and equity securities: | ||
Amortized Cost | 214,191 | 214,677 |
Gross Unrealized Gains | 13,507 | 11,813 |
Gross Unrealized Losses | 17 | 0 |
Fair Value | 227,681 | 226,490 |
Residential mortgage-backed securities, Agency | ||
Debt securities available for sale and equity securities: | ||
Amortized Cost | 1,008,944 | 1,030,948 |
Gross Unrealized Gains | 29,264 | 12,022 |
Gross Unrealized Losses | 459 | 726 |
Fair Value | 1,037,749 | 1,042,244 |
Residential mortgage-backed securities, Non-agency | ||
Debt securities available for sale and equity securities: | ||
Amortized Cost | 260,638 | 250,550 |
Gross Unrealized Gains | 2,095 | 6,231 |
Gross Unrealized Losses | 2,891 | 0 |
Fair Value | 259,842 | 256,781 |
Commercial mortgage-backed, Agency | ||
Debt securities available for sale and equity securities: | ||
Amortized Cost | 261,836 | 266,770 |
Gross Unrealized Gains | 5,982 | 2,261 |
Gross Unrealized Losses | 29 | 128 |
Fair Value | 267,789 | 268,903 |
Commercial mortgage-backed, Non-agency | ||
Debt securities available for sale and equity securities: | ||
Amortized Cost | 15,395 | |
Gross Unrealized Gains | 918 | |
Gross Unrealized Losses | 263 | |
Fair Value | 16,050 | |
Corporate bonds | ||
Debt securities available for sale and equity securities: | ||
Amortized Cost | 191,070 | 202,131 |
Gross Unrealized Gains | 665 | 1,178 |
Gross Unrealized Losses | 950 | 218 |
Fair Value | 190,785 | 203,091 |
Asset-backed securities | ||
Debt securities available for sale and equity securities: | ||
Amortized Cost | 109,542 | 104,298 |
Gross Unrealized Gains | 340 | 743 |
Gross Unrealized Losses | 5,783 | 1,672 |
Fair Value | $ 104,099 | $ 103,369 |
Securities - Narrative (Details
Securities - Narrative (Details) | 3 Months Ended | ||
Mar. 31, 2019USD ($) | Mar. 31, 2020USD ($)security | Dec. 31, 2019USD ($) | |
Investments, Debt and Equity Securities [Abstract] | |||
Carrying value of securities pledged to secure public deposits, derivatives and other secured borrowings | $ 559,000,000 | $ 918,000,000 | |
Number of available-for-sale securities in unrealized loss position | security | 58 | ||
Number of held-to-maturity securities in unrealized loss position | security | 6 | ||
Other-than-temporary impairment charges | $ 0 | ||
Allowance for credit losses, held-to-maturity portfolio | $ 0 | ||
Allowance for credit losses, available-for-sale portfolio | $ 0 |
Securities - Summary of debt se
Securities - Summary of debt securites held-to-maturity in unrealized loss position (Details) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Summary of held to maturity securities in an unrealized loss position | ||
Fair Value, Less than 12 Months | $ 1,589 | $ 48,007 |
Unrealized Loss, Less than 12 Months | 11 | 160 |
Fair Value, 12 Months or More | 1,907 | 49,922 |
Unrealized Loss, 12 Months or More | 56 | 684 |
Fair Value, Total | 3,496 | 97,929 |
Unrealized Loss, Total | 67 | 844 |
State and political subdivisions | ||
Summary of held to maturity securities in an unrealized loss position | ||
Fair Value, Less than 12 Months | 10,117 | |
Unrealized Loss, Less than 12 Months | 9 | |
Fair Value, 12 Months or More | 0 | |
Unrealized Loss, 12 Months or More | 0 | |
Fair Value, Total | 10,117 | |
Unrealized Loss, Total | 9 | |
Residential mortgage-backed securities, Agency | ||
Summary of held to maturity securities in an unrealized loss position | ||
Fair Value, Less than 12 Months | 1,589 | 16,049 |
Unrealized Loss, Less than 12 Months | 11 | 64 |
Fair Value, 12 Months or More | 440 | 48,237 |
Unrealized Loss, 12 Months or More | 3 | 630 |
Fair Value, Total | 2,029 | 64,286 |
Unrealized Loss, Total | 14 | 694 |
Commercial mortgage-backed, Agency | ||
Summary of held to maturity securities in an unrealized loss position | ||
Fair Value, Less than 12 Months | 0 | 21,841 |
Unrealized Loss, Less than 12 Months | 0 | 87 |
Fair Value, 12 Months or More | 1,467 | 1,685 |
Unrealized Loss, 12 Months or More | 53 | 54 |
Fair Value, Total | 1,467 | 23,526 |
Unrealized Loss, Total | $ 53 | $ 141 |
Securities - Summary of debt _2
Securities - Summary of debt securities available-for-sale in unrealized loss position (Details) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Summary of available for sale securities in an unrealized loss position | ||
Fair Value, Less than 12 Months | $ 323,118 | $ 281,051 |
Unrealized Loss, Less than 12 Months | 5,581 | 1,418 |
Fair Value, 12 Months or More | 60,878 | 96,663 |
Unrealized Loss, 12 Months or More | 4,548 | 1,590 |
Fair Value, Total | 383,996 | 377,714 |
Unrealized Loss, Total | 10,129 | 3,008 |
State and political subdivisions | ||
Summary of available for sale securities in an unrealized loss position | ||
Fair Value, Less than 12 Months | 15,009 | |
Unrealized Loss, Less than 12 Months | 17 | |
Fair Value, 12 Months or More | 0 | |
Unrealized Loss, 12 Months or More | 0 | |
Fair Value, Total | 15,009 | |
Unrealized Loss, Total | 17 | |
U.S. Government agencies | ||
Summary of available for sale securities in an unrealized loss position | ||
Fair Value, Less than 12 Months | 404 | |
Unrealized Loss, Less than 12 Months | 1 | |
Fair Value, 12 Months or More | 0 | |
Unrealized Loss, 12 Months or More | 0 | |
Fair Value, Total | 404 | |
Unrealized Loss, Total | 1 | |
Residential mortgage-backed securities, Agency | ||
Summary of available for sale securities in an unrealized loss position | ||
Fair Value, Less than 12 Months | 32,736 | 228,611 |
Unrealized Loss, Less than 12 Months | 454 | 576 |
Fair Value, 12 Months or More | 1,856 | 18,294 |
Unrealized Loss, 12 Months or More | 5 | 150 |
Fair Value, Total | 34,592 | 246,905 |
Unrealized Loss, Total | 459 | 726 |
Residential mortgage-backed securities, Non-agency | ||
Summary of available for sale securities in an unrealized loss position | ||
Fair Value, Less than 12 Months | 151,965 | |
Unrealized Loss, Less than 12 Months | 2,891 | |
Fair Value, 12 Months or More | 0 | |
Unrealized Loss, 12 Months or More | 0 | |
Fair Value, Total | 151,965 | |
Unrealized Loss, Total | 2,891 | |
Commercial mortgage-backed, Agency | ||
Summary of available for sale securities in an unrealized loss position | ||
Fair Value, Less than 12 Months | 8,655 | 0 |
Unrealized Loss, Less than 12 Months | 29 | 0 |
Fair Value, 12 Months or More | 0 | 33,517 |
Unrealized Loss, 12 Months or More | 0 | 128 |
Fair Value, Total | 8,655 | 33,517 |
Unrealized Loss, Total | 29 | 128 |
Commercial mortgage-backed, Non-agency | ||
Summary of available for sale securities in an unrealized loss position | ||
Fair Value, Less than 12 Months | 0 | |
Unrealized Loss, Less than 12 Months | 0 | |
Fair Value, 12 Months or More | 4,864 | |
Unrealized Loss, 12 Months or More | 263 | |
Fair Value, Total | 4,864 | |
Unrealized Loss, Total | 263 | |
Corporate bonds | ||
Summary of available for sale securities in an unrealized loss position | ||
Fair Value, Less than 12 Months | 94,040 | 19,742 |
Unrealized Loss, Less than 12 Months | 950 | 216 |
Fair Value, 12 Months or More | 0 | 998 |
Unrealized Loss, 12 Months or More | 0 | 2 |
Fair Value, Total | 94,040 | 20,740 |
Unrealized Loss, Total | 950 | 218 |
Asset-backed securities | ||
Summary of available for sale securities in an unrealized loss position | ||
Fair Value, Less than 12 Months | 20,713 | 32,294 |
Unrealized Loss, Less than 12 Months | 1,240 | 625 |
Fair Value, 12 Months or More | 59,022 | 38,990 |
Unrealized Loss, 12 Months or More | 4,543 | 1,047 |
Fair Value, Total | 79,735 | 71,284 |
Unrealized Loss, Total | $ 5,783 | $ 1,672 |
Securities - Summary of availab
Securities - Summary of available-for-sale securities sales activity (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Investments, Debt and Equity Securities [Abstract] | ||
Proceeds from sales | $ 1,000 | $ 178,604 |
Gross gains on sales | 0 | 1,287 |
Gross losses on sales | 0 | (1,554) |
Net losses on sales of securities | 0 | (267) |
Income tax benefit attributable to sales | $ 0 | $ (68) |
Securities - Amortized cost and
Securities - Amortized cost and fair value of held-to-maturity and available-for-sale securities by contractual maturity (Details) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Available-for-Sale, Amortized Cost | ||
Amortized Cost | $ 2,202,217 | $ 2,240,607 |
Available-for-Sale, Fair Value | ||
Fair Value | 2,249,876 | 2,274,581 |
Held-to-Maturity, Amortized Cost | ||
Amortized Cost | 290,404 | 283,533 |
Held-to-Maturity, Fair Value | ||
Fair value | 301,595 | 287,904 |
U.S. Treasuries | ||
Available-for-Sale, Amortized Cost | ||
Available-for-Sale, Amortized Cost, Within 1 year | 29,967 | |
Available-for-Sale, Amortized Cost, 1 to 5 years | 123,252 | |
Amortized Cost | 153,219 | 152,990 |
Available-for-Sale, Fair Value | ||
Available-for-Sale, Fair Value, Within 1 year | 30,035 | |
Available-for-Sale, Fair Value, 1 to 5 years | 128,929 | |
Fair Value | 158,964 | 154,618 |
Held-to-Maturity, Amortized Cost | ||
Held-to-Maturity, Amortized Cost, Within 1 year | 0 | |
Held-to-Maturity, Amortized Cost, 1 to 5 years | 0 | |
Amortized Cost | 0 | |
Held-to-Maturity, Fair Value | ||
Held-to-Maturity, Fair Value, Within 1 year | 0 | |
Held-to-Maturity, Fair Value, 1 to 5 years | 0 | |
Fair value | 0 | |
U.S. Government agencies | ||
Available-for-Sale, Amortized Cost | ||
Available-for-Sale, Amortized Cost, 1 to 5 years | 354 | |
Available-for-Sale, Amortized Cost, More than 10 years | 2,423 | |
Amortized Cost | 2,777 | 2,848 |
Available-for-Sale, Fair Value | ||
Available-for-Sale, Fair Value, 1 to 5 years | 358 | |
Available-for-Sale, Fair Value, More than 10 years | 2,609 | |
Fair Value | 2,967 | 3,035 |
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 | 935 | |
Available-for-Sale, Amortized Cost, 1 to 5 years | 54,097 | |
Available-for-Sale, Amortized Cost, 5 to 10 years | 24,255 | |
Available-for-Sale, Amortized Cost, More than 10 years | 134,904 | |
Amortized Cost | 214,191 | 214,677 |
Available-for-Sale, Fair Value | ||
Available-for-Sale, Fair Value, Within 1 year | 935 | |
Available-for-Sale, Fair Value, 1 to 5 years | 55,202 | |
Available-for-Sale, Fair Value, 5 to 10 years | 25,802 | |
Available-for-Sale, Fair Value, More than 10 years | 145,742 | |
Fair Value | 227,681 | 226,490 |
Held-to-Maturity, Amortized Cost | ||
Held-to-Maturity, Amortized Cost, Within 1 year | 1,350 | |
Held-to-Maturity, Amortized Cost, 1 to 5 years | 11,759 | |
Held-to-Maturity, Amortized Cost, 5 to 10 years | 13,323 | |
Held-to-Maturity, Amortized Cost, More than 10 years | 34,651 | |
Amortized Cost | 61,083 | 45,479 |
Held-to-Maturity, Fair Value | ||
Held-to-Maturity, Fair Value, Within 1 year | 1,363 | |
Held-to-Maturity, Fair Value, 1 to 5 years | 12,421 | |
Held-to-Maturity, Fair Value, 5 to 10 years | 14,714 | |
Held-to-Maturity, Fair Value, More than 10 years | 35,962 | |
Fair value | 64,460 | 47,044 |
Corporate bonds | ||
Available-for-Sale, Amortized Cost | ||
Available-for-Sale, Amortized Cost, Within 1 year | 160,000 | |
Available-for-Sale, Amortized Cost, 1 to 5 years | 27,570 | |
Available-for-Sale, Amortized Cost, 5 to 10 years | 3,500 | |
Amortized Cost | 191,070 | 202,131 |
Available-for-Sale, Fair Value | ||
Available-for-Sale, Fair Value, Within 1 year | 159,258 | |
Available-for-Sale, Fair Value, 1 to 5 years | 27,835 | |
Available-for-Sale, Fair Value, 5 to 10 years | 3,692 | |
Fair Value | 190,785 | 203,091 |
Held-to-Maturity, Amortized Cost | ||
Held-to-Maturity, Amortized Cost, Within 1 year | 0 | |
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, Within 1 year | 0 | |
Held-to-Maturity, Fair Value, 1 to 5 years | 0 | |
Held-to-Maturity, Fair Value, 5 to 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 | 190,902 | |
Available-for-Sale, Amortized Cost, 1 to 5 years | 205,273 | |
Available-for-Sale, Amortized Cost, 5 to 10 years | 27,755 | |
Available-for-Sale, Amortized Cost, More than 10 years | 137,327 | |
Available-for-Sale, Fair Value | ||
Available-for-Sale, Fair Value, Within 1 year | 190,228 | |
Available-for-Sale, Fair Value, 1 to 5 years | 212,324 | |
Available-for-Sale, Fair Value, 5 to 10 years | 29,494 | |
Available-for-Sale, Fair Value, More than 10 years | 148,351 | |
Held-to-Maturity, Amortized Cost | ||
Held-to-Maturity, Amortized Cost, Within 1 year | 1,350 | |
Held-to-Maturity, Amortized Cost, 1 to 5 years | 11,759 | |
Held-to-Maturity, Amortized Cost, 5 to 10 years | 13,323 | |
Held-to-Maturity, Amortized Cost, More than 10 years | 34,651 | |
Held-to-Maturity, Fair Value | ||
Held-to-Maturity, Fair Value, Within 1 year | 1,363 | |
Held-to-Maturity, Fair Value, 1 to 5 years | 12,421 | |
Held-to-Maturity, Fair Value, 5 to 10 years | 14,714 | |
Held-to-Maturity, Fair Value, More than 10 years | 35,962 | |
Asset-backed securities | ||
Available-for-Sale, Amortized Cost | ||
Amortized Cost | 109,542 | 104,298 |
Available-for-Sale, Fair Value | ||
Fair Value | 104,099 | $ 103,369 |
Held-to-Maturity, Amortized Cost | ||
Amortized Cost | 0 | |
Held-to-Maturity, Fair Value | ||
Fair value | 0 | |
Residential mortgage-backed securities | ||
Available-for-Sale, Amortized Cost | ||
Amortized Cost | 1,269,582 | |
Available-for-Sale, Fair Value | ||
Fair Value | 1,297,591 | |
Held-to-Maturity, Amortized Cost | ||
Amortized Cost | 145,793 | |
Held-to-Maturity, Fair Value | ||
Fair value | 150,490 | |
Commercial mortgage-backed securities | ||
Available-for-Sale, Amortized Cost | ||
Amortized Cost | 261,836 | |
Available-for-Sale, Fair Value | ||
Fair Value | 267,789 | |
Held-to-Maturity, Amortized Cost | ||
Amortized Cost | 83,528 | |
Held-to-Maturity, Fair Value | ||
Fair value | $ 86,645 |
Loans and Leases and Allowanc_3
Loans and Leases and Allowance for Credit Losses - Narrative (Details) - USD ($) | 3 Months Ended | ||
Mar. 31, 2020 | Mar. 31, 2019 | Dec. 31, 2019 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Pledged as collateral to secure contingent funding sources | $ 4,150,000,000 | $ 4,060,000,000 | |
Net investment in leases | 37,560,000 | 37,378,000 | |
Carrying value of purchased credit impaired loans | 58,646,000 | ||
Gross additional interest revenue that would have been earned if the nonaccrual loans had performed as per original terms | 468,000 | $ 378,000 | |
TDRs | 53,700,000 | 54,200,000 | |
Allocated allowance for TDRs | 1,510,000 | 2,510,000 | |
Commitments to lend additional amounts to customers with outstanding loans classified as TDRs | 0 | 0 | |
Amount of loans | 8,853,519,000 | 8,750,464,000 | |
SBA/USDA guaranteed loans | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans sold | 4,030,000 | $ 17,100,000 | |
Equipment financing | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans sold | 22,200,000 | ||
Loans receivable | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Carrying value of purchased credit impaired loans | 58,646,000 | ||
Unpaid principal balance of purchased credit impaired (PCI) loans | $ 83,100,000 | ||
Performing | Short-term deferrals | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Amount of loans | $ 164,000,000 |
Loans and Leases and Allowanc_4
Loans and Leases and Allowance for Credit Losses - Major classifications of loans (Details) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 | Mar. 31, 2019 | Dec. 31, 2018 |
Classifications of loans | ||||
Total loans | $ 8,935,424 | $ 8,812,553 | ||
Less allowance for credit losses - loans | (81,905) | (62,089) | $ (61,642) | $ (61,203) |
Loans and leases, net | 8,853,519 | 8,750,464 | ||
Commercial | Owner occupied commercial real estate | ||||
Classifications of loans | ||||
Total loans | 1,702,984 | |||
Commercial | Income producing commercial real estate | ||||
Classifications of loans | ||||
Total loans | 2,064,502 | |||
Commercial | Commercial & industrial | ||||
Classifications of loans | ||||
Total loans | 1,310,112 | |||
Commercial | Construction | ||||
Classifications of loans | ||||
Total loans | 959,318 | |||
Commercial | Equipment financing | ||||
Classifications of loans | ||||
Total loans | 760,952 | |||
Residential | Residential mortgage | ||||
Classifications of loans | ||||
Total loans | 1,127,988 | |||
Residential | Home equity lines of credit | ||||
Classifications of loans | ||||
Total loans | 668,382 | |||
Residential | Construction | ||||
Classifications of loans | ||||
Total loans | 215,996 | |||
Consumer | ||||
Classifications of loans | ||||
Total loans | 125,190 | |||
Loans receivable | ||||
Classifications of loans | ||||
Total loans | 8,935,424 | 8,812,553 | ||
Loans receivable | Commercial | ||||
Classifications of loans | ||||
Total loans | 6,797,868 | 6,669,593 | ||
Loans receivable | Commercial | Owner occupied commercial real estate | ||||
Classifications of loans | ||||
Total loans | 1,702,984 | 1,720,227 | ||
Less allowance for credit losses - loans | (11,000) | (11,404) | (11,874) | (12,207) |
Loans receivable | Commercial | Income producing commercial real estate | ||||
Classifications of loans | ||||
Total loans | 2,064,502 | 2,007,950 | ||
Less allowance for credit losses - loans | (16,584) | (12,306) | (11,126) | (11,073) |
Loans receivable | Commercial | Commercial & industrial | ||||
Classifications of loans | ||||
Total loans | 1,310,112 | 1,220,657 | ||
Less allowance for credit losses - loans | (10,831) | (5,266) | (4,895) | (4,802) |
Loans receivable | Commercial | Construction | ||||
Classifications of loans | ||||
Total loans | 959,318 | 976,215 | ||
Less allowance for credit losses - loans | (9,556) | (9,668) | (10,275) | (10,337) |
Loans receivable | Commercial | Equipment financing | ||||
Classifications of loans | ||||
Total loans | 760,952 | 744,544 | ||
Less allowance for credit losses - loans | (14,738) | (7,384) | (6,231) | (5,452) |
Loans receivable | Residential | Residential mortgage | ||||
Classifications of loans | ||||
Total loans | 1,127,988 | 1,117,616 | ||
Less allowance for credit losses - loans | (11,063) | (8,081) | (8,345) | (8,295) |
Loans receivable | Residential | Home equity lines of credit | ||||
Classifications of loans | ||||
Total loans | 668,382 | 660,675 | ||
Less allowance for credit losses - loans | (6,887) | (4,575) | (4,797) | (4,752) |
Loans receivable | Residential | Construction | ||||
Classifications of loans | ||||
Total loans | 215,996 | 236,437 | ||
Less allowance for credit losses - loans | (816) | (2,504) | (2,390) | (2,433) |
Loans receivable | Consumer | ||||
Classifications of loans | ||||
Total loans | 125,190 | 128,232 | ||
Less allowance for credit losses - loans | $ (430) | $ (901) | $ (837) | $ (853) |
Loans and Leases and Allowanc_5
Loans and Leases and Allowance for Credit Losses - Components of net investment in leases (Details) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Net Investment in Leases | ||
Minimum future lease payments receivable | $ 39,725 | $ 39,709 |
Estimated residual value of leased equipment | 3,575 | 3,631 |
Initial direct costs | 788 | 842 |
Security deposits | (918) | (989) |
Purchase accounting premium | 238 | 273 |
Unearned income | (5,848) | (6,088) |
Net investment in leases | $ 37,560 | $ 37,378 |
Loans and Leases and Allowanc_6
Loans and Leases and Allowance for Credit Losses - Minimum future lease payment to be received (Details) $ in Thousands | Mar. 31, 2020USD ($) |
Minimum future lease payments expected to be received | |
Remainder of 2020 | $ 11,653 |
2021 | 12,387 |
2022 | 8,683 |
2023 | 4,937 |
2024 | 1,700 |
Thereafter | 365 |
Total | $ 39,725 |
Loans and Leases and Allowanc_7
Loans and Leases and Allowance for Credit Losses - Changes in the value of the accretable yield for acquired loans (Details) $ in Thousands | 3 Months Ended |
Mar. 31, 2019USD ($) | |
Changes in balance of accretable yield for PCI loans | |
Balance at beginning of period | $ 26,868 |
Accretion | (4,813) |
Reclassification from nonaccretable difference | 2,706 |
Changes in expected cash flows that do not affect nonaccretable difference | 1,863 |
Balance at end of period | $ 26,624 |
Loans and Leases and Allowanc_8
Loans and Leases and Allowance for Credit Losses - Aging of amortized cost basis in loans by aging category and accrual status (Details) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Loans by aging category | ||
Total loans | $ 8,935,424 | $ 8,812,553 |
Commercial | Owner occupied commercial real estate | ||
Loans by aging category | ||
Total loans | 1,702,984 | |
Commercial | Income producing commercial real estate | ||
Loans by aging category | ||
Total loans | 2,064,502 | |
Commercial | Commercial & industrial | ||
Loans by aging category | ||
Total loans | 1,310,112 | |
Commercial | Construction | ||
Loans by aging category | ||
Total loans | 959,318 | |
Commercial | Equipment financing | ||
Loans by aging category | ||
Total loans | 760,952 | |
Residential | Construction | ||
Loans by aging category | ||
Total loans | 215,996 | |
Residential | Residential mortgage | ||
Loans by aging category | ||
Total loans | 1,127,988 | |
Residential | Home equity lines of credit | ||
Loans by aging category | ||
Total loans | 668,382 | |
Consumer | ||
Loans by aging category | ||
Total loans | 125,190 | |
Loans receivable | ||
Loans by aging category | ||
Current Loans | 8,869,536 | 8,712,667 |
Nonaccrual Loans | 36,208 | 35,341 |
Total loans | 8,935,424 | 8,812,553 |
Loans receivable | Loans Past Due, 30 - 59 Days | ||
Loans by aging category | ||
Loans Past Due | 25,583 | |
Loans receivable | Loans Past Due, 60 - 89 Days | ||
Loans by aging category | ||
Loans Past Due | 4,097 | |
Loans receivable | Loans Past Due, over 90 Days | ||
Loans by aging category | ||
Loans Past Due | 0 | |
Loans receivable | Commercial | ||
Loans by aging category | ||
Current Loans | 6,759,360 | 6,596,675 |
Nonaccrual Loans | 19,972 | 20,503 |
Total loans | 6,797,868 | 6,669,593 |
Loans receivable | Commercial | Loans Past Due, 30 - 59 Days | ||
Loans by aging category | ||
Loans Past Due | 15,660 | |
Loans receivable | Commercial | Loans Past Due, 60 - 89 Days | ||
Loans by aging category | ||
Loans Past Due | 2,876 | |
Loans receivable | Commercial | Loans Past Due, over 90 Days | ||
Loans by aging category | ||
Loans Past Due | 0 | |
Loans receivable | Commercial | Owner occupied commercial real estate | ||
Loans by aging category | ||
Current Loans | 1,686,758 | 1,700,682 |
Nonaccrual Loans | 10,405 | 10,544 |
Total loans | 1,702,984 | 1,720,227 |
Loans receivable | Commercial | Owner occupied commercial real estate | Loans Past Due, 30 - 59 Days | ||
Loans by aging category | ||
Loans Past Due | 4,364 | |
Loans receivable | Commercial | Owner occupied commercial real estate | Loans Past Due, 60 - 89 Days | ||
Loans by aging category | ||
Loans Past Due | 1,457 | |
Loans receivable | Commercial | Owner occupied commercial real estate | Loans Past Due, over 90 Days | ||
Loans by aging category | ||
Loans Past Due | 0 | |
Loans receivable | Commercial | Income producing commercial real estate | ||
Loans by aging category | ||
Current Loans | 2,057,775 | 1,979,053 |
Nonaccrual Loans | 2,235 | 1,996 |
Total loans | 2,064,502 | 2,007,950 |
Loans receivable | Commercial | Income producing commercial real estate | Loans Past Due, 30 - 59 Days | ||
Loans by aging category | ||
Loans Past Due | 4,482 | |
Loans receivable | Commercial | Income producing commercial real estate | Loans Past Due, 60 - 89 Days | ||
Loans by aging category | ||
Loans Past Due | 10 | |
Loans receivable | Commercial | Income producing commercial real estate | Loans Past Due, over 90 Days | ||
Loans by aging category | ||
Loans Past Due | 0 | |
Loans receivable | Commercial | Commercial & industrial | ||
Loans by aging category | ||
Current Loans | 1,304,689 | 1,215,581 |
Nonaccrual Loans | 3,169 | 2,545 |
Total loans | 1,310,112 | 1,220,657 |
Loans receivable | Commercial | Commercial & industrial | Loans Past Due, 30 - 59 Days | ||
Loans by aging category | ||
Loans Past Due | 2,004 | |
Loans receivable | Commercial | Commercial & industrial | Loans Past Due, 60 - 89 Days | ||
Loans by aging category | ||
Loans Past Due | 250 | |
Loans receivable | Commercial | Commercial & industrial | Loans Past Due, over 90 Days | ||
Loans by aging category | ||
Loans Past Due | 0 | |
Loans receivable | Commercial | Construction | ||
Loans by aging category | ||
Current Loans | 956,397 | 966,833 |
Nonaccrual Loans | 1,724 | 2,277 |
Total loans | 959,318 | 976,215 |
Loans receivable | Commercial | Construction | Loans Past Due, 30 - 59 Days | ||
Loans by aging category | ||
Loans Past Due | 791 | |
Loans receivable | Commercial | Construction | Loans Past Due, 60 - 89 Days | ||
Loans by aging category | ||
Loans Past Due | 406 | |
Loans receivable | Commercial | Construction | Loans Past Due, over 90 Days | ||
Loans by aging category | ||
Loans Past Due | 0 | |
Loans receivable | Commercial | Equipment financing | ||
Loans by aging category | ||
Current Loans | 753,741 | 734,526 |
Nonaccrual Loans | 2,439 | 3,141 |
Total loans | 760,952 | 744,544 |
Loans receivable | Commercial | Equipment financing | Loans Past Due, 30 - 59 Days | ||
Loans by aging category | ||
Loans Past Due | 4,019 | |
Loans receivable | Commercial | Equipment financing | Loans Past Due, 60 - 89 Days | ||
Loans by aging category | ||
Loans Past Due | 753 | |
Loans receivable | Commercial | Equipment financing | Loans Past Due, over 90 Days | ||
Loans by aging category | ||
Loans Past Due | 0 | |
Loans receivable | Residential | Construction | ||
Loans by aging category | ||
Current Loans | 214,568 | 235,211 |
Nonaccrual Loans | 540 | 939 |
Total loans | 215,996 | 236,437 |
Loans receivable | Residential | Construction | Loans Past Due, 30 - 59 Days | ||
Loans by aging category | ||
Loans Past Due | 836 | |
Loans receivable | Residential | Construction | Loans Past Due, 60 - 89 Days | ||
Loans by aging category | ||
Loans Past Due | 52 | |
Loans receivable | Residential | Construction | Loans Past Due, over 90 Days | ||
Loans by aging category | ||
Loans Past Due | 0 | |
Loans receivable | Residential | Residential mortgage | ||
Loans by aging category | ||
Current Loans | 1,110,031 | 1,097,999 |
Nonaccrual Loans | 12,458 | 10,567 |
Total loans | 1,127,988 | 1,117,616 |
Loans receivable | Residential | Residential mortgage | Loans Past Due, 30 - 59 Days | ||
Loans by aging category | ||
Loans Past Due | 4,882 | |
Loans receivable | Residential | Residential mortgage | Loans Past Due, 60 - 89 Days | ||
Loans by aging category | ||
Loans Past Due | 617 | |
Loans receivable | Residential | Residential mortgage | Loans Past Due, over 90 Days | ||
Loans by aging category | ||
Loans Past Due | 0 | |
Loans receivable | Residential | Home equity lines of credit | ||
Loans by aging category | ||
Current Loans | 661,857 | 655,762 |
Nonaccrual Loans | 3,010 | 3,173 |
Total loans | 668,382 | 660,675 |
Loans receivable | Residential | Home equity lines of credit | Loans Past Due, 30 - 59 Days | ||
Loans by aging category | ||
Loans Past Due | 3,223 | |
Loans receivable | Residential | Home equity lines of credit | Loans Past Due, 60 - 89 Days | ||
Loans by aging category | ||
Loans Past Due | 292 | |
Loans receivable | Residential | Home equity lines of credit | Loans Past Due, over 90 Days | ||
Loans by aging category | ||
Loans Past Due | 0 | |
Loans receivable | Consumer | ||
Loans by aging category | ||
Current Loans | 123,720 | 127,020 |
Nonaccrual Loans | 228 | 159 |
Total loans | 125,190 | $ 128,232 |
Loans receivable | Consumer | Loans Past Due, 30 - 59 Days | ||
Loans by aging category | ||
Loans Past Due | 982 | |
Loans receivable | Consumer | Loans Past Due, 60 - 89 Days | ||
Loans by aging category | ||
Loans Past Due | 260 | |
Loans receivable | Consumer | Loans Past Due, over 90 Days | ||
Loans by aging category | ||
Loans Past Due | $ 0 |
Loans and Leases and Allowanc_9
Loans and Leases and Allowance for Credit Losses - Aging of recorded investment in loans, including accruing and nonaccrual loans (Details) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Loans by aging category | ||
PCI Loans | $ 58,646 | |
Total loans | $ 8,935,424 | 8,812,553 |
Commercial | Owner occupied commercial real estate | ||
Loans by aging category | ||
Total loans | 1,702,984 | |
Commercial | Income producing commercial real estate | ||
Loans by aging category | ||
Total loans | 2,064,502 | |
Commercial | Commercial & industrial | ||
Loans by aging category | ||
Total loans | 1,310,112 | |
Commercial | Construction | ||
Loans by aging category | ||
Total loans | 959,318 | |
Commercial | Equipment financing | ||
Loans by aging category | ||
Total loans | 760,952 | |
Residential | Construction | ||
Loans by aging category | ||
Total loans | 215,996 | |
Residential | Residential mortgage | ||
Loans by aging category | ||
Total loans | 1,127,988 | |
Residential | Home equity lines of credit | ||
Loans by aging category | ||
Total loans | 668,382 | |
Consumer | ||
Loans by aging category | ||
Total loans | 125,190 | |
Loans receivable | ||
Loans by aging category | ||
Loans Past Due - Accruing and Nonaccrual | 41,240 | |
Current Loans | 8,869,536 | 8,712,667 |
PCI Loans | 58,646 | |
Total loans | 8,935,424 | 8,812,553 |
Loans receivable | Loans Past Due, 30 - 59 Days | ||
Loans by aging category | ||
Loans Past Due - Accruing and Nonaccrual | 17,892 | |
Loans receivable | Loans Past Due, 60 - 89 Days | ||
Loans by aging category | ||
Loans Past Due - Accruing and Nonaccrual | 7,623 | |
Loans receivable | Loans Past Due, over 90 Days | ||
Loans by aging category | ||
Loans Past Due - Accruing and Nonaccrual | 15,725 | |
Loans receivable | Commercial | ||
Loans by aging category | ||
Loans Past Due - Accruing and Nonaccrual | 25,971 | |
Current Loans | 6,759,360 | 6,596,675 |
PCI Loans | 46,947 | |
Total loans | 6,797,868 | 6,669,593 |
Loans receivable | Commercial | Loans Past Due, 30 - 59 Days | ||
Loans by aging category | ||
Loans Past Due - Accruing and Nonaccrual | 9,547 | |
Loans receivable | Commercial | Loans Past Due, 60 - 89 Days | ||
Loans by aging category | ||
Loans Past Due - Accruing and Nonaccrual | 4,684 | |
Loans receivable | Commercial | Loans Past Due, over 90 Days | ||
Loans by aging category | ||
Loans Past Due - Accruing and Nonaccrual | 11,740 | |
Loans receivable | Commercial | Owner occupied commercial real estate | ||
Loans by aging category | ||
Loans Past Due - Accruing and Nonaccrual | 10,999 | |
Current Loans | 1,686,758 | 1,700,682 |
PCI Loans | 8,546 | |
Total loans | 1,702,984 | 1,720,227 |
Loans receivable | Commercial | Owner occupied commercial real estate | Loans Past Due, 30 - 59 Days | ||
Loans by aging category | ||
Loans Past Due - Accruing and Nonaccrual | 2,913 | |
Loans receivable | Commercial | Owner occupied commercial real estate | Loans Past Due, 60 - 89 Days | ||
Loans by aging category | ||
Loans Past Due - Accruing and Nonaccrual | 2,007 | |
Loans receivable | Commercial | Owner occupied commercial real estate | Loans Past Due, over 90 Days | ||
Loans by aging category | ||
Loans Past Due - Accruing and Nonaccrual | 6,079 | |
Loans receivable | Commercial | Income producing commercial real estate | ||
Loans by aging category | ||
Loans Past Due - Accruing and Nonaccrual | 1,669 | |
Current Loans | 2,057,775 | 1,979,053 |
PCI Loans | 27,228 | |
Total loans | 2,064,502 | 2,007,950 |
Loans receivable | Commercial | Income producing commercial real estate | Loans Past Due, 30 - 59 Days | ||
Loans by aging category | ||
Loans Past Due - Accruing and Nonaccrual | 562 | |
Loans receivable | Commercial | Income producing commercial real estate | Loans Past Due, 60 - 89 Days | ||
Loans by aging category | ||
Loans Past Due - Accruing and Nonaccrual | 706 | |
Loans receivable | Commercial | Income producing commercial real estate | Loans Past Due, over 90 Days | ||
Loans by aging category | ||
Loans Past Due - Accruing and Nonaccrual | 401 | |
Loans receivable | Commercial | Commercial & industrial | ||
Loans by aging category | ||
Loans Past Due - Accruing and Nonaccrual | 4,750 | |
Current Loans | 1,304,689 | 1,215,581 |
PCI Loans | 326 | |
Total loans | 1,310,112 | 1,220,657 |
Loans receivable | Commercial | Commercial & industrial | Loans Past Due, 30 - 59 Days | ||
Loans by aging category | ||
Loans Past Due - Accruing and Nonaccrual | 2,140 | |
Loans receivable | Commercial | Commercial & industrial | Loans Past Due, 60 - 89 Days | ||
Loans by aging category | ||
Loans Past Due - Accruing and Nonaccrual | 491 | |
Loans receivable | Commercial | Commercial & industrial | Loans Past Due, over 90 Days | ||
Loans by aging category | ||
Loans Past Due - Accruing and Nonaccrual | 2,119 | |
Loans receivable | Commercial | Construction | ||
Loans by aging category | ||
Loans Past Due - Accruing and Nonaccrual | 2,520 | |
Current Loans | 956,397 | 966,833 |
PCI Loans | 6,862 | |
Total loans | 959,318 | 976,215 |
Loans receivable | Commercial | Construction | Loans Past Due, 30 - 59 Days | ||
Loans by aging category | ||
Loans Past Due - Accruing and Nonaccrual | 1,867 | |
Loans receivable | Commercial | Construction | Loans Past Due, 60 - 89 Days | ||
Loans by aging category | ||
Loans Past Due - Accruing and Nonaccrual | 557 | |
Loans receivable | Commercial | Construction | Loans Past Due, over 90 Days | ||
Loans by aging category | ||
Loans Past Due - Accruing and Nonaccrual | 96 | |
Loans receivable | Commercial | Equipment financing | ||
Loans by aging category | ||
Loans Past Due - Accruing and Nonaccrual | 6,033 | |
Current Loans | 753,741 | 734,526 |
PCI Loans | 3,985 | |
Total loans | 760,952 | 744,544 |
Loans receivable | Commercial | Equipment financing | Loans Past Due, 30 - 59 Days | ||
Loans by aging category | ||
Loans Past Due - Accruing and Nonaccrual | 2,065 | |
Loans receivable | Commercial | Equipment financing | Loans Past Due, 60 - 89 Days | ||
Loans by aging category | ||
Loans Past Due - Accruing and Nonaccrual | 923 | |
Loans receivable | Commercial | Equipment financing | Loans Past Due, over 90 Days | ||
Loans by aging category | ||
Loans Past Due - Accruing and Nonaccrual | 3,045 | |
Loans receivable | Residential | Construction | ||
Loans by aging category | ||
Loans Past Due - Accruing and Nonaccrual | 852 | |
Current Loans | 214,568 | 235,211 |
PCI Loans | 374 | |
Total loans | 215,996 | 236,437 |
Loans receivable | Residential | Construction | Loans Past Due, 30 - 59 Days | ||
Loans by aging category | ||
Loans Past Due - Accruing and Nonaccrual | 325 | |
Loans receivable | Residential | Construction | Loans Past Due, 60 - 89 Days | ||
Loans by aging category | ||
Loans Past Due - Accruing and Nonaccrual | 125 | |
Loans receivable | Residential | Construction | Loans Past Due, over 90 Days | ||
Loans by aging category | ||
Loans Past Due - Accruing and Nonaccrual | 402 | |
Loans receivable | Residential | Residential mortgage | ||
Loans by aging category | ||
Loans Past Due - Accruing and Nonaccrual | 10,038 | |
Current Loans | 1,110,031 | 1,097,999 |
PCI Loans | 9,579 | |
Total loans | 1,127,988 | 1,117,616 |
Loans receivable | Residential | Residential mortgage | Loans Past Due, 30 - 59 Days | ||
Loans by aging category | ||
Loans Past Due - Accruing and Nonaccrual | 5,655 | |
Loans receivable | Residential | Residential mortgage | Loans Past Due, 60 - 89 Days | ||
Loans by aging category | ||
Loans Past Due - Accruing and Nonaccrual | 2,212 | |
Loans receivable | Residential | Residential mortgage | Loans Past Due, over 90 Days | ||
Loans by aging category | ||
Loans Past Due - Accruing and Nonaccrual | 2,171 | |
Loans receivable | Residential | Home equity lines of credit | ||
Loans by aging category | ||
Loans Past Due - Accruing and Nonaccrual | 3,503 | |
Current Loans | 661,857 | 655,762 |
PCI Loans | 1,410 | |
Total loans | 668,382 | 660,675 |
Loans receivable | Residential | Home equity lines of credit | Loans Past Due, 30 - 59 Days | ||
Loans by aging category | ||
Loans Past Due - Accruing and Nonaccrual | 1,697 | |
Loans receivable | Residential | Home equity lines of credit | Loans Past Due, 60 - 89 Days | ||
Loans by aging category | ||
Loans Past Due - Accruing and Nonaccrual | 421 | |
Loans receivable | Residential | Home equity lines of credit | Loans Past Due, over 90 Days | ||
Loans by aging category | ||
Loans Past Due - Accruing and Nonaccrual | 1,385 | |
Loans receivable | Consumer | ||
Loans by aging category | ||
Loans Past Due - Accruing and Nonaccrual | 876 | |
Current Loans | 123,720 | 127,020 |
PCI Loans | 336 | |
Total loans | $ 125,190 | 128,232 |
Loans receivable | Consumer | Loans Past Due, 30 - 59 Days | ||
Loans by aging category | ||
Loans Past Due - Accruing and Nonaccrual | 668 | |
Loans receivable | Consumer | Loans Past Due, 60 - 89 Days | ||
Loans by aging category | ||
Loans Past Due - Accruing and Nonaccrual | 181 | |
Loans receivable | Consumer | Loans Past Due, over 90 Days | ||
Loans by aging category | ||
Loans Past Due - Accruing and Nonaccrual | $ 27 |
Loans and Leases and Allowan_10
Loans and Leases and Allowance for Credit Losses - Recorded investment in nonaccrual loans by loan class (Details) - Loans receivable - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Financing Receivable, Recorded Investment, Aging [Abstract] | ||
Nonaccrual loans with no allowance | $ 14,801 | |
Nonaccrual loans with an allowance | 21,407 | |
Nonaccrual loans | 36,208 | $ 35,341 |
Commercial | ||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||
Nonaccrual loans with no allowance | 10,538 | |
Nonaccrual loans with an allowance | 9,434 | |
Nonaccrual loans | 19,972 | 20,503 |
Commercial | Owner occupied commercial real estate | ||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||
Nonaccrual loans with no allowance | 6,889 | |
Nonaccrual loans with an allowance | 3,516 | |
Nonaccrual loans | 10,405 | 10,544 |
Commercial | Income producing commercial real estate | ||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||
Nonaccrual loans with no allowance | 1,039 | |
Nonaccrual loans with an allowance | 1,196 | |
Nonaccrual loans | 2,235 | 1,996 |
Commercial | Commercial & industrial | ||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||
Nonaccrual loans with no allowance | 1,332 | |
Nonaccrual loans with an allowance | 1,837 | |
Nonaccrual loans | 3,169 | 2,545 |
Commercial | Construction | ||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||
Nonaccrual loans with no allowance | 1,235 | |
Nonaccrual loans with an allowance | 489 | |
Nonaccrual loans | 1,724 | 2,277 |
Commercial | Equipment financing | ||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||
Nonaccrual loans with no allowance | 43 | |
Nonaccrual loans with an allowance | 2,396 | |
Nonaccrual loans | 2,439 | 3,141 |
Residential | Residential mortgage | ||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||
Nonaccrual loans with no allowance | 3,163 | |
Nonaccrual loans with an allowance | 9,295 | |
Nonaccrual loans | 12,458 | 10,567 |
Residential | Home equity lines of credit | ||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||
Nonaccrual loans with no allowance | 962 | |
Nonaccrual loans with an allowance | 2,048 | |
Nonaccrual loans | 3,010 | 3,173 |
Residential | Construction | ||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||
Nonaccrual loans with no allowance | 130 | |
Nonaccrual loans with an allowance | 410 | |
Nonaccrual loans | 540 | 939 |
Consumer | ||
Financing Receivable, Recorded Investment, Aging [Abstract] | ||
Nonaccrual loans with no allowance | 8 | |
Nonaccrual loans with an allowance | 220 | |
Nonaccrual loans | $ 228 | $ 159 |
Loans and Leases and Allowan_11
Loans and Leases and Allowance for Credit Losses Loans and Leases and Allowance for Credit Losses - Amortized cost of loans by risk category by vintage year (Details) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2020 | $ 784,229 | |
2019 | 2,264,976 | |
2018 | 1,670,838 | |
2017 | 1,095,439 | |
2016 | 888,616 | |
Prior | 963,926 | |
Revolvers | 1,176,292 | |
Revolvers converted to term loans | 91,108 | |
Total | 8,935,424 | $ 8,812,553 |
Pass | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2020 | 755,531 | |
2019 | 2,203,978 | |
2018 | 1,640,836 | |
2017 | 1,057,369 | |
2016 | 862,130 | |
Prior | 934,832 | |
Revolvers | 1,134,975 | |
Revolvers converted to term loans | 81,481 | |
Total | 8,671,132 | 8,558,459 |
Watch | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2020 | 12,639 | |
2019 | 23,408 | |
2018 | 17,770 | |
2017 | 16,330 | |
2016 | 17,576 | |
Prior | 8,077 | |
Revolvers | 16,989 | |
Revolvers converted to term loans | 2,024 | |
Total | 114,813 | 93,703 |
Substandard | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2020 | 16,059 | |
2019 | 37,590 | |
2018 | 12,232 | |
2017 | 21,740 | |
2016 | 8,910 | |
Prior | 21,017 | |
Revolvers | 24,328 | |
Revolvers converted to term loans | 7,603 | |
Total | 149,479 | $ 160,391 |
Commercial | Owner occupied commercial real estate | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2020 | 116,307 | |
2019 | 419,829 | |
2018 | 278,715 | |
2017 | 260,143 | |
2016 | 233,929 | |
Prior | 300,688 | |
Revolvers | 64,536 | |
Revolvers converted to term loans | 28,837 | |
Total | 1,702,984 | |
Commercial | Owner occupied commercial real estate | Pass | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2020 | 108,385 | |
2019 | 402,541 | |
2018 | 271,646 | |
2017 | 236,178 | |
2016 | 222,321 | |
Prior | 287,441 | |
Revolvers | 60,479 | |
Revolvers converted to term loans | 28,008 | |
Total | 1,616,999 | |
Commercial | Owner occupied commercial real estate | Watch | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2020 | 4,602 | |
2019 | 8,706 | |
2018 | 4,166 | |
2017 | 11,315 | |
2016 | 7,869 | |
Prior | 4,634 | |
Revolvers | 842 | |
Revolvers converted to term loans | 70 | |
Total | 42,204 | |
Commercial | Owner occupied commercial real estate | Substandard | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2020 | 3,320 | |
2019 | 8,582 | |
2018 | 2,903 | |
2017 | 12,650 | |
2016 | 3,739 | |
Prior | 8,613 | |
Revolvers | 3,215 | |
Revolvers converted to term loans | 759 | |
Total | 43,781 | |
Commercial | Income producing commercial real estate | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2020 | 223,962 | |
2019 | 527,256 | |
2018 | 412,125 | |
2017 | 292,590 | |
2016 | 295,604 | |
Prior | 264,171 | |
Revolvers | 37,060 | |
Revolvers converted to term loans | 11,734 | |
Total | 2,064,502 | |
Commercial | Income producing commercial real estate | Pass | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2020 | 206,665 | |
2019 | 500,411 | |
2018 | 399,578 | |
2017 | 284,259 | |
2016 | 286,601 | |
Prior | 258,605 | |
Revolvers | 37,060 | |
Revolvers converted to term loans | 9,820 | |
Total | 1,982,999 | |
Commercial | Income producing commercial real estate | Watch | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2020 | 6,665 | |
2019 | 12,955 | |
2018 | 9,885 | |
2017 | 4,214 | |
2016 | 8,775 | |
Prior | 2,989 | |
Revolvers | 0 | |
Revolvers converted to term loans | 1,807 | |
Total | 47,290 | |
Commercial | Income producing commercial real estate | Substandard | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2020 | 10,632 | |
2019 | 13,890 | |
2018 | 2,662 | |
2017 | 4,117 | |
2016 | 228 | |
Prior | 2,577 | |
Revolvers | 0 | |
Revolvers converted to term loans | 107 | |
Total | 34,213 | |
Commercial | Commercial & industrial | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2020 | 88,371 | |
2019 | 277,318 | |
2018 | 244,814 | |
2017 | 128,798 | |
2016 | 97,051 | |
Prior | 64,809 | |
Revolvers | 398,355 | |
Revolvers converted to term loans | 10,596 | |
Total | 1,310,112 | |
Commercial | Commercial & industrial | Pass | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2020 | 87,261 | |
2019 | 267,166 | |
2018 | 240,535 | |
2017 | 125,838 | |
2016 | 93,442 | |
Prior | 63,150 | |
Revolvers | 361,419 | |
Revolvers converted to term loans | 9,674 | |
Total | 1,248,485 | |
Commercial | Commercial & industrial | Watch | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2020 | 1,066 | |
2019 | 807 | |
2018 | 2,725 | |
2017 | 620 | |
2016 | 883 | |
Prior | 53 | |
Revolvers | 16,140 | |
Revolvers converted to term loans | 147 | |
Total | 22,441 | |
Commercial | Commercial & industrial | Substandard | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2020 | 44 | |
2019 | 9,345 | |
2018 | 1,554 | |
2017 | 2,340 | |
2016 | 2,726 | |
Prior | 1,606 | |
Revolvers | 20,796 | |
Revolvers converted to term loans | 775 | |
Total | 39,186 | |
Commercial | Construction | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2020 | 92,066 | |
2019 | 249,884 | |
2018 | 315,528 | |
2017 | 163,601 | |
2016 | 92,829 | |
Prior | 20,815 | |
Revolvers | 15,565 | |
Revolvers converted to term loans | 9,030 | |
Total | 959,318 | |
Commercial | Construction | Pass | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2020 | 90,555 | |
2019 | 246,335 | |
2018 | 313,984 | |
2017 | 163,033 | |
2016 | 91,830 | |
Prior | 19,976 | |
Revolvers | 15,565 | |
Revolvers converted to term loans | 7,600 | |
Total | 948,878 | |
Commercial | Construction | Watch | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2020 | 306 | |
2019 | 940 | |
2018 | 994 | |
2017 | 181 | |
2016 | 49 | |
Prior | 401 | |
Revolvers | 0 | |
Revolvers converted to term loans | 0 | |
Total | 2,871 | |
Commercial | Construction | Substandard | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2020 | 1,205 | |
2019 | 2,609 | |
2018 | 550 | |
2017 | 387 | |
2016 | 950 | |
Prior | 438 | |
Revolvers | 0 | |
Revolvers converted to term loans | 1,430 | |
Total | 7,569 | |
Commercial | Equipment financing | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2020 | 124,870 | |
2019 | 354,258 | |
2018 | 188,787 | |
2017 | 67,906 | |
2016 | 21,557 | |
Prior | 3,574 | |
Revolvers | 0 | |
Revolvers converted to term loans | 0 | |
Total | 760,952 | |
Commercial | Equipment financing | Pass | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2020 | 124,870 | |
2019 | 353,441 | |
2018 | 187,366 | |
2017 | 67,279 | |
2016 | 21,377 | |
Prior | 3,510 | |
Revolvers | 0 | |
Revolvers converted to term loans | 0 | |
Total | 757,843 | |
Commercial | Equipment financing | Substandard | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2020 | 0 | |
2019 | 817 | |
2018 | 1,421 | |
2017 | 627 | |
2016 | 180 | |
Prior | 64 | |
Revolvers | 0 | |
Revolvers converted to term loans | 0 | |
Total | 3,109 | |
Residential | Construction | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2020 | 34,849 | |
2019 | 137,205 | |
2018 | 13,736 | |
2017 | 5,936 | |
2016 | 5,298 | |
Prior | 18,810 | |
Revolvers | 0 | |
Revolvers converted to term loans | 162 | |
Total | 215,996 | |
Residential | Construction | Pass | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2020 | 34,849 | |
2019 | 137,032 | |
2018 | 13,603 | |
2017 | 5,911 | |
2016 | 5,171 | |
Prior | 18,480 | |
Revolvers | 0 | |
Revolvers converted to term loans | 162 | |
Total | 215,208 | |
Residential | Construction | Substandard | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2020 | 0 | |
2019 | 173 | |
2018 | 133 | |
2017 | 25 | |
2016 | 127 | |
Prior | 330 | |
Revolvers | 0 | |
Revolvers converted to term loans | 0 | |
Total | 788 | |
Residential | Residential mortgage | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2020 | 86,900 | |
2019 | 253,260 | |
2018 | 191,134 | |
2017 | 166,174 | |
2016 | 135,080 | |
Prior | 287,060 | |
Revolvers | 11 | |
Revolvers converted to term loans | 8,369 | |
Total | 1,127,988 | |
Residential | Residential mortgage | Pass | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2020 | 86,068 | |
2019 | 251,157 | |
2018 | 188,207 | |
2017 | 164,654 | |
2016 | 134,189 | |
Prior | 279,723 | |
Revolvers | 11 | |
Revolvers converted to term loans | 8,009 | |
Total | 1,112,018 | |
Residential | Residential mortgage | Substandard | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2020 | 832 | |
2019 | 2,103 | |
2018 | 2,927 | |
2017 | 1,520 | |
2016 | 891 | |
Prior | 7,337 | |
Revolvers | 0 | |
Revolvers converted to term loans | 360 | |
Total | 15,970 | |
Residential | Home equity lines of credit | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2020 | 0 | |
2019 | 0 | |
2018 | 0 | |
2017 | 0 | |
2016 | 0 | |
Prior | 0 | |
Revolvers | 646,100 | |
Revolvers converted to term loans | 22,282 | |
Total | 668,382 | |
Residential | Home equity lines of credit | Pass | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2020 | 0 | |
2019 | 0 | |
2018 | 0 | |
2017 | 0 | |
2016 | 0 | |
Prior | 0 | |
Revolvers | 645,874 | |
Revolvers converted to term loans | 18,111 | |
Total | 663,985 | |
Residential | Home equity lines of credit | Substandard | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2020 | 0 | |
2019 | 0 | |
2018 | 0 | |
2017 | 0 | |
2016 | 0 | |
Prior | 0 | |
Revolvers | 226 | |
Revolvers converted to term loans | 4,171 | |
Total | 4,397 | |
Consumer | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2020 | 16,904 | |
2019 | 45,966 | |
2018 | 25,999 | |
2017 | 10,291 | |
2016 | 7,268 | |
Prior | 3,999 | |
Revolvers | 14,665 | |
Revolvers converted to term loans | 98 | |
Total | 125,190 | |
Consumer | Pass | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2020 | 16,878 | |
2019 | 45,895 | |
2018 | 25,917 | |
2017 | 10,217 | |
2016 | 7,199 | |
Prior | 3,947 | |
Revolvers | 14,567 | |
Revolvers converted to term loans | 97 | |
Total | 124,717 | |
Consumer | Watch | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2020 | 0 | |
2019 | 0 | |
2018 | 0 | |
2017 | 0 | |
2016 | 0 | |
Prior | 0 | |
Revolvers | 7 | |
Revolvers converted to term loans | 0 | |
Total | 7 | |
Consumer | Substandard | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2020 | 26 | |
2019 | 71 | |
2018 | 82 | |
2017 | 74 | |
2016 | 69 | |
Prior | 52 | |
Revolvers | 91 | |
Revolvers converted to term loans | 1 | |
Total | $ 466 |
Loans and Leases and Allowan_12
Loans and Leases and Allowance for Credit Losses - Risk category of loans by class of loans (Details) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Risk category of loans by class of loans | ||
PCI Loans | $ 58,646 | |
Total loans | $ 8,935,424 | 8,812,553 |
Pass | ||
Risk category of loans by class of loans | ||
Total loans | 8,671,132 | 8,558,459 |
Watch | ||
Risk category of loans by class of loans | ||
Total loans | 114,813 | 93,703 |
Substandard | ||
Risk category of loans by class of loans | ||
Total loans | 149,479 | 160,391 |
Doubtful / Loss | ||
Risk category of loans by class of loans | ||
Total loans | 0 | |
Commercial | Owner occupied commercial real estate | ||
Risk category of loans by class of loans | ||
Total loans | 1,702,984 | |
Commercial | Owner occupied commercial real estate | Pass | ||
Risk category of loans by class of loans | ||
Total loans | 1,616,999 | |
Commercial | Owner occupied commercial real estate | Watch | ||
Risk category of loans by class of loans | ||
Total loans | 42,204 | |
Commercial | Owner occupied commercial real estate | Substandard | ||
Risk category of loans by class of loans | ||
Total loans | 43,781 | |
Commercial | Income producing commercial real estate | ||
Risk category of loans by class of loans | ||
Total loans | 2,064,502 | |
Commercial | Income producing commercial real estate | Pass | ||
Risk category of loans by class of loans | ||
Total loans | 1,982,999 | |
Commercial | Income producing commercial real estate | Watch | ||
Risk category of loans by class of loans | ||
Total loans | 47,290 | |
Commercial | Income producing commercial real estate | Substandard | ||
Risk category of loans by class of loans | ||
Total loans | 34,213 | |
Commercial | Commercial & industrial | ||
Risk category of loans by class of loans | ||
Total loans | 1,310,112 | |
Commercial | Commercial & industrial | Pass | ||
Risk category of loans by class of loans | ||
Total loans | 1,248,485 | |
Commercial | Commercial & industrial | Watch | ||
Risk category of loans by class of loans | ||
Total loans | 22,441 | |
Commercial | Commercial & industrial | Substandard | ||
Risk category of loans by class of loans | ||
Total loans | 39,186 | |
Commercial | Construction | ||
Risk category of loans by class of loans | ||
Total loans | 959,318 | |
Commercial | Construction | Pass | ||
Risk category of loans by class of loans | ||
Total loans | 948,878 | |
Commercial | Construction | Watch | ||
Risk category of loans by class of loans | ||
Total loans | 2,871 | |
Commercial | Construction | Substandard | ||
Risk category of loans by class of loans | ||
Total loans | 7,569 | |
Commercial | Equipment financing | ||
Risk category of loans by class of loans | ||
Total loans | 760,952 | |
Commercial | Equipment financing | Pass | ||
Risk category of loans by class of loans | ||
Total loans | 757,843 | |
Commercial | Equipment financing | Substandard | ||
Risk category of loans by class of loans | ||
Total loans | 3,109 | |
Residential | Construction | ||
Risk category of loans by class of loans | ||
Total loans | 215,996 | |
Residential | Construction | Pass | ||
Risk category of loans by class of loans | ||
Total loans | 215,208 | |
Residential | Construction | Substandard | ||
Risk category of loans by class of loans | ||
Total loans | 788 | |
Residential | Residential mortgage | ||
Risk category of loans by class of loans | ||
Total loans | 1,127,988 | |
Residential | Residential mortgage | Pass | ||
Risk category of loans by class of loans | ||
Total loans | 1,112,018 | |
Residential | Residential mortgage | Substandard | ||
Risk category of loans by class of loans | ||
Total loans | 15,970 | |
Residential | Home equity lines of credit | ||
Risk category of loans by class of loans | ||
Total loans | 668,382 | |
Residential | Home equity lines of credit | Pass | ||
Risk category of loans by class of loans | ||
Total loans | 663,985 | |
Residential | Home equity lines of credit | Substandard | ||
Risk category of loans by class of loans | ||
Total loans | 4,397 | |
Consumer | ||
Risk category of loans by class of loans | ||
Total loans | 125,190 | |
Consumer | Pass | ||
Risk category of loans by class of loans | ||
Total loans | 124,717 | |
Consumer | Watch | ||
Risk category of loans by class of loans | ||
Total loans | 7 | |
Consumer | Substandard | ||
Risk category of loans by class of loans | ||
Total loans | 466 | |
Loans receivable | ||
Risk category of loans by class of loans | ||
Total loans, excluding PCI loans | 8,753,907 | |
PCI Loans | 58,646 | |
Total loans | 8,935,424 | 8,812,553 |
Loans receivable | Pass | ||
Risk category of loans by class of loans | ||
Total loans, excluding PCI loans | 8,517,776 | |
PCI Loans | 40,683 | |
Loans receivable | Watch | ||
Risk category of loans by class of loans | ||
Total loans, excluding PCI loans | 83,930 | |
PCI Loans | 9,773 | |
Loans receivable | Substandard | ||
Risk category of loans by class of loans | ||
Total loans, excluding PCI loans | 152,201 | |
PCI Loans | 8,190 | |
Loans receivable | Doubtful / Loss | ||
Risk category of loans by class of loans | ||
Total loans, excluding PCI loans | 0 | |
PCI Loans | 0 | |
Loans receivable | Commercial | ||
Risk category of loans by class of loans | ||
Total loans, excluding PCI loans | 6,622,646 | |
PCI Loans | 46,947 | |
Total loans | 6,797,868 | 6,669,593 |
Loans receivable | Commercial | Pass | ||
Risk category of loans by class of loans | ||
Total loans, excluding PCI loans | 6,406,957 | |
PCI Loans | 30,570 | |
Loans receivable | Commercial | Watch | ||
Risk category of loans by class of loans | ||
Total loans, excluding PCI loans | 83,922 | |
PCI Loans | 9,773 | |
Loans receivable | Commercial | Substandard | ||
Risk category of loans by class of loans | ||
Total loans, excluding PCI loans | 131,767 | |
PCI Loans | 6,604 | |
Loans receivable | Commercial | Doubtful / Loss | ||
Risk category of loans by class of loans | ||
Total loans, excluding PCI loans | 0 | |
PCI Loans | 0 | |
Loans receivable | Commercial | Owner occupied commercial real estate | ||
Risk category of loans by class of loans | ||
Total loans, excluding PCI loans | 1,711,681 | |
PCI Loans | 8,546 | |
Total loans | 1,702,984 | 1,720,227 |
Loans receivable | Commercial | Owner occupied commercial real estate | Pass | ||
Risk category of loans by class of loans | ||
Total loans, excluding PCI loans | 1,638,398 | |
PCI Loans | 3,238 | |
Loans receivable | Commercial | Owner occupied commercial real estate | Watch | ||
Risk category of loans by class of loans | ||
Total loans, excluding PCI loans | 24,563 | |
PCI Loans | 2,797 | |
Loans receivable | Commercial | Owner occupied commercial real estate | Substandard | ||
Risk category of loans by class of loans | ||
Total loans, excluding PCI loans | 48,720 | |
PCI Loans | 2,511 | |
Loans receivable | Commercial | Owner occupied commercial real estate | Doubtful / Loss | ||
Risk category of loans by class of loans | ||
Total loans, excluding PCI loans | 0 | |
PCI Loans | 0 | |
Loans receivable | Commercial | Income producing commercial real estate | ||
Risk category of loans by class of loans | ||
Total loans, excluding PCI loans | 1,980,722 | |
PCI Loans | 27,228 | |
Total loans | 2,064,502 | 2,007,950 |
Loans receivable | Commercial | Income producing commercial real estate | Pass | ||
Risk category of loans by class of loans | ||
Total loans, excluding PCI loans | 1,914,524 | |
PCI Loans | 19,648 | |
Loans receivable | Commercial | Income producing commercial real estate | Watch | ||
Risk category of loans by class of loans | ||
Total loans, excluding PCI loans | 40,676 | |
PCI Loans | 6,305 | |
Loans receivable | Commercial | Income producing commercial real estate | Substandard | ||
Risk category of loans by class of loans | ||
Total loans, excluding PCI loans | 25,522 | |
PCI Loans | 1,275 | |
Loans receivable | Commercial | Income producing commercial real estate | Doubtful / Loss | ||
Risk category of loans by class of loans | ||
Total loans, excluding PCI loans | 0 | |
PCI Loans | 0 | |
Loans receivable | Commercial | Commercial & industrial | ||
Risk category of loans by class of loans | ||
Total loans, excluding PCI loans | 1,220,331 | |
PCI Loans | 326 | |
Total loans | 1,310,112 | 1,220,657 |
Loans receivable | Commercial | Commercial & industrial | Pass | ||
Risk category of loans by class of loans | ||
Total loans, excluding PCI loans | 1,156,366 | |
PCI Loans | 104 | |
Loans receivable | Commercial | Commercial & industrial | Watch | ||
Risk category of loans by class of loans | ||
Total loans, excluding PCI loans | 16,385 | |
PCI Loans | 81 | |
Loans receivable | Commercial | Commercial & industrial | Substandard | ||
Risk category of loans by class of loans | ||
Total loans, excluding PCI loans | 47,580 | |
PCI Loans | 141 | |
Loans receivable | Commercial | Commercial & industrial | Doubtful / Loss | ||
Risk category of loans by class of loans | ||
Total loans, excluding PCI loans | 0 | |
PCI Loans | 0 | |
Loans receivable | Commercial | Construction | ||
Risk category of loans by class of loans | ||
Total loans, excluding PCI loans | 969,353 | |
PCI Loans | 6,862 | |
Total loans | 959,318 | 976,215 |
Loans receivable | Commercial | Construction | Pass | ||
Risk category of loans by class of loans | ||
Total loans, excluding PCI loans | 960,251 | |
PCI Loans | 3,628 | |
Loans receivable | Commercial | Construction | Watch | ||
Risk category of loans by class of loans | ||
Total loans, excluding PCI loans | 2,298 | |
PCI Loans | 590 | |
Loans receivable | Commercial | Construction | Substandard | ||
Risk category of loans by class of loans | ||
Total loans, excluding PCI loans | 6,804 | |
PCI Loans | 2,644 | |
Loans receivable | Commercial | Construction | Doubtful / Loss | ||
Risk category of loans by class of loans | ||
Total loans, excluding PCI loans | 0 | |
PCI Loans | 0 | |
Loans receivable | Commercial | Equipment financing | ||
Risk category of loans by class of loans | ||
Total loans, excluding PCI loans | 740,559 | |
PCI Loans | 3,985 | |
Total loans | 760,952 | 744,544 |
Loans receivable | Commercial | Equipment financing | Pass | ||
Risk category of loans by class of loans | ||
Total loans, excluding PCI loans | 737,418 | |
PCI Loans | 3,952 | |
Loans receivable | Commercial | Equipment financing | Watch | ||
Risk category of loans by class of loans | ||
Total loans, excluding PCI loans | 0 | |
PCI Loans | 0 | |
Loans receivable | Commercial | Equipment financing | Substandard | ||
Risk category of loans by class of loans | ||
Total loans, excluding PCI loans | 3,141 | |
PCI Loans | 33 | |
Loans receivable | Commercial | Equipment financing | Doubtful / Loss | ||
Risk category of loans by class of loans | ||
Total loans, excluding PCI loans | 0 | |
PCI Loans | 0 | |
Loans receivable | Residential | Construction | ||
Risk category of loans by class of loans | ||
Total loans, excluding PCI loans | 236,063 | |
PCI Loans | 374 | |
Total loans | 215,996 | 236,437 |
Loans receivable | Residential | Construction | Pass | ||
Risk category of loans by class of loans | ||
Total loans, excluding PCI loans | 234,791 | |
PCI Loans | 348 | |
Loans receivable | Residential | Construction | Watch | ||
Risk category of loans by class of loans | ||
Total loans, excluding PCI loans | 0 | |
PCI Loans | 0 | |
Loans receivable | Residential | Construction | Substandard | ||
Risk category of loans by class of loans | ||
Total loans, excluding PCI loans | 1,272 | |
PCI Loans | 26 | |
Loans receivable | Residential | Construction | Doubtful / Loss | ||
Risk category of loans by class of loans | ||
Total loans, excluding PCI loans | 0 | |
PCI Loans | 0 | |
Loans receivable | Residential | Residential mortgage | ||
Risk category of loans by class of loans | ||
Total loans, excluding PCI loans | 1,108,037 | |
PCI Loans | 9,579 | |
Total loans | 1,127,988 | 1,117,616 |
Loans receivable | Residential | Residential mortgage | Pass | ||
Risk category of loans by class of loans | ||
Total loans, excluding PCI loans | 1,093,902 | |
PCI Loans | 8,112 | |
Loans receivable | Residential | Residential mortgage | Watch | ||
Risk category of loans by class of loans | ||
Total loans, excluding PCI loans | 0 | |
PCI Loans | 0 | |
Loans receivable | Residential | Residential mortgage | Substandard | ||
Risk category of loans by class of loans | ||
Total loans, excluding PCI loans | 14,135 | |
PCI Loans | 1,467 | |
Loans receivable | Residential | Residential mortgage | Doubtful / Loss | ||
Risk category of loans by class of loans | ||
Total loans, excluding PCI loans | 0 | |
PCI Loans | 0 | |
Loans receivable | Residential | Home equity lines of credit | ||
Risk category of loans by class of loans | ||
Total loans, excluding PCI loans | 659,265 | |
PCI Loans | 1,410 | |
Total loans | 668,382 | 660,675 |
Loans receivable | Residential | Home equity lines of credit | Pass | ||
Risk category of loans by class of loans | ||
Total loans, excluding PCI loans | 654,619 | |
PCI Loans | 1,350 | |
Loans receivable | Residential | Home equity lines of credit | Watch | ||
Risk category of loans by class of loans | ||
Total loans, excluding PCI loans | 0 | |
PCI Loans | 0 | |
Loans receivable | Residential | Home equity lines of credit | Substandard | ||
Risk category of loans by class of loans | ||
Total loans, excluding PCI loans | 4,646 | |
PCI Loans | 60 | |
Loans receivable | Residential | Home equity lines of credit | Doubtful / Loss | ||
Risk category of loans by class of loans | ||
Total loans, excluding PCI loans | 0 | |
PCI Loans | 0 | |
Loans receivable | Consumer | ||
Risk category of loans by class of loans | ||
Total loans, excluding PCI loans | 127,896 | |
PCI Loans | 336 | |
Total loans | $ 125,190 | 128,232 |
Loans receivable | Consumer | Pass | ||
Risk category of loans by class of loans | ||
Total loans, excluding PCI loans | 127,507 | |
PCI Loans | 303 | |
Loans receivable | Consumer | Watch | ||
Risk category of loans by class of loans | ||
Total loans, excluding PCI loans | 8 | |
PCI Loans | 0 | |
Loans receivable | Consumer | Substandard | ||
Risk category of loans by class of loans | ||
Total loans, excluding PCI loans | 381 | |
PCI Loans | 33 | |
Loans receivable | Consumer | Doubtful / Loss | ||
Risk category of loans by class of loans | ||
Total loans, excluding PCI loans | 0 | |
PCI Loans | $ 0 |
Loans and Leases and Allowan_13
Loans and Leases and Allowance for Credit Losses - Loans modified under terms of TDR (Details) - Loans receivable $ in Thousands | 3 Months Ended | |
Mar. 31, 2020USD ($)contract | Mar. 31, 2019USD ($)contract | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Number of Contracts | contract | 18 | 10 |
Pre-modification Outstanding Amortized Cost | $ 1,990 | $ 587 |
Post-Modification Outstanding Amortized Cost by Type of Modification | $ 1,945 | $ 577 |
Modified Within the Previous Twelve Months that Have Subsequently Defaulted, Number of Contracts | contract | 2 | 0 |
Modified Within the Previous Twelve Months that Have Subsequently Defaulted, Amortized Cost | $ 9 | $ 0 |
Rate Reduction | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Post-Modification Outstanding Amortized Cost by Type of Modification | 0 | 0 |
Structure | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Post-Modification Outstanding Amortized Cost by Type of Modification | 779 | 513 |
Other | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Post-Modification Outstanding Amortized Cost by Type of Modification | $ 1,166 | $ 64 |
Indirect auto | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Number of Contracts | contract | 6 | |
Pre-modification Outstanding Amortized Cost | $ 66 | |
Post-Modification Outstanding Amortized Cost by Type of Modification | $ 57 | |
Modified Within the Previous Twelve Months that Have Subsequently Defaulted, Number of Contracts | contract | 0 | |
Modified Within the Previous Twelve Months that Have Subsequently Defaulted, Amortized Cost | $ 0 | |
Indirect auto | Rate Reduction | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Post-Modification Outstanding Amortized Cost by Type of Modification | 0 | |
Indirect auto | Structure | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Post-Modification Outstanding Amortized Cost by Type of Modification | 0 | |
Indirect auto | Other | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Post-Modification Outstanding Amortized Cost by Type of Modification | $ 57 | |
Commercial | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Number of Contracts | contract | 11 | 2 |
Pre-modification Outstanding Amortized Cost | $ 1,677 | $ 176 |
Post-Modification Outstanding Amortized Cost by Type of Modification | $ 1,656 | $ 176 |
Modified Within the Previous Twelve Months that Have Subsequently Defaulted, Number of Contracts | contract | 1 | 0 |
Modified Within the Previous Twelve Months that Have Subsequently Defaulted, Amortized Cost | $ 6 | $ 0 |
Commercial | Rate Reduction | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Post-Modification Outstanding Amortized Cost by Type of Modification | 0 | 0 |
Commercial | Structure | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Post-Modification Outstanding Amortized Cost by Type of Modification | 501 | 169 |
Commercial | Other | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Post-Modification Outstanding Amortized Cost by Type of Modification | $ 1,155 | $ 7 |
Commercial | Owner occupied commercial real estate | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Number of Contracts | contract | 1 | 0 |
Pre-modification Outstanding Amortized Cost | $ 1,008 | $ 0 |
Post-Modification Outstanding Amortized Cost by Type of Modification | $ 990 | $ 0 |
Modified Within the Previous Twelve Months that Have Subsequently Defaulted, Number of Contracts | contract | 0 | 0 |
Modified Within the Previous Twelve Months that Have Subsequently Defaulted, Amortized Cost | $ 0 | $ 0 |
Commercial | Owner occupied commercial real estate | Rate Reduction | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Post-Modification Outstanding Amortized Cost by Type of Modification | 0 | 0 |
Commercial | Owner occupied commercial real estate | Structure | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Post-Modification Outstanding Amortized Cost by Type of Modification | 0 | 0 |
Commercial | Owner occupied commercial real estate | Other | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Post-Modification Outstanding Amortized Cost by Type of Modification | $ 990 | $ 0 |
Commercial | Income producing commercial real estate | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Number of Contracts | contract | 3 | 1 |
Pre-modification Outstanding Amortized Cost | $ 235 | $ 169 |
Post-Modification Outstanding Amortized Cost by Type of Modification | $ 232 | $ 169 |
Modified Within the Previous Twelve Months that Have Subsequently Defaulted, Number of Contracts | contract | 0 | 0 |
Modified Within the Previous Twelve Months that Have Subsequently Defaulted, Amortized Cost | $ 0 | $ 0 |
Commercial | Income producing commercial real estate | Rate Reduction | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Post-Modification Outstanding Amortized Cost by Type of Modification | 0 | 0 |
Commercial | Income producing commercial real estate | Structure | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Post-Modification Outstanding Amortized Cost by Type of Modification | 67 | 169 |
Commercial | Income producing commercial real estate | Other | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Post-Modification Outstanding Amortized Cost by Type of Modification | $ 165 | $ 0 |
Commercial | Commercial & industrial | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Number of Contracts | contract | 0 | 1 |
Pre-modification Outstanding Amortized Cost | $ 0 | $ 7 |
Post-Modification Outstanding Amortized Cost by Type of Modification | $ 0 | $ 7 |
Modified Within the Previous Twelve Months that Have Subsequently Defaulted, Number of Contracts | contract | 1 | 0 |
Modified Within the Previous Twelve Months that Have Subsequently Defaulted, Amortized Cost | $ 6 | $ 0 |
Commercial | Commercial & industrial | Rate Reduction | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Post-Modification Outstanding Amortized Cost by Type of Modification | 0 | 0 |
Commercial | Commercial & industrial | Structure | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Post-Modification Outstanding Amortized Cost by Type of Modification | 0 | 0 |
Commercial | Commercial & industrial | Other | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Post-Modification Outstanding Amortized Cost by Type of Modification | $ 0 | $ 7 |
Commercial | Construction | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Number of Contracts | contract | 0 | 0 |
Pre-modification Outstanding Amortized Cost | $ 0 | $ 0 |
Post-Modification Outstanding Amortized Cost by Type of Modification | $ 0 | $ 0 |
Modified Within the Previous Twelve Months that Have Subsequently Defaulted, Number of Contracts | contract | 0 | 0 |
Modified Within the Previous Twelve Months that Have Subsequently Defaulted, Amortized Cost | $ 0 | $ 0 |
Commercial | Construction | Rate Reduction | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Post-Modification Outstanding Amortized Cost by Type of Modification | 0 | 0 |
Commercial | Construction | Structure | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Post-Modification Outstanding Amortized Cost by Type of Modification | 0 | 0 |
Commercial | Construction | Other | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Post-Modification Outstanding Amortized Cost by Type of Modification | $ 0 | $ 0 |
Commercial | Equipment financing | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Number of Contracts | contract | 7 | 0 |
Pre-modification Outstanding Amortized Cost | $ 434 | $ 0 |
Post-Modification Outstanding Amortized Cost by Type of Modification | $ 434 | $ 0 |
Modified Within the Previous Twelve Months that Have Subsequently Defaulted, Number of Contracts | contract | 0 | 0 |
Modified Within the Previous Twelve Months that Have Subsequently Defaulted, Amortized Cost | $ 0 | $ 0 |
Commercial | Equipment financing | Rate Reduction | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Post-Modification Outstanding Amortized Cost by Type of Modification | 0 | 0 |
Commercial | Equipment financing | Structure | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Post-Modification Outstanding Amortized Cost by Type of Modification | 434 | 0 |
Commercial | Equipment financing | Other | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Post-Modification Outstanding Amortized Cost by Type of Modification | $ 0 | $ 0 |
Residential | Construction | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Number of Contracts | contract | 0 | 0 |
Pre-modification Outstanding Amortized Cost | $ 0 | $ 0 |
Post-Modification Outstanding Amortized Cost by Type of Modification | $ 0 | $ 0 |
Modified Within the Previous Twelve Months that Have Subsequently Defaulted, Number of Contracts | contract | 0 | 0 |
Modified Within the Previous Twelve Months that Have Subsequently Defaulted, Amortized Cost | $ 0 | $ 0 |
Residential | Construction | Rate Reduction | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Post-Modification Outstanding Amortized Cost by Type of Modification | 0 | 0 |
Residential | Construction | Structure | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Post-Modification Outstanding Amortized Cost by Type of Modification | 0 | 0 |
Residential | Construction | Other | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Post-Modification Outstanding Amortized Cost by Type of Modification | $ 0 | $ 0 |
Residential | Residential mortgage | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Number of Contracts | contract | 5 | 2 |
Pre-modification Outstanding Amortized Cost | $ 302 | $ 345 |
Post-Modification Outstanding Amortized Cost by Type of Modification | $ 278 | $ 344 |
Modified Within the Previous Twelve Months that Have Subsequently Defaulted, Number of Contracts | contract | 0 | 0 |
Modified Within the Previous Twelve Months that Have Subsequently Defaulted, Amortized Cost | $ 0 | $ 0 |
Residential | Residential mortgage | Rate Reduction | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Post-Modification Outstanding Amortized Cost by Type of Modification | 0 | 0 |
Residential | Residential mortgage | Structure | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Post-Modification Outstanding Amortized Cost by Type of Modification | 278 | 344 |
Residential | Residential mortgage | Other | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Post-Modification Outstanding Amortized Cost by Type of Modification | $ 0 | $ 0 |
Residential | Home equity lines of credit | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Number of Contracts | contract | 0 | 0 |
Pre-modification Outstanding Amortized Cost | $ 0 | $ 0 |
Post-Modification Outstanding Amortized Cost by Type of Modification | $ 0 | $ 0 |
Modified Within the Previous Twelve Months that Have Subsequently Defaulted, Number of Contracts | contract | 0 | 0 |
Modified Within the Previous Twelve Months that Have Subsequently Defaulted, Amortized Cost | $ 0 | $ 0 |
Residential | Home equity lines of credit | Rate Reduction | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Post-Modification Outstanding Amortized Cost by Type of Modification | 0 | 0 |
Residential | Home equity lines of credit | Structure | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Post-Modification Outstanding Amortized Cost by Type of Modification | 0 | 0 |
Residential | Home equity lines of credit | Other | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Post-Modification Outstanding Amortized Cost by Type of Modification | $ 0 | $ 0 |
Consumer | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Number of Contracts | contract | 2 | 0 |
Pre-modification Outstanding Amortized Cost | $ 11 | $ 0 |
Post-Modification Outstanding Amortized Cost by Type of Modification | $ 11 | $ 0 |
Modified Within the Previous Twelve Months that Have Subsequently Defaulted, Number of Contracts | contract | 1 | 0 |
Modified Within the Previous Twelve Months that Have Subsequently Defaulted, Amortized Cost | $ 3 | $ 0 |
Consumer | Rate Reduction | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Post-Modification Outstanding Amortized Cost by Type of Modification | 0 | 0 |
Consumer | Structure | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Post-Modification Outstanding Amortized Cost by Type of Modification | 0 | 0 |
Consumer | Other | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Post-Modification Outstanding Amortized Cost by Type of Modification | $ 11 | $ 0 |
Loans and Leases and Allowan_14
Loans and Leases and Allowance for Credit Losses - Balance and activity in the ACL by portfolio segment and recorded investment in loans by portfolio segment (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Allowance for Credit Loss | ||
Allowance for credit losses - loans, Beginning Balance | $ 62,089 | $ 61,203 |
Allowance for credit losses - loans, Charge-Offs | (10,805) | (4,360) |
Allowance for credit losses - loans, Recoveries | 2,691 | 1,230 |
Allowance for credit losses - loans, (Release) Provision | 21,050 | 3,569 |
Allowance for credit losses - loans, Ending Balance | 81,905 | 61,642 |
Allowance for unfunded commitments, Beginning Balance | 3,458 | 3,410 |
Allowance for unfunded commitments, (Release) Provision | 1,141 | (269) |
Allowance for unfunded commitments, Ending Balance | 6,470 | 3,141 |
Total allowance for credit losses, Beginning Balance | 65,547 | 64,613 |
Total allowance for credit losses, Charge-Offs | (10,805) | (4,360) |
Total allowance for credit losses, Recoveries | 2,691 | 1,230 |
Total allowance for credit losses, (Release) Provision | 22,191 | 3,300 |
Total allowance for credit losses, Ending Balance | 88,375 | 64,783 |
Adoption of CECL | ||
Allowance for Credit Loss | ||
Allowance for credit losses - loans, Beginning Balance | 6,880 | |
Allowance for unfunded commitments, Beginning Balance | 1,871 | |
Total allowance for credit losses, Beginning Balance | 8,751 | |
Adjusted Balance | ||
Allowance for Credit Loss | ||
Allowance for credit losses - loans, Beginning Balance | 68,969 | |
Allowance for unfunded commitments, Beginning Balance | 5,329 | |
Total allowance for credit losses, Beginning Balance | 74,298 | |
Loans receivable | Indirect auto | ||
Allowance for Credit Loss | ||
Allowance for credit losses - loans, Beginning Balance | 0 | 999 |
Allowance for credit losses - loans, Charge-Offs | 0 | (197) |
Allowance for credit losses - loans, Recoveries | 0 | 38 |
Allowance for credit losses - loans, (Release) Provision | 0 | 32 |
Allowance for credit losses - loans, Ending Balance | 0 | 872 |
Loans receivable | Indirect auto | Adoption of CECL | ||
Allowance for Credit Loss | ||
Allowance for credit losses - loans, Beginning Balance | 0 | |
Loans receivable | Indirect auto | Adjusted Balance | ||
Allowance for Credit Loss | ||
Allowance for credit losses - loans, Beginning Balance | 0 | |
Loans receivable | Commercial | Owner occupied commercial real estate | ||
Allowance for Credit Loss | ||
Allowance for credit losses - loans, Beginning Balance | 11,404 | 12,207 |
Allowance for credit losses - loans, Charge-Offs | (6) | (5) |
Allowance for credit losses - loans, Recoveries | 1,034 | 69 |
Allowance for credit losses - loans, (Release) Provision | 184 | (397) |
Allowance for credit losses - loans, Ending Balance | 11,000 | 11,874 |
Loans receivable | Commercial | Owner occupied commercial real estate | Adoption of CECL | ||
Allowance for Credit Loss | ||
Allowance for credit losses - loans, Beginning Balance | (1,616) | |
Loans receivable | Commercial | Owner occupied commercial real estate | Adjusted Balance | ||
Allowance for Credit Loss | ||
Allowance for credit losses - loans, Beginning Balance | 9,788 | |
Loans receivable | Commercial | Income producing commercial real estate | ||
Allowance for Credit Loss | ||
Allowance for credit losses - loans, Beginning Balance | 12,306 | 11,073 |
Allowance for credit losses - loans, Charge-Offs | (411) | (197) |
Allowance for credit losses - loans, Recoveries | 141 | 20 |
Allowance for credit losses - loans, (Release) Provision | 4,578 | 230 |
Allowance for credit losses - loans, Ending Balance | 16,584 | 11,126 |
Loans receivable | Commercial | Income producing commercial real estate | Adoption of CECL | ||
Allowance for Credit Loss | ||
Allowance for credit losses - loans, Beginning Balance | (30) | |
Loans receivable | Commercial | Income producing commercial real estate | Adjusted Balance | ||
Allowance for Credit Loss | ||
Allowance for credit losses - loans, Beginning Balance | 12,276 | |
Loans receivable | Commercial | Commercial & industrial | ||
Allowance for Credit Loss | ||
Allowance for credit losses - loans, Beginning Balance | 5,266 | 4,802 |
Allowance for credit losses - loans, Charge-Offs | (7,561) | (1,519) |
Allowance for credit losses - loans, Recoveries | 376 | 163 |
Allowance for credit losses - loans, (Release) Provision | 8,738 | 1,449 |
Allowance for credit losses - loans, Ending Balance | 10,831 | 4,895 |
Loans receivable | Commercial | Commercial & industrial | Adoption of CECL | ||
Allowance for Credit Loss | ||
Allowance for credit losses - loans, Beginning Balance | 4,012 | |
Loans receivable | Commercial | Commercial & industrial | Adjusted Balance | ||
Allowance for Credit Loss | ||
Allowance for credit losses - loans, Beginning Balance | 9,278 | |
Loans receivable | Commercial | Construction | ||
Allowance for Credit Loss | ||
Allowance for credit losses - loans, Beginning Balance | 9,668 | 10,337 |
Allowance for credit losses - loans, Charge-Offs | 0 | (69) |
Allowance for credit losses - loans, Recoveries | 141 | 394 |
Allowance for credit losses - loans, (Release) Provision | 2,330 | (387) |
Allowance for credit losses - loans, Ending Balance | 9,556 | 10,275 |
Loans receivable | Commercial | Construction | Adoption of CECL | ||
Allowance for Credit Loss | ||
Allowance for credit losses - loans, Beginning Balance | (2,583) | |
Loans receivable | Commercial | Construction | Adjusted Balance | ||
Allowance for Credit Loss | ||
Allowance for credit losses - loans, Beginning Balance | 7,085 | |
Loans receivable | Commercial | Equipment financing | ||
Allowance for Credit Loss | ||
Allowance for credit losses - loans, Beginning Balance | 7,384 | 5,452 |
Allowance for credit losses - loans, Charge-Offs | (1,863) | (1,424) |
Allowance for credit losses - loans, Recoveries | 356 | 143 |
Allowance for credit losses - loans, (Release) Provision | 2,990 | 2,060 |
Allowance for credit losses - loans, Ending Balance | 14,738 | 6,231 |
Loans receivable | Commercial | Equipment financing | Adoption of CECL | ||
Allowance for Credit Loss | ||
Allowance for credit losses - loans, Beginning Balance | 5,871 | |
Loans receivable | Commercial | Equipment financing | Adjusted Balance | ||
Allowance for Credit Loss | ||
Allowance for credit losses - loans, Beginning Balance | 13,255 | |
Loans receivable | Residential | Construction | ||
Allowance for Credit Loss | ||
Allowance for credit losses - loans, Beginning Balance | 2,504 | 2,433 |
Allowance for credit losses - loans, Charge-Offs | (22) | (4) |
Allowance for credit losses - loans, Recoveries | 34 | 26 |
Allowance for credit losses - loans, (Release) Provision | 71 | (65) |
Allowance for credit losses - loans, Ending Balance | 816 | 2,390 |
Loans receivable | Residential | Construction | Adoption of CECL | ||
Allowance for Credit Loss | ||
Allowance for credit losses - loans, Beginning Balance | (1,771) | |
Loans receivable | Residential | Construction | Adjusted Balance | ||
Allowance for Credit Loss | ||
Allowance for credit losses - loans, Beginning Balance | 733 | |
Loans receivable | Residential | Residential mortgage | ||
Allowance for Credit Loss | ||
Allowance for credit losses - loans, Beginning Balance | 8,081 | 8,295 |
Allowance for credit losses - loans, Charge-Offs | (284) | (61) |
Allowance for credit losses - loans, Recoveries | 275 | 48 |
Allowance for credit losses - loans, (Release) Provision | 1,422 | 63 |
Allowance for credit losses - loans, Ending Balance | 11,063 | 8,345 |
Loans receivable | Residential | Residential mortgage | Adoption of CECL | ||
Allowance for Credit Loss | ||
Allowance for credit losses - loans, Beginning Balance | 1,569 | |
Loans receivable | Residential | Residential mortgage | Adjusted Balance | ||
Allowance for Credit Loss | ||
Allowance for credit losses - loans, Beginning Balance | 9,650 | |
Loans receivable | Residential | Home equity lines of credit | ||
Allowance for Credit Loss | ||
Allowance for credit losses - loans, Beginning Balance | 4,575 | 4,752 |
Allowance for credit losses - loans, Charge-Offs | (20) | (337) |
Allowance for credit losses - loans, Recoveries | 103 | 122 |
Allowance for credit losses - loans, (Release) Provision | 310 | 260 |
Allowance for credit losses - loans, Ending Balance | 6,887 | 4,797 |
Loans receivable | Residential | Home equity lines of credit | Adoption of CECL | ||
Allowance for Credit Loss | ||
Allowance for credit losses - loans, Beginning Balance | 1,919 | |
Loans receivable | Residential | Home equity lines of credit | Adjusted Balance | ||
Allowance for Credit Loss | ||
Allowance for credit losses - loans, Beginning Balance | 6,494 | |
Loans receivable | Consumer | ||
Allowance for Credit Loss | ||
Allowance for credit losses - loans, Beginning Balance | 901 | 853 |
Allowance for credit losses - loans, Charge-Offs | (638) | (547) |
Allowance for credit losses - loans, Recoveries | 231 | 207 |
Allowance for credit losses - loans, (Release) Provision | 427 | 324 |
Allowance for credit losses - loans, Ending Balance | 430 | $ 837 |
Loans receivable | Consumer | Adoption of CECL | ||
Allowance for Credit Loss | ||
Allowance for credit losses - loans, Beginning Balance | (491) | |
Loans receivable | Consumer | Adjusted Balance | ||
Allowance for Credit Loss | ||
Allowance for credit losses - loans, Beginning Balance | $ 410 |
Loans and Leases and Allowan_15
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 | Mar. 31, 2020 | Dec. 31, 2019 | Mar. 31, 2019 | Dec. 31, 2018 |
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Loans Outstanding, Individually evaluated for impairment | $ 61,971 | |||
Loans Outstanding, Collectively evaluated for impairment | 8,691,936 | |||
PCI Loans | 58,646 | |||
Loans Outstanding, Ending Balance | 8,812,553 | |||
Allowance for credit losses, Individually evaluated for impairment | 2,512 | |||
Allowance for credit losses, Collectively evaluated for impairment | 59,214 | |||
Allowance for credit losses, PCI | 363 | |||
Allowance for credit losses, Ending balance | $ 81,905 | 62,089 | $ 61,642 | $ 61,203 |
Allowance for unfunded commitments, Individually evaluated for impairment | 0 | |||
Allowance for unfunded commitments, Collectively evaluated for impairment | 3,458 | |||
Allowance for unfunded commitments, Ending Balance | 6,470 | 3,458 | 3,141 | 3,410 |
Total allowance for credit losses, Individually evaluated for impairment | 2,512 | |||
Total allowance for credit losses, Collectively evaluated for impairment | 62,672 | |||
Total allowance for credit losses, PCI | 363 | |||
Total allowance for credit losses, Ending Balance | 88,375 | 65,547 | 64,783 | 64,613 |
Loans receivable | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
PCI Loans | 58,646 | |||
Loans receivable | Commercial | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
PCI Loans | 46,947 | |||
Loans receivable | Commercial | Owner occupied commercial real estate | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Loans Outstanding, Individually evaluated for impairment | 19,233 | |||
Loans Outstanding, Collectively evaluated for impairment | 1,692,448 | |||
PCI Loans | 8,546 | |||
Loans Outstanding, Ending Balance | 1,720,227 | |||
Allowance for credit losses, Individually evaluated for impairment | 816 | |||
Allowance for credit losses, Collectively evaluated for impairment | 10,483 | |||
Allowance for credit losses, PCI | 105 | |||
Allowance for credit losses, Ending balance | 11,000 | 11,404 | 11,874 | 12,207 |
Loans receivable | Commercial | Income producing commercial real estate | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Loans Outstanding, Individually evaluated for impairment | 18,134 | |||
Loans Outstanding, Collectively evaluated for impairment | 1,962,588 | |||
PCI Loans | 27,228 | |||
Loans Outstanding, Ending Balance | 2,007,950 | |||
Allowance for credit losses, Individually evaluated for impairment | 770 | |||
Allowance for credit losses, Collectively evaluated for impairment | 11,507 | |||
Allowance for credit losses, PCI | 29 | |||
Allowance for credit losses, Ending balance | 16,584 | 12,306 | 11,126 | 11,073 |
Loans receivable | Commercial | Commercial & industrial | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Loans Outstanding, Individually evaluated for impairment | 1,449 | |||
Loans Outstanding, Collectively evaluated for impairment | 1,218,882 | |||
PCI Loans | 326 | |||
Loans Outstanding, Ending Balance | 1,220,657 | |||
Allowance for credit losses, Individually evaluated for impairment | 21 | |||
Allowance for credit losses, Collectively evaluated for impairment | 5,193 | |||
Allowance for credit losses, PCI | 52 | |||
Allowance for credit losses, Ending balance | 10,831 | 5,266 | 4,895 | 4,802 |
Loans receivable | Commercial | Construction | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Loans Outstanding, Individually evaluated for impairment | 3,675 | |||
Loans Outstanding, Collectively evaluated for impairment | 965,678 | |||
PCI Loans | 6,862 | |||
Loans Outstanding, Ending Balance | 976,215 | |||
Allowance for credit losses, Individually evaluated for impairment | 55 | |||
Allowance for credit losses, Collectively evaluated for impairment | 9,613 | |||
Allowance for credit losses, PCI | 0 | |||
Allowance for credit losses, Ending balance | 9,556 | 9,668 | 10,275 | 10,337 |
Loans receivable | Commercial | Equipment financing | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Loans Outstanding, Individually evaluated for impairment | 1,027 | |||
Loans Outstanding, Collectively evaluated for impairment | 739,532 | |||
PCI Loans | 3,985 | |||
Loans Outstanding, Ending Balance | 744,544 | |||
Allowance for credit losses, Individually evaluated for impairment | 0 | |||
Allowance for credit losses, Collectively evaluated for impairment | 7,240 | |||
Allowance for credit losses, PCI | 144 | |||
Allowance for credit losses, Ending balance | 14,738 | 7,384 | 6,231 | 5,452 |
Loans receivable | Residential | Construction | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Loans Outstanding, Individually evaluated for impairment | 1,256 | |||
Loans Outstanding, Collectively evaluated for impairment | 234,807 | |||
PCI Loans | 374 | |||
Loans Outstanding, Ending Balance | 236,437 | |||
Allowance for credit losses, Individually evaluated for impairment | 47 | |||
Allowance for credit losses, Collectively evaluated for impairment | 2,456 | |||
Allowance for credit losses, PCI | 1 | |||
Allowance for credit losses, Ending balance | 816 | 2,504 | 2,390 | 2,433 |
Loans receivable | Residential | Residential mortgage | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Loans Outstanding, Individually evaluated for impairment | 15,991 | |||
Loans Outstanding, Collectively evaluated for impairment | 1,092,046 | |||
PCI Loans | 9,579 | |||
Loans Outstanding, Ending Balance | 1,117,616 | |||
Allowance for credit losses, Individually evaluated for impairment | 782 | |||
Allowance for credit losses, Collectively evaluated for impairment | 7,296 | |||
Allowance for credit losses, PCI | 3 | |||
Allowance for credit losses, Ending balance | 11,063 | 8,081 | 8,345 | 8,295 |
Loans receivable | Residential | Home equity lines of credit | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Loans Outstanding, Individually evaluated for impairment | 992 | |||
Loans Outstanding, Collectively evaluated for impairment | 658,273 | |||
PCI Loans | 1,410 | |||
Loans Outstanding, Ending Balance | 660,675 | |||
Allowance for credit losses, Individually evaluated for impairment | 16 | |||
Allowance for credit losses, Collectively evaluated for impairment | 4,541 | |||
Allowance for credit losses, PCI | 18 | |||
Allowance for credit losses, Ending balance | 6,887 | 4,575 | 4,797 | 4,752 |
Loans receivable | Consumer | ||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||
Loans Outstanding, Individually evaluated for impairment | 214 | |||
Loans Outstanding, Collectively evaluated for impairment | 127,682 | |||
PCI Loans | 336 | |||
Loans Outstanding, Ending Balance | 128,232 | |||
Allowance for credit losses, Individually evaluated for impairment | 5 | |||
Allowance for credit losses, Collectively evaluated for impairment | 885 | |||
Allowance for credit losses, PCI | 11 | |||
Allowance for credit losses, Ending balance | $ 430 | $ 901 | $ 837 | $ 853 |
Loans and Leases and Allowan_16
Loans and Leases and Allowance for Credit Losses - Loans individually evaluated for impairment by class of loans (Details) - Loans receivable $ in Thousands | Dec. 31, 2019USD ($) |
Unpaid Principal Balance | |
Unpaid Principal Balance, With no related allowance recorded | $ 28,590 |
Unpaid Principal Balance, With an allowance recorded | 37,395 |
Unpaid Principal Balance | 65,985 |
Recorded Investment | |
Recorded Investment, With no related allowance recorded | 25,107 |
Recorded Investment, With allowance recorded | 36,864 |
Recorded Investment | 61,971 |
Allowance for Loan Losses Allocated | 2,512 |
Commercial | |
Unpaid Principal Balance | |
Unpaid Principal Balance, With no related allowance recorded | 19,315 |
Unpaid Principal Balance, With an allowance recorded | 26,821 |
Recorded Investment | |
Recorded Investment, With no related allowance recorded | 17,131 |
Recorded Investment, With allowance recorded | 26,387 |
Allowance for Loan Losses Allocated | 1,662 |
Commercial | Owner occupied commercial real estate | |
Unpaid Principal Balance | |
Unpaid Principal Balance, With no related allowance recorded | 9,527 |
Unpaid Principal Balance, With an allowance recorded | 11,136 |
Recorded Investment | |
Recorded Investment, With no related allowance recorded | 8,118 |
Recorded Investment, With allowance recorded | 11,115 |
Allowance for Loan Losses Allocated | 816 |
Commercial | Income producing commercial real estate | |
Unpaid Principal Balance | |
Unpaid Principal Balance, With no related allowance recorded | 5,159 |
Unpaid Principal Balance, With an allowance recorded | 13,591 |
Recorded Investment | |
Recorded Investment, With no related allowance recorded | 4,956 |
Recorded Investment, With allowance recorded | 13,178 |
Allowance for Loan Losses Allocated | 770 |
Commercial | Commercial & industrial | |
Unpaid Principal Balance | |
Unpaid Principal Balance, With no related allowance recorded | 1,144 |
Unpaid Principal Balance, With an allowance recorded | 559 |
Recorded Investment | |
Recorded Investment, With no related allowance recorded | 890 |
Recorded Investment, With allowance recorded | 559 |
Allowance for Loan Losses Allocated | 21 |
Commercial | Construction | |
Unpaid Principal Balance | |
Unpaid Principal Balance, With no related allowance recorded | 2,458 |
Unpaid Principal Balance, With an allowance recorded | 1,535 |
Recorded Investment | |
Recorded Investment, With no related allowance recorded | 2,140 |
Recorded Investment, With allowance recorded | 1,535 |
Allowance for Loan Losses Allocated | 55 |
Commercial | Equipment financing | |
Unpaid Principal Balance | |
Unpaid Principal Balance, With no related allowance recorded | 1,027 |
Unpaid Principal Balance, With an allowance recorded | 0 |
Recorded Investment | |
Recorded Investment, With no related allowance recorded | 1,027 |
Recorded Investment, With allowance recorded | 0 |
Allowance for Loan Losses Allocated | 0 |
Residential | Construction | |
Unpaid Principal Balance | |
Unpaid Principal Balance, With no related allowance recorded | 731 |
Unpaid Principal Balance, With an allowance recorded | 643 |
Recorded Investment | |
Recorded Investment, With no related allowance recorded | 626 |
Recorded Investment, With allowance recorded | 630 |
Allowance for Loan Losses Allocated | 47 |
Residential | Residential mortgage | |
Unpaid Principal Balance | |
Unpaid Principal Balance, With no related allowance recorded | 7,362 |
Unpaid Principal Balance, With an allowance recorded | 9,624 |
Recorded Investment | |
Recorded Investment, With no related allowance recorded | 6,436 |
Recorded Investment, With allowance recorded | 9,555 |
Allowance for Loan Losses Allocated | 782 |
Residential | Home equity lines of credit | |
Unpaid Principal Balance | |
Unpaid Principal Balance, With no related allowance recorded | 1,116 |
Unpaid Principal Balance, With an allowance recorded | 146 |
Recorded Investment | |
Recorded Investment, With no related allowance recorded | 861 |
Recorded Investment, With allowance recorded | 131 |
Allowance for Loan Losses Allocated | 16 |
Consumer | |
Unpaid Principal Balance | |
Unpaid Principal Balance, With no related allowance recorded | 66 |
Unpaid Principal Balance, With an allowance recorded | 161 |
Recorded Investment | |
Recorded Investment, With no related allowance recorded | 53 |
Recorded Investment, With allowance recorded | 161 |
Allowance for Loan Losses Allocated | $ 5 |
Loans and Leases and Allowan_17
Loans and Leases and Allowance for Credit Losses - Average balances of impaired loans and income recognized on impaired loans (Details) - Loans receivable $ in Thousands | 3 Months Ended |
Mar. 31, 2019USD ($) | |
Average balances of impaired loans and income recognized on impaired loans | |
Average Balance | $ 54,328 |
Interest Revenue Recognized During Impairment | 745 |
Cash Basis Interest Revenue Received | 761 |
Indirect auto | |
Average balances of impaired loans and income recognized on impaired loans | |
Average Balance | 1,190 |
Interest Revenue Recognized During Impairment | 14 |
Cash Basis Interest Revenue Received | 14 |
Commercial | |
Average balances of impaired loans and income recognized on impaired loans | |
Average Balance | 35,765 |
Interest Revenue Recognized During Impairment | 531 |
Cash Basis Interest Revenue Received | 543 |
Commercial | Owner occupied commercial real estate | |
Average balances of impaired loans and income recognized on impaired loans | |
Average Balance | 17,410 |
Interest Revenue Recognized During Impairment | 285 |
Cash Basis Interest Revenue Received | 284 |
Commercial | Income producing commercial real estate | |
Average balances of impaired loans and income recognized on impaired loans | |
Average Balance | 14,237 |
Interest Revenue Recognized During Impairment | 193 |
Cash Basis Interest Revenue Received | 207 |
Commercial | Commercial & industrial | |
Average balances of impaired loans and income recognized on impaired loans | |
Average Balance | 1,716 |
Interest Revenue Recognized During Impairment | 19 |
Cash Basis Interest Revenue Received | 19 |
Commercial | Construction | |
Average balances of impaired loans and income recognized on impaired loans | |
Average Balance | 2,402 |
Interest Revenue Recognized During Impairment | 34 |
Cash Basis Interest Revenue Received | 33 |
Commercial | Equipment financing | |
Average balances of impaired loans and income recognized on impaired loans | |
Average Balance | 0 |
Interest Revenue Recognized During Impairment | 0 |
Cash Basis Interest Revenue Received | 0 |
Residential | Construction | |
Average balances of impaired loans and income recognized on impaired loans | |
Average Balance | 1,408 |
Interest Revenue Recognized During Impairment | 24 |
Cash Basis Interest Revenue Received | 23 |
Residential | Residential mortgage | |
Average balances of impaired loans and income recognized on impaired loans | |
Average Balance | 15,502 |
Interest Revenue Recognized During Impairment | 168 |
Cash Basis Interest Revenue Received | 174 |
Residential | Home equity lines of credit | |
Average balances of impaired loans and income recognized on impaired loans | |
Average Balance | 258 |
Interest Revenue Recognized During Impairment | 4 |
Cash Basis Interest Revenue Received | 3 |
Consumer | |
Average balances of impaired loans and income recognized on impaired loans | |
Average Balance | 205 |
Interest Revenue Recognized During Impairment | 4 |
Cash Basis Interest Revenue Received | $ 4 |
Reclassifications Out of Accu_3
Reclassifications Out of Accumulated Other Comprehensive Income (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||
Securities losses, net | $ 0 | $ (267) |
Investment securities interest revenue | 136,547 | 136,516 |
Deposit interest expense | (15,075) | (15,957) |
Salaries and employee benefits expense | (51,358) | (47,503) |
Other expense | (4,022) | (3,684) |
Total before tax | 40,691 | 57,218 |
Income tax (expense) benefit | (8,807) | (12,956) |
Net income | 31,884 | 44,262 |
Reclassifications Out of Accumulated Other Comprehensive Income | ||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||
Net income | (223) | (469) |
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, net | 0 | (267) |
Income tax (expense) benefit | 0 | 68 |
Net income | 0 | (199) |
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 | (83) | (84) |
Income tax (expense) benefit | 20 | 20 |
Net income | (63) | (64) |
Reclassifications Out of Accumulated Other Comprehensive Income | Amortization of losses included in net income on derivative financial instruments accounted for as cash flow hedges: | ||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||
Deposit interest expense | 0 | (102) |
Income tax (expense) benefit | 0 | 26 |
Net income | 0 | (76) |
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 | (133) | (159) |
Reclassifications Out of Accumulated Other Comprehensive Income | Actuarial losses | ||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||
Other expense | (81) | (15) |
Reclassifications Out of Accumulated Other Comprehensive Income | Reclassifications related to defined benefit pension plan activity | ||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||
Total before tax | (214) | (174) |
Income tax (expense) benefit | 54 | 44 |
Net income | $ (160) | $ (130) |
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 | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Computation of basic and diluted earnings per share | ||
Net income | $ 31,884 | $ 44,262 |
Dividends and undistributed earnings allocated to unvested shares | (243) | (315) |
Net income available to common shareholders | $ 31,641 | $ 43,947 |
Weighted average shares outstanding: | ||
Basic (in shares) | 79,340 | 79,807 |
Effect of dilutive securities | ||
Diluted (in shares) | 79,446 | 79,813 |
Net income per common share: | ||
Basic (in dollars per share) | $ 0.40 | $ 0.55 |
Diluted (in dollars per share) | $ 0.40 | $ 0.55 |
Stock options | ||
Effect of dilutive securities | ||
Dilutive securities (in shares) | 0 | 3 |
Restricted stock units | ||
Effect of dilutive securities | ||
Dilutive securities (in shares) | 106 | 3 |
Earnings Per Share - Narrative
Earnings Per Share - Narrative (Details) - Stock options - $ / shares | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive securities excluded from computation (in shares) | 1,000 | 31,812 |
Weighted average exercise price of stock options (in dollars per share) | $ 30.45 | $ 31.47 |
Derivatives and Hedging Activ_3
Derivatives and Hedging Activities - Fair value of derivative financial instruments (Details) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Derivative Asset [Abstract] | ||
Total gross derivative instruments | $ 82,668 | $ 35,007 |
Less: Amounts subject to master netting agreements | (50) | (401) |
Less: Cash collateral received/pledged | 0 | 0 |
Net amount | 82,618 | 34,606 |
Derivative Liability [Abstract] | ||
Total gross derivative instruments | 27,349 | 15,516 |
Less: Amounts subject to master netting agreements | (50) | (401) |
Less: Cash collateral received/pledged | (23,718) | (14,933) |
Derivatives designated as hedging instruments: | 3,581 | 182 |
Derivative assets | ||
Derivative Asset [Abstract] | ||
Total gross derivative instruments | 82,668 | 35,007 |
Derivative liabilities | ||
Derivative Liability [Abstract] | ||
Total gross derivative instruments | 27,349 | 15,516 |
Designated as hedging instrument | Derivative assets | ||
Derivative Asset [Abstract] | ||
Derivatives designated as hedging instruments | 0 | 0 |
Designated as hedging instrument | Derivative assets | Brokered time deposits | ||
Derivative Asset [Abstract] | ||
Derivatives designated as hedging instruments | 0 | 0 |
Designated as hedging instrument | Derivative liabilities | ||
Derivative Liability [Abstract] | ||
Derivatives designated as hedging instruments | 144 | 880 |
Designated as hedging instrument | Derivative liabilities | Brokered time deposits | ||
Derivative Liability [Abstract] | ||
Derivatives designated as hedging instruments | 144 | 880 |
Not designated as hedging instrument | Derivative assets | ||
Derivative Asset [Abstract] | ||
Derivatives not designated as hedging instruments | 82,668 | 35,007 |
Not designated as hedging instrument | Derivative assets | Customer derivative positions | ||
Derivative Asset [Abstract] | ||
Derivatives not designated as hedging instruments | 74,793 | 27,277 |
Not designated as hedging instrument | Derivative assets | Dealer offsets to customer derivative positions | ||
Derivative Asset [Abstract] | ||
Derivatives not designated as hedging instruments | 33 | 394 |
Not designated as hedging instrument | Derivative assets | Risk participations | ||
Derivative Asset [Abstract] | ||
Derivatives not designated as hedging instruments | 0 | 0 |
Not designated as hedging instrument | Derivative assets | Mortgage banking - loan commitment | ||
Derivative Asset [Abstract] | ||
Derivatives not designated as hedging instruments | 7,361 | 1,970 |
Not designated as hedging instrument | Derivative assets | Mortgage banking - forward sales commitment | ||
Derivative Asset [Abstract] | ||
Derivatives not designated as hedging instruments | 481 | 98 |
Not designated as hedging instrument | Derivative assets | Bifurcated embedded derivatives | ||
Derivative Asset [Abstract] | ||
Derivatives not designated as hedging instruments | 0 | 5,268 |
Not designated as hedging instrument | Derivative assets | Dealer offsets to bifurcated embedded derivatives | ||
Derivative Asset [Abstract] | ||
Derivatives not designated as hedging instruments | 0 | 0 |
Not designated as hedging instrument | Derivative liabilities | ||
Derivative Liability [Abstract] | ||
Derivatives not designated as hedging instruments | 27,205 | 14,636 |
Not designated as hedging instrument | Derivative liabilities | Customer derivative positions | ||
Derivative Liability [Abstract] | ||
Derivatives not designated as hedging instruments | 33 | 446 |
Not designated as hedging instrument | Derivative liabilities | Dealer offsets to customer derivative positions | ||
Derivative Liability [Abstract] | ||
Derivatives not designated as hedging instruments | 20,318 | 6,425 |
Not designated as hedging instrument | Derivative liabilities | Risk participations | ||
Derivative Liability [Abstract] | ||
Derivatives not designated as hedging instruments | 28 | 12 |
Not designated as hedging instrument | Derivative liabilities | Mortgage banking - loan commitment | ||
Derivative Liability [Abstract] | ||
Derivatives not designated as hedging instruments | 0 | 0 |
Not designated as hedging instrument | Derivative liabilities | Mortgage banking - forward sales commitment | ||
Derivative Liability [Abstract] | ||
Derivatives not designated as hedging instruments | 4,281 | 86 |
Not designated as hedging instrument | Derivative liabilities | Bifurcated embedded derivatives | ||
Derivative Liability [Abstract] | ||
Derivatives not designated as hedging instruments | 538 | 0 |
Not designated as hedging instrument | Derivative liabilities | Dealer offsets to bifurcated embedded derivatives | ||
Derivative Liability [Abstract] | ||
Derivatives not designated as hedging instruments | $ 2,007 | $ 7,667 |
Derivatives and Hedging Activ_4
Derivatives and Hedging Activities - Narrative (Details) - Interest rate swaps $ in Millions | Mar. 31, 2020USD ($)contract | Dec. 31, 2019USD ($)contract |
Fair value hedging of interest rate risk | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Number of derivative contracts outstanding | 3 | 4 |
Aggregate notional amount | $ | $ 27.9 | $ 37.9 |
Not designated as hedging instrument, economic hedge | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Number of derivative contracts outstanding | 3 |
Derivatives and Hedging Activ_5
Derivatives and Hedging Activities - Effect of derivatives in fair value hedging relationships (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Derivative Instruments, Gain (Loss) [Line Items] | ||
Deposit interest expense | $ 15,075 | $ 15,957 |
Fair value hedging | Interest expense - deposits | ||
Gains (losses) on fair value hedging relationships: | ||
Amounts related to interest settlements on derivatives | (75) | (101) |
Recognized on derivatives | 1,062 | 451 |
Recognized on hedged items | (982) | (462) |
Net income (expense) recognized on fair value hedges | $ 5 | $ (112) |
Derivatives and Hedging Activ_6
Derivatives and Hedging Activities - Carrying amount and hedge accounting basis adjustment (Details) - Fair value hedging - Interest rate swaps - Deposits - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Derivative [Line Items] | ||
Carrying amount of Assets (Liabilities) | $ (27,017) | $ (35,880) |
Hedge Accounting Basis Adjustment | $ (324) | $ 645 |
Derivatives and Hedging Activ_7
Derivatives and Hedging Activities - Gains and losses recognized in income on derivatives not designated as hedging instruments (Details) - Not designated as hedging instrument - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Derivative Instruments, Gain (Loss) [Line Items] | ||
Amount of Gain (Loss) Recognized in Income on Derivative | $ 383 | $ 340 |
Customer derivatives and dealer offsets | Other noninterest income | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Amount of Gain (Loss) Recognized in Income on Derivative | 1,424 | 503 |
Bifurcated embedded derivatives and dealer offsets | Other noninterest income | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Amount of Gain (Loss) Recognized in Income on Derivative | (195) | 218 |
De-designated hedges | Other noninterest income | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Amount of Gain (Loss) Recognized in Income on Derivative | 0 | (193) |
Mortgage banking derivatives | Mortgage loan revenue | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Amount of Gain (Loss) Recognized in Income on Derivative | (829) | (190) |
Risk participations | Other noninterest income | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Amount of Gain (Loss) Recognized in Income on Derivative | $ (17) | $ 2 |
Stock-Based Compensation - Narr
Stock-Based Compensation - Narrative (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Plan vesting period | 4 years | |
Plan exercisable period | 10 years | |
Additional awards remaining available under plan (in shares) | 1,300,000 | |
Stock options granted (in shares) | 0 | 0 |
Income tax benefit related to expense for share-based awards | $ 637,000 | $ 507,000 |
Restricted Stock Units | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Unrecognized compensation expense | $ 12,800,000 | |
Recognition period for unrecognized compensation expense | 2 years 3 months 18 days | |
Stock Options | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Compensation expense | $ 0 | 0 |
Unrecognized compensation expense | 0 | |
Employees | Restricted Stock Units | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Compensation expense | 2,400,000 | 1,910,000 |
Directors | Restricted Stock Units | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Compensation expense | $ 93,000 | $ 72,000 |
Stock-Based Compensation - Stoc
Stock-Based Compensation - Stock option activity (Details) - Stock Options $ / shares in Units, $ in Thousands | 3 Months Ended |
Mar. 31, 2020USD ($)$ / sharesshares | |
Shares | |
Outstanding, beginning balance (in shares) | shares | 1,500 |
Expired (in shares) | shares | (500) |
Outstanding, ending balance (in shares) | shares | 1,000 |
Exercisable (in shares) | shares | 1,000 |
Weighted- Average Exercise Price | |
Outstanding, beginning balance (in dollars per share) | $ / shares | $ 27.95 |
Expired (in dollars per share) | $ / shares | 22.95 |
Outstanding, ending balance (in dollars per share) | $ / shares | 30.45 |
Exercisable (in dollars per share) | $ / shares | $ 30.45 |
Weighted-Average Remaining Contractual Term (Years), Outstanding | 14 days |
Weighted-Average Remaining Contractual Term (Years), Exercisable | 14 days |
Aggregate Intrinsic Value, Outstanding | $ | $ 0 |
Aggregate Intrinsic Value, Exercisable | $ | $ 0 |
Stock-Based Compensation - Rest
Stock-Based Compensation - Restricted stock unit activity (Details) - Restricted Stock Units $ / shares in Units, $ in Thousands | 3 Months Ended |
Mar. 31, 2020USD ($)$ / sharesshares | |
Shares | |
Outstanding, beginning balance (in shares) | shares | 808,424 |
Granted (in shares) | shares | 38,988 |
Vested (in shares) | shares | (64,912) |
Cancelled (in shares) | shares | (17,672) |
Outstanding, ending balance (in shares) | shares | 764,828 |
Weighted- Average Grant- Date Fair Value | |
Outstanding, beginning balance (in dollars per share) | $ / shares | $ 27.94 |
Granted (in dollars per share) | $ / shares | 25.39 |
Vested (in dollars per share) | $ / shares | 27.83 |
Cancelled (in dollars per share) | $ / shares | 26.44 |
Outstanding, ending balance (in dollars per share) | $ / shares | $ 27.85 |
Weighted-Average Remaining Contractual Term (Years), Outstanding | 4 years |
Aggregate Intrinsic Value, Vested | $ | $ 1,870 |
Aggregate Intrinsic Value, Outstanding | $ | $ 14,004 |
Common Stock (Details)
Common Stock (Details) - USD ($) | 3 Months Ended | ||
Mar. 31, 2020 | Mar. 31, 2019 | Nov. 30, 2019 | |
Equity [Abstract] | |||
Repurchase program authorized amount | $ 50,000,000 | $ 50,000,000 | |
Shares repurchased (in shares) | 826,482 | 305,052 | |
Repurchase program remaining authorization | $ 29,200,000 |
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 | Mar. 31, 2020 | Dec. 31, 2019 |
Assets: | ||
Debt securities available-for-sale | $ 2,249,876 | $ 2,274,581 |
Mortgage loans held for sale | 90,000 | 58,500 |
U.S. Treasuries | ||
Assets: | ||
Debt securities available-for-sale | 158,964 | 154,618 |
State and political subdivisions | ||
Assets: | ||
Debt securities available-for-sale | 227,681 | 226,490 |
Residential mortgage-backed securities | ||
Assets: | ||
Debt securities available-for-sale | 1,297,591 | |
Commercial mortgage-backed securities | ||
Assets: | ||
Debt securities available-for-sale | 267,789 | |
Corporate bonds | ||
Assets: | ||
Debt securities available-for-sale | 190,785 | 203,091 |
Asset-backed securities | ||
Assets: | ||
Debt securities available-for-sale | 104,099 | 103,369 |
Recurring | ||
Assets: | ||
Equity securities with readily available fair values | 1,338 | 1,973 |
Mortgage loans held for sale | 89,959 | 58,484 |
Deferred compensation plan assets | 7,537 | 8,133 |
Servicing rights for SBA/USDA loans | 6,290 | 6,794 |
Residential mortgage servicing rights | 11,059 | 13,565 |
Derivative financial instruments | 82,668 | 35,007 |
Total assets | 2,448,727 | 2,398,537 |
Liabilities: | ||
Deferred compensation plan liability | 7,549 | 8,132 |
Derivative financial instruments | 27,349 | 15,516 |
Total liabilities | 34,898 | 23,648 |
Recurring | U.S. Treasuries | ||
Assets: | ||
Debt securities available-for-sale | 158,964 | 154,618 |
Recurring | U.S. Government agencies | ||
Assets: | ||
Debt securities available-for-sale | 2,967 | 3,035 |
Recurring | State and political subdivisions | ||
Assets: | ||
Debt securities available-for-sale | 227,681 | 226,490 |
Recurring | Residential mortgage-backed securities | ||
Assets: | ||
Debt securities available-for-sale | 1,297,591 | 1,299,025 |
Recurring | Commercial mortgage-backed securities | ||
Assets: | ||
Debt securities available-for-sale | 267,789 | 284,953 |
Recurring | Corporate bonds | ||
Assets: | ||
Debt securities available-for-sale | 190,785 | 203,091 |
Recurring | Asset-backed securities | ||
Assets: | ||
Debt securities available-for-sale | 104,099 | 103,369 |
Recurring | Level 1 | ||
Assets: | ||
Equity securities with readily available fair values | 1,338 | 1,973 |
Mortgage loans held for sale | 0 | 0 |
Deferred compensation plan assets | 7,537 | 8,133 |
Servicing rights for SBA/USDA loans | 0 | 0 |
Residential mortgage servicing rights | 0 | 0 |
Derivative financial instruments | 0 | 0 |
Total assets | 167,839 | 164,724 |
Liabilities: | ||
Deferred compensation plan liability | 7,549 | 8,132 |
Derivative financial instruments | 0 | 0 |
Total liabilities | 7,549 | 8,132 |
Recurring | Level 1 | U.S. Treasuries | ||
Assets: | ||
Debt securities available-for-sale | 158,964 | 154,618 |
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 2 | ||
Assets: | ||
Equity securities with readily available fair values | 0 | 0 |
Mortgage loans held for sale | 89,959 | 58,484 |
Deferred compensation plan assets | 0 | 0 |
Servicing rights for SBA/USDA loans | 0 | 0 |
Residential mortgage servicing rights | 0 | 0 |
Derivative financial instruments | 75,307 | 27,769 |
Total assets | 2,256,178 | 2,205,218 |
Liabilities: | ||
Deferred compensation plan liability | 0 | 0 |
Derivative financial instruments | 24,632 | 6,957 |
Total liabilities | 24,632 | 6,957 |
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 | 2,967 | 3,035 |
Recurring | Level 2 | State and political subdivisions | ||
Assets: | ||
Debt securities available-for-sale | 227,681 | 226,490 |
Recurring | Level 2 | Residential mortgage-backed securities | ||
Assets: | ||
Debt securities available-for-sale | 1,297,591 | 1,299,025 |
Recurring | Level 2 | Commercial mortgage-backed securities | ||
Assets: | ||
Debt securities available-for-sale | 267,789 | 284,953 |
Recurring | Level 2 | Corporate bonds | ||
Assets: | ||
Debt securities available-for-sale | 190,785 | 202,093 |
Recurring | Level 2 | Asset-backed securities | ||
Assets: | ||
Debt securities available-for-sale | 104,099 | 103,369 |
Recurring | Level 3 | ||
Assets: | ||
Equity securities with readily available fair values | 0 | 0 |
Mortgage loans held for sale | 0 | 0 |
Deferred compensation plan assets | 0 | 0 |
Servicing rights for SBA/USDA loans | 6,290 | 6,794 |
Residential mortgage servicing rights | 11,059 | 13,565 |
Derivative financial instruments | 7,361 | 7,238 |
Total assets | 24,710 | 28,595 |
Liabilities: | ||
Deferred compensation plan liability | 0 | 0 |
Derivative financial instruments | 2,717 | 8,559 |
Total liabilities | 2,717 | 8,559 |
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 | 0 | 998 |
Recurring | Level 3 | Asset-backed securities | ||
Assets: | ||
Debt securities available-for-sale | $ 0 | $ 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 | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Derivative Asset | ||
Reconciliation of Assets at Level 3 Measurement | ||
Balance at beginning of period | $ 7,238 | $ 11,841 |
Additions | 0 | 0 |
Sales and settlements | 0 | (1,135) |
Other comprehensive income | 0 | 0 |
Amounts included in earnings - fair value adjustments | 123 | (1,145) |
Balance at end of period | 7,361 | 9,561 |
Servicing rights for SBA/USDA loans | ||
Reconciliation of Assets at Level 3 Measurement | ||
Balance at beginning of period | 6,794 | 7,510 |
Additions | 95 | 375 |
Sales and settlements | (307) | (363) |
Other comprehensive income | 0 | 0 |
Amounts included in earnings - fair value adjustments | (292) | (121) |
Balance at end of period | 6,290 | 7,401 |
Residential mortgage servicing rights | ||
Reconciliation of Assets at Level 3 Measurement | ||
Balance at beginning of period | 13,565 | 11,877 |
Additions | 2,115 | 863 |
Sales and settlements | (493) | (150) |
Other comprehensive income | 0 | 0 |
Amounts included in earnings - fair value adjustments | (4,128) | (1,143) |
Balance at end of period | 11,059 | 11,447 |
Debt Securities Available-for-Sale | ||
Reconciliation of Assets at Level 3 Measurement | ||
Balance at beginning of period | 998 | 995 |
Additions | 0 | 0 |
Sales and settlements | (1,000) | 0 |
Other comprehensive income | 2 | 0 |
Amounts included in earnings - fair value adjustments | 0 | 0 |
Balance at end of period | 0 | 995 |
Derivative Liability | ||
Reconciliation of Liabilities at Level 3 Measurement | ||
Balance at beginning of period | 8,559 | 15,732 |
Additions | 0 | 0 |
Sales and settlements | 0 | (2,330) |
Other comprehensive income | 0 | 0 |
Amounts included in earnings - fair value adjustments | (5,842) | (1,958) |
Balance at end of period | $ 2,717 | $ 11,444 |
Assets and Liabilities Measur_5
Assets and Liabilities Measured at Fair Value - Quantitative information about Level 3 fair value measurements for fair value on recurring basis (Details) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020USD ($) | Dec. 31, 2019USD ($) | |
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Debt securities available-for-sale | $ 2,249,876 | $ 2,274,581 |
Recurring | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Servicing rights for SBA/USDA loans | 6,290 | 6,794 |
Residential mortgage servicing rights | 11,059 | 13,565 |
Derivative assets | 82,668 | 35,007 |
Derivative liabilities | 27,349 | 15,516 |
Recurring | Level 3 | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Servicing rights for SBA/USDA loans | 6,290 | 6,794 |
Residential mortgage servicing rights | 11,059 | 13,565 |
Derivative assets | 7,361 | 7,238 |
Derivative liabilities | 2,717 | 8,559 |
Recurring | Level 3 | Servicing rights for SBA/USDA loans | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Servicing rights for SBA/USDA loans | $ 6,290 | $ 6,794 |
Valuation technique | Discounted cash flow | |
Recurring | Level 3 | Servicing rights for SBA/USDA loans | Discount Rate | Weighted Average | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Servicing rights for SBA/USDA loans, measurement input | 0.120 | 0.123 |
Recurring | Level 3 | Servicing rights for SBA/USDA loans | Prepayment Rate | Weighted Average | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Servicing rights for SBA/USDA loans, measurement input | 0.171 | 0.165 |
Recurring | Level 3 | Residential mortgage servicing rights | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Residential mortgage servicing rights | $ 11,059 | $ 13,565 |
Valuation technique | Discounted cash flow | |
Recurring | Level 3 | Residential mortgage servicing rights | Discount Rate | Weighted Average | ||
Fair Value Measurement Inputs and Valuation Techniques [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 Measurement Inputs and Valuation Techniques [Line Items] | ||
Residential mortgage servicing rights, measurement input | 0.193 | 0.141 |
Recurring | Level 3 | Corporate bonds | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Debt securities available-for-sale | $ 0 | $ 998 |
Valuation technique | Indicative bid provided by a broker | |
Recurring | Level 3 | Derivative assets - mortgage | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets | $ 7,361 | $ 1,970 |
Valuation technique | Internal model | |
Recurring | Level 3 | Derivative assets - mortgage | Pull Through Rate | Weighted Average | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets, measurement input | 0.805 | 0.836 |
Recurring | Level 3 | Derivative assets - other | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets | $ 0 | $ 5,268 |
Valuation technique | Dealer priced | |
Recurring | Level 3 | Derivative liabilities - risk participations | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative liabilities | $ 28 | $ 12 |
Valuation technique | Internal model | |
Recurring | Level 3 | Derivative liabilities - risk participations | Probable Exposure Rate | Weighted Average | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative liabilities, measurement input | 0.0015 | 0.0036 |
Recurring | Level 3 | Derivative liabilities - risk participations | Probability of Default Rate | Weighted Average | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative liabilities, measurement input | 0.0180 | 0.0180 |
Recurring | Level 3 | Derivative liabilities - other | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative liabilities | $ 2,689 | $ 8,547 |
Valuation technique | Dealer priced |
Assets and Liabilities Measur_6
Assets and Liabilities Measured at Fair Value - Fair Value Option (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2020 | Mar. 31, 2019 | Dec. 31, 2019 | |
Fair Value Disclosures [Abstract] | |||
Mortgage loans held for sale | $ 90,000 | $ 58,500 | |
Mortgage loans held for sale outstanding principal balance | 86,400 | $ 56,600 | |
Net gains from changes in fair value of loans | $ 1,730 | $ 306 |
Assets and Liabilities Measur_7
Assets and Liabilities Measured at Fair Value - Assets and liabilities measured at fair value on nonrecurring basis (Details) - Nonrecurring - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Loans | $ 3,909 | $ 20,977 |
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 | $ 3,909 | $ 20,977 |
Assets and Liabilities Measur_8
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 | Mar. 31, 2020 | Dec. 31, 2019 |
Assets: | ||
Securities held-to-maturity | $ 301,595 | $ 287,904 |
Carrying Amount | ||
Assets: | ||
Securities held-to-maturity | 290,404 | 283,533 |
Loans and leases, net | 8,853,519 | 8,750,464 |
Liabilities: | ||
Deposits | 11,034,926 | 10,897,244 |
Long-term debt | 212,849 | 212,664 |
Fair Value | ||
Assets: | ||
Securities held-to-maturity | 301,595 | 287,904 |
Loans and leases, net | 8,690,538 | 8,714,592 |
Liabilities: | ||
Deposits | 11,037,183 | 10,897,465 |
Long-term debt | 213,940 | 217,665 |
Fair Value | Level 1 | ||
Assets: | ||
Securities held-to-maturity | 0 | 0 |
Loans and leases, net | 0 | 0 |
Liabilities: | ||
Deposits | 0 | 0 |
Long-term debt | 0 | 0 |
Fair Value | Level 2 | ||
Assets: | ||
Securities held-to-maturity | 301,595 | 287,904 |
Loans and leases, net | 0 | 0 |
Liabilities: | ||
Deposits | 11,037,183 | 10,897,465 |
Long-term debt | 0 | 0 |
Fair Value | Level 3 | ||
Assets: | ||
Securities held-to-maturity | 0 | 0 |
Loans and leases, net | 8,690,538 | 8,714,592 |
Liabilities: | ||
Deposits | 0 | 0 |
Long-term debt | $ 213,940 | $ 217,665 |
Commitments and Contingencies -
Commitments and Contingencies - Contractual amount of off-balance sheet instruments (Details) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Commitments to extend credit | ||
Financial instruments whose contract amounts represent credit risk: | ||
Financial instruments | $ 2,079,644 | $ 2,126,275 |
Letters of credit | ||
Financial instruments whose contract amounts represent credit risk: | ||
Financial instruments | $ 24,705 | $ 22,533 |
Commitments and Contingencies_2
Commitments and Contingencies - Narrative (Details) $ in Millions | Mar. 31, 2020USD ($) |
Commitments and Contingencies Disclosure [Abstract] | |
Commitment for additional fund | $ 10.4 |
Regulatory Matters (Details)
Regulatory Matters (Details) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Common equity tier 1 capital, Minimum | 4.50% | |
Common equity tier 1 capital, Well Capitalized | 6.50% | |
Common equity tier 1 capital | 12.85% | 12.97% |
Tier 1 capital, Minimum | 6.00% | |
Tier 1 capital, Well Capitalized | 8.00% | |
Tier 1 capital | 13.09% | 13.21% |
Total capital, Minimum | 8.00% | |
Total capital, Well Capitalized | 10.00% | |
Total capital | 14.93% | 15.01% |
Leverage ratio, Minimum | 4.00% | |
Leverage ratio, Well Capitalized | 5.00% | |
Leverage ratio | 10.40% | 10.34% |
Common equity tier 1 capital | $ 1,283,068 | $ 1,275,148 |
Tier 1 capital | 1,307,318 | 1,299,398 |
Total capital | 1,490,998 | 1,476,302 |
Risk-weighted assets | 9,983,839 | 9,834,051 |
Average total assets for the leverage ratio | $ 12,570,521 | $ 12,568,563 |
United Community Bank | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Common equity tier 1 capital | 13.58% | 14.87% |
Tier 1 capital | 13.58% | 14.87% |
Total capital | 14.30% | 15.54% |
Leverage ratio | 10.78% | 11.63% |
Common equity tier 1 capital | $ 1,351,820 | $ 1,458,720 |
Tier 1 capital | 1,351,820 | 1,458,720 |
Total capital | 1,424,147 | 1,524,267 |
Risk-weighted assets | 9,957,388 | 9,810,477 |
Average total assets for the leverage ratio | $ 12,538,532 | $ 12,545,254 |
Goodwill (Details)
Goodwill (Details) - USD ($) $ in Millions | Mar. 31, 2020 | Dec. 31, 2019 |
Goodwill and Intangible Assets Disclosure [Abstract] | ||
Carrying value of goodwill | $ 327 | $ 327 |
Subsequent Events (Details)
Subsequent Events (Details) $ / shares in Units, $ in Thousands | May 06, 2020$ / shares | May 01, 2020USD ($)loan | Mar. 31, 2020USD ($)$ / shares | Mar. 31, 2019$ / shares | Apr. 30, 2020USD ($) | Dec. 31, 2019USD ($) |
Subsequent Event [Line Items] | ||||||
Cash dividend declared per common share (in dollars per share) | $ / shares | $ 0.18 | $ 0.16 | ||||
Amount of loans | $ 8,853,519 | $ 8,750,464 | ||||
Short-term deferrals | Performing | ||||||
Subsequent Event [Line Items] | ||||||
Amount of loans | $ 164,000 | |||||
Subsequent Event | ||||||
Subsequent Event [Line Items] | ||||||
Cash dividend declared per common share (in dollars per share) | $ / shares | $ 0.18 | |||||
Dividend payable date | Jul. 6, 2020 | |||||
Dividend date of record | Jun. 15, 2020 | |||||
Number of PPP loans authorized by SBA | loan | 11,256 | |||||
Value of PPP loans authorized by SBA | $ 1,200,000 | |||||
Subsequent Event | Short-term deferrals | Performing | ||||||
Subsequent Event [Line Items] | ||||||
Amount of loans | $ 1,400,000 |