Cover
Cover - shares | 3 Months Ended | |
Mar. 31, 2021 | Apr. 30, 2021 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Mar. 31, 2021 | |
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 | 2021 | |
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 | |
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 | 86,778,590 | |
Common stock, par value $1 per share | ||
Entity Listings [Line Items] | ||
Title of 12(b) Security | Common stock, par value $1 per share | |
Trading Symbol | UCBI | |
Security Exchange Name | NASDAQ | |
Depositary shares, each representing 1/1000th interest in a share of Series I Non-Cumulative Preferred Stock | ||
Entity Listings [Line Items] | ||
Title of 12(b) Security | Depositary shares, each representing 1/1000th interest in a share of Series I Non-Cumulative Preferred Stock | |
Trading Symbol | UCBIO | |
Security Exchange Name | NASDAQ |
Consolidated Balance Sheets (Un
Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
ASSETS | ||
Cash and due from banks | $ 126,164 | $ 148,896 |
Interest-bearing deposits in banks | 1,207,949 | 1,459,723 |
Cash and cash equivalents | 1,334,113 | 1,608,619 |
Debt securities available-for-sale | 3,744,280 | 3,224,721 |
Debt securities held-to-maturity (fair value $586,828 and $437,193, respectively) | 587,696 | 420,361 |
Loans held for sale at fair value | 164,979 | 105,433 |
Loans and leases held for investment | 11,678,544 | 11,370,815 |
Less allowance for credit losses - loans and leases | (126,866) | (137,010) |
Loans and leases, net | 11,551,678 | 11,233,805 |
Premises and equipment, net | 216,752 | 218,489 |
Bank owned life insurance | 202,817 | 201,969 |
Accrued interest receivable | 46,278 | 47,672 |
Net deferred tax asset | 39,338 | 38,411 |
Derivative financial instruments | 63,897 | 86,666 |
Goodwill and other intangible assets, net | 380,838 | 381,823 |
Other assets | 224,242 | 226,405 |
Total assets | 18,556,908 | 17,794,374 |
Deposits: | ||
Noninterest-bearing demand | 6,058,439 | 5,390,291 |
Interest-bearing deposits | 9,934,781 | 9,842,067 |
Total deposits | 15,993,220 | 15,232,358 |
Long-term debt | 311,591 | 326,956 |
Derivative financial instruments | 33,455 | 29,003 |
Accrued expenses and other liabilities | 187,558 | 198,527 |
Total liabilities | 16,525,824 | 15,786,844 |
Shareholders' equity: | ||
Preferred stock, $1 par value: 10,000,000 shares authorized; Series I, $25,000 per share liquidation preference; 4,000 shares issued and outstanding | 96,422 | 96,422 |
Common stock, $1 par value: 150,000,000 shares authorized; 86,776,508 and 86,675,279 shares issued and outstanding, respectively | 86,777 | 86,675 |
Common stock issuable: 565,904 and 600,834 shares, respectively | 10,485 | 10,855 |
Capital surplus | 1,640,583 | 1,638,999 |
Retained earnings | 192,185 | 136,869 |
Accumulated other comprehensive income | 4,632 | 37,710 |
Total shareholders' equity | 2,031,084 | 2,007,530 |
Total liabilities and shareholders' equity | $ 18,556,908 | $ 17,794,374 |
Preferred stock outstanding (in shares) | 4,000 | 4,000 |
Preferred stock issued (in shares) | 4,000 | 4,000 |
Consolidated Balance Sheets (_2
Consolidated Balance Sheets (Unaudited) (Parenthetical) - USD ($) | Mar. 31, 2021 | Dec. 31, 2020 |
Statement of Financial Position [Abstract] | ||
HTM debt securities | $ 586,828,000 | $ 437,193,000 |
Preferred stock, par value (in dollars per share) | $ 1 | $ 1 |
Preferred stock authorized (in shares) | 10,000,000 | 10,000,000 |
Preferred stock liquidation preference (in dollars per share) | $ 25,000 | $ 25,000 |
Preferred stock issued (in shares) | 4,000 | 4,000 |
Preferred stock outstanding (in shares) | 4,000 | 4,000 |
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) | 86,776,508 | 86,675,279 |
Common stock outstanding (in shares) | 86,776,508 | 86,675,279 |
Common stock issuable (in shares) | 565,904 | 600,834 |
Consolidated Statements of Inco
Consolidated Statements of Income (Unaudited) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Interest revenue: | ||
Loans, including fees | $ 125,726 | $ 118,063 |
Investment securities, including tax exempt of $2,150 and $1,523, respectively | 15,448 | 17,394 |
Deposits in banks and short-term investments | 368 | 1,090 |
Total interest revenue | 141,542 | 136,547 |
Interest expense: | ||
Deposits | 5,219 | 15,075 |
Short-term borrowings | 0 | 1 |
Federal Home Loan Bank advances | 2 | 1 |
Long-term debt | 4,257 | 2,864 |
Total interest expense | 9,478 | 17,941 |
Net interest revenue | 132,064 | 118,606 |
(Release of) provision for credit losses | (12,281) | 22,191 |
Net interest revenue after provision for credit losses | 144,345 | 96,415 |
Noninterest income: | ||
Wealth management fees | 3,505 | 1,640 |
Gains from sales of other loans, net | 1,030 | 1,674 |
Other | 10,028 | 5,552 |
Total noninterest income | 44,705 | 25,814 |
Total revenue | 189,050 | 122,229 |
Noninterest expenses: | ||
Salaries and employee benefits | 60,585 | 51,358 |
Communications and equipment | 7,203 | 5,946 |
Occupancy | 6,956 | 5,714 |
Advertising and public relations | 1,199 | 1,274 |
Postage, printing and supplies | 1,822 | 1,670 |
Professional fees | 4,234 | 4,097 |
Lending and loan servicing expense | 2,877 | 2,293 |
Outside services - electronic banking | 2,218 | 1,832 |
FDIC assessments and other regulatory charges | 1,896 | 1,484 |
Amortization of intangibles | 985 | 1,040 |
Merger-related and other charges | 1,543 | 808 |
Other | 3,676 | 4,022 |
Total noninterest expenses | 95,194 | 81,538 |
Net income before income taxes | 93,856 | 40,691 |
Income tax expense | 20,150 | 8,807 |
Net income | 73,706 | 31,884 |
Net income available to common shareholders | $ 71,525 | $ 31,641 |
Net income per common share: | ||
Basic (in dollars per share) | $ 0.82 | $ 0.40 |
Diluted (in dollars per share) | $ 0.82 | $ 0.40 |
Weighted average common shares outstanding: | ||
Basic (in shares) | 87,322 | 79,340 |
Diluted (in shares) | 87,466 | 79,446 |
Service charges and fees | ||
Noninterest income: | ||
Service charges and other related fees | $ 7,570 | $ 8,638 |
Mortgage loan gains and other related fees | ||
Noninterest income: | ||
Service charges and other related fees | $ 22,572 | $ 8,310 |
Consolidated Statements of In_2
Consolidated Statements of Income (Unaudited) (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Income Statement [Abstract] | ||
Investment securities, tax exempt | $ 2,150 | $ 1,523 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Statement of Comprehensive Income [Abstract] | ||
Net income, Before-tax Amount | $ 93,856 | $ 40,691 |
Net income, Tax (Expense) Benefit | (20,150) | (8,807) |
Net income, Net of Tax Amount | 73,706 | 31,884 |
Other comprehensive income: | ||
Unrealized gains (losses) on available-for-sale securities, Before-tax Amount | (50,235) | 13,685 |
Unrealized gains (losses) on available-for-sale securities, Tax (Expense) Benefit | 12,550 | (3,433) |
Unrealized gains (losses) on available-for-sale securities, Net of Tax Amount | (37,685) | 10,252 |
Amortization of losses included in net income on available-for-sale securities transferred to held-to-maturity, Before-tax Amount | 83 | |
Amortization of losses included in net income on available-for-sale securities transferred to held-to-maturity, Tax (Expense) Benefit | (20) | |
Amortization of losses included in net income on available-for-sale securities transferred to held-to-maturity, Net of Tax Amount | 63 | |
Derivative instruments designated as cash flow hedges: | ||
Unrealized holding gains on derivatives arising during the period, Before-tax Amount | 5,783 | |
Unrealized holding gains on derivatives arising during the period, Tax (Expense) Benefit | (1,477) | |
Unrealized holding gains on derivatives arising during the period, Net of Tax Amount | 4,306 | |
Reclassification of losses on derivative instruments realized in net income, Before-tax Amount | 144 | |
Reclassification of losses on derivative instruments realized in net income, Tax (Expense) Benefit | (37) | |
Reclassification of losses on derivative instruments realized in net income, Net of Tax Amount | 107 | |
Net cash flow hedge activity, Before-tax Amount | 5,927 | |
Net cash flow hedge activity, Tax (Expense) Benefit | (1,514) | |
Net cash flow hedge activity, Net of tax Amount | 4,413 | |
Amortization of prior service cost and actuarial losses included in net periodic pension cost for defined benefit pension plan, Before-tax Amount | 261 | 214 |
Amortization of prior service cost and actuarial losses included in net periodic pension cost for defined benefit pension plan, Tax (Expense) Benefit | (67) | (54) |
Amortization of prior service cost and actuarial losses included in net periodic pension cost for defined benefit pension plan, Net of Tax Amount | 194 | 160 |
Total other comprehensive income (loss), Before-tax Amount | (44,047) | 13,982 |
Total other comprehensive income (loss), Tax (Expense) Benefit | 10,969 | (3,507) |
Total other comprehensive income (loss), Net of Tax Amount | (33,078) | 10,475 |
Comprehensive income, Before-tax Amount | 49,809 | 54,673 |
Comprehensive income, Tax (Expense) Benefit | (9,181) | (12,314) |
Comprehensive income, Net of Tax Amount | $ 40,628 | $ 42,359 |
Consolidated Statement of Chang
Consolidated Statement of Changes in Shareholders' Equity (Unaudited) - USD ($) $ in Thousands | Total | Adoption of new accounting standard | Preferred Stock | 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, 2019 | $ 1,635,692 | $ (3,529) | $ 0 | $ 79,014 | $ 11,491 | $ 1,496,641 | $ 40,152 | $ (3,529) | $ 8,394 |
Beginning balance (shares) at Dec. 31, 2019 | 79,013,729 | ||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Net income | 31,884 | 31,884 | |||||||
Other comprehensive income (loss) | 10,475 | 10,475 | |||||||
Purchases of common stock | (20,782) | $ (827) | (19,955) | ||||||
Purchases of common stock (in shares) | (826,482) | ||||||||
Common stock dividends | (14,301) | (14,301) | |||||||
Impact of equity-based compensation awards | 2,004 | $ 24 | 665 | 1,315 | |||||
Impact of equity-based compensation awards (in shares) | 24,005 | ||||||||
Impact of other United sponsored equity plans | (831) | $ 73 | (1,622) | 718 | |||||
Impact of other United sponsored equity plans (in shares) | 72,292 | ||||||||
Ending balance at Mar. 31, 2020 | 1,640,612 | 0 | $ 78,284 | 10,534 | 1,478,719 | 54,206 | 18,869 | ||
Ending balance (shares) at Mar. 31, 2020 | 78,283,544 | ||||||||
Beginning balance at Dec. 31, 2020 | 2,007,530 | 96,422 | $ 86,675 | 10,855 | 1,638,999 | 136,869 | 37,710 | ||
Beginning balance (shares) at Dec. 31, 2020 | 86,675,279 | ||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Net income | 73,706 | 73,706 | |||||||
Other comprehensive income (loss) | (33,078) | (33,078) | |||||||
Preferred stock dividends | (1,719) | (1,719) | |||||||
Common stock dividends | (16,671) | (16,671) | |||||||
Impact of equity-based compensation awards | 1,016 | $ 36 | 576 | 404 | |||||
Impact of equity-based compensation awards (in shares) | 35,170 | ||||||||
Impact of other United sponsored equity plans | 300 | $ 66 | (946) | 1,180 | |||||
Impact of other United sponsored equity plans (in shares) | 66,059 | ||||||||
Ending balance at Mar. 31, 2021 | $ 2,031,084 | $ 96,422 | $ 86,777 | $ 10,485 | $ 1,640,583 | $ 192,185 | $ 4,632 | ||
Ending balance (shares) at Mar. 31, 2021 | 86,776,508 |
Consolidated Statement of Cha_2
Consolidated Statement of Changes in Shareholders' Equity (Unaudited) (Parentheticals) - $ / shares | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Statement of Stockholders' Equity [Abstract] | ||
Common stock dividends (in dollars per share) | $ 0.19 | $ 0.18 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Operating activities: | ||
Net income | $ 73,706 | $ 31,884 |
Adjustments to reconcile net income to net cash provided by (used in) operating activities: | ||
Depreciation, amortization and accretion, net | (681) | 1,894 |
(Release of) provision for credit losses | (12,281) | 22,191 |
Stock based compensation | 1,507 | 2,492 |
Deferred income tax expense | 9,172 | 1,292 |
Gains from sales of other loans, net | (1,030) | (1,674) |
Changes in assets and liabilities: | ||
Other assets and accrued interest receivable | 15,165 | (45,851) |
Accrued expenses and other liabilities | 8,652 | 8,456 |
Loans held for sale | (59,546) | (31,475) |
Net cash provided by (used in) operating activities | 34,664 | (10,791) |
Debt securities held-to-maturity: | ||
Proceeds from maturities and calls | 24,629 | 9,085 |
Purchases | (192,541) | (15,989) |
Debt securities available-for-sale: | ||
Proceeds from sales | 0 | 1,000 |
Proceeds from maturities and calls | 184,352 | 105,247 |
Purchases | (759,874) | (70,075) |
Net increase in loans | (292,603) | (110,222) |
Equity investments, outflows | (5,753) | (4,330) |
Equity investments, inflows | 4,984 | 0 |
Proceeds from sales of premises and equipment | 287 | 102 |
Purchases of premises and equipment | (2,490) | (2,596) |
Proceeds from sale of other real estate | 1,308 | 63 |
Other investing activities | 430 | 2,730 |
Net cash used in investing activities | (1,037,271) | (84,985) |
Financing activities: | ||
Net increase in deposits | 761,630 | 137,783 |
Repayment of long-term debt | (15,632) | 0 |
Proceeds from FHLB advances | 5,000 | 5,000 |
Repayment of FHLB advances | (5,000) | (5,000) |
Proceeds from issuance of common stock for dividend reinvestment and employee benefit plans | 248 | 199 |
Cash paid for shares withheld to cover payroll taxes upon vesting of restricted stock units | (574) | (1,674) |
Repurchase of common stock | 0 | (20,782) |
Cash dividends on common stock | (15,852) | (14,454) |
Cash dividends on preferred stock | (1,719) | 0 |
Net cash provided by financing activities | 728,101 | 101,072 |
Net change in cash and cash equivalents | (274,506) | 5,296 |
Cash and cash equivalents, at beginning of period | 1,608,619 | 515,206 |
Cash and cash equivalents, at end of period | 1,334,113 | 520,502 |
Significant non-cash investing and financing transactions: | ||
Unsettled government guaranteed loan sales | 0 | 485 |
Transfers of loans to foreclosed properties | $ 1,059 | $ 127 |
Accounting Policies
Accounting Policies | 3 Months Ended |
Mar. 31, 2021 | |
Accounting Policies [Abstract] | |
Accounting Policies | Accounting Policies United’s accounting and financial reporting policies conform to GAAP and reporting guidelines of banking regulatory authorities. The accompanying interim consolidated financial statements have not been audited. All material intercompany balances and transactions have been eliminated. A more detailed description of United’s accounting policies is included in its 2020 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 2020 10-K. |
Accounting Standards Updates an
Accounting Standards Updates and Recently Adopted Standards | 3 Months Ended |
Mar. 31, 2021 | |
Accounting Changes and Error Corrections [Abstract] | |
Accounting Standards Updates and Recently Adopted Standards | Accounting Standards Updates and Recently Adopted Standards Recently Adopted Standards In October 2020, the FASB issued ASU No. 2020-10, Codification Improvements . In addition to consolidating existing disclosure guidance into a single codification section to reduce the likelihood of a required disclosure being missed, this update clarifies the application of select guidance in cases where the original guidance may have been unclear. United adopted this update as of January 1, 2021, with no material impact on the consolidated financial statements. In October 2020, the FASB issued ASU No. 2020-08, Codification Improvements to Subtopic 310-20, Receivables—Nonrefundable Fees and Other Costs . This update clarifies that an entity should reevaluate whether a callable debt security meets the criteria to adjust the amortization period of any related premium at each reporting period. United adopted this update as of January 1, 2021, with no material impact on the consolidated financial statements. In January 2020, the FASB issued ASU No. 2020-01, Investments—Equity Securities (Topic 321), Investments—Equity Method and Joint Ventures (Topic 323), and Derivatives and Hedging (Topic 815)—Clarifying the Interactions between Topic 321, Topic 323, and Topic 815 (a consensus of the Emerging Issues Task Force) . This update clarifies whether an entity should consider observable transactions that require it to either apply or discontinue the equity method of accounting for the purposes of applying the measurement alternative and how to account for certain forward contracts and purchased options to purchase securities. United adopted this update as of January 1, 2021, with no material impact on the consolidated financial statements. In December 2019, the FASB issued ASU No. 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes . This update removes several exceptions related to intraperiod tax allocation when there is a loss from continuing operations and income from other items, foreign subsidiaries becoming equity method investments and vice versa, and calculating income taxes in an interim period when a year-to-date loss exceeds the anticipated loss for the year. The guidance also amends requirements related to franchise tax that is partially based on income, a step up in the tax basis of goodwill, allocation of consolidated tax expense to a legal entity not subject to tax in its separate financial statements, the effects of enacted changes in tax laws and other minor codification improvements regarding employee stock ownership plans and investments in qualified affordable housing projects. United adopted this update as of January 1, 2021, with no material impact on the consolidated financial statements. In August 2018, the FASB issued ASU No. 2018-14, Compensation - Retirement Benefits - Defined Benefit Plans - General (Subtopic 715-20): Disclosure Framework - Changes to the Disclosure Requirements for Defined Benefit Plans . The update removes disclosures that are no longer considered cost beneficial, clarifies specific requirements of disclosures, and adds disclosure requirements identified as relevant. United adopted this update as of January 1, 2021, with no material impact on the consolidated financial statements. |
Investment Securities
Investment Securities | 3 Months Ended |
Mar. 31, 2021 | |
Investments, Debt and Equity Securities [Abstract] | |
Investment Securities | Investment Securities The amortized cost basis, unrealized gains and losses and fair value of HTM debt securities as of the dates indicated are as follows (in thousands) . Amortized Gross Unrealized Gross Unrealized Fair As of March 31, 2021 U.S. Government agencies & GSEs $ 10,535 $ — $ 590 $ 9,945 State and political subdivisions 238,813 4,670 5,655 237,828 Residential MBS, Agency & GSEs 135,156 3,923 1,231 137,848 Commercial MBS, Agency & GSEs 188,192 2,566 4,412 186,346 Supranational entities 15,000 — 139 14,861 Total $ 587,696 $ 11,159 $ 12,027 $ 586,828 As of December 31, 2020 U.S. Government agencies & GSEs $ 10,575 $ 26 $ 11 $ 10,590 State and political subdivisions 197,723 7,658 242 205,139 Residential MBS, Agency & GSEs 113,400 4,774 1 118,173 Commercial MBS, Agency & GSEs 98,663 4,874 246 103,291 Total $ 420,361 $ 17,332 $ 500 $ 437,193 The amortized cost basis, unrealized gains and losses, and fair value of AFS debt securities as of the dates indicated are presented below (in thousands) . Amortized Gross Unrealized Gross Unrealized Fair As of March 31, 2021 U.S. Treasuries $ 123,817 $ 3,752 $ — $ 127,569 U.S. Government agencies & GSEs 176,847 642 3,967 173,522 State and political subdivisions 280,171 16,782 2,559 294,394 Residential MBS, Agency & GSEs 1,493,149 24,604 15,928 1,501,825 Residential MBS, Non-agency 155,370 5,446 6 160,810 Commercial MBS, Agency & GSEs 728,584 5,265 15,555 718,294 Commercial MBS, Non-agency 15,337 1,427 — 16,764 Corporate bonds 69,828 1,076 294 70,610 Asset-backed securities 678,802 2,313 623 680,492 Total $ 3,721,905 $ 61,307 $ 38,932 $ 3,744,280 As of December 31, 2020 U.S. Treasuries $ 123,677 $ 4,395 $ — $ 128,072 U.S. Government agencies & GSEs 152,596 701 325 152,972 State and political subdivisions 253,630 20,891 49 274,472 Residential MBS, Agency & GSEs 1,275,551 29,107 766 1,303,892 Residential MBS, Non-agency 174,322 7,499 128 181,693 Commercial MBS, Agency & GSEs 524,852 8,013 597 532,268 Commercial MBS, Non-agency 15,350 1,513 — 16,863 Corporate bonds 70,057 1,711 1 71,767 Asset-backed securities 562,076 1,278 632 562,722 Total $ 3,152,111 $ 75,108 $ 2,498 $ 3,224,721 Securities with a carrying value of $1.23 billion and $1.11 billion were pledged, primarily to secure public deposits, at March 31, 2021 and December 31, 2020, respectively. The following table summarizes HTM debt securities in an unrealized loss position as of the dates indicated ( in thousands) . Less than 12 Months 12 Months or More Total Fair Value Unrealized Fair Value Unrealized Fair Value Unrealized As of March 31, 2021 U.S. Government agencies & GSEs $ 9,945 $ 590 $ — $ — $ 9,945 $ 590 State and political subdivisions 152,811 5,655 — — 152,811 5,655 Residential MBS, Agency & GSEs 39,628 1,231 — — 39,628 1,231 Commercial MBS, Agency & GSEs 104,848 4,412 — — 104,848 4,412 Supranational entities 14,861 139 — — 14,861 139 Total unrealized loss position $ 322,093 $ 12,027 $ — $ — $ 322,093 $ 12,027 As of December 31, 2020 U.S. Government agencies & GSEs $ 4,677 $ 11 $ — $ — $ 4,677 $ 11 State and political subdivisions 14,870 242 — — 14,870 242 Residential MBS, Agency & GSEs 999 1 — — 999 1 Commercial MBS, Agency & GSEs 24,956 236 1,352 10 26,308 246 Total unrealized loss position $ 45,502 $ 490 $ 1,352 $ 10 $ 46,854 $ 500 The following table summarizes AFS debt securities in an unrealized loss position as of the dates indicated (in thousands) . Less than 12 Months 12 Months or More Total Fair Value Unrealized Fair Value Unrealized Fair Value Unrealized As of March 31, 2021 U.S. Government agencies & GSEs $ 116,612 $ 3,967 $ — $ — $ 116,612 $ 3,967 State and political subdivisions 57,585 2,559 — — 57,585 2,559 Residential MBS, Agency & GSEs 699,029 15,928 — — 699,029 15,928 Residential MBS, Non-agency 841 1 2,454 5 3,295 6 Commercial MBS, Agency & GSEs 434,542 15,555 — — 434,542 15,555 Corporate bonds 19,554 294 — — 19,554 294 Asset-backed securities 153,436 293 48,142 330 201,578 623 Total unrealized loss position $ 1,481,599 $ 38,597 $ 50,596 $ 335 $ 1,532,195 $ 38,932 As of December 31, 2020 U.S. Government agencies & GSEs $ 27,952 $ 324 $ 607 $ 1 $ 28,559 $ 325 State and political subdivisions 9,402 49 — — 9,402 49 Residential MBS, Agency & GSEs 232,199 766 — — 232,199 766 Residential MBS, Non-agency 2,331 128 — — 2,331 128 Commercial MBS, Agency & GSEs 89,918 597 — — 89,918 597 Corporate bonds 1,410 1 — — 1,410 1 Asset-backed securities 87,305 28 53,587 604 140,892 632 Total unrealized loss position $ 450,517 $ 1,893 $ 54,194 $ 605 $ 504,711 $ 2,498 At March 31, 2021, there were 213 AFS debt securities and 60 HTM debt securities that were in an unrealized loss position. United does not intend to sell nor does it believe 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, 2021 were primarily attributable to changes in interest rates. At March 31, 2021 and December 31, 2020, calculated credit losses and, thus, the related ACL on HTM 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, GSEs, high credit quality municipalities and supranational entities. As a result, no ACL was recorded on the HTM portfolio at March 31, 2021 or December 31, 2020. In addition, based on the assessments performed at March 31, 2021 and December 31, 2020, there was no ACL required related to the AFS portfolio. The following table presents accrued interest receivable for the periods indicated on HTM and AFS debt securities (in thousands) , which was excluded from the estimate of credit losses. Accrued Interest Receivable Debt Securities: March 31, 2021 December 31, 2020 HTM $ 2,242 $ 1,784 AFS 9,524 9,114 The amortized cost and fair value of AFS and HTM debt securities at March 31, 2021, by contractual maturity, are presented in the following table (in thousands) . Expected maturities may differ from contractual maturities because issuers and borrowers may have the right to call or prepay obligations. AFS HTM Amortized Cost Fair Value Amortized Cost Fair Value Within 1 year: U.S. Treasuries $ 44,901 $ 45,525 $ — $ — U.S. Government agencies & GSEs 281 281 — — State and political subdivisions 20,010 20,120 1,700 1,732 Corporate bonds 11,633 11,722 — — 76,825 77,648 1,700 1,732 1 to 5 years: U.S. Treasuries 78,916 82,044 — — U.S. Government agencies & GSEs 13,986 13,969 — — State and political subdivisions 41,787 44,194 14,504 15,899 Corporate bonds 41,532 42,211 — — 176,221 182,418 14,504 15,899 5 to 10 years: U.S. Government agencies & GSEs 103,975 101,071 — — State and political subdivisions 90,926 94,548 18,964 19,654 Corporate bonds 15,886 15,794 — — Supranational entities — — 15,000 14,861 210,787 211,413 33,964 34,515 More than 10 years: U.S. Government agencies & GSEs 58,605 58,201 10,535 9,945 State and political subdivisions 127,448 135,532 203,645 200,543 Corporate bonds 777 883 — — 186,830 194,616 214,180 210,488 Debt securities not due at a single maturity date: Asset-backed securities 678,802 680,492 — — Residential MBS 1,648,519 1,662,635 135,156 137,848 Commercial MBS 743,921 735,058 188,192 186,346 Total $ 3,721,905 $ 3,744,280 $ 587,696 $ 586,828 |
Loans and Leases and Allowance
Loans and Leases and Allowance for Credit Losses | 3 Months Ended |
Mar. 31, 2021 | |
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, 2021 December 31, 2020 Owner occupied commercial real estate $ 2,107,153 $ 2,090,443 Income producing commercial real estate 2,598,482 2,540,750 Commercial & industrial (1) 2,643,279 2,498,560 Commercial construction 960,153 967,305 Equipment financing 912,650 863,830 Total commercial 9,221,717 8,960,888 Residential mortgage 1,362,088 1,284,920 HELOC 679,094 697,117 Residential construction 271,600 281,430 Consumer 144,045 146,460 Total loans 11,678,544 11,370,815 Less allowance for credit losses - loans (126,866) (137,010) Loans, net $ 11,551,678 $ 11,233,805 (1) Commercial and industrial loans as of March 31, 2021 and December 31, 2020 included $883 million and $646 million of PPP loans, respectively. Accrued interest receivable related to loans totaled $33.3 million and $35.5 million at March 31, 2021 and December 31, 2020, respectively, and was reported in accrued interest receivable on the consolidated balance sheets. At March 31, 2021 and December 31, 2020, the loan portfolio was subject to blanket pledges on certain qualifying loan types with the FHLB and FRB to secure contingent funding sources. The following table presents loans held for investment sold for the periods indicated (in thousands). The gains and losses on these loan sales were included in noninterest income on the consolidated statements of income. Three Months Ended March 31, 2021 2020 Guaranteed portion of SBA/USDA loans $ 11,345 $ 4,034 Equipment financing receivables 1,059 22,217 Total $ 12,404 $ 26,251 At March 31, 2021 and December 31, 2020, equipment financing assets included leases of $37.6 million and $36.8 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, 2021 December 31, 2020 Minimum future lease payments receivable $ 39,720 $ 38,934 Estimated residual value of leased equipment 3,433 3,263 Initial direct costs 686 672 Security deposits (739) (727) Purchase accounting premium 93 117 Unearned income (5,575) (5,457) Net investment in leases $ 37,618 $ 36,802 Minimum future lease payments expected to be received from equipment financing lease contracts as of March 31, 2021 were as follows (in thousands) : Year Remainder of 2021 $ 11,794 2022 12,744 2023 8,597 2024 4,311 2025 2,091 Thereafter 183 Total $ 39,720 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 the dates indicated (in thousands) . Past due status is based on contractual terms of the loan. The accrual of interest is generally discontinued when a loan becomes 90 days past due. Deferrals related to the COVID-19 crisis are not reported as past due during the deferral period. Accruing Current Loans Loans Past Due 30 - 59 Days 60 - 89 Days > 90 Days Nonaccrual Loans Total Loans As of March 31, 2021 Owner occupied commercial real estate $ 2,097,553 $ 540 $ 1,152 $ — $ 7,908 $ 2,107,153 Income producing commercial real estate 2,584,511 231 — — 13,740 2,598,482 Commercial & industrial 2,628,764 638 13 — 13,864 2,643,279 Commercial construction 957,435 734 — — 1,984 960,153 Equipment financing 908,694 1,470 315 — 2,171 912,650 Total commercial 9,176,957 3,613 1,480 — 39,667 9,221,717 Residential mortgage 1,345,427 2,547 64 — 14,050 1,362,088 HELOC 675,545 1,632 210 — 1,707 679,094 Residential construction 270,769 509 — — 322 271,600 Consumer 143,669 188 34 — 154 144,045 Total loans $ 11,612,367 $ 8,489 $ 1,788 $ — $ 55,900 $ 11,678,544 As of December 31, 2020 Owner occupied commercial real estate $ 2,079,845 $ 2,013 $ 3 $ — $ 8,582 $ 2,090,443 Income producing commercial real estate 2,522,743 1,608 1,250 — 15,149 2,540,750 Commercial & industrial 2,480,483 1,176 267 — 16,634 2,498,560 Commercial construction 964,947 231 382 — 1,745 967,305 Equipment financing 856,985 2,431 1,009 — 3,405 863,830 Total commercial 8,905,003 7,459 2,911 — 45,515 8,960,888 Residential mortgage 1,265,019 5,549 1,494 — 12,858 1,284,920 HELOC 692,504 1,942 184 — 2,487 697,117 Residential construction 280,551 365 — — 514 281,430 Consumer 145,770 429 36 — 225 146,460 Total loans $ 11,288,847 $ 15,744 $ 4,625 $ — $ 61,599 $ 11,370,815 The following table presents nonaccrual loans by loan class for the periods indicated (in thousands) . Nonaccrual Loans March 31, 2021 December 31, 2020 With no allowance With an allowance Total With no allowance With an allowance Total Owner occupied commercial real estate $ 4,202 $ 3,706 $ 7,908 $ 6,614 $ 1,968 $ 8,582 Income producing commercial real estate 8,264 5,476 13,740 10,008 5,141 15,149 Commercial & industrial 6,376 7,488 13,864 2,004 14,630 16,634 Commercial construction 1,480 504 1,984 1,339 406 1,745 Equipment financing 19 2,152 2,171 156 3,249 3,405 Total commercial 20,341 19,326 39,667 20,121 25,394 45,515 Residential mortgage 3,226 10,824 14,050 1,855 11,003 12,858 HELOC 45 1,662 1,707 1,329 1,158 2,487 Residential construction — 322 322 274 240 514 Consumer 2 152 154 181 44 225 Total $ 23,614 $ 32,286 $ 55,900 $ 23,760 $ 37,839 $ 61,599 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: Pass. Loans in this category are considered to have a low probability of default and do not meet the criteria of the risk categories below. 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 this 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 reporting purposes, loans in these categories that are classified as “fail” are reported as substandard and all other loans are reported as pass. 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) . Term Loans by Origination Year Revolvers Revolvers converted to term loans Total As of March 31, 2021 2021 2020 2019 2018 2017 Prior Pass Owner occupied commercial real estate $ 179,476 $ 701,135 $ 317,755 $ 199,511 $ 191,124 $ 350,036 $ 46,178 $ 9,426 $ 1,994,641 Income producing commercial real estate 182,686 804,728 368,588 338,718 236,773 327,673 26,325 12,336 2,297,827 Commercial & industrial 696,983 792,547 227,628 216,428 81,554 114,095 445,382 3,877 2,578,494 Commercial construction 112,225 297,204 191,433 168,966 44,357 20,829 14,333 4,058 853,405 Equipment financing 139,648 376,918 247,084 107,756 32,220 6,339 — — 909,965 Total commercial 1,311,018 2,972,532 1,352,488 1,031,379 586,028 818,972 532,218 29,697 8,634,332 Residential mortgage 217,716 444,751 159,000 108,791 100,023 309,592 16 5,032 1,344,921 HELOC — — — — — — 660,070 16,513 676,583 Residential construction 57,904 178,711 11,751 4,301 4,257 14,072 — 59 271,055 Consumer 16,880 44,170 21,069 11,063 3,378 3,979 42,517 681 143,737 1,603,518 3,640,164 1,544,308 1,155,534 693,686 1,146,615 1,234,821 51,982 11,070,628 Watch Owner occupied commercial real estate 7,364 7,861 18,539 4,203 3,681 16,321 100 — 58,069 Income producing commercial real estate 11,606 28,811 59,580 51,067 15,200 37,827 — 1,651 205,742 Commercial & industrial 145 2,463 14,537 542 1,387 490 7,758 224 27,546 Commercial construction 539 19,080 12,828 28,164 23,801 481 — — 84,893 Equipment financing — — — — — — — — — Total commercial 19,654 58,215 105,484 83,976 44,069 55,119 7,858 1,875 376,250 Residential mortgage — — — — — — — — — HELOC — — — — — — — — — Residential construction — — — — — — — — — Consumer — — — — — — — — — 19,654 58,215 105,484 83,976 44,069 55,119 7,858 1,875 376,250 Substandard Owner occupied commercial real estate 2,615 12,137 10,231 8,289 5,257 12,508 2,381 1,025 54,443 Income producing commercial real estate 6,259 40,630 7,590 2,114 5,588 32,639 — 93 94,913 Commercial & industrial 5,981 1,281 8,466 6,486 2,060 7,432 4,935 598 37,239 Commercial construction 676 2,804 645 13,699 335 2,689 — 1,007 21,855 Equipment financing — 514 1,107 655 254 155 — — 2,685 Total commercial 15,531 57,366 28,039 31,243 13,494 55,423 7,316 2,723 211,135 Residential mortgage 161 1,911 2,366 3,821 1,450 6,659 — 799 17,167 HELOC — — — — — — 79 2,432 2,511 Residential construction — 71 35 54 3 382 — — 545 Consumer — — 76 46 45 117 — 24 308 15,692 59,348 30,516 35,164 14,992 62,581 7,395 5,978 231,666 Total $ 1,638,864 $ 3,757,727 $ 1,680,308 $ 1,274,674 $ 752,747 $ 1,264,315 $ 1,250,074 $ 59,835 $ 11,678,544 Term Loans by Origination Year Revolvers Revolvers converted to term loans Total As of December 31, 2020 2020 2019 2018 2017 2016 Prior Pass Owner occupied commercial real estate $ 707,501 $ 368,615 $ 231,316 $ 197,778 $ 201,362 $ 229,667 $ 56,273 $ 9,072 $ 2,001,584 Income producing commercial real estate 815,799 376,911 361,539 277,769 206,068 198,080 28,542 12,128 2,276,836 Commercial & industrial 1,092,767 287,857 263,439 115,790 92,968 58,359 515,593 3,777 2,430,550 Commercial construction 314,154 217,643 226,308 53,708 30,812 21,985 20,278 3,947 888,835 Equipment financing 413,653 270,664 125,869 39,982 9,404 445 — — 860,017 Total commercial 3,343,874 1,521,690 1,208,471 685,027 540,614 508,536 620,686 28,924 8,457,822 Residential mortgage 468,945 195,213 125,492 120,944 122,013 230,771 18 5,393 1,268,789 HELOC — — — — — — 675,878 17,581 693,459 Residential construction 225,727 30,646 4,026 4,544 3,172 12,546 — 64 280,725 Consumer 54,997 25,528 14,206 4,531 3,595 1,677 41,445 76 146,055 4,093,543 1,773,077 1,352,195 815,046 669,394 753,530 1,338,027 52,038 10,846,850 Watch Owner occupied commercial real estate 8,759 4,088 4,221 10,025 11,138 4,728 100 — 43,059 Income producing commercial real estate 35,471 42,831 39,954 13,238 24,164 11,337 — 1,681 168,676 Commercial & industrial 1,451 16,315 2,176 630 459 17 6,464 — 27,512 Commercial construction 21,366 272 816 23,292 11,775 477 — — 57,998 Equipment financing — — — — — — — — — Total commercial 67,047 63,506 47,167 47,185 47,536 16,559 6,564 1,681 297,245 Residential mortgage — — — — — — — — — HELOC — — — — — — — — — Residential construction — — — — — — — — — Consumer — — — — — — — — — 67,047 63,506 47,167 47,185 47,536 16,559 6,564 1,681 297,245 Substandard Owner occupied commercial real estate 6,586 10,473 7,596 3,717 6,753 8,473 1,528 674 45,800 Income producing commercial real estate 45,125 8,940 2,179 5,034 31,211 2,652 — 97 95,238 Commercial & industrial 1,545 5,536 6,193 1,684 1,292 1,485 22,170 593 40,498 Commercial construction 2,466 735 13,741 340 1,931 250 — 1,009 20,472 Equipment financing 631 1,392 1,371 306 96 17 — — 3,813 Total commercial 56,353 27,076 31,080 11,081 41,283 12,877 23,698 2,373 205,821 Residential mortgage 2,049 2,106 3,174 1,369 679 5,860 — 894 16,131 HELOC — — — — — — 265 3,393 3,658 Residential construction 106 37 54 4 124 380 — — 705 Consumer — 97 49 60 78 98 — 23 405 58,508 29,316 34,357 12,514 42,164 19,215 23,963 6,683 226,720 Total $ 4,219,098 $ 1,865,899 $ 1,433,719 $ 874,745 $ 759,094 $ 789,304 $ 1,368,554 $ 60,402 $ 11,370,815 Troubled Debt Restructurings and Other Modifications As of March 31, 2021 and December 31, 2020, United had TDRs totaling $59.3 million and $61.6 million, respectively. As of March 31, 2021 and December 31, 2020, United had remaining deferrals related to the COVID-19 pandemic of approximately $48.1 million and $70.7 million, respectively, which generally represented payment deferrals for up to 90 days. To the extent that these deferrals qualified under either the CARES Act or interagency guidance, they were not considered new TDRs. Loans modified under the terms of a TDR during the three months ended March 31, 2021 and 2020 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 or otherwise in default of modified terms) during the periods presented and were initially restructured within one year prior to default (dollars in thousands). New TDRs Post-Modification Amortized Cost by Type of Modification TDRs Modified Within the Previous Twelve Months That Have Subsequently Defaulted Number of Contracts Rate Structure Other Total Number of Amortized Cost Three Months Ended March 31, 2021 Owner occupied commercial real estate — $ — $ — $ — $ — — $ — Income producing commercial real estate 2 — — 1,319 1,319 — — Commercial & industrial 2 — — 103 103 1 11 Commercial construction 1 — 309 — 309 — — Equipment financing 28 — 2,136 — 2,136 3 62 Total commercial 33 — 2,445 1,422 3,867 4 73 Residential mortgage 1 — 69 — 69 3 413 HELOC — — — — — — — Residential construction — — — — — — — Consumer — — — — — — — Total loans 34 $ — $ 2,514 $ 1,422 $ 3,936 7 $ 486 Three Months Ended March 31, 2020 Owner occupied commercial real estate 1 $ — $ — $ 990 $ 990 — $ — Income producing commercial real estate 3 — 67 165 232 — — Commercial & industrial — — — — — 1 6 Commercial construction — — — — — — — Equipment financing 7 — 434 — 434 — — Total commercial 11 — 501 1,155 1,656 1 6 Residential mortgage 5 — 278 — 278 — — HELOC — — — — — — — Residential construction — — — — — — — Consumer 2 — — 11 11 1 3 Total loans 18 $ — $ 779 $ 1,166 $ 1,945 2 $ 9 Allowance for Credit Losses 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) . Three Months Ended March 31, 2021 2020 Beginning Balance Charge-Offs Recoveries (Release) Provision Ending Balance Dec. 31, 2019 Adoption of CECL Jan. 1, 2020 Charge-Offs Recoveries (Release) Provision Ending Balance Owner occupied commercial real estate $ 20,673 $ — $ 240 $ (1,631) $ 19,282 $ 11,404 $ (1,616) $ 9,788 $ (6) $ 1,034 $ 184 $ 11,000 Income producing commercial real estate 41,737 (1,007) 16 (5,835) 34,911 12,306 (30) 12,276 (411) 141 4,578 16,584 Commercial & industrial 22,019 (2,894) 5,647 (3,022) 21,750 5,266 4,012 9,278 (7,561) 376 8,738 10,831 Commercial construction 10,952 (178) 156 (358) 10,572 9,668 (2,583) 7,085 — 141 2,330 9,556 Equipment financing 16,820 (2,058) 547 1,891 17,200 7,384 5,871 13,255 (1,863) 356 2,990 14,738 Residential mortgage 15,341 (215) 123 (669) 14,580 8,081 1,569 9,650 (284) 275 1,422 11,063 HELOC 8,417 — 73 (1,610) 6,880 4,575 1,919 6,494 (20) 103 310 6,887 Residential construction 764 (10) 70 538 1,362 2,504 (1,771) 733 (22) 34 71 816 Consumer 287 (471) 266 247 329 901 (491) 410 (638) 231 427 430 ACL - loans 137,010 (6,833) 7,138 (10,449) 126,866 62,089 6,880 68,969 (10,805) 2,691 21,050 81,905 ACL - unfunded commitments 10,558 — — (1,832) 8,726 3,458 1,871 5,329 — — 1,141 6,470 Total ACL $ 147,568 $ (6,833) $ 7,138 $ (12,281) $ 135,592 $ 65,547 $ 8,751 $ 74,298 $ (10,805) $ 2,691 $ 22,191 $ 88,375 At March 31, 2021 and December 31, 2020, United used a one-year reasonable and supportable forecast period. Expected credit losses were estimated using a regression model for each segment based on historical data from peer banks combined with a third party vendor’s economic forecast to predict the change in credit losses. These results were then combined with a starting value that was based on United’s recent default experience, which was adjusted for select portfolios based on expectations of future performance. At March 31, 2021, the third party vendor’s forecast, which was representative of a baseline scenario, improved significantly from December 31, 2020, including the unemployment rate which has a significant impact on our models and led to the negative provision for loan losses in the first quarter. United adjusted the economic forecast by eliminating the initial spike in unemployment to account for the impact of government stimulus programs, which mitigated some of the negative impact on forecasted losses as the unemployment rate was rising and had the opposite effect as the unemployment rate was improving. In addition, United applied qualitative factors to income producing commercial real estate, owner occupied commercial real estate and commercial construction portfolios to compensate for elevated criticized and classified loan levels. 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. |
Derivatives and Hedging Activit
Derivatives and Hedging Activities | 3 Months Ended |
Mar. 31, 2021 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivatives and Hedging Activities | Derivatives and Hedging Activities 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, 2021 December 31, 2020 Notional Amount Fair Value Notional Amount Fair Value Derivative Asset Derivative Liability Derivative Asset Derivative Liability Derivatives designated as hedging instruments: Cash flow hedge of subordinated debt $ 100,000 $ 7,780 $ — $ 100,000 $ 3,378 $ — Cash flow hedge of trust preferred securities 20,000 — — 20,000 — — Fair value hedge of brokered time deposits 10,000 — — 20,000 — — Total 130,000 7,780 — 140,000 3,378 — Derivatives not designated as hedging instruments: Customer derivative positions 1,349,716 43,777 13,623 1,329,271 72,508 17 Dealer offsets to customer derivative positions 1,349,716 982 15,226 1,329,271 1 24,614 Risk participations 62,592 1 22 48,843 28 12 Mortgage banking - loan commitment 234,659 5,957 — 253,243 10,751 — Mortgage banking - forward sales commitment 421,547 3,050 — 325,145 — 1,964 Bifurcated embedded derivatives 51,935 2,350 19 51,935 — 1,449 Dealer offsets to bifurcated embedded derivatives 51,935 — 4,565 51,935 — 947 Total 3,522,100 56,117 33,455 3,389,643 83,288 29,003 Total derivatives $ 3,652,100 $ 63,897 $ 33,455 $ 3,529,643 $ 86,666 $ 29,003 Total gross derivative instruments $ 63,897 $ 33,455 $ 86,666 $ 29,003 Less: Amounts subject to master netting agreements (571) (571) (114) (114) Less: Cash collateral received/pledged (8,765) (20,737) (3,200) (27,092) Net amount $ 54,561 $ 12,147 $ 83,352 $ 1,797 United clears certain derivatives centrally through the 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. Hedging Derivatives Cash Flow Hedges of Interest Rate Risk United enters into cash flow hedges to mitigate exposure to the variability of future cash flows or other forecasted transactions. As of March 31, 2021 and December 31, 2020 United utilized interest rate caps and swaps to hedge the variability of cash flows due to changes in interest rates on certain of its variable-rate subordinated debt and trust preferred securities. United considers these derivatives to be highly effective at achieving offsetting changes in cash flows attributable to changes in interest rates. Therefore, changes in the fair value of these derivative instruments are recognized in OCI. Gains and losses related to changes in fair value are reclassified into earnings in the periods the hedged forecasted transactions occur. Losses representing amortization of the premium recorded on cash flow hedges, which is a component excluded from the assessment of effectiveness, are recognized in earnings on a straight-line basis in the same caption as the hedged item over the term of the hedge. Over the next twelve months, United expects to reclassify $587,000 of losses from AOCI into earnings related to these agreements. 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, 2021 and December 31, 2020, United had interest rate swaps 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. 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 events (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 effect of derivatives in hedging relationships, all of which are interest rate contracts, on the consolidated statement of income for the periods indicated (in thousands) . Interest expense 2021 2020 Three Months Ended March 31, Total expense presented in the consolidated statements of income $ (9,478) $ (17,941) Net income recognized on fair value hedges 78 5 Net expense recognized on cash flow hedges (1) (144) — (1) Includes $116,000 of premium amortization expense excluded from the assessment of hedge effectiveness for the three months ended March 31, 2021. 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, 2021 December 31, 2020 Balance Sheet Location Carrying amount of Assets (Liabilities) Hedge Accounting Basis Adjustment Carrying amount of Assets (Liabilities) Hedge Accounting Basis Adjustment Deposits $ (10,143) $ (155) $ (20,216) $ (235) Derivatives Not Designated as Hedging Instruments Customer derivative positions include swaps, caps, and collars 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 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. Fair value adjustments on these derivative instruments are recorded within mortgage loan gains and other related fee income in the consolidated statements of income. 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 Derivatives Amount of Gain (Loss) Recognized in Income on Derivatives Three Months Ended March 31, 2021 2020 Customer derivatives and dealer offsets Other noninterest income $ 1,897 $ 1,424 Bifurcated embedded derivatives and dealer offsets Other noninterest income 459 (195) Mortgage banking derivatives Mortgage loan revenue 3,836 (829) Risk participations Other noninterest income (205) (17) $ 5,987 $ 383 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 derivative 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. |
Assets and Liabilities Measured
Assets and Liabilities Measured at Fair Value | 3 Months Ended |
Mar. 31, 2021 | |
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 AFS debt securities 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 MBS issued by GSEs, municipal bonds, corporate debt securities, asset-backed securities and supranational entity 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, and are classified as 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 CVAs 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. Management has determined that the majority of the inputs used to value its derivatives fall within Level 2 of the fair value hierarchy. However, the CVAs associated with these derivatives utilize Level 3 inputs, such as estimates of current credit spreads, to evaluate the likelihood of default by itself and its counterparties. Generally, management’s assessment of the significance of the CVAs has indicated that they are not a significant input to the overall valuation of the derivatives. In cases where management’s assessment indicates that the CVA is a significant input, the related derivative is disclosed as a Level 3 value. Other derivatives classified as Level 3 include structured derivatives for which broker quotes, used as a key valuation input, were not observable. Risk participation agreements are classified as Level 3 instruments due to the incorporation of significant Level 3 inputs used to evaluate the probability of funding and the likelihood of customer default. Interest rate lock commitments, which relate to mortgage loan commitments, are categorized as Level 3 instruments as the fair value of these instruments is 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, 2021 Level 1 Level 2 Level 3 Total Assets: AFS debt securities: U.S. Treasuries $ 127,569 $ — $ — $ 127,569 U.S. Government agencies & GSEs — 173,522 — 173,522 State and political subdivisions — 294,394 — 294,394 Residential MBS — 1,662,635 — 1,662,635 Commercial MBS — 735,058 — 735,058 Corporate bonds — 68,860 1,750 70,610 Asset-backed securities — 680,492 — 680,492 Equity securities with readily available fair values 921 1,056 — 1,977 Mortgage loans held for sale — 164,979 — 164,979 Deferred compensation plan assets 10,133 — — 10,133 Servicing rights for SBA/USDA loans — — 6,226 6,226 Residential mortgage servicing rights — — 20,728 20,728 Derivative financial instruments — 55,589 8,308 63,897 Total assets $ 138,623 $ 3,836,585 $ 37,012 $ 4,012,220 Liabilities: Deferred compensation plan liability $ 10,156 $ — $ — $ 10,156 Derivative financial instruments — 28,849 4,606 33,455 Total liabilities $ 10,156 $ 28,849 $ 4,606 $ 43,611 December 31, 2020 Level 1 Level 2 Level 3 Total Assets: AFS debt securities: U.S. Treasuries $ 128,072 $ — $ — $ 128,072 U.S. Government agencies & GSE's — 152,972 — 152,972 State and political subdivisions — 274,472 — 274,472 Residential MBS — 1,485,585 — 1,485,585 Commercial MBS — 549,131 — 549,131 Corporate bonds — 70,017 1,750 71,767 Asset-backed securities — 562,722 — 562,722 Equity securities with readily available fair values 774 913 — 1,687 Mortgage loans held for sale — 105,433 — 105,433 Deferred compensation plan assets 9,584 — — 9,584 Servicing rights for SBA/USDA loans — — 6,462 6,462 Residential mortgage servicing rights — — 16,216 16,216 Derivative financial instruments — 75,887 10,779 86,666 Total assets $ 138,430 $ 3,277,132 $ 35,207 $ 3,450,769 Liabilities: Deferred compensation plan liability $ 9,590 $ — $ — $ 9,590 Derivative financial instruments — 26,595 2,408 29,003 Total liabilities $ 9,590 $ 26,595 $ 2,408 $ 38,593 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) . 2021 2020 Derivative Assets Derivative Liabilities SBA/USDA loan servicing rights Residential mortgage servicing rights AFS Derivative Derivative SBA/USDA loan servicing rights Residential mortgage servicing rights AFS Three Months Ended March 31, Balance at beginning of period $ 10,779 $ 2,408 $ 6,462 $ 16,216 $ 1,750 $ 7,238 $ 8,559 $ 6,794 $ 13,565 $ 998 Additions 175 — 229 3,201 — — — 95 2,115 — Sales and settlements — — (191) (1,129) — — — (307) (493) (1,000) Amounts included in OCI — — — — — — — — — 2 Amounts included in earnings - fair value adjustments (2,646) 2,198 (274) 2,440 — 123 (5,842) (292) (4,128) — Balance at end of period $ 8,308 $ 4,606 $ 6,226 $ 20,728 $ 1,750 $ 7,361 $ 2,717 $ 6,290 $ 11,059 $ — The following table presents quantitative information about significant Level 3 inputs for fair value on a recurring basis as of the dates indicated. Level 3 Assets and Liabilities Valuation Technique Significant Unobservable Inputs March 31, 2021 December 31, 2020 Range Weighted Average Range Weighted Average SBA/USDA loan servicing rights Discounted cash flow Discount rate —% - 48.1% 9.2 % 1.6% - 44.1% 8.9 % Prepayment rate 0.5 - 33.7 18.1 2.7 - 33.6 17.8 Residential mortgage servicing rights Discounted cash flow Discount rate 10.0 - 11.0 10.0 10.0 - 11.0 10.0 Prepayment rate 7.5 - 17.8 12.9 8.7 - 19.5 17.7 Corporate bonds Indicative bid provided by a broker Multiple factors, including but not limited to, current operations, financial condition, cash flows, and similar financing transactions executed in the market N/A N/A N/A N/A Derivative assets - mortgage Internal model Pull through rate 46.1 - 98.9 85.5 65.6 - 100 83.9 Derivative assets and liabilities - other Dealer priced Dealer priced N/A N/A N/A N/A Fair Value Option United records mortgage loans held for sale at fair value under the fair value option. Interest income on these loans is calculated based on the note rate of the loan and is recorded in interest revenue. The following tables present the fair value and outstanding principal balance of these loans, as well as the gain or loss recognized resulting from the change in fair value for the periods indicated (in thousands) . Mortgage Loans Held for Sale March 31, 2021 December 31, 2020 Outstanding principal balance $ 161,534 $ 99,746 Fair value 164,979 105,433 Gain (Loss) Recognized on Mortgage Loans Held for Sale Location Three Months Ended 2021 2020 Mortgage loan gains and other related fees $ (2,242) $ 1,725 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 assets that were still held as of March 31, 2021 and December 31, 2020, 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, 2021 Loans $ — $ — $ 5,853 $ 5,853 December 31, 2020 Loans $ — $ — $ 29,404 $ 29,404 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 loans that are collateral dependent are generally written down to net realizable value, which reflects fair value less the estimated costs to sell. Specific reserves that are established based on appraised value of collateral are considered nonrecurring fair value adjustments as well. 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, 2021 Assets: HTM debt securities $ 587,696 $ — $ 586,828 $ — $ 586,828 Loans and leases, net 11,551,678 — — 11,574,199 11,574,199 Liabilities: Deposits 15,993,220 — 15,993,408 — 15,993,408 Long-term debt 311,591 — — 322,569 322,569 December 31, 2020 Assets: HTM debt securities $ 420,361 $ — $ 437,193 $ — $ 437,193 Loans and leases, net 11,233,805 — — 11,209,717 11,209,717 Liabilities: Deposits 15,232,358 — 15,232,274 — 15,232,274 Long-term debt 326,956 — — 336,763 336,763 |
Stock-Based Compensation
Stock-Based Compensation | 3 Months Ended |
Mar. 31, 2021 | |
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. The general terms of the plan include a vesting period (usually four years) with an exercisable period not to exceed ten years. Certain 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, 2021, 893,536 additional awards could be granted under the plan. The table below presents restricted stock unit activity for the three months ended March 31, 2021. Restricted Stock Unit Awards Shares Weighted- Aggregate Outstanding at December 31, 2020 893,431 $ 23.75 Granted 45,471 28.65 Vested (70,244) 29.35 $ 2,317 Cancelled (35,583) 26.15 Outstanding at March 31, 2021 833,075 23.45 28,425 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, 2021 and 2020, expense of $1.41 million and $2.40 million, respectively, was recognized related to restricted stock unit and performance stock unit awards granted to United employees, which was included in salaries and employee benefits expense. In addition, for the three months ended March 31, 2021 and 2020, $100,000 and $93,000, respectively, was recognized in other expense for restricted stock unit awards granted to members of United’s Board of Directors. |
Reclassifications Out of AOCI
Reclassifications Out of AOCI | 3 Months Ended |
Mar. 31, 2021 | |
Equity [Abstract] | |
Reclassifications Out of AOCI | Reclassifications Out of AOCI The following table presents the details regarding amounts reclassified out of AOCI for the periods indicated (in thousands) . Amounts shown in parentheses reduce earnings. Details about AOCI Components Three Months Ended Affected Line Item in the Statement Where Net Income is Presented 2021 2020 Amortization of losses included in net income on AFS securities transferred to HTM: $ — $ (83) Investment securities interest revenue — 20 Income tax benefit $ — $ (63) Net of tax Reclassifications related to derivative financial instruments accounted for as cash flow hedges: Interest rate contracts $ (144) $ — Long-term debt interest expense 37 — Income tax benefit $ (107) $ — Net of tax Reclassifications related to defined benefit pension plan activity: Prior service cost $ (117) $ (133) Salaries and employee benefits expense Actuarial losses (144) (81) Other expense (261) (214) Total before tax 67 54 Income tax benefit $ (194) $ (160) Net of tax Total reclassifications for the period $ (301) $ (223) Net of tax |
Earnings Per Share
Earnings Per Share | 3 Months Ended |
Mar. 31, 2021 | |
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 2021 2020 Net income $ 73,706 $ 31,884 Dividends on preferred stock (1,719) — Undistributed earnings allocated to participating securities (462) (243) Net income available to common shareholders $ 71,525 $ 31,641 Weighted average shares outstanding: Basic 87,322 79,340 Effect of dilutive securities: Restricted stock units 144 106 Diluted 87,466 79,446 Net income per common share: Basic $ 0.82 $ 0.40 Diluted $ 0.82 $ 0.40 |
Regulatory Matters
Regulatory Matters | 3 Months Ended |
Mar. 31, 2021 | |
Regulatory Capital Requirements Under Banking Regulations [Abstract] | |
Regulatory Matters | Regulatory Matters As of March 31, 2021, 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, 2021, 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, 2021, and there have been no conditions or events since quarter-end that would change the status of well-capitalized. Regulatory capital ratios at March 31, 2021 and December 31, 2020, 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) : United Community Banks, Inc. United Community Bank Minimum (1) Well- March 31, December 31, March 31, December 31, Risk-based ratios: CET1 capital 4.5 % 6.5 % 12.34 % 12.31 % 12.80 % 13.31 % Tier 1 capital 6.0 8.0 13.11 13.10 12.80 13.31 Total capital 8.0 10.0 14.92 15.15 13.66 14.28 Leverage ratio 4.0 5.0 9.39 9.28 9.13 9.42 CET1 capital $ 1,555,850 $ 1,506,750 $ 1,605,736 $ 1,625,292 Tier 1 capital 1,652,272 1,603,172 1,605,736 1,625,292 Total capital 1,880,373 1,854,368 1,713,837 1,743,045 Risk-weighted assets 12,603,232 12,240,440 12,545,967 12,207,940 Average total assets for the 17,605,291 17,276,853 17,582,607 17,246,878 (1) As of March 31, 2021 and December 31, 2020 the additional capital conservation buffer in effect was 2.50% |
Commitments and Contingencies
Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2021 | |
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, 2021 December 31, 2020 Financial instruments whose contract amounts represent credit risk: Commitments to extend credit $ 3,156,771 $ 3,052,657 Letters of credit 28,886 31,748 United holds minor investments in certain limited partnerships for Community Reinvestment Act purposes. As of March 31, 2021, United had committed to fund an additional $8.43 million related to future capital calls that are not 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. |
Subsequent Events
Subsequent Events | 3 Months Ended |
Mar. 31, 2021 | |
Subsequent Events [Abstract] | |
Subsequent Events | Subsequent Events During the second quarter of 2021, through the date of this Report, United repurchased 150,000 shares for $5.10 million in accordance with its common stock repurchase plan. United has provided a redemption notice to the holders of the 2022 senior debentures of $50.0 million. Repayment is scheduled to occur during the second quarter of 2021. |
Accounting Policies (Policies)
Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2021 | |
Accounting Policies [Abstract] | |
Basis of Accounting | United’s accounting and financial reporting policies conform to GAAP and reporting guidelines of banking regulatory authorities. The accompanying interim consolidated financial statements have not been audited. All material intercompany balances and transactions have been eliminated. A more detailed description of United’s accounting policies is included in its 2020 10-K. |
Recently Adopted Standards and Accounting Standards Updates Not Yet Adopted | Recently Adopted Standards In October 2020, the FASB issued ASU No. 2020-10, Codification Improvements . In addition to consolidating existing disclosure guidance into a single codification section to reduce the likelihood of a required disclosure being missed, this update clarifies the application of select guidance in cases where the original guidance may have been unclear. United adopted this update as of January 1, 2021, with no material impact on the consolidated financial statements. In October 2020, the FASB issued ASU No. 2020-08, Codification Improvements to Subtopic 310-20, Receivables—Nonrefundable Fees and Other Costs . This update clarifies that an entity should reevaluate whether a callable debt security meets the criteria to adjust the amortization period of any related premium at each reporting period. United adopted this update as of January 1, 2021, with no material impact on the consolidated financial statements. In January 2020, the FASB issued ASU No. 2020-01, Investments—Equity Securities (Topic 321), Investments—Equity Method and Joint Ventures (Topic 323), and Derivatives and Hedging (Topic 815)—Clarifying the Interactions between Topic 321, Topic 323, and Topic 815 (a consensus of the Emerging Issues Task Force) . This update clarifies whether an entity should consider observable transactions that require it to either apply or discontinue the equity method of accounting for the purposes of applying the measurement alternative and how to account for certain forward contracts and purchased options to purchase securities. United adopted this update as of January 1, 2021, with no material impact on the consolidated financial statements. In December 2019, the FASB issued ASU No. 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes . This update removes several exceptions related to intraperiod tax allocation when there is a loss from continuing operations and income from other items, foreign subsidiaries becoming equity method investments and vice versa, and calculating income taxes in an interim period when a year-to-date loss exceeds the anticipated loss for the year. The guidance also amends requirements related to franchise tax that is partially based on income, a step up in the tax basis of goodwill, allocation of consolidated tax expense to a legal entity not subject to tax in its separate financial statements, the effects of enacted changes in tax laws and other minor codification improvements regarding employee stock ownership plans and investments in qualified affordable housing projects. United adopted this update as of January 1, 2021, with no material impact on the consolidated financial statements. In August 2018, the FASB issued ASU No. 2018-14, Compensation - Retirement Benefits - Defined Benefit Plans - General (Subtopic 715-20): Disclosure Framework - Changes to the Disclosure Requirements for Defined Benefit Plans . The update removes disclosures that are no longer considered cost beneficial, clarifies specific requirements of disclosures, and adds disclosure requirements identified as relevant. United adopted this update as of January 1, 2021, with no material impact on the consolidated financial statements. |
Investment Securities (Tables)
Investment Securities (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Investments, Debt and Equity Securities [Abstract] | |
Schedule of amortized cost basis, unrealized gains and losses and fair value of HTM debt securities | The amortized cost basis, unrealized gains and losses and fair value of HTM debt securities as of the dates indicated are as follows (in thousands) . Amortized Gross Unrealized Gross Unrealized Fair As of March 31, 2021 U.S. Government agencies & GSEs $ 10,535 $ — $ 590 $ 9,945 State and political subdivisions 238,813 4,670 5,655 237,828 Residential MBS, Agency & GSEs 135,156 3,923 1,231 137,848 Commercial MBS, Agency & GSEs 188,192 2,566 4,412 186,346 Supranational entities 15,000 — 139 14,861 Total $ 587,696 $ 11,159 $ 12,027 $ 586,828 As of December 31, 2020 U.S. Government agencies & GSEs $ 10,575 $ 26 $ 11 $ 10,590 State and political subdivisions 197,723 7,658 242 205,139 Residential MBS, Agency & GSEs 113,400 4,774 1 118,173 Commercial MBS, Agency & GSEs 98,663 4,874 246 103,291 Total $ 420,361 $ 17,332 $ 500 $ 437,193 |
Schedule of amortized cost basis, unrealized gains and losses, and fair value of AFS debt securities | The amortized cost basis, unrealized gains and losses, and fair value of AFS debt securities as of the dates indicated are presented below (in thousands) . Amortized Gross Unrealized Gross Unrealized Fair As of March 31, 2021 U.S. Treasuries $ 123,817 $ 3,752 $ — $ 127,569 U.S. Government agencies & GSEs 176,847 642 3,967 173,522 State and political subdivisions 280,171 16,782 2,559 294,394 Residential MBS, Agency & GSEs 1,493,149 24,604 15,928 1,501,825 Residential MBS, Non-agency 155,370 5,446 6 160,810 Commercial MBS, Agency & GSEs 728,584 5,265 15,555 718,294 Commercial MBS, Non-agency 15,337 1,427 — 16,764 Corporate bonds 69,828 1,076 294 70,610 Asset-backed securities 678,802 2,313 623 680,492 Total $ 3,721,905 $ 61,307 $ 38,932 $ 3,744,280 As of December 31, 2020 U.S. Treasuries $ 123,677 $ 4,395 $ — $ 128,072 U.S. Government agencies & GSEs 152,596 701 325 152,972 State and political subdivisions 253,630 20,891 49 274,472 Residential MBS, Agency & GSEs 1,275,551 29,107 766 1,303,892 Residential MBS, Non-agency 174,322 7,499 128 181,693 Commercial MBS, Agency & GSEs 524,852 8,013 597 532,268 Commercial MBS, Non-agency 15,350 1,513 — 16,863 Corporate bonds 70,057 1,711 1 71,767 Asset-backed securities 562,076 1,278 632 562,722 Total $ 3,152,111 $ 75,108 $ 2,498 $ 3,224,721 |
Schedule of HTM debt securities in an unrealized loss position | The following table summarizes HTM debt securities in an unrealized loss position as of the dates indicated ( in thousands) . Less than 12 Months 12 Months or More Total Fair Value Unrealized Fair Value Unrealized Fair Value Unrealized As of March 31, 2021 U.S. Government agencies & GSEs $ 9,945 $ 590 $ — $ — $ 9,945 $ 590 State and political subdivisions 152,811 5,655 — — 152,811 5,655 Residential MBS, Agency & GSEs 39,628 1,231 — — 39,628 1,231 Commercial MBS, Agency & GSEs 104,848 4,412 — — 104,848 4,412 Supranational entities 14,861 139 — — 14,861 139 Total unrealized loss position $ 322,093 $ 12,027 $ — $ — $ 322,093 $ 12,027 As of December 31, 2020 U.S. Government agencies & GSEs $ 4,677 $ 11 $ — $ — $ 4,677 $ 11 State and political subdivisions 14,870 242 — — 14,870 242 Residential MBS, Agency & GSEs 999 1 — — 999 1 Commercial MBS, Agency & GSEs 24,956 236 1,352 10 26,308 246 Total unrealized loss position $ 45,502 $ 490 $ 1,352 $ 10 $ 46,854 $ 500 |
Schedule of AFS debt securities in an unrealized loss position | The following table summarizes AFS debt securities in an unrealized loss position as of the dates indicated (in thousands) . Less than 12 Months 12 Months or More Total Fair Value Unrealized Fair Value Unrealized Fair Value Unrealized As of March 31, 2021 U.S. Government agencies & GSEs $ 116,612 $ 3,967 $ — $ — $ 116,612 $ 3,967 State and political subdivisions 57,585 2,559 — — 57,585 2,559 Residential MBS, Agency & GSEs 699,029 15,928 — — 699,029 15,928 Residential MBS, Non-agency 841 1 2,454 5 3,295 6 Commercial MBS, Agency & GSEs 434,542 15,555 — — 434,542 15,555 Corporate bonds 19,554 294 — — 19,554 294 Asset-backed securities 153,436 293 48,142 330 201,578 623 Total unrealized loss position $ 1,481,599 $ 38,597 $ 50,596 $ 335 $ 1,532,195 $ 38,932 As of December 31, 2020 U.S. Government agencies & GSEs $ 27,952 $ 324 $ 607 $ 1 $ 28,559 $ 325 State and political subdivisions 9,402 49 — — 9,402 49 Residential MBS, Agency & GSEs 232,199 766 — — 232,199 766 Residential MBS, Non-agency 2,331 128 — — 2,331 128 Commercial MBS, Agency & GSEs 89,918 597 — — 89,918 597 Corporate bonds 1,410 1 — — 1,410 1 Asset-backed securities 87,305 28 53,587 604 140,892 632 Total unrealized loss position $ 450,517 $ 1,893 $ 54,194 $ 605 $ 504,711 $ 2,498 |
Schedule of accrued interest receivable | The following table presents accrued interest receivable for the periods indicated on HTM and AFS debt securities (in thousands) , which was excluded from the estimate of credit losses. Accrued Interest Receivable Debt Securities: March 31, 2021 December 31, 2020 HTM $ 2,242 $ 1,784 AFS 9,524 9,114 |
Schedule of amortized cost and fair value of AFS and HTM securities by contractual maturity | The amortized cost and fair value of AFS and HTM debt securities at March 31, 2021, by contractual maturity, are presented in the following table (in thousands) . Expected maturities may differ from contractual maturities because issuers and borrowers may have the right to call or prepay obligations. AFS HTM Amortized Cost Fair Value Amortized Cost Fair Value Within 1 year: U.S. Treasuries $ 44,901 $ 45,525 $ — $ — U.S. Government agencies & GSEs 281 281 — — State and political subdivisions 20,010 20,120 1,700 1,732 Corporate bonds 11,633 11,722 — — 76,825 77,648 1,700 1,732 1 to 5 years: U.S. Treasuries 78,916 82,044 — — U.S. Government agencies & GSEs 13,986 13,969 — — State and political subdivisions 41,787 44,194 14,504 15,899 Corporate bonds 41,532 42,211 — — 176,221 182,418 14,504 15,899 5 to 10 years: U.S. Government agencies & GSEs 103,975 101,071 — — State and political subdivisions 90,926 94,548 18,964 19,654 Corporate bonds 15,886 15,794 — — Supranational entities — — 15,000 14,861 210,787 211,413 33,964 34,515 More than 10 years: U.S. Government agencies & GSEs 58,605 58,201 10,535 9,945 State and political subdivisions 127,448 135,532 203,645 200,543 Corporate bonds 777 883 — — 186,830 194,616 214,180 210,488 Debt securities not due at a single maturity date: Asset-backed securities 678,802 680,492 — — Residential MBS 1,648,519 1,662,635 135,156 137,848 Commercial MBS 743,921 735,058 188,192 186,346 Total $ 3,721,905 $ 3,744,280 $ 587,696 $ 586,828 |
Loans and Leases and Allowanc_2
Loans and Leases and Allowance for Credit Losses (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Receivables [Abstract] | |
Schedule of major classifications of loan 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, 2021 December 31, 2020 Owner occupied commercial real estate $ 2,107,153 $ 2,090,443 Income producing commercial real estate 2,598,482 2,540,750 Commercial & industrial (1) 2,643,279 2,498,560 Commercial construction 960,153 967,305 Equipment financing 912,650 863,830 Total commercial 9,221,717 8,960,888 Residential mortgage 1,362,088 1,284,920 HELOC 679,094 697,117 Residential construction 271,600 281,430 Consumer 144,045 146,460 Total loans 11,678,544 11,370,815 Less allowance for credit losses - loans (126,866) (137,010) Loans, net $ 11,551,678 $ 11,233,805 (1) Commercial and industrial loans as of March 31, 2021 and December 31, 2020 included $883 million and $646 million of PPP loans, respectively. |
Schedule of loans held for investment sold | The following table presents loans held for investment sold for the periods indicated (in thousands). The gains and losses on these loan sales were included in noninterest income on the consolidated statements of income. Three Months Ended March 31, 2021 2020 Guaranteed portion of SBA/USDA loans $ 11,345 $ 4,034 Equipment financing receivables 1,059 22,217 Total $ 12,404 $ 26,251 |
Schedule of components of net investment in leases | At March 31, 2021 and December 31, 2020, equipment financing assets included leases of $37.6 million and $36.8 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, 2021 December 31, 2020 Minimum future lease payments receivable $ 39,720 $ 38,934 Estimated residual value of leased equipment 3,433 3,263 Initial direct costs 686 672 Security deposits (739) (727) Purchase accounting premium 93 117 Unearned income (5,575) (5,457) Net investment in leases $ 37,618 $ 36,802 |
Schedule of minimum future lease payments expected to be received from equipment financing lease contracts | Minimum future lease payments expected to be received from equipment financing lease contracts as of March 31, 2021 were as follows (in thousands) : Year Remainder of 2021 $ 11,794 2022 12,744 2023 8,597 2024 4,311 2025 2,091 Thereafter 183 Total $ 39,720 |
Schedule of loans by aging category and accrual status | The following table presents the aging of the amortized cost basis in loans by aging category and accrual status as of the dates indicated (in thousands) . Past due status is based on contractual terms of the loan. The accrual of interest is generally discontinued when a loan becomes 90 days past due. Deferrals related to the COVID-19 crisis are not reported as past due during the deferral period. Accruing Current Loans Loans Past Due 30 - 59 Days 60 - 89 Days > 90 Days Nonaccrual Loans Total Loans As of March 31, 2021 Owner occupied commercial real estate $ 2,097,553 $ 540 $ 1,152 $ — $ 7,908 $ 2,107,153 Income producing commercial real estate 2,584,511 231 — — 13,740 2,598,482 Commercial & industrial 2,628,764 638 13 — 13,864 2,643,279 Commercial construction 957,435 734 — — 1,984 960,153 Equipment financing 908,694 1,470 315 — 2,171 912,650 Total commercial 9,176,957 3,613 1,480 — 39,667 9,221,717 Residential mortgage 1,345,427 2,547 64 — 14,050 1,362,088 HELOC 675,545 1,632 210 — 1,707 679,094 Residential construction 270,769 509 — — 322 271,600 Consumer 143,669 188 34 — 154 144,045 Total loans $ 11,612,367 $ 8,489 $ 1,788 $ — $ 55,900 $ 11,678,544 As of December 31, 2020 Owner occupied commercial real estate $ 2,079,845 $ 2,013 $ 3 $ — $ 8,582 $ 2,090,443 Income producing commercial real estate 2,522,743 1,608 1,250 — 15,149 2,540,750 Commercial & industrial 2,480,483 1,176 267 — 16,634 2,498,560 Commercial construction 964,947 231 382 — 1,745 967,305 Equipment financing 856,985 2,431 1,009 — 3,405 863,830 Total commercial 8,905,003 7,459 2,911 — 45,515 8,960,888 Residential mortgage 1,265,019 5,549 1,494 — 12,858 1,284,920 HELOC 692,504 1,942 184 — 2,487 697,117 Residential construction 280,551 365 — — 514 281,430 Consumer 145,770 429 36 — 225 146,460 Total loans $ 11,288,847 $ 15,744 $ 4,625 $ — $ 61,599 $ 11,370,815 |
Schedule of nonaccrual loans by loan class | The following table presents nonaccrual loans by loan class for the periods indicated (in thousands) . Nonaccrual Loans March 31, 2021 December 31, 2020 With no allowance With an allowance Total With no allowance With an allowance Total Owner occupied commercial real estate $ 4,202 $ 3,706 $ 7,908 $ 6,614 $ 1,968 $ 8,582 Income producing commercial real estate 8,264 5,476 13,740 10,008 5,141 15,149 Commercial & industrial 6,376 7,488 13,864 2,004 14,630 16,634 Commercial construction 1,480 504 1,984 1,339 406 1,745 Equipment financing 19 2,152 2,171 156 3,249 3,405 Total commercial 20,341 19,326 39,667 20,121 25,394 45,515 Residential mortgage 3,226 10,824 14,050 1,855 11,003 12,858 HELOC 45 1,662 1,707 1,329 1,158 2,487 Residential construction — 322 322 274 240 514 Consumer 2 152 154 181 44 225 Total $ 23,614 $ 32,286 $ 55,900 $ 23,760 $ 37,839 $ 61,599 |
Schedule of amortized cost of loans by risk category by vintage year | 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) . Term Loans by Origination Year Revolvers Revolvers converted to term loans Total As of March 31, 2021 2021 2020 2019 2018 2017 Prior Pass Owner occupied commercial real estate $ 179,476 $ 701,135 $ 317,755 $ 199,511 $ 191,124 $ 350,036 $ 46,178 $ 9,426 $ 1,994,641 Income producing commercial real estate 182,686 804,728 368,588 338,718 236,773 327,673 26,325 12,336 2,297,827 Commercial & industrial 696,983 792,547 227,628 216,428 81,554 114,095 445,382 3,877 2,578,494 Commercial construction 112,225 297,204 191,433 168,966 44,357 20,829 14,333 4,058 853,405 Equipment financing 139,648 376,918 247,084 107,756 32,220 6,339 — — 909,965 Total commercial 1,311,018 2,972,532 1,352,488 1,031,379 586,028 818,972 532,218 29,697 8,634,332 Residential mortgage 217,716 444,751 159,000 108,791 100,023 309,592 16 5,032 1,344,921 HELOC — — — — — — 660,070 16,513 676,583 Residential construction 57,904 178,711 11,751 4,301 4,257 14,072 — 59 271,055 Consumer 16,880 44,170 21,069 11,063 3,378 3,979 42,517 681 143,737 1,603,518 3,640,164 1,544,308 1,155,534 693,686 1,146,615 1,234,821 51,982 11,070,628 Watch Owner occupied commercial real estate 7,364 7,861 18,539 4,203 3,681 16,321 100 — 58,069 Income producing commercial real estate 11,606 28,811 59,580 51,067 15,200 37,827 — 1,651 205,742 Commercial & industrial 145 2,463 14,537 542 1,387 490 7,758 224 27,546 Commercial construction 539 19,080 12,828 28,164 23,801 481 — — 84,893 Equipment financing — — — — — — — — — Total commercial 19,654 58,215 105,484 83,976 44,069 55,119 7,858 1,875 376,250 Residential mortgage — — — — — — — — — HELOC — — — — — — — — — Residential construction — — — — — — — — — Consumer — — — — — — — — — 19,654 58,215 105,484 83,976 44,069 55,119 7,858 1,875 376,250 Substandard Owner occupied commercial real estate 2,615 12,137 10,231 8,289 5,257 12,508 2,381 1,025 54,443 Income producing commercial real estate 6,259 40,630 7,590 2,114 5,588 32,639 — 93 94,913 Commercial & industrial 5,981 1,281 8,466 6,486 2,060 7,432 4,935 598 37,239 Commercial construction 676 2,804 645 13,699 335 2,689 — 1,007 21,855 Equipment financing — 514 1,107 655 254 155 — — 2,685 Total commercial 15,531 57,366 28,039 31,243 13,494 55,423 7,316 2,723 211,135 Residential mortgage 161 1,911 2,366 3,821 1,450 6,659 — 799 17,167 HELOC — — — — — — 79 2,432 2,511 Residential construction — 71 35 54 3 382 — — 545 Consumer — — 76 46 45 117 — 24 308 15,692 59,348 30,516 35,164 14,992 62,581 7,395 5,978 231,666 Total $ 1,638,864 $ 3,757,727 $ 1,680,308 $ 1,274,674 $ 752,747 $ 1,264,315 $ 1,250,074 $ 59,835 $ 11,678,544 Term Loans by Origination Year Revolvers Revolvers converted to term loans Total As of December 31, 2020 2020 2019 2018 2017 2016 Prior Pass Owner occupied commercial real estate $ 707,501 $ 368,615 $ 231,316 $ 197,778 $ 201,362 $ 229,667 $ 56,273 $ 9,072 $ 2,001,584 Income producing commercial real estate 815,799 376,911 361,539 277,769 206,068 198,080 28,542 12,128 2,276,836 Commercial & industrial 1,092,767 287,857 263,439 115,790 92,968 58,359 515,593 3,777 2,430,550 Commercial construction 314,154 217,643 226,308 53,708 30,812 21,985 20,278 3,947 888,835 Equipment financing 413,653 270,664 125,869 39,982 9,404 445 — — 860,017 Total commercial 3,343,874 1,521,690 1,208,471 685,027 540,614 508,536 620,686 28,924 8,457,822 Residential mortgage 468,945 195,213 125,492 120,944 122,013 230,771 18 5,393 1,268,789 HELOC — — — — — — 675,878 17,581 693,459 Residential construction 225,727 30,646 4,026 4,544 3,172 12,546 — 64 280,725 Consumer 54,997 25,528 14,206 4,531 3,595 1,677 41,445 76 146,055 4,093,543 1,773,077 1,352,195 815,046 669,394 753,530 1,338,027 52,038 10,846,850 Watch Owner occupied commercial real estate 8,759 4,088 4,221 10,025 11,138 4,728 100 — 43,059 Income producing commercial real estate 35,471 42,831 39,954 13,238 24,164 11,337 — 1,681 168,676 Commercial & industrial 1,451 16,315 2,176 630 459 17 6,464 — 27,512 Commercial construction 21,366 272 816 23,292 11,775 477 — — 57,998 Equipment financing — — — — — — — — — Total commercial 67,047 63,506 47,167 47,185 47,536 16,559 6,564 1,681 297,245 Residential mortgage — — — — — — — — — HELOC — — — — — — — — — Residential construction — — — — — — — — — Consumer — — — — — — — — — 67,047 63,506 47,167 47,185 47,536 16,559 6,564 1,681 297,245 Substandard Owner occupied commercial real estate 6,586 10,473 7,596 3,717 6,753 8,473 1,528 674 45,800 Income producing commercial real estate 45,125 8,940 2,179 5,034 31,211 2,652 — 97 95,238 Commercial & industrial 1,545 5,536 6,193 1,684 1,292 1,485 22,170 593 40,498 Commercial construction 2,466 735 13,741 340 1,931 250 — 1,009 20,472 Equipment financing 631 1,392 1,371 306 96 17 — — 3,813 Total commercial 56,353 27,076 31,080 11,081 41,283 12,877 23,698 2,373 205,821 Residential mortgage 2,049 2,106 3,174 1,369 679 5,860 — 894 16,131 HELOC — — — — — — 265 3,393 3,658 Residential construction 106 37 54 4 124 380 — — 705 Consumer — 97 49 60 78 98 — 23 405 58,508 29,316 34,357 12,514 42,164 19,215 23,963 6,683 226,720 Total $ 4,219,098 $ 1,865,899 $ 1,433,719 $ 874,745 $ 759,094 $ 789,304 $ 1,368,554 $ 60,402 $ 11,370,815 |
Schedule of loans modified under the terms of a TDR, including TDR loans that defaulted | Loans modified under the terms of a TDR during the three months ended March 31, 2021 and 2020 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 or otherwise in default of modified terms) during the periods presented and were initially restructured within one year prior to default (dollars in thousands). New TDRs Post-Modification Amortized Cost by Type of Modification TDRs Modified Within the Previous Twelve Months That Have Subsequently Defaulted Number of Contracts Rate Structure Other Total Number of Amortized Cost Three Months Ended March 31, 2021 Owner occupied commercial real estate — $ — $ — $ — $ — — $ — Income producing commercial real estate 2 — — 1,319 1,319 — — Commercial & industrial 2 — — 103 103 1 11 Commercial construction 1 — 309 — 309 — — Equipment financing 28 — 2,136 — 2,136 3 62 Total commercial 33 — 2,445 1,422 3,867 4 73 Residential mortgage 1 — 69 — 69 3 413 HELOC — — — — — — — Residential construction — — — — — — — Consumer — — — — — — — Total loans 34 $ — $ 2,514 $ 1,422 $ 3,936 7 $ 486 Three Months Ended March 31, 2020 Owner occupied commercial real estate 1 $ — $ — $ 990 $ 990 — $ — Income producing commercial real estate 3 — 67 165 232 — — Commercial & industrial — — — — — 1 6 Commercial construction — — — — — — — Equipment financing 7 — 434 — 434 — — Total commercial 11 — 501 1,155 1,656 1 6 Residential mortgage 5 — 278 — 278 — — HELOC — — — — — — — Residential construction — — — — — — — Consumer 2 — — 11 11 1 3 Total loans 18 $ — $ 779 $ 1,166 $ 1,945 2 $ 9 |
Schedule of balance and activity in the ACL by portfolio segment | The following table presents the balance and activity in the ACL by portfolio segment for the periods indicated (in thousands) . Three Months Ended March 31, 2021 2020 Beginning Balance Charge-Offs Recoveries (Release) Provision Ending Balance Dec. 31, 2019 Adoption of CECL Jan. 1, 2020 Charge-Offs Recoveries (Release) Provision Ending Balance Owner occupied commercial real estate $ 20,673 $ — $ 240 $ (1,631) $ 19,282 $ 11,404 $ (1,616) $ 9,788 $ (6) $ 1,034 $ 184 $ 11,000 Income producing commercial real estate 41,737 (1,007) 16 (5,835) 34,911 12,306 (30) 12,276 (411) 141 4,578 16,584 Commercial & industrial 22,019 (2,894) 5,647 (3,022) 21,750 5,266 4,012 9,278 (7,561) 376 8,738 10,831 Commercial construction 10,952 (178) 156 (358) 10,572 9,668 (2,583) 7,085 — 141 2,330 9,556 Equipment financing 16,820 (2,058) 547 1,891 17,200 7,384 5,871 13,255 (1,863) 356 2,990 14,738 Residential mortgage 15,341 (215) 123 (669) 14,580 8,081 1,569 9,650 (284) 275 1,422 11,063 HELOC 8,417 — 73 (1,610) 6,880 4,575 1,919 6,494 (20) 103 310 6,887 Residential construction 764 (10) 70 538 1,362 2,504 (1,771) 733 (22) 34 71 816 Consumer 287 (471) 266 247 329 901 (491) 410 (638) 231 427 430 ACL - loans 137,010 (6,833) 7,138 (10,449) 126,866 62,089 6,880 68,969 (10,805) 2,691 21,050 81,905 ACL - unfunded commitments 10,558 — — (1,832) 8,726 3,458 1,871 5,329 — — 1,141 6,470 Total ACL $ 147,568 $ (6,833) $ 7,138 $ (12,281) $ 135,592 $ 65,547 $ 8,751 $ 74,298 $ (10,805) $ 2,691 $ 22,191 $ 88,375 |
Derivatives and Hedging Activ_2
Derivatives and Hedging Activities (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Schedule of fair value of derivative financial instruments on consolidated balance sheet | The table below presents the fair value of derivative financial instruments as of the dates indicated as well as their classification on the consolidated balance sheets (in thousands) : March 31, 2021 December 31, 2020 Notional Amount Fair Value Notional Amount Fair Value Derivative Asset Derivative Liability Derivative Asset Derivative Liability Derivatives designated as hedging instruments: Cash flow hedge of subordinated debt $ 100,000 $ 7,780 $ — $ 100,000 $ 3,378 $ — Cash flow hedge of trust preferred securities 20,000 — — 20,000 — — Fair value hedge of brokered time deposits 10,000 — — 20,000 — — Total 130,000 7,780 — 140,000 3,378 — Derivatives not designated as hedging instruments: Customer derivative positions 1,349,716 43,777 13,623 1,329,271 72,508 17 Dealer offsets to customer derivative positions 1,349,716 982 15,226 1,329,271 1 24,614 Risk participations 62,592 1 22 48,843 28 12 Mortgage banking - loan commitment 234,659 5,957 — 253,243 10,751 — Mortgage banking - forward sales commitment 421,547 3,050 — 325,145 — 1,964 Bifurcated embedded derivatives 51,935 2,350 19 51,935 — 1,449 Dealer offsets to bifurcated embedded derivatives 51,935 — 4,565 51,935 — 947 Total 3,522,100 56,117 33,455 3,389,643 83,288 29,003 Total derivatives $ 3,652,100 $ 63,897 $ 33,455 $ 3,529,643 $ 86,666 $ 29,003 Total gross derivative instruments $ 63,897 $ 33,455 $ 86,666 $ 29,003 Less: Amounts subject to master netting agreements (571) (571) (114) (114) Less: Cash collateral received/pledged (8,765) (20,737) (3,200) (27,092) Net amount $ 54,561 $ 12,147 $ 83,352 $ 1,797 |
Schedule of effect of derivatives in hedging relationships on the consolidated statement of income | The table below presents the effect of derivatives in hedging relationships, all of which are interest rate contracts, on the consolidated statement of income for the periods indicated (in thousands) . Interest expense 2021 2020 Three Months Ended March 31, Total expense presented in the consolidated statements of income $ (9,478) $ (17,941) Net income recognized on fair value hedges 78 5 Net expense recognized on cash flow hedges (1) (144) — (1) Includes $116,000 of premium amortization expense excluded from the assessment of hedge effectiveness for the three months ended March 31, 2021. |
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, 2021 December 31, 2020 Balance Sheet Location Carrying amount of Assets (Liabilities) Hedge Accounting Basis Adjustment Carrying amount of Assets (Liabilities) Hedge Accounting Basis Adjustment Deposits $ (10,143) $ (155) $ (20,216) $ (235) |
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 Derivatives Amount of Gain (Loss) Recognized in Income on Derivatives Three Months Ended March 31, 2021 2020 Customer derivatives and dealer offsets Other noninterest income $ 1,897 $ 1,424 Bifurcated embedded derivatives and dealer offsets Other noninterest income 459 (195) Mortgage banking derivatives Mortgage loan revenue 3,836 (829) Risk participations Other noninterest income (205) (17) $ 5,987 $ 383 |
Assets and Liabilities Measur_2
Assets and Liabilities Measured at Fair Value (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
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, 2021 Level 1 Level 2 Level 3 Total Assets: AFS debt securities: U.S. Treasuries $ 127,569 $ — $ — $ 127,569 U.S. Government agencies & GSEs — 173,522 — 173,522 State and political subdivisions — 294,394 — 294,394 Residential MBS — 1,662,635 — 1,662,635 Commercial MBS — 735,058 — 735,058 Corporate bonds — 68,860 1,750 70,610 Asset-backed securities — 680,492 — 680,492 Equity securities with readily available fair values 921 1,056 — 1,977 Mortgage loans held for sale — 164,979 — 164,979 Deferred compensation plan assets 10,133 — — 10,133 Servicing rights for SBA/USDA loans — — 6,226 6,226 Residential mortgage servicing rights — — 20,728 20,728 Derivative financial instruments — 55,589 8,308 63,897 Total assets $ 138,623 $ 3,836,585 $ 37,012 $ 4,012,220 Liabilities: Deferred compensation plan liability $ 10,156 $ — $ — $ 10,156 Derivative financial instruments — 28,849 4,606 33,455 Total liabilities $ 10,156 $ 28,849 $ 4,606 $ 43,611 December 31, 2020 Level 1 Level 2 Level 3 Total Assets: AFS debt securities: U.S. Treasuries $ 128,072 $ — $ — $ 128,072 U.S. Government agencies & GSE's — 152,972 — 152,972 State and political subdivisions — 274,472 — 274,472 Residential MBS — 1,485,585 — 1,485,585 Commercial MBS — 549,131 — 549,131 Corporate bonds — 70,017 1,750 71,767 Asset-backed securities — 562,722 — 562,722 Equity securities with readily available fair values 774 913 — 1,687 Mortgage loans held for sale — 105,433 — 105,433 Deferred compensation plan assets 9,584 — — 9,584 Servicing rights for SBA/USDA loans — — 6,462 6,462 Residential mortgage servicing rights — — 16,216 16,216 Derivative financial instruments — 75,887 10,779 86,666 Total assets $ 138,430 $ 3,277,132 $ 35,207 $ 3,450,769 Liabilities: Deferred compensation plan liability $ 9,590 $ — $ — $ 9,590 Derivative financial instruments — 26,595 2,408 29,003 Total liabilities $ 9,590 $ 26,595 $ 2,408 $ 38,593 |
Schedule of reconciliation 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) . 2021 2020 Derivative Assets Derivative Liabilities SBA/USDA loan servicing rights Residential mortgage servicing rights AFS Derivative Derivative SBA/USDA loan servicing rights Residential mortgage servicing rights AFS Three Months Ended March 31, Balance at beginning of period $ 10,779 $ 2,408 $ 6,462 $ 16,216 $ 1,750 $ 7,238 $ 8,559 $ 6,794 $ 13,565 $ 998 Additions 175 — 229 3,201 — — — 95 2,115 — Sales and settlements — — (191) (1,129) — — — (307) (493) (1,000) Amounts included in OCI — — — — — — — — — 2 Amounts included in earnings - fair value adjustments (2,646) 2,198 (274) 2,440 — 123 (5,842) (292) (4,128) — Balance at end of period $ 8,308 $ 4,606 $ 6,226 $ 20,728 $ 1,750 $ 7,361 $ 2,717 $ 6,290 $ 11,059 $ — |
Schedule of reconciliation of liabilities 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) . 2021 2020 Derivative Assets Derivative Liabilities SBA/USDA loan servicing rights Residential mortgage servicing rights AFS Derivative Derivative SBA/USDA loan servicing rights Residential mortgage servicing rights AFS Three Months Ended March 31, Balance at beginning of period $ 10,779 $ 2,408 $ 6,462 $ 16,216 $ 1,750 $ 7,238 $ 8,559 $ 6,794 $ 13,565 $ 998 Additions 175 — 229 3,201 — — — 95 2,115 — Sales and settlements — — (191) (1,129) — — — (307) (493) (1,000) Amounts included in OCI — — — — — — — — — 2 Amounts included in earnings - fair value adjustments (2,646) 2,198 (274) 2,440 — 123 (5,842) (292) (4,128) — Balance at end of period $ 8,308 $ 4,606 $ 6,226 $ 20,728 $ 1,750 $ 7,361 $ 2,717 $ 6,290 $ 11,059 $ — |
Schedule of quantitative information about Level 3 fair value measurements for fair value on a recurring basis | The following table presents quantitative information about significant Level 3 inputs for fair value on a recurring basis as of the dates indicated. Level 3 Assets and Liabilities Valuation Technique Significant Unobservable Inputs March 31, 2021 December 31, 2020 Range Weighted Average Range Weighted Average SBA/USDA loan servicing rights Discounted cash flow Discount rate —% - 48.1% 9.2 % 1.6% - 44.1% 8.9 % Prepayment rate 0.5 - 33.7 18.1 2.7 - 33.6 17.8 Residential mortgage servicing rights Discounted cash flow Discount rate 10.0 - 11.0 10.0 10.0 - 11.0 10.0 Prepayment rate 7.5 - 17.8 12.9 8.7 - 19.5 17.7 Corporate bonds Indicative bid provided by a broker Multiple factors, including but not limited to, current operations, financial condition, cash flows, and similar financing transactions executed in the market N/A N/A N/A N/A Derivative assets - mortgage Internal model Pull through rate 46.1 - 98.9 85.5 65.6 - 100 83.9 Derivative assets and liabilities - other Dealer priced Dealer priced N/A N/A N/A N/A |
Schedule of loans held for sale at fair value under the fair value option | The following tables present the fair value and outstanding principal balance of these loans, as well as the gain or loss recognized resulting from the change in fair value for the periods indicated (in thousands) . Mortgage Loans Held for Sale March 31, 2021 December 31, 2020 Outstanding principal balance $ 161,534 $ 99,746 Fair value 164,979 105,433 Gain (Loss) Recognized on Mortgage Loans Held for Sale Location Three Months Ended 2021 2020 Mortgage loan gains and other related fees $ (2,242) $ 1,725 |
Schedule of presentation of assets measured at fair value on nonrecurring basis | The following table presents the fair value hierarchy and carrying value of assets that were still held as of March 31, 2021 and December 31, 2020, 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, 2021 Loans $ — $ — $ 5,853 $ 5,853 December 31, 2020 Loans $ — $ — $ 29,404 $ 29,404 |
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, 2021 Assets: HTM debt securities $ 587,696 $ — $ 586,828 $ — $ 586,828 Loans and leases, net 11,551,678 — — 11,574,199 11,574,199 Liabilities: Deposits 15,993,220 — 15,993,408 — 15,993,408 Long-term debt 311,591 — — 322,569 322,569 December 31, 2020 Assets: HTM debt securities $ 420,361 $ — $ 437,193 $ — $ 437,193 Loans and leases, net 11,233,805 — — 11,209,717 11,209,717 Liabilities: Deposits 15,232,358 — 15,232,274 — 15,232,274 Long-term debt 326,956 — — 336,763 336,763 |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Share-based Payment Arrangement [Abstract] | |
Schedule of restricted stock unit activity | The table below presents restricted stock unit activity for the three months ended March 31, 2021. Restricted Stock Unit Awards Shares Weighted- Aggregate Outstanding at December 31, 2020 893,431 $ 23.75 Granted 45,471 28.65 Vested (70,244) 29.35 $ 2,317 Cancelled (35,583) 26.15 Outstanding at March 31, 2021 833,075 23.45 28,425 |
Reclassifications Out of AOCI (
Reclassifications Out of AOCI (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Equity [Abstract] | |
Schedule of reclassifications out of AOCI | The following table presents the details regarding amounts reclassified out of AOCI for the periods indicated (in thousands) . Amounts shown in parentheses reduce earnings. Details about AOCI Components Three Months Ended Affected Line Item in the Statement Where Net Income is Presented 2021 2020 Amortization of losses included in net income on AFS securities transferred to HTM: $ — $ (83) Investment securities interest revenue — 20 Income tax benefit $ — $ (63) Net of tax Reclassifications related to derivative financial instruments accounted for as cash flow hedges: Interest rate contracts $ (144) $ — Long-term debt interest expense 37 — Income tax benefit $ (107) $ — Net of tax Reclassifications related to defined benefit pension plan activity: Prior service cost $ (117) $ (133) Salaries and employee benefits expense Actuarial losses (144) (81) Other expense (261) (214) Total before tax 67 54 Income tax benefit $ (194) $ (160) Net of tax Total reclassifications for the period $ (301) $ (223) Net of tax |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
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 2021 2020 Net income $ 73,706 $ 31,884 Dividends on preferred stock (1,719) — Undistributed earnings allocated to participating securities (462) (243) Net income available to common shareholders $ 71,525 $ 31,641 Weighted average shares outstanding: Basic 87,322 79,340 Effect of dilutive securities: Restricted stock units 144 106 Diluted 87,466 79,446 Net income per common share: Basic $ 0.82 $ 0.40 Diluted $ 0.82 $ 0.40 |
Regulatory Matters (Tables)
Regulatory Matters (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Regulatory Capital Requirements Under Banking Regulations [Abstract] | |
Schedule of minimum amounts required for capital adequacy purposes | Regulatory capital ratios at March 31, 2021 and December 31, 2020, 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) : United Community Banks, Inc. United Community Bank Minimum (1) Well- March 31, December 31, March 31, December 31, Risk-based ratios: CET1 capital 4.5 % 6.5 % 12.34 % 12.31 % 12.80 % 13.31 % Tier 1 capital 6.0 8.0 13.11 13.10 12.80 13.31 Total capital 8.0 10.0 14.92 15.15 13.66 14.28 Leverage ratio 4.0 5.0 9.39 9.28 9.13 9.42 CET1 capital $ 1,555,850 $ 1,506,750 $ 1,605,736 $ 1,625,292 Tier 1 capital 1,652,272 1,603,172 1,605,736 1,625,292 Total capital 1,880,373 1,854,368 1,713,837 1,743,045 Risk-weighted assets 12,603,232 12,240,440 12,545,967 12,207,940 Average total assets for the 17,605,291 17,276,853 17,582,607 17,246,878 (1) As of March 31, 2021 and December 31, 2020 the additional capital conservation buffer in effect was 2.50% |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
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, 2021 December 31, 2020 Financial instruments whose contract amounts represent credit risk: Commitments to extend credit $ 3,156,771 $ 3,052,657 Letters of credit 28,886 31,748 |
Investment Securities - Amortiz
Investment Securities - Amortized cost, gross unrealized gains and losses, and fair value of HTM debt securities (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
HTM debt securities: | ||
Amortized Cost | $ 587,696 | $ 420,361 |
Gross Unrealized Gains | 11,159 | 17,332 |
Gross Unrealized Losses | 12,027 | 500 |
Fair Value | 586,828 | 437,193 |
U.S. Government agencies & GSEs | ||
HTM debt securities: | ||
Amortized Cost | 10,535 | 10,575 |
Gross Unrealized Gains | 0 | 26 |
Gross Unrealized Losses | 590 | 11 |
Fair Value | 9,945 | 10,590 |
State and political subdivisions | ||
HTM debt securities: | ||
Amortized Cost | 238,813 | 197,723 |
Gross Unrealized Gains | 4,670 | 7,658 |
Gross Unrealized Losses | 5,655 | 242 |
Fair Value | 237,828 | 205,139 |
Residential MBS, Agency & GSEs | ||
HTM debt securities: | ||
Amortized Cost | 135,156 | 113,400 |
Gross Unrealized Gains | 3,923 | 4,774 |
Gross Unrealized Losses | 1,231 | 1 |
Fair Value | 137,848 | 118,173 |
Commercial MBS, Agency & GSEs | ||
HTM debt securities: | ||
Amortized Cost | 188,192 | 98,663 |
Gross Unrealized Gains | 2,566 | 4,874 |
Gross Unrealized Losses | 4,412 | 246 |
Fair Value | 186,346 | $ 103,291 |
Supranational entities | ||
HTM debt securities: | ||
Amortized Cost | 15,000 | |
Gross Unrealized Gains | 0 | |
Gross Unrealized Losses | 139 | |
Fair Value | $ 14,861 |
Investment Securities - Amort_2
Investment Securities - Amortized cost, gross unrealized gains and losses, and fair value of AFS debt securities (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
AFS debt securities: | ||
Amortized Cost | $ 3,721,905 | $ 3,152,111 |
Gross Unrealized Gains | 61,307 | 75,108 |
Gross Unrealized Losses | 38,932 | 2,498 |
Fair Value | 3,744,280 | 3,224,721 |
U.S. Treasuries | ||
AFS debt securities: | ||
Amortized Cost | 123,817 | 123,677 |
Gross Unrealized Gains | 3,752 | 4,395 |
Gross Unrealized Losses | 0 | 0 |
Fair Value | 127,569 | 128,072 |
U.S. Government agencies & GSEs | ||
AFS debt securities: | ||
Amortized Cost | 176,847 | 152,596 |
Gross Unrealized Gains | 642 | 701 |
Gross Unrealized Losses | 3,967 | 325 |
Fair Value | 173,522 | 152,972 |
State and political subdivisions | ||
AFS debt securities: | ||
Amortized Cost | 280,171 | 253,630 |
Gross Unrealized Gains | 16,782 | 20,891 |
Gross Unrealized Losses | 2,559 | 49 |
Fair Value | 294,394 | 274,472 |
Residential MBS, Agency & GSEs | ||
AFS debt securities: | ||
Amortized Cost | 1,493,149 | 1,275,551 |
Gross Unrealized Gains | 24,604 | 29,107 |
Gross Unrealized Losses | 15,928 | 766 |
Fair Value | 1,501,825 | 1,303,892 |
Residential MBS, Non-agency | ||
AFS debt securities: | ||
Amortized Cost | 155,370 | 174,322 |
Gross Unrealized Gains | 5,446 | 7,499 |
Gross Unrealized Losses | 6 | 128 |
Fair Value | 160,810 | 181,693 |
Commercial MBS, Agency & GSEs | ||
AFS debt securities: | ||
Amortized Cost | 728,584 | 524,852 |
Gross Unrealized Gains | 5,265 | 8,013 |
Gross Unrealized Losses | 15,555 | 597 |
Fair Value | 718,294 | 532,268 |
Commercial MBS, Non-agency | ||
AFS debt securities: | ||
Amortized Cost | 15,337 | 15,350 |
Gross Unrealized Gains | 1,427 | 1,513 |
Gross Unrealized Losses | 0 | 0 |
Fair Value | 16,764 | 16,863 |
Corporate bonds | ||
AFS debt securities: | ||
Amortized Cost | 69,828 | 70,057 |
Gross Unrealized Gains | 1,076 | 1,711 |
Gross Unrealized Losses | 294 | 1 |
Fair Value | 70,610 | 71,767 |
Asset-backed securities | ||
AFS debt securities: | ||
Amortized Cost | 678,802 | 562,076 |
Gross Unrealized Gains | 2,313 | 1,278 |
Gross Unrealized Losses | 623 | 632 |
Fair Value | $ 680,492 | $ 562,722 |
Investment Securities - Narrati
Investment Securities - Narrative (Details) | Mar. 31, 2021USD ($)security | Dec. 31, 2020USD ($) |
Investments, Debt and Equity Securities [Abstract] | ||
Carrying value of securities pledged to secure public deposits, derivatives and other secured borrowings | $ 1,230,000,000 | $ 1,110,000,000 |
Number of AFS debt securities in unrealized loss position | security | 213 | |
Number of HTM debt securities in unrealized loss position | security | 60 | |
Allowance for credit losses, HTM portfolio | $ 0 | 0 |
Allowance for credit losses, AFS portfolio | $ 0 | $ 0 |
Investment Securities - HTM deb
Investment Securities - HTM debt securities in unrealized loss position (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Summary of HTM debt securities in an unrealized loss position | ||
Fair Value, Less than 12 Months | $ 322,093 | $ 45,502 |
Unrealized Loss, Less than 12 Months | 12,027 | 490 |
Fair Value, 12 Months or More | 0 | 1,352 |
Unrealized Loss, 12 Months or More | 0 | 10 |
Fair Value, Total | 322,093 | 46,854 |
Unrealized Loss, Total | 12,027 | 500 |
U.S. Government agencies & GSEs | ||
Summary of HTM debt securities in an unrealized loss position | ||
Fair Value, Less than 12 Months | 9,945 | 4,677 |
Unrealized Loss, Less than 12 Months | 590 | 11 |
Fair Value, 12 Months or More | 0 | 0 |
Unrealized Loss, 12 Months or More | 0 | 0 |
Fair Value, Total | 9,945 | 4,677 |
Unrealized Loss, Total | 590 | 11 |
State and political subdivisions | ||
Summary of HTM debt securities in an unrealized loss position | ||
Fair Value, Less than 12 Months | 152,811 | 14,870 |
Unrealized Loss, Less than 12 Months | 5,655 | 242 |
Fair Value, 12 Months or More | 0 | 0 |
Unrealized Loss, 12 Months or More | 0 | 0 |
Fair Value, Total | 152,811 | 14,870 |
Unrealized Loss, Total | 5,655 | 242 |
Residential MBS, Agency & GSEs | ||
Summary of HTM debt securities in an unrealized loss position | ||
Fair Value, Less than 12 Months | 39,628 | 999 |
Unrealized Loss, Less than 12 Months | 1,231 | 1 |
Fair Value, 12 Months or More | 0 | 0 |
Unrealized Loss, 12 Months or More | 0 | 0 |
Fair Value, Total | 39,628 | 999 |
Unrealized Loss, Total | 1,231 | 1 |
Commercial MBS, Agency & GSEs | ||
Summary of HTM debt securities in an unrealized loss position | ||
Fair Value, Less than 12 Months | 104,848 | 24,956 |
Unrealized Loss, Less than 12 Months | 4,412 | 236 |
Fair Value, 12 Months or More | 0 | 1,352 |
Unrealized Loss, 12 Months or More | 0 | 10 |
Fair Value, Total | 104,848 | 26,308 |
Unrealized Loss, Total | 4,412 | $ 246 |
Supranational entities | ||
Summary of HTM debt securities in an unrealized loss position | ||
Fair Value, Less than 12 Months | 14,861 | |
Unrealized Loss, Less than 12 Months | 139 | |
Fair Value, 12 Months or More | 0 | |
Unrealized Loss, 12 Months or More | 0 | |
Fair Value, Total | 14,861 | |
Unrealized Loss, Total | $ 139 |
Investment Securities - AFS deb
Investment Securities - AFS debt securities in unrealized loss position (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Summary of AFS debt securities in an unrealized loss position | ||
Fair Value, Less than 12 Months | $ 1,481,599 | $ 450,517 |
Unrealized Loss, Less than 12 Months | 38,597 | 1,893 |
Fair Value, 12 Months or More | 50,596 | 54,194 |
Unrealized Loss, 12 Months or More | 335 | 605 |
Fair Value, Total | 1,532,195 | 504,711 |
Unrealized Loss, Total | 38,932 | 2,498 |
U.S. Government agencies & GSEs | ||
Summary of AFS debt securities in an unrealized loss position | ||
Fair Value, Less than 12 Months | 116,612 | 27,952 |
Unrealized Loss, Less than 12 Months | 3,967 | 324 |
Fair Value, 12 Months or More | 0 | 607 |
Unrealized Loss, 12 Months or More | 0 | 1 |
Fair Value, Total | 116,612 | 28,559 |
Unrealized Loss, Total | 3,967 | 325 |
State and political subdivisions | ||
Summary of AFS debt securities in an unrealized loss position | ||
Fair Value, Less than 12 Months | 57,585 | 9,402 |
Unrealized Loss, Less than 12 Months | 2,559 | 49 |
Fair Value, 12 Months or More | 0 | 0 |
Unrealized Loss, 12 Months or More | 0 | 0 |
Fair Value, Total | 57,585 | 9,402 |
Unrealized Loss, Total | 2,559 | 49 |
Residential MBS, Agency & GSEs | ||
Summary of AFS debt securities in an unrealized loss position | ||
Fair Value, Less than 12 Months | 699,029 | 232,199 |
Unrealized Loss, Less than 12 Months | 15,928 | 766 |
Fair Value, 12 Months or More | 0 | 0 |
Unrealized Loss, 12 Months or More | 0 | 0 |
Fair Value, Total | 699,029 | 232,199 |
Unrealized Loss, Total | 15,928 | 766 |
Residential MBS, Non-agency | ||
Summary of AFS debt securities in an unrealized loss position | ||
Fair Value, Less than 12 Months | 841 | 2,331 |
Unrealized Loss, Less than 12 Months | 1 | 128 |
Fair Value, 12 Months or More | 2,454 | 0 |
Unrealized Loss, 12 Months or More | 5 | 0 |
Fair Value, Total | 3,295 | 2,331 |
Unrealized Loss, Total | 6 | 128 |
Commercial MBS, Agency & GSEs | ||
Summary of AFS debt securities in an unrealized loss position | ||
Fair Value, Less than 12 Months | 434,542 | 89,918 |
Unrealized Loss, Less than 12 Months | 15,555 | 597 |
Fair Value, 12 Months or More | 0 | 0 |
Unrealized Loss, 12 Months or More | 0 | 0 |
Fair Value, Total | 434,542 | 89,918 |
Unrealized Loss, Total | 15,555 | 597 |
Corporate bonds | ||
Summary of AFS debt securities in an unrealized loss position | ||
Fair Value, Less than 12 Months | 19,554 | 1,410 |
Unrealized Loss, Less than 12 Months | 294 | 1 |
Fair Value, 12 Months or More | 0 | 0 |
Unrealized Loss, 12 Months or More | 0 | 0 |
Fair Value, Total | 19,554 | 1,410 |
Unrealized Loss, Total | 294 | 1 |
Asset-backed securities | ||
Summary of AFS debt securities in an unrealized loss position | ||
Fair Value, Less than 12 Months | 153,436 | 87,305 |
Unrealized Loss, Less than 12 Months | 293 | 28 |
Fair Value, 12 Months or More | 48,142 | 53,587 |
Unrealized Loss, 12 Months or More | 330 | 604 |
Fair Value, Total | 201,578 | 140,892 |
Unrealized Loss, Total | $ 623 | $ 632 |
Investment Securities - Accrued
Investment Securities - Accrued Interest Receivable (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Accrued Interest Receivable | $ 46,278 | $ 47,672 |
HTM | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Accrued Interest Receivable | 2,242 | 1,784 |
AFS | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Accrued Interest Receivable | $ 9,524 | $ 9,114 |
Investment Securities - Amort_3
Investment Securities - Amortized cost and fair value of AFS and HTM debt securities by contractual maturity (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
AFS, Amortized Cost | ||
AFS, Amortized Cost, Within 1 year | $ 76,825 | |
AFS, Amortized Cost, 1 to 5 years | 176,221 | |
AFS, Amortized Cost, 5 to 10 years | 210,787 | |
AFS, Amortized Cost, More than 10 years | 186,830 | |
Amortized Cost | 3,721,905 | $ 3,152,111 |
AFS, Fair Value | ||
AFS, Fair Value, Within 1 year | 77,648 | |
AFS, Fair Value, 1 to 5 years | 182,418 | |
AFS, Fair Value, 5 to 10 years | 211,413 | |
AFS, Fair Value, More than 10 years | 194,616 | |
Fair Value | 3,744,280 | 3,224,721 |
HTM, Amortized Cost | ||
HTM, Amortized Cost, Within 1 year | 1,700 | |
HTM, Amortized Cost, 1 to 5 years | 14,504 | |
HTM, Amortized Cost, 5 to 10 years | 33,964 | |
HTM, Amortized Cost, More than 10 years | 214,180 | |
Amortized Cost | 587,696 | 420,361 |
HTM, Fair Value | ||
HTM, Fair Value, Within 1 year | 1,732 | |
HTM, Fair Value, 1 to 5 years | 15,899 | |
HTM, Fair Value, 5 to 10 years | 34,515 | |
HTM, Fair Value, More than 10 years | 210,488 | |
Fair value | 586,828 | 437,193 |
U.S. Treasuries | ||
AFS, Amortized Cost | ||
AFS, Amortized Cost, Within 1 year | 44,901 | |
AFS, Amortized Cost, 1 to 5 years | 78,916 | |
Amortized Cost | 123,817 | 123,677 |
AFS, Fair Value | ||
AFS, Fair Value, Within 1 year | 45,525 | |
AFS, Fair Value, 1 to 5 years | 82,044 | |
Fair Value | 127,569 | 128,072 |
HTM, Amortized Cost | ||
HTM, Amortized Cost, Within 1 year | 0 | |
HTM, Amortized Cost, 1 to 5 years | 0 | |
HTM, Fair Value | ||
HTM, Fair Value, Within 1 year | 0 | |
HTM, Fair Value, 1 to 5 years | 0 | |
U.S. Government agencies & GSEs | ||
AFS, Amortized Cost | ||
AFS, Amortized Cost, Within 1 year | 281 | |
AFS, Amortized Cost, 1 to 5 years | 13,986 | |
AFS, Amortized Cost, 5 to 10 years | 103,975 | |
AFS, Amortized Cost, More than 10 years | 58,605 | |
Amortized Cost | 176,847 | 152,596 |
AFS, Fair Value | ||
AFS, Fair Value, Within 1 year | 281 | |
AFS, Fair Value, 1 to 5 years | 13,969 | |
AFS, Fair Value, 5 to 10 years | 101,071 | |
AFS, Fair Value, More than 10 years | 58,201 | |
Fair Value | 173,522 | 152,972 |
HTM, Amortized Cost | ||
HTM, Amortized Cost, Within 1 year | 0 | |
HTM, Amortized Cost, 1 to 5 years | 0 | |
HTM, Amortized Cost, 5 to 10 years | 0 | |
HTM, Amortized Cost, More than 10 years | 10,535 | |
Amortized Cost | 10,535 | 10,575 |
HTM, Fair Value | ||
HTM, Fair Value, Within 1 year | 0 | |
HTM, Fair Value, 1 to 5 years | 0 | |
HTM, Fair Value, 5 to 10 years | 0 | |
HTM, Fair Value, More than 10 years | 9,945 | |
Fair value | 9,945 | 10,590 |
State and political subdivisions | ||
AFS, Amortized Cost | ||
AFS, Amortized Cost, Within 1 year | 20,010 | |
AFS, Amortized Cost, 1 to 5 years | 41,787 | |
AFS, Amortized Cost, 5 to 10 years | 90,926 | |
AFS, Amortized Cost, More than 10 years | 127,448 | |
Amortized Cost | 280,171 | 253,630 |
AFS, Fair Value | ||
AFS, Fair Value, Within 1 year | 20,120 | |
AFS, Fair Value, 1 to 5 years | 44,194 | |
AFS, Fair Value, 5 to 10 years | 94,548 | |
AFS, Fair Value, More than 10 years | 135,532 | |
Fair Value | 294,394 | 274,472 |
HTM, Amortized Cost | ||
HTM, Amortized Cost, Within 1 year | 1,700 | |
HTM, Amortized Cost, 1 to 5 years | 14,504 | |
HTM, Amortized Cost, 5 to 10 years | 18,964 | |
HTM, Amortized Cost, More than 10 years | 203,645 | |
Amortized Cost | 238,813 | 197,723 |
HTM, Fair Value | ||
HTM, Fair Value, Within 1 year | 1,732 | |
HTM, Fair Value, 1 to 5 years | 15,899 | |
HTM, Fair Value, 5 to 10 years | 19,654 | |
HTM, Fair Value, More than 10 years | 200,543 | |
Fair value | 237,828 | 205,139 |
Corporate bonds | ||
AFS, Amortized Cost | ||
AFS, Amortized Cost, Within 1 year | 11,633 | |
AFS, Amortized Cost, 1 to 5 years | 41,532 | |
AFS, Amortized Cost, 5 to 10 years | 15,886 | |
AFS, Amortized Cost, More than 10 years | 777 | |
Amortized Cost | 69,828 | 70,057 |
AFS, Fair Value | ||
AFS, Fair Value, Within 1 year | 11,722 | |
AFS, Fair Value, 1 to 5 years | 42,211 | |
AFS, Fair Value, 5 to 10 years | 15,794 | |
AFS, Fair Value, More than 10 years | 883 | |
Fair Value | 70,610 | 71,767 |
HTM, Amortized Cost | ||
HTM, Amortized Cost, Within 1 year | 0 | |
HTM, Amortized Cost, 1 to 5 years | 0 | |
HTM, Amortized Cost, 5 to 10 years | 0 | |
HTM, Amortized Cost, More than 10 years | 0 | |
HTM, Fair Value | ||
HTM, Fair Value, Within 1 year | 0 | |
HTM, Fair Value, 1 to 5 years | 0 | |
HTM, Fair Value, 5 to 10 years | 0 | |
HTM, Fair Value, More than 10 years | 0 | |
Supranational entities | ||
AFS, Amortized Cost | ||
AFS, Amortized Cost, 5 to 10 years | 0 | |
AFS, Fair Value | ||
AFS, Fair Value, 5 to 10 years | 0 | |
HTM, Amortized Cost | ||
HTM, Amortized Cost, 5 to 10 years | 15,000 | |
Amortized Cost | 15,000 | |
HTM, Fair Value | ||
HTM, Fair Value, 5 to 10 years | 14,861 | |
Fair value | 14,861 | |
Asset-backed securities | ||
AFS, Amortized Cost | ||
AFS, Amortized Cost, Not due at single maturity | 678,802 | |
Amortized Cost | 678,802 | 562,076 |
AFS, Fair Value | ||
AFS, Fair Value, Not due at single maturity | 680,492 | |
Fair Value | 680,492 | $ 562,722 |
HTM, Amortized Cost | ||
HTM, Amortized Cost, Not due at single maturity | 0 | |
HTM, Fair Value | ||
HTM, Fair Value, Not due at single maturity | 0 | |
Residential MBS | ||
AFS, Amortized Cost | ||
AFS, Amortized Cost, Not due at single maturity | 1,648,519 | |
AFS, Fair Value | ||
AFS, Fair Value, Not due at single maturity | 1,662,635 | |
HTM, Amortized Cost | ||
HTM, Amortized Cost, Not due at single maturity | 135,156 | |
HTM, Fair Value | ||
HTM, Fair Value, Not due at single maturity | 137,848 | |
Commercial MBS | ||
AFS, Amortized Cost | ||
AFS, Amortized Cost, Not due at single maturity | 743,921 | |
AFS, Fair Value | ||
AFS, Fair Value, Not due at single maturity | 735,058 | |
HTM, Amortized Cost | ||
HTM, Amortized Cost, Not due at single maturity | 188,192 | |
HTM, Fair Value | ||
HTM, Fair Value, Not due at single maturity | $ 186,346 |
Loans and Leases and Allowanc_3
Loans and Leases and Allowance for Credit Losses - Narrative (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Accrued interest receivable | $ 46,278 | $ 47,672 |
Net investment in leases | 37,618 | 36,802 |
TDRs | 59,300 | 61,600 |
Loans receivable | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Accrued interest receivable | 33,300 | 35,500 |
Short-term deferrals related to COVID-19 crisis | $ 48,100 | $ 70,700 |
Loans and Leases and Allowanc_4
Loans and Leases and Allowance for Credit Losses - Major classifications of loan portfolio (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 | Mar. 31, 2020 | Dec. 31, 2019 |
Classifications of loans | ||||
Total loans | $ 11,678,544 | $ 11,370,815 | ||
Less allowance for credit losses - loans | (126,866) | (137,010) | $ (81,905) | $ (62,089) |
Loans and leases, net | 11,551,678 | 11,233,805 | ||
Loans receivable | ||||
Classifications of loans | ||||
Total loans | 11,678,544 | 11,370,815 | ||
Loans receivable | Commercial | ||||
Classifications of loans | ||||
Total loans | 9,221,717 | 8,960,888 | ||
Loans receivable | Commercial | Owner occupied commercial real estate | ||||
Classifications of loans | ||||
Total loans | 2,107,153 | 2,090,443 | ||
Less allowance for credit losses - loans | (19,282) | (20,673) | (11,000) | (11,404) |
Loans receivable | Commercial | Income producing commercial real estate | ||||
Classifications of loans | ||||
Total loans | 2,598,482 | 2,540,750 | ||
Less allowance for credit losses - loans | (34,911) | (41,737) | (16,584) | (12,306) |
Loans receivable | Commercial | Commercial & industrial | ||||
Classifications of loans | ||||
Total loans | 2,643,279 | 2,498,560 | ||
Less allowance for credit losses - loans | (21,750) | (22,019) | (10,831) | (5,266) |
Loans receivable | Commercial | PPP loans included in commercial & industrial | ||||
Classifications of loans | ||||
Total loans | 883,000 | 646,000 | ||
Loans receivable | Commercial | Construction | ||||
Classifications of loans | ||||
Total loans | 960,153 | 967,305 | ||
Less allowance for credit losses - loans | (10,572) | (10,952) | (9,556) | (9,668) |
Loans receivable | Commercial | Equipment financing | ||||
Classifications of loans | ||||
Total loans | 912,650 | 863,830 | ||
Less allowance for credit losses - loans | (17,200) | (16,820) | (14,738) | (7,384) |
Loans receivable | Residential | Residential mortgage | ||||
Classifications of loans | ||||
Total loans | 1,362,088 | 1,284,920 | ||
Less allowance for credit losses - loans | (14,580) | (15,341) | (11,063) | (8,081) |
Loans receivable | Residential | HELOC | ||||
Classifications of loans | ||||
Total loans | 679,094 | 697,117 | ||
Less allowance for credit losses - loans | (6,880) | (8,417) | (6,887) | (4,575) |
Loans receivable | Residential | Construction | ||||
Classifications of loans | ||||
Total loans | 271,600 | 281,430 | ||
Less allowance for credit losses - loans | (1,362) | (764) | (816) | (2,504) |
Loans receivable | Consumer | ||||
Classifications of loans | ||||
Total loans | 144,045 | 146,460 | ||
Less allowance for credit losses - loans | $ (329) | $ (287) | $ (430) | $ (901) |
Loans and Leases and Allowanc_5
Loans and Leases and Allowance for Credit Losses - Loans held for investment sold (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Total loans sold | $ 12,404 | $ 26,251 |
Guaranteed portion of SBA/USDA loans | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Total loans sold | 11,345 | 4,034 |
Equipment financing receivables | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||
Total loans sold | $ 1,059 | $ 22,217 |
Loans and Leases and Allowanc_6
Loans and Leases and Allowance for Credit Losses - Components of net investment in leases (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Net Investment in Leases | ||
Minimum future lease payments receivable | $ 39,720 | $ 38,934 |
Estimated residual value of leased equipment | 3,433 | 3,263 |
Initial direct costs | 686 | 672 |
Security deposits | (739) | (727) |
Purchase accounting premium | 93 | 117 |
Unearned income | (5,575) | (5,457) |
Net investment in leases | $ 37,618 | $ 36,802 |
Loans and Leases and Allowanc_7
Loans and Leases and Allowance for Credit Losses - Minimum future lease payments expected to be received from equipment financing lease contracts (Details) $ in Thousands | Mar. 31, 2021USD ($) |
Minimum future lease payments expected to be received | |
Remainder of 2021 | $ 11,794 |
2022 | 12,744 |
2023 | 8,597 |
2024 | 4,311 |
2025 | 2,091 |
Thereafter | 183 |
Total | $ 39,720 |
Loans and Leases and Allowanc_8
Loans and Leases and Allowance for Credit Losses - Loans by aging category and accrual status (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Loans by aging category | ||
Total loans | $ 11,678,544 | $ 11,370,815 |
Loans receivable | ||
Loans by aging category | ||
Total loans | 11,678,544 | 11,370,815 |
Nonaccrual Loans | 55,900 | 61,599 |
Loans receivable | Current Loans | ||
Loans by aging category | ||
Total loans | 11,612,367 | 11,288,847 |
Loans receivable | Loans Past Due, 30 - 59 Days | ||
Loans by aging category | ||
Total loans | 8,489 | 15,744 |
Loans receivable | Loans Past Due, 60 - 89 Days | ||
Loans by aging category | ||
Total loans | 1,788 | 4,625 |
Loans receivable | Loans Past Due, over 90 Days | ||
Loans by aging category | ||
Total loans | 0 | 0 |
Loans receivable | Commercial | ||
Loans by aging category | ||
Total loans | 9,221,717 | 8,960,888 |
Nonaccrual Loans | 39,667 | 45,515 |
Loans receivable | Commercial | Current Loans | ||
Loans by aging category | ||
Total loans | 9,176,957 | 8,905,003 |
Loans receivable | Commercial | Loans Past Due, 30 - 59 Days | ||
Loans by aging category | ||
Total loans | 3,613 | 7,459 |
Loans receivable | Commercial | Loans Past Due, 60 - 89 Days | ||
Loans by aging category | ||
Total loans | 1,480 | 2,911 |
Loans receivable | Commercial | Loans Past Due, over 90 Days | ||
Loans by aging category | ||
Total loans | 0 | 0 |
Loans receivable | Commercial | Owner occupied commercial real estate | ||
Loans by aging category | ||
Total loans | 2,107,153 | 2,090,443 |
Nonaccrual Loans | 7,908 | 8,582 |
Loans receivable | Commercial | Owner occupied commercial real estate | Current Loans | ||
Loans by aging category | ||
Total loans | 2,097,553 | 2,079,845 |
Loans receivable | Commercial | Owner occupied commercial real estate | Loans Past Due, 30 - 59 Days | ||
Loans by aging category | ||
Total loans | 540 | 2,013 |
Loans receivable | Commercial | Owner occupied commercial real estate | Loans Past Due, 60 - 89 Days | ||
Loans by aging category | ||
Total loans | 1,152 | 3 |
Loans receivable | Commercial | Owner occupied commercial real estate | Loans Past Due, over 90 Days | ||
Loans by aging category | ||
Total loans | 0 | 0 |
Loans receivable | Commercial | Income producing commercial real estate | ||
Loans by aging category | ||
Total loans | 2,598,482 | 2,540,750 |
Nonaccrual Loans | 13,740 | 15,149 |
Loans receivable | Commercial | Income producing commercial real estate | Current Loans | ||
Loans by aging category | ||
Total loans | 2,584,511 | 2,522,743 |
Loans receivable | Commercial | Income producing commercial real estate | Loans Past Due, 30 - 59 Days | ||
Loans by aging category | ||
Total loans | 231 | 1,608 |
Loans receivable | Commercial | Income producing commercial real estate | Loans Past Due, 60 - 89 Days | ||
Loans by aging category | ||
Total loans | 0 | 1,250 |
Loans receivable | Commercial | Income producing commercial real estate | Loans Past Due, over 90 Days | ||
Loans by aging category | ||
Total loans | 0 | 0 |
Loans receivable | Commercial | Commercial & industrial | ||
Loans by aging category | ||
Total loans | 2,643,279 | 2,498,560 |
Nonaccrual Loans | 13,864 | 16,634 |
Loans receivable | Commercial | Commercial & industrial | Current Loans | ||
Loans by aging category | ||
Total loans | 2,628,764 | 2,480,483 |
Loans receivable | Commercial | Commercial & industrial | Loans Past Due, 30 - 59 Days | ||
Loans by aging category | ||
Total loans | 638 | 1,176 |
Loans receivable | Commercial | Commercial & industrial | Loans Past Due, 60 - 89 Days | ||
Loans by aging category | ||
Total loans | 13 | 267 |
Loans receivable | Commercial | Commercial & industrial | Loans Past Due, over 90 Days | ||
Loans by aging category | ||
Total loans | 0 | 0 |
Loans receivable | Commercial | Construction | ||
Loans by aging category | ||
Total loans | 960,153 | 967,305 |
Nonaccrual Loans | 1,984 | 1,745 |
Loans receivable | Commercial | Construction | Current Loans | ||
Loans by aging category | ||
Total loans | 957,435 | 964,947 |
Loans receivable | Commercial | Construction | Loans Past Due, 30 - 59 Days | ||
Loans by aging category | ||
Total loans | 734 | 231 |
Loans receivable | Commercial | Construction | Loans Past Due, 60 - 89 Days | ||
Loans by aging category | ||
Total loans | 0 | 382 |
Loans receivable | Commercial | Construction | Loans Past Due, over 90 Days | ||
Loans by aging category | ||
Total loans | 0 | 0 |
Loans receivable | Commercial | Equipment financing | ||
Loans by aging category | ||
Total loans | 912,650 | 863,830 |
Nonaccrual Loans | 2,171 | 3,405 |
Loans receivable | Commercial | Equipment financing | Current Loans | ||
Loans by aging category | ||
Total loans | 908,694 | 856,985 |
Loans receivable | Commercial | Equipment financing | Loans Past Due, 30 - 59 Days | ||
Loans by aging category | ||
Total loans | 1,470 | 2,431 |
Loans receivable | Commercial | Equipment financing | Loans Past Due, 60 - 89 Days | ||
Loans by aging category | ||
Total loans | 315 | 1,009 |
Loans receivable | Commercial | Equipment financing | Loans Past Due, over 90 Days | ||
Loans by aging category | ||
Total loans | 0 | 0 |
Loans receivable | Residential | Residential mortgage | ||
Loans by aging category | ||
Total loans | 1,362,088 | 1,284,920 |
Nonaccrual Loans | 14,050 | 12,858 |
Loans receivable | Residential | Residential mortgage | Current Loans | ||
Loans by aging category | ||
Total loans | 1,345,427 | 1,265,019 |
Loans receivable | Residential | Residential mortgage | Loans Past Due, 30 - 59 Days | ||
Loans by aging category | ||
Total loans | 2,547 | 5,549 |
Loans receivable | Residential | Residential mortgage | Loans Past Due, 60 - 89 Days | ||
Loans by aging category | ||
Total loans | 64 | 1,494 |
Loans receivable | Residential | Residential mortgage | Loans Past Due, over 90 Days | ||
Loans by aging category | ||
Total loans | 0 | 0 |
Loans receivable | Residential | HELOC | ||
Loans by aging category | ||
Total loans | 679,094 | 697,117 |
Nonaccrual Loans | 1,707 | 2,487 |
Loans receivable | Residential | HELOC | Current Loans | ||
Loans by aging category | ||
Total loans | 675,545 | 692,504 |
Loans receivable | Residential | HELOC | Loans Past Due, 30 - 59 Days | ||
Loans by aging category | ||
Total loans | 1,632 | 1,942 |
Loans receivable | Residential | HELOC | Loans Past Due, 60 - 89 Days | ||
Loans by aging category | ||
Total loans | 210 | 184 |
Loans receivable | Residential | HELOC | Loans Past Due, over 90 Days | ||
Loans by aging category | ||
Total loans | 0 | 0 |
Loans receivable | Residential | Construction | ||
Loans by aging category | ||
Total loans | 271,600 | 281,430 |
Nonaccrual Loans | 322 | 514 |
Loans receivable | Residential | Construction | Current Loans | ||
Loans by aging category | ||
Total loans | 270,769 | 280,551 |
Loans receivable | Residential | Construction | Loans Past Due, 30 - 59 Days | ||
Loans by aging category | ||
Total loans | 509 | 365 |
Loans receivable | Residential | Construction | Loans Past Due, 60 - 89 Days | ||
Loans by aging category | ||
Total loans | 0 | 0 |
Loans receivable | Residential | Construction | Loans Past Due, over 90 Days | ||
Loans by aging category | ||
Total loans | 0 | 0 |
Loans receivable | Consumer | ||
Loans by aging category | ||
Total loans | 144,045 | 146,460 |
Nonaccrual Loans | 154 | 225 |
Loans receivable | Consumer | Current Loans | ||
Loans by aging category | ||
Total loans | 143,669 | 145,770 |
Loans receivable | Consumer | Loans Past Due, 30 - 59 Days | ||
Loans by aging category | ||
Total loans | 188 | 429 |
Loans receivable | Consumer | Loans Past Due, 60 - 89 Days | ||
Loans by aging category | ||
Total loans | 34 | 36 |
Loans receivable | Consumer | Loans Past Due, over 90 Days | ||
Loans by aging category | ||
Total loans | $ 0 | $ 0 |
Loans and Leases and Allowanc_9
Loans and Leases and Allowance for Credit Losses - Nonaccrual loans by loan class (Details) - Loans receivable - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Nonaccrual loans | ||
Nonaccrual loans with no allowance | $ 23,614 | $ 23,760 |
Nonaccrual loans with an allowance | 32,286 | 37,839 |
Nonaccrual loans | 55,900 | 61,599 |
Commercial | ||
Nonaccrual loans | ||
Nonaccrual loans with no allowance | 20,341 | 20,121 |
Nonaccrual loans with an allowance | 19,326 | 25,394 |
Nonaccrual loans | 39,667 | 45,515 |
Commercial | Owner occupied commercial real estate | ||
Nonaccrual loans | ||
Nonaccrual loans with no allowance | 4,202 | 6,614 |
Nonaccrual loans with an allowance | 3,706 | 1,968 |
Nonaccrual loans | 7,908 | 8,582 |
Commercial | Income producing commercial real estate | ||
Nonaccrual loans | ||
Nonaccrual loans with no allowance | 8,264 | 10,008 |
Nonaccrual loans with an allowance | 5,476 | 5,141 |
Nonaccrual loans | 13,740 | 15,149 |
Commercial | Commercial & industrial | ||
Nonaccrual loans | ||
Nonaccrual loans with no allowance | 6,376 | 2,004 |
Nonaccrual loans with an allowance | 7,488 | 14,630 |
Nonaccrual loans | 13,864 | 16,634 |
Commercial | Construction | ||
Nonaccrual loans | ||
Nonaccrual loans with no allowance | 1,480 | 1,339 |
Nonaccrual loans with an allowance | 504 | 406 |
Nonaccrual loans | 1,984 | 1,745 |
Commercial | Equipment financing | ||
Nonaccrual loans | ||
Nonaccrual loans with no allowance | 19 | 156 |
Nonaccrual loans with an allowance | 2,152 | 3,249 |
Nonaccrual loans | 2,171 | 3,405 |
Residential | Residential mortgage | ||
Nonaccrual loans | ||
Nonaccrual loans with no allowance | 3,226 | 1,855 |
Nonaccrual loans with an allowance | 10,824 | 11,003 |
Nonaccrual loans | 14,050 | 12,858 |
Residential | HELOC | ||
Nonaccrual loans | ||
Nonaccrual loans with no allowance | 45 | 1,329 |
Nonaccrual loans with an allowance | 1,662 | 1,158 |
Nonaccrual loans | 1,707 | 2,487 |
Residential | Construction | ||
Nonaccrual loans | ||
Nonaccrual loans with no allowance | 0 | 274 |
Nonaccrual loans with an allowance | 322 | 240 |
Nonaccrual loans | 322 | 514 |
Consumer | ||
Nonaccrual loans | ||
Nonaccrual loans with no allowance | 2 | 181 |
Nonaccrual loans with an allowance | 152 | 44 |
Nonaccrual loans | $ 154 | $ 225 |
Loans and Leases and Allowan_10
Loans and Leases and Allowance for Credit Losses - Amortized cost of loans by risk category by vintage year (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Originated in current fiscal year | $ 1,638,864 | $ 4,219,098 |
Originated in prior year | 3,757,727 | 1,865,899 |
Originated two years prior | 1,680,308 | 1,433,719 |
Originated three years prior | 1,274,674 | 874,745 |
Originated four years prior | 752,747 | 759,094 |
Originated five or more years prior | 1,264,315 | 789,304 |
Revolvers | 1,250,074 | 1,368,554 |
Revolvers converted to term loans | 59,835 | 60,402 |
Total | 11,678,544 | 11,370,815 |
Pass | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Originated in current fiscal year | 1,603,518 | 4,093,543 |
Originated in prior year | 3,640,164 | 1,773,077 |
Originated two years prior | 1,544,308 | 1,352,195 |
Originated three years prior | 1,155,534 | 815,046 |
Originated four years prior | 693,686 | 669,394 |
Originated five or more years prior | 1,146,615 | 753,530 |
Revolvers | 1,234,821 | 1,338,027 |
Revolvers converted to term loans | 51,982 | 52,038 |
Total | 11,070,628 | 10,846,850 |
Watch | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Originated in current fiscal year | 19,654 | 67,047 |
Originated in prior year | 58,215 | 63,506 |
Originated two years prior | 105,484 | 47,167 |
Originated three years prior | 83,976 | 47,185 |
Originated four years prior | 44,069 | 47,536 |
Originated five or more years prior | 55,119 | 16,559 |
Revolvers | 7,858 | 6,564 |
Revolvers converted to term loans | 1,875 | 1,681 |
Total | 376,250 | 297,245 |
Substandard | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Originated in current fiscal year | 15,692 | 58,508 |
Originated in prior year | 59,348 | 29,316 |
Originated two years prior | 30,516 | 34,357 |
Originated three years prior | 35,164 | 12,514 |
Originated four years prior | 14,992 | 42,164 |
Originated five or more years prior | 62,581 | 19,215 |
Revolvers | 7,395 | 23,963 |
Revolvers converted to term loans | 5,978 | 6,683 |
Total | 231,666 | 226,720 |
Commercial | Pass | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Originated in current fiscal year | 1,311,018 | 3,343,874 |
Originated in prior year | 2,972,532 | 1,521,690 |
Originated two years prior | 1,352,488 | 1,208,471 |
Originated three years prior | 1,031,379 | 685,027 |
Originated four years prior | 586,028 | 540,614 |
Originated five or more years prior | 818,972 | 508,536 |
Revolvers | 532,218 | 620,686 |
Revolvers converted to term loans | 29,697 | 28,924 |
Total | 8,634,332 | 8,457,822 |
Commercial | Watch | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Originated in current fiscal year | 19,654 | 67,047 |
Originated in prior year | 58,215 | 63,506 |
Originated two years prior | 105,484 | 47,167 |
Originated three years prior | 83,976 | 47,185 |
Originated four years prior | 44,069 | 47,536 |
Originated five or more years prior | 55,119 | 16,559 |
Revolvers | 7,858 | 6,564 |
Revolvers converted to term loans | 1,875 | 1,681 |
Total | 376,250 | 297,245 |
Commercial | Substandard | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Originated in current fiscal year | 15,531 | 56,353 |
Originated in prior year | 57,366 | 27,076 |
Originated two years prior | 28,039 | 31,080 |
Originated three years prior | 31,243 | 11,081 |
Originated four years prior | 13,494 | 41,283 |
Originated five or more years prior | 55,423 | 12,877 |
Revolvers | 7,316 | 23,698 |
Revolvers converted to term loans | 2,723 | 2,373 |
Total | 211,135 | 205,821 |
Commercial | Owner occupied commercial real estate | Pass | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Originated in current fiscal year | 179,476 | 707,501 |
Originated in prior year | 701,135 | 368,615 |
Originated two years prior | 317,755 | 231,316 |
Originated three years prior | 199,511 | 197,778 |
Originated four years prior | 191,124 | 201,362 |
Originated five or more years prior | 350,036 | 229,667 |
Revolvers | 46,178 | 56,273 |
Revolvers converted to term loans | 9,426 | 9,072 |
Total | 1,994,641 | 2,001,584 |
Commercial | Owner occupied commercial real estate | Watch | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Originated in current fiscal year | 7,364 | 8,759 |
Originated in prior year | 7,861 | 4,088 |
Originated two years prior | 18,539 | 4,221 |
Originated three years prior | 4,203 | 10,025 |
Originated four years prior | 3,681 | 11,138 |
Originated five or more years prior | 16,321 | 4,728 |
Revolvers | 100 | 100 |
Revolvers converted to term loans | 0 | 0 |
Total | 58,069 | 43,059 |
Commercial | Owner occupied commercial real estate | Substandard | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Originated in current fiscal year | 2,615 | 6,586 |
Originated in prior year | 12,137 | 10,473 |
Originated two years prior | 10,231 | 7,596 |
Originated three years prior | 8,289 | 3,717 |
Originated four years prior | 5,257 | 6,753 |
Originated five or more years prior | 12,508 | 8,473 |
Revolvers | 2,381 | 1,528 |
Revolvers converted to term loans | 1,025 | 674 |
Total | 54,443 | 45,800 |
Commercial | Income producing commercial real estate | Pass | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Originated in current fiscal year | 182,686 | 815,799 |
Originated in prior year | 804,728 | 376,911 |
Originated two years prior | 368,588 | 361,539 |
Originated three years prior | 338,718 | 277,769 |
Originated four years prior | 236,773 | 206,068 |
Originated five or more years prior | 327,673 | 198,080 |
Revolvers | 26,325 | 28,542 |
Revolvers converted to term loans | 12,336 | 12,128 |
Total | 2,297,827 | 2,276,836 |
Commercial | Income producing commercial real estate | Watch | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Originated in current fiscal year | 11,606 | 35,471 |
Originated in prior year | 28,811 | 42,831 |
Originated two years prior | 59,580 | 39,954 |
Originated three years prior | 51,067 | 13,238 |
Originated four years prior | 15,200 | 24,164 |
Originated five or more years prior | 37,827 | 11,337 |
Revolvers | 0 | 0 |
Revolvers converted to term loans | 1,651 | 1,681 |
Total | 205,742 | 168,676 |
Commercial | Income producing commercial real estate | Substandard | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Originated in current fiscal year | 6,259 | 45,125 |
Originated in prior year | 40,630 | 8,940 |
Originated two years prior | 7,590 | 2,179 |
Originated three years prior | 2,114 | 5,034 |
Originated four years prior | 5,588 | 31,211 |
Originated five or more years prior | 32,639 | 2,652 |
Revolvers | 0 | 0 |
Revolvers converted to term loans | 93 | 97 |
Total | 94,913 | 95,238 |
Commercial | Commercial & industrial | Pass | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Originated in current fiscal year | 696,983 | 1,092,767 |
Originated in prior year | 792,547 | 287,857 |
Originated two years prior | 227,628 | 263,439 |
Originated three years prior | 216,428 | 115,790 |
Originated four years prior | 81,554 | 92,968 |
Originated five or more years prior | 114,095 | 58,359 |
Revolvers | 445,382 | 515,593 |
Revolvers converted to term loans | 3,877 | 3,777 |
Total | 2,578,494 | 2,430,550 |
Commercial | Commercial & industrial | Watch | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Originated in current fiscal year | 145 | 1,451 |
Originated in prior year | 2,463 | 16,315 |
Originated two years prior | 14,537 | 2,176 |
Originated three years prior | 542 | 630 |
Originated four years prior | 1,387 | 459 |
Originated five or more years prior | 490 | 17 |
Revolvers | 7,758 | 6,464 |
Revolvers converted to term loans | 224 | 0 |
Total | 27,546 | 27,512 |
Commercial | Commercial & industrial | Substandard | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Originated in current fiscal year | 5,981 | 1,545 |
Originated in prior year | 1,281 | 5,536 |
Originated two years prior | 8,466 | 6,193 |
Originated three years prior | 6,486 | 1,684 |
Originated four years prior | 2,060 | 1,292 |
Originated five or more years prior | 7,432 | 1,485 |
Revolvers | 4,935 | 22,170 |
Revolvers converted to term loans | 598 | 593 |
Total | 37,239 | 40,498 |
Commercial | Construction | Pass | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Originated in current fiscal year | 112,225 | 314,154 |
Originated in prior year | 297,204 | 217,643 |
Originated two years prior | 191,433 | 226,308 |
Originated three years prior | 168,966 | 53,708 |
Originated four years prior | 44,357 | 30,812 |
Originated five or more years prior | 20,829 | 21,985 |
Revolvers | 14,333 | 20,278 |
Revolvers converted to term loans | 4,058 | 3,947 |
Total | 853,405 | 888,835 |
Commercial | Construction | Watch | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Originated in current fiscal year | 539 | 21,366 |
Originated in prior year | 19,080 | 272 |
Originated two years prior | 12,828 | 816 |
Originated three years prior | 28,164 | 23,292 |
Originated four years prior | 23,801 | 11,775 |
Originated five or more years prior | 481 | 477 |
Revolvers | 0 | 0 |
Revolvers converted to term loans | 0 | 0 |
Total | 84,893 | 57,998 |
Commercial | Construction | Substandard | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Originated in current fiscal year | 676 | 2,466 |
Originated in prior year | 2,804 | 735 |
Originated two years prior | 645 | 13,741 |
Originated three years prior | 13,699 | 340 |
Originated four years prior | 335 | 1,931 |
Originated five or more years prior | 2,689 | 250 |
Revolvers | 0 | 0 |
Revolvers converted to term loans | 1,007 | 1,009 |
Total | 21,855 | 20,472 |
Commercial | Equipment financing | Pass | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Originated in current fiscal year | 139,648 | 413,653 |
Originated in prior year | 376,918 | 270,664 |
Originated two years prior | 247,084 | 125,869 |
Originated three years prior | 107,756 | 39,982 |
Originated four years prior | 32,220 | 9,404 |
Originated five or more years prior | 6,339 | 445 |
Revolvers | 0 | 0 |
Revolvers converted to term loans | 0 | 0 |
Total | 909,965 | 860,017 |
Commercial | Equipment financing | Watch | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Originated in current fiscal year | 0 | 0 |
Originated in prior year | 0 | 0 |
Originated two years prior | 0 | 0 |
Originated three years prior | 0 | 0 |
Originated four years prior | 0 | 0 |
Originated five or more years prior | 0 | 0 |
Revolvers | 0 | 0 |
Revolvers converted to term loans | 0 | 0 |
Total | 0 | 0 |
Commercial | Equipment financing | Substandard | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Originated in current fiscal year | 0 | 631 |
Originated in prior year | 514 | 1,392 |
Originated two years prior | 1,107 | 1,371 |
Originated three years prior | 655 | 306 |
Originated four years prior | 254 | 96 |
Originated five or more years prior | 155 | 17 |
Revolvers | 0 | 0 |
Revolvers converted to term loans | 0 | 0 |
Total | 2,685 | 3,813 |
Residential | Residential mortgage | Pass | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Originated in current fiscal year | 217,716 | 468,945 |
Originated in prior year | 444,751 | 195,213 |
Originated two years prior | 159,000 | 125,492 |
Originated three years prior | 108,791 | 120,944 |
Originated four years prior | 100,023 | 122,013 |
Originated five or more years prior | 309,592 | 230,771 |
Revolvers | 16 | 18 |
Revolvers converted to term loans | 5,032 | 5,393 |
Total | 1,344,921 | 1,268,789 |
Residential | Residential mortgage | Watch | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Originated in current fiscal year | 0 | 0 |
Originated in prior year | 0 | 0 |
Originated two years prior | 0 | 0 |
Originated three years prior | 0 | 0 |
Originated four years prior | 0 | 0 |
Originated five or more years prior | 0 | 0 |
Revolvers | 0 | 0 |
Revolvers converted to term loans | 0 | 0 |
Total | 0 | 0 |
Residential | Residential mortgage | Substandard | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Originated in current fiscal year | 161 | 2,049 |
Originated in prior year | 1,911 | 2,106 |
Originated two years prior | 2,366 | 3,174 |
Originated three years prior | 3,821 | 1,369 |
Originated four years prior | 1,450 | 679 |
Originated five or more years prior | 6,659 | 5,860 |
Revolvers | 0 | 0 |
Revolvers converted to term loans | 799 | 894 |
Total | 17,167 | 16,131 |
Residential | HELOC | Pass | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Originated in current fiscal year | 0 | 0 |
Originated in prior year | 0 | 0 |
Originated two years prior | 0 | 0 |
Originated three years prior | 0 | 0 |
Originated four years prior | 0 | 0 |
Originated five or more years prior | 0 | 0 |
Revolvers | 660,070 | 675,878 |
Revolvers converted to term loans | 16,513 | 17,581 |
Total | 676,583 | 693,459 |
Residential | HELOC | Watch | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Originated in current fiscal year | 0 | 0 |
Originated in prior year | 0 | 0 |
Originated two years prior | 0 | 0 |
Originated three years prior | 0 | 0 |
Originated four years prior | 0 | 0 |
Originated five or more years prior | 0 | 0 |
Revolvers | 0 | 0 |
Revolvers converted to term loans | 0 | 0 |
Total | 0 | 0 |
Residential | HELOC | Substandard | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Originated in current fiscal year | 0 | 0 |
Originated in prior year | 0 | 0 |
Originated two years prior | 0 | 0 |
Originated three years prior | 0 | 0 |
Originated four years prior | 0 | 0 |
Originated five or more years prior | 0 | 0 |
Revolvers | 79 | 265 |
Revolvers converted to term loans | 2,432 | 3,393 |
Total | 2,511 | 3,658 |
Residential | Construction | Pass | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Originated in current fiscal year | 57,904 | 225,727 |
Originated in prior year | 178,711 | 30,646 |
Originated two years prior | 11,751 | 4,026 |
Originated three years prior | 4,301 | 4,544 |
Originated four years prior | 4,257 | 3,172 |
Originated five or more years prior | 14,072 | 12,546 |
Revolvers | 0 | 0 |
Revolvers converted to term loans | 59 | 64 |
Total | 271,055 | 280,725 |
Residential | Construction | Watch | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Originated in current fiscal year | 0 | 0 |
Originated in prior year | 0 | 0 |
Originated two years prior | 0 | 0 |
Originated three years prior | 0 | 0 |
Originated four years prior | 0 | 0 |
Originated five or more years prior | 0 | 0 |
Revolvers | 0 | 0 |
Revolvers converted to term loans | 0 | 0 |
Total | 0 | 0 |
Residential | Construction | Substandard | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Originated in current fiscal year | 0 | 106 |
Originated in prior year | 71 | 37 |
Originated two years prior | 35 | 54 |
Originated three years prior | 54 | 4 |
Originated four years prior | 3 | 124 |
Originated five or more years prior | 382 | 380 |
Revolvers | 0 | 0 |
Revolvers converted to term loans | 0 | 0 |
Total | 545 | 705 |
Consumer | Pass | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Originated in current fiscal year | 16,880 | 54,997 |
Originated in prior year | 44,170 | 25,528 |
Originated two years prior | 21,069 | 14,206 |
Originated three years prior | 11,063 | 4,531 |
Originated four years prior | 3,378 | 3,595 |
Originated five or more years prior | 3,979 | 1,677 |
Revolvers | 42,517 | 41,445 |
Revolvers converted to term loans | 681 | 76 |
Total | 143,737 | 146,055 |
Consumer | Watch | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Originated in current fiscal year | 0 | 0 |
Originated in prior year | 0 | 0 |
Originated two years prior | 0 | 0 |
Originated three years prior | 0 | 0 |
Originated four years prior | 0 | 0 |
Originated five or more years prior | 0 | 0 |
Revolvers | 0 | 0 |
Revolvers converted to term loans | 0 | 0 |
Total | 0 | 0 |
Consumer | Substandard | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Originated in current fiscal year | 0 | 0 |
Originated in prior year | 0 | 97 |
Originated two years prior | 76 | 49 |
Originated three years prior | 46 | 60 |
Originated four years prior | 45 | 78 |
Originated five or more years prior | 117 | 98 |
Revolvers | 0 | 0 |
Revolvers converted to term loans | 24 | 23 |
Total | $ 308 | $ 405 |
Loans and Leases and Allowan_11
Loans and Leases and Allowance for Credit Losses - Loans modified under terms of TDR (Details) - Loans receivable $ in Thousands | 3 Months Ended | |
Mar. 31, 2021USD ($)contract | Mar. 31, 2020USD ($)contract | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Number of Contracts | contract | 34 | 18 |
Post-Modification Amortized Cost by Type of Modification | $ 3,936 | $ 1,945 |
TDRs Modified Within the Previous Twelve Months That Have Subsequently Defaulted, Number of Contracts | contract | 7 | 2 |
TDRs Modified Within the Previous Twelve Months That Have Subsequently Defaulted, Recorded Investment | $ 486 | $ 9 |
Rate Reduction | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Post-Modification Amortized Cost by Type of Modification | 0 | 0 |
Structure | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Post-Modification Amortized Cost by Type of Modification | 2,514 | 779 |
Other | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Post-Modification Amortized Cost by Type of Modification | $ 1,422 | $ 1,166 |
Commercial | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Number of Contracts | contract | 33 | 11 |
Post-Modification Amortized Cost by Type of Modification | $ 3,867 | $ 1,656 |
TDRs Modified Within the Previous Twelve Months That Have Subsequently Defaulted, Number of Contracts | contract | 4 | 1 |
TDRs Modified Within the Previous Twelve Months That Have Subsequently Defaulted, Recorded Investment | $ 73 | $ 6 |
Commercial | Rate Reduction | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Post-Modification Amortized Cost by Type of Modification | 0 | 0 |
Commercial | Structure | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Post-Modification Amortized Cost by Type of Modification | 2,445 | 501 |
Commercial | Other | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Post-Modification Amortized Cost by Type of Modification | $ 1,422 | $ 1,155 |
Commercial | Owner occupied commercial real estate | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Number of Contracts | contract | 0 | 1 |
Post-Modification Amortized Cost by Type of Modification | $ 0 | $ 990 |
TDRs Modified Within the Previous Twelve Months That Have Subsequently Defaulted, Number of Contracts | contract | 0 | 0 |
TDRs Modified Within the Previous Twelve Months That Have Subsequently Defaulted, Recorded Investment | $ 0 | $ 0 |
Commercial | Owner occupied commercial real estate | Rate Reduction | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Post-Modification Amortized Cost by Type of Modification | 0 | 0 |
Commercial | Owner occupied commercial real estate | Structure | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Post-Modification Amortized Cost by Type of Modification | 0 | 0 |
Commercial | Owner occupied commercial real estate | Other | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Post-Modification Amortized Cost by Type of Modification | $ 0 | $ 990 |
Commercial | Income producing commercial real estate | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Number of Contracts | contract | 2 | 3 |
Post-Modification Amortized Cost by Type of Modification | $ 1,319 | $ 232 |
TDRs Modified Within the Previous Twelve Months That Have Subsequently Defaulted, Number of Contracts | contract | 0 | 0 |
TDRs Modified Within the Previous Twelve Months That Have Subsequently Defaulted, Recorded Investment | $ 0 | $ 0 |
Commercial | Income producing commercial real estate | Rate Reduction | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Post-Modification Amortized Cost by Type of Modification | 0 | 0 |
Commercial | Income producing commercial real estate | Structure | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Post-Modification Amortized Cost by Type of Modification | 0 | 67 |
Commercial | Income producing commercial real estate | Other | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Post-Modification Amortized Cost by Type of Modification | $ 1,319 | $ 165 |
Commercial | Commercial & industrial | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Number of Contracts | contract | 2 | 0 |
Post-Modification Amortized Cost by Type of Modification | $ 103 | $ 0 |
TDRs Modified Within the Previous Twelve Months That Have Subsequently Defaulted, Number of Contracts | contract | 1 | 1 |
TDRs Modified Within the Previous Twelve Months That Have Subsequently Defaulted, Recorded Investment | $ 11 | $ 6 |
Commercial | Commercial & industrial | Rate Reduction | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Post-Modification Amortized Cost by Type of Modification | 0 | 0 |
Commercial | Commercial & industrial | Structure | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Post-Modification Amortized Cost by Type of Modification | 0 | 0 |
Commercial | Commercial & industrial | Other | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Post-Modification Amortized Cost by Type of Modification | $ 103 | $ 0 |
Commercial | Construction | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Number of Contracts | contract | 1 | 0 |
Post-Modification Amortized Cost by Type of Modification | $ 309 | $ 0 |
TDRs Modified Within the Previous Twelve Months That Have Subsequently Defaulted, Number of Contracts | contract | 0 | 0 |
TDRs Modified Within the Previous Twelve Months That Have Subsequently Defaulted, Recorded Investment | $ 0 | $ 0 |
Commercial | Construction | Rate Reduction | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Post-Modification Amortized Cost by Type of Modification | 0 | 0 |
Commercial | Construction | Structure | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Post-Modification Amortized Cost by Type of Modification | 309 | 0 |
Commercial | Construction | Other | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Post-Modification Amortized Cost by Type of Modification | $ 0 | $ 0 |
Commercial | Equipment financing | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Number of Contracts | contract | 28 | 7 |
Post-Modification Amortized Cost by Type of Modification | $ 2,136 | $ 434 |
TDRs Modified Within the Previous Twelve Months That Have Subsequently Defaulted, Number of Contracts | contract | 3 | 0 |
TDRs Modified Within the Previous Twelve Months That Have Subsequently Defaulted, Recorded Investment | $ 62 | $ 0 |
Commercial | Equipment financing | Rate Reduction | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Post-Modification Amortized Cost by Type of Modification | 0 | 0 |
Commercial | Equipment financing | Structure | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Post-Modification Amortized Cost by Type of Modification | 2,136 | 434 |
Commercial | Equipment financing | Other | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Post-Modification Amortized Cost by Type of Modification | $ 0 | $ 0 |
Residential | Residential mortgage | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Number of Contracts | contract | 1 | 5 |
Post-Modification Amortized Cost by Type of Modification | $ 69 | $ 278 |
TDRs Modified Within the Previous Twelve Months That Have Subsequently Defaulted, Number of Contracts | contract | 3 | 0 |
TDRs Modified Within the Previous Twelve Months That Have Subsequently Defaulted, Recorded Investment | $ 413 | $ 0 |
Residential | Residential mortgage | Rate Reduction | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Post-Modification Amortized Cost by Type of Modification | 0 | 0 |
Residential | Residential mortgage | Structure | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Post-Modification Amortized Cost by Type of Modification | 69 | 278 |
Residential | Residential mortgage | Other | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Post-Modification Amortized Cost by Type of Modification | $ 0 | $ 0 |
Residential | HELOC | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Number of Contracts | contract | 0 | 0 |
Post-Modification Amortized Cost by Type of Modification | $ 0 | $ 0 |
TDRs Modified Within the Previous Twelve Months That Have Subsequently Defaulted, Number of Contracts | contract | 0 | 0 |
TDRs Modified Within the Previous Twelve Months That Have Subsequently Defaulted, Recorded Investment | $ 0 | $ 0 |
Residential | HELOC | Rate Reduction | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Post-Modification Amortized Cost by Type of Modification | 0 | 0 |
Residential | HELOC | Structure | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Post-Modification Amortized Cost by Type of Modification | 0 | 0 |
Residential | HELOC | Other | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Post-Modification Amortized Cost by Type of Modification | $ 0 | $ 0 |
Residential | Construction | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Number of Contracts | contract | 0 | 0 |
Post-Modification Amortized Cost by Type of Modification | $ 0 | $ 0 |
TDRs Modified Within the Previous Twelve Months That Have Subsequently Defaulted, Number of Contracts | contract | 0 | 0 |
TDRs Modified Within the Previous Twelve Months That Have Subsequently Defaulted, Recorded Investment | $ 0 | $ 0 |
Residential | Construction | Rate Reduction | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Post-Modification Amortized Cost by Type of Modification | 0 | 0 |
Residential | Construction | Structure | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Post-Modification Amortized Cost by Type of Modification | 0 | 0 |
Residential | Construction | Other | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Post-Modification Amortized Cost by Type of Modification | $ 0 | $ 0 |
Consumer | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Number of Contracts | contract | 0 | 2 |
Post-Modification Amortized Cost by Type of Modification | $ 0 | $ 11 |
TDRs Modified Within the Previous Twelve Months That Have Subsequently Defaulted, Number of Contracts | contract | 0 | 1 |
TDRs Modified Within the Previous Twelve Months That Have Subsequently Defaulted, Recorded Investment | $ 0 | $ 3 |
Consumer | Rate Reduction | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Post-Modification Amortized Cost by Type of Modification | 0 | 0 |
Consumer | Structure | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Post-Modification Amortized Cost by Type of Modification | 0 | 0 |
Consumer | Other | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Post-Modification Amortized Cost by Type of Modification | $ 0 | $ 11 |
Loans and Leases and Allowan_12
Loans and Leases and Allowance for Credit Losses - Balance and activity in the ACL by portfolio segment (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
ACL | ||
ACL - loans, Beginning Balance | $ 137,010 | $ 62,089 |
ACL - loans, Charge-Offs | (6,833) | (10,805) |
ACL - loans, Recoveries | 7,138 | 2,691 |
ACL - loans, (Release) Provision | (10,449) | 21,050 |
ACL - loans, Ending Balance | 126,866 | 81,905 |
ACL - unfunded commitments, Beginning Balance | 10,558 | 3,458 |
ACL - unfunded commitments, (Release) Provision | (1,832) | 1,141 |
ACL - unfunded commitments, Ending Balance | 8,726 | 6,470 |
Total ACL, Beginning Balance | 147,568 | 65,547 |
Total ACL, Charge-Offs | (6,833) | (10,805) |
Total ACL, Recoveries | 7,138 | 2,691 |
Total ACL, (Release) Provision | (12,281) | 22,191 |
Total ACL, Ending Balance | 135,592 | 88,375 |
Adoption of CECL | ||
ACL | ||
ACL - loans, Beginning Balance | 6,880 | |
ACL - unfunded commitments, Beginning Balance | 1,871 | |
Total ACL, Beginning Balance | 8,751 | |
Adjusted Balance | ||
ACL | ||
ACL - loans, Beginning Balance | 68,969 | |
ACL - unfunded commitments, Beginning Balance | 5,329 | |
Total ACL, Beginning Balance | 74,298 | |
Loans receivable | Commercial | Owner occupied commercial real estate | ||
ACL | ||
ACL - loans, Beginning Balance | 20,673 | 11,404 |
ACL - loans, Charge-Offs | 0 | (6) |
ACL - loans, Recoveries | 240 | 1,034 |
ACL - loans, (Release) Provision | (1,631) | 184 |
ACL - loans, Ending Balance | 19,282 | 11,000 |
Loans receivable | Commercial | Owner occupied commercial real estate | Adoption of CECL | ||
ACL | ||
ACL - loans, Beginning Balance | (1,616) | |
Loans receivable | Commercial | Owner occupied commercial real estate | Adjusted Balance | ||
ACL | ||
ACL - loans, Beginning Balance | 9,788 | |
Loans receivable | Commercial | Income producing commercial real estate | ||
ACL | ||
ACL - loans, Beginning Balance | 41,737 | 12,306 |
ACL - loans, Charge-Offs | (1,007) | (411) |
ACL - loans, Recoveries | 16 | 141 |
ACL - loans, (Release) Provision | (5,835) | 4,578 |
ACL - loans, Ending Balance | 34,911 | 16,584 |
Loans receivable | Commercial | Income producing commercial real estate | Adoption of CECL | ||
ACL | ||
ACL - loans, Beginning Balance | (30) | |
Loans receivable | Commercial | Income producing commercial real estate | Adjusted Balance | ||
ACL | ||
ACL - loans, Beginning Balance | 12,276 | |
Loans receivable | Commercial | Commercial & industrial | ||
ACL | ||
ACL - loans, Beginning Balance | 22,019 | 5,266 |
ACL - loans, Charge-Offs | (2,894) | (7,561) |
ACL - loans, Recoveries | 5,647 | 376 |
ACL - loans, (Release) Provision | (3,022) | 8,738 |
ACL - loans, Ending Balance | 21,750 | 10,831 |
Loans receivable | Commercial | Commercial & industrial | Adoption of CECL | ||
ACL | ||
ACL - loans, Beginning Balance | 4,012 | |
Loans receivable | Commercial | Commercial & industrial | Adjusted Balance | ||
ACL | ||
ACL - loans, Beginning Balance | 9,278 | |
Loans receivable | Commercial | Construction | ||
ACL | ||
ACL - loans, Beginning Balance | 10,952 | 9,668 |
ACL - loans, Charge-Offs | (178) | 0 |
ACL - loans, Recoveries | 156 | 141 |
ACL - loans, (Release) Provision | (358) | 2,330 |
ACL - loans, Ending Balance | 10,572 | 9,556 |
Loans receivable | Commercial | Construction | Adoption of CECL | ||
ACL | ||
ACL - loans, Beginning Balance | (2,583) | |
Loans receivable | Commercial | Construction | Adjusted Balance | ||
ACL | ||
ACL - loans, Beginning Balance | 7,085 | |
Loans receivable | Commercial | Equipment financing | ||
ACL | ||
ACL - loans, Beginning Balance | 16,820 | 7,384 |
ACL - loans, Charge-Offs | (2,058) | (1,863) |
ACL - loans, Recoveries | 547 | 356 |
ACL - loans, (Release) Provision | 1,891 | 2,990 |
ACL - loans, Ending Balance | 17,200 | 14,738 |
Loans receivable | Commercial | Equipment financing | Adoption of CECL | ||
ACL | ||
ACL - loans, Beginning Balance | 5,871 | |
Loans receivable | Commercial | Equipment financing | Adjusted Balance | ||
ACL | ||
ACL - loans, Beginning Balance | 13,255 | |
Loans receivable | Residential | Residential mortgage | ||
ACL | ||
ACL - loans, Beginning Balance | 15,341 | 8,081 |
ACL - loans, Charge-Offs | (215) | (284) |
ACL - loans, Recoveries | 123 | 275 |
ACL - loans, (Release) Provision | (669) | 1,422 |
ACL - loans, Ending Balance | 14,580 | 11,063 |
Loans receivable | Residential | Residential mortgage | Adoption of CECL | ||
ACL | ||
ACL - loans, Beginning Balance | 1,569 | |
Loans receivable | Residential | Residential mortgage | Adjusted Balance | ||
ACL | ||
ACL - loans, Beginning Balance | 9,650 | |
Loans receivable | Residential | HELOC | ||
ACL | ||
ACL - loans, Beginning Balance | 8,417 | 4,575 |
ACL - loans, Charge-Offs | 0 | (20) |
ACL - loans, Recoveries | 73 | 103 |
ACL - loans, (Release) Provision | (1,610) | 310 |
ACL - loans, Ending Balance | 6,880 | 6,887 |
Loans receivable | Residential | HELOC | Adoption of CECL | ||
ACL | ||
ACL - loans, Beginning Balance | 1,919 | |
Loans receivable | Residential | HELOC | Adjusted Balance | ||
ACL | ||
ACL - loans, Beginning Balance | 6,494 | |
Loans receivable | Residential | Construction | ||
ACL | ||
ACL - loans, Beginning Balance | 764 | 2,504 |
ACL - loans, Charge-Offs | (10) | (22) |
ACL - loans, Recoveries | 70 | 34 |
ACL - loans, (Release) Provision | 538 | 71 |
ACL - loans, Ending Balance | 1,362 | 816 |
Loans receivable | Residential | Construction | Adoption of CECL | ||
ACL | ||
ACL - loans, Beginning Balance | (1,771) | |
Loans receivable | Residential | Construction | Adjusted Balance | ||
ACL | ||
ACL - loans, Beginning Balance | 733 | |
Loans receivable | Consumer | ||
ACL | ||
ACL - loans, Beginning Balance | 287 | 901 |
ACL - loans, Charge-Offs | (471) | (638) |
ACL - loans, Recoveries | 266 | 231 |
ACL - loans, (Release) Provision | 247 | 427 |
ACL - loans, Ending Balance | $ 329 | 430 |
Loans receivable | Consumer | Adoption of CECL | ||
ACL | ||
ACL - loans, Beginning Balance | (491) | |
Loans receivable | Consumer | Adjusted Balance | ||
ACL | ||
ACL - loans, Beginning Balance | $ 410 |
Derivatives and Hedging Activ_3
Derivatives and Hedging Activities - Fair value of derivative financial instruments (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Derivatives, Fair Value [Line Items] | ||
Notional Amount | $ 3,652,100 | $ 3,529,643 |
Derivative Asset | ||
Total gross derivative instruments | 63,897 | 86,666 |
Less: Amounts subject to master netting agreements | (571) | (114) |
Less: Cash collateral received/pledged | (8,765) | (3,200) |
Net amount | 54,561 | 83,352 |
Derivative Liability | ||
Total gross derivative instruments | 33,455 | 29,003 |
Less: Amounts subject to master netting agreements | (571) | (114) |
Less: Cash collateral received/pledged | (20,737) | (27,092) |
Net amount | 12,147 | 1,797 |
Derivative assets | ||
Derivative Asset | ||
Total gross derivative instruments | 63,897 | 86,666 |
Derivative liabilities | ||
Derivative Liability | ||
Total gross derivative instruments | 33,455 | 29,003 |
Designated as hedging instrument | ||
Derivatives, Fair Value [Line Items] | ||
Notional Amount | 130,000 | 140,000 |
Designated as hedging instrument | Cash flow hedge of subordinated debt | ||
Derivatives, Fair Value [Line Items] | ||
Notional Amount | 100,000 | 100,000 |
Designated as hedging instrument | Cash flow hedge of trust preferred securities | ||
Derivatives, Fair Value [Line Items] | ||
Notional Amount | 20,000 | 20,000 |
Designated as hedging instrument | Fair value hedge of brokered time deposits | ||
Derivatives, Fair Value [Line Items] | ||
Notional Amount | 10,000 | 20,000 |
Designated as hedging instrument | Derivative assets | ||
Derivative Asset | ||
Derivatives designated as hedging instruments | 7,780 | 3,378 |
Designated as hedging instrument | Derivative assets | Cash flow hedge of subordinated debt | ||
Derivative Asset | ||
Cash flow hedge | 7,780 | 3,378 |
Designated as hedging instrument | Derivative assets | Cash flow hedge of trust preferred securities | ||
Derivative Asset | ||
Cash flow hedge | 0 | 0 |
Designated as hedging instrument | Derivative assets | Fair value hedge of brokered time deposits | ||
Derivative Asset | ||
Fair value hedge | 0 | 0 |
Designated as hedging instrument | Derivative liabilities | ||
Derivative Liability | ||
Derivatives designated as hedging instruments | 0 | 0 |
Designated as hedging instrument | Derivative liabilities | Cash flow hedge of subordinated debt | ||
Derivative Liability | ||
Cash flow hedge | 0 | 0 |
Designated as hedging instrument | Derivative liabilities | Cash flow hedge of trust preferred securities | ||
Derivative Liability | ||
Cash flow hedge | 0 | 0 |
Designated as hedging instrument | Derivative liabilities | Fair value hedge of brokered time deposits | ||
Derivative Liability | ||
Fair value hedge | 0 | 0 |
Not designated as hedging instrument | ||
Derivatives, Fair Value [Line Items] | ||
Notional Amount | 3,522,100 | 3,389,643 |
Not designated as hedging instrument | Customer derivative positions | ||
Derivatives, Fair Value [Line Items] | ||
Notional Amount | 1,349,716 | 1,329,271 |
Not designated as hedging instrument | Dealer offsets to customer derivative positions | ||
Derivatives, Fair Value [Line Items] | ||
Notional Amount | 1,349,716 | 1,329,271 |
Not designated as hedging instrument | Risk participations | ||
Derivatives, Fair Value [Line Items] | ||
Notional Amount | 62,592 | 48,843 |
Not designated as hedging instrument | Mortgage banking - loan commitment | ||
Derivatives, Fair Value [Line Items] | ||
Notional Amount | 234,659 | 253,243 |
Not designated as hedging instrument | Mortgage banking - forward sales commitment | ||
Derivatives, Fair Value [Line Items] | ||
Notional Amount | 421,547 | 325,145 |
Not designated as hedging instrument | Bifurcated embedded derivatives | ||
Derivatives, Fair Value [Line Items] | ||
Notional Amount | 51,935 | 51,935 |
Not designated as hedging instrument | Dealer offsets to bifurcated embedded derivatives | ||
Derivatives, Fair Value [Line Items] | ||
Notional Amount | 51,935 | 51,935 |
Not designated as hedging instrument | Derivative assets | ||
Derivative Asset | ||
Derivatives not designated as hedging instruments | 56,117 | 83,288 |
Not designated as hedging instrument | Derivative assets | Customer derivative positions | ||
Derivative Asset | ||
Derivatives not designated as hedging instruments | 43,777 | 72,508 |
Not designated as hedging instrument | Derivative assets | Dealer offsets to customer derivative positions | ||
Derivative Asset | ||
Derivatives not designated as hedging instruments | 982 | 1 |
Not designated as hedging instrument | Derivative assets | Risk participations | ||
Derivative Asset | ||
Derivatives not designated as hedging instruments | 1 | 28 |
Not designated as hedging instrument | Derivative assets | Mortgage banking - loan commitment | ||
Derivative Asset | ||
Derivatives not designated as hedging instruments | 5,957 | 10,751 |
Not designated as hedging instrument | Derivative assets | Mortgage banking - forward sales commitment | ||
Derivative Asset | ||
Derivatives not designated as hedging instruments | 3,050 | 0 |
Not designated as hedging instrument | Derivative assets | Bifurcated embedded derivatives | ||
Derivative Asset | ||
Derivatives not designated as hedging instruments | 2,350 | 0 |
Not designated as hedging instrument | Derivative assets | Dealer offsets to bifurcated embedded derivatives | ||
Derivative Asset | ||
Derivatives not designated as hedging instruments | 0 | 0 |
Not designated as hedging instrument | Derivative liabilities | ||
Derivative Liability | ||
Derivatives not designated as hedging instruments | 33,455 | 29,003 |
Not designated as hedging instrument | Derivative liabilities | Customer derivative positions | ||
Derivative Liability | ||
Derivatives not designated as hedging instruments | 13,623 | 17 |
Not designated as hedging instrument | Derivative liabilities | Dealer offsets to customer derivative positions | ||
Derivative Liability | ||
Derivatives not designated as hedging instruments | 15,226 | 24,614 |
Not designated as hedging instrument | Derivative liabilities | Risk participations | ||
Derivative Liability | ||
Derivatives not designated as hedging instruments | 22 | 12 |
Not designated as hedging instrument | Derivative liabilities | Mortgage banking - loan commitment | ||
Derivative Liability | ||
Derivatives not designated as hedging instruments | 0 | 0 |
Not designated as hedging instrument | Derivative liabilities | Mortgage banking - forward sales commitment | ||
Derivative Liability | ||
Derivatives not designated as hedging instruments | 0 | 1,964 |
Not designated as hedging instrument | Derivative liabilities | Bifurcated embedded derivatives | ||
Derivative Liability | ||
Derivatives not designated as hedging instruments | 19 | 1,449 |
Not designated as hedging instrument | Derivative liabilities | Dealer offsets to bifurcated embedded derivatives | ||
Derivative Liability | ||
Derivatives not designated as hedging instruments | $ 4,565 | $ 947 |
Derivatives and Hedging Activ_4
Derivatives and Hedging Activities - Narrative (Details) $ in Thousands | Mar. 31, 2021USD ($)contract |
Derivative Instruments [Line Items] | |
Losses to be reclassified from accumulated other comprehensive income into earnings over the next twelve months | $ | $ (587) |
Economic hedge, not designated as hedging instrument | Interest rate swaps | |
Derivative Instruments [Line Items] | |
Number of derivative contracts | contract | 3 |
Derivatives and Hedging Activ_5
Derivatives and Hedging Activities - Effect of derivatives in hedging relationships (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Derivative Instruments [Line Items] | ||
Total expense presented in the consolidated statements of income | $ (9,478) | $ (17,941) |
Fair value hedging | Interest expense | ||
Derivative Instruments [Line Items] | ||
Net income (expense) recognized | 78 | 5 |
Cash flow hedging | Interest expense | ||
Derivative Instruments [Line Items] | ||
Net income (expense) recognized | (144) | $ 0 |
Premium amortization expense excluded from assessment of hedge effectiveness | $ 116 |
Derivatives and Hedging Activ_6
Derivatives and Hedging Activities - Carrying amount and cumulative fair value hedging adjustments on hedged liability (Details) - Fair value hedging - Interest rate swaps - Deposits - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Derivative [Line Items] | ||
Carrying amount of Assets (Liabilities) | $ (10,143) | $ (20,216) |
Hedge Accounting Basis Adjustment | $ (155) | $ (235) |
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, 2021 | Mar. 31, 2020 | |
Derivative Instruments [Line Items] | ||
Amount of Gain (Loss) Recognized in Income on Derivatives | $ 5,987 | $ 383 |
Customer derivatives and dealer offsets | Other noninterest income | ||
Derivative Instruments [Line Items] | ||
Amount of Gain (Loss) Recognized in Income on Derivatives | 1,897 | 1,424 |
Bifurcated embedded derivatives and dealer offsets | Other noninterest income | ||
Derivative Instruments [Line Items] | ||
Amount of Gain (Loss) Recognized in Income on Derivatives | 459 | (195) |
Mortgage banking derivatives | Mortgage loan revenue | ||
Derivative Instruments [Line Items] | ||
Amount of Gain (Loss) Recognized in Income on Derivatives | 3,836 | (829) |
Risk participations | Other noninterest income | ||
Derivative Instruments [Line Items] | ||
Amount of Gain (Loss) Recognized in Income on Derivatives | $ (205) | $ (17) |
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, 2021 | Dec. 31, 2020 |
Assets: | ||
Debt securities available-for-sale | $ 3,744,280 | $ 3,224,721 |
Mortgage loans held for sale | 164,979 | 105,433 |
U.S. Treasuries | ||
Assets: | ||
Debt securities available-for-sale | 127,569 | 128,072 |
U.S. Government agencies & GSEs | ||
Assets: | ||
Debt securities available-for-sale | 173,522 | 152,972 |
State and political subdivisions | ||
Assets: | ||
Debt securities available-for-sale | 294,394 | 274,472 |
Corporate bonds | ||
Assets: | ||
Debt securities available-for-sale | 70,610 | 71,767 |
Asset-backed securities | ||
Assets: | ||
Debt securities available-for-sale | 680,492 | 562,722 |
Recurring | ||
Assets: | ||
Equity securities with readily available fair values | 1,977 | 1,687 |
Mortgage loans held for sale | 164,979 | 105,433 |
Deferred compensation plan assets | 10,133 | 9,584 |
Servicing rights for SBA/USDA loans | 6,226 | 6,462 |
Residential mortgage servicing rights | 20,728 | 16,216 |
Derivative financial instruments | 63,897 | 86,666 |
Total assets | 4,012,220 | 3,450,769 |
Liabilities: | ||
Deferred compensation plan liability | 10,156 | 9,590 |
Derivative financial instruments | 33,455 | 29,003 |
Total liabilities | 43,611 | 38,593 |
Recurring | U.S. Treasuries | ||
Assets: | ||
Debt securities available-for-sale | 127,569 | 128,072 |
Recurring | U.S. Government agencies & GSEs | ||
Assets: | ||
Debt securities available-for-sale | 173,522 | 152,972 |
Recurring | State and political subdivisions | ||
Assets: | ||
Debt securities available-for-sale | 294,394 | 274,472 |
Recurring | Residential MBS | ||
Assets: | ||
Debt securities available-for-sale | 1,662,635 | 1,485,585 |
Recurring | Commercial MBS | ||
Assets: | ||
Debt securities available-for-sale | 735,058 | 549,131 |
Recurring | Corporate bonds | ||
Assets: | ||
Debt securities available-for-sale | 70,610 | 71,767 |
Recurring | Asset-backed securities | ||
Assets: | ||
Debt securities available-for-sale | 680,492 | 562,722 |
Recurring | Level 1 | ||
Assets: | ||
Equity securities with readily available fair values | 921 | 774 |
Mortgage loans held for sale | 0 | 0 |
Deferred compensation plan assets | 10,133 | 9,584 |
Servicing rights for SBA/USDA loans | 0 | 0 |
Residential mortgage servicing rights | 0 | 0 |
Derivative financial instruments | 0 | 0 |
Total assets | 138,623 | 138,430 |
Liabilities: | ||
Deferred compensation plan liability | 10,156 | 9,590 |
Derivative financial instruments | 0 | 0 |
Total liabilities | 10,156 | 9,590 |
Recurring | Level 1 | U.S. Treasuries | ||
Assets: | ||
Debt securities available-for-sale | 127,569 | 128,072 |
Recurring | Level 1 | U.S. Government agencies & GSEs | ||
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 MBS | ||
Assets: | ||
Debt securities available-for-sale | 0 | 0 |
Recurring | Level 1 | Commercial MBS | ||
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 | 1,056 | 913 |
Mortgage loans held for sale | 164,979 | 105,433 |
Deferred compensation plan assets | 0 | 0 |
Servicing rights for SBA/USDA loans | 0 | 0 |
Residential mortgage servicing rights | 0 | 0 |
Derivative financial instruments | 55,589 | 75,887 |
Total assets | 3,836,585 | 3,277,132 |
Liabilities: | ||
Deferred compensation plan liability | 0 | 0 |
Derivative financial instruments | 28,849 | 26,595 |
Total liabilities | 28,849 | 26,595 |
Recurring | Level 2 | U.S. Treasuries | ||
Assets: | ||
Debt securities available-for-sale | 0 | 0 |
Recurring | Level 2 | U.S. Government agencies & GSEs | ||
Assets: | ||
Debt securities available-for-sale | 173,522 | 152,972 |
Recurring | Level 2 | State and political subdivisions | ||
Assets: | ||
Debt securities available-for-sale | 294,394 | 274,472 |
Recurring | Level 2 | Residential MBS | ||
Assets: | ||
Debt securities available-for-sale | 1,662,635 | 1,485,585 |
Recurring | Level 2 | Commercial MBS | ||
Assets: | ||
Debt securities available-for-sale | 735,058 | 549,131 |
Recurring | Level 2 | Corporate bonds | ||
Assets: | ||
Debt securities available-for-sale | 68,860 | 70,017 |
Recurring | Level 2 | Asset-backed securities | ||
Assets: | ||
Debt securities available-for-sale | 680,492 | 562,722 |
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 | 6,226 | 6,462 |
Residential mortgage servicing rights | 20,728 | 16,216 |
Derivative financial instruments | 8,308 | 10,779 |
Total assets | 37,012 | 35,207 |
Liabilities: | ||
Deferred compensation plan liability | 0 | 0 |
Derivative financial instruments | 4,606 | 2,408 |
Total liabilities | 4,606 | 2,408 |
Recurring | Level 3 | U.S. Treasuries | ||
Assets: | ||
Debt securities available-for-sale | 0 | 0 |
Recurring | Level 3 | U.S. Government agencies & GSEs | ||
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 MBS | ||
Assets: | ||
Debt securities available-for-sale | 0 | 0 |
Recurring | Level 3 | Commercial MBS | ||
Assets: | ||
Debt securities available-for-sale | 0 | 0 |
Recurring | Level 3 | Corporate bonds | ||
Assets: | ||
Debt securities available-for-sale | 1,750 | 1,750 |
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, 2021 | Mar. 31, 2020 | |
Derivative Assets | ||
Assets: | ||
Balance at beginning of period | $ 10,779 | $ 7,238 |
Additions | 175 | 0 |
Sales and settlements | 0 | 0 |
Amounts included in OCI | 0 | 0 |
Amounts included in earnings - fair value adjustments | (2,646) | 123 |
Balance at end of period | 8,308 | 7,361 |
SBA/USDA loan servicing rights | ||
Assets: | ||
Balance at beginning of period | 6,462 | 6,794 |
Additions | 229 | 95 |
Sales and settlements | (191) | (307) |
Amounts included in OCI | 0 | 0 |
Amounts included in earnings - fair value adjustments | (274) | (292) |
Balance at end of period | 6,226 | 6,290 |
Residential mortgage servicing rights | ||
Assets: | ||
Balance at beginning of period | 16,216 | 13,565 |
Additions | 3,201 | 2,115 |
Sales and settlements | (1,129) | (493) |
Amounts included in OCI | 0 | 0 |
Amounts included in earnings - fair value adjustments | 2,440 | (4,128) |
Balance at end of period | 20,728 | 11,059 |
AFS Debt Securities | ||
Assets: | ||
Balance at beginning of period | 1,750 | 998 |
Additions | 0 | 0 |
Sales and settlements | 0 | (1,000) |
Amounts included in OCI | 0 | 2 |
Amounts included in earnings - fair value adjustments | 0 | 0 |
Balance at end of period | 1,750 | 0 |
Derivative Liabilities | ||
Liabilities: | ||
Balance at beginning of period | 2,408 | 8,559 |
Additions | 0 | 0 |
Sales and settlements | 0 | 0 |
Amounts included in OCI | 0 | 0 |
Amounts included in earnings - fair value adjustments | 2,198 | (5,842) |
Balance at end of period | $ 4,606 | $ 2,717 |
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) - Recurring - Level 3 | 3 Months Ended | |
Mar. 31, 2021 | Dec. 31, 2020 | |
SBA/USDA loan servicing rights | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Valuation technique | Discounted cash flow | |
SBA/USDA loan servicing rights | Discount rate | Minimum | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Servicing rights for SBA/USDA loans, measurement input | 0 | 0.016 |
SBA/USDA loan servicing rights | Discount rate | Maximum | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Servicing rights for SBA/USDA loans, measurement input | 0.481 | 0.441 |
SBA/USDA loan servicing rights | Discount rate | Weighted Average | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Servicing rights for SBA/USDA loans, measurement input | 0.092 | 0.089 |
SBA/USDA loan servicing rights | Prepayment rate | Minimum | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Servicing rights for SBA/USDA loans, measurement input | 0.005 | 0.027 |
SBA/USDA loan servicing rights | Prepayment rate | Maximum | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Servicing rights for SBA/USDA loans, measurement input | 0.337 | 0.336 |
SBA/USDA loan servicing rights | Prepayment rate | Weighted Average | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Servicing rights for SBA/USDA loans, measurement input | 0.181 | 0.178 |
Residential mortgage servicing rights | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Valuation technique | Discounted cash flow | |
Residential mortgage servicing rights | Discount rate | Minimum | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Residential mortgage servicing rights, measurement input | 0.100 | 0.100 |
Residential mortgage servicing rights | Discount rate | Maximum | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Residential mortgage servicing rights, measurement input | 0.110 | 0.110 |
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 |
Residential mortgage servicing rights | Prepayment rate | Minimum | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Residential mortgage servicing rights, measurement input | 0.075 | 0.087 |
Residential mortgage servicing rights | Prepayment rate | Maximum | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Residential mortgage servicing rights, measurement input | 0.178 | 0.195 |
Residential mortgage servicing rights | Prepayment rate | Weighted Average | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Residential mortgage servicing rights, measurement input | 0.129 | 0.177 |
Corporate bonds | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Valuation technique | Indicative bid provided by a broker | |
Derivative assets - mortgage | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Valuation technique | Internal model | |
Derivative assets - mortgage | Pull through rate | Minimum | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets, measurement input | 0.461 | 0.656 |
Derivative assets - mortgage | Pull through rate | Maximum | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets, measurement input | 0.989 | 1 |
Derivative assets - mortgage | Pull through rate | Weighted Average | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative assets, measurement input | 0.855 | 0.839 |
Derivative assets and liabilities - other | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
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, 2021 | Mar. 31, 2020 | Dec. 31, 2020 | |
Mortgage Loans Held for Sale | |||
Outstanding principal balance | $ 161,534 | $ 99,746 | |
Fair value | 164,979 | $ 105,433 | |
Mortgage loan gains and other related fees | $ (2,242) | $ 1,725 |
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, 2021 | Dec. 31, 2020 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Loans | $ 5,853 | $ 29,404 |
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 | $ 5,853 | $ 29,404 |
Assets and Liabilities Measur_8
Assets and Liabilities Measured at Fair Value - Carrying amount and fair values for other financial instruments that are not measured at fair value on recurring basis (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Assets: | ||
HTM debt securities | $ 586,828 | $ 437,193 |
Carrying Amount | ||
Assets: | ||
HTM debt securities | 587,696 | 420,361 |
Loans and leases, net | 11,551,678 | 11,233,805 |
Liabilities: | ||
Deposits | 15,993,220 | 15,232,358 |
Long-term debt | 311,591 | 326,956 |
Fair Value | ||
Assets: | ||
HTM debt securities | 586,828 | 437,193 |
Loans and leases, net | 11,574,199 | 11,209,717 |
Liabilities: | ||
Deposits | 15,993,408 | 15,232,274 |
Long-term debt | 322,569 | 336,763 |
Fair Value | Level 1 | ||
Assets: | ||
HTM debt securities | 0 | 0 |
Loans and leases, net | 0 | 0 |
Liabilities: | ||
Deposits | 0 | 0 |
Long-term debt | 0 | 0 |
Fair Value | Level 2 | ||
Assets: | ||
HTM debt securities | 586,828 | 437,193 |
Loans and leases, net | 0 | 0 |
Liabilities: | ||
Deposits | 15,993,408 | 15,232,274 |
Long-term debt | 0 | 0 |
Fair Value | Level 3 | ||
Assets: | ||
HTM debt securities | 0 | 0 |
Loans and leases, net | 11,574,199 | 11,209,717 |
Liabilities: | ||
Deposits | 0 | 0 |
Long-term debt | $ 322,569 | $ 336,763 |
Assets and Liabilities Measur_9
Assets and Liabilities Measured at Fair Value - Narrative (Details) | 3 Months Ended |
Mar. 31, 2021 | |
Fair Value Disclosures [Abstract] | |
Maximum remaining maturity of financial instruments having no defined maturity | 180 days |
Stock-Based Compensation - Narr
Stock-Based Compensation - Narrative (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
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) | 893,536 | |
Income tax benefit related to expense for share-based awards | $ 385 | $ 637 |
Restricted stock units and performance stock units | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Unrecognized compensation expense | $ 13,000 | |
Recognition period for unrecognized compensation expense | 2 years 6 months | |
Employees | Restricted stock units and performance stock units | Salaries and employee benefits expense | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Compensation expense | $ 1,410 | 2,400 |
Directors | Restricted stock units and performance stock units | Other operating expense | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Compensation expense | $ 100 | $ 93 |
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, 2021USD ($)$ / sharesshares | |
Shares | |
Outstanding, beginning balance (in shares) | shares | 893,431 |
Granted (in shares) | shares | 45,471 |
Vested (in shares) | shares | (70,244) |
Cancelled (in shares) | shares | (35,583) |
Outstanding, ending balance (in shares) | shares | 833,075 |
Weighted- Average Grant- Date Fair Value | |
Outstanding, beginning balance (in dollars per share) | $ / shares | $ 23.75 |
Granted (in dollars per share) | $ / shares | 28.65 |
Vested (in dollars per share) | $ / shares | 29.35 |
Cancelled (in dollars per share) | $ / shares | 26.15 |
Outstanding, ending balance (in dollars per share) | $ / shares | $ 23.45 |
Aggregate Intrinsic Value, Vested | $ | $ 2,317 |
Aggregate Intrinsic Value, Outstanding | $ | $ 28,425 |
Reclassifications Out of AOCI_2
Reclassifications Out of AOCI (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||
Investment securities interest revenue | $ 141,542 | $ 136,547 |
Long-term debt interest expense | (4,257) | (2,864) |
Salaries and employee benefits expense | (60,585) | (51,358) |
Other expense | (3,676) | (4,022) |
Total before tax | 93,856 | 40,691 |
Income tax benefit | (20,150) | (8,807) |
Net income | 73,706 | 31,884 |
Reclassifications Out of AOCI | ||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||
Net income | (301) | (223) |
Reclassifications Out of AOCI | Amortization of losses included in net income on AFS securities transferred to HTM | ||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||
Investment securities interest revenue | 0 | (83) |
Income tax benefit | 0 | 20 |
Net income | 0 | (63) |
Reclassifications Out of AOCI | Reclassifications related to derivative financial instruments accounted for as cash flow hedges | ||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||
Long-term debt interest expense | (144) | 0 |
Income tax benefit | 37 | 0 |
Net income | (107) | 0 |
Reclassifications Out of AOCI | Reclassifications related to defined benefit pension plan activity | ||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||
Total before tax | (261) | (214) |
Income tax benefit | 67 | 54 |
Net income | (194) | (160) |
Reclassifications Out of AOCI | Prior service cost | ||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||
Salaries and employee benefits expense | (117) | (133) |
Reclassifications Out of AOCI | Actuarial losses | ||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||
Other expense | $ (144) | $ (81) |
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, 2021 | Mar. 31, 2020 | |
Computation of basic and diluted earnings per share | ||
Net income | $ 73,706 | $ 31,884 |
Dividends on preferred stock | (1,719) | 0 |
Undistributed earnings allocated to participating securities | (462) | (243) |
Net income available to common shareholders | $ 71,525 | $ 31,641 |
Weighted average shares outstanding: | ||
Basic (in shares) | 87,322 | 79,340 |
Effect of dilutive securities: | ||
Diluted (in shares) | 87,466 | 79,446 |
Net income per common share: | ||
Basic (in dollars per share) | $ 0.82 | $ 0.40 |
Diluted (in dollars per share) | $ 0.82 | $ 0.40 |
Restricted stock units | ||
Effect of dilutive securities: | ||
Dilutive securities (in shares) | 144 | 106 |
Earnings Per Share - Narrative
Earnings Per Share - Narrative (Details) - $ / shares | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive securities excluded from computation (in shares) | 0 | |
Stock options | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive securities excluded from computation (in shares) | 1,000 | |
Weighted average exercise price of stock options (in dollars per share) | $ 30.45 |
Regulatory Matters (Details)
Regulatory Matters (Details) $ in Thousands | Mar. 31, 2021USD ($) | Dec. 31, 2020USD ($) |
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
CET1 capital, Minimum | 0.045 | |
CET1 capital, Well-Capitalized | 0.065 | |
CET1 capital | 0.1234 | 0.1231 |
Tier 1 capital, Minimum | 0.060 | |
Tier 1 capital, Well-Capitalized | 0.080 | |
Tier 1 capital | 0.1311 | 0.1310 |
Total capital, Minimum | 0.080 | |
Total capital, Well-Capitalized | 0.100 | |
Total capital | 0.1492 | 0.1515 |
Leverage ratio, Minimum | 0.040 | |
Leverage ratio, Well-Capitalized | 0.050 | |
Leverage ratio | 0.0939 | 0.0928 |
CET1 capital | $ 1,555,850 | $ 1,506,750 |
Tier 1 capital | 1,652,272 | 1,603,172 |
Total capital | 1,880,373 | 1,854,368 |
Risk-weighted assets | 12,603,232 | 12,240,440 |
Average total assets for the leverage ratio | $ 17,605,291 | $ 17,276,853 |
United Community Bank | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
CET1 capital | 0.1280 | 0.1331 |
Tier 1 capital | 0.1280 | 0.1331 |
Total capital | 0.1366 | 0.1428 |
Leverage ratio | 0.0913 | 0.0942 |
CET1 capital | $ 1,605,736 | $ 1,625,292 |
Tier 1 capital | 1,605,736 | 1,625,292 |
Total capital | 1,713,837 | 1,743,045 |
Risk-weighted assets | 12,545,967 | 12,207,940 |
Average total assets for the leverage ratio | $ 17,582,607 | $ 17,246,878 |
Commitments and Contingencies -
Commitments and Contingencies - Contractual amount of off-balance sheet instruments (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Commitments to extend credit | ||
Financial instruments whose contract amounts represent credit risk: | ||
Financial instruments | $ 3,156,771 | $ 3,052,657 |
Letters of credit | ||
Financial instruments whose contract amounts represent credit risk: | ||
Financial instruments | $ 28,886 | $ 31,748 |
Commitments and Contingencies_2
Commitments and Contingencies - Narrative (Details) $ in Thousands | Mar. 31, 2021USD ($) |
Commitments and Contingencies Disclosure [Abstract] | |
Commitment for additional fund | $ 8,430 |
Subsequent Events (Details)
Subsequent Events (Details) - USD ($) $ in Thousands | 1 Months Ended | 3 Months Ended | |
May 06, 2021 | Mar. 31, 2021 | Mar. 31, 2020 | |
Subsequent Event [Line Items] | |||
Repurchase of common stock | $ 0 | $ 20,782 | |
Subsequent event | |||
Subsequent Event [Line Items] | |||
Purchases of common stock (in shares) | 150,000 | ||
Repurchase of common stock | $ 5,100 | ||
Subsequent event | 2022 senior debentures | Senior debentures | |||
Subsequent Event [Line Items] | |||
Redemption notice | $ 50,000 |